# EDGAR Filing Document

**Accession Number:** 0001413032
**File Stem:** 0001193125-26-096388
**Filing Date:** 2026-3
**Character Count:** 4882295
**Document Hash:** 501f391bf8e5ada586db771ecfbe700e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-096388.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001193125-26-096388

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 114

**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:** 26730643

**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 - Balanced Fund (Series ID: S000019838)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000055675 | Columbia Variable Portfolio - Balanced Fund Class 3 |  |
| C000143976 | Columbia Variable Portfolio - Balanced Fund Class 1 |  |
| C000143977 | Columbia Variable Portfolio - Balanced Fund Class 2 |  |

### CTIVP - BlackRock Global Inflation-Protected Securities Fund (Series ID: S000019839)

| Class ID   | Class Name                                                           | Ticker Symbol   |
|:---|:---|:---|
| C000055676 | CTIVP - BlackRock Global Inflation-Protected Securities Fund Class 3 |  |
| C000088755 | CTIVP - BlackRock Global Inflation-Protected Securities Fund Class 1 |  |
| C000088756 | CTIVP - BlackRock Global Inflation-Protected Securities Fund Class 2 |  |

### Columbia Variable Portfolio - High Yield Bond Fund (Series ID: S000019841)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000055678 | Columbia Variable Portfolio - High Yield Bond Fund Class 3 |  |
| C000088759 | Columbia Variable Portfolio - High Yield Bond Fund Class 1 |  |
| C000088760 | Columbia Variable Portfolio - High Yield Bond Fund Class 2 |  |

### Columbia Variable Portfolio - Income Opportunities Fund (Series ID: S000019842)

| Class ID   | Class Name                                                      | Ticker Symbol   |
|:---|:---|:---|
| C000055679 | Columbia Variable Portfolio - Income Opportunities Fund Class 3 |  |
| C000088761 | Columbia Variable Portfolio - Income Opportunities Fund Class 1 |  |
| C000088762 | Columbia Variable Portfolio - Income Opportunities Fund Class 2 |  |

### Columbia Variable Portfolio - Disciplined Core Fund (Series ID: S000019844)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000055681 | Columbia Variable Portfolio - Disciplined Core Fund Class 3 |  |
| C000088765 | Columbia Variable Portfolio - Disciplined Core Fund Class 1 |  |
| C000088766 | Columbia Variable Portfolio - Disciplined Core Fund Class 2 |  |

### Columbia Variable Portfolio - Government Money Market Fund (Series ID: S000019849)

| Class ID   | Class Name                                                         | Ticker Symbol   |
|:---|:---|:---|
| C000055686 | Columbia Variable Portfolio - Government Money Market Fund Class 3 |  |
| C000088773 | Columbia Variable Portfolio - Government Money Market Fund Class 1 |  |
| C000088774 | Columbia Variable Portfolio - Government Money Market Fund Class 2 |  |

### Columbia Variable Portfolio - U.S. Government Mortgage Fund (Series ID: S000019851)

| Class ID   | Class Name                                                          | Ticker Symbol   |
|:---|:---|:---|
| C000055688 | Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 3 |  |
| C000088777 | Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 1 |  |
| C000088778 | Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 2 |  |

### Columbia Variable Portfolio - Core Equity Fund (Series ID: S000019855)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000055692 | Columbia Variable Portfolio - Core Equity Fund |  |

### Columbia Variable Portfolio - Intermediate Bond Fund (Series ID: S000019856)

| Class ID   | Class Name                                                   | Ticker Symbol   |
|:---|:---|:---|
| C000055693 | Columbia Variable Portfolio - Intermediate Bond Fund Class 3 |  |
| C000088783 | Columbia Variable Portfolio - Intermediate Bond Fund Class 2 |  |
| C000088784 | Columbia Variable Portfolio - Intermediate Bond Fund Class 1 |  |

### Columbia Variable Portfolio - Dividend Opportunity Fund (Series ID: S000019857)

| Class ID   | Class Name                                                      | Ticker Symbol   |
|:---|:---|:---|
| C000055694 | Columbia Variable Portfolio - Dividend Opportunity Fund Class 3 |  |
| C000088785 | Columbia Variable Portfolio - Dividend Opportunity Fund Class 1 |  |
| C000088786 | Columbia Variable Portfolio - Dividend Opportunity Fund Class 2 |  |

### Columbia Variable Portfolio - Corporate Bond Fund (Series ID: S000019860)

| Class ID   | Class Name                                                | Ticker Symbol   |
|:---|:---|:---|
| C000055697 | Columbia Variable Portfolio - Corporate Bond Fund Class 3 |  |
| C000088791 | Columbia Variable Portfolio - Corporate Bond Fund Class 1 |  |
| C000088792 | Columbia Variable Portfolio - Corporate Bond Fund Class 2 |  |

### Variable Portfolio - Aggressive Portfolio (Series ID: S000028683)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000087784 | Variable Portfolio - Aggressive Portfolio Class 2 |  |
| C000087785 | Variable Portfolio - Aggressive Portfolio Class 4 |  |
| C000209985 | Variable Portfolio - Aggressive Portfolio Class 1 |  |

### CTIVP - American Century Diversified Bond Fund (Series ID: S000028684)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000087786 | CTIVP - American Century Diversified Bond Fund Class 1 |  |
| C000087787 | CTIVP - American Century Diversified Bond Fund Class 2 |  |

### Variable Portfolio - Partners Core Bond Fund (Series ID: S000028690)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000087798 | Variable Portfolio - Partners Core Bond Fund Class 1 |  |
| C000087799 | Variable Portfolio - Partners Core Bond Fund Class 2 |  |

### Variable Portfolio - Moderately Aggressive Portfolio (Series ID: S000028694)

| Class ID   | Class Name                                                   | Ticker Symbol   |
|:---|:---|:---|
| C000087806 | Variable Portfolio - Moderately Aggressive Portfolio Class 2 |  |
| C000087807 | Variable Portfolio - Moderately Aggressive Portfolio Class 4 |  |
| C000209986 | Variable Portfolio - Moderately Aggressive Portfolio Class 1 |  |

### CTIVP - TCW Core Plus Bond Fund (Series ID: S000028698)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000087814 | CTIVP - TCW Core Plus Bond Fund Class 1 |  |
| C000087815 | CTIVP - TCW Core Plus Bond Fund Class 2 |  |

### Variable Portfolio - Moderate Portfolio (Series ID: S000028702)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000087822 | Variable Portfolio - Moderate Portfolio Class 2 |  |
| C000087823 | Variable Portfolio - Moderate Portfolio Class 4 |  |
| C000209987 | Variable Portfolio - Moderate Portfolio Class 1 |  |

### Variable Portfolio - Moderately Conservative Portfolio (Series ID: S000028703)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000087824 | Variable Portfolio - Moderately Conservative Portfolio Class 2 |  |
| C000087825 | Variable Portfolio - Moderately Conservative Portfolio Class 4 |  |
| C000209988 | Variable Portfolio - Moderately Conservative Portfolio Class 1 |  |

### Variable Portfolio - Conservative Portfolio (Series ID: S000028704)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000087826 | Variable Portfolio - Conservative Portfolio Class 4 |  |
| C000087827 | Variable Portfolio - Conservative Portfolio Class 2 |  |
| C000209989 | Variable Portfolio - Conservative Portfolio Class 1 |  |

### Columbia Variable Portfolio - Limited Duration Credit Fund (Series ID: S000028705)

| Class ID   | Class Name                                                         | Ticker Symbol   |
|:---|:---|:---|
| C000087828 | Columbia Variable Portfolio - Limited Duration Credit Fund Class 1 |  |
| C000087829 | Columbia Variable Portfolio - Limited Duration Credit Fund Class 2 |  |

### Columbia Variable Portfolio - Emerging Markets Bond Fund (Series ID: S000036677)

| Class ID   | Class Name                                                       | Ticker Symbol   |
|:---|:---|:---|
| C000112082 | Columbia Variable Portfolio - Emerging Markets Bond Fund Class 1 |  |
| C000112083 | Columbia Variable Portfolio - Emerging Markets Bond Fund Class 2 |  |

### Variable Portfolio - Managed Volatility Moderate Growth Fund (Series ID: S000036785)

| Class ID   | Class Name                                                           | Ticker Symbol   |
|:---|:---|:---|
| C000112515 | Variable Portfolio - Managed Volatility Moderate Growth Fund Class 2 |  |
| C000209990 | Variable Portfolio - Managed Volatility Moderate Growth Fund Class 1 |  |

### Columbia Variable Portfolio - Commodity Strategy Fund (Series ID: S000040393)

| Class ID   | Class Name                                                    | Ticker Symbol   |
|:---|:---|:---|
| C000125454 | Columbia Variable Portfolio - Commodity Strategy Fund Class 1 |  |
| C000125455 | Columbia Variable Portfolio - Commodity Strategy 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 1 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> – American Century Diversified Bond Fund
Class 1

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about CTIVP<sup>®</sup> – American Century Diversified Bond 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 | $51 | 0.49% |

---

## 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
**Allocations** \| Positive contributions to the Fund's performance relative to the benchmark were driven by allocations to non-benchmark sectors, including high-yield corporate bonds and non-agency mortgage-backed securities. In addition, an overweight to agency mortgage-backed securities produced a large positive contribution to relative performance.

**Security selection** \| The Fund was neutral to underweight in investment-grade corporate bonds throughout most of the calendar year but drove strong results from security selection. An overweight to the financials sectors and selection within the banking, insurance and real estate investment trust (REIT) sectors were notable contributors. Within emerging markets, positioning within Latin American issuers was positive, with exposure to Mexico and state-owned Pemex outsized contributors to the Fund's relative performance.

### Top Performance Detractors
**Interest rate positioning** \| The Fund's positioning with respect to interest rates detracted. The Fund had an above-benchmark exposure with respect to duration for most of the year, though ended the year with a below benchmark exposure as the yield curve steepened. This was a small detractor from the Fund's relative performance.

**Asset-backed securities** \| Positioning in asset-backed securities detracted from the Fund's relative performance. While an overweight to the sector and exposure to collateralized loan obligations were a positive, it was offset by fixed rate exposure that didn't keep pace with the better performing corporate and mortgage sectors.

CTIVP<sup>®</sup> – American Century Diversified Bond Fund \| Class 1 **\|** ASR7028_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](g59364g88l26.jpg)

---

| | | |
|:---|:---|:---|
| | **CTIVP<sup>®</sup> – American Century Diversified Bond Fund Class 1 ($12595)** | **Bloomberg U.S. Aggregate Bond Index ($12199)** |
| **12/15** | $10000 | $10000 |
| **01/16** | $10102 | $10138 |
| **02/16** | $10149 | $10210 |
| **03/16** | $10297 | $10303 |
| **04/16** | $10372 | $10343 |
| **05/16** | $10372 | $10345 |
| **06/16** | $10536 | $10531 |
| **07/16** | $10641 | $10598 |
| **08/16** | $10659 | $10586 |
| **09/16** | $10650 | $10580 |
| **10/16** | $10574 | $10499 |
| **11/16** | $10338 | $10250 |
| **12/16** | $10366 | $10265 |
| **01/17** | $10404 | $10285 |
| **02/17** | $10480 | $10354 |
| **03/17** | $10480 | $10349 |
| **04/17** | $10574 | $10428 |
| **05/17** | $10669 | $10509 |
| **06/17** | $10659 | $10498 |
| **07/17** | $10727 | $10543 |
| **08/17** | $10815 | $10638 |
| **09/17** | $10786 | $10587 |
| **10/17** | $10815 | $10593 |
| **11/17** | $10815 | $10580 |
| **12/17** | $10873 | $10628 |
| **01/18** | $10805 | $10506 |
| **02/18** | $10698 | $10406 |
| **03/18** | $10727 | $10473 |
| **04/18** | $10678 | $10395 |
| **05/18** | $10717 | $10469 |
| **06/18** | $10688 | $10456 |
| **07/18** | $10739 | $10459 |
| **08/18** | $10769 | $10526 |
| **09/18** | $10739 | $10458 |
| **10/18** | $10597 | $10376 |
| **11/18** | $10628 | $10438 |
| **12/18** | $10759 | $10630 |
| **01/19** | $10971 | $10742 |
| **02/19** | $10981 | $10736 |
| **03/19** | $11193 | $10942 |
| **04/19** | $11203 | $10945 |
| **05/19** | $11395 | $11139 |
| **06/19** | $11548 | $11279 |
| **07/19** | $11570 | $11304 |
| **08/19** | $11838 | $11597 |
| **09/19** | $11784 | $11535 |
| **10/19** | $11806 | $11570 |
| **11/19** | $11795 | $11564 |
| **12/19** | $11806 | $11556 |
| **01/20** | $12020 | $11778 |
| **02/20** | $12202 | $11990 |
| **03/20** | $11720 | $11920 |
| **04/20** | $12063 | $12132 |
| **05/20** | $12202 | $12188 |
| **06/20** | $12320 | $12265 |
| **07/20** | $12563 | $12448 |
| **08/20** | $12520 | $12348 |
| **09/20** | $12498 | $12341 |
| **10/20** | $12476 | $12286 |
| **11/20** | $12717 | $12406 |
| **12/20** | $12815 | $12424 |
| **01/21** | $12760 | $12334 |
| **02/21** | $12618 | $12156 |
| **03/21** | $12509 | $12005 |
| **04/21** | $12629 | $12099 |
| **05/21** | $12684 | $12139 |
| **06/21** | $12782 | $12224 |
| **07/21** | $12930 | $12361 |
| **08/21** | $12930 | $12337 |
| **09/21** | $12850 | $12231 |
| **10/21** | $12850 | $12227 |
| **11/21** | $12850 | $12263 |
| **12/21** | $12873 | $12232 |
| **01/22** | $12587 | $11968 |
| **02/22** | $12404 | $11835 |
| **03/22** | $12038 | $11506 |
| **04/22** | $11638 | $11069 |
| **05/22** | $11604 | $11141 |
| **06/22** | $11352 | $10966 |
| **07/22** | $11596 | $11234 |
| **08/22** | $11329 | $10917 |
| **09/22** | $10808 | $10445 |
| **10/22** | $10626 | $10310 |
| **11/22** | $10989 | $10689 |
| **12/22** | $10905 | $10641 |
| **01/23** | $11305 | $10968 |
| **02/23** | $11002 | $10684 |
| **03/23** | $11268 | $10956 |
| **04/23** | $11341 | $11022 |
| **05/23** | $11171 | $10902 |
| **06/23** | $11111 | $10863 |
| **07/23** | $11088 | $10856 |
| **08/23** | $11012 | $10786 |
| **09/23** | $10699 | $10512 |
| **10/23** | $10511 | $10346 |
| **11/23** | $11050 | $10815 |
| **12/23** | $11514 | $11229 |
| **01/24** | $11489 | $11198 |
| **02/24** | $11313 | $11040 |
| **03/24** | $11439 | $11142 |
| **04/24** | $11138 | $10860 |
| **05/24** | $11351 | $11044 |
| **06/24** | $11464 | $11149 |
| **07/24** | $11745 | $11409 |
| **08/24** | $11928 | $11573 |
| **09/24** | $12098 | $11728 |
| **10/24** | $11771 | $11437 |
| **11/24** | $11915 | $11558 |
| **12/24** | $11719 | $11369 |
| **01/25** | $11797 | $11430 |
| **02/25** | $12046 | $11681 |
| **03/25** | $12007 | $11685 |
| **04/25** | $12020 | $11731 |
| **05/25** | $11967 | $11647 |
| **06/25** | $12190 | $11826 |
| **07/25** | $12162 | $11795 |
| **08/25** | $12311 | $11936 |
| **09/25** | $12446 | $12067 |
| **10/25** | $12527 | $12142 |
| **11/25** | $12595 | $12217 |
| **12/25** | $12595 | $12199 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 1 | 7.48 | (0.35) | 2.33 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |

---

**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** | $3428862750 |
| **Total number of portfolio holdings** | 591 |
| **Management services fees (represents 0.48% of Fund average net assets)** | $16129136 |
| **Portfolio turnover for the reporting period** | 238% |

---

CTIVP<sup>®</sup> – American Century Diversified Bond Fund \| Class 1 **\|** ASR7028_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.

### Top Holdings

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security TBA 01/14/2056 5.000% | 3.5% |
| U.S. Treasury 08/31/2030 3.625% | 2.7% |
| U.S. Treasury 11/30/2030 4.375% | 2.4% |
| U.S. Treasury 11/30/2030 3.500% | 1.8% |
| U.S. Treasury 02/28/2031 4.250% | 1.6% |
| Uniform Mortgage-Backed Security TBA 01/14/2056 3.500% | 1.5% |
| Uniform Mortgage-Backed Security TBA 01/14/2056 5.500% | 1.3% |
| U.S. Treasury 10/31/2027 3.500% | 1.1% |
| Government National Mortgage Association 04/20/2054 4.000% | 1.0% |
| Fannie Mae Pool 04/01/2054 4.500% | 0.9% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 39.5% |
| Residential Mortgage-Backed Securities - Agency | 29.6% |
| U.S. Treasury Obligations | 11.7% |
| Residential Mortgage-Backed Securities - Non-Agency | 9.8% |
| Asset-Backed Securities - Non-Agency | 6.8% |
| Foreign Government Obligations | 3.2% |
| Money Market Funds | 2.4% |
| Commercial Mortgage-Backed Securities - Non-Agency | 2.1% |
| Other | 1.0% |

---

## 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](g59364g61s65.jpg)

CTIVP<sup>®</sup> – American Century Diversified Bond Fund \| Class 1 **\|** ASR7028_01_12_D01_(02/26) \|

# CTIVP<sup>®</sup> – American Century Diversified Bond Fund
Class 2

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about CTIVP<sup>®</sup> – American Century Diversified Bond 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 | $77 | 0.74% |

---

## 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
**Allocations** \| Positive contributions to the Fund's performance relative to the benchmark were driven by allocations to non-benchmark sectors, including high-yield corporate bonds and non-agency mortgage-backed securities. In addition, an overweight to agency mortgage-backed securities produced a large positive contribution to relative performance.

**Security selection** \| The Fund was neutral to underweight in investment-grade corporate bonds throughout most of the calendar year but drove strong results from security selection. An overweight to the financials sectors and selection within the banking, insurance and real estate investment trust (REIT) sectors were notable contributors. Within emerging markets, positioning within Latin American issuers was positive, with exposure to Mexico and state-owned Pemex outsized contributors to the Fund's relative performance.

### Top Performance Detractors
**Interest rate positioning** \| The Fund's positioning with respect to interest rates detracted. The Fund had an above-benchmark exposure with respect to duration for most of the year, though ended the year with a below benchmark exposure as the yield curve steepened. This was a small detractor from the Fund's relative performance.

**Asset-backed securities** \| Positioning in asset-backed securities detracted from the Fund's relative performance. While an overweight to the sector and exposure to collateralized loan obligations were a positive, it was offset by fixed rate exposure that didn't keep pace with the better performing corporate and mortgage sectors.

CTIVP<sup>®</sup> – American Century Diversified Bond Fund \| Class 2 **\|** ASR7028_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](g59364g57i83.jpg)

---

| | | |
|:---|:---|:---|
| | **CTIVP<sup>®</sup> – American Century Diversified Bond Fund Class 2 ($12291)** | **Bloomberg U.S. Aggregate Bond Index ($12199)** |
| **12/15** | $10000 | $10000 |
| **01/16** | $10103 | $10138 |
| **02/16** | $10149 | $10210 |
| **03/16** | $10299 | $10303 |
| **04/16** | $10364 | $10343 |
| **05/16** | $10364 | $10345 |
| **06/16** | $10522 | $10531 |
| **07/16** | $10626 | $10598 |
| **08/16** | $10645 | $10586 |
| **09/16** | $10626 | $10580 |
| **10/16** | $10560 | $10499 |
| **11/16** | $10314 | $10250 |
| **12/16** | $10342 | $10265 |
| **01/17** | $10370 | $10285 |
| **02/17** | $10456 | $10354 |
| **03/17** | $10446 | $10349 |
| **04/17** | $10541 | $10428 |
| **05/17** | $10626 | $10509 |
| **06/17** | $10618 | $10498 |
| **07/17** | $10677 | $10543 |
| **08/17** | $10764 | $10638 |
| **09/17** | $10745 | $10587 |
| **10/17** | $10764 | $10593 |
| **11/17** | $10764 | $10580 |
| **12/17** | $10823 | $10628 |
| **01/18** | $10745 | $10506 |
| **02/18** | $10638 | $10406 |
| **03/18** | $10677 | $10473 |
| **04/18** | $10618 | $10395 |
| **05/18** | $10648 | $10469 |
| **06/18** | $10621 | $10456 |
| **07/18** | $10671 | $10459 |
| **08/18** | $10701 | $10526 |
| **09/18** | $10661 | $10458 |
| **10/18** | $10530 | $10376 |
| **11/18** | $10550 | $10438 |
| **12/18** | $10681 | $10630 |
| **01/19** | $10893 | $10742 |
| **02/19** | $10893 | $10736 |
| **03/19** | $11104 | $10942 |
| **04/19** | $11114 | $10945 |
| **05/19** | $11295 | $11139 |
| **06/19** | $11440 | $11279 |
| **07/19** | $11461 | $11304 |
| **08/19** | $11738 | $11597 |
| **09/19** | $11675 | $11535 |
| **10/19** | $11696 | $11570 |
| **11/19** | $11675 | $11564 |
| **12/19** | $11685 | $11556 |
| **01/20** | $11898 | $11778 |
| **02/20** | $12080 | $11990 |
| **03/20** | $11589 | $11920 |
| **04/20** | $11930 | $12132 |
| **05/20** | $12080 | $12188 |
| **06/20** | $12176 | $12265 |
| **07/20** | $12420 | $12448 |
| **08/20** | $12377 | $12348 |
| **09/20** | $12355 | $12341 |
| **10/20** | $12333 | $12286 |
| **11/20** | $12561 | $12406 |
| **12/20** | $12648 | $12424 |
| **01/21** | $12594 | $12334 |
| **02/21** | $12453 | $12156 |
| **03/21** | $12344 | $12005 |
| **04/21** | $12464 | $12099 |
| **05/21** | $12518 | $12139 |
| **06/21** | $12615 | $12224 |
| **07/21** | $12753 | $12361 |
| **08/21** | $12753 | $12337 |
| **09/21** | $12673 | $12231 |
| **10/21** | $12662 | $12227 |
| **11/21** | $12662 | $12263 |
| **12/21** | $12685 | $12232 |
| **01/22** | $12402 | $11968 |
| **02/22** | $12210 | $11835 |
| **03/22** | $11859 | $11506 |
| **04/22** | $11451 | $11069 |
| **05/22** | $11417 | $11141 |
| **06/22** | $11168 | $10966 |
| **07/22** | $11411 | $11234 |
| **08/22** | $11136 | $10917 |
| **09/22** | $10633 | $10445 |
| **10/22** | $10453 | $10310 |
| **11/22** | $10801 | $10689 |
| **12/22** | $10717 | $10641 |
| **01/23** | $11112 | $10968 |
| **02/23** | $10813 | $10684 |
| **03/23** | $11064 | $10956 |
| **04/23** | $11136 | $11022 |
| **05/23** | $10968 | $10902 |
| **06/23** | $10896 | $10863 |
| **07/23** | $10880 | $10856 |
| **08/23** | $10806 | $10786 |
| **09/23** | $10497 | $10512 |
| **10/23** | $10300 | $10346 |
| **11/23** | $10831 | $10815 |
| **12/23** | $11288 | $11229 |
| **01/24** | $11263 | $11198 |
| **02/24** | $11090 | $11040 |
| **03/24** | $11201 | $11142 |
| **04/24** | $10905 | $10860 |
| **05/24** | $11115 | $11044 |
| **06/24** | $11226 | $11149 |
| **07/24** | $11499 | $11409 |
| **08/24** | $11666 | $11573 |
| **09/24** | $11833 | $11728 |
| **10/24** | $11512 | $11437 |
| **11/24** | $11653 | $11558 |
| **12/24** | $11460 | $11369 |
| **01/25** | $11538 | $11430 |
| **02/25** | $11769 | $11681 |
| **03/25** | $11731 | $11685 |
| **04/25** | $11743 | $11731 |
| **05/25** | $11692 | $11647 |
| **06/25** | $11898 | $11826 |
| **07/25** | $11866 | $11795 |
| **08/25** | $12012 | $11936 |
| **09/25** | $12145 | $12067 |
| **10/25** | $12224 | $12142 |
| **11/25** | $12291 | $12217 |
| **12/25** | $12291 | $12199 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 2 | 7.24 | (0.57) | 2.08 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |

---

**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** | $3428862750 |
| **Total number of portfolio holdings** | 591 |
| **Management services fees (represents 0.48% of Fund average net assets)** | $16129136 |
| **Portfolio turnover for the reporting period** | 238% |

---

CTIVP<sup>®</sup> – American Century Diversified Bond Fund \| Class 2 **\|** ASR7028_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.

### Top Holdings

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security TBA 01/14/2056 5.000% | 3.5% |
| U.S. Treasury 08/31/2030 3.625% | 2.7% |
| U.S. Treasury 11/30/2030 4.375% | 2.4% |
| U.S. Treasury 11/30/2030 3.500% | 1.8% |
| U.S. Treasury 02/28/2031 4.250% | 1.6% |
| Uniform Mortgage-Backed Security TBA 01/14/2056 3.500% | 1.5% |
| Uniform Mortgage-Backed Security TBA 01/14/2056 5.500% | 1.3% |
| U.S. Treasury 10/31/2027 3.500% | 1.1% |
| Government National Mortgage Association 04/20/2054 4.000% | 1.0% |
| Fannie Mae Pool 04/01/2054 4.500% | 0.9% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 39.5% |
| Residential Mortgage-Backed Securities - Agency | 29.6% |
| U.S. Treasury Obligations | 11.7% |
| Residential Mortgage-Backed Securities - Non-Agency | 9.8% |
| Asset-Backed Securities - Non-Agency | 6.8% |
| Foreign Government Obligations | 3.2% |
| Money Market Funds | 2.4% |
| Commercial Mortgage-Backed Securities - Non-Agency | 2.1% |
| Other | 1.0% |

---

## 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](g59364g61s65.jpg)

CTIVP<sup>®</sup> – American Century Diversified Bond Fund \| Class 2 **\|** ASR7028_02_12_D01_(02/26) \|

# CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities Fund
Class 1

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities 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 | $63 | 0.62% |

---

## 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
**Allocations** \| The Fund's non-benchmark allocation to agency mortgage-backed securities contributed positively to relative performance, as spreads gradually tightened amid improving market sentiment, easing U.S. trade tensions, and interest rate cuts. Allocations to credit strategies and rental inflation-linked securities also added to performance, supported by attractive carry and solid credit fundamentals that led to tighter spread levels over the year. The Fund's exposure to emerging markets, particularly emerging market spreads, further contributed to performance. Improving fundamentals, declining U.S. Treasury yields, a stronger emerging market currency environment, and tighter spreads supported returns, allowing the Fund's long positions to benefit from positive carry.

### Top Performance Detractors
**Interest rate positioning** \| The Fund's tactical positioning in U.S. interest rates detracted from performance over the trailing one-year period. Elevated interest rate volatility made it difficult to consistently position for the direction of rates, resulting in a relatively modest overall duration stance. While curve-steepening positions contributed earlier in the year, the timing and size of these positions ultimately detracted as yield curve moves reversed later in the period.

**Inflation positioning** \| Positioning in U.S. inflation breakevens also detracted from Fund performance, as inflation expectations declined over the year, contrary to the Team's outlook. In addition, exposure to Japanese rates modestly detracted, as the Japanese yield curve steepened amid evolving monetary policy conditions, which differed from the Fund's flattening view.

CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities Fund \| Class 1 **\|** ASR7029_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](g59364g40c93.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities Fund Class 1 ($12168)** | **Bloomberg Global Aggregate Index ($11338)** | **Bloomberg World Government Inflation-Linked Bond Index USD Hedged ($12959)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $10158 | $10087 | $10220 |
| **02/16** | $10178 | $10311 | $10257 |
| **03/16** | $10316 | $10590 | $10412 |
| **04/16** | $10237 | $10731 | $10361 |
| **05/16** | $10316 | $10587 | $10412 |
| **06/16** | $10730 | $10896 | $10844 |
| **07/16** | $10848 | $10978 | $10968 |
| **08/16** | $11144 | $10925 | $11239 |
| **09/16** | $11144 | $10985 | $11253 |
| **10/16** | $11045 | $10680 | $11178 |
| **11/16** | $10750 | $10256 | $10872 |
| **12/16** | $10868 | $10209 | $11022 |
| **01/17** | $10868 | $10324 | $11030 |
| **02/17** | $10927 | $10372 | $11107 |
| **03/17** | $10947 | $10388 | $11100 |
| **04/17** | $11065 | $10506 | $11250 |
| **05/17** | $11045 | $10668 | $11209 |
| **06/17** | $10851 | $10659 | $11053 |
| **07/17** | $10851 | $10838 | $11046 |
| **08/17** | $11055 | $10945 | $11286 |
| **09/17** | $10892 | $10847 | $11108 |
| **10/17** | $10974 | $10806 | $11199 |
| **11/17** | $11055 | $10926 | $11266 |
| **12/17** | $11157 | $10964 | $11387 |
| **01/18** | $11035 | $11094 | $11234 |
| **02/18** | $11035 | $10996 | $11211 |
| **03/18** | $11198 | $11113 | $11394 |
| **04/18** | $11137 | $10935 | $11314 |
| **05/18** | $11178 | $10852 | $11388 |
| **06/18** | $11224 | $10804 | $11433 |
| **07/18** | $11224 | $10786 | $11419 |
| **08/18** | $11203 | $10797 | $11426 |
| **09/18** | $11121 | $10704 | $11337 |
| **10/18** | $11100 | $10584 | $11345 |
| **11/18** | $10998 | $10617 | $11268 |
| **12/18** | $11121 | $10832 | $11399 |
| **01/19** | $11265 | $10997 | $11525 |
| **02/19** | $11224 | $10934 | $11488 |
| **03/19** | $11572 | $11070 | $11846 |
| **04/19** | $11552 | $11038 | $11838 |
| **05/19** | $11778 | $11187 | $12103 |
| **06/19** | $11851 | $11435 | $12191 |
| **07/19** | $12084 | $11403 | $12420 |
| **08/19** | $12381 | $11635 | $12779 |
| **09/19** | $12275 | $11517 | $12677 |
| **10/19** | $12084 | $11594 | $12469 |
| **11/19** | $12042 | $11506 | $12408 |
| **12/19** | $12000 | $11573 | $12354 |
| **01/20** | $12318 | $11721 | $12706 |
| **02/20** | $12402 | $11799 | $12846 |
| **03/20** | $11915 | $11535 | $12417 |
| **04/20** | $12318 | $11761 | $12803 |
| **05/20** | $12530 | $11813 | $13015 |
| **06/20** | $12678 | $11918 | $13160 |
| **07/20** | $12907 | $12298 | $13406 |
| **08/20** | $12820 | $12279 | $13281 |
| **09/20** | $12864 | $12235 | $13329 |
| **10/20** | $12864 | $12247 | $13336 |
| **11/20** | $12994 | $12470 | $13456 |
| **12/20** | $13124 | $12637 | $13566 |
| **01/21** | $13016 | $12526 | $13468 |
| **02/21** | $12646 | $12310 | $13101 |
| **03/21** | $12755 | $12073 | $13211 |
| **04/21** | $12842 | $12226 | $13321 |
| **05/21** | $13037 | $12341 | $13543 |
| **06/21** | $13103 | $12232 | $13589 |
| **07/21** | $13566 | $12395 | $14103 |
| **08/21** | $13566 | $12343 | $14100 |
| **09/21** | $13365 | $12124 | $13880 |
| **10/21** | $13588 | $12094 | $14141 |
| **11/21** | $13923 | $12059 | $14513 |
| **12/21** | $13722 | $12042 | $14311 |
| **01/22** | $13454 | $11795 | $14018 |
| **02/22** | $13499 | $11655 | $14059 |
| **03/22** | $13298 | $11300 | $13874 |
| **04/22** | $12851 | $10681 | $13462 |
| **05/22** | $12448 | $10710 | $12990 |
| **06/22** | $12024 | $10367 | $12549 |
| **07/22** | $12584 | $10587 | $13169 |
| **08/22** | $12083 | $10169 | $12637 |
| **09/22** | $11271 | $9647 | $11844 |
| **10/22** | $11343 | $9580 | $11878 |
| **11/22** | $11653 | $10031 | $12200 |
| **12/22** | $11319 | $10086 | $11878 |
| **01/23** | $11605 | $10417 | $12143 |
| **02/23** | $11390 | $10070 | $11921 |
| **03/23** | $11796 | $10389 | $12323 |
| **04/23** | $11677 | $10435 | $12227 |
| **05/23** | $11486 | $10231 | $12022 |
| **06/23** | $11534 | $10230 | $12082 |
| **07/23** | $11521 | $10301 | $12091 |
| **08/23** | $11416 | $10160 | $11995 |
| **09/23** | $11128 | $9863 | $11706 |
| **10/23** | $11050 | $9745 | $11625 |
| **11/23** | $11390 | $10237 | $11979 |
| **12/23** | $11783 | $10662 | $12415 |
| **01/24** | $11652 | $10515 | $12274 |
| **02/24** | $11599 | $10383 | $12203 |
| **03/24** | $11730 | $10440 | $12360 |
| **04/24** | $11521 | $10176 | $12122 |
| **05/24** | $11626 | $10310 | $12280 |
| **06/24** | $11678 | $10325 | $12323 |
| **07/24** | $11915 | $10610 | $12561 |
| **08/24** | $11942 | $10861 | $12605 |
| **09/24** | $12048 | $11046 | $12736 |
| **10/24** | $11861 | $10675 | $12540 |
| **11/24** | $11942 | $10712 | $12636 |
| **12/24** | $11674 | $10482 | $12380 |
| **01/25** | $11808 | $10542 | $12516 |
| **02/25** | $11942 | $10692 | $12665 |
| **03/25** | $11888 | $10758 | $12611 |
| **04/25** | $11915 | $11074 | $12652 |
| **05/25** | $11861 | $11035 | $12578 |
| **06/25** | $11995 | $11244 | $12737 |
| **07/25** | $11974 | $11077 | $12733 |
| **08/25** | $12001 | $11238 | $12747 |
| **09/25** | $12084 | $11311 | $12847 |
| **10/25** | $12223 | $11282 | $13008 |
| **11/25** | $12195 | $11309 | $12997 |
| **12/25** | $12168 | $11338 | $12959 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 1 | 4.23 | (1.50) | 1.98 |
| Bloomberg Global Aggregate Index | 8.17 | (2.15) | 1.26 |
| Bloomberg World Government Inflation-Linked Bond Index USD Hedged | 4.67 | (0.91) | 2.63 |

---

**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** | $65304391 |
| **Total number of portfolio holdings** | 347 |
| **Management services fees (represents 0.51% of Fund average net assets)** | $354192 |
| **Portfolio turnover for the reporting period** | 63% |

---

CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities Fund \| Class 1 **\|** ASR7029_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.

### Derivative Exposure

---

| | |
|:---|:---|
| | Long |
| Foreign Exchange Risk | 98.7% |
| Interest Rate Risk | 90.4% |
|  | Short |
| Foreign Exchange Risk | 49.6% |
| Interest Rate Risk | 71.8% |

---

#### Geographic Allocation

---

| | |
|:---|:---|
| United States | 53.3% |
| United Kingdom | 20.1% |
| France | 9.4% |
| Italy | 6.6% |
| Spain | 3.1% |
| Japan | 2.2% |
| Germany | 1.9% |
| Canada | 1.3% |
| Australia | 1.0% |
| Mexico | 0.6% |
| Other | 1.5% |

---

## 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.

On November 10, 2025, the Fund supplemented its prospectus to change the Fund's name to CTIVP<sup>®</sup> - BlackRock Global Inflation-Linked Securities 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](g59364g61s65.jpg)

CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities Fund \| Class 1 **\|** ASR7029_01_12_D01_(02/26) \|

# CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities Fund
Class 2

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities 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 | $89 | 0.87% |

---

## 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
**Allocations** \| The Fund's non-benchmark allocation to agency mortgage-backed securities contributed positively to relative performance, as spreads gradually tightened amid improving market sentiment, easing U.S. trade tensions, and interest rate cuts. Allocations to credit strategies and rental inflation-linked securities also added to performance, supported by attractive carry and solid credit fundamentals that led to tighter spread levels over the year. The Fund's exposure to emerging markets, particularly emerging market spreads, further contributed to performance. Improving fundamentals, declining U.S. Treasury yields, a stronger emerging market currency environment, and tighter spreads supported returns, allowing the Fund's long positions to benefit from positive carry.

### Top Performance Detractors
**Interest rate positioning** \| The Fund's tactical positioning in U.S. interest rates detracted from performance over the trailing one-year period. Elevated interest rate volatility made it difficult to consistently position for the direction of rates, resulting in a relatively modest overall duration stance. While curve-steepening positions contributed earlier in the year, the timing and size of these positions ultimately detracted as yield curve moves reversed later in the period.

**Inflation positioning** \| Positioning in U.S. inflation breakevens also detracted from Fund performance, as inflation expectations declined over the year, contrary to the Team's outlook. In addition, exposure to Japanese rates modestly detracted, as the Japanese yield curve steepened amid evolving monetary policy conditions, which differed from the Fund's flattening view.

CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities Fund \| Class 2 **\|** ASR7029_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](g59364g45g76.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities Fund Class 2 ($11852)** | **Bloomberg Global Aggregate Index ($11338)** | **Bloomberg World Government Inflation-Linked Bond Index USD Hedged ($12959)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $10140 | $10087 | $10220 |
| **02/16** | $10160 | $10311 | $10257 |
| **03/16** | $10301 | $10590 | $10412 |
| **04/16** | $10220 | $10731 | $10361 |
| **05/16** | $10301 | $10587 | $10412 |
| **06/16** | $10701 | $10896 | $10844 |
| **07/16** | $10822 | $10978 | $10968 |
| **08/16** | $11122 | $10925 | $11239 |
| **09/16** | $11122 | $10985 | $11253 |
| **10/16** | $11022 | $10680 | $11178 |
| **11/16** | $10721 | $10256 | $10872 |
| **12/16** | $10842 | $10209 | $11022 |
| **01/17** | $10822 | $10324 | $11030 |
| **02/17** | $10902 | $10372 | $11107 |
| **03/17** | $10902 | $10388 | $11100 |
| **04/17** | $11022 | $10506 | $11250 |
| **05/17** | $11002 | $10668 | $11209 |
| **06/17** | $10819 | $10659 | $11053 |
| **07/17** | $10798 | $10838 | $11046 |
| **08/17** | $11005 | $10945 | $11286 |
| **09/17** | $10839 | $10847 | $11108 |
| **10/17** | $10922 | $10806 | $11199 |
| **11/17** | $10984 | $10926 | $11266 |
| **12/17** | $11108 | $10964 | $11387 |
| **01/18** | $10964 | $11094 | $11234 |
| **02/18** | $10964 | $10996 | $11211 |
| **03/18** | $11129 | $11113 | $11394 |
| **04/18** | $11067 | $10935 | $11314 |
| **05/18** | $11108 | $10852 | $11388 |
| **06/18** | $11134 | $10804 | $11433 |
| **07/18** | $11134 | $10786 | $11419 |
| **08/18** | $11134 | $10797 | $11426 |
| **09/18** | $11051 | $10704 | $11337 |
| **10/18** | $11009 | $10584 | $11345 |
| **11/18** | $10926 | $10617 | $11268 |
| **12/18** | $11030 | $10832 | $11399 |
| **01/19** | $11176 | $10997 | $11525 |
| **02/19** | $11134 | $10934 | $11488 |
| **03/19** | $11467 | $11070 | $11846 |
| **04/19** | $11446 | $11038 | $11838 |
| **05/19** | $11675 | $11187 | $12103 |
| **06/19** | $11743 | $11435 | $12191 |
| **07/19** | $11957 | $11403 | $12420 |
| **08/19** | $12258 | $11635 | $12779 |
| **09/19** | $12151 | $11517 | $12677 |
| **10/19** | $11979 | $11594 | $12469 |
| **11/19** | $11914 | $11506 | $12408 |
| **12/19** | $11871 | $11573 | $12354 |
| **01/20** | $12193 | $11721 | $12706 |
| **02/20** | $12279 | $11799 | $12846 |
| **03/20** | $11786 | $11535 | $12417 |
| **04/20** | $12172 | $11761 | $12803 |
| **05/20** | $12387 | $11813 | $13015 |
| **06/20** | $12515 | $11918 | $13160 |
| **07/20** | $12761 | $12298 | $13406 |
| **08/20** | $12673 | $12279 | $13281 |
| **09/20** | $12695 | $12235 | $13329 |
| **10/20** | $12695 | $12247 | $13336 |
| **11/20** | $12827 | $12470 | $13456 |
| **12/20** | $12936 | $12637 | $13566 |
| **01/21** | $12849 | $12526 | $13468 |
| **02/21** | $12475 | $12310 | $13101 |
| **03/21** | $12563 | $12073 | $13211 |
| **04/21** | $12673 | $12226 | $13321 |
| **05/21** | $12871 | $12341 | $13543 |
| **06/21** | $12914 | $12232 | $13589 |
| **07/21** | $13351 | $12395 | $14103 |
| **08/21** | $13374 | $12343 | $14100 |
| **09/21** | $13148 | $12124 | $13880 |
| **10/21** | $13374 | $12094 | $14141 |
| **11/21** | $13712 | $12059 | $14513 |
| **12/21** | $13509 | $12042 | $14311 |
| **01/22** | $13239 | $11795 | $14018 |
| **02/22** | $13284 | $11655 | $14059 |
| **03/22** | $13081 | $11300 | $13874 |
| **04/22** | $12652 | $10681 | $13462 |
| **05/22** | $12224 | $10710 | $12990 |
| **06/22** | $11818 | $10367 | $12549 |
| **07/22** | $12371 | $10587 | $13169 |
| **08/22** | $11890 | $10169 | $12637 |
| **09/22** | $11071 | $9647 | $11844 |
| **10/22** | $11144 | $9580 | $11878 |
| **11/22** | $11456 | $10031 | $12200 |
| **12/22** | $11119 | $10086 | $11878 |
| **01/23** | $11384 | $10417 | $12143 |
| **02/23** | $11192 | $10070 | $11921 |
| **03/23** | $11577 | $10389 | $12323 |
| **04/23** | $11456 | $10435 | $12227 |
| **05/23** | $11264 | $10231 | $12022 |
| **06/23** | $11312 | $10230 | $12082 |
| **07/23** | $11315 | $10301 | $12091 |
| **08/23** | $11210 | $10160 | $11995 |
| **09/23** | $10893 | $9863 | $11706 |
| **10/23** | $10840 | $9745 | $11625 |
| **11/23** | $11157 | $10237 | $11979 |
| **12/23** | $11552 | $10662 | $12415 |
| **01/24** | $11421 | $10515 | $12274 |
| **02/24** | $11341 | $10383 | $12203 |
| **03/24** | $11473 | $10440 | $12360 |
| **04/24** | $11262 | $10176 | $12122 |
| **05/24** | $11394 | $10310 | $12280 |
| **06/24** | $11421 | $10325 | $12323 |
| **07/24** | $11655 | $10610 | $12561 |
| **08/24** | $11655 | $10861 | $12605 |
| **09/24** | $11790 | $11046 | $12736 |
| **10/24** | $11602 | $10675 | $12540 |
| **11/24** | $11682 | $10712 | $12636 |
| **12/24** | $11414 | $10482 | $12380 |
| **01/25** | $11521 | $10542 | $12516 |
| **02/25** | $11655 | $10692 | $12665 |
| **03/25** | $11602 | $10758 | $12611 |
| **04/25** | $11628 | $11074 | $12652 |
| **05/25** | $11575 | $11035 | $12578 |
| **06/25** | $11709 | $11244 | $12737 |
| **07/25** | $11685 | $11077 | $12733 |
| **08/25** | $11713 | $11238 | $12747 |
| **09/25** | $11768 | $11311 | $12847 |
| **10/25** | $11907 | $11282 | $13008 |
| **11/25** | $11907 | $11309 | $12997 |
| **12/25** | $11852 | $11338 | $12959 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 2 | 3.84 | (1.74) | 1.71 |
| Bloomberg Global Aggregate Index | 8.17 | (2.15) | 1.26 |
| Bloomberg World Government Inflation-Linked Bond Index USD Hedged | 4.67 | (0.91) | 2.63 |

---

**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** | $65304391 |
| **Total number of portfolio holdings** | 347 |
| **Management services fees (represents 0.51% of Fund average net assets)** | $354192 |
| **Portfolio turnover for the reporting period** | 63% |

---

CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities Fund \| Class 2 **\|** ASR7029_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.

### Derivative Exposure

---

| | |
|:---|:---|
| | Long |
| Foreign Exchange Risk | 98.7% |
| Interest Rate Risk | 90.4% |
|  | Short |
| Foreign Exchange Risk | 49.6% |
| Interest Rate Risk | 71.8% |

---

#### Geographic Allocation

---

| | |
|:---|:---|
| United States | 53.3% |
| United Kingdom | 20.1% |
| France | 9.4% |
| Italy | 6.6% |
| Spain | 3.1% |
| Japan | 2.2% |
| Germany | 1.9% |
| Canada | 1.3% |
| Australia | 1.0% |
| Mexico | 0.6% |
| Other | 1.5% |

---

## 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.

On November 10, 2025, the Fund supplemented its prospectus to change the Fund's name to CTIVP<sup>®</sup> - BlackRock Global Inflation-Linked Securities 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](g59364g61s65.jpg)

CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities Fund \| Class 2 **\|** ASR7029_02_12_D01_(02/26) \|

# CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities Fund
Class 3

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities 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 | $76 | 0.75% |

---

## 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
**Allocations** \| The Fund's non-benchmark allocation to agency mortgage-backed securities contributed positively to relative performance, as spreads gradually tightened amid improving market sentiment, easing U.S. trade tensions, and interest rate cuts. Allocations to credit strategies and rental inflation-linked securities also added to performance, supported by attractive carry and solid credit fundamentals that led to tighter spread levels over the year. The Fund's exposure to emerging markets, particularly emerging market spreads, further contributed to performance. Improving fundamentals, declining U.S. Treasury yields, a stronger emerging market currency environment, and tighter spreads supported returns, allowing the Fund's long positions to benefit from positive carry.

### Top Performance Detractors
**Interest rate positioning** \| The Fund's tactical positioning in U.S. interest rates detracted from performance over the trailing one-year period. Elevated interest rate volatility made it difficult to consistently position for the direction of rates, resulting in a relatively modest overall duration stance. While curve-steepening positions contributed earlier in the year, the timing and size of these positions ultimately detracted as yield curve moves reversed later in the period.

**Inflation positioning** \| Positioning in U.S. inflation breakevens also detracted from Fund performance, as inflation expectations declined over the year, contrary to the Team's outlook. In addition, exposure to Japanese rates modestly detracted, as the Japanese yield curve steepened amid evolving monetary policy conditions, which differed from the Fund's flattening view.

CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities Fund \| Class 3 **\|** ASR7029_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](g59364g56m51.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities Fund Class 3 ($11980)** | **Bloomberg Global Aggregate Index ($11338)** | **Bloomberg World Government Inflation-Linked Bond Index USD Hedged ($12959)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $10158 | $10087 | $10220 |
| **02/16** | $10158 | $10311 | $10257 |
| **03/16** | $10296 | $10590 | $10412 |
| **04/16** | $10237 | $10731 | $10361 |
| **05/16** | $10296 | $10587 | $10412 |
| **06/16** | $10711 | $10896 | $10844 |
| **07/16** | $10830 | $10978 | $10968 |
| **08/16** | $11126 | $10925 | $11239 |
| **09/16** | $11126 | $10985 | $11253 |
| **10/16** | $11028 | $10680 | $11178 |
| **11/16** | $10731 | $10256 | $10872 |
| **12/16** | $10850 | $10209 | $11022 |
| **01/17** | $10830 | $10324 | $11030 |
| **02/17** | $10909 | $10372 | $11107 |
| **03/17** | $10909 | $10388 | $11100 |
| **04/17** | $11047 | $10506 | $11250 |
| **05/17** | $11008 | $10668 | $11209 |
| **06/17** | $10820 | $10659 | $11053 |
| **07/17** | $10820 | $10838 | $11046 |
| **08/17** | $11024 | $10945 | $11286 |
| **09/17** | $10860 | $10847 | $11108 |
| **10/17** | $10942 | $10806 | $11199 |
| **11/17** | $11024 | $10926 | $11266 |
| **12/17** | $11126 | $10964 | $11387 |
| **01/18** | $11003 | $11094 | $11234 |
| **02/18** | $10983 | $10996 | $11211 |
| **03/18** | $11167 | $11113 | $11394 |
| **04/18** | $11085 | $10935 | $11314 |
| **05/18** | $11126 | $10852 | $11388 |
| **06/18** | $11172 | $10804 | $11433 |
| **07/18** | $11172 | $10786 | $11419 |
| **08/18** | $11172 | $10797 | $11426 |
| **09/18** | $11069 | $10704 | $11337 |
| **10/18** | $11048 | $10584 | $11345 |
| **11/18** | $10946 | $10617 | $11268 |
| **12/18** | $11069 | $10832 | $11399 |
| **01/19** | $11213 | $10997 | $11525 |
| **02/19** | $11172 | $10934 | $11488 |
| **03/19** | $11500 | $11070 | $11846 |
| **04/19** | $11500 | $11038 | $11838 |
| **05/19** | $11726 | $11187 | $12103 |
| **06/19** | $11785 | $11435 | $12191 |
| **07/19** | $12019 | $11403 | $12420 |
| **08/19** | $12315 | $11635 | $12779 |
| **09/19** | $12209 | $11517 | $12677 |
| **10/19** | $12019 | $11594 | $12469 |
| **11/19** | $11976 | $11506 | $12408 |
| **12/19** | $11934 | $11573 | $12354 |
| **01/20** | $12252 | $11721 | $12706 |
| **02/20** | $12337 | $11799 | $12846 |
| **03/20** | $11849 | $11535 | $12417 |
| **04/20** | $12231 | $11761 | $12803 |
| **05/20** | $12443 | $11813 | $13015 |
| **06/20** | $12591 | $11918 | $13160 |
| **07/20** | $12826 | $12298 | $13406 |
| **08/20** | $12739 | $12279 | $13281 |
| **09/20** | $12783 | $12235 | $13329 |
| **10/20** | $12783 | $12247 | $13336 |
| **11/20** | $12913 | $12470 | $13456 |
| **12/20** | $13021 | $12637 | $13566 |
| **01/21** | $12913 | $12526 | $13468 |
| **02/21** | $12544 | $12310 | $13101 |
| **03/21** | $12653 | $12073 | $13211 |
| **04/21** | $12739 | $12226 | $13321 |
| **05/21** | $12956 | $12341 | $13543 |
| **06/21** | $13000 | $12232 | $13589 |
| **07/21** | $13448 | $12395 | $14103 |
| **08/21** | $13448 | $12343 | $14100 |
| **09/21** | $13248 | $12124 | $13880 |
| **10/21** | $13471 | $12094 | $14141 |
| **11/21** | $13805 | $12059 | $14513 |
| **12/21** | $13605 | $12042 | $14311 |
| **01/22** | $13337 | $11795 | $14018 |
| **02/22** | $13382 | $11655 | $14059 |
| **03/22** | $13181 | $11300 | $13874 |
| **04/22** | $12757 | $10681 | $13462 |
| **05/22** | $12333 | $10710 | $12990 |
| **06/22** | $11910 | $10367 | $12549 |
| **07/22** | $12474 | $10587 | $13169 |
| **08/22** | $11974 | $10169 | $12637 |
| **09/22** | $11165 | $9647 | $11844 |
| **10/22** | $11236 | $9580 | $11878 |
| **11/22** | $11546 | $10031 | $12200 |
| **12/22** | $11212 | $10086 | $11878 |
| **01/23** | $11498 | $10417 | $12143 |
| **02/23** | $11284 | $10070 | $11921 |
| **03/23** | $11665 | $10389 | $12323 |
| **04/23** | $11546 | $10435 | $12227 |
| **05/23** | $11355 | $10231 | $12022 |
| **06/23** | $11403 | $10230 | $12082 |
| **07/23** | $11421 | $10301 | $12091 |
| **08/23** | $11317 | $10160 | $11995 |
| **09/23** | $11004 | $9863 | $11706 |
| **10/23** | $10926 | $9745 | $11625 |
| **11/23** | $11265 | $10237 | $11979 |
| **12/23** | $11656 | $10662 | $12415 |
| **01/24** | $11525 | $10515 | $12274 |
| **02/24** | $11473 | $10383 | $12203 |
| **03/24** | $11604 | $10440 | $12360 |
| **04/24** | $11369 | $10176 | $12122 |
| **05/24** | $11499 | $10310 | $12280 |
| **06/24** | $11551 | $10325 | $12323 |
| **07/24** | $11772 | $10610 | $12561 |
| **08/24** | $11798 | $10861 | $12605 |
| **09/24** | $11905 | $11046 | $12736 |
| **10/24** | $11719 | $10675 | $12540 |
| **11/24** | $11798 | $10712 | $12636 |
| **12/24** | $11533 | $10482 | $12380 |
| **01/25** | $11665 | $10542 | $12516 |
| **02/25** | $11772 | $10692 | $12665 |
| **03/25** | $11745 | $10758 | $12611 |
| **04/25** | $11772 | $11074 | $12652 |
| **05/25** | $11692 | $11035 | $12578 |
| **06/25** | $11851 | $11244 | $12737 |
| **07/25** | $11815 | $11077 | $12733 |
| **08/25** | $11843 | $11238 | $12747 |
| **09/25** | $11925 | $11311 | $12847 |
| **10/25** | $12063 | $11282 | $13008 |
| **11/25** | $12035 | $11309 | $12997 |
| **12/25** | $11980 | $11338 | $12959 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 3 | 3.88 | (1.65) | 1.82 |
| Bloomberg Global Aggregate Index | 8.17 | (2.15) | 1.26 |
| Bloomberg World Government Inflation-Linked Bond Index USD Hedged | 4.67 | (0.91) | 2.63 |

---

**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** | $65304391 |
| **Total number of portfolio holdings** | 347 |
| **Management services fees (represents 0.51% of Fund average net assets)** | $354192 |
| **Portfolio turnover for the reporting period** | 63% |

---

CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities Fund \| Class 3 **\|** ASR7029_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.

### Derivative Exposure

---

| | |
|:---|:---|
| | Long |
| Foreign Exchange Risk | 98.7% |
| Interest Rate Risk | 90.4% |
|  | Short |
| Foreign Exchange Risk | 49.6% |
| Interest Rate Risk | 71.8% |

---

#### Geographic Allocation

---

| | |
|:---|:---|
| United States | 53.3% |
| United Kingdom | 20.1% |
| France | 9.4% |
| Italy | 6.6% |
| Spain | 3.1% |
| Japan | 2.2% |
| Germany | 1.9% |
| Canada | 1.3% |
| Australia | 1.0% |
| Mexico | 0.6% |
| Other | 1.5% |

---

## 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.

On November 10, 2025, the Fund supplemented its prospectus to change the Fund's name to CTIVP<sup>®</sup> - BlackRock Global Inflation-Linked Securities 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](g59364g61s65.jpg)

CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities Fund \| Class 3 **\|** ASR7029_03_12_D01_(02/26) \|

# CTIVP<sup>®</sup> – TCW Core Plus Bond Fund
Class 1

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about CTIVP<sup>®</sup> – TCW Core Plus Bond 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 | $51 | 0.49% |

---

## 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
**Allocations** \| Positive contributions to the Fund's performance relative to the benchmark were driven by overweight exposures to the securitized sectors. Overweight exposure to securitized credit including non-agency mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities outpaced similar duration Treasuries. In addition, the long-standing overweight to agency mortgage-backed securities was a large contributor as the sector outpaced both Treasuries and corporate bonds on a duration-adjusted basis.

**Interest rate positioning** \| The Fund's positioning with respect to interest rates was a large positive contributor to relative performance. The Fund's above-benchmark exposure with respect to duration was a positive contributor on its own. In addition, the yield curve steepened throughout the year and an overweight to the front end of the yield curve benefitted as the Federal Reserve lowered interest rates. An underweight to longer maturity bonds was also additive.

### Top Performance Detractors
**Investment-grade corporates** \| The Fund's underweight exposure with respect to investment-grade corporate bonds detracted from the Fund's relative performance as corporate bonds continued to perform well despite historically low corporate spreads throughout much of the year.

**High-yield corporates** \| The Fund's positioning in the high-yield sector, a combination of high-yield bonds and floating-rate bank loans, was a small detractor from the Fund's relative performance.

CTIVP<sup>®</sup> – TCW Core Plus Bond Fund \| Class 1 **\|** ASR7037_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](g59364g53h92.jpg)

---

| | | |
|:---|:---|:---|
| | **CTIVP<sup>®</sup> – TCW Core Plus Bond Fund Class 1 ($12243)** | **Bloomberg U.S. Aggregate Bond Index ($12199)** |
| **12/15** | $10000 | $10000 |
| **01/16** | $10115 | $10138 |
| **02/16** | $10163 | $10210 |
| **03/16** | $10240 | $10303 |
| **04/16** | $10288 | $10343 |
| **05/16** | $10288 | $10345 |
| **06/16** | $10446 | $10531 |
| **07/16** | $10515 | $10598 |
| **08/16** | $10515 | $10586 |
| **09/16** | $10524 | $10580 |
| **10/16** | $10446 | $10499 |
| **11/16** | $10231 | $10250 |
| **12/16** | $10241 | $10265 |
| **01/17** | $10261 | $10285 |
| **02/17** | $10329 | $10354 |
| **03/17** | $10319 | $10349 |
| **04/17** | $10397 | $10428 |
| **05/17** | $10476 | $10509 |
| **06/17** | $10460 | $10498 |
| **07/17** | $10500 | $10543 |
| **08/17** | $10599 | $10638 |
| **09/17** | $10549 | $10587 |
| **10/17** | $10549 | $10593 |
| **11/17** | $10539 | $10580 |
| **12/17** | $10589 | $10628 |
| **01/18** | $10470 | $10506 |
| **02/18** | $10380 | $10406 |
| **03/18** | $10450 | $10473 |
| **04/18** | $10380 | $10395 |
| **05/18** | $10460 | $10469 |
| **06/18** | $10442 | $10456 |
| **07/18** | $10442 | $10459 |
| **08/18** | $10514 | $10526 |
| **09/18** | $10442 | $10458 |
| **10/18** | $10361 | $10376 |
| **11/18** | $10422 | $10438 |
| **12/18** | $10595 | $10630 |
| **01/19** | $10728 | $10742 |
| **02/19** | $10728 | $10736 |
| **03/19** | $10932 | $10942 |
| **04/19** | $10932 | $10945 |
| **05/19** | $11136 | $11139 |
| **06/19** | $11267 | $11279 |
| **07/19** | $11298 | $11304 |
| **08/19** | $11581 | $11597 |
| **09/19** | $11529 | $11535 |
| **10/19** | $11560 | $11570 |
| **11/19** | $11550 | $11564 |
| **12/19** | $11550 | $11556 |
| **01/20** | $11781 | $11778 |
| **02/20** | $11969 | $11990 |
| **03/20** | $11791 | $11920 |
| **04/20** | $12053 | $12132 |
| **05/20** | $12148 | $12188 |
| **06/20** | $12263 | $12265 |
| **07/20** | $12477 | $12448 |
| **08/20** | $12412 | $12348 |
| **09/20** | $12401 | $12341 |
| **10/20** | $12368 | $12286 |
| **11/20** | $12532 | $12406 |
| **12/20** | $12575 | $12424 |
| **01/21** | $12510 | $12334 |
| **02/21** | $12335 | $12156 |
| **03/21** | $12204 | $12005 |
| **04/21** | $12313 | $12099 |
| **05/21** | $12346 | $12139 |
| **06/21** | $12433 | $12224 |
| **07/21** | $12559 | $12361 |
| **08/21** | $12536 | $12337 |
| **09/21** | $12443 | $12231 |
| **10/21** | $12432 | $12227 |
| **11/21** | $12466 | $12263 |
| **12/21** | $12432 | $12232 |
| **01/22** | $12177 | $11968 |
| **02/22** | $12038 | $11835 |
| **03/22** | $11702 | $11506 |
| **04/22** | $11251 | $11069 |
| **05/22** | $11286 | $11141 |
| **06/22** | $11054 | $10966 |
| **07/22** | $11371 | $11234 |
| **08/22** | $11043 | $10917 |
| **09/22** | $10492 | $10445 |
| **10/22** | $10328 | $10310 |
| **11/22** | $10727 | $10689 |
| **12/22** | $10668 | $10641 |
| **01/23** | $11066 | $10968 |
| **02/23** | $10750 | $10684 |
| **03/23** | $11054 | $10956 |
| **04/23** | $11113 | $11022 |
| **05/23** | $10973 | $10902 |
| **06/23** | $10926 | $10863 |
| **07/23** | $10927 | $10856 |
| **08/23** | $10843 | $10786 |
| **09/23** | $10519 | $10512 |
| **10/23** | $10302 | $10346 |
| **11/23** | $10831 | $10815 |
| **12/23** | $11299 | $11229 |
| **01/24** | $11275 | $11198 |
| **02/24** | $11095 | $11040 |
| **03/24** | $11179 | $11142 |
| **04/24** | $10855 | $10860 |
| **05/24** | $11059 | $11044 |
| **06/24** | $11191 | $11149 |
| **07/24** | $11472 | $11409 |
| **08/24** | $11660 | $11573 |
| **09/24** | $11823 | $11728 |
| **10/24** | $11472 | $11437 |
| **11/24** | $11597 | $11558 |
| **12/24** | $11384 | $11369 |
| **01/25** | $11447 | $11430 |
| **02/25** | $11722 | $11681 |
| **03/25** | $11710 | $11685 |
| **04/25** | $11772 | $11731 |
| **05/25** | $11672 | $11647 |
| **06/25** | $11873 | $11826 |
| **07/25** | $11822 | $11795 |
| **08/25** | $11980 | $11936 |
| **09/25** | $12112 | $12067 |
| **10/25** | $12191 | $12142 |
| **11/25** | $12269 | $12217 |
| **12/25** | $12243 | $12199 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 1 | 7.54 | (0.53) | 2.04 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |

---

**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** | $2920190097 |
| **Total number of portfolio holdings** | 735 |
| **Management services fees (represents 0.48% of Fund average net assets)** | $13892569 |
| **Portfolio turnover for the reporting period** | 396% |

---

CTIVP<sup>®</sup> – TCW Core Plus Bond Fund \| Class 1 **\|** ASR7037_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.

### Top Holdings

---

| | |
|:---|:---|
| U.S. Treasury 12/31/2030 3.625% | 6.9% |
| U.S. Treasury 11/15/2055 4.625% | 5.8% |
| U.S. Treasury 12/31/2027 3.375% | 5.1% |
| U.S. Treasury 11/15/2035 4.000% | 3.0% |
| U.S. Treasury 12/31/2032 3.875% | 2.8% |
| U.S. Treasury 11/15/2045 4.625% | 2.7% |
| Federal National Mortgage Association 04/01/2052 2.500% | 1.7% |
| Government National Mortgage Association TBA 01/22/2056 5.000% | 1.3% |
| Government National Mortgage Association TBA 01/22/2056 2.500% | 1.3% |
| U.S. Treasury 11/30/2030 3.500% | 1.2% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Residential Mortgage-Backed Securities - Agency | 34.4% |
| U.S. Treasury Obligations | 27.5% |
| Corporate Bonds & Notes | 15.0% |
| Money Market Funds | 10.5% |
| Residential Mortgage-Backed Securities - Non-Agency | 8.6% |
| Asset-Backed Securities - Non-Agency | 6.5% |
| Commercial Mortgage-Backed Securities - Non-Agency | 2.8% |
| Senior Loans | 1.5% |
| Foreign Government Obligations | 1.2% |
| 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](g59364g61s65.jpg)

CTIVP<sup>®</sup> – TCW Core Plus Bond Fund \| Class 1 **\|** ASR7037_01_12_D01_(02/26) \|

# CTIVP<sup>®</sup> – TCW Core Plus Bond Fund
Class 2

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about CTIVP<sup>®</sup> – TCW Core Plus Bond 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 | $78 | 0.75% |

---

## 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
**Allocations** \| Positive contributions to the Fund's performance relative to the benchmark were driven by overweight exposures to the securitized sectors. Overweight exposure to securitized credit including non-agency mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities outpaced similar duration Treasuries. In addition, the long-standing overweight to agency mortgage-backed securities was a large contributor as the sector outpaced both Treasuries and corporate bonds on a duration-adjusted basis.

**Interest rate positioning** \| The Fund's positioning with respect to interest rates was a large positive contributor to relative performance. The Fund's above-benchmark exposure with respect to duration was a positive contributor on its own. In addition, the yield curve steepened throughout the year and an overweight to the front end of the yield curve benefitted as the Federal Reserve lowered interest rates. An underweight to longer maturity bonds was also additive.

### Top Performance Detractors
**Investment-grade corporates** \| The Fund's underweight exposure with respect to investment-grade corporate bonds detracted from the Fund's relative performance as corporate bonds continued to perform well despite historically low corporate spreads throughout much of the year.

**High-yield corporates** \| The Fund's positioning in the high-yield sector, a combination of high-yield bonds and floating-rate bank loans, was a small detractor from the Fund's relative performance.

CTIVP<sup>®</sup> – TCW Core Plus Bond Fund \| Class 2 **\|** ASR7037_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](g59364g08w90.jpg)

---

| | | |
|:---|:---|:---|
| | **CTIVP<sup>®</sup> – TCW Core Plus Bond Fund Class 2 ($11947)** | **Bloomberg U.S. Aggregate Bond Index ($12199)** |
| **12/15** | $10000 | $10000 |
| **01/16** | $10116 | $10138 |
| **02/16** | $10164 | $10210 |
| **03/16** | $10241 | $10303 |
| **04/16** | $10280 | $10343 |
| **05/16** | $10280 | $10345 |
| **06/16** | $10432 | $10531 |
| **07/16** | $10511 | $10598 |
| **08/16** | $10501 | $10586 |
| **09/16** | $10511 | $10580 |
| **10/16** | $10432 | $10499 |
| **11/16** | $10217 | $10250 |
| **12/16** | $10217 | $10265 |
| **01/17** | $10237 | $10285 |
| **02/17** | $10305 | $10354 |
| **03/17** | $10295 | $10349 |
| **04/17** | $10364 | $10428 |
| **05/17** | $10442 | $10509 |
| **06/17** | $10419 | $10498 |
| **07/17** | $10459 | $10543 |
| **08/17** | $10559 | $10638 |
| **09/17** | $10509 | $10587 |
| **10/17** | $10499 | $10593 |
| **11/17** | $10499 | $10580 |
| **12/17** | $10539 | $10628 |
| **01/18** | $10419 | $10506 |
| **02/18** | $10330 | $10406 |
| **03/18** | $10390 | $10473 |
| **04/18** | $10320 | $10395 |
| **05/18** | $10400 | $10469 |
| **06/18** | $10386 | $10456 |
| **07/18** | $10386 | $10459 |
| **08/18** | $10447 | $10526 |
| **09/18** | $10376 | $10458 |
| **10/18** | $10294 | $10376 |
| **11/18** | $10345 | $10438 |
| **12/18** | $10528 | $10630 |
| **01/19** | $10650 | $10742 |
| **02/19** | $10650 | $10736 |
| **03/19** | $10844 | $10942 |
| **04/19** | $10854 | $10945 |
| **05/19** | $11047 | $11139 |
| **06/19** | $11181 | $11279 |
| **07/19** | $11202 | $11304 |
| **08/19** | $11484 | $11597 |
| **09/19** | $11421 | $11535 |
| **10/19** | $11452 | $11570 |
| **11/19** | $11442 | $11564 |
| **12/19** | $11432 | $11556 |
| **01/20** | $11661 | $11778 |
| **02/20** | $11849 | $11990 |
| **03/20** | $11671 | $11920 |
| **04/20** | $11922 | $12132 |
| **05/20** | $12016 | $12188 |
| **06/20** | $12130 | $12265 |
| **07/20** | $12336 | $12448 |
| **08/20** | $12271 | $12348 |
| **09/20** | $12260 | $12341 |
| **10/20** | $12227 | $12286 |
| **11/20** | $12379 | $12406 |
| **12/20** | $12422 | $12424 |
| **01/21** | $12357 | $12334 |
| **02/21** | $12173 | $12156 |
| **03/21** | $12054 | $12005 |
| **04/21** | $12152 | $12099 |
| **05/21** | $12184 | $12139 |
| **06/21** | $12260 | $12224 |
| **07/21** | $12385 | $12361 |
| **08/21** | $12362 | $12337 |
| **09/21** | $12259 | $12231 |
| **10/21** | $12259 | $12227 |
| **11/21** | $12282 | $12263 |
| **12/21** | $12248 | $12232 |
| **01/22** | $11996 | $11968 |
| **02/22** | $11858 | $11835 |
| **03/22** | $11526 | $11506 |
| **04/22** | $11068 | $11069 |
| **05/22** | $11114 | $11141 |
| **06/22** | $10884 | $10966 |
| **07/22** | $11189 | $11234 |
| **08/22** | $10865 | $10917 |
| **09/22** | $10322 | $10445 |
| **10/22** | $10148 | $10310 |
| **11/22** | $10553 | $10689 |
| **12/22** | $10495 | $10641 |
| **01/23** | $10877 | $10968 |
| **02/23** | $10564 | $10684 |
| **03/23** | $10853 | $10956 |
| **04/23** | $10911 | $11022 |
| **05/23** | $10773 | $10902 |
| **06/23** | $10726 | $10863 |
| **07/23** | $10722 | $10856 |
| **08/23** | $10640 | $10786 |
| **09/23** | $10320 | $10512 |
| **10/23** | $10108 | $10346 |
| **11/23** | $10628 | $10815 |
| **12/23** | $11077 | $11229 |
| **01/24** | $11053 | $11198 |
| **02/24** | $10876 | $11040 |
| **03/24** | $10959 | $11142 |
| **04/24** | $10628 | $10860 |
| **05/24** | $10829 | $11044 |
| **06/24** | $10947 | $11149 |
| **07/24** | $11232 | $11409 |
| **08/24** | $11416 | $11573 |
| **09/24** | $11576 | $11728 |
| **10/24** | $11219 | $11437 |
| **11/24** | $11342 | $11558 |
| **12/24** | $11133 | $11369 |
| **01/25** | $11195 | $11430 |
| **02/25** | $11465 | $11681 |
| **03/25** | $11453 | $11685 |
| **04/25** | $11515 | $11731 |
| **05/25** | $11404 | $11647 |
| **06/25** | $11601 | $11826 |
| **07/25** | $11547 | $11795 |
| **08/25** | $11689 | $11936 |
| **09/25** | $11831 | $12067 |
| **10/25** | $11895 | $12142 |
| **11/25** | $11973 | $12217 |
| **12/25** | $11947 | $12199 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 2 | 7.31 | (0.78) | 1.79 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |

---

**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** | $2920190097 |
| **Total number of portfolio holdings** | 735 |
| **Management services fees (represents 0.48% of Fund average net assets)** | $13892569 |
| **Portfolio turnover for the reporting period** | 396% |

---

CTIVP<sup>®</sup> – TCW Core Plus Bond Fund \| Class 2 **\|** ASR7037_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.

### Top Holdings

---

| | |
|:---|:---|
| U.S. Treasury 12/31/2030 3.625% | 6.9% |
| U.S. Treasury 11/15/2055 4.625% | 5.8% |
| U.S. Treasury 12/31/2027 3.375% | 5.1% |
| U.S. Treasury 11/15/2035 4.000% | 3.0% |
| U.S. Treasury 12/31/2032 3.875% | 2.8% |
| U.S. Treasury 11/15/2045 4.625% | 2.7% |
| Federal National Mortgage Association 04/01/2052 2.500% | 1.7% |
| Government National Mortgage Association TBA 01/22/2056 5.000% | 1.3% |
| Government National Mortgage Association TBA 01/22/2056 2.500% | 1.3% |
| U.S. Treasury 11/30/2030 3.500% | 1.2% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Residential Mortgage-Backed Securities - Agency | 34.4% |
| U.S. Treasury Obligations | 27.5% |
| Corporate Bonds & Notes | 15.0% |
| Money Market Funds | 10.5% |
| Residential Mortgage-Backed Securities - Non-Agency | 8.6% |
| Asset-Backed Securities - Non-Agency | 6.5% |
| Commercial Mortgage-Backed Securities - Non-Agency | 2.8% |
| Senior Loans | 1.5% |
| Foreign Government Obligations | 1.2% |
| 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](g59364g61s65.jpg)

CTIVP<sup>®</sup> – TCW Core Plus Bond Fund \| Class 2 **\|** ASR7037_02_12_D01_(02/26) \|

# Columbia Variable Portfolio – Balanced Fund
Class 1

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Balanced 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 | $80 | 0.75% |

---

## 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
**Allocations** \| Selections in the consumer discretionary, industrials and financials sectors boosted the Fund's equity results most during the annual period. Larger allocations to communication services and smaller allocations to real estate and materials buoyed equity results. Sector allocation was also the biggest driver of positive fixed-income performance with non-agency residential mortgage-backed securities contributing most. Positioning in agency collateralized mortgage obligations, agency residential mortgage-backed securities, and corporates was also additive to relative performance. The combination of duration and yield-curve positioning was a positive contributor to relative performance.

**Security selection** \| Positions in NVIDIA Corp., a leading provider of graphic processing units which play a crucial role in artificial intelligence; Tapestry, Inc., the parent company of luxury brands Coach New York, Kate Spade, and Stuart Weitzman; and Boeing Co., an aerospace company that designs and manufactures airplanes, were among the top relative contributors to the Fund's equity performance. Security selection contributed positively to fixed-income performance with asset backed securities and commercial mortgage-backed securities contributing the most.

### Top Performance Detractors
**Allocations** \| Selections in the communication services, consumer staples and health care sectors hurt the Fund's equity results during the annual period. A smaller weighting to the information technology and consumer staples sectors and a larger weighting to the industrials sector detracted from the Fund's equity performance. Within the fixed-income segment of the Fund's portfolio, allocations to financials and the non-corporates detracted from relative performance.

**Security selection** \| Fund positions in Elevance Health, Inc., the for-profit company that consists of the Blue Cross & Blue Shield insurance plans in 14 U.S. states; Coty, Inc., a beauty company specializing in prestige fragrance, color cosmetics, and skincare; and BioMarin Pharmaceutical, Inc., a biotechnology company that develops and commercializes therapies for genetic disorders, were among the top detractors to the Fund's equity performance.

Columbia Variable Portfolio – Balanced Fund \| Class 1 **\|** ASR7000_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](g59364g83x95.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Columbia Variable Portfolio – Balanced Fund Class 1 ($25341)** | **Bloomberg U.S. Aggregate Bond Index ($12199)** | **60% S&P 500<sup>®</sup> Index, 40% Bloomberg U.S. Aggregate Bond Index ($25428)** | **S&P 500<sup>®</sup> Index ($39827)** |
| **12/15** | $10000 | $10000 | $10000 | $10000 |
| **01/16** | $9714 | $10138 | $9757 | $9504 |
| **02/16** | $9686 | $10210 | $9777 | $9491 |
| **03/16** | $10127 | $10303 | $10211 | $10135 |
| **04/16** | $10191 | $10343 | $10250 | $10174 |
| **05/16** | $10327 | $10345 | $10362 | $10357 |
| **06/16** | $10314 | $10531 | $10452 | $10384 |
| **07/16** | $10600 | $10598 | $10710 | $10766 |
| **08/16** | $10627 | $10586 | $10714 | $10782 |
| **09/16** | $10623 | $10580 | $10713 | $10784 |
| **10/16** | $10477 | $10499 | $10563 | $10587 |
| **11/16** | $10555 | $10250 | $10698 | $10979 |
| **12/16** | $10664 | $10265 | $10831 | $11196 |
| **01/17** | $10795 | $10285 | $10962 | $11408 |
| **02/17** | $11091 | $10354 | $11253 | $11861 |
| **03/17** | $11141 | $10349 | $11258 | $11875 |
| **04/17** | $11264 | $10428 | $11363 | $11997 |
| **05/17** | $11400 | $10509 | $11494 | $12166 |
| **06/17** | $11477 | $10498 | $11532 | $12242 |
| **07/17** | $11650 | $10543 | $11694 | $12494 |
| **08/17** | $11714 | $10638 | $11757 | $12532 |
| **09/17** | $11809 | $10587 | $11881 | $12790 |
| **10/17** | $11891 | $10593 | $12050 | $13089 |
| **11/17** | $12064 | $10580 | $12265 | $13490 |
| **12/17** | $12227 | $10628 | $12370 | $13640 |
| **01/18** | $12618 | $10506 | $12738 | $14421 |
| **02/18** | $12205 | $10406 | $12408 | $13890 |
| **03/18** | $11977 | $10473 | $12250 | $13537 |
| **04/18** | $11932 | $10395 | $12242 | $13589 |
| **05/18** | $12064 | $10469 | $12454 | $13916 |
| **06/18** | $12095 | $10456 | $12494 | $14002 |
| **07/18** | $12432 | $10459 | $12774 | $14523 |
| **08/18** | $12645 | $10526 | $13056 | $14996 |
| **09/18** | $12682 | $10458 | $13067 | $15081 |
| **10/18** | $12073 | $10376 | $12490 | $14050 |
| **11/18** | $12209 | $10438 | $12673 | $14337 |
| **12/18** | $11523 | $10630 | $12079 | $13042 |
| **01/19** | $12168 | $10742 | $12711 | $14087 |
| **02/19** | $12395 | $10736 | $12953 | $14540 |
| **03/19** | $12641 | $10942 | $13204 | $14822 |
| **04/19** | $13027 | $10945 | $13526 | $15422 |
| **05/19** | $12564 | $11139 | $13106 | $14442 |
| **06/19** | $13150 | $11279 | $13726 | $15460 |
| **07/19** | $13309 | $11304 | $13857 | $15682 |
| **08/19** | $13273 | $11597 | $13869 | $15434 |
| **09/19** | $13395 | $11535 | $13995 | $15723 |
| **10/19** | $13568 | $11570 | $14194 | $16063 |
| **11/19** | $13850 | $11564 | $14500 | $16646 |
| **12/19** | $14168 | $11556 | $14758 | $17149 |
| **01/20** | $14264 | $11778 | $14869 | $17142 |
| **02/20** | $13668 | $11990 | $14241 | $15731 |
| **03/20** | $12450 | $11920 | $13152 | $13788 |
| **04/20** | $13577 | $12132 | $14257 | $15555 |
| **05/20** | $14105 | $12188 | $14691 | $16296 |
| **06/20** | $14318 | $12265 | $14904 | $16620 |
| **07/20** | $14973 | $12448 | $15497 | $17558 |
| **08/20** | $15632 | $12348 | $16115 | $18820 |
| **09/20** | $15218 | $12341 | $15744 | $18105 |
| **10/20** | $14914 | $12286 | $15465 | $17623 |
| **11/20** | $16209 | $12406 | $16541 | $19552 |
| **12/20** | $16686 | $12424 | $16932 | $20304 |
| **01/21** | $16518 | $12334 | $16781 | $20099 |
| **02/21** | $16900 | $12156 | $16962 | $20653 |
| **03/21** | $17314 | $12005 | $17323 | $21558 |
| **04/21** | $17945 | $12099 | $17932 | $22708 |
| **05/21** | $18091 | $12139 | $18031 | $22867 |
| **06/21** | $18345 | $12224 | $18334 | $23401 |
| **07/21** | $18627 | $12361 | $18677 | $23956 |
| **08/21** | $18909 | $12337 | $19004 | $24685 |
| **09/21** | $18218 | $12231 | $18408 | $23537 |
| **10/21** | $18827 | $12227 | $19179 | $25186 |
| **11/21** | $18582 | $12263 | $19122 | $25011 |
| **12/21** | $19168 | $12232 | $19617 | $26132 |
| **01/22** | $18641 | $11968 | $18839 | $24780 |
| **02/22** | $18268 | $11835 | $18416 | $24038 |
| **03/22** | $18400 | $11506 | $18622 | $24931 |
| **04/22** | $17159 | $11069 | $17365 | $22757 |
| **05/22** | $17127 | $11141 | $17429 | $22798 |
| **06/22** | $16164 | $10966 | $16456 | $20916 |
| **07/22** | $17086 | $11234 | $17528 | $22845 |
| **08/22** | $16564 | $10917 | $16901 | $21913 |
| **09/22** | $15300 | $10445 | $15675 | $19895 |
| **10/22** | $15927 | $10310 | $16355 | $21506 |
| **11/22** | $16618 | $10689 | $17144 | $22708 |
| **12/22** | $15977 | $10641 | $16520 | $21399 |
| **01/23** | $16886 | $10968 | $17346 | $22744 |
| **02/23** | $16427 | $10684 | $16913 | $22189 |
| **03/23** | $17018 | $10956 | $17457 | $23004 |
| **04/23** | $17291 | $11022 | $17663 | $23363 |
| **05/23** | $17391 | $10902 | $17632 | $23464 |
| **06/23** | $18064 | $10863 | $18306 | $25015 |
| **07/23** | $18450 | $10856 | $18654 | $25818 |
| **08/23** | $18259 | $10786 | $18428 | $25407 |
| **09/23** | $17545 | $10512 | $17714 | $24196 |
| **10/23** | $17250 | $10346 | $17378 | $23687 |
| **11/23** | $18591 | $10815 | $18645 | $25850 |
| **12/23** | $19395 | $11229 | $19439 | $27025 |
| **01/24** | $19623 | $11198 | $19614 | $27479 |
| **02/24** | $20241 | $11040 | $20131 | $28946 |
| **03/24** | $20605 | $11142 | $20594 | $29878 |
| **04/24** | $19995 | $10860 | $19882 | $28657 |
| **05/24** | $20786 | $11044 | $20608 | $30078 |
| **06/24** | $21291 | $11149 | $21130 | $31157 |
| **07/24** | $21541 | $11409 | $21481 | $31537 |
| **08/24** | $21941 | $11573 | $21917 | $32302 |
| **09/24** | $22209 | $11728 | $22316 | $32992 |
| **10/24** | $21786 | $11437 | $21973 | $32692 |
| **11/24** | $22618 | $11558 | $22840 | $34611 |
| **12/24** | $22218 | $11369 | $22364 | $33786 |
| **01/25** | $22736 | $11430 | $22785 | $34727 |
| **02/25** | $22673 | $11681 | $22807 | $34274 |
| **03/25** | $21855 | $11685 | $22039 | $32343 |
| **04/25** | $21823 | $11731 | $21984 | $32124 |
| **05/25** | $22627 | $11647 | $22751 | $34146 |
| **06/25** | $23550 | $11826 | $23586 | $35882 |
| **07/25** | $24036 | $11795 | $23878 | $36687 |
| **08/25** | $24314 | $11936 | $24283 | $37431 |
| **09/25** | $24841 | $12067 | $24921 | $38797 |
| **10/25** | $25305 | $12142 | $25333 | $39706 |
| **11/25** | $25241 | $12217 | $25433 | $39803 |
| **12/25** | $25341 | $12199 | $25428 | $39827 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 1 | 14.05 | 8.72 | 9.74 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| 60% S&P 500<sup>®</sup> Index, 40% Bloomberg U.S. Aggregate Bond Index | 13.70 | 8.47 | 9.78 |
| 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** | $1681319199 |
| **Total number of portfolio holdings** | 993 |
| **Management services fees (represents 0.66% of Fund average net assets)** | $10616861 |
| **Portfolio turnover for the reporting period** | 126% |
| **Portfolio turnover as of the end of the period excluding transactions in to be announced securities** | 49% |

---

Columbia Variable Portfolio – Balanced Fund \| Class 1 **\|** ASR7000_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 | 21.4% |
| Financials | 9.4% |
| Communication Services | 8.1% |
| Health Care | 6.5% |
| Consumer Discretionary | 5.8% |
| Industrials | 4.7% |
| Energy | 1.9% |
| Consumer Staples | 1.3% |
| Utilities | 1.2% |
| Real Estate | 0.5% |
| Other | 0.2% |

---

### Top Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 5.1% |
| Microsoft Corp. | 4.6% |
| Apple, Inc. | 3.9% |
| Amazon.com, Inc. | 2.9% |
| Alphabet, Inc., Class A | 2.1% |
| iShares Core MSCI EAFE ETF | 1.9% |
| Alphabet, Inc., Class C | 1.8% |
| Eli Lilly & Co. | 1.7% |
| Broadcom, Inc. | 1.6% |
| Meta Platforms, Inc., Class A | 1.5% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 61.0% |
| Residential Mortgage-Backed Securities - Agency | 13.6% |
| Corporate Bonds & Notes | 8.2% |
| Residential Mortgage-Backed Securities - Non-Agency | 7.5% |
| Asset-Backed Securities - Non-Agency | 4.5% |
| Money Market Funds | 4.2% |
| Exchange-Traded Equity Funds | 1.9% |
| Commercial Mortgage-Backed Securities - Non-Agency | 1.6% |
| 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](g59364g61s65.jpg)

Columbia Variable Portfolio – Balanced Fund \| Class 1 **\|** ASR7000_01_12_D01_(02/26) \|

# Columbia Variable Portfolio – Balanced Fund
Class 2

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Balanced 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 | 1.00% |

---

## 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
**Allocations** \| Selections in the consumer discretionary, industrials and financials sectors boosted the Fund's equity results most during the annual period. Larger allocations to communication services and smaller allocations to real estate and materials buoyed equity results. Sector allocation was also the biggest driver of positive fixed-income performance with non-agency residential mortgage-backed securities contributing most. Positioning in agency collateralized mortgage obligations, agency residential mortgage-backed securities, and corporates was also additive to relative performance. The combination of duration and yield-curve positioning was a positive contributor to relative performance.

**Security selection** \| Positions in NVIDIA Corp., a leading provider of graphic processing units which play a crucial role in artificial intelligence; Tapestry, Inc., the parent company of luxury brands Coach New York, Kate Spade, and Stuart Weitzman; and Boeing Co., an aerospace company that designs and manufactures airplanes, were among the top relative contributors to the Fund's equity performance. Security selection contributed positively to fixed-income performance with asset backed securities and commercial mortgage-backed securities contributing the most.

### Top Performance Detractors
**Allocations** \| Selections in the communication services, consumer staples and health care sectors hurt the Fund's equity results during the annual period. A smaller weighting to the information technology and consumer staples sectors and a larger weighting to the industrials sector detracted from the Fund's equity performance. Within the fixed-income segment of the Fund's portfolio, allocations to financials and the non-corporates detracted from relative performance.

**Security selection** \| Fund positions in Elevance Health, Inc., the for-profit company that consists of the Blue Cross & Blue Shield insurance plans in 14 U.S. states; Coty, Inc., a beauty company specializing in prestige fragrance, color cosmetics, and skincare; and BioMarin Pharmaceutical, Inc., a biotechnology company that develops and commercializes therapies for genetic disorders, were among the top detractors to the Fund's equity performance.

Columbia Variable Portfolio – Balanced Fund \| Class 2 **\|** ASR7000_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](g59364g00c87.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Columbia Variable Portfolio – Balanced Fund Class 2 ($24728)** | **Bloomberg U.S. Aggregate Bond Index ($12199)** | **60% S&P 500<sup>®</sup> Index, 40% Bloomberg U.S. Aggregate Bond Index ($25428)** | **S&P 500<sup>®</sup> Index ($39827)** |
| **12/15** | $10000 | $10000 | $10000 | $10000 |
| **01/16** | $9712 | $10138 | $9757 | $9504 |
| **02/16** | $9681 | $10210 | $9777 | $9491 |
| **03/16** | $10123 | $10303 | $10211 | $10135 |
| **04/16** | $10183 | $10343 | $10250 | $10174 |
| **05/16** | $10319 | $10345 | $10362 | $10357 |
| **06/16** | $10301 | $10531 | $10452 | $10384 |
| **07/16** | $10589 | $10598 | $10710 | $10766 |
| **08/16** | $10612 | $10586 | $10714 | $10782 |
| **09/16** | $10602 | $10580 | $10713 | $10784 |
| **10/16** | $10456 | $10499 | $10563 | $10587 |
| **11/16** | $10534 | $10250 | $10698 | $10979 |
| **12/16** | $10634 | $10265 | $10831 | $11196 |
| **01/17** | $10771 | $10285 | $10962 | $11408 |
| **02/17** | $11059 | $10354 | $11253 | $11861 |
| **03/17** | $11109 | $10349 | $11258 | $11875 |
| **04/17** | $11232 | $10428 | $11363 | $11997 |
| **05/17** | $11365 | $10509 | $11494 | $12166 |
| **06/17** | $11433 | $10498 | $11532 | $12242 |
| **07/17** | $11607 | $10543 | $11694 | $12494 |
| **08/17** | $11670 | $10638 | $11757 | $12532 |
| **09/17** | $11762 | $10587 | $11881 | $12790 |
| **10/17** | $11839 | $10593 | $12050 | $13089 |
| **11/17** | $12008 | $10580 | $12265 | $13490 |
| **12/17** | $12168 | $10628 | $12370 | $13640 |
| **01/18** | $12556 | $10506 | $12738 | $14421 |
| **02/18** | $12141 | $10406 | $12408 | $13890 |
| **03/18** | $11912 | $10473 | $12250 | $13537 |
| **04/18** | $11862 | $10395 | $12242 | $13589 |
| **05/18** | $11995 | $10469 | $12454 | $13916 |
| **06/18** | $12022 | $10456 | $12494 | $14002 |
| **07/18** | $12351 | $10459 | $12774 | $14523 |
| **08/18** | $12565 | $10526 | $13056 | $14996 |
| **09/18** | $12597 | $10458 | $13067 | $15081 |
| **10/18** | $11990 | $10376 | $12490 | $14050 |
| **11/18** | $12122 | $10438 | $12673 | $14337 |
| **12/18** | $11438 | $10630 | $12079 | $13042 |
| **01/19** | $12077 | $10742 | $12711 | $14087 |
| **02/19** | $12300 | $10736 | $12953 | $14540 |
| **03/19** | $12542 | $10942 | $13204 | $14822 |
| **04/19** | $12916 | $10945 | $13526 | $15422 |
| **05/19** | $12456 | $11139 | $13106 | $14442 |
| **06/19** | $13035 | $11279 | $13726 | $15460 |
| **07/19** | $13190 | $11304 | $13857 | $15682 |
| **08/19** | $13154 | $11597 | $13869 | $15434 |
| **09/19** | $13272 | $11535 | $13995 | $15723 |
| **10/19** | $13441 | $11570 | $14194 | $16063 |
| **11/19** | $13720 | $11564 | $14500 | $16646 |
| **12/19** | $14030 | $11556 | $14758 | $17149 |
| **01/20** | $14121 | $11778 | $14869 | $17142 |
| **02/20** | $13528 | $11990 | $14241 | $15731 |
| **03/20** | $12319 | $11920 | $13152 | $13788 |
| **04/20** | $13432 | $12132 | $14257 | $15555 |
| **05/20** | $13953 | $12188 | $14691 | $16296 |
| **06/20** | $14158 | $12265 | $14904 | $16620 |
| **07/20** | $14801 | $12448 | $15497 | $17558 |
| **08/20** | $15450 | $12348 | $16115 | $18820 |
| **09/20** | $15043 | $12341 | $15744 | $18105 |
| **10/20** | $14733 | $12286 | $15465 | $17623 |
| **11/20** | $16011 | $12406 | $16541 | $19552 |
| **12/20** | $16481 | $12424 | $16932 | $20304 |
| **01/21** | $16312 | $12334 | $16781 | $20099 |
| **02/21** | $16686 | $12156 | $16962 | $20653 |
| **03/21** | $17093 | $12005 | $17323 | $21558 |
| **04/21** | $17713 | $12099 | $17932 | $22708 |
| **05/21** | $17859 | $12139 | $18031 | $22867 |
| **06/21** | $18106 | $12224 | $18334 | $23401 |
| **07/21** | $18380 | $12361 | $18677 | $23956 |
| **08/21** | $18654 | $12337 | $19004 | $24685 |
| **09/21** | $17964 | $12231 | $18408 | $23537 |
| **10/21** | $18562 | $12227 | $19179 | $25186 |
| **11/21** | $18320 | $12263 | $19122 | $25011 |
| **12/21** | $18891 | $12232 | $19617 | $26132 |
| **01/22** | $18371 | $11968 | $18839 | $24780 |
| **02/22** | $18001 | $11835 | $18416 | $24038 |
| **03/22** | $18124 | $11506 | $18622 | $24931 |
| **04/22** | $16896 | $11069 | $17365 | $22757 |
| **05/22** | $16864 | $11141 | $17429 | $22798 |
| **06/22** | $15911 | $10966 | $16456 | $20916 |
| **07/22** | $16814 | $11234 | $17528 | $22845 |
| **08/22** | $16299 | $10917 | $16901 | $21913 |
| **09/22** | $15053 | $10445 | $15675 | $19895 |
| **10/22** | $15664 | $10310 | $16355 | $21506 |
| **11/22** | $16340 | $10689 | $17144 | $22708 |
| **12/22** | $15705 | $10641 | $16520 | $21399 |
| **01/23** | $16600 | $10968 | $17346 | $22744 |
| **02/23** | $16143 | $10684 | $16913 | $22189 |
| **03/23** | $16718 | $10956 | $17457 | $23004 |
| **04/23** | $16983 | $11022 | $17663 | $23363 |
| **05/23** | $17084 | $10902 | $17632 | $23464 |
| **06/23** | $17736 | $10863 | $18306 | $25015 |
| **07/23** | $18110 | $10856 | $18654 | $25818 |
| **08/23** | $17923 | $10786 | $18428 | $25407 |
| **09/23** | $17216 | $10512 | $17714 | $24196 |
| **10/23** | $16924 | $10346 | $17378 | $23687 |
| **11/23** | $18238 | $10815 | $18645 | $25850 |
| **12/23** | $19019 | $11229 | $19439 | $27025 |
| **01/24** | $19242 | $11198 | $19614 | $27479 |
| **02/24** | $19840 | $11040 | $20131 | $28946 |
| **03/24** | $20192 | $11142 | $20594 | $29878 |
| **04/24** | $19594 | $10860 | $19882 | $28657 |
| **05/24** | $20365 | $11044 | $20608 | $30078 |
| **06/24** | $20854 | $11149 | $21130 | $31157 |
| **07/24** | $21095 | $11409 | $21481 | $31537 |
| **08/24** | $21479 | $11573 | $21917 | $32302 |
| **09/24** | $21739 | $11728 | $22316 | $32992 |
| **10/24** | $21324 | $11437 | $21973 | $32692 |
| **11/24** | $22131 | $11558 | $22840 | $34611 |
| **12/24** | $21739 | $11369 | $22364 | $33786 |
| **01/25** | $22241 | $11430 | $22785 | $34727 |
| **02/25** | $22173 | $11681 | $22807 | $34274 |
| **03/25** | $21365 | $11685 | $22039 | $32343 |
| **04/25** | $21333 | $11731 | $21984 | $32124 |
| **05/25** | $22113 | $11647 | $22751 | $34146 |
| **06/25** | $23012 | $11826 | $23586 | $35882 |
| **07/25** | $23478 | $11795 | $23878 | $36687 |
| **08/25** | $23743 | $11936 | $24283 | $37431 |
| **09/25** | $24254 | $12067 | $24921 | $38797 |
| **10/25** | $24701 | $12142 | $25333 | $39706 |
| **11/25** | $24637 | $12217 | $25433 | $39803 |
| **12/25** | $24728 | $12199 | $25428 | $39827 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 2 | 13.75 | 8.45 | 9.48 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| 60% S&P 500<sup>®</sup> Index, 40% Bloomberg U.S. Aggregate Bond Index | 13.70 | 8.47 | 9.78 |
| 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** | $1681319199 |
| **Total number of portfolio holdings** | 993 |
| **Management services fees (represents 0.66% of Fund average net assets)** | $10616861 |
| **Portfolio turnover for the reporting period** | 126% |
| **Portfolio turnover as of the end of the period excluding transactions in to be announced securities** | 49% |

---

Columbia Variable Portfolio – Balanced Fund \| Class 2 **\|** ASR7000_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 | 21.4% |
| Financials | 9.4% |
| Communication Services | 8.1% |
| Health Care | 6.5% |
| Consumer Discretionary | 5.8% |
| Industrials | 4.7% |
| Energy | 1.9% |
| Consumer Staples | 1.3% |
| Utilities | 1.2% |
| Real Estate | 0.5% |
| Other | 0.2% |

---

### Top Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 5.1% |
| Microsoft Corp. | 4.6% |
| Apple, Inc. | 3.9% |
| Amazon.com, Inc. | 2.9% |
| Alphabet, Inc., Class A | 2.1% |
| iShares Core MSCI EAFE ETF | 1.9% |
| Alphabet, Inc., Class C | 1.8% |
| Eli Lilly & Co. | 1.7% |
| Broadcom, Inc. | 1.6% |
| Meta Platforms, Inc., Class A | 1.5% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 61.0% |
| Residential Mortgage-Backed Securities - Agency | 13.6% |
| Corporate Bonds & Notes | 8.2% |
| Residential Mortgage-Backed Securities - Non-Agency | 7.5% |
| Asset-Backed Securities - Non-Agency | 4.5% |
| Money Market Funds | 4.2% |
| Exchange-Traded Equity Funds | 1.9% |
| Commercial Mortgage-Backed Securities - Non-Agency | 1.6% |
| 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](g59364g61s65.jpg)

Columbia Variable Portfolio – Balanced Fund \| Class 2 **\|** ASR7000_02_12_D01_(02/26) \|

# Columbia Variable Portfolio – Balanced Fund
Class 3

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Balanced 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 | $93 | 0.87% |

---

## 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
**Allocations** \| Selections in the consumer discretionary, industrials and financials sectors boosted the Fund's equity results most during the annual period. Larger allocations to communication services and smaller allocations to real estate and materials buoyed equity results. Sector allocation was also the biggest driver of positive fixed-income performance with non-agency residential mortgage-backed securities contributing most. Positioning in agency collateralized mortgage obligations, agency residential mortgage-backed securities, and corporates was also additive to relative performance. The combination of duration and yield-curve positioning was a positive contributor to relative performance.

**Security selection** \| Positions in NVIDIA Corp., a leading provider of graphic processing units which play a crucial role in artificial intelligence; Tapestry, Inc., the parent company of luxury brands Coach New York, Kate Spade, and Stuart Weitzman; and Boeing Co., an aerospace company that designs and manufactures airplanes, were among the top relative contributors to the Fund's equity performance. Security selection contributed positively to fixed-income performance with asset backed securities and commercial mortgage-backed securities contributing the most.

### Top Performance Detractors
**Allocations** \| Selections in the communication services, consumer staples and health care sectors hurt the Fund's equity results during the annual period. A smaller weighting to the information technology and consumer staples sectors and a larger weighting to the industrials sector detracted from the Fund's equity performance. Within the fixed-income segment of the Fund's portfolio, allocations to financials and the non-corporates detracted from relative performance.

**Security selection** \| Fund positions in Elevance Health, Inc., the for-profit company that consists of the Blue Cross & Blue Shield insurance plans in 14 U.S. states; Coty, Inc., a beauty company specializing in prestige fragrance, color cosmetics, and skincare; and BioMarin Pharmaceutical, Inc., a biotechnology company that develops and commercializes therapies for genetic disorders, were among the top detractors to the Fund's equity performance.

Columbia Variable Portfolio – Balanced Fund \| Class 3 **\|** ASR7000_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](g59364g54z64.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Columbia Variable Portfolio – Balanced Fund Class 3 ($24993)** | **Bloomberg U.S. Aggregate Bond Index ($12199)** | **60% S&P 500<sup>®</sup> Index, 40% Bloomberg U.S. Aggregate Bond Index ($25428)** | **S&P 500<sup>®</sup> Index ($39827)** |
| **12/15** | $10000 | $10000 | $10000 | $10000 |
| **01/16** | $9714 | $10138 | $9757 | $9504 |
| **02/16** | $9682 | $10210 | $9777 | $9491 |
| **03/16** | $10123 | $10303 | $10211 | $10135 |
| **04/16** | $10182 | $10343 | $10250 | $10174 |
| **05/16** | $10318 | $10345 | $10362 | $10357 |
| **06/16** | $10304 | $10531 | $10452 | $10384 |
| **07/16** | $10586 | $10598 | $10710 | $10766 |
| **08/16** | $10609 | $10586 | $10714 | $10782 |
| **09/16** | $10604 | $10580 | $10713 | $10784 |
| **10/16** | $10454 | $10499 | $10563 | $10587 |
| **11/16** | $10532 | $10250 | $10698 | $10979 |
| **12/16** | $10641 | $10265 | $10831 | $11196 |
| **01/17** | $10772 | $10285 | $10962 | $11408 |
| **02/17** | $11063 | $10354 | $11253 | $11861 |
| **03/17** | $11113 | $10349 | $11258 | $11875 |
| **04/17** | $11236 | $10428 | $11363 | $11997 |
| **05/17** | $11368 | $10509 | $11494 | $12166 |
| **06/17** | $11445 | $10498 | $11532 | $12242 |
| **07/17** | $11617 | $10543 | $11694 | $12494 |
| **08/17** | $11681 | $10638 | $11757 | $12532 |
| **09/17** | $11772 | $10587 | $11881 | $12790 |
| **10/17** | $11854 | $10593 | $12050 | $13089 |
| **11/17** | $12026 | $10580 | $12265 | $13490 |
| **12/17** | $12185 | $10628 | $12370 | $13640 |
| **01/18** | $12572 | $10506 | $12738 | $14421 |
| **02/18** | $12158 | $10406 | $12408 | $13890 |
| **03/18** | $11931 | $10473 | $12250 | $13537 |
| **04/18** | $11886 | $10395 | $12242 | $13589 |
| **05/18** | $12013 | $10469 | $12454 | $13916 |
| **06/18** | $12045 | $10456 | $12494 | $14002 |
| **07/18** | $12376 | $10459 | $12774 | $14523 |
| **08/18** | $12590 | $10526 | $13056 | $14996 |
| **09/18** | $12626 | $10458 | $13067 | $15081 |
| **10/18** | $12017 | $10376 | $12490 | $14050 |
| **11/18** | $12149 | $10438 | $12673 | $14337 |
| **12/18** | $11468 | $10630 | $12079 | $13042 |
| **01/19** | $12108 | $10742 | $12711 | $14087 |
| **02/19** | $12335 | $10736 | $12953 | $14540 |
| **03/19** | $12576 | $10942 | $13204 | $14822 |
| **04/19** | $12958 | $10945 | $13526 | $15422 |
| **05/19** | $12494 | $11139 | $13106 | $14442 |
| **06/19** | $13071 | $11279 | $13726 | $15460 |
| **07/19** | $13230 | $11304 | $13857 | $15682 |
| **08/19** | $13194 | $11597 | $13869 | $15434 |
| **09/19** | $13317 | $11535 | $13995 | $15723 |
| **10/19** | $13485 | $11570 | $14194 | $16063 |
| **11/19** | $13766 | $11564 | $14500 | $16646 |
| **12/19** | $14080 | $11556 | $14758 | $17149 |
| **01/20** | $14171 | $11778 | $14869 | $17142 |
| **02/20** | $13580 | $11990 | $14241 | $15731 |
| **03/20** | $12367 | $11920 | $13152 | $13788 |
| **04/20** | $13485 | $12132 | $14257 | $15555 |
| **05/20** | $14007 | $12188 | $14691 | $16296 |
| **06/20** | $14216 | $12265 | $14904 | $16620 |
| **07/20** | $14866 | $12448 | $15497 | $17558 |
| **08/20** | $15520 | $12348 | $16115 | $18820 |
| **09/20** | $15107 | $12341 | $15744 | $18105 |
| **10/20** | $14802 | $12286 | $15465 | $17623 |
| **11/20** | $16088 | $12406 | $16541 | $19552 |
| **12/20** | $16556 | $12424 | $16932 | $20304 |
| **01/21** | $16388 | $12334 | $16781 | $20099 |
| **02/21** | $16765 | $12156 | $16962 | $20653 |
| **03/21** | $17174 | $12005 | $17323 | $21558 |
| **04/21** | $17801 | $12099 | $17932 | $22708 |
| **05/21** | $17946 | $12139 | $18031 | $22867 |
| **06/21** | $18196 | $12224 | $18334 | $23401 |
| **07/21** | $18473 | $12361 | $18677 | $23956 |
| **08/21** | $18746 | $12337 | $19004 | $24685 |
| **09/21** | $18060 | $12231 | $18408 | $23537 |
| **10/21** | $18664 | $12227 | $19179 | $25186 |
| **11/21** | $18419 | $12263 | $19122 | $25011 |
| **12/21** | $18996 | $12232 | $19617 | $26132 |
| **01/22** | $18473 | $11968 | $18839 | $24780 |
| **02/22** | $18105 | $11835 | $18416 | $24038 |
| **03/22** | $18228 | $11506 | $18622 | $24931 |
| **04/22** | $16997 | $11069 | $17365 | $22757 |
| **05/22** | $16965 | $11141 | $17429 | $22798 |
| **06/22** | $16011 | $10966 | $16456 | $20916 |
| **07/22** | $16920 | $11234 | $17528 | $22845 |
| **08/22** | $16402 | $10917 | $16901 | $21913 |
| **09/22** | $15148 | $10445 | $15675 | $19895 |
| **10/22** | $15770 | $10310 | $16355 | $21506 |
| **11/22** | $16452 | $10689 | $17144 | $22708 |
| **12/22** | $15816 | $10641 | $16520 | $21399 |
| **01/23** | $16715 | $10968 | $17346 | $22744 |
| **02/23** | $16261 | $10684 | $16913 | $22189 |
| **03/23** | $16838 | $10956 | $17457 | $23004 |
| **04/23** | $17106 | $11022 | $17663 | $23363 |
| **05/23** | $17210 | $10902 | $17632 | $23464 |
| **06/23** | $17869 | $10863 | $18306 | $25015 |
| **07/23** | $18251 | $10856 | $18654 | $25818 |
| **08/23** | $18060 | $10786 | $18428 | $25407 |
| **09/23** | $17351 | $10512 | $17714 | $24196 |
| **10/23** | $17060 | $10346 | $17378 | $23687 |
| **11/23** | $18383 | $10815 | $18645 | $25850 |
| **12/23** | $19173 | $11229 | $19439 | $27025 |
| **01/24** | $19400 | $11198 | $19614 | $27479 |
| **02/24** | $20009 | $11040 | $20131 | $28946 |
| **03/24** | $20363 | $11142 | $20594 | $29878 |
| **04/24** | $19759 | $10860 | $19882 | $28657 |
| **05/24** | $20541 | $11044 | $20608 | $30078 |
| **06/24** | $21036 | $11149 | $21130 | $31157 |
| **07/24** | $21281 | $11409 | $21481 | $31537 |
| **08/24** | $21672 | $11573 | $21917 | $32302 |
| **09/24** | $21935 | $11728 | $22316 | $32992 |
| **10/24** | $21517 | $11437 | $21973 | $32692 |
| **11/24** | $22335 | $11558 | $22840 | $34611 |
| **12/24** | $21940 | $11369 | $22364 | $33786 |
| **01/25** | $22449 | $11430 | $22785 | $34727 |
| **02/25** | $22385 | $11681 | $22807 | $34274 |
| **03/25** | $21572 | $11685 | $22039 | $32343 |
| **04/25** | $21540 | $11731 | $21984 | $32124 |
| **05/25** | $22331 | $11647 | $22751 | $34146 |
| **06/25** | $23239 | $11826 | $23586 | $35882 |
| **07/25** | $23716 | $11795 | $23878 | $36687 |
| **08/25** | $23985 | $11936 | $24283 | $37431 |
| **09/25** | $24503 | $12067 | $24921 | $38797 |
| **10/25** | $24957 | $12142 | $25333 | $39706 |
| **11/25** | $24893 | $12217 | $25433 | $39803 |
| **12/25** | $24993 | $12199 | $25428 | $39827 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 3 | 13.91 | 8.59 | 9.59 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| 60% S&P 500<sup>®</sup> Index, 40% Bloomberg U.S. Aggregate Bond Index | 13.70 | 8.47 | 9.78 |
| 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** | $1681319199 |
| **Total number of portfolio holdings** | 993 |
| **Management services fees (represents 0.66% of Fund average net assets)** | $10616861 |
| **Portfolio turnover for the reporting period** | 126% |
| **Portfolio turnover as of the end of the period excluding transactions in to be announced securities** | 49% |

---

Columbia Variable Portfolio – Balanced Fund \| Class 3 **\|** ASR7000_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 | 21.4% |
| Financials | 9.4% |
| Communication Services | 8.1% |
| Health Care | 6.5% |
| Consumer Discretionary | 5.8% |
| Industrials | 4.7% |
| Energy | 1.9% |
| Consumer Staples | 1.3% |
| Utilities | 1.2% |
| Real Estate | 0.5% |
| Other | 0.2% |

---

### Top Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 5.1% |
| Microsoft Corp. | 4.6% |
| Apple, Inc. | 3.9% |
| Amazon.com, Inc. | 2.9% |
| Alphabet, Inc., Class A | 2.1% |
| iShares Core MSCI EAFE ETF | 1.9% |
| Alphabet, Inc., Class C | 1.8% |
| Eli Lilly & Co. | 1.7% |
| Broadcom, Inc. | 1.6% |
| Meta Platforms, Inc., Class A | 1.5% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 61.0% |
| Residential Mortgage-Backed Securities - Agency | 13.6% |
| Corporate Bonds & Notes | 8.2% |
| Residential Mortgage-Backed Securities - Non-Agency | 7.5% |
| Asset-Backed Securities - Non-Agency | 4.5% |
| Money Market Funds | 4.2% |
| Exchange-Traded Equity Funds | 1.9% |
| Commercial Mortgage-Backed Securities - Non-Agency | 1.6% |
| 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](g59364g61s65.jpg)

Columbia Variable Portfolio – Balanced Fund \| Class 3 **\|** ASR7000_03_12_D01_(02/26) \|

# Columbia Variable Portfolio – Commodity Strategy Fund
Class 1

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Commodity Strategy 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 | $81 | 0.75% |

---

## 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
**Active allocation decisions (carry positioning)** \| Active allocation decisions contributed to relative Fund performance throughout the year. Overweight allocations to energy and grains were the primary positive drivers and helped offset the negative impact of an overweight to softs. Additionally, positioning within livestock – particularly the overweight exposure – provided a modest contribution to relative performance.

**Security selection (curve positioning)** \| Security selection was the largest contributor to the Fund's performance over the year, particularly within energy and grains. In energy, exposure to longer-dated natural gas contracts supported positive relative results. Within grains, positions in corn and soybean oil were the primary contributors to relative performance.

### Top Performance Detractors
**Sector allocation (carry positioning)** \| Sector allocation was the largest detractor from the Fund's performance over the year. Although the portfolio was overweight energy, this positioning detracted as energy subsectors – particularly crude oil, heating oil and gas oil – underperformed relative to the broader commodity complex. Softs also weighed on results, driven by an overweight to cocoa, which declined sharply over the period. Together, these effects resulted in negative allocation contributions across several sectors.

Columbia Variable Portfolio – Commodity Strategy Fund \| Class 1 **\|** ASR7001_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](g59364g77a64.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Columbia Variable Portfolio – Commodity Strategy Fund Class 1 ($19210)** | **MSCI ACWI Index (Net) ($30302)** | **Bloomberg Commodity Index Total Return ($17450)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9857 | $9397 | $9832 |
| **02/16** | $9697 | $9332 | $9672 |
| **03/16** | $10089 | $10024 | $10042 |
| **04/16** | $10963 | $10172 | $10896 |
| **05/16** | $10963 | $10185 | $10876 |
| **06/16** | $11444 | $10123 | $11325 |
| **07/16** | $10856 | $10559 | $10746 |
| **08/16** | $10695 | $10595 | $10557 |
| **09/16** | $10980 | $10660 | $10887 |
| **10/16** | $10945 | $10479 | $10834 |
| **11/16** | $11105 | $10558 | $10979 |
| **12/16** | $11283 | $10786 | $11177 |
| **01/17** | $11301 | $11081 | $11192 |
| **02/17** | $11283 | $11392 | $11215 |
| **03/17** | $11016 | $11532 | $10917 |
| **04/17** | $10784 | $11711 | $10752 |
| **05/17** | $10695 | $11970 | $10609 |
| **06/17** | $10670 | $12024 | $10589 |
| **07/17** | $10974 | $12360 | $10829 |
| **08/17** | $10974 | $12408 | $10872 |
| **09/17** | $10974 | $12647 | $10856 |
| **10/17** | $11202 | $12910 | $11089 |
| **11/17** | $11164 | $13160 | $11038 |
| **12/17** | $11486 | $13372 | $11367 |
| **01/18** | $11733 | $14127 | $11593 |
| **02/18** | $11524 | $13533 | $11392 |
| **03/18** | $11429 | $13244 | $11322 |
| **04/18** | $11695 | $13370 | $11614 |
| **05/18** | $11828 | $13387 | $11779 |
| **06/18** | $11388 | $13314 | $11367 |
| **07/18** | $11141 | $13716 | $11124 |
| **08/18** | $10894 | $13824 | $10927 |
| **09/18** | $11065 | $13884 | $11137 |
| **10/18** | $10742 | $12843 | $10896 |
| **11/18** | $10666 | $13031 | $10835 |
| **12/18** | $9905 | $12113 | $10089 |
| **01/19** | $10399 | $13070 | $10638 |
| **02/19** | $10513 | $13419 | $10746 |
| **03/19** | $10475 | $13588 | $10727 |
| **04/19** | $10418 | $14047 | $10682 |
| **05/19** | $10114 | $13214 | $10322 |
| **06/19** | $10389 | $14079 | $10599 |
| **07/19** | $10331 | $14120 | $10528 |
| **08/19** | $10081 | $13785 | $10284 |
| **09/19** | $10216 | $14075 | $10405 |
| **10/19** | $10447 | $14460 | $10615 |
| **11/19** | $10178 | $14813 | $10343 |
| **12/19** | $10678 | $15335 | $10865 |
| **01/20** | $9889 | $15166 | $10065 |
| **02/20** | $9389 | $13941 | $9558 |
| **03/20** | $8350 | $12059 | $8334 |
| **04/20** | $8331 | $13351 | $8206 |
| **05/20** | $8600 | $13931 | $8562 |
| **06/20** | $8812 | $14376 | $8757 |
| **07/20** | $9347 | $15137 | $9257 |
| **08/20** | $9931 | $16063 | $9883 |
| **09/20** | $9639 | $15545 | $9552 |
| **10/20** | $9688 | $15167 | $9686 |
| **11/20** | $10029 | $17037 | $10027 |
| **12/20** | $10540 | $17828 | $10525 |
| **01/21** | $10808 | $17747 | $10802 |
| **02/21** | $11562 | $18158 | $11501 |
| **03/21** | $11368 | $18643 | $11254 |
| **04/21** | $12341 | $19458 | $12187 |
| **05/21** | $12804 | $19761 | $12519 |
| **06/21** | $13120 | $20021 | $12751 |
| **07/21** | $13418 | $20159 | $12985 |
| **08/21** | $13418 | $20664 | $12947 |
| **09/21** | $14150 | $19810 | $13591 |
| **10/21** | $14516 | $20821 | $13942 |
| **11/21** | $13467 | $20320 | $12923 |
| **12/21** | $13979 | $21133 | $13379 |
| **01/22** | $15101 | $20095 | $14553 |
| **02/22** | $15979 | $19576 | $15460 |
| **03/22** | $17541 | $20000 | $16797 |
| **04/22** | $18443 | $18399 | $17492 |
| **05/22** | $18907 | $18420 | $17759 |
| **06/22** | $16711 | $16868 | $15845 |
| **07/22** | $17364 | $18046 | $16521 |
| **08/22** | $17527 | $17381 | $16535 |
| **09/22** | $15963 | $15717 | $15195 |
| **10/22** | $16289 | $16666 | $15497 |
| **11/22** | $17005 | $17958 | $15922 |
| **12/22** | $16647 | $17252 | $15532 |
| **01/23** | $16679 | $18488 | $15456 |
| **02/23** | $15898 | $17958 | $14729 |
| **03/23** | $15865 | $18512 | $14699 |
| **04/23** | $15670 | $18778 | $14589 |
| **05/23** | $14725 | $18577 | $13766 |
| **06/23** | $15344 | $19656 | $14322 |
| **07/23** | $16461 | $20375 | $15219 |
| **08/23** | $16337 | $19806 | $15102 |
| **09/23** | $16131 | $18987 | $14997 |
| **10/23** | $16172 | $18416 | $15037 |
| **11/23** | $15924 | $20116 | $14698 |
| **12/23** | $15512 | $21082 | $14303 |
| **01/24** | $15553 | $21206 | $14360 |
| **02/24** | $15388 | $22116 | $14149 |
| **03/24** | $16172 | $22810 | $14617 |
| **04/24** | $16626 | $22057 | $15010 |
| **05/24** | $16791 | $22953 | $15273 |
| **06/24** | $16543 | $23464 | $15038 |
| **07/24** | $15949 | $23843 | $14432 |
| **08/24** | $15949 | $24448 | $14439 |
| **09/24** | $16678 | $25016 | $15140 |
| **10/24** | $16420 | $24455 | $14860 |
| **11/24** | $16506 | $25370 | $14920 |
| **12/24** | $16635 | $24769 | $15072 |
| **01/25** | $17278 | $25600 | $15668 |
| **02/25** | $17364 | $25446 | $15790 |
| **03/25** | $18050 | $24441 | $16411 |
| **04/25** | $17021 | $24669 | $15622 |
| **05/25** | $17064 | $26087 | $15532 |
| **06/25** | $17492 | $27258 | $15906 |
| **07/25** | $17477 | $27628 | $15833 |
| **08/25** | $17945 | $28310 | $16139 |
| **09/25** | $18320 | $29336 | $16486 |
| **10/25** | $18789 | $29992 | $16963 |
| **11/25** | $19210 | $29989 | $17506 |
| **12/25** | $19210 | $30302 | $17450 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 1 | 15.48 | 12.76 | 6.75 |
| MSCI ACWI Index (Net) | 22.34 | 11.19 | 11.72 |
| Bloomberg Commodity Index Total Return | 15.77 | 10.64 | 5.73 |

---

**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** | $93679028 |
| **Total number of portfolio holdings** | 317 |
| **Management services fees (represents 0.63% of Fund average net assets)** | $573580 |
| **Portfolio turnover for the reporting period** | 92% |

---

Columbia Variable Portfolio – Commodity Strategy Fund \| Class 1 **\|** ASR7001_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.

### Derivative Commodities Exposure

---

| | |
|:---|:---|
| | Long |
| Agriculture | 28.3% |
| Energy | 27.8% |
| Industrial Metals | 16.1% |
| Livestock | 8.6% |
| Precious Metals | 29.9% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Money Market Funds | 40.7% |
| Corporate Bonds & Notes | 24.0% |
| Asset-Backed Securities - Non-Agency | 16.3% |
| Residential Mortgage-Backed Securities - Non-Agency | 5.1% |
| Commercial Mortgage-Backed Securities - Non-Agency | 3.6% |
| Other | 1.5% |

---

## 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](g59364g61s65.jpg)

Columbia Variable Portfolio – Commodity Strategy Fund \| Class 1 **\|** ASR7001_01_12_D01_(02/26) \|

# Columbia Variable Portfolio – Commodity Strategy Fund
Class 2

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Commodity Strategy 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 | 1.00% |

---

## 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
**Active allocation decisions (carry positioning)** \| Active allocation decisions contributed to relative Fund performance throughout the year. Overweight allocations to energy and grains were the primary positive drivers and helped offset the negative impact of an overweight to softs. Additionally, positioning within livestock – particularly the overweight exposure – provided a modest contribution to relative performance.

**Security selection (curve positioning)** \| Security selection was the largest contributor to the Fund's performance over the year, particularly within energy and grains. In energy, exposure to longer-dated natural gas contracts supported positive relative results. Within grains, positions in corn and soybean oil were the primary contributors to relative performance.

### Top Performance Detractors
**Sector allocation (carry positioning)** \| Sector allocation was the largest detractor from the Fund's performance over the year. Although the portfolio was overweight energy, this positioning detracted as energy subsectors – particularly crude oil, heating oil and gas oil – underperformed relative to the broader commodity complex. Softs also weighed on results, driven by an overweight to cocoa, which declined sharply over the period. Together, these effects resulted in negative allocation contributions across several sectors.

Columbia Variable Portfolio – Commodity Strategy Fund \| Class 2 **\|** ASR7001_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](g59364g34i26.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Columbia Variable Portfolio – Commodity Strategy Fund Class 2 ($18704)** | **MSCI ACWI Index (Net) ($30302)** | **Bloomberg Commodity Index Total Return ($17450)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9857 | $9397 | $9832 |
| **02/16** | $9695 | $9332 | $9672 |
| **03/16** | $10090 | $10024 | $10042 |
| **04/16** | $10950 | $10172 | $10896 |
| **05/16** | $10950 | $10185 | $10876 |
| **06/16** | $11416 | $10123 | $11325 |
| **07/16** | $10842 | $10559 | $10746 |
| **08/16** | $10663 | $10595 | $10557 |
| **09/16** | $10950 | $10660 | $10887 |
| **10/16** | $10914 | $10479 | $10834 |
| **11/16** | $11075 | $10558 | $10979 |
| **12/16** | $11237 | $10786 | $11177 |
| **01/17** | $11254 | $11081 | $11192 |
| **02/17** | $11254 | $11392 | $11215 |
| **03/17** | $10986 | $11532 | $10917 |
| **04/17** | $10735 | $11711 | $10752 |
| **05/17** | $10645 | $11970 | $10609 |
| **06/17** | $10628 | $12024 | $10589 |
| **07/17** | $10933 | $12360 | $10829 |
| **08/17** | $10914 | $12408 | $10872 |
| **09/17** | $10933 | $12647 | $10856 |
| **10/17** | $11143 | $12910 | $11089 |
| **11/17** | $11105 | $13160 | $11038 |
| **12/17** | $11428 | $13372 | $11367 |
| **01/18** | $11657 | $14127 | $11593 |
| **02/18** | $11466 | $13533 | $11392 |
| **03/18** | $11352 | $13244 | $11322 |
| **04/18** | $11619 | $13370 | $11614 |
| **05/18** | $11733 | $13387 | $11779 |
| **06/18** | $11295 | $13314 | $11367 |
| **07/18** | $11066 | $13716 | $11124 |
| **08/18** | $10819 | $13824 | $10927 |
| **09/18** | $10971 | $13884 | $11137 |
| **10/18** | $10666 | $12843 | $10896 |
| **11/18** | $10590 | $13031 | $10835 |
| **12/18** | $9809 | $12113 | $10089 |
| **01/19** | $10324 | $13070 | $10638 |
| **02/19** | $10419 | $13419 | $10746 |
| **03/19** | $10381 | $13588 | $10727 |
| **04/19** | $10324 | $14047 | $10682 |
| **05/19** | $10038 | $13214 | $10322 |
| **06/19** | $10304 | $14079 | $10599 |
| **07/19** | $10227 | $14120 | $10528 |
| **08/19** | $9977 | $13785 | $10284 |
| **09/19** | $10111 | $14075 | $10405 |
| **10/19** | $10342 | $14460 | $10615 |
| **11/19** | $10073 | $14813 | $10343 |
| **12/19** | $10573 | $15335 | $10865 |
| **01/20** | $9785 | $15166 | $10065 |
| **02/20** | $9285 | $13941 | $9558 |
| **03/20** | $8247 | $12059 | $8334 |
| **04/20** | $8228 | $13351 | $8206 |
| **05/20** | $8497 | $13931 | $8562 |
| **06/20** | $8689 | $14376 | $8757 |
| **07/20** | $9242 | $15137 | $9257 |
| **08/20** | $9801 | $16063 | $9883 |
| **09/20** | $9509 | $15545 | $9552 |
| **10/20** | $9558 | $15167 | $9686 |
| **11/20** | $9898 | $17037 | $10027 |
| **12/20** | $10409 | $17828 | $10525 |
| **01/21** | $10676 | $17747 | $10802 |
| **02/21** | $11406 | $18158 | $11501 |
| **03/21** | $11187 | $18643 | $11254 |
| **04/21** | $12160 | $19458 | $12187 |
| **05/21** | $12598 | $19761 | $12519 |
| **06/21** | $12938 | $20021 | $12751 |
| **07/21** | $13206 | $20159 | $12985 |
| **08/21** | $13206 | $20664 | $12947 |
| **09/21** | $13935 | $19810 | $13591 |
| **10/21** | $14276 | $20821 | $13942 |
| **11/21** | $13254 | $20320 | $12923 |
| **12/21** | $13741 | $21133 | $13379 |
| **01/22** | $14860 | $20095 | $14553 |
| **02/22** | $15711 | $19576 | $15460 |
| **03/22** | $17243 | $20000 | $16797 |
| **04/22** | $18118 | $18399 | $17492 |
| **05/22** | $18580 | $18420 | $17759 |
| **06/22** | $16416 | $16868 | $15845 |
| **07/22** | $17059 | $18046 | $16521 |
| **08/22** | $17190 | $17381 | $16535 |
| **09/22** | $15692 | $15717 | $15195 |
| **10/22** | $15985 | $16666 | $15497 |
| **11/22** | $16701 | $17958 | $15922 |
| **12/22** | $16310 | $17252 | $15532 |
| **01/23** | $16343 | $18488 | $15456 |
| **02/23** | $15594 | $17958 | $14729 |
| **03/23** | $15562 | $18512 | $14699 |
| **04/23** | $15366 | $18778 | $14589 |
| **05/23** | $14422 | $18577 | $13766 |
| **06/23** | $15008 | $19656 | $14322 |
| **07/23** | $16096 | $20375 | $15219 |
| **08/23** | $16013 | $19806 | $15102 |
| **09/23** | $15807 | $18987 | $14997 |
| **10/23** | $15848 | $18416 | $15037 |
| **11/23** | $15601 | $20116 | $14698 |
| **12/23** | $15147 | $21082 | $14303 |
| **01/24** | $15229 | $21206 | $14360 |
| **02/24** | $15064 | $22116 | $14149 |
| **03/24** | $15807 | $22810 | $14617 |
| **04/24** | $16261 | $22057 | $15010 |
| **05/24** | $16426 | $22953 | $15273 |
| **06/24** | $16179 | $23464 | $15038 |
| **07/24** | $15622 | $23843 | $14432 |
| **08/24** | $15579 | $24448 | $14439 |
| **09/24** | $16307 | $25016 | $15140 |
| **10/24** | $16050 | $24455 | $14860 |
| **11/24** | $16093 | $25370 | $14920 |
| **12/24** | $16221 | $24769 | $15072 |
| **01/25** | $16906 | $25600 | $15668 |
| **02/25** | $16992 | $25446 | $15790 |
| **03/25** | $17634 | $24441 | $16411 |
| **04/25** | $16649 | $24669 | $15622 |
| **05/25** | $16606 | $26087 | $15532 |
| **06/25** | $17077 | $27258 | $15906 |
| **07/25** | $17067 | $27628 | $15833 |
| **08/25** | $17535 | $28310 | $16139 |
| **09/25** | $17862 | $29336 | $16486 |
| **10/25** | $18283 | $29992 | $16963 |
| **11/25** | $18704 | $29989 | $17506 |
| **12/25** | $18704 | $30302 | $17450 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 2 | 15.30 | 12.44 | 6.46 |
| MSCI ACWI Index (Net) | 22.34 | 11.19 | 11.72 |
| Bloomberg Commodity Index Total Return | 15.77 | 10.64 | 5.73 |

---

**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** | $93679028 |
| **Total number of portfolio holdings** | 317 |
| **Management services fees (represents 0.63% of Fund average net assets)** | $573580 |
| **Portfolio turnover for the reporting period** | 92% |

---

Columbia Variable Portfolio – Commodity Strategy Fund \| Class 2 **\|** ASR7001_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.

### Derivative Commodities Exposure

---

| | |
|:---|:---|
| | Long |
| Agriculture | 28.3% |
| Energy | 27.8% |
| Industrial Metals | 16.1% |
| Livestock | 8.6% |
| Precious Metals | 29.9% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Money Market Funds | 40.7% |
| Corporate Bonds & Notes | 24.0% |
| Asset-Backed Securities - Non-Agency | 16.3% |
| Residential Mortgage-Backed Securities - Non-Agency | 5.1% |
| Commercial Mortgage-Backed Securities - Non-Agency | 3.6% |
| Other | 1.5% |

---

## 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](g59364g61s65.jpg)

Columbia Variable Portfolio – Commodity Strategy Fund \| Class 2 **\|** ASR7001_02_12_D01_(02/26) \|

# Columbia Variable Portfolio – Core Equity Fund
![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – 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)

---

| | | |
|:---|:---|:---|
| Fund | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Columbia Variable Portfolio – Core Equity Fund | $43 | 0.40% |

---

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

### Top Performance Contributors
**Stock selection** \| Stock selection, particularly within the communication services, consumer discretionary and energy sectors, contributed to the Fund's relative performance during the period.

**Individual holdings** \| Individual holdings that contributed to the Fund's relative performance during the period included Tapestry, a provider of accessories and lifestyle brand products; Citigroup, a diversified financial service company; and Ralph Lauren, a fashion and lifestyle brand.

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

**Individual holdings** \| Individual holdings that detracted most from the Fund's relative performance during the period included overweights to Fiserv, a global fintech and payments company; Salesforce, a leading cloud-based customer relationship management platform; and Broadcom, a semiconductor company.

Columbia Variable Portfolio – Core Equity Fund \| ASR7003_00_12_D01_(02/26) \|

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

### Growth of $10,000
![Growth of 10K Chart](g59364g88u45.jpg)

---

| | | |
|:---|:---|:---|
| | **Columbia Variable Portfolio – Core Equity Fund ($36852)** | **S&P 500<sup>®</sup> Index ($39827)** |
| **12/15** | $10000 | $10000 |
| **01/16** | $9345 | $9504 |
| **02/16** | $9405 | $9491 |
| **03/16** | $10000 | $10135 |
| **04/16** | $9987 | $10174 |
| **05/16** | $10159 | $10357 |
| **06/16** | $10053 | $10384 |
| **07/16** | $10450 | $10766 |
| **08/16** | $10423 | $10782 |
| **09/16** | $10456 | $10784 |
| **10/16** | $10331 | $10587 |
| **11/16** | $10708 | $10979 |
| **12/16** | $10840 | $11196 |
| **01/17** | $10959 | $11408 |
| **02/17** | $11475 | $11861 |
| **03/17** | $11495 | $11875 |
| **04/17** | $11614 | $11997 |
| **05/17** | $11766 | $12166 |
| **06/17** | $11845 | $12242 |
| **07/17** | $12163 | $12494 |
| **08/17** | $12242 | $12532 |
| **09/17** | $12540 | $12790 |
| **10/17** | $12751 | $13089 |
| **11/17** | $13280 | $13490 |
| **12/17** | $13525 | $13640 |
| **01/18** | $14299 | $14421 |
| **02/18** | $13803 | $13890 |
| **03/18** | $13519 | $13537 |
| **04/18** | $13631 | $13589 |
| **05/18** | $13981 | $13916 |
| **06/18** | $13981 | $14002 |
| **07/18** | $14497 | $14523 |
| **08/18** | $14993 | $14996 |
| **09/18** | $15146 | $15081 |
| **10/18** | $14054 | $14050 |
| **11/18** | $14272 | $14337 |
| **12/18** | $13082 | $13042 |
| **01/19** | $14120 | $14087 |
| **02/19** | $14610 | $14540 |
| **03/19** | $14742 | $14822 |
| **04/19** | $15298 | $15422 |
| **05/19** | $14087 | $14442 |
| **06/19** | $15053 | $15460 |
| **07/19** | $15192 | $15682 |
| **08/19** | $14742 | $15434 |
| **09/19** | $15093 | $15723 |
| **10/19** | $15410 | $16063 |
| **11/19** | $15946 | $16646 |
| **12/19** | $16376 | $17149 |
| **01/20** | $16316 | $17142 |
| **02/20** | $14914 | $15731 |
| **03/20** | $13128 | $13788 |
| **04/20** | $14881 | $15555 |
| **05/20** | $15688 | $16296 |
| **06/20** | $15952 | $16620 |
| **07/20** | $16640 | $17558 |
| **08/20** | $17698 | $18820 |
| **09/20** | $16839 | $18105 |
| **10/20** | $16243 | $17623 |
| **11/20** | $17930 | $19552 |
| **12/20** | $18743 | $20304 |
| **01/21** | $18796 | $20099 |
| **02/21** | $19352 | $20653 |
| **03/21** | $20476 | $21558 |
| **04/21** | $21435 | $22708 |
| **05/21** | $21627 | $22867 |
| **06/21** | $22030 | $23401 |
| **07/21** | $22758 | $23956 |
| **08/21** | $23690 | $24685 |
| **09/21** | $22249 | $23537 |
| **10/21** | $23571 | $25186 |
| **11/21** | $23532 | $25011 |
| **12/21** | $24967 | $26132 |
| **01/22** | $23757 | $24780 |
| **02/22** | $23188 | $24038 |
| **03/22** | $23618 | $24931 |
| **04/22** | $21938 | $22757 |
| **05/22** | $22030 | $22798 |
| **06/22** | $20099 | $20916 |
| **07/22** | $21739 | $22845 |
| **08/22** | $20926 | $21913 |
| **09/22** | $19008 | $19895 |
| **10/22** | $20628 | $21506 |
| **11/22** | $21739 | $22708 |
| **12/22** | $20337 | $21399 |
| **01/23** | $21792 | $22744 |
| **02/23** | $21296 | $22189 |
| **03/23** | $22011 | $23004 |
| **04/23** | $22176 | $23363 |
| **05/23** | $22077 | $23464 |
| **06/23** | $23585 | $25015 |
| **07/23** | $24577 | $25818 |
| **08/23** | $24087 | $25407 |
| **09/23** | $23049 | $24196 |
| **10/23** | $22374 | $23687 |
| **11/23** | $24272 | $25850 |
| **12/23** | $25377 | $27025 |
| **01/24** | $25899 | $27479 |
| **02/24** | $27262 | $28946 |
| **03/24** | $28466 | $29878 |
| **04/24** | $27057 | $28657 |
| **05/24** | $28439 | $30078 |
| **06/24** | $29537 | $31157 |
| **07/24** | $30040 | $31537 |
| **08/24** | $30622 | $32302 |
| **09/24** | $31190 | $32992 |
| **10/24** | $31210 | $32692 |
| **11/24** | $33029 | $34611 |
| **12/24** | $32064 | $33786 |
| **01/25** | $32844 | $34727 |
| **02/25** | $32037 | $34274 |
| **03/25** | $30099 | $32343 |
| **04/25** | $29603 | $32124 |
| **05/25** | $31567 | $34146 |
| **06/25** | $33003 | $35882 |
| **07/25** | $33776 | $36687 |
| **08/25** | $34735 | $37431 |
| **09/25** | $35708 | $38797 |
| **10/25** | $36382 | $39706 |
| **11/25** | $36217 | $39803 |
| **12/25** | $36852 | $39827 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Columbia Variable Portfolio – Core Equity Fund | 14.93 | 14.48 | 13.93 |
| 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** | $224720582 |
| **Total number of portfolio holdings** | 80 |
| **Management services fees (represents 0.40% of Fund average net assets)** | $862831 |
| **Portfolio turnover for the reporting period** | 52% |

---

Columbia Variable Portfolio – Core Equity Fund \| ASR7003_00_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 | 13.1% |
| Communication Services | 10.8% |
| Consumer Discretionary | 10.5% |
| Health Care | 9.5% |
| Industrials | 8.1% |
| Consumer Staples | 4.2% |
| Energy | 2.8% |
| Utilities | 2.5% |
| Materials | 1.9% |
| Other | 1.6% |

---

### Top Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 9.4% |
| Alphabet, Inc., Class A | 7.0% |
| Apple, Inc. | 6.4% |
| Microsoft Corp. | 4.9% |
| Meta Platforms, Inc., Class A | 3.8% |
| Amazon.com, Inc. | 3.2% |
| Visa, Inc., Class A | 2.5% |
| Bristol-Myers Squibb Co. | 2.0% |
| Chevron Corp. | 2.0% |
| Synchrony Financial | 1.9% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 99.1% |
| Other | 1.0% |

---

## 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](g59364g61s65.jpg)

Columbia Variable Portfolio – Core Equity Fund \| ASR7003_00_12_D01_(02/26) \|

# Columbia Variable Portfolio – Corporate Bond Fund
Class 1

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Corporate Bond 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 | $49 | 0.47% |

---

## 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
**Duration** \| From the start of 2025 through April 30, 2025, the Fund's longer-than-benchmark duration, specifically U.S. duration, contributed to relative performance as Treasury yields moved lower across most maturities.

**Sector allocation** \| From the start of 2025 through April 30, 2025, exposure to residential mortgages and an underweight to investment-grade corporates contributed to the Fund's relative performance. Following changes to the Fund's name, principal investment strategies and benchmark on May 1, 2025 through the end of the annual period, an underweight to the industrial sector and an overweight to the utilities sector contributed to the Fund's relative performance as the industrials sector underperformed the broader market and the utilities sector outperformed.

**Security selection** \| From May 1, 2025, through the end of the annual period, security selection contributed to the Fund's relative performance, driven by positive selection across the industrials and utilities sectors.

### Top Performance Detractors
**Sector Allocation** \| From the start of 2025 through April 30, 2025, exposure to non-dollar foreign developed debt, high-yield corporates, and an overweight to emerging market debt detracted from the Fund's relative performance. From May 1, 2025, through the end of the annual period, an underweight to the financial sector detracted from the Fund's relative performance as the financials sector performed well.

**Currency risk** \| From the start of 2025 through April 30, 2025, currency risk in the strategy detracted from relative performance as the Fund was overweight in U.S. dollars versus the index while the dollar depreciated.

**Duration** \| From May 1, 2025, through the end of the annual period, the Fund's neutral duration positioning detracted very slightly from relative performance.

Columbia Variable Portfolio – Corporate Bond Fund \| Class 1 **\|** ASR7008_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](g59364g12t59.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Columbia Variable Portfolio – Corporate Bond Fund Class 1 ($12432)** | **Bloomberg U.S. Aggregate Bond Index ($12199)** | **Bloomberg Global Aggregate Hedged USD Index ($12665)** | **Bloomberg Global Credit Hedged USD Index ($13640)** | **Bloomberg U.S. Corporate Bond Index ($13796)** |
| **12/15** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **01/16** | $9898 | $10138 | $10146 | $10064 | $10035 |
| **02/16** | $10045 | $10210 | $10244 | $10130 | $10117 |
| **03/16** | $10441 | $10303 | $10328 | $10330 | $10397 |
| **04/16** | $10667 | $10343 | $10346 | $10416 | $10539 |
| **05/16** | $10497 | $10345 | $10389 | $10437 | $10531 |
| **06/16** | $10644 | $10531 | $10587 | $10629 | $10768 |
| **07/16** | $10678 | $10598 | $10650 | $10785 | $10926 |
| **08/16** | $10690 | $10586 | $10645 | $10833 | $10947 |
| **09/16** | $10713 | $10580 | $10644 | $10813 | $10920 |
| **10/16** | $10469 | $10499 | $10541 | $10724 | $10831 |
| **11/16** | $9982 | $10250 | $10366 | $10504 | $10541 |
| **12/16** | $9900 | $10265 | $10395 | $10569 | $10611 |
| **01/17** | $10063 | $10285 | $10357 | $10583 | $10644 |
| **02/17** | $10156 | $10354 | $10446 | $10703 | $10766 |
| **03/17** | $10040 | $10349 | $10441 | $10696 | $10741 |
| **04/17** | $10132 | $10428 | $10512 | $10787 | $10856 |
| **05/17** | $10283 | $10509 | $10573 | $10881 | $10980 |
| **06/17** | $10272 | $10498 | $10543 | $10878 | $11014 |
| **07/17** | $10469 | $10543 | $10578 | $10951 | $11095 |
| **08/17** | $10527 | $10638 | $10674 | $11047 | $11181 |
| **09/17** | $10399 | $10587 | $10625 | $11016 | $11161 |
| **10/17** | $10295 | $10593 | $10670 | $11081 | $11206 |
| **11/17** | $10411 | $10580 | $10687 | $11079 | $11190 |
| **12/17** | $10481 | $10628 | $10710 | $11136 | $11292 |
| **01/18** | $10655 | $10506 | $10634 | $11058 | $11184 |
| **02/18** | $10504 | $10406 | $10610 | $10963 | $11003 |
| **03/18** | $10590 | $10473 | $10698 | $10998 | $11031 |
| **04/18** | $10323 | $10395 | $10658 | $10945 | $10928 |
| **05/18** | $10190 | $10469 | $10698 | $10983 | $10987 |
| **06/18** | $10118 | $10456 | $10718 | $10964 | $10923 |
| **07/18** | $10118 | $10459 | $10721 | $11025 | $11014 |
| **08/18** | $10081 | $10526 | $10754 | $11077 | $11068 |
| **09/18** | $10021 | $10458 | $10713 | $11045 | $11029 |
| **10/18** | $9863 | $10376 | $10692 | $10965 | $10868 |
| **11/18** | $9875 | $10438 | $10744 | $10952 | $10849 |
| **12/18** | $9936 | $10630 | $10899 | $11084 | $11009 |
| **01/19** | $10178 | $10742 | $11015 | $11282 | $11268 |
| **02/19** | $10275 | $10736 | $11028 | $11328 | $11292 |
| **03/19** | $10396 | $10942 | $11225 | $11565 | $11575 |
| **04/19** | $10493 | $10945 | $11232 | $11630 | $11638 |
| **05/19** | $10468 | $11139 | $11394 | $11762 | $11805 |
| **06/19** | $10686 | $11279 | $11553 | $11995 | $12094 |
| **07/19** | $10807 | $11304 | $11644 | $12102 | $12161 |
| **08/19** | $10844 | $11597 | $11908 | $12390 | $12544 |
| **09/19** | $10844 | $11535 | $11853 | $12326 | $12462 |
| **10/19** | $10880 | $11570 | $11833 | $12360 | $12538 |
| **11/19** | $10928 | $11564 | $11819 | $12374 | $12569 |
| **12/19** | $11025 | $11556 | $11795 | $12397 | $12610 |
| **01/20** | $11110 | $11778 | $12008 | $12651 | $12905 |
| **02/20** | $11037 | $11990 | $12155 | $12764 | $13078 |
| **03/20** | $9925 | $11920 | $11965 | $11993 | $12151 |
| **04/20** | $10259 | $12132 | $12159 | $12456 | $12788 |
| **05/20** | $10554 | $12188 | $12194 | $12618 | $12988 |
| **06/20** | $10746 | $12265 | $12254 | $12822 | $13243 |
| **07/20** | $11067 | $12448 | $12388 | $13131 | $13674 |
| **08/20** | $11092 | $12348 | $12299 | $13040 | $13485 |
| **09/20** | $11054 | $12341 | $12343 | $13040 | $13446 |
| **10/20** | $11131 | $12286 | $12344 | $13053 | $13422 |
| **11/20** | $11426 | $12406 | $12415 | $13296 | $13796 |
| **12/20** | $11554 | $12424 | $12453 | $13361 | $13856 |
| **01/21** | $11567 | $12334 | $12386 | $13267 | $13678 |
| **02/21** | $11554 | $12156 | $12193 | $13068 | $13443 |
| **03/21** | $11525 | $12005 | $12145 | $12949 | $13212 |
| **04/21** | $11605 | $12099 | $12177 | $13031 | $13358 |
| **05/21** | $11645 | $12139 | $12204 | $13089 | $13461 |
| **06/21** | $11726 | $12224 | $12264 | $13222 | $13681 |
| **07/21** | $11779 | $12361 | $12416 | $13381 | $13868 |
| **08/21** | $11806 | $12337 | $12391 | $13361 | $13826 |
| **09/21** | $11752 | $12231 | $12274 | $13230 | $13680 |
| **10/21** | $11699 | $12227 | $12242 | $13217 | $13714 |
| **11/21** | $11632 | $12263 | $12330 | $13249 | $13723 |
| **12/21** | $11712 | $12232 | $12280 | $13234 | $13712 |
| **01/22** | $11472 | $11968 | $12087 | $12907 | $13250 |
| **02/22** | $11205 | $11835 | $11926 | $12611 | $12985 |
| **03/22** | $11085 | $11506 | $11669 | $12315 | $12658 |
| **04/22** | $10643 | $11069 | $11355 | $11826 | $11966 |
| **05/22** | $10588 | $11141 | $11340 | $11841 | $12077 |
| **06/22** | $10187 | $10966 | $11168 | $11536 | $11739 |
| **07/22** | $10588 | $11234 | $11452 | $11901 | $12119 |
| **08/22** | $10339 | $10917 | $11153 | $11548 | $11764 |
| **09/22** | $9856 | $10445 | $10795 | $11044 | $11146 |
| **10/22** | $9815 | $10310 | $10758 | $10981 | $11030 |
| **11/22** | $10215 | $10689 | $11032 | $11437 | $11602 |
| **12/22** | $10132 | $10641 | $10902 | $11352 | $11551 |
| **01/23** | $10519 | $10968 | $11153 | $11713 | $12013 |
| **02/23** | $10298 | $10684 | $10975 | $11446 | $11631 |
| **03/23** | $10517 | $10956 | $11219 | $11691 | $11955 |
| **04/23** | $10589 | $11022 | $11276 | $11781 | $12047 |
| **05/23** | $10489 | $10902 | $11232 | $11685 | $11872 |
| **06/23** | $10546 | $10863 | $11225 | $11692 | $11921 |
| **07/23** | $10617 | $10856 | $11229 | $11758 | $11962 |
| **08/23** | $10532 | $10786 | $11215 | $11719 | $11869 |
| **09/23** | $10360 | $10512 | $11021 | $11503 | $11552 |
| **10/23** | $10246 | $10346 | $10943 | $11397 | $11336 |
| **11/23** | $10717 | $10815 | $11319 | $11894 | $12014 |
| **12/23** | $11145 | $11229 | $11681 | $12338 | $12535 |
| **01/24** | $11145 | $11198 | $11658 | $12323 | $12513 |
| **02/24** | $11045 | $11040 | $11578 | $12197 | $12325 |
| **03/24** | $11150 | $11142 | $11683 | $12344 | $12485 |
| **04/24** | $10958 | $10860 | $11495 | $12119 | $12167 |
| **05/24** | $11105 | $11044 | $11596 | $12280 | $12395 |
| **06/24** | $11209 | $11149 | $11697 | $12365 | $12474 |
| **07/24** | $11415 | $11409 | $11923 | $12626 | $12771 |
| **08/24** | $11578 | $11573 | $12053 | $12778 | $12972 |
| **09/24** | $11711 | $11728 | $12193 | $12965 | $13202 |
| **10/24** | $11519 | $11437 | $12028 | $12762 | $12881 |
| **11/24** | $11622 | $11558 | $12171 | $12928 | $13054 |
| **12/24** | $11519 | $11369 | $12078 | $12772 | $12801 |
| **01/25** | $11607 | $11430 | $12125 | $12843 | $12872 |
| **02/25** | $11785 | $11681 | $12271 | $13038 | $13134 |
| **03/25** | $11751 | $11685 | $12219 | $12976 | $13096 |
| **04/25** | $11878 | $11731 | $12340 | $13048 | $13092 |
| **05/25** | $11846 | $11647 | $12299 | $13066 | $13090 |
| **06/25** | $12068 | $11826 | $12417 | $13233 | $13335 |
| **07/25** | $12068 | $11795 | $12407 | $13272 | $13344 |
| **08/25** | $12179 | $11936 | $12475 | $13370 | $13479 |
| **09/25** | $12353 | $12067 | $12567 | $13514 | $13681 |
| **10/25** | $12400 | $12142 | $12666 | $13606 | $13734 |
| **11/25** | $12480 | $12217 | $12692 | $13656 | $13824 |
| **12/25** | $12432 | $12199 | $12665 | $13640 | $13796 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 1<sup>Footnote Reference(a)</sup><sup>Footnote Reference(b)</sup> | 7.93 | 1.48 | 2.20 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| Bloomberg Global Aggregate Hedged USD Index | 4.86 | 0.34 | 2.39 |
| Bloomberg Global Credit Hedged USD Index | 6.80 | 0.41 | 3.15 |
| Bloomberg U.S. Corporate Bond Index | 7.77 | (0.09) | 3.27 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The Fund's performance prior to May 1, 2025 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. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Effective May 1, 2025, the Fund compares its performance to that of the Bloomberg U.S. Corporate Bond Index and the Bloomberg U.S. Aggregate Bond Index (the New Indices). Prior to May 1, 2025, the Fund compared its performance to that of the Bloomberg Global Aggregate Hedged USD Index and the Bloomberg Global Credit Hedged USD Index (the Former Indices). The Fund's investment manager believes the New Indices provides a more appropriate basis for comparing the Fund's performance in light of the changes made to the Fund's name and principal investment strategies. The returns of the Former Indices also will be shown for a one-year transition period. |

---

**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** | $1942143077 |
| **Total number of portfolio holdings** | 197 |
| **Management services fees (represents 0.49% of Fund average net assets)** | $4764668 |
| **Portfolio turnover for the reporting period** | 94% |

---

Columbia Variable Portfolio – Corporate Bond Fund \| Class 1 **\|** ASR7008_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.

### Top Holdings

---

| | |
|:---|:---|
| Citigroup, Inc. 09/11/2031 4.503% | 3.4% |
| U.S. Treasury 05/15/2045 5.000% | 3.3% |
| Bank of America Corp. 07/21/2032 2.299% | 2.2% |
| Verizon Communications, Inc. 03/21/2031 2.550% | 2.2% |
| L3Harris Technologies, Inc. 01/15/2027 5.400% | 2.1% |
| Merck & Co., Inc. 12/04/2035 4.750% | 1.5% |
| Principal Life Global Funding II 11/27/2029 4.950% | 1.5% |
| T-Mobile US, Inc. 02/15/2029 2.625% | 1.4% |
| Royal Bank of Canada 08/06/2031 4.696% | 1.4% |
| Pfizer, Inc. 11/15/2032 4.500% | 1.4% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 93.8% |
| U.S. Treasury Obligations | 4.4% |
| Other | 0.6% |

---

## 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 Fund changed its name from Columbia Variable Portfolio - Global Strategic Income Fund to Columbia Variable Portfolio - Corporate Bond Fund. On July 2, 2025, the Fund supplemented its prospectus to change the Fund's name from Columbia Variable Portfolio - Corporate Bond Fund to Columbia Variable Portfolio - Select Corporate Income Fund. This change will become effective May 1, 2026. As a result of the Fund's name change, the principal investment strategies were revised to: Under normal market conditions, the Fund invests at least 80% of its net assets in corporate bonds. The Fund expects to invest primarily in investment grade securities. The Fund may invest up to 15% of its total assets in debt instruments that, at the time of purchase, are rated below investment grade or are unrated but determined to be of comparable quality. Under normal circumstances, the Fund's average effective duration will be between three and ten years. The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis. The Fund may invest in privately placed and other securities or instruments that are purchased and sold pursuant to Rule 144A or other exemptions under the Securities Act of 1933, as amended, subject to certain regulatory restrictions. The Fund may invest in U.S. Government obligations, asset-backed securities and mortgage-backed securities. As a result of the principal investment strategy changes, the following risks were removed: Derivatives Risk, Derivatives Risk - Forward Contracts Risk, Derivatives Risk - Futures Contract Risk, Derivatives Risk - Swaps Risk, Emerging Market Securities Risk, Foreign Currency Risk, Foreign Securities Risk, Geographic Focus Risk, Leverage Risk, Money Market Fund Investment Risk, Short Positions Risk, and Sovereign Debt Risk.

## 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](g59364g61s65.jpg)

Columbia Variable Portfolio – Corporate Bond Fund \| Class 1 **\|** ASR7008_01_12_D01_(02/26) \|

# Columbia Variable Portfolio – Corporate Bond Fund
Class 2

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Corporate Bond 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 | $79 | 0.76% |

---

## 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
**Duration** \| From the start of 2025 through April 30, 2025, the Fund's longer-than-benchmark duration, specifically U.S. duration, contributed to relative performance as Treasury yields moved lower across most maturities.

**Sector allocation** \| From the start of 2025 through April 30, 2025, exposure to residential mortgages and an underweight to investment-grade corporates contributed to the Fund's relative performance. Following changes to the Fund's name, principal investment strategies and benchmark on May 1, 2025 through the end of the annual period, an underweight to the industrial sector and an overweight to the utilities sector contributed to the Fund's relative performance as the industrials sector underperformed the broader market and the utilities sector outperformed.

**Security selection** \| From May 1, 2025, through the end of the annual period, security selection contributed to the Fund's relative performance, driven by positive selection across the industrials and utilities sectors.

### Top Performance Detractors
**Sector Allocation** \| From the start of 2025 through April 30, 2025, exposure to non-dollar foreign developed debt, high-yield corporates, and an overweight to emerging market debt detracted from the Fund's relative performance. From May 1, 2025, through the end of the annual period, an underweight to the financial sector detracted from the Fund's relative performance as the financials sector performed well.

**Currency risk** \| From the start of 2025 through April 30, 2025, currency risk in the strategy detracted from relative performance as the Fund was overweight in U.S. dollars versus the index while the dollar depreciated.

**Duration** \| From May 1, 2025, through the end of the annual period, the Fund's neutral duration positioning detracted very slightly from relative performance.

Columbia Variable Portfolio – Corporate Bond Fund \| Class 2 **\|** ASR7008_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](g59364g81m17.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Columbia Variable Portfolio – Corporate Bond Fund Class 2 ($12113)** | **Bloomberg U.S. Aggregate Bond Index ($12199)** | **Bloomberg Global Aggregate Hedged USD Index ($12665)** | **Bloomberg Global Credit Hedged USD Index ($13640)** | **Bloomberg U.S. Corporate Bond Index ($13796)** |
| **12/15** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **01/16** | $9886 | $10138 | $10146 | $10064 | $10035 |
| **02/16** | $10034 | $10210 | $10244 | $10130 | $10117 |
| **03/16** | $10433 | $10303 | $10328 | $10330 | $10397 |
| **04/16** | $10649 | $10343 | $10346 | $10416 | $10539 |
| **05/16** | $10490 | $10345 | $10389 | $10437 | $10531 |
| **06/16** | $10626 | $10531 | $10587 | $10629 | $10768 |
| **07/16** | $10661 | $10598 | $10650 | $10785 | $10926 |
| **08/16** | $10673 | $10586 | $10645 | $10833 | $10947 |
| **09/16** | $10684 | $10580 | $10644 | $10813 | $10920 |
| **10/16** | $10439 | $10499 | $10541 | $10724 | $10831 |
| **11/16** | $9959 | $10250 | $10366 | $10504 | $10541 |
| **12/16** | $9865 | $10265 | $10395 | $10569 | $10611 |
| **01/17** | $10029 | $10285 | $10357 | $10583 | $10644 |
| **02/17** | $10123 | $10354 | $10446 | $10703 | $10766 |
| **03/17** | $10006 | $10349 | $10441 | $10696 | $10741 |
| **04/17** | $10087 | $10428 | $10512 | $10787 | $10856 |
| **05/17** | $10240 | $10509 | $10573 | $10881 | $10980 |
| **06/17** | $10228 | $10498 | $10543 | $10878 | $11014 |
| **07/17** | $10415 | $10543 | $10578 | $10951 | $11095 |
| **08/17** | $10485 | $10638 | $10674 | $11047 | $11181 |
| **09/17** | $10345 | $10587 | $10625 | $11016 | $11161 |
| **10/17** | $10240 | $10593 | $10670 | $11081 | $11206 |
| **11/17** | $10357 | $10580 | $10687 | $11079 | $11190 |
| **12/17** | $10427 | $10628 | $10710 | $11136 | $11292 |
| **01/18** | $10591 | $10506 | $10634 | $11058 | $11184 |
| **02/18** | $10439 | $10406 | $10610 | $10963 | $11003 |
| **03/18** | $10523 | $10473 | $10698 | $10998 | $11031 |
| **04/18** | $10255 | $10395 | $10658 | $10945 | $10928 |
| **05/18** | $10121 | $10469 | $10698 | $10983 | $10987 |
| **06/18** | $10048 | $10456 | $10718 | $10964 | $10923 |
| **07/18** | $10048 | $10459 | $10721 | $11025 | $11014 |
| **08/18** | $9999 | $10526 | $10754 | $11077 | $11068 |
| **09/18** | $9950 | $10458 | $10713 | $11045 | $11029 |
| **10/18** | $9792 | $10376 | $10692 | $10965 | $10868 |
| **11/18** | $9804 | $10438 | $10744 | $10952 | $10849 |
| **12/18** | $9853 | $10630 | $10899 | $11084 | $11009 |
| **01/19** | $10084 | $10742 | $11015 | $11282 | $11268 |
| **02/19** | $10194 | $10736 | $11028 | $11328 | $11292 |
| **03/19** | $10303 | $10942 | $11225 | $11565 | $11575 |
| **04/19** | $10401 | $10945 | $11232 | $11630 | $11638 |
| **05/19** | $10364 | $11139 | $11394 | $11762 | $11805 |
| **06/19** | $10584 | $11279 | $11553 | $11995 | $12094 |
| **07/19** | $10705 | $11304 | $11644 | $12102 | $12161 |
| **08/19** | $10730 | $11597 | $11908 | $12390 | $12544 |
| **09/19** | $10730 | $11535 | $11853 | $12326 | $12462 |
| **10/19** | $10766 | $11570 | $11833 | $12360 | $12538 |
| **11/19** | $10815 | $11564 | $11819 | $12374 | $12569 |
| **12/19** | $10912 | $11556 | $11795 | $12397 | $12610 |
| **01/20** | $10985 | $11778 | $12008 | $12651 | $12905 |
| **02/20** | $10912 | $11990 | $12155 | $12764 | $13078 |
| **03/20** | $9815 | $11920 | $11965 | $11993 | $12151 |
| **04/20** | $10138 | $12132 | $12159 | $12456 | $12788 |
| **05/20** | $10421 | $12188 | $12194 | $12618 | $12988 |
| **06/20** | $10627 | $12265 | $12254 | $12822 | $13243 |
| **07/20** | $10936 | $12448 | $12388 | $13131 | $13674 |
| **08/20** | $10949 | $12348 | $12299 | $13040 | $13485 |
| **09/20** | $10923 | $12341 | $12343 | $13040 | $13446 |
| **10/20** | $10988 | $12286 | $12344 | $13053 | $13422 |
| **11/20** | $11284 | $12406 | $12415 | $13296 | $13796 |
| **12/20** | $11413 | $12424 | $12453 | $13361 | $13856 |
| **01/21** | $11413 | $12334 | $12386 | $13267 | $13678 |
| **02/21** | $11387 | $12156 | $12193 | $13068 | $13443 |
| **03/21** | $11370 | $12005 | $12145 | $12949 | $13212 |
| **04/21** | $11437 | $12099 | $12177 | $13031 | $13358 |
| **05/21** | $11477 | $12139 | $12204 | $13089 | $13461 |
| **06/21** | $11557 | $12224 | $12264 | $13222 | $13681 |
| **07/21** | $11597 | $12361 | $12416 | $13381 | $13868 |
| **08/21** | $11624 | $12337 | $12391 | $13361 | $13826 |
| **09/21** | $11571 | $12231 | $12274 | $13230 | $13680 |
| **10/21** | $11517 | $12227 | $12242 | $13217 | $13714 |
| **11/21** | $11450 | $12263 | $12330 | $13249 | $13723 |
| **12/21** | $11530 | $12232 | $12280 | $13234 | $13712 |
| **01/22** | $11289 | $11968 | $12087 | $12907 | $13250 |
| **02/22** | $11022 | $11835 | $11926 | $12611 | $12985 |
| **03/22** | $10899 | $11506 | $11669 | $12315 | $12658 |
| **04/22** | $10470 | $11069 | $11355 | $11826 | $11966 |
| **05/22** | $10415 | $11141 | $11340 | $11841 | $12077 |
| **06/22** | $10015 | $10966 | $11168 | $11536 | $11739 |
| **07/22** | $10415 | $11234 | $11452 | $11901 | $12119 |
| **08/22** | $10167 | $10917 | $11153 | $11548 | $11764 |
| **09/22** | $9697 | $10445 | $10795 | $11044 | $11146 |
| **10/22** | $9642 | $10310 | $10758 | $10981 | $11030 |
| **11/22** | $10028 | $10689 | $11032 | $11437 | $11602 |
| **12/22** | $9959 | $10641 | $10902 | $11352 | $11551 |
| **01/23** | $10318 | $10968 | $11153 | $11713 | $12013 |
| **02/23** | $10111 | $10684 | $10975 | $11446 | $11631 |
| **03/23** | $10318 | $10956 | $11219 | $11691 | $11955 |
| **04/23** | $10389 | $11022 | $11276 | $11781 | $12047 |
| **05/23** | $10290 | $10902 | $11232 | $11685 | $11872 |
| **06/23** | $10332 | $10863 | $11225 | $11692 | $11921 |
| **07/23** | $10418 | $10856 | $11229 | $11758 | $11962 |
| **08/23** | $10332 | $10786 | $11215 | $11719 | $11869 |
| **09/23** | $10161 | $10512 | $11021 | $11503 | $11552 |
| **10/23** | $10047 | $10346 | $10943 | $11397 | $11336 |
| **11/23** | $10503 | $10815 | $11319 | $11894 | $12014 |
| **12/23** | $10902 | $11229 | $11681 | $12338 | $12535 |
| **01/24** | $10902 | $11198 | $11658 | $12323 | $12513 |
| **02/24** | $10817 | $11040 | $11578 | $12197 | $12325 |
| **03/24** | $10909 | $11142 | $11683 | $12344 | $12485 |
| **04/24** | $10718 | $10860 | $11495 | $12119 | $12167 |
| **05/24** | $10865 | $11044 | $11596 | $12280 | $12395 |
| **06/24** | $10968 | $11149 | $11697 | $12365 | $12474 |
| **07/24** | $11159 | $11409 | $11923 | $12626 | $12771 |
| **08/24** | $11321 | $11573 | $12053 | $12778 | $12972 |
| **09/24** | $11454 | $11728 | $12193 | $12965 | $13202 |
| **10/24** | $11262 | $11437 | $12028 | $12762 | $12881 |
| **11/24** | $11365 | $11558 | $12171 | $12928 | $13054 |
| **12/24** | $11262 | $11369 | $12078 | $12772 | $12801 |
| **01/25** | $11336 | $11430 | $12125 | $12843 | $12872 |
| **02/25** | $11513 | $11681 | $12271 | $13038 | $13134 |
| **03/25** | $11466 | $11685 | $12219 | $12976 | $13096 |
| **04/25** | $11592 | $11731 | $12340 | $13048 | $13092 |
| **05/25** | $11561 | $11647 | $12299 | $13066 | $13090 |
| **06/25** | $11781 | $11826 | $12417 | $13233 | $13335 |
| **07/25** | $11766 | $11795 | $12407 | $13272 | $13344 |
| **08/25** | $11876 | $11936 | $12475 | $13370 | $13479 |
| **09/25** | $12049 | $12067 | $12567 | $13514 | $13681 |
| **10/25** | $12081 | $12142 | $12666 | $13606 | $13734 |
| **11/25** | $12160 | $12217 | $12692 | $13656 | $13824 |
| **12/25** | $12113 | $12199 | $12665 | $13640 | $13796 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 2<sup>Footnote Reference(a)</sup><sup>Footnote Reference(b)</sup> | 7.55 | 1.20 | 1.94 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| Bloomberg Global Aggregate Hedged USD Index | 4.86 | 0.34 | 2.39 |
| Bloomberg Global Credit Hedged USD Index | 6.80 | 0.41 | 3.15 |
| Bloomberg U.S. Corporate Bond Index | 7.77 | (0.09) | 3.27 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The Fund's performance prior to May 1, 2025 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. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Effective May 1, 2025, the Fund compares its performance to that of the Bloomberg U.S. Corporate Bond Index and the Bloomberg U.S. Aggregate Bond Index (the New Indices). Prior to May 1, 2025, the Fund compared its performance to that of the Bloomberg Global Aggregate Hedged USD Index and the Bloomberg Global Credit Hedged USD Index (the Former Indices). The Fund's investment manager believes the New Indices provides a more appropriate basis for comparing the Fund's performance in light of the changes made to the Fund's name and principal investment strategies. The returns of the Former Indices also will be shown for a one-year transition period. |

---

**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** | $1942143077 |
| **Total number of portfolio holdings** | 197 |
| **Management services fees (represents 0.49% of Fund average net assets)** | $4764668 |
| **Portfolio turnover for the reporting period** | 94% |

---

Columbia Variable Portfolio – Corporate Bond Fund \| Class 2 **\|** ASR7008_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.

### Top Holdings

---

| | |
|:---|:---|
| Citigroup, Inc. 09/11/2031 4.503% | 3.4% |
| U.S. Treasury 05/15/2045 5.000% | 3.3% |
| Bank of America Corp. 07/21/2032 2.299% | 2.2% |
| Verizon Communications, Inc. 03/21/2031 2.550% | 2.2% |
| L3Harris Technologies, Inc. 01/15/2027 5.400% | 2.1% |
| Merck & Co., Inc. 12/04/2035 4.750% | 1.5% |
| Principal Life Global Funding II 11/27/2029 4.950% | 1.5% |
| T-Mobile US, Inc. 02/15/2029 2.625% | 1.4% |
| Royal Bank of Canada 08/06/2031 4.696% | 1.4% |
| Pfizer, Inc. 11/15/2032 4.500% | 1.4% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 93.8% |
| U.S. Treasury Obligations | 4.4% |
| Other | 0.6% |

---

## 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 Fund changed its name from Columbia Variable Portfolio - Global Strategic Income Fund to Columbia Variable Portfolio - Corporate Bond Fund. On July 2, 2025, the Fund supplemented its prospectus to change the Fund's name from Columbia Variable Portfolio - Corporate Bond Fund to Columbia Variable Portfolio - Select Corporate Income Fund. This change will become effective May 1, 2026. As a result of the Fund's name change, the principal investment strategies were revised to: Under normal market conditions, the Fund invests at least 80% of its net assets in corporate bonds. The Fund expects to invest primarily in investment grade securities. The Fund may invest up to 15% of its total assets in debt instruments that, at the time of purchase, are rated below investment grade or are unrated but determined to be of comparable quality. Under normal circumstances, the Fund's average effective duration will be between three and ten years. The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis. The Fund may invest in privately placed and other securities or instruments that are purchased and sold pursuant to Rule 144A or other exemptions under the Securities Act of 1933, as amended, subject to certain regulatory restrictions. The Fund may invest in U.S. Government obligations, asset-backed securities and mortgage-backed securities. As a result of the principal investment strategy changes, the following risks were removed: Derivatives Risk, Derivatives Risk - Forward Contracts Risk, Derivatives Risk - Futures Contract Risk, Derivatives Risk - Swaps Risk, Emerging Market Securities Risk, Foreign Currency Risk, Foreign Securities Risk, Geographic Focus Risk, Leverage Risk, Money Market Fund Investment Risk, Short Positions Risk, and Sovereign Debt Risk.

## 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](g59364g61s65.jpg)

Columbia Variable Portfolio – Corporate Bond Fund \| Class 2 **\|** ASR7008_02_12_D01_(02/26) \|

# Columbia Variable Portfolio – Corporate Bond Fund
Class 3

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Corporate Bond 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 | $65 | 0.63% |

---

## 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
**Duration** \| From the start of 2025 through April 30, 2025, the Fund's longer-than-benchmark duration, specifically U.S. duration, contributed to relative performance as Treasury yields moved lower across most maturities.

**Sector allocation** \| From the start of 2025 through April 30, 2025, exposure to residential mortgages and an underweight to investment-grade corporates contributed to the Fund's relative performance. Following changes to the Fund's name, principal investment strategies and benchmark on May 1, 2025 through the end of the annual period, an underweight to the industrial sector and an overweight to the utilities sector contributed to the Fund's relative performance as the industrials sector underperformed the broader market and the utilities sector outperformed.

**Security selection** \| From May 1, 2025, through the end of the annual period, security selection contributed to the Fund's relative performance, driven by positive selection across the industrials and utilities sectors.

### Top Performance Detractors
**Sector Allocation** \| From the start of 2025 through April 30, 2025, exposure to non-dollar foreign developed debt, high-yield corporates, and an overweight to emerging market debt detracted from the Fund's relative performance. From May 1, 2025, through the end of the annual period, an underweight to the financial sector detracted from the Fund's relative performance as the financials sector performed well.

**Currency risk** \| From the start of 2025 through April 30, 2025, currency risk in the strategy detracted from relative performance as the Fund was overweight in U.S. dollars versus the index while the dollar depreciated.

**Duration** \| From May 1, 2025, through the end of the annual period, the Fund's neutral duration positioning detracted very slightly from relative performance.

Columbia Variable Portfolio – Corporate Bond Fund \| Class 3 **\|** ASR7008_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](g59364g64n87.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Columbia Variable Portfolio – Corporate Bond Fund Class 3 ($12255)** | **Bloomberg U.S. Aggregate Bond Index ($12199)** | **Bloomberg Global Aggregate Hedged USD Index ($12665)** | **Bloomberg Global Credit Hedged USD Index ($13640)** | **Bloomberg U.S. Corporate Bond Index ($13796)** |
| **12/15** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **01/16** | $9887 | $10138 | $10146 | $10064 | $10035 |
| **02/16** | $10034 | $10210 | $10244 | $10130 | $10117 |
| **03/16** | $10430 | $10303 | $10328 | $10330 | $10397 |
| **04/16** | $10646 | $10343 | $10346 | $10416 | $10539 |
| **05/16** | $10487 | $10345 | $10389 | $10437 | $10531 |
| **06/16** | $10623 | $10531 | $10587 | $10629 | $10768 |
| **07/16** | $10668 | $10598 | $10650 | $10785 | $10926 |
| **08/16** | $10680 | $10586 | $10645 | $10833 | $10947 |
| **09/16** | $10692 | $10580 | $10644 | $10813 | $10920 |
| **10/16** | $10447 | $10499 | $10541 | $10724 | $10831 |
| **11/16** | $9959 | $10250 | $10366 | $10504 | $10541 |
| **12/16** | $9877 | $10265 | $10395 | $10569 | $10611 |
| **01/17** | $10040 | $10285 | $10357 | $10583 | $10644 |
| **02/17** | $10133 | $10354 | $10446 | $10703 | $10766 |
| **03/17** | $10017 | $10349 | $10441 | $10696 | $10741 |
| **04/17** | $10110 | $10428 | $10512 | $10787 | $10856 |
| **05/17** | $10261 | $10509 | $10573 | $10881 | $10980 |
| **06/17** | $10238 | $10498 | $10543 | $10878 | $11014 |
| **07/17** | $10436 | $10543 | $10578 | $10951 | $11095 |
| **08/17** | $10494 | $10638 | $10674 | $11047 | $11181 |
| **09/17** | $10366 | $10587 | $10625 | $11016 | $11161 |
| **10/17** | $10261 | $10593 | $10670 | $11081 | $11206 |
| **11/17** | $10378 | $10580 | $10687 | $11079 | $11190 |
| **12/17** | $10447 | $10628 | $10710 | $11136 | $11292 |
| **01/18** | $10622 | $10506 | $10634 | $11058 | $11184 |
| **02/18** | $10471 | $10406 | $10610 | $10963 | $11003 |
| **03/18** | $10544 | $10473 | $10698 | $10998 | $11031 |
| **04/18** | $10278 | $10395 | $10658 | $10945 | $10928 |
| **05/18** | $10156 | $10469 | $10698 | $10983 | $10987 |
| **06/18** | $10072 | $10456 | $10718 | $10964 | $10923 |
| **07/18** | $10072 | $10459 | $10721 | $11025 | $11014 |
| **08/18** | $10035 | $10526 | $10754 | $11077 | $11068 |
| **09/18** | $9975 | $10458 | $10713 | $11045 | $11029 |
| **10/18** | $9817 | $10376 | $10692 | $10965 | $10868 |
| **11/18** | $9829 | $10438 | $10744 | $10952 | $10849 |
| **12/18** | $9890 | $10630 | $10899 | $11084 | $11009 |
| **01/19** | $10120 | $10742 | $11015 | $11282 | $11268 |
| **02/19** | $10229 | $10736 | $11028 | $11328 | $11292 |
| **03/19** | $10350 | $10942 | $11225 | $11565 | $11575 |
| **04/19** | $10447 | $10945 | $11232 | $11630 | $11638 |
| **05/19** | $10411 | $11139 | $11394 | $11762 | $11805 |
| **06/19** | $10629 | $11279 | $11553 | $11995 | $12094 |
| **07/19** | $10750 | $11304 | $11644 | $12102 | $12161 |
| **08/19** | $10787 | $11597 | $11908 | $12390 | $12544 |
| **09/19** | $10775 | $11535 | $11853 | $12326 | $12462 |
| **10/19** | $10823 | $11570 | $11833 | $12360 | $12538 |
| **11/19** | $10859 | $11564 | $11819 | $12374 | $12569 |
| **12/19** | $10968 | $11556 | $11795 | $12397 | $12610 |
| **01/20** | $11041 | $11778 | $12008 | $12651 | $12905 |
| **02/20** | $10968 | $11990 | $12155 | $12764 | $13078 |
| **03/20** | $9865 | $11920 | $11965 | $11993 | $12151 |
| **04/20** | $10199 | $12132 | $12159 | $12456 | $12788 |
| **05/20** | $10481 | $12188 | $12194 | $12618 | $12988 |
| **06/20** | $10686 | $12265 | $12254 | $12822 | $13243 |
| **07/20** | $10994 | $12448 | $12388 | $13131 | $13674 |
| **08/20** | $11020 | $12348 | $12299 | $13040 | $13485 |
| **09/20** | $10981 | $12341 | $12343 | $13040 | $13446 |
| **10/20** | $11058 | $12286 | $12344 | $13053 | $13422 |
| **11/20** | $11341 | $12406 | $12415 | $13296 | $13796 |
| **12/20** | $11482 | $12424 | $12453 | $13361 | $13856 |
| **01/21** | $11482 | $12334 | $12386 | $13267 | $13678 |
| **02/21** | $11469 | $12156 | $12193 | $13068 | $13443 |
| **03/21** | $11439 | $12005 | $12145 | $12949 | $13212 |
| **04/21** | $11506 | $12099 | $12177 | $13031 | $13358 |
| **05/21** | $11546 | $12139 | $12204 | $13089 | $13461 |
| **06/21** | $11640 | $12224 | $12264 | $13222 | $13681 |
| **07/21** | $11680 | $12361 | $12416 | $13381 | $13868 |
| **08/21** | $11706 | $12337 | $12391 | $13361 | $13826 |
| **09/21** | $11653 | $12231 | $12274 | $13230 | $13680 |
| **10/21** | $11600 | $12227 | $12242 | $13217 | $13714 |
| **11/21** | $11533 | $12263 | $12330 | $13249 | $13723 |
| **12/21** | $11613 | $12232 | $12280 | $13234 | $13712 |
| **01/22** | $11373 | $11968 | $12087 | $12907 | $13250 |
| **02/22** | $11106 | $11835 | $11926 | $12611 | $12985 |
| **03/22** | $10984 | $11506 | $11669 | $12315 | $12658 |
| **04/22** | $10543 | $11069 | $11355 | $11826 | $11966 |
| **05/22** | $10501 | $11141 | $11340 | $11841 | $12077 |
| **06/22** | $10102 | $10966 | $11168 | $11536 | $11739 |
| **07/22** | $10501 | $11234 | $11452 | $11901 | $12119 |
| **08/22** | $10240 | $10917 | $11153 | $11548 | $11764 |
| **09/22** | $9771 | $10445 | $10795 | $11044 | $11146 |
| **10/22** | $9730 | $10310 | $10758 | $10981 | $11030 |
| **11/22** | $10116 | $10689 | $11032 | $11437 | $11602 |
| **12/22** | $10033 | $10641 | $10902 | $11352 | $11551 |
| **01/23** | $10419 | $10968 | $11153 | $11713 | $12013 |
| **02/23** | $10198 | $10684 | $10975 | $11446 | $11631 |
| **03/23** | $10405 | $10956 | $11219 | $11691 | $11955 |
| **04/23** | $10476 | $11022 | $11276 | $11781 | $12047 |
| **05/23** | $10376 | $10902 | $11232 | $11685 | $11872 |
| **06/23** | $10433 | $10863 | $11225 | $11692 | $11921 |
| **07/23** | $10504 | $10856 | $11229 | $11758 | $11962 |
| **08/23** | $10419 | $10786 | $11215 | $11719 | $11869 |
| **09/23** | $10248 | $10512 | $11021 | $11503 | $11552 |
| **10/23** | $10148 | $10346 | $10943 | $11397 | $11336 |
| **11/23** | $10604 | $10815 | $11319 | $11894 | $12014 |
| **12/23** | $11017 | $11229 | $11681 | $12338 | $12535 |
| **01/24** | $11017 | $11198 | $11658 | $12323 | $12513 |
| **02/24** | $10917 | $11040 | $11578 | $12197 | $12325 |
| **03/24** | $11022 | $11142 | $11683 | $12344 | $12485 |
| **04/24** | $10830 | $10860 | $11495 | $12119 | $12167 |
| **05/24** | $10978 | $11044 | $11596 | $12280 | $12395 |
| **06/24** | $11081 | $11149 | $11697 | $12365 | $12474 |
| **07/24** | $11287 | $11409 | $11923 | $12626 | $12771 |
| **08/24** | $11448 | $11573 | $12053 | $12778 | $12972 |
| **09/24** | $11581 | $11728 | $12193 | $12965 | $13202 |
| **10/24** | $11390 | $11437 | $12028 | $12762 | $12881 |
| **11/24** | $11493 | $11558 | $12171 | $12928 | $13054 |
| **12/24** | $11375 | $11369 | $12078 | $12772 | $12801 |
| **01/25** | $11463 | $11430 | $12125 | $12843 | $12872 |
| **02/25** | $11640 | $11681 | $12271 | $13038 | $13134 |
| **03/25** | $11593 | $11685 | $12219 | $12976 | $13096 |
| **04/25** | $11719 | $11731 | $12340 | $13048 | $13092 |
| **05/25** | $11703 | $11647 | $12299 | $13066 | $13090 |
| **06/25** | $11908 | $11826 | $12417 | $13233 | $13335 |
| **07/25** | $11908 | $11795 | $12407 | $13272 | $13344 |
| **08/25** | $12019 | $11936 | $12475 | $13370 | $13479 |
| **09/25** | $12192 | $12067 | $12567 | $13514 | $13681 |
| **10/25** | $12240 | $12142 | $12666 | $13606 | $13734 |
| **11/25** | $12303 | $12217 | $12692 | $13656 | $13824 |
| **12/25** | $12255 | $12199 | $12665 | $13640 | $13796 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 3<sup>Footnote Reference(a)</sup><sup>Footnote Reference(b)</sup> | 7.74 | 1.31 | 2.05 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| Bloomberg Global Aggregate Hedged USD Index | 4.86 | 0.34 | 2.39 |
| Bloomberg Global Credit Hedged USD Index | 6.80 | 0.41 | 3.15 |
| Bloomberg U.S. Corporate Bond Index | 7.77 | (0.09) | 3.27 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The Fund's performance prior to May 1, 2025 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. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Effective May 1, 2025, the Fund compares its performance to that of the Bloomberg U.S. Corporate Bond Index and the Bloomberg U.S. Aggregate Bond Index (the New Indices). Prior to May 1, 2025, the Fund compared its performance to that of the Bloomberg Global Aggregate Hedged USD Index and the Bloomberg Global Credit Hedged USD Index (the Former Indices). The Fund's investment manager believes the New Indices provides a more appropriate basis for comparing the Fund's performance in light of the changes made to the Fund's name and principal investment strategies. The returns of the Former Indices also will be shown for a one-year transition period. |

---

**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** | $1942143077 |
| **Total number of portfolio holdings** | 197 |
| **Management services fees (represents 0.49% of Fund average net assets)** | $4764668 |
| **Portfolio turnover for the reporting period** | 94% |

---

Columbia Variable Portfolio – Corporate Bond Fund \| Class 3 **\|** ASR7008_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.

### Top Holdings

---

| | |
|:---|:---|
| Citigroup, Inc. 09/11/2031 4.503% | 3.4% |
| U.S. Treasury 05/15/2045 5.000% | 3.3% |
| Bank of America Corp. 07/21/2032 2.299% | 2.2% |
| Verizon Communications, Inc. 03/21/2031 2.550% | 2.2% |
| L3Harris Technologies, Inc. 01/15/2027 5.400% | 2.1% |
| Merck & Co., Inc. 12/04/2035 4.750% | 1.5% |
| Principal Life Global Funding II 11/27/2029 4.950% | 1.5% |
| T-Mobile US, Inc. 02/15/2029 2.625% | 1.4% |
| Royal Bank of Canada 08/06/2031 4.696% | 1.4% |
| Pfizer, Inc. 11/15/2032 4.500% | 1.4% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 93.8% |
| U.S. Treasury Obligations | 4.4% |
| Other | 0.6% |

---

## 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 Fund changed its name from Columbia Variable Portfolio - Global Strategic Income Fund to Columbia Variable Portfolio - Corporate Bond Fund. On July 2, 2025, the Fund supplemented its prospectus to change the Fund's name from Columbia Variable Portfolio - Corporate Bond Fund to Columbia Variable Portfolio - Select Corporate Income Fund. This change will become effective May 1, 2026. As a result of the Fund's name change, the principal investment strategies were revised to: Under normal market conditions, the Fund invests at least 80% of its net assets in corporate bonds. The Fund expects to invest primarily in investment grade securities. The Fund may invest up to 15% of its total assets in debt instruments that, at the time of purchase, are rated below investment grade or are unrated but determined to be of comparable quality. Under normal circumstances, the Fund's average effective duration will be between three and ten years. The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis. The Fund may invest in privately placed and other securities or instruments that are purchased and sold pursuant to Rule 144A or other exemptions under the Securities Act of 1933, as amended, subject to certain regulatory restrictions. The Fund may invest in U.S. Government obligations, asset-backed securities and mortgage-backed securities. As a result of the principal investment strategy changes, the following risks were removed: Derivatives Risk, Derivatives Risk - Forward Contracts Risk, Derivatives Risk - Futures Contract Risk, Derivatives Risk - Swaps Risk, Emerging Market Securities Risk, Foreign Currency Risk, Foreign Securities Risk, Geographic Focus Risk, Leverage Risk, Money Market Fund Investment Risk, Short Positions Risk, and Sovereign Debt Risk.

## 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](g59364g61s65.jpg)

Columbia Variable Portfolio – Corporate Bond Fund \| Class 3 **\|** ASR7008_03_12_D01_(02/26) \|

# Columbia Variable Portfolio – Disciplined Core Fund
Class 1

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Disciplined 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 | $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** \| Stock selection, particularly within the communication services, consumer discretionary and energy sectors, contributed to the Fund's relative performance during the period.

**Individual holdings** \| Individual holdings that contributed to the Fund's relative performance during the period included Tapestry, a provider of accessories and lifestyle brand products; Citigroup, a diversified financial service company; and Ralph Lauren, a fashion and lifestyle brand.

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

**Individual holdings** \| Individual holdings that detracted most from the Fund's relative performance during the period included overweights to Fiserv, a global fintech and payments company; Salesforce, a leading cloud-based customer relationship management platform; and Broadcom, a semiconductor company.

Columbia Variable Portfolio – Disciplined Core Fund \| Class 1 **\|** ASR7004_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](g59364g41h02.jpg)

---

| | | |
|:---|:---|:---|
| | **Columbia Variable Portfolio – Disciplined Core Fund Class 1 ($35775)** | **S&P 500<sup>®</sup> Index ($39827)** |
| **12/15** | $10000 | $10000 |
| **01/16** | $9345 | $9504 |
| **02/16** | $9400 | $9491 |
| **03/16** | $9992 | $10135 |
| **04/16** | $9975 | $10174 |
| **05/16** | $10146 | $10357 |
| **06/16** | $10039 | $10384 |
| **07/16** | $10431 | $10766 |
| **08/16** | $10401 | $10782 |
| **09/16** | $10428 | $10784 |
| **10/16** | $10307 | $10587 |
| **11/16** | $10677 | $10979 |
| **12/16** | $10807 | $11196 |
| **01/17** | $10923 | $11408 |
| **02/17** | $11437 | $11861 |
| **03/17** | $11453 | $11875 |
| **04/17** | $11564 | $11997 |
| **05/17** | $11716 | $12166 |
| **06/17** | $11793 | $12242 |
| **07/17** | $12100 | $12494 |
| **08/17** | $12177 | $12532 |
| **09/17** | $12470 | $12790 |
| **10/17** | $12680 | $13089 |
| **11/17** | $13200 | $13490 |
| **12/17** | $13440 | $13640 |
| **01/18** | $14208 | $14421 |
| **02/18** | $13716 | $13890 |
| **03/18** | $13435 | $13537 |
| **04/18** | $13545 | $13589 |
| **05/18** | $13893 | $13916 |
| **06/18** | $13888 | $14002 |
| **07/18** | $14393 | $14523 |
| **08/18** | $14885 | $14996 |
| **09/18** | $15032 | $15081 |
| **10/18** | $13949 | $14050 |
| **11/18** | $14142 | $14337 |
| **12/18** | $12957 | $13042 |
| **01/19** | $13985 | $14087 |
| **02/19** | $14460 | $14540 |
| **03/19** | $14587 | $14822 |
| **04/19** | $15137 | $15422 |
| **05/19** | $13932 | $14442 |
| **06/19** | $14885 | $15460 |
| **07/19** | $15015 | $15682 |
| **08/19** | $14570 | $15434 |
| **09/19** | $14907 | $15723 |
| **10/19** | $15222 | $16063 |
| **11/19** | $15753 | $16646 |
| **12/19** | $16167 | $17149 |
| **01/20** | $16104 | $17142 |
| **02/20** | $14720 | $15731 |
| **03/20** | $12951 | $13788 |
| **04/20** | $14670 | $15555 |
| **05/20** | $15466 | $16296 |
| **06/20** | $15723 | $16620 |
| **07/20** | $16397 | $17558 |
| **08/20** | $17433 | $18820 |
| **09/20** | $16585 | $18105 |
| **10/20** | $15993 | $17623 |
| **11/20** | $17651 | $19552 |
| **12/20** | $18450 | $20304 |
| **01/21** | $18497 | $20099 |
| **02/21** | $19033 | $20653 |
| **03/21** | $20138 | $21558 |
| **04/21** | $21078 | $22708 |
| **05/21** | $21260 | $22867 |
| **06/21** | $21650 | $23401 |
| **07/21** | $22354 | $23956 |
| **08/21** | $23269 | $24685 |
| **09/21** | $21846 | $23537 |
| **10/21** | $23139 | $25186 |
| **11/21** | $23089 | $25011 |
| **12/21** | $24490 | $26132 |
| **01/22** | $23302 | $24780 |
| **02/22** | $22741 | $24038 |
| **03/22** | $23156 | $24931 |
| **04/22** | $21503 | $22757 |
| **05/22** | $21592 | $22798 |
| **06/22** | $19699 | $20916 |
| **07/22** | $21296 | $22845 |
| **08/22** | $20497 | $21913 |
| **09/22** | $18616 | $19895 |
| **10/22** | $20193 | $21506 |
| **11/22** | $21279 | $22708 |
| **12/22** | $19906 | $21399 |
| **01/23** | $21324 | $22744 |
| **02/23** | $20826 | $22189 |
| **03/23** | $21517 | $23004 |
| **04/23** | $21674 | $23363 |
| **05/23** | $21567 | $23464 |
| **06/23** | $23039 | $25015 |
| **07/23** | $24004 | $25818 |
| **08/23** | $23526 | $25407 |
| **09/23** | $22503 | $24196 |
| **10/23** | $21840 | $23687 |
| **11/23** | $23689 | $25850 |
| **12/23** | $24755 | $27025 |
| **01/24** | $25258 | $27479 |
| **02/24** | $26587 | $28946 |
| **03/24** | $27756 | $29878 |
| **04/24** | $26375 | $28657 |
| **05/24** | $27723 | $30078 |
| **06/24** | $28784 | $31157 |
| **07/24** | $29265 | $31537 |
| **08/24** | $29823 | $32302 |
| **09/24** | $30376 | $32992 |
| **10/24** | $30387 | $32692 |
| **11/24** | $32158 | $34611 |
| **12/24** | $31207 | $33786 |
| **01/25** | $31965 | $34727 |
| **02/25** | $31166 | $34274 |
| **03/25** | $29276 | $32343 |
| **04/25** | $28787 | $32124 |
| **05/25** | $30696 | $34146 |
| **06/25** | $32081 | $35882 |
| **07/25** | $32821 | $36687 |
| **08/25** | $33744 | $37431 |
| **09/25** | $34692 | $38797 |
| **10/25** | $35336 | $39706 |
| **11/25** | $35167 | $39803 |
| **12/25** | $35775 | $39827 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 1 | 14.63 | 14.16 | 13.59 |
| 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** | $3795973895 |
| **Total number of portfolio holdings** | 80 |
| **Management services fees (represents 0.65% of Fund average net assets)** | $24090498 |
| **Portfolio turnover for the reporting period** | 51% |

---

Columbia Variable Portfolio – Disciplined Core Fund \| Class 1 **\|** ASR7004_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 | 34.2% |
| Financials | 13.2% |
| Communication Services | 10.9% |
| Consumer Discretionary | 10.6% |
| Health Care | 9.5% |
| Industrials | 8.2% |
| Consumer Staples | 4.2% |
| Energy | 2.8% |
| Utilities | 2.5% |
| Materials | 1.9% |
| Other | 1.6% |

---

### Top Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 9.3% |
| Alphabet, Inc., Class A | 7.1% |
| Apple, Inc. | 6.4% |
| Microsoft Corp. | 4.9% |
| Meta Platforms, Inc., Class A | 3.8% |
| Amazon.com, Inc. | 3.2% |
| Visa, Inc., Class A | 2.6% |
| Bristol-Myers Squibb Co. | 2.1% |
| Chevron Corp. | 2.0% |
| Synchrony Financial | 2.0% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 99.6% |
| 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](g59364g61s65.jpg)

Columbia Variable Portfolio – Disciplined Core Fund \| Class 1 **\|** ASR7004_01_12_D01_(02/26) \|

# Columbia Variable Portfolio – Disciplined Core Fund
Class 2

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Disciplined 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 | $100 | 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** \| Stock selection, particularly within the communication services, consumer discretionary and energy sectors, contributed to the Fund's relative performance during the period.

**Individual holdings** \| Individual holdings that contributed to the Fund's relative performance during the period included Tapestry, a provider of accessories and lifestyle brand products; Citigroup, a diversified financial service company; and Ralph Lauren, a fashion and lifestyle brand.

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

**Individual holdings** \| Individual holdings that detracted most from the Fund's relative performance during the period included overweights to Fiserv, a global fintech and payments company; Salesforce, a leading cloud-based customer relationship management platform; and Broadcom, a semiconductor company.

Columbia Variable Portfolio – Disciplined Core Fund \| Class 2 **\|** ASR7004_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](g59364g56q46.jpg)

---

| | | |
|:---|:---|:---|
| | **Columbia Variable Portfolio – Disciplined Core Fund Class 2 ($34895)** | **S&P 500<sup>®</sup> Index ($39827)** |
| **12/15** | $10000 | $10000 |
| **01/16** | $9344 | $9504 |
| **02/16** | $9398 | $9491 |
| **03/16** | $9986 | $10135 |
| **04/16** | $9969 | $10174 |
| **05/16** | $10135 | $10357 |
| **06/16** | $10025 | $10384 |
| **07/16** | $10415 | $10766 |
| **08/16** | $10384 | $10782 |
| **09/16** | $10409 | $10784 |
| **10/16** | $10286 | $10587 |
| **11/16** | $10656 | $10979 |
| **12/16** | $10782 | $11196 |
| **01/17** | $10894 | $11408 |
| **02/17** | $11404 | $11861 |
| **03/17** | $11418 | $11875 |
| **04/17** | $11524 | $11997 |
| **05/17** | $11676 | $12166 |
| **06/17** | $11748 | $12242 |
| **07/17** | $12054 | $12494 |
| **08/17** | $12129 | $12532 |
| **09/17** | $12418 | $12790 |
| **10/17** | $12623 | $13089 |
| **11/17** | $13138 | $13490 |
| **12/17** | $13376 | $13640 |
| **01/18** | $14136 | $14421 |
| **02/18** | $13642 | $13890 |
| **03/18** | $13360 | $13537 |
| **04/18** | $13466 | $13589 |
| **05/18** | $13811 | $13916 |
| **06/18** | $13805 | $14002 |
| **07/18** | $14301 | $14523 |
| **08/18** | $14786 | $14996 |
| **09/18** | $14929 | $15081 |
| **10/18** | $13853 | $14050 |
| **11/18** | $14043 | $14337 |
| **12/18** | $12861 | $13042 |
| **01/19** | $13881 | $14087 |
| **02/19** | $14346 | $14540 |
| **03/19** | $14472 | $14822 |
| **04/19** | $15013 | $15422 |
| **05/19** | $13816 | $14442 |
| **06/19** | $14758 | $15460 |
| **07/19** | $14884 | $15682 |
| **08/19** | $14438 | $15434 |
| **09/19** | $14772 | $15723 |
| **10/19** | $15080 | $16063 |
| **11/19** | $15601 | $16646 |
| **12/19** | $16007 | $17149 |
| **01/20** | $15940 | $17142 |
| **02/20** | $14570 | $15731 |
| **03/20** | $12816 | $13788 |
| **04/20** | $14514 | $15555 |
| **05/20** | $15298 | $16296 |
| **06/20** | $15551 | $16620 |
| **07/20** | $16212 | $17558 |
| **08/20** | $17232 | $18820 |
| **09/20** | $16391 | $18105 |
| **10/20** | $15803 | $17623 |
| **11/20** | $17439 | $19552 |
| **12/20** | $18224 | $20304 |
| **01/21** | $18266 | $20099 |
| **02/21** | $18792 | $20653 |
| **03/21** | $19877 | $21558 |
| **04/21** | $20801 | $22708 |
| **05/21** | $20978 | $22867 |
| **06/21** | $21356 | $23401 |
| **07/21** | $22045 | $23956 |
| **08/21** | $22945 | $24685 |
| **09/21** | $21538 | $23537 |
| **10/21** | $22808 | $25186 |
| **11/21** | $22754 | $25011 |
| **12/21** | $24130 | $26132 |
| **01/22** | $22953 | $24780 |
| **02/22** | $22396 | $24038 |
| **03/22** | $22799 | $24931 |
| **04/22** | $21168 | $22757 |
| **05/22** | $21250 | $22798 |
| **06/22** | $19384 | $20916 |
| **07/22** | $20950 | $22845 |
| **08/22** | $20163 | $21913 |
| **09/22** | $18305 | $19895 |
| **10/22** | $19854 | $21506 |
| **11/22** | $20916 | $22708 |
| **12/22** | $19560 | $21399 |
| **01/23** | $20950 | $22744 |
| **02/23** | $20460 | $22189 |
| **03/23** | $21132 | $23004 |
| **04/23** | $21283 | $23363 |
| **05/23** | $21174 | $23464 |
| **06/23** | $22614 | $25015 |
| **07/23** | $23556 | $25818 |
| **08/23** | $23079 | $25407 |
| **09/23** | $22076 | $24196 |
| **10/23** | $21418 | $23687 |
| **11/23** | $23228 | $25850 |
| **12/23** | $24270 | $27025 |
| **01/24** | $24755 | $27479 |
| **02/24** | $26052 | $28946 |
| **03/24** | $27195 | $29878 |
| **04/24** | $25834 | $28657 |
| **05/24** | $27148 | $30078 |
| **06/24** | $28182 | $31157 |
| **07/24** | $28647 | $31537 |
| **08/24** | $29187 | $32302 |
| **09/24** | $29723 | $32992 |
| **10/24** | $29728 | $32692 |
| **11/24** | $31454 | $34611 |
| **12/24** | $30516 | $33786 |
| **01/25** | $31250 | $34727 |
| **02/25** | $30462 | $34274 |
| **03/25** | $28610 | $32343 |
| **04/25** | $28126 | $32124 |
| **05/25** | $29983 | $34146 |
| **06/25** | $31331 | $35882 |
| **07/25** | $32048 | $36687 |
| **08/25** | $32942 | $37431 |
| **09/25** | $33861 | $38797 |
| **10/25** | $34480 | $39706 |
| **11/25** | $34309 | $39803 |
| **12/25** | $34895 | $39827 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 2 | 14.35 | 13.87 | 13.31 |
| 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** | $3795973895 |
| **Total number of portfolio holdings** | 80 |
| **Management services fees (represents 0.65% of Fund average net assets)** | $24090498 |
| **Portfolio turnover for the reporting period** | 51% |

---

Columbia Variable Portfolio – Disciplined Core Fund \| Class 2 **\|** ASR7004_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 | 34.2% |
| Financials | 13.2% |
| Communication Services | 10.9% |
| Consumer Discretionary | 10.6% |
| Health Care | 9.5% |
| Industrials | 8.2% |
| Consumer Staples | 4.2% |
| Energy | 2.8% |
| Utilities | 2.5% |
| Materials | 1.9% |
| Other | 1.6% |

---

### Top Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 9.3% |
| Alphabet, Inc., Class A | 7.1% |
| Apple, Inc. | 6.4% |
| Microsoft Corp. | 4.9% |
| Meta Platforms, Inc., Class A | 3.8% |
| Amazon.com, Inc. | 3.2% |
| Visa, Inc., Class A | 2.6% |
| Bristol-Myers Squibb Co. | 2.1% |
| Chevron Corp. | 2.0% |
| Synchrony Financial | 2.0% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 99.6% |
| 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](g59364g61s65.jpg)

Columbia Variable Portfolio – Disciplined Core Fund \| Class 2 **\|** ASR7004_02_12_D01_(02/26) \|

# Columbia Variable Portfolio – Disciplined Core Fund
Class 3

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Disciplined 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 | $86 | 0.80% |

---

## 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** \| Stock selection, particularly within the communication services, consumer discretionary and energy sectors, contributed to the Fund's relative performance during the period.

**Individual holdings** \| Individual holdings that contributed to the Fund's relative performance during the period included Tapestry, a provider of accessories and lifestyle brand products; Citigroup, a diversified financial service company; and Ralph Lauren, a fashion and lifestyle brand.

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

**Individual holdings** \| Individual holdings that detracted most from the Fund's relative performance during the period included overweights to Fiserv, a global fintech and payments company; Salesforce, a leading cloud-based customer relationship management platform; and Broadcom, a semiconductor company.

Columbia Variable Portfolio – Disciplined Core Fund \| Class 3 **\|** ASR7004_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](g59364g00t69.jpg)

---

| | | |
|:---|:---|:---|
| | **Columbia Variable Portfolio – Disciplined Core Fund Class 3 ($35328)** | **S&P 500<sup>®</sup> Index ($39827)** |
| **12/15** | $10000 | $10000 |
| **01/16** | $9343 | $9504 |
| **02/16** | $9399 | $9491 |
| **03/16** | $9989 | $10135 |
| **04/16** | $9972 | $10174 |
| **05/16** | $10139 | $10357 |
| **06/16** | $10031 | $10384 |
| **07/16** | $10423 | $10766 |
| **08/16** | $10393 | $10782 |
| **09/16** | $10420 | $10784 |
| **10/16** | $10295 | $10587 |
| **11/16** | $10665 | $10979 |
| **12/16** | $10793 | $11196 |
| **01/17** | $10908 | $11408 |
| **02/17** | $11420 | $11861 |
| **03/17** | $11434 | $11875 |
| **04/17** | $11542 | $11997 |
| **05/17** | $11695 | $12166 |
| **06/17** | $11771 | $12242 |
| **07/17** | $12077 | $12494 |
| **08/17** | $12152 | $12532 |
| **09/17** | $12444 | $12790 |
| **10/17** | $12650 | $13089 |
| **11/17** | $13168 | $13490 |
| **12/17** | $13408 | $13640 |
| **01/18** | $14170 | $14421 |
| **02/18** | $13680 | $13890 |
| **03/18** | $13396 | $13537 |
| **04/18** | $13505 | $13589 |
| **05/18** | $13850 | $13916 |
| **06/18** | $13845 | $14002 |
| **07/18** | $14346 | $14523 |
| **08/18** | $14836 | $14996 |
| **09/18** | $14980 | $15081 |
| **10/18** | $13900 | $14050 |
| **11/18** | $14092 | $14337 |
| **12/18** | $12906 | $13042 |
| **01/19** | $13931 | $14087 |
| **02/19** | $14401 | $14540 |
| **03/19** | $14529 | $14822 |
| **04/19** | $15072 | $15422 |
| **05/19** | $13872 | $14442 |
| **06/19** | $14822 | $15460 |
| **07/19** | $14950 | $15682 |
| **08/19** | $14504 | $15434 |
| **09/19** | $14839 | $15723 |
| **10/19** | $15150 | $16063 |
| **11/19** | $15674 | $16646 |
| **12/19** | $16086 | $17149 |
| **01/20** | $16022 | $17142 |
| **02/20** | $14644 | $15731 |
| **03/20** | $12884 | $13788 |
| **04/20** | $14591 | $15555 |
| **05/20** | $15381 | $16296 |
| **06/20** | $15635 | $16620 |
| **07/20** | $16303 | $17558 |
| **08/20** | $17333 | $18820 |
| **09/20** | $16487 | $18105 |
| **10/20** | $15899 | $17623 |
| **11/20** | $17545 | $19552 |
| **12/20** | $18335 | $20304 |
| **01/21** | $18380 | $20099 |
| **02/21** | $18911 | $20653 |
| **03/21** | $20006 | $21558 |
| **04/21** | $20938 | $22708 |
| **05/21** | $21116 | $22867 |
| **06/21** | $21501 | $23401 |
| **07/21** | $22199 | $23956 |
| **08/21** | $23104 | $24685 |
| **09/21** | $21690 | $23537 |
| **10/21** | $22970 | $25186 |
| **11/21** | $22920 | $25011 |
| **12/21** | $24307 | $26132 |
| **01/22** | $23126 | $24780 |
| **02/22** | $22567 | $24038 |
| **03/22** | $22973 | $24931 |
| **04/22** | $21333 | $22757 |
| **05/22** | $21417 | $22798 |
| **06/22** | $19538 | $20916 |
| **07/22** | $21122 | $22845 |
| **08/22** | $20328 | $21913 |
| **09/22** | $18458 | $19895 |
| **10/22** | $20022 | $21506 |
| **11/22** | $21097 | $22708 |
| **12/22** | $19733 | $21399 |
| **01/23** | $21136 | $22744 |
| **02/23** | $20643 | $22189 |
| **03/23** | $21322 | $23004 |
| **04/23** | $21478 | $23363 |
| **05/23** | $21370 | $23464 |
| **06/23** | $22826 | $25015 |
| **07/23** | $23778 | $25818 |
| **08/23** | $23302 | $25407 |
| **09/23** | $22288 | $24196 |
| **10/23** | $21626 | $23687 |
| **11/23** | $23458 | $25850 |
| **12/23** | $24510 | $27025 |
| **01/24** | $25003 | $27479 |
| **02/24** | $26317 | $28946 |
| **03/24** | $27472 | $29878 |
| **04/24** | $26102 | $28657 |
| **05/24** | $27433 | $30078 |
| **06/24** | $28480 | $31157 |
| **07/24** | $28953 | $31537 |
| **08/24** | $29502 | $32302 |
| **09/24** | $30044 | $32992 |
| **10/24** | $30056 | $32692 |
| **11/24** | $31801 | $34611 |
| **12/24** | $30857 | $33786 |
| **01/25** | $31604 | $34727 |
| **02/25** | $30810 | $34274 |
| **03/25** | $28939 | $32343 |
| **04/25** | $28452 | $32124 |
| **05/25** | $30337 | $34146 |
| **06/25** | $31701 | $35882 |
| **07/25** | $32430 | $36687 |
| **08/25** | $33338 | $37431 |
| **09/25** | $34273 | $38797 |
| **10/25** | $34905 | $39706 |
| **11/25** | $34733 | $39803 |
| **12/25** | $35328 | $39827 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 3 | 14.49 | 14.02 | 13.45 |
| 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** | $3795973895 |
| **Total number of portfolio holdings** | 80 |
| **Management services fees (represents 0.65% of Fund average net assets)** | $24090498 |
| **Portfolio turnover for the reporting period** | 51% |

---

Columbia Variable Portfolio – Disciplined Core Fund \| Class 3 **\|** ASR7004_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 | 34.2% |
| Financials | 13.2% |
| Communication Services | 10.9% |
| Consumer Discretionary | 10.6% |
| Health Care | 9.5% |
| Industrials | 8.2% |
| Consumer Staples | 4.2% |
| Energy | 2.8% |
| Utilities | 2.5% |
| Materials | 1.9% |
| Other | 1.6% |

---

### Top Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 9.3% |
| Alphabet, Inc., Class A | 7.1% |
| Apple, Inc. | 6.4% |
| Microsoft Corp. | 4.9% |
| Meta Platforms, Inc., Class A | 3.8% |
| Amazon.com, Inc. | 3.2% |
| Visa, Inc., Class A | 2.6% |
| Bristol-Myers Squibb Co. | 2.1% |
| Chevron Corp. | 2.0% |
| Synchrony Financial | 2.0% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 99.6% |
| 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](g59364g61s65.jpg)

Columbia Variable Portfolio – Disciplined Core Fund \| Class 3 **\|** ASR7004_03_12_D01_(02/26) \|

# Columbia Variable Portfolio – Dividend Opportunity Fund
Class 1

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Dividend Opportunity 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 | $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 health care and financials sectors boosted the Fund's relative performance most during the annual period.

**Allocations** \| Overweight positions in the information technology sector also buoyed the Fund's relative performance during the annual period.

**Individual holdings** \| Positions in Corning, an electronic components company, Goldman Sachs, a financial services and investment banking company, and Seagate Technology, a data storage company, were among the top contributors to the Fund's relative performance.

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

**Allocations** \| Underweight positions in the communication services sector detracted from the Fund's relative performance.

**Individual holdings** \| Positions in Conagra Brands, a packaged food company, Home Depot, a home improvement company, and International Paper Company, a pulp & paper company, were among the top detractors from relative performance for the Fund during the period.

Columbia Variable Portfolio – Dividend Opportunity Fund \| Class 1 **\|** ASR7005_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](g59364g23i98.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Columbia Variable Portfolio – Dividend Opportunity Fund Class 1 ($26958)** | **Russell 1000<sup>®</sup> Index ($39030)** | **MSCI USA High Dividend Yield Index (Net) ($24127)** | **Russell 1000<sup>®</sup> Value Index ($27213)** |
| **12/15** | $10000 | $10000 | $10000 | $10000 |
| **01/16** | $9764 | $9462 | $9810 | $9483 |
| **02/16** | $9856 | $9459 | $9884 | $9481 |
| **03/16** | $10447 | $10117 | $10514 | $10164 |
| **04/16** | $10576 | $10172 | $10545 | $10377 |
| **05/16** | $10694 | $10351 | $10703 | $10539 |
| **06/16** | $11038 | $10374 | $11025 | $10630 |
| **07/16** | $11223 | $10769 | $11308 | $10938 |
| **08/16** | $11064 | $10783 | $11238 | $11023 |
| **09/16** | $11064 | $10792 | $11240 | $11000 |
| **10/16** | $10889 | $10582 | $11048 | $10829 |
| **11/16** | $11012 | $10999 | $11245 | $11448 |
| **12/16** | $11367 | $11205 | $11510 | $11734 |
| **01/17** | $11475 | $11431 | $11603 | $11818 |
| **02/17** | $11850 | $11873 | $12114 | $12242 |
| **03/17** | $11840 | $11881 | $12122 | $12118 |
| **04/17** | $11814 | $12006 | $12126 | $12095 |
| **05/17** | $11958 | $12160 | $12321 | $12083 |
| **06/17** | $11948 | $12244 | $12348 | $12281 |
| **07/17** | $12004 | $12487 | $12551 | $12444 |
| **08/17** | $11906 | $12526 | $12578 | $12299 |
| **09/17** | $12312 | $12793 | $12833 | $12663 |
| **10/17** | $12333 | $13086 | $12999 | $12755 |
| **11/17** | $12749 | $13485 | $13446 | $13146 |
| **12/17** | $13001 | $13636 | $13633 | $13337 |
| **01/18** | $13443 | $14384 | $14172 | $13853 |
| **02/18** | $12893 | $13856 | $13527 | $13192 |
| **03/18** | $12718 | $13541 | $13312 | $12960 |
| **04/18** | $12862 | $13587 | $13250 | $13002 |
| **05/18** | $12914 | $13934 | $13365 | $13080 |
| **06/18** | $12929 | $14024 | $13420 | $13112 |
| **07/18** | $13386 | $14508 | $14018 | $13631 |
| **08/18** | $13505 | $15008 | $14243 | $13832 |
| **09/18** | $13587 | $15065 | $14422 | $13860 |
| **10/18** | $12934 | $13999 | $13844 | $13142 |
| **11/18** | $13397 | $14284 | $14379 | $13534 |
| **12/18** | $12256 | $12983 | $13192 | $12235 |
| **01/19** | $13140 | $14071 | $13898 | $13187 |
| **02/19** | $13618 | $14548 | $14467 | $13608 |
| **03/19** | $13787 | $14801 | $14560 | $13695 |
| **04/19** | $14168 | $15399 | $14799 | $14181 |
| **05/19** | $13325 | $14417 | $13842 | $13269 |
| **06/19** | $14152 | $15430 | $14769 | $14221 |
| **07/19** | $14219 | $15669 | $14851 | $14339 |
| **08/19** | $13900 | $15382 | $14712 | $13918 |
| **09/19** | $14399 | $15649 | $15235 | $14414 |
| **10/19** | $14460 | $15980 | $15338 | $14616 |
| **11/19** | $14733 | $16584 | $15643 | $15068 |
| **12/19** | $15206 | $17063 | $15997 | $15482 |
| **01/20** | $14789 | $17082 | $15702 | $15149 |
| **02/20** | $13433 | $15686 | $14239 | $13682 |
| **03/20** | $11783 | $13613 | $12561 | $11344 |
| **04/20** | $12955 | $15412 | $13860 | $12619 |
| **05/20** | $13284 | $16225 | $14245 | $13051 |
| **06/20** | $13217 | $16584 | $14101 | $12965 |
| **07/20** | $13633 | $17555 | $14549 | $13477 |
| **08/20** | $14034 | $18843 | $15049 | $14035 |
| **09/20** | $13597 | $18155 | $14732 | $13690 |
| **10/20** | $13299 | $17717 | $14344 | $13510 |
| **11/20** | $14820 | $19803 | $15754 | $15327 |
| **12/20** | $15380 | $20640 | $16097 | $15915 |
| **01/21** | $15231 | $20470 | $15886 | $15769 |
| **02/21** | $15966 | $21064 | $16091 | $16722 |
| **03/21** | $17050 | $21861 | $17309 | $17706 |
| **04/21** | $17544 | $23037 | $17722 | $18414 |
| **05/21** | $17960 | $23147 | $18113 | $18844 |
| **06/21** | $17909 | $23727 | $17964 | $18628 |
| **07/21** | $17965 | $24220 | $18302 | $18777 |
| **08/21** | $18273 | $24921 | $18637 | $19150 |
| **09/21** | $17749 | $23776 | $17725 | $18483 |
| **10/21** | $18607 | $25426 | $18390 | $19422 |
| **11/21** | $18078 | $25085 | $18105 | $18737 |
| **12/21** | $19404 | $26101 | $19455 | $19919 |
| **01/22** | $19430 | $24629 | $19051 | $19455 |
| **02/22** | $19178 | $23953 | $18644 | $19229 |
| **03/22** | $19743 | $24762 | $19122 | $19772 |
| **04/22** | $18972 | $22554 | $18413 | $18657 |
| **05/22** | $19620 | $22520 | $18842 | $19020 |
| **06/22** | $18135 | $20634 | $17660 | $17358 |
| **07/22** | $18926 | $22556 | $18320 | $18509 |
| **08/22** | $18386 | $21690 | $17680 | $17957 |
| **09/22** | $16901 | $19683 | $16293 | $16383 |
| **10/22** | $18705 | $21261 | $17889 | $18063 |
| **11/22** | $19872 | $22412 | $19167 | $19191 |
| **12/22** | $19188 | $21108 | $18560 | $18418 |
| **01/23** | $19779 | $22524 | $18869 | $19372 |
| **02/23** | $19111 | $21988 | $18233 | $18689 |
| **03/23** | $18880 | $22683 | $18383 | $18603 |
| **04/23** | $19137 | $22964 | $18448 | $18883 |
| **05/23** | $18201 | $23071 | $17625 | $18155 |
| **06/23** | $19193 | $24629 | $18609 | $19361 |
| **07/23** | $19866 | $25476 | $19246 | $20042 |
| **08/23** | $19332 | $25031 | $18874 | $19501 |
| **09/23** | $18664 | $23854 | $18178 | $18748 |
| **10/23** | $17965 | $23278 | $17560 | $18087 |
| **11/23** | $19106 | $25452 | $18652 | $19451 |
| **12/23** | $20164 | $26708 | $19642 | $20529 |
| **01/24** | $20242 | $27081 | $19801 | $20550 |
| **02/24** | $20704 | $28543 | $20326 | $21308 |
| **03/24** | $21886 | $29458 | $21194 | $22373 |
| **04/24** | $21100 | $28205 | $20366 | $21418 |
| **05/24** | $21732 | $29533 | $20751 | $22097 |
| **06/24** | $21578 | $30510 | $20781 | $21889 |
| **07/24** | $22569 | $30954 | $21745 | $23008 |
| **08/24** | $23284 | $31688 | $22347 | $23625 |
| **09/24** | $23623 | $32366 | $22738 | $23953 |
| **10/24** | $23561 | $32139 | $22374 | $23689 |
| **11/24** | $24579 | $34209 | $23278 | $25202 |
| **12/24** | $23273 | $33255 | $21740 | $23478 |
| **01/25** | $24121 | $34313 | $22434 | $24565 |
| **02/25** | $24758 | $33713 | $23063 | $24665 |
| **03/25** | $24034 | $31762 | $22673 | $23980 |
| **04/25** | $23058 | $31573 | $21671 | $23249 |
| **05/25** | $23823 | $33589 | $22168 | $24065 |
| **06/25** | $24692 | $35290 | $22701 | $24888 |
| **07/25** | $24671 | $36074 | $22647 | $25031 |
| **08/25** | $25694 | $36833 | $23630 | $25829 |
| **09/25** | $26213 | $38110 | $23870 | $26215 |
| **10/25** | $25987 | $38932 | $23588 | $26330 |
| **11/25** | $26824 | $39027 | $24148 | $27030 |
| **12/25** | $26958 | $39030 | $24127 | $27213 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 1<sup>Footnote Reference(a)</sup> | 15.83 | 11.88 | 10.43 |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 14.59 |
| MSCI USA High Dividend Yield Index (Net) | 10.98 | 8.43 | 9.21 |
| Russell 1000<sup>®</sup> Value Index | 15.91 | 11.33 | 10.53 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Effective March 28, 2025, the Fund no longer compares its performance to the MSCI USA High Dividend Yield Index (Net). The returns of the MSCI USA High Dividend Yield Index (Net) will be shown for a one-year transition period. |

---

**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** | $936940360 |
| **Total number of portfolio holdings** | 88 |
| **Management services fees (represents 0.70% of Fund average net assets)** | $6350739 |
| **Portfolio turnover for the reporting period** | 30% |

---

Columbia Variable Portfolio – Dividend Opportunity Fund \| Class 1 **\|** ASR7005_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 | 20.3% |
| Health Care | 13.2% |
| Information Technology | 11.1% |
| Consumer Staples | 9.7% |
| Industrials | 8.8% |
| Energy | 8.0% |
| Consumer Discretionary | 7.6% |
| Utilities | 4.5% |
| Communication Services | 3.9% |
| Real Estate | 3.8% |
| Other | 2.3% |

---

### Top Holdings

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 3.5% |
| Exxon Mobil Corp. | 3.5% |
| Goldman Sachs Group, Inc. (The) | 2.9% |
| Johnson & Johnson | 2.7% |
| Cisco Systems, Inc. | 2.6% |
| International Business Machines Corp. | 2.6% |
| AbbVie, Inc. | 2.5% |
| Philip Morris International, Inc. | 2.2% |
| Bank of America Corp. | 2.0% |
| Citigroup, Inc. | 2.0% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 93.2% |
| Convertible Preferred Stocks | 4.7% |
| Money Market Funds | 1.3% |
| Other | 0.7% |

---

## 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](g59364g61s65.jpg)

Columbia Variable Portfolio – Dividend Opportunity Fund \| Class 1 **\|** ASR7005_01_12_D01_(02/26) \|

# Columbia Variable Portfolio – Dividend Opportunity Fund
Class 2

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Dividend Opportunity 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 | 0.92% |

---

## 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 health care and financials sectors boosted the Fund's relative performance most during the annual period.

**Allocations** \| Overweight positions in the information technology sector also buoyed the Fund's relative performance during the annual period.

**Individual holdings** \| Positions in Corning, an electronic components company, Goldman Sachs, a financial services and investment banking company, and Seagate Technology, a data storage company, were among the top contributors to the Fund's relative performance.

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

**Allocations** \| Underweight positions in the communication services sector detracted from the Fund's relative performance.

**Individual holdings** \| Positions in Conagra Brands, a packaged food company, Home Depot, a home improvement company, and International Paper Company, a pulp & paper company, were among the top detractors from relative performance for the Fund during the period.

Columbia Variable Portfolio – Dividend Opportunity Fund \| Class 2 **\|** ASR7005_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](g59364g68b64.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Columbia Variable Portfolio – Dividend Opportunity Fund Class 2 ($26301)** | **Russell 1000<sup>®</sup> Index ($39030)** | **MSCI USA High Dividend Yield Index (Net) ($24127)** | **Russell 1000<sup>®</sup> Value Index ($27213)** |
| **12/15** | $10000 | $10000 | $10000 | $10000 |
| **01/16** | $9760 | $9462 | $9810 | $9483 |
| **02/16** | $9854 | $9459 | $9884 | $9481 |
| **03/16** | $10443 | $10117 | $10514 | $10164 |
| **04/16** | $10569 | $10172 | $10545 | $10377 |
| **05/16** | $10683 | $10351 | $10703 | $10539 |
| **06/16** | $11028 | $10374 | $11025 | $10630 |
| **07/16** | $11205 | $10769 | $11308 | $10938 |
| **08/16** | $11049 | $10783 | $11238 | $11023 |
| **09/16** | $11043 | $10792 | $11240 | $11000 |
| **10/16** | $10866 | $10582 | $11048 | $10829 |
| **11/16** | $10991 | $10999 | $11245 | $11448 |
| **12/16** | $11341 | $11205 | $11510 | $11734 |
| **01/17** | $11445 | $11431 | $11603 | $11818 |
| **02/17** | $11821 | $11873 | $12114 | $12242 |
| **03/17** | $11805 | $11881 | $12122 | $12118 |
| **04/17** | $11774 | $12006 | $12126 | $12095 |
| **05/17** | $11914 | $12160 | $12321 | $12083 |
| **06/17** | $11904 | $12244 | $12348 | $12281 |
| **07/17** | $11961 | $12487 | $12551 | $12444 |
| **08/17** | $11862 | $12526 | $12578 | $12299 |
| **09/17** | $12259 | $12793 | $12833 | $12663 |
| **10/17** | $12280 | $13086 | $12999 | $12755 |
| **11/17** | $12692 | $13485 | $13446 | $13146 |
| **12/17** | $12942 | $13636 | $13633 | $13337 |
| **01/18** | $13375 | $14384 | $14172 | $13853 |
| **02/18** | $12822 | $13856 | $13527 | $13192 |
| **03/18** | $12650 | $13541 | $13312 | $12960 |
| **04/18** | $12791 | $13587 | $13250 | $13002 |
| **05/18** | $12838 | $13934 | $13365 | $13080 |
| **06/18** | $12848 | $14024 | $13420 | $13112 |
| **07/18** | $13302 | $14508 | $14018 | $13631 |
| **08/18** | $13417 | $15008 | $14243 | $13832 |
| **09/18** | $13495 | $15065 | $14422 | $13860 |
| **10/18** | $12848 | $13999 | $13844 | $13142 |
| **11/18** | $13302 | $14284 | $14379 | $13534 |
| **12/18** | $12165 | $12983 | $13192 | $12235 |
| **01/19** | $13041 | $14071 | $13898 | $13187 |
| **02/19** | $13511 | $14548 | $14467 | $13608 |
| **03/19** | $13678 | $14801 | $14560 | $13695 |
| **04/19** | $14048 | $15399 | $14799 | $14181 |
| **05/19** | $13213 | $14417 | $13842 | $13269 |
| **06/19** | $14032 | $15430 | $14769 | $14221 |
| **07/19** | $14095 | $15669 | $14851 | $14339 |
| **08/19** | $13777 | $15382 | $14712 | $13918 |
| **09/19** | $14267 | $15649 | $15235 | $14414 |
| **10/19** | $14324 | $15980 | $15338 | $14616 |
| **11/19** | $14596 | $16584 | $15643 | $15068 |
| **12/19** | $15055 | $17063 | $15997 | $15482 |
| **01/20** | $14637 | $17082 | $15702 | $15149 |
| **02/20** | $13297 | $15686 | $14239 | $13682 |
| **03/20** | $11659 | $13613 | $12561 | $11344 |
| **04/20** | $12817 | $15412 | $13860 | $12619 |
| **05/20** | $13140 | $16225 | $14245 | $13051 |
| **06/20** | $13072 | $16584 | $14101 | $12965 |
| **07/20** | $13485 | $17555 | $14549 | $13477 |
| **08/20** | $13871 | $18843 | $15049 | $14035 |
| **09/20** | $13438 | $18155 | $14732 | $13690 |
| **10/20** | $13140 | $17717 | $14344 | $13510 |
| **11/20** | $14643 | $19803 | $15754 | $15327 |
| **12/20** | $15190 | $20640 | $16097 | $15915 |
| **01/21** | $15039 | $20470 | $15886 | $15769 |
| **02/21** | $15764 | $21064 | $16091 | $16722 |
| **03/21** | $16834 | $21861 | $17309 | $17706 |
| **04/21** | $17313 | $23037 | $17722 | $18414 |
| **05/21** | $17720 | $23147 | $18113 | $18844 |
| **06/21** | $17668 | $23727 | $17964 | $18628 |
| **07/21** | $17720 | $24220 | $18302 | $18777 |
| **08/21** | $18018 | $24921 | $18637 | $19150 |
| **09/21** | $17496 | $23776 | $17725 | $18483 |
| **10/21** | $18341 | $25426 | $18390 | $19422 |
| **11/21** | $17819 | $25085 | $18105 | $18737 |
| **12/21** | $19124 | $26101 | $19455 | $19919 |
| **01/22** | $19139 | $24629 | $19051 | $19455 |
| **02/22** | $18894 | $23953 | $18644 | $19229 |
| **03/22** | $19442 | $24762 | $19122 | $19772 |
| **04/22** | $18680 | $22554 | $18413 | $18657 |
| **05/22** | $19317 | $22520 | $18842 | $19020 |
| **06/22** | $17846 | $20634 | $17660 | $17358 |
| **07/22** | $18623 | $22556 | $18320 | $18509 |
| **08/22** | $18086 | $21690 | $17680 | $17957 |
| **09/22** | $16620 | $19683 | $16293 | $16383 |
| **10/22** | $18393 | $21261 | $17889 | $18063 |
| **11/22** | $19536 | $22412 | $19167 | $19191 |
| **12/22** | $18858 | $21108 | $18560 | $18418 |
| **01/23** | $19437 | $22524 | $18869 | $19372 |
| **02/23** | $18779 | $21988 | $18233 | $18689 |
| **03/23** | $18545 | $22683 | $18383 | $18603 |
| **04/23** | $18795 | $22964 | $18448 | $18883 |
| **05/23** | $17872 | $23071 | $17625 | $18155 |
| **06/23** | $18842 | $24629 | $18609 | $19361 |
| **07/23** | $19499 | $25476 | $19246 | $20042 |
| **08/23** | $18972 | $25031 | $18874 | $19501 |
| **09/23** | $18310 | $23854 | $18178 | $18748 |
| **10/23** | $17621 | $23278 | $17560 | $18087 |
| **11/23** | $18738 | $25452 | $18652 | $19451 |
| **12/23** | $19770 | $26708 | $19642 | $20529 |
| **01/24** | $19843 | $27081 | $19801 | $20550 |
| **02/24** | $20292 | $28543 | $20326 | $21308 |
| **03/24** | $21445 | $29458 | $21194 | $22373 |
| **04/24** | $20668 | $28205 | $20366 | $21418 |
| **05/24** | $21288 | $29533 | $20751 | $22097 |
| **06/24** | $21132 | $30510 | $20781 | $21889 |
| **07/24** | $22097 | $30954 | $21745 | $23008 |
| **08/24** | $22791 | $31688 | $22347 | $23625 |
| **09/24** | $23119 | $32366 | $22738 | $23953 |
| **10/24** | $23052 | $32139 | $22374 | $23689 |
| **11/24** | $24043 | $34209 | $23278 | $25202 |
| **12/24** | $22760 | $33255 | $21740 | $23478 |
| **01/25** | $23584 | $34313 | $22434 | $24565 |
| **02/25** | $24204 | $33713 | $23063 | $24665 |
| **03/25** | $23495 | $31762 | $22673 | $23980 |
| **04/25** | $22530 | $31573 | $21671 | $23249 |
| **05/25** | $23276 | $33589 | $22168 | $24065 |
| **06/25** | $24121 | $35290 | $22701 | $24888 |
| **07/25** | $24095 | $36074 | $22647 | $25031 |
| **08/25** | $25091 | $36833 | $23630 | $25829 |
| **09/25** | $25592 | $38110 | $23870 | $26215 |
| **10/25** | $25363 | $38932 | $23588 | $26330 |
| **11/25** | $26176 | $39027 | $24148 | $27030 |
| **12/25** | $26301 | $39030 | $24127 | $27213 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 2<sup>Footnote Reference(a)</sup> | 15.56 | 11.60 | 10.15 |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 14.59 |
| MSCI USA High Dividend Yield Index (Net) | 10.98 | 8.43 | 9.21 |
| Russell 1000<sup>®</sup> Value Index | 15.91 | 11.33 | 10.53 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Effective March 28, 2025, the Fund no longer compares its performance to the MSCI USA High Dividend Yield Index (Net). The returns of the MSCI USA High Dividend Yield Index (Net) will be shown for a one-year transition period. |

---

**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** | $936940360 |
| **Total number of portfolio holdings** | 88 |
| **Management services fees (represents 0.70% of Fund average net assets)** | $6350739 |
| **Portfolio turnover for the reporting period** | 30% |

---

Columbia Variable Portfolio – Dividend Opportunity Fund \| Class 2 **\|** ASR7005_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 | 20.3% |
| Health Care | 13.2% |
| Information Technology | 11.1% |
| Consumer Staples | 9.7% |
| Industrials | 8.8% |
| Energy | 8.0% |
| Consumer Discretionary | 7.6% |
| Utilities | 4.5% |
| Communication Services | 3.9% |
| Real Estate | 3.8% |
| Other | 2.3% |

---

### Top Holdings

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 3.5% |
| Exxon Mobil Corp. | 3.5% |
| Goldman Sachs Group, Inc. (The) | 2.9% |
| Johnson & Johnson | 2.7% |
| Cisco Systems, Inc. | 2.6% |
| International Business Machines Corp. | 2.6% |
| AbbVie, Inc. | 2.5% |
| Philip Morris International, Inc. | 2.2% |
| Bank of America Corp. | 2.0% |
| Citigroup, Inc. | 2.0% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 93.2% |
| Convertible Preferred Stocks | 4.7% |
| Money Market Funds | 1.3% |
| Other | 0.7% |

---

## 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](g59364g61s65.jpg)

Columbia Variable Portfolio – Dividend Opportunity Fund \| Class 2 **\|** ASR7005_02_12_D01_(02/26) \|

# Columbia Variable Portfolio – Dividend Opportunity Fund
Class 3

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Dividend Opportunity 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 | 0.80% |

---

## 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 and financials sectors boosted the Fund's relative performance most during the annual period.

**Allocations** \| Overweight positions in the information technology sector also buoyed the Fund's relative performance during the annual period.

**Individual holdings** \| Positions in Corning, an electronic components company, Goldman Sachs, a financial services and investment banking company, and Seagate Technology, a data storage company, were among the top contributors to the Fund's relative performance.

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

**Allocations** \| Underweight positions in the communication services sector detracted from the Fund's relative performance.

**Individual holdings** \| Positions in Conagra Brands, a packaged food company, Home Depot, a home improvement company, and International Paper Company, a pulp & paper company, were among the top detractors from relative performance for the Fund during the period.

Columbia Variable Portfolio – Dividend Opportunity Fund \| Class 3 **\|** ASR7005_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](g59364g15y18.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Columbia Variable Portfolio – Dividend Opportunity Fund Class 3 ($26629)** | **Russell 1000<sup>®</sup> Index ($39030)** | **MSCI USA High Dividend Yield Index (Net) ($24127)** | **Russell 1000<sup>®</sup> Value Index ($27213)** |
| **12/15** | $10000 | $10000 | $10000 | $10000 |
| **01/16** | $9762 | $9462 | $9810 | $9483 |
| **02/16** | $9860 | $9459 | $9884 | $9481 |
| **03/16** | $10445 | $10117 | $10514 | $10164 |
| **04/16** | $10575 | $10172 | $10545 | $10377 |
| **05/16** | $10689 | $10351 | $10703 | $10539 |
| **06/16** | $11036 | $10374 | $11025 | $10630 |
| **07/16** | $11217 | $10769 | $11308 | $10938 |
| **08/16** | $11056 | $10783 | $11238 | $11023 |
| **09/16** | $11056 | $10792 | $11240 | $11000 |
| **10/16** | $10880 | $10582 | $11048 | $10829 |
| **11/16** | $11005 | $10999 | $11245 | $11448 |
| **12/16** | $11352 | $11205 | $11510 | $11734 |
| **01/17** | $11460 | $11431 | $11603 | $11818 |
| **02/17** | $11838 | $11873 | $12114 | $12242 |
| **03/17** | $11823 | $11881 | $12122 | $12118 |
| **04/17** | $11797 | $12006 | $12126 | $12095 |
| **05/17** | $11937 | $12160 | $12321 | $12083 |
| **06/17** | $11926 | $12244 | $12348 | $12281 |
| **07/17** | $11983 | $12487 | $12551 | $12444 |
| **08/17** | $11885 | $12526 | $12578 | $12299 |
| **09/17** | $12289 | $12793 | $12833 | $12663 |
| **10/17** | $12310 | $13086 | $12999 | $12755 |
| **11/17** | $12719 | $13485 | $13446 | $13146 |
| **12/17** | $12973 | $13636 | $13633 | $13337 |
| **01/18** | $13413 | $14384 | $14172 | $13853 |
| **02/18** | $12859 | $13856 | $13527 | $13192 |
| **03/18** | $12688 | $13541 | $13312 | $12960 |
| **04/18** | $12828 | $13587 | $13250 | $13002 |
| **05/18** | $12879 | $13934 | $13365 | $13080 |
| **06/18** | $12890 | $14024 | $13420 | $13112 |
| **07/18** | $13345 | $14508 | $14018 | $13631 |
| **08/18** | $13465 | $15008 | $14243 | $13832 |
| **09/18** | $13542 | $15065 | $14422 | $13860 |
| **10/18** | $12895 | $13999 | $13844 | $13142 |
| **11/18** | $13351 | $14284 | $14379 | $13534 |
| **12/18** | $12211 | $12983 | $13192 | $12235 |
| **01/19** | $13092 | $14071 | $13898 | $13187 |
| **02/19** | $13568 | $14548 | $14467 | $13608 |
| **03/19** | $13734 | $14801 | $14560 | $13695 |
| **04/19** | $14107 | $15399 | $14799 | $14181 |
| **05/19** | $13273 | $14417 | $13842 | $13269 |
| **06/19** | $14091 | $15430 | $14769 | $14221 |
| **07/19** | $14158 | $15669 | $14851 | $14339 |
| **08/19** | $13843 | $15382 | $14712 | $13918 |
| **09/19** | $14335 | $15649 | $15235 | $14414 |
| **10/19** | $14391 | $15980 | $15338 | $14616 |
| **11/19** | $14666 | $16584 | $15643 | $15068 |
| **12/19** | $15132 | $17063 | $15997 | $15482 |
| **01/20** | $14713 | $17082 | $15702 | $15149 |
| **02/20** | $13366 | $15686 | $14239 | $13682 |
| **03/20** | $11724 | $13613 | $12561 | $11344 |
| **04/20** | $12890 | $15412 | $13860 | $12619 |
| **05/20** | $13216 | $16225 | $14245 | $13051 |
| **06/20** | $13143 | $16584 | $14101 | $12965 |
| **07/20** | $13558 | $17555 | $14549 | $13477 |
| **08/20** | $13951 | $18843 | $15049 | $14035 |
| **09/20** | $13516 | $18155 | $14732 | $13690 |
| **10/20** | $13221 | $17717 | $14344 | $13510 |
| **11/20** | $14733 | $19803 | $15754 | $15327 |
| **12/20** | $15287 | $20640 | $16097 | $15915 |
| **01/21** | $15137 | $20470 | $15886 | $15769 |
| **02/21** | $15867 | $21064 | $16091 | $16722 |
| **03/21** | $16945 | $21861 | $17309 | $17706 |
| **04/21** | $17431 | $23037 | $17722 | $18414 |
| **05/21** | $17840 | $23147 | $18113 | $18844 |
| **06/21** | $17789 | $23727 | $17964 | $18628 |
| **07/21** | $17846 | $24220 | $18302 | $18777 |
| **08/21** | $18151 | $24921 | $18637 | $19150 |
| **09/21** | $17623 | $23776 | $17725 | $18483 |
| **10/21** | $18477 | $25426 | $18390 | $19422 |
| **11/21** | $17949 | $25085 | $18105 | $18737 |
| **12/21** | $19265 | $26101 | $19455 | $19919 |
| **01/22** | $19285 | $24629 | $19051 | $19455 |
| **02/22** | $19037 | $23953 | $18644 | $19229 |
| **03/22** | $19596 | $24762 | $19122 | $19772 |
| **04/22** | $18824 | $22554 | $18413 | $18657 |
| **05/22** | $19472 | $22520 | $18842 | $19020 |
| **06/22** | $17991 | $20634 | $17660 | $17358 |
| **07/22** | $18778 | $22556 | $18320 | $18509 |
| **08/22** | $18239 | $21690 | $17680 | $17957 |
| **09/22** | $16763 | $19683 | $16293 | $16383 |
| **10/22** | $18550 | $21261 | $17889 | $18063 |
| **11/22** | $19705 | $22412 | $19167 | $19191 |
| **12/22** | $19026 | $21108 | $18560 | $18418 |
| **01/23** | $19612 | $22524 | $18869 | $19372 |
| **02/23** | $18949 | $21988 | $18233 | $18689 |
| **03/23** | $18716 | $22683 | $18383 | $18603 |
| **04/23** | $18969 | $22964 | $18448 | $18883 |
| **05/23** | $18037 | $23071 | $17625 | $18155 |
| **06/23** | $19021 | $24629 | $18609 | $19361 |
| **07/23** | $19684 | $25476 | $19246 | $20042 |
| **08/23** | $19156 | $25031 | $18874 | $19501 |
| **09/23** | $18488 | $23854 | $18178 | $18748 |
| **10/23** | $17794 | $23278 | $17560 | $18087 |
| **11/23** | $18923 | $25452 | $18652 | $19451 |
| **12/23** | $19969 | $26708 | $19642 | $20529 |
| **01/24** | $20047 | $27081 | $19801 | $20550 |
| **02/24** | $20502 | $28543 | $20326 | $21308 |
| **03/24** | $21668 | $29458 | $21194 | $22373 |
| **04/24** | $20886 | $28205 | $20366 | $21418 |
| **05/24** | $21512 | $29533 | $20751 | $22097 |
| **06/24** | $21357 | $30510 | $20781 | $21889 |
| **07/24** | $22336 | $30954 | $21745 | $23008 |
| **08/24** | $23040 | $31688 | $22347 | $23625 |
| **09/24** | $23376 | $32366 | $22738 | $23953 |
| **10/24** | $23309 | $32139 | $22374 | $23689 |
| **11/24** | $24314 | $34209 | $23278 | $25202 |
| **12/24** | $23019 | $33255 | $21740 | $23478 |
| **01/25** | $23853 | $34313 | $22434 | $24565 |
| **02/25** | $24485 | $33713 | $23063 | $24665 |
| **03/25** | $23765 | $31762 | $22673 | $23980 |
| **04/25** | $22796 | $31573 | $21671 | $23249 |
| **05/25** | $23547 | $33589 | $22168 | $24065 |
| **06/25** | $24407 | $35290 | $22701 | $24888 |
| **07/25** | $24386 | $36074 | $22647 | $25031 |
| **08/25** | $25396 | $36833 | $23630 | $25829 |
| **09/25** | $25904 | $38110 | $23870 | $26215 |
| **10/25** | $25676 | $38932 | $23588 | $26330 |
| **11/25** | $26499 | $39027 | $24148 | $27030 |
| **12/25** | $26629 | $39030 | $24127 | $27213 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 3<sup>Footnote Reference(a)</sup> | 15.68 | 11.74 | 10.29 |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 14.59 |
| MSCI USA High Dividend Yield Index (Net) | 10.98 | 8.43 | 9.21 |
| Russell 1000<sup>®</sup> Value Index | 15.91 | 11.33 | 10.53 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Effective March 28, 2025, the Fund no longer compares its performance to the MSCI USA High Dividend Yield Index (Net). The returns of the MSCI USA High Dividend Yield Index (Net) will be shown for a one-year transition period. |

---

**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** | $936940360 |
| **Total number of portfolio holdings** | 88 |
| **Management services fees (represents 0.70% of Fund average net assets)** | $6350739 |
| **Portfolio turnover for the reporting period** | 30% |

---

Columbia Variable Portfolio – Dividend Opportunity Fund \| Class 3 **\|** ASR7005_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 | 20.3% |
| Health Care | 13.2% |
| Information Technology | 11.1% |
| Consumer Staples | 9.7% |
| Industrials | 8.8% |
| Energy | 8.0% |
| Consumer Discretionary | 7.6% |
| Utilities | 4.5% |
| Communication Services | 3.9% |
| Real Estate | 3.8% |
| Other | 2.3% |

---

### Top Holdings

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 3.5% |
| Exxon Mobil Corp. | 3.5% |
| Goldman Sachs Group, Inc. (The) | 2.9% |
| Johnson & Johnson | 2.7% |
| Cisco Systems, Inc. | 2.6% |
| International Business Machines Corp. | 2.6% |
| AbbVie, Inc. | 2.5% |
| Philip Morris International, Inc. | 2.2% |
| Bank of America Corp. | 2.0% |
| Citigroup, Inc. | 2.0% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 93.2% |
| Convertible Preferred Stocks | 4.7% |
| Money Market Funds | 1.3% |
| Other | 0.7% |

---

## 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](g59364g61s65.jpg)

Columbia Variable Portfolio – Dividend Opportunity Fund \| Class 3 **\|** ASR7005_03_12_D01_(02/26) \|

# Columbia Variable Portfolio – Emerging Markets Bond Fund
Class 1

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Emerging Markets Bond 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 | $78 | 0.73% |

---

## 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
**Allocation** \| Overall, allocation effects were positive for the Fund's relative performance. Most notably, allocations to China were positive, with additional positive effects from allocations to both Indonesia and Ecuador.

**Selection** \| Overall, security selection contributed to the Fund's relative performance. Selection within Mexico was most supportive of the Fund's relative performance, with additional positive selection effects seen in both Ukraine and Kazakhstan debt.

**Currency** \| Small local currency positions in select countries had a positive impact on the Fund's relative performance.

### Top Performance Detractors
**Allocation** \| While overall portfolio returns were positive, certain positions partially offset positive allocation effects. Most notably, an allocation to Argentina was most negative for the Fund's overall relative performance. Additionally, negative allocation effects were seen in Lebanon and Mexico debt positions.

**Selection** \| While overall portfolio returns were positive, certain positions partially offset positive security selection. Most notably, positions in Brazil detracted from the Fund's relative performance, as did additional allocations to Turkey and a portfolio position in cash during the period.

**Trading** \| Trading effects had a negative impact on the Fund's relative performance during the period.

Columbia Variable Portfolio – Emerging Markets Bond Fund \| Class 1 **\|** ASR7006_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](g59364g41q20.jpg)

---

| | | |
|:---|:---|:---|
| | **Columbia Variable Portfolio – Emerging Markets Bond Fund Class 1 ($15204)** | **JPMorgan Emerging Markets Bond Index - Global ($15176)** |
| **12/15** | $10000 | $10000 |
| **01/16** | $9897 | $9980 |
| **02/16** | $10057 | $10182 |
| **03/16** | $10453 | $10522 |
| **04/16** | $10697 | $10723 |
| **05/16** | $10685 | $10691 |
| **06/16** | $11080 | $11090 |
| **07/16** | $11289 | $11262 |
| **08/16** | $11510 | $11465 |
| **09/16** | $11568 | $11504 |
| **10/16** | $11463 | $11335 |
| **11/16** | $10941 | $10863 |
| **12/16** | $11134 | $11019 |
| **01/17** | $11310 | $11178 |
| **02/17** | $11556 | $11410 |
| **03/17** | $11635 | $11449 |
| **04/17** | $11838 | $11636 |
| **05/17** | $11957 | $11732 |
| **06/17** | $11954 | $11702 |
| **07/17** | $12086 | $11779 |
| **08/17** | $12302 | $11983 |
| **09/17** | $12344 | $11981 |
| **10/17** | $12380 | $12003 |
| **11/17** | $12405 | $11971 |
| **12/17** | $12454 | $12046 |
| **01/18** | $12515 | $12023 |
| **02/18** | $12331 | $11787 |
| **03/18** | $12363 | $11831 |
| **04/18** | $12189 | $11658 |
| **05/18** | $11965 | $11532 |
| **06/18** | $11736 | $11416 |
| **07/18** | $12001 | $11651 |
| **08/18** | $11647 | $11427 |
| **09/18** | $11891 | $11629 |
| **10/18** | $11573 | $11370 |
| **11/18** | $11458 | $11325 |
| **12/18** | $11577 | $11491 |
| **01/19** | $12180 | $11998 |
| **02/19** | $12296 | $12073 |
| **03/19** | $12451 | $12249 |
| **04/19** | $12451 | $12263 |
| **05/19** | $12465 | $12333 |
| **06/19** | $12854 | $12709 |
| **07/19** | $13066 | $12855 |
| **08/19** | $12828 | $12926 |
| **09/19** | $12766 | $12879 |
| **10/19** | $12792 | $12927 |
| **11/19** | $12779 | $12906 |
| **12/19** | $13007 | $13148 |
| **01/20** | $13264 | $13377 |
| **02/20** | $13155 | $13268 |
| **03/20** | $11230 | $11602 |
| **04/20** | $11585 | $11857 |
| **05/20** | $12267 | $12537 |
| **06/20** | $12641 | $12902 |
| **07/20** | $13150 | $13379 |
| **08/20** | $13260 | $13419 |
| **09/20** | $13044 | $13197 |
| **10/20** | $13072 | $13181 |
| **11/20** | $13670 | $13675 |
| **12/20** | $13973 | $13921 |
| **01/21** | $13777 | $13752 |
| **02/21** | $13496 | $13399 |
| **03/21** | $13297 | $13260 |
| **04/21** | $13582 | $13514 |
| **05/21** | $13724 | $13660 |
| **06/21** | $13820 | $13782 |
| **07/21** | $13906 | $13856 |
| **08/21** | $14035 | $13983 |
| **09/21** | $13758 | $13708 |
| **10/21** | $13729 | $13717 |
| **11/21** | $13440 | $13518 |
| **12/21** | $13665 | $13710 |
| **01/22** | $13271 | $13314 |
| **02/22** | $12513 | $12581 |
| **03/22** | $12456 | $12441 |
| **04/22** | $11778 | $11759 |
| **05/22** | $11822 | $11781 |
| **06/22** | $11046 | $11129 |
| **07/22** | $11403 | $11485 |
| **08/22** | $11329 | $11351 |
| **09/22** | $10605 | $10661 |
| **10/22** | $10665 | $10670 |
| **11/22** | $11465 | $11411 |
| **12/22** | $11474 | $11455 |
| **01/23** | $11901 | $11811 |
| **02/23** | $11566 | $11550 |
| **03/23** | $11690 | $11712 |
| **04/23** | $11690 | $11771 |
| **05/23** | $11613 | $11666 |
| **06/23** | $11863 | $11891 |
| **07/23** | $12083 | $12082 |
| **08/23** | $11863 | $11914 |
| **09/23** | $11550 | $11579 |
| **10/23** | $11423 | $11411 |
| **11/23** | $12107 | $12072 |
| **12/23** | $12671 | $12652 |
| **01/24** | $12542 | $12503 |
| **02/24** | $12655 | $12589 |
| **03/24** | $12891 | $12828 |
| **04/24** | $12646 | $12571 |
| **05/24** | $12891 | $12800 |
| **06/24** | $12927 | $12884 |
| **07/24** | $13208 | $13119 |
| **08/24** | $13490 | $13425 |
| **09/24** | $13730 | $13666 |
| **10/24** | $13495 | $13421 |
| **11/24** | $13680 | $13580 |
| **12/24** | $13480 | $13377 |
| **01/25** | $13650 | $13541 |
| **02/25** | $13888 | $13764 |
| **03/25** | $13751 | $13691 |
| **04/25** | $13699 | $13679 |
| **05/25** | $13837 | $13796 |
| **06/25** | $14156 | $14110 |
| **07/25** | $14312 | $14276 |
| **08/25** | $14539 | $14494 |
| **09/25** | $14720 | $14729 |
| **10/25** | $15038 | $15053 |
| **11/25** | $15091 | $15098 |
| **12/25** | $15204 | $15176 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 1 | 12.78 | 1.70 | 4.28 |
| JPMorgan Emerging Markets Bond Index - Global | 13.45 | 1.74 | 4.26 |

---

**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** | $400763618 |
| **Total number of portfolio holdings** | 167 |
| **Management services fees (represents 0.60% of Fund average net assets)** | $2358560 |
| **Portfolio turnover for the reporting period** | 46% |

---

Columbia Variable Portfolio – Emerging Markets Bond Fund \| Class 1 **\|** ASR7006_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.

### Top Holdings

---

| | |
|:---|:---|
| Mexico Government International Bond 02/12/2034 3.500% | 2.7% |
| Argentine Republic Government International Bond 07/09/2035 2.750% | 2.6% |
| Hungary Government International Bond 09/22/2032 6.250% | 2.1% |
| Chile Government International Bond 01/05/2036 4.950% | 2.2% |
| Turkey Government International Bond 02/17/2028 5.125% | 2.0% |
| Perusahaan Penerbit SBSN Indonesia III 06/06/2032 4.700% | 1.8% |
| DP World PLC 07/02/2037 6.850% | 1.7% |
| Saudi Government International Bond 01/13/2035 5.625% | 1.5% |
| Romanian Government International Bond 02/27/2027 3.000% | 1.5% |
| Petroleos Mexicanos 01/28/2031 5.950% | 1.5% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Foreign Government Obligations | 89.3% |
| Corporate Bonds & Notes | 8.2% |
| Other | 0.9% |

---

## 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](g59364g61s65.jpg)

Columbia Variable Portfolio – Emerging Markets Bond Fund \| Class 1 **\|** ASR7006_01_12_D01_(02/26) \|

# Columbia Variable Portfolio – Emerging Markets Bond Fund
Class 2

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Emerging Markets Bond 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 | $104 | 0.98% |

---

## 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
**Allocation** \| Overall, allocation effects were positive for the Fund's relative performance. Most notably, allocations to China were positive, with additional positive effects from allocations to both Indonesia and Ecuador.

**Selection** \| Overall, security selection contributed to the Fund's relative performance. Selection within Mexico was most supportive of the Fund's relative performance, with additional positive selection effects seen in both Ukraine and Kazakhstan debt.

**Currency** \| Small local currency positions in select countries had a positive impact on the Fund's relative performance.

### Top Performance Detractors
**Allocation** \| While overall portfolio returns were positive, certain positions partially offset positive allocation effects. Most notably, an allocation to Argentina was most negative for the Fund's overall relative performance. Additionally, negative allocation effects were seen in Lebanon and Mexico debt positions.

**Selection** \| While overall portfolio returns were positive, certain positions partially offset positive security selection. Most notably, positions in Brazil detracted from the Fund's relative performance, as did additional allocations to Turkey and a portfolio position in cash during the period.

**Trading** \| Trading effects had a negative impact on the Fund's relative performance during the period.

Columbia Variable Portfolio – Emerging Markets Bond Fund \| Class 2 **\|** ASR7006_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](g59364g47g78.jpg)

---

| | | |
|:---|:---|:---|
| | **Columbia Variable Portfolio – Emerging Markets Bond Fund Class 2 ($14848)** | **JPMorgan Emerging Markets Bond Index - Global ($15176)** |
| **12/15** | $10000 | $10000 |
| **01/16** | $9897 | $9980 |
| **02/16** | $10057 | $10182 |
| **03/16** | $10447 | $10522 |
| **04/16** | $10691 | $10723 |
| **05/16** | $10679 | $10691 |
| **06/16** | $11074 | $11090 |
| **07/16** | $11284 | $11262 |
| **08/16** | $11493 | $11465 |
| **09/16** | $11551 | $11504 |
| **10/16** | $11446 | $11335 |
| **11/16** | $10923 | $10863 |
| **12/16** | $11108 | $11019 |
| **01/17** | $11283 | $11178 |
| **02/17** | $11529 | $11410 |
| **03/17** | $11601 | $11449 |
| **04/17** | $11803 | $11636 |
| **05/17** | $11910 | $11732 |
| **06/17** | $11924 | $11702 |
| **07/17** | $12043 | $11779 |
| **08/17** | $12259 | $11983 |
| **09/17** | $12292 | $11981 |
| **10/17** | $12328 | $12003 |
| **11/17** | $12353 | $11971 |
| **12/17** | $12406 | $12046 |
| **01/18** | $12455 | $12023 |
| **02/18** | $12272 | $11787 |
| **03/18** | $12296 | $11831 |
| **04/18** | $12123 | $11658 |
| **05/18** | $11887 | $11532 |
| **06/18** | $11664 | $11416 |
| **07/18** | $11928 | $11651 |
| **08/18** | $11575 | $11427 |
| **09/18** | $11824 | $11629 |
| **10/18** | $11494 | $11370 |
| **11/18** | $11380 | $11325 |
| **12/18** | $11490 | $11491 |
| **01/19** | $12091 | $11998 |
| **02/19** | $12205 | $12073 |
| **03/19** | $12365 | $12249 |
| **04/19** | $12352 | $12263 |
| **05/19** | $12365 | $12333 |
| **06/19** | $12745 | $12709 |
| **07/19** | $12955 | $12855 |
| **08/19** | $12718 | $12926 |
| **09/19** | $12648 | $12879 |
| **10/19** | $12675 | $12927 |
| **11/19** | $12661 | $12906 |
| **12/19** | $12879 | $13148 |
| **01/20** | $13134 | $13377 |
| **02/20** | $13026 | $13268 |
| **03/20** | $11110 | $11602 |
| **04/20** | $11475 | $11857 |
| **05/20** | $12137 | $12537 |
| **06/20** | $12500 | $12902 |
| **07/20** | $13004 | $13379 |
| **08/20** | $13113 | $13419 |
| **09/20** | $12891 | $13197 |
| **10/20** | $12918 | $13181 |
| **11/20** | $13496 | $13675 |
| **12/20** | $13802 | $13921 |
| **01/21** | $13608 | $13752 |
| **02/21** | $13331 | $13399 |
| **03/21** | $13125 | $13260 |
| **04/21** | $13406 | $13514 |
| **05/21** | $13547 | $13660 |
| **06/21** | $13633 | $13782 |
| **07/21** | $13718 | $13856 |
| **08/21** | $13831 | $13983 |
| **09/21** | $13564 | $13708 |
| **10/21** | $13535 | $13717 |
| **11/21** | $13249 | $13518 |
| **12/21** | $13463 | $13710 |
| **01/22** | $13075 | $13314 |
| **02/22** | $12327 | $12581 |
| **03/22** | $12262 | $12441 |
| **04/22** | $11594 | $11759 |
| **05/22** | $11638 | $11781 |
| **06/22** | $10880 | $11129 |
| **07/22** | $11232 | $11485 |
| **08/22** | $11144 | $11351 |
| **09/22** | $10424 | $10661 |
| **10/22** | $10483 | $10670 |
| **11/22** | $11270 | $11411 |
| **12/22** | $11288 | $11455 |
| **01/23** | $11693 | $11811 |
| **02/23** | $11363 | $11550 |
| **03/23** | $11478 | $11712 |
| **04/23** | $11494 | $11771 |
| **05/23** | $11402 | $11666 |
| **06/23** | $11656 | $11891 |
| **07/23** | $11857 | $12082 |
| **08/23** | $11641 | $11914 |
| **09/23** | $11342 | $11579 |
| **10/23** | $11201 | $11411 |
| **11/23** | $11873 | $12072 |
| **12/23** | $12419 | $12652 |
| **01/24** | $12292 | $12503 |
| **02/24** | $12403 | $12589 |
| **03/24** | $12643 | $12828 |
| **04/24** | $12403 | $12571 |
| **05/24** | $12627 | $12800 |
| **06/24** | $12671 | $12884 |
| **07/24** | $12931 | $13119 |
| **08/24** | $13207 | $13425 |
| **09/24** | $13450 | $13666 |
| **10/24** | $13203 | $13421 |
| **11/24** | $13384 | $13580 |
| **12/24** | $13181 | $13377 |
| **01/25** | $13347 | $13541 |
| **02/25** | $13579 | $13764 |
| **03/25** | $13454 | $13691 |
| **04/25** | $13387 | $13679 |
| **05/25** | $13521 | $13796 |
| **06/25** | $13824 | $14110 |
| **07/25** | $13978 | $14276 |
| **08/25** | $14199 | $14494 |
| **09/25** | $14384 | $14729 |
| **10/25** | $14695 | $15053 |
| **11/25** | $14730 | $15098 |
| **12/25** | $14848 | $15176 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 2 | 12.65 | 1.47 | 4.03 |
| JPMorgan Emerging Markets Bond Index - Global | 13.45 | 1.74 | 4.26 |

---

**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** | $400763618 |
| **Total number of portfolio holdings** | 167 |
| **Management services fees (represents 0.60% of Fund average net assets)** | $2358560 |
| **Portfolio turnover for the reporting period** | 46% |

---

Columbia Variable Portfolio – Emerging Markets Bond Fund \| Class 2 **\|** ASR7006_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.

### Top Holdings

---

| | |
|:---|:---|
| Mexico Government International Bond 02/12/2034 3.500% | 2.7% |
| Argentine Republic Government International Bond 07/09/2035 2.750% | 2.6% |
| Hungary Government International Bond 09/22/2032 6.250% | 2.1% |
| Chile Government International Bond 01/05/2036 4.950% | 2.2% |
| Turkey Government International Bond 02/17/2028 5.125% | 2.0% |
| Perusahaan Penerbit SBSN Indonesia III 06/06/2032 4.700% | 1.8% |
| DP World PLC 07/02/2037 6.850% | 1.7% |
| Saudi Government International Bond 01/13/2035 5.625% | 1.5% |
| Romanian Government International Bond 02/27/2027 3.000% | 1.5% |
| Petroleos Mexicanos 01/28/2031 5.950% | 1.5% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Foreign Government Obligations | 89.3% |
| Corporate Bonds & Notes | 8.2% |
| Other | 0.9% |

---

## 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](g59364g61s65.jpg)

Columbia Variable Portfolio – Emerging Markets Bond Fund \| Class 2 **\|** ASR7006_02_12_D01_(02/26) \|

# Columbia Variable Portfolio – Government Money Market Fund
Class 1

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Government Money Market 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 | $37 | 0.36% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $556618224 |
| **Total number of portfolio holdings** | 58 |
| **Management services fees (represents 0.29% of Fund average net assets)** | $1618439 |

---

Columbia Variable Portfolio – Government Money Market Fund \| Class 1 **\|** ASR7009_30_(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.

### Top Holdings

---

| | |
|:---|:---|
| Tri-party RBC Dominion Securities, Inc. 01/02/2026 3.800% | 21.5% |
| Federal Home Loan Banks 01/02/2026 1.770% | 11.0% |
| U.S. Treasury Bills 01/02/2026 1.820% | 5.4% |
| Federal National Mortgage Association 08/21/2026 3.890% | 3.6% |
| Federal Agricultural Mortgage Corp. 01/06/2027 3.850% | 2.9% |
| U.S. Treasury Bills 01/22/2026 3.530% | 2.7% |
| Federal Home Loan Banks Discount Notes 01/09/2026 3.610% | 1.8% |
| Fannie Mae Discount Notes 01/16/2026 3.380% | 1.8% |
| Federal Agricultural Mortgage Corp. Discount Notes 01/20/2026 3.520% | 1.8% |
| Tennessee Valley Authority Discount Notes 01/21/2026 3.500% | 1.8% |

---

#### Asset Categories

---

| | |
|:---|:---|
| U.S. Government & Agency Obligations | 66.7% |
| Repurchase Agreements | 21.5% |
| Treasury Bills | 9.0% |

---

## 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.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59364g61s65.jpg)

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**

Columbia Variable Portfolio – Government Money Market Fund \| Class 1 **\|** ASR7009_30_(02/26) \|

# Columbia Variable Portfolio – Government Money Market Fund
Class 2

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Government Money Market 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 | $62 | 0.61% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $556618224 |
| **Total number of portfolio holdings** | 58 |
| **Management services fees (represents 0.29% of Fund average net assets)** | $1618439 |

---

Columbia Variable Portfolio – Government Money Market Fund \| Class 2 **\|** ASR7009_31_(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.

### Top Holdings

---

| | |
|:---|:---|
| Tri-party RBC Dominion Securities, Inc. 01/02/2026 3.800% | 21.5% |
| Federal Home Loan Banks 01/02/2026 1.770% | 11.0% |
| U.S. Treasury Bills 01/02/2026 1.820% | 5.4% |
| Federal National Mortgage Association 08/21/2026 3.890% | 3.6% |
| Federal Agricultural Mortgage Corp. 01/06/2027 3.850% | 2.9% |
| U.S. Treasury Bills 01/22/2026 3.530% | 2.7% |
| Federal Home Loan Banks Discount Notes 01/09/2026 3.610% | 1.8% |
| Fannie Mae Discount Notes 01/16/2026 3.380% | 1.8% |
| Federal Agricultural Mortgage Corp. Discount Notes 01/20/2026 3.520% | 1.8% |
| Tennessee Valley Authority Discount Notes 01/21/2026 3.500% | 1.8% |

---

#### Asset Categories

---

| | |
|:---|:---|
| U.S. Government & Agency Obligations | 66.7% |
| Repurchase Agreements | 21.5% |
| Treasury Bills | 9.0% |

---

## 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.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59364g61s65.jpg)

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**

Columbia Variable Portfolio – Government Money Market Fund \| Class 2 **\|** ASR7009_31_(02/26) \|

# Columbia Variable Portfolio – Government Money Market Fund
Class 3

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Government Money Market 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 | $49 | 0.48% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $556618224 |
| **Total number of portfolio holdings** | 58 |
| **Management services fees (represents 0.29% of Fund average net assets)** | $1618439 |

---

Columbia Variable Portfolio – Government Money Market Fund \| Class 3 **\|** ASR7009_01_(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.

### Top Holdings

---

| | |
|:---|:---|
| Tri-party RBC Dominion Securities, Inc. 01/02/2026 3.800% | 21.5% |
| Federal Home Loan Banks 01/02/2026 1.770% | 11.0% |
| U.S. Treasury Bills 01/02/2026 1.820% | 5.4% |
| Federal National Mortgage Association 08/21/2026 3.890% | 3.6% |
| Federal Agricultural Mortgage Corp. 01/06/2027 3.850% | 2.9% |
| U.S. Treasury Bills 01/22/2026 3.530% | 2.7% |
| Federal Home Loan Banks Discount Notes 01/09/2026 3.610% | 1.8% |
| Fannie Mae Discount Notes 01/16/2026 3.380% | 1.8% |
| Federal Agricultural Mortgage Corp. Discount Notes 01/20/2026 3.520% | 1.8% |
| Tennessee Valley Authority Discount Notes 01/21/2026 3.500% | 1.8% |

---

#### Asset Categories

---

| | |
|:---|:---|
| U.S. Government & Agency Obligations | 66.7% |
| Repurchase Agreements | 21.5% |
| Treasury Bills | 9.0% |

---

## 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.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59364g61s65.jpg)

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**

Columbia Variable Portfolio – Government Money Market Fund \| Class 3 **\|** ASR7009_01_(02/26) \|

# Columbia Variable Portfolio – High Yield Bond Fund
Class 1

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – High Yield Bond 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 | $67 | 0.64% |

---

## 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
**Allocation** \| Allocations within printing & publishing, gas distribution, specialty retail and advertising contributed to the Fund's relative performance during the period.

**Selection** \| Security selection within specialty retail, support-services, electric-generation, advertising and gas distribution also positively impacted the Fund's relative performance.

**Credit** \| Allocations to BB, B, and CCC & lower rated debt all contributed to the Fund's performance during the period.

### Top Performance Detractors
**Allocation** \| Allocations in chemicals, media content and satellites weighed on the Fund's relative performance during the period.

**Selection** \| Selection within chemicals, real estate investment trusts (REITs) and cable & satellite TV detracted from the Fund's relative performance.

**Credit** \| The Fund's cash allocation during the period had a negative effect on performance relative to the benchmark during the period.

Columbia Variable Portfolio – High Yield Bond Fund \| Class 1 **\|** ASR7010_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](g59364g34h93.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Columbia Variable Portfolio – High Yield Bond Fund Class 1 ($17543)** | **Bloomberg U.S. Aggregate Bond Index ($12199)** | **ICE BofA US Cash Pay High Yield Constrained Index ($18626)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9923 | $10138 | $9842 |
| **02/16** | $10046 | $10210 | $9889 |
| **03/16** | $10294 | $10303 | $10323 |
| **04/16** | $10557 | $10343 | $10733 |
| **05/16** | $10557 | $10345 | $10804 |
| **06/16** | $10588 | $10531 | $10920 |
| **07/16** | $10821 | $10598 | $11197 |
| **08/16** | $11052 | $10586 | $11446 |
| **09/16** | $11101 | $10580 | $11521 |
| **10/16** | $11068 | $10499 | $11555 |
| **11/16** | $11019 | $10250 | $11509 |
| **12/16** | $11184 | $10265 | $11734 |
| **01/17** | $11299 | $10285 | $11892 |
| **02/17** | $11447 | $10354 | $12077 |
| **03/17** | $11414 | $10349 | $12052 |
| **04/17** | $11546 | $10428 | $12188 |
| **05/17** | $11645 | $10509 | $12298 |
| **06/17** | $11678 | $10498 | $12311 |
| **07/17** | $11827 | $10543 | $12454 |
| **08/17** | $11827 | $10638 | $12451 |
| **09/17** | $11896 | $10587 | $12563 |
| **10/17** | $11931 | $10593 | $12611 |
| **11/17** | $11896 | $10580 | $12576 |
| **12/17** | $11914 | $10628 | $12612 |
| **01/18** | $11948 | $10506 | $12693 |
| **02/18** | $11792 | $10406 | $12573 |
| **03/18** | $11705 | $10473 | $12494 |
| **04/18** | $11757 | $10395 | $12577 |
| **05/18** | $11705 | $10469 | $12575 |
| **06/18** | $11722 | $10456 | $12619 |
| **07/18** | $11879 | $10459 | $12761 |
| **08/18** | $11990 | $10526 | $12852 |
| **09/18** | $12064 | $10458 | $12927 |
| **10/18** | $11842 | $10376 | $12715 |
| **11/18** | $11750 | $10438 | $12602 |
| **12/18** | $11454 | $10630 | $12327 |
| **01/19** | $12027 | $10742 | $12893 |
| **02/19** | $12230 | $10736 | $13110 |
| **03/19** | $12341 | $10942 | $13239 |
| **04/19** | $12544 | $10945 | $13424 |
| **05/19** | $12415 | $11139 | $13253 |
| **06/19** | $12747 | $11279 | $13579 |
| **07/19** | $12827 | $11304 | $13648 |
| **08/19** | $12964 | $11597 | $13703 |
| **09/19** | $13028 | $11535 | $13746 |
| **10/19** | $13087 | $11570 | $13778 |
| **11/19** | $13166 | $11564 | $13815 |
| **12/19** | $13401 | $11556 | $14102 |
| **01/20** | $13381 | $11778 | $14103 |
| **02/20** | $13185 | $11990 | $13885 |
| **03/20** | $11753 | $11920 | $12258 |
| **04/20** | $12204 | $12132 | $12724 |
| **05/20** | $12832 | $12188 | $13302 |
| **06/20** | $12891 | $12265 | $13425 |
| **07/20** | $13546 | $12448 | $14062 |
| **08/20** | $13629 | $12348 | $14203 |
| **09/20** | $13463 | $12341 | $14056 |
| **10/20** | $13504 | $12286 | $14120 |
| **11/20** | $14024 | $12406 | $14681 |
| **12/20** | $14295 | $12424 | $14962 |
| **01/21** | $14295 | $12334 | $15010 |
| **02/21** | $14337 | $12156 | $15060 |
| **03/21** | $14357 | $12005 | $15084 |
| **04/21** | $14524 | $12099 | $15249 |
| **05/21** | $14545 | $12139 | $15291 |
| **06/21** | $14753 | $12224 | $15498 |
| **07/21** | $14788 | $12361 | $15555 |
| **08/21** | $14897 | $12337 | $15641 |
| **09/21** | $14875 | $12231 | $15645 |
| **10/21** | $14854 | $12227 | $15617 |
| **11/21** | $14700 | $12263 | $15455 |
| **12/21** | $15007 | $12232 | $15752 |
| **01/22** | $14569 | $11968 | $15320 |
| **02/22** | $14459 | $11835 | $15180 |
| **03/22** | $14350 | $11506 | $15042 |
| **04/22** | $13846 | $11069 | $14494 |
| **05/22** | $13890 | $11141 | $14537 |
| **06/22** | $12948 | $10966 | $13549 |
| **07/22** | $13774 | $11234 | $14366 |
| **08/22** | $13448 | $10917 | $14018 |
| **09/22** | $12912 | $10445 | $13457 |
| **10/22** | $13285 | $10310 | $13844 |
| **11/22** | $13541 | $10689 | $14110 |
| **12/22** | $13425 | $10641 | $14004 |
| **01/23** | $13891 | $10968 | $14547 |
| **02/23** | $13681 | $10684 | $14359 |
| **03/23** | $13891 | $10956 | $14518 |
| **04/23** | $14007 | $11022 | $14658 |
| **05/23** | $13867 | $10902 | $14517 |
| **06/23** | $14077 | $10863 | $14752 |
| **07/23** | $14248 | $10856 | $14963 |
| **08/23** | $14297 | $10786 | $15008 |
| **09/23** | $14100 | $10512 | $14830 |
| **10/23** | $13977 | $10346 | $14645 |
| **11/23** | $14568 | $10815 | $15316 |
| **12/23** | $15061 | $11229 | $15882 |
| **01/24** | $15037 | $11198 | $15883 |
| **02/24** | $15061 | $11040 | $15926 |
| **03/24** | $15209 | $11142 | $16114 |
| **04/24** | $15111 | $10860 | $15952 |
| **05/24** | $15308 | $11044 | $16128 |
| **06/24** | $15456 | $11149 | $16280 |
| **07/24** | $15704 | $11409 | $16597 |
| **08/24** | $15965 | $11573 | $16864 |
| **09/24** | $16148 | $11728 | $17137 |
| **10/24** | $16018 | $11437 | $17040 |
| **11/24** | $16201 | $11558 | $17234 |
| **12/24** | $16122 | $11369 | $17159 |
| **01/25** | $16332 | $11430 | $17397 |
| **02/25** | $16410 | $11681 | $17513 |
| **03/25** | $16279 | $11685 | $17325 |
| **04/25** | $16332 | $11731 | $17326 |
| **05/25** | $16620 | $11647 | $17618 |
| **06/25** | $16934 | $11826 | $17943 |
| **07/25** | $16986 | $11795 | $18013 |
| **08/25** | $17181 | $11936 | $18237 |
| **09/25** | $17292 | $12067 | $18375 |
| **10/25** | $17348 | $12142 | $18412 |
| **11/25** | $17431 | $12217 | $18507 |
| **12/25** | $17543 | $12199 | $18626 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 1 | 8.81 | 4.18 | 5.78 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| ICE BofA US Cash Pay High Yield Constrained Index | 8.55 | 4.48 | 6.42 |

---

**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** | $293921076 |
| **Total number of portfolio holdings** | 499 |
| **Management services fees (represents 0.65% of Fund average net assets)** | $1869854 |
| **Portfolio turnover for the reporting period** | 48% |

---

Columbia Variable Portfolio – High Yield Bond Fund \| Class 1 **\|** ASR7010_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.

### Top Holdings

---

| | |
|:---|:---|
| Columbia US High Yield ETF | 1.2% |
| HUB International, Ltd. 06/15/2030 7.250% | 0.8% |
| Cloud Software Group, Inc. 09/30/2029 9.000% | 0.7% |
| Condor Merger Sub, Inc. 02/15/2030 7.375% | 0.6% |
| Tenet Healthcare Corp. 11/01/2027 5.125% | 0.6% |
| DISH Network Corp. 11/15/2027 11.750% | 0.6% |
| Hilcorp Energy I LP/Finance Co. 11/01/2028 6.250% | 0.6% |
| Alliant Holdings Intermediate LLC/Co-Issuer 10/01/2032 7.375% | 0.6% |
| Herc Holdings, Inc. 06/15/2033 7.250% | 0.5% |
| Venture Global Plaquemines LNG LLC 01/15/2036 6.750% | 0.5% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 93.0% |
| Exchange-Traded Fixed Income Funds | 1.6% |
| Money Market Funds | 1.5% |
| Senior Loans | 1.4% |
| Other | 1.0% |

---

## 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](g59364g61s65.jpg)

Columbia Variable Portfolio – High Yield Bond Fund \| Class 1 **\|** ASR7010_01_12_D01_(02/26) \|

# Columbia Variable Portfolio – High Yield Bond Fund
Class 2

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – High Yield Bond 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 | $93 | 0.89% |

---

## 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
**Allocation** \| Allocations within printing & publishing, gas distribution, specialty retail and advertising contributed to the Fund's relative performance during the period.

**Selection** \| Security selection within specialty retail, support-services, electric-generation, advertising and gas distribution also positively impacted the Fund's relative performance.

**Credit** \| Allocations to BB, B, and CCC & lower rated debt all contributed to the Fund's performance during the period.

### Top Performance Detractors
**Allocation** \| Allocations in chemicals, media content and satellites weighed on the Fund's relative performance during the period.

**Selection** \| Selection within chemicals, real estate investment trusts (REITs) and cable & satellite TV detracted from the Fund's relative performance.

**Credit** \| The Fund's cash allocation during the period had a negative effect on performance relative to the benchmark during the period.

Columbia Variable Portfolio – High Yield Bond Fund \| Class 2 **\|** ASR7010_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](g59364g88h05.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Columbia Variable Portfolio – High Yield Bond Fund Class 2 ($17096)** | **Bloomberg U.S. Aggregate Bond Index ($12199)** | **ICE BofA US Cash Pay High Yield Constrained Index ($18626)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9922 | $10138 | $9842 |
| **02/16** | $10031 | $10210 | $9889 |
| **03/16** | $10296 | $10303 | $10323 |
| **04/16** | $10546 | $10343 | $10733 |
| **05/16** | $10546 | $10345 | $10804 |
| **06/16** | $10577 | $10531 | $10920 |
| **07/16** | $10801 | $10598 | $11197 |
| **08/16** | $11033 | $10586 | $11446 |
| **09/16** | $11066 | $10580 | $11521 |
| **10/16** | $11049 | $10499 | $11555 |
| **11/16** | $10983 | $10250 | $11509 |
| **12/16** | $11165 | $10265 | $11734 |
| **01/17** | $11281 | $10285 | $11892 |
| **02/17** | $11414 | $10354 | $12077 |
| **03/17** | $11381 | $10349 | $12052 |
| **04/17** | $11513 | $10428 | $12188 |
| **05/17** | $11612 | $10509 | $12298 |
| **06/17** | $11646 | $10498 | $12311 |
| **07/17** | $11784 | $10543 | $12454 |
| **08/17** | $11784 | $10638 | $12451 |
| **09/17** | $11854 | $10587 | $12563 |
| **10/17** | $11889 | $10593 | $12611 |
| **11/17** | $11854 | $10580 | $12576 |
| **12/17** | $11854 | $10628 | $12612 |
| **01/18** | $11889 | $10506 | $12693 |
| **02/18** | $11732 | $10406 | $12573 |
| **03/18** | $11644 | $10473 | $12494 |
| **04/18** | $11697 | $10395 | $12577 |
| **05/18** | $11644 | $10469 | $12575 |
| **06/18** | $11644 | $10456 | $12619 |
| **07/18** | $11806 | $10459 | $12761 |
| **08/18** | $11917 | $10526 | $12852 |
| **09/18** | $11972 | $10458 | $12927 |
| **10/18** | $11769 | $10376 | $12715 |
| **11/18** | $11658 | $10438 | $12602 |
| **12/18** | $11380 | $10630 | $12327 |
| **01/19** | $11935 | $10742 | $12893 |
| **02/19** | $12139 | $10736 | $13110 |
| **03/19** | $12250 | $10942 | $13239 |
| **04/19** | $12435 | $10945 | $13424 |
| **05/19** | $12305 | $11139 | $13253 |
| **06/19** | $12620 | $11279 | $13579 |
| **07/19** | $12706 | $11304 | $13648 |
| **08/19** | $12823 | $11597 | $13703 |
| **09/19** | $12907 | $11535 | $13746 |
| **10/19** | $12966 | $11570 | $13778 |
| **11/19** | $13045 | $11564 | $13815 |
| **12/19** | $13260 | $11556 | $14102 |
| **01/20** | $13241 | $11778 | $14103 |
| **02/20** | $13045 | $11990 | $13885 |
| **03/20** | $11632 | $11920 | $12258 |
| **04/20** | $12064 | $12132 | $12724 |
| **05/20** | $12672 | $12188 | $13302 |
| **06/20** | $12731 | $12265 | $13425 |
| **07/20** | $13391 | $12448 | $14062 |
| **08/20** | $13453 | $12348 | $14203 |
| **09/20** | $13308 | $12341 | $14056 |
| **10/20** | $13349 | $12286 | $14120 |
| **11/20** | $13847 | $12406 | $14681 |
| **12/20** | $14097 | $12424 | $14962 |
| **01/21** | $14117 | $12334 | $15010 |
| **02/21** | $14159 | $12156 | $15060 |
| **03/21** | $14159 | $12005 | $15084 |
| **04/21** | $14325 | $12099 | $15249 |
| **05/21** | $14346 | $12139 | $15291 |
| **06/21** | $14553 | $12224 | $15498 |
| **07/21** | $14597 | $12361 | $15555 |
| **08/21** | $14684 | $12337 | $15641 |
| **09/21** | $14662 | $12231 | $15645 |
| **10/21** | $14640 | $12227 | $15617 |
| **11/21** | $14488 | $12263 | $15455 |
| **12/21** | $14771 | $12232 | $15752 |
| **01/22** | $14335 | $11968 | $15320 |
| **02/22** | $14248 | $11835 | $15180 |
| **03/22** | $14139 | $11506 | $15042 |
| **04/22** | $13615 | $11069 | $14494 |
| **05/22** | $13659 | $11141 | $14537 |
| **06/22** | $12742 | $10966 | $13549 |
| **07/22** | $13550 | $11234 | $14366 |
| **08/22** | $13225 | $10917 | $14018 |
| **09/22** | $12693 | $10445 | $13457 |
| **10/22** | $13063 | $10310 | $13844 |
| **11/22** | $13318 | $10689 | $14110 |
| **12/22** | $13179 | $10641 | $14004 |
| **01/23** | $13642 | $10968 | $14547 |
| **02/23** | $13434 | $10684 | $14359 |
| **03/23** | $13642 | $10956 | $14518 |
| **04/23** | $13758 | $11022 | $14658 |
| **05/23** | $13619 | $10902 | $14517 |
| **06/23** | $13804 | $10863 | $14752 |
| **07/23** | $13985 | $10856 | $14963 |
| **08/23** | $14010 | $10786 | $15008 |
| **09/23** | $13839 | $10512 | $14830 |
| **10/23** | $13692 | $10346 | $14645 |
| **11/23** | $14279 | $10815 | $15316 |
| **12/23** | $14743 | $11229 | $15882 |
| **01/24** | $14743 | $11198 | $15883 |
| **02/24** | $14743 | $11040 | $15926 |
| **03/24** | $14890 | $11142 | $16114 |
| **04/24** | $14792 | $10860 | $15952 |
| **05/24** | $14988 | $11044 | $16128 |
| **06/24** | $15110 | $11149 | $16280 |
| **07/24** | $15369 | $11409 | $16597 |
| **08/24** | $15602 | $11573 | $16864 |
| **09/24** | $15783 | $11728 | $17137 |
| **10/24** | $15680 | $11437 | $17040 |
| **11/24** | $15835 | $11558 | $17234 |
| **12/24** | $15757 | $11369 | $17159 |
| **01/25** | $15965 | $11430 | $17397 |
| **02/25** | $16042 | $11681 | $17513 |
| **03/25** | $15913 | $11685 | $17325 |
| **04/25** | $15939 | $11731 | $17326 |
| **05/25** | $16250 | $11647 | $17618 |
| **06/25** | $16535 | $11826 | $17943 |
| **07/25** | $16573 | $11795 | $18013 |
| **08/25** | $16766 | $11936 | $18237 |
| **09/25** | $16876 | $12067 | $18375 |
| **10/25** | $16903 | $12142 | $18412 |
| **11/25** | $16986 | $12217 | $18507 |
| **12/25** | $17096 | $12199 | $18626 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 2 | 8.49 | 3.93 | 5.51 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| ICE BofA US Cash Pay High Yield Constrained Index | 8.55 | 4.48 | 6.42 |

---

**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** | $293921076 |
| **Total number of portfolio holdings** | 499 |
| **Management services fees (represents 0.65% of Fund average net assets)** | $1869854 |
| **Portfolio turnover for the reporting period** | 48% |

---

Columbia Variable Portfolio – High Yield Bond Fund \| Class 2 **\|** ASR7010_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.

### Top Holdings

---

| | |
|:---|:---|
| Columbia US High Yield ETF | 1.2% |
| HUB International, Ltd. 06/15/2030 7.250% | 0.8% |
| Cloud Software Group, Inc. 09/30/2029 9.000% | 0.7% |
| Condor Merger Sub, Inc. 02/15/2030 7.375% | 0.6% |
| Tenet Healthcare Corp. 11/01/2027 5.125% | 0.6% |
| DISH Network Corp. 11/15/2027 11.750% | 0.6% |
| Hilcorp Energy I LP/Finance Co. 11/01/2028 6.250% | 0.6% |
| Alliant Holdings Intermediate LLC/Co-Issuer 10/01/2032 7.375% | 0.6% |
| Herc Holdings, Inc. 06/15/2033 7.250% | 0.5% |
| Venture Global Plaquemines LNG LLC 01/15/2036 6.750% | 0.5% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 93.0% |
| Exchange-Traded Fixed Income Funds | 1.6% |
| Money Market Funds | 1.5% |
| Senior Loans | 1.4% |
| Other | 1.0% |

---

## 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](g59364g61s65.jpg)

Columbia Variable Portfolio – High Yield Bond Fund \| Class 2 **\|** ASR7010_02_12_D01_(02/26) \|

# Columbia Variable Portfolio – High Yield Bond Fund
Class 3

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – High Yield Bond 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 | $79 | 0.76% |

---

## 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
**Allocation** \| Allocations within printing & publishing, gas distribution, specialty retail and advertising contributed to the Fund's relative performance during the period.

**Selection** \| Security selection within specialty retail, support-services, electric-generation, advertising and gas distribution also positively impacted the Fund's relative performance.

**Credit** \| Allocations to BB, B, and CCC & lower rated debt all contributed to the Fund's performance during the period.

### Top Performance Detractors
**Allocation** \| Allocations in chemicals, media content and satellites weighed on the Fund's relative performance during the period.

**Selection** \| Selection within chemicals, real estate investment trusts (REITs) and cable & satellite TV detracted from the Fund's relative performance.

**Credit** \| The Fund's cash allocation during the period had a negative effect on performance relative to the benchmark during the period.

Columbia Variable Portfolio – High Yield Bond Fund \| Class 3 **\|** ASR7010_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](g59364g10k98.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Columbia Variable Portfolio – High Yield Bond Fund Class 3 ($17292)** | **Bloomberg U.S. Aggregate Bond Index ($12199)** | **ICE BofA US Cash Pay High Yield Constrained Index ($18626)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9907 | $10138 | $9842 |
| **02/16** | $10031 | $10210 | $9889 |
| **03/16** | $10295 | $10303 | $10323 |
| **04/16** | $10543 | $10343 | $10733 |
| **05/16** | $10543 | $10345 | $10804 |
| **06/16** | $10589 | $10531 | $10920 |
| **07/16** | $10810 | $10598 | $11197 |
| **08/16** | $11040 | $10586 | $11446 |
| **09/16** | $11073 | $10580 | $11521 |
| **10/16** | $11057 | $10499 | $11555 |
| **11/16** | $10991 | $10250 | $11509 |
| **12/16** | $11172 | $10265 | $11734 |
| **01/17** | $11288 | $10285 | $11892 |
| **02/17** | $11436 | $10354 | $12077 |
| **03/17** | $11403 | $10349 | $12052 |
| **04/17** | $11518 | $10428 | $12188 |
| **05/17** | $11634 | $10509 | $12298 |
| **06/17** | $11667 | $10498 | $12311 |
| **07/17** | $11801 | $10543 | $12454 |
| **08/17** | $11801 | $10638 | $12451 |
| **09/17** | $11871 | $10587 | $12563 |
| **10/17** | $11906 | $10593 | $12611 |
| **11/17** | $11871 | $10580 | $12576 |
| **12/17** | $11888 | $10628 | $12612 |
| **01/18** | $11923 | $10506 | $12693 |
| **02/18** | $11766 | $10406 | $12573 |
| **03/18** | $11662 | $10473 | $12494 |
| **04/18** | $11731 | $10395 | $12577 |
| **05/18** | $11662 | $10469 | $12575 |
| **06/18** | $11679 | $10456 | $12619 |
| **07/18** | $11837 | $10459 | $12761 |
| **08/18** | $11948 | $10526 | $12852 |
| **09/18** | $12021 | $10458 | $12927 |
| **10/18** | $11800 | $10376 | $12715 |
| **11/18** | $11708 | $10438 | $12602 |
| **12/18** | $11413 | $10630 | $12327 |
| **01/19** | $11984 | $10742 | $12893 |
| **02/19** | $12187 | $10736 | $13110 |
| **03/19** | $12298 | $10942 | $13239 |
| **04/19** | $12482 | $10945 | $13424 |
| **05/19** | $12335 | $11139 | $13253 |
| **06/19** | $12685 | $11279 | $13579 |
| **07/19** | $12768 | $11304 | $13648 |
| **08/19** | $12885 | $11597 | $13703 |
| **09/19** | $12969 | $11535 | $13746 |
| **10/19** | $13027 | $11570 | $13778 |
| **11/19** | $13086 | $11564 | $13815 |
| **12/19** | $13321 | $11556 | $14102 |
| **01/20** | $13301 | $11778 | $14103 |
| **02/20** | $13106 | $11990 | $13885 |
| **03/20** | $11678 | $11920 | $12258 |
| **04/20** | $12128 | $12132 | $12724 |
| **05/20** | $12734 | $12188 | $13302 |
| **06/20** | $12793 | $12265 | $13425 |
| **07/20** | $13468 | $12448 | $14062 |
| **08/20** | $13530 | $12348 | $14203 |
| **09/20** | $13364 | $12341 | $14056 |
| **10/20** | $13406 | $12286 | $14120 |
| **11/20** | $13924 | $12406 | $14681 |
| **12/20** | $14193 | $12424 | $14962 |
| **01/21** | $14193 | $12334 | $15010 |
| **02/21** | $14234 | $12156 | $15060 |
| **03/21** | $14255 | $12005 | $15084 |
| **04/21** | $14421 | $12099 | $15249 |
| **05/21** | $14421 | $12139 | $15291 |
| **06/21** | $14649 | $12224 | $15498 |
| **07/21** | $14687 | $12361 | $15555 |
| **08/21** | $14774 | $12337 | $15641 |
| **09/21** | $14752 | $12231 | $15645 |
| **10/21** | $14730 | $12227 | $15617 |
| **11/21** | $14578 | $12263 | $15455 |
| **12/21** | $14883 | $12232 | $15752 |
| **01/22** | $14447 | $11968 | $15320 |
| **02/22** | $14338 | $11835 | $15180 |
| **03/22** | $14229 | $11506 | $15042 |
| **04/22** | $13706 | $11069 | $14494 |
| **05/22** | $13772 | $11141 | $14537 |
| **06/22** | $12835 | $10966 | $13549 |
| **07/22** | $13660 | $11234 | $14366 |
| **08/22** | $13336 | $10917 | $14018 |
| **09/22** | $12804 | $10445 | $13457 |
| **10/22** | $13174 | $10310 | $13844 |
| **11/22** | $13429 | $10689 | $14110 |
| **12/22** | $13290 | $10641 | $14004 |
| **01/23** | $13753 | $10968 | $14547 |
| **02/23** | $13545 | $10684 | $14359 |
| **03/23** | $13753 | $10956 | $14518 |
| **04/23** | $13869 | $11022 | $14658 |
| **05/23** | $13730 | $10902 | $14517 |
| **06/23** | $13938 | $10863 | $14752 |
| **07/23** | $14113 | $10856 | $14963 |
| **08/23** | $14137 | $10786 | $15008 |
| **09/23** | $13966 | $10512 | $14830 |
| **10/23** | $13819 | $10346 | $14645 |
| **11/23** | $14406 | $10815 | $15316 |
| **12/23** | $14896 | $11229 | $15882 |
| **01/24** | $14871 | $11198 | $15883 |
| **02/24** | $14896 | $11040 | $15926 |
| **03/24** | $15042 | $11142 | $16114 |
| **04/24** | $14944 | $10860 | $15952 |
| **05/24** | $15116 | $11044 | $16128 |
| **06/24** | $15262 | $11149 | $16280 |
| **07/24** | $15541 | $11409 | $16597 |
| **08/24** | $15775 | $11573 | $16864 |
| **09/24** | $15956 | $11728 | $17137 |
| **10/24** | $15827 | $11437 | $17040 |
| **11/24** | $16008 | $11558 | $17234 |
| **12/24** | $15930 | $11369 | $17159 |
| **01/25** | $16138 | $11430 | $17397 |
| **02/25** | $16216 | $11681 | $17513 |
| **03/25** | $16060 | $11685 | $17325 |
| **04/25** | $16112 | $11731 | $17326 |
| **05/25** | $16423 | $11647 | $17618 |
| **06/25** | $16709 | $11826 | $17943 |
| **07/25** | $16768 | $11795 | $18013 |
| **08/25** | $16961 | $11936 | $18237 |
| **09/25** | $17071 | $12067 | $18375 |
| **10/25** | $17098 | $12142 | $18412 |
| **11/25** | $17209 | $12217 | $18507 |
| **12/25** | $17292 | $12199 | $18626 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 3 | 8.54 | 4.03 | 5.63 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| ICE BofA US Cash Pay High Yield Constrained Index | 8.55 | 4.48 | 6.42 |

---

**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** | $293921076 |
| **Total number of portfolio holdings** | 499 |
| **Management services fees (represents 0.65% of Fund average net assets)** | $1869854 |
| **Portfolio turnover for the reporting period** | 48% |

---

Columbia Variable Portfolio – High Yield Bond Fund \| Class 3 **\|** ASR7010_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.

### Top Holdings

---

| | |
|:---|:---|
| Columbia US High Yield ETF | 1.2% |
| HUB International, Ltd. 06/15/2030 7.250% | 0.8% |
| Cloud Software Group, Inc. 09/30/2029 9.000% | 0.7% |
| Condor Merger Sub, Inc. 02/15/2030 7.375% | 0.6% |
| Tenet Healthcare Corp. 11/01/2027 5.125% | 0.6% |
| DISH Network Corp. 11/15/2027 11.750% | 0.6% |
| Hilcorp Energy I LP/Finance Co. 11/01/2028 6.250% | 0.6% |
| Alliant Holdings Intermediate LLC/Co-Issuer 10/01/2032 7.375% | 0.6% |
| Herc Holdings, Inc. 06/15/2033 7.250% | 0.5% |
| Venture Global Plaquemines LNG LLC 01/15/2036 6.750% | 0.5% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 93.0% |
| Exchange-Traded Fixed Income Funds | 1.6% |
| Money Market Funds | 1.5% |
| Senior Loans | 1.4% |
| Other | 1.0% |

---

## 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](g59364g61s65.jpg)

Columbia Variable Portfolio – High Yield Bond Fund \| Class 3 **\|** ASR7010_03_12_D01_(02/26) \|

# Columbia Variable Portfolio – Income Opportunities Fund
Class 1

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Income Opportunities 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 | $67 | 0.64% |

---

## 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
**Allocation** \| Allocation within forestry & paper, gas distribution and automakers contributed to the Fund's performance versus the benchmark during the period.

**Selection** \| Overall security selection was positive for the Fund, particularly in specialty retail companies, support services and advertising companies.

**Credit** \| Allocations to BB, B, and CCC & lower rated debt contributed to positive Fund returns for the period.

### Top Performance Detractors
**Allocation** \| Allocation effects were overall negative during the period, with the exception of a few areas already noted above. Most notably, Fund allocations in chemicals, media content and food & drug retailers detracted most from the Fund's relative performance.

**Selection** \| Despite overall positive selection effects, some security selection partially offset the Fund's relative performance. Most notable was selection within chemical companies, followed by food – wholesale and real estate investment trusts (REITs).

**Credit** \| The Fund's cash allocation during the period also negatively impacted relative Fund performance.

Columbia Variable Portfolio – Income Opportunities Fund \| Class 1 **\|** ASR7011_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](g59364g51e38.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Columbia Variable Portfolio – Income Opportunities Fund Class 1 ($16958)** | **Bloomberg U.S. Aggregate Bond Index ($12199)** | **ICE BofA BB-B US Cash Pay High Yield Constrained Index ($17980)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9901 | $10138 | $9876 |
| **02/16** | $10012 | $10210 | $9957 |
| **03/16** | $10273 | $10303 | $10316 |
| **04/16** | $10508 | $10343 | $10663 |
| **05/16** | $10508 | $10345 | $10698 |
| **06/16** | $10535 | $10531 | $10793 |
| **07/16** | $10770 | $10598 | $11057 |
| **08/16** | $11005 | $10586 | $11279 |
| **09/16** | $11034 | $10580 | $11332 |
| **10/16** | $11020 | $10499 | $11347 |
| **11/16** | $10932 | $10250 | $11287 |
| **12/16** | $11093 | $10265 | $11476 |
| **01/17** | $11225 | $10285 | $11607 |
| **02/17** | $11386 | $10354 | $11755 |
| **03/17** | $11342 | $10349 | $11738 |
| **04/17** | $11475 | $10428 | $11881 |
| **05/17** | $11563 | $10509 | $11978 |
| **06/17** | $11602 | $10498 | $11996 |
| **07/17** | $11742 | $10543 | $12123 |
| **08/17** | $11727 | $10638 | $12135 |
| **09/17** | $11805 | $10587 | $12229 |
| **10/17** | $11852 | $10593 | $12284 |
| **11/17** | $11805 | $10580 | $12252 |
| **12/17** | $11820 | $10628 | $12276 |
| **01/18** | $11836 | $10506 | $12329 |
| **02/18** | $11680 | $10406 | $12208 |
| **03/18** | $11586 | $10473 | $12140 |
| **04/18** | $11648 | $10395 | $12207 |
| **05/18** | $11586 | $10469 | $12192 |
| **06/18** | $11607 | $10456 | $12219 |
| **07/18** | $11755 | $10459 | $12350 |
| **08/18** | $11887 | $10526 | $12447 |
| **09/18** | $11937 | $10458 | $12510 |
| **10/18** | $11739 | $10376 | $12326 |
| **11/18** | $11657 | $10438 | $12259 |
| **12/18** | $11377 | $10630 | $12026 |
| **01/19** | $11937 | $10742 | $12559 |
| **02/19** | $12118 | $10736 | $12766 |
| **03/19** | $12233 | $10942 | $12909 |
| **04/19** | $12414 | $10945 | $13074 |
| **05/19** | $12282 | $11139 | $12937 |
| **06/19** | $12623 | $11279 | $13272 |
| **07/19** | $12693 | $11304 | $13350 |
| **08/19** | $12831 | $11597 | $13447 |
| **09/19** | $12903 | $11535 | $13494 |
| **10/19** | $12955 | $11570 | $13538 |
| **11/19** | $13042 | $11564 | $13620 |
| **12/19** | $13250 | $11556 | $13840 |
| **01/20** | $13233 | $11778 | $13850 |
| **02/20** | $13042 | $11990 | $13651 |
| **03/20** | $11655 | $11920 | $12198 |
| **04/20** | $12123 | $12132 | $12708 |
| **05/20** | $12678 | $12188 | $13264 |
| **06/20** | $12713 | $12265 | $13347 |
| **07/20** | $13358 | $12448 | $13990 |
| **08/20** | $13431 | $12348 | $14098 |
| **09/20** | $13267 | $12341 | $13926 |
| **10/20** | $13322 | $12286 | $13990 |
| **11/20** | $13795 | $12406 | $14483 |
| **12/20** | $14032 | $12424 | $14715 |
| **01/21** | $14013 | $12334 | $14729 |
| **02/21** | $14050 | $12156 | $14751 |
| **03/21** | $14050 | $12005 | $14756 |
| **04/21** | $14195 | $12099 | $14911 |
| **05/21** | $14214 | $12139 | $14945 |
| **06/21** | $14414 | $12224 | $15135 |
| **07/21** | $14462 | $12361 | $15202 |
| **08/21** | $14542 | $12337 | $15283 |
| **09/21** | $14542 | $12231 | $15277 |
| **10/21** | $14502 | $12227 | $15251 |
| **11/21** | $14362 | $12263 | $15100 |
| **12/21** | $14663 | $12232 | $15388 |
| **01/22** | $14222 | $11968 | $14951 |
| **02/22** | $14122 | $11835 | $14816 |
| **03/22** | $14022 | $11506 | $14683 |
| **04/22** | $13522 | $11069 | $14158 |
| **05/22** | $13622 | $11141 | $14252 |
| **06/22** | $12722 | $10966 | $13289 |
| **07/22** | $13524 | $11234 | $14109 |
| **08/22** | $13217 | $10917 | $13722 |
| **09/22** | $12711 | $10445 | $13189 |
| **10/22** | $13063 | $10310 | $13583 |
| **11/22** | $13304 | $10689 | $13863 |
| **12/22** | $13195 | $10641 | $13758 |
| **01/23** | $13634 | $10968 | $14254 |
| **02/23** | $13414 | $10684 | $14045 |
| **03/23** | $13634 | $10956 | $14246 |
| **04/23** | $13744 | $11022 | $14368 |
| **05/23** | $13612 | $10902 | $14226 |
| **06/23** | $13788 | $10863 | $14424 |
| **07/23** | $13955 | $10856 | $14611 |
| **08/23** | $14001 | $10786 | $14640 |
| **09/23** | $13816 | $10512 | $14456 |
| **10/23** | $13700 | $10346 | $14316 |
| **11/23** | $14279 | $10815 | $14973 |
| **12/23** | $14720 | $11229 | $15485 |
| **01/24** | $14720 | $11198 | $15496 |
| **02/24** | $14720 | $11040 | $15504 |
| **03/24** | $14882 | $11142 | $15686 |
| **04/24** | $14789 | $10860 | $15542 |
| **05/24** | $14952 | $11044 | $15716 |
| **06/24** | $15114 | $11149 | $15876 |
| **07/24** | $15344 | $11409 | $16141 |
| **08/24** | $15564 | $11573 | $16389 |
| **09/24** | $15712 | $11728 | $16573 |
| **10/24** | $15589 | $11437 | $16453 |
| **11/24** | $15736 | $11558 | $16630 |
| **12/24** | $15589 | $11369 | $16543 |
| **01/25** | $15810 | $11430 | $16765 |
| **02/25** | $15908 | $11681 | $16878 |
| **03/25** | $15761 | $11685 | $16734 |
| **04/25** | $15835 | $11731 | $16746 |
| **05/25** | $16105 | $11647 | $16997 |
| **06/25** | $16399 | $11826 | $17314 |
| **07/25** | $16432 | $11795 | $17360 |
| **08/25** | $16633 | $11936 | $17566 |
| **09/25** | $16733 | $12067 | $17705 |
| **10/25** | $16758 | $12142 | $17753 |
| **11/25** | $16858 | $12217 | $17869 |
| **12/25** | $16958 | $12199 | $17980 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 1 | 8.78 | 3.86 | 5.42 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| ICE BofA BB-B US Cash Pay High Yield Constrained Index | 8.69 | 4.09 | 6.04 |

---

**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** | $520738396 |
| **Total number of portfolio holdings** | 483 |
| **Management services fees (represents 0.65% of Fund average net assets)** | $3359451 |
| **Portfolio turnover for the reporting period** | 44% |

---

Columbia Variable Portfolio – Income Opportunities Fund \| Class 1 **\|** ASR7011_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.

### Top Holdings

---

| | |
|:---|:---|
| Columbia Short Duration High Yield ETF | 1.3% |
| TransDigm, Inc. 03/01/2032 6.625% | 0.7% |
| Picard Midco, Inc. 03/31/2029 6.500% | 0.6% |
| Hudbay Minerals, Inc. 04/01/2029 6.125% | 0.6% |
| CCO Holdings LLC/Capital Corp. 08/15/2030 4.500% | 0.6% |
| NuStar Logistics LP 04/28/2027 5.625% | 0.6% |
| HUB International, Ltd. 06/15/2030 7.250% | 0.6% |
| Herc Holdings, Inc. 06/15/2033 7.250% | 0.6% |
| Aretec Escrow Issuer 2, Inc. 08/15/2030 10.000% | 0.6% |
| Shift4 Payments LLC/Finance Sub, Inc. 08/15/2032 6.750% | 0.5% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 93.3% |
| Senior Loans | 1.6% |
| Money Market Funds | 1.4% |
| Exchange-Traded Fixed Income Funds | 1.3% |
| Other | 0.9% |

---

## 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](g59364g61s65.jpg)

Columbia Variable Portfolio – Income Opportunities Fund \| Class 1 **\|** ASR7011_01_12_D01_(02/26) \|

# Columbia Variable Portfolio – Income Opportunities Fund
Class 2

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Income Opportunities 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 | $93 | 0.89% |

---

## 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
**Allocation** \| Allocation within forestry & paper, gas distribution and automakers contributed to the Fund's performance versus the benchmark during the period.

**Selection** \| Overall security selection was positive for the Fund, particularly in specialty retail companies, support services and advertising companies.

**Credit** \| Allocations to BB, B, and CCC & lower rated debt contributed to positive Fund returns for the period.

### Top Performance Detractors
**Allocation** \| Allocation effects were overall negative during the period, with the exception of a few areas already noted above. Most notably, Fund allocations in chemicals, media content and food & drug retailers detracted most from the Fund's relative performance.

**Selection** \| Despite overall positive selection effects, some security selection partially offset the Fund's relative performance. Most notable was selection within chemical companies, followed by food – wholesale and real estate investment trusts (REITs).

**Credit** \| The Fund's cash allocation during the period also negatively impacted relative Fund performance.

Columbia Variable Portfolio – Income Opportunities Fund \| Class 2 **\|** ASR7011_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](g59364g06g37.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Columbia Variable Portfolio – Income Opportunities Fund Class 2 ($16561)** | **Bloomberg U.S. Aggregate Bond Index ($12199)** | **ICE BofA BB-B US Cash Pay High Yield Constrained Index ($17980)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9900 | $10138 | $9876 |
| **02/16** | $10012 | $10210 | $9957 |
| **03/16** | $10274 | $10303 | $10316 |
| **04/16** | $10511 | $10343 | $10663 |
| **05/16** | $10511 | $10345 | $10698 |
| **06/16** | $10535 | $10531 | $10793 |
| **07/16** | $10771 | $10598 | $11057 |
| **08/16** | $10992 | $10586 | $11279 |
| **09/16** | $11021 | $10580 | $11332 |
| **10/16** | $11007 | $10499 | $11347 |
| **11/16** | $10918 | $10250 | $11287 |
| **12/16** | $11080 | $10265 | $11476 |
| **01/17** | $11213 | $10285 | $11607 |
| **02/17** | $11360 | $10354 | $11755 |
| **03/17** | $11316 | $10349 | $11738 |
| **04/17** | $11449 | $10428 | $11881 |
| **05/17** | $11537 | $10509 | $11978 |
| **06/17** | $11579 | $10498 | $11996 |
| **07/17** | $11704 | $10543 | $12123 |
| **08/17** | $11704 | $10638 | $12135 |
| **09/17** | $11767 | $10587 | $12229 |
| **10/17** | $11814 | $10593 | $12284 |
| **11/17** | $11767 | $10580 | $12252 |
| **12/17** | $11767 | $10628 | $12276 |
| **01/18** | $11798 | $10506 | $12329 |
| **02/18** | $11642 | $10406 | $12208 |
| **03/18** | $11532 | $10473 | $12140 |
| **04/18** | $11595 | $10395 | $12207 |
| **05/18** | $11532 | $10469 | $12192 |
| **06/18** | $11538 | $10456 | $12219 |
| **07/18** | $11703 | $10459 | $12350 |
| **08/18** | $11818 | $10526 | $12447 |
| **09/18** | $11867 | $10458 | $12510 |
| **10/18** | $11670 | $10376 | $12326 |
| **11/18** | $11587 | $10438 | $12259 |
| **12/18** | $11308 | $10630 | $12026 |
| **01/19** | $11851 | $10742 | $12559 |
| **02/19** | $12032 | $10736 | $12766 |
| **03/19** | $12147 | $10942 | $12909 |
| **04/19** | $12328 | $10945 | $13074 |
| **05/19** | $12196 | $11139 | $12937 |
| **06/19** | $12523 | $11279 | $13272 |
| **07/19** | $12592 | $11304 | $13350 |
| **08/19** | $12730 | $11597 | $13447 |
| **09/19** | $12785 | $11535 | $13494 |
| **10/19** | $12837 | $11570 | $13538 |
| **11/19** | $12923 | $11564 | $13620 |
| **12/19** | $13131 | $11556 | $13840 |
| **01/20** | $13114 | $11778 | $13850 |
| **02/20** | $12923 | $11990 | $13651 |
| **03/20** | $11539 | $11920 | $12198 |
| **04/20** | $12006 | $12132 | $12708 |
| **05/20** | $12560 | $12188 | $13264 |
| **06/20** | $12577 | $12265 | $13347 |
| **07/20** | $13224 | $12448 | $13990 |
| **08/20** | $13278 | $12348 | $14098 |
| **09/20** | $13115 | $12341 | $13926 |
| **10/20** | $13169 | $12286 | $13990 |
| **11/20** | $13640 | $12406 | $14483 |
| **12/20** | $13876 | $12424 | $14715 |
| **01/21** | $13858 | $12334 | $14729 |
| **02/21** | $13876 | $12156 | $14751 |
| **03/21** | $13858 | $12005 | $14756 |
| **04/21** | $14021 | $12099 | $14911 |
| **05/21** | $14039 | $12139 | $14945 |
| **06/21** | $14220 | $12224 | $15135 |
| **07/21** | $14271 | $12361 | $15202 |
| **08/21** | $14351 | $12337 | $15283 |
| **09/21** | $14331 | $12231 | $15277 |
| **10/21** | $14311 | $12227 | $15251 |
| **11/21** | $14172 | $12263 | $15100 |
| **12/21** | $14450 | $12232 | $15388 |
| **01/22** | $14033 | $11968 | $14951 |
| **02/22** | $13914 | $11835 | $14816 |
| **03/22** | $13814 | $11506 | $14683 |
| **04/22** | $13317 | $11069 | $14158 |
| **05/22** | $13397 | $11141 | $14252 |
| **06/22** | $12522 | $10966 | $13289 |
| **07/22** | $13301 | $11234 | $14109 |
| **08/22** | $12996 | $10917 | $13722 |
| **09/22** | $12494 | $10445 | $13189 |
| **10/22** | $12843 | $10310 | $13583 |
| **11/22** | $13083 | $10689 | $13863 |
| **12/22** | $12974 | $10641 | $13758 |
| **01/23** | $13388 | $10968 | $14254 |
| **02/23** | $13170 | $10684 | $14045 |
| **03/23** | $13410 | $10956 | $14246 |
| **04/23** | $13497 | $11022 | $14368 |
| **05/23** | $13366 | $10902 | $14226 |
| **06/23** | $13541 | $10863 | $14424 |
| **07/23** | $13714 | $10856 | $14611 |
| **08/23** | $13737 | $10786 | $14640 |
| **09/23** | $13554 | $10512 | $14456 |
| **10/23** | $13439 | $10346 | $14316 |
| **11/23** | $13989 | $10815 | $14973 |
| **12/23** | $14448 | $11229 | $15485 |
| **01/24** | $14425 | $11198 | $15496 |
| **02/24** | $14448 | $11040 | $15504 |
| **03/24** | $14586 | $11142 | $15686 |
| **04/24** | $14494 | $10860 | $15542 |
| **05/24** | $14654 | $11044 | $15716 |
| **06/24** | $14792 | $11149 | $15876 |
| **07/24** | $15031 | $11409 | $16141 |
| **08/24** | $15249 | $11573 | $16389 |
| **09/24** | $15370 | $11728 | $16573 |
| **10/24** | $15249 | $11437 | $16453 |
| **11/24** | $15395 | $11558 | $16630 |
| **12/24** | $15273 | $11369 | $16543 |
| **01/25** | $15467 | $11430 | $16765 |
| **02/25** | $15564 | $11681 | $16878 |
| **03/25** | $15419 | $11685 | $16734 |
| **04/25** | $15492 | $11731 | $16746 |
| **05/25** | $15758 | $11647 | $16997 |
| **06/25** | $16025 | $11826 | $17314 |
| **07/25** | $16067 | $11795 | $17360 |
| **08/25** | $16240 | $11936 | $17566 |
| **09/25** | $16339 | $12067 | $17705 |
| **10/25** | $16388 | $12142 | $17753 |
| **11/25** | $16462 | $12217 | $17869 |
| **12/25** | $16561 | $12199 | $17980 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 2 | 8.43 | 3.60 | 5.17 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| ICE BofA BB-B US Cash Pay High Yield Constrained Index | 8.69 | 4.09 | 6.04 |

---

**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** | $520738396 |
| **Total number of portfolio holdings** | 483 |
| **Management services fees (represents 0.65% of Fund average net assets)** | $3359451 |
| **Portfolio turnover for the reporting period** | 44% |

---

Columbia Variable Portfolio – Income Opportunities Fund \| Class 2 **\|** ASR7011_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.

### Top Holdings

---

| | |
|:---|:---|
| Columbia Short Duration High Yield ETF | 1.3% |
| TransDigm, Inc. 03/01/2032 6.625% | 0.7% |
| Picard Midco, Inc. 03/31/2029 6.500% | 0.6% |
| Hudbay Minerals, Inc. 04/01/2029 6.125% | 0.6% |
| CCO Holdings LLC/Capital Corp. 08/15/2030 4.500% | 0.6% |
| NuStar Logistics LP 04/28/2027 5.625% | 0.6% |
| HUB International, Ltd. 06/15/2030 7.250% | 0.6% |
| Herc Holdings, Inc. 06/15/2033 7.250% | 0.6% |
| Aretec Escrow Issuer 2, Inc. 08/15/2030 10.000% | 0.6% |
| Shift4 Payments LLC/Finance Sub, Inc. 08/15/2032 6.750% | 0.5% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 93.3% |
| Senior Loans | 1.6% |
| Money Market Funds | 1.4% |
| Exchange-Traded Fixed Income Funds | 1.3% |
| Other | 0.9% |

---

## 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](g59364g61s65.jpg)

Columbia Variable Portfolio – Income Opportunities Fund \| Class 2 **\|** ASR7011_02_12_D01_(02/26) \|

# Columbia Variable Portfolio – Income Opportunities Fund
Class 3

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Income Opportunities 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 | $79 | 0.76% |

---

## 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
**Allocation** \| Allocation within forestry & paper, gas distribution and automakers contributed to the Fund's performance versus the benchmark during the period.

**Selection** \| Overall security selection was positive for the Fund, particularly in specialty retail companies, support services and advertising companies.

**Credit** \| Allocations to BB, B, and CCC & lower rated debt contributed to positive Fund returns for the period.

### Top Performance Detractors
**Allocation** \| Allocation effects were overall negative during the period, with the exception of a few areas already noted above. Most notably, Fund allocations in chemicals, media content and food & drug retailers detracted most from the Fund's relative performance.

**Selection** \| Despite overall positive selection effects, some security selection partially offset the Fund's relative performance. Most notable was selection within chemical companies, followed by food – wholesale and real estate investment trusts (REITs).

**Credit** \| The Fund's cash allocation during the period also negatively impacted relative Fund performance.

Columbia Variable Portfolio – Income Opportunities Fund \| Class 3 **\|** ASR7011_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](g59364g26l86.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Columbia Variable Portfolio – Income Opportunities Fund Class 3 ($16760)** | **Bloomberg U.S. Aggregate Bond Index ($12199)** | **ICE BofA BB-B US Cash Pay High Yield Constrained Index ($17980)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9901 | $10138 | $9876 |
| **02/16** | $10012 | $10210 | $9957 |
| **03/16** | $10272 | $10303 | $10316 |
| **04/16** | $10506 | $10343 | $10663 |
| **05/16** | $10506 | $10345 | $10698 |
| **06/16** | $10532 | $10531 | $10793 |
| **07/16** | $10765 | $10598 | $11057 |
| **08/16** | $10998 | $10586 | $11279 |
| **09/16** | $11028 | $10580 | $11332 |
| **10/16** | $11013 | $10499 | $11347 |
| **11/16** | $10925 | $10250 | $11287 |
| **12/16** | $11086 | $10265 | $11476 |
| **01/17** | $11217 | $10285 | $11607 |
| **02/17** | $11363 | $10354 | $11755 |
| **03/17** | $11319 | $10349 | $11738 |
| **04/17** | $11451 | $10428 | $11881 |
| **05/17** | $11553 | $10509 | $11978 |
| **06/17** | $11577 | $10498 | $11996 |
| **07/17** | $11716 | $10543 | $12123 |
| **08/17** | $11716 | $10638 | $12135 |
| **09/17** | $11794 | $10587 | $12229 |
| **10/17** | $11825 | $10593 | $12284 |
| **11/17** | $11778 | $10580 | $12252 |
| **12/17** | $11794 | $10628 | $12276 |
| **01/18** | $11809 | $10506 | $12329 |
| **02/18** | $11654 | $10406 | $12208 |
| **03/18** | $11561 | $10473 | $12140 |
| **04/18** | $11623 | $10395 | $12207 |
| **05/18** | $11561 | $10469 | $12192 |
| **06/18** | $11567 | $10456 | $12219 |
| **07/18** | $11730 | $10459 | $12350 |
| **08/18** | $11844 | $10526 | $12447 |
| **09/18** | $11893 | $10458 | $12510 |
| **10/18** | $11698 | $10376 | $12326 |
| **11/18** | $11616 | $10438 | $12259 |
| **12/18** | $11339 | $10630 | $12026 |
| **01/19** | $11893 | $10742 | $12559 |
| **02/19** | $12073 | $10736 | $12766 |
| **03/19** | $12187 | $10942 | $12909 |
| **04/19** | $12367 | $10945 | $13074 |
| **05/19** | $12236 | $11139 | $12937 |
| **06/19** | $12576 | $11279 | $13272 |
| **07/19** | $12645 | $11304 | $13350 |
| **08/19** | $12765 | $11597 | $13447 |
| **09/19** | $12836 | $11535 | $13494 |
| **10/19** | $12887 | $11570 | $13538 |
| **11/19** | $12973 | $11564 | $13620 |
| **12/19** | $13179 | $11556 | $13840 |
| **01/20** | $13162 | $11778 | $13850 |
| **02/20** | $12973 | $11990 | $13651 |
| **03/20** | $11600 | $11920 | $12198 |
| **04/20** | $12046 | $12132 | $12708 |
| **05/20** | $12613 | $12188 | $13264 |
| **06/20** | $12647 | $12265 | $13347 |
| **07/20** | $13288 | $12448 | $13990 |
| **08/20** | $13360 | $12348 | $14098 |
| **09/20** | $13180 | $12341 | $13926 |
| **10/20** | $13252 | $12286 | $13990 |
| **11/20** | $13701 | $12406 | $14483 |
| **12/20** | $13935 | $12424 | $14715 |
| **01/21** | $13935 | $12334 | $14729 |
| **02/21** | $13953 | $12156 | $14751 |
| **03/21** | $13953 | $12005 | $14756 |
| **04/21** | $14097 | $12099 | $14911 |
| **05/21** | $14115 | $12139 | $14945 |
| **06/21** | $14313 | $12224 | $15135 |
| **07/21** | $14362 | $12361 | $15202 |
| **08/21** | $14440 | $12337 | $15283 |
| **09/21** | $14440 | $12231 | $15277 |
| **10/21** | $14401 | $12227 | $15251 |
| **11/21** | $14263 | $12263 | $15100 |
| **12/21** | $14559 | $12232 | $15388 |
| **01/22** | $14125 | $11968 | $14951 |
| **02/22** | $14026 | $11835 | $14816 |
| **03/22** | $13908 | $11506 | $14683 |
| **04/22** | $13415 | $11069 | $14158 |
| **05/22** | $13513 | $11141 | $14252 |
| **06/22** | $12626 | $10966 | $13289 |
| **07/22** | $13397 | $11234 | $14109 |
| **08/22** | $13094 | $10917 | $13722 |
| **09/22** | $12596 | $10445 | $13189 |
| **10/22** | $12964 | $10310 | $13583 |
| **11/22** | $13180 | $10689 | $13863 |
| **12/22** | $13072 | $10641 | $13758 |
| **01/23** | $13505 | $10968 | $14254 |
| **02/23** | $13288 | $10684 | $14045 |
| **03/23** | $13526 | $10956 | $14246 |
| **04/23** | $13613 | $11022 | $14368 |
| **05/23** | $13483 | $10902 | $14226 |
| **06/23** | $13656 | $10863 | $14424 |
| **07/23** | $13825 | $10856 | $14611 |
| **08/23** | $13871 | $10786 | $14640 |
| **09/23** | $13688 | $10512 | $14456 |
| **10/23** | $13552 | $10346 | $14316 |
| **11/23** | $14121 | $10815 | $14973 |
| **12/23** | $14577 | $11229 | $15485 |
| **01/24** | $14577 | $11198 | $15496 |
| **02/24** | $14577 | $11040 | $15504 |
| **03/24** | $14736 | $11142 | $15686 |
| **04/24** | $14622 | $10860 | $15542 |
| **05/24** | $14804 | $11044 | $15716 |
| **06/24** | $14941 | $11149 | $15876 |
| **07/24** | $15171 | $11409 | $16141 |
| **08/24** | $15412 | $11573 | $16389 |
| **09/24** | $15532 | $11728 | $16573 |
| **10/24** | $15412 | $11437 | $16453 |
| **11/24** | $15556 | $11558 | $16630 |
| **12/24** | $15436 | $11369 | $16543 |
| **01/25** | $15653 | $11430 | $16765 |
| **02/25** | $15725 | $11681 | $16878 |
| **03/25** | $15605 | $11685 | $16734 |
| **04/25** | $15653 | $11731 | $16746 |
| **05/25** | $15918 | $11647 | $16997 |
| **06/25** | $16207 | $11826 | $17314 |
| **07/25** | $16245 | $11795 | $17360 |
| **08/25** | $16441 | $11936 | $17566 |
| **09/25** | $16539 | $12067 | $17705 |
| **10/25** | $16564 | $12142 | $17753 |
| **11/25** | $16662 | $12217 | $17869 |
| **12/25** | $16760 | $12199 | $17980 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 3 | 8.58 | 3.76 | 5.30 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| ICE BofA BB-B US Cash Pay High Yield Constrained Index | 8.69 | 4.09 | 6.04 |

---

**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** | $520738396 |
| **Total number of portfolio holdings** | 483 |
| **Management services fees (represents 0.65% of Fund average net assets)** | $3359451 |
| **Portfolio turnover for the reporting period** | 44% |

---

Columbia Variable Portfolio – Income Opportunities Fund \| Class 3 **\|** ASR7011_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.

### Top Holdings

---

| | |
|:---|:---|
| Columbia Short Duration High Yield ETF | 1.3% |
| TransDigm, Inc. 03/01/2032 6.625% | 0.7% |
| Picard Midco, Inc. 03/31/2029 6.500% | 0.6% |
| Hudbay Minerals, Inc. 04/01/2029 6.125% | 0.6% |
| CCO Holdings LLC/Capital Corp. 08/15/2030 4.500% | 0.6% |
| NuStar Logistics LP 04/28/2027 5.625% | 0.6% |
| HUB International, Ltd. 06/15/2030 7.250% | 0.6% |
| Herc Holdings, Inc. 06/15/2033 7.250% | 0.6% |
| Aretec Escrow Issuer 2, Inc. 08/15/2030 10.000% | 0.6% |
| Shift4 Payments LLC/Finance Sub, Inc. 08/15/2032 6.750% | 0.5% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 93.3% |
| Senior Loans | 1.6% |
| Money Market Funds | 1.4% |
| Exchange-Traded Fixed Income Funds | 1.3% |
| Other | 0.9% |

---

## 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](g59364g61s65.jpg)

Columbia Variable Portfolio – Income Opportunities Fund \| Class 3 **\|** ASR7011_03_12_D01_(02/26) \|

# Columbia Variable Portfolio – Intermediate Bond Fund
Class 1

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Intermediate Bond 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 | $55 | 0.53% |

---

## 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
**Duration** \| The Fund's longer-than-benchmark duration positioning contributed to relative performance as Treasury yields moved lower across most maturities.

**Sector Allocation** \| Overall, sector allocation decisions contributed to the Fund's relative performance. Contributions primarily came from an overweight to agency mortgages and out-of-benchmark allocations to high-yield corporates and emerging market debt.

**Security Selection** \| Overall, security selection contributed to relative results. Contributions primarily came from positive selections across structured credit sectors, including residential and commercial mortgages as well as asset-backed securities. Additionally, positive selection came from the investment-grade corporate sector.

### Top Performance Detractors
**Sector Allocation** \| An underweight to commercial mortgages, as well as an overweight to asset backed securities, detracted from the Fund's relative performance.

**Security Selection** \| A slight detraction from the Fund's relative performance came from selection within emerging market debt.

Columbia Variable Portfolio – Intermediate Bond Fund \| Class 1 **\|** ASR7012_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](g59364g43q89.jpg)

---

| | | |
|:---|:---|:---|
| | **Columbia Variable Portfolio – Intermediate Bond Fund Class 1 ($13137)** | **Bloomberg U.S. Aggregate Bond Index ($12199)** |
| **12/15** | $10000 | $10000 |
| **01/16** | $10089 | $10138 |
| **02/16** | $10129 | $10210 |
| **03/16** | $10278 | $10303 |
| **04/16** | $10407 | $10343 |
| **05/16** | $10427 | $10345 |
| **06/16** | $10589 | $10531 |
| **07/16** | $10690 | $10598 |
| **08/16** | $10721 | $10586 |
| **09/16** | $10721 | $10580 |
| **10/16** | $10670 | $10499 |
| **11/16** | $10437 | $10250 |
| **12/16** | $10468 | $10265 |
| **01/17** | $10528 | $10285 |
| **02/17** | $10599 | $10354 |
| **03/17** | $10579 | $10349 |
| **04/17** | $10660 | $10428 |
| **05/17** | $10741 | $10509 |
| **06/17** | $10746 | $10498 |
| **07/17** | $10809 | $10543 |
| **08/17** | $10882 | $10638 |
| **09/17** | $10851 | $10587 |
| **10/17** | $10851 | $10593 |
| **11/17** | $10830 | $10580 |
| **12/17** | $10872 | $10628 |
| **01/18** | $10798 | $10506 |
| **02/18** | $10704 | $10406 |
| **03/18** | $10756 | $10473 |
| **04/18** | $10704 | $10395 |
| **05/18** | $10798 | $10469 |
| **06/18** | $10775 | $10456 |
| **07/18** | $10786 | $10459 |
| **08/18** | $10861 | $10526 |
| **09/18** | $10796 | $10458 |
| **10/18** | $10688 | $10376 |
| **11/18** | $10753 | $10438 |
| **12/18** | $10916 | $10630 |
| **01/19** | $11089 | $10742 |
| **02/19** | $11100 | $10736 |
| **03/19** | $11327 | $10942 |
| **04/19** | $11316 | $10945 |
| **05/19** | $11522 | $11139 |
| **06/19** | $11679 | $11279 |
| **07/19** | $11735 | $11304 |
| **08/19** | $11948 | $11597 |
| **09/19** | $11880 | $11535 |
| **10/19** | $11948 | $11570 |
| **11/19** | $11936 | $11564 |
| **12/19** | $11925 | $11556 |
| **01/20** | $12149 | $11778 |
| **02/20** | $12339 | $11990 |
| **03/20** | $11679 | $11920 |
| **04/20** | $12093 | $12132 |
| **05/20** | $12406 | $12188 |
| **06/20** | $12708 | $12265 |
| **07/20** | $13041 | $12448 |
| **08/20** | $13006 | $12348 |
| **09/20** | $13006 | $12341 |
| **10/20** | $13018 | $12286 |
| **11/20** | $13321 | $12406 |
| **12/20** | $13425 | $12424 |
| **01/21** | $13425 | $12334 |
| **02/21** | $13356 | $12156 |
| **03/21** | $13274 | $12005 |
| **04/21** | $13367 | $12099 |
| **05/21** | $13402 | $12139 |
| **06/21** | $13484 | $12224 |
| **07/21** | $13575 | $12361 |
| **08/21** | $13562 | $12337 |
| **09/21** | $13446 | $12231 |
| **10/21** | $13407 | $12227 |
| **11/21** | $13407 | $12263 |
| **12/21** | $13394 | $12232 |
| **01/22** | $13095 | $11968 |
| **02/22** | $12900 | $11835 |
| **03/22** | $12484 | $11506 |
| **04/22** | $11939 | $11069 |
| **05/22** | $11952 | $11141 |
| **06/22** | $11653 | $10966 |
| **07/22** | $11968 | $11234 |
| **08/22** | $11619 | $10917 |
| **09/22** | $10974 | $10445 |
| **10/22** | $10678 | $10310 |
| **11/22** | $11149 | $10689 |
| **12/22** | $11108 | $10641 |
| **01/23** | $11538 | $10968 |
| **02/23** | $11216 | $10684 |
| **03/23** | $11484 | $10956 |
| **04/23** | $11538 | $11022 |
| **05/23** | $11363 | $10902 |
| **06/23** | $11337 | $10863 |
| **07/23** | $11345 | $10856 |
| **08/23** | $11249 | $10786 |
| **09/23** | $10960 | $10512 |
| **10/23** | $10740 | $10346 |
| **11/23** | $11318 | $10815 |
| **12/23** | $11813 | $11229 |
| **01/24** | $11813 | $11198 |
| **02/24** | $11634 | $11040 |
| **03/24** | $11730 | $11142 |
| **04/24** | $11400 | $10860 |
| **05/24** | $11606 | $11044 |
| **06/24** | $11758 | $11149 |
| **07/24** | $12074 | $11409 |
| **08/24** | $12320 | $11573 |
| **09/24** | $12508 | $11728 |
| **10/24** | $12132 | $11437 |
| **11/24** | $12291 | $11558 |
| **12/24** | $12046 | $11369 |
| **01/25** | $12118 | $11430 |
| **02/25** | $12464 | $11681 |
| **03/25** | $12464 | $11685 |
| **04/25** | $12609 | $11731 |
| **05/25** | $12522 | $11647 |
| **06/25** | $12753 | $11826 |
| **07/25** | $12694 | $11795 |
| **08/25** | $12893 | $11936 |
| **09/25** | $13015 | $12067 |
| **10/25** | $13091 | $12142 |
| **11/25** | $13183 | $12217 |
| **12/25** | $13137 | $12199 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 1 | 9.06 | (0.43) | 2.77 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |

---

**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** | $2829139246 |
| **Total number of portfolio holdings** | 1198 |
| **Management services fees (represents 0.48% of Fund average net assets)** | $13517742 |
| **Portfolio turnover for the reporting period** | 214% |
| **Portfolio turnover as of the end of the period excluding transactions in to be announced securities** | 60% |

---

Columbia Variable Portfolio – Intermediate Bond Fund \| Class 1 **\|** ASR7012_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.

### Derivative Exposure

---

| | |
|:---|:---|
| | Long |
| Credit Risk | 1.7% |
| Interest Rate Risk | 69.7% |
|  | Short |
| Credit Risk | 3.7% |
| Foreign Exchange Risk | 1.1% |
| Interest Rate Risk | 54.8% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Residential Mortgage-Backed Securities - Agency | 42.8% |
| Corporate Bonds & Notes | 26.6% |
| Residential Mortgage-Backed Securities - Non-Agency | 15.9% |
| Asset-Backed Securities - Non-Agency | 9.8% |
| Money Market Funds | 5.1% |
| Foreign Government Obligations | 3.7% |
| Senior Loans | 2.8% |
| Commercial Mortgage-Backed Securities - Non-Agency | 1.5% |
| Other | 1.8% |

---

## 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](g59364g61s65.jpg)

Columbia Variable Portfolio – Intermediate Bond Fund \| Class 1 **\|** ASR7012_01_12_D01_(02/26) \|

# Columbia Variable Portfolio – Intermediate Bond Fund
Class 2

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Intermediate Bond 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 | $81 | 0.78% |

---

## 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
**Duration** \| The Fund's longer-than-benchmark duration positioning contributed to relative performance as Treasury yields moved lower across most maturities.

**Sector Allocation** \| Overall, sector allocation decisions contributed to the Fund's relative performance. Contributions primarily came from an overweight to agency mortgages and out-of-benchmark allocations to high-yield corporates and emerging market debt.

**Security Selection** \| Overall, security selection contributed to relative results. Contributions primarily came from positive selections across structured credit sectors, including residential and commercial mortgages as well as asset-backed securities. Additionally, positive selection came from the investment-grade corporate sector.

### Top Performance Detractors
**Sector Allocation** \| An underweight to commercial mortgages, as well as an overweight to asset backed securities, detracted from the Fund's relative performance.

**Security Selection** \| A slight detraction from the Fund's relative performance came from selection within emerging market debt.

Columbia Variable Portfolio – Intermediate Bond Fund \| Class 2 **\|** ASR7012_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](g59364g07v35.jpg)

---

| | | |
|:---|:---|:---|
| | **Columbia Variable Portfolio – Intermediate Bond Fund Class 2 ($12822)** | **Bloomberg U.S. Aggregate Bond Index ($12199)** |
| **12/15** | $10000 | $10000 |
| **01/16** | $10090 | $10138 |
| **02/16** | $10130 | $10210 |
| **03/16** | $10279 | $10303 |
| **04/16** | $10399 | $10343 |
| **05/16** | $10419 | $10345 |
| **06/16** | $10575 | $10531 |
| **07/16** | $10686 | $10598 |
| **08/16** | $10706 | $10586 |
| **09/16** | $10706 | $10580 |
| **10/16** | $10646 | $10499 |
| **11/16** | $10413 | $10250 |
| **12/16** | $10443 | $10265 |
| **01/17** | $10494 | $10285 |
| **02/17** | $10565 | $10354 |
| **03/17** | $10554 | $10349 |
| **04/17** | $10625 | $10428 |
| **05/17** | $10706 | $10509 |
| **06/17** | $10705 | $10498 |
| **07/17** | $10768 | $10543 |
| **08/17** | $10842 | $10638 |
| **09/17** | $10800 | $10587 |
| **10/17** | $10810 | $10593 |
| **11/17** | $10779 | $10580 |
| **12/17** | $10821 | $10628 |
| **01/18** | $10737 | $10506 |
| **02/18** | $10642 | $10406 |
| **03/18** | $10695 | $10473 |
| **04/18** | $10642 | $10395 |
| **05/18** | $10737 | $10469 |
| **06/18** | $10707 | $10456 |
| **07/18** | $10718 | $10459 |
| **08/18** | $10793 | $10526 |
| **09/18** | $10728 | $10458 |
| **10/18** | $10610 | $10376 |
| **11/18** | $10674 | $10438 |
| **12/18** | $10836 | $10630 |
| **01/19** | $11009 | $10742 |
| **02/19** | $11020 | $10736 |
| **03/19** | $11236 | $10942 |
| **04/19** | $11236 | $10945 |
| **05/19** | $11430 | $11139 |
| **06/19** | $11581 | $11279 |
| **07/19** | $11625 | $11304 |
| **08/19** | $11848 | $11597 |
| **09/19** | $11781 | $11535 |
| **10/19** | $11837 | $11570 |
| **11/19** | $11815 | $11564 |
| **12/19** | $11815 | $11556 |
| **01/20** | $12037 | $11778 |
| **02/20** | $12215 | $11990 |
| **03/20** | $11559 | $11920 |
| **04/20** | $11970 | $12132 |
| **05/20** | $12271 | $12188 |
| **06/20** | $12571 | $12265 |
| **07/20** | $12895 | $12448 |
| **08/20** | $12860 | $12348 |
| **09/20** | $12849 | $12341 |
| **10/20** | $12860 | $12286 |
| **11/20** | $13161 | $12406 |
| **12/20** | $13265 | $12424 |
| **01/21** | $13265 | $12334 |
| **02/21** | $13196 | $12156 |
| **03/21** | $13103 | $12005 |
| **04/21** | $13196 | $12099 |
| **05/21** | $13230 | $12139 |
| **06/21** | $13311 | $12224 |
| **07/21** | $13393 | $12361 |
| **08/21** | $13380 | $12337 |
| **09/21** | $13264 | $12231 |
| **10/21** | $13213 | $12227 |
| **11/21** | $13213 | $12263 |
| **12/21** | $13200 | $12232 |
| **01/22** | $12904 | $11968 |
| **02/22** | $12711 | $11835 |
| **03/22** | $12300 | $11506 |
| **04/22** | $11746 | $11069 |
| **05/22** | $11759 | $11141 |
| **06/22** | $11476 | $10966 |
| **07/22** | $11778 | $11234 |
| **08/22** | $11420 | $10917 |
| **09/22** | $10784 | $10445 |
| **10/22** | $10505 | $10310 |
| **11/22** | $10956 | $10689 |
| **12/22** | $10930 | $10641 |
| **01/23** | $11341 | $10968 |
| **02/23** | $11022 | $10684 |
| **03/23** | $11288 | $10956 |
| **04/23** | $11327 | $11022 |
| **05/23** | $11155 | $10902 |
| **06/23** | $11129 | $10863 |
| **07/23** | $11133 | $10856 |
| **08/23** | $11039 | $10786 |
| **09/23** | $10754 | $10512 |
| **10/23** | $10538 | $10346 |
| **11/23** | $11093 | $10815 |
| **12/23** | $11580 | $11229 |
| **01/24** | $11580 | $11198 |
| **02/24** | $11404 | $11040 |
| **03/24** | $11499 | $11142 |
| **04/24** | $11161 | $10860 |
| **05/24** | $11377 | $11044 |
| **06/24** | $11526 | $11149 |
| **07/24** | $11824 | $11409 |
| **08/24** | $12065 | $11573 |
| **09/24** | $12249 | $11728 |
| **10/24** | $11880 | $11437 |
| **11/24** | $12022 | $11558 |
| **12/24** | $11781 | $11369 |
| **01/25** | $11852 | $11430 |
| **02/25** | $12178 | $11681 |
| **03/25** | $12178 | $11685 |
| **04/25** | $12320 | $11731 |
| **05/25** | $12235 | $11647 |
| **06/25** | $12462 | $11826 |
| **07/25** | $12403 | $11795 |
| **08/25** | $12583 | $11936 |
| **09/25** | $12703 | $12067 |
| **10/25** | $12777 | $12142 |
| **11/25** | $12867 | $12217 |
| **12/25** | $12822 | $12199 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 2 | 8.84 | (0.68) | 2.52 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |

---

**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** | $2829139246 |
| **Total number of portfolio holdings** | 1198 |
| **Management services fees (represents 0.48% of Fund average net assets)** | $13517742 |
| **Portfolio turnover for the reporting period** | 214% |
| **Portfolio turnover as of the end of the period excluding transactions in to be announced securities** | 60% |

---

Columbia Variable Portfolio – Intermediate Bond Fund \| Class 2 **\|** ASR7012_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.

### Derivative Exposure

---

| | |
|:---|:---|
| | Long |
| Credit Risk | 1.7% |
| Interest Rate Risk | 69.7% |
|  | Short |
| Credit Risk | 3.7% |
| Foreign Exchange Risk | 1.1% |
| Interest Rate Risk | 54.8% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Residential Mortgage-Backed Securities - Agency | 42.8% |
| Corporate Bonds & Notes | 26.6% |
| Residential Mortgage-Backed Securities - Non-Agency | 15.9% |
| Asset-Backed Securities - Non-Agency | 9.8% |
| Money Market Funds | 5.1% |
| Foreign Government Obligations | 3.7% |
| Senior Loans | 2.8% |
| Commercial Mortgage-Backed Securities - Non-Agency | 1.5% |
| Other | 1.8% |

---

## 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](g59364g61s65.jpg)

Columbia Variable Portfolio – Intermediate Bond Fund \| Class 2 **\|** ASR7012_02_12_D01_(02/26) \|

# Columbia Variable Portfolio – Intermediate Bond Fund
Class 3

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Intermediate Bond 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 | $68 | 0.65% |

---

## 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
**Duration** \| The Fund's longer-than-benchmark duration positioning contributed to relative performance as Treasury yields moved lower across most maturities.

**Sector Allocation** \| Overall, sector allocation decisions contributed to the Fund's relative performance. Contributions primarily came from an overweight to agency mortgages and out-of-benchmark allocations to high-yield corporates and emerging market debt.

**Security Selection** \| Overall, security selection contributed to relative results. Contributions primarily came from positive selections across structured credit sectors, including residential and commercial mortgages as well as asset-backed securities. Additionally, positive selection came from the investment-grade corporate sector.

### Top Performance Detractors
**Sector Allocation** \| An underweight to commercial mortgages, as well as an overweight to asset backed securities, detracted from the Fund's relative performance.

**Security Selection** \| A slight detraction from the Fund's relative performance came from selection within emerging market debt.

Columbia Variable Portfolio – Intermediate Bond Fund \| Class 3 **\|** ASR7012_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](g59364g42l47.jpg)

---

| | | |
|:---|:---|:---|
| | **Columbia Variable Portfolio – Intermediate Bond Fund Class 3 ($12987)** | **Bloomberg U.S. Aggregate Bond Index ($12199)** |
| **12/15** | $10000 | $10000 |
| **01/16** | $10089 | $10138 |
| **02/16** | $10129 | $10210 |
| **03/16** | $10278 | $10303 |
| **04/16** | $10397 | $10343 |
| **05/16** | $10417 | $10345 |
| **06/16** | $10575 | $10531 |
| **07/16** | $10686 | $10598 |
| **08/16** | $10716 | $10586 |
| **09/16** | $10706 | $10580 |
| **10/16** | $10656 | $10499 |
| **11/16** | $10424 | $10250 |
| **12/16** | $10454 | $10265 |
| **01/17** | $10505 | $10285 |
| **02/17** | $10575 | $10354 |
| **03/17** | $10565 | $10349 |
| **04/17** | $10636 | $10428 |
| **05/17** | $10726 | $10509 |
| **06/17** | $10719 | $10498 |
| **07/17** | $10792 | $10543 |
| **08/17** | $10855 | $10638 |
| **09/17** | $10823 | $10587 |
| **10/17** | $10823 | $10593 |
| **11/17** | $10802 | $10580 |
| **12/17** | $10844 | $10628 |
| **01/18** | $10771 | $10506 |
| **02/18** | $10666 | $10406 |
| **03/18** | $10719 | $10473 |
| **04/18** | $10677 | $10395 |
| **05/18** | $10760 | $10469 |
| **06/18** | $10744 | $10456 |
| **07/18** | $10754 | $10459 |
| **08/18** | $10830 | $10526 |
| **09/18** | $10765 | $10458 |
| **10/18** | $10647 | $10376 |
| **11/18** | $10711 | $10438 |
| **12/18** | $10873 | $10630 |
| **01/19** | $11056 | $10742 |
| **02/19** | $11056 | $10736 |
| **03/19** | $11272 | $10942 |
| **04/19** | $11272 | $10945 |
| **05/19** | $11476 | $11139 |
| **06/19** | $11631 | $11279 |
| **07/19** | $11675 | $11304 |
| **08/19** | $11898 | $11597 |
| **09/19** | $11831 | $11535 |
| **10/19** | $11887 | $11570 |
| **11/19** | $11875 | $11564 |
| **12/19** | $11864 | $11556 |
| **01/20** | $12087 | $11778 |
| **02/20** | $12276 | $11990 |
| **03/20** | $11620 | $11920 |
| **04/20** | $12031 | $12132 |
| **05/20** | $12342 | $12188 |
| **06/20** | $12632 | $12265 |
| **07/20** | $12960 | $12448 |
| **08/20** | $12936 | $12348 |
| **09/20** | $12925 | $12341 |
| **10/20** | $12936 | $12286 |
| **11/20** | $13237 | $12406 |
| **12/20** | $13341 | $12424 |
| **01/21** | $13341 | $12334 |
| **02/21** | $13272 | $12156 |
| **03/21** | $13191 | $12005 |
| **04/21** | $13272 | $12099 |
| **05/21** | $13306 | $12139 |
| **06/21** | $13399 | $12224 |
| **07/21** | $13487 | $12361 |
| **08/21** | $13475 | $12337 |
| **09/21** | $13359 | $12231 |
| **10/21** | $13307 | $12227 |
| **11/21** | $13307 | $12263 |
| **12/21** | $13294 | $12232 |
| **01/22** | $12998 | $11968 |
| **02/22** | $12805 | $11835 |
| **03/22** | $12392 | $11506 |
| **04/22** | $11839 | $11069 |
| **05/22** | $11851 | $11141 |
| **06/22** | $11555 | $10966 |
| **07/22** | $11876 | $11234 |
| **08/22** | $11517 | $10917 |
| **09/22** | $10879 | $10445 |
| **10/22** | $10586 | $10310 |
| **11/22** | $11052 | $10689 |
| **12/22** | $11012 | $10641 |
| **01/23** | $11437 | $10968 |
| **02/23** | $11118 | $10684 |
| **03/23** | $11384 | $10956 |
| **04/23** | $11424 | $11022 |
| **05/23** | $11251 | $10902 |
| **06/23** | $11225 | $10863 |
| **07/23** | $11232 | $10856 |
| **08/23** | $11150 | $10786 |
| **09/23** | $10864 | $10512 |
| **10/23** | $10647 | $10346 |
| **11/23** | $11204 | $10815 |
| **12/23** | $11694 | $11229 |
| **01/24** | $11694 | $11198 |
| **02/24** | $11517 | $11040 |
| **03/24** | $11612 | $11142 |
| **04/24** | $11272 | $10860 |
| **05/24** | $11490 | $11044 |
| **06/24** | $11640 | $11149 |
| **07/24** | $11953 | $11409 |
| **08/24** | $12195 | $11573 |
| **09/24** | $12381 | $11728 |
| **10/24** | $12010 | $11437 |
| **11/24** | $12152 | $11558 |
| **12/24** | $11910 | $11369 |
| **01/25** | $11981 | $11430 |
| **02/25** | $12324 | $11681 |
| **03/25** | $12309 | $11685 |
| **04/25** | $12466 | $11731 |
| **05/25** | $12366 | $11647 |
| **06/25** | $12609 | $11826 |
| **07/25** | $12550 | $11795 |
| **08/25** | $12745 | $11936 |
| **09/25** | $12851 | $12067 |
| **10/25** | $12926 | $12142 |
| **11/25** | $13017 | $12217 |
| **12/25** | $12987 | $12199 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 3 | 9.04 | (0.54) | 2.65 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |

---

**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** | $2829139246 |
| **Total number of portfolio holdings** | 1198 |
| **Management services fees (represents 0.48% of Fund average net assets)** | $13517742 |
| **Portfolio turnover for the reporting period** | 214% |
| **Portfolio turnover as of the end of the period excluding transactions in to be announced securities** | 60% |

---

Columbia Variable Portfolio – Intermediate Bond Fund \| Class 3 **\|** ASR7012_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.

### Derivative Exposure

---

| | |
|:---|:---|
| | Long |
| Credit Risk | 1.7% |
| Interest Rate Risk | 69.7% |
|  | Short |
| Credit Risk | 3.7% |
| Foreign Exchange Risk | 1.1% |
| Interest Rate Risk | 54.8% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Residential Mortgage-Backed Securities - Agency | 42.8% |
| Corporate Bonds & Notes | 26.6% |
| Residential Mortgage-Backed Securities - Non-Agency | 15.9% |
| Asset-Backed Securities - Non-Agency | 9.8% |
| Money Market Funds | 5.1% |
| Foreign Government Obligations | 3.7% |
| Senior Loans | 2.8% |
| Commercial Mortgage-Backed Securities - Non-Agency | 1.5% |
| Other | 1.8% |

---

## 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](g59364g61s65.jpg)

Columbia Variable Portfolio – Intermediate Bond Fund \| Class 3 **\|** ASR7012_03_12_D01_(02/26) \|

# Columbia Variable Portfolio – Limited Duration Credit Fund
Class 1

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Limited Duration Credit 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 | $42 | 0.41% |

---

## 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
**Allocation** \| Allocation effects contributed to the Fund's relative performance during the period, most notably the Fund's allocation to independent energy. Allocations to the aerospace and defense sector, as well as in technology, retailers and pharmaceuticals also contributed during the period.

**Selection** \| Selection in a power generation and distribution company added to the Fund's relative performance during the period, as did selection in an oil and gas company as well as a beverage company.

**Credit** \| Credit allocation, as measured by an overweight to spread duration contribution, was positive for overall Fund performance versus its benchmark.

### Top Performance Detractors
**Allocation** \| Allocations that weighed on the Fund's relative performance during the period included the food and beverage, electric, automotive and financial service sectors.

**Selection** \| Selections that detracted most from the Fund's relative performance during the period included a technology company, a media and entertainment company and a financial service company.

Columbia Variable Portfolio – Limited Duration Credit Fund \| Class 1 **\|** ASR7015_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](g59364g33x15.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Columbia Variable Portfolio – Limited Duration Credit Fund Class 1 ($13689)** | **Bloomberg U.S. Aggregate Bond Index ($12199)** | **Bloomberg U.S. 1-5 Year Corporate Index ($13431)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9872 | $10138 | $10044 |
| **02/16** | $9850 | $10210 | $10049 |
| **03/16** | $10150 | $10303 | $10176 |
| **04/16** | $10332 | $10343 | $10229 |
| **05/16** | $10321 | $10345 | $10223 |
| **06/16** | $10420 | $10531 | $10317 |
| **07/16** | $10475 | $10598 | $10359 |
| **08/16** | $10542 | $10586 | $10361 |
| **09/16** | $10565 | $10580 | $10371 |
| **10/16** | $10587 | $10499 | $10367 |
| **11/16** | $10520 | $10250 | $10270 |
| **12/16** | $10553 | $10265 | $10287 |
| **01/17** | $10598 | $10285 | $10328 |
| **02/17** | $10620 | $10354 | $10377 |
| **03/17** | $10631 | $10349 | $10384 |
| **04/17** | $10665 | $10428 | $10435 |
| **05/17** | $10698 | $10509 | $10480 |
| **06/17** | $10702 | $10498 | $10480 |
| **07/17** | $10759 | $10543 | $10537 |
| **08/17** | $10782 | $10638 | $10571 |
| **09/17** | $10770 | $10587 | $10560 |
| **10/17** | $10793 | $10593 | $10572 |
| **11/17** | $10759 | $10580 | $10537 |
| **12/17** | $10770 | $10628 | $10550 |
| **01/18** | $10724 | $10506 | $10504 |
| **02/18** | $10690 | $10406 | $10462 |
| **03/18** | $10679 | $10473 | $10466 |
| **04/18** | $10667 | $10395 | $10457 |
| **05/18** | $10713 | $10469 | $10505 |
| **06/18** | $10703 | $10456 | $10496 |
| **07/18** | $10726 | $10459 | $10524 |
| **08/18** | $10784 | $10526 | $10579 |
| **09/18** | $10773 | $10458 | $10571 |
| **10/18** | $10749 | $10376 | $10560 |
| **11/18** | $10738 | $10438 | $10562 |
| **12/18** | $10796 | $10630 | $10651 |
| **01/19** | $10935 | $10742 | $10773 |
| **02/19** | $10982 | $10736 | $10814 |
| **03/19** | $11098 | $10942 | $10929 |
| **04/19** | $11180 | $10945 | $10966 |
| **05/19** | $11238 | $11139 | $11044 |
| **06/19** | $11376 | $11279 | $11157 |
| **07/19** | $11388 | $11304 | $11166 |
| **08/19** | $11483 | $11597 | $11286 |
| **09/19** | $11483 | $11535 | $11288 |
| **10/19** | $11543 | $11570 | $11344 |
| **11/19** | $11567 | $11564 | $11349 |
| **12/19** | $11626 | $11556 | $11395 |
| **01/20** | $11734 | $11778 | $11496 |
| **02/20** | $11805 | $11990 | $11582 |
| **03/20** | $11186 | $11920 | $11146 |
| **04/20** | $11662 | $12132 | $11475 |
| **05/20** | $11853 | $12188 | $11646 |
| **06/20** | $11996 | $12265 | $11768 |
| **07/20** | $12129 | $12448 | $11863 |
| **08/20** | $12153 | $12348 | $11891 |
| **09/20** | $12117 | $12341 | $11876 |
| **10/20** | $12141 | $12286 | $11898 |
| **11/20** | $12251 | $12406 | $11964 |
| **12/20** | $12312 | $12424 | $12011 |
| **01/21** | $12312 | $12334 | $12006 |
| **02/21** | $12276 | $12156 | $11978 |
| **03/21** | $12239 | $12005 | $11940 |
| **04/21** | $12288 | $12099 | $11993 |
| **05/21** | $12325 | $12139 | $12038 |
| **06/21** | $12325 | $12224 | $12024 |
| **07/21** | $12364 | $12361 | $12066 |
| **08/21** | $12351 | $12337 | $12059 |
| **09/21** | $12326 | $12231 | $12036 |
| **10/21** | $12264 | $12227 | $11974 |
| **11/21** | $12227 | $12263 | $11947 |
| **12/21** | $12239 | $12232 | $11955 |
| **01/22** | $12065 | $11968 | $11810 |
| **02/22** | $11966 | $11835 | $11719 |
| **03/22** | $11767 | $11506 | $11509 |
| **04/22** | $11543 | $11069 | $11347 |
| **05/22** | $11655 | $11141 | $11439 |
| **06/22** | $11431 | $10966 | $11286 |
| **07/22** | $11646 | $11234 | $11456 |
| **08/22** | $11471 | $10917 | $11313 |
| **09/22** | $11220 | $10445 | $11066 |
| **10/22** | $11245 | $10310 | $11032 |
| **11/22** | $11483 | $10689 | $11268 |
| **12/22** | $11496 | $10641 | $11283 |
| **01/23** | $11709 | $10968 | $11461 |
| **02/23** | $11571 | $10684 | $11324 |
| **03/23** | $11784 | $10956 | $11472 |
| **04/23** | $11834 | $11022 | $11552 |
| **05/23** | $11771 | $10902 | $11505 |
| **06/23** | $11759 | $10863 | $11480 |
| **07/23** | $11834 | $10856 | $11557 |
| **08/23** | $11860 | $10786 | $11569 |
| **09/23** | $11795 | $10512 | $11509 |
| **10/23** | $11782 | $10346 | $11498 |
| **11/23** | $12067 | $10815 | $11762 |
| **12/23** | $12288 | $11229 | $11982 |
| **01/24** | $12339 | $11198 | $12029 |
| **02/24** | $12275 | $11040 | $11971 |
| **03/24** | $12352 | $11142 | $12054 |
| **04/24** | $12275 | $10860 | $11975 |
| **05/24** | $12391 | $11044 | $12099 |
| **06/24** | $12469 | $11149 | $12169 |
| **07/24** | $12656 | $11409 | $12359 |
| **08/24** | $12804 | $11573 | $12496 |
| **09/24** | $12926 | $11728 | $12626 |
| **10/24** | $12818 | $11437 | $12513 |
| **11/24** | $12885 | $11558 | $12591 |
| **12/24** | $12872 | $11369 | $12575 |
| **01/25** | $12939 | $11430 | $12648 |
| **02/25** | $13060 | $11681 | $12768 |
| **03/25** | $13101 | $11685 | $12821 |
| **04/25** | $13182 | $11731 | $12908 |
| **05/25** | $13209 | $11647 | $12931 |
| **06/25** | $13330 | $11826 | $13053 |
| **07/25** | $13343 | $11795 | $13066 |
| **08/25** | $13473 | $11936 | $13207 |
| **09/25** | $13545 | $12067 | $13264 |
| **10/25** | $13588 | $12142 | $13310 |
| **11/25** | $13646 | $12217 | $13386 |
| **12/25** | $13689 | $12199 | $13431 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 1 | 6.35 | 2.14 | 3.19 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| Bloomberg U.S. 1-5 Year Corporate Index | 6.81 | 2.26 | 2.99 |

---

**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** | $332203711 |
| **Total number of portfolio holdings** | 95 |
| **Management services fees (represents 0.48% of Fund average net assets)** | $3349629 |
| **Portfolio turnover for the reporting period** | 129% |

---

Columbia Variable Portfolio – Limited Duration Credit Fund \| Class 1 **\|** ASR7015_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.

### Top Holdings

---

| | |
|:---|:---|
| Principal Life Global Funding II 11/27/2029 4.950% | 3.0% |
| Colorado Interstate Gas Co. LLC/Issuing Corp. 08/15/2026 4.150% | 2.8% |
| AES Corp. (The) 01/15/2026 1.375% | 2.6% |
| U.S. Treasury 06/30/2028 4.000% | 2.6% |
| Bacardi-Martini BV 02/01/2030 5.550% | 2.5% |
| Morgan Stanley Private Bank 11/19/2031 4.465% | 2.4% |
| Bank of America Corp. 10/24/2031 1.922% | 2.4% |
| Goldman Sachs Group, Inc. (The) 10/21/2031 4.369% | 2.3% |
| Diageo Capital PLC 10/05/2026 5.375% | 2.1% |
| Citigroup, Inc. 09/11/2031 4.503% | 2.0% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 92.1% |
| U.S. Treasury Obligations | 4.2% |
| Money Market Funds | 2.6% |

---

## 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 - Select Short Corporate Income 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](g59364g61s65.jpg)

Columbia Variable Portfolio – Limited Duration Credit Fund \| Class 1 **\|** ASR7015_01_12_D01_(02/26) \|

# Columbia Variable Portfolio – Limited Duration Credit Fund
Class 2

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Limited Duration Credit 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 | $68 | 0.66% |

---

## 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
**Allocation** \| Allocation effects contributed to the Fund's relative performance during the period, most notably the Fund's allocation to independent energy. Allocations to the aerospace and defense sector, as well as in technology, retailers and pharmaceuticals also contributed during the period.

**Selection** \| Selection in a power generation and distribution company added to the Fund's relative performance during the period, as did selection in an oil and gas company as well as a beverage company.

**Credit** \| Credit allocation, as measured by an overweight to spread duration contribution, was positive for overall Fund performance versus its benchmark.

### Top Performance Detractors
**Allocation** \| Allocations that weighed on the Fund's relative performance during the period included the food and beverage, electric, automotive and financial service sectors.

**Selection** \| Selections that detracted most from the Fund's relative performance during the period included a technology company, a media and entertainment company and a financial service company.

Columbia Variable Portfolio – Limited Duration Credit Fund \| Class 2 **\|** ASR7015_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](g59364g71v14.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Columbia Variable Portfolio – Limited Duration Credit Fund Class 2 ($13355)** | **Bloomberg U.S. Aggregate Bond Index ($12199)** | **Bloomberg U.S. 1-5 Year Corporate Index ($13431)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9871 | $10138 | $10044 |
| **02/16** | $9849 | $10210 | $10049 |
| **03/16** | $10140 | $10303 | $10176 |
| **04/16** | $10333 | $10343 | $10229 |
| **05/16** | $10312 | $10345 | $10223 |
| **06/16** | $10405 | $10531 | $10317 |
| **07/16** | $10461 | $10598 | $10359 |
| **08/16** | $10528 | $10586 | $10361 |
| **09/16** | $10551 | $10580 | $10371 |
| **10/16** | $10562 | $10499 | $10367 |
| **11/16** | $10495 | $10250 | $10270 |
| **12/16** | $10528 | $10265 | $10287 |
| **01/17** | $10562 | $10285 | $10328 |
| **02/17** | $10595 | $10354 | $10377 |
| **03/17** | $10595 | $10349 | $10384 |
| **04/17** | $10629 | $10428 | $10435 |
| **05/17** | $10662 | $10509 | $10480 |
| **06/17** | $10661 | $10498 | $10480 |
| **07/17** | $10718 | $10543 | $10537 |
| **08/17** | $10741 | $10638 | $10571 |
| **09/17** | $10730 | $10587 | $10560 |
| **10/17** | $10741 | $10593 | $10572 |
| **11/17** | $10707 | $10580 | $10537 |
| **12/17** | $10718 | $10628 | $10550 |
| **01/18** | $10673 | $10506 | $10504 |
| **02/18** | $10638 | $10406 | $10462 |
| **03/18** | $10627 | $10473 | $10466 |
| **04/18** | $10616 | $10395 | $10457 |
| **05/18** | $10661 | $10469 | $10505 |
| **06/18** | $10635 | $10456 | $10496 |
| **07/18** | $10670 | $10459 | $10524 |
| **08/18** | $10705 | $10526 | $10579 |
| **09/18** | $10705 | $10458 | $10571 |
| **10/18** | $10682 | $10376 | $10560 |
| **11/18** | $10658 | $10438 | $10562 |
| **12/18** | $10716 | $10630 | $10651 |
| **01/19** | $10856 | $10742 | $10773 |
| **02/19** | $10902 | $10736 | $10814 |
| **03/19** | $11018 | $10942 | $10929 |
| **04/19** | $11088 | $10945 | $10966 |
| **05/19** | $11146 | $11139 | $11044 |
| **06/19** | $11280 | $11279 | $11157 |
| **07/19** | $11291 | $11304 | $11166 |
| **08/19** | $11386 | $11597 | $11286 |
| **09/19** | $11386 | $11535 | $11288 |
| **10/19** | $11434 | $11570 | $11344 |
| **11/19** | $11457 | $11564 | $11349 |
| **12/19** | $11517 | $11556 | $11395 |
| **01/20** | $11623 | $11778 | $11496 |
| **02/20** | $11694 | $11990 | $11582 |
| **03/20** | $11066 | $11920 | $11146 |
| **04/20** | $11540 | $12132 | $11475 |
| **05/20** | $11718 | $12188 | $11646 |
| **06/20** | $11872 | $12265 | $11768 |
| **07/20** | $12000 | $12448 | $11863 |
| **08/20** | $12012 | $12348 | $11891 |
| **09/20** | $11976 | $12341 | $11876 |
| **10/20** | $12000 | $12286 | $11898 |
| **11/20** | $12097 | $12406 | $11964 |
| **12/20** | $12158 | $12424 | $12011 |
| **01/21** | $12158 | $12334 | $12006 |
| **02/21** | $12122 | $12156 | $11978 |
| **03/21** | $12085 | $12005 | $11940 |
| **04/21** | $12122 | $12099 | $11993 |
| **05/21** | $12170 | $12139 | $12038 |
| **06/21** | $12158 | $12224 | $12024 |
| **07/21** | $12191 | $12361 | $12066 |
| **08/21** | $12178 | $12337 | $12059 |
| **09/21** | $12154 | $12231 | $12036 |
| **10/21** | $12092 | $12227 | $11974 |
| **11/21** | $12055 | $12263 | $11947 |
| **12/21** | $12055 | $12232 | $11955 |
| **01/22** | $11883 | $11968 | $11810 |
| **02/22** | $11797 | $11835 | $11719 |
| **03/22** | $11587 | $11506 | $11509 |
| **04/22** | $11366 | $11069 | $11347 |
| **05/22** | $11477 | $11141 | $11439 |
| **06/22** | $11243 | $10966 | $11286 |
| **07/22** | $11450 | $11234 | $11456 |
| **08/22** | $11289 | $10917 | $11313 |
| **09/22** | $11041 | $10445 | $11066 |
| **10/22** | $11053 | $10310 | $11032 |
| **11/22** | $11289 | $10689 | $11268 |
| **12/22** | $11289 | $10641 | $11283 |
| **01/23** | $11499 | $10968 | $11461 |
| **02/23** | $11363 | $10684 | $11324 |
| **03/23** | $11586 | $10956 | $11472 |
| **04/23** | $11623 | $11022 | $11552 |
| **05/23** | $11561 | $10902 | $11505 |
| **06/23** | $11549 | $10863 | $11480 |
| **07/23** | $11619 | $10856 | $11557 |
| **08/23** | $11632 | $10786 | $11569 |
| **09/23** | $11568 | $10512 | $11509 |
| **10/23** | $11555 | $10346 | $11498 |
| **11/23** | $11836 | $10815 | $11762 |
| **12/23** | $12040 | $11229 | $11982 |
| **01/24** | $12091 | $11198 | $12029 |
| **02/24** | $12028 | $11040 | $11971 |
| **03/24** | $12104 | $11142 | $12054 |
| **04/24** | $12028 | $10860 | $11975 |
| **05/24** | $12142 | $11044 | $12099 |
| **06/24** | $12219 | $11149 | $12169 |
| **07/24** | $12400 | $11409 | $12359 |
| **08/24** | $12532 | $11573 | $12496 |
| **09/24** | $12651 | $11728 | $12626 |
| **10/24** | $12532 | $11437 | $12513 |
| **11/24** | $12612 | $11558 | $12591 |
| **12/24** | $12598 | $11369 | $12575 |
| **01/25** | $12651 | $11430 | $12648 |
| **02/25** | $12757 | $11681 | $12768 |
| **03/25** | $12810 | $11685 | $12821 |
| **04/25** | $12877 | $11731 | $12908 |
| **05/25** | $12903 | $11647 | $12931 |
| **06/25** | $13022 | $11826 | $13053 |
| **07/25** | $13030 | $11795 | $13066 |
| **08/25** | $13157 | $11936 | $13207 |
| **09/25** | $13228 | $12067 | $13264 |
| **10/25** | $13256 | $12142 | $13310 |
| **11/25** | $13327 | $12217 | $13386 |
| **12/25** | $13355 | $12199 | $13431 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 2 | 6.00 | 1.90 | 2.94 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| Bloomberg U.S. 1-5 Year Corporate Index | 6.81 | 2.26 | 2.99 |

---

**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** | $332203711 |
| **Total number of portfolio holdings** | 95 |
| **Management services fees (represents 0.48% of Fund average net assets)** | $3349629 |
| **Portfolio turnover for the reporting period** | 129% |

---

Columbia Variable Portfolio – Limited Duration Credit Fund \| Class 2 **\|** ASR7015_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.

### Top Holdings

---

| | |
|:---|:---|
| Principal Life Global Funding II 11/27/2029 4.950% | 3.0% |
| Colorado Interstate Gas Co. LLC/Issuing Corp. 08/15/2026 4.150% | 2.8% |
| AES Corp. (The) 01/15/2026 1.375% | 2.6% |
| U.S. Treasury 06/30/2028 4.000% | 2.6% |
| Bacardi-Martini BV 02/01/2030 5.550% | 2.5% |
| Morgan Stanley Private Bank 11/19/2031 4.465% | 2.4% |
| Bank of America Corp. 10/24/2031 1.922% | 2.4% |
| Goldman Sachs Group, Inc. (The) 10/21/2031 4.369% | 2.3% |
| Diageo Capital PLC 10/05/2026 5.375% | 2.1% |
| Citigroup, Inc. 09/11/2031 4.503% | 2.0% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 92.1% |
| U.S. Treasury Obligations | 4.2% |
| Money Market Funds | 2.6% |

---

## 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 - Select Short Corporate Income 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](g59364g61s65.jpg)

Columbia Variable Portfolio – Limited Duration Credit Fund \| Class 2 **\|** ASR7015_02_12_D01_(02/26) \|

# Columbia Variable Portfolio – U.S. Government Mortgage Fund
Class 1

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – U.S. Government Mortgage 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 | $47 | 0.45% |

---

## 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
**Rate positioning** \| The Fund's interest rate positioning was the largest contributor to total return and the Fund's relative performance. Portfolio duration was kept longer than the benchmark, and that positioning was a tailwind as interest rates declined during the period. Tactical curve positioning also benefited. Convexity was a headwind on both an absolute and relative basis, but overall rates positioning still delivered strong absolute and relative performance for the year.

**Agency residential mortgage-backed securities (collateralized mortgage obligations)** \| Sector selection in agency collateralized mortgage obligations (CMOs), particularly passthrough structures, was the second largest contributor to relative outperformance for the year, adding meaningfully to results versus a benchmark that does not hold CMOs**.**

**Commercial mortgage-backed securities (CMBS)** \| CMBS exposure was another positive contributor. A segment that had been more challenged post COVID recovered well in 2025 as falling interest rates and steady investor appetite supported CMBS relative to sectors that had been fundamentally healthier post-pandemic. Because the benchmark does not hold CMBS, this allocation enhanced Fund performance versus the benchmark.

### Top Performance Detractors
**Agency residential mortgage backed securities (passthroughs)** \| Agency passthroughs had a strong year and the Fund's positions also rose. However, the benchmark holds more agency mortgage bonds — particularly Ginnie Mae and shorter maturity pools that performed well — so the Fund's smaller weighting created a modest shortfall versus the benchmark, despite good security level results.

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Class 1 **\|** ASR7027_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](g59364g69i73.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Columbia Variable Portfolio – U.S. Government Mortgage Fund Class 1 ($12089)** | **Bloomberg U.S. Aggregate Bond Index ($12199)** | **Bloomberg U.S. Mortgage-Backed Securities Index ($11709)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $10077 | $10138 | $10130 |
| **02/16** | $10077 | $10210 | $10168 |
| **03/16** | $10154 | $10303 | $10198 |
| **04/16** | $10202 | $10343 | $10214 |
| **05/16** | $10221 | $10345 | $10227 |
| **06/16** | $10330 | $10531 | $10310 |
| **07/16** | $10330 | $10598 | $10332 |
| **08/16** | $10350 | $10586 | $10344 |
| **09/16** | $10420 | $10580 | $10372 |
| **10/16** | $10420 | $10499 | $10345 |
| **11/16** | $10271 | $10250 | $10167 |
| **12/16** | $10271 | $10265 | $10167 |
| **01/17** | $10300 | $10285 | $10164 |
| **02/17** | $10370 | $10354 | $10213 |
| **03/17** | $10380 | $10349 | $10215 |
| **04/17** | $10470 | $10428 | $10282 |
| **05/17** | $10559 | $10509 | $10346 |
| **06/17** | $10517 | $10498 | $10304 |
| **07/17** | $10558 | $10543 | $10351 |
| **08/17** | $10609 | $10638 | $10427 |
| **09/17** | $10604 | $10587 | $10403 |
| **10/17** | $10593 | $10593 | $10400 |
| **11/17** | $10583 | $10580 | $10385 |
| **12/17** | $10614 | $10628 | $10419 |
| **01/18** | $10542 | $10506 | $10297 |
| **02/18** | $10470 | $10406 | $10229 |
| **03/18** | $10522 | $10473 | $10295 |
| **04/18** | $10491 | $10395 | $10243 |
| **05/18** | $10593 | $10469 | $10314 |
| **06/18** | $10589 | $10456 | $10319 |
| **07/18** | $10568 | $10459 | $10308 |
| **08/18** | $10652 | $10526 | $10371 |
| **09/18** | $10557 | $10458 | $10307 |
| **10/18** | $10494 | $10376 | $10242 |
| **11/18** | $10631 | $10438 | $10335 |
| **12/18** | $10811 | $10630 | $10522 |
| **01/19** | $10906 | $10742 | $10605 |
| **02/19** | $10895 | $10736 | $10596 |
| **03/19** | $11096 | $10942 | $10750 |
| **04/19** | $11075 | $10945 | $10744 |
| **05/19** | $11244 | $11139 | $10882 |
| **06/19** | $11311 | $11279 | $10961 |
| **07/19** | $11365 | $11304 | $11005 |
| **08/19** | $11474 | $11597 | $11103 |
| **09/19** | $11441 | $11535 | $11111 |
| **10/19** | $11506 | $11570 | $11150 |
| **11/19** | $11517 | $11564 | $11159 |
| **12/19** | $11539 | $11556 | $11190 |
| **01/20** | $11647 | $11778 | $11269 |
| **02/20** | $11832 | $11990 | $11385 |
| **03/20** | $11571 | $11920 | $11506 |
| **04/20** | $11734 | $12132 | $11579 |
| **05/20** | $11832 | $12188 | $11593 |
| **06/20** | $11897 | $12265 | $11582 |
| **07/20** | $11947 | $12448 | $11603 |
| **08/20** | $12003 | $12348 | $11608 |
| **09/20** | $12014 | $12341 | $11595 |
| **10/20** | $12025 | $12286 | $11591 |
| **11/20** | $12048 | $12406 | $11599 |
| **12/20** | $12126 | $12424 | $11624 |
| **01/21** | $12227 | $12334 | $11633 |
| **02/21** | $12249 | $12156 | $11555 |
| **03/21** | $12249 | $12005 | $11496 |
| **04/21** | $12271 | $12099 | $11559 |
| **05/21** | $12238 | $12139 | $11539 |
| **06/21** | $12193 | $12224 | $11534 |
| **07/21** | $12231 | $12361 | $11606 |
| **08/21** | $12208 | $12337 | $11587 |
| **09/21** | $12185 | $12231 | $11545 |
| **10/21** | $12092 | $12227 | $11523 |
| **11/21** | $12057 | $12263 | $11513 |
| **12/21** | $12011 | $12232 | $11502 |
| **01/22** | $11825 | $11968 | $11332 |
| **02/22** | $11709 | $11835 | $11222 |
| **03/22** | $11325 | $11506 | $10930 |
| **04/22** | $10965 | $11069 | $10547 |
| **05/22** | $11070 | $11141 | $10663 |
| **06/22** | $10872 | $10966 | $10493 |
| **07/22** | $11191 | $11234 | $10830 |
| **08/22** | $10811 | $10917 | $10460 |
| **09/22** | $10182 | $10445 | $9931 |
| **10/22** | $9945 | $10310 | $9790 |
| **11/22** | $10396 | $10689 | $10189 |
| **12/22** | $10313 | $10641 | $10144 |
| **01/23** | $10692 | $10968 | $10478 |
| **02/23** | $10360 | $10684 | $10201 |
| **03/23** | $10609 | $10956 | $10400 |
| **04/23** | $10680 | $11022 | $10454 |
| **05/23** | $10562 | $10902 | $10377 |
| **06/23** | $10479 | $10863 | $10333 |
| **07/23** | $10473 | $10856 | $10325 |
| **08/23** | $10375 | $10786 | $10240 |
| **09/23** | $10070 | $10512 | $9914 |
| **10/23** | $9875 | $10346 | $9709 |
| **11/23** | $10424 | $10815 | $10215 |
| **12/23** | $10900 | $11229 | $10656 |
| **01/24** | $10888 | $11198 | $10606 |
| **02/24** | $10681 | $11040 | $10434 |
| **03/24** | $10766 | $11142 | $10544 |
| **04/24** | $10424 | $10860 | $10225 |
| **05/24** | $10668 | $11044 | $10430 |
| **06/24** | $10790 | $11149 | $10552 |
| **07/24** | $11147 | $11409 | $10830 |
| **08/24** | $11362 | $11573 | $11005 |
| **09/24** | $11539 | $11728 | $11135 |
| **10/24** | $11109 | $11437 | $10820 |
| **11/24** | $11286 | $11558 | $10964 |
| **12/24** | $11072 | $11369 | $10784 |
| **01/25** | $11135 | $11430 | $10839 |
| **02/25** | $11476 | $11681 | $11115 |
| **03/25** | $11463 | $11685 | $11113 |
| **04/25** | $11551 | $11731 | $11145 |
| **05/25** | $11400 | $11647 | $11043 |
| **06/25** | $11614 | $11826 | $11239 |
| **07/25** | $11559 | $11795 | $11194 |
| **08/25** | $11766 | $11936 | $11374 |
| **09/25** | $11908 | $12067 | $11512 |
| **10/25** | $11998 | $12142 | $11612 |
| **11/25** | $12089 | $12217 | $11684 |
| **12/25** | $12089 | $12199 | $11709 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 1 | 9.19 | (0.06) | 1.92 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| Bloomberg U.S. Mortgage-Backed Securities Index | 8.58 | 0.15 | 1.59 |

---

**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** | $1397378372 |
| **Total number of portfolio holdings** | 344 |
| **Management services fees (represents 0.42% of Fund average net assets)** | $5848478 |
| **Portfolio turnover for the reporting period** | 386% |
| **Portfolio turnover as of the end of the period excluding transactions in to be announced securities** | 20% |

---

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Class 1 **\|** ASR7027_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.

### Top Holdings

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security TBA 01/14/2056 5.000% | 6.2% |
| Uniform Mortgage-Backed Security TBA 01/14/2056 3.500% | 5.3% |
| Government National Mortgage Association TBA 01/22/2056 4.500% | 5.2% |
| Uniform Mortgage-Backed Security TBA 01/14/2056 4.000% | 5.1% |
| Uniform Mortgage-Backed Security TBA 01/14/2056 5.500% | 3.5% |
| Government National Mortgage Association TBA 01/22/2056 4.000% | 2.7% |
| Uniform Mortgage-Backed Security TBA 01/14/2056 4.500% | 2.4% |
| Uniform Mortgage-Backed Security TBA 01/14/2056 6.000% | 1.6% |
| Federal National Mortgage Association 03/25/2028 3.030% | 1.5% |
| Federal National Mortgage Association 03/01/2052 2.000% | 1.4% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Residential Mortgage-Backed Securities - Agency | 111.9% |
| Residential Mortgage-Backed Securities - Non-Agency | 7.5% |
| Money Market Funds | 5.0% |
| Asset-Backed Securities - Non-Agency | 3.3% |
| Commercial Mortgage-Backed Securities - Non-Agency | 3.0% |
| Commercial Mortgage-Backed Securities - Agency | 2.0% |
| Other | 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](g59364g61s65.jpg)

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Class 1 **\|** ASR7027_01_12_D01_(02/26) \|

# Columbia Variable Portfolio – U.S. Government Mortgage Fund
Class 2

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – U.S. Government Mortgage 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 | $73 | 0.70% |

---

## 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
**Rate positioning** \| The Fund's interest rate positioning was the largest contributor to total return and the Fund's relative performance. Portfolio duration was kept longer than the benchmark, and that positioning was a tailwind as interest rates declined during the period. Tactical curve positioning also benefited. Convexity was a headwind on both an absolute and relative basis, but overall rates positioning still delivered strong absolute and relative performance for the year.

**Agency residential mortgage-backed securities (collateralized mortgage obligations)** \| Sector selection in agency collateralized mortgage obligations (CMOs), particularly passthrough structures, was the second largest contributor to relative outperformance for the year, adding meaningfully to results versus a benchmark that does not hold CMOs**.**

**Commercial mortgage-backed securities (CMBS)** \| CMBS exposure was another positive contributor. A segment that had been more challenged post COVID recovered well in 2025 as falling interest rates and steady investor appetite supported CMBS relative to sectors that had been fundamentally healthier post-pandemic. Because the benchmark does not hold CMBS, this allocation enhanced Fund performance versus the benchmark.

### Top Performance Detractors
**Agency residential mortgage backed securities (passthroughs)** \| Agency passthroughs had a strong year and the Fund's positions also rose. However, the benchmark holds more agency mortgage bonds — particularly Ginnie Mae and shorter maturity pools that performed well — so the Fund's smaller weighting created a modest shortfall versus the benchmark, despite good security level results.

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Class 2 **\|** ASR7027_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](g59364g46t44.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Columbia Variable Portfolio – U.S. Government Mortgage Fund Class 2 ($11780)** | **Bloomberg U.S. Aggregate Bond Index ($12199)** | **Bloomberg U.S. Mortgage-Backed Securities Index ($11709)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $10067 | $10138 | $10130 |
| **02/16** | $10067 | $10210 | $10168 |
| **03/16** | $10144 | $10303 | $10198 |
| **04/16** | $10183 | $10343 | $10214 |
| **05/16** | $10202 | $10345 | $10227 |
| **06/16** | $10305 | $10531 | $10310 |
| **07/16** | $10315 | $10598 | $10332 |
| **08/16** | $10325 | $10586 | $10344 |
| **09/16** | $10395 | $10580 | $10372 |
| **10/16** | $10395 | $10499 | $10345 |
| **11/16** | $10235 | $10250 | $10167 |
| **12/16** | $10245 | $10265 | $10167 |
| **01/17** | $10265 | $10285 | $10164 |
| **02/17** | $10335 | $10354 | $10213 |
| **03/17** | $10335 | $10349 | $10215 |
| **04/17** | $10434 | $10428 | $10282 |
| **05/17** | $10514 | $10509 | $10346 |
| **06/17** | $10465 | $10498 | $10304 |
| **07/17** | $10516 | $10543 | $10351 |
| **08/17** | $10557 | $10638 | $10427 |
| **09/17** | $10552 | $10587 | $10403 |
| **10/17** | $10542 | $10593 | $10400 |
| **11/17** | $10521 | $10580 | $10385 |
| **12/17** | $10552 | $10628 | $10419 |
| **01/18** | $10480 | $10506 | $10297 |
| **02/18** | $10409 | $10406 | $10229 |
| **03/18** | $10460 | $10473 | $10295 |
| **04/18** | $10429 | $10395 | $10243 |
| **05/18** | $10521 | $10469 | $10314 |
| **06/18** | $10521 | $10456 | $10319 |
| **07/18** | $10489 | $10459 | $10308 |
| **08/18** | $10573 | $10526 | $10371 |
| **09/18** | $10478 | $10458 | $10307 |
| **10/18** | $10415 | $10376 | $10242 |
| **11/18** | $10542 | $10438 | $10335 |
| **12/18** | $10720 | $10630 | $10522 |
| **01/19** | $10815 | $10742 | $10605 |
| **02/19** | $10804 | $10736 | $10596 |
| **03/19** | $10993 | $10942 | $10750 |
| **04/19** | $10983 | $10945 | $10744 |
| **05/19** | $11141 | $11139 | $10882 |
| **06/19** | $11212 | $11279 | $10961 |
| **07/19** | $11255 | $11304 | $11005 |
| **08/19** | $11363 | $11597 | $11103 |
| **09/19** | $11331 | $11535 | $11111 |
| **10/19** | $11384 | $11570 | $11150 |
| **11/19** | $11395 | $11564 | $11159 |
| **12/19** | $11417 | $11556 | $11190 |
| **01/20** | $11525 | $11778 | $11269 |
| **02/20** | $11708 | $11990 | $11385 |
| **03/20** | $11449 | $11920 | $11506 |
| **04/20** | $11600 | $12132 | $11579 |
| **05/20** | $11697 | $12188 | $11593 |
| **06/20** | $11762 | $12265 | $11582 |
| **07/20** | $11804 | $12448 | $11603 |
| **08/20** | $11849 | $12348 | $11608 |
| **09/20** | $11860 | $12341 | $11595 |
| **10/20** | $11871 | $12286 | $11591 |
| **11/20** | $11893 | $12406 | $11599 |
| **12/20** | $11970 | $12424 | $11624 |
| **01/21** | $12070 | $12334 | $11633 |
| **02/21** | $12092 | $12156 | $11555 |
| **03/21** | $12081 | $12005 | $11496 |
| **04/21** | $12103 | $12099 | $11559 |
| **05/21** | $12070 | $12139 | $11539 |
| **06/21** | $12015 | $12224 | $11534 |
| **07/21** | $12056 | $12361 | $11606 |
| **08/21** | $12022 | $12337 | $11587 |
| **09/21** | $11999 | $12231 | $11545 |
| **10/21** | $11907 | $12227 | $11523 |
| **11/21** | $11872 | $12263 | $11513 |
| **12/21** | $11827 | $12232 | $11502 |
| **01/22** | $11643 | $11968 | $11332 |
| **02/22** | $11528 | $11835 | $11222 |
| **03/22** | $11150 | $11506 | $10930 |
| **04/22** | $10783 | $11069 | $10547 |
| **05/22** | $10886 | $11141 | $10663 |
| **06/22** | $10691 | $10966 | $10493 |
| **07/22** | $11009 | $11234 | $10830 |
| **08/22** | $10623 | $10917 | $10460 |
| **09/22** | $10004 | $10445 | $9931 |
| **10/22** | $9770 | $10310 | $9790 |
| **11/22** | $10214 | $10689 | $10189 |
| **12/22** | $10133 | $10641 | $10144 |
| **01/23** | $10507 | $10968 | $10478 |
| **02/23** | $10168 | $10684 | $10201 |
| **03/23** | $10413 | $10956 | $10400 |
| **04/23** | $10483 | $11022 | $10454 |
| **05/23** | $10355 | $10902 | $10377 |
| **06/23** | $10273 | $10863 | $10333 |
| **07/23** | $10263 | $10856 | $10325 |
| **08/23** | $10167 | $10786 | $10240 |
| **09/23** | $9867 | $10512 | $9914 |
| **10/23** | $9676 | $10346 | $9709 |
| **11/23** | $10215 | $10815 | $10215 |
| **12/23** | $10683 | $11229 | $10656 |
| **01/24** | $10671 | $11198 | $10606 |
| **02/24** | $10455 | $11040 | $10434 |
| **03/24** | $10539 | $11142 | $10544 |
| **04/24** | $10203 | $10860 | $10225 |
| **05/24** | $10431 | $11044 | $10430 |
| **06/24** | $10563 | $11149 | $10552 |
| **07/24** | $10912 | $11409 | $10830 |
| **08/24** | $11122 | $11573 | $11005 |
| **09/24** | $11283 | $11728 | $11135 |
| **10/24** | $10862 | $11437 | $10820 |
| **11/24** | $11035 | $11558 | $10964 |
| **12/24** | $10825 | $11369 | $10784 |
| **01/25** | $10887 | $11430 | $10839 |
| **02/25** | $11208 | $11681 | $11115 |
| **03/25** | $11196 | $11685 | $11113 |
| **04/25** | $11283 | $11731 | $11145 |
| **05/25** | $11122 | $11647 | $11043 |
| **06/25** | $11345 | $11826 | $11239 |
| **07/25** | $11275 | $11795 | $11194 |
| **08/25** | $11477 | $11936 | $11374 |
| **09/25** | $11616 | $12067 | $11512 |
| **10/25** | $11705 | $12142 | $11612 |
| **11/25** | $11780 | $12217 | $11684 |
| **12/25** | $11780 | $12199 | $11709 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 2 | 8.83 | (0.32) | 1.65 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| Bloomberg U.S. Mortgage-Backed Securities Index | 8.58 | 0.15 | 1.59 |

---

**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** | $1397378372 |
| **Total number of portfolio holdings** | 344 |
| **Management services fees (represents 0.42% of Fund average net assets)** | $5848478 |
| **Portfolio turnover for the reporting period** | 386% |
| **Portfolio turnover as of the end of the period excluding transactions in to be announced securities** | 20% |

---

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Class 2 **\|** ASR7027_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.

### Top Holdings

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security TBA 01/14/2056 5.000% | 6.2% |
| Uniform Mortgage-Backed Security TBA 01/14/2056 3.500% | 5.3% |
| Government National Mortgage Association TBA 01/22/2056 4.500% | 5.2% |
| Uniform Mortgage-Backed Security TBA 01/14/2056 4.000% | 5.1% |
| Uniform Mortgage-Backed Security TBA 01/14/2056 5.500% | 3.5% |
| Government National Mortgage Association TBA 01/22/2056 4.000% | 2.7% |
| Uniform Mortgage-Backed Security TBA 01/14/2056 4.500% | 2.4% |
| Uniform Mortgage-Backed Security TBA 01/14/2056 6.000% | 1.6% |
| Federal National Mortgage Association 03/25/2028 3.030% | 1.5% |
| Federal National Mortgage Association 03/01/2052 2.000% | 1.4% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Residential Mortgage-Backed Securities - Agency | 111.9% |
| Residential Mortgage-Backed Securities - Non-Agency | 7.5% |
| Money Market Funds | 5.0% |
| Asset-Backed Securities - Non-Agency | 3.3% |
| Commercial Mortgage-Backed Securities - Non-Agency | 3.0% |
| Commercial Mortgage-Backed Securities - Agency | 2.0% |
| Other | 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](g59364g61s65.jpg)

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Class 2 **\|** ASR7027_02_12_D01_(02/26) \|

# Columbia Variable Portfolio – U.S. Government Mortgage Fund
Class 3

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – U.S. Government Mortgage 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 | $60 | 0.57% |

---

## 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
**Rate positioning** \| The Fund's interest rate positioning was the largest contributor to total return and the Fund's relative performance. Portfolio duration was kept longer than the benchmark, and that positioning was a tailwind as interest rates declined during the period. Tactical curve positioning also benefited. Convexity was a headwind on both an absolute and relative basis, but overall rates positioning still delivered strong absolute and relative performance for the year.

**Agency residential mortgage-backed securities (collateralized mortgage obligations)** \| Sector selection in agency collateralized mortgage obligations (CMOs), particularly passthrough structures, was the second largest contributor to relative outperformance for the year, adding meaningfully to results versus a benchmark that does not hold CMOs**.**

**Commercial mortgage-backed securities (CMBS)** \| CMBS exposure was another positive contributor. A segment that had been more challenged post COVID recovered well in 2025 as falling interest rates and steady investor appetite supported CMBS relative to sectors that had been fundamentally healthier post-pandemic. Because the benchmark does not hold CMBS, this allocation enhanced Fund performance versus the benchmark.

### Top Performance Detractors
**Agency residential mortgage backed securities (passthroughs)** \| Agency passthroughs had a strong year and the Fund's positions also rose. However, the benchmark holds more agency mortgage bonds — particularly Ginnie Mae and shorter maturity pools that performed well — so the Fund's smaller weighting created a modest shortfall versus the benchmark, despite good security level results.

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Class 3 **\|** ASR7027_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](g59364g20h08.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Columbia Variable Portfolio – U.S. Government Mortgage Fund Class 3 ($11937)** | **Bloomberg U.S. Aggregate Bond Index ($12199)** | **Bloomberg U.S. Mortgage-Backed Securities Index ($11709)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $10077 | $10138 | $10130 |
| **02/16** | $10077 | $10210 | $10168 |
| **03/16** | $10154 | $10303 | $10198 |
| **04/16** | $10192 | $10343 | $10214 |
| **05/16** | $10221 | $10345 | $10227 |
| **06/16** | $10318 | $10531 | $10310 |
| **07/16** | $10328 | $10598 | $10332 |
| **08/16** | $10338 | $10586 | $10344 |
| **09/16** | $10407 | $10580 | $10372 |
| **10/16** | $10407 | $10499 | $10345 |
| **11/16** | $10258 | $10250 | $10167 |
| **12/16** | $10258 | $10265 | $10167 |
| **01/17** | $10288 | $10285 | $10164 |
| **02/17** | $10357 | $10354 | $10213 |
| **03/17** | $10357 | $10349 | $10215 |
| **04/17** | $10457 | $10428 | $10282 |
| **05/17** | $10536 | $10509 | $10346 |
| **06/17** | $10491 | $10498 | $10304 |
| **07/17** | $10542 | $10543 | $10351 |
| **08/17** | $10593 | $10638 | $10427 |
| **09/17** | $10578 | $10587 | $10403 |
| **10/17** | $10568 | $10593 | $10400 |
| **11/17** | $10557 | $10580 | $10385 |
| **12/17** | $10588 | $10628 | $10419 |
| **01/18** | $10516 | $10506 | $10297 |
| **02/18** | $10435 | $10406 | $10229 |
| **03/18** | $10486 | $10473 | $10295 |
| **04/18** | $10465 | $10395 | $10243 |
| **05/18** | $10557 | $10469 | $10314 |
| **06/18** | $10559 | $10456 | $10319 |
| **07/18** | $10528 | $10459 | $10308 |
| **08/18** | $10612 | $10526 | $10371 |
| **09/18** | $10517 | $10458 | $10307 |
| **10/18** | $10465 | $10376 | $10242 |
| **11/18** | $10591 | $10438 | $10335 |
| **12/18** | $10770 | $10630 | $10522 |
| **01/19** | $10865 | $10742 | $10605 |
| **02/19** | $10854 | $10736 | $10596 |
| **03/19** | $11044 | $10942 | $10750 |
| **04/19** | $11033 | $10945 | $10744 |
| **05/19** | $11191 | $11139 | $10882 |
| **06/19** | $11266 | $11279 | $10961 |
| **07/19** | $11320 | $11304 | $11005 |
| **08/19** | $11428 | $11597 | $11103 |
| **09/19** | $11385 | $11535 | $11111 |
| **10/19** | $11450 | $11570 | $11150 |
| **11/19** | $11461 | $11564 | $11159 |
| **12/19** | $11482 | $11556 | $11190 |
| **01/20** | $11590 | $11778 | $11269 |
| **02/20** | $11774 | $11990 | $11385 |
| **03/20** | $11515 | $11920 | $11506 |
| **04/20** | $11677 | $12132 | $11579 |
| **05/20** | $11763 | $12188 | $11593 |
| **06/20** | $11839 | $12265 | $11582 |
| **07/20** | $11873 | $12448 | $11603 |
| **08/20** | $11929 | $12348 | $11608 |
| **09/20** | $11940 | $12341 | $11595 |
| **10/20** | $11951 | $12286 | $11591 |
| **11/20** | $11973 | $12406 | $11599 |
| **12/20** | $12051 | $12424 | $11624 |
| **01/21** | $12151 | $12334 | $11633 |
| **02/21** | $12174 | $12156 | $11555 |
| **03/21** | $12174 | $12005 | $11496 |
| **04/21** | $12196 | $12099 | $11559 |
| **05/21** | $12151 | $12139 | $11539 |
| **06/21** | $12107 | $12224 | $11534 |
| **07/21** | $12142 | $12361 | $11606 |
| **08/21** | $12119 | $12337 | $11587 |
| **09/21** | $12095 | $12231 | $11545 |
| **10/21** | $12003 | $12227 | $11523 |
| **11/21** | $11969 | $12263 | $11513 |
| **12/21** | $11922 | $12232 | $11502 |
| **01/22** | $11738 | $11968 | $11332 |
| **02/22** | $11623 | $11835 | $11222 |
| **03/22** | $11242 | $11506 | $10930 |
| **04/22** | $10873 | $11069 | $10547 |
| **05/22** | $10977 | $11141 | $10663 |
| **06/22** | $10781 | $10966 | $10493 |
| **07/22** | $11104 | $11234 | $10830 |
| **08/22** | $10716 | $10917 | $10460 |
| **09/22** | $10093 | $10445 | $9931 |
| **10/22** | $9857 | $10310 | $9790 |
| **11/22** | $10304 | $10689 | $10189 |
| **12/22** | $10222 | $10641 | $10144 |
| **01/23** | $10598 | $10968 | $10478 |
| **02/23** | $10269 | $10684 | $10201 |
| **03/23** | $10516 | $10956 | $10400 |
| **04/23** | $10587 | $11022 | $10454 |
| **05/23** | $10457 | $10902 | $10377 |
| **06/23** | $10375 | $10863 | $10333 |
| **07/23** | $10366 | $10856 | $10325 |
| **08/23** | $10270 | $10786 | $10240 |
| **09/23** | $9968 | $10512 | $9914 |
| **10/23** | $9774 | $10346 | $9709 |
| **11/23** | $10330 | $10815 | $10215 |
| **12/23** | $10789 | $11229 | $10656 |
| **01/24** | $10777 | $11198 | $10606 |
| **02/24** | $10572 | $11040 | $10434 |
| **03/24** | $10656 | $11142 | $10544 |
| **04/24** | $10318 | $10860 | $10225 |
| **05/24** | $10548 | $11044 | $10430 |
| **06/24** | $10681 | $11149 | $10552 |
| **07/24** | $11033 | $11409 | $10830 |
| **08/24** | $11245 | $11573 | $11005 |
| **09/24** | $11407 | $11728 | $11135 |
| **10/24** | $10995 | $11437 | $10820 |
| **11/24** | $11157 | $11558 | $10964 |
| **12/24** | $10945 | $11369 | $10784 |
| **01/25** | $11008 | $11430 | $10839 |
| **02/25** | $11345 | $11681 | $11115 |
| **03/25** | $11332 | $11685 | $11113 |
| **04/25** | $11419 | $11731 | $11145 |
| **05/25** | $11257 | $11647 | $11043 |
| **06/25** | $11482 | $11826 | $11239 |
| **07/25** | $11427 | $11795 | $11194 |
| **08/25** | $11631 | $11936 | $11374 |
| **09/25** | $11771 | $12067 | $11512 |
| **10/25** | $11860 | $12142 | $11612 |
| **11/25** | $11937 | $12217 | $11684 |
| **12/25** | $11937 | $12199 | $11709 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 3 | 9.06 | (0.19) | 1.79 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| Bloomberg U.S. Mortgage-Backed Securities Index | 8.58 | 0.15 | 1.59 |

---

**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** | $1397378372 |
| **Total number of portfolio holdings** | 344 |
| **Management services fees (represents 0.42% of Fund average net assets)** | $5848478 |
| **Portfolio turnover for the reporting period** | 386% |
| **Portfolio turnover as of the end of the period excluding transactions in to be announced securities** | 20% |

---

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Class 3 **\|** ASR7027_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.

### Top Holdings

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security TBA 01/14/2056 5.000% | 6.2% |
| Uniform Mortgage-Backed Security TBA 01/14/2056 3.500% | 5.3% |
| Government National Mortgage Association TBA 01/22/2056 4.500% | 5.2% |
| Uniform Mortgage-Backed Security TBA 01/14/2056 4.000% | 5.1% |
| Uniform Mortgage-Backed Security TBA 01/14/2056 5.500% | 3.5% |
| Government National Mortgage Association TBA 01/22/2056 4.000% | 2.7% |
| Uniform Mortgage-Backed Security TBA 01/14/2056 4.500% | 2.4% |
| Uniform Mortgage-Backed Security TBA 01/14/2056 6.000% | 1.6% |
| Federal National Mortgage Association 03/25/2028 3.030% | 1.5% |
| Federal National Mortgage Association 03/01/2052 2.000% | 1.4% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Residential Mortgage-Backed Securities - Agency | 111.9% |
| Residential Mortgage-Backed Securities - Non-Agency | 7.5% |
| Money Market Funds | 5.0% |
| Asset-Backed Securities - Non-Agency | 3.3% |
| Commercial Mortgage-Backed Securities - Non-Agency | 3.0% |
| Commercial Mortgage-Backed Securities - Agency | 2.0% |
| Other | 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](g59364g61s65.jpg)

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| Class 3 **\|** ASR7027_03_12_D01_(02/26) \|

# Variable Portfolio – Aggressive Portfolio
Class 1

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Variable Portfolio – Aggressive Portfolio (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 | $12 | 0.11% |

---

## 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
**Asset allocation** \| Asset allocation positioning targeted tactical overweight allocations in equities, versus static blended benchmark assignments, and underweights to fixed-income investments. These primary tactical allocation decisions served as contributors to relative performance during the annual period.

**International equity value** \| In international equity markets, managers that employed a value-oriented discipline contributed to the Fund's relative performance, as the backdrop in overseas markets continued to favor a value-conscious approach to investing.

**Fixed income** \| On average, core bond managers outperformed and contributed favorably to the Fund's relative performance during the period. Tilts to corporate credit and duration positioning that focused mostly on the middle part of the yield curve helped boost relative performance for core bond managers.

### Top Performance Detractors
**Domestic large-cap equity \|** Underlying fund managers delivered mixed results versus benchmarks during the annual period. In general, domestic large-cap equity managers detracted from the Fund's relative performance but did so while generating healthy positive absolute returns.

Variable Portfolio – Aggressive Portfolio \| Class 1 **\|** ASR7041_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](g59364g34s75.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Variable Portfolio – Aggressive Portfolio Class 1 ($24206)** | **Bloomberg U.S. Aggregate Bond Index ($12199)** | **56% Russell 3000<sup>®</sup> Index, 24% MSCI EAFE Index (Net), 20% Bloomberg U.S. Aggregate Bond Index ($27125)** | **MSCI EAFE Index (Net) ($21959)** | **Russell 3000<sup>®</sup> Index ($38012)** |
| **12/15** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **01/16** | $9530 | $10138 | $9538 | $9277 | $9436 |
| **02/16** | $9460 | $10210 | $9508 | $9107 | $9433 |
| **03/16** | $10000 | $10303 | $10049 | $9699 | $10097 |
| **04/16** | $10089 | $10343 | $10161 | $9980 | $10159 |
| **05/16** | $10172 | $10345 | $10241 | $9890 | $10341 |
| **06/16** | $10083 | $10531 | $10207 | $9558 | $10362 |
| **07/16** | $10439 | $10598 | $10571 | $10042 | $10774 |
| **08/16** | $10464 | $10586 | $10586 | $10049 | $10801 |
| **09/16** | $10496 | $10580 | $10625 | $10173 | $10818 |
| **10/16** | $10305 | $10499 | $10428 | $9965 | $10584 |
| **11/16** | $10445 | $10250 | $10590 | $9766 | $11058 |
| **12/16** | $10591 | $10265 | $10796 | $10100 | $11274 |
| **01/17** | $10788 | $10285 | $10989 | $10393 | $11486 |
| **02/17** | $11043 | $10354 | $11270 | $10542 | $11913 |
| **03/17** | $11132 | $10349 | $11348 | $10832 | $11921 |
| **04/17** | $11310 | $10428 | $11502 | $11107 | $12047 |
| **05/17** | $11500 | $10509 | $11687 | $11515 | $12171 |
| **06/17** | $11564 | $10498 | $11739 | $11495 | $12280 |
| **07/17** | $11780 | $10543 | $11954 | $11826 | $12512 |
| **08/17** | $11818 | $10638 | $11987 | $11822 | $12536 |
| **09/17** | $12028 | $10587 | $12211 | $12116 | $12842 |
| **10/17** | $12231 | $10593 | $12406 | $12300 | $13122 |
| **11/17** | $12467 | $10580 | $12645 | $12429 | $13521 |
| **12/17** | $12594 | $10628 | $12776 | $12628 | $13656 |
| **01/18** | $13153 | $10506 | $13278 | $13262 | $14375 |
| **02/18** | $12657 | $10406 | $12835 | $12663 | $13846 |
| **03/18** | $12492 | $10473 | $12651 | $12435 | $13568 |
| **04/18** | $12543 | $10395 | $12729 | $12719 | $13619 |
| **05/18** | $12664 | $10469 | $12880 | $12433 | $14004 |
| **06/18** | $12613 | $10456 | $12886 | $12281 | $14095 |
| **07/18** | $12905 | $10459 | $13202 | $12584 | $14563 |
| **08/18** | $13039 | $10526 | $13417 | $12341 | $15074 |
| **09/18** | $13045 | $10458 | $13441 | $12448 | $15099 |
| **10/18** | $12181 | $10376 | $12608 | $11457 | $13988 |
| **11/18** | $12301 | $10438 | $12761 | $11442 | $14268 |
| **12/18** | $11513 | $10630 | $11994 | $10887 | $12940 |
| **01/19** | $12314 | $10742 | $12785 | $11602 | $14051 |
| **02/19** | $12613 | $10736 | $13114 | $11898 | $14545 |
| **03/19** | $12772 | $10942 | $13291 | $11973 | $14757 |
| **04/19** | $13148 | $10945 | $13679 | $12310 | $15346 |
| **05/19** | $12492 | $11139 | $13074 | $11719 | $14353 |
| **06/19** | $13173 | $11279 | $13807 | $12414 | $15361 |
| **07/19** | $13212 | $11304 | $13886 | $12256 | $15590 |
| **08/19** | $13008 | $11597 | $13713 | $11939 | $15272 |
| **09/19** | $13167 | $11535 | $13928 | $12281 | $15540 |
| **10/19** | $13396 | $11570 | $14224 | $12722 | $15874 |
| **11/19** | $13728 | $11564 | $14564 | $12866 | $16478 |
| **12/19** | $14027 | $11556 | $14911 | $13284 | $16954 |
| **01/20** | $13982 | $11778 | $14885 | $13006 | $16935 |
| **02/20** | $13116 | $11990 | $13933 | $11831 | $15549 |
| **03/20** | $11511 | $11920 | $12397 | $10252 | $13410 |
| **04/20** | $12626 | $12132 | $13553 | $10914 | $15187 |
| **05/20** | $13224 | $12188 | $14113 | $11389 | $15999 |
| **06/20** | $13568 | $12265 | $14427 | $11777 | $16364 |
| **07/20** | $14123 | $12448 | $15009 | $12051 | $17294 |
| **08/20** | $14772 | $12348 | $15779 | $12671 | $18546 |
| **09/20** | $14371 | $12341 | $15357 | $12342 | $17871 |
| **10/20** | $14072 | $12286 | $15011 | $11849 | $17485 |
| **11/20** | $15569 | $12406 | $16621 | $13686 | $19613 |
| **12/20** | $16174 | $12424 | $17230 | $14322 | $20495 |
| **01/21** | $16091 | $12334 | $17119 | $14169 | $20404 |
| **02/21** | $16562 | $12156 | $17461 | $14487 | $21042 |
| **03/21** | $16976 | $12005 | $17864 | $14820 | $21796 |
| **04/21** | $17626 | $12099 | $18537 | $15266 | $22919 |
| **05/21** | $17875 | $12139 | $18742 | $15764 | $23024 |
| **06/21** | $18034 | $12224 | $18976 | $15587 | $23592 |
| **07/21** | $18231 | $12361 | $19233 | $15704 | $23991 |
| **08/21** | $18633 | $12337 | $19614 | $15981 | $24675 |
| **09/21** | $17938 | $12231 | $18950 | $15517 | $23568 |
| **10/21** | $18671 | $12227 | $19779 | $15899 | $25161 |
| **11/21** | $18174 | $12263 | $19401 | $15159 | $24778 |
| **12/21** | $18766 | $12232 | $20057 | $15935 | $25754 |
| **01/22** | $17900 | $11968 | $19077 | $15165 | $24239 |
| **02/22** | $17480 | $11835 | $18685 | $14897 | $23628 |
| **03/22** | $17569 | $11506 | $18949 | $14993 | $24395 |
| **04/22** | $16269 | $11069 | $17559 | $14023 | $22206 |
| **05/22** | $16308 | $11141 | $17600 | $14128 | $22176 |
| **06/22** | $15091 | $10966 | $16328 | $12817 | $20321 |
| **07/22** | $16085 | $11234 | $17461 | $13456 | $22227 |
| **08/22** | $15467 | $10917 | $16799 | $12817 | $21397 |
| **09/22** | $14123 | $10445 | $15404 | $11618 | $19413 |
| **10/22** | $14983 | $10310 | $16270 | $12242 | $21005 |
| **11/22** | $16015 | $10689 | $17305 | $13621 | $22102 |
| **12/22** | $15390 | $10641 | $16726 | $13632 | $20808 |
| **01/23** | $16403 | $10968 | $17799 | $14736 | $22241 |
| **02/23** | $15913 | $10684 | $17385 | $14429 | $21721 |
| **03/23** | $16282 | $10956 | $17837 | $14786 | $22302 |
| **04/23** | $16467 | $11022 | $18085 | $15204 | $22539 |
| **05/23** | $16308 | $10902 | $17902 | $14560 | $22627 |
| **06/23** | $17104 | $10863 | $18769 | $15223 | $24172 |
| **07/23** | $17518 | $10856 | $19289 | $15715 | $25039 |
| **08/23** | $17123 | $10786 | $18878 | $15113 | $24555 |
| **09/23** | $16358 | $10512 | $18124 | $14597 | $23386 |
| **10/23** | $16002 | $10346 | $17622 | $14005 | $22766 |
| **11/23** | $17301 | $10815 | $19094 | $15305 | $24888 |
| **12/23** | $18085 | $11229 | $20051 | $16118 | $26209 |
| **01/24** | $18212 | $11198 | $20192 | $16211 | $26499 |
| **02/24** | $18817 | $11040 | $20836 | $16508 | $27933 |
| **03/24** | $19346 | $11142 | $21415 | $17051 | $28835 |
| **04/24** | $18658 | $10860 | $20647 | $16614 | $27566 |
| **05/24** | $19486 | $11044 | $21456 | $17258 | $28868 |
| **06/24** | $19728 | $11149 | $21785 | $16979 | $29762 |
| **07/24** | $20079 | $11409 | $22267 | $17477 | $30315 |
| **08/24** | $20544 | $11573 | $22776 | $18046 | $30975 |
| **09/24** | $20837 | $11728 | $23152 | $18212 | $31616 |
| **10/24** | $20359 | $11437 | $22639 | $17222 | $31384 |
| **11/24** | $21181 | $11558 | $23500 | $17124 | $33471 |
| **12/24** | $20525 | $11369 | $22892 | $16735 | $32448 |
| **01/25** | $21174 | $11430 | $23610 | $17614 | $33473 |
| **02/25** | $21111 | $11681 | $23571 | $17956 | $32831 |
| **03/25** | $20410 | $11685 | $22780 | $17883 | $30916 |
| **04/25** | $20499 | $11731 | $22962 | $18702 | $30709 |
| **05/25** | $21410 | $11647 | $23997 | $19558 | $32655 |
| **06/25** | $22283 | $11826 | $24880 | $19989 | $34314 |
| **07/25** | $22436 | $11795 | $25090 | $19708 | $35070 |
| **08/25** | $23003 | $11936 | $25732 | $20549 | $35881 |
| **09/25** | $23582 | $12067 | $26403 | $20942 | $37120 |
| **10/25** | $23971 | $12142 | $26828 | $21188 | $37915 |
| **11/25** | $24054 | $12217 | $26942 | $21320 | $38019 |
| **12/25** | $24206 | $12199 | $27125 | $21959 | $38012 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 1<sup>Footnote Reference(a)</sup> | 17.94 | 8.40 | 9.24 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| 56% Russell 3000<sup>®</sup> Index, 24% MSCI EAFE Index (Net), 20% Bloomberg U.S. Aggregate Bond Index | 18.49 | 9.50 | 10.49 |
| MSCI EAFE Index (Net) | 31.22 | 8.92 | 8.18 |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The returns shown for periods prior to February 20, 2019 (including Since Fund Inception returns, if shown) include the returns of Class 2. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. |

---

**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** | $2594543221 |
| **Total number of portfolio holdings** | 44 |
| **Management services fees (represents 0.04% of Fund average net assets)** | $1008744 |
| **Portfolio turnover for the reporting period** | 8% |

---

Variable Portfolio – Aggressive Portfolio \| Class 1 **\|** ASR7041_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.

### Top Holdings

---

| | |
|:---|:---|
| Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | 8.7% |
| Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | 6.8% |
| Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | 6.8% |
| Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | 6.2% |
| CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares | 6.1% |
| Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | 5.6% |
| Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | 5.3% |
| Variable Portfolio – Partners International Value Fund, Class 1 Shares | 5.3% |
| Variable Portfolio – Partners International Growth Fund, Class 1 Shares | 4.6% |
| CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares | 4.5% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Equity Funds | 80.1% |
| Fixed Income Funds | 16.5% |
| Money Market Funds | 2.6% |
| 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.

In June 2025, the Fund changed its target allocation ranges for the asset class exposures.

## 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](g59364g61s65.jpg)

Variable Portfolio – Aggressive Portfolio \| Class 1 **\|** ASR7041_01_12_D01_(02/26) \|

# Variable Portfolio – Aggressive Portfolio
Class 2

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Variable Portfolio – Aggressive Portfolio (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 | $39 | 0.36% |

---

## 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
**Asset allocation** \| Asset allocation positioning targeted tactical overweight allocations in equities, versus static blended benchmark assignments, and underweights to fixed-income investments. These primary tactical allocation decisions served as contributors to relative performance during the annual period.

**International equity value** \| In international equity markets, managers that employed a value-oriented discipline contributed to the Fund's relative performance, as the backdrop in overseas markets continued to favor a value-conscious approach to investing.

**Fixed income** \| On average, core bond managers outperformed and contributed favorably to the Fund's relative performance during the period. Tilts to corporate credit and duration positioning that focused mostly on the middle part of the yield curve helped boost relative performance for core bond managers.

### Top Performance Detractors
**Domestic large-cap equity \|** Underlying fund managers delivered mixed results versus benchmarks during the annual period. In general, domestic large-cap equity managers detracted from the Fund's relative performance but did so while generating healthy positive absolute returns.

Variable Portfolio – Aggressive Portfolio \| Class 2 **\|** ASR7041_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](g59364g76q74.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Variable Portfolio – Aggressive Portfolio Class 2 ($23795)** | **Bloomberg U.S. Aggregate Bond Index ($12199)** | **56% Russell 3000<sup>®</sup> Index, 24% MSCI EAFE Index (Net), 20% Bloomberg U.S. Aggregate Bond Index ($27125)** | **MSCI EAFE Index (Net) ($21959)** | **Russell 3000<sup>®</sup> Index ($38012)** |
| **12/15** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **01/16** | $9530 | $10138 | $9538 | $9277 | $9436 |
| **02/16** | $9460 | $10210 | $9508 | $9107 | $9433 |
| **03/16** | $10000 | $10303 | $10049 | $9699 | $10097 |
| **04/16** | $10089 | $10343 | $10161 | $9980 | $10159 |
| **05/16** | $10172 | $10345 | $10241 | $9890 | $10341 |
| **06/16** | $10083 | $10531 | $10207 | $9558 | $10362 |
| **07/16** | $10439 | $10598 | $10571 | $10042 | $10774 |
| **08/16** | $10464 | $10586 | $10586 | $10049 | $10801 |
| **09/16** | $10496 | $10580 | $10625 | $10173 | $10818 |
| **10/16** | $10305 | $10499 | $10428 | $9965 | $10584 |
| **11/16** | $10445 | $10250 | $10590 | $9766 | $11058 |
| **12/16** | $10591 | $10265 | $10796 | $10100 | $11274 |
| **01/17** | $10788 | $10285 | $10989 | $10393 | $11486 |
| **02/17** | $11043 | $10354 | $11270 | $10542 | $11913 |
| **03/17** | $11132 | $10349 | $11348 | $10832 | $11921 |
| **04/17** | $11310 | $10428 | $11502 | $11107 | $12047 |
| **05/17** | $11500 | $10509 | $11687 | $11515 | $12171 |
| **06/17** | $11564 | $10498 | $11739 | $11495 | $12280 |
| **07/17** | $11780 | $10543 | $11954 | $11826 | $12512 |
| **08/17** | $11818 | $10638 | $11987 | $11822 | $12536 |
| **09/17** | $12028 | $10587 | $12211 | $12116 | $12842 |
| **10/17** | $12231 | $10593 | $12406 | $12300 | $13122 |
| **11/17** | $12467 | $10580 | $12645 | $12429 | $13521 |
| **12/17** | $12594 | $10628 | $12776 | $12628 | $13656 |
| **01/18** | $13153 | $10506 | $13278 | $13262 | $14375 |
| **02/18** | $12657 | $10406 | $12835 | $12663 | $13846 |
| **03/18** | $12492 | $10473 | $12651 | $12435 | $13568 |
| **04/18** | $12543 | $10395 | $12729 | $12719 | $13619 |
| **05/18** | $12664 | $10469 | $12880 | $12433 | $14004 |
| **06/18** | $12613 | $10456 | $12886 | $12281 | $14095 |
| **07/18** | $12905 | $10459 | $13202 | $12584 | $14563 |
| **08/18** | $13039 | $10526 | $13417 | $12341 | $15074 |
| **09/18** | $13045 | $10458 | $13441 | $12448 | $15099 |
| **10/18** | $12181 | $10376 | $12608 | $11457 | $13988 |
| **11/18** | $12301 | $10438 | $12761 | $11442 | $14268 |
| **12/18** | $11513 | $10630 | $11994 | $10887 | $12940 |
| **01/19** | $12314 | $10742 | $12785 | $11602 | $14051 |
| **02/19** | $12613 | $10736 | $13114 | $11898 | $14545 |
| **03/19** | $12765 | $10942 | $13291 | $11973 | $14757 |
| **04/19** | $13140 | $10945 | $13679 | $12310 | $15346 |
| **05/19** | $12486 | $11139 | $13074 | $11719 | $14353 |
| **06/19** | $13160 | $11279 | $13807 | $12414 | $15361 |
| **07/19** | $13198 | $11304 | $13886 | $12256 | $15590 |
| **08/19** | $12994 | $11597 | $13713 | $11939 | $15272 |
| **09/19** | $13147 | $11535 | $13928 | $12281 | $15540 |
| **10/19** | $13369 | $11570 | $14224 | $12722 | $15874 |
| **11/19** | $13700 | $11564 | $14564 | $12866 | $16478 |
| **12/19** | $13999 | $11556 | $14911 | $13284 | $16954 |
| **01/20** | $13948 | $11778 | $14885 | $13006 | $16935 |
| **02/20** | $13083 | $11990 | $13933 | $11831 | $15549 |
| **03/20** | $11481 | $11920 | $12397 | $10252 | $13410 |
| **04/20** | $12587 | $12132 | $13553 | $10914 | $15187 |
| **05/20** | $13185 | $12188 | $14113 | $11389 | $15999 |
| **06/20** | $13522 | $12265 | $14427 | $11777 | $16364 |
| **07/20** | $14069 | $12448 | $15009 | $12051 | $17294 |
| **08/20** | $14711 | $12348 | $15779 | $12671 | $18546 |
| **09/20** | $14310 | $12341 | $15357 | $12342 | $17871 |
| **10/20** | $14011 | $12286 | $15011 | $11849 | $17485 |
| **11/20** | $15499 | $12406 | $16621 | $13686 | $19613 |
| **12/20** | $16097 | $12424 | $17230 | $14322 | $20495 |
| **01/21** | $16014 | $12334 | $17119 | $14169 | $20404 |
| **02/21** | $16484 | $12156 | $17461 | $14487 | $21042 |
| **03/21** | $16885 | $12005 | $17864 | $14820 | $21796 |
| **04/21** | $17533 | $12099 | $18537 | $15266 | $22919 |
| **05/21** | $17775 | $12139 | $18742 | $15764 | $23024 |
| **06/21** | $17934 | $12224 | $18976 | $15587 | $23592 |
| **07/21** | $18125 | $12361 | $19233 | $15704 | $23991 |
| **08/21** | $18519 | $12337 | $19614 | $15981 | $24675 |
| **09/21** | $17826 | $12231 | $18950 | $15517 | $23568 |
| **10/21** | $18544 | $12227 | $19779 | $15899 | $25161 |
| **11/21** | $18048 | $12263 | $19401 | $15159 | $24778 |
| **12/21** | $18633 | $12232 | $20057 | $15935 | $25754 |
| **01/22** | $17769 | $11968 | $19077 | $15165 | $24239 |
| **02/22** | $17349 | $11835 | $18685 | $14897 | $23628 |
| **03/22** | $17432 | $11506 | $18949 | $14993 | $24395 |
| **04/22** | $16141 | $11069 | $17559 | $14023 | $22206 |
| **05/22** | $16173 | $11141 | $17600 | $14128 | $22176 |
| **06/22** | $14965 | $10966 | $16328 | $12817 | $20321 |
| **07/22** | $15950 | $11234 | $17461 | $13456 | $22227 |
| **08/22** | $15334 | $10917 | $16799 | $12817 | $21397 |
| **09/22** | $13999 | $10445 | $15404 | $11618 | $19413 |
| **10/22** | $14851 | $10310 | $16270 | $12242 | $21005 |
| **11/22** | $15861 | $10689 | $17305 | $13621 | $22102 |
| **12/22** | $15245 | $10641 | $16726 | $13632 | $20808 |
| **01/23** | $16243 | $10968 | $17799 | $14736 | $22241 |
| **02/23** | $15753 | $10684 | $17385 | $14429 | $21721 |
| **03/23** | $16116 | $10956 | $17837 | $14786 | $22302 |
| **04/23** | $16294 | $11022 | $18085 | $15204 | $22539 |
| **05/23** | $16135 | $10902 | $17902 | $14560 | $22627 |
| **06/23** | $16917 | $10863 | $18769 | $15223 | $24172 |
| **07/23** | $17330 | $10856 | $19289 | $15715 | $25039 |
| **08/23** | $16929 | $10786 | $18878 | $15113 | $24555 |
| **09/23** | $16173 | $10512 | $18124 | $14597 | $23386 |
| **10/23** | $15811 | $10346 | $17622 | $14005 | $22766 |
| **11/23** | $17095 | $10815 | $19094 | $15305 | $24888 |
| **12/23** | $17870 | $11229 | $20051 | $16118 | $26209 |
| **01/24** | $17991 | $11198 | $20192 | $16211 | $26499 |
| **02/24** | $18582 | $11040 | $20836 | $16508 | $27933 |
| **03/24** | $19104 | $11142 | $21415 | $17051 | $28835 |
| **04/24** | $18417 | $10860 | $20647 | $16614 | $27566 |
| **05/24** | $19231 | $11044 | $21456 | $17258 | $28868 |
| **06/24** | $19466 | $11149 | $21785 | $16979 | $29762 |
| **07/24** | $19809 | $11409 | $22267 | $17477 | $30315 |
| **08/24** | $20261 | $11573 | $22776 | $18046 | $30975 |
| **09/24** | $20547 | $11728 | $23152 | $18212 | $31616 |
| **10/24** | $20070 | $11437 | $22639 | $17222 | $31384 |
| **11/24** | $20877 | $11558 | $23500 | $17124 | $33471 |
| **12/24** | $20229 | $11369 | $22892 | $16735 | $32448 |
| **01/25** | $20865 | $11430 | $23610 | $17614 | $33473 |
| **02/25** | $20801 | $11681 | $23571 | $17956 | $32831 |
| **03/25** | $20102 | $11685 | $22780 | $17883 | $30916 |
| **04/25** | $20184 | $11731 | $22962 | $18702 | $30709 |
| **05/25** | $21081 | $11647 | $23997 | $19558 | $32655 |
| **06/25** | $21933 | $11826 | $24880 | $19989 | $34314 |
| **07/25** | $22079 | $11795 | $25090 | $19708 | $35070 |
| **08/25** | $22632 | $11936 | $25732 | $20549 | $35881 |
| **09/25** | $23198 | $12067 | $26403 | $20942 | $37120 |
| **10/25** | $23573 | $12142 | $26828 | $21188 | $37915 |
| **11/25** | $23649 | $12217 | $26942 | $21320 | $38019 |
| **12/25** | $23795 | $12199 | $27125 | $21959 | $38012 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 2 | 17.63 | 8.13 | 9.06 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| 56% Russell 3000<sup>®</sup> Index, 24% MSCI EAFE Index (Net), 20% Bloomberg U.S. Aggregate Bond Index | 18.49 | 9.50 | 10.49 |
| MSCI EAFE Index (Net) | 31.22 | 8.92 | 8.18 |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |

---

**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** | $2594543221 |
| **Total number of portfolio holdings** | 44 |
| **Management services fees (represents 0.04% of Fund average net assets)** | $1008744 |
| **Portfolio turnover for the reporting period** | 8% |

---

Variable Portfolio – Aggressive Portfolio \| Class 2 **\|** ASR7041_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.

### Top Holdings

---

| | |
|:---|:---|
| Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | 8.7% |
| Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | 6.8% |
| Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | 6.8% |
| Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | 6.2% |
| CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares | 6.1% |
| Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | 5.6% |
| Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | 5.3% |
| Variable Portfolio – Partners International Value Fund, Class 1 Shares | 5.3% |
| Variable Portfolio – Partners International Growth Fund, Class 1 Shares | 4.6% |
| CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares | 4.5% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Equity Funds | 80.1% |
| Fixed Income Funds | 16.5% |
| Money Market Funds | 2.6% |
| 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.

In June 2025, the Fund changed its target allocation ranges for the asset class exposures.

## 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](g59364g61s65.jpg)

Variable Portfolio – Aggressive Portfolio \| Class 2 **\|** ASR7041_02_12_D01_(02/26) \|

# Variable Portfolio – Aggressive Portfolio
Class 4

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Variable Portfolio – Aggressive Portfolio (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 4 | $39 | 0.36% |

---

## Management's Discussion of Fund Performance
The performance of Class 4 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Asset allocation** \| Asset allocation positioning targeted tactical overweight allocations in equities, versus static blended benchmark assignments, and underweights to fixed-income investments. These primary tactical allocation decisions served as contributors to relative performance during the annual period.

**International equity value** \| In international equity markets, managers that employed a value-oriented discipline contributed to the Fund's relative performance, as the backdrop in overseas markets continued to favor a value-conscious approach to investing.

**Fixed income** \| On average, core bond managers outperformed and contributed favorably to the Fund's relative performance during the period. Tilts to corporate credit and duration positioning that focused mostly on the middle part of the yield curve helped boost relative performance for core bond managers.

### Top Performance Detractors
**Domestic large-cap equity \|** Underlying fund managers delivered mixed results versus benchmarks during the annual period. In general, domestic large-cap equity managers detracted from the Fund's relative performance but did so while generating healthy positive absolute returns.

Variable Portfolio – Aggressive Portfolio \| Class 4 **\|** ASR7041_04_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 4 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g59364g80v85.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Variable Portfolio – Aggressive Portfolio Class 4 ($23803)** | **Bloomberg U.S. Aggregate Bond Index ($12199)** | **56% Russell 3000<sup>®</sup> Index, 24% MSCI EAFE Index (Net), 20% Bloomberg U.S. Aggregate Bond Index ($27125)** | **MSCI EAFE Index (Net) ($21959)** | **Russell 3000<sup>®</sup> Index ($38012)** |
| **12/15** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **01/16** | $9537 | $10138 | $9538 | $9277 | $9436 |
| **02/16** | $9467 | $10210 | $9508 | $9107 | $9433 |
| **03/16** | $10000 | $10303 | $10049 | $9699 | $10097 |
| **04/16** | $10095 | $10343 | $10161 | $9980 | $10159 |
| **05/16** | $10171 | $10345 | $10241 | $9890 | $10341 |
| **06/16** | $10083 | $10531 | $10207 | $9558 | $10362 |
| **07/16** | $10444 | $10598 | $10571 | $10042 | $10774 |
| **08/16** | $10470 | $10586 | $10586 | $10049 | $10801 |
| **09/16** | $10502 | $10580 | $10625 | $10173 | $10818 |
| **10/16** | $10311 | $10499 | $10428 | $9965 | $10584 |
| **11/16** | $10444 | $10250 | $10590 | $9766 | $11058 |
| **12/16** | $10597 | $10265 | $10796 | $10100 | $11274 |
| **01/17** | $10794 | $10285 | $10989 | $10393 | $11486 |
| **02/17** | $11048 | $10354 | $11270 | $10542 | $11913 |
| **03/17** | $11137 | $10349 | $11348 | $10832 | $11921 |
| **04/17** | $11314 | $10428 | $11502 | $11107 | $12047 |
| **05/17** | $11505 | $10509 | $11687 | $11515 | $12171 |
| **06/17** | $11568 | $10498 | $11739 | $11495 | $12280 |
| **07/17** | $11784 | $10543 | $11954 | $11826 | $12512 |
| **08/17** | $11822 | $10638 | $11987 | $11822 | $12536 |
| **09/17** | $12032 | $10587 | $12211 | $12116 | $12842 |
| **10/17** | $12235 | $10593 | $12406 | $12300 | $13122 |
| **11/17** | $12470 | $10580 | $12645 | $12429 | $13521 |
| **12/17** | $12597 | $10628 | $12776 | $12628 | $13656 |
| **01/18** | $13156 | $10506 | $13278 | $13262 | $14375 |
| **02/18** | $12660 | $10406 | $12835 | $12663 | $13846 |
| **03/18** | $12495 | $10473 | $12651 | $12435 | $13568 |
| **04/18** | $12546 | $10395 | $12729 | $12719 | $13619 |
| **05/18** | $12667 | $10469 | $12880 | $12433 | $14004 |
| **06/18** | $12616 | $10456 | $12886 | $12281 | $14095 |
| **07/18** | $12908 | $10459 | $13202 | $12584 | $14563 |
| **08/18** | $13041 | $10526 | $13417 | $12341 | $15074 |
| **09/18** | $13048 | $10458 | $13441 | $12448 | $15099 |
| **10/18** | $12184 | $10376 | $12608 | $11457 | $13988 |
| **11/18** | $12305 | $10438 | $12761 | $11442 | $14268 |
| **12/18** | $11511 | $10630 | $11994 | $10887 | $12940 |
| **01/19** | $12317 | $10742 | $12785 | $11602 | $14051 |
| **02/19** | $12616 | $10736 | $13114 | $11898 | $14545 |
| **03/19** | $12768 | $10942 | $13291 | $11973 | $14757 |
| **04/19** | $13143 | $10945 | $13679 | $12310 | $15346 |
| **05/19** | $12489 | $11139 | $13074 | $11719 | $14353 |
| **06/19** | $13162 | $11279 | $13807 | $12414 | $15361 |
| **07/19** | $13200 | $11304 | $13886 | $12256 | $15590 |
| **08/19** | $12997 | $11597 | $13713 | $11939 | $15272 |
| **09/19** | $13156 | $11535 | $13928 | $12281 | $15540 |
| **10/19** | $13378 | $11570 | $14224 | $12722 | $15874 |
| **11/19** | $13708 | $11564 | $14564 | $12866 | $16478 |
| **12/19** | $14006 | $11556 | $14911 | $13284 | $16954 |
| **01/20** | $13956 | $11778 | $14885 | $13006 | $16935 |
| **02/20** | $13086 | $11990 | $13933 | $11831 | $15549 |
| **03/20** | $11479 | $11920 | $12397 | $10252 | $13410 |
| **04/20** | $12597 | $12132 | $13553 | $10914 | $15187 |
| **05/20** | $13187 | $12188 | $14113 | $11389 | $15999 |
| **06/20** | $13524 | $12265 | $14427 | $11777 | $16364 |
| **07/20** | $14076 | $12448 | $15009 | $12051 | $17294 |
| **08/20** | $14717 | $12348 | $15779 | $12671 | $18546 |
| **09/20** | $14317 | $12341 | $15357 | $12342 | $17871 |
| **10/20** | $14019 | $12286 | $15011 | $11849 | $17485 |
| **11/20** | $15505 | $12406 | $16621 | $13686 | $19613 |
| **12/20** | $16102 | $12424 | $17230 | $14322 | $20495 |
| **01/21** | $16019 | $12334 | $17119 | $14169 | $20404 |
| **02/21** | $16489 | $12156 | $17461 | $14487 | $21042 |
| **03/21** | $16889 | $12005 | $17864 | $14820 | $21796 |
| **04/21** | $17537 | $12099 | $18537 | $15266 | $22919 |
| **05/21** | $17778 | $12139 | $18742 | $15764 | $23024 |
| **06/21** | $17937 | $12224 | $18976 | $15587 | $23592 |
| **07/21** | $18127 | $12361 | $19233 | $15704 | $23991 |
| **08/21** | $18521 | $12337 | $19614 | $15981 | $24675 |
| **09/21** | $17829 | $12231 | $18950 | $15517 | $23568 |
| **10/21** | $18552 | $12227 | $19779 | $15899 | $25161 |
| **11/21** | $18057 | $12263 | $19401 | $15159 | $24778 |
| **12/21** | $18641 | $12232 | $20057 | $15935 | $25754 |
| **01/22** | $17778 | $11968 | $19077 | $15165 | $24239 |
| **02/22** | $17352 | $11835 | $18685 | $14897 | $23628 |
| **03/22** | $17441 | $11506 | $18949 | $14993 | $24395 |
| **04/22** | $16146 | $11069 | $17559 | $14023 | $22206 |
| **05/22** | $16178 | $11141 | $17600 | $14128 | $22176 |
| **06/22** | $14965 | $10966 | $16328 | $12817 | $20321 |
| **07/22** | $15956 | $11234 | $17461 | $13456 | $22227 |
| **08/22** | $15340 | $10917 | $16799 | $12817 | $21397 |
| **09/22** | $14006 | $10445 | $15404 | $11618 | $19413 |
| **10/22** | $14851 | $10310 | $16270 | $12242 | $21005 |
| **11/22** | $15867 | $10689 | $17305 | $13621 | $22102 |
| **12/22** | $15251 | $10641 | $16726 | $13632 | $20808 |
| **01/23** | $16248 | $10968 | $17799 | $14736 | $22241 |
| **02/23** | $15759 | $10684 | $17385 | $14429 | $21721 |
| **03/23** | $16121 | $10956 | $17837 | $14786 | $22302 |
| **04/23** | $16298 | $11022 | $18085 | $15204 | $22539 |
| **05/23** | $16140 | $10902 | $17902 | $14560 | $22627 |
| **06/23** | $16921 | $10863 | $18769 | $15223 | $24172 |
| **07/23** | $17333 | $10856 | $19289 | $15715 | $25039 |
| **08/23** | $16933 | $10786 | $18878 | $15113 | $24555 |
| **09/23** | $16178 | $10512 | $18124 | $14597 | $23386 |
| **10/23** | $15816 | $10346 | $17622 | $14005 | $22766 |
| **11/23** | $17105 | $10815 | $19094 | $15305 | $24888 |
| **12/23** | $17873 | $11229 | $20051 | $16118 | $26209 |
| **01/24** | $17994 | $11198 | $20192 | $16211 | $26499 |
| **02/24** | $18584 | $11040 | $20836 | $16508 | $27933 |
| **03/24** | $19105 | $11142 | $21415 | $17051 | $28835 |
| **04/24** | $18425 | $10860 | $20647 | $16614 | $27566 |
| **05/24** | $19232 | $11044 | $21456 | $17258 | $28868 |
| **06/24** | $19473 | $11149 | $21785 | $16979 | $29762 |
| **07/24** | $19816 | $11409 | $22267 | $17477 | $30315 |
| **08/24** | $20267 | $11573 | $22776 | $18046 | $30975 |
| **09/24** | $20559 | $11728 | $23152 | $18212 | $31616 |
| **10/24** | $20076 | $11437 | $22639 | $17222 | $31384 |
| **11/24** | $20883 | $11558 | $23500 | $17124 | $33471 |
| **12/24** | $20235 | $11369 | $22892 | $16735 | $32448 |
| **01/25** | $20870 | $11430 | $23610 | $17614 | $33473 |
| **02/25** | $20806 | $11681 | $23571 | $17956 | $32831 |
| **03/25** | $20108 | $11685 | $22780 | $17883 | $30916 |
| **04/25** | $20190 | $11731 | $22962 | $18702 | $30709 |
| **05/25** | $21086 | $11647 | $23997 | $19558 | $32655 |
| **06/25** | $21943 | $11826 | $24880 | $19989 | $34314 |
| **07/25** | $22089 | $11795 | $25090 | $19708 | $35070 |
| **08/25** | $22641 | $11936 | $25732 | $20549 | $35881 |
| **09/25** | $23206 | $12067 | $26403 | $20942 | $37120 |
| **10/25** | $23581 | $12142 | $26828 | $21188 | $37915 |
| **11/25** | $23657 | $12217 | $26942 | $21320 | $38019 |
| **12/25** | $23803 | $12199 | $27125 | $21959 | $38012 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 4 | 17.63 | 8.13 | 9.06 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| 56% Russell 3000<sup>®</sup> Index, 24% MSCI EAFE Index (Net), 20% Bloomberg U.S. Aggregate Bond Index | 18.49 | 9.50 | 10.49 |
| MSCI EAFE Index (Net) | 31.22 | 8.92 | 8.18 |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |

---

**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** | $2594543221 |
| **Total number of portfolio holdings** | 44 |
| **Management services fees (represents 0.04% of Fund average net assets)** | $1008744 |
| **Portfolio turnover for the reporting period** | 8% |

---

Variable Portfolio – Aggressive Portfolio \| Class 4 **\|** ASR7041_04_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.

### Top Holdings

---

| | |
|:---|:---|
| Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | 8.7% |
| Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | 6.8% |
| Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | 6.8% |
| Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | 6.2% |
| CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares | 6.1% |
| Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | 5.6% |
| Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | 5.3% |
| Variable Portfolio – Partners International Value Fund, Class 1 Shares | 5.3% |
| Variable Portfolio – Partners International Growth Fund, Class 1 Shares | 4.6% |
| CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares | 4.5% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Equity Funds | 80.1% |
| Fixed Income Funds | 16.5% |
| Money Market Funds | 2.6% |
| 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.

In June 2025, the Fund changed its target allocation ranges for the asset class exposures.

## 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](g59364g61s65.jpg)

Variable Portfolio – Aggressive Portfolio \| Class 4 **\|** ASR7041_04_12_D01_(02/26) \|

# Variable Portfolio – Conservative Portfolio
Class 1

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Variable Portfolio – Conservative Portfolio (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 | $14 | 0.13% |

---

## 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
**Asset allocation** \| Asset allocation positioning targeted tactical overweight allocations in equities, versus static blended benchmark assignments, and underweights to fixed-income investments. These primary tactical allocation decisions served as contributors to relative performance during the annual period.

**International equity value** \| In international equity markets, managers that employed a value-oriented discipline contributed to the Fund's relative performance, as the backdrop in overseas markets continued to favor a value-conscious approach to investing.

**Fixed income** \| On average, core bond managers outperformed and contributed favorably to the Fund's relative performance during the period. Tilts to corporate credit and duration positioning that focused mostly on the middle part of the yield curve helped boost relative performance for core bond managers.

### Top Performance Detractors
**Domestic large-cap equity \|** Underlying fund managers delivered mixed results versus benchmarks during the annual period. In general, domestic large-cap equity managers detracted from the Fund's relative performance but did so while generating healthy positive absolute returns.

Variable Portfolio – Conservative Portfolio \| Class 1 **\|** ASR7042_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](g59364g00z50.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Variable Portfolio – Conservative Portfolio Class 1 ($14404)** | **MSCI EAFE Index (Net) ($21959)** | **80% Bloomberg U.S. Aggregate Bond Index, 14% Russell 3000<sup>®</sup> Index, 6% MSCI EAFE Index (Net) ($15069)** | **Bloomberg U.S. Aggregate Bond Index ($12199)** | **Russell 3000<sup>®</sup> Index ($38012)** |
| **12/15** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **01/16** | $9960 | $9277 | $9988 | $10138 | $9436 |
| **02/16** | $9976 | $9107 | $10033 | $10210 | $9433 |
| **03/16** | $10184 | $9699 | $10245 | $10303 | $10097 |
| **04/16** | $10264 | $9980 | $10303 | $10343 | $10159 |
| **05/16** | $10288 | $9890 | $10325 | $10345 | $10341 |
| **06/16** | $10392 | $9558 | $10456 | $10531 | $10362 |
| **07/16** | $10552 | $10042 | $10598 | $10598 | $10774 |
| **08/16** | $10552 | $10049 | $10593 | $10586 | $10801 |
| **09/16** | $10560 | $10173 | $10598 | $10580 | $10818 |
| **10/16** | $10440 | $9965 | $10488 | $10499 | $10584 |
| **11/16** | $10304 | $9766 | $10343 | $10250 | $11058 |
| **12/16** | $10344 | $10100 | $10404 | $10265 | $11274 |
| **01/17** | $10424 | $10393 | $10466 | $10285 | $11486 |
| **02/17** | $10528 | $10542 | $10586 | $10354 | $11913 |
| **03/17** | $10536 | $10832 | $10600 | $10349 | $11921 |
| **04/17** | $10632 | $11107 | $10697 | $10428 | $12047 |
| **05/17** | $10743 | $11515 | $10802 | $10509 | $12171 |
| **06/17** | $10751 | $11495 | $10806 | $10498 | $12280 |
| **07/17** | $10839 | $11826 | $10890 | $10543 | $12512 |
| **08/17** | $10919 | $11822 | $10971 | $10638 | $12536 |
| **09/17** | $10935 | $12116 | $10983 | $10587 | $12842 |
| **10/17** | $10991 | $12300 | $11032 | $10593 | $13122 |
| **11/17** | $11047 | $12429 | $11074 | $10580 | $13521 |
| **12/17** | $11111 | $12628 | $11141 | $10628 | $13656 |
| **01/18** | $11191 | $13262 | $11154 | $10506 | $14375 |
| **02/18** | $10999 | $12663 | $10982 | $10406 | $13846 |
| **03/18** | $11007 | $12435 | $10995 | $10473 | $13568 |
| **04/18** | $10951 | $12719 | $10951 | $10395 | $13619 |
| **05/18** | $11015 | $12433 | $11042 | $10469 | $14004 |
| **06/18** | $10975 | $12281 | $11033 | $10456 | $14095 |
| **07/18** | $11047 | $12584 | $11103 | $10459 | $14563 |
| **08/18** | $11119 | $12341 | $11201 | $10526 | $15074 |
| **09/18** | $11071 | $12448 | $11152 | $10458 | $15099 |
| **10/18** | $10799 | $11457 | $10913 | $10376 | $13988 |
| **11/18** | $10855 | $11442 | $10995 | $10438 | $14268 |
| **12/18** | $10783 | $10887 | $10982 | $10630 | $12940 |
| **01/19** | $11071 | $11602 | $11250 | $10742 | $14051 |
| **02/19** | $11143 | $11898 | $11318 | $10736 | $14545 |
| **03/19** | $11319 | $11973 | $11519 | $10942 | $14757 |
| **04/19** | $11391 | $12310 | $11605 | $10945 | $15346 |
| **05/19** | $11383 | $11719 | $11631 | $11139 | $14353 |
| **06/19** | $11639 | $12414 | $11904 | $11279 | $15361 |
| **07/19** | $11655 | $12256 | $11941 | $11304 | $15590 |
| **08/19** | $11807 | $11939 | $12135 | $11597 | $15272 |
| **09/19** | $11775 | $12281 | $12134 | $11535 | $15540 |
| **10/19** | $11855 | $12722 | $12226 | $11570 | $15874 |
| **11/19** | $11910 | $12866 | $12295 | $11564 | $16478 |
| **12/19** | $11974 | $13284 | $12362 | $11556 | $16954 |
| **01/20** | $12134 | $13006 | $12535 | $11778 | $16935 |
| **02/20** | $12086 | $11831 | $12503 | $11990 | $15549 |
| **03/20** | $11463 | $10252 | $12104 | $11920 | $13410 |
| **04/20** | $11886 | $10914 | $12547 | $12132 | $15187 |
| **05/20** | $12102 | $11389 | $12721 | $12188 | $15999 |
| **06/20** | $12262 | $11777 | $12851 | $12265 | $16364 |
| **07/20** | $12566 | $12051 | $13125 | $12448 | $17294 |
| **08/20** | $12646 | $12671 | $13214 | $12348 | $18546 |
| **09/20** | $12558 | $12342 | $13120 | $12341 | $17871 |
| **10/20** | $12470 | $11849 | $13002 | $12286 | $17485 |
| **11/20** | $12942 | $13686 | $13447 | $12406 | $19613 |
| **12/20** | $13118 | $14322 | $13584 | $12424 | $20495 |
| **01/21** | $13054 | $14169 | $13489 | $12334 | $20404 |
| **02/21** | $12998 | $14487 | $13410 | $12156 | $21042 |
| **03/21** | $12990 | $14820 | $13362 | $12005 | $21796 |
| **04/21** | $13205 | $15266 | $13567 | $12099 | $22919 |
| **05/21** | $13269 | $15764 | $13637 | $12139 | $23024 |
| **06/21** | $13373 | $15587 | $13752 | $12224 | $23592 |
| **07/21** | $13509 | $15704 | $13914 | $12361 | $23991 |
| **08/21** | $13573 | $15981 | $13963 | $12337 | $24675 |
| **09/21** | $13357 | $15517 | $13754 | $12231 | $23568 |
| **10/21** | $13493 | $15899 | $13902 | $12227 | $25161 |
| **11/21** | $13413 | $15159 | $13866 | $12263 | $24778 |
| **12/21** | $13517 | $15935 | $13957 | $12232 | $25754 |
| **01/22** | $13149 | $15165 | $13561 | $11968 | $24239 |
| **02/22** | $12950 | $14897 | $13378 | $11835 | $23628 |
| **03/22** | $12702 | $14993 | $13146 | $11506 | $24395 |
| **04/22** | $12094 | $14023 | $12531 | $11069 | $22206 |
| **05/22** | $12134 | $14128 | $12599 | $11141 | $22176 |
| **06/22** | $11711 | $12817 | $12223 | $10966 | $20321 |
| **07/22** | $12126 | $13456 | $12659 | $11234 | $22227 |
| **08/22** | $11767 | $12817 | $12271 | $10917 | $21397 |
| **09/22** | $11087 | $11618 | $11618 | $10445 | $19413 |
| **10/22** | $11127 | $12242 | $11669 | $10310 | $21005 |
| **11/22** | $11623 | $13621 | $12176 | $10689 | $22102 |
| **12/22** | $11455 | $13632 | $12033 | $10641 | $20808 |
| **01/23** | $11942 | $14736 | $12504 | $10968 | $22241 |
| **02/23** | $11623 | $14429 | $12188 | $10684 | $21721 |
| **03/23** | $11918 | $14786 | $12500 | $10956 | $22302 |
| **04/23** | $11998 | $15204 | $12600 | $11022 | $22539 |
| **05/23** | $11855 | $14560 | $12465 | $10902 | $22627 |
| **06/23** | $11974 | $15223 | $12583 | $10863 | $24172 |
| **07/23** | $12038 | $15715 | $12664 | $10856 | $25039 |
| **08/23** | $11910 | $15113 | $12536 | $10786 | $24555 |
| **09/23** | $11535 | $14597 | $12171 | $10512 | $23386 |
| **10/23** | $11319 | $14005 | $11943 | $10346 | $22766 |
| **11/23** | $11950 | $15305 | $12598 | $10815 | $24888 |
| **12/23** | $12446 | $16118 | $13118 | $11229 | $26209 |
| **01/24** | $12462 | $16211 | $13114 | $11198 | $26499 |
| **02/24** | $12422 | $16508 | $13079 | $11040 | $27933 |
| **03/24** | $12606 | $17051 | $13261 | $11142 | $28835 |
| **04/24** | $12246 | $16614 | $12891 | $10860 | $27566 |
| **05/24** | $12550 | $17258 | $13181 | $11044 | $28868 |
| **06/24** | $12702 | $16979 | $13325 | $11149 | $29762 |
| **07/24** | $12982 | $17477 | $13632 | $11409 | $30315 |
| **08/24** | $13213 | $18046 | $13857 | $11573 | $30975 |
| **09/24** | $13405 | $18212 | $14053 | $11728 | $31616 |
| **10/24** | $13062 | $17222 | $13714 | $11437 | $31384 |
| **11/24** | $13309 | $17124 | $13953 | $11558 | $33471 |
| **12/24** | $13030 | $16735 | $13692 | $11369 | $32448 |
| **01/25** | $13189 | $17614 | $13853 | $11430 | $33473 |
| **02/25** | $13397 | $17956 | $14076 | $11681 | $32831 |
| **03/25** | $13269 | $17883 | $13962 | $11685 | $30916 |
| **04/25** | $13325 | $18702 | $14031 | $11731 | $30709 |
| **05/25** | $13397 | $19558 | $14114 | $11647 | $32655 |
| **06/25** | $13733 | $19989 | $14407 | $11826 | $34314 |
| **07/25** | $13741 | $19708 | $14409 | $11795 | $35070 |
| **08/25** | $13973 | $20549 | $14630 | $11936 | $35881 |
| **09/25** | $14181 | $20942 | $14845 | $12067 | $37120 |
| **10/25** | $14309 | $21188 | $14974 | $12142 | $37915 |
| **11/25** | $14396 | $21320 | $15060 | $12217 | $38019 |
| **12/25** | $14404 | $21959 | $15069 | $12199 | $38012 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 1<sup>Footnote Reference(a)</sup> | 10.55 | 1.89 | 3.72 |
| MSCI EAFE Index (Net) | 31.22 | 8.92 | 8.18 |
| 80% Bloomberg U.S. Aggregate Bond Index, 14% Russell 3000<sup>®</sup> Index, 6% MSCI EAFE Index (Net) | 10.06 | 2.10 | 4.19 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The returns shown for periods prior to February 20, 2019 (including Since Fund Inception returns, if shown) include the returns of Class 2. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. |

---

**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** | $792547126 |
| **Total number of portfolio holdings** | 39 |
| **Management services fees (represents 0.06% of Fund average net assets)** | $516055 |
| **Portfolio turnover for the reporting period** | 15% |

---

Variable Portfolio – Conservative Portfolio \| Class 1 **\|** ASR7042_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.

### Top Holdings

---

| | |
|:---|:---|
| Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | 20.6% |
| CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares | 15.1% |
| Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | 12.6% |
| CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares | 10.1% |
| Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares | 7.5% |
| Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | 5.6% |
| Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | 4.1% |
| Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | 3.6% |
| Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | 2.3% |
| Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares | 1.9% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Fixed Income Funds | 74.3% |
| Equity Funds | 19.0% |
| Money Market Funds | 6.4% |

---

## 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.

In June 2025, the Fund changed its target allocation ranges for the asset class exposures.

## 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](g59364g61s65.jpg)

Variable Portfolio – Conservative Portfolio \| Class 1 **\|** ASR7042_01_12_D01_(02/26) \|

# Variable Portfolio – Conservative Portfolio
Class 2

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Variable Portfolio – Conservative Portfolio (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 | $40 | 0.38% |

---

## 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
**Asset allocation** \| Asset allocation positioning targeted tactical overweight allocations in equities, versus static blended benchmark assignments, and underweights to fixed-income investments. These primary tactical allocation decisions served as contributors to relative performance during the annual period.

**International equity value** \| In international equity markets, managers that employed a value-oriented discipline contributed to the Fund's relative performance, as the backdrop in overseas markets continued to favor a value-conscious approach to investing.

**Fixed income** \| On average, core bond managers outperformed and contributed favorably to the Fund's relative performance during the period. Tilts to corporate credit and duration positioning that focused mostly on the middle part of the yield curve helped boost relative performance for core bond managers.

### Top Performance Detractors
**Domestic large-cap equity \|** Underlying fund managers delivered mixed results versus benchmarks during the annual period. In general, domestic large-cap equity managers detracted from the Fund's relative performance but did so while generating healthy positive absolute returns.

Variable Portfolio – Conservative Portfolio \| Class 2 **\|** ASR7042_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](g59364g84e22.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Variable Portfolio – Conservative Portfolio Class 2 ($14149)** | **MSCI EAFE Index (Net) ($21959)** | **80% Bloomberg U.S. Aggregate Bond Index, 14% Russell 3000<sup>®</sup> Index, 6% MSCI EAFE Index (Net) ($15069)** | **Bloomberg U.S. Aggregate Bond Index ($12199)** | **Russell 3000<sup>®</sup> Index ($38012)** |
| **12/15** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **01/16** | $9960 | $9277 | $9988 | $10138 | $9436 |
| **02/16** | $9976 | $9107 | $10033 | $10210 | $9433 |
| **03/16** | $10184 | $9699 | $10245 | $10303 | $10097 |
| **04/16** | $10264 | $9980 | $10303 | $10343 | $10159 |
| **05/16** | $10288 | $9890 | $10325 | $10345 | $10341 |
| **06/16** | $10392 | $9558 | $10456 | $10531 | $10362 |
| **07/16** | $10552 | $10042 | $10598 | $10598 | $10774 |
| **08/16** | $10552 | $10049 | $10593 | $10586 | $10801 |
| **09/16** | $10560 | $10173 | $10598 | $10580 | $10818 |
| **10/16** | $10440 | $9965 | $10488 | $10499 | $10584 |
| **11/16** | $10304 | $9766 | $10343 | $10250 | $11058 |
| **12/16** | $10344 | $10100 | $10404 | $10265 | $11274 |
| **01/17** | $10424 | $10393 | $10466 | $10285 | $11486 |
| **02/17** | $10528 | $10542 | $10586 | $10354 | $11913 |
| **03/17** | $10536 | $10832 | $10600 | $10349 | $11921 |
| **04/17** | $10632 | $11107 | $10697 | $10428 | $12047 |
| **05/17** | $10743 | $11515 | $10802 | $10509 | $12171 |
| **06/17** | $10751 | $11495 | $10806 | $10498 | $12280 |
| **07/17** | $10839 | $11826 | $10890 | $10543 | $12512 |
| **08/17** | $10919 | $11822 | $10971 | $10638 | $12536 |
| **09/17** | $10935 | $12116 | $10983 | $10587 | $12842 |
| **10/17** | $10991 | $12300 | $11032 | $10593 | $13122 |
| **11/17** | $11047 | $12429 | $11074 | $10580 | $13521 |
| **12/17** | $11111 | $12628 | $11141 | $10628 | $13656 |
| **01/18** | $11191 | $13262 | $11154 | $10506 | $14375 |
| **02/18** | $10999 | $12663 | $10982 | $10406 | $13846 |
| **03/18** | $11007 | $12435 | $10995 | $10473 | $13568 |
| **04/18** | $10951 | $12719 | $10951 | $10395 | $13619 |
| **05/18** | $11015 | $12433 | $11042 | $10469 | $14004 |
| **06/18** | $10975 | $12281 | $11033 | $10456 | $14095 |
| **07/18** | $11047 | $12584 | $11103 | $10459 | $14563 |
| **08/18** | $11119 | $12341 | $11201 | $10526 | $15074 |
| **09/18** | $11071 | $12448 | $11152 | $10458 | $15099 |
| **10/18** | $10799 | $11457 | $10913 | $10376 | $13988 |
| **11/18** | $10855 | $11442 | $10995 | $10438 | $14268 |
| **12/18** | $10783 | $10887 | $10982 | $10630 | $12940 |
| **01/19** | $11071 | $11602 | $11250 | $10742 | $14051 |
| **02/19** | $11135 | $11898 | $11318 | $10736 | $14545 |
| **03/19** | $11311 | $11973 | $11519 | $10942 | $14757 |
| **04/19** | $11383 | $12310 | $11605 | $10945 | $15346 |
| **05/19** | $11367 | $11719 | $11631 | $11139 | $14353 |
| **06/19** | $11631 | $12414 | $11904 | $11279 | $15361 |
| **07/19** | $11639 | $12256 | $11941 | $11304 | $15590 |
| **08/19** | $11783 | $11939 | $12135 | $11597 | $15272 |
| **09/19** | $11759 | $12281 | $12134 | $11535 | $15540 |
| **10/19** | $11831 | $12722 | $12226 | $11570 | $15874 |
| **11/19** | $11886 | $12866 | $12295 | $11564 | $16478 |
| **12/19** | $11942 | $13284 | $12362 | $11556 | $16954 |
| **01/20** | $12102 | $13006 | $12535 | $11778 | $16935 |
| **02/20** | $12054 | $11831 | $12503 | $11990 | $15549 |
| **03/20** | $11431 | $10252 | $12104 | $11920 | $13410 |
| **04/20** | $11847 | $10914 | $12547 | $12132 | $15187 |
| **05/20** | $12062 | $11389 | $12721 | $12188 | $15999 |
| **06/20** | $12222 | $11777 | $12851 | $12265 | $16364 |
| **07/20** | $12518 | $12051 | $13125 | $12448 | $17294 |
| **08/20** | $12598 | $12671 | $13214 | $12348 | $18546 |
| **09/20** | $12502 | $12342 | $13120 | $12341 | $17871 |
| **10/20** | $12414 | $11849 | $13002 | $12286 | $17485 |
| **11/20** | $12878 | $13686 | $13447 | $12406 | $19613 |
| **12/20** | $13054 | $14322 | $13584 | $12424 | $20495 |
| **01/21** | $12982 | $14169 | $13489 | $12334 | $20404 |
| **02/21** | $12926 | $14487 | $13410 | $12156 | $21042 |
| **03/21** | $12918 | $14820 | $13362 | $12005 | $21796 |
| **04/21** | $13126 | $15266 | $13567 | $12099 | $22919 |
| **05/21** | $13189 | $15764 | $13637 | $12139 | $23024 |
| **06/21** | $13285 | $15587 | $13752 | $12224 | $23592 |
| **07/21** | $13421 | $15704 | $13914 | $12361 | $23991 |
| **08/21** | $13485 | $15981 | $13963 | $12337 | $24675 |
| **09/21** | $13269 | $15517 | $13754 | $12231 | $23568 |
| **10/21** | $13397 | $15899 | $13902 | $12227 | $25161 |
| **11/21** | $13317 | $15159 | $13866 | $12263 | $24778 |
| **12/21** | $13421 | $15935 | $13957 | $12232 | $25754 |
| **01/22** | $13054 | $15165 | $13561 | $11968 | $24239 |
| **02/22** | $12846 | $14897 | $13378 | $11835 | $23628 |
| **03/22** | $12598 | $14993 | $13146 | $11506 | $24395 |
| **04/22** | $11998 | $14023 | $12531 | $11069 | $22206 |
| **05/22** | $12030 | $14128 | $12599 | $11141 | $22176 |
| **06/22** | $11607 | $12817 | $12223 | $10966 | $20321 |
| **07/22** | $12022 | $13456 | $12659 | $11234 | $22227 |
| **08/22** | $11655 | $12817 | $12271 | $10917 | $21397 |
| **09/22** | $10983 | $11618 | $11618 | $10445 | $19413 |
| **10/22** | $11023 | $12242 | $11669 | $10310 | $21005 |
| **11/22** | $11503 | $13621 | $12176 | $10689 | $22102 |
| **12/22** | $11335 | $13632 | $12033 | $10641 | $20808 |
| **01/23** | $11823 | $14736 | $12504 | $10968 | $22241 |
| **02/23** | $11503 | $14429 | $12188 | $10684 | $21721 |
| **03/23** | $11791 | $14786 | $12500 | $10956 | $22302 |
| **04/23** | $11871 | $15204 | $12600 | $11022 | $22539 |
| **05/23** | $11727 | $14560 | $12465 | $10902 | $22627 |
| **06/23** | $11839 | $15223 | $12583 | $10863 | $24172 |
| **07/23** | $11902 | $15715 | $12664 | $10856 | $25039 |
| **08/23** | $11775 | $15113 | $12536 | $10786 | $24555 |
| **09/23** | $11399 | $14597 | $12171 | $10512 | $23386 |
| **10/23** | $11183 | $14005 | $11943 | $10346 | $22766 |
| **11/23** | $11807 | $15305 | $12598 | $10815 | $24888 |
| **12/23** | $12294 | $16118 | $13118 | $11229 | $26209 |
| **01/24** | $12302 | $16211 | $13114 | $11198 | $26499 |
| **02/24** | $12262 | $16508 | $13079 | $11040 | $27933 |
| **03/24** | $12438 | $17051 | $13261 | $11142 | $28835 |
| **04/24** | $12086 | $16614 | $12891 | $10860 | $27566 |
| **05/24** | $12382 | $17258 | $13181 | $11044 | $28868 |
| **06/24** | $12534 | $16979 | $13325 | $11149 | $29762 |
| **07/24** | $12806 | $17477 | $13632 | $11409 | $30315 |
| **08/24** | $13030 | $18046 | $13857 | $11573 | $30975 |
| **09/24** | $13213 | $18212 | $14053 | $11728 | $31616 |
| **10/24** | $12870 | $17222 | $13714 | $11437 | $31384 |
| **11/24** | $13110 | $17124 | $13953 | $11558 | $33471 |
| **12/24** | $12838 | $16735 | $13692 | $11369 | $32448 |
| **01/25** | $12990 | $17614 | $13853 | $11430 | $33473 |
| **02/25** | $13197 | $17956 | $14076 | $11681 | $32831 |
| **03/25** | $13062 | $17883 | $13962 | $11685 | $30916 |
| **04/25** | $13118 | $18702 | $14031 | $11731 | $30709 |
| **05/25** | $13181 | $19558 | $14114 | $11647 | $32655 |
| **06/25** | $13509 | $19989 | $14407 | $11826 | $34314 |
| **07/25** | $13517 | $19708 | $14409 | $11795 | $35070 |
| **08/25** | $13741 | $20549 | $14630 | $11936 | $35881 |
| **09/25** | $13941 | $20942 | $14845 | $12067 | $37120 |
| **10/25** | $14069 | $21188 | $14974 | $12142 | $37915 |
| **11/25** | $14149 | $21320 | $15060 | $12217 | $38019 |
| **12/25** | $14149 | $21959 | $15069 | $12199 | $38012 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 2 | 10.21 | 1.62 | 3.53 |
| MSCI EAFE Index (Net) | 31.22 | 8.92 | 8.18 |
| 80% Bloomberg U.S. Aggregate Bond Index, 14% Russell 3000<sup>®</sup> Index, 6% MSCI EAFE Index (Net) | 10.06 | 2.10 | 4.19 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |

---

**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** | $792547126 |
| **Total number of portfolio holdings** | 39 |
| **Management services fees (represents 0.06% of Fund average net assets)** | $516055 |
| **Portfolio turnover for the reporting period** | 15% |

---

Variable Portfolio – Conservative Portfolio \| Class 2 **\|** ASR7042_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.

### Top Holdings

---

| | |
|:---|:---|
| Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | 20.6% |
| CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares | 15.1% |
| Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | 12.6% |
| CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares | 10.1% |
| Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares | 7.5% |
| Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | 5.6% |
| Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | 4.1% |
| Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | 3.6% |
| Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | 2.3% |
| Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares | 1.9% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Fixed Income Funds | 74.3% |
| Equity Funds | 19.0% |
| Money Market Funds | 6.4% |

---

## 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.

In June 2025, the Fund changed its target allocation ranges for the asset class exposures.

## 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](g59364g61s65.jpg)

Variable Portfolio – Conservative Portfolio \| Class 2 **\|** ASR7042_02_12_D01_(02/26) \|

# Variable Portfolio – Conservative Portfolio
Class 4

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Variable Portfolio – Conservative Portfolio (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 4 | $40 | 0.38% |

---

## Management's Discussion of Fund Performance
The performance of Class 4 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Asset allocation** \| Asset allocation positioning targeted tactical overweight allocations in equities, versus static blended benchmark assignments, and underweights to fixed-income investments. These primary tactical allocation decisions served as contributors to relative performance during the annual period.

**International equity value** \| In international equity markets, managers that employed a value-oriented discipline contributed to the Fund's relative performance, as the backdrop in overseas markets continued to favor a value-conscious approach to investing.

**Fixed income** \| On average, core bond managers outperformed and contributed favorably to the Fund's relative performance during the period. Tilts to corporate credit and duration positioning that focused mostly on the middle part of the yield curve helped boost relative performance for core bond managers.

### Top Performance Detractors
**Domestic large-cap equity \|** Underlying fund managers delivered mixed results versus benchmarks during the annual period. In general, domestic large-cap equity managers detracted from the Fund's relative performance but did so while generating healthy positive absolute returns.

Variable Portfolio – Conservative Portfolio \| Class 4 **\|** ASR7042_04_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 4 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g59364g61p87.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Variable Portfolio – Conservative Portfolio Class 4 ($14149)** | **MSCI EAFE Index (Net) ($21959)** | **80% Bloomberg U.S. Aggregate Bond Index, 14% Russell 3000<sup>®</sup> Index, 6% MSCI EAFE Index (Net) ($15069)** | **Bloomberg U.S. Aggregate Bond Index ($12199)** | **Russell 3000<sup>®</sup> Index ($38012)** |
| **12/15** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **01/16** | $9952 | $9277 | $9988 | $10138 | $9436 |
| **02/16** | $9968 | $9107 | $10033 | $10210 | $9433 |
| **03/16** | $10184 | $9699 | $10245 | $10303 | $10097 |
| **04/16** | $10256 | $9980 | $10303 | $10343 | $10159 |
| **05/16** | $10280 | $9890 | $10325 | $10345 | $10341 |
| **06/16** | $10392 | $9558 | $10456 | $10531 | $10362 |
| **07/16** | $10544 | $10042 | $10598 | $10598 | $10774 |
| **08/16** | $10552 | $10049 | $10593 | $10586 | $10801 |
| **09/16** | $10552 | $10173 | $10598 | $10580 | $10818 |
| **10/16** | $10440 | $9965 | $10488 | $10499 | $10584 |
| **11/16** | $10304 | $9766 | $10343 | $10250 | $11058 |
| **12/16** | $10344 | $10100 | $10404 | $10265 | $11274 |
| **01/17** | $10416 | $10393 | $10466 | $10285 | $11486 |
| **02/17** | $10528 | $10542 | $10586 | $10354 | $11913 |
| **03/17** | $10536 | $10832 | $10600 | $10349 | $11921 |
| **04/17** | $10632 | $11107 | $10697 | $10428 | $12047 |
| **05/17** | $10743 | $11515 | $10802 | $10509 | $12171 |
| **06/17** | $10751 | $11495 | $10806 | $10498 | $12280 |
| **07/17** | $10839 | $11826 | $10890 | $10543 | $12512 |
| **08/17** | $10919 | $11822 | $10971 | $10638 | $12536 |
| **09/17** | $10927 | $12116 | $10983 | $10587 | $12842 |
| **10/17** | $10983 | $12300 | $11032 | $10593 | $13122 |
| **11/17** | $11039 | $12429 | $11074 | $10580 | $13521 |
| **12/17** | $11103 | $12628 | $11141 | $10628 | $13656 |
| **01/18** | $11191 | $13262 | $11154 | $10506 | $14375 |
| **02/18** | $10991 | $12663 | $10982 | $10406 | $13846 |
| **03/18** | $10999 | $12435 | $10995 | $10473 | $13568 |
| **04/18** | $10943 | $12719 | $10951 | $10395 | $13619 |
| **05/18** | $11007 | $12433 | $11042 | $10469 | $14004 |
| **06/18** | $10975 | $12281 | $11033 | $10456 | $14095 |
| **07/18** | $11047 | $12584 | $11103 | $10459 | $14563 |
| **08/18** | $11111 | $12341 | $11201 | $10526 | $15074 |
| **09/18** | $11063 | $12448 | $11152 | $10458 | $15099 |
| **10/18** | $10791 | $11457 | $10913 | $10376 | $13988 |
| **11/18** | $10847 | $11442 | $10995 | $10438 | $14268 |
| **12/18** | $10783 | $10887 | $10982 | $10630 | $12940 |
| **01/19** | $11071 | $11602 | $11250 | $10742 | $14051 |
| **02/19** | $11135 | $11898 | $11318 | $10736 | $14545 |
| **03/19** | $11311 | $11973 | $11519 | $10942 | $14757 |
| **04/19** | $11375 | $12310 | $11605 | $10945 | $15346 |
| **05/19** | $11367 | $11719 | $11631 | $11139 | $14353 |
| **06/19** | $11623 | $12414 | $11904 | $11279 | $15361 |
| **07/19** | $11631 | $12256 | $11941 | $11304 | $15590 |
| **08/19** | $11783 | $11939 | $12135 | $11597 | $15272 |
| **09/19** | $11751 | $12281 | $12134 | $11535 | $15540 |
| **10/19** | $11823 | $12722 | $12226 | $11570 | $15874 |
| **11/19** | $11879 | $12866 | $12295 | $11564 | $16478 |
| **12/19** | $11942 | $13284 | $12362 | $11556 | $16954 |
| **01/20** | $12102 | $13006 | $12535 | $11778 | $16935 |
| **02/20** | $12046 | $11831 | $12503 | $11990 | $15549 |
| **03/20** | $11431 | $10252 | $12104 | $11920 | $13410 |
| **04/20** | $11847 | $10914 | $12547 | $12132 | $15187 |
| **05/20** | $12054 | $11389 | $12721 | $12188 | $15999 |
| **06/20** | $12214 | $11777 | $12851 | $12265 | $16364 |
| **07/20** | $12510 | $12051 | $13125 | $12448 | $17294 |
| **08/20** | $12590 | $12671 | $13214 | $12348 | $18546 |
| **09/20** | $12494 | $12342 | $13120 | $12341 | $17871 |
| **10/20** | $12414 | $11849 | $13002 | $12286 | $17485 |
| **11/20** | $12870 | $13686 | $13447 | $12406 | $19613 |
| **12/20** | $13046 | $14322 | $13584 | $12424 | $20495 |
| **01/21** | $12982 | $14169 | $13489 | $12334 | $20404 |
| **02/21** | $12926 | $14487 | $13410 | $12156 | $21042 |
| **03/21** | $12918 | $14820 | $13362 | $12005 | $21796 |
| **04/21** | $13118 | $15266 | $13567 | $12099 | $22919 |
| **05/21** | $13181 | $15764 | $13637 | $12139 | $23024 |
| **06/21** | $13285 | $15587 | $13752 | $12224 | $23592 |
| **07/21** | $13413 | $15704 | $13914 | $12361 | $23991 |
| **08/21** | $13477 | $15981 | $13963 | $12337 | $24675 |
| **09/21** | $13261 | $15517 | $13754 | $12231 | $23568 |
| **10/21** | $13389 | $15899 | $13902 | $12227 | $25161 |
| **11/21** | $13309 | $15159 | $13866 | $12263 | $24778 |
| **12/21** | $13413 | $15935 | $13957 | $12232 | $25754 |
| **01/22** | $13046 | $15165 | $13561 | $11968 | $24239 |
| **02/22** | $12846 | $14897 | $13378 | $11835 | $23628 |
| **03/22** | $12590 | $14993 | $13146 | $11506 | $24395 |
| **04/22** | $11990 | $14023 | $12531 | $11069 | $22206 |
| **05/22** | $12030 | $14128 | $12599 | $11141 | $22176 |
| **06/22** | $11607 | $12817 | $12223 | $10966 | $20321 |
| **07/22** | $12014 | $13456 | $12659 | $11234 | $22227 |
| **08/22** | $11655 | $12817 | $12271 | $10917 | $21397 |
| **09/22** | $10983 | $11618 | $11618 | $10445 | $19413 |
| **10/22** | $11015 | $12242 | $11669 | $10310 | $21005 |
| **11/22** | $11503 | $13621 | $12176 | $10689 | $22102 |
| **12/22** | $11335 | $13632 | $12033 | $10641 | $20808 |
| **01/23** | $11815 | $14736 | $12504 | $10968 | $22241 |
| **02/23** | $11495 | $14429 | $12188 | $10684 | $21721 |
| **03/23** | $11791 | $14786 | $12500 | $10956 | $22302 |
| **04/23** | $11863 | $15204 | $12600 | $11022 | $22539 |
| **05/23** | $11727 | $14560 | $12465 | $10902 | $22627 |
| **06/23** | $11839 | $15223 | $12583 | $10863 | $24172 |
| **07/23** | $11902 | $15715 | $12664 | $10856 | $25039 |
| **08/23** | $11775 | $15113 | $12536 | $10786 | $24555 |
| **09/23** | $11391 | $14597 | $12171 | $10512 | $23386 |
| **10/23** | $11175 | $14005 | $11943 | $10346 | $22766 |
| **11/23** | $11799 | $15305 | $12598 | $10815 | $24888 |
| **12/23** | $12286 | $16118 | $13118 | $11229 | $26209 |
| **01/24** | $12294 | $16211 | $13114 | $11198 | $26499 |
| **02/24** | $12262 | $16508 | $13079 | $11040 | $27933 |
| **03/24** | $12438 | $17051 | $13261 | $11142 | $28835 |
| **04/24** | $12078 | $16614 | $12891 | $10860 | $27566 |
| **05/24** | $12374 | $17258 | $13181 | $11044 | $28868 |
| **06/24** | $12526 | $16979 | $13325 | $11149 | $29762 |
| **07/24** | $12798 | $17477 | $13632 | $11409 | $30315 |
| **08/24** | $13022 | $18046 | $13857 | $11573 | $30975 |
| **09/24** | $13213 | $18212 | $14053 | $11728 | $31616 |
| **10/24** | $12862 | $17222 | $13714 | $11437 | $31384 |
| **11/24** | $13110 | $17124 | $13953 | $11558 | $33471 |
| **12/24** | $12838 | $16735 | $13692 | $11369 | $32448 |
| **01/25** | $12982 | $17614 | $13853 | $11430 | $33473 |
| **02/25** | $13189 | $17956 | $14076 | $11681 | $32831 |
| **03/25** | $13054 | $17883 | $13962 | $11685 | $30916 |
| **04/25** | $13110 | $18702 | $14031 | $11731 | $30709 |
| **05/25** | $13181 | $19558 | $14114 | $11647 | $32655 |
| **06/25** | $13509 | $19989 | $14407 | $11826 | $34314 |
| **07/25** | $13517 | $19708 | $14409 | $11795 | $35070 |
| **08/25** | $13733 | $20549 | $14630 | $11936 | $35881 |
| **09/25** | $13941 | $20942 | $14845 | $12067 | $37120 |
| **10/25** | $14061 | $21188 | $14974 | $12142 | $37915 |
| **11/25** | $14149 | $21320 | $15060 | $12217 | $38019 |
| **12/25** | $14149 | $21959 | $15069 | $12199 | $38012 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 4 | 10.21 | 1.64 | 3.53 |
| MSCI EAFE Index (Net) | 31.22 | 8.92 | 8.18 |
| 80% Bloomberg U.S. Aggregate Bond Index, 14% Russell 3000<sup>®</sup> Index, 6% MSCI EAFE Index (Net) | 10.06 | 2.10 | 4.19 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |

---

**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** | $792547126 |
| **Total number of portfolio holdings** | 39 |
| **Management services fees (represents 0.06% of Fund average net assets)** | $516055 |
| **Portfolio turnover for the reporting period** | 15% |

---

Variable Portfolio – Conservative Portfolio \| Class 4 **\|** ASR7042_04_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.

### Top Holdings

---

| | |
|:---|:---|
| Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | 20.6% |
| CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares | 15.1% |
| Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | 12.6% |
| CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares | 10.1% |
| Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares | 7.5% |
| Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | 5.6% |
| Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | 4.1% |
| Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | 3.6% |
| Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | 2.3% |
| Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares | 1.9% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Fixed Income Funds | 74.3% |
| Equity Funds | 19.0% |
| Money Market Funds | 6.4% |

---

## 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.

In June 2025, the Fund changed its target allocation ranges for the asset class exposures.

## 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](g59364g61s65.jpg)

Variable Portfolio – Conservative Portfolio \| Class 4 **\|** ASR7042_04_12_D01_(02/26) \|

# Variable Portfolio – Managed Volatility Moderate Growth Fund
Class 1

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Variable Portfolio – Managed Volatility Moderate 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 | $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
**Tactical allocation** \| Tactical allocations, in the form of maintaining equity levels above static benchmark policy level weighting assignments, proved beneficial to the Fund's relative performance during the annual period.

**Underlying fund manager selection** \| Underlying fixed-income managers outperformed with varied performance across the fixed-income universe, benefiting the Fund's relative performance.

### Top Performance Detractors
**Dynamic algorithm** \| The dynamic algorithm, a quantitative tool used by the portfolio managers to help direct equity exposure, steered the managers to start the year with an overweight exposure to equities within the Fund. However, as equity volatility rose during the early parts of the annual period, the algorithm shifted to recommend an underweight allocation to equities, versus static benchmark equity weights. This underweight positioning was applied to the Fund during a short span of the annual period, near April 2025, as levels of equity volatility were elevated. As equity volatility quickly subsided the algorithm recommended increased allocations to equities, however the snap-back in markets was swift enough to still result in a detraction effect from the algorithm during the period, weighing on the Fund's relative performance.

**Underlying fund manager selection** \| Underlying strategic fund managers focused on large and small cap domestic equities generally detracted from the Fund's relative returns during the annual period.

Variable Portfolio – Managed Volatility Moderate Growth Fund \| Class 1 **\|** ASR7048_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](g59364g29v66.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Variable Portfolio – Managed Volatility Moderate Growth Fund Class 1 ($17909)** | **Bloomberg U.S. Aggregate Bond Index ($12199)** | **50% Bloomberg U.S. Aggregate Bond Index, 35% Russell 3000<sup>®</sup> Index, 15% MSCI EAFE Index (Net) ($20393)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9692 | $10138 | $9763 |
| **02/16** | $9675 | $10210 | $9770 |
| **03/16** | $10050 | $10303 | $10150 |
| **04/16** | $10133 | $10343 | $10236 |
| **05/16** | $10175 | $10345 | $10287 |
| **06/16** | $10175 | $10531 | $10336 |
| **07/16** | $10417 | $10598 | $10590 |
| **08/16** | $10417 | $10586 | $10595 |
| **09/16** | $10417 | $10580 | $10617 |
| **10/16** | $10250 | $10499 | $10464 |
| **11/16** | $10233 | $10250 | $10472 |
| **12/16** | $10342 | $10265 | $10605 |
| **01/17** | $10475 | $10285 | $10731 |
| **02/17** | $10683 | $10354 | $10930 |
| **03/17** | $10733 | $10349 | $10975 |
| **04/17** | $10867 | $10428 | $11100 |
| **05/17** | $11025 | $10509 | $11244 |
| **06/17** | $11050 | $10498 | $11271 |
| **07/17** | $11208 | $10543 | $11418 |
| **08/17** | $11250 | $10638 | $11476 |
| **09/17** | $11392 | $10587 | $11590 |
| **10/17** | $11533 | $10593 | $11708 |
| **11/17** | $11717 | $10580 | $11843 |
| **12/17** | $11825 | $10628 | $11940 |
| **01/18** | $12225 | $10506 | $12182 |
| **02/18** | $11833 | $10406 | $11884 |
| **03/18** | $11725 | $10473 | $11807 |
| **04/18** | $11700 | $10395 | $11819 |
| **05/18** | $11800 | $10469 | $11938 |
| **06/18** | $11767 | $10456 | $11936 |
| **07/18** | $11958 | $10459 | $12120 |
| **08/18** | $12100 | $10526 | $12273 |
| **09/18** | $12092 | $10458 | $12257 |
| **10/18** | $11483 | $10376 | $11746 |
| **11/18** | $11567 | $10438 | $11861 |
| **12/18** | $11133 | $10630 | $11498 |
| **01/19** | $11650 | $10742 | $12017 |
| **02/19** | $11842 | $10736 | $12208 |
| **03/19** | $12009 | $10942 | $12399 |
| **04/19** | $12259 | $10945 | $12626 |
| **05/19** | $11858 | $11139 | $12361 |
| **06/19** | $12376 | $11279 | $12853 |
| **07/19** | $12401 | $11304 | $12909 |
| **08/19** | $12317 | $11597 | $12934 |
| **09/19** | $12392 | $11535 | $13035 |
| **10/19** | $12534 | $11570 | $13223 |
| **11/19** | $12751 | $11564 | $13418 |
| **12/19** | $12960 | $11556 | $13614 |
| **01/20** | $12968 | $11778 | $13697 |
| **02/20** | $12509 | $11990 | $13242 |
| **03/20** | $11675 | $11920 | $12301 |
| **04/20** | $12401 | $12132 | $13100 |
| **05/20** | $12710 | $12188 | $13461 |
| **06/20** | $12901 | $12265 | $13680 |
| **07/20** | $13269 | $12448 | $14102 |
| **08/20** | $13594 | $12348 | $14511 |
| **09/20** | $13344 | $12341 | $14266 |
| **10/20** | $13144 | $12286 | $14040 |
| **11/20** | $13978 | $12406 | $15034 |
| **12/20** | $14337 | $12424 | $15386 |
| **01/21** | $14287 | $12334 | $15282 |
| **02/21** | $14412 | $12156 | $15390 |
| **03/21** | $14529 | $12005 | $15540 |
| **04/21** | $14921 | $12099 | $15952 |
| **05/21** | $15038 | $12139 | $16082 |
| **06/21** | $15155 | $12224 | $16250 |
| **07/21** | $15347 | $12361 | $16455 |
| **08/21** | $15597 | $12337 | $16647 |
| **09/21** | $15138 | $12231 | $16241 |
| **10/21** | $15547 | $12227 | $16683 |
| **11/21** | $15338 | $12263 | $16503 |
| **12/21** | $15630 | $12232 | $16836 |
| **01/22** | $14996 | $11968 | $16186 |
| **02/22** | $14687 | $11835 | $15910 |
| **03/22** | $14504 | $11506 | $15885 |
| **04/22** | $13619 | $11069 | $14930 |
| **05/22** | $13661 | $11141 | $14988 |
| **06/22** | $12968 | $10966 | $14223 |
| **07/22** | $13602 | $11234 | $14970 |
| **08/22** | $13127 | $10917 | $14457 |
| **09/22** | $12234 | $10445 | $13472 |
| **10/22** | $12501 | $10310 | $13880 |
| **11/22** | $13135 | $10689 | $14624 |
| **12/22** | $12826 | $10641 | $14293 |
| **01/23** | $13444 | $10968 | $15031 |
| **02/23** | $13068 | $10684 | $14666 |
| **03/23** | $13386 | $10956 | $15045 |
| **04/23** | $13486 | $11022 | $15210 |
| **05/23** | $13319 | $10902 | $15051 |
| **06/23** | $13728 | $10863 | $15487 |
| **07/23** | $13970 | $10856 | $15751 |
| **08/23** | $13711 | $10786 | $15504 |
| **09/23** | $13194 | $10512 | $14969 |
| **10/23** | $12910 | $10346 | $14621 |
| **11/23** | $13794 | $10815 | $15633 |
| **12/23** | $14429 | $11229 | $16347 |
| **01/24** | $14479 | $11198 | $16402 |
| **02/24** | $14746 | $11040 | $16642 |
| **03/24** | $15096 | $11142 | $16988 |
| **04/24** | $14587 | $10860 | $16447 |
| **05/24** | $15113 | $11044 | $16954 |
| **06/24** | $15297 | $11149 | $17177 |
| **07/24** | $15622 | $11409 | $17565 |
| **08/24** | $15939 | $11573 | $17910 |
| **09/24** | $16181 | $11728 | $18185 |
| **10/24** | $15789 | $11437 | $17764 |
| **11/24** | $16256 | $11558 | $18257 |
| **12/24** | $15831 | $11369 | $17850 |
| **01/25** | $16189 | $11430 | $18235 |
| **02/25** | $16248 | $11681 | $18366 |
| **03/25** | $15864 | $11685 | $17984 |
| **04/25** | $15847 | $11731 | $18100 |
| **05/25** | $16248 | $11647 | $18561 |
| **06/25** | $16765 | $11826 | $19095 |
| **07/25** | $16832 | $11795 | $19177 |
| **08/25** | $17199 | $11936 | $19570 |
| **09/25** | $17558 | $12067 | $19969 |
| **10/25** | $17775 | $12142 | $20217 |
| **11/25** | $17850 | $12217 | $20318 |
| **12/25** | $17909 | $12199 | $20393 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 1<sup>Footnote Reference(a)</sup> | 13.13 | 4.55 | 6.00 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| 50% Bloomberg U.S. Aggregate Bond Index, 35% Russell 3000<sup>®</sup> Index, 15% MSCI EAFE Index (Net) | 14.25 | 5.80 | 7.39 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The returns shown for periods prior to February 20, 2019 (including Since Fund Inception returns, if shown) include the returns of Class 2. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. |

---

**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** | $11485203081 |
| **Total number of portfolio holdings** | 269 |
| **Management services fees (represents 0.18% of Fund average net assets)** | $20805748 |
| **Portfolio turnover for the reporting period** | 178% |

---

Variable Portfolio – Managed Volatility Moderate Growth Fund \| Class 1 **\|** ASR7048_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.

### Derivative Exposure

---

| | |
|:---|:---|
| | Long |
| Equity Risk | 10.8% |
| Foreign Exchange Risk | 7.7% |
| Interest Rate Risk | 5.0% |
|  | Short |
| Equity Risk | 27.6% |
| Foreign Exchange Risk | 4.0% |
| Interest Rate Risk | 0.0% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Equity Funds | 47.2% |
| Fixed Income Funds | 25.5% |
| Money Market Funds | 15.9% |
| Exchange-Traded Equity Funds | 5.9% |
| Residential Mortgage-Backed Securities - Agency | 5.7% |
| Exchange-Traded Fixed Income Funds | 3.3% |
| 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](g59364g61s65.jpg)

Variable Portfolio – Managed Volatility Moderate Growth Fund \| Class 1 **\|** ASR7048_01_12_D01_(02/26) \|

# Variable Portfolio – Managed Volatility Moderate Growth Fund
Class 2

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Variable Portfolio – Managed Volatility Moderate 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 | $53 | 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
**Tactical allocation** \| Tactical allocations, in the form of maintaining equity levels above static benchmark policy level weighting assignments, proved beneficial to the Fund's relative performance during the annual period.

**Underlying fund manager selection** \| Underlying fixed-income managers outperformed with varied performance across the fixed-income universe, benefiting the Fund's relative performance.

### Top Performance Detractors
**Dynamic algorithm** \| The dynamic algorithm, a quantitative tool used by the portfolio managers to help direct equity exposure, steered the managers to start the year with an overweight exposure to equities within the Fund. However, as equity volatility rose during the early parts of the annual period, the algorithm shifted to recommend an underweight allocation to equities, versus static benchmark equity weights. This underweight positioning was applied to the Fund during a short span of the annual period, near April 2025, as levels of equity volatility were elevated. As equity volatility quickly subsided the algorithm recommended increased allocations to equities, however the snap-back in markets was swift enough to still result in a detraction effect from the algorithm during the period, weighing on the Fund's relative performance.

**Underlying fund manager selection** \| Underlying strategic fund managers focused on large and small cap domestic equities generally detracted from the Fund's relative returns during the annual period.

Variable Portfolio – Managed Volatility Moderate Growth Fund \| Class 2 **\|** ASR7048_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](g59364g36i88.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Variable Portfolio – Managed Volatility Moderate Growth Fund Class 2 ($17608)** | **Bloomberg U.S. Aggregate Bond Index ($12199)** | **50% Bloomberg U.S. Aggregate Bond Index, 35% Russell 3000<sup>®</sup> Index, 15% MSCI EAFE Index (Net) ($20393)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9692 | $10138 | $9763 |
| **02/16** | $9675 | $10210 | $9770 |
| **03/16** | $10050 | $10303 | $10150 |
| **04/16** | $10133 | $10343 | $10236 |
| **05/16** | $10175 | $10345 | $10287 |
| **06/16** | $10175 | $10531 | $10336 |
| **07/16** | $10417 | $10598 | $10590 |
| **08/16** | $10417 | $10586 | $10595 |
| **09/16** | $10417 | $10580 | $10617 |
| **10/16** | $10250 | $10499 | $10464 |
| **11/16** | $10233 | $10250 | $10472 |
| **12/16** | $10342 | $10265 | $10605 |
| **01/17** | $10475 | $10285 | $10731 |
| **02/17** | $10683 | $10354 | $10930 |
| **03/17** | $10733 | $10349 | $10975 |
| **04/17** | $10867 | $10428 | $11100 |
| **05/17** | $11025 | $10509 | $11244 |
| **06/17** | $11050 | $10498 | $11271 |
| **07/17** | $11208 | $10543 | $11418 |
| **08/17** | $11250 | $10638 | $11476 |
| **09/17** | $11392 | $10587 | $11590 |
| **10/17** | $11533 | $10593 | $11708 |
| **11/17** | $11717 | $10580 | $11843 |
| **12/17** | $11825 | $10628 | $11940 |
| **01/18** | $12225 | $10506 | $12182 |
| **02/18** | $11833 | $10406 | $11884 |
| **03/18** | $11725 | $10473 | $11807 |
| **04/18** | $11700 | $10395 | $11819 |
| **05/18** | $11800 | $10469 | $11938 |
| **06/18** | $11767 | $10456 | $11936 |
| **07/18** | $11958 | $10459 | $12120 |
| **08/18** | $12100 | $10526 | $12273 |
| **09/18** | $12092 | $10458 | $12257 |
| **10/18** | $11483 | $10376 | $11746 |
| **11/18** | $11567 | $10438 | $11861 |
| **12/18** | $11133 | $10630 | $11498 |
| **01/19** | $11650 | $10742 | $12017 |
| **02/19** | $11842 | $10736 | $12208 |
| **03/19** | $12000 | $10942 | $12399 |
| **04/19** | $12250 | $10945 | $12626 |
| **05/19** | $11850 | $11139 | $12361 |
| **06/19** | $12358 | $11279 | $12853 |
| **07/19** | $12383 | $11304 | $12909 |
| **08/19** | $12308 | $11597 | $12934 |
| **09/19** | $12375 | $11535 | $13035 |
| **10/19** | $12517 | $11570 | $13223 |
| **11/19** | $12733 | $11564 | $13418 |
| **12/19** | $12933 | $11556 | $13614 |
| **01/20** | $12933 | $11778 | $13697 |
| **02/20** | $12475 | $11990 | $13242 |
| **03/20** | $11650 | $11920 | $12301 |
| **04/20** | $12367 | $12132 | $13100 |
| **05/20** | $12675 | $12188 | $13461 |
| **06/20** | $12858 | $12265 | $13680 |
| **07/20** | $13225 | $12448 | $14102 |
| **08/20** | $13542 | $12348 | $14511 |
| **09/20** | $13292 | $12341 | $14266 |
| **10/20** | $13092 | $12286 | $14040 |
| **11/20** | $13925 | $12406 | $15034 |
| **12/20** | $14275 | $12424 | $15386 |
| **01/21** | $14217 | $12334 | $15282 |
| **02/21** | $14342 | $12156 | $15390 |
| **03/21** | $14450 | $12005 | $15540 |
| **04/21** | $14842 | $12099 | $15952 |
| **05/21** | $14950 | $12139 | $16082 |
| **06/21** | $15067 | $12224 | $16250 |
| **07/21** | $15258 | $12361 | $16455 |
| **08/21** | $15500 | $12337 | $16647 |
| **09/21** | $15042 | $12231 | $16241 |
| **10/21** | $15442 | $12227 | $16683 |
| **11/21** | $15233 | $12263 | $16503 |
| **12/21** | $15517 | $12232 | $16836 |
| **01/22** | $14883 | $11968 | $16186 |
| **02/22** | $14575 | $11835 | $15910 |
| **03/22** | $14392 | $11506 | $15885 |
| **04/22** | $13508 | $11069 | $14930 |
| **05/22** | $13558 | $11141 | $14988 |
| **06/22** | $12858 | $10966 | $14223 |
| **07/22** | $13492 | $11234 | $14970 |
| **08/22** | $13008 | $10917 | $14457 |
| **09/22** | $12125 | $10445 | $13472 |
| **10/22** | $12383 | $10310 | $13880 |
| **11/22** | $13017 | $10689 | $14624 |
| **12/22** | $12700 | $10641 | $14293 |
| **01/23** | $13317 | $10968 | $15031 |
| **02/23** | $12942 | $10684 | $14666 |
| **03/23** | $13250 | $10956 | $15045 |
| **04/23** | $13342 | $11022 | $15210 |
| **05/23** | $13183 | $10902 | $15051 |
| **06/23** | $13575 | $10863 | $15487 |
| **07/23** | $13817 | $10856 | $15751 |
| **08/23** | $13558 | $10786 | $15504 |
| **09/23** | $13050 | $10512 | $14969 |
| **10/23** | $12758 | $10346 | $14621 |
| **11/23** | $13633 | $10815 | $15633 |
| **12/23** | $14258 | $11229 | $16347 |
| **01/24** | $14300 | $11198 | $16402 |
| **02/24** | $14567 | $11040 | $16642 |
| **03/24** | $14908 | $11142 | $16988 |
| **04/24** | $14400 | $10860 | $16447 |
| **05/24** | $14917 | $11044 | $16954 |
| **06/24** | $15100 | $11149 | $17177 |
| **07/24** | $15417 | $11409 | $17565 |
| **08/24** | $15717 | $11573 | $17910 |
| **09/24** | $15958 | $11728 | $18185 |
| **10/24** | $15567 | $11437 | $17764 |
| **11/24** | $16025 | $11558 | $18257 |
| **12/24** | $15600 | $11369 | $17850 |
| **01/25** | $15950 | $11430 | $18235 |
| **02/25** | $16008 | $11681 | $18366 |
| **03/25** | $15625 | $11685 | $17984 |
| **04/25** | $15608 | $11731 | $18100 |
| **05/25** | $15992 | $11647 | $18561 |
| **06/25** | $16500 | $11826 | $19095 |
| **07/25** | $16567 | $11795 | $19177 |
| **08/25** | $16925 | $11936 | $19570 |
| **09/25** | $17275 | $12067 | $19969 |
| **10/25** | $17483 | $12142 | $20217 |
| **11/25** | $17558 | $12217 | $20318 |
| **12/25** | $17608 | $12199 | $20393 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 2 | 12.87 | 4.29 | 5.82 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| 50% Bloomberg U.S. Aggregate Bond Index, 35% Russell 3000<sup>®</sup> Index, 15% MSCI EAFE Index (Net) | 14.25 | 5.80 | 7.39 |

---

**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** | $11485203081 |
| **Total number of portfolio holdings** | 269 |
| **Management services fees (represents 0.18% of Fund average net assets)** | $20805748 |
| **Portfolio turnover for the reporting period** | 178% |

---

Variable Portfolio – Managed Volatility Moderate Growth Fund \| Class 2 **\|** ASR7048_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.

### Derivative Exposure

---

| | |
|:---|:---|
| | Long |
| Equity Risk | 10.8% |
| Foreign Exchange Risk | 7.7% |
| Interest Rate Risk | 5.0% |
|  | Short |
| Equity Risk | 27.6% |
| Foreign Exchange Risk | 4.0% |
| Interest Rate Risk | 0.0% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Equity Funds | 47.2% |
| Fixed Income Funds | 25.5% |
| Money Market Funds | 15.9% |
| Exchange-Traded Equity Funds | 5.9% |
| Residential Mortgage-Backed Securities - Agency | 5.7% |
| Exchange-Traded Fixed Income Funds | 3.3% |
| 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](g59364g61s65.jpg)

Variable Portfolio – Managed Volatility Moderate Growth Fund \| Class 2 **\|** ASR7048_02_12_D01_(02/26) \|

# Variable Portfolio – Moderate Portfolio
Class 1

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Variable Portfolio – Moderate Portfolio (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 | $13 | 0.12% |

---

## 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
**Asset allocation** \| Asset allocation positioning targeted tactical overweight allocations in equities, versus static blended benchmark assignments, and underweights to fixed-income investments. These primary tactical allocation decisions served as contributors to relative performance during the annual period.

**International equity value** \| In international equity markets, managers that employed a value-oriented discipline contributed to the Fund's relative performance, as the backdrop in overseas markets continued to favor a value-conscious approach to investing.

**Fixed income** \| On average, core bond managers outperformed and contributed favorably to the Fund's relative performance during the period. Tilts to corporate credit and duration positioning that focused mostly on the middle part of the yield curve helped boost relative performance for core bond managers.

### Top Performance Detractors
**Domestic large-cap equity \|** Underlying fund managers delivered mixed results versus benchmarks during the annual period. In general, domestic large-cap equity managers detracted from the Fund's relative performance but did so while generating healthy positive absolute returns.

Variable Portfolio – Moderate Portfolio \| Class 1 **\|** ASR7049_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](g59364g37n97.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Variable Portfolio – Moderate Portfolio Class 1 ($18955)** | **MSCI EAFE Index (Net) ($21959)** | **50% Bloomberg U.S. Aggregate Bond Index, 35% Russell 3000<sup>®</sup> Index, 15% MSCI EAFE Index (Net) ($20393)** | **Bloomberg U.S. Aggregate Bond Index ($12199)** | **Russell 3000<sup>®</sup> Index ($38012)** |
| **12/15** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **01/16** | $9754 | $9277 | $9763 | $10138 | $9436 |
| **02/16** | $9726 | $9107 | $9770 | $10210 | $9433 |
| **03/16** | $10098 | $9699 | $10150 | $10303 | $10097 |
| **04/16** | $10183 | $9980 | $10236 | $10343 | $10159 |
| **05/16** | $10232 | $9890 | $10287 | $10345 | $10341 |
| **06/16** | $10246 | $9558 | $10336 | $10531 | $10362 |
| **07/16** | $10513 | $10042 | $10590 | $10598 | $10774 |
| **08/16** | $10527 | $10049 | $10595 | $10586 | $10801 |
| **09/16** | $10541 | $10173 | $10617 | $10580 | $10818 |
| **10/16** | $10386 | $9965 | $10464 | $10499 | $10584 |
| **11/16** | $10372 | $9766 | $10472 | $10250 | $11058 |
| **12/16** | $10463 | $10100 | $10605 | $10265 | $11274 |
| **01/17** | $10604 | $10393 | $10731 | $10285 | $11486 |
| **02/17** | $10787 | $10542 | $10930 | $10354 | $11913 |
| **03/17** | $10836 | $10832 | $10975 | $10349 | $11921 |
| **04/17** | $10983 | $11107 | $11100 | $10428 | $12047 |
| **05/17** | $11138 | $11515 | $11244 | $10509 | $12171 |
| **06/17** | $11173 | $11495 | $11271 | $10498 | $12280 |
| **07/17** | $11327 | $11826 | $11418 | $10543 | $12512 |
| **08/17** | $11383 | $11822 | $11476 | $10638 | $12536 |
| **09/17** | $11489 | $12116 | $11590 | $10587 | $12842 |
| **10/17** | $11622 | $12300 | $11708 | $10593 | $13122 |
| **11/17** | $11756 | $12429 | $11843 | $10580 | $13521 |
| **12/17** | $11847 | $12628 | $11940 | $10628 | $13656 |
| **01/18** | $12156 | $13262 | $12182 | $10506 | $14375 |
| **02/18** | $11826 | $12663 | $11884 | $10406 | $13846 |
| **03/18** | $11756 | $12435 | $11807 | $10473 | $13568 |
| **04/18** | $11735 | $12719 | $11819 | $10395 | $13619 |
| **05/18** | $11826 | $12433 | $11938 | $10469 | $14004 |
| **06/18** | $11784 | $12281 | $11936 | $10456 | $14095 |
| **07/18** | $11959 | $12584 | $12120 | $10459 | $14563 |
| **08/18** | $12058 | $12341 | $12273 | $10526 | $15074 |
| **09/18** | $12037 | $12448 | $12257 | $10458 | $15099 |
| **10/18** | $11489 | $11457 | $11746 | $10376 | $13988 |
| **11/18** | $11587 | $11442 | $11861 | $10438 | $14268 |
| **12/18** | $11187 | $10887 | $11498 | $10630 | $12940 |
| **01/19** | $11713 | $11602 | $12017 | $10742 | $14051 |
| **02/19** | $11903 | $11898 | $12208 | $10736 | $14545 |
| **03/19** | $12079 | $11973 | $12399 | $10942 | $14757 |
| **04/19** | $12290 | $12310 | $12626 | $10945 | $15346 |
| **05/19** | $11994 | $11719 | $12361 | $11139 | $14353 |
| **06/19** | $12444 | $12414 | $12853 | $11279 | $15361 |
| **07/19** | $12480 | $12256 | $12909 | $11304 | $15590 |
| **08/19** | $12473 | $11939 | $12934 | $11597 | $15272 |
| **09/19** | $12536 | $12281 | $13035 | $11535 | $15540 |
| **10/19** | $12662 | $12722 | $13223 | $11570 | $15874 |
| **11/19** | $12859 | $12866 | $13418 | $11564 | $16478 |
| **12/19** | $13021 | $13284 | $13614 | $11556 | $16954 |
| **01/20** | $13098 | $13006 | $13697 | $11778 | $16935 |
| **02/20** | $12669 | $11831 | $13242 | $11990 | $15549 |
| **03/20** | $11552 | $10252 | $12301 | $11920 | $13410 |
| **04/20** | $12360 | $10914 | $13100 | $12132 | $15187 |
| **05/20** | $12775 | $11389 | $13461 | $12188 | $15999 |
| **06/20** | $13035 | $11777 | $13680 | $12265 | $16364 |
| **07/20** | $13464 | $12051 | $14102 | $12448 | $17294 |
| **08/20** | $13815 | $12671 | $14511 | $12348 | $18546 |
| **09/20** | $13569 | $12342 | $14266 | $12341 | $17871 |
| **10/20** | $13380 | $11849 | $14040 | $12286 | $17485 |
| **11/20** | $14357 | $13686 | $15034 | $12406 | $19613 |
| **12/20** | $14729 | $14322 | $15386 | $12424 | $20495 |
| **01/21** | $14638 | $14169 | $15282 | $12334 | $20404 |
| **02/21** | $14821 | $14487 | $15390 | $12156 | $21042 |
| **03/21** | $14997 | $14820 | $15540 | $12005 | $21796 |
| **04/21** | $15411 | $15266 | $15952 | $12099 | $22919 |
| **05/21** | $15559 | $15764 | $16082 | $12139 | $23024 |
| **06/21** | $15693 | $15587 | $16250 | $12224 | $23592 |
| **07/21** | $15868 | $15704 | $16455 | $12361 | $23991 |
| **08/21** | $16072 | $15981 | $16647 | $12337 | $24675 |
| **09/21** | $15650 | $15517 | $16241 | $12231 | $23568 |
| **10/21** | $16044 | $15899 | $16683 | $12227 | $25161 |
| **11/21** | $15784 | $15159 | $16503 | $12263 | $24778 |
| **12/21** | $16100 | $15935 | $16836 | $12232 | $25754 |
| **01/22** | $15510 | $15165 | $16186 | $11968 | $24239 |
| **02/22** | $15215 | $14897 | $15910 | $11835 | $23628 |
| **03/22** | $15116 | $14993 | $15885 | $11506 | $24395 |
| **04/22** | $14188 | $14023 | $14930 | $11069 | $22206 |
| **05/22** | $14230 | $14128 | $14988 | $11141 | $22176 |
| **06/22** | $13450 | $12817 | $14223 | $10966 | $20321 |
| **07/22** | $14132 | $13456 | $14970 | $11234 | $22227 |
| **08/22** | $13668 | $12817 | $14457 | $10917 | $21397 |
| **09/22** | $12698 | $11618 | $13472 | $10445 | $19413 |
| **10/22** | $13098 | $12242 | $13880 | $10310 | $21005 |
| **11/22** | $13837 | $13621 | $14624 | $10689 | $22102 |
| **12/22** | $13457 | $13632 | $14293 | $10641 | $20808 |
| **01/23** | $14195 | $14736 | $15031 | $10968 | $22241 |
| **02/23** | $13787 | $14429 | $14666 | $10684 | $21721 |
| **03/23** | $14125 | $14786 | $15045 | $10956 | $22302 |
| **04/23** | $14251 | $15204 | $15210 | $11022 | $22539 |
| **05/23** | $14097 | $14560 | $15051 | $10902 | $22627 |
| **06/23** | $14519 | $15223 | $15487 | $10863 | $24172 |
| **07/23** | $14736 | $15715 | $15751 | $10856 | $25039 |
| **08/23** | $14490 | $15113 | $15504 | $10786 | $24555 |
| **09/23** | $13935 | $14597 | $14969 | $10512 | $23386 |
| **10/23** | $13640 | $14005 | $14621 | $10346 | $22766 |
| **11/23** | $14589 | $15305 | $15633 | $10815 | $24888 |
| **12/23** | $15236 | $16118 | $16347 | $11229 | $26209 |
| **01/24** | $15292 | $16211 | $16402 | $11198 | $26499 |
| **02/24** | $15524 | $16508 | $16642 | $11040 | $27933 |
| **03/24** | $15861 | $17051 | $16988 | $11142 | $28835 |
| **04/24** | $15355 | $16614 | $16447 | $10860 | $27566 |
| **05/24** | $15883 | $17258 | $16954 | $11044 | $28868 |
| **06/24** | $16072 | $16979 | $17177 | $11149 | $29762 |
| **07/24** | $16396 | $17477 | $17565 | $11409 | $30315 |
| **08/24** | $16719 | $18046 | $17910 | $11573 | $30975 |
| **09/24** | $16965 | $18212 | $18185 | $11728 | $31616 |
| **10/24** | $16564 | $17222 | $17764 | $11437 | $31384 |
| **11/24** | $17050 | $17124 | $18257 | $11558 | $33471 |
| **12/24** | $16607 | $16735 | $17850 | $11369 | $32448 |
| **01/25** | $16965 | $17614 | $18235 | $11430 | $33473 |
| **02/25** | $17078 | $17956 | $18366 | $11681 | $32831 |
| **03/25** | $16705 | $17883 | $17984 | $11685 | $30916 |
| **04/25** | $16775 | $18702 | $18100 | $11731 | $30709 |
| **05/25** | $17190 | $19558 | $18561 | $11647 | $32655 |
| **06/25** | $17760 | $19989 | $19095 | $11826 | $34314 |
| **07/25** | $17830 | $19708 | $19177 | $11795 | $35070 |
| **08/25** | $18210 | $20549 | $19570 | $11936 | $35881 |
| **09/25** | $18568 | $20942 | $19969 | $12067 | $37120 |
| **10/25** | $18793 | $21188 | $20217 | $12142 | $37915 |
| **11/25** | $18892 | $21320 | $20318 | $12217 | $38019 |
| **12/25** | $18955 | $21959 | $20393 | $12199 | $38012 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 1<sup>Footnote Reference(a)</sup> | 14.14 | 5.17 | 6.60 |
| MSCI EAFE Index (Net) | 31.22 | 8.92 | 8.18 |
| 50% Bloomberg U.S. Aggregate Bond Index, 35% Russell 3000<sup>®</sup> Index, 15% MSCI EAFE Index (Net) | 14.25 | 5.80 | 7.39 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The returns shown for periods prior to February 20, 2019 (including Since Fund Inception returns, if shown) include the returns of Class 2. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. |

---

**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** | $13716946138 |
| **Total number of portfolio holdings** | 45 |
| **Management services fees (represents 0.06% of Fund average net assets)** | $7639852 |
| **Portfolio turnover for the reporting period** | 9% |

---

Variable Portfolio – Moderate Portfolio \| Class 1 **\|** ASR7049_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.

### Top Holdings

---

| | |
|:---|:---|
| CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares | 11.2% |
| Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | 9.3% |
| CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares | 8.1% |
| Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | 7.0% |
| Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | 5.5% |
| Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares | 5.6% |
| Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | 5.5% |
| Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | 4.0% |
| Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | 4.0% |
| CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares | 3.5% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Equity Funds | 48.1% |
| Fixed Income Funds | 46.0% |
| Money Market Funds | 5.1% |
| 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.

In June 2025, the Fund changed its target allocation ranges for the asset class exposures.

## 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](g59364g61s65.jpg)

Variable Portfolio – Moderate Portfolio \| Class 1 **\|** ASR7049_01_12_D01_(02/26) \|

# Variable Portfolio – Moderate Portfolio
Class 2

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Variable Portfolio – Moderate Portfolio (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 | $40 | 0.37% |

---

## 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
**Asset allocation** \| Asset allocation positioning targeted tactical overweight allocations in equities, versus static blended benchmark assignments, and underweights to fixed-income investments. These primary tactical allocation decisions served as contributors to relative performance during the annual period.

**International equity value** \| In international equity markets, managers that employed a value-oriented discipline contributed to the Fund's relative performance, as the backdrop in overseas markets continued to favor a value-conscious approach to investing.

**Fixed income** \| On average, core bond managers outperformed and contributed favorably to the Fund's relative performance during the period. Tilts to corporate credit and duration positioning that focused mostly on the middle part of the yield curve helped boost relative performance for core bond managers.

### Top Performance Detractors
**Domestic large-cap equity \|** Underlying fund managers delivered mixed results versus benchmarks during the annual period. In general, domestic large-cap equity managers detracted from the Fund's relative performance but did so while generating healthy positive absolute returns.

Variable Portfolio – Moderate Portfolio \| Class 2 **\|** ASR7049_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](g59364g33z34.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Variable Portfolio – Moderate Portfolio Class 2 ($18638)** | **MSCI EAFE Index (Net) ($21959)** | **50% Bloomberg U.S. Aggregate Bond Index, 35% Russell 3000<sup>®</sup> Index, 15% MSCI EAFE Index (Net) ($20393)** | **Bloomberg U.S. Aggregate Bond Index ($12199)** | **Russell 3000<sup>®</sup> Index ($38012)** |
| **12/15** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **01/16** | $9754 | $9277 | $9763 | $10138 | $9436 |
| **02/16** | $9726 | $9107 | $9770 | $10210 | $9433 |
| **03/16** | $10098 | $9699 | $10150 | $10303 | $10097 |
| **04/16** | $10183 | $9980 | $10236 | $10343 | $10159 |
| **05/16** | $10232 | $9890 | $10287 | $10345 | $10341 |
| **06/16** | $10246 | $9558 | $10336 | $10531 | $10362 |
| **07/16** | $10513 | $10042 | $10590 | $10598 | $10774 |
| **08/16** | $10527 | $10049 | $10595 | $10586 | $10801 |
| **09/16** | $10541 | $10173 | $10617 | $10580 | $10818 |
| **10/16** | $10386 | $9965 | $10464 | $10499 | $10584 |
| **11/16** | $10372 | $9766 | $10472 | $10250 | $11058 |
| **12/16** | $10463 | $10100 | $10605 | $10265 | $11274 |
| **01/17** | $10604 | $10393 | $10731 | $10285 | $11486 |
| **02/17** | $10787 | $10542 | $10930 | $10354 | $11913 |
| **03/17** | $10836 | $10832 | $10975 | $10349 | $11921 |
| **04/17** | $10983 | $11107 | $11100 | $10428 | $12047 |
| **05/17** | $11138 | $11515 | $11244 | $10509 | $12171 |
| **06/17** | $11173 | $11495 | $11271 | $10498 | $12280 |
| **07/17** | $11327 | $11826 | $11418 | $10543 | $12512 |
| **08/17** | $11383 | $11822 | $11476 | $10638 | $12536 |
| **09/17** | $11489 | $12116 | $11590 | $10587 | $12842 |
| **10/17** | $11622 | $12300 | $11708 | $10593 | $13122 |
| **11/17** | $11756 | $12429 | $11843 | $10580 | $13521 |
| **12/17** | $11847 | $12628 | $11940 | $10628 | $13656 |
| **01/18** | $12156 | $13262 | $12182 | $10506 | $14375 |
| **02/18** | $11826 | $12663 | $11884 | $10406 | $13846 |
| **03/18** | $11756 | $12435 | $11807 | $10473 | $13568 |
| **04/18** | $11735 | $12719 | $11819 | $10395 | $13619 |
| **05/18** | $11826 | $12433 | $11938 | $10469 | $14004 |
| **06/18** | $11784 | $12281 | $11936 | $10456 | $14095 |
| **07/18** | $11959 | $12584 | $12120 | $10459 | $14563 |
| **08/18** | $12058 | $12341 | $12273 | $10526 | $15074 |
| **09/18** | $12037 | $12448 | $12257 | $10458 | $15099 |
| **10/18** | $11489 | $11457 | $11746 | $10376 | $13988 |
| **11/18** | $11587 | $11442 | $11861 | $10438 | $14268 |
| **12/18** | $11187 | $10887 | $11498 | $10630 | $12940 |
| **01/19** | $11713 | $11602 | $12017 | $10742 | $14051 |
| **02/19** | $11896 | $11898 | $12208 | $10736 | $14545 |
| **03/19** | $12072 | $11973 | $12399 | $10942 | $14757 |
| **04/19** | $12282 | $12310 | $12626 | $10945 | $15346 |
| **05/19** | $11987 | $11719 | $12361 | $11139 | $14353 |
| **06/19** | $12437 | $12414 | $12853 | $11279 | $15361 |
| **07/19** | $12465 | $12256 | $12909 | $11304 | $15590 |
| **08/19** | $12458 | $11939 | $12934 | $11597 | $15272 |
| **09/19** | $12521 | $12281 | $13035 | $11535 | $15540 |
| **10/19** | $12647 | $12722 | $13223 | $11570 | $15874 |
| **11/19** | $12837 | $12866 | $13418 | $11564 | $16478 |
| **12/19** | $12992 | $13284 | $13614 | $11556 | $16954 |
| **01/20** | $13069 | $13006 | $13697 | $11778 | $16935 |
| **02/20** | $12640 | $11831 | $13242 | $11990 | $15549 |
| **03/20** | $11524 | $10252 | $12301 | $11920 | $13410 |
| **04/20** | $12324 | $10914 | $13100 | $12132 | $15187 |
| **05/20** | $12739 | $11389 | $13461 | $12188 | $15999 |
| **06/20** | $12992 | $11777 | $13680 | $12265 | $16364 |
| **07/20** | $13413 | $12051 | $14102 | $12448 | $17294 |
| **08/20** | $13764 | $12671 | $14511 | $12348 | $18546 |
| **09/20** | $13518 | $12342 | $14266 | $12341 | $17871 |
| **10/20** | $13322 | $11849 | $14040 | $12286 | $17485 |
| **11/20** | $14291 | $13686 | $15034 | $12406 | $19613 |
| **12/20** | $14663 | $14322 | $15386 | $12424 | $20495 |
| **01/21** | $14572 | $14169 | $15282 | $12334 | $20404 |
| **02/21** | $14747 | $14487 | $15390 | $12156 | $21042 |
| **03/21** | $14923 | $14820 | $15540 | $12005 | $21796 |
| **04/21** | $15330 | $15266 | $15952 | $12099 | $22919 |
| **05/21** | $15478 | $15764 | $16082 | $12139 | $23024 |
| **06/21** | $15604 | $15587 | $16250 | $12224 | $23592 |
| **07/21** | $15772 | $15704 | $16455 | $12361 | $23991 |
| **08/21** | $15976 | $15981 | $16647 | $12337 | $24675 |
| **09/21** | $15555 | $15517 | $16241 | $12231 | $23568 |
| **10/21** | $15934 | $15899 | $16683 | $12227 | $25161 |
| **11/21** | $15681 | $15159 | $16503 | $12263 | $24778 |
| **12/21** | $15983 | $15935 | $16836 | $12232 | $25754 |
| **01/22** | $15400 | $15165 | $16186 | $11968 | $24239 |
| **02/22** | $15098 | $14897 | $15910 | $11835 | $23628 |
| **03/22** | $15000 | $14993 | $15885 | $11506 | $24395 |
| **04/22** | $14080 | $14023 | $14930 | $11069 | $22206 |
| **05/22** | $14115 | $14128 | $14988 | $11141 | $22176 |
| **06/22** | $13343 | $12817 | $14223 | $10966 | $20321 |
| **07/22** | $14010 | $13456 | $14970 | $11234 | $22227 |
| **08/22** | $13546 | $12817 | $14457 | $10917 | $21397 |
| **09/22** | $12584 | $11618 | $13472 | $10445 | $19413 |
| **10/22** | $12978 | $12242 | $13880 | $10310 | $21005 |
| **11/22** | $13708 | $13621 | $14624 | $10689 | $22102 |
| **12/22** | $13329 | $13632 | $14293 | $10641 | $20808 |
| **01/23** | $14059 | $14736 | $15031 | $10968 | $22241 |
| **02/23** | $13652 | $14429 | $14666 | $10684 | $21721 |
| **03/23** | $13989 | $14786 | $15045 | $10956 | $22302 |
| **04/23** | $14108 | $15204 | $15210 | $11022 | $22539 |
| **05/23** | $13947 | $14560 | $15051 | $10902 | $22627 |
| **06/23** | $14361 | $15223 | $15487 | $10863 | $24172 |
| **07/23** | $14579 | $15715 | $15751 | $10856 | $25039 |
| **08/23** | $14333 | $15113 | $15504 | $10786 | $24555 |
| **09/23** | $13778 | $14597 | $14969 | $10512 | $23386 |
| **10/23** | $13483 | $14005 | $14621 | $10346 | $22766 |
| **11/23** | $14424 | $15305 | $15633 | $10815 | $24888 |
| **12/23** | $15056 | $16118 | $16347 | $11229 | $26209 |
| **01/24** | $15105 | $16211 | $16402 | $11198 | $26499 |
| **02/24** | $15337 | $16508 | $16642 | $11040 | $27933 |
| **03/24** | $15660 | $17051 | $16988 | $11142 | $28835 |
| **04/24** | $15162 | $16614 | $16447 | $10860 | $27566 |
| **05/24** | $15674 | $17258 | $16954 | $11044 | $28868 |
| **06/24** | $15864 | $16979 | $17177 | $11149 | $29762 |
| **07/24** | $16173 | $17477 | $17565 | $11409 | $30315 |
| **08/24** | $16489 | $18046 | $17910 | $11573 | $30975 |
| **09/24** | $16735 | $18212 | $18185 | $11728 | $31616 |
| **10/24** | $16334 | $17222 | $17764 | $11437 | $31384 |
| **11/24** | $16812 | $17124 | $18257 | $11558 | $33471 |
| **12/24** | $16369 | $16735 | $17850 | $11369 | $32448 |
| **01/25** | $16721 | $17614 | $18235 | $11430 | $33473 |
| **02/25** | $16826 | $17956 | $18366 | $11681 | $32831 |
| **03/25** | $16454 | $17883 | $17984 | $11685 | $30916 |
| **04/25** | $16524 | $18702 | $18100 | $11731 | $30709 |
| **05/25** | $16931 | $19558 | $18561 | $11647 | $32655 |
| **06/25** | $17479 | $19989 | $19095 | $11826 | $34314 |
| **07/25** | $17549 | $19708 | $19177 | $11795 | $35070 |
| **08/25** | $17914 | $20549 | $19570 | $11936 | $35881 |
| **09/25** | $18265 | $20942 | $19969 | $12067 | $37120 |
| **10/25** | $18483 | $21188 | $20217 | $12142 | $37915 |
| **11/25** | $18581 | $21320 | $20318 | $12217 | $38019 |
| **12/25** | $18638 | $21959 | $20393 | $12199 | $38012 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 2 | 13.86 | 4.91 | 6.42 |
| MSCI EAFE Index (Net) | 31.22 | 8.92 | 8.18 |
| 50% Bloomberg U.S. Aggregate Bond Index, 35% Russell 3000<sup>®</sup> Index, 15% MSCI EAFE Index (Net) | 14.25 | 5.80 | 7.39 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |

---

**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** | $13716946138 |
| **Total number of portfolio holdings** | 45 |
| **Management services fees (represents 0.06% of Fund average net assets)** | $7639852 |
| **Portfolio turnover for the reporting period** | 9% |

---

Variable Portfolio – Moderate Portfolio \| Class 2 **\|** ASR7049_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.

### Top Holdings

---

| | |
|:---|:---|
| CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares | 11.2% |
| Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | 9.3% |
| CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares | 8.1% |
| Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | 7.0% |
| Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | 5.5% |
| Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares | 5.6% |
| Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | 5.5% |
| Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | 4.0% |
| Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | 4.0% |
| CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares | 3.5% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Equity Funds | 48.1% |
| Fixed Income Funds | 46.0% |
| Money Market Funds | 5.1% |
| 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.

In June 2025, the Fund changed its target allocation ranges for the asset class exposures.

## 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](g59364g61s65.jpg)

Variable Portfolio – Moderate Portfolio \| Class 2 **\|** ASR7049_02_12_D01_(02/26) \|

# Variable Portfolio – Moderate Portfolio
Class 4

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Variable Portfolio – Moderate Portfolio (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 4 | $40 | 0.37% |

---

## Management's Discussion of Fund Performance
The performance of Class 4 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Asset allocation** \| Asset allocation positioning targeted tactical overweight allocations in equities, versus static blended benchmark assignments, and underweights to fixed-income investments. These primary tactical allocation decisions served as contributors to relative performance during the annual period.

**International equity value** \| In international equity markets, managers that employed a value-oriented discipline contributed to the Fund's relative performance, as the backdrop in overseas markets continued to favor a value-conscious approach to investing.

**Fixed income** \| On average, core bond managers outperformed and contributed favorably to the Fund's relative performance during the period. Tilts to corporate credit and duration positioning that focused mostly on the middle part of the yield curve helped boost relative performance for core bond managers.

### Top Performance Detractors
**Domestic large-cap equity \|** Underlying fund managers delivered mixed results versus benchmarks during the annual period. In general, domestic large-cap equity managers detracted from the Fund's relative performance but did so while generating healthy positive absolute returns.

Variable Portfolio – Moderate Portfolio \| Class 4 **\|** ASR7049_04_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 4 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g59364g12w35.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Variable Portfolio – Moderate Portfolio Class 4 ($18633)** | **MSCI EAFE Index (Net) ($21959)** | **50% Bloomberg U.S. Aggregate Bond Index, 35% Russell 3000<sup>®</sup> Index, 15% MSCI EAFE Index (Net) ($20393)** | **Bloomberg U.S. Aggregate Bond Index ($12199)** | **Russell 3000<sup>®</sup> Index ($38012)** |
| **12/15** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **01/16** | $9755 | $9277 | $9763 | $10138 | $9436 |
| **02/16** | $9727 | $9107 | $9770 | $10210 | $9433 |
| **03/16** | $10098 | $9699 | $10150 | $10303 | $10097 |
| **04/16** | $10182 | $9980 | $10236 | $10343 | $10159 |
| **05/16** | $10231 | $9890 | $10287 | $10345 | $10341 |
| **06/16** | $10245 | $9558 | $10336 | $10531 | $10362 |
| **07/16** | $10512 | $10042 | $10590 | $10598 | $10774 |
| **08/16** | $10526 | $10049 | $10595 | $10586 | $10801 |
| **09/16** | $10540 | $10173 | $10617 | $10580 | $10818 |
| **10/16** | $10386 | $9965 | $10464 | $10499 | $10584 |
| **11/16** | $10372 | $9766 | $10472 | $10250 | $11058 |
| **12/16** | $10463 | $10100 | $10605 | $10265 | $11274 |
| **01/17** | $10603 | $10393 | $10731 | $10285 | $11486 |
| **02/17** | $10785 | $10542 | $10930 | $10354 | $11913 |
| **03/17** | $10834 | $10832 | $10975 | $10349 | $11921 |
| **04/17** | $10982 | $11107 | $11100 | $10428 | $12047 |
| **05/17** | $11136 | $11515 | $11244 | $10509 | $12171 |
| **06/17** | $11171 | $11495 | $11271 | $10498 | $12280 |
| **07/17** | $11325 | $11826 | $11418 | $10543 | $12512 |
| **08/17** | $11381 | $11822 | $11476 | $10638 | $12536 |
| **09/17** | $11487 | $12116 | $11590 | $10587 | $12842 |
| **10/17** | $11620 | $12300 | $11708 | $10593 | $13122 |
| **11/17** | $11753 | $12429 | $11843 | $10580 | $13521 |
| **12/17** | $11844 | $12628 | $11940 | $10628 | $13656 |
| **01/18** | $12160 | $13262 | $12182 | $10506 | $14375 |
| **02/18** | $11830 | $12663 | $11884 | $10406 | $13846 |
| **03/18** | $11753 | $12435 | $11807 | $10473 | $13568 |
| **04/18** | $11732 | $12719 | $11819 | $10395 | $13619 |
| **05/18** | $11823 | $12433 | $11938 | $10469 | $14004 |
| **06/18** | $11781 | $12281 | $11936 | $10456 | $14095 |
| **07/18** | $11957 | $12584 | $12120 | $10459 | $14563 |
| **08/18** | $12055 | $12341 | $12273 | $10526 | $15074 |
| **09/18** | $12034 | $12448 | $12257 | $10458 | $15099 |
| **10/18** | $11487 | $11457 | $11746 | $10376 | $13988 |
| **11/18** | $11585 | $11442 | $11861 | $10438 | $14268 |
| **12/18** | $11185 | $10887 | $11498 | $10630 | $12940 |
| **01/19** | $11711 | $11602 | $12017 | $10742 | $14051 |
| **02/19** | $11900 | $11898 | $12208 | $10736 | $14545 |
| **03/19** | $12069 | $11973 | $12399 | $10942 | $14757 |
| **04/19** | $12279 | $12310 | $12626 | $10945 | $15346 |
| **05/19** | $11985 | $11719 | $12361 | $11139 | $14353 |
| **06/19** | $12433 | $12414 | $12853 | $11279 | $15361 |
| **07/19** | $12461 | $12256 | $12909 | $11304 | $15590 |
| **08/19** | $12461 | $11939 | $12934 | $11597 | $15272 |
| **09/19** | $12518 | $12281 | $13035 | $11535 | $15540 |
| **10/19** | $12644 | $12722 | $13223 | $11570 | $15874 |
| **11/19** | $12833 | $12866 | $13418 | $11564 | $16478 |
| **12/19** | $12994 | $13284 | $13614 | $11556 | $16954 |
| **01/20** | $13072 | $13006 | $13697 | $11778 | $16935 |
| **02/20** | $12637 | $11831 | $13242 | $11990 | $15549 |
| **03/20** | $11522 | $10252 | $12301 | $11920 | $13410 |
| **04/20** | $12328 | $10914 | $13100 | $12132 | $15187 |
| **05/20** | $12735 | $11389 | $13461 | $12188 | $15999 |
| **06/20** | $12994 | $11777 | $13680 | $12265 | $16364 |
| **07/20** | $13415 | $12051 | $14102 | $12448 | $17294 |
| **08/20** | $13759 | $12671 | $14511 | $12348 | $18546 |
| **09/20** | $13513 | $12342 | $14266 | $12341 | $17871 |
| **10/20** | $13324 | $11849 | $14040 | $12286 | $17485 |
| **11/20** | $14292 | $13686 | $15034 | $12406 | $19613 |
| **12/20** | $14656 | $14322 | $15386 | $12424 | $20495 |
| **01/21** | $14565 | $14169 | $15282 | $12334 | $20404 |
| **02/21** | $14748 | $14487 | $15390 | $12156 | $21042 |
| **03/21** | $14923 | $14820 | $15540 | $12005 | $21796 |
| **04/21** | $15330 | $15266 | $15952 | $12099 | $22919 |
| **05/21** | $15477 | $15764 | $16082 | $12139 | $23024 |
| **06/21** | $15603 | $15587 | $16250 | $12224 | $23592 |
| **07/21** | $15771 | $15704 | $16455 | $12361 | $23991 |
| **08/21** | $15975 | $15981 | $16647 | $12337 | $24675 |
| **09/21** | $15554 | $15517 | $16241 | $12231 | $23568 |
| **10/21** | $15933 | $15899 | $16683 | $12227 | $25161 |
| **11/21** | $15680 | $15159 | $16503 | $12263 | $24778 |
| **12/21** | $15982 | $15935 | $16836 | $12232 | $25754 |
| **01/22** | $15400 | $15165 | $16186 | $11968 | $24239 |
| **02/22** | $15098 | $14897 | $15910 | $11835 | $23628 |
| **03/22** | $15000 | $14993 | $15885 | $11506 | $24395 |
| **04/22** | $14081 | $14023 | $14930 | $11069 | $22206 |
| **05/22** | $14116 | $14128 | $14988 | $11141 | $22176 |
| **06/22** | $13338 | $12817 | $14223 | $10966 | $20321 |
| **07/22** | $14011 | $13456 | $14970 | $11234 | $22227 |
| **08/22** | $13548 | $12817 | $14457 | $10917 | $21397 |
| **09/22** | $12581 | $11618 | $13472 | $10445 | $19413 |
| **10/22** | $12973 | $12242 | $13880 | $10310 | $21005 |
| **11/22** | $13703 | $13621 | $14624 | $10689 | $22102 |
| **12/22** | $13331 | $13632 | $14293 | $10641 | $20808 |
| **01/23** | $14060 | $14736 | $15031 | $10968 | $22241 |
| **02/23** | $13654 | $14429 | $14666 | $10684 | $21721 |
| **03/23** | $13983 | $14786 | $15045 | $10956 | $22302 |
| **04/23** | $14109 | $15204 | $15210 | $11022 | $22539 |
| **05/23** | $13948 | $14560 | $15051 | $10902 | $22627 |
| **06/23** | $14362 | $15223 | $15487 | $10863 | $24172 |
| **07/23** | $14579 | $15715 | $15751 | $10856 | $25039 |
| **08/23** | $14327 | $15113 | $15504 | $10786 | $24555 |
| **09/23** | $13773 | $14597 | $14969 | $10512 | $23386 |
| **10/23** | $13485 | $14005 | $14621 | $10346 | $22766 |
| **11/23** | $14418 | $15305 | $15633 | $10815 | $24888 |
| **12/23** | $15056 | $16118 | $16347 | $11229 | $26209 |
| **01/24** | $15105 | $16211 | $16402 | $11198 | $26499 |
| **02/24** | $15330 | $16508 | $16642 | $11040 | $27933 |
| **03/24** | $15659 | $17051 | $16988 | $11142 | $28835 |
| **04/24** | $15161 | $16614 | $16447 | $10860 | $27566 |
| **05/24** | $15673 | $17258 | $16954 | $11044 | $28868 |
| **06/24** | $15863 | $16979 | $17177 | $11149 | $29762 |
| **07/24** | $16171 | $17477 | $17565 | $11409 | $30315 |
| **08/24** | $16487 | $18046 | $17910 | $11573 | $30975 |
| **09/24** | $16732 | $18212 | $18185 | $11728 | $31616 |
| **10/24** | $16332 | $17222 | $17764 | $11437 | $31384 |
| **11/24** | $16809 | $17124 | $18257 | $11558 | $33471 |
| **12/24** | $16367 | $16735 | $17850 | $11369 | $32448 |
| **01/25** | $16718 | $17614 | $18235 | $11430 | $33473 |
| **02/25** | $16823 | $17956 | $18366 | $11681 | $32831 |
| **03/25** | $16452 | $17883 | $17984 | $11685 | $30916 |
| **04/25** | $16522 | $18702 | $18100 | $11731 | $30709 |
| **05/25** | $16928 | $19558 | $18561 | $11647 | $32655 |
| **06/25** | $17482 | $19989 | $19095 | $11826 | $34314 |
| **07/25** | $17546 | $19708 | $19177 | $11795 | $35070 |
| **08/25** | $17917 | $20549 | $19570 | $11936 | $35881 |
| **09/25** | $18261 | $20942 | $19969 | $12067 | $37120 |
| **10/25** | $18485 | $21188 | $20217 | $12142 | $37915 |
| **11/25** | $18576 | $21320 | $20318 | $12217 | $38019 |
| **12/25** | $18633 | $21959 | $20393 | $12199 | $38012 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 4 | 13.84 | 4.92 | 6.42 |
| MSCI EAFE Index (Net) | 31.22 | 8.92 | 8.18 |
| 50% Bloomberg U.S. Aggregate Bond Index, 35% Russell 3000<sup>®</sup> Index, 15% MSCI EAFE Index (Net) | 14.25 | 5.80 | 7.39 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |

---

**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** | $13716946138 |
| **Total number of portfolio holdings** | 45 |
| **Management services fees (represents 0.06% of Fund average net assets)** | $7639852 |
| **Portfolio turnover for the reporting period** | 9% |

---

Variable Portfolio – Moderate Portfolio \| Class 4 **\|** ASR7049_04_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.

### Top Holdings

---

| | |
|:---|:---|
| CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares | 11.2% |
| Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | 9.3% |
| CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares | 8.1% |
| Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | 7.0% |
| Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | 5.5% |
| Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares | 5.6% |
| Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | 5.5% |
| Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | 4.0% |
| Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | 4.0% |
| CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares | 3.5% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Equity Funds | 48.1% |
| Fixed Income Funds | 46.0% |
| Money Market Funds | 5.1% |
| 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.

In June 2025, the Fund changed its target allocation ranges for the asset class exposures.

## 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](g59364g61s65.jpg)

Variable Portfolio – Moderate Portfolio \| Class 4 **\|** ASR7049_04_12_D01_(02/26) \|

# Variable Portfolio – Moderately Aggressive Portfolio
Class 1

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Variable Portfolio – Moderately Aggressive Portfolio (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 | $13 | 0.12% |

---

## 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
**Asset allocation** \| Asset allocation positioning targeted tactical overweight allocations in equities, versus static blended benchmark assignments, and underweights to fixed-income investments. These primary tactical allocation decisions served as contributors to relative performance during the annual period.

**International equity value** \| In international equity markets, managers that employed a value-oriented discipline contributed to the Fund's relative performance, as the backdrop in overseas markets continued to favor a value-conscious approach to investing.

**Fixed income** \| On average, core bond managers outperformed and contributed favorably to the Fund's relative performance during the period. Tilts to corporate credit and duration positioning that focused mostly on the middle part of the yield curve helped boost relative performance for core bond managers.

### Top Performance Detractors
**Domestic large-cap equity \|** Underlying fund managers delivered mixed results versus benchmarks during the annual period. In general, domestic large-cap equity managers detracted from the Fund's relative performance but did so while generating healthy positive absolute returns.

Variable Portfolio – Moderately Aggressive Portfolio \| Class 1 **\|** ASR7050_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](g59364g86r45.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Variable Portfolio – Moderately Aggressive Portfolio Class 1 ($21377)** | **MSCI EAFE Index (Net) ($21959)** | **46% Russell 3000<sup>®</sup> Index, 35% Bloomberg U.S. Aggregate Bond Index, 19% MSCI EAFE Index (Net) ($23635)** | **Bloomberg U.S. Aggregate Bond Index ($12199)** | **Russell 3000<sup>®</sup> Index ($38012)** |
| **12/15** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **01/16** | $9653 | $9277 | $9651 | $10138 | $9436 |
| **02/16** | $9607 | $9107 | $9640 | $10210 | $9433 |
| **03/16** | $10060 | $9699 | $10102 | $10303 | $10097 |
| **04/16** | $10147 | $9980 | $10200 | $10343 | $10159 |
| **05/16** | $10207 | $9890 | $10268 | $10345 | $10341 |
| **06/16** | $10180 | $9558 | $10276 | $10531 | $10362 |
| **07/16** | $10487 | $10042 | $10586 | $10598 | $10774 |
| **08/16** | $10500 | $10049 | $10595 | $10586 | $10801 |
| **09/16** | $10520 | $10173 | $10626 | $10580 | $10818 |
| **10/16** | $10340 | $9965 | $10450 | $10499 | $10584 |
| **11/16** | $10407 | $9766 | $10539 | $10250 | $11058 |
| **12/16** | $10527 | $10100 | $10707 | $10265 | $11274 |
| **01/17** | $10693 | $10393 | $10867 | $10285 | $11486 |
| **02/17** | $10913 | $10542 | $11108 | $10354 | $11913 |
| **03/17** | $10980 | $10832 | $11167 | $10349 | $11921 |
| **04/17** | $11140 | $11107 | $11306 | $10428 | $12047 |
| **05/17** | $11313 | $11515 | $11468 | $10509 | $12171 |
| **06/17** | $11367 | $11495 | $11508 | $10498 | $12280 |
| **07/17** | $11553 | $11826 | $11688 | $10543 | $12512 |
| **08/17** | $11600 | $11822 | $11734 | $10638 | $12536 |
| **09/17** | $11753 | $12116 | $11902 | $10587 | $12842 |
| **10/17** | $11927 | $12300 | $12058 | $10593 | $13122 |
| **11/17** | $12113 | $12429 | $12245 | $10580 | $13521 |
| **12/17** | $12227 | $12628 | $12358 | $10628 | $13656 |
| **01/18** | $12660 | $13262 | $12726 | $10506 | $14375 |
| **02/18** | $12253 | $12663 | $12359 | $10406 | $13846 |
| **03/18** | $12133 | $12435 | $12230 | $10473 | $13568 |
| **04/18** | $12147 | $12719 | $12273 | $10395 | $13619 |
| **05/18** | $12253 | $12433 | $12410 | $10469 | $14004 |
| **06/18** | $12207 | $12281 | $12414 | $10456 | $14095 |
| **07/18** | $12433 | $12584 | $12662 | $10459 | $14563 |
| **08/18** | $12560 | $12341 | $12849 | $10526 | $15074 |
| **09/18** | $12547 | $12448 | $12851 | $10458 | $15099 |
| **10/18** | $11847 | $11457 | $12186 | $10376 | $13988 |
| **11/18** | $11953 | $11442 | $12321 | $10438 | $14268 |
| **12/18** | $11367 | $10887 | $11759 | $10630 | $12940 |
| **01/19** | $12027 | $11602 | $12413 | $10742 | $14051 |
| **02/19** | $12267 | $11898 | $12672 | $10736 | $14545 |
| **03/19** | $12427 | $11973 | $12857 | $10942 | $14757 |
| **04/19** | $12721 | $12310 | $13163 | $10945 | $15346 |
| **05/19** | $12247 | $11719 | $12733 | $11139 | $14353 |
| **06/19** | $12814 | $12414 | $13344 | $11279 | $15361 |
| **07/19** | $12847 | $12256 | $13413 | $11304 | $15590 |
| **08/19** | $12747 | $11939 | $13343 | $11597 | $15272 |
| **09/19** | $12861 | $12281 | $13499 | $11535 | $15540 |
| **10/19** | $13034 | $12722 | $13739 | $11570 | $15874 |
| **11/19** | $13294 | $12866 | $14006 | $11564 | $16478 |
| **12/19** | $13521 | $13284 | $14275 | $11556 | $16954 |
| **01/20** | $13541 | $13006 | $14307 | $11778 | $16935 |
| **02/20** | $12901 | $11831 | $13613 | $11990 | $15549 |
| **03/20** | $11553 | $10252 | $12379 | $11920 | $13410 |
| **04/20** | $12514 | $10914 | $13362 | $12132 | $15187 |
| **05/20** | $13021 | $11389 | $13823 | $12188 | $15999 |
| **06/20** | $13321 | $11777 | $14088 | $12265 | $16364 |
| **07/20** | $13808 | $12051 | $14592 | $12448 | $17294 |
| **08/20** | $14309 | $12671 | $15180 | $12348 | $18546 |
| **09/20** | $13989 | $12342 | $14847 | $12341 | $17871 |
| **10/20** | $13742 | $11849 | $14564 | $12286 | $17485 |
| **11/20** | $14970 | $13686 | $15858 | $12406 | $19613 |
| **12/20** | $15450 | $14322 | $16334 | $12424 | $20495 |
| **01/21** | $15370 | $14169 | $16227 | $12334 | $20404 |
| **02/21** | $15697 | $14487 | $16447 | $12156 | $21042 |
| **03/21** | $15984 | $14820 | $16718 | $12005 | $21796 |
| **04/21** | $16518 | $15266 | $17256 | $12099 | $22919 |
| **05/21** | $16712 | $15764 | $17419 | $12139 | $23024 |
| **06/21** | $16858 | $15587 | $17623 | $12224 | $23592 |
| **07/21** | $17039 | $15704 | $17854 | $12361 | $23991 |
| **08/21** | $17339 | $15981 | $18136 | $12337 | $24675 |
| **09/21** | $16792 | $15517 | $17607 | $12231 | $23568 |
| **10/21** | $17326 | $15899 | $18235 | $12227 | $25161 |
| **11/21** | $16965 | $15159 | $17965 | $12263 | $24778 |
| **12/21** | $17399 | $15935 | $18449 | $12232 | $25754 |
| **01/22** | $16678 | $15165 | $17641 | $11968 | $24239 |
| **02/22** | $16324 | $14897 | $17309 | $11835 | $23628 |
| **03/22** | $16304 | $14993 | $17420 | $11506 | $24395 |
| **04/22** | $15203 | $14023 | $16255 | $11069 | $22206 |
| **05/22** | $15243 | $14128 | $16305 | $11141 | $22176 |
| **06/22** | $14256 | $12817 | $15301 | $10966 | $20321 |
| **07/22** | $15096 | $13456 | $16237 | $11234 | $22227 |
| **08/22** | $14549 | $12817 | $15651 | $10917 | $21397 |
| **09/22** | $13381 | $11618 | $14468 | $10445 | $19413 |
| **10/22** | $14002 | $12242 | $15096 | $10310 | $21005 |
| **11/22** | $14870 | $13621 | $15976 | $10689 | $22102 |
| **12/22** | $14376 | $13632 | $15523 | $10641 | $20808 |
| **01/23** | $15237 | $14736 | $16421 | $10968 | $22241 |
| **02/23** | $14789 | $14429 | $16031 | $10684 | $21721 |
| **03/23** | $15136 | $14786 | $16446 | $10956 | $22302 |
| **04/23** | $15290 | $15204 | $16649 | $11022 | $22539 |
| **05/23** | $15136 | $14560 | $16482 | $10902 | $22627 |
| **06/23** | $15717 | $15223 | $17122 | $10863 | $24172 |
| **07/23** | $16037 | $15715 | $17505 | $10856 | $25039 |
| **08/23** | $15717 | $15113 | $17183 | $10786 | $24555 |
| **09/23** | $15070 | $14597 | $16542 | $10512 | $23386 |
| **10/23** | $14756 | $14005 | $16122 | $10346 | $22766 |
| **11/23** | $15857 | $15305 | $17353 | $10815 | $24888 |
| **12/23** | $16565 | $16118 | $18184 | $11229 | $26209 |
| **01/24** | $16658 | $16211 | $18279 | $11198 | $26499 |
| **02/24** | $17052 | $16508 | $18708 | $11040 | $27933 |
| **03/24** | $17479 | $17051 | $19162 | $11142 | $28835 |
| **04/24** | $16885 | $16614 | $18512 | $10860 | $27566 |
| **05/24** | $17552 | $17258 | $19160 | $11044 | $28868 |
| **06/24** | $17773 | $16979 | $19438 | $11149 | $29762 |
| **07/24** | $18113 | $17477 | $19871 | $11409 | $30315 |
| **08/24** | $18500 | $18046 | $20293 | $11573 | $30975 |
| **09/24** | $18774 | $18212 | $20617 | $11728 | $31616 |
| **10/24** | $18327 | $17222 | $20155 | $11437 | $31384 |
| **11/24** | $18981 | $17124 | $20825 | $11558 | $33471 |
| **12/24** | $18433 | $16735 | $20323 | $11369 | $32448 |
| **01/25** | $18921 | $17614 | $20859 | $11430 | $33473 |
| **02/25** | $18954 | $17956 | $20912 | $11681 | $32831 |
| **03/25** | $18427 | $17883 | $20338 | $11685 | $30916 |
| **04/25** | $18507 | $18702 | $20480 | $11731 | $30709 |
| **05/25** | $19141 | $19558 | $21204 | $11647 | $32655 |
| **06/25** | $19855 | $19989 | $21902 | $11826 | $34314 |
| **07/25** | $19962 | $19708 | $22046 | $11795 | $35070 |
| **08/25** | $20422 | $20549 | $22551 | $11936 | $35881 |
| **09/25** | $20883 | $20942 | $23077 | $12067 | $37120 |
| **10/25** | $21183 | $21188 | $23407 | $12142 | $37915 |
| **11/25** | $21283 | $21320 | $23515 | $12217 | $38019 |
| **12/25** | $21377 | $21959 | $23635 | $12199 | $38012 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 1<sup>Footnote Reference(a)</sup> | 15.97 | 6.71 | 7.89 |
| MSCI EAFE Index (Net) | 31.22 | 8.92 | 8.18 |
| 46% Russell 3000<sup>®</sup> Index, 35% Bloomberg U.S. Aggregate Bond Index, 19% MSCI EAFE Index (Net) | 16.30 | 7.67 | 8.98 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The returns shown for periods prior to February 20, 2019 (including Since Fund Inception returns, if shown) include the returns of Class 2. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. |

---

**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** | $6145069271 |
| **Total number of portfolio holdings** | 46 |
| **Management services fees (represents 0.06% of Fund average net assets)** | $3371765 |
| **Portfolio turnover for the reporting period** | 8% |

---

Variable Portfolio – Moderately Aggressive Portfolio \| Class 1 **\|** ASR7050_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.

### Top Holdings

---

| | |
|:---|:---|
| Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | 8.0% |
| CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares | 7.0% |
| Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | 6.6% |
| Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | 6.2% |
| Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | 5.6% |
| CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares | 5.1% |
| CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares | 5.0% |
| Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares | 4.5% |
| Variable Portfolio – Partners International Value Fund, Class 1 Shares | 4.1% |
| Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | 3.9% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Equity Funds | 63.3% |
| Fixed Income Funds | 30.9% |
| Money Market Funds | 5.0% |
| Other | 0.2% |

---

## 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.

In June 2025, the Fund changed its target allocation ranges for the asset class exposures.

## 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](g59364g61s65.jpg)

Variable Portfolio – Moderately Aggressive Portfolio \| Class 1 **\|** ASR7050_01_12_D01_(02/26) \|

# Variable Portfolio – Moderately Aggressive Portfolio
Class 2

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Variable Portfolio – Moderately Aggressive Portfolio (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 | $40 | 0.37% |

---

## 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
**Asset allocation** \| Asset allocation positioning targeted tactical overweight allocations in equities, versus static blended benchmark assignments, and underweights to fixed-income investments. These primary tactical allocation decisions served as contributors to relative performance during the annual period.

**International equity value** \| In international equity markets, managers that employed a value-oriented discipline contributed to the Fund's relative performance, as the backdrop in overseas markets continued to favor a value-conscious approach to investing.

**Fixed income** \| On average, core bond managers outperformed and contributed favorably to the Fund's relative performance during the period. Tilts to corporate credit and duration positioning that focused mostly on the middle part of the yield curve helped boost relative performance for core bond managers.

### Top Performance Detractors
**Domestic large-cap equity \|** Underlying fund managers delivered mixed results versus benchmarks during the annual period. In general, domestic large-cap equity managers detracted from the Fund's relative performance but did so while generating healthy positive absolute returns.

Variable Portfolio – Moderately Aggressive Portfolio \| Class 2 **\|** ASR7050_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](g59364g23f43.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Variable Portfolio – Moderately Aggressive Portfolio Class 2 ($21020)** | **MSCI EAFE Index (Net) ($21959)** | **46% Russell 3000<sup>®</sup> Index, 35% Bloomberg U.S. Aggregate Bond Index, 19% MSCI EAFE Index (Net) ($23635)** | **Bloomberg U.S. Aggregate Bond Index ($12199)** | **Russell 3000<sup>®</sup> Index ($38012)** |
| **12/15** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **01/16** | $9653 | $9277 | $9651 | $10138 | $9436 |
| **02/16** | $9607 | $9107 | $9640 | $10210 | $9433 |
| **03/16** | $10060 | $9699 | $10102 | $10303 | $10097 |
| **04/16** | $10147 | $9980 | $10200 | $10343 | $10159 |
| **05/16** | $10207 | $9890 | $10268 | $10345 | $10341 |
| **06/16** | $10180 | $9558 | $10276 | $10531 | $10362 |
| **07/16** | $10487 | $10042 | $10586 | $10598 | $10774 |
| **08/16** | $10500 | $10049 | $10595 | $10586 | $10801 |
| **09/16** | $10520 | $10173 | $10626 | $10580 | $10818 |
| **10/16** | $10340 | $9965 | $10450 | $10499 | $10584 |
| **11/16** | $10407 | $9766 | $10539 | $10250 | $11058 |
| **12/16** | $10527 | $10100 | $10707 | $10265 | $11274 |
| **01/17** | $10693 | $10393 | $10867 | $10285 | $11486 |
| **02/17** | $10913 | $10542 | $11108 | $10354 | $11913 |
| **03/17** | $10980 | $10832 | $11167 | $10349 | $11921 |
| **04/17** | $11140 | $11107 | $11306 | $10428 | $12047 |
| **05/17** | $11313 | $11515 | $11468 | $10509 | $12171 |
| **06/17** | $11367 | $11495 | $11508 | $10498 | $12280 |
| **07/17** | $11553 | $11826 | $11688 | $10543 | $12512 |
| **08/17** | $11600 | $11822 | $11734 | $10638 | $12536 |
| **09/17** | $11753 | $12116 | $11902 | $10587 | $12842 |
| **10/17** | $11927 | $12300 | $12058 | $10593 | $13122 |
| **11/17** | $12113 | $12429 | $12245 | $10580 | $13521 |
| **12/17** | $12227 | $12628 | $12358 | $10628 | $13656 |
| **01/18** | $12660 | $13262 | $12726 | $10506 | $14375 |
| **02/18** | $12253 | $12663 | $12359 | $10406 | $13846 |
| **03/18** | $12133 | $12435 | $12230 | $10473 | $13568 |
| **04/18** | $12147 | $12719 | $12273 | $10395 | $13619 |
| **05/18** | $12253 | $12433 | $12410 | $10469 | $14004 |
| **06/18** | $12207 | $12281 | $12414 | $10456 | $14095 |
| **07/18** | $12433 | $12584 | $12662 | $10459 | $14563 |
| **08/18** | $12560 | $12341 | $12849 | $10526 | $15074 |
| **09/18** | $12547 | $12448 | $12851 | $10458 | $15099 |
| **10/18** | $11847 | $11457 | $12186 | $10376 | $13988 |
| **11/18** | $11953 | $11442 | $12321 | $10438 | $14268 |
| **12/18** | $11367 | $10887 | $11759 | $10630 | $12940 |
| **01/19** | $12027 | $11602 | $12413 | $10742 | $14051 |
| **02/19** | $12267 | $11898 | $12672 | $10736 | $14545 |
| **03/19** | $12427 | $11973 | $12857 | $10942 | $14757 |
| **04/19** | $12720 | $12310 | $13163 | $10945 | $15346 |
| **05/19** | $12247 | $11719 | $12733 | $11139 | $14353 |
| **06/19** | $12807 | $12414 | $13344 | $11279 | $15361 |
| **07/19** | $12840 | $12256 | $13413 | $11304 | $15590 |
| **08/19** | $12733 | $11939 | $13343 | $11597 | $15272 |
| **09/19** | $12840 | $12281 | $13499 | $11535 | $15540 |
| **10/19** | $13013 | $12722 | $13739 | $11570 | $15874 |
| **11/19** | $13267 | $12866 | $14006 | $11564 | $16478 |
| **12/19** | $13493 | $13284 | $14275 | $11556 | $16954 |
| **01/20** | $13513 | $13006 | $14307 | $11778 | $16935 |
| **02/20** | $12867 | $11831 | $13613 | $11990 | $15549 |
| **03/20** | $11520 | $10252 | $12379 | $11920 | $13410 |
| **04/20** | $12480 | $10914 | $13362 | $12132 | $15187 |
| **05/20** | $12980 | $11389 | $13823 | $12188 | $15999 |
| **06/20** | $13280 | $11777 | $14088 | $12265 | $16364 |
| **07/20** | $13767 | $12051 | $14592 | $12448 | $17294 |
| **08/20** | $14253 | $12671 | $15180 | $12348 | $18546 |
| **09/20** | $13933 | $12342 | $14847 | $12341 | $17871 |
| **10/20** | $13687 | $11849 | $14564 | $12286 | $17485 |
| **11/20** | $14907 | $13686 | $15858 | $12406 | $19613 |
| **12/20** | $15387 | $14322 | $16334 | $12424 | $20495 |
| **01/21** | $15300 | $14169 | $16227 | $12334 | $20404 |
| **02/21** | $15620 | $14487 | $16447 | $12156 | $21042 |
| **03/21** | $15900 | $14820 | $16718 | $12005 | $21796 |
| **04/21** | $16433 | $15266 | $17256 | $12099 | $22919 |
| **05/21** | $16620 | $15764 | $17419 | $12139 | $23024 |
| **06/21** | $16760 | $15587 | $17623 | $12224 | $23592 |
| **07/21** | $16940 | $15704 | $17854 | $12361 | $23991 |
| **08/21** | $17233 | $15981 | $18136 | $12337 | $24675 |
| **09/21** | $16680 | $15517 | $17607 | $12231 | $23568 |
| **10/21** | $17213 | $15899 | $18235 | $12227 | $25161 |
| **11/21** | $16847 | $15159 | $17965 | $12263 | $24778 |
| **12/21** | $17280 | $15935 | $18449 | $12232 | $25754 |
| **01/22** | $16560 | $15165 | $17641 | $11968 | $24239 |
| **02/22** | $16207 | $14897 | $17309 | $11835 | $23628 |
| **03/22** | $16180 | $14993 | $17420 | $11506 | $24395 |
| **04/22** | $15080 | $14023 | $16255 | $11069 | $22206 |
| **05/22** | $15120 | $14128 | $16305 | $11141 | $22176 |
| **06/22** | $14140 | $12817 | $15301 | $10966 | $20321 |
| **07/22** | $14973 | $13456 | $16237 | $11234 | $22227 |
| **08/22** | $14420 | $12817 | $15651 | $10917 | $21397 |
| **09/22** | $13267 | $11618 | $14468 | $10445 | $19413 |
| **10/22** | $13873 | $12242 | $15096 | $10310 | $21005 |
| **11/22** | $14733 | $13621 | $15976 | $10689 | $22102 |
| **12/22** | $14240 | $13632 | $15523 | $10641 | $20808 |
| **01/23** | $15087 | $14736 | $16421 | $10968 | $22241 |
| **02/23** | $14640 | $14429 | $16031 | $10684 | $21721 |
| **03/23** | $14980 | $14786 | $16446 | $10956 | $22302 |
| **04/23** | $15133 | $15204 | $16649 | $11022 | $22539 |
| **05/23** | $14973 | $14560 | $16482 | $10902 | $22627 |
| **06/23** | $15553 | $15223 | $17122 | $10863 | $24172 |
| **07/23** | $15860 | $15715 | $17505 | $10856 | $25039 |
| **08/23** | $15547 | $15113 | $17183 | $10786 | $24555 |
| **09/23** | $14900 | $14597 | $16542 | $10512 | $23386 |
| **10/23** | $14580 | $14005 | $16122 | $10346 | $22766 |
| **11/23** | $15667 | $15305 | $17353 | $10815 | $24888 |
| **12/23** | $16367 | $16118 | $18184 | $11229 | $26209 |
| **01/24** | $16453 | $16211 | $18279 | $11198 | $26499 |
| **02/24** | $16840 | $16508 | $18708 | $11040 | $27933 |
| **03/24** | $17260 | $17051 | $19162 | $11142 | $28835 |
| **04/24** | $16673 | $16614 | $18512 | $10860 | $27566 |
| **05/24** | $17320 | $17258 | $19160 | $11044 | $28868 |
| **06/24** | $17540 | $16979 | $19438 | $11149 | $29762 |
| **07/24** | $17873 | $17477 | $19871 | $11409 | $30315 |
| **08/24** | $18253 | $18046 | $20293 | $11573 | $30975 |
| **09/24** | $18520 | $18212 | $20617 | $11728 | $31616 |
| **10/24** | $18073 | $17222 | $20155 | $11437 | $31384 |
| **11/24** | $18707 | $17124 | $20825 | $11558 | $33471 |
| **12/24** | $18167 | $16735 | $20323 | $11369 | $32448 |
| **01/25** | $18640 | $17614 | $20859 | $11430 | $33473 |
| **02/25** | $18673 | $17956 | $20912 | $11681 | $32831 |
| **03/25** | $18147 | $17883 | $20338 | $11685 | $30916 |
| **04/25** | $18220 | $18702 | $20480 | $11731 | $30709 |
| **05/25** | $18847 | $19558 | $21204 | $11647 | $32655 |
| **06/25** | $19540 | $19989 | $21902 | $11826 | $34314 |
| **07/25** | $19647 | $19708 | $22046 | $11795 | $35070 |
| **08/25** | $20093 | $20549 | $22551 | $11936 | $35881 |
| **09/25** | $20547 | $20942 | $23077 | $12067 | $37120 |
| **10/25** | $20833 | $21188 | $23407 | $12142 | $37915 |
| **11/25** | $20927 | $21320 | $23515 | $12217 | $38019 |
| **12/25** | $21020 | $21959 | $23635 | $12199 | $38012 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 2 | 15.71 | 6.44 | 7.71 |
| MSCI EAFE Index (Net) | 31.22 | 8.92 | 8.18 |
| 46% Russell 3000<sup>®</sup> Index, 35% Bloomberg U.S. Aggregate Bond Index, 19% MSCI EAFE Index (Net) | 16.30 | 7.67 | 8.98 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |

---

**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** | $6145069271 |
| **Total number of portfolio holdings** | 46 |
| **Management services fees (represents 0.06% of Fund average net assets)** | $3371765 |
| **Portfolio turnover for the reporting period** | 8% |

---

Variable Portfolio – Moderately Aggressive Portfolio \| Class 2 **\|** ASR7050_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.

### Top Holdings

---

| | |
|:---|:---|
| Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | 8.0% |
| CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares | 7.0% |
| Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | 6.6% |
| Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | 6.2% |
| Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | 5.6% |
| CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares | 5.1% |
| CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares | 5.0% |
| Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares | 4.5% |
| Variable Portfolio – Partners International Value Fund, Class 1 Shares | 4.1% |
| Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | 3.9% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Equity Funds | 63.3% |
| Fixed Income Funds | 30.9% |
| Money Market Funds | 5.0% |
| Other | 0.2% |

---

## 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.

In June 2025, the Fund changed its target allocation ranges for the asset class exposures.

## 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](g59364g61s65.jpg)

Variable Portfolio – Moderately Aggressive Portfolio \| Class 2 **\|** ASR7050_02_12_D01_(02/26) \|

# Variable Portfolio – Moderately Aggressive Portfolio
Class 4

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Variable Portfolio – Moderately Aggressive Portfolio (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 4 | $40 | 0.37% |

---

## Management's Discussion of Fund Performance
The performance of Class 4 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Asset allocation** \| Asset allocation positioning targeted tactical overweight allocations in equities, versus static blended benchmark assignments, and underweights to fixed-income investments. These primary tactical allocation decisions served as contributors to relative performance during the annual period.

**International equity value** \| In international equity markets, managers that employed a value-oriented discipline contributed to the Fund's relative performance, as the backdrop in overseas markets continued to favor a value-conscious approach to investing.

**Fixed income** \| On average, core bond managers outperformed and contributed favorably to the Fund's relative performance during the period. Tilts to corporate credit and duration positioning that focused mostly on the middle part of the yield curve helped boost relative performance for core bond managers.

### Top Performance Detractors
**Domestic large-cap equity \|** Underlying fund managers delivered mixed results versus benchmarks during the annual period. In general, domestic large-cap equity managers detracted from the Fund's relative performance but did so while generating healthy positive absolute returns.

Variable Portfolio – Moderately Aggressive Portfolio \| Class 4 **\|** ASR7050_04_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 4 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g59364g63c09.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Variable Portfolio – Moderately Aggressive Portfolio Class 4 ($21019)** | **MSCI EAFE Index (Net) ($21959)** | **46% Russell 3000<sup>®</sup> Index, 35% Bloomberg U.S. Aggregate Bond Index, 19% MSCI EAFE Index (Net) ($23635)** | **Bloomberg U.S. Aggregate Bond Index ($12199)** | **Russell 3000<sup>®</sup> Index ($38012)** |
| **12/15** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **01/16** | $9654 | $9277 | $9651 | $10138 | $9436 |
| **02/16** | $9607 | $9107 | $9640 | $10210 | $9433 |
| **03/16** | $10060 | $9699 | $10102 | $10303 | $10097 |
| **04/16** | $10153 | $9980 | $10200 | $10343 | $10159 |
| **05/16** | $10213 | $9890 | $10268 | $10345 | $10341 |
| **06/16** | $10180 | $9558 | $10276 | $10531 | $10362 |
| **07/16** | $10486 | $10042 | $10586 | $10598 | $10774 |
| **08/16** | $10499 | $10049 | $10595 | $10586 | $10801 |
| **09/16** | $10526 | $10173 | $10626 | $10580 | $10818 |
| **10/16** | $10346 | $9965 | $10450 | $10499 | $10584 |
| **11/16** | $10406 | $9766 | $10539 | $10250 | $11058 |
| **12/16** | $10526 | $10100 | $10707 | $10265 | $11274 |
| **01/17** | $10699 | $10393 | $10867 | $10285 | $11486 |
| **02/17** | $10919 | $10542 | $11108 | $10354 | $11913 |
| **03/17** | $10985 | $10832 | $11167 | $10349 | $11921 |
| **04/17** | $11145 | $11107 | $11306 | $10428 | $12047 |
| **05/17** | $11318 | $11515 | $11468 | $10509 | $12171 |
| **06/17** | $11365 | $11495 | $11508 | $10498 | $12280 |
| **07/17** | $11558 | $11826 | $11688 | $10543 | $12512 |
| **08/17** | $11605 | $11822 | $11734 | $10638 | $12536 |
| **09/17** | $11758 | $12116 | $11902 | $10587 | $12842 |
| **10/17** | $11924 | $12300 | $12058 | $10593 | $13122 |
| **11/17** | $12117 | $12429 | $12245 | $10580 | $13521 |
| **12/17** | $12230 | $12628 | $12358 | $10628 | $13656 |
| **01/18** | $12663 | $13262 | $12726 | $10506 | $14375 |
| **02/18** | $12257 | $12663 | $12359 | $10406 | $13846 |
| **03/18** | $12137 | $12435 | $12230 | $10473 | $13568 |
| **04/18** | $12150 | $12719 | $12273 | $10395 | $13619 |
| **05/18** | $12257 | $12433 | $12410 | $10469 | $14004 |
| **06/18** | $12210 | $12281 | $12414 | $10456 | $14095 |
| **07/18** | $12437 | $12584 | $12662 | $10459 | $14563 |
| **08/18** | $12563 | $12341 | $12849 | $10526 | $15074 |
| **09/18** | $12550 | $12448 | $12851 | $10458 | $15099 |
| **10/18** | $11851 | $11457 | $12186 | $10376 | $13988 |
| **11/18** | $11957 | $11442 | $12321 | $10438 | $14268 |
| **12/18** | $11365 | $10887 | $11759 | $10630 | $12940 |
| **01/19** | $12031 | $11602 | $12413 | $10742 | $14051 |
| **02/19** | $12270 | $11898 | $12672 | $10736 | $14545 |
| **03/19** | $12430 | $11973 | $12857 | $10942 | $14757 |
| **04/19** | $12723 | $12310 | $13163 | $10945 | $15346 |
| **05/19** | $12244 | $11719 | $12733 | $11139 | $14353 |
| **06/19** | $12810 | $12414 | $13344 | $11279 | $15361 |
| **07/19** | $12843 | $12256 | $13413 | $11304 | $15590 |
| **08/19** | $12736 | $11939 | $13343 | $11597 | $15272 |
| **09/19** | $12843 | $12281 | $13499 | $11535 | $15540 |
| **10/19** | $13016 | $12722 | $13739 | $11570 | $15874 |
| **11/19** | $13269 | $12866 | $14006 | $11564 | $16478 |
| **12/19** | $13495 | $13284 | $14275 | $11556 | $16954 |
| **01/20** | $13515 | $13006 | $14307 | $11778 | $16935 |
| **02/20** | $12870 | $11831 | $13613 | $11990 | $15549 |
| **03/20** | $11525 | $10252 | $12379 | $11920 | $13410 |
| **04/20** | $12483 | $10914 | $13362 | $12132 | $15187 |
| **05/20** | $12983 | $11389 | $13823 | $12188 | $15999 |
| **06/20** | $13282 | $11777 | $14088 | $12265 | $16364 |
| **07/20** | $13768 | $12051 | $14592 | $12448 | $17294 |
| **08/20** | $14261 | $12671 | $15180 | $12348 | $18546 |
| **09/20** | $13941 | $12342 | $14847 | $12341 | $17871 |
| **10/20** | $13688 | $11849 | $14564 | $12286 | $17485 |
| **11/20** | $14907 | $13686 | $15858 | $12406 | $19613 |
| **12/20** | $15386 | $14322 | $16334 | $12424 | $20495 |
| **01/21** | $15300 | $14169 | $16227 | $12334 | $20404 |
| **02/21** | $15619 | $14487 | $16447 | $12156 | $21042 |
| **03/21** | $15905 | $14820 | $16718 | $12005 | $21796 |
| **04/21** | $16438 | $15266 | $17256 | $12099 | $22919 |
| **05/21** | $16625 | $15764 | $17419 | $12139 | $23024 |
| **06/21** | $16764 | $15587 | $17623 | $12224 | $23592 |
| **07/21** | $16944 | $15704 | $17854 | $12361 | $23991 |
| **08/21** | $17237 | $15981 | $18136 | $12337 | $24675 |
| **09/21** | $16684 | $15517 | $17607 | $12231 | $23568 |
| **10/21** | $17217 | $15899 | $18235 | $12227 | $25161 |
| **11/21** | $16851 | $15159 | $17965 | $12263 | $24778 |
| **12/21** | $17284 | $15935 | $18449 | $12232 | $25754 |
| **01/22** | $16565 | $15165 | $17641 | $11968 | $24239 |
| **02/22** | $16212 | $14897 | $17309 | $11835 | $23628 |
| **03/22** | $16185 | $14993 | $17420 | $11506 | $24395 |
| **04/22** | $15087 | $14023 | $16255 | $11069 | $22206 |
| **05/22** | $15120 | $14128 | $16305 | $11141 | $22176 |
| **06/22** | $14141 | $12817 | $15301 | $10966 | $20321 |
| **07/22** | $14973 | $13456 | $16237 | $11234 | $22227 |
| **08/22** | $14427 | $12817 | $15651 | $10917 | $21397 |
| **09/22** | $13269 | $11618 | $14468 | $10445 | $19413 |
| **10/22** | $13875 | $12242 | $15096 | $10310 | $21005 |
| **11/22** | $14734 | $13621 | $15976 | $10689 | $22102 |
| **12/22** | $14248 | $13632 | $15523 | $10641 | $20808 |
| **01/23** | $15093 | $14736 | $16421 | $10968 | $22241 |
| **02/23** | $14647 | $14429 | $16031 | $10684 | $21721 |
| **03/23** | $14987 | $14786 | $16446 | $10956 | $22302 |
| **04/23** | $15140 | $15204 | $16649 | $11022 | $22539 |
| **05/23** | $14980 | $14560 | $16482 | $10902 | $22627 |
| **06/23** | $15553 | $15223 | $17122 | $10863 | $24172 |
| **07/23** | $15866 | $15715 | $17505 | $10856 | $25039 |
| **08/23** | $15546 | $15113 | $17183 | $10786 | $24555 |
| **09/23** | $14907 | $14597 | $16542 | $10512 | $23386 |
| **10/23** | $14587 | $14005 | $16122 | $10346 | $22766 |
| **11/23** | $15672 | $15305 | $17353 | $10815 | $24888 |
| **12/23** | $16372 | $16118 | $18184 | $11229 | $26209 |
| **01/24** | $16458 | $16211 | $18279 | $11198 | $26499 |
| **02/24** | $16844 | $16508 | $18708 | $11040 | $27933 |
| **03/24** | $17264 | $17051 | $19162 | $11142 | $28835 |
| **04/24** | $16678 | $16614 | $18512 | $10860 | $27566 |
| **05/24** | $17330 | $17258 | $19160 | $11044 | $28868 |
| **06/24** | $17543 | $16979 | $19438 | $11149 | $29762 |
| **07/24** | $17876 | $17477 | $19871 | $11409 | $30315 |
| **08/24** | $18256 | $18046 | $20293 | $11573 | $30975 |
| **09/24** | $18522 | $18212 | $20617 | $11728 | $31616 |
| **10/24** | $18076 | $17222 | $20155 | $11437 | $31384 |
| **11/24** | $18715 | $17124 | $20825 | $11558 | $33471 |
| **12/24** | $18169 | $16735 | $20323 | $11369 | $32448 |
| **01/25** | $18648 | $17614 | $20859 | $11430 | $33473 |
| **02/25** | $18675 | $17956 | $20912 | $11681 | $32831 |
| **03/25** | $18149 | $17883 | $20338 | $11685 | $30916 |
| **04/25** | $18229 | $18702 | $20480 | $11731 | $30709 |
| **05/25** | $18848 | $19558 | $21204 | $11647 | $32655 |
| **06/25** | $19547 | $19989 | $21902 | $11826 | $34314 |
| **07/25** | $19654 | $19708 | $22046 | $11795 | $35070 |
| **08/25** | $20100 | $20549 | $22551 | $11936 | $35881 |
| **09/25** | $20553 | $20942 | $23077 | $12067 | $37120 |
| **10/25** | $20839 | $21188 | $23407 | $12142 | $37915 |
| **11/25** | $20932 | $21320 | $23515 | $12217 | $38019 |
| **12/25** | $21019 | $21959 | $23635 | $12199 | $38012 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 4 | 15.68 | 6.44 | 7.71 |
| MSCI EAFE Index (Net) | 31.22 | 8.92 | 8.18 |
| 46% Russell 3000<sup>®</sup> Index, 35% Bloomberg U.S. Aggregate Bond Index, 19% MSCI EAFE Index (Net) | 16.30 | 7.67 | 8.98 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |

---

**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** | $6145069271 |
| **Total number of portfolio holdings** | 46 |
| **Management services fees (represents 0.06% of Fund average net assets)** | $3371765 |
| **Portfolio turnover for the reporting period** | 8% |

---

Variable Portfolio – Moderately Aggressive Portfolio \| Class 4 **\|** ASR7050_04_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.

### Top Holdings

---

| | |
|:---|:---|
| Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | 8.0% |
| CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares | 7.0% |
| Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | 6.6% |
| Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | 6.2% |
| Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | 5.6% |
| CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares | 5.1% |
| CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares | 5.0% |
| Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares | 4.5% |
| Variable Portfolio – Partners International Value Fund, Class 1 Shares | 4.1% |
| Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | 3.9% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Equity Funds | 63.3% |
| Fixed Income Funds | 30.9% |
| Money Market Funds | 5.0% |
| Other | 0.2% |

---

## 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.

In June 2025, the Fund changed its target allocation ranges for the asset class exposures.

## 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](g59364g61s65.jpg)

Variable Portfolio – Moderately Aggressive Portfolio \| Class 4 **\|** ASR7050_04_12_D01_(02/26) \|

# Variable Portfolio – Moderately Conservative Portfolio
Class 1

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Variable Portfolio – Moderately Conservative Portfolio (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 | $15 | 0.14% |

---

## 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
**Asset allocation** \| Asset allocation positioning targeted tactical overweight allocations in equities, versus static blended benchmark assignments, and underweights to fixed-income investments. These primary tactical allocation decisions served as contributors to relative performance during the annual period.

**International equity value** \| In international equity markets, managers that employed a value-oriented discipline contributed to the Fund's relative performance, as the backdrop in overseas markets continued to favor a value-conscious approach to investing.

**Fixed income** \| On average, core bond managers outperformed and contributed favorably to the Fund's relative performance during the period. Tilts to corporate credit and duration positioning that focused mostly on the middle part of the yield curve helped boost relative performance for core bond managers.

### Top Performance Detractors
**Domestic large-cap equity \|** Underlying fund managers delivered mixed results versus benchmarks during the annual period. In general, domestic large-cap equity managers detracted from the Fund's relative performance but did so while generating healthy positive absolute returns.

Variable Portfolio – Moderately Conservative Portfolio \| Class 1 **\|** ASR7051_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](g59364g11r86.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Variable Portfolio – Moderately Conservative Portfolio Class 1 ($16440)** | **MSCI EAFE Index (Net) ($21959)** | **65% Bloomberg U.S. Aggregate Bond Index, 24% Russell 3000<sup>®</sup> Index, 11% MSCI EAFE Index (Net) ($17519)** | **Bloomberg U.S. Aggregate Bond Index ($12199)** | **Russell 3000<sup>®</sup> Index ($38012)** |
| **12/15** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **01/16** | $9858 | $9277 | $9874 | $10138 | $9436 |
| **02/16** | $9850 | $9107 | $9899 | $10210 | $9433 |
| **03/16** | $10135 | $9699 | $10197 | $10303 | $10097 |
| **04/16** | $10217 | $9980 | $10270 | $10343 | $10159 |
| **05/16** | $10247 | $9890 | $10305 | $10345 | $10341 |
| **06/16** | $10314 | $9558 | $10393 | $10531 | $10362 |
| **07/16** | $10516 | $10042 | $10592 | $10598 | $10774 |
| **08/16** | $10524 | $10049 | $10592 | $10586 | $10801 |
| **09/16** | $10531 | $10173 | $10606 | $10580 | $10818 |
| **10/16** | $10404 | $9965 | $10474 | $10499 | $10584 |
| **11/16** | $10322 | $9766 | $10403 | $10250 | $11058 |
| **12/16** | $10397 | $10100 | $10500 | $10265 | $11274 |
| **01/17** | $10501 | $10393 | $10594 | $10285 | $11486 |
| **02/17** | $10651 | $10542 | $10752 | $10354 | $11913 |
| **03/17** | $10674 | $10832 | $10783 | $10349 | $11921 |
| **04/17** | $10786 | $11107 | $10894 | $10428 | $12047 |
| **05/17** | $10913 | $11515 | $11020 | $10509 | $12171 |
| **06/17** | $10936 | $11495 | $11034 | $10498 | $12280 |
| **07/17** | $11048 | $11826 | $11150 | $10543 | $12512 |
| **08/17** | $11115 | $11822 | $11220 | $10638 | $12536 |
| **09/17** | $11168 | $12116 | $11281 | $10587 | $12842 |
| **10/17** | $11265 | $12300 | $11363 | $10593 | $13122 |
| **11/17** | $11355 | $12429 | $11450 | $10580 | $13521 |
| **12/17** | $11437 | $12628 | $11532 | $10628 | $13656 |
| **01/18** | $11617 | $13262 | $11655 | $10506 | $14375 |
| **02/18** | $11362 | $12663 | $11422 | $10406 | $13846 |
| **03/18** | $11332 | $12435 | $11392 | $10473 | $13568 |
| **04/18** | $11310 | $12719 | $11376 | $10395 | $13619 |
| **05/18** | $11385 | $12433 | $11478 | $10469 | $14004 |
| **06/18** | $11347 | $12281 | $11471 | $10456 | $14095 |
| **07/18** | $11467 | $12584 | $11595 | $10459 | $14563 |
| **08/18** | $11542 | $12341 | $11717 | $10526 | $15074 |
| **09/18** | $11512 | $12448 | $11684 | $10458 | $15099 |
| **10/18** | $11123 | $11457 | $11315 | $10376 | $13988 |
| **11/18** | $11198 | $11442 | $11412 | $10438 | $14268 |
| **12/18** | $10966 | $10887 | $11232 | $10630 | $12940 |
| **01/19** | $11362 | $11602 | $11622 | $10742 | $14051 |
| **02/19** | $11497 | $11898 | $11748 | $10736 | $14545 |
| **03/19** | $11669 | $11973 | $11944 | $10942 | $14757 |
| **04/19** | $11812 | $12310 | $12098 | $10945 | $15346 |
| **05/19** | $11677 | $11719 | $11986 | $11139 | $14353 |
| **06/19** | $12021 | $12414 | $12364 | $11279 | $15361 |
| **07/19** | $12051 | $12256 | $12408 | $11304 | $15590 |
| **08/19** | $12134 | $11939 | $12521 | $11597 | $15272 |
| **09/19** | $12156 | $12281 | $12570 | $11535 | $15540 |
| **10/19** | $12253 | $12722 | $12709 | $11570 | $15874 |
| **11/19** | $12373 | $12866 | $12837 | $11564 | $16478 |
| **12/19** | $12478 | $13284 | $12966 | $11556 | $16954 |
| **01/20** | $12591 | $13006 | $13095 | $11778 | $16935 |
| **02/20** | $12358 | $11831 | $12860 | $11990 | $15549 |
| **03/20** | $11505 | $10252 | $12198 | $11920 | $13410 |
| **04/20** | $12119 | $10914 | $12813 | $12132 | $15187 |
| **05/20** | $12426 | $11389 | $13078 | $12188 | $15999 |
| **06/20** | $12643 | $11777 | $13252 | $12265 | $16364 |
| **07/20** | $12995 | $12051 | $13595 | $12448 | $17294 |
| **08/20** | $13205 | $12671 | $13837 | $12348 | $18546 |
| **09/20** | $13040 | $12342 | $13672 | $12341 | $17871 |
| **10/20** | $12905 | $11849 | $13501 | $12286 | $17485 |
| **11/20** | $13617 | $13686 | $14212 | $12406 | $19613 |
| **12/20** | $13886 | $14322 | $14451 | $12424 | $20495 |
| **01/21** | $13796 | $14169 | $14351 | $12334 | $20404 |
| **02/21** | $13856 | $14487 | $14359 | $12156 | $21042 |
| **03/21** | $13931 | $14820 | $14403 | $12005 | $21796 |
| **04/21** | $14238 | $15266 | $14703 | $12099 | $22919 |
| **05/21** | $14343 | $15764 | $14803 | $12139 | $23024 |
| **06/21** | $14456 | $15587 | $14940 | $12224 | $23592 |
| **07/21** | $14613 | $15704 | $15121 | $12361 | $23991 |
| **08/21** | $14748 | $15981 | $15235 | $12337 | $24675 |
| **09/21** | $14433 | $15517 | $14937 | $12231 | $23568 |
| **10/21** | $14680 | $15899 | $15217 | $12227 | $25161 |
| **11/21** | $14523 | $15159 | $15113 | $12263 | $24778 |
| **12/21** | $14718 | $15935 | $15316 | $12232 | $25754 |
| **01/22** | $14253 | $15165 | $14803 | $11968 | $24239 |
| **02/22** | $13999 | $14897 | $14578 | $11835 | $23628 |
| **03/22** | $13811 | $14993 | $14438 | $11506 | $24395 |
| **04/22** | $13070 | $14023 | $13668 | $11069 | $22206 |
| **05/22** | $13107 | $14128 | $13733 | $11141 | $22176 |
| **06/22** | $12516 | $12817 | $13177 | $10966 | $20321 |
| **07/22** | $13055 | $13456 | $13755 | $11234 | $22227 |
| **08/22** | $12643 | $12817 | $13307 | $10917 | $21397 |
| **09/22** | $11819 | $11618 | $12500 | $10445 | $19413 |
| **10/22** | $12029 | $12242 | $12715 | $10310 | $21005 |
| **11/22** | $12635 | $13621 | $13336 | $10689 | $22102 |
| **12/22** | $12373 | $13632 | $13111 | $10641 | $20808 |
| **01/23** | $12980 | $14736 | $13706 | $10968 | $22241 |
| **02/23** | $12620 | $14429 | $13368 | $10684 | $21721 |
| **03/23** | $12928 | $14786 | $13710 | $10956 | $22302 |
| **04/23** | $13032 | $15204 | $13842 | $11022 | $22539 |
| **05/23** | $12890 | $14560 | $13693 | $10902 | $22627 |
| **06/23** | $13137 | $15223 | $13954 | $10863 | $24172 |
| **07/23** | $13272 | $15715 | $14117 | $10856 | $25039 |
| **08/23** | $13085 | $15113 | $13934 | $10786 | $24555 |
| **09/23** | $12620 | $14597 | $13492 | $10512 | $23386 |
| **10/23** | $12373 | $14005 | $13208 | $10346 | $22766 |
| **11/23** | $13145 | $15305 | $14027 | $10815 | $24888 |
| **12/23** | $13707 | $16118 | $14636 | $11229 | $26209 |
| **01/24** | $13736 | $16211 | $14658 | $11198 | $26499 |
| **02/24** | $13826 | $16508 | $14744 | $11040 | $27933 |
| **03/24** | $14074 | $17051 | $15000 | $11142 | $28835 |
| **04/24** | $13647 | $16614 | $14553 | $10860 | $27566 |
| **05/24** | $14051 | $17258 | $14940 | $11044 | $28868 |
| **06/24** | $14223 | $16979 | $15117 | $11149 | $29762 |
| **07/24** | $14523 | $17477 | $15462 | $11409 | $30315 |
| **08/24** | $14793 | $18046 | $15743 | $11573 | $30975 |
| **09/24** | $15010 | $18212 | $15974 | $11728 | $31616 |
| **10/24** | $14628 | $17222 | $15593 | $11437 | $31384 |
| **11/24** | $14972 | $17124 | $15939 | $11558 | $33471 |
| **12/24** | $14628 | $16735 | $15613 | $11369 | $32448 |
| **01/25** | $14875 | $17614 | $15875 | $11430 | $33473 |
| **02/25** | $15040 | $17956 | $16063 | $11681 | $32831 |
| **03/25** | $14808 | $17883 | $15835 | $11685 | $30916 |
| **04/25** | $14875 | $18702 | $15930 | $11731 | $30709 |
| **05/25** | $15107 | $19558 | $16178 | $11647 | $32655 |
| **06/25** | $15542 | $19989 | $16576 | $11826 | $34314 |
| **07/25** | $15572 | $19708 | $16610 | $11795 | $35070 |
| **08/25** | $15864 | $20549 | $16909 | $11936 | $35881 |
| **09/25** | $16141 | $20942 | $17205 | $12067 | $37120 |
| **10/25** | $16313 | $21188 | $17385 | $12142 | $37915 |
| **11/25** | $16403 | $21320 | $17479 | $12217 | $38019 |
| **12/25** | $16440 | $21959 | $17519 | $12199 | $38012 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 1<sup>Footnote Reference(a)</sup> | 12.39 | 3.43 | 5.10 |
| MSCI EAFE Index (Net) | 31.22 | 8.92 | 8.18 |
| 65% Bloomberg U.S. Aggregate Bond Index, 24% Russell 3000<sup>®</sup> Index, 11% MSCI EAFE Index (Net) | 12.21 | 3.93 | 5.77 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The returns shown for periods prior to February 20, 2019 (including Since Fund Inception returns, if shown) include the returns of Class 2. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. |

---

**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** | $1967168423 |
| **Total number of portfolio holdings** | 44 |
| **Management services fees (represents 0.06% of Fund average net assets)** | $1208009 |
| **Portfolio turnover for the reporting period** | 11% |

---

Variable Portfolio – Moderately Conservative Portfolio \| Class 1 **\|** ASR7051_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.

### Top Holdings

---

| | |
|:---|:---|
| Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | 14.8% |
| CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares | 13.0% |
| Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | 9.3% |
| CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares | 9.2% |
| Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares | 6.6% |
| Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | 5.3% |
| Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | 4.6% |
| Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | 4.1% |
| Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | 3.1% |
| Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | 2.6% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Fixed Income Funds | 60.4% |
| Equity Funds | 33.3% |
| Money Market Funds | 5.8% |

---

## 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.

In June 2025, the Fund changed its target allocation ranges for the asset class exposures.

## 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](g59364g61s65.jpg)

Variable Portfolio – Moderately Conservative Portfolio \| Class 1 **\|** ASR7051_01_12_D01_(02/26) \|

# Variable Portfolio – Moderately Conservative Portfolio
Class 2

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Variable Portfolio – Moderately Conservative Portfolio (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 | $41 | 0.39% |

---

## 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
**Asset allocation** \| Asset allocation positioning targeted tactical overweight allocations in equities, versus static blended benchmark assignments, and underweights to fixed-income investments. These primary tactical allocation decisions served as contributors to relative performance during the annual period.

**International equity value** \| In international equity markets, managers that employed a value-oriented discipline contributed to the Fund's relative performance, as the backdrop in overseas markets continued to favor a value-conscious approach to investing.

**Fixed income** \| On average, core bond managers outperformed and contributed favorably to the Fund's relative performance during the period. Tilts to corporate credit and duration positioning that focused mostly on the middle part of the yield curve helped boost relative performance for core bond managers.

### Top Performance Detractors
**Domestic large-cap equity \|** Underlying fund managers delivered mixed results versus benchmarks during the annual period. In general, domestic large-cap equity managers detracted from the Fund's relative performance but did so while generating healthy positive absolute returns.

Variable Portfolio – Moderately Conservative Portfolio \| Class 2 **\|** ASR7051_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](g59364g54a60.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Variable Portfolio – Moderately Conservative Portfolio Class 2 ($16160)** | **MSCI EAFE Index (Net) ($21959)** | **65% Bloomberg U.S. Aggregate Bond Index, 24% Russell 3000<sup>®</sup> Index, 11% MSCI EAFE Index (Net) ($17519)** | **Bloomberg U.S. Aggregate Bond Index ($12199)** | **Russell 3000<sup>®</sup> Index ($38012)** |
| **12/15** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **01/16** | $9858 | $9277 | $9874 | $10138 | $9436 |
| **02/16** | $9850 | $9107 | $9899 | $10210 | $9433 |
| **03/16** | $10135 | $9699 | $10197 | $10303 | $10097 |
| **04/16** | $10217 | $9980 | $10270 | $10343 | $10159 |
| **05/16** | $10247 | $9890 | $10305 | $10345 | $10341 |
| **06/16** | $10314 | $9558 | $10393 | $10531 | $10362 |
| **07/16** | $10516 | $10042 | $10592 | $10598 | $10774 |
| **08/16** | $10524 | $10049 | $10592 | $10586 | $10801 |
| **09/16** | $10531 | $10173 | $10606 | $10580 | $10818 |
| **10/16** | $10404 | $9965 | $10474 | $10499 | $10584 |
| **11/16** | $10322 | $9766 | $10403 | $10250 | $11058 |
| **12/16** | $10397 | $10100 | $10500 | $10265 | $11274 |
| **01/17** | $10501 | $10393 | $10594 | $10285 | $11486 |
| **02/17** | $10651 | $10542 | $10752 | $10354 | $11913 |
| **03/17** | $10674 | $10832 | $10783 | $10349 | $11921 |
| **04/17** | $10786 | $11107 | $10894 | $10428 | $12047 |
| **05/17** | $10913 | $11515 | $11020 | $10509 | $12171 |
| **06/17** | $10936 | $11495 | $11034 | $10498 | $12280 |
| **07/17** | $11048 | $11826 | $11150 | $10543 | $12512 |
| **08/17** | $11115 | $11822 | $11220 | $10638 | $12536 |
| **09/17** | $11168 | $12116 | $11281 | $10587 | $12842 |
| **10/17** | $11265 | $12300 | $11363 | $10593 | $13122 |
| **11/17** | $11355 | $12429 | $11450 | $10580 | $13521 |
| **12/17** | $11437 | $12628 | $11532 | $10628 | $13656 |
| **01/18** | $11617 | $13262 | $11655 | $10506 | $14375 |
| **02/18** | $11362 | $12663 | $11422 | $10406 | $13846 |
| **03/18** | $11332 | $12435 | $11392 | $10473 | $13568 |
| **04/18** | $11310 | $12719 | $11376 | $10395 | $13619 |
| **05/18** | $11385 | $12433 | $11478 | $10469 | $14004 |
| **06/18** | $11347 | $12281 | $11471 | $10456 | $14095 |
| **07/18** | $11467 | $12584 | $11595 | $10459 | $14563 |
| **08/18** | $11542 | $12341 | $11717 | $10526 | $15074 |
| **09/18** | $11512 | $12448 | $11684 | $10458 | $15099 |
| **10/18** | $11123 | $11457 | $11315 | $10376 | $13988 |
| **11/18** | $11198 | $11442 | $11412 | $10438 | $14268 |
| **12/18** | $10966 | $10887 | $11232 | $10630 | $12940 |
| **01/19** | $11362 | $11602 | $11622 | $10742 | $14051 |
| **02/19** | $11490 | $11898 | $11748 | $10736 | $14545 |
| **03/19** | $11669 | $11973 | $11944 | $10942 | $14757 |
| **04/19** | $11796 | $12310 | $12098 | $10945 | $15346 |
| **05/19** | $11662 | $11719 | $11986 | $11139 | $14353 |
| **06/19** | $12006 | $12414 | $12364 | $11279 | $15361 |
| **07/19** | $12036 | $12256 | $12408 | $11304 | $15590 |
| **08/19** | $12118 | $11939 | $12521 | $11597 | $15272 |
| **09/19** | $12133 | $12281 | $12570 | $11535 | $15540 |
| **10/19** | $12223 | $12722 | $12709 | $11570 | $15874 |
| **11/19** | $12343 | $12866 | $12837 | $11564 | $16478 |
| **12/19** | $12448 | $13284 | $12966 | $11556 | $16954 |
| **01/20** | $12560 | $13006 | $13095 | $11778 | $16935 |
| **02/20** | $12328 | $11831 | $12860 | $11990 | $15549 |
| **03/20** | $11467 | $10252 | $12198 | $11920 | $13410 |
| **04/20** | $12081 | $10914 | $12813 | $12132 | $15187 |
| **05/20** | $12388 | $11389 | $13078 | $12188 | $15999 |
| **06/20** | $12597 | $11777 | $13252 | $12265 | $16364 |
| **07/20** | $12942 | $12051 | $13595 | $12448 | $17294 |
| **08/20** | $13151 | $12671 | $13837 | $12348 | $18546 |
| **09/20** | $12987 | $12342 | $13672 | $12341 | $17871 |
| **10/20** | $12844 | $11849 | $13501 | $12286 | $17485 |
| **11/20** | $13555 | $13686 | $14212 | $12406 | $19613 |
| **12/20** | $13817 | $14322 | $14451 | $12424 | $20495 |
| **01/21** | $13728 | $14169 | $14351 | $12334 | $20404 |
| **02/21** | $13787 | $14487 | $14359 | $12156 | $21042 |
| **03/21** | $13855 | $14820 | $14403 | $12005 | $21796 |
| **04/21** | $14154 | $15266 | $14703 | $12099 | $22919 |
| **05/21** | $14259 | $15764 | $14803 | $12139 | $23024 |
| **06/21** | $14371 | $15587 | $14940 | $12224 | $23592 |
| **07/21** | $14521 | $15704 | $15121 | $12361 | $23991 |
| **08/21** | $14648 | $15981 | $15235 | $12337 | $24675 |
| **09/21** | $14334 | $15517 | $14937 | $12231 | $23568 |
| **10/21** | $14581 | $15899 | $15217 | $12227 | $25161 |
| **11/21** | $14424 | $15159 | $15113 | $12263 | $24778 |
| **12/21** | $14611 | $15935 | $15316 | $12232 | $25754 |
| **01/22** | $14147 | $15165 | $14803 | $11968 | $24239 |
| **02/22** | $13892 | $14897 | $14578 | $11835 | $23628 |
| **03/22** | $13705 | $14993 | $14438 | $11506 | $24395 |
| **04/22** | $12964 | $14023 | $13668 | $11069 | $22206 |
| **05/22** | $13001 | $14128 | $13733 | $11141 | $22176 |
| **06/22** | $12410 | $12817 | $13177 | $10966 | $20321 |
| **07/22** | $12942 | $13456 | $13755 | $11234 | $22227 |
| **08/22** | $12530 | $12817 | $13307 | $10917 | $21397 |
| **09/22** | $11714 | $11618 | $12500 | $10445 | $19413 |
| **10/22** | $11916 | $12242 | $12715 | $10310 | $21005 |
| **11/22** | $12515 | $13621 | $13336 | $10689 | $22102 |
| **12/22** | $12260 | $13632 | $13111 | $10641 | $20808 |
| **01/23** | $12852 | $14736 | $13706 | $10968 | $22241 |
| **02/23** | $12493 | $14429 | $13368 | $10684 | $21721 |
| **03/23** | $12799 | $14786 | $13710 | $10956 | $22302 |
| **04/23** | $12897 | $15204 | $13842 | $11022 | $22539 |
| **05/23** | $12747 | $14560 | $13693 | $10902 | $22627 |
| **06/23** | $12994 | $15223 | $13954 | $10863 | $24172 |
| **07/23** | $13121 | $15715 | $14117 | $10856 | $25039 |
| **08/23** | $12934 | $15113 | $13934 | $10786 | $24555 |
| **09/23** | $12470 | $14597 | $13492 | $10512 | $23386 |
| **10/23** | $12223 | $14005 | $13208 | $10346 | $22766 |
| **11/23** | $12994 | $15305 | $14027 | $10815 | $24888 |
| **12/23** | $13548 | $16118 | $14636 | $11229 | $26209 |
| **01/24** | $13570 | $16211 | $14658 | $11198 | $26499 |
| **02/24** | $13653 | $16508 | $14744 | $11040 | $27933 |
| **03/24** | $13892 | $17051 | $15000 | $11142 | $28835 |
| **04/24** | $13473 | $16614 | $14553 | $10860 | $27566 |
| **05/24** | $13870 | $17258 | $14940 | $11044 | $28868 |
| **06/24** | $14034 | $16979 | $15117 | $11149 | $29762 |
| **07/24** | $14326 | $17477 | $15462 | $11409 | $30315 |
| **08/24** | $14588 | $18046 | $15743 | $11573 | $30975 |
| **09/24** | $14798 | $18212 | $15974 | $11728 | $31616 |
| **10/24** | $14416 | $17222 | $15593 | $11437 | $31384 |
| **11/24** | $14760 | $17124 | $15939 | $11558 | $33471 |
| **12/24** | $14416 | $16735 | $15613 | $11369 | $32448 |
| **01/25** | $14656 | $17614 | $15875 | $11430 | $33473 |
| **02/25** | $14820 | $17956 | $16063 | $11681 | $32831 |
| **03/25** | $14588 | $17883 | $15835 | $11685 | $30916 |
| **04/25** | $14648 | $18702 | $15930 | $11731 | $30709 |
| **05/25** | $14873 | $19558 | $16178 | $11647 | $32655 |
| **06/25** | $15299 | $19989 | $16576 | $11826 | $34314 |
| **07/25** | $15322 | $19708 | $16610 | $11795 | $35070 |
| **08/25** | $15606 | $20549 | $16909 | $11936 | $35881 |
| **09/25** | $15876 | $20942 | $17205 | $12067 | $37120 |
| **10/25** | $16048 | $21188 | $17385 | $12142 | $37915 |
| **11/25** | $16130 | $21320 | $17479 | $12217 | $38019 |
| **12/25** | $16160 | $21959 | $17519 | $12199 | $38012 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 2 | 12.10 | 3.18 | 4.92 |
| MSCI EAFE Index (Net) | 31.22 | 8.92 | 8.18 |
| 65% Bloomberg U.S. Aggregate Bond Index, 24% Russell 3000<sup>®</sup> Index, 11% MSCI EAFE Index (Net) | 12.21 | 3.93 | 5.77 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |

---

**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** | $1967168423 |
| **Total number of portfolio holdings** | 44 |
| **Management services fees (represents 0.06% of Fund average net assets)** | $1208009 |
| **Portfolio turnover for the reporting period** | 11% |

---

Variable Portfolio – Moderately Conservative Portfolio \| Class 2 **\|** ASR7051_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.

### Top Holdings

---

| | |
|:---|:---|
| Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | 14.8% |
| CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares | 13.0% |
| Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | 9.3% |
| CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares | 9.2% |
| Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares | 6.6% |
| Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | 5.3% |
| Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | 4.6% |
| Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | 4.1% |
| Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | 3.1% |
| Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | 2.6% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Fixed Income Funds | 60.4% |
| Equity Funds | 33.3% |
| Money Market Funds | 5.8% |

---

## 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.

In June 2025, the Fund changed its target allocation ranges for the asset class exposures.

## 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](g59364g61s65.jpg)

Variable Portfolio – Moderately Conservative Portfolio \| Class 2 **\|** ASR7051_02_12_D01_(02/26) \|

# Variable Portfolio – Moderately Conservative Portfolio
Class 4

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Variable Portfolio – Moderately Conservative Portfolio (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 4 | $41 | 0.39% |

---

## Management's Discussion of Fund Performance
The performance of Class 4 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Asset allocation** \| Asset allocation positioning targeted tactical overweight allocations in equities, versus static blended benchmark assignments, and underweights to fixed-income investments. These primary tactical allocation decisions served as contributors to relative performance during the annual period.

**International equity value** \| In international equity markets, managers that employed a value-oriented discipline contributed to the Fund's relative performance, as the backdrop in overseas markets continued to favor a value-conscious approach to investing.

**Fixed income** \| On average, core bond managers outperformed and contributed favorably to the Fund's relative performance during the period. Tilts to corporate credit and duration positioning that focused mostly on the middle part of the yield curve helped boost relative performance for core bond managers.

### Top Performance Detractors
**Domestic large-cap equity \|** Underlying fund managers delivered mixed results versus benchmarks during the annual period. In general, domestic large-cap equity managers detracted from the Fund's relative performance but did so while generating healthy positive absolute returns.

Variable Portfolio – Moderately Conservative Portfolio \| Class 4 **\|** ASR7051_04_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 4 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g59364g79f82.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Variable Portfolio – Moderately Conservative Portfolio Class 4 ($16166)** | **MSCI EAFE Index (Net) ($21959)** | **65% Bloomberg U.S. Aggregate Bond Index, 24% Russell 3000<sup>®</sup> Index, 11% MSCI EAFE Index (Net) ($17519)** | **Bloomberg U.S. Aggregate Bond Index ($12199)** | **Russell 3000<sup>®</sup> Index ($38012)** |
| **12/15** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **01/16** | $9858 | $9277 | $9874 | $10138 | $9436 |
| **02/16** | $9858 | $9107 | $9899 | $10210 | $9433 |
| **03/16** | $10142 | $9699 | $10197 | $10303 | $10097 |
| **04/16** | $10217 | $9980 | $10270 | $10343 | $10159 |
| **05/16** | $10254 | $9890 | $10305 | $10345 | $10341 |
| **06/16** | $10321 | $9558 | $10393 | $10531 | $10362 |
| **07/16** | $10523 | $10042 | $10592 | $10598 | $10774 |
| **08/16** | $10531 | $10049 | $10592 | $10586 | $10801 |
| **09/16** | $10538 | $10173 | $10606 | $10580 | $10818 |
| **10/16** | $10411 | $9965 | $10474 | $10499 | $10584 |
| **11/16** | $10329 | $9766 | $10403 | $10250 | $11058 |
| **12/16** | $10404 | $10100 | $10500 | $10265 | $11274 |
| **01/17** | $10508 | $10393 | $10594 | $10285 | $11486 |
| **02/17** | $10650 | $10542 | $10752 | $10354 | $11913 |
| **03/17** | $10680 | $10832 | $10783 | $10349 | $11921 |
| **04/17** | $10792 | $11107 | $10894 | $10428 | $12047 |
| **05/17** | $10919 | $11515 | $11020 | $10509 | $12171 |
| **06/17** | $10942 | $11495 | $11034 | $10498 | $12280 |
| **07/17** | $11054 | $11826 | $11150 | $10543 | $12512 |
| **08/17** | $11121 | $11822 | $11220 | $10638 | $12536 |
| **09/17** | $11173 | $12116 | $11281 | $10587 | $12842 |
| **10/17** | $11263 | $12300 | $11363 | $10593 | $13122 |
| **11/17** | $11360 | $12429 | $11450 | $10580 | $13521 |
| **12/17** | $11435 | $12628 | $11532 | $10628 | $13656 |
| **01/18** | $11622 | $13262 | $11655 | $10506 | $14375 |
| **02/18** | $11368 | $12663 | $11422 | $10406 | $13846 |
| **03/18** | $11338 | $12435 | $11392 | $10473 | $13568 |
| **04/18** | $11315 | $12719 | $11376 | $10395 | $13619 |
| **05/18** | $11390 | $12433 | $11478 | $10469 | $14004 |
| **06/18** | $11353 | $12281 | $11471 | $10456 | $14095 |
| **07/18** | $11472 | $12584 | $11595 | $10459 | $14563 |
| **08/18** | $11547 | $12341 | $11717 | $10526 | $15074 |
| **09/18** | $11510 | $12448 | $11684 | $10458 | $15099 |
| **10/18** | $11121 | $11457 | $11315 | $10376 | $13988 |
| **11/18** | $11203 | $11442 | $11412 | $10438 | $14268 |
| **12/18** | $10972 | $10887 | $11232 | $10630 | $12940 |
| **01/19** | $11368 | $11602 | $11622 | $10742 | $14051 |
| **02/19** | $11495 | $11898 | $11748 | $10736 | $14545 |
| **03/19** | $11667 | $11973 | $11944 | $10942 | $14757 |
| **04/19** | $11801 | $12310 | $12098 | $10945 | $15346 |
| **05/19** | $11667 | $11719 | $11986 | $11139 | $14353 |
| **06/19** | $12010 | $12414 | $12364 | $11279 | $15361 |
| **07/19** | $12040 | $12256 | $12408 | $11304 | $15590 |
| **08/19** | $12123 | $11939 | $12521 | $11597 | $15272 |
| **09/19** | $12138 | $12281 | $12570 | $11535 | $15540 |
| **10/19** | $12227 | $12722 | $12709 | $11570 | $15874 |
| **11/19** | $12347 | $12866 | $12837 | $11564 | $16478 |
| **12/19** | $12451 | $13284 | $12966 | $11556 | $16954 |
| **01/20** | $12564 | $13006 | $13095 | $11778 | $16935 |
| **02/20** | $12332 | $11831 | $12860 | $11990 | $15549 |
| **03/20** | $11472 | $10252 | $12198 | $11920 | $13410 |
| **04/20** | $12085 | $10914 | $12813 | $12132 | $15187 |
| **05/20** | $12392 | $11389 | $13078 | $12188 | $15999 |
| **06/20** | $12601 | $11777 | $13252 | $12265 | $16364 |
| **07/20** | $12945 | $12051 | $13595 | $12448 | $17294 |
| **08/20** | $13161 | $12671 | $13837 | $12348 | $18546 |
| **09/20** | $12990 | $12342 | $13672 | $12341 | $17871 |
| **10/20** | $12855 | $11849 | $13501 | $12286 | $17485 |
| **11/20** | $13558 | $13686 | $14212 | $12406 | $19613 |
| **12/20** | $13819 | $14322 | $14451 | $12424 | $20495 |
| **01/21** | $13737 | $14169 | $14351 | $12334 | $20404 |
| **02/21** | $13789 | $14487 | $14359 | $12156 | $21042 |
| **03/21** | $13864 | $14820 | $14403 | $12005 | $21796 |
| **04/21** | $14163 | $15266 | $14703 | $12099 | $22919 |
| **05/21** | $14268 | $15764 | $14803 | $12139 | $23024 |
| **06/21** | $14380 | $15587 | $14940 | $12224 | $23592 |
| **07/21** | $14529 | $15704 | $15121 | $12361 | $23991 |
| **08/21** | $14656 | $15981 | $15235 | $12337 | $24675 |
| **09/21** | $14342 | $15517 | $14937 | $12231 | $23568 |
| **10/21** | $14589 | $15899 | $15217 | $12227 | $25161 |
| **11/21** | $14425 | $15159 | $15113 | $12263 | $24778 |
| **12/21** | $14619 | $15935 | $15316 | $12232 | $25754 |
| **01/22** | $14148 | $15165 | $14803 | $11968 | $24239 |
| **02/22** | $13894 | $14897 | $14578 | $11835 | $23628 |
| **03/22** | $13707 | $14993 | $14438 | $11506 | $24395 |
| **04/22** | $12967 | $14023 | $13668 | $11069 | $22206 |
| **05/22** | $13004 | $14128 | $13733 | $11141 | $22176 |
| **06/22** | $12414 | $12817 | $13177 | $10966 | $20321 |
| **07/22** | $12945 | $13456 | $13755 | $11234 | $22227 |
| **08/22** | $12534 | $12817 | $13307 | $10917 | $21397 |
| **09/22** | $11719 | $11618 | $12500 | $10445 | $19413 |
| **10/22** | $11921 | $12242 | $12715 | $10310 | $21005 |
| **11/22** | $12519 | $13621 | $13336 | $10689 | $22102 |
| **12/22** | $12265 | $13632 | $13111 | $10641 | $20808 |
| **01/23** | $12855 | $14736 | $13706 | $10968 | $22241 |
| **02/23** | $12496 | $14429 | $13368 | $10684 | $21721 |
| **03/23** | $12803 | $14786 | $13710 | $10956 | $22302 |
| **04/23** | $12900 | $15204 | $13842 | $11022 | $22539 |
| **05/23** | $12758 | $14560 | $13693 | $10902 | $22627 |
| **06/23** | $12997 | $15223 | $13954 | $10863 | $24172 |
| **07/23** | $13132 | $15715 | $14117 | $10856 | $25039 |
| **08/23** | $12945 | $15113 | $13934 | $10786 | $24555 |
| **09/23** | $12481 | $14597 | $13492 | $10512 | $23386 |
| **10/23** | $12235 | $14005 | $13208 | $10346 | $22766 |
| **11/23** | $12997 | $15305 | $14027 | $10815 | $24888 |
| **12/23** | $13550 | $16118 | $14636 | $11229 | $26209 |
| **01/24** | $13580 | $16211 | $14658 | $11198 | $26499 |
| **02/24** | $13655 | $16508 | $14744 | $11040 | $27933 |
| **03/24** | $13901 | $17051 | $15000 | $11142 | $28835 |
| **04/24** | $13483 | $16614 | $14553 | $10860 | $27566 |
| **05/24** | $13871 | $17258 | $14940 | $11044 | $28868 |
| **06/24** | $14036 | $16979 | $15117 | $11149 | $29762 |
| **07/24** | $14327 | $17477 | $15462 | $11409 | $30315 |
| **08/24** | $14596 | $18046 | $15743 | $11573 | $30975 |
| **09/24** | $14806 | $18212 | $15974 | $11728 | $31616 |
| **10/24** | $14425 | $17222 | $15593 | $11437 | $31384 |
| **11/24** | $14768 | $17124 | $15939 | $11558 | $33471 |
| **12/24** | $14417 | $16735 | $15613 | $11369 | $32448 |
| **01/25** | $14656 | $17614 | $15875 | $11430 | $33473 |
| **02/25** | $14828 | $17956 | $16063 | $11681 | $32831 |
| **03/25** | $14589 | $17883 | $15835 | $11685 | $30916 |
| **04/25** | $14656 | $18702 | $15930 | $11731 | $30709 |
| **05/25** | $14880 | $19558 | $16178 | $11647 | $32655 |
| **06/25** | $15299 | $19989 | $16576 | $11826 | $34314 |
| **07/25** | $15329 | $19708 | $16610 | $11795 | $35070 |
| **08/25** | $15613 | $20549 | $16909 | $11936 | $35881 |
| **09/25** | $15882 | $20942 | $17205 | $12067 | $37120 |
| **10/25** | $16054 | $21188 | $17385 | $12142 | $37915 |
| **11/25** | $16136 | $21320 | $17479 | $12217 | $38019 |
| **12/25** | $16166 | $21959 | $17519 | $12199 | $38012 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 4 | 12.13 | 3.19 | 4.92 |
| MSCI EAFE Index (Net) | 31.22 | 8.92 | 8.18 |
| 65% Bloomberg U.S. Aggregate Bond Index, 24% Russell 3000<sup>®</sup> Index, 11% MSCI EAFE Index (Net) | 12.21 | 3.93 | 5.77 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |

---

**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** | $1967168423 |
| **Total number of portfolio holdings** | 44 |
| **Management services fees (represents 0.06% of Fund average net assets)** | $1208009 |
| **Portfolio turnover for the reporting period** | 11% |

---

Variable Portfolio – Moderately Conservative Portfolio \| Class 4 **\|** ASR7051_04_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.

### Top Holdings

---

| | |
|:---|:---|
| Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | 14.8% |
| CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares | 13.0% |
| Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | 9.3% |
| CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares | 9.2% |
| Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares | 6.6% |
| Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | 5.3% |
| Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | 4.6% |
| Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | 4.1% |
| Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | 3.1% |
| Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | 2.6% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Fixed Income Funds | 60.4% |
| Equity Funds | 33.3% |
| Money Market Funds | 5.8% |

---

## 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.

In June 2025, the Fund changed its target allocation ranges for the asset class exposures.

## 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](g59364g61s65.jpg)

Variable Portfolio – Moderately Conservative Portfolio \| Class 4 **\|** ASR7051_04_12_D01_(02/26) \|

# Variable Portfolio – Partners Core Bond Fund
Class 1

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Variable Portfolio – Partners Core Bond 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 | $50 | 0.48% |

---

## 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
**Allocations** \| Positive contributions to the Fund's relative performance resulted from investing in non-benchmark sectors including high-yield bonds, non-agency mortgage-backed securities and securitized credit sectors not represented within the benchmark. These sectors offered higher risk premiums and yields than benchmark sectors and benefited from the enhanced income in a benign environment for spreads. In addition, an overweight to agency mortgage-backed securities contributed positively to the Fund's relative performance as this was the best performing major sector within the benchmark.

**Security selection** \| Exposure to consumer-based loans across a diversified set of asset-backed securities contributed to the Fund's performance relative to the benchmark. In addition, security selection within commercial mortgage-backed securities contributed positively, particularly select single-asset single borrow opportunities and single-family rentals. Finally, investment-grade corporates were a positive contributor to the Fund's relative performance as active participation in new issues and dislocations around tariff announcements provided attractive entry points.

**Interest rate positioning** \| The Fund was positioned with a slightly longer duration profile than the benchmark during the period, concentrated in the front end of the yield curve while de-emphasizing the longer maturity segment. This resulted in a positive contribution to the Fund's relative performance as the U.S. Treasury yield curve steepened throughout 2025.

### Top Performance Detractors
There were no material detractors to relative performance at the Fund level during the period.

Variable Portfolio – Partners Core Bond Fund \| Class 1 **\|** ASR7052_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](g59364g18b85.jpg)

---

| | | |
|:---|:---|:---|
| | **Variable Portfolio – Partners Core Bond Fund Class 1 ($12492)** | **Bloomberg U.S. Aggregate Bond Index ($12199)** |
| **12/15** | $10000 | $10000 |
| **01/16** | $10130 | $10138 |
| **02/16** | $10204 | $10210 |
| **03/16** | $10278 | $10303 |
| **04/16** | $10315 | $10343 |
| **05/16** | $10324 | $10345 |
| **06/16** | $10503 | $10531 |
| **07/16** | $10560 | $10598 |
| **08/16** | $10532 | $10586 |
| **09/16** | $10541 | $10580 |
| **10/16** | $10465 | $10499 |
| **11/16** | $10238 | $10250 |
| **12/16** | $10248 | $10265 |
| **01/17** | $10266 | $10285 |
| **02/17** | $10333 | $10354 |
| **03/17** | $10333 | $10349 |
| **04/17** | $10409 | $10428 |
| **05/17** | $10484 | $10509 |
| **06/17** | $10479 | $10498 |
| **07/17** | $10527 | $10543 |
| **08/17** | $10624 | $10638 |
| **09/17** | $10576 | $10587 |
| **10/17** | $10585 | $10593 |
| **11/17** | $10576 | $10580 |
| **12/17** | $10614 | $10628 |
| **01/18** | $10508 | $10506 |
| **02/18** | $10411 | $10406 |
| **03/18** | $10469 | $10473 |
| **04/18** | $10391 | $10395 |
| **05/18** | $10459 | $10469 |
| **06/18** | $10444 | $10456 |
| **07/18** | $10444 | $10459 |
| **08/18** | $10515 | $10526 |
| **09/18** | $10444 | $10458 |
| **10/18** | $10373 | $10376 |
| **11/18** | $10424 | $10438 |
| **12/18** | $10605 | $10630 |
| **01/19** | $10716 | $10742 |
| **02/19** | $10716 | $10736 |
| **03/19** | $10918 | $10942 |
| **04/19** | $10918 | $10945 |
| **05/19** | $11119 | $11139 |
| **06/19** | $11260 | $11279 |
| **07/19** | $11280 | $11304 |
| **08/19** | $11580 | $11597 |
| **09/19** | $11518 | $11535 |
| **10/19** | $11538 | $11570 |
| **11/19** | $11528 | $11564 |
| **12/19** | $11518 | $11556 |
| **01/20** | $11755 | $11778 |
| **02/20** | $11962 | $11990 |
| **03/20** | $11755 | $11920 |
| **04/20** | $12014 | $12132 |
| **05/20** | $12086 | $12188 |
| **06/20** | $12210 | $12265 |
| **07/20** | $12407 | $12448 |
| **08/20** | $12343 | $12348 |
| **09/20** | $12343 | $12341 |
| **10/20** | $12300 | $12286 |
| **11/20** | $12438 | $12406 |
| **12/20** | $12470 | $12424 |
| **01/21** | $12396 | $12334 |
| **02/21** | $12226 | $12156 |
| **03/21** | $12098 | $12005 |
| **04/21** | $12194 | $12099 |
| **05/21** | $12226 | $12139 |
| **06/21** | $12321 | $12224 |
| **07/21** | $12449 | $12361 |
| **08/21** | $12438 | $12337 |
| **09/21** | $12338 | $12231 |
| **10/21** | $12327 | $12227 |
| **11/21** | $12338 | $12263 |
| **12/21** | $12316 | $12232 |
| **01/22** | $12061 | $11968 |
| **02/22** | $11917 | $11835 |
| **03/22** | $11596 | $11506 |
| **04/22** | $11164 | $11069 |
| **05/22** | $11219 | $11141 |
| **06/22** | $11009 | $10966 |
| **07/22** | $11269 | $11234 |
| **08/22** | $10974 | $10917 |
| **09/22** | $10509 | $10445 |
| **10/22** | $10373 | $10310 |
| **11/22** | $10736 | $10689 |
| **12/22** | $10679 | $10641 |
| **01/23** | $11042 | $10968 |
| **02/23** | $10770 | $10684 |
| **03/23** | $11042 | $10956 |
| **04/23** | $11099 | $11022 |
| **05/23** | $10985 | $10902 |
| **06/23** | $10951 | $10863 |
| **07/23** | $10944 | $10856 |
| **08/23** | $10885 | $10786 |
| **09/23** | $10605 | $10512 |
| **10/23** | $10442 | $10346 |
| **11/23** | $10920 | $10815 |
| **12/23** | $11352 | $11229 |
| **01/24** | $11340 | $11198 |
| **02/24** | $11189 | $11040 |
| **03/24** | $11305 | $11142 |
| **04/24** | $11037 | $10860 |
| **05/24** | $11224 | $11044 |
| **06/24** | $11352 | $11149 |
| **07/24** | $11620 | $11409 |
| **08/24** | $11789 | $11573 |
| **09/24** | $11959 | $11728 |
| **10/24** | $11668 | $11437 |
| **11/24** | $11801 | $11558 |
| **12/24** | $11608 | $11369 |
| **01/25** | $11680 | $11430 |
| **02/25** | $11934 | $11681 |
| **03/25** | $11946 | $11685 |
| **04/25** | $11971 | $11731 |
| **05/25** | $11898 | $11647 |
| **06/25** | $12092 | $11826 |
| **07/25** | $12070 | $11795 |
| **08/25** | $12210 | $11936 |
| **09/25** | $12351 | $12067 |
| **10/25** | $12428 | $12142 |
| **11/25** | $12518 | $12217 |
| **12/25** | $12492 | $12199 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 1<sup>Footnote Reference(a)</sup> | 7.62 | 0.03 | 2.25 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The Fund's performance prior to May 2017 reflects returns achieved by one or more different 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** | $3805619338 |
| **Total number of portfolio holdings** | 2306 |
| **Management services fees (represents 0.47% of Fund average net assets)** | $17833520 |
| **Portfolio turnover for the reporting period** | 225% |

---

Variable Portfolio – Partners Core Bond Fund \| Class 1 **\|** ASR7052_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.

### Top Holdings

---

| | |
|:---|:---|
| U.S. Treasury 12/31/2030 3.625% | 2.1% |
| Uniform Mortgage-Backed Security TBA 01/14/2056 5.500% | 1.8% |
| U.S. Treasury 11/15/2035 4.000% | 1.7% |
| U.S. Treasury 11/15/2045 4.625% | 1.4% |
| U.S. Treasury 08/15/2055 4.750% | 1.3% |
| U.S. Treasury 12/31/2032 3.875% | 1.3% |
| U.S. Treasury 03/31/2030 3.625% | 1.1% |
| U.S. Treasury 12/15/2028 3.500% | 1.0% |
| U.S. Treasury 11/30/2030 3.500% | 0.8% |
| U.S. Treasury 08/15/2041 1.750% | 0.7% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Residential Mortgage-Backed Securities - Agency | 32.6% |
| Corporate Bonds & Notes | 27.7% |
| U.S. Treasury Obligations | 20.1% |
| Asset-Backed Securities - Non-Agency | 7.5% |
| Money Market Funds | 4.6% |
| Commercial Mortgage-Backed Securities - Non-Agency | 3.7% |
| Commercial Mortgage-Backed Securities - Agency | 3.2% |
| Residential Mortgage-Backed Securities - Non-Agency | 1.8% |
| Foreign Government Obligations | 1.2% |
| Other | 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](g59364g61s65.jpg)

Variable Portfolio – Partners Core Bond Fund \| Class 1 **\|** ASR7052_01_12_D01_(02/26) \|

# Variable Portfolio – Partners Core Bond Fund
Class 2

![Image](g59364g59i66.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Variable Portfolio – Partners Core Bond 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 | $76 | 0.73% |

---

## 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
**Allocations** \| Positive contributions to the Fund's relative performance resulted from investing in non-benchmark sectors including high-yield bonds, non-agency mortgage-backed securities and securitized credit sectors not represented within the benchmark. These sectors offered higher risk premiums and yields than benchmark sectors and benefited from the enhanced income in a benign environment for spreads. In addition, an overweight to agency mortgage-backed securities contributed positively to the Fund's relative performance as this was the best performing major sector within the benchmark.

**Security selection** \| Exposure to consumer-based loans across a diversified set of asset-backed securities contributed to the Fund's performance relative to the benchmark. In addition, security selection within commercial mortgage-backed securities contributed positively, particularly select single-asset single borrow opportunities and single-family rentals. Finally, investment-grade corporates were a positive contributor to the Fund's relative performance as active participation in new issues and dislocations around tariff announcements provided attractive entry points.

**Interest rate positioning** \| The Fund was positioned with a slightly longer duration profile than the benchmark during the period, concentrated in the front end of the yield curve while de-emphasizing the longer maturity segment. This resulted in a positive contribution to the Fund's relative performance as the U.S. Treasury yield curve steepened throughout 2025.

### Top Performance Detractors
There were no material detractors to relative performance at the Fund level during the period.

Variable Portfolio – Partners Core Bond Fund \| Class 2 **\|** ASR7052_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](g59364g59b33.jpg)

---

| | | |
|:---|:---|:---|
| | **Variable Portfolio – Partners Core Bond Fund Class 2 ($12181)** | **Bloomberg U.S. Aggregate Bond Index ($12199)** |
| **12/15** | $10000 | $10000 |
| **01/16** | $10140 | $10138 |
| **02/16** | $10205 | $10210 |
| **03/16** | $10279 | $10303 |
| **04/16** | $10307 | $10343 |
| **05/16** | $10316 | $10345 |
| **06/16** | $10499 | $10531 |
| **07/16** | $10546 | $10598 |
| **08/16** | $10527 | $10586 |
| **09/16** | $10527 | $10580 |
| **10/16** | $10451 | $10499 |
| **11/16** | $10223 | $10250 |
| **12/16** | $10223 | $10265 |
| **01/17** | $10242 | $10285 |
| **02/17** | $10309 | $10354 |
| **03/17** | $10299 | $10349 |
| **04/17** | $10375 | $10428 |
| **05/17** | $10451 | $10509 |
| **06/17** | $10448 | $10498 |
| **07/17** | $10487 | $10543 |
| **08/17** | $10584 | $10638 |
| **09/17** | $10526 | $10587 |
| **10/17** | $10535 | $10593 |
| **11/17** | $10526 | $10580 |
| **12/17** | $10564 | $10628 |
| **01/18** | $10458 | $10506 |
| **02/18** | $10361 | $10406 |
| **03/18** | $10419 | $10473 |
| **04/18** | $10332 | $10395 |
| **05/18** | $10399 | $10469 |
| **06/18** | $10387 | $10456 |
| **07/18** | $10387 | $10459 |
| **08/18** | $10447 | $10526 |
| **09/18** | $10377 | $10458 |
| **10/18** | $10296 | $10376 |
| **11/18** | $10357 | $10438 |
| **12/18** | $10528 | $10630 |
| **01/19** | $10628 | $10742 |
| **02/19** | $10628 | $10736 |
| **03/19** | $10829 | $10942 |
| **04/19** | $10829 | $10945 |
| **05/19** | $11030 | $11139 |
| **06/19** | $11164 | $11279 |
| **07/19** | $11184 | $11304 |
| **08/19** | $11472 | $11597 |
| **09/19** | $11411 | $11535 |
| **10/19** | $11431 | $11570 |
| **11/19** | $11421 | $11564 |
| **12/19** | $11411 | $11556 |
| **01/20** | $11637 | $11778 |
| **02/20** | $11842 | $11990 |
| **03/20** | $11637 | $11920 |
| **04/20** | $11883 | $12132 |
| **05/20** | $11955 | $12188 |
| **06/20** | $12079 | $12265 |
| **07/20** | $12267 | $12448 |
| **08/20** | $12203 | $12348 |
| **09/20** | $12203 | $12341 |
| **10/20** | $12161 | $12286 |
| **11/20** | $12299 | $12406 |
| **12/20** | $12320 | $12424 |
| **01/21** | $12246 | $12334 |
| **02/21** | $12077 | $12156 |
| **03/21** | $11950 | $12005 |
| **04/21** | $12034 | $12099 |
| **05/21** | $12066 | $12139 |
| **06/21** | $12161 | $12224 |
| **07/21** | $12278 | $12361 |
| **08/21** | $12267 | $12337 |
| **09/21** | $12168 | $12231 |
| **10/21** | $12146 | $12227 |
| **11/21** | $12157 | $12263 |
| **12/21** | $12146 | $12232 |
| **01/22** | $11883 | $11968 |
| **02/22** | $11740 | $11835 |
| **03/22** | $11422 | $11506 |
| **04/22** | $10994 | $11069 |
| **05/22** | $11049 | $11141 |
| **06/22** | $10829 | $10966 |
| **07/22** | $11089 | $11234 |
| **08/22** | $10797 | $10917 |
| **09/22** | $10337 | $10445 |
| **10/22** | $10203 | $10310 |
| **11/22** | $10562 | $10689 |
| **12/22** | $10494 | $10641 |
| **01/23** | $10853 | $10968 |
| **02/23** | $10584 | $10684 |
| **03/23** | $10842 | $10956 |
| **04/23** | $10909 | $11022 |
| **05/23** | $10786 | $10902 |
| **06/23** | $10752 | $10863 |
| **07/23** | $10751 | $10856 |
| **08/23** | $10682 | $10786 |
| **09/23** | $10406 | $10512 |
| **10/23** | $10233 | $10346 |
| **11/23** | $10716 | $10815 |
| **12/23** | $11130 | $11229 |
| **01/24** | $11118 | $11198 |
| **02/24** | $10969 | $11040 |
| **03/24** | $11072 | $11142 |
| **04/24** | $10808 | $10860 |
| **05/24** | $10992 | $11044 |
| **06/24** | $11118 | $11149 |
| **07/24** | $11378 | $11409 |
| **08/24** | $11545 | $11573 |
| **09/24** | $11711 | $11728 |
| **10/24** | $11414 | $11437 |
| **11/24** | $11545 | $11558 |
| **12/24** | $11354 | $11369 |
| **01/25** | $11426 | $11430 |
| **02/25** | $11675 | $11681 |
| **03/25** | $11675 | $11685 |
| **04/25** | $11699 | $11731 |
| **05/25** | $11628 | $11647 |
| **06/25** | $11806 | $11826 |
| **07/25** | $11792 | $11795 |
| **08/25** | $11930 | $11936 |
| **09/25** | $12068 | $12067 |
| **10/25** | $12131 | $12142 |
| **11/25** | $12218 | $12217 |
| **12/25** | $12181 | $12199 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 2<sup>Footnote Reference(a)</sup> | 7.28 | (0.23) | 1.99 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The Fund's performance prior to May 2017 reflects returns achieved by one or more different 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** | $3805619338 |
| **Total number of portfolio holdings** | 2306 |
| **Management services fees (represents 0.47% of Fund average net assets)** | $17833520 |
| **Portfolio turnover for the reporting period** | 225% |

---

Variable Portfolio – Partners Core Bond Fund \| Class 2 **\|** ASR7052_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.

### Top Holdings

---

| | |
|:---|:---|
| U.S. Treasury 12/31/2030 3.625% | 2.1% |
| Uniform Mortgage-Backed Security TBA 01/14/2056 5.500% | 1.8% |
| U.S. Treasury 11/15/2035 4.000% | 1.7% |
| U.S. Treasury 11/15/2045 4.625% | 1.4% |
| U.S. Treasury 08/15/2055 4.750% | 1.3% |
| U.S. Treasury 12/31/2032 3.875% | 1.3% |
| U.S. Treasury 03/31/2030 3.625% | 1.1% |
| U.S. Treasury 12/15/2028 3.500% | 1.0% |
| U.S. Treasury 11/30/2030 3.500% | 0.8% |
| U.S. Treasury 08/15/2041 1.750% | 0.7% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Residential Mortgage-Backed Securities - Agency | 32.6% |
| Corporate Bonds & Notes | 27.7% |
| U.S. Treasury Obligations | 20.1% |
| Asset-Backed Securities - Non-Agency | 7.5% |
| Money Market Funds | 4.6% |
| Commercial Mortgage-Backed Securities - Non-Agency | 3.7% |
| Commercial Mortgage-Backed Securities - Agency | 3.2% |
| Residential Mortgage-Backed Securities - Non-Agency | 1.8% |
| Foreign Government Obligations | 1.2% |
| Other | 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](g59364g61s65.jpg)

Variable Portfolio – Partners Core Bond Fund \| Class 2 **\|** ASR7052_02_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.

------

![](g59364img6f5118031.jpg)

CTIVP<sup>®</sup> – American Century Diversified Bond 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_cbfe70dc-cf14-4db7-9735-4633e7b53ca5_POI-CommonContent-Date-303_1) | 3 |
| [Statement of Assets and Liabilities](#xx_cbfe70dc-cf14-4db7-9735-4633e7b53ca5_FS-CommonContent-Date-303_1) | 20 |
| [Statement of Operations](#xx_cbfe70dc-cf14-4db7-9735-4633e7b53ca5_FS-CommonContent-Date-303_2) | 21 |
| [Statement of Changes in Net Assets](#xx_cbfe70dc-cf14-4db7-9735-4633e7b53ca5_FS-CommonContent-Date-303_3) | 22 |
| [Financial Highlights](#xx_cbfe70dc-cf14-4db7-9735-4633e7b53ca5_FIHI-CommonContent-Date-303_2) | 24 |
| [Notes to Financial Statements](#xx_cbfe70dc-cf14-4db7-9735-4633e7b53ca5_NTF-CommonContent-Date-303_1) | 26 |
| [Report of Independent Registered Public Accounting Firm](#xx_cbfe70dc-cf14-4db7-9735-4633e7b53ca5_AUD-CommonContent-Date-303_1) | 41 |

---

CTIVP<sup>®</sup> – American Century Diversified Bond 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;

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency 6.8%** | **Asset-Backed Securities - Non-Agency 6.8%** | **Asset-Backed Securities - Non-Agency 6.8%** | **Asset-Backed Securities - Non-Agency 6.8%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Aligned Data Centers Issuer LLC<sup>(a)</sup>  | Aligned Data Centers Issuer LLC<sup>(a)</sup>  | Aligned Data Centers Issuer LLC<sup>(a)</sup>  | Aligned Data Centers Issuer LLC<sup>(a)</sup>  |
| Subordinated Series 2021-1A Class B | Subordinated Series 2021-1A Class B | Subordinated Series 2021-1A Class B | Subordinated Series 2021-1A Class B |
| 08/15/2046 | &nbsp;&nbsp; 2.482% | 6300000 | &nbsp;&nbsp; 6190006 |
| Buckhorn Park CLO Ltd.<sup>(a),(b)</sup>  | Buckhorn Park CLO Ltd.<sup>(a),(b)</sup>  | Buckhorn Park CLO Ltd.<sup>(a),(b)</sup>  | Buckhorn Park CLO Ltd.<sup>(a),(b)</sup>  |
| Series 2019-1A Class CRR | Series 2019-1A Class CRR | Series 2019-1A Class CRR | Series 2019-1A Class CRR |
| 3-month Term SOFR + 1.850% <br>Floor 1.850% <br>07/18/2034<br>| &nbsp;&nbsp; 5.734% | 11500000 | &nbsp;&nbsp; 11505037 |
| Castlelake Aircraft Securitization Trust<sup>(a)</sup>  | Castlelake Aircraft Securitization Trust<sup>(a)</sup>  | Castlelake Aircraft Securitization Trust<sup>(a)</sup>  | Castlelake Aircraft Securitization Trust<sup>(a)</sup>  |
| Series 2018-1 Class A | Series 2018-1 Class A | Series 2018-1 Class A | Series 2018-1 Class A |
| 06/15/2043 | &nbsp;&nbsp; 4.125% | 796545 | &nbsp;&nbsp; 788580 |
| CyrusOne Data Centers Issuer I LLC<sup>(a)</sup>  | CyrusOne Data Centers Issuer I LLC<sup>(a)</sup>  | CyrusOne Data Centers Issuer I LLC<sup>(a)</sup>  | CyrusOne Data Centers Issuer I LLC<sup>(a)</sup>  |
| Series 2024-1 Class A2 | Series 2024-1 Class A2 | Series 2024-1 Class A2 | Series 2024-1 Class A2 |
| 03/22/2049 | &nbsp;&nbsp; 4.760% | 12655000 | &nbsp;&nbsp; 12468141 |
| Series 2024-2A Class A2 | Series 2024-2A Class A2 | Series 2024-2A Class A2 | Series 2024-2A Class A2 |
| 05/20/2049 | &nbsp;&nbsp; 4.500% | 4300000 | &nbsp;&nbsp; 4194724 |
| DI Issuer LLC<sup>(a)</sup>  | DI Issuer LLC<sup>(a)</sup>  | DI Issuer LLC<sup>(a)</sup>  | DI Issuer LLC<sup>(a)</sup>  |
| Series 2021-1A Class A2 | Series 2021-1A Class A2 | Series 2021-1A Class A2 | Series 2021-1A Class A2 |
| 09/15/2051 | &nbsp;&nbsp; 3.722% | 12241431 | &nbsp;&nbsp; 11767373 |
| Dryden CLO Ltd<sup>(a),(b)</sup>  | Dryden CLO Ltd<sup>(a),(b)</sup>  | Dryden CLO Ltd<sup>(a),(b)</sup>  | Dryden CLO Ltd<sup>(a),(b)</sup>  |
| Series 2024-68A Class CRR | Series 2024-68A Class CRR | Series 2024-68A Class CRR | Series 2024-68A Class CRR |
| 3-month Term SOFR + 1.800% <br>Floor 1.800% <br>07/15/2035<br>| &nbsp;&nbsp; 5.705% | 6000000 | &nbsp;&nbsp; 6002766 |
| Dryden Senior Loan Fund<sup>(a),(b)</sup>  | Dryden Senior Loan Fund<sup>(a),(b)</sup>  | Dryden Senior Loan Fund<sup>(a),(b)</sup>  | Dryden Senior Loan Fund<sup>(a),(b)</sup>  |
| Series 2016-43A Class CR3 | Series 2016-43A Class CR3 | Series 2016-43A Class CR3 | Series 2016-43A Class CR3 |
| 3-month Term SOFR + 1.750% <br>Floor 1.750% <br>04/20/2034<br>| &nbsp;&nbsp; 5.634% | 17500000 | &nbsp;&nbsp; 17368802 |
| Elmwood CLO Ltd.<sup>(a),(b)</sup>  | Elmwood CLO Ltd.<sup>(a),(b)</sup>  | Elmwood CLO Ltd.<sup>(a),(b)</sup>  | Elmwood CLO Ltd.<sup>(a),(b)</sup>  |
| Series 2023-3A Class CR | Series 2023-3A Class CR | Series 2023-3A Class CR | Series 2023-3A Class CR |
| 3-month Term SOFR + 1.750% <br>Floor 1.750%, Cap 1.750% <br>01/17/2038<br>| &nbsp;&nbsp; 5.632% | 5550000 | &nbsp;&nbsp; 5549795 |
| FinBe USA Trust<sup>(a)</sup>  | FinBe USA Trust<sup>(a)</sup>  | FinBe USA Trust<sup>(a)</sup>  | FinBe USA Trust<sup>(a)</sup>  |
| Series 2025-1A Class A | Series 2025-1A Class A | Series 2025-1A Class A | Series 2025-1A Class A |
| 12/15/2028 | &nbsp;&nbsp; 5.700% | 6727161 | &nbsp;&nbsp; 6752473 |
| Flexential Issuer<sup>(a)</sup>  | Flexential Issuer<sup>(a)</sup>  | Flexential Issuer<sup>(a)</sup>  | Flexential Issuer<sup>(a)</sup>  |
| Series 2021-1A Class A2 | Series 2021-1A Class A2 | Series 2021-1A Class A2 | Series 2021-1A Class A2 |
| 11/27/2051 | &nbsp;&nbsp; 3.250% | 2975086 | &nbsp;&nbsp; 2933715 |
| Flexential Issuer LLC<sup>(a)</sup>  | Flexential Issuer LLC<sup>(a)</sup>  | Flexential Issuer LLC<sup>(a)</sup>  | Flexential Issuer LLC<sup>(a)</sup>  |
| Series 2025-1A Class A2 | Series 2025-1A Class A2 | Series 2025-1A Class A2 | Series 2025-1A Class A2 |
| 10/25/2060 | &nbsp;&nbsp; 6.030% | 11200000 | &nbsp;&nbsp; 11142071 |
| Goodgreen<sup>(a),(c)</sup>  | Goodgreen<sup>(a),(c)</sup>  | Goodgreen<sup>(a),(c)</sup>  | Goodgreen<sup>(a),(c)</sup>  |
| Series 2018-1A Class A | Series 2018-1A Class A | Series 2018-1A Class A | Series 2018-1A Class A |
| 10/15/2053 | &nbsp;&nbsp; 3.930% | 2460568 | &nbsp;&nbsp; 2284975 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| GoodLeap Sustainable Home Solutions Trust<sup>(a)</sup>  | GoodLeap Sustainable Home Solutions Trust<sup>(a)</sup>  | GoodLeap Sustainable Home Solutions Trust<sup>(a)</sup>  | GoodLeap Sustainable Home Solutions Trust<sup>(a)</sup>  |
| Series 2021-5CS Class A | Series 2021-5CS Class A | Series 2021-5CS Class A | Series 2021-5CS Class A |
| 10/20/2048 | &nbsp;&nbsp; 2.310% | 4509918 | &nbsp;&nbsp; 3751655 |
| Lyra Music Assets Delaware LP<sup>(a)</sup>  | Lyra Music Assets Delaware LP<sup>(a)</sup>  | Lyra Music Assets Delaware LP<sup>(a)</sup>  | Lyra Music Assets Delaware LP<sup>(a)</sup>  |
| Series 2024-2 Class A2 | Series 2024-2 Class A2 | Series 2024-2 Class A2 | Series 2024-2 Class A2 |
| 12/22/2064 | &nbsp;&nbsp; 5.760% | 8004455 | &nbsp;&nbsp; 8099391 |
| Series 2025-1A Class A2 | Series 2025-1A Class A2 | Series 2025-1A Class A2 | Series 2025-1A Class A2 |
| 09/20/2065 | &nbsp;&nbsp; 5.604% | 6391000 | &nbsp;&nbsp; 6430080 |
| Magnetite XLI Ltd.<sup>(a),(b)</sup>  | Magnetite XLI Ltd.<sup>(a),(b)</sup>  | Magnetite XLI Ltd.<sup>(a),(b)</sup>  | Magnetite XLI Ltd.<sup>(a),(b)</sup>  |
| Series 2024-41A Class C | Series 2024-41A Class C | Series 2024-41A Class C | Series 2024-41A Class C |
| 3-month Term SOFR + 1.780% <br>Floor 1.780% <br>01/25/2038<br>| &nbsp;&nbsp; 5.638% | 2550000 | &nbsp;&nbsp; 2555444 |
| Magnetite XXVIII Ltd.<sup>(a),(b)</sup>  | Magnetite XXVIII Ltd.<sup>(a),(b)</sup>  | Magnetite XXVIII Ltd.<sup>(a),(b)</sup>  | Magnetite XXVIII Ltd.<sup>(a),(b)</sup>  |
| Series 2020-28A Class BRR | Series 2020-28A Class BRR | Series 2020-28A Class BRR | Series 2020-28A Class BRR |
| 3-month Term SOFR + 1.550% <br>Floor 1.550% <br>01/15/2038<br>| &nbsp;&nbsp; 5.455% | 13500000 | &nbsp;&nbsp; 13537044 |
| Series 2020-28A Class CRR | Series 2020-28A Class CRR | Series 2020-28A Class CRR | Series 2020-28A Class CRR |
| 3-month Term SOFR + 1.750% <br>Floor 1.750% <br>01/15/2038<br>| &nbsp;&nbsp; 5.655% | 8800000 | &nbsp;&nbsp; 8810806 |
| Mosaic Solar Loan Trust<sup>(a)</sup>  | Mosaic Solar Loan Trust<sup>(a)</sup>  | Mosaic Solar Loan Trust<sup>(a)</sup>  | Mosaic Solar Loan Trust<sup>(a)</sup>  |
| Series 2023-2 Class A | Series 2023-2 Class A | Series 2023-2 Class A | Series 2023-2 Class A |
| 09/22/2053 | &nbsp;&nbsp; 5.360% | 4259452 | &nbsp;&nbsp; 4095885 |
| Mountain View CLO LLC<sup>(a),(b)</sup>  | Mountain View CLO LLC<sup>(a),(b)</sup>  | Mountain View CLO LLC<sup>(a),(b)</sup>  | Mountain View CLO LLC<sup>(a),(b)</sup>  |
| Series 2017-2 Class B | Series 2017-2 Class B | Series 2017-2 Class B | Series 2017-2 Class B |
| 3-month Term SOFR + 1.962% <br>Floor 1.700% <br>01/16/2031<br>| &nbsp;&nbsp; 5.855% | 786561 | &nbsp;&nbsp; 786687 |
| MP 2023 LLC<sup>(a)</sup>  | MP 2023 LLC<sup>(a)</sup>  | MP 2023 LLC<sup>(a)</sup>  | MP 2023 LLC<sup>(a)</sup>  |
| Series 2025-1A Class A | Series 2025-1A Class A | Series 2025-1A Class A | Series 2025-1A Class A |
| 11/15/2065 | &nbsp;&nbsp; 5.547% | 11395144 | &nbsp;&nbsp; 11389198 |
| New Economy Assets Phase 1 Sponsor LLC<sup>(a)</sup>  | New Economy Assets Phase 1 Sponsor LLC<sup>(a)</sup>  | New Economy Assets Phase 1 Sponsor LLC<sup>(a)</sup>  | New Economy Assets Phase 1 Sponsor LLC<sup>(a)</sup>  |
| Subordinated Series 2021-1 Class B1 | Subordinated Series 2021-1 Class B1 | Subordinated Series 2021-1 Class B1 | Subordinated Series 2021-1 Class B1 |
| 10/20/2061 | &nbsp;&nbsp; 2.410% | 13000000 | &nbsp;&nbsp; 7976053 |
| Reese Park CLO Ltd.<sup>(a),(b)</sup>  | Reese Park CLO Ltd.<sup>(a),(b)</sup>  | Reese Park CLO Ltd.<sup>(a),(b)</sup>  | Reese Park CLO Ltd.<sup>(a),(b)</sup>  |
| Series 2020-1A Class CRR | Series 2020-1A Class CRR | Series 2020-1A Class CRR | Series 2020-1A Class CRR |
| 3-month Term SOFR + 1.900% <br>Cap 1.900% <br>01/15/2038<br>| &nbsp;&nbsp; 5.805% | 5700000 | &nbsp;&nbsp; 5731561 |
| Riverbank Park CLO Ltd.<sup>(a),(b)</sup>  | Riverbank Park CLO Ltd.<sup>(a),(b)</sup>  | Riverbank Park CLO Ltd.<sup>(a),(b)</sup>  | Riverbank Park CLO Ltd.<sup>(a),(b)</sup>  |
| Series 2024-1A Class C | Series 2024-1A Class C | Series 2024-1A Class C | Series 2024-1A Class C |
| 3-month Term SOFR + 1.800% <br>01/25/2038<br>| &nbsp;&nbsp; 6.119% | 8000000 | &nbsp;&nbsp; 8016080 |
| SEB Funding LLC<sup>(a)</sup>  | SEB Funding LLC<sup>(a)</sup>  | SEB Funding LLC<sup>(a)</sup>  | SEB Funding LLC<sup>(a)</sup>  |
| Series 2024-1A Class A2 | Series 2024-1A Class A2 | Series 2024-1A Class A2 | Series 2024-1A Class A2 |
| 04/30/2054 | &nbsp;&nbsp; 7.386% | 9735000 | &nbsp;&nbsp; 9976246 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – American Century Diversified Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Stonepeak ABS<sup>(a)</sup>  | Stonepeak ABS<sup>(a)</sup>  | Stonepeak ABS<sup>(a)</sup>  | Stonepeak ABS<sup>(a)</sup>  |
| Series 2021-1A Class AA | Series 2021-1A Class AA | Series 2021-1A Class AA | Series 2021-1A Class AA |
| 02/28/2033 | &nbsp;&nbsp; 2.301% | 1625443 | &nbsp;&nbsp; 1586669 |
| Subway Funding LLC<sup>(a)</sup>  | Subway Funding LLC<sup>(a)</sup>  | Subway Funding LLC<sup>(a)</sup>  | Subway Funding LLC<sup>(a)</sup>  |
| Series 2024-1A Class A2I | Series 2024-1A Class A2I | Series 2024-1A Class A2I | Series 2024-1A Class A2I |
| 07/30/2054 | &nbsp;&nbsp; 6.028% | 8498160 | &nbsp;&nbsp; 8614953 |
| Switch ABS Issuer LLC<sup>(a)</sup>  | Switch ABS Issuer LLC<sup>(a)</sup>  | Switch ABS Issuer LLC<sup>(a)</sup>  | Switch ABS Issuer LLC<sup>(a)</sup>  |
| Series 2024-2A Class A2 | Series 2024-2A Class A2 | Series 2024-2A Class A2 | Series 2024-2A Class A2 |
| 06/25/2054 | &nbsp;&nbsp; 5.436% | 3350000 | &nbsp;&nbsp; 3354022 |
| VB-S1 Issuer LLC<sup>(a)</sup>  | VB-S1 Issuer LLC<sup>(a)</sup>  | VB-S1 Issuer LLC<sup>(a)</sup>  | VB-S1 Issuer LLC<sup>(a)</sup>  |
| Subordinated Series 2024-1A Class F | Subordinated Series 2024-1A Class F | Subordinated Series 2024-1A Class F | Subordinated Series 2024-1A Class F |
| 05/15/2054 | &nbsp;&nbsp; 8.871% | 5750000 | &nbsp;&nbsp; 5920258 |
| Vertical Bridge CC LLC<sup>(a)</sup>  | Vertical Bridge CC LLC<sup>(a)</sup>  | Vertical Bridge CC LLC<sup>(a)</sup>  | Vertical Bridge CC LLC<sup>(a)</sup>  |
| Series 2025-1A Class A | Series 2025-1A Class A | Series 2025-1A Class A | Series 2025-1A Class A |
| 08/16/2055 | &nbsp;&nbsp; 5.163% | 12123873 | &nbsp;&nbsp; 12147168 |
| Voya CLO Ltd.<sup>(a),(b)</sup>  | Voya CLO Ltd.<sup>(a),(b)</sup>  | Voya CLO Ltd.<sup>(a),(b)</sup>  | Voya CLO Ltd.<sup>(a),(b)</sup>  |
| Series 2019-1A Class A2RR | Series 2019-1A Class A2RR | Series 2019-1A Class A2RR | Series 2019-1A Class A2RR |
| 3-month Term SOFR + 1.600% <br>10/15/2037<br>| &nbsp;&nbsp; 5.505% | 11150000 | &nbsp;&nbsp; 11156545 |
| Total Asset-Backed Securities — Non-Agency <br>(Cost $235,674,911) | Total Asset-Backed Securities — Non-Agency <br>(Cost $235,674,911) | Total Asset-Backed Securities — Non-Agency <br>(Cost $235,674,911) | &nbsp;&nbsp; **232884203** |
| **Commercial Mortgage-Backed Securities - Non-Agency 2.1%** | **Commercial Mortgage-Backed Securities - Non-Agency 2.1%** | **Commercial Mortgage-Backed Securities - Non-Agency 2.1%** | **Commercial Mortgage-Backed Securities - Non-Agency 2.1%** |
| Arbor Realty Commercial Real Estate Notes Ltd.<sup>(a),(b)</sup>  | Arbor Realty Commercial Real Estate Notes Ltd.<sup>(a),(b)</sup>  | Arbor Realty Commercial Real Estate Notes Ltd.<sup>(a),(b)</sup>  | Arbor Realty Commercial Real Estate Notes Ltd.<sup>(a),(b)</sup>  |
| Series 2021-FL4 Class A | Series 2021-FL4 Class A | Series 2021-FL4 Class A | Series 2021-FL4 Class A |
| 1-month Term SOFR + 1.464% <br>Floor 1.350% <br>11/15/2036<br>| &nbsp;&nbsp; 5.215% | 4917361 | &nbsp;&nbsp; 4917414 |
| BANK<sup>(a)</sup>  | BANK<sup>(a)</sup>  | BANK<sup>(a)</sup>  | BANK<sup>(a)</sup>  |
| Subordinated Series 2018-BN15 Class D | Subordinated Series 2018-BN15 Class D | Subordinated Series 2018-BN15 Class D | Subordinated Series 2018-BN15 Class D |
| 11/15/2061 | &nbsp;&nbsp; 3.000% | 1729000 | &nbsp;&nbsp; 1431746 |
| Subordinated Series 2019-BN17 Class D | Subordinated Series 2019-BN17 Class D | Subordinated Series 2019-BN17 Class D | Subordinated Series 2019-BN17 Class D |
| 04/15/2052 | &nbsp;&nbsp; 3.000% | 2215000 | &nbsp;&nbsp; 1895233 |
| BANK<sup>(a),(c)</sup>  | BANK<sup>(a),(c)</sup>  | BANK<sup>(a),(c)</sup>  | BANK<sup>(a),(c)</sup>  |
| Subordinated Series 2021-BN36 Class D | Subordinated Series 2021-BN36 Class D | Subordinated Series 2021-BN36 Class D | Subordinated Series 2021-BN36 Class D |
| 09/15/2064 | &nbsp;&nbsp; 2.500% | 2212104 | &nbsp;&nbsp; 1659871 |
| Barclays Commercial Mortgage Trust<sup>(a)</sup>  | Barclays Commercial Mortgage Trust<sup>(a)</sup>  | Barclays Commercial Mortgage Trust<sup>(a)</sup>  | Barclays Commercial Mortgage Trust<sup>(a)</sup>  |
| Subordinated Series 2019-C5 Class D | Subordinated Series 2019-C5 Class D | Subordinated Series 2019-C5 Class D | Subordinated Series 2019-C5 Class D |
| 11/15/2052 | &nbsp;&nbsp; 2.500% | 2360754 | &nbsp;&nbsp; 1787460 |
| BBCMS Mortgage Trust<sup>(c)</sup>  | BBCMS Mortgage Trust<sup>(c)</sup>  | BBCMS Mortgage Trust<sup>(c)</sup>  | BBCMS Mortgage Trust<sup>(c)</sup>  |
| Series 2024-5C27 Class AS | Series 2024-5C27 Class AS | Series 2024-5C27 Class AS | Series 2024-5C27 Class AS |
| 07/15/2057 | &nbsp;&nbsp; 6.410% | 10672000 | &nbsp;&nbsp; 11236023 |
| BBCMS Mortgage Trust<sup>(a),(d)</sup>  | BBCMS Mortgage Trust<sup>(a),(d)</sup>  | BBCMS Mortgage Trust<sup>(a),(d)</sup>  | BBCMS Mortgage Trust<sup>(a),(d)</sup>  |
| Subordinated Series 2019-BWAY Class E | Subordinated Series 2019-BWAY Class E | Subordinated Series 2019-BWAY Class E | Subordinated Series 2019-BWAY Class E |
| 11/25/2034 | &nbsp;&nbsp; 7.287% | 8236000 | &nbsp;&nbsp; 41180 |
| Benchmark Mortgage Trust<sup>(a),(c)</sup>  | Benchmark Mortgage Trust<sup>(a),(c)</sup>  | Benchmark Mortgage Trust<sup>(a),(c)</sup>  | Benchmark Mortgage Trust<sup>(a),(c)</sup>  |
| Subordinated Series 2018-B5 Class D | Subordinated Series 2018-B5 Class D | Subordinated Series 2018-B5 Class D | Subordinated Series 2018-B5 Class D |
| 07/15/2051 | &nbsp;&nbsp; 3.095% | 5659000 | &nbsp;&nbsp; 4496038 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Commercial Mortgage-Backed Securities - Non-Agency (continued)** | **Commercial Mortgage-Backed Securities - Non-Agency (continued)** | **Commercial Mortgage-Backed Securities - Non-Agency (continued)** | **Commercial Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Benchmark Mortgage Trust<sup>(a)</sup>  | Benchmark Mortgage Trust<sup>(a)</sup>  | Benchmark Mortgage Trust<sup>(a)</sup>  | Benchmark Mortgage Trust<sup>(a)</sup>  |
| Subordinated Series 2020-B16 Class D | Subordinated Series 2020-B16 Class D | Subordinated Series 2020-B16 Class D | Subordinated Series 2020-B16 Class D |
| 02/15/2053 | &nbsp;&nbsp; 2.500% | 4287000 | &nbsp;&nbsp; 3250120 |
| Subordinated Series 2021-B31 Class D | Subordinated Series 2021-B31 Class D | Subordinated Series 2021-B31 Class D | Subordinated Series 2021-B31 Class D |
| 12/15/2054 | &nbsp;&nbsp; 2.250% | 1821000 | &nbsp;&nbsp; 1209953 |
| Capital Automotive REIT<sup>(a)</sup>  | Capital Automotive REIT<sup>(a)</sup>  | Capital Automotive REIT<sup>(a)</sup>  | Capital Automotive REIT<sup>(a)</sup>  |
| Series 2024-2A Class A2 | Series 2024-2A Class A2 | Series 2024-2A Class A2 | Series 2024-2A Class A2 |
| 05/15/2054 | &nbsp;&nbsp; 5.250% | 4708000 | &nbsp;&nbsp; 4643578 |
| CSAIL Commercial Mortgage Trust<sup>(a)</sup>  | CSAIL Commercial Mortgage Trust<sup>(a)</sup>  | CSAIL Commercial Mortgage Trust<sup>(a)</sup>  | CSAIL Commercial Mortgage Trust<sup>(a)</sup>  |
| Subordinated Series 2019-C15 Class D | Subordinated Series 2019-C15 Class D | Subordinated Series 2019-C15 Class D | Subordinated Series 2019-C15 Class D |
| 03/15/2052 | &nbsp;&nbsp; 3.000% | 3555000 | &nbsp;&nbsp; 2921784 |
| CSMC Trust<sup>(a),(b)</sup>  | CSMC Trust<sup>(a),(b)</sup>  | CSMC Trust<sup>(a),(b)</sup>  | CSMC Trust<sup>(a),(b)</sup>  |
| Subordinated Series 2021-BHAR Class B | Subordinated Series 2021-BHAR Class B | Subordinated Series 2021-BHAR Class B | Subordinated Series 2021-BHAR Class B |
| 1-month Term SOFR + 1.264% <br>Floor 1.500% <br>11/15/2038<br>| &nbsp;&nbsp; 5.015% | 3281000 | &nbsp;&nbsp; 3254409 |
| FS Commercial Mortgage Trust<sup>(a)</sup>  | FS Commercial Mortgage Trust<sup>(a)</sup>  | FS Commercial Mortgage Trust<sup>(a)</sup>  | FS Commercial Mortgage Trust<sup>(a)</sup>  |
| Series 2023-4SZN Class A | Series 2023-4SZN Class A | Series 2023-4SZN Class A | Series 2023-4SZN Class A |
| 11/10/2039 | &nbsp;&nbsp; 7.066% | 5020000 | &nbsp;&nbsp; 5111411 |
| Morgan Stanley Capital I Trust<sup>(a)</sup>  | Morgan Stanley Capital I Trust<sup>(a)</sup>  | Morgan Stanley Capital I Trust<sup>(a)</sup>  | Morgan Stanley Capital I Trust<sup>(a)</sup>  |
| Subordinated Series 2018-H3 Class D | Subordinated Series 2018-H3 Class D | Subordinated Series 2018-H3 Class D | Subordinated Series 2018-H3 Class D |
| 07/15/2051 | &nbsp;&nbsp; 3.000% | 1644000 | &nbsp;&nbsp; 1388725 |
| Subordinated Series 2020-L4 Class D | Subordinated Series 2020-L4 Class D | Subordinated Series 2020-L4 Class D | Subordinated Series 2020-L4 Class D |
| 02/18/2053 | &nbsp;&nbsp; 2.500% | 3572000 | &nbsp;&nbsp; 2709859 |
| One Market Plaza Trust<sup>(a)</sup>  | One Market Plaza Trust<sup>(a)</sup>  | One Market Plaza Trust<sup>(a)</sup>  | One Market Plaza Trust<sup>(a)</sup>  |
| Subordinated Series 2017-1MKT Class B | Subordinated Series 2017-1MKT Class B | Subordinated Series 2017-1MKT Class B | Subordinated Series 2017-1MKT Class B |
| 02/10/2032 | &nbsp;&nbsp; 3.845% | 5370000 | &nbsp;&nbsp; 5075955 |
| ONNI Commercial Mortgage Trust<sup>(a),(c)</sup>  | ONNI Commercial Mortgage Trust<sup>(a),(c)</sup>  | ONNI Commercial Mortgage Trust<sup>(a),(c)</sup>  | ONNI Commercial Mortgage Trust<sup>(a),(c)</sup>  |
| Series 2024-APT Class A | Series 2024-APT Class A | Series 2024-APT Class A | Series 2024-APT Class A |
| 07/15/2039 | &nbsp;&nbsp; 5.753% | 7843000 | &nbsp;&nbsp; 7992688 |
| THPT Mortgage Trust<sup>(a),(c)</sup>  | THPT Mortgage Trust<sup>(a),(c)</sup>  | THPT Mortgage Trust<sup>(a),(c)</sup>  | THPT Mortgage Trust<sup>(a),(c)</sup>  |
| Series 2023-THL Class B | Series 2023-THL Class B | Series 2023-THL Class B | Series 2023-THL Class B |
| 12/10/2034 | &nbsp;&nbsp; 7.669% | 5520000 | &nbsp;&nbsp; 5582464 |
| UBS Commercial Mortgage Trust<sup>(a),(c)</sup>  | UBS Commercial Mortgage Trust<sup>(a),(c)</sup>  | UBS Commercial Mortgage Trust<sup>(a),(c)</sup>  | UBS Commercial Mortgage Trust<sup>(a),(c)</sup>  |
| Subordinated Series 2018-C15 Class D | Subordinated Series 2018-C15 Class D | Subordinated Series 2018-C15 Class D | Subordinated Series 2018-C15 Class D |
| 12/15/2051 | &nbsp;&nbsp; 5.136% | 1375000 | &nbsp;&nbsp; 1258869 |
| Total Commercial Mortgage-Backed Securities - Non-Agency <br>(Cost $76,678,842) | Total Commercial Mortgage-Backed Securities - Non-Agency <br>(Cost $76,678,842) | Total Commercial Mortgage-Backed Securities - Non-Agency <br>(Cost $76,678,842) | &nbsp;&nbsp; **71864780** |
| **Corporate Bonds & Notes 39.5%** | **Corporate Bonds & Notes 39.5%** | **Corporate Bonds & Notes 39.5%** | **Corporate Bonds & Notes 39.5%** |
| **Aerospace & Defense 0.5%** | **Aerospace & Defense 0.5%** | **Aerospace & Defense 0.5%** | **Aerospace & Defense 0.5%** |
| Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) |
| 05/01/2040 | &nbsp;&nbsp; 5.705% | 4700000 | &nbsp;&nbsp; 4803071 |
| Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. |
| 05/01/2040 | &nbsp;&nbsp; 5.150% | 1980000 | &nbsp;&nbsp; 1969028 |
| Textron, Inc. | Textron, Inc. | Textron, Inc. | Textron, Inc. |
| 03/15/2036 | &nbsp;&nbsp; 4.950% | 2272000 | &nbsp;&nbsp; 2256324 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – American Century Diversified Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
| 01/15/2029 | &nbsp;&nbsp; 4.625% | 1720000 | &nbsp;&nbsp; 1709261 |
| 05/01/2029 | &nbsp;&nbsp; 4.875% | 5170000 | &nbsp;&nbsp; 5152569 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **15890253** |
| **Airlines 0.6%** | **Airlines 0.6%** | **Airlines 0.6%** | **Airlines 0.6%** |
| American Airlines, Inc.<sup>(a)</sup>  | American Airlines, Inc.<sup>(a)</sup>  | American Airlines, Inc.<sup>(a)</sup>  | American Airlines, Inc.<sup>(a)</sup>  |
| 02/15/2028 | &nbsp;&nbsp; 7.250% | 3310000 | &nbsp;&nbsp; 3383045 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup>  | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup>  | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup>  | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup>  |
| 04/20/2026 | &nbsp;&nbsp; 5.500% | 83 | &nbsp;&nbsp; 83 |
| Grupo Aeromexico SAB de CV<sup>(a)</sup>  | Grupo Aeromexico SAB de CV<sup>(a)</sup>  | Grupo Aeromexico SAB de CV<sup>(a)</sup>  | Grupo Aeromexico SAB de CV<sup>(a)</sup>  |
| 11/15/2029 | &nbsp;&nbsp; 8.250% | 5175000 | &nbsp;&nbsp; 5287126 |
| JetBlue Airways Corp./Loyalty LP<sup>(a)</sup>  | JetBlue Airways Corp./Loyalty LP<sup>(a)</sup>  | JetBlue Airways Corp./Loyalty LP<sup>(a)</sup>  | JetBlue Airways Corp./Loyalty LP<sup>(a)</sup>  |
| 09/20/2031 | &nbsp;&nbsp; 9.875% | 2900000 | &nbsp;&nbsp; 2921056 |
| Southwest Airlines Co. | Southwest Airlines Co. | Southwest Airlines Co. | Southwest Airlines Co. |
| 11/15/2028 | &nbsp;&nbsp; 4.375% | 4830000 | &nbsp;&nbsp; 4839649 |
| United Airlines, Inc.<sup>(a)</sup>  | United Airlines, Inc.<sup>(a)</sup>  | United Airlines, Inc.<sup>(a)</sup>  | United Airlines, Inc.<sup>(a)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 4.625% | 2945000 | &nbsp;&nbsp; 2928757 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **19359716** |
| **Apartment REIT 0.1%** | **Apartment REIT 0.1%** | **Apartment REIT 0.1%** | **Apartment REIT 0.1%** |
| Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP |
| 02/15/2036 | &nbsp;&nbsp; 4.875% | 4300000 | &nbsp;&nbsp; 4221897 |
| **Automotive 0.8%** | **Automotive 0.8%** | **Automotive 0.8%** | **Automotive 0.8%** |
| Allison Transmission, Inc.<sup>(a)</sup>  | Allison Transmission, Inc.<sup>(a)</sup>  | Allison Transmission, Inc.<sup>(a)</sup>  | Allison Transmission, Inc.<sup>(a)</sup>  |
| 12/01/2033 | &nbsp;&nbsp; 5.875% | 6600000 | &nbsp;&nbsp; 6694064 |
| American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. |
| 01/09/2026 | &nbsp;&nbsp; 4.950% | 4690000 | &nbsp;&nbsp; 4690547 |
| Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
| 06/10/2030 | &nbsp;&nbsp; 7.200% | 4860000 | &nbsp;&nbsp; 5203437 |
| 11/05/2031 | &nbsp;&nbsp; 6.054% | 5640000 | &nbsp;&nbsp; 5775633 |
| General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
| 06/18/2031 | &nbsp;&nbsp; 5.600% | 2852000 | &nbsp;&nbsp; 2972108 |
| 07/15/2035 | &nbsp;&nbsp; 6.150% | 1975000 | &nbsp;&nbsp; 2082666 |
| Hyundai Capital America<sup>(a)</sup>  | Hyundai Capital America<sup>(a)</sup>  | Hyundai Capital America<sup>(a)</sup>  | Hyundai Capital America<sup>(a)</sup>  |
| 01/16/2029 | &nbsp;&nbsp; 6.500% | 1227000 | &nbsp;&nbsp; 1298216 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **28716671** |
| **Banking 10.1%** | **Banking 10.1%** | **Banking 10.1%** | **Banking 10.1%** |
| Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
| 11/01/2031 | &nbsp;&nbsp; 8.000% | 5972000 | &nbsp;&nbsp; 6777225 |
| Banco Bilbao Vizcaya Argentaria SA<sup>(e),(f)</sup>  | Banco Bilbao Vizcaya Argentaria SA<sup>(e),(f)</sup>  | Banco Bilbao Vizcaya Argentaria SA<sup>(e),(f)</sup>  | Banco Bilbao Vizcaya Argentaria SA<sup>(e),(f)</sup>  |
|  | &nbsp;&nbsp; 6.125% | 5200000 | &nbsp;&nbsp; 5240938 |
| Banco Mercantil del Norte SA<sup>(a),(e),(f)</sup>  | Banco Mercantil del Norte SA<sup>(a),(e),(f)</sup>  | Banco Mercantil del Norte SA<sup>(a),(e),(f)</sup>  | Banco Mercantil del Norte SA<sup>(a),(e),(f)</sup>  |
|  | &nbsp;&nbsp; 5.875% | 4076000 | &nbsp;&nbsp; 4046495 |
|  | &nbsp;&nbsp; 7.500% | 2598000 | &nbsp;&nbsp; 2669972 |
| Banco Santander SA<sup>(e),(f)</sup>  | Banco Santander SA<sup>(e),(f)</sup>  | Banco Santander SA<sup>(e),(f)</sup>  | Banco Santander SA<sup>(e),(f)</sup>  |
|  | &nbsp;&nbsp; 4.750% | 17200000 | &nbsp;&nbsp; 17081129 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Bank of America Corp.<sup>(f)</sup>  | Bank of America Corp.<sup>(f)</sup>  | Bank of America Corp.<sup>(f)</sup>  | Bank of America Corp.<sup>(f)</sup>  |
| 01/24/2036 | &nbsp;&nbsp; 5.511% | 5370000 | &nbsp;&nbsp; 5608698 |
| Bank of Montreal<sup>(f)</sup>  | Bank of Montreal<sup>(f)</sup>  | Bank of Montreal<sup>(f)</sup>  | Bank of Montreal<sup>(f)</sup>  |
| 05/26/2084 | &nbsp;&nbsp; 7.700% | 3271000 | &nbsp;&nbsp; 3478696 |
| Bank of Nova Scotia (The)<sup>(e),(f)</sup>  | Bank of Nova Scotia (The)<sup>(e),(f)</sup>  | Bank of Nova Scotia (The)<sup>(e),(f)</sup>  | Bank of Nova Scotia (The)<sup>(e),(f)</sup>  |
|  | &nbsp;&nbsp; 8.000% | 4550000 | &nbsp;&nbsp; 4869814 |
| Bank of Nova Scotia (The)<sup>(f)</sup>  | Bank of Nova Scotia (The)<sup>(f)</sup>  | Bank of Nova Scotia (The)<sup>(f)</sup>  | Bank of Nova Scotia (The)<sup>(f)</sup>  |
| 10/27/2082 | &nbsp;&nbsp; 8.625% | 6892000 | &nbsp;&nbsp; 7311062 |
| Barclays PLC<sup>(e),(f)</sup>  | Barclays PLC<sup>(e),(f)</sup>  | Barclays PLC<sup>(e),(f)</sup>  | Barclays PLC<sup>(e),(f)</sup>  |
|  | &nbsp;&nbsp; 8.000% | 9798000 | &nbsp;&nbsp; 10426354 |
| BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA <br> Mexico<sup>(a),(f)</sup>  | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA <br> Mexico<sup>(a),(f)</sup>  | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA <br> Mexico<sup>(a),(f)</sup>  | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA <br> Mexico<sup>(a),(f)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 01/18/2033 | &nbsp;&nbsp; 5.125% | 5490000 | &nbsp;&nbsp; 5382088 |
| BNP Paribas SA<sup>(a),(e),(f)</sup>  | BNP Paribas SA<sup>(a),(e),(f)</sup>  | BNP Paribas SA<sup>(a),(e),(f)</sup>  | BNP Paribas SA<sup>(a),(e),(f)</sup>  |
|  | &nbsp;&nbsp; 8.500% | 16156000 | &nbsp;&nbsp; 17188016 |
| BPCE SA<sup>(a),(f)</sup>  | BPCE SA<sup>(a),(f)</sup>  | BPCE SA<sup>(a),(f)</sup>  | BPCE SA<sup>(a),(f)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 01/14/2037 | &nbsp;&nbsp; 3.648% | 5790000 | &nbsp;&nbsp; 5283902 |
| Capital One Financial Corp.<sup>(f)</sup>  | Capital One Financial Corp.<sup>(f)</sup>  | Capital One Financial Corp.<sup>(f)</sup>  | Capital One Financial Corp.<sup>(f)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 07/29/2032 | &nbsp;&nbsp; 2.359% | 3910000 | &nbsp;&nbsp; 3423706 |
| Citigroup, Inc.<sup>(f)</sup>  | Citigroup, Inc.<sup>(f)</sup>  | Citigroup, Inc.<sup>(f)</sup>  | Citigroup, Inc.<sup>(f)</sup>  |
| 03/31/2031 | &nbsp;&nbsp; 4.412% | 2340000 | &nbsp;&nbsp; 2339425 |
| 09/11/2036 | &nbsp;&nbsp; 5.174% | 3550000 | &nbsp;&nbsp; 3587231 |
| 03/04/2056 | &nbsp;&nbsp; 5.612% | 1740000 | &nbsp;&nbsp; 1734438 |
| Junior Subordinated | Junior Subordinated | Junior Subordinated | Junior Subordinated |
| 12/31/2079 | &nbsp;&nbsp; 3.875% | 14147000 | &nbsp;&nbsp; 14104755 |
| Danske Bank A/S<sup>(a),(e),(f)</sup>  | Danske Bank A/S<sup>(a),(e),(f)</sup>  | Danske Bank A/S<sup>(a),(e),(f)</sup>  | Danske Bank A/S<sup>(a),(e),(f)</sup>  |
|  | &nbsp;&nbsp; 4.375% | 13095000 | &nbsp;&nbsp; 13063446 |
| Dresdner Funding Trust I<sup>(a)</sup>  | Dresdner Funding Trust I<sup>(a)</sup>  | Dresdner Funding Trust I<sup>(a)</sup>  | Dresdner Funding Trust I<sup>(a)</sup>  |
| 06/30/2031 | &nbsp;&nbsp; 8.151% | 6170000 | &nbsp;&nbsp; 6779386 |
| Goldman Sachs Group, Inc. (The)<sup>(f)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(f)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(f)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(f)</sup>  |
| 10/24/2029 | &nbsp;&nbsp; 6.484% | 3660000 | &nbsp;&nbsp; 3883295 |
| 10/21/2031 | &nbsp;&nbsp; 4.369% | 3900000 | &nbsp;&nbsp; 3891894 |
| HSBC Holdings PLC<sup>(e),(f)</sup>  | HSBC Holdings PLC<sup>(e),(f)</sup>  | HSBC Holdings PLC<sup>(e),(f)</sup>  | HSBC Holdings PLC<sup>(e),(f)</sup>  |
|  | &nbsp;&nbsp; 6.875% | 2794000 | &nbsp;&nbsp; 2884802 |
| Junior Subordinated | Junior Subordinated | Junior Subordinated | Junior Subordinated |
|  | &nbsp;&nbsp; 6.000% | 12216000 | &nbsp;&nbsp; 12315647 |
| ING Groep NV<sup>(e),(f)</sup>  | ING Groep NV<sup>(e),(f)</sup>  | ING Groep NV<sup>(e),(f)</sup>  | ING Groep NV<sup>(e),(f)</sup>  |
|  | &nbsp;&nbsp; 5.750% | 16715000 | &nbsp;&nbsp; 16796297 |
| Intesa Sanpaolo SpA<sup>(a),(f)</sup>  | Intesa Sanpaolo SpA<sup>(a),(f)</sup>  | Intesa Sanpaolo SpA<sup>(a),(f)</sup>  | Intesa Sanpaolo SpA<sup>(a),(f)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 06/01/2032 | &nbsp;&nbsp; 4.198% | 3702000 | &nbsp;&nbsp; 3532670 |
| 06/01/2042 | &nbsp;&nbsp; 4.950% | 2470000 | &nbsp;&nbsp; 2107150 |
| JPMorgan Chase & Co.<sup>(e),(f)</sup>  | JPMorgan Chase & Co.<sup>(e),(f)</sup>  | JPMorgan Chase & Co.<sup>(e),(f)</sup>  | JPMorgan Chase & Co.<sup>(e),(f)</sup>  |
|  | &nbsp;&nbsp; 3.650% | 3442000 | &nbsp;&nbsp; 3422176 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – American Century Diversified Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| JPMorgan Chase & Co.<sup>(f)</sup>  | JPMorgan Chase & Co.<sup>(f)</sup>  | JPMorgan Chase & Co.<sup>(f)</sup>  | JPMorgan Chase & Co.<sup>(f)</sup>  |
| 04/22/2031 | &nbsp;&nbsp; 5.103% | 5156000 | &nbsp;&nbsp; 5323611 |
| 04/22/2035 | &nbsp;&nbsp; 5.766% | 6142000 | &nbsp;&nbsp; 6539353 |
| 07/22/2035 | &nbsp;&nbsp; 5.294% | 1982000 | &nbsp;&nbsp; 2046062 |
| Lloyds Banking Group PLC<sup>(e),(f)</sup>  | Lloyds Banking Group PLC<sup>(e),(f)</sup>  | Lloyds Banking Group PLC<sup>(e),(f)</sup>  | Lloyds Banking Group PLC<sup>(e),(f)</sup>  |
|  | &nbsp;&nbsp; 6.750% | 4973000 | &nbsp;&nbsp; 5014149 |
| Macquarie Bank Ltd.<sup>(a),(e),(f)</sup>  | Macquarie Bank Ltd.<sup>(a),(e),(f)</sup>  | Macquarie Bank Ltd.<sup>(a),(e),(f)</sup>  | Macquarie Bank Ltd.<sup>(a),(e),(f)</sup>  |
|  | &nbsp;&nbsp; 6.125% | 4737000 | &nbsp;&nbsp; 4807742 |
| Morgan Stanley<sup>(f)</sup>  | Morgan Stanley<sup>(f)</sup>  | Morgan Stanley<sup>(f)</sup>  | Morgan Stanley<sup>(f)</sup>  |
| 11/01/2029 | &nbsp;&nbsp; 6.407% | 3080000 | &nbsp;&nbsp; 3263924 |
| 11/01/2034 | &nbsp;&nbsp; 6.627% | 4615000 | &nbsp;&nbsp; 5157242 |
| 04/19/2035 | &nbsp;&nbsp; 5.831% | 1457000 | &nbsp;&nbsp; 1548478 |
| 10/22/2036 | &nbsp;&nbsp; 4.892% | 3950000 | &nbsp;&nbsp; 3918155 |
| 11/19/2055 | &nbsp;&nbsp; 5.516% | 1370000 | &nbsp;&nbsp; 1355109 |
| Morgan Stanley Private Bank<sup>(f)</sup>  | Morgan Stanley Private Bank<sup>(f)</sup>  | Morgan Stanley Private Bank<sup>(f)</sup>  | Morgan Stanley Private Bank<sup>(f)</sup>  |
| 11/19/2031 | &nbsp;&nbsp; 4.465% | 6885000 | &nbsp;&nbsp; 6899541 |
| Morgan Stanley Private Bank NA<sup>(f)</sup>  | Morgan Stanley Private Bank NA<sup>(f)</sup>  | Morgan Stanley Private Bank NA<sup>(f)</sup>  | Morgan Stanley Private Bank NA<sup>(f)</sup>  |
| 07/18/2031 | &nbsp;&nbsp; 4.734% | 2160000 | &nbsp;&nbsp; 2189332 |
| Nationwide Building Society<sup>(a),(f)</sup>  | Nationwide Building Society<sup>(a),(f)</sup>  | Nationwide Building Society<sup>(a),(f)</sup>  | Nationwide Building Society<sup>(a),(f)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 10/18/2032 | &nbsp;&nbsp; 4.125% | 3050000 | &nbsp;&nbsp; 3027707 |
| NatWest Group PLC<sup>(f)</sup>  | NatWest Group PLC<sup>(f)</sup>  | NatWest Group PLC<sup>(f)</sup>  | NatWest Group PLC<sup>(f)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 11/28/2035 | &nbsp;&nbsp; 3.032% | 3870000 | &nbsp;&nbsp; 3562763 |
| Nordea Bank Abp<sup>(a),(e),(f)</sup>  | Nordea Bank Abp<sup>(a),(e),(f)</sup>  | Nordea Bank Abp<sup>(a),(e),(f)</sup>  | Nordea Bank Abp<sup>(a),(e),(f)</sup>  |
|  | &nbsp;&nbsp; 6.625% | 15600000 | &nbsp;&nbsp; 15679785 |
| Northern Trust Corp.<sup>(f)</sup>  | Northern Trust Corp.<sup>(f)</sup>  | Northern Trust Corp.<sup>(f)</sup>  | Northern Trust Corp.<sup>(f)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 05/08/2032 | &nbsp;&nbsp; 3.375% | 10313000 | &nbsp;&nbsp; 10168299 |
| Pinnacle Financial Partners, Inc. | Pinnacle Financial Partners, Inc. | Pinnacle Financial Partners, Inc. | Pinnacle Financial Partners, Inc. |
| 01/15/2036 | &nbsp;&nbsp; 5.957% | 5520000 | &nbsp;&nbsp; 5559361 |
| Skandinaviska Enskilda Banken AB<sup>(a),(e),(f)</sup>  | Skandinaviska Enskilda Banken AB<sup>(a),(e),(f)</sup>  | Skandinaviska Enskilda Banken AB<sup>(a),(e),(f)</sup>  | Skandinaviska Enskilda Banken AB<sup>(a),(e),(f)</sup>  |
|  | &nbsp;&nbsp; 6.875% | 8200000 | &nbsp;&nbsp; 8401825 |
| Societe Generale SA<sup>(a),(e),(f)</sup>  | Societe Generale SA<sup>(a),(e),(f)</sup>  | Societe Generale SA<sup>(a),(e),(f)</sup>  | Societe Generale SA<sup>(a),(e),(f)</sup>  |
|  | &nbsp;&nbsp; 4.750% | 1692000 | &nbsp;&nbsp; 1681871 |
|  | &nbsp;&nbsp; 9.375% | 12420000 | &nbsp;&nbsp; 13257718 |
|  | &nbsp;&nbsp; 10.000% | 3165000 | &nbsp;&nbsp; 3509161 |
| Standard Chartered PLC<sup>(a),(e),(f)</sup>  | Standard Chartered PLC<sup>(a),(e),(f)</sup>  | Standard Chartered PLC<sup>(a),(e),(f)</sup>  | Standard Chartered PLC<sup>(a),(e),(f)</sup>  |
|  | &nbsp;&nbsp; 7.750% | 2682000 | &nbsp;&nbsp; 2781055 |
| Toronto-Dominion Bank (The)<sup>(f)</sup>  | Toronto-Dominion Bank (The)<sup>(f)</sup>  | Toronto-Dominion Bank (The)<sup>(f)</sup>  | Toronto-Dominion Bank (The)<sup>(f)</sup>  |
| 10/31/2082 | &nbsp;&nbsp; 8.125% | 4765000 | &nbsp;&nbsp; 5011420 |
| UBS Group AG<sup>(a),(e),(f)</sup>  | UBS Group AG<sup>(a),(e),(f)</sup>  | UBS Group AG<sup>(a),(e),(f)</sup>  | UBS Group AG<sup>(a),(e),(f)</sup>  |
|  | &nbsp;&nbsp; 9.250% | 12345000 | &nbsp;&nbsp; 13547042 |
| Wells Fargo & Co.<sup>(e),(f)</sup>  | Wells Fargo & Co.<sup>(e),(f)</sup>  | Wells Fargo & Co.<sup>(e),(f)</sup>  | Wells Fargo & Co.<sup>(e),(f)</sup>  |
|  | &nbsp;&nbsp; 3.900% | 4143000 | &nbsp;&nbsp; 4128915 |
| Wells Fargo & Co.<sup>(f)</sup>  | Wells Fargo & Co.<sup>(f)</sup>  | Wells Fargo & Co.<sup>(f)</sup>  | Wells Fargo & Co.<sup>(f)</sup>  |
| 04/23/2036 | &nbsp;&nbsp; 5.605% | 4385000 | &nbsp;&nbsp; 4596667 |
| 04/04/2051 | &nbsp;&nbsp; 5.013% | 3025000 | &nbsp;&nbsp; 2769012 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Western Alliance Bank<sup>(f)</sup>  | Western Alliance Bank<sup>(f)</sup>  | Western Alliance Bank<sup>(f)</sup>  | Western Alliance Bank<sup>(f)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 11/15/2035 | &nbsp;&nbsp; 6.537% | 5156000 | &nbsp;&nbsp; 5178004 |
| Zions Bancorp NA<sup>(f)</sup>  | Zions Bancorp NA<sup>(f)</sup>  | Zions Bancorp NA<sup>(f)</sup>  | Zions Bancorp NA<sup>(f)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 11/19/2035 | &nbsp;&nbsp; 6.816% | 5940000 | &nbsp;&nbsp; 6315326 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **346469336** |
| **Brokerage/Asset Managers/Exchanges 0.6%** | **Brokerage/Asset Managers/Exchanges 0.6%** | **Brokerage/Asset Managers/Exchanges 0.6%** | **Brokerage/Asset Managers/Exchanges 0.6%** |
| Charles Schwab Corp. (The)<sup>(e),(f)</sup>  | Charles Schwab Corp. (The)<sup>(e),(f)</sup>  | Charles Schwab Corp. (The)<sup>(e),(f)</sup>  | Charles Schwab Corp. (The)<sup>(e),(f)</sup>  |
| Junior Subordinated | Junior Subordinated | Junior Subordinated | Junior Subordinated |
|  | &nbsp;&nbsp; 4.000% | 13809000 | &nbsp;&nbsp; 13710663 |
| Citadel Finance LLC<sup>(a)</sup>  | Citadel Finance LLC<sup>(a)</sup>  | Citadel Finance LLC<sup>(a)</sup>  | Citadel Finance LLC<sup>(a)</sup>  |
| 02/10/2030 | &nbsp;&nbsp; 5.900% | 1454000 | &nbsp;&nbsp; 1484572 |
| Coinbase Global, Inc.<sup>(a)</sup>  | Coinbase Global, Inc.<sup>(a)</sup>  | Coinbase Global, Inc.<sup>(a)</sup>  | Coinbase Global, Inc.<sup>(a)</sup>  |
| 10/01/2028 | &nbsp;&nbsp; 3.375% | 945000 | &nbsp;&nbsp; 899258 |
| LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. |
| 06/15/2030 | &nbsp;&nbsp; 5.150% | 3390000 | &nbsp;&nbsp; 3459529 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **19554022** |
| **Building Materials 0.9%** | **Building Materials 0.9%** | **Building Materials 0.9%** | **Building Materials 0.9%** |
| Builders FirstSource, Inc.<sup>(a)</sup>  | Builders FirstSource, Inc.<sup>(a)</sup>  | Builders FirstSource, Inc.<sup>(a)</sup>  | Builders FirstSource, Inc.<sup>(a)</sup>  |
| 02/01/2032 | &nbsp;&nbsp; 4.250% | 9040000 | &nbsp;&nbsp; 8606590 |
| Carlisle Cos, Inc. | Carlisle Cos, Inc. | Carlisle Cos, Inc. | Carlisle Cos, Inc. |
| 09/15/2040 | &nbsp;&nbsp; 5.550% | 1926000 | &nbsp;&nbsp; 1950219 |
| Eagle Materials, Inc. | Eagle Materials, Inc. | Eagle Materials, Inc. | Eagle Materials, Inc. |
| 03/15/2036 | &nbsp;&nbsp; 5.000% | 3689000 | &nbsp;&nbsp; 3613560 |
| Louisiana-Pacific Corp.<sup>(a)</sup>  | Louisiana-Pacific Corp.<sup>(a)</sup>  | Louisiana-Pacific Corp.<sup>(a)</sup>  | Louisiana-Pacific Corp.<sup>(a)</sup>  |
| 03/15/2029 | &nbsp;&nbsp; 3.625% | 3670000 | &nbsp;&nbsp; 3566207 |
| Quikrete Holdings, Inc.<sup>(a)</sup>  | Quikrete Holdings, Inc.<sup>(a)</sup>  | Quikrete Holdings, Inc.<sup>(a)</sup>  | Quikrete Holdings, Inc.<sup>(a)</sup>  |
| 03/01/2032 | &nbsp;&nbsp; 6.375% | 2040000 | &nbsp;&nbsp; 2122813 |
| 03/01/2033 | &nbsp;&nbsp; 6.750% | 5007000 | &nbsp;&nbsp; 5228209 |
| Standard Building Solutions, Inc.<sup>(a)</sup>  | Standard Building Solutions, Inc.<sup>(a)</sup>  | Standard Building Solutions, Inc.<sup>(a)</sup>  | Standard Building Solutions, Inc.<sup>(a)</sup>  |
| 08/15/2032 | &nbsp;&nbsp; 6.500% | 692000 | &nbsp;&nbsp; 713356 |
| Standard Industries, Inc.<sup>(a)</sup>  | Standard Industries, Inc.<sup>(a)</sup>  | Standard Industries, Inc.<sup>(a)</sup>  | Standard Industries, Inc.<sup>(a)</sup>  |
| 07/15/2030 | &nbsp;&nbsp; 4.375% | 3971000 | &nbsp;&nbsp; 3839302 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **29640256** |
| **Cable and Satellite 0.9%** | **Cable and Satellite 0.9%** | **Cable and Satellite 0.9%** | **Cable and Satellite 0.9%** |
| CCO Holdings LLC/Capital Corp.<sup>(a)</sup>  | CCO Holdings LLC/Capital Corp.<sup>(a)</sup>  | CCO Holdings LLC/Capital Corp.<sup>(a)</sup>  | CCO Holdings LLC/Capital Corp.<sup>(a)</sup>  |
| 05/01/2027 | &nbsp;&nbsp; 5.125% | 11584000 | &nbsp;&nbsp; 11570830 |
| Cox Communications, Inc.<sup>(a)</sup>  | Cox Communications, Inc.<sup>(a)</sup>  | Cox Communications, Inc.<sup>(a)</sup>  | Cox Communications, Inc.<sup>(a)</sup>  |
| 06/15/2033 | &nbsp;&nbsp; 5.700% | 2669000 | &nbsp;&nbsp; 2689935 |
| Sirius XM Radio, Inc.<sup>(a)</sup>  | Sirius XM Radio, Inc.<sup>(a)</sup>  | Sirius XM Radio, Inc.<sup>(a)</sup>  | Sirius XM Radio, Inc.<sup>(a)</sup>  |
| 09/01/2026 | &nbsp;&nbsp; 3.125% | 3495000 | &nbsp;&nbsp; 3462465 |
| 07/15/2028 | &nbsp;&nbsp; 4.000% | 8915000 | &nbsp;&nbsp; 8711284 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – American Century Diversified Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC |
| 05/01/2037 | &nbsp;&nbsp; 6.550% | 4139000 | &nbsp;&nbsp; 4222054 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **30656568** |
| **Chemicals 0.4%** | **Chemicals 0.4%** | **Chemicals 0.4%** | **Chemicals 0.4%** |
| Braskem Netherlands Finance BV<sup>(a)</sup>  | Braskem Netherlands Finance BV<sup>(a)</sup>  | Braskem Netherlands Finance BV<sup>(a)</sup>  | Braskem Netherlands Finance BV<sup>(a)</sup>  |
| 01/10/2028 | &nbsp;&nbsp; 4.500% | 1756000 | &nbsp;&nbsp; 726356 |
| 01/31/2030 | &nbsp;&nbsp; 4.500% | 10980000 | &nbsp;&nbsp; 4268601 |
| Celanese US Holdings LLC | Celanese US Holdings LLC | Celanese US Holdings LLC | Celanese US Holdings LLC |
| 02/15/2031 | &nbsp;&nbsp; 7.000% | 4555000 | &nbsp;&nbsp; 4662148 |
| Solstice Advanced Materials, Inc.<sup>(a)</sup>  | Solstice Advanced Materials, Inc.<sup>(a)</sup>  | Solstice Advanced Materials, Inc.<sup>(a)</sup>  | Solstice Advanced Materials, Inc.<sup>(a)</sup>  |
| 09/30/2033 | &nbsp;&nbsp; 5.625% | 4034000 | &nbsp;&nbsp; 4072310 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **13729415** |
| **Construction Machinery 0.3%** | **Construction Machinery 0.3%** | **Construction Machinery 0.3%** | **Construction Machinery 0.3%** |
| Ashtead Capital, Inc.<sup>(a)</sup>  | Ashtead Capital, Inc.<sup>(a)</sup>  | Ashtead Capital, Inc.<sup>(a)</sup>  | Ashtead Capital, Inc.<sup>(a)</sup>  |
| 10/15/2033 | &nbsp;&nbsp; 5.950% | 4998000 | &nbsp;&nbsp; 5289060 |
| Herc Holdings, Inc.<sup>(a)</sup>  | Herc Holdings, Inc.<sup>(a)</sup>  | Herc Holdings, Inc.<sup>(a)</sup>  | Herc Holdings, Inc.<sup>(a)</sup>  |
| 06/15/2033 | &nbsp;&nbsp; 7.250% | 3029000 | &nbsp;&nbsp; 3210368 |
| United Rentals North America, Inc.<sup>(a)</sup>  | United Rentals North America, Inc.<sup>(a)</sup>  | United Rentals North America, Inc.<sup>(a)</sup>  | United Rentals North America, Inc.<sup>(a)</sup>  |
| 12/15/2029 | &nbsp;&nbsp; 6.000% | 2290000 | &nbsp;&nbsp; 2354895 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **10854323** |
| **Consumer Cyclical Services 0.2%** | **Consumer Cyclical Services 0.2%** | **Consumer Cyclical Services 0.2%** | **Consumer Cyclical Services 0.2%** |
| Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp.<sup>(a)</sup>  | Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp.<sup>(a)</sup>  | Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp.<sup>(a)</sup>  | Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp.<sup>(a)</sup>  |
| 04/15/2030 | &nbsp;&nbsp; 9.750% | 2393000 | &nbsp;&nbsp; 2595368 |
| CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
| 01/15/2033 | &nbsp;&nbsp; 4.900% | 3055000 | &nbsp;&nbsp; 3069272 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **5664640** |
| **Consumer Products 0.2%** | **Consumer Products 0.2%** | **Consumer Products 0.2%** | **Consumer Products 0.2%** |
| Coty ,Inc./HFC Prestige Products, Inc./International US LLC<sup>(a)</sup>  | Coty ,Inc./HFC Prestige Products, Inc./International US LLC<sup>(a)</sup>  | Coty ,Inc./HFC Prestige Products, Inc./International US LLC<sup>(a)</sup>  | Coty ,Inc./HFC Prestige Products, Inc./International US LLC<sup>(a)</sup>  |
| 01/15/2031 | &nbsp;&nbsp; 5.600% | 5155000 | &nbsp;&nbsp; 5198808 |
| Perrigo Finance Unlimited Co.<sup>(f)</sup>  | Perrigo Finance Unlimited Co.<sup>(f)</sup>  | Perrigo Finance Unlimited Co.<sup>(f)</sup>  | Perrigo Finance Unlimited Co.<sup>(f)</sup>  |
| 06/15/2030 | &nbsp;&nbsp; 5.150% | 1195000 | &nbsp;&nbsp; 1154092 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **6352900** |
| **Diversified Manufacturing 0.5%** | **Diversified Manufacturing 0.5%** | **Diversified Manufacturing 0.5%** | **Diversified Manufacturing 0.5%** |
| Amphenol Corp. | Amphenol Corp. | Amphenol Corp. | Amphenol Corp. |
| 02/15/2036 | &nbsp;&nbsp; 4.625% | 4050000 | &nbsp;&nbsp; 3971487 |
| Chart Industries, Inc.<sup>(a)</sup>  | Chart Industries, Inc.<sup>(a)</sup>  | Chart Industries, Inc.<sup>(a)</sup>  | Chart Industries, Inc.<sup>(a)</sup>  |
| 01/01/2030 | &nbsp;&nbsp; 7.500% | 7288000 | &nbsp;&nbsp; 7604370 |
| Siemens Financieringsmaatschappij NV<sup>(a)</sup>  | Siemens Financieringsmaatschappij NV<sup>(a)</sup>  | Siemens Financieringsmaatschappij NV<sup>(a)</sup>  | Siemens Financieringsmaatschappij NV<sup>(a)</sup>  |
| 03/11/2026 | &nbsp;&nbsp; 1.200% | 2200000 | &nbsp;&nbsp; 2188660 |
| Weir Group, Inc.<sup>(a)</sup>  | Weir Group, Inc.<sup>(a)</sup>  | Weir Group, Inc.<sup>(a)</sup>  | Weir Group, Inc.<sup>(a)</sup>  |
| 05/06/2030 | &nbsp;&nbsp; 5.350% | 3111000 | &nbsp;&nbsp; 3196981 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **16961498** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Electric 2.2%** | **Electric 2.2%** | **Electric 2.2%** | **Electric 2.2%** |
| Alliant Energy Corp.<sup>(f)</sup>  | Alliant Energy Corp.<sup>(f)</sup>  | Alliant Energy Corp.<sup>(f)</sup>  | Alliant Energy Corp.<sup>(f)</sup>  |
| 04/01/2056 | &nbsp;&nbsp; 5.750% | 5530000 | &nbsp;&nbsp; 5519915 |
| American Electric Power Co, Inc.<sup>(f)</sup>  | American Electric Power Co, Inc.<sup>(f)</sup>  | American Electric Power Co, Inc.<sup>(f)</sup>  | American Electric Power Co, Inc.<sup>(f)</sup>  |
| 03/15/2056 | &nbsp;&nbsp; 5.800% | 1670000 | &nbsp;&nbsp; 1657978 |
| 03/15/2056 | &nbsp;&nbsp; 6.050% | 3763000 | &nbsp;&nbsp; 3699977 |
| Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. |
| 08/15/2034 | &nbsp;&nbsp; 5.700% | 2771000 | &nbsp;&nbsp; 2915277 |
| Commonwealth Edison Co. | Commonwealth Edison Co. | Commonwealth Edison Co. | Commonwealth Edison Co. |
| 06/01/2055 | &nbsp;&nbsp; 5.950% | 1183000 | &nbsp;&nbsp; 1228878 |
| Duke Energy Florida LLC | Duke Energy Florida LLC | Duke Energy Florida LLC | Duke Energy Florida LLC |
| 12/01/2035 | &nbsp;&nbsp; 4.850% | 1717000 | &nbsp;&nbsp; 1712713 |
| 11/15/2052 | &nbsp;&nbsp; 5.950% | 2100000 | &nbsp;&nbsp; 2173427 |
| Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC |
| 03/06/2027 | &nbsp;&nbsp; 4.350% | 3020000 | &nbsp;&nbsp; 3042614 |
| 03/15/2053 | &nbsp;&nbsp; 5.350% | 1275000 | &nbsp;&nbsp; 1217524 |
| Electricite de France SA<sup>(a)</sup>  | Electricite de France SA<sup>(a)</sup>  | Electricite de France SA<sup>(a)</sup>  | Electricite de France SA<sup>(a)</sup>  |
| 01/26/2039 | &nbsp;&nbsp; 6.950% | 4809000 | &nbsp;&nbsp; 5380465 |
| Emera, Inc.<sup>(f)</sup>  | Emera, Inc.<sup>(f)</sup>  | Emera, Inc.<sup>(f)</sup>  | Emera, Inc.<sup>(f)</sup>  |
| Junior Subordinated | Junior Subordinated | Junior Subordinated | Junior Subordinated |
| 06/15/2076 | &nbsp;&nbsp; 6.750% | 7364000 | &nbsp;&nbsp; 7407577 |
| EUSHI Finance, Inc.<sup>(f)</sup>  | EUSHI Finance, Inc.<sup>(f)</sup>  | EUSHI Finance, Inc.<sup>(f)</sup>  | EUSHI Finance, Inc.<sup>(f)</sup>  |
| 04/01/2056 | &nbsp;&nbsp; 6.250% | 3425000 | &nbsp;&nbsp; 3419319 |
| Hawaiian Electric Co., Inc.<sup>(a)</sup>  | Hawaiian Electric Co., Inc.<sup>(a)</sup>  | Hawaiian Electric Co., Inc.<sup>(a)</sup>  | Hawaiian Electric Co., Inc.<sup>(a)</sup>  |
| 10/01/2033 | &nbsp;&nbsp; 6.000% | 8523000 | &nbsp;&nbsp; 8631405 |
| Kentucky Utilities Co. | Kentucky Utilities Co. | Kentucky Utilities Co. | Kentucky Utilities Co. |
| 08/15/2055 | &nbsp;&nbsp; 5.850% | 2418000 | &nbsp;&nbsp; 2441735 |
| Louisville Gas and Electric Co. | Louisville Gas and Electric Co. | Louisville Gas and Electric Co. | Louisville Gas and Electric Co. |
| 08/15/2055 | &nbsp;&nbsp; 5.850% | 698000 | &nbsp;&nbsp; 704363 |
| MidAmerican Energy Co. | MidAmerican Energy Co. | MidAmerican Energy Co. | MidAmerican Energy Co. |
| 09/15/2054 | &nbsp;&nbsp; 5.850% | 9337000 | &nbsp;&nbsp; 9611356 |
| Niagara Mohawk Power Corp.<sup>(a)</sup>  | Niagara Mohawk Power Corp.<sup>(a)</sup>  | Niagara Mohawk Power Corp.<sup>(a)</sup>  | Niagara Mohawk Power Corp.<sup>(a)</sup>  |
| 10/03/2030 | &nbsp;&nbsp; 4.647% | 1260000 | &nbsp;&nbsp; 1267512 |
| Palomino Funding Trust I<sup>(a)</sup>  | Palomino Funding Trust I<sup>(a)</sup>  | Palomino Funding Trust I<sup>(a)</sup>  | Palomino Funding Trust I<sup>(a)</sup>  |
| 05/17/2028 | &nbsp;&nbsp; 7.233% | 1650000 | &nbsp;&nbsp; 1743615 |
| RWE Finance US LLC<sup>(a)</sup>  | RWE Finance US LLC<sup>(a)</sup>  | RWE Finance US LLC<sup>(a)</sup>  | RWE Finance US LLC<sup>(a)</sup>  |
| 09/18/2035 | &nbsp;&nbsp; 5.125% | 1137000 | &nbsp;&nbsp; 1130647 |
| Saavi Energia Sarl<sup>(a)</sup>  | Saavi Energia Sarl<sup>(a)</sup>  | Saavi Energia Sarl<sup>(a)</sup>  | Saavi Energia Sarl<sup>(a)</sup>  |
| 02/10/2035 | &nbsp;&nbsp; 8.875% | 4555000 | &nbsp;&nbsp; 4938886 |
| Southern Co. (The)<sup>(f)</sup>  | Southern Co. (The)<sup>(f)</sup>  | Southern Co. (The)<sup>(f)</sup>  | Southern Co. (The)<sup>(f)</sup>  |
| 01/15/2051 | &nbsp;&nbsp; 4.000% | 2825000 | &nbsp;&nbsp; 2823950 |
| WEC Energy Group, Inc. | WEC Energy Group, Inc. | WEC Energy Group, Inc. | WEC Energy Group, Inc. |
| 09/12/2026 | &nbsp;&nbsp; 5.600% | 1410000 | &nbsp;&nbsp; 1423836 |
| WEC Energy Group, Inc.<sup>(f)</sup>  | WEC Energy Group, Inc.<sup>(f)</sup>  | WEC Energy Group, Inc.<sup>(f)</sup>  | WEC Energy Group, Inc.<sup>(f)</sup>  |
| 05/15/2056 | &nbsp;&nbsp; 5.625% | 3051000 | &nbsp;&nbsp; 3070591 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **77163560** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – American Century Diversified Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Finance Companies 2.8%** | **Finance Companies 2.8%** | **Finance Companies 2.8%** | **Finance Companies 2.8%** |
| Air Lease Corp.<sup>(e),(f)</sup>  | Air Lease Corp.<sup>(e),(f)</sup>  | Air Lease Corp.<sup>(e),(f)</sup>  | Air Lease Corp.<sup>(e),(f)</sup>  |
| Junior Subordinated | Junior Subordinated | Junior Subordinated | Junior Subordinated |
|  | &nbsp;&nbsp; 4.650% | 6495000 | &nbsp;&nbsp; 6410399 |
| Aircastle Ltd.<sup>(a),(e),(f)</sup>  | Aircastle Ltd.<sup>(a),(e),(f)</sup>  | Aircastle Ltd.<sup>(a),(e),(f)</sup>  | Aircastle Ltd.<sup>(a),(e),(f)</sup>  |
|  | &nbsp;&nbsp; 5.250% | 13285000 | &nbsp;&nbsp; 13242477 |
| Ares Strategic Income Fund | Ares Strategic Income Fund | Ares Strategic Income Fund | Ares Strategic Income Fund |
| 03/15/2028 | &nbsp;&nbsp; 5.700% | 2310000 | &nbsp;&nbsp; 2339393 |
| Blackstone Private Credit Fund | Blackstone Private Credit Fund | Blackstone Private Credit Fund | Blackstone Private Credit Fund |
| 07/16/2029 | &nbsp;&nbsp; 5.950% | 4475000 | &nbsp;&nbsp; 4566536 |
| Blue Owl Capital Corp. | Blue Owl Capital Corp. | Blue Owl Capital Corp. | Blue Owl Capital Corp. |
| 03/15/2029 | &nbsp;&nbsp; 5.950% | 3075000 | &nbsp;&nbsp; 3103642 |
| Blue Owl Credit Income Corp. | Blue Owl Credit Income Corp. | Blue Owl Credit Income Corp. | Blue Owl Credit Income Corp. |
| 01/15/2029 | &nbsp;&nbsp; 7.750% | 5145000 | &nbsp;&nbsp; 5440909 |
| Blue Owl Technology Finance Corp.<sup>(a)</sup>  | Blue Owl Technology Finance Corp.<sup>(a)</sup>  | Blue Owl Technology Finance Corp.<sup>(a)</sup>  | Blue Owl Technology Finance Corp.<sup>(a)</sup>  |
| 03/15/2028 | &nbsp;&nbsp; 6.100% | 9035000 | &nbsp;&nbsp; 9085808 |
| Blue Owl Technology Finance Corp. II | Blue Owl Technology Finance Corp. II | Blue Owl Technology Finance Corp. II | Blue Owl Technology Finance Corp. II |
| 04/04/2029 | &nbsp;&nbsp; 6.750% | 3425000 | &nbsp;&nbsp; 3503740 |
| Freedom Mortgage Holdings LLC<sup>(a)</sup>  | Freedom Mortgage Holdings LLC<sup>(a)</sup>  | Freedom Mortgage Holdings LLC<sup>(a)</sup>  | Freedom Mortgage Holdings LLC<sup>(a)</sup>  |
| 02/01/2029 | &nbsp;&nbsp; 9.250% | 8230000 | &nbsp;&nbsp; 8630104 |
| 05/01/2031 | &nbsp;&nbsp; 6.875% | 6880000 | &nbsp;&nbsp; 6888568 |
| Golub Capital BDC, Inc. | Golub Capital BDC, Inc. | Golub Capital BDC, Inc. | Golub Capital BDC, Inc. |
| 12/05/2028 | &nbsp;&nbsp; 7.050% | 4232000 | &nbsp;&nbsp; 4466591 |
| Golub Capital Private Credit Fund<sup>(a)</sup>  | Golub Capital Private Credit Fund<sup>(a)</sup>  | Golub Capital Private Credit Fund<sup>(a)</sup>  | Golub Capital Private Credit Fund<sup>(a)</sup>  |
| 08/15/2028 | &nbsp;&nbsp; 5.450% | 4955000 | &nbsp;&nbsp; 4987000 |
| HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund |
| 01/14/2028 | &nbsp;&nbsp; 5.450% | 1520000 | &nbsp;&nbsp; 1537529 |
| 09/30/2029 | &nbsp;&nbsp; 6.250% | 1638000 | &nbsp;&nbsp; 1695844 |
| HPS Corporate Lending Fund<sup>(a)</sup>  | HPS Corporate Lending Fund<sup>(a)</sup>  | HPS Corporate Lending Fund<sup>(a)</sup>  | HPS Corporate Lending Fund<sup>(a)</sup>  |
| 09/11/2028 | &nbsp;&nbsp; 4.900% | 2670000 | &nbsp;&nbsp; 2654340 |
| OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
| 05/15/2030 | &nbsp;&nbsp; 6.125% | 1410000 | &nbsp;&nbsp; 1437794 |
| PennyMac Financial Services, Inc.<sup>(a)</sup>  | PennyMac Financial Services, Inc.<sup>(a)</sup>  | PennyMac Financial Services, Inc.<sup>(a)</sup>  | PennyMac Financial Services, Inc.<sup>(a)</sup>  |
| 11/15/2030 | &nbsp;&nbsp; 7.125% | 6754000 | &nbsp;&nbsp; 7102154 |
| 02/15/2033 | &nbsp;&nbsp; 6.875% | 1413000 | &nbsp;&nbsp; 1474841 |
| Rocket Cos, Inc.<sup>(a)</sup>  | Rocket Cos, Inc.<sup>(a)</sup>  | Rocket Cos, Inc.<sup>(a)</sup>  | Rocket Cos, Inc.<sup>(a)</sup>  |
| 08/01/2030 | &nbsp;&nbsp; 6.125% | 2700000 | &nbsp;&nbsp; 2791997 |
| 08/01/2033 | &nbsp;&nbsp; 6.375% | 2840000 | &nbsp;&nbsp; 2966328 |
| UWM Holdings LLC<sup>(a)</sup>  | UWM Holdings LLC<sup>(a)</sup>  | UWM Holdings LLC<sup>(a)</sup>  | UWM Holdings LLC<sup>(a)</sup>  |
| 03/15/2031 | &nbsp;&nbsp; 6.250% | 2884000 | &nbsp;&nbsp; 2879237 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **97205231** |
| **Food and Beverage 0.2%** | **Food and Beverage 0.2%** | **Food and Beverage 0.2%** | **Food and Beverage 0.2%** |
| Flowers Foods, Inc. | Flowers Foods, Inc. | Flowers Foods, Inc. | Flowers Foods, Inc. |
| 03/15/2035 | &nbsp;&nbsp; 5.750% | 2125000 | &nbsp;&nbsp; 2131905 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Mars, Inc.<sup>(a)</sup>  | Mars, Inc.<sup>(a)</sup>  | Mars, Inc.<sup>(a)</sup>  | Mars, Inc.<sup>(a)</sup>  |
| 05/01/2045 | &nbsp;&nbsp; 5.650% | 2935000 | &nbsp;&nbsp; 2960486 |
| 05/01/2055 | &nbsp;&nbsp; 5.700% | 1689000 | &nbsp;&nbsp; 1686938 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **6779329** |
| **Gaming 0.8%** | **Gaming 0.8%** | **Gaming 0.8%** | **Gaming 0.8%** |
| Caesars Entertainment, Inc.<sup>(a)</sup>  | Caesars Entertainment, Inc.<sup>(a)</sup>  | Caesars Entertainment, Inc.<sup>(a)</sup>  | Caesars Entertainment, Inc.<sup>(a)</sup>  |
| 10/15/2029 | &nbsp;&nbsp; 4.625% | 6076000 | &nbsp;&nbsp; 5832297 |
| GLP Capital LP/Financing II, Inc. | GLP Capital LP/Financing II, Inc. | GLP Capital LP/Financing II, Inc. | GLP Capital LP/Financing II, Inc. |
| 02/15/2033 | &nbsp;&nbsp; 5.250% | 3913000 | &nbsp;&nbsp; 3920951 |
| International Game Technology PLC<sup>(a)</sup>  | International Game Technology PLC<sup>(a)</sup>  | International Game Technology PLC<sup>(a)</sup>  | International Game Technology PLC<sup>(a)</sup>  |
| 01/15/2029 | &nbsp;&nbsp; 5.250% | 7240000 | &nbsp;&nbsp; 7222668 |
| Scientific Games International, Inc.<sup>(a)</sup>  | Scientific Games International, Inc.<sup>(a)</sup>  | Scientific Games International, Inc.<sup>(a)</sup>  | Scientific Games International, Inc.<sup>(a)</sup>  |
| 11/15/2029 | &nbsp;&nbsp; 7.250% | 4621000 | &nbsp;&nbsp; 4739368 |
| VICI Properties LP/Note Co., Inc.<sup>(a)</sup>  | VICI Properties LP/Note Co., Inc.<sup>(a)</sup>  | VICI Properties LP/Note Co., Inc.<sup>(a)</sup>  | VICI Properties LP/Note Co., Inc.<sup>(a)</sup>  |
| 08/15/2030 | &nbsp;&nbsp; 4.125% | 4155000 | &nbsp;&nbsp; 4034777 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **25750061** |
| **Health Care 1.6%** | **Health Care 1.6%** | **Health Care 1.6%** | **Health Care 1.6%** |
| Acadia Healthcare Co., Inc.<sup>(a)</sup>  | Acadia Healthcare Co., Inc.<sup>(a)</sup>  | Acadia Healthcare Co., Inc.<sup>(a)</sup>  | Acadia Healthcare Co., Inc.<sup>(a)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 5.000% | 5365000 | &nbsp;&nbsp; 5161492 |
| Baxter International, Inc. | Baxter International, Inc. | Baxter International, Inc. | Baxter International, Inc. |
| 12/15/2030 | &nbsp;&nbsp; 4.900% | 1295000 | &nbsp;&nbsp; 1303653 |
| 12/15/2035 | &nbsp;&nbsp; 5.650% | 1817000 | &nbsp;&nbsp; 1843038 |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| 09/15/2035 | &nbsp;&nbsp; 5.450% | 1667000 | &nbsp;&nbsp; 1706279 |
| 06/01/2044 | &nbsp;&nbsp; 6.000% | 3775000 | &nbsp;&nbsp; 3794821 |
| CVS Health Corp.<sup>(f)</sup>  | CVS Health Corp.<sup>(f)</sup>  | CVS Health Corp.<sup>(f)</sup>  | CVS Health Corp.<sup>(f)</sup>  |
| 03/10/2055 | &nbsp;&nbsp; 7.000% | 2254000 | &nbsp;&nbsp; 2364149 |
| HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
| 11/15/2035 | &nbsp;&nbsp; 4.900% | 5197000 | &nbsp;&nbsp; 5128767 |
| 03/01/2055 | &nbsp;&nbsp; 6.200% | 1217000 | &nbsp;&nbsp; 1242265 |
| 11/15/2055 | &nbsp;&nbsp; 5.700% | 3638000 | &nbsp;&nbsp; 3473517 |
| Hologic, Inc.<sup>(a)</sup>  | Hologic, Inc.<sup>(a)</sup>  | Hologic, Inc.<sup>(a)</sup>  | Hologic, Inc.<sup>(a)</sup>  |
| 02/15/2029 | &nbsp;&nbsp; 3.250% | 3014000 | &nbsp;&nbsp; 2970585 |
| Icon Investments Six DAC | Icon Investments Six DAC | Icon Investments Six DAC | Icon Investments Six DAC |
| 05/08/2034 | &nbsp;&nbsp; 6.000% | 1654000 | &nbsp;&nbsp; 1749822 |
| IQVIA, Inc.<sup>(a)</sup>  | IQVIA, Inc.<sup>(a)</sup>  | IQVIA, Inc.<sup>(a)</sup>  | IQVIA, Inc.<sup>(a)</sup>  |
| 05/15/2027 | &nbsp;&nbsp; 5.000% | 5455000 | &nbsp;&nbsp; 5456192 |
| IQVIA, Inc. | IQVIA, Inc. | IQVIA, Inc. | IQVIA, Inc. |
| 02/01/2029 | &nbsp;&nbsp; 6.250% | 3117000 | &nbsp;&nbsp; 3286385 |
| Kaiser Foundation Hospitals | Kaiser Foundation Hospitals | Kaiser Foundation Hospitals | Kaiser Foundation Hospitals |
| 06/01/2051 | &nbsp;&nbsp; 3.002% | 2365000 | &nbsp;&nbsp; 1544992 |
| Medline Borrower LP/Co-Issuer, Inc.<sup>(a)</sup>  | Medline Borrower LP/Co-Issuer, Inc.<sup>(a)</sup>  | Medline Borrower LP/Co-Issuer, Inc.<sup>(a)</sup>  | Medline Borrower LP/Co-Issuer, Inc.<sup>(a)</sup>  |
| 04/01/2029 | &nbsp;&nbsp; 6.250% | 9317000 | &nbsp;&nbsp; 9646077 |
| Novant Health, Inc. | Novant Health, Inc. | Novant Health, Inc. | Novant Health, Inc. |
| 11/01/2051 | &nbsp;&nbsp; 3.168% | 2820000 | &nbsp;&nbsp; 1867026 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – American Century Diversified Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Surgery Center Holdings, Inc.<sup>(a)</sup>  | Surgery Center Holdings, Inc.<sup>(a)</sup>  | Surgery Center Holdings, Inc.<sup>(a)</sup>  | Surgery Center Holdings, Inc.<sup>(a)</sup>  |
| 04/15/2032 | &nbsp;&nbsp; 7.250% | 1628000 | &nbsp;&nbsp; 1649337 |
| Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
| 10/01/2028 | &nbsp;&nbsp; 6.125% | 1330000 | &nbsp;&nbsp; 1335406 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **55523803** |
| **Healthcare Insurance 0.4%** | **Healthcare Insurance 0.4%** | **Healthcare Insurance 0.4%** | **Healthcare Insurance 0.4%** |
| Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. |
| 12/15/2029 | &nbsp;&nbsp; 4.625% | 2900000 | &nbsp;&nbsp; 2812113 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| 06/15/2035 | &nbsp;&nbsp; 5.300% | 1889000 | &nbsp;&nbsp; 1955706 |
| 07/15/2044 | &nbsp;&nbsp; 5.500% | 4141000 | &nbsp;&nbsp; 4109339 |
| 04/15/2053 | &nbsp;&nbsp; 5.050% | 4720000 | &nbsp;&nbsp; 4266871 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **13144029** |
| **Healthcare REIT 0.0%** | **Healthcare REIT 0.0%** | **Healthcare REIT 0.0%** | **Healthcare REIT 0.0%** |
| Ventas Realty LP | Ventas Realty LP | Ventas Realty LP | Ventas Realty LP |
| 02/15/2036 | &nbsp;&nbsp; 5.000% | 1635000 | &nbsp;&nbsp; 1625388 |
| **Home Construction 0.3%** | **Home Construction 0.3%** | **Home Construction 0.3%** | **Home Construction 0.3%** |
| Ashton Woods USA LLC /Finance Co.<sup>(a)</sup>  | Ashton Woods USA LLC /Finance Co.<sup>(a)</sup>  | Ashton Woods USA LLC /Finance Co.<sup>(a)</sup>  | Ashton Woods USA LLC /Finance Co.<sup>(a)</sup>  |
| 08/01/2033 | &nbsp;&nbsp; 6.875% | 3423000 | &nbsp;&nbsp; 3429539 |
| K Hovnanian Enterprises, Inc.<sup>(a)</sup>  | K Hovnanian Enterprises, Inc.<sup>(a)</sup>  | K Hovnanian Enterprises, Inc.<sup>(a)</sup>  | K Hovnanian Enterprises, Inc.<sup>(a)</sup>  |
| 10/01/2033 | &nbsp;&nbsp; 8.375% | 482000 | &nbsp;&nbsp; 489753 |
| KB Home | KB Home | KB Home | KB Home |
| 11/15/2029 | &nbsp;&nbsp; 4.800% | 5059000 | &nbsp;&nbsp; 5038084 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **8957376** |
| **Independent Energy 0.9%** | **Independent Energy 0.9%** | **Independent Energy 0.9%** | **Independent Energy 0.9%** |
| 3R Lux SARL<sup>(a)</sup>  | 3R Lux SARL<sup>(a)</sup>  | 3R Lux SARL<sup>(a)</sup>  | 3R Lux SARL<sup>(a)</sup>  |
| 02/05/2031 | &nbsp;&nbsp; 9.750% | 556000 | &nbsp;&nbsp; 572000 |
| Antero Resources Corp.<sup>(a)</sup>  | Antero Resources Corp.<sup>(a)</sup>  | Antero Resources Corp.<sup>(a)</sup>  | Antero Resources Corp.<sup>(a)</sup>  |
| 02/01/2029 | &nbsp;&nbsp; 7.625% | 2538000 | &nbsp;&nbsp; 2577070 |
| Chesapeake Energy Corp.<sup>(a)</sup>  | Chesapeake Energy Corp.<sup>(a)</sup>  | Chesapeake Energy Corp.<sup>(a)</sup>  | Chesapeake Energy Corp.<sup>(a)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 6.750% | 1161000 | &nbsp;&nbsp; 1168015 |
| Colgate Energy Partners III LLC<sup>(a)</sup>  | Colgate Energy Partners III LLC<sup>(a)</sup>  | Colgate Energy Partners III LLC<sup>(a)</sup>  | Colgate Energy Partners III LLC<sup>(a)</sup>  |
| 07/01/2029 | &nbsp;&nbsp; 5.875% | 2026000 | &nbsp;&nbsp; 2035462 |
| Matador Resources Co.<sup>(a)</sup>  | Matador Resources Co.<sup>(a)</sup>  | Matador Resources Co.<sup>(a)</sup>  | Matador Resources Co.<sup>(a)</sup>  |
| 04/15/2032 | &nbsp;&nbsp; 6.500% | 2550000 | &nbsp;&nbsp; 2582261 |
| Ovintiv, Inc. | Ovintiv, Inc. | Ovintiv, Inc. | Ovintiv, Inc. |
| 07/15/2053 | &nbsp;&nbsp; 7.100% | 3180000 | &nbsp;&nbsp; 3387585 |
| PRIO Luxembourg Holding Sarl<sup>(a)</sup>  | PRIO Luxembourg Holding Sarl<sup>(a)</sup>  | PRIO Luxembourg Holding Sarl<sup>(a)</sup>  | PRIO Luxembourg Holding Sarl<sup>(a)</sup>  |
| 10/15/2030 | &nbsp;&nbsp; 6.750% | 2487000 | &nbsp;&nbsp; 2427719 |
| Repsol E&P Capital Markets US LLC<sup>(a)</sup>  | Repsol E&P Capital Markets US LLC<sup>(a)</sup>  | Repsol E&P Capital Markets US LLC<sup>(a)</sup>  | Repsol E&P Capital Markets US LLC<sup>(a)</sup>  |
| 09/16/2030 | &nbsp;&nbsp; 5.204% | 3157000 | &nbsp;&nbsp; 3201092 |
| 09/16/2035 | &nbsp;&nbsp; 5.976% | 1531000 | &nbsp;&nbsp; 1562603 |
| Santos Finance Ltd.<sup>(a)</sup>  | Santos Finance Ltd.<sup>(a)</sup>  | Santos Finance Ltd.<sup>(a)</sup>  | Santos Finance Ltd.<sup>(a)</sup>  |
| 11/13/2035 | &nbsp;&nbsp; 5.750% | 2159000 | &nbsp;&nbsp; 2149065 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| SM Energy Co. | SM Energy Co. | SM Energy Co. | SM Energy Co. |
| 09/15/2026 | &nbsp;&nbsp; 6.750% | 2825000 | &nbsp;&nbsp; 2828675 |
| Southwestern Energy Co. | Southwestern Energy Co. | Southwestern Energy Co. | Southwestern Energy Co. |
| 03/15/2030 | &nbsp;&nbsp; 5.375% | 6812000 | &nbsp;&nbsp; 6915576 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **31407123** |
| **Integrated Energy 0.2%** | **Integrated Energy 0.2%** | **Integrated Energy 0.2%** | **Integrated Energy 0.2%** |
| Cenovus Energy, Inc. | Cenovus Energy, Inc. | Cenovus Energy, Inc. | Cenovus Energy, Inc. |
| 03/20/2036 | &nbsp;&nbsp; 5.400% | 2462000 | &nbsp;&nbsp; 2459062 |
| Eni SpA<sup>(a)</sup>  | Eni SpA<sup>(a)</sup>  | Eni SpA<sup>(a)</sup>  | Eni SpA<sup>(a)</sup>  |
| 05/15/2054 | &nbsp;&nbsp; 5.950% | 3091000 | &nbsp;&nbsp; 3068190 |
| Shell Finance US, Inc. | Shell Finance US, Inc. | Shell Finance US, Inc. | Shell Finance US, Inc. |
| 05/11/2045 | &nbsp;&nbsp; 4.375% | 1800000 | &nbsp;&nbsp; 1552148 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **7079400** |
| **Leisure 0.3%** | **Leisure 0.3%** | **Leisure 0.3%** | **Leisure 0.3%** |
| Carnival Corp.<sup>(a)</sup>  | Carnival Corp.<sup>(a)</sup>  | Carnival Corp.<sup>(a)</sup>  | Carnival Corp.<sup>(a)</sup>  |
| 08/01/2028 | &nbsp;&nbsp; 4.000% | 5531000 | &nbsp;&nbsp; 5442979 |
| 05/01/2029 | &nbsp;&nbsp; 5.125% | 3511000 | &nbsp;&nbsp; 3552784 |
| Royal Caribbean Cruises Ltd.<sup>(a)</sup>  | Royal Caribbean Cruises Ltd.<sup>(a)</sup>  | Royal Caribbean Cruises Ltd.<sup>(a)</sup>  | Royal Caribbean Cruises Ltd.<sup>(a)</sup>  |
| 02/01/2033 | &nbsp;&nbsp; 6.000% | 2851000 | &nbsp;&nbsp; 2931280 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **11927043** |
| **Life Insurance 1.1%** | **Life Insurance 1.1%** | **Life Insurance 1.1%** | **Life Insurance 1.1%** |
| Athene Global Funding<sup>(a)</sup>  | Athene Global Funding<sup>(a)</sup>  | Athene Global Funding<sup>(a)</sup>  | Athene Global Funding<sup>(a)</sup>  |
| 07/11/2031 | &nbsp;&nbsp; 5.526% | 2865000 | &nbsp;&nbsp; 2935502 |
| CNO Financial Group, Inc. | CNO Financial Group, Inc. | CNO Financial Group, Inc. | CNO Financial Group, Inc. |
| 05/30/2029 | &nbsp;&nbsp; 5.250% | 5020000 | &nbsp;&nbsp; 5097288 |
| 06/15/2034 | &nbsp;&nbsp; 6.450% | 2017000 | &nbsp;&nbsp; 2134022 |
| Corebridge Financial, Inc.<sup>(f)</sup>  | Corebridge Financial, Inc.<sup>(f)</sup>  | Corebridge Financial, Inc.<sup>(f)</sup>  | Corebridge Financial, Inc.<sup>(f)</sup>  |
| 09/15/2054 | &nbsp;&nbsp; 6.375% | 2468000 | &nbsp;&nbsp; 2488781 |
| F&G Annuities & Life, Inc. | F&G Annuities & Life, Inc. | F&G Annuities & Life, Inc. | F&G Annuities & Life, Inc. |
| 06/04/2029 | &nbsp;&nbsp; 6.500% | 1464000 | &nbsp;&nbsp; 1524609 |
| Global Atlantic Fin Co.<sup>(a)</sup>  | Global Atlantic Fin Co.<sup>(a)</sup>  | Global Atlantic Fin Co.<sup>(a)</sup>  | Global Atlantic Fin Co.<sup>(a)</sup>  |
| 06/15/2033 | &nbsp;&nbsp; 7.950% | 7505000 | &nbsp;&nbsp; 8567190 |
| Lincoln National Corp. | Lincoln National Corp. | Lincoln National Corp. | Lincoln National Corp. |
| 06/15/2040 | &nbsp;&nbsp; 7.000% | 2407000 | &nbsp;&nbsp; 2708648 |
| MetLife, Inc. | MetLife, Inc. | MetLife, Inc. | MetLife, Inc. |
| Junior Subordinated | Junior Subordinated | Junior Subordinated | Junior Subordinated |
| 12/15/2036 | &nbsp;&nbsp; 6.400% | 4957000 | &nbsp;&nbsp; 5199626 |
| MetLife, Inc.<sup>(f)</sup>  | MetLife, Inc.<sup>(f)</sup>  | MetLife, Inc.<sup>(f)</sup>  | MetLife, Inc.<sup>(f)</sup>  |
| Junior Subordinated | Junior Subordinated | Junior Subordinated | Junior Subordinated |
| 08/01/2039 | &nbsp;&nbsp; 10.750% | 3165000 | &nbsp;&nbsp; 4221876 |
| Wynnton Funding Trust II<sup>(a)</sup>  | Wynnton Funding Trust II<sup>(a)</sup>  | Wynnton Funding Trust II<sup>(a)</sup>  | Wynnton Funding Trust II<sup>(a)</sup>  |
| 08/15/2055 | &nbsp;&nbsp; 5.991% | 3333000 | &nbsp;&nbsp; 3351486 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **38229028** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – American Century Diversified Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Lodging 0.0%** | **Lodging 0.0%** | **Lodging 0.0%** | **Lodging 0.0%** |
| Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
| 03/30/2032 | &nbsp;&nbsp; 5.750% | 1512000 | &nbsp;&nbsp; 1585029 |
| **Media and Entertainment 2.0%** | **Media and Entertainment 2.0%** | **Media and Entertainment 2.0%** | **Media and Entertainment 2.0%** |
| AppLovin Corp. | AppLovin Corp. | AppLovin Corp. | AppLovin Corp. |
| 12/01/2029 | &nbsp;&nbsp; 5.125% | 1028000 | &nbsp;&nbsp; 1054417 |
| 12/01/2031 | &nbsp;&nbsp; 5.375% | 1951000 | &nbsp;&nbsp; 2021029 |
| 12/01/2034 | &nbsp;&nbsp; 5.500% | 3305000 | &nbsp;&nbsp; 3395634 |
| Beignet Investor LLC<sup>(a)</sup>  | Beignet Investor LLC<sup>(a)</sup>  | Beignet Investor LLC<sup>(a)</sup>  | Beignet Investor LLC<sup>(a)</sup>  |
| 05/30/2049 | &nbsp;&nbsp; 6.581% | 1566000 | &nbsp;&nbsp; 1657872 |
| Discovery Communications LLC | Discovery Communications LLC | Discovery Communications LLC | Discovery Communications LLC |
| 03/20/2028 | &nbsp;&nbsp; 3.950% | 3161000 | &nbsp;&nbsp; 2925485 |
| 05/15/2029 | &nbsp;&nbsp; 4.125% | 7170000 | &nbsp;&nbsp; 6939344 |
| 09/20/2037 | &nbsp;&nbsp; 5.000% | 4010000 | &nbsp;&nbsp; 3210512 |
| Lamar Media Corp. | Lamar Media Corp. | Lamar Media Corp. | Lamar Media Corp. |
| 02/15/2028 | &nbsp;&nbsp; 3.750% | 4625000 | &nbsp;&nbsp; 4538737 |
| Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
| 11/15/2032 | &nbsp;&nbsp; 4.600% | 5710000 | &nbsp;&nbsp; 5756855 |
| 11/15/2035 | &nbsp;&nbsp; 4.875% | 4000000 | &nbsp;&nbsp; 3996933 |
| 11/15/2045 | &nbsp;&nbsp; 5.500% | 1865000 | &nbsp;&nbsp; 1812644 |
| 11/15/2055 | &nbsp;&nbsp; 5.625% | 5140000 | &nbsp;&nbsp; 4941674 |
| 11/15/2065 | &nbsp;&nbsp; 5.750% | 2725000 | &nbsp;&nbsp; 2603138 |
| Nexstar Broadcasting, Inc.<sup>(a)</sup>  | Nexstar Broadcasting, Inc.<sup>(a)</sup>  | Nexstar Broadcasting, Inc.<sup>(a)</sup>  | Nexstar Broadcasting, Inc.<sup>(a)</sup>  |
| 11/01/2028 | &nbsp;&nbsp; 4.750% | 8635000 | &nbsp;&nbsp; 8569467 |
| TEGNA, Inc. | TEGNA, Inc. | TEGNA, Inc. | TEGNA, Inc. |
| 03/15/2028 | &nbsp;&nbsp; 4.625% | 6800000 | &nbsp;&nbsp; 6724431 |
| Viacom, Inc. | Viacom, Inc. | Viacom, Inc. | Viacom, Inc. |
| 03/15/2043 | &nbsp;&nbsp; 4.375% | 2183000 | &nbsp;&nbsp; 1519828 |
| Viacom, Inc.<sup>(f)</sup>  | Viacom, Inc.<sup>(f)</sup>  | Viacom, Inc.<sup>(f)</sup>  | Viacom, Inc.<sup>(f)</sup>  |
| Junior Subordinated | Junior Subordinated | Junior Subordinated | Junior Subordinated |
| 02/28/2057 | &nbsp;&nbsp; 6.250% | 3380000 | &nbsp;&nbsp; 3052567 |
| Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. |
| 03/15/2027 | &nbsp;&nbsp; 3.755% | 3982000 | &nbsp;&nbsp; 3910263 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **68630830** |
| **Metals and Mining 0.4%** | **Metals and Mining 0.4%** | **Metals and Mining 0.4%** | **Metals and Mining 0.4%** |
| Carpenter Technology Corp.<sup>(a)</sup>  | Carpenter Technology Corp.<sup>(a)</sup>  | Carpenter Technology Corp.<sup>(a)</sup>  | Carpenter Technology Corp.<sup>(a)</sup>  |
| 03/01/2034 | &nbsp;&nbsp; 5.625% | 1305000 | &nbsp;&nbsp; 1326558 |
| Commercial Metals Co.<sup>(a)</sup>  | Commercial Metals Co.<sup>(a)</sup>  | Commercial Metals Co.<sup>(a)</sup>  | Commercial Metals Co.<sup>(a)</sup>  |
| 12/15/2035 | &nbsp;&nbsp; 6.000% | 345000 | &nbsp;&nbsp; 353719 |
| Glencore Funding LLC<sup>(a)</sup>  | Glencore Funding LLC<sup>(a)</sup>  | Glencore Funding LLC<sup>(a)</sup>  | Glencore Funding LLC<sup>(a)</sup>  |
| 04/01/2030 | &nbsp;&nbsp; 5.186% | 2865000 | &nbsp;&nbsp; 2939074 |
| 04/04/2054 | &nbsp;&nbsp; 5.893% | 1120000 | &nbsp;&nbsp; 1115263 |
| Newmont Corp./Newcrest Finance Pty Ltd. | Newmont Corp./Newcrest Finance Pty Ltd. | Newmont Corp./Newcrest Finance Pty Ltd. | Newmont Corp./Newcrest Finance Pty Ltd. |
| 03/15/2034 | &nbsp;&nbsp; 5.350% | 4030000 | &nbsp;&nbsp; 4221929 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Rio Tinto Finance USA PLC | Rio Tinto Finance USA PLC | Rio Tinto Finance USA PLC | Rio Tinto Finance USA PLC |
| 03/14/2055 | &nbsp;&nbsp; 5.750% | 2368000 | &nbsp;&nbsp; 2413767 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **12370310** |
| **Midstream 1.9%** | **Midstream 1.9%** | **Midstream 1.9%** | **Midstream 1.9%** |
| Cheniere Energy, Inc. | Cheniere Energy, Inc. | Cheniere Energy, Inc. | Cheniere Energy, Inc. |
| 10/15/2028 | &nbsp;&nbsp; 4.625% | 4050000 | &nbsp;&nbsp; 4047417 |
| Columbia Pipelines Holding Co. LLC<sup>(a)</sup>  | Columbia Pipelines Holding Co. LLC<sup>(a)</sup>  | Columbia Pipelines Holding Co. LLC<sup>(a)</sup>  | Columbia Pipelines Holding Co. LLC<sup>(a)</sup>  |
| 11/17/2032 | &nbsp;&nbsp; 4.999% | 3460000 | &nbsp;&nbsp; 3461053 |
| Columbia Pipelines Operating Co. LLC<sup>(a)</sup>  | Columbia Pipelines Operating Co. LLC<sup>(a)</sup>  | Columbia Pipelines Operating Co. LLC<sup>(a)</sup>  | Columbia Pipelines Operating Co. LLC<sup>(a)</sup>  |
| 11/15/2033 | &nbsp;&nbsp; 6.036% | 3160000 | &nbsp;&nbsp; 3382676 |
| Eastern Energy Gas Holdings LLC | Eastern Energy Gas Holdings LLC | Eastern Energy Gas Holdings LLC | Eastern Energy Gas Holdings LLC |
| 10/15/2054 | &nbsp;&nbsp; 5.650% | 1489000 | &nbsp;&nbsp; 1441664 |
| Enbridge, Inc.<sup>(f)</sup>  | Enbridge, Inc.<sup>(f)</sup>  | Enbridge, Inc.<sup>(f)</sup>  | Enbridge, Inc.<sup>(f)</sup>  |
| 01/15/2077 | &nbsp;&nbsp; 6.000% | 8375000 | &nbsp;&nbsp; 8393948 |
| Energy Transfer LP<sup>(e),(f)</sup>  | Energy Transfer LP<sup>(e),(f)</sup>  | Energy Transfer LP<sup>(e),(f)</sup>  | Energy Transfer LP<sup>(e),(f)</sup>  |
|  | &nbsp;&nbsp; 6.625% | 4990000 | &nbsp;&nbsp; 4970501 |
| Junior Subordinated | Junior Subordinated | Junior Subordinated | Junior Subordinated |
|  | &nbsp;&nbsp; 6.500% | 8288000 | &nbsp;&nbsp; 8329702 |
| Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| 12/01/2033 | &nbsp;&nbsp; 6.550% | 5744000 | &nbsp;&nbsp; 6302933 |
| Energy Transfer Partners LP | Energy Transfer Partners LP | Energy Transfer Partners LP | Energy Transfer Partners LP |
| 12/15/2045 | &nbsp;&nbsp; 6.125% | 3345000 | &nbsp;&nbsp; 3290362 |
| Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC |
| 01/15/2036 | &nbsp;&nbsp; 5.200% | 1746000 | &nbsp;&nbsp; 1777044 |
| Northern Natural Gas Co.<sup>(a)</sup>  | Northern Natural Gas Co.<sup>(a)</sup>  | Northern Natural Gas Co.<sup>(a)</sup>  | Northern Natural Gas Co.<sup>(a)</sup>  |
| 02/01/2054 | &nbsp;&nbsp; 5.625% | 1510000 | &nbsp;&nbsp; 1451561 |
| Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. |
| 01/15/2036 | &nbsp;&nbsp; 5.600% | 2544000 | &nbsp;&nbsp; 2576478 |
| Sunoco LP<sup>(a)</sup>  | Sunoco LP<sup>(a)</sup>  | Sunoco LP<sup>(a)</sup>  | Sunoco LP<sup>(a)</sup>  |
| 05/01/2029 | &nbsp;&nbsp; 7.000% | 2629000 | &nbsp;&nbsp; 2741196 |
| 03/15/2034 | &nbsp;&nbsp; 5.875% | 3491000 | &nbsp;&nbsp; 3489001 |
| Venture Global Plaquemines LNG LLC<sup>(a)</sup>  | Venture Global Plaquemines LNG LLC<sup>(a)</sup>  | Venture Global Plaquemines LNG LLC<sup>(a)</sup>  | Venture Global Plaquemines LNG LLC<sup>(a)</sup>  |
| 06/15/2034 | &nbsp;&nbsp; 6.500% | 4881946 | &nbsp;&nbsp; 4990778 |
| 01/15/2036 | &nbsp;&nbsp; 6.750% | 3237000 | &nbsp;&nbsp; 3313159 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **63959473** |
| **Natural Gas 0.8%** | **Natural Gas 0.8%** | **Natural Gas 0.8%** | **Natural Gas 0.8%** |
| NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
| 07/15/2035 | &nbsp;&nbsp; 5.350% | 3272000 | &nbsp;&nbsp; 3348175 |
| Sempra Energy | Sempra Energy | Sempra Energy | Sempra Energy |
| 06/15/2027 | &nbsp;&nbsp; 3.250% | 4800000 | &nbsp;&nbsp; 4746392 |
| Sempra Energy<sup>(f)</sup>  | Sempra Energy<sup>(f)</sup>  | Sempra Energy<sup>(f)</sup>  | Sempra Energy<sup>(f)</sup>  |
| 04/01/2052 | &nbsp;&nbsp; 4.125% | 8678000 | &nbsp;&nbsp; 8519823 |
| Snam SpA<sup>(a)</sup>  | Snam SpA<sup>(a)</sup>  | Snam SpA<sup>(a)</sup>  | Snam SpA<sup>(a)</sup>  |
| 05/28/2055 | &nbsp;&nbsp; 6.500% | 2508000 | &nbsp;&nbsp; 2682740 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – American Century Diversified Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Southern Co Gas Capital Corp. | Southern Co Gas Capital Corp. | Southern Co Gas Capital Corp. | Southern Co Gas Capital Corp. |
| 09/15/2035 | &nbsp;&nbsp; 5.100% | 3600000 | &nbsp;&nbsp; 3628317 |
| Spire, Inc.<sup>(f)</sup>  | Spire, Inc.<sup>(f)</sup>  | Spire, Inc.<sup>(f)</sup>  | Spire, Inc.<sup>(f)</sup>  |
| 06/01/2056 | &nbsp;&nbsp; 6.250% | 5151000 | &nbsp;&nbsp; 5114561 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **28040008** |
| **Office REIT 0.3%** | **Office REIT 0.3%** | **Office REIT 0.3%** | **Office REIT 0.3%** |
| Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
| 02/15/2030 | &nbsp;&nbsp; 3.050% | 2040000 | &nbsp;&nbsp; 1895410 |
| 11/15/2032 | &nbsp;&nbsp; 2.500% | 2605000 | &nbsp;&nbsp; 2174305 |
| Piedmont Operating Partnership LP | Piedmont Operating Partnership LP | Piedmont Operating Partnership LP | Piedmont Operating Partnership LP |
| 07/15/2029 | &nbsp;&nbsp; 6.875% | 796000 | &nbsp;&nbsp; 846087 |
| 01/15/2033 | &nbsp;&nbsp; 5.625% | 6920000 | &nbsp;&nbsp; 7001897 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **11917699** |
| **Oil Field Services 0.1%** | **Oil Field Services 0.1%** | **Oil Field Services 0.1%** | **Oil Field Services 0.1%** |
| Enerflex, Inc.<sup>(a)</sup>  | Enerflex, Inc.<sup>(a)</sup>  | Enerflex, Inc.<sup>(a)</sup>  | Enerflex, Inc.<sup>(a)</sup>  |
| 01/15/2031 | &nbsp;&nbsp; 6.875% | 1778000 | &nbsp;&nbsp; 1817636 |
| **Other Financial Institutions 0.4%** | **Other Financial Institutions 0.4%** | **Other Financial Institutions 0.4%** | **Other Financial Institutions 0.4%** |
| Atlas Warehouse Lending Co. LP<sup>(a)</sup>  | Atlas Warehouse Lending Co. LP<sup>(a)</sup>  | Atlas Warehouse Lending Co. LP<sup>(a)</sup>  | Atlas Warehouse Lending Co. LP<sup>(a)</sup>  |
| 01/15/2030 | &nbsp;&nbsp; 6.250% | 5578000 | &nbsp;&nbsp; 5872863 |
| Atlas Warehouse Lending Co., LP<sup>(a)</sup>  | Atlas Warehouse Lending Co., LP<sup>(a)</sup>  | Atlas Warehouse Lending Co., LP<sup>(a)</sup>  | Atlas Warehouse Lending Co., LP<sup>(a)</sup>  |
| 11/15/2030 | &nbsp;&nbsp; 4.950% | 4320000 | &nbsp;&nbsp; 4333796 |
| PRA Group, Inc.<sup>(a)</sup>  | PRA Group, Inc.<sup>(a)</sup>  | PRA Group, Inc.<sup>(a)</sup>  | PRA Group, Inc.<sup>(a)</sup>  |
| 01/31/2030 | &nbsp;&nbsp; 8.875% | 1892000 | &nbsp;&nbsp; 1964903 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **12171562** |
| **Other Industry 0.1%** | **Other Industry 0.1%** | **Other Industry 0.1%** | **Other Industry 0.1%** |
| Leland Stanford Junior University (The) | Leland Stanford Junior University (The) | Leland Stanford Junior University (The) | Leland Stanford Junior University (The) |
| 03/01/2035 | &nbsp;&nbsp; 4.679% | 2500000 | &nbsp;&nbsp; 2520124 |
| **Other REIT 1.1%** | **Other REIT 1.1%** | **Other REIT 1.1%** | **Other REIT 1.1%** |
| American Assets Trust LP | American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |
| 02/01/2031 | &nbsp;&nbsp; 3.375% | 6870000 | &nbsp;&nbsp; 6264260 |
| Arbor Realty SR, Inc.<sup>(a)</sup>  | Arbor Realty SR, Inc.<sup>(a)</sup>  | Arbor Realty SR, Inc.<sup>(a)</sup>  | Arbor Realty SR, Inc.<sup>(a)</sup>  |
| 12/15/2028 | &nbsp;&nbsp; 8.500% | 3515000 | &nbsp;&nbsp; 3501878 |
| EPR Properties | EPR Properties | EPR Properties | EPR Properties |
| 04/15/2028 | &nbsp;&nbsp; 4.950% | 5065000 | &nbsp;&nbsp; 5104486 |
| Ladder Capital Finance Holdings LLLP/Corp.<sup>(a)</sup>  | Ladder Capital Finance Holdings LLLP/Corp.<sup>(a)</sup>  | Ladder Capital Finance Holdings LLLP/Corp.<sup>(a)</sup>  | Ladder Capital Finance Holdings LLLP/Corp.<sup>(a)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 4.750% | 6645000 | &nbsp;&nbsp; 6573541 |
| 07/15/2031 | &nbsp;&nbsp; 7.000% | 9635000 | &nbsp;&nbsp; 10215890 |
| Trust 2401<sup>(a)</sup>  | Trust 2401<sup>(a)</sup>  | Trust 2401<sup>(a)</sup>  | Trust 2401<sup>(a)</sup>  |
| 01/15/2030 | &nbsp;&nbsp; 4.869% | 547000 | &nbsp;&nbsp; 538436 |
| 01/23/2032 | &nbsp;&nbsp; 7.700% | 4888000 | &nbsp;&nbsp; 5404006 |
| Trust Fibra Uno<sup>(a)</sup>  | Trust Fibra Uno<sup>(a)</sup>  | Trust Fibra Uno<sup>(a)</sup>  | Trust Fibra Uno<sup>(a)</sup>  |
| 01/15/2030 | &nbsp;&nbsp; 4.869% | 283000 | &nbsp;&nbsp; 276889 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **37879386** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Pharmaceuticals 0.7%** | **Pharmaceuticals 0.7%** | **Pharmaceuticals 0.7%** | **Pharmaceuticals 0.7%** |
| Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
| 03/02/2053 | &nbsp;&nbsp; 5.650% | 4140000 | &nbsp;&nbsp; 4060885 |
| Biocon Biologics Global PLC<sup>(a)</sup>  | Biocon Biologics Global PLC<sup>(a)</sup>  | Biocon Biologics Global PLC<sup>(a)</sup>  | Biocon Biologics Global PLC<sup>(a)</sup>  |
| 10/09/2029 | &nbsp;&nbsp; 6.670% | 3565000 | &nbsp;&nbsp; 3587628 |
| Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. |
| 02/22/2054 | &nbsp;&nbsp; 5.550% | 3460000 | &nbsp;&nbsp; 3401168 |
| GENMAB A/S/FINANCE LLC<sup>(a)</sup>  | GENMAB A/S/FINANCE LLC<sup>(a)</sup>  | GENMAB A/S/FINANCE LLC<sup>(a)</sup>  | GENMAB A/S/FINANCE LLC<sup>(a)</sup>  |
| 12/15/2032 | &nbsp;&nbsp; 6.250% | 4125000 | &nbsp;&nbsp; 4228008 |
| 12/15/2033 | &nbsp;&nbsp; 7.250% | 1700000 | &nbsp;&nbsp; 1785690 |
| Merck & Co, Inc. | Merck & Co, Inc. | Merck & Co, Inc. | Merck & Co, Inc. |
| 09/15/2055 | &nbsp;&nbsp; 5.700% | 2379000 | &nbsp;&nbsp; 2404919 |
| Merck & Co., Inc. | Merck & Co., Inc. | Merck & Co., Inc. | Merck & Co., Inc. |
| 12/04/2035 | &nbsp;&nbsp; 4.750% | 3127000 | &nbsp;&nbsp; 3120478 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **22588776** |
| **Property & Casualty 0.9%** | **Property & Casualty 0.9%** | **Property & Casualty 0.9%** | **Property & Casualty 0.9%** |
| Asurion LLC and Asurion Co-Issuer, Inc.<sup>(a)</sup>  | Asurion LLC and Asurion Co-Issuer, Inc.<sup>(a)</sup>  | Asurion LLC and Asurion Co-Issuer, Inc.<sup>(a)</sup>  | Asurion LLC and Asurion Co-Issuer, Inc.<sup>(a)</sup>  |
| 12/31/2032 | &nbsp;&nbsp; 8.000% | 2125000 | &nbsp;&nbsp; 2206177 |
| Beacon Funding Trust<sup>(a)</sup>  | Beacon Funding Trust<sup>(a)</sup>  | Beacon Funding Trust<sup>(a)</sup>  | Beacon Funding Trust<sup>(a)</sup>  |
| 08/15/2054 | &nbsp;&nbsp; 6.266% | 2905000 | &nbsp;&nbsp; 2951244 |
| CNA Financial Corp. | CNA Financial Corp. | CNA Financial Corp. | CNA Financial Corp. |
| 08/15/2035 | &nbsp;&nbsp; 5.200% | 4757000 | &nbsp;&nbsp; 4781563 |
| Essent Group Ltd. | Essent Group Ltd. | Essent Group Ltd. | Essent Group Ltd. |
| 07/01/2029 | &nbsp;&nbsp; 6.250% | 8445000 | &nbsp;&nbsp; 8819254 |
| Liberty Mutual Group, Inc.<sup>(a),(f)</sup>  | Liberty Mutual Group, Inc.<sup>(a),(f)</sup>  | Liberty Mutual Group, Inc.<sup>(a),(f)</sup>  | Liberty Mutual Group, Inc.<sup>(a),(f)</sup>  |
| Junior Subordinated | Junior Subordinated | Junior Subordinated | Junior Subordinated |
| 12/15/2051 | &nbsp;&nbsp; 4.125% | 4180000 | &nbsp;&nbsp; 4118587 |
| NMI Holdings, Inc. | NMI Holdings, Inc. | NMI Holdings, Inc. | NMI Holdings, Inc. |
| 08/15/2029 | &nbsp;&nbsp; 6.000% | 8205000 | &nbsp;&nbsp; 8512318 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **31389143** |
| **Retailers 0.6%** | **Retailers 0.6%** | **Retailers 0.6%** | **Retailers 0.6%** |
| Advance Auto Parts, Inc.<sup>(a)</sup>  | Advance Auto Parts, Inc.<sup>(a)</sup>  | Advance Auto Parts, Inc.<sup>(a)</sup>  | Advance Auto Parts, Inc.<sup>(a)</sup>  |
| 08/01/2030 | &nbsp;&nbsp; 7.000% | 389000 | &nbsp;&nbsp; 391628 |
| 08/01/2033 | &nbsp;&nbsp; 7.375% | 5555000 | &nbsp;&nbsp; 5590657 |
| Gildan Activewear, Inc.<sup>(a)</sup>  | Gildan Activewear, Inc.<sup>(a)</sup>  | Gildan Activewear, Inc.<sup>(a)</sup>  | Gildan Activewear, Inc.<sup>(a)</sup>  |
| 10/07/2030 | &nbsp;&nbsp; 4.700% | 2860000 | &nbsp;&nbsp; 2847394 |
| 10/07/2035 | &nbsp;&nbsp; 5.400% | 3840000 | &nbsp;&nbsp; 3827293 |
| Lowe's Cos, Inc. | Lowe's Cos, Inc. | Lowe's Cos, Inc. | Lowe's Cos, Inc. |
| 10/15/2032 | &nbsp;&nbsp; 4.500% | 3805000 | &nbsp;&nbsp; 3785777 |
| 10/15/2035 | &nbsp;&nbsp; 4.850% | 5595000 | &nbsp;&nbsp; 5548530 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **21991279** |
| **Technology 2.2%** | **Technology 2.2%** | **Technology 2.2%** | **Technology 2.2%** |
| Concentrix Corp. | Concentrix Corp. | Concentrix Corp. | Concentrix Corp. |
| 08/02/2028 | &nbsp;&nbsp; 6.600% | 8130000 | &nbsp;&nbsp; 8392825 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – American Century Diversified Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CoreWeave, Inc.<sup>(a)</sup>  | CoreWeave, Inc.<sup>(a)</sup>  | CoreWeave, Inc.<sup>(a)</sup>  | CoreWeave, Inc.<sup>(a)</sup>  |
| 06/01/2030 | &nbsp;&nbsp; 9.250% | 6728000 | &nbsp;&nbsp; 6257808 |
| Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |
| 04/01/2032 | &nbsp;&nbsp; 5.300% | 1584000 | &nbsp;&nbsp; 1628891 |
| Foundry JV Holdco LLC<sup>(a)</sup>  | Foundry JV Holdco LLC<sup>(a)</sup>  | Foundry JV Holdco LLC<sup>(a)</sup>  | Foundry JV Holdco LLC<sup>(a)</sup>  |
| 01/25/2031 | &nbsp;&nbsp; 5.500% | 4982000 | &nbsp;&nbsp; 5144354 |
| 01/25/2034 | &nbsp;&nbsp; 5.875% | 1835000 | &nbsp;&nbsp; 1887217 |
| 01/25/2035 | &nbsp;&nbsp; 6.250% | 3595000 | &nbsp;&nbsp; 3815035 |
| 01/25/2036 | &nbsp;&nbsp; 6.100% | 2683000 | &nbsp;&nbsp; 2809638 |
| 01/25/2039 | &nbsp;&nbsp; 6.300% | 4971000 | &nbsp;&nbsp; 5246613 |
| Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
| 02/21/2034 | &nbsp;&nbsp; 5.150% | 2760000 | &nbsp;&nbsp; 2792218 |
| 02/21/2054 | &nbsp;&nbsp; 5.600% | 2010000 | &nbsp;&nbsp; 1857581 |
| Kyndryl Holdings, Inc. | Kyndryl Holdings, Inc. | Kyndryl Holdings, Inc. | Kyndryl Holdings, Inc. |
| 10/15/2031 | &nbsp;&nbsp; 3.150% | 3750000 | &nbsp;&nbsp; 3423490 |
| Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. |
| 01/15/2031 | &nbsp;&nbsp; 5.300% | 5920000 | &nbsp;&nbsp; 6132720 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 09/26/2032 | &nbsp;&nbsp; 4.800% | 12020000 | &nbsp;&nbsp; 11608062 |
| 09/26/2035 | &nbsp;&nbsp; 5.200% | 8135000 | &nbsp;&nbsp; 7809186 |
| 09/27/2064 | &nbsp;&nbsp; 5.500% | 2149000 | &nbsp;&nbsp; 1719021 |
| Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
| 04/01/2032 | &nbsp;&nbsp; 5.000% | 6192000 | &nbsp;&nbsp; 6322546 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **76847205** |
| **Transportation Services 0.5%** | **Transportation Services 0.5%** | **Transportation Services 0.5%** | **Transportation Services 0.5%** |
| GXO Logistics, Inc. | GXO Logistics, Inc. | GXO Logistics, Inc. | GXO Logistics, Inc. |
| 05/06/2029 | &nbsp;&nbsp; 6.250% | 6948000 | &nbsp;&nbsp; 7321606 |
| 05/06/2034 | &nbsp;&nbsp; 6.500% | 2067000 | &nbsp;&nbsp; 2233692 |
| Yinson Bergenia Production BV<sup>(a)</sup>  | Yinson Bergenia Production BV<sup>(a)</sup>  | Yinson Bergenia Production BV<sup>(a)</sup>  | Yinson Bergenia Production BV<sup>(a)</sup>  |
| 01/31/2045 | &nbsp;&nbsp; 8.498% | 6645000 | &nbsp;&nbsp; 6972394 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **16527692** |
| **Wireless 0.3%** | **Wireless 0.3%** | **Wireless 0.3%** | **Wireless 0.3%** |
| American Tower Corp. | American Tower Corp. | American Tower Corp. | American Tower Corp. |
| 03/15/2035 | &nbsp;&nbsp; 5.350% | 2626000 | &nbsp;&nbsp; 2693333 |
| Sprint Capital Corp. | Sprint Capital Corp. | Sprint Capital Corp. | Sprint Capital Corp. |
| 11/15/2028 | &nbsp;&nbsp; 6.875% | 2808000 | &nbsp;&nbsp; 3013847 |
| T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
| 12/15/2033 | &nbsp;&nbsp; 6.700% | 4412000 | &nbsp;&nbsp; 4943190 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **10650370** |
| **Wirelines 0.3%** | **Wirelines 0.3%** | **Wirelines 0.3%** | **Wirelines 0.3%** |
| Frontier Communications Holdings LLC<sup>(a)</sup>  | Frontier Communications Holdings LLC<sup>(a)</sup>  | Frontier Communications Holdings LLC<sup>(a)</sup>  | Frontier Communications Holdings LLC<sup>(a)</sup>  |
| 03/15/2031 | &nbsp;&nbsp; 8.625% | 7654000 | &nbsp;&nbsp; 8062781 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
| 01/15/2033 | &nbsp;&nbsp; 4.750% |  | 1295000 | &nbsp;&nbsp; 1294025 |
| 11/30/2055 | &nbsp;&nbsp; 5.875% |  | 1562000 | &nbsp;&nbsp; 1544231 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **10901037** |
| Total Corporate Bonds & Notes <br>(Cost $1,346,882,453) | Total Corporate Bonds & Notes <br>(Cost $1,346,882,453) | Total Corporate Bonds & Notes <br>(Cost $1,346,882,453) | Total Corporate Bonds & Notes <br>(Cost $1,346,882,453) | &nbsp;&nbsp; **1354650425** |
| **Foreign Government Obligations**<sup>(g),(h)</sup> **3.2%** | **Foreign Government Obligations**<sup>(g),(h)</sup> **3.2%** | **Foreign Government Obligations**<sup>(g),(h)</sup> **3.2%** | **Foreign Government Obligations**<sup>(g),(h)</sup> **3.2%** | **Foreign Government Obligations**<sup>(g),(h)</sup> **3.2%** |
| **Brazil 0.2%** | **Brazil 0.2%** | **Brazil 0.2%** | **Brazil 0.2%** | **Brazil 0.2%** |
| Brazilian Government International Bond | Brazilian Government International Bond | Brazilian Government International Bond | Brazilian Government International Bond | Brazilian Government International Bond |
| 03/15/2035 | &nbsp;&nbsp; 6.625% |  | 8344000 | &nbsp;&nbsp; 8597497 |
| **Canada 0.2%** | **Canada 0.2%** | **Canada 0.2%** | **Canada 0.2%** | **Canada 0.2%** |
| Antares Holdings LP<sup>(a)</sup>  | Antares Holdings LP<sup>(a)</sup>  | Antares Holdings LP<sup>(a)</sup>  | Antares Holdings LP<sup>(a)</sup>  | Antares Holdings LP<sup>(a)</sup>  |
| 10/23/2029 | &nbsp;&nbsp; 6.350% |  | 6690000 | &nbsp;&nbsp; 6821910 |
| **Colombia 0.3%** | **Colombia 0.3%** | **Colombia 0.3%** | **Colombia 0.3%** | **Colombia 0.3%** |
| Colombia Government International Bond | Colombia Government International Bond | Colombia Government International Bond | Colombia Government International Bond | Colombia Government International Bond |
| 11/14/2035 | &nbsp;&nbsp; 8.000% |  | 562000 | &nbsp;&nbsp; 598662 |
| 11/07/2036 | &nbsp;&nbsp; 7.750% |  | 995000 | &nbsp;&nbsp; 1037312 |
| Ecopetrol SA | Ecopetrol SA | Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
| 02/01/2032 | &nbsp;&nbsp; 7.750% |  | 5249000 | &nbsp;&nbsp; 5382074 |
| Grupo Energia Bogota SA ESP<sup>(a)</sup>  | Grupo Energia Bogota SA ESP<sup>(a)</sup>  | Grupo Energia Bogota SA ESP<sup>(a)</sup>  | Grupo Energia Bogota SA ESP<sup>(a)</sup>  | Grupo Energia Bogota SA ESP<sup>(a)</sup>  |
| 10/22/2035 | &nbsp;&nbsp; 5.750% |  | 2142000 | &nbsp;&nbsp; 2116647 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **9134695** |
| **Mexico 1.1%** | **Mexico 1.1%** | **Mexico 1.1%** | **Mexico 1.1%** | **Mexico 1.1%** |
| Eagle Funding Luxco Sarl<sup>(a)</sup>  | Eagle Funding Luxco Sarl<sup>(a)</sup>  | Eagle Funding Luxco Sarl<sup>(a)</sup>  | Eagle Funding Luxco Sarl<sup>(a)</sup>  | Eagle Funding Luxco Sarl<sup>(a)</sup>  |
| 08/17/2030 | &nbsp;&nbsp; 5.500% |  | 12412000 | &nbsp;&nbsp; 12640544 |
| FIEMEX Energia - Banco Actinver SA Institucion de Banca<sup>(a)</sup>  | FIEMEX Energia - Banco Actinver SA Institucion de Banca<sup>(a)</sup>  | FIEMEX Energia - Banco Actinver SA Institucion de Banca<sup>(a)</sup>  | FIEMEX Energia - Banco Actinver SA Institucion de Banca<sup>(a)</sup>  | FIEMEX Energia - Banco Actinver SA Institucion de Banca<sup>(a)</sup>  |
| 01/31/2041 | &nbsp;&nbsp; 7.250% |  | 3221130 | &nbsp;&nbsp; 3380707 |
| Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
| 01/28/2031 | &nbsp;&nbsp; 5.950% |  | 20840000 | &nbsp;&nbsp; 20165221 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **36186472** |
| **Saudi Arabia 0.2%** | **Saudi Arabia 0.2%** | **Saudi Arabia 0.2%** | **Saudi Arabia 0.2%** | **Saudi Arabia 0.2%** |
| Avilease Capital Ltd.<sup>(a)</sup>  | Avilease Capital Ltd.<sup>(a)</sup>  | Avilease Capital Ltd.<sup>(a)</sup>  | Avilease Capital Ltd.<sup>(a)</sup>  | Avilease Capital Ltd.<sup>(a)</sup>  |
| 11/12/2030 | &nbsp;&nbsp; 4.750% |  | 5875000 | &nbsp;&nbsp; 5834692 |
| **United Kingdom 1.2%** | **United Kingdom 1.2%** | **United Kingdom 1.2%** | **United Kingdom 1.2%** | **United Kingdom 1.2%** |
| United Kingdom Gilt<sup>(a)</sup>  | United Kingdom Gilt<sup>(a)</sup>  | United Kingdom Gilt<sup>(a)</sup>  | United Kingdom Gilt<sup>(a)</sup>  | United Kingdom Gilt<sup>(a)</sup>  |
| 07/31/2034 | &nbsp;&nbsp; 4.250% | GBP | 6300000 | &nbsp;&nbsp; 8394218 |
| 03/07/2035 | &nbsp;&nbsp; 4.500% | GBP | 20000000 | &nbsp;&nbsp; 27011495 |
| 07/31/2035 | &nbsp;&nbsp; 0.625% | GBP | 7800000 | &nbsp;&nbsp; 7398232 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **42803945** |
| Total Foreign Government Obligations <br>(Cost $107,592,689) | Total Foreign Government Obligations <br>(Cost $107,592,689) | Total Foreign Government Obligations <br>(Cost $107,592,689) | Total Foreign Government Obligations <br>(Cost $107,592,689) | &nbsp;&nbsp; **109379211** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – American Century Diversified Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Municipal Bonds 1.0%** | **Municipal Bonds 1.0%** | **Municipal Bonds 1.0%** | **Municipal Bonds 1.0%** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Higher Education 0.1%** | **Higher Education 0.1%** | **Higher Education 0.1%** | **Higher Education 0.1%** |
| California State University | California State University | California State University | California State University |
| Taxable Refunding Revenue Bonds | Taxable Refunding Revenue Bonds | Taxable Refunding Revenue Bonds | Taxable Refunding Revenue Bonds |
| Series 2020B | Series 2020B | Series 2020B | Series 2020B |
| 11/01/2051 | &nbsp;&nbsp; 2.975% | 2250000 | &nbsp;&nbsp; 1502453 |
| Massachusetts Institute of Technology | Massachusetts Institute of Technology | Massachusetts Institute of Technology | Massachusetts Institute of Technology |
| Series 2025 | Series 2025 | Series 2025 | Series 2025 |
| 06/01/2055 | &nbsp;&nbsp; 5.618% | 925000 | &nbsp;&nbsp; 950854 |
| University of California | University of California | University of California | University of California |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Taxable | Taxable | Taxable | Taxable |
| Series 2021BJ | Series 2021BJ | Series 2021BJ | Series 2021BJ |
| 05/15/2051 | &nbsp;&nbsp; 3.071% | 1255000 | &nbsp;&nbsp; 851457 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3304764** |
| **Hospital 0.1%** | **Hospital 0.1%** | **Hospital 0.1%** | **Hospital 0.1%** |
| Escambia County Health Facilities Authority | Escambia County Health Facilities Authority | Escambia County Health Facilities Authority | Escambia County Health Facilities Authority |
| Taxable Refunding Revenue Bonds | Taxable Refunding Revenue Bonds | Taxable Refunding Revenue Bonds | Taxable Refunding Revenue Bonds |
| Health Care Facilities | Health Care Facilities | Health Care Facilities | Health Care Facilities |
| Series 2020 (AGM) | Series 2020 (AGM) | Series 2020 (AGM) | Series 2020 (AGM) |
| 08/15/2040 | &nbsp;&nbsp; 3.607% | 2170000 | &nbsp;&nbsp; 1795587 |
| Regents of the University of California Medical Center | Regents of the University of California Medical Center | Regents of the University of California Medical Center | Regents of the University of California Medical Center |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Taxable | Taxable | Taxable | Taxable |
| Series 2020N | Series 2020N | Series 2020N | Series 2020N |
| 05/15/2060 | &nbsp;&nbsp; 3.256% | 1595000 | &nbsp;&nbsp; 1034023 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2829610** |
| **Local Appropriation 0.0%** | **Local Appropriation 0.0%** | **Local Appropriation 0.0%** | **Local Appropriation 0.0%** |
| United Nations Development Corp. | United Nations Development Corp. | United Nations Development Corp. | United Nations Development Corp. |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| Series 2025A | Series 2025A | Series 2025A | Series 2025A |
| 08/01/2055 | &nbsp;&nbsp; 6.536% | 530000 | &nbsp;&nbsp; 565546 |
| **Local General Obligation 0.1%** | **Local General Obligation 0.1%** | **Local General Obligation 0.1%** | **Local General Obligation 0.1%** |
| City of Houston | City of Houston | City of Houston | City of Houston |
| Limited General Obligation Bonds | Limited General Obligation Bonds | Limited General Obligation Bonds | Limited General Obligation Bonds |
| Taxable | Taxable | Taxable | Taxable |
| Series 2017 | Series 2017 | Series 2017 | Series 2017 |
| 03/01/2047 | &nbsp;&nbsp; 3.961% | 800000 | &nbsp;&nbsp; 688495 |
| City of New York | City of New York | City of New York | City of New York |
| Unlimited General Obligation Bonds | Unlimited General Obligation Bonds | Unlimited General Obligation Bonds | Unlimited General Obligation Bonds |
| Series 2023B-1 | Series 2023B-1 | Series 2023B-1 | Series 2023B-1 |
| 10/01/2053 | &nbsp;&nbsp; 5.828% | 3000000 | &nbsp;&nbsp; 3087407 |
| Los Angeles Community College District | Los Angeles Community College District | Los Angeles Community College District | Los Angeles Community College District |
| Unlimited General Obligation Bonds | Unlimited General Obligation Bonds | Unlimited General Obligation Bonds | Unlimited General Obligation Bonds |
| Build America Bonds | Build America Bonds | Build America Bonds | Build America Bonds |
| Series 2010 | Series 2010 | Series 2010 | Series 2010 |
| 08/01/2049 | &nbsp;&nbsp; 6.750% | 800000 | &nbsp;&nbsp; 887151 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **4663053** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Municipal Power 0.1%** | **Municipal Power 0.1%** | **Municipal Power 0.1%** | **Municipal Power 0.1%** |
| Texas Natural Gas Securitization Finance | Texas Natural Gas Securitization Finance | Texas Natural Gas Securitization Finance | Texas Natural Gas Securitization Finance |
| Customer Rate Relief Bonds | Customer Rate Relief Bonds | Customer Rate Relief Bonds | Customer Rate Relief Bonds |
| Winter Storm Uri | Winter Storm Uri | Winter Storm Uri | Winter Storm Uri |
| Series 2023 | Series 2023 | Series 2023 | Series 2023 |
| 04/01/2041 | &nbsp;&nbsp; 5.169% | 2635000 | &nbsp;&nbsp; 2687305 |
| **Other Bond Issue 0.0%** | **Other Bond Issue 0.0%** | **Other Bond Issue 0.0%** | **Other Bond Issue 0.0%** |
| Sumter Landing Community Development District | Sumter Landing Community Development District | Sumter Landing Community Development District | Sumter Landing Community Development District |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Series 2025 (ACA) | Series 2025 (ACA) | Series 2025 (ACA) | Series 2025 (ACA) |
| 10/01/2040 | &nbsp;&nbsp; 5.568% | 530000 | &nbsp;&nbsp; 549132 |
| 10/01/2045 | &nbsp;&nbsp; 5.743% | 805000 | &nbsp;&nbsp; 823792 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1372924** |
| **Ports 0.1%** | **Ports 0.1%** | **Ports 0.1%** | **Ports 0.1%** |
| Port Authority of New York & New Jersey | Port Authority of New York & New Jersey | Port Authority of New York & New Jersey | Port Authority of New York & New Jersey |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Consolidated 168th | Consolidated 168th | Consolidated 168th | Consolidated 168th |
| Series 2011 | Series 2011 | Series 2011 | Series 2011 |
| 10/01/2051 | &nbsp;&nbsp; 4.926% | 2000000 | &nbsp;&nbsp; 1862630 |
| **Refunded / Escrowed 0.0%** | **Refunded / Escrowed 0.0%** | **Refunded / Escrowed 0.0%** | **Refunded / Escrowed 0.0%** |
| New York State Dormitory Authority | New York State Dormitory Authority | New York State Dormitory Authority | New York State Dormitory Authority |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| Series 2020F Escrowed to Maturity | Series 2020F Escrowed to Maturity | Series 2020F Escrowed to Maturity | Series 2020F Escrowed to Maturity |
| 02/15/2043 | &nbsp;&nbsp; 3.190% | 1265000 | &nbsp;&nbsp; 974667 |
| **Special Non Property Tax 0.1%** | **Special Non Property Tax 0.1%** | **Special Non Property Tax 0.1%** | **Special Non Property Tax 0.1%** |
| Missouri Highway & Transportation Commission | Missouri Highway & Transportation Commission | Missouri Highway & Transportation Commission | Missouri Highway & Transportation Commission |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Build America Bonds | Build America Bonds | Build America Bonds | Build America Bonds |
| Series 2009 | Series 2009 | Series 2009 | Series 2009 |
| 05/01/2033 | &nbsp;&nbsp; 5.445% | 1700000 | &nbsp;&nbsp; 1743765 |
| **Special Property Tax 0.0%** | **Special Property Tax 0.0%** | **Special Property Tax 0.0%** | **Special Property Tax 0.0%** |
| Sumter Landing Community Development District | Sumter Landing Community Development District | Sumter Landing Community Development District | Sumter Landing Community Development District |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Series 2025 (ACA) | Series 2025 (ACA) | Series 2025 (ACA) | Series 2025 (ACA) |
| 10/01/2054 | &nbsp;&nbsp; 5.823% | 1470000 | &nbsp;&nbsp; 1487849 |
| **State Appropriated 0.1%** | **State Appropriated 0.1%** | **State Appropriated 0.1%** | **State Appropriated 0.1%** |
| Michigan Strategic Fund | Michigan Strategic Fund | Michigan Strategic Fund | Michigan Strategic Fund |
| Taxable Revenue Bonds | Taxable Revenue Bonds | Taxable Revenue Bonds | Taxable Revenue Bonds |
| Flint Water Advocacy Fund | Flint Water Advocacy Fund | Flint Water Advocacy Fund | Flint Water Advocacy Fund |
| Series 2021 | Series 2021 | Series 2021 | Series 2021 |
| 09/01/2047 | &nbsp;&nbsp; 3.225% | 3550000 | &nbsp;&nbsp; 2722597 |
| **Tobacco 0.1%** | **Tobacco 0.1%** | **Tobacco 0.1%** | **Tobacco 0.1%** |
| Golden State Tobacco Securitization Corp. | Golden State Tobacco Securitization Corp. | Golden State Tobacco Securitization Corp. | Golden State Tobacco Securitization Corp. |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Taxable | Taxable | Taxable | Taxable |
| Series 2021 | Series 2021 | Series 2021 | Series 2021 |
| 06/01/2034 | &nbsp;&nbsp; 2.746% | 3015000 | &nbsp;&nbsp; 2680836 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – American Century Diversified Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Turnpike / Bridge / Toll Road 0.2%** | **Turnpike / Bridge / Toll Road 0.2%** | **Turnpike / Bridge / Toll Road 0.2%** | **Turnpike / Bridge / Toll Road 0.2%** |
| Foothill-Eastern Transportation Corridor Agency | Foothill-Eastern Transportation Corridor Agency | Foothill-Eastern Transportation Corridor Agency | Foothill-Eastern Transportation Corridor Agency |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| Taxable Toll Road | Taxable Toll Road | Taxable Toll Road | Taxable Toll Road |
| Series 2019A | Series 2019A | Series 2019A | Series 2019A |
| 01/15/2049 | &nbsp;&nbsp; 4.094% | 3035000 | &nbsp;&nbsp; 2479226 |
| Ohio Turnpike & Infrastructure Commission | Ohio Turnpike & Infrastructure Commission | Ohio Turnpike & Infrastructure Commission | Ohio Turnpike & Infrastructure Commission |
| Taxable Refunding Revenue Bonds | Taxable Refunding Revenue Bonds | Taxable Refunding Revenue Bonds | Taxable Refunding Revenue Bonds |
| Junior Lien - Infrastructure Projects | Junior Lien - Infrastructure Projects | Junior Lien - Infrastructure Projects | Junior Lien - Infrastructure Projects |
| Series 2020 | Series 2020 | Series 2020 | Series 2020 |
| 02/15/2048 | &nbsp;&nbsp; 3.216% | 2640000 | &nbsp;&nbsp; 1946320 |
| Pennsylvania Turnpike Commission | Pennsylvania Turnpike Commission | Pennsylvania Turnpike Commission | Pennsylvania Turnpike Commission |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Series 2010B (BAM) | Series 2010B (BAM) | Series 2010B (BAM) | Series 2010B (BAM) |
| 12/01/2045 | &nbsp;&nbsp; 5.511% | 1295000 | &nbsp;&nbsp; 1288821 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **5714367** |
| **Water & Sewer 0.0%** | **Water & Sewer 0.0%** | **Water & Sewer 0.0%** | **Water & Sewer 0.0%** |
| Metropolitan St. Louis Sewer District | Metropolitan St. Louis Sewer District | Metropolitan St. Louis Sewer District | Metropolitan St. Louis Sewer District |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| Series 2019C | Series 2019C | Series 2019C | Series 2019C |
| 05/01/2045 | &nbsp;&nbsp; 3.259% | 1650000 | &nbsp;&nbsp; 1310749 |
| Total Municipal Bonds <br>(Cost $38,684,304) | Total Municipal Bonds <br>(Cost $38,684,304) | Total Municipal Bonds <br>(Cost $38,684,304) | &nbsp;&nbsp; **33920662** |
| **Residential Mortgage-Backed Securities - Agency 29.6%** | **Residential Mortgage-Backed Securities - Agency 29.6%** | **Residential Mortgage-Backed Securities - Agency 29.6%** | **Residential Mortgage-Backed Securities - Agency 29.6%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Fannie Mae Pool | Fannie Mae Pool | Fannie Mae Pool | Fannie Mae Pool |
| 04/01/2054 | &nbsp;&nbsp; 4.500% | 32293670 | &nbsp;&nbsp; 31609124 |
| Fannie Mae REMICS<sup>(i)</sup>  | Fannie Mae REMICS<sup>(i)</sup>  | Fannie Mae REMICS<sup>(i)</sup>  | Fannie Mae REMICS<sup>(i)</sup>  |
| CMO Series 2023-39 Class AI | CMO Series 2023-39 Class AI | CMO Series 2023-39 Class AI | CMO Series 2023-39 Class AI |
| 07/25/2052 | &nbsp;&nbsp; 2.000% | 47027286 | &nbsp;&nbsp; 5979595 |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| 02/01/2038- <br>01/01/2053<br>| &nbsp;&nbsp; 6.000% | 24718625 | &nbsp;&nbsp; 25553442 |
| 02/01/2049- <br>05/01/2052<br>| &nbsp;&nbsp; 3.500% | 20234899 | &nbsp;&nbsp; 18914846 |
| 10/01/2050- <br>05/01/2051<br>| &nbsp;&nbsp; 2.500% | 14151941 | &nbsp;&nbsp; 12080940 |
| 07/01/2051- <br>02/01/2052<br>| &nbsp;&nbsp; 3.000% | 24027593 | &nbsp;&nbsp; 21433584 |
| 08/01/2051 | &nbsp;&nbsp; 2.000% | 8496060 | &nbsp;&nbsp; 6928968 |
| 05/01/2052- <br>05/01/2053<br>| &nbsp;&nbsp; 4.000% | 56760808 | &nbsp;&nbsp; 54312181 |
| 08/01/2052 | &nbsp;&nbsp; 5.000% | 6466167 | &nbsp;&nbsp; 6532344 |
| 10/01/2052 | &nbsp;&nbsp; 4.500% | 18127652 | &nbsp;&nbsp; 17785551 |
| 12/01/2052- <br>04/01/2054<br>| &nbsp;&nbsp; 5.500% | 13908123 | &nbsp;&nbsp; 14207336 |
| 11/01/2053- <br>05/01/2054<br>| &nbsp;&nbsp; 6.500% | 19768043 | &nbsp;&nbsp; 20634801 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 12/01/2033- <br>05/01/2054<br>| &nbsp;&nbsp; 6.000% | 56096890 | &nbsp;&nbsp; 57947942 |
| 04/01/2039- <br>09/01/2052<br>| &nbsp;&nbsp; 4.500% | 11008164 | &nbsp;&nbsp; 10908928 |
| 05/01/2039- <br>01/01/2053<br>| &nbsp;&nbsp; 6.500% | 11228938 | &nbsp;&nbsp; 11708028 |
| 12/01/2040- <br>06/01/2052<br>| &nbsp;&nbsp; 3.500% | 32303171 | &nbsp;&nbsp; 30267714 |
| 08/01/2041- <br>05/01/2052<br>| &nbsp;&nbsp; 4.000% | 30094681 | &nbsp;&nbsp; 28795870 |
| 05/01/2050- <br>05/01/2052<br>| &nbsp;&nbsp; 3.000% | 72428481 | &nbsp;&nbsp; 64955840 |
| 06/01/2050- <br>02/01/2052<br>| &nbsp;&nbsp; 2.500% | 72269097 | &nbsp;&nbsp; 62321973 |
| 07/01/2051- <br>03/01/2052<br>| &nbsp;&nbsp; 2.000% | 25206083 | &nbsp;&nbsp; 20599159 |
| 08/01/2052- <br>01/01/2053<br>| &nbsp;&nbsp; 5.000% | 35490103 | &nbsp;&nbsp; 35618996 |
| 10/01/2052- <br>03/01/2054<br>| &nbsp;&nbsp; 5.500% | 56813195 | &nbsp;&nbsp; 57821514 |
| Federal National Mortgage Association<sup>(b)</sup>  | Federal National Mortgage Association<sup>(b)</sup>  | Federal National Mortgage Association<sup>(b)</sup>  | Federal National Mortgage Association<sup>(b)</sup>  |
| 12-month Term SOFR + 1.610% <br>Floor 1.610%, Cap 8.168% <br>03/01/2047<br>| &nbsp;&nbsp; 3.168% | 653282 | &nbsp;&nbsp; 660016 |
| 12-month Term SOFR + 1.610% <br>Floor 1.610%, Cap 8.105% <br>04/01/2047<br>| &nbsp;&nbsp; 3.105% | 636439 | &nbsp;&nbsp; 642471 |
| CMO Series 2005-106 Class UF | CMO Series 2005-106 Class UF | CMO Series 2005-106 Class UF | CMO Series 2005-106 Class UF |
| 30-day Average SOFR + 0.414% <br>Floor 0.300%, Cap 7.000% <br>11/25/2035<br>| &nbsp;&nbsp; 4.289% | 93059 | &nbsp;&nbsp; 92779 |
| Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| 02/15/2040- <br>04/20/2054<br>| &nbsp;&nbsp; 4.500% | 56298207 | &nbsp;&nbsp; 55212662 |
| 03/15/2040- <br>12/20/2054<br>| &nbsp;&nbsp; 5.000% | 12951544 | &nbsp;&nbsp; 12969481 |
| 11/20/2040- <br>04/20/2054<br>| &nbsp;&nbsp; 4.000% | 63918080 | &nbsp;&nbsp; 60771356 |
| 06/20/2042- <br>05/20/2052<br>| &nbsp;&nbsp; 3.500% | 11209350 | &nbsp;&nbsp; 10352583 |
| 05/20/2050- <br>11/20/2051<br>| &nbsp;&nbsp; 3.000% | 27010597 | &nbsp;&nbsp; 24312013 |
| Government National Mortgage Association TBA<sup>(j)</sup>  | Government National Mortgage Association TBA<sup>(j)</sup>  | Government National Mortgage Association TBA<sup>(j)</sup>  | Government National Mortgage Association TBA<sup>(j)</sup>  |
| 01/22/2056 | &nbsp;&nbsp; 5.000% | 17468000 | &nbsp;&nbsp; 17426713 |
| Uniform Mortgage-Backed Security TBA<sup>(j)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(j)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(j)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(j)</sup>  |
| 01/14/2056 | &nbsp;&nbsp; 3.500% | 56380000 | &nbsp;&nbsp; 52118465 |
| 01/14/2056 | &nbsp;&nbsp; 5.000% | 121729000 | &nbsp;&nbsp; 121386637 |
| 01/14/2056 | &nbsp;&nbsp; 5.500% | 42530000 | &nbsp;&nbsp; 43124680 |
| Total Residential Mortgage-Backed Securities - Agency <br>(Cost $1,011,799,629) | Total Residential Mortgage-Backed Securities - Agency <br>(Cost $1,011,799,629) | Total Residential Mortgage-Backed Securities - Agency <br>(Cost $1,011,799,629) | &nbsp;&nbsp; **1015988532** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – American Century Diversified Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency 9.8%** | **Residential Mortgage-Backed Securities - Non-Agency 9.8%** | **Residential Mortgage-Backed Securities - Non-Agency 9.8%** | **Residential Mortgage-Backed Securities - Non-Agency 9.8%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Angel Oak Mortgage Trust<sup>(a),(c)</sup>  | Angel Oak Mortgage Trust<sup>(a),(c)</sup>  | Angel Oak Mortgage Trust<sup>(a),(c)</sup>  | Angel Oak Mortgage Trust<sup>(a),(c)</sup>  |
| CMO Series 2019-5 Class M1 | CMO Series 2019-5 Class M1 | CMO Series 2019-5 Class M1 | CMO Series 2019-5 Class M1 |
| 10/25/2049 | &nbsp;&nbsp; 3.304% | 5000000 | &nbsp;&nbsp; 4852564 |
| Angel Oak Mortgage Trust<sup>(a),(f)</sup>  | Angel Oak Mortgage Trust<sup>(a),(f)</sup>  | Angel Oak Mortgage Trust<sup>(a),(f)</sup>  | Angel Oak Mortgage Trust<sup>(a),(f)</sup>  |
| CMO Series 2024-3 Class A1 | CMO Series 2024-3 Class A1 | CMO Series 2024-3 Class A1 | CMO Series 2024-3 Class A1 |
| 11/26/2068 | &nbsp;&nbsp; 4.800% | 2211370 | &nbsp;&nbsp; 2209625 |
| Bravo Residential Funding Trust<sup>(a),(f)</sup>  | Bravo Residential Funding Trust<sup>(a),(f)</sup>  | Bravo Residential Funding Trust<sup>(a),(f)</sup>  | Bravo Residential Funding Trust<sup>(a),(f)</sup>  |
| CMO Series 2025-NQM3 Class A1 | CMO Series 2025-NQM3 Class A1 | CMO Series 2025-NQM3 Class A1 | CMO Series 2025-NQM3 Class A1 |
| 03/25/2065 | &nbsp;&nbsp; 5.573% | 2744162 | &nbsp;&nbsp; 2768964 |
| BRAVO Residential Funding Trust<sup>(a),(f)</sup>  | BRAVO Residential Funding Trust<sup>(a),(f)</sup>  | BRAVO Residential Funding Trust<sup>(a),(f)</sup>  | BRAVO Residential Funding Trust<sup>(a),(f)</sup>  |
| CMO Series 2024-CES1 Class A1A | CMO Series 2024-CES1 Class A1A | CMO Series 2024-CES1 Class A1A | CMO Series 2024-CES1 Class A1A |
| 03/25/2054 | &nbsp;&nbsp; 6.377% | 1365789 | &nbsp;&nbsp; 1383840 |
| CMO Series 2024-NQM1 Class A2 | CMO Series 2024-NQM1 Class A2 | CMO Series 2024-NQM1 Class A2 | CMO Series 2024-NQM1 Class A2 |
| 12/01/2063 | &nbsp;&nbsp; 6.096% | 1457712 | &nbsp;&nbsp; 1468658 |
| CMO Series 2024-NQM2 Class A1 | CMO Series 2024-NQM2 Class A1 | CMO Series 2024-NQM2 Class A1 | CMO Series 2024-NQM2 Class A1 |
| 02/25/2064 | &nbsp;&nbsp; 6.285% | 4484219 | &nbsp;&nbsp; 4540320 |
| BRAVO Trust<sup>(a),(f)</sup>  | BRAVO Trust<sup>(a),(f)</sup>  | BRAVO Trust<sup>(a),(f)</sup>  | BRAVO Trust<sup>(a),(f)</sup>  |
| CMO Series 2025-SR1 Class A1 | CMO Series 2025-SR1 Class A1 | CMO Series 2025-SR1 Class A1 | CMO Series 2025-SR1 Class A1 |
| 03/25/2030 | &nbsp;&nbsp; 3.000% | 11055203 | &nbsp;&nbsp; 10722216 |
| Chase Home Lending Mortgage Trust<sup>(a),(c)</sup>  | Chase Home Lending Mortgage Trust<sup>(a),(c)</sup>  | Chase Home Lending Mortgage Trust<sup>(a),(c)</sup>  | Chase Home Lending Mortgage Trust<sup>(a),(c)</sup>  |
| CMO Series 2024-9 Class A4 | CMO Series 2024-9 Class A4 | CMO Series 2024-9 Class A4 | CMO Series 2024-9 Class A4 |
| 09/25/2055 | &nbsp;&nbsp; 5.500% | 3783734 | &nbsp;&nbsp; 3797574 |
| CMO Series 2024-9 Class A6 | CMO Series 2024-9 Class A6 | CMO Series 2024-9 Class A6 | CMO Series 2024-9 Class A6 |
| 09/25/2055 | &nbsp;&nbsp; 5.500% | 1125723 | &nbsp;&nbsp; 1125288 |
| CHNGE Mortgage Trust<sup>(a),(f)</sup>  | CHNGE Mortgage Trust<sup>(a),(f)</sup>  | CHNGE Mortgage Trust<sup>(a),(f)</sup>  | CHNGE Mortgage Trust<sup>(a),(f)</sup>  |
| CMO Series 2022-NQM1 Class A2 | CMO Series 2022-NQM1 Class A2 | CMO Series 2022-NQM1 Class A2 | CMO Series 2022-NQM1 Class A2 |
| 06/25/2067 | &nbsp;&nbsp; 5.820% | 3069742 | &nbsp;&nbsp; 3063190 |
| Citigroup Mortgage Loan Trust<sup>(a),(c)</sup>  | Citigroup Mortgage Loan Trust<sup>(a),(c)</sup>  | Citigroup Mortgage Loan Trust<sup>(a),(c)</sup>  | Citigroup Mortgage Loan Trust<sup>(a),(c)</sup>  |
| CMO Series 2024-1 Class A7A | CMO Series 2024-1 Class A7A | CMO Series 2024-1 Class A7A | CMO Series 2024-1 Class A7A |
| 07/25/2054 | &nbsp;&nbsp; 6.000% | 4005183 | &nbsp;&nbsp; 4036366 |
| CMO Series 2024-CMI1 Class A11 | CMO Series 2024-CMI1 Class A11 | CMO Series 2024-CMI1 Class A11 | CMO Series 2024-CMI1 Class A11 |
| 06/25/2054 | &nbsp;&nbsp; 5.500% | 6055680 | &nbsp;&nbsp; 6078855 |
| CMO Series 2024-CMI1 Class A5 | CMO Series 2024-CMI1 Class A5 | CMO Series 2024-CMI1 Class A5 | CMO Series 2024-CMI1 Class A5 |
| 06/25/2054 | &nbsp;&nbsp; 5.500% | 2263170 | &nbsp;&nbsp; 2264022 |
| COLT Mortgage Loan Trust<sup>(a),(f)</sup>  | COLT Mortgage Loan Trust<sup>(a),(f)</sup>  | COLT Mortgage Loan Trust<sup>(a),(f)</sup>  | COLT Mortgage Loan Trust<sup>(a),(f)</sup>  |
| CMO Series 2024-4 Class A2 | CMO Series 2024-4 Class A2 | CMO Series 2024-4 Class A2 | CMO Series 2024-4 Class A2 |
| 07/25/2069 | &nbsp;&nbsp; 6.202% | 5356750 | &nbsp;&nbsp; 5427469 |
| Connecticut Avenue Securities Trust<sup>(a),(b)</sup>  | Connecticut Avenue Securities Trust<sup>(a),(b)</sup>  | Connecticut Avenue Securities Trust<sup>(a),(b)</sup>  | Connecticut Avenue Securities Trust<sup>(a),(b)</sup>  |
| CMO Series 2023-R05 Class 1M1 | CMO Series 2023-R05 Class 1M1 | CMO Series 2023-R05 Class 1M1 | CMO Series 2023-R05 Class 1M1 |
| 30-day Average SOFR + 1.900% <br>Floor 1.900% <br>06/25/2043<br>| &nbsp;&nbsp; 5.774% | 1242457 | &nbsp;&nbsp; 1251868 |
| CMO Series 2024-R06 Class 1M2 | CMO Series 2024-R06 Class 1M2 | CMO Series 2024-R06 Class 1M2 | CMO Series 2024-R06 Class 1M2 |
| 30-day Average SOFR + 1.600% <br>Floor 1.600% <br>09/25/2044<br>| &nbsp;&nbsp; 5.474% | 5100000 | &nbsp;&nbsp; 5101581 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Eagle RE Ltd.<sup>(a),(b)</sup>  | Eagle RE Ltd.<sup>(a),(b)</sup>  | Eagle RE Ltd.<sup>(a),(b)</sup>  | Eagle RE Ltd.<sup>(a),(b)</sup>  |
| CMO Series 2023-1 Class M1A | CMO Series 2023-1 Class M1A | CMO Series 2023-1 Class M1A | CMO Series 2023-1 Class M1A |
| 30-day Average SOFR + 2.000% <br>Floor 2.000% <br>09/26/2033<br>| &nbsp;&nbsp; 5.874% | 804426 | &nbsp;&nbsp; 805417 |
| GS Mortgage-Backed Securities Trust<sup>(a),(c)</sup>  | GS Mortgage-Backed Securities Trust<sup>(a),(c)</sup>  | GS Mortgage-Backed Securities Trust<sup>(a),(c)</sup>  | GS Mortgage-Backed Securities Trust<sup>(a),(c)</sup>  |
| CMO Series 2025-PJ3 Class A4 | CMO Series 2025-PJ3 Class A4 | CMO Series 2025-PJ3 Class A4 | CMO Series 2025-PJ3 Class A4 |
| 07/25/2055 | &nbsp;&nbsp; 6.000% | 4670940 | &nbsp;&nbsp; 4726735 |
| JP Morgan Mortgage Trust<sup>(a),(c)</sup>  | JP Morgan Mortgage Trust<sup>(a),(c)</sup>  | JP Morgan Mortgage Trust<sup>(a),(c)</sup>  | JP Morgan Mortgage Trust<sup>(a),(c)</sup>  |
| CMO Series 2025-11 Class A4 | CMO Series 2025-11 Class A4 | CMO Series 2025-11 Class A4 | CMO Series 2025-11 Class A4 |
| 05/25/2056 | &nbsp;&nbsp; 5.500% | 12964000 | &nbsp;&nbsp; 13054952 |
| JP Morgan Mortgage Trust Series<sup>(a),(f)</sup>  | JP Morgan Mortgage Trust Series<sup>(a),(f)</sup>  | JP Morgan Mortgage Trust Series<sup>(a),(f)</sup>  | JP Morgan Mortgage Trust Series<sup>(a),(f)</sup>  |
| CMO Series 2025-CES7 Class A1A | CMO Series 2025-CES7 Class A1A | CMO Series 2025-CES7 Class A1A | CMO Series 2025-CES7 Class A1A |
| 04/25/2056 | &nbsp;&nbsp; 5.055% | 6375000 | &nbsp;&nbsp; 6388205 |
| JPMorgan Mortgage Trust<sup>(c)</sup>  | JPMorgan Mortgage Trust<sup>(c)</sup>  | JPMorgan Mortgage Trust<sup>(c)</sup>  | JPMorgan Mortgage Trust<sup>(c)</sup>  |
| CMO Series 2005-S2 Class 3A1 | CMO Series 2005-S2 Class 3A1 | CMO Series 2005-S2 Class 3A1 | CMO Series 2005-S2 Class 3A1 |
| 02/25/2032 | &nbsp;&nbsp; 7.174% | 123694 | &nbsp;&nbsp; 121896 |
| CMO Series 2006-A4 Class 3A1 | CMO Series 2006-A4 Class 3A1 | CMO Series 2006-A4 Class 3A1 | CMO Series 2006-A4 Class 3A1 |
| 06/25/2036 | &nbsp;&nbsp; 4.525% | 649667 | &nbsp;&nbsp; 422935 |
| JPMorgan Mortgage Trust<sup>(a),(c)</sup>  | JPMorgan Mortgage Trust<sup>(a),(c)</sup>  | JPMorgan Mortgage Trust<sup>(a),(c)</sup>  | JPMorgan Mortgage Trust<sup>(a),(c)</sup>  |
| CMO Series 2023-7 Class A4A | CMO Series 2023-7 Class A4A | CMO Series 2023-7 Class A4A | CMO Series 2023-7 Class A4A |
| 02/25/2054 | &nbsp;&nbsp; 5.500% | 9278404 | &nbsp;&nbsp; 9320917 |
| CMO Series 2024-10 Class A4 | CMO Series 2024-10 Class A4 | CMO Series 2024-10 Class A4 | CMO Series 2024-10 Class A4 |
| 03/25/2055 | &nbsp;&nbsp; 5.500% | 3830215 | &nbsp;&nbsp; 3847594 |
| CMO Series 2024-10 Class A6 | CMO Series 2024-10 Class A6 | CMO Series 2024-10 Class A6 | CMO Series 2024-10 Class A6 |
| 03/25/2055 | &nbsp;&nbsp; 5.500% | 2333665 | &nbsp;&nbsp; 2336218 |
| CMO Series 2024-11 Class A4 | CMO Series 2024-11 Class A4 | CMO Series 2024-11 Class A4 | CMO Series 2024-11 Class A4 |
| 04/25/2055 | &nbsp;&nbsp; 6.000% | 6139612 | &nbsp;&nbsp; 6199430 |
| CMO Series 2024-12 Class A3 | CMO Series 2024-12 Class A3 | CMO Series 2024-12 Class A3 | CMO Series 2024-12 Class A3 |
| 06/25/2055 | &nbsp;&nbsp; 5.500% | 7979919 | &nbsp;&nbsp; 8070627 |
| CMO Series 2024-12 Class A4 | CMO Series 2024-12 Class A4 | CMO Series 2024-12 Class A4 | CMO Series 2024-12 Class A4 |
| 06/25/2055 | &nbsp;&nbsp; 6.000% | 11049091 | &nbsp;&nbsp; 11160595 |
| CMO Series 2024-5 Class A6 | CMO Series 2024-5 Class A6 | CMO Series 2024-5 Class A6 | CMO Series 2024-5 Class A6 |
| 11/25/2054 | &nbsp;&nbsp; 6.000% | 2682200 | &nbsp;&nbsp; 2689345 |
| CMO Series 2024-6 Class A6 | CMO Series 2024-6 Class A6 | CMO Series 2024-6 Class A6 | CMO Series 2024-6 Class A6 |
| 12/25/2054 | &nbsp;&nbsp; 6.000% | 1189426 | &nbsp;&nbsp; 1189441 |
| CMO Series 2024-CCM1 Class A4A | CMO Series 2024-CCM1 Class A4A | CMO Series 2024-CCM1 Class A4A | CMO Series 2024-CCM1 Class A4A |
| 04/25/2055 | &nbsp;&nbsp; 5.500% | 9355147 | &nbsp;&nbsp; 9403201 |
| CMO Series 2024-INV1 Class A4 | CMO Series 2024-INV1 Class A4 | CMO Series 2024-INV1 Class A4 | CMO Series 2024-INV1 Class A4 |
| 04/25/2055 | &nbsp;&nbsp; 6.000% | 3932862 | &nbsp;&nbsp; 3992269 |
| CMO Series 2025-CCM1 Class A4 | CMO Series 2025-CCM1 Class A4 | CMO Series 2025-CCM1 Class A4 | CMO Series 2025-CCM1 Class A4 |
| 06/25/2055 | &nbsp;&nbsp; 5.500% | 11886889 | &nbsp;&nbsp; 11955531 |
| JPMorgan Mortgage Trust<sup>(a),(f)</sup>  | JPMorgan Mortgage Trust<sup>(a),(f)</sup>  | JPMorgan Mortgage Trust<sup>(a),(f)</sup>  | JPMorgan Mortgage Trust<sup>(a),(f)</sup>  |
| CMO Series 2025 Class A1A | CMO Series 2025 Class A1A | CMO Series 2025 Class A1A | CMO Series 2025 Class A1A |
| 02/25/2056 | &nbsp;&nbsp; 5.136% | 14732802 | &nbsp;&nbsp; 14789974 |
| CMO Series 2025-7MPR Class A3 | CMO Series 2025-7MPR Class A3 | CMO Series 2025-7MPR Class A3 | CMO Series 2025-7MPR Class A3 |
| 02/25/2056 | &nbsp;&nbsp; 5.848% | 5145410 | &nbsp;&nbsp; 5150237 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – American Century Diversified Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2025-MPR Class A1D | CMO Series 2025-MPR Class A1D | CMO Series 2025-MPR Class A1D | CMO Series 2025-MPR Class A1D |
| 11/25/2055 | &nbsp;&nbsp; 5.500% | 6454802 | &nbsp;&nbsp; 6481175 |
| MFA Trust<sup>(a),(f)</sup>  | MFA Trust<sup>(a),(f)</sup>  | MFA Trust<sup>(a),(f)</sup>  | MFA Trust<sup>(a),(f)</sup>  |
| CMO Series 2023-NQM3 Class A1 | CMO Series 2023-NQM3 Class A1 | CMO Series 2023-NQM3 Class A1 | CMO Series 2023-NQM3 Class A1 |
| 07/25/2068 | &nbsp;&nbsp; 6.617% | 5925331 | &nbsp;&nbsp; 5957329 |
| CMO Series 2024-NQM1 Class A1 | CMO Series 2024-NQM1 Class A1 | CMO Series 2024-NQM1 Class A1 | CMO Series 2024-NQM1 Class A1 |
| 03/25/2069 | &nbsp;&nbsp; 6.579% | 980485 | &nbsp;&nbsp; 993995 |
| CMO Series 2024-NQM1 Class A2 | CMO Series 2024-NQM1 Class A2 | CMO Series 2024-NQM1 Class A2 | CMO Series 2024-NQM1 Class A2 |
| 03/25/2069 | &nbsp;&nbsp; 6.832% | 3229256 | &nbsp;&nbsp; 3272504 |
| Morgan Stanley Residential Mortgage Loan Trust<sup>(a),(c)</sup>  | Morgan Stanley Residential Mortgage Loan Trust<sup>(a),(c)</sup>  | Morgan Stanley Residential Mortgage Loan Trust<sup>(a),(c)</sup>  | Morgan Stanley Residential Mortgage Loan Trust<sup>(a),(c)</sup>  |
| CMO Series 2023-2 Class A4 | CMO Series 2023-2 Class A4 | CMO Series 2023-2 Class A4 | CMO Series 2023-2 Class A4 |
| 06/25/2053 | &nbsp;&nbsp; 6.000% | 10662650 | &nbsp;&nbsp; 10709085 |
| OBX Trust<sup>(a),(f)</sup>  | OBX Trust<sup>(a),(f)</sup>  | OBX Trust<sup>(a),(f)</sup>  | OBX Trust<sup>(a),(f)</sup>  |
| CMO Series 2024-NQM8 Class A1 | CMO Series 2024-NQM8 Class A1 | CMO Series 2024-NQM8 Class A1 | CMO Series 2024-NQM8 Class A1 |
| 05/25/2064 | &nbsp;&nbsp; 6.233% | 3908777 | &nbsp;&nbsp; 3965498 |
| OBX Trust<sup>(a),(c)</sup>  | OBX Trust<sup>(a),(c)</sup>  | OBX Trust<sup>(a),(c)</sup>  | OBX Trust<sup>(a),(c)</sup>  |
| CMO Series 2025-J3 Class A5 | CMO Series 2025-J3 Class A5 | CMO Series 2025-J3 Class A5 | CMO Series 2025-J3 Class A5 |
| 10/25/2055 | &nbsp;&nbsp; 5.000% | 8560950 | &nbsp;&nbsp; 8548617 |
| PMT Loan Trust<sup>(a),(c)</sup>  | PMT Loan Trust<sup>(a),(c)</sup>  | PMT Loan Trust<sup>(a),(c)</sup>  | PMT Loan Trust<sup>(a),(c)</sup>  |
| CMO Series 2025-J3 Class A8 | CMO Series 2025-J3 Class A8 | CMO Series 2025-J3 Class A8 | CMO Series 2025-J3 Class A8 |
| 11/27/2056 | &nbsp;&nbsp; 5.500% | 8598126 | &nbsp;&nbsp; 8645610 |
| CMO Series 2025-J5 Class A5 | CMO Series 2025-J5 Class A5 | CMO Series 2025-J5 Class A5 | CMO Series 2025-J5 Class A5 |
| 01/25/2057 | &nbsp;&nbsp; 5.500% | 12750000 | &nbsp;&nbsp; 12822110 |
| PRKCM Trust<sup>(a),(f)</sup>  | PRKCM Trust<sup>(a),(f)</sup>  | PRKCM Trust<sup>(a),(f)</sup>  | PRKCM Trust<sup>(a),(f)</sup>  |
| CMO Series 2024-HOME1 Class A1 | CMO Series 2024-HOME1 Class A1 | CMO Series 2024-HOME1 Class A1 | CMO Series 2024-HOME1 Class A1 |
| 05/25/2059 | &nbsp;&nbsp; 6.431% | 4053336 | &nbsp;&nbsp; 4118313 |
| Provident Funding Mortgage Trust<sup>(a),(c)</sup>  | Provident Funding Mortgage Trust<sup>(a),(c)</sup>  | Provident Funding Mortgage Trust<sup>(a),(c)</sup>  | Provident Funding Mortgage Trust<sup>(a),(c)</sup>  |
| CMO Series 2024-1 Class A3 | CMO Series 2024-1 Class A3 | CMO Series 2024-1 Class A3 | CMO Series 2024-1 Class A3 |
| 12/25/2054 | &nbsp;&nbsp; 5.500% | 7162160 | &nbsp;&nbsp; 7202253 |
| CMO Series 2025-2 Class A4 | CMO Series 2025-2 Class A4 | CMO Series 2025-2 Class A4 | CMO Series 2025-2 Class A4 |
| 06/25/2055 | &nbsp;&nbsp; 5.500% | 8852230 | &nbsp;&nbsp; 8902253 |
| RCKT Mortgage Trust<sup>(a)</sup>  | RCKT Mortgage Trust<sup>(a)</sup>  | RCKT Mortgage Trust<sup>(a)</sup>  | RCKT Mortgage Trust<sup>(a)</sup>  |
| CMO Series 2024-CES1 Class A1A | CMO Series 2024-CES1 Class A1A | CMO Series 2024-CES1 Class A1A | CMO Series 2024-CES1 Class A1A |
| 02/25/2044 | &nbsp;&nbsp; 6.025% | 4005194 | &nbsp;&nbsp; 4038088 |
| RCKT Mortgage Trust<sup>(a),(f)</sup>  | RCKT Mortgage Trust<sup>(a),(f)</sup>  | RCKT Mortgage Trust<sup>(a),(f)</sup>  | RCKT Mortgage Trust<sup>(a),(f)</sup>  |
| CMO Series 2024-CES4 Class A1A | CMO Series 2024-CES4 Class A1A | CMO Series 2024-CES4 Class A1A | CMO Series 2024-CES4 Class A1A |
| 06/25/2044 | &nbsp;&nbsp; 6.147% | 4386032 | &nbsp;&nbsp; 4444531 |
| CMO Series 2024-CES9 Class A1A | CMO Series 2024-CES9 Class A1A | CMO Series 2024-CES9 Class A1A | CMO Series 2024-CES9 Class A1A |
| 12/25/2044 | &nbsp;&nbsp; 5.582% | 9847771 | &nbsp;&nbsp; 9948552 |
| Santander Mortgage Asset Receivable Trust<sup>(a),(f)</sup>  | Santander Mortgage Asset Receivable Trust<sup>(a),(f)</sup>  | Santander Mortgage Asset Receivable Trust<sup>(a),(f)</sup>  | Santander Mortgage Asset Receivable Trust<sup>(a),(f)</sup>  |
| CMO Series 2025-CES1 Class A1A | CMO Series 2025-CES1 Class A1A | CMO Series 2025-CES1 Class A1A | CMO Series 2025-CES1 Class A1A |
| 09/25/2055 | &nbsp;&nbsp; 5.036% | 15510747 | &nbsp;&nbsp; 15503179 |
| Sequoia Mortgage Trust<sup>(a),(c)</sup>  | Sequoia Mortgage Trust<sup>(a),(c)</sup>  | Sequoia Mortgage Trust<sup>(a),(c)</sup>  | Sequoia Mortgage Trust<sup>(a),(c)</sup>  |
| CMO Series 2024-10 Class A11 | CMO Series 2024-10 Class A11 | CMO Series 2024-10 Class A11 | CMO Series 2024-10 Class A11 |
| 11/25/2054 | &nbsp;&nbsp; 5.500% | 1380523 | &nbsp;&nbsp; 1382055 |
| CMO Series 2024-10 Class A5 | CMO Series 2024-10 Class A5 | CMO Series 2024-10 Class A5 | CMO Series 2024-10 Class A5 |
| 11/25/2054 | &nbsp;&nbsp; 5.500% | 2287190 | &nbsp;&nbsp; 2297567 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2024-6 Class A11 | CMO Series 2024-6 Class A11 | CMO Series 2024-6 Class A11 | CMO Series 2024-6 Class A11 |
| 07/27/2054 | &nbsp;&nbsp; 6.000% | 5108442 | &nbsp;&nbsp; 5125098 |
| CMO Series 2024-7 Class A5 | CMO Series 2024-7 Class A5 | CMO Series 2024-7 Class A5 | CMO Series 2024-7 Class A5 |
| 08/25/2054 | &nbsp;&nbsp; 6.000% | 3547459 | &nbsp;&nbsp; 3581676 |
| CMO Series 2024-9 Class A5 | CMO Series 2024-9 Class A5 | CMO Series 2024-9 Class A5 | CMO Series 2024-9 Class A5 |
| 10/25/2054 | &nbsp;&nbsp; 5.500% | 1400393 | &nbsp;&nbsp; 1405860 |
| CMO Series 2025-11 Class A5 | CMO Series 2025-11 Class A5 | CMO Series 2025-11 Class A5 | CMO Series 2025-11 Class A5 |
| 11/25/2055 | &nbsp;&nbsp; 5.000% | 16093197 | &nbsp;&nbsp; 16069089 |
| Towd Point Mortgage Trust<sup>(a),(c)</sup>  | Towd Point Mortgage Trust<sup>(a),(c)</sup>  | Towd Point Mortgage Trust<sup>(a),(c)</sup>  | Towd Point Mortgage Trust<sup>(a),(c)</sup>  |
| CMO Series 2024-CES1 Class A1A | CMO Series 2024-CES1 Class A1A | CMO Series 2024-CES1 Class A1A | CMO Series 2024-CES1 Class A1A |
| 01/25/2064 | &nbsp;&nbsp; 5.848% | 3912334 | &nbsp;&nbsp; 3933564 |
| Verus Securitization Trust<sup>(a),(f)</sup>  | Verus Securitization Trust<sup>(a),(f)</sup>  | Verus Securitization Trust<sup>(a),(f)</sup>  | Verus Securitization Trust<sup>(a),(f)</sup>  |
| CMO Series 2024-4 Class A1 | CMO Series 2024-4 Class A1 | CMO Series 2024-4 Class A1 | CMO Series 2024-4 Class A1 |
| 06/25/2069 | &nbsp;&nbsp; 6.218% | 2729666 | &nbsp;&nbsp; 2767870 |
| CMO Series 2024-5 Class A1 | CMO Series 2024-5 Class A1 | CMO Series 2024-5 Class A1 | CMO Series 2024-5 Class A1 |
| 06/25/2069 | &nbsp;&nbsp; 6.192% | 7749378 | &nbsp;&nbsp; 7869306 |
| Total Residential Mortgage-Backed Securities - Non-Agency <br>(Cost $333,599,387) | Total Residential Mortgage-Backed Securities - Non-Agency <br>(Cost $333,599,387) | Total Residential Mortgage-Backed Securities - Non-Agency <br>(Cost $333,599,387) | &nbsp;&nbsp; **335703096** |
| **U.S. Treasury Obligations 11.7%** | **U.S. Treasury Obligations 11.7%** | **U.S. Treasury Obligations 11.7%** | **U.S. Treasury Obligations 11.7%** |
| U.S. Treasury | U.S. Treasury | U.S. Treasury | U.S. Treasury |
| 10/31/2027 | &nbsp;&nbsp; 3.500% | 38000000 | &nbsp;&nbsp; 38010391 |
| 05/31/2030 | &nbsp;&nbsp; 4.000% | 16000000 | &nbsp;&nbsp; 16205000 |
| 08/31/2030 | &nbsp;&nbsp; 3.625% | 94000000 | &nbsp;&nbsp; 93676875 |
| 08/31/2030 | &nbsp;&nbsp; 4.125% | 10600000 | &nbsp;&nbsp; 10787156 |
| 10/31/2030 | &nbsp;&nbsp; 3.625% | 15000000 | &nbsp;&nbsp; 14940234 |
| 11/30/2030 | &nbsp;&nbsp; 3.500% | 61000000 | &nbsp;&nbsp; 60404297 |
| 11/30/2030 | &nbsp;&nbsp; 4.375% | 79000000 | &nbsp;&nbsp; 81289766 |
| 02/28/2031 | &nbsp;&nbsp; 4.250% | 55000000 | &nbsp;&nbsp; 56276172 |
| U.S. Treasury<sup>(k)</sup>  | U.S. Treasury<sup>(k)</sup>  | U.S. Treasury<sup>(k)</sup>  | U.S. Treasury<sup>(k)</sup>  |
| 12/15/2027 | &nbsp;&nbsp; 4.000% | 3000000 | &nbsp;&nbsp; 3029297 |
| 06/15/2028 | &nbsp;&nbsp; 3.875% | 26000000 | &nbsp;&nbsp; 26221406 |
| Total U.S. Treasury Obligations <br>(Cost $400,095,879) | Total U.S. Treasury Obligations <br>(Cost $400,095,879) | Total U.S. Treasury Obligations <br>(Cost $400,095,879) | &nbsp;&nbsp; **400840594** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| **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>(l),(m)</sup> <br>| &nbsp;&nbsp; 83396553 | &nbsp;&nbsp; 83371534 |
| Total Money Market Funds <br>(Cost $83,371,534) | Total Money Market Funds <br>(Cost $83,371,534) | &nbsp;&nbsp; **83371534** |
| **Total Investments in Securities** <br>**(Cost: $3,634,379,628)** | **Total Investments in Securities** <br>**(Cost: $3,634,379,628)** | &nbsp;&nbsp; **3638603037** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **(209740287)**<br>|
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **3428862750** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – American Century Diversified Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

At December 31, 2025, securities and/or cash totaling $28,391,032 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>|
| 31,999,322 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 42,858,525 USD | Citi | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (267025)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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>|
| U.S. Long Bond | 564 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 65194875 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (521570)<br>|
| U.S. Treasury 10-Year Note | 761 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 85564938 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (308184)<br>|
| U.S. Treasury Ultra 10-Year Note | 519 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 59693109 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (38501)<br>|
| U.S. Treasury Ultra Bond | 1507 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 177826000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2627119)<br>|
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3495374)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** |
| **Reference** <br>**entity**<br>| **Counterparty** | **Maturity** <br>**date**<br>| **Receive** <br>**fixed** <br>**rate** <br>**(%)**<br>| **Payment** <br>**frequency**<br>| **Implied** <br>**credit** <br>**spread** <br>**(%)\***<br>| **Notional** <br>**currency**<br>| **Notional** <br>**amount** <br>| **Value** <br>**($)**<br>| **Upfront** <br>**payments** <br>**($)**<br>| **Upfront** <br>**receipts** <br>**($)**<br>| **Unrealized** <br>**appreciation** <br>**($)**<br>| **Unrealized** <br>**depreciation** <br>**($)**<br>|
| CDX North America High <br> Yield Index, Series 45<br>| Goldman Sachs | 12/20/2030 | 5.000 | Quarterly | 3.153 | USD | 55000000 | 151214 |  |  | 151214 |  |

---

\* Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At December 31, 2025, the total value of these securities amounted to $1,288,033,338, which represents 37.56% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable rate security. The interest rate shown was the current rate as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents a security in default.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Perpetual security with no specified maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Principal amounts are denominated in United States Dollars unless otherwise noted.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Principal and interest may not be guaranteed by a governmental entity.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Represents interest only securities which have the right to receive the monthly interest payments on an underlying pool of mortgage loans.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Represents a security purchased on a when-issued basis.

&nbsp;&nbsp;&nbsp;&nbsp;(k) 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;(l) 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.

CTIVP<sup>®</sup> – American Century Diversified Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Notes to Portfolio of Investments (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;(m) 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% |
|  | 164837732 | &nbsp;&nbsp; 1664741476 | &nbsp;&nbsp; (1746207674)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 83371534 | &nbsp;&nbsp; (4659)<br>| &nbsp;&nbsp; 3819512 | &nbsp;&nbsp; 83396553 |

---

**Abbreviation Legend** 

---

| | |
|:---|:---|
| ACA | ACA Financial Guaranty Corporation |
| AGM | Assured Guaranty Municipal Corporation |
| BAM | Build America Mutual Assurance Co. |
| CMO | Collateralized Mortgage Obligation |
| SOFR | Secured Overnight Financing Rate |
| TBA | To Be Announced |

---

**Currency Legend** 

GBP British Pound <br> 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 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.

CTIVP<sup>®</sup> – American Century Diversified Bond 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** |  |  |  |  |
| Asset-Backed Securities - Non-Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 232884203 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 232884203 |
| Commercial Mortgage-Backed Securities - Non-Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 71864780 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 71864780 |
| Corporate Bonds & Notes |  | &nbsp;&nbsp;&nbsp;&nbsp; 1354650425 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1354650425 |
| Foreign Government Obligations |  | &nbsp;&nbsp;&nbsp;&nbsp; 109379211 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 109379211 |
| Municipal Bonds |  | &nbsp;&nbsp;&nbsp;&nbsp; 33920662 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33920662 |
| Residential Mortgage-Backed Securities - Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 1015988532 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1015988532 |
| Residential Mortgage-Backed Securities - Non-Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 335703096 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 335703096 |
| U.S. Treasury Obligations |  | &nbsp;&nbsp;&nbsp;&nbsp; 400840594 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 400840594 |
| Money Market Funds | 83371534 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 83371534 |
| Total Investments in Securities | 83371534 | &nbsp;&nbsp;&nbsp;&nbsp; 3555231503 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3638603037 |
| **Investments in Derivatives** |  |  |  |  |
| Asset |  |  |  |  |
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; 151214 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 151214 |
| Liability |  |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; (267025)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (267025)<br>|
| Futures Contracts | (3495374)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3495374)<br>|
| Total | 79876160 | &nbsp;&nbsp;&nbsp;&nbsp; 3555115692 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3634991852 |

---

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.

Derivative instruments are valued at unrealized appreciation (depreciation).

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – American Century Diversified Bond 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 $3,551,008,094) | $3555231503 |
| Affiliated issuers (cost $83,371,534) | 83371534 |
| Foreign currency (cost $2) | 1 |
| Receivable for: |  |
| Investments sold | 638141 |
| Capital shares sold | 426 |
| Dividends | 272018 |
| Interest | 30156495 |
| Foreign tax reclaims | 85425 |
| Prepaid expenses | 11112 |
| Total assets | 3669766655 |
| **Liabilities** |  |
| Due to custodian | 828087 |
| Unrealized depreciation on forward foreign currency exchange contracts | 267025 |
| Cash collateral due to broker for: |  |
| TBA | 719000 |
| Payable for: |  |
| Investments purchased on a delayed delivery basis | 233865980 |
| Capital shares redeemed | 3823116 |
| Variation margin for futures contracts | 940391 |
| Variation margin for swap contracts | 31944 |
| Management services fees | 44726 |
| Distribution and/or service fees | 217 |
| Service fees | 2084 |
| Compensation of chief compliance officer | 556 |
| Compensation of board members | 1912 |
| Other expenses | 57777 |
| Deferred compensation of board members | 321090 |
| Total liabilities | 240903905 |
| **Net assets applicable to outstanding capital stock** | **$3428862750** |
| **Represented by** |  |
| Paid in capital | 3720222726 |
| Total distributable earnings (loss) | (291359976)<br>|
| **Total - representing net assets applicable to outstanding capital stock** | **$3428862750** |
| **Class 1** |  |
| Net assets | $3397205552 |
| Shares outstanding | 364849262 |
| Net asset value per share | $9.31 |
| **Class 2** |  |
| Net assets | $31657198 |
| Shares outstanding | 3416003 |
| Net asset value per share | $9.27 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – American Century Diversified Bond 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 | $1428327 |
| Dividends — affiliated issuers | 3819512 |
| Interest | 172607773 |
| Interfund lending | 14845 |
| Total income | 177870457 |
| Expenses: |  |
| Management services fees | 16129136 |
| Distribution and/or service fees |  |
| Class 2 | 73748 |
| Service fees | 20194 |
| Custodian fees | 71676 |
| Printing and postage fees | 11555 |
| Accounting services fees | 43244 |
| Legal fees | 73656 |
| Interest on collateral | 120614 |
| Compensation of chief compliance officer | 663 |
| Compensation of board members | 46084 |
| Deferred compensation of board members | 50600 |
| Other | 45292 |
| Total expenses | 16686462 |
| **Net investment income** | 161183995 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 9808378 |
| Investments — affiliated issuers | (4659)<br>|
| Foreign currency translations | (557696)<br>|
| Forward foreign currency exchange contracts | (2143084)<br>|
| Futures contracts | (7350410)<br>|
| Swap contracts | (2039068)<br>|
| Net realized loss | (2286539)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 81883555 |
| Foreign currency translations | 4871 |
| Forward foreign currency exchange contracts | (267025)<br>|
| Futures contracts | 3394231 |
| Swap contracts | 151214 |
| Net change in unrealized appreciation (depreciation) | 85166846 |
| Net realized and unrealized gain | 82880307 |
| **Net increase in net assets resulting from operations** | **$244064302** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – American Century Diversified Bond 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 | $161183995 | &nbsp;&nbsp; $108891491 |
| Net realized loss | (2286539)<br>| &nbsp;&nbsp; (23420211)<br>|
| Net change in unrealized appreciation (depreciation) | 85166846 | &nbsp;&nbsp; (56675139)<br>|
| Net increase in net assets resulting from operations | 244064302 | &nbsp;&nbsp; 28796141 |
| **Distributions to shareholders** |  |  |
| Net investment income and net realized gains  |  |  |
| Class 1 | (107310101)<br>| &nbsp;&nbsp; (95927832)<br>|
| Class 2 | (883563)<br>| &nbsp;&nbsp; (1018882)<br>|
| Total distributions to shareholders | (108193664)<br>| &nbsp;&nbsp; (96946714)<br>|
| Increase (decrease) in net assets from capital stock activity | (112837377)<br>| &nbsp;&nbsp; 1185604564 |
| Total increase in net assets | 23033261 | &nbsp;&nbsp; 1117453991 |
| Net assets at beginning of year | 3405829489 | &nbsp;&nbsp; 2288375498 |
| **Net assets at end of year** | **$3428862750** | &nbsp;&nbsp; **$3405829489** |

---

&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 | 1307137 | &nbsp;&nbsp;&nbsp;&nbsp; 11955567 | &nbsp;&nbsp;&nbsp;&nbsp; 131131614 | &nbsp;&nbsp;&nbsp;&nbsp; 1186674443 |
| Distributions reinvested | 11949900 | &nbsp;&nbsp;&nbsp;&nbsp; 107310101 | &nbsp;&nbsp;&nbsp;&nbsp; 10754241 | &nbsp;&nbsp;&nbsp;&nbsp; 95927832 |
| Shares redeemed | (25717839)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (234924250)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11268333)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (102399736)<br>|
| Net increase (decrease) | (12460802)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (115658582)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 130617522 | &nbsp;&nbsp;&nbsp;&nbsp; 1180202539 |
| Class 2 |  |  |  |  |
| Shares sold | 566699 | &nbsp;&nbsp;&nbsp;&nbsp; 5152971 | &nbsp;&nbsp;&nbsp;&nbsp; 626050 | &nbsp;&nbsp;&nbsp;&nbsp; 5656308 |
| Distributions reinvested | 98722 | &nbsp;&nbsp;&nbsp;&nbsp; 883563 | &nbsp;&nbsp;&nbsp;&nbsp; 114610 | &nbsp;&nbsp;&nbsp;&nbsp; 1018882 |
| Shares redeemed | (353491)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3215329)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (141012)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1273165)<br>|
| Net increase | 311930 | &nbsp;&nbsp;&nbsp;&nbsp; 2821205 | &nbsp;&nbsp;&nbsp;&nbsp; 599648 | &nbsp;&nbsp;&nbsp;&nbsp; 5402025 |
| **Total net increase (decrease)** | **(12148872)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(112837377)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **131217170** | &nbsp;&nbsp;&nbsp;&nbsp; **1185604564** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – American Century Diversified Bond Fund \| 2025

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CTIVP<sup>®</sup> – American Century Diversified Bond Fund \| 2025

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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 | $8.95<br>| 0.43<br>| 0.23<br>| 0.66<br>| &nbsp;&nbsp; (0.30) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.30) <br>|
| Year Ended 12/31/2024 | $9.18<br>| 0.42<br>| &nbsp;&nbsp; (0.26) <br>| 0.16<br>| &nbsp;&nbsp; (0.39) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.39) <br>|
| Year Ended 12/31/2023 | $8.99<br>| 0.38<br>| 0.11<br>| 0.49<br>| &nbsp;&nbsp; (0.30) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.30) <br>|
| Year Ended 12/31/2022 | $11.26<br>| 0.30<br>| &nbsp;&nbsp; (1.99) <br>| &nbsp;&nbsp; (1.69) <br>| &nbsp;&nbsp; (0.31) <br>| &nbsp;&nbsp; (0.27) <br>| &nbsp;&nbsp; (0.58) <br>|
| Year Ended 12/31/2021 | $11.72<br>| 0.28<br>| &nbsp;&nbsp; (0.23) <br>| 0.05<br>| &nbsp;&nbsp; (0.26) <br>| &nbsp;&nbsp; (0.25) <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 | $8.91<br>| 0.41<br>| 0.23<br>| 0.64<br>| &nbsp;&nbsp; (0.28) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.28) <br>|
| Year Ended 12/31/2024 | $9.14<br>| 0.40<br>| &nbsp;&nbsp; (0.26) <br>| 0.14<br>| &nbsp;&nbsp; (0.37) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.37) <br>|
| Year Ended 12/31/2023 | $8.95<br>| 0.35<br>| 0.12<br>| 0.47<br>| &nbsp;&nbsp; (0.28) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.28) <br>|
| Year Ended 12/31/2022 | $11.21<br>| 0.27<br>| &nbsp;&nbsp; (1.98) <br>| &nbsp;&nbsp; (1.71) <br>| &nbsp;&nbsp; (0.28) <br>| &nbsp;&nbsp; (0.27) <br>| &nbsp;&nbsp; (0.55) <br>|
| Year Ended 12/31/2021 | $11.66<br>| 0.25<br>| &nbsp;&nbsp; (0.21) <br>| 0.04<br>| &nbsp;&nbsp; (0.24) <br>| &nbsp;&nbsp; (0.25) <br>| &nbsp;&nbsp; (0.49) <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%. |

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The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – American Century Diversified Bond Fund \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &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; $9.31<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.48%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.49% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 238%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3397206<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $8.95<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.77%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.50% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 125%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3378165<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $9.18<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.59%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.50% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.21%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 130%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2265475<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $8.99<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15.29%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.50% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.03%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 194%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2219348<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $11.26<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.49% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.44%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 218%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2915004<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $9.27<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.24%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.74% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 238%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $31657<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $8.91<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.53%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.75% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 125%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $27664<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $9.14<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.33%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.75% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.98%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 130%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $22900<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $8.95<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15.51%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.75% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.79%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 194%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $18534<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $11.21<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.74% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.18%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 218%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $20094<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – American Century Diversified Bond Fund \| 2025

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Notes to Financial Statements

December 31, 2025

Note 1. Organization

CTIVP<sup>®</sup> – American Century Diversified Bond 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**

Debt securities generally are valued based on prices obtained from pricing services, which are intended to reflect market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

CTIVP<sup>®</sup> – American Century Diversified Bond Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

Asset- and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities' cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

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.

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.

Swap transactions are valued through an independent pricing service or broker, or if neither is available, through an internal model based upon observable inputs.

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

CTIVP<sup>®</sup> – American Century Diversified Bond Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

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 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

CTIVP<sup>®</sup> – American Century Diversified Bond Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

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.

**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.

**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 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.

**Swap contracts**

Swap contracts are negotiated in the over-the-counter market and are entered into bilaterally or centrally cleared (centrally cleared swap contract). In a centrally cleared swap contract, immediately following execution of the swap contract with a broker, the swap contract is novated to a central counterparty and the central counterparty becomes the Fund's counterparty to the centrally cleared swap contract. The Fund is required to deposit initial margin with the futures

CTIVP<sup>®</sup> – American Century Diversified Bond Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

commission merchant (FCM), which pledges it through to the central counterparty in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap contract. Securities deposited as initial margin are designated in the Portfolio of Investments and cash deposited is recorded in the Statement of Assets and Liabilities as margin deposits. For a bilateral swap contract, the Fund has credit exposure to the broker, but exchanges daily variation margin with the broker based on the marked-to-market value of the swap contract to minimize that exposure. For centrally cleared swap contracts, there is less credit exposure to the FCM than in the case of an over-the-counter derivative, because the central counterparty provides some protection in the case of clearing member default. The central counterparty stands between the buyer and the seller of the swap contract; therefore, failure of the clearinghouse may pose additional counterparty credit risk. However, credit risk still exists in centrally cleared swaps to the extent initial and variation margin is held in an FCM's customer account. While FCM's are required to segregate customer margin from their own assets, in the event that an FCM becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the FCM for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all of the FCM's customers (including the Fund) by account class, potentially resulting in losses to the Fund. Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of centrally cleared swap contracts, if any, is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities.

Entering into these contracts involves, to varying degrees, elements of interest, liquidity and counterparty credit risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there may be unfavorable changes in interest rates, market conditions or other conditions, that it may be difficult to initiate a swap transaction or liquidate a position at an advantageous time or price which may result in significant losses, and that the bilateral counterparty, FCM or central counterparty, as applicable, may not fulfill its obligation under the contract.

**Credit default swap contracts**

The Fund entered into credit default swap contracts to hedge or manage the risks associated with assets held in the Fund and/or to facilitate the implementation of portfolio strategies to seek to increase the total return. These swaps are entered into to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default. These instruments may be used for other purposes in future periods. Credit default swap contracts are transactions in which one party pays fixed periodic payments to a counterparty in consideration for an agreement from the counterparty to make a specific payment should a specified credit event(s) take place. Although specified credit events are contract specific, credit events are typically bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium.

As the purchaser of a credit default swap contract, the Fund purchases protection by paying a periodic interest rate on the notional amount to the counterparty. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized loss upon payment. If a credit event as specified in the contract occurs, the Fund may have the option either to deliver the reference obligation to the seller in exchange for a cash payment of its par amount, or to receive a net cash settlement equal to the par amount less an agreed-upon value of the reference obligation as of the date of the credit event. The difference between the value of the obligation or cash delivered and the notional amount received will be recorded as a realized gain (loss).

As the seller of a credit default swap contract, the Fund sells protection to a buyer and will generally receive a periodic interest rate on a notional amount. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized gain upon receipt of the payment. If a credit event as specified in the contract with the counterparty occurs, the Fund may either be required to accept the reference obligation from the buyer in exchange for a cash payment of its notional amount, or to pay the buyer a net cash settlement equal to the notional amount less an agreed-upon value of the reference obligation (recovery value) as of the date of the credit event. The difference between the value of the obligation or cash received and the notional amount paid will be recorded as a realized gain (loss). The maximum potential amount of undiscounted future payments the Fund could be required to make as the seller of protection under a credit default swap contract is equal to the notional amount of the reference obligation. These potential amounts may be partially offset by any recovery values of the respective reference obligations or upfront receipts upon entering into

CTIVP<sup>®</sup> – American Century Diversified Bond Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

the agreement. The notional amounts and market values of all credit default swap contracts in which the Fund is the seller of protection, if any, are disclosed in the Credit Default Swap Contracts Outstanding schedule following the Portfolio of Investments.

As a protection seller, the Fund bears the risk of loss from the credit events specified in the contract with the counterparty. For credit default swap contracts on credit indices, quoted market prices and resulting market values serve as an indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract.

**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:

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| | | |
|:---|:---|:---|
|  | **Asset derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Credit risk | Component of total distributable earnings (loss) — unrealized appreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp; 151,214<br> \*<br>|

---

&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 ($)** |
| Foreign exchange risk | Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; 267025 |
| Interest rate risk | Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 3,495,374<br> \*<br>|
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 3762399 |

---

&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.

CTIVP<sup>®</sup> – American Century Diversified Bond Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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>**($)**<br>| &nbsp;&nbsp;&nbsp; **Futures** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Swap** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Credit risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2039068)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2039068)<br>|
| Foreign exchange risk | &nbsp;&nbsp; (2143084)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2143084)<br>|
| Interest rate risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7350410)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7350410)<br>|
| Total | &nbsp;&nbsp; (2143084)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7350410)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2039068)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11532562)<br>|
| **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** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| **Risk exposure category** | **Forward** <br>**foreign** <br>**currency** <br>**exchange** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Futures** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Swap** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Credit risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 151214 | &nbsp;&nbsp;&nbsp;&nbsp; 151214 |
| Foreign exchange risk | &nbsp;&nbsp; (267025)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (267025)<br>|
| Interest rate risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3394231 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3394231 |
| Total | &nbsp;&nbsp; (267025)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3394231 | &nbsp;&nbsp;&nbsp;&nbsp; 151214 | &nbsp;&nbsp;&nbsp;&nbsp; 3278420 |

---

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 | 351622986 |
| Futures contracts — short | 108732350 |
| Credit default swap contracts — buy protection | 29614247 |
| Credit default swap contracts — sell protection | 6462208 |

---

&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; 1034776 | &nbsp;&nbsp;&nbsp;&nbsp; (917404)<br>|

---

**Asset- and mortgage-backed securities** 

The Fund may invest in asset-backed and mortgage-backed securities. The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. All, or a portion, of the obligation may be prepaid at any time because the underlying asset may be prepaid. As a result, decreasing market interest rates could result in an increased level of prepayment. An increased prepayment rate will have the effect of shortening the maturity of the security. Unless otherwise noted, the coupon rates presented are fixed rates.

**Delayed delivery securities**

The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a "when-issued" or "forward commitment" basis. This may increase risk to the Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.

CTIVP<sup>®</sup> – American Century Diversified Bond Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**To be announced securities** 

The Fund may trade securities on a To Be Announced (TBA) basis. As with other delayed-delivery transactions, a seller agrees to issue a TBA security at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Fund agrees to accept any security that meets specified terms.

In some cases, Master Securities Forward Transaction Agreements (MSFTAs) may be used to govern transactions of certain forward-settling agency mortgage-backed securities, such as delayed-delivery and TBAs, between the Fund and counterparty. The MSFTA maintains provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral relating to such transactions.

**Mortgage dollar roll transactions**

The Fund may enter into mortgage "dollar rolls" in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar but not identical securities (same type, coupon and maturity) on a specified future date. These transactions may increase the Fund's portfolio turnover rate. During the roll period, the Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund may benefit because it receives negotiated amounts in the form of reductions of the purchase price for the future purchase plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. The Fund records the incremental difference between the forward purchase and sale of each forward roll as a realized gain or loss. Unless any realized gains exceed the income, capital appreciation, and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique may diminish the investment performance of the Fund compared to what the performance would have been without the use of mortgage dollar rolls. Mortgage dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations. All cash proceeds will be invested in instruments that are permissible investments for the Fund. The Fund identifies cash or liquid securities in an amount equal to the forward purchase price. The Fund does not currently enter into mortgage dollar rolls that are accounted for as financing transactions.

**Interest only and principal only securities** 

The Fund may invest in Interest Only (IO) or Principal Only (PO) securities. IOs are stripped securities entitled to receive all of the security's interest, but none of its principal. IOs are particularly sensitive to changes in interest rates and therefore subject to greater fluctuations in price than typical interest bearing debt securities. IOs are also subject to credit risk because the Fund may not receive all or part of the interest payments if the issuer, obligor, guarantor or counterparty defaults on its obligation. Payments received for IOs are included in interest income in the Statement of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income in the Statement of Operations. POs are stripped securities entitled to receive the principal from the underlying obligation, but not the interest. POs are particularly sensitive to changes in interest rates and therefore are subject to fluctuations in price. POs are also subject to credit risk because the Fund may not receive all or part of its principal if the issuer, obligor, guarantor or counterparty defaults on its obligation. The Fund may also invest in IO or PO stripped mortgage-backed securities. Payments received for POs are treated as reductions to the cost and par value of the securities.

CTIVP<sup>®</sup> – American Century Diversified Bond Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**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:

---

| | | | |
|:---|:---|:---|:---|
|  | **Citi** | &nbsp;&nbsp; **Goldman** <br>**Sachs**<br>| **Total** |
| **Liabilities** |  |  |  |
| Centrally cleared credit default swap contracts <sup>(a)</sup> <br>| $&nbsp;&nbsp;&nbsp; -<br>| &nbsp;&nbsp;&nbsp; 31944<br>| &nbsp;&nbsp;&nbsp; 31944<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp; 267025<br>| &nbsp;&nbsp;&nbsp; -<br>| &nbsp;&nbsp;&nbsp; 267025<br>|
| Total liabilities | &nbsp;&nbsp;&nbsp; 267025<br>| &nbsp;&nbsp;&nbsp; 31944<br>| &nbsp;&nbsp;&nbsp; 298969<br>|
| **Total financial and derivative net assets** | &nbsp;&nbsp;&nbsp; **(267025)**<br>| &nbsp;&nbsp;&nbsp; **(31944)**<br>| &nbsp;&nbsp;&nbsp; **(298969)**<br>|
| Total collateral received (pledged) <sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; -<br>| &nbsp;&nbsp;&nbsp; (31944)<br>| &nbsp;&nbsp;&nbsp; (31944)<br>|
| **Net amount** <sup>(c)</sup> <br>| $&nbsp;&nbsp;&nbsp; **(267025)**<br>| &nbsp;&nbsp;&nbsp; **-**<br>| &nbsp;&nbsp;&nbsp; **(267025)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Centrally cleared swaps are included within payable/receivable for variation margin in the Statement of Assets and Liabilities.

&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**

Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted. The Fund classifies gains and losses realized on prepayments received on mortgage-backed securities as adjustments to interest income.

The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. The Fund may also adjust accrual rates when it becomes probable the full interest will not be collected and a partial payment will be received. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Dividend income is recorded on the ex-dividend date.

**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> – American Century Diversified Bond Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**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.

**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 0.50% to 0.34% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2025 was 0.48% of the Fund's average daily net assets.

**Subadvisory agreement**

The Investment Manager has entered into a Subadvisory Agreement with American Century Investment 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.

**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

CTIVP<sup>®</sup> – American Century Diversified Bond 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; **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;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 |

---

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

CTIVP<sup>®</sup> – American Century Diversified Bond 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. 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, derivative investments, tax straddles, investments in partnerships and/or grantor trusts, principal and/or interest from fixed income securities, defaulted securities/troubled debt, capital loss carryforwards, 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 ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(loss) ($)**<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>|
| 3207017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3207017)<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 ($)**<br>| **Total ($)** |
| 108193664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108193664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96946714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96946714 |

---

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>|
| 163483545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (455773390)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1246090 |

---

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>|
| 3633745762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44057596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (42811506)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1246090 |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

CTIVP<sup>®</sup> – American Century Diversified Bond Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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 ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **No expiration** <br>**long-term ($)**<br>| **Total ($)** | **Utilized ($)** |
| (202572760)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (253200630)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (455773390)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 445005 |

---

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 $8,815,578,416 and $9,132,263,837, respectively, for the year ended December 31, 2025, of which $6,165,293,058 and $6,448,562,143, respectively, were U.S. government securities. 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.

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 | 11010000 | &nbsp;&nbsp;&nbsp;&nbsp;4.81 | &nbsp;&nbsp;&nbsp;&nbsp; 10 |

---

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.

CTIVP<sup>®</sup> – American Century Diversified Bond Fund \| 2025

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Notes to Financial Statements (continued)

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, 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.

CTIVP<sup>®</sup> – American Century Diversified Bond Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

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> – American Century Diversified Bond 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 – American Century Diversified Bond Fund**

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of CTIVP – American Century Diversified Bond 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> – American Century Diversified Bond Fund \| 2025

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**CTIVP**<sup>®</sup> **– American Century Diversified Bond Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g59364img28df04602.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.

ANN7028_12_E01_(02/26)

------

![](g59364img0d0513c31.jpg)

CTIVP<sup>®</sup> – TCW Core Plus Bond 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_39801f7a-c694-484d-9330-53478071119c_POI-CommonContent-Date-330_1) | 3 |
| [Statement of Assets and Liabilities](#xx_39801f7a-c694-484d-9330-53478071119c_FS-CommonContent-Date-330_1) | 25 |
| [Statement of Operations](#xx_39801f7a-c694-484d-9330-53478071119c_FS-CommonContent-Date-330_2) | 26 |
| [Statement of Changes in Net Assets](#xx_39801f7a-c694-484d-9330-53478071119c_FS-CommonContent-Date-330_3) | 27 |
| [Financial Highlights](#xx_39801f7a-c694-484d-9330-53478071119c_FIHI-CommonContent-Date-330_1) | 28 |
| [Notes to Financial Statements](#xx_39801f7a-c694-484d-9330-53478071119c_NTF-CommonContent-Date-330_1) | 30 |
| [Report of Independent Registered Public Accounting Firm](#xx_39801f7a-c694-484d-9330-53478071119c_AUD-CommonContent-Date-330_1) | 44 |
| [Approval of Subadvisory Agreement](#xx_39801f7a-c694-484d-9330-53478071119c_CCH-CommonContent-Date-330_1) | 45 |

---

CTIVP<sup>®</sup> – TCW Core Plus Bond 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;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency**<sup>(a)</sup> **6.5%** | **Asset-Backed Securities - Non-Agency**<sup>(a)</sup> **6.5%** | **Asset-Backed Securities - Non-Agency**<sup>(a)</sup> **6.5%** | **Asset-Backed Securities - Non-Agency**<sup>(a)</sup> **6.5%** | **Asset-Backed Securities - Non-Agency**<sup>(a)</sup> **6.5%** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Adagio IV CLO Ltd.<sup>(b),(c)</sup>  | Adagio IV CLO Ltd.<sup>(b),(c)</sup>  | Adagio IV CLO Ltd.<sup>(b),(c)</sup>  | Adagio IV CLO Ltd.<sup>(b),(c)</sup>  | Adagio IV CLO Ltd.<sup>(b),(c)</sup>  |
| Series 2025IV-A Class BRRR | Series 2025IV-A Class BRRR | Series 2025IV-A Class BRRR | Series 2025IV-A Class BRRR | Series 2025IV-A Class BRRR |
| 3-month EURIBOR + 2.050% <br>Floor 2.050% <br>07/15/2038<br>| &nbsp;&nbsp; 0.000% | EUR | 4000000 | &nbsp;&nbsp; 4700368 |
| Aligned Data Centers Issuer LLC<sup>(b)</sup>  | Aligned Data Centers Issuer LLC<sup>(b)</sup>  | Aligned Data Centers Issuer LLC<sup>(b)</sup>  | Aligned Data Centers Issuer LLC<sup>(b)</sup>  | Aligned Data Centers Issuer LLC<sup>(b)</sup>  |
| Series 2021-1A Class A2 | Series 2021-1A Class A2 | Series 2021-1A Class A2 | Series 2021-1A Class A2 | Series 2021-1A Class A2 |
| 08/15/2046 | &nbsp;&nbsp; 1.937% |  | 7600000 | &nbsp;&nbsp; 7463855 |
| Series 2022-1A Class A2 | Series 2022-1A Class A2 | Series 2022-1A Class A2 | Series 2022-1A Class A2 | Series 2022-1A Class A2 |
| 10/15/2047 | &nbsp;&nbsp; 6.350% |  | 6150000 | &nbsp;&nbsp; 6154407 |
| Allegro CLO X Ltd.<sup>(b),(c)</sup>  | Allegro CLO X Ltd.<sup>(b),(c)</sup>  | Allegro CLO X Ltd.<sup>(b),(c)</sup>  | Allegro CLO X Ltd.<sup>(b),(c)</sup>  | Allegro CLO X Ltd.<sup>(b),(c)</sup>  |
| Series 2019-1A Class ARR | Series 2019-1A Class ARR | Series 2019-1A Class ARR | Series 2019-1A Class ARR | Series 2019-1A Class ARR |
| 3-month Term SOFR + 1.130% <br>Floor 1.130% <br>04/20/2032<br>| &nbsp;&nbsp; 5.014% |  | 2879317 | &nbsp;&nbsp; 2879314 |
| AMMC CLO Ltd.<sup>(b),(c)</sup>  | AMMC CLO Ltd.<sup>(b),(c)</sup>  | AMMC CLO Ltd.<sup>(b),(c)</sup>  | AMMC CLO Ltd.<sup>(b),(c)</sup>  | AMMC CLO Ltd.<sup>(b),(c)</sup>  |
| Series 2024-28 Class A1A | Series 2024-28 Class A1A | Series 2024-28 Class A1A | Series 2024-28 Class A1A | Series 2024-28 Class A1A |
| 3-month Term SOFR + 1.550% <br>Cap 1.550% <br>07/20/2037<br>| &nbsp;&nbsp; 5.434% |  | 9100000 | &nbsp;&nbsp; 9123560 |
| Avis Budget Rental Car Funding AESOP LLC<sup>(b)</sup>  | Avis Budget Rental Car Funding AESOP LLC<sup>(b)</sup>  | Avis Budget Rental Car Funding AESOP LLC<sup>(b)</sup>  | Avis Budget Rental Car Funding AESOP LLC<sup>(b)</sup>  | Avis Budget Rental Car Funding AESOP LLC<sup>(b)</sup>  |
| Subordinated Series 2021-2A Class C | Subordinated Series 2021-2A Class C | Subordinated Series 2021-2A Class C | Subordinated Series 2021-2A Class C | Subordinated Series 2021-2A Class C |
| 02/20/2028 | &nbsp;&nbsp; 2.350% |  | 3850000 | &nbsp;&nbsp; 3767677 |
| Bain Capital Credit CLO Ltd.<sup>(b),(c)</sup>  | Bain Capital Credit CLO Ltd.<sup>(b),(c)</sup>  | Bain Capital Credit CLO Ltd.<sup>(b),(c)</sup>  | Bain Capital Credit CLO Ltd.<sup>(b),(c)</sup>  | Bain Capital Credit CLO Ltd.<sup>(b),(c)</sup>  |
| Series 2024-6A Class A1R | Series 2024-6A Class A1R | Series 2024-6A Class A1R | Series 2024-6A Class A1R | Series 2024-6A Class A1R |
| 3-month Term SOFR + 1.900% <br>Floor 1.090% <br>10/21/2034<br>| &nbsp;&nbsp; 4.960% |  | 8750000 | &nbsp;&nbsp; 8754830 |
| BlueMountain CLO XXX Ltd.<sup>(b),(c)</sup>  | BlueMountain CLO XXX Ltd.<sup>(b),(c)</sup>  | BlueMountain CLO XXX Ltd.<sup>(b),(c)</sup>  | BlueMountain CLO XXX Ltd.<sup>(b),(c)</sup>  | BlueMountain CLO XXX Ltd.<sup>(b),(c)</sup>  |
| Series 2025-30A Class BR2 | Series 2025-30A Class BR2 | Series 2025-30A Class BR2 | Series 2025-30A Class BR2 | Series 2025-30A Class BR2 |
| 3-month Term SOFR + 1.600% <br>Floor 1.600% <br>04/15/2035<br>| &nbsp;&nbsp; 5.763% |  | 7775000 | &nbsp;&nbsp; 7789189 |
| Castlelake Aircraft Structured Trust<sup>(b)</sup>  | Castlelake Aircraft Structured Trust<sup>(b)</sup>  | Castlelake Aircraft Structured Trust<sup>(b)</sup>  | Castlelake Aircraft Structured Trust<sup>(b)</sup>  | Castlelake Aircraft Structured Trust<sup>(b)</sup>  |
| Series 2025-2A Class A | Series 2025-2A Class A | Series 2025-2A Class A | Series 2025-2A Class A | Series 2025-2A Class A |
| 08/15/2050 | &nbsp;&nbsp; 5.465% |  | 2751638 | &nbsp;&nbsp; 2783505 |
| Cologix Data Centers US Issuer LLC<sup>(b)</sup>  | Cologix Data Centers US Issuer LLC<sup>(b)</sup>  | Cologix Data Centers US Issuer LLC<sup>(b)</sup>  | Cologix Data Centers US Issuer LLC<sup>(b)</sup>  | Cologix Data Centers US Issuer LLC<sup>(b)</sup>  |
| Series 2021-1A Class A2 | Series 2021-1A Class A2 | Series 2021-1A Class A2 | Series 2021-1A Class A2 | Series 2021-1A Class A2 |
| 12/26/2051 | &nbsp;&nbsp; 3.300% |  | 3150000 | &nbsp;&nbsp; 3095892 |
| Subordinated Series 2021-1 Class B | Subordinated Series 2021-1 Class B | Subordinated Series 2021-1 Class B | Subordinated Series 2021-1 Class B | Subordinated Series 2021-1 Class B |
| 12/26/2051 | &nbsp;&nbsp; 3.790% |  | 2710000 | &nbsp;&nbsp; 2638666 |
| Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC<sup>(b)</sup>  | Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC<sup>(b)</sup>  | Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC<sup>(b)</sup>  | Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC<sup>(b)</sup>  | Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC<sup>(b)</sup>  |
| Series 2025-1A Class A2 | Series 2025-1A Class A2 | Series 2025-1A Class A2 | Series 2025-1A Class A2 | Series 2025-1A Class A2 |
| 05/20/2055 | &nbsp;&nbsp; 6.000% |  | 2590000 | &nbsp;&nbsp; 2650646 |
| Contego CLO IV DAC<sup>(b),(c)</sup>  | Contego CLO IV DAC<sup>(b),(c)</sup>  | Contego CLO IV DAC<sup>(b),(c)</sup>  | Contego CLO IV DAC<sup>(b),(c)</sup>  | Contego CLO IV DAC<sup>(b),(c)</sup>  |
| Series 2025-4A Class B1RR | Series 2025-4A Class B1RR | Series 2025-4A Class B1RR | Series 2025-4A Class B1RR | Series 2025-4A Class B1RR |
| 3-month EURIBOR + 2.050% <br>Floor 2.050% <br>10/23/2039<br>| &nbsp;&nbsp; 4.047% | EUR | 2975000 | &nbsp;&nbsp; 3498479 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency**<sup>(a)</sup> **(continued)** | **Asset-Backed Securities - Non-Agency**<sup>(a)</sup> **(continued)** | **Asset-Backed Securities - Non-Agency**<sup>(a)</sup> **(continued)** | **Asset-Backed Securities - Non-Agency**<sup>(a)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CyrusOne Data Centers Issuer I LLC<sup>(b)</sup>  | CyrusOne Data Centers Issuer I LLC<sup>(b)</sup>  | CyrusOne Data Centers Issuer I LLC<sup>(b)</sup>  | CyrusOne Data Centers Issuer I LLC<sup>(b)</sup>  |
| Series 2025-1A Class A2 | Series 2025-1A Class A2 | Series 2025-1A Class A2 | Series 2025-1A Class A2 |
| 02/20/2050 | &nbsp;&nbsp; 5.910% | 4380000 | &nbsp;&nbsp; 4468588 |
| DailyPay Securitization Trust<sup>(b)</sup>  | DailyPay Securitization Trust<sup>(b)</sup>  | DailyPay Securitization Trust<sup>(b)</sup>  | DailyPay Securitization Trust<sup>(b)</sup>  |
| Series 2025-1A Class A | Series 2025-1A Class A | Series 2025-1A Class A | Series 2025-1A Class A |
| 06/25/2028 | &nbsp;&nbsp; 5.630% | 2840000 | &nbsp;&nbsp; 2856936 |
| DataBank Issuer<sup>(b)</sup>  | DataBank Issuer<sup>(b)</sup>  | DataBank Issuer<sup>(b)</sup>  | DataBank Issuer<sup>(b)</sup>  |
| Series 2021-1A Class A2 | Series 2021-1A Class A2 | Series 2021-1A Class A2 | Series 2021-1A Class A2 |
| 02/27/2051 | &nbsp;&nbsp; 2.060% | 4250000 | &nbsp;&nbsp; 4230787 |
| DataBank Issuer II LLC<sup>(b)</sup>  | DataBank Issuer II LLC<sup>(b)</sup>  | DataBank Issuer II LLC<sup>(b)</sup>  | DataBank Issuer II LLC<sup>(b)</sup>  |
| Series 2025-1A Class A2 | Series 2025-1A Class A2 | Series 2025-1A Class A2 | Series 2025-1A Class A2 |
| 09/27/2055 | &nbsp;&nbsp; 5.180% | 3685000 | &nbsp;&nbsp; 3640225 |
| Dryden Senior Loan Fund<sup>(b),(c)</sup>  | Dryden Senior Loan Fund<sup>(b),(c)</sup>  | Dryden Senior Loan Fund<sup>(b),(c)</sup>  | Dryden Senior Loan Fund<sup>(b),(c)</sup>  |
| Series 2015-40A Class AR2 | Series 2015-40A Class AR2 | Series 2015-40A Class AR2 | Series 2015-40A Class AR2 |
| 3-month Term SOFR + 1.150% <br>Floor 1.150% <br>08/15/2031<br>| &nbsp;&nbsp; 5.002% | 2522090 | &nbsp;&nbsp; 2523117 |
| Series 2016-45A Class BRR | Series 2016-45A Class BRR | Series 2016-45A Class BRR | Series 2016-45A Class BRR |
| 3-month Term SOFR + 1.650% <br>Floor 1.650% <br>10/15/2030<br>| &nbsp;&nbsp; 5.555% | 7800000 | &nbsp;&nbsp; 7803635 |
| Flexential Issuer<sup>(b)</sup>  | Flexential Issuer<sup>(b)</sup>  | Flexential Issuer<sup>(b)</sup>  | Flexential Issuer<sup>(b)</sup>  |
| Series 2021-1A Class A2 | Series 2021-1A Class A2 | Series 2021-1A Class A2 | Series 2021-1A Class A2 |
| 11/27/2051 | &nbsp;&nbsp; 3.250% | 1622857 | &nbsp;&nbsp; 1600290 |
| Henderson Receivables LLC<sup>(b)</sup>  | Henderson Receivables LLC<sup>(b)</sup>  | Henderson Receivables LLC<sup>(b)</sup>  | Henderson Receivables LLC<sup>(b)</sup>  |
| Series 2014-2A Class A | Series 2014-2A Class A | Series 2014-2A Class A | Series 2014-2A Class A |
| 01/17/2073 | &nbsp;&nbsp; 3.610% | 1535849 | &nbsp;&nbsp; 1397236 |
| ICG US CLO Ltd.<sup>(b),(c)</sup>  | ICG US CLO Ltd.<sup>(b),(c)</sup>  | ICG US CLO Ltd.<sup>(b),(c)</sup>  | ICG US CLO Ltd.<sup>(b),(c)</sup>  |
| Series 2016-1A Class A2R3 | Series 2016-1A Class A2R3 | Series 2016-1A Class A2R3 | Series 2016-1A Class A2R3 |
| 3-month Term SOFR + 1.600% <br>Floor 1.600% <br>04/29/2034<br>| &nbsp;&nbsp; 4.070% | 7350000 | &nbsp;&nbsp; 7352521 |
| LCM 35 Ltd.<sup>(b),(c)</sup>  | LCM 35 Ltd.<sup>(b),(c)</sup>  | LCM 35 Ltd.<sup>(b),(c)</sup>  | LCM 35 Ltd.<sup>(b),(c)</sup>  |
| Series 2025-35A Class BR | Series 2025-35A Class BR | Series 2025-35A Class BR | Series 2025-35A Class BR |
| 3-month Term SOFR + 1.650% <br>Floor 1.650% <br>10/15/2035<br>| &nbsp;&nbsp; 5.555% | 7300000 | &nbsp;&nbsp; 7281823 |
| Madison Park Funding XXXVI Ltd.<sup>(b),(c)</sup>  | Madison Park Funding XXXVI Ltd.<sup>(b),(c)</sup>  | Madison Park Funding XXXVI Ltd.<sup>(b),(c)</sup>  | Madison Park Funding XXXVI Ltd.<sup>(b),(c)</sup>  |
| Series 2025-36A Class B1RR | Series 2025-36A Class B1RR | Series 2025-36A Class B1RR | Series 2025-36A Class B1RR |
| 3-month Term SOFR + 1.550% <br>Floor 1.550% <br>04/15/2035<br>| &nbsp;&nbsp; 5.455% | 5000000 | &nbsp;&nbsp; 5001665 |
| Magnetite XXV Ltd.<sup>(b),(c)</sup>  | Magnetite XXV Ltd.<sup>(b),(c)</sup>  | Magnetite XXV Ltd.<sup>(b),(c)</sup>  | Magnetite XXV Ltd.<sup>(b),(c)</sup>  |
| Series 2020-25A Class A | Series 2020-25A Class A | Series 2020-25A Class A | Series 2020-25A Class A |
| 3-month Term SOFR + 1.462% <br>Floor 1.200% <br>01/25/2032<br>| &nbsp;&nbsp; 5.320% | 3805121 | &nbsp;&nbsp; 3806430 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – TCW Core Plus Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency**<sup>(a)</sup> **(continued)** | **Asset-Backed Securities - Non-Agency**<sup>(a)</sup> **(continued)** | **Asset-Backed Securities - Non-Agency**<sup>(a)</sup> **(continued)** | **Asset-Backed Securities - Non-Agency**<sup>(a)</sup> **(continued)** | **Asset-Backed Securities - Non-Agency**<sup>(a)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Octagon Investment Partners 51 Ltd.<sup>(b),(c)</sup>  | Octagon Investment Partners 51 Ltd.<sup>(b),(c)</sup>  | Octagon Investment Partners 51 Ltd.<sup>(b),(c)</sup>  | Octagon Investment Partners 51 Ltd.<sup>(b),(c)</sup>  | Octagon Investment Partners 51 Ltd.<sup>(b),(c)</sup>  |
| Series 2021-1A Class BR | Series 2021-1A Class BR | Series 2021-1A Class BR | Series 2021-1A Class BR | Series 2021-1A Class BR |
| 3-month Term SOFR + 1.500% <br>Floor 1.500% <br>07/20/2034<br>| &nbsp;&nbsp; 5.384% |  | 7215000 | &nbsp;&nbsp; 7217518 |
| Park Avenue Institutional Advisers CLO Ltd.<sup>(b),(c)</sup>  | Park Avenue Institutional Advisers CLO Ltd.<sup>(b),(c)</sup>  | Park Avenue Institutional Advisers CLO Ltd.<sup>(b),(c)</sup>  | Park Avenue Institutional Advisers CLO Ltd.<sup>(b),(c)</sup>  | Park Avenue Institutional Advisers CLO Ltd.<sup>(b),(c)</sup>  |
| Series 2021-2A Class BR | Series 2021-2A Class BR | Series 2021-2A Class BR | Series 2021-2A Class BR | Series 2021-2A Class BR |
| 3-month Term SOFR + 1.600% <br>Floor 1.600% <br>07/15/2034<br>| &nbsp;&nbsp; 5.373% |  | 6900000 | &nbsp;&nbsp; 6902312 |
| Penta CLO DAC<sup>(b),(c),(d)</sup>  | Penta CLO DAC<sup>(b),(c),(d)</sup>  | Penta CLO DAC<sup>(b),(c),(d)</sup>  | Penta CLO DAC<sup>(b),(c),(d)</sup>  | Penta CLO DAC<sup>(b),(c),(d)</sup>  |
| Series 2025-21A Class B | Series 2025-21A Class B | Series 2025-21A Class B | Series 2025-21A Class B | Series 2025-21A Class B |
| 3-month EURIBOR + 1.900% <br>Floor 1.900% <br>02/16/2039<br>| &nbsp;&nbsp; 3.929% | EUR | 6800000 | &nbsp;&nbsp; 7991360 |
| Regatta 32 Funding Ltd.<sup>(b),(c)</sup>  | Regatta 32 Funding Ltd.<sup>(b),(c)</sup>  | Regatta 32 Funding Ltd.<sup>(b),(c)</sup>  | Regatta 32 Funding Ltd.<sup>(b),(c)</sup>  | Regatta 32 Funding Ltd.<sup>(b),(c)</sup>  |
| Series 2025-4A Class A1 | Series 2025-4A Class A1 | Series 2025-4A Class A1 | Series 2025-4A Class A1 | Series 2025-4A Class A1 |
| 3-month Term SOFR + 1.340% <br>Floor 1.340%, Cap 1.340% <br>07/25/2038<br>| &nbsp;&nbsp; 5.628% |  | 7000000 | &nbsp;&nbsp; 7022764 |
| Rockford Tower CLO Ltd.<sup>(b),(c)</sup>  | Rockford Tower CLO Ltd.<sup>(b),(c)</sup>  | Rockford Tower CLO Ltd.<sup>(b),(c)</sup>  | Rockford Tower CLO Ltd.<sup>(b),(c)</sup>  | Rockford Tower CLO Ltd.<sup>(b),(c)</sup>  |
| Series 2025-1A Class BR | Series 2025-1A Class BR | Series 2025-1A Class BR | Series 2025-1A Class BR | Series 2025-1A Class BR |
| 3-month Term SOFR + 1.700% <br>Floor 1.700% <br>07/20/2035<br>| &nbsp;&nbsp; 5.584% |  | 7500000 | &nbsp;&nbsp; 7508662 |
| RR 16 Ltd.<sup>(b),(c)</sup>  | RR 16 Ltd.<sup>(b),(c)</sup>  | RR 16 Ltd.<sup>(b),(c)</sup>  | RR 16 Ltd.<sup>(b),(c)</sup>  | RR 16 Ltd.<sup>(b),(c)</sup>  |
| Series 2021-16A Class A2R | Series 2021-16A Class A2R | Series 2021-16A Class A2R | Series 2021-16A Class A2R | Series 2021-16A Class A2R |
| 3-month Term SOFR + 1.500% <br>07/15/2036<br>| &nbsp;&nbsp; 5.405% |  | 7192500 | &nbsp;&nbsp; 7196161 |
| SLC Student Loan Trust<sup>(c)</sup>  | SLC Student Loan Trust<sup>(c)</sup>  | SLC Student Loan Trust<sup>(c)</sup>  | SLC Student Loan Trust<sup>(c)</sup>  | SLC Student Loan Trust<sup>(c)</sup>  |
| Series 2006-1 Class B | Series 2006-1 Class B | Series 2006-1 Class B | Series 2006-1 Class B | Series 2006-1 Class B |
| 90-day Average SOFR + 0.472% <br>Floor 0.210% <br>03/15/2055<br>| &nbsp;&nbsp; 4.839% |  | 149493 | &nbsp;&nbsp; 134611 |
| SLM Student Loan Trust<sup>(c)</sup>  | SLM Student Loan Trust<sup>(c)</sup>  | SLM Student Loan Trust<sup>(c)</sup>  | SLM Student Loan Trust<sup>(c)</sup>  | SLM Student Loan Trust<sup>(c)</sup>  |
| Series 2007-7 Class A4 | Series 2007-7 Class A4 | Series 2007-7 Class A4 | Series 2007-7 Class A4 | Series 2007-7 Class A4 |
| 90-day Average SOFR + 0.592% <br>Floor 0.330% <br>12/25/2027<br>| &nbsp;&nbsp; 4.905% |  | 1400315 | &nbsp;&nbsp; 1386326 |
| Series 2007-7 Class B | Series 2007-7 Class B | Series 2007-7 Class B | Series 2007-7 Class B | Series 2007-7 Class B |
| 90-day Average SOFR + 1.012% <br>Floor 0.750% <br>10/27/2070<br>| &nbsp;&nbsp; 5.325% |  | 1990000 | &nbsp;&nbsp; 2046743 |
| Series 2008-4 Class A4 | Series 2008-4 Class A4 | Series 2008-4 Class A4 | Series 2008-4 Class A4 | Series 2008-4 Class A4 |
| 90-day Average SOFR + 1.912% <br>Floor 1.650% <br>07/25/2026<br>| &nbsp;&nbsp; 6.225% |  | 401001 | &nbsp;&nbsp; 402216 |
| Series 2008-5 Class B | Series 2008-5 Class B | Series 2008-5 Class B | Series 2008-5 Class B | Series 2008-5 Class B |
| 90-day Average SOFR + 2.112% <br>Floor 1.850% <br>07/25/2073<br>| &nbsp;&nbsp; 6.425% |  | 5860000 | &nbsp;&nbsp; 6152013 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency**<sup>(a)</sup> **(continued)** | **Asset-Backed Securities - Non-Agency**<sup>(a)</sup> **(continued)** | **Asset-Backed Securities - Non-Agency**<sup>(a)</sup> **(continued)** | **Asset-Backed Securities - Non-Agency**<sup>(a)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Switch ABS Issuer LLC<sup>(b)</sup>  | Switch ABS Issuer LLC<sup>(b)</sup>  | Switch ABS Issuer LLC<sup>(b)</sup>  | Switch ABS Issuer LLC<sup>(b)</sup>  |
| Series 2025-1A Class A2 | Series 2025-1A Class A2 | Series 2025-1A Class A2 | Series 2025-1A Class A2 |
| 03/25/2055 | &nbsp;&nbsp; 5.036% | 7310000 | &nbsp;&nbsp; 7182175 |
| TIAA CLO IV Ltd.<sup>(b),(c)</sup>  | TIAA CLO IV Ltd.<sup>(b),(c)</sup>  | TIAA CLO IV Ltd.<sup>(b),(c)</sup>  | TIAA CLO IV Ltd.<sup>(b),(c)</sup>  |
| Series 2018-1A Class A1AR | Series 2018-1A Class A1AR | Series 2018-1A Class A1AR | Series 2018-1A Class A1AR |
| 3-month Term SOFR + 1.140% <br>Floor 1.140% <br>01/20/2032<br>| &nbsp;&nbsp; 5.024% | 2302939 | &nbsp;&nbsp; 2303262 |
| Voya CLO Ltd.<sup>(b),(c)</sup>  | Voya CLO Ltd.<sup>(b),(c)</sup>  | Voya CLO Ltd.<sup>(b),(c)</sup>  | Voya CLO Ltd.<sup>(b),(c)</sup>  |
| Series 2014-4A Class A1RB | Series 2014-4A Class A1RB | Series 2014-4A Class A1RB | Series 2014-4A Class A1RB |
| 3-month Term SOFR + 1.742% <br>Floor 1.480% <br>07/14/2031<br>| &nbsp;&nbsp; 5.653% | 5725000 | &nbsp;&nbsp; 5729780 |
| Wachovia Student Loan Trust<sup>(b),(c)</sup>  | Wachovia Student Loan Trust<sup>(b),(c)</sup>  | Wachovia Student Loan Trust<sup>(b),(c)</sup>  | Wachovia Student Loan Trust<sup>(b),(c)</sup>  |
| Series 2006-1 Class A6 | Series 2006-1 Class A6 | Series 2006-1 Class A6 | Series 2006-1 Class A6 |
| 90-day Average SOFR + 0.432% <br>Floor 0.170% <br>04/25/2040<br>| &nbsp;&nbsp; 4.745% | 3187390 | &nbsp;&nbsp; 3137970 |
| Total Asset-Backed Securities — Non-Agency <br>(Cost $187,537,600) | Total Asset-Backed Securities — Non-Agency <br>(Cost $187,537,600) | Total Asset-Backed Securities — Non-Agency <br>(Cost $187,537,600) | &nbsp;&nbsp; **189577514** |
| **Commercial Mortgage-Backed Securities - Agency 0.3%** | **Commercial Mortgage-Backed Securities - Agency 0.3%** | **Commercial Mortgage-Backed Securities - Agency 0.3%** | **Commercial Mortgage-Backed Securities - Agency 0.3%** |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| Series 2001-M2 Class Z2 | Series 2001-M2 Class Z2 | Series 2001-M2 Class Z2 | Series 2001-M2 Class Z2 |
| 06/25/2031 | &nbsp;&nbsp; 6.300% | 6546 | &nbsp;&nbsp; 6520 |
| Government National Mortgage Association<sup>(e),(f)</sup>  | Government National Mortgage Association<sup>(e),(f)</sup>  | Government National Mortgage Association<sup>(e),(f)</sup>  | Government National Mortgage Association<sup>(e),(f)</sup>  |
| Series 2012-55 Class IO | Series 2012-55 Class IO | Series 2012-55 Class IO | Series 2012-55 Class IO |
| 04/16/2052 | &nbsp;&nbsp; 0.000% | 257140 | &nbsp;&nbsp; 3 |
| Series 2021-36 Class IO | Series 2021-36 Class IO | Series 2021-36 Class IO | Series 2021-36 Class IO |
| 03/16/2063 | &nbsp;&nbsp; 1.288% | 18866673 | &nbsp;&nbsp; 1552537 |
| Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| Series 2021-2 Class AH | Series 2021-2 Class AH | Series 2021-2 Class AH | Series 2021-2 Class AH |
| 06/16/2063 | &nbsp;&nbsp; 1.500% | 4203937 | &nbsp;&nbsp; 3124090 |
| Series 2021-21 Class AH | Series 2021-21 Class AH | Series 2021-21 Class AH | Series 2021-21 Class AH |
| 06/16/2063 | &nbsp;&nbsp; 1.400% | 2864641 | &nbsp;&nbsp; 2195909 |
| Series 2021-31 Class B | Series 2021-31 Class B | Series 2021-31 Class B | Series 2021-31 Class B |
| 01/16/2061 | &nbsp;&nbsp; 1.250% | 3111319 | &nbsp;&nbsp; 2269483 |
| Total Commercial Mortgage-Backed Securities - Agency <br>(Cost $9,991,149) | Total Commercial Mortgage-Backed Securities - Agency <br>(Cost $9,991,149) | Total Commercial Mortgage-Backed Securities - Agency <br>(Cost $9,991,149) | &nbsp;&nbsp; **9148542** |
| **Commercial Mortgage-Backed Securities - Non-Agency**<sup>(a)</sup> **2.8%** | **Commercial Mortgage-Backed Securities - Non-Agency**<sup>(a)</sup> **2.8%** | **Commercial Mortgage-Backed Securities - Non-Agency**<sup>(a)</sup> **2.8%** | **Commercial Mortgage-Backed Securities - Non-Agency**<sup>(a)</sup> **2.8%** |
| BX Commercial Mortgage Trust<sup>(b),(c)</sup>  | BX Commercial Mortgage Trust<sup>(b),(c)</sup>  | BX Commercial Mortgage Trust<sup>(b),(c)</sup>  | BX Commercial Mortgage Trust<sup>(b),(c)</sup>  |
| Series 2022-CSMO Class A | Series 2022-CSMO Class A | Series 2022-CSMO Class A | Series 2022-CSMO Class A |
| 1-month Term SOFR + 2.115% <br>Floor 2.115% <br>06/15/2027<br>| &nbsp;&nbsp; 5.865% | 6925000 | &nbsp;&nbsp; 6924996 |
| Subordinated Series 2022-CSMO Class B | Subordinated Series 2022-CSMO Class B | Subordinated Series 2022-CSMO Class B | Subordinated Series 2022-CSMO Class B |
| 1-month Term SOFR + 3.141% <br>Floor 3.141% <br>06/15/2027<br>| &nbsp;&nbsp; 6.891% | 4080000 | &nbsp;&nbsp; 4087557 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – TCW Core Plus Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Commercial Mortgage-Backed Securities - Non-Agency**<sup>(a)</sup> **(continued)** | **Commercial Mortgage-Backed Securities - Non-Agency**<sup>(a)</sup> **(continued)** | **Commercial Mortgage-Backed Securities - Non-Agency**<sup>(a)</sup> **(continued)** | **Commercial Mortgage-Backed Securities - Non-Agency**<sup>(a)</sup> **(continued)** | **Commercial Mortgage-Backed Securities - Non-Agency**<sup>(a)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| BX Trust<sup>(b)</sup>  | BX Trust<sup>(b)</sup>  | BX Trust<sup>(b)</sup>  | BX Trust<sup>(b)</sup>  | BX Trust<sup>(b)</sup>  |
| Series 2019-OC11 Class A | Series 2019-OC11 Class A | Series 2019-OC11 Class A | Series 2019-OC11 Class A | Series 2019-OC11 Class A |
| 12/09/2041 | &nbsp;&nbsp; 3.202% |  | 1355000 | &nbsp;&nbsp; 1277481 |
| BX Trust<sup>(b),(c)</sup>  | BX Trust<sup>(b),(c)</sup>  | BX Trust<sup>(b),(c)</sup>  | BX Trust<sup>(b),(c)</sup>  | BX Trust<sup>(b),(c)</sup>  |
| Series 2025-VLT7 Class B | Series 2025-VLT7 Class B | Series 2025-VLT7 Class B | Series 2025-VLT7 Class B | Series 2025-VLT7 Class B |
| 1-month Term SOFR + 2.000% <br>Floor 2.000% <br>07/15/2027<br>| &nbsp;&nbsp; 5.750% |  | 4200000 | &nbsp;&nbsp; 4206901 |
| Series 2025-VOLT Class B | Series 2025-VOLT Class B | Series 2025-VOLT Class B | Series 2025-VOLT Class B | Series 2025-VOLT Class B |
| 1-month Term SOFR + 2.100% <br>Floor 2.100% <br>12/15/2044<br>| &nbsp;&nbsp; 6.100% |  | 4400000 | &nbsp;&nbsp; 4394514 |
| BXHPP Trust<sup>(b),(c)</sup>  | BXHPP Trust<sup>(b),(c)</sup>  | BXHPP Trust<sup>(b),(c)</sup>  | BXHPP Trust<sup>(b),(c)</sup>  | BXHPP Trust<sup>(b),(c)</sup>  |
| Series 2021-FILM Class A | Series 2021-FILM Class A | Series 2021-FILM Class A | Series 2021-FILM Class A | Series 2021-FILM Class A |
| 1-month Term SOFR + 0.764% <br>Floor 0.650% <br>08/15/2036<br>| &nbsp;&nbsp; 4.515% |  | 7000000 | &nbsp;&nbsp; 6757057 |
| Caister Finance DAC<sup>(b),(c)</sup>  | Caister Finance DAC<sup>(b),(c)</sup>  | Caister Finance DAC<sup>(b),(c)</sup>  | Caister Finance DAC<sup>(b),(c)</sup>  | Caister Finance DAC<sup>(b),(c)</sup>  |
| Series 2025-1A Class C | Series 2025-1A Class C | Series 2025-1A Class C | Series 2025-1A Class C | Series 2025-1A Class C |
| SONIA + 2.840% <br>08/17/2035<br>| &nbsp;&nbsp; 6.565% | GBP | 1980000 | &nbsp;&nbsp; 2679123 |
| DBGS Mortgage Trust<sup>(b),(c)</sup>  | DBGS Mortgage Trust<sup>(b),(c)</sup>  | DBGS Mortgage Trust<sup>(b),(c)</sup>  | DBGS Mortgage Trust<sup>(b),(c)</sup>  | DBGS Mortgage Trust<sup>(b),(c)</sup>  |
| Series 2021-W52 Class A | Series 2021-W52 Class A | Series 2021-W52 Class A | Series 2021-W52 Class A | Series 2021-W52 Class A |
| 1-month Term SOFR + 1.509% <br>Floor 1.395% <br>10/15/2036<br>| &nbsp;&nbsp; 5.619% |  | 5725000 | &nbsp;&nbsp; 5719776 |
| Great Wolf Trust<sup>(b),(c)</sup>  | Great Wolf Trust<sup>(b),(c)</sup>  | Great Wolf Trust<sup>(b),(c)</sup>  | Great Wolf Trust<sup>(b),(c)</sup>  | Great Wolf Trust<sup>(b),(c)</sup>  |
| Subordinated Series 2024-WLF2 Class B | Subordinated Series 2024-WLF2 Class B | Subordinated Series 2024-WLF2 Class B | Subordinated Series 2024-WLF2 Class B | Subordinated Series 2024-WLF2 Class B |
| 1-month Term SOFR + 2.141% <br>05/15/2041<br>| &nbsp;&nbsp; 5.891% |  | 4437000 | &nbsp;&nbsp; 4449419 |
| Hudson Yards Mortgage Trust<sup>(b)</sup>  | Hudson Yards Mortgage Trust<sup>(b)</sup>  | Hudson Yards Mortgage Trust<sup>(b)</sup>  | Hudson Yards Mortgage Trust<sup>(b)</sup>  | Hudson Yards Mortgage Trust<sup>(b)</sup>  |
| Series 2019-30HY Class A | Series 2019-30HY Class A | Series 2019-30HY Class A | Series 2019-30HY Class A | Series 2019-30HY Class A |
| 07/10/2039 | &nbsp;&nbsp; 3.228% |  | 2770000 | &nbsp;&nbsp; 2645982 |
| JPMorgan Chase Commercial Mortgage Securities Trust<sup>(b)</sup>  | JPMorgan Chase Commercial Mortgage Securities Trust<sup>(b)</sup>  | JPMorgan Chase Commercial Mortgage Securities Trust<sup>(b)</sup>  | JPMorgan Chase Commercial Mortgage Securities Trust<sup>(b)</sup>  | JPMorgan Chase Commercial Mortgage Securities Trust<sup>(b)</sup>  |
| Series 2019-OSB Class A | Series 2019-OSB Class A | Series 2019-OSB Class A | Series 2019-OSB Class A | Series 2019-OSB Class A |
| 06/05/2039 | &nbsp;&nbsp; 3.397% |  | 2720000 | &nbsp;&nbsp; 2569355 |
| MAD Commercial Mortgage Trust<sup>(b),(e)</sup>  | MAD Commercial Mortgage Trust<sup>(b),(e)</sup>  | MAD Commercial Mortgage Trust<sup>(b),(e)</sup>  | MAD Commercial Mortgage Trust<sup>(b),(e)</sup>  | MAD Commercial Mortgage Trust<sup>(b),(e)</sup>  |
| Series 2025-11MD Class C | Series 2025-11MD Class C | Series 2025-11MD Class C | Series 2025-11MD Class C | Series 2025-11MD Class C |
| 10/15/2042 | &nbsp;&nbsp; 5.818% |  | 2940000 | &nbsp;&nbsp; 2966723 |
| Manhattan West<sup>(b)</sup>  | Manhattan West<sup>(b)</sup>  | Manhattan West<sup>(b)</sup>  | Manhattan West<sup>(b)</sup>  | Manhattan West<sup>(b)</sup>  |
| Series 2020-1MW Class A | Series 2020-1MW Class A | Series 2020-1MW Class A | Series 2020-1MW Class A | Series 2020-1MW Class A |
| 09/10/2039 | &nbsp;&nbsp; 2.130% |  | 3470000 | &nbsp;&nbsp; 3340193 |
| MKT Mortgage Trust<sup>(b)</sup>  | MKT Mortgage Trust<sup>(b)</sup>  | MKT Mortgage Trust<sup>(b)</sup>  | MKT Mortgage Trust<sup>(b)</sup>  | MKT Mortgage Trust<sup>(b)</sup>  |
| Series 2020-525M Class A | Series 2020-525M Class A | Series 2020-525M Class A | Series 2020-525M Class A | Series 2020-525M Class A |
| 02/12/2040 | &nbsp;&nbsp; 2.694% |  | 2035000 | &nbsp;&nbsp; 1840792 |
| NYC Commercial Mortgage Trust<sup>(b)</sup>  | NYC Commercial Mortgage Trust<sup>(b)</sup>  | NYC Commercial Mortgage Trust<sup>(b)</sup>  | NYC Commercial Mortgage Trust<sup>(b)</sup>  | NYC Commercial Mortgage Trust<sup>(b)</sup>  |
| Series 2025-1155 Class A | Series 2025-1155 Class A | Series 2025-1155 Class A | Series 2025-1155 Class A | Series 2025-1155 Class A |
| 06/10/2042 | &nbsp;&nbsp; 5.833% |  | 5143000 | &nbsp;&nbsp; 5264079 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Commercial Mortgage-Backed Securities - Non-Agency**<sup>(a)</sup> **(continued)** | **Commercial Mortgage-Backed Securities - Non-Agency**<sup>(a)</sup> **(continued)** | **Commercial Mortgage-Backed Securities - Non-Agency**<sup>(a)</sup> **(continued)** | **Commercial Mortgage-Backed Securities - Non-Agency**<sup>(a)</sup> **(continued)** | **Commercial Mortgage-Backed Securities - Non-Agency**<sup>(a)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| PFP Ltd.<sup>(b),(c)</sup>  | PFP Ltd.<sup>(b),(c)</sup>  | PFP Ltd.<sup>(b),(c)</sup>  | PFP Ltd.<sup>(b),(c)</sup>  | PFP Ltd.<sup>(b),(c)</sup>  |
| Series 2025-12 Class B | Series 2025-12 Class B | Series 2025-12 Class B | Series 2025-12 Class B | Series 2025-12 Class B |
| 1-month Term SOFR + 2.042% <br>Floor 2.042% <br>12/18/2042<br>| &nbsp;&nbsp; 5.777% |  | 4820000 | &nbsp;&nbsp; 4820009 |
| StorageMart Commercial Mortgage Trust<sup>(b),(c)</sup>  | StorageMart Commercial Mortgage Trust<sup>(b),(c)</sup>  | StorageMart Commercial Mortgage Trust<sup>(b),(c)</sup>  | StorageMart Commercial Mortgage Trust<sup>(b),(c)</sup>  | StorageMart Commercial Mortgage Trust<sup>(b),(c)</sup>  |
| Subordinated Series 2022-MINI Class F | Subordinated Series 2022-MINI Class F | Subordinated Series 2022-MINI Class F | Subordinated Series 2022-MINI Class F | Subordinated Series 2022-MINI Class F |
| 1-month Term SOFR + 3.350% <br>Floor 3.350% <br>01/15/2039<br>| &nbsp;&nbsp; 7.100% |  | 5607000 | &nbsp;&nbsp; 5523104 |
| STWD LLC<sup>(b),(c)</sup>  | STWD LLC<sup>(b),(c)</sup>  | STWD LLC<sup>(b),(c)</sup>  | STWD LLC<sup>(b),(c)</sup>  | STWD LLC<sup>(b),(c)</sup>  |
| Series 2025-FL4 Class AS | Series 2025-FL4 Class AS | Series 2025-FL4 Class AS | Series 2025-FL4 Class AS | Series 2025-FL4 Class AS |
| 1-month Term SOFR + 1.700% <br>Floor 1.700% <br>11/19/2042<br>| &nbsp;&nbsp; 5.431% |  | 4345000 | &nbsp;&nbsp; 4347707 |
| TRTX Issuer Ltd.<sup>(b),(c)</sup>  | TRTX Issuer Ltd.<sup>(b),(c)</sup>  | TRTX Issuer Ltd.<sup>(b),(c)</sup>  | TRTX Issuer Ltd.<sup>(b),(c)</sup>  | TRTX Issuer Ltd.<sup>(b),(c)</sup>  |
| Series 2025-FL7 Class AS | Series 2025-FL7 Class AS | Series 2025-FL7 Class AS | Series 2025-FL7 Class AS | Series 2025-FL7 Class AS |
| 1-month Term SOFR + 1.700% <br>Floor 1.700% <br>06/18/2043<br>| &nbsp;&nbsp; 5.677% |  | 2950000 | &nbsp;&nbsp; 2949997 |
| UK Logistics<sup>(b),(c)</sup>  | UK Logistics<sup>(b),(c)</sup>  | UK Logistics<sup>(b),(c)</sup>  | UK Logistics<sup>(b),(c)</sup>  | UK Logistics<sup>(b),(c)</sup>  |
| Subordinated Series 2024-2A Class C | Subordinated Series 2024-2A Class C | Subordinated Series 2024-2A Class C | Subordinated Series 2024-2A Class C | Subordinated Series 2024-2A Class C |
| SONIA + 2.100% <br>Floor 2.100%, Cap 7.100% <br>02/17/2035<br>| &nbsp;&nbsp; 5.825% | GBP | 1955981 | &nbsp;&nbsp; 2664480 |
| WBHT Commercial Mortgage Trust<sup>(b),(c)</sup>  | WBHT Commercial Mortgage Trust<sup>(b),(c)</sup>  | WBHT Commercial Mortgage Trust<sup>(b),(c)</sup>  | WBHT Commercial Mortgage Trust<sup>(b),(c)</sup>  | WBHT Commercial Mortgage Trust<sup>(b),(c)</sup>  |
| Series 2025-WBM Class A | Series 2025-WBM Class A | Series 2025-WBM Class A | Series 2025-WBM Class A | Series 2025-WBM Class A |
| 1-month Term SOFR + 1.742% <br>06/15/2042<br>| &nbsp;&nbsp; 5.701% |  | 3410000 | &nbsp;&nbsp; 3420572 |
| Total Commercial Mortgage-Backed Securities - Non-Agency <br>(Cost $83,149,082) | Total Commercial Mortgage-Backed Securities - Non-Agency <br>(Cost $83,149,082) | Total Commercial Mortgage-Backed Securities - Non-Agency <br>(Cost $83,149,082) | Total Commercial Mortgage-Backed Securities - Non-Agency <br>(Cost $83,149,082) | &nbsp;&nbsp; **82849817** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Common Stocks 0.1%** | **Common Stocks 0.1%** | **Common Stocks 0.1%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Health Care 0.0%** | **Health Care 0.0%** | **Health Care 0.0%** |
| **Health Care Providers & Services 0.0%** | **Health Care Providers & Services 0.0%** | **Health Care Providers & Services 0.0%** |
| ModivCare Buyer LLC<sup>(g)</sup> <br>| &nbsp;&nbsp; 142420 | &nbsp;&nbsp; 925730 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **925730** |
| **Materials 0.1%** | **Materials 0.1%** | **Materials 0.1%** |
| **Containers & Packaging 0.1%** | **Containers & Packaging 0.1%** | **Containers & Packaging 0.1%** |
| Yeoman Capital SA<sup>(b),(g)</sup> <br>| &nbsp;&nbsp; 139044 | &nbsp;&nbsp; 1042830 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **1042830** |
| Total Common Stocks <br>(Cost $1,551,428) | Total Common Stocks <br>(Cost $1,551,428) | &nbsp;&nbsp; **1968560** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – TCW Core Plus Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Convertible Bonds**<sup>(a)</sup> **0.1%** | **Convertible Bonds**<sup>(a)</sup> **0.1%** | **Convertible Bonds**<sup>(a)</sup> **0.1%** | **Convertible Bonds**<sup>(a)</sup> **0.1%** | **Convertible Bonds**<sup>(a)</sup> **0.1%** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Food and Beverage 0.0%** | **Food and Beverage 0.0%** | **Food and Beverage 0.0%** | **Food and Beverage 0.0%** | **Food and Beverage 0.0%** |
| Davide Campari-Milano NV<sup>(b)</sup>  | Davide Campari-Milano NV<sup>(b)</sup>  | Davide Campari-Milano NV<sup>(b)</sup>  | Davide Campari-Milano NV<sup>(b)</sup>  | Davide Campari-Milano NV<sup>(b)</sup>  |
| 01/17/2029 | &nbsp;&nbsp; 2.375% | EUR | 1200000 | &nbsp;&nbsp; 1373539 |
| **Technology 0.1%** | **Technology 0.1%** | **Technology 0.1%** | **Technology 0.1%** | **Technology 0.1%** |
| Worldline SA<sup>(b),(h)</sup>  | Worldline SA<sup>(b),(h)</sup>  | Worldline SA<sup>(b),(h)</sup>  | Worldline SA<sup>(b),(h)</sup>  | Worldline SA<sup>(b),(h)</sup>  |
| 07/30/2026 | &nbsp;&nbsp; 0.000% | EUR | 2094960 | &nbsp;&nbsp; 2397978 |
| Total Convertible Bonds <br>(Cost $3,433,901) | Total Convertible Bonds <br>(Cost $3,433,901) | Total Convertible Bonds <br>(Cost $3,433,901) | Total Convertible Bonds <br>(Cost $3,433,901) | &nbsp;&nbsp; **3771517** |
| **Corporate Bonds & Notes**<sup>(a)</sup> **15.0%** | **Corporate Bonds & Notes**<sup>(a)</sup> **15.0%** | **Corporate Bonds & Notes**<sup>(a)</sup> **15.0%** | **Corporate Bonds & Notes**<sup>(a)</sup> **15.0%** | **Corporate Bonds & Notes**<sup>(a)</sup> **15.0%** |
| **Aerospace & Defense 0.1%** | **Aerospace & Defense 0.1%** | **Aerospace & Defense 0.1%** | **Aerospace & Defense 0.1%** | **Aerospace & Defense 0.1%** |
| General Electric Co.<sup>(c)</sup>  | General Electric Co.<sup>(c)</sup>  | General Electric Co.<sup>(c)</sup>  | General Electric Co.<sup>(c)</sup>  | General Electric Co.<sup>(c)</sup>  |
| 3-month Term SOFR + 0.642% <br>05/05/2026<br>| &nbsp;&nbsp; 4.542% |  | 1886000 | &nbsp;&nbsp; 1888083 |
| Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. |
| 08/15/2034 | &nbsp;&nbsp; 4.800% |  | 210000 | &nbsp;&nbsp; 212046 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **2100129** |
| **Airlines 0.3%** | **Airlines 0.3%** | **Airlines 0.3%** | **Airlines 0.3%** | **Airlines 0.3%** |
| Delta Air Lines Pass-Through Trust | Delta Air Lines Pass-Through Trust | Delta Air Lines Pass-Through Trust | Delta Air Lines Pass-Through Trust | Delta Air Lines Pass-Through Trust |
| 06/10/2028 | &nbsp;&nbsp; 2.000% |  | 6040200 | &nbsp;&nbsp; 5817819 |
| United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
| Series 2023-1 Class A | Series 2023-1 Class A | Series 2023-1 Class A | Series 2023-1 Class A | Series 2023-1 Class A |
| 01/15/2036 | &nbsp;&nbsp; 5.800% |  | 3923143 | &nbsp;&nbsp; 4095620 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **9913439** |
| **Apartment REIT 0.1%** | **Apartment REIT 0.1%** | **Apartment REIT 0.1%** | **Apartment REIT 0.1%** | **Apartment REIT 0.1%** |
| American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
| 07/15/2031 | &nbsp;&nbsp; 2.375% |  | 1905000 | &nbsp;&nbsp; 1703107 |
| **Automotive 0.2%** | **Automotive 0.2%** | **Automotive 0.2%** | **Automotive 0.2%** | **Automotive 0.2%** |
| Volkswagen Financial Services AG<sup>(b)</sup>  | Volkswagen Financial Services AG<sup>(b)</sup>  | Volkswagen Financial Services AG<sup>(b)</sup>  | Volkswagen Financial Services AG<sup>(b)</sup>  | Volkswagen Financial Services AG<sup>(b)</sup>  |
| 11/19/2031 | &nbsp;&nbsp; 3.875% | EUR | 2000000 | &nbsp;&nbsp; 2371828 |
| Volkswagen Group of America Finance LLC<sup>(b)</sup>  | Volkswagen Group of America Finance LLC<sup>(b)</sup>  | Volkswagen Group of America Finance LLC<sup>(b)</sup>  | Volkswagen Group of America Finance LLC<sup>(b)</sup>  | Volkswagen Group of America Finance LLC<sup>(b)</sup>  |
| 03/25/2032 | &nbsp;&nbsp; 5.650% |  | 280000 | &nbsp;&nbsp; 290533 |
| 03/27/2035 | &nbsp;&nbsp; 5.800% |  | 355000 | &nbsp;&nbsp; 367621 |
| Volkswagen International Finance NV<sup>(b),(i),(j)</sup>  | Volkswagen International Finance NV<sup>(b),(i),(j)</sup>  | Volkswagen International Finance NV<sup>(b),(i),(j)</sup>  | Volkswagen International Finance NV<sup>(b),(i),(j)</sup>  | Volkswagen International Finance NV<sup>(b),(i),(j)</sup>  |
|  | &nbsp;&nbsp; 7.875% | EUR | 1200000 | &nbsp;&nbsp; 1625505 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **4655487** |
| **Banking 3.1%** | **Banking 3.1%** | **Banking 3.1%** | **Banking 3.1%** | **Banking 3.1%** |
| American Express Co.<sup>(j)</sup>  | American Express Co.<sup>(j)</sup>  | American Express Co.<sup>(j)</sup>  | American Express Co.<sup>(j)</sup>  | American Express Co.<sup>(j)</sup>  |
| 07/20/2033 | &nbsp;&nbsp; 4.918% |  | 2305000 | &nbsp;&nbsp; 2345854 |
| Bank of America Corp.<sup>(j)</sup>  | Bank of America Corp.<sup>(j)</sup>  | Bank of America Corp.<sup>(j)</sup>  | Bank of America Corp.<sup>(j)</sup>  | Bank of America Corp.<sup>(j)</sup>  |
| 07/22/2027 | &nbsp;&nbsp; 1.734% |  | 11220000 | &nbsp;&nbsp; 11075401 |
| 04/24/2028 | &nbsp;&nbsp; 3.705% |  | 4972000 | &nbsp;&nbsp; 4949292 |
| 06/14/2029 | &nbsp;&nbsp; 2.087% |  | 1880000 | &nbsp;&nbsp; 1792638 |
| 10/20/2032 | &nbsp;&nbsp; 2.572% |  | 4020000 | &nbsp;&nbsp; 3624044 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds & Notes**<sup>(a)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(a)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(a)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(a)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(a)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Bank of America Corp.<sup>(c)</sup>  | Bank of America Corp.<sup>(c)</sup>  | Bank of America Corp.<sup>(c)</sup>  | Bank of America Corp.<sup>(c)</sup>  | Bank of America Corp.<sup>(c)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated | Subordinated |
| 3-month Term SOFR + 0.912% <br>12/01/2026<br>| &nbsp;&nbsp; 4.704% |  | 1000000 | &nbsp;&nbsp; 1003363 |
| Citibank NA | Citibank NA | Citibank NA | Citibank NA | Citibank NA |
| 05/29/2030 | &nbsp;&nbsp; 4.914% |  | 2970000 | &nbsp;&nbsp; 3055369 |
| Citigroup, Inc.<sup>(j)</sup>  | Citigroup, Inc.<sup>(j)</sup>  | Citigroup, Inc.<sup>(j)</sup>  | Citigroup, Inc.<sup>(j)</sup>  | Citigroup, Inc.<sup>(j)</sup>  |
| 05/01/2032 | &nbsp;&nbsp; 2.561% |  | 215000 | &nbsp;&nbsp; 195148 |
| Goldman Sachs Group, Inc. (The)<sup>(j)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(j)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(j)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(j)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(j)</sup>  |
| 03/09/2027 | &nbsp;&nbsp; 1.431% |  | 12950000 | &nbsp;&nbsp; 12883267 |
| 09/10/2027 | &nbsp;&nbsp; 1.542% |  | 1092000 | &nbsp;&nbsp; 1072995 |
| 10/21/2027 | &nbsp;&nbsp; 1.948% |  | 5200000 | &nbsp;&nbsp; 5110671 |
| 10/23/2035 | &nbsp;&nbsp; 5.016% |  | 490000 | &nbsp;&nbsp; 492519 |
| 01/28/2036 | &nbsp;&nbsp; 5.536% |  | 520000 | &nbsp;&nbsp; 540032 |
| JPMorgan Chase & Co.<sup>(j)</sup>  | JPMorgan Chase & Co.<sup>(j)</sup>  | JPMorgan Chase & Co.<sup>(j)</sup>  | JPMorgan Chase & Co.<sup>(j)</sup>  | JPMorgan Chase & Co.<sup>(j)</sup>  |
| 04/22/2027 | &nbsp;&nbsp; 1.578% |  | 4495000 | &nbsp;&nbsp; 4459229 |
| 02/24/2028 | &nbsp;&nbsp; 2.947% |  | 2290000 | &nbsp;&nbsp; 2262570 |
| 10/15/2030 | &nbsp;&nbsp; 2.739% |  | 2320000 | &nbsp;&nbsp; 2200875 |
| 01/25/2033 | &nbsp;&nbsp; 2.963% |  | 4255000 | &nbsp;&nbsp; 3902498 |
| 01/24/2036 | &nbsp;&nbsp; 5.502% |  | 545000 | &nbsp;&nbsp; 570120 |
| Morgan Stanley<sup>(j)</sup>  | Morgan Stanley<sup>(j)</sup>  | Morgan Stanley<sup>(j)</sup>  | Morgan Stanley<sup>(j)</sup>  | Morgan Stanley<sup>(j)</sup>  |
| 05/04/2027 | &nbsp;&nbsp; 1.593% |  | 4445000 | &nbsp;&nbsp; 4406440 |
| 04/28/2032 | &nbsp;&nbsp; 1.928% |  | 2805000 | &nbsp;&nbsp; 2461151 |
| 10/20/2032 | &nbsp;&nbsp; 2.511% |  | 845000 | &nbsp;&nbsp; 757859 |
| Morgan Stanley Private Bank<sup>(j)</sup>  | Morgan Stanley Private Bank<sup>(j)</sup>  | Morgan Stanley Private Bank<sup>(j)</sup>  | Morgan Stanley Private Bank<sup>(j)</sup>  | Morgan Stanley Private Bank<sup>(j)</sup>  |
| 11/17/2028 | &nbsp;&nbsp; 4.204% |  | 175000 | &nbsp;&nbsp; 175497 |
| Morgan Stanley Private Bank NA<sup>(j)</sup>  | Morgan Stanley Private Bank NA<sup>(j)</sup>  | Morgan Stanley Private Bank NA<sup>(j)</sup>  | Morgan Stanley Private Bank NA<sup>(j)</sup>  | Morgan Stanley Private Bank NA<sup>(j)</sup>  |
| 07/18/2031 | &nbsp;&nbsp; 4.734% |  | 3395000 | &nbsp;&nbsp; 3441103 |
| PNC Financial Services Group, Inc. (The)<sup>(j)</sup>  | PNC Financial Services Group, Inc. (The)<sup>(j)</sup>  | PNC Financial Services Group, Inc. (The)<sup>(j)</sup>  | PNC Financial Services Group, Inc. (The)<sup>(j)</sup>  | PNC Financial Services Group, Inc. (The)<sup>(j)</sup>  |
| 10/28/2033 | &nbsp;&nbsp; 6.037% |  | 340000 | &nbsp;&nbsp; 367333 |
| 10/20/2034 | &nbsp;&nbsp; 6.875% |  | 425000 | &nbsp;&nbsp; 480812 |
| Santander UK Group Holdings PLC<sup>(j)</sup>  | Santander UK Group Holdings PLC<sup>(j)</sup>  | Santander UK Group Holdings PLC<sup>(j)</sup>  | Santander UK Group Holdings PLC<sup>(j)</sup>  | Santander UK Group Holdings PLC<sup>(j)</sup>  |
| 06/14/2027 | &nbsp;&nbsp; 1.673% |  | 325000 | &nbsp;&nbsp; 321295 |
| 01/11/2028 | &nbsp;&nbsp; 2.469% |  | 1035000 | &nbsp;&nbsp; 1017079 |
| Wells Fargo & Co.<sup>(j)</sup>  | Wells Fargo & Co.<sup>(j)</sup>  | Wells Fargo & Co.<sup>(j)</sup>  | Wells Fargo & Co.<sup>(j)</sup>  | Wells Fargo & Co.<sup>(j)</sup>  |
| 06/02/2028 | &nbsp;&nbsp; 2.393% |  | 5278000 | &nbsp;&nbsp; 5156719 |
| 01/24/2031 | &nbsp;&nbsp; 5.244% |  | 5545000 | &nbsp;&nbsp; 5739228 |
| 07/25/2033 | &nbsp;&nbsp; 4.897% |  | 2850000 | &nbsp;&nbsp; 2895048 |
| 12/03/2035 | &nbsp;&nbsp; 5.211% |  | 780000 | &nbsp;&nbsp; 797020 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **89552469** |
| **Brokerage/Asset Managers/Exchanges 0.1%** | **Brokerage/Asset Managers/Exchanges 0.1%** | **Brokerage/Asset Managers/Exchanges 0.1%** | **Brokerage/Asset Managers/Exchanges 0.1%** | **Brokerage/Asset Managers/Exchanges 0.1%** |
| Blackrock, Inc. | Blackrock, Inc. | Blackrock, Inc. | Blackrock, Inc. | Blackrock, Inc. |
| 07/18/2035 | &nbsp;&nbsp; 3.750% | EUR | 2675000 | &nbsp;&nbsp; 3179150 |
| **Cable and Satellite 0.6%** | **Cable and Satellite 0.6%** | **Cable and Satellite 0.6%** | **Cable and Satellite 0.6%** | **Cable and Satellite 0.6%** |
| CCO Holdings LLC/Capital Corp.<sup>(b)</sup>  | CCO Holdings LLC/Capital Corp.<sup>(b)</sup>  | CCO Holdings LLC/Capital Corp.<sup>(b)</sup>  | CCO Holdings LLC/Capital Corp.<sup>(b)</sup>  | CCO Holdings LLC/Capital Corp.<sup>(b)</sup>  |
| 02/01/2028 | &nbsp;&nbsp; 5.000% |  | 500000 | &nbsp;&nbsp; 495892 |
| Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
| 06/01/2034 | &nbsp;&nbsp; 6.550% |  | 1271000 | &nbsp;&nbsp; 1337615 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – TCW Core Plus Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds & Notes**<sup>(a)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(a)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(a)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(a)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(a)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Charter Communications Operating LLC/Capital | Charter Communications Operating LLC/Capital | Charter Communications Operating LLC/Capital | Charter Communications Operating LLC/Capital | Charter Communications Operating LLC/Capital |
| 12/01/2035 | &nbsp;&nbsp; 5.850% |  | 1700000 | &nbsp;&nbsp; 1697985 |
| 03/01/2042 | &nbsp;&nbsp; 3.500% |  | 2175000 | &nbsp;&nbsp; 1505092 |
| 04/01/2048 | &nbsp;&nbsp; 5.750% |  | 1418000 | &nbsp;&nbsp; 1218112 |
| 07/01/2049 | &nbsp;&nbsp; 5.125% |  | 1335000 | &nbsp;&nbsp; 1046752 |
| 03/01/2050 | &nbsp;&nbsp; 4.800% |  | 1165000 | &nbsp;&nbsp; 875970 |
| 06/01/2052 | &nbsp;&nbsp; 3.900% |  | 27000 | &nbsp;&nbsp; 17433 |
| CSC Holdings LLC<sup>(b)</sup>  | CSC Holdings LLC<sup>(b)</sup>  | CSC Holdings LLC<sup>(b)</sup>  | CSC Holdings LLC<sup>(b)</sup>  | CSC Holdings LLC<sup>(b)</sup>  |
| 01/31/2029 | &nbsp;&nbsp; 11.750% |  | 2815000 | &nbsp;&nbsp; 2097175 |
| 02/01/2029 | &nbsp;&nbsp; 6.500% |  | 3131000 | &nbsp;&nbsp; 2068620 |
| 01/15/2030 | &nbsp;&nbsp; 5.750% |  | 600000 | &nbsp;&nbsp; 220200 |
| 11/15/2031 | &nbsp;&nbsp; 4.500% |  | 400000 | &nbsp;&nbsp; 243403 |
| Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC |
| 11/15/2040 | &nbsp;&nbsp; 5.875% |  | 350000 | &nbsp;&nbsp; 324061 |
| VZ Secured Financing BV<sup>(b)</sup>  | VZ Secured Financing BV<sup>(b)</sup>  | VZ Secured Financing BV<sup>(b)</sup>  | VZ Secured Financing BV<sup>(b)</sup>  | VZ Secured Financing BV<sup>(b)</sup>  |
| 01/15/2032 | &nbsp;&nbsp; 5.000% |  | 3250000 | &nbsp;&nbsp; 2943106 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **16091416** |
| **Chemicals 0.2%** | **Chemicals 0.2%** | **Chemicals 0.2%** | **Chemicals 0.2%** | **Chemicals 0.2%** |
| Dyno Nobel Ltd. | Dyno Nobel Ltd. | Dyno Nobel Ltd. | Dyno Nobel Ltd. | Dyno Nobel Ltd. |
| 11/08/2032 | &nbsp;&nbsp; 5.400% | AUD | 1100000 | &nbsp;&nbsp; 718119 |
| International Flavors & Fragrances, Inc.<sup>(b)</sup>  | International Flavors & Fragrances, Inc.<sup>(b)</sup>  | International Flavors & Fragrances, Inc.<sup>(b)</sup>  | International Flavors & Fragrances, Inc.<sup>(b)</sup>  | International Flavors & Fragrances, Inc.<sup>(b)</sup>  |
| 10/15/2027 | &nbsp;&nbsp; 1.832% |  | 460000 | &nbsp;&nbsp; 441296 |
| 11/01/2030 | &nbsp;&nbsp; 2.300% |  | 3915000 | &nbsp;&nbsp; 3531129 |
| 11/15/2040 | &nbsp;&nbsp; 3.268% |  | 370000 | &nbsp;&nbsp; 283975 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **4974519** |
| **Construction Machinery 0.0%** | **Construction Machinery 0.0%** | **Construction Machinery 0.0%** | **Construction Machinery 0.0%** | **Construction Machinery 0.0%** |
| Oregon Tool Lux LP<sup>(b)</sup>  | Oregon Tool Lux LP<sup>(b)</sup>  | Oregon Tool Lux LP<sup>(b)</sup>  | Oregon Tool Lux LP<sup>(b)</sup>  | Oregon Tool Lux LP<sup>(b)</sup>  |
| 10/15/2029 | &nbsp;&nbsp; 7.875% |  | 413573 | &nbsp;&nbsp; 91004 |
| **Consumer Cyclical Services 0.0%** | **Consumer Cyclical Services 0.0%** | **Consumer Cyclical Services 0.0%** | **Consumer Cyclical Services 0.0%** | **Consumer Cyclical Services 0.0%** |
| VT Topco, Inc.<sup>(b)</sup>  | VT Topco, Inc.<sup>(b)</sup>  | VT Topco, Inc.<sup>(b)</sup>  | VT Topco, Inc.<sup>(b)</sup>  | VT Topco, Inc.<sup>(b)</sup>  |
| 08/15/2030 | &nbsp;&nbsp; 8.500% |  | 405000 | &nbsp;&nbsp; 422534 |
| **Consumer Products 0.1%** | **Consumer Products 0.1%** | **Consumer Products 0.1%** | **Consumer Products 0.1%** | **Consumer Products 0.1%** |
| Energizer Holdings, Inc.<sup>(b)</sup>  | Energizer Holdings, Inc.<sup>(b)</sup>  | Energizer Holdings, Inc.<sup>(b)</sup>  | Energizer Holdings, Inc.<sup>(b)</sup>  | Energizer Holdings, Inc.<sup>(b)</sup>  |
| 09/15/2033 | &nbsp;&nbsp; 6.000% |  | 1505000 | &nbsp;&nbsp; 1442944 |
| Galderma Finance Europe BV<sup>(b)</sup>  | Galderma Finance Europe BV<sup>(b)</sup>  | Galderma Finance Europe BV<sup>(b)</sup>  | Galderma Finance Europe BV<sup>(b)</sup>  | Galderma Finance Europe BV<sup>(b)</sup>  |
| 03/20/2030 | &nbsp;&nbsp; 3.500% | EUR | 730000 | &nbsp;&nbsp; 868739 |
| Spectrum Brands, Inc.<sup>(b)</sup>  | Spectrum Brands, Inc.<sup>(b)</sup>  | Spectrum Brands, Inc.<sup>(b)</sup>  | Spectrum Brands, Inc.<sup>(b)</sup>  | Spectrum Brands, Inc.<sup>(b)</sup>  |
| 03/15/2031 | &nbsp;&nbsp; 3.875% |  | 412000 | &nbsp;&nbsp; 335427 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **2647110** |
| **Electric 2.3%** | **Electric 2.3%** | **Electric 2.3%** | **Electric 2.3%** | **Electric 2.3%** |
| AEP Transmission Co. LLC | AEP Transmission Co. LLC | AEP Transmission Co. LLC | AEP Transmission Co. LLC | AEP Transmission Co. LLC |
| 04/01/2050 | &nbsp;&nbsp; 3.650% |  | 305000 | &nbsp;&nbsp; 226499 |
| Alliant Energy Corp.<sup>(j)</sup>  | Alliant Energy Corp.<sup>(j)</sup>  | Alliant Energy Corp.<sup>(j)</sup>  | Alliant Energy Corp.<sup>(j)</sup>  | Alliant Energy Corp.<sup>(j)</sup>  |
| 04/01/2056 | &nbsp;&nbsp; 5.750% |  | 2350000 | &nbsp;&nbsp; 2345714 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds & Notes**<sup>(a)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(a)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(a)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(a)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(a)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| American Electric Power Co, Inc.<sup>(j)</sup>  | American Electric Power Co, Inc.<sup>(j)</sup>  | American Electric Power Co, Inc.<sup>(j)</sup>  | American Electric Power Co, Inc.<sup>(j)</sup>  | American Electric Power Co, Inc.<sup>(j)</sup>  |
| 03/15/2056 | &nbsp;&nbsp; 5.800% |  | 4390000 | &nbsp;&nbsp; 4358397 |
| 03/15/2056 | &nbsp;&nbsp; 6.050% |  | 2085000 | &nbsp;&nbsp; 2050080 |
| Appalachian Power Co. | Appalachian Power Co. | Appalachian Power Co. | Appalachian Power Co. | Appalachian Power Co. |
| 05/15/2033 | &nbsp;&nbsp; 5.950% |  | 3225000 | &nbsp;&nbsp; 3412400 |
| 04/01/2034 | &nbsp;&nbsp; 5.650% |  | 4030000 | &nbsp;&nbsp; 4218978 |
| CenterPoint Energy, Inc.<sup>(j)</sup>  | CenterPoint Energy, Inc.<sup>(j)</sup>  | CenterPoint Energy, Inc.<sup>(j)</sup>  | CenterPoint Energy, Inc.<sup>(j)</sup>  | CenterPoint Energy, Inc.<sup>(j)</sup>  |
| 04/01/2056 | &nbsp;&nbsp; 5.950% |  | 2200000 | &nbsp;&nbsp; 2214944 |
| Dominion Energy, Inc.<sup>(j)</sup>  | Dominion Energy, Inc.<sup>(j)</sup>  | Dominion Energy, Inc.<sup>(j)</sup>  | Dominion Energy, Inc.<sup>(j)</sup>  | Dominion Energy, Inc.<sup>(j)</sup>  |
| 02/15/2056 | &nbsp;&nbsp; 6.200% |  | 3150000 | &nbsp;&nbsp; 3170659 |
| Duke Energy Florida LLC | Duke Energy Florida LLC | Duke Energy Florida LLC | Duke Energy Florida LLC | Duke Energy Florida LLC |
| 11/15/2033 | &nbsp;&nbsp; 5.875% |  | 385000 | &nbsp;&nbsp; 415703 |
| Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC |
| 04/01/2052 | &nbsp;&nbsp; 4.000% |  | 500000 | &nbsp;&nbsp; 387744 |
| Electricite de France SA<sup>(b),(i),(j)</sup>  | Electricite de France SA<sup>(b),(i),(j)</sup>  | Electricite de France SA<sup>(b),(i),(j)</sup>  | Electricite de France SA<sup>(b),(i),(j)</sup>  | Electricite de France SA<sup>(b),(i),(j)</sup>  |
|  | &nbsp;&nbsp; 7.375% | GBP | 300000 | &nbsp;&nbsp; 415203 |
|  | &nbsp;&nbsp; 9.125% |  | 810000 | &nbsp;&nbsp; 940099 |
| Electricite de France SA<sup>(b)</sup>  | Electricite de France SA<sup>(b)</sup>  | Electricite de France SA<sup>(b)</sup>  | Electricite de France SA<sup>(b)</sup>  | Electricite de France SA<sup>(b)</sup>  |
| 08/28/2035 | &nbsp;&nbsp; 5.636% | AUD | 890000 | &nbsp;&nbsp; 577793 |
| 06/17/2044 | &nbsp;&nbsp; 4.750% | EUR | 2400000 | &nbsp;&nbsp; 2802297 |
| 12/09/2049 | &nbsp;&nbsp; 2.000% | EUR | 600000 | &nbsp;&nbsp; 415460 |
| Entergy Corp.<sup>(j)</sup>  | Entergy Corp.<sup>(j)</sup>  | Entergy Corp.<sup>(j)</sup>  | Entergy Corp.<sup>(j)</sup>  | Entergy Corp.<sup>(j)</sup>  |
| 06/15/2056 | &nbsp;&nbsp; 6.100% |  | 3525000 | &nbsp;&nbsp; 3522812 |
| Eurogrid GmbH<sup>(b)</sup>  | Eurogrid GmbH<sup>(b)</sup>  | Eurogrid GmbH<sup>(b)</sup>  | Eurogrid GmbH<sup>(b)</sup>  | Eurogrid GmbH<sup>(b)</sup>  |
| 09/05/2031 | &nbsp;&nbsp; 3.279% | EUR | 200000 | &nbsp;&nbsp; 235221 |
| Eversource Energy | Eversource Energy | Eversource Energy | Eversource Energy | Eversource Energy |
| 07/01/2027 | &nbsp;&nbsp; 4.600% |  | 3135000 | &nbsp;&nbsp; 3156390 |
| 02/01/2029 | &nbsp;&nbsp; 5.950% |  | 2760000 | &nbsp;&nbsp; 2885246 |
| FirstEnergy Transmission LLC<sup>(b)</sup>  | FirstEnergy Transmission LLC<sup>(b)</sup>  | FirstEnergy Transmission LLC<sup>(b)</sup>  | FirstEnergy Transmission LLC<sup>(b)</sup>  | FirstEnergy Transmission LLC<sup>(b)</sup>  |
| 04/01/2049 | &nbsp;&nbsp; 4.550% |  | 1000000 | &nbsp;&nbsp; 851531 |
| Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. |
| 03/01/2049 | &nbsp;&nbsp; 3.990% |  | 1500000 | &nbsp;&nbsp; 1191140 |
| Interstate Power and Light Co. | Interstate Power and Light Co. | Interstate Power and Light Co. | Interstate Power and Light Co. | Interstate Power and Light Co. |
| 10/15/2033 | &nbsp;&nbsp; 5.700% |  | 2750000 | &nbsp;&nbsp; 2889035 |
| Northern States Power Co. | Northern States Power Co. | Northern States Power Co. | Northern States Power Co. | Northern States Power Co. |
| 05/15/2035 | &nbsp;&nbsp; 5.050% |  | 1060000 | &nbsp;&nbsp; 1081072 |
| Oncor Electric Delivery Co. LLC<sup>(b)</sup>  | Oncor Electric Delivery Co. LLC<sup>(b)</sup>  | Oncor Electric Delivery Co. LLC<sup>(b)</sup>  | Oncor Electric Delivery Co. LLC<sup>(b)</sup>  | Oncor Electric Delivery Co. LLC<sup>(b)</sup>  |
| 04/01/2035 | &nbsp;&nbsp; 5.350% |  | 3025000 | &nbsp;&nbsp; 3120450 |
| PECO Energy Co. | PECO Energy Co. | PECO Energy Co. | PECO Energy Co. | PECO Energy Co. |
| 05/15/2052 | &nbsp;&nbsp; 4.600% |  | 2690000 | &nbsp;&nbsp; 2288423 |
| Pennsylvania Electric Co.<sup>(b)</sup>  | Pennsylvania Electric Co.<sup>(b)</sup>  | Pennsylvania Electric Co.<sup>(b)</sup>  | Pennsylvania Electric Co.<sup>(b)</sup>  | Pennsylvania Electric Co.<sup>(b)</sup>  |
| 03/15/2028 | &nbsp;&nbsp; 3.250% |  | 6950000 | &nbsp;&nbsp; 6807001 |
| Progress Energy, Inc. | Progress Energy, Inc. | Progress Energy, Inc. | Progress Energy, Inc. | Progress Energy, Inc. |
| 10/30/2031 | &nbsp;&nbsp; 7.000% |  | 2894000 | &nbsp;&nbsp; 3250167 |
| Public Service Co. | Public Service Co. | Public Service Co. | Public Service Co. | Public Service Co. |
| 01/15/2036 | &nbsp;&nbsp; 5.450% |  | 3670000 | &nbsp;&nbsp; 3765399 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – TCW Core Plus Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds & Notes**<sup>(a)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(a)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(a)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(a)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(a)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| WEC Energy Group, Inc.<sup>(j)</sup>  | WEC Energy Group, Inc.<sup>(j)</sup>  | WEC Energy Group, Inc.<sup>(j)</sup>  | WEC Energy Group, Inc.<sup>(j)</sup>  | WEC Energy Group, Inc.<sup>(j)</sup>  |
| 05/15/2056 | &nbsp;&nbsp; 5.625% |  | 4400000 | &nbsp;&nbsp; 4428253 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **67424110** |
| **Finance Companies 0.3%** | **Finance Companies 0.3%** | **Finance Companies 0.3%** | **Finance Companies 0.3%** | **Finance Companies 0.3%** |
| AerCap Ireland Capital DAC/Global Aviation Trust | AerCap Ireland Capital DAC/Global Aviation Trust | AerCap Ireland Capital DAC/Global Aviation Trust | AerCap Ireland Capital DAC/Global Aviation Trust | AerCap Ireland Capital DAC/Global Aviation Trust |
| 10/29/2028 | &nbsp;&nbsp; 3.000% |  | 6350000 | &nbsp;&nbsp; 6156457 |
| Avolon Holdings Funding Ltd.<sup>(b)</sup>  | Avolon Holdings Funding Ltd.<sup>(b)</sup>  | Avolon Holdings Funding Ltd.<sup>(b)</sup>  | Avolon Holdings Funding Ltd.<sup>(b)</sup>  | Avolon Holdings Funding Ltd.<sup>(b)</sup>  |
| 02/15/2027 | &nbsp;&nbsp; 3.250% |  | 2035000 | &nbsp;&nbsp; 2011938 |
| 11/18/2027 | &nbsp;&nbsp; 2.528% |  | 1492000 | &nbsp;&nbsp; 1447425 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **9615820** |
| **Food and Beverage 0.4%** | **Food and Beverage 0.4%** | **Food and Beverage 0.4%** | **Food and Beverage 0.4%** | **Food and Beverage 0.4%** |
| JBS USA Holding Lux Sarl/Food Co./Sarl | JBS USA Holding Lux Sarl/Food Co./Sarl | JBS USA Holding Lux Sarl/Food Co./Sarl | JBS USA Holding Lux Sarl/Food Co./Sarl | JBS USA Holding Lux Sarl/Food Co./Sarl |
| 03/15/2034 | &nbsp;&nbsp; 6.750% |  | 1471000 | &nbsp;&nbsp; 1622354 |
| JBS USA Lux SA/Food Co./Finance, Inc. | JBS USA Lux SA/Food Co./Finance, Inc. | JBS USA Lux SA/Food Co./Finance, Inc. | JBS USA Lux SA/Food Co./Finance, Inc. | JBS USA Lux SA/Food Co./Finance, Inc. |
| 12/01/2052 | &nbsp;&nbsp; 6.500% |  | 2076000 | &nbsp;&nbsp; 2133079 |
| Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. |
| 03/01/2032 | &nbsp;&nbsp; 3.500% |  | 2634000 | &nbsp;&nbsp; 2429316 |
| 05/15/2034 | &nbsp;&nbsp; 6.875% |  | 3850000 | &nbsp;&nbsp; 4258717 |
| Smithfield Foods, Inc.<sup>(b)</sup>  | Smithfield Foods, Inc.<sup>(b)</sup>  | Smithfield Foods, Inc.<sup>(b)</sup>  | Smithfield Foods, Inc.<sup>(b)</sup>  | Smithfield Foods, Inc.<sup>(b)</sup>  |
| 09/13/2031 | &nbsp;&nbsp; 2.625% |  | 1500000 | &nbsp;&nbsp; 1329673 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **11773139** |
| **Gaming 0.4%** | **Gaming 0.4%** | **Gaming 0.4%** | **Gaming 0.4%** | **Gaming 0.4%** |
| FDJ United<sup>(b)</sup>  | FDJ United<sup>(b)</sup>  | FDJ United<sup>(b)</sup>  | FDJ United<sup>(b)</sup>  | FDJ United<sup>(b)</sup>  |
| 11/21/2033 | &nbsp;&nbsp; 3.375% | EUR | 1300000 | &nbsp;&nbsp; 1498028 |
| Flutter Treasury DAC<sup>(b)</sup>  | Flutter Treasury DAC<sup>(b)</sup>  | Flutter Treasury DAC<sup>(b)</sup>  | Flutter Treasury DAC<sup>(b)</sup>  | Flutter Treasury DAC<sup>(b)</sup>  |
| 06/04/2031 | &nbsp;&nbsp; 6.125% | GBP | 745000 | &nbsp;&nbsp; 1012814 |
| GLP Capital LP/Financing II, Inc. | GLP Capital LP/Financing II, Inc. | GLP Capital LP/Financing II, Inc. | GLP Capital LP/Financing II, Inc. | GLP Capital LP/Financing II, Inc. |
| 06/01/2028 | &nbsp;&nbsp; 5.750% |  | 870000 | &nbsp;&nbsp; 892741 |
| 01/15/2031 | &nbsp;&nbsp; 4.000% |  | 3030000 | &nbsp;&nbsp; 2898268 |
| Great Canadian Gaming Corp./Raptor LLC<sup>(b)</sup>  | Great Canadian Gaming Corp./Raptor LLC<sup>(b)</sup>  | Great Canadian Gaming Corp./Raptor LLC<sup>(b)</sup>  | Great Canadian Gaming Corp./Raptor LLC<sup>(b)</sup>  | Great Canadian Gaming Corp./Raptor LLC<sup>(b)</sup>  |
| 11/15/2029 | &nbsp;&nbsp; 8.750% |  | 96000 | &nbsp;&nbsp; 97041 |
| Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
| 06/15/2028 | &nbsp;&nbsp; 5.625% |  | 2865000 | &nbsp;&nbsp; 2937849 |
| Ontario Gaming GTA LP<sup>(b)</sup>  | Ontario Gaming GTA LP<sup>(b)</sup>  | Ontario Gaming GTA LP<sup>(b)</sup>  | Ontario Gaming GTA LP<sup>(b)</sup>  | Ontario Gaming GTA LP<sup>(b)</sup>  |
| 08/01/2030 | &nbsp;&nbsp; 8.000% |  | 49000 | &nbsp;&nbsp; 46562 |
| VICI Properties LP/Note Co., Inc.<sup>(b)</sup>  | VICI Properties LP/Note Co., Inc.<sup>(b)</sup>  | VICI Properties LP/Note Co., Inc.<sup>(b)</sup>  | VICI Properties LP/Note Co., Inc.<sup>(b)</sup>  | VICI Properties LP/Note Co., Inc.<sup>(b)</sup>  |
| 02/15/2029 | &nbsp;&nbsp; 3.875% |  | 515000 | &nbsp;&nbsp; 505029 |
| 08/15/2030 | &nbsp;&nbsp; 4.125% |  | 105000 | &nbsp;&nbsp; 101962 |
| Voyager Parent LLC<sup>(b)</sup>  | Voyager Parent LLC<sup>(b)</sup>  | Voyager Parent LLC<sup>(b)</sup>  | Voyager Parent LLC<sup>(b)</sup>  | Voyager Parent LLC<sup>(b)</sup>  |
| 07/01/2032 | &nbsp;&nbsp; 9.250% |  | 312000 | &nbsp;&nbsp; 330930 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **10321224** |
| **Health Care 0.9%** | **Health Care 0.9%** | **Health Care 0.9%** | **Health Care 0.9%** | **Health Care 0.9%** |
| Cigna Group (The) | Cigna Group (The) | Cigna Group (The) | Cigna Group (The) | Cigna Group (The) |
| 01/15/2036 | &nbsp;&nbsp; 5.250% |  | 4350000 | &nbsp;&nbsp; 4425532 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds & Notes**<sup>(a)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(a)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(a)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(a)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(a)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| 02/21/2033 | &nbsp;&nbsp; 5.250% |  | 374000 | &nbsp;&nbsp; 385195 |
| 07/20/2035 | &nbsp;&nbsp; 4.875% |  | 775000 | &nbsp;&nbsp; 762679 |
| 03/25/2038 | &nbsp;&nbsp; 4.780% |  | 670000 | &nbsp;&nbsp; 632785 |
| 07/20/2045 | &nbsp;&nbsp; 5.125% |  | 1165000 | &nbsp;&nbsp; 1053120 |
| CVS Health Corp.<sup>(j)</sup>  | CVS Health Corp.<sup>(j)</sup>  | CVS Health Corp.<sup>(j)</sup>  | CVS Health Corp.<sup>(j)</sup>  | CVS Health Corp.<sup>(j)</sup>  |
| 03/10/2055 | &nbsp;&nbsp; 7.000% |  | 1630000 | &nbsp;&nbsp; 1709655 |
| Fresenius Medical Care US Finance III, Inc.<sup>(b)</sup>  | Fresenius Medical Care US Finance III, Inc.<sup>(b)</sup>  | Fresenius Medical Care US Finance III, Inc.<sup>(b)</sup>  | Fresenius Medical Care US Finance III, Inc.<sup>(b)</sup>  | Fresenius Medical Care US Finance III, Inc.<sup>(b)</sup>  |
| 12/01/2026 | &nbsp;&nbsp; 1.875% |  | 3755000 | &nbsp;&nbsp; 3669038 |
| HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
| 06/15/2026 | &nbsp;&nbsp; 5.250% |  | 2580000 | &nbsp;&nbsp; 2582767 |
| 09/01/2030 | &nbsp;&nbsp; 3.500% |  | 766000 | &nbsp;&nbsp; 736806 |
| IQVIA, Inc. | IQVIA, Inc. | IQVIA, Inc. | IQVIA, Inc. | IQVIA, Inc. |
| 02/01/2029 | &nbsp;&nbsp; 6.250% |  | 5800000 | &nbsp;&nbsp; 6115186 |
| ModivCare Buyer LLC<sup>(b)</sup>  | ModivCare Buyer LLC<sup>(b)</sup>  | ModivCare Buyer LLC<sup>(b)</sup>  | ModivCare Buyer LLC<sup>(b)</sup>  | ModivCare Buyer LLC<sup>(b)</sup>  |
| 10/01/2029 | &nbsp;&nbsp; 0.000% |  | 2905350 | &nbsp;&nbsp; 3777 |
| Molnlycke Holding AB<sup>(b)</sup>  | Molnlycke Holding AB<sup>(b)</sup>  | Molnlycke Holding AB<sup>(b)</sup>  | Molnlycke Holding AB<sup>(b)</sup>  | Molnlycke Holding AB<sup>(b)</sup>  |
| 06/11/2034 | &nbsp;&nbsp; 4.250% | EUR | 285000 | &nbsp;&nbsp; 342404 |
| Sartorius Finance BV<sup>(b)</sup>  | Sartorius Finance BV<sup>(b)</sup>  | Sartorius Finance BV<sup>(b)</sup>  | Sartorius Finance BV<sup>(b)</sup>  | Sartorius Finance BV<sup>(b)</sup>  |
| 09/14/2032 | &nbsp;&nbsp; 4.500% | EUR | 300000 | &nbsp;&nbsp; 368878 |
| 09/14/2035 | &nbsp;&nbsp; 4.875% | EUR | 900000 | &nbsp;&nbsp; 1119619 |
| Universal Health Services, Inc. | Universal Health Services, Inc. | Universal Health Services, Inc. | Universal Health Services, Inc. | Universal Health Services, Inc. |
| 09/01/2026 | &nbsp;&nbsp; 1.650% |  | 1890000 | &nbsp;&nbsp; 1858980 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **25766421** |
| **Healthcare Insurance 0.5%** | **Healthcare Insurance 0.5%** | **Healthcare Insurance 0.5%** | **Healthcare Insurance 0.5%** | **Healthcare Insurance 0.5%** |
| Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
| 06/15/2034 | &nbsp;&nbsp; 5.375% |  | 1555000 | &nbsp;&nbsp; 1606695 |
| 02/15/2035 | &nbsp;&nbsp; 5.200% |  | 1385000 | &nbsp;&nbsp; 1414237 |
| 01/15/2036 | &nbsp;&nbsp; 5.000% |  | 2815000 | &nbsp;&nbsp; 2800554 |
| Humana, Inc. | Humana, Inc. | Humana, Inc. | Humana, Inc. | Humana, Inc. |
| 04/01/2030 | &nbsp;&nbsp; 4.875% |  | 1333000 | &nbsp;&nbsp; 1351196 |
| 05/01/2035 | &nbsp;&nbsp; 5.550% |  | 3055000 | &nbsp;&nbsp; 3117856 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| 12/15/2048 | &nbsp;&nbsp; 4.450% |  | 1245000 | &nbsp;&nbsp; 1046721 |
| 07/15/2054 | &nbsp;&nbsp; 5.625% |  | 2900000 | &nbsp;&nbsp; 2847406 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **14184665** |
| **Healthcare REIT 0.2%** | **Healthcare REIT 0.2%** | **Healthcare REIT 0.2%** | **Healthcare REIT 0.2%** | **Healthcare REIT 0.2%** |
| Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP |
| 01/15/2028 | &nbsp;&nbsp; 3.625% |  | 2898000 | &nbsp;&nbsp; 2859077 |
| Healthcare Trust of America Holdings LP | Healthcare Trust of America Holdings LP | Healthcare Trust of America Holdings LP | Healthcare Trust of America Holdings LP | Healthcare Trust of America Holdings LP |
| 08/01/2026 | &nbsp;&nbsp; 3.500% |  | 2367000 | &nbsp;&nbsp; 2355506 |
| Physicians Realty LP | Physicians Realty LP | Physicians Realty LP | Physicians Realty LP | Physicians Realty LP |
| 11/01/2031 | &nbsp;&nbsp; 2.625% |  | 1475000 | &nbsp;&nbsp; 1326552 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **6541135** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – TCW Core Plus Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes**<sup>(a)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(a)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(a)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(a)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Life Insurance 0.1%** | **Life Insurance 0.1%** | **Life Insurance 0.1%** | **Life Insurance 0.1%** |
| Athene Global Funding<sup>(b)</sup>  | Athene Global Funding<sup>(b)</sup>  | Athene Global Funding<sup>(b)</sup>  | Athene Global Funding<sup>(b)</sup>  |
| 03/08/2027 | &nbsp;&nbsp; 3.205% | 1550000 | &nbsp;&nbsp; 1524209 |
| 01/07/2029 | &nbsp;&nbsp; 2.717% | 1770000 | &nbsp;&nbsp; 1673556 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3197765** |
| **Media and Entertainment 0.5%** | **Media and Entertainment 0.5%** | **Media and Entertainment 0.5%** | **Media and Entertainment 0.5%** |
| Getty Images, Inc.<sup>(b)</sup>  | Getty Images, Inc.<sup>(b)</sup>  | Getty Images, Inc.<sup>(b)</sup>  | Getty Images, Inc.<sup>(b)</sup>  |
| 11/15/2030 | &nbsp;&nbsp; 10.500% | 475000 | &nbsp;&nbsp; 478584 |
| Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
| 11/15/2035 | &nbsp;&nbsp; 4.875% | 820000 | &nbsp;&nbsp; 819371 |
| 11/15/2055 | &nbsp;&nbsp; 5.625% | 8960000 | &nbsp;&nbsp; 8614281 |
| Scripps Escrow II, Inc.<sup>(b)</sup>  | Scripps Escrow II, Inc.<sup>(b)</sup>  | Scripps Escrow II, Inc.<sup>(b)</sup>  | Scripps Escrow II, Inc.<sup>(b)</sup>  |
| 01/15/2029 | &nbsp;&nbsp; 3.875% | 162000 | &nbsp;&nbsp; 148890 |
| Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. |
| 04/14/2032 | &nbsp;&nbsp; 4.000% | 3355000 | &nbsp;&nbsp; 3253382 |
| WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. |
| 03/15/2042 | &nbsp;&nbsp; 5.050% | 532000 | &nbsp;&nbsp; 375755 |
| 03/15/2052 | &nbsp;&nbsp; 5.141% | 341000 | &nbsp;&nbsp; 225355 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **13915618** |
| **Midstream 0.4%** | **Midstream 0.4%** | **Midstream 0.4%** | **Midstream 0.4%** |
| AmeriGas Partners LP/Finance Corp.<sup>(b)</sup>  | AmeriGas Partners LP/Finance Corp.<sup>(b)</sup>  | AmeriGas Partners LP/Finance Corp.<sup>(b)</sup>  | AmeriGas Partners LP/Finance Corp.<sup>(b)</sup>  |
| 06/01/2028 | &nbsp;&nbsp; 9.375% | 488000 | &nbsp;&nbsp; 504782 |
| 06/01/2030 | &nbsp;&nbsp; 9.500% | 544000 | &nbsp;&nbsp; 579666 |
| Energy Transfer Partners LP | Energy Transfer Partners LP | Energy Transfer Partners LP | Energy Transfer Partners LP |
| 03/15/2045 | &nbsp;&nbsp; 5.150% | 2458000 | &nbsp;&nbsp; 2178484 |
| Ferrellgas LP/Finance Corp.<sup>(b)</sup>  | Ferrellgas LP/Finance Corp.<sup>(b)</sup>  | Ferrellgas LP/Finance Corp.<sup>(b)</sup>  | Ferrellgas LP/Finance Corp.<sup>(b)</sup>  |
| 04/01/2029 | &nbsp;&nbsp; 5.875% | 1987000 | &nbsp;&nbsp; 1909810 |
| 01/15/2031 | &nbsp;&nbsp; 9.250% | 895000 | &nbsp;&nbsp; 922700 |
| Galaxy Pipeline Assets Bidco Ltd.<sup>(b)</sup>  | Galaxy Pipeline Assets Bidco Ltd.<sup>(b)</sup>  | Galaxy Pipeline Assets Bidco Ltd.<sup>(b)</sup>  | Galaxy Pipeline Assets Bidco Ltd.<sup>(b)</sup>  |
| 03/31/2034 | &nbsp;&nbsp; 2.160% | 297855 | &nbsp;&nbsp; 269836 |
| Suburban Propane Partners LP/Suburban Energy Finance Corp.<sup>(b)</sup>  | Suburban Propane Partners LP/Suburban Energy Finance Corp.<sup>(b)</sup>  | Suburban Propane Partners LP/Suburban Energy Finance Corp.<sup>(b)</sup>  | Suburban Propane Partners LP/Suburban Energy Finance Corp.<sup>(b)</sup>  |
| 12/15/2035 | &nbsp;&nbsp; 6.500% | 920000 | &nbsp;&nbsp; 920178 |
| Sunoco LP<sup>(b),(i),(j)</sup>  | Sunoco LP<sup>(b),(i),(j)</sup>  | Sunoco LP<sup>(b),(i),(j)</sup>  | Sunoco LP<sup>(b),(i),(j)</sup>  |
|  | &nbsp;&nbsp; 7.875% | 1720000 | &nbsp;&nbsp; 1763866 |
| Venture Global LNG, Inc.<sup>(b),(i),(j)</sup>  | Venture Global LNG, Inc.<sup>(b),(i),(j)</sup>  | Venture Global LNG, Inc.<sup>(b),(i),(j)</sup>  | Venture Global LNG, Inc.<sup>(b),(i),(j)</sup>  |
|  | &nbsp;&nbsp; 9.000% | 1582000 | &nbsp;&nbsp; 1250058 |
| Venture Global LNG, Inc.<sup>(b)</sup>  | Venture Global LNG, Inc.<sup>(b)</sup>  | Venture Global LNG, Inc.<sup>(b)</sup>  | Venture Global LNG, Inc.<sup>(b)</sup>  |
| 06/01/2028 | &nbsp;&nbsp; 8.125% | 274000 | &nbsp;&nbsp; 278544 |
| 02/01/2032 | &nbsp;&nbsp; 9.875% | 761000 | &nbsp;&nbsp; 786050 |
| Venture Global Plaquemines LNG LLC<sup>(b)</sup>  | Venture Global Plaquemines LNG LLC<sup>(b)</sup>  | Venture Global Plaquemines LNG LLC<sup>(b)</sup>  | Venture Global Plaquemines LNG LLC<sup>(b)</sup>  |
| 12/15/2030 | &nbsp;&nbsp; 6.125% | 684000 | &nbsp;&nbsp; 696404 |
| 06/15/2034 | &nbsp;&nbsp; 6.500% | 171000 | &nbsp;&nbsp; 174812 |
| 01/15/2036 | &nbsp;&nbsp; 6.750% | 719000 | &nbsp;&nbsp; 735916 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **12971106** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds & Notes**<sup>(a)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(a)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(a)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(a)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(a)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Natural Gas 0.4%** | **Natural Gas 0.4%** | **Natural Gas 0.4%** | **Natural Gas 0.4%** | **Natural Gas 0.4%** |
| East Ohio Gas Co. (The)<sup>(b)</sup>  | East Ohio Gas Co. (The)<sup>(b)</sup>  | East Ohio Gas Co. (The)<sup>(b)</sup>  | East Ohio Gas Co. (The)<sup>(b)</sup>  | East Ohio Gas Co. (The)<sup>(b)</sup>  |
| 06/15/2030 | &nbsp;&nbsp; 2.000% |  | 2015000 | &nbsp;&nbsp; 1822213 |
| KeySpan Gas East Corp.<sup>(b)</sup>  | KeySpan Gas East Corp.<sup>(b)</sup>  | KeySpan Gas East Corp.<sup>(b)</sup>  | KeySpan Gas East Corp.<sup>(b)</sup>  | KeySpan Gas East Corp.<sup>(b)</sup>  |
| 03/06/2033 | &nbsp;&nbsp; 5.994% |  | 6000000 | &nbsp;&nbsp; 6339851 |
| National Gas Transmission PLC<sup>(b)</sup>  | National Gas Transmission PLC<sup>(b)</sup>  | National Gas Transmission PLC<sup>(b)</sup>  | National Gas Transmission PLC<sup>(b)</sup>  | National Gas Transmission PLC<sup>(b)</sup>  |
| 04/05/2030 | &nbsp;&nbsp; 4.250% | EUR | 2405000 | &nbsp;&nbsp; 2940316 |
| Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. |
| 02/15/2035 | &nbsp;&nbsp; 5.100% |  | 1380000 | &nbsp;&nbsp; 1402383 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **12504763** |
| **Office REIT 0.1%** | **Office REIT 0.1%** | **Office REIT 0.1%** | **Office REIT 0.1%** | **Office REIT 0.1%** |
| Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
| 11/01/2027 | &nbsp;&nbsp; 3.950% |  | 2477000 | &nbsp;&nbsp; 2366149 |
| 04/01/2029 | &nbsp;&nbsp; 4.650% |  | 3000 | &nbsp;&nbsp; 2775 |
| 01/15/2030 | &nbsp;&nbsp; 3.250% |  | 944000 | &nbsp;&nbsp; 801460 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **3170384** |
| **Other Financial Institutions 0.2%** | **Other Financial Institutions 0.2%** | **Other Financial Institutions 0.2%** | **Other Financial Institutions 0.2%** | **Other Financial Institutions 0.2%** |
| Icahn Enterprises LP/Finance Corp. | Icahn Enterprises LP/Finance Corp. | Icahn Enterprises LP/Finance Corp. | Icahn Enterprises LP/Finance Corp. | Icahn Enterprises LP/Finance Corp. |
| 01/15/2029 | &nbsp;&nbsp; 9.750% |  | 1040000 | &nbsp;&nbsp; 1037725 |
| 06/15/2030 | &nbsp;&nbsp; 9.000% |  | 1413000 | &nbsp;&nbsp; 1349121 |
| Vonovia SE<sup>(b)</sup>  | Vonovia SE<sup>(b)</sup>  | Vonovia SE<sup>(b)</sup>  | Vonovia SE<sup>(b)</sup>  | Vonovia SE<sup>(b)</sup>  |
| 09/01/2032 | &nbsp;&nbsp; 0.750% | EUR | 2100000 | &nbsp;&nbsp; 2050985 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **4437831** |
| **Other Industry 0.0%** | **Other Industry 0.0%** | **Other Industry 0.0%** | **Other Industry 0.0%** | **Other Industry 0.0%** |
| Grand Canyon University | Grand Canyon University | Grand Canyon University | Grand Canyon University | Grand Canyon University |
| 10/01/2028 | &nbsp;&nbsp; 5.125% |  | 455000 | &nbsp;&nbsp; 453406 |
| **Other REIT 0.3%** | **Other REIT 0.3%** | **Other REIT 0.3%** | **Other REIT 0.3%** | **Other REIT 0.3%** |
| American Assets Trust LP | American Assets Trust LP | American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |
| 02/01/2031 | &nbsp;&nbsp; 3.375% |  | 3650000 | &nbsp;&nbsp; 3328173 |
| Digital Dutch Finco BV<sup>(b)</sup>  | Digital Dutch Finco BV<sup>(b)</sup>  | Digital Dutch Finco BV<sup>(b)</sup>  | Digital Dutch Finco BV<sup>(b)</sup>  | Digital Dutch Finco BV<sup>(b)</sup>  |
| 01/15/2032 | &nbsp;&nbsp; 1.000% | EUR | 800000 | &nbsp;&nbsp; 804440 |
| 03/15/2035 | &nbsp;&nbsp; 3.875% | EUR | 300000 | &nbsp;&nbsp; 344188 |
| Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
| 10/15/2031 | &nbsp;&nbsp; 2.400% |  | 723000 | &nbsp;&nbsp; 642312 |
| Lexington Realty Trust | Lexington Realty Trust | Lexington Realty Trust | Lexington Realty Trust | Lexington Realty Trust |
| 10/01/2031 | &nbsp;&nbsp; 2.375% |  | 1895000 | &nbsp;&nbsp; 1655311 |
| Prologis Euro Finance LLC | Prologis Euro Finance LLC | Prologis Euro Finance LLC | Prologis Euro Finance LLC | Prologis Euro Finance LLC |
| 05/23/2033 | &nbsp;&nbsp; 4.625% | EUR | 545000 | &nbsp;&nbsp; 681923 |
| Rexford Industrial Realty LP | Rexford Industrial Realty LP | Rexford Industrial Realty LP | Rexford Industrial Realty LP | Rexford Industrial Realty LP |
| 09/01/2031 | &nbsp;&nbsp; 2.150% |  | 415000 | &nbsp;&nbsp; 363628 |
| WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. |
| 07/23/2032 | &nbsp;&nbsp; 4.250% | EUR | 400000 | &nbsp;&nbsp; 482109 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **8302084** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – TCW Core Plus Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds & Notes**<sup>(a)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(a)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(a)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(a)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(a)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Other Utility 0.2%** | **Other Utility 0.2%** | **Other Utility 0.2%** | **Other Utility 0.2%** | **Other Utility 0.2%** |
| DWR Cymru Financing UK PLC<sup>(b)</sup>  | DWR Cymru Financing UK PLC<sup>(b)</sup>  | DWR Cymru Financing UK PLC<sup>(b)</sup>  | DWR Cymru Financing UK PLC<sup>(b)</sup>  | DWR Cymru Financing UK PLC<sup>(b)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated | Subordinated |
| 03/31/2034 | &nbsp;&nbsp; 2.375% | GBP | 480000 | &nbsp;&nbsp; 492116 |
| Suez SACA<sup>(b)</sup>  | Suez SACA<sup>(b)</sup>  | Suez SACA<sup>(b)</sup>  | Suez SACA<sup>(b)</sup>  | Suez SACA<sup>(b)</sup>  |
| 05/24/2034 | &nbsp;&nbsp; 2.875% | EUR | 2100000 | &nbsp;&nbsp; 2288363 |
| United Utilities Water Finance PLC<sup>(b)</sup>  | United Utilities Water Finance PLC<sup>(b)</sup>  | United Utilities Water Finance PLC<sup>(b)</sup>  | United Utilities Water Finance PLC<sup>(b)</sup>  | United Utilities Water Finance PLC<sup>(b)</sup>  |
| 05/23/2034 | &nbsp;&nbsp; 3.750% | EUR | 555000 | &nbsp;&nbsp; 648942 |
| Yorkshire Water Finance PLC<sup>(b)</sup>  | Yorkshire Water Finance PLC<sup>(b)</sup>  | Yorkshire Water Finance PLC<sup>(b)</sup>  | Yorkshire Water Finance PLC<sup>(b)</sup>  | Yorkshire Water Finance PLC<sup>(b)</sup>  |
| 11/18/2034 | &nbsp;&nbsp; 6.375% | GBP | 1725000 | &nbsp;&nbsp; 2403998 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **5833419** |
| **Packaging 0.4%** | **Packaging 0.4%** | **Packaging 0.4%** | **Packaging 0.4%** | **Packaging 0.4%** |
| Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. |
| 03/17/2030 | &nbsp;&nbsp; 5.100% |  | 4450000 | &nbsp;&nbsp; 4567459 |
| Ardagh Group SA<sup>(b)</sup>  | Ardagh Group SA<sup>(b)</sup>  | Ardagh Group SA<sup>(b)</sup>  | Ardagh Group SA<sup>(b)</sup>  | Ardagh Group SA<sup>(b)</sup>  |
| 12/01/2030 | &nbsp;&nbsp; 9.500% |  | 401000 | &nbsp;&nbsp; 434450 |
| Ardagh Group SA<sup>(b),(k)</sup>  | Ardagh Group SA<sup>(b),(k)</sup>  | Ardagh Group SA<sup>(b),(k)</sup>  | Ardagh Group SA<sup>(b),(k)</sup>  | Ardagh Group SA<sup>(b),(k)</sup>  |
| 12/01/2030 | &nbsp;&nbsp; 12.000% |  | 445000 | &nbsp;&nbsp; 406962 |
| Berry Global Escrow Corp.<sup>(b)</sup>  | Berry Global Escrow Corp.<sup>(b)</sup>  | Berry Global Escrow Corp.<sup>(b)</sup>  | Berry Global Escrow Corp.<sup>(b)</sup>  | Berry Global Escrow Corp.<sup>(b)</sup>  |
| 07/15/2026 | &nbsp;&nbsp; 4.875% |  | 271000 | &nbsp;&nbsp; 271084 |
| Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
| 01/15/2026 | &nbsp;&nbsp; 1.570% |  | 2981000 | &nbsp;&nbsp; 2976905 |
| 01/15/2027 | &nbsp;&nbsp; 1.650% |  | 2883000 | &nbsp;&nbsp; 2809888 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **11466748** |
| **Pharmaceuticals 0.6%** | **Pharmaceuticals 0.6%** | **Pharmaceuticals 0.6%** | **Pharmaceuticals 0.6%** | **Pharmaceuticals 0.6%** |
| 1261229 BC Ltd.<sup>(b)</sup>  | 1261229 BC Ltd.<sup>(b)</sup>  | 1261229 BC Ltd.<sup>(b)</sup>  | 1261229 BC Ltd.<sup>(b)</sup>  | 1261229 BC Ltd.<sup>(b)</sup>  |
| 04/15/2032 | &nbsp;&nbsp; 10.000% |  | 1250000 | &nbsp;&nbsp; 1301910 |
| Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
| 03/01/2053 | &nbsp;&nbsp; 4.875% |  | 2880000 | &nbsp;&nbsp; 2534277 |
| Bayer US Finance II LLC<sup>(b)</sup>  | Bayer US Finance II LLC<sup>(b)</sup>  | Bayer US Finance II LLC<sup>(b)</sup>  | Bayer US Finance II LLC<sup>(b)</sup>  | Bayer US Finance II LLC<sup>(b)</sup>  |
| 12/15/2028 | &nbsp;&nbsp; 4.375% |  | 2579000 | &nbsp;&nbsp; 2581587 |
| 06/25/2038 | &nbsp;&nbsp; 4.625% |  | 7482000 | &nbsp;&nbsp; 6850387 |
| 06/25/2048 | &nbsp;&nbsp; 4.875% |  | 442000 | &nbsp;&nbsp; 375087 |
| Grifols SA<sup>(b)</sup>  | Grifols SA<sup>(b)</sup>  | Grifols SA<sup>(b)</sup>  | Grifols SA<sup>(b)</sup>  | Grifols SA<sup>(b)</sup>  |
| 05/01/2030 | &nbsp;&nbsp; 7.500% | EUR | 2409000 | &nbsp;&nbsp; 2973102 |
| Johnson & Johnson | Johnson & Johnson | Johnson & Johnson | Johnson & Johnson | Johnson & Johnson |
| 02/26/2045 | &nbsp;&nbsp; 3.600% | EUR | 510000 | &nbsp;&nbsp; 563999 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **17180349** |
| **Property & Casualty 0.3%** | **Property & Casualty 0.3%** | **Property & Casualty 0.3%** | **Property & Casualty 0.3%** | **Property & Casualty 0.3%** |
| Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. |
| 10/15/2050 | &nbsp;&nbsp; 2.850% |  | 1000000 | &nbsp;&nbsp; 643850 |
| Farmers Exchange Capital<sup>(b)</sup>  | Farmers Exchange Capital<sup>(b)</sup>  | Farmers Exchange Capital<sup>(b)</sup>  | Farmers Exchange Capital<sup>(b)</sup>  | Farmers Exchange Capital<sup>(b)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated | Subordinated |
| 07/15/2028 | &nbsp;&nbsp; 7.050% |  | 3225000 | &nbsp;&nbsp; 3382923 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds & Notes**<sup>(a)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(a)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(a)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(a)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(a)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Farmers Exchange Capital II<sup>(b),(j)</sup>  | Farmers Exchange Capital II<sup>(b),(j)</sup>  | Farmers Exchange Capital II<sup>(b),(j)</sup>  | Farmers Exchange Capital II<sup>(b),(j)</sup>  | Farmers Exchange Capital II<sup>(b),(j)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated | Subordinated |
| 11/01/2053 | &nbsp;&nbsp; 6.151% |  | 3810000 | &nbsp;&nbsp; 3751579 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **7778352** |
| **Railroads 0.0%** | **Railroads 0.0%** | **Railroads 0.0%** | **Railroads 0.0%** | **Railroads 0.0%** |
| Pacific National Finance Pty Ltd. | Pacific National Finance Pty Ltd. | Pacific National Finance Pty Ltd. | Pacific National Finance Pty Ltd. | Pacific National Finance Pty Ltd. |
| 09/24/2029 | &nbsp;&nbsp; 3.700% | AUD | 810000 | &nbsp;&nbsp; 496666 |
| **Restaurants 0.1%** | **Restaurants 0.1%** | **Restaurants 0.1%** | **Restaurants 0.1%** | **Restaurants 0.1%** |
| BCPE Flavor Debt Merger Sub LLC/Issuer, Inc.<sup>(b)</sup>  | BCPE Flavor Debt Merger Sub LLC/Issuer, Inc.<sup>(b)</sup>  | BCPE Flavor Debt Merger Sub LLC/Issuer, Inc.<sup>(b)</sup>  | BCPE Flavor Debt Merger Sub LLC/Issuer, Inc.<sup>(b)</sup>  | BCPE Flavor Debt Merger Sub LLC/Issuer, Inc.<sup>(b)</sup>  |
| 07/01/2032 | &nbsp;&nbsp; 9.500% |  | 440000 | &nbsp;&nbsp; 421097 |
| McDonald's Corp. | McDonald's Corp. | McDonald's Corp. | McDonald's Corp. | McDonald's Corp. |
| 12/09/2035 | &nbsp;&nbsp; 4.700% |  | 3900000 | &nbsp;&nbsp; 3881419 |
| Papa John's International, Inc.<sup>(b)</sup>  | Papa John's International, Inc.<sup>(b)</sup>  | Papa John's International, Inc.<sup>(b)</sup>  | Papa John's International, Inc.<sup>(b)</sup>  | Papa John's International, Inc.<sup>(b)</sup>  |
| 09/15/2029 | &nbsp;&nbsp; 3.875% |  | 65000 | &nbsp;&nbsp; 62044 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **4364560** |
| **Retail REIT 0.0%** | **Retail REIT 0.0%** | **Retail REIT 0.0%** | **Retail REIT 0.0%** | **Retail REIT 0.0%** |
| Realty Income Corp. | Realty Income Corp. | Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
| 07/06/2030 | &nbsp;&nbsp; 4.875% | EUR | 900000 | &nbsp;&nbsp; 1125126 |
| **Retailers 0.1%** | **Retailers 0.1%** | **Retailers 0.1%** | **Retailers 0.1%** | **Retailers 0.1%** |
| Magic MergeCo, Inc.<sup>(b)</sup>  | Magic MergeCo, Inc.<sup>(b)</sup>  | Magic MergeCo, Inc.<sup>(b)</sup>  | Magic MergeCo, Inc.<sup>(b)</sup>  | Magic MergeCo, Inc.<sup>(b)</sup>  |
| 05/01/2028 | &nbsp;&nbsp; 5.250% |  | 2610000 | &nbsp;&nbsp; 2508294 |
| 05/01/2029 | &nbsp;&nbsp; 7.875% |  | 710000 | &nbsp;&nbsp; 654993 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **3163287** |
| **Technology 0.8%** | **Technology 0.8%** | **Technology 0.8%** | **Technology 0.8%** | **Technology 0.8%** |
| Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. |
| 11/06/2038 | &nbsp;&nbsp; 3.500% | EUR | 110000 | &nbsp;&nbsp; 125112 |
| Equinix Europe 2 Financing Corp. LLC | Equinix Europe 2 Financing Corp. LLC | Equinix Europe 2 Financing Corp. LLC | Equinix Europe 2 Financing Corp. LLC | Equinix Europe 2 Financing Corp. LLC |
| 11/22/2034 | &nbsp;&nbsp; 3.625% | EUR | 1790000 | &nbsp;&nbsp; 2035114 |
| Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
| 08/21/2033 | &nbsp;&nbsp; 5.625% |  | 1375000 | &nbsp;&nbsp; 1417053 |
| 03/15/2034 | &nbsp;&nbsp; 5.450% |  | 1750000 | &nbsp;&nbsp; 1774568 |
| 08/11/2035 | &nbsp;&nbsp; 5.250% |  | 3680000 | &nbsp;&nbsp; 3672339 |
| Foundry JV Holdco LLC<sup>(b)</sup>  | Foundry JV Holdco LLC<sup>(b)</sup>  | Foundry JV Holdco LLC<sup>(b)</sup>  | Foundry JV Holdco LLC<sup>(b)</sup>  | Foundry JV Holdco LLC<sup>(b)</sup>  |
| 01/25/2031 | &nbsp;&nbsp; 5.500% |  | 570000 | &nbsp;&nbsp; 588575 |
| Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
| 12/08/2047 | &nbsp;&nbsp; 3.734% |  | 1967000 | &nbsp;&nbsp; 1398834 |
| 11/15/2049 | &nbsp;&nbsp; 3.250% |  | 2165000 | &nbsp;&nbsp; 1386348 |
| ION Platform Finance US Inc./SARL<sup>(b)</sup>  | ION Platform Finance US Inc./SARL<sup>(b)</sup>  | ION Platform Finance US Inc./SARL<sup>(b)</sup>  | ION Platform Finance US Inc./SARL<sup>(b)</sup>  | ION Platform Finance US Inc./SARL<sup>(b)</sup>  |
| 05/01/2029 | &nbsp;&nbsp; 8.750% |  | 464000 | &nbsp;&nbsp; 470816 |
| Open Text Corp.<sup>(b)</sup>  | Open Text Corp.<sup>(b)</sup>  | Open Text Corp.<sup>(b)</sup>  | Open Text Corp.<sup>(b)</sup>  | Open Text Corp.<sup>(b)</sup>  |
| 12/01/2027 | &nbsp;&nbsp; 6.900% |  | 650000 | &nbsp;&nbsp; 676150 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – TCW Core Plus Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds & Notes**<sup>(a)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(a)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(a)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(a)</sup> **(continued)** | **Corporate Bonds & Notes**<sup>(a)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 09/26/2032 | &nbsp;&nbsp; 4.800% |  | 7000000 | &nbsp;&nbsp; 6760102 |
| 11/15/2037 | &nbsp;&nbsp; 3.800% |  | 1100000 | &nbsp;&nbsp; 889068 |
| 09/26/2045 | &nbsp;&nbsp; 5.875% |  | 1762500 | &nbsp;&nbsp; 1595408 |
| 04/01/2050 | &nbsp;&nbsp; 3.600% |  | 585000 | &nbsp;&nbsp; 364138 |
| 02/06/2053 | &nbsp;&nbsp; 5.550% |  | 745000 | &nbsp;&nbsp; 619836 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **23773461** |
| **Tobacco 0.0%** | **Tobacco 0.0%** | **Tobacco 0.0%** | **Tobacco 0.0%** | **Tobacco 0.0%** |
| Imperial Brands Finance PLC<sup>(b)</sup>  | Imperial Brands Finance PLC<sup>(b)</sup>  | Imperial Brands Finance PLC<sup>(b)</sup>  | Imperial Brands Finance PLC<sup>(b)</sup>  | Imperial Brands Finance PLC<sup>(b)</sup>  |
| 07/26/2026 | &nbsp;&nbsp; 3.500% |  | 238000 | &nbsp;&nbsp; 237027 |
| Japan Tobacco, Inc.<sup>(b)</sup>  | Japan Tobacco, Inc.<sup>(b)</sup>  | Japan Tobacco, Inc.<sup>(b)</sup>  | Japan Tobacco, Inc.<sup>(b)</sup>  | Japan Tobacco, Inc.<sup>(b)</sup>  |
| 06/15/2030 | &nbsp;&nbsp; 5.250% |  | 660000 | &nbsp;&nbsp; 684298 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **921325** |
| **Transportation Services 0.1%** | **Transportation Services 0.1%** | **Transportation Services 0.1%** | **Transportation Services 0.1%** | **Transportation Services 0.1%** |
| Gatwick Funding Ltd.<sup>(b)</sup>  | Gatwick Funding Ltd.<sup>(b)</sup>  | Gatwick Funding Ltd.<sup>(b)</sup>  | Gatwick Funding Ltd.<sup>(b)</sup>  | Gatwick Funding Ltd.<sup>(b)</sup>  |
| 10/16/2033 | &nbsp;&nbsp; 3.625% | EUR | 270000 | &nbsp;&nbsp; 314021 |
| Heathrow Funding Ltd.<sup>(b)</sup>  | Heathrow Funding Ltd.<sup>(b)</sup>  | Heathrow Funding Ltd.<sup>(b)</sup>  | Heathrow Funding Ltd.<sup>(b)</sup>  | Heathrow Funding Ltd.<sup>(b)</sup>  |
| 10/08/2030 | &nbsp;&nbsp; 1.125% | EUR | 2015000 | &nbsp;&nbsp; 2153956 |
| 01/16/2036 | &nbsp;&nbsp; 3.875% | EUR | 690000 | &nbsp;&nbsp; 800517 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **3268494** |
| **Wireless 0.6%** | **Wireless 0.6%** | **Wireless 0.6%** | **Wireless 0.6%** | **Wireless 0.6%** |
| Altice France<sup>(b)</sup>  | Altice France<sup>(b)</sup>  | Altice France<sup>(b)</sup>  | Altice France<sup>(b)</sup>  | Altice France<sup>(b)</sup>  |
| 03/15/2032 | &nbsp;&nbsp; 6.500% |  | 83975 | &nbsp;&nbsp; 80533 |
| Altice France SA<sup>(b)</sup>  | Altice France SA<sup>(b)</sup>  | Altice France SA<sup>(b)</sup>  | Altice France SA<sup>(b)</sup>  | Altice France SA<sup>(b)</sup>  |
| 11/01/2029 | &nbsp;&nbsp; 9.500% |  | 62630 | &nbsp;&nbsp; 64422 |
| American Tower Corp. | American Tower Corp. | American Tower Corp. | American Tower Corp. | American Tower Corp. |
| 04/15/2031 | &nbsp;&nbsp; 2.700% |  | 8468000 | &nbsp;&nbsp; 7770045 |
| Crown Castle International Corp. | Crown Castle International Corp. | Crown Castle International Corp. | Crown Castle International Corp. | Crown Castle International Corp. |
| 07/15/2031 | &nbsp;&nbsp; 2.500% |  | 1194000 | &nbsp;&nbsp; 1067200 |
| Global Switch Finance BV<sup>(b)</sup>  | Global Switch Finance BV<sup>(b)</sup>  | Global Switch Finance BV<sup>(b)</sup>  | Global Switch Finance BV<sup>(b)</sup>  | Global Switch Finance BV<sup>(b)</sup>  |
| 10/07/2030 | &nbsp;&nbsp; 1.375% | EUR | 1210000 | &nbsp;&nbsp; 1332876 |
| Sprint Spectrum Co. I/II/III LLC<sup>(b)</sup>  | Sprint Spectrum Co. I/II/III LLC<sup>(b)</sup>  | Sprint Spectrum Co. I/II/III LLC<sup>(b)</sup>  | Sprint Spectrum Co. I/II/III LLC<sup>(b)</sup>  | Sprint Spectrum Co. I/II/III LLC<sup>(b)</sup>  |
| 03/20/2028 | &nbsp;&nbsp; 5.152% |  | 2196000 | &nbsp;&nbsp; 2209615 |
| T-Mobile US, Inc. | T-Mobile US, Inc. | T-Mobile US, Inc. | T-Mobile US, Inc. | T-Mobile US, Inc. |
| 02/15/2026 | &nbsp;&nbsp; 2.250% |  | 1970000 | &nbsp;&nbsp; 1965005 |
| 04/15/2027 | &nbsp;&nbsp; 3.750% |  | 2625000 | &nbsp;&nbsp; 2616581 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **17106277** |
| **Wirelines 0.0%** | **Wirelines 0.0%** | **Wirelines 0.0%** | **Wirelines 0.0%** | **Wirelines 0.0%** |
| Altice Financing SA<sup>(b)</sup>  | Altice Financing SA<sup>(b)</sup>  | Altice Financing SA<sup>(b)</sup>  | Altice Financing SA<sup>(b)</sup>  | Altice Financing SA<sup>(b)</sup>  |
| 07/15/2027 | &nbsp;&nbsp; 9.625% |  | 1189000 | &nbsp;&nbsp; 915326 |
| Total Corporate Bonds & Notes <br>(Cost $436,115,774) | Total Corporate Bonds & Notes <br>(Cost $436,115,774) | Total Corporate Bonds & Notes <br>(Cost $436,115,774) | Total Corporate Bonds & Notes <br>(Cost $436,115,774) | &nbsp;&nbsp; **437303225** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Foreign Government Obligations**<sup>(a),(l)</sup> **1.2%** | **Foreign Government Obligations**<sup>(a),(l)</sup> **1.2%** | **Foreign Government Obligations**<sup>(a),(l)</sup> **1.2%** | **Foreign Government Obligations**<sup>(a),(l)</sup> **1.2%** | **Foreign Government Obligations**<sup>(a),(l)</sup> **1.2%** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Australia 0.5%** | **Australia 0.5%** | **Australia 0.5%** | **Australia 0.5%** | **Australia 0.5%** |
| New South Wales Treasury Corp.<sup>(b)</sup>  | New South Wales Treasury Corp.<sup>(b)</sup>  | New South Wales Treasury Corp.<sup>(b)</sup>  | New South Wales Treasury Corp.<sup>(b)</sup>  | New South Wales Treasury Corp.<sup>(b)</sup>  |
| 02/20/2037 | &nbsp;&nbsp; 4.750% | AUD | 7490000 | &nbsp;&nbsp; 4700698 |
| 02/24/2038 | &nbsp;&nbsp; 5.250% | AUD | 4025000 | &nbsp;&nbsp; 2614054 |
| Queensland Treasury Corp.<sup>(b)</sup>  | Queensland Treasury Corp.<sup>(b)</sup>  | Queensland Treasury Corp.<sup>(b)</sup>  | Queensland Treasury Corp.<sup>(b)</sup>  | Queensland Treasury Corp.<sup>(b)</sup>  |
| 07/21/2037 | &nbsp;&nbsp; 5.000% | AUD | 7490000 | &nbsp;&nbsp; 4754803 |
| 08/13/2038 | &nbsp;&nbsp; 5.250% | AUD | 3180000 | &nbsp;&nbsp; 2042702 |
| Treasury Corp. of Victoria | Treasury Corp. of Victoria | Treasury Corp. of Victoria | Treasury Corp. of Victoria | Treasury Corp. of Victoria |
| 11/20/2037 | &nbsp;&nbsp; 2.000% | AUD | 3750000 | &nbsp;&nbsp; 1715276 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **15827533** |
| **Brazil 0.1%** | **Brazil 0.1%** | **Brazil 0.1%** | **Brazil 0.1%** | **Brazil 0.1%** |
| Brazilian Government International Bond | Brazilian Government International Bond | Brazilian Government International Bond | Brazilian Government International Bond | Brazilian Government International Bond |
| 03/15/2034 | &nbsp;&nbsp; 6.125% |  | 925000 | &nbsp;&nbsp; 934653 |
| 03/15/2035 | &nbsp;&nbsp; 6.625% |  | 1682000 | &nbsp;&nbsp; 1733100 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **2667753** |
| **Chile 0.0%** | **Chile 0.0%** | **Chile 0.0%** | **Chile 0.0%** | **Chile 0.0%** |
| Corporación Nacional del Cobre de Chile<sup>(b)</sup>  | Corporación Nacional del Cobre de Chile<sup>(b)</sup>  | Corporación Nacional del Cobre de Chile<sup>(b)</sup>  | Corporación Nacional del Cobre de Chile<sup>(b)</sup>  | Corporación Nacional del Cobre de Chile<sup>(b)</sup>  |
| 02/02/2033 | &nbsp;&nbsp; 5.125% |  | 720000 | &nbsp;&nbsp; 722220 |
| **Colombia 0.1%** | **Colombia 0.1%** | **Colombia 0.1%** | **Colombia 0.1%** | **Colombia 0.1%** |
| Colombia Government International Bond | Colombia Government International Bond | Colombia Government International Bond | Colombia Government International Bond | Colombia Government International Bond |
| 11/14/2035 | &nbsp;&nbsp; 8.000% |  | 922000 | &nbsp;&nbsp; 982147 |
| Ecopetrol SA | Ecopetrol SA | Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
| 01/13/2033 | &nbsp;&nbsp; 8.875% |  | 280000 | &nbsp;&nbsp; 299075 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **1281222** |
| **France 0.0%** | **France 0.0%** | **France 0.0%** | **France 0.0%** | **France 0.0%** |
| RTE Reseau de Transport d'Electricite SADIR<sup>(b)</sup>  | RTE Reseau de Transport d'Electricite SADIR<sup>(b)</sup>  | RTE Reseau de Transport d'Electricite SADIR<sup>(b)</sup>  | RTE Reseau de Transport d'Electricite SADIR<sup>(b)</sup>  | RTE Reseau de Transport d'Electricite SADIR<sup>(b)</sup>  |
| 04/30/2044 | &nbsp;&nbsp; 3.750% | EUR | 500000 | &nbsp;&nbsp; 543567 |
| **Guatemala 0.1%** | **Guatemala 0.1%** | **Guatemala 0.1%** | **Guatemala 0.1%** | **Guatemala 0.1%** |
| Guatemala Government Bond<sup>(b)</sup>  | Guatemala Government Bond<sup>(b)</sup>  | Guatemala Government Bond<sup>(b)</sup>  | Guatemala Government Bond<sup>(b)</sup>  | Guatemala Government Bond<sup>(b)</sup>  |
| 10/07/2033 | &nbsp;&nbsp; 3.700% |  | 315000 | &nbsp;&nbsp; 280848 |
| 08/15/2036 | &nbsp;&nbsp; 6.250% |  | 1672000 | &nbsp;&nbsp; 1746966 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **2027814** |
| **Hungary 0.0%** | **Hungary 0.0%** | **Hungary 0.0%** | **Hungary 0.0%** | **Hungary 0.0%** |
| MVM Energetika Zrt<sup>(b)</sup>  | MVM Energetika Zrt<sup>(b)</sup>  | MVM Energetika Zrt<sup>(b)</sup>  | MVM Energetika Zrt<sup>(b)</sup>  | MVM Energetika Zrt<sup>(b)</sup>  |
| 03/13/2031 | &nbsp;&nbsp; 6.500% |  | 469000 | &nbsp;&nbsp; 495080 |
| **Kazakhstan 0.1%** | **Kazakhstan 0.1%** | **Kazakhstan 0.1%** | **Kazakhstan 0.1%** | **Kazakhstan 0.1%** |
| KazMunayGas National Co. JSC<sup>(b)</sup>  | KazMunayGas National Co. JSC<sup>(b)</sup>  | KazMunayGas National Co. JSC<sup>(b)</sup>  | KazMunayGas National Co. JSC<sup>(b)</sup>  | KazMunayGas National Co. JSC<sup>(b)</sup>  |
| 04/24/2030 | &nbsp;&nbsp; 5.375% |  | 534000 | &nbsp;&nbsp; 545326 |
| 04/14/2033 | &nbsp;&nbsp; 3.500% |  | 636000 | &nbsp;&nbsp; 573949 |
| KazTransGas JSC<sup>(b)</sup>  | KazTransGas JSC<sup>(b)</sup>  | KazTransGas JSC<sup>(b)</sup>  | KazTransGas JSC<sup>(b)</sup>  | KazTransGas JSC<sup>(b)</sup>  |
| 09/26/2027 | &nbsp;&nbsp; 4.375% |  | 400000 | &nbsp;&nbsp; 398274 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **1517549** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – TCW Core Plus Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Foreign Government Obligations**<sup>(a),(l)</sup> **(continued)** | **Foreign Government Obligations**<sup>(a),(l)</sup> **(continued)** | **Foreign Government Obligations**<sup>(a),(l)</sup> **(continued)** | **Foreign Government Obligations**<sup>(a),(l)</sup> **(continued)** | **Foreign Government Obligations**<sup>(a),(l)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Mexico 0.1%** | **Mexico 0.1%** | **Mexico 0.1%** | **Mexico 0.1%** | **Mexico 0.1%** |
| Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
| 05/19/2033 | &nbsp;&nbsp; 4.875% |  | 906000 | &nbsp;&nbsp; 869602 |
| 02/12/2034 | &nbsp;&nbsp; 3.500% |  | 200000 | &nbsp;&nbsp; 172802 |
| 02/09/2035 | &nbsp;&nbsp; 6.350% |  | 720000 | &nbsp;&nbsp; 753976 |
| 09/22/2035 | &nbsp;&nbsp; 5.625% |  | 1703000 | &nbsp;&nbsp; 1678811 |
| Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
| 09/21/2047 | &nbsp;&nbsp; 6.750% |  | 296000 | &nbsp;&nbsp; 242200 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **3717391** |
| **Netherlands 0.0%** | **Netherlands 0.0%** | **Netherlands 0.0%** | **Netherlands 0.0%** | **Netherlands 0.0%** |
| TenneT Holding BV<sup>(b)</sup>  | TenneT Holding BV<sup>(b)</sup>  | TenneT Holding BV<sup>(b)</sup>  | TenneT Holding BV<sup>(b)</sup>  | TenneT Holding BV<sup>(b)</sup>  |
| 10/28/2042 | &nbsp;&nbsp; 4.750% | EUR | 865000 | &nbsp;&nbsp; 1090957 |
| **Romania 0.1%** | **Romania 0.1%** | **Romania 0.1%** | **Romania 0.1%** | **Romania 0.1%** |
| Romanian Government International Bond<sup>(b)</sup>  | Romanian Government International Bond<sup>(b)</sup>  | Romanian Government International Bond<sup>(b)</sup>  | Romanian Government International Bond<sup>(b)</sup>  | Romanian Government International Bond<sup>(b)</sup>  |
| 03/24/2035 | &nbsp;&nbsp; 5.750% |  | 200000 | &nbsp;&nbsp; 197879 |
| 05/16/2036 | &nbsp;&nbsp; 6.625% |  | 3422000 | &nbsp;&nbsp; 3567727 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **3765606** |
| **South Africa 0.1%** | **South Africa 0.1%** | **South Africa 0.1%** | **South Africa 0.1%** | **South Africa 0.1%** |
| Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond |
| 09/30/2029 | &nbsp;&nbsp; 4.850% |  | 865000 | &nbsp;&nbsp; 865610 |
| 06/22/2030 | &nbsp;&nbsp; 5.875% |  | 570000 | &nbsp;&nbsp; 589173 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **1454783** |
| Total Foreign Government Obligations <br>(Cost $35,258,431) | Total Foreign Government Obligations <br>(Cost $35,258,431) | Total Foreign Government Obligations <br>(Cost $35,258,431) | Total Foreign Government Obligations <br>(Cost $35,258,431) | &nbsp;&nbsp; **35111475** |
| **Municipal Bonds 0.4%** | **Municipal Bonds 0.4%** | **Municipal Bonds 0.4%** | **Municipal Bonds 0.4%** | **Municipal Bonds 0.4%** |
| **Issue Description** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Airport 0.0%** | **Airport 0.0%** | **Airport 0.0%** | **Airport 0.0%** | **Airport 0.0%** |
| County of Miami-Dade Aviation | County of Miami-Dade Aviation | County of Miami-Dade Aviation | County of Miami-Dade Aviation | County of Miami-Dade Aviation |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| Taxable | Taxable | Taxable | Taxable | Taxable |
| Series 2019B | Series 2019B | Series 2019B | Series 2019B | Series 2019B |
| 10/01/2034 | &nbsp;&nbsp; 3.555% |  | 930000 | &nbsp;&nbsp; 859353 |
| **Hospital 0.1%** | **Hospital 0.1%** | **Hospital 0.1%** | **Hospital 0.1%** | **Hospital 0.1%** |
| Regents of the University of California Medical Center | Regents of the University of California Medical Center | Regents of the University of California Medical Center | Regents of the University of California Medical Center | Regents of the University of California Medical Center |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Taxable | Taxable | Taxable | Taxable | Taxable |
| Series 2020N | Series 2020N | Series 2020N | Series 2020N | Series 2020N |
| 05/15/2060 | &nbsp;&nbsp; 3.256% |  | 4385000 | &nbsp;&nbsp; 2842753 |
| **Local General Obligation 0.0%** | **Local General Obligation 0.0%** | **Local General Obligation 0.0%** | **Local General Obligation 0.0%** | **Local General Obligation 0.0%** |
| Lamar Consolidated Independent School District | Lamar Consolidated Independent School District | Lamar Consolidated Independent School District | Lamar Consolidated Independent School District | Lamar Consolidated Independent School District |
| Unlimited General Obligation Bonds | Unlimited General Obligation Bonds | Unlimited General Obligation Bonds | Unlimited General Obligation Bonds | Unlimited General Obligation Bonds |
| Series 2023A | Series 2023A | Series 2023A | Series 2023A | Series 2023A |
| 02/15/2058 | &nbsp;&nbsp; 5.000% |  | 480000 | &nbsp;&nbsp; 494215 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Medina Valley Independent School District | Medina Valley Independent School District | Medina Valley Independent School District | Medina Valley Independent School District |
| Unlimited General Obligation Bonds | Unlimited General Obligation Bonds | Unlimited General Obligation Bonds | Unlimited General Obligation Bonds |
| Series 2025 | Series 2025 | Series 2025 | Series 2025 |
| 02/15/2050 | &nbsp;&nbsp; 4.750% | 550000 | &nbsp;&nbsp; 559865 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1054080** |
| **Special Non Property Tax 0.3%** | **Special Non Property Tax 0.3%** | **Special Non Property Tax 0.3%** | **Special Non Property Tax 0.3%** |
| New York City Transitional Finance Authority | New York City Transitional Finance Authority | New York City Transitional Finance Authority | New York City Transitional Finance Authority |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| Future Tax Secured | Future Tax Secured | Future Tax Secured | Future Tax Secured |
| Subordinated Series 2020B-3 | Subordinated Series 2020B-3 | Subordinated Series 2020B-3 | Subordinated Series 2020B-3 |
| 08/01/2035 | &nbsp;&nbsp; 2.000% | 2000000 | &nbsp;&nbsp; 1587605 |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Subordinated Series 2022F-1 | Subordinated Series 2022F-1 | Subordinated Series 2022F-1 | Subordinated Series 2022F-1 |
| 02/01/2051 | &nbsp;&nbsp; 5.000% | 1285000 | &nbsp;&nbsp; 1314163 |
| Subordinated Series 2025E | Subordinated Series 2025E | Subordinated Series 2025E | Subordinated Series 2025E |
| 11/01/2053 | &nbsp;&nbsp; 5.000% | 1260000 | &nbsp;&nbsp; 1294726 |
| New York State Thruway Authority | New York State Thruway Authority | New York State Thruway Authority | New York State Thruway Authority |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Climate Bond Certified | Climate Bond Certified | Climate Bond Certified | Climate Bond Certified |
| Series 2022 | Series 2022 | Series 2022 | Series 2022 |
| 03/15/2053 | &nbsp;&nbsp; 5.000% | 2715000 | &nbsp;&nbsp; 2784846 |
| Series 2025 | Series 2025 | Series 2025 | Series 2025 |
| 03/15/2059 | &nbsp;&nbsp; 5.000% | 715000 | &nbsp;&nbsp; 735594 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **7716934** |
| Total Municipal Bonds <br>(Cost $14,131,511) | Total Municipal Bonds <br>(Cost $14,131,511) | Total Municipal Bonds <br>(Cost $14,131,511) | &nbsp;&nbsp; **12473120** |
| **Residential Mortgage-Backed Securities - Agency 34.4%** | **Residential Mortgage-Backed Securities - Agency 34.4%** | **Residential Mortgage-Backed Securities - Agency 34.4%** | **Residential Mortgage-Backed Securities - Agency 34.4%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| 09/01/2032- <br>09/01/2052<br>| &nbsp;&nbsp; 3.500% | 39493515 | &nbsp;&nbsp; 37206905 |
| 07/01/2035- <br>06/01/2053<br>| &nbsp;&nbsp; 5.000% | 7290524 | &nbsp;&nbsp; 7320307 |
| 04/01/2036- <br>05/01/2039<br>| &nbsp;&nbsp; 6.000% | 63775 | &nbsp;&nbsp; 66979 |
| 06/01/2038- <br>11/01/2053<br>| &nbsp;&nbsp; 5.500% | 9000637 | &nbsp;&nbsp; 9156902 |
| 03/01/2039- <br>10/01/2053<br>| &nbsp;&nbsp; 4.500% | 55914487 | &nbsp;&nbsp; 54883466 |
| 07/01/2043- <br>06/01/2052<br>| &nbsp;&nbsp; 3.000% | 63600324 | &nbsp;&nbsp; 56978784 |
| 08/01/2044- <br>12/01/2052<br>| &nbsp;&nbsp; 4.000% | 53420999 | &nbsp;&nbsp; 51040439 |
| 03/01/2052- <br>05/01/2052<br>| &nbsp;&nbsp; 2.000% | 45702582 | &nbsp;&nbsp; 37053427 |
| 04/01/2052 | &nbsp;&nbsp; 2.500% | 9793643 | &nbsp;&nbsp; 8326452 |
| CMO Series 360 Class 250 | CMO Series 360 Class 250 | CMO Series 360 Class 250 | CMO Series 360 Class 250 |
| 11/15/2047 | &nbsp;&nbsp; 2.500% | 1073285 | &nbsp;&nbsp; 955485 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – TCW Core Plus Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Federal Home Loan Mortgage Corp.<sup>(c),(f)</sup>  | Federal Home Loan Mortgage Corp.<sup>(c),(f)</sup>  | Federal Home Loan Mortgage Corp.<sup>(c),(f)</sup>  | Federal Home Loan Mortgage Corp.<sup>(c),(f)</sup>  |
| CMO Series 2980 Class SL | CMO Series 2980 Class SL | CMO Series 2980 Class SL | CMO Series 2980 Class SL |
| -1.0 x 30-day Average SOFR + <br> 6.586% <br>Cap 6.700% <br>11/15/2034<br>| &nbsp;&nbsp; 2.602% | 133645 | &nbsp;&nbsp; 13121 |
| Federal Home Loan Mortgage Corp.<sup>(f)</sup>  | Federal Home Loan Mortgage Corp.<sup>(f)</sup>  | Federal Home Loan Mortgage Corp.<sup>(f)</sup>  | Federal Home Loan Mortgage Corp.<sup>(f)</sup>  |
| CMO Series 4093 Class IA | CMO Series 4093 Class IA | CMO Series 4093 Class IA | CMO Series 4093 Class IA |
| 03/15/2042 | &nbsp;&nbsp; 4.000% | 2157500 | &nbsp;&nbsp; 349000 |
| Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
| CMO Series 4765 Class PZ | CMO Series 4765 Class PZ | CMO Series 4765 Class PZ | CMO Series 4765 Class PZ |
| 01/15/2048 | &nbsp;&nbsp; 3.000% | 3414252 | &nbsp;&nbsp; 2721495 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 05/01/2033- <br>11/01/2053<br>| &nbsp;&nbsp; 5.000% | 28501087 | &nbsp;&nbsp; 28524823 |
| 08/01/2033- <br>12/01/2052<br>| &nbsp;&nbsp; 3.500% | 15093352 | &nbsp;&nbsp; 14210046 |
| 10/01/2033- <br>08/01/2052<br>| &nbsp;&nbsp; 3.000% | 31770360 | &nbsp;&nbsp; 28384516 |
| 11/01/2038- <br>11/01/2040<br>| &nbsp;&nbsp; 6.000% | 1030303 | &nbsp;&nbsp; 1088464 |
| 10/01/2040- <br>10/01/2052<br>| &nbsp;&nbsp; 2.000% | 136327873 | &nbsp;&nbsp; 111529803 |
| 08/01/2043- <br>02/01/2053<br>| &nbsp;&nbsp; 4.000% | 38213470 | &nbsp;&nbsp; 36637385 |
| 02/01/2046- <br>10/01/2054<br>| &nbsp;&nbsp; 4.500% | 49546669 | &nbsp;&nbsp; 48594486 |
| 12/01/2051- <br>04/01/2052<br>| &nbsp;&nbsp; 2.500% | 116709316 | &nbsp;&nbsp; 99657916 |
| 08/01/2053- <br>09/01/2053<br>| &nbsp;&nbsp; 5.500% | 25649254 | &nbsp;&nbsp; 26074939 |
| CMO Series 2013-13 Class PH | CMO Series 2013-13 Class PH | CMO Series 2013-13 Class PH | CMO Series 2013-13 Class PH |
| 04/25/2042 | &nbsp;&nbsp; 2.500% | 1213147 | &nbsp;&nbsp; 1178072 |
| CMO Series 2018-54 Class KA | CMO Series 2018-54 Class KA | CMO Series 2018-54 Class KA | CMO Series 2018-54 Class KA |
| 01/25/2047 | &nbsp;&nbsp; 3.500% | 332129 | &nbsp;&nbsp; 330629 |
| CMO Series 2018-86 Class JA | CMO Series 2018-86 Class JA | CMO Series 2018-86 Class JA | CMO Series 2018-86 Class JA |
| 05/25/2047 | &nbsp;&nbsp; 4.000% | 226350 | &nbsp;&nbsp; 225101 |
| CMO Series 2018-94D Class KD | CMO Series 2018-94D Class KD | CMO Series 2018-94D Class KD | CMO Series 2018-94D Class KD |
| 12/25/2048 | &nbsp;&nbsp; 3.500% | 467876 | &nbsp;&nbsp; 427522 |
| CMO Series 2019-1 Class KP | CMO Series 2019-1 Class KP | CMO Series 2019-1 Class KP | CMO Series 2019-1 Class KP |
| 02/25/2049 | &nbsp;&nbsp; 3.250% | 1032850 | &nbsp;&nbsp; 945794 |
| Federal National Mortgage Association<sup>(c),(f)</sup>  | Federal National Mortgage Association<sup>(c),(f)</sup>  | Federal National Mortgage Association<sup>(c),(f)</sup>  | Federal National Mortgage Association<sup>(c),(f)</sup>  |
| CMO Series 2006-8 Class HL | CMO Series 2006-8 Class HL | CMO Series 2006-8 Class HL | CMO Series 2006-8 Class HL |
| -1.0 x 30-day Average SOFR + <br> 6.586% <br>Cap 6.700% <br>03/25/2036<br>| &nbsp;&nbsp; 2.711% | 322369 | &nbsp;&nbsp; 36207 |
| CMO Series 2013-81 Class NS | CMO Series 2013-81 Class NS | CMO Series 2013-81 Class NS | CMO Series 2013-81 Class NS |
| -1.0 x 30-day Average SOFR + <br> 6.086% <br>Cap 6.200% <br>10/25/2042<br>| &nbsp;&nbsp; 2.211% | 32219 | &nbsp;&nbsp; 464 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Federal National Mortgage Association<sup>(f)</sup>  | Federal National Mortgage Association<sup>(f)</sup>  | Federal National Mortgage Association<sup>(f)</sup>  | Federal National Mortgage Association<sup>(f)</sup>  |
| CMO Series 2013-45 Class IK | CMO Series 2013-45 Class IK | CMO Series 2013-45 Class IK | CMO Series 2013-45 Class IK |
| 02/25/2043 | &nbsp;&nbsp; 3.000% | 95015 | &nbsp;&nbsp; 8298 |
| Freddie Mac REMICS<sup>(c)</sup>  | Freddie Mac REMICS<sup>(c)</sup>  | Freddie Mac REMICS<sup>(c)</sup>  | Freddie Mac REMICS<sup>(c)</sup>  |
| CMO Series 5473K Class BF | CMO Series 5473K Class BF | CMO Series 5473K Class BF | CMO Series 5473K Class BF |
| 30-day Average SOFR + 1.300% <br>Floor 1.300%, Cap 6.500% <br>11/25/2054<br>| &nbsp;&nbsp; 5.174% | 1286742 | &nbsp;&nbsp; 1293925 |
| Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| 04/15/2035- <br>10/20/2047<br>| &nbsp;&nbsp; 5.000% | 1998247 | &nbsp;&nbsp; 2040570 |
| 10/15/2039- <br>11/20/2054<br>| &nbsp;&nbsp; 4.500% | 31638452 | &nbsp;&nbsp; 30928743 |
| 07/15/2040- <br>10/20/2052<br>| &nbsp;&nbsp; 4.000% | 21480700 | &nbsp;&nbsp; 20485102 |
| 04/20/2046- <br>07/20/2049<br>| &nbsp;&nbsp; 3.500% | 12829615 | &nbsp;&nbsp; 11905812 |
| 11/20/2046- <br>10/20/2049<br>| &nbsp;&nbsp; 3.000% | 8115122 | &nbsp;&nbsp; 7362778 |
| 02/20/2054 | &nbsp;&nbsp; 5.500% | 7765667 | &nbsp;&nbsp; 7855924 |
| Government National Mortgage Association<sup>(m)</sup>  | Government National Mortgage Association<sup>(m)</sup>  | Government National Mortgage Association<sup>(m)</sup>  | Government National Mortgage Association<sup>(m)</sup>  |
| CMO Series 2006-26 Class | CMO Series 2006-26 Class | CMO Series 2006-26 Class | CMO Series 2006-26 Class |
| 06/20/2036 | &nbsp;&nbsp; 0.000% | 11831 | &nbsp;&nbsp; 9884 |
| Government National Mortgage Association TBA<sup>(d)</sup>  | Government National Mortgage Association TBA<sup>(d)</sup>  | Government National Mortgage Association TBA<sup>(d)</sup>  | Government National Mortgage Association TBA<sup>(d)</sup>  |
| 01/22/2056 | &nbsp;&nbsp; 2.500% | 42125000 | &nbsp;&nbsp; 36329522 |
| 01/22/2056 | &nbsp;&nbsp; 3.500% | 23100000 | &nbsp;&nbsp; 21018279 |
| 01/22/2056 | &nbsp;&nbsp; 4.000% | 15975000 | &nbsp;&nbsp; 15088263 |
| 01/22/2056 | &nbsp;&nbsp; 4.500% | 14975000 | &nbsp;&nbsp; 14584246 |
| 01/22/2056 | &nbsp;&nbsp; 5.000% | 38575000 | &nbsp;&nbsp; 38483825 |
| 01/22/2056 | &nbsp;&nbsp; 5.500% | 14500000 | &nbsp;&nbsp; 14640598 |
| Uniform Mortgage-Backed Security TBA<sup>(d)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(d)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(d)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(d)</sup>  |
| 01/14/2056 | &nbsp;&nbsp; 2.000% | 12725000 | &nbsp;&nbsp; 10283340 |
| 01/14/2056 | &nbsp;&nbsp; 2.500% | 12175000 | &nbsp;&nbsp; 10290729 |
| 01/14/2056 | &nbsp;&nbsp; 3.000% | 16625000 | &nbsp;&nbsp; 14702085 |
| 01/14/2056- <br>02/12/2056<br>| &nbsp;&nbsp; 3.500% | 45175000 | &nbsp;&nbsp; 41861597 |
| 01/14/2056 | &nbsp;&nbsp; 4.000% | 15400000 | &nbsp;&nbsp; 14605738 |
| 01/14/2056 | &nbsp;&nbsp; 4.500% | 15950000 | &nbsp;&nbsp; 15569468 |
| 01/14/2056 | &nbsp;&nbsp; 5.000% | 10675000 | &nbsp;&nbsp; 10644977 |
| 01/14/2056 | &nbsp;&nbsp; 5.500% | 25000 | &nbsp;&nbsp; 25350 |
| Total Residential Mortgage-Backed Securities - Agency <br>(Cost $1,016,612,624) | Total Residential Mortgage-Backed Securities - Agency <br>(Cost $1,016,612,624) | Total Residential Mortgage-Backed Securities - Agency <br>(Cost $1,016,612,624) | &nbsp;&nbsp; **1003937982** |
| **Residential Mortgage-Backed Securities - Non-Agency 8.5%** | **Residential Mortgage-Backed Securities - Non-Agency 8.5%** | **Residential Mortgage-Backed Securities - Non-Agency 8.5%** | **Residential Mortgage-Backed Securities - Non-Agency 8.5%** |
| Angel Oak Mortgage Trust<sup>(b),(e)</sup>  | Angel Oak Mortgage Trust<sup>(b),(e)</sup>  | Angel Oak Mortgage Trust<sup>(b),(e)</sup>  | Angel Oak Mortgage Trust<sup>(b),(e)</sup>  |
| CMO Series 2021-6 Class A1 | CMO Series 2021-6 Class A1 | CMO Series 2021-6 Class A1 | CMO Series 2021-6 Class A1 |
| 09/25/2066 | &nbsp;&nbsp; 1.458% | 3636678 | &nbsp;&nbsp; 3117324 |
| Angel Oak Mortgage Trust<sup>(b),(j)</sup>  | Angel Oak Mortgage Trust<sup>(b),(j)</sup>  | Angel Oak Mortgage Trust<sup>(b),(j)</sup>  | Angel Oak Mortgage Trust<sup>(b),(j)</sup>  |
| CMO Series 2022-1 Class A1 | CMO Series 2022-1 Class A1 | CMO Series 2022-1 Class A1 | CMO Series 2022-1 Class A1 |
| 12/25/2066 | &nbsp;&nbsp; 2.881% | 6158815 | &nbsp;&nbsp; 5868217 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – TCW Core Plus Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| BCAP LLC Trust<sup>(c)</sup>  | BCAP LLC Trust<sup>(c)</sup>  | BCAP LLC Trust<sup>(c)</sup>  | BCAP LLC Trust<sup>(c)</sup>  |
| CMO Series 2007-AA1 Class 2A1 | CMO Series 2007-AA1 Class 2A1 | CMO Series 2007-AA1 Class 2A1 | CMO Series 2007-AA1 Class 2A1 |
| 1-month Term SOFR + 0.474% <br>Floor 0.360% <br>03/25/2037<br>| &nbsp;&nbsp; 4.206% | 3695362 | &nbsp;&nbsp; 3390244 |
| Chase Home Lending Mortgage Trust<sup>(b),(e)</sup>  | Chase Home Lending Mortgage Trust<sup>(b),(e)</sup>  | Chase Home Lending Mortgage Trust<sup>(b),(e)</sup>  | Chase Home Lending Mortgage Trust<sup>(b),(e)</sup>  |
| CMO Series 2025-2 Class A4A | CMO Series 2025-2 Class A4A | CMO Series 2025-2 Class A4A | CMO Series 2025-2 Class A4A |
| 12/25/2055 | &nbsp;&nbsp; 5.500% | 9369197 | &nbsp;&nbsp; 9421970 |
| CIM Group<sup>(b),(e)</sup>  | CIM Group<sup>(b),(e)</sup>  | CIM Group<sup>(b),(e)</sup>  | CIM Group<sup>(b),(e)</sup>  |
| CMO Series 2020-R7 Class A1A | CMO Series 2020-R7 Class A1A | CMO Series 2020-R7 Class A1A | CMO Series 2020-R7 Class A1A |
| 12/27/2061 | &nbsp;&nbsp; 2.250% | 5062393 | &nbsp;&nbsp; 4718824 |
| CIM Trust<sup>(b),(e)</sup>  | CIM Trust<sup>(b),(e)</sup>  | CIM Trust<sup>(b),(e)</sup>  | CIM Trust<sup>(b),(e)</sup>  |
| CMO Series 2019-R4 Class A1 | CMO Series 2019-R4 Class A1 | CMO Series 2019-R4 Class A1 | CMO Series 2019-R4 Class A1 |
| 10/25/2059 | &nbsp;&nbsp; 3.000% | 4432860 | &nbsp;&nbsp; 4201528 |
| CMO Series 2020-R3 Class A1A | CMO Series 2020-R3 Class A1A | CMO Series 2020-R3 Class A1A | CMO Series 2020-R3 Class A1A |
| 01/26/2060 | &nbsp;&nbsp; 4.000% | 4338758 | &nbsp;&nbsp; 4292947 |
| CMO Series 2020-R6 Class A1A | CMO Series 2020-R6 Class A1A | CMO Series 2020-R6 Class A1A | CMO Series 2020-R6 Class A1A |
| 12/25/2060 | &nbsp;&nbsp; 2.250% | 3400106 | &nbsp;&nbsp; 3169786 |
| CMO Series 2021-R3 Class A1A | CMO Series 2021-R3 Class A1A | CMO Series 2021-R3 Class A1A | CMO Series 2021-R3 Class A1A |
| 06/25/2057 | &nbsp;&nbsp; 1.951% | 6052120 | &nbsp;&nbsp; 5649791 |
| CMO Series 2021-R5 Class A1A | CMO Series 2021-R5 Class A1A | CMO Series 2021-R5 Class A1A | CMO Series 2021-R5 Class A1A |
| 08/25/2061 | &nbsp;&nbsp; 2.000% | 6333347 | &nbsp;&nbsp; 5639974 |
| CMO Series 2023-R1 Class A1A | CMO Series 2023-R1 Class A1A | CMO Series 2023-R1 Class A1A | CMO Series 2023-R1 Class A1A |
| 04/25/2062 | &nbsp;&nbsp; 5.400% | 11104219 | &nbsp;&nbsp; 11166335 |
| CIM Trust<sup>(b),(j)</sup>  | CIM Trust<sup>(b),(j)</sup>  | CIM Trust<sup>(b),(j)</sup>  | CIM Trust<sup>(b),(j)</sup>  |
| CMO Series 2025-R1 Class A1 | CMO Series 2025-R1 Class A1 | CMO Series 2025-R1 Class A1 | CMO Series 2025-R1 Class A1 |
| 02/25/2099 | &nbsp;&nbsp; 5.000% | 8173789 | &nbsp;&nbsp; 8149679 |
| CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust |
| CMO Series 2006-A5 Class 1A12 | CMO Series 2006-A5 Class 1A12 | CMO Series 2006-A5 Class 1A12 | CMO Series 2006-A5 Class 1A12 |
| 10/25/2036 | &nbsp;&nbsp; 6.000% | 761835 | &nbsp;&nbsp; 676409 |
| Connecticut Avenue Securities Trust<sup>(b),(c)</sup>  | Connecticut Avenue Securities Trust<sup>(b),(c)</sup>  | Connecticut Avenue Securities Trust<sup>(b),(c)</sup>  | Connecticut Avenue Securities Trust<sup>(b),(c)</sup>  |
| CMO Series 2022-R03 Class 1M2 | CMO Series 2022-R03 Class 1M2 | CMO Series 2022-R03 Class 1M2 | CMO Series 2022-R03 Class 1M2 |
| 30-day Average SOFR + 3.500% <br>03/25/2042<br>| &nbsp;&nbsp; 7.374% | 5000000 | &nbsp;&nbsp; 5134848 |
| Countrywide Alternative Loan Trust<sup>(c)</sup>  | Countrywide Alternative Loan Trust<sup>(c)</sup>  | Countrywide Alternative Loan Trust<sup>(c)</sup>  | Countrywide Alternative Loan Trust<sup>(c)</sup>  |
| CMO Series 2005-76 Class 1A1 | CMO Series 2005-76 Class 1A1 | CMO Series 2005-76 Class 1A1 | CMO Series 2005-76 Class 1A1 |
| 1-year MTA + 1.480% <br>Floor 1.480% <br>01/25/2036<br>| &nbsp;&nbsp; 5.452% | 1669097 | &nbsp;&nbsp; 1571040 |
| Countrywide Alternative Loan Trust<sup>(e)</sup>  | Countrywide Alternative Loan Trust<sup>(e)</sup>  | Countrywide Alternative Loan Trust<sup>(e)</sup>  | Countrywide Alternative Loan Trust<sup>(e)</sup>  |
| CMO Series 2006-HY12 Class A5 | CMO Series 2006-HY12 Class A5 | CMO Series 2006-HY12 Class A5 | CMO Series 2006-HY12 Class A5 |
| 08/25/2036 | &nbsp;&nbsp; 4.104% | 2235481 | &nbsp;&nbsp; 2090461 |
| Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates<sup>(e)</sup>  | Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates<sup>(e)</sup>  | Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates<sup>(e)</sup>  | Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates<sup>(e)</sup>  |
| CMO Series 2004-AR5 Class 2A1 | CMO Series 2004-AR5 Class 2A1 | CMO Series 2004-AR5 Class 2A1 | CMO Series 2004-AR5 Class 2A1 |
| 06/25/2034 | &nbsp;&nbsp; 4.988% | 23796 | &nbsp;&nbsp; 23880 |
| Credit Suisse Mortgage Capital Trust<sup>(b),(e)</sup>  | Credit Suisse Mortgage Capital Trust<sup>(b),(e)</sup>  | Credit Suisse Mortgage Capital Trust<sup>(b),(e)</sup>  | Credit Suisse Mortgage Capital Trust<sup>(b),(e)</sup>  |
| CMO Series 2021-RP11 Class PT | CMO Series 2021-RP11 Class PT | CMO Series 2021-RP11 Class PT | CMO Series 2021-RP11 Class PT |
| 10/25/2061 | &nbsp;&nbsp; 3.723% | 8339556 | &nbsp;&nbsp; 7002075 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Cross Mortgage Trust<sup>(b),(e)</sup>  | Cross Mortgage Trust<sup>(b),(e)</sup>  | Cross Mortgage Trust<sup>(b),(e)</sup>  | Cross Mortgage Trust<sup>(b),(e)</sup>  |
| CMO Series 2024-H7 Class A1 | CMO Series 2024-H7 Class A1 | CMO Series 2024-H7 Class A1 | CMO Series 2024-H7 Class A1 |
| 11/25/2069 | &nbsp;&nbsp; 5.585% | 6693957 | &nbsp;&nbsp; 6754653 |
| CMO Series 2025-H2 Class A1 | CMO Series 2025-H2 Class A1 | CMO Series 2025-H2 Class A1 | CMO Series 2025-H2 Class A1 |
| 03/25/2070 | &nbsp;&nbsp; 5.356% | 3399068 | &nbsp;&nbsp; 3420912 |
| CSMC Trust<sup>(b),(e)</sup>  | CSMC Trust<sup>(b),(e)</sup>  | CSMC Trust<sup>(b),(e)</sup>  | CSMC Trust<sup>(b),(e)</sup>  |
| CMO Series 2018-RPL9 Class A | CMO Series 2018-RPL9 Class A | CMO Series 2018-RPL9 Class A | CMO Series 2018-RPL9 Class A |
| 09/25/2057 | &nbsp;&nbsp; 3.850% | 3767962 | &nbsp;&nbsp; 3649095 |
| CMO Series 2022-NQM1 Class A1 | CMO Series 2022-NQM1 Class A1 | CMO Series 2022-NQM1 Class A1 | CMO Series 2022-NQM1 Class A1 |
| 11/25/2066 | &nbsp;&nbsp; 2.265% | 8820641 | &nbsp;&nbsp; 8085539 |
| CSMCM Trust<sup>(b)</sup>  | CSMCM Trust<sup>(b)</sup>  | CSMCM Trust<sup>(b)</sup>  | CSMCM Trust<sup>(b)</sup>  |
| CMO Series 2021-RP11 Class CERT | CMO Series 2021-RP11 Class CERT | CMO Series 2021-RP11 Class CERT | CMO Series 2021-RP11 Class CERT |
| 10/27/2061 | &nbsp;&nbsp; 3.778% | 352273 | &nbsp;&nbsp; 277397 |
| CWABS Asset-Backed Certificates Trust<sup>(c)</sup>  | CWABS Asset-Backed Certificates Trust<sup>(c)</sup>  | CWABS Asset-Backed Certificates Trust<sup>(c)</sup>  | CWABS Asset-Backed Certificates Trust<sup>(c)</sup>  |
| CMO Series 2006-14 Class 2A3 | CMO Series 2006-14 Class 2A3 | CMO Series 2006-14 Class 2A3 | CMO Series 2006-14 Class 2A3 |
| 1-month Term SOFR + 0.354% <br>Floor 0.480% <br>02/25/2037<br>| &nbsp;&nbsp; 4.086% | 1046607 | &nbsp;&nbsp; 1028335 |
| First Horizon Alternative Mortgage Securities Trust<sup>(e)</sup>  | First Horizon Alternative Mortgage Securities Trust<sup>(e)</sup>  | First Horizon Alternative Mortgage Securities Trust<sup>(e)</sup>  | First Horizon Alternative Mortgage Securities Trust<sup>(e)</sup>  |
| CMO Series 2005-AA10 Class 2A1 | CMO Series 2005-AA10 Class 2A1 | CMO Series 2005-AA10 Class 2A1 | CMO Series 2005-AA10 Class 2A1 |
| 12/25/2035 | &nbsp;&nbsp; 5.393% | 637594 | &nbsp;&nbsp; 475118 |
| CMO Series 2005-AA7 Class 2A1 | CMO Series 2005-AA7 Class 2A1 | CMO Series 2005-AA7 Class 2A1 | CMO Series 2005-AA7 Class 2A1 |
| 09/25/2035 | &nbsp;&nbsp; 5.171% | 434695 | &nbsp;&nbsp; 383924 |
| CMO Series 2005-AA8 Class 2A1 | CMO Series 2005-AA8 Class 2A1 | CMO Series 2005-AA8 Class 2A1 | CMO Series 2005-AA8 Class 2A1 |
| 10/25/2035 | &nbsp;&nbsp; 5.086% | 1272762 | &nbsp;&nbsp; 691322 |
| First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
| CMO Series 2006-FA8 Class 1A11 | CMO Series 2006-FA8 Class 1A11 | CMO Series 2006-FA8 Class 1A11 | CMO Series 2006-FA8 Class 1A11 |
| 02/25/2037 | &nbsp;&nbsp; 6.000% | 746297 | &nbsp;&nbsp; 260902 |
| GMAC Mortgage Loan Trust<sup>(e)</sup>  | GMAC Mortgage Loan Trust<sup>(e)</sup>  | GMAC Mortgage Loan Trust<sup>(e)</sup>  | GMAC Mortgage Loan Trust<sup>(e)</sup>  |
| CMO Series 2005-AR6 Class 2A1 | CMO Series 2005-AR6 Class 2A1 | CMO Series 2005-AR6 Class 2A1 | CMO Series 2005-AR6 Class 2A1 |
| 11/19/2035 | &nbsp;&nbsp; 3.852% | 1100691 | &nbsp;&nbsp; 786783 |
| GS Mortgage-Backed Securities Trust<sup>(b)</sup>  | GS Mortgage-Backed Securities Trust<sup>(b)</sup>  | GS Mortgage-Backed Securities Trust<sup>(b)</sup>  | GS Mortgage-Backed Securities Trust<sup>(b)</sup>  |
| CMO Series 2018-RPL1 Class A1A | CMO Series 2018-RPL1 Class A1A | CMO Series 2018-RPL1 Class A1A | CMO Series 2018-RPL1 Class A1A |
| 10/25/2057 | &nbsp;&nbsp; 3.750% | 2483354 | &nbsp;&nbsp; 2455390 |
| GSR Mortgage Loan Trust<sup>(e)</sup>  | GSR Mortgage Loan Trust<sup>(e)</sup>  | GSR Mortgage Loan Trust<sup>(e)</sup>  | GSR Mortgage Loan Trust<sup>(e)</sup>  |
| CMO Series 2005-AR6 Class 4A5 | CMO Series 2005-AR6 Class 4A5 | CMO Series 2005-AR6 Class 4A5 | CMO Series 2005-AR6 Class 4A5 |
| 09/25/2035 | &nbsp;&nbsp; 5.106% | 89343 | &nbsp;&nbsp; 80674 |
| HarborView Mortgage Loan Trust<sup>(c)</sup>  | HarborView Mortgage Loan Trust<sup>(c)</sup>  | HarborView Mortgage Loan Trust<sup>(c)</sup>  | HarborView Mortgage Loan Trust<sup>(c)</sup>  |
| CMO Series 2006-10 Class 1A1A | CMO Series 2006-10 Class 1A1A | CMO Series 2006-10 Class 1A1A | CMO Series 2006-10 Class 1A1A |
| 1-month Term SOFR + 0.314% <br>Floor 0.200% <br>11/19/2036<br>| &nbsp;&nbsp; 4.473% | 7419124 | &nbsp;&nbsp; 5993903 |
| IndyMac Index Mortgage Loan Trust<sup>(c)</sup>  | IndyMac Index Mortgage Loan Trust<sup>(c)</sup>  | IndyMac Index Mortgage Loan Trust<sup>(c)</sup>  | IndyMac Index Mortgage Loan Trust<sup>(c)</sup>  |
| CMO Series 2006-AR27 Class 1A3 | CMO Series 2006-AR27 Class 1A3 | CMO Series 2006-AR27 Class 1A3 | CMO Series 2006-AR27 Class 1A3 |
| 1-month Term SOFR + 0.654% <br>Floor 0.540%, Cap 10.500% <br>10/25/2036<br>| &nbsp;&nbsp; 4.386% | 3036966 | &nbsp;&nbsp; 1232655 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – TCW Core Plus Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| JPMorgan Mortgage Acquisition Trust<sup>(c)</sup>  | JPMorgan Mortgage Acquisition Trust<sup>(c)</sup>  | JPMorgan Mortgage Acquisition Trust<sup>(c)</sup>  | JPMorgan Mortgage Acquisition Trust<sup>(c)</sup>  |
| CMO Series 2006-FRE1 Class M1 | CMO Series 2006-FRE1 Class M1 | CMO Series 2006-FRE1 Class M1 | CMO Series 2006-FRE1 Class M1 |
| 1-month Term SOFR + 0.699% <br>Floor 0.585% <br>05/25/2035<br>| &nbsp;&nbsp; 4.431% | 889004 | &nbsp;&nbsp; 884007 |
| JPMorgan Mortgage Trust Series<sup>(b),(e)</sup>  | JPMorgan Mortgage Trust Series<sup>(b),(e)</sup>  | JPMorgan Mortgage Trust Series<sup>(b),(e)</sup>  | JPMorgan Mortgage Trust Series<sup>(b),(e)</sup>  |
| CMO Series 2025-CES1 Class A1 | CMO Series 2025-CES1 Class A1 | CMO Series 2025-CES1 Class A1 | CMO Series 2025-CES1 Class A1 |
| 05/25/2055 | &nbsp;&nbsp; 5.666% | 5317474 | &nbsp;&nbsp; 5367185 |
| Long Beach Mortgage Loan Trust<sup>(c)</sup>  | Long Beach Mortgage Loan Trust<sup>(c)</sup>  | Long Beach Mortgage Loan Trust<sup>(c)</sup>  | Long Beach Mortgage Loan Trust<sup>(c)</sup>  |
| CMO Series 2006-10 Class 1A | CMO Series 2006-10 Class 1A | CMO Series 2006-10 Class 1A | CMO Series 2006-10 Class 1A |
| 1-month Term SOFR + 0.414% <br>Floor 0.300% <br>11/25/2036<br>| &nbsp;&nbsp; 4.146% | 3380704 | &nbsp;&nbsp; 2403715 |
| Merrill Lynch First Franklin Mortgage Loan Trust<sup>(c)</sup>  | Merrill Lynch First Franklin Mortgage Loan Trust<sup>(c)</sup>  | Merrill Lynch First Franklin Mortgage Loan Trust<sup>(c)</sup>  | Merrill Lynch First Franklin Mortgage Loan Trust<sup>(c)</sup>  |
| CMO Series 2007-2 Class A2C | CMO Series 2007-2 Class A2C | CMO Series 2007-2 Class A2C | CMO Series 2007-2 Class A2C |
| 1-month Term SOFR + 0.594% <br>Floor 0.480% <br>05/25/2037<br>| &nbsp;&nbsp; 4.326% | 1590947 | &nbsp;&nbsp; 1167422 |
| Merrill Lynch Mortgage-Backed Securities Trust<sup>(c)</sup>  | Merrill Lynch Mortgage-Backed Securities Trust<sup>(c)</sup>  | Merrill Lynch Mortgage-Backed Securities Trust<sup>(c)</sup>  | Merrill Lynch Mortgage-Backed Securities Trust<sup>(c)</sup>  |
| CMO Series 2007-2 Class 1A1 | CMO Series 2007-2 Class 1A1 | CMO Series 2007-2 Class 1A1 | CMO Series 2007-2 Class 1A1 |
| 1-year CMT + 2.400% <br>Floor 2.400% <br>08/25/2036<br>| &nbsp;&nbsp; 6.010% | 443785 | &nbsp;&nbsp; 383529 |
| Morgan Stanley Mortgage Loan Trust<sup>(c)</sup>  | Morgan Stanley Mortgage Loan Trust<sup>(c)</sup>  | Morgan Stanley Mortgage Loan Trust<sup>(c)</sup>  | Morgan Stanley Mortgage Loan Trust<sup>(c)</sup>  |
| CMO Series 2005-2AR Class A | CMO Series 2005-2AR Class A | CMO Series 2005-2AR Class A | CMO Series 2005-2AR Class A |
| 1-month Term SOFR + 0.374% <br>Floor 0.260%, Cap 11.000% <br>04/25/2035<br>| &nbsp;&nbsp; 4.106% | 207431 | &nbsp;&nbsp; 207283 |
| Morgan Stanley Residential Mortgage Loan Trust<sup>(b),(e)</sup>  | Morgan Stanley Residential Mortgage Loan Trust<sup>(b),(e)</sup>  | Morgan Stanley Residential Mortgage Loan Trust<sup>(b),(e)</sup>  | Morgan Stanley Residential Mortgage Loan Trust<sup>(b),(e)</sup>  |
| CMO Series 2025-NQ10 Class A1 | CMO Series 2025-NQ10 Class A1 | CMO Series 2025-NQ10 Class A1 | CMO Series 2025-NQ10 Class A1 |
| 11/25/2070 | &nbsp;&nbsp; 5.119% | 8000000 | &nbsp;&nbsp; 8022615 |
| MortgageIT Trust<sup>(c)</sup>  | MortgageIT Trust<sup>(c)</sup>  | MortgageIT Trust<sup>(c)</sup>  | MortgageIT Trust<sup>(c)</sup>  |
| CMO Series 2005-4 Class A1 | CMO Series 2005-4 Class A1 | CMO Series 2005-4 Class A1 | CMO Series 2005-4 Class A1 |
| 1-month Term SOFR + 0.674% <br>Floor 0.560%, Cap 11.500% <br>10/25/2035<br>| &nbsp;&nbsp; 4.406% | 428529 | &nbsp;&nbsp; 429981 |
| New Residential Mortgage Loan Trust<sup>(b),(j)</sup>  | New Residential Mortgage Loan Trust<sup>(b),(j)</sup>  | New Residential Mortgage Loan Trust<sup>(b),(j)</sup>  | New Residential Mortgage Loan Trust<sup>(b),(j)</sup>  |
| CMO Series 2022-NQM4 Class A1 | CMO Series 2022-NQM4 Class A1 | CMO Series 2022-NQM4 Class A1 | CMO Series 2022-NQM4 Class A1 |
| 06/25/2062 | &nbsp;&nbsp; 5.000% | 13345077 | &nbsp;&nbsp; 13298673 |
| New Residential Mortgage Loan Trust<sup>(b),(e)</sup>  | New Residential Mortgage Loan Trust<sup>(b),(e)</sup>  | New Residential Mortgage Loan Trust<sup>(b),(e)</sup>  | New Residential Mortgage Loan Trust<sup>(b),(e)</sup>  |
| CMO Series 2024-NQM2 Class A1 | CMO Series 2024-NQM2 Class A1 | CMO Series 2024-NQM2 Class A1 | CMO Series 2024-NQM2 Class A1 |
| 09/25/2064 | &nbsp;&nbsp; 5.117% | 5729875 | &nbsp;&nbsp; 5765400 |
| OBX Trust<sup>(b),(e)</sup>  | OBX Trust<sup>(b),(e)</sup>  | OBX Trust<sup>(b),(e)</sup>  | OBX Trust<sup>(b),(e)</sup>  |
| CMO Series 2021-NQM2 Class A1 | CMO Series 2021-NQM2 Class A1 | CMO Series 2021-NQM2 Class A1 | CMO Series 2021-NQM2 Class A1 |
| 05/25/2061 | &nbsp;&nbsp; 1.101% | 6943607 | &nbsp;&nbsp; 5794568 |
| PRET LLC<sup>(b),(j)</sup>  | PRET LLC<sup>(b),(j)</sup>  | PRET LLC<sup>(b),(j)</sup>  | PRET LLC<sup>(b),(j)</sup>  |
| CMO Series 2025-NPL6 Class A1 | CMO Series 2025-NPL6 Class A1 | CMO Series 2025-NPL6 Class A1 | CMO Series 2025-NPL6 Class A1 |
| 06/25/2055 | &nbsp;&nbsp; 5.744% | 3974691 | &nbsp;&nbsp; 3983688 |
| PRKCM Trust<sup>(b),(e)</sup>  | PRKCM Trust<sup>(b),(e)</sup>  | PRKCM Trust<sup>(b),(e)</sup>  | PRKCM Trust<sup>(b),(e)</sup>  |
| CMO Series 2021-AFC2 Class A1 | CMO Series 2021-AFC2 Class A1 | CMO Series 2021-AFC2 Class A1 | CMO Series 2021-AFC2 Class A1 |
| 11/25/2056 | &nbsp;&nbsp; 2.071% | 8497380 | &nbsp;&nbsp; 7609468 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| PRPM LLC<sup>(b),(j)</sup>  | PRPM LLC<sup>(b),(j)</sup>  | PRPM LLC<sup>(b),(j)</sup>  | PRPM LLC<sup>(b),(j)</sup>  |
| CMO Series 2025-RPL3 Class A1 | CMO Series 2025-RPL3 Class A1 | CMO Series 2025-RPL3 Class A1 | CMO Series 2025-RPL3 Class A1 |
| 04/25/2055 | &nbsp;&nbsp; 3.250% | 6418929 | &nbsp;&nbsp; 6205716 |
| CMO Series 2025-RPL4 Class A1 | CMO Series 2025-RPL4 Class A1 | CMO Series 2025-RPL4 Class A1 | CMO Series 2025-RPL4 Class A1 |
| 05/25/2055 | &nbsp;&nbsp; 3.000% | 7007683 | &nbsp;&nbsp; 6613501 |
| RALI Trust<sup>(e)</sup>  | RALI Trust<sup>(e)</sup>  | RALI Trust<sup>(e)</sup>  | RALI Trust<sup>(e)</sup>  |
| CMO Series 2005-QA8 Class CB21 | CMO Series 2005-QA8 Class CB21 | CMO Series 2005-QA8 Class CB21 | CMO Series 2005-QA8 Class CB21 |
| 07/25/2035 | &nbsp;&nbsp; 5.123% | 749737 | &nbsp;&nbsp; 373952 |
| RCKT Mortgage Trust<sup>(b),(j)</sup>  | RCKT Mortgage Trust<sup>(b),(j)</sup>  | RCKT Mortgage Trust<sup>(b),(j)</sup>  | RCKT Mortgage Trust<sup>(b),(j)</sup>  |
| CMO Series 2024-CES8 Class A1A | CMO Series 2024-CES8 Class A1A | CMO Series 2024-CES8 Class A1A | CMO Series 2024-CES8 Class A1A |
| 11/25/2044 | &nbsp;&nbsp; 5.490% | 7458300 | &nbsp;&nbsp; 7512166 |
| CMO Series 2024-CES9 Class A1A | CMO Series 2024-CES9 Class A1A | CMO Series 2024-CES9 Class A1A | CMO Series 2024-CES9 Class A1A |
| 12/25/2044 | &nbsp;&nbsp; 5.582% | 6357721 | &nbsp;&nbsp; 6422785 |
| CMO Series 2025-CES6 Class A1B | CMO Series 2025-CES6 Class A1B | CMO Series 2025-CES6 Class A1B | CMO Series 2025-CES6 Class A1B |
| 06/25/2055 | &nbsp;&nbsp; 5.673% | 6611728 | &nbsp;&nbsp; 6694581 |
| Saluda Grade Alternative Mortgage Trust<sup>(b),(c)</sup>  | Saluda Grade Alternative Mortgage Trust<sup>(b),(c)</sup>  | Saluda Grade Alternative Mortgage Trust<sup>(b),(c)</sup>  | Saluda Grade Alternative Mortgage Trust<sup>(b),(c)</sup>  |
| CMO Series 2025-LOC4 Class A1A | CMO Series 2025-LOC4 Class A1A | CMO Series 2025-LOC4 Class A1A | CMO Series 2025-LOC4 Class A1A |
| 30-day Average SOFR + 1.750% <br>06/25/2055<br>| &nbsp;&nbsp; 5.704% | 7545000 | &nbsp;&nbsp; 7557007 |
| Starwood Mortgage Residential Trust<sup>(b),(e)</sup>  | Starwood Mortgage Residential Trust<sup>(b),(e)</sup>  | Starwood Mortgage Residential Trust<sup>(b),(e)</sup>  | Starwood Mortgage Residential Trust<sup>(b),(e)</sup>  |
| CMO Series 2021-3 Class A1 | CMO Series 2021-3 Class A1 | CMO Series 2021-3 Class A1 | CMO Series 2021-3 Class A1 |
| 06/25/2056 | &nbsp;&nbsp; 1.127% | 4141847 | &nbsp;&nbsp; 3675186 |
| Structured Asset Mortgage Investments II Trust<sup>(c)</sup>  | Structured Asset Mortgage Investments II Trust<sup>(c)</sup>  | Structured Asset Mortgage Investments II Trust<sup>(c)</sup>  | Structured Asset Mortgage Investments II Trust<sup>(c)</sup>  |
| CMO Series 2006-AR3 Class 12A1 | CMO Series 2006-AR3 Class 12A1 | CMO Series 2006-AR3 Class 12A1 | CMO Series 2006-AR3 Class 12A1 |
| 1-month Term SOFR + 0.554% <br>Floor 0.440%, Cap 10.500% <br>05/25/2036<br>| &nbsp;&nbsp; 4.286% | 3841933 | &nbsp;&nbsp; 3219461 |
| Verus Securitization Trust<sup>(b),(j)</sup>  | Verus Securitization Trust<sup>(b),(j)</sup>  | Verus Securitization Trust<sup>(b),(j)</sup>  | Verus Securitization Trust<sup>(b),(j)</sup>  |
| CMO Series 2021-7 Class A1 | CMO Series 2021-7 Class A1 | CMO Series 2021-7 Class A1 | CMO Series 2021-7 Class A1 |
| 10/25/2066 | &nbsp;&nbsp; 1.829% | 12767035 | &nbsp;&nbsp; 11769533 |
| Vista Point Securitization Trust<sup>(b),(j)</sup>  | Vista Point Securitization Trust<sup>(b),(j)</sup>  | Vista Point Securitization Trust<sup>(b),(j)</sup>  | Vista Point Securitization Trust<sup>(b),(j)</sup>  |
| CMO Series 2024-CES3 Class A1 | CMO Series 2024-CES3 Class A1 | CMO Series 2024-CES3 Class A1 | CMO Series 2024-CES3 Class A1 |
| 01/25/2055 | &nbsp;&nbsp; 5.679% | 6483803 | &nbsp;&nbsp; 6516422 |
| WaMu Mortgage Pass-Through Certificates Trust<sup>(e)</sup>  | WaMu Mortgage Pass-Through Certificates Trust<sup>(e)</sup>  | WaMu Mortgage Pass-Through Certificates Trust<sup>(e)</sup>  | WaMu Mortgage Pass-Through Certificates Trust<sup>(e)</sup>  |
| CMO Series 2003-AR10 Class A7 | CMO Series 2003-AR10 Class A7 | CMO Series 2003-AR10 Class A7 | CMO Series 2003-AR10 Class A7 |
| 10/25/2033 | &nbsp;&nbsp; 5.702% | 200721 | &nbsp;&nbsp; 193645 |
| CMO Series 2003-AR9 Class 1A6 | CMO Series 2003-AR9 Class 1A6 | CMO Series 2003-AR9 Class 1A6 | CMO Series 2003-AR9 Class 1A6 |
| 09/25/2033 | &nbsp;&nbsp; 5.383% | 187829 | &nbsp;&nbsp; 184872 |
| CMO Series 2005-AR4 Class A5 | CMO Series 2005-AR4 Class A5 | CMO Series 2005-AR4 Class A5 | CMO Series 2005-AR4 Class A5 |
| 04/25/2035 | &nbsp;&nbsp; 4.345% | 224111 | &nbsp;&nbsp; 213175 |
| CMO Series 2007-HY2 Class 1A1 | CMO Series 2007-HY2 Class 1A1 | CMO Series 2007-HY2 Class 1A1 | CMO Series 2007-HY2 Class 1A1 |
| 12/25/2036 | &nbsp;&nbsp; 4.150% | 1483904 | &nbsp;&nbsp; 1404166 |
| WaMu Mortgage Pass-Through Certificates Trust<sup>(c)</sup>  | WaMu Mortgage Pass-Through Certificates Trust<sup>(c)</sup>  | WaMu Mortgage Pass-Through Certificates Trust<sup>(c)</sup>  | WaMu Mortgage Pass-Through Certificates Trust<sup>(c)</sup>  |
| CMO Series 2005-AR15 Class A1A1 | CMO Series 2005-AR15 Class A1A1 | CMO Series 2005-AR15 Class A1A1 | CMO Series 2005-AR15 Class A1A1 |
| 1-month Term SOFR + 0.634% <br>Floor 0.520%, Cap 10.500% <br>11/25/2045<br>| &nbsp;&nbsp; 4.366% | 1209673 | &nbsp;&nbsp; 1143588 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – TCW Core Plus Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2006-AR11 Class 1A | CMO Series 2006-AR11 Class 1A | CMO Series 2006-AR11 Class 1A | CMO Series 2006-AR11 Class 1A |
| 1-year MTA + 0.960% <br>Floor 0.960% <br>09/25/2046<br>| &nbsp;&nbsp; 4.932% | 2425233 | &nbsp;&nbsp; 2021201 |
| CMO Series 2006-AR4 Class 1A1A | CMO Series 2006-AR4 Class 1A1A | CMO Series 2006-AR4 Class 1A1A | CMO Series 2006-AR4 Class 1A1A |
| 1-year MTA + 0.940% <br>Floor 0.940% <br>05/25/2046<br>| &nbsp;&nbsp; 4.912% | 1675183 | &nbsp;&nbsp; 1527634 |
| Total Residential Mortgage-Backed Securities - Non-Agency <br>(Cost $253,991,831) | Total Residential Mortgage-Backed Securities - Non-Agency <br>(Cost $253,991,831) | Total Residential Mortgage-Backed Securities - Non-Agency <br>(Cost $253,991,831) | &nbsp;&nbsp; **249428059** |
| **Senior Loans 1.5%** | **Senior Loans 1.5%** | **Senior Loans 1.5%** | **Senior Loans 1.5%** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Aerospace & Defense 0.1%** | **Aerospace & Defense 0.1%** | **Aerospace & Defense 0.1%** | **Aerospace & Defense 0.1%** |
| HDI Aerospace Intermediate Holding III Corp.<sup>(c),(n)</sup>  | HDI Aerospace Intermediate Holding III Corp.<sup>(c),(n)</sup>  | HDI Aerospace Intermediate Holding III Corp.<sup>(c),(n)</sup>  | HDI Aerospace Intermediate Holding III Corp.<sup>(c),(n)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 3.750% <br>02/11/2032<br>| &nbsp;&nbsp; 7.687% | 338300 | &nbsp;&nbsp; 339569 |
| TransDigm, Inc.<sup>(c),(n)</sup>  | TransDigm, Inc.<sup>(c),(n)</sup>  | TransDigm, Inc.<sup>(c),(n)</sup>  | TransDigm, Inc.<sup>(c),(n)</sup>  |
| Tranche J Term Loan | Tranche J Term Loan | Tranche J Term Loan | Tranche J Term Loan |
| 1-month Term SOFR + 2.500% <br>02/28/2031<br>| &nbsp;&nbsp; 6.216% | 394477 | &nbsp;&nbsp; 395818 |
| Tranche K Term Loan | Tranche K Term Loan | Tranche K Term Loan | Tranche K Term Loan |
| 1-month Term SOFR + 2.250% <br>03/22/2030<br>| &nbsp;&nbsp; 5.966% | 397563 | &nbsp;&nbsp; 398640 |
| Tranche M Term Loan | Tranche M Term Loan | Tranche M Term Loan | Tranche M Term Loan |
| 1-month Term SOFR + 2.500% <br>08/19/2032<br>| &nbsp;&nbsp; 6.216% | 497393 | &nbsp;&nbsp; 499362 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1633389** |
| **Apartment REIT 0.1%** | **Apartment REIT 0.1%** | **Apartment REIT 0.1%** | **Apartment REIT 0.1%** |
| Invitation Homes Operating Partnership LP<sup>(c),(n),(o)</sup>  | Invitation Homes Operating Partnership LP<sup>(c),(n),(o)</sup>  | Invitation Homes Operating Partnership LP<sup>(c),(n),(o)</sup>  | Invitation Homes Operating Partnership LP<sup>(c),(n),(o)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 0.850% <br>09/09/2028<br>| &nbsp;&nbsp; 4.700% | 2810347 | &nbsp;&nbsp; 2803322 |
| **Brokerage/Asset Managers/Exchanges 0.0%** | **Brokerage/Asset Managers/Exchanges 0.0%** | **Brokerage/Asset Managers/Exchanges 0.0%** | **Brokerage/Asset Managers/Exchanges 0.0%** |
| First Eagle Holdings, Inc.<sup>(c),(n),(p),(q)</sup>  | First Eagle Holdings, Inc.<sup>(c),(n),(p),(q)</sup>  | First Eagle Holdings, Inc.<sup>(c),(n),(p),(q)</sup>  | First Eagle Holdings, Inc.<sup>(c),(n),(p),(q)</sup>  |
| Delayed Draw Term Loan | Delayed Draw Term Loan | Delayed Draw Term Loan | Delayed Draw Term Loan |
| 3-month Term SOFR + 3.500% <br>06/06/2032<br>| &nbsp;&nbsp; 3.500% | 30356 | &nbsp;&nbsp; 30292 |
| First Eagle Holdings, Inc.<sup>(c),(n)</sup>  | First Eagle Holdings, Inc.<sup>(c),(n)</sup>  | First Eagle Holdings, Inc.<sup>(c),(n)</sup>  | First Eagle Holdings, Inc.<sup>(c),(n)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 3.500% <br>06/06/2032<br>| &nbsp;&nbsp; 7.172% | 177798 | &nbsp;&nbsp; 177425 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Jane Street Group LLC<sup>(c),(n)</sup>  | Jane Street Group LLC<sup>(c),(n)</sup>  | Jane Street Group LLC<sup>(c),(n)</sup>  | Jane Street Group LLC<sup>(c),(n)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 2.000% <br>12/15/2031<br>| &nbsp;&nbsp; 5.822% | 487411 | &nbsp;&nbsp; 484754 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **692471** |
| **Building Materials 0.0%** | **Building Materials 0.0%** | **Building Materials 0.0%** | **Building Materials 0.0%** |
| DG Investment Intermediate Holdings 2, Inc.<sup>(c),(n)</sup>  | DG Investment Intermediate Holdings 2, Inc.<sup>(c),(n)</sup>  | DG Investment Intermediate Holdings 2, Inc.<sup>(c),(n)</sup>  | DG Investment Intermediate Holdings 2, Inc.<sup>(c),(n)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 1-month Term SOFR + 3.750% <br>07/09/2032<br>| &nbsp;&nbsp; 7.466% | 450000 | &nbsp;&nbsp; 450000 |
| **Cable and Satellite 0.0%** | **Cable and Satellite 0.0%** | **Cable and Satellite 0.0%** | **Cable and Satellite 0.0%** |
| Charter Communications Operating LLC<sup>(c),(n)</sup>  | Charter Communications Operating LLC<sup>(c),(n)</sup>  | Charter Communications Operating LLC<sup>(c),(n)</sup>  | Charter Communications Operating LLC<sup>(c),(n)</sup>  |
| Tranche B5 Term Loan | Tranche B5 Term Loan | Tranche B5 Term Loan | Tranche B5 Term Loan |
| 3-month Term SOFR + 2.250% <br>12/15/2031<br>| &nbsp;&nbsp; 6.235% | 540126 | &nbsp;&nbsp; 540428 |
| **Construction Machinery 0.0%** | **Construction Machinery 0.0%** | **Construction Machinery 0.0%** | **Construction Machinery 0.0%** |
| Oregon Tool Lux LP<sup>(c),(n)</sup>  | Oregon Tool Lux LP<sup>(c),(n)</sup>  | Oregon Tool Lux LP<sup>(c),(n)</sup>  | Oregon Tool Lux LP<sup>(c),(n)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 5.350% <br>10/15/2029<br>| &nbsp;&nbsp; 9.228% | 28463 | &nbsp;&nbsp; 28926 |
| Oregon Tool, Inc.<sup>(c),(n)</sup>  | Oregon Tool, Inc.<sup>(c),(n)</sup>  | Oregon Tool, Inc.<sup>(c),(n)</sup>  | Oregon Tool, Inc.<sup>(c),(n)</sup>  |
| Tranche B2 2nd Lien Term Loan | Tranche B2 2nd Lien Term Loan | Tranche B2 2nd Lien Term Loan | Tranche B2 2nd Lien Term Loan |
| 3-month Term SOFR + 4.000% <br>10/15/2029<br>| &nbsp;&nbsp; 8.140% | 519359 | &nbsp;&nbsp; 371861 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **400787** |
| **Consumer Cyclical Services 0.1%** | **Consumer Cyclical Services 0.1%** | **Consumer Cyclical Services 0.1%** | **Consumer Cyclical Services 0.1%** |
| Arches Buyer, Inc.<sup>(c),(n)</sup>  | Arches Buyer, Inc.<sup>(c),(n)</sup>  | Arches Buyer, Inc.<sup>(c),(n)</sup>  | Arches Buyer, Inc.<sup>(c),(n)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 3.250% <br>Floor 0.500% <br>12/06/2027<br>| &nbsp;&nbsp; 7.066% | 261127 | &nbsp;&nbsp; 261488 |
| Bach Finance Ltd.<sup>(c),(n)</sup>  | Bach Finance Ltd.<sup>(c),(n)</sup>  | Bach Finance Ltd.<sup>(c),(n)</sup>  | Bach Finance Ltd.<sup>(c),(n)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 3-month Term SOFR + 2.750% <br>01/09/2032<br>| &nbsp;&nbsp; 6.572% | 261008 | &nbsp;&nbsp; 261660 |
| BCPE Empire Holdings, Inc.<sup>(c),(n)</sup>  | BCPE Empire Holdings, Inc.<sup>(c),(n)</sup>  | BCPE Empire Holdings, Inc.<sup>(c),(n)</sup>  | BCPE Empire Holdings, Inc.<sup>(c),(n)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 1-month Term SOFR + 3.250% <br>12/26/2030<br>| &nbsp;&nbsp; 6.966% | 459171 | &nbsp;&nbsp; 453624 |
| BradyPLUS Holdings LLC<sup>(c),(n)</sup>  | BradyPLUS Holdings LLC<sup>(c),(n)</sup>  | BradyPLUS Holdings LLC<sup>(c),(n)</sup>  | BradyPLUS Holdings LLC<sup>(c),(n)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 3.500% <br>12/13/2032<br>| &nbsp;&nbsp; 7.190% | 962105 | &nbsp;&nbsp; 950877 |
| Cast & Crew LLC<sup>(c),(n)</sup>  | Cast & Crew LLC<sup>(c),(n)</sup>  | Cast & Crew LLC<sup>(c),(n)</sup>  | Cast & Crew LLC<sup>(c),(n)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 1-month Term SOFR + 3.750% <br>Floor 0.500% <br>12/29/2028<br>| &nbsp;&nbsp; 7.466% | 144419 | &nbsp;&nbsp; 84413 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – TCW Core Plus Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Delivery Hero SE<sup>(c),(n),(p)</sup>  | Delivery Hero SE<sup>(c),(n),(p)</sup>  | Delivery Hero SE<sup>(c),(n),(p)</sup>  | Delivery Hero SE<sup>(c),(n),(p)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 5.000% <br>Floor 0.500% <br>12/12/2029<br>| &nbsp;&nbsp; 8.843% | 772615 | &nbsp;&nbsp; 773743 |
| Ingenovis Health, Inc.<sup>(c),(n)</sup>  | Ingenovis Health, Inc.<sup>(c),(n)</sup>  | Ingenovis Health, Inc.<sup>(c),(n)</sup>  | Ingenovis Health, Inc.<sup>(c),(n)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 3-month Term SOFR + 4.250% <br>Floor 0.750% <br>03/06/2028<br>| &nbsp;&nbsp; 8.334% | 166308 | &nbsp;&nbsp; 44487 |
| 3-month Term SOFR + 4.250% <br>Floor 0.500% <br>03/06/2028<br>| &nbsp;&nbsp; 8.172% | 352257 | &nbsp;&nbsp; 93348 |
| KUEHG Corp.<sup>(c),(n),(p)</sup>  | KUEHG Corp.<sup>(c),(n),(p)</sup>  | KUEHG Corp.<sup>(c),(n),(p)</sup>  | KUEHG Corp.<sup>(c),(n),(p)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 2.750% <br>06/12/2030<br>|  | 162374 | &nbsp;&nbsp; 157273 |
| TripAdvisor, Inc.<sup>(c),(n)</sup>  | TripAdvisor, Inc.<sup>(c),(n)</sup>  | TripAdvisor, Inc.<sup>(c),(n)</sup>  | TripAdvisor, Inc.<sup>(c),(n)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 1-month Term SOFR + 2.750% <br>07/08/2031<br>| &nbsp;&nbsp; 6.466% | 279792 | &nbsp;&nbsp; 268950 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3349863** |
| **Consumer Products 0.0%** | **Consumer Products 0.0%** | **Consumer Products 0.0%** | **Consumer Products 0.0%** |
| Majordrive Holdings IV LLC<sup>(c),(n)</sup>  | Majordrive Holdings IV LLC<sup>(c),(n)</sup>  | Majordrive Holdings IV LLC<sup>(c),(n)</sup>  | Majordrive Holdings IV LLC<sup>(c),(n)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 4.000% <br>Floor 0.500% <br>06/01/2028<br>| &nbsp;&nbsp; 7.934% | 105350 | &nbsp;&nbsp; 95341 |
| Osmosis Buyer Ltd.<sup>(c),(n)</sup>  | Osmosis Buyer Ltd.<sup>(c),(n)</sup>  | Osmosis Buyer Ltd.<sup>(c),(n)</sup>  | Osmosis Buyer Ltd.<sup>(c),(n)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 3-month Term SOFR + 3.000% <br>07/31/2028<br>| &nbsp;&nbsp; 6.861% | 184339 | &nbsp;&nbsp; 184677 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **280018** |
| **Diversified Manufacturing 0.1%** | **Diversified Manufacturing 0.1%** | **Diversified Manufacturing 0.1%** | **Diversified Manufacturing 0.1%** |
| Cleanova US Holdings LLC<sup>(c),(n),(o)</sup>  | Cleanova US Holdings LLC<sup>(c),(n),(o)</sup>  | Cleanova US Holdings LLC<sup>(c),(n),(o)</sup>  | Cleanova US Holdings LLC<sup>(c),(n),(o)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 4.750% <br>05/24/2032<br>| &nbsp;&nbsp; 8.483% | 182517 | &nbsp;&nbsp; 182517 |
| CPI Buyer LLC<sup>(c),(n)</sup>  | CPI Buyer LLC<sup>(c),(n)</sup>  | CPI Buyer LLC<sup>(c),(n)</sup>  | CPI Buyer LLC<sup>(c),(n)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 4.000% <br>05/17/2032<br>| &nbsp;&nbsp; 7.985% | 271101 | &nbsp;&nbsp; 268661 |
| Pelican Products, Inc.<sup>(c),(n)</sup>  | Pelican Products, Inc.<sup>(c),(n)</sup>  | Pelican Products, Inc.<sup>(c),(n)</sup>  | Pelican Products, Inc.<sup>(c),(n)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 3-month Term SOFR + 4.250% <br>12/29/2028<br>| &nbsp;&nbsp; 8.184% | 349020 | &nbsp;&nbsp; 314555 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| WEC US Holdings, Inc.<sup>(c),(n)</sup>  | WEC US Holdings, Inc.<sup>(c),(n)</sup>  | WEC US Holdings, Inc.<sup>(c),(n)</sup>  | WEC US Holdings, Inc.<sup>(c),(n)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.000% <br>01/27/2031<br>| &nbsp;&nbsp; 5.873% | 277200 | &nbsp;&nbsp; 277566 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1043299** |
| **Electric 0.1%** | **Electric 0.1%** | **Electric 0.1%** | **Electric 0.1%** |
| Alpha Generation LLC<sup>(c),(n)</sup>  | Alpha Generation LLC<sup>(c),(n)</sup>  | Alpha Generation LLC<sup>(c),(n)</sup>  | Alpha Generation LLC<sup>(c),(n)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 1-month Term SOFR + 2.000% <br>09/30/2031<br>| &nbsp;&nbsp; 5.716% | 615945 | &nbsp;&nbsp; 617547 |
| Calpine Corp.<sup>(c),(n)</sup>  | Calpine Corp.<sup>(c),(n)</sup>  | Calpine Corp.<sup>(c),(n)</sup>  | Calpine Corp.<sup>(c),(n)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 1.750% <br>01/31/2031<br>| &nbsp;&nbsp; 5.466% | 883867 | &nbsp;&nbsp; 883770 |
| 1-month Term SOFR + 1.750% <br>02/15/2032<br>| &nbsp;&nbsp; 5.466% | 682497 | &nbsp;&nbsp; 682251 |
| Cornerstone Generation LLC<sup>(c),(n)</sup>  | Cornerstone Generation LLC<sup>(c),(n)</sup>  | Cornerstone Generation LLC<sup>(c),(n)</sup>  | Cornerstone Generation LLC<sup>(c),(n)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 3-month Term SOFR + 3.250% <br>08/11/2032<br>| &nbsp;&nbsp; 7.093% | 158498 | &nbsp;&nbsp; 159744 |
| South Field Energy LLC<sup>(c),(n)</sup>  | South Field Energy LLC<sup>(c),(n)</sup>  | South Field Energy LLC<sup>(c),(n)</sup>  | South Field Energy LLC<sup>(c),(n)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 3-month Term SOFR + 3.000% <br>08/29/2031<br>| &nbsp;&nbsp; 6.672% | 186076 | &nbsp;&nbsp; 187239 |
| Tranche C Term Loan | Tranche C Term Loan | Tranche C Term Loan | Tranche C Term Loan |
| 3-month Term SOFR + 3.000% <br>08/29/2031<br>| &nbsp;&nbsp; 6.672% | 11214 | &nbsp;&nbsp; 11283 |
| Vistra Operations Co. LLC<sup>(c),(n)</sup>  | Vistra Operations Co. LLC<sup>(c),(n)</sup>  | Vistra Operations Co. LLC<sup>(c),(n)</sup>  | Vistra Operations Co. LLC<sup>(c),(n)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 1.750% <br>12/20/2030<br>| &nbsp;&nbsp; 5.466% | 402755 | &nbsp;&nbsp; 404620 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2946454** |
| **Environmental 0.0%** | **Environmental 0.0%** | **Environmental 0.0%** | **Environmental 0.0%** |
| Action Environmental Group, Inc. (The)<sup>(c),(n)</sup>  | Action Environmental Group, Inc. (The)<sup>(c),(n)</sup>  | Action Environmental Group, Inc. (The)<sup>(c),(n)</sup>  | Action Environmental Group, Inc. (The)<sup>(c),(n)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 3.250% <br>10/24/2030<br>| &nbsp;&nbsp; 6.922% | 202808 | &nbsp;&nbsp; 202936 |
| **Finance Companies 0.1%** | **Finance Companies 0.1%** | **Finance Companies 0.1%** | **Finance Companies 0.1%** |
| Avolon Borrower 1 US LLC<sup>(c),(n)</sup>  | Avolon Borrower 1 US LLC<sup>(c),(n)</sup>  | Avolon Borrower 1 US LLC<sup>(c),(n)</sup>  | Avolon Borrower 1 US LLC<sup>(c),(n)</sup>  |
| Tranche B6 Term Loan | Tranche B6 Term Loan | Tranche B6 Term Loan | Tranche B6 Term Loan |
| 1-month Term SOFR + 1.750% <br>Floor 0.500% <br>10/03/2030<br>| &nbsp;&nbsp; 5.484% | 1575087 | &nbsp;&nbsp; 1583420 |
| Ziggo Financing Partnership<sup>(c),(n)</sup>  | Ziggo Financing Partnership<sup>(c),(n)</sup>  | Ziggo Financing Partnership<sup>(c),(n)</sup>  | Ziggo Financing Partnership<sup>(c),(n)</sup>  |
| Tranche N Term Loan | Tranche N Term Loan | Tranche N Term Loan | Tranche N Term Loan |
| 6-month Term SOFR + 3.250% <br>01/31/2033<br>| &nbsp;&nbsp; 7.027% | 353175 | &nbsp;&nbsp; 350526 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1933946** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – TCW Core Plus Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Food and Beverage 0.1%** | **Food and Beverage 0.1%** | **Food and Beverage 0.1%** | **Food and Beverage 0.1%** |
| BCPE North Star US Holdco 2, Inc.<sup>(c),(n)</sup>  | BCPE North Star US Holdco 2, Inc.<sup>(c),(n)</sup>  | BCPE North Star US Holdco 2, Inc.<sup>(c),(n)</sup>  | BCPE North Star US Holdco 2, Inc.<sup>(c),(n)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 1-month Term SOFR + 4.000% <br>Floor 0.750% <br>06/09/2028<br>| &nbsp;&nbsp; 7.831% | 388845 | &nbsp;&nbsp; 386738 |
| C&S Wholesale Grocers LLC<sup>(c),(n)</sup>  | C&S Wholesale Grocers LLC<sup>(c),(n)</sup>  | C&S Wholesale Grocers LLC<sup>(c),(n)</sup>  | C&S Wholesale Grocers LLC<sup>(c),(n)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 5.000% <br>08/06/2030<br>| &nbsp;&nbsp; 8.672% | 641414 | &nbsp;&nbsp; 625378 |
| Celsius, Inc.<sup>(c),(n)</sup>  | Celsius, Inc.<sup>(c),(n)</sup>  | Celsius, Inc.<sup>(c),(n)</sup>  | Celsius, Inc.<sup>(c),(n)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 2.500% <br>04/01/2032<br>| &nbsp;&nbsp; 6.172% | 288775 | &nbsp;&nbsp; 290363 |
| Naked Juice LLC<sup>(c),(n)</sup>  | Naked Juice LLC<sup>(c),(n)</sup>  | Naked Juice LLC<sup>(c),(n)</sup>  | Naked Juice LLC<sup>(c),(n)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 3.250% <br>01/24/2029<br>| &nbsp;&nbsp; 7.022% | 446135 | &nbsp;&nbsp; 293334 |
| 3-month Term SOFR + 5.500% <br>Floor 1.000% <br>01/24/2029<br>| &nbsp;&nbsp; 9.172% | 1750258 | &nbsp;&nbsp; 1737674 |
| 3-month Term SOFR + 1.000% <br>01/24/2030<br>| &nbsp;&nbsp; 4.772% | 76360 | &nbsp;&nbsp; 19408 |
| United Natural Foods, Inc.<sup>(c),(n)</sup>  | United Natural Foods, Inc.<sup>(c),(n)</sup>  | United Natural Foods, Inc.<sup>(c),(n)</sup>  | United Natural Foods, Inc.<sup>(c),(n)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 4.750% <br>05/01/2031<br>| &nbsp;&nbsp; 8.466% | 386210 | &nbsp;&nbsp; 387852 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3740747** |
| **Gaming 0.1%** | **Gaming 0.1%** | **Gaming 0.1%** | **Gaming 0.1%** |
| DraftKings, Inc.<sup>(c),(n)</sup>  | DraftKings, Inc.<sup>(c),(n)</sup>  | DraftKings, Inc.<sup>(c),(n)</sup>  | DraftKings, Inc.<sup>(c),(n)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 1-month Term SOFR + 1.750% <br>03/04/2032<br>| &nbsp;&nbsp; 5.534% | 338781 | &nbsp;&nbsp; 338720 |
| Flutter Entertainment PLC<sup>(c),(n)</sup>  | Flutter Entertainment PLC<sup>(c),(n)</sup>  | Flutter Entertainment PLC<sup>(c),(n)</sup>  | Flutter Entertainment PLC<sup>(c),(n)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 3-month Term SOFR + 1.750% <br>11/30/2030<br>| &nbsp;&nbsp; 5.422% | 420768 | &nbsp;&nbsp; 420065 |
| Voyager Parent LLC<sup>(c),(n)</sup>  | Voyager Parent LLC<sup>(c),(n)</sup>  | Voyager Parent LLC<sup>(c),(n)</sup>  | Voyager Parent LLC<sup>(c),(n)</sup>  |
| Tranche B 1st Lien Term Loan | Tranche B 1st Lien Term Loan | Tranche B 1st Lien Term Loan | Tranche B 1st Lien Term Loan |
| 3-month Term SOFR + 4.750% <br>07/01/2032<br>| &nbsp;&nbsp; 8.422% | 553469 | &nbsp;&nbsp; 553181 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1311966** |
| **Health Care 0.1%** | **Health Care 0.1%** | **Health Care 0.1%** | **Health Care 0.1%** |
| ADMI Corp./Aspen Dental<sup>(c),(n)</sup>  | ADMI Corp./Aspen Dental<sup>(c),(n)</sup>  | ADMI Corp./Aspen Dental<sup>(c),(n)</sup>  | ADMI Corp./Aspen Dental<sup>(c),(n)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 3.375% <br>Floor 0.500% <br>12/23/2027<br>| &nbsp;&nbsp; 7.206% | 175672 | &nbsp;&nbsp; 165791 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Bausch & Lomb Corp.<sup>(c),(n)</sup>  | Bausch & Lomb Corp.<sup>(c),(n)</sup>  | Bausch & Lomb Corp.<sup>(c),(n)</sup>  | Bausch & Lomb Corp.<sup>(c),(n)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 4.000% <br>Floor 0.500% <br>09/14/2028<br>| &nbsp;&nbsp; 7.716% | 153852 | &nbsp;&nbsp; 153851 |
| Element Materials Technology Group US Holdings, Inc./EM Midco 2 LLC<sup>(c),(n)</sup>  | Element Materials Technology Group US Holdings, Inc./EM Midco 2 LLC<sup>(c),(n)</sup>  | Element Materials Technology Group US Holdings, Inc./EM Midco 2 LLC<sup>(c),(n)</sup>  | Element Materials Technology Group US Holdings, Inc./EM Midco 2 LLC<sup>(c),(n)</sup>  |
| Tranche B 1st Lien Term Loan | Tranche B 1st Lien Term Loan | Tranche B 1st Lien Term Loan | Tranche B 1st Lien Term Loan |
| 3-month Term SOFR + 3.675% <br>Floor 0.500% <br>07/06/2029<br>| &nbsp;&nbsp; 7.347% | 91068 | &nbsp;&nbsp; 91638 |
| Heartland Dental LLC<sup>(c),(n)</sup>  | Heartland Dental LLC<sup>(c),(n)</sup>  | Heartland Dental LLC<sup>(c),(n)</sup>  | Heartland Dental LLC<sup>(c),(n)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 3.750% <br>08/07/2032<br>| &nbsp;&nbsp; 7.466% | 497627 | &nbsp;&nbsp; 499324 |
| Iqvia, Inc.<sup>(c),(n)</sup>  | Iqvia, Inc.<sup>(c),(n)</sup>  | Iqvia, Inc.<sup>(c),(n)</sup>  | Iqvia, Inc.<sup>(c),(n)</sup>  |
| Tranche B5 Term Loan | Tranche B5 Term Loan | Tranche B5 Term Loan | Tranche B5 Term Loan |
| 3-month Term SOFR + 1.750% <br>01/02/2031<br>| &nbsp;&nbsp; 5.422% | 531838 | &nbsp;&nbsp; 534832 |
| ModivCare Buyer LLC<sup>(c),(n)</sup>  | ModivCare Buyer LLC<sup>(c),(n)</sup>  | ModivCare Buyer LLC<sup>(c),(n)</sup>  | ModivCare Buyer LLC<sup>(c),(n)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 5.000% <br>12/29/2030<br>| &nbsp;&nbsp; 8.690% | 807285 | &nbsp;&nbsp; 742702 |
| ModivCare Buyer LLC<sup>(c),(n),(p)</sup>  | ModivCare Buyer LLC<sup>(c),(n),(p)</sup>  | ModivCare Buyer LLC<sup>(c),(n),(p)</sup>  | ModivCare Buyer LLC<sup>(c),(n),(p)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 0.000% <br>12/29/2030<br>|  | 510000 | &nbsp;&nbsp; 504900 |
| Soliant Lower Intermediate LLC<sup>(c),(n)</sup>  | Soliant Lower Intermediate LLC<sup>(c),(n)</sup>  | Soliant Lower Intermediate LLC<sup>(c),(n)</sup>  | Soliant Lower Intermediate LLC<sup>(c),(n)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 6-month Term SOFR + 3.750% <br>07/18/2031<br>| &nbsp;&nbsp; 7.794% | 582570 | &nbsp;&nbsp; 467512 |
| Star Parent, Inc.<sup>(c),(n)</sup>  | Star Parent, Inc.<sup>(c),(n)</sup>  | Star Parent, Inc.<sup>(c),(n)</sup>  | Star Parent, Inc.<sup>(c),(n)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 3-month Term SOFR + 4.000% <br>09/27/2030<br>| &nbsp;&nbsp; 7.672% | 121326 | &nbsp;&nbsp; 121421 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3281971** |
| **Healthcare REIT 0.1%** | **Healthcare REIT 0.1%** | **Healthcare REIT 0.1%** | **Healthcare REIT 0.1%** |
| Healthpeak OP LLC<sup>(c),(n),(o)</sup>  | Healthpeak OP LLC<sup>(c),(n),(o)</sup>  | Healthpeak OP LLC<sup>(c),(n),(o)</sup>  | Healthpeak OP LLC<sup>(c),(n),(o)</sup>  |
| Tranche A1 Term Loan | Tranche A1 Term Loan | Tranche A1 Term Loan | Tranche A1 Term Loan |
| 1-month Term SOFR + 0.840% <br>08/20/2027<br>| &nbsp;&nbsp; 4.556% | 980641 | &nbsp;&nbsp; 968383 |
| Tranche A2 Term Loan | Tranche A2 Term Loan | Tranche A2 Term Loan | Tranche A2 Term Loan |
| 1-month Term SOFR + 0.840% <br>02/22/2027<br>| &nbsp;&nbsp; 4.556% | 980642 | &nbsp;&nbsp; 968384 |
| Tranche A3 Term Loan | Tranche A3 Term Loan | Tranche A3 Term Loan | Tranche A3 Term Loan |
| 3-month Term SOFR + 0.850% <br>03/01/2029<br>| &nbsp;&nbsp; 4.720% | 1979146 | &nbsp;&nbsp; 1944511 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3881278** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – TCW Core Plus Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Home Construction 0.0%** | **Home Construction 0.0%** | **Home Construction 0.0%** | **Home Construction 0.0%** |
| Kelso Industries LLC<sup>(c),(n)</sup>  | Kelso Industries LLC<sup>(c),(n)</sup>  | Kelso Industries LLC<sup>(c),(n)</sup>  | Kelso Industries LLC<sup>(c),(n)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 5.750% <br>12/30/2029<br>| &nbsp;&nbsp; 9.572% | 356358 | &nbsp;&nbsp; 355468 |
| **Leisure 0.0%** | **Leisure 0.0%** | **Leisure 0.0%** | **Leisure 0.0%** |
| EOC Borrower LLC<sup>(c),(n)</sup>  | EOC Borrower LLC<sup>(c),(n)</sup>  | EOC Borrower LLC<sup>(c),(n)</sup>  | EOC Borrower LLC<sup>(c),(n)</sup>  |
| Tranche A Term Loan | Tranche A Term Loan | Tranche A Term Loan | Tranche A Term Loan |
| 1-month Term SOFR + 3.750% <br>03/24/2028<br>| &nbsp;&nbsp; 7.466% | 152451 | &nbsp;&nbsp; 152450 |
| Showtime Acquisition LLC<sup>(c),(n)</sup>  | Showtime Acquisition LLC<sup>(c),(n)</sup>  | Showtime Acquisition LLC<sup>(c),(n)</sup>  | Showtime Acquisition LLC<sup>(c),(n)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 4.750% <br>08/13/2031<br>| &nbsp;&nbsp; 8.628% | 383824 | &nbsp;&nbsp; 378067 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **530517** |
| **Lodging 0.1%** | **Lodging 0.1%** | **Lodging 0.1%** | **Lodging 0.1%** |
| Hilton Domestic Operating Co., Inc.<sup>(c),(n)</sup>  | Hilton Domestic Operating Co., Inc.<sup>(c),(n)</sup>  | Hilton Domestic Operating Co., Inc.<sup>(c),(n)</sup>  | Hilton Domestic Operating Co., Inc.<sup>(c),(n)</sup>  |
| Tranche B4 Term Loan | Tranche B4 Term Loan | Tranche B4 Term Loan | Tranche B4 Term Loan |
| 1-month Term SOFR + 1.750% <br>11/08/2030<br>| &nbsp;&nbsp; 5.477% | 1703854 | &nbsp;&nbsp; 1713464 |
| **Media and Entertainment 0.1%** | **Media and Entertainment 0.1%** | **Media and Entertainment 0.1%** | **Media and Entertainment 0.1%** |
| ABG Intermediate Holdings 2 LLC<sup>(c),(n)</sup>  | ABG Intermediate Holdings 2 LLC<sup>(c),(n)</sup>  | ABG Intermediate Holdings 2 LLC<sup>(c),(n)</sup>  | ABG Intermediate Holdings 2 LLC<sup>(c),(n)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 1-month Term SOFR + 2.250% <br>12/21/2028<br>| &nbsp;&nbsp; 5.966% | 94547 | &nbsp;&nbsp; 94606 |
| Magnite, Inc.<sup>(c),(n)</sup>  | Magnite, Inc.<sup>(c),(n)</sup>  | Magnite, Inc.<sup>(c),(n)</sup>  | Magnite, Inc.<sup>(c),(n)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 3.000% <br>02/06/2031<br>| &nbsp;&nbsp; 6.716% | 413395 | &nbsp;&nbsp; 411845 |
| MH Sub I LLC/Micro Holding Corp.<sup>(c),(n)</sup>  | MH Sub I LLC/Micro Holding Corp.<sup>(c),(n)</sup>  | MH Sub I LLC/Micro Holding Corp.<sup>(c),(n)</sup>  | MH Sub I LLC/Micro Holding Corp.<sup>(c),(n)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 1-month Term SOFR + 4.250% <br>Floor 0.500% <br>04/25/2028<br>| &nbsp;&nbsp; 7.966% | 182760 | &nbsp;&nbsp; 169510 |
| 1-month Term SOFR + 4.250% <br>Floor 0.500% <br>05/03/2028<br>| &nbsp;&nbsp; 7.966% | 128310 | &nbsp;&nbsp; 119007 |
| 1-month Term SOFR + 4.250% <br>12/31/2031<br>| &nbsp;&nbsp; 7.966% | 496207 | &nbsp;&nbsp; 423250 |
| Plano Holdco, Inc.<sup>(c),(n)</sup>  | Plano Holdco, Inc.<sup>(c),(n)</sup>  | Plano Holdco, Inc.<sup>(c),(n)</sup>  | Plano Holdco, Inc.<sup>(c),(n)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 3.500% <br>10/02/2031<br>| &nbsp;&nbsp; 7.172% | 104212 | &nbsp;&nbsp; 100826 |
| Red Ventures LLC/New Imagitas, Inc.<sup>(c),(n)</sup>  | Red Ventures LLC/New Imagitas, Inc.<sup>(c),(n)</sup>  | Red Ventures LLC/New Imagitas, Inc.<sup>(c),(n)</sup>  | Red Ventures LLC/New Imagitas, Inc.<sup>(c),(n)</sup>  |
| Tranche B5 1st Lien Term Loan | Tranche B5 1st Lien Term Loan | Tranche B5 1st Lien Term Loan | Tranche B5 1st Lien Term Loan |
| 1-month Term SOFR + 2.750% <br>03/04/2030<br>|  | 343116 | &nbsp;&nbsp; 328750 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Research Now Group LLC<sup>(c),(n)</sup>  | Research Now Group LLC<sup>(c),(n)</sup>  | Research Now Group LLC<sup>(c),(n)</sup>  | Research Now Group LLC<sup>(c),(n)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 5.000% <br>07/16/2029<br>| &nbsp;&nbsp; 9.140% | 81493 | &nbsp;&nbsp; 80719 |
| StubHub Holdco Sub LLC<sup>(c),(n),(p)</sup>  | StubHub Holdco Sub LLC<sup>(c),(n),(p)</sup>  | StubHub Holdco Sub LLC<sup>(c),(n),(p)</sup>  | StubHub Holdco Sub LLC<sup>(c),(n),(p)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 1-month Term SOFR + 4.750% <br>03/15/2030<br>| &nbsp;&nbsp; 8.466% | 224489 | &nbsp;&nbsp; 222150 |
| X Corp.<sup>(c),(n)</sup>  | X Corp.<sup>(c),(n)</sup>  | X Corp.<sup>(c),(n)</sup>  | X Corp.<sup>(c),(n)</sup>  |
| Tranche B1 1st Lien Term Loan | Tranche B1 1st Lien Term Loan | Tranche B1 1st Lien Term Loan | Tranche B1 1st Lien Term Loan |
| 6-month Term SOFR + 6.500% <br>10/26/2029<br>| &nbsp;&nbsp; 10.448% | 467339 | &nbsp;&nbsp; 458660 |
| Tranche B3 1st Lien Term Loan | Tranche B3 1st Lien Term Loan | Tranche B3 1st Lien Term Loan | Tranche B3 1st Lien Term Loan |
| 6-month Term SOFR + 9.500% <br>10/26/2029<br>| &nbsp;&nbsp; 9.500% | 182646 | &nbsp;&nbsp; 181862 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2591185** |
| **Other Industry 0.0%** | **Other Industry 0.0%** | **Other Industry 0.0%** | **Other Industry 0.0%** |
| Potomac Energy Center LLC<sup>(c),(n)</sup>  | Potomac Energy Center LLC<sup>(c),(n)</sup>  | Potomac Energy Center LLC<sup>(c),(n)</sup>  | Potomac Energy Center LLC<sup>(c),(n)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 3.000% <br>08/05/2032<br>| &nbsp;&nbsp; 6.840% | 183793 | &nbsp;&nbsp; 185172 |
| Technimark Holdings LLC<sup>(c),(n)</sup>  | Technimark Holdings LLC<sup>(c),(n)</sup>  | Technimark Holdings LLC<sup>(c),(n)</sup>  | Technimark Holdings LLC<sup>(c),(n)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 1-month Term SOFR + 3.250% <br>Floor 0.500% <br>04/14/2031<br>| &nbsp;&nbsp; 6.980% | 243581 | &nbsp;&nbsp; 241220 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **426392** |
| **Paper 0.0%** | **Paper 0.0%** | **Paper 0.0%** | **Paper 0.0%** |
| Mativ Holdings, Inc.<sup>(c),(n),(o)</sup>  | Mativ Holdings, Inc.<sup>(c),(n),(o)</sup>  | Mativ Holdings, Inc.<sup>(c),(n),(o)</sup>  | Mativ Holdings, Inc.<sup>(c),(n),(o)</sup>  |
| Delayed Draw Term Loan | Delayed Draw Term Loan | Delayed Draw Term Loan | Delayed Draw Term Loan |
| 1-month Term SOFR + 2.500% <br>05/06/2027<br>| &nbsp;&nbsp; 6.316% | 172023 | &nbsp;&nbsp; 168582 |
| **Pharmaceuticals 0.0%** | **Pharmaceuticals 0.0%** | **Pharmaceuticals 0.0%** | **Pharmaceuticals 0.0%** |
| Jazz Pharmaceuticals, Inc.<sup>(c),(n)</sup>  | Jazz Pharmaceuticals, Inc.<sup>(c),(n)</sup>  | Jazz Pharmaceuticals, Inc.<sup>(c),(n)</sup>  | Jazz Pharmaceuticals, Inc.<sup>(c),(n)</sup>  |
| Tranche B2 Term Loan | Tranche B2 Term Loan | Tranche B2 Term Loan | Tranche B2 Term Loan |
| 1-month Term SOFR + 2.250% <br>Floor 0.500% <br>05/05/2028<br>| &nbsp;&nbsp; 5.966% | 333095 | &nbsp;&nbsp; 334344 |
| **Property & Casualty 0.0%** | **Property & Casualty 0.0%** | **Property & Casualty 0.0%** | **Property & Casualty 0.0%** |
| AmWINS Group, Inc.<sup>(c),(n)</sup>  | AmWINS Group, Inc.<sup>(c),(n)</sup>  | AmWINS Group, Inc.<sup>(c),(n)</sup>  | AmWINS Group, Inc.<sup>(c),(n)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.250% <br>01/30/2032<br>| &nbsp;&nbsp; 5.966% | 351173 | &nbsp;&nbsp; 352051 |
| **Restaurants 0.1%** | **Restaurants 0.1%** | **Restaurants 0.1%** | **Restaurants 0.1%** |
| 1011778 BC ULC<sup>(c),(n)</sup>  | 1011778 BC ULC<sup>(c),(n)</sup>  | 1011778 BC ULC<sup>(c),(n)</sup>  | 1011778 BC ULC<sup>(c),(n)</sup>  |
| Tranche B6 Term Loan | Tranche B6 Term Loan | Tranche B6 Term Loan | Tranche B6 Term Loan |
| 1-month Term SOFR + 1.750% <br>09/20/2030<br>| &nbsp;&nbsp; 5.466% | 337165 | &nbsp;&nbsp; 337270 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – TCW Core Plus Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Dave & Buster's, Inc.<sup>(c),(n)</sup>  | Dave & Buster's, Inc.<sup>(c),(n)</sup>  | Dave & Buster's, Inc.<sup>(c),(n)</sup>  | Dave & Buster's, Inc.<sup>(c),(n)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 3-month Term SOFR + 3.250% <br>11/01/2031<br>| &nbsp;&nbsp; 7.072% | 386274 | &nbsp;&nbsp; 343421 |
| KFC Holding Co./Yum! Brands<sup>(c),(n)</sup>  | KFC Holding Co./Yum! Brands<sup>(c),(n)</sup>  | KFC Holding Co./Yum! Brands<sup>(c),(n)</sup>  | KFC Holding Co./Yum! Brands<sup>(c),(n)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 1-month Term SOFR + 1.750% <br>03/15/2028<br>| &nbsp;&nbsp; 5.599% | 390957 | &nbsp;&nbsp; 391566 |
| Tacala Investment Corp.<sup>(c),(n)</sup>  | Tacala Investment Corp.<sup>(c),(n)</sup>  | Tacala Investment Corp.<sup>(c),(n)</sup>  | Tacala Investment Corp.<sup>(c),(n)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 1-month Term SOFR + 3.000% <br>01/31/2031<br>| &nbsp;&nbsp; 6.716% | 557864 | &nbsp;&nbsp; 561250 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1633507** |
| **Retailers 0.0%** | **Retailers 0.0%** | **Retailers 0.0%** | **Retailers 0.0%** |
| Great Outdoors Group LLC<sup>(c),(n)</sup>  | Great Outdoors Group LLC<sup>(c),(n)</sup>  | Great Outdoors Group LLC<sup>(c),(n)</sup>  | Great Outdoors Group LLC<sup>(c),(n)</sup>  |
| Tranche B3 Term Loan | Tranche B3 Term Loan | Tranche B3 Term Loan | Tranche B3 Term Loan |
| 1-month Term SOFR + 3.250% <br>Floor 0.750% <br>01/23/2032<br>| &nbsp;&nbsp; 6.966% | 316899 | &nbsp;&nbsp; 318484 |
| **Technology 0.2%** | **Technology 0.2%** | **Technology 0.2%** | **Technology 0.2%** |
| Barracuda Parent LLC<sup>(c),(n)</sup>  | Barracuda Parent LLC<sup>(c),(n)</sup>  | Barracuda Parent LLC<sup>(c),(n)</sup>  | Barracuda Parent LLC<sup>(c),(n)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 3-month Term SOFR + 4.500% <br>Floor 0.500% <br>08/15/2029<br>| &nbsp;&nbsp; 8.340% | 197298 | &nbsp;&nbsp; 159257 |
| Blackhawk Network Holdings, Inc.<sup>(c),(n),(p)</sup>  | Blackhawk Network Holdings, Inc.<sup>(c),(n),(p)</sup>  | Blackhawk Network Holdings, Inc.<sup>(c),(n),(p)</sup>  | Blackhawk Network Holdings, Inc.<sup>(c),(n),(p)</sup>  |
| Tranche B2 1st Lien Term Loan | Tranche B2 1st Lien Term Loan | Tranche B2 1st Lien Term Loan | Tranche B2 1st Lien Term Loan |
| 3-month Term SOFR + 4.000% <br>03/12/2029<br>|  | 500000 | &nbsp;&nbsp; 501875 |
| Boost Newco Borrower LLC<sup>(c),(n)</sup>  | Boost Newco Borrower LLC<sup>(c),(n)</sup>  | Boost Newco Borrower LLC<sup>(c),(n)</sup>  | Boost Newco Borrower LLC<sup>(c),(n)</sup>  |
| Tranche B2 Term Loan | Tranche B2 Term Loan | Tranche B2 Term Loan | Tranche B2 Term Loan |
| 3-month Term SOFR + 2.000% <br>01/31/2031<br>| &nbsp;&nbsp; 5.672% | 437430 | &nbsp;&nbsp; 437706 |
| DTI Holdco, Inc.<sup>(c),(n)</sup>  | DTI Holdco, Inc.<sup>(c),(n)</sup>  | DTI Holdco, Inc.<sup>(c),(n)</sup>  | DTI Holdco, Inc.<sup>(c),(n)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 1-month Term SOFR + 4.000% <br>04/26/2029<br>| &nbsp;&nbsp; 7.716% | 212352 | &nbsp;&nbsp; 197526 |
| EagleView Technology Corp.<sup>(c),(n)</sup>  | EagleView Technology Corp.<sup>(c),(n)</sup>  | EagleView Technology Corp.<sup>(c),(n)</sup>  | EagleView Technology Corp.<sup>(c),(n)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 3-month Term SOFR + 5.500% <br>08/14/2028<br>| &nbsp;&nbsp; 9.172% | 562093 | &nbsp;&nbsp; 539964 |
| Genesys Cloud Services Holdings I LLC<sup>(c),(n)</sup>  | Genesys Cloud Services Holdings I LLC<sup>(c),(n)</sup>  | Genesys Cloud Services Holdings I LLC<sup>(c),(n)</sup>  | Genesys Cloud Services Holdings I LLC<sup>(c),(n)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.500% <br>01/30/2032<br>| &nbsp;&nbsp; 6.216% | 251743 | &nbsp;&nbsp; 250957 |
| McAfee Corp.<sup>(c),(n)</sup>  | McAfee Corp.<sup>(c),(n)</sup>  | McAfee Corp.<sup>(c),(n)</sup>  | McAfee Corp.<sup>(c),(n)</sup>  |
| Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan |
| 1-month Term SOFR + 3.000% <br>03/01/2029<br>| &nbsp;&nbsp; 6.716% | 92089 | &nbsp;&nbsp; 84693 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Neon Maple Purchaser, Inc.<sup>(c),(n)</sup>  | Neon Maple Purchaser, Inc.<sup>(c),(n)</sup>  | Neon Maple Purchaser, Inc.<sup>(c),(n)</sup>  | Neon Maple Purchaser, Inc.<sup>(c),(n)</sup>  |
| Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan |
| 1-month Term SOFR + 2.500% <br>11/17/2031<br>| &nbsp;&nbsp; 6.216% | 248128 | &nbsp;&nbsp; 248205 |
| Peraton Corp.<sup>(c),(n)</sup>  | Peraton Corp.<sup>(c),(n)</sup>  | Peraton Corp.<sup>(c),(n)</sup>  | Peraton Corp.<sup>(c),(n)</sup>  |
| Tranche B 1st Lien Term Loan | Tranche B 1st Lien Term Loan | Tranche B 1st Lien Term Loan | Tranche B 1st Lien Term Loan |
| 3-month Term SOFR + 3.750% <br>Floor 0.750% <br>02/01/2028<br>| &nbsp;&nbsp; 7.690% | 497598 | &nbsp;&nbsp; 461079 |
| Planview Parent, Inc.<sup>(c),(n),(p)</sup>  | Planview Parent, Inc.<sup>(c),(n),(p)</sup>  | Planview Parent, Inc.<sup>(c),(n),(p)</sup>  | Planview Parent, Inc.<sup>(c),(n),(p)</sup>  |
| Tranche B 1st Lien Term Loan | Tranche B 1st Lien Term Loan | Tranche B 1st Lien Term Loan | Tranche B 1st Lien Term Loan |
| 3-month Term SOFR + 3.500% <br>12/17/2027<br>|  | 174524 | &nbsp;&nbsp; 166943 |
| Project Alpha Intermediate Holding, Inc.<sup>(c),(n),(p)</sup>  | Project Alpha Intermediate Holding, Inc.<sup>(c),(n),(p)</sup>  | Project Alpha Intermediate Holding, Inc.<sup>(c),(n),(p)</sup>  | Project Alpha Intermediate Holding, Inc.<sup>(c),(n),(p)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 3-month Term SOFR + 3.250% <br>05/09/2033<br>| &nbsp;&nbsp; 6.922% | 406878 | &nbsp;&nbsp; 405979 |
| Renaissance Holding Corp.<sup>(c),(n)</sup>  | Renaissance Holding Corp.<sup>(c),(n)</sup>  | Renaissance Holding Corp.<sup>(c),(n)</sup>  | Renaissance Holding Corp.<sup>(c),(n)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 1-month Term SOFR + 4.000% <br>Floor 0.500% <br>04/08/2030<br>| &nbsp;&nbsp; 7.716% | 808916 | &nbsp;&nbsp; 704582 |
| SonarSource Financing LLC<sup>(c),(n)</sup>  | SonarSource Financing LLC<sup>(c),(n)</sup>  | SonarSource Financing LLC<sup>(c),(n)</sup>  | SonarSource Financing LLC<sup>(c),(n)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 4.500% <br>12/17/2030<br>| &nbsp;&nbsp; 8.231% | 345758 | &nbsp;&nbsp; 341436 |
| Sophos Holdings SARL<sup>(c),(n)</sup>  | Sophos Holdings SARL<sup>(c),(n)</sup>  | Sophos Holdings SARL<sup>(c),(n)</sup>  | Sophos Holdings SARL<sup>(c),(n)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 1-month Term SOFR + 3.500% <br>03/05/2027<br>| &nbsp;&nbsp; 7.331% | 987797 | &nbsp;&nbsp; 987639 |
| Xerox Corp.<sup>(c),(n)</sup>  | Xerox Corp.<sup>(c),(n)</sup>  | Xerox Corp.<sup>(c),(n)</sup>  | Xerox Corp.<sup>(c),(n)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 6-month Term SOFR + 4.000% <br>Floor 0.500% <br>11/14/2029<br>| &nbsp;&nbsp; 7.713% | 912554 | &nbsp;&nbsp; 777952 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **6265793** |
| **Wirelines 0.0%** | **Wirelines 0.0%** | **Wirelines 0.0%** | **Wirelines 0.0%** |
| Frontier Communications Holdings LLC<sup>(c),(n)</sup>  | Frontier Communications Holdings LLC<sup>(c),(n)</sup>  | Frontier Communications Holdings LLC<sup>(c),(n)</sup>  | Frontier Communications Holdings LLC<sup>(c),(n)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.500% <br>07/01/2031<br>| &nbsp;&nbsp; 6.236% | 165456 | &nbsp;&nbsp; 165198 |
| Zayo Group Holdings, Inc.<sup>(c),(n)</sup>  | Zayo Group Holdings, Inc.<sup>(c),(n)</sup>  | Zayo Group Holdings, Inc.<sup>(c),(n)</sup>  | Zayo Group Holdings, Inc.<sup>(c),(n)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 3.000% <br>03/11/2030<br>| &nbsp;&nbsp; 6.831% | 231679 | &nbsp;&nbsp; 219249 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **384447** |
| Total Senior Loans <br>(Cost $44,077,261) | Total Senior Loans <br>(Cost $44,077,261) | Total Senior Loans <br>(Cost $44,077,261) | &nbsp;&nbsp; **43567109** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – TCW Core Plus Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **U.S. Treasury Obligations 27.5%** | **U.S. Treasury Obligations 27.5%** | **U.S. Treasury Obligations 27.5%** | **U.S. Treasury Obligations 27.5%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| U.S. Treasury | U.S. Treasury | U.S. Treasury | U.S. Treasury |
| 12/31/2027 | &nbsp;&nbsp; 3.375% | 148910000 | &nbsp;&nbsp; 148619160 |
| 11/30/2030 | &nbsp;&nbsp; 3.500% | 35091000 | &nbsp;&nbsp; 34748314 |
| 12/31/2030 | &nbsp;&nbsp; 3.625% | 201735000 | &nbsp;&nbsp; 200805128 |
| 12/31/2032 | &nbsp;&nbsp; 3.875% | 82835000 | &nbsp;&nbsp; 82511426 |
| 11/15/2035 | &nbsp;&nbsp; 4.000% | 87988000 | &nbsp;&nbsp; 86791913 |
| 11/15/2045 | &nbsp;&nbsp; 4.625% | 81130000 | &nbsp;&nbsp; 79380634 |
| 11/15/2055 | &nbsp;&nbsp; 4.625% | 175571000 | &nbsp;&nbsp; 169508314 |
| Total U.S. Treasury Obligations <br>(Cost $807,896,080) | Total U.S. Treasury Obligations <br>(Cost $807,896,080) | Total U.S. Treasury Obligations <br>(Cost $807,896,080) | &nbsp;&nbsp; **802364889** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Money Market Funds 10.5%** | **Money Market Funds 10.5%** | **Money Market Funds 10.5%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 3.825%<sup>(r),(s)</sup> <br>| &nbsp;&nbsp; 305961863 | &nbsp;&nbsp; 305870075 |
| Total Money Market Funds <br>(Cost $305,870,027) | Total Money Market Funds <br>(Cost $305,870,027) | &nbsp;&nbsp; **305870075** |
| **Total Investments in Securities** <br>**(Cost: $3,199,616,699)** | **Total Investments in Securities** <br>**(Cost: $3,199,616,699)** | &nbsp;&nbsp; **3177371884** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **(257181787)**<br>|
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **2920190097** |

---

At December 31, 2025, securities and/or cash totaling $9,208,187 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>|
| 27,400,244 AUD | &nbsp;&nbsp;&nbsp;&nbsp; 18,143,743 USD | Citi | 01/09/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (142249)<br>|
| 7,083,894 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 8,175,397 USD | Citi | 01/09/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (151229)<br>|
| 1,443,016 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 1,912,370 USD | Citi | 01/09/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (32734)<br>|
| 917,505 USD | &nbsp;&nbsp;&nbsp;&nbsp; 796,191 EUR | Citi | 01/09/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 18363 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3,707,554 USD | &nbsp;&nbsp;&nbsp;&nbsp; 3,150,182 EUR | Citi | 01/09/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4733)<br>|
| 9,010,612 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 10,472,725 USD | Goldman Sachs | 01/09/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (118625)<br>|
| 6,072,794 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 8,177,173 USD | Goldman Sachs | 01/09/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8609)<br>|
| 11,484,439 USD | &nbsp;&nbsp;&nbsp;&nbsp; 9,860,478 EUR | Goldman Sachs | 01/09/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 105868 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 47,229,241 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 55,371,028 USD | JPMorgan | 01/09/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (143670)<br>|
| Total |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 124231 | &nbsp;&nbsp;&nbsp;&nbsp; (601849)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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>|
| U.S. Long Bond | 18 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2080688 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9878)<br>|
| U.S. Treasury 2-Year Note | 2166 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 452237108 | &nbsp;&nbsp;&nbsp;&nbsp; 348589 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 5-Year Note | 2535 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 277087384 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9349)<br>|
| U.S. Treasury Ultra 10-Year Note | 155 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 17827422 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (18758)<br>|
| U.S. Treasury Ultra Bond | 174 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 20532000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (325651)<br>|
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 348589 | &nbsp;&nbsp;&nbsp;&nbsp; (363636)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short 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>|
| Australian 10-Year Bond | (299) | 03/2026 | AUD | &nbsp;&nbsp;&nbsp;&nbsp; (32735734)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8757 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Australian 3-Year Bond | (24) | 03/2026 | AUD | &nbsp;&nbsp;&nbsp;&nbsp; (2519893)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2226 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Euro-Bobl | (42) | 03/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (4878720)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23266 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Euro-Bund | (160) | 03/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (20411200)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 168435 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Euro-Buxl 30-Year | (18) | 03/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (1982160)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 33791 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Euro-Schatz | (4) | 03/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (427160)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 594 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Long Gilt | (18) | 03/2026 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; (1644660)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (13305)<br>|
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 237069 | &nbsp;&nbsp;&nbsp;&nbsp; (13305)<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – TCW Core Plus Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Principal amounts are denominated in United States Dollars unless otherwise noted.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At December 31, 2025, the total value of these securities amounted to $627,827,605, which represents 21.50% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate security. The interest rate shown was the current rate as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents a security purchased on a when-issued basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Represents interest only securities which have the right to receive the monthly interest payments on an underlying pool of mortgage loans.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Zero coupon bond.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Perpetual security with no specified maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Payment-in-kind security. Interest can be paid by issuing additional par of the security or in cash.

&nbsp;&nbsp;&nbsp;&nbsp;(l) Principal and interest may not be guaranteed by a governmental entity.

&nbsp;&nbsp;&nbsp;&nbsp;(m) Represents principal only securities which have the right to receive the principal portion only on an underlying pool of mortgage loans.

&nbsp;&nbsp;&nbsp;&nbsp;(n) The stated interest rate represents the weighted average interest rate at December 31, 2025 of contracts within the senior loan facility. Interest rates on contracts are primarily determined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period. Base lending rates may be subject to a floor or minimum rate. The interest rate for senior loans purchased on a when-issued or delayed delivery basis will be determined upon settlement, therefore no interest rate is disclosed. Senior loans often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay cannot be predicted with accuracy. As a result, remaining maturities of senior loans may be less than the stated maturities. Generally, the Fund is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan.

&nbsp;&nbsp;&nbsp;&nbsp;(o) Valuation based on significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(p) Represents a security purchased on a forward commitment basis.

&nbsp;&nbsp;&nbsp;&nbsp;(q) At December 31, 2025, the Fund had unfunded senior loan commitments pursuant to the terms of the loan agreement. The Fund receives a stated coupon rate until the borrower draws on the loan commitment, at which time the rate will become the stated rate in the loan agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Borrower** | **Unfunded Commitment ($)** |
| First Eagle Holdings, Inc. <br>Delayed Draw Term Loan <br>06/06/2032 3.500%<br>| 30356 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(r) The rate shown is the seven-day current annualized yield at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(s) 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% |
|  | 553500029 | &nbsp;&nbsp; 4466357404 | &nbsp;&nbsp; (4713982926)<br>| &nbsp;&nbsp; (4432)<br>| &nbsp;&nbsp; 305870075 | &nbsp;&nbsp; 68029 | &nbsp;&nbsp; 19335191 | &nbsp;&nbsp; 305961863 |

---

**Abbreviation Legend** 

---

| | |
|:---|:---|
| CMO | Collateralized Mortgage Obligation |
| CMT | Constant Maturity Treasury |
| EURIBOR | Euro Interbank Offered Rate |
| MTA | Monthly Treasury Average |
| SOFR | Secured Overnight Financing Rate |
| TBA | To Be Announced |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – TCW Core Plus Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Currency Legend** 

---

| | |
|:---|:---|
| AUD | Australian Dollar |
| EUR | Euro |
| GBP | British Pound |
| 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 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** |  |  |  |  |
| Asset-Backed Securities - Non-Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 189577514 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 189577514 |
| Commercial Mortgage-Backed Securities - Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 9148542 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9148542 |
| Commercial Mortgage-Backed Securities - Non-Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 82849817 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 82849817 |
| Common Stocks |  |  |  |  |
| Health Care |  | &nbsp;&nbsp;&nbsp;&nbsp; 925730 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 925730 |
| Materials |  | &nbsp;&nbsp;&nbsp;&nbsp; 1042830 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1042830 |
| Total Common Stocks |  | &nbsp;&nbsp;&nbsp;&nbsp; 1968560 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1968560 |
| Convertible Bonds |  | &nbsp;&nbsp;&nbsp;&nbsp; 3771517 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3771517 |
| Corporate Bonds & Notes |  | &nbsp;&nbsp;&nbsp;&nbsp; 437303225 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 437303225 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – TCW Core Plus Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| Foreign Government Obligations |  | &nbsp;&nbsp;&nbsp;&nbsp; 35111475 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35111475 |
| Municipal Bonds |  | &nbsp;&nbsp;&nbsp;&nbsp; 12473120 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12473120 |
| Residential Mortgage-Backed Securities - Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 1003937982 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1003937982 |
| Residential Mortgage-Backed Securities - Non-Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 249428059 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 249428059 |
| Senior Loans |  | &nbsp;&nbsp;&nbsp;&nbsp; 36531410 | &nbsp;&nbsp;&nbsp;&nbsp; 7035699 | &nbsp;&nbsp;&nbsp;&nbsp; 43567109 |
| U.S. Treasury Obligations |  | &nbsp;&nbsp;&nbsp;&nbsp; 802364889 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 802364889 |
| Money Market Funds | 305870075 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 305870075 |
| Total Investments in Securities | 305870075 | &nbsp;&nbsp;&nbsp;&nbsp; 2864466110 | &nbsp;&nbsp;&nbsp;&nbsp; 7035699 | &nbsp;&nbsp;&nbsp;&nbsp; 3177371884 |
| **Investments in Derivatives** |  |  |  |  |
| Asset |  |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; 124231 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 124231 |
| Futures Contracts | 585658 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 585658 |
| Liability |  |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; (601849)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (601849)<br>|
| Futures Contracts | (376941)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (376941)<br>|
| Total | 306078792 | &nbsp;&nbsp;&nbsp;&nbsp; 2863988492 | &nbsp;&nbsp;&nbsp;&nbsp; 7035699 | &nbsp;&nbsp;&nbsp;&nbsp; 3177102983 |

---

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.

Derivative instruments 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.

CTIVP<sup>®</sup> – TCW Core Plus Bond 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 $2,893,746,672) | $2871501809 |
| Affiliated issuers (cost $305,870,027) | 305870075 |
| Cash | 243068 |
| Foreign currency (cost $963,922) | 966437 |
| Cash collateral held at broker for: |  |
| Forward foreign currency exchange contracts | 170000 |
| TBA | 638187 |
| Margin deposits on: |  |
| Futures contracts | 8400000 |
| Unrealized appreciation on forward foreign currency exchange contracts | 124231 |
| Receivable for: |  |
| Investments sold | 12553118 |
| Investments sold on a delayed delivery basis  | 41174960 |
| Capital shares sold | 2345 |
| Dividends | 1091078 |
| Interest | 16149650 |
| Interfund lending | 5600000 |
| Foreign tax reclaims | 10404 |
| Variation margin for futures contracts | 461 |
| Due from broker | 3667000 |
| Prepaid expenses | 10490 |
| Total assets | 3268173313 |
| **Liabilities** |  |
| Unrealized depreciation on forward foreign currency exchange contracts | 601849 |
| Cash collateral due to broker for: |  |
| Foreign forward currency exchange contracts | 400000 |
| TBA | 138876 |
| Payable for: |  |
| Investments purchased | 34013257 |
| Investments purchased on a delayed delivery basis | 308673653 |
| Capital shares redeemed | 3226540 |
| Variation margin for futures contracts | 557858 |
| Management services fees | 38486 |
| Distribution and/or service fees | 225 |
| Service fees | 1999 |
| Compensation of chief compliance officer | 473 |
| Compensation of board members | 1693 |
| Other expenses | 47963 |
| Deferred compensation of board members | 280344 |
| Total liabilities | 347983216 |
| **Net assets applicable to outstanding capital stock** | **$2920190097** |
| **Represented by** |  |
| Paid in capital | 3338383301 |
| Total distributable earnings (loss) | (418193204)<br>|
| **Total - representing net assets applicable to outstanding capital stock** | **$2920190097** |
| **Class 1** |  |
| Net assets | $2887377556 |
| Shares outstanding | 310150931 |
| Net asset value per share | $9.31 |
| **Class 2** |  |
| Net assets | $32812541 |
| Shares outstanding | 3540738 |
| Net asset value per share | $9.27 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – TCW Core Plus Bond Fund \| 2025

------

Statement of Operations

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — affiliated issuers | $19335191 |
| Interest | 113917696 |
| Interfund lending | 1310 |
| Total income | 133254197 |
| Expenses: |  |
| Management services fees | 13892569 |
| Distribution and/or service fees |  |
| Class 2 | 71042 |
| Service fees | 21529 |
| Custodian fees | 98751 |
| Printing and postage fees | 11414 |
| Accounting services fees | 44444 |
| Legal fees | 65447 |
| Interest on collateral | 51258 |
| Compensation of chief compliance officer | 444 |
| Compensation of board members | 41364 |
| Deferred compensation of board members | 44020 |
| Other | 44834 |
| Total expenses | 14387116 |
| **Net investment income** | 118867081 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | (11049285)<br>|
| Investments — affiliated issuers | 68029 |
| Foreign currency translations | (24756)<br>|
| Forward foreign currency exchange contracts | (4480002)<br>|
| Futures contracts | 16711519 |
| Net realized gain | 1225505 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 92016794 |
| Investments — affiliated issuers | (4432)<br>|
| Foreign currency translations | 18315 |
| Forward foreign currency exchange contracts | (1835544)<br>|
| Futures contracts | 1313394 |
| Net change in unrealized appreciation (depreciation) | 91508527 |
| Net realized and unrealized gain | 92734032 |
| **Net increase in net assets resulting from operations** | **$211601113** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – TCW Core Plus Bond 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 | $118867081 | &nbsp;&nbsp; $135005361 |
| Net realized gain (loss) | 1225505 | &nbsp;&nbsp; (21045850)<br>|
| Net change in unrealized appreciation (depreciation) | 91508527 | &nbsp;&nbsp; (89313244)<br>|
| Net increase in net assets resulting from operations | 211601113 | &nbsp;&nbsp; 24646267 |
| **Distributions to shareholders** |  |  |
| Net investment income and net realized gains  |  |  |
| Class 1 | (135088851)<br>| &nbsp;&nbsp; (127070932)<br>|
| Class 2 | (1291886)<br>| &nbsp;&nbsp; (894361)<br>|
| Total distributions to shareholders | (136380737)<br>| &nbsp;&nbsp; (127965293)<br>|
| Decrease in net assets from capital stock activity | (64262750)<br>| &nbsp;&nbsp; (83131423)<br>|
| Total increase (decrease) in net assets | 10957626 | &nbsp;&nbsp; (186450449)<br>|
| Net assets at beginning of year | 2909232471 | &nbsp;&nbsp; 3095682920 |
| **Net assets at end of year** | **$2920190097** | &nbsp;&nbsp; **$2909232471** |

---

&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 | 1308707 | &nbsp;&nbsp;&nbsp;&nbsp; 12131478 | &nbsp;&nbsp;&nbsp;&nbsp; 9311148 | &nbsp;&nbsp;&nbsp;&nbsp; 86161414 |
| Distributions reinvested | 15026568 | &nbsp;&nbsp;&nbsp;&nbsp; 135088851 | &nbsp;&nbsp;&nbsp;&nbsp; 13948510 | &nbsp;&nbsp;&nbsp;&nbsp; 127070932 |
| Shares redeemed | (23471065)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (217815927)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (32453115)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (300868534)<br>|
| Net decrease | (7135790)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (70595598)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9193457)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (87636188)<br>|
| Class 2 |  |  |  |  |
| Shares sold | 841332 | &nbsp;&nbsp;&nbsp;&nbsp; 7751856 | &nbsp;&nbsp;&nbsp;&nbsp; 707737 | &nbsp;&nbsp;&nbsp;&nbsp; 6513112 |
| Distributions reinvested | 144184 | &nbsp;&nbsp;&nbsp;&nbsp; 1291886 | &nbsp;&nbsp;&nbsp;&nbsp; 98498 | &nbsp;&nbsp;&nbsp;&nbsp; 894361 |
| Shares redeemed | (293999)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2710894)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (313906)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2902708)<br>|
| Net increase | 691517 | &nbsp;&nbsp;&nbsp;&nbsp; 6332848 | &nbsp;&nbsp;&nbsp;&nbsp; 492329 | &nbsp;&nbsp;&nbsp;&nbsp; 4504765 |
| **Total net decrease** | **(6444273)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(64262750)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(8701128)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(83131423)**<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – TCW Core Plus Bond 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 | $9.09<br>| 0.38<br>| 0.29<br>| 0.67<br>| &nbsp;&nbsp; (0.45) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.45) <br>|
| Year Ended 12/31/2024 | $9.41<br>| 0.41<br>| &nbsp;&nbsp; (0.34) <br>| 0.07<br>| &nbsp;&nbsp; (0.39) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.39) <br>|
| Year Ended 12/31/2023 | $9.11<br>| 0.38<br>| 0.15<br>| 0.53<br>| &nbsp;&nbsp; (0.23) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.23) <br>|
| Year Ended 12/31/2022 | $10.74<br>| 0.22<br>| &nbsp;&nbsp; (1.74) <br>| &nbsp;&nbsp; (1.52) <br>| &nbsp;&nbsp; (0.11) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.11) <br>|
| Year Ended 12/31/2021 | $11.52<br>| 0.11<br>| &nbsp;&nbsp; (0.24) <br>| &nbsp;&nbsp; (0.13) <br>| &nbsp;&nbsp; (0.15) <br>| &nbsp;&nbsp; (0.50) <br>| &nbsp;&nbsp; (0.65) <br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $9.05<br>| 0.35<br>| 0.30<br>| 0.65<br>| &nbsp;&nbsp; (0.43) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.43) <br>|
| Year Ended 12/31/2024 | $9.37<br>| 0.38<br>| &nbsp;&nbsp; (0.33) <br>| 0.05<br>| &nbsp;&nbsp; (0.37) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.37) <br>|
| Year Ended 12/31/2023 | $9.08<br>| 0.36<br>| 0.14<br>| 0.50<br>| &nbsp;&nbsp; (0.21) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.21) <br>|
| Year Ended 12/31/2022 | $10.69<br>| 0.20<br>| &nbsp;&nbsp; (1.72) <br>| &nbsp;&nbsp; (1.52) <br>| &nbsp;&nbsp; (0.09) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.09) <br>|
| Year Ended 12/31/2021 | $11.47<br>| 0.08<br>| &nbsp;&nbsp; (0.23) <br>| &nbsp;&nbsp; (0.15) <br>| &nbsp;&nbsp; (0.13) <br>| &nbsp;&nbsp; (0.50) <br>| &nbsp;&nbsp; (0.63) <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.

CTIVP<sup>®</sup> – TCW Core Plus Bond 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; $9.31<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.54%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.49% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.11%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 396%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2887378<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $9.09<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.49% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.39%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 403%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2883452<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $9.41<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.91%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.49% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.16%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 373%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3073587<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $9.11<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14.19%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.49% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.32%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 399%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3174476<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $10.74<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.14%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.48% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 457%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3684151<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $9.27<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.31%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.75% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 396%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $32813<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $9.05<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.74% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.14%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 403%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $25780<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $9.37<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.54%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.74% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.93%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 373%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $22096<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $9.08<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14.31%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.74% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.11%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 399%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $18096<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $10.69<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.41%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.73% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 457%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $19435<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – TCW Core Plus Bond Fund \| 2025

------

Notes to Financial Statements

December 31, 2025

Note 1. Organization

CTIVP<sup>®</sup> – TCW Core Plus Bond 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.

Debt securities generally are valued based on prices obtained from pricing services, which are intended to reflect market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not

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Notes to Financial Statements (continued)

December 31, 2025

readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Asset- and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities' cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Senior loan securities for which reliable market quotations are readily available are generally valued by pricing services at the average of the bids received.

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.

Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.

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.

**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

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Notes to Financial Statements (continued)

December 31, 2025

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 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

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Notes to Financial Statements (continued)

December 31, 2025

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.

**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.

**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.

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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:

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| | | |
|:---|:---|:---|
|  | **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; 124231 |
| Interest rate risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 585,658<br> \*<br>|
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 709889 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
|  | **Liability derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Foreign exchange risk | Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; 601849 |
| Interest rate risk | Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 376,941<br> \*<br>|
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 978790 |

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&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.

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Notes to Financial Statements (continued)

December 31, 2025

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:

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| | | | |
|:---|:---|:---|:---|
| **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>**($)**<br>| &nbsp;&nbsp;&nbsp; **Futures** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Foreign exchange risk | &nbsp;&nbsp; (4480002)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4480002)<br>|
| Interest rate risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16711519 | &nbsp;&nbsp;&nbsp;&nbsp; 16711519 |
| Total | &nbsp;&nbsp; (4480002)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16711519 | &nbsp;&nbsp;&nbsp;&nbsp; 12231517 |
| **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| **Risk exposure category** | **Forward** <br>**foreign** <br>**currency** <br>**exchange** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Futures** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Foreign exchange risk | &nbsp;&nbsp; (1835544)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1835544)<br>|
| Interest rate risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1313394 | &nbsp;&nbsp;&nbsp;&nbsp; 1313394 |
| Total | &nbsp;&nbsp; (1835544)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1313394 | &nbsp;&nbsp;&nbsp;&nbsp; (522150)<br>|

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The following table is a summary of the average daily outstanding volume by derivative instrument for the year ended December 31, 2025:

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| | |
|:---|:---|
| **Derivative instrument** | **Average notional** <br>**amounts ($)**<br>|
| Futures contracts — long | 1114324139 |
| Futures contracts — short | 59567391 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| **Derivative instrument** | **Average unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Average unrealized** <br>**depreciation ($)**<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 420745 | &nbsp;&nbsp;&nbsp;&nbsp; (1297668)<br>|

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**Investments in senior loans** 

The Fund may invest in senior loan assignments. When the Fund purchases an assignment of a senior loan, the Fund typically has direct rights against the borrower; provided, however, that the Fund's rights may be more limited than the lender from which it acquired the assignment and the Fund may be able to enforce its rights only through an administrative agent. Although certain senior loan assignments are secured by collateral, the Fund could experience delays or limitations in realizing such collateral or have its interest subordinated to other indebtedness of the obligor. In the event that the administrator or collateral agent of a loan becomes insolvent or enters into receivership or bankruptcy, the Fund may incur costs and delays in realizing payment or may suffer a loss of principal and/or interest. The risk of loss is greater for unsecured or subordinated loans. In addition, senior loan assignments are vulnerable to market, economic or other conditions or events that may reduce the demand for senior loan assignments and certain senior loan assignments which were liquid when purchased, may become illiquid.

The Fund may enter into senior loan assignments where all or a portion of the loan may be unfunded. The Fund is obligated to fund these commitments at the borrower's discretion. These commitments, if any, are generally traded and priced in the same manner as other senior loan securities and are disclosed as unfunded senior loan commitments in the Fund's Portfolio of Investments with a corresponding payable for investments purchased. The Fund designates cash or liquid securities to cover these commitments.

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Notes to Financial Statements (continued)

December 31, 2025

**Asset- and mortgage-backed securities** 

The Fund may invest in asset-backed and mortgage-backed securities. The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. All, or a portion, of the obligation may be prepaid at any time because the underlying asset may be prepaid. As a result, decreasing market interest rates could result in an increased level of prepayment. An increased prepayment rate will have the effect of shortening the maturity of the security. Unless otherwise noted, the coupon rates presented are fixed rates.

**Delayed delivery securities**

The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a "when-issued" or "forward commitment" basis. This may increase risk to the Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.

**To be announced securities** 

The Fund may trade securities on a To Be Announced (TBA) basis. As with other delayed-delivery transactions, a seller agrees to issue a TBA security at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Fund agrees to accept any security that meets specified terms.

In some cases, Master Securities Forward Transaction Agreements (MSFTAs) may be used to govern transactions of certain forward-settling agency mortgage-backed securities, such as delayed-delivery and TBAs, between the Fund and counterparty. The MSFTA maintains provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral relating to such transactions.

**Mortgage dollar roll transactions**

The Fund may enter into mortgage "dollar rolls" in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar but not identical securities (same type, coupon and maturity) on a specified future date. These transactions may increase the Fund's portfolio turnover rate. During the roll period, the Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund may benefit because it receives negotiated amounts in the form of reductions of the purchase price for the future purchase plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. The Fund records the incremental difference between the forward purchase and sale of each forward roll as a realized gain or loss. Unless any realized gains exceed the income, capital appreciation, and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique may diminish the investment performance of the Fund compared to what the performance would have been without the use of mortgage dollar rolls. Mortgage dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations. All cash proceeds will be invested in instruments that are permissible investments for the Fund. The Fund identifies cash or liquid securities in an amount equal to the forward purchase price. The Fund does not currently enter into mortgage dollar rolls that are accounted for as financing transactions.

**Interest only and principal only securities** 

The Fund may invest in Interest Only (IO) or Principal Only (PO) securities. IOs are stripped securities entitled to receive all of the security's interest, but none of its principal. IOs are particularly sensitive to changes in interest rates and therefore subject to greater fluctuations in price than typical interest bearing debt securities. IOs are also subject to credit risk because the Fund may not receive all or part of the interest payments if the issuer, obligor, guarantor or counterparty defaults on its obligation. Payments received for IOs are included in interest income in the Statement of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income in the Statement of Operations. POs are stripped securities entitled to receive the principal from the underlying obligation, but not the interest. POs are particularly sensitive to changes in interest rates and therefore are subject to fluctuations in price. POs are also subject to credit risk because the

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Notes to Financial Statements (continued)

December 31, 2025

Fund may not receive all or part of its principal if the issuer, obligor, guarantor or counterparty defaults on its obligation. The Fund may also invest in IO or PO stripped mortgage-backed securities. Payments received for POs are treated as reductions to the cost and par value of the securities.

**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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Citi ($)** | &nbsp;&nbsp; **Goldman** <br>**Sachs ($)**<br>| **JPMorgan ($)** | **Total** |
| **Assets** |  |  |  |  |
| Forward foreign currency exchange contracts | 18363<br>| &nbsp;&nbsp;&nbsp; 105868<br>| &nbsp;&nbsp;&nbsp; -<br>| &nbsp;&nbsp;&nbsp; 124231<br>|
| **Liabilities** |  |  |  |  |
| Forward foreign currency exchange contracts | 330945<br>| &nbsp;&nbsp;&nbsp; 127234<br>| &nbsp;&nbsp;&nbsp; 143670<br>| &nbsp;&nbsp;&nbsp; 601849<br>|
| **Total financial and derivative net assets** | **(312582)**<br>| &nbsp;&nbsp;&nbsp; **(21366)**<br>| &nbsp;&nbsp;&nbsp; **(143670)**<br>| &nbsp;&nbsp;&nbsp; **(477618)**<br>|
| Total collateral received (pledged) <sup>(a)</sup> <br>| -<br>| &nbsp;&nbsp;&nbsp; -<br>| &nbsp;&nbsp;&nbsp; (143670)<br>| &nbsp;&nbsp;&nbsp; (143670)<br>|
| **Net amount** <sup>(b)</sup> <br>| **(312582)**<br>| &nbsp;&nbsp;&nbsp; **(21366)**<br>| &nbsp;&nbsp;&nbsp; **-**<br>| &nbsp;&nbsp;&nbsp; **(333948)**<br>|

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&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.

The trade date for senior loans purchased in the primary market is the date on which the loan is allocated. The trade date for senior loans purchased in the secondary market is the date on which the transaction is entered into.

**Income recognition**

Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted. The Fund classifies gains and losses realized on prepayments received on mortgage-backed securities as adjustments to interest income. For convertible securities, premiums attributable to the conversion feature are not amortized.

The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. The Fund may also adjust accrual rates when it becomes probable the full interest will not be collected and a partial payment will be received. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

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.

CTIVP<sup>®</sup> – TCW Core Plus Bond Fund \| 2025

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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.

The value of additional securities received as an income payment through a payment-in-kind, if any, is recorded as interest income and increases the cost basis of such securities.

The Fund may receive other income from senior loans, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Fund. These amounts are included in Interest Income in the Statement of Operations.

**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.

CTIVP<sup>®</sup> – TCW Core Plus Bond Fund \| 2025

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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 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 0.50% to 0.34% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2025 was 0.48% of the Fund's average daily net assets.

**Subadvisory agreement**

The Investment Manager has entered into a Subadvisory Agreement with TCW Investment Management Company 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 0.00% of the Fund's average daily net assets.

CTIVP<sup>®</sup> – TCW Core Plus Bond Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

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; **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;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 |

---

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, derivative investments, passive foreign investment company (pfic) holdings, tax straddles, investments in partnerships and/or grantor trusts, principal and/or interest from fixed income securities, capital loss carryforwards, trustees' deferred compensation 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 ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(loss) ($)**<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>|
| (1064336)<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; 1064335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 |

---

CTIVP<sup>®</sup> – TCW Core Plus Bond Fund \| 2025

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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 ($)**<br>| **Total ($)** |
| 136380737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136380737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127965293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127965293 |

---

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 ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>|
| 115223246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (508650183)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24487969)<br>|

---

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) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>|
| 3201590952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33654549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (58142518)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24487969)<br>|

---

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 ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **No expiration** <br>**long-term ($)**<br>| **Total ($)** | **Utilized ($)** |
| (301533217)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (207116966)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (508650183)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 344054 |

---

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 $10,881,930,298 and $10,879,467,375, respectively, for the year ended December 31, 2025, of which $10,252,107,682 and $10,259,960,054, respectively, were U.S. government securities. 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

CTIVP<sup>®</sup> – TCW Core Plus Bond Fund \| 2025

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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'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 | 1925000 | &nbsp;&nbsp;&nbsp;&nbsp;4.76 | &nbsp;&nbsp;&nbsp;&nbsp; 8 |

---

Interest income earned by the Fund is recorded as 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.

CTIVP<sup>®</sup> – TCW Core Plus Bond Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

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 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> – TCW Core Plus Bond Fund \| 2025

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Report of Independent Registered Public Accounting Firm

**To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of CTIVP – TCW Core Plus Bond Fund**

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of CTIVP – TCW Core Plus Bond 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, issuer of a privately offered security, agent banks 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> – TCW Core Plus Bond Fund \| 2025

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Approval of Subadvisory Agreement

(Unaudited)

Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to CTIVP<sup>®</sup> – TCW Core Plus Bond Fund (the Fund). Under a management agreement (the Management Agreement), the Investment Manager provides investment advice and other services to the Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds). In addition, under a Subadvisory Agreement (the Existing Subadvisory Agreement) between the Investment Manager and TCW Investment Management Company LLC (the Subadviser), the Subadviser provides portfolio management and related services for the Fund. At their meeting on December 9, 2025, the Fund's Board of Trustees (the Board), including the independent Board members (the Independent Trustees), approved an amended and restated Subadvisory Agreement (the Amended and Restated Subadvisory Agreement) for the purpose of combining separate existing subadvisory agreements between the Investment Manager and the Subadviser (the Existing Subadvisory Agreements) with respect to certain Funds subadvised by the Subadviser, including the Fund (the TCW Funds). The Independent Trustees considered that the assets of the TCW Funds would be combined under the Amended and Restated Subadvisory Agreement for purposes of calculating each TCW Fund's subadvisory fee.

The Independent Trustees considered the differences between the Amended and Restated Subadvisory Agreement and the Existing Subadvisory Agreement. The Independent Trustees considered that the Investment Manager had confirmed that the nature and level of the services to be provided under the Amended and Restated Subadvisory Agreement would not decrease relative to the services provided under the Existing Subadvisory Agreement. The Independent Trustees also reviewed the subadvisory fees paid for each of the TCW Funds and the expected impact of the Investment Manager's proposal on such fees. The Independent Trustees noted that no management fees were proposed to change and that the level of services provided by each of the Investment Manager and the Subadviser was also not proposed to change. The Independent Trustees also noted that the Board, as part of the 2026 15(c) process, would continue to review the continued reasonableness of the Fund's management fees.

The Independent Trustees noted the discussion relating to the renewal and approval of the advisory and subadvisory agreements for the Fund at the June 2025 Contracts Committee meeting and Board meetings and, in that connection, the discussion by independent legal counsel to the Independent Trustees (Independent Legal Counsel) of the Board's responsibilities pursuant to Sections 15(c) and 36(b) of the 1940 Act and the factors that should be considered in determining whether to approve or renew an investment management agreement. Independent Legal Counsel indicated that the Independent Trustees should apply these factors in considering the Amended and Restated Subadvisory Agreement.

Independent Legal Counsel further indicated that the Independent Trustees should take into account the variety of written materials and oral presentations they received at the December 9, 2025 meeting, as well as the information previously considered regarding the proposed 15(c) renewal of the Fund's existing advisory and subadvisory agreements.

After considering the factors described above relating to the Amended and Restated Subadvisory Agreement, and taking into account all of the factors considered, as described below, as part of the approval of the continuance of the fund's Existing Subadvisory Agreement in June 2025, the Board, including all of the Independent Trustees, approved the Amended and Restated Subadvisory Agreement.

General conclusions in connection with the Trustees' previous approval of the continuance of the fund's existing advisory agreements

On an annual basis, the Board, including the Independent Trustees, considers renewal of the Management Agreement and the Existing Subadvisory Agreement (together, the Advisory Agreements). The Investment Manager prepared detailed reports for the Board and its Contracts Committee (including its Contracts Subcommittee) in March, April and June 2025, including reports providing the results of analyses performed by a third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses by the Investment Manager to written requests for information by Independent Legal Counsel to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees or subcommittees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by the Investment Manager addressing the services the Investment Manager provides

CTIVP<sup>®</sup> – TCW Core Plus Bond Fund \| 2025

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Approval of Subadvisory Agreement (continued)

(Unaudited)

and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees (including their subcommittees), such as the Contracts Committee, the Investment Review Committee, the Audit Committee and the Compliance Committee in determining whether to continue the Advisory Agreements.

The Board, at its June 26, 2025 Board meeting (the June Meeting), considered the renewal of each of the Advisory Agreements for additional one-year terms. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board's consideration of advisory and subadvisory agreements and the Board's legal responsibilities related to such consideration. The Independent Trustees considered such information as they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of each of the Advisory Agreements. Among other things, the information and factors considered included the following:

• Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge as well as performance relative to one or more benchmarks;

• Information on the Fund's management fees and total expenses, including information comparing the Fund's expenses to those of a group of comparable mutual funds, as determined by Broadridge;

• The Investment Manager's agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund's net assets;

• Terms of the Advisory Agreements;

• Subadvisory fees payable by the Investment Manager under the Existing Subadvisory Agreement;

• Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;

• Descriptions of various services performed by the Investment Manager and the Subadviser under the Advisory Agreements, including portfolio management and portfolio trading practices;

• Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;

• Information regarding the resources of the Investment Manager and the Subadviser, including information regarding senior management, portfolio managers and other personnel;

• Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;

• The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and

• Report provided by the Board's independent fee consultant, JDL Consultants, LLC (JDL).

Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement and the Existing Subadvisory Agreement.

Nature, extent and quality of services provided by the Investment Manager and the Subadviser

The Board analyzed various reports and presentations it had received detailing the services performed by the Investment Manager and the Subadviser, as well as their history, expertise, resources and relative capabilities, and the qualifications of their personnel.

The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager, including, in particular, detailed information regarding the process employed for selecting and overseeing affiliated and unaffiliated subadvisers. With respect to the Investment Manager, the Board also noted the

CTIVP<sup>®</sup> – TCW Core Plus Bond Fund \| 2025

------

Approval of Subadvisory Agreement (continued)

(Unaudited)

organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department's processes, systems and oversight over the past several years. The Board also took into account the broad scope of services provided by the Investment Manager to each subadvised Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager's ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel.

In connection with the Board's evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2024 in the performance of administrative services, and noted the various enhancements anticipated for 2025. In evaluating the quality of services provided under the Advisory Agreements, the Board also took into account the organization and strength of the Fund's and its service providers' compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity's ability to carry out its responsibilities under the Management Agreement and the Fund's other service agreements.

In addition, the Board discussed the acceptability of the terms of the Management Agreement (including the relatively broad scope of services required to be performed by the Investment Manager in addition to monitoring the Subadviser), noting that no changes were proposed from the forms of agreements previously approved. The Board also noted the wide array of legal and compliance services provided to the Fund under the Management Agreement.

The Board considered the Subadviser's organizational strength and resources, portfolio management team depth and capabilities and investment process. The Board also considered the Subadviser's capability and wherewithal to carry out its responsibilities under the Existing Subadvisory Agreement. In addition, the Board discussed the acceptability of the terms of the Existing Subadvisory Agreement, including the scope of services required to be performed. The Board noted that the terms of the Existing Subadvisory Agreement are generally consistent with the terms of other subadvisory agreements for subadvisers who manage other funds managed by the Investment Manager. It was observed that no changes were recommended to the Existing Subadvisory Agreement. The Board took into account the Investment Manager's representation that the Subadviser was in a position to provide quality services to the Fund. In this regard, the Board further observed the various services provided by the Investment Manager's subadvisory oversight team.

After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of their overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Advisory Agreements supported the continuation of the Management Agreement and the Existing Subadvisory Agreement.

Investment performance

The Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the Fund's performance relative to peers and benchmarks and (iii) the net assets of the Fund. The Board observed that Fund performance was well within the range of that of its peers.

Additionally, the Board reviewed the performance of the Subadviser and the Investment Manager's process for monitoring the Subadviser's performance. The Board considered, in particular, management's rationale for recommending the continued retention of the Subadviser and management's representations that the Investment Manager's profitability is not the key factor driving their recommendation to select, renew or terminate the Subadviser.

The Board also reviewed a description of the third-party data provider's methodology for identifying the Fund's peer groups for purposes of performance and expense comparisons.

CTIVP<sup>®</sup> – TCW Core Plus Bond Fund \| 2025

------

Approval of Subadvisory Agreement (continued)

(Unaudited)

The Board also considered the Investment Manager's and Subadviser's performance and reputation generally the Investment Manager's evaluation of the Subadviser's contribution to the Fund's investment mandate. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the performance of the Fund, the Investment Manager and the Subadviser, in light of other considerations, supported the continuation of the Management Agreement and the Existing Subadvisory Agreement.

Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund

The Board reviewed comparative fees and the costs of services provided under each of the Advisory Agreements. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund's expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund's contribution to the Investment Manager's profitability.

The Board considered the reports of JDL, which assisted in the Board's analysis of the Funds' performance and expenses and the reasonableness of the Funds' fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current "pricing philosophy" such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund's total expense ratio (after considering proposed expense caps/waivers) was below the peer universe's median expense ratio shown in the reports.

Additionally, the Board reviewed the level of subadvisory fees paid to the Subadviser, noting that the fees are paid by the Investment Manager and do not impact the fees paid by the Fund. The Board also reviewed advisory fee rates charged by other comparable mutual funds employing the Subadviser to provide comparable subadvisory services. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the levels of management fees, subadvisory fees and expenses of the Fund, in light of other considerations, supported the continuation of each of the Management Agreement and the Existing Subadvisory Agreement.

The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. Because the Existing Subadvisory Agreement was negotiated at arm's length by the Investment Manager, which is responsible for payments to the Subadviser thereunder, the Board did not consider the profitability to the Subadviser from its relationship with the Fund. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that the profitability generated by the Investment Manager in 2024 had increased from 2023 levels due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement and the Existing Subadvisory Agreement.

Economies of scale

The Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, and whether those economies of scale were shared with the Fund through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources. The Board considered the economies of scale that might be realized as the Fund's net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that management fees decline as Fund assets exceed various

CTIVP<sup>®</sup> – TCW Core Plus Bond Fund \| 2025

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Approval of Subadvisory Agreement (continued)

(Unaudited)

breakpoints, all of which have not been surpassed. The Board observed that the Management Agreement thus provides for breakpoints in the management fee rate schedule that allow opportunities for shareholders to realize lower fees as Fund assets grow and that there are additional opportunities through other means for sharing economies of scale with shareholders. The Board also noted that the breakpoints in the Existing Subadvisory Agreement did not occur at the same levels as the breakpoints in the Management Agreement. In this regard, the Board noted the potential challenges of seeking to tailor the Management Agreement breakpoints to those of a subadvisory agreement in this context.

Conclusion

The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement and the Existing Subadvisory Agreement. In reaching its conclusions, no single factor was determinative.

On June 26, 2025, the Board, including all of the Independent Trustees, determined that fees payable under each of the Advisory Agreements were fair and reasonable in light of the extent and quality of services provided and approved the renewal of each of the Advisory Agreements.

CTIVP<sup>®</sup> – TCW Core Plus Bond Fund \| 2025

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**CTIVP**<sup>®</sup> **– TCW Core Plus Bond Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g59364img197a94e02.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.

ANN7037_12_E01_(02/26)

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![](g59364imgff6f233c1.jpg)

Columbia Variable Portfolio - Government Money Market 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;

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| | | |
|:---|:---|:---|
| **Not FDIC or NCUA Insured** | **No Financial Institution Guarantee** | **May Lose Value** |

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**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| [Portfolio of Investments](#xx_b14d2393-b927-4d78-aa56-0d5b5c0f225d_POI-CommonContent-Date-232_1) | 3 |
| [Statement of Assets and Liabilities](#xx_b14d2393-b927-4d78-aa56-0d5b5c0f225d_FS-CommonContent-Date-232_1) | 6 |
| [Statement of Operations](#xx_b14d2393-b927-4d78-aa56-0d5b5c0f225d_FS-CommonContent-Date-232_2) | 7 |
| [Statement of Changes in Net Assets](#xx_b14d2393-b927-4d78-aa56-0d5b5c0f225d_FS-CommonContent-Date-232_3) | 8 |
| [Financial Highlights](#xx_b14d2393-b927-4d78-aa56-0d5b5c0f225d_FIHI-CommonContent-Date-232_2) | 10 |
| [Notes to Financial Statements](#xx_b14d2393-b927-4d78-aa56-0d5b5c0f225d_NTF-CommonContent-Date-232_1) | 12 |
| [Report of Independent Registered Public Accounting Firm](#xx_b14d2393-b927-4d78-aa56-0d5b5c0f225d_AUD-CommonContent-Date-232_1) | 19 |
| [Federal Income Tax Information](#xx_b14d2393-b927-4d78-aa56-0d5b5c0f225d_CCH-CommonContent-Date-232_1) | 20 |

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Columbia Variable Portfolio - Government Money Market Fund \| 2025

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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;

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| | | | |
|:---|:---|:---|:---|
| **Repurchase Agreements 21.5%** | **Repurchase Agreements 21.5%** | **Repurchase Agreements 21.5%** | **Repurchase Agreements 21.5%** |
| **Issuer** | **Yield** | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Tri-party RBC Dominion Securities, Inc. | Tri-party RBC Dominion Securities, Inc. | Tri-party RBC Dominion Securities, Inc. | Tri-party RBC Dominion Securities, Inc. |
| dated 12/31/2025, matures 01/02/2026, | dated 12/31/2025, matures 01/02/2026, | dated 12/31/2025, matures 01/02/2026, | dated 12/31/2025, matures 01/02/2026, |
| repurchase price $120,025,333 <br>(collateralized by U.S. Treasury Securities maturing 01/29/26 - 02/15/55 at rates <br> of 0.000% - 4.750%, Total Market Value $122,400,055) | repurchase price $120,025,333 <br>(collateralized by U.S. Treasury Securities maturing 01/29/26 - 02/15/55 at rates <br> of 0.000% - 4.750%, Total Market Value $122,400,055) | repurchase price $120,025,333 <br>(collateralized by U.S. Treasury Securities maturing 01/29/26 - 02/15/55 at rates <br> of 0.000% - 4.750%, Total Market Value $122,400,055) | repurchase price $120,025,333 <br>(collateralized by U.S. Treasury Securities maturing 01/29/26 - 02/15/55 at rates <br> of 0.000% - 4.750%, Total Market Value $122,400,055) |
|  | &nbsp;&nbsp; 3.800% | 120000000 | &nbsp;&nbsp; 120000000 |
| Total Repurchase Agreements <br>(Cost $120,000,000) | Total Repurchase Agreements <br>(Cost $120,000,000) | Total Repurchase Agreements <br>(Cost $120,000,000) | &nbsp;&nbsp; **120000000** |
| **Treasury Bills 9.0%** | **Treasury Bills 9.0%** | **Treasury Bills 9.0%** | **Treasury Bills 9.0%** |
| **United States 9.0%** | **United States 9.0%** | **United States 9.0%** | **United States 9.0%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| 01/02/2026 | &nbsp;&nbsp; 1.820% | 30000000 | &nbsp;&nbsp; 29997006 |
| 01/15/2026 | &nbsp;&nbsp; 3.910% | 5000000 | &nbsp;&nbsp; 4991979 |
| 01/22/2026 | &nbsp;&nbsp; 3.530% | 15000000 | &nbsp;&nbsp; 14968150 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **49957135** |
| Total Treasury Bills <br>(Cost $49,957,135) | Total Treasury Bills <br>(Cost $49,957,135) | Total Treasury Bills <br>(Cost $49,957,135) | &nbsp;&nbsp; **49957135** |
| **U.S. Government & Agency Obligations 66.7%** | **U.S. Government & Agency Obligations 66.7%** | **U.S. Government & Agency Obligations 66.7%** | **U.S. Government & Agency Obligations 66.7%** |
| Fannie Mae Discount Notes | Fannie Mae Discount Notes | Fannie Mae Discount Notes | Fannie Mae Discount Notes |
| 01/16/2026 | &nbsp;&nbsp; 3.380% | 10000000 | &nbsp;&nbsp; 9985208 |
| 02/10/2026 | &nbsp;&nbsp; 3.550% | 5000000 | &nbsp;&nbsp; 4980167 |
| Federal Agricultural Mortgage Corp.<sup>(a)</sup>  | Federal Agricultural Mortgage Corp.<sup>(a)</sup>  | Federal Agricultural Mortgage Corp.<sup>(a)</sup>  | Federal Agricultural Mortgage Corp.<sup>(a)</sup>  |
| SOFR + 0.045% <br> 07/24/2026<br>| &nbsp;&nbsp; 3.830% | 2000000 | &nbsp;&nbsp; 2000000 |
| SOFR + 0.100% <br> 09/18/2026<br>| &nbsp;&nbsp; 3.860% | 5000000 | &nbsp;&nbsp; 5000000 |
| SOFR + 0.140% <br> 01/06/2027<br>| &nbsp;&nbsp; 3.900% | 16000000 | &nbsp;&nbsp; 16000000 |
| SOFR + 0.100% <br> 03/04/2027<br>| &nbsp;&nbsp; 3.860% | 3000000 | &nbsp;&nbsp; 3000000 |
| SOFR + 0.130% <br> 04/23/2027<br>| &nbsp;&nbsp; 3.920% | 2500000 | &nbsp;&nbsp; 2500000 |
| SOFR + 0.120% <br> 05/12/2027<br>| &nbsp;&nbsp; 3.900% | 5000000 | &nbsp;&nbsp; 5000000 |
| SOFR + 0.150% <br> 07/14/2027<br>| &nbsp;&nbsp; 3.890% | 3000000 | &nbsp;&nbsp; 3000000 |
| SOFR + 0.160% <br> 08/13/2027<br>| &nbsp;&nbsp; 3.940% | 6000000 | &nbsp;&nbsp; 6000000 |
| SOFR + 0.160% <br> 08/18/2027<br>| &nbsp;&nbsp; 3.940% | 2500000 | &nbsp;&nbsp; 2500000 |
| SOFR + 0.160% <br> 09/03/2027<br>| &nbsp;&nbsp; 3.930% | 5000000 | &nbsp;&nbsp; 5000000 |
| SOFR + 0.150% <br> 12/08/2027<br>| &nbsp;&nbsp; 3.910% | 5000000 | &nbsp;&nbsp; 5000000 |
| SOFR + 0.160% <br> 12/21/2027<br>| &nbsp;&nbsp; 3.920% | 2500000 | &nbsp;&nbsp; 2500000 |

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| | | | |
|:---|:---|:---|:---|
| **U.S. Government & Agency Obligations (continued)** | **U.S. Government & Agency Obligations (continued)** | **U.S. Government & Agency Obligations (continued)** | **U.S. Government & Agency Obligations (continued)** |
| **Issuer** | **Yield** | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Federal Agricultural Mortgage Corp. | Federal Agricultural Mortgage Corp. | Federal Agricultural Mortgage Corp. | Federal Agricultural Mortgage Corp. |
| 08/10/2026 | &nbsp;&nbsp; 3.840% | 7500000 | &nbsp;&nbsp; 7500000 |
| 11/13/2026 | &nbsp;&nbsp; 3.700% | 2500000 | &nbsp;&nbsp; 2500000 |
| Federal Agricultural Mortgage Corp. Discount Notes | Federal Agricultural Mortgage Corp. Discount Notes | Federal Agricultural Mortgage Corp. Discount Notes | Federal Agricultural Mortgage Corp. Discount Notes |
| 01/20/2026 | &nbsp;&nbsp; 3.520% | 10000000 | &nbsp;&nbsp; 9980736 |
| 01/27/2026 | &nbsp;&nbsp; 3.570% | 10000000 | &nbsp;&nbsp; 9973639 |
| 04/27/2026 | &nbsp;&nbsp; 3.610% | 5000000 | &nbsp;&nbsp; 4942806 |
| Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. |
| 05/20/2026 | &nbsp;&nbsp; 3.820% | 2500000 | &nbsp;&nbsp; 2499712 |
| 09/02/2026 | &nbsp;&nbsp; 4.020% | 5000000 | &nbsp;&nbsp; 5000000 |
| Federal Farm Credit Discount Notes | Federal Farm Credit Discount Notes | Federal Farm Credit Discount Notes | Federal Farm Credit Discount Notes |
| 01/20/2026 | &nbsp;&nbsp; 3.450% | 5000000 | &nbsp;&nbsp; 4990579 |
| 02/04/2026 | &nbsp;&nbsp; 3.550% | 5000000 | &nbsp;&nbsp; 4983047 |
| 03/23/2026 | &nbsp;&nbsp; 3.620% | 5000000 | &nbsp;&nbsp; 4959612 |
| 03/24/2026 | &nbsp;&nbsp; 3.610% | 5000000 | &nbsp;&nbsp; 4959342 |
| Federal Home Loan Bank Discount Notes | Federal Home Loan Bank Discount Notes | Federal Home Loan Bank Discount Notes | Federal Home Loan Bank Discount Notes |
| 01/30/2026 | &nbsp;&nbsp; 3.740% | 5000000 | &nbsp;&nbsp; 4984694 |
| 02/19/2026 | &nbsp;&nbsp; 3.620% | 5000000 | &nbsp;&nbsp; 4975296 |
| 03/11/2026 | &nbsp;&nbsp; 3.660% | 5000000 | &nbsp;&nbsp; 4965165 |
| 03/30/2026 | &nbsp;&nbsp; 3.630% | 10000000 | &nbsp;&nbsp; 9912244 |
| 06/10/2026 | &nbsp;&nbsp; 3.610% | 10000000 | &nbsp;&nbsp; 9843111 |
| Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks |
| 01/02/2026 | &nbsp;&nbsp; 1.770% | 61300000 | &nbsp;&nbsp; 61294040 |
| 11/04/2026 | &nbsp;&nbsp; 3.900% | 5000000 | &nbsp;&nbsp; 5000000 |
| Federal Home Loan Banks<sup>(a)</sup>  | Federal Home Loan Banks<sup>(a)</sup>  | Federal Home Loan Banks<sup>(a)</sup>  | Federal Home Loan Banks<sup>(a)</sup>  |
| SOFR + 0.005% <br> 02/23/2026<br>| &nbsp;&nbsp; 3.780% | 6000000 | &nbsp;&nbsp; 6000000 |
| SOFR + 0.020% <br> 05/22/2026<br>| &nbsp;&nbsp; 3.790% | 2000000 | &nbsp;&nbsp; 2000000 |
| SOFR + 0.105% <br> 03/09/2027<br>| &nbsp;&nbsp; 3.860% | 2500000 | &nbsp;&nbsp; 2500000 |
| SOFR + 0.105% <br> 03/10/2027<br>| &nbsp;&nbsp; 3.860% | 4000000 | &nbsp;&nbsp; 4000000 |
| SOFR + 0.170% <br> 09/24/2027<br>| &nbsp;&nbsp; 3.930% | 2500000 | &nbsp;&nbsp; 2500000 |
| SOFR + 0.180% <br> 10/07/2027<br>| &nbsp;&nbsp; 3.980% | 4000000 | &nbsp;&nbsp; 4000000 |
| SOFR + 0.175% <br> 10/21/2027<br>| &nbsp;&nbsp; 3.960% | 2000000 | &nbsp;&nbsp; 2000000 |
| Federal Home Loan Banks Discount Notes | Federal Home Loan Banks Discount Notes | Federal Home Loan Banks Discount Notes | Federal Home Loan Banks Discount Notes |
| 01/09/2026 | &nbsp;&nbsp; 3.610% | 10000000 | &nbsp;&nbsp; 9991111 |
| 02/02/2026 | &nbsp;&nbsp; 3.770% | 5000000 | &nbsp;&nbsp; 4983022 |
| 02/03/2026 | &nbsp;&nbsp; 3.590% | 5000000 | &nbsp;&nbsp; 4983340 |
| 02/05/2026 | &nbsp;&nbsp; 3.600% | 5000000 | &nbsp;&nbsp; 4982306 |
| 02/10/2026 | &nbsp;&nbsp; 3.550% | 10000000 | &nbsp;&nbsp; 9960278 |
| 04/01/2026 | &nbsp;&nbsp; 3.730% | 4400000 | &nbsp;&nbsp; 4359410 |
| 06/05/2026 | &nbsp;&nbsp; 3.620% | 10000000 | &nbsp;&nbsp; 9847799 |
| 06/12/2026 | &nbsp;&nbsp; 3.730% | 1500000 | &nbsp;&nbsp; 1475430 |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| 12/14/2026 | &nbsp;&nbsp; 3.780% | 5000000 | &nbsp;&nbsp; 4998353 |

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The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio - Government Money Market Fund \| 2025

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Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **U.S. Government & Agency Obligations (continued)** | **U.S. Government & Agency Obligations (continued)** | **U.S. Government & Agency Obligations (continued)** | **U.S. Government & Agency Obligations (continued)** |
| **Issuer** | **Yield** | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Federal Home Loan Mortgage Corp. Discount Notes | Federal Home Loan Mortgage Corp. Discount Notes | Federal Home Loan Mortgage Corp. Discount Notes | Federal Home Loan Mortgage Corp. Discount Notes |
| 01/08/2026 | &nbsp;&nbsp; 3.460% | 7500000 | &nbsp;&nbsp; 7494240 |
| 01/26/2026 | &nbsp;&nbsp; 3.500% | 2017000 | &nbsp;&nbsp; 2011985 |
| 03/12/2026 | &nbsp;&nbsp; 3.840% | 7500000 | &nbsp;&nbsp; 7497315 |
| Federal National Mortgage Association<sup>(a)</sup>  | Federal National Mortgage Association<sup>(a)</sup>  | Federal National Mortgage Association<sup>(a)</sup>  | Federal National Mortgage Association<sup>(a)</sup>  |
| SOFR + 0.135% <br> 08/21/2026<br>| &nbsp;&nbsp; 3.890% | 20000000 | &nbsp;&nbsp; 20000000 |
| Freddie Mac Discount Notes | Freddie Mac Discount Notes | Freddie Mac Discount Notes | Freddie Mac Discount Notes |
| 02/06/2026 | &nbsp;&nbsp; 3.580% | 10000000 | &nbsp;&nbsp; 9963800 |
| Tennessee Valley Authority Discount Notes | Tennessee Valley Authority Discount Notes | Tennessee Valley Authority Discount Notes | Tennessee Valley Authority Discount Notes |
| 01/21/2026 | &nbsp;&nbsp; 3.500% | 10000000 | &nbsp;&nbsp; 9979889 |
| Total U.S. Government & Agency Obligations <br>(Cost $371,257,676) | Total U.S. Government & Agency Obligations <br>(Cost $371,257,676) | Total U.S. Government & Agency Obligations <br>(Cost $371,257,676) | &nbsp;&nbsp; **371257676** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Total Investments in Securities** <br>**(Cost: $541,214,811)** | &nbsp;&nbsp; **541214811** |
| **Other Assets & Liabilities, Net** | &nbsp;&nbsp; **15403413** |
| **Net Assets** | &nbsp;&nbsp; **556618224** |

---

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Variable rate security. The interest rate shown was the current rate as of December 31, 2025.

**Abbreviation Legend** 

SOFR Secured Overnight Financing Rate

**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.

Short-term securities are valued using amortized cost, as permitted under Rule 2a-7 of the Investment Company Act of 1940, as amended. Generally, amortized cost approximates the current fair value of these securities, but because the value is not obtained from a quoted price in an active market, such securities are reflected 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 - Government Money Market 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** |  |  |  |  |
| Repurchase Agreements |  | &nbsp;&nbsp;&nbsp;&nbsp; 120000000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 120000000 |
| Treasury Bills |  | &nbsp;&nbsp;&nbsp;&nbsp; 49957135 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49957135 |
| U.S. Government & Agency Obligations |  | &nbsp;&nbsp;&nbsp;&nbsp; 371257676 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 371257676 |
| Total Investments in Securities |  | &nbsp;&nbsp;&nbsp;&nbsp; 541214811 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 541214811 |

---

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 represent certain short-term obligations which are valued using amortized cost, an income approach which converts future cash flows to a present value based upon the discount or premium at purchase.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio - Government Money Market 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 $421,214,811) | $421214811 |
| Repurchase agreements (cost $120,000,000) | 120000000 |
| Cash | 15066705 |
| Receivable for: |  |
| Capital shares sold | 13222 |
| Interest | 918241 |
| Expense reimbursement due from Investment Manager | 172 |
| Prepaid expenses | 3942 |
| Total assets | 557217093 |
| **Liabilities** |  |
| Payable for: |  |
| Capital shares redeemed | 326589 |
| Distributions to shareholders | 49333 |
| Management services fees | 4380 |
| Distribution and/or service fees | 2452 |
| Service fees | 32163 |
| Compensation of chief compliance officer | 90 |
| Compensation of board members | 676 |
| Other expenses | 30662 |
| Deferred compensation of board members | 152524 |
| Total liabilities | 598869 |
| **Net assets applicable to outstanding capital stock** | **$556618224** |
| **Represented by** |  |
| Paid in capital | 556682835 |
| Total distributable earnings (loss) | (64611)<br>|
| **Total - representing net assets applicable to outstanding capital stock** | **$556618224** |
| **Class 1** |  |
| Net assets | $64144121 |
| Shares outstanding | 64088056 |
| Net asset value per share | $1.00 |
| **Class 2** |  |
| Net assets | $229096704 |
| Shares outstanding | 229113708 |
| Net asset value per share | $1.00 |
| **Class 3** |  |
| Net assets | $263377399 |
| Shares outstanding | 263253954 |
| Net asset value per share | $1.00 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio - Government Money Market Fund \| 2025

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Statement of Operations

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — unaffiliated issuers | $1420 |
| Interest | 23896914 |
| Total income | 23898334 |
| Expenses: |  |
| Management services fees | 1618439 |
| Distribution and/or service fees |  |
| Class 2 | 559642 |
| Class 3 | 338948 |
| Service fees | 359091 |
| Custodian fees | 7237 |
| Printing and postage fees | 31069 |
| Accounting services fees | 32423 |
| Legal fees | 26716 |
| Compensation of chief compliance officer | 86 |
| Compensation of board members | 16787 |
| Deferred compensation of board members | 24085 |
| Other | 12993 |
| Total expenses | 3027516 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates | (116878)<br>|
| Total net expenses | 2910638 |
| **Net investment income** | 20987696 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 8105 |
| Net realized gain | 8105 |
| Net realized and unrealized gain | 8105 |
| **Net increase in net assets resulting from operations** | **$20995801** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio - Government Money Market Fund \| 2025

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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 | $20987696 | &nbsp;&nbsp; $24216385 |
| Net realized gain | 8105 | &nbsp;&nbsp; 8427 |
| Net increase in net assets resulting from operations | 20995801 | &nbsp;&nbsp; 24224812 |
| **Distributions to shareholders** |  |  |
| Net investment income and net realized gains  |  |  |
| Class 1 | (2508287)<br>| &nbsp;&nbsp; (4453243)<br>|
| Class 2 | (8201674)<br>| &nbsp;&nbsp; (8115082)<br>|
| Class 3 | (10277740)<br>| &nbsp;&nbsp; (11648128)<br>|
| Total distributions to shareholders | (20987701)<br>| &nbsp;&nbsp; (24216453)<br>|
| Increase in net assets from capital stock activity | 46284698 | &nbsp;&nbsp; 24802175 |
| Total increase in net assets | 46292798 | &nbsp;&nbsp; 24810534 |
| Net assets at beginning of year | 510325426 | &nbsp;&nbsp; 485514892 |
| **Net assets at end of year** | **$556618224** | &nbsp;&nbsp; **$510325426** |

---

&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 | 15415992 | &nbsp;&nbsp;&nbsp;&nbsp; 15415991 | &nbsp;&nbsp;&nbsp;&nbsp; 22228966 | &nbsp;&nbsp;&nbsp;&nbsp; 22228966 |
| Distributions reinvested | 2509948 | &nbsp;&nbsp;&nbsp;&nbsp; 2509948 | &nbsp;&nbsp;&nbsp;&nbsp; 4232806 | &nbsp;&nbsp;&nbsp;&nbsp; 4232806 |
| Shares redeemed | (19788085)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (19788085)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (51716990)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (51740770)<br>|
| Net decrease | (1862145)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1862146)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (25255218)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (25278998)<br>|
| Class 2 |  |  |  |  |
| Shares sold | 102860118 | &nbsp;&nbsp;&nbsp;&nbsp; 102860118 | &nbsp;&nbsp;&nbsp;&nbsp; 43168086 | &nbsp;&nbsp;&nbsp;&nbsp; 43168085 |
| Distributions reinvested | 8200951 | &nbsp;&nbsp;&nbsp;&nbsp; 8200951 | &nbsp;&nbsp;&nbsp;&nbsp; 8118943 | &nbsp;&nbsp;&nbsp;&nbsp; 8118943 |
| Shares redeemed | (57201739)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (57201739)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (50110756)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (50110756)<br>|
| Net increase | 53859330 | &nbsp;&nbsp;&nbsp;&nbsp; 53859330 | &nbsp;&nbsp;&nbsp;&nbsp; 1176273 | &nbsp;&nbsp;&nbsp;&nbsp; 1176272 |
| Class 3 |  |  |  |  |
| Shares sold | 34511897 | &nbsp;&nbsp;&nbsp;&nbsp; 34511898 | &nbsp;&nbsp;&nbsp;&nbsp; 83216179 | &nbsp;&nbsp;&nbsp;&nbsp; 83216179 |
| Distributions reinvested | 10284282 | &nbsp;&nbsp;&nbsp;&nbsp; 10284282 | &nbsp;&nbsp;&nbsp;&nbsp; 11647674 | &nbsp;&nbsp;&nbsp;&nbsp; 11647674 |
| Shares redeemed | (50508666)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (50508666)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (45982732)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (45958952)<br>|
| Net increase (decrease) | (5712487)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5712486)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 48881121 | &nbsp;&nbsp;&nbsp;&nbsp; 48904901 |
| **Total net increase** | **46284698** | &nbsp;&nbsp;&nbsp;&nbsp; **46284698** | &nbsp;&nbsp;&nbsp;&nbsp; **24802176** | &nbsp;&nbsp;&nbsp;&nbsp; **24802175** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio - Government Money Market Fund \| 2025

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Columbia Variable Portfolio - Government Money Market Fund \| 2025

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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 is 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. 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**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**investment** <br>**income**<br>| **Total** <br>**distributions to** <br>**shareholders**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | $1.00<br>| 0.04<br>| &nbsp;&nbsp; (0.00 )<sup>(b)</sup><br>| 0.04<br>| &nbsp;&nbsp; (0.04) <br>| &nbsp;&nbsp; (0.04) <br>|
| Year Ended 12/31/2024 | $1.00<br>| 0.05<br>| &nbsp;&nbsp; (0.00) <br>| 0.05<br>| &nbsp;&nbsp; (0.05) <br>| &nbsp;&nbsp; (0.05) <br>|
| Year Ended 12/31/2023 | $1.00<br>| 0.05<br>| &nbsp;&nbsp; (0.00) <br>| 0.05<br>| &nbsp;&nbsp; (0.05) <br>| &nbsp;&nbsp; (0.05) <br>|
| Year Ended 12/31/2022 | $1.00<br>| 0.01<br>| &nbsp;&nbsp; (0.00) <br>| 0.01<br>| &nbsp;&nbsp; (0.01) <br>| &nbsp;&nbsp; (0.01) <br>|
| Year Ended 12/31/2021 | $1.00<br>| 0.00<br>| &nbsp;&nbsp; (0.00) <br>| 0.00<br>| &nbsp;&nbsp; (0.00) <br>| &nbsp;&nbsp; (0.00) <br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $1.00<br>| 0.04<br>| &nbsp;&nbsp; (0.00 )<sup>(b)</sup><br>| 0.04<br>| &nbsp;&nbsp; (0.04) <br>| &nbsp;&nbsp; (0.04) <br>|
| Year Ended 12/31/2024 | $1.00<br>| 0.05<br>| &nbsp;&nbsp; (0.00) <br>| 0.05<br>| &nbsp;&nbsp; (0.05) <br>| &nbsp;&nbsp; (0.05) <br>|
| Year Ended 12/31/2023 | $1.00<br>| 0.04<br>| &nbsp;&nbsp; (0.00) <br>| 0.04<br>| &nbsp;&nbsp; (0.04) <br>| &nbsp;&nbsp; (0.04) <br>|
| Year Ended 12/31/2022 | $1.00<br>| 0.01<br>| &nbsp;&nbsp; (0.00) <br>| 0.01<br>| &nbsp;&nbsp; (0.01) <br>| &nbsp;&nbsp; (0.01) <br>|
| Year Ended 12/31/2021 | $1.00<br>| 0.00<br>| &nbsp;&nbsp; (0.00) <br>| 0.00<br>| &nbsp;&nbsp; (0.00) <br>| &nbsp;&nbsp; (0.00) <br>|
| **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** |
| Year Ended 12/31/2025 | $1.00<br>| 0.04<br>| &nbsp;&nbsp; (0.00 )<sup>(b)</sup><br>| 0.04<br>| &nbsp;&nbsp; (0.04) <br>| &nbsp;&nbsp; (0.04) <br>|
| Year Ended 12/31/2024 | $1.00<br>| 0.05<br>| &nbsp;&nbsp; (0.00) <br>| 0.05<br>| &nbsp;&nbsp; (0.05) <br>| &nbsp;&nbsp; (0.05) <br>|
| Year Ended 12/31/2023 | $1.00<br>| 0.05<br>| &nbsp;&nbsp; (0.00) <br>| 0.05<br>| &nbsp;&nbsp; (0.05) <br>| &nbsp;&nbsp; (0.05) <br>|
| Year Ended 12/31/2022 | $1.00<br>| 0.01<br>| &nbsp;&nbsp; (0.00) <br>| 0.01<br>| &nbsp;&nbsp; (0.01) <br>| &nbsp;&nbsp; (0.01) <br>|
| Year Ended 12/31/2021 | $1.00<br>| 0.00<br>| 0.00<br>| 0.00<br>| &nbsp;&nbsp; (0.00) <br>| &nbsp;&nbsp; (0.00) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Notes to Financial Highlights**  | **Notes to Financial Highlights**  |
| (a) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.  |
| (b) | 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. |
| (c) | Ratios include the impact of voluntary waivers paid by the Investment Manager. For the periods indicated below, if the Investment Manager had not paid these voluntary waivers, the Fund's net expense ratio would increase by: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **12/31/2022** | **12/31/2021** |
| Class 1 | 0.10% | &nbsp;&nbsp; 0.40% |
| Class 2 | 0.21% | &nbsp;&nbsp; 0.66% |
| Class 3 | 0.16% | &nbsp;&nbsp; 0.53% |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio - Government Money Market Fund \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total gross** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total net** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment** <br>**income** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp;&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** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.00<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.97%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.36%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.91%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $64144<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.00<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.97%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.40%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.89%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $66005<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.00<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.74%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.42%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.36%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $91283<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.00<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.22%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.45%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.21%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $89219<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.00<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.02%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.48%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $88117<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.00<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.71%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.61%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.67%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $229097<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.00<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.71%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.65%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $175234<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.00<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.48%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.67%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.61%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.41%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $174055<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.00<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.12%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.69%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.48% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $170487<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.00<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.02%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.73%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $109160<br>|
| **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.00<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.84%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.51%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.48%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.79%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $263377<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.00<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.84%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.53%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.48%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $269086<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.00<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.61%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.54%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.49%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.52%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $220177<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.00<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.17%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.57%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.40% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.21%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $231856<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.00<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.02%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.61%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $198713<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio - Government Money Market Fund \| 2025

------

Notes to Financial Statements

December 31, 2025

Note 1. Organization

Columbia Variable Portfolio - Government Money Market 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**

Certain securities in the Fund are valued utilizing the amortized cost valuation method permitted in accordance with Rule 2a-7 under the 1940 Act provided certain conditions are met, including that the Board of Trustees continues to believe that the amortized cost valuation method fairly reflects the market-based net asset value per share of the Fund. This method involves valuing a portfolio security initially at its cost and thereafter assuming a constant accretion or amortization to maturity of any discount or premium, respectively. The Board of Trustees has established procedures intended to stabilize the Fund's net asset value for purposes of purchases and redemptions of Fund shares at $1.00 per share. These procedures

Columbia Variable Portfolio - Government Money Market Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

include determinations, at such intervals as the Board of Trustees deems appropriate and reasonable in light of current market conditions, of the extent, if any, to which the Fund's market-based net asset value deviates from $1.00 per share. In the event such deviation exceeds 1/2 of 1%, the Board of Trustees will promptly consider what action, if any, should be initiated.

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.

**Repurchase agreements** 

The Fund may invest in repurchase agreement transactions with institutions that management has determined are creditworthy. The Fund, through the custodian, receives delivery of the underlying securities collateralizing a repurchase agreement. Management is responsible for determining that the collateral is at least equal, at all times, to the value of the repurchase obligation including interest. A repurchase agreement transaction involves certain risks in the event of default or insolvency of the counterparty. These risks include possible delays in or restrictions on the Fund's ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.

**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:

---

| | |
|:---|:---|
|  | **RBC** <br>**Dominion** <br>**Securities**<br>|
| **Assets** |  |
| Repurchase agreements | $&nbsp;&nbsp; 120000000 |
| **Total financial and derivative net assets** | &nbsp;&nbsp; **120000000** |
| Total collateral received (pledged) <sup>(a)</sup> <br>| &nbsp;&nbsp; 120000000 |
| **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**

Dividend income is recorded on the ex-dividend date.

Interest income, including amortization of premium and discount, is recognized daily.

**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.

Columbia Variable Portfolio - Government Money Market Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**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.

**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 daily 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 to seek to maintain a net asset value of $1.00 per share, unless such capital gains are offset by any available capital loss carryforward. 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 management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.29% to 0.08% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2025 was 0.29% 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.

Columbia Variable Portfolio - Government Money Market 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 0.06% 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;0.36 |
| 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;0.61 |
| 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;0.485 |

---

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. In addition, from time to time, the Investment Manager and its affiliates may waive or absorb expenses of the Fund with the intent of allowing the Fund to avoid a negative net yield or to increase the Fund's positive net yield. The Fund's yield would be negative if Fund expenses exceed Fund income. Any such expense limitation is voluntary and may be revised or terminated at any time without notice to shareholders and, accordingly, any positive net yield resulting therefrom will cease. 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 - Government Money Market Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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 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.

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>|
| 4533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4533)<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.

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 ($)**<br>| **Total ($)** |
| 20987701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20987701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24216453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24216453 |

---

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>|
| 87914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

At December 31, 2025, the cost of all investments for federal income tax purposes was $541,214,811. Tax cost of investments 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. 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 - Government Money Market Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

As noted above, the Fund may only participate in the Interfund Program as a lending fund. The Fund did not lend money under the Interfund Program during the year ended December 31, 2025.

Note 6. 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 7. 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 92.9% 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.

Columbia Variable Portfolio - Government Money Market Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

Note 8. 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 9. 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 - Government Money Market 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 - Government Money Market 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 - Government Money Market 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 brokers. 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 - Government Money Market Fund \| 2025

------

Federal Income Tax Information

(Unaudited)

The Fund hereby designates the following tax attributes for the fiscal year ended December 31, 2025.

---

| |
|:---|
| **Section** <br>**163(j)** <br>**Interest** <br>**Dividends**<br>|
| 99.97% |

---

Section 163(j) Interest Dividends. The percentage of ordinary income distributed during the fiscal year that shareholders may treat as interest income for purposes of IRC Section 163(j), subject to holding period requirements and other limitations.

Columbia Variable Portfolio - Government Money Market Fund \| 2025

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**Columbia Variable Portfolio - Government Money Market Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g59364img3dd0f5952.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.

ANN7009_12_T01_(02/26)

------

![](g59364img1e76bb891.jpg)

Columbia Variable Portfolio – High Yield Bond 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_8c9f1966-8042-457b-9b94-2a02c00e32fd_POI-CommonContent-Date-242_1) | 3 |
| [Statement of Assets and Liabilities](#xx_8c9f1966-8042-457b-9b94-2a02c00e32fd_FS-CommonContent-Date-242_1) | 16 |
| [Statement of Operations](#xx_8c9f1966-8042-457b-9b94-2a02c00e32fd_FS-CommonContent-Date-242_2) | 17 |
| [Statement of Changes in Net Assets](#xx_8c9f1966-8042-457b-9b94-2a02c00e32fd_FS-CommonContent-Date-242_3) | 18 |
| [Financial Highlights](#xx_8c9f1966-8042-457b-9b94-2a02c00e32fd_FIHI-CommonContent-Date-242_2) | 20 |
| [Notes to Financial Statements](#xx_8c9f1966-8042-457b-9b94-2a02c00e32fd_NTF-CommonContent-Date-242_1) | 22 |
| [Report of Independent Registered Public Accounting Firm](#xx_8c9f1966-8042-457b-9b94-2a02c00e32fd_AUD-CommonContent-Date-242_1) | 31 |

---

Columbia Variable Portfolio – High Yield Bond 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 0.1%** | **Common Stocks 0.1%** | **Common Stocks 0.1%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Communication Services 0.1%** | **Communication Services 0.1%** | **Communication Services 0.1%** |
| **Wireless Telecommunication Services 0.1%** | **Wireless Telecommunication Services 0.1%** | **Wireless Telecommunication Services 0.1%** |
| Altice Luxco 3<sup>(a)</sup> <br>| &nbsp;&nbsp; 18356 | &nbsp;&nbsp; 330590 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **330590** |
| Total Common Stocks <br>(Cost $2) | Total Common Stocks <br>(Cost $2) | &nbsp;&nbsp; **330590** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Convertible Bonds 0.5%** | **Convertible Bonds 0.5%** | **Convertible Bonds 0.5%** | **Convertible Bonds 0.5%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Electric 0.5%** | **Electric 0.5%** | **Electric 0.5%** | **Electric 0.5%** |
| NextEra Energy Partners LP<sup>(b)</sup>  | NextEra Energy Partners LP<sup>(b)</sup>  | NextEra Energy Partners LP<sup>(b)</sup>  | NextEra Energy Partners LP<sup>(b)</sup>  |
| 06/15/2026 | &nbsp;&nbsp; 2.500% | 1468622 | &nbsp;&nbsp; 1441159 |
| Total Convertible Bonds <br>(Cost $1,438,168) | Total Convertible Bonds <br>(Cost $1,438,168) | Total Convertible Bonds <br>(Cost $1,438,168) | &nbsp;&nbsp; **1441159** |
| **Corporate Bonds & Notes 93.0%** | **Corporate Bonds & Notes 93.0%** | **Corporate Bonds & Notes 93.0%** | **Corporate Bonds & Notes 93.0%** |
| **Aerospace & Defense 1.8%** | **Aerospace & Defense 1.8%** | **Aerospace & Defense 1.8%** | **Aerospace & Defense 1.8%** |
| Allegheny Technologies, Inc. | Allegheny Technologies, Inc. | Allegheny Technologies, Inc. | Allegheny Technologies, Inc. |
| 10/01/2029 | &nbsp;&nbsp; 4.875% | 212000 | &nbsp;&nbsp; 211922 |
| 10/01/2031 | &nbsp;&nbsp; 5.125% | 886000 | &nbsp;&nbsp; 887267 |
| TransDigm, Inc.<sup>(b)</sup>  | TransDigm, Inc.<sup>(b)</sup>  | TransDigm, Inc.<sup>(b)</sup>  | TransDigm, Inc.<sup>(b)</sup>  |
| 03/01/2029 | &nbsp;&nbsp; 6.375% | 932000 | &nbsp;&nbsp; 962224 |
| 03/01/2032 | &nbsp;&nbsp; 6.625% | 1222000 | &nbsp;&nbsp; 1271244 |
| 01/15/2033 | &nbsp;&nbsp; 6.000% | 52000 | &nbsp;&nbsp; 53223 |
| 05/31/2033 | &nbsp;&nbsp; 6.375% | 1259000 | &nbsp;&nbsp; 1291364 |
| 01/31/2034 | &nbsp;&nbsp; 6.750% | 722000 | &nbsp;&nbsp; 752685 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **5429929** |
| **Airlines 0.8%** | **Airlines 0.8%** | **Airlines 0.8%** | **Airlines 0.8%** |
| American Airlines, Inc.<sup>(b)</sup>  | American Airlines, Inc.<sup>(b)</sup>  | American Airlines, Inc.<sup>(b)</sup>  | American Airlines, Inc.<sup>(b)</sup>  |
| 05/15/2029 | &nbsp;&nbsp; 8.500% | 790000 | &nbsp;&nbsp; 824737 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(b)</sup>  | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(b)</sup>  | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(b)</sup>  | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(b)</sup>  |
| 04/20/2026 | &nbsp;&nbsp; 5.500% | 134767 | &nbsp;&nbsp; 134958 |
| 04/20/2029 | &nbsp;&nbsp; 5.750% | 1279753 | &nbsp;&nbsp; 1303052 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2262747** |
| **Automotive 2.7%** | **Automotive 2.7%** | **Automotive 2.7%** | **Automotive 2.7%** |
| American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. |
| 10/01/2029 | &nbsp;&nbsp; 5.000% | 325000 | &nbsp;&nbsp; 312943 |
| American Axle & Manufacturing, Inc.<sup>(b)</sup>  | American Axle & Manufacturing, Inc.<sup>(b)</sup>  | American Axle & Manufacturing, Inc.<sup>(b)</sup>  | American Axle & Manufacturing, Inc.<sup>(b)</sup>  |
| 10/15/2032 | &nbsp;&nbsp; 6.375% | 331000 | &nbsp;&nbsp; 337139 |
| 10/15/2033 | &nbsp;&nbsp; 7.750% | 899000 | &nbsp;&nbsp; 915823 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Clarios Global LP/US Finance Co.<sup>(b)</sup>  | Clarios Global LP/US Finance Co.<sup>(b)</sup>  | Clarios Global LP/US Finance Co.<sup>(b)</sup>  | Clarios Global LP/US Finance Co.<sup>(b)</sup>  |
| 02/15/2030 | &nbsp;&nbsp; 6.750% | 585000 | &nbsp;&nbsp; 611143 |
| 09/15/2032 | &nbsp;&nbsp; 6.750% | 585000 | &nbsp;&nbsp; 606794 |
| Forvia SE<sup>(b)</sup>  | Forvia SE<sup>(b)</sup>  | Forvia SE<sup>(b)</sup>  | Forvia SE<sup>(b)</sup>  |
| 09/15/2033 | &nbsp;&nbsp; 6.750% | 389000 | &nbsp;&nbsp; 400193 |
| IHO Verwaltungs GmbH<sup>(b),(c)</sup>  | IHO Verwaltungs GmbH<sup>(b),(c)</sup>  | IHO Verwaltungs GmbH<sup>(b),(c)</sup>  | IHO Verwaltungs GmbH<sup>(b),(c)</sup>  |
| 11/15/2030 | &nbsp;&nbsp; 7.750% | 324000 | &nbsp;&nbsp; 339464 |
| 11/15/2032 | &nbsp;&nbsp; 8.000% | 487000 | &nbsp;&nbsp; 512939 |
| Nissan Motor Acceptance Co. LLC<sup>(b)</sup>  | Nissan Motor Acceptance Co. LLC<sup>(b)</sup>  | Nissan Motor Acceptance Co. LLC<sup>(b)</sup>  | Nissan Motor Acceptance Co. LLC<sup>(b)</sup>  |
| 09/30/2030 | &nbsp;&nbsp; 6.125% | 309000 | &nbsp;&nbsp; 309097 |
| Nissan Motor Co., Ltd.<sup>(b)</sup>  | Nissan Motor Co., Ltd.<sup>(b)</sup>  | Nissan Motor Co., Ltd.<sup>(b)</sup>  | Nissan Motor Co., Ltd.<sup>(b)</sup>  |
| 07/17/2032 | &nbsp;&nbsp; 7.750% | 261000 | &nbsp;&nbsp; 276658 |
| 07/17/2035 | &nbsp;&nbsp; 8.125% | 763000 | &nbsp;&nbsp; 812733 |
| ZF North America Capital, Inc.<sup>(b)</sup>  | ZF North America Capital, Inc.<sup>(b)</sup>  | ZF North America Capital, Inc.<sup>(b)</sup>  | ZF North America Capital, Inc.<sup>(b)</sup>  |
| 04/14/2030 | &nbsp;&nbsp; 7.125% | 181000 | &nbsp;&nbsp; 182664 |
| 03/24/2031 | &nbsp;&nbsp; 7.500% | 1002000 | &nbsp;&nbsp; 1013925 |
| 04/23/2032 | &nbsp;&nbsp; 6.875% | 1434000 | &nbsp;&nbsp; 1392548 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **8024063** |
| **Banking 0.0%** | **Banking 0.0%** | **Banking 0.0%** | **Banking 0.0%** |
| Ally Financial, Inc.<sup>(d)</sup>  | Ally Financial, Inc.<sup>(d)</sup>  | Ally Financial, Inc.<sup>(d)</sup>  | Ally Financial, Inc.<sup>(d)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 01/17/2040 | &nbsp;&nbsp; 6.646% | 142000 | &nbsp;&nbsp; 143072 |
| **Brokerage/Asset Managers/Exchanges 1.9%** | **Brokerage/Asset Managers/Exchanges 1.9%** | **Brokerage/Asset Managers/Exchanges 1.9%** | **Brokerage/Asset Managers/Exchanges 1.9%** |
| AG Issuer LLC<sup>(b)</sup>  | AG Issuer LLC<sup>(b)</sup>  | AG Issuer LLC<sup>(b)</sup>  | AG Issuer LLC<sup>(b)</sup>  |
| 03/01/2028 | &nbsp;&nbsp; 6.250% | 289000 | &nbsp;&nbsp; 290163 |
| Aretec Escrow Issuer 2, Inc.<sup>(b)</sup>  | Aretec Escrow Issuer 2, Inc.<sup>(b)</sup>  | Aretec Escrow Issuer 2, Inc.<sup>(b)</sup>  | Aretec Escrow Issuer 2, Inc.<sup>(b)</sup>  |
| 08/15/2030 | &nbsp;&nbsp; 10.000% | 750000 | &nbsp;&nbsp; 809068 |
| Aretec Escrow Issuer, Inc.<sup>(b)</sup>  | Aretec Escrow Issuer, Inc.<sup>(b)</sup>  | Aretec Escrow Issuer, Inc.<sup>(b)</sup>  | Aretec Escrow Issuer, Inc.<sup>(b)</sup>  |
| 04/01/2029 | &nbsp;&nbsp; 7.500% | 1035000 | &nbsp;&nbsp; 1039687 |
| Focus Financial Partners LLC<sup>(b)</sup>  | Focus Financial Partners LLC<sup>(b)</sup>  | Focus Financial Partners LLC<sup>(b)</sup>  | Focus Financial Partners LLC<sup>(b)</sup>  |
| 09/15/2031 | &nbsp;&nbsp; 6.750% | 598000 | &nbsp;&nbsp; 618431 |
| Hightower Holding LLC<sup>(b)</sup>  | Hightower Holding LLC<sup>(b)</sup>  | Hightower Holding LLC<sup>(b)</sup>  | Hightower Holding LLC<sup>(b)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 6.750% | 565000 | &nbsp;&nbsp; 562744 |
| 01/31/2030 | &nbsp;&nbsp; 9.125% | 837000 | &nbsp;&nbsp; 888125 |
| Osaic Holdings, Inc.<sup>(b)</sup>  | Osaic Holdings, Inc.<sup>(b)</sup>  | Osaic Holdings, Inc.<sup>(b)</sup>  | Osaic Holdings, Inc.<sup>(b)</sup>  |
| 08/01/2032 | &nbsp;&nbsp; 6.750% | 558000 | &nbsp;&nbsp; 582802 |
| 08/01/2033 | &nbsp;&nbsp; 8.000% | 772000 | &nbsp;&nbsp; 799862 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **5590882** |
| **Building Materials 1.7%** | **Building Materials 1.7%** | **Building Materials 1.7%** | **Building Materials 1.7%** |
| LBM Acquisition LLC<sup>(b)</sup>  | LBM Acquisition LLC<sup>(b)</sup>  | LBM Acquisition LLC<sup>(b)</sup>  | LBM Acquisition LLC<sup>(b)</sup>  |
| 01/15/2029 | &nbsp;&nbsp; 6.250% | 310000 | &nbsp;&nbsp; 279177 |
| 06/15/2031 | &nbsp;&nbsp; 9.500% | 662000 | &nbsp;&nbsp; 688056 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – High Yield Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Quikrete Holdings, Inc.<sup>(b)</sup>  | Quikrete Holdings, Inc.<sup>(b)</sup>  | Quikrete Holdings, Inc.<sup>(b)</sup>  | Quikrete Holdings, Inc.<sup>(b)</sup>  |
| 03/01/2032 | &nbsp;&nbsp; 6.375% | 1018000 | &nbsp;&nbsp; 1059325 |
| 03/01/2033 | &nbsp;&nbsp; 6.750% | 816000 | &nbsp;&nbsp; 852051 |
| QXO Building Products, Inc.<sup>(b)</sup>  | QXO Building Products, Inc.<sup>(b)</sup>  | QXO Building Products, Inc.<sup>(b)</sup>  | QXO Building Products, Inc.<sup>(b)</sup>  |
| 04/30/2032 | &nbsp;&nbsp; 6.750% | 603000 | &nbsp;&nbsp; 630050 |
| Standard Building Solutions, Inc.<sup>(b)</sup>  | Standard Building Solutions, Inc.<sup>(b)</sup>  | Standard Building Solutions, Inc.<sup>(b)</sup>  | Standard Building Solutions, Inc.<sup>(b)</sup>  |
| 08/15/2032 | &nbsp;&nbsp; 6.500% | 540000 | &nbsp;&nbsp; 556665 |
| 08/01/2033 | &nbsp;&nbsp; 6.250% | 141000 | &nbsp;&nbsp; 144050 |
| White Cap Supply Holdings LLC<sup>(b)</sup>  | White Cap Supply Holdings LLC<sup>(b)</sup>  | White Cap Supply Holdings LLC<sup>(b)</sup>  | White Cap Supply Holdings LLC<sup>(b)</sup>  |
| 11/15/2030 | &nbsp;&nbsp; 7.375% | 828000 | &nbsp;&nbsp; 855858 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **5065232** |
| **Cable and Satellite 5.5%** | **Cable and Satellite 5.5%** | **Cable and Satellite 5.5%** | **Cable and Satellite 5.5%** |
| CCO Holdings LLC/Capital Corp.<sup>(b)</sup>  | CCO Holdings LLC/Capital Corp.<sup>(b)</sup>  | CCO Holdings LLC/Capital Corp.<sup>(b)</sup>  | CCO Holdings LLC/Capital Corp.<sup>(b)</sup>  |
| 05/01/2027 | &nbsp;&nbsp; 5.125% | 140000 | &nbsp;&nbsp; 139841 |
| 02/01/2028 | &nbsp;&nbsp; 5.000% | 666000 | &nbsp;&nbsp; 660529 |
| 06/01/2029 | &nbsp;&nbsp; 5.375% | 571000 | &nbsp;&nbsp; 564608 |
| 03/01/2030 | &nbsp;&nbsp; 4.750% | 1116000 | &nbsp;&nbsp; 1067604 |
| 08/15/2030 | &nbsp;&nbsp; 4.500% | 1354000 | &nbsp;&nbsp; 1275598 |
| 03/01/2031 | &nbsp;&nbsp; 7.375% | 135000 | &nbsp;&nbsp; 137694 |
| 02/01/2032 | &nbsp;&nbsp; 4.750% | 1029000 | &nbsp;&nbsp; 940405 |
| 01/15/2034 | &nbsp;&nbsp; 4.250% | 655000 | &nbsp;&nbsp; 557647 |
| CCO Holdings LLC/Capital Corp. | CCO Holdings LLC/Capital Corp. | CCO Holdings LLC/Capital Corp. | CCO Holdings LLC/Capital Corp. |
| 05/01/2032 | &nbsp;&nbsp; 4.500% | 590000 | &nbsp;&nbsp; 529599 |
| CSC Holdings LLC<sup>(b)</sup>  | CSC Holdings LLC<sup>(b)</sup>  | CSC Holdings LLC<sup>(b)</sup>  | CSC Holdings LLC<sup>(b)</sup>  |
| 04/15/2027 | &nbsp;&nbsp; 5.500% | 200000 | &nbsp;&nbsp; 171232 |
| 02/01/2028 | &nbsp;&nbsp; 5.375% | 220000 | &nbsp;&nbsp; 159814 |
| 05/15/2028 | &nbsp;&nbsp; 11.250% | 215000 | &nbsp;&nbsp; 170591 |
| 01/31/2029 | &nbsp;&nbsp; 11.750% | 445000 | &nbsp;&nbsp; 331525 |
| 02/01/2029 | &nbsp;&nbsp; 6.500% | 330000 | &nbsp;&nbsp; 218028 |
| 12/01/2030 | &nbsp;&nbsp; 4.625% | 1035000 | &nbsp;&nbsp; 369559 |
| 02/15/2031 | &nbsp;&nbsp; 3.375% | 753000 | &nbsp;&nbsp; 455888 |
| DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. |
| 07/01/2028 | &nbsp;&nbsp; 7.375% | 190000 | &nbsp;&nbsp; 183351 |
| 06/01/2029 | &nbsp;&nbsp; 5.125% | 335000 | &nbsp;&nbsp; 297688 |
| DISH DBS Corp.<sup>(b)</sup>  | DISH DBS Corp.<sup>(b)</sup>  | DISH DBS Corp.<sup>(b)</sup>  | DISH DBS Corp.<sup>(b)</sup>  |
| 12/01/2028 | &nbsp;&nbsp; 5.750% | 640000 | &nbsp;&nbsp; 626207 |
| DISH Network Corp.<sup>(b)</sup>  | DISH Network Corp.<sup>(b)</sup>  | DISH Network Corp.<sup>(b)</sup>  | DISH Network Corp.<sup>(b)</sup>  |
| 11/15/2027 | &nbsp;&nbsp; 11.750% | 1680000 | &nbsp;&nbsp; 1748223 |
| EchoStar Corp. | EchoStar Corp. | EchoStar Corp. | EchoStar Corp. |
| 11/30/2029 | &nbsp;&nbsp; 10.750% | 1127209 | &nbsp;&nbsp; 1245008 |
| EchoStar Corp.<sup>(c)</sup>  | EchoStar Corp.<sup>(c)</sup>  | EchoStar Corp.<sup>(c)</sup>  | EchoStar Corp.<sup>(c)</sup>  |
| 11/30/2030 | &nbsp;&nbsp; 6.750% | 628208 | &nbsp;&nbsp; 643728 |
| Sirius XM Radio, Inc.<sup>(b)</sup>  | Sirius XM Radio, Inc.<sup>(b)</sup>  | Sirius XM Radio, Inc.<sup>(b)</sup>  | Sirius XM Radio, Inc.<sup>(b)</sup>  |
| 09/01/2026 | &nbsp;&nbsp; 3.125% | 607000 | &nbsp;&nbsp; 601349 |
| 08/01/2027 | &nbsp;&nbsp; 5.000% | 299000 | &nbsp;&nbsp; 299413 |
| 07/15/2028 | &nbsp;&nbsp; 4.000% | 380000 | &nbsp;&nbsp; 371317 |
| 07/01/2030 | &nbsp;&nbsp; 4.125% | 310000 | &nbsp;&nbsp; 294942 |
| Virgin Media Finance PLC<sup>(b)</sup>  | Virgin Media Finance PLC<sup>(b)</sup>  | Virgin Media Finance PLC<sup>(b)</sup>  | Virgin Media Finance PLC<sup>(b)</sup>  |
| 07/15/2030 | &nbsp;&nbsp; 5.000% | 513000 | &nbsp;&nbsp; 452272 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| VZ Secured Financing BV<sup>(b)</sup>  | VZ Secured Financing BV<sup>(b)</sup>  | VZ Secured Financing BV<sup>(b)</sup>  | VZ Secured Financing BV<sup>(b)</sup>  |
| 01/15/2032 | &nbsp;&nbsp; 5.000% | 1371000 | &nbsp;&nbsp; 1241538 |
| Ziggo Bond Co. BV<sup>(b)</sup>  | Ziggo Bond Co. BV<sup>(b)</sup>  | Ziggo Bond Co. BV<sup>(b)</sup>  | Ziggo Bond Co. BV<sup>(b)</sup>  |
| 02/28/2030 | &nbsp;&nbsp; 5.125% | 480000 | &nbsp;&nbsp; 428569 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **16183767** |
| **Chemicals 5.3%** | **Chemicals 5.3%** | **Chemicals 5.3%** | **Chemicals 5.3%** |
| Ashland LLC<sup>(b)</sup>  | Ashland LLC<sup>(b)</sup>  | Ashland LLC<sup>(b)</sup>  | Ashland LLC<sup>(b)</sup>  |
| 09/01/2031 | &nbsp;&nbsp; 3.375% | 1280000 | &nbsp;&nbsp; 1167973 |
| Avient Corp.<sup>(b)</sup>  | Avient Corp.<sup>(b)</sup>  | Avient Corp.<sup>(b)</sup>  | Avient Corp.<sup>(b)</sup>  |
| 11/01/2031 | &nbsp;&nbsp; 6.250% | 106000 | &nbsp;&nbsp; 108988 |
| Celanese US Holdings LLC | Celanese US Holdings LLC | Celanese US Holdings LLC | Celanese US Holdings LLC |
| 04/15/2030 | &nbsp;&nbsp; 6.500% | 165000 | &nbsp;&nbsp; 165701 |
| 02/15/2031 | &nbsp;&nbsp; 7.000% | 295000 | &nbsp;&nbsp; 301939 |
| 07/15/2032 | &nbsp;&nbsp; 6.879% | 194000 | &nbsp;&nbsp; 201749 |
| 04/15/2033 | &nbsp;&nbsp; 6.750% | 283000 | &nbsp;&nbsp; 281389 |
| 11/15/2033 | &nbsp;&nbsp; 7.200% | 431000 | &nbsp;&nbsp; 455370 |
| 02/15/2034 | &nbsp;&nbsp; 7.375% | 380000 | &nbsp;&nbsp; 386465 |
| Element Solutions, Inc.<sup>(b)</sup>  | Element Solutions, Inc.<sup>(b)</sup>  | Element Solutions, Inc.<sup>(b)</sup>  | Element Solutions, Inc.<sup>(b)</sup>  |
| 09/01/2028 | &nbsp;&nbsp; 3.875% | 600000 | &nbsp;&nbsp; 586982 |
| HB Fuller Co. | HB Fuller Co. | HB Fuller Co. | HB Fuller Co. |
| 10/15/2028 | &nbsp;&nbsp; 4.250% | 163000 | &nbsp;&nbsp; 161462 |
| Herens Holdco Sarl<sup>(b)</sup>  | Herens Holdco Sarl<sup>(b)</sup>  | Herens Holdco Sarl<sup>(b)</sup>  | Herens Holdco Sarl<sup>(b)</sup>  |
| 05/15/2028 | &nbsp;&nbsp; 4.750% | 630000 | &nbsp;&nbsp; 548865 |
| INEOS Finance PLC<sup>(b)</sup>  | INEOS Finance PLC<sup>(b)</sup>  | INEOS Finance PLC<sup>(b)</sup>  | INEOS Finance PLC<sup>(b)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 7.500% | 973000 | &nbsp;&nbsp; 837242 |
| INEOS Quattro Finance 2 PLC<sup>(b)</sup>  | INEOS Quattro Finance 2 PLC<sup>(b)</sup>  | INEOS Quattro Finance 2 PLC<sup>(b)</sup>  | INEOS Quattro Finance 2 PLC<sup>(b)</sup>  |
| 03/15/2029 | &nbsp;&nbsp; 9.625% | 1271000 | &nbsp;&nbsp; 881471 |
| Innophos Holdings, Inc.<sup>(b)</sup>  | Innophos Holdings, Inc.<sup>(b)</sup>  | Innophos Holdings, Inc.<sup>(b)</sup>  | Innophos Holdings, Inc.<sup>(b)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 11.500% | 851123 | &nbsp;&nbsp; 772101 |
| Inversion Escrow Issuer LLC<sup>(b)</sup>  | Inversion Escrow Issuer LLC<sup>(b)</sup>  | Inversion Escrow Issuer LLC<sup>(b)</sup>  | Inversion Escrow Issuer LLC<sup>(b)</sup>  |
| 08/01/2032 | &nbsp;&nbsp; 6.750% | 866000 | &nbsp;&nbsp; 862776 |
| Olympus Water US Holding Corp.<sup>(b)</sup>  | Olympus Water US Holding Corp.<sup>(b)</sup>  | Olympus Water US Holding Corp.<sup>(b)</sup>  | Olympus Water US Holding Corp.<sup>(b)</sup>  |
| 10/01/2028 | &nbsp;&nbsp; 4.250% | 500000 | &nbsp;&nbsp; 485179 |
| 10/01/2029 | &nbsp;&nbsp; 6.250% | 745000 | &nbsp;&nbsp; 723769 |
| 06/15/2031 | &nbsp;&nbsp; 7.250% | 583000 | &nbsp;&nbsp; 596784 |
| 02/15/2033 | &nbsp;&nbsp; 7.250% | 571000 | &nbsp;&nbsp; 574287 |
| Qnity Electronics, Inc.<sup>(b)</sup>  | Qnity Electronics, Inc.<sup>(b)</sup>  | Qnity Electronics, Inc.<sup>(b)</sup>  | Qnity Electronics, Inc.<sup>(b)</sup>  |
| 08/15/2032 | &nbsp;&nbsp; 5.750% | 319000 | &nbsp;&nbsp; 326767 |
| 08/15/2033 | &nbsp;&nbsp; 6.250% | 257000 | &nbsp;&nbsp; 266905 |
| SPCM SA<sup>(b)</sup>  | SPCM SA<sup>(b)</sup>  | SPCM SA<sup>(b)</sup>  | SPCM SA<sup>(b)</sup>  |
| 03/15/2027 | &nbsp;&nbsp; 3.125% | 301000 | &nbsp;&nbsp; 295769 |
| Tronox, Inc.<sup>(b)</sup>  | Tronox, Inc.<sup>(b)</sup>  | Tronox, Inc.<sup>(b)</sup>  | Tronox, Inc.<sup>(b)</sup>  |
| 03/15/2029 | &nbsp;&nbsp; 4.625% | 572000 | &nbsp;&nbsp; 400775 |
| 09/30/2030 | &nbsp;&nbsp; 9.125% | 472000 | &nbsp;&nbsp; 469475 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – High Yield Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| WR Grace Holdings LLC<sup>(b)</sup>  | WR Grace Holdings LLC<sup>(b)</sup>  | WR Grace Holdings LLC<sup>(b)</sup>  | WR Grace Holdings LLC<sup>(b)</sup>  |
| 06/15/2027 | &nbsp;&nbsp; 4.875% | 589000 | &nbsp;&nbsp; 588364 |
| 08/15/2029 | &nbsp;&nbsp; 5.625% | 1366000 | &nbsp;&nbsp; 1297103 |
| 03/01/2031 | &nbsp;&nbsp; 7.375% | 677000 | &nbsp;&nbsp; 693977 |
| 08/15/2032 | &nbsp;&nbsp; 6.625% | 1144000 | &nbsp;&nbsp; 1159301 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **15598928** |
| **Construction Machinery 1.2%** | **Construction Machinery 1.2%** | **Construction Machinery 1.2%** | **Construction Machinery 1.2%** |
| Herc Holdings, Inc.<sup>(b)</sup>  | Herc Holdings, Inc.<sup>(b)</sup>  | Herc Holdings, Inc.<sup>(b)</sup>  | Herc Holdings, Inc.<sup>(b)</sup>  |
| 06/15/2030 | &nbsp;&nbsp; 7.000% | 481000 | &nbsp;&nbsp; 505907 |
| 03/15/2031 | &nbsp;&nbsp; 5.750% | 167000 | &nbsp;&nbsp; 169396 |
| 06/15/2033 | &nbsp;&nbsp; 7.250% | 1462000 | &nbsp;&nbsp; 1549540 |
| 03/15/2034 | &nbsp;&nbsp; 6.000% | 172000 | &nbsp;&nbsp; 174274 |
| Ritchie Bros Holdings, Inc.<sup>(b)</sup>  | Ritchie Bros Holdings, Inc.<sup>(b)</sup>  | Ritchie Bros Holdings, Inc.<sup>(b)</sup>  | Ritchie Bros Holdings, Inc.<sup>(b)</sup>  |
| 03/15/2028 | &nbsp;&nbsp; 6.750% | 382000 | &nbsp;&nbsp; 390752 |
| 03/15/2031 | &nbsp;&nbsp; 7.750% | 167000 | &nbsp;&nbsp; 174609 |
| Synergy Infrastructure Holdings LLC<sup>(b)</sup>  | Synergy Infrastructure Holdings LLC<sup>(b)</sup>  | Synergy Infrastructure Holdings LLC<sup>(b)</sup>  | Synergy Infrastructure Holdings LLC<sup>(b)</sup>  |
| 12/01/2030 | &nbsp;&nbsp; 7.875% | 527000 | &nbsp;&nbsp; 547895 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3512373** |
| **Consumer Cyclical Services 1.1%** | **Consumer Cyclical Services 1.1%** | **Consumer Cyclical Services 1.1%** | **Consumer Cyclical Services 1.1%** |
| Arches Buyer, Inc.<sup>(b)</sup>  | Arches Buyer, Inc.<sup>(b)</sup>  | Arches Buyer, Inc.<sup>(b)</sup>  | Arches Buyer, Inc.<sup>(b)</sup>  |
| 06/01/2028 | &nbsp;&nbsp; 4.250% | 444000 | &nbsp;&nbsp; 435803 |
| 12/01/2028 | &nbsp;&nbsp; 6.125% | 1396000 | &nbsp;&nbsp; 1362096 |
| Garda World Security Corp.<sup>(b)</sup>  | Garda World Security Corp.<sup>(b)</sup>  | Garda World Security Corp.<sup>(b)</sup>  | Garda World Security Corp.<sup>(b)</sup>  |
| 08/01/2032 | &nbsp;&nbsp; 8.250% | 140000 | &nbsp;&nbsp; 142254 |
| 11/15/2032 | &nbsp;&nbsp; 8.375% | 285000 | &nbsp;&nbsp; 290736 |
| Match Group Holdings II LLC<sup>(b)</sup>  | Match Group Holdings II LLC<sup>(b)</sup>  | Match Group Holdings II LLC<sup>(b)</sup>  | Match Group Holdings II LLC<sup>(b)</sup>  |
| 10/01/2031 | &nbsp;&nbsp; 3.625% | 318000 | &nbsp;&nbsp; 291342 |
| Match Group, Inc.<sup>(b)</sup>  | Match Group, Inc.<sup>(b)</sup>  | Match Group, Inc.<sup>(b)</sup>  | Match Group, Inc.<sup>(b)</sup>  |
| 06/01/2028 | &nbsp;&nbsp; 4.625% | 858000 | &nbsp;&nbsp; 849919 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3372150** |
| **Consumer Products 1.2%** | **Consumer Products 1.2%** | **Consumer Products 1.2%** | **Consumer Products 1.2%** |
| CD&R Smokey Buyer, Inc./Radio Systems Corp.<sup>(b)</sup>  | CD&R Smokey Buyer, Inc./Radio Systems Corp.<sup>(b)</sup>  | CD&R Smokey Buyer, Inc./Radio Systems Corp.<sup>(b)</sup>  | CD&R Smokey Buyer, Inc./Radio Systems Corp.<sup>(b)</sup>  |
| 10/15/2029 | &nbsp;&nbsp; 9.500% | 171000 | &nbsp;&nbsp; 138313 |
| Newell Brands, Inc.<sup>(b)</sup>  | Newell Brands, Inc.<sup>(b)</sup>  | Newell Brands, Inc.<sup>(b)</sup>  | Newell Brands, Inc.<sup>(b)</sup>  |
| 06/01/2028 | &nbsp;&nbsp; 8.500% | 356000 | &nbsp;&nbsp; 372906 |
| Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. |
| 05/15/2030 | &nbsp;&nbsp; 6.375% | 355000 | &nbsp;&nbsp; 346879 |
| 05/15/2032 | &nbsp;&nbsp; 6.625% | 699000 | &nbsp;&nbsp; 675804 |
| Opal Bidco SAS<sup>(b)</sup>  | Opal Bidco SAS<sup>(b)</sup>  | Opal Bidco SAS<sup>(b)</sup>  | Opal Bidco SAS<sup>(b)</sup>  |
| 03/31/2032 | &nbsp;&nbsp; 6.500% | 526000 | &nbsp;&nbsp; 538784 |
| Prestige Brands, Inc.<sup>(b)</sup>  | Prestige Brands, Inc.<sup>(b)</sup>  | Prestige Brands, Inc.<sup>(b)</sup>  | Prestige Brands, Inc.<sup>(b)</sup>  |
| 01/15/2028 | &nbsp;&nbsp; 5.125% | 335000 | &nbsp;&nbsp; 334941 |
| Scotts Miracle-Gro Co. (The) | Scotts Miracle-Gro Co. (The) | Scotts Miracle-Gro Co. (The) | Scotts Miracle-Gro Co. (The) |
| 04/01/2031 | &nbsp;&nbsp; 4.000% | 310000 | &nbsp;&nbsp; 291969 |
| 02/01/2032 | &nbsp;&nbsp; 4.375% | 175000 | &nbsp;&nbsp; 164226 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Whirlpool Corp. | Whirlpool Corp. | Whirlpool Corp. | Whirlpool Corp. |
| 06/15/2030 | &nbsp;&nbsp; 6.125% | 112000 | &nbsp;&nbsp; 111990 |
| 06/15/2033 | &nbsp;&nbsp; 6.500% | 427000 | &nbsp;&nbsp; 414121 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3389933** |
| **Diversified Manufacturing 2.1%** | **Diversified Manufacturing 2.1%** | **Diversified Manufacturing 2.1%** | **Diversified Manufacturing 2.1%** |
| Amsted Industries, Inc.<sup>(b)</sup>  | Amsted Industries, Inc.<sup>(b)</sup>  | Amsted Industries, Inc.<sup>(b)</sup>  | Amsted Industries, Inc.<sup>(b)</sup>  |
| 03/15/2033 | &nbsp;&nbsp; 6.375% | 136000 | &nbsp;&nbsp; 140079 |
| Chart Industries, Inc.<sup>(b)</sup>  | Chart Industries, Inc.<sup>(b)</sup>  | Chart Industries, Inc.<sup>(b)</sup>  | Chart Industries, Inc.<sup>(b)</sup>  |
| 01/01/2030 | &nbsp;&nbsp; 7.500% | 364000 | &nbsp;&nbsp; 379801 |
| Emerald Debt Merger Sub LLC<sup>(b)</sup>  | Emerald Debt Merger Sub LLC<sup>(b)</sup>  | Emerald Debt Merger Sub LLC<sup>(b)</sup>  | Emerald Debt Merger Sub LLC<sup>(b)</sup>  |
| 12/15/2030 | &nbsp;&nbsp; 6.625% | 947000 | &nbsp;&nbsp; 986157 |
| EMRLD Borrower LP/Co-Issuer, Inc.<sup>(b)</sup>  | EMRLD Borrower LP/Co-Issuer, Inc.<sup>(b)</sup>  | EMRLD Borrower LP/Co-Issuer, Inc.<sup>(b)</sup>  | EMRLD Borrower LP/Co-Issuer, Inc.<sup>(b)</sup>  |
| 07/15/2031 | &nbsp;&nbsp; 6.750% | 391000 | &nbsp;&nbsp; 412170 |
| Esab Corp.<sup>(b)</sup>  | Esab Corp.<sup>(b)</sup>  | Esab Corp.<sup>(b)</sup>  | Esab Corp.<sup>(b)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 6.250% | 295000 | &nbsp;&nbsp; 303641 |
| Gates Corp. (The)<sup>(b)</sup>  | Gates Corp. (The)<sup>(b)</sup>  | Gates Corp. (The)<sup>(b)</sup>  | Gates Corp. (The)<sup>(b)</sup>  |
| 07/01/2029 | &nbsp;&nbsp; 6.875% | 311000 | &nbsp;&nbsp; 323182 |
| Madison IAQ LLC<sup>(b)</sup>  | Madison IAQ LLC<sup>(b)</sup>  | Madison IAQ LLC<sup>(b)</sup>  | Madison IAQ LLC<sup>(b)</sup>  |
| 06/30/2029 | &nbsp;&nbsp; 5.875% | 868000 | &nbsp;&nbsp; 863234 |
| Resideo Funding, Inc.<sup>(b)</sup>  | Resideo Funding, Inc.<sup>(b)</sup>  | Resideo Funding, Inc.<sup>(b)</sup>  | Resideo Funding, Inc.<sup>(b)</sup>  |
| 09/01/2029 | &nbsp;&nbsp; 4.000% | 569000 | &nbsp;&nbsp; 550496 |
| Vertical US Newco, Inc.<sup>(b)</sup>  | Vertical US Newco, Inc.<sup>(b)</sup>  | Vertical US Newco, Inc.<sup>(b)</sup>  | Vertical US Newco, Inc.<sup>(b)</sup>  |
| 07/15/2027 | &nbsp;&nbsp; 5.250% | 257000 | &nbsp;&nbsp; 257524 |
| Wesco Distribution, Inc.<sup>(b)</sup>  | Wesco Distribution, Inc.<sup>(b)</sup>  | Wesco Distribution, Inc.<sup>(b)</sup>  | Wesco Distribution, Inc.<sup>(b)</sup>  |
| 03/15/2033 | &nbsp;&nbsp; 6.375% | 287000 | &nbsp;&nbsp; 299481 |
| WESCO Distribution, Inc.<sup>(b)</sup>  | WESCO Distribution, Inc.<sup>(b)</sup>  | WESCO Distribution, Inc.<sup>(b)</sup>  | WESCO Distribution, Inc.<sup>(b)</sup>  |
| 06/15/2028 | &nbsp;&nbsp; 7.250% | 682000 | &nbsp;&nbsp; 692516 |
| 03/15/2029 | &nbsp;&nbsp; 6.375% | 273000 | &nbsp;&nbsp; 282232 |
| 03/15/2032 | &nbsp;&nbsp; 6.625% | 691000 | &nbsp;&nbsp; 723697 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **6214210** |
| **Electric 5.6%** | **Electric 5.6%** | **Electric 5.6%** | **Electric 5.6%** |
| Alpha Generation LLC<sup>(b)</sup>  | Alpha Generation LLC<sup>(b)</sup>  | Alpha Generation LLC<sup>(b)</sup>  | Alpha Generation LLC<sup>(b)</sup>  |
| 10/15/2032 | &nbsp;&nbsp; 6.750% | 357000 | &nbsp;&nbsp; 369623 |
| 01/15/2034 | &nbsp;&nbsp; 6.250% | 325000 | &nbsp;&nbsp; 327958 |
| California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<sup>(b)</sup>  | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<sup>(b)</sup>  | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<sup>(b)</sup>  | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<sup>(b)</sup>  |
| 02/15/2032 | &nbsp;&nbsp; 6.375% | 561000 | &nbsp;&nbsp; 561666 |
| Clearway Energy Operating LLC<sup>(b)</sup>  | Clearway Energy Operating LLC<sup>(b)</sup>  | Clearway Energy Operating LLC<sup>(b)</sup>  | Clearway Energy Operating LLC<sup>(b)</sup>  |
| 03/15/2028 | &nbsp;&nbsp; 4.750% | 594000 | &nbsp;&nbsp; 592262 |
| 02/15/2031 | &nbsp;&nbsp; 3.750% | 771000 | &nbsp;&nbsp; 719774 |
| 01/15/2032 | &nbsp;&nbsp; 3.750% | 628000 | &nbsp;&nbsp; 572343 |
| Leeward Renewable Energy Operations LLC<sup>(b)</sup>  | Leeward Renewable Energy Operations LLC<sup>(b)</sup>  | Leeward Renewable Energy Operations LLC<sup>(b)</sup>  | Leeward Renewable Energy Operations LLC<sup>(b)</sup>  |
| 07/01/2029 | &nbsp;&nbsp; 4.250% | 338000 | &nbsp;&nbsp; 320760 |
| Long Ridge Energy LLC<sup>(b)</sup>  | Long Ridge Energy LLC<sup>(b)</sup>  | Long Ridge Energy LLC<sup>(b)</sup>  | Long Ridge Energy LLC<sup>(b)</sup>  |
| 02/15/2032 | &nbsp;&nbsp; 8.750% | 618000 | &nbsp;&nbsp; 657476 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – High Yield Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| NextEra Energy Operating Partners LP<sup>(b)</sup>  | NextEra Energy Operating Partners LP<sup>(b)</sup>  | NextEra Energy Operating Partners LP<sup>(b)</sup>  | NextEra Energy Operating Partners LP<sup>(b)</sup>  |
| 09/15/2027 | &nbsp;&nbsp; 4.500% | 435000 | &nbsp;&nbsp; 430263 |
| 01/15/2029 | &nbsp;&nbsp; 7.250% | 489000 | &nbsp;&nbsp; 501252 |
| NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. |
| 01/15/2028 | &nbsp;&nbsp; 5.750% | 440000 | &nbsp;&nbsp; 440741 |
| NRG Energy, Inc.<sup>(b)</sup>  | NRG Energy, Inc.<sup>(b)</sup>  | NRG Energy, Inc.<sup>(b)</sup>  | NRG Energy, Inc.<sup>(b)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 5.250% | 863000 | &nbsp;&nbsp; 865328 |
| 07/15/2029 | &nbsp;&nbsp; 5.750% | 58000 | &nbsp;&nbsp; 58273 |
| 02/01/2033 | &nbsp;&nbsp; 6.000% | 312000 | &nbsp;&nbsp; 318358 |
| 01/15/2034 | &nbsp;&nbsp; 5.750% | 480000 | &nbsp;&nbsp; 484104 |
| 11/01/2034 | &nbsp;&nbsp; 6.250% | 238000 | &nbsp;&nbsp; 244427 |
| 01/15/2036 | &nbsp;&nbsp; 6.000% | 480000 | &nbsp;&nbsp; 486503 |
| Pattern Energy Operations LP/Inc.<sup>(b)</sup>  | Pattern Energy Operations LP/Inc.<sup>(b)</sup>  | Pattern Energy Operations LP/Inc.<sup>(b)</sup>  | Pattern Energy Operations LP/Inc.<sup>(b)</sup>  |
| 08/15/2028 | &nbsp;&nbsp; 4.500% | 174000 | &nbsp;&nbsp; 171297 |
| PG&E Corp.<sup>(d)</sup>  | PG&E Corp.<sup>(d)</sup>  | PG&E Corp.<sup>(d)</sup>  | PG&E Corp.<sup>(d)</sup>  |
| 03/15/2055 | &nbsp;&nbsp; 7.375% | 330000 | &nbsp;&nbsp; 343715 |
| Talen Energy Supply LLC<sup>(b)</sup>  | Talen Energy Supply LLC<sup>(b)</sup>  | Talen Energy Supply LLC<sup>(b)</sup>  | Talen Energy Supply LLC<sup>(b)</sup>  |
| 02/01/2034 | &nbsp;&nbsp; 6.250% | 566000 | &nbsp;&nbsp; 577250 |
| 02/01/2036 | &nbsp;&nbsp; 6.500% | 566000 | &nbsp;&nbsp; 585533 |
| TerraForm Power Operating LLC<sup>(b)</sup>  | TerraForm Power Operating LLC<sup>(b)</sup>  | TerraForm Power Operating LLC<sup>(b)</sup>  | TerraForm Power Operating LLC<sup>(b)</sup>  |
| 01/31/2028 | &nbsp;&nbsp; 5.000% | 1349000 | &nbsp;&nbsp; 1346877 |
| 01/15/2030 | &nbsp;&nbsp; 4.750% | 446000 | &nbsp;&nbsp; 433378 |
| Vistra Operations Co. LLC<sup>(b)</sup>  | Vistra Operations Co. LLC<sup>(b)</sup>  | Vistra Operations Co. LLC<sup>(b)</sup>  | Vistra Operations Co. LLC<sup>(b)</sup>  |
| 02/15/2027 | &nbsp;&nbsp; 5.625% | 1099000 | &nbsp;&nbsp; 1099642 |
| 07/31/2027 | &nbsp;&nbsp; 5.000% | 277000 | &nbsp;&nbsp; 276884 |
| 10/15/2031 | &nbsp;&nbsp; 7.750% | 922000 | &nbsp;&nbsp; 977723 |
| 04/15/2032 | &nbsp;&nbsp; 6.875% | 357000 | &nbsp;&nbsp; 375900 |
| VoltaGrid LLC<sup>(b)</sup>  | VoltaGrid LLC<sup>(b)</sup>  | VoltaGrid LLC<sup>(b)</sup>  | VoltaGrid LLC<sup>(b)</sup>  |
| 11/01/2030 | &nbsp;&nbsp; 7.375% | 526000 | &nbsp;&nbsp; 521230 |
| XPLR Infrastructure Operating Partners LP<sup>(b)</sup>  | XPLR Infrastructure Operating Partners LP<sup>(b)</sup>  | XPLR Infrastructure Operating Partners LP<sup>(b)</sup>  | XPLR Infrastructure Operating Partners LP<sup>(b)</sup>  |
| 01/15/2031 | &nbsp;&nbsp; 8.375% | 440000 | &nbsp;&nbsp; 461827 |
| 03/15/2033 | &nbsp;&nbsp; 8.625% | 838000 | &nbsp;&nbsp; 880772 |
| 04/15/2034 | &nbsp;&nbsp; 7.750% | 435000 | &nbsp;&nbsp; 441706 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **16444845** |
| **Environmental 0.4%** | **Environmental 0.4%** | **Environmental 0.4%** | **Environmental 0.4%** |
| Clean Harbors, Inc.<sup>(b)</sup>  | Clean Harbors, Inc.<sup>(b)</sup>  | Clean Harbors, Inc.<sup>(b)</sup>  | Clean Harbors, Inc.<sup>(b)</sup>  |
| 02/01/2031 | &nbsp;&nbsp; 6.375% | 103000 | &nbsp;&nbsp; 105952 |
| GFL Environmental, Inc.<sup>(b)</sup>  | GFL Environmental, Inc.<sup>(b)</sup>  | GFL Environmental, Inc.<sup>(b)</sup>  | GFL Environmental, Inc.<sup>(b)</sup>  |
| 01/15/2031 | &nbsp;&nbsp; 6.750% | 436000 | &nbsp;&nbsp; 456913 |
| Waste Pro USA, Inc.<sup>(b)</sup>  | Waste Pro USA, Inc.<sup>(b)</sup>  | Waste Pro USA, Inc.<sup>(b)</sup>  | Waste Pro USA, Inc.<sup>(b)</sup>  |
| 02/01/2033 | &nbsp;&nbsp; 7.000% | 719000 | &nbsp;&nbsp; 741769 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1304634** |
| **Finance Companies 4.6%** | **Finance Companies 4.6%** | **Finance Companies 4.6%** | **Finance Companies 4.6%** |
| Bread Financial Holdings, Inc.<sup>(b)</sup>  | Bread Financial Holdings, Inc.<sup>(b)</sup>  | Bread Financial Holdings, Inc.<sup>(b)</sup>  | Bread Financial Holdings, Inc.<sup>(b)</sup>  |
| 05/15/2031 | &nbsp;&nbsp; 6.750% | 142000 | &nbsp;&nbsp; 147017 |
| CrossCountry Intermediate HoldCo LLC<sup>(b)</sup>  | CrossCountry Intermediate HoldCo LLC<sup>(b)</sup>  | CrossCountry Intermediate HoldCo LLC<sup>(b)</sup>  | CrossCountry Intermediate HoldCo LLC<sup>(b)</sup>  |
| 10/01/2030 | &nbsp;&nbsp; 6.500% | 328000 | &nbsp;&nbsp; 334857 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| GGAM Finance Ltd.<sup>(b)</sup>  | GGAM Finance Ltd.<sup>(b)</sup>  | GGAM Finance Ltd.<sup>(b)</sup>  | GGAM Finance Ltd.<sup>(b)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 6.875% | 103000 | &nbsp;&nbsp; 106736 |
| 03/15/2030 | &nbsp;&nbsp; 5.875% | 1161000 | &nbsp;&nbsp; 1176883 |
| goeasy Ltd.<sup>(b)</sup>  | goeasy Ltd.<sup>(b)</sup>  | goeasy Ltd.<sup>(b)</sup>  | goeasy Ltd.<sup>(b)</sup>  |
| 12/01/2028 | &nbsp;&nbsp; 9.250% | 44000 | &nbsp;&nbsp; 45248 |
| 07/01/2029 | &nbsp;&nbsp; 7.625% | 606000 | &nbsp;&nbsp; 599490 |
| 05/15/2030 | &nbsp;&nbsp; 6.875% | 90000 | &nbsp;&nbsp; 85888 |
| 10/01/2030 | &nbsp;&nbsp; 7.375% | 91000 | &nbsp;&nbsp; 87589 |
| 02/15/2031 | &nbsp;&nbsp; 6.875% | 51000 | &nbsp;&nbsp; 47627 |
| Navient Corp. | Navient Corp. | Navient Corp. | Navient Corp. |
| 03/15/2029 | &nbsp;&nbsp; 5.500% | 294000 | &nbsp;&nbsp; 291604 |
| 03/15/2031 | &nbsp;&nbsp; 11.500% | 414000 | &nbsp;&nbsp; 464198 |
| OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
| 05/15/2029 | &nbsp;&nbsp; 6.625% | 846000 | &nbsp;&nbsp; 876186 |
| 03/15/2030 | &nbsp;&nbsp; 7.875% | 398000 | &nbsp;&nbsp; 420904 |
| 09/15/2030 | &nbsp;&nbsp; 4.000% | 552000 | &nbsp;&nbsp; 517207 |
| 05/15/2031 | &nbsp;&nbsp; 7.500% | 475000 | &nbsp;&nbsp; 499698 |
| 11/15/2031 | &nbsp;&nbsp; 7.125% | 204000 | &nbsp;&nbsp; 213028 |
| 09/15/2032 | &nbsp;&nbsp; 7.125% | 276000 | &nbsp;&nbsp; 287159 |
| 03/15/2033 | &nbsp;&nbsp; 6.500% | 791000 | &nbsp;&nbsp; 797402 |
| 09/15/2033 | &nbsp;&nbsp; 6.750% | 594000 | &nbsp;&nbsp; 602783 |
| Provident Funding Associates LP/PFG Finance Corp.<sup>(b)</sup>  | Provident Funding Associates LP/PFG Finance Corp.<sup>(b)</sup>  | Provident Funding Associates LP/PFG Finance Corp.<sup>(b)</sup>  | Provident Funding Associates LP/PFG Finance Corp.<sup>(b)</sup>  |
| 09/15/2029 | &nbsp;&nbsp; 9.750% | 1325000 | &nbsp;&nbsp; 1396853 |
| Rocket Cos, Inc.<sup>(b)</sup>  | Rocket Cos, Inc.<sup>(b)</sup>  | Rocket Cos, Inc.<sup>(b)</sup>  | Rocket Cos, Inc.<sup>(b)</sup>  |
| 08/01/2030 | &nbsp;&nbsp; 6.125% | 281000 | &nbsp;&nbsp; 290574 |
| 08/01/2033 | &nbsp;&nbsp; 6.375% | 358000 | &nbsp;&nbsp; 373924 |
| Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(b)</sup>  | Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(b)</sup>  | Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(b)</sup>  | Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(b)</sup>  |
| 03/01/2031 | &nbsp;&nbsp; 3.875% | 559000 | &nbsp;&nbsp; 530160 |
| 10/15/2033 | &nbsp;&nbsp; 4.000% | 1164000 | &nbsp;&nbsp; 1081412 |
| Springleaf Finance Corp. | Springleaf Finance Corp. | Springleaf Finance Corp. | Springleaf Finance Corp. |
| 11/15/2029 | &nbsp;&nbsp; 5.375% | 61000 | &nbsp;&nbsp; 61044 |
| United Wholesale Mortgage LLC<sup>(b)</sup>  | United Wholesale Mortgage LLC<sup>(b)</sup>  | United Wholesale Mortgage LLC<sup>(b)</sup>  | United Wholesale Mortgage LLC<sup>(b)</sup>  |
| 06/15/2027 | &nbsp;&nbsp; 5.750% | 280000 | &nbsp;&nbsp; 280657 |
| 04/15/2029 | &nbsp;&nbsp; 5.500% | 182000 | &nbsp;&nbsp; 180698 |
| UWM Holdings LLC<sup>(b)</sup>  | UWM Holdings LLC<sup>(b)</sup>  | UWM Holdings LLC<sup>(b)</sup>  | UWM Holdings LLC<sup>(b)</sup>  |
| 02/01/2030 | &nbsp;&nbsp; 6.625% | 699000 | &nbsp;&nbsp; 707179 |
| 03/15/2031 | &nbsp;&nbsp; 6.250% | 878000 | &nbsp;&nbsp; 876550 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **13380555** |
| **Food and Beverage 1.8%** | **Food and Beverage 1.8%** | **Food and Beverage 1.8%** | **Food and Beverage 1.8%** |
| Chobani Holdco II LLC<sup>(b),(c)</sup>  | Chobani Holdco II LLC<sup>(b),(c)</sup>  | Chobani Holdco II LLC<sup>(b),(c)</sup>  | Chobani Holdco II LLC<sup>(b),(c)</sup>  |
| 10/01/2029 | &nbsp;&nbsp; 8.750% | 832953 | &nbsp;&nbsp; 892034 |
| Darling Ingredients, Inc.<sup>(b)</sup>  | Darling Ingredients, Inc.<sup>(b)</sup>  | Darling Ingredients, Inc.<sup>(b)</sup>  | Darling Ingredients, Inc.<sup>(b)</sup>  |
| 06/15/2030 | &nbsp;&nbsp; 6.000% | 504000 | &nbsp;&nbsp; 512516 |
| Performance Food Group, Inc.<sup>(b)</sup>  | Performance Food Group, Inc.<sup>(b)</sup>  | Performance Food Group, Inc.<sup>(b)</sup>  | Performance Food Group, Inc.<sup>(b)</sup>  |
| 09/15/2032 | &nbsp;&nbsp; 6.125% | 286000 | &nbsp;&nbsp; 295209 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – High Yield Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Post Holdings, Inc.<sup>(b)</sup>  | Post Holdings, Inc.<sup>(b)</sup>  | Post Holdings, Inc.<sup>(b)</sup>  | Post Holdings, Inc.<sup>(b)</sup>  |
| 09/15/2031 | &nbsp;&nbsp; 4.500% | 310000 | &nbsp;&nbsp; 293866 |
| 02/15/2032 | &nbsp;&nbsp; 6.250% | 547000 | &nbsp;&nbsp; 562472 |
| 10/15/2034 | &nbsp;&nbsp; 6.250% | 321000 | &nbsp;&nbsp; 322994 |
| 03/15/2036 | &nbsp;&nbsp; 6.500% | 200000 | &nbsp;&nbsp; 200310 |
| Primo Water Holdings, Inc./Triton Water Holdings, Inc.<sup>(b)</sup>  | Primo Water Holdings, Inc./Triton Water Holdings, Inc.<sup>(b)</sup>  | Primo Water Holdings, Inc./Triton Water Holdings, Inc.<sup>(b)</sup>  | Primo Water Holdings, Inc./Triton Water Holdings, Inc.<sup>(b)</sup>  |
| 04/01/2029 | &nbsp;&nbsp; 6.250% | 700000 | &nbsp;&nbsp; 703817 |
| 04/30/2029 | &nbsp;&nbsp; 4.375% | 498000 | &nbsp;&nbsp; 484844 |
| Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(b)</sup>  | Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(b)</sup>  | Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(b)</sup>  | Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(b)</sup>  |
| 03/01/2029 | &nbsp;&nbsp; 4.625% | 604000 | &nbsp;&nbsp; 582367 |
| US Foods, Inc.<sup>(b)</sup>  | US Foods, Inc.<sup>(b)</sup>  | US Foods, Inc.<sup>(b)</sup>  | US Foods, Inc.<sup>(b)</sup>  |
| 09/15/2028 | &nbsp;&nbsp; 6.875% | 336000 | &nbsp;&nbsp; 346716 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **5197145** |
| **Gaming 3.0%** | **Gaming 3.0%** | **Gaming 3.0%** | **Gaming 3.0%** |
| Caesars Entertainment, Inc.<sup>(b)</sup>  | Caesars Entertainment, Inc.<sup>(b)</sup>  | Caesars Entertainment, Inc.<sup>(b)</sup>  | Caesars Entertainment, Inc.<sup>(b)</sup>  |
| 10/15/2029 | &nbsp;&nbsp; 4.625% | 305000 | &nbsp;&nbsp; 292767 |
| 02/15/2030 | &nbsp;&nbsp; 7.000% | 266000 | &nbsp;&nbsp; 275466 |
| 02/15/2032 | &nbsp;&nbsp; 6.500% | 1254000 | &nbsp;&nbsp; 1284776 |
| 10/15/2032 | &nbsp;&nbsp; 6.000% | 763000 | &nbsp;&nbsp; 742468 |
| Churchill Downs, Inc.<sup>(b)</sup>  | Churchill Downs, Inc.<sup>(b)</sup>  | Churchill Downs, Inc.<sup>(b)</sup>  | Churchill Downs, Inc.<sup>(b)</sup>  |
| 05/01/2031 | &nbsp;&nbsp; 6.750% | 540000 | &nbsp;&nbsp; 560073 |
| Light & Wonder International, Inc.<sup>(b)</sup>  | Light & Wonder International, Inc.<sup>(b)</sup>  | Light & Wonder International, Inc.<sup>(b)</sup>  | Light & Wonder International, Inc.<sup>(b)</sup>  |
| 09/01/2031 | &nbsp;&nbsp; 7.500% | 216000 | &nbsp;&nbsp; 226011 |
| 10/01/2033 | &nbsp;&nbsp; 6.250% | 594000 | &nbsp;&nbsp; 601119 |
| MGM Resorts International | MGM Resorts International | MGM Resorts International | MGM Resorts International |
| 09/15/2029 | &nbsp;&nbsp; 6.125% | 396000 | &nbsp;&nbsp; 407047 |
| Midwest Gaming Borrower LLC<sup>(b)</sup>  | Midwest Gaming Borrower LLC<sup>(b)</sup>  | Midwest Gaming Borrower LLC<sup>(b)</sup>  | Midwest Gaming Borrower LLC<sup>(b)</sup>  |
| 05/01/2029 | &nbsp;&nbsp; 4.875% | 296000 | &nbsp;&nbsp; 291371 |
| Penn National Gaming, Inc.<sup>(b)</sup>  | Penn National Gaming, Inc.<sup>(b)</sup>  | Penn National Gaming, Inc.<sup>(b)</sup>  | Penn National Gaming, Inc.<sup>(b)</sup>  |
| 07/01/2029 | &nbsp;&nbsp; 4.125% | 1090000 | &nbsp;&nbsp; 1009560 |
| Rivers Enterprise Borrower LLC/Finance Corp.<sup>(b)</sup>  | Rivers Enterprise Borrower LLC/Finance Corp.<sup>(b)</sup>  | Rivers Enterprise Borrower LLC/Finance Corp.<sup>(b)</sup>  | Rivers Enterprise Borrower LLC/Finance Corp.<sup>(b)</sup>  |
| 02/01/2033 | &nbsp;&nbsp; 6.625% | 874000 | &nbsp;&nbsp; 894826 |
| Rivers Enterprise Lender LLC/Corp.<sup>(b)</sup>  | Rivers Enterprise Lender LLC/Corp.<sup>(b)</sup>  | Rivers Enterprise Lender LLC/Corp.<sup>(b)</sup>  | Rivers Enterprise Lender LLC/Corp.<sup>(b)</sup>  |
| 10/15/2030 | &nbsp;&nbsp; 6.250% | 428000 | &nbsp;&nbsp; 436534 |
| Scientific Games Holdings LP/US FinCo, Inc.<sup>(b)</sup>  | Scientific Games Holdings LP/US FinCo, Inc.<sup>(b)</sup>  | Scientific Games Holdings LP/US FinCo, Inc.<sup>(b)</sup>  | Scientific Games Holdings LP/US FinCo, Inc.<sup>(b)</sup>  |
| 03/01/2030 | &nbsp;&nbsp; 6.625% | 1403000 | &nbsp;&nbsp; 1246596 |
| Voyager Parent LLC<sup>(b)</sup>  | Voyager Parent LLC<sup>(b)</sup>  | Voyager Parent LLC<sup>(b)</sup>  | Voyager Parent LLC<sup>(b)</sup>  |
| 07/01/2032 | &nbsp;&nbsp; 9.250% | 536000 | &nbsp;&nbsp; 568521 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **8837135** |
| **Health Care 5.6%** | **Health Care 5.6%** | **Health Care 5.6%** | **Health Care 5.6%** |
| Acadia Healthcare Co., Inc.<sup>(b)</sup>  | Acadia Healthcare Co., Inc.<sup>(b)</sup>  | Acadia Healthcare Co., Inc.<sup>(b)</sup>  | Acadia Healthcare Co., Inc.<sup>(b)</sup>  |
| 07/01/2028 | &nbsp;&nbsp; 5.500% | 138000 | &nbsp;&nbsp; 137054 |
| 04/15/2029 | &nbsp;&nbsp; 5.000% | 944000 | &nbsp;&nbsp; 908192 |
| 03/15/2033 | &nbsp;&nbsp; 7.375% | 468000 | &nbsp;&nbsp; 472804 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Avantor Funding, Inc.<sup>(b)</sup>  | Avantor Funding, Inc.<sup>(b)</sup>  | Avantor Funding, Inc.<sup>(b)</sup>  | Avantor Funding, Inc.<sup>(b)</sup>  |
| 07/15/2028 | &nbsp;&nbsp; 4.625% | 429000 | &nbsp;&nbsp; 426573 |
| 11/01/2029 | &nbsp;&nbsp; 3.875% | 914000 | &nbsp;&nbsp; 874622 |
| Bausch & Lomb Escrow Corp.<sup>(b)</sup>  | Bausch & Lomb Escrow Corp.<sup>(b)</sup>  | Bausch & Lomb Escrow Corp.<sup>(b)</sup>  | Bausch & Lomb Escrow Corp.<sup>(b)</sup>  |
| 10/01/2028 | &nbsp;&nbsp; 8.375% | 531000 | &nbsp;&nbsp; 553342 |
| Charles River Laboratories International, Inc.<sup>(b)</sup>  | Charles River Laboratories International, Inc.<sup>(b)</sup>  | Charles River Laboratories International, Inc.<sup>(b)</sup>  | Charles River Laboratories International, Inc.<sup>(b)</sup>  |
| 05/01/2028 | &nbsp;&nbsp; 4.250% | 249000 | &nbsp;&nbsp; 246813 |
| 03/15/2029 | &nbsp;&nbsp; 3.750% | 249000 | &nbsp;&nbsp; 240618 |
| CHS/Community Health Systems, Inc.<sup>(b)</sup>  | CHS/Community Health Systems, Inc.<sup>(b)</sup>  | CHS/Community Health Systems, Inc.<sup>(b)</sup>  | CHS/Community Health Systems, Inc.<sup>(b)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 6.875% | 469000 | &nbsp;&nbsp; 417534 |
| 05/15/2030 | &nbsp;&nbsp; 5.250% | 808000 | &nbsp;&nbsp; 758211 |
| 01/15/2032 | &nbsp;&nbsp; 10.875% | 431000 | &nbsp;&nbsp; 471020 |
| Concentra Escrow Issuer Corp.<sup>(b)</sup>  | Concentra Escrow Issuer Corp.<sup>(b)</sup>  | Concentra Escrow Issuer Corp.<sup>(b)</sup>  | Concentra Escrow Issuer Corp.<sup>(b)</sup>  |
| 07/15/2032 | &nbsp;&nbsp; 6.875% | 434000 | &nbsp;&nbsp; 454715 |
| DaVita, Inc.<sup>(b)</sup>  | DaVita, Inc.<sup>(b)</sup>  | DaVita, Inc.<sup>(b)</sup>  | DaVita, Inc.<sup>(b)</sup>  |
| 06/01/2030 | &nbsp;&nbsp; 4.625% | 360000 | &nbsp;&nbsp; 350319 |
| 07/15/2033 | &nbsp;&nbsp; 6.750% | 415000 | &nbsp;&nbsp; 430580 |
| Indigo Merger Sub, Inc.<sup>(b)</sup>  | Indigo Merger Sub, Inc.<sup>(b)</sup>  | Indigo Merger Sub, Inc.<sup>(b)</sup>  | Indigo Merger Sub, Inc.<sup>(b)</sup>  |
| 07/15/2026 | &nbsp;&nbsp; 2.875% | 50000 | &nbsp;&nbsp; 49605 |
| IQVIA, Inc.<sup>(b)</sup>  | IQVIA, Inc.<sup>(b)</sup>  | IQVIA, Inc.<sup>(b)</sup>  | IQVIA, Inc.<sup>(b)</sup>  |
| 05/15/2030 | &nbsp;&nbsp; 6.500% | 270000 | &nbsp;&nbsp; 280412 |
| 06/01/2032 | &nbsp;&nbsp; 6.250% | 665000 | &nbsp;&nbsp; 695365 |
| LifePoint Health, Inc.<sup>(b)</sup>  | LifePoint Health, Inc.<sup>(b)</sup>  | LifePoint Health, Inc.<sup>(b)</sup>  | LifePoint Health, Inc.<sup>(b)</sup>  |
| 10/15/2030 | &nbsp;&nbsp; 11.000% | 199000 | &nbsp;&nbsp; 218205 |
| Medline Borrower LP/Co-Issuer, Inc.<sup>(b)</sup>  | Medline Borrower LP/Co-Issuer, Inc.<sup>(b)</sup>  | Medline Borrower LP/Co-Issuer, Inc.<sup>(b)</sup>  | Medline Borrower LP/Co-Issuer, Inc.<sup>(b)</sup>  |
| 04/01/2029 | &nbsp;&nbsp; 6.250% | 544000 | &nbsp;&nbsp; 563214 |
| Mozart Debt Merger Sub, Inc.<sup>(b)</sup>  | Mozart Debt Merger Sub, Inc.<sup>(b)</sup>  | Mozart Debt Merger Sub, Inc.<sup>(b)</sup>  | Mozart Debt Merger Sub, Inc.<sup>(b)</sup>  |
| 10/01/2029 | &nbsp;&nbsp; 5.250% | 1152000 | &nbsp;&nbsp; 1158415 |
| Select Medical Corp.<sup>(b)</sup>  | Select Medical Corp.<sup>(b)</sup>  | Select Medical Corp.<sup>(b)</sup>  | Select Medical Corp.<sup>(b)</sup>  |
| 12/01/2032 | &nbsp;&nbsp; 6.250% | 151000 | &nbsp;&nbsp; 147570 |
| Star Parent, Inc.<sup>(b)</sup>  | Star Parent, Inc.<sup>(b)</sup>  | Star Parent, Inc.<sup>(b)</sup>  | Star Parent, Inc.<sup>(b)</sup>  |
| 10/01/2030 | &nbsp;&nbsp; 9.000% | 1093000 | &nbsp;&nbsp; 1168145 |
| Surgery Center Holdings, Inc.<sup>(b)</sup>  | Surgery Center Holdings, Inc.<sup>(b)</sup>  | Surgery Center Holdings, Inc.<sup>(b)</sup>  | Surgery Center Holdings, Inc.<sup>(b)</sup>  |
| 04/15/2032 | &nbsp;&nbsp; 7.250% | 1137000 | &nbsp;&nbsp; 1151902 |
| Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
| 11/01/2027 | &nbsp;&nbsp; 5.125% | 1798000 | &nbsp;&nbsp; 1797915 |
| 10/01/2028 | &nbsp;&nbsp; 6.125% | 293000 | &nbsp;&nbsp; 294191 |
| 06/15/2030 | &nbsp;&nbsp; 6.125% | 446000 | &nbsp;&nbsp; 456732 |
| Tenet Healthcare Corp.<sup>(b)</sup>  | Tenet Healthcare Corp.<sup>(b)</sup>  | Tenet Healthcare Corp.<sup>(b)</sup>  | Tenet Healthcare Corp.<sup>(b)</sup>  |
| 11/15/2032 | &nbsp;&nbsp; 5.500% | 1285000 | &nbsp;&nbsp; 1303307 |
| 11/15/2033 | &nbsp;&nbsp; 6.000% | 456000 | &nbsp;&nbsp; 469521 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **16496896** |
| **Independent Energy 3.9%** | **Independent Energy 3.9%** | **Independent Energy 3.9%** | **Independent Energy 3.9%** |
| Civitas Resources, Inc.<sup>(b)</sup>  | Civitas Resources, Inc.<sup>(b)</sup>  | Civitas Resources, Inc.<sup>(b)</sup>  | Civitas Resources, Inc.<sup>(b)</sup>  |
| 07/01/2028 | &nbsp;&nbsp; 8.375% | 280000 | &nbsp;&nbsp; 288769 |
| 07/01/2031 | &nbsp;&nbsp; 8.750% | 1139000 | &nbsp;&nbsp; 1182327 |
| 06/15/2033 | &nbsp;&nbsp; 9.625% | 1006000 | &nbsp;&nbsp; 1084470 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – High Yield Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| CNX Resources Corp.<sup>(b)</sup>  | CNX Resources Corp.<sup>(b)</sup>  | CNX Resources Corp.<sup>(b)</sup>  | CNX Resources Corp.<sup>(b)</sup>  |
| 01/15/2029 | &nbsp;&nbsp; 6.000% | 342000 | &nbsp;&nbsp; 344687 |
| 03/01/2032 | &nbsp;&nbsp; 7.250% | 394000 | &nbsp;&nbsp; 411739 |
| Colgate Energy Partners III LLC<sup>(b)</sup>  | Colgate Energy Partners III LLC<sup>(b)</sup>  | Colgate Energy Partners III LLC<sup>(b)</sup>  | Colgate Energy Partners III LLC<sup>(b)</sup>  |
| 07/01/2029 | &nbsp;&nbsp; 5.875% | 1394000 | &nbsp;&nbsp; 1400510 |
| Comstock Resources, Inc.<sup>(b)</sup>  | Comstock Resources, Inc.<sup>(b)</sup>  | Comstock Resources, Inc.<sup>(b)</sup>  | Comstock Resources, Inc.<sup>(b)</sup>  |
| 03/01/2029 | &nbsp;&nbsp; 6.750% | 290000 | &nbsp;&nbsp; 289998 |
| 01/15/2030 | &nbsp;&nbsp; 5.875% | 119000 | &nbsp;&nbsp; 115803 |
| Hilcorp Energy I LP/Finance Co.<sup>(b)</sup>  | Hilcorp Energy I LP/Finance Co.<sup>(b)</sup>  | Hilcorp Energy I LP/Finance Co.<sup>(b)</sup>  | Hilcorp Energy I LP/Finance Co.<sup>(b)</sup>  |
| 11/01/2028 | &nbsp;&nbsp; 6.250% | 1728000 | &nbsp;&nbsp; 1741554 |
| 11/01/2033 | &nbsp;&nbsp; 8.375% | 399000 | &nbsp;&nbsp; 406904 |
| 02/15/2035 | &nbsp;&nbsp; 7.250% | 966000 | &nbsp;&nbsp; 918093 |
| Matador Resources Co.<sup>(b)</sup>  | Matador Resources Co.<sup>(b)</sup>  | Matador Resources Co.<sup>(b)</sup>  | Matador Resources Co.<sup>(b)</sup>  |
| 04/15/2028 | &nbsp;&nbsp; 6.875% | 333000 | &nbsp;&nbsp; 340099 |
| 04/15/2032 | &nbsp;&nbsp; 6.500% | 480000 | &nbsp;&nbsp; 486073 |
| 04/15/2033 | &nbsp;&nbsp; 6.250% | 345000 | &nbsp;&nbsp; 344923 |
| Permian Resources Operating LLC<sup>(b)</sup>  | Permian Resources Operating LLC<sup>(b)</sup>  | Permian Resources Operating LLC<sup>(b)</sup>  | Permian Resources Operating LLC<sup>(b)</sup>  |
| 01/15/2032 | &nbsp;&nbsp; 7.000% | 757000 | &nbsp;&nbsp; 788479 |
| 02/01/2033 | &nbsp;&nbsp; 6.250% | 349000 | &nbsp;&nbsp; 358107 |
| SM Energy Co. | SM Energy Co. | SM Energy Co. | SM Energy Co. |
| 07/15/2028 | &nbsp;&nbsp; 6.500% | 273000 | &nbsp;&nbsp; 275862 |
| SM Energy Co.<sup>(b)</sup>  | SM Energy Co.<sup>(b)</sup>  | SM Energy Co.<sup>(b)</sup>  | SM Energy Co.<sup>(b)</sup>  |
| 08/01/2029 | &nbsp;&nbsp; 6.750% | 342000 | &nbsp;&nbsp; 344546 |
| 08/01/2032 | &nbsp;&nbsp; 7.000% | 429000 | &nbsp;&nbsp; 422113 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **11545056** |
| **Leisure 3.6%** | **Leisure 3.6%** | **Leisure 3.6%** | **Leisure 3.6%** |
| Boyne USA, Inc.<sup>(b)</sup>  | Boyne USA, Inc.<sup>(b)</sup>  | Boyne USA, Inc.<sup>(b)</sup>  | Boyne USA, Inc.<sup>(b)</sup>  |
| 05/15/2029 | &nbsp;&nbsp; 4.750% | 436000 | &nbsp;&nbsp; 429975 |
| Carnival Corp.<sup>(b)</sup>  | Carnival Corp.<sup>(b)</sup>  | Carnival Corp.<sup>(b)</sup>  | Carnival Corp.<sup>(b)</sup>  |
| 03/15/2030 | &nbsp;&nbsp; 5.750% | 649000 | &nbsp;&nbsp; 668076 |
| 08/01/2032 | &nbsp;&nbsp; 5.750% | 1119000 | &nbsp;&nbsp; 1149661 |
| 02/15/2033 | &nbsp;&nbsp; 6.125% | 631000 | &nbsp;&nbsp; 651397 |
| Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium <br> Op | Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium <br> Op | Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium <br> Op | Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium <br> Op |
| 04/15/2027 | &nbsp;&nbsp; 5.375% | 585000 | &nbsp;&nbsp; 582304 |
| 10/01/2028 | &nbsp;&nbsp; 6.500% | 295000 | &nbsp;&nbsp; 289104 |
| Cinemark USA, Inc.<sup>(b)</sup>  | Cinemark USA, Inc.<sup>(b)</sup>  | Cinemark USA, Inc.<sup>(b)</sup>  | Cinemark USA, Inc.<sup>(b)</sup>  |
| 07/15/2028 | &nbsp;&nbsp; 5.250% | 372000 | &nbsp;&nbsp; 371964 |
| NCL Corp., Ltd.<sup>(b)</sup>  | NCL Corp., Ltd.<sup>(b)</sup>  | NCL Corp., Ltd.<sup>(b)</sup>  | NCL Corp., Ltd.<sup>(b)</sup>  |
| 01/15/2031 | &nbsp;&nbsp; 5.875% | 783000 | &nbsp;&nbsp; 780301 |
| 02/01/2032 | &nbsp;&nbsp; 6.750% | 628000 | &nbsp;&nbsp; 643250 |
| 09/15/2033 | &nbsp;&nbsp; 6.250% | 633000 | &nbsp;&nbsp; 632849 |
| Six Flags Entertainment Corp.<sup>(b)</sup>  | Six Flags Entertainment Corp.<sup>(b)</sup>  | Six Flags Entertainment Corp.<sup>(b)</sup>  | Six Flags Entertainment Corp.<sup>(b)</sup>  |
| 05/15/2031 | &nbsp;&nbsp; 7.250% | 1414000 | &nbsp;&nbsp; 1358102 |
| Six Flags Entertainment Corp./Theme Parks, Inc.<sup>(b)</sup>  | Six Flags Entertainment Corp./Theme Parks, Inc.<sup>(b)</sup>  | Six Flags Entertainment Corp./Theme Parks, Inc.<sup>(b)</sup>  | Six Flags Entertainment Corp./Theme Parks, Inc.<sup>(b)</sup>  |
| 05/01/2032 | &nbsp;&nbsp; 6.625% | 753000 | &nbsp;&nbsp; 759734 |
| Vail Resorts, Inc.<sup>(b)</sup>  | Vail Resorts, Inc.<sup>(b)</sup>  | Vail Resorts, Inc.<sup>(b)</sup>  | Vail Resorts, Inc.<sup>(b)</sup>  |
| 05/15/2032 | &nbsp;&nbsp; 6.500% | 404000 | &nbsp;&nbsp; 419512 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Viking Cruises Ltd.<sup>(b)</sup>  | Viking Cruises Ltd.<sup>(b)</sup>  | Viking Cruises Ltd.<sup>(b)</sup>  | Viking Cruises Ltd.<sup>(b)</sup>  |
| 07/15/2031 | &nbsp;&nbsp; 9.125% | 910000 | &nbsp;&nbsp; 973913 |
| 10/15/2033 | &nbsp;&nbsp; 5.875% | 1004000 | &nbsp;&nbsp; 1020859 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **10731001** |
| **Lodging 1.1%** | **Lodging 1.1%** | **Lodging 1.1%** | **Lodging 1.1%** |
| Hilton Domestic Operating Co., Inc.<sup>(b)</sup>  | Hilton Domestic Operating Co., Inc.<sup>(b)</sup>  | Hilton Domestic Operating Co., Inc.<sup>(b)</sup>  | Hilton Domestic Operating Co., Inc.<sup>(b)</sup>  |
| 05/01/2031 | &nbsp;&nbsp; 4.000% | 305000 | &nbsp;&nbsp; 291910 |
| 03/15/2033 | &nbsp;&nbsp; 5.875% | 294000 | &nbsp;&nbsp; 302462 |
| 09/15/2033 | &nbsp;&nbsp; 5.750% | 303000 | &nbsp;&nbsp; 310062 |
| Hilton Grand Vacations Borrower Escrow LLC<sup>(b)</sup>  | Hilton Grand Vacations Borrower Escrow LLC<sup>(b)</sup>  | Hilton Grand Vacations Borrower Escrow LLC<sup>(b)</sup>  | Hilton Grand Vacations Borrower Escrow LLC<sup>(b)</sup>  |
| 07/01/2031 | &nbsp;&nbsp; 4.875% | 370000 | &nbsp;&nbsp; 345494 |
| 01/15/2032 | &nbsp;&nbsp; 6.625% | 960000 | &nbsp;&nbsp; 984647 |
| Marriott Ownership Resorts, Inc.<sup>(b)</sup>  | Marriott Ownership Resorts, Inc.<sup>(b)</sup>  | Marriott Ownership Resorts, Inc.<sup>(b)</sup>  | Marriott Ownership Resorts, Inc.<sup>(b)</sup>  |
| 10/01/2033 | &nbsp;&nbsp; 6.500% | 1039000 | &nbsp;&nbsp; 997875 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3232450** |
| **Media and Entertainment 3.4%** | **Media and Entertainment 3.4%** | **Media and Entertainment 3.4%** | **Media and Entertainment 3.4%** |
| Clear Channel Outdoor Holdings, Inc.<sup>(b)</sup>  | Clear Channel Outdoor Holdings, Inc.<sup>(b)</sup>  | Clear Channel Outdoor Holdings, Inc.<sup>(b)</sup>  | Clear Channel Outdoor Holdings, Inc.<sup>(b)</sup>  |
| 04/15/2028 | &nbsp;&nbsp; 7.750% | 720000 | &nbsp;&nbsp; 720291 |
| 06/01/2029 | &nbsp;&nbsp; 7.500% | 640000 | &nbsp;&nbsp; 635775 |
| 04/01/2030 | &nbsp;&nbsp; 7.875% | 635000 | &nbsp;&nbsp; 669707 |
| 02/15/2031 | &nbsp;&nbsp; 7.125% | 518000 | &nbsp;&nbsp; 542148 |
| 03/15/2033 | &nbsp;&nbsp; 7.500% | 527000 | &nbsp;&nbsp; 558227 |
| Gray Media, Inc.<sup>(b)</sup>  | Gray Media, Inc.<sup>(b)</sup>  | Gray Media, Inc.<sup>(b)</sup>  | Gray Media, Inc.<sup>(b)</sup>  |
| 07/15/2032 | &nbsp;&nbsp; 9.625% | 282000 | &nbsp;&nbsp; 292703 |
| 08/15/2033 | &nbsp;&nbsp; 7.250% | 365000 | &nbsp;&nbsp; 373161 |
| iHeartCommunications, Inc.<sup>(b)</sup>  | iHeartCommunications, Inc.<sup>(b)</sup>  | iHeartCommunications, Inc.<sup>(b)</sup>  | iHeartCommunications, Inc.<sup>(b)</sup>  |
| 05/01/2029 | &nbsp;&nbsp; 9.125% | 157700 | &nbsp;&nbsp; 151909 |
| 08/15/2030 | &nbsp;&nbsp; 7.750% | 172520 | &nbsp;&nbsp; 150761 |
| Mav Acquisition Corp.<sup>(b)</sup>  | Mav Acquisition Corp.<sup>(b)</sup>  | Mav Acquisition Corp.<sup>(b)</sup>  | Mav Acquisition Corp.<sup>(b)</sup>  |
| 08/01/2029 | &nbsp;&nbsp; 8.000% | 680000 | &nbsp;&nbsp; 687246 |
| McGraw-Hill Education, Inc.<sup>(b)</sup>  | McGraw-Hill Education, Inc.<sup>(b)</sup>  | McGraw-Hill Education, Inc.<sup>(b)</sup>  | McGraw-Hill Education, Inc.<sup>(b)</sup>  |
| 09/01/2031 | &nbsp;&nbsp; 7.375% | 461000 | &nbsp;&nbsp; 485946 |
| Outfront Media Capital LLC/Corp.<sup>(b)</sup>  | Outfront Media Capital LLC/Corp.<sup>(b)</sup>  | Outfront Media Capital LLC/Corp.<sup>(b)</sup>  | Outfront Media Capital LLC/Corp.<sup>(b)</sup>  |
| 03/15/2030 | &nbsp;&nbsp; 4.625% | 147000 | &nbsp;&nbsp; 143460 |
| Roblox Corp.<sup>(b)</sup>  | Roblox Corp.<sup>(b)</sup>  | Roblox Corp.<sup>(b)</sup>  | Roblox Corp.<sup>(b)</sup>  |
| 05/01/2030 | &nbsp;&nbsp; 3.875% | 301000 | &nbsp;&nbsp; 287648 |
| Snap, Inc.<sup>(b)</sup>  | Snap, Inc.<sup>(b)</sup>  | Snap, Inc.<sup>(b)</sup>  | Snap, Inc.<sup>(b)</sup>  |
| 03/01/2033 | &nbsp;&nbsp; 6.875% | 902000 | &nbsp;&nbsp; 935656 |
| 03/15/2034 | &nbsp;&nbsp; 6.875% | 751000 | &nbsp;&nbsp; 773703 |
| Univision Communications, Inc.<sup>(b)</sup>  | Univision Communications, Inc.<sup>(b)</sup>  | Univision Communications, Inc.<sup>(b)</sup>  | Univision Communications, Inc.<sup>(b)</sup>  |
| 08/15/2028 | &nbsp;&nbsp; 8.000% | 549000 | &nbsp;&nbsp; 568445 |
| 06/30/2030 | &nbsp;&nbsp; 7.375% | 478000 | &nbsp;&nbsp; 485508 |
| WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. |
| 03/15/2032 | &nbsp;&nbsp; 4.279% | 435000 | &nbsp;&nbsp; 381885 |
| 03/15/2042 | &nbsp;&nbsp; 5.050% | 1246000 | &nbsp;&nbsp; 880058 |
| 03/15/2052 | &nbsp;&nbsp; 5.141% | 225000 | &nbsp;&nbsp; 148695 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **9872932** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – High Yield Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Metals and Mining 2.6%** | **Metals and Mining 2.6%** | **Metals and Mining 2.6%** | **Metals and Mining 2.6%** |
| Alcoa Nederland Holding BV<sup>(b)</sup>  | Alcoa Nederland Holding BV<sup>(b)</sup>  | Alcoa Nederland Holding BV<sup>(b)</sup>  | Alcoa Nederland Holding BV<sup>(b)</sup>  |
| 03/15/2031 | &nbsp;&nbsp; 7.125% | 274000 | &nbsp;&nbsp; 290870 |
| Carpenter Technology Corp.<sup>(b)</sup>  | Carpenter Technology Corp.<sup>(b)</sup>  | Carpenter Technology Corp.<sup>(b)</sup>  | Carpenter Technology Corp.<sup>(b)</sup>  |
| 03/01/2034 | &nbsp;&nbsp; 5.625% | 432000 | &nbsp;&nbsp; 439136 |
| Cleveland-Cliffs, Inc.<sup>(b)</sup>  | Cleveland-Cliffs, Inc.<sup>(b)</sup>  | Cleveland-Cliffs, Inc.<sup>(b)</sup>  | Cleveland-Cliffs, Inc.<sup>(b)</sup>  |
| 11/01/2029 | &nbsp;&nbsp; 6.875% | 225000 | &nbsp;&nbsp; 232900 |
| 03/15/2032 | &nbsp;&nbsp; 7.000% | 84000 | &nbsp;&nbsp; 86094 |
| 05/01/2033 | &nbsp;&nbsp; 7.375% | 91000 | &nbsp;&nbsp; 94606 |
| Compass Minerals International, Inc.<sup>(b)</sup>  | Compass Minerals International, Inc.<sup>(b)</sup>  | Compass Minerals International, Inc.<sup>(b)</sup>  | Compass Minerals International, Inc.<sup>(b)</sup>  |
| 07/01/2030 | &nbsp;&nbsp; 8.000% | 271000 | &nbsp;&nbsp; 283579 |
| Constellium SE<sup>(b)</sup>  | Constellium SE<sup>(b)</sup>  | Constellium SE<sup>(b)</sup>  | Constellium SE<sup>(b)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 3.750% | 906000 | &nbsp;&nbsp; 874749 |
| 08/15/2032 | &nbsp;&nbsp; 6.375% | 356000 | &nbsp;&nbsp; 367184 |
| Hudbay Minerals, Inc.<sup>(b)</sup>  | Hudbay Minerals, Inc.<sup>(b)</sup>  | Hudbay Minerals, Inc.<sup>(b)</sup>  | Hudbay Minerals, Inc.<sup>(b)</sup>  |
| 04/01/2029 | &nbsp;&nbsp; 6.125% | 696000 | &nbsp;&nbsp; 705359 |
| Kaiser Aluminum Corp.<sup>(b)</sup>  | Kaiser Aluminum Corp.<sup>(b)</sup>  | Kaiser Aluminum Corp.<sup>(b)</sup>  | Kaiser Aluminum Corp.<sup>(b)</sup>  |
| 06/01/2031 | &nbsp;&nbsp; 4.500% | 1085000 | &nbsp;&nbsp; 1048614 |
| 03/01/2034 | &nbsp;&nbsp; 5.875% | 1024000 | &nbsp;&nbsp; 1028099 |
| Novelis Corp.<sup>(b)</sup>  | Novelis Corp.<sup>(b)</sup>  | Novelis Corp.<sup>(b)</sup>  | Novelis Corp.<sup>(b)</sup>  |
| 01/30/2030 | &nbsp;&nbsp; 4.750% | 1043000 | &nbsp;&nbsp; 1008090 |
| 08/15/2031 | &nbsp;&nbsp; 3.875% | 412000 | &nbsp;&nbsp; 374733 |
| 08/15/2033 | &nbsp;&nbsp; 6.375% | 445000 | &nbsp;&nbsp; 451431 |
| Novelis, Inc.<sup>(b)</sup>  | Novelis, Inc.<sup>(b)</sup>  | Novelis, Inc.<sup>(b)</sup>  | Novelis, Inc.<sup>(b)</sup>  |
| 01/30/2030 | &nbsp;&nbsp; 6.875% | 219000 | &nbsp;&nbsp; 227289 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **7512733** |
| **Midstream 5.5%** | **Midstream 5.5%** | **Midstream 5.5%** | **Midstream 5.5%** |
| AmeriGas Partners LP/Finance Corp.<sup>(b)</sup>  | AmeriGas Partners LP/Finance Corp.<sup>(b)</sup>  | AmeriGas Partners LP/Finance Corp.<sup>(b)</sup>  | AmeriGas Partners LP/Finance Corp.<sup>(b)</sup>  |
| 06/01/2030 | &nbsp;&nbsp; 9.500% | 629000 | &nbsp;&nbsp; 670239 |
| Antero Midstream Partners LP/Finance Corp.<sup>(b)</sup>  | Antero Midstream Partners LP/Finance Corp.<sup>(b)</sup>  | Antero Midstream Partners LP/Finance Corp.<sup>(b)</sup>  | Antero Midstream Partners LP/Finance Corp.<sup>(b)</sup>  |
| 02/01/2032 | &nbsp;&nbsp; 6.625% | 453000 | &nbsp;&nbsp; 469785 |
| CNX Midstream Partners LP<sup>(b)</sup>  | CNX Midstream Partners LP<sup>(b)</sup>  | CNX Midstream Partners LP<sup>(b)</sup>  | CNX Midstream Partners LP<sup>(b)</sup>  |
| 04/15/2030 | &nbsp;&nbsp; 4.750% | 1413000 | &nbsp;&nbsp; 1368489 |
| Delek Logistics Partners LP/Finance Corp.<sup>(b)</sup>  | Delek Logistics Partners LP/Finance Corp.<sup>(b)</sup>  | Delek Logistics Partners LP/Finance Corp.<sup>(b)</sup>  | Delek Logistics Partners LP/Finance Corp.<sup>(b)</sup>  |
| 03/15/2029 | &nbsp;&nbsp; 8.625% | 1281000 | &nbsp;&nbsp; 1339012 |
| 06/30/2033 | &nbsp;&nbsp; 7.375% | 987000 | &nbsp;&nbsp; 1007337 |
| Hess Midstream Operations LP<sup>(b)</sup>  | Hess Midstream Operations LP<sup>(b)</sup>  | Hess Midstream Operations LP<sup>(b)</sup>  | Hess Midstream Operations LP<sup>(b)</sup>  |
| 03/01/2028 | &nbsp;&nbsp; 5.875% | 201000 | &nbsp;&nbsp; 204757 |
| 10/15/2030 | &nbsp;&nbsp; 5.500% | 163000 | &nbsp;&nbsp; 164761 |
| ITT Holdings LLC<sup>(b)</sup>  | ITT Holdings LLC<sup>(b)</sup>  | ITT Holdings LLC<sup>(b)</sup>  | ITT Holdings LLC<sup>(b)</sup>  |
| 08/01/2029 | &nbsp;&nbsp; 6.500% | 91000 | &nbsp;&nbsp; 87277 |
| NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP |
| 04/28/2027 | &nbsp;&nbsp; 5.625% | 124000 | &nbsp;&nbsp; 125312 |
| Rockies Express Pipeline LLC<sup>(b)</sup>  | Rockies Express Pipeline LLC<sup>(b)</sup>  | Rockies Express Pipeline LLC<sup>(b)</sup>  | Rockies Express Pipeline LLC<sup>(b)</sup>  |
| 03/15/2033 | &nbsp;&nbsp; 6.750% | 223000 | &nbsp;&nbsp; 235323 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Sunoco LP<sup>(b),(d),(e)</sup>  | Sunoco LP<sup>(b),(d),(e)</sup>  | Sunoco LP<sup>(b),(d),(e)</sup>  | Sunoco LP<sup>(b),(d),(e)</sup>  |
|  | &nbsp;&nbsp; 7.875% | 870000 | &nbsp;&nbsp; 892188 |
| Sunoco LP<sup>(b)</sup>  | Sunoco LP<sup>(b)</sup>  | Sunoco LP<sup>(b)</sup>  | Sunoco LP<sup>(b)</sup>  |
| 05/01/2029 | &nbsp;&nbsp; 7.000% | 543000 | &nbsp;&nbsp; 566173 |
| 05/01/2032 | &nbsp;&nbsp; 7.250% | 417000 | &nbsp;&nbsp; 440469 |
| 07/01/2033 | &nbsp;&nbsp; 6.250% | 837000 | &nbsp;&nbsp; 857245 |
| TransMontaigne Partners LLC<sup>(b)</sup>  | TransMontaigne Partners LLC<sup>(b)</sup>  | TransMontaigne Partners LLC<sup>(b)</sup>  | TransMontaigne Partners LLC<sup>(b)</sup>  |
| 06/15/2030 | &nbsp;&nbsp; 8.500% | 977000 | &nbsp;&nbsp; 986776 |
| Venture Global Calcasieu Pass LLC<sup>(b)</sup>  | Venture Global Calcasieu Pass LLC<sup>(b)</sup>  | Venture Global Calcasieu Pass LLC<sup>(b)</sup>  | Venture Global Calcasieu Pass LLC<sup>(b)</sup>  |
| 08/15/2031 | &nbsp;&nbsp; 4.125% | 568000 | &nbsp;&nbsp; 516801 |
| 11/01/2033 | &nbsp;&nbsp; 3.875% | 135000 | &nbsp;&nbsp; 115879 |
| Venture Global LNG, Inc.<sup>(b),(d),(e)</sup>  | Venture Global LNG, Inc.<sup>(b),(d),(e)</sup>  | Venture Global LNG, Inc.<sup>(b),(d),(e)</sup>  | Venture Global LNG, Inc.<sup>(b),(d),(e)</sup>  |
|  | &nbsp;&nbsp; 9.000% | 1336000 | &nbsp;&nbsp; 1055675 |
| Venture Global LNG, Inc.<sup>(b)</sup>  | Venture Global LNG, Inc.<sup>(b)</sup>  | Venture Global LNG, Inc.<sup>(b)</sup>  | Venture Global LNG, Inc.<sup>(b)</sup>  |
| 02/01/2029 | &nbsp;&nbsp; 9.500% | 344000 | &nbsp;&nbsp; 356981 |
| 01/15/2030 | &nbsp;&nbsp; 7.000% | 393000 | &nbsp;&nbsp; 377999 |
| 06/01/2031 | &nbsp;&nbsp; 8.375% | 395000 | &nbsp;&nbsp; 392878 |
| 02/01/2032 | &nbsp;&nbsp; 9.875% | 369000 | &nbsp;&nbsp; 381147 |
| Venture Global Plaquemines LNG LLC<sup>(b)</sup>  | Venture Global Plaquemines LNG LLC<sup>(b)</sup>  | Venture Global Plaquemines LNG LLC<sup>(b)</sup>  | Venture Global Plaquemines LNG LLC<sup>(b)</sup>  |
| 12/15/2030 | &nbsp;&nbsp; 6.125% | 210000 | &nbsp;&nbsp; 213808 |
| 01/15/2034 | &nbsp;&nbsp; 6.500% | 777000 | &nbsp;&nbsp; 795423 |
| 06/15/2034 | &nbsp;&nbsp; 6.500% | 278000 | &nbsp;&nbsp; 284197 |
| 05/01/2035 | &nbsp;&nbsp; 7.750% | 650000 | &nbsp;&nbsp; 711687 |
| 01/15/2036 | &nbsp;&nbsp; 6.750% | 1490000 | &nbsp;&nbsp; 1525056 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **16142674** |
| **Oil Field Services 2.0%** | **Oil Field Services 2.0%** | **Oil Field Services 2.0%** | **Oil Field Services 2.0%** |
| Archrock Partners LP/Finance Corp.<sup>(b)</sup>  | Archrock Partners LP/Finance Corp.<sup>(b)</sup>  | Archrock Partners LP/Finance Corp.<sup>(b)</sup>  | Archrock Partners LP/Finance Corp.<sup>(b)</sup>  |
| 09/01/2032 | &nbsp;&nbsp; 6.625% | 348000 | &nbsp;&nbsp; 358456 |
| Kodiak Gas Services LLC<sup>(b)</sup>  | Kodiak Gas Services LLC<sup>(b)</sup>  | Kodiak Gas Services LLC<sup>(b)</sup>  | Kodiak Gas Services LLC<sup>(b)</sup>  |
| 02/15/2029 | &nbsp;&nbsp; 7.250% | 266000 | &nbsp;&nbsp; 276331 |
| 10/01/2033 | &nbsp;&nbsp; 6.500% | 419000 | &nbsp;&nbsp; 427698 |
| 10/01/2035 | &nbsp;&nbsp; 6.750% | 246000 | &nbsp;&nbsp; 252904 |
| Nabors Industries, Inc.<sup>(b)</sup>  | Nabors Industries, Inc.<sup>(b)</sup>  | Nabors Industries, Inc.<sup>(b)</sup>  | Nabors Industries, Inc.<sup>(b)</sup>  |
| 01/31/2030 | &nbsp;&nbsp; 9.125% | 526000 | &nbsp;&nbsp; 552942 |
| 08/15/2031 | &nbsp;&nbsp; 8.875% | 468000 | &nbsp;&nbsp; 454077 |
| 11/15/2032 | &nbsp;&nbsp; 7.625% | 305000 | &nbsp;&nbsp; 299723 |
| Transocean Aquila Ltd.<sup>(b)</sup>  | Transocean Aquila Ltd.<sup>(b)</sup>  | Transocean Aquila Ltd.<sup>(b)</sup>  | Transocean Aquila Ltd.<sup>(b)</sup>  |
| 09/30/2028 | &nbsp;&nbsp; 8.000% | 621846 | &nbsp;&nbsp; 637172 |
| Transocean Titan Financing Ltd.<sup>(b)</sup>  | Transocean Titan Financing Ltd.<sup>(b)</sup>  | Transocean Titan Financing Ltd.<sup>(b)</sup>  | Transocean Titan Financing Ltd.<sup>(b)</sup>  |
| 02/01/2028 | &nbsp;&nbsp; 8.375% | 1440953 | &nbsp;&nbsp; 1471840 |
| Transocean, Inc.<sup>(b)</sup>  | Transocean, Inc.<sup>(b)</sup>  | Transocean, Inc.<sup>(b)</sup>  | Transocean, Inc.<sup>(b)</sup>  |
| 05/15/2031 | &nbsp;&nbsp; 8.500% | 540000 | &nbsp;&nbsp; 534398 |
| USA Compression Partners LP/Finance Corp.<sup>(b)</sup>  | USA Compression Partners LP/Finance Corp.<sup>(b)</sup>  | USA Compression Partners LP/Finance Corp.<sup>(b)</sup>  | USA Compression Partners LP/Finance Corp.<sup>(b)</sup>  |
| 03/15/2029 | &nbsp;&nbsp; 7.125% | 684000 | &nbsp;&nbsp; 708360 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **5973901** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – High Yield Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Other Financial Institutions 0.1%** | **Other Financial Institutions 0.1%** | **Other Financial Institutions 0.1%** | **Other Financial Institutions 0.1%** |
| Altice France Lux 3/Holdings 1<sup>(b)</sup>  | Altice France Lux 3/Holdings 1<sup>(b)</sup>  | Altice France Lux 3/Holdings 1<sup>(b)</sup>  | Altice France Lux 3/Holdings 1<sup>(b)</sup>  |
| 01/15/2033 | &nbsp;&nbsp; 10.000% | 227000 | &nbsp;&nbsp; 208623 |
| **Other Industry 0.2%** | **Other Industry 0.2%** | **Other Industry 0.2%** | **Other Industry 0.2%** |
| Williams Scotsman International, Inc.<sup>(b)</sup>  | Williams Scotsman International, Inc.<sup>(b)</sup>  | Williams Scotsman International, Inc.<sup>(b)</sup>  | Williams Scotsman International, Inc.<sup>(b)</sup>  |
| 08/15/2028 | &nbsp;&nbsp; 4.625% | 290000 | &nbsp;&nbsp; 288897 |
| Williams Scotsman, Inc.<sup>(b)</sup>  | Williams Scotsman, Inc.<sup>(b)</sup>  | Williams Scotsman, Inc.<sup>(b)</sup>  | Williams Scotsman, Inc.<sup>(b)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 6.625% | 253000 | &nbsp;&nbsp; 260919 |
| 04/15/2030 | &nbsp;&nbsp; 6.625% | 160000 | &nbsp;&nbsp; 165476 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **715292** |
| **Other REIT 1.0%** | **Other REIT 1.0%** | **Other REIT 1.0%** | **Other REIT 1.0%** |
| Ladder Capital Finance Holdings LLLP/Corp.<sup>(b)</sup>  | Ladder Capital Finance Holdings LLLP/Corp.<sup>(b)</sup>  | Ladder Capital Finance Holdings LLLP/Corp.<sup>(b)</sup>  | Ladder Capital Finance Holdings LLLP/Corp.<sup>(b)</sup>  |
| 07/15/2031 | &nbsp;&nbsp; 7.000% | 368000 | &nbsp;&nbsp; 390187 |
| Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer<sup>(b)</sup>  | Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer<sup>(b)</sup>  | Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer<sup>(b)</sup>  | Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer<sup>(b)</sup>  |
| 10/01/2028 | &nbsp;&nbsp; 5.875% | 570000 | &nbsp;&nbsp; 570229 |
| 05/15/2029 | &nbsp;&nbsp; 4.875% | 501000 | &nbsp;&nbsp; 488859 |
| RHP Hotel Properties LP/Finance Corp.<sup>(b)</sup>  | RHP Hotel Properties LP/Finance Corp.<sup>(b)</sup>  | RHP Hotel Properties LP/Finance Corp.<sup>(b)</sup>  | RHP Hotel Properties LP/Finance Corp.<sup>(b)</sup>  |
| 07/15/2028 | &nbsp;&nbsp; 7.250% | 167000 | &nbsp;&nbsp; 172078 |
| 04/01/2032 | &nbsp;&nbsp; 6.500% | 428000 | &nbsp;&nbsp; 444037 |
| 06/15/2033 | &nbsp;&nbsp; 6.500% | 306000 | &nbsp;&nbsp; 317507 |
| RLJ Lodging Trust LP<sup>(b)</sup>  | RLJ Lodging Trust LP<sup>(b)</sup>  | RLJ Lodging Trust LP<sup>(b)</sup>  | RLJ Lodging Trust LP<sup>(b)</sup>  |
| 07/01/2026 | &nbsp;&nbsp; 3.750% | 346000 | &nbsp;&nbsp; 343255 |
| Service Properties Trust | Service Properties Trust | Service Properties Trust | Service Properties Trust |
| 06/15/2029 | &nbsp;&nbsp; 8.375% | 306000 | &nbsp;&nbsp; 308001 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3034153** |
| **Packaging 0.9%** | **Packaging 0.9%** | **Packaging 0.9%** | **Packaging 0.9%** |
| Ardagh Metal Packaging Finance USA LLC/PLC<sup>(b)</sup>  | Ardagh Metal Packaging Finance USA LLC/PLC<sup>(b)</sup>  | Ardagh Metal Packaging Finance USA LLC/PLC<sup>(b)</sup>  | Ardagh Metal Packaging Finance USA LLC/PLC<sup>(b)</sup>  |
| 09/01/2029 | &nbsp;&nbsp; 4.000% | 1390000 | &nbsp;&nbsp; 1308398 |
| 01/30/2031 | &nbsp;&nbsp; 6.250% | 296000 | &nbsp;&nbsp; 302670 |
| Clydesdale Acquisition Holdings, Inc.<sup>(b)</sup>  | Clydesdale Acquisition Holdings, Inc.<sup>(b)</sup>  | Clydesdale Acquisition Holdings, Inc.<sup>(b)</sup>  | Clydesdale Acquisition Holdings, Inc.<sup>(b)</sup>  |
| 04/15/2030 | &nbsp;&nbsp; 8.750% | 668000 | &nbsp;&nbsp; 679247 |
| 04/15/2032 | &nbsp;&nbsp; 6.750% | 276000 | &nbsp;&nbsp; 284136 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2574451** |
| **Pharmaceuticals 1.6%** | **Pharmaceuticals 1.6%** | **Pharmaceuticals 1.6%** | **Pharmaceuticals 1.6%** |
| 1261229 BC Ltd.<sup>(b)</sup>  | 1261229 BC Ltd.<sup>(b)</sup>  | 1261229 BC Ltd.<sup>(b)</sup>  | 1261229 BC Ltd.<sup>(b)</sup>  |
| 04/15/2032 | &nbsp;&nbsp; 10.000% | 1265000 | &nbsp;&nbsp; 1317533 |
| Bausch Health Companies, Inc.<sup>(b)</sup>  | Bausch Health Companies, Inc.<sup>(b)</sup>  | Bausch Health Companies, Inc.<sup>(b)</sup>  | Bausch Health Companies, Inc.<sup>(b)</sup>  |
| 01/31/2027 | &nbsp;&nbsp; 8.500% | 110000 | &nbsp;&nbsp; 108960 |
| 06/01/2028 | &nbsp;&nbsp; 4.875% | 596000 | &nbsp;&nbsp; 533628 |
| 09/30/2028 | &nbsp;&nbsp; 11.000% | 151000 | &nbsp;&nbsp; 156610 |
| 02/15/2029 | &nbsp;&nbsp; 6.250% | 169000 | &nbsp;&nbsp; 134262 |
| Grifols Escrow Issuer SA<sup>(b)</sup>  | Grifols Escrow Issuer SA<sup>(b)</sup>  | Grifols Escrow Issuer SA<sup>(b)</sup>  | Grifols Escrow Issuer SA<sup>(b)</sup>  |
| 10/15/2028 | &nbsp;&nbsp; 4.750% | 1539000 | &nbsp;&nbsp; 1520044 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Jazz Securities DAC<sup>(b)</sup>  | Jazz Securities DAC<sup>(b)</sup>  | Jazz Securities DAC<sup>(b)</sup>  | Jazz Securities DAC<sup>(b)</sup>  |
| 01/15/2029 | &nbsp;&nbsp; 4.375% | 363000 | &nbsp;&nbsp; 358122 |
| Organon Finance 1 LLC<sup>(b)</sup>  | Organon Finance 1 LLC<sup>(b)</sup>  | Organon Finance 1 LLC<sup>(b)</sup>  | Organon Finance 1 LLC<sup>(b)</sup>  |
| 04/30/2028 | &nbsp;&nbsp; 4.125% | 331000 | &nbsp;&nbsp; 322459 |
| 04/30/2031 | &nbsp;&nbsp; 5.125% | 136000 | &nbsp;&nbsp; 112703 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **4564321** |
| **Property & Casualty 4.0%** | **Property & Casualty 4.0%** | **Property & Casualty 4.0%** | **Property & Casualty 4.0%** |
| Acrisure LLC/Finance, Inc.<sup>(b)</sup>  | Acrisure LLC/Finance, Inc.<sup>(b)</sup>  | Acrisure LLC/Finance, Inc.<sup>(b)</sup>  | Acrisure LLC/Finance, Inc.<sup>(b)</sup>  |
| 02/01/2029 | &nbsp;&nbsp; 8.250% | 142000 | &nbsp;&nbsp; 147320 |
| 08/01/2029 | &nbsp;&nbsp; 6.000% | 683000 | &nbsp;&nbsp; 675719 |
| 07/01/2032 | &nbsp;&nbsp; 6.750% | 280000 | &nbsp;&nbsp; 287967 |
| Alliant Holdings Intermediate LLC/Co-Issuer<sup>(b)</sup>  | Alliant Holdings Intermediate LLC/Co-Issuer<sup>(b)</sup>  | Alliant Holdings Intermediate LLC/Co-Issuer<sup>(b)</sup>  | Alliant Holdings Intermediate LLC/Co-Issuer<sup>(b)</sup>  |
| 10/15/2027 | &nbsp;&nbsp; 6.750% | 563000 | &nbsp;&nbsp; 564006 |
| 04/15/2028 | &nbsp;&nbsp; 6.750% | 611000 | &nbsp;&nbsp; 622201 |
| 10/01/2031 | &nbsp;&nbsp; 6.500% | 319000 | &nbsp;&nbsp; 329181 |
| 10/01/2032 | &nbsp;&nbsp; 7.375% | 1530000 | &nbsp;&nbsp; 1589122 |
| AmWINS Group, Inc.<sup>(b)</sup>  | AmWINS Group, Inc.<sup>(b)</sup>  | AmWINS Group, Inc.<sup>(b)</sup>  | AmWINS Group, Inc.<sup>(b)</sup>  |
| 02/15/2029 | &nbsp;&nbsp; 6.375% | 272000 | &nbsp;&nbsp; 279208 |
| Ardonagh Finco Ltd.<sup>(b)</sup>  | Ardonagh Finco Ltd.<sup>(b)</sup>  | Ardonagh Finco Ltd.<sup>(b)</sup>  | Ardonagh Finco Ltd.<sup>(b)</sup>  |
| 02/15/2031 | &nbsp;&nbsp; 7.750% | 687000 | &nbsp;&nbsp; 720110 |
| Ardonagh Group Finance Ltd.<sup>(b)</sup>  | Ardonagh Group Finance Ltd.<sup>(b)</sup>  | Ardonagh Group Finance Ltd.<sup>(b)</sup>  | Ardonagh Group Finance Ltd.<sup>(b)</sup>  |
| 02/15/2032 | &nbsp;&nbsp; 8.875% | 1237000 | &nbsp;&nbsp; 1285684 |
| BroadStreet Partners, Inc.<sup>(b)</sup>  | BroadStreet Partners, Inc.<sup>(b)</sup>  | BroadStreet Partners, Inc.<sup>(b)</sup>  | BroadStreet Partners, Inc.<sup>(b)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 5.875% | 1021000 | &nbsp;&nbsp; 1019727 |
| Howden UK Refinance PLC/2 PLC/US Refinance LLC<sup>(b)</sup>  | Howden UK Refinance PLC/2 PLC/US Refinance LLC<sup>(b)</sup>  | Howden UK Refinance PLC/2 PLC/US Refinance LLC<sup>(b)</sup>  | Howden UK Refinance PLC/2 PLC/US Refinance LLC<sup>(b)</sup>  |
| 02/15/2032 | &nbsp;&nbsp; 8.125% | 420000 | &nbsp;&nbsp; 433077 |
| HUB International Ltd.<sup>(b)</sup>  | HUB International Ltd.<sup>(b)</sup>  | HUB International Ltd.<sup>(b)</sup>  | HUB International Ltd.<sup>(b)</sup>  |
| 01/31/2032 | &nbsp;&nbsp; 7.375% | 545000 | &nbsp;&nbsp; 571915 |
| HUB International, Ltd.<sup>(b)</sup>  | HUB International, Ltd.<sup>(b)</sup>  | HUB International, Ltd.<sup>(b)</sup>  | HUB International, Ltd.<sup>(b)</sup>  |
| 06/15/2030 | &nbsp;&nbsp; 7.250% | 2112000 | &nbsp;&nbsp; 2214812 |
| Panther Escrow Issuer LLC<sup>(b)</sup>  | Panther Escrow Issuer LLC<sup>(b)</sup>  | Panther Escrow Issuer LLC<sup>(b)</sup>  | Panther Escrow Issuer LLC<sup>(b)</sup>  |
| 06/01/2031 | &nbsp;&nbsp; 7.125% | 661000 | &nbsp;&nbsp; 685146 |
| Ryan Specialty LLC<sup>(b)</sup>  | Ryan Specialty LLC<sup>(b)</sup>  | Ryan Specialty LLC<sup>(b)</sup>  | Ryan Specialty LLC<sup>(b)</sup>  |
| 08/01/2032 | &nbsp;&nbsp; 5.875% | 287000 | &nbsp;&nbsp; 293463 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **11718658** |
| **Railroads 0.8%** | **Railroads 0.8%** | **Railroads 0.8%** | **Railroads 0.8%** |
| Genesee & Wyoming, Inc.<sup>(b)</sup>  | Genesee & Wyoming, Inc.<sup>(b)</sup>  | Genesee & Wyoming, Inc.<sup>(b)</sup>  | Genesee & Wyoming, Inc.<sup>(b)</sup>  |
| 04/15/2032 | &nbsp;&nbsp; 6.250% | 854000 | &nbsp;&nbsp; 881776 |
| Watco Cos LLC/Finance Corp.<sup>(b)</sup>  | Watco Cos LLC/Finance Corp.<sup>(b)</sup>  | Watco Cos LLC/Finance Corp.<sup>(b)</sup>  | Watco Cos LLC/Finance Corp.<sup>(b)</sup>  |
| 08/01/2032 | &nbsp;&nbsp; 7.125% | 1310000 | &nbsp;&nbsp; 1371585 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2253361** |
| **Restaurants 0.7%** | **Restaurants 0.7%** | **Restaurants 0.7%** | **Restaurants 0.7%** |
| 1011778 BC ULC/New Red Finance, Inc.<sup>(b)</sup>  | 1011778 BC ULC/New Red Finance, Inc.<sup>(b)</sup>  | 1011778 BC ULC/New Red Finance, Inc.<sup>(b)</sup>  | 1011778 BC ULC/New Red Finance, Inc.<sup>(b)</sup>  |
| 09/15/2029 | &nbsp;&nbsp; 5.625% | 462000 | &nbsp;&nbsp; 471339 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – High Yield Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Fertitta Entertainment LLC/Finance Co., Inc.<sup>(b)</sup>  | Fertitta Entertainment LLC/Finance Co., Inc.<sup>(b)</sup>  | Fertitta Entertainment LLC/Finance Co., Inc.<sup>(b)</sup>  | Fertitta Entertainment LLC/Finance Co., Inc.<sup>(b)</sup>  |
| 01/15/2029 | &nbsp;&nbsp; 4.625% | 130000 | &nbsp;&nbsp; 126300 |
| 01/15/2030 | &nbsp;&nbsp; 6.750% | 1215000 | &nbsp;&nbsp; 1154036 |
| Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. |
| 04/01/2032 | &nbsp;&nbsp; 5.375% | 435000 | &nbsp;&nbsp; 440975 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2192650** |
| **Retailers 1.7%** | **Retailers 1.7%** | **Retailers 1.7%** | **Retailers 1.7%** |
| Advance Auto Parts, Inc.<sup>(b)</sup>  | Advance Auto Parts, Inc.<sup>(b)</sup>  | Advance Auto Parts, Inc.<sup>(b)</sup>  | Advance Auto Parts, Inc.<sup>(b)</sup>  |
| 08/01/2030 | &nbsp;&nbsp; 7.000% | 250000 | &nbsp;&nbsp; 251689 |
| 08/01/2033 | &nbsp;&nbsp; 7.375% | 595000 | &nbsp;&nbsp; 598819 |
| Asbury Automotive Group, Inc.<sup>(b)</sup>  | Asbury Automotive Group, Inc.<sup>(b)</sup>  | Asbury Automotive Group, Inc.<sup>(b)</sup>  | Asbury Automotive Group, Inc.<sup>(b)</sup>  |
| 02/15/2032 | &nbsp;&nbsp; 5.000% | 201000 | &nbsp;&nbsp; 195371 |
| Beach Acquisition Bidco LLC<sup>(b),(c)</sup>  | Beach Acquisition Bidco LLC<sup>(b),(c)</sup>  | Beach Acquisition Bidco LLC<sup>(b),(c)</sup>  | Beach Acquisition Bidco LLC<sup>(b),(c)</sup>  |
| 07/15/2033 | &nbsp;&nbsp; 10.000% | 1002000 | &nbsp;&nbsp; 1101527 |
| Belron UK Finance PLC<sup>(b)</sup>  | Belron UK Finance PLC<sup>(b)</sup>  | Belron UK Finance PLC<sup>(b)</sup>  | Belron UK Finance PLC<sup>(b)</sup>  |
| 10/15/2029 | &nbsp;&nbsp; 5.750% | 283000 | &nbsp;&nbsp; 288945 |
| Group 1 Automotive, Inc.<sup>(b)</sup>  | Group 1 Automotive, Inc.<sup>(b)</sup>  | Group 1 Automotive, Inc.<sup>(b)</sup>  | Group 1 Automotive, Inc.<sup>(b)</sup>  |
| 08/15/2028 | &nbsp;&nbsp; 4.000% | 440000 | &nbsp;&nbsp; 431568 |
| 01/15/2030 | &nbsp;&nbsp; 6.375% | 178000 | &nbsp;&nbsp; 183058 |
| L Brands, Inc. | L Brands, Inc. | L Brands, Inc. | L Brands, Inc. |
| 06/15/2029 | &nbsp;&nbsp; 7.500% | 145000 | &nbsp;&nbsp; 148181 |
| LCM Investments Holdings II LLC<sup>(b)</sup>  | LCM Investments Holdings II LLC<sup>(b)</sup>  | LCM Investments Holdings II LLC<sup>(b)</sup>  | LCM Investments Holdings II LLC<sup>(b)</sup>  |
| 05/01/2029 | &nbsp;&nbsp; 4.875% | 299000 | &nbsp;&nbsp; 293047 |
| 08/01/2031 | &nbsp;&nbsp; 8.250% | 397000 | &nbsp;&nbsp; 419876 |
| Lithia Motors, Inc.<sup>(b)</sup>  | Lithia Motors, Inc.<sup>(b)</sup>  | Lithia Motors, Inc.<sup>(b)</sup>  | Lithia Motors, Inc.<sup>(b)</sup>  |
| 01/15/2031 | &nbsp;&nbsp; 4.375% | 325000 | &nbsp;&nbsp; 312233 |
| Wolverine World Wide, Inc.<sup>(b)</sup>  | Wolverine World Wide, Inc.<sup>(b)</sup>  | Wolverine World Wide, Inc.<sup>(b)</sup>  | Wolverine World Wide, Inc.<sup>(b)</sup>  |
| 08/15/2029 | &nbsp;&nbsp; 4.000% | 710000 | &nbsp;&nbsp; 656199 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **4880513** |
| **Technology 10.7%** | **Technology 10.7%** | **Technology 10.7%** | **Technology 10.7%** |
| Amentum Escrow Corp.<sup>(b)</sup>  | Amentum Escrow Corp.<sup>(b)</sup>  | Amentum Escrow Corp.<sup>(b)</sup>  | Amentum Escrow Corp.<sup>(b)</sup>  |
| 08/01/2032 | &nbsp;&nbsp; 7.250% | 974000 | &nbsp;&nbsp; 1026837 |
| APLD ComputeCo LLC<sup>(b)</sup>  | APLD ComputeCo LLC<sup>(b)</sup>  | APLD ComputeCo LLC<sup>(b)</sup>  | APLD ComputeCo LLC<sup>(b)</sup>  |
| 12/15/2030 | &nbsp;&nbsp; 9.250% | 1545000 | &nbsp;&nbsp; 1515377 |
| Block, Inc.<sup>(b)</sup>  | Block, Inc.<sup>(b)</sup>  | Block, Inc.<sup>(b)</sup>  | Block, Inc.<sup>(b)</sup>  |
| 08/15/2030 | &nbsp;&nbsp; 5.625% | 416000 | &nbsp;&nbsp; 424309 |
| 08/15/2033 | &nbsp;&nbsp; 6.000% | 326000 | &nbsp;&nbsp; 334544 |
| Block, Inc. | Block, Inc. | Block, Inc. | Block, Inc. |
| 05/15/2032 | &nbsp;&nbsp; 6.500% | 868000 | &nbsp;&nbsp; 902544 |
| CACI International, Inc.<sup>(b)</sup>  | CACI International, Inc.<sup>(b)</sup>  | CACI International, Inc.<sup>(b)</sup>  | CACI International, Inc.<sup>(b)</sup>  |
| 06/15/2033 | &nbsp;&nbsp; 6.375% | 568000 | &nbsp;&nbsp; 587881 |
| Camelot Finance SA<sup>(b)</sup>  | Camelot Finance SA<sup>(b)</sup>  | Camelot Finance SA<sup>(b)</sup>  | Camelot Finance SA<sup>(b)</sup>  |
| 11/01/2026 | &nbsp;&nbsp; 4.500% | 35000 | &nbsp;&nbsp; 34737 |
| Central Parent LLC/CDK Global II LLC/Financing, Co., Inc.<sup>(b)</sup>  | Central Parent LLC/CDK Global II LLC/Financing, Co., Inc.<sup>(b)</sup>  | Central Parent LLC/CDK Global II LLC/Financing, Co., Inc.<sup>(b)</sup>  | Central Parent LLC/CDK Global II LLC/Financing, Co., Inc.<sup>(b)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 8.000% | 171000 | &nbsp;&nbsp; 148542 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Central Parent, Inc./CDK Global, Inc.<sup>(b)</sup>  | Central Parent, Inc./CDK Global, Inc.<sup>(b)</sup>  | Central Parent, Inc./CDK Global, Inc.<sup>(b)</sup>  | Central Parent, Inc./CDK Global, Inc.<sup>(b)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 7.250% | 174000 | &nbsp;&nbsp; 147716 |
| Cipher Compute LLC<sup>(b)</sup>  | Cipher Compute LLC<sup>(b)</sup>  | Cipher Compute LLC<sup>(b)</sup>  | Cipher Compute LLC<sup>(b)</sup>  |
| 11/15/2030 | &nbsp;&nbsp; 7.125% | 725000 | &nbsp;&nbsp; 739520 |
| Clarivate Science Holdings Corp.<sup>(b)</sup>  | Clarivate Science Holdings Corp.<sup>(b)</sup>  | Clarivate Science Holdings Corp.<sup>(b)</sup>  | Clarivate Science Holdings Corp.<sup>(b)</sup>  |
| 07/01/2029 | &nbsp;&nbsp; 4.875% | 1223000 | &nbsp;&nbsp; 1156250 |
| Cloud Software Group, Inc,<sup>(b)</sup>  | Cloud Software Group, Inc,<sup>(b)</sup>  | Cloud Software Group, Inc,<sup>(b)</sup>  | Cloud Software Group, Inc,<sup>(b)</sup>  |
| 08/15/2033 | &nbsp;&nbsp; 6.625% | 142000 | &nbsp;&nbsp; 140744 |
| Cloud Software Group, Inc.<sup>(b)</sup>  | Cloud Software Group, Inc.<sup>(b)</sup>  | Cloud Software Group, Inc.<sup>(b)</sup>  | Cloud Software Group, Inc.<sup>(b)</sup>  |
| 09/30/2029 | &nbsp;&nbsp; 9.000% | 1899000 | &nbsp;&nbsp; 1977726 |
| 06/30/2032 | &nbsp;&nbsp; 8.250% | 461000 | &nbsp;&nbsp; 482534 |
| Condor Merger Sub, Inc.<sup>(b)</sup>  | Condor Merger Sub, Inc.<sup>(b)</sup>  | Condor Merger Sub, Inc.<sup>(b)</sup>  | Condor Merger Sub, Inc.<sup>(b)</sup>  |
| 02/15/2030 | &nbsp;&nbsp; 7.375% | 2084000 | &nbsp;&nbsp; 1818835 |
| Ellucian Holdings, Inc.<sup>(b)</sup>  | Ellucian Holdings, Inc.<sup>(b)</sup>  | Ellucian Holdings, Inc.<sup>(b)</sup>  | Ellucian Holdings, Inc.<sup>(b)</sup>  |
| 12/01/2029 | &nbsp;&nbsp; 6.500% | 262000 | &nbsp;&nbsp; 267718 |
| Entegris Escrow Corp.<sup>(b)</sup>  | Entegris Escrow Corp.<sup>(b)</sup>  | Entegris Escrow Corp.<sup>(b)</sup>  | Entegris Escrow Corp.<sup>(b)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 4.750% | 519000 | &nbsp;&nbsp; 520442 |
| 06/15/2030 | &nbsp;&nbsp; 5.950% | 787000 | &nbsp;&nbsp; 802536 |
| Fair Isaac Corp.<sup>(b)</sup>  | Fair Isaac Corp.<sup>(b)</sup>  | Fair Isaac Corp.<sup>(b)</sup>  | Fair Isaac Corp.<sup>(b)</sup>  |
| 05/15/2033 | &nbsp;&nbsp; 6.000% | 466000 | &nbsp;&nbsp; 477801 |
| Flash Compute LLC<sup>(b)</sup>  | Flash Compute LLC<sup>(b)</sup>  | Flash Compute LLC<sup>(b)</sup>  | Flash Compute LLC<sup>(b)</sup>  |
| 12/31/2030 | &nbsp;&nbsp; 7.250% | 403000 | &nbsp;&nbsp; 399451 |
| GTCR W-2 Merger Sub LLC<sup>(b)</sup>  | GTCR W-2 Merger Sub LLC<sup>(b)</sup>  | GTCR W-2 Merger Sub LLC<sup>(b)</sup>  | GTCR W-2 Merger Sub LLC<sup>(b)</sup>  |
| 01/15/2031 | &nbsp;&nbsp; 7.500% | 1038000 | &nbsp;&nbsp; 1103284 |
| HealthEquity, Inc.<sup>(b)</sup>  | HealthEquity, Inc.<sup>(b)</sup>  | HealthEquity, Inc.<sup>(b)</sup>  | HealthEquity, Inc.<sup>(b)</sup>  |
| 10/01/2029 | &nbsp;&nbsp; 4.500% | 823000 | &nbsp;&nbsp; 807006 |
| ION Platform Finance US Inc./SARL<sup>(b)</sup>  | ION Platform Finance US Inc./SARL<sup>(b)</sup>  | ION Platform Finance US Inc./SARL<sup>(b)</sup>  | ION Platform Finance US Inc./SARL<sup>(b)</sup>  |
| 05/01/2028 | &nbsp;&nbsp; 4.625% | 765000 | &nbsp;&nbsp; 708734 |
| 05/15/2028 | &nbsp;&nbsp; 5.750% | 389000 | &nbsp;&nbsp; 369010 |
| 05/01/2029 | &nbsp;&nbsp; 8.750% | 1028000 | &nbsp;&nbsp; 1043100 |
| 05/30/2029 | &nbsp;&nbsp; 9.500% | 876000 | &nbsp;&nbsp; 887602 |
| ION Platform Finance US, Inc.<sup>(b)</sup>  | ION Platform Finance US, Inc.<sup>(b)</sup>  | ION Platform Finance US, Inc.<sup>(b)</sup>  | ION Platform Finance US, Inc.<sup>(b)</sup>  |
| 09/30/2032 | &nbsp;&nbsp; 7.875% | 841000 | &nbsp;&nbsp; 798658 |
| Iron Mountain, Inc.<sup>(b)</sup>  | Iron Mountain, Inc.<sup>(b)</sup>  | Iron Mountain, Inc.<sup>(b)</sup>  | Iron Mountain, Inc.<sup>(b)</sup>  |
| 09/15/2027 | &nbsp;&nbsp; 4.875% | 427000 | &nbsp;&nbsp; 426435 |
| 01/15/2033 | &nbsp;&nbsp; 6.250% | 295000 | &nbsp;&nbsp; 297575 |
| Minerva Merger Sub, Inc.<sup>(b)</sup>  | Minerva Merger Sub, Inc.<sup>(b)</sup>  | Minerva Merger Sub, Inc.<sup>(b)</sup>  | Minerva Merger Sub, Inc.<sup>(b)</sup>  |
| 02/15/2030 | &nbsp;&nbsp; 6.500% | 1133000 | &nbsp;&nbsp; 1133380 |
| NCR Atleos Escrow Corp.<sup>(b)</sup>  | NCR Atleos Escrow Corp.<sup>(b)</sup>  | NCR Atleos Escrow Corp.<sup>(b)</sup>  | NCR Atleos Escrow Corp.<sup>(b)</sup>  |
| 04/01/2029 | &nbsp;&nbsp; 9.500% | 952000 | &nbsp;&nbsp; 1034051 |
| NCR Corp.<sup>(b)</sup>  | NCR Corp.<sup>(b)</sup>  | NCR Corp.<sup>(b)</sup>  | NCR Corp.<sup>(b)</sup>  |
| 10/01/2028 | &nbsp;&nbsp; 5.000% | 746000 | &nbsp;&nbsp; 740511 |
| 04/15/2029 | &nbsp;&nbsp; 5.125% | 513000 | &nbsp;&nbsp; 509458 |
| Neptune Bidco US, Inc.<sup>(b)</sup>  | Neptune Bidco US, Inc.<sup>(b)</sup>  | Neptune Bidco US, Inc.<sup>(b)</sup>  | Neptune Bidco US, Inc.<sup>(b)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 9.290% | 1007000 | &nbsp;&nbsp; 1009586 |
| 05/15/2031 | &nbsp;&nbsp; 10.375% | 335000 | &nbsp;&nbsp; 343330 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – High Yield Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Picard Midco, Inc.<sup>(b)</sup>  | Picard Midco, Inc.<sup>(b)</sup>  | Picard Midco, Inc.<sup>(b)</sup>  | Picard Midco, Inc.<sup>(b)</sup>  |
| 03/31/2029 | &nbsp;&nbsp; 6.500% | 1401000 | &nbsp;&nbsp; 1419180 |
| Science Applications International Corp.<sup>(b)</sup>  | Science Applications International Corp.<sup>(b)</sup>  | Science Applications International Corp.<sup>(b)</sup>  | Science Applications International Corp.<sup>(b)</sup>  |
| 11/01/2033 | &nbsp;&nbsp; 5.875% | 705000 | &nbsp;&nbsp; 714777 |
| Seagate Data Storage Technology Pte Ltd.<sup>(b)</sup>  | Seagate Data Storage Technology Pte Ltd.<sup>(b)</sup>  | Seagate Data Storage Technology Pte Ltd.<sup>(b)</sup>  | Seagate Data Storage Technology Pte Ltd.<sup>(b)</sup>  |
| 12/15/2029 | &nbsp;&nbsp; 8.250% | 311000 | &nbsp;&nbsp; 330146 |
| Shift4 Payments LLC/Finance Sub, Inc.<sup>(b)</sup>  | Shift4 Payments LLC/Finance Sub, Inc.<sup>(b)</sup>  | Shift4 Payments LLC/Finance Sub, Inc.<sup>(b)</sup>  | Shift4 Payments LLC/Finance Sub, Inc.<sup>(b)</sup>  |
| 08/15/2032 | &nbsp;&nbsp; 6.750% | 754000 | &nbsp;&nbsp; 778751 |
| Synaptics, Inc.<sup>(b)</sup>  | Synaptics, Inc.<sup>(b)</sup>  | Synaptics, Inc.<sup>(b)</sup>  | Synaptics, Inc.<sup>(b)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 4.000% | 605000 | &nbsp;&nbsp; 585806 |
| UKG, Inc.<sup>(b)</sup>  | UKG, Inc.<sup>(b)</sup>  | UKG, Inc.<sup>(b)</sup>  | UKG, Inc.<sup>(b)</sup>  |
| 02/01/2031 | &nbsp;&nbsp; 6.875% | 535000 | &nbsp;&nbsp; 551003 |
| WEX, Inc.<sup>(b)</sup>  | WEX, Inc.<sup>(b)</sup>  | WEX, Inc.<sup>(b)</sup>  | WEX, Inc.<sup>(b)</sup>  |
| 03/15/2033 | &nbsp;&nbsp; 6.500% | 567000 | &nbsp;&nbsp; 581012 |
| WULF Compute LLC<sup>(b)</sup>  | WULF Compute LLC<sup>(b)</sup>  | WULF Compute LLC<sup>(b)</sup>  | WULF Compute LLC<sup>(b)</sup>  |
| 10/15/2030 | &nbsp;&nbsp; 7.750% | 349000 | &nbsp;&nbsp; 359502 |
| ZoomInfo Technologies LLC/Finance Corp.<sup>(b)</sup>  | ZoomInfo Technologies LLC/Finance Corp.<sup>(b)</sup>  | ZoomInfo Technologies LLC/Finance Corp.<sup>(b)</sup>  | ZoomInfo Technologies LLC/Finance Corp.<sup>(b)</sup>  |
| 02/01/2029 | &nbsp;&nbsp; 3.875% | 1197000 | &nbsp;&nbsp; 1131609 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **31569550** |
| **Transportation Services 0.5%** | **Transportation Services 0.5%** | **Transportation Services 0.5%** | **Transportation Services 0.5%** |
| Avis Budget Car Rental LLC/Finance, Inc.<sup>(b)</sup>  | Avis Budget Car Rental LLC/Finance, Inc.<sup>(b)</sup>  | Avis Budget Car Rental LLC/Finance, Inc.<sup>(b)</sup>  | Avis Budget Car Rental LLC/Finance, Inc.<sup>(b)</sup>  |
| 02/15/2031 | &nbsp;&nbsp; 8.000% | 664000 | &nbsp;&nbsp; 682617 |
| 06/15/2032 | &nbsp;&nbsp; 8.375% | 679000 | &nbsp;&nbsp; 701262 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1383879** |
| **Wireless 0.9%** | **Wireless 0.9%** | **Wireless 0.9%** | **Wireless 0.9%** |
| Altice France<sup>(b)</sup>  | Altice France<sup>(b)</sup>  | Altice France<sup>(b)</sup>  | Altice France<sup>(b)</sup>  |
| 03/15/2032 | &nbsp;&nbsp; 6.500% | 1426995 | &nbsp;&nbsp; 1368511 |
| Vmed O2 UK Financing I PLC<sup>(b)</sup>  | Vmed O2 UK Financing I PLC<sup>(b)</sup>  | Vmed O2 UK Financing I PLC<sup>(b)</sup>  | Vmed O2 UK Financing I PLC<sup>(b)</sup>  |
| 01/31/2031 | &nbsp;&nbsp; 4.250% | 284000 | &nbsp;&nbsp; 259139 |
| 07/15/2031 | &nbsp;&nbsp; 4.750% | 982000 | &nbsp;&nbsp; 907402 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2535052** |
| **Wirelines 1.5%** | **Wirelines 1.5%** | **Wirelines 1.5%** | **Wirelines 1.5%** |
| Fibercop SpA<sup>(b)</sup>  | Fibercop SpA<sup>(b)</sup>  | Fibercop SpA<sup>(b)</sup>  | Fibercop SpA<sup>(b)</sup>  |
| 07/18/2036 | &nbsp;&nbsp; 7.200% | 91000 | &nbsp;&nbsp; 91023 |
| Frontier Communications Holdings LLC<sup>(b)</sup>  | Frontier Communications Holdings LLC<sup>(b)</sup>  | Frontier Communications Holdings LLC<sup>(b)</sup>  | Frontier Communications Holdings LLC<sup>(b)</sup>  |
| 05/15/2030 | &nbsp;&nbsp; 8.750% | 257000 | &nbsp;&nbsp; 268415 |
| 03/15/2031 | &nbsp;&nbsp; 8.625% | 508000 | &nbsp;&nbsp; 535131 |
| Iliad Holding SAS<sup>(b)</sup>  | Iliad Holding SAS<sup>(b)</sup>  | Iliad Holding SAS<sup>(b)</sup>  | Iliad Holding SAS<sup>(b)</sup>  |
| 10/15/2028 | &nbsp;&nbsp; 7.000% | 908000 | &nbsp;&nbsp; 921435 |
| Iliad Holding SASU<sup>(b)</sup>  | Iliad Holding SASU<sup>(b)</sup>  | Iliad Holding SASU<sup>(b)</sup>  | Iliad Holding SASU<sup>(b)</sup>  |
| 04/15/2031 | &nbsp;&nbsp; 8.500% | 264000 | &nbsp;&nbsp; 284435 |
| 04/15/2032 | &nbsp;&nbsp; 7.000% | 385000 | &nbsp;&nbsp; 396953 |
| Level 3 Financing, Inc.<sup>(b)</sup>  | Level 3 Financing, Inc.<sup>(b)</sup>  | Level 3 Financing, Inc.<sup>(b)</sup>  | Level 3 Financing, Inc.<sup>(b)</sup>  |
| 01/15/2036 | &nbsp;&nbsp; 8.500% | 440000 | &nbsp;&nbsp; 451300 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Optics Bidco SpA<sup>(b)</sup>  | Optics Bidco SpA<sup>(b)</sup>  | Optics Bidco SpA<sup>(b)</sup>  | Optics Bidco SpA<sup>(b)</sup>  |
| 06/04/2038 | &nbsp;&nbsp; 7.721% | 314000 | &nbsp;&nbsp; 316468 |
| Windstream Escrow LLC/Finance Corp.<sup>(b)</sup>  | Windstream Escrow LLC/Finance Corp.<sup>(b)</sup>  | Windstream Escrow LLC/Finance Corp.<sup>(b)</sup>  | Windstream Escrow LLC/Finance Corp.<sup>(b)</sup>  |
| 10/01/2031 | &nbsp;&nbsp; 8.250% | 695000 | &nbsp;&nbsp; 729456 |
| Windstream Services LLC<sup>(b)</sup>  | Windstream Services LLC<sup>(b)</sup>  | Windstream Services LLC<sup>(b)</sup>  | Windstream Services LLC<sup>(b)</sup>  |
| 10/15/2033 | &nbsp;&nbsp; 7.500% | 367000 | &nbsp;&nbsp; 376133 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **4370749** |
| Total Corporate Bonds & Notes <br>(Cost $269,092,713) | Total Corporate Bonds & Notes <br>(Cost $269,092,713) | Total Corporate Bonds & Notes <br>(Cost $269,092,713) | &nbsp;&nbsp; **273460495** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Exchange-Traded Fixed Income Funds 1.6%** | **Exchange-Traded Fixed Income Funds 1.6%** | **Exchange-Traded Fixed Income Funds 1.6%** |
|  | **Shares** | **Value ($)** |
| **High Yield 1.6%** | **High Yield 1.6%** | **High Yield 1.6%** |
| Columbia Short Duration High Yield ETF<sup>(f)</sup> <br>| &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 1013250 |
| Columbia US High Yield ETF<sup>(f)</sup> <br>| &nbsp;&nbsp; 180000 | &nbsp;&nbsp; 3649176 |
| **Total** | **Total** | &nbsp;&nbsp; **4662426** |
| Total Exchange-Traded Fixed Income Funds <br>(Cost $4,632,801) | Total Exchange-Traded Fixed Income Funds <br>(Cost $4,632,801) | &nbsp;&nbsp; **4662426** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Foreign Government Obligations**<sup>(g)</sup> **0.4%** | **Foreign Government Obligations**<sup>(g)</sup> **0.4%** | **Foreign Government Obligations**<sup>(g)</sup> **0.4%** | **Foreign Government Obligations**<sup>(g)</sup> **0.4%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Canada 0.4%** | **Canada 0.4%** | **Canada 0.4%** | **Canada 0.4%** |
| NOVA Chemicals Corp.<sup>(b)</sup>  | NOVA Chemicals Corp.<sup>(b)</sup>  | NOVA Chemicals Corp.<sup>(b)</sup>  | NOVA Chemicals Corp.<sup>(b)</sup>  |
| 11/15/2028 | &nbsp;&nbsp; 8.500% | 272000 | &nbsp;&nbsp; 284638 |
| 02/15/2030 | &nbsp;&nbsp; 9.000% | 465000 | &nbsp;&nbsp; 496569 |
| 12/01/2031 | &nbsp;&nbsp; 7.000% | 266000 | &nbsp;&nbsp; 283411 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1064618** |
| Total Foreign Government Obligations <br>(Cost $1,015,694) | Total Foreign Government Obligations <br>(Cost $1,015,694) | Total Foreign Government Obligations <br>(Cost $1,015,694) | &nbsp;&nbsp; **1064618** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Rights 0.0%** | **Rights 0.0%** | **Rights 0.0%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Communication Services 0.0%** | **Communication Services 0.0%** | **Communication Services 0.0%** |
| **Wireless Telecommunication Services 0.0%** | **Wireless Telecommunication Services 0.0%** | **Wireless Telecommunication Services 0.0%** |
| Altice Luxembourg France SA, CVR<sup>(a),(h),(i),(j)</sup> <br>| &nbsp;&nbsp; 949 | &nbsp;&nbsp; 15338 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **15338** |
| Total Rights <br>(Cost $55) | Total Rights <br>(Cost $55) | &nbsp;&nbsp; **15338** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – High Yield Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans 1.4%** | **Senior Loans 1.4%** | **Senior Loans 1.4%** | **Senior Loans 1.4%** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Airlines 0.1%** | **Airlines 0.1%** | **Airlines 0.1%** | **Airlines 0.1%** |
| AAdvantage Loyalty IP Ltd./American Airlines, Inc.<sup>(k),(l)</sup>  | AAdvantage Loyalty IP Ltd./American Airlines, Inc.<sup>(k),(l)</sup>  | AAdvantage Loyalty IP Ltd./American Airlines, Inc.<sup>(k),(l)</sup>  | AAdvantage Loyalty IP Ltd./American Airlines, Inc.<sup>(k),(l)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 3.250% <br>05/28/2032<br>| &nbsp;&nbsp; 7.134% | 300490 | &nbsp;&nbsp; 301806 |
| **Building Materials 0.2%** | **Building Materials 0.2%** | **Building Materials 0.2%** | **Building Materials 0.2%** |
| CP Atlas Buyer, Inc.<sup>(k),(l)</sup>  | CP Atlas Buyer, Inc.<sup>(k),(l)</sup>  | CP Atlas Buyer, Inc.<sup>(k),(l)</sup>  | CP Atlas Buyer, Inc.<sup>(k),(l)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 1-month Term SOFR + 5.250% <br>07/08/2030<br>| &nbsp;&nbsp; 8.966% | 506070 | &nbsp;&nbsp; 488357 |
| **Chemicals 0.3%** | **Chemicals 0.3%** | **Chemicals 0.3%** | **Chemicals 0.3%** |
| Ineos Quattro Holdings UK Ltd.<sup>(k),(l)</sup>  | Ineos Quattro Holdings UK Ltd.<sup>(k),(l)</sup>  | Ineos Quattro Holdings UK Ltd.<sup>(k),(l)</sup>  | Ineos Quattro Holdings UK Ltd.<sup>(k),(l)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 1-month Term SOFR + 4.250% <br>04/02/2029<br>| &nbsp;&nbsp; 8.066% | 303456 | &nbsp;&nbsp; 212419 |
| Ineos US Finance LLC<sup>(k),(l)</sup>  | Ineos US Finance LLC<sup>(k),(l)</sup>  | Ineos US Finance LLC<sup>(k),(l)</sup>  | Ineos US Finance LLC<sup>(k),(l)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 3.250% <br>02/18/2030<br>| &nbsp;&nbsp; 6.966% | 888247 | &nbsp;&nbsp; 716149 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **928568** |
| **Consumer Cyclical Services 0.2%** | **Consumer Cyclical Services 0.2%** | **Consumer Cyclical Services 0.2%** | **Consumer Cyclical Services 0.2%** |
| Arches Buyer, Inc.<sup>(k),(l)</sup>  | Arches Buyer, Inc.<sup>(k),(l)</sup>  | Arches Buyer, Inc.<sup>(k),(l)</sup>  | Arches Buyer, Inc.<sup>(k),(l)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 3.250% <br>Floor 0.500% <br>12/06/2027<br>| &nbsp;&nbsp; 7.066% | 569010 | &nbsp;&nbsp; 569795 |
| **Property & Casualty 0.1%** | **Property & Casualty 0.1%** | **Property & Casualty 0.1%** | **Property & Casualty 0.1%** |
| CRC Insurance Group LLC<sup>(k),(l)</sup>  | CRC Insurance Group LLC<sup>(k),(l)</sup>  | CRC Insurance Group LLC<sup>(k),(l)</sup>  | CRC Insurance Group LLC<sup>(k),(l)</sup>  |
| 2nd Lien Term Loan | 2nd Lien Term Loan | 2nd Lien Term Loan | 2nd Lien Term Loan |
| 3-month Term SOFR + 4.750% <br>03/08/2032<br>| &nbsp;&nbsp; 8.422% | 270490 | &nbsp;&nbsp; 273420 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Technology 0.5%** | **Technology 0.5%** | **Technology 0.5%** | **Technology 0.5%** |
| Ascend Learning LLC<sup>(k),(l)</sup>  | Ascend Learning LLC<sup>(k),(l)</sup>  | Ascend Learning LLC<sup>(k),(l)</sup>  | Ascend Learning LLC<sup>(k),(l)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 3.000% <br>Floor 0.500% <br>12/11/2028<br>| &nbsp;&nbsp; 6.716% | 743553 | &nbsp;&nbsp; 745278 |
| DCert Buyer, Inc.<sup>(k),(l)</sup>  | DCert Buyer, Inc.<sup>(k),(l)</sup>  | DCert Buyer, Inc.<sup>(k),(l)</sup>  | DCert Buyer, Inc.<sup>(k),(l)</sup>  |
| 2nd Lien Term Loan | 2nd Lien Term Loan | 2nd Lien Term Loan | 2nd Lien Term Loan |
| 1-month Term SOFR + 7.000% <br>02/19/2029<br>| &nbsp;&nbsp; 10.716% | 52667 | &nbsp;&nbsp; 47170 |
| Ellucian Holdings, Inc.<sup>(k),(l)</sup>  | Ellucian Holdings, Inc.<sup>(k),(l)</sup>  | Ellucian Holdings, Inc.<sup>(k),(l)</sup>  | Ellucian Holdings, Inc.<sup>(k),(l)</sup>  |
| 2nd Lien Term Loan | 2nd Lien Term Loan | 2nd Lien Term Loan | 2nd Lien Term Loan |
| 1-month Term SOFR + 4.750% <br>11/14/2032<br>| &nbsp;&nbsp; 8.466% | 639000 | &nbsp;&nbsp; 643192 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1435640** |
| Total Senior Loans <br>(Cost $4,209,360) | Total Senior Loans <br>(Cost $4,209,360) | Total Senior Loans <br>(Cost $4,209,360) | &nbsp;&nbsp; **3997586** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Money Market Funds 1.5%** | **Money Market Funds 1.5%** | **Money Market Funds 1.5%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 3.825%<sup>(f),(m)</sup> <br>| &nbsp;&nbsp; 4431037 | &nbsp;&nbsp; 4429708 |
| Total Money Market Funds <br>(Cost $4,429,817) | Total Money Market Funds <br>(Cost $4,429,817) | &nbsp;&nbsp; **4429708** |
| **Total Investments in Securities** <br>**(Cost: $284,818,610)** | **Total Investments in Securities** <br>**(Cost: $284,818,610)** | &nbsp;&nbsp; **289401920** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **4519156** |
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **293921076** |

---

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At December 31, 2025, the total value of these securities amounted to $254,298,155, which represents 86.52% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Payment-in-kind security. Interest can be paid by issuing additional par of the security or in cash.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Perpetual security with no specified maturity date.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – High Yield Bond 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($)**<br>| **Capital gain** <br>**distributions($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends —** <br>**affiliated** <br>**issuers ($)**<br>| **End of** <br>**period shares**<br>|
| Columbia Short Duration High Yield ETF  | Columbia Short Duration High Yield ETF  | Columbia Short Duration High Yield ETF  | Columbia Short Duration High Yield ETF  | Columbia Short Duration High Yield ETF  | Columbia Short Duration High Yield ETF  | Columbia Short Duration High Yield ETF  | Columbia Short Duration High Yield ETF  | Columbia Short Duration High Yield ETF  | Columbia Short Duration High Yield ETF  |
|  |  | 1013250 |  |  | 1013250 | 572 |  | 24082 | 50000 |
| 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%  | Columbia Short-Term Cash Fund, 3.825%  |
|  | 7427587 | 71875911 | (74873618)<br>| (172)<br>| 4429708 |  | (526)<br>| 177813 | 4431037 |
| Columbia US High Yield ETF  | Columbia US High Yield ETF  | Columbia US High Yield ETF  | Columbia US High Yield ETF  | Columbia US High Yield ETF  | Columbia US High Yield ETF  | Columbia US High Yield ETF  | Columbia US High Yield ETF  | Columbia US High Yield ETF  | Columbia US High Yield ETF  |
|  |  | 3619551 |  | 29625 | 3649176 |  |  | 126912 | 180000 |
| Total | 7427587 |  |  | 29453 | 9092134 | 572 | (526)<br>| 328807 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(g) Principal and interest may not be guaranteed by a governmental entity.

&nbsp;&nbsp;&nbsp;&nbsp;(h) 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 $15,338, which represents 0.01% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(i) 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 $15,338, which represents 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 ($)** | **Value ($)** |
| Altice Luxembourg France SA, CVR | 10/15/2025 | &nbsp;&nbsp; 949 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 15338 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(j) Valuation based on significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(k) The stated interest rate represents the weighted average interest rate at December 31, 2025 of contracts within the senior loan facility. Interest rates on contracts are primarily determined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period. Base lending rates may be subject to a floor or minimum rate. The interest rate for senior loans purchased on a when-issued or delayed delivery basis will be determined upon settlement, therefore no interest rate is disclosed. Senior loans often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay cannot be predicted with accuracy. As a result, remaining maturities of senior loans may be less than the stated maturities. Generally, the Fund is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan.

&nbsp;&nbsp;&nbsp;&nbsp;(l) Variable rate security. The interest rate shown was the current rate as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(m) The rate shown is the seven-day current annualized yield at December 31, 2025.

**Abbreviation Legend** 

CVR Contingent Value Rights <br> SOFR Secured Overnight Financing Rate

**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.

Columbia Variable Portfolio – High Yield Bond 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 |  | &nbsp;&nbsp;&nbsp;&nbsp; 330590 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 330590 |
| Total Common Stocks |  | &nbsp;&nbsp;&nbsp;&nbsp; 330590 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 330590 |
| Convertible Bonds |  | &nbsp;&nbsp;&nbsp;&nbsp; 1441159 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1441159 |
| Corporate Bonds & Notes |  | &nbsp;&nbsp;&nbsp;&nbsp; 273460495 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 273460495 |
| Exchange-Traded Fixed Income Funds | 4662426 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4662426 |
| Foreign Government Obligations |  | &nbsp;&nbsp;&nbsp;&nbsp; 1064618 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1064618 |
| Rights |  |  |  |  |
| Communication Services |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15338 | &nbsp;&nbsp;&nbsp;&nbsp; 15338 |
| Total Rights |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15338 | &nbsp;&nbsp;&nbsp;&nbsp; 15338 |
| Senior Loans |  | &nbsp;&nbsp;&nbsp;&nbsp; 3997586 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3997586 |
| Money Market Funds | 4429708 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4429708 |
| Total Investments in Securities | 9092134 | &nbsp;&nbsp;&nbsp;&nbsp; 280294448 | &nbsp;&nbsp;&nbsp;&nbsp; 15338 | &nbsp;&nbsp;&nbsp;&nbsp; 289401920 |

---

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 – High Yield Bond Fund \| 2025

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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 $275,755,992) | $280309786 |
| Affiliated issuers (cost $9,062,618) | 9092134 |
| Cash | 70538 |
| Receivable for: |  |
| Capital shares sold | 6011 |
| Dividends | 16862 |
| Interest | 4779436 |
| Foreign tax reclaims | 10509 |
| Expense reimbursement due from Investment Manager | 1008 |
| Prepaid expenses | 3368 |
| Total assets | 294289652 |
| **Liabilities** |  |
| Payable for: |  |
| Capital shares redeemed | 162039 |
| Management services fees | 5300 |
| Distribution and/or service fees | 1334 |
| Service fees | 30120 |
| Compensation of chief compliance officer | 47 |
| Accounting services fees | 22110 |
| Compensation of board members | 560 |
| Other expenses | 13001 |
| Deferred compensation of board members | 134065 |
| Total liabilities | 368576 |
| **Net assets applicable to outstanding capital stock** | **$293921076** |
| **Represented by** |  |
| Paid in capital | 292483509 |
| Total distributable earnings (loss) | 1437567 |
| **Total - representing net assets applicable to outstanding capital stock** | **$293921076** |
| **Class 1** |  |
| Net assets | $8784075 |
| Shares outstanding | 1394902 |
| Net asset value per share | $6.30 |
| **Class 2** |  |
| Net assets | $104190691 |
| Shares outstanding | 16775831 |
| Net asset value per share | $6.21 |
| **Class 3** |  |
| Net assets | $180946310 |
| Shares outstanding | 28845360 |
| Net asset value per share | $6.27 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – High Yield Bond Fund \| 2025

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Statement of Operations

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — affiliated issuers | $328807 |
| Interest | 19366503 |
| Foreign taxes withheld | (3752)<br>|
| Total income | 19691558 |
| Expenses: |  |
| Management services fees | 1879904 |
| Distribution and/or service fees |  |
| Class 2 | 240863 |
| Class 3 | 227628 |
| Service fees | 215177 |
| Custodian fees | 8744 |
| Printing and postage fees | 20939 |
| Accounting services fees | 43244 |
| Legal fees | 22151 |
| Compensation of chief compliance officer | 46 |
| Compensation of board members | 13995 |
| Deferred compensation of board members | 20882 |
| Other | 14194 |
| Total expenses | 2707767 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates | (411131)<br>|
| Total net expenses | 2296636 |
| **Net investment income** | 17394922 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | (593109)<br>|
| Investments — affiliated issuers | (526)<br>|
| Capital gain distributions from underlying affiliated funds | 572 |
| Net realized loss | (593063)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 6678805 |
| Investments — affiliated issuers | 29453 |
| Net change in unrealized appreciation (depreciation) | 6708258 |
| Net realized and unrealized gain | 6115195 |
| **Net increase in net assets resulting from operations** | **$23510117** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – High Yield Bond Fund \| 2025

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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 | $17394922 | &nbsp;&nbsp; $16849783 |
| Net realized loss | (593063)<br>| &nbsp;&nbsp; (3093678)<br>|
| Net change in unrealized appreciation (depreciation) | 6708258 | &nbsp;&nbsp; 4933147 |
| Net increase in net assets resulting from operations | 23510117 | &nbsp;&nbsp; 18689252 |
| **Distributions to shareholders** |  |  |
| Net investment income and net realized gains  |  |  |
| Class 1 | (442799)<br>| &nbsp;&nbsp; (286473)<br>|
| Class 2 | (5673253)<br>| &nbsp;&nbsp; (4945873)<br>|
| Class 3 | (10809703)<br>| &nbsp;&nbsp; (10787932)<br>|
| Total distributions to shareholders | (16925755)<br>| &nbsp;&nbsp; (16020278)<br>|
| Increase (decrease) in net assets from capital stock activity | 7083063 | &nbsp;&nbsp; (1874876)<br>|
| Total increase in net assets | 13667425 | &nbsp;&nbsp; 794098 |
| Net assets at beginning of year | 280253651 | &nbsp;&nbsp; 279459553 |
| **Net assets at end of year** | **$293921076** | &nbsp;&nbsp; **$280253651** |

---

&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 | 384936 | &nbsp;&nbsp;&nbsp;&nbsp; 2405744 | &nbsp;&nbsp;&nbsp;&nbsp; 343837 | &nbsp;&nbsp;&nbsp;&nbsp; 2117431 |
| Distributions reinvested | 72590 | &nbsp;&nbsp;&nbsp;&nbsp; 442799 | &nbsp;&nbsp;&nbsp;&nbsp; 47825 | &nbsp;&nbsp;&nbsp;&nbsp; 286473 |
| Shares redeemed | (27458)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (171778)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (43815)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (269505)<br>|
| Net increase | 430068 | &nbsp;&nbsp;&nbsp;&nbsp; 2676765 | &nbsp;&nbsp;&nbsp;&nbsp; 347847 | &nbsp;&nbsp;&nbsp;&nbsp; 2134399 |
| Class 2 |  |  |  |  |
| Shares sold | 2598290 | &nbsp;&nbsp;&nbsp;&nbsp; 16009346 | &nbsp;&nbsp;&nbsp;&nbsp; 1947007 | &nbsp;&nbsp;&nbsp;&nbsp; 11846032 |
| Distributions reinvested | 942401 | &nbsp;&nbsp;&nbsp;&nbsp; 5673253 | &nbsp;&nbsp;&nbsp;&nbsp; 835451 | &nbsp;&nbsp;&nbsp;&nbsp; 4945873 |
| Shares redeemed | (1582821)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9773478)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1947639)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11806826)<br>|
| Net increase | 1957870 | &nbsp;&nbsp;&nbsp;&nbsp; 11909121 | &nbsp;&nbsp;&nbsp;&nbsp; 834819 | &nbsp;&nbsp;&nbsp;&nbsp; 4985079 |
| Class 3 |  |  |  |  |
| Shares sold | 240528 | &nbsp;&nbsp;&nbsp;&nbsp; 1501562 | &nbsp;&nbsp;&nbsp;&nbsp; 381835 | &nbsp;&nbsp;&nbsp;&nbsp; 2334200 |
| Distributions reinvested | 1777911 | &nbsp;&nbsp;&nbsp;&nbsp; 10809703 | &nbsp;&nbsp;&nbsp;&nbsp; 1807024 | &nbsp;&nbsp;&nbsp;&nbsp; 10787932 |
| Shares redeemed | (3181587)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (19814088)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3608242)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (22116486)<br>|
| Net decrease | (1163148)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7502823)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1419383)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8994354)<br>|
| **Total net increase (decrease)** | **1224790** | &nbsp;&nbsp;&nbsp;&nbsp; **7083063** | &nbsp;&nbsp;&nbsp;&nbsp; **(236717)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(1874876)**<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – High Yield Bond Fund \| 2025

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Columbia Variable Portfolio – High Yield Bond Fund \| 2025

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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 | $6.16<br>| 0.39<br>| 0.14<br>| 0.53<br>| &nbsp;&nbsp; (0.39) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.39) <br>|
| Year Ended 12/31/2024 | $6.11<br>| 0.38<br>| 0.04<br>| 0.42<br>| &nbsp;&nbsp; (0.37) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.37) <br>|
| Year Ended 12/31/2023 | $5.76<br>| 0.35<br>| 0.33<br>| 0.68<br>| &nbsp;&nbsp; (0.33) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.33) <br>|
| Year Ended 12/31/2022 | $6.85<br>| 0.31<br>| &nbsp;&nbsp; (1.03) <br>| &nbsp;&nbsp; (0.72) <br>| &nbsp;&nbsp; (0.33) <br>| &nbsp;&nbsp; (0.04) <br>| &nbsp;&nbsp; (0.37) <br>|
| Year Ended 12/31/2021 | $6.87<br>| 0.31<br>| 0.03<br>| 0.34<br>| &nbsp;&nbsp; (0.36) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.36) <br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $6.08<br>| 0.37<br>| 0.13<br>| 0.50<br>| &nbsp;&nbsp; (0.37) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.37) <br>|
| Year Ended 12/31/2024 | $6.03<br>| 0.36<br>| 0.05<br>| 0.41<br>| &nbsp;&nbsp; (0.36) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.36) <br>|
| Year Ended 12/31/2023 | $5.69<br>| 0.33<br>| 0.33<br>| 0.66<br>| &nbsp;&nbsp; (0.32) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.32) <br>|
| Year Ended 12/31/2022 | $6.77<br>| 0.29<br>| &nbsp;&nbsp; (1.01) <br>| &nbsp;&nbsp; (0.72) <br>| &nbsp;&nbsp; (0.32) <br>| &nbsp;&nbsp; (0.04) <br>| &nbsp;&nbsp; (0.36) <br>|
| Year Ended 12/31/2021 | $6.79<br>| 0.29<br>| 0.03<br>| 0.32<br>| &nbsp;&nbsp; (0.34) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.34) <br>|
| **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** |
| Year Ended 12/31/2025 | $6.14<br>| 0.38<br>| 0.13<br>| 0.51<br>| &nbsp;&nbsp; (0.38) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.38) <br>|
| Year Ended 12/31/2024 | $6.09<br>| 0.37<br>| 0.04<br>| 0.41<br>| &nbsp;&nbsp; (0.36) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.36) <br>|
| Year Ended 12/31/2023 | $5.74<br>| 0.34<br>| 0.33<br>| 0.67<br>| &nbsp;&nbsp; (0.32) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.32) <br>|
| Year Ended 12/31/2022 | $6.83<br>| 0.30<br>| &nbsp;&nbsp; (1.02) <br>| &nbsp;&nbsp; (0.72) <br>| &nbsp;&nbsp; (0.33) <br>| &nbsp;&nbsp; (0.04) <br>| &nbsp;&nbsp; (0.37) <br>|
| Year Ended 12/31/2021 | $6.85<br>| 0.30<br>| 0.03<br>| 0.33<br>| &nbsp;&nbsp; (0.35) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.35) <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 – High Yield Bond Fund \| 2025

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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; $6.30<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.81%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.27%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 48%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8784<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $6.16<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.04%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.17%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 39%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $5943<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $6.11<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.19%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.98%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3768<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $5.76<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10.54%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.21%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2314<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $6.85<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.98%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.52%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 60%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1349<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; $6.21<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.49%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.01%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 48%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $104191<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $6.08<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.91%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 39%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $90109<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $6.03<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.87%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.73%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $84374<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $5.69<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10.78%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.87%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $71928<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $6.77<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.79%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.28%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 60%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $85990<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; $6.27<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.54%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 48%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $180946<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $6.14<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.04%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 39%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $184201<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $6.09<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.08%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.82%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $191318<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $5.74<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10.70%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.99%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $191313<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $6.83<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.86%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.42%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 60%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $243649<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – High Yield Bond Fund \| 2025

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Notes to Financial Statements

December 31, 2025

Note 1. Organization

Columbia Variable Portfolio – High Yield Bond 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.

Debt securities generally are valued based on prices obtained from pricing services, which are intended to reflect market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not

Columbia Variable Portfolio – High Yield Bond Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Senior loan securities for which reliable market quotations are readily available are generally valued by pricing services at the average of the bids received.

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.

**Investments in senior loans** 

The Fund may invest in senior loan assignments. When the Fund purchases an assignment of a senior loan, the Fund typically has direct rights against the borrower; provided, however, that the Fund's rights may be more limited than the lender from which it acquired the assignment and the Fund may be able to enforce its rights only through an administrative agent. Although certain senior loan assignments are secured by collateral, the Fund could experience delays or limitations in realizing such collateral or have its interest subordinated to other indebtedness of the obligor. In the event that the administrator or collateral agent of a loan becomes insolvent or enters into receivership or bankruptcy, the Fund may incur costs and delays in realizing payment or may suffer a loss of principal and/or interest. The risk of loss is greater for unsecured or subordinated loans. In addition, senior loan assignments are vulnerable to market, economic or other conditions or events that may reduce the demand for senior loan assignments and certain senior loan assignments which were liquid when purchased, may become illiquid.

The Fund may enter into senior loan assignments where all or a portion of the loan may be unfunded. The Fund is obligated to fund these commitments at the borrower's discretion. These commitments, if any, are generally traded and priced in the same manner as other senior loan securities and are disclosed as unfunded senior loan commitments in the Fund's Portfolio of Investments with a corresponding payable for investments purchased. The Fund designates cash or liquid securities to cover these commitments.

Columbia Variable Portfolio – High Yield Bond Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

**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.

The trade date for senior loans purchased in the primary market is the date on which the loan is allocated. The trade date for senior loans purchased in the secondary market is the date on which the transaction is entered into.

**Income recognition**

Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted. For convertible securities, premiums attributable to the conversion feature are not amortized.

The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. The Fund may also adjust accrual rates when it becomes probable the full interest will not be collected and a partial payment will be received. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Dividend income is recorded on the ex-dividend date.

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.

The value of additional securities received as an income payment through a payment-in-kind, if any, is recorded as interest income and increases the cost basis of such securities.

The Fund may receive other income from senior loans, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Fund. These amounts are included in Interest Income in the Statement of Operations.

Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.

**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 – High Yield Bond Fund \| 2025

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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 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.

**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 0.66% to 0.40% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2025 was 0.65% of the Fund's average daily net assets.

Columbia Variable Portfolio – High Yield Bond Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

The Investment Manager has contractually agreed to implement a waiver with respect to Fund assets invested in funds that pay a management or advisory fee to the Investment Manager or its affiliate (underlying affiliated funds). Under this arrangement, the Investment Manager waives its net management fee (management fee less reimbursements/waivers) with respect to the Fund in an amount equal to the net management or advisory fee (fee less reimbursement/waivers) payable by an underlying affiliated fund on the assets invested by the Fund in the underlying affiliated fund.

**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 0.08% 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.

Columbia Variable Portfolio – High Yield Bond Fund \| 2025

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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;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.765 |

---

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, investments in partnerships and/or grantor trusts, principal and/or interest from fixed income securities, capital loss carryforwards, trustees' deferred compensation, foreign currency transactions and re-characterization of distributions for investments. 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:

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| | | |
|:---|:---|:---|
| **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>|
| 80163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (80163)<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 ($)**<br>| **Total ($)** |
| 16925755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16925755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16020278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16020278 |

---

Columbia Variable Portfolio – High Yield Bond Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

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:

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| | | | |
|:---|:---|:---|:---|
| **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>|
| 17309329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19999956)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4262260 |

---

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>|
| 285139660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7771389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3509129)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4262260 |

---

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 ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **No expiration** <br>**long-term ($)**<br>| **Total ($)** | **Utilized ($)** |
| (2908530)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17091426)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19999956)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

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 $142,449,970 and $133,149,385, 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 – High Yield Bond Fund \| 2025

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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, affiliated shareholders of record owned 88.4% 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

Columbia Variable Portfolio – High Yield Bond 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 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 – High Yield Bond 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 – High Yield Bond 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 – High Yield Bond 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 agent banks. 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 – High Yield Bond Fund \| 2025

------

**Columbia Variable Portfolio – High Yield Bond Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g59364imgb9c74a262.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.

ANN7010_12_E01_(02/26)

------

![](g59364imgbd1dc3cb1.jpg)

Columbia Variable Portfolio – Dividend Opportunity 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_c5036b16-f84c-4256-9831-68e243eeaaf9_POI-CommonContent-Date-238_1) | 3 |
| [Statement of Assets and Liabilities](#xx_c5036b16-f84c-4256-9831-68e243eeaaf9_FS-CommonContent-Date-238_1) | 8 |
| [Statement of Operations](#xx_c5036b16-f84c-4256-9831-68e243eeaaf9_FS-CommonContent-Date-238_2) | 9 |
| [Statement of Changes in Net Assets](#xx_c5036b16-f84c-4256-9831-68e243eeaaf9_FS-CommonContent-Date-238_3) | 10 |
| [Financial Highlights](#xx_c5036b16-f84c-4256-9831-68e243eeaaf9_FIHI-CommonContent-Date-238_2) | 12 |
| [Notes to Financial Statements](#xx_c5036b16-f84c-4256-9831-68e243eeaaf9_NTF-CommonContent-Date-238_1) | 14 |
| [Report of Independent Registered Public Accounting Firm](#xx_c5036b16-f84c-4256-9831-68e243eeaaf9_AUD-CommonContent-Date-238_1) | 21 |

---

Columbia Variable Portfolio – Dividend Opportunity 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 93.2%** | **Common Stocks 93.2%** | **Common Stocks 93.2%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Communication Services 3.9%** | **Communication Services 3.9%** | **Communication Services 3.9%** |
| **Diversified Telecommunication Services 2.9%** | **Diversified Telecommunication Services 2.9%** | **Diversified Telecommunication Services 2.9%** |
| AT&T, Inc. | &nbsp;&nbsp; 603000 | &nbsp;&nbsp; 14978519 |
| Verizon Communications, Inc. | &nbsp;&nbsp; 293100 | &nbsp;&nbsp; 11937963 |
| Total |  | &nbsp;&nbsp; 26916482 |
| **Media 1.0%** | **Media 1.0%** | **Media 1.0%** |
| Comcast Corp., Class A | &nbsp;&nbsp; 319800 | &nbsp;&nbsp; 9558822 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **36475304** |
| **Consumer Discretionary 7.6%** | **Consumer Discretionary 7.6%** | **Consumer Discretionary 7.6%** |
| **Automobiles 0.9%** | **Automobiles 0.9%** | **Automobiles 0.9%** |
| Ford Motor Co. | &nbsp;&nbsp; 635700 | &nbsp;&nbsp; 8340384 |
| **Distributors 1.2%** | **Distributors 1.2%** | **Distributors 1.2%** |
| Genuine Parts Co. | &nbsp;&nbsp; 90500 | &nbsp;&nbsp; 11127880 |
| **Hotels, Restaurants & Leisure 1.8%** | **Hotels, Restaurants & Leisure 1.8%** | **Hotels, Restaurants & Leisure 1.8%** |
| Darden Restaurants, Inc. | &nbsp;&nbsp; 51700 | &nbsp;&nbsp; 9513834 |
| Starbucks Corp. | &nbsp;&nbsp; 85700 | &nbsp;&nbsp; 7216797 |
| Total |  | &nbsp;&nbsp; 16730631 |
| **Specialty Retail 3.7%** | **Specialty Retail 3.7%** | **Specialty Retail 3.7%** |
| Best Buy Co., Inc. | &nbsp;&nbsp; 130600 | &nbsp;&nbsp; 8741058 |
| Gap, Inc. (The) | &nbsp;&nbsp; 446100 | &nbsp;&nbsp; 11420160 |
| Home Depot, Inc. (The) | &nbsp;&nbsp; 43900 | &nbsp;&nbsp; 15105990 |
| Total |  | &nbsp;&nbsp; 35267208 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **71466103** |
| **Consumer Staples 9.7%** | **Consumer Staples 9.7%** | **Consumer Staples 9.7%** |
| **Beverages 3.0%** | **Beverages 3.0%** | **Beverages 3.0%** |
| Coca-Cola Co. (The) | &nbsp;&nbsp; 169200 | &nbsp;&nbsp; 11828772 |
| PepsiCo, Inc. | &nbsp;&nbsp; 111100 | &nbsp;&nbsp; 15945072 |
| Total |  | &nbsp;&nbsp; 27773844 |
| **Consumer Staples Distribution & Retail 0.5%** | **Consumer Staples Distribution & Retail 0.5%** | **Consumer Staples Distribution & Retail 0.5%** |
| Target Corp. | &nbsp;&nbsp; 51000 | &nbsp;&nbsp; 4985250 |
| **Food Products 1.7%** | **Food Products 1.7%** | **Food Products 1.7%** |
| Bunge Global SA | &nbsp;&nbsp; 107200 | &nbsp;&nbsp; 9549376 |
| ConAgra Foods, Inc. | &nbsp;&nbsp; 373000 | &nbsp;&nbsp; 6456630 |
| Total |  | &nbsp;&nbsp; 16006006 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Household Products 1.3%** | **Household Products 1.3%** | **Household Products 1.3%** |
| Procter & Gamble Co. (The) | &nbsp;&nbsp; 87000 | &nbsp;&nbsp; 12467970 |
| **Tobacco 3.2%** | **Tobacco 3.2%** | **Tobacco 3.2%** |
| Altria Group, Inc. | &nbsp;&nbsp; 158200 | &nbsp;&nbsp; 9121812 |
| Philip Morris International, Inc. | &nbsp;&nbsp; 126700 | &nbsp;&nbsp; 20322680 |
| Total |  | &nbsp;&nbsp; 29444492 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **90677562** |
| **Energy 8.0%** | **Energy 8.0%** | **Energy 8.0%** |
| **Oil, Gas & Consumable Fuels 8.0%** | **Oil, Gas & Consumable Fuels 8.0%** | **Oil, Gas & Consumable Fuels 8.0%** |
| Chevron Corp. | &nbsp;&nbsp; 120200 | &nbsp;&nbsp; 18319682 |
| Coterra Energy, Inc. | &nbsp;&nbsp; 171300 | &nbsp;&nbsp; 4508616 |
| Exxon Mobil Corp. | &nbsp;&nbsp; 270600 | &nbsp;&nbsp; 32564004 |
| Kinder Morgan, Inc. | &nbsp;&nbsp; 361000 | &nbsp;&nbsp; 9923890 |
| Valero Energy Corp. | &nbsp;&nbsp; 58800 | &nbsp;&nbsp; 9572052 |
| Total |  | &nbsp;&nbsp; 74888244 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **74888244** |
| **Financials 20.3%** | **Financials 20.3%** | **Financials 20.3%** |
| **Banks 11.3%** | **Banks 11.3%** | **Banks 11.3%** |
| Bank of America Corp. | &nbsp;&nbsp; 344200 | &nbsp;&nbsp; 18931000 |
| Citigroup, Inc. | &nbsp;&nbsp; 159200 | &nbsp;&nbsp; 18577048 |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 102100 | &nbsp;&nbsp; 32898662 |
| Truist Financial Corp. | &nbsp;&nbsp; 162000 | &nbsp;&nbsp; 7972020 |
| U.S. Bancorp | &nbsp;&nbsp; 242400 | &nbsp;&nbsp; 12934464 |
| Wells Fargo & Co. | &nbsp;&nbsp; 153300 | &nbsp;&nbsp; 14287560 |
| Total |  | &nbsp;&nbsp; 105600754 |
| **Capital Markets 5.7%** | **Capital Markets 5.7%** | **Capital Markets 5.7%** |
| Blackstone, Inc. | &nbsp;&nbsp; 44000 | &nbsp;&nbsp; 6782160 |
| CME Group, Inc. | &nbsp;&nbsp; 39800 | &nbsp;&nbsp; 10868584 |
| Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp; 30800 | &nbsp;&nbsp; 27073200 |
| Invesco Ltd. | &nbsp;&nbsp; 337100 | &nbsp;&nbsp; 8855617 |
| Total |  | &nbsp;&nbsp; 53579561 |
| **Insurance 2.1%** | **Insurance 2.1%** | **Insurance 2.1%** |
| American Financial Group, Inc. | &nbsp;&nbsp; 72600 | &nbsp;&nbsp; 9922968 |
| MetLife, Inc. | &nbsp;&nbsp; 122100 | &nbsp;&nbsp; 9638574 |
| Total |  | &nbsp;&nbsp; 19561542 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Dividend Opportunity Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Mortgage Real Estate Investment Trusts (REITS) 1.2%** | **Mortgage Real Estate Investment Trusts (REITS) 1.2%** | **Mortgage Real Estate Investment Trusts (REITS) 1.2%** |
| Starwood Property Trust, Inc. | &nbsp;&nbsp; 642300 | &nbsp;&nbsp; 11567823 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **190309680** |
| **Health Care 13.2%** | **Health Care 13.2%** | **Health Care 13.2%** |
| **Biotechnology 3.3%** | **Biotechnology 3.3%** | **Biotechnology 3.3%** |
| AbbVie, Inc. | &nbsp;&nbsp; 104400 | &nbsp;&nbsp; 23854356 |
| Amgen, Inc. | &nbsp;&nbsp; 21800 | &nbsp;&nbsp; 7135358 |
| Total |  | &nbsp;&nbsp; 30989714 |
| **Health Care Equipment & Supplies 1.3%** | **Health Care Equipment & Supplies 1.3%** | **Health Care Equipment & Supplies 1.3%** |
| Medtronic PLC | &nbsp;&nbsp; 130300 | &nbsp;&nbsp; 12516618 |
| **Health Care Providers & Services 2.4%** | **Health Care Providers & Services 2.4%** | **Health Care Providers & Services 2.4%** |
| CVS Health Corp. | &nbsp;&nbsp; 159800 | &nbsp;&nbsp; 12681728 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp; 29100 | &nbsp;&nbsp; 9606201 |
| Total |  | &nbsp;&nbsp; 22287929 |
| **Pharmaceuticals 6.2%** | **Pharmaceuticals 6.2%** | **Pharmaceuticals 6.2%** |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 132700 | &nbsp;&nbsp; 7157838 |
| Johnson & Johnson | &nbsp;&nbsp; 124300 | &nbsp;&nbsp; 25723885 |
| Merck & Co., Inc. | &nbsp;&nbsp; 167200 | &nbsp;&nbsp; 17599472 |
| Pfizer, Inc. | &nbsp;&nbsp; 294700 | &nbsp;&nbsp; 7338030 |
| Total |  | &nbsp;&nbsp; 57819225 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **123613486** |
| **Industrials 8.8%** | **Industrials 8.8%** | **Industrials 8.8%** |
| **Aerospace & Defense 2.7%** | **Aerospace & Defense 2.7%** | **Aerospace & Defense 2.7%** |
| Lockheed Martin Corp. | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 12091750 |
| RTX Corp. | &nbsp;&nbsp; 70300 | &nbsp;&nbsp; 12893020 |
| Total |  | &nbsp;&nbsp; 24984770 |
| **Air Freight & Logistics 0.5%** | **Air Freight & Logistics 0.5%** | **Air Freight & Logistics 0.5%** |
| United Parcel Service, Inc., Class B | &nbsp;&nbsp; 49400 | &nbsp;&nbsp; 4899986 |
| **Building Products 0.5%** | **Building Products 0.5%** | **Building Products 0.5%** |
| Johnson Controls International PLC | &nbsp;&nbsp; 39500 | &nbsp;&nbsp; 4730125 |
| **Ground Transportation 0.9%** | **Ground Transportation 0.9%** | **Ground Transportation 0.9%** |
| Union Pacific Corp. | &nbsp;&nbsp; 36000 | &nbsp;&nbsp; 8327520 |
| **Industrial Conglomerates 1.3%** | **Industrial Conglomerates 1.3%** | **Industrial Conglomerates 1.3%** |
| 3M Co. | &nbsp;&nbsp; 74400 | &nbsp;&nbsp; 11911440 |
| **Machinery 2.1%** | **Machinery 2.1%** | **Machinery 2.1%** |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| PACCAR, Inc. | &nbsp;&nbsp; 79800 | &nbsp;&nbsp; 8738898 |
| Stanley Black & Decker, Inc. | &nbsp;&nbsp; 154900 | &nbsp;&nbsp; 11505972 |
| Total |  | &nbsp;&nbsp; 20244870 |
| **Passenger Airlines 0.8%** | **Passenger Airlines 0.8%** | **Passenger Airlines 0.8%** |
| Southwest Airlines Co. | &nbsp;&nbsp; 186400 | &nbsp;&nbsp; 7703912 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **82802623** |
| **Information Technology 11.1%** | **Information Technology 11.1%** | **Information Technology 11.1%** |
| **Communications Equipment 2.6%** | **Communications Equipment 2.6%** | **Communications Equipment 2.6%** |
| Cisco Systems, Inc. | &nbsp;&nbsp; 321200 | &nbsp;&nbsp; 24742036 |
| **Electronic Equipment, Instruments & Components 1.4%** | **Electronic Equipment, Instruments & Components 1.4%** | **Electronic Equipment, Instruments & Components 1.4%** |
| Corning, Inc. | &nbsp;&nbsp; 147000 | &nbsp;&nbsp; 12871320 |
| **IT Services 2.6%** | **IT Services 2.6%** | **IT Services 2.6%** |
| International Business Machines Corp. | &nbsp;&nbsp; 83300 | &nbsp;&nbsp; 24674293 |
| **Semiconductors & Semiconductor Equipment 3.0%** | **Semiconductors & Semiconductor Equipment 3.0%** | **Semiconductors & Semiconductor Equipment 3.0%** |
| Broadcom, Inc. | &nbsp;&nbsp; 23800 | &nbsp;&nbsp; 8237180 |
| Microchip Technology, Inc. | &nbsp;&nbsp; 63300 | &nbsp;&nbsp; 4033476 |
| Skyworks Solutions, Inc. | &nbsp;&nbsp; 101800 | &nbsp;&nbsp; 6455138 |
| Texas Instruments, Inc. | &nbsp;&nbsp; 55500 | &nbsp;&nbsp; 9628695 |
| Total |  | &nbsp;&nbsp; 28354489 |
| **Technology Hardware, Storage & Peripherals 1.5%** | **Technology Hardware, Storage & Peripherals 1.5%** | **Technology Hardware, Storage & Peripherals 1.5%** |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 283600 | &nbsp;&nbsp; 6812072 |
| Seagate Technology Holdings PLC | &nbsp;&nbsp; 24500 | &nbsp;&nbsp; 6747055 |
| Total |  | &nbsp;&nbsp; 13559127 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **104201265** |
| **Materials 2.3%** | **Materials 2.3%** | **Materials 2.3%** |
| **Chemicals 1.4%** | **Chemicals 1.4%** | **Chemicals 1.4%** |
| LyondellBasell Industries NV, Class A | &nbsp;&nbsp; 97700 | &nbsp;&nbsp; 4230410 |
| Nutrien Ltd. | &nbsp;&nbsp; 139900 | &nbsp;&nbsp; 8634628 |
| Total |  | &nbsp;&nbsp; 12865038 |
| **Containers & Packaging 0.9%** | **Containers & Packaging 0.9%** | **Containers & Packaging 0.9%** |
| International Paper Co. | &nbsp;&nbsp; 205800 | &nbsp;&nbsp; 8106462 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **20971500** |
| **Real Estate 3.8%** | **Real Estate 3.8%** | **Real Estate 3.8%** |
| **Health Care REITs 0.3%** | **Health Care REITs 0.3%** | **Health Care REITs 0.3%** |
| Welltower, Inc. | &nbsp;&nbsp; 17100 | &nbsp;&nbsp; 3173931 |
| **Office REITs 0.5%** | **Office REITs 0.5%** | **Office REITs 0.5%** |
| BXP, Inc. | &nbsp;&nbsp; 65200 | &nbsp;&nbsp; 4399696 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Dividend Opportunity Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Residential REITs 0.7%** | **Residential REITs 0.7%** | **Residential REITs 0.7%** |
| UDR, Inc. | &nbsp;&nbsp; 170900 | &nbsp;&nbsp; 6268612 |
| **Retail REITs 1.3%** | **Retail REITs 1.3%** | **Retail REITs 1.3%** |
| Simon Property Group, Inc. | &nbsp;&nbsp; 64100 | &nbsp;&nbsp; 11865551 |
| **Specialized REITs 1.0%** | **Specialized REITs 1.0%** | **Specialized REITs 1.0%** |
| Digital Realty Trust, Inc. | &nbsp;&nbsp; 63300 | &nbsp;&nbsp; 9793143 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **35500933** |
| **Utilities 4.5%** | **Utilities 4.5%** | **Utilities 4.5%** |
| **Electric Utilities 2.5%** | **Electric Utilities 2.5%** | **Electric Utilities 2.5%** |
| American Electric Power Co., Inc. | &nbsp;&nbsp; 48300 | &nbsp;&nbsp; 5569473 |
| NextEra Energy, Inc. | &nbsp;&nbsp; 48800 | &nbsp;&nbsp; 3917664 |
| Southern Co. (The) | &nbsp;&nbsp; 52000 | &nbsp;&nbsp; 4534400 |
| Xcel Energy, Inc. | &nbsp;&nbsp; 120600 | &nbsp;&nbsp; 8907516 |
| Total |  | &nbsp;&nbsp; 22929053 |
| **Gas Utilities 1.1%** | **Gas Utilities 1.1%** | **Gas Utilities 1.1%** |
| UGI Corp. | &nbsp;&nbsp; 276900 | &nbsp;&nbsp; 10364367 |
| **Multi-Utilities 0.9%** | **Multi-Utilities 0.9%** | **Multi-Utilities 0.9%** |
| DTE Energy Co. | &nbsp;&nbsp; 50500 | &nbsp;&nbsp; 6513490 |
| Public Service Enterprise Group, Inc. | &nbsp;&nbsp; 28300 | &nbsp;&nbsp; 2272490 |
| Total |  | &nbsp;&nbsp; 8785980 |
| **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **42079400** |
| Total Common Stocks <br>(Cost $656,210,477) | Total Common Stocks <br>(Cost $656,210,477) | &nbsp;&nbsp; **872986100** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Convertible Bonds 0.7%** | **Convertible Bonds 0.7%** | **Convertible Bonds 0.7%** | **Convertible Bonds 0.7%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Healthcare REIT 0.7%** | **Healthcare REIT 0.7%** | **Healthcare REIT 0.7%** | **Healthcare REIT 0.7%** |
| Welltower OP LLC<sup>(a)</sup>  | Welltower OP LLC<sup>(a)</sup>  | Welltower OP LLC<sup>(a)</sup>  | Welltower OP LLC<sup>(a)</sup>  |
| 07/15/2029 | &nbsp;&nbsp; 3.125% | 4500000 | &nbsp;&nbsp; 6795000 |
| Total Convertible Bonds <br>(Cost $4,500,000) | Total Convertible Bonds <br>(Cost $4,500,000) | Total Convertible Bonds <br>(Cost $4,500,000) | &nbsp;&nbsp; **6795000** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Convertible Preferred Stocks 4.7%** | **Convertible Preferred Stocks 4.7%** | **Convertible Preferred Stocks 4.7%** | **Convertible Preferred Stocks 4.7%** |
| **Issuer** |  | **Shares** | **Value ($)** |
| **Financials 1.0%** | **Financials 1.0%** | **Financials 1.0%** | **Financials 1.0%** |
| **Capital Markets 0.5%** | **Capital Markets 0.5%** | **Capital Markets 0.5%** | **Capital Markets 0.5%** |
| Ares Management Corp. | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 99600 | &nbsp;&nbsp; 5010876 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Convertible Preferred Stocks (continued)** | **Convertible Preferred Stocks (continued)** | **Convertible Preferred Stocks (continued)** | **Convertible Preferred Stocks (continued)** |
| **Issuer** |  | **Shares** | **Value ($)** |
| **Financial Services 0.5%** | **Financial Services 0.5%** | **Financial Services 0.5%** | **Financial Services 0.5%** |
| Apollo Global Management, Inc. | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 64000 | &nbsp;&nbsp; 4820480 |
| **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **9831356** |
| **Industrials 0.4%** | **Industrials 0.4%** | **Industrials 0.4%** | **Industrials 0.4%** |
| **Aerospace & Defense 0.4%** | **Aerospace & Defense 0.4%** | **Aerospace & Defense 0.4%** | **Aerospace & Defense 0.4%** |
| Boeing Co. (The) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 59950 | &nbsp;&nbsp; 4163528 |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **4163528** |
| **Information Technology 1.3%** | **Information Technology 1.3%** | **Information Technology 1.3%** | **Information Technology 1.3%** |
| **Semiconductors & Semiconductor Equipment 0.5%** | **Semiconductors & Semiconductor Equipment 0.5%** | **Semiconductors & Semiconductor Equipment 0.5%** | **Semiconductors & Semiconductor Equipment 0.5%** |
| Microchip Technology, Inc. | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 87000 | &nbsp;&nbsp; 5072100 |
| **Technology Hardware, Storage & Peripherals 0.8%** | **Technology Hardware, Storage & Peripherals 0.8%** | **Technology Hardware, Storage & Peripherals 0.8%** | **Technology Hardware, Storage & Peripherals 0.8%** |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 106110 | &nbsp;&nbsp; 7013285 |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **12085385** |
| **Materials 0.7%** | **Materials 0.7%** | **Materials 0.7%** | **Materials 0.7%** |
| **Chemicals 0.7%** | **Chemicals 0.7%** | **Chemicals 0.7%** | **Chemicals 0.7%** |
| Albemarle Corp. | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 110200 | &nbsp;&nbsp; 6485270 |
| **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **6485270** |
| **Utilities 1.3%** | **Utilities 1.3%** | **Utilities 1.3%** | **Utilities 1.3%** |
| **Electric Utilities 1.3%** | **Electric Utilities 1.3%** | **Electric Utilities 1.3%** | **Electric Utilities 1.3%** |
| Nextera Energy, Inc. | &nbsp;&nbsp; 7.234% | &nbsp;&nbsp; 102000 | &nbsp;&nbsp; 4952100 |
| Southern Co. (The) | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 136198 | &nbsp;&nbsp; 6763028 |
| Total |  |  | &nbsp;&nbsp; 11715128 |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **11715128** |
| Total Convertible Preferred Stocks <br>(Cost $37,853,269) | Total Convertible Preferred Stocks <br>(Cost $37,853,269) | Total Convertible Preferred Stocks <br>(Cost $37,853,269) | &nbsp;&nbsp; **44280667** |

---

&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; 11949941 | &nbsp;&nbsp; 11946356 |
| Total Money Market Funds <br>(Cost $11,946,354) | Total Money Market Funds <br>(Cost $11,946,354) | &nbsp;&nbsp; **11946356** |
| **Total Investments in Securities** <br>**(Cost: $710,510,100)** | **Total Investments in Securities** <br>**(Cost: $710,510,100)** | &nbsp;&nbsp; **936008123** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **932237** |
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **936940360** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Dividend Opportunity Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At December 31, 2025, the total value of these securities amounted to $6,795,000, which represents 0.73% of total net assets.

&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% |
|  | 16280383 | &nbsp;&nbsp; 95889249 | &nbsp;&nbsp; (100223208)<br>| &nbsp;&nbsp; (68)<br>| &nbsp;&nbsp; 11946356 | &nbsp;&nbsp; (394)<br>| &nbsp;&nbsp; 514263 | &nbsp;&nbsp; 11949941 |

---

**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 | 36475304 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36475304 |
| Consumer Discretionary | 71466103 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 71466103 |
| Consumer Staples | 90677562 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 90677562 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Dividend Opportunity Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| Energy | 74888244 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 74888244 |
| Financials | 190309680 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 190309680 |
| Health Care | 123613486 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 123613486 |
| Industrials | 82802623 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 82802623 |
| Information Technology | 104201265 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 104201265 |
| Materials | 20971500 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20971500 |
| Real Estate | 35500933 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35500933 |
| Utilities | 42079400 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42079400 |
| Total Common Stocks | 872986100 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 872986100 |
| Convertible Bonds |  | &nbsp;&nbsp;&nbsp;&nbsp; 6795000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6795000 |
| Convertible Preferred Stocks |  |  |  |  |
| Financials |  | &nbsp;&nbsp;&nbsp;&nbsp; 9831356 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9831356 |
| Industrials |  | &nbsp;&nbsp;&nbsp;&nbsp; 4163528 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4163528 |
| Information Technology |  | &nbsp;&nbsp;&nbsp;&nbsp; 12085385 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12085385 |
| Materials |  | &nbsp;&nbsp;&nbsp;&nbsp; 6485270 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6485270 |
| Utilities |  | &nbsp;&nbsp;&nbsp;&nbsp; 11715128 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11715128 |
| Total Convertible Preferred Stocks |  | &nbsp;&nbsp;&nbsp;&nbsp; 44280667 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44280667 |
| Money Market Funds | 11946356 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11946356 |
| Total Investments in Securities | 884932456 | &nbsp;&nbsp;&nbsp;&nbsp; 51075667 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 936008123 |

---

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.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Dividend Opportunity 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 $698,563,746) | $924061767 |
| Affiliated issuers (cost $11,946,354) | 11946356 |
| Receivable for: |  |
| Capital shares sold | 7715 |
| Dividends | 2173540 |
| Interest | 64844 |
| Foreign tax reclaims | 40735 |
| Expense reimbursement due from Investment Manager | 2756 |
| Prepaid expenses | 5200 |
| Total assets | 938302913 |
| **Liabilities** |  |
| Payable for: |  |
| Capital shares redeemed | 839138 |
| Management services fees | 18019 |
| Distribution and/or service fees | 3552 |
| Service fees | 58512 |
| Compensation of chief compliance officer | 150 |
| Compensation of board members | 839 |
| Other expenses | 35595 |
| Deferred compensation of board members | 406748 |
| Total liabilities | 1362553 |
| **Net assets applicable to outstanding capital stock** | **$936940360** |
| **Represented by** |  |
| Trust capital | $936940360 |
| **Total - representing net assets applicable to outstanding capital stock** | **$936940360** |
| **Class 1** |  |
| Net assets | $61649978 |
| Shares outstanding | 1175196 |
| Net asset value per share | $52.46 |
| **Class 2** |  |
| Net assets | $153859467 |
| Shares outstanding | 3051821 |
| Net asset value per share | $50.42 |
| **Class 3** |  |
| Net assets | $721430915 |
| Shares outstanding | 14029361 |
| Net asset value per share | $51.42 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Dividend Opportunity 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 | $31614747 |
| Dividends — affiliated issuers | 514263 |
| Interest | 170200 |
| Foreign taxes withheld | (59887)<br>|
| Total income | 32239323 |
| Expenses: |  |
| Management services fees | 6350739 |
| Distribution and/or service fees |  |
| Class 2 | 357218 |
| Class 3 | 888654 |
| Service fees | 598999 |
| Custodian fees | 10505 |
| Printing and postage fees | 32260 |
| Accounting services fees | 32423 |
| Legal fees | 32475 |
| Compensation of chief compliance officer | 144 |
| Compensation of board members | 20586 |
| Deferred compensation of board members | 59570 |
| Other | 42247 |
| Total expenses | 8425820 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates | (1048844)<br>|
| Total net expenses | 7376976 |
| **Net investment income** | 24862347 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 44615547 |
| Investments — affiliated issuers | (394)<br>|
| Net realized gain | 44615153 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 63935989 |
| Investments — affiliated issuers | (68)<br>|
| Net change in unrealized appreciation (depreciation) | 63935921 |
| Net realized and unrealized gain | 108551074 |
| **Net increase in net assets resulting from operations** | **$133413421** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Dividend Opportunity 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 | $24862347 | &nbsp;&nbsp; $24553515 |
| Net realized gain | 44615153 | &nbsp;&nbsp; 42167570 |
| Net change in unrealized appreciation (depreciation) | 63935921 | &nbsp;&nbsp; 60404567 |
| Net increase in net assets resulting from operations | 133413421 | &nbsp;&nbsp; 127125652 |
| Decrease in net assets from capital stock activity | (92463820)<br>| &nbsp;&nbsp; (99831905)<br>|
| Total increase in net assets | 40949601 | &nbsp;&nbsp; 27293747 |
| Net assets at beginning of year | 895990759 | &nbsp;&nbsp; 868697012 |
| **Net assets at end of year** | **$936940360** | &nbsp;&nbsp; **$895990759** |

---

&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 | 119590 | &nbsp;&nbsp;&nbsp;&nbsp; 5731882 | &nbsp;&nbsp;&nbsp;&nbsp; 106921 | &nbsp;&nbsp;&nbsp;&nbsp; 4609943 |
| Shares redeemed | (127762)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6136344)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (162876)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6995994)<br>|
| Net decrease | (8172)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (404462)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (55955)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2386051)<br>|
| Class 2 |  |  |  |  |
| Shares sold | 267040 | &nbsp;&nbsp;&nbsp;&nbsp; 12306392 | &nbsp;&nbsp;&nbsp;&nbsp; 177633 | &nbsp;&nbsp;&nbsp;&nbsp; 7395003 |
| Shares redeemed | (323018)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15026138)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (331380)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13644150)<br>|
| Net decrease | (55978)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2719746)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (153747)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6249147)<br>|
| Class 3 |  |  |  |  |
| Shares sold | 12435 | &nbsp;&nbsp;&nbsp;&nbsp; 577996 | &nbsp;&nbsp;&nbsp;&nbsp; 20336 | &nbsp;&nbsp;&nbsp;&nbsp; 861922 |
| Shares redeemed | (1885104)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (89917608)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2179237)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (92058629)<br>|
| Net decrease | (1872669)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (89339612)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2158901)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (91196707)<br>|
| **Total net decrease** | **(1936819)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(92463820)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(2368603)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(99831905)**<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Dividend Opportunity Fund \| 2025

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Columbia Variable Portfolio – Dividend Opportunity Fund \| 2025

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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 | $45.29<br>| 1.38<br>| 5.79<br>| 7.17<br>|
| Year Ended 12/31/2024 | $39.24<br>| 1.23<br>| 4.82<br>| 6.05<br>|
| Year Ended 12/31/2023 | $37.34<br>| 1.20<br>| 0.70<br>| 1.90<br>|
| Year Ended 12/31/2022 | $37.76<br>| 1.15 <br><sup>(c)</sup><br>| &nbsp;&nbsp; (1.57) <br>| &nbsp;&nbsp; (0.42) <br>|
| Year Ended 12/31/2021 | $29.93<br>| 0.97<br>| 6.86<br>| 7.83<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $43.63<br>| 1.22<br>| 5.57<br>| 6.79<br>|
| Year Ended 12/31/2024 | $37.90<br>| 1.09<br>| 4.64<br>| 5.73<br>|
| Year Ended 12/31/2023 | $36.15<br>| 1.07<br>| 0.68<br>| 1.75<br>|
| Year Ended 12/31/2022 | $36.66<br>| 1.03 <br><sup>(c)</sup><br>| &nbsp;&nbsp; (1.54) <br>| &nbsp;&nbsp; (0.51) <br>|
| Year Ended 12/31/2021 | $29.12<br>| 0.89<br>| 6.65<br>| 7.54<br>|
| **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** |
| Year Ended 12/31/2025 | $44.45<br>| 1.30<br>| 5.67<br>| 6.97<br>|
| Year Ended 12/31/2024 | $38.56<br>| 1.16<br>| 4.73<br>| 5.89<br>|
| Year Ended 12/31/2023 | $36.74<br>| 1.13<br>| 0.69<br>| 1.82<br>|
| Year Ended 12/31/2022 | $37.20<br>| 1.09 <br><sup>(c)</sup><br>| &nbsp;&nbsp; (1.55) <br>| &nbsp;&nbsp; (0.46) <br>|
| Year Ended 12/31/2021 | $29.52<br>| 0.94<br>| 6.74<br>| 7.68<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 European Union tax reclaims. The effect of these reclaims amounted to $0.01 per share. |
| (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 – Dividend Opportunity 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; $52.46<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.83%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.87%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $61650<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $45.29<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.42%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.86%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 33%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $53591<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $39.24<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.09%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $48631<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $37.34<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.11%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.12%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 44%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $47618<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $37.76<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.16%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.92%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $51329<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; $50.42<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.56%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.62%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $153859<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $43.63<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.12%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 33%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $135597<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $37.90<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.84%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $123614<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $36.15<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.39%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 44%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $123529<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $36.66<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.89%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.66%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $102724<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; $51.42<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.68%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.74%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $721431<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $44.45<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.28%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.73%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 33%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $706804<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $38.56<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.12%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $696452<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $36.74<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.24%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 44%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $740830<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $37.20<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.02%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.78%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $803825<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Dividend Opportunity Fund \| 2025

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Notes to Financial Statements

December 31, 2025

Note 1. Organization

Columbia Variable Portfolio – Dividend Opportunity 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.

Debt securities generally are valued based on prices obtained from pricing services, which are intended to reflect market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not

Columbia Variable Portfolio – Dividend Opportunity Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

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**

Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted. For convertible securities, premiums attributable to the conversion feature are not amortized.

The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. The Fund may also adjust accrual rates when it becomes probable the full interest will not be collected and a partial payment will be received. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

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

Columbia Variable Portfolio – Dividend Opportunity Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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.

**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 – Dividend Opportunity Fund \| 2025

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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 0.72% to 0.52% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2025 was 0.70% 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 0.07% 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 – Dividend Opportunity Fund \| 2025

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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:

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;0.795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 |

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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 $268,313,166 and $330,739,340, 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 – Dividend Opportunity Fund \| 2025

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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 94.1% 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 – Dividend Opportunity Fund \| 2025

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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 – Dividend Opportunity Fund \| 2025

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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 – Dividend Opportunity 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 – Dividend Opportunity 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 – Dividend Opportunity Fund \| 2025

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**Columbia Variable Portfolio – Dividend Opportunity Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g59364imga09a705e2.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.

ANN7005_12_E01_(02/26)

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![](g59364imgf56dfc211.jpg)

Columbia Variable Portfolio – U.S. Government Mortgage 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** |

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------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_ad79a17b-1d12-4b58-ae89-5d158c431b9e_POI-CommonContent-Date-267_1) | 3 |
| [Statement of Assets and Liabilities](#xx_ad79a17b-1d12-4b58-ae89-5d158c431b9e_FS-CommonContent-Date-267_1) | 15 |
| [Statement of Operations](#xx_ad79a17b-1d12-4b58-ae89-5d158c431b9e_FS-CommonContent-Date-267_2) | 16 |
| [Statement of Changes in Net Assets](#xx_ad79a17b-1d12-4b58-ae89-5d158c431b9e_FS-CommonContent-Date-267_3) | 17 |
| [Financial Highlights](#xx_ad79a17b-1d12-4b58-ae89-5d158c431b9e_FIHI-CommonContent-Date-267_1) | 18 |
| [Notes to Financial Statements](#xx_ad79a17b-1d12-4b58-ae89-5d158c431b9e_NTF-CommonContent-Date-267_1) | 20 |
| [Report of Independent Registered Public Accounting Firm](#xx_ad79a17b-1d12-4b58-ae89-5d158c431b9e_AUD-CommonContent-Date-267_1) | 35 |

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Columbia Variable Portfolio – U.S. Government Mortgage Fund \| 2025

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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;

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency 3.3%** | **Asset-Backed Securities - Non-Agency 3.3%** | **Asset-Backed Securities - Non-Agency 3.3%** | **Asset-Backed Securities - Non-Agency 3.3%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| ARES LII CLO Ltd.<sup>(a),(b)</sup>  | ARES LII CLO Ltd.<sup>(a),(b)</sup>  | ARES LII CLO Ltd.<sup>(a),(b)</sup>  | ARES LII CLO Ltd.<sup>(a),(b)</sup>  |
| Series 2019-52A Class A1 | Series 2019-52A Class A1 | Series 2019-52A Class A1 | Series 2019-52A Class A1 |
| 3-month Term SOFR + 0.880% <br>04/22/2031<br>| &nbsp;&nbsp; 4.737% | 4972682 | &nbsp;&nbsp; 4969017 |
| Basswood Park CLO Ltd.<sup>(a),(b)</sup>  | Basswood Park CLO Ltd.<sup>(a),(b)</sup>  | Basswood Park CLO Ltd.<sup>(a),(b)</sup>  | Basswood Park CLO Ltd.<sup>(a),(b)</sup>  |
| Series 2025-1A Class AR | Series 2025-1A Class AR | Series 2025-1A Class AR | Series 2025-1A Class AR |
| 3-month Term SOFR + 1.030% <br>Floor 1.030% <br>04/20/2034<br>| &nbsp;&nbsp; 4.914% | 7000000 | &nbsp;&nbsp; 7001036 |
| Lendbuzz Securitization Trust<sup>(a)</sup>  | Lendbuzz Securitization Trust<sup>(a)</sup>  | Lendbuzz Securitization Trust<sup>(a)</sup>  | Lendbuzz Securitization Trust<sup>(a)</sup>  |
| Series 2024-2A Class A2 | Series 2024-2A Class A2 | Series 2024-2A Class A2 | Series 2024-2A Class A2 |
| 05/15/2029 | &nbsp;&nbsp; 5.990% | 6327019 | &nbsp;&nbsp; 6368823 |
| MPOWER Education Trust<sup>(a)</sup>  | MPOWER Education Trust<sup>(a)</sup>  | MPOWER Education Trust<sup>(a)</sup>  | MPOWER Education Trust<sup>(a)</sup>  |
| Series 2024-A Class A | Series 2024-A Class A | Series 2024-A Class A | Series 2024-A Class A |
| 07/22/2041 | &nbsp;&nbsp; 6.780% | 1313215 | &nbsp;&nbsp; 1354783 |
| Pagaya AI Debt Grantor Trust<sup>(a)</sup>  | Pagaya AI Debt Grantor Trust<sup>(a)</sup>  | Pagaya AI Debt Grantor Trust<sup>(a)</sup>  | Pagaya AI Debt Grantor Trust<sup>(a)</sup>  |
| Series 2024-11 Class A | Series 2024-11 Class A | Series 2024-11 Class A | Series 2024-11 Class A |
| 07/15/2032 | &nbsp;&nbsp; 5.092% | 3953519 | &nbsp;&nbsp; 3971343 |
| Series 2024-11 Class B | Series 2024-11 Class B | Series 2024-11 Class B | Series 2024-11 Class B |
| 07/15/2032 | &nbsp;&nbsp; 5.637% | 1998422 | &nbsp;&nbsp; 2013340 |
| Series 2025-1 Class A2 | Series 2025-1 Class A2 | Series 2025-1 Class A2 | Series 2025-1 Class A2 |
| 07/15/2032 | &nbsp;&nbsp; 5.156% | 4393664 | &nbsp;&nbsp; 4429702 |
| Series 2025-7 Class C | Series 2025-7 Class C | Series 2025-7 Class C | Series 2025-7 Class C |
| 05/15/2033 | &nbsp;&nbsp; 5.037% | 5075000 | &nbsp;&nbsp; 5076396 |
| Subordinated Series 2024-5 Class C | Subordinated Series 2024-5 Class C | Subordinated Series 2024-5 Class C | Subordinated Series 2024-5 Class C |
| 10/15/2031 | &nbsp;&nbsp; 7.270% | 1012731 | &nbsp;&nbsp; 1022533 |
| Subordinated Series 2024-6 Class B | Subordinated Series 2024-6 Class B | Subordinated Series 2024-6 Class B | Subordinated Series 2024-6 Class B |
| 11/15/2031 | &nbsp;&nbsp; 6.589% | 1340551 | &nbsp;&nbsp; 1354670 |
| Pagaya Point of Sale Holdings Grantor Trust<sup>(a)</sup>  | Pagaya Point of Sale Holdings Grantor Trust<sup>(a)</sup>  | Pagaya Point of Sale Holdings Grantor Trust<sup>(a)</sup>  | Pagaya Point of Sale Holdings Grantor Trust<sup>(a)</sup>  |
| Series 2025-2 Class A | Series 2025-2 Class A | Series 2025-2 Class A | Series 2025-2 Class A |
| 07/20/2033 | &nbsp;&nbsp; 5.065% | 3250000 | &nbsp;&nbsp; 3260674 |
| Sound Point IV-R CLO Ltd.<sup>(a),(b)</sup>  | Sound Point IV-R CLO Ltd.<sup>(a),(b)</sup>  | Sound Point IV-R CLO Ltd.<sup>(a),(b)</sup>  | Sound Point IV-R CLO Ltd.<sup>(a),(b)</sup>  |
| Series 2013-3RA Class B | Series 2013-3RA Class B | Series 2013-3RA Class B | Series 2013-3RA Class B |
| 3-month Term SOFR + 2.012% <br>Floor 1.750% <br>04/18/2031<br>| &nbsp;&nbsp; 5.896% | 5000000 | &nbsp;&nbsp; 5007400 |
| Total Asset-Backed Securities — Non-Agency <br>(Cost $45,700,497) | Total Asset-Backed Securities — Non-Agency <br>(Cost $45,700,497) | Total Asset-Backed Securities — Non-Agency <br>(Cost $45,700,497) | &nbsp;&nbsp; **45829717** |
| **Commercial Mortgage-Backed Securities - Agency 2.0%** | **Commercial Mortgage-Backed Securities - Agency 2.0%** | **Commercial Mortgage-Backed Securities - Agency 2.0%** | **Commercial Mortgage-Backed Securities - Agency 2.0%** |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates<sup>(c)</sup>  | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates<sup>(c)</sup>  | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates<sup>(c)</sup>  | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates<sup>(c)</sup>  |
| Series K063 Class A2 | Series K063 Class A2 | Series K063 Class A2 | Series K063 Class A2 |
| 01/25/2027 | &nbsp;&nbsp; 3.430% | 4362000 | &nbsp;&nbsp; 4342059 |
| Federal National Mortgage Association<sup>(c)</sup>  | Federal National Mortgage Association<sup>(c)</sup>  | Federal National Mortgage Association<sup>(c)</sup>  | Federal National Mortgage Association<sup>(c)</sup>  |
| Series 2018-M7 Class A2 | Series 2018-M7 Class A2 | Series 2018-M7 Class A2 | Series 2018-M7 Class A2 |
| 03/25/2028 | &nbsp;&nbsp; 3.030% | 21912255 | &nbsp;&nbsp; 21589544 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Commercial Mortgage-Backed Securities - Agency (continued)** | **Commercial Mortgage-Backed Securities - Agency (continued)** | **Commercial Mortgage-Backed Securities - Agency (continued)** | **Commercial Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Government National Mortgage Association<sup>(c),(d)</sup>  | Government National Mortgage Association<sup>(c),(d)</sup>  | Government National Mortgage Association<sup>(c),(d)</sup>  | Government National Mortgage Association<sup>(c),(d)</sup>  |
| Series 2019-102 Class IB | Series 2019-102 Class IB | Series 2019-102 Class IB | Series 2019-102 Class IB |
| 03/16/2060 | &nbsp;&nbsp; 0.835% | 6364709 | &nbsp;&nbsp; 294904 |
| Series 2019-118 Class IO | Series 2019-118 Class IO | Series 2019-118 Class IO | Series 2019-118 Class IO |
| 06/16/2061 | &nbsp;&nbsp; 0.759% | 7679671 | &nbsp;&nbsp; 367563 |
| Series 2019-131 Class IO | Series 2019-131 Class IO | Series 2019-131 Class IO | Series 2019-131 Class IO |
| 07/16/2061 | &nbsp;&nbsp; 0.803% | 12263737 | &nbsp;&nbsp; 695798 |
| Series 2019-134 Class IO | Series 2019-134 Class IO | Series 2019-134 Class IO | Series 2019-134 Class IO |
| 08/16/2061 | &nbsp;&nbsp; 0.643% | 8082833 | &nbsp;&nbsp; 336365 |
| Series 2019-139 Class IO | Series 2019-139 Class IO | Series 2019-139 Class IO | Series 2019-139 Class IO |
| 11/16/2061 | &nbsp;&nbsp; 0.671% | 8750984 | &nbsp;&nbsp; 368073 |
| Series 2020-19 Class IO | Series 2020-19 Class IO | Series 2020-19 Class IO | Series 2020-19 Class IO |
| 12/16/2061 | &nbsp;&nbsp; 0.719% | 8449906 | &nbsp;&nbsp; 380294 |
| Series 2020-3 Class IO | Series 2020-3 Class IO | Series 2020-3 Class IO | Series 2020-3 Class IO |
| 02/16/2062 | &nbsp;&nbsp; 0.616% | 9355614 | &nbsp;&nbsp; 340568 |
| Total Commercial Mortgage-Backed Securities - Agency <br>(Cost $34,659,552) | Total Commercial Mortgage-Backed Securities - Agency <br>(Cost $34,659,552) | Total Commercial Mortgage-Backed Securities - Agency <br>(Cost $34,659,552) | &nbsp;&nbsp; **28715168** |
| **Commercial Mortgage-Backed Securities - Non-Agency 3.0%** | **Commercial Mortgage-Backed Securities - Non-Agency 3.0%** | **Commercial Mortgage-Backed Securities - Non-Agency 3.0%** | **Commercial Mortgage-Backed Securities - Non-Agency 3.0%** |
| BHMS Commercial Mortgage Trust<sup>(a),(b)</sup>  | BHMS Commercial Mortgage Trust<sup>(a),(b)</sup>  | BHMS Commercial Mortgage Trust<sup>(a),(b)</sup>  | BHMS Commercial Mortgage Trust<sup>(a),(b)</sup>  |
| Series 2025-ATLS Class A | Series 2025-ATLS Class A | Series 2025-ATLS Class A | Series 2025-ATLS Class A |
| 1-month Term SOFR + 1.850% <br>Floor 1.850% <br>08/15/2042<br>| &nbsp;&nbsp; 5.600% | 3900000 | &nbsp;&nbsp; 3914659 |
| BX Commercial Mortgage Trust<sup>(a),(b)</sup>  | BX Commercial Mortgage Trust<sup>(a),(b)</sup>  | BX Commercial Mortgage Trust<sup>(a),(b)</sup>  | BX Commercial Mortgage Trust<sup>(a),(b)</sup>  |
| Series 2024-SLCT Class A | Series 2024-SLCT Class A | Series 2024-SLCT Class A | Series 2024-SLCT Class A |
| 1-month Term SOFR + 1.443% <br>Floor 1.443% <br>01/15/2042<br>| &nbsp;&nbsp; 5.074% | 7800000 | &nbsp;&nbsp; 7792696 |
| BX Mortgage Trust<sup>(a)</sup>  | BX Mortgage Trust<sup>(a)</sup>  | BX Mortgage Trust<sup>(a)</sup>  | BX Mortgage Trust<sup>(a)</sup>  |
| Series 2025-BIO3 Class A | Series 2025-BIO3 Class A | Series 2025-BIO3 Class A | Series 2025-BIO3 Class A |
| 02/10/2042 | &nbsp;&nbsp; 6.138% | 6000000 | &nbsp;&nbsp; 6163429 |
| Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup>  | Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup>  | Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup>  | Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup>  |
| Subordinated Series 2014-USA Class E | Subordinated Series 2014-USA Class E | Subordinated Series 2014-USA Class E | Subordinated Series 2014-USA Class E |
| 09/15/2037 | &nbsp;&nbsp; 4.373% | 1700000 | &nbsp;&nbsp; 1344733 |
| Hilton USA Trust<sup>(a),(e)</sup>  | Hilton USA Trust<sup>(a),(e)</sup>  | Hilton USA Trust<sup>(a),(e)</sup>  | Hilton USA Trust<sup>(a),(e)</sup>  |
| Subordinated Series 2016-SFP Class E | Subordinated Series 2016-SFP Class E | Subordinated Series 2016-SFP Class E | Subordinated Series 2016-SFP Class E |
| 11/05/2035 | &nbsp;&nbsp; 0.000% | 1000000 | &nbsp;&nbsp; 25032 |
| Subordinated Series 2016-SFP Class F | Subordinated Series 2016-SFP Class F | Subordinated Series 2016-SFP Class F | Subordinated Series 2016-SFP Class F |
| 11/05/2035 | &nbsp;&nbsp; 0.000% | 2000000 | &nbsp;&nbsp; 40216 |
| Home Partners of America Trust<sup>(a)</sup>  | Home Partners of America Trust<sup>(a)</sup>  | Home Partners of America Trust<sup>(a)</sup>  | Home Partners of America Trust<sup>(a)</sup>  |
| Subordinated Series 2021-2 Class B | Subordinated Series 2021-2 Class B | Subordinated Series 2021-2 Class B | Subordinated Series 2021-2 Class B |
| 12/17/2026 | &nbsp;&nbsp; 2.302% | 8635461 | &nbsp;&nbsp; 8460285 |
| Progress Residential Trust<sup>(a)</sup>  | Progress Residential Trust<sup>(a)</sup>  | Progress Residential Trust<sup>(a)</sup>  | Progress Residential Trust<sup>(a)</sup>  |
| Series 2022-SFR1 Class A | Series 2022-SFR1 Class A | Series 2022-SFR1 Class A | Series 2022-SFR1 Class A |
| 02/17/2041 | &nbsp;&nbsp; 2.709% | 4941502 | &nbsp;&nbsp; 4717025 |

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The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Commercial Mortgage-Backed Securities - Non-Agency (continued)** | **Commercial Mortgage-Backed Securities - Non-Agency (continued)** | **Commercial Mortgage-Backed Securities - Non-Agency (continued)** | **Commercial Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| SFO Commercial Mortgage Trust<sup>(a),(b)</sup>  | SFO Commercial Mortgage Trust<sup>(a),(b)</sup>  | SFO Commercial Mortgage Trust<sup>(a),(b)</sup>  | SFO Commercial Mortgage Trust<sup>(a),(b)</sup>  |
| Series 2021-555 Class A | Series 2021-555 Class A | Series 2021-555 Class A | Series 2021-555 Class A |
| 1-month Term SOFR + 1.264% <br>Floor 1.150% <br>05/15/2038<br>| &nbsp;&nbsp; 5.016% | 2350000 | &nbsp;&nbsp; 2342985 |
| STAR Trust<sup>(a),(b)</sup>  | STAR Trust<sup>(a),(b)</sup>  | STAR Trust<sup>(a),(b)</sup>  | STAR Trust<sup>(a),(b)</sup>  |
| Series 2025-SFR6 Class A | Series 2025-SFR6 Class A | Series 2025-SFR6 Class A | Series 2025-SFR6 Class A |
| 1-month Term SOFR + 1.650% <br>Floor 1.650% <br>08/17/2042<br>| &nbsp;&nbsp; 5.359% | 7000000 | &nbsp;&nbsp; 7023858 |
| Total Commercial Mortgage-Backed Securities - Non-Agency <br>(Cost $45,304,279) | Total Commercial Mortgage-Backed Securities - Non-Agency <br>(Cost $45,304,279) | Total Commercial Mortgage-Backed Securities - Non-Agency <br>(Cost $45,304,279) | &nbsp;&nbsp; **41824918** |
| **Residential Mortgage-Backed Securities - Agency 111.9%** | **Residential Mortgage-Backed Securities - Agency 111.9%** | **Residential Mortgage-Backed Securities - Agency 111.9%** | **Residential Mortgage-Backed Securities - Agency 111.9%** |
| Fannie Mae Pool | Fannie Mae Pool | Fannie Mae Pool | Fannie Mae Pool |
| 11/01/2055 | &nbsp;&nbsp; 5.000% | 16491145 | &nbsp;&nbsp; 16450205 |
| Fannie Mae REMICS | Fannie Mae REMICS | Fannie Mae REMICS | Fannie Mae REMICS |
| CMO Series 2018-7 Class CD | CMO Series 2018-7 Class CD | CMO Series 2018-7 Class CD | CMO Series 2018-7 Class CD |
| 02/25/2048 | &nbsp;&nbsp; 3.000% | 7814164 | &nbsp;&nbsp; 7161591 |
| Fannie Mae REMICS<sup>(b),(d)</sup>  | Fannie Mae REMICS<sup>(b),(d)</sup>  | Fannie Mae REMICS<sup>(b),(d)</sup>  | Fannie Mae REMICS<sup>(b),(d)</sup>  |
| CMO Series 2023-34 Class S | CMO Series 2023-34 Class S | CMO Series 2023-34 Class S | CMO Series 2023-34 Class S |
| -1.0 x 30-day Average SOFR + <br> 6.086% <br>Cap 6.200% <br>10/25/2048<br>| &nbsp;&nbsp; 2.211% | 10333939 | &nbsp;&nbsp; 1286887 |
| CMO Series 2025-45 Class SC | CMO Series 2025-45 Class SC | CMO Series 2025-45 Class SC | CMO Series 2025-45 Class SC |
| -1.0 x 30-day Average SOFR + <br> 5.800% <br>Cap 5.800% <br>06/25/2055<br>| &nbsp;&nbsp; 1.926% | 24240681 | &nbsp;&nbsp; 1924710 |
| Fannie Mae REMICS<sup>(b)</sup>  | Fannie Mae REMICS<sup>(b)</sup>  | Fannie Mae REMICS<sup>(b)</sup>  | Fannie Mae REMICS<sup>(b)</sup>  |
| CMO Series 2025-10 Class FB | CMO Series 2025-10 Class FB | CMO Series 2025-10 Class FB | CMO Series 2025-10 Class FB |
| 30-day Average SOFR + 0.850% <br>Floor 0.850%, Cap 6.000% <br>02/25/2055<br>| &nbsp;&nbsp; 4.724% | 6402182 | &nbsp;&nbsp; 6385648 |
| CMO Series 2025-12 Class LF | CMO Series 2025-12 Class LF | CMO Series 2025-12 Class LF | CMO Series 2025-12 Class LF |
| 30-day Average SOFR + 3.950% <br>Cap 8.250% <br>03/25/2055<br>| &nbsp;&nbsp; 7.824% | 16655341 | &nbsp;&nbsp; 17141452 |
| CMO Series 2025-16 Class MA | CMO Series 2025-16 Class MA | CMO Series 2025-16 Class MA | CMO Series 2025-16 Class MA |
| 30-day Average SOFR + 3.950% <br>Cap 8.250% <br>01/25/2055<br>| &nbsp;&nbsp; 7.824% | 5815706 | &nbsp;&nbsp; 5927606 |
| CMO Series 2025-6 Class LF | CMO Series 2025-6 Class LF | CMO Series 2025-6 Class LF | CMO Series 2025-6 Class LF |
| 30-day Average SOFR + 1.800% <br>Floor 1.800%, Cap 6.000% <br>02/25/2055<br>| &nbsp;&nbsp; 5.674% | 12138228 | &nbsp;&nbsp; 12264648 |
| CMO Series 2025-86 Class FH | CMO Series 2025-86 Class FH | CMO Series 2025-86 Class FH | CMO Series 2025-86 Class FH |
| 30-day Average SOFR + 0.850% <br>Floor 0.850%, Cap 6.000% <br>09/25/2055<br>| &nbsp;&nbsp; 4.724% | 14669933 | &nbsp;&nbsp; 14622168 |

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| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| 08/01/2035- <br>03/01/2052<br>| &nbsp;&nbsp; 2.000% | 34672550 | &nbsp;&nbsp; 29556762 |
| 10/01/2041- <br>12/01/2052<br>| &nbsp;&nbsp; 4.000% | 45801604 | &nbsp;&nbsp; 44134622 |
| 07/01/2042- <br>12/01/2052<br>| &nbsp;&nbsp; 3.500% | 48051558 | &nbsp;&nbsp; 45147224 |
| 11/01/2042- <br>08/01/2052<br>| &nbsp;&nbsp; 3.000% | 60525533 | &nbsp;&nbsp; 54544188 |
| 09/01/2047- <br>11/01/2054<br>| &nbsp;&nbsp; 4.500% | 22230168 | &nbsp;&nbsp; 21886990 |
| 02/01/2051- <br>03/01/2052<br>| &nbsp;&nbsp; 2.500% | 34092929 | &nbsp;&nbsp; 29335072 |
| 06/01/2053 | &nbsp;&nbsp; 5.000% | 7096432 | &nbsp;&nbsp; 7102132 |
| 09/01/2054- <br>07/01/2055<br>| &nbsp;&nbsp; 6.000% | 42047154 | &nbsp;&nbsp; 43569586 |
| 10/01/2054- <br>12/01/2054<br>| &nbsp;&nbsp; 5.500% | 30743651 | &nbsp;&nbsp; 31525320 |
| Federal Home Loan Mortgage Corp.<sup>(b)</sup>  | Federal Home Loan Mortgage Corp.<sup>(b)</sup>  | Federal Home Loan Mortgage Corp.<sup>(b)</sup>  | Federal Home Loan Mortgage Corp.<sup>(b)</sup>  |
| 12-month Term SOFR + 1.624% <br>Cap 11.065% <br>01/01/2037<br>| &nbsp;&nbsp; 6.184% | 12180 | &nbsp;&nbsp; 12600 |
| 12-month Term SOFR + 1.910% <br>Cap 10.449% <br>09/01/2037<br>| &nbsp;&nbsp; 6.660% | 47181 | &nbsp;&nbsp; 48916 |
| Federal Home Loan Mortgage Corp.<sup>(b),(d)</sup>  | Federal Home Loan Mortgage Corp.<sup>(b),(d)</sup>  | Federal Home Loan Mortgage Corp.<sup>(b),(d)</sup>  | Federal Home Loan Mortgage Corp.<sup>(b),(d)</sup>  |
| CMO Series 264 Class S1 | CMO Series 264 Class S1 | CMO Series 264 Class S1 | CMO Series 264 Class S1 |
| -1.0 x 30-day Average SOFR + <br> 5.836% <br>Cap 5.950% <br>07/15/2042<br>| &nbsp;&nbsp; 1.852% | 2530662 | &nbsp;&nbsp; 248033 |
| CMO Series 318 Class S1 | CMO Series 318 Class S1 | CMO Series 318 Class S1 | CMO Series 318 Class S1 |
| -1.0 x 30-day Average SOFR + <br> 5.836% <br>Cap 5.950% <br>11/15/2043<br>| &nbsp;&nbsp; 1.852% | 5305597 | &nbsp;&nbsp; 570536 |
| CMO Series 4286 Class NS | CMO Series 4286 Class NS | CMO Series 4286 Class NS | CMO Series 4286 Class NS |
| -1.0 x 30-day Average SOFR + <br> 5.786% <br>Cap 5.900% <br>12/15/2043<br>| &nbsp;&nbsp; 1.802% | 1788235 | &nbsp;&nbsp; 213129 |
| CMO Series 4594 Class SA | CMO Series 4594 Class SA | CMO Series 4594 Class SA | CMO Series 4594 Class SA |
| -1.0 x 30-day Average SOFR + <br> 5.836% <br>Cap 5.950% <br>06/15/2046<br>| &nbsp;&nbsp; 1.852% | 4080059 | &nbsp;&nbsp; 477791 |
| CMO Series 4965 Class KS | CMO Series 4965 Class KS | CMO Series 4965 Class KS | CMO Series 4965 Class KS |
| -1.0 x 30-day Average SOFR + <br> 5.736% <br>Cap 5.850% <br>04/25/2050<br>| &nbsp;&nbsp; 1.861% | 2629356 | &nbsp;&nbsp; 313917 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 4987 Class KS | CMO Series 4987 Class KS | CMO Series 4987 Class KS | CMO Series 4987 Class KS |
| -1.0 x 30-day Average SOFR + <br> 6.194% <br>Cap 6.080% <br>06/25/2050<br>| &nbsp;&nbsp; 2.091% | 5410903 | &nbsp;&nbsp; 789784 |
| CMO Series 4993 Class MS | CMO Series 4993 Class MS | CMO Series 4993 Class MS | CMO Series 4993 Class MS |
| -1.0 x 30-day Average SOFR + <br> 5.936% <br>Cap 6.050% <br>07/25/2050<br>| &nbsp;&nbsp; 2.061% | 6808545 | &nbsp;&nbsp; 1009792 |
| CMO STRIPS Series 309 Class S4 | CMO STRIPS Series 309 Class S4 | CMO STRIPS Series 309 Class S4 | CMO STRIPS Series 309 Class S4 |
| -1.0 x 30-day Average SOFR + <br> 5.856% <br>Cap 5.970% <br>08/15/2043<br>| &nbsp;&nbsp; 1.872% | 1453808 | &nbsp;&nbsp; 153718 |
| CMO STRIPS Series 326 Class S1 | CMO STRIPS Series 326 Class S1 | CMO STRIPS Series 326 Class S1 | CMO STRIPS Series 326 Class S1 |
| -1.0 x 30-day Average SOFR + <br> 5.886% <br>Cap 6.000% <br>03/15/2044<br>| &nbsp;&nbsp; 1.902% | 599162 | &nbsp;&nbsp; 62116 |
| Federal Home Loan Mortgage Corp.<sup>(d)</sup>  | Federal Home Loan Mortgage Corp.<sup>(d)</sup>  | Federal Home Loan Mortgage Corp.<sup>(d)</sup>  | Federal Home Loan Mortgage Corp.<sup>(d)</sup>  |
| CMO Series 266 | CMO Series 266 | CMO Series 266 | CMO Series 266 |
| 07/15/2042 | &nbsp;&nbsp; 4.000% | 1510854 | &nbsp;&nbsp; 271765 |
| CMO Series 267 | CMO Series 267 | CMO Series 267 | CMO Series 267 |
| 08/15/2042 | &nbsp;&nbsp; 4.000% | 1218070 | &nbsp;&nbsp; 221056 |
| CMO Series 4139 Class CI | CMO Series 4139 Class CI | CMO Series 4139 Class CI | CMO Series 4139 Class CI |
| 05/15/2042 | &nbsp;&nbsp; 3.500% | 578362 | &nbsp;&nbsp; 34565 |
| CMO Series 4147 Class CI | CMO Series 4147 Class CI | CMO Series 4147 Class CI | CMO Series 4147 Class CI |
| 01/15/2041 | &nbsp;&nbsp; 3.500% | 74991 | &nbsp;&nbsp; 243 |
| CMO Series 4177 Class IY | CMO Series 4177 Class IY | CMO Series 4177 Class IY | CMO Series 4177 Class IY |
| 03/15/2043 | &nbsp;&nbsp; 4.000% | 2919269 | &nbsp;&nbsp; 410381 |
| Federal Home Loan Mortgage Corp.<sup>(c),(d)</sup>  | Federal Home Loan Mortgage Corp.<sup>(c),(d)</sup>  | Federal Home Loan Mortgage Corp.<sup>(c),(d)</sup>  | Federal Home Loan Mortgage Corp.<sup>(c),(d)</sup>  |
| CMO Series 4068 Class GI | CMO Series 4068 Class GI | CMO Series 4068 Class GI | CMO Series 4068 Class GI |
| 09/15/2036 | &nbsp;&nbsp; 1.973% | 873501 | &nbsp;&nbsp; 96553 |
| Federal Home Loan Mortgage Corp. REMICS<sup>(b),(d)</sup>  | Federal Home Loan Mortgage Corp. REMICS<sup>(b),(d)</sup>  | Federal Home Loan Mortgage Corp. REMICS<sup>(b),(d)</sup>  | Federal Home Loan Mortgage Corp. REMICS<sup>(b),(d)</sup>  |
| CMO Series 4983 Class SY | CMO Series 4983 Class SY | CMO Series 4983 Class SY | CMO Series 4983 Class SY |
| -1.0 x 30-day Average SOFR + <br> 5.986% <br>Cap 6.100% <br>05/25/2050<br>| &nbsp;&nbsp; 2.111% | 11979865 | &nbsp;&nbsp; 1752944 |
| CMO Series 5345 Class SE | CMO Series 5345 Class SE | CMO Series 5345 Class SE | CMO Series 5345 Class SE |
| -1.0 x 30-day Average SOFR + <br> 5.886% <br>Cap 6.000% <br>01/15/2048<br>| &nbsp;&nbsp; 1.902% | 16299070 | &nbsp;&nbsp; 1753902 |
| Federal Home Loan Mortgage Corp. REMICS<sup>(d)</sup>  | Federal Home Loan Mortgage Corp. REMICS<sup>(d)</sup>  | Federal Home Loan Mortgage Corp. REMICS<sup>(d)</sup>  | Federal Home Loan Mortgage Corp. REMICS<sup>(d)</sup>  |
| CMO Series 5105 Class ID | CMO Series 5105 Class ID | CMO Series 5105 Class ID | CMO Series 5105 Class ID |
| 05/25/2051 | &nbsp;&nbsp; 3.000% | 8681858 | &nbsp;&nbsp; 1687780 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 03/01/2027- <br>01/01/2052<br>| &nbsp;&nbsp; 2.500% | 97174914 | &nbsp;&nbsp; 85005194 |
| 03/01/2027- <br>08/01/2052<br>| &nbsp;&nbsp; 3.500% | 51430109 | &nbsp;&nbsp; 48357436 |
| 05/01/2027- <br>03/01/2053<br>| &nbsp;&nbsp; 3.000% | 71564316 | &nbsp;&nbsp; 64417507 |
| 06/01/2036- <br>03/01/2052<br>| &nbsp;&nbsp; 2.000% | 102002644 | &nbsp;&nbsp; 84474645 |
| 05/01/2039- <br>02/01/2053<br>| &nbsp;&nbsp; 4.500% | 20460296 | &nbsp;&nbsp; 20176514 |
| 11/01/2043- <br>08/01/2052<br>| &nbsp;&nbsp; 4.000% | 33347299 | &nbsp;&nbsp; 32201843 |
| 06/01/2053- <br>11/01/2054<br>| &nbsp;&nbsp; 5.000% | 43897160 | &nbsp;&nbsp; 44119988 |
| 07/01/2054- <br>08/01/2055<br>| &nbsp;&nbsp; 6.000% | 34761755 | &nbsp;&nbsp; 35821546 |
| CMO Series 2017-72 Class B | CMO Series 2017-72 Class B | CMO Series 2017-72 Class B | CMO Series 2017-72 Class B |
| 09/25/2047 | &nbsp;&nbsp; 3.000% | 1818914 | &nbsp;&nbsp; 1710622 |
| Federal National Mortgage Association<sup>(b)</sup>  | Federal National Mortgage Association<sup>(b)</sup>  | Federal National Mortgage Association<sup>(b)</sup>  | Federal National Mortgage Association<sup>(b)</sup>  |
| 6-month Term SOFR + 1.383% <br>Floor 1.383%, Cap 9.383% <br>02/01/2033<br>| &nbsp;&nbsp; 6.008% | 6200 | &nbsp;&nbsp; 6270 |
| 12-month Term SOFR + 1.694% <br>Floor 1.694%, Cap 8.944% <br>12/01/2033<br>| &nbsp;&nbsp; 6.069% | 818 | &nbsp;&nbsp; 842 |
| 12-month Term SOFR + 1.584% <br>Floor 1.584%, Cap 9.151% <br>06/01/2034<br>| &nbsp;&nbsp; 6.334% | 9722 | &nbsp;&nbsp; 9912 |
| Federal National Mortgage Association<sup>(f)</sup>  | Federal National Mortgage Association<sup>(f)</sup>  | Federal National Mortgage Association<sup>(f)</sup>  | Federal National Mortgage Association<sup>(f)</sup>  |
| 12/01/2050 | &nbsp;&nbsp; 2.000% | 20569455 | &nbsp;&nbsp; 16771558 |
| Federal National Mortgage Association<sup>(c)</sup>  | Federal National Mortgage Association<sup>(c)</sup>  | Federal National Mortgage Association<sup>(c)</sup>  | Federal National Mortgage Association<sup>(c)</sup>  |
| CMO Series 2003-W11 Class A1 | CMO Series 2003-W11 Class A1 | CMO Series 2003-W11 Class A1 | CMO Series 2003-W11 Class A1 |
| 06/25/2033 | &nbsp;&nbsp; 7.334% | 477 | &nbsp;&nbsp; 483 |
| Federal National Mortgage Association<sup>(c),(d)</sup>  | Federal National Mortgage Association<sup>(c),(d)</sup>  | Federal National Mortgage Association<sup>(c),(d)</sup>  | Federal National Mortgage Association<sup>(c),(d)</sup>  |
| CMO Series 2006-5 Class N1 | CMO Series 2006-5 Class N1 | CMO Series 2006-5 Class N1 | CMO Series 2006-5 Class N1 |
| 08/25/2034 | &nbsp;&nbsp; 0.000% | 943121 | &nbsp;&nbsp; 9 |
| Federal National Mortgage Association<sup>(d)</sup>  | Federal National Mortgage Association<sup>(d)</sup>  | Federal National Mortgage Association<sup>(d)</sup>  | Federal National Mortgage Association<sup>(d)</sup>  |
| CMO Series 2012-129 Class IC | CMO Series 2012-129 Class IC | CMO Series 2012-129 Class IC | CMO Series 2012-129 Class IC |
| 01/25/2041 | &nbsp;&nbsp; 3.500% | 123762 | &nbsp;&nbsp; 1059 |
| CMO Series 2012-144 Class HI | CMO Series 2012-144 Class HI | CMO Series 2012-144 Class HI | CMO Series 2012-144 Class HI |
| 07/25/2042 | &nbsp;&nbsp; 3.500% | 533182 | &nbsp;&nbsp; 39268 |
| CMO Series 2012-40 Class IP | CMO Series 2012-40 Class IP | CMO Series 2012-40 Class IP | CMO Series 2012-40 Class IP |
| 09/25/2040 | &nbsp;&nbsp; 4.000% | 589044 | &nbsp;&nbsp; 14075 |
| CMO Series 2013-1 Class AI | CMO Series 2013-1 Class AI | CMO Series 2013-1 Class AI | CMO Series 2013-1 Class AI |
| 02/25/2043 | &nbsp;&nbsp; 3.500% | 720708 | &nbsp;&nbsp; 100205 |
| CMO Series 2013-10 Class AI | CMO Series 2013-10 Class AI | CMO Series 2013-10 Class AI | CMO Series 2013-10 Class AI |
| 11/25/2041 | &nbsp;&nbsp; 3.500% | 1034021 | &nbsp;&nbsp; 28588 |
| CMO Series 2020-55 Class MI | CMO Series 2020-55 Class MI | CMO Series 2020-55 Class MI | CMO Series 2020-55 Class MI |
| 08/25/2050 | &nbsp;&nbsp; 2.500% | 9302426 | &nbsp;&nbsp; 1546464 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2021-3 Class TI | CMO Series 2021-3 Class TI | CMO Series 2021-3 Class TI | CMO Series 2021-3 Class TI |
| 02/25/2051 | &nbsp;&nbsp; 2.500% | 34037004 | &nbsp;&nbsp; 5798813 |
| Federal National Mortgage Association<sup>(b),(d)</sup>  | Federal National Mortgage Association<sup>(b),(d)</sup>  | Federal National Mortgage Association<sup>(b),(d)</sup>  | Federal National Mortgage Association<sup>(b),(d)</sup>  |
| CMO Series 2012-99 Class SL | CMO Series 2012-99 Class SL | CMO Series 2012-99 Class SL | CMO Series 2012-99 Class SL |
| -1.0 x 30-day Average SOFR + <br> 6.506% <br>Cap 6.620% <br>09/25/2042<br>| &nbsp;&nbsp; 2.631% | 2830390 | &nbsp;&nbsp; 348167 |
| CMO Series 2014-93 Class ES | CMO Series 2014-93 Class ES | CMO Series 2014-93 Class ES | CMO Series 2014-93 Class ES |
| -1.0 x 30-day Average SOFR + <br> 6.036% <br>Cap 6.150% <br>01/25/2045<br>| &nbsp;&nbsp; 2.161% | 1839863 | &nbsp;&nbsp; 225064 |
| CMO Series 2016-37 Class SA | CMO Series 2016-37 Class SA | CMO Series 2016-37 Class SA | CMO Series 2016-37 Class SA |
| -1.0 x 30-day Average SOFR + <br> 5.736% <br>Cap 5.850% <br>06/25/2046<br>| &nbsp;&nbsp; 1.861% | 2433729 | &nbsp;&nbsp; 262437 |
| CMO Series 2016-42 Class SB | CMO Series 2016-42 Class SB | CMO Series 2016-42 Class SB | CMO Series 2016-42 Class SB |
| -1.0 x 30-day Average SOFR + <br> 5.886% <br>Cap 6.000% <br>07/25/2046<br>| &nbsp;&nbsp; 2.011% | 6178018 | &nbsp;&nbsp; 753957 |
| CMO Series 2017-3 Class SA | CMO Series 2017-3 Class SA | CMO Series 2017-3 Class SA | CMO Series 2017-3 Class SA |
| -1.0 x 30-day Average SOFR + <br> 5.886% <br>Cap 6.000% <br>02/25/2047<br>| &nbsp;&nbsp; 2.011% | 4608891 | &nbsp;&nbsp; 490602 |
| CMO Series 2017-51 Class SC | CMO Series 2017-51 Class SC | CMO Series 2017-51 Class SC | CMO Series 2017-51 Class SC |
| -1.0 x 30-day Average SOFR + <br> 6.036% <br>Cap 6.150% <br>07/25/2047<br>| &nbsp;&nbsp; 2.161% | 4651574 | &nbsp;&nbsp; 556550 |
| CMO Series 2017-72 Class S | CMO Series 2017-72 Class S | CMO Series 2017-72 Class S | CMO Series 2017-72 Class S |
| -1.0 x 30-day Average SOFR + <br> 3.836% <br>Cap 2.750% <br>09/25/2047<br>| &nbsp;&nbsp; 0.000% | 11136468 | &nbsp;&nbsp; 378629 |
| CMO Series 2017-90 Class SP | CMO Series 2017-90 Class SP | CMO Series 2017-90 Class SP | CMO Series 2017-90 Class SP |
| -1.0 x 30-day Average SOFR + <br> 6.036% <br>Cap 6.150% <br>11/25/2047<br>| &nbsp;&nbsp; 2.161% | 2456428 | &nbsp;&nbsp; 304767 |
| CMO Series 2019-33 Class SB | CMO Series 2019-33 Class SB | CMO Series 2019-33 Class SB | CMO Series 2019-33 Class SB |
| -1.0 x 30-day Average SOFR + <br> 5.936% <br>Cap 6.050% <br>07/25/2049<br>| &nbsp;&nbsp; 2.061% | 7260060 | &nbsp;&nbsp; 797401 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2019-34 Class SM | CMO Series 2019-34 Class SM | CMO Series 2019-34 Class SM | CMO Series 2019-34 Class SM |
| -1.0 x 30-day Average SOFR + <br> 5.936% <br>Cap 6.050% <br>07/25/2049<br>| &nbsp;&nbsp; 2.061% | 6188220 | &nbsp;&nbsp; 849878 |
| CMO Series 2020-40 Class LS | CMO Series 2020-40 Class LS | CMO Series 2020-40 Class LS | CMO Series 2020-40 Class LS |
| -1.0 x 30-day Average SOFR + <br> 5.966% <br>Cap 6.080% <br>06/25/2050<br>| &nbsp;&nbsp; 2.091% | 7863057 | &nbsp;&nbsp; 1176968 |
| Federal National Mortgage Association REMICS<sup>(b),(d)</sup>  | Federal National Mortgage Association REMICS<sup>(b),(d)</sup>  | Federal National Mortgage Association REMICS<sup>(b),(d)</sup>  | Federal National Mortgage Association REMICS<sup>(b),(d)</sup>  |
| CMO Series 2016-1 Class SJ | CMO Series 2016-1 Class SJ | CMO Series 2016-1 Class SJ | CMO Series 2016-1 Class SJ |
| -1.0 x 30-day Average SOFR + <br> 6.036% <br>Cap 6.150% <br>02/25/2046<br>| &nbsp;&nbsp; 2.161% | 6280744 | &nbsp;&nbsp; 710723 |
| Federal National Mortgage Association REMICS<sup>(d)</sup>  | Federal National Mortgage Association REMICS<sup>(d)</sup>  | Federal National Mortgage Association REMICS<sup>(d)</sup>  | Federal National Mortgage Association REMICS<sup>(d)</sup>  |
| CMO Series 2021-13 Class IO | CMO Series 2021-13 Class IO | CMO Series 2021-13 Class IO | CMO Series 2021-13 Class IO |
| 03/25/2051 | &nbsp;&nbsp; 3.000% | 5944391 | &nbsp;&nbsp; 1149138 |
| CMO Series 2021-54 Class LI | CMO Series 2021-54 Class LI | CMO Series 2021-54 Class LI | CMO Series 2021-54 Class LI |
| 04/25/2049 | &nbsp;&nbsp; 2.500% | 9182227 | &nbsp;&nbsp; 1265910 |
| Freddie Mac REMICS | Freddie Mac REMICS | Freddie Mac REMICS | Freddie Mac REMICS |
| CMO Series 5104 Class LH | CMO Series 5104 Class LH | CMO Series 5104 Class LH | CMO Series 5104 Class LH |
| 06/25/2049 | &nbsp;&nbsp; 2.000% | 2496687 | &nbsp;&nbsp; 2103869 |
| Freddie Mac REMICS<sup>(d)</sup>  | Freddie Mac REMICS<sup>(d)</sup>  | Freddie Mac REMICS<sup>(d)</sup>  | Freddie Mac REMICS<sup>(d)</sup>  |
| CMO Series 5177 Class PI | CMO Series 5177 Class PI | CMO Series 5177 Class PI | CMO Series 5177 Class PI |
| 12/25/2051 | &nbsp;&nbsp; 2.500% | 10156200 | &nbsp;&nbsp; 981975 |
| Freddie Mac REMICS<sup>(b),(d)</sup>  | Freddie Mac REMICS<sup>(b),(d)</sup>  | Freddie Mac REMICS<sup>(b),(d)</sup>  | Freddie Mac REMICS<sup>(b),(d)</sup>  |
| CMO Series 5371 Class S | CMO Series 5371 Class S | CMO Series 5371 Class S | CMO Series 5371 Class S |
| -1.0 x 30-day Average SOFR + <br> 5.936% <br>Cap 6.050% <br>08/15/2048<br>| &nbsp;&nbsp; 1.952% | 10763013 | &nbsp;&nbsp; 1223268 |
| CMO Series 5544 Class SC | CMO Series 5544 Class SC | CMO Series 5544 Class SC | CMO Series 5544 Class SC |
| 30-day Average SOFR + 7.000% <br>Cap 7.000% <br>06/25/2055<br>| &nbsp;&nbsp; 3.126% | 13806770 | &nbsp;&nbsp; 1830323 |
| CMO Series 5547 Class SE | CMO Series 5547 Class SE | CMO Series 5547 Class SE | CMO Series 5547 Class SE |
| -1.0 x 30-day Average SOFR + <br> 5.100% <br>Cap 5.100% <br>06/25/2055<br>| &nbsp;&nbsp; 1.226% | 21089780 | &nbsp;&nbsp; 1204207 |
| CMO Series 5604 Class SN | CMO Series 5604 Class SN | CMO Series 5604 Class SN | CMO Series 5604 Class SN |
| -1.0 x 30-day Average SOFR + <br> 5.550% <br>Cap 5.550% <br>12/25/2055<br>| &nbsp;&nbsp; 1.676% | 42679690 | &nbsp;&nbsp; 3778873 |
| Freddie Mac REMICS<sup>(b)</sup>  | Freddie Mac REMICS<sup>(b)</sup>  | Freddie Mac REMICS<sup>(b)</sup>  | Freddie Mac REMICS<sup>(b)</sup>  |
| CMO Series 5513 Class MQ | CMO Series 5513 Class MQ | CMO Series 5513 Class MQ | CMO Series 5513 Class MQ |
| 30-day Average SOFR + 3.950% <br>Cap 8.250% <br>06/25/2054<br>| &nbsp;&nbsp; 7.824% | 7299352 | &nbsp;&nbsp; 7529462 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 5513 Class MU | CMO Series 5513 Class MU | CMO Series 5513 Class MU | CMO Series 5513 Class MU |
| 30-day Average SOFR + 3.950% <br>Cap 8.250% <br>11/25/2054<br>| &nbsp;&nbsp; 7.824% | 15168024 | &nbsp;&nbsp; 15688666 |
| CMO Series 5517 Class HT | CMO Series 5517 Class HT | CMO Series 5517 Class HT | CMO Series 5517 Class HT |
| 30-day Average SOFR + 3.950% <br>Floor 3.950%, Cap 8.250% <br>03/25/2055<br>| &nbsp;&nbsp; 7.824% | 6334311 | &nbsp;&nbsp; 6504949 |
| CMO Series 5518 Class FC | CMO Series 5518 Class FC | CMO Series 5518 Class FC | CMO Series 5518 Class FC |
| 30-day Average SOFR + 1.320% <br>Floor 1.320%, Cap 6.500% <br>03/25/2055<br>| &nbsp;&nbsp; 5.194% | 7136809 | &nbsp;&nbsp; 7185711 |
| CMO Series 5532 Class MB | CMO Series 5532 Class MB | CMO Series 5532 Class MB | CMO Series 5532 Class MB |
| 30-day Average SOFR + 3.950% <br>Cap 8.250% <br>04/25/2055<br>| &nbsp;&nbsp; 7.824% | 13015005 | &nbsp;&nbsp; 13365551 |
| CMO Series 5533 Class F | CMO Series 5533 Class F | CMO Series 5533 Class F | CMO Series 5533 Class F |
| 30-day Average SOFR + 3.450% <br>Floor 3.450%, Cap 7.950% <br>04/25/2055<br>| &nbsp;&nbsp; 7.324% | 11477800 | &nbsp;&nbsp; 11757684 |
| CMO Series 5534 Class FD | CMO Series 5534 Class FD | CMO Series 5534 Class FD | CMO Series 5534 Class FD |
| 30-day Average SOFR + 1.250% <br>Floor 1.250%, Cap 6.500% <br>05/25/2055<br>| &nbsp;&nbsp; 5.124% | 8176336 | &nbsp;&nbsp; 8204673 |
| CMO Series 5542 Class F | CMO Series 5542 Class F | CMO Series 5542 Class F | CMO Series 5542 Class F |
| 30-day Average SOFR + 4.300% <br>05/25/2055<br>| &nbsp;&nbsp; 8.174% | 7358702 | &nbsp;&nbsp; 7522100 |
| CMO Series 5548 Class F | CMO Series 5548 Class F | CMO Series 5548 Class F | CMO Series 5548 Class F |
| 30-day Average SOFR + 4.600% <br>Cap 8.700% <br>06/25/2055<br>| &nbsp;&nbsp; 8.474% | 11426161 | &nbsp;&nbsp; 11437836 |
| CMO Series 5563 Class FT | CMO Series 5563 Class FT | CMO Series 5563 Class FT | CMO Series 5563 Class FT |
| 30-day Average SOFR + 1.350% <br>Floor 1.350%, Cap 6.500% <br>08/25/2055<br>| &nbsp;&nbsp; 5.224% | 14787213 | &nbsp;&nbsp; 14895644 |
| Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| 08/20/2040 | &nbsp;&nbsp; 5.000% | 1326971 | &nbsp;&nbsp; 1361315 |
| 07/20/2041 | &nbsp;&nbsp; 4.500% | 1743801 | &nbsp;&nbsp; 1755503 |
| 04/20/2051- <br>05/20/2051<br>| &nbsp;&nbsp; 2.500% | 17345788 | &nbsp;&nbsp; 14755652 |
| 08/20/2052 | &nbsp;&nbsp; 4.000% | 7116430 | &nbsp;&nbsp; 6711883 |
| CMO Series 2024-30 Class TQ | CMO Series 2024-30 Class TQ | CMO Series 2024-30 Class TQ | CMO Series 2024-30 Class TQ |
| 02/20/2064 | &nbsp;&nbsp; 5.000% | 2684808 | &nbsp;&nbsp; 2713194 |
| CMO Series 2024-80 Class DT | CMO Series 2024-80 Class DT | CMO Series 2024-80 Class DT | CMO Series 2024-80 Class DT |
| 05/20/2064 | &nbsp;&nbsp; 3.000% | 5131052 | &nbsp;&nbsp; 4593208 |
| CMO Series 2024-80 Class PT | CMO Series 2024-80 Class PT | CMO Series 2024-80 Class PT | CMO Series 2024-80 Class PT |
| 05/20/2064 | &nbsp;&nbsp; 3.500% | 7943653 | &nbsp;&nbsp; 7360612 |
| Government National Mortgage Association<sup>(f)</sup>  | Government National Mortgage Association<sup>(f)</sup>  | Government National Mortgage Association<sup>(f)</sup>  | Government National Mortgage Association<sup>(f)</sup>  |
| 04/20/2048 | &nbsp;&nbsp; 4.500% | 3048109 | &nbsp;&nbsp; 3027018 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Government National Mortgage Association<sup>(d)</sup>  | Government National Mortgage Association<sup>(d)</sup>  | Government National Mortgage Association<sup>(d)</sup>  | Government National Mortgage Association<sup>(d)</sup>  |
| CMO Series 2012-121 Class PI | CMO Series 2012-121 Class PI | CMO Series 2012-121 Class PI | CMO Series 2012-121 Class PI |
| 09/16/2042 | &nbsp;&nbsp; 4.500% | 797547 | &nbsp;&nbsp; 106632 |
| CMO Series 2014-131 Class EI | CMO Series 2014-131 Class EI | CMO Series 2014-131 Class EI | CMO Series 2014-131 Class EI |
| 09/16/2039 | &nbsp;&nbsp; 4.000% | 1144606 | &nbsp;&nbsp; 61048 |
| CMO Series 2020-138 Class IN | CMO Series 2020-138 Class IN | CMO Series 2020-138 Class IN | CMO Series 2020-138 Class IN |
| 09/20/2050 | &nbsp;&nbsp; 2.500% | 5599825 | &nbsp;&nbsp; 950322 |
| CMO Series 2020-138 Class JI | CMO Series 2020-138 Class JI | CMO Series 2020-138 Class JI | CMO Series 2020-138 Class JI |
| 09/20/2050 | &nbsp;&nbsp; 2.500% | 13789195 | &nbsp;&nbsp; 2004048 |
| CMO Series 2020-191 Class UC | CMO Series 2020-191 Class UC | CMO Series 2020-191 Class UC | CMO Series 2020-191 Class UC |
| 12/20/2050 | &nbsp;&nbsp; 4.000% | 8673775 | &nbsp;&nbsp; 1948023 |
| CMO Series 2021-1 Class IB | CMO Series 2021-1 Class IB | CMO Series 2021-1 Class IB | CMO Series 2021-1 Class IB |
| 01/20/2051 | &nbsp;&nbsp; 2.500% | 9054293 | &nbsp;&nbsp; 1331190 |
| CMO Series 2021-1 Class QI | CMO Series 2021-1 Class QI | CMO Series 2021-1 Class QI | CMO Series 2021-1 Class QI |
| 01/20/2051 | &nbsp;&nbsp; 2.500% | 10668928 | &nbsp;&nbsp; 1554671 |
| CMO Series 2021-122 Class HI | CMO Series 2021-122 Class HI | CMO Series 2021-122 Class HI | CMO Series 2021-122 Class HI |
| 11/20/2050 | &nbsp;&nbsp; 2.500% | 7037191 | &nbsp;&nbsp; 950805 |
| CMO Series 2021-142 Class IX | CMO Series 2021-142 Class IX | CMO Series 2021-142 Class IX | CMO Series 2021-142 Class IX |
| 08/20/2051 | &nbsp;&nbsp; 2.500% | 10085555 | &nbsp;&nbsp; 1384093 |
| CMO Series 2021-146 Class IK | CMO Series 2021-146 Class IK | CMO Series 2021-146 Class IK | CMO Series 2021-146 Class IK |
| 08/20/2051 | &nbsp;&nbsp; 3.500% | 8770818 | &nbsp;&nbsp; 1646635 |
| CMO Series 2021-158 Class VI | CMO Series 2021-158 Class VI | CMO Series 2021-158 Class VI | CMO Series 2021-158 Class VI |
| 09/20/2051 | &nbsp;&nbsp; 3.000% | 7347461 | &nbsp;&nbsp; 1169721 |
| CMO Series 2021-159 Class IP | CMO Series 2021-159 Class IP | CMO Series 2021-159 Class IP | CMO Series 2021-159 Class IP |
| 09/20/2051 | &nbsp;&nbsp; 3.000% | 5444394 | &nbsp;&nbsp; 847732 |
| CMO Series 2021-228 Class IJ | CMO Series 2021-228 Class IJ | CMO Series 2021-228 Class IJ | CMO Series 2021-228 Class IJ |
| 12/20/2051 | &nbsp;&nbsp; 2.500% | 10695428 | &nbsp;&nbsp; 1570922 |
| CMO Series 2021-27 Class IN | CMO Series 2021-27 Class IN | CMO Series 2021-27 Class IN | CMO Series 2021-27 Class IN |
| 02/20/2051 | &nbsp;&nbsp; 2.500% | 6037135 | &nbsp;&nbsp; 878834 |
| CMO Series 2021-67 Class GI | CMO Series 2021-67 Class GI | CMO Series 2021-67 Class GI | CMO Series 2021-67 Class GI |
| 04/20/2051 | &nbsp;&nbsp; 3.000% | 8627202 | &nbsp;&nbsp; 1452365 |
| CMO Series 2021-8 Class BI | CMO Series 2021-8 Class BI | CMO Series 2021-8 Class BI | CMO Series 2021-8 Class BI |
| 01/20/2051 | &nbsp;&nbsp; 2.500% | 10411444 | &nbsp;&nbsp; 1852591 |
| Government National Mortgage Association<sup>(b),(d)</sup>  | Government National Mortgage Association<sup>(b),(d)</sup>  | Government National Mortgage Association<sup>(b),(d)</sup>  | Government National Mortgage Association<sup>(b),(d)</sup>  |
| CMO Series 2014-131 Class BS | CMO Series 2014-131 Class BS | CMO Series 2014-131 Class BS | CMO Series 2014-131 Class BS |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>09/16/2044<br>| &nbsp;&nbsp; 2.351% | 1618496 | &nbsp;&nbsp; 199029 |
| CMO Series 2017-170 Class QS | CMO Series 2017-170 Class QS | CMO Series 2017-170 Class QS | CMO Series 2017-170 Class QS |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>11/20/2047<br>| &nbsp;&nbsp; 2.352% | 2462947 | &nbsp;&nbsp; 320433 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2018-1 Class SA | CMO Series 2018-1 Class SA | CMO Series 2018-1 Class SA | CMO Series 2018-1 Class SA |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>01/20/2048<br>| &nbsp;&nbsp; 2.352% | 1729090 | &nbsp;&nbsp; 237446 |
| CMO Series 2018-105 Class SA | CMO Series 2018-105 Class SA | CMO Series 2018-105 Class SA | CMO Series 2018-105 Class SA |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>08/20/2048<br>| &nbsp;&nbsp; 2.352% | 2194561 | &nbsp;&nbsp; 260204 |
| CMO Series 2018-139 Class KS | CMO Series 2018-139 Class KS | CMO Series 2018-139 Class KS | CMO Series 2018-139 Class KS |
| -1.0 x 1-month Term SOFR + <br> 6.036% <br>Cap 6.150% <br>10/20/2048<br>| &nbsp;&nbsp; 2.302% | 3646663 | &nbsp;&nbsp; 472430 |
| CMO Series 2018-155 Class LS | CMO Series 2018-155 Class LS | CMO Series 2018-155 Class LS | CMO Series 2018-155 Class LS |
| -1.0 x 1-month Term SOFR + <br> 6.036% <br>Cap 6.150% <br>11/20/2048<br>| &nbsp;&nbsp; 2.302% | 3033530 | &nbsp;&nbsp; 335327 |
| CMO Series 2018-21 Class WS | CMO Series 2018-21 Class WS | CMO Series 2018-21 Class WS | CMO Series 2018-21 Class WS |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>02/20/2048<br>| &nbsp;&nbsp; 2.352% | 2794900 | &nbsp;&nbsp; 426457 |
| CMO Series 2018-36 Class SG | CMO Series 2018-36 Class SG | CMO Series 2018-36 Class SG | CMO Series 2018-36 Class SG |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>03/20/2048<br>| &nbsp;&nbsp; 2.352% | 14399458 | &nbsp;&nbsp; 2078905 |
| CMO Series 2018-40 Class SC | CMO Series 2018-40 Class SC | CMO Series 2018-40 Class SC | CMO Series 2018-40 Class SC |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>03/20/2048<br>| &nbsp;&nbsp; 2.352% | 1489521 | &nbsp;&nbsp; 193051 |
| CMO Series 2018-63 Class HS | CMO Series 2018-63 Class HS | CMO Series 2018-63 Class HS | CMO Series 2018-63 Class HS |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>04/20/2048<br>| &nbsp;&nbsp; 2.352% | 2119102 | &nbsp;&nbsp; 277879 |
| CMO Series 2018-94 Class SA | CMO Series 2018-94 Class SA | CMO Series 2018-94 Class SA | CMO Series 2018-94 Class SA |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>05/20/2048<br>| &nbsp;&nbsp; 2.352% | 2884432 | &nbsp;&nbsp; 431941 |
| CMO Series 2018-97 Class MS | CMO Series 2018-97 Class MS | CMO Series 2018-97 Class MS | CMO Series 2018-97 Class MS |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>07/20/2048<br>| &nbsp;&nbsp; 2.352% | 2371162 | &nbsp;&nbsp; 293676 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2019-117 Class SA | CMO Series 2019-117 Class SA | CMO Series 2019-117 Class SA | CMO Series 2019-117 Class SA |
| -1.0 x 1-month Term SOFR + <br> 5.986% <br>Cap 6.100% <br>09/20/2049<br>| &nbsp;&nbsp; 2.252% | 6150571 | &nbsp;&nbsp; 765758 |
| CMO Series 2019-22 Class SM | CMO Series 2019-22 Class SM | CMO Series 2019-22 Class SM | CMO Series 2019-22 Class SM |
| -1.0 x 1-month Term SOFR + <br> 5.936% <br>Cap 6.050% <br>02/20/2049<br>| &nbsp;&nbsp; 2.202% | 8296516 | &nbsp;&nbsp; 996734 |
| CMO Series 2019-23 Class SQ | CMO Series 2019-23 Class SQ | CMO Series 2019-23 Class SQ | CMO Series 2019-23 Class SQ |
| 1-month Term SOFR + 6.164% <br>Cap 6.050% <br>02/20/2049<br>| &nbsp;&nbsp; 2.202% | 2817195 | &nbsp;&nbsp; 372400 |
| CMO Series 2019-43 Class SE | CMO Series 2019-43 Class SE | CMO Series 2019-43 Class SE | CMO Series 2019-43 Class SE |
| -1.0 x 1-month Term SOFR + <br> 5.986% <br>Cap 6.100% <br>04/20/2049<br>| &nbsp;&nbsp; 2.252% | 4834584 | &nbsp;&nbsp; 534214 |
| CMO Series 2019-52 Class AS | CMO Series 2019-52 Class AS | CMO Series 2019-52 Class AS | CMO Series 2019-52 Class AS |
| -1.0 x 1-month Term SOFR + <br> 5.936% <br>Cap 6.050% <br>04/16/2049<br>| &nbsp;&nbsp; 2.201% | 6745053 | &nbsp;&nbsp; 970409 |
| CMO Series 2019-92 Class SD | CMO Series 2019-92 Class SD | CMO Series 2019-92 Class SD | CMO Series 2019-92 Class SD |
| -1.0 x 1-month Term SOFR + <br> 5.986% <br>Cap 6.100% <br>07/20/2049<br>| &nbsp;&nbsp; 2.252% | 12199055 | &nbsp;&nbsp; 1505305 |
| CMO Series 2019-97 Class GS | CMO Series 2019-97 Class GS | CMO Series 2019-97 Class GS | CMO Series 2019-97 Class GS |
| -1.0 x 1-month Term SOFR + <br> 5.986% <br>Cap 6.100% <br>08/20/2049<br>| &nbsp;&nbsp; 2.252% | 28250754 | &nbsp;&nbsp; 3466252 |
| CMO Series 2020-104 Class SA | CMO Series 2020-104 Class SA | CMO Series 2020-104 Class SA | CMO Series 2020-104 Class SA |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>07/20/2050<br>| &nbsp;&nbsp; 2.352% | 5156357 | &nbsp;&nbsp; 645005 |
| CMO Series 2020-125 Class SD | CMO Series 2020-125 Class SD | CMO Series 2020-125 Class SD | CMO Series 2020-125 Class SD |
| -1.0 x 1-month Term SOFR + <br> 6.136% <br>Cap 6.250% <br>08/20/2050<br>| &nbsp;&nbsp; 2.402% | 6472727 | &nbsp;&nbsp; 891191 |
| CMO Series 2020-133 Class SK | CMO Series 2020-133 Class SK | CMO Series 2020-133 Class SK | CMO Series 2020-133 Class SK |
| -1.0 x 1-month Term SOFR + <br> 6.186% <br>Cap 6.300% <br>09/20/2050<br>| &nbsp;&nbsp; 2.452% | 11788714 | &nbsp;&nbsp; 1619265 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2020-77 Class GS | CMO Series 2020-77 Class GS | CMO Series 2020-77 Class GS | CMO Series 2020-77 Class GS |
| -1.0 x 1-month Term SOFR + <br> 5.936% <br>Cap 6.050% <br>05/20/2049<br>| &nbsp;&nbsp; 2.202% | 6353228 | &nbsp;&nbsp; 601620 |
| CMO Series 2020-79 Class S | CMO Series 2020-79 Class S | CMO Series 2020-79 Class S | CMO Series 2020-79 Class S |
| -1.0 x 1-month Term SOFR + <br> 5.986% <br>Cap 6.100% <br>06/20/2050<br>| &nbsp;&nbsp; 2.252% | 5663315 | &nbsp;&nbsp; 723891 |
| CMO Series 2021-117 Class ES | CMO Series 2021-117 Class ES | CMO Series 2021-117 Class ES | CMO Series 2021-117 Class ES |
| -1.0 x 1-month Term SOFR + <br> 6.186% <br>Cap 6.300% <br>07/20/2051<br>| &nbsp;&nbsp; 2.452% | 10482470 | &nbsp;&nbsp; 1408953 |
| CMO Series 2021-117B Class AS | CMO Series 2021-117B Class AS | CMO Series 2021-117B Class AS | CMO Series 2021-117B Class AS |
| -1.0 x 1-month Term SOFR + <br> 6.186% <br>Cap 6.300% <br>07/20/2051<br>| &nbsp;&nbsp; 2.452% | 14212232 | &nbsp;&nbsp; 1884630 |
| CMO Series 2021-161 Class SM | CMO Series 2021-161 Class SM | CMO Series 2021-161 Class SM | CMO Series 2021-161 Class SM |
| -1.0 x 1-month Term SOFR + <br> 6.186% <br>Cap 6.300% <br>09/20/2051<br>| &nbsp;&nbsp; 2.452% | 10874524 | &nbsp;&nbsp; 1546777 |
| CMO Series 2021-193 Class ES | CMO Series 2021-193 Class ES | CMO Series 2021-193 Class ES | CMO Series 2021-193 Class ES |
| 30-day Average SOFR + 1.700% <br>11/20/2051<br>| &nbsp;&nbsp; 0.000% | 61087174 | &nbsp;&nbsp; 120006 |
| CMO Series 2021-46 Class SE | CMO Series 2021-46 Class SE | CMO Series 2021-46 Class SE | CMO Series 2021-46 Class SE |
| -1.0 x 1-month Term SOFR + <br> 6.186% <br>Cap 6.300% <br>03/20/2051<br>| &nbsp;&nbsp; 2.452% | 10535916 | &nbsp;&nbsp; 1357608 |
| CMO Series 2022-126 Class SN | CMO Series 2022-126 Class SN | CMO Series 2022-126 Class SN | CMO Series 2022-126 Class SN |
| -1.0 x 30-day Average SOFR + <br> 5.970% <br>Cap 5.970% <br>07/20/2052<br>| &nbsp;&nbsp; 2.052% | 11019097 | &nbsp;&nbsp; 1237326 |
| CMO Series 2022-128 Class SD | CMO Series 2022-128 Class SD | CMO Series 2022-128 Class SD | CMO Series 2022-128 Class SD |
| -1.0 x 30-day Average SOFR + <br> 5.980% <br>Cap 5.980% <br>07/20/2052<br>| &nbsp;&nbsp; 2.062% | 10506291 | &nbsp;&nbsp; 1067112 |
| CMO Series 2022-135 Class SC | CMO Series 2022-135 Class SC | CMO Series 2022-135 Class SC | CMO Series 2022-135 Class SC |
| -1.0 x 30-day Average SOFR + <br> 6.050% <br>Cap 6.050% <br>08/20/2052<br>| &nbsp;&nbsp; 2.132% | 10019209 | &nbsp;&nbsp; 927703 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2022-152 Class SA | CMO Series 2022-152 Class SA | CMO Series 2022-152 Class SA | CMO Series 2022-152 Class SA |
| -1.0 x 30-day Average SOFR + <br> 6.050% <br>Cap 6.050% <br>09/20/2052<br>| &nbsp;&nbsp; 2.132% | 17093588 | &nbsp;&nbsp; 1762154 |
| CMO Series 2022-190 Class CS | CMO Series 2022-190 Class CS | CMO Series 2022-190 Class CS | CMO Series 2022-190 Class CS |
| -1.0 x 30-day Average SOFR + <br> 6.050% <br>Cap 6.050% <br>11/20/2049<br>| &nbsp;&nbsp; 2.202% | 11803610 | &nbsp;&nbsp; 1020397 |
| CMO Series 2023-100 Class KS | CMO Series 2023-100 Class KS | CMO Series 2023-100 Class KS | CMO Series 2023-100 Class KS |
| -1.0 x 30-day Average SOFR + <br> 6.850% <br>Cap 6.850% <br>07/20/2053<br>| &nbsp;&nbsp; 2.932% | 13582275 | &nbsp;&nbsp; 1351430 |
| CMO Series 2023-100 Class SC | CMO Series 2023-100 Class SC | CMO Series 2023-100 Class SC | CMO Series 2023-100 Class SC |
| -1.0 x 1-month Term SOFR + <br> 5.936% <br>Cap 6.050% <br>09/20/2049<br>| &nbsp;&nbsp; 2.202% | 15270122 | &nbsp;&nbsp; 1890777 |
| CMO Series 2023-113 Class HS | CMO Series 2023-113 Class HS | CMO Series 2023-113 Class HS | CMO Series 2023-113 Class HS |
| 1-month Term SOFR + 5.936% <br>Cap 6.050% <br>09/20/2049<br>| &nbsp;&nbsp; 2.202% | 17073315 | &nbsp;&nbsp; 1962941 |
| CMO Series 2023-115 Class SG | CMO Series 2023-115 Class SG | CMO Series 2023-115 Class SG | CMO Series 2023-115 Class SG |
| -1.0 x 30-day Average SOFR + <br> 5.700% <br>Cap 5.700% <br>08/20/2053<br>| &nbsp;&nbsp; 1.782% | 16651956 | &nbsp;&nbsp; 922988 |
| CMO Series 2023-140 Class LS | CMO Series 2023-140 Class LS | CMO Series 2023-140 Class LS | CMO Series 2023-140 Class LS |
| -1.0 x 30-day Average SOFR + <br> 6.450% <br>Cap 6.450% <br>09/20/2053<br>| &nbsp;&nbsp; 2.532% | 8746524 | &nbsp;&nbsp; 589366 |
| CMO Series 2023-141 Class SQ | CMO Series 2023-141 Class SQ | CMO Series 2023-141 Class SQ | CMO Series 2023-141 Class SQ |
| -1.0 x 1-month Term SOFR + <br> 5.936% <br>Cap 6.050% <br>12/20/2049<br>| &nbsp;&nbsp; 2.202% | 11028024 | &nbsp;&nbsp; 1281356 |
| CMO Series 2023-17 Class NS | CMO Series 2023-17 Class NS | CMO Series 2023-17 Class NS | CMO Series 2023-17 Class NS |
| -1.0 x 30-day Average SOFR + <br> 6.150% <br>Cap 6.150% <br>02/20/2053<br>| &nbsp;&nbsp; 2.232% | 12356097 | &nbsp;&nbsp; 1377927 |
| CMO Series 2023-17 Class SY | CMO Series 2023-17 Class SY | CMO Series 2023-17 Class SY | CMO Series 2023-17 Class SY |
| -1.0 x 1-month Term SOFR + <br> 5.936% <br>Cap 6.050% <br>05/20/2050<br>| &nbsp;&nbsp; 2.202% | 12430506 | &nbsp;&nbsp; 1340573 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2023-24 Class JS | CMO Series 2023-24 Class JS | CMO Series 2023-24 Class JS | CMO Series 2023-24 Class JS |
| 30-day Average SOFR + 5.500% <br>Cap 5.500% <br>01/20/2052<br>| &nbsp;&nbsp; 1.582% | 36068130 | &nbsp;&nbsp; 3557937 |
| CMO Series 2023-47 Class AS | CMO Series 2023-47 Class AS | CMO Series 2023-47 Class AS | CMO Series 2023-47 Class AS |
| -1.0 x 30-day Average SOFR + <br> 6.350% <br>Cap 6.350% <br>03/20/2053<br>| &nbsp;&nbsp; 2.432% | 7535413 | &nbsp;&nbsp; 600698 |
| CMO Series 2023-65 Class HS | CMO Series 2023-65 Class HS | CMO Series 2023-65 Class HS | CMO Series 2023-65 Class HS |
| -1.0 x 30-day Average SOFR + <br> 6.150% <br>Cap 6.150% <br>05/20/2053<br>| &nbsp;&nbsp; 2.232% | 16273545 | &nbsp;&nbsp; 1512066 |
| CMO Series 2023-81 Class SB | CMO Series 2023-81 Class SB | CMO Series 2023-81 Class SB | CMO Series 2023-81 Class SB |
| -1.0 x 30-day Average SOFR + <br> 6.050% <br>Cap 6.050% <br>06/20/2053<br>| &nbsp;&nbsp; 2.132% | 6740034 | &nbsp;&nbsp; 458318 |
| CMO Series 2024-126 Class SG | CMO Series 2024-126 Class SG | CMO Series 2024-126 Class SG | CMO Series 2024-126 Class SG |
| 30-day Average SOFR + 6.650% <br>Cap 6.650% <br>08/20/2054<br>| &nbsp;&nbsp; 2.732% | 36907182 | &nbsp;&nbsp; 4324164 |
| CMO Series 2024-159 Class CS | CMO Series 2024-159 Class CS | CMO Series 2024-159 Class CS | CMO Series 2024-159 Class CS |
| 30-day Average SOFR + 5.500% <br>Cap 5.500% <br>10/20/2054<br>| &nbsp;&nbsp; 1.582% | 39105302 | &nbsp;&nbsp; 2858551 |
| CMO Series 2024-184 Class SX | CMO Series 2024-184 Class SX | CMO Series 2024-184 Class SX | CMO Series 2024-184 Class SX |
| 30-day Average SOFR + 5.250% <br>Cap 5.250% <br>11/20/2054<br>| &nbsp;&nbsp; 1.332% | 29011435 | &nbsp;&nbsp; 1798404 |
| CMO Series 2024-197 Class LS | CMO Series 2024-197 Class LS | CMO Series 2024-197 Class LS | CMO Series 2024-197 Class LS |
| -1.0 x 30-day Average SOFR + <br> 6.000% <br>Cap 6.000% <br>12/20/2054<br>| &nbsp;&nbsp; 2.082% | 20985997 | &nbsp;&nbsp; 1896928 |
| CMO Series 2024-197 Class SV | CMO Series 2024-197 Class SV | CMO Series 2024-197 Class SV | CMO Series 2024-197 Class SV |
| -1.0 x 30-day Average SOFR + <br> 6.050% <br>Cap 6.050% <br>12/20/2054<br>| &nbsp;&nbsp; 2.132% | 25147344 | &nbsp;&nbsp; 2791727 |
| CMO Series 2024-64 Class DS | CMO Series 2024-64 Class DS | CMO Series 2024-64 Class DS | CMO Series 2024-64 Class DS |
| -1.0 x 30-day Average SOFR + <br> 5.400% <br>Cap 5.400% <br>04/20/2054<br>| &nbsp;&nbsp; 1.482% | 16833142 | &nbsp;&nbsp; 874268 |
| CMO Series 2024-79 Class SH | CMO Series 2024-79 Class SH | CMO Series 2024-79 Class SH | CMO Series 2024-79 Class SH |
| -1.0 x 30-day Average SOFR + <br> 7.250% <br>Cap 7.250% <br>05/20/2054<br>| &nbsp;&nbsp; 3.332% | 8373225 | &nbsp;&nbsp; 1230448 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2024-95 Class SW | CMO Series 2024-95 Class SW | CMO Series 2024-95 Class SW | CMO Series 2024-95 Class SW |
| -1.0 x 30-day Average SOFR + <br> 5.400% <br>Cap 5.400% <br>06/20/2054<br>| &nbsp;&nbsp; 1.482% | 9180741 | &nbsp;&nbsp; 590228 |
| CMO Series 2025-156 Class SE | CMO Series 2025-156 Class SE | CMO Series 2025-156 Class SE | CMO Series 2025-156 Class SE |
| -1.0 x 30-day Average SOFR + <br> 6.000% <br>Cap 6.000% <br>09/20/2055<br>| &nbsp;&nbsp; 2.082% | 23503065 | &nbsp;&nbsp; 2469011 |
| Government National Mortgage Association<sup>(b)</sup>  | Government National Mortgage Association<sup>(b)</sup>  | Government National Mortgage Association<sup>(b)</sup>  | Government National Mortgage Association<sup>(b)</sup>  |
| CMO Series 2023-140 Class JS | CMO Series 2023-140 Class JS | CMO Series 2023-140 Class JS | CMO Series 2023-140 Class JS |
| -2.5 x 30-day Average SOFR + <br> 16.050% <br>Cap 16.050% <br>09/20/2053<br>| &nbsp;&nbsp; 6.301% | 1084815 | &nbsp;&nbsp; 1106384 |
| CMO Series 2025-39 Class M | CMO Series 2025-39 Class M | CMO Series 2025-39 Class M | CMO Series 2025-39 Class M |
| 30-day Average SOFR + 4.000% <br>Floor 4.000%, Cap 7.700% <br>03/20/2055<br>| &nbsp;&nbsp; 7.221% | 5905984 | &nbsp;&nbsp; 6066104 |
| Government National Mortgage Association TBA<sup>(g)</sup>  | Government National Mortgage Association TBA<sup>(g)</sup>  | Government National Mortgage Association TBA<sup>(g)</sup>  | Government National Mortgage Association TBA<sup>(g)</sup>  |
| 01/22/2056 | &nbsp;&nbsp; 3.000% | 17000000 | &nbsp;&nbsp; 15272773 |
| 01/22/2056 | &nbsp;&nbsp; 4.000% | 40000000 | &nbsp;&nbsp; 37779688 |
| 01/22/2056 | &nbsp;&nbsp; 4.500% | 75000000 | &nbsp;&nbsp; 73042969 |
| Uniform Mortgage-Backed Security TBA<sup>(g)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(g)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(g)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(g)</sup>  |
| 01/14/2056 | &nbsp;&nbsp; 3.500% | 80000000 | &nbsp;&nbsp; 73953125 |
| 01/14/2056 | &nbsp;&nbsp; 4.000% | 75500000 | &nbsp;&nbsp; 71606054 |
| 01/14/2056 | &nbsp;&nbsp; 4.500% | 33500000 | &nbsp;&nbsp; 32700763 |
| 01/14/2056 | &nbsp;&nbsp; 5.000% | 87000000 | &nbsp;&nbsp; 86755312 |
| 01/14/2056 | &nbsp;&nbsp; 5.500% | 48000000 | &nbsp;&nbsp; 48671164 |
| 01/14/2056 | &nbsp;&nbsp; 6.000% | 22000000 | &nbsp;&nbsp; 22588004 |
| Total Residential Mortgage-Backed Securities - Agency <br>(Cost $1,609,327,191) | Total Residential Mortgage-Backed Securities - Agency <br>(Cost $1,609,327,191) | Total Residential Mortgage-Backed Securities - Agency <br>(Cost $1,609,327,191) | &nbsp;&nbsp; **1563346106** |
| **Residential Mortgage-Backed Securities - Non-Agency 7.5%** | **Residential Mortgage-Backed Securities - Non-Agency 7.5%** | **Residential Mortgage-Backed Securities - Non-Agency 7.5%** | **Residential Mortgage-Backed Securities - Non-Agency 7.5%** |
| Angel Oak Mortgage Trust<sup>(a),(h)</sup>  | Angel Oak Mortgage Trust<sup>(a),(h)</sup>  | Angel Oak Mortgage Trust<sup>(a),(h)</sup>  | Angel Oak Mortgage Trust<sup>(a),(h)</sup>  |
| CMO Series 2025-1 Class A1 | CMO Series 2025-1 Class A1 | CMO Series 2025-1 Class A1 | CMO Series 2025-1 Class A1 |
| 01/25/2070 | &nbsp;&nbsp; 5.690% | 6166401 | &nbsp;&nbsp; 6230000 |
| Arroyo Mortgage Trust<sup>(a),(c)</sup>  | Arroyo Mortgage Trust<sup>(a),(c)</sup>  | Arroyo Mortgage Trust<sup>(a),(c)</sup>  | Arroyo Mortgage Trust<sup>(a),(c)</sup>  |
| CMO Series 2019-3 Class M1 | CMO Series 2019-3 Class M1 | CMO Series 2019-3 Class M1 | CMO Series 2019-3 Class M1 |
| 10/25/2048 | &nbsp;&nbsp; 4.204% | 1740000 | &nbsp;&nbsp; 1627071 |
| CHNGE Mortgage Trust<sup>(a),(c)</sup>  | CHNGE Mortgage Trust<sup>(a),(c)</sup>  | CHNGE Mortgage Trust<sup>(a),(c)</sup>  | CHNGE Mortgage Trust<sup>(a),(c)</sup>  |
| CMO Series 2022-1 Class A1 | CMO Series 2022-1 Class A1 | CMO Series 2022-1 Class A1 | CMO Series 2022-1 Class A1 |
| 01/25/2067 | &nbsp;&nbsp; 3.007% | 2553622 | &nbsp;&nbsp; 2475454 |
| CMO Series 2022-2 Class A1 | CMO Series 2022-2 Class A1 | CMO Series 2022-2 Class A1 | CMO Series 2022-2 Class A1 |
| 03/25/2067 | &nbsp;&nbsp; 3.757% | 2683917 | &nbsp;&nbsp; 2674790 |
| CHNGE Mortgage Trust<sup>(a),(h)</sup>  | CHNGE Mortgage Trust<sup>(a),(h)</sup>  | CHNGE Mortgage Trust<sup>(a),(h)</sup>  | CHNGE Mortgage Trust<sup>(a),(h)</sup>  |
| CMO Series 2023-3 Class A1 | CMO Series 2023-3 Class A1 | CMO Series 2023-3 Class A1 | CMO Series 2023-3 Class A1 |
| 07/25/2058 | &nbsp;&nbsp; 7.100% | 1618247 | &nbsp;&nbsp; 1627067 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Citigroup Mortgage Loan Trust, Inc.<sup>(a),(c)</sup>  | Citigroup Mortgage Loan Trust, Inc.<sup>(a),(c)</sup>  | Citigroup Mortgage Loan Trust, Inc.<sup>(a),(c)</sup>  | Citigroup Mortgage Loan Trust, Inc.<sup>(a),(c)</sup>  |
| CMO Series 2014-A Class B2 | CMO Series 2014-A Class B2 | CMO Series 2014-A Class B2 | CMO Series 2014-A Class B2 |
| 01/25/2035 | &nbsp;&nbsp; 5.483% | 315194 | &nbsp;&nbsp; 314284 |
| Citigroup Mortgage Loan Trust, Inc.<sup>(a)</sup>  | Citigroup Mortgage Loan Trust, Inc.<sup>(a)</sup>  | Citigroup Mortgage Loan Trust, Inc.<sup>(a)</sup>  | Citigroup Mortgage Loan Trust, Inc.<sup>(a)</sup>  |
| CMO Series 2015-RP2 Class B2 | CMO Series 2015-RP2 Class B2 | CMO Series 2015-RP2 Class B2 | CMO Series 2015-RP2 Class B2 |
| 01/25/2053 | &nbsp;&nbsp; 4.250% | 1301642 | &nbsp;&nbsp; 1284054 |
| COLT Mortgage Loan Trust<sup>(a),(h)</sup>  | COLT Mortgage Loan Trust<sup>(a),(h)</sup>  | COLT Mortgage Loan Trust<sup>(a),(h)</sup>  | COLT Mortgage Loan Trust<sup>(a),(h)</sup>  |
| CMO Series 2024-7 Class A1 | CMO Series 2024-7 Class A1 | CMO Series 2024-7 Class A1 | CMO Series 2024-7 Class A1 |
| 12/26/2069 | &nbsp;&nbsp; 5.538% | 8295195 | &nbsp;&nbsp; 8370254 |
| Credit Suisse Mortgage Trust<sup>(a),(c)</sup>  | Credit Suisse Mortgage Trust<sup>(a),(c)</sup>  | Credit Suisse Mortgage Trust<sup>(a),(c)</sup>  | Credit Suisse Mortgage Trust<sup>(a),(c)</sup>  |
| CMO Series 2021-NQM1 Class A2 | CMO Series 2021-NQM1 Class A2 | CMO Series 2021-NQM1 Class A2 | CMO Series 2021-NQM1 Class A2 |
| 05/25/2065 | &nbsp;&nbsp; 0.994% | 671436 | &nbsp;&nbsp; 614574 |
| Cross Mortgage Trust<sup>(a),(c)</sup>  | Cross Mortgage Trust<sup>(a),(c)</sup>  | Cross Mortgage Trust<sup>(a),(c)</sup>  | Cross Mortgage Trust<sup>(a),(c)</sup>  |
| CMO Series 2025-H1 Class A1 | CMO Series 2025-H1 Class A1 | CMO Series 2025-H1 Class A1 | CMO Series 2025-H1 Class A1 |
| 02/25/2070 | &nbsp;&nbsp; 5.735% | 4588565 | &nbsp;&nbsp; 4641147 |
| Ellington Financial Mortgage Trust<sup>(a),(c)</sup>  | Ellington Financial Mortgage Trust<sup>(a),(c)</sup>  | Ellington Financial Mortgage Trust<sup>(a),(c)</sup>  | Ellington Financial Mortgage Trust<sup>(a),(c)</sup>  |
| CMO Series 2019-2 Class M1 | CMO Series 2019-2 Class M1 | CMO Series 2019-2 Class M1 | CMO Series 2019-2 Class M1 |
| 11/25/2059 | &nbsp;&nbsp; 3.469% | 1200000 | &nbsp;&nbsp; 1170078 |
| CMO Series 2025-NQM1 Class A1 | CMO Series 2025-NQM1 Class A1 | CMO Series 2025-NQM1 Class A1 | CMO Series 2025-NQM1 Class A1 |
| 01/25/2070 | &nbsp;&nbsp; 5.668% | 1644495 | &nbsp;&nbsp; 1660634 |
| FIGRE Trust<sup>(a),(c)</sup>  | FIGRE Trust<sup>(a),(c)</sup>  | FIGRE Trust<sup>(a),(c)</sup>  | FIGRE Trust<sup>(a),(c)</sup>  |
| CMO Series 2025-PF2 Class A | CMO Series 2025-PF2 Class A | CMO Series 2025-PF2 Class A | CMO Series 2025-PF2 Class A |
| 10/25/2055 | &nbsp;&nbsp; 5.017% | 3222980 | &nbsp;&nbsp; 3204792 |
| Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(b)</sup>  | Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(b)</sup>  | Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(b)</sup>  | Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(b)</sup>  |
| CMO Series 2020-CS01 Class B1 | CMO Series 2020-CS01 Class B1 | CMO Series 2020-CS01 Class B1 | CMO Series 2020-CS01 Class B1 |
| 30-day Average SOFR + 0.114% <br>04/25/2033<br>| &nbsp;&nbsp; 4.454% | 3653662 | &nbsp;&nbsp; 3539679 |
| GCAT Trust<sup>(a),(c)</sup>  | GCAT Trust<sup>(a),(c)</sup>  | GCAT Trust<sup>(a),(c)</sup>  | GCAT Trust<sup>(a),(c)</sup>  |
| CMO Series 2021-CM1 Class A1 | CMO Series 2021-CM1 Class A1 | CMO Series 2021-CM1 Class A1 | CMO Series 2021-CM1 Class A1 |
| 04/25/2065 | &nbsp;&nbsp; 2.469% | 456324 | &nbsp;&nbsp; 441401 |
| CMO Series 2022-NQM2 Class A3 | CMO Series 2022-NQM2 Class A3 | CMO Series 2022-NQM2 Class A3 | CMO Series 2022-NQM2 Class A3 |
| 02/25/2067 | &nbsp;&nbsp; 4.210% | 2361116 | &nbsp;&nbsp; 2271414 |
| Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| CMO Series BM-2562 Class A | CMO Series BM-2562 Class A | CMO Series BM-2562 Class A | CMO Series BM-2562 Class A |
| 01/01/2055 | &nbsp;&nbsp; 3.500% | 9332613 | &nbsp;&nbsp; 8314808 |
| Legacy Mortgage Asset Trust<sup>(a),(h)</sup>  | Legacy Mortgage Asset Trust<sup>(a),(h)</sup>  | Legacy Mortgage Asset Trust<sup>(a),(h)</sup>  | Legacy Mortgage Asset Trust<sup>(a),(h)</sup>  |
| CMO Series 2021-GS1 Class A1 | CMO Series 2021-GS1 Class A1 | CMO Series 2021-GS1 Class A1 | CMO Series 2021-GS1 Class A1 |
| 10/25/2066 | &nbsp;&nbsp; 5.892% | 2995695 | &nbsp;&nbsp; 2997934 |
| Mello Mortgage Capital Acceptance<sup>(a),(h)</sup>  | Mello Mortgage Capital Acceptance<sup>(a),(h)</sup>  | Mello Mortgage Capital Acceptance<sup>(a),(h)</sup>  | Mello Mortgage Capital Acceptance<sup>(a),(h)</sup>  |
| CMO Series 2024-SD1 Class M1 | CMO Series 2024-SD1 Class M1 | CMO Series 2024-SD1 Class M1 | CMO Series 2024-SD1 Class M1 |
| 04/25/2054 | &nbsp;&nbsp; 4.000% | 1600000 | &nbsp;&nbsp; 1535048 |
| Morgan Stanley Residential Mortgage Loan Trust<sup>(a),(c)</sup>  | Morgan Stanley Residential Mortgage Loan Trust<sup>(a),(c)</sup>  | Morgan Stanley Residential Mortgage Loan Trust<sup>(a),(c)</sup>  | Morgan Stanley Residential Mortgage Loan Trust<sup>(a),(c)</sup>  |
| CMO Series 2025-DSC3 Class A1 | CMO Series 2025-DSC3 Class A1 | CMO Series 2025-DSC3 Class A1 | CMO Series 2025-DSC3 Class A1 |
| 09/25/2070 | &nbsp;&nbsp; 4.912% | 4666937 | &nbsp;&nbsp; 4663668 |
| New Residential Mortgage Loan Trust<sup>(a),(c),(d)</sup>  | New Residential Mortgage Loan Trust<sup>(a),(c),(d)</sup>  | New Residential Mortgage Loan Trust<sup>(a),(c),(d)</sup>  | New Residential Mortgage Loan Trust<sup>(a),(c),(d)</sup>  |
| CMO Series 2014-1A Class AIO | CMO Series 2014-1A Class AIO | CMO Series 2014-1A Class AIO | CMO Series 2014-1A Class AIO |
| 01/25/2054 | &nbsp;&nbsp; 2.031% | 5871933 | &nbsp;&nbsp; 245043 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| New Residential Mortgage Loan Trust<sup>(a),(h)</sup>  | New Residential Mortgage Loan Trust<sup>(a),(h)</sup>  | New Residential Mortgage Loan Trust<sup>(a),(h)</sup>  | New Residential Mortgage Loan Trust<sup>(a),(h)</sup>  |
| CMO Series 2025-NQM1 Class A1 | CMO Series 2025-NQM1 Class A1 | CMO Series 2025-NQM1 Class A1 | CMO Series 2025-NQM1 Class A1 |
| 01/25/2065 | &nbsp;&nbsp; 5.643% | 4844510 | &nbsp;&nbsp; 4928828 |
| NYMT Loan Trust<sup>(a)</sup>  | NYMT Loan Trust<sup>(a)</sup>  | NYMT Loan Trust<sup>(a)</sup>  | NYMT Loan Trust<sup>(a)</sup>  |
| CMO Series 2025-R1 Class A | CMO Series 2025-R1 Class A | CMO Series 2025-R1 Class A | CMO Series 2025-R1 Class A |
| 02/25/2030 | &nbsp;&nbsp; 6.381% | 1341610 | &nbsp;&nbsp; 1345190 |
| OBX Series<sup>(a),(h)</sup>  | OBX Series<sup>(a),(h)</sup>  | OBX Series<sup>(a),(h)</sup>  | OBX Series<sup>(a),(h)</sup>  |
| CMO Series 2025-NQM2 Class A1 | CMO Series 2025-NQM2 Class A1 | CMO Series 2025-NQM2 Class A1 | CMO Series 2025-NQM2 Class A1 |
| 11/25/2064 | &nbsp;&nbsp; 5.597% | 7704948 | &nbsp;&nbsp; 7786537 |
| PRPM Trust<sup>(a),(c)</sup>  | PRPM Trust<sup>(a),(c)</sup>  | PRPM Trust<sup>(a),(c)</sup>  | PRPM Trust<sup>(a),(c)</sup>  |
| CMO Series 2025-NQM4 Class A1 | CMO Series 2025-NQM4 Class A1 | CMO Series 2025-NQM4 Class A1 | CMO Series 2025-NQM4 Class A1 |
| 07/25/2070 | &nbsp;&nbsp; 4.980% | 3336037 | &nbsp;&nbsp; 3336783 |
| RCO X Mortgage LLC<sup>(a),(h)</sup>  | RCO X Mortgage LLC<sup>(a),(h)</sup>  | RCO X Mortgage LLC<sup>(a),(h)</sup>  | RCO X Mortgage LLC<sup>(a),(h)</sup>  |
| CMO Series 2025-1 Class A1 | CMO Series 2025-1 Class A1 | CMO Series 2025-1 Class A1 | CMO Series 2025-1 Class A1 |
| 01/25/2030 | &nbsp;&nbsp; 5.875% | 7724980 | &nbsp;&nbsp; 7727682 |
| SG Residential Mortgage Trust<sup>(a),(c)</sup>  | SG Residential Mortgage Trust<sup>(a),(c)</sup>  | SG Residential Mortgage Trust<sup>(a),(c)</sup>  | SG Residential Mortgage Trust<sup>(a),(c)</sup>  |
| CMO Series 2019-3 Class M1 | CMO Series 2019-3 Class M1 | CMO Series 2019-3 Class M1 | CMO Series 2019-3 Class M1 |
| 09/25/2059 | &nbsp;&nbsp; 3.526% | 1997042 | &nbsp;&nbsp; 1972528 |
| Splitero Trust<sup>(a)</sup>  | Splitero Trust<sup>(a)</sup>  | Splitero Trust<sup>(a)</sup>  | Splitero Trust<sup>(a)</sup>  |
| CMO Series 2025-1 Class A1 | CMO Series 2025-1 Class A1 | CMO Series 2025-1 Class A1 | CMO Series 2025-1 Class A1 |
| 12/25/2055 | &nbsp;&nbsp; 5.750% | 4900000 | &nbsp;&nbsp; 4849049 |
| VCAT LLC<sup>(a),(h)</sup>  | VCAT LLC<sup>(a),(h)</sup>  | VCAT LLC<sup>(a),(h)</sup>  | VCAT LLC<sup>(a),(h)</sup>  |
| CMO Series 2025-NPL2 Class A1 | CMO Series 2025-NPL2 Class A1 | CMO Series 2025-NPL2 Class A1 | CMO Series 2025-NPL2 Class A1 |
| 09/25/2054 | &nbsp;&nbsp; 5.977% | 4185814 | &nbsp;&nbsp; 4243119 |
| Vista Point Securitization Trust<sup>(a),(h)</sup>  | Vista Point Securitization Trust<sup>(a),(h)</sup>  | Vista Point Securitization Trust<sup>(a),(h)</sup>  | Vista Point Securitization Trust<sup>(a),(h)</sup>  |
| CMO Series 2024-CES3 Class A2 | CMO Series 2024-CES3 Class A2 | CMO Series 2024-CES3 Class A2 | CMO Series 2024-CES3 Class A2 |
| 01/25/2055 | &nbsp;&nbsp; 5.995% | 5000000 | &nbsp;&nbsp; 5052019 |
| CMO Series 2025-CES2 Class A2 | CMO Series 2025-CES2 Class A2 | CMO Series 2025-CES2 Class A2 | CMO Series 2025-CES2 Class A2 |
| 08/25/2055 | &nbsp;&nbsp; 5.768% | 3150000 | &nbsp;&nbsp; 3173461 |
| Total Residential Mortgage-Backed Securities - Non-Agency <br>(Cost $103,506,365) | Total Residential Mortgage-Backed Securities - Non-Agency <br>(Cost $103,506,365) | Total Residential Mortgage-Backed Securities - Non-Agency <br>(Cost $103,506,365) | &nbsp;&nbsp; **104318390** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Call Option Contracts Purchased 0.0%** | **Call Option Contracts Purchased 0.0%** |
|  | **Value ($)** |
| (Cost $932,000) | &nbsp;&nbsp; **463850** |
| **Put Option Contracts Purchased 0.1%** | **Put Option Contracts Purchased 0.1%** |
| (Cost $2,394,000) | &nbsp;&nbsp; **1886700** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Money Market Funds 5.0%** | **Money Market Funds 5.0%** | **Money Market Funds 5.0%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 3.825%<sup>(i),(j)</sup> <br>| &nbsp;&nbsp; 69484724 | &nbsp;&nbsp; 69463878 |
| Total Money Market Funds <br>(Cost $69,463,422) | Total Money Market Funds <br>(Cost $69,463,422) | &nbsp;&nbsp; **69463878** |
| **Total Investments in Securities** <br>**(Cost: $1,911,287,306)** | **Total Investments in Securities** <br>**(Cost: $1,911,287,306)** | &nbsp;&nbsp; **1855848727** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **(458470355)**<br>|
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **1397378372** |

---

At December 31, 2025, securities and/or cash totaling $9,773,973 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>|
| U.S. Treasury 2-Year Note | 203 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 42384180 | &nbsp;&nbsp;&nbsp;&nbsp; 7565 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 5-Year Note | 441 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 48203367 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (37992)<br>|
| U.S. Treasury Ultra Bond | 47 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 5546000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (92813)<br>|
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7565 | &nbsp;&nbsp;&nbsp;&nbsp; (130805)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short 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>|
| 3-Month SOFR | (713) | 06/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (171984513)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (34618)<br>|
| U.S. Long Bond | (125) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (14449219)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 154465 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 10-Year Note | (2351) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (264340563)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1775841 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1930306 | &nbsp;&nbsp;&nbsp;&nbsp; (34618)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 ($)** | **Value ($)** |
| 10-Year OTC interest rate swap with Citi to receive <br> exercise rate and pay SOFR<br>| Citi | USD | &nbsp;&nbsp; 20000000 | &nbsp;&nbsp; 20000000 | 3.50 | &nbsp;&nbsp; 12/01/2026 | &nbsp;&nbsp; 347000 | &nbsp;&nbsp; 233168 |
| 5-Year OTC interest rate swap with Citi to receive <br> exercise rate and pay SOFR<br>| Citi | USD | &nbsp;&nbsp; 60000000 | &nbsp;&nbsp; 60000000 | 3.30 | &nbsp;&nbsp; 03/30/2026 | &nbsp;&nbsp; 585000 | &nbsp;&nbsp; 230682 |
| Total |  |  |  |  |  |  | &nbsp;&nbsp; 932000 | &nbsp;&nbsp; 463850 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put 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 ($)** | **Value ($)** |
| 5-Year OTC interest rate swap with Morgan <br> Stanley to receive SOFR and pay exercise rate<br>| Morgan Stanley | USD | &nbsp;&nbsp; 150000000 | &nbsp;&nbsp; 150000000 | 3.40 | &nbsp;&nbsp; 08/05/2026 | &nbsp;&nbsp; 2394000 | &nbsp;&nbsp; 1886700 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** |
| **Reference** <br>**entity**<br>| **Counterparty** | **Maturity** <br>**date**<br>| **Receive** <br>**fixed** <br>**rate** <br>**(%)**<br>| **Payment** <br>**frequency**<br>| **Implied** <br>**credit** <br>**spread** <br>**(%)\***<br>| **Notional** <br>**currency**<br>| **Notional** <br>**amount** <br>| **Value** <br>**($)**<br>| **Periodic** <br>**payments** <br>**receivable** <br>**(payable)** <br>**($)**<br>| **Upfront** <br>**payments** <br>**($)**<br>| **Upfront** <br>**receipts** <br>**($)**<br>| **Unrealized** <br>**appreciation** <br>**($)**<br>| **Unrealized** <br>**depreciation** <br>**($)**<br>|
| CMBX North America <br> Index, Series 7 BBB-<br>| Morgan Stanley | 01/17/2047 | 3.000 | Monthly | 21.536 | USD | 1002984 | (158044)<br>| 585 |  | (46919)<br>|  | (110540)<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

\* Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At December 31, 2025, the total value of these securities amounted to $183,658,217, which represents 13.14% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable rate security. The interest rate shown was the current rate as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents interest only securities which have the right to receive the monthly interest payments on an underlying pool of mortgage loans.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Represents a security in default.

&nbsp;&nbsp;&nbsp;&nbsp;(f) 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;(g) Represents a security purchased on a when-issued basis.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(i) The rate shown is the seven-day current annualized yield at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(j) 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% |
|  | 271633555 | &nbsp;&nbsp; 418984004 | &nbsp;&nbsp; (621154137)<br>| &nbsp;&nbsp; 456 | &nbsp;&nbsp; 69463878 | &nbsp;&nbsp; 11600 | &nbsp;&nbsp; 2941047 | &nbsp;&nbsp; 69484724 |

---

**Abbreviation Legend** 

---

| | |
|:---|:---|
| CMO | Collateralized Mortgage Obligation |
| SOFR | Secured Overnight Financing Rate |
| STRIPS | Separate Trading of Registered Interest and Principal Securities |
| TBA | To Be Announced |

---

**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.

■

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).

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements (continued)**

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** |  |  |  |  |
| Asset-Backed Securities - Non-Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 45829717 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45829717 |
| Commercial Mortgage-Backed Securities - Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 28715168 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28715168 |
| Commercial Mortgage-Backed Securities - Non-Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 41824918 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 41824918 |
| Residential Mortgage-Backed Securities - Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 1563346106 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1563346106 |
| Residential Mortgage-Backed Securities - Non-Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 104318390 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 104318390 |
| Call Option Contracts Purchased |  | &nbsp;&nbsp;&nbsp;&nbsp; 463850 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 463850 |
| Put Option Contracts Purchased |  | &nbsp;&nbsp;&nbsp;&nbsp; 1886700 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1886700 |
| Money Market Funds | 69463878 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 69463878 |
| Total Investments in Securities | 69463878 | &nbsp;&nbsp;&nbsp;&nbsp; 1786384849 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1855848727 |
| **Investments in Derivatives** |  |  |  |  |
| Asset |  |  |  |  |
| Futures Contracts | 1937871 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1937871 |
| Liability |  |  |  |  |
| Futures Contracts | (165423)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (165423)<br>|
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; (110540)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (110540)<br>|
| Total | 71236326 | &nbsp;&nbsp;&nbsp;&nbsp; 1786274309 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1857510635 |

---

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.

Futures contracts and swap contracts are valued at unrealized appreciation (depreciation).

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – U.S. Government Mortgage 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 $1,838,497,884) | $1784034299 |
| Affiliated issuers (cost $69,463,422) | 69463878 |
| Option contracts purchased (cost $3,326,000) | 2350550 |
| Receivable for: |  |
| Investments sold | 287 |
| Capital shares sold | 5898 |
| Dividends | 178514 |
| Interest | 5590723 |
| Variation margin for futures contracts | 522716 |
| Prepaid expenses | 5954 |
| Total assets | 1862152819 |
| **Liabilities** |  |
| Unrealized depreciation on swap contracts | 110540 |
| Upfront receipts on swap contracts | 46919 |
| Payable for: |  |
| Investments purchased on a delayed delivery basis | 462793728 |
| Capital shares redeemed | 1476658 |
| Variation margin for futures contracts | 83578 |
| Management services fees | 16289 |
| Distribution and/or service fees | 345 |
| Service fees | 5954 |
| Compensation of chief compliance officer | 226 |
| Compensation of board members | 1039 |
| Other expenses | 42762 |
| Deferred compensation of board members | 196409 |
| Total liabilities | 464774447 |
| **Net assets applicable to outstanding capital stock** | **$1397378372** |
| **Represented by** |  |
| Paid in capital | 1476415282 |
| Total distributable earnings (loss) | (79036910)<br>|
| **Total - representing net assets applicable to outstanding capital stock** | **$1397378372** |
| **Class 1** |  |
| Net assets | $1318801128 |
| Shares outstanding | 140970850 |
| Net asset value per share | $9.36 |
| **Class 2** |  |
| Net assets | $21944510 |
| Shares outstanding | 2352297 |
| Net asset value per share | $9.33 |
| **Class 3** |  |
| Net assets | $56632734 |
| Shares outstanding | 6051800 |
| Net asset value per share | $9.36 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| 2025

------

Statement of Operations

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — affiliated issuers | $2941047 |
| Interest | 57760091 |
| Interfund lending | 4606 |
| Total income | 60705744 |
| Expenses: |  |
| Management services fees | 5848478 |
| Distribution and/or service fees |  |
| Class 2 | 53164 |
| Class 3 | 71313 |
| Service fees | 61064 |
| Custodian fees | 37427 |
| Printing and postage fees | 14882 |
| Accounting services fees | 43244 |
| Legal fees | 40399 |
| Interest on collateral | 58034 |
| Compensation of chief compliance officer | 295 |
| Compensation of board members | 25462 |
| Deferred compensation of board members | 30957 |
| Other | 21671 |
| Total expenses | 6306390 |
| **Net investment income** | 54399354 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 4861052 |
| Investments — affiliated issuers | 11600 |
| Futures contracts | (9319893)<br>|
| Option contracts purchased | (2169700)<br>|
| Option contracts written | 346750 |
| Swap contracts | 3000957 |
| Net realized loss | (3269234)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 73021134 |
| Investments — affiliated issuers | 456 |
| Futures contracts | (255925)<br>|
| Option contracts purchased | (7423)<br>|
| Swap contracts | (2928118)<br>|
| Net change in unrealized appreciation (depreciation) | 69830124 |
| Net realized and unrealized gain | 66560890 |
| **Net increase in net assets resulting from operations** | **$120960244** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – U.S. Government Mortgage 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 | $54399354 | &nbsp;&nbsp; $30050409 |
| Net realized loss | (3269234)<br>| &nbsp;&nbsp; (481646)<br>|
| Net change in unrealized appreciation (depreciation) | 69830124 | &nbsp;&nbsp; (24274339)<br>|
| Net increase in net assets resulting from operations | 120960244 | &nbsp;&nbsp; 5294424 |
| **Distributions to shareholders** |  |  |
| Net investment income and net realized gains  |  |  |
| Class 1 | (29024905)<br>| &nbsp;&nbsp; (26740141)<br>|
| Class 2 | (419003)<br>| &nbsp;&nbsp; (693520)<br>|
| Class 3 | (1208085)<br>| &nbsp;&nbsp; (1889071)<br>|
| Total distributions to shareholders | (30651993)<br>| &nbsp;&nbsp; (29322732)<br>|
| Increase (decrease) in net assets from capital stock activity | (63753600)<br>| &nbsp;&nbsp; 505479539 |
| Total increase in net assets | 26554651 | &nbsp;&nbsp; 481451231 |
| Net assets at beginning of year | 1370823721 | &nbsp;&nbsp; 889372490 |
| **Net assets at end of year** | **$1397378372** | &nbsp;&nbsp; **$1370823721** |

---

&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 | 710732 | &nbsp;&nbsp;&nbsp;&nbsp; 6438337 | &nbsp;&nbsp;&nbsp;&nbsp; 59396417 | &nbsp;&nbsp;&nbsp;&nbsp; 529778754 |
| Distributions reinvested | 3243006 | &nbsp;&nbsp;&nbsp;&nbsp; 29024905 | &nbsp;&nbsp;&nbsp;&nbsp; 3049047 | &nbsp;&nbsp;&nbsp;&nbsp; 26740141 |
| Shares redeemed | (10556415)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (95949857)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4863147)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (43557535)<br>|
| Net increase (decrease) | (6602677)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (60486615)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 57582317 | &nbsp;&nbsp;&nbsp;&nbsp; 512961360 |
| Class 2 |  |  |  |  |
| Shares sold | 504137 | &nbsp;&nbsp;&nbsp;&nbsp; 4558800 | &nbsp;&nbsp;&nbsp;&nbsp; 717929 | &nbsp;&nbsp;&nbsp;&nbsp; 6219100 |
| Distributions reinvested | 46921 | &nbsp;&nbsp;&nbsp;&nbsp; 419003 | &nbsp;&nbsp;&nbsp;&nbsp; 79259 | &nbsp;&nbsp;&nbsp;&nbsp; 693520 |
| Shares redeemed | (592767)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5372094)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (961045)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8461882)<br>|
| Net decrease | (41709)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (394291)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (163857)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1549262)<br>|
| Class 3 |  |  |  |  |
| Shares sold | 338036 | &nbsp;&nbsp;&nbsp;&nbsp; 3028741 | &nbsp;&nbsp;&nbsp;&nbsp; 166022 | &nbsp;&nbsp;&nbsp;&nbsp; 1477343 |
| Distributions reinvested | 134831 | &nbsp;&nbsp;&nbsp;&nbsp; 1208085 | &nbsp;&nbsp;&nbsp;&nbsp; 215402 | &nbsp;&nbsp;&nbsp;&nbsp; 1889071 |
| Shares redeemed | (780849)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7109520)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1045086)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9298973)<br>|
| Net decrease | (307982)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2872694)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (663662)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5932559)<br>|
| **Total net increase (decrease)** | **(6952368)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(63753600)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **56754798** | &nbsp;&nbsp;&nbsp;&nbsp; **505479539** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – U.S. Government Mortgage 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 | $8.77<br>| 0.36<br>| 0.44<br>| 0.80<br>| &nbsp;&nbsp; (0.21) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.21) <br>|
| Year Ended 12/31/2024 | $8.93<br>| 0.29<br>| &nbsp;&nbsp; (0.15) <br>| 0.14<br>| &nbsp;&nbsp; (0.30) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.30) <br>|
| Year Ended 12/31/2023 | $8.69<br>| 0.29<br>| 0.20<br>| 0.49<br>| &nbsp;&nbsp; (0.25) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.25) <br>|
| Year Ended 12/31/2022 | $10.34<br>| 0.24<br>| &nbsp;&nbsp; (1.69) <br>| &nbsp;&nbsp; (1.45) <br>| &nbsp;&nbsp; (0.20) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.20) <br>|
| Year Ended 12/31/2021 | $10.83<br>| 0.20<br>| &nbsp;&nbsp; (0.30) <br>| &nbsp;&nbsp; (0.10) <br>| &nbsp;&nbsp; (0.22) <br>| &nbsp;&nbsp; (0.17) <br>| &nbsp;&nbsp; (0.39) <br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $8.75<br>| 0.34<br>| 0.42<br>| 0.76<br>| &nbsp;&nbsp; (0.18) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.18) <br>|
| Year Ended 12/31/2024 | $8.91<br>| 0.27<br>| &nbsp;&nbsp; (0.15) <br>| 0.12<br>| &nbsp;&nbsp; (0.28) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.28) <br>|
| Year Ended 12/31/2023 | $8.67<br>| 0.27<br>| 0.19<br>| 0.46<br>| &nbsp;&nbsp; (0.22) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.22) <br>|
| Year Ended 12/31/2022 | $10.31<br>| 0.21<br>| &nbsp;&nbsp; (1.67) <br>| &nbsp;&nbsp; (1.46) <br>| &nbsp;&nbsp; (0.18) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.18) <br>|
| Year Ended 12/31/2021 | $10.80<br>| 0.17<br>| &nbsp;&nbsp; (0.29) <br>| &nbsp;&nbsp; (0.12) <br>| &nbsp;&nbsp; (0.20) <br>| &nbsp;&nbsp; (0.17) <br>| &nbsp;&nbsp; (0.37) <br>|
| **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** |
| Year Ended 12/31/2025 | $8.77<br>| 0.35<br>| 0.44<br>| 0.79<br>| &nbsp;&nbsp; (0.20) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.20) <br>|
| Year Ended 12/31/2024 | $8.93<br>| 0.28<br>| &nbsp;&nbsp; (0.15) <br>| 0.13<br>| &nbsp;&nbsp; (0.29) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.29) <br>|
| Year Ended 12/31/2023 | $8.69<br>| 0.28<br>| 0.19<br>| 0.47<br>| &nbsp;&nbsp; (0.23) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.23) <br>|
| Year Ended 12/31/2022 | $10.34<br>| 0.22<br>| &nbsp;&nbsp; (1.68) <br>| &nbsp;&nbsp; (1.46) <br>| &nbsp;&nbsp; (0.19) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.19) <br>|
| Year Ended 12/31/2021 | $10.83<br>| 0.19<br>| &nbsp;&nbsp; (0.30) <br>| &nbsp;&nbsp; (0.11) <br>| &nbsp;&nbsp; (0.21) <br>| &nbsp;&nbsp; (0.17) <br>| &nbsp;&nbsp; (0.38) <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. For the periods indicated below, if interest on collateral expense had been excluded, expenses would have been lower by: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class** | **12/31/2025** | **12/31/2024** | **12/31/2023** | **12/31/2022** | **12/31/2021** |
| Class 1 | less than 0.01% | less than 0.01% | &nbsp;&nbsp; 0.01% | less than 0.01% | less than 0.01% |
| Class 2 | less than 0.01% | less than 0.01% | &nbsp;&nbsp; 0.01% | less than 0.01% | less than 0.01% |
| Class 3 | less than 0.01% | less than 0.01% | &nbsp;&nbsp; 0.01% | less than 0.01% | less than 0.01% |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – U.S. Government Mortgage 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; $9.36<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.19%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.45% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 386%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1318801<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $8.77<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.57%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.46% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.28%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 352%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1294096<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $8.93<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.46% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.33%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 321%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $803833<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $8.69<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14.14%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.45% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.54%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 301%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $795136<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $10.34<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.95%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.45% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 302%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $989683<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $9.33<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.83%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.70% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 386%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $21945<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $8.75<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.33%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.71% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.02%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 352%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $20938<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $8.91<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.43%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.71% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.07%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 321%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $22788<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $8.67<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14.32%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.70% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.29%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 301%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $23834<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $10.31<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.20%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.70% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.62%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 302%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $29150<br>|
| **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $9.36<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.06%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.57% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.83%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 386%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $56633<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $8.77<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.58% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 352%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $55791<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $8.93<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.59% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 321%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $62751<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $8.69<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14.26%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.58% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.41%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 301%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $66348<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $10.34<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.07%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.58% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.74%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 302%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $88027<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| 2025

------

Notes to Financial Statements

December 31, 2025

Note 1. Organization

Columbia Variable Portfolio – U.S. Government Mortgage 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**

Asset- and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities' cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

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.

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.

Swap transactions are valued through an independent pricing service or broker, or if neither is available, through an internal model based upon observable inputs.

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 – U.S. Government Mortgage 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

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| 2025

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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.

**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.

**Interest rate swaption contracts** 

Interest rate swaption contracts entered into by the Fund typically represent an option that gives the purchaser the right, but not the obligation, to enter into an interest rate swap contract on a future date. Each interest rate swaption contract will specify if the buyer is entitled to receive the fixed or floating rate if the option is exercised. Changes in the value of purchased interest rate swaption contracts are reported as unrealized appreciation or depreciation on options in the Statement of Assets and Liabilities. Gain or loss is recognized in the Statement of Operations when the interest rate swaption contract is closed or expires.

When the Fund writes an interest rate swaption 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 interest rate swaption contract written. Premiums received from writing interest rate swaption contracts that expire unexercised are recorded by the Fund on the expiration date as realized gains from options written in the Statement of Operations. The difference between the premium and the amount paid on effecting a closing

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

purchase transaction, including brokerage commissions, is also recorded as realized gain, or if the premium is less than the amount paid for the closing purchase, as realized loss. These amounts are reflected as net realized gain (loss) on options written in the Statement of Operations.

**Swap contracts**

Swap contracts are negotiated in the over-the-counter market and are entered into bilaterally or centrally cleared (centrally cleared swap contract). In a centrally cleared swap contract, immediately following execution of the swap contract with a broker, the swap contract is novated to a central counterparty and the central counterparty becomes the Fund's counterparty to the centrally cleared swap contract. The Fund is required to deposit initial margin with the futures commission merchant (FCM), which pledges it through to the central counterparty in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap contract. Securities deposited as initial margin are designated in the Portfolio of Investments and cash deposited is recorded in the Statement of Assets and Liabilities as margin deposits. For a bilateral swap contract, the Fund has credit exposure to the broker, but exchanges daily variation margin with the broker based on the marked-to-market value of the swap contract to minimize that exposure. For centrally cleared swap contracts, there is less credit exposure to the FCM than in the case of an over-the-counter derivative, because the central counterparty provides some protection in the case of clearing member default. The central counterparty stands between the buyer and the seller of the swap contract; therefore, failure of the clearinghouse may pose additional counterparty credit risk. However, credit risk still exists in centrally cleared swaps to the extent initial and variation margin is held in an FCM's customer account. While FCM's are required to segregate customer margin from their own assets, in the event that an FCM becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the FCM for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all of the FCM's customers (including the Fund) by account class, potentially resulting in losses to the Fund. Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of centrally cleared swap contracts, if any, is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities.

Entering into these contracts involves, to varying degrees, elements of interest, liquidity and counterparty credit risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there may be unfavorable changes in interest rates, market conditions or other conditions, that it may be difficult to initiate a swap transaction or liquidate a position at an advantageous time or price which may result in significant losses, and that the bilateral counterparty, FCM or central counterparty, as applicable, may not fulfill its obligation under the contract.

**Credit default swap contracts**

The Fund entered into credit default swap contracts to hedge or manage the risks associated with assets held in the Fund and/or to facilitate the implementation of portfolio strategies to seek to increase the total return. These swaps are entered into to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default. These instruments may be used for other purposes in future periods. Credit default swap contracts are transactions in which one party pays fixed periodic payments to a counterparty in consideration for an agreement from the counterparty to make a specific payment should a specified credit event(s) take place. Although specified credit events are contract specific, credit events are typically bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium.

As the purchaser of a credit default swap contract, the Fund purchases protection by paying a periodic interest rate on the notional amount to the counterparty. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized loss upon payment. If a credit event as specified in the contract occurs, the Fund may have the option either to deliver the reference obligation to the seller in exchange for a cash payment of its par amount, or to receive a net cash settlement equal to the par amount less an agreed-upon value of the reference obligation as of the date of the credit event. The difference between the value of the obligation or cash delivered and the notional amount received will be recorded as a realized gain (loss).

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

As the seller of a credit default swap contract, the Fund sells protection to a buyer and will generally receive a periodic interest rate on a notional amount. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized gain upon receipt of the payment. If a credit event as specified in the contract with the counterparty occurs, the Fund may either be required to accept the reference obligation from the buyer in exchange for a cash payment of its notional amount, or to pay the buyer a net cash settlement equal to the notional amount less an agreed-upon value of the reference obligation (recovery value) as of the date of the credit event. The difference between the value of the obligation or cash received and the notional amount paid will be recorded as a realized gain (loss). The maximum potential amount of undiscounted future payments the Fund could be required to make as the seller of protection under a credit default swap contract is equal to the notional amount of the reference obligation. These potential amounts may be partially offset by any recovery values of the respective reference obligations or upfront receipts upon entering into the agreement. The notional amounts and market values of all credit default swap contracts in which the Fund is the seller of protection, if any, are disclosed in the Credit Default Swap Contracts Outstanding schedule following the Portfolio of Investments.

As a protection seller, the Fund bears the risk of loss from the credit events specified in the contract with the counterparty. For credit default swap contracts on credit indices, quoted market prices and resulting market values serve as an indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract.

Any upfront payment or receipt by the Fund upon entering into a credit default swap contract is recorded as an asset or liability, respectively, and amortized daily as a component of realized gain (loss) in the Statement of Operations. Credit default swap contracts are valued daily, and the change in value is recorded as unrealized appreciation (depreciation) until the termination of the swap, at which time a realized gain (loss) is recorded.

Credit default swap contracts can involve greater risks than if a fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to other risks including counterparty credit risk, leverage risk, hedging risk, correlation risk and liquidity risk.

**Interest rate and inflation rate swap contracts**

The Fund entered into interest rate swap transactions or inflation rate swap contracts (together, rate swaps) to help hedge against interest rate risk exposure and to maintain the Fund's ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Fund holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Fund may enter into interest rate swap agreements. These instruments may be used for other purposes in future periods. A rate swap is an agreement between two parties where there are two flows and payments are made between the two counterparties and the payments are dependent upon changes in an interest rate, inflation rate or inflation index calculated on a notional amount. Certain rate swaps are considered forward-starting, whereby the accrual for the exchange of cash flows does not begin until a specified date in the future. The net cash flow for a standard rate swap is generally the difference between a floating market interest rate or floating rate linked to an inflation index versus a fixed interest rate as applied to the notional amount.

Rate swaps are valued daily and unrealized appreciation (depreciation) is recorded. Certain rate swaps may accrue periodic interest on a daily basis as a component of unrealized appreciation (depreciation); the Fund will realize a gain or loss upon the payment or receipt of accrued interest. The Fund will realize a gain or a loss when the rate swap is terminated.

**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.

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

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 ($)** |
| Interest rate risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 1,937,871<br> \*<br>|
| Interest rate risk | Investments, at value — Option contracts purchased | &nbsp;&nbsp;&nbsp;&nbsp; 2350550 |
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 4288421 |

---

&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 ($)** |
| Credit risk | Component of total distributable earnings (loss) — unrealized depreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp; 110,540<br> \*<br>|
| Credit risk | Upfront receipts on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp; 46919 |
| Interest rate risk | Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 165,423<br> \*<br>|
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 322882 |

---

&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** | **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** | **Futures** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**purchased** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**written** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Swap** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Credit risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10913 | &nbsp;&nbsp;&nbsp;&nbsp; 10913 |
| Interest rate risk | &nbsp;&nbsp; (9319893)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2169700)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 346750 | &nbsp;&nbsp;&nbsp;&nbsp; 2990044 | &nbsp;&nbsp;&nbsp;&nbsp; (8152799)<br>|
| Total | &nbsp;&nbsp; (9319893)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2169700)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 346750 | &nbsp;&nbsp;&nbsp;&nbsp; 3000957 | &nbsp;&nbsp;&nbsp;&nbsp; (8141886)<br>|

---

&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** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| **Risk exposure category** | **Futures** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**purchased** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Swap** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Credit risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27902 | &nbsp;&nbsp;&nbsp;&nbsp; 27902 |
| Interest rate risk | &nbsp;&nbsp; (255925)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7423)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2956020)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3219368)<br>|
| Total | &nbsp;&nbsp; (255925)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7423)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2928118)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3191466)<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 notional** <br>**amounts ($)**<br>|
| Futures contracts — long | 185718560 |
| Futures contracts — short | 483395577 |
| Credit default swap contracts — sell protection | 1058979 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Derivative instrument** | **Average** <br>**value ($)**<br>|
| Option contracts purchased | 1450536 |
| Option contracts written | (24250)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Derivative instrument** | **Average unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Average unrealized** <br>**depreciation ($)**<br>|
| Interest rate swap contracts | &nbsp;&nbsp; 393551 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

**Asset- and mortgage-backed securities** 

The Fund may invest in asset-backed and mortgage-backed securities. The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. All, or a portion, of the obligation may be prepaid at any time because the underlying asset may be prepaid. As a result, decreasing market interest rates could result in an increased level of prepayment. An increased prepayment rate will have the effect of shortening the maturity of the security. Unless otherwise noted, the coupon rates presented are fixed rates.

**Delayed delivery securities**

The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a "when-issued" or "forward commitment" basis. This may increase risk to the Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.

**To be announced securities** 

The Fund may trade securities on a To Be Announced (TBA) basis. As with other delayed-delivery transactions, a seller agrees to issue a TBA security at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Fund agrees to accept any security that meets specified terms.

In some cases, Master Securities Forward Transaction Agreements (MSFTAs) may be used to govern transactions of certain forward-settling agency mortgage-backed securities, such as delayed-delivery and TBAs, between the Fund and counterparty. The MSFTA maintains provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral relating to such transactions.

**Mortgage dollar roll transactions**

The Fund may enter into mortgage "dollar rolls" in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar but not identical securities (same type, coupon and maturity) on a specified future date. These transactions may increase the Fund's portfolio turnover rate. During the roll period, the Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund may benefit because it receives negotiated amounts in the form of reductions of the purchase price for the future purchase plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. The Fund records the incremental difference between the forward purchase and sale of each forward roll as a realized gain or loss. Unless any realized gains exceed the income, capital appreciation, and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique may diminish the investment performance of the Fund compared to what the performance would have been without the use of mortgage dollar rolls. Mortgage dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations. All cash proceeds will be invested in instruments that are permissible investments for the Fund. The Fund identifies cash or liquid securities in an amount equal to the forward purchase price. The Fund does not currently enter into mortgage dollar rolls that are accounted for as financing transactions.

**Interest only and principal only securities** 

The Fund may invest in Interest Only (IO) or Principal Only (PO) securities. IOs are stripped securities entitled to receive all of the security's interest, but none of its principal. IOs are particularly sensitive to changes in interest rates and therefore subject to greater fluctuations in price than typical interest bearing debt securities. IOs are also subject to credit risk because the Fund may not receive all or part of the interest payments if the issuer, obligor, guarantor or counterparty defaults on its obligation. Payments received for IOs are included in interest income in the Statement of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income in the Statement of Operations. POs are stripped

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

securities entitled to receive the principal from the underlying obligation, but not the interest. POs are particularly sensitive to changes in interest rates and therefore are subject to fluctuations in price. POs are also subject to credit risk because the Fund may not receive all or part of its principal if the issuer, obligor, guarantor or counterparty defaults on its obligation. The Fund may also invest in IO or PO stripped mortgage-backed securities. Payments received for POs are treated as reductions to the cost and par value of the securities.

**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:

---

| | | | |
|:---|:---|:---|:---|
|  | **Citi**  | &nbsp;&nbsp; **Morgan** <br>**Stanley** <br>| **Total**  |
| **Assets** |  |  |  |
| Call option contracts purchased | $&nbsp;&nbsp;&nbsp; 463850<br>| &nbsp;&nbsp;&nbsp; -<br>| &nbsp;&nbsp;&nbsp; 463850<br>|
| Put option contracts purchased | &nbsp;&nbsp;&nbsp; -<br>| &nbsp;&nbsp;&nbsp; 1886700<br>| &nbsp;&nbsp;&nbsp; 1886700<br>|
| Total assets | &nbsp;&nbsp;&nbsp; 463850<br>| &nbsp;&nbsp;&nbsp; 1886700<br>| &nbsp;&nbsp;&nbsp; 2350550<br>|
| **Liabilities** |  |  |  |
| OTC credit default swap contracts<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; -<br>| &nbsp;&nbsp;&nbsp; 157459<br>| &nbsp;&nbsp;&nbsp; 157459<br>|
| **Total financial and derivative net assets** | &nbsp;&nbsp;&nbsp; **463850**<br>| &nbsp;&nbsp;&nbsp; **1729241**<br>| &nbsp;&nbsp;&nbsp; **2193091**<br>|
| Total collateral received (pledged) <sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; 463850<br>| &nbsp;&nbsp;&nbsp; 1729241<br>| &nbsp;&nbsp;&nbsp; 2193091<br>|
| **Net amount** <sup>(c)</sup> <br>| $&nbsp;&nbsp;&nbsp; **-**<br>| &nbsp;&nbsp;&nbsp; **-**<br>| &nbsp;&nbsp;&nbsp; **-**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Over-the-Counter (OTC) swap contracts are presented at market value plus periodic payments receivable (payable), which is comprised of unrealized appreciation, unrealized depreciation, upfront payments and upfront receipts.

&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**

Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted. The Fund classifies gains and losses realized on prepayments received on mortgage-backed securities as adjustments to interest income.

The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. The Fund may also adjust accrual rates when it becomes probable the full interest will not be collected and a partial payment will be received. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Dividend income is recorded on the ex-dividend date.

**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 – U.S. Government Mortgage Fund \| 2025

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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 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.

**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 management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.43% to 0.28% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2025 was 0.42% 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.

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

**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.

**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;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| 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;0.80 | &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;0.76 |
| 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;0.675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.635 |

---

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 – U.S. Government Mortgage Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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 derivative investments, tax straddles, defaulted securities/troubled debt, capital loss carryforwards, trustees' deferred compensation and swap investments. 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 ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(loss) ($)**<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>|
| 284351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (284349)<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; (2)<br>|

---

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 ($)**<br>| **Total ($)** |
| 30651993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30651993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29322732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29322732 |

---

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 ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>|
| 53967856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (66524790)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (66283567)<br>|

---

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) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>|
| 1923747283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20481143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (86764710)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (66283567)<br>|

---

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 ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **No expiration** <br>**long-term ($)**<br>| **Total ($)** | **Utilized ($)** |
| (25762655)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40762135)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (66524790)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4211262 |

---

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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 $7,071,315,661 and $7,006,692,505, respectively, for the year ended December 31, 2025, of which $6,865,202,549 and $6,845,380,512, respectively, were U.S. government securities. 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.

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 | 4312500 | &nbsp;&nbsp;&nbsp;&nbsp;4.77 | &nbsp;&nbsp;&nbsp;&nbsp; 8 |

---

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

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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, affiliated shareholders of record owned 99.3% 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

Columbia Variable Portfolio – U.S. Government Mortgage Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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 – U.S. Government Mortgage 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 – U.S. Government Mortgage 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 – U.S. Government Mortgage 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 – U.S. Government Mortgage Fund \| 2025

------

**Columbia Variable Portfolio – U.S. Government Mortgage Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g59364img27a6dcac2.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.

ANN7027_12_E01_(02/26)

------

![](g59364imgf8da30271.jpg)

Columbia Variable Portfolio – Income Opportunities 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_046f8767-efc3-471d-9b0f-b955a3338e78_POI-CommonContent-Date-243_1) | 3 |
| [Statement of Assets and Liabilities](#xx_046f8767-efc3-471d-9b0f-b955a3338e78_FS-CommonContent-Date-243_1) | 16 |
| [Statement of Operations](#xx_046f8767-efc3-471d-9b0f-b955a3338e78_FS-CommonContent-Date-243_2) | 17 |
| [Statement of Changes in Net Assets](#xx_046f8767-efc3-471d-9b0f-b955a3338e78_FS-CommonContent-Date-243_3) | 18 |
| [Financial Highlights](#xx_046f8767-efc3-471d-9b0f-b955a3338e78_FIHI-CommonContent-Date-243_2) | 20 |
| [Notes to Financial Statements](#xx_046f8767-efc3-471d-9b0f-b955a3338e78_NTF-CommonContent-Date-243_1) | 22 |
| [Report of Independent Registered Public Accounting Firm](#xx_046f8767-efc3-471d-9b0f-b955a3338e78_AUD-CommonContent-Date-243_1) | 31 |

---

Columbia Variable Portfolio – Income Opportunities 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 0.0%** | **Common Stocks 0.0%** | **Common Stocks 0.0%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Communication Services 0.0%** | **Communication Services 0.0%** | **Communication Services 0.0%** |
| **Media 0.0%** | **Media 0.0%** | **Media 0.0%** |
| Haights Cross Communications, Inc.<sup>(a),(b),(c)</sup> <br>| &nbsp;&nbsp; 27056 | &nbsp;&nbsp; 0 |
| Telesat Corp.<sup>(b)</sup> <br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; 175 |
| Ziff Davis Holdings, Inc.<sup>(a),(b),(c)</sup> <br>| &nbsp;&nbsp; 553 | &nbsp;&nbsp; 5 |
| Total |  | &nbsp;&nbsp; 180 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **180** |
| **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** |
| **Automobile Components 0.0%** | **Automobile Components 0.0%** | **Automobile Components 0.0%** |
| Lear Corp. | &nbsp;&nbsp; 216 | &nbsp;&nbsp; 24754 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **24754** |
| **Industrials 0.0%** | **Industrials 0.0%** | **Industrials 0.0%** |
| **Commercial Services & Supplies 0.0%** | **Commercial Services & Supplies 0.0%** | **Commercial Services & Supplies 0.0%** |
| Quad/Graphics, Inc. | &nbsp;&nbsp; 1277 | &nbsp;&nbsp; 8007 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **8007** |
| **Utilities —%** | **Utilities —%** | **Utilities —%** |
| **Independent Power and Renewable Electricity Producers —%** | **Independent Power and Renewable Electricity Producers —%** | **Independent Power and Renewable Electricity Producers —%** |
| Calpine Corp. Escrow<sup>(a),(b),(c)</sup> <br>| &nbsp;&nbsp; 6049000 | &nbsp;&nbsp; 0 |
| **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **0** |
| Total Common Stocks <br>(Cost $331,985) | Total Common Stocks <br>(Cost $331,985) | &nbsp;&nbsp; **32941** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Convertible Bonds 0.5%** | **Convertible Bonds 0.5%** | **Convertible Bonds 0.5%** | **Convertible Bonds 0.5%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Electric 0.5%** | **Electric 0.5%** | **Electric 0.5%** | **Electric 0.5%** |
| NextEra Energy Partners LP<sup>(d)</sup>  | NextEra Energy Partners LP<sup>(d)</sup>  | NextEra Energy Partners LP<sup>(d)</sup>  | NextEra Energy Partners LP<sup>(d)</sup>  |
| 06/15/2026 | &nbsp;&nbsp; 2.500% | 2657608 | &nbsp;&nbsp; 2607911 |
| Total Convertible Bonds <br>(Cost $2,606,473) | Total Convertible Bonds <br>(Cost $2,606,473) | Total Convertible Bonds <br>(Cost $2,606,473) | &nbsp;&nbsp; **2607911** |
| **Corporate Bonds & Notes 93.3%** | **Corporate Bonds & Notes 93.3%** | **Corporate Bonds & Notes 93.3%** | **Corporate Bonds & Notes 93.3%** |
| **Aerospace & Defense 2.2%** | **Aerospace & Defense 2.2%** | **Aerospace & Defense 2.2%** | **Aerospace & Defense 2.2%** |
| Allegheny Technologies, Inc. | Allegheny Technologies, Inc. | Allegheny Technologies, Inc. | Allegheny Technologies, Inc. |
| 10/01/2029 | &nbsp;&nbsp; 4.875% | 819000 | &nbsp;&nbsp; 818700 |
| 10/01/2031 | &nbsp;&nbsp; 5.125% | 1085000 | &nbsp;&nbsp; 1086552 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| TransDigm, Inc.<sup>(d)</sup>  | TransDigm, Inc.<sup>(d)</sup>  | TransDigm, Inc.<sup>(d)</sup>  | TransDigm, Inc.<sup>(d)</sup>  |
| 03/01/2029 | &nbsp;&nbsp; 6.375% | 1538000 | &nbsp;&nbsp; 1587875 |
| 03/01/2032 | &nbsp;&nbsp; 6.625% | 3299000 | &nbsp;&nbsp; 3431942 |
| 01/15/2033 | &nbsp;&nbsp; 6.000% | 1306000 | &nbsp;&nbsp; 1336720 |
| 05/31/2033 | &nbsp;&nbsp; 6.375% | 2030000 | &nbsp;&nbsp; 2082183 |
| 01/31/2034 | &nbsp;&nbsp; 6.750% | 1296000 | &nbsp;&nbsp; 1351080 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **11695052** |
| **Airlines 0.7%** | **Airlines 0.7%** | **Airlines 0.7%** | **Airlines 0.7%** |
| American Airlines, Inc.<sup>(d)</sup>  | American Airlines, Inc.<sup>(d)</sup>  | American Airlines, Inc.<sup>(d)</sup>  | American Airlines, Inc.<sup>(d)</sup>  |
| 05/15/2029 | &nbsp;&nbsp; 8.500% | 1431000 | &nbsp;&nbsp; 1493923 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(d)</sup>  | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(d)</sup>  | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(d)</sup>  | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(d)</sup>  |
| 04/20/2029 | &nbsp;&nbsp; 5.750% | 2320138 | &nbsp;&nbsp; 2362378 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3856301** |
| **Automotive 2.8%** | **Automotive 2.8%** | **Automotive 2.8%** | **Automotive 2.8%** |
| American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. |
| 10/01/2029 | &nbsp;&nbsp; 5.000% | 845000 | &nbsp;&nbsp; 813653 |
| American Axle & Manufacturing, Inc.<sup>(d)</sup>  | American Axle & Manufacturing, Inc.<sup>(d)</sup>  | American Axle & Manufacturing, Inc.<sup>(d)</sup>  | American Axle & Manufacturing, Inc.<sup>(d)</sup>  |
| 10/15/2032 | &nbsp;&nbsp; 6.375% | 593000 | &nbsp;&nbsp; 603998 |
| 10/15/2033 | &nbsp;&nbsp; 7.750% | 1614000 | &nbsp;&nbsp; 1644202 |
| Clarios Global LP/US Finance Co.<sup>(d)</sup>  | Clarios Global LP/US Finance Co.<sup>(d)</sup>  | Clarios Global LP/US Finance Co.<sup>(d)</sup>  | Clarios Global LP/US Finance Co.<sup>(d)</sup>  |
| 02/15/2030 | &nbsp;&nbsp; 6.750% | 1077000 | &nbsp;&nbsp; 1125130 |
| 09/15/2032 | &nbsp;&nbsp; 6.750% | 1050000 | &nbsp;&nbsp; 1089118 |
| Forvia SE<sup>(d)</sup>  | Forvia SE<sup>(d)</sup>  | Forvia SE<sup>(d)</sup>  | Forvia SE<sup>(d)</sup>  |
| 09/15/2033 | &nbsp;&nbsp; 6.750% | 699000 | &nbsp;&nbsp; 719113 |
| IHO Verwaltungs GmbH<sup>(d),(e)</sup>  | IHO Verwaltungs GmbH<sup>(d),(e)</sup>  | IHO Verwaltungs GmbH<sup>(d),(e)</sup>  | IHO Verwaltungs GmbH<sup>(d),(e)</sup>  |
| 11/15/2030 | &nbsp;&nbsp; 7.750% | 607000 | &nbsp;&nbsp; 635972 |
| 11/15/2032 | &nbsp;&nbsp; 8.000% | 863000 | &nbsp;&nbsp; 908966 |
| Nissan Motor Acceptance Co. LLC<sup>(d)</sup>  | Nissan Motor Acceptance Co. LLC<sup>(d)</sup>  | Nissan Motor Acceptance Co. LLC<sup>(d)</sup>  | Nissan Motor Acceptance Co. LLC<sup>(d)</sup>  |
| 09/30/2030 | &nbsp;&nbsp; 6.125% | 556000 | &nbsp;&nbsp; 556174 |
| Nissan Motor Co., Ltd.<sup>(d)</sup>  | Nissan Motor Co., Ltd.<sup>(d)</sup>  | Nissan Motor Co., Ltd.<sup>(d)</sup>  | Nissan Motor Co., Ltd.<sup>(d)</sup>  |
| 07/17/2032 | &nbsp;&nbsp; 7.750% | 471000 | &nbsp;&nbsp; 499256 |
| 07/17/2035 | &nbsp;&nbsp; 8.125% | 1377000 | &nbsp;&nbsp; 1466754 |
| ZF North America Capital, Inc.<sup>(d)</sup>  | ZF North America Capital, Inc.<sup>(d)</sup>  | ZF North America Capital, Inc.<sup>(d)</sup>  | ZF North America Capital, Inc.<sup>(d)</sup>  |
| 04/14/2030 | &nbsp;&nbsp; 7.125% | 485000 | &nbsp;&nbsp; 489458 |
| 03/24/2031 | &nbsp;&nbsp; 7.500% | 1401000 | &nbsp;&nbsp; 1417673 |
| 04/23/2032 | &nbsp;&nbsp; 6.875% | 2751000 | &nbsp;&nbsp; 2671478 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **14640945** |
| **Banking 0.0%** | **Banking 0.0%** | **Banking 0.0%** | **Banking 0.0%** |
| Ally Financial, Inc.<sup>(f)</sup>  | Ally Financial, Inc.<sup>(f)</sup>  | Ally Financial, Inc.<sup>(f)</sup>  | Ally Financial, Inc.<sup>(f)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 01/17/2040 | &nbsp;&nbsp; 6.646% | 257000 | &nbsp;&nbsp; 258940 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Income Opportunities Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Brokerage/Asset Managers/Exchanges 1.1%** | **Brokerage/Asset Managers/Exchanges 1.1%** | **Brokerage/Asset Managers/Exchanges 1.1%** | **Brokerage/Asset Managers/Exchanges 1.1%** |
| AG Issuer LLC<sup>(d)</sup>  | AG Issuer LLC<sup>(d)</sup>  | AG Issuer LLC<sup>(d)</sup>  | AG Issuer LLC<sup>(d)</sup>  |
| 03/01/2028 | &nbsp;&nbsp; 6.250% | 512000 | &nbsp;&nbsp; 514061 |
| Aretec Escrow Issuer 2, Inc.<sup>(d)</sup>  | Aretec Escrow Issuer 2, Inc.<sup>(d)</sup>  | Aretec Escrow Issuer 2, Inc.<sup>(d)</sup>  | Aretec Escrow Issuer 2, Inc.<sup>(d)</sup>  |
| 08/15/2030 | &nbsp;&nbsp; 10.000% | 2720000 | &nbsp;&nbsp; 2934222 |
| Focus Financial Partners LLC<sup>(d)</sup>  | Focus Financial Partners LLC<sup>(d)</sup>  | Focus Financial Partners LLC<sup>(d)</sup>  | Focus Financial Partners LLC<sup>(d)</sup>  |
| 09/15/2031 | &nbsp;&nbsp; 6.750% | 1033000 | &nbsp;&nbsp; 1068293 |
| Osaic Holdings, Inc.<sup>(d)</sup>  | Osaic Holdings, Inc.<sup>(d)</sup>  | Osaic Holdings, Inc.<sup>(d)</sup>  | Osaic Holdings, Inc.<sup>(d)</sup>  |
| 08/01/2032 | &nbsp;&nbsp; 6.750% | 1010000 | &nbsp;&nbsp; 1054892 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **5571468** |
| **Building Materials 1.5%** | **Building Materials 1.5%** | **Building Materials 1.5%** | **Building Materials 1.5%** |
| American Builders & Contractors Supply Co., Inc.<sup>(d)</sup>  | American Builders & Contractors Supply Co., Inc.<sup>(d)</sup>  | American Builders & Contractors Supply Co., Inc.<sup>(d)</sup>  | American Builders & Contractors Supply Co., Inc.<sup>(d)</sup>  |
| 11/15/2029 | &nbsp;&nbsp; 3.875% | 854000 | &nbsp;&nbsp; 822707 |
| LBM Acquisition LLC<sup>(d)</sup>  | LBM Acquisition LLC<sup>(d)</sup>  | LBM Acquisition LLC<sup>(d)</sup>  | LBM Acquisition LLC<sup>(d)</sup>  |
| 06/15/2031 | &nbsp;&nbsp; 9.500% | 1191000 | &nbsp;&nbsp; 1237877 |
| Quikrete Holdings, Inc.<sup>(d)</sup>  | Quikrete Holdings, Inc.<sup>(d)</sup>  | Quikrete Holdings, Inc.<sup>(d)</sup>  | Quikrete Holdings, Inc.<sup>(d)</sup>  |
| 03/01/2032 | &nbsp;&nbsp; 6.375% | 1882000 | &nbsp;&nbsp; 1958399 |
| 03/01/2033 | &nbsp;&nbsp; 6.750% | 995000 | &nbsp;&nbsp; 1038959 |
| QXO Building Products, Inc.<sup>(d)</sup>  | QXO Building Products, Inc.<sup>(d)</sup>  | QXO Building Products, Inc.<sup>(d)</sup>  | QXO Building Products, Inc.<sup>(d)</sup>  |
| 04/30/2032 | &nbsp;&nbsp; 6.750% | 1102000 | &nbsp;&nbsp; 1151434 |
| Standard Building Solutions, Inc.<sup>(d)</sup>  | Standard Building Solutions, Inc.<sup>(d)</sup>  | Standard Building Solutions, Inc.<sup>(d)</sup>  | Standard Building Solutions, Inc.<sup>(d)</sup>  |
| 08/15/2032 | &nbsp;&nbsp; 6.500% | 346000 | &nbsp;&nbsp; 356678 |
| 08/01/2033 | &nbsp;&nbsp; 6.250% | 258000 | &nbsp;&nbsp; 263580 |
| Standard Industries, Inc.<sup>(d)</sup>  | Standard Industries, Inc.<sup>(d)</sup>  | Standard Industries, Inc.<sup>(d)</sup>  | Standard Industries, Inc.<sup>(d)</sup>  |
| 01/15/2028 | &nbsp;&nbsp; 4.750% | 533000 | &nbsp;&nbsp; 531331 |
| 07/15/2030 | &nbsp;&nbsp; 4.375% | 530000 | &nbsp;&nbsp; 512423 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **7873388** |
| **Cable and Satellite 4.8%** | **Cable and Satellite 4.8%** | **Cable and Satellite 4.8%** | **Cable and Satellite 4.8%** |
| CCO Holdings LLC/Capital Corp.<sup>(d)</sup>  | CCO Holdings LLC/Capital Corp.<sup>(d)</sup>  | CCO Holdings LLC/Capital Corp.<sup>(d)</sup>  | CCO Holdings LLC/Capital Corp.<sup>(d)</sup>  |
| 05/01/2027 | &nbsp;&nbsp; 5.125% | 787000 | &nbsp;&nbsp; 786105 |
| 06/01/2029 | &nbsp;&nbsp; 5.375% | 1055000 | &nbsp;&nbsp; 1043191 |
| 03/01/2030 | &nbsp;&nbsp; 4.750% | 2710000 | &nbsp;&nbsp; 2592480 |
| 08/15/2030 | &nbsp;&nbsp; 4.500% | 3366000 | &nbsp;&nbsp; 3171095 |
| 02/01/2032 | &nbsp;&nbsp; 4.750% | 2012000 | &nbsp;&nbsp; 1838770 |
| 01/15/2034 | &nbsp;&nbsp; 4.250% | 1417000 | &nbsp;&nbsp; 1206390 |
| CCO Holdings LLC/Capital Corp. | CCO Holdings LLC/Capital Corp. | CCO Holdings LLC/Capital Corp. | CCO Holdings LLC/Capital Corp. |
| 05/01/2032 | &nbsp;&nbsp; 4.500% | 1240000 | &nbsp;&nbsp; 1113056 |
| DISH Network Corp.<sup>(d)</sup>  | DISH Network Corp.<sup>(d)</sup>  | DISH Network Corp.<sup>(d)</sup>  | DISH Network Corp.<sup>(d)</sup>  |
| 11/15/2027 | &nbsp;&nbsp; 11.750% | 2722000 | &nbsp;&nbsp; 2832537 |
| EchoStar Corp. | EchoStar Corp. | EchoStar Corp. | EchoStar Corp. |
| 11/30/2029 | &nbsp;&nbsp; 10.750% | 2218075 | &nbsp;&nbsp; 2449874 |
| EchoStar Corp.<sup>(e)</sup>  | EchoStar Corp.<sup>(e)</sup>  | EchoStar Corp.<sup>(e)</sup>  | EchoStar Corp.<sup>(e)</sup>  |
| 11/30/2030 | &nbsp;&nbsp; 6.750% | 1131580 | &nbsp;&nbsp; 1159535 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Sirius XM Radio, Inc.<sup>(d)</sup>  | Sirius XM Radio, Inc.<sup>(d)</sup>  | Sirius XM Radio, Inc.<sup>(d)</sup>  | Sirius XM Radio, Inc.<sup>(d)</sup>  |
| 09/01/2026 | &nbsp;&nbsp; 3.125% | 338000 | &nbsp;&nbsp; 334854 |
| 08/01/2027 | &nbsp;&nbsp; 5.000% | 1057000 | &nbsp;&nbsp; 1058462 |
| 07/01/2030 | &nbsp;&nbsp; 4.125% | 1131000 | &nbsp;&nbsp; 1076064 |
| Virgin Media Finance PLC<sup>(d)</sup>  | Virgin Media Finance PLC<sup>(d)</sup>  | Virgin Media Finance PLC<sup>(d)</sup>  | Virgin Media Finance PLC<sup>(d)</sup>  |
| 07/15/2030 | &nbsp;&nbsp; 5.000% | 922000 | &nbsp;&nbsp; 812856 |
| Virgin Media Secured Finance PLC<sup>(d)</sup>  | Virgin Media Secured Finance PLC<sup>(d)</sup>  | Virgin Media Secured Finance PLC<sup>(d)</sup>  | Virgin Media Secured Finance PLC<sup>(d)</sup>  |
| 05/15/2029 | &nbsp;&nbsp; 5.500% | 172000 | &nbsp;&nbsp; 169496 |
| VZ Secured Financing BV<sup>(d)</sup>  | VZ Secured Financing BV<sup>(d)</sup>  | VZ Secured Financing BV<sup>(d)</sup>  | VZ Secured Financing BV<sup>(d)</sup>  |
| 01/15/2032 | &nbsp;&nbsp; 5.000% | 2677000 | &nbsp;&nbsp; 2424213 |
| Ziggo Bond Co. BV<sup>(d)</sup>  | Ziggo Bond Co. BV<sup>(d)</sup>  | Ziggo Bond Co. BV<sup>(d)</sup>  | Ziggo Bond Co. BV<sup>(d)</sup>  |
| 02/28/2030 | &nbsp;&nbsp; 5.125% | 870000 | &nbsp;&nbsp; 776782 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **24845760** |
| **Chemicals 4.5%** | **Chemicals 4.5%** | **Chemicals 4.5%** | **Chemicals 4.5%** |
| Ashland LLC<sup>(d)</sup>  | Ashland LLC<sup>(d)</sup>  | Ashland LLC<sup>(d)</sup>  | Ashland LLC<sup>(d)</sup>  |
| 09/01/2031 | &nbsp;&nbsp; 3.375% | 2267000 | &nbsp;&nbsp; 2068589 |
| Avient Corp.<sup>(d)</sup>  | Avient Corp.<sup>(d)</sup>  | Avient Corp.<sup>(d)</sup>  | Avient Corp.<sup>(d)</sup>  |
| 11/01/2031 | &nbsp;&nbsp; 6.250% | 56000 | &nbsp;&nbsp; 57579 |
| Celanese US Holdings LLC | Celanese US Holdings LLC | Celanese US Holdings LLC | Celanese US Holdings LLC |
| 04/15/2030 | &nbsp;&nbsp; 6.500% | 305000 | &nbsp;&nbsp; 306295 |
| 02/15/2031 | &nbsp;&nbsp; 7.000% | 520000 | &nbsp;&nbsp; 532232 |
| 07/15/2032 | &nbsp;&nbsp; 6.879% | 361000 | &nbsp;&nbsp; 375419 |
| 04/15/2033 | &nbsp;&nbsp; 6.750% | 511000 | &nbsp;&nbsp; 508092 |
| 11/15/2033 | &nbsp;&nbsp; 7.200% | 799000 | &nbsp;&nbsp; 844177 |
| 02/15/2034 | &nbsp;&nbsp; 7.375% | 674000 | &nbsp;&nbsp; 685468 |
| Element Solutions, Inc.<sup>(d)</sup>  | Element Solutions, Inc.<sup>(d)</sup>  | Element Solutions, Inc.<sup>(d)</sup>  | Element Solutions, Inc.<sup>(d)</sup>  |
| 09/01/2028 | &nbsp;&nbsp; 3.875% | 1091000 | &nbsp;&nbsp; 1067328 |
| HB Fuller Co. | HB Fuller Co. | HB Fuller Co. | HB Fuller Co. |
| 10/15/2028 | &nbsp;&nbsp; 4.250% | 109000 | &nbsp;&nbsp; 107972 |
| Herens Holdco Sarl<sup>(d)</sup>  | Herens Holdco Sarl<sup>(d)</sup>  | Herens Holdco Sarl<sup>(d)</sup>  | Herens Holdco Sarl<sup>(d)</sup>  |
| 05/15/2028 | &nbsp;&nbsp; 4.750% | 368000 | &nbsp;&nbsp; 320607 |
| INEOS Finance PLC<sup>(d)</sup>  | INEOS Finance PLC<sup>(d)</sup>  | INEOS Finance PLC<sup>(d)</sup>  | INEOS Finance PLC<sup>(d)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 7.500% | 1752000 | &nbsp;&nbsp; 1507552 |
| INEOS Quattro Finance 2 PLC<sup>(d)</sup>  | INEOS Quattro Finance 2 PLC<sup>(d)</sup>  | INEOS Quattro Finance 2 PLC<sup>(d)</sup>  | INEOS Quattro Finance 2 PLC<sup>(d)</sup>  |
| 03/15/2029 | &nbsp;&nbsp; 9.625% | 2296000 | &nbsp;&nbsp; 1592334 |
| Innophos Holdings, Inc.<sup>(d)</sup>  | Innophos Holdings, Inc.<sup>(d)</sup>  | Innophos Holdings, Inc.<sup>(d)</sup>  | Innophos Holdings, Inc.<sup>(d)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 11.500% | 549807 | &nbsp;&nbsp; 498761 |
| Inversion Escrow Issuer LLC<sup>(d)</sup>  | Inversion Escrow Issuer LLC<sup>(d)</sup>  | Inversion Escrow Issuer LLC<sup>(d)</sup>  | Inversion Escrow Issuer LLC<sup>(d)</sup>  |
| 08/01/2032 | &nbsp;&nbsp; 6.750% | 1566000 | &nbsp;&nbsp; 1560169 |
| Olympus Water US Holding Corp.<sup>(d)</sup>  | Olympus Water US Holding Corp.<sup>(d)</sup>  | Olympus Water US Holding Corp.<sup>(d)</sup>  | Olympus Water US Holding Corp.<sup>(d)</sup>  |
| 10/01/2028 | &nbsp;&nbsp; 4.250% | 1396000 | &nbsp;&nbsp; 1354620 |
| 06/15/2031 | &nbsp;&nbsp; 7.250% | 1782000 | &nbsp;&nbsp; 1824133 |
| 02/15/2033 | &nbsp;&nbsp; 7.250% | 1025000 | &nbsp;&nbsp; 1030901 |
| Qnity Electronics, Inc.<sup>(d)</sup>  | Qnity Electronics, Inc.<sup>(d)</sup>  | Qnity Electronics, Inc.<sup>(d)</sup>  | Qnity Electronics, Inc.<sup>(d)</sup>  |
| 08/15/2032 | &nbsp;&nbsp; 5.750% | 576000 | &nbsp;&nbsp; 590024 |
| 08/15/2033 | &nbsp;&nbsp; 6.250% | 461000 | &nbsp;&nbsp; 478767 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Income Opportunities Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Tronox, Inc.<sup>(d)</sup>  | Tronox, Inc.<sup>(d)</sup>  | Tronox, Inc.<sup>(d)</sup>  | Tronox, Inc.<sup>(d)</sup>  |
| 03/15/2029 | &nbsp;&nbsp; 4.625% | 397000 | &nbsp;&nbsp; 278161 |
| 09/30/2030 | &nbsp;&nbsp; 9.125% | 851000 | &nbsp;&nbsp; 846448 |
| WR Grace Holdings LLC<sup>(d)</sup>  | WR Grace Holdings LLC<sup>(d)</sup>  | WR Grace Holdings LLC<sup>(d)</sup>  | WR Grace Holdings LLC<sup>(d)</sup>  |
| 06/15/2027 | &nbsp;&nbsp; 4.875% | 867000 | &nbsp;&nbsp; 866063 |
| 03/01/2031 | &nbsp;&nbsp; 7.375% | 1787000 | &nbsp;&nbsp; 1831812 |
| 08/15/2032 | &nbsp;&nbsp; 6.625% | 2055000 | &nbsp;&nbsp; 2082485 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **23215988** |
| **Construction Machinery 1.8%** | **Construction Machinery 1.8%** | **Construction Machinery 1.8%** | **Construction Machinery 1.8%** |
| Herc Holdings, Inc.<sup>(d)</sup>  | Herc Holdings, Inc.<sup>(d)</sup>  | Herc Holdings, Inc.<sup>(d)</sup>  | Herc Holdings, Inc.<sup>(d)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 6.625% | 250000 | &nbsp;&nbsp; 259330 |
| 06/15/2030 | &nbsp;&nbsp; 7.000% | 870000 | &nbsp;&nbsp; 915050 |
| 03/15/2031 | &nbsp;&nbsp; 5.750% | 299000 | &nbsp;&nbsp; 303289 |
| 06/15/2033 | &nbsp;&nbsp; 7.250% | 2794000 | &nbsp;&nbsp; 2961297 |
| 03/15/2034 | &nbsp;&nbsp; 6.000% | 308000 | &nbsp;&nbsp; 312073 |
| Ritchie Bros Holdings, Inc.<sup>(d)</sup>  | Ritchie Bros Holdings, Inc.<sup>(d)</sup>  | Ritchie Bros Holdings, Inc.<sup>(d)</sup>  | Ritchie Bros Holdings, Inc.<sup>(d)</sup>  |
| 03/15/2028 | &nbsp;&nbsp; 6.750% | 759000 | &nbsp;&nbsp; 776389 |
| 03/15/2031 | &nbsp;&nbsp; 7.750% | 1967000 | &nbsp;&nbsp; 2056618 |
| Synergy Infrastructure Holdings LLC<sup>(d)</sup>  | Synergy Infrastructure Holdings LLC<sup>(d)</sup>  | Synergy Infrastructure Holdings LLC<sup>(d)</sup>  | Synergy Infrastructure Holdings LLC<sup>(d)</sup>  |
| 12/01/2030 | &nbsp;&nbsp; 7.875% | 944000 | &nbsp;&nbsp; 981429 |
| United Rentals North America, Inc.<sup>(d)</sup>  | United Rentals North America, Inc.<sup>(d)</sup>  | United Rentals North America, Inc.<sup>(d)</sup>  | United Rentals North America, Inc.<sup>(d)</sup>  |
| 11/15/2033 | &nbsp;&nbsp; 5.375% | 1040000 | &nbsp;&nbsp; 1039218 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **9604693** |
| **Consumer Cyclical Services 0.9%** | **Consumer Cyclical Services 0.9%** | **Consumer Cyclical Services 0.9%** | **Consumer Cyclical Services 0.9%** |
| Arches Buyer, Inc.<sup>(d)</sup>  | Arches Buyer, Inc.<sup>(d)</sup>  | Arches Buyer, Inc.<sup>(d)</sup>  | Arches Buyer, Inc.<sup>(d)</sup>  |
| 06/01/2028 | &nbsp;&nbsp; 4.250% | 2125000 | &nbsp;&nbsp; 2085770 |
| Match Group Holdings II LLC<sup>(d)</sup>  | Match Group Holdings II LLC<sup>(d)</sup>  | Match Group Holdings II LLC<sup>(d)</sup>  | Match Group Holdings II LLC<sup>(d)</sup>  |
| 10/01/2031 | &nbsp;&nbsp; 3.625% | 572000 | &nbsp;&nbsp; 524050 |
| Match Group, Inc.<sup>(d)</sup>  | Match Group, Inc.<sup>(d)</sup>  | Match Group, Inc.<sup>(d)</sup>  | Match Group, Inc.<sup>(d)</sup>  |
| 06/01/2028 | &nbsp;&nbsp; 4.625% | 342000 | &nbsp;&nbsp; 338779 |
| 02/15/2029 | &nbsp;&nbsp; 5.625% | 1568000 | &nbsp;&nbsp; 1572979 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **4521578** |
| **Consumer Products 1.4%** | **Consumer Products 1.4%** | **Consumer Products 1.4%** | **Consumer Products 1.4%** |
| CD&R Smokey Buyer, Inc./Radio Systems Corp.<sup>(d)</sup>  | CD&R Smokey Buyer, Inc./Radio Systems Corp.<sup>(d)</sup>  | CD&R Smokey Buyer, Inc./Radio Systems Corp.<sup>(d)</sup>  | CD&R Smokey Buyer, Inc./Radio Systems Corp.<sup>(d)</sup>  |
| 10/15/2029 | &nbsp;&nbsp; 9.500% | 305000 | &nbsp;&nbsp; 246699 |
| Newell Brands, Inc.<sup>(d)</sup>  | Newell Brands, Inc.<sup>(d)</sup>  | Newell Brands, Inc.<sup>(d)</sup>  | Newell Brands, Inc.<sup>(d)</sup>  |
| 06/01/2028 | &nbsp;&nbsp; 8.500% | 519000 | &nbsp;&nbsp; 543647 |
| Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. |
| 05/15/2030 | &nbsp;&nbsp; 6.375% | 1030000 | &nbsp;&nbsp; 1006438 |
| 05/15/2032 | &nbsp;&nbsp; 6.625% | 1223000 | &nbsp;&nbsp; 1182415 |
| Opal Bidco SAS<sup>(d)</sup>  | Opal Bidco SAS<sup>(d)</sup>  | Opal Bidco SAS<sup>(d)</sup>  | Opal Bidco SAS<sup>(d)</sup>  |
| 03/31/2032 | &nbsp;&nbsp; 6.500% | 973000 | &nbsp;&nbsp; 996647 |
| Prestige Brands, Inc.<sup>(d)</sup>  | Prestige Brands, Inc.<sup>(d)</sup>  | Prestige Brands, Inc.<sup>(d)</sup>  | Prestige Brands, Inc.<sup>(d)</sup>  |
| 01/15/2028 | &nbsp;&nbsp; 5.125% | 802000 | &nbsp;&nbsp; 801859 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Scotts Miracle-Gro Co. (The) | Scotts Miracle-Gro Co. (The) | Scotts Miracle-Gro Co. (The) | Scotts Miracle-Gro Co. (The) |
| 04/01/2031 | &nbsp;&nbsp; 4.000% | 586000 | &nbsp;&nbsp; 551916 |
| 02/01/2032 | &nbsp;&nbsp; 4.375% | 1451000 | &nbsp;&nbsp; 1361669 |
| Whirlpool Corp. | Whirlpool Corp. | Whirlpool Corp. | Whirlpool Corp. |
| 06/15/2030 | &nbsp;&nbsp; 6.125% | 202000 | &nbsp;&nbsp; 201981 |
| 06/15/2033 | &nbsp;&nbsp; 6.500% | 265000 | &nbsp;&nbsp; 257008 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **7150279** |
| **Diversified Manufacturing 2.3%** | **Diversified Manufacturing 2.3%** | **Diversified Manufacturing 2.3%** | **Diversified Manufacturing 2.3%** |
| Amsted Industries, Inc.<sup>(d)</sup>  | Amsted Industries, Inc.<sup>(d)</sup>  | Amsted Industries, Inc.<sup>(d)</sup>  | Amsted Industries, Inc.<sup>(d)</sup>  |
| 03/15/2033 | &nbsp;&nbsp; 6.375% | 254000 | &nbsp;&nbsp; 261619 |
| Chart Industries, Inc.<sup>(d)</sup>  | Chart Industries, Inc.<sup>(d)</sup>  | Chart Industries, Inc.<sup>(d)</sup>  | Chart Industries, Inc.<sup>(d)</sup>  |
| 01/01/2030 | &nbsp;&nbsp; 7.500% | 737000 | &nbsp;&nbsp; 768993 |
| Emerald Debt Merger Sub LLC<sup>(d)</sup>  | Emerald Debt Merger Sub LLC<sup>(d)</sup>  | Emerald Debt Merger Sub LLC<sup>(d)</sup>  | Emerald Debt Merger Sub LLC<sup>(d)</sup>  |
| 12/15/2030 | &nbsp;&nbsp; 6.625% | 2029000 | &nbsp;&nbsp; 2112895 |
| EMRLD Borrower LP/Co-Issuer, Inc.<sup>(d)</sup>  | EMRLD Borrower LP/Co-Issuer, Inc.<sup>(d)</sup>  | EMRLD Borrower LP/Co-Issuer, Inc.<sup>(d)</sup>  | EMRLD Borrower LP/Co-Issuer, Inc.<sup>(d)</sup>  |
| 07/15/2031 | &nbsp;&nbsp; 6.750% | 753000 | &nbsp;&nbsp; 793770 |
| Esab Corp.<sup>(d)</sup>  | Esab Corp.<sup>(d)</sup>  | Esab Corp.<sup>(d)</sup>  | Esab Corp.<sup>(d)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 6.250% | 500000 | &nbsp;&nbsp; 514646 |
| Gates Corp. (The)<sup>(d)</sup>  | Gates Corp. (The)<sup>(d)</sup>  | Gates Corp. (The)<sup>(d)</sup>  | Gates Corp. (The)<sup>(d)</sup>  |
| 07/01/2029 | &nbsp;&nbsp; 6.875% | 748000 | &nbsp;&nbsp; 777299 |
| Resideo Funding, Inc.<sup>(d)</sup>  | Resideo Funding, Inc.<sup>(d)</sup>  | Resideo Funding, Inc.<sup>(d)</sup>  | Resideo Funding, Inc.<sup>(d)</sup>  |
| 09/01/2029 | &nbsp;&nbsp; 4.000% | 810000 | &nbsp;&nbsp; 783659 |
| Vertical US Newco, Inc.<sup>(d)</sup>  | Vertical US Newco, Inc.<sup>(d)</sup>  | Vertical US Newco, Inc.<sup>(d)</sup>  | Vertical US Newco, Inc.<sup>(d)</sup>  |
| 07/15/2027 | &nbsp;&nbsp; 5.250% | 1840000 | &nbsp;&nbsp; 1843754 |
| Wesco Distribution, Inc.<sup>(d)</sup>  | Wesco Distribution, Inc.<sup>(d)</sup>  | Wesco Distribution, Inc.<sup>(d)</sup>  | Wesco Distribution, Inc.<sup>(d)</sup>  |
| 03/15/2033 | &nbsp;&nbsp; 6.375% | 530000 | &nbsp;&nbsp; 553049 |
| WESCO Distribution, Inc.<sup>(d)</sup>  | WESCO Distribution, Inc.<sup>(d)</sup>  | WESCO Distribution, Inc.<sup>(d)</sup>  | WESCO Distribution, Inc.<sup>(d)</sup>  |
| 06/15/2028 | &nbsp;&nbsp; 7.250% | 503000 | &nbsp;&nbsp; 510756 |
| 03/15/2029 | &nbsp;&nbsp; 6.375% | 1274000 | &nbsp;&nbsp; 1317082 |
| 03/15/2032 | &nbsp;&nbsp; 6.625% | 1516000 | &nbsp;&nbsp; 1587734 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **11825256** |
| **Electric 6.0%** | **Electric 6.0%** | **Electric 6.0%** | **Electric 6.0%** |
| Alpha Generation LLC<sup>(d)</sup>  | Alpha Generation LLC<sup>(d)</sup>  | Alpha Generation LLC<sup>(d)</sup>  | Alpha Generation LLC<sup>(d)</sup>  |
| 10/15/2032 | &nbsp;&nbsp; 6.750% | 641000 | &nbsp;&nbsp; 663666 |
| 01/15/2034 | &nbsp;&nbsp; 6.250% | 579000 | &nbsp;&nbsp; 584270 |
| Atlantica Sustainable Infrastructure PLC<sup>(d)</sup>  | Atlantica Sustainable Infrastructure PLC<sup>(d)</sup>  | Atlantica Sustainable Infrastructure PLC<sup>(d)</sup>  | Atlantica Sustainable Infrastructure PLC<sup>(d)</sup>  |
| 06/15/2028 | &nbsp;&nbsp; 4.125% | 403000 | &nbsp;&nbsp; 392710 |
| California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<sup>(d)</sup>  | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<sup>(d)</sup>  | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<sup>(d)</sup>  | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<sup>(d)</sup>  |
| 02/15/2032 | &nbsp;&nbsp; 6.375% | 1049000 | &nbsp;&nbsp; 1050245 |
| Clearway Energy Operating LLC<sup>(d)</sup>  | Clearway Energy Operating LLC<sup>(d)</sup>  | Clearway Energy Operating LLC<sup>(d)</sup>  | Clearway Energy Operating LLC<sup>(d)</sup>  |
| 03/15/2028 | &nbsp;&nbsp; 4.750% | 964000 | &nbsp;&nbsp; 961179 |
| 02/15/2031 | &nbsp;&nbsp; 3.750% | 1399000 | &nbsp;&nbsp; 1306050 |
| 01/15/2032 | &nbsp;&nbsp; 3.750% | 1140000 | &nbsp;&nbsp; 1038967 |
| Long Ridge Energy LLC<sup>(d)</sup>  | Long Ridge Energy LLC<sup>(d)</sup>  | Long Ridge Energy LLC<sup>(d)</sup>  | Long Ridge Energy LLC<sup>(d)</sup>  |
| 02/15/2032 | &nbsp;&nbsp; 8.750% | 1148000 | &nbsp;&nbsp; 1221330 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Income Opportunities Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| NextEra Energy Operating Partners LP<sup>(d)</sup>  | NextEra Energy Operating Partners LP<sup>(d)</sup>  | NextEra Energy Operating Partners LP<sup>(d)</sup>  | NextEra Energy Operating Partners LP<sup>(d)</sup>  |
| 09/15/2027 | &nbsp;&nbsp; 4.500% | 464000 | &nbsp;&nbsp; 458947 |
| 01/15/2029 | &nbsp;&nbsp; 7.250% | 819000 | &nbsp;&nbsp; 839521 |
| NRG Energy, Inc.<sup>(d)</sup>  | NRG Energy, Inc.<sup>(d)</sup>  | NRG Energy, Inc.<sup>(d)</sup>  | NRG Energy, Inc.<sup>(d)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 5.250% | 1619000 | &nbsp;&nbsp; 1623367 |
| 07/15/2029 | &nbsp;&nbsp; 5.750% | 29000 | &nbsp;&nbsp; 29137 |
| 02/15/2031 | &nbsp;&nbsp; 3.625% | 1449000 | &nbsp;&nbsp; 1353702 |
| 02/01/2033 | &nbsp;&nbsp; 6.000% | 164000 | &nbsp;&nbsp; 167342 |
| 01/15/2034 | &nbsp;&nbsp; 5.750% | 859000 | &nbsp;&nbsp; 866344 |
| 11/01/2034 | &nbsp;&nbsp; 6.250% | 1051000 | &nbsp;&nbsp; 1079381 |
| 01/15/2036 | &nbsp;&nbsp; 6.000% | 859000 | &nbsp;&nbsp; 870637 |
| Pattern Energy Operations LP/Inc.<sup>(d)</sup>  | Pattern Energy Operations LP/Inc.<sup>(d)</sup>  | Pattern Energy Operations LP/Inc.<sup>(d)</sup>  | Pattern Energy Operations LP/Inc.<sup>(d)</sup>  |
| 08/15/2028 | &nbsp;&nbsp; 4.500% | 193000 | &nbsp;&nbsp; 190001 |
| PG&E Corp.<sup>(f)</sup>  | PG&E Corp.<sup>(f)</sup>  | PG&E Corp.<sup>(f)</sup>  | PG&E Corp.<sup>(f)</sup>  |
| 03/15/2055 | &nbsp;&nbsp; 7.375% | 660000 | &nbsp;&nbsp; 687431 |
| Talen Energy Supply LLC<sup>(d)</sup>  | Talen Energy Supply LLC<sup>(d)</sup>  | Talen Energy Supply LLC<sup>(d)</sup>  | Talen Energy Supply LLC<sup>(d)</sup>  |
| 02/01/2034 | &nbsp;&nbsp; 6.250% | 1020000 | &nbsp;&nbsp; 1040273 |
| 02/01/2036 | &nbsp;&nbsp; 6.500% | 1020000 | &nbsp;&nbsp; 1055200 |
| TerraForm Power Operating LLC<sup>(d)</sup>  | TerraForm Power Operating LLC<sup>(d)</sup>  | TerraForm Power Operating LLC<sup>(d)</sup>  | TerraForm Power Operating LLC<sup>(d)</sup>  |
| 01/31/2028 | &nbsp;&nbsp; 5.000% | 2678000 | &nbsp;&nbsp; 2673785 |
| 01/15/2030 | &nbsp;&nbsp; 4.750% | 1667000 | &nbsp;&nbsp; 1619823 |
| Vistra Operations Co. LLC<sup>(d)</sup>  | Vistra Operations Co. LLC<sup>(d)</sup>  | Vistra Operations Co. LLC<sup>(d)</sup>  | Vistra Operations Co. LLC<sup>(d)</sup>  |
| 02/15/2027 | &nbsp;&nbsp; 5.625% | 585000 | &nbsp;&nbsp; 585342 |
| 07/31/2027 | &nbsp;&nbsp; 5.000% | 154000 | &nbsp;&nbsp; 153936 |
| 10/15/2031 | &nbsp;&nbsp; 7.750% | 1724000 | &nbsp;&nbsp; 1828194 |
| 04/15/2032 | &nbsp;&nbsp; 6.875% | 2524000 | &nbsp;&nbsp; 2657622 |
| VoltaGrid LLC<sup>(d)</sup>  | VoltaGrid LLC<sup>(d)</sup>  | VoltaGrid LLC<sup>(d)</sup>  | VoltaGrid LLC<sup>(d)</sup>  |
| 11/01/2030 | &nbsp;&nbsp; 7.375% | 945000 | &nbsp;&nbsp; 936430 |
| XPLR Infrastructure Operating Partners LP<sup>(d)</sup>  | XPLR Infrastructure Operating Partners LP<sup>(d)</sup>  | XPLR Infrastructure Operating Partners LP<sup>(d)</sup>  | XPLR Infrastructure Operating Partners LP<sup>(d)</sup>  |
| 01/15/2031 | &nbsp;&nbsp; 8.375% | 814000 | &nbsp;&nbsp; 854379 |
| 03/15/2033 | &nbsp;&nbsp; 8.625% | 1551000 | &nbsp;&nbsp; 1630164 |
| 04/15/2034 | &nbsp;&nbsp; 7.750% | 774000 | &nbsp;&nbsp; 785933 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **31205308** |
| **Environmental 0.5%** | **Environmental 0.5%** | **Environmental 0.5%** | **Environmental 0.5%** |
| Clean Harbors, Inc.<sup>(d)</sup>  | Clean Harbors, Inc.<sup>(d)</sup>  | Clean Harbors, Inc.<sup>(d)</sup>  | Clean Harbors, Inc.<sup>(d)</sup>  |
| 02/01/2031 | &nbsp;&nbsp; 6.375% | 56000 | &nbsp;&nbsp; 57605 |
| GFL Environmental, Inc.<sup>(d)</sup>  | GFL Environmental, Inc.<sup>(d)</sup>  | GFL Environmental, Inc.<sup>(d)</sup>  | GFL Environmental, Inc.<sup>(d)</sup>  |
| 08/01/2028 | &nbsp;&nbsp; 4.000% | 410000 | &nbsp;&nbsp; 404020 |
| 01/15/2031 | &nbsp;&nbsp; 6.750% | 763000 | &nbsp;&nbsp; 799597 |
| Waste Pro USA, Inc.<sup>(d)</sup>  | Waste Pro USA, Inc.<sup>(d)</sup>  | Waste Pro USA, Inc.<sup>(d)</sup>  | Waste Pro USA, Inc.<sup>(d)</sup>  |
| 02/01/2033 | &nbsp;&nbsp; 7.000% | 1323000 | &nbsp;&nbsp; 1364897 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2626119** |
| **Finance Companies 4.9%** | **Finance Companies 4.9%** | **Finance Companies 4.9%** | **Finance Companies 4.9%** |
| Bread Financial Holdings, Inc.<sup>(d)</sup>  | Bread Financial Holdings, Inc.<sup>(d)</sup>  | Bread Financial Holdings, Inc.<sup>(d)</sup>  | Bread Financial Holdings, Inc.<sup>(d)</sup>  |
| 05/15/2031 | &nbsp;&nbsp; 6.750% | 254000 | &nbsp;&nbsp; 262973 |
| CrossCountry Intermediate HoldCo LLC<sup>(d)</sup>  | CrossCountry Intermediate HoldCo LLC<sup>(d)</sup>  | CrossCountry Intermediate HoldCo LLC<sup>(d)</sup>  | CrossCountry Intermediate HoldCo LLC<sup>(d)</sup>  |
| 10/01/2030 | &nbsp;&nbsp; 6.500% | 589000 | &nbsp;&nbsp; 601313 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| GGAM Finance Ltd.<sup>(d)</sup>  | GGAM Finance Ltd.<sup>(d)</sup>  | GGAM Finance Ltd.<sup>(d)</sup>  | GGAM Finance Ltd.<sup>(d)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 6.875% | 770000 | &nbsp;&nbsp; 797929 |
| 03/15/2030 | &nbsp;&nbsp; 5.875% | 1584000 | &nbsp;&nbsp; 1605670 |
| goeasy Ltd.<sup>(d)</sup>  | goeasy Ltd.<sup>(d)</sup>  | goeasy Ltd.<sup>(d)</sup>  | goeasy Ltd.<sup>(d)</sup>  |
| 12/01/2028 | &nbsp;&nbsp; 9.250% | 79000 | &nbsp;&nbsp; 81241 |
| 07/01/2029 | &nbsp;&nbsp; 7.625% | 1075000 | &nbsp;&nbsp; 1063452 |
| 05/15/2030 | &nbsp;&nbsp; 6.875% | 165000 | &nbsp;&nbsp; 157461 |
| 10/01/2030 | &nbsp;&nbsp; 7.375% | 165000 | &nbsp;&nbsp; 158814 |
| 02/15/2031 | &nbsp;&nbsp; 6.875% | 94000 | &nbsp;&nbsp; 87783 |
| Navient Corp. | Navient Corp. | Navient Corp. | Navient Corp. |
| 03/15/2029 | &nbsp;&nbsp; 5.500% | 527000 | &nbsp;&nbsp; 522705 |
| 03/15/2031 | &nbsp;&nbsp; 11.500% | 437000 | &nbsp;&nbsp; 489987 |
| OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
| 05/15/2029 | &nbsp;&nbsp; 6.625% | 1615000 | &nbsp;&nbsp; 1672624 |
| 03/15/2030 | &nbsp;&nbsp; 7.875% | 1195000 | &nbsp;&nbsp; 1263771 |
| 09/15/2030 | &nbsp;&nbsp; 4.000% | 301000 | &nbsp;&nbsp; 282028 |
| 05/15/2031 | &nbsp;&nbsp; 7.500% | 1517000 | &nbsp;&nbsp; 1595877 |
| 11/15/2031 | &nbsp;&nbsp; 7.125% | 107000 | &nbsp;&nbsp; 111735 |
| 09/15/2032 | &nbsp;&nbsp; 7.125% | 155000 | &nbsp;&nbsp; 161267 |
| 03/15/2033 | &nbsp;&nbsp; 6.500% | 1422000 | &nbsp;&nbsp; 1433508 |
| 09/15/2033 | &nbsp;&nbsp; 6.750% | 1049000 | &nbsp;&nbsp; 1064511 |
| Provident Funding Associates LP/PFG Finance Corp.<sup>(d)</sup>  | Provident Funding Associates LP/PFG Finance Corp.<sup>(d)</sup>  | Provident Funding Associates LP/PFG Finance Corp.<sup>(d)</sup>  | Provident Funding Associates LP/PFG Finance Corp.<sup>(d)</sup>  |
| 09/15/2029 | &nbsp;&nbsp; 9.750% | 2389000 | &nbsp;&nbsp; 2518552 |
| Rocket Cos, Inc.<sup>(d)</sup>  | Rocket Cos, Inc.<sup>(d)</sup>  | Rocket Cos, Inc.<sup>(d)</sup>  | Rocket Cos, Inc.<sup>(d)</sup>  |
| 08/01/2030 | &nbsp;&nbsp; 6.125% | 509000 | &nbsp;&nbsp; 526343 |
| 08/01/2033 | &nbsp;&nbsp; 6.375% | 649000 | &nbsp;&nbsp; 677869 |
| Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(d)</sup>  | Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(d)</sup>  | Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(d)</sup>  | Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(d)</sup>  |
| 03/01/2031 | &nbsp;&nbsp; 3.875% | 2007000 | &nbsp;&nbsp; 1903455 |
| 10/15/2033 | &nbsp;&nbsp; 4.000% | 1733000 | &nbsp;&nbsp; 1610040 |
| Springleaf Finance Corp. | Springleaf Finance Corp. | Springleaf Finance Corp. | Springleaf Finance Corp. |
| 11/15/2029 | &nbsp;&nbsp; 5.375% | 33000 | &nbsp;&nbsp; 33024 |
| United Wholesale Mortgage LLC<sup>(d)</sup>  | United Wholesale Mortgage LLC<sup>(d)</sup>  | United Wholesale Mortgage LLC<sup>(d)</sup>  | United Wholesale Mortgage LLC<sup>(d)</sup>  |
| 06/15/2027 | &nbsp;&nbsp; 5.750% | 777000 | &nbsp;&nbsp; 778824 |
| 04/15/2029 | &nbsp;&nbsp; 5.500% | 1355000 | &nbsp;&nbsp; 1345309 |
| UWM Holdings LLC<sup>(d)</sup>  | UWM Holdings LLC<sup>(d)</sup>  | UWM Holdings LLC<sup>(d)</sup>  | UWM Holdings LLC<sup>(d)</sup>  |
| 02/01/2030 | &nbsp;&nbsp; 6.625% | 1259000 | &nbsp;&nbsp; 1273732 |
| 03/15/2031 | &nbsp;&nbsp; 6.250% | 1577000 | &nbsp;&nbsp; 1574396 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **25656193** |
| **Food and Beverage 1.9%** | **Food and Beverage 1.9%** | **Food and Beverage 1.9%** | **Food and Beverage 1.9%** |
| Darling Ingredients, Inc.<sup>(d)</sup>  | Darling Ingredients, Inc.<sup>(d)</sup>  | Darling Ingredients, Inc.<sup>(d)</sup>  | Darling Ingredients, Inc.<sup>(d)</sup>  |
| 04/15/2027 | &nbsp;&nbsp; 5.250% | 797000 | &nbsp;&nbsp; 796699 |
| 06/15/2030 | &nbsp;&nbsp; 6.000% | 1547000 | &nbsp;&nbsp; 1573140 |
| Performance Food Group, Inc.<sup>(d)</sup>  | Performance Food Group, Inc.<sup>(d)</sup>  | Performance Food Group, Inc.<sup>(d)</sup>  | Performance Food Group, Inc.<sup>(d)</sup>  |
| 09/15/2032 | &nbsp;&nbsp; 6.125% | 538000 | &nbsp;&nbsp; 555323 |
| Post Holdings, Inc.<sup>(d)</sup>  | Post Holdings, Inc.<sup>(d)</sup>  | Post Holdings, Inc.<sup>(d)</sup>  | Post Holdings, Inc.<sup>(d)</sup>  |
| 09/15/2031 | &nbsp;&nbsp; 4.500% | 555000 | &nbsp;&nbsp; 526116 |
| 02/15/2032 | &nbsp;&nbsp; 6.250% | 1252000 | &nbsp;&nbsp; 1287413 |
| 10/15/2034 | &nbsp;&nbsp; 6.250% | 1324000 | &nbsp;&nbsp; 1332225 |
| 03/15/2036 | &nbsp;&nbsp; 6.500% | 531000 | &nbsp;&nbsp; 531823 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Income Opportunities Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Primo Water Holdings, Inc./Triton Water Holdings, Inc.<sup>(d)</sup>  | Primo Water Holdings, Inc./Triton Water Holdings, Inc.<sup>(d)</sup>  | Primo Water Holdings, Inc./Triton Water Holdings, Inc.<sup>(d)</sup>  | Primo Water Holdings, Inc./Triton Water Holdings, Inc.<sup>(d)</sup>  |
| 04/01/2029 | &nbsp;&nbsp; 6.250% | 510000 | &nbsp;&nbsp; 512781 |
| 04/30/2029 | &nbsp;&nbsp; 4.375% | 554000 | &nbsp;&nbsp; 539365 |
| Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(d)</sup>  | Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(d)</sup>  | Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(d)</sup>  | Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(d)</sup>  |
| 03/01/2029 | &nbsp;&nbsp; 4.625% | 1089000 | &nbsp;&nbsp; 1049996 |
| US Foods, Inc.<sup>(d)</sup>  | US Foods, Inc.<sup>(d)</sup>  | US Foods, Inc.<sup>(d)</sup>  | US Foods, Inc.<sup>(d)</sup>  |
| 09/15/2028 | &nbsp;&nbsp; 6.875% | 182000 | &nbsp;&nbsp; 187804 |
| 01/15/2032 | &nbsp;&nbsp; 7.250% | 986000 | &nbsp;&nbsp; 1035346 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **9928031** |
| **Gaming 3.4%** | **Gaming 3.4%** | **Gaming 3.4%** | **Gaming 3.4%** |
| Caesars Entertainment, Inc.<sup>(d)</sup>  | Caesars Entertainment, Inc.<sup>(d)</sup>  | Caesars Entertainment, Inc.<sup>(d)</sup>  | Caesars Entertainment, Inc.<sup>(d)</sup>  |
| 10/15/2029 | &nbsp;&nbsp; 4.625% | 550000 | &nbsp;&nbsp; 527940 |
| 02/15/2030 | &nbsp;&nbsp; 7.000% | 499000 | &nbsp;&nbsp; 516758 |
| 02/15/2032 | &nbsp;&nbsp; 6.500% | 2508000 | &nbsp;&nbsp; 2569552 |
| 10/15/2032 | &nbsp;&nbsp; 6.000% | 1375000 | &nbsp;&nbsp; 1338000 |
| CDI Escrow Issuer, Inc.<sup>(d)</sup>  | CDI Escrow Issuer, Inc.<sup>(d)</sup>  | CDI Escrow Issuer, Inc.<sup>(d)</sup>  | CDI Escrow Issuer, Inc.<sup>(d)</sup>  |
| 04/01/2030 | &nbsp;&nbsp; 5.750% | 790000 | &nbsp;&nbsp; 797274 |
| Churchill Downs, Inc.<sup>(d)</sup>  | Churchill Downs, Inc.<sup>(d)</sup>  | Churchill Downs, Inc.<sup>(d)</sup>  | Churchill Downs, Inc.<sup>(d)</sup>  |
| 05/01/2031 | &nbsp;&nbsp; 6.750% | 999000 | &nbsp;&nbsp; 1036134 |
| Light & Wonder International, Inc.<sup>(d)</sup>  | Light & Wonder International, Inc.<sup>(d)</sup>  | Light & Wonder International, Inc.<sup>(d)</sup>  | Light & Wonder International, Inc.<sup>(d)</sup>  |
| 09/01/2031 | &nbsp;&nbsp; 7.500% | 731000 | &nbsp;&nbsp; 764880 |
| 10/01/2033 | &nbsp;&nbsp; 6.250% | 1067000 | &nbsp;&nbsp; 1079787 |
| MGM Resorts International | MGM Resorts International | MGM Resorts International | MGM Resorts International |
| 04/15/2032 | &nbsp;&nbsp; 6.500% | 778000 | &nbsp;&nbsp; 801286 |
| Midwest Gaming Borrower LLC<sup>(d)</sup>  | Midwest Gaming Borrower LLC<sup>(d)</sup>  | Midwest Gaming Borrower LLC<sup>(d)</sup>  | Midwest Gaming Borrower LLC<sup>(d)</sup>  |
| 05/01/2029 | &nbsp;&nbsp; 4.875% | 534000 | &nbsp;&nbsp; 525649 |
| Penn National Gaming, Inc.<sup>(d)</sup>  | Penn National Gaming, Inc.<sup>(d)</sup>  | Penn National Gaming, Inc.<sup>(d)</sup>  | Penn National Gaming, Inc.<sup>(d)</sup>  |
| 07/01/2029 | &nbsp;&nbsp; 4.125% | 1955000 | &nbsp;&nbsp; 1810725 |
| Rivers Enterprise Borrower LLC/Finance Corp.<sup>(d)</sup>  | Rivers Enterprise Borrower LLC/Finance Corp.<sup>(d)</sup>  | Rivers Enterprise Borrower LLC/Finance Corp.<sup>(d)</sup>  | Rivers Enterprise Borrower LLC/Finance Corp.<sup>(d)</sup>  |
| 02/01/2033 | &nbsp;&nbsp; 6.625% | 1673000 | &nbsp;&nbsp; 1712864 |
| Rivers Enterprise Lender LLC/Corp.<sup>(d)</sup>  | Rivers Enterprise Lender LLC/Corp.<sup>(d)</sup>  | Rivers Enterprise Lender LLC/Corp.<sup>(d)</sup>  | Rivers Enterprise Lender LLC/Corp.<sup>(d)</sup>  |
| 10/15/2030 | &nbsp;&nbsp; 6.250% | 771000 | &nbsp;&nbsp; 786374 |
| Scientific Games Holdings LP/US FinCo, Inc.<sup>(d)</sup>  | Scientific Games Holdings LP/US FinCo, Inc.<sup>(d)</sup>  | Scientific Games Holdings LP/US FinCo, Inc.<sup>(d)</sup>  | Scientific Games Holdings LP/US FinCo, Inc.<sup>(d)</sup>  |
| 03/01/2030 | &nbsp;&nbsp; 6.625% | 2523000 | &nbsp;&nbsp; 2241740 |
| Voyager Parent LLC<sup>(d)</sup>  | Voyager Parent LLC<sup>(d)</sup>  | Voyager Parent LLC<sup>(d)</sup>  | Voyager Parent LLC<sup>(d)</sup>  |
| 07/01/2032 | &nbsp;&nbsp; 9.250% | 976000 | &nbsp;&nbsp; 1035217 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **17544180** |
| **Health Care 5.5%** | **Health Care 5.5%** | **Health Care 5.5%** | **Health Care 5.5%** |
| Acadia Healthcare Co., Inc.<sup>(d)</sup>  | Acadia Healthcare Co., Inc.<sup>(d)</sup>  | Acadia Healthcare Co., Inc.<sup>(d)</sup>  | Acadia Healthcare Co., Inc.<sup>(d)</sup>  |
| 07/01/2028 | &nbsp;&nbsp; 5.500% | 76000 | &nbsp;&nbsp; 75479 |
| 04/15/2029 | &nbsp;&nbsp; 5.000% | 1698000 | &nbsp;&nbsp; 1633590 |
| 03/15/2033 | &nbsp;&nbsp; 7.375% | 852000 | &nbsp;&nbsp; 860746 |
| Avantor Funding, Inc.<sup>(d)</sup>  | Avantor Funding, Inc.<sup>(d)</sup>  | Avantor Funding, Inc.<sup>(d)</sup>  | Avantor Funding, Inc.<sup>(d)</sup>  |
| 07/15/2028 | &nbsp;&nbsp; 4.625% | 78000 | &nbsp;&nbsp; 77559 |
| 11/01/2029 | &nbsp;&nbsp; 3.875% | 1890000 | &nbsp;&nbsp; 1808572 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Bausch & Lomb Escrow Corp.<sup>(d)</sup>  | Bausch & Lomb Escrow Corp.<sup>(d)</sup>  | Bausch & Lomb Escrow Corp.<sup>(d)</sup>  | Bausch & Lomb Escrow Corp.<sup>(d)</sup>  |
| 10/01/2028 | &nbsp;&nbsp; 8.375% | 1000000 | &nbsp;&nbsp; 1042074 |
| Charles River Laboratories International, Inc.<sup>(d)</sup>  | Charles River Laboratories International, Inc.<sup>(d)</sup>  | Charles River Laboratories International, Inc.<sup>(d)</sup>  | Charles River Laboratories International, Inc.<sup>(d)</sup>  |
| 05/01/2028 | &nbsp;&nbsp; 4.250% | 251000 | &nbsp;&nbsp; 248796 |
| 03/15/2029 | &nbsp;&nbsp; 3.750% | 1131000 | &nbsp;&nbsp; 1092930 |
| 03/15/2031 | &nbsp;&nbsp; 4.000% | 555000 | &nbsp;&nbsp; 526458 |
| CHS/Community Health Systems, Inc.<sup>(d)</sup>  | CHS/Community Health Systems, Inc.<sup>(d)</sup>  | CHS/Community Health Systems, Inc.<sup>(d)</sup>  | CHS/Community Health Systems, Inc.<sup>(d)</sup>  |
| 05/15/2030 | &nbsp;&nbsp; 5.250% | 1635000 | &nbsp;&nbsp; 1534252 |
| 02/15/2031 | &nbsp;&nbsp; 4.750% | 212000 | &nbsp;&nbsp; 188731 |
| 01/15/2032 | &nbsp;&nbsp; 10.875% | 514000 | &nbsp;&nbsp; 561727 |
| Concentra Escrow Issuer Corp.<sup>(d)</sup>  | Concentra Escrow Issuer Corp.<sup>(d)</sup>  | Concentra Escrow Issuer Corp.<sup>(d)</sup>  | Concentra Escrow Issuer Corp.<sup>(d)</sup>  |
| 07/15/2032 | &nbsp;&nbsp; 6.875% | 1250000 | &nbsp;&nbsp; 1309664 |
| DaVita, Inc.<sup>(d)</sup>  | DaVita, Inc.<sup>(d)</sup>  | DaVita, Inc.<sup>(d)</sup>  | DaVita, Inc.<sup>(d)</sup>  |
| 06/01/2030 | &nbsp;&nbsp; 4.625% | 651000 | &nbsp;&nbsp; 633493 |
| 07/15/2033 | &nbsp;&nbsp; 6.750% | 745000 | &nbsp;&nbsp; 772969 |
| Hologic, Inc.<sup>(d)</sup>  | Hologic, Inc.<sup>(d)</sup>  | Hologic, Inc.<sup>(d)</sup>  | Hologic, Inc.<sup>(d)</sup>  |
| 02/01/2028 | &nbsp;&nbsp; 4.625% | 290000 | &nbsp;&nbsp; 289952 |
| Indigo Merger Sub, Inc.<sup>(d)</sup>  | Indigo Merger Sub, Inc.<sup>(d)</sup>  | Indigo Merger Sub, Inc.<sup>(d)</sup>  | Indigo Merger Sub, Inc.<sup>(d)</sup>  |
| 07/15/2026 | &nbsp;&nbsp; 2.875% | 200000 | &nbsp;&nbsp; 198418 |
| IQVIA, Inc.<sup>(d)</sup>  | IQVIA, Inc.<sup>(d)</sup>  | IQVIA, Inc.<sup>(d)</sup>  | IQVIA, Inc.<sup>(d)</sup>  |
| 05/15/2027 | &nbsp;&nbsp; 5.000% | 526000 | &nbsp;&nbsp; 526115 |
| 05/15/2030 | &nbsp;&nbsp; 6.500% | 511000 | &nbsp;&nbsp; 530705 |
| 06/01/2032 | &nbsp;&nbsp; 6.250% | 1202000 | &nbsp;&nbsp; 1256886 |
| LifePoint Health, Inc.<sup>(d)</sup>  | LifePoint Health, Inc.<sup>(d)</sup>  | LifePoint Health, Inc.<sup>(d)</sup>  | LifePoint Health, Inc.<sup>(d)</sup>  |
| 10/15/2030 | &nbsp;&nbsp; 11.000% | 359000 | &nbsp;&nbsp; 393646 |
| Medline Borrower LP/Co-Issuer, Inc.<sup>(d)</sup>  | Medline Borrower LP/Co-Issuer, Inc.<sup>(d)</sup>  | Medline Borrower LP/Co-Issuer, Inc.<sup>(d)</sup>  | Medline Borrower LP/Co-Issuer, Inc.<sup>(d)</sup>  |
| 04/01/2029 | &nbsp;&nbsp; 6.250% | 1284000 | &nbsp;&nbsp; 1329351 |
| Mozart Debt Merger Sub, Inc.<sup>(d)</sup>  | Mozart Debt Merger Sub, Inc.<sup>(d)</sup>  | Mozart Debt Merger Sub, Inc.<sup>(d)</sup>  | Mozart Debt Merger Sub, Inc.<sup>(d)</sup>  |
| 10/01/2029 | &nbsp;&nbsp; 5.250% | 2632000 | &nbsp;&nbsp; 2646657 |
| Select Medical Corp.<sup>(d)</sup>  | Select Medical Corp.<sup>(d)</sup>  | Select Medical Corp.<sup>(d)</sup>  | Select Medical Corp.<sup>(d)</sup>  |
| 12/01/2032 | &nbsp;&nbsp; 6.250% | 264000 | &nbsp;&nbsp; 258003 |
| Star Parent, Inc.<sup>(d)</sup>  | Star Parent, Inc.<sup>(d)</sup>  | Star Parent, Inc.<sup>(d)</sup>  | Star Parent, Inc.<sup>(d)</sup>  |
| 10/01/2030 | &nbsp;&nbsp; 9.000% | 1965000 | &nbsp;&nbsp; 2100096 |
| Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
| 11/01/2027 | &nbsp;&nbsp; 5.125% | 304000 | &nbsp;&nbsp; 303986 |
| 06/15/2028 | &nbsp;&nbsp; 4.625% | 799000 | &nbsp;&nbsp; 800235 |
| 06/01/2029 | &nbsp;&nbsp; 4.250% | 839000 | &nbsp;&nbsp; 827242 |
| 01/15/2030 | &nbsp;&nbsp; 4.375% | 1529000 | &nbsp;&nbsp; 1501558 |
| Tenet Healthcare Corp.<sup>(d)</sup>  | Tenet Healthcare Corp.<sup>(d)</sup>  | Tenet Healthcare Corp.<sup>(d)</sup>  | Tenet Healthcare Corp.<sup>(d)</sup>  |
| 11/15/2032 | &nbsp;&nbsp; 5.500% | 2309000 | &nbsp;&nbsp; 2341895 |
| 11/15/2033 | &nbsp;&nbsp; 6.000% | 821000 | &nbsp;&nbsp; 845344 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **28517129** |
| **Independent Energy 4.1%** | **Independent Energy 4.1%** | **Independent Energy 4.1%** | **Independent Energy 4.1%** |
| Civitas Resources, Inc.<sup>(d)</sup>  | Civitas Resources, Inc.<sup>(d)</sup>  | Civitas Resources, Inc.<sup>(d)</sup>  | Civitas Resources, Inc.<sup>(d)</sup>  |
| 07/01/2028 | &nbsp;&nbsp; 8.375% | 500000 | &nbsp;&nbsp; 515658 |
| 11/01/2030 | &nbsp;&nbsp; 8.625% | 495000 | &nbsp;&nbsp; 518354 |
| 07/01/2031 | &nbsp;&nbsp; 8.750% | 870000 | &nbsp;&nbsp; 903095 |
| 06/15/2033 | &nbsp;&nbsp; 9.625% | 2099000 | &nbsp;&nbsp; 2262727 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Income Opportunities Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| CNX Resources Corp.<sup>(d)</sup>  | CNX Resources Corp.<sup>(d)</sup>  | CNX Resources Corp.<sup>(d)</sup>  | CNX Resources Corp.<sup>(d)</sup>  |
| 01/15/2029 | &nbsp;&nbsp; 6.000% | 1055000 | &nbsp;&nbsp; 1063288 |
| 03/01/2032 | &nbsp;&nbsp; 7.250% | 734000 | &nbsp;&nbsp; 767047 |
| Colgate Energy Partners III LLC<sup>(d)</sup>  | Colgate Energy Partners III LLC<sup>(d)</sup>  | Colgate Energy Partners III LLC<sup>(d)</sup>  | Colgate Energy Partners III LLC<sup>(d)</sup>  |
| 07/01/2029 | &nbsp;&nbsp; 5.875% | 1767000 | &nbsp;&nbsp; 1775252 |
| Comstock Resources, Inc.<sup>(d)</sup>  | Comstock Resources, Inc.<sup>(d)</sup>  | Comstock Resources, Inc.<sup>(d)</sup>  | Comstock Resources, Inc.<sup>(d)</sup>  |
| 03/01/2029 | &nbsp;&nbsp; 6.750% | 155000 | &nbsp;&nbsp; 154999 |
| 01/15/2030 | &nbsp;&nbsp; 5.875% | 83000 | &nbsp;&nbsp; 80770 |
| Hilcorp Energy I LP/Finance Co.<sup>(d)</sup>  | Hilcorp Energy I LP/Finance Co.<sup>(d)</sup>  | Hilcorp Energy I LP/Finance Co.<sup>(d)</sup>  | Hilcorp Energy I LP/Finance Co.<sup>(d)</sup>  |
| 11/01/2028 | &nbsp;&nbsp; 6.250% | 1325000 | &nbsp;&nbsp; 1335393 |
| 11/01/2033 | &nbsp;&nbsp; 8.375% | 1449000 | &nbsp;&nbsp; 1477703 |
| 02/15/2035 | &nbsp;&nbsp; 7.250% | 1869000 | &nbsp;&nbsp; 1776311 |
| Matador Resources Co.<sup>(d)</sup>  | Matador Resources Co.<sup>(d)</sup>  | Matador Resources Co.<sup>(d)</sup>  | Matador Resources Co.<sup>(d)</sup>  |
| 04/15/2028 | &nbsp;&nbsp; 6.875% | 1023000 | &nbsp;&nbsp; 1044809 |
| 04/15/2032 | &nbsp;&nbsp; 6.500% | 518000 | &nbsp;&nbsp; 524553 |
| 04/15/2033 | &nbsp;&nbsp; 6.250% | 809000 | &nbsp;&nbsp; 808820 |
| Permian Resources Operating LLC<sup>(d)</sup>  | Permian Resources Operating LLC<sup>(d)</sup>  | Permian Resources Operating LLC<sup>(d)</sup>  | Permian Resources Operating LLC<sup>(d)</sup>  |
| 04/15/2027 | &nbsp;&nbsp; 8.000% | 674000 | &nbsp;&nbsp; 682506 |
| 01/15/2032 | &nbsp;&nbsp; 7.000% | 1497000 | &nbsp;&nbsp; 1559251 |
| 02/01/2033 | &nbsp;&nbsp; 6.250% | 771000 | &nbsp;&nbsp; 791118 |
| SM Energy Co. | SM Energy Co. | SM Energy Co. | SM Energy Co. |
| 01/15/2027 | &nbsp;&nbsp; 6.625% | 284000 | &nbsp;&nbsp; 284761 |
| 07/15/2028 | &nbsp;&nbsp; 6.500% | 1286000 | &nbsp;&nbsp; 1299481 |
| SM Energy Co.<sup>(d)</sup>  | SM Energy Co.<sup>(d)</sup>  | SM Energy Co.<sup>(d)</sup>  | SM Energy Co.<sup>(d)</sup>  |
| 08/01/2029 | &nbsp;&nbsp; 6.750% | 769000 | &nbsp;&nbsp; 774725 |
| 08/01/2032 | &nbsp;&nbsp; 7.000% | 773000 | &nbsp;&nbsp; 760591 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **21161212** |
| **Leisure 4.0%** | **Leisure 4.0%** | **Leisure 4.0%** | **Leisure 4.0%** |
| Boyne USA, Inc.<sup>(d)</sup>  | Boyne USA, Inc.<sup>(d)</sup>  | Boyne USA, Inc.<sup>(d)</sup>  | Boyne USA, Inc.<sup>(d)</sup>  |
| 05/15/2029 | &nbsp;&nbsp; 4.750% | 788000 | &nbsp;&nbsp; 777111 |
| Carnival Corp.<sup>(d)</sup>  | Carnival Corp.<sup>(d)</sup>  | Carnival Corp.<sup>(d)</sup>  | Carnival Corp.<sup>(d)</sup>  |
| 03/15/2030 | &nbsp;&nbsp; 5.750% | 1199000 | &nbsp;&nbsp; 1234242 |
| 08/01/2032 | &nbsp;&nbsp; 5.750% | 2016000 | &nbsp;&nbsp; 2071238 |
| 02/15/2033 | &nbsp;&nbsp; 6.125% | 1167000 | &nbsp;&nbsp; 1204723 |
| Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium <br> Op | Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium <br> Op | Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium <br> Op | Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium <br> Op |
| 04/15/2027 | &nbsp;&nbsp; 5.375% | 1050000 | &nbsp;&nbsp; 1045162 |
| 10/01/2028 | &nbsp;&nbsp; 6.500% | 520000 | &nbsp;&nbsp; 509608 |
| Cinemark USA, Inc.<sup>(d)</sup>  | Cinemark USA, Inc.<sup>(d)</sup>  | Cinemark USA, Inc.<sup>(d)</sup>  | Cinemark USA, Inc.<sup>(d)</sup>  |
| 07/15/2028 | &nbsp;&nbsp; 5.250% | 795000 | &nbsp;&nbsp; 794924 |
| NCL Corp., Ltd.<sup>(d)</sup>  | NCL Corp., Ltd.<sup>(d)</sup>  | NCL Corp., Ltd.<sup>(d)</sup>  | NCL Corp., Ltd.<sup>(d)</sup>  |
| 01/15/2031 | &nbsp;&nbsp; 5.875% | 1411000 | &nbsp;&nbsp; 1406137 |
| 02/01/2032 | &nbsp;&nbsp; 6.750% | 1164000 | &nbsp;&nbsp; 1192265 |
| 09/15/2033 | &nbsp;&nbsp; 6.250% | 1662000 | &nbsp;&nbsp; 1661602 |
| Six Flags Entertainment Corp.<sup>(d)</sup>  | Six Flags Entertainment Corp.<sup>(d)</sup>  | Six Flags Entertainment Corp.<sup>(d)</sup>  | Six Flags Entertainment Corp.<sup>(d)</sup>  |
| 05/15/2031 | &nbsp;&nbsp; 7.250% | 2551000 | &nbsp;&nbsp; 2450155 |
| Six Flags Entertainment Corp./Theme Parks, Inc.<sup>(d)</sup>  | Six Flags Entertainment Corp./Theme Parks, Inc.<sup>(d)</sup>  | Six Flags Entertainment Corp./Theme Parks, Inc.<sup>(d)</sup>  | Six Flags Entertainment Corp./Theme Parks, Inc.<sup>(d)</sup>  |
| 05/01/2032 | &nbsp;&nbsp; 6.625% | 1450000 | &nbsp;&nbsp; 1462968 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Vail Resorts, Inc.<sup>(d)</sup>  | Vail Resorts, Inc.<sup>(d)</sup>  | Vail Resorts, Inc.<sup>(d)</sup>  | Vail Resorts, Inc.<sup>(d)</sup>  |
| 05/15/2032 | &nbsp;&nbsp; 6.500% | 496000 | &nbsp;&nbsp; 515044 |
| Viking Cruises Ltd.<sup>(d)</sup>  | Viking Cruises Ltd.<sup>(d)</sup>  | Viking Cruises Ltd.<sup>(d)</sup>  | Viking Cruises Ltd.<sup>(d)</sup>  |
| 07/15/2031 | &nbsp;&nbsp; 9.125% | 1656000 | &nbsp;&nbsp; 1772307 |
| 10/15/2033 | &nbsp;&nbsp; 5.875% | 1804000 | &nbsp;&nbsp; 1834293 |
| VOC Escrow Ltd.<sup>(d)</sup>  | VOC Escrow Ltd.<sup>(d)</sup>  | VOC Escrow Ltd.<sup>(d)</sup>  | VOC Escrow Ltd.<sup>(d)</sup>  |
| 02/15/2028 | &nbsp;&nbsp; 5.000% | 799000 | &nbsp;&nbsp; 798790 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **20730569** |
| **Lodging 1.1%** | **Lodging 1.1%** | **Lodging 1.1%** | **Lodging 1.1%** |
| Hilton Domestic Operating Co., Inc.<sup>(d)</sup>  | Hilton Domestic Operating Co., Inc.<sup>(d)</sup>  | Hilton Domestic Operating Co., Inc.<sup>(d)</sup>  | Hilton Domestic Operating Co., Inc.<sup>(d)</sup>  |
| 05/01/2031 | &nbsp;&nbsp; 4.000% | 540000 | &nbsp;&nbsp; 516825 |
| 03/15/2033 | &nbsp;&nbsp; 5.875% | 521000 | &nbsp;&nbsp; 535995 |
| 09/15/2033 | &nbsp;&nbsp; 5.750% | 550000 | &nbsp;&nbsp; 562818 |
| Hilton Grand Vacations Borrower Escrow LLC<sup>(d)</sup>  | Hilton Grand Vacations Borrower Escrow LLC<sup>(d)</sup>  | Hilton Grand Vacations Borrower Escrow LLC<sup>(d)</sup>  | Hilton Grand Vacations Borrower Escrow LLC<sup>(d)</sup>  |
| 07/01/2031 | &nbsp;&nbsp; 4.875% | 670000 | &nbsp;&nbsp; 625624 |
| 01/15/2032 | &nbsp;&nbsp; 6.625% | 1738000 | &nbsp;&nbsp; 1782621 |
| Marriott Ownership Resorts, Inc.<sup>(d)</sup>  | Marriott Ownership Resorts, Inc.<sup>(d)</sup>  | Marriott Ownership Resorts, Inc.<sup>(d)</sup>  | Marriott Ownership Resorts, Inc.<sup>(d)</sup>  |
| 10/01/2033 | &nbsp;&nbsp; 6.500% | 1844000 | &nbsp;&nbsp; 1771012 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **5794895** |
| **Media and Entertainment 3.0%** | **Media and Entertainment 3.0%** | **Media and Entertainment 3.0%** | **Media and Entertainment 3.0%** |
| Clear Channel Outdoor Holdings, Inc.<sup>(d)</sup>  | Clear Channel Outdoor Holdings, Inc.<sup>(d)</sup>  | Clear Channel Outdoor Holdings, Inc.<sup>(d)</sup>  | Clear Channel Outdoor Holdings, Inc.<sup>(d)</sup>  |
| 04/01/2030 | &nbsp;&nbsp; 7.875% | 1305000 | &nbsp;&nbsp; 1376327 |
| 02/15/2031 | &nbsp;&nbsp; 7.125% | 938000 | &nbsp;&nbsp; 981727 |
| 03/15/2033 | &nbsp;&nbsp; 7.500% | 955000 | &nbsp;&nbsp; 1011588 |
| Gray Media, Inc.<sup>(d)</sup>  | Gray Media, Inc.<sup>(d)</sup>  | Gray Media, Inc.<sup>(d)</sup>  | Gray Media, Inc.<sup>(d)</sup>  |
| 07/15/2032 | &nbsp;&nbsp; 9.625% | 510000 | &nbsp;&nbsp; 529357 |
| 08/15/2033 | &nbsp;&nbsp; 7.250% | 657000 | &nbsp;&nbsp; 671691 |
| McGraw-Hill Education, Inc.<sup>(d)</sup>  | McGraw-Hill Education, Inc.<sup>(d)</sup>  | McGraw-Hill Education, Inc.<sup>(d)</sup>  | McGraw-Hill Education, Inc.<sup>(d)</sup>  |
| 09/01/2031 | &nbsp;&nbsp; 7.375% | 1150000 | &nbsp;&nbsp; 1212229 |
| Outfront Media Capital LLC/Corp.<sup>(d)</sup>  | Outfront Media Capital LLC/Corp.<sup>(d)</sup>  | Outfront Media Capital LLC/Corp.<sup>(d)</sup>  | Outfront Media Capital LLC/Corp.<sup>(d)</sup>  |
| 03/15/2030 | &nbsp;&nbsp; 4.625% | 268000 | &nbsp;&nbsp; 261546 |
| 02/15/2031 | &nbsp;&nbsp; 7.375% | 702000 | &nbsp;&nbsp; 741998 |
| Roblox Corp.<sup>(d)</sup>  | Roblox Corp.<sup>(d)</sup>  | Roblox Corp.<sup>(d)</sup>  | Roblox Corp.<sup>(d)</sup>  |
| 05/01/2030 | &nbsp;&nbsp; 3.875% | 537000 | &nbsp;&nbsp; 513180 |
| Snap, Inc.<sup>(d)</sup>  | Snap, Inc.<sup>(d)</sup>  | Snap, Inc.<sup>(d)</sup>  | Snap, Inc.<sup>(d)</sup>  |
| 03/01/2033 | &nbsp;&nbsp; 6.875% | 2470000 | &nbsp;&nbsp; 2562163 |
| 03/15/2034 | &nbsp;&nbsp; 6.875% | 1350000 | &nbsp;&nbsp; 1390811 |
| Univision Communications, Inc.<sup>(d)</sup>  | Univision Communications, Inc.<sup>(d)</sup>  | Univision Communications, Inc.<sup>(d)</sup>  | Univision Communications, Inc.<sup>(d)</sup>  |
| 08/15/2028 | &nbsp;&nbsp; 8.000% | 526000 | &nbsp;&nbsp; 544630 |
| 06/30/2030 | &nbsp;&nbsp; 7.375% | 1062000 | &nbsp;&nbsp; 1078680 |
| WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. |
| 03/15/2032 | &nbsp;&nbsp; 4.279% | 785000 | &nbsp;&nbsp; 689149 |
| 03/15/2042 | &nbsp;&nbsp; 5.050% | 2303000 | &nbsp;&nbsp; 1626625 |
| 03/15/2052 | &nbsp;&nbsp; 5.141% | 410000 | &nbsp;&nbsp; 270955 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **15462656** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Income Opportunities Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Metals and Mining 3.3%** | **Metals and Mining 3.3%** | **Metals and Mining 3.3%** | **Metals and Mining 3.3%** |
| Alcoa Nederland Holding BV<sup>(d)</sup>  | Alcoa Nederland Holding BV<sup>(d)</sup>  | Alcoa Nederland Holding BV<sup>(d)</sup>  | Alcoa Nederland Holding BV<sup>(d)</sup>  |
| 03/15/2031 | &nbsp;&nbsp; 7.125% | 490000 | &nbsp;&nbsp; 520168 |
| Carpenter Technology Corp.<sup>(d)</sup>  | Carpenter Technology Corp.<sup>(d)</sup>  | Carpenter Technology Corp.<sup>(d)</sup>  | Carpenter Technology Corp.<sup>(d)</sup>  |
| 03/01/2034 | &nbsp;&nbsp; 5.625% | 769000 | &nbsp;&nbsp; 781704 |
| Cleveland-Cliffs, Inc.<sup>(d)</sup>  | Cleveland-Cliffs, Inc.<sup>(d)</sup>  | Cleveland-Cliffs, Inc.<sup>(d)</sup>  | Cleveland-Cliffs, Inc.<sup>(d)</sup>  |
| 11/01/2029 | &nbsp;&nbsp; 6.875% | 781000 | &nbsp;&nbsp; 808421 |
| 03/15/2032 | &nbsp;&nbsp; 7.000% | 153000 | &nbsp;&nbsp; 156814 |
| 05/01/2033 | &nbsp;&nbsp; 7.375% | 163000 | &nbsp;&nbsp; 169459 |
| Compass Minerals International, Inc.<sup>(d)</sup>  | Compass Minerals International, Inc.<sup>(d)</sup>  | Compass Minerals International, Inc.<sup>(d)</sup>  | Compass Minerals International, Inc.<sup>(d)</sup>  |
| 07/01/2030 | &nbsp;&nbsp; 8.000% | 493000 | &nbsp;&nbsp; 515884 |
| Constellium SE<sup>(d)</sup>  | Constellium SE<sup>(d)</sup>  | Constellium SE<sup>(d)</sup>  | Constellium SE<sup>(d)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 3.750% | 822000 | &nbsp;&nbsp; 793647 |
| 08/15/2032 | &nbsp;&nbsp; 6.375% | 2341000 | &nbsp;&nbsp; 2414541 |
| Hudbay Minerals, Inc.<sup>(d)</sup>  | Hudbay Minerals, Inc.<sup>(d)</sup>  | Hudbay Minerals, Inc.<sup>(d)</sup>  | Hudbay Minerals, Inc.<sup>(d)</sup>  |
| 04/01/2029 | &nbsp;&nbsp; 6.125% | 3135000 | &nbsp;&nbsp; 3177157 |
| Kaiser Aluminum Corp.<sup>(d)</sup>  | Kaiser Aluminum Corp.<sup>(d)</sup>  | Kaiser Aluminum Corp.<sup>(d)</sup>  | Kaiser Aluminum Corp.<sup>(d)</sup>  |
| 06/01/2031 | &nbsp;&nbsp; 4.500% | 2915000 | &nbsp;&nbsp; 2817244 |
| 03/01/2034 | &nbsp;&nbsp; 5.875% | 1815000 | &nbsp;&nbsp; 1822265 |
| Novelis Corp.<sup>(d)</sup>  | Novelis Corp.<sup>(d)</sup>  | Novelis Corp.<sup>(d)</sup>  | Novelis Corp.<sup>(d)</sup>  |
| 01/30/2030 | &nbsp;&nbsp; 4.750% | 1103000 | &nbsp;&nbsp; 1066082 |
| 08/15/2031 | &nbsp;&nbsp; 3.875% | 1187000 | &nbsp;&nbsp; 1079631 |
| 08/15/2033 | &nbsp;&nbsp; 6.375% | 798000 | &nbsp;&nbsp; 809533 |
| Novelis, Inc.<sup>(d)</sup>  | Novelis, Inc.<sup>(d)</sup>  | Novelis, Inc.<sup>(d)</sup>  | Novelis, Inc.<sup>(d)</sup>  |
| 01/30/2030 | &nbsp;&nbsp; 6.875% | 405000 | &nbsp;&nbsp; 420329 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **17352879** |
| **Midstream 6.3%** | **Midstream 6.3%** | **Midstream 6.3%** | **Midstream 6.3%** |
| AmeriGas Partners LP/Finance Corp.<sup>(d)</sup>  | AmeriGas Partners LP/Finance Corp.<sup>(d)</sup>  | AmeriGas Partners LP/Finance Corp.<sup>(d)</sup>  | AmeriGas Partners LP/Finance Corp.<sup>(d)</sup>  |
| 06/01/2030 | &nbsp;&nbsp; 9.500% | 1140000 | &nbsp;&nbsp; 1214741 |
| Antero Midstream Partners LP/Finance Corp.<sup>(d)</sup>  | Antero Midstream Partners LP/Finance Corp.<sup>(d)</sup>  | Antero Midstream Partners LP/Finance Corp.<sup>(d)</sup>  | Antero Midstream Partners LP/Finance Corp.<sup>(d)</sup>  |
| 02/01/2032 | &nbsp;&nbsp; 6.625% | 1272000 | &nbsp;&nbsp; 1319130 |
| CNX Midstream Partners LP<sup>(d)</sup>  | CNX Midstream Partners LP<sup>(d)</sup>  | CNX Midstream Partners LP<sup>(d)</sup>  | CNX Midstream Partners LP<sup>(d)</sup>  |
| 04/15/2030 | &nbsp;&nbsp; 4.750% | 2884000 | &nbsp;&nbsp; 2793151 |
| Delek Logistics Partners LP/Finance Corp.<sup>(d)</sup>  | Delek Logistics Partners LP/Finance Corp.<sup>(d)</sup>  | Delek Logistics Partners LP/Finance Corp.<sup>(d)</sup>  | Delek Logistics Partners LP/Finance Corp.<sup>(d)</sup>  |
| 03/15/2029 | &nbsp;&nbsp; 8.625% | 2457000 | &nbsp;&nbsp; 2568268 |
| 06/30/2033 | &nbsp;&nbsp; 7.375% | 1772000 | &nbsp;&nbsp; 1808512 |
| Hess Midstream Operations LP<sup>(d)</sup>  | Hess Midstream Operations LP<sup>(d)</sup>  | Hess Midstream Operations LP<sup>(d)</sup>  | Hess Midstream Operations LP<sup>(d)</sup>  |
| 03/01/2028 | &nbsp;&nbsp; 5.875% | 372000 | &nbsp;&nbsp; 378954 |
| 10/15/2030 | &nbsp;&nbsp; 5.500% | 303000 | &nbsp;&nbsp; 306274 |
| ITT Holdings LLC<sup>(d)</sup>  | ITT Holdings LLC<sup>(d)</sup>  | ITT Holdings LLC<sup>(d)</sup>  | ITT Holdings LLC<sup>(d)</sup>  |
| 08/01/2029 | &nbsp;&nbsp; 6.500% | 169000 | &nbsp;&nbsp; 162085 |
| NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP |
| 04/28/2027 | &nbsp;&nbsp; 5.625% | 3087000 | &nbsp;&nbsp; 3119672 |
| Rockies Express Pipeline LLC<sup>(d)</sup>  | Rockies Express Pipeline LLC<sup>(d)</sup>  | Rockies Express Pipeline LLC<sup>(d)</sup>  | Rockies Express Pipeline LLC<sup>(d)</sup>  |
| 03/15/2033 | &nbsp;&nbsp; 6.750% | 414000 | &nbsp;&nbsp; 436878 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Sunoco LP<sup>(d),(f),(g)</sup>  | Sunoco LP<sup>(d),(f),(g)</sup>  | Sunoco LP<sup>(d),(f),(g)</sup>  | Sunoco LP<sup>(d),(f),(g)</sup>  |
|  | &nbsp;&nbsp; 7.875% | 1563000 | &nbsp;&nbsp; 1602863 |
| Sunoco LP<sup>(d)</sup>  | Sunoco LP<sup>(d)</sup>  | Sunoco LP<sup>(d)</sup>  | Sunoco LP<sup>(d)</sup>  |
| 05/01/2029 | &nbsp;&nbsp; 7.000% | 1269000 | &nbsp;&nbsp; 1323156 |
| 05/01/2032 | &nbsp;&nbsp; 7.250% | 1255000 | &nbsp;&nbsp; 1325632 |
| 07/01/2033 | &nbsp;&nbsp; 6.250% | 1544000 | &nbsp;&nbsp; 1581346 |
| Venture Global Calcasieu Pass LLC<sup>(d)</sup>  | Venture Global Calcasieu Pass LLC<sup>(d)</sup>  | Venture Global Calcasieu Pass LLC<sup>(d)</sup>  | Venture Global Calcasieu Pass LLC<sup>(d)</sup>  |
| 08/15/2031 | &nbsp;&nbsp; 4.125% | 767000 | &nbsp;&nbsp; 697863 |
| 11/01/2033 | &nbsp;&nbsp; 3.875% | 786000 | &nbsp;&nbsp; 674674 |
| Venture Global LNG, Inc.<sup>(d),(f),(g)</sup>  | Venture Global LNG, Inc.<sup>(d),(f),(g)</sup>  | Venture Global LNG, Inc.<sup>(d),(f),(g)</sup>  | Venture Global LNG, Inc.<sup>(d),(f),(g)</sup>  |
|  | &nbsp;&nbsp; 9.000% | 2462000 | &nbsp;&nbsp; 1945412 |
| Venture Global LNG, Inc.<sup>(d)</sup>  | Venture Global LNG, Inc.<sup>(d)</sup>  | Venture Global LNG, Inc.<sup>(d)</sup>  | Venture Global LNG, Inc.<sup>(d)</sup>  |
| 02/01/2029 | &nbsp;&nbsp; 9.500% | 1554000 | &nbsp;&nbsp; 1612640 |
| 01/15/2030 | &nbsp;&nbsp; 7.000% | 782000 | &nbsp;&nbsp; 752151 |
| 02/01/2032 | &nbsp;&nbsp; 9.875% | 463000 | &nbsp;&nbsp; 478241 |
| Venture Global Plaquemines LNG LLC<sup>(d)</sup>  | Venture Global Plaquemines LNG LLC<sup>(d)</sup>  | Venture Global Plaquemines LNG LLC<sup>(d)</sup>  | Venture Global Plaquemines LNG LLC<sup>(d)</sup>  |
| 12/15/2030 | &nbsp;&nbsp; 6.125% | 372000 | &nbsp;&nbsp; 378746 |
| 05/01/2033 | &nbsp;&nbsp; 7.500% | 618000 | &nbsp;&nbsp; 667977 |
| 01/15/2034 | &nbsp;&nbsp; 6.500% | 1407000 | &nbsp;&nbsp; 1440361 |
| 06/15/2034 | &nbsp;&nbsp; 6.500% | 493000 | &nbsp;&nbsp; 503990 |
| 05/01/2035 | &nbsp;&nbsp; 7.750% | 1178000 | &nbsp;&nbsp; 1289797 |
| 01/15/2036 | &nbsp;&nbsp; 6.750% | 2657000 | &nbsp;&nbsp; 2719513 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **33102027** |
| **Oil Field Services 2.0%** | **Oil Field Services 2.0%** | **Oil Field Services 2.0%** | **Oil Field Services 2.0%** |
| Archrock Partners LP/Finance Corp.<sup>(d)</sup>  | Archrock Partners LP/Finance Corp.<sup>(d)</sup>  | Archrock Partners LP/Finance Corp.<sup>(d)</sup>  | Archrock Partners LP/Finance Corp.<sup>(d)</sup>  |
| 09/01/2032 | &nbsp;&nbsp; 6.625% | 769000 | &nbsp;&nbsp; 792104 |
| Kodiak Gas Services LLC<sup>(d)</sup>  | Kodiak Gas Services LLC<sup>(d)</sup>  | Kodiak Gas Services LLC<sup>(d)</sup>  | Kodiak Gas Services LLC<sup>(d)</sup>  |
| 02/15/2029 | &nbsp;&nbsp; 7.250% | 1252000 | &nbsp;&nbsp; 1300624 |
| 10/01/2033 | &nbsp;&nbsp; 6.500% | 754000 | &nbsp;&nbsp; 769652 |
| 10/01/2035 | &nbsp;&nbsp; 6.750% | 444000 | &nbsp;&nbsp; 456461 |
| Nabors Industries, Inc.<sup>(d)</sup>  | Nabors Industries, Inc.<sup>(d)</sup>  | Nabors Industries, Inc.<sup>(d)</sup>  | Nabors Industries, Inc.<sup>(d)</sup>  |
| 01/31/2030 | &nbsp;&nbsp; 9.125% | 1481000 | &nbsp;&nbsp; 1556857 |
| 08/15/2031 | &nbsp;&nbsp; 8.875% | 784000 | &nbsp;&nbsp; 760676 |
| 11/15/2032 | &nbsp;&nbsp; 7.625% | 540000 | &nbsp;&nbsp; 530657 |
| Transocean Aquila Ltd.<sup>(d)</sup>  | Transocean Aquila Ltd.<sup>(d)</sup>  | Transocean Aquila Ltd.<sup>(d)</sup>  | Transocean Aquila Ltd.<sup>(d)</sup>  |
| 09/30/2028 | &nbsp;&nbsp; 8.000% | 1127277 | &nbsp;&nbsp; 1155060 |
| Transocean Titan Financing Ltd.<sup>(d)</sup>  | Transocean Titan Financing Ltd.<sup>(d)</sup>  | Transocean Titan Financing Ltd.<sup>(d)</sup>  | Transocean Titan Financing Ltd.<sup>(d)</sup>  |
| 02/01/2028 | &nbsp;&nbsp; 8.375% | 1820619 | &nbsp;&nbsp; 1859645 |
| USA Compression Partners LP/Finance Corp.<sup>(d)</sup>  | USA Compression Partners LP/Finance Corp.<sup>(d)</sup>  | USA Compression Partners LP/Finance Corp.<sup>(d)</sup>  | USA Compression Partners LP/Finance Corp.<sup>(d)</sup>  |
| 03/15/2029 | &nbsp;&nbsp; 7.125% | 1270000 | &nbsp;&nbsp; 1315231 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **10496967** |
| **Other Industry 0.4%** | **Other Industry 0.4%** | **Other Industry 0.4%** | **Other Industry 0.4%** |
| Williams Scotsman International, Inc.<sup>(d)</sup>  | Williams Scotsman International, Inc.<sup>(d)</sup>  | Williams Scotsman International, Inc.<sup>(d)</sup>  | Williams Scotsman International, Inc.<sup>(d)</sup>  |
| 08/15/2028 | &nbsp;&nbsp; 4.625% | 812000 | &nbsp;&nbsp; 808912 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Income Opportunities Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Williams Scotsman, Inc.<sup>(d)</sup>  | Williams Scotsman, Inc.<sup>(d)</sup>  | Williams Scotsman, Inc.<sup>(d)</sup>  | Williams Scotsman, Inc.<sup>(d)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 6.625% | 758000 | &nbsp;&nbsp; 781724 |
| 04/15/2030 | &nbsp;&nbsp; 6.625% | 296000 | &nbsp;&nbsp; 306131 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1896767** |
| **Other REIT 1.6%** | **Other REIT 1.6%** | **Other REIT 1.6%** | **Other REIT 1.6%** |
| Ladder Capital Finance Holdings LLLP | Ladder Capital Finance Holdings LLLP | Ladder Capital Finance Holdings LLLP | Ladder Capital Finance Holdings LLLP |
| 08/01/2030 | &nbsp;&nbsp; 5.500% | 775000 | &nbsp;&nbsp; 792197 |
| Ladder Capital Finance Holdings LLLP/Corp.<sup>(d)</sup>  | Ladder Capital Finance Holdings LLLP/Corp.<sup>(d)</sup>  | Ladder Capital Finance Holdings LLLP/Corp.<sup>(d)</sup>  | Ladder Capital Finance Holdings LLLP/Corp.<sup>(d)</sup>  |
| 07/15/2031 | &nbsp;&nbsp; 7.000% | 970000 | &nbsp;&nbsp; 1028481 |
| Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer<sup>(d)</sup>  | Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer<sup>(d)</sup>  | Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer<sup>(d)</sup>  | Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer<sup>(d)</sup>  |
| 10/01/2028 | &nbsp;&nbsp; 5.875% | 1338000 | &nbsp;&nbsp; 1338538 |
| 05/15/2029 | &nbsp;&nbsp; 4.875% | 825000 | &nbsp;&nbsp; 805008 |
| RHP Hotel Properties LP/Finance Corp.<sup>(d)</sup>  | RHP Hotel Properties LP/Finance Corp.<sup>(d)</sup>  | RHP Hotel Properties LP/Finance Corp.<sup>(d)</sup>  | RHP Hotel Properties LP/Finance Corp.<sup>(d)</sup>  |
| 07/15/2028 | &nbsp;&nbsp; 7.250% | 496000 | &nbsp;&nbsp; 511081 |
| 02/15/2029 | &nbsp;&nbsp; 4.500% | 545000 | &nbsp;&nbsp; 539868 |
| 04/01/2032 | &nbsp;&nbsp; 6.500% | 772000 | &nbsp;&nbsp; 800927 |
| 06/15/2033 | &nbsp;&nbsp; 6.500% | 554000 | &nbsp;&nbsp; 574833 |
| RLJ Lodging Trust LP<sup>(d)</sup>  | RLJ Lodging Trust LP<sup>(d)</sup>  | RLJ Lodging Trust LP<sup>(d)</sup>  | RLJ Lodging Trust LP<sup>(d)</sup>  |
| 07/01/2026 | &nbsp;&nbsp; 3.750% | 194000 | &nbsp;&nbsp; 192461 |
| 09/15/2029 | &nbsp;&nbsp; 4.000% | 859000 | &nbsp;&nbsp; 812749 |
| Service Properties Trust | Service Properties Trust | Service Properties Trust | Service Properties Trust |
| 06/15/2029 | &nbsp;&nbsp; 8.375% | 562000 | &nbsp;&nbsp; 565674 |
| Service Properties Trust<sup>(d)</sup>  | Service Properties Trust<sup>(d)</sup>  | Service Properties Trust<sup>(d)</sup>  | Service Properties Trust<sup>(d)</sup>  |
| 11/15/2031 | &nbsp;&nbsp; 8.625% | 482000 | &nbsp;&nbsp; 506610 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **8468427** |
| **Packaging 0.5%** | **Packaging 0.5%** | **Packaging 0.5%** | **Packaging 0.5%** |
| Ardagh Metal Packaging Finance USA LLC/PLC<sup>(d)</sup>  | Ardagh Metal Packaging Finance USA LLC/PLC<sup>(d)</sup>  | Ardagh Metal Packaging Finance USA LLC/PLC<sup>(d)</sup>  | Ardagh Metal Packaging Finance USA LLC/PLC<sup>(d)</sup>  |
| 01/30/2031 | &nbsp;&nbsp; 6.250% | 527000 | &nbsp;&nbsp; 538875 |
| Clydesdale Acquisition Holdings, Inc.<sup>(d)</sup>  | Clydesdale Acquisition Holdings, Inc.<sup>(d)</sup>  | Clydesdale Acquisition Holdings, Inc.<sup>(d)</sup>  | Clydesdale Acquisition Holdings, Inc.<sup>(d)</sup>  |
| 04/15/2030 | &nbsp;&nbsp; 8.750% | 1604000 | &nbsp;&nbsp; 1631007 |
| 04/15/2032 | &nbsp;&nbsp; 6.750% | 497000 | &nbsp;&nbsp; 511650 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2681532** |
| **Pharmaceuticals 1.5%** | **Pharmaceuticals 1.5%** | **Pharmaceuticals 1.5%** | **Pharmaceuticals 1.5%** |
| 1261229 BC Ltd.<sup>(d)</sup>  | 1261229 BC Ltd.<sup>(d)</sup>  | 1261229 BC Ltd.<sup>(d)</sup>  | 1261229 BC Ltd.<sup>(d)</sup>  |
| 04/15/2032 | &nbsp;&nbsp; 10.000% | 2339000 | &nbsp;&nbsp; 2436135 |
| Bausch Health Companies, Inc.<sup>(d)</sup>  | Bausch Health Companies, Inc.<sup>(d)</sup>  | Bausch Health Companies, Inc.<sup>(d)</sup>  | Bausch Health Companies, Inc.<sup>(d)</sup>  |
| 06/01/2028 | &nbsp;&nbsp; 4.875% | 1471000 | &nbsp;&nbsp; 1317058 |
| Grifols Escrow Issuer SA<sup>(d)</sup>  | Grifols Escrow Issuer SA<sup>(d)</sup>  | Grifols Escrow Issuer SA<sup>(d)</sup>  | Grifols Escrow Issuer SA<sup>(d)</sup>  |
| 10/15/2028 | &nbsp;&nbsp; 4.750% | 2301000 | &nbsp;&nbsp; 2272659 |
| Jazz Securities DAC<sup>(d)</sup>  | Jazz Securities DAC<sup>(d)</sup>  | Jazz Securities DAC<sup>(d)</sup>  | Jazz Securities DAC<sup>(d)</sup>  |
| 01/15/2029 | &nbsp;&nbsp; 4.375% | 796000 | &nbsp;&nbsp; 785304 |
| Organon Finance 1 LLC<sup>(d)</sup>  | Organon Finance 1 LLC<sup>(d)</sup>  | Organon Finance 1 LLC<sup>(d)</sup>  | Organon Finance 1 LLC<sup>(d)</sup>  |
| 04/30/2028 | &nbsp;&nbsp; 4.125% | 890000 | &nbsp;&nbsp; 867034 |
| 04/30/2031 | &nbsp;&nbsp; 5.125% | 247000 | &nbsp;&nbsp; 204688 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **7882878** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Property & Casualty 3.3%** | **Property & Casualty 3.3%** | **Property & Casualty 3.3%** | **Property & Casualty 3.3%** |
| Acrisure LLC/Finance, Inc.<sup>(d)</sup>  | Acrisure LLC/Finance, Inc.<sup>(d)</sup>  | Acrisure LLC/Finance, Inc.<sup>(d)</sup>  | Acrisure LLC/Finance, Inc.<sup>(d)</sup>  |
| 11/06/2030 | &nbsp;&nbsp; 7.500% | 995000 | &nbsp;&nbsp; 1036090 |
| 07/01/2032 | &nbsp;&nbsp; 6.750% | 1248000 | &nbsp;&nbsp; 1283510 |
| Alliant Holdings Intermediate LLC/Co-Issuer<sup>(d)</sup>  | Alliant Holdings Intermediate LLC/Co-Issuer<sup>(d)</sup>  | Alliant Holdings Intermediate LLC/Co-Issuer<sup>(d)</sup>  | Alliant Holdings Intermediate LLC/Co-Issuer<sup>(d)</sup>  |
| 10/15/2027 | &nbsp;&nbsp; 4.250% | 1379000 | &nbsp;&nbsp; 1370287 |
| 04/15/2028 | &nbsp;&nbsp; 6.750% | 2282000 | &nbsp;&nbsp; 2323833 |
| 01/15/2031 | &nbsp;&nbsp; 7.000% | 141000 | &nbsp;&nbsp; 146302 |
| 10/01/2031 | &nbsp;&nbsp; 6.500% | 1304000 | &nbsp;&nbsp; 1345618 |
| AmWINS Group, Inc.<sup>(d)</sup>  | AmWINS Group, Inc.<sup>(d)</sup>  | AmWINS Group, Inc.<sup>(d)</sup>  | AmWINS Group, Inc.<sup>(d)</sup>  |
| 02/15/2029 | &nbsp;&nbsp; 6.375% | 494000 | &nbsp;&nbsp; 507090 |
| Ardonagh Finco Ltd.<sup>(d)</sup>  | Ardonagh Finco Ltd.<sup>(d)</sup>  | Ardonagh Finco Ltd.<sup>(d)</sup>  | Ardonagh Finco Ltd.<sup>(d)</sup>  |
| 02/15/2031 | &nbsp;&nbsp; 7.750% | 1932000 | &nbsp;&nbsp; 2025112 |
| Howden UK Refinance PLC/2 PLC/US Refinance LLC<sup>(d)</sup>  | Howden UK Refinance PLC/2 PLC/US Refinance LLC<sup>(d)</sup>  | Howden UK Refinance PLC/2 PLC/US Refinance LLC<sup>(d)</sup>  | Howden UK Refinance PLC/2 PLC/US Refinance LLC<sup>(d)</sup>  |
| 02/15/2031 | &nbsp;&nbsp; 7.250% | 985000 | &nbsp;&nbsp; 1014819 |
| HUB International Ltd.<sup>(d)</sup>  | HUB International Ltd.<sup>(d)</sup>  | HUB International Ltd.<sup>(d)</sup>  | HUB International Ltd.<sup>(d)</sup>  |
| 01/31/2032 | &nbsp;&nbsp; 7.375% | 1001000 | &nbsp;&nbsp; 1050435 |
| HUB International, Ltd.<sup>(d)</sup>  | HUB International, Ltd.<sup>(d)</sup>  | HUB International, Ltd.<sup>(d)</sup>  | HUB International, Ltd.<sup>(d)</sup>  |
| 06/15/2030 | &nbsp;&nbsp; 7.250% | 2963000 | &nbsp;&nbsp; 3107239 |
| Lumbermens Mutual Casualty Co.<sup>(d),(h)</sup>  | Lumbermens Mutual Casualty Co.<sup>(d),(h)</sup>  | Lumbermens Mutual Casualty Co.<sup>(d),(h)</sup>  | Lumbermens Mutual Casualty Co.<sup>(d),(h)</sup>  |
| 12/01/2097 | &nbsp;&nbsp; 0.000% | 30000 | &nbsp;&nbsp; 30 |
| Lumbermens Mutual Casualty Co.<sup>(h)</sup>  | Lumbermens Mutual Casualty Co.<sup>(h)</sup>  | Lumbermens Mutual Casualty Co.<sup>(h)</sup>  | Lumbermens Mutual Casualty Co.<sup>(h)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 07/01/2026 | &nbsp;&nbsp; 0.000% | 645000 | &nbsp;&nbsp; 645 |
| Panther Escrow Issuer LLC<sup>(d)</sup>  | Panther Escrow Issuer LLC<sup>(d)</sup>  | Panther Escrow Issuer LLC<sup>(d)</sup>  | Panther Escrow Issuer LLC<sup>(d)</sup>  |
| 06/01/2031 | &nbsp;&nbsp; 7.125% | 1197000 | &nbsp;&nbsp; 1240727 |
| Ryan Specialty LLC<sup>(d)</sup>  | Ryan Specialty LLC<sup>(d)</sup>  | Ryan Specialty LLC<sup>(d)</sup>  | Ryan Specialty LLC<sup>(d)</sup>  |
| 08/01/2032 | &nbsp;&nbsp; 5.875% | 516000 | &nbsp;&nbsp; 527620 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **16979357** |
| **Railroads 0.9%** | **Railroads 0.9%** | **Railroads 0.9%** | **Railroads 0.9%** |
| Genesee & Wyoming, Inc.<sup>(d)</sup>  | Genesee & Wyoming, Inc.<sup>(d)</sup>  | Genesee & Wyoming, Inc.<sup>(d)</sup>  | Genesee & Wyoming, Inc.<sup>(d)</sup>  |
| 04/15/2032 | &nbsp;&nbsp; 6.250% | 1825000 | &nbsp;&nbsp; 1884357 |
| Watco Cos LLC/Finance Corp.<sup>(d)</sup>  | Watco Cos LLC/Finance Corp.<sup>(d)</sup>  | Watco Cos LLC/Finance Corp.<sup>(d)</sup>  | Watco Cos LLC/Finance Corp.<sup>(d)</sup>  |
| 08/01/2032 | &nbsp;&nbsp; 7.125% | 2637000 | &nbsp;&nbsp; 2760969 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **4645326** |
| **Restaurants 0.7%** | **Restaurants 0.7%** | **Restaurants 0.7%** | **Restaurants 0.7%** |
| 1011778 BC ULC/New Red Finance, Inc.<sup>(d)</sup>  | 1011778 BC ULC/New Red Finance, Inc.<sup>(d)</sup>  | 1011778 BC ULC/New Red Finance, Inc.<sup>(d)</sup>  | 1011778 BC ULC/New Red Finance, Inc.<sup>(d)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 6.125% | 1012000 | &nbsp;&nbsp; 1040253 |
| 09/15/2029 | &nbsp;&nbsp; 5.625% | 1043000 | &nbsp;&nbsp; 1064084 |
| Fertitta Entertainment LLC/Finance Co., Inc.<sup>(d)</sup>  | Fertitta Entertainment LLC/Finance Co., Inc.<sup>(d)</sup>  | Fertitta Entertainment LLC/Finance Co., Inc.<sup>(d)</sup>  | Fertitta Entertainment LLC/Finance Co., Inc.<sup>(d)</sup>  |
| 01/15/2029 | &nbsp;&nbsp; 4.625% | 827000 | &nbsp;&nbsp; 803464 |
| Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. |
| 04/01/2032 | &nbsp;&nbsp; 5.375% | 784000 | &nbsp;&nbsp; 794768 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3702569** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Income Opportunities Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Retailers 1.4%** | **Retailers 1.4%** | **Retailers 1.4%** | **Retailers 1.4%** |
| Advance Auto Parts, Inc.<sup>(d)</sup>  | Advance Auto Parts, Inc.<sup>(d)</sup>  | Advance Auto Parts, Inc.<sup>(d)</sup>  | Advance Auto Parts, Inc.<sup>(d)</sup>  |
| 08/01/2030 | &nbsp;&nbsp; 7.000% | 453000 | &nbsp;&nbsp; 456060 |
| 08/01/2033 | &nbsp;&nbsp; 7.375% | 1071000 | &nbsp;&nbsp; 1077875 |
| Asbury Automotive Group, Inc.<sup>(d)</sup>  | Asbury Automotive Group, Inc.<sup>(d)</sup>  | Asbury Automotive Group, Inc.<sup>(d)</sup>  | Asbury Automotive Group, Inc.<sup>(d)</sup>  |
| 02/15/2032 | &nbsp;&nbsp; 5.000% | 849000 | &nbsp;&nbsp; 825223 |
| Beach Acquisition Bidco LLC<sup>(d),(e)</sup>  | Beach Acquisition Bidco LLC<sup>(d),(e)</sup>  | Beach Acquisition Bidco LLC<sup>(d),(e)</sup>  | Beach Acquisition Bidco LLC<sup>(d),(e)</sup>  |
| 07/15/2033 | &nbsp;&nbsp; 10.000% | 1004000 | &nbsp;&nbsp; 1103725 |
| Belron UK Finance PLC<sup>(d)</sup>  | Belron UK Finance PLC<sup>(d)</sup>  | Belron UK Finance PLC<sup>(d)</sup>  | Belron UK Finance PLC<sup>(d)</sup>  |
| 10/15/2029 | &nbsp;&nbsp; 5.750% | 532000 | &nbsp;&nbsp; 543176 |
| Group 1 Automotive, Inc.<sup>(d)</sup>  | Group 1 Automotive, Inc.<sup>(d)</sup>  | Group 1 Automotive, Inc.<sup>(d)</sup>  | Group 1 Automotive, Inc.<sup>(d)</sup>  |
| 08/15/2028 | &nbsp;&nbsp; 4.000% | 552000 | &nbsp;&nbsp; 541422 |
| 01/15/2030 | &nbsp;&nbsp; 6.375% | 512000 | &nbsp;&nbsp; 526547 |
| L Brands, Inc. | L Brands, Inc. | L Brands, Inc. | L Brands, Inc. |
| 06/15/2029 | &nbsp;&nbsp; 7.500% | 80000 | &nbsp;&nbsp; 81755 |
| LCM Investments Holdings II LLC<sup>(d)</sup>  | LCM Investments Holdings II LLC<sup>(d)</sup>  | LCM Investments Holdings II LLC<sup>(d)</sup>  | LCM Investments Holdings II LLC<sup>(d)</sup>  |
| 05/01/2029 | &nbsp;&nbsp; 4.875% | 528000 | &nbsp;&nbsp; 517488 |
| 08/01/2031 | &nbsp;&nbsp; 8.250% | 735000 | &nbsp;&nbsp; 777352 |
| Lithia Motors, Inc.<sup>(d)</sup>  | Lithia Motors, Inc.<sup>(d)</sup>  | Lithia Motors, Inc.<sup>(d)</sup>  | Lithia Motors, Inc.<sup>(d)</sup>  |
| 01/15/2031 | &nbsp;&nbsp; 4.375% | 847000 | &nbsp;&nbsp; 813727 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **7264350** |
| **Supermarkets 0.3%** | **Supermarkets 0.3%** | **Supermarkets 0.3%** | **Supermarkets 0.3%** |
| Albertsons Companies LLC/Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(d)</sup>  | Albertsons Companies LLC/Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(d)</sup>  | Albertsons Companies LLC/Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(d)</sup>  | Albertsons Companies LLC/Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(d)</sup>  |
| 03/15/2029 | &nbsp;&nbsp; 3.500% | 850000 | &nbsp;&nbsp; 817404 |
| Albertsons Companies, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(d)</sup>  | Albertsons Companies, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(d)</sup>  | Albertsons Companies, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(d)</sup>  | Albertsons Companies, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(d)</sup>  |
| 01/15/2027 | &nbsp;&nbsp; 4.625% | 794000 | &nbsp;&nbsp; 794012 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1611416** |
| **Technology 10.5%** | **Technology 10.5%** | **Technology 10.5%** | **Technology 10.5%** |
| Amentum Escrow Corp.<sup>(d)</sup>  | Amentum Escrow Corp.<sup>(d)</sup>  | Amentum Escrow Corp.<sup>(d)</sup>  | Amentum Escrow Corp.<sup>(d)</sup>  |
| 08/01/2032 | &nbsp;&nbsp; 7.250% | 1765000 | &nbsp;&nbsp; 1860747 |
| APLD ComputeCo LLC<sup>(d)</sup>  | APLD ComputeCo LLC<sup>(d)</sup>  | APLD ComputeCo LLC<sup>(d)</sup>  | APLD ComputeCo LLC<sup>(d)</sup>  |
| 12/15/2030 | &nbsp;&nbsp; 9.250% | 2758000 | &nbsp;&nbsp; 2705120 |
| Block, Inc.<sup>(d)</sup>  | Block, Inc.<sup>(d)</sup>  | Block, Inc.<sup>(d)</sup>  | Block, Inc.<sup>(d)</sup>  |
| 08/15/2030 | &nbsp;&nbsp; 5.625% | 746000 | &nbsp;&nbsp; 760899 |
| 08/15/2033 | &nbsp;&nbsp; 6.000% | 584000 | &nbsp;&nbsp; 599306 |
| Block, Inc. | Block, Inc. | Block, Inc. | Block, Inc. |
| 06/01/2031 | &nbsp;&nbsp; 3.500% | 175000 | &nbsp;&nbsp; 164306 |
| 05/15/2032 | &nbsp;&nbsp; 6.500% | 1734000 | &nbsp;&nbsp; 1803008 |
| CACI International, Inc.<sup>(d)</sup>  | CACI International, Inc.<sup>(d)</sup>  | CACI International, Inc.<sup>(d)</sup>  | CACI International, Inc.<sup>(d)</sup>  |
| 06/15/2033 | &nbsp;&nbsp; 6.375% | 1030000 | &nbsp;&nbsp; 1066051 |
| Camelot Finance SA<sup>(d)</sup>  | Camelot Finance SA<sup>(d)</sup>  | Camelot Finance SA<sup>(d)</sup>  | Camelot Finance SA<sup>(d)</sup>  |
| 11/01/2026 | &nbsp;&nbsp; 4.500% | 62000 | &nbsp;&nbsp; 61535 |
| Central Parent LLC/CDK Global II LLC/Financing, Co., Inc.<sup>(d)</sup>  | Central Parent LLC/CDK Global II LLC/Financing, Co., Inc.<sup>(d)</sup>  | Central Parent LLC/CDK Global II LLC/Financing, Co., Inc.<sup>(d)</sup>  | Central Parent LLC/CDK Global II LLC/Financing, Co., Inc.<sup>(d)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 8.000% | 307000 | &nbsp;&nbsp; 266680 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Central Parent, Inc./CDK Global, Inc.<sup>(d)</sup>  | Central Parent, Inc./CDK Global, Inc.<sup>(d)</sup>  | Central Parent, Inc./CDK Global, Inc.<sup>(d)</sup>  | Central Parent, Inc./CDK Global, Inc.<sup>(d)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 7.250% | 310000 | &nbsp;&nbsp; 263173 |
| Cipher Compute LLC<sup>(d)</sup>  | Cipher Compute LLC<sup>(d)</sup>  | Cipher Compute LLC<sup>(d)</sup>  | Cipher Compute LLC<sup>(d)</sup>  |
| 11/15/2030 | &nbsp;&nbsp; 7.125% | 1290000 | &nbsp;&nbsp; 1315835 |
| Clarivate Science Holdings Corp.<sup>(d)</sup>  | Clarivate Science Holdings Corp.<sup>(d)</sup>  | Clarivate Science Holdings Corp.<sup>(d)</sup>  | Clarivate Science Holdings Corp.<sup>(d)</sup>  |
| 07/01/2029 | &nbsp;&nbsp; 4.875% | 2263000 | &nbsp;&nbsp; 2139489 |
| Cloud Software Group, Inc,<sup>(d)</sup>  | Cloud Software Group, Inc,<sup>(d)</sup>  | Cloud Software Group, Inc,<sup>(d)</sup>  | Cloud Software Group, Inc,<sup>(d)</sup>  |
| 08/15/2033 | &nbsp;&nbsp; 6.625% | 254000 | &nbsp;&nbsp; 251753 |
| Cloud Software Group, Inc.<sup>(d)</sup>  | Cloud Software Group, Inc.<sup>(d)</sup>  | Cloud Software Group, Inc.<sup>(d)</sup>  | Cloud Software Group, Inc.<sup>(d)</sup>  |
| 09/30/2029 | &nbsp;&nbsp; 9.000% | 2034000 | &nbsp;&nbsp; 2118323 |
| 06/30/2032 | &nbsp;&nbsp; 8.250% | 735000 | &nbsp;&nbsp; 769332 |
| Entegris Escrow Corp.<sup>(d)</sup>  | Entegris Escrow Corp.<sup>(d)</sup>  | Entegris Escrow Corp.<sup>(d)</sup>  | Entegris Escrow Corp.<sup>(d)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 4.750% | 1135000 | &nbsp;&nbsp; 1138154 |
| 06/15/2030 | &nbsp;&nbsp; 5.950% | 2275000 | &nbsp;&nbsp; 2319911 |
| Fair Isaac Corp.<sup>(d)</sup>  | Fair Isaac Corp.<sup>(d)</sup>  | Fair Isaac Corp.<sup>(d)</sup>  | Fair Isaac Corp.<sup>(d)</sup>  |
| 05/15/2033 | &nbsp;&nbsp; 6.000% | 847000 | &nbsp;&nbsp; 868450 |
| Flash Compute LLC<sup>(d)</sup>  | Flash Compute LLC<sup>(d)</sup>  | Flash Compute LLC<sup>(d)</sup>  | Flash Compute LLC<sup>(d)</sup>  |
| 12/31/2030 | &nbsp;&nbsp; 7.250% | 716000 | &nbsp;&nbsp; 709695 |
| GTCR W-2 Merger Sub LLC<sup>(d)</sup>  | GTCR W-2 Merger Sub LLC<sup>(d)</sup>  | GTCR W-2 Merger Sub LLC<sup>(d)</sup>  | GTCR W-2 Merger Sub LLC<sup>(d)</sup>  |
| 01/15/2031 | &nbsp;&nbsp; 7.500% | 1902000 | &nbsp;&nbsp; 2021624 |
| HealthEquity, Inc.<sup>(d)</sup>  | HealthEquity, Inc.<sup>(d)</sup>  | HealthEquity, Inc.<sup>(d)</sup>  | HealthEquity, Inc.<sup>(d)</sup>  |
| 10/01/2029 | &nbsp;&nbsp; 4.500% | 2213000 | &nbsp;&nbsp; 2169993 |
| ION Platform Finance US Inc./SARL<sup>(d)</sup>  | ION Platform Finance US Inc./SARL<sup>(d)</sup>  | ION Platform Finance US Inc./SARL<sup>(d)</sup>  | ION Platform Finance US Inc./SARL<sup>(d)</sup>  |
| 05/01/2028 | &nbsp;&nbsp; 4.625% | 1409000 | &nbsp;&nbsp; 1305368 |
| 05/01/2028 | &nbsp;&nbsp; 5.000% | 72000 | &nbsp;&nbsp; 66892 |
| 05/15/2028 | &nbsp;&nbsp; 5.750% | 1141000 | &nbsp;&nbsp; 1082366 |
| 05/01/2029 | &nbsp;&nbsp; 8.750% | 1798000 | &nbsp;&nbsp; 1824411 |
| 05/30/2029 | &nbsp;&nbsp; 9.500% | 1082000 | &nbsp;&nbsp; 1096330 |
| ION Platform Finance US, Inc.<sup>(d)</sup>  | ION Platform Finance US, Inc.<sup>(d)</sup>  | ION Platform Finance US, Inc.<sup>(d)</sup>  | ION Platform Finance US, Inc.<sup>(d)</sup>  |
| 09/30/2032 | &nbsp;&nbsp; 7.875% | 1513000 | &nbsp;&nbsp; 1436825 |
| Iron Mountain, Inc.<sup>(d)</sup>  | Iron Mountain, Inc.<sup>(d)</sup>  | Iron Mountain, Inc.<sup>(d)</sup>  | Iron Mountain, Inc.<sup>(d)</sup>  |
| 09/15/2027 | &nbsp;&nbsp; 4.875% | 268000 | &nbsp;&nbsp; 267645 |
| 01/15/2033 | &nbsp;&nbsp; 6.250% | 550000 | &nbsp;&nbsp; 554801 |
| NCR Atleos Escrow Corp.<sup>(d)</sup>  | NCR Atleos Escrow Corp.<sup>(d)</sup>  | NCR Atleos Escrow Corp.<sup>(d)</sup>  | NCR Atleos Escrow Corp.<sup>(d)</sup>  |
| 04/01/2029 | &nbsp;&nbsp; 9.500% | 2380000 | &nbsp;&nbsp; 2585128 |
| NCR Corp.<sup>(d)</sup>  | NCR Corp.<sup>(d)</sup>  | NCR Corp.<sup>(d)</sup>  | NCR Corp.<sup>(d)</sup>  |
| 10/01/2028 | &nbsp;&nbsp; 5.000% | 1083000 | &nbsp;&nbsp; 1075031 |
| 04/15/2029 | &nbsp;&nbsp; 5.125% | 1093000 | &nbsp;&nbsp; 1085454 |
| Neptune Bidco US, Inc.<sup>(d)</sup>  | Neptune Bidco US, Inc.<sup>(d)</sup>  | Neptune Bidco US, Inc.<sup>(d)</sup>  | Neptune Bidco US, Inc.<sup>(d)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 9.290% | 1803000 | &nbsp;&nbsp; 1807630 |
| 05/15/2031 | &nbsp;&nbsp; 10.375% | 602000 | &nbsp;&nbsp; 616969 |
| Picard Midco, Inc.<sup>(d)</sup>  | Picard Midco, Inc.<sup>(d)</sup>  | Picard Midco, Inc.<sup>(d)</sup>  | Picard Midco, Inc.<sup>(d)</sup>  |
| 03/31/2029 | &nbsp;&nbsp; 6.500% | 3274000 | &nbsp;&nbsp; 3316485 |
| Science Applications International Corp.<sup>(d)</sup>  | Science Applications International Corp.<sup>(d)</sup>  | Science Applications International Corp.<sup>(d)</sup>  | Science Applications International Corp.<sup>(d)</sup>  |
| 11/01/2033 | &nbsp;&nbsp; 5.875% | 1266000 | &nbsp;&nbsp; 1283557 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Income Opportunities Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Seagate Data Storage Technology Pte Ltd.<sup>(d)</sup>  | Seagate Data Storage Technology Pte Ltd.<sup>(d)</sup>  | Seagate Data Storage Technology Pte Ltd.<sup>(d)</sup>  | Seagate Data Storage Technology Pte Ltd.<sup>(d)</sup>  |
| 12/15/2029 | &nbsp;&nbsp; 8.250% | 714000 | &nbsp;&nbsp; 757955 |
| 07/15/2031 | &nbsp;&nbsp; 8.500% | 234000 | &nbsp;&nbsp; 248876 |
| Sensata Technologies BV<sup>(d)</sup>  | Sensata Technologies BV<sup>(d)</sup>  | Sensata Technologies BV<sup>(d)</sup>  | Sensata Technologies BV<sup>(d)</sup>  |
| 09/01/2030 | &nbsp;&nbsp; 5.875% | 270000 | &nbsp;&nbsp; 274508 |
| Shift4 Payments LLC/Finance Sub, Inc.<sup>(d)</sup>  | Shift4 Payments LLC/Finance Sub, Inc.<sup>(d)</sup>  | Shift4 Payments LLC/Finance Sub, Inc.<sup>(d)</sup>  | Shift4 Payments LLC/Finance Sub, Inc.<sup>(d)</sup>  |
| 08/15/2032 | &nbsp;&nbsp; 6.750% | 2772000 | &nbsp;&nbsp; 2862993 |
| Synaptics, Inc.<sup>(d)</sup>  | Synaptics, Inc.<sup>(d)</sup>  | Synaptics, Inc.<sup>(d)</sup>  | Synaptics, Inc.<sup>(d)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 4.000% | 1134000 | &nbsp;&nbsp; 1098023 |
| UKG, Inc.<sup>(d)</sup>  | UKG, Inc.<sup>(d)</sup>  | UKG, Inc.<sup>(d)</sup>  | UKG, Inc.<sup>(d)</sup>  |
| 02/01/2031 | &nbsp;&nbsp; 6.875% | 972000 | &nbsp;&nbsp; 1001075 |
| WEX, Inc.<sup>(d)</sup>  | WEX, Inc.<sup>(d)</sup>  | WEX, Inc.<sup>(d)</sup>  | WEX, Inc.<sup>(d)</sup>  |
| 03/15/2033 | &nbsp;&nbsp; 6.500% | 1031000 | &nbsp;&nbsp; 1056478 |
| WULF Compute LLC<sup>(d)</sup>  | WULF Compute LLC<sup>(d)</sup>  | WULF Compute LLC<sup>(d)</sup>  | WULF Compute LLC<sup>(d)</sup>  |
| 10/15/2030 | &nbsp;&nbsp; 7.750% | 626000 | &nbsp;&nbsp; 644837 |
| ZoomInfo Technologies LLC/Finance Corp.<sup>(d)</sup>  | ZoomInfo Technologies LLC/Finance Corp.<sup>(d)</sup>  | ZoomInfo Technologies LLC/Finance Corp.<sup>(d)</sup>  | ZoomInfo Technologies LLC/Finance Corp.<sup>(d)</sup>  |
| 02/01/2029 | &nbsp;&nbsp; 3.875% | 2169000 | &nbsp;&nbsp; 2050510 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **54773531** |
| **Transportation Services 0.5%** | **Transportation Services 0.5%** | **Transportation Services 0.5%** | **Transportation Services 0.5%** |
| Avis Budget Car Rental LLC/Finance, Inc.<sup>(d)</sup>  | Avis Budget Car Rental LLC/Finance, Inc.<sup>(d)</sup>  | Avis Budget Car Rental LLC/Finance, Inc.<sup>(d)</sup>  | Avis Budget Car Rental LLC/Finance, Inc.<sup>(d)</sup>  |
| 02/15/2031 | &nbsp;&nbsp; 8.000% | 1274000 | &nbsp;&nbsp; 1309721 |
| 06/15/2032 | &nbsp;&nbsp; 8.375% | 1074000 | &nbsp;&nbsp; 1109213 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2418934** |
| **Wireless 0.4%** | **Wireless 0.4%** | **Wireless 0.4%** | **Wireless 0.4%** |
| Vmed O2 UK Financing I PLC<sup>(d)</sup>  | Vmed O2 UK Financing I PLC<sup>(d)</sup>  | Vmed O2 UK Financing I PLC<sup>(d)</sup>  | Vmed O2 UK Financing I PLC<sup>(d)</sup>  |
| 01/31/2031 | &nbsp;&nbsp; 4.250% | 168000 | &nbsp;&nbsp; 153293 |
| 07/15/2031 | &nbsp;&nbsp; 4.750% | 1121000 | &nbsp;&nbsp; 1035844 |
| 04/15/2032 | &nbsp;&nbsp; 7.750% | 1031000 | &nbsp;&nbsp; 1073148 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2262285** |
| **Wirelines 1.3%** | **Wirelines 1.3%** | **Wirelines 1.3%** | **Wirelines 1.3%** |
| Fibercop SpA<sup>(d)</sup>  | Fibercop SpA<sup>(d)</sup>  | Fibercop SpA<sup>(d)</sup>  | Fibercop SpA<sup>(d)</sup>  |
| 07/18/2036 | &nbsp;&nbsp; 7.200% | 170000 | &nbsp;&nbsp; 170043 |
| Frontier Communications Holdings LLC<sup>(d)</sup>  | Frontier Communications Holdings LLC<sup>(d)</sup>  | Frontier Communications Holdings LLC<sup>(d)</sup>  | Frontier Communications Holdings LLC<sup>(d)</sup>  |
| 03/15/2031 | &nbsp;&nbsp; 8.625% | 945000 | &nbsp;&nbsp; 995470 |
| Iliad Holding SAS<sup>(d)</sup>  | Iliad Holding SAS<sup>(d)</sup>  | Iliad Holding SAS<sup>(d)</sup>  | Iliad Holding SAS<sup>(d)</sup>  |
| 10/15/2028 | &nbsp;&nbsp; 7.000% | 1594000 | &nbsp;&nbsp; 1617586 |
| Iliad Holding SASU<sup>(d)</sup>  | Iliad Holding SASU<sup>(d)</sup>  | Iliad Holding SASU<sup>(d)</sup>  | Iliad Holding SASU<sup>(d)</sup>  |
| 04/15/2031 | &nbsp;&nbsp; 8.500% | 476000 | &nbsp;&nbsp; 512845 |
| 04/15/2032 | &nbsp;&nbsp; 7.000% | 784000 | &nbsp;&nbsp; 808341 |
| Optics Bidco SpA<sup>(d)</sup>  | Optics Bidco SpA<sup>(d)</sup>  | Optics Bidco SpA<sup>(d)</sup>  | Optics Bidco SpA<sup>(d)</sup>  |
| 06/04/2038 | &nbsp;&nbsp; 7.721% | 585000 | &nbsp;&nbsp; 589597 |
| Windstream Escrow LLC/Finance Corp.<sup>(d)</sup>  | Windstream Escrow LLC/Finance Corp.<sup>(d)</sup>  | Windstream Escrow LLC/Finance Corp.<sup>(d)</sup>  | Windstream Escrow LLC/Finance Corp.<sup>(d)</sup>  |
| 10/01/2031 | &nbsp;&nbsp; 8.250% | 1296000 | &nbsp;&nbsp; 1360252 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Windstream Services LLC<sup>(d)</sup>  | Windstream Services LLC<sup>(d)</sup>  | Windstream Services LLC<sup>(d)</sup>  | Windstream Services LLC<sup>(d)</sup>  |
| 10/15/2033 | &nbsp;&nbsp; 7.500% | 660000 | &nbsp;&nbsp; 676423 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **6730557** |
| Total Corporate Bonds & Notes <br>(Cost $480,265,464) | Total Corporate Bonds & Notes <br>(Cost $480,265,464) | Total Corporate Bonds & Notes <br>(Cost $480,265,464) | &nbsp;&nbsp; **485955742** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Exchange-Traded Fixed Income Funds 1.3%** | **Exchange-Traded Fixed Income Funds 1.3%** | **Exchange-Traded Fixed Income Funds 1.3%** |
|  | **Shares** | **Value ($)** |
| **High Yield 1.3%** | **High Yield 1.3%** | **High Yield 1.3%** |
| Columbia Short Duration High Yield ETF<sup>(i)</sup> <br>| &nbsp;&nbsp; 345000 | &nbsp;&nbsp; 6991425 |
| Total Exchange-Traded Fixed Income Funds <br>(Cost $6,944,050) | Total Exchange-Traded Fixed Income Funds <br>(Cost $6,944,050) | &nbsp;&nbsp; **6991425** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Foreign Government Obligations**<sup>(j)</sup> **0.4%** | **Foreign Government Obligations**<sup>(j)</sup> **0.4%** | **Foreign Government Obligations**<sup>(j)</sup> **0.4%** | **Foreign Government Obligations**<sup>(j)</sup> **0.4%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Canada 0.4%** | **Canada 0.4%** | **Canada 0.4%** | **Canada 0.4%** |
| NOVA Chemicals Corp.<sup>(d)</sup>  | NOVA Chemicals Corp.<sup>(d)</sup>  | NOVA Chemicals Corp.<sup>(d)</sup>  | NOVA Chemicals Corp.<sup>(d)</sup>  |
| 11/15/2028 | &nbsp;&nbsp; 8.500% | 486000 | &nbsp;&nbsp; 508580 |
| 02/15/2030 | &nbsp;&nbsp; 9.000% | 915000 | &nbsp;&nbsp; 977119 |
| 12/01/2031 | &nbsp;&nbsp; 7.000% | 498000 | &nbsp;&nbsp; 530598 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2016297** |
| Total Foreign Government Obligations <br>(Cost $1,982,608) | Total Foreign Government Obligations <br>(Cost $1,982,608) | Total Foreign Government Obligations <br>(Cost $1,982,608) | &nbsp;&nbsp; **2016297** |
| **Senior Loans 1.6%** | **Senior Loans 1.6%** | **Senior Loans 1.6%** | **Senior Loans 1.6%** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Airlines 0.1%** | **Airlines 0.1%** | **Airlines 0.1%** | **Airlines 0.1%** |
| AAdvantage Loyalty IP Ltd./American Airlines, Inc.<sup>(k),(l)</sup>  | AAdvantage Loyalty IP Ltd./American Airlines, Inc.<sup>(k),(l)</sup>  | AAdvantage Loyalty IP Ltd./American Airlines, Inc.<sup>(k),(l)</sup>  | AAdvantage Loyalty IP Ltd./American Airlines, Inc.<sup>(k),(l)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 3.250% <br>05/28/2032<br>| &nbsp;&nbsp; 7.134% | 547250 | &nbsp;&nbsp; 549647 |
| **Building Materials 0.2%** | **Building Materials 0.2%** | **Building Materials 0.2%** | **Building Materials 0.2%** |
| CP Atlas Buyer, Inc.<sup>(k),(l)</sup>  | CP Atlas Buyer, Inc.<sup>(k),(l)</sup>  | CP Atlas Buyer, Inc.<sup>(k),(l)</sup>  | CP Atlas Buyer, Inc.<sup>(k),(l)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 1-month Term SOFR + 5.250% <br>07/08/2030<br>| &nbsp;&nbsp; 8.966% | 913482 | &nbsp;&nbsp; 881511 |
| **Chemicals 0.3%** | **Chemicals 0.3%** | **Chemicals 0.3%** | **Chemicals 0.3%** |
| Ineos Quattro Holdings UK Ltd.<sup>(k),(l)</sup>  | Ineos Quattro Holdings UK Ltd.<sup>(k),(l)</sup>  | Ineos Quattro Holdings UK Ltd.<sup>(k),(l)</sup>  | Ineos Quattro Holdings UK Ltd.<sup>(k),(l)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 1-month Term SOFR + 4.250% <br>04/02/2029<br>| &nbsp;&nbsp; 8.066% | 547215 | &nbsp;&nbsp; 383050 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Income Opportunities Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Ineos US Finance LLC<sup>(k),(l)</sup>  | Ineos US Finance LLC<sup>(k),(l)</sup>  | Ineos US Finance LLC<sup>(k),(l)</sup>  | Ineos US Finance LLC<sup>(k),(l)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 3.250% <br>02/18/2030<br>| &nbsp;&nbsp; 6.966% | 1602775 | &nbsp;&nbsp; 1292237 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1675287** |
| **Consumer Cyclical Services 0.2%** | **Consumer Cyclical Services 0.2%** | **Consumer Cyclical Services 0.2%** | **Consumer Cyclical Services 0.2%** |
| Arches Buyer, Inc.<sup>(k),(l)</sup>  | Arches Buyer, Inc.<sup>(k),(l)</sup>  | Arches Buyer, Inc.<sup>(k),(l)</sup>  | Arches Buyer, Inc.<sup>(k),(l)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 3.250% <br>Floor 0.500% <br>12/06/2027<br>| &nbsp;&nbsp; 7.066% | 1053906 | &nbsp;&nbsp; 1055361 |
| **Property & Casualty 0.4%** | **Property & Casualty 0.4%** | **Property & Casualty 0.4%** | **Property & Casualty 0.4%** |
| Broadstreet Partners, Inc.<sup>(k),(l)</sup>  | Broadstreet Partners, Inc.<sup>(k),(l)</sup>  | Broadstreet Partners, Inc.<sup>(k),(l)</sup>  | Broadstreet Partners, Inc.<sup>(k),(l)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 1-month Term SOFR + 2.750% <br>06/13/2031<br>| &nbsp;&nbsp; 6.466% | 1904955 | &nbsp;&nbsp; 1910460 |
| **Technology 0.4%** | **Technology 0.4%** | **Technology 0.4%** | **Technology 0.4%** |
| Ascend Learning LLC<sup>(k),(l)</sup>  | Ascend Learning LLC<sup>(k),(l)</sup>  | Ascend Learning LLC<sup>(k),(l)</sup>  | Ascend Learning LLC<sup>(k),(l)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 3.000% <br>Floor 0.500% <br>12/11/2028<br>| &nbsp;&nbsp; 6.716% | 774993 | &nbsp;&nbsp; 776792 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| McAfee Corp.<sup>(k),(l)</sup>  | McAfee Corp.<sup>(k),(l)</sup>  | McAfee Corp.<sup>(k),(l)</sup>  | McAfee Corp.<sup>(k),(l)</sup>  |
| Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan |
| 1-month Term SOFR + 3.000% <br>03/01/2029<br>| &nbsp;&nbsp; 6.716% | 1368837 | &nbsp;&nbsp; 1258905 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2035697** |
| Total Senior Loans <br>(Cost $8,544,677) | Total Senior Loans <br>(Cost $8,544,677) | Total Senior Loans <br>(Cost $8,544,677) | &nbsp;&nbsp; **8107963** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **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>(i),(m)</sup> <br>| &nbsp;&nbsp; 7276470 | &nbsp;&nbsp; 7274287 |
| Total Money Market Funds <br>(Cost $7,274,315) | Total Money Market Funds <br>(Cost $7,274,315) | &nbsp;&nbsp; **7274287** |
| **Total Investments in Securities** <br>**(Cost: $507,949,572)** | **Total Investments in Securities** <br>**(Cost: $507,949,572)** | &nbsp;&nbsp; **512986566** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **7751830** |
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **520738396** |

---

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) 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 $5, which represents less than 0.01% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Valuation based on significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At December 31, 2025, the total value of these securities amounted to $448,358,017, which represents 86.10% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Payment-in-kind security. Interest can be paid by issuing additional par of the security or in cash.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Perpetual security with no specified maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Represents a security in default.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Income Opportunities Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Notes to Portfolio of Investments (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;(i) 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($)**<br>| **Capital gain** <br>**distributions($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends —** <br>**affiliated** <br>**issuers ($)**<br>| **End of** <br>**period shares**<br>|
| Columbia Short Duration High Yield ETF  | Columbia Short Duration High Yield ETF  | Columbia Short Duration High Yield ETF  | Columbia Short Duration High Yield ETF  | Columbia Short Duration High Yield ETF  | Columbia Short Duration High Yield ETF  | Columbia Short Duration High Yield ETF  | Columbia Short Duration High Yield ETF  | Columbia Short Duration High Yield ETF  | Columbia Short Duration High Yield ETF  |
|  |  | 6944050 |  | 47375 | 6991425 | 3950 |  | 239696 | 345000 |
| 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%  | Columbia Short-Term Cash Fund, 3.825%  |
|  | 5623862 | 134711640 | (133061187)<br>| (28)<br>| 7274287 |  | (1283)<br>| 288117 | 7276470 |
| Total | 5623862 |  |  | 47347 | 14265712 | 3950 | (1283)<br>| 527813 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(j) Principal and interest may not be guaranteed by a governmental entity.

&nbsp;&nbsp;&nbsp;&nbsp;(k) The stated interest rate represents the weighted average interest rate at December 31, 2025 of contracts within the senior loan facility. Interest rates on contracts are primarily determined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period. Base lending rates may be subject to a floor or minimum rate. The interest rate for senior loans purchased on a when-issued or delayed delivery basis will be determined upon settlement, therefore no interest rate is disclosed. Senior loans often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay cannot be predicted with accuracy. As a result, remaining maturities of senior loans may be less than the stated maturities. Generally, the Fund is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan.

&nbsp;&nbsp;&nbsp;&nbsp;(l) Variable rate security. The interest rate shown was the current rate as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(m) The rate shown is the seven-day current annualized yield at December 31, 2025.

**Abbreviation Legend** 

SOFR Secured Overnight Financing Rate

**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 – Income Opportunities 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 |  |  |  |  |
| Communication Services | 175 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 180 |
| Consumer Discretionary | 24754 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24754 |
| Industrials | 8007 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8007 |
| Utilities |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0<br> \*<br>|
| Total Common Stocks | 32936 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 32941 |
| Convertible Bonds |  | &nbsp;&nbsp;&nbsp;&nbsp; 2607911 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2607911 |
| Corporate Bonds & Notes |  | &nbsp;&nbsp;&nbsp;&nbsp; 485955742 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 485955742 |
| Exchange-Traded Fixed Income Funds | 6991425 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6991425 |
| Foreign Government Obligations |  | &nbsp;&nbsp;&nbsp;&nbsp; 2016297 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2016297 |
| Senior Loans |  | &nbsp;&nbsp;&nbsp;&nbsp; 8107963 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8107963 |
| Money Market Funds | 7274287 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7274287 |
| Total Investments in Securities | 14298648 | &nbsp;&nbsp;&nbsp;&nbsp; 498687913 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 512986566 |

---

&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.

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 – Income Opportunities 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 $493,731,207) | $498720854 |
| Affiliated issuers (cost $14,218,365) | 14265712 |
| Cash | 140094 |
| Receivable for: |  |
| Capital shares sold | 57140 |
| Dividends | 23966 |
| Interest | 8376526 |
| Foreign tax reclaims | 16821 |
| Expense reimbursement due from Investment Manager | 677 |
| Prepaid expenses | 3652 |
| Total assets | 521605442 |
| **Liabilities** |  |
| Payable for: |  |
| Capital shares redeemed | 576270 |
| Management services fees | 9307 |
| Distribution and/or service fees | 571 |
| Service fees | 11047 |
| Compensation of chief compliance officer | 84 |
| Compensation of board members | 662 |
| Other expenses | 27449 |
| Deferred compensation of board members | 241656 |
| Total liabilities | 867046 |
| **Net assets applicable to outstanding capital stock** | **$520738396** |
| **Represented by** |  |
| Paid in capital | 496111941 |
| Total distributable earnings (loss) | 24626455 |
| **Total - representing net assets applicable to outstanding capital stock** | **$520738396** |
| **Class 1** |  |
| Net assets | $391577971 |
| Shares outstanding | 57840604 |
| Net asset value per share | $6.77 |
| **Class 2** |  |
| Net assets | $37348129 |
| Shares outstanding | 5567470 |
| Net asset value per share | $6.71 |
| **Class 3** |  |
| Net assets | $91812296 |
| Shares outstanding | 13446961 |
| Net asset value per share | $6.83 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Income Opportunities 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 | $1048 |
| Dividends — affiliated issuers | 527813 |
| Interest | 33007844 |
| Foreign taxes withheld | (6770)<br>|
| Total income | 33529935 |
| Expenses: |  |
| Management services fees | 3376669 |
| Distribution and/or service fees |  |
| Class 2 | 91629 |
| Class 3 | 115693 |
| Service fees | 80219 |
| Custodian fees | 9964 |
| Printing and postage fees | 17404 |
| Accounting services fees | 32423 |
| Legal fees | 26075 |
| Compensation of chief compliance officer | 137 |
| Compensation of board members | 16453 |
| Deferred compensation of board members | 32117 |
| Other | 15358 |
| Total expenses | 3814141 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates | (291590)<br>|
| Total net expenses | 3522551 |
| **Net investment income** | 30007384 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | (408137)<br>|
| Investments — affiliated issuers | (1283)<br>|
| Capital gain distributions from underlying affiliated funds | 3950 |
| Net realized loss | (405470)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 13251440 |
| Investments — affiliated issuers | 47347 |
| Net change in unrealized appreciation (depreciation) | 13298787 |
| Net realized and unrealized gain | 12893317 |
| **Net increase in net assets resulting from operations** | **$42900701** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Income Opportunities 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 | $30007384 | &nbsp;&nbsp; $9755393 |
| Net realized loss | (405470)<br>| &nbsp;&nbsp; (2633927)<br>|
| Net change in unrealized appreciation (depreciation) | 13298787 | &nbsp;&nbsp; (2818861)<br>|
| Net increase in net assets resulting from operations | 42900701 | &nbsp;&nbsp; 4302605 |
| **Distributions to shareholders** |  |  |
| Net investment income and net realized gains  |  |  |
| Class 1 | (7757147)<br>| &nbsp;&nbsp; (942010)<br>|
| Class 2 | (649826)<br>| &nbsp;&nbsp; (1880956)<br>|
| Class 3 | (1720842)<br>| &nbsp;&nbsp; (5163180)<br>|
| Total distributions to shareholders | (10127815)<br>| &nbsp;&nbsp; (7986146)<br>|
| Increase (decrease) in net assets from capital stock activity | (33555041)<br>| &nbsp;&nbsp; 377195652 |
| Total increase (decrease) in net assets | (782155)<br>| &nbsp;&nbsp; 373512111 |
| Net assets at beginning of year | 521520551 | &nbsp;&nbsp; 148008440 |
| **Net assets at end of year** | **$520738396** | &nbsp;&nbsp; **$521520551** |

---

&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 | 366242 | &nbsp;&nbsp;&nbsp;&nbsp; 2424111 | &nbsp;&nbsp;&nbsp;&nbsp; 59613590 | &nbsp;&nbsp;&nbsp;&nbsp; 382716511 |
| Distributions reinvested | 1182492 | &nbsp;&nbsp;&nbsp;&nbsp; 7757147 | &nbsp;&nbsp;&nbsp;&nbsp; 150963 | &nbsp;&nbsp;&nbsp;&nbsp; 942010 |
| Shares redeemed | (5389278)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (35049163)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (665744)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4243862)<br>|
| Net increase (decrease) | (3840544)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (24867905)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 59098809 | &nbsp;&nbsp;&nbsp;&nbsp; 379414659 |
| Class 2 |  |  |  |  |
| Shares sold | 426027 | &nbsp;&nbsp;&nbsp;&nbsp; 2768760 | &nbsp;&nbsp;&nbsp;&nbsp; 596686 | &nbsp;&nbsp;&nbsp;&nbsp; 3771131 |
| Distributions reinvested | 99820 | &nbsp;&nbsp;&nbsp;&nbsp; 649826 | &nbsp;&nbsp;&nbsp;&nbsp; 304362 | &nbsp;&nbsp;&nbsp;&nbsp; 1880956 |
| Shares redeemed | (636584)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4145353)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (679955)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4305692)<br>|
| Net increase (decrease) | (110737)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (726767)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 221093 | &nbsp;&nbsp;&nbsp;&nbsp; 1346395 |
| Class 3 |  |  |  |  |
| Shares sold | 274473 | &nbsp;&nbsp;&nbsp;&nbsp; 1829148 | &nbsp;&nbsp;&nbsp;&nbsp; 498199 | &nbsp;&nbsp;&nbsp;&nbsp; 3212010 |
| Distributions reinvested | 259946 | &nbsp;&nbsp;&nbsp;&nbsp; 1720842 | &nbsp;&nbsp;&nbsp;&nbsp; 820855 | &nbsp;&nbsp;&nbsp;&nbsp; 5163180 |
| Shares redeemed | (1739073)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11510359)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1853720)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11940592)<br>|
| Net decrease | (1204654)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7960369)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (534666)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3565402)<br>|
| **Total net increase (decrease)** | **(5155935)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(33555041)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **58785236** | &nbsp;&nbsp;&nbsp;&nbsp; **377195652** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Income Opportunities Fund \| 2025

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Columbia Variable Portfolio – Income Opportunities Fund \| 2025

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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 | $6.35<br>| 0.38<br>| 0.17<br>| 0.55<br>| &nbsp;&nbsp; (0.13) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.13) <br>|
| Year Ended 12/31/2024 | $6.35<br>| 0.36<br>| 0.01 <br><sup>(c)</sup><br>| 0.37<br>| &nbsp;&nbsp; (0.37) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.37) <br>|
| Year Ended 12/31/2023 | $6.00<br>| 0.34<br>| 0.34<br>| 0.68<br>| &nbsp;&nbsp; (0.33) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.33) <br>|
| Year Ended 12/31/2022 | $7.33<br>| 0.31<br>| &nbsp;&nbsp; (1.03) <br>| &nbsp;&nbsp; (0.72) <br>| &nbsp;&nbsp; (0.37) <br>| &nbsp;&nbsp; (0.24) <br>| &nbsp;&nbsp; (0.61) <br>|
| Year Ended 12/31/2021 | $7.71<br>| 0.33<br>| 0.01 <br><sup>(c)</sup><br>| 0.34<br>| &nbsp;&nbsp; (0.72) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.72) <br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $6.30<br>| 0.36<br>| 0.17<br>| 0.53<br>| &nbsp;&nbsp; (0.12) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.12) <br>|
| Year Ended 12/31/2024 | $6.30<br>| 0.34<br>| 0.01 <br><sup>(c)</sup><br>| 0.35<br>| &nbsp;&nbsp; (0.35) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.35) <br>|
| Year Ended 12/31/2023 | $5.95<br>| 0.32<br>| 0.34<br>| 0.66<br>| &nbsp;&nbsp; (0.31) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.31) <br>|
| Year Ended 12/31/2022 | $7.27<br>| 0.29<br>| &nbsp;&nbsp; (1.02) <br>| &nbsp;&nbsp; (0.73) <br>| &nbsp;&nbsp; (0.35) <br>| &nbsp;&nbsp; (0.24) <br>| &nbsp;&nbsp; (0.59) <br>|
| Year Ended 12/31/2021 | $7.66<br>| 0.30<br>| 0.01 <br><sup>(c)</sup><br>| 0.31<br>| &nbsp;&nbsp; (0.70) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.70) <br>|
| **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** |
| Year Ended 12/31/2025 | $6.41<br>| 0.38<br>| 0.17<br>| 0.55<br>| &nbsp;&nbsp; (0.13) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.13) <br>|
| Year Ended 12/31/2024 | $6.40<br>| 0.36<br>| 0.01 <br><sup>(c)</sup><br>| 0.37<br>| &nbsp;&nbsp; (0.36) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.36) <br>|
| Year Ended 12/31/2023 | $6.04<br>| 0.33<br>| 0.35<br>| 0.68<br>| &nbsp;&nbsp; (0.32) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.32) <br>|
| Year Ended 12/31/2022 | $7.38<br>| 0.30<br>| &nbsp;&nbsp; (1.04) <br>| &nbsp;&nbsp; (0.74) <br>| &nbsp;&nbsp; (0.36) <br>| &nbsp;&nbsp; (0.24) <br>| &nbsp;&nbsp; (0.60) <br>|
| Year Ended 12/31/2021 | $7.75<br>| 0.32<br>| 0.02 <br><sup>(c)</sup><br>| 0.34<br>| &nbsp;&nbsp; (0.71) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.71) <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. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Income Opportunities 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; $6.77<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.78%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.83%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 44%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $391578<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $6.35<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $391887<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $6.35<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.56%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.54%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $16407<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $6.00<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10.01%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.79%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $15940<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $7.33<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 50%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $19891<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; $6.71<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.43%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.58%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 44%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $37348<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $6.30<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.71%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $35756<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $6.30<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.29%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $34375<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $5.95<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10.22%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $32300<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $7.27<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.14%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.07%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 50%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $36232<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; $6.83<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.58%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.71%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 44%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $91812<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $6.41<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $93877<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $6.40<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.51%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.41%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $97226<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $6.04<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10.21%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.66%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $97202<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $7.38<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.48%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.19%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 50%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $124846<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Income Opportunities Fund \| 2025

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Notes to Financial Statements

December 31, 2025

Note 1. Organization

Columbia Variable Portfolio – Income Opportunities 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.

Debt securities generally are valued based on prices obtained from pricing services, which are intended to reflect market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not

Columbia Variable Portfolio – Income Opportunities Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Senior loan securities for which reliable market quotations are readily available are generally valued by pricing services at the average of the bids received.

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.

**Investments in senior loans** 

The Fund may invest in senior loan assignments. When the Fund purchases an assignment of a senior loan, the Fund typically has direct rights against the borrower; provided, however, that the Fund's rights may be more limited than the lender from which it acquired the assignment and the Fund may be able to enforce its rights only through an administrative agent. Although certain senior loan assignments are secured by collateral, the Fund could experience delays or limitations in realizing such collateral or have its interest subordinated to other indebtedness of the obligor. In the event that the administrator or collateral agent of a loan becomes insolvent or enters into receivership or bankruptcy, the Fund may incur costs and delays in realizing payment or may suffer a loss of principal and/or interest. The risk of loss is greater for unsecured or subordinated loans. In addition, senior loan assignments are vulnerable to market, economic or other conditions or events that may reduce the demand for senior loan assignments and certain senior loan assignments which were liquid when purchased, may become illiquid.

The Fund may enter into senior loan assignments where all or a portion of the loan may be unfunded. The Fund is obligated to fund these commitments at the borrower's discretion. These commitments, if any, are generally traded and priced in the same manner as other senior loan securities and are disclosed as unfunded senior loan commitments in the Fund's Portfolio of Investments with a corresponding payable for investments purchased. The Fund designates cash or liquid securities to cover these commitments.

Columbia Variable Portfolio – Income Opportunities Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

**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.

The trade date for senior loans purchased in the primary market is the date on which the loan is allocated. The trade date for senior loans purchased in the secondary market is the date on which the transaction is entered into.

**Income recognition**

Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted. For convertible securities, premiums attributable to the conversion feature are not amortized.

The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. The Fund may also adjust accrual rates when it becomes probable the full interest will not be collected and a partial payment will be received. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

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.

The value of additional securities received as an income payment through a payment-in-kind, if any, is recorded as interest income and increases the cost basis of such securities.

The Fund may receive other income from senior loans, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Fund. These amounts are included in Interest Income in the Statement of Operations.

Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.

**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.

Columbia Variable Portfolio – Income Opportunities Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

**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.

**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 0.66% to 0.40% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2025 was 0.65% of the Fund's average daily net assets.

The Investment Manager has contractually agreed to implement a waiver with respect to Fund assets invested in funds that pay a management or advisory fee to the Investment Manager or its affiliate (underlying affiliated funds). Under this arrangement, the Investment Manager waives its net management fee (management fee less reimbursements/waivers) with respect to the Fund in an amount equal to the net management or advisory fee (fee less reimbursement/waivers) payable by an underlying affiliated fund on the assets invested by the Fund in the underlying affiliated fund.

Columbia Variable Portfolio – Income Opportunities Fund \| 2025

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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;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.765 |

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Columbia Variable Portfolio – Income Opportunities Fund \| 2025

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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. 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, investments in partnerships and/or grantor trusts, principal and/or interest from fixed income securities, capital loss carryforwards, trustees' deferred compensation and re-characterization of distributions for investments. 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:

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| | | |
|:---|:---|:---|
| **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>|
| 336115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (336115)<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:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 ($)**<br>| **Total ($)** |
| 10127815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10127815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7986146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7986146 |

---

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>|
| 30023757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9766230)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4610584 |

---

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>|
| 508375982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8802122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4191538)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4610584 |

---

Columbia Variable Portfolio – Income Opportunities Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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 ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **No expiration** <br>**long-term ($)**<br>| **Total ($)** | **Utilized ($)** |
| (1035354)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8730876)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9766230)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

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 $225,371,643 and $241,795,020, 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.

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

Columbia Variable Portfolio – Income Opportunities Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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, affiliated shareholders of record owned 96.8% 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 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

Columbia Variable Portfolio – Income Opportunities Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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 – Income Opportunities 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 – Income Opportunities 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 – Income Opportunities 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 agent banks. 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 – Income Opportunities Fund \| 2025

------

**Columbia Variable Portfolio – Income Opportunities Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g59364imgb46a3a5e2.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.

ANN7011_12_E01_(02/26)

------

![](g59364img0e8b73bf1.jpg)

CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities 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_8055a1df-244e-4848-9a84-edd612b2956a_POI-CommonContent-Date-305_1) | 3 |
| [Statement of Assets and Liabilities](#xx_8055a1df-244e-4848-9a84-edd612b2956a_FS-CommonContent-Date-305_1) | 17 |
| [Statement of Operations](#xx_8055a1df-244e-4848-9a84-edd612b2956a_FS-CommonContent-Date-305_2) | 18 |
| [Statement of Changes in Net Assets](#xx_8055a1df-244e-4848-9a84-edd612b2956a_FS-CommonContent-Date-305_3) | 19 |
| [Financial Highlights](#xx_8055a1df-244e-4848-9a84-edd612b2956a_FIHI-CommonContent-Date-305_1) | 20 |
| [Notes to Financial Statements](#xx_8055a1df-244e-4848-9a84-edd612b2956a_NTF-CommonContent-Date-305_1) | 22 |
| [Report of Independent Registered Public Accounting Firm](#xx_8055a1df-244e-4848-9a84-edd612b2956a_AUD-CommonContent-Date-305_1) | 37 |

---

CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities 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;

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities — Non-Agency 0.2%** | **Asset-Backed Securities — Non-Agency 0.2%** | **Asset-Backed Securities — Non-Agency 0.2%** | **Asset-Backed Securities — Non-Agency 0.2%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **United States 0.2%** | **United States 0.2%** | **United States 0.2%** | **United States 0.2%** |
| Foundation Finance Trust<sup>(a)</sup>  | Foundation Finance Trust<sup>(a)</sup>  | Foundation Finance Trust<sup>(a)</sup>  | Foundation Finance Trust<sup>(a)</sup>  |
| Series 2025-3A Class A | Series 2025-3A Class A | Series 2025-3A Class A | Series 2025-3A Class A |
| 08/15/2052 | &nbsp;&nbsp; 4.560% | 97005 | &nbsp;&nbsp; 97260 |
| Total Asset-Backed Securities — Non-Agency <br>(Cost $97,002) | Total Asset-Backed Securities — Non-Agency <br>(Cost $97,002) | Total Asset-Backed Securities — Non-Agency <br>(Cost $97,002) | &nbsp;&nbsp; **97260** |
| **Commercial Mortgage-Backed Securities - Non-Agency 2.2%** | **Commercial Mortgage-Backed Securities - Non-Agency 2.2%** | **Commercial Mortgage-Backed Securities - Non-Agency 2.2%** | **Commercial Mortgage-Backed Securities - Non-Agency 2.2%** |
| **Cayman Islands 0.2%** | **Cayman Islands 0.2%** | **Cayman Islands 0.2%** | **Cayman Islands 0.2%** |
| AREIT Ltd.<sup>(a),(b)</sup>  | AREIT Ltd.<sup>(a),(b)</sup>  | AREIT Ltd.<sup>(a),(b)</sup>  | AREIT Ltd.<sup>(a),(b)</sup>  |
| Series 2024-CRE9 Class A | Series 2024-CRE9 Class A | Series 2024-CRE9 Class A | Series 2024-CRE9 Class A |
| 1-month Term SOFR + 1.686% <br>Floor 1.687% <br>05/17/2041<br>| &nbsp;&nbsp; 5.437% | 85470 | &nbsp;&nbsp; 85470 |
| CONE Trust<sup>(a),(b)</sup>  | CONE Trust<sup>(a),(b)</sup>  | CONE Trust<sup>(a),(b)</sup>  | CONE Trust<sup>(a),(b)</sup>  |
| Series 2024-DFW1 Class A | Series 2024-DFW1 Class A | Series 2024-DFW1 Class A | Series 2024-DFW1 Class A |
| 1-month Term SOFR + 1.642% <br>Floor 1.642% <br>08/15/2041<br>| &nbsp;&nbsp; 5.392% | 10000 | &nbsp;&nbsp; 9985 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **95455** |
| **United States 2.0%** | **United States 2.0%** | **United States 2.0%** | **United States 2.0%** |
| AMSR Trust<sup>(a)</sup>  | AMSR Trust<sup>(a)</sup>  | AMSR Trust<sup>(a)</sup>  | AMSR Trust<sup>(a)</sup>  |
| Subordinated Series 2022-SFR3 Class D | Subordinated Series 2022-SFR3 Class D | Subordinated Series 2022-SFR3 Class D | Subordinated Series 2022-SFR3 Class D |
| 10/17/2039 | &nbsp;&nbsp; 4.000% | 155000 | &nbsp;&nbsp; 151770 |
| BFLD Mortgage Trust<sup>(a),(b)</sup>  | BFLD Mortgage Trust<sup>(a),(b)</sup>  | BFLD Mortgage Trust<sup>(a),(b)</sup>  | BFLD Mortgage Trust<sup>(a),(b)</sup>  |
| Series 2024-VICT Class A | Series 2024-VICT Class A | Series 2024-VICT Class A | Series 2024-VICT Class A |
| 1-month Term SOFR + 1.890% <br>Floor 1.890% <br>07/15/2041<br>| &nbsp;&nbsp; 5.640% | 15000 | &nbsp;&nbsp; 15066 |
| BX Commercial Mortgage Trust<sup>(a),(b)</sup>  | BX Commercial Mortgage Trust<sup>(a),(b)</sup>  | BX Commercial Mortgage Trust<sup>(a),(b)</sup>  | BX Commercial Mortgage Trust<sup>(a),(b)</sup>  |
| Series 2024-MF Class A | Series 2024-MF Class A | Series 2024-MF Class A | Series 2024-MF Class A |
| 1-month Term SOFR + 1.442% <br>Floor 1.442% <br>02/15/2039<br>| &nbsp;&nbsp; 5.192% | 88546 | &nbsp;&nbsp; 88627 |
| BX Trust<sup>(a),(c)</sup>  | BX Trust<sup>(a),(c)</sup>  | BX Trust<sup>(a),(c)</sup>  | BX Trust<sup>(a),(c)</sup>  |
| Series 2025-ARIA Class A | Series 2025-ARIA Class A | Series 2025-ARIA Class A | Series 2025-ARIA Class A |
| 12/13/2042 | &nbsp;&nbsp; 5.031% | 100000 | &nbsp;&nbsp; 100644 |
| BX Trust<sup>(a),(b)</sup>  | BX Trust<sup>(a),(b)</sup>  | BX Trust<sup>(a),(b)</sup>  | BX Trust<sup>(a),(b)</sup>  |
| Series 2025-OMG Class A | Series 2025-OMG Class A | Series 2025-OMG Class A | Series 2025-OMG Class A |
| 1-month Term SOFR + 1.350% <br>Floor 1.350% <br>10/15/2027<br>| &nbsp;&nbsp; 5.100% | 44000 | &nbsp;&nbsp; 44009 |
| CIP Commercial Mortgage Trust<sup>(a),(b)</sup>  | CIP Commercial Mortgage Trust<sup>(a),(b)</sup>  | CIP Commercial Mortgage Trust<sup>(a),(b)</sup>  | CIP Commercial Mortgage Trust<sup>(a),(b)</sup>  |
| Series 2025-SBAY Class A | Series 2025-SBAY Class A | Series 2025-SBAY Class A | Series 2025-SBAY Class A |
| 1-month Term SOFR + 1.400% <br>Floor 1.400% <br>10/15/2037<br>| &nbsp;&nbsp; 5.150% | 100000 | &nbsp;&nbsp; 100000 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Commercial Mortgage-Backed Securities - Non-Agency (continued)** | **Commercial Mortgage-Backed Securities - Non-Agency (continued)** | **Commercial Mortgage-Backed Securities - Non-Agency (continued)** | **Commercial Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| COMM Mortgage Trust<sup>(a),(b)</sup>  | COMM Mortgage Trust<sup>(a),(b)</sup>  | COMM Mortgage Trust<sup>(a),(b)</sup>  | COMM Mortgage Trust<sup>(a),(b)</sup>  |
| Series 2024-WCL1 Class A | Series 2024-WCL1 Class A | Series 2024-WCL1 Class A | Series 2024-WCL1 Class A |
| 1-month Term SOFR + 1.841% <br>Floor 1.841% <br>06/15/2041<br>| &nbsp;&nbsp; 5.592% | 30000 | &nbsp;&nbsp; 29988 |
| DBC Mortgage Trust<sup>(a),(b)</sup>  | DBC Mortgage Trust<sup>(a),(b)</sup>  | DBC Mortgage Trust<sup>(a),(b)</sup>  | DBC Mortgage Trust<sup>(a),(b)</sup>  |
| Series 2025-DBC Class A | Series 2025-DBC Class A | Series 2025-DBC Class A | Series 2025-DBC Class A |
| 1-month Term SOFR + 1.350% <br>Floor 1.350% <br>06/15/2038<br>| &nbsp;&nbsp; 5.100% | 100000 | &nbsp;&nbsp; 100062 |
| DBGS<sup>(a),(b)</sup>  | DBGS<sup>(a),(b)</sup>  | DBGS<sup>(a),(b)</sup>  | DBGS<sup>(a),(b)</sup>  |
| Series 2024-SBL Class A | Series 2024-SBL Class A | Series 2024-SBL Class A | Series 2024-SBL Class A |
| 1-month Term SOFR + 1.882% <br>Floor 1.882% <br>08/15/2034<br>| &nbsp;&nbsp; 5.633% | 100000 | &nbsp;&nbsp; 100000 |
| DGWD Trust<sup>(a),(b)</sup>  | DGWD Trust<sup>(a),(b)</sup>  | DGWD Trust<sup>(a),(b)</sup>  | DGWD Trust<sup>(a),(b)</sup>  |
| Series 2025-INFL Class A | Series 2025-INFL Class A | Series 2025-INFL Class A | Series 2025-INFL Class A |
| 1-month Term SOFR + 1.600% <br>Floor 1.600% <br>08/15/2035<br>| &nbsp;&nbsp; 5.559% | 100000 | &nbsp;&nbsp; 100335 |
| LQR Trust<sup>(b)</sup>  | LQR Trust<sup>(b)</sup>  | LQR Trust<sup>(b)</sup>  | LQR Trust<sup>(b)</sup>  |
| Series 2025-CALI Class A | Series 2025-CALI Class A | Series 2025-CALI Class A | Series 2025-CALI Class A |
| 1-month Term SOFR + 1.600% <br>Floor 1.600% <br>01/15/2043<br>| &nbsp;&nbsp; 5.350% | 25000 | &nbsp;&nbsp; 25000 |
| New Residential Mortgage Loan Trust<sup>(a)</sup>  | New Residential Mortgage Loan Trust<sup>(a)</sup>  | New Residential Mortgage Loan Trust<sup>(a)</sup>  | New Residential Mortgage Loan Trust<sup>(a)</sup>  |
| Subordinated CMO Series 2022-SFR2 Class D | Subordinated CMO Series 2022-SFR2 Class D | Subordinated CMO Series 2022-SFR2 Class D | Subordinated CMO Series 2022-SFR2 Class D |
| 09/04/2039 | &nbsp;&nbsp; 4.000% | 155000 | &nbsp;&nbsp; 151956 |
| Progress Residential Trust<sup>(a)</sup>  | Progress Residential Trust<sup>(a)</sup>  | Progress Residential Trust<sup>(a)</sup>  | Progress Residential Trust<sup>(a)</sup>  |
| Subordinated Series 2022-SFR7 Class D | Subordinated Series 2022-SFR7 Class D | Subordinated Series 2022-SFR7 Class D | Subordinated Series 2022-SFR7 Class D |
| 10/27/2039 | &nbsp;&nbsp; 5.500% | 200000 | &nbsp;&nbsp; 200055 |
| UNIV Trust<sup>(a),(b)</sup>  | UNIV Trust<sup>(a),(b)</sup>  | UNIV Trust<sup>(a),(b)</sup>  | UNIV Trust<sup>(a),(b)</sup>  |
| Series 2025-APTS Class A | Series 2025-APTS Class A | Series 2025-APTS Class A | Series 2025-APTS Class A |
| 1-month Term SOFR + 1.650% <br>Floor 1.650% <br>11/15/2030<br>| &nbsp;&nbsp; 5.600% | 100000 | &nbsp;&nbsp; 100124 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1307636** |
| Total Commercial Mortgage-Backed Securities - Non-Agency <br>(Cost $1,376,800) | Total Commercial Mortgage-Backed Securities - Non-Agency <br>(Cost $1,376,800) | Total Commercial Mortgage-Backed Securities - Non-Agency <br>(Cost $1,376,800) | &nbsp;&nbsp; **1403091** |
| **Corporate Bonds & Notes 0.3%** | **Corporate Bonds & Notes 0.3%** | **Corporate Bonds & Notes 0.3%** | **Corporate Bonds & Notes 0.3%** |
| **United States 0.3%** | **United States 0.3%** | **United States 0.3%** | **United States 0.3%** |
| Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP |
| 08/15/2034 | &nbsp;&nbsp; 5.750% | 38000 | &nbsp;&nbsp; 39687 |
| Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. |
| 04/18/2034 | &nbsp;&nbsp; 5.400% | 88000 | &nbsp;&nbsp; 90107 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Vistra Operations Co. LLC<sup>(a)</sup>  | Vistra Operations Co. LLC<sup>(a)</sup>  | Vistra Operations Co. LLC<sup>(a)</sup>  | Vistra Operations Co. LLC<sup>(a)</sup>  | Vistra Operations Co. LLC<sup>(a)</sup>  |
| 04/15/2034 | &nbsp;&nbsp; 6.000% |  | 55000 | &nbsp;&nbsp; 57724 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **187518** |
| Total Corporate Bonds & Notes <br>(Cost $182,795) | Total Corporate Bonds & Notes <br>(Cost $182,795) | Total Corporate Bonds & Notes <br>(Cost $182,795) | Total Corporate Bonds & Notes <br>(Cost $182,795) | &nbsp;&nbsp; **187518** |
| **Foreign Government Obligations**<sup>(d),(e)</sup> **1.0%** | **Foreign Government Obligations**<sup>(d),(e)</sup> **1.0%** | **Foreign Government Obligations**<sup>(d),(e)</sup> **1.0%** | **Foreign Government Obligations**<sup>(d),(e)</sup> **1.0%** | **Foreign Government Obligations**<sup>(d),(e)</sup> **1.0%** |
| **Japan 0.3%** | **Japan 0.3%** | **Japan 0.3%** | **Japan 0.3%** | **Japan 0.3%** |
| Japan Government Thirty-Year Bond | Japan Government Thirty-Year Bond | Japan Government Thirty-Year Bond | Japan Government Thirty-Year Bond | Japan Government Thirty-Year Bond |
| 12/20/2054 | &nbsp;&nbsp; 2.300% | JPY | 14200000 | &nbsp;&nbsp; 72774 |
| 03/20/2055 | &nbsp;&nbsp; 2.400% | JPY | 21850000 | &nbsp;&nbsp; 114544 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **187318** |
| **Mexico 0.6%** | **Mexico 0.6%** | **Mexico 0.6%** | **Mexico 0.6%** | **Mexico 0.6%** |
| Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
| 02/12/2034 | &nbsp;&nbsp; 3.500% |  | 200000 | &nbsp;&nbsp; 172802 |
| 05/13/2037 | &nbsp;&nbsp; 6.875% |  | 200000 | &nbsp;&nbsp; 213467 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **386269** |
| **United Kingdom 0.1%** | **United Kingdom 0.1%** | **United Kingdom 0.1%** | **United Kingdom 0.1%** | **United Kingdom 0.1%** |
| United Kingdom Gilt<sup>(a)</sup>  | United Kingdom Gilt<sup>(a)</sup>  | United Kingdom Gilt<sup>(a)</sup>  | United Kingdom Gilt<sup>(a)</sup>  | United Kingdom Gilt<sup>(a)</sup>  |
| 12/07/2055 | &nbsp;&nbsp; 4.250% | GBP | 80000 | &nbsp;&nbsp; 92702 |
| Total Foreign Government Obligations <br>(Cost $694,924) | Total Foreign Government Obligations <br>(Cost $694,924) | Total Foreign Government Obligations <br>(Cost $694,924) | Total Foreign Government Obligations <br>(Cost $694,924) | &nbsp;&nbsp; **666289** |
| **Inflation-Indexed Bonds**<sup>(d)</sup> **90.9%** | **Inflation-Indexed Bonds**<sup>(d)</sup> **90.9%** | **Inflation-Indexed Bonds**<sup>(d)</sup> **90.9%** | **Inflation-Indexed Bonds**<sup>(d)</sup> **90.9%** | **Inflation-Indexed Bonds**<sup>(d)</sup> **90.9%** |
| **Australia 1.0%** | **Australia 1.0%** | **Australia 1.0%** | **Australia 1.0%** | **Australia 1.0%** |
| Australia Government Bond<sup>(a)</sup>  | Australia Government Bond<sup>(a)</sup>  | Australia Government Bond<sup>(a)</sup>  | Australia Government Bond<sup>(a)</sup>  | Australia Government Bond<sup>(a)</sup>  |
| 11/21/2027 | &nbsp;&nbsp; 0.750% | AUD | 199724 | &nbsp;&nbsp; 132235 |
| 09/20/2030 | &nbsp;&nbsp; 2.500% | AUD | 209241 | &nbsp;&nbsp; 143796 |
| 11/21/2032 | &nbsp;&nbsp; 0.250% | AUD | 138942 | &nbsp;&nbsp; 81425 |
| 08/21/2035 | &nbsp;&nbsp; 2.000% | AUD | 201553 | &nbsp;&nbsp; 129646 |
| 08/21/2040 | &nbsp;&nbsp; 1.250% | AUD | 180057 | &nbsp;&nbsp; 99262 |
| 02/21/2050 | &nbsp;&nbsp; 1.000% | AUD | 126405 | &nbsp;&nbsp; 56131 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **642495** |
| **Canada 1.3%** | **Canada 1.3%** | **Canada 1.3%** | **Canada 1.3%** | **Canada 1.3%** |
| Canadian Government Real Return Bond | Canadian Government Real Return Bond | Canadian Government Real Return Bond | Canadian Government Real Return Bond | Canadian Government Real Return Bond |
| 12/01/2031 | &nbsp;&nbsp; 4.000% | CAD | 208021 | &nbsp;&nbsp; 175348 |
| 12/01/2036 | &nbsp;&nbsp; 3.000% | CAD | 192599 | &nbsp;&nbsp; 160691 |
| 12/01/2041 | &nbsp;&nbsp; 2.000% | CAD | 178351 | &nbsp;&nbsp; 134550 |
| 12/01/2044 | &nbsp;&nbsp; 1.500% | CAD | 221639 | &nbsp;&nbsp; 153495 |
| 12/01/2047 | &nbsp;&nbsp; 1.250% | CAD | 194407 | &nbsp;&nbsp; 126253 |
| 12/01/2050 | &nbsp;&nbsp; 0.500% | CAD | 203498 | &nbsp;&nbsp; 108142 |
| 12/01/2054 | &nbsp;&nbsp; 0.250% | CAD | 41423 | &nbsp;&nbsp; 19558 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **878037** |
| **Denmark 0.3%** | **Denmark 0.3%** | **Denmark 0.3%** | **Denmark 0.3%** | **Denmark 0.3%** |
| Denmark Inflation-Linked Government Bond<sup>(a)</sup>  | Denmark Inflation-Linked Government Bond<sup>(a)</sup>  | Denmark Inflation-Linked Government Bond<sup>(a)</sup>  | Denmark Inflation-Linked Government Bond<sup>(a)</sup>  | Denmark Inflation-Linked Government Bond<sup>(a)</sup>  |
| 11/15/2030 | &nbsp;&nbsp; 0.100% | DKK | 875912 | &nbsp;&nbsp; 131956 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Inflation-Indexed Bonds**<sup>(d)</sup> **(continued)** | **Inflation-Indexed Bonds**<sup>(d)</sup> **(continued)** | **Inflation-Indexed Bonds**<sup>(d)</sup> **(continued)** | **Inflation-Indexed Bonds**<sup>(d)</sup> **(continued)** | **Inflation-Indexed Bonds**<sup>(d)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Denmark Inflation-Linked Government Bond | Denmark Inflation-Linked Government Bond | Denmark Inflation-Linked Government Bond | Denmark Inflation-Linked Government Bond | Denmark Inflation-Linked Government Bond |
| 11/15/2034 | &nbsp;&nbsp; 0.100% | DKK | 283137 | &nbsp;&nbsp; 40751 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **172707** |
| **France 9.4%** | **France 9.4%** | **France 9.4%** | **France 9.4%** | **France 9.4%** |
| France Government Bond OAT<sup>(a)</sup>  | France Government Bond OAT<sup>(a)</sup>  | France Government Bond OAT<sup>(a)</sup>  | France Government Bond OAT<sup>(a)</sup>  | France Government Bond OAT<sup>(a)</sup>  |
| 07/25/2027 | &nbsp;&nbsp; 1.850% | EUR | 674779 | &nbsp;&nbsp; 809519 |
| 07/25/2029 | &nbsp;&nbsp; 3.400% | EUR | 285253 | &nbsp;&nbsp; 361754 |
| 07/25/2030 | &nbsp;&nbsp; 0.700% | EUR | 439212 | &nbsp;&nbsp; 511022 |
| 07/25/2032 | &nbsp;&nbsp; 3.150% | EUR | 445956 | &nbsp;&nbsp; 588208 |
| 07/25/2047 | &nbsp;&nbsp; 0.100% | EUR | 57856 | &nbsp;&nbsp; 43566 |
| French Republic Government Bond OAT<sup>(a)</sup>  | French Republic Government Bond OAT<sup>(a)</sup>  | French Republic Government Bond OAT<sup>(a)</sup>  | French Republic Government Bond OAT<sup>(a)</sup>  | French Republic Government Bond OAT<sup>(a)</sup>  |
| 03/01/2028 | &nbsp;&nbsp; 0.100% | EUR | 395469 | &nbsp;&nbsp; 454007 |
| 03/01/2029 | &nbsp;&nbsp; 0.100% | EUR | 564141 | &nbsp;&nbsp; 647005 |
| 07/25/2031 | &nbsp;&nbsp; 0.100% | EUR | 295109 | &nbsp;&nbsp; 328220 |
| 03/01/2032 | &nbsp;&nbsp; 0.100% | EUR | 207319 | &nbsp;&nbsp; 223364 |
| 07/25/2034 | &nbsp;&nbsp; 0.600% | EUR | 223452 | &nbsp;&nbsp; 243762 |
| 03/01/2036 | &nbsp;&nbsp; 0.100% | EUR | 287115 | &nbsp;&nbsp; 282083 |
| 07/25/2036 | &nbsp;&nbsp; 0.100% | EUR | 525822 | &nbsp;&nbsp; 522446 |
| 07/25/2038 | &nbsp;&nbsp; 0.100% | EUR | 199206 | &nbsp;&nbsp; 188395 |
| 03/01/2039 | &nbsp;&nbsp; 0.550% | EUR | 116272 | &nbsp;&nbsp; 113313 |
| 07/25/2040 | &nbsp;&nbsp; 1.800% | EUR | 458835 | &nbsp;&nbsp; 529603 |
| 07/25/2043 | &nbsp;&nbsp; 0.950% | EUR | 147141 | &nbsp;&nbsp; 144328 |
| 07/25/2053 | &nbsp;&nbsp; 0.100% | EUR | 241462 | &nbsp;&nbsp; 160482 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **6151077** |
| **Germany 1.9%** | **Germany 1.9%** | **Germany 1.9%** | **Germany 1.9%** | **Germany 1.9%** |
| Bundesrepublik Deutschland Bundesobligation Inflation-Linked Bond<sup>(a)</sup>  | Bundesrepublik Deutschland Bundesobligation Inflation-Linked Bond<sup>(a)</sup>  | Bundesrepublik Deutschland Bundesobligation Inflation-Linked Bond<sup>(a)</sup>  | Bundesrepublik Deutschland Bundesobligation Inflation-Linked Bond<sup>(a)</sup>  | Bundesrepublik Deutschland Bundesobligation Inflation-Linked Bond<sup>(a)</sup>  |
| 04/15/2030 | &nbsp;&nbsp; 0.500% | EUR | 540201 | &nbsp;&nbsp; 627468 |
| Deutsche Bundesrepublik Inflation-Linked Bond<sup>(a)</sup>  | Deutsche Bundesrepublik Inflation-Linked Bond<sup>(a)</sup>  | Deutsche Bundesrepublik Inflation-Linked Bond<sup>(a)</sup>  | Deutsche Bundesrepublik Inflation-Linked Bond<sup>(a)</sup>  | Deutsche Bundesrepublik Inflation-Linked Bond<sup>(a)</sup>  |
| 04/15/2033 | &nbsp;&nbsp; 0.100% | EUR | 240907 | &nbsp;&nbsp; 267288 |
| 04/15/2046 | &nbsp;&nbsp; 0.100% | EUR | 366240 | &nbsp;&nbsp; 331794 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **1226550** |
| **Italy 6.6%** | **Italy 6.6%** | **Italy 6.6%** | **Italy 6.6%** | **Italy 6.6%** |
| Italy Buoni Poliennali Del Tesoro<sup>(a)</sup>  | Italy Buoni Poliennali Del Tesoro<sup>(a)</sup>  | Italy Buoni Poliennali Del Tesoro<sup>(a)</sup>  | Italy Buoni Poliennali Del Tesoro<sup>(a)</sup>  | Italy Buoni Poliennali Del Tesoro<sup>(a)</sup>  |
| 05/15/2028 | &nbsp;&nbsp; 1.300% | EUR | 420686 | &nbsp;&nbsp; 498889 |
| 05/15/2029 | &nbsp;&nbsp; 1.500% | EUR | 432811 | &nbsp;&nbsp; 517225 |
| 09/15/2032 | &nbsp;&nbsp; 1.250% | EUR | 429798 | &nbsp;&nbsp; 505042 |
| 05/15/2033 | &nbsp;&nbsp; 0.100% | EUR | 449062 | &nbsp;&nbsp; 477175 |
| 09/15/2035 | &nbsp;&nbsp; 2.350% | EUR | 230997 | &nbsp;&nbsp; 291367 |
| 05/15/2036 | &nbsp;&nbsp; 1.800% | EUR | 281389 | &nbsp;&nbsp; 330100 |
| 05/15/2039 | &nbsp;&nbsp; 2.400% | EUR | 164768 | &nbsp;&nbsp; 201344 |
| 09/15/2041 | &nbsp;&nbsp; 2.550% | EUR | 475874 | &nbsp;&nbsp; 600186 |
| 05/15/2051 | &nbsp;&nbsp; 0.150% | EUR | 166753 | &nbsp;&nbsp; 116234 |
| 05/15/2056 | &nbsp;&nbsp; 2.550% | EUR | 235382 | &nbsp;&nbsp; 277931 |
| Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro |
| 05/15/2030 | &nbsp;&nbsp; 0.400% | EUR | 455064 | &nbsp;&nbsp; 520431 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **4335924** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Inflation-Indexed Bonds**<sup>(d)</sup> **(continued)** | **Inflation-Indexed Bonds**<sup>(d)</sup> **(continued)** | **Inflation-Indexed Bonds**<sup>(d)</sup> **(continued)** | **Inflation-Indexed Bonds**<sup>(d)</sup> **(continued)** | **Inflation-Indexed Bonds**<sup>(d)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Japan 1.9%** | **Japan 1.9%** | **Japan 1.9%** | **Japan 1.9%** | **Japan 1.9%** |
| Japanese Government CPI-Linked Bond | Japanese Government CPI-Linked Bond | Japanese Government CPI-Linked Bond | Japanese Government CPI-Linked Bond | Japanese Government CPI-Linked Bond |
| 03/10/2027 | &nbsp;&nbsp; 0.100% | JPY | 37237525 | &nbsp;&nbsp; 240999 |
| 03/10/2028 | &nbsp;&nbsp; 0.100% | JPY | 21347964 | &nbsp;&nbsp; 138360 |
| 03/10/2029 | &nbsp;&nbsp; 0.100% | JPY | 48377901 | &nbsp;&nbsp; 312100 |
| 03/10/2031 | &nbsp;&nbsp; 0.005% | JPY | 18548892 | &nbsp;&nbsp; 121462 |
| 03/10/2032 | &nbsp;&nbsp; 0.005% | JPY | 15774234 | &nbsp;&nbsp; 101575 |
| 03/10/2033 | &nbsp;&nbsp; 0.005% | JPY | 16872476 | &nbsp;&nbsp; 106759 |
| 03/10/2034 | &nbsp;&nbsp; 0.005% | JPY | 28389150 | &nbsp;&nbsp; 177940 |
| 03/10/2035 | &nbsp;&nbsp; 0.005% | JPY | 9492975 | &nbsp;&nbsp; 58938 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **1258133** |
| **New Zealand 0.5%** | **New Zealand 0.5%** | **New Zealand 0.5%** | **New Zealand 0.5%** | **New Zealand 0.5%** |
| New Zealand Government Inflation-Linked Bond<sup>(a)</sup>  | New Zealand Government Inflation-Linked Bond<sup>(a)</sup>  | New Zealand Government Inflation-Linked Bond<sup>(a)</sup>  | New Zealand Government Inflation-Linked Bond<sup>(a)</sup>  | New Zealand Government Inflation-Linked Bond<sup>(a)</sup>  |
| 09/20/2030 | &nbsp;&nbsp; 3.000% | NZD | 122975 | &nbsp;&nbsp; 75018 |
| 09/20/2035 | &nbsp;&nbsp; 2.500% | NZD | 212584 | &nbsp;&nbsp; 122452 |
| 09/20/2050 | &nbsp;&nbsp; 3.250% | NZD | 40334 | &nbsp;&nbsp; 23644 |
| New Zealand Government Inflation-Linked Bond | New Zealand Government Inflation-Linked Bond | New Zealand Government Inflation-Linked Bond | New Zealand Government Inflation-Linked Bond | New Zealand Government Inflation-Linked Bond |
| 09/20/2040 | &nbsp;&nbsp; 2.500% | NZD | 137139 | &nbsp;&nbsp; 75124 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **296238** |
| **Spain 3.1%** | **Spain 3.1%** | **Spain 3.1%** | **Spain 3.1%** | **Spain 3.1%** |
| Spain Government Inflation-Linked Bond<sup>(a)</sup>  | Spain Government Inflation-Linked Bond<sup>(a)</sup>  | Spain Government Inflation-Linked Bond<sup>(a)</sup>  | Spain Government Inflation-Linked Bond<sup>(a)</sup>  | Spain Government Inflation-Linked Bond<sup>(a)</sup>  |
| 11/30/2027 | &nbsp;&nbsp; 0.650% | EUR | 423700 | &nbsp;&nbsp; 498464 |
| 11/30/2030 | &nbsp;&nbsp; 1.000% | EUR | 508132 | &nbsp;&nbsp; 599663 |
| 11/30/2033 | &nbsp;&nbsp; 0.700% | EUR | 542719 | &nbsp;&nbsp; 611508 |
| 11/30/2036 | &nbsp;&nbsp; 1.150% | EUR | 114455 | &nbsp;&nbsp; 129233 |
| 11/30/2039 | &nbsp;&nbsp; 2.050% | EUR | 151921 | &nbsp;&nbsp; 185205 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **2024073** |
| **Sweden 0.5%** | **Sweden 0.5%** | **Sweden 0.5%** | **Sweden 0.5%** | **Sweden 0.5%** |
| Sweden Inflation-Linked Bond | Sweden Inflation-Linked Bond | Sweden Inflation-Linked Bond | Sweden Inflation-Linked Bond | Sweden Inflation-Linked Bond |
| 12/01/2028 | &nbsp;&nbsp; 3.500% | SEK | 1440265 | &nbsp;&nbsp; 166910 |
| Sweden Inflation-Linked Bond<sup>(a)</sup>  | Sweden Inflation-Linked Bond<sup>(a)</sup>  | Sweden Inflation-Linked Bond<sup>(a)</sup>  | Sweden Inflation-Linked Bond<sup>(a)</sup>  | Sweden Inflation-Linked Bond<sup>(a)</sup>  |
| 06/01/2030 | &nbsp;&nbsp; 0.125% | SEK | 448784 | &nbsp;&nbsp; 46903 |
| 06/01/2032 | &nbsp;&nbsp; 0.125% | SEK | 802869 | &nbsp;&nbsp; 82307 |
| 06/01/2039 | &nbsp;&nbsp; 0.125% | SEK | 307127 | &nbsp;&nbsp; 28748 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **324868** |
| **United Kingdom 20.0%** | **United Kingdom 20.0%** | **United Kingdom 20.0%** | **United Kingdom 20.0%** | **United Kingdom 20.0%** |
| United Kingdom Gilt Inflation-Linked Bond<sup>(a)</sup>  | United Kingdom Gilt Inflation-Linked Bond<sup>(a)</sup>  | United Kingdom Gilt Inflation-Linked Bond<sup>(a)</sup>  | United Kingdom Gilt Inflation-Linked Bond<sup>(a)</sup>  | United Kingdom Gilt Inflation-Linked Bond<sup>(a)</sup>  |
| 11/22/2027 | &nbsp;&nbsp; 1.250% | GBP | 619288 | &nbsp;&nbsp; 843654 |
| 08/10/2028 | &nbsp;&nbsp; 0.125% | GBP | 503352 | &nbsp;&nbsp; 669736 |
| 03/22/2029 | &nbsp;&nbsp; 0.125% | GBP | 489046 | &nbsp;&nbsp; 644597 |
| 07/22/2030 | &nbsp;&nbsp; 4.125% | GBP | 282913 | &nbsp;&nbsp; 435011 |
| 08/10/2031 | &nbsp;&nbsp; 0.125% | GBP | 395463 | &nbsp;&nbsp; 507613 |
| 11/22/2032 | &nbsp;&nbsp; 1.250% | GBP | 187628 | &nbsp;&nbsp; 252888 |
| 03/22/2034 | &nbsp;&nbsp; 0.750% | GBP | 508747 | &nbsp;&nbsp; 647131 |
| 01/26/2035 | &nbsp;&nbsp; 2.000% | GBP | 417886 | &nbsp;&nbsp; 579445 |
| 11/22/2037 | &nbsp;&nbsp; 1.125% | GBP | 483458 | &nbsp;&nbsp; 606746 |
| 03/22/2039 | &nbsp;&nbsp; 0.125% | GBP | 528597 | &nbsp;&nbsp; 565887 |
| 03/22/2040 | &nbsp;&nbsp; 0.625% | GBP | 526837 | &nbsp;&nbsp; 595485 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Inflation-Indexed Bonds**<sup>(d)</sup> **(continued)** | **Inflation-Indexed Bonds**<sup>(d)</sup> **(continued)** | **Inflation-Indexed Bonds**<sup>(d)</sup> **(continued)** | **Inflation-Indexed Bonds**<sup>(d)</sup> **(continued)** | **Inflation-Indexed Bonds**<sup>(d)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| 08/10/2041 | &nbsp;&nbsp; 0.125% | GBP | 349133 | &nbsp;&nbsp; 355993 |
| 11/22/2042 | &nbsp;&nbsp; 0.625% | GBP | 469788 | &nbsp;&nbsp; 509779 |
| 03/22/2044 | &nbsp;&nbsp; 0.125% | GBP | 520967 | &nbsp;&nbsp; 495496 |
| 03/22/2046 | &nbsp;&nbsp; 0.125% | GBP | 425117 | &nbsp;&nbsp; 386728 |
| 11/22/2047 | &nbsp;&nbsp; 0.750% | GBP | 449211 | &nbsp;&nbsp; 464325 |
| 08/10/2048 | &nbsp;&nbsp; 0.125% | GBP | 333578 | &nbsp;&nbsp; 290640 |
| 03/22/2050 | &nbsp;&nbsp; 0.500% | GBP | 491295 | &nbsp;&nbsp; 460974 |
| 03/22/2051 | &nbsp;&nbsp; 0.125% | GBP | 297816 | &nbsp;&nbsp; 246643 |
| 03/22/2052 | &nbsp;&nbsp; 0.250% | GBP | 412364 | &nbsp;&nbsp; 349688 |
| 11/22/2055 | &nbsp;&nbsp; 1.250% | GBP | 417575 | &nbsp;&nbsp; 458095 |
| 11/22/2056 | &nbsp;&nbsp; 0.125% | GBP | 210404 | &nbsp;&nbsp; 160242 |
| 03/22/2058 | &nbsp;&nbsp; 0.125% | GBP | 337527 | &nbsp;&nbsp; 251832 |
| 03/22/2062 | &nbsp;&nbsp; 0.375% | GBP | 414605 | &nbsp;&nbsp; 328243 |
| 11/22/2065 | &nbsp;&nbsp; 0.125% | GBP | 247161 | &nbsp;&nbsp; 167566 |
| 03/22/2068 | &nbsp;&nbsp; 0.125% | GBP | 392676 | &nbsp;&nbsp; 261583 |
| 03/22/2073 | &nbsp;&nbsp; 0.125% | GBP | 132135 | &nbsp;&nbsp; 91731 |
| United Kingdom Inflation-Linked Gilt<sup>(a)</sup>  | United Kingdom Inflation-Linked Gilt<sup>(a)</sup>  | United Kingdom Inflation-Linked Gilt<sup>(a)</sup>  | United Kingdom Inflation-Linked Gilt<sup>(a)</sup>  | United Kingdom Inflation-Linked Gilt<sup>(a)</sup>  |
| 11/22/2033 | &nbsp;&nbsp; 0.750% | GBP | 311921 | &nbsp;&nbsp; 400045 |
| 09/22/2035 | &nbsp;&nbsp; 1.125% | GBP | 229297 | &nbsp;&nbsp; 295767 |
| 03/22/2045 | &nbsp;&nbsp; 0.625% | GBP | 302243 | &nbsp;&nbsp; 312816 |
| 09/22/2049 | &nbsp;&nbsp; 1.875% | GBP | 72758 | &nbsp;&nbsp; 93911 |
| 11/22/2054 | &nbsp;&nbsp; 1.250% | GBP | 295933 | &nbsp;&nbsp; 325404 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **13055694** |
| **United States 44.4%** | **United States 44.4%** | **United States 44.4%** | **United States 44.4%** | **United States 44.4%** |
| U.S. Treasury Inflation-Indexed Bond | U.S. Treasury Inflation-Indexed Bond | U.S. Treasury Inflation-Indexed Bond | U.S. Treasury Inflation-Indexed Bond | U.S. Treasury Inflation-Indexed Bond |
| 01/15/2027 | &nbsp;&nbsp; 2.375% |  | 185677 | &nbsp;&nbsp; 187229 |
| 10/15/2027 | &nbsp;&nbsp; 1.625% |  | 483630 | &nbsp;&nbsp; 487352 |
| 01/15/2028 | &nbsp;&nbsp; 0.500% |  | 269152 | &nbsp;&nbsp; 264452 |
| 01/15/2028 | &nbsp;&nbsp; 1.750% |  | 489579 | &nbsp;&nbsp; 493309 |
| 04/15/2028 | &nbsp;&nbsp; 1.250% |  | 900990 | &nbsp;&nbsp; 897470 |
| 04/15/2028 | &nbsp;&nbsp; 3.625% |  | 666346 | &nbsp;&nbsp; 699351 |
| 07/15/2028 | &nbsp;&nbsp; 0.750% |  | 556473 | &nbsp;&nbsp; 550017 |
| 01/15/2029 | &nbsp;&nbsp; 0.875% |  | 154741 | &nbsp;&nbsp; 152420 |
| 01/15/2029 | &nbsp;&nbsp; 2.500% |  | 398097 | &nbsp;&nbsp; 411066 |
| 04/15/2029 | &nbsp;&nbsp; 2.125% |  | 873733 | &nbsp;&nbsp; 892573 |
| 04/15/2029 | &nbsp;&nbsp; 3.875% |  | 742740 | &nbsp;&nbsp; 800476 |
| 07/15/2029 | &nbsp;&nbsp; 0.250% |  | 1031065 | &nbsp;&nbsp; 993850 |
| 10/15/2029 | &nbsp;&nbsp; 1.625% |  | 855771 | &nbsp;&nbsp; 864429 |
| 01/15/2030 | &nbsp;&nbsp; 0.125% |  | 835256 | &nbsp;&nbsp; 792515 |
| 04/15/2030 | &nbsp;&nbsp; 1.625% |  | 1307202 | &nbsp;&nbsp; 1314198 |
| 07/15/2030 | &nbsp;&nbsp; 0.125% |  | 1079458 | &nbsp;&nbsp; 1019244 |
| 10/15/2030 | &nbsp;&nbsp; 1.125% |  | 946213 | &nbsp;&nbsp; 932242 |
| 01/15/2031 | &nbsp;&nbsp; 0.125% |  | 1357118 | &nbsp;&nbsp; 1265725 |
| 07/15/2031 | &nbsp;&nbsp; 0.125% |  | 1087291 | &nbsp;&nbsp; 1007910 |
| 01/15/2032 | &nbsp;&nbsp; 0.125% |  | 1133499 | &nbsp;&nbsp; 1036000 |
| 04/15/2032 | &nbsp;&nbsp; 3.375% |  | 194445 | &nbsp;&nbsp; 214718 |
| 07/15/2032 | &nbsp;&nbsp; 0.625% |  | 1036601 | &nbsp;&nbsp; 973028 |
| 01/15/2033 | &nbsp;&nbsp; 1.125% |  | 1065763 | &nbsp;&nbsp; 1023049 |
| 07/15/2033 | &nbsp;&nbsp; 1.375% |  | 938088 | &nbsp;&nbsp; 914819 |
| 01/15/2034 | &nbsp;&nbsp; 1.750% |  | 1042302 | &nbsp;&nbsp; 1036765 |
| 07/15/2034 | &nbsp;&nbsp; 1.875% |  | 1119646 | &nbsp;&nbsp; 1124544 |
| 02/15/2040 | &nbsp;&nbsp; 2.125% |  | 155164 | &nbsp;&nbsp; 153655 |
| 02/15/2041 | &nbsp;&nbsp; 2.125% |  | 698815 | &nbsp;&nbsp; 684129 |
| 02/15/2042 | &nbsp;&nbsp; 0.750% |  | 899172 | &nbsp;&nbsp; 699949 |
| 02/15/2043 | &nbsp;&nbsp; 0.625% |  | 608975 | &nbsp;&nbsp; 453210 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Inflation-Indexed Bonds**<sup>(d)</sup> **(continued)** | **Inflation-Indexed Bonds**<sup>(d)</sup> **(continued)** | **Inflation-Indexed Bonds**<sup>(d)</sup> **(continued)** | **Inflation-Indexed Bonds**<sup>(d)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| 02/15/2044 | &nbsp;&nbsp; 1.375% | 614720 | &nbsp;&nbsp; 514708 |
| 02/15/2045 | &nbsp;&nbsp; 0.750% | 622224 | &nbsp;&nbsp; 453592 |
| 02/15/2046 | &nbsp;&nbsp; 1.000% | 535930 | &nbsp;&nbsp; 403895 |
| 02/15/2047 | &nbsp;&nbsp; 0.875% | 465357 | &nbsp;&nbsp; 335475 |
| 02/15/2048 | &nbsp;&nbsp; 1.000% | 495146 | &nbsp;&nbsp; 361611 |
| 02/15/2049 | &nbsp;&nbsp; 1.000% | 375246 | &nbsp;&nbsp; 269913 |
| 02/15/2050 | &nbsp;&nbsp; 0.250% | 386273 | &nbsp;&nbsp; 222243 |
| 02/15/2051 | &nbsp;&nbsp; 0.125% | 425214 | &nbsp;&nbsp; 229582 |
| 02/15/2052 | &nbsp;&nbsp; 0.125% | 407861 | &nbsp;&nbsp; 215465 |
| 02/15/2053 | &nbsp;&nbsp; 1.500% | 410764 | &nbsp;&nbsp; 320139 |
| 02/15/2054 | &nbsp;&nbsp; 2.125% | 541074 | &nbsp;&nbsp; 486354 |
| 02/15/2055 | &nbsp;&nbsp; 2.375% | 190896 | &nbsp;&nbsp; 181135 |
| U.S. Treasury Inflation-Indexed Bond<sup>(f)</sup>  | U.S. Treasury Inflation-Indexed Bond<sup>(f)</sup>  | U.S. Treasury Inflation-Indexed Bond<sup>(f)</sup>  | U.S. Treasury Inflation-Indexed Bond<sup>(f)</sup>  |
| 01/15/2035 | &nbsp;&nbsp; 2.125% | 1299992 | &nbsp;&nbsp; 1323453 |
| 07/15/2035 | &nbsp;&nbsp; 1.875% | 1366912 | &nbsp;&nbsp; 1363602 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **29020861** |
| Total Inflation-Indexed Bonds <br>(Cost $64,845,279) | Total Inflation-Indexed Bonds <br>(Cost $64,845,279) | Total Inflation-Indexed Bonds <br>(Cost $64,845,279) | &nbsp;&nbsp; **59386657** |
| **Residential Mortgage-Backed Securities - Agency 4.7%** | **Residential Mortgage-Backed Securities - Agency 4.7%** | **Residential Mortgage-Backed Securities - Agency 4.7%** | **Residential Mortgage-Backed Securities - Agency 4.7%** |
| **United States 4.7%** | **United States 4.7%** | **United States 4.7%** | **United States 4.7%** |
| Fannie Mae Pool | Fannie Mae Pool | Fannie Mae Pool | Fannie Mae Pool |
| 09/01/2052 | &nbsp;&nbsp; 3.500% | 367538 | &nbsp;&nbsp; 340623 |
| Fannie Mae REMICS<sup>(b)</sup>  | Fannie Mae REMICS<sup>(b)</sup>  | Fannie Mae REMICS<sup>(b)</sup>  | Fannie Mae REMICS<sup>(b)</sup>  |
| CMO Series 2024-88 Class FC | CMO Series 2024-88 Class FC | CMO Series 2024-88 Class FC | CMO Series 2024-88 Class FC |
| 30-day Average SOFR + 1.400% <br>Floor 1.400%, Cap 6.500% <br>12/25/2054<br>| &nbsp;&nbsp; 5.274% | 27592 | &nbsp;&nbsp; 27800 |
| CMO Series 2025-13 Class FB | CMO Series 2025-13 Class FB | CMO Series 2025-13 Class FB | CMO Series 2025-13 Class FB |
| 30-day Average SOFR + 1.300% <br>Floor 1.300%, Cap 6.500% <br>03/25/2055<br>| &nbsp;&nbsp; 5.174% | 77407 | &nbsp;&nbsp; 77893 |
| CMO Series 2025-2 Class FG | CMO Series 2025-2 Class FG | CMO Series 2025-2 Class FG | CMO Series 2025-2 Class FG |
| 30-day Average SOFR + 1.450% <br>Floor 1.450%, Cap 6.500% <br>02/25/2055<br>| &nbsp;&nbsp; 5.324% | 44172 | &nbsp;&nbsp; 44575 |
| CMO Series 2025-35 Class FJ | CMO Series 2025-35 Class FJ | CMO Series 2025-35 Class FJ | CMO Series 2025-35 Class FJ |
| 30-day Average SOFR + 1.600% <br>Floor 1.600%, Cap 6.500% <br>05/25/2055<br>| &nbsp;&nbsp; 5.474% | 61720 | &nbsp;&nbsp; 62403 |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| 10/01/2054 | &nbsp;&nbsp; 5.500% | 170977 | &nbsp;&nbsp; 173440 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 11/01/2054 | &nbsp;&nbsp; 3.500% | 370654 | &nbsp;&nbsp; 343510 |
| 11/01/2054 | &nbsp;&nbsp; 5.000% | 769725 | &nbsp;&nbsp; 768092 |
| Freddie Mac REMICS<sup>(b)</sup>  | Freddie Mac REMICS<sup>(b)</sup>  | Freddie Mac REMICS<sup>(b)</sup>  | Freddie Mac REMICS<sup>(b)</sup>  |
| CMO Series 2025-5482 Class FA | CMO Series 2025-5482 Class FA | CMO Series 2025-5482 Class FA | CMO Series 2025-5482 Class FA |
| 30-day Average SOFR + 1.450% <br>Floor 1.450%, Cap 6.500% <br>12/25/2054<br>| &nbsp;&nbsp; 5.324% | 265302 | &nbsp;&nbsp; 267489 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 5471L Class FM | CMO Series 5471L Class FM | CMO Series 5471L Class FM | CMO Series 5471L Class FM |
| 30-day Average SOFR + 1.400% <br>Floor 1.400%, Cap 6.500% <br>11/25/2054<br>| &nbsp;&nbsp; 5.274% | 182159 | &nbsp;&nbsp; 183570 |
| CMO Series 5478 Class FD | CMO Series 5478 Class FD | CMO Series 5478 Class FD | CMO Series 5478 Class FD |
| 30-day Average SOFR + 1.400% <br>Floor 1.400%, Cap 6.500% <br>02/25/2054<br>| &nbsp;&nbsp; 5.274% | 23447 | &nbsp;&nbsp; 23628 |
| CMO Series 5482 Class FB | CMO Series 5482 Class FB | CMO Series 5482 Class FB | CMO Series 5482 Class FB |
| 30-day Average SOFR + 1.500% <br>Floor 1.500%, Cap 6.500% <br>12/25/2054<br>| &nbsp;&nbsp; 5.374% | 36004 | &nbsp;&nbsp; 36359 |
| CMO Series 5500 Class DF | CMO Series 5500 Class DF | CMO Series 5500 Class DF | CMO Series 5500 Class DF |
| 30-day Average SOFR + 1.350% <br>Floor 1.350%, Cap 6.500% <br>10/25/2054<br>| &nbsp;&nbsp; 5.224% | 28014 | &nbsp;&nbsp; 28220 |
| CMO Series 5508B Class FE | CMO Series 5508B Class FE | CMO Series 5508B Class FE | CMO Series 5508B Class FE |
| 30-day Average SOFR + 1.600% <br>Floor 1.600%, Cap 6.500% <br>02/25/2055<br>| &nbsp;&nbsp; 5.474% | 30660 | &nbsp;&nbsp; 30988 |
| Uniform Mortgage-Backed Security TBA<sup>(g)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(g)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(g)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(g)</sup>  |
| 01/14/2056 | &nbsp;&nbsp; 5.500% | 671000 | &nbsp;&nbsp; 680382 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3088972** |
| Total Residential Mortgage-Backed Securities - Agency <br>(Cost $3,065,360) | Total Residential Mortgage-Backed Securities - Agency <br>(Cost $3,065,360) | Total Residential Mortgage-Backed Securities - Agency <br>(Cost $3,065,360) | &nbsp;&nbsp; **3088972** |
| **Residential Mortgage-Backed Securities - Non-Agency 1.7%** | **Residential Mortgage-Backed Securities - Non-Agency 1.7%** | **Residential Mortgage-Backed Securities - Non-Agency 1.7%** | **Residential Mortgage-Backed Securities - Non-Agency 1.7%** |
| **United States 1.7%** | **United States 1.7%** | **United States 1.7%** | **United States 1.7%** |
| ACRA Trust<sup>(a),(h)</sup>  | ACRA Trust<sup>(a),(h)</sup>  | ACRA Trust<sup>(a),(h)</sup>  | ACRA Trust<sup>(a),(h)</sup>  |
| CMO Series 2024-NQM1 Class A1 | CMO Series 2024-NQM1 Class A1 | CMO Series 2024-NQM1 Class A1 | CMO Series 2024-NQM1 Class A1 |
| 10/25/2064 | &nbsp;&nbsp; 5.608% | 119213 | &nbsp;&nbsp; 120284 |
| Cross Mortgage Trust<sup>(a),(c)</sup>  | Cross Mortgage Trust<sup>(a),(c)</sup>  | Cross Mortgage Trust<sup>(a),(c)</sup>  | Cross Mortgage Trust<sup>(a),(c)</sup>  |
| CMO Series 2025-H1 Class A1 | CMO Series 2025-H1 Class A1 | CMO Series 2025-H1 Class A1 | CMO Series 2025-H1 Class A1 |
| 02/25/2070 | &nbsp;&nbsp; 5.735% | 83428 | &nbsp;&nbsp; 84384 |
| CSMC Trust<sup>(a),(c)</sup>  | CSMC Trust<sup>(a),(c)</sup>  | CSMC Trust<sup>(a),(c)</sup>  | CSMC Trust<sup>(a),(c)</sup>  |
| CMO Series 2022-NQM5 Class A1 | CMO Series 2022-NQM5 Class A1 | CMO Series 2022-NQM5 Class A1 | CMO Series 2022-NQM5 Class A1 |
| 05/25/2067 | &nbsp;&nbsp; 5.169% | 200878 | &nbsp;&nbsp; 200676 |
| EFMT<sup>(a),(h)</sup>  | EFMT<sup>(a),(h)</sup>  | EFMT<sup>(a),(h)</sup>  | EFMT<sup>(a),(h)</sup>  |
| CMO Series 2025-NQM6 Class A1A | CMO Series 2025-NQM6 Class A1A | CMO Series 2025-NQM6 Class A1A | CMO Series 2025-NQM6 Class A1A |
| 12/25/2070 | &nbsp;&nbsp; 5.001% | 100000 | &nbsp;&nbsp; 100097 |
| Ellington Financial Mortgage Trust<sup>(a),(c)</sup>  | Ellington Financial Mortgage Trust<sup>(a),(c)</sup>  | Ellington Financial Mortgage Trust<sup>(a),(c)</sup>  | Ellington Financial Mortgage Trust<sup>(a),(c)</sup>  |
| CMO Series 2021-3 Class A1 | CMO Series 2021-3 Class A1 | CMO Series 2021-3 Class A1 | CMO Series 2021-3 Class A1 |
| 09/25/2066 | &nbsp;&nbsp; 1.241% | 102399 | &nbsp;&nbsp; 86448 |
| MFA Trust<sup>(a),(h)</sup>  | MFA Trust<sup>(a),(h)</sup>  | MFA Trust<sup>(a),(h)</sup>  | MFA Trust<sup>(a),(h)</sup>  |
| CMO Series 2025-NQM3 Class A1 | CMO Series 2025-NQM3 Class A1 | CMO Series 2025-NQM3 Class A1 | CMO Series 2025-NQM3 Class A1 |
| 08/25/2070 | &nbsp;&nbsp; 5.261% | 101368 | &nbsp;&nbsp; 101724 |
| PRKCM Trust<sup>(a),(c)</sup>  | PRKCM Trust<sup>(a),(c)</sup>  | PRKCM Trust<sup>(a),(c)</sup>  | PRKCM Trust<sup>(a),(c)</sup>  |
| CMO Series 2022-AFC2 Class A1 | CMO Series 2022-AFC2 Class A1 | CMO Series 2022-AFC2 Class A1 | CMO Series 2022-AFC2 Class A1 |
| 08/25/2057 | &nbsp;&nbsp; 5.335% | 63409 | &nbsp;&nbsp; 63420 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| SG Residential Mortgage Trust<sup>(a),(c)</sup>  | SG Residential Mortgage Trust<sup>(a),(c)</sup>  | SG Residential Mortgage Trust<sup>(a),(c)</sup>  | SG Residential Mortgage Trust<sup>(a),(c)</sup>  |
| CMO Series 2021-1 Class A1 | CMO Series 2021-1 Class A1 | CMO Series 2021-1 Class A1 | CMO Series 2021-1 Class A1 |
| 07/25/2061 | &nbsp;&nbsp; 1.160% | 125163 | &nbsp;&nbsp; 104394 |
| CMO Series 2025-1 Class A1 | CMO Series 2025-1 Class A1 | CMO Series 2025-1 Class A1 | CMO Series 2025-1 Class A1 |
| 12/25/2065 | &nbsp;&nbsp; 5.098% | 100000 | &nbsp;&nbsp; 100138 |
| SG Residential Mortgage Trust<sup>(a),(h)</sup>  | SG Residential Mortgage Trust<sup>(a),(h)</sup>  | SG Residential Mortgage Trust<sup>(a),(h)</sup>  | SG Residential Mortgage Trust<sup>(a),(h)</sup>  |
| CMO Series 2022-2 Class A1 | CMO Series 2022-2 Class A1 | CMO Series 2022-2 Class A1 | CMO Series 2022-2 Class A1 |
| 08/25/2062 | &nbsp;&nbsp; 5.353% | 72408 | &nbsp;&nbsp; 72473 |
| Verus Securitization Trust<sup>(a),(h)</sup>  | Verus Securitization Trust<sup>(a),(h)</sup>  | Verus Securitization Trust<sup>(a),(h)</sup>  | Verus Securitization Trust<sup>(a),(h)</sup>  |
| CMO Series 2025-12 Class A1LC | CMO Series 2025-12 Class A1LC | CMO Series 2025-12 Class A1LC | CMO Series 2025-12 Class A1LC |
| 12/25/2070 | &nbsp;&nbsp; 5.110% | 100000 | &nbsp;&nbsp; 100196 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1134234** |
| Total Residential Mortgage-Backed Securities - Non-Agency <br>(Cost $1,116,474) | Total Residential Mortgage-Backed Securities - Non-Agency <br>(Cost $1,116,474) | Total Residential Mortgage-Backed Securities - Non-Agency <br>(Cost $1,116,474) | &nbsp;&nbsp; **1134234** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Call Option Contracts Purchased 0.0%** | **Call Option Contracts Purchased 0.0%** |
|  | **Value ($)** |
| (Cost $1,787) | &nbsp;&nbsp; **1569** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **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>(i),(j)</sup> <br>| &nbsp;&nbsp; 20401 | &nbsp;&nbsp; 20395 |
| Total Money Market Funds <br>(Cost $20,395) | Total Money Market Funds <br>(Cost $20,395) | &nbsp;&nbsp; **20395** |
| **Total Investments in Securities** <br>**(Cost $71,400,816)** | **Total Investments in Securities** <br>**(Cost $71,400,816)** | &nbsp;&nbsp; **65985985** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **(681594)**<br>|
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **$65304391** |

---

At December 31, 2025, securities and/or cash totaling $370,464 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>|
| 997,000 AUD | &nbsp;&nbsp;&nbsp;&nbsp; 647,667 USD | Citi | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (17682)<br>|
| 25,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp; 18,189 USD | Citi | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (25)<br>|
| 110,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 146,402 USD | Citi | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1873)<br>|
| 229,650,000 JPY | &nbsp;&nbsp;&nbsp;&nbsp; 1,471,842 USD | Citi | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5741 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 561,000 NZD | &nbsp;&nbsp;&nbsp;&nbsp; 318,380 USD | Citi | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4616)<br>|
| 3,761,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp; 395,862 USD | Citi | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (12653)<br>|
| 172,961 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,098,000 DKK | Citi | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (201)<br>|
| 218,434 USD | &nbsp;&nbsp;&nbsp;&nbsp; 186,848 EUR | Citi | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1150 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 14,095,487 USD | &nbsp;&nbsp;&nbsp;&nbsp; 11,980,000 EUR | Citi | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16591)<br>|
| 398,914 USD | &nbsp;&nbsp;&nbsp;&nbsp; 300,000 GBP | Citi | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5471 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 13,250,193 USD | &nbsp;&nbsp;&nbsp;&nbsp; 9,818,000 GBP | Citi | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16020)<br>|
| 329,850 USD | &nbsp;&nbsp;&nbsp;&nbsp; 3,033,000 SEK | Citi | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (408)<br>|
| 1,098,000 DKK | &nbsp;&nbsp;&nbsp;&nbsp; 173,253 USD | Citi | 02/03/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 184 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 11,932,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 14,058,282 USD | Citi | 02/03/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 15842 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 9,818,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 13,249,674 USD | Citi | 02/03/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 15975 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3,033,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp; 330,355 USD | Citi | 02/03/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 162,000 USD | &nbsp;&nbsp;&nbsp;&nbsp; 25,082,460 JPY | Citi | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (872)<br>|
| 10,000 AUD | &nbsp;&nbsp;&nbsp;&nbsp; 6,642 USD | Deutsche Bank | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (32)<br>|
| 1,494,092 CAD | &nbsp;&nbsp;&nbsp;&nbsp; 1,063,833 USD | Deutsche Bank | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (24719)<br>|
| 1,098,000 DKK | &nbsp;&nbsp;&nbsp;&nbsp; 170,668 USD | Deutsche Bank | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2092)<br>|
| 12,203,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 14,176,614 USD | Deutsche Bank | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (164351)<br>|
| 10,189,650 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 13,471,777 USD | Deutsche Bank | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (263362)<br>|
| 9,067 USD | &nbsp;&nbsp;&nbsp;&nbsp; 13,821 AUD | Deutsche Bank | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 157 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 660,109 USD | &nbsp;&nbsp;&nbsp;&nbsp; 985,000 AUD | Deutsche Bank | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2769)<br>|
| 66,373 USD | &nbsp;&nbsp;&nbsp;&nbsp; 91,558 CAD | Deutsche Bank | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 334 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,041,529 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,427,000 CAD | Deutsche Bank | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1858)<br>|
| 40,083 USD | &nbsp;&nbsp;&nbsp;&nbsp; 34,400 EUR | Deutsche Bank | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 344 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 240,701 USD | &nbsp;&nbsp;&nbsp;&nbsp; 180,487 GBP | Deutsche Bank | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2586 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,466,049 USD | &nbsp;&nbsp;&nbsp;&nbsp; 229,010,000 JPY | Deutsche Bank | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4034)<br>|
| 322,889 USD | &nbsp;&nbsp;&nbsp;&nbsp; 557,000 NZD | Deutsche Bank | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2197)<br>|
| 77,542 USD | &nbsp;&nbsp;&nbsp;&nbsp; 728,000 SEK | Deutsche Bank | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1533 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities 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>|
| 985,000 AUD | &nbsp;&nbsp;&nbsp;&nbsp; 660,180 USD | Deutsche Bank | 02/03/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2726 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,427,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp; 1,042,886 USD | Deutsche Bank | 02/03/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1807 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 52,366 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 70,431 USD | Deutsche Bank | 02/03/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (153)<br>|
| 229,010,000 JPY | &nbsp;&nbsp;&nbsp;&nbsp; 1,469,888 USD | Deutsche Bank | 02/03/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3966 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 522,000 NZD | &nbsp;&nbsp;&nbsp;&nbsp; 303,000 USD | Deutsche Bank | 02/03/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2070 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 6,687 USD | &nbsp;&nbsp;&nbsp;&nbsp; 10,025 AUD | Deutsche Bank | 02/03/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 142,356 USD | &nbsp;&nbsp;&nbsp;&nbsp; 195,000 CAD | Deutsche Bank | 02/03/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (92)<br>|
| 236,802 USD | &nbsp;&nbsp;&nbsp;&nbsp; 201,427 EUR | Deutsche Bank | 02/03/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 252 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 127,757 USD | &nbsp;&nbsp;&nbsp;&nbsp; 95,000 GBP | Deutsche Bank | 02/03/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 294 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 11,633 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,818,883 JPY | Deutsche Bank | 02/03/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3,885 USD | &nbsp;&nbsp;&nbsp;&nbsp; 6,748 NZD | Deutsche Bank | 02/03/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3,897 USD | &nbsp;&nbsp;&nbsp;&nbsp; 35,863 SEK | Deutsche Bank | 02/03/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 69,000 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,250,315 MXN | Deutsche Bank | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (57)<br>|
| Total |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 60847 | &nbsp;&nbsp;&nbsp;&nbsp; (536657)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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>|
| 3-Month SOFR | 17 | 03/2027 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 4117825 | &nbsp;&nbsp;&nbsp;&nbsp; 1878 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3-Month SOFR | 5 | 03/2027 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1211125 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (444)<br>|
| Australian 3-Year Bond | 11 | 03/2026 | AUD | &nbsp;&nbsp;&nbsp;&nbsp; 1154951 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (522)<br>|
| Canadian Government 10-Year Bond | 2 | 03/2026 | CAD | &nbsp;&nbsp;&nbsp;&nbsp; 241820 | &nbsp;&nbsp;&nbsp;&nbsp; 341 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Euro-Bund | 2 | 03/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 255140 | &nbsp;&nbsp;&nbsp;&nbsp; 567 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Long Gilt | 7 | 03/2026 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; 639590 | &nbsp;&nbsp;&nbsp;&nbsp; 5020 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 10-Year Note | 2 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 224875 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1456)<br>|
| U.S. Treasury 2-Year Note | 16 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3340625 | &nbsp;&nbsp;&nbsp;&nbsp; 662 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 5-Year Note | 11 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1202352 | &nbsp;&nbsp;&nbsp;&nbsp; 784 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 5-Year Note | 2 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 218609 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (81)<br>|
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9252 | &nbsp;&nbsp;&nbsp;&nbsp; (2503)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short 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>|
| 3-Month SOFR | (3) | 03/2029 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (723863)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 214 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Australian 10-Year Bond | (1) | 03/2026 | AUD | &nbsp;&nbsp;&nbsp;&nbsp; (109484)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Long Bond | (3) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (346781)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2849 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury Ultra 10-Year Note | (14) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (1610219)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2547 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury Ultra 10-Year Note | (6) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (690094)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1790)<br>|
| U.S. Treasury Ultra Bond | (2) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (236000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 778 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury Ultra Bond | (2) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (236000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (161)<br>|
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6439 | &nbsp;&nbsp;&nbsp;&nbsp; (1951)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 ($)** | **Value ($)** |
| 1-Year OTC interest rate swap with Citi to receive exercise <br> rate and pay SOFR<br>| Citi | USD | &nbsp;&nbsp; 1430000 | &nbsp;&nbsp; 1430000 | 3.00 | &nbsp;&nbsp; 06/08/2026 | &nbsp;&nbsp; 1787 | &nbsp;&nbsp; 1569 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 ($)**<br>| **Value ($)** |
| 10-Year OTC interest rate swap with Deutsche Bank <br> to receive SOFR and pay exercise rate<br>| Deutsche Bank | USD | &nbsp;&nbsp; (147400)<br>| &nbsp;&nbsp; (147400)<br>| 3.60 | &nbsp;&nbsp; 02/17/2026 | &nbsp;&nbsp; (582)<br>| &nbsp;&nbsp; (342)<br>|
| 10-Year OTC interest rate swap with Deutsche Bank <br> to receive SOFR and pay exercise rate<br>| Deutsche Bank | USD | &nbsp;&nbsp; (110900)<br>| &nbsp;&nbsp; (110900)<br>| 3.20 | &nbsp;&nbsp; 12/16/2026 | &nbsp;&nbsp; (776)<br>| &nbsp;&nbsp; (711)<br>|
| 1-Year OTC interest rate swap with Citi to receive <br> SOFR and pay exercise rate<br>| Citi | USD | &nbsp;&nbsp; (1430000)<br>| &nbsp;&nbsp; (1430000)<br>| 2.50 | &nbsp;&nbsp; 06/08/2026 | &nbsp;&nbsp; (662)<br>| &nbsp;&nbsp; (506)<br>|
| Total |  |  |  |  |  |  | &nbsp;&nbsp; (2020)<br>| &nbsp;&nbsp; (1559)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put 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 ($)**<br>| **Value ($)** |
| 10-Year OTC interest rate swap with Citi to receive <br> exercise rate and pay SOFR<br>| Citi | USD | &nbsp;&nbsp; (542000)<br>| &nbsp;&nbsp; (542000)<br>| 4.00 | &nbsp;&nbsp; 04/23/2026 | &nbsp;&nbsp; (3320)<br>| &nbsp;&nbsp; (3667)<br>|
| 10-Year OTC interest rate swap with Deutsche Bank <br> to receive exercise rate and pay SOFR<br>| Deutsche Bank | USD | &nbsp;&nbsp; (147400)<br>| &nbsp;&nbsp; (147400)<br>| 4.00 | &nbsp;&nbsp; 02/17/2026 | &nbsp;&nbsp; (527)<br>| &nbsp;&nbsp; (301)<br>|
| 10-Year OTC interest rate swap with Deutsche Bank <br> to receive exercise rate and pay SOFR<br>| Deutsche Bank | USD | &nbsp;&nbsp; (110900)<br>| &nbsp;&nbsp; (110900)<br>| 4.60 | &nbsp;&nbsp; 12/16/2026 | &nbsp;&nbsp; (909)<br>| &nbsp;&nbsp; (776)<br>|
| 1-Year OTC interest rate swap with Citi to receive <br> exercise rate and pay SOFR<br>| Citi | USD | &nbsp;&nbsp; (1430000)<br>| &nbsp;&nbsp; (1430000)<br>| 3.50 | &nbsp;&nbsp; 06/08/2026 | &nbsp;&nbsp; (1390)<br>| &nbsp;&nbsp; (931)<br>|
| 2-Year OTC interest rate swap with Citi to receive <br> exercise rate and pay SOFR<br>| Citi | USD | &nbsp;&nbsp; (3204000)<br>| &nbsp;&nbsp; (3204000)<br>| 4.30 | &nbsp;&nbsp; 09/20/2027 | &nbsp;&nbsp; (8907)<br>| &nbsp;&nbsp; (8290)<br>|
| 2-Year OTC interest rate swap with Deutsche Bank <br> to receive exercise rate and pay SOFR<br>| Deutsche Bank | USD | &nbsp;&nbsp; (524000)<br>| &nbsp;&nbsp; (524000)<br>| 3.58 | &nbsp;&nbsp; 02/20/2026 | &nbsp;&nbsp; (498)<br>| &nbsp;&nbsp; (109)<br>|
| 2-Year OTC interest rate swap with Deutsche Bank <br> to receive exercise rate and pay SOFR<br>| Deutsche Bank | USD | &nbsp;&nbsp; (600000)<br>| &nbsp;&nbsp; (600000)<br>| 4.00 | &nbsp;&nbsp; 12/08/2027 | &nbsp;&nbsp; (2730)<br>| &nbsp;&nbsp; (2709)<br>|
| 2-Year OTC interest rate swap with Deutsche Bank <br> to receive exercise rate and pay SOFR<br>| Deutsche Bank | USD | &nbsp;&nbsp; (1748000)<br>| &nbsp;&nbsp; (1748000)<br>| 4.50 | &nbsp;&nbsp; 12/16/2027 | &nbsp;&nbsp; (4405)<br>| &nbsp;&nbsp; (4499)<br>|
| Total |  |  |  |  |  |  | &nbsp;&nbsp; (22686)<br>| &nbsp;&nbsp; (21282)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Cleared interest rate swap contracts** | **Cleared interest rate swap contracts** | **Cleared interest rate swap contracts** | **Cleared interest rate swap contracts** | **Cleared interest rate swap contracts** | **Cleared interest rate swap contracts** | **Cleared interest rate swap contracts** | **Cleared interest rate swap contracts** | **Cleared interest rate swap contracts** | **Cleared interest rate swap contracts** | **Cleared interest rate swap contracts** | **Cleared interest rate swap contracts** |
| **Fund receives** | **Fund pays** | **Payment** <br>**frequency**<br>| **Counterparty** | **Maturity** <br>**date**<br>| **Notional** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Value** <br>**($)**<br>| **Upfront** <br>**payments** <br>**($)**<br>| **Upfront** <br>**receipts** <br>**($)**<br>| **Unrealized** <br>**appreciation** <br>**($)**<br>| **Unrealized** <br>**depreciation** <br>**($)**<br>|
| Fixed rate of <br> 3.818%<br>| 1-Day Overnight <br> Fed Funds <br> Effective Rate<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 01/28/2026 | USD | 10047000 | 2255 |  |  | 2255 |  |
| 1-Day Overnight <br> Fed Funds <br> Effective Rate<br>| Fixed rate of <br> 3.682%<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 01/28/2026 | USD | 4895000 | (196)<br>|  |  |  | (196)<br>|
| 1-Day Overnight <br> Fed Funds <br> Effective Rate<br>| Fixed rate of <br> 3.680%<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 01/28/2026 | USD | 10050000 | (351)<br>|  |  |  | (351)<br>|
| 1-Day Overnight <br> Fed Funds <br> Effective Rate<br>| Fixed rate of <br> 3.789%<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 01/28/2026 | USD | 10047000 | (1873)<br>|  |  |  | (1873)<br>|
| Fixed rate of <br> 3.618%<br>| 1-Day Overnight <br> Fed Funds <br> Effective Rate<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 03/18/2026 | USD | 5233000 | 73 |  |  | 73 |  |
| Fixed rate of <br> 3.590%<br>| 1-Day Overnight <br> Fed Funds <br> Effective Rate<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 03/18/2026 | USD | 5018000 | (116)<br>|  |  |  | (116)<br>|
| Fixed rate of <br> 3.592%<br>| 1-Day Overnight <br> Fed Funds <br> Effective Rate<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 03/18/2026 | USD | 10490000 | (214)<br>|  |  |  | (214)<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** |
| **Fund receives** | **Fund pays** | **Payment**<br> **frequency**<br>| **Counterparty** | **Maturity**<br> **date**<br>| **Notional**<br> **currency**<br>| **Notional**<br> **amount**<br>| **Value**<br> **($)**<br>| **Upfront**<br> **payments**<br> **($)**<br>| **Upfront**<br> **receipts**<br> **($)**<br>| **Unrealized**<br> **appreciation**<br> **($)**<br>| **Unrealized**<br> **depreciation**<br> **($)**<br>|
| U.S. CPI Urban <br> Consumers <br> NSA<br>| Fixed rate of <br> 2.589%<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 01/29/2027 | USD | 840000 | 1545 |  |  | 1545 |  |
| TONA | Fixed rate of <br> 0.998%<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 03/12/2027 | JPY | 46987277 | (10)<br>|  |  |  | (10)<br>|
| TONA | Fixed rate of <br> 1.018%<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 03/12/2027 | JPY | 106524855 | (164)<br>|  |  |  | (164)<br>|
| TONA | Fixed rate of <br> 1.027%<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 03/12/2027 | JPY | 114986592 | (236)<br>|  |  |  | (236)<br>|
| TONA | Fixed rate of <br> 0.676%<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 04/21/2027 | JPY | 45849057 | 1080 |  |  | 1080 |  |
| TONA | Fixed rate of <br> 0.683%<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 04/21/2027 | JPY | 45319245 | 1047 |  |  | 1047 |  |
| TONA | Fixed rate of <br> 0.698%<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 05/11/2027 | JPY | 36190189 | 870 |  |  | 870 |  |
| U.S. CPI Urban <br> Consumers <br> NSA<br>| Fixed rate of <br> 2.915%<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 05/12/2027 | USD | 805000 | (6190)<br>|  |  |  | (6190)<br>|
| TONA | Fixed rate of <br> 0.869%<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 06/09/2027 | JPY | 145572750 | 2328 |  |  | 2328 |  |
| Fixed rate of <br> 3.317%<br>| UK Retail Price <br> Index All <br> Items Monthly<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 07/15/2027 | GBP | 245163 | 2017 |  |  | 2017 |  |
| Fixed rate of <br> 3.230%<br>| UK Retail Price <br> Index All <br> Items Monthly<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 07/15/2027 | GBP | 340000 | 2014 |  |  | 2014 |  |
| Fixed rate of <br> 3.204%<br>| UK Retail Price <br> Index All <br> Items Monthly<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 07/15/2027 | GBP | 340000 | 1821 |  |  | 1821 |  |
| Fixed rate of <br> 3.429%<br>| UK Retail Price <br> Index All <br> Items Monthly<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 07/15/2027 | GBP | 120243 | 1346 |  |  | 1346 |  |
| Fixed rate of <br> 3.304%<br>| UK Retail Price <br> Index All <br> Items Monthly<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 07/15/2027 | GBP | 125154 | 988 |  |  | 988 |  |
| Fixed rate of <br> 3.284%<br>| UK Retail Price <br> Index All <br> Items Monthly<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 07/15/2027 | GBP | 122700 | 904 |  |  | 904 |  |
| U.S. CPI Urban <br> Consumers <br> NSA<br>| Fixed rate of <br> 2.803%<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 07/15/2027 | USD | 925000 | (7321)<br>|  |  |  | (7321)<br>|
| Fixed rate of <br> 3.255%<br>| UK Retail Price <br> Index All <br> Items Monthly<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 08/15/2027 | GBP | 204740 | 1952 |  |  | 1952 |  |
| Fixed rate of <br> 1.007%<br>| TONA | Receives at Maturity, Pays at Maturity | Goldman Sachs | 09/11/2027 | JPY | 33790000 | (533)<br>|  |  |  | (533)<br>|
| U.S. CPI Urban <br> Consumers <br> NSA<br>| Fixed rate of <br> 2.771%<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 10/15/2027 | USD | 180000 | (810)<br>|  |  |  | (810)<br>|
| U.S. CPI Urban <br> Consumers <br> NSA<br>| Fixed rate of <br> 2.924%<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 10/15/2027 | USD | 190000 | (1728)<br>|  |  |  | (1728)<br>|
| Fixed rate of <br> 3.230%<br>| SOFR | Receives at Maturity, Pays at Maturity | Goldman Sachs | 12/09/2027 | USD | 730000 | 402 |  |  | 402 |  |
| U.S. CPI Urban <br> Consumers <br> NSA<br>| Fixed rate of <br> 2.585%<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 01/15/2028 | USD | 200000 | 24 |  |  | 24 |  |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** |
| **Fund receives** | **Fund pays** | **Payment**<br> **frequency**<br>| **Counterparty** | **Maturity**<br> **date**<br>| **Notional**<br> **currency**<br>| **Notional**<br> **amount**<br>| **Value**<br> **($)**<br>| **Upfront**<br> **payments**<br> **($)**<br>| **Upfront**<br> **receipts**<br> **($)**<br>| **Unrealized**<br> **appreciation**<br> **($)**<br>| **Unrealized**<br> **depreciation**<br> **($)**<br>|
| U.S. CPI Urban <br> Consumers <br> NSA<br>| Fixed rate of <br> 2.749%<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 01/15/2028 | USD | 510000 | (2404)<br>|  |  |  | (2404)<br>|
| U.S. CPI Urban <br> Consumers <br> NSA<br>| Fixed rate of <br> 2.176%<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 08/07/2028 | USD | 280000 | 3718 |  |  | 3718 |  |
| U.S. CPI Urban <br> Consumers <br> NSA<br>| Fixed rate of <br> 2.275%<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 08/28/2028 | USD | 115000 | 1199 |  |  | 1199 |  |
| U.S. CPI Urban <br> Consumers <br> NSA<br>| Fixed rate of <br> 2.547%<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 10/03/2028 | USD | 775000 | 2921 |  |  | 2921 |  |
| U.S. CPI Urban <br> Consumers <br> NSA<br>| Fixed rate of <br> 2.707%<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 01/15/2029 | USD | 690000 | (4419)<br>|  |  |  | (4419)<br>|
| UK Retail Price <br> Index All <br> Items Monthly<br>| Fixed rate of <br> 3.409%<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 07/15/2029 | GBP | 122700 | (2161)<br>|  |  |  | (2161)<br>|
| UK Retail Price <br> Index All <br> Items Monthly<br>| Fixed rate of <br> 3.422%<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 07/15/2029 | GBP | 125154 | (2290)<br>|  |  |  | (2290)<br>|
| UK Retail Price <br> Index All <br> Items Monthly<br>| Fixed rate of <br> 3.492%<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 07/15/2029 | GBP | 120244 | (2623)<br>|  |  |  | (2623)<br>|
| UK Retail Price <br> Index All <br> Items Monthly<br>| Fixed rate of <br> 3.427%<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 07/15/2029 | GBP | 245162 | (4552)<br>|  |  |  | (4552)<br>|
| UK Retail Price <br> Index All <br> Items Monthly<br>| Fixed rate of <br> 3.342%<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 07/15/2029 | GBP | 340000 | (4809)<br>|  |  |  | (4809)<br>|
| UK Retail Price <br> Index All <br> Items Monthly<br>| Fixed rate of <br> 3.360%<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 07/15/2029 | GBP | 340000 | (5188)<br>|  |  |  | (5188)<br>|
| UK Retail Price <br> Index All <br> Items Monthly<br>| Fixed rate of <br> 3.369%<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 08/15/2029 | GBP | 204740 | (3581)<br>|  |  |  | (3581)<br>|
| U.S. CPI Urban <br> Consumers <br> NSA<br>| Fixed rate of <br> 2.538%<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 10/15/2029 | USD | 83000 | (27)<br>|  |  |  | (27)<br>|
| U.S. CPI Urban <br> Consumers <br> NSA<br>| Fixed rate of <br> 2.429%<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 04/15/2030 | USD | 22250 | (2)<br>|  |  |  | (2)<br>|
| U.S. CPI Urban <br> Consumers <br> NSA<br>| Fixed rate of <br> 2.428%<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 04/15/2030 | USD | 118167 | (21)<br>|  |  |  | (21)<br>|
| Fixed rate of <br> 2.390%<br>| U.S. CPI Urban <br> Consumers <br> NSA<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 04/15/2030 | USD | 340000 | (182)<br>|  |  |  | (182)<br>|
| UK Retail Price <br> Index All <br> Items Monthly<br>| Fixed rate of <br> 3.394%<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 07/15/2030 | GBP | 53700 | (1178)<br>|  |  |  | (1178)<br>|
| UK Retail Price <br> Index All <br> Items Monthly<br>| Fixed rate of <br> 3.404%<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 07/15/2030 | GBP | 54774 | (1238)<br>|  |  |  | (1238)<br>|
| UK Retail Price <br> Index All <br> Items Monthly<br>| Fixed rate of <br> 3.457%<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 07/15/2030 | GBP | 52625 | (1360)<br>|  |  |  | (1360)<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** |
| **Fund receives** | **Fund pays** | **Payment**<br> **frequency**<br>| **Counterparty** | **Maturity**<br> **date**<br>| **Notional**<br> **currency**<br>| **Notional**<br> **amount**<br>| **Value**<br> **($)**<br>| **Upfront**<br> **payments**<br> **($)**<br>| **Upfront**<br> **receipts**<br> **($)**<br>| **Unrealized**<br> **appreciation**<br> **($)**<br>| **Unrealized**<br> **depreciation**<br> **($)**<br>|
| UK Retail Price <br> Index All <br> Items Monthly<br>| Fixed rate of <br> 3.407%<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 07/15/2030 | GBP | 107296 | (2442)<br>|  |  |  | (2442)<br>|
| UK Retail Price <br> Index All <br> Items Monthly<br>| Fixed rate of <br> 3.321%<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 07/15/2030 | GBP | 160000 | (2799)<br>|  |  |  | (2799)<br>|
| UK Retail Price <br> Index All <br> Items Monthly<br>| Fixed rate of <br> 3.348%<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 07/15/2030 | GBP | 155000 | (2919)<br>|  |  |  | (2919)<br>|
| U.S. CPI Urban <br> Consumers <br> NSA<br>| Fixed rate of <br> 2.689%<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 07/17/2030 | USD | 330000 | (3211)<br>|  |  |  | (3211)<br>|
| U.S. CPI Urban <br> Consumers <br> NSA<br>| Fixed rate of <br> 2.702%<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 07/22/2030 | USD | 94000 | (965)<br>|  |  |  | (965)<br>|
| UK Retail Price <br> Index All <br> Items Monthly<br>| Fixed rate of <br> 3.348%<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 08/15/2030 | GBP | 89604 | (1919)<br>|  |  |  | (1919)<br>|
| U.S. CPI Urban <br> Consumers <br> NSA<br>| Fixed rate of <br> 2.632%<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 09/09/2030 | USD | 274000 | (2269)<br>|  |  |  | (2269)<br>|
| UK Retail Price <br> Index All <br> Items Monthly<br>| Fixed rate of <br> 3.153%<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 10/15/2030 | GBP | 300000 | (2912)<br>|  |  |  | (2912)<br>|
| Fixed rate of <br> 1.583%<br>| France CPI <br> ex-Tobacco<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 11/15/2030 | EUR | 305000 | 2124 |  |  | 2124 |  |
| Eurostat <br> Eurozone <br> HICP <br> ex-Tobacco <br> NSA<br>| Fixed rate of <br> 1.845%<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 11/15/2030 | EUR | 305000 | (700)<br>|  |  |  | (700)<br>|
| UK Retail Price <br> Index All <br> Items Monthly<br>| Fixed rate of <br> 3.178%<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 11/15/2030 | GBP | 300000 | (2176)<br>|  |  |  | (2176)<br>|
| UK Retail Price <br> Index All <br> Items Monthly<br>| Fixed rate of <br> 3.173%<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 11/15/2030 | GBP | 305000 | (2443)<br>|  |  |  | (2443)<br>|
| U.S. CPI Urban <br> Consumers <br> NSA<br>| Fixed rate of <br> 2.333%<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 01/05/2031 | USD | 220000 | (3)<br>|  |  |  | (3)<br>|
| UK Retail Price <br> Index All <br> Items Monthly<br>| Fixed rate of <br> 3.790%<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 03/15/2033 | GBP | 410000 | (25834)<br>|  |  |  | (25834)<br>|
| UK Retail Price <br> Index All <br> Items Monthly<br>| Fixed rate of <br> 3.670%<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 03/15/2034 | GBP | 275000 | (19371)<br>|  |  |  | (19371)<br>|
| UK Retail Price <br> Index All <br> Items Monthly<br>| Fixed rate of <br> 3.615%<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 01/15/2035 | GBP | 175000 | (11420)<br>|  |  |  | (11420)<br>|
| Fixed rate of <br> 2.020%<br>| France CPI <br> ex-Tobacco<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 03/15/2035 | EUR | 85000 | 2823 |  |  | 2823 |  |
| Eurostat <br> Eurozone <br> HICP <br> ex-Tobacco <br> NSA<br>| Fixed rate of <br> 2.058%<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 03/15/2035 | EUR | 85000 | (1364)<br>|  |  |  | (1364)<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** |
| **Fund receives** | **Fund pays** | **Payment**<br> **frequency**<br>| **Counterparty** | **Maturity**<br> **date**<br>| **Notional**<br> **currency**<br>| **Notional**<br> **amount**<br>| **Value**<br> **($)**<br>| **Upfront**<br> **payments**<br> **($)**<br>| **Upfront**<br> **receipts**<br> **($)**<br>| **Unrealized**<br> **appreciation**<br> **($)**<br>| **Unrealized**<br> **depreciation**<br> **($)**<br>|
| Fixed rate of <br> 3.211%<br>| UK Retail Price <br> Index All <br> Items Monthly<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 07/15/2035 | GBP | 155000 | 4306 |  |  | 4306 |  |
| Fixed rate of <br> 3.199%<br>| UK Retail Price <br> Index All <br> Items Monthly<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 07/15/2035 | GBP | 160000 | 4164 |  |  | 4164 |  |
| Fixed rate of <br> 3.241%<br>| UK Retail Price <br> Index All <br> Items Monthly<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 07/15/2035 | GBP | 107296 | 3318 |  |  | 3318 |  |
| Fixed rate of <br> 3.273%<br>| UK Retail Price <br> Index All <br> Items Monthly<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 07/15/2035 | GBP | 52626 | 1806 |  |  | 1806 |  |
| Fixed rate of <br> 3.242%<br>| UK Retail Price <br> Index All <br> Items Monthly<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 07/15/2035 | GBP | 54774 | 1701 |  |  | 1701 |  |
| Fixed rate of <br> 3.244%<br>| UK Retail Price <br> Index All <br> Items Monthly<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 07/15/2035 | GBP | 53700 | 1681 |  |  | 1681 |  |
| Fixed rate of <br> 3.203%<br>| UK Retail Price <br> Index All <br> Items Monthly<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 08/15/2035 | GBP | 89604 | 2524 |  |  | 2524 |  |
| Fixed rate of <br> 3.086%<br>| UK Retail Price <br> Index All <br> Items Monthly<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 10/15/2035 | GBP | 300000 | 3664 |  |  | 3664 |  |
| Fixed rate of <br> 3.078%<br>| UK Retail Price <br> Index All <br> Items Monthly<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 11/15/2035 | GBP | 305000 | 3084 |  |  | 3084 |  |
| Fixed rate of <br> 3.077%<br>| UK Retail Price <br> Index All <br> Items Monthly<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 11/15/2035 | GBP | 300000 | 2698 |  |  | 2698 |  |
| Fixed rate of <br> 1.866%<br>| Eurostat <br> Eurozone <br> HICP <br> ex-Tobacco <br> NSA<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 11/15/2035 | EUR | 155000 | 1135 |  |  | 1135 |  |
| Eurostat <br> Eurozone <br> HICP <br> ex-Tobacco <br> NSA<br>| Fixed rate of <br> 1.963%<br>| Receives at Maturity, Pays at Maturity | Goldman Sachs | 11/15/2035 | EUR | 155000 | (398)<br>|  |  |  | (398)<br>|
| SONIA | Fixed rate of <br> 3.953%<br>| Receives Annually, Pays Annually | Goldman Sachs | 12/03/2035 | GBP | 153000 | 558 |  |  | 558 |  |
| Total |  |  |  |  |  |  | (74832)<br>|  |  | 64090 | (138922)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Reference index and values for swap contracts as of period end** | **Reference index and values for swap contracts as of period end** | **Reference index and values for swap contracts as of period end** |
| **Reference index**  |  | **Reference rate** |
| 1-Day Overnight Fed Funds Effective Rate | Overnight Federal Funds Effective Rate | 3.640% |
| Eurostat Eurozone HICP ex-Tobacco NSA | Harmonised Index of Consumer Price Index Excluding Tobacco | 2.200% |
| France CPI ex-Tobacco | Consumer Price Index Excluding Tobacco | 0.720% |
| SOFR | Secured Overnight Financing Rate | 3.710% |
| SONIA | Sterling Overnight Index Average | 3.725% |
| TONA | Tokyo Overnight Average Rate | 0.728% |
| UK Retail Price Index All Items Monthly | United Kingdom Retail Price Index All Items | 3.400% |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Reference index and values for swap contracts as of period end (continued)** | **Reference index and values for swap contracts as of period end (continued)** | **Reference index and values for swap contracts as of period end (continued)** |
| **Reference index**  |  | **Reference rate** |
| U.S. CPI Urban Consumers NSA | United States Consumer Price All Urban Non-Seasonally <br> Adjusted Index<br>| 2.680% |

---

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At December 31, 2025, the total value of these securities amounted to $30,186,421, which represents 46.22% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable rate security. The interest rate shown was the current rate as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Principal amounts are denominated in United States Dollars unless otherwise noted.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Principal and interest may not be guaranteed by a governmental entity.

&nbsp;&nbsp;&nbsp;&nbsp;(f) 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;(g) Represents a security purchased on a when-issued basis.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(i) The rate shown is the seven-day current annualized yield at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(j) 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% |
|  | 1136943 | &nbsp;&nbsp; 12198320 | &nbsp;&nbsp; (13314874)<br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; 20395 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 8965 | &nbsp;&nbsp; 20401 |

---

**Abbreviation Legend** 

CMO Collateralized Mortgage Obligation <br> SOFR Secured Overnight Financing Rate <br> TBA To Be Announced

**Currency Legend** 

---

| | |
|:---|:---|
| AUD | Australian Dollar |
| CAD | Canadian Dollar |
| DKK | Danish Krone |
| EUR | Euro |
| GBP | British Pound |
| JPY | Japanese Yen |
| MXN | Mexican Peso |
| NZD | New Zealand Dollar |
| SEK | Swedish Krona |
| 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 accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities 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.

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** |  |  |  |  |
| Asset-Backed Securities — Non-Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 97260 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 97260 |
| Commercial Mortgage-Backed Securities - Non-Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 1403091 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1403091 |
| Corporate Bonds & Notes |  | &nbsp;&nbsp;&nbsp;&nbsp; 187518 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 187518 |
| Foreign Government Obligations |  | &nbsp;&nbsp;&nbsp;&nbsp; 666289 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 666289 |
| Inflation-Indexed Bonds |  | &nbsp;&nbsp;&nbsp;&nbsp; 59386657 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 59386657 |
| Residential Mortgage-Backed Securities - Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 3088972 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3088972 |
| Residential Mortgage-Backed Securities - Non-Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 1134234 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1134234 |
| Call Option Contracts Purchased |  | &nbsp;&nbsp;&nbsp;&nbsp; 1569 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1569 |
| Money Market Funds | 20395 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20395 |
| Total Investments in Securities | 20395 | &nbsp;&nbsp;&nbsp;&nbsp; 65965590 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 65985985 |
| **Investments in Derivatives** |  |  |  |  |
| Asset |  |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; 60847 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60847 |
| Futures Contracts | 15691 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15691 |
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; 64090 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 64090 |
| Liability |  |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; (536657)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (536657)<br>|
| Futures Contracts | (4454)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4454)<br>|
| Call Option Contracts Written |  | &nbsp;&nbsp;&nbsp;&nbsp; (1559)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1559)<br>|
| Put Option Contracts Written |  | &nbsp;&nbsp;&nbsp;&nbsp; (21282)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (21282)<br>|
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; (138922)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (138922)<br>|
| Total | 31632 | &nbsp;&nbsp;&nbsp;&nbsp; 65392107 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 65423739 |

---

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> – BlackRock Global Inflation-Protected Securities 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.

Forward foreign currency exchange contracts, futures contracts and swap contracts are valued at unrealized appreciation (depreciation).

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities 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 $71,378,634) | $65964021 |
| Affiliated issuers (cost $20,395) | 20395 |
| Option contracts purchased (cost $1,787) | 1569 |
| Cash | 655 |
| Foreign currency (cost $24,988) | 25015 |
| Margin deposits on: |  |
| Futures contracts | 104252 |
| Swap contracts | 238000 |
| Unrealized appreciation on forward foreign currency exchange contracts | 60847 |
| Receivable for: |  |
| Investments sold | 841194 |
| Capital shares sold | 562 |
| Dividends | 247 |
| Interest | 236185 |
| Foreign tax reclaims | 1577 |
| Variation margin for futures contracts | 7678 |
| Variation margin for swap contracts | 18102 |
| Expense reimbursement due from Investment Manager | 328 |
| Prepaid expenses | 2807 |
| Total assets | 67523434 |
| **Liabilities** |  |
| Option contracts written, at value (premiums received $24,706) | 22841 |
| Unrealized depreciation on forward foreign currency exchange contracts | 536657 |
| Payable for: |  |
| Investments purchased | 637399 |
| Investments purchased on a delayed delivery basis | 679638 |
| Capital shares redeemed | 33168 |
| Variation margin for futures contracts | 4683 |
| Variation margin for swap contracts | 7234 |
| Management services fees | 913 |
| Distribution and/or service fees | 280 |
| Service fees | 3356 |
| Compensation of chief compliance officer | 11 |
| Compensation of board members | 466 |
| Other expenses | 41063 |
| Deferred compensation of board members | 251334 |
| Total liabilities | 2219043 |
| **Net assets applicable to outstanding capital stock** | **$65304391** |
| **Represented by** |  |
| Paid in capital | 89040716 |
| Total distributable earnings (loss) | (23736325)<br>|
| **Total - representing net assets applicable to outstanding capital stock** | **$65304391** |
| **Class 1** |  |
| Net assets | $1322507 |
| Shares outstanding | 301576 |
| Net asset value per share | $4.39 |
| **Class 2** |  |
| Net assets | $17576672 |
| Shares outstanding | 4127771 |
| Net asset value per share | $4.26 |
| **Class 3** |  |
| Net assets | $46405212 |
| Shares outstanding | 10655990 |
| Net asset value per share | $4.35 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities Fund \| 2025

------

Statement of Operations

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — affiliated issuers | $8965 |
| Interest | 2890161 |
| Total income | 2899126 |
| Expenses: |  |
| Management services fees | 354192 |
| Distribution and/or service fees |  |
| Class 2 | 46891 |
| Class 3 | 61835 |
| Service fees | 41660 |
| Custodian fees | 26574 |
| Printing and postage fees | 16781 |
| Accounting services fees | 54065 |
| Legal fees | 18575 |
| Interest on collateral | 158 |
| Compensation of chief compliance officer | 10 |
| Compensation of board members | 11741 |
| Deferred compensation of board members | 37801 |
| Other | 6954 |
| Total expenses | 677237 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates | (137747)<br>|
| Total net expenses | 539490 |
| **Net investment income** | 2359636 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | (3458477)<br>|
| Investments — affiliated issuers | 39 |
| Foreign currency translations | 143307 |
| Forward foreign currency exchange contracts | (1758766)<br>|
| Futures contracts | (99341)<br>|
| Option contracts purchased | (66450)<br>|
| Option contracts written | 41832 |
| Swap contracts | 80967 |
| Net realized loss | (5116889)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 6506366 |
| Investments — affiliated issuers | 6 |
| Foreign currency translations | 5542 |
| Forward foreign currency exchange contracts | (1091771)<br>|
| Futures contracts | 39341 |
| Option contracts purchased | 24981 |
| Option contracts written | (1973)<br>|
| Swap contracts | (53810)<br>|
| Net change in unrealized appreciation (depreciation) | 5428682 |
| Net realized and unrealized gain | 311793 |
| **Net increase in net assets resulting from operations** | **$2671429** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities 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 | $2359636 | &nbsp;&nbsp; $1892280 |
| Net realized loss | (5116889)<br>| &nbsp;&nbsp; (2854325)<br>|
| Net change in unrealized appreciation (depreciation) | 5428682 | &nbsp;&nbsp; 161254 |
| Net increase (decrease) in net assets resulting from operations | 2671429 | &nbsp;&nbsp; (800791)<br>|
| **Distributions to shareholders** |  |  |
| Net investment income and net realized gains  |  |  |
| Class 1 | (45763)<br>| &nbsp;&nbsp; (21692)<br>|
| Class 2 | (653668)<br>| &nbsp;&nbsp; (370886)<br>|
| Class 3 | (1738973)<br>| &nbsp;&nbsp; (1028243)<br>|
| Total distributions to shareholders | (2438404)<br>| &nbsp;&nbsp; (1420821)<br>|
| Decrease in net assets from capital stock activity | (6796222)<br>| &nbsp;&nbsp; (9557633)<br>|
| Total decrease in net assets | (6563197)<br>| &nbsp;&nbsp; (11779245)<br>|
| Net assets at beginning of year | 71867588 | &nbsp;&nbsp; 83646833 |
| **Net assets at end of year** | **$65304391** | &nbsp;&nbsp; **$71867588** |

---

&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 | 69357 | &nbsp;&nbsp;&nbsp;&nbsp; 305493 | &nbsp;&nbsp;&nbsp;&nbsp; 53094 | &nbsp;&nbsp;&nbsp;&nbsp; 236356 |
| Distributions reinvested | 10593 | &nbsp;&nbsp;&nbsp;&nbsp; 45763 | &nbsp;&nbsp;&nbsp;&nbsp; 4897 | &nbsp;&nbsp;&nbsp;&nbsp; 21692 |
| Shares redeemed | (38844)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (170746)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (51009)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (226591)<br>|
| Net increase | 41106 | &nbsp;&nbsp;&nbsp;&nbsp; 180510 | &nbsp;&nbsp;&nbsp;&nbsp; 6982 | &nbsp;&nbsp;&nbsp;&nbsp; 31457 |
| Class 2 |  |  |  |  |
| Shares sold | 229094 | &nbsp;&nbsp;&nbsp;&nbsp; 985095 | &nbsp;&nbsp;&nbsp;&nbsp; 241025 | &nbsp;&nbsp;&nbsp;&nbsp; 1041921 |
| Distributions reinvested | 155635 | &nbsp;&nbsp;&nbsp;&nbsp; 653668 | &nbsp;&nbsp;&nbsp;&nbsp; 86052 | &nbsp;&nbsp;&nbsp;&nbsp; 370886 |
| Shares redeemed | (876806)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3752937)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1027456)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4446221)<br>|
| Net decrease | (492077)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2114174)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (700379)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3033414)<br>|
| Class 3 |  |  |  |  |
| Shares sold | 556407 | &nbsp;&nbsp;&nbsp;&nbsp; 2448490 | &nbsp;&nbsp;&nbsp;&nbsp; 590655 | &nbsp;&nbsp;&nbsp;&nbsp; 2611272 |
| Distributions reinvested | 405355 | &nbsp;&nbsp;&nbsp;&nbsp; 1738973 | &nbsp;&nbsp;&nbsp;&nbsp; 233692 | &nbsp;&nbsp;&nbsp;&nbsp; 1028243 |
| Shares redeemed | (2071284)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9050021)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2305060)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10195191)<br>|
| Net decrease | (1109522)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4862558)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1480713)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6555676)<br>|
| **Total net decrease** | **(1560493)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(6796222)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(2174110)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(9557633)**<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities 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 | $4.37<br>| 0.16<br>| 0.02<br>| 0.18<br>| &nbsp;&nbsp; (0.16) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.16) <br>|
| Year Ended 12/31/2024 | $4.50<br>| 0.12<br>| &nbsp;&nbsp; (0.16) <br>| &nbsp;&nbsp; (0.04) <br>| &nbsp;&nbsp; (0.09) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.09) <br>|
| Year Ended 12/31/2023 | $4.74<br>| 0.16<br>| 0.02<br>| 0.18<br>| &nbsp;&nbsp; (0.42) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.42) <br>|
| Year Ended 12/31/2022 | $6.14<br>| 0.35<br>| &nbsp;&nbsp; (1.39) <br>| &nbsp;&nbsp; (1.04) <br>| &nbsp;&nbsp; (0.26) <br>| &nbsp;&nbsp; (0.10) <br>| &nbsp;&nbsp; (0.36) <br>|
| Year Ended 12/31/2021 | $6.04<br>| 0.18<br>| 0.09<br>| 0.27<br>| &nbsp;&nbsp; (0.05) <br>| &nbsp;&nbsp; (0.12) <br>| &nbsp;&nbsp; (0.17) <br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $4.25<br>| 0.14<br>| 0.02<br>| 0.16<br>| &nbsp;&nbsp; (0.15) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.15) <br>|
| Year Ended 12/31/2024 | $4.38<br>| 0.10<br>| &nbsp;&nbsp; (0.15) <br>| &nbsp;&nbsp; (0.05) <br>| &nbsp;&nbsp; (0.08) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.08) <br>|
| Year Ended 12/31/2023 | $4.62<br>| 0.14<br>| 0.03<br>| 0.17<br>| &nbsp;&nbsp; (0.41) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.41) <br>|
| Year Ended 12/31/2022 | $5.99<br>| 0.32<br>| &nbsp;&nbsp; (1.35) <br>| &nbsp;&nbsp; (1.03) <br>| &nbsp;&nbsp; (0.24) <br>| &nbsp;&nbsp; (0.10) <br>| &nbsp;&nbsp; (0.34) <br>|
| Year Ended 12/31/2021 | $5.89<br>| 0.14<br>| 0.12<br>| 0.26<br>| &nbsp;&nbsp; (0.04) <br>| &nbsp;&nbsp; (0.12) <br>| &nbsp;&nbsp; (0.16) <br>|
| **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** |
| Year Ended 12/31/2025 | $4.34<br>| 0.15<br>| 0.02<br>| 0.17<br>| &nbsp;&nbsp; (0.16) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.16) <br>|
| Year Ended 12/31/2024 | $4.47<br>| 0.11<br>| &nbsp;&nbsp; (0.16) <br>| &nbsp;&nbsp; (0.05) <br>| &nbsp;&nbsp; (0.08) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.08) <br>|
| Year Ended 12/31/2023 | $4.71<br>| 0.15<br>| 0.03<br>| 0.18<br>| &nbsp;&nbsp; (0.42) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.42) <br>|
| Year Ended 12/31/2022 | $6.10<br>| 0.33<br>| &nbsp;&nbsp; (1.37) <br>| &nbsp;&nbsp; (1.04) <br>| &nbsp;&nbsp; (0.25) <br>| &nbsp;&nbsp; (0.10) <br>| &nbsp;&nbsp; (0.35) <br>|
| Year Ended 12/31/2021 | $6.00<br>| 0.15<br>| 0.12<br>| 0.27<br>| &nbsp;&nbsp; (0.05) <br>| &nbsp;&nbsp; (0.12) <br>| &nbsp;&nbsp; (0.17) <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%. |
| (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> – BlackRock Global Inflation-Protected Securities 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; $4.39<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.23%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.83% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.62% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 63%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1323<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $4.37<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.92%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.81% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.61% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.57%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 78%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1139<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $4.50<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.74% <br><sup>(c),(d)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.60% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.39%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 112%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1141<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $4.74<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17.51%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.70% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.60% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 123%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1219<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $6.14<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.56%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.72% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.61% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 58%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $682<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $4.26<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.84%<br>&nbsp;&nbsp;&nbsp;&nbsp; 1.07% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.87% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.31%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 63%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $17577<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $4.25<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.20%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 1.06% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.86% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.33%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 78%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $19634<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $4.38<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.89%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.99% <br><sup>(c),(d)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.85% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 112%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $23286<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $4.62<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17.69%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.94% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.85% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.21%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 123%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $26850<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $5.99<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.43%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.97% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.87% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.41%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 58%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $31002<br>|
| **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $4.35<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.94% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.75% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.43%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 63%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $46405<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $4.34<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.06%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.94% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.74% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.47%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 78%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $51095<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $4.47<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.86% <br><sup>(c),(d)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.73% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.26%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 112%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $59220<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $4.71<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17.58%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.82% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.73% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.26%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 123%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $67438<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $6.10<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.48%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.85% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.74% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.46%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 58%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $90783<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities Fund \| 2025

------

Notes to Financial Statements

December 31, 2025

Note 1. Organization

CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities 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, 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**

Debt securities generally are valued based on prices obtained from pricing services, which are intended to reflect market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

Asset- and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities' cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

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.

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.

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.

Swap transactions are valued through an independent pricing service or broker, or if neither is available, through an internal model based upon observable inputs.

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

CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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 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.

CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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.

**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.

**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 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.

CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities 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.

**Interest rate swaption contracts** 

Interest rate swaption contracts entered into by the Fund typically represent an option that gives the purchaser the right, but not the obligation, to enter into an interest rate swap contract on a future date. Each interest rate swaption contract will specify if the buyer is entitled to receive the fixed or floating rate if the option is exercised. Changes in the value of purchased interest rate swaption contracts are reported as unrealized appreciation or depreciation on options in the Statement of Assets and Liabilities. Gain or loss is recognized in the Statement of Operations when the interest rate swaption contract is closed or expires.

When the Fund writes an interest rate swaption 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 interest rate swaption contract written. Premiums received from writing interest rate swaption contracts that expire unexercised are recorded by the Fund on the expiration date as realized gains from options written in the Statement of Operations. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also recorded as realized gain, or if the premium is less than the amount paid for the closing purchase, as realized loss. These amounts are reflected as net realized gain (loss) on options written in the Statement of Operations.

CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

**Swap contracts**

Swap contracts are negotiated in the over-the-counter market and are entered into bilaterally or centrally cleared (centrally cleared swap contract). In a centrally cleared swap contract, immediately following execution of the swap contract with a broker, the swap contract is novated to a central counterparty and the central counterparty becomes the Fund's counterparty to the centrally cleared swap contract. The Fund is required to deposit initial margin with the futures commission merchant (FCM), which pledges it through to the central counterparty in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap contract. Securities deposited as initial margin are designated in the Portfolio of Investments and cash deposited is recorded in the Statement of Assets and Liabilities as margin deposits. For a bilateral swap contract, the Fund has credit exposure to the broker, but exchanges daily variation margin with the broker based on the marked-to-market value of the swap contract to minimize that exposure. For centrally cleared swap contracts, there is less credit exposure to the FCM than in the case of an over-the-counter derivative, because the central counterparty provides some protection in the case of clearing member default. The central counterparty stands between the buyer and the seller of the swap contract; therefore, failure of the clearinghouse may pose additional counterparty credit risk. However, credit risk still exists in centrally cleared swaps to the extent initial and variation margin is held in an FCM's customer account. While FCM's are required to segregate customer margin from their own assets, in the event that an FCM becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the FCM for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all of the FCM's customers (including the Fund) by account class, potentially resulting in losses to the Fund. Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of centrally cleared swap contracts, if any, is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities.

Entering into these contracts involves, to varying degrees, elements of interest, liquidity and counterparty credit risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there may be unfavorable changes in interest rates, market conditions or other conditions, that it may be difficult to initiate a swap transaction or liquidate a position at an advantageous time or price which may result in significant losses, and that the bilateral counterparty, FCM or central counterparty, as applicable, may not fulfill its obligation under the contract.

**Interest rate and inflation rate swap contracts**

The Fund entered into interest rate swap transactions or inflation rate swap contracts (together, rate swaps) to help hedge against interest rate risk exposure and to maintain the Fund's ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Fund holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Fund may enter into interest rate swap agreements. These instruments may be used for other purposes in future periods. A rate swap is an agreement between two parties where there are two flows and payments are made between the two counterparties and the payments are dependent upon changes in an interest rate, inflation rate or inflation index calculated on a notional amount. Certain rate swaps are considered forward-starting, whereby the accrual for the exchange of cash flows does not begin until a specified date in the future. The net cash flow for a standard rate swap is generally the difference between a floating market interest rate or floating rate linked to an inflation index versus a fixed interest rate as applied to the notional amount.

Rate swaps are valued daily and unrealized appreciation (depreciation) is recorded. Certain rate swaps may accrue periodic interest on a daily basis as a component of unrealized appreciation (depreciation); the Fund will realize a gain or loss upon the payment or receipt of accrued interest. The Fund will realize a gain or a loss when the rate swap is terminated.

**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.

CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

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; 60847 |
| Interest rate risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 15,691<br> \*<br>|
| Interest rate risk | Investments, at value — Option contracts purchased | &nbsp;&nbsp;&nbsp;&nbsp; 1569 |
| Interest rate risk | Component of total distributable earnings (loss) — unrealized appreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp; 64,090<br> \*<br>|
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 142197 |

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&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 ($)** |
| Foreign exchange risk | Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; 536657 |
| Interest rate risk | Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 4,454<br> \*<br>|
| Interest rate risk | Option contracts written, at value | &nbsp;&nbsp;&nbsp;&nbsp; 22841 |
| Interest rate risk | Component of total distributable earnings (loss) — unrealized depreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp; 138,922<br> \*<br>|
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 702874 |

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&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** | **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>**($)**<br>| &nbsp;&nbsp;&nbsp; **Futures** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**purchased** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**written** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Swap** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Foreign exchange risk | &nbsp;&nbsp; (1758766)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (171)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8151 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1750786)<br>|
| Interest rate risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (99341)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (66279)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 33681 | &nbsp;&nbsp;&nbsp;&nbsp; 80967 | &nbsp;&nbsp;&nbsp;&nbsp; (50972)<br>|
| Total | &nbsp;&nbsp; (1758766)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (99341)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (66450)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41832 | &nbsp;&nbsp;&nbsp;&nbsp; 80967 | &nbsp;&nbsp;&nbsp;&nbsp; (1801758)<br>|
| **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** | **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>**($)**<br>| &nbsp;&nbsp;&nbsp; **Futures** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**purchased** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**written** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Swap** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Foreign exchange risk | &nbsp;&nbsp; (1091771)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1091771)<br>|
| Interest rate risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39341 | &nbsp;&nbsp;&nbsp;&nbsp; 24981 | &nbsp;&nbsp;&nbsp;&nbsp; (1973)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (53810)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8539 |
| Total | &nbsp;&nbsp; (1091771)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 39341 | &nbsp;&nbsp;&nbsp;&nbsp; 24981 | &nbsp;&nbsp;&nbsp;&nbsp; (1973)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (53810)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1083232)<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 notional** <br>**amounts ($)**<br>|
| Futures contracts — long | 14708323 |
| Futures contracts — short | 5290921 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

---

| | |
|:---|:---|
| **Derivative instrument** | **Average** <br>**value ($)**<br>|
| Option contracts purchased | 10478 |
| Option contracts written | (15154)<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; 212677 | &nbsp;&nbsp;&nbsp;&nbsp; (313151)<br>|
| Interest rate swap contracts | &nbsp;&nbsp; 66066 | &nbsp;&nbsp;&nbsp;&nbsp; (58903)<br>|

---

**Asset- and mortgage-backed securities** 

The Fund may invest in asset-backed and mortgage-backed securities. The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. All, or a portion, of the obligation may be prepaid at any time because the underlying asset may be prepaid. As a result, decreasing market interest rates could result in an increased level of prepayment. An increased prepayment rate will have the effect of shortening the maturity of the security. Unless otherwise noted, the coupon rates presented are fixed rates.

**Delayed delivery securities**

The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a "when-issued" or "forward commitment" basis. This may increase risk to the Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.

**To be announced securities** 

The Fund may trade securities on a To Be Announced (TBA) basis. As with other delayed-delivery transactions, a seller agrees to issue a TBA security at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Fund agrees to accept any security that meets specified terms.

In some cases, Master Securities Forward Transaction Agreements (MSFTAs) may be used to govern transactions of certain forward-settling agency mortgage-backed securities, such as delayed-delivery and TBAs, between the Fund and counterparty. The MSFTA maintains provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral relating to such transactions.

**Mortgage dollar roll transactions**

The Fund may enter into mortgage "dollar rolls" in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar but not identical securities (same type, coupon and maturity) on a specified future date. These transactions may increase the Fund's portfolio turnover rate. During the roll period, the Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund may benefit because it receives negotiated amounts in the form of reductions of the purchase price for the future purchase plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. The Fund records the incremental difference between the forward purchase and sale of each forward roll as a realized gain or loss. Unless any realized gains exceed the income, capital appreciation, and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique may diminish the investment performance of the Fund compared to what the performance would have been without the use of mortgage dollar rolls. Mortgage dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations. All cash proceeds will be invested in instruments that are permissible investments for the Fund. The Fund identifies cash or liquid securities in an amount equal to the forward purchase price. The Fund does not currently enter into mortgage dollar rolls that are accounted for as financing transactions.

CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Treasury inflation protected securities** 

The Fund may invest in treasury inflation protected securities (TIPS). The principal amount of TIPS is adjusted periodically and is increased for inflation or decreased for deflation based on a monthly published index. These adjustments are recorded as interest income in the Statement of Operations. Coupon payments are based on the adjusted principal at the time the interest is paid.

**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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Citi** | &nbsp;&nbsp; **Deutsche** <br>**Bank**<br>| &nbsp;&nbsp; **Goldman** <br>**Sachs**<br>| **Total** |
| **Assets** |  |  |  |  |
| Centrally cleared interest rate swap contracts <sup>(a)</sup> <br>| $&nbsp;&nbsp;&nbsp; -<br>| &nbsp;&nbsp;&nbsp; -<br>| &nbsp;&nbsp;&nbsp; 18102<br>| &nbsp;&nbsp;&nbsp; 18102<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp; 44753<br>| &nbsp;&nbsp;&nbsp; 16094<br>| &nbsp;&nbsp;&nbsp; -<br>| &nbsp;&nbsp;&nbsp; 60847<br>|
| Call option contracts purchased | &nbsp;&nbsp;&nbsp; 1569<br>| &nbsp;&nbsp;&nbsp; -<br>| &nbsp;&nbsp;&nbsp; -<br>| &nbsp;&nbsp;&nbsp; 1569<br>|
| Total assets | &nbsp;&nbsp;&nbsp; 46322<br>| &nbsp;&nbsp;&nbsp; 16094<br>| &nbsp;&nbsp;&nbsp; 18102<br>| &nbsp;&nbsp;&nbsp; 80518<br>|
| **Liabilities** |  |  |  |  |
| Centrally cleared interest rate swap contracts <sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; -<br>| &nbsp;&nbsp;&nbsp; -<br>| &nbsp;&nbsp;&nbsp; 7234<br>| &nbsp;&nbsp;&nbsp; 7234<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp; 70941<br>| &nbsp;&nbsp;&nbsp; 465716<br>| &nbsp;&nbsp;&nbsp; -<br>| &nbsp;&nbsp;&nbsp; 536657<br>|
| Call option contracts written | &nbsp;&nbsp;&nbsp; 506<br>| &nbsp;&nbsp;&nbsp; 1053<br>| &nbsp;&nbsp;&nbsp; -<br>| &nbsp;&nbsp;&nbsp; 1559<br>|
| Put option contracts written | &nbsp;&nbsp;&nbsp; 12888<br>| &nbsp;&nbsp;&nbsp; 8394<br>| &nbsp;&nbsp;&nbsp; -<br>| &nbsp;&nbsp;&nbsp; 21282<br>|
| Total liabilities | &nbsp;&nbsp;&nbsp; 84335<br>| &nbsp;&nbsp;&nbsp; 475163<br>| &nbsp;&nbsp;&nbsp; 7234<br>| &nbsp;&nbsp;&nbsp; 566732<br>|
| **Total financial and derivative net assets** | &nbsp;&nbsp;&nbsp; **(38013)**<br>| &nbsp;&nbsp;&nbsp; **(459069)**<br>| &nbsp;&nbsp;&nbsp; **10868**<br>| &nbsp;&nbsp;&nbsp; **(486214)**<br>|
| Total collateral received (pledged) <sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; (18085)<br>| &nbsp;&nbsp;&nbsp; (10127)<br>| &nbsp;&nbsp;&nbsp; -<br>| &nbsp;&nbsp;&nbsp; (28212)<br>|
| **Net amount** <sup>(c)</sup> <br>| $&nbsp;&nbsp;&nbsp; **(19928)**<br>| &nbsp;&nbsp;&nbsp; **(448942)**<br>| &nbsp;&nbsp;&nbsp; **10868**<br>| &nbsp;&nbsp;&nbsp; **(458002)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Centrally cleared swaps are included within payable/receivable for variation margin in the Statement of Assets and Liabilities.

&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**

Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted. The Fund classifies gains and losses realized on prepayments received on mortgage-backed securities as adjustments to interest income.

The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. The Fund may also adjust accrual rates when it becomes probable the full interest will not be collected and a partial payment will be received. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Dividend income is recorded on the ex-dividend date.

CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities 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 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.

**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

CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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 0.51% to 0.29% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2025 was 0.51% of the Fund's average daily net assets.

**Subadvisory agreements** 

The Investment Manager has entered into a Subadvisory Agreement with BlackRock Financial Management, Inc. (BlackRock) to serve as a subadviser to the Fund. BlackRock International Limited (BIL), an affiliate of BlackRock, assists in providing day-to-day portfolio management of the Fund pursuant to the Sub-Subadvisory Agreement between BlackRock and BIL. 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 0.06% 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.

CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities 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;0.62 |
| 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;0.87 |
| 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;0.745 |

---

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, derivative investments, swap investments, tax straddles, treasury inflation protected securities (tips), principal and/or interest from fixed income securities, capital loss carryforwards 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:

---

| | | |
|:---|:---|:---|
| **Excess of distributions** <br>**over net investment** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(loss) ($)**<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; **Paid in** <br>**capital ($)**<br>|
| (1724851)<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; 1724851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 ($)**<br>| **Total ($)** |
| 2438404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2438404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1420821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1420821 |

---

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities 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 ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>|
| 874032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13597342)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10762613)<br>|

---

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) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>|
| 76186352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1084273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11846886)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10762613)<br>|

---

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 ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **No expiration** <br>**long-term ($)**<br>| **Total ($)** | **Utilized ($)** |
| (7410726)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6186616)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13597342)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

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 $43,869,262 and $53,793,976, respectively, for the year ended December 31, 2025, of which $31,610,411 and $38,512,231, respectively, were U.S. government securities. 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 $25 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 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> – BlackRock Global Inflation-Protected Securities 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 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.

CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities 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.

CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities 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 – BlackRock Global Inflation-Protected Securities Fund**

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of CTIVP – BlackRock Global Inflation-Protected Securities 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> – BlackRock Global Inflation-Protected Securities Fund \| 2025

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**CTIVP**<sup>®</sup> **– BlackRock Global Inflation-Protected Securities Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g59364imga752cb952.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.

ANN7029_12_E01_(02/26)

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![](g59364imgf8a2f4851.jpg)

Columbia Variable Portfolio – Core Equity Fund

**Annual Financial Statements and Additional Information**

December 31, 2025

This Fund is closed to new investors.

Please remember that you may not buy (nor will you own) shares of the Fund directly. You invest by owning RiverSource Variable Annuity Fund A or RiverSource Variable Annuity Fund B and allocating your purchase payments to the variable account that invests in the Fund. 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_056b08f6-a936-47f0-bd1a-67ec6144f7dd_POI-CommonContent-Date-236_1) | 3 |
| [Statement of Assets and Liabilities](#xx_056b08f6-a936-47f0-bd1a-67ec6144f7dd_FS-CommonContent-Date-236_1) | 8 |
| [Statement of Operations](#xx_056b08f6-a936-47f0-bd1a-67ec6144f7dd_FS-CommonContent-Date-236_2) | 9 |
| [Statement of Changes in Net Assets](#xx_056b08f6-a936-47f0-bd1a-67ec6144f7dd_FS-CommonContent-Date-236_3) | 10 |
| [Financial Highlights](#xx_056b08f6-a936-47f0-bd1a-67ec6144f7dd_FIHI-CommonContent-Date-236_1) | 11 |
| [Notes to Financial Statements](#xx_056b08f6-a936-47f0-bd1a-67ec6144f7dd_NTF-CommonContent-Date-236_1) | 12 |
| [Report of Independent Registered Public Accounting Firm](#xx_056b08f6-a936-47f0-bd1a-67ec6144f7dd_AUD-CommonContent-Date-236_1) | 20 |

---

Columbia Variable Portfolio – 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 99.1%** | **Common Stocks 99.1%** | **Common Stocks 99.1%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Communication Services 10.8%** | **Communication Services 10.8%** | **Communication Services 10.8%** |
| **Interactive Media & Services 10.8%** | **Interactive Media & Services 10.8%** | **Interactive Media & Services 10.8%** |
| Alphabet, Inc., Class A | &nbsp;&nbsp; 50511 | &nbsp;&nbsp; 15809943 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp; 12961 | &nbsp;&nbsp; 8555427 |
| Total |  | &nbsp;&nbsp; 24365370 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **24365370** |
| **Consumer Discretionary 10.5%** | **Consumer Discretionary 10.5%** | **Consumer Discretionary 10.5%** |
| **Automobile Components 1.2%** | **Automobile Components 1.2%** | **Automobile Components 1.2%** |
| Aptiv PLC<sup>(a)</sup> <br>| &nbsp;&nbsp; 36669 | &nbsp;&nbsp; 2790144 |
| **Automobiles 1.2%** | **Automobiles 1.2%** | **Automobiles 1.2%** |
| Tesla, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 5740 | &nbsp;&nbsp; 2581393 |
| **Broadline Retail 3.2%** | **Broadline Retail 3.2%** | **Broadline Retail 3.2%** |
| Amazon.com, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 31060 | &nbsp;&nbsp; 7169269 |
| **Hotels, Restaurants & Leisure 1.9%** | **Hotels, Restaurants & Leisure 1.9%** | **Hotels, Restaurants & Leisure 1.9%** |
| Booking Holdings, Inc. | &nbsp;&nbsp; 796 | &nbsp;&nbsp; 4262843 |
| **Specialty Retail 0.3%** | **Specialty Retail 0.3%** | **Specialty Retail 0.3%** |
| Ross Stores, Inc. | &nbsp;&nbsp; 3567 | &nbsp;&nbsp; 642559 |
| **Textiles, Apparel & Luxury Goods 2.7%** | **Textiles, Apparel & Luxury Goods 2.7%** | **Textiles, Apparel & Luxury Goods 2.7%** |
| Ralph Lauren Corp. | &nbsp;&nbsp; 9284 | &nbsp;&nbsp; 3282915 |
| Tapestry, Inc. | &nbsp;&nbsp; 22562 | &nbsp;&nbsp; 2882747 |
| Total |  | &nbsp;&nbsp; 6165662 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **23611870** |
| **Consumer Staples 4.2%** | **Consumer Staples 4.2%** | **Consumer Staples 4.2%** |
| **Beverages 0.5%** | **Beverages 0.5%** | **Beverages 0.5%** |
| Molson Coors Beverage Co., Class B | &nbsp;&nbsp; 24190 | &nbsp;&nbsp; 1129189 |
| **Consumer Staples Distribution & Retail 0.2%** | **Consumer Staples Distribution & Retail 0.2%** | **Consumer Staples Distribution & Retail 0.2%** |
| Target Corp. | &nbsp;&nbsp; 3339 | &nbsp;&nbsp; 326387 |
| **Food Products 0.6%** | **Food Products 0.6%** | **Food Products 0.6%** |
| ConAgra Foods, Inc. | &nbsp;&nbsp; 78414 | &nbsp;&nbsp; 1357346 |
| **Household Products 1.2%** | **Household Products 1.2%** | **Household Products 1.2%** |
| Colgate-Palmolive Co. | &nbsp;&nbsp; 5224 | &nbsp;&nbsp; 412801 |
| Procter & Gamble Co. (The) | &nbsp;&nbsp; 16348 | &nbsp;&nbsp; 2342832 |
| Total |  | &nbsp;&nbsp; 2755633 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Tobacco 1.7%** | **Tobacco 1.7%** | **Tobacco 1.7%** |
| Altria Group, Inc. | &nbsp;&nbsp; 67728 | &nbsp;&nbsp; 3905197 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **9473752** |
| **Energy 2.8%** | **Energy 2.8%** | **Energy 2.8%** |
| **Oil, Gas & Consumable Fuels 2.8%** | **Oil, Gas & Consumable Fuels 2.8%** | **Oil, Gas & Consumable Fuels 2.8%** |
| Chevron Corp. | &nbsp;&nbsp; 28849 | &nbsp;&nbsp; 4396876 |
| Exxon Mobil Corp. | &nbsp;&nbsp; 8453 | &nbsp;&nbsp; 1017234 |
| Valero Energy Corp. | &nbsp;&nbsp; 4933 | &nbsp;&nbsp; 803043 |
| Total |  | &nbsp;&nbsp; 6217153 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **6217153** |
| **Financials 13.1%** | **Financials 13.1%** | **Financials 13.1%** |
| **Banks 2.3%** | **Banks 2.3%** | **Banks 2.3%** |
| Citigroup, Inc. | &nbsp;&nbsp; 35743 | &nbsp;&nbsp; 4170851 |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 3239 | &nbsp;&nbsp; 1043670 |
| Total |  | &nbsp;&nbsp; 5214521 |
| **Capital Markets 4.6%** | **Capital Markets 4.6%** | **Capital Markets 4.6%** |
| Bank of New York Mellon Corp. (The) | &nbsp;&nbsp; 27201 | &nbsp;&nbsp; 3157764 |
| Blackrock, Inc. | &nbsp;&nbsp; 2627 | &nbsp;&nbsp; 2811783 |
| Charles Schwab Corp. (The) | &nbsp;&nbsp; 15457 | &nbsp;&nbsp; 1544309 |
| CME Group, Inc. | &nbsp;&nbsp; 1344 | &nbsp;&nbsp; 367020 |
| S&P Global, Inc. | &nbsp;&nbsp; 4632 | &nbsp;&nbsp; 2420637 |
| Total |  | &nbsp;&nbsp; 10301513 |
| **Consumer Finance 1.9%** | **Consumer Finance 1.9%** | **Consumer Finance 1.9%** |
| Synchrony Financial | &nbsp;&nbsp; 52514 | &nbsp;&nbsp; 4381243 |
| **Financial Services 2.6%** | **Financial Services 2.6%** | **Financial Services 2.6%** |
| Visa, Inc., Class A | &nbsp;&nbsp; 16348 | &nbsp;&nbsp; 5733407 |
| **Insurance 1.7%** | **Insurance 1.7%** | **Insurance 1.7%** |
| Allstate Corp. (The) | &nbsp;&nbsp; 17963 | &nbsp;&nbsp; 3738998 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **29369682** |
| **Health Care 9.5%** | **Health Care 9.5%** | **Health Care 9.5%** |
| **Biotechnology 2.1%** | **Biotechnology 2.1%** | **Biotechnology 2.1%** |
| AbbVie, Inc. | &nbsp;&nbsp; 6792 | &nbsp;&nbsp; 1551904 |
| Amgen, Inc. | &nbsp;&nbsp; 2598 | &nbsp;&nbsp; 850352 |
| Argenx SE, ADR<sup>(a)</sup> <br>| &nbsp;&nbsp; 297 | &nbsp;&nbsp; 249762 |
| BioMarin Pharmaceutical, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 4770 | &nbsp;&nbsp; 283481 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Core Equity Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp; 928 | &nbsp;&nbsp; 716295 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 2514 | &nbsp;&nbsp; 1139747 |
| Total |  | &nbsp;&nbsp; 4791541 |
| **Health Care Equipment & Supplies 0.2%** | **Health Care Equipment & Supplies 0.2%** | **Health Care Equipment & Supplies 0.2%** |
| STERIS PLC | &nbsp;&nbsp; 1288 | &nbsp;&nbsp; 326534 |
| **Health Care Providers & Services 1.7%** | **Health Care Providers & Services 1.7%** | **Health Care Providers & Services 1.7%** |
| CVS Health Corp. | &nbsp;&nbsp; 14427 | &nbsp;&nbsp; 1144927 |
| McKesson Corp. | &nbsp;&nbsp; 3167 | &nbsp;&nbsp; 2597858 |
| Total |  | &nbsp;&nbsp; 3742785 |
| **Life Sciences Tools & Services 1.3%** | **Life Sciences Tools & Services 1.3%** | **Life Sciences Tools & Services 1.3%** |
| Charles River Laboratories International, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 14530 | &nbsp;&nbsp; 2898444 |
| **Pharmaceuticals 4.2%** | **Pharmaceuticals 4.2%** | **Pharmaceuticals 4.2%** |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 85021 | &nbsp;&nbsp; 4586033 |
| Pfizer, Inc. | &nbsp;&nbsp; 66890 | &nbsp;&nbsp; 1665561 |
| Viatris, Inc. | &nbsp;&nbsp; 260204 | &nbsp;&nbsp; 3239540 |
| Total |  | &nbsp;&nbsp; 9491134 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **21250438** |
| **Industrials 8.1%** | **Industrials 8.1%** | **Industrials 8.1%** |
| **Aerospace & Defense 1.7%** | **Aerospace & Defense 1.7%** | **Aerospace & Defense 1.7%** |
| General Dynamics Corp. | &nbsp;&nbsp; 11388 | &nbsp;&nbsp; 3833884 |
| **Construction & Engineering 0.4%** | **Construction & Engineering 0.4%** | **Construction & Engineering 0.4%** |
| EMCOR Group, Inc. | &nbsp;&nbsp; 1263 | &nbsp;&nbsp; 772691 |
| **Electrical Equipment 0.2%** | **Electrical Equipment 0.2%** | **Electrical Equipment 0.2%** |
| Rockwell Automation, Inc. | &nbsp;&nbsp; 1263 | &nbsp;&nbsp; 491395 |
| **Ground Transportation 0.3%** | **Ground Transportation 0.3%** | **Ground Transportation 0.3%** |
| Uber Technologies, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 9299 | &nbsp;&nbsp; 759821 |
| **Machinery 2.8%** | **Machinery 2.8%** | **Machinery 2.8%** |
| Pentair PLC | &nbsp;&nbsp; 33782 | &nbsp;&nbsp; 3518057 |
| Snap-On, Inc. | &nbsp;&nbsp; 8251 | &nbsp;&nbsp; 2843295 |
| Total |  | &nbsp;&nbsp; 6361352 |
| **Passenger Airlines 1.3%** | **Passenger Airlines 1.3%** | **Passenger Airlines 1.3%** |
| Delta Air Lines, Inc. | &nbsp;&nbsp; 26905 | &nbsp;&nbsp; 1867207 |
| United Airlines Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 9806 | &nbsp;&nbsp; 1096507 |
| Total |  | &nbsp;&nbsp; 2963714 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Professional Services 1.4%** | **Professional Services 1.4%** | **Professional Services 1.4%** |
| Automatic Data Processing, Inc. | &nbsp;&nbsp; 6295 | &nbsp;&nbsp; 1619263 |
| Broadridge Financial Solutions, Inc. | &nbsp;&nbsp; 6787 | &nbsp;&nbsp; 1514655 |
| Total |  | &nbsp;&nbsp; 3133918 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **18316775** |
| **Information Technology 34.1%** | **Information Technology 34.1%** | **Information Technology 34.1%** |
| **Communications Equipment 2.5%** | **Communications Equipment 2.5%** | **Communications Equipment 2.5%** |
| Arista Networks, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 26834 | &nbsp;&nbsp; 3516059 |
| Cisco Systems, Inc. | &nbsp;&nbsp; 27839 | &nbsp;&nbsp; 2144438 |
| Total |  | &nbsp;&nbsp; 5660497 |
| **Electronic Equipment, Instruments & Components 0.2%** | **Electronic Equipment, Instruments & Components 0.2%** | **Electronic Equipment, Instruments & Components 0.2%** |
| TE Connectivity PLC | &nbsp;&nbsp; 1338 | &nbsp;&nbsp; 304408 |
| **IT Services 0.7%** | **IT Services 0.7%** | **IT Services 0.7%** |
| VeriSign, Inc. | &nbsp;&nbsp; 6622 | &nbsp;&nbsp; 1608815 |
| **Semiconductors & Semiconductor Equipment 13.3%** | **Semiconductors & Semiconductor Equipment 13.3%** | **Semiconductors & Semiconductor Equipment 13.3%** |
| Advanced Micro Devices, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 6737 | &nbsp;&nbsp; 1442796 |
| Broadcom, Inc. | &nbsp;&nbsp; 7584 | &nbsp;&nbsp; 2624822 |
| KLA Corp. | &nbsp;&nbsp; 724 | &nbsp;&nbsp; 879718 |
| NVIDIA Corp. | &nbsp;&nbsp; 112866 | &nbsp;&nbsp; 21049509 |
| QUALCOMM, Inc. | &nbsp;&nbsp; 22748 | &nbsp;&nbsp; 3891046 |
| Total |  | &nbsp;&nbsp; 29887891 |
| **Software 10.7%** | **Software 10.7%** | **Software 10.7%** |
| Adobe, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 11572 | &nbsp;&nbsp; 4050084 |
| Fortinet, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 8128 | &nbsp;&nbsp; 645445 |
| Microsoft Corp. | &nbsp;&nbsp; 22646 | &nbsp;&nbsp; 10952059 |
| Palantir Technologies, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 20311 | &nbsp;&nbsp; 3610280 |
| Salesforce, Inc. | &nbsp;&nbsp; 16089 | &nbsp;&nbsp; 4262137 |
| ServiceNow, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 3711 | &nbsp;&nbsp; 568488 |
| Total |  | &nbsp;&nbsp; 24088493 |
| **Technology Hardware, Storage & Peripherals 6.7%** | **Technology Hardware, Storage & Peripherals 6.7%** | **Technology Hardware, Storage & Peripherals 6.7%** |
| Apple, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp; 52596 | &nbsp;&nbsp; 14298749 |
| NetApp, Inc. | &nbsp;&nbsp; 7528 | &nbsp;&nbsp; 806173 |
| Total |  | &nbsp;&nbsp; 15104922 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **76655026** |
| **Materials 1.9%** | **Materials 1.9%** | **Materials 1.9%** |
| **Chemicals 1.1%** | **Chemicals 1.1%** | **Chemicals 1.1%** |
| CF Industries Holdings, Inc. | &nbsp;&nbsp; 32568 | &nbsp;&nbsp; 2518809 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Core Equity Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Metals & Mining 0.8%** | **Metals & Mining 0.8%** | **Metals & Mining 0.8%** |
| Newmont Corp. | &nbsp;&nbsp; 17547 | &nbsp;&nbsp; 1752068 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **4270877** |
| **Real Estate 1.6%** | **Real Estate 1.6%** | **Real Estate 1.6%** |
| **Hotel & Resort REITs 0.2%** | **Hotel & Resort REITs 0.2%** | **Hotel & Resort REITs 0.2%** |
| Host Hotels & Resorts, Inc. | &nbsp;&nbsp; 19019 | &nbsp;&nbsp; 337207 |
| **Specialized REITs 1.4%** | **Specialized REITs 1.4%** | **Specialized REITs 1.4%** |
| American Tower Corp. | &nbsp;&nbsp; 9742 | &nbsp;&nbsp; 1710403 |
| Equinix, Inc. | &nbsp;&nbsp; 692 | &nbsp;&nbsp; 530182 |
| SBA Communications Corp. | &nbsp;&nbsp; 4823 | &nbsp;&nbsp; 932913 |
| Total |  | &nbsp;&nbsp; 3173498 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **3510705** |
| **Utilities 2.5%** | **Utilities 2.5%** | **Utilities 2.5%** |
| **Electric Utilities 2.0%** | **Electric Utilities 2.0%** | **Electric Utilities 2.0%** |
| Edison International | &nbsp;&nbsp; 20461 | &nbsp;&nbsp; 1228069 |
| Exelon Corp. | &nbsp;&nbsp; 29709 | &nbsp;&nbsp; 1295016 |
| PG&E Corp. | &nbsp;&nbsp; 125816 | &nbsp;&nbsp; 2021863 |
| Total |  | &nbsp;&nbsp; 4544948 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Independent Power and Renewable Electricity Producers 0.5%** | **Independent Power and Renewable Electricity Producers 0.5%** | **Independent Power and Renewable Electricity Producers 0.5%** |
| AES Corp. (The) | &nbsp;&nbsp; 79537 | &nbsp;&nbsp; 1140560 |
| **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **5685508** |
| Total Common Stocks <br>(Cost $155,966,319) | Total Common Stocks <br>(Cost $155,966,319) | &nbsp;&nbsp; **222727156** |
| **Money Market Funds 1.0%** | **Money Market Funds 1.0%** | **Money Market Funds 1.0%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 3.825%<sup>(c),(d)</sup> <br>| &nbsp;&nbsp; 2185428 | &nbsp;&nbsp; 2184773 |
| Total Money Market Funds <br>(Cost $2,184,767) | Total Money Market Funds <br>(Cost $2,184,767) | &nbsp;&nbsp; **2184773** |
| **Total Investments in Securities** <br>**(Cost: $158,151,086)** | **Total Investments in Securities** <br>**(Cost: $158,151,086)** | &nbsp;&nbsp; **224911929** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **(191347)**<br>|
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **224720582** |

---

At December 31, 2025, securities and/or cash totaling $703,302 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 | 7 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2412375 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (21937)<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% |
|  | 4092121 | &nbsp;&nbsp; 28054989 | &nbsp;&nbsp; (29962343)<br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; 2184773 | &nbsp;&nbsp; (330)<br>| &nbsp;&nbsp; 107058 | &nbsp;&nbsp; 2185428 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Core Equity Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Abbreviation Legend** 

ADR American Depositary Receipt

**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.

■

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 | 24365370 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24365370 |
| Consumer Discretionary | 23611870 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23611870 |
| Consumer Staples | 9473752 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9473752 |
| Energy | 6217153 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6217153 |
| Financials | 29369682 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29369682 |
| Health Care | 21250438 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21250438 |
| Industrials | 18316775 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18316775 |
| Information Technology | 76655026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 76655026 |
| Materials | 4270877 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4270877 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Core Equity Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| Real Estate | 3510705 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3510705 |
| Utilities | 5685508 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5685508 |
| Total Common Stocks | 222727156 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 222727156 |
| Money Market Funds | 2184773 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2184773 |
| Total Investments in Securities | 224911929 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 224911929 |
| **Investments in Derivatives** |  |  |  |  |
| Liability |  |  |  |  |
| Futures Contracts | (21937)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (21937)<br>|
| Total | 224889992 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 224889992 |

---

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 – 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 $155,966,319) | $222727156 |
| Affiliated issuers (cost $2,184,767) | 2184773 |
| Receivable for: |  |
| Dividends | 153159 |
| Expense reimbursement due from Investment Manager | 342 |
| Prepaid expenses | 3133 |
| Total assets | 225068563 |
| **Liabilities** |  |
| Payable for: |  |
| Capital shares redeemed | 213930 |
| Variation margin for futures contracts | 18112 |
| Management services fees | 2483 |
| Compensation of chief compliance officer | 36 |
| Compensation of board members | 533 |
| Other expenses | 23128 |
| Deferred compensation of board members | 89759 |
| Total liabilities | 347981 |
| **Net assets applicable to outstanding capital stock** | **$224720582** |
| **Represented by** |  |
| Trust capital | $224720582 |
| **Total - representing net assets applicable to outstanding capital stock** | **$224720582** |
| Shares outstanding | 4032968 |
| Net asset value per share | 55.72 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – 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 | $3043464 |
| Dividends — affiliated issuers | 107058 |
| Total income | 3150522 |
| Expenses: |  |
| Management services fees | 862831 |
| Custodian fees | 13931 |
| Printing and postage fees | 10927 |
| Accounting services fees | 31922 |
| Legal fees | 20984 |
| Interest on collateral | 185 |
| Compensation of chief compliance officer | 36 |
| Compensation of board members | 13298 |
| Deferred compensation of board members | 14318 |
| Other | 8706 |
| Total expenses | 977138 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates | (114014)<br>|
| Total net expenses | 863124 |
| **Net investment income** | 2287398 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 24391629 |
| Investments — affiliated issuers | (330)<br>|
| Futures contracts | (16195)<br>|
| Net realized gain | 24375104 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 3186556 |
| Investments — affiliated issuers | 6 |
| Futures contracts | 97592 |
| Net change in unrealized appreciation (depreciation) | 3284154 |
| Net realized and unrealized gain | 27659258 |
| **Net increase in net assets resulting from operations** | **$29946656** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – 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 | $2287398 | &nbsp;&nbsp; $2508993 |
| Net realized gain | 24375104 | &nbsp;&nbsp; 26846593 |
| Net change in unrealized appreciation (depreciation) | 3284154 | &nbsp;&nbsp; 20478275 |
| Net increase in net assets resulting from operations | 29946656 | &nbsp;&nbsp; 49833861 |
| Decrease in net assets from capital stock activity | (27653552)<br>| &nbsp;&nbsp; (25510889)<br>|
| Total increase in net assets | 2293104 | &nbsp;&nbsp; 24322972 |
| Net assets at beginning of year | 222427478 | &nbsp;&nbsp; 198104506 |
| **Net assets at end of year** | **$224720582** | &nbsp;&nbsp; **$222427478** |

---

&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** |
| Shares sold | 41157 | &nbsp;&nbsp;&nbsp;&nbsp; 2129016 | &nbsp;&nbsp;&nbsp;&nbsp; 705 | &nbsp;&nbsp;&nbsp;&nbsp; 34298 |
| Shares redeemed | (596394)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (29782568)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (575942)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (25545187)<br>|
| **Total net decrease** | **(555237)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(27653552)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(575237)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(25510889)**<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – 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%.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Per share data** |  |  |  |  |  |
| Net asset value, beginning of period | $48.48 | &nbsp;&nbsp;&nbsp; $38.37 | &nbsp;&nbsp;&nbsp; $30.75 | &nbsp;&nbsp;&nbsp; $37.75 | &nbsp;&nbsp;&nbsp; $28.34 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income | 0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| Net realized and unrealized gain (loss) | 6.71 | &nbsp;&nbsp;&nbsp;&nbsp;9.59 | &nbsp;&nbsp;&nbsp;&nbsp;7.15 | &nbsp;&nbsp;&nbsp; (7.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.00 |
| Total from investment operations | 7.24 | &nbsp;&nbsp;&nbsp;&nbsp;10.11 | &nbsp;&nbsp;&nbsp;&nbsp;7.62 | &nbsp;&nbsp;&nbsp; (7.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.41 |
| Net asset value, end of period | $55.72 | &nbsp;&nbsp;&nbsp; $48.48 | &nbsp;&nbsp;&nbsp; $38.37 | &nbsp;&nbsp;&nbsp; $30.75 | &nbsp;&nbsp;&nbsp; $37.75 |
| Total return | 14.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.78<br> %<br>| &nbsp;&nbsp;&nbsp; (18.54<br> %)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 33.20<br> %<br>|
| **Ratios to average net assets** |  |  |  |  |  |
| Total gross expenses<sup>(a)</sup> <br>| 0.45 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>|
| Total net expenses<sup>(a),(c)</sup> <br>| 0.40 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| Net investment income | 1.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover | 52<br> %<br>| &nbsp;&nbsp;&nbsp; 48<br> %<br>| &nbsp;&nbsp;&nbsp; 52<br> %<br>| &nbsp;&nbsp;&nbsp; 48<br> %<br>| &nbsp;&nbsp;&nbsp; 56<br> %<br>|
| Net assets, end of period (in thousands) | $224721 | &nbsp;&nbsp;&nbsp; $222427 | &nbsp;&nbsp;&nbsp; $198105 | &nbsp;&nbsp;&nbsp; $175136 | &nbsp;&nbsp;&nbsp; $238272 |

---

&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) | Ratios include interest on collateral expense which is less than 0.01%. |
| (c) | 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 – Core Equity Fund \| 2025

------

Notes to Financial Statements

December 31, 2025

Note 1. Organization

Columbia Variable Portfolio – 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). You may not buy (nor will you own) shares of the Fund directly. You invest by owning RiverSource Variable Annuity Fund A or RiverSource Variable Annuity Fund B, issued by RiverSource Life Insurance Company (Participating Insurance Companies), and allocating your purchase payments to the variable account that invests in the Fund. Refer to your variable annuity contract prospectus for information regarding the investment options available to you. The Fund is closed to new investors.

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 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

Columbia Variable Portfolio – Core Equity Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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 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.

Columbia Variable Portfolio – Core Equity Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

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 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

Columbia Variable Portfolio – Core Equity Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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; 21,937<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>**($)**<br>|
| Equity risk | &nbsp;&nbsp; (16195)<br>|
| **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| **Risk exposure category** | **Futures** <br>**contracts** <br>**($)**<br>|
| Equity risk | &nbsp;&nbsp; 97592 |

---

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 | 2814018 |

---

**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

Columbia Variable Portfolio – Core Equity Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

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.

**Determination of net asset value** 

The net asset value per share of the Fund is computed by dividing the value of the net assets of the Fund by the total number of outstanding shares of the Fund, rounded to the nearest cent, at the close of regular trading (ordinarily 4:00 p.m. Eastern Time) every day the New York Stock Exchange is open.

**Federal income tax status**

The Fund is a disregarded entity for federal income tax purposes and does not expect to make regular distributions to shareholders. The Fund will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The shareholder is subject to tax on its distributive share of the Fund's income and losses. The components of the Fund's net assets are reported at the shareholder level for tax purposes, and therefore, are not presented in the Statement of Assets and Liabilities.

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 0.40% of the Fund's daily net assets.

Columbia Variable Portfolio – Core Equity Fund \| 2025

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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 which the Fund did not pay any fees to the Transfer Agent during the reporting period.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due 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.

**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) indefinitely, 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 annual rate of 0.40% of the Fund's average daily net assets.

Under the agreement governing this fee waiver and/or expense reimbursement arrangement, 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 $110,997,552 and $134,260,996, 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.

Columbia Variable Portfolio – Core Equity Fund \| 2025

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Notes to Financial Statements (continued)

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 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,

Columbia Variable Portfolio – Core Equity Fund \| 2025

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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 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 – Core Equity Fund \| 2025

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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 – Core 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 – 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. 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 – Core Equity Fund \| 2025

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**Columbia Variable Portfolio – Core Equity Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g59364img2fc1e2072.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.

ANN7003_12_E01_(02/26)

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![](g59364img7644fc3d1.jpg)

Columbia Variable Portfolio – Limited Duration Credit 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;

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| | | |
|:---|:---|:---|
| **Not FDIC or NCUA Insured** | **No Financial Institution Guarantee** | **May Lose Value** |

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**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| [Portfolio of Investments](#xx_3b13d45b-c0e1-4b16-bf36-d248393a1461_POI-CommonContent-Date-251_1) | 3 |
| [Statement of Assets and Liabilities](#xx_3b13d45b-c0e1-4b16-bf36-d248393a1461_FS-CommonContent-Date-251_1) | 8 |
| [Statement of Operations](#xx_3b13d45b-c0e1-4b16-bf36-d248393a1461_FS-CommonContent-Date-251_2) | 9 |
| [Statement of Changes in Net Assets](#xx_3b13d45b-c0e1-4b16-bf36-d248393a1461_FS-CommonContent-Date-251_3) | 10 |
| [Financial Highlights](#xx_3b13d45b-c0e1-4b16-bf36-d248393a1461_FIHI-CommonContent-Date-251_2) | 12 |
| [Notes to Financial Statements](#xx_3b13d45b-c0e1-4b16-bf36-d248393a1461_NTF-CommonContent-Date-251_1) | 14 |
| [Report of Independent Registered Public Accounting Firm](#xx_3b13d45b-c0e1-4b16-bf36-d248393a1461_AUD-CommonContent-Date-251_1) | 24 |

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Columbia Variable Portfolio – Limited Duration Credit Fund \| 2025

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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;

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| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes 92.1%** | **Corporate Bonds & Notes 92.1%** | **Corporate Bonds & Notes 92.1%** | **Corporate Bonds & Notes 92.1%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Aerospace & Defense 7.1%** | **Aerospace & Defense 7.1%** | **Aerospace & Defense 7.1%** | **Aerospace & Defense 7.1%** |
| BAE Systems PLC<sup>(a)</sup>  | BAE Systems PLC<sup>(a)</sup>  | BAE Systems PLC<sup>(a)</sup>  | BAE Systems PLC<sup>(a)</sup>  |
| 03/26/2029 | &nbsp;&nbsp; 5.125% | 3416000 | &nbsp;&nbsp; 3513592 |
| Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) |
| 05/01/2029 | &nbsp;&nbsp; 6.298% | 2615000 | &nbsp;&nbsp; 2777416 |
| L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. |
| 01/15/2027 | &nbsp;&nbsp; 5.400% | 6044000 | &nbsp;&nbsp; 6130898 |
| Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. |
| 08/15/2030 | &nbsp;&nbsp; 4.400% | 923000 | &nbsp;&nbsp; 931973 |
| Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. |
| 02/01/2027 | &nbsp;&nbsp; 3.200% | 5146000 | &nbsp;&nbsp; 5110295 |
| United Technologies Corp. | United Technologies Corp. | United Technologies Corp. | United Technologies Corp. |
| 11/16/2028 | &nbsp;&nbsp; 4.125% | 5256000 | &nbsp;&nbsp; 5272843 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **23737017** |
| **Banking 19.2%** | **Banking 19.2%** | **Banking 19.2%** | **Banking 19.2%** |
| Bank of America Corp.<sup>(b)</sup>  | Bank of America Corp.<sup>(b)</sup>  | Bank of America Corp.<sup>(b)</sup>  | Bank of America Corp.<sup>(b)</sup>  |
| 10/24/2031 | &nbsp;&nbsp; 1.922% | 8833000 | &nbsp;&nbsp; 7897633 |
| Citigroup, Inc.<sup>(b)</sup>  | Citigroup, Inc.<sup>(b)</sup>  | Citigroup, Inc.<sup>(b)</sup>  | Citigroup, Inc.<sup>(b)</sup>  |
| 09/11/2031 | &nbsp;&nbsp; 4.503% | 6598000 | &nbsp;&nbsp; 6615828 |
| Goldman Sachs Group, Inc. (The)<sup>(b)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(b)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(b)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(b)</sup>  |
| 10/21/2031 | &nbsp;&nbsp; 4.369% | 7795000 | &nbsp;&nbsp; 7778798 |
| HSBC Holdings PLC<sup>(b)</sup>  | HSBC Holdings PLC<sup>(b)</sup>  | HSBC Holdings PLC<sup>(b)</sup>  | HSBC Holdings PLC<sup>(b)</sup>  |
| 11/06/2031 | &nbsp;&nbsp; 4.619% | 4644000 | &nbsp;&nbsp; 4656109 |
| JPMorgan Chase & Co.<sup>(b)</sup>  | JPMorgan Chase & Co.<sup>(b)</sup>  | JPMorgan Chase & Co.<sup>(b)</sup>  | JPMorgan Chase & Co.<sup>(b)</sup>  |
| 01/24/2031 | &nbsp;&nbsp; 5.140% | 5722000 | &nbsp;&nbsp; 5914671 |
| 11/08/2032 | &nbsp;&nbsp; 2.545% | 4405000 | &nbsp;&nbsp; 3973890 |
| Morgan Stanley Private Bank<sup>(b)</sup>  | Morgan Stanley Private Bank<sup>(b)</sup>  | Morgan Stanley Private Bank<sup>(b)</sup>  | Morgan Stanley Private Bank<sup>(b)</sup>  |
| 11/19/2031 | &nbsp;&nbsp; 4.465% | 7953000 | &nbsp;&nbsp; 7969796 |
| Morgan Stanley Private Bank NA<sup>(b)</sup>  | Morgan Stanley Private Bank NA<sup>(b)</sup>  | Morgan Stanley Private Bank NA<sup>(b)</sup>  | Morgan Stanley Private Bank NA<sup>(b)</sup>  |
| 07/18/2031 | &nbsp;&nbsp; 4.734% | 3567000 | &nbsp;&nbsp; 3615439 |
| PNC Financial Services Group, Inc. (The)<sup>(b)</sup>  | PNC Financial Services Group, Inc. (The)<sup>(b)</sup>  | PNC Financial Services Group, Inc. (The)<sup>(b)</sup>  | PNC Financial Services Group, Inc. (The)<sup>(b)</sup>  |
| 05/13/2031 | &nbsp;&nbsp; 4.899% | 1257000 | &nbsp;&nbsp; 1286968 |
| Royal Bank of Canada<sup>(b)</sup>  | Royal Bank of Canada<sup>(b)</sup>  | Royal Bank of Canada<sup>(b)</sup>  | Royal Bank of Canada<sup>(b)</sup>  |
| 08/06/2031 | &nbsp;&nbsp; 4.696% | 4003000 | &nbsp;&nbsp; 4053607 |
| 11/03/2031 | &nbsp;&nbsp; 4.305% | 3840000 | &nbsp;&nbsp; 3821439 |
| US Bancorp<sup>(b)</sup>  | US Bancorp<sup>(b)</sup>  | US Bancorp<sup>(b)</sup>  | US Bancorp<sup>(b)</sup>  |
| 05/15/2031 | &nbsp;&nbsp; 5.083% | 1584000 | &nbsp;&nbsp; 1632456 |
| Wells Fargo & Co.<sup>(b)</sup>  | Wells Fargo & Co.<sup>(b)</sup>  | Wells Fargo & Co.<sup>(b)</sup>  | Wells Fargo & Co.<sup>(b)</sup>  |
| 04/23/2031 | &nbsp;&nbsp; 5.150% | 4500000 | &nbsp;&nbsp; 4642896 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **63859530** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Building Materials 0.4%** | **Building Materials 0.4%** | **Building Materials 0.4%** | **Building Materials 0.4%** |
| JH North America Holdings, Inc.<sup>(a)</sup>  | JH North America Holdings, Inc.<sup>(a)</sup>  | JH North America Holdings, Inc.<sup>(a)</sup>  | JH North America Holdings, Inc.<sup>(a)</sup>  |
| 01/31/2031 | &nbsp;&nbsp; 5.875% | 325000 | &nbsp;&nbsp; 332000 |
| 07/31/2032 | &nbsp;&nbsp; 6.125% | 1128000 | &nbsp;&nbsp; 1157270 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1489270** |
| **Cable and Satellite 0.5%** | **Cable and Satellite 0.5%** | **Cable and Satellite 0.5%** | **Cable and Satellite 0.5%** |
| Charter Communications Operating LLC/Capital | Charter Communications Operating LLC/Capital | Charter Communications Operating LLC/Capital | Charter Communications Operating LLC/Capital |
| 01/15/2029 | &nbsp;&nbsp; 2.250% | 1710000 | &nbsp;&nbsp; 1600085 |
| **Chemicals 2.2%** | **Chemicals 2.2%** | **Chemicals 2.2%** | **Chemicals 2.2%** |
| LYB Finance Co. BV<sup>(a)</sup>  | LYB Finance Co. BV<sup>(a)</sup>  | LYB Finance Co. BV<sup>(a)</sup>  | LYB Finance Co. BV<sup>(a)</sup>  |
| 03/15/2027 | &nbsp;&nbsp; 8.100% | 2144000 | &nbsp;&nbsp; 2235297 |
| LYB International Finance III LLC | LYB International Finance III LLC | LYB International Finance III LLC | LYB International Finance III LLC |
| 01/15/2031 | &nbsp;&nbsp; 5.125% | 4997000 | &nbsp;&nbsp; 5017644 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **7252941** |
| **Diversified Manufacturing 0.6%** | **Diversified Manufacturing 0.6%** | **Diversified Manufacturing 0.6%** | **Diversified Manufacturing 0.6%** |
| Siemens Funding BV<sup>(a)</sup>  | Siemens Funding BV<sup>(a)</sup>  | Siemens Funding BV<sup>(a)</sup>  | Siemens Funding BV<sup>(a)</sup>  |
| 05/28/2030 | &nbsp;&nbsp; 4.600% | 2140000 | &nbsp;&nbsp; 2183482 |
| **Electric 9.3%** | **Electric 9.3%** | **Electric 9.3%** | **Electric 9.3%** |
| AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. |
| 07/01/2030 | &nbsp;&nbsp; 2.100% | 2845000 | &nbsp;&nbsp; 2591630 |
| AES Corp. (The) | AES Corp. (The) | AES Corp. (The) | AES Corp. (The) |
| 01/15/2026 | &nbsp;&nbsp; 1.375% | 8777000 | &nbsp;&nbsp; 8764262 |
| Emera US Finance LP | Emera US Finance LP | Emera US Finance LP | Emera US Finance LP |
| 06/15/2026 | &nbsp;&nbsp; 3.550% | 4443000 | &nbsp;&nbsp; 4429420 |
| FirstEnergy Transmission LLC | FirstEnergy Transmission LLC | FirstEnergy Transmission LLC | FirstEnergy Transmission LLC |
| 01/15/2030 | &nbsp;&nbsp; 4.550% | 3441000 | &nbsp;&nbsp; 3467333 |
| NRG Energy, Inc.<sup>(a)</sup>  | NRG Energy, Inc.<sup>(a)</sup>  | NRG Energy, Inc.<sup>(a)</sup>  | NRG Energy, Inc.<sup>(a)</sup>  |
| 12/02/2027 | &nbsp;&nbsp; 2.450% | 3190000 | &nbsp;&nbsp; 3081650 |
| Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. |
| 06/15/2028 | &nbsp;&nbsp; 3.000% | 4331000 | &nbsp;&nbsp; 4201051 |
| WEC Energy Group, Inc. | WEC Energy Group, Inc. | WEC Energy Group, Inc. | WEC Energy Group, Inc. |
| 09/12/2026 | &nbsp;&nbsp; 5.600% | 807000 | &nbsp;&nbsp; 814919 |
| Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. |
| 12/01/2029 | &nbsp;&nbsp; 2.600% | 3721000 | &nbsp;&nbsp; 3492750 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **30843015** |
| **Food and Beverage 11.3%** | **Food and Beverage 11.3%** | **Food and Beverage 11.3%** | **Food and Beverage 11.3%** |
| Bacardi-Martini BV<sup>(a)</sup>  | Bacardi-Martini BV<sup>(a)</sup>  | Bacardi-Martini BV<sup>(a)</sup>  | Bacardi-Martini BV<sup>(a)</sup>  |
| 02/01/2030 | &nbsp;&nbsp; 5.550% | 7938000 | &nbsp;&nbsp; 8188878 |
| Diageo Capital PLC | Diageo Capital PLC | Diageo Capital PLC | Diageo Capital PLC |
| 10/05/2026 | &nbsp;&nbsp; 5.375% | 6777000 | &nbsp;&nbsp; 6842586 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Limited Duration Credit Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| General Mills, Inc. | General Mills, Inc. | General Mills, Inc. | General Mills, Inc. |
| 01/30/2027 | &nbsp;&nbsp; 4.700% | 2742000 | &nbsp;&nbsp; 2761970 |
| Heineken NV<sup>(a)</sup>  | Heineken NV<sup>(a)</sup>  | Heineken NV<sup>(a)</sup>  | Heineken NV<sup>(a)</sup>  |
| 01/29/2028 | &nbsp;&nbsp; 3.500% | 4909000 | &nbsp;&nbsp; 4864365 |
| Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. |
| 03/15/2027 | &nbsp;&nbsp; 5.100% | 4916000 | &nbsp;&nbsp; 4967250 |
| Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
| 04/01/2030 | &nbsp;&nbsp; 3.750% | 4246000 | &nbsp;&nbsp; 4155787 |
| Mars, Inc.<sup>(a)</sup>  | Mars, Inc.<sup>(a)</sup>  | Mars, Inc.<sup>(a)</sup>  | Mars, Inc.<sup>(a)</sup>  |
| 03/01/2030 | &nbsp;&nbsp; 4.800% | 2555000 | &nbsp;&nbsp; 2610575 |
| Tyson Foods, Inc. | Tyson Foods, Inc. | Tyson Foods, Inc. | Tyson Foods, Inc. |
| 06/02/2027 | &nbsp;&nbsp; 3.550% | 3321000 | &nbsp;&nbsp; 3298347 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **37689758** |
| **Health Care 2.1%** | **Health Care 2.1%** | **Health Care 2.1%** | **Health Care 2.1%** |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| 04/01/2030 | &nbsp;&nbsp; 3.750% | 1250000 | &nbsp;&nbsp; 1219977 |
| GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. |
| 12/15/2028 | &nbsp;&nbsp; 4.150% | 1159000 | &nbsp;&nbsp; 1162309 |
| HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
| 03/15/2027 | &nbsp;&nbsp; 3.125% | 1228000 | &nbsp;&nbsp; 1215293 |
| 09/01/2030 | &nbsp;&nbsp; 3.500% | 3367000 | &nbsp;&nbsp; 3238675 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **6836254** |
| **Healthcare Insurance 2.7%** | **Healthcare Insurance 2.7%** | **Healthcare Insurance 2.7%** | **Healthcare Insurance 2.7%** |
| Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. |
| 02/15/2030 | &nbsp;&nbsp; 3.375% | 2588000 | &nbsp;&nbsp; 2382564 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| 12/15/2028 | &nbsp;&nbsp; 3.875% | 4275000 | &nbsp;&nbsp; 4271651 |
| 05/15/2030 | &nbsp;&nbsp; 2.000% | 2397000 | &nbsp;&nbsp; 2186238 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **8840453** |
| **Independent Energy 4.0%** | **Independent Energy 4.0%** | **Independent Energy 4.0%** | **Independent Energy 4.0%** |
| APA Corp. | APA Corp. | APA Corp. | APA Corp. |
| 01/15/2030 | &nbsp;&nbsp; 4.250% | 2045000 | &nbsp;&nbsp; 2007829 |
| Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
| 09/01/2030 | &nbsp;&nbsp; 6.625% | 5960000 | &nbsp;&nbsp; 6403082 |
| Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. |
| 05/19/2030 | &nbsp;&nbsp; 5.400% | 4685000 | &nbsp;&nbsp; 4811564 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **13222475** |
| **Integrated Energy 1.0%** | **Integrated Energy 1.0%** | **Integrated Energy 1.0%** | **Integrated Energy 1.0%** |
| BP Capital Markets America, Inc. | BP Capital Markets America, Inc. | BP Capital Markets America, Inc. | BP Capital Markets America, Inc. |
| 11/17/2027 | &nbsp;&nbsp; 5.017% | 3215000 | &nbsp;&nbsp; 3282201 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Life Insurance 8.8%** | **Life Insurance 8.8%** | **Life Insurance 8.8%** | **Life Insurance 8.8%** |
| Corebridge Global Funding<sup>(a)</sup>  | Corebridge Global Funding<sup>(a)</sup>  | Corebridge Global Funding<sup>(a)</sup>  | Corebridge Global Funding<sup>(a)</sup>  |
| 08/21/2028 | &nbsp;&nbsp; 4.250% | 1541000 | &nbsp;&nbsp; 1545508 |
| 06/06/2030 | &nbsp;&nbsp; 4.850% | 1706000 | &nbsp;&nbsp; 1729227 |
| 10/02/2030 | &nbsp;&nbsp; 4.450% | 1773000 | &nbsp;&nbsp; 1766003 |
| Met Tower Global Funding<sup>(a)</sup>  | Met Tower Global Funding<sup>(a)</sup>  | Met Tower Global Funding<sup>(a)</sup>  | Met Tower Global Funding<sup>(a)</sup>  |
| 09/16/2030 | &nbsp;&nbsp; 4.200% | 1190000 | &nbsp;&nbsp; 1184159 |
| New York Life Global Funding<sup>(a)</sup>  | New York Life Global Funding<sup>(a)</sup>  | New York Life Global Funding<sup>(a)</sup>  | New York Life Global Funding<sup>(a)</sup>  |
| 12/05/2029 | &nbsp;&nbsp; 4.600% | 1462000 | &nbsp;&nbsp; 1485135 |
| Northwestern Mutual Global Funding<sup>(a)</sup>  | Northwestern Mutual Global Funding<sup>(a)</sup>  | Northwestern Mutual Global Funding<sup>(a)</sup>  | Northwestern Mutual Global Funding<sup>(a)</sup>  |
| 05/28/2031 | &nbsp;&nbsp; 5.160% | 3613000 | &nbsp;&nbsp; 3749248 |
| Pacific Life Global Funding II<sup>(a)</sup>  | Pacific Life Global Funding II<sup>(a)</sup>  | Pacific Life Global Funding II<sup>(a)</sup>  | Pacific Life Global Funding II<sup>(a)</sup>  |
| 01/11/2032 | &nbsp;&nbsp; 2.450% | 2413000 | &nbsp;&nbsp; 2143629 |
| Pricoa Global Funding I<sup>(a)</sup>  | Pricoa Global Funding I<sup>(a)</sup>  | Pricoa Global Funding I<sup>(a)</sup>  | Pricoa Global Funding I<sup>(a)</sup>  |
| 11/25/2030 | &nbsp;&nbsp; 4.350% | 2521000 | &nbsp;&nbsp; 2526058 |
| Principal Life Global Funding II<sup>(a)</sup>  | Principal Life Global Funding II<sup>(a)</sup>  | Principal Life Global Funding II<sup>(a)</sup>  | Principal Life Global Funding II<sup>(a)</sup>  |
| 11/27/2029 | &nbsp;&nbsp; 4.950% | 9740000 | &nbsp;&nbsp; 9951141 |
| Voya Financial, Inc. | Voya Financial, Inc. | Voya Financial, Inc. | Voya Financial, Inc. |
| 06/15/2026 | &nbsp;&nbsp; 3.650% | 1645000 | &nbsp;&nbsp; 1640420 |
| Voya Global Funding<sup>(a)</sup>  | Voya Global Funding<sup>(a)</sup>  | Voya Global Funding<sup>(a)</sup>  | Voya Global Funding<sup>(a)</sup>  |
| 11/24/2030 | &nbsp;&nbsp; 4.600% | 1575000 | &nbsp;&nbsp; 1582459 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **29302987** |
| **Media and Entertainment 1.0%** | **Media and Entertainment 1.0%** | **Media and Entertainment 1.0%** | **Media and Entertainment 1.0%** |
| Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
| 11/15/2030 | &nbsp;&nbsp; 4.200% | 2500000 | &nbsp;&nbsp; 2504547 |
| 11/15/2035 | &nbsp;&nbsp; 4.875% | 903000 | &nbsp;&nbsp; 902307 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3406854** |
| **Midstream 5.7%** | **Midstream 5.7%** | **Midstream 5.7%** | **Midstream 5.7%** |
| Colorado Interstate Gas Co. LLC/Issuing Corp.<sup>(a)</sup>  | Colorado Interstate Gas Co. LLC/Issuing Corp.<sup>(a)</sup>  | Colorado Interstate Gas Co. LLC/Issuing Corp.<sup>(a)</sup>  | Colorado Interstate Gas Co. LLC/Issuing Corp.<sup>(a)</sup>  |
| 08/15/2026 | &nbsp;&nbsp; 4.150% | 9260000 | &nbsp;&nbsp; 9249317 |
| Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
| 02/15/2031 | &nbsp;&nbsp; 4.500% | 3328000 | &nbsp;&nbsp; 3324112 |
| Plains All American Pipeline LP/Finance Corp. | Plains All American Pipeline LP/Finance Corp. | Plains All American Pipeline LP/Finance Corp. | Plains All American Pipeline LP/Finance Corp. |
| 12/15/2026 | &nbsp;&nbsp; 4.500% | 3975000 | &nbsp;&nbsp; 3986684 |
| Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP |
| 01/15/2029 | &nbsp;&nbsp; 6.350% | 2220000 | &nbsp;&nbsp; 2337065 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **18897178** |
| **Natural Gas 0.9%** | **Natural Gas 0.9%** | **Natural Gas 0.9%** | **Natural Gas 0.9%** |
| NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
| 07/01/2029 | &nbsp;&nbsp; 5.200% | 3011000 | &nbsp;&nbsp; 3104010 |
| **Pharmaceuticals 5.7%** | **Pharmaceuticals 5.7%** | **Pharmaceuticals 5.7%** | **Pharmaceuticals 5.7%** |
| Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
| 03/02/2030 | &nbsp;&nbsp; 5.250% | 3986000 | &nbsp;&nbsp; 4135204 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Limited Duration Credit Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Gilead Sciences, Inc. | Gilead Sciences, Inc. | Gilead Sciences, Inc. | Gilead Sciences, Inc. |
| 03/01/2026 | &nbsp;&nbsp; 3.650% | 6425000 | &nbsp;&nbsp; 6419505 |
| Merck & Co, Inc. | Merck & Co, Inc. | Merck & Co, Inc. | Merck & Co, Inc. |
| 09/15/2030 | &nbsp;&nbsp; 4.150% | 4908000 | &nbsp;&nbsp; 4922252 |
| Roche Holdings, Inc.<sup>(a)</sup>  | Roche Holdings, Inc.<sup>(a)</sup>  | Roche Holdings, Inc.<sup>(a)</sup>  | Roche Holdings, Inc.<sup>(a)</sup>  |
| 11/13/2030 | &nbsp;&nbsp; 5.489% | 1635000 | &nbsp;&nbsp; 1731109 |
| 12/02/2030 | &nbsp;&nbsp; 4.075% | 1634000 | &nbsp;&nbsp; 1629610 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **18837680** |
| **Railroads 1.4%** | **Railroads 1.4%** | **Railroads 1.4%** | **Railroads 1.4%** |
| Canadian Pacific Railway Co. | Canadian Pacific Railway Co. | Canadian Pacific Railway Co. | Canadian Pacific Railway Co. |
| 12/02/2031 | &nbsp;&nbsp; 2.450% | 5060000 | &nbsp;&nbsp; 4554764 |
| **Retailers 0.6%** | **Retailers 0.6%** | **Retailers 0.6%** | **Retailers 0.6%** |
| Lowe's Cos, Inc. | Lowe's Cos, Inc. | Lowe's Cos, Inc. | Lowe's Cos, Inc. |
| 10/15/2028 | &nbsp;&nbsp; 4.000% | 2003000 | &nbsp;&nbsp; 2006463 |
| **Technology 4.3%** | **Technology 4.3%** | **Technology 4.3%** | **Technology 4.3%** |
| Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. |
| 11/15/2030 | &nbsp;&nbsp; 4.100% | 1805000 | &nbsp;&nbsp; 1810976 |
| Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
| 02/15/2030 | &nbsp;&nbsp; 4.350% | 1854000 | &nbsp;&nbsp; 1866289 |
| Foundry JV Holdco LLC<sup>(a)</sup>  | Foundry JV Holdco LLC<sup>(a)</sup>  | Foundry JV Holdco LLC<sup>(a)</sup>  | Foundry JV Holdco LLC<sup>(a)</sup>  |
| 01/25/2031 | &nbsp;&nbsp; 5.500% | 4221000 | &nbsp;&nbsp; 4358555 |
| Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
| 11/15/2029 | &nbsp;&nbsp; 2.450% | 1035000 | &nbsp;&nbsp; 965838 |
| International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. |
| 02/10/2028 | &nbsp;&nbsp; 4.650% | 1585000 | &nbsp;&nbsp; 1608348 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 09/26/2032 | &nbsp;&nbsp; 4.800% | 3795000 | &nbsp;&nbsp; 3664941 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **14274947** |
| **Transportation Services 0.4%** | **Transportation Services 0.4%** | **Transportation Services 0.4%** | **Transportation Services 0.4%** |
| ERAC USA Finance LLC<sup>(a)</sup>  | ERAC USA Finance LLC<sup>(a)</sup>  | ERAC USA Finance LLC<sup>(a)</sup>  | ERAC USA Finance LLC<sup>(a)</sup>  |
| 05/01/2028 | &nbsp;&nbsp; 4.600% | 1215000 | &nbsp;&nbsp; 1230764 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Wireless 2.9%** | **Wireless 2.9%** | **Wireless 2.9%** | **Wireless 2.9%** |
| Sprint Spectrum Co. I/II/III LLC<sup>(a)</sup>  | Sprint Spectrum Co. I/II/III LLC<sup>(a)</sup>  | Sprint Spectrum Co. I/II/III LLC<sup>(a)</sup>  | Sprint Spectrum Co. I/II/III LLC<sup>(a)</sup>  |
| 03/20/2028 | &nbsp;&nbsp; 5.152% | 4964400 | &nbsp;&nbsp; 4995178 |
| T-Mobile US, Inc. | T-Mobile US, Inc. | T-Mobile US, Inc. | T-Mobile US, Inc. |
| 04/15/2027 | &nbsp;&nbsp; 3.750% | 1938000 | &nbsp;&nbsp; 1931784 |
| 04/15/2030 | &nbsp;&nbsp; 3.875% | 2621000 | &nbsp;&nbsp; 2576151 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **9503113** |
| Total Corporate Bonds & Notes <br>(Cost $302,891,738) | Total Corporate Bonds & Notes <br>(Cost $302,891,738) | Total Corporate Bonds & Notes <br>(Cost $302,891,738) | &nbsp;&nbsp; **305955241** |
| **U.S. Treasury Obligations 4.2%** | **U.S. Treasury Obligations 4.2%** | **U.S. Treasury Obligations 4.2%** | **U.S. Treasury Obligations 4.2%** |
| U.S. Treasury | U.S. Treasury | U.S. Treasury | U.S. Treasury |
| 06/30/2028 | &nbsp;&nbsp; 4.000% | 8532000 | &nbsp;&nbsp; 8631318 |
| 07/31/2030 | &nbsp;&nbsp; 3.875% | 350000 | &nbsp;&nbsp; 352625 |
| 12/31/2031 | &nbsp;&nbsp; 4.500% | 4783000 | &nbsp;&nbsp; 4951900 |
| Total U.S. Treasury Obligations <br>(Cost $13,705,927) | Total U.S. Treasury Obligations <br>(Cost $13,705,927) | Total U.S. Treasury Obligations <br>(Cost $13,705,927) | &nbsp;&nbsp; **13935843** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **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>(c),(d)</sup> <br>| &nbsp;&nbsp; 8658061 | &nbsp;&nbsp; 8655463 |
| Total Money Market Funds <br>(Cost $8,655,408) | Total Money Market Funds <br>(Cost $8,655,408) | &nbsp;&nbsp; **8655463** |
| **Total Investments in Securities** <br>**(Cost: $325,253,073)** | **Total Investments in Securities** <br>**(Cost: $325,253,073)** | &nbsp;&nbsp; **328546547** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **3657164** |
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **332203711** |

---

At December 31, 2025, securities and/or cash totaling $987,374 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>|
| U.S. Treasury 2-Year Note | 520 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 108570312 | &nbsp;&nbsp;&nbsp;&nbsp; 19147 | &nbsp;&nbsp;&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 – Limited Duration Credit Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short 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>|
| U.S. Treasury 10-Year Note | (102) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (11468625)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 78777 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 5-Year Note | (551) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (60226883)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 93847 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury Ultra 10-Year Note | (9) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (1035141)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3706 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 176330 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At December 31, 2025, the total value of these securities amounted to $79,024,209, which represents 23.79% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of December 31, 2025.

&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% |
|  | 137240435 | &nbsp;&nbsp; 414476731 | &nbsp;&nbsp; (543061738)<br>| &nbsp;&nbsp; 35 | &nbsp;&nbsp; 8655463 | &nbsp;&nbsp; (2615)<br>| &nbsp;&nbsp; 1966321 | &nbsp;&nbsp; 8658061 |

---

**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.

■

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 – Limited Duration Credit 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** |  |  |  |  |
| Corporate Bonds & Notes |  | &nbsp;&nbsp;&nbsp;&nbsp; 305955241 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 305955241 |
| U.S. Treasury Obligations |  | &nbsp;&nbsp;&nbsp;&nbsp; 13935843 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13935843 |
| Money Market Funds | 8655463 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8655463 |
| Total Investments in Securities | 8655463 | &nbsp;&nbsp;&nbsp;&nbsp; 319891084 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 328546547 |
| **Investments in Derivatives** |  |  |  |  |
| Asset |  |  |  |  |
| Futures Contracts | 195477 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 195477 |
| Total | 8850940 | &nbsp;&nbsp;&nbsp;&nbsp; 319891084 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 328742024 |

---

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.

Derivative instruments are valued at unrealized appreciation (depreciation).

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Limited Duration Credit 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 $316,597,665) | $319891084 |
| Affiliated issuers (cost $8,655,408) | 8655463 |
| Margin deposits on: |  |
| Futures contracts | 987374 |
| Receivable for: |  |
| Capital shares sold | 1050 |
| Dividends | 26923 |
| Interest | 3295144 |
| Variation margin for futures contracts | 89352 |
| Expense reimbursement due from Investment Manager | 1313 |
| Prepaid expenses | 4723 |
| Total assets | 332952426 |
| **Liabilities** |  |
| Payable for: |  |
| Capital shares redeemed | 469052 |
| Variation margin for futures contracts | 35860 |
| Management services fees | 4379 |
| Distribution and/or service fees | 889 |
| Service fees | 15202 |
| Compensation of chief compliance officer | 53 |
| Compensation of board members | 575 |
| Other expenses | 23516 |
| Deferred compensation of board members | 199189 |
| Total liabilities | 748715 |
| **Net assets applicable to outstanding capital stock** | **$332203711** |
| **Represented by** |  |
| Paid in capital | 354372957 |
| Total distributable earnings (loss) | (22169246)<br>|
| **Total - representing net assets applicable to outstanding capital stock** | **$332203711** |
| **Class 1** |  |
| Net assets | $202718648 |
| Shares outstanding | 21320691 |
| Net asset value per share | $9.51 |
| **Class 2** |  |
| Net assets | $129485063 |
| Shares outstanding | 13683991 |
| Net asset value per share | $9.46 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Limited Duration Credit Fund \| 2025

------

Statement of Operations

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — affiliated issuers | $1966321 |
| Interest | 31222077 |
| Interfund lending | 7348 |
| Total income | 33195746 |
| Expenses: |  |
| Management services fees | 3349629 |
| Distribution and/or service fees |  |
| Class 2 | 299052 |
| Service fees | 90152 |
| Custodian fees | 7717 |
| Printing and postage fees | 12577 |
| Accounting services fees | 32423 |
| Legal fees | 29407 |
| Compensation of chief compliance officer | 84 |
| Compensation of board members | 18602 |
| Deferred compensation of board members | 29750 |
| Other | 15760 |
| Total expenses | 3885153 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates | (711408)<br>|
| Total net expenses | 3173745 |
| **Net investment income** | 30022001 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 8223616 |
| Investments — affiliated issuers | (2615)<br>|
| Futures contracts | (1970657)<br>|
| Net realized gain | 6250344 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 7648948 |
| Investments — affiliated issuers | 35 |
| Futures contracts | (1330954)<br>|
| Net change in unrealized appreciation (depreciation) | 6318029 |
| Net realized and unrealized gain | 12568373 |
| **Net increase in net assets resulting from operations** | **$42590374** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Limited Duration Credit 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 | $30022001 | &nbsp;&nbsp; $35692850 |
| Net realized gain | 6250344 | &nbsp;&nbsp; 2200137 |
| Net change in unrealized appreciation (depreciation) | 6318029 | &nbsp;&nbsp; (65837)<br>|
| Net increase in net assets resulting from operations | 42590374 | &nbsp;&nbsp; 37827150 |
| **Distributions to shareholders** |  |  |
| Net investment income and net realized gains  |  |  |
| Class 1 | (28167987)<br>| &nbsp;&nbsp; (27465532)<br>|
| Class 2 | (7440442)<br>| &nbsp;&nbsp; (3880064)<br>|
| Total distributions to shareholders | (35608429)<br>| &nbsp;&nbsp; (31345596)<br>|
| Increase (decrease) in net assets from capital stock activity | (735203701)<br>| &nbsp;&nbsp; 251839694 |
| Total increase (decrease) in net assets | (728221756)<br>| &nbsp;&nbsp; 258321248 |
| Net assets at beginning of year | 1060425467 | &nbsp;&nbsp; 802104219 |
| **Net assets at end of year** | **$332203711** | &nbsp;&nbsp; **$1060425467** |

---

&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 | 1510536 | &nbsp;&nbsp;&nbsp;&nbsp; 14281714 | &nbsp;&nbsp;&nbsp;&nbsp; 25616240 | &nbsp;&nbsp;&nbsp;&nbsp; 245128858 |
| Distributions reinvested | 1803478 | &nbsp;&nbsp;&nbsp;&nbsp; 16718242 | &nbsp;&nbsp;&nbsp;&nbsp; 2931220 | &nbsp;&nbsp;&nbsp;&nbsp; 27465532 |
| Shares redeemed | (81268165)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (784036073)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3159528)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (30084354)<br>|
| Net increase (decrease) | (77954151)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (753036117)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25387932 | &nbsp;&nbsp;&nbsp;&nbsp; 242510036 |
| Class 2 |  |  |  |  |
| Shares sold | 2531859 | &nbsp;&nbsp;&nbsp;&nbsp; 24164045 | &nbsp;&nbsp;&nbsp;&nbsp; 2384526 | &nbsp;&nbsp;&nbsp;&nbsp; 22613373 |
| Distributions reinvested | 806115 | &nbsp;&nbsp;&nbsp;&nbsp; 7440442 | &nbsp;&nbsp;&nbsp;&nbsp; 415870 | &nbsp;&nbsp;&nbsp;&nbsp; 3880064 |
| Shares redeemed | (1443625)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13772071)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1809735)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17163779)<br>|
| Net increase | 1894349 | &nbsp;&nbsp;&nbsp;&nbsp; 17832416 | &nbsp;&nbsp;&nbsp;&nbsp; 990661 | &nbsp;&nbsp;&nbsp;&nbsp; 9329658 |
| **Total net increase (decrease)** | **(76059802)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(735203701)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **26378593** | &nbsp;&nbsp;&nbsp;&nbsp; **251839694** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Limited Duration Credit Fund \| 2025

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[THIS PAGE INTENTIONALLY LEFT BLANK]

Columbia Variable Portfolio – Limited Duration Credit Fund \| 2025

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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>| **Total** <br>**distributions to** <br>**shareholders**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | $9.55<br>| 0.42<br>| 0.17<br>| 0.59<br>| &nbsp;&nbsp; (0.63) <br>| &nbsp;&nbsp; (0.63) <br>|
| Year Ended 12/31/2024 | $9.48<br>| 0.41<br>| 0.03<br>| 0.44<br>| &nbsp;&nbsp; (0.37) <br>| &nbsp;&nbsp; (0.37) <br>|
| Year Ended 12/31/2023 | $9.17<br>| 0.35<br>| 0.27<br>| 0.62<br>| &nbsp;&nbsp; (0.31) <br>| &nbsp;&nbsp; (0.31) <br>|
| Year Ended 12/31/2022 | $9.84<br>| 0.23<br>| &nbsp;&nbsp; (0.83) <br>| &nbsp;&nbsp; (0.60) <br>| &nbsp;&nbsp; (0.07) <br>| &nbsp;&nbsp; (0.07) <br>|
| Year Ended 12/31/2021 | $10.06<br>| 0.11<br>| &nbsp;&nbsp; (0.17) <br>| &nbsp;&nbsp; (0.06) <br>| &nbsp;&nbsp; (0.16) <br>| &nbsp;&nbsp; (0.16) <br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $9.51<br>| 0.38<br>| 0.18<br>| 0.56<br>| &nbsp;&nbsp; (0.61) <br>| &nbsp;&nbsp; (0.61) <br>|
| Year Ended 12/31/2024 | $9.43<br>| 0.38<br>| 0.05<br>| 0.43<br>| &nbsp;&nbsp; (0.35) <br>| &nbsp;&nbsp; (0.35) <br>|
| Year Ended 12/31/2023 | $9.12<br>| 0.33<br>| 0.27<br>| 0.60<br>| &nbsp;&nbsp; (0.29) <br>| &nbsp;&nbsp; (0.29) <br>|
| Year Ended 12/31/2022 | $9.79<br>| 0.20<br>| &nbsp;&nbsp; (0.82) <br>| &nbsp;&nbsp; (0.62) <br>| &nbsp;&nbsp; (0.05) <br>| &nbsp;&nbsp; (0.05) <br>|
| Year Ended 12/31/2021 | $10.01<br>| 0.08<br>| &nbsp;&nbsp; (0.16) <br>| &nbsp;&nbsp; (0.08) <br>| &nbsp;&nbsp; (0.14) <br>| &nbsp;&nbsp; (0.14) <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 – Limited Duration Credit 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; $9.51<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 129%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $202719<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $9.55<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.28%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 103%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $948364<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $9.48<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.89%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.77%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 78%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $700239<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $9.17<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.08%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 110%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $818216<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $9.84<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.59%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 88%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $806365<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; $9.46<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.04%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 129%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $129485<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $9.51<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.64%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.03%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 103%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $112061<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $9.43<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.66%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.53%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 78%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $101866<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $9.12<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.36%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.18%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 110%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $100683<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $9.79<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.84%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 88%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $92550<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Limited Duration Credit Fund \| 2025

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Notes to Financial Statements

December 31, 2025

Note 1. Organization

Columbia Variable Portfolio – Limited Duration Credit 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**

Debt securities generally are valued based on prices obtained from pricing services, which are intended to reflect market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Columbia Variable Portfolio – Limited Duration Credit Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

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 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

Columbia Variable Portfolio – Limited Duration Credit Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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 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.

Columbia Variable Portfolio – Limited Duration Credit Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

**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 ($)** |
| Interest rate risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 195,477<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>**($)**<br>|
| Interest rate risk | &nbsp;&nbsp; (1970657)<br>|
| **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| **Risk exposure category** | **Futures** <br>**contracts** <br>**($)**<br>|
| Interest rate risk | &nbsp;&nbsp; (1330954)<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 notional** <br>**amounts ($)**<br>|
| Futures contracts — long | 234916491 |
| Futures contracts — short | 164161041 |

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**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**

Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted.

The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. The Fund may also adjust accrual rates when it becomes probable the full interest will not be collected and a partial payment will be received. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Columbia Variable Portfolio – Limited Duration Credit Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

Dividend income is recorded on the ex-dividend date.

**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.

**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 management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.48% to 0.33% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2025 was 0.48% 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

Columbia Variable Portfolio – Limited Duration Credit Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

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; **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;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 |

---

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 – Limited Duration Credit Fund \| 2025

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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. 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, derivative investments, tax straddles, principal and/or interest from fixed income securities, capital loss carryforwards 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 ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(loss) ($)**<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>|
| 38808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38808)<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 ($)**<br>| **Total ($)** |
| 35608429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35608429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31345596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31345596 |

---

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>|
| 29799812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (54888253)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3118384 |

---

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>|
| 325623640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3299617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (181233)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3118384 |

---

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 ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **No expiration** <br>**long-term ($)**<br>| **Total ($)** | **Utilized ($)** |
| (9336285)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45551968)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (54888253)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3952167 |

---

Columbia Variable Portfolio – Limited Duration Credit Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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 $827,003,297 and $1,440,619,146, respectively, for the year ended December 31, 2025, of which $20,269,869 and $28,522,420, respectively, were U.S. government securities. 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.

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 | 18133333 | &nbsp;&nbsp;&nbsp;&nbsp;4.87 | &nbsp;&nbsp;&nbsp;&nbsp; 3 |

---

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

Columbia Variable Portfolio – Limited Duration Credit Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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, affiliated shareholders of record owned 94.0% 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

Columbia Variable Portfolio – Limited Duration Credit Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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 – Limited Duration Credit 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 – Limited Duration Credit 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 – Limited Duration Credit 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 23, 2026

We have served as the auditor of one or more investment companies in the Columbia Funds Complex since 1977.

Columbia Variable Portfolio – Limited Duration Credit Fund \| 2025

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**Columbia Variable Portfolio – Limited Duration Credit Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g59364imge7ced47a2.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.

ANN7015_12_E01_(02/26)

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![](g59364imgc49713fe1.jpg)

Columbia Variable Portfolio – Emerging Markets Bond 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_959e975d-c18e-46bf-aadd-c0ccbc713b58_POI-CommonContent-Date-239_1) | 3 |
| [Statement of Assets and Liabilities](#xx_959e975d-c18e-46bf-aadd-c0ccbc713b58_FS-CommonContent-Date-239_1) | 10 |
| [Statement of Operations](#xx_959e975d-c18e-46bf-aadd-c0ccbc713b58_FS-CommonContent-Date-239_2) | 11 |
| [Statement of Changes in Net Assets](#xx_959e975d-c18e-46bf-aadd-c0ccbc713b58_FS-CommonContent-Date-239_3) | 12 |
| [Financial Highlights](#xx_959e975d-c18e-46bf-aadd-c0ccbc713b58_FIHI-CommonContent-Date-239_2) | 14 |
| [Notes to Financial Statements](#xx_959e975d-c18e-46bf-aadd-c0ccbc713b58_NTF-CommonContent-Date-239_1) | 16 |
| [Report of Independent Registered Public Accounting Firm](#xx_959e975d-c18e-46bf-aadd-c0ccbc713b58_AUD-CommonContent-Date-239_1) | 27 |
| [Federal Income Tax Information](#xx_959e975d-c18e-46bf-aadd-c0ccbc713b58_CCH-CommonContent-Date-239_1) | 28 |

---

Columbia Variable Portfolio – Emerging Markets Bond 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;

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes 8.2%** | **Corporate Bonds & Notes 8.2%** | **Corporate Bonds & Notes 8.2%** | **Corporate Bonds & Notes 8.2%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Brazil 0.6%** | **Brazil 0.6%** | **Brazil 0.6%** | **Brazil 0.6%** |
| Braskem Netherlands Finance BV<sup>(a)</sup>  | Braskem Netherlands Finance BV<sup>(a)</sup>  | Braskem Netherlands Finance BV<sup>(a)</sup>  | Braskem Netherlands Finance BV<sup>(a)</sup>  |
| 01/31/2030 | &nbsp;&nbsp; 4.500% | 5091000 | &nbsp;&nbsp; 1979185 |
| Raizen Fuels Finance SA<sup>(a)</sup>  | Raizen Fuels Finance SA<sup>(a)</sup>  | Raizen Fuels Finance SA<sup>(a)</sup>  | Raizen Fuels Finance SA<sup>(a)</sup>  |
| 07/08/2032 | &nbsp;&nbsp; 6.250% | 726000 | &nbsp;&nbsp; 609799 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2588984** |
| **China 0.1%** | **China 0.1%** | **China 0.1%** | **China 0.1%** |
| Country Garden Holdings Co., Ltd.<sup>(a),(b)</sup>  | Country Garden Holdings Co., Ltd.<sup>(a),(b)</sup>  | Country Garden Holdings Co., Ltd.<sup>(a),(b)</sup>  | Country Garden Holdings Co., Ltd.<sup>(a),(b)</sup>  |
| 07/12/2026 | &nbsp;&nbsp; 0.000% | 4800000 | &nbsp;&nbsp; 457179 |
| **Malaysia 0.5%** | **Malaysia 0.5%** | **Malaysia 0.5%** | **Malaysia 0.5%** |
| GENM Capital Labuan Ltd.<sup>(a)</sup>  | GENM Capital Labuan Ltd.<sup>(a)</sup>  | GENM Capital Labuan Ltd.<sup>(a)</sup>  | GENM Capital Labuan Ltd.<sup>(a)</sup>  |
| 04/19/2031 | &nbsp;&nbsp; 3.882% | 2210000 | &nbsp;&nbsp; 2001512 |
| **Russian Federation 0.4%** | **Russian Federation 0.4%** | **Russian Federation 0.4%** | **Russian Federation 0.4%** |
| Phosagro OAO Via Phosagro Bond Funding DAC<sup>(a),(c)</sup>  | Phosagro OAO Via Phosagro Bond Funding DAC<sup>(a),(c)</sup>  | Phosagro OAO Via Phosagro Bond Funding DAC<sup>(a),(c)</sup>  | Phosagro OAO Via Phosagro Bond Funding DAC<sup>(a),(c)</sup>  |
| 09/16/2028 | &nbsp;&nbsp; 2.600% | 2128000 | &nbsp;&nbsp; 1465509 |
| **Saudi Arabia 2.2%** | **Saudi Arabia 2.2%** | **Saudi Arabia 2.2%** | **Saudi Arabia 2.2%** |
| EIG Pearl Holdings Sarl<sup>(a)</sup>  | EIG Pearl Holdings Sarl<sup>(a)</sup>  | EIG Pearl Holdings Sarl<sup>(a)</sup>  | EIG Pearl Holdings Sarl<sup>(a)</sup>  |
| 08/31/2036 | &nbsp;&nbsp; 3.545% | 2409455 | &nbsp;&nbsp; 2229879 |
| Greensaif Pipelines Bidco Sarl<sup>(a)</sup>  | Greensaif Pipelines Bidco Sarl<sup>(a)</sup>  | Greensaif Pipelines Bidco Sarl<sup>(a)</sup>  | Greensaif Pipelines Bidco Sarl<sup>(a)</sup>  |
| 02/23/2036 | &nbsp;&nbsp; 5.853% | 3371000 | &nbsp;&nbsp; 3525398 |
| 02/23/2038 | &nbsp;&nbsp; 6.129% | 1500000 | &nbsp;&nbsp; 1595786 |
| 08/23/2042 | &nbsp;&nbsp; 6.103% | 1455000 | &nbsp;&nbsp; 1518673 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **8869736** |
| **South Africa 0.7%** | **South Africa 0.7%** | **South Africa 0.7%** | **South Africa 0.7%** |
| Sasol Financing USA LLC | Sasol Financing USA LLC | Sasol Financing USA LLC | Sasol Financing USA LLC |
| 03/18/2031 | &nbsp;&nbsp; 5.500% | 3324000 | &nbsp;&nbsp; 2802384 |
| **South Korea 0.9%** | **South Korea 0.9%** | **South Korea 0.9%** | **South Korea 0.9%** |
| LG Chem Ltd.<sup>(a)</sup>  | LG Chem Ltd.<sup>(a)</sup>  | LG Chem Ltd.<sup>(a)</sup>  | LG Chem Ltd.<sup>(a)</sup>  |
| 07/07/2026 | &nbsp;&nbsp; 1.375% | 1536000 | &nbsp;&nbsp; 1513212 |
| SK Hynix Inc<sup>(a)</sup>  | SK Hynix Inc<sup>(a)</sup>  | SK Hynix Inc<sup>(a)</sup>  | SK Hynix Inc<sup>(a)</sup>  |
| 01/17/2026 | &nbsp;&nbsp; 6.250% | 2000000 | &nbsp;&nbsp; 2001530 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3514742** |
| **Tanzania 0.6%** | **Tanzania 0.6%** | **Tanzania 0.6%** | **Tanzania 0.6%** |
| AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC |
| 10/01/2030 | &nbsp;&nbsp; 3.750% | 735000 | &nbsp;&nbsp; 704954 |
| HTA Group Ltd.<sup>(a)</sup>  | HTA Group Ltd.<sup>(a)</sup>  | HTA Group Ltd.<sup>(a)</sup>  | HTA Group Ltd.<sup>(a)</sup>  |
| 06/04/2029 | &nbsp;&nbsp; 7.500% | 1759000 | &nbsp;&nbsp; 1818746 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2523700** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Turkey 0.8%** | **Turkey 0.8%** | **Turkey 0.8%** | **Turkey 0.8%** | **Turkey 0.8%** |
| Sisecam UK PLC<sup>(a)</sup>  | Sisecam UK PLC<sup>(a)</sup>  | Sisecam UK PLC<sup>(a)</sup>  | Sisecam UK PLC<sup>(a)</sup>  | Sisecam UK PLC<sup>(a)</sup>  |
| 05/02/2032 | &nbsp;&nbsp; 8.625% |  | 3154000 | &nbsp;&nbsp; 3272765 |
| **United Arab Emirates 1.4%** | **United Arab Emirates 1.4%** | **United Arab Emirates 1.4%** | **United Arab Emirates 1.4%** | **United Arab Emirates 1.4%** |
| Galaxy Pipeline Assets Bidco Ltd.<sup>(a)</sup>  | Galaxy Pipeline Assets Bidco Ltd.<sup>(a)</sup>  | Galaxy Pipeline Assets Bidco Ltd.<sup>(a)</sup>  | Galaxy Pipeline Assets Bidco Ltd.<sup>(a)</sup>  | Galaxy Pipeline Assets Bidco Ltd.<sup>(a)</sup>  |
| 03/31/2036 | &nbsp;&nbsp; 2.625% |  | 2600000 | &nbsp;&nbsp; 2297748 |
| 09/30/2040 | &nbsp;&nbsp; 2.940% |  | 3728033 | &nbsp;&nbsp; 3178530 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **5476278** |
| Total Corporate Bonds & Notes <br>(Cost $37,358,470) | Total Corporate Bonds & Notes <br>(Cost $37,358,470) | Total Corporate Bonds & Notes <br>(Cost $37,358,470) | Total Corporate Bonds & Notes <br>(Cost $37,358,470) | &nbsp;&nbsp; **32972789** |
| **Foreign Government Obligations**<sup>(d),(e)</sup> **89.3%** | **Foreign Government Obligations**<sup>(d),(e)</sup> **89.3%** | **Foreign Government Obligations**<sup>(d),(e)</sup> **89.3%** | **Foreign Government Obligations**<sup>(d),(e)</sup> **89.3%** | **Foreign Government Obligations**<sup>(d),(e)</sup> **89.3%** |
| **Angola 1.0%** | **Angola 1.0%** | **Angola 1.0%** | **Angola 1.0%** | **Angola 1.0%** |
| Angolan Government International Bond<sup>(a)</sup>  | Angolan Government International Bond<sup>(a)</sup>  | Angolan Government International Bond<sup>(a)</sup>  | Angolan Government International Bond<sup>(a)</sup>  | Angolan Government International Bond<sup>(a)</sup>  |
| 04/14/2032 | &nbsp;&nbsp; 8.750% |  | 846000 | &nbsp;&nbsp; 824395 |
| 10/15/2035 | &nbsp;&nbsp; 9.875% |  | 1004000 | &nbsp;&nbsp; 994548 |
| 05/08/2048 | &nbsp;&nbsp; 9.375% |  | 2536000 | &nbsp;&nbsp; 2229607 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **4048550** |
| **Argentina 2.7%** | **Argentina 2.7%** | **Argentina 2.7%** | **Argentina 2.7%** | **Argentina 2.7%** |
| Argentine Republic Government International Bond<sup>(f)</sup>  | Argentine Republic Government International Bond<sup>(f)</sup>  | Argentine Republic Government International Bond<sup>(f)</sup>  | Argentine Republic Government International Bond<sup>(f)</sup>  | Argentine Republic Government International Bond<sup>(f)</sup>  |
| 07/09/2035 | &nbsp;&nbsp; 2.750% |  | 13765998 | &nbsp;&nbsp; 10241418 |
| 07/09/2046 | &nbsp;&nbsp; 3.750% |  | 687273 | &nbsp;&nbsp; 489790 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **10731208** |
| **Azerbaijan 0.3%** | **Azerbaijan 0.3%** | **Azerbaijan 0.3%** | **Azerbaijan 0.3%** | **Azerbaijan 0.3%** |
| Republic of Azerbaijan International Bond<sup>(a)</sup>  | Republic of Azerbaijan International Bond<sup>(a)</sup>  | Republic of Azerbaijan International Bond<sup>(a)</sup>  | Republic of Azerbaijan International Bond<sup>(a)</sup>  | Republic of Azerbaijan International Bond<sup>(a)</sup>  |
| 09/01/2032 | &nbsp;&nbsp; 3.500% |  | 1340000 | &nbsp;&nbsp; 1256755 |
| **Bahrain 1.5%** | **Bahrain 1.5%** | **Bahrain 1.5%** | **Bahrain 1.5%** | **Bahrain 1.5%** |
| Bahrain Government International Bond<sup>(a)</sup>  | Bahrain Government International Bond<sup>(a)</sup>  | Bahrain Government International Bond<sup>(a)</sup>  | Bahrain Government International Bond<sup>(a)</sup>  | Bahrain Government International Bond<sup>(a)</sup>  |
| 05/18/2034 | &nbsp;&nbsp; 5.625% |  | 2635000 | &nbsp;&nbsp; 2522529 |
| CBB International Sukuk Programme Co. WLL<sup>(a)</sup>  | CBB International Sukuk Programme Co. WLL<sup>(a)</sup>  | CBB International Sukuk Programme Co. WLL<sup>(a)</sup>  | CBB International Sukuk Programme Co. WLL<sup>(a)</sup>  | CBB International Sukuk Programme Co. WLL<sup>(a)</sup>  |
| 05/18/2029 | &nbsp;&nbsp; 3.875% |  | 3867000 | &nbsp;&nbsp; 3685060 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **6207589** |
| **Brazil 1.6%** | **Brazil 1.6%** | **Brazil 1.6%** | **Brazil 1.6%** | **Brazil 1.6%** |
| Brazil Notas do Tesouro Nacional | Brazil Notas do Tesouro Nacional | Brazil Notas do Tesouro Nacional | Brazil Notas do Tesouro Nacional | Brazil Notas do Tesouro Nacional |
| 01/01/2031 | &nbsp;&nbsp; 10.000% | BRL | 5897000 | &nbsp;&nbsp; 948023 |
| Brazilian Government International Bond | Brazilian Government International Bond | Brazilian Government International Bond | Brazilian Government International Bond | Brazilian Government International Bond |
| 01/22/2032 | &nbsp;&nbsp; 6.125% |  | 1770000 | &nbsp;&nbsp; 1824866 |
| 01/27/2045 | &nbsp;&nbsp; 5.000% |  | 698000 | &nbsp;&nbsp; 556205 |
| 05/13/2054 | &nbsp;&nbsp; 7.125% |  | 931000 | &nbsp;&nbsp; 923400 |
| 01/12/2056 | &nbsp;&nbsp; 7.250% |  | 2003000 | &nbsp;&nbsp; 1986967 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **6239461** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Emerging Markets Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Foreign Government Obligations**<sup>(d),(e)</sup> **(continued)** | **Foreign Government Obligations**<sup>(d),(e)</sup> **(continued)** | **Foreign Government Obligations**<sup>(d),(e)</sup> **(continued)** | **Foreign Government Obligations**<sup>(d),(e)</sup> **(continued)** | **Foreign Government Obligations**<sup>(d),(e)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Chile 4.1%** | **Chile 4.1%** | **Chile 4.1%** | **Chile 4.1%** | **Chile 4.1%** |
| Chile Government International Bond | Chile Government International Bond | Chile Government International Bond | Chile Government International Bond | Chile Government International Bond |
| 01/05/2036 | &nbsp;&nbsp; 4.950% |  | 8504772 | &nbsp;&nbsp; 8571771 |
| Corp Nacional del Cobre de Chile<sup>(a)</sup>  | Corp Nacional del Cobre de Chile<sup>(a)</sup>  | Corp Nacional del Cobre de Chile<sup>(a)</sup>  | Corp Nacional del Cobre de Chile<sup>(a)</sup>  | Corp Nacional del Cobre de Chile<sup>(a)</sup>  |
| 08/01/2047 | &nbsp;&nbsp; 4.500% |  | 5700000 | &nbsp;&nbsp; 4654326 |
| Corporación Nacional del Cobre de Chile<sup>(a)</sup>  | Corporación Nacional del Cobre de Chile<sup>(a)</sup>  | Corporación Nacional del Cobre de Chile<sup>(a)</sup>  | Corporación Nacional del Cobre de Chile<sup>(a)</sup>  | Corporación Nacional del Cobre de Chile<sup>(a)</sup>  |
| 01/26/2036 | &nbsp;&nbsp; 6.440% |  | 1991000 | &nbsp;&nbsp; 2153862 |
| Empresa Nacional del Petroleo<sup>(a)</sup>  | Empresa Nacional del Petroleo<sup>(a)</sup>  | Empresa Nacional del Petroleo<sup>(a)</sup>  | Empresa Nacional del Petroleo<sup>(a)</sup>  | Empresa Nacional del Petroleo<sup>(a)</sup>  |
| 05/10/2033 | &nbsp;&nbsp; 6.150% |  | 881000 | &nbsp;&nbsp; 931679 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **16311638** |
| **Colombia 3.5%** | **Colombia 3.5%** | **Colombia 3.5%** | **Colombia 3.5%** | **Colombia 3.5%** |
| Colombia Government International Bond | Colombia Government International Bond | Colombia Government International Bond | Colombia Government International Bond | Colombia Government International Bond |
| 04/25/2035 | &nbsp;&nbsp; 8.500% |  | 1158000 | &nbsp;&nbsp; 1274631 |
| 11/14/2035 | &nbsp;&nbsp; 8.000% |  | 2000000 | &nbsp;&nbsp; 2130471 |
| 11/07/2036 | &nbsp;&nbsp; 7.750% |  | 1757000 | &nbsp;&nbsp; 1831716 |
| 09/18/2037 | &nbsp;&nbsp; 7.375% |  | 3400000 | &nbsp;&nbsp; 3453442 |
| 02/26/2044 | &nbsp;&nbsp; 5.625% |  | 1721000 | &nbsp;&nbsp; 1390322 |
| Colombian TES | Colombian TES | Colombian TES | Colombian TES | Colombian TES |
| 07/09/2036 | &nbsp;&nbsp; 6.250% | COP | 23656000000 | &nbsp;&nbsp; 3991390 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **14071972** |
| **Dominican Republic 3.5%** | **Dominican Republic 3.5%** | **Dominican Republic 3.5%** | **Dominican Republic 3.5%** | **Dominican Republic 3.5%** |
| Dominican Republic International Bond<sup>(a)</sup>  | Dominican Republic International Bond<sup>(a)</sup>  | Dominican Republic International Bond<sup>(a)</sup>  | Dominican Republic International Bond<sup>(a)</sup>  | Dominican Republic International Bond<sup>(a)</sup>  |
| 01/25/2027 | &nbsp;&nbsp; 5.950% |  | 4035000 | &nbsp;&nbsp; 4078715 |
| 01/30/2030 | &nbsp;&nbsp; 4.500% |  | 3659000 | &nbsp;&nbsp; 3570721 |
| 09/23/2032 | &nbsp;&nbsp; 4.875% |  | 1487000 | &nbsp;&nbsp; 1432373 |
| 04/30/2044 | &nbsp;&nbsp; 7.450% |  | 2790000 | &nbsp;&nbsp; 3076183 |
| 01/27/2045 | &nbsp;&nbsp; 6.850% |  | 271000 | &nbsp;&nbsp; 281981 |
| 06/05/2049 | &nbsp;&nbsp; 6.400% |  | 1550000 | &nbsp;&nbsp; 1538900 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **13978873** |
| **Ecuador 1.4%** | **Ecuador 1.4%** | **Ecuador 1.4%** | **Ecuador 1.4%** | **Ecuador 1.4%** |
| Ecuador Government International Bond<sup>(a),(f)</sup>  | Ecuador Government International Bond<sup>(a),(f)</sup>  | Ecuador Government International Bond<sup>(a),(f)</sup>  | Ecuador Government International Bond<sup>(a),(f)</sup>  | Ecuador Government International Bond<sup>(a),(f)</sup>  |
| 07/31/2030 | &nbsp;&nbsp; 6.900% |  | 2200000 | &nbsp;&nbsp; 2166998 |
| 07/31/2035 | &nbsp;&nbsp; 6.900% |  | 1789299 | &nbsp;&nbsp; 1571257 |
| 07/31/2040 | &nbsp;&nbsp; 5.000% |  | 2485221 | &nbsp;&nbsp; 1941790 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **5680045** |
| **Egypt 1.7%** | **Egypt 1.7%** | **Egypt 1.7%** | **Egypt 1.7%** | **Egypt 1.7%** |
| Egypt Government International Bond<sup>(a)</sup>  | Egypt Government International Bond<sup>(a)</sup>  | Egypt Government International Bond<sup>(a)</sup>  | Egypt Government International Bond<sup>(a)</sup>  | Egypt Government International Bond<sup>(a)</sup>  |
| 04/11/2031 | &nbsp;&nbsp; 6.375% | EUR | 2208000 | &nbsp;&nbsp; 2666089 |
| 02/21/2048 | &nbsp;&nbsp; 7.903% |  | 1491000 | &nbsp;&nbsp; 1382578 |
| 02/16/2061 | &nbsp;&nbsp; 7.500% |  | 3207000 | &nbsp;&nbsp; 2798762 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **6847429** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Foreign Government Obligations**<sup>(d),(e)</sup> **(continued)** | **Foreign Government Obligations**<sup>(d),(e)</sup> **(continued)** | **Foreign Government Obligations**<sup>(d),(e)</sup> **(continued)** | **Foreign Government Obligations**<sup>(d),(e)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Ethiopia 0.6%** | **Ethiopia 0.6%** | **Ethiopia 0.6%** | **Ethiopia 0.6%** |
| Ethiopia International Bond<sup>(a),(b)</sup>  | Ethiopia International Bond<sup>(a),(b)</sup>  | Ethiopia International Bond<sup>(a),(b)</sup>  | Ethiopia International Bond<sup>(a),(b)</sup>  |
| 12/11/2024 | &nbsp;&nbsp; 0.000% | 1539000 | &nbsp;&nbsp; 1649983 |
| 12/11/2024 | &nbsp;&nbsp; 0.000% | 610000 | &nbsp;&nbsp; 653989 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2303972** |
| **Ghana 1.2%** | **Ghana 1.2%** | **Ghana 1.2%** | **Ghana 1.2%** |
| Ghana Government International Bond<sup>(a),(f)</sup>  | Ghana Government International Bond<sup>(a),(f)</sup>  | Ghana Government International Bond<sup>(a),(f)</sup>  | Ghana Government International Bond<sup>(a),(f)</sup>  |
| 07/03/2035 | &nbsp;&nbsp; 5.000% | 5135567 | &nbsp;&nbsp; 4692733 |
| **Guatemala 0.6%** | **Guatemala 0.6%** | **Guatemala 0.6%** | **Guatemala 0.6%** |
| Guatemala Government Bond<sup>(a)</sup>  | Guatemala Government Bond<sup>(a)</sup>  | Guatemala Government Bond<sup>(a)</sup>  | Guatemala Government Bond<sup>(a)</sup>  |
| 08/06/2031 | &nbsp;&nbsp; 6.050% | 879000 | &nbsp;&nbsp; 917004 |
| 10/07/2033 | &nbsp;&nbsp; 3.700% | 909000 | &nbsp;&nbsp; 810447 |
| 06/01/2050 | &nbsp;&nbsp; 6.125% | 489000 | &nbsp;&nbsp; 477465 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2204916** |
| **Hungary 3.6%** | **Hungary 3.6%** | **Hungary 3.6%** | **Hungary 3.6%** |
| Hungary Government International Bond<sup>(a)</sup>  | Hungary Government International Bond<sup>(a)</sup>  | Hungary Government International Bond<sup>(a)</sup>  | Hungary Government International Bond<sup>(a)</sup>  |
| 09/22/2031 | &nbsp;&nbsp; 2.125% | 5637000 | &nbsp;&nbsp; 4848538 |
| 09/22/2032 | &nbsp;&nbsp; 6.250% | 8077000 | &nbsp;&nbsp; 8584095 |
| 09/21/2051 | &nbsp;&nbsp; 3.125% | 1930000 | &nbsp;&nbsp; 1190873 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **14623506** |
| **India 1.3%** | **India 1.3%** | **India 1.3%** | **India 1.3%** |
| Export-Import Bank of India<sup>(a)</sup>  | Export-Import Bank of India<sup>(a)</sup>  | Export-Import Bank of India<sup>(a)</sup>  | Export-Import Bank of India<sup>(a)</sup>  |
| 02/01/2028 | &nbsp;&nbsp; 3.875% | 2700000 | &nbsp;&nbsp; 2681890 |
| 01/15/2030 | &nbsp;&nbsp; 3.250% | 2669000 | &nbsp;&nbsp; 2552461 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **5234351** |
| **Indonesia 4.0%** | **Indonesia 4.0%** | **Indonesia 4.0%** | **Indonesia 4.0%** |
| Indonesia Government International Bond | Indonesia Government International Bond | Indonesia Government International Bond | Indonesia Government International Bond |
| 09/18/2029 | &nbsp;&nbsp; 3.400% | 1900000 | &nbsp;&nbsp; 1845216 |
| 10/30/2049 | &nbsp;&nbsp; 3.700% | 2255000 | &nbsp;&nbsp; 1720156 |
| Pertamina Persero<sup>(a)</sup>  | Pertamina Persero<sup>(a)</sup>  | Pertamina Persero<sup>(a)</sup>  | Pertamina Persero<sup>(a)</sup>  |
| 02/09/2026 | &nbsp;&nbsp; 1.400% | 1961000 | &nbsp;&nbsp; 1954303 |
| Perusahaan Penerbit SBSN Indonesia III<sup>(a)</sup>  | Perusahaan Penerbit SBSN Indonesia III<sup>(a)</sup>  | Perusahaan Penerbit SBSN Indonesia III<sup>(a)</sup>  | Perusahaan Penerbit SBSN Indonesia III<sup>(a)</sup>  |
| 06/06/2032 | &nbsp;&nbsp; 4.700% | 6981000 | &nbsp;&nbsp; 7050175 |
| PT Perusahaan Listrik Negara<sup>(a)</sup>  | PT Perusahaan Listrik Negara<sup>(a)</sup>  | PT Perusahaan Listrik Negara<sup>(a)</sup>  | PT Perusahaan Listrik Negara<sup>(a)</sup>  |
| 07/17/2049 | &nbsp;&nbsp; 4.875% | 3987000 | &nbsp;&nbsp; 3399023 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **15968873** |
| **Ivory Coast 2.2%** | **Ivory Coast 2.2%** | **Ivory Coast 2.2%** | **Ivory Coast 2.2%** |
| Ivory Coast Government International Bond<sup>(a)</sup>  | Ivory Coast Government International Bond<sup>(a)</sup>  | Ivory Coast Government International Bond<sup>(a)</sup>  | Ivory Coast Government International Bond<sup>(a)</sup>  |
| 03/03/2028 | &nbsp;&nbsp; 6.375% | 2500000 | &nbsp;&nbsp; 2531251 |
| 06/15/2033 | &nbsp;&nbsp; 6.125% | 2030000 | &nbsp;&nbsp; 2027201 |
| 04/01/2036 | &nbsp;&nbsp; 8.075% | 1157000 | &nbsp;&nbsp; 1246788 |
| 01/30/2037 | &nbsp;&nbsp; 8.250% | 2706000 | &nbsp;&nbsp; 2942084 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **8747324** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Emerging Markets Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Foreign Government Obligations**<sup>(d),(e)</sup> **(continued)** | **Foreign Government Obligations**<sup>(d),(e)</sup> **(continued)** | **Foreign Government Obligations**<sup>(d),(e)</sup> **(continued)** | **Foreign Government Obligations**<sup>(d),(e)</sup> **(continued)** | **Foreign Government Obligations**<sup>(d),(e)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Jordan 0.3%** | **Jordan 0.3%** | **Jordan 0.3%** | **Jordan 0.3%** | **Jordan 0.3%** |
| Jordan Government International Bond<sup>(a)</sup>  | Jordan Government International Bond<sup>(a)</sup>  | Jordan Government International Bond<sup>(a)</sup>  | Jordan Government International Bond<sup>(a)</sup>  | Jordan Government International Bond<sup>(a)</sup>  |
| 10/10/2047 | &nbsp;&nbsp; 7.375% |  | 1361000 | &nbsp;&nbsp; 1364567 |
| **Kazakhstan 1.6%** | **Kazakhstan 1.6%** | **Kazakhstan 1.6%** | **Kazakhstan 1.6%** | **Kazakhstan 1.6%** |
| Development Bank of Kazakhstan<sup>(a)</sup>  | Development Bank of Kazakhstan<sup>(a)</sup>  | Development Bank of Kazakhstan<sup>(a)</sup>  | Development Bank of Kazakhstan<sup>(a)</sup>  | Development Bank of Kazakhstan<sup>(a)</sup>  |
| 04/15/2027 | &nbsp;&nbsp; 5.500% |  | 1898000 | &nbsp;&nbsp; 1919881 |
| KazMunayGas National Co. JSC<sup>(a)</sup>  | KazMunayGas National Co. JSC<sup>(a)</sup>  | KazMunayGas National Co. JSC<sup>(a)</sup>  | KazMunayGas National Co. JSC<sup>(a)</sup>  | KazMunayGas National Co. JSC<sup>(a)</sup>  |
| 04/24/2030 | &nbsp;&nbsp; 5.375% |  | 1997000 | &nbsp;&nbsp; 2039353 |
| 04/19/2047 | &nbsp;&nbsp; 5.750% |  | 2598000 | &nbsp;&nbsp; 2449830 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **6409064** |
| **Lebanon 0.5%** | **Lebanon 0.5%** | **Lebanon 0.5%** | **Lebanon 0.5%** | **Lebanon 0.5%** |
| Lebanon Government International Bond<sup>(a),(b)</sup>  | Lebanon Government International Bond<sup>(a),(b)</sup>  | Lebanon Government International Bond<sup>(a),(b)</sup>  | Lebanon Government International Bond<sup>(a),(b)</sup>  | Lebanon Government International Bond<sup>(a),(b)</sup>  |
| 04/12/2021 | &nbsp;&nbsp; 0.000% |  | 2097000 | &nbsp;&nbsp; 488343 |
| 11/04/2024 | &nbsp;&nbsp; 0.000% |  | 1790000 | &nbsp;&nbsp; 414805 |
| 03/20/2028 | &nbsp;&nbsp; 0.000% |  | 2096000 | &nbsp;&nbsp; 486243 |
| Lebanon Government International Bond<sup>(b)</sup>  | Lebanon Government International Bond<sup>(b)</sup>  | Lebanon Government International Bond<sup>(b)</sup>  | Lebanon Government International Bond<sup>(b)</sup>  | Lebanon Government International Bond<sup>(b)</sup>  |
| 05/17/2034 | &nbsp;&nbsp; 0.000% |  | 2097000 | &nbsp;&nbsp; 489544 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **1878935** |
| **Malaysia 1.0%** | **Malaysia 1.0%** | **Malaysia 1.0%** | **Malaysia 1.0%** | **Malaysia 1.0%** |
| Petronas Capital Ltd.<sup>(a)</sup>  | Petronas Capital Ltd.<sup>(a)</sup>  | Petronas Capital Ltd.<sup>(a)</sup>  | Petronas Capital Ltd.<sup>(a)</sup>  | Petronas Capital Ltd.<sup>(a)</sup>  |
| 04/03/2055 | &nbsp;&nbsp; 5.848% |  | 3920000 | &nbsp;&nbsp; 4111858 |
| **Mexico 7.6%** | **Mexico 7.6%** | **Mexico 7.6%** | **Mexico 7.6%** | **Mexico 7.6%** |
| Comision Federal de Electricidad<sup>(a)</sup>  | Comision Federal de Electricidad<sup>(a)</sup>  | Comision Federal de Electricidad<sup>(a)</sup>  | Comision Federal de Electricidad<sup>(a)</sup>  | Comision Federal de Electricidad<sup>(a)</sup>  |
| 07/26/2033 | &nbsp;&nbsp; 3.875% |  | 4200000 | &nbsp;&nbsp; 3696509 |
| Mexican Bonos | Mexican Bonos | Mexican Bonos | Mexican Bonos | Mexican Bonos |
| 05/31/2029 | &nbsp;&nbsp; 8.500% | MXN | 15000000 | &nbsp;&nbsp; 840640 |
| Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
| 02/12/2034 | &nbsp;&nbsp; 3.500% |  | 12841000 | &nbsp;&nbsp; 11094775 |
| 05/07/2054 | &nbsp;&nbsp; 6.400% |  | 4493000 | &nbsp;&nbsp; 4319057 |
| Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
| 11/12/2026 | &nbsp;&nbsp; 7.470% | MXN | 4700000 | &nbsp;&nbsp; 258587 |
| 01/28/2031 | &nbsp;&nbsp; 5.950% |  | 5982000 | &nbsp;&nbsp; 5788309 |
| 01/23/2045 | &nbsp;&nbsp; 6.375% |  | 1657000 | &nbsp;&nbsp; 1328005 |
| 02/12/2048 | &nbsp;&nbsp; 6.350% |  | 4191000 | &nbsp;&nbsp; 3276871 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **30602753** |
| **Mongolia 0.1%** | **Mongolia 0.1%** | **Mongolia 0.1%** | **Mongolia 0.1%** | **Mongolia 0.1%** |
| Mongolia Government International Bond<sup>(a)</sup>  | Mongolia Government International Bond<sup>(a)</sup>  | Mongolia Government International Bond<sup>(a)</sup>  | Mongolia Government International Bond<sup>(a)</sup>  | Mongolia Government International Bond<sup>(a)</sup>  |
| 01/19/2028 | &nbsp;&nbsp; 8.650% |  | 488000 | &nbsp;&nbsp; 518471 |
| **Morocco 0.9%** | **Morocco 0.9%** | **Morocco 0.9%** | **Morocco 0.9%** | **Morocco 0.9%** |
| OCP SA<sup>(a)</sup>  | OCP SA<sup>(a)</sup>  | OCP SA<sup>(a)</sup>  | OCP SA<sup>(a)</sup>  | OCP SA<sup>(a)</sup>  |
| 03/01/2036 | &nbsp;&nbsp; 6.700% |  | 1158000 | &nbsp;&nbsp; 1238558 |
| 06/23/2051 | &nbsp;&nbsp; 5.125% |  | 3071000 | &nbsp;&nbsp; 2525877 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **3764435** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Foreign Government Obligations**<sup>(d),(e)</sup> **(continued)** | **Foreign Government Obligations**<sup>(d),(e)</sup> **(continued)** | **Foreign Government Obligations**<sup>(d),(e)</sup> **(continued)** | **Foreign Government Obligations**<sup>(d),(e)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Nigeria 1.9%** | **Nigeria 1.9%** | **Nigeria 1.9%** | **Nigeria 1.9%** |
| Nigeria Government International Bond<sup>(a)</sup>  | Nigeria Government International Bond<sup>(a)</sup>  | Nigeria Government International Bond<sup>(a)</sup>  | Nigeria Government International Bond<sup>(a)</sup>  |
| 09/28/2028 | &nbsp;&nbsp; 6.125% | 1600000 | &nbsp;&nbsp; 1606536 |
| 09/28/2033 | &nbsp;&nbsp; 7.375% | 2796000 | &nbsp;&nbsp; 2837490 |
| 12/09/2034 | &nbsp;&nbsp; 10.375% | 1024000 | &nbsp;&nbsp; 1211841 |
| 01/13/2036 | &nbsp;&nbsp; 8.631% | 306000 | &nbsp;&nbsp; 329386 |
| 11/28/2047 | &nbsp;&nbsp; 7.625% | 1739000 | &nbsp;&nbsp; 1641027 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **7626280** |
| **Oman 1.7%** | **Oman 1.7%** | **Oman 1.7%** | **Oman 1.7%** |
| Oman Government International Bond<sup>(a)</sup>  | Oman Government International Bond<sup>(a)</sup>  | Oman Government International Bond<sup>(a)</sup>  | Oman Government International Bond<sup>(a)</sup>  |
| 01/17/2048 | &nbsp;&nbsp; 6.750% | 4233000 | &nbsp;&nbsp; 4657819 |
| OQ SAOC<sup>(a)</sup>  | OQ SAOC<sup>(a)</sup>  | OQ SAOC<sup>(a)</sup>  | OQ SAOC<sup>(a)</sup>  |
| 05/06/2028 | &nbsp;&nbsp; 5.125% | 1964000 | &nbsp;&nbsp; 1978261 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **6636080** |
| **Pakistan 0.7%** | **Pakistan 0.7%** | **Pakistan 0.7%** | **Pakistan 0.7%** |
| Pakistan Government International Bond<sup>(a)</sup>  | Pakistan Government International Bond<sup>(a)</sup>  | Pakistan Government International Bond<sup>(a)</sup>  | Pakistan Government International Bond<sup>(a)</sup>  |
| 12/05/2027 | &nbsp;&nbsp; 6.875% | 1400000 | &nbsp;&nbsp; 1407044 |
| 04/08/2031 | &nbsp;&nbsp; 7.375% | 1395000 | &nbsp;&nbsp; 1388054 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2795098** |
| **Panama 1.6%** | **Panama 1.6%** | **Panama 1.6%** | **Panama 1.6%** |
| Panama Government International Bond | Panama Government International Bond | Panama Government International Bond | Panama Government International Bond |
| 03/01/2031 | &nbsp;&nbsp; 7.500% | 1494000 | &nbsp;&nbsp; 1656953 |
| 09/29/2032 | &nbsp;&nbsp; 2.252% | 2800000 | &nbsp;&nbsp; 2312043 |
| 01/19/2033 | &nbsp;&nbsp; 3.298% | 2978000 | &nbsp;&nbsp; 2613355 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **6582351** |
| **Paraguay 2.1%** | **Paraguay 2.1%** | **Paraguay 2.1%** | **Paraguay 2.1%** |
| Paraguay Government International Bond<sup>(a)</sup>  | Paraguay Government International Bond<sup>(a)</sup>  | Paraguay Government International Bond<sup>(a)</sup>  | Paraguay Government International Bond<sup>(a)</sup>  |
| 06/28/2033 | &nbsp;&nbsp; 3.849% | 2000000 | &nbsp;&nbsp; 1889078 |
| 08/11/2044 | &nbsp;&nbsp; 6.100% | 5068000 | &nbsp;&nbsp; 5234151 |
| 03/30/2050 | &nbsp;&nbsp; 5.400% | 1574000 | &nbsp;&nbsp; 1472037 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **8595266** |
| **Peru 2.2%** | **Peru 2.2%** | **Peru 2.2%** | **Peru 2.2%** |
| Peruvian Government International Bond | Peruvian Government International Bond | Peruvian Government International Bond | Peruvian Government International Bond |
| 01/15/2034 | &nbsp;&nbsp; 3.000% | 3634000 | &nbsp;&nbsp; 3161360 |
| 11/18/2050 | &nbsp;&nbsp; 5.625% | 5677000 | &nbsp;&nbsp; 5540199 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **8701559** |
| **Philippines 0.9%** | **Philippines 0.9%** | **Philippines 0.9%** | **Philippines 0.9%** |
| Philippine Government International Bond | Philippine Government International Bond | Philippine Government International Bond | Philippine Government International Bond |
| 07/06/2046 | &nbsp;&nbsp; 3.200% | 5234000 | &nbsp;&nbsp; 3756459 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Emerging Markets Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Foreign Government Obligations**<sup>(d),(e)</sup> **(continued)** | **Foreign Government Obligations**<sup>(d),(e)</sup> **(continued)** | **Foreign Government Obligations**<sup>(d),(e)</sup> **(continued)** | **Foreign Government Obligations**<sup>(d),(e)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Poland 1.8%** | **Poland 1.8%** | **Poland 1.8%** | **Poland 1.8%** |
| Republic of Poland Government International Bond | Republic of Poland Government International Bond | Republic of Poland Government International Bond | Republic of Poland Government International Bond |
| 10/04/2033 | &nbsp;&nbsp; 4.875% | 1700000 | &nbsp;&nbsp; 1723892 |
| 09/18/2034 | &nbsp;&nbsp; 5.125% | 3384000 | &nbsp;&nbsp; 3462189 |
| 03/18/2054 | &nbsp;&nbsp; 5.500% | 1919000 | &nbsp;&nbsp; 1831672 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **7017753** |
| **Romania 3.5%** | **Romania 3.5%** | **Romania 3.5%** | **Romania 3.5%** |
| Romanian Government International Bond<sup>(a)</sup>  | Romanian Government International Bond<sup>(a)</sup>  | Romanian Government International Bond<sup>(a)</sup>  | Romanian Government International Bond<sup>(a)</sup>  |
| 02/27/2027 | &nbsp;&nbsp; 3.000% | 6000000 | &nbsp;&nbsp; 5901258 |
| 03/27/2032 | &nbsp;&nbsp; 3.625% | 3786000 | &nbsp;&nbsp; 3454550 |
| 02/10/2037 | &nbsp;&nbsp; 7.500% | 1636000 | &nbsp;&nbsp; 1807729 |
| 06/15/2048 | &nbsp;&nbsp; 5.125% | 3278000 | &nbsp;&nbsp; 2708935 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **13872472** |
| **Russian Federation 0.4%** | **Russian Federation 0.4%** | **Russian Federation 0.4%** | **Russian Federation 0.4%** |
| Gazprom PJSC via Gaz Finance PLC<sup>(a)</sup>  | Gazprom PJSC via Gaz Finance PLC<sup>(a)</sup>  | Gazprom PJSC via Gaz Finance PLC<sup>(a)</sup>  | Gazprom PJSC via Gaz Finance PLC<sup>(a)</sup>  |
| 02/25/2030 | &nbsp;&nbsp; 3.250% | 2254000 | &nbsp;&nbsp; 1529739 |
| **Saudi Arabia 6.4%** | **Saudi Arabia 6.4%** | **Saudi Arabia 6.4%** | **Saudi Arabia 6.4%** |
| Avilease Capital Ltd.<sup>(a)</sup>  | Avilease Capital Ltd.<sup>(a)</sup>  | Avilease Capital Ltd.<sup>(a)</sup>  | Avilease Capital Ltd.<sup>(a)</sup>  |
| 11/12/2030 | &nbsp;&nbsp; 4.750% | 2453000 | &nbsp;&nbsp; 2436170 |
| KSA Ijarah Sukuk Ltd.<sup>(a)</sup>  | KSA Ijarah Sukuk Ltd.<sup>(a)</sup>  | KSA Ijarah Sukuk Ltd.<sup>(a)</sup>  | KSA Ijarah Sukuk Ltd.<sup>(a)</sup>  |
| 09/09/2030 | &nbsp;&nbsp; 4.250% | 3070000 | &nbsp;&nbsp; 3060420 |
| 09/09/2035 | &nbsp;&nbsp; 4.875% | 3972000 | &nbsp;&nbsp; 3988109 |
| KSA Sukuk Ltd.<sup>(a)</sup>  | KSA Sukuk Ltd.<sup>(a)</sup>  | KSA Sukuk Ltd.<sup>(a)</sup>  | KSA Sukuk Ltd.<sup>(a)</sup>  |
| 10/29/2029 | &nbsp;&nbsp; 2.969% | 1000000 | &nbsp;&nbsp; 953432 |
| Saudi Government International Bond<sup>(a)</sup>  | Saudi Government International Bond<sup>(a)</sup>  | Saudi Government International Bond<sup>(a)</sup>  | Saudi Government International Bond<sup>(a)</sup>  |
| 10/22/2030 | &nbsp;&nbsp; 3.250% | 1900000 | &nbsp;&nbsp; 1812194 |
| 07/18/2033 | &nbsp;&nbsp; 4.875% | 1830000 | &nbsp;&nbsp; 1859117 |
| 01/13/2035 | &nbsp;&nbsp; 5.625% | 5587000 | &nbsp;&nbsp; 5919000 |
| 02/02/2061 | &nbsp;&nbsp; 3.450% | 4500000 | &nbsp;&nbsp; 2864218 |
| SRC Sukuk Ltd.<sup>(a)</sup>  | SRC Sukuk Ltd.<sup>(a)</sup>  | SRC Sukuk Ltd.<sup>(a)</sup>  | SRC Sukuk Ltd.<sup>(a)</sup>  |
| 02/27/2028 | &nbsp;&nbsp; 5.000% | 2600000 | &nbsp;&nbsp; 2629472 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **25522132** |
| **South Africa 1.5%** | **South Africa 1.5%** | **South Africa 1.5%** | **South Africa 1.5%** |
| Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond |
| 09/30/2049 | &nbsp;&nbsp; 5.750% | 1784000 | &nbsp;&nbsp; 1502290 |
| 04/20/2052 | &nbsp;&nbsp; 7.300% | 2592000 | &nbsp;&nbsp; 2611914 |
| Republic of South Africa Government International Bond<sup>(a)</sup>  | Republic of South Africa Government International Bond<sup>(a)</sup>  | Republic of South Africa Government International Bond<sup>(a)</sup>  | Republic of South Africa Government International Bond<sup>(a)</sup>  |
| 11/19/2054 | &nbsp;&nbsp; 7.950% | 1262000 | &nbsp;&nbsp; 1356831 |
| 12/11/2055 | &nbsp;&nbsp; 7.250% | 610000 | &nbsp;&nbsp; 604135 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **6075170** |
| **Sri Lanka 0.8%** | **Sri Lanka 0.8%** | **Sri Lanka 0.8%** | **Sri Lanka 0.8%** |
| Sri Lanka Government International Bond<sup>(a)</sup>  | Sri Lanka Government International Bond<sup>(a)</sup>  | Sri Lanka Government International Bond<sup>(a)</sup>  | Sri Lanka Government International Bond<sup>(a)</sup>  |
| 04/15/2028 | &nbsp;&nbsp; 4.000% | 419659 | &nbsp;&nbsp; 401822 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Foreign Government Obligations**<sup>(d),(e)</sup> **(continued)** | **Foreign Government Obligations**<sup>(d),(e)</sup> **(continued)** | **Foreign Government Obligations**<sup>(d),(e)</sup> **(continued)** | **Foreign Government Obligations**<sup>(d),(e)</sup> **(continued)** | **Foreign Government Obligations**<sup>(d),(e)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Sri Lanka Government International Bond<sup>(a),(f)</sup>  | Sri Lanka Government International Bond<sup>(a),(f)</sup>  | Sri Lanka Government International Bond<sup>(a),(f)</sup>  | Sri Lanka Government International Bond<sup>(a),(f)</sup>  | Sri Lanka Government International Bond<sup>(a),(f)</sup>  |
| 01/15/2030 | &nbsp;&nbsp; 3.100% |  | 429898 | &nbsp;&nbsp; 407712 |
| 03/15/2033 | &nbsp;&nbsp; 3.350% |  | 843238 | &nbsp;&nbsp; 724379 |
| 06/15/2035 | &nbsp;&nbsp; 3.600% |  | 569380 | &nbsp;&nbsp; 431630 |
| 05/15/2036 | &nbsp;&nbsp; 3.600% |  | 395163 | &nbsp;&nbsp; 358099 |
| 02/15/2038 | &nbsp;&nbsp; 3.600% |  | 790658 | &nbsp;&nbsp; 718856 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **3042498** |
| **Turkey 7.4%** | **Turkey 7.4%** | **Turkey 7.4%** | **Turkey 7.4%** | **Turkey 7.4%** |
| Turkey Government International Bond | Turkey Government International Bond | Turkey Government International Bond | Turkey Government International Bond | Turkey Government International Bond |
| 04/14/2026 | &nbsp;&nbsp; 4.250% |  | 3300000 | &nbsp;&nbsp; 3299898 |
| 02/17/2028 | &nbsp;&nbsp; 5.125% |  | 8000000 | &nbsp;&nbsp; 8059621 |
| 03/14/2029 | &nbsp;&nbsp; 9.375% |  | 1600000 | &nbsp;&nbsp; 1795973 |
| 04/26/2029 | &nbsp;&nbsp; 7.625% |  | 1885000 | &nbsp;&nbsp; 2026198 |
| 05/11/2047 | &nbsp;&nbsp; 5.750% |  | 500000 | &nbsp;&nbsp; 409938 |
| Turkiye Government Bond | Turkiye Government Bond | Turkiye Government Bond | Turkiye Government Bond | Turkiye Government Bond |
| 09/27/2034 | &nbsp;&nbsp; 27.700% | TRY | 154500000 | &nbsp;&nbsp; 3654092 |
| Turkiye Government International Bond | Turkiye Government International Bond | Turkiye Government International Bond | Turkiye Government International Bond | Turkiye Government International Bond |
| 03/13/2030 | &nbsp;&nbsp; 5.250% |  | 4749000 | &nbsp;&nbsp; 4719820 |
| 05/15/2034 | &nbsp;&nbsp; 7.625% |  | 4335000 | &nbsp;&nbsp; 4701355 |
| 01/03/2035 | &nbsp;&nbsp; 6.500% |  | 1000000 | &nbsp;&nbsp; 1003757 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **29670652** |
| **Ukraine 1.5%** | **Ukraine 1.5%** | **Ukraine 1.5%** | **Ukraine 1.5%** | **Ukraine 1.5%** |
| Ukraine Government International Bond<sup>(a),(f)</sup>  | Ukraine Government International Bond<sup>(a),(f)</sup>  | Ukraine Government International Bond<sup>(a),(f)</sup>  | Ukraine Government International Bond<sup>(a),(f)</sup>  | Ukraine Government International Bond<sup>(a),(f)</sup>  |
| 02/01/2032 | &nbsp;&nbsp; 4.000% |  | 2948000 | &nbsp;&nbsp; 2189800 |
| 02/01/2034 | &nbsp;&nbsp; 4.500% |  | 1575787 | &nbsp;&nbsp; 958951 |
| 02/01/2035 | &nbsp;&nbsp; 4.500% |  | 4480482 | &nbsp;&nbsp; 2676075 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **5824826** |
| **United Arab Emirates 5.8%** | **United Arab Emirates 5.8%** | **United Arab Emirates 5.8%** | **United Arab Emirates 5.8%** | **United Arab Emirates 5.8%** |
| Abu Dhabi Developmental Holding Co. PJSC<sup>(a)</sup>  | Abu Dhabi Developmental Holding Co. PJSC<sup>(a)</sup>  | Abu Dhabi Developmental Holding Co. PJSC<sup>(a)</sup>  | Abu Dhabi Developmental Holding Co. PJSC<sup>(a)</sup>  | Abu Dhabi Developmental Holding Co. PJSC<sup>(a)</sup>  |
| 05/06/2035 | &nbsp;&nbsp; 5.000% |  | 2179000 | &nbsp;&nbsp; 2205333 |
| Abu Dhabi Future Energy Co Pjsc Masdar<sup>(a)</sup>  | Abu Dhabi Future Energy Co Pjsc Masdar<sup>(a)</sup>  | Abu Dhabi Future Energy Co Pjsc Masdar<sup>(a)</sup>  | Abu Dhabi Future Energy Co Pjsc Masdar<sup>(a)</sup>  | Abu Dhabi Future Energy Co Pjsc Masdar<sup>(a)</sup>  |
| 07/25/2034 | &nbsp;&nbsp; 5.250% |  | 2500000 | &nbsp;&nbsp; 2568358 |
| Adnoc Murban Rsc Ltd.<sup>(a)</sup>  | Adnoc Murban Rsc Ltd.<sup>(a)</sup>  | Adnoc Murban Rsc Ltd.<sup>(a)</sup>  | Adnoc Murban Rsc Ltd.<sup>(a)</sup>  | Adnoc Murban Rsc Ltd.<sup>(a)</sup>  |
| 09/11/2034 | &nbsp;&nbsp; 4.500% |  | 2000000 | &nbsp;&nbsp; 1966484 |
| DAE Sukuk Difc Ltd.<sup>(a)</sup>  | DAE Sukuk Difc Ltd.<sup>(a)</sup>  | DAE Sukuk Difc Ltd.<sup>(a)</sup>  | DAE Sukuk Difc Ltd.<sup>(a)</sup>  | DAE Sukuk Difc Ltd.<sup>(a)</sup>  |
| 10/16/2030 | &nbsp;&nbsp; 4.500% |  | 2446000 | &nbsp;&nbsp; 2415252 |
| DP World Crescent Ltd.<sup>(a)</sup>  | DP World Crescent Ltd.<sup>(a)</sup>  | DP World Crescent Ltd.<sup>(a)</sup>  | DP World Crescent Ltd.<sup>(a)</sup>  | DP World Crescent Ltd.<sup>(a)</sup>  |
| 09/26/2028 | &nbsp;&nbsp; 4.848% |  | 2000000 | &nbsp;&nbsp; 2018395 |
| 05/08/2035 | &nbsp;&nbsp; 5.500% |  | 1910000 | &nbsp;&nbsp; 1965947 |
| DP World Ltd.<sup>(a)</sup>  | DP World Ltd.<sup>(a)</sup>  | DP World Ltd.<sup>(a)</sup>  | DP World Ltd.<sup>(a)</sup>  | DP World Ltd.<sup>(a)</sup>  |
| 09/25/2048 | &nbsp;&nbsp; 5.625% |  | 1291000 | &nbsp;&nbsp; 1266922 |
| DP World PLC<sup>(a)</sup>  | DP World PLC<sup>(a)</sup>  | DP World PLC<sup>(a)</sup>  | DP World PLC<sup>(a)</sup>  | DP World PLC<sup>(a)</sup>  |
| 07/02/2037 | &nbsp;&nbsp; 6.850% |  | 5900000 | &nbsp;&nbsp; 6659997 |
| MDGH GMTN (RSC), Ltd.<sup>(a)</sup>  | MDGH GMTN (RSC), Ltd.<sup>(a)</sup>  | MDGH GMTN (RSC), Ltd.<sup>(a)</sup>  | MDGH GMTN (RSC), Ltd.<sup>(a)</sup>  | MDGH GMTN (RSC), Ltd.<sup>(a)</sup>  |
| 04/28/2033 | &nbsp;&nbsp; 5.500% |  | 1808000 | &nbsp;&nbsp; 1910117 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Emerging Markets Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Foreign Government Obligations**<sup>(d),(e)</sup> **(continued)** | **Foreign Government Obligations**<sup>(d),(e)</sup> **(continued)** | **Foreign Government Obligations**<sup>(d),(e)</sup> **(continued)** | **Foreign Government Obligations**<sup>(d),(e)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| MDGH GMTN RSC Ltd.<sup>(a)</sup>  | MDGH GMTN RSC Ltd.<sup>(a)</sup>  | MDGH GMTN RSC Ltd.<sup>(a)</sup>  | MDGH GMTN RSC Ltd.<sup>(a)</sup>  |
| 05/22/2053 | &nbsp;&nbsp; 5.084% | 279000 | &nbsp;&nbsp; 264478 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **23241283** |
| **Uruguay 0.9%** | **Uruguay 0.9%** | **Uruguay 0.9%** | **Uruguay 0.9%** |
| Oriental Republic of Uruguay | Oriental Republic of Uruguay | Oriental Republic of Uruguay | Oriental Republic of Uruguay |
| 09/10/2060 | &nbsp;&nbsp; 5.250% | 2907578 | &nbsp;&nbsp; 2717835 |
| Uruguay Government International Bond | Uruguay Government International Bond | Uruguay Government International Bond | Uruguay Government International Bond |
| 11/20/2045 | &nbsp;&nbsp; 4.125% | 1077570 | &nbsp;&nbsp; 942761 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3660596** |
| **Venezuela 1.0%** | **Venezuela 1.0%** | **Venezuela 1.0%** | **Venezuela 1.0%** |
| Petroleos de Venezuela SA<sup>(a),(b)</sup>  | Petroleos de Venezuela SA<sup>(a),(b)</sup>  | Petroleos de Venezuela SA<sup>(a),(b)</sup>  | Petroleos de Venezuela SA<sup>(a),(b)</sup>  |
| 05/16/2024 | &nbsp;&nbsp; 0.000% | 12559928 | &nbsp;&nbsp; 2951247 |
| Venezuela Government International Bond<sup>(a),(b)</sup>  | Venezuela Government International Bond<sup>(a),(b)</sup>  | Venezuela Government International Bond<sup>(a),(b)</sup>  | Venezuela Government International Bond<sup>(a),(b)</sup>  |
| 10/13/2024 | &nbsp;&nbsp; 0.000% | 4300000 | &nbsp;&nbsp; 1201851 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **4153098** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Foreign Government Obligations**<sup>(d),(e)</sup> **(continued)** | **Foreign Government Obligations**<sup>(d),(e)</sup> **(continued)** | **Foreign Government Obligations**<sup>(d),(e)</sup> **(continued)** | **Foreign Government Obligations**<sup>(d),(e)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Zambia 0.4%** | **Zambia 0.4%** | **Zambia 0.4%** | **Zambia 0.4%** |
| Zambia Government International Bond<sup>(a),(f)</sup>  | Zambia Government International Bond<sup>(a),(f)</sup>  | Zambia Government International Bond<sup>(a),(f)</sup>  | Zambia Government International Bond<sup>(a),(f)</sup>  |
| 06/30/2033 | &nbsp;&nbsp; 5.750% | 1574988 | &nbsp;&nbsp; 1549393 |
| Total Foreign Government Obligations <br>(Cost $349,647,456) | Total Foreign Government Obligations <br>(Cost $349,647,456) | Total Foreign Government Obligations <br>(Cost $349,647,456) | &nbsp;&nbsp; **357651983** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Money Market Funds 0.9%** | **Money Market Funds 0.9%** | **Money Market Funds 0.9%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 3.825%<sup>(g),(h)</sup> <br>| &nbsp;&nbsp; 3762619 | &nbsp;&nbsp; 3761490 |
| Total Money Market Funds <br>(Cost $3,761,490) | Total Money Market Funds <br>(Cost $3,761,490) | &nbsp;&nbsp; **3761490** |
| **Total Investments in Securities** <br>**(Cost $390,767,416)** | **Total Investments in Securities** <br>**(Cost $390,767,416)** | &nbsp;&nbsp; **394386262** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **6377356** |
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **$400763618** |

---

**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>|
| 2,629,633 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 3,101,942 USD | Citi | 01/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8260 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 20,742,607 MXN | &nbsp;&nbsp;&nbsp;&nbsp; 1,150,980 USD | Wells Fargo | 01/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1614 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9874 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At December 31, 2025, the total value of these securities amounted to $253,038,288, which represents 63.14% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents a security in default.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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;(d) Principal amounts are denominated in United States Dollars unless otherwise noted.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Principal and interest may not be guaranteed by a governmental entity.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of December 31, 2025.

&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% |
|  | 26479954 | &nbsp;&nbsp; 111590128 | &nbsp;&nbsp; (134308592)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 3761490 | &nbsp;&nbsp; (4280)<br>| &nbsp;&nbsp; 1032958 | &nbsp;&nbsp; 3762619 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Emerging Markets Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Currency Legend** 

---

| | |
|:---|:---|
| BRL | Brazilian Real |
| COP | Colombian Peso |
| EUR | Euro |
| MXN | Mexican Peso |
| TRY | Turkish Lira |
| 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 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** |  |  |  |  |
| Corporate Bonds & Notes |  | &nbsp;&nbsp;&nbsp;&nbsp; 32972789 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32972789 |
| Foreign Government Obligations |  | &nbsp;&nbsp;&nbsp;&nbsp; 357651983 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 357651983 |
| Money Market Funds | 3761490 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3761490 |
| Total Investments in Securities | 3761490 | &nbsp;&nbsp;&nbsp;&nbsp; 390624772 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 394386262 |
| **Investments in Derivatives** |  |  |  |  |
| Asset |  |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; 9874 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9874 |
| Total | 3761490 | &nbsp;&nbsp;&nbsp;&nbsp; 390634646 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 394396136 |

---

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 – Emerging Markets Bond Fund \| 2025

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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.

Derivative instruments are valued at unrealized appreciation (depreciation).

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Emerging Markets Bond Fund \| 2025

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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 $387,005,926) | $390624772 |
| Affiliated issuers (cost $3,761,490) | 3761490 |
| Cash | 84789 |
| Foreign currency (cost $71,507) | 73323 |
| Unrealized appreciation on forward foreign currency exchange contracts | 9874 |
| Receivable for: |  |
| Capital shares sold | 80539 |
| Dividends | 18317 |
| Interest | 6714239 |
| Foreign tax reclaims | 1504 |
| Prepaid expenses | 3664 |
| Total assets | 401372511 |
| **Liabilities** |  |
| Payable for: |  |
| Capital shares redeemed | 449641 |
| Management services fees | 6508 |
| Distribution and/or service fees | 1322 |
| Service fees | 34335 |
| Compensation of chief compliance officer | 65 |
| Compensation of board members | 607 |
| Other expenses | 28711 |
| Deferred compensation of board members | 87704 |
| Total liabilities | 608893 |
| **Net assets applicable to outstanding capital stock** | **$400763618** |
| **Represented by** |  |
| Paid in capital | 479954480 |
| Total distributable earnings (loss) | (79190862)<br>|
| **Total - representing net assets applicable to outstanding capital stock** | **$400763618** |
| **Class 1** |  |
| Net assets | $205374170 |
| Shares outstanding | 24176217 |
| Net asset value per share | $8.49 |
| **Class 2** |  |
| Net assets | $195389448 |
| Shares outstanding | 23022572 |
| Net asset value per share | $8.49 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Emerging Markets Bond Fund \| 2025

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Statement of Operations

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — affiliated issuers | $1032958 |
| Interest | 23095733 |
| Interfund lending | 442 |
| Foreign taxes withheld | (14314)<br>|
| Total income | 24114819 |
| Expenses: |  |
| Management services fees | 2358560 |
| Distribution and/or service fees |  |
| Class 2 | 483496 |
| Service fees | 380871 |
| Custodian fees | 26148 |
| Printing and postage fees | 11444 |
| Accounting services fees | 39124 |
| Legal fees | 23937 |
| Interest on interfund lending | 25 |
| Compensation of chief compliance officer | 70 |
| Compensation of board members | 15134 |
| Deferred compensation of board members | 14155 |
| Other | 10844 |
| Total expenses | 3363808 |
| **Net investment income** | 20751011 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | (6941106)<br>|
| Investments — affiliated issuers | (4280)<br>|
| Foreign currency translations | 298006 |
| Forward foreign currency exchange contracts | (913672)<br>|
| Net realized loss | (7561052)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 34224572 |
| Foreign currency translations | 67833 |
| Forward foreign currency exchange contracts | (228236)<br>|
| Net change in unrealized appreciation (depreciation) | 34064169 |
| Net realized and unrealized gain | 26503117 |
| **Net increase in net assets resulting from operations** | **$47254128** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Emerging Markets Bond Fund \| 2025

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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 | $20751011 | &nbsp;&nbsp; $19108013 |
| Net realized loss | (7561052)<br>| &nbsp;&nbsp; (19819770)<br>|
| Net change in unrealized appreciation (depreciation) | 34064169 | &nbsp;&nbsp; 22329892 |
| Net increase in net assets resulting from operations | 47254128 | &nbsp;&nbsp; 21618135 |
| **Distributions to shareholders** |  |  |
| Net investment income and net realized gains  |  |  |
| Class 1 | (10673424)<br>| &nbsp;&nbsp; (9179665)<br>|
| Class 2 | (9798172)<br>| &nbsp;&nbsp; (9859134)<br>|
| Total distributions to shareholders | (20471596)<br>| &nbsp;&nbsp; (19038799)<br>|
| Decrease in net assets from capital stock activity | (19555138)<br>| &nbsp;&nbsp; (15772915)<br>|
| Total increase (decrease) in net assets | 7227394 | &nbsp;&nbsp; (13193579)<br>|
| Net assets at beginning of year | 393536224 | &nbsp;&nbsp; 406729803 |
| **Net assets at end of year** | **$400763618** | &nbsp;&nbsp; **$393536224** |

---

&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 | 287928 | &nbsp;&nbsp;&nbsp;&nbsp; 2375292 | &nbsp;&nbsp;&nbsp;&nbsp; 6459826 | &nbsp;&nbsp;&nbsp;&nbsp; 52468653 |
| Distributions reinvested | 1294902 | &nbsp;&nbsp;&nbsp;&nbsp; 10673424 | &nbsp;&nbsp;&nbsp;&nbsp; 1154075 | &nbsp;&nbsp;&nbsp;&nbsp; 9179665 |
| Shares redeemed | (2244607)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18490164)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8978807)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (70916187)<br>|
| Net decrease | (661777)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5441448)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1364906)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9267869)<br>|
| Class 2 |  |  |  |  |
| Shares sold | 649818 | &nbsp;&nbsp;&nbsp;&nbsp; 5358851 | &nbsp;&nbsp;&nbsp;&nbsp; 696082 | &nbsp;&nbsp;&nbsp;&nbsp; 5525083 |
| Distributions reinvested | 1189375 | &nbsp;&nbsp;&nbsp;&nbsp; 9798172 | &nbsp;&nbsp;&nbsp;&nbsp; 1240166 | &nbsp;&nbsp;&nbsp;&nbsp; 9859134 |
| Shares redeemed | (3578093)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (29270713)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2743153)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (21889263)<br>|
| Net decrease | (1738900)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14113690)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (806905)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6505046)<br>|
| **Total net decrease** | **(2400677)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(19555138)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(2171811)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(15772915)**<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Emerging Markets Bond Fund \| 2025

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Columbia Variable Portfolio – Emerging Markets Bond Fund \| 2025

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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>| **Total** <br>**distributions to** <br>**shareholders**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | $7.94<br>| 0.44<br>| 0.55<br>| 0.99<br>| &nbsp;&nbsp; (0.44) <br>| &nbsp;&nbsp; (0.44) <br>|
| Year Ended 12/31/2024 | $7.86<br>| 0.42<br>| 0.08<br>| 0.50<br>| &nbsp;&nbsp; (0.42) <br>| &nbsp;&nbsp; (0.42) <br>|
| Year Ended 12/31/2023 | $7.52<br>| 0.40<br>| 0.36<br>| 0.76<br>| &nbsp;&nbsp; (0.42) <br>| &nbsp;&nbsp; (0.42) <br>|
| Year Ended 12/31/2022 | $9.37<br>| 0.34<br>| &nbsp;&nbsp; (1.85) <br>| &nbsp;&nbsp; (1.51) <br>| &nbsp;&nbsp; (0.34) <br>| &nbsp;&nbsp; (0.34) <br>|
| Year Ended 12/31/2021 | $9.97<br>| 0.37<br>| &nbsp;&nbsp; (0.59) <br>| &nbsp;&nbsp; (0.22) <br>| &nbsp;&nbsp; (0.38) <br>| &nbsp;&nbsp; (0.38) <br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $7.93<br>| 0.42<br>| 0.56<br>| 0.98<br>| &nbsp;&nbsp; (0.42) <br>| &nbsp;&nbsp; (0.42) <br>|
| Year Ended 12/31/2024 | $7.85<br>| 0.39<br>| 0.09<br>| 0.48<br>| &nbsp;&nbsp; (0.40) <br>| &nbsp;&nbsp; (0.40) <br>|
| Year Ended 12/31/2023 | $7.52<br>| 0.38<br>| 0.35<br>| 0.73<br>| &nbsp;&nbsp; (0.40) <br>| &nbsp;&nbsp; (0.40) <br>|
| Year Ended 12/31/2022 | $9.36<br>| 0.32<br>| &nbsp;&nbsp; (1.83) <br>| &nbsp;&nbsp; (1.51) <br>| &nbsp;&nbsp; (0.33) <br>| &nbsp;&nbsp; (0.33) <br>|
| Year Ended 12/31/2021 | $9.96<br>| 0.34<br>| &nbsp;&nbsp; (0.59) <br>| &nbsp;&nbsp; (0.25) <br>| &nbsp;&nbsp; (0.35) <br>| &nbsp;&nbsp; (0.35) <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 Bond Fund \| 2025

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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; $8.49<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.78%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 46%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $205374<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $7.94<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.39%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $197159<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $7.86<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.43%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.32%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $205936<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $7.52<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16.03%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.37%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $216467<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $9.37<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.20%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.81%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $248905<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; $8.49<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.65%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 46%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $195389<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $7.93<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.94%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $196377<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $7.85<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.02%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.07%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $200794<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $7.52<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16.16%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.11%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $199492<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $9.36<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.45%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.56%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $250595<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Emerging Markets Bond Fund \| 2025

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Notes to Financial Statements

December 31, 2025

Note 1. Organization

Columbia Variable Portfolio – Emerging Markets Bond 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**

Debt securities generally are valued based on prices obtained from pricing services, which are intended to reflect market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Columbia Variable Portfolio – Emerging Markets Bond Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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.

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 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

Columbia Variable Portfolio – Emerging Markets Bond Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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.

**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.

Columbia Variable Portfolio – Emerging Markets Bond Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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.

**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; 9874 |

---

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** | **Forward** <br>**foreign** <br>**currency** <br>**exchange** <br>**contracts** <br>**($)**<br>|
| Foreign exchange risk | &nbsp;&nbsp; (913672)<br>|
| **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| **Risk exposure category** | **Forward** <br>**foreign** <br>**currency** <br>**exchange** <br>**contracts** <br>**($)**<br>|
| Foreign exchange risk | &nbsp;&nbsp; (228236)<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 unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Average unrealized** <br>**depreciation ($)**<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 32554 | &nbsp;&nbsp;&nbsp;&nbsp; (155524)<br>|

---

Columbia Variable Portfolio – Emerging Markets Bond Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**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:

---

| | | | |
|:---|:---|:---|:---|
|  | **Citi ($)** | **Wells Fargo ($)** | **Total** |
| **Assets** |  |  |  |
| Forward foreign currency exchange contracts | 8260<br>| &nbsp;&nbsp; 1614<br>| &nbsp;&nbsp; 9874<br>|
| **Total financial and derivative net assets** | **8260**<br>| &nbsp;&nbsp; **1614**<br>| &nbsp;&nbsp; **9874**<br>|
| Total collateral received (pledged) <sup>(a)</sup> <br>| -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>|
| **Net amount** <sup>(b)</sup> <br>| **8260**<br>| &nbsp;&nbsp; **1614**<br>| &nbsp;&nbsp; **9874**<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**

Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted.

The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. The Fund may also adjust accrual rates when it becomes probable the full interest will not be collected and a partial payment will be received. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Dividend income is recorded on the ex-dividend date.

**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.

Columbia Variable Portfolio – Emerging Markets Bond Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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.

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 0.60% to 0.393% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2025 was 0.600% of the Fund's average daily net assets.

**Participating Affiliates** 

The Investment Manager and its investment advisory affiliates (Participating Affiliates) around the world may coordinate in providing services to their clients. From time to time the Investment Manager (or any affiliated investment subadviser to the Fund, as the case may be) may engage its Participating Affiliates to provide a variety of services such as investment research, investment monitoring, trading and discretionary investment management (including portfolio management) to certain accounts managed by the Investment Manager, including the Fund. These Participating Affiliates provide services to the Investment Manager (or any affiliated investment subadviser to the Fund, as the case may be) either pursuant to subadvisory agreements, delegation agreements, personnel-sharing agreements or similar inter-company or other arrangements or relationships, and the Fund pays no additional fees and expenses as a result of any such arrangements.

These Participating Affiliates, like the Investment Manager, are direct or indirect subsidiaries of Ameriprise Financial and are registered with the appropriate respective regulators in their home jurisdictions and, where required, the Securities and Exchange Commission and the Commodity Futures Trading Commission in the United States.

Pursuant to some of these arrangements or relationships, certain personnel of these Participating Affiliates may serve as "associated persons" of the Investment Manager and, in this capacity, subject to the oversight and supervision of the Investment Manager and consistent with the investment objectives, policies and limitations set forth in the Fund's prospectus and Statement of Additional Information (SAI), provide such services to the Fund.

Columbia Variable Portfolio – Emerging Markets Bond 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 0.10% 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;0.75 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 |

---

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

Columbia Variable Portfolio – Emerging Markets Bond 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. 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, tax straddles, principal and/or interest from fixed income securities, defaulted securities/troubled debt, capital loss carryforwards 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 ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(loss) ($)**<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>|
| (821843)<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; 821843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 ($)**<br>| **Total ($)** |
| 20471596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20471596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19038799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19038799 |

---

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>|
| 1065437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (82314187)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2139429 |

---

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>|
| 392256707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17280145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15140716)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2139429 |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

Columbia Variable Portfolio – Emerging Markets Bond Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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 ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **No expiration** <br>**long-term ($)**<br>| **Total ($)** | **Utilized ($)** |
| (14129490)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (68184697)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (82314187)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

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 $171,119,238 and $165,973,985, 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.

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:

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| | | | |
|:---|:---|:---|:---|
| **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 | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;4.44 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| Lender | 366667 | &nbsp;&nbsp;&nbsp;&nbsp;4.92 | &nbsp;&nbsp;&nbsp;&nbsp; 6 |

---

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.

Columbia Variable Portfolio – Emerging Markets Bond Fund \| 2025

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Notes to Financial Statements (continued)

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, one unaffiliated shareholder of record owned 44.6% 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 52.3% 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.

Columbia Variable Portfolio – Emerging Markets Bond Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

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 Bond Fund \| 2025

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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 Bond 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 Bond 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 – Emerging Markets Bond Fund \| 2025

------

Federal Income Tax Information

(Unaudited)

The Fund hereby designates the following tax attributes for the fiscal year ended December 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Foreign** <br>**taxes paid** <br>**to foreign** <br>**countries**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Foreign** <br>**source** <br>**income** <br>**per share**<br>|
| $3210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.0001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20511214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.43 |

---

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.

Columbia Variable Portfolio – Emerging Markets Bond Fund \| 2025

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**Columbia Variable Portfolio – Emerging Markets Bond Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g59364imgea0108c42.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.

ANN7006_12_E01_(02/26)

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![](g59364img1ff9c3b01.jpg)

Columbia Variable Portfolio – Commodity Strategy 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;

---

| | |
|:---|:---|
| [Consolidated Portfolio of Investments](#xx_ea347e7d-a25b-454a-ada2-c684f31440d4_POI-CommonContent-Date-233_1) | 3 |
| [Consolidated Statement of Assets and Liabilities](#xx_ea347e7d-a25b-454a-ada2-c684f31440d4_FS-CommonContent-Date-233_1) | 14 |
| [Consolidated Statement of Operations](#xx_ea347e7d-a25b-454a-ada2-c684f31440d4_FS-CommonContent-Date-233_2) | 15 |
| [Consolidated Statement of Changes in Net Assets](#xx_ea347e7d-a25b-454a-ada2-c684f31440d4_FS-CommonContent-Date-233_3) | 16 |
| [Consolidated Financial Highlights](#xx_ea347e7d-a25b-454a-ada2-c684f31440d4_FIHI-CommonContent-Date-233_2) | 18 |
| [Notes to Consolidated Financial Statements](#xx_ea347e7d-a25b-454a-ada2-c684f31440d4_NTF-CommonContent-Date-233_1) | 20 |
| [Report of Independent Registered Public Accounting Firm](#xx_ea347e7d-a25b-454a-ada2-c684f31440d4_AUD-CommonContent-Date-233_1) | 31 |

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Columbia Variable Portfolio – Commodity Strategy Fund \| 2025

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Consolidated 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;

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency 16.3%** | **Asset-Backed Securities - Non-Agency 16.3%** | **Asset-Backed Securities - Non-Agency 16.3%** | **Asset-Backed Securities - Non-Agency 16.3%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| ACHV ABS Trust<sup>(a)</sup>  | ACHV ABS Trust<sup>(a)</sup>  | ACHV ABS Trust<sup>(a)</sup>  | ACHV ABS Trust<sup>(a)</sup>  |
| Series 2024-1PL Class A | Series 2024-1PL Class A | Series 2024-1PL Class A | Series 2024-1PL Class A |
| 04/25/2031 | &nbsp;&nbsp; 5.900% | 14543 | &nbsp;&nbsp; 14613 |
| Series 2024-2PL Class A | Series 2024-2PL Class A | Series 2024-2PL Class A | Series 2024-2PL Class A |
| 10/27/2031 | &nbsp;&nbsp; 5.070% | 130472 | &nbsp;&nbsp; 131201 |
| Subordinated Series 2024-1PL Class B | Subordinated Series 2024-1PL Class B | Subordinated Series 2024-1PL Class B | Subordinated Series 2024-1PL Class B |
| 04/25/2031 | &nbsp;&nbsp; 6.340% | 26786 | &nbsp;&nbsp; 27121 |
| ACM Auto Trust<sup>(a)</sup>  | ACM Auto Trust<sup>(a)</sup>  | ACM Auto Trust<sup>(a)</sup>  | ACM Auto Trust<sup>(a)</sup>  |
| Series 2024-2A Class A | Series 2024-2A Class A | Series 2024-2A Class A | Series 2024-2A Class A |
| 02/20/2029 | &nbsp;&nbsp; 6.060% | 25962 | &nbsp;&nbsp; 25966 |
| Affirm Asset Securitization Trust<sup>(a)</sup>  | Affirm Asset Securitization Trust<sup>(a)</sup>  | Affirm Asset Securitization Trust<sup>(a)</sup>  | Affirm Asset Securitization Trust<sup>(a)</sup>  |
| Series 2024-X2 Class A | Series 2024-X2 Class A | Series 2024-X2 Class A | Series 2024-X2 Class A |
| 12/17/2029 | &nbsp;&nbsp; 5.220% | 38424 | &nbsp;&nbsp; 38442 |
| American Credit Acceptance Receivables Trust<sup>(a)</sup>  | American Credit Acceptance Receivables Trust<sup>(a)</sup>  | American Credit Acceptance Receivables Trust<sup>(a)</sup>  | American Credit Acceptance Receivables Trust<sup>(a)</sup>  |
| Series 2022-4 Class D | Series 2022-4 Class D | Series 2022-4 Class D | Series 2022-4 Class D |
| 02/15/2029 | &nbsp;&nbsp; 8.000% | 208088 | &nbsp;&nbsp; 209816 |
| BMW Vehicle Lease Trust | BMW Vehicle Lease Trust | BMW Vehicle Lease Trust | BMW Vehicle Lease Trust |
| Series 2024-1 Class A4 | Series 2024-1 Class A4 | Series 2024-1 Class A4 | Series 2024-1 Class A4 |
| 06/25/2027 | &nbsp;&nbsp; 5.000% | 250000 | &nbsp;&nbsp; 251494 |
| Carmax Auto Owner Trust | Carmax Auto Owner Trust | Carmax Auto Owner Trust | Carmax Auto Owner Trust |
| Series 2022-4 Class A3 | Series 2022-4 Class A3 | Series 2022-4 Class A3 | Series 2022-4 Class A3 |
| 08/16/2027 | &nbsp;&nbsp; 5.340% | 19003 | &nbsp;&nbsp; 19058 |
| Carmax Select Receivables Trust | Carmax Select Receivables Trust | Carmax Select Receivables Trust | Carmax Select Receivables Trust |
| Series 2024-A Class A2A | Series 2024-A Class A2A | Series 2024-A Class A2A | Series 2024-A Class A2A |
| 09/15/2027 | &nbsp;&nbsp; 5.780% | 34222 | &nbsp;&nbsp; 34273 |
| Carvana Auto Receivables Trust<sup>(a)</sup>  | Carvana Auto Receivables Trust<sup>(a)</sup>  | Carvana Auto Receivables Trust<sup>(a)</sup>  | Carvana Auto Receivables Trust<sup>(a)</sup>  |
| Series 2024-N3 Class A2 | Series 2024-N3 Class A2 | Series 2024-N3 Class A2 | Series 2024-N3 Class A2 |
| 12/10/2027 | &nbsp;&nbsp; 4.840% | 69086 | &nbsp;&nbsp; 69120 |
| Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
| Series 2025-P3 Class A1 | Series 2025-P3 Class A1 | Series 2025-P3 Class A1 | Series 2025-P3 Class A1 |
| 10/12/2026 | &nbsp;&nbsp; 4.171% | 74261 | &nbsp;&nbsp; 74285 |
| CNH Equipment Trust | CNH Equipment Trust | CNH Equipment Trust | CNH Equipment Trust |
| Series 2024-C Class A2A | Series 2024-C Class A2A | Series 2024-C Class A2A | Series 2024-C Class A2A |
| 02/18/2028 | &nbsp;&nbsp; 4.300% | 154036 | &nbsp;&nbsp; 154253 |
| Subordinated Series 2024-A Class A3 | Subordinated Series 2024-A Class A3 | Subordinated Series 2024-A Class A3 | Subordinated Series 2024-A Class A3 |
| 06/15/2029 | &nbsp;&nbsp; 4.770% | 415739 | &nbsp;&nbsp; 419295 |
| DailyPay Securitization Trust<sup>(a)</sup>  | DailyPay Securitization Trust<sup>(a)</sup>  | DailyPay Securitization Trust<sup>(a)</sup>  | DailyPay Securitization Trust<sup>(a)</sup>  |
| Series 2025-1A Class A | Series 2025-1A Class A | Series 2025-1A Class A | Series 2025-1A Class A |
| 06/25/2028 | &nbsp;&nbsp; 5.630% | 100000 | &nbsp;&nbsp; 100596 |
| Dell Equipment Finance Trust<sup>(a)</sup>  | Dell Equipment Finance Trust<sup>(a)</sup>  | Dell Equipment Finance Trust<sup>(a)</sup>  | Dell Equipment Finance Trust<sup>(a)</sup>  |
| Series 2023-3 Class A3 | Series 2023-3 Class A3 | Series 2023-3 Class A3 | Series 2023-3 Class A3 |
| 04/23/2029 | &nbsp;&nbsp; 5.930% | 218479 | &nbsp;&nbsp; 219670 |
| Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
| Subordinated Series 2021-2 Class D | Subordinated Series 2021-2 Class D | Subordinated Series 2021-2 Class D | Subordinated Series 2021-2 Class D |
| 04/15/2027 | &nbsp;&nbsp; 1.400% | 153635 | &nbsp;&nbsp; 152854 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust |
| Series 2024-A Class A3 | Series 2024-A Class A3 | Series 2024-A Class A3 | Series 2024-A Class A3 |
| 05/15/2027 | &nbsp;&nbsp; 5.060% | 157327 | &nbsp;&nbsp; 157606 |
| Series 2024-A Class A4 | Series 2024-A Class A4 | Series 2024-A Class A4 | Series 2024-A Class A4 |
| 06/15/2027 | &nbsp;&nbsp; 5.050% | 225000 | &nbsp;&nbsp; 225966 |
| Ford Credit Auto Owner Trust<sup>(a)</sup>  | Ford Credit Auto Owner Trust<sup>(a)</sup>  | Ford Credit Auto Owner Trust<sup>(a)</sup>  | Ford Credit Auto Owner Trust<sup>(a)</sup>  |
| Series 2021-2 Class A | Series 2021-2 Class A | Series 2021-2 Class A | Series 2021-2 Class A |
| 05/15/2034 | &nbsp;&nbsp; 1.530% | 250000 | &nbsp;&nbsp; 244951 |
| Series 2022-1 Class A | Series 2022-1 Class A | Series 2022-1 Class A | Series 2022-1 Class A |
| 11/15/2034 | &nbsp;&nbsp; 3.880% | 550000 | &nbsp;&nbsp; 550416 |
| Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust |
| Series 2024-C Class A2A | Series 2024-C Class A2A | Series 2024-C Class A2A | Series 2024-C Class A2A |
| 08/15/2027 | &nbsp;&nbsp; 4.320% | 81747 | &nbsp;&nbsp; 81830 |
| Ford Credit Floorplan Master Owner Trust<sup>(a)</sup>  | Ford Credit Floorplan Master Owner Trust<sup>(a)</sup>  | Ford Credit Floorplan Master Owner Trust<sup>(a)</sup>  | Ford Credit Floorplan Master Owner Trust<sup>(a)</sup>  |
| Series 2023-1 Class A1 | Series 2023-1 Class A1 | Series 2023-1 Class A1 | Series 2023-1 Class A1 |
| 05/15/2028 | &nbsp;&nbsp; 4.920% | 475000 | &nbsp;&nbsp; 476624 |
| GLS Auto Receivables Issuer Trust<sup>(a)</sup>  | GLS Auto Receivables Issuer Trust<sup>(a)</sup>  | GLS Auto Receivables Issuer Trust<sup>(a)</sup>  | GLS Auto Receivables Issuer Trust<sup>(a)</sup>  |
| Series 2024-2A Class A3 | Series 2024-2A Class A3 | Series 2024-2A Class A3 | Series 2024-2A Class A3 |
| 01/18/2028 | &nbsp;&nbsp; 5.640% | 28596 | &nbsp;&nbsp; 28622 |
| GLS Auto Select Receivables Trust<sup>(a)</sup>  | GLS Auto Select Receivables Trust<sup>(a)</sup>  | GLS Auto Select Receivables Trust<sup>(a)</sup>  | GLS Auto Select Receivables Trust<sup>(a)</sup>  |
| Series 2024-2A Class A2 | Series 2024-2A Class A2 | Series 2024-2A Class A2 | Series 2024-2A Class A2 |
| 06/17/2030 | &nbsp;&nbsp; 5.580% | 129912 | &nbsp;&nbsp; 131170 |
| GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust |
| Series 2024-1 Class A3 | Series 2024-1 Class A3 | Series 2024-1 Class A3 | Series 2024-1 Class A3 |
| 03/22/2027 | &nbsp;&nbsp; 5.090% | 60437 | &nbsp;&nbsp; 60589 |
| GMF Floorplan Owner Revolving Trust<sup>(a)</sup>  | GMF Floorplan Owner Revolving Trust<sup>(a)</sup>  | GMF Floorplan Owner Revolving Trust<sup>(a)</sup>  | GMF Floorplan Owner Revolving Trust<sup>(a)</sup>  |
| Series 2023-1 Class A1 | Series 2023-1 Class A1 | Series 2023-1 Class A1 | Series 2023-1 Class A1 |
| 06/15/2028 | &nbsp;&nbsp; 5.340% | 500000 | &nbsp;&nbsp; 503151 |
| Series 2024-1A Class A1 | Series 2024-1A Class A1 | Series 2024-1A Class A1 | Series 2024-1A Class A1 |
| 03/15/2029 | &nbsp;&nbsp; 5.130% | 725000 | &nbsp;&nbsp; 735851 |
| GreenSky Home Improvement Issuer Trust<sup>(a)</sup>  | GreenSky Home Improvement Issuer Trust<sup>(a)</sup>  | GreenSky Home Improvement Issuer Trust<sup>(a)</sup>  | GreenSky Home Improvement Issuer Trust<sup>(a)</sup>  |
| Series 2024-2 Class A2 | Series 2024-2 Class A2 | Series 2024-2 Class A2 | Series 2024-2 Class A2 |
| 10/27/2059 | &nbsp;&nbsp; 5.250% | 37986 | &nbsp;&nbsp; 38148 |
| Series 2025-1A Class A2 | Series 2025-1A Class A2 | Series 2025-1A Class A2 | Series 2025-1A Class A2 |
| 03/25/2060 | &nbsp;&nbsp; 5.120% | 119056 | &nbsp;&nbsp; 119610 |
| Series 2025-2 Class A2 | Series 2025-2 Class A2 | Series 2025-2 Class A2 | Series 2025-2 Class A2 |
| 06/25/2060 | &nbsp;&nbsp; 4.930% | 75086 | &nbsp;&nbsp; 75413 |
| Harley-Davidson Motorcycle Trust | Harley-Davidson Motorcycle Trust | Harley-Davidson Motorcycle Trust | Harley-Davidson Motorcycle Trust |
| Series 2024-A Class A3 | Series 2024-A Class A3 | Series 2024-A Class A3 | Series 2024-A Class A3 |
| 03/15/2029 | &nbsp;&nbsp; 5.370% | 601104 | &nbsp;&nbsp; 607605 |
| Subordinated Series 2024-B Class A2 | Subordinated Series 2024-B Class A2 | Subordinated Series 2024-B Class A2 | Subordinated Series 2024-B Class A2 |
| 08/16/2027 | &nbsp;&nbsp; 4.620% | 16554 | &nbsp;&nbsp; 16560 |
| Hyundai Auto Lease Securitization Trust<sup>(a)</sup>  | Hyundai Auto Lease Securitization Trust<sup>(a)</sup>  | Hyundai Auto Lease Securitization Trust<sup>(a)</sup>  | Hyundai Auto Lease Securitization Trust<sup>(a)</sup>  |
| Series 2024-A Class A3 | Series 2024-A Class A3 | Series 2024-A Class A3 | Series 2024-A Class A3 |
| 03/15/2027 | &nbsp;&nbsp; 5.020% | 323657 | &nbsp;&nbsp; 324395 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Commodity Strategy Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Series 2024-C Class A3 | Series 2024-C Class A3 | Series 2024-C Class A3 | Series 2024-C Class A3 |
| 04/17/2028 | &nbsp;&nbsp; 4.620% | 425000 | &nbsp;&nbsp; 427748 |
| Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust |
| Series 2025-B Class A2A | Series 2025-B Class A2A | Series 2025-B Class A2A | Series 2025-B Class A2A |
| 08/15/2028 | &nbsp;&nbsp; 4.450% | 50000 | &nbsp;&nbsp; 50171 |
| John Deere Owner Trust | John Deere Owner Trust | John Deere Owner Trust | John Deere Owner Trust |
| Series 2022-B Class A3 | Series 2022-B Class A3 | Series 2022-B Class A3 | Series 2022-B Class A3 |
| 02/16/2027 | &nbsp;&nbsp; 3.740% | 112465 | &nbsp;&nbsp; 112427 |
| Series 2024-A Class A3 | Series 2024-A Class A3 | Series 2024-A Class A3 | Series 2024-A Class A3 |
| 11/15/2028 | &nbsp;&nbsp; 4.960% | 51000 | &nbsp;&nbsp; 51465 |
| Kubota Credit Owner Trust<sup>(a)</sup>  | Kubota Credit Owner Trust<sup>(a)</sup>  | Kubota Credit Owner Trust<sup>(a)</sup>  | Kubota Credit Owner Trust<sup>(a)</sup>  |
| Series 2024-2A Class A2 | Series 2024-2A Class A2 | Series 2024-2A Class A2 | Series 2024-2A Class A2 |
| 04/15/2027 | &nbsp;&nbsp; 5.450% | 142908 | &nbsp;&nbsp; 143347 |
| Series 2024-2A Class A3 | Series 2024-2A Class A3 | Series 2024-2A Class A3 | Series 2024-2A Class A3 |
| 11/15/2028 | &nbsp;&nbsp; 5.260% | 500000 | &nbsp;&nbsp; 508059 |
| Marlette Funding Trust<sup>(a)</sup>  | Marlette Funding Trust<sup>(a)</sup>  | Marlette Funding Trust<sup>(a)</sup>  | Marlette Funding Trust<sup>(a)</sup>  |
| Series 2025-1A Class A | Series 2025-1A Class A | Series 2025-1A Class A | Series 2025-1A Class A |
| 07/16/2035 | &nbsp;&nbsp; 4.750% | 87598 | &nbsp;&nbsp; 87803 |
| Mercedes-Benz Auto Receivables Trust | Mercedes-Benz Auto Receivables Trust | Mercedes-Benz Auto Receivables Trust | Mercedes-Benz Auto Receivables Trust |
| Series 2023-2 Class A3 | Series 2023-2 Class A3 | Series 2023-2 Class A3 | Series 2023-2 Class A3 |
| 11/15/2028 | &nbsp;&nbsp; 5.950% | 168430 | &nbsp;&nbsp; 170683 |
| NextGear Floorplan Master Owner Trust<sup>(a)</sup>  | NextGear Floorplan Master Owner Trust<sup>(a)</sup>  | NextGear Floorplan Master Owner Trust<sup>(a)</sup>  | NextGear Floorplan Master Owner Trust<sup>(a)</sup>  |
| Series 2023-1A Class A2 | Series 2023-1A Class A2 | Series 2023-1A Class A2 | Series 2023-1A Class A2 |
| 03/15/2028 | &nbsp;&nbsp; 5.740% | 275000 | &nbsp;&nbsp; 275926 |
| Nissan Auto Receivables Owner Trust | Nissan Auto Receivables Owner Trust | Nissan Auto Receivables Owner Trust | Nissan Auto Receivables Owner Trust |
| Series 2025-A Class A2A | Series 2025-A Class A2A | Series 2025-A Class A2A | Series 2025-A Class A2A |
| 02/15/2028 | &nbsp;&nbsp; 4.500% | 475000 | &nbsp;&nbsp; 476496 |
| Nissan Master Owner Trust Receivables<sup>(a)</sup>  | Nissan Master Owner Trust Receivables<sup>(a)</sup>  | Nissan Master Owner Trust Receivables<sup>(a)</sup>  | Nissan Master Owner Trust Receivables<sup>(a)</sup>  |
| Series 2024-B Class A | Series 2024-B Class A | Series 2024-B Class A | Series 2024-B Class A |
| 02/15/2029 | &nbsp;&nbsp; 5.050% | 850000 | &nbsp;&nbsp; 859992 |
| Oportun Funding Trust<sup>(a)</sup>  | Oportun Funding Trust<sup>(a)</sup>  | Oportun Funding Trust<sup>(a)</sup>  | Oportun Funding Trust<sup>(a)</sup>  |
| Series 2024-3 Class A | Series 2024-3 Class A | Series 2024-3 Class A | Series 2024-3 Class A |
| 08/15/2029 | &nbsp;&nbsp; 5.260% | 29376 | &nbsp;&nbsp; 29389 |
| Pagaya AI Debt Grantor Trust<sup>(a)</sup>  | Pagaya AI Debt Grantor Trust<sup>(a)</sup>  | Pagaya AI Debt Grantor Trust<sup>(a)</sup>  | Pagaya AI Debt Grantor Trust<sup>(a)</sup>  |
| Series 2024-11 Class A | Series 2024-11 Class A | Series 2024-11 Class A | Series 2024-11 Class A |
| 07/15/2032 | &nbsp;&nbsp; 5.092% | 147065 | &nbsp;&nbsp; 147728 |
| Series 2024-5 Class A | Series 2024-5 Class A | Series 2024-5 Class A | Series 2024-5 Class A |
| 10/15/2031 | &nbsp;&nbsp; 6.278% | 42888 | &nbsp;&nbsp; 43169 |
| Series 2025-1 Class A2 | Series 2025-1 Class A2 | Series 2025-1 Class A2 | Series 2025-1 Class A2 |
| 07/15/2032 | &nbsp;&nbsp; 5.156% | 67284 | &nbsp;&nbsp; 67836 |
| Pagaya AI Debt Selection Trust<sup>(a)</sup>  | Pagaya AI Debt Selection Trust<sup>(a)</sup>  | Pagaya AI Debt Selection Trust<sup>(a)</sup>  | Pagaya AI Debt Selection Trust<sup>(a)</sup>  |
| Series 2024-7 Class A | Series 2024-7 Class A | Series 2024-7 Class A | Series 2024-7 Class A |
| 12/15/2031 | &nbsp;&nbsp; 6.117% | 147043 | &nbsp;&nbsp; 147928 |
| Subordinated Series 2024-7 Class B | Subordinated Series 2024-7 Class B | Subordinated Series 2024-7 Class B | Subordinated Series 2024-7 Class B |
| 12/15/2031 | &nbsp;&nbsp; 6.574% | 167055 | &nbsp;&nbsp; 168158 |
| Pagaya AI Debt Trust<sup>(a)</sup>  | Pagaya AI Debt Trust<sup>(a)</sup>  | Pagaya AI Debt Trust<sup>(a)</sup>  | Pagaya AI Debt Trust<sup>(a)</sup>  |
| Series 2024-1 Class A | Series 2024-1 Class A | Series 2024-1 Class A | Series 2024-1 Class A |
| 07/15/2031 | &nbsp;&nbsp; 6.660% | 62571 | &nbsp;&nbsp; 63132 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Series 2024-2 Class A | Series 2024-2 Class A | Series 2024-2 Class A | Series 2024-2 Class A |
| 08/15/2031 | &nbsp;&nbsp; 6.319% | 114040 | &nbsp;&nbsp; 114569 |
| Series 2024-3 Class A | Series 2024-3 Class A | Series 2024-3 Class A | Series 2024-3 Class A |
| 10/15/2031 | &nbsp;&nbsp; 6.258% | 157166 | &nbsp;&nbsp; 158093 |
| PEAC Solutions Receivables LLC<sup>(a)</sup>  | PEAC Solutions Receivables LLC<sup>(a)</sup>  | PEAC Solutions Receivables LLC<sup>(a)</sup>  | PEAC Solutions Receivables LLC<sup>(a)</sup>  |
| Series 2024-1A Class A2 | Series 2024-1A Class A2 | Series 2024-1A Class A2 | Series 2024-1A Class A2 |
| 06/21/2027 | &nbsp;&nbsp; 5.790% | 114946 | &nbsp;&nbsp; 115780 |
| Series 2024-2A Class A2 | Series 2024-2A Class A2 | Series 2024-2A Class A2 | Series 2024-2A Class A2 |
| 04/20/2027 | &nbsp;&nbsp; 4.740% | 121835 | &nbsp;&nbsp; 122105 |
| RCKT Trust<sup>(a)</sup>  | RCKT Trust<sup>(a)</sup>  | RCKT Trust<sup>(a)</sup>  | RCKT Trust<sup>(a)</sup>  |
| Series 2025-1A Class A | Series 2025-1A Class A | Series 2025-1A Class A | Series 2025-1A Class A |
| 07/25/2034 | &nbsp;&nbsp; 4.900% | 183874 | &nbsp;&nbsp; 184327 |
| Reach ABS Trust<sup>(a)</sup>  | Reach ABS Trust<sup>(a)</sup>  | Reach ABS Trust<sup>(a)</sup>  | Reach ABS Trust<sup>(a)</sup>  |
| Series 2024-2A Class A | Series 2024-2A Class A | Series 2024-2A Class A | Series 2024-2A Class A |
| 07/15/2031 | &nbsp;&nbsp; 5.880% | 171336 | &nbsp;&nbsp; 172025 |
| Series 2025-2A Class A | Series 2025-2A Class A | Series 2025-2A Class A | Series 2025-2A Class A |
| 08/18/2032 | &nbsp;&nbsp; 4.930% | 129658 | &nbsp;&nbsp; 130235 |
| Research-Driven Pagaya Motor Asset Trust<sup>(a)</sup>  | Research-Driven Pagaya Motor Asset Trust<sup>(a)</sup>  | Research-Driven Pagaya Motor Asset Trust<sup>(a)</sup>  | Research-Driven Pagaya Motor Asset Trust<sup>(a)</sup>  |
| Series 2025-4A Class A2 | Series 2025-4A Class A2 | Series 2025-4A Class A2 | Series 2025-4A Class A2 |
| 04/25/2034 | &nbsp;&nbsp; 5.124% | 100000 | &nbsp;&nbsp; 100390 |
| Research-Driven Pagaya Motor Trust<sup>(a)</sup>  | Research-Driven Pagaya Motor Trust<sup>(a)</sup>  | Research-Driven Pagaya Motor Trust<sup>(a)</sup>  | Research-Driven Pagaya Motor Trust<sup>(a)</sup>  |
| Series 2024-1A Class A | Series 2024-1A Class A | Series 2024-1A Class A | Series 2024-1A Class A |
| 06/25/2032 | &nbsp;&nbsp; 7.090% | 38824 | &nbsp;&nbsp; 38999 |
| SCF Equipment Leasing<sup>(a)</sup>  | SCF Equipment Leasing<sup>(a)</sup>  | SCF Equipment Leasing<sup>(a)</sup>  | SCF Equipment Leasing<sup>(a)</sup>  |
| Series 2024-1A Class A2 | Series 2024-1A Class A2 | Series 2024-1A Class A2 | Series 2024-1A Class A2 |
| 11/20/2029 | &nbsp;&nbsp; 5.880% | 56321 | &nbsp;&nbsp; 56535 |
| SoFi Consumer Loan Program Trust<sup>(a)</sup>  | SoFi Consumer Loan Program Trust<sup>(a)</sup>  | SoFi Consumer Loan Program Trust<sup>(a)</sup>  | SoFi Consumer Loan Program Trust<sup>(a)</sup>  |
| Series 2025-1 Class A | Series 2025-1 Class A | Series 2025-1 Class A | Series 2025-1 Class A |
| 02/27/2034 | &nbsp;&nbsp; 4.800% | 214998 | &nbsp;&nbsp; 215795 |
| Series 2025-2 Class A | Series 2025-2 Class A | Series 2025-2 Class A | Series 2025-2 Class A |
| 06/25/2034 | &nbsp;&nbsp; 4.820% | 485573 | &nbsp;&nbsp; 487650 |
| Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust |
| Series 2023-A Class A3 | Series 2023-A Class A3 | Series 2023-A Class A3 | Series 2023-A Class A3 |
| 09/15/2027 | &nbsp;&nbsp; 4.630% | 111289 | &nbsp;&nbsp; 111541 |
| Upgrade Master Pass-Thru Trust<sup>(a)</sup>  | Upgrade Master Pass-Thru Trust<sup>(a)</sup>  | Upgrade Master Pass-Thru Trust<sup>(a)</sup>  | Upgrade Master Pass-Thru Trust<sup>(a)</sup>  |
| Series 2025-ST5 Class A | Series 2025-ST5 Class A | Series 2025-ST5 Class A | Series 2025-ST5 Class A |
| 09/15/2032 | &nbsp;&nbsp; 4.794% | 202855 | &nbsp;&nbsp; 203370 |
| Upgrade Master Pass-Thru Trust Series<sup>(a)</sup>  | Upgrade Master Pass-Thru Trust Series<sup>(a)</sup>  | Upgrade Master Pass-Thru Trust Series<sup>(a)</sup>  | Upgrade Master Pass-Thru Trust Series<sup>(a)</sup>  |
| Series 2025-ST8 Class A | Series 2025-ST8 Class A | Series 2025-ST8 Class A | Series 2025-ST8 Class A |
| 12/15/2033 | &nbsp;&nbsp; 4.618% | 476929 | &nbsp;&nbsp; 477486 |
| Upgrade Receivables Trust<sup>(a)</sup>  | Upgrade Receivables Trust<sup>(a)</sup>  | Upgrade Receivables Trust<sup>(a)</sup>  | Upgrade Receivables Trust<sup>(a)</sup>  |
| Series 2024-1 Class A | Series 2024-1 Class A | Series 2024-1 Class A | Series 2024-1 Class A |
| 02/18/2031 | &nbsp;&nbsp; 5.370% | 2344 | &nbsp;&nbsp; 2345 |
| Upstart Securitization Trust<sup>(a)</sup>  | Upstart Securitization Trust<sup>(a)</sup>  | Upstart Securitization Trust<sup>(a)</sup>  | Upstart Securitization Trust<sup>(a)</sup>  |
| Series 2024-1 Class A | Series 2024-1 Class A | Series 2024-1 Class A | Series 2024-1 Class A |
| 11/20/2034 | &nbsp;&nbsp; 5.330% | 53440 | &nbsp;&nbsp; 53414 |
| Series 2025-3 Class A2 | Series 2025-3 Class A2 | Series 2025-3 Class A2 | Series 2025-3 Class A2 |
| 09/20/2035 | &nbsp;&nbsp; 4.600% | 175000 | &nbsp;&nbsp; 175359 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Commodity Strategy Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Volkswagen Auto Lease Trust | Volkswagen Auto Lease Trust | Volkswagen Auto Lease Trust | Volkswagen Auto Lease Trust |
| Series 2024-A Class A3 | Series 2024-A Class A3 | Series 2024-A Class A3 | Series 2024-A Class A3 |
| 06/21/2027 | &nbsp;&nbsp; 5.210% | 900000 | &nbsp;&nbsp; 906051 |
| Volkswagen Auto Loan Enhanced Trust | Volkswagen Auto Loan Enhanced Trust | Volkswagen Auto Loan Enhanced Trust | Volkswagen Auto Loan Enhanced Trust |
| Series 2024-1 Class A2A | Series 2024-1 Class A2A | Series 2024-1 Class A2A | Series 2024-1 Class A2A |
| 11/22/2027 | &nbsp;&nbsp; 4.650% | 217415 | &nbsp;&nbsp; 217996 |
| Westlake Automobile Receivables Trust<sup>(a)</sup>  | Westlake Automobile Receivables Trust<sup>(a)</sup>  | Westlake Automobile Receivables Trust<sup>(a)</sup>  | Westlake Automobile Receivables Trust<sup>(a)</sup>  |
| Series 2024-2A Class A2A | Series 2024-2A Class A2A | Series 2024-2A Class A2A | Series 2024-2A Class A2A |
| 08/16/2027 | &nbsp;&nbsp; 5.750% | 56728 | &nbsp;&nbsp; 56790 |
| Series 2025-P1 Class A1 | Series 2025-P1 Class A1 | Series 2025-P1 Class A1 | Series 2025-P1 Class A1 |
| 06/15/2026 | &nbsp;&nbsp; 4.583% | 8053 | &nbsp;&nbsp; 8055 |
| Westlake Flooring Master Trust<sup>(a)</sup>  | Westlake Flooring Master Trust<sup>(a)</sup>  | Westlake Flooring Master Trust<sup>(a)</sup>  | Westlake Flooring Master Trust<sup>(a)</sup>  |
| Series 2024-1A Class A | Series 2024-1A Class A | Series 2024-1A Class A | Series 2024-1A Class A |
| 02/15/2028 | &nbsp;&nbsp; 5.430% | 730000 | &nbsp;&nbsp; 731167 |
| WF Card Issuance Trust | WF Card Issuance Trust | WF Card Issuance Trust | WF Card Issuance Trust |
| Series 2024-A1 Class A | Series 2024-A1 Class A | Series 2024-A1 Class A | Series 2024-A1 Class A |
| 02/15/2029 | &nbsp;&nbsp; 4.940% | 250000 | &nbsp;&nbsp; 253185 |
| Total Asset-Backed Securities — Non-Agency <br>(Cost $15,209,527) | Total Asset-Backed Securities — Non-Agency <br>(Cost $15,209,527) | Total Asset-Backed Securities — Non-Agency <br>(Cost $15,209,527) | &nbsp;&nbsp; **15245283** |
| **Commercial Mortgage-Backed Securities - Non-Agency 3.6%** | **Commercial Mortgage-Backed Securities - Non-Agency 3.6%** | **Commercial Mortgage-Backed Securities - Non-Agency 3.6%** | **Commercial Mortgage-Backed Securities - Non-Agency 3.6%** |
| BANK | BANK | BANK | BANK |
| Series 2017-BNK5 Class A4 | Series 2017-BNK5 Class A4 | Series 2017-BNK5 Class A4 | Series 2017-BNK5 Class A4 |
| 06/15/2060 | &nbsp;&nbsp; 3.131% | 335533 | &nbsp;&nbsp; 331418 |
| Bank of America Merrill Lynch Commercial Mortgage Trust | Bank of America Merrill Lynch Commercial Mortgage Trust | Bank of America Merrill Lynch Commercial Mortgage Trust | Bank of America Merrill Lynch Commercial Mortgage Trust |
| Series 2017-BNK3 Class A3 | Series 2017-BNK3 Class A3 | Series 2017-BNK3 Class A3 | Series 2017-BNK3 Class A3 |
| 02/15/2050 | &nbsp;&nbsp; 3.311% | 219389 | &nbsp;&nbsp; 217617 |
| CD Mortgage Trust | CD Mortgage Trust | CD Mortgage Trust | CD Mortgage Trust |
| Series 2017-CD4 Class ASB | Series 2017-CD4 Class ASB | Series 2017-CD4 Class ASB | Series 2017-CD4 Class ASB |
| 05/10/2050 | &nbsp;&nbsp; 3.317% | 139744 | &nbsp;&nbsp; 139058 |
| Series 2017-CD6 Class ASB | Series 2017-CD6 Class ASB | Series 2017-CD6 Class ASB | Series 2017-CD6 Class ASB |
| 11/13/2050 | &nbsp;&nbsp; 3.332% | 166900 | &nbsp;&nbsp; 165763 |
| CFCRE Commercial Mortgage Trust | CFCRE Commercial Mortgage Trust | CFCRE Commercial Mortgage Trust | CFCRE Commercial Mortgage Trust |
| Series 2017-C8 Class ASB | Series 2017-C8 Class ASB | Series 2017-C8 Class ASB | Series 2017-C8 Class ASB |
| 06/15/2050 | &nbsp;&nbsp; 3.367% | 79846 | &nbsp;&nbsp; 79556 |
| DBJPM Mortgage Trust | DBJPM Mortgage Trust | DBJPM Mortgage Trust | DBJPM Mortgage Trust |
| Series 2016-C3 Class A5 | Series 2016-C3 Class A5 | Series 2016-C3 Class A5 | Series 2016-C3 Class A5 |
| 08/10/2049 | &nbsp;&nbsp; 2.890% | 275000 | &nbsp;&nbsp; 272911 |
| GS Mortgage Securities Corp. II<sup>(a),(b)</sup>  | GS Mortgage Securities Corp. II<sup>(a),(b)</sup>  | GS Mortgage Securities Corp. II<sup>(a),(b)</sup>  | GS Mortgage Securities Corp. II<sup>(a),(b)</sup>  |
| Series 2023-SHIP Class A | Series 2023-SHIP Class A | Series 2023-SHIP Class A | Series 2023-SHIP Class A |
| 09/10/2038 | &nbsp;&nbsp; 4.322% | 625000 | &nbsp;&nbsp; 624176 |
| GS Mortgage Securities Trust | GS Mortgage Securities Trust | GS Mortgage Securities Trust | GS Mortgage Securities Trust |
| Series 2016-GS3 Class AAB | Series 2016-GS3 Class AAB | Series 2016-GS3 Class AAB | Series 2016-GS3 Class AAB |
| 10/10/2049 | &nbsp;&nbsp; 2.777% | 27509 | &nbsp;&nbsp; 27467 |
| Series 2016-GS4 Class A3 | Series 2016-GS4 Class A3 | Series 2016-GS4 Class A3 | Series 2016-GS4 Class A3 |
| 11/10/2049 | &nbsp;&nbsp; 3.178% | 151433 | &nbsp;&nbsp; 150478 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Commercial Mortgage-Backed Securities - Non-Agency (continued)** | **Commercial Mortgage-Backed Securities - Non-Agency (continued)** | **Commercial Mortgage-Backed Securities - Non-Agency (continued)** | **Commercial Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| JPMCC Commercial Mortgage Securities Trust | JPMCC Commercial Mortgage Securities Trust | JPMCC Commercial Mortgage Securities Trust | JPMCC Commercial Mortgage Securities Trust |
| Series 2017-JP5 Class ASB | Series 2017-JP5 Class ASB | Series 2017-JP5 Class ASB | Series 2017-JP5 Class ASB |
| 03/15/2050 | &nbsp;&nbsp; 3.549% | 135725 | &nbsp;&nbsp; 135176 |
| Morgan Stanley Bank of America Merrill Lynch Trust | Morgan Stanley Bank of America Merrill Lynch Trust | Morgan Stanley Bank of America Merrill Lynch Trust | Morgan Stanley Bank of America Merrill Lynch Trust |
| Series 2016-C31 Class ASB | Series 2016-C31 Class ASB | Series 2016-C31 Class ASB | Series 2016-C31 Class ASB |
| 11/15/2049 | &nbsp;&nbsp; 2.952% | 1987 | &nbsp;&nbsp; 1983 |
| Tricon American Homes<sup>(a)</sup>  | Tricon American Homes<sup>(a)</sup>  | Tricon American Homes<sup>(a)</sup>  | Tricon American Homes<sup>(a)</sup>  |
| Series 2020-SFR1 Class A | Series 2020-SFR1 Class A | Series 2020-SFR1 Class A | Series 2020-SFR1 Class A |
| 07/17/2038 | &nbsp;&nbsp; 1.499% | 297223 | &nbsp;&nbsp; 292712 |
| UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust |
| Series 2017-C3 Class ASB | Series 2017-C3 Class ASB | Series 2017-C3 Class ASB | Series 2017-C3 Class ASB |
| 08/15/2050 | &nbsp;&nbsp; 3.215% | 417358 | &nbsp;&nbsp; 414591 |
| Series 2019-C17 Class ASB | Series 2019-C17 Class ASB | Series 2019-C17 Class ASB | Series 2019-C17 Class ASB |
| 10/15/2052 | &nbsp;&nbsp; 2.866% | 338391 | &nbsp;&nbsp; 331224 |
| Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
| Series 2016-BNK1 Class A2 | Series 2016-BNK1 Class A2 | Series 2016-BNK1 Class A2 | Series 2016-BNK1 Class A2 |
| 08/15/2049 | &nbsp;&nbsp; 2.399% | 44428 | &nbsp;&nbsp; 44189 |
| Series 2018-C45 Class ASB | Series 2018-C45 Class ASB | Series 2018-C45 Class ASB | Series 2018-C45 Class ASB |
| 06/15/2051 | &nbsp;&nbsp; 4.147% | 120264 | &nbsp;&nbsp; 120298 |
| Total Commercial Mortgage-Backed Securities - Non-Agency <br>(Cost $3,320,410) | Total Commercial Mortgage-Backed Securities - Non-Agency <br>(Cost $3,320,410) | Total Commercial Mortgage-Backed Securities - Non-Agency <br>(Cost $3,320,410) | &nbsp;&nbsp; **3348617** |
| **Corporate Bonds & Notes 24.0%** | **Corporate Bonds & Notes 24.0%** | **Corporate Bonds & Notes 24.0%** | **Corporate Bonds & Notes 24.0%** |
| **Aerospace & Defense 1.0%** | **Aerospace & Defense 1.0%** | **Aerospace & Defense 1.0%** | **Aerospace & Defense 1.0%** |
| BAE Systems PLC<sup>(a)</sup>  | BAE Systems PLC<sup>(a)</sup>  | BAE Systems PLC<sup>(a)</sup>  | BAE Systems PLC<sup>(a)</sup>  |
| 03/26/2027 | &nbsp;&nbsp; 5.000% | 250000 | &nbsp;&nbsp; 253023 |
| Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) |
| 02/01/2027 | &nbsp;&nbsp; 2.700% | 240000 | &nbsp;&nbsp; 236524 |
| L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. |
| 12/15/2026 | &nbsp;&nbsp; 3.850% | 225000 | &nbsp;&nbsp; 224804 |
| Raytheon Technologies Corp. | Raytheon Technologies Corp. | Raytheon Technologies Corp. | Raytheon Technologies Corp. |
| 03/15/2027 | &nbsp;&nbsp; 3.500% | 240000 | &nbsp;&nbsp; 238799 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **953150** |
| **Automotive 0.3%** | **Automotive 0.3%** | **Automotive 0.3%** | **Automotive 0.3%** |
| Toyota Motor Credit Corp.<sup>(c)</sup>  | Toyota Motor Credit Corp.<sup>(c)</sup>  | Toyota Motor Credit Corp.<sup>(c)</sup>  | Toyota Motor Credit Corp.<sup>(c)</sup>  |
| SOFR + 0.710% <br>05/14/2027<br>| &nbsp;&nbsp; 4.420% | 235000 | &nbsp;&nbsp; 236020 |
| **Banking 6.9%** | **Banking 6.9%** | **Banking 6.9%** | **Banking 6.9%** |
| Bank of America Corp.<sup>(c)</sup>  | Bank of America Corp.<sup>(c)</sup>  | Bank of America Corp.<sup>(c)</sup>  | Bank of America Corp.<sup>(c)</sup>  |
| SOFR + 1.350% <br>09/15/2027<br>| &nbsp;&nbsp; 5.060% | 500000 | &nbsp;&nbsp; 502830 |
| Bank of Montreal<sup>(d)</sup>  | Bank of Montreal<sup>(d)</sup>  | Bank of Montreal<sup>(d)</sup>  | Bank of Montreal<sup>(d)</sup>  |
| 09/10/2027 | &nbsp;&nbsp; 4.567% | 225000 | &nbsp;&nbsp; 225817 |
| Bank of New York Mellon Corp. (The)<sup>(c)</sup>  | Bank of New York Mellon Corp. (The)<sup>(c)</sup>  | Bank of New York Mellon Corp. (The)<sup>(c)</sup>  | Bank of New York Mellon Corp. (The)<sup>(c)</sup>  |
| SOFR + 0.680% <br>06/09/2028<br>| &nbsp;&nbsp; 4.390% | 240000 | &nbsp;&nbsp; 240318 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Commodity Strategy Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Bank of Nova Scotia (The)<sup>(c)</sup>  | Bank of Nova Scotia (The)<sup>(c)</sup>  | Bank of Nova Scotia (The)<sup>(c)</sup>  | Bank of Nova Scotia (The)<sup>(c)</sup>  |
| SOFR + 0.760% <br>09/15/2028<br>| &nbsp;&nbsp; 4.470% | 240000 | &nbsp;&nbsp; 240063 |
| Canadian Imperial Bank of Commerce<sup>(d)</sup>  | Canadian Imperial Bank of Commerce<sup>(d)</sup>  | Canadian Imperial Bank of Commerce<sup>(d)</sup>  | Canadian Imperial Bank of Commerce<sup>(d)</sup>  |
| 09/08/2028 | &nbsp;&nbsp; 4.243% | 240000 | &nbsp;&nbsp; 240920 |
| Citigroup, Inc.<sup>(d)</sup>  | Citigroup, Inc.<sup>(d)</sup>  | Citigroup, Inc.<sup>(d)</sup>  | Citigroup, Inc.<sup>(d)</sup>  |
| 06/09/2027 | &nbsp;&nbsp; 1.462% | 450000 | &nbsp;&nbsp; 444714 |
| Cooperatieve Rabobank UA<sup>(c)</sup>  | Cooperatieve Rabobank UA<sup>(c)</sup>  | Cooperatieve Rabobank UA<sup>(c)</sup>  | Cooperatieve Rabobank UA<sup>(c)</sup>  |
| SOFR + 0.620% <br>08/28/2026<br>| &nbsp;&nbsp; 4.330% | 285000 | &nbsp;&nbsp; 285605 |
| Goldman Sachs Group, Inc. (The)<sup>(d)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(d)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(d)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(d)</sup>  |
| 04/23/2028 | &nbsp;&nbsp; 4.937% | 425000 | &nbsp;&nbsp; 429847 |
| HSBC Holdings PLC<sup>(d)</sup>  | HSBC Holdings PLC<sup>(d)</sup>  | HSBC Holdings PLC<sup>(d)</sup>  | HSBC Holdings PLC<sup>(d)</sup>  |
| 03/13/2028 | &nbsp;&nbsp; 4.041% | 310000 | &nbsp;&nbsp; 309586 |
| JPMorgan Chase & Co.<sup>(d)</sup>  | JPMorgan Chase & Co.<sup>(d)</sup>  | JPMorgan Chase & Co.<sup>(d)</sup>  | JPMorgan Chase & Co.<sup>(d)</sup>  |
| 04/22/2028 | &nbsp;&nbsp; 5.571% | 475000 | &nbsp;&nbsp; 484477 |
| Morgan Stanley<sup>(d)</sup>  | Morgan Stanley<sup>(d)</sup>  | Morgan Stanley<sup>(d)</sup>  | Morgan Stanley<sup>(d)</sup>  |
| 07/20/2027 | &nbsp;&nbsp; 1.512% | 475000 | &nbsp;&nbsp; 468345 |
| PNC Financial Services Group, Inc. (The)<sup>(d)</sup>  | PNC Financial Services Group, Inc. (The)<sup>(d)</sup>  | PNC Financial Services Group, Inc. (The)<sup>(d)</sup>  | PNC Financial Services Group, Inc. (The)<sup>(d)</sup>  |
| 07/23/2027 | &nbsp;&nbsp; 5.102% | 250000 | &nbsp;&nbsp; 251387 |
| Royal Bank of Canada<sup>(c)</sup>  | Royal Bank of Canada<sup>(c)</sup>  | Royal Bank of Canada<sup>(c)</sup>  | Royal Bank of Canada<sup>(c)</sup>  |
| SOFR + 0.790% <br>07/23/2027<br>| &nbsp;&nbsp; 4.500% | 235000 | &nbsp;&nbsp; 235507 |
| Skandinaviska Enskilda Banken AB<sup>(a)</sup>  | Skandinaviska Enskilda Banken AB<sup>(a)</sup>  | Skandinaviska Enskilda Banken AB<sup>(a)</sup>  | Skandinaviska Enskilda Banken AB<sup>(a)</sup>  |
| 03/05/2027 | &nbsp;&nbsp; 5.125% | 200000 | &nbsp;&nbsp; 203030 |
| State Street Corp.<sup>(d)</sup>  | State Street Corp.<sup>(d)</sup>  | State Street Corp.<sup>(d)</sup>  | State Street Corp.<sup>(d)</sup>  |
| 04/24/2028 | &nbsp;&nbsp; 4.543% | 235000 | &nbsp;&nbsp; 236952 |
| Toronto-Dominion Bank (The)<sup>(c)</sup>  | Toronto-Dominion Bank (The)<sup>(c)</sup>  | Toronto-Dominion Bank (The)<sup>(c)</sup>  | Toronto-Dominion Bank (The)<sup>(c)</sup>  |
| SOFR + 0.620% <br>12/17/2026<br>| &nbsp;&nbsp; 4.330% | 200000 | &nbsp;&nbsp; 200624 |
| Truist Financial Corp.<sup>(d)</sup>  | Truist Financial Corp.<sup>(d)</sup>  | Truist Financial Corp.<sup>(d)</sup>  | Truist Financial Corp.<sup>(d)</sup>  |
| 03/02/2027 | &nbsp;&nbsp; 1.267% | 240000 | &nbsp;&nbsp; 238795 |
| UBS Group AG<sup>(a),(d)</sup>  | UBS Group AG<sup>(a),(d)</sup>  | UBS Group AG<sup>(a),(d)</sup>  | UBS Group AG<sup>(a),(d)</sup>  |
| 01/30/2027 | &nbsp;&nbsp; 1.364% | 275000 | &nbsp;&nbsp; 274364 |
| US Bank NA<sup>(c)</sup>  | US Bank NA<sup>(c)</sup>  | US Bank NA<sup>(c)</sup>  | US Bank NA<sup>(c)</sup>  |
| SOFR + 0.910% <br>05/15/2028<br>| &nbsp;&nbsp; 4.620% | 250000 | &nbsp;&nbsp; 250894 |
| Wells Fargo & Co.<sup>(d)</sup>  | Wells Fargo & Co.<sup>(d)</sup>  | Wells Fargo & Co.<sup>(d)</sup>  | Wells Fargo & Co.<sup>(d)</sup>  |
| 01/24/2028 | &nbsp;&nbsp; 4.900% | 425000 | &nbsp;&nbsp; 428674 |
| Westpac Banking Corp.<sup>(c)</sup>  | Westpac Banking Corp.<sup>(c)</sup>  | Westpac Banking Corp.<sup>(c)</sup>  | Westpac Banking Corp.<sup>(c)</sup>  |
| SOFR + 0.460% <br>10/20/2026<br>| &nbsp;&nbsp; 4.170% | 225000 | &nbsp;&nbsp; 225362 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **6418111** |
| **Cable and Satellite 0.5%** | **Cable and Satellite 0.5%** | **Cable and Satellite 0.5%** | **Cable and Satellite 0.5%** |
| Charter Communications Operating LLC/Capital | Charter Communications Operating LLC/Capital | Charter Communications Operating LLC/Capital | Charter Communications Operating LLC/Capital |
| 03/15/2028 | &nbsp;&nbsp; 4.200% | 250000 | &nbsp;&nbsp; 248738 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. |
| 01/15/2027 | &nbsp;&nbsp; 2.350% | 240000 | &nbsp;&nbsp; 236419 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **485157** |
| **Chemicals 0.3%** | **Chemicals 0.3%** | **Chemicals 0.3%** | **Chemicals 0.3%** |
| LYB International Finance II BV | LYB International Finance II BV | LYB International Finance II BV | LYB International Finance II BV |
| 03/02/2027 | &nbsp;&nbsp; 3.500% | 240000 | &nbsp;&nbsp; 238827 |
| **Construction Machinery 0.5%** | **Construction Machinery 0.5%** | **Construction Machinery 0.5%** | **Construction Machinery 0.5%** |
| Caterpillar Financial Services Corp.<sup>(c)</sup>  | Caterpillar Financial Services Corp.<sup>(c)</sup>  | Caterpillar Financial Services Corp.<sup>(c)</sup>  | Caterpillar Financial Services Corp.<sup>(c)</sup>  |
| SOFR + 0.380% <br>01/07/2027<br>| &nbsp;&nbsp; 4.090% | 225000 | &nbsp;&nbsp; 225297 |
| John Deere Capital Corp. | John Deere Capital Corp. | John Deere Capital Corp. | John Deere Capital Corp. |
| 03/06/2026 | &nbsp;&nbsp; 4.950% | 225000 | &nbsp;&nbsp; 225318 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **450615** |
| **Diversified Manufacturing 0.5%** | **Diversified Manufacturing 0.5%** | **Diversified Manufacturing 0.5%** | **Diversified Manufacturing 0.5%** |
| Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. |
| 02/15/2027 | &nbsp;&nbsp; 2.493% | 246000 | &nbsp;&nbsp; 241986 |
| Siemens Financieringsmaatschappij NV<sup>(a)</sup>  | Siemens Financieringsmaatschappij NV<sup>(a)</sup>  | Siemens Financieringsmaatschappij NV<sup>(a)</sup>  | Siemens Financieringsmaatschappij NV<sup>(a)</sup>  |
| 03/16/2027 | &nbsp;&nbsp; 3.400% | 250000 | &nbsp;&nbsp; 249029 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **491015** |
| **Electric 2.2%** | **Electric 2.2%** | **Electric 2.2%** | **Electric 2.2%** |
| Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
| 05/15/2028 | &nbsp;&nbsp; 4.600% | 235000 | &nbsp;&nbsp; 237822 |
| DTE Energy Co. | DTE Energy Co. | DTE Energy Co. | DTE Energy Co. |
| 06/01/2028 | &nbsp;&nbsp; 4.875% | 235000 | &nbsp;&nbsp; 239043 |
| Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
| 08/15/2027 | &nbsp;&nbsp; 3.150% | 225000 | &nbsp;&nbsp; 222412 |
| Eversource Energy | Eversource Energy | Eversource Energy | Eversource Energy |
| 03/01/2027 | &nbsp;&nbsp; 2.900% | 240000 | &nbsp;&nbsp; 236726 |
| Georgia Power Co.<sup>(c)</sup>  | Georgia Power Co.<sup>(c)</sup>  | Georgia Power Co.<sup>(c)</sup>  | Georgia Power Co.<sup>(c)</sup>  |
| SOFR + 0.280% <br>09/15/2026<br>| &nbsp;&nbsp; 3.990% | 225000 | &nbsp;&nbsp; 224739 |
| NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
| 09/01/2027 | &nbsp;&nbsp; 4.685% | 225000 | &nbsp;&nbsp; 227652 |
| Public Service Enterprise Group, Inc. | Public Service Enterprise Group, Inc. | Public Service Enterprise Group, Inc. | Public Service Enterprise Group, Inc. |
| 11/15/2027 | &nbsp;&nbsp; 5.850% | 175000 | &nbsp;&nbsp; 180444 |
| WEC Energy Group, Inc. | WEC Energy Group, Inc. | WEC Energy Group, Inc. | WEC Energy Group, Inc. |
| 01/15/2028 | &nbsp;&nbsp; 4.750% | 225000 | &nbsp;&nbsp; 228367 |
| Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. |
| 03/21/2028 | &nbsp;&nbsp; 4.750% | 225000 | &nbsp;&nbsp; 227859 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2025064** |
| **Food and Beverage 1.2%** | **Food and Beverage 1.2%** | **Food and Beverage 1.2%** | **Food and Beverage 1.2%** |
| Bacardi Ltd.<sup>(a)</sup>  | Bacardi Ltd.<sup>(a)</sup>  | Bacardi Ltd.<sup>(a)</sup>  | Bacardi Ltd.<sup>(a)</sup>  |
| 05/15/2028 | &nbsp;&nbsp; 4.700% | 230000 | &nbsp;&nbsp; 231615 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Commodity Strategy Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Diageo Capital PLC | Diageo Capital PLC | Diageo Capital PLC | Diageo Capital PLC |
| 10/05/2026 | &nbsp;&nbsp; 5.375% | 200000 | &nbsp;&nbsp; 201936 |
| Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
| 05/15/2027 | &nbsp;&nbsp; 3.875% | 240000 | &nbsp;&nbsp; 239360 |
| Mars, Inc.<sup>(a)</sup>  | Mars, Inc.<sup>(a)</sup>  | Mars, Inc.<sup>(a)</sup>  | Mars, Inc.<sup>(a)</sup>  |
| 03/01/2027 | &nbsp;&nbsp; 4.450% | 225000 | &nbsp;&nbsp; 226664 |
| Mondelez International, Inc. | Mondelez International, Inc. | Mondelez International, Inc. | Mondelez International, Inc. |
| 03/17/2027 | &nbsp;&nbsp; 2.625% | 250000 | &nbsp;&nbsp; 246126 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1145701** |
| **Health Care 1.3%** | **Health Care 1.3%** | **Health Care 1.3%** | **Health Care 1.3%** |
| Becton Dickinson and Co. | Becton Dickinson and Co. | Becton Dickinson and Co. | Becton Dickinson and Co. |
| 06/06/2027 | &nbsp;&nbsp; 3.700% | 240000 | &nbsp;&nbsp; 239093 |
| Cigna Corp. | Cigna Corp. | Cigna Corp. | Cigna Corp. |
| 03/01/2027 | &nbsp;&nbsp; 3.400% | 240000 | &nbsp;&nbsp; 238484 |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| 03/25/2028 | &nbsp;&nbsp; 4.300% | 240000 | &nbsp;&nbsp; 240888 |
| GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. |
| 11/15/2027 | &nbsp;&nbsp; 5.650% | 240000 | &nbsp;&nbsp; 247006 |
| HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
| 03/15/2027 | &nbsp;&nbsp; 3.125% | 235000 | &nbsp;&nbsp; 232568 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1198039** |
| **Healthcare Insurance 0.5%** | **Healthcare Insurance 0.5%** | **Healthcare Insurance 0.5%** | **Healthcare Insurance 0.5%** |
| Anthem, Inc. | Anthem, Inc. | Anthem, Inc. | Anthem, Inc. |
| 03/01/2028 | &nbsp;&nbsp; 4.101% | 235000 | &nbsp;&nbsp; 235314 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| 06/15/2028 | &nbsp;&nbsp; 4.400% | 240000 | &nbsp;&nbsp; 242683 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **477997** |
| **Independent Energy 0.5%** | **Independent Energy 0.5%** | **Independent Energy 0.5%** | **Independent Energy 0.5%** |
| Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
| 08/01/2027 | &nbsp;&nbsp; 5.000% | 235000 | &nbsp;&nbsp; 239363 |
| Woodside Finance Ltd.<sup>(a)</sup>  | Woodside Finance Ltd.<sup>(a)</sup>  | Woodside Finance Ltd.<sup>(a)</sup>  | Woodside Finance Ltd.<sup>(a)</sup>  |
| 03/15/2028 | &nbsp;&nbsp; 3.700% | 240000 | &nbsp;&nbsp; 237183 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **476546** |
| **Integrated Energy 0.2%** | **Integrated Energy 0.2%** | **Integrated Energy 0.2%** | **Integrated Energy 0.2%** |
| BP Capital Markets PLC | BP Capital Markets PLC | BP Capital Markets PLC | BP Capital Markets PLC |
| 09/19/2027 | &nbsp;&nbsp; 3.279% | 235000 | &nbsp;&nbsp; 233146 |
| **Life Insurance 1.1%** | **Life Insurance 1.1%** | **Life Insurance 1.1%** | **Life Insurance 1.1%** |
| Corebridge Global Funding<sup>(a)</sup>  | Corebridge Global Funding<sup>(a)</sup>  | Corebridge Global Funding<sup>(a)</sup>  | Corebridge Global Funding<sup>(a)</sup>  |
| 08/20/2027 | &nbsp;&nbsp; 4.650% | 235000 | &nbsp;&nbsp; 237393 |
| Met Tower Global Funding<sup>(a)</sup>  | Met Tower Global Funding<sup>(a)</sup>  | Met Tower Global Funding<sup>(a)</sup>  | Met Tower Global Funding<sup>(a)</sup>  |
| 01/14/2028 | &nbsp;&nbsp; 4.800% | 235000 | &nbsp;&nbsp; 238759 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Pricoa Global Funding I<sup>(a)</sup>  | Pricoa Global Funding I<sup>(a)</sup>  | Pricoa Global Funding I<sup>(a)</sup>  | Pricoa Global Funding I<sup>(a)</sup>  |
| 08/27/2027 | &nbsp;&nbsp; 4.400% | 300000 | &nbsp;&nbsp; 302748 |
| Principal Life Global Funding II<sup>(a)</sup>  | Principal Life Global Funding II<sup>(a)</sup>  | Principal Life Global Funding II<sup>(a)</sup>  | Principal Life Global Funding II<sup>(a)</sup>  |
| 11/17/2026 | &nbsp;&nbsp; 1.500% | 250000 | &nbsp;&nbsp; 244879 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1023779** |
| **Midstream 1.9%** | **Midstream 1.9%** | **Midstream 1.9%** | **Midstream 1.9%** |
| Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
| 11/15/2026 | &nbsp;&nbsp; 5.900% | 225000 | &nbsp;&nbsp; 228299 |
| Energy Transfer Operating LP | Energy Transfer Operating LP | Energy Transfer Operating LP | Energy Transfer Operating LP |
| 06/15/2028 | &nbsp;&nbsp; 4.950% | 230000 | &nbsp;&nbsp; 233823 |
| Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC |
| 06/20/2028 | &nbsp;&nbsp; 4.300% | 171000 | &nbsp;&nbsp; 172483 |
| Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |
| 11/15/2026 | &nbsp;&nbsp; 1.750% | 225000 | &nbsp;&nbsp; 220917 |
| MPLX LP | MPLX LP | MPLX LP | MPLX LP |
| 03/15/2028 | &nbsp;&nbsp; 4.000% | 240000 | &nbsp;&nbsp; 239568 |
| Plains All American Pipeline LP/Finance Corp. | Plains All American Pipeline LP/Finance Corp. | Plains All American Pipeline LP/Finance Corp. | Plains All American Pipeline LP/Finance Corp. |
| 12/15/2026 | &nbsp;&nbsp; 4.500% | 225000 | &nbsp;&nbsp; 225661 |
| Western Gas Partners LP | Western Gas Partners LP | Western Gas Partners LP | Western Gas Partners LP |
| 07/01/2026 | &nbsp;&nbsp; 4.650% | 225000 | &nbsp;&nbsp; 225136 |
| Williams Companies, Inc. (The) | Williams Companies, Inc. (The) | Williams Companies, Inc. (The) | Williams Companies, Inc. (The) |
| 06/15/2027 | &nbsp;&nbsp; 3.750% | 235000 | &nbsp;&nbsp; 234050 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1779937** |
| **Natural Gas 0.5%** | **Natural Gas 0.5%** | **Natural Gas 0.5%** | **Natural Gas 0.5%** |
| CenterPoint Energy Resources Corp. | CenterPoint Energy Resources Corp. | CenterPoint Energy Resources Corp. | CenterPoint Energy Resources Corp. |
| 03/01/2028 | &nbsp;&nbsp; 5.250% | 235000 | &nbsp;&nbsp; 240816 |
| NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
| 03/30/2028 | &nbsp;&nbsp; 5.250% | 230000 | &nbsp;&nbsp; 235879 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **476695** |
| **Pharmaceuticals 1.3%** | **Pharmaceuticals 1.3%** | **Pharmaceuticals 1.3%** | **Pharmaceuticals 1.3%** |
| AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
| 03/15/2027 | &nbsp;&nbsp; 4.800% | 225000 | &nbsp;&nbsp; 227394 |
| Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
| 02/21/2027 | &nbsp;&nbsp; 2.200% | 225000 | &nbsp;&nbsp; 220727 |
| AstraZeneca Finance LLC | AstraZeneca Finance LLC | AstraZeneca Finance LLC | AstraZeneca Finance LLC |
| 05/28/2028 | &nbsp;&nbsp; 1.750% | 200000 | &nbsp;&nbsp; 190981 |
| Bristol Myers Squibb Co. | Bristol Myers Squibb Co. | Bristol Myers Squibb Co. | Bristol Myers Squibb Co. |
| 02/20/2028 | &nbsp;&nbsp; 3.900% | 125000 | &nbsp;&nbsp; 125243 |
| Gilead Sciences, Inc. | Gilead Sciences, Inc. | Gilead Sciences, Inc. | Gilead Sciences, Inc. |
| 03/01/2026 | &nbsp;&nbsp; 3.650% | 200000 | &nbsp;&nbsp; 199829 |
| Pfizer, Inc. | Pfizer, Inc. | Pfizer, Inc. | Pfizer, Inc. |
| 11/15/2027 | &nbsp;&nbsp; 3.875% | 250000 | &nbsp;&nbsp; 250846 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1215020** |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Commodity Strategy Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Property & Casualty 0.5%** | **Property & Casualty 0.5%** | **Property & Casualty 0.5%** | **Property & Casualty 0.5%** |
| Chubb INA Holdings, Inc. | Chubb INA Holdings, Inc. | Chubb INA Holdings, Inc. | Chubb INA Holdings, Inc. |
| 05/03/2026 | &nbsp;&nbsp; 3.350% | 225000 | &nbsp;&nbsp; 224492 |
| Loews Corp. | Loews Corp. | Loews Corp. | Loews Corp. |
| 04/01/2026 | &nbsp;&nbsp; 3.750% | 225000 | &nbsp;&nbsp; 224853 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **449345** |
| **Railroads 0.3%** | **Railroads 0.3%** | **Railroads 0.3%** | **Railroads 0.3%** |
| Norfolk Southern Corp. | Norfolk Southern Corp. | Norfolk Southern Corp. | Norfolk Southern Corp. |
| 06/15/2026 | &nbsp;&nbsp; 2.900% | 150000 | &nbsp;&nbsp; 149320 |
| Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. |
| 02/05/2027 | &nbsp;&nbsp; 2.150% | 175000 | &nbsp;&nbsp; 171874 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **321194** |
| **Retailers 0.2%** | **Retailers 0.2%** | **Retailers 0.2%** | **Retailers 0.2%** |
| Home Depot, Inc. (The) | Home Depot, Inc. (The) | Home Depot, Inc. (The) | Home Depot, Inc. (The) |
| 06/25/2026 | &nbsp;&nbsp; 5.150% | 225000 | &nbsp;&nbsp; 226366 |
| **Technology 1.0%** | **Technology 1.0%** | **Technology 1.0%** | **Technology 1.0%** |
| Broadcom Corp./Cayman Finance Ltd. | Broadcom Corp./Cayman Finance Ltd. | Broadcom Corp./Cayman Finance Ltd. | Broadcom Corp./Cayman Finance Ltd. |
| 01/15/2028 | &nbsp;&nbsp; 3.500% | 240000 | &nbsp;&nbsp; 237964 |
| NXP BV/Funding LLC/USA, Inc. | NXP BV/Funding LLC/USA, Inc. | NXP BV/Funding LLC/USA, Inc. | NXP BV/Funding LLC/USA, Inc. |
| 06/01/2027 | &nbsp;&nbsp; 4.400% | 240000 | &nbsp;&nbsp; 241015 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 11/15/2027 | &nbsp;&nbsp; 3.250% | 225000 | &nbsp;&nbsp; 220354 |
| Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
| 04/01/2027 | &nbsp;&nbsp; 4.550% | 235000 | &nbsp;&nbsp; 236664 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **935997** |
| **Transportation Services 0.3%** | **Transportation Services 0.3%** | **Transportation Services 0.3%** | **Transportation Services 0.3%** |
| ERAC USA Finance LLC<sup>(a)</sup>  | ERAC USA Finance LLC<sup>(a)</sup>  | ERAC USA Finance LLC<sup>(a)</sup>  | ERAC USA Finance LLC<sup>(a)</sup>  |
| 05/01/2028 | &nbsp;&nbsp; 4.600% | 285000 | &nbsp;&nbsp; 288698 |
| **Wireless 0.5%** | **Wireless 0.5%** | **Wireless 0.5%** | **Wireless 0.5%** |
| American Tower Corp. | American Tower Corp. | American Tower Corp. | American Tower Corp. |
| 07/15/2027 | &nbsp;&nbsp; 3.550% | 235000 | &nbsp;&nbsp; 233308 |
| T-Mobile US, Inc. | T-Mobile US, Inc. | T-Mobile US, Inc. | T-Mobile US, Inc. |
| 04/15/2027 | &nbsp;&nbsp; 3.750% | 235000 | &nbsp;&nbsp; 234246 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **467554** |
| **Wirelines 0.5%** | **Wirelines 0.5%** | **Wirelines 0.5%** | **Wirelines 0.5%** |
| AT&T, Inc. | AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
| 03/25/2026 | &nbsp;&nbsp; 1.700% | 240000 | &nbsp;&nbsp; 238759 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
| 03/16/2027 | &nbsp;&nbsp; 4.125% | 235000 | &nbsp;&nbsp; 235602 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **474361** |
| Total Corporate Bonds & Notes <br>(Cost $22,353,412) | Total Corporate Bonds & Notes <br>(Cost $22,353,412) | Total Corporate Bonds & Notes <br>(Cost $22,353,412) | &nbsp;&nbsp; **22488334** |
| **Foreign Government Obligations**<sup>(e)</sup> **0.5%** | **Foreign Government Obligations**<sup>(e)</sup> **0.5%** | **Foreign Government Obligations**<sup>(e)</sup> **0.5%** | **Foreign Government Obligations**<sup>(e)</sup> **0.5%** |
| **Canada 0.5%** | **Canada 0.5%** | **Canada 0.5%** | **Canada 0.5%** |
| Province of Ontario Canada | Province of Ontario Canada | Province of Ontario Canada | Province of Ontario Canada |
| 05/21/2027 | &nbsp;&nbsp; 1.050% | 250000 | &nbsp;&nbsp; 241180 |
| Province of Quebec | Province of Quebec | Province of Quebec | Province of Quebec |
| 04/20/2026 | &nbsp;&nbsp; 2.500% | 240000 | &nbsp;&nbsp; 239020 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **480200** |
| Total Foreign Government Obligations <br>(Cost $479,873) | Total Foreign Government Obligations <br>(Cost $479,873) | Total Foreign Government Obligations <br>(Cost $479,873) | &nbsp;&nbsp; **480200** |
| **Residential Mortgage-Backed Securities - Non-Agency 5.1%** | **Residential Mortgage-Backed Securities - Non-Agency 5.1%** | **Residential Mortgage-Backed Securities - Non-Agency 5.1%** | **Residential Mortgage-Backed Securities - Non-Agency 5.1%** |
| A&D Mortgage Trust<sup>(a),(d)</sup>  | A&D Mortgage Trust<sup>(a),(d)</sup>  | A&D Mortgage Trust<sup>(a),(d)</sup>  | A&D Mortgage Trust<sup>(a),(d)</sup>  |
| CMO Series 2023-NQM2 Class A1 | CMO Series 2023-NQM2 Class A1 | CMO Series 2023-NQM2 Class A1 | CMO Series 2023-NQM2 Class A1 |
| 05/25/2068 | &nbsp;&nbsp; 6.132% | 360743 | &nbsp;&nbsp; 361067 |
| Connecticut Avenue Securities Trust<sup>(a),(c)</sup>  | Connecticut Avenue Securities Trust<sup>(a),(c)</sup>  | Connecticut Avenue Securities Trust<sup>(a),(c)</sup>  | Connecticut Avenue Securities Trust<sup>(a),(c)</sup>  |
| CMO Series 2022-R05 Class 2M1 | CMO Series 2022-R05 Class 2M1 | CMO Series 2022-R05 Class 2M1 | CMO Series 2022-R05 Class 2M1 |
| 30-day Average SOFR + 1.900% <br>04/25/2042<br>| &nbsp;&nbsp; 5.774% | 30715 | &nbsp;&nbsp; 30791 |
| Homeward Opportunities Fund Trust<sup>(a),(d)</sup>  | Homeward Opportunities Fund Trust<sup>(a),(d)</sup>  | Homeward Opportunities Fund Trust<sup>(a),(d)</sup>  | Homeward Opportunities Fund Trust<sup>(a),(d)</sup>  |
| CMO Series 2025-RRTL2 Class A1 | CMO Series 2025-RRTL2 Class A1 | CMO Series 2025-RRTL2 Class A1 | CMO Series 2025-RRTL2 Class A1 |
| 09/25/2040 | &nbsp;&nbsp; 5.237% | 350000 | &nbsp;&nbsp; 351514 |
| JP Morgan Mortgage Trust<sup>(a),(c)</sup>  | JP Morgan Mortgage Trust<sup>(a),(c)</sup>  | JP Morgan Mortgage Trust<sup>(a),(c)</sup>  | JP Morgan Mortgage Trust<sup>(a),(c)</sup>  |
| CMO Series 2024-HE3 Class A1 | CMO Series 2024-HE3 Class A1 | CMO Series 2024-HE3 Class A1 | CMO Series 2024-HE3 Class A1 |
| 30-day Average SOFR + 1.200% <br>02/25/2055<br>| &nbsp;&nbsp; 5.299% | 228820 | &nbsp;&nbsp; 228819 |
| OBX Trust<sup>(a),(b)</sup>  | OBX Trust<sup>(a),(b)</sup>  | OBX Trust<sup>(a),(b)</sup>  | OBX Trust<sup>(a),(b)</sup>  |
| CMO Series 2024-NQ17 Class A1 | CMO Series 2024-NQ17 Class A1 | CMO Series 2024-NQ17 Class A1 | CMO Series 2024-NQ17 Class A1 |
| 11/25/2064 | &nbsp;&nbsp; 5.610% | 225608 | &nbsp;&nbsp; 227874 |
| PRET LLC<sup>(a),(d)</sup>  | PRET LLC<sup>(a),(d)</sup>  | PRET LLC<sup>(a),(d)</sup>  | PRET LLC<sup>(a),(d)</sup>  |
| CMO Series 2024-NPL6 Class A1 | CMO Series 2024-NPL6 Class A1 | CMO Series 2024-NPL6 Class A1 | CMO Series 2024-NPL6 Class A1 |
| 10/25/2054 | &nbsp;&nbsp; 5.926% | 204413 | &nbsp;&nbsp; 204525 |
| CMO Series 2024-NPL7 Class A1 | CMO Series 2024-NPL7 Class A1 | CMO Series 2024-NPL7 Class A1 | CMO Series 2024-NPL7 Class A1 |
| 10/25/2054 | &nbsp;&nbsp; 5.925% | 200358 | &nbsp;&nbsp; 200468 |
| CMO Series 2024-NPL9 Class A1 | CMO Series 2024-NPL9 Class A1 | CMO Series 2024-NPL9 Class A1 | CMO Series 2024-NPL9 Class A1 |
| 12/25/2054 | &nbsp;&nbsp; 5.851% | 268308 | &nbsp;&nbsp; 268443 |
| CMO Series 2025-NPL4 Class A1 | CMO Series 2025-NPL4 Class A1 | CMO Series 2025-NPL4 Class A1 | CMO Series 2025-NPL4 Class A1 |
| 04/25/2055 | &nbsp;&nbsp; 6.368% | 86941 | &nbsp;&nbsp; 87254 |
| CMO Series 2025-NPL7 Class A1 | CMO Series 2025-NPL7 Class A1 | CMO Series 2025-NPL7 Class A1 | CMO Series 2025-NPL7 Class A1 |
| 07/25/2055 | &nbsp;&nbsp; 5.657% | 143677 | &nbsp;&nbsp; 144002 |
| CMO Series 2025-NPL8 Class A1 | CMO Series 2025-NPL8 Class A1 | CMO Series 2025-NPL8 Class A1 | CMO Series 2025-NPL8 Class A1 |
| 08/25/2055 | &nbsp;&nbsp; 5.732% | 288598 | &nbsp;&nbsp; 289365 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Commodity Strategy Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Pretium Mortgage Credit Partners<sup>(a),(d)</sup>  | Pretium Mortgage Credit Partners<sup>(a),(d)</sup>  | Pretium Mortgage Credit Partners<sup>(a),(d)</sup>  | Pretium Mortgage Credit Partners<sup>(a),(d)</sup>  |
| Series 2025-NPL2 Class A1 | Series 2025-NPL2 Class A1 | Series 2025-NPL2 Class A1 | Series 2025-NPL2 Class A1 |
| 03/25/2055 | &nbsp;&nbsp; 5.835% | 592438 | &nbsp;&nbsp; 592705 |
| PRPM LLC<sup>(a),(d)</sup>  | PRPM LLC<sup>(a),(d)</sup>  | PRPM LLC<sup>(a),(d)</sup>  | PRPM LLC<sup>(a),(d)</sup>  |
| CMO Series 2024-8 Class A1 | CMO Series 2024-8 Class A1 | CMO Series 2024-8 Class A1 | CMO Series 2024-8 Class A1 |
| 12/25/2029 | &nbsp;&nbsp; 5.897% | 273573 | &nbsp;&nbsp; 273727 |
| RCO VIII Mortgage LLC<sup>(a),(d)</sup>  | RCO VIII Mortgage LLC<sup>(a),(d)</sup>  | RCO VIII Mortgage LLC<sup>(a),(d)</sup>  | RCO VIII Mortgage LLC<sup>(a),(d)</sup>  |
| CMO Series 2025-3 Class A1 | CMO Series 2025-3 Class A1 | CMO Series 2025-3 Class A1 | CMO Series 2025-3 Class A1 |
| 05/25/2030 | &nbsp;&nbsp; 6.435% | 97440 | &nbsp;&nbsp; 97654 |
| RCO X Mortgage LLC<sup>(a),(d)</sup>  | RCO X Mortgage LLC<sup>(a),(d)</sup>  | RCO X Mortgage LLC<sup>(a),(d)</sup>  | RCO X Mortgage LLC<sup>(a),(d)</sup>  |
| CMO Series 2025-1 Class A1 | CMO Series 2025-1 Class A1 | CMO Series 2025-1 Class A1 | CMO Series 2025-1 Class A1 |
| 01/25/2030 | &nbsp;&nbsp; 5.875% | 231749 | &nbsp;&nbsp; 231831 |
| Towd Point Mortgage Trust<sup>(a),(b)</sup>  | Towd Point Mortgage Trust<sup>(a),(b)</sup>  | Towd Point Mortgage Trust<sup>(a),(b)</sup>  | Towd Point Mortgage Trust<sup>(a),(b)</sup>  |
| CMO Series 2021-SJ1 Class A1 | CMO Series 2021-SJ1 Class A1 | CMO Series 2021-SJ1 Class A1 | CMO Series 2021-SJ1 Class A1 |
| 07/25/2068 | &nbsp;&nbsp; 2.250% | 208202 | &nbsp;&nbsp; 203595 |
| VCAT LLC<sup>(a),(d)</sup>  | VCAT LLC<sup>(a),(d)</sup>  | VCAT LLC<sup>(a),(d)</sup>  | VCAT LLC<sup>(a),(d)</sup>  |
| CMO Series 2025-NPL1 Class A1 | CMO Series 2025-NPL1 Class A1 | CMO Series 2025-NPL1 Class A1 | CMO Series 2025-NPL1 Class A1 |
| 01/25/2055 | &nbsp;&nbsp; 5.877% | 147620 | &nbsp;&nbsp; 149394 |
| CMO Series 2025-NPL2 Class A1 | CMO Series 2025-NPL2 Class A1 | CMO Series 2025-NPL2 Class A1 | CMO Series 2025-NPL2 Class A1 |
| 09/25/2054 | &nbsp;&nbsp; 5.977% | 597973 | &nbsp;&nbsp; 606160 |
| Verus Securitization Trust<sup>(a),(d)</sup>  | Verus Securitization Trust<sup>(a),(d)</sup>  | Verus Securitization Trust<sup>(a),(d)</sup>  | Verus Securitization Trust<sup>(a),(d)</sup>  |
| Series 2025-10 Class A1FC | Series 2025-10 Class A1FC | Series 2025-10 Class A1FC | Series 2025-10 Class A1FC |
| 06/25/2070 | &nbsp;&nbsp; 5.017% | 251951 | &nbsp;&nbsp; 252498 |
| Total Residential Mortgage-Backed Securities - Non-Agency <br>(Cost $4,791,292) | Total Residential Mortgage-Backed Securities - Non-Agency <br>(Cost $4,791,292) | Total Residential Mortgage-Backed Securities - Non-Agency <br>(Cost $4,791,292) | &nbsp;&nbsp; **4801686** |
| **Treasury Bills 0.5%** | **Treasury Bills 0.5%** | **Treasury Bills 0.5%** | **Treasury Bills 0.5%** |
| **Issuer** | **Yield** | **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **United States 0.5%** | **United States 0.5%** | **United States 0.5%** | **United States 0.5%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| 02/05/2026 | &nbsp;&nbsp; 3.610% | 485000 | &nbsp;&nbsp; 483278 |
| Total Treasury Bills <br>(Cost $483,326) | Total Treasury Bills <br>(Cost $483,326) | Total Treasury Bills <br>(Cost $483,326) | &nbsp;&nbsp; **483278** |

---

---

| | | | |
|:---|:---|:---|:---|
| **U.S. Government & Agency Obligations 0.5%** | **U.S. Government & Agency Obligations 0.5%** | **U.S. Government & Agency Obligations 0.5%** | **U.S. Government & Agency Obligations 0.5%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. |
| 08/27/2027 | &nbsp;&nbsp; 3.625% | 250000 | &nbsp;&nbsp; 250349 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 09/24/2026 | &nbsp;&nbsp; 1.875% | 225000 | &nbsp;&nbsp; 222249 |
| Total U.S. Government & Agency Obligations <br>(Cost $472,043) | Total U.S. Government & Agency Obligations <br>(Cost $472,043) | Total U.S. Government & Agency Obligations <br>(Cost $472,043) | &nbsp;&nbsp; **472598** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Money Market Funds 40.7%** | **Money Market Funds 40.7%** | **Money Market Funds 40.7%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 3.825%<sup>(f),(g)</sup> <br>| &nbsp;&nbsp; 38131195 | &nbsp;&nbsp; 38119755 |
| Total Money Market Funds <br>(Cost $38,116,548) | Total Money Market Funds <br>(Cost $38,116,548) | &nbsp;&nbsp; **38119755** |
| **Total Investments in Securities** <br>**(Cost: $85,226,431)** | **Total Investments in Securities** <br>**(Cost: $85,226,431)** | &nbsp;&nbsp; **85439751** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **8239277** |
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **93679028** |

---

At December 31, 2025, securities and/or cash totaling $6,516,906 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>|
| Brent Crude | 32 | 01/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1947200 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (31599)<br>|
| Brent Crude | 17 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1025440 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (66636)<br>|
| Brent Crude | 17 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1023740 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (51545)<br>|
| Brent Crude | 34 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2045780 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (70624)<br>|

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Commodity Strategy Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** |
| **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>|
| Cocoa | 5 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 303250 | &nbsp;&nbsp;&nbsp;&nbsp; 9244 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Coffee | 7 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 915469 | &nbsp;&nbsp;&nbsp;&nbsp; 79842 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Coffee | 4 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 500025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (17107)<br>|
| Coffee | 9 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1100250 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (50498)<br>|
| Coffee | 5 | 09/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 600281 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (15232)<br>|
| Copper | 4 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 568200 | &nbsp;&nbsp;&nbsp;&nbsp; 80331 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Copper | 9 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1291050 | &nbsp;&nbsp;&nbsp;&nbsp; 58740 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Copper | 17 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2461175 | &nbsp;&nbsp;&nbsp;&nbsp; 254116 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Copper | 8 | 09/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1168100 | &nbsp;&nbsp;&nbsp;&nbsp; 60312 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Corn | 34 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 748425 | &nbsp;&nbsp;&nbsp;&nbsp; 19943 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Corn | 41 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 918913 | &nbsp;&nbsp;&nbsp;&nbsp; 804 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Corn | 57 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1295325 | &nbsp;&nbsp;&nbsp;&nbsp; 7083 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Corn | 24 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 545400 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2467)<br>|
| Corn | 41 | 09/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 919425 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8474)<br>|
| Cotton | 9 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 289215 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2954)<br>|
| Cotton | 8 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 262400 | &nbsp;&nbsp;&nbsp;&nbsp; 2144 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Cotton | 8 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 267320 | &nbsp;&nbsp;&nbsp;&nbsp; 336 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Cotton | 7 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 233905 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2042)<br>|
| Cotton | 7 | 12/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 239225 | &nbsp;&nbsp;&nbsp;&nbsp; 3160 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Feeder Cattle | 5 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 863313 | &nbsp;&nbsp;&nbsp;&nbsp; 31064 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Gas Oil | 25 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1539375 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (34662)<br>|
| Gas Oil | 7 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 423500 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (14240)<br>|
| Gas Oil | 14 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 840700 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (45784)<br>|
| Gas Oil | 7 | 09/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 420175 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (12029)<br>|
| Gold 100 oz. | 6 | 02/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2604660 | &nbsp;&nbsp;&nbsp;&nbsp; 356001 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Gold 100 oz. | 10 | 04/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 4373900 | &nbsp;&nbsp;&nbsp;&nbsp; 692024 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Gold 100 oz. | 10 | 06/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 4406900 | &nbsp;&nbsp;&nbsp;&nbsp; 580587 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Gold 100 oz. | 19 | 08/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 8436760 | &nbsp;&nbsp;&nbsp;&nbsp; 257887 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Hard Red Winter Wheat | 2 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 51475 | &nbsp;&nbsp;&nbsp;&nbsp; 1079 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Hard Red Winter Wheat | 10 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 257375 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8963)<br>|
| Hard Red Winter Wheat | 11 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 290400 | &nbsp;&nbsp;&nbsp;&nbsp; 2021 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Hard Red Winter Wheat | 21 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 569100 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8604)<br>|
| Hard Red Winter Wheat | 10 | 09/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 278625 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3309)<br>|
| Lead | 9 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 451730 | &nbsp;&nbsp;&nbsp;&nbsp; 778 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Lead | 3 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 152467 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (27)<br>|
| Lead | 6 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 307784 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4759)<br>|
| Lead | 3 | 09/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 155279 | &nbsp;&nbsp;&nbsp;&nbsp; 1550 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Lean Hogs | 41 | 02/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1395640 | &nbsp;&nbsp;&nbsp;&nbsp; 67837 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Lean Hogs | 9 | 04/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 323640 | &nbsp;&nbsp;&nbsp;&nbsp; 7949 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Lean Hogs | 8 | 06/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 329200 | &nbsp;&nbsp;&nbsp;&nbsp; 9460 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Lean Hogs | 7 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 290780 | &nbsp;&nbsp;&nbsp;&nbsp; 20647 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Lean Hogs | 8 | 08/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 329360 | &nbsp;&nbsp;&nbsp;&nbsp; 9659 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Live Cattle | 18 | 02/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1667520 | &nbsp;&nbsp;&nbsp;&nbsp; 108556 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Live Cattle | 5 | 04/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 464400 | &nbsp;&nbsp;&nbsp;&nbsp; 31913 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Live Cattle | 3 | 04/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 278640 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (18837)<br>|
| Live Cattle | 8 | 06/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 725680 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3831)<br>|
| Live Cattle | 16 | 08/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1430720 | &nbsp;&nbsp;&nbsp;&nbsp; 51645 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Natural Gas | 47 | 02/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1471100 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (241176)<br>|
| Natural Gas | 1 | 04/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 32300 | &nbsp;&nbsp;&nbsp;&nbsp; 923 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Natural Gas | 40 | 04/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1292000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (98248)<br>|
| Natural Gas | 73 | 06/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2679830 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (236243)<br>|
| Natural Gas | 36 | 08/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1337400 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (104704)<br>|
| Nickel | 1 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 99834 | &nbsp;&nbsp;&nbsp;&nbsp; 7841 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Nickel | 4 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 401878 | &nbsp;&nbsp;&nbsp;&nbsp; 30547 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Nickel | 9 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 909350 | &nbsp;&nbsp;&nbsp;&nbsp; 77335 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Nickel | 4 | 09/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 406628 | &nbsp;&nbsp;&nbsp;&nbsp; 42826 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| NY Harbor ULSD Heat Oil | 15 | 02/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1325142 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (52155)<br>|
| NY Harbor ULSD Heat Oil | 4 | 04/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 344232 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (19550)<br>|

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Commodity Strategy Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** |
| **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>|
| NY Harbor ULSD Heat Oil | 8 | 06/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 683861 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (50346)<br>|
| NY Harbor ULSD Heat Oil | 4 | 08/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 343745 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16038)<br>|
| Primary Aluminum | 5 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 374309 | &nbsp;&nbsp;&nbsp;&nbsp; 60905 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Primary Aluminum | 11 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 826441 | &nbsp;&nbsp;&nbsp;&nbsp; 102076 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Primary Aluminum | 22 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1655775 | &nbsp;&nbsp;&nbsp;&nbsp; 95576 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Primary Aluminum | 11 | 09/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 829263 | &nbsp;&nbsp;&nbsp;&nbsp; 28861 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| RBOB Gasoline | 24 | 02/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1755432 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (72443)<br>|
| RBOB Gasoline | 4 | 04/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 330574 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (12141)<br>|
| RBOB Gasoline | 7 | 06/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 569272 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (23218)<br>|
| RBOB Gasoline | 4 | 08/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 313421 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (10201)<br>|
| Silver | 3 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1059045 | &nbsp;&nbsp;&nbsp;&nbsp; 551971 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Silver | 5 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1779750 | &nbsp;&nbsp;&nbsp;&nbsp; 177885 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Silver | 10 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3588650 | &nbsp;&nbsp;&nbsp;&nbsp; 1061884 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Silver | 5 | 09/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1806850 | &nbsp;&nbsp;&nbsp;&nbsp; 285696 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Soybean | 20 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1047500 | &nbsp;&nbsp;&nbsp;&nbsp; 7171 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Soybean | 17 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 901850 | &nbsp;&nbsp;&nbsp;&nbsp; 8265 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Soybean | 3 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 159150 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5518)<br>|
| Soybean | 39 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2094788 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (79231)<br>|
| Soybean | 20 | 11/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1064500 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (34341)<br>|
| Soybean Meal | 15 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 449100 | &nbsp;&nbsp;&nbsp;&nbsp; 5849 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Soybean Meal | 16 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 479040 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5209)<br>|
| Soybean Meal | 19 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 577600 | &nbsp;&nbsp;&nbsp;&nbsp; 7889 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Soybean Meal | 16 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 495200 | &nbsp;&nbsp;&nbsp;&nbsp; 2448 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Soybean Meal | 22 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 680900 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (22208)<br>|
| Soybean Meal | 19 | 12/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 602110 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (13383)<br>|
| Soybean Oil | 18 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 524448 | &nbsp;&nbsp;&nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Soybean Oil | 5 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 145680 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (841)<br>|
| Soybean Oil | 22 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 647988 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (35100)<br>|
| Soybean Oil | 44 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1305744 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (58357)<br>|
| Soybean Oil | 22 | 12/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 647592 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (31283)<br>|
| Sugar #11 | 25 | 02/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 420280 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (40518)<br>|
| Sugar #11 | 24 | 04/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 394061 | &nbsp;&nbsp;&nbsp;&nbsp; 1976 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Sugar #11 | 48 | 06/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 790810 | &nbsp;&nbsp;&nbsp;&nbsp; 30479 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Sugar #11 | 24 | 09/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 403738 | &nbsp;&nbsp;&nbsp;&nbsp; 8431 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Wheat | 12 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 304200 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16048)<br>|
| Wheat | 17 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 440725 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9023)<br>|
| Wheat | 34 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 903125 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (40456)<br>|
| Wheat | 16 | 09/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 436600 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (12190)<br>|
| WTI Crude | 15 | 02/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 858300 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (11387)<br>|
| WTI Crude | 15 | 04/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 855000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (62403)<br>|
| WTI Crude | 31 | 06/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1768240 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (69433)<br>|
| WTI Crude | 15 | 08/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 855150 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (14166)<br>|
| Zinc | 19 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1481487 | &nbsp;&nbsp;&nbsp;&nbsp; 61262 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Zinc | 5 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 390583 | &nbsp;&nbsp;&nbsp;&nbsp; 35330 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Zinc | 10 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 781915 | &nbsp;&nbsp;&nbsp;&nbsp; 28722 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Zinc | 5 | 09/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 391144 | &nbsp;&nbsp;&nbsp;&nbsp; 6675 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5535676 | &nbsp;&nbsp;&nbsp;&nbsp; (1971781)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short 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>|
| U.S. Treasury 2-Year Note | (50) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (10439453)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4391 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 2-Year Note | (5) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (1043945)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (453)<br>|
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4391 | &nbsp;&nbsp;&nbsp;&nbsp; (453)<br>|

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Commodity Strategy Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

December 31, 2025

**Notes to Consolidated Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At December 31, 2025, the total value of these securities amounted to $19,345,559, which represents 20.65% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate security. The interest rate shown was the current rate as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Principal and interest may not be guaranteed by a governmental entity.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown is the seven-day current annualized yield at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) 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% |
|  | 30644302 | &nbsp;&nbsp; 63822192 | &nbsp;&nbsp; (56345122)<br>| &nbsp;&nbsp; (1617)<br>| &nbsp;&nbsp; 38119755 | &nbsp;&nbsp; (813)<br>| &nbsp;&nbsp; 1366631 | &nbsp;&nbsp; 38131195 |

---

**Abbreviation Legend** 

CMO Collateralized Mortgage Obligation <br> SOFR Secured Overnight Financing Rate

**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.

■

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 Consolidated Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Commodity Strategy Fund \| 2025

------

Consolidated 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** |  |  |  |  |
| Asset-Backed Securities - Non-Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 15245283 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15245283 |
| Commercial Mortgage-Backed Securities - Non-Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 3348617 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3348617 |
| Corporate Bonds & Notes |  | &nbsp;&nbsp;&nbsp;&nbsp; 22488334 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22488334 |
| Foreign Government Obligations |  | &nbsp;&nbsp;&nbsp;&nbsp; 480200 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 480200 |
| Residential Mortgage-Backed Securities - Non-Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 4801686 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4801686 |
| Treasury Bills |  | &nbsp;&nbsp;&nbsp;&nbsp; 483278 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 483278 |
| U.S. Government & Agency Obligations |  | &nbsp;&nbsp;&nbsp;&nbsp; 472598 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 472598 |
| Money Market Funds | 38119755 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38119755 |
| Total Investments in Securities | 38119755 | &nbsp;&nbsp;&nbsp;&nbsp; 47319996 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 85439751 |
| **Investments in Derivatives** |  |  |  |  |
| Asset |  |  |  |  |
| Futures Contracts | 5540067 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5540067 |
| Liability |  |  |  |  |
| Futures Contracts | (1972234)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1972234)<br>|
| Total | 41687588 | &nbsp;&nbsp;&nbsp;&nbsp; 47319996 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 89007584 |

---

See the Consolidated 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.

Derivative instruments are valued at unrealized appreciation (depreciation).

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Commodity Strategy Fund \| 2025

------

Consolidated 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 $47,109,883) | $47319996 |
| Affiliated issuers (cost $38,116,548) | 38119755 |
| Cash | 3323361 |
| Margin deposits on: |  |
| Futures contracts | 6516906 |
| Receivable for: |  |
| Capital shares sold | 1725 |
| Dividends | 113209 |
| Interest | 260467 |
| Foreign tax reclaims | 551 |
| Variation margin for futures contracts | 59233 |
| Expense reimbursement due from Investment Manager | 166 |
| Prepaid expenses | 2853 |
| Total assets | 95718222 |
| **Liabilities** |  |
| Payable for: |  |
| Capital shares redeemed | 70556 |
| Variation margin for futures contracts | 1853469 |
| Management services fees | 1650 |
| Distribution and/or service fees | 233 |
| Service fees | 3904 |
| Compensation of chief compliance officer | 15 |
| Compensation of board members | 475 |
| Other expenses | 38019 |
| Deferred compensation of board members | 70873 |
| Total liabilities | 2039194 |
| **Net assets applicable to outstanding capital stock** | **$93679028** |
| **Represented by** |  |
| Paid in capital | 241833469 |
| Total distributable earnings (loss) | (148154441)<br>|
| **Total - representing net assets applicable to outstanding capital stock** | **$93679028** |
| **Class 1** |  |
| Net assets | $60336381 |
| Shares outstanding | 14724517 |
| Net asset value per share | $4.10 |
| **Class 2** |  |
| Net assets | $33342647 |
| Shares outstanding | 8336835 |
| Net asset value per share | $4.00 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Commodity Strategy Fund \| 2025

------

Consolidated Statement of Operations

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — affiliated issuers | $1366631 |
| Interest | 2625262 |
| Interfund lending | 1656 |
| Total income | 3993549 |
| Expenses: |  |
| Management services fees | 573580 |
| Distribution and/or service fees |  |
| Class 2 | 79695 |
| Service fees | 45353 |
| Custodian fees | 20137 |
| Printing and postage fees | 10775 |
| Accounting services fees | 43244 |
| Legal fees | 18920 |
| Compensation of chief compliance officer | 12 |
| Compensation of board members | 11962 |
| Deferred compensation of board members | 11408 |
| Other | 15059 |
| Total expenses | 830145 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates | (64611)<br>|
| Total net expenses | 765534 |
| **Net investment income** | 3228015 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 85520 |
| Investments — affiliated issuers | (813)<br>|
| Futures contracts | 8022432 |
| Net realized gain | 8107139 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | (32321)<br>|
| Investments — affiliated issuers | (1617)<br>|
| Futures contracts | 1928802 |
| Net change in unrealized appreciation (depreciation) | 1894864 |
| Net realized and unrealized gain | 10002003 |
| **Net increase in net assets resulting from operations** | **$13230018** |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Commodity Strategy Fund \| 2025

------

Consolidated 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 | $3228015 | &nbsp;&nbsp; $4367043 |
| Net realized gain | 8107139 | &nbsp;&nbsp; 733021 |
| Net change in unrealized appreciation (depreciation) | 1894864 | &nbsp;&nbsp; 2377188 |
| Net increase in net assets resulting from operations | 13230018 | &nbsp;&nbsp; 7477252 |
| **Distributions to shareholders** |  |  |
| Net investment income and net realized gains  |  |  |
| Class 1 | (4924699)<br>| &nbsp;&nbsp; (2795388)<br>|
| Class 2 | (2610352)<br>| &nbsp;&nbsp; (1071019)<br>|
| Total distributions to shareholders | (7535051)<br>| &nbsp;&nbsp; (3866407)<br>|
| Decrease in net assets from capital stock activity | (3915858)<br>| &nbsp;&nbsp; (16335660)<br>|
| Total increase (decrease) in net assets | 1779109 | &nbsp;&nbsp; (12724815)<br>|
| Net assets at beginning of year | 91899919 | &nbsp;&nbsp; 104624734 |
| **Net assets at end of year** | **$93679028** | &nbsp;&nbsp; **$91899919** |

---

&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 | 391569 | &nbsp;&nbsp;&nbsp;&nbsp; 1566154 | &nbsp;&nbsp;&nbsp;&nbsp; 655502 | &nbsp;&nbsp;&nbsp;&nbsp; 2494343 |
| Distributions reinvested | 1295973 | &nbsp;&nbsp;&nbsp;&nbsp; 4924699 | &nbsp;&nbsp;&nbsp;&nbsp; 759616 | &nbsp;&nbsp;&nbsp;&nbsp; 2795388 |
| Shares redeemed | (2876181)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11764611)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4949196)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (19108047)<br>|
| Net decrease | (1188639)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5273758)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3534078)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13818316)<br>|
| Class 2 |  |  |  |  |
| Shares sold | 1414801 | &nbsp;&nbsp;&nbsp;&nbsp; 5632750 | &nbsp;&nbsp;&nbsp;&nbsp; 818916 | &nbsp;&nbsp;&nbsp;&nbsp; 3092693 |
| Distributions reinvested | 703599 | &nbsp;&nbsp;&nbsp;&nbsp; 2610352 | &nbsp;&nbsp;&nbsp;&nbsp; 297505 | &nbsp;&nbsp;&nbsp;&nbsp; 1071019 |
| Shares redeemed | (1732176)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6885202)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1766515)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6681056)<br>|
| Net increase (decrease) | 386224 | &nbsp;&nbsp;&nbsp;&nbsp; 1357900 | &nbsp;&nbsp;&nbsp;&nbsp; (650094)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2517344)<br>|
| **Total net decrease** | **(802415)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(3915858)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(4184172)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(16335660)**<br>|

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The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Commodity Strategy Fund \| 2025

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Consolidated 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%.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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>| **Increase** <br>**from** <br>**payment** <br>**by affiliate**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**investment** <br>**income**<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 | $3.88<br>| 0.15<br>| 0.42<br>| &nbsp;&nbsp; —<br>| 0.57<br>| &nbsp;&nbsp; (0.35) <br>| &nbsp;&nbsp; (0.35) <br>|
| Year Ended 12/31/2024 | $3.76<br>| 0.16<br>| 0.10<br>| &nbsp;&nbsp; —<br>| 0.26<br>| &nbsp;&nbsp; (0.14) <br>| &nbsp;&nbsp; (0.14) <br>|
| Year Ended 12/31/2023 | $5.11<br>| 0.15<br>| &nbsp;&nbsp; (0.44) <br>| 0.00<br>| &nbsp;&nbsp; (0.29) <br>| &nbsp;&nbsp; (1.06) <br>| &nbsp;&nbsp; (1.06) <br>|
| Year Ended 12/31/2022 | $5.73<br>| 0.04<br>| 1.10<br>| &nbsp;&nbsp; —<br>| 1.14<br>| &nbsp;&nbsp; (1.76) <br>| &nbsp;&nbsp; (1.76) <br>|
| Year Ended 12/31/2021 | $4.33<br>| &nbsp;&nbsp; (0.03) <br>| 1.44<br>| &nbsp;&nbsp; —<br>| 1.41<br>| &nbsp;&nbsp; (0.01) <br>| &nbsp;&nbsp; (0.01) <br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $3.79<br>| 0.13<br>| 0.42<br>| &nbsp;&nbsp; —<br>| 0.55<br>| &nbsp;&nbsp; (0.34) <br>| &nbsp;&nbsp; (0.34) <br>|
| Year Ended 12/31/2024 | $3.67<br>| 0.15<br>| 0.10<br>| &nbsp;&nbsp; —<br>| 0.25<br>| &nbsp;&nbsp; (0.13) <br>| &nbsp;&nbsp; (0.13) <br>|
| Year Ended 12/31/2023 | $5.01<br>| 0.14<br>| &nbsp;&nbsp; (0.44) <br>| 0.00<br>| &nbsp;&nbsp; (0.30) <br>| &nbsp;&nbsp; (1.04) <br>| &nbsp;&nbsp; (1.04) <br>|
| Year Ended 12/31/2022 | $5.65<br>| 0.03<br>| 1.08<br>| &nbsp;&nbsp; —<br>| 1.11<br>| &nbsp;&nbsp; (1.75) <br>| &nbsp;&nbsp; (1.75) <br>|
| Year Ended 12/31/2021 | $4.28<br>| &nbsp;&nbsp; (0.04) <br>| 1.41<br>| &nbsp;&nbsp; —<br>| 1.37<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Notes to Consolidated Financial Highlights**  | **Notes to Consolidated 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 interest on collateral expense. For the periods indicated below, if interest on collateral expense had been excluded, expenses would have been lower by: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| **Class** | **12/31/2022** | **12/31/2021** |
| Class 1 | 0.01% | &nbsp;&nbsp; 0.01% |
| Class 2 | less than 0.01% | &nbsp;&nbsp; 0.01% |

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The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Commodity Strategy Fund \| 2025

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Consolidated Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &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; $4.10<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.48%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 92%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $60336<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $3.88<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.24%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 115%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $61730<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $3.76<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.82% )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.47%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 111%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $73029<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $5.11<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.09%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 93%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $87123<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $5.73<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32.63%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.56%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 101%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $102522<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; $4.00<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.30%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 92%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $33343<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $3.79<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.09%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.89%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 115%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $30169<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $3.67<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.14% )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.17%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 111%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $31596<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $5.01<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.70%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 93%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $50602<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $5.65<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32.01%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.80%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 101%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $28996<br>|

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The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Commodity Strategy Fund \| 2025

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Notes to Consolidated Financial Statements

December 31, 2025

Note 1. Organization

Columbia Variable Portfolio – Commodity Strategy 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.

**Basis for consolidation**

CVPCSF Offshore Fund, Ltd. (the Subsidiary) is a Cayman Islands exempted company and wholly-owned subsidiary of the Fund. The Subsidiary acts as an investment vehicle in order to effect certain investment strategies consistent with the Fund's investment objective and policies as stated in its current prospectus and statement of additional information. In accordance with the Memorandum and Articles of Association of the Subsidiary (the Articles), the Fund owns the sole issued share of the Subsidiary and retains all rights associated with such share, including the right to receive notice of, attend and vote at general meetings of the Subsidiary, rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Subsidiary. The consolidated financial statements (financial statements) include the accounts of the consolidated Fund and the respective Subsidiary. Subsequent references to the Fund within the Notes to Consolidated Financial Statements collectively refer to the Fund and the Subsidiary. All intercompany transactions and balances have been eliminated in the consolidation process.

At December 31, 2025, the Subsidiary financial statement information is as follows:

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| | |
|:---|:---|
|  | **CVPCSF Offshore Fund, Ltd.** |
| % of consolidated fund net assets | 12.77<br> %<br>|
| Net assets | $11960429 |
| Net investment income (loss)  | 140780 |
| Net realized gain (loss)  | 8100309 |
| Net change in unrealized appreciation (depreciation) | 1928402 |

---

The financial statements present the portfolio holdings, financial position and results of operations of the Fund and the Subsidiary on a consolidated basis.

**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.

Columbia Variable Portfolio – Commodity Strategy Fund \| 2025

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Notes to Consolidated Financial Statements (continued)

December 31, 2025

**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**

Debt securities generally are valued based on prices obtained from pricing services, which are intended to reflect market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Asset- and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities' cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

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 Consolidated 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

Columbia Variable Portfolio – Commodity Strategy Fund \| 2025

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Notes to Consolidated Financial Statements (continued)

December 31, 2025

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 Consolidated 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.

Columbia Variable Portfolio – Commodity Strategy Fund \| 2025

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Notes to Consolidated Financial Statements (continued)

December 31, 2025

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 Consolidated 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 Consolidated Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Consolidated 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 Consolidated 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 Consolidated Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Consolidated Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Consolidated 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:

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| | | |
|:---|:---|:---|
|  | **Asset derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Consolidated statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Interest rate risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 4,391<br> \*<br>|
| Commodity-related investment risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 5,535,676<br> \*<br>|
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 5540067 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Columbia Variable Portfolio – Commodity Strategy Fund \| 2025

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Notes to Consolidated Financial Statements (continued)

December 31, 2025

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| | | |
|:---|:---|:---|
|  | **Liability derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Consolidated statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Interest rate risk | Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 453<br> \*<br>|
| Commodity-related investment risk | Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 1,971,781<br> \*<br>|
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 1972234 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes cumulative appreciation (depreciation) as reported in the tables following the Consolidated 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 Consolidated 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 Consolidated 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>**($)**<br>|
| Commodity-related investment risk | &nbsp;&nbsp; 8100309 |
| Interest rate risk | &nbsp;&nbsp; (77877)<br>|
| Total | &nbsp;&nbsp; 8022432 |
| **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| **Risk exposure category** | **Futures** <br>**contracts** <br>**($)**<br>|
| Commodity-related investment risk | &nbsp;&nbsp; 1928402 |
| Interest rate risk | &nbsp;&nbsp; 400 |
| Total | &nbsp;&nbsp; 1928802 |

---

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 | 100351557 |
| Futures contracts — short | 11154925 |

---

**Asset- and mortgage-backed securities** 

The Fund may invest in asset-backed and mortgage-backed securities. The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. All, or a portion, of the obligation may be prepaid at any time because the underlying asset may be prepaid. As a result, decreasing market interest rates could result in an increased level of prepayment. An increased prepayment rate will have the effect of shortening the maturity of the security. Unless otherwise noted, the coupon rates presented are fixed rates.

**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**

Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted. The Fund classifies gains and losses realized on prepayments received on mortgage-backed securities as adjustments to interest income.

Columbia Variable Portfolio – Commodity Strategy Fund \| 2025

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Notes to Consolidated Financial Statements (continued)

December 31, 2025

The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. The Fund may also adjust accrual rates when it becomes probable the full interest will not be collected and a partial payment will be received. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Dividend income is recorded on the ex-dividend date.

**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 Consolidated 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 Consolidated 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.

**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 – Commodity Strategy Fund \| 2025

------

Notes to Consolidated 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 0.63% to 0.49% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2025 was 0.63% 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 Consolidated 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 Consolidated 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 Consolidated 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. The Fund pays no distribution and service fees for Class 1 shares.

Columbia Variable Portfolio – Commodity Strategy Fund \| 2025

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Notes to Consolidated 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;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| 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;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 |

---

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, derivative investments, tax straddles, principal and/or interest from fixed income securities, capital loss carryforwards, trustees' deferred compensation, non-deductible expenses and investments in commodity subsidiaries. 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 ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(loss) ($)**<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; **Paid in** <br>**capital ($)**<br>|
| (4702210)<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; (56701)<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; 4758911 |

---

Net investment income (loss) and net realized gains (losses), as disclosed in the Consolidated 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 ($)**<br>| **Total ($)** |
| 7535051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7535051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3866407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3866407 |

---

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

Columbia Variable Portfolio – Commodity Strategy Fund \| 2025

------

Notes to Consolidated 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 ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>|
| 12449719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (193854)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (145169969)<br>|

---

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) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>|
| 242574087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (145173907)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (145169969)<br>|

---

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 ($)** | **Utilized ($)** |
| (8264)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (185590)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (193854)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

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 $43,572,167 and $46,640,142, respectively, for the year ended December 31, 2025, of which $1,259,120 and $1,299,201, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Consolidated Financial Highlights.

Note 6. Affiliated money market fund

The Fund invests significantly 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 Consolidated 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 – Commodity Strategy Fund \| 2025

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Notes to Consolidated 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 | 1136364 | &nbsp;&nbsp;&nbsp;&nbsp;4.72 | &nbsp;&nbsp;&nbsp;&nbsp; 11 |

---

Interest income earned by the Fund is recorded as Interfund lending in the Consolidated 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 Consolidated 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 – Commodity Strategy Fund \| 2025

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Notes to Consolidated Financial Statements (continued)

December 31, 2025

**Shareholder concentration risk**

At December 31, 2025, affiliated shareholders of record owned 82.0% 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 – Commodity Strategy 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 – Commodity Strategy Fund**

***Opinion on the Financial Statements***

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated portfolio of investments, of Columbia Variable Portfolio – Commodity Strategy Fund and its subsidiary (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2025, the related consolidated statement of operations for the year ended December 31, 2025, the consolidated 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 consolidated financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated 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 consolidated financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's consolidated 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 consolidated 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 consolidated 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 consolidated 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 consolidated 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 consolidated 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 23, 2026

We have served as the auditor of one or more investment companies in the Columbia Funds Complex since 1977.

Columbia Variable Portfolio – Commodity Strategy Fund \| 2025

------

**Columbia Variable Portfolio – Commodity Strategy Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g59364imgb63711de2.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.

ANN7001_12_E01_(02/26)

------

![](g59364imgdc35767f1.jpg)

Columbia Variable Portfolio – Disciplined 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_aadc95fa-7c26-4695-9cc4-80e452f0d129_POI-CommonContent-Date-250_1) | 3 |
| [Statement of Assets and Liabilities](#xx_aadc95fa-7c26-4695-9cc4-80e452f0d129_FS-CommonContent-Date-250_1) | 8 |
| [Statement of Operations](#xx_aadc95fa-7c26-4695-9cc4-80e452f0d129_FS-CommonContent-Date-250_2) | 9 |
| [Statement of Changes in Net Assets](#xx_aadc95fa-7c26-4695-9cc4-80e452f0d129_FS-CommonContent-Date-250_3) | 10 |
| [Financial Highlights](#xx_aadc95fa-7c26-4695-9cc4-80e452f0d129_FIHI-CommonContent-Date-250_2) | 12 |
| [Notes to Financial Statements](#xx_aadc95fa-7c26-4695-9cc4-80e452f0d129_NTF-CommonContent-Date-250_1) | 14 |
| [Report of Independent Registered Public Accounting Firm](#xx_aadc95fa-7c26-4695-9cc4-80e452f0d129_AUD-CommonContent-Date-250_1) | 23 |

---

Columbia Variable Portfolio – Disciplined 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 99.6%** | **Common Stocks 99.6%** | **Common Stocks 99.6%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Communication Services 10.9%** | **Communication Services 10.9%** | **Communication Services 10.9%** |
| **Interactive Media & Services 10.9%** | **Interactive Media & Services 10.9%** | **Interactive Media & Services 10.9%** |
| Alphabet, Inc., Class A | &nbsp;&nbsp; 857317 | &nbsp;&nbsp; 268340221 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp; 220068 | &nbsp;&nbsp; 145264686 |
| Total |  | &nbsp;&nbsp; 413604907 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **413604907** |
| **Consumer Discretionary 10.6%** | **Consumer Discretionary 10.6%** | **Consumer Discretionary 10.6%** |
| **Automobile Components 1.2%** | **Automobile Components 1.2%** | **Automobile Components 1.2%** |
| Aptiv PLC<sup>(a)</sup> <br>| &nbsp;&nbsp; 622233 | &nbsp;&nbsp; 47345709 |
| **Automobiles 1.2%** | **Automobiles 1.2%** | **Automobiles 1.2%** |
| Tesla, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 97751 | &nbsp;&nbsp; 43960580 |
| **Broadline Retail 3.2%** | **Broadline Retail 3.2%** | **Broadline Retail 3.2%** |
| Amazon.com, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 526877 | &nbsp;&nbsp; 121613749 |
| **Hotels, Restaurants & Leisure 1.9%** | **Hotels, Restaurants & Leisure 1.9%** | **Hotels, Restaurants & Leisure 1.9%** |
| Booking Holdings, Inc. | &nbsp;&nbsp; 13544 | &nbsp;&nbsp; 72532590 |
| **Specialty Retail 0.3%** | **Specialty Retail 0.3%** | **Specialty Retail 0.3%** |
| Ross Stores, Inc. | &nbsp;&nbsp; 60479 | &nbsp;&nbsp; 10894687 |
| **Textiles, Apparel & Luxury Goods 2.8%** | **Textiles, Apparel & Luxury Goods 2.8%** | **Textiles, Apparel & Luxury Goods 2.8%** |
| Ralph Lauren Corp. | &nbsp;&nbsp; 157602 | &nbsp;&nbsp; 55729643 |
| Tapestry, Inc. | &nbsp;&nbsp; 384051 | &nbsp;&nbsp; 49070196 |
| Total |  | &nbsp;&nbsp; 104799839 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **401147154** |
| **Consumer Staples 4.2%** | **Consumer Staples 4.2%** | **Consumer Staples 4.2%** |
| **Beverages 0.5%** | **Beverages 0.5%** | **Beverages 0.5%** |
| Molson Coors Beverage Co., Class B | &nbsp;&nbsp; 411242 | &nbsp;&nbsp; 19196776 |
| **Consumer Staples Distribution & Retail 0.1%** | **Consumer Staples Distribution & Retail 0.1%** | **Consumer Staples Distribution & Retail 0.1%** |
| Target Corp. | &nbsp;&nbsp; 56558 | &nbsp;&nbsp; 5528544 |
| **Food Products 0.6%** | **Food Products 0.6%** | **Food Products 0.6%** |
| ConAgra Foods, Inc. | &nbsp;&nbsp; 1331571 | &nbsp;&nbsp; 23049494 |
| **Household Products 1.2%** | **Household Products 1.2%** | **Household Products 1.2%** |
| Colgate-Palmolive Co. | &nbsp;&nbsp; 88021 | &nbsp;&nbsp; 6955420 |
| Procter & Gamble Co. (The) | &nbsp;&nbsp; 277672 | &nbsp;&nbsp; 39793174 |
| Total |  | &nbsp;&nbsp; 46748594 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Tobacco 1.8%** | **Tobacco 1.8%** | **Tobacco 1.8%** |
| Altria Group, Inc. | &nbsp;&nbsp; 1149457 | &nbsp;&nbsp; 66277691 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **160801099** |
| **Energy 2.8%** | **Energy 2.8%** | **Energy 2.8%** |
| **Oil, Gas & Consumable Fuels 2.8%** | **Oil, Gas & Consumable Fuels 2.8%** | **Oil, Gas & Consumable Fuels 2.8%** |
| Chevron Corp. | &nbsp;&nbsp; 490073 | &nbsp;&nbsp; 74692026 |
| Exxon Mobil Corp. | &nbsp;&nbsp; 143445 | &nbsp;&nbsp; 17262171 |
| Valero Energy Corp. | &nbsp;&nbsp; 83564 | &nbsp;&nbsp; 13603384 |
| Total |  | &nbsp;&nbsp; 105557581 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **105557581** |
| **Financials 13.2%** | **Financials 13.2%** | **Financials 13.2%** |
| **Banks 2.3%** | **Banks 2.3%** | **Banks 2.3%** |
| Citigroup, Inc. | &nbsp;&nbsp; 607458 | &nbsp;&nbsp; 70884274 |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 55121 | &nbsp;&nbsp; 17761088 |
| Total |  | &nbsp;&nbsp; 88645362 |
| **Capital Markets 4.6%** | **Capital Markets 4.6%** | **Capital Markets 4.6%** |
| Bank of New York Mellon Corp. (The) | &nbsp;&nbsp; 461887 | &nbsp;&nbsp; 53620462 |
| Blackrock, Inc. | &nbsp;&nbsp; 44742 | &nbsp;&nbsp; 47889152 |
| Charles Schwab Corp. (The) | &nbsp;&nbsp; 263083 | &nbsp;&nbsp; 26284622 |
| CME Group, Inc. | &nbsp;&nbsp; 22985 | &nbsp;&nbsp; 6276744 |
| S&P Global, Inc. | &nbsp;&nbsp; 78545 | &nbsp;&nbsp; 41046832 |
| Total |  | &nbsp;&nbsp; 175117812 |
| **Consumer Finance 2.0%** | **Consumer Finance 2.0%** | **Consumer Finance 2.0%** |
| Synchrony Financial | &nbsp;&nbsp; 891479 | &nbsp;&nbsp; 74376093 |
| **Financial Services 2.6%** | **Financial Services 2.6%** | **Financial Services 2.6%** |
| Visa, Inc., Class A | &nbsp;&nbsp; 278415 | &nbsp;&nbsp; 97642925 |
| **Insurance 1.7%** | **Insurance 1.7%** | **Insurance 1.7%** |
| Allstate Corp. (The) | &nbsp;&nbsp; 305118 | &nbsp;&nbsp; 63510312 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **499292504** |
| **Health Care 9.5%** | **Health Care 9.5%** | **Health Care 9.5%** |
| **Biotechnology 2.1%** | **Biotechnology 2.1%** | **Biotechnology 2.1%** |
| AbbVie, Inc. | &nbsp;&nbsp; 115590 | &nbsp;&nbsp; 26411159 |
| Amgen, Inc. | &nbsp;&nbsp; 43042 | &nbsp;&nbsp; 14088077 |
| Argenx SE, ADR<sup>(a)</sup> <br>| &nbsp;&nbsp; 5009 | &nbsp;&nbsp; 4212319 |
| BioMarin Pharmaceutical, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 76401 | &nbsp;&nbsp; 4540511 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Disciplined Core Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp; 15238 | &nbsp;&nbsp; 11761755 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 42807 | &nbsp;&nbsp; 19406982 |
| Total |  | &nbsp;&nbsp; 80420803 |
| **Health Care Equipment & Supplies 0.1%** | **Health Care Equipment & Supplies 0.1%** | **Health Care Equipment & Supplies 0.1%** |
| STERIS PLC | &nbsp;&nbsp; 21698 | &nbsp;&nbsp; 5500877 |
| **Health Care Providers & Services 1.7%** | **Health Care Providers & Services 1.7%** | **Health Care Providers & Services 1.7%** |
| CVS Health Corp. | &nbsp;&nbsp; 245192 | &nbsp;&nbsp; 19458437 |
| McKesson Corp. | &nbsp;&nbsp; 53827 | &nbsp;&nbsp; 44153750 |
| Total |  | &nbsp;&nbsp; 63612187 |
| **Life Sciences Tools & Services 1.3%** | **Life Sciences Tools & Services 1.3%** | **Life Sciences Tools & Services 1.3%** |
| Charles River Laboratories International, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 246326 | &nbsp;&nbsp; 49137111 |
| **Pharmaceuticals 4.3%** | **Pharmaceuticals 4.3%** | **Pharmaceuticals 4.3%** |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 1444497 | &nbsp;&nbsp; 77916168 |
| Pfizer, Inc. | &nbsp;&nbsp; 1139241 | &nbsp;&nbsp; 28367101 |
| Viatris, Inc. | &nbsp;&nbsp; 4430283 | &nbsp;&nbsp; 55157023 |
| Total |  | &nbsp;&nbsp; 161440292 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **360111270** |
| **Industrials 8.2%** | **Industrials 8.2%** | **Industrials 8.2%** |
| **Aerospace & Defense 1.7%** | **Aerospace & Defense 1.7%** | **Aerospace & Defense 1.7%** |
| General Dynamics Corp. | &nbsp;&nbsp; 193430 | &nbsp;&nbsp; 65120144 |
| **Construction & Engineering 0.4%** | **Construction & Engineering 0.4%** | **Construction & Engineering 0.4%** |
| EMCOR Group, Inc. | &nbsp;&nbsp; 21502 | &nbsp;&nbsp; 13154708 |
| **Electrical Equipment 0.2%** | **Electrical Equipment 0.2%** | **Electrical Equipment 0.2%** |
| Rockwell Automation, Inc. | &nbsp;&nbsp; 21300 | &nbsp;&nbsp; 8287191 |
| **Ground Transportation 0.3%** | **Ground Transportation 0.3%** | **Ground Transportation 0.3%** |
| Uber Technologies, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 155246 | &nbsp;&nbsp; 12685151 |
| **Machinery 2.9%** | **Machinery 2.9%** | **Machinery 2.9%** |
| Pentair PLC | &nbsp;&nbsp; 573663 | &nbsp;&nbsp; 59741265 |
| Snap-On, Inc. | &nbsp;&nbsp; 140276 | &nbsp;&nbsp; 48339109 |
| Total |  | &nbsp;&nbsp; 108080374 |
| **Passenger Airlines 1.3%** | **Passenger Airlines 1.3%** | **Passenger Airlines 1.3%** |
| Delta Air Lines, Inc. | &nbsp;&nbsp; 456462 | &nbsp;&nbsp; 31678463 |
| United Airlines Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 165767 | &nbsp;&nbsp; 18536066 |
| Total |  | &nbsp;&nbsp; 50214529 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Professional Services 1.4%** | **Professional Services 1.4%** | **Professional Services 1.4%** |
| Automatic Data Processing, Inc. | &nbsp;&nbsp; 106471 | &nbsp;&nbsp; 27387535 |
| Broadridge Financial Solutions, Inc. | &nbsp;&nbsp; 115203 | &nbsp;&nbsp; 25709854 |
| Total |  | &nbsp;&nbsp; 53097389 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **310639486** |
| **Information Technology 34.2%** | **Information Technology 34.2%** | **Information Technology 34.2%** |
| **Communications Equipment 2.5%** | **Communications Equipment 2.5%** | **Communications Equipment 2.5%** |
| Arista Networks, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 456140 | &nbsp;&nbsp; 59768024 |
| Cisco Systems, Inc. | &nbsp;&nbsp; 471865 | &nbsp;&nbsp; 36347761 |
| Total |  | &nbsp;&nbsp; 96115785 |
| **Electronic Equipment, Instruments & Components 0.1%** | **Electronic Equipment, Instruments & Components 0.1%** | **Electronic Equipment, Instruments & Components 0.1%** |
| TE Connectivity PLC | &nbsp;&nbsp; 22483 | &nbsp;&nbsp; 5115107 |
| **IT Services 0.7%** | **IT Services 0.7%** | **IT Services 0.7%** |
| VeriSign, Inc. | &nbsp;&nbsp; 112141 | &nbsp;&nbsp; 27244656 |
| **Semiconductors & Semiconductor Equipment 13.3%** | **Semiconductors & Semiconductor Equipment 13.3%** | **Semiconductors & Semiconductor Equipment 13.3%** |
| Advanced Micro Devices, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 114334 | &nbsp;&nbsp; 24485769 |
| Broadcom, Inc. | &nbsp;&nbsp; 128936 | &nbsp;&nbsp; 44624750 |
| KLA Corp. | &nbsp;&nbsp; 12361 | &nbsp;&nbsp; 15019604 |
| NVIDIA Corp. | &nbsp;&nbsp; 1900384 | &nbsp;&nbsp; 354421616 |
| QUALCOMM, Inc. | &nbsp;&nbsp; 386223 | &nbsp;&nbsp; 66063444 |
| Total |  | &nbsp;&nbsp; 504615183 |
| **Software 10.8%** | **Software 10.8%** | **Software 10.8%** |
| Adobe, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 197135 | &nbsp;&nbsp; 68995279 |
| Fortinet, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 135567 | &nbsp;&nbsp; 10765375 |
| Microsoft Corp. | &nbsp;&nbsp; 385744 | &nbsp;&nbsp; 186553513 |
| Palantir Technologies, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 344738 | &nbsp;&nbsp; 61277180 |
| Salesforce, Inc. | &nbsp;&nbsp; 273505 | &nbsp;&nbsp; 72454210 |
| ServiceNow, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 63065 | &nbsp;&nbsp; 9660927 |
| Total |  | &nbsp;&nbsp; 409706484 |
| **Technology Hardware, Storage & Peripherals 6.8%** | **Technology Hardware, Storage & Peripherals 6.8%** | **Technology Hardware, Storage & Peripherals 6.8%** |
| Apple, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp; 895441 | &nbsp;&nbsp; 243434591 |
| NetApp, Inc. | &nbsp;&nbsp; 128380 | &nbsp;&nbsp; 13748214 |
| Total |  | &nbsp;&nbsp; 257182805 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **1299980020** |
| **Materials 1.9%** | **Materials 1.9%** | **Materials 1.9%** |
| **Chemicals 1.1%** | **Chemicals 1.1%** | **Chemicals 1.1%** |
| CF Industries Holdings, Inc. | &nbsp;&nbsp; 552346 | &nbsp;&nbsp; 42718439 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Disciplined Core Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Metals & Mining 0.8%** | **Metals & Mining 0.8%** | **Metals & Mining 0.8%** |
| Newmont Corp. | &nbsp;&nbsp; 298581 | &nbsp;&nbsp; 29813313 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **72531752** |
| **Real Estate 1.6%** | **Real Estate 1.6%** | **Real Estate 1.6%** |
| **Hotel & Resort REITs 0.2%** | **Hotel & Resort REITs 0.2%** | **Hotel & Resort REITs 0.2%** |
| Host Hotels & Resorts, Inc. | &nbsp;&nbsp; 318682 | &nbsp;&nbsp; 5650232 |
| **Specialized REITs 1.4%** | **Specialized REITs 1.4%** | **Specialized REITs 1.4%** |
| American Tower Corp. | &nbsp;&nbsp; 165620 | &nbsp;&nbsp; 29077904 |
| Equinix, Inc. | &nbsp;&nbsp; 11739 | &nbsp;&nbsp; 8993952 |
| SBA Communications Corp. | &nbsp;&nbsp; 81633 | &nbsp;&nbsp; 15790271 |
| Total |  | &nbsp;&nbsp; 53862127 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **59512359** |
| **Utilities 2.5%** | **Utilities 2.5%** | **Utilities 2.5%** |
| **Electric Utilities 2.0%** | **Electric Utilities 2.0%** | **Electric Utilities 2.0%** |
| Edison International | &nbsp;&nbsp; 342426 | &nbsp;&nbsp; 20552408 |
| Exelon Corp. | &nbsp;&nbsp; 505073 | &nbsp;&nbsp; 22016132 |
| PG&E Corp. | &nbsp;&nbsp; 2141998 | &nbsp;&nbsp; 34421908 |
| Total |  | &nbsp;&nbsp; 76990448 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Independent Power and Renewable Electricity Producers 0.5%** | **Independent Power and Renewable Electricity Producers 0.5%** | **Independent Power and Renewable Electricity Producers 0.5%** |
| AES Corp. (The) | &nbsp;&nbsp; 1350747 | &nbsp;&nbsp; 19369712 |
| **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **96360160** |
| Total Common Stocks <br>(Cost $2,678,369,780) | Total Common Stocks <br>(Cost $2,678,369,780) | &nbsp;&nbsp; **3779538292** |
| **Money Market Funds 0.5%** | **Money Market Funds 0.5%** | **Money Market Funds 0.5%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 3.825%<sup>(c),(d)</sup> <br>| &nbsp;&nbsp; 18791622 | &nbsp;&nbsp; 18785985 |
| Total Money Market Funds <br>(Cost $18,787,864) | Total Money Market Funds <br>(Cost $18,787,864) | &nbsp;&nbsp; **18785985** |
| **Total Investments in Securities** <br>**(Cost: $2,697,157,644)** | **Total Investments in Securities** <br>**(Cost: $2,697,157,644)** | &nbsp;&nbsp; **3798324277** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **(2350382)**<br>|
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **3795973895** |

---

At December 31, 2025, securities and/or cash totaling $11,078,567 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 | 93 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 32050125 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (345261)<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% |
|  | 62747284 | &nbsp;&nbsp; 465775130 | &nbsp;&nbsp; (509734550)<br>| &nbsp;&nbsp; (1879)<br>| &nbsp;&nbsp; 18785985 | &nbsp;&nbsp; (275)<br>| &nbsp;&nbsp; 1951525 | &nbsp;&nbsp; 18791622 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Disciplined Core Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Abbreviation Legend** 

ADR American Depositary Receipt

**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.

■

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 | 413604907 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 413604907 |
| Consumer Discretionary | 401147154 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 401147154 |
| Consumer Staples | 160801099 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 160801099 |
| Energy | 105557581 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 105557581 |
| Financials | 499292504 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 499292504 |
| Health Care | 360111270 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 360111270 |
| Industrials | 310639486 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 310639486 |
| Information Technology | 1299980020 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1299980020 |
| Materials | 72531752 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 72531752 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Disciplined Core Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| Real Estate | 59512359 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 59512359 |
| Utilities | 96360160 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 96360160 |
| Total Common Stocks | 3779538292 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3779538292 |
| Money Market Funds | 18785985 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18785985 |
| Total Investments in Securities | 3798324277 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3798324277 |
| **Investments in Derivatives** |  |  |  |  |
| Liability |  |  |  |  |
| Futures Contracts | (345261)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (345261)<br>|
| Total | 3797979016 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3797979016 |

---

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 – Disciplined 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 $2,678,369,780) | $3779538292 |
| Affiliated issuers (cost $18,787,864) | 18785985 |
| Receivable for: |  |
| Dividends | 2629427 |
| Prepaid expenses | 13322 |
| Total assets | 3800967026 |
| **Liabilities** |  |
| Due to custodian | 33 |
| Payable for: |  |
| Capital shares redeemed | 4119177 |
| Variation margin for futures contracts | 240637 |
| Management services fees | 67710 |
| Distribution and/or service fees | 5544 |
| Service fees | 79405 |
| Compensation of chief compliance officer | 616 |
| Compensation of board members | 2121 |
| Other expenses | 55477 |
| Deferred compensation of board members | 422411 |
| Total liabilities | 4993131 |
| **Net assets applicable to outstanding capital stock** | **$3795973895** |
| **Represented by** |  |
| Trust capital | $3795973895 |
| **Total - representing net assets applicable to outstanding capital stock** | **$3795973895** |
| **Class 1** |  |
| Net assets | $2266850390 |
| Shares outstanding | 17509239 |
| Net asset value per share | $129.47 |
| **Class 2** |  |
| Net assets | $75980019 |
| Shares outstanding | 610097 |
| Net asset value per share | $124.54 |
| **Class 3** |  |
| Net assets | $1453143486 |
| Shares outstanding | 11450763 |
| Net asset value per share | $126.90 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Disciplined 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 | $52519739 |
| Dividends — affiliated issuers | 1951525 |
| Total income | 54471264 |
| Expenses: |  |
| Management services fees | 24090498 |
| Distribution and/or service fees |  |
| Class 2 | 178792 |
| Class 3 | 1747042 |
| Service fees | 896398 |
| Custodian fees | 28715 |
| Printing and postage fees | 39192 |
| Accounting services fees | 32423 |
| Legal fees | 79082 |
| Interest on collateral | 3544 |
| Compensation of chief compliance officer | 580 |
| Compensation of board members | 50616 |
| Deferred compensation of board members | 65903 |
| Other | 57006 |
| Total expenses | 27269791 |
| **Net investment income** | 27201473 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 402359281 |
| Investments — affiliated issuers | (275)<br>|
| Futures contracts | 1628406 |
| Net realized gain | 403987412 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 80996909 |
| Investments — affiliated issuers | (1879)<br>|
| Futures contracts | 782474 |
| Net change in unrealized appreciation (depreciation) | 81777504 |
| Net realized and unrealized gain | 485764916 |
| **Net increase in net assets resulting from operations** | **$512966389** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Disciplined 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 | $27201473 | &nbsp;&nbsp; $33008526 |
| Net realized gain | 403987412 | &nbsp;&nbsp; 603256118 |
| Net change in unrealized appreciation (depreciation) | 81777504 | &nbsp;&nbsp; 292763199 |
| Net increase in net assets resulting from operations | 512966389 | &nbsp;&nbsp; 929027843 |
| Decrease in net assets from capital stock activity | (539307478)<br>| &nbsp;&nbsp; (859585530)<br>|
| Total increase (decrease) in net assets | (26341089)<br>| &nbsp;&nbsp; 69442313 |
| Net assets at beginning of year | 3822314984 | &nbsp;&nbsp; 3752872671 |
| **Net assets at end of year** | **$3795973895** | &nbsp;&nbsp; **$3822314984** |

---

&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 | 112454 | &nbsp;&nbsp;&nbsp;&nbsp; 12740286 | &nbsp;&nbsp;&nbsp;&nbsp; 50420 | &nbsp;&nbsp;&nbsp;&nbsp; 5262492 |
| Shares redeemed | (3112492)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (375357823)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6406630)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (691927149)<br>|
| Net decrease | (3000038)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (362617537)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6356210)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (686664657)<br>|
| Class 2 |  |  |  |  |
| Shares sold | 34050 | &nbsp;&nbsp;&nbsp;&nbsp; 3794781 | &nbsp;&nbsp;&nbsp;&nbsp; 39748 | &nbsp;&nbsp;&nbsp;&nbsp; 3956220 |
| Shares redeemed | (83353)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9443993)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (70630)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7130945)<br>|
| Net decrease | (49303)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5649212)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (30882)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3174725)<br>|
| Class 3 |  |  |  |  |
| Shares sold | 2672 | &nbsp;&nbsp;&nbsp;&nbsp; 282720 | &nbsp;&nbsp;&nbsp;&nbsp; 1206 | &nbsp;&nbsp;&nbsp;&nbsp; 126809 |
| Shares redeemed | (1490998)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (171323449)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1670672)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (169872957)<br>|
| Net decrease | (1488326)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (171040729)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1669466)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (169746148)<br>|
| **Total net decrease** | **(4537667)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(539307478)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(8056558)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(859585530)**<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Disciplined Core Fund \| 2025

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[THIS PAGE INTENTIONALLY LEFT BLANK]

Columbia Variable Portfolio – Disciplined Core Fund \| 2025

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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 | $112.94<br>| 0.91<br>| 15.62<br>| 16.53<br>|
| Year Ended 12/31/2024 | $89.59<br>| 0.90<br>| 22.45<br>| 23.35<br>|
| Year Ended 12/31/2023 | $72.04<br>| 0.87<br>| 16.68<br>| 17.55<br>|
| Year Ended 12/31/2022 | $88.63<br>| 0.81<br>| &nbsp;&nbsp; (17.40) <br>| &nbsp;&nbsp; (16.59) <br>|
| Year Ended 12/31/2021 | $66.77<br>| 0.75<br>| 21.11<br>| 21.86<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $108.91<br>| 0.60<br>| 15.03<br>| 15.63<br>|
| Year Ended 12/31/2024 | $86.62<br>| 0.63<br>| 21.66<br>| 22.29<br>|
| Year Ended 12/31/2023 | $69.81<br>| 0.65<br>| 16.16<br>| 16.81<br>|
| Year Ended 12/31/2022 | $86.12<br>| 0.60<br>| &nbsp;&nbsp; (16.91) <br>| &nbsp;&nbsp; (16.31) <br>|
| Year Ended 12/31/2021 | $65.04<br>| 0.55<br>| 20.53<br>| 21.08<br>|
| **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** |
| Year Ended 12/31/2025 | $110.84<br>| 0.75<br>| 15.31<br>| 16.06<br>|
| Year Ended 12/31/2024 | $88.04<br>| 0.76<br>| 22.04<br>| 22.80<br>|
| Year Ended 12/31/2023 | $70.88<br>| 0.76<br>| 16.40<br>| 17.16<br>|
| Year Ended 12/31/2022 | $87.31<br>| 0.70<br>| &nbsp;&nbsp; (17.13) <br>| &nbsp;&nbsp; (16.43) <br>|
| Year Ended 12/31/2021 | $65.86<br>| 0.65<br>| 20.80<br>| 21.45<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 – Disciplined 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; $129.47<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.63%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.68% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 51%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2266850<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $112.94<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.06%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.67% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 49%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2316299<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $89.59<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.36%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.68% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 52%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2406947<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $72.04<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18.72%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.67% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 50%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2376866<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $88.63<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32.74%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.67% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 58%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3111300<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $124.54<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.35%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.93% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 51%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $75980<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $108.91<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.74%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.92% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 49%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $71816<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $86.62<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.08%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.93% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 52%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $59789<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $69.81<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18.94%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.92% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 50%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $46623<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $86.12<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32.41%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.92% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 58%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $54906<br>|
| **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $126.90<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.49%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.80% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 51%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1453143<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $110.84<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.89%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.80% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 49%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1434199<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $88.04<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.21%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.80% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 52%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1286137<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $70.88<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18.82%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.80% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 50%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1144120<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $87.31<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32.57%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.79% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 58%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1542306<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Disciplined Core Fund \| 2025

------

Notes to Financial Statements

December 31, 2025

Note 1. Organization

Columbia Variable Portfolio – Disciplined 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

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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

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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.

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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; 345,261<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>**($)**<br>|
| Equity risk | &nbsp;&nbsp; 1628406 |
| **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| **Risk exposure category** | **Futures** <br>**contracts** <br>**($)**<br>|
| Equity risk | &nbsp;&nbsp; 782474 |

---

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 | 52794028 |

---

**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.

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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.

**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.

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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 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 0.65% 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.

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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;0.70 |
| 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 |
| 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;0.825 |

---

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 $1,903,888,057 and $2,367,561,870, 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 – Disciplined Core Fund \| 2025

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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 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.

Columbia Variable Portfolio – Disciplined Core Fund \| 2025

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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 – Disciplined Core Fund \| 2025

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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 – Disciplined 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 – Disciplined 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 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 – Disciplined Core Fund \| 2025

------

**Columbia Variable Portfolio – Disciplined Core Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g59364imgf82a00a82.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.

ANN7004_12_E01_(02/26)

------

![](g59364img7bb7a7d21.jpg)

Columbia Variable Portfolio – Balanced 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_336bdda6-4a26-44c4-9073-1a622582036e_POI-CommonContent-Date-231_1) | 3 |
| [Statement of Assets and Liabilities](#xx_336bdda6-4a26-44c4-9073-1a622582036e_FS-CommonContent-Date-231_1) | 29 |
| [Statement of Operations](#xx_336bdda6-4a26-44c4-9073-1a622582036e_FS-CommonContent-Date-231_2) | 30 |
| [Statement of Changes in Net Assets](#xx_336bdda6-4a26-44c4-9073-1a622582036e_FS-CommonContent-Date-231_3) | 31 |
| [Financial Highlights](#xx_336bdda6-4a26-44c4-9073-1a622582036e_FIHI-CommonContent-Date-231_1) | 32 |
| [Notes to Financial Statements](#xx_336bdda6-4a26-44c4-9073-1a622582036e_NTF-CommonContent-Date-231_1) | 34 |
| [Report of Independent Registered Public Accounting Firm](#xx_336bdda6-4a26-44c4-9073-1a622582036e_AUD-CommonContent-Date-231_1) | 46 |

---

Columbia Variable Portfolio – Balanced 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;

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency 4.5%** | **Asset-Backed Securities - Non-Agency 4.5%** | **Asset-Backed Securities - Non-Agency 4.5%** | **Asset-Backed Securities - Non-Agency 4.5%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| ACHV ABS Trust<sup>(a)</sup>  | ACHV ABS Trust<sup>(a)</sup>  | ACHV ABS Trust<sup>(a)</sup>  | ACHV ABS Trust<sup>(a)</sup>  |
| Series 2024-1PL Class A | Series 2024-1PL Class A | Series 2024-1PL Class A | Series 2024-1PL Class A |
| 04/25/2031 | &nbsp;&nbsp; 5.900% | 72712 | &nbsp;&nbsp; 73065 |
| Subordinated Series 2024-1PL Class B | Subordinated Series 2024-1PL Class B | Subordinated Series 2024-1PL Class B | Subordinated Series 2024-1PL Class B |
| 04/25/2031 | &nbsp;&nbsp; 6.340% | 144646 | &nbsp;&nbsp; 146451 |
| Affirm Asset Securitization Trust<sup>(a)</sup>  | Affirm Asset Securitization Trust<sup>(a)</sup>  | Affirm Asset Securitization Trust<sup>(a)</sup>  | Affirm Asset Securitization Trust<sup>(a)</sup>  |
| Series 2024-A Class 1A | Series 2024-A Class 1A | Series 2024-A Class 1A | Series 2024-A Class 1A |
| 02/15/2029 | &nbsp;&nbsp; 5.610% | 4125000 | &nbsp;&nbsp; 4131680 |
| Series 2024-A Class A | Series 2024-A Class A | Series 2024-A Class A | Series 2024-A Class A |
| 02/15/2029 | &nbsp;&nbsp; 5.610% | 1600000 | &nbsp;&nbsp; 1602591 |
| Series 2024-B Class A | Series 2024-B Class A | Series 2024-B Class A | Series 2024-B Class A |
| 09/15/2029 | &nbsp;&nbsp; 4.620% | 1500000 | &nbsp;&nbsp; 1504255 |
| Series 2024-X2 Class A | Series 2024-X2 Class A | Series 2024-X2 Class A | Series 2024-X2 Class A |
| 12/17/2029 | &nbsp;&nbsp; 5.220% | 78221 | &nbsp;&nbsp; 78257 |
| American Credit Acceptance Receivables Trust<sup>(a)</sup>  | American Credit Acceptance Receivables Trust<sup>(a)</sup>  | American Credit Acceptance Receivables Trust<sup>(a)</sup>  | American Credit Acceptance Receivables Trust<sup>(a)</sup>  |
| Subordinated Series 2023-3 Class C | Subordinated Series 2023-3 Class C | Subordinated Series 2023-3 Class C | Subordinated Series 2023-3 Class C |
| 10/12/2029 | &nbsp;&nbsp; 6.440% | 640313 | &nbsp;&nbsp; 643570 |
| Apidos CLO XI<sup>(a),(b)</sup>  | Apidos CLO XI<sup>(a),(b)</sup>  | Apidos CLO XI<sup>(a),(b)</sup>  | Apidos CLO XI<sup>(a),(b)</sup>  |
| Series 2012-11A Class BR4 | Series 2012-11A Class BR4 | Series 2012-11A Class BR4 | Series 2012-11A Class BR4 |
| 3-month Term SOFR + 1.650% <br>Floor 1.650% <br>04/17/2034<br>| &nbsp;&nbsp; 5.532% | 1925000 | &nbsp;&nbsp; 1926946 |
| Avis Budget Rental Car Funding AESOP LLC<sup>(a)</sup>  | Avis Budget Rental Car Funding AESOP LLC<sup>(a)</sup>  | Avis Budget Rental Car Funding AESOP LLC<sup>(a)</sup>  | Avis Budget Rental Car Funding AESOP LLC<sup>(a)</sup>  |
| Series 2021-1A Class A | Series 2021-1A Class A | Series 2021-1A Class A | Series 2021-1A Class A |
| 08/20/2027 | &nbsp;&nbsp; 1.380% | 4000000 | &nbsp;&nbsp; 3952878 |
| Bain Capital Credit CLO<sup>(a),(b)</sup>  | Bain Capital Credit CLO<sup>(a),(b)</sup>  | Bain Capital Credit CLO<sup>(a),(b)</sup>  | Bain Capital Credit CLO<sup>(a),(b)</sup>  |
| Series 2019-1A Class AR2 | Series 2019-1A Class AR2 | Series 2019-1A Class AR2 | Series 2019-1A Class AR2 |
| 3-month Term SOFR + 1.230% <br>Floor 1.230% <br>04/19/2034<br>| &nbsp;&nbsp; 5.114% | 1350000 | &nbsp;&nbsp; 1351743 |
| Basswood Park CLO Ltd.<sup>(a),(b)</sup>  | Basswood Park CLO Ltd.<sup>(a),(b)</sup>  | Basswood Park CLO Ltd.<sup>(a),(b)</sup>  | Basswood Park CLO Ltd.<sup>(a),(b)</sup>  |
| Series 2025-1A Class AR | Series 2025-1A Class AR | Series 2025-1A Class AR | Series 2025-1A Class AR |
| 3-month Term SOFR + 1.030% <br>Floor 1.030% <br>04/20/2034<br>| &nbsp;&nbsp; 4.914% | 3000000 | &nbsp;&nbsp; 3000444 |
| Bayview Opportunity Master Fund VII LLC<sup>(a),(b)</sup>  | Bayview Opportunity Master Fund VII LLC<sup>(a),(b)</sup>  | Bayview Opportunity Master Fund VII LLC<sup>(a),(b)</sup>  | Bayview Opportunity Master Fund VII LLC<sup>(a),(b)</sup>  |
| Subordinated Series 2024-CAR1 Class B | Subordinated Series 2024-CAR1 Class B | Subordinated Series 2024-CAR1 Class B | Subordinated Series 2024-CAR1 Class B |
| 30-day Average SOFR + 1.300% <br>12/26/2031<br>| &nbsp;&nbsp; 5.174% | 98365 | &nbsp;&nbsp; 98616 |
| Subordinated Series 2024-CAR1 Class C | Subordinated Series 2024-CAR1 Class C | Subordinated Series 2024-CAR1 Class C | Subordinated Series 2024-CAR1 Class C |
| 30-day Average SOFR + 1.500% <br>12/26/2031<br>| &nbsp;&nbsp; 5.374% | 98365 | &nbsp;&nbsp; 98700 |
| College Ave Student Loans Trust<sup>(a)</sup>  | College Ave Student Loans Trust<sup>(a)</sup>  | College Ave Student Loans Trust<sup>(a)</sup>  | College Ave Student Loans Trust<sup>(a)</sup>  |
| Series 2024-A Class A1A | Series 2024-A Class A1A | Series 2024-A Class A1A | Series 2024-A Class A1A |
| 06/25/2054 | &nbsp;&nbsp; 5.510% | 3257069 | &nbsp;&nbsp; 3317626 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Dryden CLO Ltd.<sup>(a),(b)</sup>  | Dryden CLO Ltd.<sup>(a),(b)</sup>  | Dryden CLO Ltd.<sup>(a),(b)</sup>  | Dryden CLO Ltd.<sup>(a),(b)</sup>  |
| Series 2018-55A Class A1 | Series 2018-55A Class A1 | Series 2018-55A Class A1 | Series 2018-55A Class A1 |
| 3-month Term SOFR + 1.282% <br>Floor 1.020% <br>04/15/2031<br>| &nbsp;&nbsp; 5.186% | 324326 | &nbsp;&nbsp; 324558 |
| EDGEX Issuer Trust<sup>(a)</sup>  | EDGEX Issuer Trust<sup>(a)</sup>  | EDGEX Issuer Trust<sup>(a)</sup>  | EDGEX Issuer Trust<sup>(a)</sup>  |
| Series 2025-2NN Class A | Series 2025-2NN Class A | Series 2025-2NN Class A | Series 2025-2NN Class A |
| 01/15/2032 | &nbsp;&nbsp; 5.498% | 2131980 | &nbsp;&nbsp; 2135140 |
| Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
| Subordinated Series 2021-3A Class D | Subordinated Series 2021-3A Class D | Subordinated Series 2021-3A Class D | Subordinated Series 2021-3A Class D |
| 06/15/2027 | &nbsp;&nbsp; 1.550% | 1442007 | &nbsp;&nbsp; 1431968 |
| GMF Floorplan Owner Revolving Trust<sup>(a)</sup>  | GMF Floorplan Owner Revolving Trust<sup>(a)</sup>  | GMF Floorplan Owner Revolving Trust<sup>(a)</sup>  | GMF Floorplan Owner Revolving Trust<sup>(a)</sup>  |
| Series 2024-1A Class A1 | Series 2024-1A Class A1 | Series 2024-1A Class A1 | Series 2024-1A Class A1 |
| 03/15/2029 | &nbsp;&nbsp; 5.130% | 2675000 | &nbsp;&nbsp; 2715035 |
| Goldentree Loan Management US CLO Ltd.<sup>(a),(b)</sup>  | Goldentree Loan Management US CLO Ltd.<sup>(a),(b)</sup>  | Goldentree Loan Management US CLO Ltd.<sup>(a),(b)</sup>  | Goldentree Loan Management US CLO Ltd.<sup>(a),(b)</sup>  |
| Series 2021-10A Class AR | Series 2021-10A Class AR | Series 2021-10A Class AR | Series 2021-10A Class AR |
| 3-month Term SOFR + 1.350% <br>Floor 1.350% <br>10/20/2037<br>| &nbsp;&nbsp; 5.234% | 1425000 | &nbsp;&nbsp; 1427324 |
| GoldenTree Loan Management US CLO Ltd.<sup>(a),(b)</sup>  | GoldenTree Loan Management US CLO Ltd.<sup>(a),(b)</sup>  | GoldenTree Loan Management US CLO Ltd.<sup>(a),(b)</sup>  | GoldenTree Loan Management US CLO Ltd.<sup>(a),(b)</sup>  |
| Series 2024-19A Class A | Series 2024-19A Class A | Series 2024-19A Class A | Series 2024-19A Class A |
| 3-month Term SOFR + 1.500% <br>Floor 1.500% <br>04/20/2037<br>| &nbsp;&nbsp; 5.384% | 2750000 | &nbsp;&nbsp; 2753525 |
| GoodLeap Home Improvement Solutions Trust<sup>(a)</sup>  | GoodLeap Home Improvement Solutions Trust<sup>(a)</sup>  | GoodLeap Home Improvement Solutions Trust<sup>(a)</sup>  | GoodLeap Home Improvement Solutions Trust<sup>(a)</sup>  |
| Series 2024-1A Class A | Series 2024-1A Class A | Series 2024-1A Class A | Series 2024-1A Class A |
| 10/20/2046 | &nbsp;&nbsp; 5.350% | 1170951 | &nbsp;&nbsp; 1186018 |
| GreenSky Home Improvement Issuer Trust<sup>(a)</sup>  | GreenSky Home Improvement Issuer Trust<sup>(a)</sup>  | GreenSky Home Improvement Issuer Trust<sup>(a)</sup>  | GreenSky Home Improvement Issuer Trust<sup>(a)</sup>  |
| Series 2025-2A Class A4 | Series 2025-2A Class A4 | Series 2025-2A Class A4 | Series 2025-2A Class A4 |
| 06/25/2060 | &nbsp;&nbsp; 4.890% | 2721654 | &nbsp;&nbsp; 2737996 |
| Hilton Grand Vacations Trust<sup>(a)</sup>  | Hilton Grand Vacations Trust<sup>(a)</sup>  | Hilton Grand Vacations Trust<sup>(a)</sup>  | Hilton Grand Vacations Trust<sup>(a)</sup>  |
| Series 2019-AA Class A | Series 2019-AA Class A | Series 2019-AA Class A | Series 2019-AA Class A |
| 07/25/2033 | &nbsp;&nbsp; 2.340% | 123544 | &nbsp;&nbsp; 123107 |
| Lendbuzz Securitization Trust<sup>(a)</sup>  | Lendbuzz Securitization Trust<sup>(a)</sup>  | Lendbuzz Securitization Trust<sup>(a)</sup>  | Lendbuzz Securitization Trust<sup>(a)</sup>  |
| Series 2023-3A Class A2 | Series 2023-3A Class A2 | Series 2023-3A Class A2 | Series 2023-3A Class A2 |
| 12/15/2028 | &nbsp;&nbsp; 7.500% | 419973 | &nbsp;&nbsp; 427523 |
| Madison Park Funding XLII Ltd.<sup>(a),(b)</sup>  | Madison Park Funding XLII Ltd.<sup>(a),(b)</sup>  | Madison Park Funding XLII Ltd.<sup>(a),(b)</sup>  | Madison Park Funding XLII Ltd.<sup>(a),(b)</sup>  |
| Series 2013A Class AR2 | Series 2013A Class AR2 | Series 2013A Class AR2 | Series 2013A Class AR2 |
| 3-month Term SOFR + 0.920% <br>11/21/2030<br>| &nbsp;&nbsp; 4.780% | 2009088 | &nbsp;&nbsp; 2008091 |
| Madison Park Funding XXXIII Ltd.<sup>(a),(b)</sup>  | Madison Park Funding XXXIII Ltd.<sup>(a),(b)</sup>  | Madison Park Funding XXXIII Ltd.<sup>(a),(b)</sup>  | Madison Park Funding XXXIII Ltd.<sup>(a),(b)</sup>  |
| Series 2019-33A Class BR | Series 2019-33A Class BR | Series 2019-33A Class BR | Series 2019-33A Class BR |
| 3-month Term SOFR + 1.800% <br>Floor 1.800% <br>10/15/2032<br>| &nbsp;&nbsp; 6.118% | 3600000 | &nbsp;&nbsp; 3603841 |
| Marlette Funding Trust<sup>(a)</sup>  | Marlette Funding Trust<sup>(a)</sup>  | Marlette Funding Trust<sup>(a)</sup>  | Marlette Funding Trust<sup>(a)</sup>  |
| Subordinated Series 2024-1A Class B | Subordinated Series 2024-1A Class B | Subordinated Series 2024-1A Class B | Subordinated Series 2024-1A Class B |
| 07/17/2034 | &nbsp;&nbsp; 6.070% | 808962 | &nbsp;&nbsp; 812366 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Balanced Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| MMP Capital LLC<sup>(a)</sup>  | MMP Capital LLC<sup>(a)</sup>  | MMP Capital LLC<sup>(a)</sup>  | MMP Capital LLC<sup>(a)</sup>  |
| Series 2025-A Class A | Series 2025-A Class A | Series 2025-A Class A | Series 2025-A Class A |
| 12/15/2031 | &nbsp;&nbsp; 5.360% | 1323258 | &nbsp;&nbsp; 1333705 |
| MPOWER Education Trust<sup>(a)</sup>  | MPOWER Education Trust<sup>(a)</sup>  | MPOWER Education Trust<sup>(a)</sup>  | MPOWER Education Trust<sup>(a)</sup>  |
| Series 2024-A Class A | Series 2024-A Class A | Series 2024-A Class A | Series 2024-A Class A |
| 07/22/2041 | &nbsp;&nbsp; 6.780% | 525286 | &nbsp;&nbsp; 541913 |
| Series 2025-1 Class A | Series 2025-1 Class A | Series 2025-1 Class A | Series 2025-1 Class A |
| 12/22/2042 | &nbsp;&nbsp; 6.250% | 978928 | &nbsp;&nbsp; 981727 |
| NetCredit Combined Receivables LLC<sup>(a)</sup>  | NetCredit Combined Receivables LLC<sup>(a)</sup>  | NetCredit Combined Receivables LLC<sup>(a)</sup>  | NetCredit Combined Receivables LLC<sup>(a)</sup>  |
| Series 2024-A Class A | Series 2024-A Class A | Series 2024-A Class A | Series 2024-A Class A |
| 10/21/2030 | &nbsp;&nbsp; 7.430% | 10053 | &nbsp;&nbsp; 10062 |
| OHA Credit Funding Ltd.<sup>(a),(b)</sup>  | OHA Credit Funding Ltd.<sup>(a),(b)</sup>  | OHA Credit Funding Ltd.<sup>(a),(b)</sup>  | OHA Credit Funding Ltd.<sup>(a),(b)</sup>  |
| Series 2019-4A Class AR2 | Series 2019-4A Class AR2 | Series 2019-4A Class AR2 | Series 2019-4A Class AR2 |
| 3-month Term SOFR + 1.290% <br>Floor 1.290% <br>01/22/2038<br>| &nbsp;&nbsp; 5.147% | 1375000 | &nbsp;&nbsp; 1377384 |
| Series 2021-8A Class A1R | Series 2021-8A Class A1R | Series 2021-8A Class A1R | Series 2021-8A Class A1R |
| 3-month Term SOFR + 1.280% <br>Floor 1.280% <br>01/20/2038<br>| &nbsp;&nbsp; 5.164% | 650000 | &nbsp;&nbsp; 651520 |
| OHA Credit Partners XVII Ltd.<sup>(a),(b)</sup>  | OHA Credit Partners XVII Ltd.<sup>(a),(b)</sup>  | OHA Credit Partners XVII Ltd.<sup>(a),(b)</sup>  | OHA Credit Partners XVII Ltd.<sup>(a),(b)</sup>  |
| Series 2020-6A Class AR2 | Series 2020-6A Class AR2 | Series 2020-6A Class AR2 | Series 2020-6A Class AR2 |
| 3-month Term SOFR + 1.330% <br>Floor 1.330% <br>10/20/2037<br>| &nbsp;&nbsp; 5.214% | 2600000 | &nbsp;&nbsp; 2603432 |
| OneMain Financial Issuance Trust<sup>(a)</sup>  | OneMain Financial Issuance Trust<sup>(a)</sup>  | OneMain Financial Issuance Trust<sup>(a)</sup>  | OneMain Financial Issuance Trust<sup>(a)</sup>  |
| Series 2023-2A Class A1 | Series 2023-2A Class A1 | Series 2023-2A Class A1 | Series 2023-2A Class A1 |
| 09/15/2036 | &nbsp;&nbsp; 5.840% | 3625000 | &nbsp;&nbsp; 3696529 |
| Oportun Funding Trust<sup>(a)</sup>  | Oportun Funding Trust<sup>(a)</sup>  | Oportun Funding Trust<sup>(a)</sup>  | Oportun Funding Trust<sup>(a)</sup>  |
| Series 2024-3 Class A | Series 2024-3 Class A | Series 2024-3 Class A | Series 2024-3 Class A |
| 08/15/2029 | &nbsp;&nbsp; 5.260% | 18626 | &nbsp;&nbsp; 18634 |
| Pagaya AI Debt Grantor Trust<sup>(a)</sup>  | Pagaya AI Debt Grantor Trust<sup>(a)</sup>  | Pagaya AI Debt Grantor Trust<sup>(a)</sup>  | Pagaya AI Debt Grantor Trust<sup>(a)</sup>  |
| Series 2024-5 Class A | Series 2024-5 Class A | Series 2024-5 Class A | Series 2024-5 Class A |
| 10/15/2031 | &nbsp;&nbsp; 6.278% | 269582 | &nbsp;&nbsp; 271349 |
| Series 2024-6 Class A | Series 2024-6 Class A | Series 2024-6 Class A | Series 2024-6 Class A |
| 11/15/2031 | &nbsp;&nbsp; 6.093% | 264524 | &nbsp;&nbsp; 266076 |
| Series 2025-5 Class B | Series 2025-5 Class B | Series 2025-5 Class B | Series 2025-5 Class B |
| 03/15/2033 | &nbsp;&nbsp; 5.440% | 1999923 | &nbsp;&nbsp; 2012201 |
| Series 2025-6 Class B | Series 2025-6 Class B | Series 2025-6 Class B | Series 2025-6 Class B |
| 04/15/2033 | &nbsp;&nbsp; 4.883% | 1650000 | &nbsp;&nbsp; 1643770 |
| Series 2025-R2 Class A | Series 2025-R2 Class A | Series 2025-R2 Class A | Series 2025-R2 Class A |
| 10/15/2032 | &nbsp;&nbsp; 4.865% | 1835636 | &nbsp;&nbsp; 1842019 |
| Series 2025-R3 Class A | Series 2025-R3 Class A | Series 2025-R3 Class A | Series 2025-R3 Class A |
| 01/18/2033 | &nbsp;&nbsp; 4.841% | 1068109 | &nbsp;&nbsp; 1069392 |
| Pagaya AI Debt Selection Trust<sup>(a)</sup>  | Pagaya AI Debt Selection Trust<sup>(a)</sup>  | Pagaya AI Debt Selection Trust<sup>(a)</sup>  | Pagaya AI Debt Selection Trust<sup>(a)</sup>  |
| Series 2024-7 Class A | Series 2024-7 Class A | Series 2024-7 Class A | Series 2024-7 Class A |
| 12/15/2031 | &nbsp;&nbsp; 6.117% | 1197351 | &nbsp;&nbsp; 1204554 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Subordinated Series 2024-7 Class B | Subordinated Series 2024-7 Class B | Subordinated Series 2024-7 Class B | Subordinated Series 2024-7 Class B |
| 12/15/2031 | &nbsp;&nbsp; 6.574% | 1406491 | &nbsp;&nbsp; 1415782 |
| Pagaya AI Debt Trust<sup>(a)</sup>  | Pagaya AI Debt Trust<sup>(a)</sup>  | Pagaya AI Debt Trust<sup>(a)</sup>  | Pagaya AI Debt Trust<sup>(a)</sup>  |
| Series 2023-8 Class A | Series 2023-8 Class A | Series 2023-8 Class A | Series 2023-8 Class A |
| 06/16/2031 | &nbsp;&nbsp; 7.299% | 57995 | &nbsp;&nbsp; 58743 |
| Series 2024-1 Class A | Series 2024-1 Class A | Series 2024-1 Class A | Series 2024-1 Class A |
| 07/15/2031 | &nbsp;&nbsp; 6.660% | 129955 | &nbsp;&nbsp; 131121 |
| Series 2024-2 Class A | Series 2024-2 Class A | Series 2024-2 Class A | Series 2024-2 Class A |
| 08/15/2031 | &nbsp;&nbsp; 6.319% | 155509 | &nbsp;&nbsp; 156230 |
| Series 2024-3 Class A | Series 2024-3 Class A | Series 2024-3 Class A | Series 2024-3 Class A |
| 10/15/2031 | &nbsp;&nbsp; 6.258% | 919713 | &nbsp;&nbsp; 925135 |
| Pagaya Point of Sale Holdings Grantor Trust<sup>(a)</sup>  | Pagaya Point of Sale Holdings Grantor Trust<sup>(a)</sup>  | Pagaya Point of Sale Holdings Grantor Trust<sup>(a)</sup>  | Pagaya Point of Sale Holdings Grantor Trust<sup>(a)</sup>  |
| Series 2025-2 Class A | Series 2025-2 Class A | Series 2025-2 Class A | Series 2025-2 Class A |
| 07/20/2033 | &nbsp;&nbsp; 5.065% | 1300000 | &nbsp;&nbsp; 1304270 |
| Prestige Auto Receivables Trust<sup>(a)</sup>  | Prestige Auto Receivables Trust<sup>(a)</sup>  | Prestige Auto Receivables Trust<sup>(a)</sup>  | Prestige Auto Receivables Trust<sup>(a)</sup>  |
| Subordinated Series 2024-1A Class B | Subordinated Series 2024-1A Class B | Subordinated Series 2024-1A Class B | Subordinated Series 2024-1A Class B |
| 05/15/2028 | &nbsp;&nbsp; 5.710% | 414799 | &nbsp;&nbsp; 415124 |
| Subordinated Series 2024-1A Class C | Subordinated Series 2024-1A Class C | Subordinated Series 2024-1A Class C | Subordinated Series 2024-1A Class C |
| 03/15/2029 | &nbsp;&nbsp; 5.730% | 1125000 | &nbsp;&nbsp; 1128165 |
| Reach ABS Trust<sup>(a)</sup>  | Reach ABS Trust<sup>(a)</sup>  | Reach ABS Trust<sup>(a)</sup>  | Reach ABS Trust<sup>(a)</sup>  |
| Series 2025-1A Class A | Series 2025-1A Class A | Series 2025-1A Class A | Series 2025-1A Class A |
| 08/16/2032 | &nbsp;&nbsp; 4.960% | 423012 | &nbsp;&nbsp; 424270 |
| Research-Driven Pagaya Motor Asset Trust IV<sup>(a)</sup>  | Research-Driven Pagaya Motor Asset Trust IV<sup>(a)</sup>  | Research-Driven Pagaya Motor Asset Trust IV<sup>(a)</sup>  | Research-Driven Pagaya Motor Asset Trust IV<sup>(a)</sup>  |
| Series 2021-2A Class A | Series 2021-2A Class A | Series 2021-2A Class A | Series 2021-2A Class A |
| 03/25/2030 | &nbsp;&nbsp; 2.650% | 171540 | &nbsp;&nbsp; 170413 |
| Research-Driven Pagaya Motor Trust<sup>(a)</sup>  | Research-Driven Pagaya Motor Trust<sup>(a)</sup>  | Research-Driven Pagaya Motor Trust<sup>(a)</sup>  | Research-Driven Pagaya Motor Trust<sup>(a)</sup>  |
| Series 2024-1A Class A | Series 2024-1A Class A | Series 2024-1A Class A | Series 2024-1A Class A |
| 06/25/2032 | &nbsp;&nbsp; 7.090% | 184413 | &nbsp;&nbsp; 185243 |
| SBNA Auto Lease Trust<sup>(a)</sup>  | SBNA Auto Lease Trust<sup>(a)</sup>  | SBNA Auto Lease Trust<sup>(a)</sup>  | SBNA Auto Lease Trust<sup>(a)</sup>  |
| Series 2023-A Class A3 | Series 2023-A Class A3 | Series 2023-A Class A3 | Series 2023-A Class A3 |
| 04/20/2027 | &nbsp;&nbsp; 6.510% | 601162 | &nbsp;&nbsp; 603238 |
| Series 2024-A Class A4 | Series 2024-A Class A4 | Series 2024-A Class A4 | Series 2024-A Class A4 |
| 01/22/2029 | &nbsp;&nbsp; 5.240% | 1300000 | &nbsp;&nbsp; 1305368 |
| Upgrade Master Pass-Thru Trust<sup>(a)</sup>  | Upgrade Master Pass-Thru Trust<sup>(a)</sup>  | Upgrade Master Pass-Thru Trust<sup>(a)</sup>  | Upgrade Master Pass-Thru Trust<sup>(a)</sup>  |
| Series 2025-ST4 Class A | Series 2025-ST4 Class A | Series 2025-ST4 Class A | Series 2025-ST4 Class A |
| 08/16/2032 | &nbsp;&nbsp; 5.495% | 830633 | &nbsp;&nbsp; 835020 |
| Upgrade Master Pass-Thru Trust Series<sup>(a)</sup>  | Upgrade Master Pass-Thru Trust Series<sup>(a)</sup>  | Upgrade Master Pass-Thru Trust Series<sup>(a)</sup>  | Upgrade Master Pass-Thru Trust Series<sup>(a)</sup>  |
| Series 2025-ST8 Class A | Series 2025-ST8 Class A | Series 2025-ST8 Class A | Series 2025-ST8 Class A |
| 12/15/2033 | &nbsp;&nbsp; 4.618% | 1106475 | &nbsp;&nbsp; 1107768 |
| Upgrade Receivables Trust<sup>(a)</sup>  | Upgrade Receivables Trust<sup>(a)</sup>  | Upgrade Receivables Trust<sup>(a)</sup>  | Upgrade Receivables Trust<sup>(a)</sup>  |
| Series 2024-1 Class A | Series 2024-1 Class A | Series 2024-1 Class A | Series 2024-1 Class A |
| 02/18/2031 | &nbsp;&nbsp; 5.370% | 20160 | &nbsp;&nbsp; 20165 |
| Upstart Securitization Trust<sup>(a)</sup>  | Upstart Securitization Trust<sup>(a)</sup>  | Upstart Securitization Trust<sup>(a)</sup>  | Upstart Securitization Trust<sup>(a)</sup>  |
| Series 2024-1 Class A | Series 2024-1 Class A | Series 2024-1 Class A | Series 2024-1 Class A |
| 11/20/2034 | &nbsp;&nbsp; 5.330% | 222668 | &nbsp;&nbsp; 222560 |
| Series 2025-3 Class A1 | Series 2025-3 Class A1 | Series 2025-3 Class A1 | Series 2025-3 Class A1 |
| 08/20/2026 | &nbsp;&nbsp; 4.503% | 336036 | &nbsp;&nbsp; 336185 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Balanced Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Verizon Master Trust | Verizon Master Trust | Verizon Master Trust | Verizon Master Trust |
| Series 2024-8 Class B | Series 2024-8 Class B | Series 2024-8 Class B | Series 2024-8 Class B |
| 11/20/2030 | &nbsp;&nbsp; 4.820% | 1650000 | &nbsp;&nbsp; 1674573 |
| Westlake Flooring Master Trust<sup>(a)</sup>  | Westlake Flooring Master Trust<sup>(a)</sup>  | Westlake Flooring Master Trust<sup>(a)</sup>  | Westlake Flooring Master Trust<sup>(a)</sup>  |
| Series 2024-1A Class A | Series 2024-1A Class A | Series 2024-1A Class A | Series 2024-1A Class A |
| 02/15/2028 | &nbsp;&nbsp; 5.430% | 825000 | &nbsp;&nbsp; 826319 |
| Total Asset-Backed Securities — Non-Agency <br>(Cost $75,836,681) | Total Asset-Backed Securities — Non-Agency <br>(Cost $75,836,681) | Total Asset-Backed Securities — Non-Agency <br>(Cost $75,836,681) | &nbsp;&nbsp; **76383273** |
| **Commercial Mortgage-Backed Securities - Non-Agency 1.6%** | **Commercial Mortgage-Backed Securities - Non-Agency 1.6%** | **Commercial Mortgage-Backed Securities - Non-Agency 1.6%** | **Commercial Mortgage-Backed Securities - Non-Agency 1.6%** |
| BX Mortgage Trust<sup>(a),(b)</sup>  | BX Mortgage Trust<sup>(a),(b)</sup>  | BX Mortgage Trust<sup>(a),(b)</sup>  | BX Mortgage Trust<sup>(a),(b)</sup>  |
| Series 2021-PAC Class D | Series 2021-PAC Class D | Series 2021-PAC Class D | Series 2021-PAC Class D |
| 1-month Term SOFR + 1.412% <br>Floor 1.298% <br>10/15/2036<br>| &nbsp;&nbsp; 5.163% | 2175000 | &nbsp;&nbsp; 2164272 |
| BX Trust<sup>(a)</sup>  | BX Trust<sup>(a)</sup>  | BX Trust<sup>(a)</sup>  | BX Trust<sup>(a)</sup>  |
| Series 2023-LIFE Class A | Series 2023-LIFE Class A | Series 2023-LIFE Class A | Series 2023-LIFE Class A |
| 02/15/2028 | &nbsp;&nbsp; 5.045% | 1175000 | &nbsp;&nbsp; 1165573 |
| COMM Mortgage Trust<sup>(a)</sup>  | COMM Mortgage Trust<sup>(a)</sup>  | COMM Mortgage Trust<sup>(a)</sup>  | COMM Mortgage Trust<sup>(a)</sup>  |
| Subordinated Series 2020-CX Class B | Subordinated Series 2020-CX Class B | Subordinated Series 2020-CX Class B | Subordinated Series 2020-CX Class B |
| 11/10/2046 | &nbsp;&nbsp; 2.446% | 525000 | &nbsp;&nbsp; 438921 |
| GS Mortgage Securities Corp. II<sup>(a),(c)</sup>  | GS Mortgage Securities Corp. II<sup>(a),(c)</sup>  | GS Mortgage Securities Corp. II<sup>(a),(c)</sup>  | GS Mortgage Securities Corp. II<sup>(a),(c)</sup>  |
| Series 2023-SHIP Class A | Series 2023-SHIP Class A | Series 2023-SHIP Class A | Series 2023-SHIP Class A |
| 09/10/2038 | &nbsp;&nbsp; 4.322% | 1125000 | &nbsp;&nbsp; 1123517 |
| GS Mortgage Securities Corp. Trust<sup>(a)</sup>  | GS Mortgage Securities Corp. Trust<sup>(a)</sup>  | GS Mortgage Securities Corp. Trust<sup>(a)</sup>  | GS Mortgage Securities Corp. Trust<sup>(a)</sup>  |
| Series 2017-485L Class A | Series 2017-485L Class A | Series 2017-485L Class A | Series 2017-485L Class A |
| 02/10/2037 | &nbsp;&nbsp; 3.721% | 625000 | &nbsp;&nbsp; 611483 |
| Home Partners of America Trust<sup>(a)</sup>  | Home Partners of America Trust<sup>(a)</sup>  | Home Partners of America Trust<sup>(a)</sup>  | Home Partners of America Trust<sup>(a)</sup>  |
| Subordinated Series 2019-2 Class D | Subordinated Series 2019-2 Class D | Subordinated Series 2019-2 Class D | Subordinated Series 2019-2 Class D |
| 10/19/2039 | &nbsp;&nbsp; 3.121% | 1030332 | &nbsp;&nbsp; 1002091 |
| Subordinated Series 2021-2 Class B | Subordinated Series 2021-2 Class B | Subordinated Series 2021-2 Class B | Subordinated Series 2021-2 Class B |
| 12/17/2026 | &nbsp;&nbsp; 2.302% | 6236722 | &nbsp;&nbsp; 6110206 |
| Morgan Stanley Bank of America Merrill Lynch Trust | Morgan Stanley Bank of America Merrill Lynch Trust | Morgan Stanley Bank of America Merrill Lynch Trust | Morgan Stanley Bank of America Merrill Lynch Trust |
| Series 2017-C34 Class A3 | Series 2017-C34 Class A3 | Series 2017-C34 Class A3 | Series 2017-C34 Class A3 |
| 11/15/2052 | &nbsp;&nbsp; 3.276% | 2250000 | &nbsp;&nbsp; 2216327 |
| One New York Plaza Trust<sup>(a),(b)</sup>  | One New York Plaza Trust<sup>(a),(b)</sup>  | One New York Plaza Trust<sup>(a),(b)</sup>  | One New York Plaza Trust<sup>(a),(b)</sup>  |
| Subordinated Series 2020-1NYP Class C | Subordinated Series 2020-1NYP Class C | Subordinated Series 2020-1NYP Class C | Subordinated Series 2020-1NYP Class C |
| 1-month Term SOFR + 2.314% <br>Floor 2.200% <br>01/15/2036<br>| &nbsp;&nbsp; 6.065% | 1100000 | &nbsp;&nbsp; 1054665 |
| Subordinated Series 2020-1NYP Class D | Subordinated Series 2020-1NYP Class D | Subordinated Series 2020-1NYP Class D | Subordinated Series 2020-1NYP Class D |
| 1-month Term SOFR + 2.864% <br>Floor 2.750% <br>01/15/2036<br>| &nbsp;&nbsp; 6.615% | 425000 | &nbsp;&nbsp; 401246 |
| Progress Residential Trust<sup>(a)</sup>  | Progress Residential Trust<sup>(a)</sup>  | Progress Residential Trust<sup>(a)</sup>  | Progress Residential Trust<sup>(a)</sup>  |
| Series 2024-SFR1 Class A | Series 2024-SFR1 Class A | Series 2024-SFR1 Class A | Series 2024-SFR1 Class A |
| 02/17/2041 | &nbsp;&nbsp; 3.350% | 1531936 | &nbsp;&nbsp; 1486166 |
| Subordinated Series 2021-SFR8 Class D | Subordinated Series 2021-SFR8 Class D | Subordinated Series 2021-SFR8 Class D | Subordinated Series 2021-SFR8 Class D |
| 10/17/2038 | &nbsp;&nbsp; 2.082% | 1830000 | &nbsp;&nbsp; 1797195 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Commercial Mortgage-Backed Securities - Non-Agency (continued)** | **Commercial Mortgage-Backed Securities - Non-Agency (continued)** | **Commercial Mortgage-Backed Securities - Non-Agency (continued)** | **Commercial Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| SPGN TFLM Mortgage Trust<sup>(a),(b)</sup>  | SPGN TFLM Mortgage Trust<sup>(a),(b)</sup>  | SPGN TFLM Mortgage Trust<sup>(a),(b)</sup>  | SPGN TFLM Mortgage Trust<sup>(a),(b)</sup>  |
| Series 2022 Class A | Series 2022 Class A | Series 2022 Class A | Series 2022 Class A |
| 1-month Term SOFR + 1.550% <br>Floor 1.550% <br>02/15/2039<br>| &nbsp;&nbsp; 5.300% | 3325000 | &nbsp;&nbsp; 3318090 |
| STAR Trust<sup>(a),(b)</sup>  | STAR Trust<sup>(a),(b)</sup>  | STAR Trust<sup>(a),(b)</sup>  | STAR Trust<sup>(a),(b)</sup>  |
| Subordinated Series 2022-SFR3 Class B | Subordinated Series 2022-SFR3 Class B | Subordinated Series 2022-SFR3 Class B | Subordinated Series 2022-SFR3 Class B |
| 1-month Term SOFR + 1.950% <br>Floor 1.950% <br>05/17/2039<br>| &nbsp;&nbsp; 5.909% | 1900000 | &nbsp;&nbsp; 1901580 |
| Tricon American Homes<sup>(a)</sup>  | Tricon American Homes<sup>(a)</sup>  | Tricon American Homes<sup>(a)</sup>  | Tricon American Homes<sup>(a)</sup>  |
| Series 2020-SFR1 Class C | Series 2020-SFR1 Class C | Series 2020-SFR1 Class C | Series 2020-SFR1 Class C |
| 07/17/2038 | &nbsp;&nbsp; 2.249% | 650000 | &nbsp;&nbsp; 641255 |
| Tricon American Homes Trust<sup>(a)</sup>  | Tricon American Homes Trust<sup>(a)</sup>  | Tricon American Homes Trust<sup>(a)</sup>  | Tricon American Homes Trust<sup>(a)</sup>  |
| Subordinated Series 2020-SFR2 Class D | Subordinated Series 2020-SFR2 Class D | Subordinated Series 2020-SFR2 Class D | Subordinated Series 2020-SFR2 Class D |
| 11/17/2039 | &nbsp;&nbsp; 2.281% | 1075000 | &nbsp;&nbsp; 1021944 |
| Total Commercial Mortgage-Backed Securities - Non-Agency <br>(Cost $27,091,244) | Total Commercial Mortgage-Backed Securities - Non-Agency <br>(Cost $27,091,244) | Total Commercial Mortgage-Backed Securities - Non-Agency <br>(Cost $27,091,244) | &nbsp;&nbsp; **26454531** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Common Stocks 61.0%** | **Common Stocks 61.0%** | **Common Stocks 61.0%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Communication Services 8.1%** | **Communication Services 8.1%** | **Communication Services 8.1%** |
| **Diversified Telecommunication Services 0.7%** | **Diversified Telecommunication Services 0.7%** | **Diversified Telecommunication Services 0.7%** |
| Verizon Communications, Inc. | &nbsp;&nbsp; 290624 | &nbsp;&nbsp; 11837116 |
| **Entertainment 1.6%** | **Entertainment 1.6%** | **Entertainment 1.6%** |
| Netflix, Inc.<sup>(d)</sup> <br>| &nbsp;&nbsp; 33326 | &nbsp;&nbsp; 3124646 |
| Take-Two Interactive Software, Inc.<sup>(d)</sup> <br>| &nbsp;&nbsp; 19428 | &nbsp;&nbsp; 4974151 |
| Walt Disney Co. (The) | &nbsp;&nbsp; 164713 | &nbsp;&nbsp; 18739398 |
| Total |  | &nbsp;&nbsp; 26838195 |
| **Interactive Media & Services 5.5%** | **Interactive Media & Services 5.5%** | **Interactive Media & Services 5.5%** |
| Alphabet, Inc., Class A | &nbsp;&nbsp; 110269 | &nbsp;&nbsp; 34514197 |
| Alphabet, Inc., Class C | &nbsp;&nbsp; 97292 | &nbsp;&nbsp; 30530229 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp; 37688 | &nbsp;&nbsp; 24877472 |
| Pinterest, Inc., Class A<sup>(d)</sup> <br>| &nbsp;&nbsp; 118183 | &nbsp;&nbsp; 3059758 |
| Total |  | &nbsp;&nbsp; 92981656 |
| **Wireless Telecommunication Services 0.3%** | **Wireless Telecommunication Services 0.3%** | **Wireless Telecommunication Services 0.3%** |
| T-Mobile US, Inc. | &nbsp;&nbsp; 20405 | &nbsp;&nbsp; 4143031 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **135799998** |
| **Consumer Discretionary 5.8%** | **Consumer Discretionary 5.8%** | **Consumer Discretionary 5.8%** |
| **Automobiles 0.8%** | **Automobiles 0.8%** | **Automobiles 0.8%** |
| Tesla, Inc.<sup>(d)</sup> <br>| &nbsp;&nbsp; 31257 | &nbsp;&nbsp; 14056898 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Balanced Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Broadline Retail 3.4%** | **Broadline Retail 3.4%** | **Broadline Retail 3.4%** |
| Amazon.com, Inc.<sup>(d)</sup> <br>| &nbsp;&nbsp; 207820 | &nbsp;&nbsp; 47969012 |
| eBay, Inc. | &nbsp;&nbsp; 112451 | &nbsp;&nbsp; 9794482 |
| Total |  | &nbsp;&nbsp; 57763494 |
| **Hotels, Restaurants & Leisure 1.0%** | **Hotels, Restaurants & Leisure 1.0%** | **Hotels, Restaurants & Leisure 1.0%** |
| DoorDash, Inc., Class A<sup>(d)</sup> <br>| &nbsp;&nbsp; 24903 | &nbsp;&nbsp; 5640031 |
| DraftKings, Inc., Class A<sup>(d)</sup> <br>| &nbsp;&nbsp; 61395 | &nbsp;&nbsp; 2115672 |
| Starbucks Corp. | &nbsp;&nbsp; 95542 | &nbsp;&nbsp; 8045592 |
| Total |  | &nbsp;&nbsp; 15801295 |
| **Household Durables 0.2%** | **Household Durables 0.2%** | **Household Durables 0.2%** |
| PulteGroup, Inc. | &nbsp;&nbsp; 33127 | &nbsp;&nbsp; 3884472 |
| **Textiles, Apparel & Luxury Goods 0.4%** | **Textiles, Apparel & Luxury Goods 0.4%** | **Textiles, Apparel & Luxury Goods 0.4%** |
| NIKE, Inc., Class B | &nbsp;&nbsp; 31042 | &nbsp;&nbsp; 1977686 |
| Tapestry, Inc. | &nbsp;&nbsp; 31731 | &nbsp;&nbsp; 4054270 |
| Total |  | &nbsp;&nbsp; 6031956 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **97538115** |
| **Consumer Staples 1.3%** | **Consumer Staples 1.3%** | **Consumer Staples 1.3%** |
| **Beverages 0.6%** | **Beverages 0.6%** | **Beverages 0.6%** |
| PepsiCo, Inc. | &nbsp;&nbsp; 76531 | &nbsp;&nbsp; 10983729 |
| **Consumer Staples Distribution & Retail 0.7%** | **Consumer Staples Distribution & Retail 0.7%** | **Consumer Staples Distribution & Retail 0.7%** |
| Walmart, Inc. | &nbsp;&nbsp; 102862 | &nbsp;&nbsp; 11459856 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **22443585** |
| **Energy 1.9%** | **Energy 1.9%** | **Energy 1.9%** |
| **Oil, Gas & Consumable Fuels 1.9%** | **Oil, Gas & Consumable Fuels 1.9%** | **Oil, Gas & Consumable Fuels 1.9%** |
| Chevron Corp. | &nbsp;&nbsp; 86849 | &nbsp;&nbsp; 13236656 |
| ConocoPhillips Co. | &nbsp;&nbsp; 117232 | &nbsp;&nbsp; 10974087 |
| EOG Resources, Inc. | &nbsp;&nbsp; 78777 | &nbsp;&nbsp; 8272373 |
| Total |  | &nbsp;&nbsp; 32483116 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **32483116** |
| **Financials 9.4%** | **Financials 9.4%** | **Financials 9.4%** |
| **Banks 3.5%** | **Banks 3.5%** | **Banks 3.5%** |
| Bank of America Corp. | &nbsp;&nbsp; 411833 | &nbsp;&nbsp; 22650815 |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 60976 | &nbsp;&nbsp; 19647687 |
| Wells Fargo & Co. | &nbsp;&nbsp; 176590 | &nbsp;&nbsp; 16458188 |
| Total |  | &nbsp;&nbsp; 58756690 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Capital Markets 2.6%** | **Capital Markets 2.6%** | **Capital Markets 2.6%** |
| Blackrock, Inc. | &nbsp;&nbsp; 15237 | &nbsp;&nbsp; 16308771 |
| Charles Schwab Corp. (The) | &nbsp;&nbsp; 54808 | &nbsp;&nbsp; 5475867 |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp; 25417 | &nbsp;&nbsp; 4116538 |
| Morgan Stanley | &nbsp;&nbsp; 63887 | &nbsp;&nbsp; 11341859 |
| S&P Global, Inc. | &nbsp;&nbsp; 12719 | &nbsp;&nbsp; 6646822 |
| Total |  | &nbsp;&nbsp; 43889857 |
| **Consumer Finance 0.5%** | **Consumer Finance 0.5%** | **Consumer Finance 0.5%** |
| American Express Co. | &nbsp;&nbsp; 20893 | &nbsp;&nbsp; 7729365 |
| **Financial Services 2.2%** | **Financial Services 2.2%** | **Financial Services 2.2%** |
| Block, Inc., Class A<sup>(d)</sup> <br>| &nbsp;&nbsp; 89316 | &nbsp;&nbsp; 5813578 |
| MasterCard, Inc., Class A | &nbsp;&nbsp; 18796 | &nbsp;&nbsp; 10730261 |
| Visa, Inc., Class A | &nbsp;&nbsp; 57664 | &nbsp;&nbsp; 20223341 |
| Total |  | &nbsp;&nbsp; 36767180 |
| **Insurance 0.6%** | **Insurance 0.6%** | **Insurance 0.6%** |
| Aon PLC, Class A | &nbsp;&nbsp; 28517 | &nbsp;&nbsp; 10063079 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **157206171** |
| **Health Care 6.5%** | **Health Care 6.5%** | **Health Care 6.5%** |
| **Biotechnology 1.4%** | **Biotechnology 1.4%** | **Biotechnology 1.4%** |
| AbbVie, Inc. | &nbsp;&nbsp; 47099 | &nbsp;&nbsp; 10761650 |
| Vertex Pharmaceuticals, Inc.<sup>(d)</sup> <br>| &nbsp;&nbsp; 29394 | &nbsp;&nbsp; 13326064 |
| Total |  | &nbsp;&nbsp; 24087714 |
| **Health Care Equipment & Supplies 1.8%** | **Health Care Equipment & Supplies 1.8%** | **Health Care Equipment & Supplies 1.8%** |
| Abbott Laboratories | &nbsp;&nbsp; 92308 | &nbsp;&nbsp; 11565269 |
| Becton Dickinson & Co. | &nbsp;&nbsp; 37347 | &nbsp;&nbsp; 7247932 |
| Boston Scientific Corp.<sup>(d)</sup> <br>| &nbsp;&nbsp; 61845 | &nbsp;&nbsp; 5896921 |
| Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp; 58177 | &nbsp;&nbsp; 5231276 |
| Total |  | &nbsp;&nbsp; 29941398 |
| **Health Care Providers & Services 0.7%** | **Health Care Providers & Services 0.7%** | **Health Care Providers & Services 0.7%** |
| Cigna Group (The) | &nbsp;&nbsp; 19871 | &nbsp;&nbsp; 5469095 |
| Henry Schein, Inc.<sup>(d)</sup> <br>| &nbsp;&nbsp; 77603 | &nbsp;&nbsp; 5865235 |
| Total |  | &nbsp;&nbsp; 11334330 |
| **Life Sciences Tools & Services 1.0%** | **Life Sciences Tools & Services 1.0%** | **Life Sciences Tools & Services 1.0%** |
| Agilent Technologies, Inc. | &nbsp;&nbsp; 34896 | &nbsp;&nbsp; 4748299 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp; 19973 | &nbsp;&nbsp; 11573355 |
| Total |  | &nbsp;&nbsp; 16321654 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Balanced Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Pharmaceuticals 1.6%** | **Pharmaceuticals 1.6%** | **Pharmaceuticals 1.6%** |
| Eli Lilly & Co. | &nbsp;&nbsp; 25953 | &nbsp;&nbsp; 27891170 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **109576266** |
| **Industrials 4.7%** | **Industrials 4.7%** | **Industrials 4.7%** |
| **Aerospace & Defense 1.2%** | **Aerospace & Defense 1.2%** | **Aerospace & Defense 1.2%** |
| Boeing Co. (The)<sup>(d)</sup> <br>| &nbsp;&nbsp; 57122 | &nbsp;&nbsp; 12402329 |
| General Electric Co. | &nbsp;&nbsp; 7318 | &nbsp;&nbsp; 2254163 |
| RTX Corp. | &nbsp;&nbsp; 27773 | &nbsp;&nbsp; 5093568 |
| Total |  | &nbsp;&nbsp; 19750060 |
| **Building Products 0.3%** | **Building Products 0.3%** | **Building Products 0.3%** |
| Carrier Global Corp. | &nbsp;&nbsp; 91824 | &nbsp;&nbsp; 4851980 |
| **Commercial Services & Supplies 0.3%** | **Commercial Services & Supplies 0.3%** | **Commercial Services & Supplies 0.3%** |
| Waste Management, Inc. | &nbsp;&nbsp; 26346 | &nbsp;&nbsp; 5788480 |
| **Electrical Equipment 0.4%** | **Electrical Equipment 0.4%** | **Electrical Equipment 0.4%** |
| Eaton Corp. PLC | &nbsp;&nbsp; 10601 | &nbsp;&nbsp; 3376524 |
| GE Vernova, Inc. | &nbsp;&nbsp; 4528 | &nbsp;&nbsp; 2959365 |
| Total |  | &nbsp;&nbsp; 6335889 |
| **Ground Transportation 0.2%** | **Ground Transportation 0.2%** | **Ground Transportation 0.2%** |
| Uber Technologies, Inc.<sup>(d)</sup> <br>| &nbsp;&nbsp; 32822 | &nbsp;&nbsp; 2681886 |
| **Industrial Conglomerates 1.1%** | **Industrial Conglomerates 1.1%** | **Industrial Conglomerates 1.1%** |
| Honeywell International, Inc. | &nbsp;&nbsp; 92494 | &nbsp;&nbsp; 18044654 |
| **Machinery 0.8%** | **Machinery 0.8%** | **Machinery 0.8%** |
| PACCAR, Inc. | &nbsp;&nbsp; 36549 | &nbsp;&nbsp; 4002481 |
| Parker-Hannifin Corp. | &nbsp;&nbsp; 4799 | &nbsp;&nbsp; 4218129 |
| Stanley Black & Decker, Inc. | &nbsp;&nbsp; 79309 | &nbsp;&nbsp; 5891073 |
| Total |  | &nbsp;&nbsp; 14111683 |
| **Professional Services 0.4%** | **Professional Services 0.4%** | **Professional Services 0.4%** |
| Jacobs Solutions, Inc. | &nbsp;&nbsp; 51939 | &nbsp;&nbsp; 6879840 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **78444472** |
| **Information Technology 21.4%** | **Information Technology 21.4%** | **Information Technology 21.4%** |
| **Electronic Equipment, Instruments & Components 0.7%** | **Electronic Equipment, Instruments & Components 0.7%** | **Electronic Equipment, Instruments & Components 0.7%** |
| TE Connectivity PLC | &nbsp;&nbsp; 51714 | &nbsp;&nbsp; 11765452 |
| **IT Services 0.5%** | **IT Services 0.5%** | **IT Services 0.5%** |
| Okta, Inc.<sup>(d)</sup> <br>| &nbsp;&nbsp; 96466 | &nbsp;&nbsp; 8341415 |
| **Semiconductors & Semiconductor Equipment 8.9%** | **Semiconductors & Semiconductor Equipment 8.9%** | **Semiconductors & Semiconductor Equipment 8.9%** |
| Applied Materials, Inc. | &nbsp;&nbsp; 35977 | &nbsp;&nbsp; 9245729 |
| Broadcom, Inc. | &nbsp;&nbsp; 79537 | &nbsp;&nbsp; 27527756 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| Lam Research Corp. | &nbsp;&nbsp; 43997 | &nbsp;&nbsp; 7531406 |
| Marvell Technology, Inc. | &nbsp;&nbsp; 49249 | &nbsp;&nbsp; 4185180 |
| NVIDIA Corp. | &nbsp;&nbsp; 463255 | &nbsp;&nbsp; 86397058 |
| Texas Instruments, Inc. | &nbsp;&nbsp; 80481 | &nbsp;&nbsp; 13962649 |
| Total |  | &nbsp;&nbsp; 148849778 |
| **Software 7.0%** | **Software 7.0%** | **Software 7.0%** |
| Atlassian Corp., Class A<sup>(d)</sup> <br>| &nbsp;&nbsp; 32432 | &nbsp;&nbsp; 5258524 |
| Intuit, Inc. | &nbsp;&nbsp; 21585 | &nbsp;&nbsp; 14298336 |
| Microsoft Corp. | &nbsp;&nbsp; 158425 | &nbsp;&nbsp; 76617498 |
| Palo Alto Networks, Inc.<sup>(d)</sup> <br>| &nbsp;&nbsp; 22268 | &nbsp;&nbsp; 4101766 |
| Salesforce, Inc. | &nbsp;&nbsp; 35854 | &nbsp;&nbsp; 9498083 |
| Synopsys, Inc.<sup>(d)</sup> <br>| &nbsp;&nbsp; 17176 | &nbsp;&nbsp; 8067911 |
| Total |  | &nbsp;&nbsp; 117842118 |
| **Technology Hardware, Storage & Peripherals 4.3%** | **Technology Hardware, Storage & Peripherals 4.3%** | **Technology Hardware, Storage & Peripherals 4.3%** |
| Apple, Inc. | &nbsp;&nbsp; 240448 | &nbsp;&nbsp; 65368193 |
| Dell Technologies, Inc. | &nbsp;&nbsp; 53528 | &nbsp;&nbsp; 6738105 |
| Total |  | &nbsp;&nbsp; 72106298 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **358905061** |
| **Materials 0.2%** | **Materials 0.2%** | **Materials 0.2%** |
| **Chemicals 0.2%** | **Chemicals 0.2%** | **Chemicals 0.2%** |
| International Flavors & Fragrances, Inc. | &nbsp;&nbsp; 58948 | &nbsp;&nbsp; 3972506 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **3972506** |
| **Real Estate 0.5%** | **Real Estate 0.5%** | **Real Estate 0.5%** |
| **Specialized REITs 0.5%** | **Specialized REITs 0.5%** | **Specialized REITs 0.5%** |
| Equinix, Inc. | &nbsp;&nbsp; 10652 | &nbsp;&nbsp; 8161136 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **8161136** |
| **Utilities 1.2%** | **Utilities 1.2%** | **Utilities 1.2%** |
| **Multi-Utilities 1.2%** | **Multi-Utilities 1.2%** | **Multi-Utilities 1.2%** |
| DTE Energy Co. | &nbsp;&nbsp; 80953 | &nbsp;&nbsp; 10441318 |
| Public Service Enterprise Group, Inc. | &nbsp;&nbsp; 125924 | &nbsp;&nbsp; 10111697 |
| Total |  | &nbsp;&nbsp; 20553015 |
| **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **20553015** |
| Total Common Stocks <br>(Cost $667,089,268) | Total Common Stocks <br>(Cost $667,089,268) | &nbsp;&nbsp; **1025083441** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Balanced Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes 8.2%** | **Corporate Bonds & Notes 8.2%** | **Corporate Bonds & Notes 8.2%** | **Corporate Bonds & Notes 8.2%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Aerospace & Defense 0.9%** | **Aerospace & Defense 0.9%** | **Aerospace & Defense 0.9%** | **Aerospace & Defense 0.9%** |
| Allegheny Technologies, Inc. | Allegheny Technologies, Inc. | Allegheny Technologies, Inc. | Allegheny Technologies, Inc. |
| 10/01/2029 | &nbsp;&nbsp; 4.875% | 21000 | &nbsp;&nbsp; 20992 |
| 10/01/2031 | &nbsp;&nbsp; 5.125% | 33000 | &nbsp;&nbsp; 33047 |
| Axon Enterprise, Inc.<sup>(a)</sup>  | Axon Enterprise, Inc.<sup>(a)</sup>  | Axon Enterprise, Inc.<sup>(a)</sup>  | Axon Enterprise, Inc.<sup>(a)</sup>  |
| 03/15/2030 | &nbsp;&nbsp; 6.125% | 7000 | &nbsp;&nbsp; 7250 |
| BAE Systems PLC<sup>(a)</sup>  | BAE Systems PLC<sup>(a)</sup>  | BAE Systems PLC<sup>(a)</sup>  | BAE Systems PLC<sup>(a)</sup>  |
| 03/26/2029 | &nbsp;&nbsp; 5.125% | 803000 | &nbsp;&nbsp; 825941 |
| 02/15/2031 | &nbsp;&nbsp; 1.900% | 580000 | &nbsp;&nbsp; 514916 |
| Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) |
| 05/01/2040 | &nbsp;&nbsp; 5.705% | 1505000 | &nbsp;&nbsp; 1538005 |
| 08/01/2059 | &nbsp;&nbsp; 3.950% | 808000 | &nbsp;&nbsp; 571845 |
| L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. |
| 01/15/2027 | &nbsp;&nbsp; 5.400% | 3200000 | &nbsp;&nbsp; 3246008 |
| 07/31/2033 | &nbsp;&nbsp; 5.400% | 375000 | &nbsp;&nbsp; 390648 |
| Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. |
| 08/15/2030 | &nbsp;&nbsp; 4.400% | 800000 | &nbsp;&nbsp; 807778 |
| Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. |
| 02/01/2027 | &nbsp;&nbsp; 3.200% | 309000 | &nbsp;&nbsp; 306856 |
| 02/01/2029 | &nbsp;&nbsp; 4.600% | 1600000 | &nbsp;&nbsp; 1624688 |
| Raytheon Technologies Corp. | Raytheon Technologies Corp. | Raytheon Technologies Corp. | Raytheon Technologies Corp. |
| 03/15/2027 | &nbsp;&nbsp; 3.500% | 3235000 | &nbsp;&nbsp; 3218813 |
| 03/15/2032 | &nbsp;&nbsp; 2.375% | 1525000 | &nbsp;&nbsp; 1358221 |
| TransDigm, Inc.<sup>(a)</sup>  | TransDigm, Inc.<sup>(a)</sup>  | TransDigm, Inc.<sup>(a)</sup>  | TransDigm, Inc.<sup>(a)</sup>  |
| 08/15/2028 | &nbsp;&nbsp; 6.750% | 20000 | &nbsp;&nbsp; 20385 |
| 03/01/2029 | &nbsp;&nbsp; 6.375% | 20000 | &nbsp;&nbsp; 20649 |
| 12/15/2030 | &nbsp;&nbsp; 6.875% | 68000 | &nbsp;&nbsp; 71143 |
| 03/01/2032 | &nbsp;&nbsp; 6.625% | 100000 | &nbsp;&nbsp; 104030 |
| 01/15/2033 | &nbsp;&nbsp; 6.000% | 31000 | &nbsp;&nbsp; 31729 |
| 05/31/2033 | &nbsp;&nbsp; 6.375% | 100000 | &nbsp;&nbsp; 102571 |
| 01/31/2034 | &nbsp;&nbsp; 6.250% | 11000 | &nbsp;&nbsp; 11410 |
| 01/31/2034 | &nbsp;&nbsp; 6.750% | 52000 | &nbsp;&nbsp; 54210 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **14881135** |
| **Airlines 0.0%** | **Airlines 0.0%** | **Airlines 0.0%** | **Airlines 0.0%** |
| American Airlines, Inc.<sup>(a)</sup>  | American Airlines, Inc.<sup>(a)</sup>  | American Airlines, Inc.<sup>(a)</sup>  | American Airlines, Inc.<sup>(a)</sup>  |
| 05/15/2029 | &nbsp;&nbsp; 8.500% | 59000 | &nbsp;&nbsp; 61594 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup>  | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup>  | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup>  | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup>  |
| 04/20/2029 | &nbsp;&nbsp; 5.750% | 70290 | &nbsp;&nbsp; 71570 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **133164** |
| **Automotive 0.0%** | **Automotive 0.0%** | **Automotive 0.0%** | **Automotive 0.0%** |
| American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. |
| 10/01/2029 | &nbsp;&nbsp; 5.000% | 31000 | &nbsp;&nbsp; 29850 |
| American Axle & Manufacturing, Inc.<sup>(a)</sup>  | American Axle & Manufacturing, Inc.<sup>(a)</sup>  | American Axle & Manufacturing, Inc.<sup>(a)</sup>  | American Axle & Manufacturing, Inc.<sup>(a)</sup>  |
| 10/15/2032 | &nbsp;&nbsp; 6.375% | 24000 | &nbsp;&nbsp; 24445 |
| 10/15/2033 | &nbsp;&nbsp; 7.750% | 68000 | &nbsp;&nbsp; 69272 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Clarios Global LP/US Finance Co.<sup>(a)</sup>  | Clarios Global LP/US Finance Co.<sup>(a)</sup>  | Clarios Global LP/US Finance Co.<sup>(a)</sup>  | Clarios Global LP/US Finance Co.<sup>(a)</sup>  |
| 02/15/2030 | &nbsp;&nbsp; 6.750% | 26000 | &nbsp;&nbsp; 27162 |
| 09/15/2032 | &nbsp;&nbsp; 6.750% | 43000 | &nbsp;&nbsp; 44602 |
| IHO Verwaltungs GmbH<sup>(a),(e)</sup>  | IHO Verwaltungs GmbH<sup>(a),(e)</sup>  | IHO Verwaltungs GmbH<sup>(a),(e)</sup>  | IHO Verwaltungs GmbH<sup>(a),(e)</sup>  |
| 11/15/2032 | &nbsp;&nbsp; 8.000% | 56000 | &nbsp;&nbsp; 58983 |
| Nissan Motor Acceptance Co. LLC<sup>(a)</sup>  | Nissan Motor Acceptance Co. LLC<sup>(a)</sup>  | Nissan Motor Acceptance Co. LLC<sup>(a)</sup>  | Nissan Motor Acceptance Co. LLC<sup>(a)</sup>  |
| 09/30/2030 | &nbsp;&nbsp; 6.125% | 25000 | &nbsp;&nbsp; 25008 |
| Nissan Motor Co., Ltd.<sup>(a)</sup>  | Nissan Motor Co., Ltd.<sup>(a)</sup>  | Nissan Motor Co., Ltd.<sup>(a)</sup>  | Nissan Motor Co., Ltd.<sup>(a)</sup>  |
| 07/17/2035 | &nbsp;&nbsp; 8.125% | 76000 | &nbsp;&nbsp; 80954 |
| ZF North America Capital, Inc.<sup>(a)</sup>  | ZF North America Capital, Inc.<sup>(a)</sup>  | ZF North America Capital, Inc.<sup>(a)</sup>  | ZF North America Capital, Inc.<sup>(a)</sup>  |
| 04/14/2030 | &nbsp;&nbsp; 7.125% | 16000 | &nbsp;&nbsp; 16147 |
| 03/24/2031 | &nbsp;&nbsp; 7.500% | 69000 | &nbsp;&nbsp; 69821 |
| 04/23/2032 | &nbsp;&nbsp; 6.875% | 92000 | &nbsp;&nbsp; 89341 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **535585** |
| **Banking 1.7%** | **Banking 1.7%** | **Banking 1.7%** | **Banking 1.7%** |
| Ally Financial, Inc.<sup>(f)</sup>  | Ally Financial, Inc.<sup>(f)</sup>  | Ally Financial, Inc.<sup>(f)</sup>  | Ally Financial, Inc.<sup>(f)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 01/17/2040 | &nbsp;&nbsp; 6.646% | 6000 | &nbsp;&nbsp; 6045 |
| Bank of America Corp.<sup>(f)</sup>  | Bank of America Corp.<sup>(f)</sup>  | Bank of America Corp.<sup>(f)</sup>  | Bank of America Corp.<sup>(f)</sup>  |
| 02/04/2033 | &nbsp;&nbsp; 2.972% | 5680000 | &nbsp;&nbsp; 5192100 |
| Citigroup, Inc.<sup>(f)</sup>  | Citigroup, Inc.<sup>(f)</sup>  | Citigroup, Inc.<sup>(f)</sup>  | Citigroup, Inc.<sup>(f)</sup>  |
| 09/11/2031 | &nbsp;&nbsp; 4.503% | 2610000 | &nbsp;&nbsp; 2617052 |
| 09/11/2036 | &nbsp;&nbsp; 5.174% | 188000 | &nbsp;&nbsp; 189972 |
| Goldman Sachs Group, Inc. (The)<sup>(f)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(f)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(f)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(f)</sup>  |
| 04/22/2032 | &nbsp;&nbsp; 2.615% | 2900000 | &nbsp;&nbsp; 2644523 |
| HSBC Holdings PLC<sup>(f)</sup>  | HSBC Holdings PLC<sup>(f)</sup>  | HSBC Holdings PLC<sup>(f)</sup>  | HSBC Holdings PLC<sup>(f)</sup>  |
| 11/06/2031 | &nbsp;&nbsp; 4.619% | 378000 | &nbsp;&nbsp; 378986 |
| JPMorgan Chase & Co.<sup>(f)</sup>  | JPMorgan Chase & Co.<sup>(f)</sup>  | JPMorgan Chase & Co.<sup>(f)</sup>  | JPMorgan Chase & Co.<sup>(f)</sup>  |
| 07/22/2030 | &nbsp;&nbsp; 4.995% | 5119000 | &nbsp;&nbsp; 5254559 |
| 10/22/2030 | &nbsp;&nbsp; 4.603% | 36000 | &nbsp;&nbsp; 36498 |
| 01/24/2031 | &nbsp;&nbsp; 5.140% | 740000 | &nbsp;&nbsp; 764917 |
| 11/08/2032 | &nbsp;&nbsp; 2.545% | 930000 | &nbsp;&nbsp; 838983 |
| 10/22/2036 | &nbsp;&nbsp; 4.810% | 447000 | &nbsp;&nbsp; 444129 |
| Morgan Stanley<sup>(f)</sup>  | Morgan Stanley<sup>(f)</sup>  | Morgan Stanley<sup>(f)</sup>  | Morgan Stanley<sup>(f)</sup>  |
| 10/18/2030 | &nbsp;&nbsp; 4.654% | 646000 | &nbsp;&nbsp; 653661 |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 09/16/2036 | &nbsp;&nbsp; 2.484% | 1725000 | &nbsp;&nbsp; 1516263 |
| Morgan Stanley Private Bank<sup>(f)</sup>  | Morgan Stanley Private Bank<sup>(f)</sup>  | Morgan Stanley Private Bank<sup>(f)</sup>  | Morgan Stanley Private Bank<sup>(f)</sup>  |
| 11/19/2031 | &nbsp;&nbsp; 4.465% | 1041000 | &nbsp;&nbsp; 1043198 |
| Morgan Stanley Private Bank NA<sup>(f)</sup>  | Morgan Stanley Private Bank NA<sup>(f)</sup>  | Morgan Stanley Private Bank NA<sup>(f)</sup>  | Morgan Stanley Private Bank NA<sup>(f)</sup>  |
| 07/18/2031 | &nbsp;&nbsp; 4.734% | 633000 | &nbsp;&nbsp; 641596 |
| PNC Financial Services Group, Inc. (The)<sup>(f)</sup>  | PNC Financial Services Group, Inc. (The)<sup>(f)</sup>  | PNC Financial Services Group, Inc. (The)<sup>(f)</sup>  | PNC Financial Services Group, Inc. (The)<sup>(f)</sup>  |
| 01/22/2035 | &nbsp;&nbsp; 5.676% | 500000 | &nbsp;&nbsp; 527123 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Balanced Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Royal Bank of Canada<sup>(f)</sup>  | Royal Bank of Canada<sup>(f)</sup>  | Royal Bank of Canada<sup>(f)</sup>  | Royal Bank of Canada<sup>(f)</sup>  |
| 08/06/2029 | &nbsp;&nbsp; 4.498% | 1440000 | &nbsp;&nbsp; 1453451 |
| 02/04/2031 | &nbsp;&nbsp; 5.153% | 307000 | &nbsp;&nbsp; 316054 |
| 08/06/2031 | &nbsp;&nbsp; 4.696% | 254000 | &nbsp;&nbsp; 257211 |
| 11/03/2031 | &nbsp;&nbsp; 4.305% | 487000 | &nbsp;&nbsp; 484646 |
| US Bancorp<sup>(f)</sup>  | US Bancorp<sup>(f)</sup>  | US Bancorp<sup>(f)</sup>  | US Bancorp<sup>(f)</sup>  |
| 06/12/2034 | &nbsp;&nbsp; 5.836% | 525000 | &nbsp;&nbsp; 559758 |
| Wells Fargo & Co.<sup>(f)</sup>  | Wells Fargo & Co.<sup>(f)</sup>  | Wells Fargo & Co.<sup>(f)</sup>  | Wells Fargo & Co.<sup>(f)</sup>  |
| 04/24/2034 | &nbsp;&nbsp; 5.389% | 2000000 | &nbsp;&nbsp; 2078748 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **27899473** |
| **Brokerage/Asset Managers/Exchanges 0.0%** | **Brokerage/Asset Managers/Exchanges 0.0%** | **Brokerage/Asset Managers/Exchanges 0.0%** | **Brokerage/Asset Managers/Exchanges 0.0%** |
| AG Issuer LLC<sup>(a)</sup>  | AG Issuer LLC<sup>(a)</sup>  | AG Issuer LLC<sup>(a)</sup>  | AG Issuer LLC<sup>(a)</sup>  |
| 03/01/2028 | &nbsp;&nbsp; 6.250% | 41000 | &nbsp;&nbsp; 41165 |
| Aretec Escrow Issuer 2, Inc.<sup>(a)</sup>  | Aretec Escrow Issuer 2, Inc.<sup>(a)</sup>  | Aretec Escrow Issuer 2, Inc.<sup>(a)</sup>  | Aretec Escrow Issuer 2, Inc.<sup>(a)</sup>  |
| 08/15/2030 | &nbsp;&nbsp; 10.000% | 59000 | &nbsp;&nbsp; 63647 |
| Aretec Escrow Issuer, Inc.<sup>(a)</sup>  | Aretec Escrow Issuer, Inc.<sup>(a)</sup>  | Aretec Escrow Issuer, Inc.<sup>(a)</sup>  | Aretec Escrow Issuer, Inc.<sup>(a)</sup>  |
| 04/01/2029 | &nbsp;&nbsp; 7.500% | 98000 | &nbsp;&nbsp; 98444 |
| Focus Financial Partners LLC<sup>(a)</sup>  | Focus Financial Partners LLC<sup>(a)</sup>  | Focus Financial Partners LLC<sup>(a)</sup>  | Focus Financial Partners LLC<sup>(a)</sup>  |
| 09/15/2031 | &nbsp;&nbsp; 6.750% | 51000 | &nbsp;&nbsp; 52742 |
| Hightower Holding LLC<sup>(a)</sup>  | Hightower Holding LLC<sup>(a)</sup>  | Hightower Holding LLC<sup>(a)</sup>  | Hightower Holding LLC<sup>(a)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 6.750% | 62000 | &nbsp;&nbsp; 61752 |
| 01/31/2030 | &nbsp;&nbsp; 9.125% | 59000 | &nbsp;&nbsp; 62604 |
| Osaic Holdings, Inc.<sup>(a)</sup>  | Osaic Holdings, Inc.<sup>(a)</sup>  | Osaic Holdings, Inc.<sup>(a)</sup>  | Osaic Holdings, Inc.<sup>(a)</sup>  |
| 08/01/2032 | &nbsp;&nbsp; 6.750% | 42000 | &nbsp;&nbsp; 43867 |
| 08/01/2033 | &nbsp;&nbsp; 8.000% | 59000 | &nbsp;&nbsp; 61129 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **485350** |
| **Building Materials 0.0%** | **Building Materials 0.0%** | **Building Materials 0.0%** | **Building Materials 0.0%** |
| American Builders & Contractors Supply Co., Inc.<sup>(a)</sup>  | American Builders & Contractors Supply Co., Inc.<sup>(a)</sup>  | American Builders & Contractors Supply Co., Inc.<sup>(a)</sup>  | American Builders & Contractors Supply Co., Inc.<sup>(a)</sup>  |
| 11/15/2029 | &nbsp;&nbsp; 3.875% | 54000 | &nbsp;&nbsp; 52021 |
| CP Atlas Buyer, Inc.<sup>(a)</sup>  | CP Atlas Buyer, Inc.<sup>(a)</sup>  | CP Atlas Buyer, Inc.<sup>(a)</sup>  | CP Atlas Buyer, Inc.<sup>(a)</sup>  |
| 07/15/2030 | &nbsp;&nbsp; 9.750% | 22000 | &nbsp;&nbsp; 22810 |
| James Hardie International Finance DAC<sup>(a)</sup>  | James Hardie International Finance DAC<sup>(a)</sup>  | James Hardie International Finance DAC<sup>(a)</sup>  | James Hardie International Finance DAC<sup>(a)</sup>  |
| 01/15/2028 | &nbsp;&nbsp; 5.000% | 52000 | &nbsp;&nbsp; 52000 |
| JH North America Holdings, Inc.<sup>(a)</sup>  | JH North America Holdings, Inc.<sup>(a)</sup>  | JH North America Holdings, Inc.<sup>(a)</sup>  | JH North America Holdings, Inc.<sup>(a)</sup>  |
| 01/31/2031 | &nbsp;&nbsp; 5.875% | 10000 | &nbsp;&nbsp; 10215 |
| 07/31/2032 | &nbsp;&nbsp; 6.125% | 17000 | &nbsp;&nbsp; 17441 |
| LBM Acquisition LLC<sup>(a)</sup>  | LBM Acquisition LLC<sup>(a)</sup>  | LBM Acquisition LLC<sup>(a)</sup>  | LBM Acquisition LLC<sup>(a)</sup>  |
| 01/15/2029 | &nbsp;&nbsp; 6.250% | 25000 | &nbsp;&nbsp; 22514 |
| 06/15/2031 | &nbsp;&nbsp; 9.500% | 50000 | &nbsp;&nbsp; 51968 |
| Quikrete Holdings, Inc.<sup>(a)</sup>  | Quikrete Holdings, Inc.<sup>(a)</sup>  | Quikrete Holdings, Inc.<sup>(a)</sup>  | Quikrete Holdings, Inc.<sup>(a)</sup>  |
| 03/01/2032 | &nbsp;&nbsp; 6.375% | 74000 | &nbsp;&nbsp; 77004 |
| 03/01/2033 | &nbsp;&nbsp; 6.750% | 40000 | &nbsp;&nbsp; 41767 |
| QXO Building Products, Inc.<sup>(a)</sup>  | QXO Building Products, Inc.<sup>(a)</sup>  | QXO Building Products, Inc.<sup>(a)</sup>  | QXO Building Products, Inc.<sup>(a)</sup>  |
| 04/30/2032 | &nbsp;&nbsp; 6.750% | 44000 | &nbsp;&nbsp; 45974 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Standard Building Solutions, Inc.<sup>(a)</sup>  | Standard Building Solutions, Inc.<sup>(a)</sup>  | Standard Building Solutions, Inc.<sup>(a)</sup>  | Standard Building Solutions, Inc.<sup>(a)</sup>  |
| 08/15/2032 | &nbsp;&nbsp; 6.500% | 36000 | &nbsp;&nbsp; 37111 |
| 08/01/2033 | &nbsp;&nbsp; 6.250% | 19000 | &nbsp;&nbsp; 19411 |
| Standard Industries, Inc.<sup>(a)</sup>  | Standard Industries, Inc.<sup>(a)</sup>  | Standard Industries, Inc.<sup>(a)</sup>  | Standard Industries, Inc.<sup>(a)</sup>  |
| 01/15/2028 | &nbsp;&nbsp; 4.750% | 46000 | &nbsp;&nbsp; 45856 |
| White Cap Supply Holdings LLC<sup>(a)</sup>  | White Cap Supply Holdings LLC<sup>(a)</sup>  | White Cap Supply Holdings LLC<sup>(a)</sup>  | White Cap Supply Holdings LLC<sup>(a)</sup>  |
| 11/15/2030 | &nbsp;&nbsp; 7.375% | 63000 | &nbsp;&nbsp; 65120 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **561212** |
| **Cable and Satellite 0.3%** | **Cable and Satellite 0.3%** | **Cable and Satellite 0.3%** | **Cable and Satellite 0.3%** |
| CCO Holdings LLC/Capital Corp.<sup>(a)</sup>  | CCO Holdings LLC/Capital Corp.<sup>(a)</sup>  | CCO Holdings LLC/Capital Corp.<sup>(a)</sup>  | CCO Holdings LLC/Capital Corp.<sup>(a)</sup>  |
| 05/01/2027 | &nbsp;&nbsp; 5.125% | 55000 | &nbsp;&nbsp; 54937 |
| 02/01/2028 | &nbsp;&nbsp; 5.000% | 62000 | &nbsp;&nbsp; 61491 |
| 03/01/2030 | &nbsp;&nbsp; 4.750% | 131000 | &nbsp;&nbsp; 125319 |
| 08/15/2030 | &nbsp;&nbsp; 4.500% | 144000 | &nbsp;&nbsp; 135662 |
| 02/01/2032 | &nbsp;&nbsp; 4.750% | 56000 | &nbsp;&nbsp; 51178 |
| CCO Holdings LLC/Capital Corp. | CCO Holdings LLC/Capital Corp. | CCO Holdings LLC/Capital Corp. | CCO Holdings LLC/Capital Corp. |
| 05/01/2032 | &nbsp;&nbsp; 4.500% | 57000 | &nbsp;&nbsp; 51165 |
| Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
| 06/30/2062 | &nbsp;&nbsp; 3.950% | 700000 | &nbsp;&nbsp; 420728 |
| Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. |
| 03/01/2026 | &nbsp;&nbsp; 3.150% | 562000 | &nbsp;&nbsp; 561380 |
| CSC Holdings LLC<sup>(a)</sup>  | CSC Holdings LLC<sup>(a)</sup>  | CSC Holdings LLC<sup>(a)</sup>  | CSC Holdings LLC<sup>(a)</sup>  |
| 04/15/2027 | &nbsp;&nbsp; 5.500% | 9000 | &nbsp;&nbsp; 7705 |
| 02/01/2028 | &nbsp;&nbsp; 5.375% | 18000 | &nbsp;&nbsp; 13076 |
| 02/01/2029 | &nbsp;&nbsp; 6.500% | 86000 | &nbsp;&nbsp; 56819 |
| 01/15/2030 | &nbsp;&nbsp; 5.750% | 43000 | &nbsp;&nbsp; 15781 |
| 12/01/2030 | &nbsp;&nbsp; 4.125% | 12000 | &nbsp;&nbsp; 7379 |
| 02/15/2031 | &nbsp;&nbsp; 3.375% | 52000 | &nbsp;&nbsp; 31482 |
| DISH DBS Corp.<sup>(a)</sup>  | DISH DBS Corp.<sup>(a)</sup>  | DISH DBS Corp.<sup>(a)</sup>  | DISH DBS Corp.<sup>(a)</sup>  |
| 12/01/2026 | &nbsp;&nbsp; 5.250% | 4000 | &nbsp;&nbsp; 3887 |
| 12/01/2028 | &nbsp;&nbsp; 5.750% | 28000 | &nbsp;&nbsp; 27397 |
| DISH Network Corp.<sup>(a)</sup>  | DISH Network Corp.<sup>(a)</sup>  | DISH Network Corp.<sup>(a)</sup>  | DISH Network Corp.<sup>(a)</sup>  |
| 11/15/2027 | &nbsp;&nbsp; 11.750% | 92000 | &nbsp;&nbsp; 95736 |
| EchoStar Corp. | EchoStar Corp. | EchoStar Corp. | EchoStar Corp. |
| 11/30/2029 | &nbsp;&nbsp; 10.750% | 134611 | &nbsp;&nbsp; 148678 |
| Sirius XM Radio, Inc.<sup>(a)</sup>  | Sirius XM Radio, Inc.<sup>(a)</sup>  | Sirius XM Radio, Inc.<sup>(a)</sup>  | Sirius XM Radio, Inc.<sup>(a)</sup>  |
| 08/01/2027 | &nbsp;&nbsp; 5.000% | 21000 | &nbsp;&nbsp; 21029 |
| 07/01/2029 | &nbsp;&nbsp; 5.500% | 18000 | &nbsp;&nbsp; 18149 |
| Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC |
| 05/01/2037 | &nbsp;&nbsp; 6.550% | 1975000 | &nbsp;&nbsp; 2014631 |
| Virgin Media Finance PLC<sup>(a)</sup>  | Virgin Media Finance PLC<sup>(a)</sup>  | Virgin Media Finance PLC<sup>(a)</sup>  | Virgin Media Finance PLC<sup>(a)</sup>  |
| 07/15/2030 | &nbsp;&nbsp; 5.000% | 27000 | &nbsp;&nbsp; 23804 |
| Virgin Media Secured Finance PLC<sup>(a)</sup>  | Virgin Media Secured Finance PLC<sup>(a)</sup>  | Virgin Media Secured Finance PLC<sup>(a)</sup>  | Virgin Media Secured Finance PLC<sup>(a)</sup>  |
| 05/15/2029 | &nbsp;&nbsp; 5.500% | 42000 | &nbsp;&nbsp; 41389 |
| 08/15/2030 | &nbsp;&nbsp; 4.500% | 31000 | &nbsp;&nbsp; 28771 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Balanced Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| VZ Secured Financing BV<sup>(a)</sup>  | VZ Secured Financing BV<sup>(a)</sup>  | VZ Secured Financing BV<sup>(a)</sup>  | VZ Secured Financing BV<sup>(a)</sup>  |
| 01/15/2032 | &nbsp;&nbsp; 5.000% | 138000 | &nbsp;&nbsp; 124969 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **4142542** |
| **Chemicals 0.1%** | **Chemicals 0.1%** | **Chemicals 0.1%** | **Chemicals 0.1%** |
| Avient Corp.<sup>(a)</sup>  | Avient Corp.<sup>(a)</sup>  | Avient Corp.<sup>(a)</sup>  | Avient Corp.<sup>(a)</sup>  |
| 11/01/2031 | &nbsp;&nbsp; 6.250% | 23000 | &nbsp;&nbsp; 23648 |
| Axalta Coating Systems LLC/Dutch Holding B BV<sup>(a)</sup>  | Axalta Coating Systems LLC/Dutch Holding B BV<sup>(a)</sup>  | Axalta Coating Systems LLC/Dutch Holding B BV<sup>(a)</sup>  | Axalta Coating Systems LLC/Dutch Holding B BV<sup>(a)</sup>  |
| 06/15/2027 | &nbsp;&nbsp; 4.750% | 35000 | &nbsp;&nbsp; 34963 |
| Celanese US Holdings LLC | Celanese US Holdings LLC | Celanese US Holdings LLC | Celanese US Holdings LLC |
| 04/15/2030 | &nbsp;&nbsp; 6.500% | 31000 | &nbsp;&nbsp; 31132 |
| 02/15/2031 | &nbsp;&nbsp; 7.000% | 20000 | &nbsp;&nbsp; 20471 |
| 07/15/2032 | &nbsp;&nbsp; 6.879% | 11000 | &nbsp;&nbsp; 11439 |
| 04/15/2033 | &nbsp;&nbsp; 6.750% | 15000 | &nbsp;&nbsp; 14915 |
| 11/15/2033 | &nbsp;&nbsp; 7.200% | 24000 | &nbsp;&nbsp; 25357 |
| 02/15/2034 | &nbsp;&nbsp; 7.375% | 30000 | &nbsp;&nbsp; 30510 |
| Element Solutions, Inc.<sup>(a)</sup>  | Element Solutions, Inc.<sup>(a)</sup>  | Element Solutions, Inc.<sup>(a)</sup>  | Element Solutions, Inc.<sup>(a)</sup>  |
| 09/01/2028 | &nbsp;&nbsp; 3.875% | 21000 | &nbsp;&nbsp; 20544 |
| Herens Holdco Sarl<sup>(a)</sup>  | Herens Holdco Sarl<sup>(a)</sup>  | Herens Holdco Sarl<sup>(a)</sup>  | Herens Holdco Sarl<sup>(a)</sup>  |
| 05/15/2028 | &nbsp;&nbsp; 4.750% | 23000 | &nbsp;&nbsp; 20038 |
| INEOS Finance PLC<sup>(a)</sup>  | INEOS Finance PLC<sup>(a)</sup>  | INEOS Finance PLC<sup>(a)</sup>  | INEOS Finance PLC<sup>(a)</sup>  |
| 05/15/2028 | &nbsp;&nbsp; 6.750% | 20000 | &nbsp;&nbsp; 17690 |
| 04/15/2029 | &nbsp;&nbsp; 7.500% | 108000 | &nbsp;&nbsp; 92931 |
| INEOS Quattro Finance 2 PLC<sup>(a)</sup>  | INEOS Quattro Finance 2 PLC<sup>(a)</sup>  | INEOS Quattro Finance 2 PLC<sup>(a)</sup>  | INEOS Quattro Finance 2 PLC<sup>(a)</sup>  |
| 03/15/2029 | &nbsp;&nbsp; 9.625% | 99000 | &nbsp;&nbsp; 68659 |
| Innophos Holdings, Inc.<sup>(a)</sup>  | Innophos Holdings, Inc.<sup>(a)</sup>  | Innophos Holdings, Inc.<sup>(a)</sup>  | Innophos Holdings, Inc.<sup>(a)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 11.500% | 58550 | &nbsp;&nbsp; 53114 |
| Inversion Escrow Issuer LLC<sup>(a)</sup>  | Inversion Escrow Issuer LLC<sup>(a)</sup>  | Inversion Escrow Issuer LLC<sup>(a)</sup>  | Inversion Escrow Issuer LLC<sup>(a)</sup>  |
| 08/01/2032 | &nbsp;&nbsp; 6.750% | 65000 | &nbsp;&nbsp; 64758 |
| Olympus Water US Holding Corp.<sup>(a)</sup>  | Olympus Water US Holding Corp.<sup>(a)</sup>  | Olympus Water US Holding Corp.<sup>(a)</sup>  | Olympus Water US Holding Corp.<sup>(a)</sup>  |
| 10/01/2028 | &nbsp;&nbsp; 4.250% | 42000 | &nbsp;&nbsp; 40755 |
| 10/01/2029 | &nbsp;&nbsp; 6.250% | 47000 | &nbsp;&nbsp; 45661 |
| 06/15/2031 | &nbsp;&nbsp; 7.250% | 68000 | &nbsp;&nbsp; 69608 |
| 02/15/2033 | &nbsp;&nbsp; 7.250% | 42000 | &nbsp;&nbsp; 42242 |
| Qnity Electronics, Inc.<sup>(a)</sup>  | Qnity Electronics, Inc.<sup>(a)</sup>  | Qnity Electronics, Inc.<sup>(a)</sup>  | Qnity Electronics, Inc.<sup>(a)</sup>  |
| 08/15/2032 | &nbsp;&nbsp; 5.750% | 24000 | &nbsp;&nbsp; 24584 |
| 08/15/2033 | &nbsp;&nbsp; 6.250% | 19000 | &nbsp;&nbsp; 19732 |
| Tronox, Inc.<sup>(a)</sup>  | Tronox, Inc.<sup>(a)</sup>  | Tronox, Inc.<sup>(a)</sup>  | Tronox, Inc.<sup>(a)</sup>  |
| 03/15/2029 | &nbsp;&nbsp; 4.625% | 42000 | &nbsp;&nbsp; 29428 |
| 09/30/2030 | &nbsp;&nbsp; 9.125% | 16000 | &nbsp;&nbsp; 15914 |
| WR Grace Holdings LLC<sup>(a)</sup>  | WR Grace Holdings LLC<sup>(a)</sup>  | WR Grace Holdings LLC<sup>(a)</sup>  | WR Grace Holdings LLC<sup>(a)</sup>  |
| 06/15/2027 | &nbsp;&nbsp; 4.875% | 13000 | &nbsp;&nbsp; 12986 |
| 08/15/2029 | &nbsp;&nbsp; 5.625% | 124000 | &nbsp;&nbsp; 117746 |
| 03/01/2031 | &nbsp;&nbsp; 7.375% | 13000 | &nbsp;&nbsp; 13326 |
| 08/15/2032 | &nbsp;&nbsp; 6.625% | 84000 | &nbsp;&nbsp; 85124 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1047275** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Construction Machinery 0.1%** | **Construction Machinery 0.1%** | **Construction Machinery 0.1%** | **Construction Machinery 0.1%** |
| Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. |
| 10/16/2026 | &nbsp;&nbsp; 4.450% | 732000 | &nbsp;&nbsp; 735757 |
| Herc Holdings, Inc.<sup>(a)</sup>  | Herc Holdings, Inc.<sup>(a)</sup>  | Herc Holdings, Inc.<sup>(a)</sup>  | Herc Holdings, Inc.<sup>(a)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 6.625% | 34000 | &nbsp;&nbsp; 35269 |
| 06/15/2030 | &nbsp;&nbsp; 7.000% | 36000 | &nbsp;&nbsp; 37864 |
| 03/15/2031 | &nbsp;&nbsp; 5.750% | 13000 | &nbsp;&nbsp; 13186 |
| 06/15/2033 | &nbsp;&nbsp; 7.250% | 99000 | &nbsp;&nbsp; 104928 |
| 03/15/2034 | &nbsp;&nbsp; 6.000% | 13000 | &nbsp;&nbsp; 13172 |
| John Deere Capital Corp. | John Deere Capital Corp. | John Deere Capital Corp. | John Deere Capital Corp. |
| 07/14/2028 | &nbsp;&nbsp; 4.950% | 1100000 | &nbsp;&nbsp; 1129516 |
| Ritchie Bros Holdings, Inc.<sup>(a)</sup>  | Ritchie Bros Holdings, Inc.<sup>(a)</sup>  | Ritchie Bros Holdings, Inc.<sup>(a)</sup>  | Ritchie Bros Holdings, Inc.<sup>(a)</sup>  |
| 03/15/2031 | &nbsp;&nbsp; 7.750% | 60000 | &nbsp;&nbsp; 62734 |
| Synergy Infrastructure Holdings LLC<sup>(a)</sup>  | Synergy Infrastructure Holdings LLC<sup>(a)</sup>  | Synergy Infrastructure Holdings LLC<sup>(a)</sup>  | Synergy Infrastructure Holdings LLC<sup>(a)</sup>  |
| 12/01/2030 | &nbsp;&nbsp; 7.875% | 39000 | &nbsp;&nbsp; 40546 |
| United Rentals North America, Inc.<sup>(a)</sup>  | United Rentals North America, Inc.<sup>(a)</sup>  | United Rentals North America, Inc.<sup>(a)</sup>  | United Rentals North America, Inc.<sup>(a)</sup>  |
| 11/15/2033 | &nbsp;&nbsp; 5.375% | 45000 | &nbsp;&nbsp; 44966 |
| 03/15/2034 | &nbsp;&nbsp; 6.125% | 6000 | &nbsp;&nbsp; 6256 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2224194** |
| **Consumer Cyclical Services 0.0%** | **Consumer Cyclical Services 0.0%** | **Consumer Cyclical Services 0.0%** | **Consumer Cyclical Services 0.0%** |
| Arches Buyer, Inc.<sup>(a)</sup>  | Arches Buyer, Inc.<sup>(a)</sup>  | Arches Buyer, Inc.<sup>(a)</sup>  | Arches Buyer, Inc.<sup>(a)</sup>  |
| 06/01/2028 | &nbsp;&nbsp; 4.250% | 66000 | &nbsp;&nbsp; 64782 |
| 12/01/2028 | &nbsp;&nbsp; 6.125% | 105000 | &nbsp;&nbsp; 102450 |
| Garda World Security Corp.<sup>(a)</sup>  | Garda World Security Corp.<sup>(a)</sup>  | Garda World Security Corp.<sup>(a)</sup>  | Garda World Security Corp.<sup>(a)</sup>  |
| 06/01/2029 | &nbsp;&nbsp; 6.000% | 10000 | &nbsp;&nbsp; 9808 |
| 11/15/2032 | &nbsp;&nbsp; 8.375% | 10000 | &nbsp;&nbsp; 10201 |
| Match Group Holdings II LLC<sup>(a)</sup>  | Match Group Holdings II LLC<sup>(a)</sup>  | Match Group Holdings II LLC<sup>(a)</sup>  | Match Group Holdings II LLC<sup>(a)</sup>  |
| 10/01/2031 | &nbsp;&nbsp; 3.625% | 4000 | &nbsp;&nbsp; 3665 |
| Match Group, Inc.<sup>(a)</sup>  | Match Group, Inc.<sup>(a)</sup>  | Match Group, Inc.<sup>(a)</sup>  | Match Group, Inc.<sup>(a)</sup>  |
| 12/15/2027 | &nbsp;&nbsp; 5.000% | 8000 | &nbsp;&nbsp; 8000 |
| 06/01/2028 | &nbsp;&nbsp; 4.625% | 22000 | &nbsp;&nbsp; 21793 |
| 02/15/2029 | &nbsp;&nbsp; 5.625% | 54000 | &nbsp;&nbsp; 54171 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **274870** |
| **Consumer Products 0.0%** | **Consumer Products 0.0%** | **Consumer Products 0.0%** | **Consumer Products 0.0%** |
| CD&R Smokey Buyer, Inc./Radio Systems Corp.<sup>(a)</sup>  | CD&R Smokey Buyer, Inc./Radio Systems Corp.<sup>(a)</sup>  | CD&R Smokey Buyer, Inc./Radio Systems Corp.<sup>(a)</sup>  | CD&R Smokey Buyer, Inc./Radio Systems Corp.<sup>(a)</sup>  |
| 10/15/2029 | &nbsp;&nbsp; 9.500% | 13000 | &nbsp;&nbsp; 10515 |
| Newell Brands, Inc.<sup>(a)</sup>  | Newell Brands, Inc.<sup>(a)</sup>  | Newell Brands, Inc.<sup>(a)</sup>  | Newell Brands, Inc.<sup>(a)</sup>  |
| 06/01/2028 | &nbsp;&nbsp; 8.500% | 26000 | &nbsp;&nbsp; 27235 |
| Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. |
| 05/15/2030 | &nbsp;&nbsp; 6.375% | 29000 | &nbsp;&nbsp; 28337 |
| 05/15/2032 | &nbsp;&nbsp; 6.625% | 28000 | &nbsp;&nbsp; 27071 |
| Opal Bidco SAS<sup>(a)</sup>  | Opal Bidco SAS<sup>(a)</sup>  | Opal Bidco SAS<sup>(a)</sup>  | Opal Bidco SAS<sup>(a)</sup>  |
| 03/31/2032 | &nbsp;&nbsp; 6.500% | 41000 | &nbsp;&nbsp; 41996 |
| Scotts Miracle-Gro Co. (The) | Scotts Miracle-Gro Co. (The) | Scotts Miracle-Gro Co. (The) | Scotts Miracle-Gro Co. (The) |
| 04/01/2031 | &nbsp;&nbsp; 4.000% | 10000 | &nbsp;&nbsp; 9418 |
| 02/01/2032 | &nbsp;&nbsp; 4.375% | 46000 | &nbsp;&nbsp; 43168 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Balanced Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Whirlpool Corp. | Whirlpool Corp. | Whirlpool Corp. | Whirlpool Corp. |
| 06/15/2030 | &nbsp;&nbsp; 6.125% | 8000 | &nbsp;&nbsp; 7999 |
| 06/15/2033 | &nbsp;&nbsp; 6.500% | 8000 | &nbsp;&nbsp; 7759 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **203498** |
| **Diversified Manufacturing 0.0%** | **Diversified Manufacturing 0.0%** | **Diversified Manufacturing 0.0%** | **Diversified Manufacturing 0.0%** |
| Amsted Industries, Inc.<sup>(a)</sup>  | Amsted Industries, Inc.<sup>(a)</sup>  | Amsted Industries, Inc.<sup>(a)</sup>  | Amsted Industries, Inc.<sup>(a)</sup>  |
| 03/15/2033 | &nbsp;&nbsp; 6.375% | 7000 | &nbsp;&nbsp; 7210 |
| Chart Industries, Inc.<sup>(a)</sup>  | Chart Industries, Inc.<sup>(a)</sup>  | Chart Industries, Inc.<sup>(a)</sup>  | Chart Industries, Inc.<sup>(a)</sup>  |
| 01/01/2030 | &nbsp;&nbsp; 7.500% | 21000 | &nbsp;&nbsp; 21911 |
| Emerald Debt Merger Sub LLC<sup>(a)</sup>  | Emerald Debt Merger Sub LLC<sup>(a)</sup>  | Emerald Debt Merger Sub LLC<sup>(a)</sup>  | Emerald Debt Merger Sub LLC<sup>(a)</sup>  |
| 12/15/2030 | &nbsp;&nbsp; 6.625% | 102000 | &nbsp;&nbsp; 106217 |
| EMRLD Borrower LP/Co-Issuer, Inc.<sup>(a)</sup>  | EMRLD Borrower LP/Co-Issuer, Inc.<sup>(a)</sup>  | EMRLD Borrower LP/Co-Issuer, Inc.<sup>(a)</sup>  | EMRLD Borrower LP/Co-Issuer, Inc.<sup>(a)</sup>  |
| 07/15/2031 | &nbsp;&nbsp; 6.750% | 20000 | &nbsp;&nbsp; 21083 |
| Esab Corp.<sup>(a)</sup>  | Esab Corp.<sup>(a)</sup>  | Esab Corp.<sup>(a)</sup>  | Esab Corp.<sup>(a)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 6.250% | 16000 | &nbsp;&nbsp; 16469 |
| Gates Corp. (The)<sup>(a)</sup>  | Gates Corp. (The)<sup>(a)</sup>  | Gates Corp. (The)<sup>(a)</sup>  | Gates Corp. (The)<sup>(a)</sup>  |
| 07/01/2029 | &nbsp;&nbsp; 6.875% | 10000 | &nbsp;&nbsp; 10392 |
| Madison IAQ LLC<sup>(a)</sup>  | Madison IAQ LLC<sup>(a)</sup>  | Madison IAQ LLC<sup>(a)</sup>  | Madison IAQ LLC<sup>(a)</sup>  |
| 06/30/2029 | &nbsp;&nbsp; 5.875% | 76000 | &nbsp;&nbsp; 75583 |
| Resideo Funding, Inc.<sup>(a)</sup>  | Resideo Funding, Inc.<sup>(a)</sup>  | Resideo Funding, Inc.<sup>(a)</sup>  | Resideo Funding, Inc.<sup>(a)</sup>  |
| 09/01/2029 | &nbsp;&nbsp; 4.000% | 21000 | &nbsp;&nbsp; 20317 |
| Vertical US Newco, Inc.<sup>(a)</sup>  | Vertical US Newco, Inc.<sup>(a)</sup>  | Vertical US Newco, Inc.<sup>(a)</sup>  | Vertical US Newco, Inc.<sup>(a)</sup>  |
| 07/15/2027 | &nbsp;&nbsp; 5.250% | 62000 | &nbsp;&nbsp; 62126 |
| Wesco Distribution, Inc.<sup>(a)</sup>  | Wesco Distribution, Inc.<sup>(a)</sup>  | Wesco Distribution, Inc.<sup>(a)</sup>  | Wesco Distribution, Inc.<sup>(a)</sup>  |
| 03/15/2033 | &nbsp;&nbsp; 6.375% | 63000 | &nbsp;&nbsp; 65740 |
| WESCO Distribution, Inc.<sup>(a)</sup>  | WESCO Distribution, Inc.<sup>(a)</sup>  | WESCO Distribution, Inc.<sup>(a)</sup>  | WESCO Distribution, Inc.<sup>(a)</sup>  |
| 06/15/2028 | &nbsp;&nbsp; 7.250% | 29000 | &nbsp;&nbsp; 29447 |
| 03/15/2029 | &nbsp;&nbsp; 6.375% | 11000 | &nbsp;&nbsp; 11372 |
| 03/15/2032 | &nbsp;&nbsp; 6.625% | 47000 | &nbsp;&nbsp; 49224 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **497091** |
| **Electric 0.7%** | **Electric 0.7%** | **Electric 0.7%** | **Electric 0.7%** |
| Alpha Generation LLC<sup>(a)</sup>  | Alpha Generation LLC<sup>(a)</sup>  | Alpha Generation LLC<sup>(a)</sup>  | Alpha Generation LLC<sup>(a)</sup>  |
| 10/15/2032 | &nbsp;&nbsp; 6.750% | 30000 | &nbsp;&nbsp; 31061 |
| 01/15/2034 | &nbsp;&nbsp; 6.250% | 26000 | &nbsp;&nbsp; 26237 |
| California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<sup>(a)</sup>  | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<sup>(a)</sup>  | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<sup>(a)</sup>  | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<sup>(a)</sup>  |
| 02/15/2032 | &nbsp;&nbsp; 6.375% | 31000 | &nbsp;&nbsp; 31037 |
| Clearway Energy Operating LLC<sup>(a)</sup>  | Clearway Energy Operating LLC<sup>(a)</sup>  | Clearway Energy Operating LLC<sup>(a)</sup>  | Clearway Energy Operating LLC<sup>(a)</sup>  |
| 03/15/2028 | &nbsp;&nbsp; 4.750% | 59000 | &nbsp;&nbsp; 58827 |
| 02/15/2031 | &nbsp;&nbsp; 3.750% | 117000 | &nbsp;&nbsp; 109226 |
| 01/15/2032 | &nbsp;&nbsp; 3.750% | 16000 | &nbsp;&nbsp; 14582 |
| Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
| 03/15/2035 | &nbsp;&nbsp; 5.450% | 685000 | &nbsp;&nbsp; 702363 |
| DTE Energy Co. | DTE Energy Co. | DTE Energy Co. | DTE Energy Co. |
| 07/01/2027 | &nbsp;&nbsp; 4.950% | 825000 | &nbsp;&nbsp; 835827 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
| 08/15/2052 | &nbsp;&nbsp; 5.000% | 1158000 | &nbsp;&nbsp; 1022424 |
| Duke Energy Indiana LLC | Duke Energy Indiana LLC | Duke Energy Indiana LLC | Duke Energy Indiana LLC |
| 04/01/2053 | &nbsp;&nbsp; 5.400% | 273000 | &nbsp;&nbsp; 259744 |
| Edison International | Edison International | Edison International | Edison International |
| 11/15/2028 | &nbsp;&nbsp; 5.250% | 834000 | &nbsp;&nbsp; 845153 |
| Long Ridge Energy LLC<sup>(a)</sup>  | Long Ridge Energy LLC<sup>(a)</sup>  | Long Ridge Energy LLC<sup>(a)</sup>  | Long Ridge Energy LLC<sup>(a)</sup>  |
| 02/15/2032 | &nbsp;&nbsp; 8.750% | 42000 | &nbsp;&nbsp; 44683 |
| NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
| 09/01/2027 | &nbsp;&nbsp; 4.685% | 996000 | &nbsp;&nbsp; 1007738 |
| 03/15/2035 | &nbsp;&nbsp; 5.450% | 2300000 | &nbsp;&nbsp; 2380413 |
| NextEra Energy Operating Partners LP<sup>(a)</sup>  | NextEra Energy Operating Partners LP<sup>(a)</sup>  | NextEra Energy Operating Partners LP<sup>(a)</sup>  | NextEra Energy Operating Partners LP<sup>(a)</sup>  |
| 09/15/2027 | &nbsp;&nbsp; 4.500% | 34000 | &nbsp;&nbsp; 33630 |
| 01/15/2029 | &nbsp;&nbsp; 7.250% | 92000 | &nbsp;&nbsp; 94305 |
| NRG Energy, Inc.<sup>(a)</sup>  | NRG Energy, Inc.<sup>(a)</sup>  | NRG Energy, Inc.<sup>(a)</sup>  | NRG Energy, Inc.<sup>(a)</sup>  |
| 02/15/2029 | &nbsp;&nbsp; 3.375% | 28000 | &nbsp;&nbsp; 26764 |
| 06/15/2029 | &nbsp;&nbsp; 5.250% | 21000 | &nbsp;&nbsp; 21057 |
| 07/15/2029 | &nbsp;&nbsp; 5.750% | 47000 | &nbsp;&nbsp; 47221 |
| 02/15/2031 | &nbsp;&nbsp; 3.625% | 22000 | &nbsp;&nbsp; 20553 |
| 02/15/2032 | &nbsp;&nbsp; 3.875% | 7000 | &nbsp;&nbsp; 6541 |
| 02/01/2033 | &nbsp;&nbsp; 6.000% | 41000 | &nbsp;&nbsp; 41835 |
| 01/15/2034 | &nbsp;&nbsp; 5.750% | 36000 | &nbsp;&nbsp; 36308 |
| 11/01/2034 | &nbsp;&nbsp; 6.250% | 12000 | &nbsp;&nbsp; 12324 |
| 01/15/2036 | &nbsp;&nbsp; 6.000% | 36000 | &nbsp;&nbsp; 36488 |
| Ohio Edison Co.<sup>(a)</sup>  | Ohio Edison Co.<sup>(a)</sup>  | Ohio Edison Co.<sup>(a)</sup>  | Ohio Edison Co.<sup>(a)</sup>  |
| 01/15/2033 | &nbsp;&nbsp; 5.500% | 1150000 | &nbsp;&nbsp; 1196383 |
| Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. |
| 01/15/2053 | &nbsp;&nbsp; 6.750% | 1650000 | &nbsp;&nbsp; 1756665 |
| PG&E Corp.<sup>(f)</sup>  | PG&E Corp.<sup>(f)</sup>  | PG&E Corp.<sup>(f)</sup>  | PG&E Corp.<sup>(f)</sup>  |
| 03/15/2055 | &nbsp;&nbsp; 7.375% | 25000 | &nbsp;&nbsp; 26039 |
| Talen Energy Supply LLC<sup>(a)</sup>  | Talen Energy Supply LLC<sup>(a)</sup>  | Talen Energy Supply LLC<sup>(a)</sup>  | Talen Energy Supply LLC<sup>(a)</sup>  |
| 02/01/2034 | &nbsp;&nbsp; 6.250% | 42000 | &nbsp;&nbsp; 42835 |
| 02/01/2036 | &nbsp;&nbsp; 6.500% | 42000 | &nbsp;&nbsp; 43449 |
| TerraForm Power Operating LLC<sup>(a)</sup>  | TerraForm Power Operating LLC<sup>(a)</sup>  | TerraForm Power Operating LLC<sup>(a)</sup>  | TerraForm Power Operating LLC<sup>(a)</sup>  |
| 01/31/2028 | &nbsp;&nbsp; 5.000% | 42000 | &nbsp;&nbsp; 41934 |
| 01/15/2030 | &nbsp;&nbsp; 4.750% | 76000 | &nbsp;&nbsp; 73849 |
| Vistra Operations Co. LLC<sup>(a)</sup>  | Vistra Operations Co. LLC<sup>(a)</sup>  | Vistra Operations Co. LLC<sup>(a)</sup>  | Vistra Operations Co. LLC<sup>(a)</sup>  |
| 02/15/2027 | &nbsp;&nbsp; 5.625% | 17000 | &nbsp;&nbsp; 17010 |
| 07/31/2027 | &nbsp;&nbsp; 5.000% | 39000 | &nbsp;&nbsp; 38984 |
| 10/15/2031 | &nbsp;&nbsp; 7.750% | 75000 | &nbsp;&nbsp; 79533 |
| 04/15/2032 | &nbsp;&nbsp; 6.875% | 73000 | &nbsp;&nbsp; 76865 |
| VoltaGrid LLC<sup>(a)</sup>  | VoltaGrid LLC<sup>(a)</sup>  | VoltaGrid LLC<sup>(a)</sup>  | VoltaGrid LLC<sup>(a)</sup>  |
| 11/01/2030 | &nbsp;&nbsp; 7.375% | 39000 | &nbsp;&nbsp; 38646 |
| XPLR Infrastructure Operating Partners LP<sup>(a)</sup>  | XPLR Infrastructure Operating Partners LP<sup>(a)</sup>  | XPLR Infrastructure Operating Partners LP<sup>(a)</sup>  | XPLR Infrastructure Operating Partners LP<sup>(a)</sup>  |
| 01/15/2031 | &nbsp;&nbsp; 8.375% | 23000 | &nbsp;&nbsp; 24141 |
| 03/15/2033 | &nbsp;&nbsp; 8.625% | 49000 | &nbsp;&nbsp; 51501 |
| 04/15/2034 | &nbsp;&nbsp; 7.750% | 32000 | &nbsp;&nbsp; 32493 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **11286668** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Balanced Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Environmental 0.0%** | **Environmental 0.0%** | **Environmental 0.0%** | **Environmental 0.0%** |
| GFL Environmental, Inc.<sup>(a)</sup>  | GFL Environmental, Inc.<sup>(a)</sup>  | GFL Environmental, Inc.<sup>(a)</sup>  | GFL Environmental, Inc.<sup>(a)</sup>  |
| 01/15/2031 | &nbsp;&nbsp; 6.750% | 49000 | &nbsp;&nbsp; 51350 |
| Waste Pro USA, Inc.<sup>(a)</sup>  | Waste Pro USA, Inc.<sup>(a)</sup>  | Waste Pro USA, Inc.<sup>(a)</sup>  | Waste Pro USA, Inc.<sup>(a)</sup>  |
| 02/01/2033 | &nbsp;&nbsp; 7.000% | 53000 | &nbsp;&nbsp; 54679 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **106029** |
| **Finance Companies 0.1%** | **Finance Companies 0.1%** | **Finance Companies 0.1%** | **Finance Companies 0.1%** |
| Bread Financial Holdings, Inc.<sup>(a)</sup>  | Bread Financial Holdings, Inc.<sup>(a)</sup>  | Bread Financial Holdings, Inc.<sup>(a)</sup>  | Bread Financial Holdings, Inc.<sup>(a)</sup>  |
| 05/15/2031 | &nbsp;&nbsp; 6.750% | 11000 | &nbsp;&nbsp; 11389 |
| CrossCountry Intermediate HoldCo LLC<sup>(a)</sup>  | CrossCountry Intermediate HoldCo LLC<sup>(a)</sup>  | CrossCountry Intermediate HoldCo LLC<sup>(a)</sup>  | CrossCountry Intermediate HoldCo LLC<sup>(a)</sup>  |
| 10/01/2030 | &nbsp;&nbsp; 6.500% | 24000 | &nbsp;&nbsp; 24502 |
| GGAM Finance Ltd.<sup>(a)</sup>  | GGAM Finance Ltd.<sup>(a)</sup>  | GGAM Finance Ltd.<sup>(a)</sup>  | GGAM Finance Ltd.<sup>(a)</sup>  |
| 02/15/2027 | &nbsp;&nbsp; 8.000% | 12000 | &nbsp;&nbsp; 12288 |
| 04/15/2029 | &nbsp;&nbsp; 6.875% | 37000 | &nbsp;&nbsp; 38342 |
| 03/15/2030 | &nbsp;&nbsp; 5.875% | 52000 | &nbsp;&nbsp; 52711 |
| goeasy Ltd.<sup>(a)</sup>  | goeasy Ltd.<sup>(a)</sup>  | goeasy Ltd.<sup>(a)</sup>  | goeasy Ltd.<sup>(a)</sup>  |
| 07/01/2029 | &nbsp;&nbsp; 7.625% | 29000 | &nbsp;&nbsp; 28688 |
| 05/15/2030 | &nbsp;&nbsp; 6.875% | 8000 | &nbsp;&nbsp; 7635 |
| 10/01/2030 | &nbsp;&nbsp; 7.375% | 8000 | &nbsp;&nbsp; 7700 |
| 02/15/2031 | &nbsp;&nbsp; 6.875% | 6000 | &nbsp;&nbsp; 5603 |
| Navient Corp. | Navient Corp. | Navient Corp. | Navient Corp. |
| 03/15/2031 | &nbsp;&nbsp; 11.500% | 55000 | &nbsp;&nbsp; 61669 |
| OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
| 01/15/2027 | &nbsp;&nbsp; 3.500% | 19000 | &nbsp;&nbsp; 18818 |
| 05/15/2029 | &nbsp;&nbsp; 6.625% | 69000 | &nbsp;&nbsp; 71462 |
| 03/15/2030 | &nbsp;&nbsp; 7.875% | 31000 | &nbsp;&nbsp; 32784 |
| 05/15/2031 | &nbsp;&nbsp; 7.500% | 57000 | &nbsp;&nbsp; 59964 |
| 11/15/2031 | &nbsp;&nbsp; 7.125% | 15000 | &nbsp;&nbsp; 15664 |
| 03/15/2032 | &nbsp;&nbsp; 6.750% | 47000 | &nbsp;&nbsp; 48183 |
| 03/15/2033 | &nbsp;&nbsp; 6.500% | 58000 | &nbsp;&nbsp; 58469 |
| 09/15/2033 | &nbsp;&nbsp; 6.750% | 43000 | &nbsp;&nbsp; 43636 |
| Provident Funding Associates LP/PFG Finance Corp.<sup>(a)</sup>  | Provident Funding Associates LP/PFG Finance Corp.<sup>(a)</sup>  | Provident Funding Associates LP/PFG Finance Corp.<sup>(a)</sup>  | Provident Funding Associates LP/PFG Finance Corp.<sup>(a)</sup>  |
| 09/15/2029 | &nbsp;&nbsp; 9.750% | 75000 | &nbsp;&nbsp; 79067 |
| Rocket Cos, Inc.<sup>(a)</sup>  | Rocket Cos, Inc.<sup>(a)</sup>  | Rocket Cos, Inc.<sup>(a)</sup>  | Rocket Cos, Inc.<sup>(a)</sup>  |
| 08/01/2030 | &nbsp;&nbsp; 6.125% | 20000 | &nbsp;&nbsp; 20681 |
| 08/01/2033 | &nbsp;&nbsp; 6.375% | 25000 | &nbsp;&nbsp; 26112 |
| Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(a)</sup>  | Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(a)</sup>  | Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(a)</sup>  | Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(a)</sup>  |
| 03/01/2029 | &nbsp;&nbsp; 3.625% | 13000 | &nbsp;&nbsp; 12559 |
| 03/01/2031 | &nbsp;&nbsp; 3.875% | 32000 | &nbsp;&nbsp; 30349 |
| 10/15/2033 | &nbsp;&nbsp; 4.000% | 134000 | &nbsp;&nbsp; 124492 |
| United Wholesale Mortgage LLC<sup>(a)</sup>  | United Wholesale Mortgage LLC<sup>(a)</sup>  | United Wholesale Mortgage LLC<sup>(a)</sup>  | United Wholesale Mortgage LLC<sup>(a)</sup>  |
| 06/15/2027 | &nbsp;&nbsp; 5.750% | 7000 | &nbsp;&nbsp; 7016 |
| 04/15/2029 | &nbsp;&nbsp; 5.500% | 56000 | &nbsp;&nbsp; 55600 |
| UWM Holdings LLC<sup>(a)</sup>  | UWM Holdings LLC<sup>(a)</sup>  | UWM Holdings LLC<sup>(a)</sup>  | UWM Holdings LLC<sup>(a)</sup>  |
| 02/01/2030 | &nbsp;&nbsp; 6.625% | 52000 | &nbsp;&nbsp; 52609 |
| 03/15/2031 | &nbsp;&nbsp; 6.250% | 63000 | &nbsp;&nbsp; 62896 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1070888** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Food and Beverage 0.8%** | **Food and Beverage 0.8%** | **Food and Beverage 0.8%** | **Food and Beverage 0.8%** |
| Bacardi Ltd.<sup>(a)</sup>  | Bacardi Ltd.<sup>(a)</sup>  | Bacardi Ltd.<sup>(a)</sup>  | Bacardi Ltd.<sup>(a)</sup>  |
| 05/15/2028 | &nbsp;&nbsp; 4.700% | 241000 | &nbsp;&nbsp; 242693 |
| 05/15/2038 | &nbsp;&nbsp; 5.150% | 3500000 | &nbsp;&nbsp; 3323079 |
| Campbell Soup Co. | Campbell Soup Co. | Campbell Soup Co. | Campbell Soup Co. |
| 03/23/2035 | &nbsp;&nbsp; 4.750% | 1230000 | &nbsp;&nbsp; 1189166 |
| Chobani Holdco II LLC<sup>(a),(e)</sup>  | Chobani Holdco II LLC<sup>(a),(e)</sup>  | Chobani Holdco II LLC<sup>(a),(e)</sup>  | Chobani Holdco II LLC<sup>(a),(e)</sup>  |
| 10/01/2029 | &nbsp;&nbsp; 8.750% | 38200 | &nbsp;&nbsp; 40909 |
| Chobani LLC/Finance Corp., Inc.<sup>(a)</sup>  | Chobani LLC/Finance Corp., Inc.<sup>(a)</sup>  | Chobani LLC/Finance Corp., Inc.<sup>(a)</sup>  | Chobani LLC/Finance Corp., Inc.<sup>(a)</sup>  |
| 07/01/2029 | &nbsp;&nbsp; 7.625% | 14000 | &nbsp;&nbsp; 14569 |
| Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
| 08/01/2029 | &nbsp;&nbsp; 3.150% | 612000 | &nbsp;&nbsp; 589928 |
| Darling Ingredients, Inc.<sup>(a)</sup>  | Darling Ingredients, Inc.<sup>(a)</sup>  | Darling Ingredients, Inc.<sup>(a)</sup>  | Darling Ingredients, Inc.<sup>(a)</sup>  |
| 06/15/2030 | &nbsp;&nbsp; 6.000% | 50000 | &nbsp;&nbsp; 50845 |
| General Mills, Inc. | General Mills, Inc. | General Mills, Inc. | General Mills, Inc. |
| 01/30/2027 | &nbsp;&nbsp; 4.700% | 435000 | &nbsp;&nbsp; 438168 |
| Heineken NV<sup>(a)</sup>  | Heineken NV<sup>(a)</sup>  | Heineken NV<sup>(a)</sup>  | Heineken NV<sup>(a)</sup>  |
| 01/29/2028 | &nbsp;&nbsp; 3.500% | 1140000 | &nbsp;&nbsp; 1129634 |
| Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
| 06/01/2026 | &nbsp;&nbsp; 3.000% | 1425000 | &nbsp;&nbsp; 1418457 |
| Lamb Weston Holdings, Inc.<sup>(a)</sup>  | Lamb Weston Holdings, Inc.<sup>(a)</sup>  | Lamb Weston Holdings, Inc.<sup>(a)</sup>  | Lamb Weston Holdings, Inc.<sup>(a)</sup>  |
| 01/31/2032 | &nbsp;&nbsp; 4.375% | 23000 | &nbsp;&nbsp; 21921 |
| Mars, Inc.<sup>(a)</sup>  | Mars, Inc.<sup>(a)</sup>  | Mars, Inc.<sup>(a)</sup>  | Mars, Inc.<sup>(a)</sup>  |
| 04/20/2028 | &nbsp;&nbsp; 4.550% | 1375000 | &nbsp;&nbsp; 1391040 |
| 03/01/2035 | &nbsp;&nbsp; 5.200% | 1826000 | &nbsp;&nbsp; 1875184 |
| Pepsico Singapore Financing I Pte Ltd. | Pepsico Singapore Financing I Pte Ltd. | Pepsico Singapore Financing I Pte Ltd. | Pepsico Singapore Financing I Pte Ltd. |
| 02/16/2027 | &nbsp;&nbsp; 4.650% | 868000 | &nbsp;&nbsp; 876079 |
| Post Holdings, Inc.<sup>(a)</sup>  | Post Holdings, Inc.<sup>(a)</sup>  | Post Holdings, Inc.<sup>(a)</sup>  | Post Holdings, Inc.<sup>(a)</sup>  |
| 04/15/2030 | &nbsp;&nbsp; 4.625% | 74000 | &nbsp;&nbsp; 72048 |
| 09/15/2031 | &nbsp;&nbsp; 4.500% | 23000 | &nbsp;&nbsp; 21803 |
| 03/15/2036 | &nbsp;&nbsp; 6.500% | 34000 | &nbsp;&nbsp; 34053 |
| Primo Water Holdings, Inc./Triton Water Holdings, Inc.<sup>(a)</sup>  | Primo Water Holdings, Inc./Triton Water Holdings, Inc.<sup>(a)</sup>  | Primo Water Holdings, Inc./Triton Water Holdings, Inc.<sup>(a)</sup>  | Primo Water Holdings, Inc./Triton Water Holdings, Inc.<sup>(a)</sup>  |
| 04/01/2029 | &nbsp;&nbsp; 6.250% | 77000 | &nbsp;&nbsp; 77420 |
| 04/30/2029 | &nbsp;&nbsp; 4.375% | 38000 | &nbsp;&nbsp; 36996 |
| Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(a)</sup>  | Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(a)</sup>  | Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(a)</sup>  | Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(a)</sup>  |
| 03/01/2029 | &nbsp;&nbsp; 4.625% | 49000 | &nbsp;&nbsp; 47245 |
| US Foods, Inc.<sup>(a)</sup>  | US Foods, Inc.<sup>(a)</sup>  | US Foods, Inc.<sup>(a)</sup>  | US Foods, Inc.<sup>(a)</sup>  |
| 09/15/2028 | &nbsp;&nbsp; 6.875% | 32000 | &nbsp;&nbsp; 33020 |
| 02/15/2029 | &nbsp;&nbsp; 4.750% | 52000 | &nbsp;&nbsp; 51699 |
| 06/01/2030 | &nbsp;&nbsp; 4.625% | 34000 | &nbsp;&nbsp; 33539 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **13009495** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Balanced Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Gaming 0.0%** | **Gaming 0.0%** | **Gaming 0.0%** | **Gaming 0.0%** |
| Caesars Entertainment, Inc.<sup>(a)</sup>  | Caesars Entertainment, Inc.<sup>(a)</sup>  | Caesars Entertainment, Inc.<sup>(a)</sup>  | Caesars Entertainment, Inc.<sup>(a)</sup>  |
| 10/15/2029 | &nbsp;&nbsp; 4.625% | 39000 | &nbsp;&nbsp; 37436 |
| 02/15/2030 | &nbsp;&nbsp; 7.000% | 85000 | &nbsp;&nbsp; 88025 |
| 02/15/2032 | &nbsp;&nbsp; 6.500% | 35000 | &nbsp;&nbsp; 35859 |
| 10/15/2032 | &nbsp;&nbsp; 6.000% | 58000 | &nbsp;&nbsp; 56439 |
| CDI Escrow Issuer, Inc.<sup>(a)</sup>  | CDI Escrow Issuer, Inc.<sup>(a)</sup>  | CDI Escrow Issuer, Inc.<sup>(a)</sup>  | CDI Escrow Issuer, Inc.<sup>(a)</sup>  |
| 04/01/2030 | &nbsp;&nbsp; 5.750% | 15000 | &nbsp;&nbsp; 15138 |
| Churchill Downs, Inc.<sup>(a)</sup>  | Churchill Downs, Inc.<sup>(a)</sup>  | Churchill Downs, Inc.<sup>(a)</sup>  | Churchill Downs, Inc.<sup>(a)</sup>  |
| 05/01/2031 | &nbsp;&nbsp; 6.750% | 32000 | &nbsp;&nbsp; 33190 |
| Light & Wonder International, Inc.<sup>(a)</sup>  | Light & Wonder International, Inc.<sup>(a)</sup>  | Light & Wonder International, Inc.<sup>(a)</sup>  | Light & Wonder International, Inc.<sup>(a)</sup>  |
| 09/01/2031 | &nbsp;&nbsp; 7.500% | 59000 | &nbsp;&nbsp; 61735 |
| 10/01/2033 | &nbsp;&nbsp; 6.250% | 44000 | &nbsp;&nbsp; 44527 |
| Penn National Gaming, Inc.<sup>(a)</sup>  | Penn National Gaming, Inc.<sup>(a)</sup>  | Penn National Gaming, Inc.<sup>(a)</sup>  | Penn National Gaming, Inc.<sup>(a)</sup>  |
| 07/01/2029 | &nbsp;&nbsp; 4.125% | 46000 | &nbsp;&nbsp; 42605 |
| Rivers Enterprise Borrower LLC/Finance Corp.<sup>(a)</sup>  | Rivers Enterprise Borrower LLC/Finance Corp.<sup>(a)</sup>  | Rivers Enterprise Borrower LLC/Finance Corp.<sup>(a)</sup>  | Rivers Enterprise Borrower LLC/Finance Corp.<sup>(a)</sup>  |
| 02/01/2033 | &nbsp;&nbsp; 6.625% | 51000 | &nbsp;&nbsp; 52215 |
| Rivers Enterprise Lender LLC/Corp.<sup>(a)</sup>  | Rivers Enterprise Lender LLC/Corp.<sup>(a)</sup>  | Rivers Enterprise Lender LLC/Corp.<sup>(a)</sup>  | Rivers Enterprise Lender LLC/Corp.<sup>(a)</sup>  |
| 10/15/2030 | &nbsp;&nbsp; 6.250% | 31000 | &nbsp;&nbsp; 31618 |
| Scientific Games Holdings LP/US FinCo, Inc.<sup>(a)</sup>  | Scientific Games Holdings LP/US FinCo, Inc.<sup>(a)</sup>  | Scientific Games Holdings LP/US FinCo, Inc.<sup>(a)</sup>  | Scientific Games Holdings LP/US FinCo, Inc.<sup>(a)</sup>  |
| 03/01/2030 | &nbsp;&nbsp; 6.625% | 105000 | &nbsp;&nbsp; 93295 |
| Voyager Parent LLC<sup>(a)</sup>  | Voyager Parent LLC<sup>(a)</sup>  | Voyager Parent LLC<sup>(a)</sup>  | Voyager Parent LLC<sup>(a)</sup>  |
| 07/01/2032 | &nbsp;&nbsp; 9.250% | 39000 | &nbsp;&nbsp; 41366 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **633448** |
| **Health Care 0.5%** | **Health Care 0.5%** | **Health Care 0.5%** | **Health Care 0.5%** |
| Acadia Healthcare Co., Inc.<sup>(a)</sup>  | Acadia Healthcare Co., Inc.<sup>(a)</sup>  | Acadia Healthcare Co., Inc.<sup>(a)</sup>  | Acadia Healthcare Co., Inc.<sup>(a)</sup>  |
| 07/01/2028 | &nbsp;&nbsp; 5.500% | 58000 | &nbsp;&nbsp; 57602 |
| 04/15/2029 | &nbsp;&nbsp; 5.000% | 35000 | &nbsp;&nbsp; 33672 |
| 03/15/2033 | &nbsp;&nbsp; 7.375% | 52000 | &nbsp;&nbsp; 52534 |
| Avantor Funding, Inc.<sup>(a)</sup>  | Avantor Funding, Inc.<sup>(a)</sup>  | Avantor Funding, Inc.<sup>(a)</sup>  | Avantor Funding, Inc.<sup>(a)</sup>  |
| 07/15/2028 | &nbsp;&nbsp; 4.625% | 25000 | &nbsp;&nbsp; 24859 |
| 11/01/2029 | &nbsp;&nbsp; 3.875% | 65000 | &nbsp;&nbsp; 62200 |
| Bausch & Lomb Escrow Corp.<sup>(a)</sup>  | Bausch & Lomb Escrow Corp.<sup>(a)</sup>  | Bausch & Lomb Escrow Corp.<sup>(a)</sup>  | Bausch & Lomb Escrow Corp.<sup>(a)</sup>  |
| 10/01/2028 | &nbsp;&nbsp; 8.375% | 32000 | &nbsp;&nbsp; 33346 |
| Charles River Laboratories International, Inc.<sup>(a)</sup>  | Charles River Laboratories International, Inc.<sup>(a)</sup>  | Charles River Laboratories International, Inc.<sup>(a)</sup>  | Charles River Laboratories International, Inc.<sup>(a)</sup>  |
| 05/01/2028 | &nbsp;&nbsp; 4.250% | 25000 | &nbsp;&nbsp; 24780 |
| 03/15/2029 | &nbsp;&nbsp; 3.750% | 39000 | &nbsp;&nbsp; 37687 |
| CHS/Community Health Systems, Inc.<sup>(a)</sup>  | CHS/Community Health Systems, Inc.<sup>(a)</sup>  | CHS/Community Health Systems, Inc.<sup>(a)</sup>  | CHS/Community Health Systems, Inc.<sup>(a)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 6.875% | 39000 | &nbsp;&nbsp; 34720 |
| 05/15/2030 | &nbsp;&nbsp; 5.250% | 70000 | &nbsp;&nbsp; 65687 |
| 01/15/2032 | &nbsp;&nbsp; 10.875% | 17000 | &nbsp;&nbsp; 18579 |
| Concentra Escrow Issuer Corp.<sup>(a)</sup>  | Concentra Escrow Issuer Corp.<sup>(a)</sup>  | Concentra Escrow Issuer Corp.<sup>(a)</sup>  | Concentra Escrow Issuer Corp.<sup>(a)</sup>  |
| 07/15/2032 | &nbsp;&nbsp; 6.875% | 39000 | &nbsp;&nbsp; 40862 |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| 03/25/2038 | &nbsp;&nbsp; 4.780% | 1080000 | &nbsp;&nbsp; 1020011 |
| 03/25/2048 | &nbsp;&nbsp; 5.050% | 840000 | &nbsp;&nbsp; 741450 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| DaVita, Inc.<sup>(a)</sup>  | DaVita, Inc.<sup>(a)</sup>  | DaVita, Inc.<sup>(a)</sup>  | DaVita, Inc.<sup>(a)</sup>  |
| 07/15/2033 | &nbsp;&nbsp; 6.750% | 33000 | &nbsp;&nbsp; 34239 |
| GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. |
| 11/15/2027 | &nbsp;&nbsp; 5.650% | 2160000 | &nbsp;&nbsp; 2223054 |
| 12/15/2028 | &nbsp;&nbsp; 4.150% | 415000 | &nbsp;&nbsp; 416185 |
| HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
| 09/01/2030 | &nbsp;&nbsp; 3.500% | 3120000 | &nbsp;&nbsp; 3001088 |
| IQVIA, Inc.<sup>(a)</sup>  | IQVIA, Inc.<sup>(a)</sup>  | IQVIA, Inc.<sup>(a)</sup>  | IQVIA, Inc.<sup>(a)</sup>  |
| 05/15/2027 | &nbsp;&nbsp; 5.000% | 18000 | &nbsp;&nbsp; 18004 |
| 05/15/2030 | &nbsp;&nbsp; 6.500% | 16000 | &nbsp;&nbsp; 16617 |
| 06/01/2032 | &nbsp;&nbsp; 6.250% | 50000 | &nbsp;&nbsp; 52283 |
| LifePoint Health, Inc.<sup>(a)</sup>  | LifePoint Health, Inc.<sup>(a)</sup>  | LifePoint Health, Inc.<sup>(a)</sup>  | LifePoint Health, Inc.<sup>(a)</sup>  |
| 10/15/2030 | &nbsp;&nbsp; 11.000% | 13000 | &nbsp;&nbsp; 14255 |
| Medline Borrower LP/Co-Issuer, Inc.<sup>(a)</sup>  | Medline Borrower LP/Co-Issuer, Inc.<sup>(a)</sup>  | Medline Borrower LP/Co-Issuer, Inc.<sup>(a)</sup>  | Medline Borrower LP/Co-Issuer, Inc.<sup>(a)</sup>  |
| 04/01/2029 | &nbsp;&nbsp; 6.250% | 22000 | &nbsp;&nbsp; 22777 |
| Mozart Debt Merger Sub, Inc.<sup>(a)</sup>  | Mozart Debt Merger Sub, Inc.<sup>(a)</sup>  | Mozart Debt Merger Sub, Inc.<sup>(a)</sup>  | Mozart Debt Merger Sub, Inc.<sup>(a)</sup>  |
| 10/01/2029 | &nbsp;&nbsp; 5.250% | 159000 | &nbsp;&nbsp; 159885 |
| Select Medical Corp.<sup>(a)</sup>  | Select Medical Corp.<sup>(a)</sup>  | Select Medical Corp.<sup>(a)</sup>  | Select Medical Corp.<sup>(a)</sup>  |
| 12/01/2032 | &nbsp;&nbsp; 6.250% | 41000 | &nbsp;&nbsp; 40069 |
| Star Parent, Inc.<sup>(a)</sup>  | Star Parent, Inc.<sup>(a)</sup>  | Star Parent, Inc.<sup>(a)</sup>  | Star Parent, Inc.<sup>(a)</sup>  |
| 10/01/2030 | &nbsp;&nbsp; 9.000% | 88000 | &nbsp;&nbsp; 94050 |
| Surgery Center Holdings, Inc.<sup>(a)</sup>  | Surgery Center Holdings, Inc.<sup>(a)</sup>  | Surgery Center Holdings, Inc.<sup>(a)</sup>  | Surgery Center Holdings, Inc.<sup>(a)</sup>  |
| 04/15/2032 | &nbsp;&nbsp; 7.250% | 85000 | &nbsp;&nbsp; 86114 |
| Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
| 11/01/2027 | &nbsp;&nbsp; 5.125% | 37000 | &nbsp;&nbsp; 36998 |
| 10/01/2028 | &nbsp;&nbsp; 6.125% | 37000 | &nbsp;&nbsp; 37150 |
| 01/15/2030 | &nbsp;&nbsp; 4.375% | 22000 | &nbsp;&nbsp; 21605 |
| 06/15/2030 | &nbsp;&nbsp; 6.125% | 26000 | &nbsp;&nbsp; 26626 |
| 05/15/2031 | &nbsp;&nbsp; 6.750% | 59000 | &nbsp;&nbsp; 61349 |
| Tenet Healthcare Corp.<sup>(a)</sup>  | Tenet Healthcare Corp.<sup>(a)</sup>  | Tenet Healthcare Corp.<sup>(a)</sup>  | Tenet Healthcare Corp.<sup>(a)</sup>  |
| 11/15/2032 | &nbsp;&nbsp; 5.500% | 95000 | &nbsp;&nbsp; 96353 |
| 11/15/2033 | &nbsp;&nbsp; 6.000% | 35000 | &nbsp;&nbsp; 36038 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **8742728** |
| **Healthcare Insurance 0.2%** | **Healthcare Insurance 0.2%** | **Healthcare Insurance 0.2%** | **Healthcare Insurance 0.2%** |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| 01/15/2031 | &nbsp;&nbsp; 4.650% | 500000 | &nbsp;&nbsp; 510473 |
| 04/15/2034 | &nbsp;&nbsp; 5.000% | 2519000 | &nbsp;&nbsp; 2559459 |
| 04/15/2054 | &nbsp;&nbsp; 5.375% | 7000 | &nbsp;&nbsp; 6614 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3076546** |
| **Home Construction 0.0%** | **Home Construction 0.0%** | **Home Construction 0.0%** | **Home Construction 0.0%** |
| Taylor Morrison Communities, Inc.<sup>(a)</sup>  | Taylor Morrison Communities, Inc.<sup>(a)</sup>  | Taylor Morrison Communities, Inc.<sup>(a)</sup>  | Taylor Morrison Communities, Inc.<sup>(a)</sup>  |
| 01/15/2028 | &nbsp;&nbsp; 5.750% | 30000 | &nbsp;&nbsp; 30537 |
| **Independent Energy 0.1%** | **Independent Energy 0.1%** | **Independent Energy 0.1%** | **Independent Energy 0.1%** |
| APA Corp. | APA Corp. | APA Corp. | APA Corp. |
| 02/15/2055 | &nbsp;&nbsp; 6.750% | 482000 | &nbsp;&nbsp; 481174 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Balanced Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Civitas Resources, Inc.<sup>(a)</sup>  | Civitas Resources, Inc.<sup>(a)</sup>  | Civitas Resources, Inc.<sup>(a)</sup>  | Civitas Resources, Inc.<sup>(a)</sup>  |
| 07/01/2028 | &nbsp;&nbsp; 8.375% | 4000 | &nbsp;&nbsp; 4125 |
| 11/01/2030 | &nbsp;&nbsp; 8.625% | 5000 | &nbsp;&nbsp; 5236 |
| 07/01/2031 | &nbsp;&nbsp; 8.750% | 64000 | &nbsp;&nbsp; 66435 |
| 06/15/2033 | &nbsp;&nbsp; 9.625% | 73000 | &nbsp;&nbsp; 78694 |
| CNX Resources Corp.<sup>(a)</sup>  | CNX Resources Corp.<sup>(a)</sup>  | CNX Resources Corp.<sup>(a)</sup>  | CNX Resources Corp.<sup>(a)</sup>  |
| 01/15/2029 | &nbsp;&nbsp; 6.000% | 51000 | &nbsp;&nbsp; 51401 |
| 01/15/2031 | &nbsp;&nbsp; 7.375% | 8000 | &nbsp;&nbsp; 8282 |
| 03/01/2032 | &nbsp;&nbsp; 7.250% | 32000 | &nbsp;&nbsp; 33441 |
| Colgate Energy Partners III LLC<sup>(a)</sup>  | Colgate Energy Partners III LLC<sup>(a)</sup>  | Colgate Energy Partners III LLC<sup>(a)</sup>  | Colgate Energy Partners III LLC<sup>(a)</sup>  |
| 07/01/2029 | &nbsp;&nbsp; 5.875% | 62000 | &nbsp;&nbsp; 62290 |
| Comstock Resources, Inc.<sup>(a)</sup>  | Comstock Resources, Inc.<sup>(a)</sup>  | Comstock Resources, Inc.<sup>(a)</sup>  | Comstock Resources, Inc.<sup>(a)</sup>  |
| 03/01/2029 | &nbsp;&nbsp; 6.750% | 36000 | &nbsp;&nbsp; 36093 |
| Hilcorp Energy I LP/Finance Co.<sup>(a)</sup>  | Hilcorp Energy I LP/Finance Co.<sup>(a)</sup>  | Hilcorp Energy I LP/Finance Co.<sup>(a)</sup>  | Hilcorp Energy I LP/Finance Co.<sup>(a)</sup>  |
| 11/01/2028 | &nbsp;&nbsp; 6.250% | 50000 | &nbsp;&nbsp; 50392 |
| 02/01/2029 | &nbsp;&nbsp; 5.750% | 11000 | &nbsp;&nbsp; 10855 |
| 04/15/2030 | &nbsp;&nbsp; 6.000% | 16000 | &nbsp;&nbsp; 15525 |
| 04/15/2032 | &nbsp;&nbsp; 6.250% | 19000 | &nbsp;&nbsp; 17874 |
| 11/01/2033 | &nbsp;&nbsp; 8.375% | 58000 | &nbsp;&nbsp; 59149 |
| 02/15/2035 | &nbsp;&nbsp; 7.250% | 45000 | &nbsp;&nbsp; 42768 |
| Matador Resources Co.<sup>(a)</sup>  | Matador Resources Co.<sup>(a)</sup>  | Matador Resources Co.<sup>(a)</sup>  | Matador Resources Co.<sup>(a)</sup>  |
| 04/15/2032 | &nbsp;&nbsp; 6.500% | 74000 | &nbsp;&nbsp; 74936 |
| 04/15/2033 | &nbsp;&nbsp; 6.250% | 18000 | &nbsp;&nbsp; 17996 |
| Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
| 10/01/2054 | &nbsp;&nbsp; 6.050% | 820000 | &nbsp;&nbsp; 781907 |
| Permian Resources Operating LLC<sup>(a)</sup>  | Permian Resources Operating LLC<sup>(a)</sup>  | Permian Resources Operating LLC<sup>(a)</sup>  | Permian Resources Operating LLC<sup>(a)</sup>  |
| 04/15/2027 | &nbsp;&nbsp; 8.000% | 19000 | &nbsp;&nbsp; 19240 |
| 01/15/2032 | &nbsp;&nbsp; 7.000% | 61000 | &nbsp;&nbsp; 63537 |
| 02/01/2033 | &nbsp;&nbsp; 6.250% | 24000 | &nbsp;&nbsp; 24626 |
| SM Energy Co. | SM Energy Co. | SM Energy Co. | SM Energy Co. |
| 09/15/2026 | &nbsp;&nbsp; 6.750% | 41000 | &nbsp;&nbsp; 41053 |
| SM Energy Co.<sup>(a)</sup>  | SM Energy Co.<sup>(a)</sup>  | SM Energy Co.<sup>(a)</sup>  | SM Energy Co.<sup>(a)</sup>  |
| 08/01/2029 | &nbsp;&nbsp; 6.750% | 35000 | &nbsp;&nbsp; 35261 |
| 08/01/2032 | &nbsp;&nbsp; 7.000% | 17000 | &nbsp;&nbsp; 16727 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2099017** |
| **Integrated Energy 0.1%** | **Integrated Energy 0.1%** | **Integrated Energy 0.1%** | **Integrated Energy 0.1%** |
| BP Capital Markets America, Inc. | BP Capital Markets America, Inc. | BP Capital Markets America, Inc. | BP Capital Markets America, Inc. |
| 11/17/2027 | &nbsp;&nbsp; 5.017% | 1700000 | &nbsp;&nbsp; 1735534 |
| 03/17/2052 | &nbsp;&nbsp; 3.001% | 840000 | &nbsp;&nbsp; 537963 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2273497** |
| **Leisure 0.1%** | **Leisure 0.1%** | **Leisure 0.1%** | **Leisure 0.1%** |
| Boyne USA, Inc.<sup>(a)</sup>  | Boyne USA, Inc.<sup>(a)</sup>  | Boyne USA, Inc.<sup>(a)</sup>  | Boyne USA, Inc.<sup>(a)</sup>  |
| 05/15/2029 | &nbsp;&nbsp; 4.750% | 53000 | &nbsp;&nbsp; 52268 |
| Carnival Corp.<sup>(a)</sup>  | Carnival Corp.<sup>(a)</sup>  | Carnival Corp.<sup>(a)</sup>  | Carnival Corp.<sup>(a)</sup>  |
| 03/15/2030 | &nbsp;&nbsp; 5.750% | 34000 | &nbsp;&nbsp; 34999 |
| 08/01/2032 | &nbsp;&nbsp; 5.750% | 82000 | &nbsp;&nbsp; 84247 |
| 02/15/2033 | &nbsp;&nbsp; 6.125% | 68000 | &nbsp;&nbsp; 70198 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium <br> Op | Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium <br> Op | Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium <br> Op | Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium <br> Op |
| 10/01/2028 | &nbsp;&nbsp; 6.500% | 35000 | &nbsp;&nbsp; 34300 |
| Cinemark USA, Inc.<sup>(a)</sup>  | Cinemark USA, Inc.<sup>(a)</sup>  | Cinemark USA, Inc.<sup>(a)</sup>  | Cinemark USA, Inc.<sup>(a)</sup>  |
| 07/15/2028 | &nbsp;&nbsp; 5.250% | 41000 | &nbsp;&nbsp; 40996 |
| NCL Corp., Ltd.<sup>(a)</sup>  | NCL Corp., Ltd.<sup>(a)</sup>  | NCL Corp., Ltd.<sup>(a)</sup>  | NCL Corp., Ltd.<sup>(a)</sup>  |
| 01/15/2031 | &nbsp;&nbsp; 5.875% | 60000 | &nbsp;&nbsp; 59793 |
| 02/01/2032 | &nbsp;&nbsp; 6.750% | 49000 | &nbsp;&nbsp; 50190 |
| 09/15/2033 | &nbsp;&nbsp; 6.250% | 37000 | &nbsp;&nbsp; 36991 |
| NCL Finance Ltd.<sup>(a)</sup>  | NCL Finance Ltd.<sup>(a)</sup>  | NCL Finance Ltd.<sup>(a)</sup>  | NCL Finance Ltd.<sup>(a)</sup>  |
| 03/15/2028 | &nbsp;&nbsp; 6.125% | 33000 | &nbsp;&nbsp; 33916 |
| Six Flags Entertainment Corp.<sup>(a)</sup>  | Six Flags Entertainment Corp.<sup>(a)</sup>  | Six Flags Entertainment Corp.<sup>(a)</sup>  | Six Flags Entertainment Corp.<sup>(a)</sup>  |
| 05/15/2031 | &nbsp;&nbsp; 7.250% | 104000 | &nbsp;&nbsp; 99889 |
| Six Flags Entertainment Corp./Theme Parks, Inc.<sup>(a)</sup>  | Six Flags Entertainment Corp./Theme Parks, Inc.<sup>(a)</sup>  | Six Flags Entertainment Corp./Theme Parks, Inc.<sup>(a)</sup>  | Six Flags Entertainment Corp./Theme Parks, Inc.<sup>(a)</sup>  |
| 05/01/2032 | &nbsp;&nbsp; 6.625% | 41000 | &nbsp;&nbsp; 41367 |
| Vail Resorts, Inc.<sup>(a)</sup>  | Vail Resorts, Inc.<sup>(a)</sup>  | Vail Resorts, Inc.<sup>(a)</sup>  | Vail Resorts, Inc.<sup>(a)</sup>  |
| 05/15/2032 | &nbsp;&nbsp; 6.500% | 23000 | &nbsp;&nbsp; 23883 |
| Viking Cruises Ltd.<sup>(a)</sup>  | Viking Cruises Ltd.<sup>(a)</sup>  | Viking Cruises Ltd.<sup>(a)</sup>  | Viking Cruises Ltd.<sup>(a)</sup>  |
| 07/15/2031 | &nbsp;&nbsp; 9.125% | 56000 | &nbsp;&nbsp; 59933 |
| 10/15/2033 | &nbsp;&nbsp; 5.875% | 76000 | &nbsp;&nbsp; 77276 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **800246** |
| **Life Insurance 0.2%** | **Life Insurance 0.2%** | **Life Insurance 0.2%** | **Life Insurance 0.2%** |
| Met Tower Global Funding<sup>(a)</sup>  | Met Tower Global Funding<sup>(a)</sup>  | Met Tower Global Funding<sup>(a)</sup>  | Met Tower Global Funding<sup>(a)</sup>  |
| 10/01/2027 | &nbsp;&nbsp; 4.000% | 1067000 | &nbsp;&nbsp; 1069088 |
| 04/12/2029 | &nbsp;&nbsp; 5.250% | 1013000 | &nbsp;&nbsp; 1046271 |
| Principal Life Global Funding II<sup>(a)</sup>  | Principal Life Global Funding II<sup>(a)</sup>  | Principal Life Global Funding II<sup>(a)</sup>  | Principal Life Global Funding II<sup>(a)</sup>  |
| 01/09/2028 | &nbsp;&nbsp; 4.800% | 492000 | &nbsp;&nbsp; 498420 |
| 11/27/2029 | &nbsp;&nbsp; 4.950% | 297000 | &nbsp;&nbsp; 303439 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2917218** |
| **Lodging 0.0%** | **Lodging 0.0%** | **Lodging 0.0%** | **Lodging 0.0%** |
| Hilton Domestic Operating Co., Inc.<sup>(a)</sup>  | Hilton Domestic Operating Co., Inc.<sup>(a)</sup>  | Hilton Domestic Operating Co., Inc.<sup>(a)</sup>  | Hilton Domestic Operating Co., Inc.<sup>(a)</sup>  |
| 03/15/2033 | &nbsp;&nbsp; 5.875% | 14000 | &nbsp;&nbsp; 14403 |
| 09/15/2033 | &nbsp;&nbsp; 5.750% | 23000 | &nbsp;&nbsp; 23536 |
| Hilton Grand Vacations Borrower Escrow LLC<sup>(a)</sup>  | Hilton Grand Vacations Borrower Escrow LLC<sup>(a)</sup>  | Hilton Grand Vacations Borrower Escrow LLC<sup>(a)</sup>  | Hilton Grand Vacations Borrower Escrow LLC<sup>(a)</sup>  |
| 01/15/2032 | &nbsp;&nbsp; 6.625% | 52000 | &nbsp;&nbsp; 53335 |
| Marriott Ownership Resorts, Inc.<sup>(a)</sup>  | Marriott Ownership Resorts, Inc.<sup>(a)</sup>  | Marriott Ownership Resorts, Inc.<sup>(a)</sup>  | Marriott Ownership Resorts, Inc.<sup>(a)</sup>  |
| 10/01/2033 | &nbsp;&nbsp; 6.500% | 76000 | &nbsp;&nbsp; 72992 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **164266** |
| **Media and Entertainment 0.2%** | **Media and Entertainment 0.2%** | **Media and Entertainment 0.2%** | **Media and Entertainment 0.2%** |
| Clear Channel Outdoor Holdings, Inc.<sup>(a)</sup>  | Clear Channel Outdoor Holdings, Inc.<sup>(a)</sup>  | Clear Channel Outdoor Holdings, Inc.<sup>(a)</sup>  | Clear Channel Outdoor Holdings, Inc.<sup>(a)</sup>  |
| 04/15/2028 | &nbsp;&nbsp; 7.750% | 22000 | &nbsp;&nbsp; 22009 |
| 06/01/2029 | &nbsp;&nbsp; 7.500% | 66000 | &nbsp;&nbsp; 65564 |
| 04/01/2030 | &nbsp;&nbsp; 7.875% | 59000 | &nbsp;&nbsp; 62225 |
| 02/15/2031 | &nbsp;&nbsp; 7.125% | 39000 | &nbsp;&nbsp; 40818 |
| 03/15/2033 | &nbsp;&nbsp; 7.500% | 39000 | &nbsp;&nbsp; 41311 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Balanced Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Gray Media, Inc.<sup>(a)</sup>  | Gray Media, Inc.<sup>(a)</sup>  | Gray Media, Inc.<sup>(a)</sup>  | Gray Media, Inc.<sup>(a)</sup>  |
| 07/15/2032 | &nbsp;&nbsp; 9.625% | 9000 | &nbsp;&nbsp; 9342 |
| 08/15/2033 | &nbsp;&nbsp; 7.250% | 28000 | &nbsp;&nbsp; 28626 |
| iHeartCommunications, Inc.<sup>(a)</sup>  | iHeartCommunications, Inc.<sup>(a)</sup>  | iHeartCommunications, Inc.<sup>(a)</sup>  | iHeartCommunications, Inc.<sup>(a)</sup>  |
| 05/01/2029 | &nbsp;&nbsp; 9.125% | 6118 | &nbsp;&nbsp; 5893 |
| 08/15/2030 | &nbsp;&nbsp; 7.750% | 14410 | &nbsp;&nbsp; 12592 |
| Mav Acquisition Corp.<sup>(a)</sup>  | Mav Acquisition Corp.<sup>(a)</sup>  | Mav Acquisition Corp.<sup>(a)</sup>  | Mav Acquisition Corp.<sup>(a)</sup>  |
| 08/01/2029 | &nbsp;&nbsp; 8.000% | 30000 | &nbsp;&nbsp; 30320 |
| McGraw-Hill Education, Inc.<sup>(a)</sup>  | McGraw-Hill Education, Inc.<sup>(a)</sup>  | McGraw-Hill Education, Inc.<sup>(a)</sup>  | McGraw-Hill Education, Inc.<sup>(a)</sup>  |
| 09/01/2031 | &nbsp;&nbsp; 7.375% | 35000 | &nbsp;&nbsp; 36894 |
| Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
| 11/15/2045 | &nbsp;&nbsp; 5.500% | 368000 | &nbsp;&nbsp; 357669 |
| 11/15/2055 | &nbsp;&nbsp; 5.625% | 648000 | &nbsp;&nbsp; 622997 |
| 11/15/2065 | &nbsp;&nbsp; 5.750% | 713000 | &nbsp;&nbsp; 681115 |
| Outfront Media Capital LLC/Corp.<sup>(a)</sup>  | Outfront Media Capital LLC/Corp.<sup>(a)</sup>  | Outfront Media Capital LLC/Corp.<sup>(a)</sup>  | Outfront Media Capital LLC/Corp.<sup>(a)</sup>  |
| 08/15/2027 | &nbsp;&nbsp; 5.000% | 31000 | &nbsp;&nbsp; 31024 |
| 01/15/2029 | &nbsp;&nbsp; 4.250% | 23000 | &nbsp;&nbsp; 22431 |
| 03/15/2030 | &nbsp;&nbsp; 4.625% | 24000 | &nbsp;&nbsp; 23422 |
| 02/15/2031 | &nbsp;&nbsp; 7.375% | 29000 | &nbsp;&nbsp; 30652 |
| Roblox Corp.<sup>(a)</sup>  | Roblox Corp.<sup>(a)</sup>  | Roblox Corp.<sup>(a)</sup>  | Roblox Corp.<sup>(a)</sup>  |
| 05/01/2030 | &nbsp;&nbsp; 3.875% | 46000 | &nbsp;&nbsp; 43960 |
| Snap, Inc.<sup>(a)</sup>  | Snap, Inc.<sup>(a)</sup>  | Snap, Inc.<sup>(a)</sup>  | Snap, Inc.<sup>(a)</sup>  |
| 03/01/2033 | &nbsp;&nbsp; 6.875% | 51000 | &nbsp;&nbsp; 52903 |
| 03/15/2034 | &nbsp;&nbsp; 6.875% | 56000 | &nbsp;&nbsp; 57693 |
| Univision Communications, Inc.<sup>(a)</sup>  | Univision Communications, Inc.<sup>(a)</sup>  | Univision Communications, Inc.<sup>(a)</sup>  | Univision Communications, Inc.<sup>(a)</sup>  |
| 08/15/2028 | &nbsp;&nbsp; 8.000% | 28000 | &nbsp;&nbsp; 28992 |
| 05/01/2029 | &nbsp;&nbsp; 4.500% | 15000 | &nbsp;&nbsp; 14411 |
| 06/30/2030 | &nbsp;&nbsp; 7.375% | 19000 | &nbsp;&nbsp; 19298 |
| WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. |
| 03/15/2032 | &nbsp;&nbsp; 4.279% | 30000 | &nbsp;&nbsp; 26337 |
| 03/15/2042 | &nbsp;&nbsp; 5.050% | 93000 | &nbsp;&nbsp; 65686 |
| 03/15/2052 | &nbsp;&nbsp; 5.141% | 15000 | &nbsp;&nbsp; 9913 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2444097** |
| **Metals and Mining 0.0%** | **Metals and Mining 0.0%** | **Metals and Mining 0.0%** | **Metals and Mining 0.0%** |
| Alcoa Nederland Holding BV<sup>(a)</sup>  | Alcoa Nederland Holding BV<sup>(a)</sup>  | Alcoa Nederland Holding BV<sup>(a)</sup>  | Alcoa Nederland Holding BV<sup>(a)</sup>  |
| 03/15/2031 | &nbsp;&nbsp; 7.125% | 13000 | &nbsp;&nbsp; 13800 |
| Carpenter Technology Corp.<sup>(a)</sup>  | Carpenter Technology Corp.<sup>(a)</sup>  | Carpenter Technology Corp.<sup>(a)</sup>  | Carpenter Technology Corp.<sup>(a)</sup>  |
| 03/01/2034 | &nbsp;&nbsp; 5.625% | 31000 | &nbsp;&nbsp; 31512 |
| Cleveland-Cliffs, Inc.<sup>(a)</sup>  | Cleveland-Cliffs, Inc.<sup>(a)</sup>  | Cleveland-Cliffs, Inc.<sup>(a)</sup>  | Cleveland-Cliffs, Inc.<sup>(a)</sup>  |
| 11/01/2029 | &nbsp;&nbsp; 6.875% | 11000 | &nbsp;&nbsp; 11386 |
| 03/15/2032 | &nbsp;&nbsp; 7.000% | 7000 | &nbsp;&nbsp; 7175 |
| 05/01/2033 | &nbsp;&nbsp; 7.375% | 6000 | &nbsp;&nbsp; 6238 |
| Compass Minerals International, Inc.<sup>(a)</sup>  | Compass Minerals International, Inc.<sup>(a)</sup>  | Compass Minerals International, Inc.<sup>(a)</sup>  | Compass Minerals International, Inc.<sup>(a)</sup>  |
| 07/01/2030 | &nbsp;&nbsp; 8.000% | 21000 | &nbsp;&nbsp; 21975 |
| Constellium SE<sup>(a)</sup>  | Constellium SE<sup>(a)</sup>  | Constellium SE<sup>(a)</sup>  | Constellium SE<sup>(a)</sup>  |
| 06/15/2028 | &nbsp;&nbsp; 5.625% | 25000 | &nbsp;&nbsp; 25008 |
| 04/15/2029 | &nbsp;&nbsp; 3.750% | 32000 | &nbsp;&nbsp; 30896 |
| 08/15/2032 | &nbsp;&nbsp; 6.375% | 22000 | &nbsp;&nbsp; 22691 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Hudbay Minerals, Inc.<sup>(a)</sup>  | Hudbay Minerals, Inc.<sup>(a)</sup>  | Hudbay Minerals, Inc.<sup>(a)</sup>  | Hudbay Minerals, Inc.<sup>(a)</sup>  |
| 04/01/2029 | &nbsp;&nbsp; 6.125% | 72000 | &nbsp;&nbsp; 72968 |
| Kaiser Aluminum Corp.<sup>(a)</sup>  | Kaiser Aluminum Corp.<sup>(a)</sup>  | Kaiser Aluminum Corp.<sup>(a)</sup>  | Kaiser Aluminum Corp.<sup>(a)</sup>  |
| 06/01/2031 | &nbsp;&nbsp; 4.500% | 34000 | &nbsp;&nbsp; 32860 |
| 03/01/2034 | &nbsp;&nbsp; 5.875% | 67000 | &nbsp;&nbsp; 67268 |
| Novelis Corp.<sup>(a)</sup>  | Novelis Corp.<sup>(a)</sup>  | Novelis Corp.<sup>(a)</sup>  | Novelis Corp.<sup>(a)</sup>  |
| 01/30/2030 | &nbsp;&nbsp; 4.750% | 54000 | &nbsp;&nbsp; 52193 |
| 08/15/2031 | &nbsp;&nbsp; 3.875% | 54000 | &nbsp;&nbsp; 49116 |
| 08/15/2033 | &nbsp;&nbsp; 6.375% | 34000 | &nbsp;&nbsp; 34491 |
| Novelis, Inc.<sup>(a)</sup>  | Novelis, Inc.<sup>(a)</sup>  | Novelis, Inc.<sup>(a)</sup>  | Novelis, Inc.<sup>(a)</sup>  |
| 01/30/2030 | &nbsp;&nbsp; 6.875% | 11000 | &nbsp;&nbsp; 11416 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **490993** |
| **Midstream 0.2%** | **Midstream 0.2%** | **Midstream 0.2%** | **Midstream 0.2%** |
| AmeriGas Partners LP/Finance Corp.<sup>(a)</sup>  | AmeriGas Partners LP/Finance Corp.<sup>(a)</sup>  | AmeriGas Partners LP/Finance Corp.<sup>(a)</sup>  | AmeriGas Partners LP/Finance Corp.<sup>(a)</sup>  |
| 06/01/2030 | &nbsp;&nbsp; 9.500% | 48000 | &nbsp;&nbsp; 51147 |
| Antero Midstream Partners LP/Finance Corp.<sup>(a)</sup>  | Antero Midstream Partners LP/Finance Corp.<sup>(a)</sup>  | Antero Midstream Partners LP/Finance Corp.<sup>(a)</sup>  | Antero Midstream Partners LP/Finance Corp.<sup>(a)</sup>  |
| 02/01/2032 | &nbsp;&nbsp; 6.625% | 69000 | &nbsp;&nbsp; 71556 |
| CNX Midstream Partners LP<sup>(a)</sup>  | CNX Midstream Partners LP<sup>(a)</sup>  | CNX Midstream Partners LP<sup>(a)</sup>  | CNX Midstream Partners LP<sup>(a)</sup>  |
| 04/15/2030 | &nbsp;&nbsp; 4.750% | 75000 | &nbsp;&nbsp; 72637 |
| Delek Logistics Partners LP/Finance Corp.<sup>(a)</sup>  | Delek Logistics Partners LP/Finance Corp.<sup>(a)</sup>  | Delek Logistics Partners LP/Finance Corp.<sup>(a)</sup>  | Delek Logistics Partners LP/Finance Corp.<sup>(a)</sup>  |
| 03/15/2029 | &nbsp;&nbsp; 8.625% | 93000 | &nbsp;&nbsp; 97212 |
| 06/30/2033 | &nbsp;&nbsp; 7.375% | 86000 | &nbsp;&nbsp; 87772 |
| Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
| 04/05/2027 | &nbsp;&nbsp; 5.250% | 1160000 | &nbsp;&nbsp; 1176381 |
| Hess Midstream Operations LP<sup>(a)</sup>  | Hess Midstream Operations LP<sup>(a)</sup>  | Hess Midstream Operations LP<sup>(a)</sup>  | Hess Midstream Operations LP<sup>(a)</sup>  |
| 10/15/2030 | &nbsp;&nbsp; 5.500% | 20000 | &nbsp;&nbsp; 20216 |
| ITT Holdings LLC<sup>(a)</sup>  | ITT Holdings LLC<sup>(a)</sup>  | ITT Holdings LLC<sup>(a)</sup>  | ITT Holdings LLC<sup>(a)</sup>  |
| 08/01/2029 | &nbsp;&nbsp; 6.500% | 6000 | &nbsp;&nbsp; 5754 |
| Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP |
| 03/01/2044 | &nbsp;&nbsp; 5.500% | 660000 | &nbsp;&nbsp; 633352 |
| NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP |
| 10/01/2030 | &nbsp;&nbsp; 6.375% | 24000 | &nbsp;&nbsp; 25262 |
| Rockies Express Pipeline LLC<sup>(a)</sup>  | Rockies Express Pipeline LLC<sup>(a)</sup>  | Rockies Express Pipeline LLC<sup>(a)</sup>  | Rockies Express Pipeline LLC<sup>(a)</sup>  |
| 03/15/2033 | &nbsp;&nbsp; 6.750% | 20000 | &nbsp;&nbsp; 21105 |
| Sunoco LP<sup>(a),(f),(g)</sup>  | Sunoco LP<sup>(a),(f),(g)</sup>  | Sunoco LP<sup>(a),(f),(g)</sup>  | Sunoco LP<sup>(a),(f),(g)</sup>  |
|  | &nbsp;&nbsp; 7.875% | 39000 | &nbsp;&nbsp; 39995 |
| Sunoco LP<sup>(a)</sup>  | Sunoco LP<sup>(a)</sup>  | Sunoco LP<sup>(a)</sup>  | Sunoco LP<sup>(a)</sup>  |
| 05/01/2032 | &nbsp;&nbsp; 7.250% | 38000 | &nbsp;&nbsp; 40139 |
| 07/01/2033 | &nbsp;&nbsp; 6.250% | 59000 | &nbsp;&nbsp; 60427 |
| Sunoco LP/Finance Corp. | Sunoco LP/Finance Corp. | Sunoco LP/Finance Corp. | Sunoco LP/Finance Corp. |
| 04/30/2030 | &nbsp;&nbsp; 4.500% | 29000 | &nbsp;&nbsp; 28324 |
| TransMontaigne Partners LLC<sup>(a)</sup>  | TransMontaigne Partners LLC<sup>(a)</sup>  | TransMontaigne Partners LLC<sup>(a)</sup>  | TransMontaigne Partners LLC<sup>(a)</sup>  |
| 06/15/2030 | &nbsp;&nbsp; 8.500% | 71000 | &nbsp;&nbsp; 71710 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Balanced Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Venture Global Calcasieu Pass LLC<sup>(a)</sup>  | Venture Global Calcasieu Pass LLC<sup>(a)</sup>  | Venture Global Calcasieu Pass LLC<sup>(a)</sup>  | Venture Global Calcasieu Pass LLC<sup>(a)</sup>  |
| 08/15/2029 | &nbsp;&nbsp; 3.875% | 22000 | &nbsp;&nbsp; 20665 |
| 08/15/2031 | &nbsp;&nbsp; 4.125% | 50000 | &nbsp;&nbsp; 45493 |
| 11/01/2033 | &nbsp;&nbsp; 3.875% | 43000 | &nbsp;&nbsp; 36910 |
| Venture Global LNG, Inc.<sup>(a)</sup>  | Venture Global LNG, Inc.<sup>(a)</sup>  | Venture Global LNG, Inc.<sup>(a)</sup>  | Venture Global LNG, Inc.<sup>(a)</sup>  |
| 06/01/2028 | &nbsp;&nbsp; 8.125% | 58000 | &nbsp;&nbsp; 58962 |
| 02/01/2029 | &nbsp;&nbsp; 9.500% | 14000 | &nbsp;&nbsp; 14528 |
| 01/15/2030 | &nbsp;&nbsp; 7.000% | 55000 | &nbsp;&nbsp; 52901 |
| 06/01/2031 | &nbsp;&nbsp; 8.375% | 49000 | &nbsp;&nbsp; 48737 |
| 02/01/2032 | &nbsp;&nbsp; 9.875% | 26000 | &nbsp;&nbsp; 26856 |
| Venture Global Plaquemines LNG LLC<sup>(a)</sup>  | Venture Global Plaquemines LNG LLC<sup>(a)</sup>  | Venture Global Plaquemines LNG LLC<sup>(a)</sup>  | Venture Global Plaquemines LNG LLC<sup>(a)</sup>  |
| 12/15/2030 | &nbsp;&nbsp; 6.125% | 17000 | &nbsp;&nbsp; 17308 |
| 05/01/2033 | &nbsp;&nbsp; 7.500% | 25000 | &nbsp;&nbsp; 27022 |
| 01/15/2034 | &nbsp;&nbsp; 6.500% | 57000 | &nbsp;&nbsp; 58351 |
| 06/15/2034 | &nbsp;&nbsp; 6.500% | 22000 | &nbsp;&nbsp; 22490 |
| 05/01/2035 | &nbsp;&nbsp; 7.750% | 25000 | &nbsp;&nbsp; 27373 |
| 01/15/2036 | &nbsp;&nbsp; 6.750% | 122000 | &nbsp;&nbsp; 124870 |
| Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP |
| 04/01/2033 | &nbsp;&nbsp; 6.150% | 764000 | &nbsp;&nbsp; 809864 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3895319** |
| **Natural Gas 0.1%** | **Natural Gas 0.1%** | **Natural Gas 0.1%** | **Natural Gas 0.1%** |
| NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
| 05/01/2030 | &nbsp;&nbsp; 3.600% | 585000 | &nbsp;&nbsp; 568688 |
| Southern Co Gas Capital Corp. | Southern Co Gas Capital Corp. | Southern Co Gas Capital Corp. | Southern Co Gas Capital Corp. |
| 09/15/2028 | &nbsp;&nbsp; 4.050% | 520000 | &nbsp;&nbsp; 520263 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1088951** |
| **Oil Field Services 0.0%** | **Oil Field Services 0.0%** | **Oil Field Services 0.0%** | **Oil Field Services 0.0%** |
| Archrock Partners LP/Finance Corp.<sup>(a)</sup>  | Archrock Partners LP/Finance Corp.<sup>(a)</sup>  | Archrock Partners LP/Finance Corp.<sup>(a)</sup>  | Archrock Partners LP/Finance Corp.<sup>(a)</sup>  |
| 04/01/2028 | &nbsp;&nbsp; 6.250% | 51000 | &nbsp;&nbsp; 51232 |
| 09/01/2032 | &nbsp;&nbsp; 6.625% | 30000 | &nbsp;&nbsp; 30902 |
| Kodiak Gas Services LLC<sup>(a)</sup>  | Kodiak Gas Services LLC<sup>(a)</sup>  | Kodiak Gas Services LLC<sup>(a)</sup>  | Kodiak Gas Services LLC<sup>(a)</sup>  |
| 02/15/2029 | &nbsp;&nbsp; 7.250% | 49000 | &nbsp;&nbsp; 50903 |
| 10/01/2033 | &nbsp;&nbsp; 6.500% | 32000 | &nbsp;&nbsp; 32664 |
| 10/01/2035 | &nbsp;&nbsp; 6.750% | 19000 | &nbsp;&nbsp; 19533 |
| Nabors Industries, Inc.<sup>(a)</sup>  | Nabors Industries, Inc.<sup>(a)</sup>  | Nabors Industries, Inc.<sup>(a)</sup>  | Nabors Industries, Inc.<sup>(a)</sup>  |
| 01/31/2030 | &nbsp;&nbsp; 9.125% | 65000 | &nbsp;&nbsp; 68329 |
| 08/15/2031 | &nbsp;&nbsp; 8.875% | 28000 | &nbsp;&nbsp; 27167 |
| 11/15/2032 | &nbsp;&nbsp; 7.625% | 20000 | &nbsp;&nbsp; 19654 |
| Transocean Aquila Ltd.<sup>(a)</sup>  | Transocean Aquila Ltd.<sup>(a)</sup>  | Transocean Aquila Ltd.<sup>(a)</sup>  | Transocean Aquila Ltd.<sup>(a)</sup>  |
| 09/30/2028 | &nbsp;&nbsp; 8.000% | 33985 | &nbsp;&nbsp; 34822 |
| Transocean Titan Financing Ltd.<sup>(a)</sup>  | Transocean Titan Financing Ltd.<sup>(a)</sup>  | Transocean Titan Financing Ltd.<sup>(a)</sup>  | Transocean Titan Financing Ltd.<sup>(a)</sup>  |
| 02/01/2028 | &nbsp;&nbsp; 8.375% | 34000 | &nbsp;&nbsp; 34729 |
| Transocean, Inc.<sup>(a)</sup>  | Transocean, Inc.<sup>(a)</sup>  | Transocean, Inc.<sup>(a)</sup>  | Transocean, Inc.<sup>(a)</sup>  |
| 05/15/2029 | &nbsp;&nbsp; 8.250% | 11000 | &nbsp;&nbsp; 11065 |
| 05/15/2031 | &nbsp;&nbsp; 8.500% | 18000 | &nbsp;&nbsp; 17813 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| USA Compression Partners LP/Finance Corp.<sup>(a)</sup>  | USA Compression Partners LP/Finance Corp.<sup>(a)</sup>  | USA Compression Partners LP/Finance Corp.<sup>(a)</sup>  | USA Compression Partners LP/Finance Corp.<sup>(a)</sup>  |
| 03/15/2029 | &nbsp;&nbsp; 7.125% | 40000 | &nbsp;&nbsp; 41425 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **440238** |
| **Other Industry 0.0%** | **Other Industry 0.0%** | **Other Industry 0.0%** | **Other Industry 0.0%** |
| Williams Scotsman, Inc.<sup>(a)</sup>  | Williams Scotsman, Inc.<sup>(a)</sup>  | Williams Scotsman, Inc.<sup>(a)</sup>  | Williams Scotsman, Inc.<sup>(a)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 6.625% | 12000 | &nbsp;&nbsp; 12375 |
| 04/15/2030 | &nbsp;&nbsp; 6.625% | 30000 | &nbsp;&nbsp; 31027 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **43402** |
| **Other REIT 0.0%** | **Other REIT 0.0%** | **Other REIT 0.0%** | **Other REIT 0.0%** |
| Ladder Capital Finance Holdings LLLP/Corp.<sup>(a)</sup>  | Ladder Capital Finance Holdings LLLP/Corp.<sup>(a)</sup>  | Ladder Capital Finance Holdings LLLP/Corp.<sup>(a)</sup>  | Ladder Capital Finance Holdings LLLP/Corp.<sup>(a)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 4.750% | 42000 | &nbsp;&nbsp; 41548 |
| 07/15/2031 | &nbsp;&nbsp; 7.000% | 61000 | &nbsp;&nbsp; 64678 |
| Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer<sup>(a)</sup>  | Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer<sup>(a)</sup>  | Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer<sup>(a)</sup>  | Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer<sup>(a)</sup>  |
| 10/01/2028 | &nbsp;&nbsp; 5.875% | 42000 | &nbsp;&nbsp; 42017 |
| 05/15/2029 | &nbsp;&nbsp; 4.875% | 21000 | &nbsp;&nbsp; 20491 |
| RHP Hotel Properties LP/Finance Corp.<sup>(a)</sup>  | RHP Hotel Properties LP/Finance Corp.<sup>(a)</sup>  | RHP Hotel Properties LP/Finance Corp.<sup>(a)</sup>  | RHP Hotel Properties LP/Finance Corp.<sup>(a)</sup>  |
| 07/15/2028 | &nbsp;&nbsp; 7.250% | 20000 | &nbsp;&nbsp; 20608 |
| 06/15/2033 | &nbsp;&nbsp; 6.500% | 23000 | &nbsp;&nbsp; 23865 |
| Service Properties Trust | Service Properties Trust | Service Properties Trust | Service Properties Trust |
| 06/15/2029 | &nbsp;&nbsp; 8.375% | 15000 | &nbsp;&nbsp; 15098 |
| Service Properties Trust<sup>(a)</sup>  | Service Properties Trust<sup>(a)</sup>  | Service Properties Trust<sup>(a)</sup>  | Service Properties Trust<sup>(a)</sup>  |
| 11/15/2031 | &nbsp;&nbsp; 8.625% | 26000 | &nbsp;&nbsp; 27328 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **255633** |
| **Packaging 0.0%** | **Packaging 0.0%** | **Packaging 0.0%** | **Packaging 0.0%** |
| Ardagh Metal Packaging Finance USA LLC/PLC<sup>(a)</sup>  | Ardagh Metal Packaging Finance USA LLC/PLC<sup>(a)</sup>  | Ardagh Metal Packaging Finance USA LLC/PLC<sup>(a)</sup>  | Ardagh Metal Packaging Finance USA LLC/PLC<sup>(a)</sup>  |
| 09/01/2029 | &nbsp;&nbsp; 4.000% | 103000 | &nbsp;&nbsp; 96953 |
| Clydesdale Acquisition Holdings, Inc.<sup>(a)</sup>  | Clydesdale Acquisition Holdings, Inc.<sup>(a)</sup>  | Clydesdale Acquisition Holdings, Inc.<sup>(a)</sup>  | Clydesdale Acquisition Holdings, Inc.<sup>(a)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 6.625% | 30000 | &nbsp;&nbsp; 30508 |
| 04/15/2030 | &nbsp;&nbsp; 8.750% | 81000 | &nbsp;&nbsp; 82364 |
| 04/15/2032 | &nbsp;&nbsp; 6.750% | 20000 | &nbsp;&nbsp; 20590 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **230415** |
| **Pharmaceuticals 0.8%** | **Pharmaceuticals 0.8%** | **Pharmaceuticals 0.8%** | **Pharmaceuticals 0.8%** |
| 1261229 BC Ltd.<sup>(a)</sup>  | 1261229 BC Ltd.<sup>(a)</sup>  | 1261229 BC Ltd.<sup>(a)</sup>  | 1261229 BC Ltd.<sup>(a)</sup>  |
| 04/15/2032 | &nbsp;&nbsp; 10.000% | 95000 | &nbsp;&nbsp; 98945 |
| AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
| 03/15/2029 | &nbsp;&nbsp; 4.800% | 4131000 | &nbsp;&nbsp; 4233581 |
| 11/21/2029 | &nbsp;&nbsp; 3.200% | 1232000 | &nbsp;&nbsp; 1194977 |
| Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
| 03/02/2033 | &nbsp;&nbsp; 5.250% | 1240000 | &nbsp;&nbsp; 1284461 |
| Bausch Health Companies, Inc.<sup>(a)</sup>  | Bausch Health Companies, Inc.<sup>(a)</sup>  | Bausch Health Companies, Inc.<sup>(a)</sup>  | Bausch Health Companies, Inc.<sup>(a)</sup>  |
| 01/31/2027 | &nbsp;&nbsp; 8.500% | 5000 | &nbsp;&nbsp; 4953 |
| 06/01/2028 | &nbsp;&nbsp; 4.875% | 5000 | &nbsp;&nbsp; 4477 |
| 09/30/2028 | &nbsp;&nbsp; 11.000% | 11000 | &nbsp;&nbsp; 11409 |
| 02/15/2029 | &nbsp;&nbsp; 6.250% | 10000 | &nbsp;&nbsp; 7945 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Balanced Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Gilead Sciences, Inc. | Gilead Sciences, Inc. | Gilead Sciences, Inc. | Gilead Sciences, Inc. |
| 03/01/2026 | &nbsp;&nbsp; 3.650% | 5690000 | &nbsp;&nbsp; 5685134 |
| Grifols Escrow Issuer SA<sup>(a)</sup>  | Grifols Escrow Issuer SA<sup>(a)</sup>  | Grifols Escrow Issuer SA<sup>(a)</sup>  | Grifols Escrow Issuer SA<sup>(a)</sup>  |
| 10/15/2028 | &nbsp;&nbsp; 4.750% | 85000 | &nbsp;&nbsp; 83953 |
| Merck & Co., Inc. | Merck & Co., Inc. | Merck & Co., Inc. | Merck & Co., Inc. |
| 12/04/2035 | &nbsp;&nbsp; 4.750% | 404000 | &nbsp;&nbsp; 403157 |
| Organon Finance 1 LLC<sup>(a)</sup>  | Organon Finance 1 LLC<sup>(a)</sup>  | Organon Finance 1 LLC<sup>(a)</sup>  | Organon Finance 1 LLC<sup>(a)</sup>  |
| 04/30/2028 | &nbsp;&nbsp; 4.125% | 18000 | &nbsp;&nbsp; 17536 |
| 04/30/2031 | &nbsp;&nbsp; 5.125% | 26000 | &nbsp;&nbsp; 21546 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **13052074** |
| **Property & Casualty 0.1%** | **Property & Casualty 0.1%** | **Property & Casualty 0.1%** | **Property & Casualty 0.1%** |
| Acrisure LLC/Finance, Inc.<sup>(a)</sup>  | Acrisure LLC/Finance, Inc.<sup>(a)</sup>  | Acrisure LLC/Finance, Inc.<sup>(a)</sup>  | Acrisure LLC/Finance, Inc.<sup>(a)</sup>  |
| 02/01/2029 | &nbsp;&nbsp; 8.250% | 20000 | &nbsp;&nbsp; 20749 |
| 08/01/2029 | &nbsp;&nbsp; 6.000% | 31000 | &nbsp;&nbsp; 30669 |
| 11/06/2030 | &nbsp;&nbsp; 7.500% | 30000 | &nbsp;&nbsp; 31239 |
| 07/01/2032 | &nbsp;&nbsp; 6.750% | 21000 | &nbsp;&nbsp; 21598 |
| Alliant Holdings Intermediate LLC/Co-Issuer<sup>(a)</sup>  | Alliant Holdings Intermediate LLC/Co-Issuer<sup>(a)</sup>  | Alliant Holdings Intermediate LLC/Co-Issuer<sup>(a)</sup>  | Alliant Holdings Intermediate LLC/Co-Issuer<sup>(a)</sup>  |
| 10/15/2027 | &nbsp;&nbsp; 6.750% | 59000 | &nbsp;&nbsp; 59105 |
| 04/15/2028 | &nbsp;&nbsp; 6.750% | 32000 | &nbsp;&nbsp; 32587 |
| 11/01/2029 | &nbsp;&nbsp; 5.875% | 31000 | &nbsp;&nbsp; 30969 |
| 01/15/2031 | &nbsp;&nbsp; 7.000% | 100000 | &nbsp;&nbsp; 103761 |
| 10/01/2031 | &nbsp;&nbsp; 6.500% | 15000 | &nbsp;&nbsp; 15479 |
| 10/01/2032 | &nbsp;&nbsp; 7.375% | 61000 | &nbsp;&nbsp; 63357 |
| AmWINS Group, Inc.<sup>(a)</sup>  | AmWINS Group, Inc.<sup>(a)</sup>  | AmWINS Group, Inc.<sup>(a)</sup>  | AmWINS Group, Inc.<sup>(a)</sup>  |
| 02/15/2029 | &nbsp;&nbsp; 6.375% | 50000 | &nbsp;&nbsp; 51325 |
| Ardonagh Finco Ltd.<sup>(a)</sup>  | Ardonagh Finco Ltd.<sup>(a)</sup>  | Ardonagh Finco Ltd.<sup>(a)</sup>  | Ardonagh Finco Ltd.<sup>(a)</sup>  |
| 02/15/2031 | &nbsp;&nbsp; 7.750% | 63000 | &nbsp;&nbsp; 66036 |
| Ardonagh Group Finance Ltd.<sup>(a)</sup>  | Ardonagh Group Finance Ltd.<sup>(a)</sup>  | Ardonagh Group Finance Ltd.<sup>(a)</sup>  | Ardonagh Group Finance Ltd.<sup>(a)</sup>  |
| 02/15/2032 | &nbsp;&nbsp; 8.875% | 82000 | &nbsp;&nbsp; 85227 |
| BroadStreet Partners, Inc.<sup>(a)</sup>  | BroadStreet Partners, Inc.<sup>(a)</sup>  | BroadStreet Partners, Inc.<sup>(a)</sup>  | BroadStreet Partners, Inc.<sup>(a)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 5.875% | 93000 | &nbsp;&nbsp; 92884 |
| Howden UK Refinance PLC/2 PLC/US Refinance LLC<sup>(a)</sup>  | Howden UK Refinance PLC/2 PLC/US Refinance LLC<sup>(a)</sup>  | Howden UK Refinance PLC/2 PLC/US Refinance LLC<sup>(a)</sup>  | Howden UK Refinance PLC/2 PLC/US Refinance LLC<sup>(a)</sup>  |
| 02/15/2032 | &nbsp;&nbsp; 8.125% | 30000 | &nbsp;&nbsp; 30934 |
| HUB International Ltd.<sup>(a)</sup>  | HUB International Ltd.<sup>(a)</sup>  | HUB International Ltd.<sup>(a)</sup>  | HUB International Ltd.<sup>(a)</sup>  |
| 12/01/2029 | &nbsp;&nbsp; 5.625% | 43000 | &nbsp;&nbsp; 43051 |
| 01/31/2032 | &nbsp;&nbsp; 7.375% | 91000 | &nbsp;&nbsp; 95494 |
| HUB International, Ltd.<sup>(a)</sup>  | HUB International, Ltd.<sup>(a)</sup>  | HUB International, Ltd.<sup>(a)</sup>  | HUB International, Ltd.<sup>(a)</sup>  |
| 06/15/2030 | &nbsp;&nbsp; 7.250% | 55000 | &nbsp;&nbsp; 57677 |
| Panther Escrow Issuer LLC<sup>(a)</sup>  | Panther Escrow Issuer LLC<sup>(a)</sup>  | Panther Escrow Issuer LLC<sup>(a)</sup>  | Panther Escrow Issuer LLC<sup>(a)</sup>  |
| 06/01/2031 | &nbsp;&nbsp; 7.125% | 68000 | &nbsp;&nbsp; 70484 |
| Ryan Specialty LLC<sup>(a)</sup>  | Ryan Specialty LLC<sup>(a)</sup>  | Ryan Specialty LLC<sup>(a)</sup>  | Ryan Specialty LLC<sup>(a)</sup>  |
| 08/01/2032 | &nbsp;&nbsp; 5.875% | 46000 | &nbsp;&nbsp; 47036 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1049661** |
| **Railroads 0.1%** | **Railroads 0.1%** | **Railroads 0.1%** | **Railroads 0.1%** |
| Canadian Pacific Railway Co. | Canadian Pacific Railway Co. | Canadian Pacific Railway Co. | Canadian Pacific Railway Co. |
| 12/02/2031 | &nbsp;&nbsp; 2.450% | 1287000 | &nbsp;&nbsp; 1158494 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Genesee & Wyoming, Inc.<sup>(a)</sup>  | Genesee & Wyoming, Inc.<sup>(a)</sup>  | Genesee & Wyoming, Inc.<sup>(a)</sup>  | Genesee & Wyoming, Inc.<sup>(a)</sup>  |
| 04/15/2032 | &nbsp;&nbsp; 6.250% | 60000 | &nbsp;&nbsp; 61952 |
| Norfolk Southern Corp. | Norfolk Southern Corp. | Norfolk Southern Corp. | Norfolk Southern Corp. |
| 06/15/2026 | &nbsp;&nbsp; 2.900% | 868000 | &nbsp;&nbsp; 864064 |
| Watco Cos LLC/Finance Corp.<sup>(a)</sup>  | Watco Cos LLC/Finance Corp.<sup>(a)</sup>  | Watco Cos LLC/Finance Corp.<sup>(a)</sup>  | Watco Cos LLC/Finance Corp.<sup>(a)</sup>  |
| 08/01/2032 | &nbsp;&nbsp; 7.125% | 98000 | &nbsp;&nbsp; 102607 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2187117** |
| **Restaurants 0.0%** | **Restaurants 0.0%** | **Restaurants 0.0%** | **Restaurants 0.0%** |
| 1011778 BC ULC/New Red Finance, Inc.<sup>(a)</sup>  | 1011778 BC ULC/New Red Finance, Inc.<sup>(a)</sup>  | 1011778 BC ULC/New Red Finance, Inc.<sup>(a)</sup>  | 1011778 BC ULC/New Red Finance, Inc.<sup>(a)</sup>  |
| 09/15/2029 | &nbsp;&nbsp; 5.625% | 31000 | &nbsp;&nbsp; 31627 |
| 10/15/2030 | &nbsp;&nbsp; 4.000% | 55000 | &nbsp;&nbsp; 52375 |
| Fertitta Entertainment LLC/Finance Co., Inc.<sup>(a)</sup>  | Fertitta Entertainment LLC/Finance Co., Inc.<sup>(a)</sup>  | Fertitta Entertainment LLC/Finance Co., Inc.<sup>(a)</sup>  | Fertitta Entertainment LLC/Finance Co., Inc.<sup>(a)</sup>  |
| 01/15/2030 | &nbsp;&nbsp; 6.750% | 67000 | &nbsp;&nbsp; 63638 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **147640** |
| **Retailers 0.1%** | **Retailers 0.1%** | **Retailers 0.1%** | **Retailers 0.1%** |
| Advance Auto Parts, Inc.<sup>(a)</sup>  | Advance Auto Parts, Inc.<sup>(a)</sup>  | Advance Auto Parts, Inc.<sup>(a)</sup>  | Advance Auto Parts, Inc.<sup>(a)</sup>  |
| 08/01/2030 | &nbsp;&nbsp; 7.000% | 19000 | &nbsp;&nbsp; 19128 |
| 08/01/2033 | &nbsp;&nbsp; 7.375% | 20000 | &nbsp;&nbsp; 20128 |
| Asbury Automotive Group, Inc.<sup>(a)</sup>  | Asbury Automotive Group, Inc.<sup>(a)</sup>  | Asbury Automotive Group, Inc.<sup>(a)</sup>  | Asbury Automotive Group, Inc.<sup>(a)</sup>  |
| 11/15/2029 | &nbsp;&nbsp; 4.625% | 34000 | &nbsp;&nbsp; 33476 |
| Beach Acquisition Bidco LLC<sup>(a),(e)</sup>  | Beach Acquisition Bidco LLC<sup>(a),(e)</sup>  | Beach Acquisition Bidco LLC<sup>(a),(e)</sup>  | Beach Acquisition Bidco LLC<sup>(a),(e)</sup>  |
| 07/15/2033 | &nbsp;&nbsp; 10.000% | 69000 | &nbsp;&nbsp; 75854 |
| Belron UK Finance PLC<sup>(a)</sup>  | Belron UK Finance PLC<sup>(a)</sup>  | Belron UK Finance PLC<sup>(a)</sup>  | Belron UK Finance PLC<sup>(a)</sup>  |
| 10/15/2029 | &nbsp;&nbsp; 5.750% | 15000 | &nbsp;&nbsp; 15315 |
| Group 1 Automotive, Inc.<sup>(a)</sup>  | Group 1 Automotive, Inc.<sup>(a)</sup>  | Group 1 Automotive, Inc.<sup>(a)</sup>  | Group 1 Automotive, Inc.<sup>(a)</sup>  |
| 01/15/2030 | &nbsp;&nbsp; 6.375% | 20000 | &nbsp;&nbsp; 20568 |
| L Brands, Inc. | L Brands, Inc. | L Brands, Inc. | L Brands, Inc. |
| 06/15/2029 | &nbsp;&nbsp; 7.500% | 39000 | &nbsp;&nbsp; 39856 |
| LCM Investments Holdings II LLC<sup>(a)</sup>  | LCM Investments Holdings II LLC<sup>(a)</sup>  | LCM Investments Holdings II LLC<sup>(a)</sup>  | LCM Investments Holdings II LLC<sup>(a)</sup>  |
| 08/01/2031 | &nbsp;&nbsp; 8.250% | 58000 | &nbsp;&nbsp; 61342 |
| Lithia Motors, Inc.<sup>(a)</sup>  | Lithia Motors, Inc.<sup>(a)</sup>  | Lithia Motors, Inc.<sup>(a)</sup>  | Lithia Motors, Inc.<sup>(a)</sup>  |
| 01/15/2031 | &nbsp;&nbsp; 4.375% | 20000 | &nbsp;&nbsp; 19214 |
| Lowe's Companies, Inc. | Lowe's Companies, Inc. | Lowe's Companies, Inc. | Lowe's Companies, Inc. |
| 04/01/2052 | &nbsp;&nbsp; 4.250% | 378000 | &nbsp;&nbsp; 297927 |
| 04/01/2062 | &nbsp;&nbsp; 4.450% | 590000 | &nbsp;&nbsp; 462744 |
| Walmart, Inc. | Walmart, Inc. | Walmart, Inc. | Walmart, Inc. |
| 04/28/2035 | &nbsp;&nbsp; 4.900% | 641000 | &nbsp;&nbsp; 659270 |
| Wolverine World Wide, Inc.<sup>(a)</sup>  | Wolverine World Wide, Inc.<sup>(a)</sup>  | Wolverine World Wide, Inc.<sup>(a)</sup>  | Wolverine World Wide, Inc.<sup>(a)</sup>  |
| 08/15/2029 | &nbsp;&nbsp; 4.000% | 57000 | &nbsp;&nbsp; 52681 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1777503** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Balanced Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Supermarkets 0.0%** | **Supermarkets 0.0%** | **Supermarkets 0.0%** | **Supermarkets 0.0%** |
| Albertsons Companies LLC/Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(a)</sup>  | Albertsons Companies LLC/Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(a)</sup>  | Albertsons Companies LLC/Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(a)</sup>  | Albertsons Companies LLC/Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(a)</sup>  |
| 02/15/2028 | &nbsp;&nbsp; 5.875% | 25000 | &nbsp;&nbsp; 25075 |
| 03/15/2029 | &nbsp;&nbsp; 3.500% | 46000 | &nbsp;&nbsp; 44236 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **69311** |
| **Technology 0.6%** | **Technology 0.6%** | **Technology 0.6%** | **Technology 0.6%** |
| Amentum Escrow Corp.<sup>(a)</sup>  | Amentum Escrow Corp.<sup>(a)</sup>  | Amentum Escrow Corp.<sup>(a)</sup>  | Amentum Escrow Corp.<sup>(a)</sup>  |
| 08/01/2032 | &nbsp;&nbsp; 7.250% | 61000 | &nbsp;&nbsp; 64309 |
| APLD ComputeCo LLC<sup>(a)</sup>  | APLD ComputeCo LLC<sup>(a)</sup>  | APLD ComputeCo LLC<sup>(a)</sup>  | APLD ComputeCo LLC<sup>(a)</sup>  |
| 12/15/2030 | &nbsp;&nbsp; 9.250% | 117000 | &nbsp;&nbsp; 114757 |
| Block, Inc.<sup>(a)</sup>  | Block, Inc.<sup>(a)</sup>  | Block, Inc.<sup>(a)</sup>  | Block, Inc.<sup>(a)</sup>  |
| 08/15/2030 | &nbsp;&nbsp; 5.625% | 32000 | &nbsp;&nbsp; 32639 |
| 08/15/2033 | &nbsp;&nbsp; 6.000% | 25000 | &nbsp;&nbsp; 25655 |
| Block, Inc. | Block, Inc. | Block, Inc. | Block, Inc. |
| 05/15/2032 | &nbsp;&nbsp; 6.500% | 69000 | &nbsp;&nbsp; 71746 |
| Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
| 04/15/2028 | &nbsp;&nbsp; 4.800% | 808000 | &nbsp;&nbsp; 822399 |
| Broadcom, Inc.<sup>(a)</sup>  | Broadcom, Inc.<sup>(a)</sup>  | Broadcom, Inc.<sup>(a)</sup>  | Broadcom, Inc.<sup>(a)</sup>  |
| 11/15/2036 | &nbsp;&nbsp; 3.187% | 1774000 | &nbsp;&nbsp; 1505233 |
| CACI International, Inc.<sup>(a)</sup>  | CACI International, Inc.<sup>(a)</sup>  | CACI International, Inc.<sup>(a)</sup>  | CACI International, Inc.<sup>(a)</sup>  |
| 06/15/2033 | &nbsp;&nbsp; 6.375% | 42000 | &nbsp;&nbsp; 43470 |
| Central Parent LLC/CDK Global II LLC/Financing, Co., Inc.<sup>(a)</sup>  | Central Parent LLC/CDK Global II LLC/Financing, Co., Inc.<sup>(a)</sup>  | Central Parent LLC/CDK Global II LLC/Financing, Co., Inc.<sup>(a)</sup>  | Central Parent LLC/CDK Global II LLC/Financing, Co., Inc.<sup>(a)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 8.000% | 14000 | &nbsp;&nbsp; 12161 |
| Central Parent, Inc./CDK Global, Inc.<sup>(a)</sup>  | Central Parent, Inc./CDK Global, Inc.<sup>(a)</sup>  | Central Parent, Inc./CDK Global, Inc.<sup>(a)</sup>  | Central Parent, Inc./CDK Global, Inc.<sup>(a)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 7.250% | 11000 | &nbsp;&nbsp; 9338 |
| Cipher Compute LLC<sup>(a)</sup>  | Cipher Compute LLC<sup>(a)</sup>  | Cipher Compute LLC<sup>(a)</sup>  | Cipher Compute LLC<sup>(a)</sup>  |
| 11/15/2030 | &nbsp;&nbsp; 7.125% | 52000 | &nbsp;&nbsp; 53041 |
| Clarivate Science Holdings Corp.<sup>(a)</sup>  | Clarivate Science Holdings Corp.<sup>(a)</sup>  | Clarivate Science Holdings Corp.<sup>(a)</sup>  | Clarivate Science Holdings Corp.<sup>(a)</sup>  |
| 07/01/2029 | &nbsp;&nbsp; 4.875% | 102000 | &nbsp;&nbsp; 96433 |
| Cloud Software Group, Inc.<sup>(a)</sup>  | Cloud Software Group, Inc.<sup>(a)</sup>  | Cloud Software Group, Inc.<sup>(a)</sup>  | Cloud Software Group, Inc.<sup>(a)</sup>  |
| 09/30/2029 | &nbsp;&nbsp; 9.000% | 144000 | &nbsp;&nbsp; 149970 |
| 06/30/2032 | &nbsp;&nbsp; 8.250% | 51000 | &nbsp;&nbsp; 53382 |
| Condor Merger Sub, Inc.<sup>(a)</sup>  | Condor Merger Sub, Inc.<sup>(a)</sup>  | Condor Merger Sub, Inc.<sup>(a)</sup>  | Condor Merger Sub, Inc.<sup>(a)</sup>  |
| 02/15/2030 | &nbsp;&nbsp; 7.375% | 145000 | &nbsp;&nbsp; 126551 |
| Entegris Escrow Corp.<sup>(a)</sup>  | Entegris Escrow Corp.<sup>(a)</sup>  | Entegris Escrow Corp.<sup>(a)</sup>  | Entegris Escrow Corp.<sup>(a)</sup>  |
| 06/15/2030 | &nbsp;&nbsp; 5.950% | 101000 | &nbsp;&nbsp; 102994 |
| Fair Isaac Corp.<sup>(a)</sup>  | Fair Isaac Corp.<sup>(a)</sup>  | Fair Isaac Corp.<sup>(a)</sup>  | Fair Isaac Corp.<sup>(a)</sup>  |
| 05/15/2033 | &nbsp;&nbsp; 6.000% | 35000 | &nbsp;&nbsp; 35886 |
| Flash Compute LLC<sup>(a)</sup>  | Flash Compute LLC<sup>(a)</sup>  | Flash Compute LLC<sup>(a)</sup>  | Flash Compute LLC<sup>(a)</sup>  |
| 12/31/2030 | &nbsp;&nbsp; 7.250% | 31000 | &nbsp;&nbsp; 30727 |
| GTCR W-2 Merger Sub LLC<sup>(a)</sup>  | GTCR W-2 Merger Sub LLC<sup>(a)</sup>  | GTCR W-2 Merger Sub LLC<sup>(a)</sup>  | GTCR W-2 Merger Sub LLC<sup>(a)</sup>  |
| 01/15/2031 | &nbsp;&nbsp; 7.500% | 52000 | &nbsp;&nbsp; 55271 |
| HealthEquity, Inc.<sup>(a)</sup>  | HealthEquity, Inc.<sup>(a)</sup>  | HealthEquity, Inc.<sup>(a)</sup>  | HealthEquity, Inc.<sup>(a)</sup>  |
| 10/01/2029 | &nbsp;&nbsp; 4.500% | 42000 | &nbsp;&nbsp; 41184 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
| 03/25/2050 | &nbsp;&nbsp; 4.750% | 675000 | &nbsp;&nbsp; 551570 |
| International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. |
| 05/15/2026 | &nbsp;&nbsp; 3.300% | 1695000 | &nbsp;&nbsp; 1690586 |
| ION Platform Finance US Inc./SARL<sup>(a)</sup>  | ION Platform Finance US Inc./SARL<sup>(a)</sup>  | ION Platform Finance US Inc./SARL<sup>(a)</sup>  | ION Platform Finance US Inc./SARL<sup>(a)</sup>  |
| 05/15/2028 | &nbsp;&nbsp; 5.750% | 7000 | &nbsp;&nbsp; 6640 |
| 05/30/2029 | &nbsp;&nbsp; 9.500% | 200000 | &nbsp;&nbsp; 202649 |
| ION Platform Finance US, Inc.<sup>(a)</sup>  | ION Platform Finance US, Inc.<sup>(a)</sup>  | ION Platform Finance US, Inc.<sup>(a)</sup>  | ION Platform Finance US, Inc.<sup>(a)</sup>  |
| 09/30/2032 | &nbsp;&nbsp; 7.875% | 63000 | &nbsp;&nbsp; 59828 |
| Iron Mountain, Inc.<sup>(a)</sup>  | Iron Mountain, Inc.<sup>(a)</sup>  | Iron Mountain, Inc.<sup>(a)</sup>  | Iron Mountain, Inc.<sup>(a)</sup>  |
| 09/15/2027 | &nbsp;&nbsp; 4.875% | 14000 | &nbsp;&nbsp; 13982 |
| 07/15/2028 | &nbsp;&nbsp; 5.000% | 46000 | &nbsp;&nbsp; 45857 |
| 02/15/2029 | &nbsp;&nbsp; 7.000% | 17000 | &nbsp;&nbsp; 17466 |
| 01/15/2033 | &nbsp;&nbsp; 6.250% | 15000 | &nbsp;&nbsp; 15131 |
| Minerva Merger Sub, Inc.<sup>(a)</sup>  | Minerva Merger Sub, Inc.<sup>(a)</sup>  | Minerva Merger Sub, Inc.<sup>(a)</sup>  | Minerva Merger Sub, Inc.<sup>(a)</sup>  |
| 02/15/2030 | &nbsp;&nbsp; 6.500% | 93000 | &nbsp;&nbsp; 93031 |
| NCR Atleos Escrow Corp.<sup>(a)</sup>  | NCR Atleos Escrow Corp.<sup>(a)</sup>  | NCR Atleos Escrow Corp.<sup>(a)</sup>  | NCR Atleos Escrow Corp.<sup>(a)</sup>  |
| 04/01/2029 | &nbsp;&nbsp; 9.500% | 85000 | &nbsp;&nbsp; 92326 |
| NCR Corp.<sup>(a)</sup>  | NCR Corp.<sup>(a)</sup>  | NCR Corp.<sup>(a)</sup>  | NCR Corp.<sup>(a)</sup>  |
| 10/01/2028 | &nbsp;&nbsp; 5.000% | 74000 | &nbsp;&nbsp; 73456 |
| 04/15/2029 | &nbsp;&nbsp; 5.125% | 31000 | &nbsp;&nbsp; 30786 |
| Neptune Bidco US, Inc.<sup>(a)</sup>  | Neptune Bidco US, Inc.<sup>(a)</sup>  | Neptune Bidco US, Inc.<sup>(a)</sup>  | Neptune Bidco US, Inc.<sup>(a)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 9.290% | 93000 | &nbsp;&nbsp; 93239 |
| 05/15/2031 | &nbsp;&nbsp; 10.375% | 27000 | &nbsp;&nbsp; 27671 |
| NXP BV/Funding LLC/USA, Inc. | NXP BV/Funding LLC/USA, Inc. | NXP BV/Funding LLC/USA, Inc. | NXP BV/Funding LLC/USA, Inc. |
| 05/01/2030 | &nbsp;&nbsp; 3.400% | 1550000 | &nbsp;&nbsp; 1494556 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 09/26/2065 | &nbsp;&nbsp; 6.100% | 1710000 | &nbsp;&nbsp; 1509906 |
| Picard Midco, Inc.<sup>(a)</sup>  | Picard Midco, Inc.<sup>(a)</sup>  | Picard Midco, Inc.<sup>(a)</sup>  | Picard Midco, Inc.<sup>(a)</sup>  |
| 03/31/2029 | &nbsp;&nbsp; 6.500% | 84000 | &nbsp;&nbsp; 85090 |
| Science Applications International Corp.<sup>(a)</sup>  | Science Applications International Corp.<sup>(a)</sup>  | Science Applications International Corp.<sup>(a)</sup>  | Science Applications International Corp.<sup>(a)</sup>  |
| 11/01/2033 | &nbsp;&nbsp; 5.875% | 41000 | &nbsp;&nbsp; 41569 |
| Seagate Data Storage Technology Pte Ltd.<sup>(a)</sup>  | Seagate Data Storage Technology Pte Ltd.<sup>(a)</sup>  | Seagate Data Storage Technology Pte Ltd.<sup>(a)</sup>  | Seagate Data Storage Technology Pte Ltd.<sup>(a)</sup>  |
| 12/15/2029 | &nbsp;&nbsp; 8.250% | 19000 | &nbsp;&nbsp; 20170 |
| 07/15/2031 | &nbsp;&nbsp; 8.500% | 12000 | &nbsp;&nbsp; 12763 |
| Sensata Technologies BV<sup>(a)</sup>  | Sensata Technologies BV<sup>(a)</sup>  | Sensata Technologies BV<sup>(a)</sup>  | Sensata Technologies BV<sup>(a)</sup>  |
| 09/01/2030 | &nbsp;&nbsp; 5.875% | 43000 | &nbsp;&nbsp; 43718 |
| Shift4 Payments LLC/Finance Sub, Inc.<sup>(a)</sup>  | Shift4 Payments LLC/Finance Sub, Inc.<sup>(a)</sup>  | Shift4 Payments LLC/Finance Sub, Inc.<sup>(a)</sup>  | Shift4 Payments LLC/Finance Sub, Inc.<sup>(a)</sup>  |
| 08/15/2032 | &nbsp;&nbsp; 6.750% | 85000 | &nbsp;&nbsp; 87790 |
| Synaptics, Inc.<sup>(a)</sup>  | Synaptics, Inc.<sup>(a)</sup>  | Synaptics, Inc.<sup>(a)</sup>  | Synaptics, Inc.<sup>(a)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 4.000% | 16000 | &nbsp;&nbsp; 15492 |
| UKG, Inc.<sup>(a)</sup>  | UKG, Inc.<sup>(a)</sup>  | UKG, Inc.<sup>(a)</sup>  | UKG, Inc.<sup>(a)</sup>  |
| 02/01/2031 | &nbsp;&nbsp; 6.875% | 81000 | &nbsp;&nbsp; 83423 |
| WEX, Inc.<sup>(a)</sup>  | WEX, Inc.<sup>(a)</sup>  | WEX, Inc.<sup>(a)</sup>  | WEX, Inc.<sup>(a)</sup>  |
| 03/15/2033 | &nbsp;&nbsp; 6.500% | 51000 | &nbsp;&nbsp; 52260 |
| WULF Compute LLC<sup>(a)</sup>  | WULF Compute LLC<sup>(a)</sup>  | WULF Compute LLC<sup>(a)</sup>  | WULF Compute LLC<sup>(a)</sup>  |
| 10/15/2030 | &nbsp;&nbsp; 7.750% | 25000 | &nbsp;&nbsp; 25752 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Balanced Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| ZoomInfo Technologies LLC/Finance Corp.<sup>(a)</sup>  | ZoomInfo Technologies LLC/Finance Corp.<sup>(a)</sup>  | ZoomInfo Technologies LLC/Finance Corp.<sup>(a)</sup>  | ZoomInfo Technologies LLC/Finance Corp.<sup>(a)</sup>  |
| 02/01/2029 | &nbsp;&nbsp; 3.875% | 99000 | &nbsp;&nbsp; 93592 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **10027445** |
| **Transportation Services 0.1%** | **Transportation Services 0.1%** | **Transportation Services 0.1%** | **Transportation Services 0.1%** |
| Avis Budget Car Rental LLC/Finance, Inc.<sup>(a)</sup>  | Avis Budget Car Rental LLC/Finance, Inc.<sup>(a)</sup>  | Avis Budget Car Rental LLC/Finance, Inc.<sup>(a)</sup>  | Avis Budget Car Rental LLC/Finance, Inc.<sup>(a)</sup>  |
| 01/15/2030 | &nbsp;&nbsp; 8.250% | 22000 | &nbsp;&nbsp; 22840 |
| 02/15/2031 | &nbsp;&nbsp; 8.000% | 41000 | &nbsp;&nbsp; 42150 |
| 06/15/2032 | &nbsp;&nbsp; 8.375% | 33000 | &nbsp;&nbsp; 34082 |
| ERAC USA Finance LLC<sup>(a)</sup>  | ERAC USA Finance LLC<sup>(a)</sup>  | ERAC USA Finance LLC<sup>(a)</sup>  | ERAC USA Finance LLC<sup>(a)</sup>  |
| 10/15/2037 | &nbsp;&nbsp; 7.000% | 725000 | &nbsp;&nbsp; 840355 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **939427** |
| **Wireless 0.0%** | **Wireless 0.0%** | **Wireless 0.0%** | **Wireless 0.0%** |
| Vmed O2 UK Financing I PLC<sup>(a)</sup>  | Vmed O2 UK Financing I PLC<sup>(a)</sup>  | Vmed O2 UK Financing I PLC<sup>(a)</sup>  | Vmed O2 UK Financing I PLC<sup>(a)</sup>  |
| 07/15/2031 | &nbsp;&nbsp; 4.750% | 63000 | &nbsp;&nbsp; 58214 |
| **Wirelines 0.0%** | **Wirelines 0.0%** | **Wirelines 0.0%** | **Wirelines 0.0%** |
| Fibercop SpA<sup>(a)</sup>  | Fibercop SpA<sup>(a)</sup>  | Fibercop SpA<sup>(a)</sup>  | Fibercop SpA<sup>(a)</sup>  |
| 07/18/2036 | &nbsp;&nbsp; 7.200% | 11000 | &nbsp;&nbsp; 11003 |
| Frontier Communications Holdings LLC<sup>(a)</sup>  | Frontier Communications Holdings LLC<sup>(a)</sup>  | Frontier Communications Holdings LLC<sup>(a)</sup>  | Frontier Communications Holdings LLC<sup>(a)</sup>  |
| 05/15/2030 | &nbsp;&nbsp; 8.750% | 35000 | &nbsp;&nbsp; 36555 |
| 03/15/2031 | &nbsp;&nbsp; 8.625% | 57000 | &nbsp;&nbsp; 60044 |
| Iliad Holding SAS<sup>(a)</sup>  | Iliad Holding SAS<sup>(a)</sup>  | Iliad Holding SAS<sup>(a)</sup>  | Iliad Holding SAS<sup>(a)</sup>  |
| 10/15/2028 | &nbsp;&nbsp; 7.000% | 68000 | &nbsp;&nbsp; 69006 |
| Iliad Holding SASU<sup>(a)</sup>  | Iliad Holding SASU<sup>(a)</sup>  | Iliad Holding SASU<sup>(a)</sup>  | Iliad Holding SASU<sup>(a)</sup>  |
| 04/15/2032 | &nbsp;&nbsp; 7.000% | 32000 | &nbsp;&nbsp; 32993 |
| Level 3 Financing, Inc.<sup>(a)</sup>  | Level 3 Financing, Inc.<sup>(a)</sup>  | Level 3 Financing, Inc.<sup>(a)</sup>  | Level 3 Financing, Inc.<sup>(a)</sup>  |
| 01/15/2036 | &nbsp;&nbsp; 8.500% | 35000 | &nbsp;&nbsp; 35899 |
| Optics Bidco SpA<sup>(a)</sup>  | Optics Bidco SpA<sup>(a)</sup>  | Optics Bidco SpA<sup>(a)</sup>  | Optics Bidco SpA<sup>(a)</sup>  |
| 06/04/2038 | &nbsp;&nbsp; 7.721% | 9000 | &nbsp;&nbsp; 9071 |
| Windstream Escrow LLC/Finance Corp.<sup>(a)</sup>  | Windstream Escrow LLC/Finance Corp.<sup>(a)</sup>  | Windstream Escrow LLC/Finance Corp.<sup>(a)</sup>  | Windstream Escrow LLC/Finance Corp.<sup>(a)</sup>  |
| 10/01/2031 | &nbsp;&nbsp; 8.250% | 40000 | &nbsp;&nbsp; 41983 |
| Windstream Services LLC<sup>(a)</sup>  | Windstream Services LLC<sup>(a)</sup>  | Windstream Services LLC<sup>(a)</sup>  | Windstream Services LLC<sup>(a)</sup>  |
| 10/15/2033 | &nbsp;&nbsp; 7.500% | 29000 | &nbsp;&nbsp; 29722 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **326276** |
| Total Corporate Bonds & Notes <br>(Cost $135,268,742) | Total Corporate Bonds & Notes <br>(Cost $135,268,742) | Total Corporate Bonds & Notes <br>(Cost $135,268,742) | &nbsp;&nbsp; **137619688** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Exchange-Traded Equity Funds 1.9%** | **Exchange-Traded Equity Funds 1.9%** | **Exchange-Traded Equity Funds 1.9%** |
|  | **Shares** | **Value ($)** |
| **U.S. Mid Large Cap 1.9%** | **U.S. Mid Large Cap 1.9%** | **U.S. Mid Large Cap 1.9%** |
| iShares Core MSCI EAFE ETF | &nbsp;&nbsp; 355182 | &nbsp;&nbsp; 31774582 |
| Total Exchange-Traded Equity Funds <br>(Cost $23,810,275) | Total Exchange-Traded Equity Funds <br>(Cost $23,810,275) | &nbsp;&nbsp; **31774582** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Foreign Government Obligations**<sup>(h)</sup> **0.0%** | **Foreign Government Obligations**<sup>(h)</sup> **0.0%** | **Foreign Government Obligations**<sup>(h)</sup> **0.0%** | **Foreign Government Obligations**<sup>(h)</sup> **0.0%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Canada 0.0%** | **Canada 0.0%** | **Canada 0.0%** | **Canada 0.0%** |
| NOVA Chemicals Corp.<sup>(a)</sup>  | NOVA Chemicals Corp.<sup>(a)</sup>  | NOVA Chemicals Corp.<sup>(a)</sup>  | NOVA Chemicals Corp.<sup>(a)</sup>  |
| 11/15/2028 | &nbsp;&nbsp; 8.500% | 12000 | &nbsp;&nbsp; 12557 |
| 02/15/2030 | &nbsp;&nbsp; 9.000% | 76000 | &nbsp;&nbsp; 81160 |
| 12/01/2031 | &nbsp;&nbsp; 7.000% | 13000 | &nbsp;&nbsp; 13851 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **107568** |
| Total Foreign Government Obligations <br>(Cost $101,474) | Total Foreign Government Obligations <br>(Cost $101,474) | Total Foreign Government Obligations <br>(Cost $101,474) | &nbsp;&nbsp; **107568** |
| **Residential Mortgage-Backed Securities - Agency 13.6%** | **Residential Mortgage-Backed Securities - Agency 13.6%** | **Residential Mortgage-Backed Securities - Agency 13.6%** | **Residential Mortgage-Backed Securities - Agency 13.6%** |
| Fannie Mae REMICS<sup>(b),(i)</sup>  | Fannie Mae REMICS<sup>(b),(i)</sup>  | Fannie Mae REMICS<sup>(b),(i)</sup>  | Fannie Mae REMICS<sup>(b),(i)</sup>  |
| CMO Series 2024-6 Class AS | CMO Series 2024-6 Class AS | CMO Series 2024-6 Class AS | CMO Series 2024-6 Class AS |
| 30-day Average SOFR + 5.936% <br>Cap 6.050% <br>09/25/2049<br>| &nbsp;&nbsp; 2.061% | 5195134 | &nbsp;&nbsp; 508872 |
| CMO Series 2025-87 Class SA | CMO Series 2025-87 Class SA | CMO Series 2025-87 Class SA | CMO Series 2025-87 Class SA |
| -1.0 x 30-day Average SOFR + <br> 5.900% <br>Cap 5.900% <br>10/25/2055<br>| &nbsp;&nbsp; 2.026% | 7850168 | &nbsp;&nbsp; 738458 |
| Fannie Mae REMICS<sup>(b)</sup>  | Fannie Mae REMICS<sup>(b)</sup>  | Fannie Mae REMICS<sup>(b)</sup>  | Fannie Mae REMICS<sup>(b)</sup>  |
| CMO Series 2024-87 Class FA | CMO Series 2024-87 Class FA | CMO Series 2024-87 Class FA | CMO Series 2024-87 Class FA |
| 30-day Average SOFR + 1.400% <br>Floor 1.400%, Cap 6.500% <br>12/25/2054<br>| &nbsp;&nbsp; 5.274% | 2518348 | &nbsp;&nbsp; 2539004 |
| CMO Series 2025-10 Class FB | CMO Series 2025-10 Class FB | CMO Series 2025-10 Class FB | CMO Series 2025-10 Class FB |
| 30-day Average SOFR + 0.850% <br>Floor 0.850%, Cap 6.000% <br>02/25/2055<br>| &nbsp;&nbsp; 4.724% | 2200750 | &nbsp;&nbsp; 2195066 |
| CMO Series 2025-15 Class ME | CMO Series 2025-15 Class ME | CMO Series 2025-15 Class ME | CMO Series 2025-15 Class ME |
| 30-day Average SOFR + 3.300% <br>Floor 3.300%, Cap 7.800% <br>04/25/2055<br>| &nbsp;&nbsp; 7.174% | 2776581 | &nbsp;&nbsp; 2834299 |
| CMO Series 2025-4 Class FA | CMO Series 2025-4 Class FA | CMO Series 2025-4 Class FA | CMO Series 2025-4 Class FA |
| 30-day Average SOFR + 1.200% <br>Floor 1.200%, Cap 7.000% <br>07/25/2054<br>| &nbsp;&nbsp; 5.074% | 2809503 | &nbsp;&nbsp; 2820689 |
| CMO Series 2025-6 Class LF | CMO Series 2025-6 Class LF | CMO Series 2025-6 Class LF | CMO Series 2025-6 Class LF |
| 30-day Average SOFR + 1.800% <br>Floor 1.800%, Cap 6.000% <br>02/25/2055<br>| &nbsp;&nbsp; 5.674% | 4855291 | &nbsp;&nbsp; 4905859 |
| CMO Series 2025-86 Class FH | CMO Series 2025-86 Class FH | CMO Series 2025-86 Class FH | CMO Series 2025-86 Class FH |
| 30-day Average SOFR + 0.850% <br>Floor 0.850%, Cap 6.000% <br>09/25/2055<br>| &nbsp;&nbsp; 4.724% | 5867973 | &nbsp;&nbsp; 5848867 |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| 04/01/2032 | &nbsp;&nbsp; 6.000% | 6910 | &nbsp;&nbsp; 7096 |
| 04/01/2032 | &nbsp;&nbsp; 7.000% | 6738 | &nbsp;&nbsp; 7083 |
| 07/01/2032 | &nbsp;&nbsp; 6.500% | 2386 | &nbsp;&nbsp; 2478 |
| 01/01/2033 | &nbsp;&nbsp; 3.000% | 318886 | &nbsp;&nbsp; 311436 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Balanced Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| 12/01/2051- <br>06/01/2052<br>| &nbsp;&nbsp; 2.500% | 12503823 | &nbsp;&nbsp; 10633168 |
| 07/01/2052 | &nbsp;&nbsp; 3.500% | 3745060 | &nbsp;&nbsp; 3470799 |
| 07/01/2052- <br>01/01/2055<br>| &nbsp;&nbsp; 4.500% | 11113600 | &nbsp;&nbsp; 10929604 |
| 11/01/2052- <br>01/01/2054<br>| &nbsp;&nbsp; 4.000% | 19915996 | &nbsp;&nbsp; 19063739 |
| 12/01/2054 | &nbsp;&nbsp; 5.000% | 2933322 | &nbsp;&nbsp; 2953945 |
| 05/01/2055 | &nbsp;&nbsp; 5.500% | 2856156 | &nbsp;&nbsp; 2910436 |
| Federal Home Loan Mortgage Corp.<sup>(j)</sup>  | Federal Home Loan Mortgage Corp.<sup>(j)</sup>  | Federal Home Loan Mortgage Corp.<sup>(j)</sup>  | Federal Home Loan Mortgage Corp.<sup>(j)</sup>  |
| 05/01/2032 | &nbsp;&nbsp; 6.500% | 66940 | &nbsp;&nbsp; 69521 |
| 06/01/2037 | &nbsp;&nbsp; 6.000% | 20958 | &nbsp;&nbsp; 22012 |
| 02/01/2038 | &nbsp;&nbsp; 5.500% | 110720 | &nbsp;&nbsp; 115593 |
| 07/01/2043 | &nbsp;&nbsp; 3.000% | 99841 | &nbsp;&nbsp; 92363 |
| Federal Home Loan Mortgage Corp.<sup>(b),(i)</sup>  | Federal Home Loan Mortgage Corp.<sup>(b),(i)</sup>  | Federal Home Loan Mortgage Corp.<sup>(b),(i)</sup>  | Federal Home Loan Mortgage Corp.<sup>(b),(i)</sup>  |
| CMO Series 326 Class S2 | CMO Series 326 Class S2 | CMO Series 326 Class S2 | CMO Series 326 Class S2 |
| -1.0 x 30-day Average SOFR + <br> 5.836% <br>Cap 5.950% <br>03/15/2044<br>| &nbsp;&nbsp; 1.852% | 3675860 | &nbsp;&nbsp; 376136 |
| Federal Home Loan Mortgage Corp. REMICS<sup>(b),(i)</sup>  | Federal Home Loan Mortgage Corp. REMICS<sup>(b),(i)</sup>  | Federal Home Loan Mortgage Corp. REMICS<sup>(b),(i)</sup>  | Federal Home Loan Mortgage Corp. REMICS<sup>(b),(i)</sup>  |
| CMO Series 4906 Class QS | CMO Series 4906 Class QS | CMO Series 4906 Class QS | CMO Series 4906 Class QS |
| -1.0 x 30-day Average SOFR + <br> 5.936% <br>Cap 6.050% <br>09/25/2049<br>| &nbsp;&nbsp; 2.061% | 2968642 | &nbsp;&nbsp; 393015 |
| CMO Series 5228 Class SA | CMO Series 5228 Class SA | CMO Series 5228 Class SA | CMO Series 5228 Class SA |
| -1.0 x 30-day Average SOFR + <br> 5.886% <br>Cap 9,999.000% <br>01/25/2047<br>| &nbsp;&nbsp; 1.794% | 3220000 | &nbsp;&nbsp; 365973 |
| CMO Series 5440 Class SM | CMO Series 5440 Class SM | CMO Series 5440 Class SM | CMO Series 5440 Class SM |
| -1.0 x 30-day Average SOFR + <br> 5.900% <br>Cap 5.900% <br>07/25/2054<br>| &nbsp;&nbsp; 2.026% | 6698576 | &nbsp;&nbsp; 627371 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 03/01/2026- <br>12/01/2032<br>| &nbsp;&nbsp; 7.000% | 114284 | &nbsp;&nbsp; 120013 |
| 10/01/2026- <br>04/01/2052<br>| &nbsp;&nbsp; 3.500% | 1467743 | &nbsp;&nbsp; 1362960 |
| 11/01/2026- <br>01/01/2029<br>| &nbsp;&nbsp; 4.000% | 20248 | &nbsp;&nbsp; 20197 |
| 08/01/2028- <br>09/01/2032<br>| &nbsp;&nbsp; 6.500% | 23845 | &nbsp;&nbsp; 24891 |
| 12/01/2028- <br>09/01/2054<br>| &nbsp;&nbsp; 6.000% | 11760024 | &nbsp;&nbsp; 12092679 |
| 02/01/2038- <br>03/01/2054<br>| &nbsp;&nbsp; 5.500% | 5081805 | &nbsp;&nbsp; 5158656 |
| 08/01/2051 | &nbsp;&nbsp; 2.500% | 5340500 | &nbsp;&nbsp; 4570282 |
| 02/01/2052- <br>03/01/2052<br>| &nbsp;&nbsp; 2.000% | 9571783 | &nbsp;&nbsp; 7849471 |
| 04/01/2052 | &nbsp;&nbsp; 3.000% | 3844344 | &nbsp;&nbsp; 3405154 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| 08/01/2053- <br>12/01/2054<br>| &nbsp;&nbsp; 5.000% | 19308584 | &nbsp;&nbsp; 19385265 |
| 12/01/2054 | &nbsp;&nbsp; 4.500% | 5436734 | &nbsp;&nbsp; 5317314 |
| Federal National Mortgage Association<sup>(j)</sup>  | Federal National Mortgage Association<sup>(j)</sup>  | Federal National Mortgage Association<sup>(j)</sup>  | Federal National Mortgage Association<sup>(j)</sup>  |
| 02/01/2031 | &nbsp;&nbsp; 3.500% | 46859 | &nbsp;&nbsp; 46533 |
| Federal National Mortgage Association REMICS<sup>(b),(i)</sup>  | Federal National Mortgage Association REMICS<sup>(b),(i)</sup>  | Federal National Mortgage Association REMICS<sup>(b),(i)</sup>  | Federal National Mortgage Association REMICS<sup>(b),(i)</sup>  |
| CMO Series 2017-76 Class SB | CMO Series 2017-76 Class SB | CMO Series 2017-76 Class SB | CMO Series 2017-76 Class SB |
| -1.0 x 30-day Average SOFR + <br> 5.986% <br>Cap 6.100% <br>10/25/2057<br>| &nbsp;&nbsp; 2.111% | 2890556 | &nbsp;&nbsp; 360077 |
| CMO Series 2023-50 Class S | CMO Series 2023-50 Class S | CMO Series 2023-50 Class S | CMO Series 2023-50 Class S |
| -1.0 x 30-day Average SOFR + <br> 5.886% <br>Cap 6.000% <br>07/25/2049<br>| &nbsp;&nbsp; 2.011% | 3337436 | &nbsp;&nbsp; 313592 |
| CMO Series 2024-74 Class SW | CMO Series 2024-74 Class SW | CMO Series 2024-74 Class SW | CMO Series 2024-74 Class SW |
| -1.0 x 30-day Average SOFR + <br> 6.000% <br>Cap 6.000% <br>09/25/2054<br>| &nbsp;&nbsp; 2.126% | 4950219 | &nbsp;&nbsp; 469962 |
| Freddie Mac REMICS<sup>(b)</sup>  | Freddie Mac REMICS<sup>(b)</sup>  | Freddie Mac REMICS<sup>(b)</sup>  | Freddie Mac REMICS<sup>(b)</sup>  |
| CMO Series 5462 Class FA | CMO Series 5462 Class FA | CMO Series 5462 Class FA | CMO Series 5462 Class FA |
| 30-day Average SOFR + 1.100% <br>Floor 1.100%, Cap 6.500% <br>10/25/2054<br>| &nbsp;&nbsp; 4.974% | 4165192 | &nbsp;&nbsp; 4173956 |
| CMO Series 5500 Class FQ | CMO Series 5500 Class FQ | CMO Series 5500 Class FQ | CMO Series 5500 Class FQ |
| 30-day Average SOFR + 1.430% <br>Floor 1.430%, Cap 6.500% <br>10/25/2054<br>| &nbsp;&nbsp; 5.304% | 2997470 | &nbsp;&nbsp; 3024273 |
| CMO Series 5513 Class MQ | CMO Series 5513 Class MQ | CMO Series 5513 Class MQ | CMO Series 5513 Class MQ |
| 30-day Average SOFR + 3.950% <br>Cap 8.250% <br>06/25/2054<br>| &nbsp;&nbsp; 7.824% | 2899465 | &nbsp;&nbsp; 2990870 |
| CMO Series 5513 Class MU | CMO Series 5513 Class MU | CMO Series 5513 Class MU | CMO Series 5513 Class MU |
| 30-day Average SOFR + 3.950% <br>Cap 8.250% <br>11/25/2054<br>| &nbsp;&nbsp; 7.824% | 6488994 | &nbsp;&nbsp; 6711729 |
| CMO Series 5518 Class FC | CMO Series 5518 Class FC | CMO Series 5518 Class FC | CMO Series 5518 Class FC |
| 30-day Average SOFR + 1.320% <br>Floor 1.320%, Cap 6.500% <br>03/25/2055<br>| &nbsp;&nbsp; 5.194% | 2884564 | &nbsp;&nbsp; 2904329 |
| CMO Series 5532 Class MB | CMO Series 5532 Class MB | CMO Series 5532 Class MB | CMO Series 5532 Class MB |
| 30-day Average SOFR + 3.950% <br>Cap 8.250% <br>04/25/2055<br>| &nbsp;&nbsp; 7.824% | 1626876 | &nbsp;&nbsp; 1670694 |
| CMO Series 5560 Class MB | CMO Series 5560 Class MB | CMO Series 5560 Class MB | CMO Series 5560 Class MB |
| 30-day Average SOFR + 4.600% <br>Cap 8.700% <br>06/25/2055<br>| &nbsp;&nbsp; 8.474% | 3009052 | &nbsp;&nbsp; 3101330 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Balanced Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Freddie Mac REMICS<sup>(b),(i)</sup>  | Freddie Mac REMICS<sup>(b),(i)</sup>  | Freddie Mac REMICS<sup>(b),(i)</sup>  | Freddie Mac REMICS<sup>(b),(i)</sup>  |
| CMO Series 5573 Class SA | CMO Series 5573 Class SA | CMO Series 5573 Class SA | CMO Series 5573 Class SA |
| -1.0 x 30-day Average SOFR + <br> 5.150% <br>Cap 5.150% <br>09/25/2055<br>| &nbsp;&nbsp; 1.276% | 4981510 | &nbsp;&nbsp; 306590 |
| Government National Mortgage Association<sup>(b),(i)</sup>  | Government National Mortgage Association<sup>(b),(i)</sup>  | Government National Mortgage Association<sup>(b),(i)</sup>  | Government National Mortgage Association<sup>(b),(i)</sup>  |
| CMO Series 2019-22 Class SM | CMO Series 2019-22 Class SM | CMO Series 2019-22 Class SM | CMO Series 2019-22 Class SM |
| -1.0 x 1-month Term SOFR + <br> 5.936% <br>Cap 6.050% <br>02/20/2049<br>| &nbsp;&nbsp; 2.202% | 3280521 | &nbsp;&nbsp; 394118 |
| CMO Series 2020-101 Class SK | CMO Series 2020-101 Class SK | CMO Series 2020-101 Class SK | CMO Series 2020-101 Class SK |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>07/20/2050<br>| &nbsp;&nbsp; 2.352% | 2449438 | &nbsp;&nbsp; 302890 |
| CMO Series 2020-77 Class KS | CMO Series 2020-77 Class KS | CMO Series 2020-77 Class KS | CMO Series 2020-77 Class KS |
| -1.0 x 1-month Term SOFR + <br> 5.986% <br>Cap 6.100% <br>05/20/2049<br>| &nbsp;&nbsp; 2.252% | 3203685 | &nbsp;&nbsp; 411063 |
| CMO Series 2021-154 Class SD | CMO Series 2021-154 Class SD | CMO Series 2021-154 Class SD | CMO Series 2021-154 Class SD |
| -1.0 x 1-month Term SOFR + <br> 6.186% <br>Cap 6.300% <br>09/20/2051<br>| &nbsp;&nbsp; 2.452% | 5890071 | &nbsp;&nbsp; 785009 |
| CMO Series 2021-55 Class SC | CMO Series 2021-55 Class SC | CMO Series 2021-55 Class SC | CMO Series 2021-55 Class SC |
| -1.0 x 1-month Term SOFR + <br> 6.186% <br>Cap 6.300% <br>03/20/2051<br>| &nbsp;&nbsp; 2.452% | 2546180 | &nbsp;&nbsp; 340225 |
| CMO Series 2021-58 Class SN | CMO Series 2021-58 Class SN | CMO Series 2021-58 Class SN | CMO Series 2021-58 Class SN |
| -1.0 x 1-month Term SOFR + <br> 6.186% <br>Cap 6.300% <br>04/20/2051<br>| &nbsp;&nbsp; 2.452% | 2487900 | &nbsp;&nbsp; 291346 |
| CMO Series 2021-66 Class AS | CMO Series 2021-66 Class AS | CMO Series 2021-66 Class AS | CMO Series 2021-66 Class AS |
| -1.0 x 1-month Term SOFR + <br> 6.186% <br>Cap 6.300% <br>04/20/2051<br>| &nbsp;&nbsp; 2.452% | 4723432 | &nbsp;&nbsp; 633217 |
| CMO Series 2021-74 Class SA | CMO Series 2021-74 Class SA | CMO Series 2021-74 Class SA | CMO Series 2021-74 Class SA |
| -1.0 x 1-month Term SOFR + <br> 6.186% <br>Cap 6.300% <br>04/20/2051<br>| &nbsp;&nbsp; 2.452% | 2947832 | &nbsp;&nbsp; 394094 |
| CMO Series 2021-98 Class KS | CMO Series 2021-98 Class KS | CMO Series 2021-98 Class KS | CMO Series 2021-98 Class KS |
| -1.0 x 1-month Term SOFR + <br> 6.186% <br>Cap 6.300% <br>06/20/2051<br>| &nbsp;&nbsp; 2.452% | 2338238 | &nbsp;&nbsp; 330326 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2024-126 Class SG | CMO Series 2024-126 Class SG | CMO Series 2024-126 Class SG | CMO Series 2024-126 Class SG |
| 30-day Average SOFR + 6.650% <br>Cap 6.650% <br>08/20/2054<br>| &nbsp;&nbsp; 2.732% | 7097535 | &nbsp;&nbsp; 831570 |
| CMO Series 2024-159 Class CS | CMO Series 2024-159 Class CS | CMO Series 2024-159 Class CS | CMO Series 2024-159 Class CS |
| 30-day Average SOFR + 5.500% <br>Cap 5.500% <br>10/20/2054<br>| &nbsp;&nbsp; 1.582% | 15108867 | &nbsp;&nbsp; 1104440 |
| CMO Series 2024-184 Class SX | CMO Series 2024-184 Class SX | CMO Series 2024-184 Class SX | CMO Series 2024-184 Class SX |
| 30-day Average SOFR + 5.250% <br>Cap 5.250% <br>11/20/2054<br>| &nbsp;&nbsp; 1.332% | 9654388 | &nbsp;&nbsp; 598471 |
| CMO Series 2024-196 Class SK | CMO Series 2024-196 Class SK | CMO Series 2024-196 Class SK | CMO Series 2024-196 Class SK |
| -1.0 x 30-day Average SOFR + <br> 6.100% <br>Cap 6.100% <br>12/20/2054<br>| &nbsp;&nbsp; 2.182% | 2906599 | &nbsp;&nbsp; 291214 |
| CMO Series 2024-197 Class LS | CMO Series 2024-197 Class LS | CMO Series 2024-197 Class LS | CMO Series 2024-197 Class LS |
| -1.0 x 30-day Average SOFR + <br> 6.000% <br>Cap 6.000% <br>12/20/2054<br>| &nbsp;&nbsp; 2.082% | 8295996 | &nbsp;&nbsp; 749877 |
| CMO Series 2024-197 Class SH | CMO Series 2024-197 Class SH | CMO Series 2024-197 Class SH | CMO Series 2024-197 Class SH |
| -1.0 x 30-day Average SOFR + <br> 6.000% <br>Cap 6.000% <br>12/20/2054<br>| &nbsp;&nbsp; 2.082% | 10125557 | &nbsp;&nbsp; 875426 |
| CMO Series 2024-197 Class SV | CMO Series 2024-197 Class SV | CMO Series 2024-197 Class SV | CMO Series 2024-197 Class SV |
| -1.0 x 30-day Average SOFR + <br> 6.050% <br>Cap 6.050% <br>12/20/2054<br>| &nbsp;&nbsp; 2.132% | 9931202 | &nbsp;&nbsp; 1102510 |
| CMO Series 2024-204 Class ES | CMO Series 2024-204 Class ES | CMO Series 2024-204 Class ES | CMO Series 2024-204 Class ES |
| -1.0 x 30-day Average SOFR + <br> 6.050% <br>Cap 6.050% <br>12/20/2054<br>| &nbsp;&nbsp; 2.132% | 7808900 | &nbsp;&nbsp; 874827 |
| CMO Series 2024-22D Class AS | CMO Series 2024-22D Class AS | CMO Series 2024-22D Class AS | CMO Series 2024-22D Class AS |
| -1.0 x 1-month Term SOFR + <br> 5.936% <br>Cap 6.050% <br>08/20/2051<br>| &nbsp;&nbsp; 2.202% | 5852459 | &nbsp;&nbsp; 695456 |
| CMO Series 2051-56Q Class SL | CMO Series 2051-56Q Class SL | CMO Series 2051-56Q Class SL | CMO Series 2051-56Q Class SL |
| -1.0 x 30-day Average SOFR + <br> 6.000% <br>Cap 6.000% <br>09/20/2055<br>| &nbsp;&nbsp; 2.082% | 6377443 | &nbsp;&nbsp; 646324 |
| Government National Mortgage Association<sup>(i)</sup>  | Government National Mortgage Association<sup>(i)</sup>  | Government National Mortgage Association<sup>(i)</sup>  | Government National Mortgage Association<sup>(i)</sup>  |
| CMO Series 2024-22 Class EI | CMO Series 2024-22 Class EI | CMO Series 2024-22 Class EI | CMO Series 2024-22 Class EI |
| 01/20/2052 | &nbsp;&nbsp; 3.500% | 7687897 | &nbsp;&nbsp; 1447721 |
| CMO Series 2024-28 Class IM | CMO Series 2024-28 Class IM | CMO Series 2024-28 Class IM | CMO Series 2024-28 Class IM |
| 01/20/2050 | &nbsp;&nbsp; 4.000% | 2217078 | &nbsp;&nbsp; 320461 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Balanced Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Government National Mortgage Association<sup>(b)</sup>  | Government National Mortgage Association<sup>(b)</sup>  | Government National Mortgage Association<sup>(b)</sup>  | Government National Mortgage Association<sup>(b)</sup>  |
| CMO Series 2025-149M Class FP | CMO Series 2025-149M Class FP | CMO Series 2025-149M Class FP | CMO Series 2025-149M Class FP |
| 30-day Average SOFR + 1.100% <br>Floor 1.100%, Cap 6.500% <br>09/20/2055<br>| &nbsp;&nbsp; 5.018% | 3072632 | &nbsp;&nbsp; 3081650 |
| CMO Series 2025-39 Class M | CMO Series 2025-39 Class M | CMO Series 2025-39 Class M | CMO Series 2025-39 Class M |
| 30-day Average SOFR + 4.000% <br>Floor 4.000%, Cap 7.700% <br>03/20/2055<br>| &nbsp;&nbsp; 7.221% | 2372730 | &nbsp;&nbsp; 2437059 |
| Uniform Mortgage-Backed Security TBA<sup>(k)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(k)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(k)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(k)</sup>  |
| 01/20/2041- <br>01/14/2056<br>| &nbsp;&nbsp; 3.000% | 17825000 | &nbsp;&nbsp; 15904868 |
| 01/20/2041- <br>01/14/2056<br>| &nbsp;&nbsp; 3.500% | 12600000 | &nbsp;&nbsp; 11866673 |
| 01/20/2041- <br>01/14/2056<br>| &nbsp;&nbsp; 4.000% | 2400000 | &nbsp;&nbsp; 2314628 |
| 01/14/2056 | &nbsp;&nbsp; 4.500% | 8800000 | &nbsp;&nbsp; 8590051 |
| 01/14/2056 | &nbsp;&nbsp; 5.500% | 10000000 | &nbsp;&nbsp; 10139826 |
| Total Residential Mortgage-Backed Securities - Agency <br>(Cost $224,707,873) | Total Residential Mortgage-Backed Securities - Agency <br>(Cost $224,707,873) | Total Residential Mortgage-Backed Securities - Agency <br>(Cost $224,707,873) | &nbsp;&nbsp; **227879039** |
| **Residential Mortgage-Backed Securities - Non-Agency 7.5%** | **Residential Mortgage-Backed Securities - Non-Agency 7.5%** | **Residential Mortgage-Backed Securities - Non-Agency 7.5%** | **Residential Mortgage-Backed Securities - Non-Agency 7.5%** |
| A&D Mortgage Trust<sup>(a),(f)</sup>  | A&D Mortgage Trust<sup>(a),(f)</sup>  | A&D Mortgage Trust<sup>(a),(f)</sup>  | A&D Mortgage Trust<sup>(a),(f)</sup>  |
| CMO Series 2024-NQM2 Class A1 | CMO Series 2024-NQM2 Class A1 | CMO Series 2024-NQM2 Class A1 | CMO Series 2024-NQM2 Class A1 |
| 04/25/2069 | &nbsp;&nbsp; 6.498% | 3336498 | &nbsp;&nbsp; 3384685 |
| CMO Series 2025-NQM3 Class A1 | CMO Series 2025-NQM3 Class A1 | CMO Series 2025-NQM3 Class A1 | CMO Series 2025-NQM3 Class A1 |
| 08/25/2070 | &nbsp;&nbsp; 5.374% | 2337970 | &nbsp;&nbsp; 2351479 |
| CMO Series 2025-NQM4 Class A1 | CMO Series 2025-NQM4 Class A1 | CMO Series 2025-NQM4 Class A1 | CMO Series 2025-NQM4 Class A1 |
| 10/25/2070 | &nbsp;&nbsp; 5.225% | 2415604 | &nbsp;&nbsp; 2424185 |
| ACHM Trust<sup>(a),(c)</sup>  | ACHM Trust<sup>(a),(c)</sup>  | ACHM Trust<sup>(a),(c)</sup>  | ACHM Trust<sup>(a),(c)</sup>  |
| CMO Series 2025-HE2 Class A | CMO Series 2025-HE2 Class A | CMO Series 2025-HE2 Class A | CMO Series 2025-HE2 Class A |
| 08/25/2055 | &nbsp;&nbsp; 5.465% | 4155617 | &nbsp;&nbsp; 4169127 |
| Ajax Mortgage Loan Trust<sup>(a),(c)</sup>  | Ajax Mortgage Loan Trust<sup>(a),(c)</sup>  | Ajax Mortgage Loan Trust<sup>(a),(c)</sup>  | Ajax Mortgage Loan Trust<sup>(a),(c)</sup>  |
| CMO Series 2021-A Class A1 | CMO Series 2021-A Class A1 | CMO Series 2021-A Class A1 | CMO Series 2021-A Class A1 |
| 09/25/2065 | &nbsp;&nbsp; 1.065% | 1530303 | &nbsp;&nbsp; 1395681 |
| Angel Oak Mortgage Trust<sup>(a),(c)</sup>  | Angel Oak Mortgage Trust<sup>(a),(c)</sup>  | Angel Oak Mortgage Trust<sup>(a),(c)</sup>  | Angel Oak Mortgage Trust<sup>(a),(c)</sup>  |
| CMO Series 2020-6 Class A3 | CMO Series 2020-6 Class A3 | CMO Series 2020-6 Class A3 | CMO Series 2020-6 Class A3 |
| 05/25/2065 | &nbsp;&nbsp; 1.775% | 81109 | &nbsp;&nbsp; 75841 |
| CMO Series 2020-6 Class M1 | CMO Series 2020-6 Class M1 | CMO Series 2020-6 Class M1 | CMO Series 2020-6 Class M1 |
| 05/25/2065 | &nbsp;&nbsp; 2.805% | 400000 | &nbsp;&nbsp; 343979 |
| CMO Series 2020-R1 Class A1 | CMO Series 2020-R1 Class A1 | CMO Series 2020-R1 Class A1 | CMO Series 2020-R1 Class A1 |
| 04/25/2053 | &nbsp;&nbsp; 0.990% | 217270 | &nbsp;&nbsp; 208145 |
| Angel Oak Mortgage Trust<sup>(a),(f)</sup>  | Angel Oak Mortgage Trust<sup>(a),(f)</sup>  | Angel Oak Mortgage Trust<sup>(a),(f)</sup>  | Angel Oak Mortgage Trust<sup>(a),(f)</sup>  |
| CMO Series 2022-6 Class A1 | CMO Series 2022-6 Class A1 | CMO Series 2022-6 Class A1 | CMO Series 2022-6 Class A1 |
| 07/25/2067 | &nbsp;&nbsp; 4.300% | 3235415 | &nbsp;&nbsp; 3216909 |
| CMO Series 2025-13 Class A1 | CMO Series 2025-13 Class A1 | CMO Series 2025-13 Class A1 | CMO Series 2025-13 Class A1 |
| 10/25/2070 | &nbsp;&nbsp; 4.929% | 1600000 | &nbsp;&nbsp; 1601998 |
| BRAVO Residential Funding Trust<sup>(a),(c)</sup>  | BRAVO Residential Funding Trust<sup>(a),(c)</sup>  | BRAVO Residential Funding Trust<sup>(a),(c)</sup>  | BRAVO Residential Funding Trust<sup>(a),(c)</sup>  |
| CMO Series 2020-NQM1 Class A1 | CMO Series 2020-NQM1 Class A1 | CMO Series 2020-NQM1 Class A1 | CMO Series 2020-NQM1 Class A1 |
| 05/25/2060 | &nbsp;&nbsp; 1.449% | 64349 | &nbsp;&nbsp; 62927 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2020-RPL1 Class A1 | CMO Series 2020-RPL1 Class A1 | CMO Series 2020-RPL1 Class A1 | CMO Series 2020-RPL1 Class A1 |
| 05/26/2059 | &nbsp;&nbsp; 2.500% | 171901 | &nbsp;&nbsp; 169595 |
| CMO Series 2021-NQM1 Class A1 | CMO Series 2021-NQM1 Class A1 | CMO Series 2021-NQM1 Class A1 | CMO Series 2021-NQM1 Class A1 |
| 02/25/2049 | &nbsp;&nbsp; 0.941% | 598433 | &nbsp;&nbsp; 562248 |
| CMO Series 2021-NQM1 Class A3 | CMO Series 2021-NQM1 Class A3 | CMO Series 2021-NQM1 Class A3 | CMO Series 2021-NQM1 Class A3 |
| 02/25/2049 | &nbsp;&nbsp; 1.332% | 243808 | &nbsp;&nbsp; 230224 |
| CMO Series 2021-NQM2 Class A3 | CMO Series 2021-NQM2 Class A3 | CMO Series 2021-NQM2 Class A3 | CMO Series 2021-NQM2 Class A3 |
| 03/25/2060 | &nbsp;&nbsp; 1.435% | 70989 | &nbsp;&nbsp; 69494 |
| CMO Series 2022-NQM3 Class A1 | CMO Series 2022-NQM3 Class A1 | CMO Series 2022-NQM3 Class A1 | CMO Series 2022-NQM3 Class A1 |
| 07/25/2062 | &nbsp;&nbsp; 5.108% | 690298 | &nbsp;&nbsp; 690261 |
| Subordinated CMO Series 2021-NQM2 Class B1 | Subordinated CMO Series 2021-NQM2 Class B1 | Subordinated CMO Series 2021-NQM2 Class B1 | Subordinated CMO Series 2021-NQM2 Class B1 |
| 03/25/2060 | &nbsp;&nbsp; 3.044% | 425000 | &nbsp;&nbsp; 398957 |
| BRAVO Residential Funding Trust<sup>(a),(f)</sup>  | BRAVO Residential Funding Trust<sup>(a),(f)</sup>  | BRAVO Residential Funding Trust<sup>(a),(f)</sup>  | BRAVO Residential Funding Trust<sup>(a),(f)</sup>  |
| CMO Series 2023-NQM8 Class A1 | CMO Series 2023-NQM8 Class A1 | CMO Series 2023-NQM8 Class A1 | CMO Series 2023-NQM8 Class A1 |
| 10/25/2063 | &nbsp;&nbsp; 6.394% | 340238 | &nbsp;&nbsp; 343502 |
| CMO Series 2024-NQM2 Class A1 | CMO Series 2024-NQM2 Class A1 | CMO Series 2024-NQM2 Class A1 | CMO Series 2024-NQM2 Class A1 |
| 02/25/2064 | &nbsp;&nbsp; 6.285% | 891273 | &nbsp;&nbsp; 902424 |
| CMO Series 2024-NQM3 Class A1 | CMO Series 2024-NQM3 Class A1 | CMO Series 2024-NQM3 Class A1 | CMO Series 2024-NQM3 Class A1 |
| 03/25/2064 | &nbsp;&nbsp; 6.191% | 1214078 | &nbsp;&nbsp; 1229823 |
| CHNGE Mortgage Trust<sup>(a),(c)</sup>  | CHNGE Mortgage Trust<sup>(a),(c)</sup>  | CHNGE Mortgage Trust<sup>(a),(c)</sup>  | CHNGE Mortgage Trust<sup>(a),(c)</sup>  |
| CMO Series 2022-1 Class A1 | CMO Series 2022-1 Class A1 | CMO Series 2022-1 Class A1 | CMO Series 2022-1 Class A1 |
| 01/25/2067 | &nbsp;&nbsp; 3.007% | 1554379 | &nbsp;&nbsp; 1506798 |
| CHNGE Mortgage Trust<sup>(a),(f)</sup>  | CHNGE Mortgage Trust<sup>(a),(f)</sup>  | CHNGE Mortgage Trust<sup>(a),(f)</sup>  | CHNGE Mortgage Trust<sup>(a),(f)</sup>  |
| CMO Series 2022-NQM1 Class A1 | CMO Series 2022-NQM1 Class A1 | CMO Series 2022-NQM1 Class A1 | CMO Series 2022-NQM1 Class A1 |
| 06/25/2067 | &nbsp;&nbsp; 5.189% | 584186 | &nbsp;&nbsp; 582477 |
| COLT Mortgage Loan Trust<sup>(a)</sup>  | COLT Mortgage Loan Trust<sup>(a)</sup>  | COLT Mortgage Loan Trust<sup>(a)</sup>  | COLT Mortgage Loan Trust<sup>(a)</sup>  |
| CMO Series 2021-2R Class A1 | CMO Series 2021-2R Class A1 | CMO Series 2021-2R Class A1 | CMO Series 2021-2R Class A1 |
| 07/27/2054 | &nbsp;&nbsp; 0.798% | 236453 | &nbsp;&nbsp; 214240 |
| COLT Mortgage Loan Trust<sup>(a),(c)</sup>  | COLT Mortgage Loan Trust<sup>(a),(c)</sup>  | COLT Mortgage Loan Trust<sup>(a),(c)</sup>  | COLT Mortgage Loan Trust<sup>(a),(c)</sup>  |
| CMO Series 2022-1 Class A1 | CMO Series 2022-1 Class A1 | CMO Series 2022-1 Class A1 | CMO Series 2022-1 Class A1 |
| 12/27/2066 | &nbsp;&nbsp; 2.284% | 1582959 | &nbsp;&nbsp; 1464771 |
| CMO Series 2025-12 Class A1 | CMO Series 2025-12 Class A1 | CMO Series 2025-12 Class A1 | CMO Series 2025-12 Class A1 |
| 01/26/2071 | &nbsp;&nbsp; 4.983% | 1690000 | &nbsp;&nbsp; 1692075 |
| COLT Mortgage Loan Trust<sup>(a),(f)</sup>  | COLT Mortgage Loan Trust<sup>(a),(f)</sup>  | COLT Mortgage Loan Trust<sup>(a),(f)</sup>  | COLT Mortgage Loan Trust<sup>(a),(f)</sup>  |
| CMO Series 2024-1 Class A1 | CMO Series 2024-1 Class A1 | CMO Series 2024-1 Class A1 | CMO Series 2024-1 Class A1 |
| 02/25/2069 | &nbsp;&nbsp; 5.835% | 870879 | &nbsp;&nbsp; 877982 |
| CMO Series 2025-7 Class A1 | CMO Series 2025-7 Class A1 | CMO Series 2025-7 Class A1 | CMO Series 2025-7 Class A1 |
| 06/25/2070 | &nbsp;&nbsp; 5.470% | 4682205 | &nbsp;&nbsp; 4719576 |
| Connecticut Avenue Securities Trust<sup>(a),(b)</sup>  | Connecticut Avenue Securities Trust<sup>(a),(b)</sup>  | Connecticut Avenue Securities Trust<sup>(a),(b)</sup>  | Connecticut Avenue Securities Trust<sup>(a),(b)</sup>  |
| CMO Series 2022-R04 Class 1M2 | CMO Series 2022-R04 Class 1M2 | CMO Series 2022-R04 Class 1M2 | CMO Series 2022-R04 Class 1M2 |
| 30-day Average SOFR + 3.100% <br>03/25/2042<br>| &nbsp;&nbsp; 6.974% | 975000 | &nbsp;&nbsp; 998448 |
| Credit Suisse Mortgage Trust<sup>(a),(c)</sup>  | Credit Suisse Mortgage Trust<sup>(a),(c)</sup>  | Credit Suisse Mortgage Trust<sup>(a),(c)</sup>  | Credit Suisse Mortgage Trust<sup>(a),(c)</sup>  |
| CMO Series 2021-AFC1 Class A1 | CMO Series 2021-AFC1 Class A1 | CMO Series 2021-AFC1 Class A1 | CMO Series 2021-AFC1 Class A1 |
| 03/25/2056 | &nbsp;&nbsp; 0.830% | 452910 | &nbsp;&nbsp; 384066 |
| CMO Series 2021-NQM1 Class A3 | CMO Series 2021-NQM1 Class A3 | CMO Series 2021-NQM1 Class A3 | CMO Series 2021-NQM1 Class A3 |
| 05/25/2065 | &nbsp;&nbsp; 1.199% | 137339 | &nbsp;&nbsp; 126285 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Balanced Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2021-NQM1 Class M1 | CMO Series 2021-NQM1 Class M1 | CMO Series 2021-NQM1 Class M1 | CMO Series 2021-NQM1 Class M1 |
| 05/25/2065 | &nbsp;&nbsp; 2.130% | 175000 | &nbsp;&nbsp; 140805 |
| CMO Series 2021-RPL2 Class M1 | CMO Series 2021-RPL2 Class M1 | CMO Series 2021-RPL2 Class M1 | CMO Series 2021-RPL2 Class M1 |
| 01/25/2060 | &nbsp;&nbsp; 2.750% | 751019 | &nbsp;&nbsp; 572448 |
| CMO Series 2021-RPL2 Class M2 | CMO Series 2021-RPL2 Class M2 | CMO Series 2021-RPL2 Class M2 | CMO Series 2021-RPL2 Class M2 |
| 01/25/2060 | &nbsp;&nbsp; 3.250% | 375000 | &nbsp;&nbsp; 278380 |
| Cross Mortgage Trust<sup>(a),(f)</sup>  | Cross Mortgage Trust<sup>(a),(f)</sup>  | Cross Mortgage Trust<sup>(a),(f)</sup>  | Cross Mortgage Trust<sup>(a),(f)</sup>  |
| CMO Series 2024-H2 Class A1 | CMO Series 2024-H2 Class A1 | CMO Series 2024-H2 Class A1 | CMO Series 2024-H2 Class A1 |
| 04/25/2069 | &nbsp;&nbsp; 6.093% | 340373 | &nbsp;&nbsp; 344316 |
| CSMC Trust<sup>(a),(c)</sup>  | CSMC Trust<sup>(a),(c)</sup>  | CSMC Trust<sup>(a),(c)</sup>  | CSMC Trust<sup>(a),(c)</sup>  |
| CMO Series 2018-RPL9 Class A | CMO Series 2018-RPL9 Class A | CMO Series 2018-RPL9 Class A | CMO Series 2018-RPL9 Class A |
| 09/25/2057 | &nbsp;&nbsp; 3.850% | 1067590 | &nbsp;&nbsp; 1033910 |
| CMO Series 2021-RPL4 Class A1 | CMO Series 2021-RPL4 Class A1 | CMO Series 2021-RPL4 Class A1 | CMO Series 2021-RPL4 Class A1 |
| 12/27/2060 | &nbsp;&nbsp; 5.796% | 797149 | &nbsp;&nbsp; 798875 |
| CMO Series 2022-NQM5 Class A1 | CMO Series 2022-NQM5 Class A1 | CMO Series 2022-NQM5 Class A1 | CMO Series 2022-NQM5 Class A1 |
| 05/25/2067 | &nbsp;&nbsp; 5.169% | 1187004 | &nbsp;&nbsp; 1185810 |
| Subordinated CMO Series 2020-RPL4 Class A1 | Subordinated CMO Series 2020-RPL4 Class A1 | Subordinated CMO Series 2020-RPL4 Class A1 | Subordinated CMO Series 2020-RPL4 Class A1 |
| 01/25/2060 | &nbsp;&nbsp; 2.000% | 449374 | &nbsp;&nbsp; 408706 |
| CSMC Trust<sup>(a)</sup>  | CSMC Trust<sup>(a)</sup>  | CSMC Trust<sup>(a)</sup>  | CSMC Trust<sup>(a)</sup>  |
| CMO Series 2019-AFC1 Class A1 | CMO Series 2019-AFC1 Class A1 | CMO Series 2019-AFC1 Class A1 | CMO Series 2019-AFC1 Class A1 |
| 07/25/2049 | &nbsp;&nbsp; 3.573% | 240439 | &nbsp;&nbsp; 232668 |
| EFMT<sup>(a),(c)</sup>  | EFMT<sup>(a),(c)</sup>  | EFMT<sup>(a),(c)</sup>  | EFMT<sup>(a),(c)</sup>  |
| CMO Series 2025-NQM6 Class A1 | CMO Series 2025-NQM6 Class A1 | CMO Series 2025-NQM6 Class A1 | CMO Series 2025-NQM6 Class A1 |
| 12/25/2070 | &nbsp;&nbsp; 5.001% | 1850000 | &nbsp;&nbsp; 1850855 |
| Ellington Financial Mortgage Trust<sup>(a),(c)</sup>  | Ellington Financial Mortgage Trust<sup>(a),(c)</sup>  | Ellington Financial Mortgage Trust<sup>(a),(c)</sup>  | Ellington Financial Mortgage Trust<sup>(a),(c)</sup>  |
| CMO Series 2019-2 Class A3 | CMO Series 2019-2 Class A3 | CMO Series 2019-2 Class A3 | CMO Series 2019-2 Class A3 |
| 11/25/2059 | &nbsp;&nbsp; 3.046% | 47043 | &nbsp;&nbsp; 46338 |
| CMO Series 2022-2 Class A1 | CMO Series 2022-2 Class A1 | CMO Series 2022-2 Class A1 | CMO Series 2022-2 Class A1 |
| 04/25/2067 | &nbsp;&nbsp; 4.299% | 4108299 | &nbsp;&nbsp; 4091099 |
| CMO Series 2025-NQM1 Class A1 | CMO Series 2025-NQM1 Class A1 | CMO Series 2025-NQM1 Class A1 | CMO Series 2025-NQM1 Class A1 |
| 01/25/2070 | &nbsp;&nbsp; 5.668% | 764881 | &nbsp;&nbsp; 772388 |
| FIGRE Trust<sup>(a),(f)</sup>  | FIGRE Trust<sup>(a),(f)</sup>  | FIGRE Trust<sup>(a),(f)</sup>  | FIGRE Trust<sup>(a),(f)</sup>  |
| CMO Series 2025-FL1 Class A1 | CMO Series 2025-FL1 Class A1 | CMO Series 2025-FL1 Class A1 | CMO Series 2025-FL1 Class A1 |
| 07/25/2055 | &nbsp;&nbsp; 5.265% | 1189401 | &nbsp;&nbsp; 1195769 |
| FIGRE Trust<sup>(a),(c)</sup>  | FIGRE Trust<sup>(a),(c)</sup>  | FIGRE Trust<sup>(a),(c)</sup>  | FIGRE Trust<sup>(a),(c)</sup>  |
| CMO Series 2025-PF2 Class A | CMO Series 2025-PF2 Class A | CMO Series 2025-PF2 Class A | CMO Series 2025-PF2 Class A |
| 10/25/2055 | &nbsp;&nbsp; 5.017% | 1327110 | &nbsp;&nbsp; 1319620 |
| Freddie Mac STACR REMIC Trust<sup>(a),(b)</sup>  | Freddie Mac STACR REMIC Trust<sup>(a),(b)</sup>  | Freddie Mac STACR REMIC Trust<sup>(a),(b)</sup>  | Freddie Mac STACR REMIC Trust<sup>(a),(b)</sup>  |
| CMO Series 2021-DNA5 Class M2 | CMO Series 2021-DNA5 Class M2 | CMO Series 2021-DNA5 Class M2 | CMO Series 2021-DNA5 Class M2 |
| 30-day Average SOFR + 1.650% <br>01/25/2034<br>| &nbsp;&nbsp; 5.524% | 141779 | &nbsp;&nbsp; 142262 |
| CMO Series 2022-DNA3 Class M1B | CMO Series 2022-DNA3 Class M1B | CMO Series 2022-DNA3 Class M1B | CMO Series 2022-DNA3 Class M1B |
| 30-day Average SOFR + 2.900% <br>04/25/2042<br>| &nbsp;&nbsp; 6.774% | 1100000 | &nbsp;&nbsp; 1127077 |
| Subordinated CMO Series 2022-DNA6 Class M1A | Subordinated CMO Series 2022-DNA6 Class M1A | Subordinated CMO Series 2022-DNA6 Class M1A | Subordinated CMO Series 2022-DNA6 Class M1A |
| 30-day Average SOFR + 2.150% <br>09/25/2042<br>| &nbsp;&nbsp; 6.024% | 112849 | &nbsp;&nbsp; 113449 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(b)</sup>  | Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(b)</sup>  | Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(b)</sup>  | Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(b)</sup>  |
| CMO Series 2020-CS01 Class B1 | CMO Series 2020-CS01 Class B1 | CMO Series 2020-CS01 Class B1 | CMO Series 2020-CS01 Class B1 |
| 30-day Average SOFR + 0.114% <br>04/25/2033<br>| &nbsp;&nbsp; 4.454% | 1463770 | &nbsp;&nbsp; 1418105 |
| CMO Series 2022-DNA5 Class M1A | CMO Series 2022-DNA5 Class M1A | CMO Series 2022-DNA5 Class M1A | CMO Series 2022-DNA5 Class M1A |
| 30-day Average SOFR + 2.950% <br>06/25/2042<br>| &nbsp;&nbsp; 6.824% | 701691 | &nbsp;&nbsp; 714059 |
| Subordinated CMO Series 2021-DNA7 Class M1 | Subordinated CMO Series 2021-DNA7 Class M1 | Subordinated CMO Series 2021-DNA7 Class M1 | Subordinated CMO Series 2021-DNA7 Class M1 |
| 30-day Average SOFR + 0.850% <br>11/25/2041<br>| &nbsp;&nbsp; 4.724% | 573276 | &nbsp;&nbsp; 573317 |
| GCAT Trust<sup>(a),(c)</sup>  | GCAT Trust<sup>(a),(c)</sup>  | GCAT Trust<sup>(a),(c)</sup>  | GCAT Trust<sup>(a),(c)</sup>  |
| CMO Series 2019-RPL1 Class A1 | CMO Series 2019-RPL1 Class A1 | CMO Series 2019-RPL1 Class A1 | CMO Series 2019-RPL1 Class A1 |
| 10/25/2068 | &nbsp;&nbsp; 2.650% | 374639 | &nbsp;&nbsp; 366193 |
| CMO Series 2021-CM2 Class A1 | CMO Series 2021-CM2 Class A1 | CMO Series 2021-CM2 Class A1 | CMO Series 2021-CM2 Class A1 |
| 08/25/2066 | &nbsp;&nbsp; 2.352% | 1387353 | &nbsp;&nbsp; 1322194 |
| CMO Series 2022-NQM3 Class A1 | CMO Series 2022-NQM3 Class A1 | CMO Series 2022-NQM3 Class A1 | CMO Series 2022-NQM3 Class A1 |
| 04/25/2067 | &nbsp;&nbsp; 4.349% | 4253120 | &nbsp;&nbsp; 4236467 |
| CMO Series 2025-NQM5 Class A1 | CMO Series 2025-NQM5 Class A1 | CMO Series 2025-NQM5 Class A1 | CMO Series 2025-NQM5 Class A1 |
| 08/25/2070 | &nbsp;&nbsp; 4.981% | 3291344 | &nbsp;&nbsp; 3295524 |
| GCAT Trust<sup>(a),(f)</sup>  | GCAT Trust<sup>(a),(f)</sup>  | GCAT Trust<sup>(a),(f)</sup>  | GCAT Trust<sup>(a),(f)</sup>  |
| CMO Series 2023-NQM2 Class A1 | CMO Series 2023-NQM2 Class A1 | CMO Series 2023-NQM2 Class A1 | CMO Series 2023-NQM2 Class A1 |
| 11/25/2067 | &nbsp;&nbsp; 5.837% | 1154933 | &nbsp;&nbsp; 1152344 |
| GITSIT Mortgage Loan Trust<sup>(a),(f),(l),(m)</sup>  | GITSIT Mortgage Loan Trust<sup>(a),(f),(l),(m)</sup>  | GITSIT Mortgage Loan Trust<sup>(a),(f),(l),(m)</sup>  | GITSIT Mortgage Loan Trust<sup>(a),(f),(l),(m)</sup>  |
| CMO Series 2025-NPL2 Class A1 | CMO Series 2025-NPL2 Class A1 | CMO Series 2025-NPL2 Class A1 | CMO Series 2025-NPL2 Class A1 |
| 12/25/2055 | &nbsp;&nbsp; 5.425% | 1740000 | &nbsp;&nbsp; 1740000 |
| GS Mortgage-Backed Securities Trust<sup>(a),(c)</sup>  | GS Mortgage-Backed Securities Trust<sup>(a),(c)</sup>  | GS Mortgage-Backed Securities Trust<sup>(a),(c)</sup>  | GS Mortgage-Backed Securities Trust<sup>(a),(c)</sup>  |
| CMO Series 2020-NQM1 Class A1 | CMO Series 2020-NQM1 Class A1 | CMO Series 2020-NQM1 Class A1 | CMO Series 2020-NQM1 Class A1 |
| 09/27/2060 | &nbsp;&nbsp; 1.382% | 170725 | &nbsp;&nbsp; 163807 |
| GS Mortgage-Backed Securities Trust<sup>(a),(f)</sup>  | GS Mortgage-Backed Securities Trust<sup>(a),(f)</sup>  | GS Mortgage-Backed Securities Trust<sup>(a),(f)</sup>  | GS Mortgage-Backed Securities Trust<sup>(a),(f)</sup>  |
| CMO Series 2025-NQM4 Class A1 | CMO Series 2025-NQM4 Class A1 | CMO Series 2025-NQM4 Class A1 | CMO Series 2025-NQM4 Class A1 |
| 10/25/2065 | &nbsp;&nbsp; 5.006% | 1785190 | &nbsp;&nbsp; 1784938 |
| HOMES Trust<sup>(a),(f)</sup>  | HOMES Trust<sup>(a),(f)</sup>  | HOMES Trust<sup>(a),(f)</sup>  | HOMES Trust<sup>(a),(f)</sup>  |
| CMO Series 2025-AFC2 Class AIA | CMO Series 2025-AFC2 Class AIA | CMO Series 2025-AFC2 Class AIA | CMO Series 2025-AFC2 Class AIA |
| 06/25/2060 | &nbsp;&nbsp; 5.471% | 1529167 | &nbsp;&nbsp; 1541219 |
| CMO Series 2025-NQM4 Class A1 | CMO Series 2025-NQM4 Class A1 | CMO Series 2025-NQM4 Class A1 | CMO Series 2025-NQM4 Class A1 |
| 08/25/2070 | &nbsp;&nbsp; 5.220% | 1518780 | &nbsp;&nbsp; 1526125 |
| JPMorgan Mortgage Trust<sup>(a),(c)</sup>  | JPMorgan Mortgage Trust<sup>(a),(c)</sup>  | JPMorgan Mortgage Trust<sup>(a),(c)</sup>  | JPMorgan Mortgage Trust<sup>(a),(c)</sup>  |
| CMO Series 2025-VIS3 Class A1 | CMO Series 2025-VIS3 Class A1 | CMO Series 2025-VIS3 Class A1 | CMO Series 2025-VIS3 Class A1 |
| 02/25/2066 | &nbsp;&nbsp; 5.062% | 3245456 | &nbsp;&nbsp; 3258185 |
| Legacy Mortgage Asset Trust<sup>(a),(f)</sup>  | Legacy Mortgage Asset Trust<sup>(a),(f)</sup>  | Legacy Mortgage Asset Trust<sup>(a),(f)</sup>  | Legacy Mortgage Asset Trust<sup>(a),(f)</sup>  |
| CMO Series 2021-GS1 Class A1 | CMO Series 2021-GS1 Class A1 | CMO Series 2021-GS1 Class A1 | CMO Series 2021-GS1 Class A1 |
| 10/25/2066 | &nbsp;&nbsp; 5.892% | 898709 | &nbsp;&nbsp; 899380 |
| CMO Series 2021-GS2 Class A1 | CMO Series 2021-GS2 Class A1 | CMO Series 2021-GS2 Class A1 | CMO Series 2021-GS2 Class A1 |
| 04/25/2061 | &nbsp;&nbsp; 5.750% | 1603414 | &nbsp;&nbsp; 1603963 |
| LHOME Mortgage Trust<sup>(a),(f)</sup>  | LHOME Mortgage Trust<sup>(a),(f)</sup>  | LHOME Mortgage Trust<sup>(a),(f)</sup>  | LHOME Mortgage Trust<sup>(a),(f)</sup>  |
| CMO Series 2024-RTL1 Class A1 | CMO Series 2024-RTL1 Class A1 | CMO Series 2024-RTL1 Class A1 | CMO Series 2024-RTL1 Class A1 |
| 01/25/2029 | &nbsp;&nbsp; 7.017% | 700000 | &nbsp;&nbsp; 701791 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Balanced Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| MetLife Securitization Trust<sup>(a),(c)</sup>  | MetLife Securitization Trust<sup>(a),(c)</sup>  | MetLife Securitization Trust<sup>(a),(c)</sup>  | MetLife Securitization Trust<sup>(a),(c)</sup>  |
| CMO Series 2018-1A Class A | CMO Series 2018-1A Class A | CMO Series 2018-1A Class A | CMO Series 2018-1A Class A |
| 03/25/2057 | &nbsp;&nbsp; 3.750% | 264103 | &nbsp;&nbsp; 258599 |
| MFA Trust<sup>(a),(c)</sup>  | MFA Trust<sup>(a),(c)</sup>  | MFA Trust<sup>(a),(c)</sup>  | MFA Trust<sup>(a),(c)</sup>  |
| CMO Series 2020-NQM3 Class M1 | CMO Series 2020-NQM3 Class M1 | CMO Series 2020-NQM3 Class M1 | CMO Series 2020-NQM3 Class M1 |
| 01/26/2065 | &nbsp;&nbsp; 2.654% | 475000 | &nbsp;&nbsp; 439640 |
| CMO Series 2021-NQM1 Class A1 | CMO Series 2021-NQM1 Class A1 | CMO Series 2021-NQM1 Class A1 | CMO Series 2021-NQM1 Class A1 |
| 04/25/2065 | &nbsp;&nbsp; 1.153% | 334793 | &nbsp;&nbsp; 316853 |
| MFA Trust<sup>(a),(f)</sup>  | MFA Trust<sup>(a),(f)</sup>  | MFA Trust<sup>(a),(f)</sup>  | MFA Trust<sup>(a),(f)</sup>  |
| CMO Series 2022-NQM2 Class A1 | CMO Series 2022-NQM2 Class A1 | CMO Series 2022-NQM2 Class A1 | CMO Series 2022-NQM2 Class A1 |
| 05/25/2067 | &nbsp;&nbsp; 4.000% | 3852771 | &nbsp;&nbsp; 3878414 |
| CMO Series 2023-NQM4 Class A1 | CMO Series 2023-NQM4 Class A1 | CMO Series 2023-NQM4 Class A1 | CMO Series 2023-NQM4 Class A1 |
| 12/25/2068 | &nbsp;&nbsp; 6.105% | 301210 | &nbsp;&nbsp; 303645 |
| CMO Series 2025-NQM3 Class A1 | CMO Series 2025-NQM3 Class A1 | CMO Series 2025-NQM3 Class A1 | CMO Series 2025-NQM3 Class A1 |
| 08/25/2070 | &nbsp;&nbsp; 5.261% | 1544652 | &nbsp;&nbsp; 1550083 |
| MFRA Trust<sup>(a),(c)</sup>  | MFRA Trust<sup>(a),(c)</sup>  | MFRA Trust<sup>(a),(c)</sup>  | MFRA Trust<sup>(a),(c)</sup>  |
| CMO Series 2021-INV1 Class A1 | CMO Series 2021-INV1 Class A1 | CMO Series 2021-INV1 Class A1 | CMO Series 2021-INV1 Class A1 |
| 01/25/2056 | &nbsp;&nbsp; 0.852% | 53094 | &nbsp;&nbsp; 51859 |
| CMO Series 2021-INV1 Class A2 | CMO Series 2021-INV1 Class A2 | CMO Series 2021-INV1 Class A2 | CMO Series 2021-INV1 Class A2 |
| 01/25/2056 | &nbsp;&nbsp; 1.057% | 9949 | &nbsp;&nbsp; 9722 |
| CMO Series 2021-INV1 Class A3 | CMO Series 2021-INV1 Class A3 | CMO Series 2021-INV1 Class A3 | CMO Series 2021-INV1 Class A3 |
| 01/25/2056 | &nbsp;&nbsp; 1.262% | 16636 | &nbsp;&nbsp; 16263 |
| Mill City Mortgage Loan Trust<sup>(a),(c)</sup>  | Mill City Mortgage Loan Trust<sup>(a),(c)</sup>  | Mill City Mortgage Loan Trust<sup>(a),(c)</sup>  | Mill City Mortgage Loan Trust<sup>(a),(c)</sup>  |
| CMO Series 2018-3 Class A1 | CMO Series 2018-3 Class A1 | CMO Series 2018-3 Class A1 | CMO Series 2018-3 Class A1 |
| 08/25/2058 | &nbsp;&nbsp; 3.482% | 284208 | &nbsp;&nbsp; 281480 |
| CMO Series 2021-NMR1 Class M1 | CMO Series 2021-NMR1 Class M1 | CMO Series 2021-NMR1 Class M1 | CMO Series 2021-NMR1 Class M1 |
| 11/25/2060 | &nbsp;&nbsp; 1.850% | 1150000 | &nbsp;&nbsp; 1057446 |
| Morgan Stanley Residential Mortgage Loan Trust<sup>(a),(c)</sup>  | Morgan Stanley Residential Mortgage Loan Trust<sup>(a),(c)</sup>  | Morgan Stanley Residential Mortgage Loan Trust<sup>(a),(c)</sup>  | Morgan Stanley Residential Mortgage Loan Trust<sup>(a),(c)</sup>  |
| CMO Series 2025-DSC2 Class A1 | CMO Series 2025-DSC2 Class A1 | CMO Series 2025-DSC2 Class A1 | CMO Series 2025-DSC2 Class A1 |
| 07/25/2070 | &nbsp;&nbsp; 5.443% | 1352453 | &nbsp;&nbsp; 1363817 |
| Morgan Stanley Residential Mortgage Loan Trust<sup>(a),(f)</sup>  | Morgan Stanley Residential Mortgage Loan Trust<sup>(a),(f)</sup>  | Morgan Stanley Residential Mortgage Loan Trust<sup>(a),(f)</sup>  | Morgan Stanley Residential Mortgage Loan Trust<sup>(a),(f)</sup>  |
| CMO Series 2025-NQM7 Class A1 | CMO Series 2025-NQM7 Class A1 | CMO Series 2025-NQM7 Class A1 | CMO Series 2025-NQM7 Class A1 |
| 09/25/2070 | &nbsp;&nbsp; 4.984% | 2510324 | &nbsp;&nbsp; 2511155 |
| New Residential Mortgage Loan Trust<sup>(a)</sup>  | New Residential Mortgage Loan Trust<sup>(a)</sup>  | New Residential Mortgage Loan Trust<sup>(a)</sup>  | New Residential Mortgage Loan Trust<sup>(a)</sup>  |
| CMO Series 2016-3A Class A1 | CMO Series 2016-3A Class A1 | CMO Series 2016-3A Class A1 | CMO Series 2016-3A Class A1 |
| 09/25/2056 | &nbsp;&nbsp; 3.750% | 96064 | &nbsp;&nbsp; 92483 |
| NYMT Loan Trust<sup>(a),(c)</sup>  | NYMT Loan Trust<sup>(a),(c)</sup>  | NYMT Loan Trust<sup>(a),(c)</sup>  | NYMT Loan Trust<sup>(a),(c)</sup>  |
| CMO Series 2025-INV2 Class A1 | CMO Series 2025-INV2 Class A1 | CMO Series 2025-INV2 Class A1 | CMO Series 2025-INV2 Class A1 |
| 10/25/2060 | &nbsp;&nbsp; 5.000% | 2142929 | &nbsp;&nbsp; 2146747 |
| OBX Trust<sup>(a),(c)</sup>  | OBX Trust<sup>(a),(c)</sup>  | OBX Trust<sup>(a),(c)</sup>  | OBX Trust<sup>(a),(c)</sup>  |
| CMO Series 2023-NQM1 Class A1 | CMO Series 2023-NQM1 Class A1 | CMO Series 2023-NQM1 Class A1 | CMO Series 2023-NQM1 Class A1 |
| 11/25/2062 | &nbsp;&nbsp; 6.120% | 620292 | &nbsp;&nbsp; 619078 |
| CMO Series 2025-NQM13 Class A1 | CMO Series 2025-NQM13 Class A1 | CMO Series 2025-NQM13 Class A1 | CMO Series 2025-NQM13 Class A1 |
| 05/25/2065 | &nbsp;&nbsp; 5.441% | 2389306 | &nbsp;&nbsp; 2409533 |
| OBX Trust<sup>(a),(f)</sup>  | OBX Trust<sup>(a),(f)</sup>  | OBX Trust<sup>(a),(f)</sup>  | OBX Trust<sup>(a),(f)</sup>  |
| CMO Series 2023-NQM8 Class A1 | CMO Series 2023-NQM8 Class A1 | CMO Series 2023-NQM8 Class A1 | CMO Series 2023-NQM8 Class A1 |
| 09/25/2063 | &nbsp;&nbsp; 7.045% | 1026966 | &nbsp;&nbsp; 1038398 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2023-NQM8 Class A2 | CMO Series 2023-NQM8 Class A2 | CMO Series 2023-NQM8 Class A2 | CMO Series 2023-NQM8 Class A2 |
| 09/25/2063 | &nbsp;&nbsp; 7.248% | 845747 | &nbsp;&nbsp; 855457 |
| Oceanview Mortgage Loan Trust<sup>(a)</sup>  | Oceanview Mortgage Loan Trust<sup>(a)</sup>  | Oceanview Mortgage Loan Trust<sup>(a)</sup>  | Oceanview Mortgage Loan Trust<sup>(a)</sup>  |
| CMO Series 2020-1 Class A1A | CMO Series 2020-1 Class A1A | CMO Series 2020-1 Class A1A | CMO Series 2020-1 Class A1A |
| 05/28/2050 | &nbsp;&nbsp; 1.733% | 127591 | &nbsp;&nbsp; 121453 |
| PRKCM Trust<sup>(a),(c)</sup>  | PRKCM Trust<sup>(a),(c)</sup>  | PRKCM Trust<sup>(a),(c)</sup>  | PRKCM Trust<sup>(a),(c)</sup>  |
| CMO Series 2021-AFC2 Class A3 | CMO Series 2021-AFC2 Class A3 | CMO Series 2021-AFC2 Class A3 | CMO Series 2021-AFC2 Class A3 |
| 11/25/2056 | &nbsp;&nbsp; 2.893% | 2000000 | &nbsp;&nbsp; 1472533 |
| CMO Series 2021-AFC2 Class M1 | CMO Series 2021-AFC2 Class M1 | CMO Series 2021-AFC2 Class M1 | CMO Series 2021-AFC2 Class M1 |
| 11/25/2056 | &nbsp;&nbsp; 3.443% | 1475000 | &nbsp;&nbsp; 1096215 |
| Subordinated CMO Series 2021-AFC2 Class B1 | Subordinated CMO Series 2021-AFC2 Class B1 | Subordinated CMO Series 2021-AFC2 Class B1 | Subordinated CMO Series 2021-AFC2 Class B1 |
| 11/25/2056 | &nbsp;&nbsp; 3.701% | 1300000 | &nbsp;&nbsp; 919599 |
| PRPM LLC<sup>(a),(f)</sup>  | PRPM LLC<sup>(a),(f)</sup>  | PRPM LLC<sup>(a),(f)</sup>  | PRPM LLC<sup>(a),(f)</sup>  |
| CMO Series 2024-RCF2 Class A1 | CMO Series 2024-RCF2 Class A1 | CMO Series 2024-RCF2 Class A1 | CMO Series 2024-RCF2 Class A1 |
| 03/25/2054 | &nbsp;&nbsp; 3.750% | 675477 | &nbsp;&nbsp; 665467 |
| CMO Series 2025-RCF4 Class A2 | CMO Series 2025-RCF4 Class A2 | CMO Series 2025-RCF4 Class A2 | CMO Series 2025-RCF4 Class A2 |
| 08/25/2055 | &nbsp;&nbsp; 4.500% | 685000 | &nbsp;&nbsp; 667200 |
| PRPM Trust<sup>(a),(f)</sup>  | PRPM Trust<sup>(a),(f)</sup>  | PRPM Trust<sup>(a),(f)</sup>  | PRPM Trust<sup>(a),(f)</sup>  |
| CMO Series 2023-NQM3 Class A1 | CMO Series 2023-NQM3 Class A1 | CMO Series 2023-NQM3 Class A1 | CMO Series 2023-NQM3 Class A1 |
| 11/25/2068 | &nbsp;&nbsp; 6.221% | 128924 | &nbsp;&nbsp; 130216 |
| CMO Series 2024-NQM1 Class A1 | CMO Series 2024-NQM1 Class A1 | CMO Series 2024-NQM1 Class A1 | CMO Series 2024-NQM1 Class A1 |
| 12/25/2068 | &nbsp;&nbsp; 6.265% | 416645 | &nbsp;&nbsp; 421834 |
| PRPM Trust<sup>(a),(c)</sup>  | PRPM Trust<sup>(a),(c)</sup>  | PRPM Trust<sup>(a),(c)</sup>  | PRPM Trust<sup>(a),(c)</sup>  |
| CMO Series 2025-NQM3 Class A1 | CMO Series 2025-NQM3 Class A1 | CMO Series 2025-NQM3 Class A1 | CMO Series 2025-NQM3 Class A1 |
| 05/25/2070 | &nbsp;&nbsp; 5.606% | 2537458 | &nbsp;&nbsp; 2561095 |
| PRPM Trust<sup>(a),(b)</sup>  | PRPM Trust<sup>(a),(b)</sup>  | PRPM Trust<sup>(a),(b)</sup>  | PRPM Trust<sup>(a),(b)</sup>  |
| CMO Series 2025-NQM6 Class A1 | CMO Series 2025-NQM6 Class A1 | CMO Series 2025-NQM6 Class A1 | CMO Series 2025-NQM6 Class A1 |
| 1-month Term SOFR + 0.000% <br>10/25/2070<br>| &nbsp;&nbsp; 5.253% | 3000000 | &nbsp;&nbsp; 2999456 |
| Radnor Re Ltd.<sup>(a),(b)</sup>  | Radnor Re Ltd.<sup>(a),(b)</sup>  | Radnor Re Ltd.<sup>(a),(b)</sup>  | Radnor Re Ltd.<sup>(a),(b)</sup>  |
| Subordinated CMO Series 2021-2 Class M1B | Subordinated CMO Series 2021-2 Class M1B | Subordinated CMO Series 2021-2 Class M1B | Subordinated CMO Series 2021-2 Class M1B |
| 30-day Average SOFR + 3.700% <br>Floor 3.700% <br>11/25/2031<br>| &nbsp;&nbsp; 7.427% | 199563 | &nbsp;&nbsp; 200962 |
| Residential Mortgage Loan Trust<sup>(a),(c)</sup>  | Residential Mortgage Loan Trust<sup>(a),(c)</sup>  | Residential Mortgage Loan Trust<sup>(a),(c)</sup>  | Residential Mortgage Loan Trust<sup>(a),(c)</sup>  |
| CMO Series 2020-1 Class A3 | CMO Series 2020-1 Class A3 | CMO Series 2020-1 Class A3 | CMO Series 2020-1 Class A3 |
| 01/26/2060 | &nbsp;&nbsp; 2.684% | 11150 | &nbsp;&nbsp; 11080 |
| Starwood Mortgage Residential Trust<sup>(a),(c)</sup>  | Starwood Mortgage Residential Trust<sup>(a),(c)</sup>  | Starwood Mortgage Residential Trust<sup>(a),(c)</sup>  | Starwood Mortgage Residential Trust<sup>(a),(c)</sup>  |
| CMO Series 2019-INV1 Class A3 | CMO Series 2019-INV1 Class A3 | CMO Series 2019-INV1 Class A3 | CMO Series 2019-INV1 Class A3 |
| 09/27/2049 | &nbsp;&nbsp; 2.916% | 81470 | &nbsp;&nbsp; 80878 |
| CMO Series 2020-INV1 Class A3 | CMO Series 2020-INV1 Class A3 | CMO Series 2020-INV1 Class A3 | CMO Series 2020-INV1 Class A3 |
| 11/25/2055 | &nbsp;&nbsp; 1.593% | 47561 | &nbsp;&nbsp; 46315 |
| CMO Series 2021-4 Class M1 | CMO Series 2021-4 Class M1 | CMO Series 2021-4 Class M1 | CMO Series 2021-4 Class M1 |
| 08/25/2056 | &nbsp;&nbsp; 2.400% | 525000 | &nbsp;&nbsp; 407909 |
| Towd Point Mortgage Trust<sup>(a),(c)</sup>  | Towd Point Mortgage Trust<sup>(a),(c)</sup>  | Towd Point Mortgage Trust<sup>(a),(c)</sup>  | Towd Point Mortgage Trust<sup>(a),(c)</sup>  |
| CMO Series 2018-1 Class A1 | CMO Series 2018-1 Class A1 | CMO Series 2018-1 Class A1 | CMO Series 2018-1 Class A1 |
| 01/25/2058 | &nbsp;&nbsp; 3.000% | 22967 | &nbsp;&nbsp; 22828 |
| CMO Series 2018-6 Class A1A | CMO Series 2018-6 Class A1A | CMO Series 2018-6 Class A1A | CMO Series 2018-6 Class A1A |
| 03/25/2058 | &nbsp;&nbsp; 3.750% | 89007 | &nbsp;&nbsp; 88599 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Balanced Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Towd Point Mortgage Trust<sup>(a),(b)</sup>  | Towd Point Mortgage Trust<sup>(a),(b)</sup>  | Towd Point Mortgage Trust<sup>(a),(b)</sup>  | Towd Point Mortgage Trust<sup>(a),(b)</sup>  |
| CMO Series 2019-HY1 Class A1 | CMO Series 2019-HY1 Class A1 | CMO Series 2019-HY1 Class A1 | CMO Series 2019-HY1 Class A1 |
| 1-month Term SOFR + 1.114% <br>10/25/2048<br>| &nbsp;&nbsp; 4.846% | 181499 | &nbsp;&nbsp; 181676 |
| CMO Series 2019-HY2 Class A1 | CMO Series 2019-HY2 Class A1 | CMO Series 2019-HY2 Class A1 | CMO Series 2019-HY2 Class A1 |
| 1-month Term SOFR + 1.114% <br>05/25/2058<br>| &nbsp;&nbsp; 4.846% | 242732 | &nbsp;&nbsp; 248269 |
| Vericrest Opportunity Loan Transferee<sup>(a),(f)</sup>  | Vericrest Opportunity Loan Transferee<sup>(a),(f)</sup>  | Vericrest Opportunity Loan Transferee<sup>(a),(f)</sup>  | Vericrest Opportunity Loan Transferee<sup>(a),(f)</sup>  |
| CMO Series 2021-NP11 Class A1 | CMO Series 2021-NP11 Class A1 | CMO Series 2021-NP11 Class A1 | CMO Series 2021-NP11 Class A1 |
| 08/25/2051 | &nbsp;&nbsp; 5.868% | 284845 | &nbsp;&nbsp; 284874 |
| Verus Securitization Trust<sup>(a),(c)</sup>  | Verus Securitization Trust<sup>(a),(c)</sup>  | Verus Securitization Trust<sup>(a),(c)</sup>  | Verus Securitization Trust<sup>(a),(c)</sup>  |
| CMO Series 2021-R1 Class A2 | CMO Series 2021-R1 Class A2 | CMO Series 2021-R1 Class A2 | CMO Series 2021-R1 Class A2 |
| 10/25/2063 | &nbsp;&nbsp; 1.057% | 53120 | &nbsp;&nbsp; 52292 |
| CMO Series 2021-R1 Class A3 | CMO Series 2021-R1 Class A3 | CMO Series 2021-R1 Class A3 | CMO Series 2021-R1 Class A3 |
| 10/25/2063 | &nbsp;&nbsp; 1.262% | 67286 | &nbsp;&nbsp; 66270 |
| Verus Securitization Trust<sup>(a),(f)</sup>  | Verus Securitization Trust<sup>(a),(f)</sup>  | Verus Securitization Trust<sup>(a),(f)</sup>  | Verus Securitization Trust<sup>(a),(f)</sup>  |
| CMO Series 2022-1 Class A1 | CMO Series 2022-1 Class A1 | CMO Series 2022-1 Class A1 | CMO Series 2022-1 Class A1 |
| 01/25/2067 | &nbsp;&nbsp; 2.724% | 2657850 | &nbsp;&nbsp; 2550027 |
| CMO Series 2023-1 Class A1 | CMO Series 2023-1 Class A1 | CMO Series 2023-1 Class A1 | CMO Series 2023-1 Class A1 |
| 12/25/2067 | &nbsp;&nbsp; 5.850% | 922156 | &nbsp;&nbsp; 920205 |
| CMO Series 2023-6 Class A2 | CMO Series 2023-6 Class A2 | CMO Series 2023-6 Class A2 | CMO Series 2023-6 Class A2 |
| 09/25/2068 | &nbsp;&nbsp; 6.939% | 369450 | &nbsp;&nbsp; 373030 |
| CMO Series 2023-8 Class A1 | CMO Series 2023-8 Class A1 | CMO Series 2023-8 Class A1 | CMO Series 2023-8 Class A1 |
| 12/25/2068 | &nbsp;&nbsp; 6.259% | 298388 | &nbsp;&nbsp; 301263 |
| CMO Series 2023-INV1 Class A1 | CMO Series 2023-INV1 Class A1 | CMO Series 2023-INV1 Class A1 | CMO Series 2023-INV1 Class A1 |
| 02/25/2068 | &nbsp;&nbsp; 5.999% | 1929839 | &nbsp;&nbsp; 1925985 |
| CMO Series 2024-1 Class A1 | CMO Series 2024-1 Class A1 | CMO Series 2024-1 Class A1 | CMO Series 2024-1 Class A1 |
| 01/25/2069 | &nbsp;&nbsp; 5.712% | 1432725 | &nbsp;&nbsp; 1441736 |
| CMO Series 2024-3 Class A1 | CMO Series 2024-3 Class A1 | CMO Series 2024-3 Class A1 | CMO Series 2024-3 Class A1 |
| 04/25/2069 | &nbsp;&nbsp; 6.338% | 1103439 | &nbsp;&nbsp; 1118977 |
| CMO Series 2024-INV1 Class A1 | CMO Series 2024-INV1 Class A1 | CMO Series 2024-INV1 Class A1 | CMO Series 2024-INV1 Class A1 |
| 03/25/2069 | &nbsp;&nbsp; 6.116% | 979835 | &nbsp;&nbsp; 991679 |
| CMO Series 2025-7 Class A1 | CMO Series 2025-7 Class A1 | CMO Series 2025-7 Class A1 | CMO Series 2025-7 Class A1 |
| 08/25/2070 | &nbsp;&nbsp; 5.129% | 3365250 | &nbsp;&nbsp; 3379517 |
| Visio Trust<sup>(a),(c)</sup>  | Visio Trust<sup>(a),(c)</sup>  | Visio Trust<sup>(a),(c)</sup>  | Visio Trust<sup>(a),(c)</sup>  |
| CMO Series 2019-2 Class A3 | CMO Series 2019-2 Class A3 | CMO Series 2019-2 Class A3 | CMO Series 2019-2 Class A3 |
| 11/25/2054 | &nbsp;&nbsp; 3.076% | 22079 | &nbsp;&nbsp; 21931 |
| Visio Trust<sup>(a)</sup>  | Visio Trust<sup>(a)</sup>  | Visio Trust<sup>(a)</sup>  | Visio Trust<sup>(a)</sup>  |
| CMO Series 2020-1R Class A2 | CMO Series 2020-1R Class A2 | CMO Series 2020-1R Class A2 | CMO Series 2020-1R Class A2 |
| 11/25/2055 | &nbsp;&nbsp; 1.567% | 53011 | &nbsp;&nbsp; 51370 |
| CMO Series 2020-1R Class A3 | CMO Series 2020-1R Class A3 | CMO Series 2020-1R Class A3 | CMO Series 2020-1R Class A3 |
| 11/25/2055 | &nbsp;&nbsp; 1.873% | 61846 | &nbsp;&nbsp; 60045 |
| Vista Point Securitization Trust<sup>(a),(c)</sup>  | Vista Point Securitization Trust<sup>(a),(c)</sup>  | Vista Point Securitization Trust<sup>(a),(c)</sup>  | Vista Point Securitization Trust<sup>(a),(c)</sup>  |
| CMO Series 2025-CES2 Class A1 | CMO Series 2025-CES2 Class A1 | CMO Series 2025-CES2 Class A1 | CMO Series 2025-CES2 Class A1 |
| 08/25/2055 | &nbsp;&nbsp; 5.601% | 1936775 | &nbsp;&nbsp; 1947422 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Vista Point Securitization Trust<sup>(a),(f)</sup>  | Vista Point Securitization Trust<sup>(a),(f)</sup>  | Vista Point Securitization Trust<sup>(a),(f)</sup>  | Vista Point Securitization Trust<sup>(a),(f)</sup>  |
| CMO Series 2025-CES2 Class A3 | CMO Series 2025-CES2 Class A3 | CMO Series 2025-CES2 Class A3 | CMO Series 2025-CES2 Class A3 |
| 08/25/2055 | &nbsp;&nbsp; 6.117% | 1450000 | &nbsp;&nbsp; 1467435 |
| Total Residential Mortgage-Backed Securities - Non-Agency <br>(Cost $128,834,036) | Total Residential Mortgage-Backed Securities - Non-Agency <br>(Cost $128,834,036) | Total Residential Mortgage-Backed Securities - Non-Agency <br>(Cost $128,834,036) | &nbsp;&nbsp; **126848902** |
| **Senior Loans 0.0%** | **Senior Loans 0.0%** | **Senior Loans 0.0%** | **Senior Loans 0.0%** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Airlines 0.0%** | **Airlines 0.0%** | **Airlines 0.0%** | **Airlines 0.0%** |
| AAdvantage Loyalty IP Ltd./American Airlines, Inc.<sup>(b),(n)</sup>  | AAdvantage Loyalty IP Ltd./American Airlines, Inc.<sup>(b),(n)</sup>  | AAdvantage Loyalty IP Ltd./American Airlines, Inc.<sup>(b),(n)</sup>  | AAdvantage Loyalty IP Ltd./American Airlines, Inc.<sup>(b),(n)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 3.250% <br>05/28/2032<br>| &nbsp;&nbsp; 7.134% | 8955 | &nbsp;&nbsp; 8994 |
| **Property & Casualty 0.0%** | **Property & Casualty 0.0%** | **Property & Casualty 0.0%** | **Property & Casualty 0.0%** |
| CRC Insurance Group LLC<sup>(b),(n)</sup>  | CRC Insurance Group LLC<sup>(b),(n)</sup>  | CRC Insurance Group LLC<sup>(b),(n)</sup>  | CRC Insurance Group LLC<sup>(b),(n)</sup>  |
| 2nd Lien Term Loan | 2nd Lien Term Loan | 2nd Lien Term Loan | 2nd Lien Term Loan |
| 3-month Term SOFR + 4.750% <br>03/08/2032<br>| &nbsp;&nbsp; 8.422% | 13036 | &nbsp;&nbsp; 13177 |
| **Technology 0.0%** | **Technology 0.0%** | **Technology 0.0%** | **Technology 0.0%** |
| Ascend Learning LLC<sup>(b),(n)</sup>  | Ascend Learning LLC<sup>(b),(n)</sup>  | Ascend Learning LLC<sup>(b),(n)</sup>  | Ascend Learning LLC<sup>(b),(n)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 3.000% <br>Floor 0.500% <br>12/11/2028<br>| &nbsp;&nbsp; 6.716% | 52170 | &nbsp;&nbsp; 52291 |
| DCert Buyer, Inc.<sup>(b),(n)</sup>  | DCert Buyer, Inc.<sup>(b),(n)</sup>  | DCert Buyer, Inc.<sup>(b),(n)</sup>  | DCert Buyer, Inc.<sup>(b),(n)</sup>  |
| 2nd Lien Term Loan | 2nd Lien Term Loan | 2nd Lien Term Loan | 2nd Lien Term Loan |
| 1-month Term SOFR + 7.000% <br>02/19/2029<br>| &nbsp;&nbsp; 10.716% | 12000 | &nbsp;&nbsp; 10748 |
| Ellucian Holdings, Inc.<sup>(b),(n)</sup>  | Ellucian Holdings, Inc.<sup>(b),(n)</sup>  | Ellucian Holdings, Inc.<sup>(b),(n)</sup>  | Ellucian Holdings, Inc.<sup>(b),(n)</sup>  |
| 2nd Lien Term Loan | 2nd Lien Term Loan | 2nd Lien Term Loan | 2nd Lien Term Loan |
| 1-month Term SOFR + 4.750% <br>11/14/2032<br>| &nbsp;&nbsp; 8.466% | 20000 | &nbsp;&nbsp; 20131 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **83170** |
| Total Senior Loans <br>(Cost $105,832) | Total Senior Loans <br>(Cost $105,832) | Total Senior Loans <br>(Cost $105,832) | &nbsp;&nbsp; **105341** |
| **U.S. Treasury Obligations 0.3%** | **U.S. Treasury Obligations 0.3%** | **U.S. Treasury Obligations 0.3%** | **U.S. Treasury Obligations 0.3%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| U.S. Treasury<sup>(j)</sup>  | U.S. Treasury<sup>(j)</sup>  | U.S. Treasury<sup>(j)</sup>  | U.S. Treasury<sup>(j)</sup>  |
| 05/15/2047 | &nbsp;&nbsp; 3.000% | 7550000 | &nbsp;&nbsp; 5675477 |
| Total U.S. Treasury Obligations <br>(Cost $6,004,074) | Total U.S. Treasury Obligations <br>(Cost $6,004,074) | Total U.S. Treasury Obligations <br>(Cost $6,004,074) | &nbsp;&nbsp; **5675477** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Balanced Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Money Market Funds 4.2%** | **Money Market Funds 4.2%** | **Money Market Funds 4.2%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 3.825%<sup>(o),(p)</sup> <br>| &nbsp;&nbsp; 70814051 | &nbsp;&nbsp; 70792807 |
| Total Money Market Funds <br>(Cost $70,793,894) | Total Money Market Funds <br>(Cost $70,793,894) | &nbsp;&nbsp; **70792807** |
| **Total Investments in Securities** <br>**(Cost: $1,359,643,393)** | **Total Investments in Securities** <br>**(Cost: $1,359,643,393)** | &nbsp;&nbsp; **1728724649** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **(47405450)**<br>|
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **1681319199** |

---

At December 31, 2025, securities and/or cash totaling $4,020,119 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>|
| U.S. Long Bond | 276 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 31903875 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (292711)<br>|
| U.S. Treasury 10-Year Note | 787 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 88488313 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (541661)<br>|
| U.S. Treasury Ultra 10-Year Note | 31 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3565484 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (12906)<br>|
| U.S. Treasury Ultra Bond | 224 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 26432000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (442342)<br>|
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1289620)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short 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>|
| U.S. Treasury 2-Year Note | (346) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (72241015)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (14138)<br>|
| U.S. Treasury 5-Year Note | (211) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (23063289)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34231 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 34231 | &nbsp;&nbsp;&nbsp;&nbsp; (14138)<br>|

---

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At December 31, 2025, the total value of these securities amounted to $259,727,256, which represents 15.45% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable rate security. The interest rate shown was the current rate as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Payment-in-kind security. Interest can be paid by issuing additional par of the security or in cash.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Perpetual security with no specified maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Principal and interest may not be guaranteed by a governmental entity.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Represents interest only securities which have the right to receive the monthly interest payments on an underlying pool of mortgage loans.

&nbsp;&nbsp;&nbsp;&nbsp;(j) 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;(k) Represents a security purchased on a when-issued basis.

&nbsp;&nbsp;&nbsp;&nbsp;(l) 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 $1,740,000, which represents 0.10% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(m) Valuation based on significant unobservable inputs.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Balanced Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Notes to Portfolio of Investments (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;(n) The stated interest rate represents the weighted average interest rate at December 31, 2025 of contracts within the senior loan facility. Interest rates on contracts are primarily determined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period. Base lending rates may be subject to a floor or minimum rate. The interest rate for senior loans purchased on a when-issued or delayed delivery basis will be determined upon settlement, therefore no interest rate is disclosed. Senior loans often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay cannot be predicted with accuracy. As a result, remaining maturities of senior loans may be less than the stated maturities. Generally, the Fund is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan.

&nbsp;&nbsp;&nbsp;&nbsp;(o) The rate shown is the seven-day current annualized yield at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(p) 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% |
|  | 125724450 | &nbsp;&nbsp; 372017543 | &nbsp;&nbsp; (426946321)<br>| &nbsp;&nbsp; (2865)<br>| &nbsp;&nbsp; 70792807 | &nbsp;&nbsp; (7859)<br>| &nbsp;&nbsp; 4223734 | &nbsp;&nbsp; 70814051 |

---

**Abbreviation Legend** 

CMO Collateralized Mortgage Obligation <br> SOFR Secured Overnight Financing Rate <br> TBA To Be Announced

**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.

■

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 – Balanced 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** |  |  |  |  |
| Asset-Backed Securities - Non-Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 76383273 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 76383273 |
| Commercial Mortgage-Backed Securities - Non-Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 26454531 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26454531 |
| Common Stocks |  |  |  |  |
| Communication Services | 135799998 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 135799998 |
| Consumer Discretionary | 97538115 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 97538115 |
| Consumer Staples | 22443585 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22443585 |
| Energy | 32483116 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32483116 |
| Financials | 157206171 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 157206171 |
| Health Care | 109576266 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 109576266 |
| Industrials | 78444472 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 78444472 |
| Information Technology | 358905061 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 358905061 |
| Materials | 3972506 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3972506 |
| Real Estate | 8161136 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8161136 |
| Utilities | 20553015 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20553015 |
| Total Common Stocks | 1025083441 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1025083441 |
| Corporate Bonds & Notes |  | &nbsp;&nbsp;&nbsp;&nbsp; 137619688 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 137619688 |
| Exchange-Traded Equity Funds | 31774582 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31774582 |
| Foreign Government Obligations |  | &nbsp;&nbsp;&nbsp;&nbsp; 107568 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 107568 |
| Residential Mortgage-Backed Securities - Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 227879039 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 227879039 |
| Residential Mortgage-Backed Securities - Non-Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 125108902 | &nbsp;&nbsp;&nbsp;&nbsp; 1740000 | &nbsp;&nbsp;&nbsp;&nbsp; 126848902 |
| Senior Loans |  | &nbsp;&nbsp;&nbsp;&nbsp; 105341 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 105341 |
| U.S. Treasury Obligations |  | &nbsp;&nbsp;&nbsp;&nbsp; 5675477 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5675477 |
| Money Market Funds | 70792807 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 70792807 |
| Total Investments in Securities | 1127650830 | &nbsp;&nbsp;&nbsp;&nbsp; 599333819 | &nbsp;&nbsp;&nbsp;&nbsp; 1740000 | &nbsp;&nbsp;&nbsp;&nbsp; 1728724649 |
| **Investments in Derivatives** |  |  |  |  |
| Asset |  |  |  |  |
| Futures Contracts | 34231 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34231 |
| Liability |  |  |  |  |
| Futures Contracts | (1303758)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1303758)<br>|
| Total | 1126381303 | &nbsp;&nbsp;&nbsp;&nbsp; 599333819 | &nbsp;&nbsp;&nbsp;&nbsp; 1740000 | &nbsp;&nbsp;&nbsp;&nbsp; 1727455122 |

---

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.

Derivative instruments 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 – Balanced 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 $1,288,849,499) | $1657931842 |
| Affiliated issuers (cost $70,793,894) | 70792807 |
| Cash | 3912 |
| Receivable for: |  |
| Investments sold | 15693 |
| Capital shares sold | 54847 |
| Dividends | 726189 |
| Interest | 3478247 |
| Foreign tax reclaims | 3464 |
| Variation margin for futures contracts | 49055 |
| Prepaid expenses | 6443 |
| Total assets | 1733062499 |
| **Liabilities** |  |
| Payable for: |  |
| Investments purchased on a delayed delivery basis | 48922206 |
| Capital shares redeemed | 2112921 |
| Variation margin for futures contracts | 310047 |
| Management services fees | 30532 |
| Distribution and/or service fees | 6496 |
| Service fees | 99179 |
| Compensation of chief compliance officer | 270 |
| Compensation of board members | 1151 |
| Other expenses | 59302 |
| Deferred compensation of board members | 201196 |
| Total liabilities | 51743300 |
| **Net assets applicable to outstanding capital stock** | **$1681319199** |
| **Represented by** |  |
| Trust capital | $1681319199 |
| **Total - representing net assets applicable to outstanding capital stock** | **$1681319199** |
| **Class 1** |  |
| Net assets | $77390879 |
| Shares outstanding | 1388138 |
| Net asset value per share | $55.75 |
| **Class 2** |  |
| Net assets | $281227184 |
| Shares outstanding | 5190549 |
| Net asset value per share | $54.18 |
| **Class 3** |  |
| Net assets | $1322701136 |
| Shares outstanding | 24046791 |
| Net asset value per share | $55.01 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Balanced 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 | $11026134 |
| Dividends — affiliated issuers | 4223734 |
| Interest | 26262455 |
| Interfund lending | 2573 |
| Foreign taxes withheld | (282)<br>|
| Total income | 41514614 |
| Expenses: |  |
| Management services fees | 10616861 |
| Distribution and/or service fees |  |
| Class 2 | 608641 |
| Class 3 | 1615808 |
| Service fees | 1030383 |
| Custodian fees | 54425 |
| Printing and postage fees | 32205 |
| Accounting services fees | 43244 |
| Legal fees | 43893 |
| Interest on collateral | 2436 |
| Compensation of chief compliance officer | 270 |
| Compensation of board members | 27789 |
| Deferred compensation of board members | 32429 |
| Other | 30478 |
| Total expenses | 14138862 |
| **Net investment income** | 27375752 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 109524988 |
| Investments — affiliated issuers | (7859)<br>|
| Foreign currency translations | (1128)<br>|
| Futures contracts | 2556921 |
| Net realized gain | 112072922 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 69501450 |
| Investments — affiliated issuers | (2865)<br>|
| Foreign currency translations | 660 |
| Futures contracts | 748740 |
| Net change in unrealized appreciation (depreciation) | 70247985 |
| Net realized and unrealized gain | 182320907 |
| **Net increase in net assets resulting from operations** | **$209696659** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Balanced 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 | $27375752 | &nbsp;&nbsp; $28330313 |
| Net realized gain | 112072922 | &nbsp;&nbsp; 94420765 |
| Net change in unrealized appreciation (depreciation) | 70247985 | &nbsp;&nbsp; 74036712 |
| Net increase in net assets resulting from operations | 209696659 | &nbsp;&nbsp; 196787790 |
| Decrease in net assets from capital stock activity | (67588818)<br>| &nbsp;&nbsp; (37925456)<br>|
| Total increase in net assets | 142107841 | &nbsp;&nbsp; 158862334 |
| Net assets at beginning of year | 1539211358 | &nbsp;&nbsp; 1380349024 |
| **Net assets at end of year** | **$1681319199** | &nbsp;&nbsp; **$1539211358** |

---

&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 | 383148 | &nbsp;&nbsp;&nbsp;&nbsp; 19697058 | &nbsp;&nbsp;&nbsp;&nbsp; 388883 | &nbsp;&nbsp;&nbsp;&nbsp; 18119334 |
| Shares redeemed | (43671)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2253344)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13165)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (607658)<br>|
| Net increase | 339477 | &nbsp;&nbsp;&nbsp;&nbsp; 17443714 | &nbsp;&nbsp;&nbsp;&nbsp; 375718 | &nbsp;&nbsp;&nbsp;&nbsp; 17511676 |
| Class 2 |  |  |  |  |
| Shares sold | 1207779 | &nbsp;&nbsp;&nbsp;&nbsp; 60289860 | &nbsp;&nbsp;&nbsp;&nbsp; 1316568 | &nbsp;&nbsp;&nbsp;&nbsp; 60110668 |
| Shares redeemed | (258431)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13196632)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (251731)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11661259)<br>|
| Net increase | 949348 | &nbsp;&nbsp;&nbsp;&nbsp; 47093228 | &nbsp;&nbsp;&nbsp;&nbsp; 1064837 | &nbsp;&nbsp;&nbsp;&nbsp; 48449409 |
| Class 3 |  |  |  |  |
| Shares sold | 94041 | &nbsp;&nbsp;&nbsp;&nbsp; 4745246 | &nbsp;&nbsp;&nbsp;&nbsp; 277621 | &nbsp;&nbsp;&nbsp;&nbsp; 12703297 |
| Shares redeemed | (2676810)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (136871006)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2538202)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (116589838)<br>|
| Net decrease | (2582769)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (132125760)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2260581)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (103886541)<br>|
| **Total net decrease** | **(1293944)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(67588818)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(820026)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(37925456)**<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Balanced 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 | $48.88<br>| 0.96<br>| 5.91<br>| 6.87<br>|
| Year Ended 12/31/2024 | $42.67<br>| 0.96<br>| 5.25<br>| 6.21<br>|
| Year Ended 12/31/2023 | $35.15<br>| 0.76<br>| 6.76<br>| 7.52<br>|
| Year Ended 12/31/2022 | $42.17<br>| 0.49<br>| &nbsp;&nbsp; (7.51) <br>| &nbsp;&nbsp; (7.02) <br>|
| Year Ended 12/31/2021 | $36.71<br>| 0.33<br>| 5.13<br>| 5.46<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $47.63<br>| 0.81<br>| 5.74<br>| 6.55<br>|
| Year Ended 12/31/2024 | $41.67<br>| 0.82<br>| 5.14<br>| 5.96<br>|
| Year Ended 12/31/2023 | $34.41<br>| 0.65<br>| 6.61<br>| 7.26<br>|
| Year Ended 12/31/2022 | $41.39<br>| 0.40<br>| &nbsp;&nbsp; (7.38) <br>| &nbsp;&nbsp; (6.98) <br>|
| Year Ended 12/31/2021 | $36.11<br>| 0.24<br>| 5.04<br>| 5.28<br>|
| **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** |
| Year Ended 12/31/2025 | $48.29<br>| 0.88<br>| 5.84<br>| 6.72<br>|
| Year Ended 12/31/2024 | $42.20<br>| 0.88<br>| 5.21<br>| 6.09<br>|
| Year Ended 12/31/2023 | $34.81<br>| 0.69<br>| 6.70<br>| 7.39<br>|
| Year Ended 12/31/2022 | $41.81<br>| 0.42<br>| &nbsp;&nbsp; (7.42) <br>| &nbsp;&nbsp; (7.00) <br>|
| Year Ended 12/31/2021 | $36.44<br>| 0.27<br>| 5.10<br>| 5.37<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 – Balanced 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; $55.75<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.05%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.75% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 126%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $77391<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $48.88<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.56%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.75% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.74% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.04%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 196%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $51263<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $42.67<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.40%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.76% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.75% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.97%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 182%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $28713<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $35.15<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16.65%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.76% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 134%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $15285<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $42.17<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.88%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.75% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 118%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $11736<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $54.18<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.75%<br>&nbsp;&nbsp;&nbsp;&nbsp; 1.00% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 126%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $281227<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $47.63<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.30%<br>&nbsp;&nbsp;&nbsp;&nbsp; 1.00% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.99% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.78%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 196%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $201991<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $41.67<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.10%<br>&nbsp;&nbsp;&nbsp;&nbsp; 1.01% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.00% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.71%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 182%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $132373<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $34.41<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16.87%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 1.01% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 134%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $81461<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $41.39<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.62%<br>&nbsp;&nbsp;&nbsp;&nbsp; 1.00% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 118%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $33191<br>|
| **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $55.01<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.91%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.87% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 126%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1322701<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $48.29<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.43%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.88% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.87% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.91%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 196%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1285957<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $42.20<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.23%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.89% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.87% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.82%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 182%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1219262<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $34.81<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16.74%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.88% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 134%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1073005<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $41.81<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.74%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.88% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 118%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1406738<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Balanced Fund \| 2025

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Notes to Financial Statements

December 31, 2025

Note 1. Organization

Columbia Variable Portfolio – Balanced 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.

Debt securities generally are valued based on prices obtained from pricing services, which are intended to reflect market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not

Columbia Variable Portfolio – Balanced Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Asset- and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities' cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Senior loan securities for which reliable market quotations are readily available are generally valued by pricing services at the average of the bids received.

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.

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.

**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.

Columbia Variable Portfolio – Balanced Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

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 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

Columbia Variable Portfolio – Balanced Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

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 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:

---

| | | |
|:---|:---|:---|
|  | **Asset derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Interest rate risk | Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 34,231<br> \*<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Columbia Variable Portfolio – Balanced Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

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| | | |
|:---|:---|:---|
|  | **Liability derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Interest rate risk | Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 1,303,758<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>**($)**<br>|
| Interest rate risk | &nbsp;&nbsp; 2556921 |
| **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| **Risk exposure category** | **Futures** <br>**contracts** <br>**($)**<br>|
| Interest rate risk | &nbsp;&nbsp; 748740 |

---

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 | 140944907 |
| Futures contracts — short | 33454309 |

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**Investments in senior loans** 

The Fund may invest in senior loan assignments. When the Fund purchases an assignment of a senior loan, the Fund typically has direct rights against the borrower; provided, however, that the Fund's rights may be more limited than the lender from which it acquired the assignment and the Fund may be able to enforce its rights only through an administrative agent. Although certain senior loan assignments are secured by collateral, the Fund could experience delays or limitations in realizing such collateral or have its interest subordinated to other indebtedness of the obligor. In the event that the administrator or collateral agent of a loan becomes insolvent or enters into receivership or bankruptcy, the Fund may incur costs and delays in realizing payment or may suffer a loss of principal and/or interest. The risk of loss is greater for unsecured or subordinated loans. In addition, senior loan assignments are vulnerable to market, economic or other conditions or events that may reduce the demand for senior loan assignments and certain senior loan assignments which were liquid when purchased, may become illiquid.

The Fund may enter into senior loan assignments where all or a portion of the loan may be unfunded. The Fund is obligated to fund these commitments at the borrower's discretion. These commitments, if any, are generally traded and priced in the same manner as other senior loan securities and are disclosed as unfunded senior loan commitments in the Fund's Portfolio of Investments with a corresponding payable for investments purchased. The Fund designates cash or liquid securities to cover these commitments.

**Asset- and mortgage-backed securities** 

The Fund may invest in asset-backed and mortgage-backed securities. The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. All, or a portion, of the obligation may be prepaid at any time because the underlying asset may be prepaid. As a result, decreasing market interest rates could result in an increased level of prepayment. An increased prepayment rate will have the effect of shortening the maturity of the security. Unless otherwise noted, the coupon rates presented are fixed rates.

Columbia Variable Portfolio – Balanced Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

**Delayed delivery securities**

The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a "when-issued" or "forward commitment" basis. This may increase risk to the Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.

**To be announced securities** 

The Fund may trade securities on a To Be Announced (TBA) basis. As with other delayed-delivery transactions, a seller agrees to issue a TBA security at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Fund agrees to accept any security that meets specified terms.

In some cases, Master Securities Forward Transaction Agreements (MSFTAs) may be used to govern transactions of certain forward-settling agency mortgage-backed securities, such as delayed-delivery and TBAs, between the Fund and counterparty. The MSFTA maintains provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral relating to such transactions.

**Mortgage dollar roll transactions**

The Fund may enter into mortgage "dollar rolls" in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar but not identical securities (same type, coupon and maturity) on a specified future date. These transactions may increase the Fund's portfolio turnover rate. During the roll period, the Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund may benefit because it receives negotiated amounts in the form of reductions of the purchase price for the future purchase plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. The Fund records the incremental difference between the forward purchase and sale of each forward roll as a realized gain or loss. Unless any realized gains exceed the income, capital appreciation, and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique may diminish the investment performance of the Fund compared to what the performance would have been without the use of mortgage dollar rolls. Mortgage dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations. All cash proceeds will be invested in instruments that are permissible investments for the Fund. The Fund identifies cash or liquid securities in an amount equal to the forward purchase price. The Fund does not currently enter into mortgage dollar rolls that are accounted for as financing transactions.

**Interest only and principal only securities** 

The Fund may invest in Interest Only (IO) or Principal Only (PO) securities. IOs are stripped securities entitled to receive all of the security's interest, but none of its principal. IOs are particularly sensitive to changes in interest rates and therefore subject to greater fluctuations in price than typical interest bearing debt securities. IOs are also subject to credit risk because the Fund may not receive all or part of the interest payments if the issuer, obligor, guarantor or counterparty defaults on its obligation. Payments received for IOs are included in interest income in the Statement of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income in the Statement of Operations. POs are stripped securities entitled to receive the principal from the underlying obligation, but not the interest. POs are particularly sensitive to changes in interest rates and therefore are subject to fluctuations in price. POs are also subject to credit risk because the Fund may not receive all or part of its principal if the issuer, obligor, guarantor or counterparty defaults on its obligation. The Fund may also invest in IO or PO stripped mortgage-backed securities. Payments received for POs are treated as reductions to the cost and par value of the securities.

**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 – Balanced Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

The trade date for senior loans purchased in the primary market is the date on which the loan is allocated. The trade date for senior loans purchased in the secondary market is the date on which the transaction is entered into.

**Income recognition**

Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted. The Fund classifies gains and losses realized on prepayments received on mortgage-backed securities as adjustments to interest income.

The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. The Fund may also adjust accrual rates when it becomes probable the full interest will not be collected and a partial payment will be received. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

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.

The value of additional securities received as an income payment through a payment-in-kind, if any, is recorded as interest income and increases the cost basis of such securities.

The Fund may receive other income from senior loans, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Fund. These amounts are included in Interest Income in the Statement of Operations.

**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.

Columbia Variable Portfolio – Balanced Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

**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 0.72% to 0.5075% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2025 was 0.6636% 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.

Columbia Variable Portfolio – Balanced Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

**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 0.06% 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; **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;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| 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;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| 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;0.885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.895 |

---

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 – Balanced Fund \| 2025

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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 $2,011,599,381 and $2,077,904,951, respectively, for the year ended December 31, 2025, of which $1,331,771,883 and $1,326,323,567, respectively, were U.S. government securities. 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:

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| | | | |
|:---|:---|:---|:---|
| **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 | 6300000 | &nbsp;&nbsp;&nbsp;&nbsp;4.90 | &nbsp;&nbsp;&nbsp;&nbsp; 3 |

---

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. 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

Columbia Variable Portfolio – Balanced Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

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 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 – Balanced Fund \| 2025

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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 – Balanced Fund \| 2025

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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 – Balanced 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 – Balanced 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, agent banks 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 – Balanced Fund \| 2025

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**Columbia Variable Portfolio – Balanced Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g59364img0eb715b62.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.

ANN7000_12_E01_(02/26)

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![](g59364img5edbbe2a1.jpg)

Columbia Variable Portfolio – Corporate Bond 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;

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| | | |
|:---|:---|:---|
| **Not FDIC or NCUA Insured** | **No Financial Institution Guarantee** | **May Lose Value** |

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**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| [Portfolio of Investments](#xx_d6812d35-bc9d-4956-a6e9-073a6053412c_POI-CommonContent-Date-241_1) | 3 |
| [Statement of Assets and Liabilities](#xx_d6812d35-bc9d-4956-a6e9-073a6053412c_FS-CommonContent-Date-241_1) | 10 |
| [Statement of Operations](#xx_d6812d35-bc9d-4956-a6e9-073a6053412c_FS-CommonContent-Date-241_2) | 11 |
| [Statement of Changes in Net Assets](#xx_d6812d35-bc9d-4956-a6e9-073a6053412c_FS-CommonContent-Date-241_3) | 12 |
| [Financial Highlights](#xx_d6812d35-bc9d-4956-a6e9-073a6053412c_FIHI-CommonContent-Date-241_2) | 14 |
| [Notes to Financial Statements](#xx_d6812d35-bc9d-4956-a6e9-073a6053412c_NTF-CommonContent-Date-241_1) | 16 |
| [Report of Independent Registered Public Accounting Firm](#xx_d6812d35-bc9d-4956-a6e9-073a6053412c_AUD-CommonContent-Date-241_1) | 28 |

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Columbia Variable Portfolio – Corporate Bond Fund \| 2025

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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;

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes 93.8%** | **Corporate Bonds & Notes 93.8%** | **Corporate Bonds & Notes 93.8%** | **Corporate Bonds & Notes 93.8%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Aerospace & Defense 8.2%** | **Aerospace & Defense 8.2%** | **Aerospace & Defense 8.2%** | **Aerospace & Defense 8.2%** |
| BAE Systems PLC<sup>(a)</sup>  | BAE Systems PLC<sup>(a)</sup>  | BAE Systems PLC<sup>(a)</sup>  | BAE Systems PLC<sup>(a)</sup>  |
| 03/26/2029 | &nbsp;&nbsp; 5.125% | 25600000 | &nbsp;&nbsp; 26331366 |
| 02/15/2031 | &nbsp;&nbsp; 1.900% | 13250000 | &nbsp;&nbsp; 11763168 |
| Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) |
| 08/01/2059 | &nbsp;&nbsp; 3.950% | 3059000 | &nbsp;&nbsp; 2164943 |
| 05/01/2060 | &nbsp;&nbsp; 5.930% | 16205000 | &nbsp;&nbsp; 15895696 |
| L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. |
| 01/15/2027 | &nbsp;&nbsp; 5.400% | 39480000 | &nbsp;&nbsp; 40047625 |
| 06/01/2034 | &nbsp;&nbsp; 5.350% | 3565000 | &nbsp;&nbsp; 3688858 |
| Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. |
| 08/15/2030 | &nbsp;&nbsp; 4.400% | 15890000 | &nbsp;&nbsp; 16044481 |
| 11/15/2054 | &nbsp;&nbsp; 5.700% | 7015000 | &nbsp;&nbsp; 7077688 |
| Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. |
| 02/01/2029 | &nbsp;&nbsp; 4.600% | 6108000 | &nbsp;&nbsp; 6202247 |
| 06/01/2054 | &nbsp;&nbsp; 5.200% | 10090000 | &nbsp;&nbsp; 9436540 |
| Raytheon Technologies Corp. | Raytheon Technologies Corp. | Raytheon Technologies Corp. | Raytheon Technologies Corp. |
| 03/15/2027 | &nbsp;&nbsp; 3.500% | 12763000 | &nbsp;&nbsp; 12699139 |
| 03/15/2032 | &nbsp;&nbsp; 2.375% | 9387000 | &nbsp;&nbsp; 8360409 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **159712160** |
| **Banking 19.5%** | **Banking 19.5%** | **Banking 19.5%** | **Banking 19.5%** |
| Bank of America Corp.<sup>(b)</sup>  | Bank of America Corp.<sup>(b)</sup>  | Bank of America Corp.<sup>(b)</sup>  | Bank of America Corp.<sup>(b)</sup>  |
| 07/21/2032 | &nbsp;&nbsp; 2.299% | 47835000 | &nbsp;&nbsp; 42772999 |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 09/21/2036 | &nbsp;&nbsp; 2.482% | 25818000 | &nbsp;&nbsp; 22686810 |
| Citigroup, Inc.<sup>(b)</sup>  | Citigroup, Inc.<sup>(b)</sup>  | Citigroup, Inc.<sup>(b)</sup>  | Citigroup, Inc.<sup>(b)</sup>  |
| 09/11/2031 | &nbsp;&nbsp; 4.503% | 66066000 | &nbsp;&nbsp; 66244513 |
| 09/11/2036 | &nbsp;&nbsp; 5.174% | 8000 | &nbsp;&nbsp; 8084 |
| Goldman Sachs Group, Inc. (The)<sup>(b)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(b)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(b)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(b)</sup>  |
| 10/21/2031 | &nbsp;&nbsp; 4.369% | 15046000 | &nbsp;&nbsp; 15014726 |
| 10/21/2032 | &nbsp;&nbsp; 2.650% | 10555000 | &nbsp;&nbsp; 9524941 |
| Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) |
| 10/21/2036 | &nbsp;&nbsp; 4.939% | 16669000 | &nbsp;&nbsp; 16550676 |
| HSBC Holdings PLC<sup>(b)</sup>  | HSBC Holdings PLC<sup>(b)</sup>  | HSBC Holdings PLC<sup>(b)</sup>  | HSBC Holdings PLC<sup>(b)</sup>  |
| 11/06/2031 | &nbsp;&nbsp; 4.619% | 200000 | &nbsp;&nbsp; 200521 |
| 11/06/2036 | &nbsp;&nbsp; 5.133% | 19324000 | &nbsp;&nbsp; 19364147 |
| JPMorgan Chase & Co.<sup>(b)</sup>  | JPMorgan Chase & Co.<sup>(b)</sup>  | JPMorgan Chase & Co.<sup>(b)</sup>  | JPMorgan Chase & Co.<sup>(b)</sup>  |
| 07/22/2030 | &nbsp;&nbsp; 4.995% | 23848000 | &nbsp;&nbsp; 24479530 |
| 10/22/2030 | &nbsp;&nbsp; 4.603% | 4000 | &nbsp;&nbsp; 4055 |
| 01/24/2031 | &nbsp;&nbsp; 5.140% | 23000 | &nbsp;&nbsp; 23774 |
| 11/08/2032 | &nbsp;&nbsp; 2.545% | 11687000 | &nbsp;&nbsp; 10543214 |
| 01/24/2036 | &nbsp;&nbsp; 5.502% | 25395000 | &nbsp;&nbsp; 26565512 |
| 10/22/2036 | &nbsp;&nbsp; 4.810% | 3000 | &nbsp;&nbsp; 2981 |
| Morgan Stanley<sup>(b)</sup>  | Morgan Stanley<sup>(b)</sup>  | Morgan Stanley<sup>(b)</sup>  | Morgan Stanley<sup>(b)</sup>  |
| 04/17/2036 | &nbsp;&nbsp; 5.664% | 6271000 | &nbsp;&nbsp; 6592973 |
| 10/22/2036 | &nbsp;&nbsp; 4.892% | 9934000 | &nbsp;&nbsp; 9853913 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 09/16/2036 | &nbsp;&nbsp; 2.484% | 14478000 | &nbsp;&nbsp; 12726058 |
| Morgan Stanley Private Bank<sup>(b)</sup>  | Morgan Stanley Private Bank<sup>(b)</sup>  | Morgan Stanley Private Bank<sup>(b)</sup>  | Morgan Stanley Private Bank<sup>(b)</sup>  |
| 11/19/2031 | &nbsp;&nbsp; 4.465% | 15126000 | &nbsp;&nbsp; 15157945 |
| Morgan Stanley Private Bank NA<sup>(b)</sup>  | Morgan Stanley Private Bank NA<sup>(b)</sup>  | Morgan Stanley Private Bank NA<sup>(b)</sup>  | Morgan Stanley Private Bank NA<sup>(b)</sup>  |
| 07/18/2031 | &nbsp;&nbsp; 4.734% | 4427000 | &nbsp;&nbsp; 4487118 |
| PNC Financial Services Group, Inc. (The)<sup>(b)</sup>  | PNC Financial Services Group, Inc. (The)<sup>(b)</sup>  | PNC Financial Services Group, Inc. (The)<sup>(b)</sup>  | PNC Financial Services Group, Inc. (The)<sup>(b)</sup>  |
| 07/21/2036 | &nbsp;&nbsp; 5.373% | 5130000 | &nbsp;&nbsp; 5283298 |
| Royal Bank of Canada<sup>(b)</sup>  | Royal Bank of Canada<sup>(b)</sup>  | Royal Bank of Canada<sup>(b)</sup>  | Royal Bank of Canada<sup>(b)</sup>  |
| 02/04/2031 | &nbsp;&nbsp; 5.153% | 3302000 | &nbsp;&nbsp; 3399381 |
| 08/06/2031 | &nbsp;&nbsp; 4.696% | 27388000 | &nbsp;&nbsp; 27734248 |
| 11/03/2031 | &nbsp;&nbsp; 4.305% | 4894000 | &nbsp;&nbsp; 4870345 |
| US Bancorp<sup>(b)</sup>  | US Bancorp<sup>(b)</sup>  | US Bancorp<sup>(b)</sup>  | US Bancorp<sup>(b)</sup>  |
| 06/12/2034 | &nbsp;&nbsp; 5.836% | 6272000 | &nbsp;&nbsp; 6687241 |
| Wells Fargo & Co.<sup>(b)</sup>  | Wells Fargo & Co.<sup>(b)</sup>  | Wells Fargo & Co.<sup>(b)</sup>  | Wells Fargo & Co.<sup>(b)</sup>  |
| 03/02/2033 | &nbsp;&nbsp; 3.350% | 7620000 | &nbsp;&nbsp; 7106852 |
| 07/25/2034 | &nbsp;&nbsp; 5.557% | 19229000 | &nbsp;&nbsp; 20178317 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **378064172** |
| **Building Materials 0.3%** | **Building Materials 0.3%** | **Building Materials 0.3%** | **Building Materials 0.3%** |
| JH North America Holdings, Inc.<sup>(a)</sup>  | JH North America Holdings, Inc.<sup>(a)</sup>  | JH North America Holdings, Inc.<sup>(a)</sup>  | JH North America Holdings, Inc.<sup>(a)</sup>  |
| 01/31/2031 | &nbsp;&nbsp; 5.875% | 2249000 | &nbsp;&nbsp; 2297440 |
| 07/31/2032 | &nbsp;&nbsp; 6.125% | 3726000 | &nbsp;&nbsp; 3822686 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **6120126** |
| **Cable and Satellite 1.5%** | **Cable and Satellite 1.5%** | **Cable and Satellite 1.5%** | **Cable and Satellite 1.5%** |
| Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
| 06/30/2062 | &nbsp;&nbsp; 3.950% | 725000 | &nbsp;&nbsp; 435755 |
| Charter Communications Operating LLC/Capital | Charter Communications Operating LLC/Capital | Charter Communications Operating LLC/Capital | Charter Communications Operating LLC/Capital |
| 05/01/2047 | &nbsp;&nbsp; 5.375% | 16940000 | &nbsp;&nbsp; 13943177 |
| Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. |
| 11/01/2056 | &nbsp;&nbsp; 2.937% | 25850000 | &nbsp;&nbsp; 14536990 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **28915922** |
| **Chemicals 0.9%** | **Chemicals 0.9%** | **Chemicals 0.9%** | **Chemicals 0.9%** |
| Dow Chemical Co. (The) | Dow Chemical Co. (The) | Dow Chemical Co. (The) | Dow Chemical Co. (The) |
| 03/15/2055 | &nbsp;&nbsp; 5.950% | 1710000 | &nbsp;&nbsp; 1554150 |
| LYB International Finance III LLC | LYB International Finance III LLC | LYB International Finance III LLC | LYB International Finance III LLC |
| 01/15/2036 | &nbsp;&nbsp; 5.875% | 7020000 | &nbsp;&nbsp; 6990051 |
| 04/01/2051 | &nbsp;&nbsp; 3.625% | 12700000 | &nbsp;&nbsp; 8205572 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **16749773** |
| **Construction Machinery 1.5%** | **Construction Machinery 1.5%** | **Construction Machinery 1.5%** | **Construction Machinery 1.5%** |
| Caterpillar, Inc. | Caterpillar, Inc. | Caterpillar, Inc. | Caterpillar, Inc. |
| 05/15/2035 | &nbsp;&nbsp; 5.200% | 13649000 | &nbsp;&nbsp; 14167347 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Corporate Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Deere Funding Canada Corp. | Deere Funding Canada Corp. | Deere Funding Canada Corp. | Deere Funding Canada Corp. |
| 10/09/2030 | &nbsp;&nbsp; 4.150% | 14511000 | &nbsp;&nbsp; 14506932 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **28674279** |
| **Diversified Manufacturing 1.4%** | **Diversified Manufacturing 1.4%** | **Diversified Manufacturing 1.4%** | **Diversified Manufacturing 1.4%** |
| Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. |
| 02/15/2030 | &nbsp;&nbsp; 2.722% | 25710000 | &nbsp;&nbsp; 24218183 |
| Siemens Funding BV<sup>(a)</sup>  | Siemens Funding BV<sup>(a)</sup>  | Siemens Funding BV<sup>(a)</sup>  | Siemens Funding BV<sup>(a)</sup>  |
| 05/28/2035 | &nbsp;&nbsp; 5.200% | 3004000 | &nbsp;&nbsp; 3116466 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **27334649** |
| **Electric 10.5%** | **Electric 10.5%** | **Electric 10.5%** | **Electric 10.5%** |
| AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. |
| 06/01/2033 | &nbsp;&nbsp; 5.400% | 14620000 | &nbsp;&nbsp; 15082591 |
| 05/15/2034 | &nbsp;&nbsp; 5.700% | 854000 | &nbsp;&nbsp; 891136 |
| 01/15/2050 | &nbsp;&nbsp; 3.450% | 8593000 | &nbsp;&nbsp; 5872004 |
| American Transmission Systems, Inc.<sup>(a)</sup>  | American Transmission Systems, Inc.<sup>(a)</sup>  | American Transmission Systems, Inc.<sup>(a)</sup>  | American Transmission Systems, Inc.<sup>(a)</sup>  |
| 01/15/2032 | &nbsp;&nbsp; 2.650% | 14380000 | &nbsp;&nbsp; 12937808 |
| CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC |
| 08/15/2035 | &nbsp;&nbsp; 4.950% | 4117000 | &nbsp;&nbsp; 4149898 |
| Consolidated Edison Co of New York, Inc. | Consolidated Edison Co of New York, Inc. | Consolidated Edison Co of New York, Inc. | Consolidated Edison Co of New York, Inc. |
| 11/15/2055 | &nbsp;&nbsp; 5.750% | 10138000 | &nbsp;&nbsp; 10135497 |
| Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. |
| 03/15/2055 | &nbsp;&nbsp; 5.500% | 640000 | &nbsp;&nbsp; 621442 |
| Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
| 03/15/2035 | &nbsp;&nbsp; 5.450% | 18394000 | &nbsp;&nbsp; 18860232 |
| DTE Electric Co. | DTE Electric Co. | DTE Electric Co. | DTE Electric Co. |
| 05/15/2035 | &nbsp;&nbsp; 5.250% | 6580000 | &nbsp;&nbsp; 6769445 |
| DTE Energy Co. | DTE Energy Co. | DTE Energy Co. | DTE Energy Co. |
| 07/01/2027 | &nbsp;&nbsp; 4.950% | 150000 | &nbsp;&nbsp; 151969 |
| 06/15/2029 | &nbsp;&nbsp; 3.400% | 3645000 | &nbsp;&nbsp; 3544648 |
| Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
| 09/01/2046 | &nbsp;&nbsp; 3.750% | 16765000 | &nbsp;&nbsp; 12708760 |
| Duke Energy Indiana LLC | Duke Energy Indiana LLC | Duke Energy Indiana LLC | Duke Energy Indiana LLC |
| 04/01/2050 | &nbsp;&nbsp; 2.750% | 3000000 | &nbsp;&nbsp; 1874703 |
| 04/01/2053 | &nbsp;&nbsp; 5.400% | 4495000 | &nbsp;&nbsp; 4276739 |
| Edison International | Edison International | Edison International | Edison International |
| 11/15/2028 | &nbsp;&nbsp; 5.250% | 10789000 | &nbsp;&nbsp; 10933277 |
| Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC |
| 03/15/2055 | &nbsp;&nbsp; 5.800% | 3480000 | &nbsp;&nbsp; 3502160 |
| Eversource Energy | Eversource Energy | Eversource Energy | Eversource Energy |
| 08/15/2030 | &nbsp;&nbsp; 1.650% | 6305000 | &nbsp;&nbsp; 5566659 |
| 07/15/2034 | &nbsp;&nbsp; 5.950% | 10446000 | &nbsp;&nbsp; 11047477 |
| Exelon Corp. | Exelon Corp. | Exelon Corp. | Exelon Corp. |
| 03/15/2052 | &nbsp;&nbsp; 4.100% | 16174000 | &nbsp;&nbsp; 12483051 |
| FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. |
| 03/01/2050 | &nbsp;&nbsp; 3.400% | 8128000 | &nbsp;&nbsp; 5619517 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| FirstEnergy Transmission LLC | FirstEnergy Transmission LLC | FirstEnergy Transmission LLC | FirstEnergy Transmission LLC |
| 01/15/2035 | &nbsp;&nbsp; 5.000% | 4090000 | &nbsp;&nbsp; 4102074 |
| NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
| 09/01/2027 | &nbsp;&nbsp; 4.685% | 6984000 | &nbsp;&nbsp; 7066308 |
| 03/15/2035 | &nbsp;&nbsp; 5.450% | 7870000 | &nbsp;&nbsp; 8145151 |
| Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC |
| 05/15/2050 | &nbsp;&nbsp; 3.700% | 3470000 | &nbsp;&nbsp; 2551196 |
| Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. |
| 07/01/2050 | &nbsp;&nbsp; 4.950% | 11730000 | &nbsp;&nbsp; 9932239 |
| WEC Energy Group, Inc. | WEC Energy Group, Inc. | WEC Energy Group, Inc. | WEC Energy Group, Inc. |
| 10/15/2030 | &nbsp;&nbsp; 1.800% | 4655000 | &nbsp;&nbsp; 4139831 |
| Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. |
| 11/15/2031 | &nbsp;&nbsp; 2.350% | 10690000 | &nbsp;&nbsp; 9495443 |
| 03/15/2034 | &nbsp;&nbsp; 5.500% | 11362000 | &nbsp;&nbsp; 11727791 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **204189046** |
| **Food and Beverage 7.2%** | **Food and Beverage 7.2%** | **Food and Beverage 7.2%** | **Food and Beverage 7.2%** |
| Bacardi Ltd.<sup>(a)</sup>  | Bacardi Ltd.<sup>(a)</sup>  | Bacardi Ltd.<sup>(a)</sup>  | Bacardi Ltd.<sup>(a)</sup>  |
| 05/15/2038 | &nbsp;&nbsp; 5.150% | 13778000 | &nbsp;&nbsp; 13081536 |
| 05/15/2048 | &nbsp;&nbsp; 5.300% | 160000 | &nbsp;&nbsp; 142559 |
| Bacardi Ltd./Bacardi-Martini BV<sup>(a)</sup>  | Bacardi Ltd./Bacardi-Martini BV<sup>(a)</sup>  | Bacardi Ltd./Bacardi-Martini BV<sup>(a)</sup>  | Bacardi Ltd./Bacardi-Martini BV<sup>(a)</sup>  |
| 06/15/2033 | &nbsp;&nbsp; 5.400% | 12425000 | &nbsp;&nbsp; 12573371 |
| Campbell Soup Co. | Campbell Soup Co. | Campbell Soup Co. | Campbell Soup Co. |
| 03/23/2035 | &nbsp;&nbsp; 4.750% | 17990000 | &nbsp;&nbsp; 17392760 |
| Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
| 11/01/2035 | &nbsp;&nbsp; 4.950% | 11169000 | &nbsp;&nbsp; 11050979 |
| General Mills, Inc. | General Mills, Inc. | General Mills, Inc. | General Mills, Inc. |
| 01/30/2027 | &nbsp;&nbsp; 4.700% | 2000000 | &nbsp;&nbsp; 2014566 |
| Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. |
| 05/25/2028 | &nbsp;&nbsp; 4.597% | 8004000 | &nbsp;&nbsp; 8066359 |
| Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
| 06/01/2026 | &nbsp;&nbsp; 3.000% | 18950000 | &nbsp;&nbsp; 18862990 |
| 06/01/2046 | &nbsp;&nbsp; 4.375% | 2101000 | &nbsp;&nbsp; 1737141 |
| Kraft Heinz Foods Co. (The) | Kraft Heinz Foods Co. (The) | Kraft Heinz Foods Co. (The) | Kraft Heinz Foods Co. (The) |
| 07/15/2045 | &nbsp;&nbsp; 5.200% | 8734000 | &nbsp;&nbsp; 8008345 |
| Mars, Inc.<sup>(a)</sup>  | Mars, Inc.<sup>(a)</sup>  | Mars, Inc.<sup>(a)</sup>  | Mars, Inc.<sup>(a)</sup>  |
| 04/20/2028 | &nbsp;&nbsp; 4.550% | 17685000 | &nbsp;&nbsp; 17891306 |
| 03/01/2030 | &nbsp;&nbsp; 4.800% | 3130000 | &nbsp;&nbsp; 3198082 |
| Mondelez International, Inc. | Mondelez International, Inc. | Mondelez International, Inc. | Mondelez International, Inc. |
| 03/17/2027 | &nbsp;&nbsp; 2.625% | 315000 | &nbsp;&nbsp; 310118 |
| PepsiCo, Inc. | PepsiCo, Inc. | PepsiCo, Inc. | PepsiCo, Inc. |
| 07/23/2035 | &nbsp;&nbsp; 5.000% | 14045000 | &nbsp;&nbsp; 14350128 |
| Tyson Foods, Inc. | Tyson Foods, Inc. | Tyson Foods, Inc. | Tyson Foods, Inc. |
| 06/02/2027 | &nbsp;&nbsp; 3.550% | 11358000 | &nbsp;&nbsp; 11280527 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **139960767** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Corporate Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Health Care 3.9%** | **Health Care 3.9%** | **Health Care 3.9%** | **Health Care 3.9%** |
| Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. |
| 02/08/2029 | &nbsp;&nbsp; 4.874% | 12970000 | &nbsp;&nbsp; 13226619 |
| Cigna Corp. | Cigna Corp. | Cigna Corp. | Cigna Corp. |
| 03/15/2050 | &nbsp;&nbsp; 3.400% | 3621000 | &nbsp;&nbsp; 2533662 |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| 03/25/2038 | &nbsp;&nbsp; 4.780% | 18721000 | &nbsp;&nbsp; 17681134 |
| GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. |
| 12/15/2028 | &nbsp;&nbsp; 4.150% | 4468000 | &nbsp;&nbsp; 4480757 |
| 06/15/2035 | &nbsp;&nbsp; 5.500% | 2404000 | &nbsp;&nbsp; 2499369 |
| 12/15/2035 | &nbsp;&nbsp; 4.950% | 5078000 | &nbsp;&nbsp; 5073751 |
| HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
| 02/15/2027 | &nbsp;&nbsp; 4.500% | 9610000 | &nbsp;&nbsp; 9630533 |
| 03/15/2027 | &nbsp;&nbsp; 3.125% | 7170000 | &nbsp;&nbsp; 7095809 |
| 09/01/2030 | &nbsp;&nbsp; 3.500% | 8626000 | &nbsp;&nbsp; 8297240 |
| 03/15/2052 | &nbsp;&nbsp; 4.625% | 6380000 | &nbsp;&nbsp; 5205468 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **75724342** |
| **Healthcare Insurance 2.2%** | **Healthcare Insurance 2.2%** | **Healthcare Insurance 2.2%** | **Healthcare Insurance 2.2%** |
| Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. |
| 10/15/2030 | &nbsp;&nbsp; 3.000% | 16015000 | &nbsp;&nbsp; 14329616 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| 01/15/2031 | &nbsp;&nbsp; 4.650% | 14000000 | &nbsp;&nbsp; 14293235 |
| 04/15/2054 | &nbsp;&nbsp; 5.375% | 14889000 | &nbsp;&nbsp; 14067359 |
| 07/15/2064 | &nbsp;&nbsp; 5.750% | 7000 | &nbsp;&nbsp; 6839 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **42697049** |
| **Independent Energy 1.2%** | **Independent Energy 1.2%** | **Independent Energy 1.2%** | **Independent Energy 1.2%** |
| APA Corp. | APA Corp. | APA Corp. | APA Corp. |
| 02/15/2055 | &nbsp;&nbsp; 6.750% | 3569000 | &nbsp;&nbsp; 3562887 |
| Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. |
| 04/18/2064 | &nbsp;&nbsp; 5.900% | 1960000 | &nbsp;&nbsp; 1856473 |
| Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
| 10/01/2054 | &nbsp;&nbsp; 6.050% | 13783000 | &nbsp;&nbsp; 13142717 |
| Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. |
| 05/19/2035 | &nbsp;&nbsp; 6.000% | 3885000 | &nbsp;&nbsp; 4048679 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **22610756** |
| **Integrated Energy 1.0%** | **Integrated Energy 1.0%** | **Integrated Energy 1.0%** | **Integrated Energy 1.0%** |
| BP Capital Markets America, Inc. | BP Capital Markets America, Inc. | BP Capital Markets America, Inc. | BP Capital Markets America, Inc. |
| 11/17/2027 | &nbsp;&nbsp; 5.017% | 8660000 | &nbsp;&nbsp; 8841013 |
| 03/17/2052 | &nbsp;&nbsp; 3.001% | 6485000 | &nbsp;&nbsp; 4153201 |
| TotalEnergies Capital SA | TotalEnergies Capital SA | TotalEnergies Capital SA | TotalEnergies Capital SA |
| 09/10/2064 | &nbsp;&nbsp; 5.425% | 6395000 | &nbsp;&nbsp; 5991193 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **18985407** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Life Insurance 4.1%** | **Life Insurance 4.1%** | **Life Insurance 4.1%** | **Life Insurance 4.1%** |
| Corebridge Global Funding<sup>(a)</sup>  | Corebridge Global Funding<sup>(a)</sup>  | Corebridge Global Funding<sup>(a)</sup>  | Corebridge Global Funding<sup>(a)</sup>  |
| 06/06/2030 | &nbsp;&nbsp; 4.850% | 6731000 | &nbsp;&nbsp; 6822641 |
| 10/02/2030 | &nbsp;&nbsp; 4.450% | 6996000 | &nbsp;&nbsp; 6968393 |
| Met Tower Global Funding<sup>(a)</sup>  | Met Tower Global Funding<sup>(a)</sup>  | Met Tower Global Funding<sup>(a)</sup>  | Met Tower Global Funding<sup>(a)</sup>  |
| 09/16/2030 | &nbsp;&nbsp; 4.200% | 7067000 | &nbsp;&nbsp; 7032311 |
| New York Life Global Funding<sup>(a)</sup>  | New York Life Global Funding<sup>(a)</sup>  | New York Life Global Funding<sup>(a)</sup>  | New York Life Global Funding<sup>(a)</sup>  |
| 10/01/2027 | &nbsp;&nbsp; 3.900% | 537000 | &nbsp;&nbsp; 537802 |
| 12/05/2029 | &nbsp;&nbsp; 4.600% | 345000 | &nbsp;&nbsp; 350459 |
| New York Life Insurance Co.<sup>(a)</sup>  | New York Life Insurance Co.<sup>(a)</sup>  | New York Life Insurance Co.<sup>(a)</sup>  | New York Life Insurance Co.<sup>(a)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 05/15/2050 | &nbsp;&nbsp; 3.750% | 8985000 | &nbsp;&nbsp; 6668993 |
| Northwestern Mutual Life Insurance Co. (The)<sup>(a)</sup>  | Northwestern Mutual Life Insurance Co. (The)<sup>(a)</sup>  | Northwestern Mutual Life Insurance Co. (The)<sup>(a)</sup>  | Northwestern Mutual Life Insurance Co. (The)<sup>(a)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 05/29/2055 | &nbsp;&nbsp; 6.170% | 4062000 | &nbsp;&nbsp; 4328913 |
| Peachtree Corners Funding Trust II<sup>(a)</sup>  | Peachtree Corners Funding Trust II<sup>(a)</sup>  | Peachtree Corners Funding Trust II<sup>(a)</sup>  | Peachtree Corners Funding Trust II<sup>(a)</sup>  |
| 05/15/2035 | &nbsp;&nbsp; 6.012% | 5993000 | &nbsp;&nbsp; 6311015 |
| Principal Life Global Funding II<sup>(a)</sup>  | Principal Life Global Funding II<sup>(a)</sup>  | Principal Life Global Funding II<sup>(a)</sup>  | Principal Life Global Funding II<sup>(a)</sup>  |
| 11/27/2029 | &nbsp;&nbsp; 4.950% | 27855000 | &nbsp;&nbsp; 28458833 |
| Teachers Insurance & Annuity Association of America<sup>(a)</sup>  | Teachers Insurance & Annuity Association of America<sup>(a)</sup>  | Teachers Insurance & Annuity Association of America<sup>(a)</sup>  | Teachers Insurance & Annuity Association of America<sup>(a)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 05/15/2050 | &nbsp;&nbsp; 3.300% | 11970000 | &nbsp;&nbsp; 8218797 |
| Voya Global Funding<sup>(a)</sup>  | Voya Global Funding<sup>(a)</sup>  | Voya Global Funding<sup>(a)</sup>  | Voya Global Funding<sup>(a)</sup>  |
| 11/24/2030 | &nbsp;&nbsp; 4.600% | 4667000 | &nbsp;&nbsp; 4689103 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **80387260** |
| **Media and Entertainment 0.8%** | **Media and Entertainment 0.8%** | **Media and Entertainment 0.8%** | **Media and Entertainment 0.8%** |
| Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
| 11/15/2065 | &nbsp;&nbsp; 5.750% | 16758000 | &nbsp;&nbsp; 16008583 |
| **Midstream 2.2%** | **Midstream 2.2%** | **Midstream 2.2%** | **Midstream 2.2%** |
| Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
| 04/05/2027 | &nbsp;&nbsp; 5.250% | 5704000 | &nbsp;&nbsp; 5784549 |
| 04/05/2034 | &nbsp;&nbsp; 5.625% | 3265000 | &nbsp;&nbsp; 3409508 |
| 11/20/2035 | &nbsp;&nbsp; 5.200% | 2858000 | &nbsp;&nbsp; 2884304 |
| Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| 09/01/2054 | &nbsp;&nbsp; 6.050% | 13010000 | &nbsp;&nbsp; 12519347 |
| Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC |
| 01/15/2036 | &nbsp;&nbsp; 5.200% | 4091000 | &nbsp;&nbsp; 4163737 |
| MPLX LP | MPLX LP | MPLX LP | MPLX LP |
| 03/14/2052 | &nbsp;&nbsp; 4.950% | 6325000 | &nbsp;&nbsp; 5323663 |
| Plains All American Pipeline LP/Finance Corp. | Plains All American Pipeline LP/Finance Corp. | Plains All American Pipeline LP/Finance Corp. | Plains All American Pipeline LP/Finance Corp. |
| 06/15/2044 | &nbsp;&nbsp; 4.700% | 1570000 | &nbsp;&nbsp; 1337131 |
| Western Gas Partners LP | Western Gas Partners LP | Western Gas Partners LP | Western Gas Partners LP |
| 03/01/2048 | &nbsp;&nbsp; 5.300% | 5720000 | &nbsp;&nbsp; 4936339 |
| Williams Companies, Inc. (The) | Williams Companies, Inc. (The) | Williams Companies, Inc. (The) | Williams Companies, Inc. (The) |
| 08/15/2028 | &nbsp;&nbsp; 5.300% | 2485000 | &nbsp;&nbsp; 2558586 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **42917164** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Corporate Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Natural Gas 2.2%** | **Natural Gas 2.2%** | **Natural Gas 2.2%** | **Natural Gas 2.2%** |
| NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
| 07/15/2035 | &nbsp;&nbsp; 5.350% | 25717000 | &nbsp;&nbsp; 26315712 |
| Sempra Energy | Sempra Energy | Sempra Energy | Sempra Energy |
| 06/15/2027 | &nbsp;&nbsp; 3.250% | 3925000 | &nbsp;&nbsp; 3881165 |
| Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. |
| 09/01/2034 | &nbsp;&nbsp; 5.050% | 5955000 | &nbsp;&nbsp; 6055045 |
| Southern Co Gas Capital Corp. | Southern Co Gas Capital Corp. | Southern Co Gas Capital Corp. | Southern Co Gas Capital Corp. |
| 09/15/2035 | &nbsp;&nbsp; 5.100% | 6681000 | &nbsp;&nbsp; 6733552 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **42985474** |
| **Pharmaceuticals 6.4%** | **Pharmaceuticals 6.4%** | **Pharmaceuticals 6.4%** | **Pharmaceuticals 6.4%** |
| AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
| 03/15/2029 | &nbsp;&nbsp; 4.800% | 285000 | &nbsp;&nbsp; 292077 |
| 11/21/2029 | &nbsp;&nbsp; 3.200% | 22333000 | &nbsp;&nbsp; 21661877 |
| Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
| 03/02/2028 | &nbsp;&nbsp; 5.150% | 9820000 | &nbsp;&nbsp; 10048022 |
| 03/02/2063 | &nbsp;&nbsp; 5.750% | 17001000 | &nbsp;&nbsp; 16605026 |
| Merck & Co., Inc. | Merck & Co., Inc. | Merck & Co., Inc. | Merck & Co., Inc. |
| 12/04/2035 | &nbsp;&nbsp; 4.750% | 28656000 | &nbsp;&nbsp; 28596236 |
| Pfizer, Inc. | Pfizer, Inc. | Pfizer, Inc. | Pfizer, Inc. |
| 11/15/2032 | &nbsp;&nbsp; 4.500% | 27280000 | &nbsp;&nbsp; 27338714 |
| Roche Holdings, Inc.<sup>(a)</sup>  | Roche Holdings, Inc.<sup>(a)</sup>  | Roche Holdings, Inc.<sup>(a)</sup>  | Roche Holdings, Inc.<sup>(a)</sup>  |
| 11/13/2030 | &nbsp;&nbsp; 5.489% | 16000000 | &nbsp;&nbsp; 16940518 |
| 12/02/2030 | &nbsp;&nbsp; 4.075% | 2627000 | &nbsp;&nbsp; 2619943 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **124102413** |
| **Railroads 2.7%** | **Railroads 2.7%** | **Railroads 2.7%** | **Railroads 2.7%** |
| Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC |
| 03/15/2056 | &nbsp;&nbsp; 5.550% | 9128000 | &nbsp;&nbsp; 9013133 |
| Canadian Pacific Railway Co. | Canadian Pacific Railway Co. | Canadian Pacific Railway Co. | Canadian Pacific Railway Co. |
| 12/02/2031 | &nbsp;&nbsp; 2.450% | 12781000 | &nbsp;&nbsp; 11504831 |
| CSX Corp. | CSX Corp. | CSX Corp. | CSX Corp. |
| 11/01/2026 | &nbsp;&nbsp; 2.600% | 7897000 | &nbsp;&nbsp; 7813727 |
| Norfolk Southern Corp. | Norfolk Southern Corp. | Norfolk Southern Corp. | Norfolk Southern Corp. |
| 06/15/2026 | &nbsp;&nbsp; 2.900% | 7080000 | &nbsp;&nbsp; 7047899 |
| 08/01/2030 | &nbsp;&nbsp; 5.050% | 2830000 | &nbsp;&nbsp; 2934749 |
| 11/01/2047 | &nbsp;&nbsp; 3.942% | 10475000 | &nbsp;&nbsp; 8275642 |
| 08/25/2051 | &nbsp;&nbsp; 2.900% | 729000 | &nbsp;&nbsp; 459380 |
| Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. |
| 02/05/2050 | &nbsp;&nbsp; 3.250% | 9091000 | &nbsp;&nbsp; 6291456 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **53340817** |
| **Retailers 1.5%** | **Retailers 1.5%** | **Retailers 1.5%** | **Retailers 1.5%** |
| Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. |
| 05/12/2051 | &nbsp;&nbsp; 3.100% | 5130000 | &nbsp;&nbsp; 3443512 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Lowe's Companies, Inc. | Lowe's Companies, Inc. | Lowe's Companies, Inc. | Lowe's Companies, Inc. |
| 04/01/2052 | &nbsp;&nbsp; 4.250% | 15720000 | &nbsp;&nbsp; 12389984 |
| 04/01/2062 | &nbsp;&nbsp; 4.450% | 70000 | &nbsp;&nbsp; 54902 |
| Walmart, Inc. | Walmart, Inc. | Walmart, Inc. | Walmart, Inc. |
| 04/28/2035 | &nbsp;&nbsp; 4.900% | 12132000 | &nbsp;&nbsp; 12477788 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **28366186** |
| **Supermarkets 0.4%** | **Supermarkets 0.4%** | **Supermarkets 0.4%** | **Supermarkets 0.4%** |
| Kroger Co. (The) | Kroger Co. (The) | Kroger Co. (The) | Kroger Co. (The) |
| 09/15/2064 | &nbsp;&nbsp; 5.650% | 7655000 | &nbsp;&nbsp; 7296781 |
| **Technology 6.4%** | **Technology 6.4%** | **Technology 6.4%** | **Technology 6.4%** |
| Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. |
| 11/15/2055 | &nbsp;&nbsp; 5.450% | 3353000 | &nbsp;&nbsp; 3291996 |
| 05/15/2065 | &nbsp;&nbsp; 5.300% | 3313000 | &nbsp;&nbsp; 3117231 |
| Apple, Inc. | Apple, Inc. | Apple, Inc. | Apple, Inc. |
| 02/08/2051 | &nbsp;&nbsp; 2.650% | 7440000 | &nbsp;&nbsp; 4608202 |
| Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
| 02/15/2030 | &nbsp;&nbsp; 4.350% | 15582000 | &nbsp;&nbsp; 15685287 |
| 10/15/2030 | &nbsp;&nbsp; 4.200% | 4135000 | &nbsp;&nbsp; 4131553 |
| Broadcom, Inc.<sup>(a)</sup>  | Broadcom, Inc.<sup>(a)</sup>  | Broadcom, Inc.<sup>(a)</sup>  | Broadcom, Inc.<sup>(a)</sup>  |
| 11/15/2036 | &nbsp;&nbsp; 3.187% | 16982000 | &nbsp;&nbsp; 14409167 |
| Foundry JV Holdco LLC<sup>(a)</sup>  | Foundry JV Holdco LLC<sup>(a)</sup>  | Foundry JV Holdco LLC<sup>(a)</sup>  | Foundry JV Holdco LLC<sup>(a)</sup>  |
| 01/25/2034 | &nbsp;&nbsp; 5.875% | 17335000 | &nbsp;&nbsp; 17828288 |
| Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
| 08/12/2051 | &nbsp;&nbsp; 3.050% | 9720000 | &nbsp;&nbsp; 5973291 |
| International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. |
| 05/15/2030 | &nbsp;&nbsp; 1.950% | 20796000 | &nbsp;&nbsp; 18954765 |
| 02/10/2035 | &nbsp;&nbsp; 5.200% | 348000 | &nbsp;&nbsp; 356708 |
| NXP BV/Funding LLC/USA, Inc. | NXP BV/Funding LLC/USA, Inc. | NXP BV/Funding LLC/USA, Inc. | NXP BV/Funding LLC/USA, Inc. |
| 05/01/2030 | &nbsp;&nbsp; 3.400% | 30000 | &nbsp;&nbsp; 28927 |
| 05/11/2031 | &nbsp;&nbsp; 2.500% | 16825000 | &nbsp;&nbsp; 15228739 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 07/15/2046 | &nbsp;&nbsp; 4.000% | 16890000 | &nbsp;&nbsp; 11728017 |
| 02/06/2053 | &nbsp;&nbsp; 5.550% | 600000 | &nbsp;&nbsp; 499197 |
| 09/26/2065 | &nbsp;&nbsp; 6.100% | 9322000 | &nbsp;&nbsp; 8231192 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **124072560** |
| **Transportation Services 1.5%** | **Transportation Services 1.5%** | **Transportation Services 1.5%** | **Transportation Services 1.5%** |
| ERAC USA Finance LLC<sup>(a)</sup>  | ERAC USA Finance LLC<sup>(a)</sup>  | ERAC USA Finance LLC<sup>(a)</sup>  | ERAC USA Finance LLC<sup>(a)</sup>  |
| 05/01/2028 | &nbsp;&nbsp; 4.600% | 24189000 | &nbsp;&nbsp; 24502842 |
| United Parcel Service, Inc. | United Parcel Service, Inc. | United Parcel Service, Inc. | United Parcel Service, Inc. |
| 05/14/2065 | &nbsp;&nbsp; 6.050% | 5625000 | &nbsp;&nbsp; 5804636 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **30307478** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Corporate Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Wireless 2.5%** | **Wireless 2.5%** | **Wireless 2.5%** | **Wireless 2.5%** |
| T-Mobile US, Inc. | T-Mobile US, Inc. | T-Mobile US, Inc. | T-Mobile US, Inc. |
| 04/15/2027 | &nbsp;&nbsp; 3.750% | 7885000 | &nbsp;&nbsp; 7859710 |
| 02/15/2029 | &nbsp;&nbsp; 2.625% | 29250000 | &nbsp;&nbsp; 27945880 |
| 02/15/2031 | &nbsp;&nbsp; 2.550% | 13903000 | &nbsp;&nbsp; 12700029 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **48505619** |
| **Wirelines 3.8%** | **Wirelines 3.8%** | **Wirelines 3.8%** | **Wirelines 3.8%** |
| AT&T, Inc. | AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
| 12/01/2033 | &nbsp;&nbsp; 2.550% | 8170000 | &nbsp;&nbsp; 6975075 |
| 05/15/2035 | &nbsp;&nbsp; 4.500% | 845000 | &nbsp;&nbsp; 811651 |
| 08/15/2035 | &nbsp;&nbsp; 5.375% | 14775000 | &nbsp;&nbsp; 15134163 |
| 11/01/2035 | &nbsp;&nbsp; 4.900% | 9003000 | &nbsp;&nbsp; 8892668 |
| Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
| 03/21/2031 | &nbsp;&nbsp; 2.550% | 46507000 | &nbsp;&nbsp; 42474132 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **74287689** |
| Total Corporate Bonds & Notes <br>(Cost $1,805,707,823) | Total Corporate Bonds & Notes <br>(Cost $1,805,707,823) | Total Corporate Bonds & Notes <br>(Cost $1,805,707,823) | &nbsp;&nbsp; **1822316472** |

---

---

| | | | |
|:---|:---|:---|:---|
| **U.S. Treasury Obligations 4.4%** | **U.S. Treasury Obligations 4.4%** | **U.S. Treasury Obligations 4.4%** | **U.S. Treasury Obligations 4.4%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| U.S. Treasury | U.S. Treasury | U.S. Treasury | U.S. Treasury |
| 02/15/2045 | &nbsp;&nbsp; 4.750% | 7961000 | &nbsp;&nbsp; 7929902 |
| 05/15/2045 | &nbsp;&nbsp; 5.000% | 62665000 | &nbsp;&nbsp; 64417662 |
| 08/15/2045 | &nbsp;&nbsp; 4.875% | 12271000 | &nbsp;&nbsp; 12407131 |
| 02/15/2055 | &nbsp;&nbsp; 4.625% | 53000 | &nbsp;&nbsp; 51162 |
| Total U.S. Treasury Obligations <br>(Cost $84,134,052) | Total U.S. Treasury Obligations <br>(Cost $84,134,052) | Total U.S. Treasury Obligations <br>(Cost $84,134,052) | &nbsp;&nbsp; **84805857** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **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>(c),(d)</sup> <br>| &nbsp;&nbsp; 10841587 | &nbsp;&nbsp; 10838334 |
| Total Money Market Funds <br>(Cost $10,838,185) | Total Money Market Funds <br>(Cost $10,838,185) | &nbsp;&nbsp; **10838334** |
| **Total Investments in Securities** <br>**(Cost: $1,900,680,060)** | **Total Investments in Securities** <br>**(Cost: $1,900,680,060)** | &nbsp;&nbsp; **1917960663** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **24182414** |
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **1942143077** |

---

At December 31, 2025, securities and/or cash totaling $3,387,670 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>|
| U.S. Long Bond | 676 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 78141375 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (702105)<br>|
| U.S. Treasury 10-Year Note | 468 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 52620750 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (294883)<br>|
| U.S. Treasury 2-Year Note | 1076 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 224657031 | &nbsp;&nbsp;&nbsp;&nbsp; 40100 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 40100 | &nbsp;&nbsp;&nbsp;&nbsp; (996988)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short 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>|
| U.S. Treasury 5-Year Note | (1845) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (201667149)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 274217 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury Ultra 10-Year Note | (987) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (113520422)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 406640 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury Ultra Bond | (102) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (12036000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 220515 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 901372 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At December 31, 2025, the total value of these securities amounted to $263,843,806, which represents 13.59% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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.

Columbia Variable Portfolio – Corporate Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Notes to Portfolio of Investments (continued)**

&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% |
|  | 5196477 | &nbsp;&nbsp; 610101065 | &nbsp;&nbsp; (604459335)<br>| &nbsp;&nbsp; 127 | &nbsp;&nbsp; 10838334 | &nbsp;&nbsp; 4036 | &nbsp;&nbsp; 1069310 | &nbsp;&nbsp; 10841587 |

---

**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.

■

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.

Columbia Variable Portfolio – Corporate Bond 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** |  |  |  |  |
| Corporate Bonds & Notes |  | &nbsp;&nbsp;&nbsp;&nbsp; 1822316472 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1822316472 |
| U.S. Treasury Obligations |  | &nbsp;&nbsp;&nbsp;&nbsp; 84805857 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 84805857 |
| Money Market Funds | 10838334 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10838334 |
| Total Investments in Securities | 10838334 | &nbsp;&nbsp;&nbsp;&nbsp; 1907122329 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1917960663 |
| **Investments in Derivatives** |  |  |  |  |
| Asset |  |  |  |  |
| Futures Contracts | 941472 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 941472 |
| Liability |  |  |  |  |
| Futures Contracts | (996988)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (996988)<br>|
| Total | 10782818 | &nbsp;&nbsp;&nbsp;&nbsp; 1907122329 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1917905147 |

---

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.

Derivative instruments are valued at unrealized appreciation (depreciation).

The following table is a reconciliation of Level 3 assets for which significant observable and unobservable inputs were used to determine fair value:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance** <br>**as of** <br>**12/31/2024** <br>**($)**<br>| **Increase** <br>**(decrease)** <br>**in accrued** <br>**discounts/** <br>**premiums** <br>**($)**<br>| **Realized** <br>**gain (loss)** <br>**($)**<br>| **Change** <br>**in unrealized** <br>**appreciation** <br>**(depreciation)** <br>**($)**<br>| **Purchases** <br>**($)**<br>| **Sales** <br>**($)**<br>| **Transfers** <br>**into** <br>**Level 3** <br>**($)**<br>| **Transfers** <br>**out of** <br>**Level 3** <br>**($)**<br>| **Balance** <br>**as of** <br>**12/31/2025** <br>**($)**<br>|
| Residential Mortgage-Backed Securities — <br> Non-Agency<br>| 1035800 | &nbsp;&nbsp; — | &nbsp;&nbsp; (8143)<br>| &nbsp;&nbsp; (4)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1027653)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total** | **1035800** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **(8143)**<br>| &nbsp;&nbsp; **(4)**<br>| &nbsp;&nbsp; **—** | &nbsp;&nbsp; **(1027653)**<br>| &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Corporate Bond 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 $1,889,841,875) | $1907122329 |
| Affiliated issuers (cost $10,838,185) | 10838334 |
| Margin deposits on: |  |
| Futures contracts | 3387670 |
| Receivable for: |  |
| Capital shares sold | 6116 |
| Dividends | 104136 |
| Interest | 22951085 |
| Variation margin for futures contracts | 449201 |
| Expense reimbursement due from Investment Manager | 1723 |
| Prepaid expenses | 3867 |
| Total assets | 1944864461 |
| **Liabilities** |  |
| Payable for: |  |
| Capital shares redeemed | 2133115 |
| Variation margin for futures contracts | 315807 |
| Management services fees | 26117 |
| Distribution and/or service fees | 346 |
| Service fees | 4106 |
| Compensation of chief compliance officer | 314 |
| Compensation of board members | 1269 |
| Other expenses | 52991 |
| Deferred compensation of board members | 187319 |
| Total liabilities | 2721384 |
| **Net assets applicable to outstanding capital stock** | **$1942143077** |
| **Represented by** |  |
| Paid in capital | 1886810332 |
| Total distributable earnings (loss) | 55332745 |
| **Total - representing net assets applicable to outstanding capital stock** | **$1942143077** |
| **Class 1** |  |
| Net assets | $1857568111 |
| Shares outstanding | 236601785 |
| Net asset value per share | $7.85 |
| **Class 2** |  |
| Net assets | $16207039 |
| Shares outstanding | 2110134 |
| Net asset value per share | $7.68 |
| **Class 3** |  |
| Net assets | $68367927 |
| Shares outstanding | 8793739 |
| Net asset value per share | $7.77 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Corporate Bond Fund \| 2025

------

Statement of Operations

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — affiliated issuers | $1069310 |
| Interest | 46026842 |
| Interfund lending | 429 |
| Total income | 47096581 |
| Expenses: |  |
| Management services fees | 4764668 |
| Distribution and/or service fees |  |
| Class 2 | 30071 |
| Class 3 | 84467 |
| Service fees | 47864 |
| Custodian fees | 47976 |
| Printing and postage fees | 17698 |
| Accounting services fees | 43244 |
| Legal fees | 32586 |
| Interest on collateral | 170 |
| Compensation of chief compliance officer | 313 |
| Compensation of board members | 20486 |
| Deferred compensation of board members | 29830 |
| Other | 17509 |
| Total expenses | 5136882 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates | (460555)<br>|
| Total net expenses | 4676327 |
| **Net investment income** | 42420254 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 12280515 |
| Investments — affiliated issuers | 4036 |
| Foreign currency translations | 220523 |
| Forward foreign currency exchange contracts | (1854368)<br>|
| Futures contracts | (1268259)<br>|
| Swap contracts | 62269 |
| Net realized gain | 9444716 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 20946892 |
| Investments — affiliated issuers | 127 |
| Foreign currency translations | 156390 |
| Forward foreign currency exchange contracts | (378799)<br>|
| Futures contracts | 182227 |
| Swap contracts | 10003 |
| Net change in unrealized appreciation (depreciation) | 20916840 |
| Net realized and unrealized gain | 30361556 |
| **Net increase in net assets resulting from operations** | **$72781810** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Corporate Bond Fund \| 2025

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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 | $42420254 | &nbsp;&nbsp; $3563300 |
| Net realized gain (loss) | 9444716 | &nbsp;&nbsp; (708412)<br>|
| Net change in unrealized appreciation (depreciation) | 20916840 | &nbsp;&nbsp; (219200)<br>|
| Net increase in net assets resulting from operations | 72781810 | &nbsp;&nbsp; 2635688 |
| **Distributions to shareholders** |  |  |
| Net investment income and net realized gains  |  |  |
| Class 1 | (29987)<br>| &nbsp;&nbsp; (3701)<br>|
| Class 2 | (685944)<br>| &nbsp;&nbsp; (336608)<br>|
| Class 3 | (4473664)<br>| &nbsp;&nbsp; (2326748)<br>|
| Total distributions to shareholders | (5189595)<br>| &nbsp;&nbsp; (2667057)<br>|
| Increase (decrease) in net assets from capital stock activity | 1794758901 | &nbsp;&nbsp; (1733136)<br>|
| Total increase (decrease) in net assets | 1862351116 | &nbsp;&nbsp; (1764505)<br>|
| Net assets at beginning of year | 79791961 | &nbsp;&nbsp; 81556466 |
| **Net assets at end of year** | **$1942143077** | &nbsp;&nbsp; **$79791961** |

---

&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 | 238729366 | &nbsp;&nbsp;&nbsp;&nbsp; 1807307735 | &nbsp;&nbsp;&nbsp;&nbsp; 45794 | &nbsp;&nbsp;&nbsp;&nbsp; 354826 |
| Distributions reinvested | 4041 | &nbsp;&nbsp;&nbsp;&nbsp; 29987 | &nbsp;&nbsp;&nbsp;&nbsp; 491 | &nbsp;&nbsp;&nbsp;&nbsp; 3701 |
| Shares redeemed | (2171200)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16969500)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8023)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (62672)<br>|
| Net increase | 236562207 | &nbsp;&nbsp;&nbsp;&nbsp; 1790368222 | &nbsp;&nbsp;&nbsp;&nbsp; 38262 | &nbsp;&nbsp;&nbsp;&nbsp; 295855 |
| Class 2 |  |  |  |  |
| Shares sold | 867853 | &nbsp;&nbsp;&nbsp;&nbsp; 6590570 | &nbsp;&nbsp;&nbsp;&nbsp; 253520 | &nbsp;&nbsp;&nbsp;&nbsp; 1917339 |
| Distributions reinvested | 94353 | &nbsp;&nbsp;&nbsp;&nbsp; 685944 | &nbsp;&nbsp;&nbsp;&nbsp; 45426 | &nbsp;&nbsp;&nbsp;&nbsp; 336608 |
| Shares redeemed | (350059)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2665807)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (164518)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1246009)<br>|
| Net increase | 612147 | &nbsp;&nbsp;&nbsp;&nbsp; 4610707 | &nbsp;&nbsp;&nbsp;&nbsp; 134428 | &nbsp;&nbsp;&nbsp;&nbsp; 1007938 |
| Class 3 |  |  |  |  |
| Shares sold | 388097 | &nbsp;&nbsp;&nbsp;&nbsp; 2960843 | &nbsp;&nbsp;&nbsp;&nbsp; 312359 | &nbsp;&nbsp;&nbsp;&nbsp; 2394159 |
| Distributions reinvested | 608662 | &nbsp;&nbsp;&nbsp;&nbsp; 4473664 | &nbsp;&nbsp;&nbsp;&nbsp; 310647 | &nbsp;&nbsp;&nbsp;&nbsp; 2326748 |
| Shares redeemed | (998615)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7654535)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1015959)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7757836)<br>|
| Net decrease | (1856)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (220028)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (392953)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3036929)<br>|
| **Total net increase (decrease)** | **237172498** | &nbsp;&nbsp;&nbsp;&nbsp; **1794758901** | &nbsp;&nbsp;&nbsp;&nbsp; **(220263)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(1733136)**<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Corporate Bond Fund \| 2025

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[THIS PAGE INTENTIONALLY LEFT BLANK]

Columbia Variable Portfolio – Corporate Bond Fund \| 2025

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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>| **Total** <br>**distributions to** <br>**shareholders**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | $7.80<br>| 0.34<br>| 0.25<br>| 0.59<br>| &nbsp;&nbsp; (0.54) <br>| &nbsp;&nbsp; (0.54) <br>|
| Year Ended 12/31/2024 | $7.81<br>| 0.35<br>| &nbsp;&nbsp; (0.10) <br>| 0.25<br>| &nbsp;&nbsp; (0.26) <br>| &nbsp;&nbsp; (0.26) <br>|
| Year Ended 12/31/2023 | $7.34<br>| 0.33<br>| 0.39<br>| 0.72<br>| &nbsp;&nbsp; (0.25) <br>| &nbsp;&nbsp; (0.25) <br>|
| Year Ended 12/31/2022 | $8.77<br>| 0.26<br>| &nbsp;&nbsp; (1.42) <br>| &nbsp;&nbsp; (1.16) <br>| &nbsp;&nbsp; (0.27) <br>| &nbsp;&nbsp; (0.27) <br>|
| Year Ended 12/31/2021 | $9.01<br>| 0.25<br>| &nbsp;&nbsp; (0.13) <br>| 0.12<br>| &nbsp;&nbsp; (0.36) <br>| &nbsp;&nbsp; (0.36) <br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $7.65<br>| 0.32<br>| 0.23<br>| 0.55<br>| &nbsp;&nbsp; (0.52) <br>| &nbsp;&nbsp; (0.52) <br>|
| Year Ended 12/31/2024 | $7.65<br>| 0.32<br>| &nbsp;&nbsp; (0.08) <br>| 0.24<br>| &nbsp;&nbsp; (0.24) <br>| &nbsp;&nbsp; (0.24) <br>|
| Year Ended 12/31/2023 | $7.21<br>| 0.31<br>| 0.36<br>| 0.67<br>| &nbsp;&nbsp; (0.23) <br>| &nbsp;&nbsp; (0.23) <br>|
| Year Ended 12/31/2022 | $8.61<br>| 0.24<br>| &nbsp;&nbsp; (1.39) <br>| &nbsp;&nbsp; (1.15) <br>| &nbsp;&nbsp; (0.25) <br>| &nbsp;&nbsp; (0.25) <br>|
| Year Ended 12/31/2021 | $8.86<br>| 0.23<br>| &nbsp;&nbsp; (0.14) <br>| 0.09<br>| &nbsp;&nbsp; (0.34) <br>| &nbsp;&nbsp; (0.34) <br>|
| **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** |
| Year Ended 12/31/2025 | $7.73<br>| 0.33<br>| 0.24<br>| 0.57<br>| &nbsp;&nbsp; (0.53) <br>| &nbsp;&nbsp; (0.53) <br>|
| Year Ended 12/31/2024 | $7.74<br>| 0.34<br>| &nbsp;&nbsp; (0.10) <br>| 0.24<br>| &nbsp;&nbsp; (0.25) <br>| &nbsp;&nbsp; (0.25) <br>|
| Year Ended 12/31/2023 | $7.28<br>| 0.32<br>| 0.38<br>| 0.70<br>| &nbsp;&nbsp; (0.24) <br>| &nbsp;&nbsp; (0.24) <br>|
| Year Ended 12/31/2022 | $8.70<br>| 0.25<br>| &nbsp;&nbsp; (1.41) <br>| &nbsp;&nbsp; (1.16) <br>| &nbsp;&nbsp; (0.26) <br>| &nbsp;&nbsp; (0.26) <br>|
| Year Ended 12/31/2021 | $8.95<br>| 0.24<br>| &nbsp;&nbsp; (0.14) <br>| 0.10<br>| &nbsp;&nbsp; (0.35) <br>| &nbsp;&nbsp; (0.35) <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 – Corporate Bond 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; $7.85<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.93%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.41%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 94%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1857568<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $7.80<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.52%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 44%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $309<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $7.81<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.47%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $10<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $7.34<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13.49%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.42%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $8.77<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.37%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.87%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 42%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $11<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; $7.68<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.55%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.19%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 94%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $16207<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $7.65<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 44%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $11455<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $7.65<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.47%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $10438<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $7.21<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13.63%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.17%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9953<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $8.61<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.62%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 42%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $11301<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; $7.77<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.74%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.31%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 94%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $68368<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $7.73<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.39%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 44%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $68029<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $7.74<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.81%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.32%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $71109<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $7.28<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13.60%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.28%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $70602<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $8.70<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.74%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 42%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $91320<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Corporate Bond Fund \| 2025

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Notes to Financial Statements

December 31, 2025

Note 1. Organization

Columbia Variable Portfolio – Corporate Bond Fund (formerly known as Columbia Variable Portfolio – Global Strategic Income 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, Columbia Variable Portfolio – Global Strategic Income Fund was renamed Columbia Variable Portfolio – Corporate Bond Fund.

**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**

Debt securities generally are valued based on prices obtained from pricing services, which are intended to reflect market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not

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Notes to Financial Statements (continued)

December 31, 2025

readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

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.

**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 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.

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Notes to Financial Statements (continued)

December 31, 2025

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 – Corporate Bond Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

**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.

**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 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.

**Swap contracts**

Swap contracts are negotiated in the over-the-counter market and are entered into bilaterally or centrally cleared (centrally cleared swap contract). In a centrally cleared swap contract, immediately following execution of the swap contract with a broker, the swap contract is novated to a central counterparty and the central counterparty becomes the Fund's counterparty to the centrally cleared swap contract. The Fund is required to deposit initial margin with the futures commission merchant (FCM), which pledges it through to the central counterparty in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap contract. Securities deposited as initial margin are designated in the Portfolio of Investments and cash deposited is recorded in the Statement of Assets and Liabilities as margin deposits. For a bilateral swap contract, the Fund has credit exposure to the broker, but exchanges daily variation margin with the broker based on the marked-to-market value of the swap contract to minimize that exposure. For centrally cleared swap contracts, there is less credit exposure to the FCM than in the case of an over-the-counter derivative, because the central counterparty provides some protection in the case of clearing member default. The central counterparty

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Notes to Financial Statements (continued)

December 31, 2025

stands between the buyer and the seller of the swap contract; therefore, failure of the clearinghouse may pose additional counterparty credit risk. However, credit risk still exists in centrally cleared swaps to the extent initial and variation margin is held in an FCM's customer account. While FCM's are required to segregate customer margin from their own assets, in the event that an FCM becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the FCM for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all of the FCM's customers (including the Fund) by account class, potentially resulting in losses to the Fund. Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of centrally cleared swap contracts, if any, is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities.

Entering into these contracts involves, to varying degrees, elements of interest, liquidity and counterparty credit risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there may be unfavorable changes in interest rates, market conditions or other conditions, that it may be difficult to initiate a swap transaction or liquidate a position at an advantageous time or price which may result in significant losses, and that the bilateral counterparty, FCM or central counterparty, as applicable, may not fulfill its obligation under the contract.

**Credit default swap contracts**

The Fund entered into credit default swap contracts to hedge or manage the risks associated with assets held in the Fund and/or to facilitate the implementation of portfolio strategies to seek to increase the total return. These swaps are entered into to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default. These instruments may be used for other purposes in future periods. Credit default swap contracts are transactions in which one party pays fixed periodic payments to a counterparty in consideration for an agreement from the counterparty to make a specific payment should a specified credit event(s) take place. Although specified credit events are contract specific, credit events are typically bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium.

As the purchaser of a credit default swap contract, the Fund purchases protection by paying a periodic interest rate on the notional amount to the counterparty. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized loss upon payment. If a credit event as specified in the contract occurs, the Fund may have the option either to deliver the reference obligation to the seller in exchange for a cash payment of its par amount, or to receive a net cash settlement equal to the par amount less an agreed-upon value of the reference obligation as of the date of the credit event. The difference between the value of the obligation or cash delivered and the notional amount received will be recorded as a realized gain (loss).

**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:

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| | | |
|:---|:---|:---|
|  | **Asset derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Interest rate risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 941,472<br> \*<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Columbia Variable Portfolio – Corporate Bond Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

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| | | |
|:---|:---|:---|
|  | **Liability derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Interest rate risk | Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 996,988<br> \*<br>|

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&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** | **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>**($)**<br>| &nbsp;&nbsp;&nbsp; **Futures** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Swap** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Credit risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 62269 | &nbsp;&nbsp;&nbsp;&nbsp; 62269 |
| Foreign exchange risk | &nbsp;&nbsp; (1854368)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1854368)<br>|
| Interest rate risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1268259)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1268259)<br>|
| Total | &nbsp;&nbsp; (1854368)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1268259)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 62269 | &nbsp;&nbsp;&nbsp;&nbsp; (3060358)<br>|
| **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** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| **Risk exposure category** | **Forward** <br>**foreign** <br>**currency** <br>**exchange** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Futures** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Swap** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Credit risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10003 | &nbsp;&nbsp;&nbsp;&nbsp; 10003 |
| Foreign exchange risk | &nbsp;&nbsp; (378799)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (378799)<br>|
| Interest rate risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 182227 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 182227 |
| Total | &nbsp;&nbsp; (378799)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 182227 | &nbsp;&nbsp;&nbsp;&nbsp; 10003 | &nbsp;&nbsp;&nbsp;&nbsp; (186569)<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 notional** <br>**amounts ($)**<br>|
| Futures contracts — long | 206723719 |
| Futures contracts — short | 177186876 |
| Credit default swap contracts — buy protection | 325479 |

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&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; 29439 | &nbsp;&nbsp;&nbsp;&nbsp; (201149)<br>|

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**Mortgage dollar roll transactions**

The Fund may enter into mortgage "dollar rolls" in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar but not identical securities (same type, coupon and maturity) on a specified future date. These transactions may increase the Fund's portfolio turnover rate. During the roll period, the Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund may benefit because it receives negotiated amounts in the form of reductions of the purchase price for the future purchase plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. The Fund records the incremental difference between the forward purchase and sale of each forward roll as a realized gain or loss.

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Notes to Financial Statements (continued)

December 31, 2025

Unless any realized gains exceed the income, capital appreciation, and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique may diminish the investment performance of the Fund compared to what the performance would have been without the use of mortgage dollar rolls. Mortgage dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations. All cash proceeds will be invested in instruments that are permissible investments for the Fund. The Fund identifies cash or liquid securities in an amount equal to the forward purchase price. The Fund does not currently enter into mortgage dollar rolls that are accounted for as financing transactions.

**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**

Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted. The Fund classifies gains and losses realized on prepayments received on mortgage-backed securities as adjustments to interest income.

The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. The Fund may also adjust accrual rates when it becomes probable the full interest will not be collected and a partial payment will be received. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Dividend income is recorded on the ex-dividend date.

**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.

**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

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Notes to Financial Statements (continued)

December 31, 2025

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. Effective May 1, 2025, the management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.50% to 0.34% as the Fund's net assets increase. Prior to May 1, 2025, the management services fee was equal to a percentage of the Fund's daily net assets that declined from 0.65% to 0.52% as the Fund's net assets increased. The effective management services fee rate for the year ended December 31, 2025 was 0.49% 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 0.00% 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.

Columbia Variable Portfolio – Corporate Bond 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;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| 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;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 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;0.595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.715 |

---

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, derivative investments, tax straddles, principal and/or interest from fixed income securities, capital loss carryforwards, trustees' deferred compensation, foreign currency transactions, swap investments and defaulted securities/troubled debt. 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 ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(loss) ($)**<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>|
| (1115751)<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; 1115751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 – Corporate Bond 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 ($)**<br>| **Total ($)** |
| 5189595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5189595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2667057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2667057 |

---

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>|
| 40895893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1818723)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16442894 |

---

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>|
| 1901462253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22124526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5681632)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16442894 |

---

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 ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **No expiration** <br>**long-term ($)**<br>| **Total ($)** | **Utilized ($)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1818723)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1818723)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11501823 |

---

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 $2,692,497,670 and $892,242,514, respectively, for the year ended December 31, 2025, of which $148,725,641 and $68,722,665, respectively, were U.S. government securities. 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 – Corporate Bond 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>|
| Lender | 800000 | &nbsp;&nbsp;&nbsp;&nbsp;4.83 | &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 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 – Corporate Bond 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.

Columbia Variable Portfolio – Corporate Bond 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 – Corporate Bond 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 – Corporate Bond 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 23, 2026

We have served as the auditor of one or more investment companies in the Columbia Funds Complex since 1977.

Columbia Variable Portfolio – Corporate Bond Fund \| 2025

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**Columbia Variable Portfolio – Corporate Bond Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g59364img6ea9c4562.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.

ANN7008_12_E01_(02/26)

------

![](g59364imgcf2a78d61.jpg)

Variable Portfolio – Partners Core Bond 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_94e22fa5-d05a-450a-ab5f-5491cae22c09_POI-CommonContent-Date-312_1) | 3 |
| [Statement of Assets and Liabilities](#xx_94e22fa5-d05a-450a-ab5f-5491cae22c09_FS-CommonContent-Date-312_1) | 51 |
| [Statement of Operations](#xx_94e22fa5-d05a-450a-ab5f-5491cae22c09_FS-CommonContent-Date-312_2) | 52 |
| [Statement of Changes in Net Assets](#xx_94e22fa5-d05a-450a-ab5f-5491cae22c09_FS-CommonContent-Date-312_3) | 53 |
| [Financial Highlights](#xx_94e22fa5-d05a-450a-ab5f-5491cae22c09_FIHI-CommonContent-Date-312_1) | 54 |
| [Notes to Financial Statements](#xx_94e22fa5-d05a-450a-ab5f-5491cae22c09_NTF-CommonContent-Date-312_1) | 56 |
| [Report of Independent Registered Public Accounting Firm](#xx_94e22fa5-d05a-450a-ab5f-5491cae22c09_AUD-CommonContent-Date-312_1) | 68 |
| [Approval of Subadvisory Agreement Amendment](#xx_94e22fa5-d05a-450a-ab5f-5491cae22c09_CCH-CommonContent-Date-312_1) | 69 |

---

Variable Portfolio – Partners Core Bond 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;

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency 7.5%** | **Asset-Backed Securities - Non-Agency 7.5%** | **Asset-Backed Securities - Non-Agency 7.5%** | **Asset-Backed Securities - Non-Agency 7.5%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Academic Loan Funding Trust<sup>(a),(b)</sup>  | Academic Loan Funding Trust<sup>(a),(b)</sup>  | Academic Loan Funding Trust<sup>(a),(b)</sup>  | Academic Loan Funding Trust<sup>(a),(b)</sup>  |
| Series 2013-1A Class A | Series 2013-1A Class A | Series 2013-1A Class A | Series 2013-1A Class A |
| 30-day Average SOFR + 0.914% <br>12/26/2044<br>| &nbsp;&nbsp; 4.789% | 315011 | &nbsp;&nbsp; 306655 |
| ACC Trust<sup>(a)</sup>  | ACC Trust<sup>(a)</sup>  | ACC Trust<sup>(a)</sup>  | ACC Trust<sup>(a)</sup>  |
| Series 2021-1 Class D | Series 2021-1 Class D | Series 2021-1 Class D | Series 2021-1 Class D |
| 03/22/2027 | &nbsp;&nbsp; 5.250% | 1828558 | &nbsp;&nbsp; 320534 |
| Ally Auto Receivables Trust | Ally Auto Receivables Trust | Ally Auto Receivables Trust | Ally Auto Receivables Trust |
| Subordinated Series 2022-3 Class A4 | Subordinated Series 2022-3 Class A4 | Subordinated Series 2022-3 Class A4 | Subordinated Series 2022-3 Class A4 |
| 06/15/2031 | &nbsp;&nbsp; 5.070% | 1013000 | &nbsp;&nbsp; 1017047 |
| American Express Credit Account Master Trust | American Express Credit Account Master Trust | American Express Credit Account Master Trust | American Express Credit Account Master Trust |
| Series 2023-4 Class A | Series 2023-4 Class A | Series 2023-4 Class A | Series 2023-4 Class A |
| 09/15/2030 | &nbsp;&nbsp; 5.150% | 2188000 | &nbsp;&nbsp; 2261330 |
| Series 2025-2 Class A | Series 2025-2 Class A | Series 2025-2 Class A | Series 2025-2 Class A |
| 04/15/2030 | &nbsp;&nbsp; 4.280% | 1645000 | &nbsp;&nbsp; 1663868 |
| Series 2025-4 Class A | Series 2025-4 Class A | Series 2025-4 Class A | Series 2025-4 Class A |
| 07/15/2030 | &nbsp;&nbsp; 4.300% | 3083000 | &nbsp;&nbsp; 3123998 |
| Americredit Automobile Receivables Trust | Americredit Automobile Receivables Trust | Americredit Automobile Receivables Trust | Americredit Automobile Receivables Trust |
| Series 2023-1 Class A3 | Series 2023-1 Class A3 | Series 2023-1 Class A3 | Series 2023-1 Class A3 |
| 11/18/2027 | &nbsp;&nbsp; 5.620% | 276232 | &nbsp;&nbsp; 276958 |
| AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust |
| Series 2023-2 Class A3 | Series 2023-2 Class A3 | Series 2023-2 Class A3 | Series 2023-2 Class A3 |
| 05/18/2028 | &nbsp;&nbsp; 5.810% | 1293453 | &nbsp;&nbsp; 1303481 |
| AutoNation Finance Trust<sup>(a)</sup>  | AutoNation Finance Trust<sup>(a)</sup>  | AutoNation Finance Trust<sup>(a)</sup>  | AutoNation Finance Trust<sup>(a)</sup>  |
| Series 2025-1A Class A3 | Series 2025-1A Class A3 | Series 2025-1A Class A3 | Series 2025-1A Class A3 |
| 11/13/2029 | &nbsp;&nbsp; 4.620% | 1578000 | &nbsp;&nbsp; 1592661 |
| Barclays Dryrock Issuance Trust | Barclays Dryrock Issuance Trust | Barclays Dryrock Issuance Trust | Barclays Dryrock Issuance Trust |
| Series 2025-1 Class A | Series 2025-1 Class A | Series 2025-1 Class A | Series 2025-1 Class A |
| 07/15/2031 | &nbsp;&nbsp; 3.970% | 3608000 | &nbsp;&nbsp; 3615544 |
| Bastion Funding I LLC<sup>(a)</sup>  | Bastion Funding I LLC<sup>(a)</sup>  | Bastion Funding I LLC<sup>(a)</sup>  | Bastion Funding I LLC<sup>(a)</sup>  |
| Series 2023-1A Class A2 | Series 2023-1A Class A2 | Series 2023-1A Class A2 | Series 2023-1A Class A2 |
| 04/25/2038 | &nbsp;&nbsp; 7.119% | 1977080 | &nbsp;&nbsp; 1993917 |
| Bridgecrest Lending Auto Securitization Trust<sup>(a)</sup>  | Bridgecrest Lending Auto Securitization Trust<sup>(a)</sup>  | Bridgecrest Lending Auto Securitization Trust<sup>(a)</sup>  | Bridgecrest Lending Auto Securitization Trust<sup>(a)</sup>  |
| Series 2024-1 Class E | Series 2024-1 Class E | Series 2024-1 Class E | Series 2024-1 Class E |
| 10/15/2030 | &nbsp;&nbsp; 8.430% | 2275000 | &nbsp;&nbsp; 2352219 |
| Subordinated Series 2024-3 Class E | Subordinated Series 2024-3 Class E | Subordinated Series 2024-3 Class E | Subordinated Series 2024-3 Class E |
| 04/15/2031 | &nbsp;&nbsp; 7.700% | 3000000 | &nbsp;&nbsp; 3062750 |
| Subordinated Series 2024-4 Class E | Subordinated Series 2024-4 Class E | Subordinated Series 2024-4 Class E | Subordinated Series 2024-4 Class E |
| 08/15/2031 | &nbsp;&nbsp; 7.470% | 1100000 | &nbsp;&nbsp; 1126607 |
| Business Jet Securities LLC<sup>(a)</sup>  | Business Jet Securities LLC<sup>(a)</sup>  | Business Jet Securities LLC<sup>(a)</sup>  | Business Jet Securities LLC<sup>(a)</sup>  |
| Subordinated Series 2022-1A Class C | Subordinated Series 2022-1A Class C | Subordinated Series 2022-1A Class C | Subordinated Series 2022-1A Class C |
| 06/15/2037 | &nbsp;&nbsp; 6.413% | 1551878 | &nbsp;&nbsp; 1551995 |
| Subordinated Series 2024-1A Class C | Subordinated Series 2024-1A Class C | Subordinated Series 2024-1A Class C | Subordinated Series 2024-1A Class C |
| 05/15/2039 | &nbsp;&nbsp; 9.132% | 2128831 | &nbsp;&nbsp; 2204083 |
| Capital One Multi-Asset Execution Trust | Capital One Multi-Asset Execution Trust | Capital One Multi-Asset Execution Trust | Capital One Multi-Asset Execution Trust |
| Series 2025-A2 Class A | Series 2025-A2 Class A | Series 2025-A2 Class A | Series 2025-A2 Class A |
| 09/15/2032 | &nbsp;&nbsp; 4.020% | 801000 | &nbsp;&nbsp; 803039 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Capital One Prime Auto Receivables Trust | Capital One Prime Auto Receivables Trust | Capital One Prime Auto Receivables Trust | Capital One Prime Auto Receivables Trust |
| Series 2025-1 Class A3 | Series 2025-1 Class A3 | Series 2025-1 Class A3 | Series 2025-1 Class A3 |
| 07/15/2030 | &nbsp;&nbsp; 4.370% | 1409000 | &nbsp;&nbsp; 1410140 |
| Series 2025-1 Class A4 | Series 2025-1 Class A4 | Series 2025-1 Class A4 | Series 2025-1 Class A4 |
| 02/18/2031 | &nbsp;&nbsp; 3.920% | 1388000 | &nbsp;&nbsp; 1383651 |
| Carmax Auto Owner Trust | Carmax Auto Owner Trust | Carmax Auto Owner Trust | Carmax Auto Owner Trust |
| Series 2025-3 Class A3 | Series 2025-3 Class A3 | Series 2025-3 Class A3 | Series 2025-3 Class A3 |
| 07/15/2030 | &nbsp;&nbsp; 4.350% | 2181000 | &nbsp;&nbsp; 2199558 |
| Series 2025-3 Class A4 | Series 2025-3 Class A4 | Series 2025-3 Class A4 | Series 2025-3 Class A4 |
| 01/15/2031 | &nbsp;&nbsp; 4.470% | 1487000 | &nbsp;&nbsp; 1507495 |
| CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
| Series 2025-2 Class A3 | Series 2025-2 Class A3 | Series 2025-2 Class A3 | Series 2025-2 Class A3 |
| 03/15/2030 | &nbsp;&nbsp; 4.480% | 3726000 | &nbsp;&nbsp; 3770047 |
| Cars Net Lease Mortgage Notes<sup>(a)</sup>  | Cars Net Lease Mortgage Notes<sup>(a)</sup>  | Cars Net Lease Mortgage Notes<sup>(a)</sup>  | Cars Net Lease Mortgage Notes<sup>(a)</sup>  |
| Series 2020-1A Class A3 | Series 2020-1A Class A3 | Series 2020-1A Class A3 | Series 2020-1A Class A3 |
| 12/15/2050 | &nbsp;&nbsp; 3.100% | 838500 | &nbsp;&nbsp; 809114 |
| Carvana Auto Receivables Trust<sup>(a)</sup>  | Carvana Auto Receivables Trust<sup>(a)</sup>  | Carvana Auto Receivables Trust<sup>(a)</sup>  | Carvana Auto Receivables Trust<sup>(a)</sup>  |
| Subordinated Series 2024-N3 Class D | Subordinated Series 2024-N3 Class D | Subordinated Series 2024-N3 Class D | Subordinated Series 2024-N3 Class D |
| 12/10/2030 | &nbsp;&nbsp; 5.380% | 5000000 | &nbsp;&nbsp; 4989689 |
| Chase Auto Owner Trust<sup>(a)</sup>  | Chase Auto Owner Trust<sup>(a)</sup>  | Chase Auto Owner Trust<sup>(a)</sup>  | Chase Auto Owner Trust<sup>(a)</sup>  |
| Series 2022-AA Class A4 | Series 2022-AA Class A4 | Series 2022-AA Class A4 | Series 2022-AA Class A4 |
| 03/27/2028 | &nbsp;&nbsp; 3.990% | 1236702 | &nbsp;&nbsp; 1236525 |
| Cherry Securitization Trust<sup>(a)</sup>  | Cherry Securitization Trust<sup>(a)</sup>  | Cherry Securitization Trust<sup>(a)</sup>  | Cherry Securitization Trust<sup>(a)</sup>  |
| Series 2025-1A Class A | Series 2025-1A Class A | Series 2025-1A Class A | Series 2025-1A Class A |
| 11/15/2032 | &nbsp;&nbsp; 6.130% | 900000 | &nbsp;&nbsp; 913708 |
| College Ave Student Loans LLC<sup>(a),(b)</sup>  | College Ave Student Loans LLC<sup>(a),(b)</sup>  | College Ave Student Loans LLC<sup>(a),(b)</sup>  | College Ave Student Loans LLC<sup>(a),(b)</sup>  |
| Series 2017-A Class A1 | Series 2017-A Class A1 | Series 2017-A Class A1 | Series 2017-A Class A1 |
| 1-month Term SOFR + 1.764% <br>Floor 1.650% <br>11/26/2046<br>| &nbsp;&nbsp; 5.496% | 317147 | &nbsp;&nbsp; 316063 |
| College Ave Student Loans LLC<sup>(a)</sup>  | College Ave Student Loans LLC<sup>(a)</sup>  | College Ave Student Loans LLC<sup>(a)</sup>  | College Ave Student Loans LLC<sup>(a)</sup>  |
| Series 2018-A Class A2 | Series 2018-A Class A2 | Series 2018-A Class A2 | Series 2018-A Class A2 |
| 12/26/2047 | &nbsp;&nbsp; 4.130% | 209696 | &nbsp;&nbsp; 207461 |
| Series 2019-A Class A2 | Series 2019-A Class A2 | Series 2019-A Class A2 | Series 2019-A Class A2 |
| 12/28/2048 | &nbsp;&nbsp; 3.280% | 554883 | &nbsp;&nbsp; 531831 |
| COOF Securitization Trust Ltd.<sup>(a),(c),(d)</sup>  | COOF Securitization Trust Ltd.<sup>(a),(c),(d)</sup>  | COOF Securitization Trust Ltd.<sup>(a),(c),(d)</sup>  | COOF Securitization Trust Ltd.<sup>(a),(c),(d)</sup>  |
| CMO Series 2014-1 Class A | CMO Series 2014-1 Class A | CMO Series 2014-1 Class A | CMO Series 2014-1 Class A |
| 06/25/2040 | &nbsp;&nbsp; 2.943% | 128743 | &nbsp;&nbsp; 8860 |
| Credit Acceptance Auto Loan Trust<sup>(a)</sup>  | Credit Acceptance Auto Loan Trust<sup>(a)</sup>  | Credit Acceptance Auto Loan Trust<sup>(a)</sup>  | Credit Acceptance Auto Loan Trust<sup>(a)</sup>  |
| Series 2024-2A Class C | Series 2024-2A Class C | Series 2024-2A Class C | Series 2024-2A Class C |
| 10/16/2034 | &nbsp;&nbsp; 6.700% | 6667000 | &nbsp;&nbsp; 6811662 |
| DataBank Issuer<sup>(a)</sup>  | DataBank Issuer<sup>(a)</sup>  | DataBank Issuer<sup>(a)</sup>  | DataBank Issuer<sup>(a)</sup>  |
| Series 2021-1A Class A2 | Series 2021-1A Class A2 | Series 2021-1A Class A2 | Series 2021-1A Class A2 |
| 02/27/2051 | &nbsp;&nbsp; 2.060% | 2850000 | &nbsp;&nbsp; 2837116 |
| DT Auto Owner Trust<sup>(a)</sup>  | DT Auto Owner Trust<sup>(a)</sup>  | DT Auto Owner Trust<sup>(a)</sup>  | DT Auto Owner Trust<sup>(a)</sup>  |
| Series 2023-3A Class E | Series 2023-3A Class E | Series 2023-3A Class E | Series 2023-3A Class E |
| 05/15/2030 | &nbsp;&nbsp; 10.210% | 1000000 | &nbsp;&nbsp; 1061317 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Subordinated Series 2023-2 Class E | Subordinated Series 2023-2 Class E | Subordinated Series 2023-2 Class E | Subordinated Series 2023-2 Class E |
| 04/15/2030 | &nbsp;&nbsp; 11.060% | 900000 | &nbsp;&nbsp; 951708 |
| Exeter Automobile Receivables Trust<sup>(a)</sup>  | Exeter Automobile Receivables Trust<sup>(a)</sup>  | Exeter Automobile Receivables Trust<sup>(a)</sup>  | Exeter Automobile Receivables Trust<sup>(a)</sup>  |
| Series 2022-3A Class E | Series 2022-3A Class E | Series 2022-3A Class E | Series 2022-3A Class E |
| 01/15/2030 | &nbsp;&nbsp; 9.090% | 7000000 | &nbsp;&nbsp; 7252022 |
| Subordinated Series 2023-2A Class E | Subordinated Series 2023-2A Class E | Subordinated Series 2023-2A Class E | Subordinated Series 2023-2A Class E |
| 11/15/2030 | &nbsp;&nbsp; 9.750% | 863000 | &nbsp;&nbsp; 937326 |
| Subordinated Series 2023-4A Class E | Subordinated Series 2023-4A Class E | Subordinated Series 2023-4A Class E | Subordinated Series 2023-4A Class E |
| 02/18/2031 | &nbsp;&nbsp; 9.570% | 2035000 | &nbsp;&nbsp; 2173517 |
| Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
| Subordinated Series 2022-5A Class D | Subordinated Series 2022-5A Class D | Subordinated Series 2022-5A Class D | Subordinated Series 2022-5A Class D |
| 02/15/2029 | &nbsp;&nbsp; 7.400% | 4917752 | &nbsp;&nbsp; 4991965 |
| Subordinated Series 2023-5A Class D | Subordinated Series 2023-5A Class D | Subordinated Series 2023-5A Class D | Subordinated Series 2023-5A Class D |
| 02/15/2030 | &nbsp;&nbsp; 7.130% | 2934000 | &nbsp;&nbsp; 3031263 |
| FHF Issuer Trust<sup>(a)</sup>  | FHF Issuer Trust<sup>(a)</sup>  | FHF Issuer Trust<sup>(a)</sup>  | FHF Issuer Trust<sup>(a)</sup>  |
| Series 2024-1A Class A2 | Series 2024-1A Class A2 | Series 2024-1A Class A2 | Series 2024-1A Class A2 |
| 02/15/2030 | &nbsp;&nbsp; 5.690% | 1281338 | &nbsp;&nbsp; 1286311 |
| FMC GMSR Issuer Trust<sup>(a),(c)</sup>  | FMC GMSR Issuer Trust<sup>(a),(c)</sup>  | FMC GMSR Issuer Trust<sup>(a),(c)</sup>  | FMC GMSR Issuer Trust<sup>(a),(c)</sup>  |
| Series 2024-SAT1 Class A | Series 2024-SAT1 Class A | Series 2024-SAT1 Class A | Series 2024-SAT1 Class A |
| 03/26/2027 | &nbsp;&nbsp; 6.500% | 6275000 | &nbsp;&nbsp; 6356268 |
| Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust |
| Series 2024-A Class A4 | Series 2024-A Class A4 | Series 2024-A Class A4 | Series 2024-A Class A4 |
| 06/15/2027 | &nbsp;&nbsp; 5.050% | 915000 | &nbsp;&nbsp; 918927 |
| Ford Credit Auto Owner Trust<sup>(a)</sup>  | Ford Credit Auto Owner Trust<sup>(a)</sup>  | Ford Credit Auto Owner Trust<sup>(a)</sup>  | Ford Credit Auto Owner Trust<sup>(a)</sup>  |
| Series 2022-1 Class A | Series 2022-1 Class A | Series 2022-1 Class A | Series 2022-1 Class A |
| 11/15/2034 | &nbsp;&nbsp; 3.880% | 2358000 | &nbsp;&nbsp; 2359783 |
| Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust |
| Series 2022-D Class A4 | Series 2022-D Class A4 | Series 2022-D Class A4 | Series 2022-D Class A4 |
| 03/15/2028 | &nbsp;&nbsp; 5.300% | 917000 | &nbsp;&nbsp; 924308 |
| Ford Credit Auto Owner Trust<sup>(a),(e)</sup>  | Ford Credit Auto Owner Trust<sup>(a),(e)</sup>  | Ford Credit Auto Owner Trust<sup>(a),(e)</sup>  | Ford Credit Auto Owner Trust<sup>(a),(e)</sup>  |
| Series 2025-1 Class A | Series 2025-1 Class A | Series 2025-1 Class A | Series 2025-1 Class A |
| 08/15/2037 | &nbsp;&nbsp; 4.860% | 2857000 | &nbsp;&nbsp; 2937300 |
| Series 2025-2 Class A | Series 2025-2 Class A | Series 2025-2 Class A | Series 2025-2 Class A |
| 02/15/2038 | &nbsp;&nbsp; 4.370% | 1112000 | &nbsp;&nbsp; 1122019 |
| Ford Credit Floorplan Master Owner Trust | Ford Credit Floorplan Master Owner Trust | Ford Credit Floorplan Master Owner Trust | Ford Credit Floorplan Master Owner Trust |
| Series 2025-1 Class A1 | Series 2025-1 Class A1 | Series 2025-1 Class A1 | Series 2025-1 Class A1 |
| 04/15/2030 | &nbsp;&nbsp; 4.630% | 3885000 | &nbsp;&nbsp; 3951786 |
| Foundation Finance Trust<sup>(a)</sup>  | Foundation Finance Trust<sup>(a)</sup>  | Foundation Finance Trust<sup>(a)</sup>  | Foundation Finance Trust<sup>(a)</sup>  |
| Subordinated Series 2023-2A Class B | Subordinated Series 2023-2A Class B | Subordinated Series 2023-2A Class B | Subordinated Series 2023-2A Class B |
| 06/15/2049 | &nbsp;&nbsp; 6.970% | 3413568 | &nbsp;&nbsp; 3557560 |
| GLS Auto Receivables Issuer Trust<sup>(a)</sup>  | GLS Auto Receivables Issuer Trust<sup>(a)</sup>  | GLS Auto Receivables Issuer Trust<sup>(a)</sup>  | GLS Auto Receivables Issuer Trust<sup>(a)</sup>  |
| Subordinated Series 2023-4A Class D | Subordinated Series 2023-4A Class D | Subordinated Series 2023-4A Class D | Subordinated Series 2023-4A Class D |
| 08/15/2029 | &nbsp;&nbsp; 7.180% | 2835000 | &nbsp;&nbsp; 2940480 |
| GLS Auto Receivables Trust<sup>(a)</sup>  | GLS Auto Receivables Trust<sup>(a)</sup>  | GLS Auto Receivables Trust<sup>(a)</sup>  | GLS Auto Receivables Trust<sup>(a)</sup>  |
| Subordinated Series 2021-2A Class D | Subordinated Series 2021-2A Class D | Subordinated Series 2021-2A Class D | Subordinated Series 2021-2A Class D |
| 04/15/2027 | &nbsp;&nbsp; 1.420% | 50179 | &nbsp;&nbsp; 50129 |
| GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust |
| Series 2023-3 Class A4 | Series 2023-3 Class A4 | Series 2023-3 Class A4 | Series 2023-3 Class A4 |
| 08/20/2027 | &nbsp;&nbsp; 5.440% | 148041 | &nbsp;&nbsp; 148128 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust |
| Series 2025-4 Class A3 | Series 2025-4 Class A3 | Series 2025-4 Class A3 | Series 2025-4 Class A3 |
| 02/28/2031 | &nbsp;&nbsp; 3.840% | 1246000 | &nbsp;&nbsp; 1248477 |
| Series 2025-4 Class A4 | Series 2025-4 Class A4 | Series 2025-4 Class A4 | Series 2025-4 Class A4 |
| 04/16/2032 | &nbsp;&nbsp; 3.930% | 474000 | &nbsp;&nbsp; 473870 |
| GM Financial Revolving Receivables Trust<sup>(a)</sup>  | GM Financial Revolving Receivables Trust<sup>(a)</sup>  | GM Financial Revolving Receivables Trust<sup>(a)</sup>  | GM Financial Revolving Receivables Trust<sup>(a)</sup>  |
| Series 2024-1 Class A | Series 2024-1 Class A | Series 2024-1 Class A | Series 2024-1 Class A |
| 12/11/2036 | &nbsp;&nbsp; 4.980% | 1582000 | &nbsp;&nbsp; 1625497 |
| Series 2024-2 Class A | Series 2024-2 Class A | Series 2024-2 Class A | Series 2024-2 Class A |
| 03/11/2037 | &nbsp;&nbsp; 4.520% | 988000 | &nbsp;&nbsp; 1005056 |
| Series 2025-1 Class A | Series 2025-1 Class A | Series 2025-1 Class A | Series 2025-1 Class A |
| 12/11/2037 | &nbsp;&nbsp; 4.640% | 3789000 | &nbsp;&nbsp; 3862852 |
| GMF Floorplan Owner Revolving Trust<sup>(a)</sup>  | GMF Floorplan Owner Revolving Trust<sup>(a)</sup>  | GMF Floorplan Owner Revolving Trust<sup>(a)</sup>  | GMF Floorplan Owner Revolving Trust<sup>(a)</sup>  |
| Series 2024-4A Class A1 | Series 2024-4A Class A1 | Series 2024-4A Class A1 | Series 2024-4A Class A1 |
| 11/15/2029 | &nbsp;&nbsp; 4.730% | 3029000 | &nbsp;&nbsp; 3067420 |
| Series 2025-2 Class A | Series 2025-2 Class A | Series 2025-2 Class A | Series 2025-2 Class A |
| 03/15/2030 | &nbsp;&nbsp; 4.640% | 3209000 | &nbsp;&nbsp; 3253808 |
| Goodgreen Trust<sup>(a)</sup>  | Goodgreen Trust<sup>(a)</sup>  | Goodgreen Trust<sup>(a)</sup>  | Goodgreen Trust<sup>(a)</sup>  |
| Series 2017-1A Class A | Series 2017-1A Class A | Series 2017-1A Class A | Series 2017-1A Class A |
| 10/15/2052 | &nbsp;&nbsp; 3.740% | 116316 | &nbsp;&nbsp; 107755 |
| Series 2017-2A Class A | Series 2017-2A Class A | Series 2017-2A Class A | Series 2017-2A Class A |
| 10/15/2053 | &nbsp;&nbsp; 3.260% | 595578 | &nbsp;&nbsp; 543908 |
| Series 2019-2A Class A | Series 2019-2A Class A | Series 2019-2A Class A | Series 2019-2A Class A |
| 04/15/2055 | &nbsp;&nbsp; 2.760% | 858069 | &nbsp;&nbsp; 741424 |
| HERO Funding Trust<sup>(a)</sup>  | HERO Funding Trust<sup>(a)</sup>  | HERO Funding Trust<sup>(a)</sup>  | HERO Funding Trust<sup>(a)</sup>  |
| Series 2016-3A Class A1 | Series 2016-3A Class A1 | Series 2016-3A Class A1 | Series 2016-3A Class A1 |
| 09/20/2042 | &nbsp;&nbsp; 3.080% | 176402 | &nbsp;&nbsp; 165355 |
| Series 2017-1A Class A2 | Series 2017-1A Class A2 | Series 2017-1A Class A2 | Series 2017-1A Class A2 |
| 09/20/2047 | &nbsp;&nbsp; 4.460% | 300456 | &nbsp;&nbsp; 286813 |
| Series 2017-3A Class A2 | Series 2017-3A Class A2 | Series 2017-3A Class A2 | Series 2017-3A Class A2 |
| 09/20/2048 | &nbsp;&nbsp; 3.950% | 380104 | &nbsp;&nbsp; 356935 |
| HGI CRE CLO Ltd.<sup>(a),(b)</sup>  | HGI CRE CLO Ltd.<sup>(a),(b)</sup>  | HGI CRE CLO Ltd.<sup>(a),(b)</sup>  | HGI CRE CLO Ltd.<sup>(a),(b)</sup>  |
| Series 2022-FL3 Class D | Series 2022-FL3 Class D | Series 2022-FL3 Class D | Series 2022-FL3 Class D |
| 30-day Average SOFR + 3.750% <br>Floor 3.750% <br>04/20/2037<br>| &nbsp;&nbsp; 7.874% | 3998500 | &nbsp;&nbsp; 3991609 |
| Hilton Grand Vacations Trust<sup>(a)</sup>  | Hilton Grand Vacations Trust<sup>(a)</sup>  | Hilton Grand Vacations Trust<sup>(a)</sup>  | Hilton Grand Vacations Trust<sup>(a)</sup>  |
| Series 2025-3EXT Class D | Series 2025-3EXT Class D | Series 2025-3EXT Class D | Series 2025-3EXT Class D |
| 10/25/2044 | &nbsp;&nbsp; 7.380% | 1290000 | &nbsp;&nbsp; 1291184 |
| Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust |
| Series 2025-3 Class A4 | Series 2025-3 Class A4 | Series 2025-3 Class A4 | Series 2025-3 Class A4 |
| 11/21/2031 | &nbsp;&nbsp; 4.100% | 2143000 | &nbsp;&nbsp; 2153407 |
| Series 2025-4 Class A3 | Series 2025-4 Class A3 | Series 2025-4 Class A3 | Series 2025-4 Class A3 |
| 06/17/2030 | &nbsp;&nbsp; 3.980% | 2245000 | &nbsp;&nbsp; 2254748 |
| Hyundai Auto Lease Securitization Trust<sup>(a)</sup>  | Hyundai Auto Lease Securitization Trust<sup>(a)</sup>  | Hyundai Auto Lease Securitization Trust<sup>(a)</sup>  | Hyundai Auto Lease Securitization Trust<sup>(a)</sup>  |
| Series 2025-B Class A3 | Series 2025-B Class A3 | Series 2025-B Class A3 | Series 2025-B Class A3 |
| 04/17/2028 | &nbsp;&nbsp; 4.530% | 4103000 | &nbsp;&nbsp; 4141694 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust |
| Series 2023-A Class A4 | Series 2023-A Class A4 | Series 2023-A Class A4 | Series 2023-A Class A4 |
| 07/17/2028 | &nbsp;&nbsp; 4.480% | 1844000 | &nbsp;&nbsp; 1849456 |
| Series 2023-B Class A3 | Series 2023-B Class A3 | Series 2023-B Class A3 | Series 2023-B Class A3 |
| 04/17/2028 | &nbsp;&nbsp; 5.480% | 545941 | &nbsp;&nbsp; 549491 |
| Lending Funding Trust<sup>(a)</sup>  | Lending Funding Trust<sup>(a)</sup>  | Lending Funding Trust<sup>(a)</sup>  | Lending Funding Trust<sup>(a)</sup>  |
| Subordinated Series 2020-2 Class D | Subordinated Series 2020-2 Class D | Subordinated Series 2020-2 Class D | Subordinated Series 2020-2 Class D |
| 04/21/2031 | &nbsp;&nbsp; 6.770% | 6000000 | &nbsp;&nbsp; 5989745 |
| LendingPoint Asset Securitization Trust<sup>(a)</sup>  | LendingPoint Asset Securitization Trust<sup>(a)</sup>  | LendingPoint Asset Securitization Trust<sup>(a)</sup>  | LendingPoint Asset Securitization Trust<sup>(a)</sup>  |
| Series 2020-REV1 Class C | Series 2020-REV1 Class C | Series 2020-REV1 Class C | Series 2020-REV1 Class C |
| 10/15/2028 | &nbsp;&nbsp; 7.699% | 857129 | &nbsp;&nbsp; 856762 |
| Lendmark Funding Trust<sup>(a)</sup>  | Lendmark Funding Trust<sup>(a)</sup>  | Lendmark Funding Trust<sup>(a)</sup>  | Lendmark Funding Trust<sup>(a)</sup>  |
| Subordinated Series 2021-1A Class B | Subordinated Series 2021-1A Class B | Subordinated Series 2021-1A Class B | Subordinated Series 2021-1A Class B |
| 11/20/2031 | &nbsp;&nbsp; 2.470% | 1625000 | &nbsp;&nbsp; 1552331 |
| Subordinated Series 2021-1A Class C | Subordinated Series 2021-1A Class C | Subordinated Series 2021-1A Class C | Subordinated Series 2021-1A Class C |
| 11/20/2031 | &nbsp;&nbsp; 3.410% | 5000000 | &nbsp;&nbsp; 4797969 |
| Subordinated Series 2021-1A Class D | Subordinated Series 2021-1A Class D | Subordinated Series 2021-1A Class D | Subordinated Series 2021-1A Class D |
| 11/20/2031 | &nbsp;&nbsp; 5.050% | 3000000 | &nbsp;&nbsp; 2850484 |
| Subordinated Series 2021-2 Class D | Subordinated Series 2021-2 Class D | Subordinated Series 2021-2 Class D | Subordinated Series 2021-2 Class D |
| 04/20/2032 | &nbsp;&nbsp; 4.460% | 6000000 | &nbsp;&nbsp; 5563372 |
| Mariner Finance issuance Trust<sup>(a)</sup>  | Mariner Finance issuance Trust<sup>(a)</sup>  | Mariner Finance issuance Trust<sup>(a)</sup>  | Mariner Finance issuance Trust<sup>(a)</sup>  |
| Series 2024-BA Class E | Series 2024-BA Class E | Series 2024-BA Class E | Series 2024-BA Class E |
| 11/20/2038 | &nbsp;&nbsp; 8.800% | 6500000 | &nbsp;&nbsp; 6841242 |
| Mariner Finance Issuance Trust<sup>(a)</sup>  | Mariner Finance Issuance Trust<sup>(a)</sup>  | Mariner Finance Issuance Trust<sup>(a)</sup>  | Mariner Finance Issuance Trust<sup>(a)</sup>  |
| Subordinated Series 2021-AA Class E | Subordinated Series 2021-AA Class E | Subordinated Series 2021-AA Class E | Subordinated Series 2021-AA Class E |
| 03/20/2036 | &nbsp;&nbsp; 5.400% | 5000000 | &nbsp;&nbsp; 4864806 |
| Mercedes-Benz Auto Receivables Trust | Mercedes-Benz Auto Receivables Trust | Mercedes-Benz Auto Receivables Trust | Mercedes-Benz Auto Receivables Trust |
| Series 2022-1 Class A4 | Series 2022-1 Class A4 | Series 2022-1 Class A4 | Series 2022-1 Class A4 |
| 02/15/2029 | &nbsp;&nbsp; 5.250% | 2122000 | &nbsp;&nbsp; 2142579 |
| Series 2025-1 Class A3 | Series 2025-1 Class A3 | Series 2025-1 Class A3 | Series 2025-1 Class A3 |
| 12/17/2029 | &nbsp;&nbsp; 4.780% | 1384000 | &nbsp;&nbsp; 1405652 |
| Mid-State Capital Corp. Trust<sup>(a)</sup>  | Mid-State Capital Corp. Trust<sup>(a)</sup>  | Mid-State Capital Corp. Trust<sup>(a)</sup>  | Mid-State Capital Corp. Trust<sup>(a)</sup>  |
| Series 2006-1 Class M1 | Series 2006-1 Class M1 | Series 2006-1 Class M1 | Series 2006-1 Class M1 |
| 10/15/2040 | &nbsp;&nbsp; 6.083% | 314940 | &nbsp;&nbsp; 317029 |
| MVW LLC<sup>(a)</sup>  | MVW LLC<sup>(a)</sup>  | MVW LLC<sup>(a)</sup>  | MVW LLC<sup>(a)</sup>  |
| Subordinated Series 2023-2A Class D | Subordinated Series 2023-2A Class D | Subordinated Series 2023-2A Class D | Subordinated Series 2023-2A Class D |
| 11/20/2040 | &nbsp;&nbsp; 9.330% | 1139765 | &nbsp;&nbsp; 1166806 |
| Navient Private Education Refi Loan Trust<sup>(a)</sup>  | Navient Private Education Refi Loan Trust<sup>(a)</sup>  | Navient Private Education Refi Loan Trust<sup>(a)</sup>  | Navient Private Education Refi Loan Trust<sup>(a)</sup>  |
| Series 2018-DA Class A2A | Series 2018-DA Class A2A | Series 2018-DA Class A2A | Series 2018-DA Class A2A |
| 12/15/2059 | &nbsp;&nbsp; 4.000% | 621715 | &nbsp;&nbsp; 618347 |
| Series 2019-A Class A2A | Series 2019-A Class A2A | Series 2019-A Class A2A | Series 2019-A Class A2A |
| 01/15/2043 | &nbsp;&nbsp; 3.420% | 140902 | &nbsp;&nbsp; 140105 |
| Series 2019-CA Class A2 | Series 2019-CA Class A2 | Series 2019-CA Class A2 | Series 2019-CA Class A2 |
| 02/15/2068 | &nbsp;&nbsp; 3.130% | 188649 | &nbsp;&nbsp; 186440 |
| Series 2019-D Class A2A | Series 2019-D Class A2A | Series 2019-D Class A2A | Series 2019-D Class A2A |
| 12/15/2059 | &nbsp;&nbsp; 3.010% | 972596 | &nbsp;&nbsp; 952033 |
| Series 2019-FA Class A2 | Series 2019-FA Class A2 | Series 2019-FA Class A2 | Series 2019-FA Class A2 |
| 08/15/2068 | &nbsp;&nbsp; 2.600% | 669207 | &nbsp;&nbsp; 648243 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Series 2020-EA Class A | Series 2020-EA Class A | Series 2020-EA Class A | Series 2020-EA Class A |
| 05/15/2069 | &nbsp;&nbsp; 1.690% | 1768528 | &nbsp;&nbsp; 1671487 |
| Series 2020-GA Class A | Series 2020-GA Class A | Series 2020-GA Class A | Series 2020-GA Class A |
| 09/16/2069 | &nbsp;&nbsp; 1.170% | 636673 | &nbsp;&nbsp; 597839 |
| Series 2021-CA Class A | Series 2021-CA Class A | Series 2021-CA Class A | Series 2021-CA Class A |
| 10/15/2069 | &nbsp;&nbsp; 1.060% | 1144455 | &nbsp;&nbsp; 1053012 |
| Series 2021-EA Class A | Series 2021-EA Class A | Series 2021-EA Class A | Series 2021-EA Class A |
| 12/16/2069 | &nbsp;&nbsp; 0.970% | 2557204 | &nbsp;&nbsp; 2300720 |
| Series 2021-FA Class A | Series 2021-FA Class A | Series 2021-FA Class A | Series 2021-FA Class A |
| 02/18/2070 | &nbsp;&nbsp; 1.110% | 1655711 | &nbsp;&nbsp; 1478374 |
| Series 2021-GA Class A | Series 2021-GA Class A | Series 2021-GA Class A | Series 2021-GA Class A |
| 04/15/2070 | &nbsp;&nbsp; 1.580% | 417209 | &nbsp;&nbsp; 380889 |
| Navient Refinance Loan Trust<sup>(a)</sup>  | Navient Refinance Loan Trust<sup>(a)</sup>  | Navient Refinance Loan Trust<sup>(a)</sup>  | Navient Refinance Loan Trust<sup>(a)</sup>  |
| Series 2025-C Class A | Series 2025-C Class A | Series 2025-C Class A | Series 2025-C Class A |
| 10/15/2055 | &nbsp;&nbsp; 4.800% | 1998301 | &nbsp;&nbsp; 1998093 |
| Navient Student Loan Trust<sup>(a)</sup>  | Navient Student Loan Trust<sup>(a)</sup>  | Navient Student Loan Trust<sup>(a)</sup>  | Navient Student Loan Trust<sup>(a)</sup>  |
| Series 2021-3A Class A1A | Series 2021-3A Class A1A | Series 2021-3A Class A1A | Series 2021-3A Class A1A |
| 08/25/2070 | &nbsp;&nbsp; 1.770% | 1785136 | &nbsp;&nbsp; 1608557 |
| Nelnet Student Loan Trust<sup>(b)</sup>  | Nelnet Student Loan Trust<sup>(b)</sup>  | Nelnet Student Loan Trust<sup>(b)</sup>  | Nelnet Student Loan Trust<sup>(b)</sup>  |
| Series 2004-4 Class A5 | Series 2004-4 Class A5 | Series 2004-4 Class A5 | Series 2004-4 Class A5 |
| 90-day Average SOFR + 0.422% <br>Floor 0.160% <br>01/25/2037<br>| &nbsp;&nbsp; 4.735% | 566520 | &nbsp;&nbsp; 565413 |
| Series 2005-1 Class A5 | Series 2005-1 Class A5 | Series 2005-1 Class A5 | Series 2005-1 Class A5 |
| 90-day Average SOFR + 0.372% <br>Floor 0.110% <br>10/25/2033<br>| &nbsp;&nbsp; 4.685% | 976399 | &nbsp;&nbsp; 969632 |
| Series 2005-2 Class A5 | Series 2005-2 Class A5 | Series 2005-2 Class A5 | Series 2005-2 Class A5 |
| 90-day Average SOFR + 0.362% <br>Floor 0.100% <br>03/23/2037<br>| &nbsp;&nbsp; 4.439% | 1745711 | &nbsp;&nbsp; 1733408 |
| Series 2005-3 Class A5 | Series 2005-3 Class A5 | Series 2005-3 Class A5 | Series 2005-3 Class A5 |
| 90-day Average SOFR + 0.382% <br>Floor 0.120% <br>12/24/2035<br>| &nbsp;&nbsp; 4.459% | 1454197 | &nbsp;&nbsp; 1445668 |
| Nissan Auto Receivables Owner Trust | Nissan Auto Receivables Owner Trust | Nissan Auto Receivables Owner Trust | Nissan Auto Receivables Owner Trust |
| Series 2022-B Class A4 | Series 2022-B Class A4 | Series 2022-B Class A4 | Series 2022-B Class A4 |
| 11/15/2029 | &nbsp;&nbsp; 4.450% | 1270000 | &nbsp;&nbsp; 1274983 |
| Regional Management Issuance Trust<sup>(a)</sup>  | Regional Management Issuance Trust<sup>(a)</sup>  | Regional Management Issuance Trust<sup>(a)</sup>  | Regional Management Issuance Trust<sup>(a)</sup>  |
| Subordinated Series 2021-2 Class D | Subordinated Series 2021-2 Class D | Subordinated Series 2021-2 Class D | Subordinated Series 2021-2 Class D |
| 08/15/2033 | &nbsp;&nbsp; 4.940% | 4300000 | &nbsp;&nbsp; 4089641 |
| Renew<sup>(a)</sup>  | Renew<sup>(a)</sup>  | Renew<sup>(a)</sup>  | Renew<sup>(a)</sup>  |
| Series 2017-1A Class A | Series 2017-1A Class A | Series 2017-1A Class A | Series 2017-1A Class A |
| 09/20/2052 | &nbsp;&nbsp; 3.670% | 156058 | &nbsp;&nbsp; 145315 |
| Renew Financial<sup>(a)</sup>  | Renew Financial<sup>(a)</sup>  | Renew Financial<sup>(a)</sup>  | Renew Financial<sup>(a)</sup>  |
| Series 2023-1A Class A | Series 2023-1A Class A | Series 2023-1A Class A | Series 2023-1A Class A |
| 11/20/2058 | &nbsp;&nbsp; 5.900% | 3141353 | &nbsp;&nbsp; 3084378 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
| Series 2024-3 Class A3 | Series 2024-3 Class A3 | Series 2024-3 Class A3 | Series 2024-3 Class A3 |
| 01/16/2029 | &nbsp;&nbsp; 5.630% | 1103230 | &nbsp;&nbsp; 1107489 |
| Series 2025-2 Class A3 | Series 2025-2 Class A3 | Series 2025-2 Class A3 | Series 2025-2 Class A3 |
| 08/15/2029 | &nbsp;&nbsp; 4.670% | 1551000 | &nbsp;&nbsp; 1558676 |
| Series 2025-3 Class A3 | Series 2025-3 Class A3 | Series 2025-3 Class A3 | Series 2025-3 Class A3 |
| 01/15/2030 | &nbsp;&nbsp; 4.380% | 2399000 | &nbsp;&nbsp; 2409933 |
| Subordinated Series 2024-2 Class D | Subordinated Series 2024-2 Class D | Subordinated Series 2024-2 Class D | Subordinated Series 2024-2 Class D |
| 08/15/2031 | &nbsp;&nbsp; 6.280% | 2647000 | &nbsp;&nbsp; 2738861 |
| SBNA Auto Lease Trust<sup>(a)</sup>  | SBNA Auto Lease Trust<sup>(a)</sup>  | SBNA Auto Lease Trust<sup>(a)</sup>  | SBNA Auto Lease Trust<sup>(a)</sup>  |
| Series 2024-C Class A4 | Series 2024-C Class A4 | Series 2024-C Class A4 | Series 2024-C Class A4 |
| 03/20/2029 | &nbsp;&nbsp; 4.420% | 1174000 | &nbsp;&nbsp; 1180489 |
| SBNA Auto Receivables Trust<sup>(a)</sup>  | SBNA Auto Receivables Trust<sup>(a)</sup>  | SBNA Auto Receivables Trust<sup>(a)</sup>  | SBNA Auto Receivables Trust<sup>(a)</sup>  |
| Series 2024-A Class A3 | Series 2024-A Class A3 | Series 2024-A Class A3 | Series 2024-A Class A3 |
| 12/15/2028 | &nbsp;&nbsp; 5.320% | 534080 | &nbsp;&nbsp; 535959 |
| Series 2024-A Class A4 | Series 2024-A Class A4 | Series 2024-A Class A4 | Series 2024-A Class A4 |
| 04/16/2029 | &nbsp;&nbsp; 5.210% | 525000 | &nbsp;&nbsp; 528948 |
| SCF Equipment Leasing LLC<sup>(a)</sup>  | SCF Equipment Leasing LLC<sup>(a)</sup>  | SCF Equipment Leasing LLC<sup>(a)</sup>  | SCF Equipment Leasing LLC<sup>(a)</sup>  |
| Subordinated Series 2022-2A Class E | Subordinated Series 2022-2A Class E | Subordinated Series 2022-2A Class E | Subordinated Series 2022-2A Class E |
| 06/20/2035 | &nbsp;&nbsp; 6.500% | 4484000 | &nbsp;&nbsp; 4472991 |
| SFS Auto Receivables Securitization Trust<sup>(a)</sup>  | SFS Auto Receivables Securitization Trust<sup>(a)</sup>  | SFS Auto Receivables Securitization Trust<sup>(a)</sup>  | SFS Auto Receivables Securitization Trust<sup>(a)</sup>  |
| Series 2024-1A Class A3 | Series 2024-1A Class A3 | Series 2024-1A Class A3 | Series 2024-1A Class A3 |
| 05/21/2029 | &nbsp;&nbsp; 4.950% | 2017320 | &nbsp;&nbsp; 2031124 |
| Series 2024-1A Class A4 | Series 2024-1A Class A4 | Series 2024-1A Class A4 | Series 2024-1A Class A4 |
| 01/21/2031 | &nbsp;&nbsp; 4.940% | 462000 | &nbsp;&nbsp; 468503 |
| Series 2024-2A Class A3 | Series 2024-2A Class A3 | Series 2024-2A Class A3 | Series 2024-2A Class A3 |
| 11/20/2029 | &nbsp;&nbsp; 5.330% | 1603002 | &nbsp;&nbsp; 1620518 |
| Series 2025-2A Class A4 | Series 2025-2A Class A4 | Series 2025-2A Class A4 | Series 2025-2A Class A4 |
| 05/20/2031 | &nbsp;&nbsp; 4.580% | 1469000 | &nbsp;&nbsp; 1496463 |
| Series 2025-3A Class A3 | Series 2025-3A Class A3 | Series 2025-3A Class A3 | Series 2025-3A Class A3 |
| 04/21/2031 | &nbsp;&nbsp; 4.120% | 2315000 | &nbsp;&nbsp; 2325249 |
| Sierra Timeshare Receivables Funding LLC<sup>(a)</sup>  | Sierra Timeshare Receivables Funding LLC<sup>(a)</sup>  | Sierra Timeshare Receivables Funding LLC<sup>(a)</sup>  | Sierra Timeshare Receivables Funding LLC<sup>(a)</sup>  |
| Subordinated Series 2024-1A Class D | Subordinated Series 2024-1A Class D | Subordinated Series 2024-1A Class D | Subordinated Series 2024-1A Class D |
| 01/20/2043 | &nbsp;&nbsp; 8.020% | 853645 | &nbsp;&nbsp; 873211 |
| Subordinated Series 2024-2A Class D | Subordinated Series 2024-2A Class D | Subordinated Series 2024-2A Class D | Subordinated Series 2024-2A Class D |
| 06/20/2041 | &nbsp;&nbsp; 7.480% | 974327 | &nbsp;&nbsp; 989058 |
| SMB Private Education Loan Trust<sup>(a)</sup>  | SMB Private Education Loan Trust<sup>(a)</sup>  | SMB Private Education Loan Trust<sup>(a)</sup>  | SMB Private Education Loan Trust<sup>(a)</sup>  |
| Series 2018-A Class A2A | Series 2018-A Class A2A | Series 2018-A Class A2A | Series 2018-A Class A2A |
| 02/15/2036 | &nbsp;&nbsp; 3.500% | 852395 | &nbsp;&nbsp; 848006 |
| Series 2021-A Class APT1 | Series 2021-A Class APT1 | Series 2021-A Class APT1 | Series 2021-A Class APT1 |
| 01/15/2053 | &nbsp;&nbsp; 1.070% | 2311639 | &nbsp;&nbsp; 2108945 |
| SoFi Professional Loan Program Trust<sup>(a)</sup>  | SoFi Professional Loan Program Trust<sup>(a)</sup>  | SoFi Professional Loan Program Trust<sup>(a)</sup>  | SoFi Professional Loan Program Trust<sup>(a)</sup>  |
| Series 2021-B Class AFX | Series 2021-B Class AFX | Series 2021-B Class AFX | Series 2021-B Class AFX |
| 02/15/2047 | &nbsp;&nbsp; 1.140% | 1292173 | &nbsp;&nbsp; 1135766 |
| Stellantis Financial Underwritten Enhanced Lease Trust<sup>(a)</sup>  | Stellantis Financial Underwritten Enhanced Lease Trust<sup>(a)</sup>  | Stellantis Financial Underwritten Enhanced Lease Trust<sup>(a)</sup>  | Stellantis Financial Underwritten Enhanced Lease Trust<sup>(a)</sup>  |
| Series 2025-CA Class A3 | Series 2025-CA Class A3 | Series 2025-CA Class A3 | Series 2025-CA Class A3 |
| 04/20/2029 | &nbsp;&nbsp; 4.110% | 2402000 | &nbsp;&nbsp; 2404944 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Stream Innovations Issuer Trust<sup>(a)</sup>  | Stream Innovations Issuer Trust<sup>(a)</sup>  | Stream Innovations Issuer Trust<sup>(a)</sup>  | Stream Innovations Issuer Trust<sup>(a)</sup>  |
| Subordinated Series 2024-1A Class C | Subordinated Series 2024-1A Class C | Subordinated Series 2024-1A Class C | Subordinated Series 2024-1A Class C |
| 07/15/2044 | &nbsp;&nbsp; 11.400% | 2267125 | &nbsp;&nbsp; 2528588 |
| Subordinated Series 2024-2A Class C | Subordinated Series 2024-2A Class C | Subordinated Series 2024-2A Class C | Subordinated Series 2024-2A Class C |
| 02/15/2045 | &nbsp;&nbsp; 9.050% | 1626606 | &nbsp;&nbsp; 1713568 |
| Synchrony Card Funding LLC | Synchrony Card Funding LLC | Synchrony Card Funding LLC | Synchrony Card Funding LLC |
| Series 2025-A2 Class A | Series 2025-A2 Class A | Series 2025-A2 Class A | Series 2025-A2 Class A |
| 05/15/2031 | &nbsp;&nbsp; 4.490% | 2070000 | &nbsp;&nbsp; 2101084 |
| Synchrony Card Issuance Trust | Synchrony Card Issuance Trust | Synchrony Card Issuance Trust | Synchrony Card Issuance Trust |
| Series 2025-A1 Class A | Series 2025-A1 Class A | Series 2025-A1 Class A | Series 2025-A1 Class A |
| 02/18/2031 | &nbsp;&nbsp; 4.780% | 2784000 | &nbsp;&nbsp; 2834292 |
| Series 2025-A3 Class A | Series 2025-A3 Class A | Series 2025-A3 Class A | Series 2025-A3 Class A |
| 11/17/2031 | &nbsp;&nbsp; 4.060% | 4395000 | &nbsp;&nbsp; 4416142 |
| T-Mobile US Trust<sup>(a)</sup>  | T-Mobile US Trust<sup>(a)</sup>  | T-Mobile US Trust<sup>(a)</sup>  | T-Mobile US Trust<sup>(a)</sup>  |
| Series 2024-2A Class A | Series 2024-2A Class A | Series 2024-2A Class A | Series 2024-2A Class A |
| 05/21/2029 | &nbsp;&nbsp; 4.250% | 5293000 | &nbsp;&nbsp; 5318349 |
| Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust |
| Series 2022-D Class A4 | Series 2022-D Class A4 | Series 2022-D Class A4 | Series 2022-D Class A4 |
| 04/17/2028 | &nbsp;&nbsp; 5.430% | 1158000 | &nbsp;&nbsp; 1175886 |
| United Auto Credit Securitization Trust<sup>(a)</sup>  | United Auto Credit Securitization Trust<sup>(a)</sup>  | United Auto Credit Securitization Trust<sup>(a)</sup>  | United Auto Credit Securitization Trust<sup>(a)</sup>  |
| Series 2022-2 Class E | Series 2022-2 Class E | Series 2022-2 Class E | Series 2022-2 Class E |
| 04/10/2029 | &nbsp;&nbsp; 10.000% | 1000000 | &nbsp;&nbsp; 423094 |
| US Auto Funding<sup>(a)</sup>  | US Auto Funding<sup>(a)</sup>  | US Auto Funding<sup>(a)</sup>  | US Auto Funding<sup>(a)</sup>  |
| Subordinated Series 2021-1A Class C | Subordinated Series 2021-1A Class C | Subordinated Series 2021-1A Class C | Subordinated Series 2021-1A Class C |
| 05/15/2026 | &nbsp;&nbsp; 2.200% | 1316356 | &nbsp;&nbsp; 1093372 |
| US Auto Funding Trust<sup>(a),(f)</sup>  | US Auto Funding Trust<sup>(a),(f)</sup>  | US Auto Funding Trust<sup>(a),(f)</sup>  | US Auto Funding Trust<sup>(a),(f)</sup>  |
| Subordinated Series 2022-1A Class D | Subordinated Series 2022-1A Class D | Subordinated Series 2022-1A Class D | Subordinated Series 2022-1A Class D |
| 07/15/2027 | &nbsp;&nbsp; 0.000% | 5000000 | &nbsp;&nbsp; 50 |
| USB Auto Owner Trust<sup>(a)</sup>  | USB Auto Owner Trust<sup>(a)</sup>  | USB Auto Owner Trust<sup>(a)</sup>  | USB Auto Owner Trust<sup>(a)</sup>  |
| Series 2025-1A Class A3 | Series 2025-1A Class A3 | Series 2025-1A Class A3 | Series 2025-1A Class A3 |
| 06/17/2030 | &nbsp;&nbsp; 4.490% | 1793000 | &nbsp;&nbsp; 1811004 |
| Series 2025-1A Class A4 | Series 2025-1A Class A4 | Series 2025-1A Class A4 | Series 2025-1A Class A4 |
| 12/16/2030 | &nbsp;&nbsp; 4.620% | 536000 | &nbsp;&nbsp; 545758 |
| Verizon Master Trust<sup>(a)</sup>  | Verizon Master Trust<sup>(a)</sup>  | Verizon Master Trust<sup>(a)</sup>  | Verizon Master Trust<sup>(a)</sup>  |
| Series 2024-7 Class A | Series 2024-7 Class A | Series 2024-7 Class A | Series 2024-7 Class A |
| 08/20/2032 | &nbsp;&nbsp; 4.350% | 5473000 | &nbsp;&nbsp; 5501377 |
| Series 2025-10 Class A | Series 2025-10 Class A | Series 2025-10 Class A | Series 2025-10 Class A |
| 10/20/2033 | &nbsp;&nbsp; 4.280% | 2600000 | &nbsp;&nbsp; 2607963 |
| Series 2025-2 Class A | Series 2025-2 Class A | Series 2025-2 Class A | Series 2025-2 Class A |
| 01/20/2033 | &nbsp;&nbsp; 4.940% | 3633000 | &nbsp;&nbsp; 3744664 |
| Series 2025-4 Class A | Series 2025-4 Class A | Series 2025-4 Class A | Series 2025-4 Class A |
| 03/21/2033 | &nbsp;&nbsp; 4.760% | 2957000 | &nbsp;&nbsp; 3023810 |
| VM Debt LLC<sup>(a),(g),(h)</sup>  | VM Debt LLC<sup>(a),(g),(h)</sup>  | VM Debt LLC<sup>(a),(g),(h)</sup>  | VM Debt LLC<sup>(a),(g),(h)</sup>  |
| Series 2019-1 Class A1A | Series 2019-1 Class A1A | Series 2019-1 Class A1A | Series 2019-1 Class A1A |
| 07/18/2027 | &nbsp;&nbsp; 7.460% | 8996294 | &nbsp;&nbsp; 7286998 |
| Volkswagen Auto Loan Enhanced Trust | Volkswagen Auto Loan Enhanced Trust | Volkswagen Auto Loan Enhanced Trust | Volkswagen Auto Loan Enhanced Trust |
| Series 2024-1 Class A3 | Series 2024-1 Class A3 | Series 2024-1 Class A3 | Series 2024-1 Class A3 |
| 07/20/2029 | &nbsp;&nbsp; 4.630% | 906000 | &nbsp;&nbsp; 917579 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Westlake Automobile Receivables Trust<sup>(a)</sup>  | Westlake Automobile Receivables Trust<sup>(a)</sup>  | Westlake Automobile Receivables Trust<sup>(a)</sup>  | Westlake Automobile Receivables Trust<sup>(a)</sup>  |
| Subordinated Series 2023-4A Class D | Subordinated Series 2023-4A Class D | Subordinated Series 2023-4A Class D | Subordinated Series 2023-4A Class D |
| 07/16/2029 | &nbsp;&nbsp; 7.190% | 4150000 | &nbsp;&nbsp; 4293851 |
| World Financial Network Credit Card Master Trust | World Financial Network Credit Card Master Trust | World Financial Network Credit Card Master Trust | World Financial Network Credit Card Master Trust |
| Series 2024-A Class A | Series 2024-A Class A | Series 2024-A Class A | Series 2024-A Class A |
| 02/17/2031 | &nbsp;&nbsp; 5.470% | 610000 | &nbsp;&nbsp; 622246 |
| World Omni Auto Receivables Trust | World Omni Auto Receivables Trust | World Omni Auto Receivables Trust | World Omni Auto Receivables Trust |
| Series 2025-C Class A4 | Series 2025-C Class A4 | Series 2025-C Class A4 | Series 2025-C Class A4 |
| 11/17/2031 | &nbsp;&nbsp; 4.190% | 1319000 | &nbsp;&nbsp; 1330127 |
| Total Asset-Backed Securities — Non-Agency <br>(Cost $290,542,206) | Total Asset-Backed Securities — Non-Agency <br>(Cost $290,542,206) | Total Asset-Backed Securities — Non-Agency <br>(Cost $290,542,206) | &nbsp;&nbsp; **286848771** |
| **Commercial Mortgage-Backed Securities - Agency 3.2%** | **Commercial Mortgage-Backed Securities - Agency 3.2%** | **Commercial Mortgage-Backed Securities - Agency 3.2%** | **Commercial Mortgage-Backed Securities - Agency 3.2%** |
| Fannie Mae Multifamily REMIC Trust<sup>(c)</sup>  | Fannie Mae Multifamily REMIC Trust<sup>(c)</sup>  | Fannie Mae Multifamily REMIC Trust<sup>(c)</sup>  | Fannie Mae Multifamily REMIC Trust<sup>(c)</sup>  |
| Series 2022-M10 Class A2 | Series 2022-M10 Class A2 | Series 2022-M10 Class A2 | Series 2022-M10 Class A2 |
| 01/25/2032 | &nbsp;&nbsp; 1.928% | 7800000 | &nbsp;&nbsp; 6891228 |
| Series 2022-M1S Class A2 | Series 2022-M1S Class A2 | Series 2022-M1S Class A2 | Series 2022-M1S Class A2 |
| 04/25/2032 | &nbsp;&nbsp; 2.084% | 8700000 | &nbsp;&nbsp; 7630680 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates<sup>(c)</sup>  | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates<sup>(c)</sup>  | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates<sup>(c)</sup>  | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through <br> Certificates<sup>(c)</sup>  |
| Series W5FX Class AFX | Series W5FX Class AFX | Series W5FX Class AFX | Series W5FX Class AFX |
| 04/25/2028 | &nbsp;&nbsp; 3.214% | 1256000 | &nbsp;&nbsp; 1238928 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 06/01/2028 | &nbsp;&nbsp; 3.570% | 2680305 | &nbsp;&nbsp; 2659910 |
| 11/01/2028 | &nbsp;&nbsp; 5.585% | 4530043 | &nbsp;&nbsp; 4713331 |
| 02/01/2029 | &nbsp;&nbsp; 3.740% | 1515000 | &nbsp;&nbsp; 1507664 |
| 10/01/2029 | &nbsp;&nbsp; 3.121% | 1819514 | &nbsp;&nbsp; 1776966 |
| 02/01/2030 | &nbsp;&nbsp; 2.570% | 2394534 | &nbsp;&nbsp; 2266037 |
| 02/01/2030 | &nbsp;&nbsp; 2.920% | 2488603 | &nbsp;&nbsp; 2391823 |
| 02/01/2030 | &nbsp;&nbsp; 3.550% | 1000000 | &nbsp;&nbsp; 982061 |
| 06/01/2030 | &nbsp;&nbsp; 3.130% | 4812000 | &nbsp;&nbsp; 4638972 |
| 07/01/2030 | &nbsp;&nbsp; 3.850% | 4206810 | &nbsp;&nbsp; 4173461 |
| 02/01/2031 | &nbsp;&nbsp; 3.260% | 6236000 | &nbsp;&nbsp; 5964812 |
| 01/01/2032 | &nbsp;&nbsp; 2.730% | 2382435 | &nbsp;&nbsp; 2208916 |
| 01/01/2032 | &nbsp;&nbsp; 2.730% | 1825000 | &nbsp;&nbsp; 1677125 |
| 01/01/2032 | &nbsp;&nbsp; 2.780% | 2026924 | &nbsp;&nbsp; 1879330 |
| 01/01/2032 | &nbsp;&nbsp; 2.970% | 1476268 | &nbsp;&nbsp; 1382379 |
| 02/01/2032 | &nbsp;&nbsp; 2.990% | 2744208 | &nbsp;&nbsp; 2568472 |
| 05/01/2032 | &nbsp;&nbsp; 3.090% | 5565000 | &nbsp;&nbsp; 5165930 |
| 06/01/2032 | &nbsp;&nbsp; 3.540% | 7921000 | &nbsp;&nbsp; 7535036 |
| 11/01/2032 | &nbsp;&nbsp; 1.456% | 9044522 | &nbsp;&nbsp; 7587545 |
| 11/01/2032 | &nbsp;&nbsp; 4.230% | 3820604 | &nbsp;&nbsp; 3793615 |
| 11/01/2032 | &nbsp;&nbsp; 4.705% | 3400000 | &nbsp;&nbsp; 3461382 |
| 11/01/2033 | &nbsp;&nbsp; 2.430% | 1268740 | &nbsp;&nbsp; 1113181 |
| 12/01/2033 | &nbsp;&nbsp; 2.500% | 1562826 | &nbsp;&nbsp; 1369562 |
| 04/01/2035 | &nbsp;&nbsp; 3.330% | 2241810 | &nbsp;&nbsp; 2071390 |
| 10/01/2035 | &nbsp;&nbsp; 2.880% | 5000000 | &nbsp;&nbsp; 4292616 |
| Series 2017-M5 Class A2 | Series 2017-M5 Class A2 | Series 2017-M5 Class A2 | Series 2017-M5 Class A2 |
| 04/25/2029 | &nbsp;&nbsp; 3.176% | 855139 | &nbsp;&nbsp; 833520 |
| Series 2017-T1 Class A | Series 2017-T1 Class A | Series 2017-T1 Class A | Series 2017-T1 Class A |
| 06/25/2027 | &nbsp;&nbsp; 2.898% | 2744721 | &nbsp;&nbsp; 2706798 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Commercial Mortgage-Backed Securities - Agency (continued)** | **Commercial Mortgage-Backed Securities - Agency (continued)** | **Commercial Mortgage-Backed Securities - Agency (continued)** | **Commercial Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Federal National Mortgage Association<sup>(c)</sup>  | Federal National Mortgage Association<sup>(c)</sup>  | Federal National Mortgage Association<sup>(c)</sup>  | Federal National Mortgage Association<sup>(c)</sup>  |
| 06/01/2037 | &nbsp;&nbsp; 5.888% | 277099 | &nbsp;&nbsp; 276354 |
| Series 2017-M12 Class A2 | Series 2017-M12 Class A2 | Series 2017-M12 Class A2 | Series 2017-M12 Class A2 |
| 06/25/2027 | &nbsp;&nbsp; 3.064% | 1203990 | &nbsp;&nbsp; 1190574 |
| Series 2018-M10 Class A2 | Series 2018-M10 Class A2 | Series 2018-M10 Class A2 | Series 2018-M10 Class A2 |
| 07/25/2028 | &nbsp;&nbsp; 3.354% | 2579734 | &nbsp;&nbsp; 2553525 |
| Series 2018-M3 Class A2 | Series 2018-M3 Class A2 | Series 2018-M3 Class A2 | Series 2018-M3 Class A2 |
| 02/25/2030 | &nbsp;&nbsp; 3.074% | 605249 | &nbsp;&nbsp; 584012 |
| Series 2018-M4 Class A2 | Series 2018-M4 Class A2 | Series 2018-M4 Class A2 | Series 2018-M4 Class A2 |
| 03/25/2028 | &nbsp;&nbsp; 3.067% | 894437 | &nbsp;&nbsp; 881573 |
| Series 2023-M8 Class A2 | Series 2023-M8 Class A2 | Series 2023-M8 Class A2 | Series 2023-M8 Class A2 |
| 03/25/2033 | &nbsp;&nbsp; 4.476% | 3685000 | &nbsp;&nbsp; 3712904 |
| Federal National Mortgage Association<sup>(c),(d)</sup>  | Federal National Mortgage Association<sup>(c),(d)</sup>  | Federal National Mortgage Association<sup>(c),(d)</sup>  | Federal National Mortgage Association<sup>(c),(d)</sup>  |
| Series 2021-M3 Class X1 | Series 2021-M3 Class X1 | Series 2021-M3 Class X1 | Series 2021-M3 Class X1 |
| 11/25/2033 | &nbsp;&nbsp; 1.833% | 26490531 | &nbsp;&nbsp; 1701519 |
| Freddie Mac Multiclass Certificates<sup>(c),(d)</sup>  | Freddie Mac Multiclass Certificates<sup>(c),(d)</sup>  | Freddie Mac Multiclass Certificates<sup>(c),(d)</sup>  | Freddie Mac Multiclass Certificates<sup>(c),(d)</sup>  |
| Series 2021-P011 Class X1 | Series 2021-P011 Class X1 | Series 2021-P011 Class X1 | Series 2021-P011 Class X1 |
| 09/25/2045 | &nbsp;&nbsp; 1.749% | 19160342 | &nbsp;&nbsp; 2043696 |
| Freddie Mac Multifamily Structured Credit Risk<sup>(a),(b)</sup>  | Freddie Mac Multifamily Structured Credit Risk<sup>(a),(b)</sup>  | Freddie Mac Multifamily Structured Credit Risk<sup>(a),(b)</sup>  | Freddie Mac Multifamily Structured Credit Risk<sup>(a),(b)</sup>  |
| Series 2021-MN1 Class M2 | Series 2021-MN1 Class M2 | Series 2021-MN1 Class M2 | Series 2021-MN1 Class M2 |
| 3-month Term SOFR + 3.750% <br>01/25/2051<br>| &nbsp;&nbsp; 7.624% | 3000000 | &nbsp;&nbsp; 3096181 |
| Freddie Mac Multifamily Structured Pass-Through Certificates<sup>(c),(d)</sup>  | Freddie Mac Multifamily Structured Pass-Through Certificates<sup>(c),(d)</sup>  | Freddie Mac Multifamily Structured Pass-Through Certificates<sup>(c),(d)</sup>  | Freddie Mac Multifamily Structured Pass-Through Certificates<sup>(c),(d)</sup>  |
| Series KL05 Class X1P (FHLMC) | Series KL05 Class X1P (FHLMC) | Series KL05 Class X1P (FHLMC) | Series KL05 Class X1P (FHLMC) |
| 06/25/2029 | &nbsp;&nbsp; 0.892% | 75000000 | &nbsp;&nbsp; 2102805 |
| Government National Mortgage Association<sup>(b)</sup>  | Government National Mortgage Association<sup>(b)</sup>  | Government National Mortgage Association<sup>(b)</sup>  | Government National Mortgage Association<sup>(b)</sup>  |
| CMO Series 2013-H08 Class FA | CMO Series 2013-H08 Class FA | CMO Series 2013-H08 Class FA | CMO Series 2013-H08 Class FA |
| 1-month Term SOFR + 0.464% <br>Floor 0.350%, Cap 10.550% <br>03/20/2063<br>| &nbsp;&nbsp; 4.464% | 90557 | &nbsp;&nbsp; 90353 |
| CMO Series 2015-H15 Class FJ | CMO Series 2015-H15 Class FJ | CMO Series 2015-H15 Class FJ | CMO Series 2015-H15 Class FJ |
| 1-month Term SOFR + 0.554% <br>Floor 0.440%, Cap 11.000% <br>06/20/2065<br>| &nbsp;&nbsp; 4.554% | 415610 | &nbsp;&nbsp; 415394 |
| CMO Series 2015-H16 Class FG | CMO Series 2015-H16 Class FG | CMO Series 2015-H16 Class FG | CMO Series 2015-H16 Class FG |
| 1-month Term SOFR + 0.554% <br>Floor 0.440%, Cap 11.000% <br>07/20/2065<br>| &nbsp;&nbsp; 4.554% | 580901 | &nbsp;&nbsp; 580619 |
| CMO Series 2015-H16 Class FL | CMO Series 2015-H16 Class FL | CMO Series 2015-H16 Class FL | CMO Series 2015-H16 Class FL |
| 1-month Term SOFR + 0.554% <br>Floor 0.440%, Cap 11.000% <br>07/20/2065<br>| &nbsp;&nbsp; 4.554% | 213984 | &nbsp;&nbsp; 213880 |
| CMO Series 2015-H18 Class FA | CMO Series 2015-H18 Class FA | CMO Series 2015-H18 Class FA | CMO Series 2015-H18 Class FA |
| 1-month Term SOFR + 0.564% <br>Floor 0.450%, Cap 11.000% <br>06/20/2065<br>| &nbsp;&nbsp; 4.564% | 118917 | &nbsp;&nbsp; 118891 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Commercial Mortgage-Backed Securities - Agency (continued)** | **Commercial Mortgage-Backed Securities - Agency (continued)** | **Commercial Mortgage-Backed Securities - Agency (continued)** | **Commercial Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Multifamily Connecticut Avenue Securities Trust<sup>(a),(b)</sup>  | Multifamily Connecticut Avenue Securities Trust<sup>(a),(b)</sup>  | Multifamily Connecticut Avenue Securities Trust<sup>(a),(b)</sup>  | Multifamily Connecticut Avenue Securities Trust<sup>(a),(b)</sup>  |
| Subordinated Series 2020-01 Class M10 | Subordinated Series 2020-01 Class M10 | Subordinated Series 2020-01 Class M10 | Subordinated Series 2020-01 Class M10 |
| 30-day Average SOFR + 3.864% <br>03/25/2050<br>| &nbsp;&nbsp; 7.739% | 6838122 | &nbsp;&nbsp; 6974846 |
| Total Commercial Mortgage-Backed Securities - Agency <br>(Cost $127,271,385) | Total Commercial Mortgage-Backed Securities - Agency <br>(Cost $127,271,385) | Total Commercial Mortgage-Backed Securities - Agency <br>(Cost $127,271,385) | &nbsp;&nbsp; **123019796** |
| **Commercial Mortgage-Backed Securities - Non-Agency 3.7%** | **Commercial Mortgage-Backed Securities - Non-Agency 3.7%** | **Commercial Mortgage-Backed Securities - Non-Agency 3.7%** | **Commercial Mortgage-Backed Securities - Non-Agency 3.7%** |
| AMSR Trust<sup>(a)</sup>  | AMSR Trust<sup>(a)</sup>  | AMSR Trust<sup>(a)</sup>  | AMSR Trust<sup>(a)</sup>  |
| Series 2021-SFR1 Class E1 | Series 2021-SFR1 Class E1 | Series 2021-SFR1 Class E1 | Series 2021-SFR1 Class E1 |
| 06/17/2038 | &nbsp;&nbsp; 2.751% | 2250000 | &nbsp;&nbsp; 2129765 |
| Series 2021-SFR1 Class E2 | Series 2021-SFR1 Class E2 | Series 2021-SFR1 Class E2 | Series 2021-SFR1 Class E2 |
| 06/17/2038 | &nbsp;&nbsp; 2.900% | 2250000 | &nbsp;&nbsp; 2132405 |
| Subordinated Series 2021-SFR3 Class E2 | Subordinated Series 2021-SFR3 Class E2 | Subordinated Series 2021-SFR3 Class E2 | Subordinated Series 2021-SFR3 Class E2 |
| 10/17/2038 | &nbsp;&nbsp; 2.427% | 3845000 | &nbsp;&nbsp; 3764378 |
| Subordinated Series 2021-SFR4 Class F1 | Subordinated Series 2021-SFR4 Class F1 | Subordinated Series 2021-SFR4 Class F1 | Subordinated Series 2021-SFR4 Class F1 |
| 12/17/2038 | &nbsp;&nbsp; 3.158% | 4000000 | &nbsp;&nbsp; 3922732 |
| Subordinated Series 2022-SFR3 Class F | Subordinated Series 2022-SFR3 Class F | Subordinated Series 2022-SFR3 Class F | Subordinated Series 2022-SFR3 Class F |
| 10/17/2039 | &nbsp;&nbsp; 4.000% | 4100000 | &nbsp;&nbsp; 3990099 |
| BANK<sup>(c)</sup>  | BANK<sup>(c)</sup>  | BANK<sup>(c)</sup>  | BANK<sup>(c)</sup>  |
| Series 2022-BNK44 Class A5 | Series 2022-BNK44 Class A5 | Series 2022-BNK44 Class A5 | Series 2022-BNK44 Class A5 |
| 10/15/2032 | &nbsp;&nbsp; 5.746% | 705000 | &nbsp;&nbsp; 749774 |
| BANK | BANK | BANK | BANK |
| Series 2025-BNK51 Class A5 | Series 2025-BNK51 Class A5 | Series 2025-BNK51 Class A5 | Series 2025-BNK51 Class A5 |
| 12/25/2067 | &nbsp;&nbsp; 5.290% | 1908000 | &nbsp;&nbsp; 1970890 |
| BANK5 | BANK5 | BANK5 | BANK5 |
| Series 2025-5YR19 Class A3 | Series 2025-5YR19 Class A3 | Series 2025-5YR19 Class A3 | Series 2025-5YR19 Class A3 |
| 12/15/2058 | &nbsp;&nbsp; 5.270% | 1603000 | &nbsp;&nbsp; 1655913 |
| BBCMS Mortgage Trust | BBCMS Mortgage Trust | BBCMS Mortgage Trust | BBCMS Mortgage Trust |
| Series 2018-C2 Class ASB | Series 2018-C2 Class ASB | Series 2018-C2 Class ASB | Series 2018-C2 Class ASB |
| 12/15/2051 | &nbsp;&nbsp; 4.236% | 336647 | &nbsp;&nbsp; 336877 |
| Series 2021-C12 Class A5 | Series 2021-C12 Class A5 | Series 2021-C12 Class A5 | Series 2021-C12 Class A5 |
| 11/15/2054 | &nbsp;&nbsp; 2.689% | 600000 | &nbsp;&nbsp; 537805 |
| Series 2022-C17 Class A5 | Series 2022-C17 Class A5 | Series 2022-C17 Class A5 | Series 2022-C17 Class A5 |
| 09/15/2055 | &nbsp;&nbsp; 4.441% | 763000 | &nbsp;&nbsp; 752578 |
| Series 2025-5C33 Class A4 | Series 2025-5C33 Class A4 | Series 2025-5C33 Class A4 | Series 2025-5C33 Class A4 |
| 03/15/2058 | &nbsp;&nbsp; 5.839% | 1496000 | &nbsp;&nbsp; 1574517 |
| Series 2025-5C37 Class A3 | Series 2025-5C37 Class A3 | Series 2025-5C37 Class A3 | Series 2025-5C37 Class A3 |
| 09/15/2058 | &nbsp;&nbsp; 5.015% | 377000 | &nbsp;&nbsp; 385441 |
| Series 2025-5C38 Class A3 | Series 2025-5C38 Class A3 | Series 2025-5C38 Class A3 | Series 2025-5C38 Class A3 |
| 11/15/2058 | &nbsp;&nbsp; 5.146% | 2261000 | &nbsp;&nbsp; 2325966 |
| Series 2025-C35 Class A5 | Series 2025-C35 Class A5 | Series 2025-C35 Class A5 | Series 2025-C35 Class A5 |
| 07/15/2058 | &nbsp;&nbsp; 5.586% | 569000 | &nbsp;&nbsp; 599202 |
| BBCMS Mortgage Trust<sup>(a),(c)</sup>  | BBCMS Mortgage Trust<sup>(a),(c)</sup>  | BBCMS Mortgage Trust<sup>(a),(c)</sup>  | BBCMS Mortgage Trust<sup>(a),(c)</sup>  |
| Subordinated Series 2016-ETC Class E | Subordinated Series 2016-ETC Class E | Subordinated Series 2016-ETC Class E | Subordinated Series 2016-ETC Class E |
| 08/14/2036 | &nbsp;&nbsp; 3.609% | 8000000 | &nbsp;&nbsp; 7545014 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Commercial Mortgage-Backed Securities - Non-Agency (continued)** | **Commercial Mortgage-Backed Securities - Non-Agency (continued)** | **Commercial Mortgage-Backed Securities - Non-Agency (continued)** | **Commercial Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Bear Stearns Commercial Mortgage Securities Trust<sup>(a),(c),(d)</sup>  | Bear Stearns Commercial Mortgage Securities Trust<sup>(a),(c),(d)</sup>  | Bear Stearns Commercial Mortgage Securities Trust<sup>(a),(c),(d)</sup>  | Bear Stearns Commercial Mortgage Securities Trust<sup>(a),(c),(d)</sup>  |
| CMO Series 2007-T26 Class X1 | CMO Series 2007-T26 Class X1 | CMO Series 2007-T26 Class X1 | CMO Series 2007-T26 Class X1 |
| 01/12/2045 | &nbsp;&nbsp; 0.954% | 25734 | &nbsp;&nbsp; 0 |
| Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
| Series 2021-B25 Class A4 | Series 2021-B25 Class A4 | Series 2021-B25 Class A4 | Series 2021-B25 Class A4 |
| 04/15/2054 | &nbsp;&nbsp; 2.268% | 760000 | &nbsp;&nbsp; 694378 |
| BMD2 Re-Remic Trust<sup>(a),(i)</sup>  | BMD2 Re-Remic Trust<sup>(a),(i)</sup>  | BMD2 Re-Remic Trust<sup>(a),(i)</sup>  | BMD2 Re-Remic Trust<sup>(a),(i)</sup>  |
| Series 2019-FRR1 Class 6C | Series 2019-FRR1 Class 6C | Series 2019-FRR1 Class 6C | Series 2019-FRR1 Class 6C |
| 05/25/2052 | &nbsp;&nbsp; 0.000% | 8685000 | &nbsp;&nbsp; 6736020 |
| BMD2 Re-Remic Trust<sup>(a),(j)</sup>  | BMD2 Re-Remic Trust<sup>(a),(j)</sup>  | BMD2 Re-Remic Trust<sup>(a),(j)</sup>  | BMD2 Re-Remic Trust<sup>(a),(j)</sup>  |
| Subordinated Series 2019-FRR1 Class 5D1 | Subordinated Series 2019-FRR1 Class 5D1 | Subordinated Series 2019-FRR1 Class 5D1 | Subordinated Series 2019-FRR1 Class 5D1 |
| 05/25/2052 | &nbsp;&nbsp; 0.000% | 6739000 | &nbsp;&nbsp; 5094247 |
| BMO Mortgage Trust | BMO Mortgage Trust | BMO Mortgage Trust | BMO Mortgage Trust |
| Series 2025-C11 Class A5 | Series 2025-C11 Class A5 | Series 2025-C11 Class A5 | Series 2025-C11 Class A5 |
| 02/15/2058 | &nbsp;&nbsp; 5.687% | 1142000 | &nbsp;&nbsp; 1205266 |
| BMO Mortgage Trust<sup>(c)</sup>  | BMO Mortgage Trust<sup>(c)</sup>  | BMO Mortgage Trust<sup>(c)</sup>  | BMO Mortgage Trust<sup>(c)</sup>  |
| Series 2025-C12 Class A5 | Series 2025-C12 Class A5 | Series 2025-C12 Class A5 | Series 2025-C12 Class A5 |
| 06/15/2058 | &nbsp;&nbsp; 5.871% | 761000 | &nbsp;&nbsp; 813308 |
| BX Commercial Mortgage Trust<sup>(a),(b)</sup>  | BX Commercial Mortgage Trust<sup>(a),(b)</sup>  | BX Commercial Mortgage Trust<sup>(a),(b)</sup>  | BX Commercial Mortgage Trust<sup>(a),(b)</sup>  |
| Series 2025-COPT Class A | Series 2025-COPT Class A | Series 2025-COPT Class A | Series 2025-COPT Class A |
| 1-month Term SOFR + 1.750% <br>Floor 1.750% <br>09/15/2042<br>| &nbsp;&nbsp; 5.500% | 1190000 | &nbsp;&nbsp; 1192213 |
| BX Trust<sup>(a),(b)</sup>  | BX Trust<sup>(a),(b)</sup>  | BX Trust<sup>(a),(b)</sup>  | BX Trust<sup>(a),(b)</sup>  |
| Series 2025-VLT7 Class A | Series 2025-VLT7 Class A | Series 2025-VLT7 Class A | Series 2025-VLT7 Class A |
| 1-month Term SOFR + 1.650% <br>Floor 1.700% <br>07/15/2027<br>| &nbsp;&nbsp; 5.450% | 1442000 | &nbsp;&nbsp; 1441017 |
| Series 2025-VOLT Class A | Series 2025-VOLT Class A | Series 2025-VOLT Class A | Series 2025-VOLT Class A |
| 1-month Term SOFR + 1.700% <br>Floor 1.700% <br>12/15/2044<br>| &nbsp;&nbsp; 5.700% | 2638000 | &nbsp;&nbsp; 2634705 |
| CoreVest American Finance Trust<sup>(a)</sup>  | CoreVest American Finance Trust<sup>(a)</sup>  | CoreVest American Finance Trust<sup>(a)</sup>  | CoreVest American Finance Trust<sup>(a)</sup>  |
| Series 2019-3 Class A | Series 2019-3 Class A | Series 2019-3 Class A | Series 2019-3 Class A |
| 10/15/2052 | &nbsp;&nbsp; 2.705% | 146317 | &nbsp;&nbsp; 145721 |
| Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup>  | Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup>  | Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup>  | Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup>  |
| Subordinated Series 2014-USA Class D | Subordinated Series 2014-USA Class D | Subordinated Series 2014-USA Class D | Subordinated Series 2014-USA Class D |
| 09/15/2037 | &nbsp;&nbsp; 4.373% | 5000000 | &nbsp;&nbsp; 4246708 |
| Freddie Mac Multifamily Structured Credit Risk<sup>(a),(b)</sup>  | Freddie Mac Multifamily Structured Credit Risk<sup>(a),(b)</sup>  | Freddie Mac Multifamily Structured Credit Risk<sup>(a),(b)</sup>  | Freddie Mac Multifamily Structured Credit Risk<sup>(a),(b)</sup>  |
| Series 2021-MN1 Class M1 | Series 2021-MN1 Class M1 | Series 2021-MN1 Class M1 | Series 2021-MN1 Class M1 |
| 30-day Average SOFR + 3.000% <br>01/25/2051<br>| &nbsp;&nbsp; 5.874% | 979932 | &nbsp;&nbsp; 977674 |
| Series 2021-MN2 Class M2 | Series 2021-MN2 Class M2 | Series 2021-MN2 Class M2 | Series 2021-MN2 Class M2 |
| 30-day Average SOFR + 3.350% <br>07/25/2041<br>| &nbsp;&nbsp; 7.224% | 5890503 | &nbsp;&nbsp; 5890517 |
| Series 2022-MN4 Class M1 | Series 2022-MN4 Class M1 | Series 2022-MN4 Class M1 | Series 2022-MN4 Class M1 |
| 30-day Average SOFR + 4.250% <br>05/25/2052<br>| &nbsp;&nbsp; 8.093% | 3664196 | &nbsp;&nbsp; 3703349 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Commercial Mortgage-Backed Securities - Non-Agency (continued)** | **Commercial Mortgage-Backed Securities - Non-Agency (continued)** | **Commercial Mortgage-Backed Securities - Non-Agency (continued)** | **Commercial Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Series 2022-MN4 Class M2 | Series 2022-MN4 Class M2 | Series 2022-MN4 Class M2 | Series 2022-MN4 Class M2 |
| 30-day Average SOFR + 6.500% <br>05/25/2052<br>| &nbsp;&nbsp; 10.343% | 2500000 | &nbsp;&nbsp; 2792821 |
| FRTKL<sup>(a)</sup>  | FRTKL<sup>(a)</sup>  | FRTKL<sup>(a)</sup>  | FRTKL<sup>(a)</sup>  |
| Subordinated CMO Series 2021-SFR1 Class E1 | Subordinated CMO Series 2021-SFR1 Class E1 | Subordinated CMO Series 2021-SFR1 Class E1 | Subordinated CMO Series 2021-SFR1 Class E1 |
| 09/17/2038 | &nbsp;&nbsp; 2.372% | 3709000 | &nbsp;&nbsp; 3630200 |
| Subordinated CMO Series 2021-SFR1 Class E2 | Subordinated CMO Series 2021-SFR1 Class E2 | Subordinated CMO Series 2021-SFR1 Class E2 | Subordinated CMO Series 2021-SFR1 Class E2 |
| 09/17/2038 | &nbsp;&nbsp; 2.522% | 2781000 | &nbsp;&nbsp; 2719937 |
| Subordinated Series 2021-SFR1 Class F | Subordinated Series 2021-SFR1 Class F | Subordinated Series 2021-SFR1 Class F | Subordinated Series 2021-SFR1 Class F |
| 09/17/2038 | &nbsp;&nbsp; 3.171% | 4400000 | &nbsp;&nbsp; 4301234 |
| GAM Investments<sup>(a),(c)</sup>  | GAM Investments<sup>(a),(c)</sup>  | GAM Investments<sup>(a),(c)</sup>  | GAM Investments<sup>(a),(c)</sup>  |
| Subordinated Series 2021-F Class F | Subordinated Series 2021-F Class F | Subordinated Series 2021-F Class F | Subordinated Series 2021-F Class F |
| 09/27/2051 | &nbsp;&nbsp; 2.353% | 7500000 | &nbsp;&nbsp; 6664606 |
| GAM Re-REMIC Trust<sup>(a),(i)</sup>  | GAM Re-REMIC Trust<sup>(a),(i)</sup>  | GAM Re-REMIC Trust<sup>(a),(i)</sup>  | GAM Re-REMIC Trust<sup>(a),(i)</sup>  |
| Series 2021-FRR1 Class 1D | Series 2021-FRR1 Class 1D | Series 2021-FRR1 Class 1D | Series 2021-FRR1 Class 1D |
| 11/29/2050 | &nbsp;&nbsp; 0.000% | 5000000 | &nbsp;&nbsp; 4524775 |
| Series 2021-FRR1 Class 2B | Series 2021-FRR1 Class 2B | Series 2021-FRR1 Class 2B | Series 2021-FRR1 Class 2B |
| 11/29/2050 | &nbsp;&nbsp; 0.000% | 6600000 | &nbsp;&nbsp; 5940216 |
| Series 2021-FRR1 Class 2C | Series 2021-FRR1 Class 2C | Series 2021-FRR1 Class 2C | Series 2021-FRR1 Class 2C |
| 11/29/2050 | &nbsp;&nbsp; 0.000% | 3500000 | &nbsp;&nbsp; 3093680 |
| GS Mortgage Securities Trust | GS Mortgage Securities Trust | GS Mortgage Securities Trust | GS Mortgage Securities Trust |
| Series 2020-GSA2 Class A4 | Series 2020-GSA2 Class A4 | Series 2020-GSA2 Class A4 | Series 2020-GSA2 Class A4 |
| 12/12/2053 | &nbsp;&nbsp; 1.721% | 2582000 | &nbsp;&nbsp; 2317569 |
| KGS-Alpha SBA COOF Trust<sup>(a),(c),(d)</sup>  | KGS-Alpha SBA COOF Trust<sup>(a),(c),(d)</sup>  | KGS-Alpha SBA COOF Trust<sup>(a),(c),(d)</sup>  | KGS-Alpha SBA COOF Trust<sup>(a),(c),(d)</sup>  |
| CMO Series 2012-2 Class A | CMO Series 2012-2 Class A | CMO Series 2012-2 Class A | CMO Series 2012-2 Class A |
| 08/25/2038 | &nbsp;&nbsp; 0.937% | 332603 | &nbsp;&nbsp; 5058 |
| CMO Series 2013-2 Class A | CMO Series 2013-2 Class A | CMO Series 2013-2 Class A | CMO Series 2013-2 Class A |
| 03/25/2039 | &nbsp;&nbsp; 1.715% | 474248 | &nbsp;&nbsp; 12069 |
| CMO Series 2014-2 Class A | CMO Series 2014-2 Class A | CMO Series 2014-2 Class A | CMO Series 2014-2 Class A |
| 04/25/2040 | &nbsp;&nbsp; 2.492% | 72914 | &nbsp;&nbsp; 4174 |
| Ladder Capital Commercial Mortgage Trust<sup>(a)</sup>  | Ladder Capital Commercial Mortgage Trust<sup>(a)</sup>  | Ladder Capital Commercial Mortgage Trust<sup>(a)</sup>  | Ladder Capital Commercial Mortgage Trust<sup>(a)</sup>  |
| Series 2013-GCP Class A2 | Series 2013-GCP Class A2 | Series 2013-GCP Class A2 | Series 2013-GCP Class A2 |
| 02/15/2036 | &nbsp;&nbsp; 3.985% | 1535000 | &nbsp;&nbsp; 1444665 |
| Morgan Stanley Capital I Trust<sup>(a),(c),(d)</sup>  | Morgan Stanley Capital I Trust<sup>(a),(c),(d)</sup>  | Morgan Stanley Capital I Trust<sup>(a),(c),(d)</sup>  | Morgan Stanley Capital I Trust<sup>(a),(c),(d)</sup>  |
| CMO Series 2006-T21 Class X | CMO Series 2006-T21 Class X | CMO Series 2006-T21 Class X | CMO Series 2006-T21 Class X |
| 10/12/2052 | &nbsp;&nbsp; 0.057% | 1553571 | &nbsp;&nbsp; 16 |
| Morgan Stanley Capital I Trust<sup>(c)</sup>  | Morgan Stanley Capital I Trust<sup>(c)</sup>  | Morgan Stanley Capital I Trust<sup>(c)</sup>  | Morgan Stanley Capital I Trust<sup>(c)</sup>  |
| Series 2018-L1 Class A4 | Series 2018-L1 Class A4 | Series 2018-L1 Class A4 | Series 2018-L1 Class A4 |
| 10/15/2051 | &nbsp;&nbsp; 4.407% | 888000 | &nbsp;&nbsp; 889053 |
| Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust |
| Series 2020-HR8 Class A3 | Series 2020-HR8 Class A3 | Series 2020-HR8 Class A3 | Series 2020-HR8 Class A3 |
| 07/15/2053 | &nbsp;&nbsp; 1.790% | 845266 | &nbsp;&nbsp; 765652 |
| MRCD MARK Mortgage Trust<sup>(a)</sup>  | MRCD MARK Mortgage Trust<sup>(a)</sup>  | MRCD MARK Mortgage Trust<sup>(a)</sup>  | MRCD MARK Mortgage Trust<sup>(a)</sup>  |
| Series 2019-PARK Class A | Series 2019-PARK Class A | Series 2019-PARK Class A | Series 2019-PARK Class A |
| 12/15/2036 | &nbsp;&nbsp; 2.718% | 4000000 | &nbsp;&nbsp; 3360000 |
| Series 2019-PARK Class D | Series 2019-PARK Class D | Series 2019-PARK Class D | Series 2019-PARK Class D |
| 12/15/2036 | &nbsp;&nbsp; 2.718% | 2375000 | &nbsp;&nbsp; 1740424 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Commercial Mortgage-Backed Securities - Non-Agency (continued)** | **Commercial Mortgage-Backed Securities - Non-Agency (continued)** | **Commercial Mortgage-Backed Securities - Non-Agency (continued)** | **Commercial Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| New Residential Mortgage Loan Trust<sup>(a)</sup>  | New Residential Mortgage Loan Trust<sup>(a)</sup>  | New Residential Mortgage Loan Trust<sup>(a)</sup>  | New Residential Mortgage Loan Trust<sup>(a)</sup>  |
| Subordinated Series 2022-SFR1 Class E1 | Subordinated Series 2022-SFR1 Class E1 | Subordinated Series 2022-SFR1 Class E1 | Subordinated Series 2022-SFR1 Class E1 |
| 02/17/2039 | &nbsp;&nbsp; 3.550% | 7036000 | &nbsp;&nbsp; 6889563 |
| Progress Residential Trust<sup>(a)</sup>  | Progress Residential Trust<sup>(a)</sup>  | Progress Residential Trust<sup>(a)</sup>  | Progress Residential Trust<sup>(a)</sup>  |
| Subordinated Series 2021-SFR7 Class E1 | Subordinated Series 2021-SFR7 Class E1 | Subordinated Series 2021-SFR7 Class E1 | Subordinated Series 2021-SFR7 Class E1 |
| 08/17/2040 | &nbsp;&nbsp; 2.591% | 2500000 | &nbsp;&nbsp; 2348460 |
| Subordinated Series 2021-SFR8 Class F | Subordinated Series 2021-SFR8 Class F | Subordinated Series 2021-SFR8 Class F | Subordinated Series 2021-SFR8 Class F |
| 10/17/2038 | &nbsp;&nbsp; 3.181% | 1000000 | &nbsp;&nbsp; 984821 |
| Subordinated Series 2021-SFR9 Class E2 | Subordinated Series 2021-SFR9 Class E2 | Subordinated Series 2021-SFR9 Class E2 | Subordinated Series 2021-SFR9 Class E2 |
| 11/17/2040 | &nbsp;&nbsp; 3.010% | 2899000 | &nbsp;&nbsp; 2730710 |
| Subordinated Series 2022-SFR3 Class F | Subordinated Series 2022-SFR3 Class F | Subordinated Series 2022-SFR3 Class F | Subordinated Series 2022-SFR3 Class F |
| 04/17/2039 | &nbsp;&nbsp; 6.600% | 5560000 | &nbsp;&nbsp; 5601567 |
| Progress Residential Trust | Progress Residential Trust | Progress Residential Trust | Progress Residential Trust |
| Subordinated Series 2022-SFR2 Class E1 | Subordinated Series 2022-SFR2 Class E1 | Subordinated Series 2022-SFR2 Class E1 | Subordinated Series 2022-SFR2 Class E1 |
| 04/17/2027 | &nbsp;&nbsp; 4.550% | 3100000 | &nbsp;&nbsp; 3063525 |
| Starwood Waypoint Homes Trust<sup>(h)</sup>  | Starwood Waypoint Homes Trust<sup>(h)</sup>  | Starwood Waypoint Homes Trust<sup>(h)</sup>  | Starwood Waypoint Homes Trust<sup>(h)</sup>  |
| Series 2019-STL Class A | Series 2019-STL Class A | Series 2019-STL Class A | Series 2019-STL Class A |
| 10/11/2026 | &nbsp;&nbsp; 7.250% | 1771902 | &nbsp;&nbsp; 1753297 |
| SWCH Commercial Mortgage Trust<sup>(a),(b)</sup>  | SWCH Commercial Mortgage Trust<sup>(a),(b)</sup>  | SWCH Commercial Mortgage Trust<sup>(a),(b)</sup>  | SWCH Commercial Mortgage Trust<sup>(a),(b)</sup>  |
| Series 2025-DATA Class A | Series 2025-DATA Class A | Series 2025-DATA Class A | Series 2025-DATA Class A |
| 1-month Term SOFR + 1.443% <br>Floor 1.443% <br>03/15/2042<br>| &nbsp;&nbsp; 5.402% | 2176000 | &nbsp;&nbsp; 2151995 |
| Wachovia Bank Commercial Mortgage Trust<sup>(a),(c),(d)</sup>  | Wachovia Bank Commercial Mortgage Trust<sup>(a),(c),(d)</sup>  | Wachovia Bank Commercial Mortgage Trust<sup>(a),(c),(d)</sup>  | Wachovia Bank Commercial Mortgage Trust<sup>(a),(c),(d)</sup>  |
| CMO Series 2004-C12 Class | CMO Series 2004-C12 Class | CMO Series 2004-C12 Class | CMO Series 2004-C12 Class |
| 07/15/2041 | &nbsp;&nbsp; 0.888% | 77816 | &nbsp;&nbsp; 103 |
| CMO Series 2006-C24 Class XC | CMO Series 2006-C24 Class XC | CMO Series 2006-C24 Class XC | CMO Series 2006-C24 Class XC |
| 03/15/2045 | &nbsp;&nbsp; 0.000% | 11356 | &nbsp;&nbsp; 0 |
| Wells Fargo Commercial Mortgage Trust<sup>(a),(b)</sup>  | Wells Fargo Commercial Mortgage Trust<sup>(a),(b)</sup>  | Wells Fargo Commercial Mortgage Trust<sup>(a),(b)</sup>  | Wells Fargo Commercial Mortgage Trust<sup>(a),(b)</sup>  |
| Series 2021-SAVE Class A | Series 2021-SAVE Class A | Series 2021-SAVE Class A | Series 2021-SAVE Class A |
| 1-month Term SOFR + 1.364% <br>Floor 1.150% <br>02/15/2040<br>| &nbsp;&nbsp; 5.115% | 603067 | &nbsp;&nbsp; 602715 |
| Total Commercial Mortgage-Backed Securities - Non-Agency <br>(Cost $135,114,493) | Total Commercial Mortgage-Backed Securities - Non-Agency <br>(Cost $135,114,493) | Total Commercial Mortgage-Backed Securities - Non-Agency <br>(Cost $135,114,493) | &nbsp;&nbsp; **139481384** |
| **Corporate Bonds & Notes 27.7%** | **Corporate Bonds & Notes 27.7%** | **Corporate Bonds & Notes 27.7%** | **Corporate Bonds & Notes 27.7%** |
| **Aerospace & Defense 0.4%** | **Aerospace & Defense 0.4%** | **Aerospace & Defense 0.4%** | **Aerospace & Defense 0.4%** |
| Allegheny Technologies, Inc. | Allegheny Technologies, Inc. | Allegheny Technologies, Inc. | Allegheny Technologies, Inc. |
| 12/01/2027 | &nbsp;&nbsp; 5.875% | 480000 | &nbsp;&nbsp; 480856 |
| Axon Enterprise, Inc.<sup>(a)</sup>  | Axon Enterprise, Inc.<sup>(a)</sup>  | Axon Enterprise, Inc.<sup>(a)</sup>  | Axon Enterprise, Inc.<sup>(a)</sup>  |
| 03/15/2030 | &nbsp;&nbsp; 6.125% | 150000 | &nbsp;&nbsp; 155350 |
| BAE Systems PLC<sup>(a)</sup>  | BAE Systems PLC<sup>(a)</sup>  | BAE Systems PLC<sup>(a)</sup>  | BAE Systems PLC<sup>(a)</sup>  |
| 02/15/2031 | &nbsp;&nbsp; 1.900% | 217000 | &nbsp;&nbsp; 192650 |
| Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) |
| 05/01/2050 | &nbsp;&nbsp; 5.805% | 1365000 | &nbsp;&nbsp; 1344530 |
| 05/01/2054 | &nbsp;&nbsp; 6.858% | 816000 | &nbsp;&nbsp; 915762 |
| Bombardier, Inc.<sup>(a)</sup>  | Bombardier, Inc.<sup>(a)</sup>  | Bombardier, Inc.<sup>(a)</sup>  | Bombardier, Inc.<sup>(a)</sup>  |
| 02/15/2028 | &nbsp;&nbsp; 6.000% | 580000 | &nbsp;&nbsp; 581606 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Embraer Netherlands Finance BV | Embraer Netherlands Finance BV | Embraer Netherlands Finance BV | Embraer Netherlands Finance BV |
| 02/11/2035 | &nbsp;&nbsp; 5.980% | 1254000 | &nbsp;&nbsp; 1330151 |
| 01/09/2038 | &nbsp;&nbsp; 5.400% | 1195000 | &nbsp;&nbsp; 1174820 |
| General Electric Co. | General Electric Co. | General Electric Co. | General Electric Co. |
| 07/29/2030 | &nbsp;&nbsp; 4.300% | 2368000 | &nbsp;&nbsp; 2387717 |
| 01/29/2036 | &nbsp;&nbsp; 4.900% | 2153000 | &nbsp;&nbsp; 2185226 |
| Howmet Aerospace, Inc. | Howmet Aerospace, Inc. | Howmet Aerospace, Inc. | Howmet Aerospace, Inc. |
| 10/15/2031 | &nbsp;&nbsp; 4.850% | 1048000 | &nbsp;&nbsp; 1075534 |
| Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. |
| 07/15/2030 | &nbsp;&nbsp; 4.650% | 1123000 | &nbsp;&nbsp; 1143170 |
| 07/15/2035 | &nbsp;&nbsp; 5.250% | 1042000 | &nbsp;&nbsp; 1078813 |
| RTX Corp. | RTX Corp. | RTX Corp. | RTX Corp. |
| 03/15/2054 | &nbsp;&nbsp; 6.400% | 504000 | &nbsp;&nbsp; 554740 |
| TransDigm, Inc.<sup>(a)</sup>  | TransDigm, Inc.<sup>(a)</sup>  | TransDigm, Inc.<sup>(a)</sup>  | TransDigm, Inc.<sup>(a)</sup>  |
| 03/01/2032 | &nbsp;&nbsp; 6.625% | 900000 | &nbsp;&nbsp; 936268 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **15537193** |
| **Agencies 0.0%** | **Agencies 0.0%** | **Agencies 0.0%** | **Agencies 0.0%** |
| Crowley Conro LLC | Crowley Conro LLC | Crowley Conro LLC | Crowley Conro LLC |
| 08/15/2043 | &nbsp;&nbsp; 4.181% | 543612 | &nbsp;&nbsp; 505320 |
| **Airlines 0.5%** | **Airlines 0.5%** | **Airlines 0.5%** | **Airlines 0.5%** |
| Air Canada Pass-Through Trust<sup>(a)</sup>  | Air Canada Pass-Through Trust<sup>(a)</sup>  | Air Canada Pass-Through Trust<sup>(a)</sup>  | Air Canada Pass-Through Trust<sup>(a)</sup>  |
| Series 2017-1 Class A | Series 2017-1 Class A | Series 2017-1 Class A | Series 2017-1 Class A |
| 01/15/2030 | &nbsp;&nbsp; 3.550% | 233542 | &nbsp;&nbsp; 218179 |
| Series 2017-1 Class AA | Series 2017-1 Class AA | Series 2017-1 Class AA | Series 2017-1 Class AA |
| 01/15/2030 | &nbsp;&nbsp; 3.300% | 167458 | &nbsp;&nbsp; 159160 |
| American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
| Series 2016-3 Class AA | Series 2016-3 Class AA | Series 2016-3 Class AA | Series 2016-3 Class AA |
| 10/15/2028 | &nbsp;&nbsp; 3.000% | 722262 | &nbsp;&nbsp; 699615 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup>  | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup>  | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup>  | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup>  |
| 04/20/2026 | &nbsp;&nbsp; 5.500% | 239167 | &nbsp;&nbsp; 239504 |
| 04/20/2029 | &nbsp;&nbsp; 5.750% | 1100000 | &nbsp;&nbsp; 1120027 |
| British Airways Pass-Through Trust<sup>(a)</sup>  | British Airways Pass-Through Trust<sup>(a)</sup>  | British Airways Pass-Through Trust<sup>(a)</sup>  | British Airways Pass-Through Trust<sup>(a)</sup>  |
| Series 2018-1 Class A | Series 2018-1 Class A | Series 2018-1 Class A | Series 2018-1 Class A |
| 09/20/2031 | &nbsp;&nbsp; 4.125% | 255463 | &nbsp;&nbsp; 248012 |
| Series 2018-1 Class AA | Series 2018-1 Class AA | Series 2018-1 Class AA | Series 2018-1 Class AA |
| 09/20/2031 | &nbsp;&nbsp; 3.800% | 163072 | &nbsp;&nbsp; 159461 |
| Series 2019-1 Class AA | Series 2019-1 Class AA | Series 2019-1 Class AA | Series 2019-1 Class AA |
| 06/15/2034 | &nbsp;&nbsp; 3.300% | 301436 | &nbsp;&nbsp; 285542 |
| Delta Air Lines, Inc. | Delta Air Lines, Inc. | Delta Air Lines, Inc. | Delta Air Lines, Inc. |
| 07/10/2028 | &nbsp;&nbsp; 4.950% | 3146000 | &nbsp;&nbsp; 3201905 |
| 07/10/2030 | &nbsp;&nbsp; 5.250% | 3539000 | &nbsp;&nbsp; 3638402 |
| Delta Air Lines, Inc./SkyMiles IP Ltd.<sup>(a)</sup>  | Delta Air Lines, Inc./SkyMiles IP Ltd.<sup>(a)</sup>  | Delta Air Lines, Inc./SkyMiles IP Ltd.<sup>(a)</sup>  | Delta Air Lines, Inc./SkyMiles IP Ltd.<sup>(a)</sup>  |
| 10/20/2028 | &nbsp;&nbsp; 4.750% | 2547000 | &nbsp;&nbsp; 2562415 |
| JetBlue Airways Corp./Loyalty LP<sup>(a)</sup>  | JetBlue Airways Corp./Loyalty LP<sup>(a)</sup>  | JetBlue Airways Corp./Loyalty LP<sup>(a)</sup>  | JetBlue Airways Corp./Loyalty LP<sup>(a)</sup>  |
| 09/20/2031 | &nbsp;&nbsp; 9.875% | 490000 | &nbsp;&nbsp; 493558 |
| Southwest Airlines Co. | Southwest Airlines Co. | Southwest Airlines Co. | Southwest Airlines Co. |
| 11/15/2035 | &nbsp;&nbsp; 5.250% | 2354000 | &nbsp;&nbsp; 2303680 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
| Series 2016-2 Class A | Series 2016-2 Class A | Series 2016-2 Class A | Series 2016-2 Class A |
| 04/07/2030 | &nbsp;&nbsp; 3.100% | 638949 | &nbsp;&nbsp; 608453 |
| United Airlines, Inc.<sup>(a)</sup>  | United Airlines, Inc.<sup>(a)</sup>  | United Airlines, Inc.<sup>(a)</sup>  | United Airlines, Inc.<sup>(a)</sup>  |
| 04/15/2026 | &nbsp;&nbsp; 4.375% | 535000 | &nbsp;&nbsp; 534697 |
| United Airlines, Inc. Pass-Through Trust | United Airlines, Inc. Pass-Through Trust | United Airlines, Inc. Pass-Through Trust | United Airlines, Inc. Pass-Through Trust |
| Series 2016-1 Class AA | Series 2016-1 Class AA | Series 2016-1 Class AA | Series 2016-1 Class AA |
| 07/07/2028 | &nbsp;&nbsp; 3.100% | 307428 | &nbsp;&nbsp; 299399 |
| Series 2018-1 Class A | Series 2018-1 Class A | Series 2018-1 Class A | Series 2018-1 Class A |
| 03/01/2030 | &nbsp;&nbsp; 3.700% | 820401 | &nbsp;&nbsp; 781843 |
| Series 2018-1 Class AA | Series 2018-1 Class AA | Series 2018-1 Class AA | Series 2018-1 Class AA |
| 03/01/2030 | &nbsp;&nbsp; 3.500% | 259588 | &nbsp;&nbsp; 249918 |
| Series 2019-1 Class A | Series 2019-1 Class A | Series 2019-1 Class A | Series 2019-1 Class A |
| 08/25/2031 | &nbsp;&nbsp; 4.550% | 457697 | &nbsp;&nbsp; 445159 |
| Series 2019-1 Class AA | Series 2019-1 Class AA | Series 2019-1 Class AA | Series 2019-1 Class AA |
| 08/25/2031 | &nbsp;&nbsp; 4.150% | 485361 | &nbsp;&nbsp; 475890 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **18724819** |
| **Apartment REIT 0.2%** | **Apartment REIT 0.2%** | **Apartment REIT 0.2%** | **Apartment REIT 0.2%** |
| American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
| 06/15/2030 | &nbsp;&nbsp; 4.950% | 1017000 | &nbsp;&nbsp; 1037568 |
| 04/15/2032 | &nbsp;&nbsp; 3.625% | 1331000 | &nbsp;&nbsp; 1258239 |
| 07/15/2034 | &nbsp;&nbsp; 5.500% | 542000 | &nbsp;&nbsp; 560080 |
| 04/15/2052 | &nbsp;&nbsp; 4.300% | 597000 | &nbsp;&nbsp; 474571 |
| Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP |
| 01/15/2031 | &nbsp;&nbsp; 1.650% | 180000 | &nbsp;&nbsp; 157113 |
| 06/15/2031 | &nbsp;&nbsp; 2.550% | 687000 | &nbsp;&nbsp; 622953 |
| 04/01/2034 | &nbsp;&nbsp; 5.500% | 352000 | &nbsp;&nbsp; 364567 |
| Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
| 08/15/2031 | &nbsp;&nbsp; 2.000% | 231000 | &nbsp;&nbsp; 201925 |
| 04/15/2032 | &nbsp;&nbsp; 4.150% | 1326000 | &nbsp;&nbsp; 1287910 |
| 01/15/2033 | &nbsp;&nbsp; 4.950% | 1344000 | &nbsp;&nbsp; 1363945 |
| UDR, Inc. | UDR, Inc. | UDR, Inc. | UDR, Inc. |
| 09/01/2026 | &nbsp;&nbsp; 2.950% | 212000 | &nbsp;&nbsp; 210414 |
| 09/01/2034 | &nbsp;&nbsp; 5.125% | 280000 | &nbsp;&nbsp; 283063 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **7822348** |
| **Automotive 0.4%** | **Automotive 0.4%** | **Automotive 0.4%** | **Automotive 0.4%** |
| Adient Global Holdings Ltd.<sup>(a)</sup>  | Adient Global Holdings Ltd.<sup>(a)</sup>  | Adient Global Holdings Ltd.<sup>(a)</sup>  | Adient Global Holdings Ltd.<sup>(a)</sup>  |
| 04/15/2028 | &nbsp;&nbsp; 7.000% | 500000 | &nbsp;&nbsp; 513869 |
| Allison Transmission, Inc.<sup>(a)</sup>  | Allison Transmission, Inc.<sup>(a)</sup>  | Allison Transmission, Inc.<sup>(a)</sup>  | Allison Transmission, Inc.<sup>(a)</sup>  |
| 06/01/2029 | &nbsp;&nbsp; 5.875% | 515000 | &nbsp;&nbsp; 523110 |
| Clarios Global LP/US Finance Co.<sup>(a)</sup>  | Clarios Global LP/US Finance Co.<sup>(a)</sup>  | Clarios Global LP/US Finance Co.<sup>(a)</sup>  | Clarios Global LP/US Finance Co.<sup>(a)</sup>  |
| 02/15/2030 | &nbsp;&nbsp; 6.750% | 250000 | &nbsp;&nbsp; 261172 |
| Dana, Inc. | Dana, Inc. | Dana, Inc. | Dana, Inc. |
| 06/15/2028 | &nbsp;&nbsp; 5.625% | 250000 | &nbsp;&nbsp; 249829 |
| Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
| 02/10/2029 | &nbsp;&nbsp; 2.900% | 3810000 | &nbsp;&nbsp; 3579002 |
| 05/03/2029 | &nbsp;&nbsp; 5.113% | 363000 | &nbsp;&nbsp; 363702 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
| 06/10/2031 | &nbsp;&nbsp; 2.700% | 2948000 | &nbsp;&nbsp; 2669895 |
| 04/04/2034 | &nbsp;&nbsp; 5.950% | 438000 | &nbsp;&nbsp; 458798 |
| Goodyear Tire & Rubber Co. (The) | Goodyear Tire & Rubber Co. (The) | Goodyear Tire & Rubber Co. (The) | Goodyear Tire & Rubber Co. (The) |
| 07/15/2031 | &nbsp;&nbsp; 5.250% | 450000 | &nbsp;&nbsp; 426602 |
| Hyundai Capital America<sup>(a)</sup>  | Hyundai Capital America<sup>(a)</sup>  | Hyundai Capital America<sup>(a)</sup>  | Hyundai Capital America<sup>(a)</sup>  |
| 01/08/2026 | &nbsp;&nbsp; 1.300% | 239000 | &nbsp;&nbsp; 238843 |
| 01/10/2028 | &nbsp;&nbsp; 1.800% | 196000 | &nbsp;&nbsp; 186991 |
| 03/27/2030 | &nbsp;&nbsp; 5.150% | 1157000 | &nbsp;&nbsp; 1184348 |
| 09/18/2030 | &nbsp;&nbsp; 4.500% | 1019000 | &nbsp;&nbsp; 1017357 |
| Volkswagen Group of America Finance LLC<sup>(a)</sup>  | Volkswagen Group of America Finance LLC<sup>(a)</sup>  | Volkswagen Group of America Finance LLC<sup>(a)</sup>  | Volkswagen Group of America Finance LLC<sup>(a)</sup>  |
| 03/27/2028 | &nbsp;&nbsp; 5.050% | 721000 | &nbsp;&nbsp; 731758 |
| 11/13/2028 | &nbsp;&nbsp; 4.750% | 710000 | &nbsp;&nbsp; 717211 |
| 03/27/2030 | &nbsp;&nbsp; 5.350% | 1132000 | &nbsp;&nbsp; 1162155 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **14284642** |
| **Banking 8.2%** | **Banking 8.2%** | **Banking 8.2%** | **Banking 8.2%** |
| ABN AMRO Bank NV<sup>(a),(e)</sup>  | ABN AMRO Bank NV<sup>(a),(e)</sup>  | ABN AMRO Bank NV<sup>(a),(e)</sup>  | ABN AMRO Bank NV<sup>(a),(e)</sup>  |
| 12/03/2028 | &nbsp;&nbsp; 4.988% | 700000 | &nbsp;&nbsp; 711758 |
| 12/13/2029 | &nbsp;&nbsp; 2.470% | 500000 | &nbsp;&nbsp; 476287 |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 03/13/2037 | &nbsp;&nbsp; 3.324% | 800000 | &nbsp;&nbsp; 731437 |
| AIB Group PLC<sup>(a),(e)</sup>  | AIB Group PLC<sup>(a),(e)</sup>  | AIB Group PLC<sup>(a),(e)</sup>  | AIB Group PLC<sup>(a),(e)</sup>  |
| 09/13/2029 | &nbsp;&nbsp; 6.608% | 265000 | &nbsp;&nbsp; 281391 |
| 05/15/2031 | &nbsp;&nbsp; 5.320% | 200000 | &nbsp;&nbsp; 206427 |
| American Express Co.<sup>(e)</sup>  | American Express Co.<sup>(e)</sup>  | American Express Co.<sup>(e)</sup>  | American Express Co.<sup>(e)</sup>  |
| 04/25/2031 | &nbsp;&nbsp; 5.016% | 949000 | &nbsp;&nbsp; 977565 |
| 07/20/2033 | &nbsp;&nbsp; 4.918% | 2626000 | &nbsp;&nbsp; 2672543 |
| 01/30/2036 | &nbsp;&nbsp; 5.442% | 1399000 | &nbsp;&nbsp; 1452656 |
| 04/25/2036 | &nbsp;&nbsp; 5.667% | 280000 | &nbsp;&nbsp; 295839 |
| ANZ New Zealand International Ltd.<sup>(a)</sup>  | ANZ New Zealand International Ltd.<sup>(a)</sup>  | ANZ New Zealand International Ltd.<sup>(a)</sup>  | ANZ New Zealand International Ltd.<sup>(a)</sup>  |
| 02/13/2030 | &nbsp;&nbsp; 2.550% | 298000 | &nbsp;&nbsp; 279432 |
| Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
| 03/13/2029 | &nbsp;&nbsp; 5.381% | 1600000 | &nbsp;&nbsp; 1658698 |
| Banco Santander SA<sup>(e),(k)</sup>  | Banco Santander SA<sup>(e),(k)</sup>  | Banco Santander SA<sup>(e),(k)</sup>  | Banco Santander SA<sup>(e),(k)</sup>  |
|  | &nbsp;&nbsp; 9.625% | 1000000 | &nbsp;&nbsp; 1109705 |
| Banco Santander SA | Banco Santander SA | Banco Santander SA | Banco Santander SA |
| 08/08/2028 | &nbsp;&nbsp; 5.588% | 2400000 | &nbsp;&nbsp; 2487566 |
| 11/06/2030 | &nbsp;&nbsp; 4.551% | 3400000 | &nbsp;&nbsp; 3404908 |
| 07/15/2031 | &nbsp;&nbsp; 5.439% | 200000 | &nbsp;&nbsp; 210318 |
| 11/06/2035 | &nbsp;&nbsp; 5.127% | 1800000 | &nbsp;&nbsp; 1804119 |
| Bank of America Corp.<sup>(e),(k)</sup>  | Bank of America Corp.<sup>(e),(k)</sup>  | Bank of America Corp.<sup>(e),(k)</sup>  | Bank of America Corp.<sup>(e),(k)</sup>  |
|  | &nbsp;&nbsp; 6.250% | 787000 | &nbsp;&nbsp; 797651 |
| Bank of America Corp.<sup>(e)</sup>  | Bank of America Corp.<sup>(e)</sup>  | Bank of America Corp.<sup>(e)</sup>  | Bank of America Corp.<sup>(e)</sup>  |
| 07/22/2027 | &nbsp;&nbsp; 1.734% | 3144000 | &nbsp;&nbsp; 3103481 |
| 04/24/2028 | &nbsp;&nbsp; 3.705% | 365000 | &nbsp;&nbsp; 363333 |
| 12/20/2028 | &nbsp;&nbsp; 3.419% | 210000 | &nbsp;&nbsp; 207544 |
| 09/15/2029 | &nbsp;&nbsp; 5.819% | 688000 | &nbsp;&nbsp; 717336 |
| 01/24/2031 | &nbsp;&nbsp; 5.162% | 1088000 | &nbsp;&nbsp; 1123681 |
| 02/13/2031 | &nbsp;&nbsp; 2.496% | 1024000 | &nbsp;&nbsp; 953759 |
| 07/23/2031 | &nbsp;&nbsp; 1.898% | 431000 | &nbsp;&nbsp; 387152 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| 02/04/2033 | &nbsp;&nbsp; 2.972% | 1280000 | &nbsp;&nbsp; 1170051 |
| 04/27/2033 | &nbsp;&nbsp; 4.571% | 911000 | &nbsp;&nbsp; 908984 |
| 01/23/2035 | &nbsp;&nbsp; 5.468% | 547000 | &nbsp;&nbsp; 569773 |
| 06/19/2041 | &nbsp;&nbsp; 2.676% | 2902000 | &nbsp;&nbsp; 2138903 |
| 12/31/2079 | &nbsp;&nbsp; 6.625% | 682000 | &nbsp;&nbsp; 709927 |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 08/15/2035 | &nbsp;&nbsp; 5.425% | 701000 | &nbsp;&nbsp; 716976 |
| 03/08/2037 | &nbsp;&nbsp; 3.846% | 1091000 | &nbsp;&nbsp; 1029592 |
| Bank of Ireland Group PLC<sup>(a),(e)</sup>  | Bank of Ireland Group PLC<sup>(a),(e)</sup>  | Bank of Ireland Group PLC<sup>(a),(e)</sup>  | Bank of Ireland Group PLC<sup>(a),(e)</sup>  |
| 03/20/2030 | &nbsp;&nbsp; 5.601% | 350000 | &nbsp;&nbsp; 363290 |
| Bank of Montreal | Bank of Montreal | Bank of Montreal | Bank of Montreal |
| 06/04/2031 | &nbsp;&nbsp; 5.511% | 263000 | &nbsp;&nbsp; 276689 |
| Bank of New York Mellon Corp. (The)<sup>(e)</sup>  | Bank of New York Mellon Corp. (The)<sup>(e)</sup>  | Bank of New York Mellon Corp. (The)<sup>(e)</sup>  | Bank of New York Mellon Corp. (The)<sup>(e)</sup>  |
| 10/25/2029 | &nbsp;&nbsp; 6.317% | 202000 | &nbsp;&nbsp; 214447 |
| 02/11/2031 | &nbsp;&nbsp; 4.942% | 2223000 | &nbsp;&nbsp; 2286476 |
| Bank of Nova Scotia (The)<sup>(e)</sup>  | Bank of Nova Scotia (The)<sup>(e)</sup>  | Bank of Nova Scotia (The)<sup>(e)</sup>  | Bank of Nova Scotia (The)<sup>(e)</sup>  |
| 11/10/2032 | &nbsp;&nbsp; 4.740% | 473000 | &nbsp;&nbsp; 478647 |
| Banque Federative du Credit Mutuel SA<sup>(a)</sup>  | Banque Federative du Credit Mutuel SA<sup>(a)</sup>  | Banque Federative du Credit Mutuel SA<sup>(a)</sup>  | Banque Federative du Credit Mutuel SA<sup>(a)</sup>  |
| 10/04/2026 | &nbsp;&nbsp; 1.604% | 545000 | &nbsp;&nbsp; 535293 |
| 07/13/2028 | &nbsp;&nbsp; 5.790% | 737000 | &nbsp;&nbsp; 765738 |
| Barclays PLC<sup>(e)</sup>  | Barclays PLC<sup>(e)</sup>  | Barclays PLC<sup>(e)</sup>  | Barclays PLC<sup>(e)</sup>  |
| 11/11/2029 | &nbsp;&nbsp; 4.470% | 305000 | &nbsp;&nbsp; 306652 |
| 09/10/2030 | &nbsp;&nbsp; 4.942% | 929000 | &nbsp;&nbsp; 946746 |
| 11/02/2033 | &nbsp;&nbsp; 7.437% | 1195000 | &nbsp;&nbsp; 1366802 |
| BNP Paribas SA<sup>(a),(e),(k)</sup>  | BNP Paribas SA<sup>(a),(e),(k)</sup>  | BNP Paribas SA<sup>(a),(e),(k)</sup>  | BNP Paribas SA<sup>(a),(e),(k)</sup>  |
|  | &nbsp;&nbsp; 7.375% | 270000 | &nbsp;&nbsp; 281591 |
| BNP Paribas SA<sup>(a),(e)</sup>  | BNP Paribas SA<sup>(a),(e)</sup>  | BNP Paribas SA<sup>(a),(e)</sup>  | BNP Paribas SA<sup>(a),(e)</sup>  |
| 01/09/2030 | &nbsp;&nbsp; 5.176% | 1320000 | &nbsp;&nbsp; 1352177 |
| 01/20/2033 | &nbsp;&nbsp; 3.132% | 341000 | &nbsp;&nbsp; 311120 |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 11/19/2035 | &nbsp;&nbsp; 5.906% | 930000 | &nbsp;&nbsp; 967771 |
| BPCE SA<sup>(a)</sup>  | BPCE SA<sup>(a)</sup>  | BPCE SA<sup>(a)</sup>  | BPCE SA<sup>(a)</sup>  |
| 07/19/2027 | &nbsp;&nbsp; 4.750% | 250000 | &nbsp;&nbsp; 252800 |
| 01/18/2028 | &nbsp;&nbsp; 5.125% | 1622000 | &nbsp;&nbsp; 1653207 |
| BPCE SA<sup>(a),(e)</sup>  | BPCE SA<sup>(a),(e)</sup>  | BPCE SA<sup>(a),(e)</sup>  | BPCE SA<sup>(a),(e)</sup>  |
| 10/19/2027 | &nbsp;&nbsp; 6.612% | 630000 | &nbsp;&nbsp; 641776 |
| 10/19/2029 | &nbsp;&nbsp; 6.714% | 804000 | &nbsp;&nbsp; 853117 |
| 01/20/2032 | &nbsp;&nbsp; 2.277% | 605000 | &nbsp;&nbsp; 536431 |
| 10/19/2034 | &nbsp;&nbsp; 7.003% | 1044000 | &nbsp;&nbsp; 1162273 |
| 05/30/2035 | &nbsp;&nbsp; 5.936% | 330000 | &nbsp;&nbsp; 344575 |
| 01/14/2036 | &nbsp;&nbsp; 6.293% | 280000 | &nbsp;&nbsp; 298952 |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 10/19/2032 | &nbsp;&nbsp; 3.116% | 900000 | &nbsp;&nbsp; 807469 |
| CaixaBank SA<sup>(a),(e)</sup>  | CaixaBank SA<sup>(a),(e)</sup>  | CaixaBank SA<sup>(a),(e)</sup>  | CaixaBank SA<sup>(a),(e)</sup>  |
| 09/13/2027 | &nbsp;&nbsp; 6.684% | 330000 | &nbsp;&nbsp; 335731 |
| 07/03/2029 | &nbsp;&nbsp; 4.634% | 2600000 | &nbsp;&nbsp; 2625363 |
| 07/03/2031 | &nbsp;&nbsp; 4.885% | 2600000 | &nbsp;&nbsp; 2636518 |
| 07/03/2036 | &nbsp;&nbsp; 5.581% | 1766000 | &nbsp;&nbsp; 1815052 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Canadian Imperial Bank of Commerce<sup>(e)</sup>  | Canadian Imperial Bank of Commerce<sup>(e)</sup>  | Canadian Imperial Bank of Commerce<sup>(e)</sup>  | Canadian Imperial Bank of Commerce<sup>(e)</sup>  |
| 09/08/2028 | &nbsp;&nbsp; 4.243% | 2386000 | &nbsp;&nbsp; 2395143 |
| 09/08/2031 | &nbsp;&nbsp; 4.580% | 2554000 | &nbsp;&nbsp; 2574084 |
| Capital One Financial Corp.<sup>(e)</sup>  | Capital One Financial Corp.<sup>(e)</sup>  | Capital One Financial Corp.<sup>(e)</sup>  | Capital One Financial Corp.<sup>(e)</sup>  |
| 11/02/2027 | &nbsp;&nbsp; 1.878% | 254000 | &nbsp;&nbsp; 249231 |
| 02/01/2035 | &nbsp;&nbsp; 6.051% | 3025000 | &nbsp;&nbsp; 3215491 |
| 09/11/2036 | &nbsp;&nbsp; 5.197% | 2000000 | &nbsp;&nbsp; 1990400 |
| Citibank NA | Citibank NA | Citibank NA | Citibank NA |
| 08/06/2029 | &nbsp;&nbsp; 4.838% | 335000 | &nbsp;&nbsp; 342731 |
| Citigroup, Inc.<sup>(e),(k)</sup>  | Citigroup, Inc.<sup>(e),(k)</sup>  | Citigroup, Inc.<sup>(e),(k)</sup>  | Citigroup, Inc.<sup>(e),(k)</sup>  |
|  | &nbsp;&nbsp; 6.750% | 957000 | &nbsp;&nbsp; 969989 |
|  | &nbsp;&nbsp; 6.950% | 532000 | &nbsp;&nbsp; 547372 |
|  | &nbsp;&nbsp; 7.125% | 1425000 | &nbsp;&nbsp; 1469346 |
| Citigroup, Inc.<sup>(e)</sup>  | Citigroup, Inc.<sup>(e)</sup>  | Citigroup, Inc.<sup>(e)</sup>  | Citigroup, Inc.<sup>(e)</sup>  |
| 07/24/2028 | &nbsp;&nbsp; 3.668% | 448000 | &nbsp;&nbsp; 445244 |
| 03/04/2029 | &nbsp;&nbsp; 4.786% | 2753000 | &nbsp;&nbsp; 2793340 |
| 02/13/2030 | &nbsp;&nbsp; 5.174% | 414000 | &nbsp;&nbsp; 424915 |
| 03/20/2030 | &nbsp;&nbsp; 3.980% | 745000 | &nbsp;&nbsp; 738284 |
| 09/19/2030 | &nbsp;&nbsp; 4.542% | 4629000 | &nbsp;&nbsp; 4664010 |
| 05/07/2031 | &nbsp;&nbsp; 4.952% | 2022000 | &nbsp;&nbsp; 2064462 |
| 09/11/2031 | &nbsp;&nbsp; 4.503% | 3107000 | &nbsp;&nbsp; 3115395 |
| 05/01/2032 | &nbsp;&nbsp; 2.561% | 1086000 | &nbsp;&nbsp; 985722 |
| 11/03/2032 | &nbsp;&nbsp; 2.520% | 1350000 | &nbsp;&nbsp; 1209221 |
| 01/25/2033 | &nbsp;&nbsp; 3.057% | 1014000 | &nbsp;&nbsp; 928510 |
| 11/17/2033 | &nbsp;&nbsp; 6.270% | 1235000 | &nbsp;&nbsp; 1344734 |
| 03/27/2036 | &nbsp;&nbsp; 5.333% | 2775000 | &nbsp;&nbsp; 2838438 |
| 09/11/2036 | &nbsp;&nbsp; 5.174% | 3032000 | &nbsp;&nbsp; 3063799 |
| 03/04/2056 | &nbsp;&nbsp; 5.612% | 1890000 | &nbsp;&nbsp; 1883958 |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 02/13/2035 | &nbsp;&nbsp; 5.827% | 2296000 | &nbsp;&nbsp; 2388199 |
| 01/24/2036 | &nbsp;&nbsp; 6.020% | 2376000 | &nbsp;&nbsp; 2492681 |
| Credit Agricole SA<sup>(a),(e)</sup>  | Credit Agricole SA<sup>(a),(e)</sup>  | Credit Agricole SA<sup>(a),(e)</sup>  | Credit Agricole SA<sup>(a),(e)</sup>  |
| 01/26/2027 | &nbsp;&nbsp; 1.247% | 1320000 | &nbsp;&nbsp; 1317246 |
| 09/11/2028 | &nbsp;&nbsp; 4.631% | 380000 | &nbsp;&nbsp; 383036 |
| 10/03/2029 | &nbsp;&nbsp; 6.316% | 970000 | &nbsp;&nbsp; 1022227 |
| 09/25/2033 | &nbsp;&nbsp; 4.818% | 2009000 | &nbsp;&nbsp; 2006655 |
| 01/09/2036 | &nbsp;&nbsp; 5.862% | 555000 | &nbsp;&nbsp; 585863 |
| Credit Suisse Group AG<sup>(a),(e)</sup>  | Credit Suisse Group AG<sup>(a),(e)</sup>  | Credit Suisse Group AG<sup>(a),(e)</sup>  | Credit Suisse Group AG<sup>(a),(e)</sup>  |
| 01/12/2029 | &nbsp;&nbsp; 3.869% | 250000 | &nbsp;&nbsp; 248597 |
| Danske Bank A/S<sup>(a),(e)</sup>  | Danske Bank A/S<sup>(a),(e)</sup>  | Danske Bank A/S<sup>(a),(e)</sup>  | Danske Bank A/S<sup>(a),(e)</sup>  |
| 03/01/2030 | &nbsp;&nbsp; 5.705% | 320000 | &nbsp;&nbsp; 332523 |
| 10/02/2030 | &nbsp;&nbsp; 4.613% | 524000 | &nbsp;&nbsp; 527910 |
| Deutsche Bank AG<sup>(e)</sup>  | Deutsche Bank AG<sup>(e)</sup>  | Deutsche Bank AG<sup>(e)</sup>  | Deutsche Bank AG<sup>(e)</sup>  |
| 07/13/2027 | &nbsp;&nbsp; 7.146% | 270000 | &nbsp;&nbsp; 274180 |
| 01/07/2028 | &nbsp;&nbsp; 2.552% | 250000 | &nbsp;&nbsp; 245913 |
| 02/08/2028 | &nbsp;&nbsp; 5.706% | 527000 | &nbsp;&nbsp; 535432 |
| 12/10/2031 | &nbsp;&nbsp; 4.469% | 450000 | &nbsp;&nbsp; 448382 |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 01/07/2033 | &nbsp;&nbsp; 3.742% | 315000 | &nbsp;&nbsp; 292502 |
| 02/10/2034 | &nbsp;&nbsp; 7.079% | 645000 | &nbsp;&nbsp; 709129 |
| Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
| 05/10/2029 | &nbsp;&nbsp; 5.414% | 290000 | &nbsp;&nbsp; 301295 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Goldman Sachs Group, Inc. (The)<sup>(e),(k)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(e),(k)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(e),(k)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(e),(k)</sup>  |
|  | &nbsp;&nbsp; 6.850% | 730000 | &nbsp;&nbsp; 759133 |
|  | &nbsp;&nbsp; 7.500% | 481000 | &nbsp;&nbsp; 509080 |
| Goldman Sachs Group, Inc. (The)<sup>(e)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(e)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(e)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(e)</sup>  |
| 03/09/2027 | &nbsp;&nbsp; 1.431% | 518000 | &nbsp;&nbsp; 515331 |
| 02/24/2028 | &nbsp;&nbsp; 2.640% | 1025000 | &nbsp;&nbsp; 1009050 |
| 03/15/2028 | &nbsp;&nbsp; 3.615% | 450000 | &nbsp;&nbsp; 447408 |
| 04/23/2029 | &nbsp;&nbsp; 3.814% | 430000 | &nbsp;&nbsp; 427435 |
| 10/24/2029 | &nbsp;&nbsp; 6.484% | 2207000 | &nbsp;&nbsp; 2341648 |
| 04/25/2030 | &nbsp;&nbsp; 5.727% | 264000 | &nbsp;&nbsp; 275786 |
| 07/23/2030 | &nbsp;&nbsp; 5.049% | 1215000 | &nbsp;&nbsp; 1244891 |
| 10/23/2030 | &nbsp;&nbsp; 4.692% | 2354000 | &nbsp;&nbsp; 2386236 |
| 01/28/2031 | &nbsp;&nbsp; 5.207% | 3972000 | &nbsp;&nbsp; 4102080 |
| 04/23/2031 | &nbsp;&nbsp; 5.218% | 4870000 | &nbsp;&nbsp; 5028360 |
| 10/21/2031 | &nbsp;&nbsp; 4.369% | 8094000 | &nbsp;&nbsp; 8077176 |
| 04/22/2032 | &nbsp;&nbsp; 2.615% | 1648000 | &nbsp;&nbsp; 1502818 |
| 07/23/2035 | &nbsp;&nbsp; 5.330% | 2668000 | &nbsp;&nbsp; 2740031 |
| 10/23/2035 | &nbsp;&nbsp; 5.016% | 962000 | &nbsp;&nbsp; 966946 |
| Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) |
| 02/07/2030 | &nbsp;&nbsp; 2.600% | 321000 | &nbsp;&nbsp; 301711 |
| 10/21/2036 | &nbsp;&nbsp; 4.939% | 3456000 | &nbsp;&nbsp; 3431468 |
| Goldman Sachs Group, Inc.(The)<sup>(e)</sup>  | Goldman Sachs Group, Inc.(The)<sup>(e)</sup>  | Goldman Sachs Group, Inc.(The)<sup>(e)</sup>  | Goldman Sachs Group, Inc.(The)<sup>(e)</sup>  |
| 10/21/2029 | &nbsp;&nbsp; 4.153% | 5024000 | &nbsp;&nbsp; 5022481 |
| HSBC Holdings PLC<sup>(e)</sup>  | HSBC Holdings PLC<sup>(e)</sup>  | HSBC Holdings PLC<sup>(e)</sup>  | HSBC Holdings PLC<sup>(e)</sup>  |
| 08/11/2028 | &nbsp;&nbsp; 5.210% | 1217000 | &nbsp;&nbsp; 1237329 |
| 09/22/2028 | &nbsp;&nbsp; 2.013% | 1401000 | &nbsp;&nbsp; 1352189 |
| 05/22/2030 | &nbsp;&nbsp; 3.973% | 1394000 | &nbsp;&nbsp; 1376910 |
| 11/19/2030 | &nbsp;&nbsp; 5.286% | 1929000 | &nbsp;&nbsp; 1989990 |
| 08/18/2031 | &nbsp;&nbsp; 2.357% | 284000 | &nbsp;&nbsp; 258332 |
| 11/06/2031 | &nbsp;&nbsp; 4.619% | 2923000 | &nbsp;&nbsp; 2930622 |
| 05/17/2032 | &nbsp;&nbsp; 5.733% | 896000 | &nbsp;&nbsp; 944417 |
| 05/24/2032 | &nbsp;&nbsp; 2.804% | 1032000 | &nbsp;&nbsp; 943125 |
| 11/06/2036 | &nbsp;&nbsp; 5.133% | 1967000 | &nbsp;&nbsp; 1971087 |
| Huntington Bancshares, Inc.<sup>(e)</sup>  | Huntington Bancshares, Inc.<sup>(e)</sup>  | Huntington Bancshares, Inc.<sup>(e)</sup>  | Huntington Bancshares, Inc.<sup>(e)</sup>  |
| 02/02/2035 | &nbsp;&nbsp; 5.709% | 254000 | &nbsp;&nbsp; 265555 |
| Intesa Sanpaolo SpA<sup>(a)</sup>  | Intesa Sanpaolo SpA<sup>(a)</sup>  | Intesa Sanpaolo SpA<sup>(a)</sup>  | Intesa Sanpaolo SpA<sup>(a)</sup>  |
| 11/28/2033 | &nbsp;&nbsp; 7.200% | 1062000 | &nbsp;&nbsp; 1214170 |
| Intesa Sanpaolo SpA<sup>(a),(e)</sup>  | Intesa Sanpaolo SpA<sup>(a),(e)</sup>  | Intesa Sanpaolo SpA<sup>(a),(e)</sup>  | Intesa Sanpaolo SpA<sup>(a),(e)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 06/01/2042 | &nbsp;&nbsp; 4.950% | 1199000 | &nbsp;&nbsp; 1022863 |
| JPMorgan Chase & Co.<sup>(e)</sup>  | JPMorgan Chase & Co.<sup>(e)</sup>  | JPMorgan Chase & Co.<sup>(e)</sup>  | JPMorgan Chase & Co.<sup>(e)</sup>  |
| 10/22/2036 | &nbsp;&nbsp; 4.810% | 1203000 | &nbsp;&nbsp; 1195275 |
| KeyCorp<sup>(e)</sup>  | KeyCorp<sup>(e)</sup>  | KeyCorp<sup>(e)</sup>  | KeyCorp<sup>(e)</sup>  |
| 04/04/2031 | &nbsp;&nbsp; 5.121% | 874000 | &nbsp;&nbsp; 897610 |
| 06/01/2033 | &nbsp;&nbsp; 4.789% | 488000 | &nbsp;&nbsp; 487696 |
| Lloyds Banking Group PLC<sup>(e)</sup>  | Lloyds Banking Group PLC<sup>(e)</sup>  | Lloyds Banking Group PLC<sup>(e)</sup>  | Lloyds Banking Group PLC<sup>(e)</sup>  |
| 05/11/2027 | &nbsp;&nbsp; 1.627% | 356000 | &nbsp;&nbsp; 352727 |
| 01/05/2028 | &nbsp;&nbsp; 5.462% | 205000 | &nbsp;&nbsp; 207783 |
| 11/04/2031 | &nbsp;&nbsp; 4.425% | 2218000 | &nbsp;&nbsp; 2211379 |
| 01/05/2035 | &nbsp;&nbsp; 5.679% | 220000 | &nbsp;&nbsp; 231566 |
| 11/04/2036 | &nbsp;&nbsp; 4.943% | 2617000 | &nbsp;&nbsp; 2588924 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| M&T Bank Corp.<sup>(e)</sup>  | M&T Bank Corp.<sup>(e)</sup>  | M&T Bank Corp.<sup>(e)</sup>  | M&T Bank Corp.<sup>(e)</sup>  |
| 03/13/2032 | &nbsp;&nbsp; 6.082% | 531000 | &nbsp;&nbsp; 564841 |
| 01/16/2036 | &nbsp;&nbsp; 5.385% | 657000 | &nbsp;&nbsp; 667568 |
| Macquarie Bank Ltd.<sup>(a),(e)</sup>  | Macquarie Bank Ltd.<sup>(a),(e)</sup>  | Macquarie Bank Ltd.<sup>(a),(e)</sup>  | Macquarie Bank Ltd.<sup>(a),(e)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 03/03/2036 | &nbsp;&nbsp; 3.052% | 280000 | &nbsp;&nbsp; 254883 |
| Macquarie Group Ltd.<sup>(a),(e)</sup>  | Macquarie Group Ltd.<sup>(a),(e)</sup>  | Macquarie Group Ltd.<sup>(a),(e)</sup>  | Macquarie Group Ltd.<sup>(a),(e)</sup>  |
| 01/15/2030 | &nbsp;&nbsp; 5.033% | 219000 | &nbsp;&nbsp; 222971 |
| Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
| 07/17/2030 | &nbsp;&nbsp; 2.048% | 349000 | &nbsp;&nbsp; 316785 |
| 07/18/2039 | &nbsp;&nbsp; 3.751% | 242000 | &nbsp;&nbsp; 211207 |
| Mitsubishi UFJ Financial Group, Inc.<sup>(e)</sup>  | Mitsubishi UFJ Financial Group, Inc.<sup>(e)</sup>  | Mitsubishi UFJ Financial Group, Inc.<sup>(e)</sup>  | Mitsubishi UFJ Financial Group, Inc.<sup>(e)</sup>  |
| 09/12/2031 | &nbsp;&nbsp; 4.527% | 2247000 | &nbsp;&nbsp; 2257965 |
| 09/12/2036 | &nbsp;&nbsp; 5.188% | 2261000 | &nbsp;&nbsp; 2297769 |
| Mizuho Financial Group, Inc.<sup>(e)</sup>  | Mizuho Financial Group, Inc.<sup>(e)</sup>  | Mizuho Financial Group, Inc.<sup>(e)</sup>  | Mizuho Financial Group, Inc.<sup>(e)</sup>  |
| 07/10/2030 | &nbsp;&nbsp; 5.382% | 300000 | &nbsp;&nbsp; 310227 |
| 09/13/2030 | &nbsp;&nbsp; 2.869% | 219000 | &nbsp;&nbsp; 208011 |
| Morgan Stanley<sup>(e)</sup>  | Morgan Stanley<sup>(e)</sup>  | Morgan Stanley<sup>(e)</sup>  | Morgan Stanley<sup>(e)</sup>  |
| 01/24/2029 | &nbsp;&nbsp; 3.772% | 192000 | &nbsp;&nbsp; 190896 |
| 02/01/2029 | &nbsp;&nbsp; 5.123% | 579000 | &nbsp;&nbsp; 590943 |
| 04/12/2029 | &nbsp;&nbsp; 4.994% | 3995000 | &nbsp;&nbsp; 4074530 |
| 07/20/2029 | &nbsp;&nbsp; 5.449% | 1531000 | &nbsp;&nbsp; 1579993 |
| 10/18/2029 | &nbsp;&nbsp; 4.133% | 4309000 | &nbsp;&nbsp; 4305301 |
| 01/16/2030 | &nbsp;&nbsp; 5.173% | 1117000 | &nbsp;&nbsp; 1147293 |
| 01/23/2030 | &nbsp;&nbsp; 4.431% | 318000 | &nbsp;&nbsp; 319780 |
| 07/19/2030 | &nbsp;&nbsp; 5.042% | 3545000 | &nbsp;&nbsp; 3636281 |
| 01/15/2031 | &nbsp;&nbsp; 5.230% | 483000 | &nbsp;&nbsp; 497888 |
| 04/17/2031 | &nbsp;&nbsp; 5.192% | 1820000 | &nbsp;&nbsp; 1876232 |
| 02/13/2032 | &nbsp;&nbsp; 1.794% | 2719000 | &nbsp;&nbsp; 2388688 |
| 04/28/2032 | &nbsp;&nbsp; 1.928% | 1905000 | &nbsp;&nbsp; 1671477 |
| 01/21/2033 | &nbsp;&nbsp; 2.943% | 169000 | &nbsp;&nbsp; 154247 |
| 07/21/2034 | &nbsp;&nbsp; 5.424% | 323000 | &nbsp;&nbsp; 335962 |
| 04/19/2035 | &nbsp;&nbsp; 5.831% | 3865000 | &nbsp;&nbsp; 4107666 |
| 07/19/2035 | &nbsp;&nbsp; 5.320% | 624000 | &nbsp;&nbsp; 642464 |
| 10/22/2036 | &nbsp;&nbsp; 4.892% | 2339000 | &nbsp;&nbsp; 2320143 |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 09/16/2036 | &nbsp;&nbsp; 2.484% | 251000 | &nbsp;&nbsp; 220627 |
| 01/19/2038 | &nbsp;&nbsp; 5.948% | 855000 | &nbsp;&nbsp; 901198 |
| Morgan Stanley Private Bank<sup>(e)</sup>  | Morgan Stanley Private Bank<sup>(e)</sup>  | Morgan Stanley Private Bank<sup>(e)</sup>  | Morgan Stanley Private Bank<sup>(e)</sup>  |
| 11/17/2028 | &nbsp;&nbsp; 4.204% | 4844000 | &nbsp;&nbsp; 4857760 |
| 11/19/2031 | &nbsp;&nbsp; 4.465% | 10767000 | &nbsp;&nbsp; 10789739 |
| Morgan Stanley Private Bank NA<sup>(e)</sup>  | Morgan Stanley Private Bank NA<sup>(e)</sup>  | Morgan Stanley Private Bank NA<sup>(e)</sup>  | Morgan Stanley Private Bank NA<sup>(e)</sup>  |
| 07/06/2028 | &nbsp;&nbsp; 4.466% | 2426000 | &nbsp;&nbsp; 2442323 |
| 07/18/2031 | &nbsp;&nbsp; 4.734% | 7328000 | &nbsp;&nbsp; 7427513 |
| National Australia Bank Ltd.<sup>(a)</sup>  | National Australia Bank Ltd.<sup>(a)</sup>  | National Australia Bank Ltd.<sup>(a)</sup>  | National Australia Bank Ltd.<sup>(a)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 08/21/2030 | &nbsp;&nbsp; 2.332% | 409000 | &nbsp;&nbsp; 370754 |
| National Australia Bank Ltd.<sup>(a),(e)</sup>  | National Australia Bank Ltd.<sup>(a),(e)</sup>  | National Australia Bank Ltd.<sup>(a),(e)</sup>  | National Australia Bank Ltd.<sup>(a),(e)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 08/02/2034 | &nbsp;&nbsp; 3.933% | 366000 | &nbsp;&nbsp; 356658 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Nationwide Building Society<sup>(a),(e)</sup>  | Nationwide Building Society<sup>(a),(e)</sup>  | Nationwide Building Society<sup>(a),(e)</sup>  | Nationwide Building Society<sup>(a),(e)</sup>  |
| 10/18/2027 | &nbsp;&nbsp; 6.557% | 210000 | &nbsp;&nbsp; 213916 |
| 02/16/2028 | &nbsp;&nbsp; 2.972% | 210000 | &nbsp;&nbsp; 207413 |
| Nationwide Building Society<sup>(a)</sup>  | Nationwide Building Society<sup>(a)</sup>  | Nationwide Building Society<sup>(a)</sup>  | Nationwide Building Society<sup>(a)</sup>  |
| 07/29/2029 | &nbsp;&nbsp; 5.127% | 356000 | &nbsp;&nbsp; 365945 |
| NatWest Group PLC<sup>(e),(k)</sup>  | NatWest Group PLC<sup>(e),(k)</sup>  | NatWest Group PLC<sup>(e),(k)</sup>  | NatWest Group PLC<sup>(e),(k)</sup>  |
|  | &nbsp;&nbsp; 8.125% | 340000 | &nbsp;&nbsp; 382304 |
| NatWest Group PLC<sup>(e)</sup>  | NatWest Group PLC<sup>(e)</sup>  | NatWest Group PLC<sup>(e)</sup>  | NatWest Group PLC<sup>(e)</sup>  |
| 09/13/2029 | &nbsp;&nbsp; 5.808% | 380000 | &nbsp;&nbsp; 395910 |
| 05/23/2031 | &nbsp;&nbsp; 5.115% | 400000 | &nbsp;&nbsp; 410440 |
| NatWest Markets PLC<sup>(a)</sup>  | NatWest Markets PLC<sup>(a)</sup>  | NatWest Markets PLC<sup>(a)</sup>  | NatWest Markets PLC<sup>(a)</sup>  |
| 03/21/2030 | &nbsp;&nbsp; 5.022% | 988000 | &nbsp;&nbsp; 1014234 |
| Nordea Bank Abp<sup>(a)</sup>  | Nordea Bank Abp<sup>(a)</sup>  | Nordea Bank Abp<sup>(a)</sup>  | Nordea Bank Abp<sup>(a)</sup>  |
| 09/22/2027 | &nbsp;&nbsp; 5.375% | 200000 | &nbsp;&nbsp; 204840 |
| PNC Bank NA<sup>(e)</sup>  | PNC Bank NA<sup>(e)</sup>  | PNC Bank NA<sup>(e)</sup>  | PNC Bank NA<sup>(e)</sup>  |
| 07/21/2028 | &nbsp;&nbsp; 4.429% | 3208000 | &nbsp;&nbsp; 3229618 |
| PNC Financial Services Group, Inc. (The)<sup>(e)</sup>  | PNC Financial Services Group, Inc. (The)<sup>(e)</sup>  | PNC Financial Services Group, Inc. (The)<sup>(e)</sup>  | PNC Financial Services Group, Inc. (The)<sup>(e)</sup>  |
| 10/21/2032 | &nbsp;&nbsp; 4.812% | 2219000 | &nbsp;&nbsp; 2258889 |
| 08/18/2034 | &nbsp;&nbsp; 5.939% | 324000 | &nbsp;&nbsp; 347771 |
| 10/20/2034 | &nbsp;&nbsp; 6.875% | 984000 | &nbsp;&nbsp; 1113220 |
| 01/22/2035 | &nbsp;&nbsp; 5.676% | 201000 | &nbsp;&nbsp; 211904 |
| 07/21/2036 | &nbsp;&nbsp; 5.373% | 1210000 | &nbsp;&nbsp; 1246158 |
| Royal Bank of Canada<sup>(e)</sup>  | Royal Bank of Canada<sup>(e)</sup>  | Royal Bank of Canada<sup>(e)</sup>  | Royal Bank of Canada<sup>(e)</sup>  |
| 10/18/2030 | &nbsp;&nbsp; 4.650% | 2440000 | &nbsp;&nbsp; 2473332 |
| 08/06/2031 | &nbsp;&nbsp; 4.696% | 2705000 | &nbsp;&nbsp; 2739198 |
| Royal Bank of Scotland Group PLC<sup>(e)</sup>  | Royal Bank of Scotland Group PLC<sup>(e)</sup>  | Royal Bank of Scotland Group PLC<sup>(e)</sup>  | Royal Bank of Scotland Group PLC<sup>(e)</sup>  |
| 05/08/2030 | &nbsp;&nbsp; 4.445% | 208000 | &nbsp;&nbsp; 208811 |
| Santander UK Group Holdings PLC<sup>(e)</sup>  | Santander UK Group Holdings PLC<sup>(e)</sup>  | Santander UK Group Holdings PLC<sup>(e)</sup>  | Santander UK Group Holdings PLC<sup>(e)</sup>  |
| 09/11/2030 | &nbsp;&nbsp; 4.858% | 2382000 | &nbsp;&nbsp; 2408478 |
| 04/15/2031 | &nbsp;&nbsp; 5.694% | 279000 | &nbsp;&nbsp; 290644 |
| Societe Generale SA<sup>(a),(e)</sup>  | Societe Generale SA<sup>(a),(e)</sup>  | Societe Generale SA<sup>(a),(e)</sup>  | Societe Generale SA<sup>(a),(e)</sup>  |
| 01/12/2027 | &nbsp;&nbsp; 6.447% | 400000 | &nbsp;&nbsp; 400213 |
| 01/19/2028 | &nbsp;&nbsp; 2.797% | 1114000 | &nbsp;&nbsp; 1096795 |
| 01/10/2029 | &nbsp;&nbsp; 6.446% | 400000 | &nbsp;&nbsp; 415940 |
| 05/22/2031 | &nbsp;&nbsp; 5.512% | 350000 | &nbsp;&nbsp; 361149 |
| 06/09/2032 | &nbsp;&nbsp; 2.889% | 914000 | &nbsp;&nbsp; 827381 |
| 04/13/2033 | &nbsp;&nbsp; 6.100% | 918000 | &nbsp;&nbsp; 969628 |
| 01/19/2035 | &nbsp;&nbsp; 6.066% | 351000 | &nbsp;&nbsp; 370624 |
| Societe Generale SA<sup>(a)</sup>  | Societe Generale SA<sup>(a)</sup>  | Societe Generale SA<sup>(a)</sup>  | Societe Generale SA<sup>(a)</sup>  |
| 01/22/2030 | &nbsp;&nbsp; 3.000% | 354000 | &nbsp;&nbsp; 333449 |
| Standard Chartered PLC<sup>(a),(e)</sup>  | Standard Chartered PLC<sup>(a),(e)</sup>  | Standard Chartered PLC<sup>(a),(e)</sup>  | Standard Chartered PLC<sup>(a),(e)</sup>  |
| 01/14/2027 | &nbsp;&nbsp; 1.456% | 260000 | &nbsp;&nbsp; 259802 |
| 05/14/2028 | &nbsp;&nbsp; 5.688% | 515000 | &nbsp;&nbsp; 525431 |
| 11/16/2028 | &nbsp;&nbsp; 7.767% | 885000 | &nbsp;&nbsp; 942430 |
| 01/09/2029 | &nbsp;&nbsp; 6.301% | 569000 | &nbsp;&nbsp; 591062 |
| State Street Corp.<sup>(e),(k)</sup>  | State Street Corp.<sup>(e),(k)</sup>  | State Street Corp.<sup>(e),(k)</sup>  | State Street Corp.<sup>(e),(k)</sup>  |
|  | &nbsp;&nbsp; 6.700% | 325000 | &nbsp;&nbsp; 337688 |
| State Street Corp. | State Street Corp. | State Street Corp. | State Street Corp. |
| 02/28/2030 | &nbsp;&nbsp; 4.729% | 3147000 | &nbsp;&nbsp; 3221644 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| State Street Corp.<sup>(e)</sup>  | State Street Corp.<sup>(e)</sup>  | State Street Corp.<sup>(e)</sup>  | State Street Corp.<sup>(e)</sup>  |
| 10/23/2036 | &nbsp;&nbsp; 5.109% | 782000 | &nbsp;&nbsp; 778437 |
| Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
| 01/13/2028 | &nbsp;&nbsp; 5.520% | 310000 | &nbsp;&nbsp; 319266 |
| 07/16/2029 | &nbsp;&nbsp; 3.040% | 567000 | &nbsp;&nbsp; 544731 |
| 07/09/2031 | &nbsp;&nbsp; 5.424% | 350000 | &nbsp;&nbsp; 366299 |
| Sumitomo Mitsui Trust Group, Inc.<sup>(a),(e)</sup>  | Sumitomo Mitsui Trust Group, Inc.<sup>(a),(e)</sup>  | Sumitomo Mitsui Trust Group, Inc.<sup>(a),(e)</sup>  | Sumitomo Mitsui Trust Group, Inc.<sup>(a),(e)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 09/11/2036 | &nbsp;&nbsp; 5.416% | 1981000 | &nbsp;&nbsp; 1989419 |
| Toronto-Dominion Bank (The) | Toronto-Dominion Bank (The) | Toronto-Dominion Bank (The) | Toronto-Dominion Bank (The) |
| 07/17/2028 | &nbsp;&nbsp; 5.523% | 195000 | &nbsp;&nbsp; 202139 |
| 10/15/2035 | &nbsp;&nbsp; 4.928% | 2030000 | &nbsp;&nbsp; 2029897 |
| Truist Bank<sup>(e)</sup>  | Truist Bank<sup>(e)</sup>  | Truist Bank<sup>(e)</sup>  | Truist Bank<sup>(e)</sup>  |
| 07/24/2028 | &nbsp;&nbsp; 4.420% | 2694000 | &nbsp;&nbsp; 2709151 |
| Truist Financial Corp.<sup>(e)</sup>  | Truist Financial Corp.<sup>(e)</sup>  | Truist Financial Corp.<sup>(e)</sup>  | Truist Financial Corp.<sup>(e)</sup>  |
| 10/30/2029 | &nbsp;&nbsp; 7.161% | 695000 | &nbsp;&nbsp; 749547 |
| 01/26/2034 | &nbsp;&nbsp; 5.122% | 1099000 | &nbsp;&nbsp; 1119425 |
| 06/08/2034 | &nbsp;&nbsp; 5.867% | 352000 | &nbsp;&nbsp; 374208 |
| 01/24/2035 | &nbsp;&nbsp; 5.711% | 260000 | &nbsp;&nbsp; 273701 |
| UBS Group AG<sup>(a),(e),(k)</sup>  | UBS Group AG<sup>(a),(e),(k)</sup>  | UBS Group AG<sup>(a),(e),(k)</sup>  | UBS Group AG<sup>(a),(e),(k)</sup>  |
|  | &nbsp;&nbsp; 9.250% | 320000 | &nbsp;&nbsp; 375450 |
|  | &nbsp;&nbsp; 9.250% | 315000 | &nbsp;&nbsp; 345672 |
| UBS Group AG<sup>(a),(e)</sup>  | UBS Group AG<sup>(a),(e)</sup>  | UBS Group AG<sup>(a),(e)</sup>  | UBS Group AG<sup>(a),(e)</sup>  |
| 05/12/2028 | &nbsp;&nbsp; 4.751% | 1091000 | &nbsp;&nbsp; 1099597 |
| 12/23/2029 | &nbsp;&nbsp; 4.151% | 1547000 | &nbsp;&nbsp; 1544988 |
| 08/13/2030 | &nbsp;&nbsp; 3.126% | 2774000 | &nbsp;&nbsp; 2658472 |
| 09/13/2030 | &nbsp;&nbsp; 5.617% | 683000 | &nbsp;&nbsp; 713524 |
| 09/23/2031 | &nbsp;&nbsp; 4.398% | 1435000 | &nbsp;&nbsp; 1428339 |
| 03/23/2037 | &nbsp;&nbsp; 5.010% | 2718000 | &nbsp;&nbsp; 2695130 |
| 05/06/2047 | &nbsp;&nbsp; 5.528% | 1926000 | &nbsp;&nbsp; 1902640 |
| US Bancorp<sup>(e)</sup>  | US Bancorp<sup>(e)</sup>  | US Bancorp<sup>(e)</sup>  | US Bancorp<sup>(e)</sup>  |
| 01/23/2030 | &nbsp;&nbsp; 5.384% | 228000 | &nbsp;&nbsp; 236065 |
| 07/23/2030 | &nbsp;&nbsp; 5.100% | 434000 | &nbsp;&nbsp; 446744 |
| 05/15/2031 | &nbsp;&nbsp; 5.083% | 415000 | &nbsp;&nbsp; 427695 |
| 01/23/2035 | &nbsp;&nbsp; 5.678% | 147000 | &nbsp;&nbsp; 155215 |
| Wells Fargo & Co.<sup>(e),(k)</sup>  | Wells Fargo & Co.<sup>(e),(k)</sup>  | Wells Fargo & Co.<sup>(e),(k)</sup>  | Wells Fargo & Co.<sup>(e),(k)</sup>  |
|  | &nbsp;&nbsp; 6.850% | 1048000 | &nbsp;&nbsp; 1094796 |
| Wells Fargo & Co.<sup>(e)</sup>  | Wells Fargo & Co.<sup>(e)</sup>  | Wells Fargo & Co.<sup>(e)</sup>  | Wells Fargo & Co.<sup>(e)</sup>  |
| 07/25/2028 | &nbsp;&nbsp; 4.808% | 1459000 | &nbsp;&nbsp; 1475035 |
| 10/23/2029 | &nbsp;&nbsp; 6.303% | 1453000 | &nbsp;&nbsp; 1535608 |
| 01/24/2031 | &nbsp;&nbsp; 5.244% | 642000 | &nbsp;&nbsp; 664488 |
| 04/23/2031 | &nbsp;&nbsp; 5.150% | 2859000 | &nbsp;&nbsp; 2949786 |
| 04/24/2034 | &nbsp;&nbsp; 5.389% | 792000 | &nbsp;&nbsp; 823184 |
| 07/25/2034 | &nbsp;&nbsp; 5.557% | 1171000 | &nbsp;&nbsp; 1228811 |
| 10/23/2034 | &nbsp;&nbsp; 6.491% | 398000 | &nbsp;&nbsp; 440752 |
| 12/03/2035 | &nbsp;&nbsp; 5.211% | 544000 | &nbsp;&nbsp; 555870 |
| 04/23/2036 | &nbsp;&nbsp; 5.605% | 1589000 | &nbsp;&nbsp; 1665702 |
| 09/15/2036 | &nbsp;&nbsp; 4.892% | 1333000 | &nbsp;&nbsp; 1328735 |
| 04/30/2041 | &nbsp;&nbsp; 3.068% | 1330000 | &nbsp;&nbsp; 1032882 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **312385946** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Brokerage/Asset Managers/Exchanges 0.4%** | **Brokerage/Asset Managers/Exchanges 0.4%** | **Brokerage/Asset Managers/Exchanges 0.4%** | **Brokerage/Asset Managers/Exchanges 0.4%** |
| Ares Management Corp. | Ares Management Corp. | Ares Management Corp. | Ares Management Corp. |
| 10/11/2054 | &nbsp;&nbsp; 5.600% | 1178000 | &nbsp;&nbsp; 1114208 |
| Blackstone Reg Finance Co. LLC | Blackstone Reg Finance Co. LLC | Blackstone Reg Finance Co. LLC | Blackstone Reg Finance Co. LLC |
| 11/03/2030 | &nbsp;&nbsp; 4.300% | 1426000 | &nbsp;&nbsp; 1426327 |
| 02/15/2036 | &nbsp;&nbsp; 4.950% | 846000 | &nbsp;&nbsp; 840277 |
| Brookfield Asset Management Ltd. | Brookfield Asset Management Ltd. | Brookfield Asset Management Ltd. | Brookfield Asset Management Ltd. |
| 11/15/2030 | &nbsp;&nbsp; 4.653% | 2025000 | &nbsp;&nbsp; 2040447 |
| 01/15/2036 | &nbsp;&nbsp; 5.298% | 1351000 | &nbsp;&nbsp; 1349051 |
| 09/15/2055 | &nbsp;&nbsp; 6.077% | 796000 | &nbsp;&nbsp; 815157 |
| Charles Schwab Corp. (The)<sup>(e)</sup>  | Charles Schwab Corp. (The)<sup>(e)</sup>  | Charles Schwab Corp. (The)<sup>(e)</sup>  | Charles Schwab Corp. (The)<sup>(e)</sup>  |
| 11/14/2031 | &nbsp;&nbsp; 4.343% | 3640000 | &nbsp;&nbsp; 3633559 |
| 11/14/2036 | &nbsp;&nbsp; 4.914% | 4103000 | &nbsp;&nbsp; 4085064 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **15304090** |
| **Building Materials 0.2%** | **Building Materials 0.2%** | **Building Materials 0.2%** | **Building Materials 0.2%** |
| Builders FirstSource, Inc.<sup>(a)</sup>  | Builders FirstSource, Inc.<sup>(a)</sup>  | Builders FirstSource, Inc.<sup>(a)</sup>  | Builders FirstSource, Inc.<sup>(a)</sup>  |
| 02/01/2032 | &nbsp;&nbsp; 4.250% | 800000 | &nbsp;&nbsp; 761645 |
| Eagle Materials, Inc. | Eagle Materials, Inc. | Eagle Materials, Inc. | Eagle Materials, Inc. |
| 03/15/2036 | &nbsp;&nbsp; 5.000% | 2018000 | &nbsp;&nbsp; 1976732 |
| Griffon Corp. | Griffon Corp. | Griffon Corp. | Griffon Corp. |
| 03/01/2028 | &nbsp;&nbsp; 5.750% | 436000 | &nbsp;&nbsp; 436762 |
| Knife River Corp.<sup>(a)</sup>  | Knife River Corp.<sup>(a)</sup>  | Knife River Corp.<sup>(a)</sup>  | Knife River Corp.<sup>(a)</sup>  |
| 05/01/2031 | &nbsp;&nbsp; 7.750% | 355000 | &nbsp;&nbsp; 371326 |
| Masterbrand, Inc.<sup>(a)</sup>  | Masterbrand, Inc.<sup>(a)</sup>  | Masterbrand, Inc.<sup>(a)</sup>  | Masterbrand, Inc.<sup>(a)</sup>  |
| 07/15/2032 | &nbsp;&nbsp; 7.000% | 425000 | &nbsp;&nbsp; 440801 |
| Smyrna Ready Mix Concrete LLC<sup>(a)</sup>  | Smyrna Ready Mix Concrete LLC<sup>(a)</sup>  | Smyrna Ready Mix Concrete LLC<sup>(a)</sup>  | Smyrna Ready Mix Concrete LLC<sup>(a)</sup>  |
| 11/01/2028 | &nbsp;&nbsp; 6.000% | 575000 | &nbsp;&nbsp; 578154 |
| Standard Industries, Inc.<sup>(a)</sup>  | Standard Industries, Inc.<sup>(a)</sup>  | Standard Industries, Inc.<sup>(a)</sup>  | Standard Industries, Inc.<sup>(a)</sup>  |
| 01/15/2028 | &nbsp;&nbsp; 4.750% | 300000 | &nbsp;&nbsp; 299061 |
| 07/15/2030 | &nbsp;&nbsp; 4.375% | 500000 | &nbsp;&nbsp; 483418 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **5347899** |
| **Cable and Satellite 0.6%** | **Cable and Satellite 0.6%** | **Cable and Satellite 0.6%** | **Cable and Satellite 0.6%** |
| CCO Holdings LLC/Capital Corp.<sup>(a)</sup>  | CCO Holdings LLC/Capital Corp.<sup>(a)</sup>  | CCO Holdings LLC/Capital Corp.<sup>(a)</sup>  | CCO Holdings LLC/Capital Corp.<sup>(a)</sup>  |
| 06/01/2029 | &nbsp;&nbsp; 5.375% | 200000 | &nbsp;&nbsp; 197761 |
| 03/01/2030 | &nbsp;&nbsp; 4.750% | 3150000 | &nbsp;&nbsp; 3013399 |
| 02/01/2031 | &nbsp;&nbsp; 4.250% | 1160000 | &nbsp;&nbsp; 1065992 |
| Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
| 06/01/2034 | &nbsp;&nbsp; 6.550% | 779000 | &nbsp;&nbsp; 819829 |
| Charter Communications Operating LLC/Capital | Charter Communications Operating LLC/Capital | Charter Communications Operating LLC/Capital | Charter Communications Operating LLC/Capital |
| 12/01/2035 | &nbsp;&nbsp; 5.850% | 1544000 | &nbsp;&nbsp; 1542170 |
| 04/01/2038 | &nbsp;&nbsp; 5.375% | 167000 | &nbsp;&nbsp; 153740 |
| 06/01/2041 | &nbsp;&nbsp; 3.500% | 399000 | &nbsp;&nbsp; 283648 |
| 03/01/2042 | &nbsp;&nbsp; 3.500% | 2970000 | &nbsp;&nbsp; 2055229 |
| 10/23/2045 | &nbsp;&nbsp; 6.484% | 205000 | &nbsp;&nbsp; 192836 |
| 03/01/2050 | &nbsp;&nbsp; 4.800% | 231000 | &nbsp;&nbsp; 173690 |
| 04/01/2051 | &nbsp;&nbsp; 3.700% | 255000 | &nbsp;&nbsp; 160604 |
| 06/01/2052 | &nbsp;&nbsp; 3.900% | 1132000 | &nbsp;&nbsp; 730881 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| 04/01/2053 | &nbsp;&nbsp; 5.250% | 953000 | &nbsp;&nbsp; 753831 |
| 12/01/2055 | &nbsp;&nbsp; 6.700% | 1442000 | &nbsp;&nbsp; 1384438 |
| 04/01/2063 | &nbsp;&nbsp; 5.500% | 406000 | &nbsp;&nbsp; 320469 |
| Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. |
| 06/01/2034 | &nbsp;&nbsp; 5.300% | 257000 | &nbsp;&nbsp; 264857 |
| 08/15/2034 | &nbsp;&nbsp; 4.200% | 236000 | &nbsp;&nbsp; 225540 |
| 03/01/2038 | &nbsp;&nbsp; 3.900% | 673000 | &nbsp;&nbsp; 585861 |
| 11/01/2051 | &nbsp;&nbsp; 2.887% | 248000 | &nbsp;&nbsp; 145178 |
| 11/01/2052 | &nbsp;&nbsp; 4.049% | 748000 | &nbsp;&nbsp; 546910 |
| 05/15/2053 | &nbsp;&nbsp; 5.350% | 2390000 | &nbsp;&nbsp; 2146293 |
| 11/01/2056 | &nbsp;&nbsp; 2.937% | 2913000 | &nbsp;&nbsp; 1638153 |
| 11/01/2063 | &nbsp;&nbsp; 2.987% | 868000 | &nbsp;&nbsp; 469874 |
| CSC Holdings LLC<sup>(a)</sup>  | CSC Holdings LLC<sup>(a)</sup>  | CSC Holdings LLC<sup>(a)</sup>  | CSC Holdings LLC<sup>(a)</sup>  |
| 02/01/2029 | &nbsp;&nbsp; 6.500% | 700000 | &nbsp;&nbsp; 462483 |
| DIRECTV Holdings LLC/Financing Co., Inc.<sup>(a)</sup>  | DIRECTV Holdings LLC/Financing Co., Inc.<sup>(a)</sup>  | DIRECTV Holdings LLC/Financing Co., Inc.<sup>(a)</sup>  | DIRECTV Holdings LLC/Financing Co., Inc.<sup>(a)</sup>  |
| 08/15/2027 | &nbsp;&nbsp; 5.875% | 375000 | &nbsp;&nbsp; 377086 |
| DISH Network Corp.<sup>(a)</sup>  | DISH Network Corp.<sup>(a)</sup>  | DISH Network Corp.<sup>(a)</sup>  | DISH Network Corp.<sup>(a)</sup>  |
| 11/15/2027 | &nbsp;&nbsp; 11.750% | 1000000 | &nbsp;&nbsp; 1040609 |
| EchoStar Corp. | EchoStar Corp. | EchoStar Corp. | EchoStar Corp. |
| 11/30/2029 | &nbsp;&nbsp; 10.750% | 85000 | &nbsp;&nbsp; 93883 |
| Sirius XM Radio, Inc.<sup>(a)</sup>  | Sirius XM Radio, Inc.<sup>(a)</sup>  | Sirius XM Radio, Inc.<sup>(a)</sup>  | Sirius XM Radio, Inc.<sup>(a)</sup>  |
| 07/15/2028 | &nbsp;&nbsp; 4.000% | 1539000 | &nbsp;&nbsp; 1503832 |
| Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC |
| 09/01/2041 | &nbsp;&nbsp; 5.500% | 460000 | &nbsp;&nbsp; 403509 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **22752585** |
| **Chemicals 0.1%** | **Chemicals 0.1%** | **Chemicals 0.1%** | **Chemicals 0.1%** |
| Avient Corp.<sup>(a)</sup>  | Avient Corp.<sup>(a)</sup>  | Avient Corp.<sup>(a)</sup>  | Avient Corp.<sup>(a)</sup>  |
| 08/01/2030 | &nbsp;&nbsp; 7.125% | 470000 | &nbsp;&nbsp; 483279 |
| Axalta Coating Systems LLC/Dutch Holding B BV<sup>(a)</sup>  | Axalta Coating Systems LLC/Dutch Holding B BV<sup>(a)</sup>  | Axalta Coating Systems LLC/Dutch Holding B BV<sup>(a)</sup>  | Axalta Coating Systems LLC/Dutch Holding B BV<sup>(a)</sup>  |
| 06/15/2027 | &nbsp;&nbsp; 4.750% | 371000 | &nbsp;&nbsp; 370606 |
| Braskem Netherlands Finance BV<sup>(a)</sup>  | Braskem Netherlands Finance BV<sup>(a)</sup>  | Braskem Netherlands Finance BV<sup>(a)</sup>  | Braskem Netherlands Finance BV<sup>(a)</sup>  |
| 01/31/2030 | &nbsp;&nbsp; 4.500% | 500000 | &nbsp;&nbsp; 194381 |
| Celanese US Holdings LLC | Celanese US Holdings LLC | Celanese US Holdings LLC | Celanese US Holdings LLC |
| 02/15/2031 | &nbsp;&nbsp; 7.000% | 300000 | &nbsp;&nbsp; 307057 |
| 02/15/2034 | &nbsp;&nbsp; 7.375% | 660000 | &nbsp;&nbsp; 671229 |
| Chemours Co. (The)<sup>(a)</sup>  | Chemours Co. (The)<sup>(a)</sup>  | Chemours Co. (The)<sup>(a)</sup>  | Chemours Co. (The)<sup>(a)</sup>  |
| 11/15/2028 | &nbsp;&nbsp; 5.750% | 130000 | &nbsp;&nbsp; 126447 |
| INEOS Finance PLC<sup>(a)</sup>  | INEOS Finance PLC<sup>(a)</sup>  | INEOS Finance PLC<sup>(a)</sup>  | INEOS Finance PLC<sup>(a)</sup>  |
| 05/15/2028 | &nbsp;&nbsp; 6.750% | 500000 | &nbsp;&nbsp; 442261 |
| Qnity Electronics, Inc.<sup>(a)</sup>  | Qnity Electronics, Inc.<sup>(a)</sup>  | Qnity Electronics, Inc.<sup>(a)</sup>  | Qnity Electronics, Inc.<sup>(a)</sup>  |
| 08/15/2032 | &nbsp;&nbsp; 5.750% | 405000 | &nbsp;&nbsp; 414860 |
| Sherwin-Williams Co. (The) | Sherwin-Williams Co. (The) | Sherwin-Williams Co. (The) | Sherwin-Williams Co. (The) |
| 09/01/2031 | &nbsp;&nbsp; 4.800% | 411000 | &nbsp;&nbsp; 420703 |
| Solstice Advanced Materials, Inc.<sup>(a)</sup>  | Solstice Advanced Materials, Inc.<sup>(a)</sup>  | Solstice Advanced Materials, Inc.<sup>(a)</sup>  | Solstice Advanced Materials, Inc.<sup>(a)</sup>  |
| 09/30/2033 | &nbsp;&nbsp; 5.625% | 275000 | &nbsp;&nbsp; 277612 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| WR Grace Holdings LLC<sup>(a)</sup>  | WR Grace Holdings LLC<sup>(a)</sup>  | WR Grace Holdings LLC<sup>(a)</sup>  | WR Grace Holdings LLC<sup>(a)</sup>  |
| 08/15/2032 | &nbsp;&nbsp; 6.625% | 350000 | &nbsp;&nbsp; 354681 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **4063116** |
| **Construction Machinery 0.4%** | **Construction Machinery 0.4%** | **Construction Machinery 0.4%** | **Construction Machinery 0.4%** |
| Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. |
| 05/14/2027 | &nbsp;&nbsp; 5.000% | 2353000 | &nbsp;&nbsp; 2392075 |
| 08/16/2029 | &nbsp;&nbsp; 4.375% | 885000 | &nbsp;&nbsp; 897555 |
| Deere & Co. | Deere & Co. | Deere & Co. | Deere & Co. |
| 01/19/2055 | &nbsp;&nbsp; 5.700% | 1634000 | &nbsp;&nbsp; 1691734 |
| Herc Holdings, Inc.<sup>(a)</sup>  | Herc Holdings, Inc.<sup>(a)</sup>  | Herc Holdings, Inc.<sup>(a)</sup>  | Herc Holdings, Inc.<sup>(a)</sup>  |
| 06/15/2030 | &nbsp;&nbsp; 7.000% | 303000 | &nbsp;&nbsp; 318690 |
| John Deere Capital Corp. | John Deere Capital Corp. | John Deere Capital Corp. | John Deere Capital Corp. |
| 09/08/2026 | &nbsp;&nbsp; 5.150% | 1439000 | &nbsp;&nbsp; 1451796 |
| 01/08/2027 | &nbsp;&nbsp; 4.500% | 1945000 | &nbsp;&nbsp; 1959379 |
| 09/15/2027 | &nbsp;&nbsp; 4.150% | 1543000 | &nbsp;&nbsp; 1554550 |
| 01/07/2028 | &nbsp;&nbsp; 4.650% | 1370000 | &nbsp;&nbsp; 1393554 |
| 06/11/2029 | &nbsp;&nbsp; 4.850% | 255000 | &nbsp;&nbsp; 262189 |
| Ritchie Bros Holdings, Inc.<sup>(a)</sup>  | Ritchie Bros Holdings, Inc.<sup>(a)</sup>  | Ritchie Bros Holdings, Inc.<sup>(a)</sup>  | Ritchie Bros Holdings, Inc.<sup>(a)</sup>  |
| 03/15/2031 | &nbsp;&nbsp; 7.750% | 265000 | &nbsp;&nbsp; 277074 |
| Terex Corp.<sup>(a)</sup>  | Terex Corp.<sup>(a)</sup>  | Terex Corp.<sup>(a)</sup>  | Terex Corp.<sup>(a)</sup>  |
| 05/15/2029 | &nbsp;&nbsp; 5.000% | 520000 | &nbsp;&nbsp; 518365 |
| United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. |
| 01/15/2030 | &nbsp;&nbsp; 5.250% | 765000 | &nbsp;&nbsp; 775363 |
| United Rentals North America, Inc.<sup>(a)</sup>  | United Rentals North America, Inc.<sup>(a)</sup>  | United Rentals North America, Inc.<sup>(a)</sup>  | United Rentals North America, Inc.<sup>(a)</sup>  |
| 11/15/2033 | &nbsp;&nbsp; 5.375% | 425000 | &nbsp;&nbsp; 424680 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **13917004** |
| **Consumer Cyclical Services 0.3%** | **Consumer Cyclical Services 0.3%** | **Consumer Cyclical Services 0.3%** | **Consumer Cyclical Services 0.3%** |
| ADT Security Corp. (The)<sup>(a)</sup>  | ADT Security Corp. (The)<sup>(a)</sup>  | ADT Security Corp. (The)<sup>(a)</sup>  | ADT Security Corp. (The)<sup>(a)</sup>  |
| 07/15/2032 | &nbsp;&nbsp; 4.875% | 580000 | &nbsp;&nbsp; 562021 |
| Allied Universal Holdco LLC/Finance Corp./Atlas Luxco 4 Sarl<sup>(a)</sup>  | Allied Universal Holdco LLC/Finance Corp./Atlas Luxco 4 Sarl<sup>(a)</sup>  | Allied Universal Holdco LLC/Finance Corp./Atlas Luxco 4 Sarl<sup>(a)</sup>  | Allied Universal Holdco LLC/Finance Corp./Atlas Luxco 4 Sarl<sup>(a)</sup>  |
| 06/01/2028 | &nbsp;&nbsp; 4.625% | 235000 | &nbsp;&nbsp; 231753 |
| CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
| 01/15/2033 | &nbsp;&nbsp; 4.900% | 1180000 | &nbsp;&nbsp; 1185513 |
| 06/15/2035 | &nbsp;&nbsp; 5.500% | 1024000 | &nbsp;&nbsp; 1058170 |
| Service Corp. International | Service Corp. International | Service Corp. International | Service Corp. International |
| 06/01/2029 | &nbsp;&nbsp; 5.125% | 430000 | &nbsp;&nbsp; 433165 |
| Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. |
| 01/15/2031 | &nbsp;&nbsp; 4.150% | 2038000 | &nbsp;&nbsp; 2028549 |
| 09/15/2034 | &nbsp;&nbsp; 4.800% | 3553000 | &nbsp;&nbsp; 3545828 |
| 09/15/2035 | &nbsp;&nbsp; 4.800% | 2083000 | &nbsp;&nbsp; 2067556 |
| 09/15/2054 | &nbsp;&nbsp; 5.350% | 934000 | &nbsp;&nbsp; 887868 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **12000423** |
| **Consumer Products 0.1%** | **Consumer Products 0.1%** | **Consumer Products 0.1%** | **Consumer Products 0.1%** |
| ACCO Brands Corp.<sup>(a)</sup>  | ACCO Brands Corp.<sup>(a)</sup>  | ACCO Brands Corp.<sup>(a)</sup>  | ACCO Brands Corp.<sup>(a)</sup>  |
| 03/15/2029 | &nbsp;&nbsp; 4.250% | 645000 | &nbsp;&nbsp; 597728 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Acushnet Co.<sup>(a)</sup>  | Acushnet Co.<sup>(a)</sup>  | Acushnet Co.<sup>(a)</sup>  | Acushnet Co.<sup>(a)</sup>  |
| 12/01/2033 | &nbsp;&nbsp; 5.625% | 30000 | &nbsp;&nbsp; 30394 |
| Amer Sports Co.<sup>(a)</sup>  | Amer Sports Co.<sup>(a)</sup>  | Amer Sports Co.<sup>(a)</sup>  | Amer Sports Co.<sup>(a)</sup>  |
| 02/16/2031 | &nbsp;&nbsp; 6.750% | 395000 | &nbsp;&nbsp; 414397 |
| Edgewell Personal Care Co.<sup>(a)</sup>  | Edgewell Personal Care Co.<sup>(a)</sup>  | Edgewell Personal Care Co.<sup>(a)</sup>  | Edgewell Personal Care Co.<sup>(a)</sup>  |
| 06/01/2028 | &nbsp;&nbsp; 5.500% | 508000 | &nbsp;&nbsp; 508322 |
| Energizer Holdings, Inc.<sup>(a)</sup>  | Energizer Holdings, Inc.<sup>(a)</sup>  | Energizer Holdings, Inc.<sup>(a)</sup>  | Energizer Holdings, Inc.<sup>(a)</sup>  |
| 06/15/2028 | &nbsp;&nbsp; 4.750% | 245000 | &nbsp;&nbsp; 242207 |
| Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. |
| 09/15/2029 | &nbsp;&nbsp; 6.625% | 1080000 | &nbsp;&nbsp; 1076419 |
| Scotts Miracle-Gro Co. (The) | Scotts Miracle-Gro Co. (The) | Scotts Miracle-Gro Co. (The) | Scotts Miracle-Gro Co. (The) |
| 10/15/2029 | &nbsp;&nbsp; 4.500% | 695000 | &nbsp;&nbsp; 681571 |
| Tempur Sealy International, Inc.<sup>(a)</sup>  | Tempur Sealy International, Inc.<sup>(a)</sup>  | Tempur Sealy International, Inc.<sup>(a)</sup>  | Tempur Sealy International, Inc.<sup>(a)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 4.000% | 705000 | &nbsp;&nbsp; 687375 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **4238413** |
| **Diversified Manufacturing 0.4%** | **Diversified Manufacturing 0.4%** | **Diversified Manufacturing 0.4%** | **Diversified Manufacturing 0.4%** |
| Chart Industries, Inc.<sup>(a)</sup>  | Chart Industries, Inc.<sup>(a)</sup>  | Chart Industries, Inc.<sup>(a)</sup>  | Chart Industries, Inc.<sup>(a)</sup>  |
| 01/01/2030 | &nbsp;&nbsp; 7.500% | 685000 | &nbsp;&nbsp; 714736 |
| Eaton Capital ULC | Eaton Capital ULC | Eaton Capital ULC | Eaton Capital ULC |
| 05/09/2030 | &nbsp;&nbsp; 4.450% | 1064000 | &nbsp;&nbsp; 1075231 |
| Emerald Debt Merger Sub LLC<sup>(a)</sup>  | Emerald Debt Merger Sub LLC<sup>(a)</sup>  | Emerald Debt Merger Sub LLC<sup>(a)</sup>  | Emerald Debt Merger Sub LLC<sup>(a)</sup>  |
| 12/15/2030 | &nbsp;&nbsp; 6.625% | 965000 | &nbsp;&nbsp; 1004901 |
| Honeywell International, Inc. | Honeywell International, Inc. | Honeywell International, Inc. | Honeywell International, Inc. |
| 03/01/2054 | &nbsp;&nbsp; 5.250% | 245000 | &nbsp;&nbsp; 231597 |
| Madison IAQ LLC<sup>(a)</sup>  | Madison IAQ LLC<sup>(a)</sup>  | Madison IAQ LLC<sup>(a)</sup>  | Madison IAQ LLC<sup>(a)</sup>  |
| 06/30/2028 | &nbsp;&nbsp; 4.125% | 300000 | &nbsp;&nbsp; 294787 |
| Siemens Funding BV<sup>(a)</sup>  | Siemens Funding BV<sup>(a)</sup>  | Siemens Funding BV<sup>(a)</sup>  | Siemens Funding BV<sup>(a)</sup>  |
| 05/26/2028 | &nbsp;&nbsp; 4.350% | 2606000 | &nbsp;&nbsp; 2637419 |
| 05/28/2030 | &nbsp;&nbsp; 4.600% | 1739000 | &nbsp;&nbsp; 1774334 |
| 05/28/2032 | &nbsp;&nbsp; 4.900% | 2095000 | &nbsp;&nbsp; 2156125 |
| 05/28/2035 | &nbsp;&nbsp; 5.200% | 2095000 | &nbsp;&nbsp; 2173434 |
| 05/28/2055 | &nbsp;&nbsp; 5.800% | 1062000 | &nbsp;&nbsp; 1105835 |
| TriMas Corp.<sup>(a)</sup>  | TriMas Corp.<sup>(a)</sup>  | TriMas Corp.<sup>(a)</sup>  | TriMas Corp.<sup>(a)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 4.125% | 505000 | &nbsp;&nbsp; 491661 |
| WESCO Distribution, Inc.<sup>(a)</sup>  | WESCO Distribution, Inc.<sup>(a)</sup>  | WESCO Distribution, Inc.<sup>(a)</sup>  | WESCO Distribution, Inc.<sup>(a)</sup>  |
| 06/15/2028 | &nbsp;&nbsp; 7.250% | 810000 | &nbsp;&nbsp; 822489 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **14482549** |
| **Electric 2.7%** | **Electric 2.7%** | **Electric 2.7%** | **Electric 2.7%** |
| AEP Transmission Co. LLC | AEP Transmission Co. LLC | AEP Transmission Co. LLC | AEP Transmission Co. LLC |
| 09/15/2049 | &nbsp;&nbsp; 3.150% | 257000 | &nbsp;&nbsp; 174239 |
| 08/15/2051 | &nbsp;&nbsp; 2.750% | 336000 | &nbsp;&nbsp; 207217 |
| Ameren Illinois Co. | Ameren Illinois Co. | Ameren Illinois Co. | Ameren Illinois Co. |
| 07/01/2054 | &nbsp;&nbsp; 5.550% | 369000 | &nbsp;&nbsp; 363047 |
| American Transmission Systems, Inc.<sup>(a)</sup>  | American Transmission Systems, Inc.<sup>(a)</sup>  | American Transmission Systems, Inc.<sup>(a)</sup>  | American Transmission Systems, Inc.<sup>(a)</sup>  |
| 01/15/2032 | &nbsp;&nbsp; 2.650% | 481000 | &nbsp;&nbsp; 432760 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. |
| 08/15/2055 | &nbsp;&nbsp; 5.900% | 1344000 | &nbsp;&nbsp; 1369074 |
| Baltimore Gas and Electric Co. | Baltimore Gas and Electric Co. | Baltimore Gas and Electric Co. | Baltimore Gas and Electric Co. |
| 06/15/2031 | &nbsp;&nbsp; 2.250% | 1032000 | &nbsp;&nbsp; 932597 |
| 06/01/2035 | &nbsp;&nbsp; 5.450% | 1821000 | &nbsp;&nbsp; 1888938 |
| 08/15/2046 | &nbsp;&nbsp; 3.500% | 221000 | &nbsp;&nbsp; 163916 |
| Calpine Corp.<sup>(a)</sup>  | Calpine Corp.<sup>(a)</sup>  | Calpine Corp.<sup>(a)</sup>  | Calpine Corp.<sup>(a)</sup>  |
| 02/15/2028 | &nbsp;&nbsp; 4.500% | 640000 | &nbsp;&nbsp; 640348 |
| 03/15/2028 | &nbsp;&nbsp; 5.125% | 1110000 | &nbsp;&nbsp; 1110199 |
| 02/01/2029 | &nbsp;&nbsp; 4.625% | 649000 | &nbsp;&nbsp; 648487 |
| CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC |
| 08/15/2035 | &nbsp;&nbsp; 4.950% | 1623000 | &nbsp;&nbsp; 1635969 |
| 03/01/2052 | &nbsp;&nbsp; 3.600% | 762000 | &nbsp;&nbsp; 557467 |
| Chile Electricity Lux MPC II Sarl<sup>(a)</sup>  | Chile Electricity Lux MPC II Sarl<sup>(a)</sup>  | Chile Electricity Lux MPC II Sarl<sup>(a)</sup>  | Chile Electricity Lux MPC II Sarl<sup>(a)</sup>  |
| 10/20/2035 | &nbsp;&nbsp; 5.580% | 991190 | &nbsp;&nbsp; 1021364 |
| 10/20/2035 | &nbsp;&nbsp; 5.672% | 1822325 | &nbsp;&nbsp; 1889523 |
| Commonwealth Edison Co. | Commonwealth Edison Co. | Commonwealth Edison Co. | Commonwealth Edison Co. |
| 06/01/2055 | &nbsp;&nbsp; 5.950% | 190000 | &nbsp;&nbsp; 197368 |
| Consolidated Edison Co of New York, Inc. | Consolidated Edison Co of New York, Inc. | Consolidated Edison Co of New York, Inc. | Consolidated Edison Co of New York, Inc. |
| 11/15/2059 | &nbsp;&nbsp; 3.700% | 393000 | &nbsp;&nbsp; 274539 |
| Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. |
| 12/01/2051 | &nbsp;&nbsp; 3.200% | 231000 | &nbsp;&nbsp; 153608 |
| Consumers Energy Co. | Consumers Energy Co. | Consumers Energy Co. | Consumers Energy Co. |
| 01/15/2031 | &nbsp;&nbsp; 4.500% | 2025000 | &nbsp;&nbsp; 2047626 |
| 05/15/2033 | &nbsp;&nbsp; 4.625% | 412000 | &nbsp;&nbsp; 413660 |
| 05/15/2035 | &nbsp;&nbsp; 5.050% | 1497000 | &nbsp;&nbsp; 1523439 |
| Dominion Energy, Inc.<sup>(e)</sup>  | Dominion Energy, Inc.<sup>(e)</sup>  | Dominion Energy, Inc.<sup>(e)</sup>  | Dominion Energy, Inc.<sup>(e)</sup>  |
| 06/01/2054 | &nbsp;&nbsp; 7.000% | 198000 | &nbsp;&nbsp; 214636 |
| 02/01/2055 | &nbsp;&nbsp; 6.875% | 311000 | &nbsp;&nbsp; 323580 |
| 05/15/2055 | &nbsp;&nbsp; 6.625% | 785000 | &nbsp;&nbsp; 807862 |
| 02/15/2056 | &nbsp;&nbsp; 6.000% | 508000 | &nbsp;&nbsp; 511343 |
| DTE Electric Co. | DTE Electric Co. | DTE Electric Co. | DTE Electric Co. |
| 06/15/2042 | &nbsp;&nbsp; 3.950% | 205000 | &nbsp;&nbsp; 168472 |
| 04/01/2043 | &nbsp;&nbsp; 4.000% | 453000 | &nbsp;&nbsp; 377292 |
| 03/01/2050 | &nbsp;&nbsp; 2.950% | 1205000 | &nbsp;&nbsp; 794567 |
| 03/01/2052 | &nbsp;&nbsp; 3.650% | 552000 | &nbsp;&nbsp; 407481 |
| Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC |
| 04/15/2031 | &nbsp;&nbsp; 2.550% | 471000 | &nbsp;&nbsp; 433762 |
| 03/15/2032 | &nbsp;&nbsp; 2.850% | 1281000 | &nbsp;&nbsp; 1173640 |
| 12/15/2041 | &nbsp;&nbsp; 4.250% | 183000 | &nbsp;&nbsp; 161010 |
| 03/15/2052 | &nbsp;&nbsp; 3.550% | 933000 | &nbsp;&nbsp; 671028 |
| 01/15/2053 | &nbsp;&nbsp; 5.350% | 904000 | &nbsp;&nbsp; 867912 |
| Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
| 09/15/2035 | &nbsp;&nbsp; 4.950% | 787000 | &nbsp;&nbsp; 780834 |
| 06/15/2051 | &nbsp;&nbsp; 3.500% | 639000 | &nbsp;&nbsp; 443390 |
| 06/15/2054 | &nbsp;&nbsp; 5.800% | 234000 | &nbsp;&nbsp; 231550 |
| Duke Energy Florida LLC | Duke Energy Florida LLC | Duke Energy Florida LLC | Duke Energy Florida LLC |
| 12/01/2030 | &nbsp;&nbsp; 4.200% | 534000 | &nbsp;&nbsp; 534638 |
| 12/15/2031 | &nbsp;&nbsp; 2.400% | 1028000 | &nbsp;&nbsp; 928974 |
| 12/01/2035 | &nbsp;&nbsp; 4.850% | 1092000 | &nbsp;&nbsp; 1089273 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Duke Energy Indiana LLC | Duke Energy Indiana LLC | Duke Energy Indiana LLC | Duke Energy Indiana LLC |
| 04/01/2050 | &nbsp;&nbsp; 2.750% | 1113000 | &nbsp;&nbsp; 695515 |
| Duke Energy Ohio, Inc. | Duke Energy Ohio, Inc. | Duke Energy Ohio, Inc. | Duke Energy Ohio, Inc. |
| 04/01/2033 | &nbsp;&nbsp; 5.250% | 982000 | &nbsp;&nbsp; 1017399 |
| Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC |
| 03/15/2035 | &nbsp;&nbsp; 5.050% | 614000 | &nbsp;&nbsp; 625063 |
| 04/01/2035 | &nbsp;&nbsp; 5.700% | 174000 | &nbsp;&nbsp; 182568 |
| 10/15/2046 | &nbsp;&nbsp; 3.700% | 236000 | &nbsp;&nbsp; 179809 |
| 08/15/2050 | &nbsp;&nbsp; 2.500% | 1041000 | &nbsp;&nbsp; 607457 |
| Duquesne Light Holdings, Inc.<sup>(a)</sup>  | Duquesne Light Holdings, Inc.<sup>(a)</sup>  | Duquesne Light Holdings, Inc.<sup>(a)</sup>  | Duquesne Light Holdings, Inc.<sup>(a)</sup>  |
| 10/01/2030 | &nbsp;&nbsp; 2.532% | 216000 | &nbsp;&nbsp; 196238 |
| Edison International | Edison International | Edison International | Edison International |
| 06/15/2029 | &nbsp;&nbsp; 5.450% | 110000 | &nbsp;&nbsp; 111863 |
| Edison International<sup>(e)</sup>  | Edison International<sup>(e)</sup>  | Edison International<sup>(e)</sup>  | Edison International<sup>(e)</sup>  |
| 06/15/2053 | &nbsp;&nbsp; 8.125% | 572000 | &nbsp;&nbsp; 595167 |
| Electricite de France SA<sup>(a)</sup>  | Electricite de France SA<sup>(a)</sup>  | Electricite de France SA<sup>(a)</sup>  | Electricite de France SA<sup>(a)</sup>  |
| 05/23/2053 | &nbsp;&nbsp; 6.900% | 560000 | &nbsp;&nbsp; 617824 |
| Emera US Finance LP | Emera US Finance LP | Emera US Finance LP | Emera US Finance LP |
| 06/15/2031 | &nbsp;&nbsp; 2.639% | 350000 | &nbsp;&nbsp; 316375 |
| 06/15/2046 | &nbsp;&nbsp; 4.750% | 360000 | &nbsp;&nbsp; 307769 |
| Emera, Inc.<sup>(e)</sup>  | Emera, Inc.<sup>(e)</sup>  | Emera, Inc.<sup>(e)</sup>  | Emera, Inc.<sup>(e)</sup>  |
| Junior Subordinated | Junior Subordinated | Junior Subordinated | Junior Subordinated |
| 06/15/2076 | &nbsp;&nbsp; 6.750% | 161000 | &nbsp;&nbsp; 161953 |
| Enel Finance International NV<sup>(a)</sup>  | Enel Finance International NV<sup>(a)</sup>  | Enel Finance International NV<sup>(a)</sup>  | Enel Finance International NV<sup>(a)</sup>  |
| 04/06/2028 | &nbsp;&nbsp; 3.500% | 335000 | &nbsp;&nbsp; 330549 |
| 06/26/2029 | &nbsp;&nbsp; 5.125% | 605000 | &nbsp;&nbsp; 620644 |
| 06/26/2034 | &nbsp;&nbsp; 5.500% | 911000 | &nbsp;&nbsp; 945114 |
| 09/30/2035 | &nbsp;&nbsp; 5.000% | 1195000 | &nbsp;&nbsp; 1187257 |
| Enel Finance International NV<sup>(a),(e)</sup>  | Enel Finance International NV<sup>(a),(e)</sup>  | Enel Finance International NV<sup>(a),(e)</sup>  | Enel Finance International NV<sup>(a),(e)</sup>  |
| 07/12/2031 | &nbsp;&nbsp; 2.500% | 679000 | &nbsp;&nbsp; 610646 |
| Entergy Arkansas LLC | Entergy Arkansas LLC | Entergy Arkansas LLC | Entergy Arkansas LLC |
| 01/15/2033 | &nbsp;&nbsp; 5.150% | 1548000 | &nbsp;&nbsp; 1601602 |
| 06/15/2051 | &nbsp;&nbsp; 2.650% | 929000 | &nbsp;&nbsp; 553619 |
| Entergy Corp.<sup>(e)</sup>  | Entergy Corp.<sup>(e)</sup>  | Entergy Corp.<sup>(e)</sup>  | Entergy Corp.<sup>(e)</sup>  |
| 12/01/2054 | &nbsp;&nbsp; 7.125% | 544000 | &nbsp;&nbsp; 571731 |
| Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC |
| 03/15/2051 | &nbsp;&nbsp; 2.900% | 514000 | &nbsp;&nbsp; 322579 |
| 03/15/2054 | &nbsp;&nbsp; 5.700% | 211000 | &nbsp;&nbsp; 210279 |
| Entergy Mississippi LLC | Entergy Mississippi LLC | Entergy Mississippi LLC | Entergy Mississippi LLC |
| 09/01/2033 | &nbsp;&nbsp; 5.000% | 292000 | &nbsp;&nbsp; 297180 |
| 04/15/2055 | &nbsp;&nbsp; 5.800% | 1009000 | &nbsp;&nbsp; 1015634 |
| Entergy Texas, Inc. | Entergy Texas, Inc. | Entergy Texas, Inc. | Entergy Texas, Inc. |
| 03/15/2031 | &nbsp;&nbsp; 1.750% | 979000 | &nbsp;&nbsp; 863887 |
| 09/15/2054 | &nbsp;&nbsp; 5.550% | 299000 | &nbsp;&nbsp; 290213 |
| Exelon Corp. | Exelon Corp. | Exelon Corp. | Exelon Corp. |
| 03/15/2055 | &nbsp;&nbsp; 5.875% | 1553000 | &nbsp;&nbsp; 1557957 |
| Exelon Generation Co. LLC | Exelon Generation Co. LLC | Exelon Generation Co. LLC | Exelon Generation Co. LLC |
| 10/01/2041 | &nbsp;&nbsp; 5.750% | 475000 | &nbsp;&nbsp; 483678 |
| 06/15/2042 | &nbsp;&nbsp; 5.600% | 349000 | &nbsp;&nbsp; 350608 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Georgia Power Co. | Georgia Power Co. | Georgia Power Co. | Georgia Power Co. |
| 03/15/2031 | &nbsp;&nbsp; 4.850% | 736000 | &nbsp;&nbsp; 755134 |
| 03/15/2034 | &nbsp;&nbsp; 5.250% | 360000 | &nbsp;&nbsp; 371826 |
| ITC Holdings Corp.<sup>(a)</sup>  | ITC Holdings Corp.<sup>(a)</sup>  | ITC Holdings Corp.<sup>(a)</sup>  | ITC Holdings Corp.<sup>(a)</sup>  |
| 09/22/2027 | &nbsp;&nbsp; 4.950% | 193000 | &nbsp;&nbsp; 195521 |
| 05/14/2030 | &nbsp;&nbsp; 2.950% | 310000 | &nbsp;&nbsp; 292590 |
| 06/01/2033 | &nbsp;&nbsp; 5.400% | 409000 | &nbsp;&nbsp; 422113 |
| 05/09/2034 | &nbsp;&nbsp; 5.650% | 689000 | &nbsp;&nbsp; 718800 |
| Jersey Central Power & Light Co.<sup>(a)</sup>  | Jersey Central Power & Light Co.<sup>(a)</sup>  | Jersey Central Power & Light Co.<sup>(a)</sup>  | Jersey Central Power & Light Co.<sup>(a)</sup>  |
| 01/15/2029 | &nbsp;&nbsp; 4.150% | 1094000 | &nbsp;&nbsp; 1092882 |
| 01/15/2031 | &nbsp;&nbsp; 4.400% | 1824000 | &nbsp;&nbsp; 1817720 |
| 03/01/2032 | &nbsp;&nbsp; 2.750% | 2944000 | &nbsp;&nbsp; 2646290 |
| Jersey Central Power & Light Co. | Jersey Central Power & Light Co. | Jersey Central Power & Light Co. | Jersey Central Power & Light Co. |
| 01/15/2035 | &nbsp;&nbsp; 5.100% | 918000 | &nbsp;&nbsp; 929286 |
| Kansas City Power & Light Co. | Kansas City Power & Light Co. | Kansas City Power & Light Co. | Kansas City Power & Light Co. |
| 06/15/2047 | &nbsp;&nbsp; 4.200% | 219000 | &nbsp;&nbsp; 177543 |
| Metropolitan Edison Co.<sup>(a)</sup>  | Metropolitan Edison Co.<sup>(a)</sup>  | Metropolitan Edison Co.<sup>(a)</sup>  | Metropolitan Edison Co.<sup>(a)</sup>  |
| 04/01/2028 | &nbsp;&nbsp; 5.200% | 794000 | &nbsp;&nbsp; 810264 |
| 01/15/2029 | &nbsp;&nbsp; 4.300% | 1213000 | &nbsp;&nbsp; 1213220 |
| MidAmerican Energy Co. | MidAmerican Energy Co. | MidAmerican Energy Co. | MidAmerican Energy Co. |
| 11/01/2035 | &nbsp;&nbsp; 5.750% | 346000 | &nbsp;&nbsp; 368736 |
| 08/01/2052 | &nbsp;&nbsp; 2.700% | 894000 | &nbsp;&nbsp; 546838 |
| 11/15/2056 | &nbsp;&nbsp; 5.500% | 877000 | &nbsp;&nbsp; 858853 |
| Mississippi Power Co. | Mississippi Power Co. | Mississippi Power Co. | Mississippi Power Co. |
| 03/15/2042 | &nbsp;&nbsp; 4.250% | 525000 | &nbsp;&nbsp; 450678 |
| 07/30/2051 | &nbsp;&nbsp; 3.100% | 1237000 | &nbsp;&nbsp; 810666 |
| Nevada Power Co. | Nevada Power Co. | Nevada Power Co. | Nevada Power Co. |
| 09/15/2040 | &nbsp;&nbsp; 5.375% | 287000 | &nbsp;&nbsp; 286834 |
| NextEra Energy Capital Holdings, Inc.<sup>(e)</sup>  | NextEra Energy Capital Holdings, Inc.<sup>(e)</sup>  | NextEra Energy Capital Holdings, Inc.<sup>(e)</sup>  | NextEra Energy Capital Holdings, Inc.<sup>(e)</sup>  |
| 06/15/2054 | &nbsp;&nbsp; 6.750% | 286000 | &nbsp;&nbsp; 305027 |
| 08/15/2055 | &nbsp;&nbsp; 6.375% | 299000 | &nbsp;&nbsp; 308705 |
| 08/15/2055 | &nbsp;&nbsp; 6.500% | 225000 | &nbsp;&nbsp; 237003 |
| Northern States Power Co. | Northern States Power Co. | Northern States Power Co. | Northern States Power Co. |
| 05/15/2035 | &nbsp;&nbsp; 5.050% | 1688000 | &nbsp;&nbsp; 1721556 |
| 06/01/2052 | &nbsp;&nbsp; 4.500% | 258000 | &nbsp;&nbsp; 219303 |
| 03/15/2054 | &nbsp;&nbsp; 5.400% | 624000 | &nbsp;&nbsp; 605296 |
| 06/15/2054 | &nbsp;&nbsp; 5.650% | 677000 | &nbsp;&nbsp; 683039 |
| NRG Energy, Inc.<sup>(a)</sup>  | NRG Energy, Inc.<sup>(a)</sup>  | NRG Energy, Inc.<sup>(a)</sup>  | NRG Energy, Inc.<sup>(a)</sup>  |
| 12/02/2027 | &nbsp;&nbsp; 2.450% | 191000 | &nbsp;&nbsp; 184513 |
| 06/15/2029 | &nbsp;&nbsp; 5.250% | 1165000 | &nbsp;&nbsp; 1168142 |
| 10/15/2030 | &nbsp;&nbsp; 4.734% | 180000 | &nbsp;&nbsp; 179945 |
| 01/15/2034 | &nbsp;&nbsp; 5.750% | 175000 | &nbsp;&nbsp; 176496 |
| 10/15/2035 | &nbsp;&nbsp; 5.407% | 255000 | &nbsp;&nbsp; 254138 |
| Ohio Edison Co.<sup>(a)</sup>  | Ohio Edison Co.<sup>(a)</sup>  | Ohio Edison Co.<sup>(a)</sup>  | Ohio Edison Co.<sup>(a)</sup>  |
| 12/15/2029 | &nbsp;&nbsp; 4.950% | 1016000 | &nbsp;&nbsp; 1038783 |
| Ohio Power Co. | Ohio Power Co. | Ohio Power Co. | Ohio Power Co. |
| 10/01/2051 | &nbsp;&nbsp; 2.900% | 381000 | &nbsp;&nbsp; 234926 |
| Oncor Electric Delivery Co. LLC<sup>(a)</sup>  | Oncor Electric Delivery Co. LLC<sup>(a)</sup>  | Oncor Electric Delivery Co. LLC<sup>(a)</sup>  | Oncor Electric Delivery Co. LLC<sup>(a)</sup>  |
| 04/01/2035 | &nbsp;&nbsp; 5.350% | 555000 | &nbsp;&nbsp; 572512 |
| 04/01/2055 | &nbsp;&nbsp; 5.800% | 1107000 | &nbsp;&nbsp; 1114928 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. |
| 06/04/2028 | &nbsp;&nbsp; 5.000% | 334000 | &nbsp;&nbsp; 339794 |
| 07/01/2030 | &nbsp;&nbsp; 4.550% | 1000068 | &nbsp;&nbsp; 996091 |
| 10/15/2032 | &nbsp;&nbsp; 5.050% | 1707000 | &nbsp;&nbsp; 1717504 |
| 06/15/2033 | &nbsp;&nbsp; 6.400% | 2201000 | &nbsp;&nbsp; 2374795 |
| 06/01/2041 | &nbsp;&nbsp; 4.200% | 599000 | &nbsp;&nbsp; 498924 |
| 12/01/2047 | &nbsp;&nbsp; 3.950% | 2405000 | &nbsp;&nbsp; 1790407 |
| 07/01/2050 | &nbsp;&nbsp; 4.950% | 2947000 | &nbsp;&nbsp; 2495337 |
| 08/01/2050 | &nbsp;&nbsp; 3.500% | 391000 | &nbsp;&nbsp; 264244 |
| 10/15/2055 | &nbsp;&nbsp; 6.100% | 1094000 | &nbsp;&nbsp; 1075772 |
| Palomino Funding Trust I<sup>(a)</sup>  | Palomino Funding Trust I<sup>(a)</sup>  | Palomino Funding Trust I<sup>(a)</sup>  | Palomino Funding Trust I<sup>(a)</sup>  |
| 05/17/2028 | &nbsp;&nbsp; 7.233% | 250000 | &nbsp;&nbsp; 264184 |
| PECO Energy Co. | PECO Energy Co. | PECO Energy Co. | PECO Energy Co. |
| 06/15/2050 | &nbsp;&nbsp; 2.800% | 286000 | &nbsp;&nbsp; 179162 |
| 09/15/2051 | &nbsp;&nbsp; 2.850% | 1245000 | &nbsp;&nbsp; 773929 |
| Pennsylvania Electric Co.<sup>(a)</sup>  | Pennsylvania Electric Co.<sup>(a)</sup>  | Pennsylvania Electric Co.<sup>(a)</sup>  | Pennsylvania Electric Co.<sup>(a)</sup>  |
| 03/15/2028 | &nbsp;&nbsp; 3.250% | 1005000 | &nbsp;&nbsp; 984322 |
| PG&E Corp. | PG&E Corp. | PG&E Corp. | PG&E Corp. |
| 07/01/2028 | &nbsp;&nbsp; 5.000% | 186000 | &nbsp;&nbsp; 185851 |
| 07/01/2030 | &nbsp;&nbsp; 5.250% | 210000 | &nbsp;&nbsp; 208580 |
| PG&E Corp.<sup>(e)</sup>  | PG&E Corp.<sup>(e)</sup>  | PG&E Corp.<sup>(e)</sup>  | PG&E Corp.<sup>(e)</sup>  |
| 03/15/2055 | &nbsp;&nbsp; 7.375% | 1310000 | &nbsp;&nbsp; 1364446 |
| PPL Capital Funding, Inc. | PPL Capital Funding, Inc. | PPL Capital Funding, Inc. | PPL Capital Funding, Inc. |
| 09/01/2034 | &nbsp;&nbsp; 5.250% | 717000 | &nbsp;&nbsp; 734667 |
| Public Service Co. of Colorado | Public Service Co. of Colorado | Public Service Co. of Colorado | Public Service Co. of Colorado |
| 01/15/2051 | &nbsp;&nbsp; 2.700% | 265000 | &nbsp;&nbsp; 159765 |
| Public Service Co. of Oklahoma | Public Service Co. of Oklahoma | Public Service Co. of Oklahoma | Public Service Co. of Oklahoma |
| 08/15/2051 | &nbsp;&nbsp; 3.150% | 698000 | &nbsp;&nbsp; 459598 |
| Public Service Electric and Gas Co. | Public Service Electric and Gas Co. | Public Service Electric and Gas Co. | Public Service Electric and Gas Co. |
| 08/15/2031 | &nbsp;&nbsp; 1.900% | 1773000 | &nbsp;&nbsp; 1565491 |
| 05/01/2050 | &nbsp;&nbsp; 2.700% | 482000 | &nbsp;&nbsp; 299196 |
| 08/01/2050 | &nbsp;&nbsp; 2.050% | 286000 | &nbsp;&nbsp; 154725 |
| Puget Sound Energy, Inc. | Puget Sound Energy, Inc. | Puget Sound Energy, Inc. | Puget Sound Energy, Inc. |
| 09/15/2051 | &nbsp;&nbsp; 2.893% | 421000 | &nbsp;&nbsp; 267868 |
| 06/15/2054 | &nbsp;&nbsp; 5.685% | 843000 | &nbsp;&nbsp; 837375 |
| Saavi Energia Sarl<sup>(a)</sup>  | Saavi Energia Sarl<sup>(a)</sup>  | Saavi Energia Sarl<sup>(a)</sup>  | Saavi Energia Sarl<sup>(a)</sup>  |
| 02/10/2035 | &nbsp;&nbsp; 8.875% | 549000 | &nbsp;&nbsp; 595269 |
| San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. |
| 08/15/2028 | &nbsp;&nbsp; 4.950% | 365000 | &nbsp;&nbsp; 374220 |
| 08/15/2051 | &nbsp;&nbsp; 2.950% | 318000 | &nbsp;&nbsp; 202297 |
| Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
| 03/15/2030 | &nbsp;&nbsp; 5.250% | 723000 | &nbsp;&nbsp; 741854 |
| 06/01/2031 | &nbsp;&nbsp; 5.450% | 257000 | &nbsp;&nbsp; 265985 |
| 06/01/2034 | &nbsp;&nbsp; 5.200% | 155000 | &nbsp;&nbsp; 155811 |
| 03/01/2035 | &nbsp;&nbsp; 5.450% | 895000 | &nbsp;&nbsp; 907994 |
| 03/01/2048 | &nbsp;&nbsp; 4.125% | 118000 | &nbsp;&nbsp; 89651 |
| 03/01/2053 | &nbsp;&nbsp; 5.700% | 387000 | &nbsp;&nbsp; 359707 |
| 12/01/2053 | &nbsp;&nbsp; 5.875% | 534000 | &nbsp;&nbsp; 512264 |
| Southern Power Co. | Southern Power Co. | Southern Power Co. | Southern Power Co. |
| 09/15/2041 | &nbsp;&nbsp; 5.150% | 232000 | &nbsp;&nbsp; 223594 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. |
| 04/01/2033 | &nbsp;&nbsp; 5.300% | 199000 | &nbsp;&nbsp; 204292 |
| 04/01/2045 | &nbsp;&nbsp; 3.900% | 249000 | &nbsp;&nbsp; 193098 |
| Southwestern Public Service Co. | Southwestern Public Service Co. | Southwestern Public Service Co. | Southwestern Public Service Co. |
| 08/15/2041 | &nbsp;&nbsp; 4.500% | 192000 | &nbsp;&nbsp; 171062 |
| Trans-Allegheny Interstate Line Co.<sup>(a)</sup>  | Trans-Allegheny Interstate Line Co.<sup>(a)</sup>  | Trans-Allegheny Interstate Line Co.<sup>(a)</sup>  | Trans-Allegheny Interstate Line Co.<sup>(a)</sup>  |
| 01/15/2031 | &nbsp;&nbsp; 5.000% | 1471000 | &nbsp;&nbsp; 1511090 |
| Tucson Electric Power Co. | Tucson Electric Power Co. | Tucson Electric Power Co. | Tucson Electric Power Co. |
| 04/15/2053 | &nbsp;&nbsp; 5.500% | 112000 | &nbsp;&nbsp; 107715 |
| Union Electric Co. | Union Electric Co. | Union Electric Co. | Union Electric Co. |
| 01/15/2054 | &nbsp;&nbsp; 5.250% | 263000 | &nbsp;&nbsp; 245774 |
| Virginia Electric and Power Co. | Virginia Electric and Power Co. | Virginia Electric and Power Co. | Virginia Electric and Power Co. |
| 11/15/2051 | &nbsp;&nbsp; 2.950% | 1032000 | &nbsp;&nbsp; 650686 |
| Vistra Operations Co. LLC<sup>(a)</sup>  | Vistra Operations Co. LLC<sup>(a)</sup>  | Vistra Operations Co. LLC<sup>(a)</sup>  | Vistra Operations Co. LLC<sup>(a)</sup>  |
| 12/30/2026 | &nbsp;&nbsp; 5.050% | 1004000 | &nbsp;&nbsp; 1011016 |
| 02/15/2027 | &nbsp;&nbsp; 5.625% | 580000 | &nbsp;&nbsp; 580339 |
| 10/15/2028 | &nbsp;&nbsp; 4.300% | 1204000 | &nbsp;&nbsp; 1203656 |
| 10/15/2030 | &nbsp;&nbsp; 4.600% | 67000 | &nbsp;&nbsp; 66925 |
| 10/15/2031 | &nbsp;&nbsp; 7.750% | 370000 | &nbsp;&nbsp; 392362 |
| 04/15/2034 | &nbsp;&nbsp; 6.000% | 1922000 | &nbsp;&nbsp; 2017212 |
| Wisconsin Electric Power Co. | Wisconsin Electric Power Co. | Wisconsin Electric Power Co. | Wisconsin Electric Power Co. |
| 10/15/2030 | &nbsp;&nbsp; 4.150% | 1468000 | &nbsp;&nbsp; 1466932 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **104007744** |
| **Environmental 0.0%** | **Environmental 0.0%** | **Environmental 0.0%** | **Environmental 0.0%** |
| GFL Environmental, Inc.<sup>(a)</sup>  | GFL Environmental, Inc.<sup>(a)</sup>  | GFL Environmental, Inc.<sup>(a)</sup>  | GFL Environmental, Inc.<sup>(a)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 4.750% | 365000 | &nbsp;&nbsp; 364118 |
| 01/15/2031 | &nbsp;&nbsp; 6.750% | 901000 | &nbsp;&nbsp; 944216 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1308334** |
| **Finance Companies 0.3%** | **Finance Companies 0.3%** | **Finance Companies 0.3%** | **Finance Companies 0.3%** |
| AerCap Ireland Capital DAC/Global Aviation Trust | AerCap Ireland Capital DAC/Global Aviation Trust | AerCap Ireland Capital DAC/Global Aviation Trust | AerCap Ireland Capital DAC/Global Aviation Trust |
| 09/10/2029 | &nbsp;&nbsp; 4.625% | 265000 | &nbsp;&nbsp; 267671 |
| 01/30/2032 | &nbsp;&nbsp; 3.300% | 150000 | &nbsp;&nbsp; 138795 |
| 11/15/2035 | &nbsp;&nbsp; 5.000% | 340000 | &nbsp;&nbsp; 336394 |
| AerCap Ireland Capital DAC/Global Aviation Trust<sup>(e)</sup>  | AerCap Ireland Capital DAC/Global Aviation Trust<sup>(e)</sup>  | AerCap Ireland Capital DAC/Global Aviation Trust<sup>(e)</sup>  | AerCap Ireland Capital DAC/Global Aviation Trust<sup>(e)</sup>  |
| 03/10/2055 | &nbsp;&nbsp; 6.950% | 410000 | &nbsp;&nbsp; 430054 |
| Avolon Holdings Funding Ltd.<sup>(a)</sup>  | Avolon Holdings Funding Ltd.<sup>(a)</sup>  | Avolon Holdings Funding Ltd.<sup>(a)</sup>  | Avolon Holdings Funding Ltd.<sup>(a)</sup>  |
| 03/01/2029 | &nbsp;&nbsp; 5.750% | 932000 | &nbsp;&nbsp; 964011 |
| 11/15/2029 | &nbsp;&nbsp; 5.750% | 2517000 | &nbsp;&nbsp; 2614269 |
| 01/15/2030 | &nbsp;&nbsp; 5.150% | 396000 | &nbsp;&nbsp; 402934 |
| 10/10/2030 | &nbsp;&nbsp; 4.900% | 900000 | &nbsp;&nbsp; 905648 |
| 10/15/2032 | &nbsp;&nbsp; 4.950% | 220000 | &nbsp;&nbsp; 217873 |
| FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. |
| 01/15/2030 | &nbsp;&nbsp; 6.125% | 1543000 | &nbsp;&nbsp; 1519727 |
| MSD Investment Corp.<sup>(a)</sup>  | MSD Investment Corp.<sup>(a)</sup>  | MSD Investment Corp.<sup>(a)</sup>  | MSD Investment Corp.<sup>(a)</sup>  |
| 02/05/2031 | &nbsp;&nbsp; 6.125% | 1606000 | &nbsp;&nbsp; 1596618 |
| Oaktree Specialty Lending Corp. | Oaktree Specialty Lending Corp. | Oaktree Specialty Lending Corp. | Oaktree Specialty Lending Corp. |
| 02/27/2030 | &nbsp;&nbsp; 6.340% | 1337000 | &nbsp;&nbsp; 1345044 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
| 05/15/2029 | &nbsp;&nbsp; 6.625% | 530000 | &nbsp;&nbsp; 548911 |
| Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(a)</sup>  | Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(a)</sup>  | Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(a)</sup>  | Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(a)</sup>  |
| 03/01/2029 | &nbsp;&nbsp; 3.625% | 400000 | &nbsp;&nbsp; 386431 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **11674380** |
| **Food and Beverage 0.8%** | **Food and Beverage 0.8%** | **Food and Beverage 0.8%** | **Food and Beverage 0.8%** |
| Anheuser-Busch Companies LLC/InBev Worldwide, Inc. | Anheuser-Busch Companies LLC/InBev Worldwide, Inc. | Anheuser-Busch Companies LLC/InBev Worldwide, Inc. | Anheuser-Busch Companies LLC/InBev Worldwide, Inc. |
| 02/01/2036 | &nbsp;&nbsp; 4.700% | 5280000 | &nbsp;&nbsp; 5228816 |
| Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. |
| 01/23/2039 | &nbsp;&nbsp; 5.450% | 790000 | &nbsp;&nbsp; 817321 |
| Bunge Ltd Finance Corp. | Bunge Ltd Finance Corp. | Bunge Ltd Finance Corp. | Bunge Ltd Finance Corp. |
| 08/04/2035 | &nbsp;&nbsp; 5.150% | 2028000 | &nbsp;&nbsp; 2060738 |
| Cargill, Inc.<sup>(a)</sup>  | Cargill, Inc.<sup>(a)</sup>  | Cargill, Inc.<sup>(a)</sup>  | Cargill, Inc.<sup>(a)</sup>  |
| 11/01/2036 | &nbsp;&nbsp; 7.250% | 300000 | &nbsp;&nbsp; 347913 |
| Darling Ingredients, Inc.<sup>(a)</sup>  | Darling Ingredients, Inc.<sup>(a)</sup>  | Darling Ingredients, Inc.<sup>(a)</sup>  | Darling Ingredients, Inc.<sup>(a)</sup>  |
| 04/15/2027 | &nbsp;&nbsp; 5.250% | 250000 | &nbsp;&nbsp; 249906 |
| Grupo Nutresa SA<sup>(a)</sup>  | Grupo Nutresa SA<sup>(a)</sup>  | Grupo Nutresa SA<sup>(a)</sup>  | Grupo Nutresa SA<sup>(a)</sup>  |
| 05/12/2035 | &nbsp;&nbsp; 9.000% | 250000 | &nbsp;&nbsp; 282381 |
| JBS SA/Food Co./Finance, Inc. | JBS SA/Food Co./Finance, Inc. | JBS SA/Food Co./Finance, Inc. | JBS SA/Food Co./Finance, Inc. |
| 04/01/2033 | &nbsp;&nbsp; 5.750% | 505000 | &nbsp;&nbsp; 526916 |
| JBS USA Holding Lux Sarl/Food Co./Sarl | JBS USA Holding Lux Sarl/Food Co./Sarl | JBS USA Holding Lux Sarl/Food Co./Sarl | JBS USA Holding Lux Sarl/Food Co./Sarl |
| 11/15/2053 | &nbsp;&nbsp; 7.250% | 1633000 | &nbsp;&nbsp; 1821082 |
| JBS USA Holding Lux Sarl/Foods Group Holdings, Inc./Food Co.<sup>(a)</sup>  | JBS USA Holding Lux Sarl/Foods Group Holdings, Inc./Food Co.<sup>(a)</sup>  | JBS USA Holding Lux Sarl/Foods Group Holdings, Inc./Food Co.<sup>(a)</sup>  | JBS USA Holding Lux Sarl/Foods Group Holdings, Inc./Food Co.<sup>(a)</sup>  |
| 01/15/2036 | &nbsp;&nbsp; 5.500% | 1430000 | &nbsp;&nbsp; 1451206 |
| 04/15/2066 | &nbsp;&nbsp; 6.375% | 527000 | &nbsp;&nbsp; 523676 |
| JBS USA Lux SA/Food Co./Finance, Inc. | JBS USA Lux SA/Food Co./Finance, Inc. | JBS USA Lux SA/Food Co./Finance, Inc. | JBS USA Lux SA/Food Co./Finance, Inc. |
| 01/15/2032 | &nbsp;&nbsp; 3.625% | 2776000 | &nbsp;&nbsp; 2599995 |
| 05/15/2032 | &nbsp;&nbsp; 3.000% | 1959000 | &nbsp;&nbsp; 1757262 |
| 12/01/2052 | &nbsp;&nbsp; 6.500% | 1067000 | &nbsp;&nbsp; 1096337 |
| JBS USA LUX Sarl/Food Co./Foods Group<sup>(a)</sup>  | JBS USA LUX Sarl/Food Co./Foods Group<sup>(a)</sup>  | JBS USA LUX Sarl/Food Co./Foods Group<sup>(a)</sup>  | JBS USA LUX Sarl/Food Co./Foods Group<sup>(a)</sup>  |
| 04/20/2035 | &nbsp;&nbsp; 5.950% | 383000 | &nbsp;&nbsp; 402529 |
| Lamb Weston Holdings, Inc.<sup>(a)</sup>  | Lamb Weston Holdings, Inc.<sup>(a)</sup>  | Lamb Weston Holdings, Inc.<sup>(a)</sup>  | Lamb Weston Holdings, Inc.<sup>(a)</sup>  |
| 05/15/2028 | &nbsp;&nbsp; 4.875% | 345000 | &nbsp;&nbsp; 344265 |
| Mars, Inc.<sup>(a)</sup>  | Mars, Inc.<sup>(a)</sup>  | Mars, Inc.<sup>(a)</sup>  | Mars, Inc.<sup>(a)</sup>  |
| 03/01/2030 | &nbsp;&nbsp; 4.800% | 3392000 | &nbsp;&nbsp; 3465781 |
| 03/01/2032 | &nbsp;&nbsp; 5.000% | 1578000 | &nbsp;&nbsp; 1625757 |
| 03/01/2035 | &nbsp;&nbsp; 5.200% | 1512000 | &nbsp;&nbsp; 1552726 |
| 05/01/2045 | &nbsp;&nbsp; 5.650% | 259000 | &nbsp;&nbsp; 261249 |
| PepsiCo, Inc. | PepsiCo, Inc. | PepsiCo, Inc. | PepsiCo, Inc. |
| 01/15/2029 | &nbsp;&nbsp; 4.100% | 1970000 | &nbsp;&nbsp; 1980835 |
| 07/23/2030 | &nbsp;&nbsp; 4.300% | 1092000 | &nbsp;&nbsp; 1103139 |
| 08/13/2042 | &nbsp;&nbsp; 3.600% | 546000 | &nbsp;&nbsp; 444226 |
| Performance Food Group, Inc.<sup>(a)</sup>  | Performance Food Group, Inc.<sup>(a)</sup>  | Performance Food Group, Inc.<sup>(a)</sup>  | Performance Food Group, Inc.<sup>(a)</sup>  |
| 10/15/2027 | &nbsp;&nbsp; 5.500% | 400000 | &nbsp;&nbsp; 400214 |
| Post Holdings, Inc.<sup>(a)</sup>  | Post Holdings, Inc.<sup>(a)</sup>  | Post Holdings, Inc.<sup>(a)</sup>  | Post Holdings, Inc.<sup>(a)</sup>  |
| 04/15/2030 | &nbsp;&nbsp; 4.625% | 475000 | &nbsp;&nbsp; 462469 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **30806739** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Gaming 0.1%** | **Gaming 0.1%** | **Gaming 0.1%** | **Gaming 0.1%** |
| Caesars Entertainment, Inc.<sup>(a)</sup>  | Caesars Entertainment, Inc.<sup>(a)</sup>  | Caesars Entertainment, Inc.<sup>(a)</sup>  | Caesars Entertainment, Inc.<sup>(a)</sup>  |
| 02/15/2032 | &nbsp;&nbsp; 6.500% | 915000 | &nbsp;&nbsp; 937456 |
| Churchill Downs, Inc.<sup>(a)</sup>  | Churchill Downs, Inc.<sup>(a)</sup>  | Churchill Downs, Inc.<sup>(a)</sup>  | Churchill Downs, Inc.<sup>(a)</sup>  |
| 05/01/2031 | &nbsp;&nbsp; 6.750% | 100000 | &nbsp;&nbsp; 103717 |
| MGM Resorts International | MGM Resorts International | MGM Resorts International | MGM Resorts International |
| 09/15/2029 | &nbsp;&nbsp; 6.125% | 300000 | &nbsp;&nbsp; 308369 |
| 04/15/2032 | &nbsp;&nbsp; 6.500% | 320000 | &nbsp;&nbsp; 329578 |
| Station Casinos LLC<sup>(a)</sup>  | Station Casinos LLC<sup>(a)</sup>  | Station Casinos LLC<sup>(a)</sup>  | Station Casinos LLC<sup>(a)</sup>  |
| 02/15/2028 | &nbsp;&nbsp; 4.500% | 300000 | &nbsp;&nbsp; 297752 |
| Wynn Las Vegas LLC/Capital Corp.<sup>(a)</sup>  | Wynn Las Vegas LLC/Capital Corp.<sup>(a)</sup>  | Wynn Las Vegas LLC/Capital Corp.<sup>(a)</sup>  | Wynn Las Vegas LLC/Capital Corp.<sup>(a)</sup>  |
| 05/15/2027 | &nbsp;&nbsp; 5.250% | 515000 | &nbsp;&nbsp; 517690 |
| Wynn Resorts Finance LLC/Capital Corp.<sup>(a)</sup>  | Wynn Resorts Finance LLC/Capital Corp.<sup>(a)</sup>  | Wynn Resorts Finance LLC/Capital Corp.<sup>(a)</sup>  | Wynn Resorts Finance LLC/Capital Corp.<sup>(a)</sup>  |
| 10/01/2029 | &nbsp;&nbsp; 5.125% | 300000 | &nbsp;&nbsp; 301703 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2796265** |
| **Health Care 0.7%** | **Health Care 0.7%** | **Health Care 0.7%** | **Health Care 0.7%** |
| AdaptHealth LLC<sup>(a)</sup>  | AdaptHealth LLC<sup>(a)</sup>  | AdaptHealth LLC<sup>(a)</sup>  | AdaptHealth LLC<sup>(a)</sup>  |
| 08/01/2029 | &nbsp;&nbsp; 4.625% | 210000 | &nbsp;&nbsp; 203770 |
| Alcon Finance Corp.<sup>(a)</sup>  | Alcon Finance Corp.<sup>(a)</sup>  | Alcon Finance Corp.<sup>(a)</sup>  | Alcon Finance Corp.<sup>(a)</sup>  |
| 12/06/2032 | &nbsp;&nbsp; 5.375% | 2327000 | &nbsp;&nbsp; 2428821 |
| Avantor Funding, Inc.<sup>(a)</sup>  | Avantor Funding, Inc.<sup>(a)</sup>  | Avantor Funding, Inc.<sup>(a)</sup>  | Avantor Funding, Inc.<sup>(a)</sup>  |
| 07/15/2028 | &nbsp;&nbsp; 4.625% | 345000 | &nbsp;&nbsp; 343048 |
| Bausch & Lomb Escrow Corp.<sup>(a)</sup>  | Bausch & Lomb Escrow Corp.<sup>(a)</sup>  | Bausch & Lomb Escrow Corp.<sup>(a)</sup>  | Bausch & Lomb Escrow Corp.<sup>(a)</sup>  |
| 10/01/2028 | &nbsp;&nbsp; 8.375% | 55000 | &nbsp;&nbsp; 57314 |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| 03/25/2028 | &nbsp;&nbsp; 4.300% | 1607000 | &nbsp;&nbsp; 1612945 |
| 06/01/2031 | &nbsp;&nbsp; 5.550% | 1552000 | &nbsp;&nbsp; 1624998 |
| 06/01/2034 | &nbsp;&nbsp; 5.700% | 1594000 | &nbsp;&nbsp; 1672087 |
| 03/25/2038 | &nbsp;&nbsp; 4.780% | 1252000 | &nbsp;&nbsp; 1182457 |
| 03/25/2048 | &nbsp;&nbsp; 5.050% | 3396000 | &nbsp;&nbsp; 2997577 |
| CVS Pass-Through Trust<sup>(a)</sup>  | CVS Pass-Through Trust<sup>(a)</sup>  | CVS Pass-Through Trust<sup>(a)</sup>  | CVS Pass-Through Trust<sup>(a)</sup>  |
| 01/10/2034 | &nbsp;&nbsp; 5.926% | 375070 | &nbsp;&nbsp; 384403 |
| 01/10/2036 | &nbsp;&nbsp; 4.704% | 933986 | &nbsp;&nbsp; 878974 |
| DaVita, Inc.<sup>(a)</sup>  | DaVita, Inc.<sup>(a)</sup>  | DaVita, Inc.<sup>(a)</sup>  | DaVita, Inc.<sup>(a)</sup>  |
| 06/01/2030 | &nbsp;&nbsp; 4.625% | 600000 | &nbsp;&nbsp; 583864 |
| Encompass Health Corp. | Encompass Health Corp. | Encompass Health Corp. | Encompass Health Corp. |
| 02/01/2030 | &nbsp;&nbsp; 4.750% | 445000 | &nbsp;&nbsp; 443635 |
| HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
| 06/15/2029 | &nbsp;&nbsp; 4.125% | 600000 | &nbsp;&nbsp; 597867 |
| 03/01/2032 | &nbsp;&nbsp; 5.500% | 2680000 | &nbsp;&nbsp; 2793372 |
| 11/15/2032 | &nbsp;&nbsp; 4.600% | 682000 | &nbsp;&nbsp; 676891 |
| 04/01/2034 | &nbsp;&nbsp; 5.600% | 192000 | &nbsp;&nbsp; 200285 |
| 06/15/2049 | &nbsp;&nbsp; 5.250% | 1618000 | &nbsp;&nbsp; 1464646 |
| 06/01/2053 | &nbsp;&nbsp; 5.900% | 833000 | &nbsp;&nbsp; 816322 |
| 09/15/2054 | &nbsp;&nbsp; 5.950% | 261000 | &nbsp;&nbsp; 258192 |
| 03/01/2055 | &nbsp;&nbsp; 6.200% | 787000 | &nbsp;&nbsp; 803338 |
| Hologic, Inc.<sup>(a)</sup>  | Hologic, Inc.<sup>(a)</sup>  | Hologic, Inc.<sup>(a)</sup>  | Hologic, Inc.<sup>(a)</sup>  |
| 02/15/2029 | &nbsp;&nbsp; 3.250% | 525000 | &nbsp;&nbsp; 517438 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| IQVIA, Inc.<sup>(a)</sup>  | IQVIA, Inc.<sup>(a)</sup>  | IQVIA, Inc.<sup>(a)</sup>  | IQVIA, Inc.<sup>(a)</sup>  |
| 10/15/2026 | &nbsp;&nbsp; 5.000% | 260000 | &nbsp;&nbsp; 259849 |
| 05/15/2027 | &nbsp;&nbsp; 5.000% | 358000 | &nbsp;&nbsp; 358078 |
| 06/01/2032 | &nbsp;&nbsp; 6.250% | 395000 | &nbsp;&nbsp; 413037 |
| Mozart Debt Merger Sub, Inc.<sup>(a)</sup>  | Mozart Debt Merger Sub, Inc.<sup>(a)</sup>  | Mozart Debt Merger Sub, Inc.<sup>(a)</sup>  | Mozart Debt Merger Sub, Inc.<sup>(a)</sup>  |
| 04/01/2029 | &nbsp;&nbsp; 3.875% | 1200000 | &nbsp;&nbsp; 1173309 |
| Quest Diagnostics, Inc. | Quest Diagnostics, Inc. | Quest Diagnostics, Inc. | Quest Diagnostics, Inc. |
| 12/15/2029 | &nbsp;&nbsp; 4.625% | 432000 | &nbsp;&nbsp; 439163 |
| Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
| 06/15/2030 | &nbsp;&nbsp; 6.125% | 2000000 | &nbsp;&nbsp; 2048126 |
| Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. |
| 02/19/2035 | &nbsp;&nbsp; 5.500% | 732000 | &nbsp;&nbsp; 759358 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **27993164** |
| **Healthcare Insurance 0.2%** | **Healthcare Insurance 0.2%** | **Healthcare Insurance 0.2%** | **Healthcare Insurance 0.2%** |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| 02/15/2033 | &nbsp;&nbsp; 5.350% | 1340000 | &nbsp;&nbsp; 1396396 |
| 05/15/2041 | &nbsp;&nbsp; 3.050% | 363000 | &nbsp;&nbsp; 275142 |
| 07/15/2044 | &nbsp;&nbsp; 5.500% | 946000 | &nbsp;&nbsp; 938767 |
| 02/15/2053 | &nbsp;&nbsp; 5.875% | 1432000 | &nbsp;&nbsp; 1445865 |
| 04/15/2053 | &nbsp;&nbsp; 5.050% | 911000 | &nbsp;&nbsp; 823542 |
| 07/15/2054 | &nbsp;&nbsp; 5.625% | 2132000 | &nbsp;&nbsp; 2093334 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **6973046** |
| **Healthcare REIT 0.0%** | **Healthcare REIT 0.0%** | **Healthcare REIT 0.0%** | **Healthcare REIT 0.0%** |
| Sabra Health Care LP | Sabra Health Care LP | Sabra Health Care LP | Sabra Health Care LP |
| 12/01/2031 | &nbsp;&nbsp; 3.200% | 257000 | &nbsp;&nbsp; 235031 |
| Ventas Realty LP | Ventas Realty LP | Ventas Realty LP | Ventas Realty LP |
| 07/01/2034 | &nbsp;&nbsp; 5.625% | 238000 | &nbsp;&nbsp; 248570 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **483601** |
| **Independent Energy 0.5%** | **Independent Energy 0.5%** | **Independent Energy 0.5%** | **Independent Energy 0.5%** |
| Aker BP ASA<sup>(a)</sup>  | Aker BP ASA<sup>(a)</sup>  | Aker BP ASA<sup>(a)</sup>  | Aker BP ASA<sup>(a)</sup>  |
| 10/30/2035 | &nbsp;&nbsp; 5.250% | 2760000 | &nbsp;&nbsp; 2698356 |
| 10/01/2054 | &nbsp;&nbsp; 5.800% | 366000 | &nbsp;&nbsp; 332982 |
| Chord Energy Corp.<sup>(a)</sup>  | Chord Energy Corp.<sup>(a)</sup>  | Chord Energy Corp.<sup>(a)</sup>  | Chord Energy Corp.<sup>(a)</sup>  |
| 10/01/2030 | &nbsp;&nbsp; 6.000% | 25000 | &nbsp;&nbsp; 25253 |
| 03/15/2033 | &nbsp;&nbsp; 6.750% | 230000 | &nbsp;&nbsp; 237855 |
| Civitas Resources, Inc.<sup>(a)</sup>  | Civitas Resources, Inc.<sup>(a)</sup>  | Civitas Resources, Inc.<sup>(a)</sup>  | Civitas Resources, Inc.<sup>(a)</sup>  |
| 07/01/2031 | &nbsp;&nbsp; 8.750% | 725000 | &nbsp;&nbsp; 752579 |
| Colgate Energy Partners III LLC<sup>(a)</sup>  | Colgate Energy Partners III LLC<sup>(a)</sup>  | Colgate Energy Partners III LLC<sup>(a)</sup>  | Colgate Energy Partners III LLC<sup>(a)</sup>  |
| 07/01/2029 | &nbsp;&nbsp; 5.875% | 315000 | &nbsp;&nbsp; 316471 |
| Comstock Resources, Inc.<sup>(a)</sup>  | Comstock Resources, Inc.<sup>(a)</sup>  | Comstock Resources, Inc.<sup>(a)</sup>  | Comstock Resources, Inc.<sup>(a)</sup>  |
| 03/01/2029 | &nbsp;&nbsp; 6.750% | 295000 | &nbsp;&nbsp; 295762 |
| ConocoPhillips Co. | ConocoPhillips Co. | ConocoPhillips Co. | ConocoPhillips Co. |
| 03/15/2054 | &nbsp;&nbsp; 5.550% | 1412000 | &nbsp;&nbsp; 1361415 |
| Coterra Energy, Inc. | Coterra Energy, Inc. | Coterra Energy, Inc. | Coterra Energy, Inc. |
| 02/15/2035 | &nbsp;&nbsp; 5.400% | 332000 | &nbsp;&nbsp; 337064 |
| 02/15/2055 | &nbsp;&nbsp; 5.900% | 844000 | &nbsp;&nbsp; 811399 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Crescent Energy Finance LLC<sup>(a)</sup>  | Crescent Energy Finance LLC<sup>(a)</sup>  | Crescent Energy Finance LLC<sup>(a)</sup>  | Crescent Energy Finance LLC<sup>(a)</sup>  |
| 02/15/2028 | &nbsp;&nbsp; 9.250% | 631000 | &nbsp;&nbsp; 650786 |
| EOG Resources, Inc. | EOG Resources, Inc. | EOG Resources, Inc. | EOG Resources, Inc. |
| 01/15/2031 | &nbsp;&nbsp; 4.400% | 2286000 | &nbsp;&nbsp; 2294293 |
| EQT Corp. | EQT Corp. | EQT Corp. | EQT Corp. |
| 01/15/2031 | &nbsp;&nbsp; 4.750% | 1775000 | &nbsp;&nbsp; 1786740 |
| Hess Corp. | Hess Corp. | Hess Corp. | Hess Corp. |
| 02/15/2041 | &nbsp;&nbsp; 5.600% | 1227000 | &nbsp;&nbsp; 1268988 |
| Hilcorp Energy I LP/Finance Co.<sup>(a)</sup>  | Hilcorp Energy I LP/Finance Co.<sup>(a)</sup>  | Hilcorp Energy I LP/Finance Co.<sup>(a)</sup>  | Hilcorp Energy I LP/Finance Co.<sup>(a)</sup>  |
| 02/01/2029 | &nbsp;&nbsp; 5.750% | 540000 | &nbsp;&nbsp; 532889 |
| Matador Resources Co.<sup>(a)</sup>  | Matador Resources Co.<sup>(a)</sup>  | Matador Resources Co.<sup>(a)</sup>  | Matador Resources Co.<sup>(a)</sup>  |
| 04/15/2028 | &nbsp;&nbsp; 6.875% | 270000 | &nbsp;&nbsp; 275756 |
| 04/15/2032 | &nbsp;&nbsp; 6.500% | 225000 | &nbsp;&nbsp; 227847 |
| Permian Resources Operating LLC<sup>(a)</sup>  | Permian Resources Operating LLC<sup>(a)</sup>  | Permian Resources Operating LLC<sup>(a)</sup>  | Permian Resources Operating LLC<sup>(a)</sup>  |
| 07/15/2031 | &nbsp;&nbsp; 9.875% | 160000 | &nbsp;&nbsp; 172053 |
| Pioneer Natural Resources Co. | Pioneer Natural Resources Co. | Pioneer Natural Resources Co. | Pioneer Natural Resources Co. |
| 08/15/2030 | &nbsp;&nbsp; 1.900% | 255000 | &nbsp;&nbsp; 231036 |
| SM Energy Co. | SM Energy Co. | SM Energy Co. | SM Energy Co. |
| 09/15/2026 | &nbsp;&nbsp; 6.750% | 280000 | &nbsp;&nbsp; 280364 |
| 01/15/2027 | &nbsp;&nbsp; 6.625% | 300000 | &nbsp;&nbsp; 300805 |
| Southwestern Energy Co. | Southwestern Energy Co. | Southwestern Energy Co. | Southwestern Energy Co. |
| 02/01/2029 | &nbsp;&nbsp; 5.375% | 400000 | &nbsp;&nbsp; 400578 |
| 02/01/2032 | &nbsp;&nbsp; 4.750% | 2962000 | &nbsp;&nbsp; 2925947 |
| Vital Energy, Inc.<sup>(a)</sup>  | Vital Energy, Inc.<sup>(a)</sup>  | Vital Energy, Inc.<sup>(a)</sup>  | Vital Energy, Inc.<sup>(a)</sup>  |
| 04/15/2032 | &nbsp;&nbsp; 7.875% | 210000 | &nbsp;&nbsp; 206933 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **18724151** |
| **Integrated Energy 0.2%** | **Integrated Energy 0.2%** | **Integrated Energy 0.2%** | **Integrated Energy 0.2%** |
| BP Capital Markets America, Inc. | BP Capital Markets America, Inc. | BP Capital Markets America, Inc. | BP Capital Markets America, Inc. |
| 02/13/2033 | &nbsp;&nbsp; 4.812% | 541000 | &nbsp;&nbsp; 548521 |
| 09/11/2033 | &nbsp;&nbsp; 4.893% | 517000 | &nbsp;&nbsp; 526096 |
| 11/17/2034 | &nbsp;&nbsp; 5.227% | 855000 | &nbsp;&nbsp; 882707 |
| 11/10/2050 | &nbsp;&nbsp; 2.772% | 412000 | &nbsp;&nbsp; 254216 |
| 03/17/2052 | &nbsp;&nbsp; 3.001% | 1572000 | &nbsp;&nbsp; 1006759 |
| Chevron USA, Inc. | Chevron USA, Inc. | Chevron USA, Inc. | Chevron USA, Inc. |
| 10/15/2030 | &nbsp;&nbsp; 4.300% | 1409000 | &nbsp;&nbsp; 1422841 |
| Eni SpA<sup>(a)</sup>  | Eni SpA<sup>(a)</sup>  | Eni SpA<sup>(a)</sup>  | Eni SpA<sup>(a)</sup>  |
| 05/15/2054 | &nbsp;&nbsp; 5.950% | 1228000 | &nbsp;&nbsp; 1218938 |
| Total Capital International SA | Total Capital International SA | Total Capital International SA | Total Capital International SA |
| 06/29/2041 | &nbsp;&nbsp; 2.986% | 280000 | &nbsp;&nbsp; 211779 |
| 05/29/2050 | &nbsp;&nbsp; 3.127% | 729000 | &nbsp;&nbsp; 486553 |
| TotalEnergies Capital SA | TotalEnergies Capital SA | TotalEnergies Capital SA | TotalEnergies Capital SA |
| 04/05/2054 | &nbsp;&nbsp; 5.488% | 322000 | &nbsp;&nbsp; 312008 |
| 09/10/2054 | &nbsp;&nbsp; 5.275% | 285000 | &nbsp;&nbsp; 268221 |
| 04/05/2064 | &nbsp;&nbsp; 5.638% | 950000 | &nbsp;&nbsp; 923056 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **8061695** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Leisure 0.1%** | **Leisure 0.1%** | **Leisure 0.1%** | **Leisure 0.1%** |
| Boyne USA, Inc.<sup>(a)</sup>  | Boyne USA, Inc.<sup>(a)</sup>  | Boyne USA, Inc.<sup>(a)</sup>  | Boyne USA, Inc.<sup>(a)</sup>  |
| 05/15/2029 | &nbsp;&nbsp; 4.750% | 595000 | &nbsp;&nbsp; 586778 |
| Carnival Corp.<sup>(a)</sup>  | Carnival Corp.<sup>(a)</sup>  | Carnival Corp.<sup>(a)</sup>  | Carnival Corp.<sup>(a)</sup>  |
| 02/15/2033 | &nbsp;&nbsp; 6.125% | 1320000 | &nbsp;&nbsp; 1362669 |
| Cinemark USA, Inc.<sup>(a)</sup>  | Cinemark USA, Inc.<sup>(a)</sup>  | Cinemark USA, Inc.<sup>(a)</sup>  | Cinemark USA, Inc.<sup>(a)</sup>  |
| 07/15/2028 | &nbsp;&nbsp; 5.250% | 210000 | &nbsp;&nbsp; 209980 |
| Live Nation Entertainment, Inc.<sup>(a)</sup>  | Live Nation Entertainment, Inc.<sup>(a)</sup>  | Live Nation Entertainment, Inc.<sup>(a)</sup>  | Live Nation Entertainment, Inc.<sup>(a)</sup>  |
| 05/15/2027 | &nbsp;&nbsp; 6.500% | 475000 | &nbsp;&nbsp; 478509 |
| 10/15/2027 | &nbsp;&nbsp; 4.750% | 435000 | &nbsp;&nbsp; 436076 |
| NCL Corp., Ltd.<sup>(a)</sup>  | NCL Corp., Ltd.<sup>(a)</sup>  | NCL Corp., Ltd.<sup>(a)</sup>  | NCL Corp., Ltd.<sup>(a)</sup>  |
| 01/15/2031 | &nbsp;&nbsp; 5.875% | 105000 | &nbsp;&nbsp; 104638 |
| Six Flags Entertainment Corp.<sup>(a)</sup>  | Six Flags Entertainment Corp.<sup>(a)</sup>  | Six Flags Entertainment Corp.<sup>(a)</sup>  | Six Flags Entertainment Corp.<sup>(a)</sup>  |
| 05/15/2031 | &nbsp;&nbsp; 7.250% | 340000 | &nbsp;&nbsp; 326559 |
| Six Flags Entertainment Corp./Theme Parks, Inc.<sup>(a)</sup>  | Six Flags Entertainment Corp./Theme Parks, Inc.<sup>(a)</sup>  | Six Flags Entertainment Corp./Theme Parks, Inc.<sup>(a)</sup>  | Six Flags Entertainment Corp./Theme Parks, Inc.<sup>(a)</sup>  |
| 05/01/2032 | &nbsp;&nbsp; 6.625% | 385000 | &nbsp;&nbsp; 388443 |
| Viking Cruises Ltd.<sup>(a)</sup>  | Viking Cruises Ltd.<sup>(a)</sup>  | Viking Cruises Ltd.<sup>(a)</sup>  | Viking Cruises Ltd.<sup>(a)</sup>  |
| 10/15/2033 | &nbsp;&nbsp; 5.875% | 480000 | &nbsp;&nbsp; 488060 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **4381712** |
| **Life Insurance 0.2%** | **Life Insurance 0.2%** | **Life Insurance 0.2%** | **Life Insurance 0.2%** |
| Allianz SE<sup>(a),(e)</sup>  | Allianz SE<sup>(a),(e)</sup>  | Allianz SE<sup>(a),(e)</sup>  | Allianz SE<sup>(a),(e)</sup>  |
| 09/03/2054 | &nbsp;&nbsp; 5.600% | 800000 | &nbsp;&nbsp; 819149 |
| CNO Global Funding<sup>(a)</sup>  | CNO Global Funding<sup>(a)</sup>  | CNO Global Funding<sup>(a)</sup>  | CNO Global Funding<sup>(a)</sup>  |
| 06/04/2027 | &nbsp;&nbsp; 5.875% | 467000 | &nbsp;&nbsp; 477304 |
| Corebridge Financial, Inc.<sup>(e)</sup>  | Corebridge Financial, Inc.<sup>(e)</sup>  | Corebridge Financial, Inc.<sup>(e)</sup>  | Corebridge Financial, Inc.<sup>(e)</sup>  |
| 12/15/2052 | &nbsp;&nbsp; 6.875% | 270000 | &nbsp;&nbsp; 276368 |
| Corebridge Global Funding<sup>(a)</sup>  | Corebridge Global Funding<sup>(a)</sup>  | Corebridge Global Funding<sup>(a)</sup>  | Corebridge Global Funding<sup>(a)</sup>  |
| 08/21/2032 | &nbsp;&nbsp; 4.900% | 284000 | &nbsp;&nbsp; 285816 |
| Metropolitan Life Global Funding I<sup>(a)</sup>  | Metropolitan Life Global Funding I<sup>(a)</sup>  | Metropolitan Life Global Funding I<sup>(a)</sup>  | Metropolitan Life Global Funding I<sup>(a)</sup>  |
| 03/28/2033 | &nbsp;&nbsp; 5.150% | 799000 | &nbsp;&nbsp; 821685 |
| New York Life Global Funding<sup>(a)</sup>  | New York Life Global Funding<sup>(a)</sup>  | New York Life Global Funding<sup>(a)</sup>  | New York Life Global Funding<sup>(a)</sup>  |
| 01/10/2028 | &nbsp;&nbsp; 3.000% | 229000 | &nbsp;&nbsp; 224915 |
| New York Life Insurance Co.<sup>(a)</sup>  | New York Life Insurance Co.<sup>(a)</sup>  | New York Life Insurance Co.<sup>(a)</sup>  | New York Life Insurance Co.<sup>(a)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 05/15/2033 | &nbsp;&nbsp; 5.875% | 999000 | &nbsp;&nbsp; 1061062 |
| Northwestern Mutual Global Funding<sup>(a)</sup>  | Northwestern Mutual Global Funding<sup>(a)</sup>  | Northwestern Mutual Global Funding<sup>(a)</sup>  | Northwestern Mutual Global Funding<sup>(a)</sup>  |
| 05/28/2031 | &nbsp;&nbsp; 5.160% | 270000 | &nbsp;&nbsp; 280182 |
| Principal Financial Group, Inc.<sup>(a)</sup>  | Principal Financial Group, Inc.<sup>(a)</sup>  | Principal Financial Group, Inc.<sup>(a)</sup>  | Principal Financial Group, Inc.<sup>(a)</sup>  |
| 02/15/2028 | &nbsp;&nbsp; 4.111% | 468000 | &nbsp;&nbsp; 467069 |
| Protective Life Corp.<sup>(a)</sup>  | Protective Life Corp.<sup>(a)</sup>  | Protective Life Corp.<sup>(a)</sup>  | Protective Life Corp.<sup>(a)</sup>  |
| 01/15/2031 | &nbsp;&nbsp; 4.700% | 1970000 | &nbsp;&nbsp; 1975538 |
| 12/15/2035 | &nbsp;&nbsp; 5.350% | 1217000 | &nbsp;&nbsp; 1231497 |
| Protective Life Global Funding<sup>(a)</sup>  | Protective Life Global Funding<sup>(a)</sup>  | Protective Life Global Funding<sup>(a)</sup>  | Protective Life Global Funding<sup>(a)</sup>  |
| 12/08/2028 | &nbsp;&nbsp; 5.467% | 466000 | &nbsp;&nbsp; 482382 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Teachers Insurance & Annuity Association of America<sup>(a)</sup>  | Teachers Insurance & Annuity Association of America<sup>(a)</sup>  | Teachers Insurance & Annuity Association of America<sup>(a)</sup>  | Teachers Insurance & Annuity Association of America<sup>(a)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 05/15/2047 | &nbsp;&nbsp; 4.270% | 496000 | &nbsp;&nbsp; 409418 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **8812385** |
| **Lodging 0.0%** | **Lodging 0.0%** | **Lodging 0.0%** | **Lodging 0.0%** |
| Hilton Domestic Operating Co., Inc.<sup>(a)</sup>  | Hilton Domestic Operating Co., Inc.<sup>(a)</sup>  | Hilton Domestic Operating Co., Inc.<sup>(a)</sup>  | Hilton Domestic Operating Co., Inc.<sup>(a)</sup>  |
| 05/01/2029 | &nbsp;&nbsp; 3.750% | 490000 | &nbsp;&nbsp; 476327 |
| 03/15/2033 | &nbsp;&nbsp; 5.875% | 285000 | &nbsp;&nbsp; 293203 |
| 09/15/2033 | &nbsp;&nbsp; 5.750% | 133000 | &nbsp;&nbsp; 136100 |
| Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
| 01/15/2030 | &nbsp;&nbsp; 4.875% | 145000 | &nbsp;&nbsp; 145442 |
| Hilton Worldwide Finance LLC/Corp. | Hilton Worldwide Finance LLC/Corp. | Hilton Worldwide Finance LLC/Corp. | Hilton Worldwide Finance LLC/Corp. |
| 04/01/2027 | &nbsp;&nbsp; 4.875% | 305000 | &nbsp;&nbsp; 305007 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1356079** |
| **Media and Entertainment 0.6%** | **Media and Entertainment 0.6%** | **Media and Entertainment 0.6%** | **Media and Entertainment 0.6%** |
| Clear Channel Outdoor Holdings, Inc.<sup>(a)</sup>  | Clear Channel Outdoor Holdings, Inc.<sup>(a)</sup>  | Clear Channel Outdoor Holdings, Inc.<sup>(a)</sup>  | Clear Channel Outdoor Holdings, Inc.<sup>(a)</sup>  |
| 02/15/2031 | &nbsp;&nbsp; 7.125% | 495000 | &nbsp;&nbsp; 518076 |
| Gray Media, Inc.<sup>(a)</sup>  | Gray Media, Inc.<sup>(a)</sup>  | Gray Media, Inc.<sup>(a)</sup>  | Gray Media, Inc.<sup>(a)</sup>  |
| 08/15/2033 | &nbsp;&nbsp; 7.250% | 150000 | &nbsp;&nbsp; 153354 |
| Gray Television, Inc.<sup>(a)</sup>  | Gray Television, Inc.<sup>(a)</sup>  | Gray Television, Inc.<sup>(a)</sup>  | Gray Television, Inc.<sup>(a)</sup>  |
| 10/15/2030 | &nbsp;&nbsp; 4.750% | 350000 | &nbsp;&nbsp; 271270 |
| iHeartCommunications, Inc.<sup>(a)</sup>  | iHeartCommunications, Inc.<sup>(a)</sup>  | iHeartCommunications, Inc.<sup>(a)</sup>  | iHeartCommunications, Inc.<sup>(a)</sup>  |
| 05/01/2029 | &nbsp;&nbsp; 9.125% | 394250 | &nbsp;&nbsp; 379773 |
| 08/15/2030 | &nbsp;&nbsp; 7.750% | 372700 | &nbsp;&nbsp; 325693 |
| Lamar Media Corp. | Lamar Media Corp. | Lamar Media Corp. | Lamar Media Corp. |
| 02/15/2030 | &nbsp;&nbsp; 4.000% | 530000 | &nbsp;&nbsp; 511538 |
| Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
| 11/15/2030 | &nbsp;&nbsp; 4.200% | 2892000 | &nbsp;&nbsp; 2897260 |
| 11/15/2032 | &nbsp;&nbsp; 4.600% | 2300000 | &nbsp;&nbsp; 2318873 |
| 11/15/2035 | &nbsp;&nbsp; 4.875% | 3688000 | &nbsp;&nbsp; 3685172 |
| 11/15/2045 | &nbsp;&nbsp; 5.500% | 1596000 | &nbsp;&nbsp; 1551196 |
| 05/15/2053 | &nbsp;&nbsp; 5.600% | 635000 | &nbsp;&nbsp; 608522 |
| 08/15/2054 | &nbsp;&nbsp; 5.400% | 1988000 | &nbsp;&nbsp; 1849735 |
| 11/15/2055 | &nbsp;&nbsp; 5.625% | 1816000 | &nbsp;&nbsp; 1745930 |
| 08/15/2064 | &nbsp;&nbsp; 5.550% | 2153000 | &nbsp;&nbsp; 1999986 |
| 11/15/2065 | &nbsp;&nbsp; 5.750% | 671000 | &nbsp;&nbsp; 640993 |
| Midas OpCo Holdings LLC<sup>(a)</sup>  | Midas OpCo Holdings LLC<sup>(a)</sup>  | Midas OpCo Holdings LLC<sup>(a)</sup>  | Midas OpCo Holdings LLC<sup>(a)</sup>  |
| 08/15/2029 | &nbsp;&nbsp; 5.625% | 450000 | &nbsp;&nbsp; 439528 |
| Nexstar Escrow, Inc.<sup>(a)</sup>  | Nexstar Escrow, Inc.<sup>(a)</sup>  | Nexstar Escrow, Inc.<sup>(a)</sup>  | Nexstar Escrow, Inc.<sup>(a)</sup>  |
| 07/15/2027 | &nbsp;&nbsp; 5.625% | 550000 | &nbsp;&nbsp; 550805 |
| Outfront Media Capital LLC/Corp.<sup>(a)</sup>  | Outfront Media Capital LLC/Corp.<sup>(a)</sup>  | Outfront Media Capital LLC/Corp.<sup>(a)</sup>  | Outfront Media Capital LLC/Corp.<sup>(a)</sup>  |
| 01/15/2029 | &nbsp;&nbsp; 4.250% | 375000 | &nbsp;&nbsp; 365726 |
| Scripps Escrow II, Inc.<sup>(a)</sup>  | Scripps Escrow II, Inc.<sup>(a)</sup>  | Scripps Escrow II, Inc.<sup>(a)</sup>  | Scripps Escrow II, Inc.<sup>(a)</sup>  |
| 01/15/2029 | &nbsp;&nbsp; 3.875% | 185000 | &nbsp;&nbsp; 170028 |
| Sinclair Television Group, Inc.<sup>(a)</sup>  | Sinclair Television Group, Inc.<sup>(a)</sup>  | Sinclair Television Group, Inc.<sup>(a)</sup>  | Sinclair Television Group, Inc.<sup>(a)</sup>  |
| 02/15/2033 | &nbsp;&nbsp; 8.125% | 150000 | &nbsp;&nbsp; 156849 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. |
| 06/12/2029 | &nbsp;&nbsp; 5.400% | 193000 | &nbsp;&nbsp; 199567 |
| 06/12/2034 | &nbsp;&nbsp; 5.600% | 771000 | &nbsp;&nbsp; 804103 |
| TEGNA, Inc. | TEGNA, Inc. | TEGNA, Inc. | TEGNA, Inc. |
| 03/15/2028 | &nbsp;&nbsp; 4.625% | 362000 | &nbsp;&nbsp; 357977 |
| 09/15/2029 | &nbsp;&nbsp; 5.000% | 396000 | &nbsp;&nbsp; 392766 |
| Univision Communications, Inc.<sup>(a)</sup>  | Univision Communications, Inc.<sup>(a)</sup>  | Univision Communications, Inc.<sup>(a)</sup>  | Univision Communications, Inc.<sup>(a)</sup>  |
| 08/15/2028 | &nbsp;&nbsp; 8.000% | 285000 | &nbsp;&nbsp; 295094 |
| WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. |
| 03/15/2032 | &nbsp;&nbsp; 4.279% | 110000 | &nbsp;&nbsp; 96569 |
| 03/15/2042 | &nbsp;&nbsp; 5.050% | 65000 | &nbsp;&nbsp; 45910 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **23332293** |
| **Metals and Mining 0.1%** | **Metals and Mining 0.1%** | **Metals and Mining 0.1%** | **Metals and Mining 0.1%** |
| Alumina Pty Ltd.<sup>(a)</sup>  | Alumina Pty Ltd.<sup>(a)</sup>  | Alumina Pty Ltd.<sup>(a)</sup>  | Alumina Pty Ltd.<sup>(a)</sup>  |
| 09/15/2032 | &nbsp;&nbsp; 6.375% | 200000 | &nbsp;&nbsp; 207565 |
| Big River Steel LLC/Finance Corp.<sup>(a)</sup>  | Big River Steel LLC/Finance Corp.<sup>(a)</sup>  | Big River Steel LLC/Finance Corp.<sup>(a)</sup>  | Big River Steel LLC/Finance Corp.<sup>(a)</sup>  |
| 01/31/2029 | &nbsp;&nbsp; 6.625% | 320000 | &nbsp;&nbsp; 321061 |
| Cleveland-Cliffs, Inc.<sup>(a)</sup>  | Cleveland-Cliffs, Inc.<sup>(a)</sup>  | Cleveland-Cliffs, Inc.<sup>(a)</sup>  | Cleveland-Cliffs, Inc.<sup>(a)</sup>  |
| 11/01/2029 | &nbsp;&nbsp; 6.875% | 335000 | &nbsp;&nbsp; 346762 |
| 04/15/2030 | &nbsp;&nbsp; 6.750% | 130000 | &nbsp;&nbsp; 133827 |
| Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. |
| 08/01/2030 | &nbsp;&nbsp; 4.625% | 308000 | &nbsp;&nbsp; 310337 |
| Glencore Funding LLC<sup>(a)</sup>  | Glencore Funding LLC<sup>(a)</sup>  | Glencore Funding LLC<sup>(a)</sup>  | Glencore Funding LLC<sup>(a)</sup>  |
| 09/23/2031 | &nbsp;&nbsp; 2.625% | 831000 | &nbsp;&nbsp; 748299 |
| 04/04/2034 | &nbsp;&nbsp; 5.634% | 2305000 | &nbsp;&nbsp; 2407887 |
| United States Steel Corp. | United States Steel Corp. | United States Steel Corp. | United States Steel Corp. |
| 03/01/2029 | &nbsp;&nbsp; 6.875% | 275000 | &nbsp;&nbsp; 276236 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **4751974** |
| **Midstream 1.2%** | **Midstream 1.2%** | **Midstream 1.2%** | **Midstream 1.2%** |
| Antero Midstream Partners LP/Finance Corp.<sup>(a)</sup>  | Antero Midstream Partners LP/Finance Corp.<sup>(a)</sup>  | Antero Midstream Partners LP/Finance Corp.<sup>(a)</sup>  | Antero Midstream Partners LP/Finance Corp.<sup>(a)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 5.375% | 730000 | &nbsp;&nbsp; 730368 |
| Blue Racer Midstream LLC/Finance Corp.<sup>(a)</sup>  | Blue Racer Midstream LLC/Finance Corp.<sup>(a)</sup>  | Blue Racer Midstream LLC/Finance Corp.<sup>(a)</sup>  | Blue Racer Midstream LLC/Finance Corp.<sup>(a)</sup>  |
| 07/15/2026 | &nbsp;&nbsp; 6.625% | 475000 | &nbsp;&nbsp; 475729 |
| Buckeye Partners LP | Buckeye Partners LP | Buckeye Partners LP | Buckeye Partners LP |
| 12/01/2027 | &nbsp;&nbsp; 4.125% | 280000 | &nbsp;&nbsp; 276827 |
| 11/15/2043 | &nbsp;&nbsp; 5.850% | 400000 | &nbsp;&nbsp; 375420 |
| Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP |
| 10/01/2029 | &nbsp;&nbsp; 4.500% | 1080000 | &nbsp;&nbsp; 1083203 |
| 03/01/2031 | &nbsp;&nbsp; 4.000% | 951000 | &nbsp;&nbsp; 926646 |
| 08/15/2034 | &nbsp;&nbsp; 5.750% | 1737000 | &nbsp;&nbsp; 1814107 |
| Cheniere Energy, Inc. | Cheniere Energy, Inc. | Cheniere Energy, Inc. | Cheniere Energy, Inc. |
| 10/15/2028 | &nbsp;&nbsp; 4.625% | 690000 | &nbsp;&nbsp; 689560 |
| Columbia Pipelines Holding Co. LLC<sup>(a)</sup>  | Columbia Pipelines Holding Co. LLC<sup>(a)</sup>  | Columbia Pipelines Holding Co. LLC<sup>(a)</sup>  | Columbia Pipelines Holding Co. LLC<sup>(a)</sup>  |
| 10/01/2031 | &nbsp;&nbsp; 5.097% | 255000 | &nbsp;&nbsp; 259465 |
| Columbia Pipelines Operating Co. LLC<sup>(a)</sup>  | Columbia Pipelines Operating Co. LLC<sup>(a)</sup>  | Columbia Pipelines Operating Co. LLC<sup>(a)</sup>  | Columbia Pipelines Operating Co. LLC<sup>(a)</sup>  |
| 11/15/2033 | &nbsp;&nbsp; 6.036% | 1404000 | &nbsp;&nbsp; 1502936 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Crestwood Midstream Partners LP/Finance Corp.<sup>(a)</sup>  | Crestwood Midstream Partners LP/Finance Corp.<sup>(a)</sup>  | Crestwood Midstream Partners LP/Finance Corp.<sup>(a)</sup>  | Crestwood Midstream Partners LP/Finance Corp.<sup>(a)</sup>  |
| 02/01/2029 | &nbsp;&nbsp; 6.000% | 1432000 | &nbsp;&nbsp; 1448993 |
| DT Midstream, Inc.<sup>(a)</sup>  | DT Midstream, Inc.<sup>(a)</sup>  | DT Midstream, Inc.<sup>(a)</sup>  | DT Midstream, Inc.<sup>(a)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 4.125% | 250000 | &nbsp;&nbsp; 246915 |
| Enbridge, Inc.<sup>(e)</sup>  | Enbridge, Inc.<sup>(e)</sup>  | Enbridge, Inc.<sup>(e)</sup>  | Enbridge, Inc.<sup>(e)</sup>  |
| 01/15/2084 | &nbsp;&nbsp; 8.500% | 684000 | &nbsp;&nbsp; 784151 |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 01/15/2084 | &nbsp;&nbsp; 8.250% | 300000 | &nbsp;&nbsp; 320914 |
| Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| 07/01/2029 | &nbsp;&nbsp; 5.250% | 3448000 | &nbsp;&nbsp; 3549175 |
| 04/01/2035 | &nbsp;&nbsp; 5.700% | 2306000 | &nbsp;&nbsp; 2388294 |
| 05/15/2054 | &nbsp;&nbsp; 5.950% | 3176000 | &nbsp;&nbsp; 3013596 |
| 09/01/2054 | &nbsp;&nbsp; 6.050% | 794000 | &nbsp;&nbsp; 764055 |
| Energy Transfer LP<sup>(e)</sup>  | Energy Transfer LP<sup>(e)</sup>  | Energy Transfer LP<sup>(e)</sup>  | Energy Transfer LP<sup>(e)</sup>  |
| 02/15/2056 | &nbsp;&nbsp; 6.500% | 1015000 | &nbsp;&nbsp; 1012118 |
| Energy Transfer Operating LP | Energy Transfer Operating LP | Energy Transfer Operating LP | Energy Transfer Operating LP |
| 04/15/2047 | &nbsp;&nbsp; 5.300% | 790000 | &nbsp;&nbsp; 702777 |
| 05/15/2050 | &nbsp;&nbsp; 5.000% | 231000 | &nbsp;&nbsp; 193581 |
| Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC |
| 10/15/2034 | &nbsp;&nbsp; 6.650% | 485000 | &nbsp;&nbsp; 546175 |
| 01/15/2036 | &nbsp;&nbsp; 5.200% | 270000 | &nbsp;&nbsp; 274801 |
| Galaxy Pipeline Assets Bidco Ltd.<sup>(a)</sup>  | Galaxy Pipeline Assets Bidco Ltd.<sup>(a)</sup>  | Galaxy Pipeline Assets Bidco Ltd.<sup>(a)</sup>  | Galaxy Pipeline Assets Bidco Ltd.<sup>(a)</sup>  |
| 03/31/2034 | &nbsp;&nbsp; 2.160% | 1120801 | &nbsp;&nbsp; 1015367 |
| 03/31/2036 | &nbsp;&nbsp; 2.625% | 1070000 | &nbsp;&nbsp; 945612 |
| Genesis Energy LP/Finance Corp. | Genesis Energy LP/Finance Corp. | Genesis Energy LP/Finance Corp. | Genesis Energy LP/Finance Corp. |
| 02/01/2028 | &nbsp;&nbsp; 7.750% | 280000 | &nbsp;&nbsp; 280752 |
| Harvest Midstream I LP<sup>(a)</sup>  | Harvest Midstream I LP<sup>(a)</sup>  | Harvest Midstream I LP<sup>(a)</sup>  | Harvest Midstream I LP<sup>(a)</sup>  |
| 05/15/2032 | &nbsp;&nbsp; 7.500% | 420000 | &nbsp;&nbsp; 437768 |
| Hess Midstream Operations LP<sup>(a)</sup>  | Hess Midstream Operations LP<sup>(a)</sup>  | Hess Midstream Operations LP<sup>(a)</sup>  | Hess Midstream Operations LP<sup>(a)</sup>  |
| 03/01/2028 | &nbsp;&nbsp; 5.875% | 415000 | &nbsp;&nbsp; 422757 |
| Howard Midstream Energy Partners LLC<sup>(a)</sup>  | Howard Midstream Energy Partners LLC<sup>(a)</sup>  | Howard Midstream Energy Partners LLC<sup>(a)</sup>  | Howard Midstream Energy Partners LLC<sup>(a)</sup>  |
| 07/15/2032 | &nbsp;&nbsp; 7.375% | 160000 | &nbsp;&nbsp; 168849 |
| Kinder Morgan, Inc | Kinder Morgan, Inc | Kinder Morgan, Inc | Kinder Morgan, Inc |
| 06/01/2030 | &nbsp;&nbsp; 5.150% | 1381000 | &nbsp;&nbsp; 1428012 |
| Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |
| 08/01/2050 | &nbsp;&nbsp; 3.250% | 704000 | &nbsp;&nbsp; 466387 |
| Kinetik Holdings LP<sup>(a)</sup>  | Kinetik Holdings LP<sup>(a)</sup>  | Kinetik Holdings LP<sup>(a)</sup>  | Kinetik Holdings LP<sup>(a)</sup>  |
| 12/15/2028 | &nbsp;&nbsp; 6.625% | 549000 | &nbsp;&nbsp; 565239 |
| 06/15/2030 | &nbsp;&nbsp; 5.875% | 1603000 | &nbsp;&nbsp; 1616691 |
| MPLX LP | MPLX LP | MPLX LP | MPLX LP |
| 02/15/2031 | &nbsp;&nbsp; 4.800% | 1550000 | &nbsp;&nbsp; 1566987 |
| NGL Energy Operating LLC/Finance Corp.<sup>(a)</sup>  | NGL Energy Operating LLC/Finance Corp.<sup>(a)</sup>  | NGL Energy Operating LLC/Finance Corp.<sup>(a)</sup>  | NGL Energy Operating LLC/Finance Corp.<sup>(a)</sup>  |
| 02/15/2029 | &nbsp;&nbsp; 8.125% | 280000 | &nbsp;&nbsp; 290703 |
| Northriver Midstream Finance LP<sup>(a)</sup>  | Northriver Midstream Finance LP<sup>(a)</sup>  | Northriver Midstream Finance LP<sup>(a)</sup>  | Northriver Midstream Finance LP<sup>(a)</sup>  |
| 07/15/2032 | &nbsp;&nbsp; 6.750% | 340000 | &nbsp;&nbsp; 346542 |
| NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP |
| 10/01/2030 | &nbsp;&nbsp; 6.375% | 530000 | &nbsp;&nbsp; 557862 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| ONEOK, Inc.<sup>(a)</sup>  | ONEOK, Inc.<sup>(a)</sup>  | ONEOK, Inc.<sup>(a)</sup>  | ONEOK, Inc.<sup>(a)</sup>  |
| 09/01/2030 | &nbsp;&nbsp; 6.500% | 699000 | &nbsp;&nbsp; 749530 |
| ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
| 10/15/2031 | &nbsp;&nbsp; 4.750% | 565000 | &nbsp;&nbsp; 568200 |
| 11/01/2034 | &nbsp;&nbsp; 5.050% | 407000 | &nbsp;&nbsp; 403820 |
| 11/01/2054 | &nbsp;&nbsp; 5.700% | 1691000 | &nbsp;&nbsp; 1577412 |
| 10/15/2055 | &nbsp;&nbsp; 6.250% | 1014000 | &nbsp;&nbsp; 1017120 |
| 11/01/2064 | &nbsp;&nbsp; 5.850% | 315000 | &nbsp;&nbsp; 295940 |
| Peru LNG Srl<sup>(a)</sup>  | Peru LNG Srl<sup>(a)</sup>  | Peru LNG Srl<sup>(a)</sup>  | Peru LNG Srl<sup>(a)</sup>  |
| 03/22/2030 | &nbsp;&nbsp; 5.375% | 150020 | &nbsp;&nbsp; 144744 |
| Rockies Express Pipeline LLC<sup>(a)</sup>  | Rockies Express Pipeline LLC<sup>(a)</sup>  | Rockies Express Pipeline LLC<sup>(a)</sup>  | Rockies Express Pipeline LLC<sup>(a)</sup>  |
| 05/15/2030 | &nbsp;&nbsp; 4.800% | 670000 | &nbsp;&nbsp; 659300 |
| South Bow USA Infrastructure Holdings LLC | South Bow USA Infrastructure Holdings LLC | South Bow USA Infrastructure Holdings LLC | South Bow USA Infrastructure Holdings LLC |
| 09/01/2027 | &nbsp;&nbsp; 4.911% | 568000 | &nbsp;&nbsp; 572850 |
| 10/01/2029 | &nbsp;&nbsp; 5.026% | 300000 | &nbsp;&nbsp; 304441 |
| Sunoco LP<sup>(a)</sup>  | Sunoco LP<sup>(a)</sup>  | Sunoco LP<sup>(a)</sup>  | Sunoco LP<sup>(a)</sup>  |
| 03/15/2031 | &nbsp;&nbsp; 5.625% | 164000 | &nbsp;&nbsp; 164862 |
| 05/01/2032 | &nbsp;&nbsp; 7.250% | 360000 | &nbsp;&nbsp; 380261 |
| Sunoco LP/Finance Corp. | Sunoco LP/Finance Corp. | Sunoco LP/Finance Corp. | Sunoco LP/Finance Corp. |
| 04/15/2027 | &nbsp;&nbsp; 6.000% | 300000 | &nbsp;&nbsp; 300149 |
| Superior Plus LP/General Partner, Inc.<sup>(a)</sup>  | Superior Plus LP/General Partner, Inc.<sup>(a)</sup>  | Superior Plus LP/General Partner, Inc.<sup>(a)</sup>  | Superior Plus LP/General Partner, Inc.<sup>(a)</sup>  |
| 03/15/2029 | &nbsp;&nbsp; 4.500% | 550000 | &nbsp;&nbsp; 537229 |
| Tallgrass Energy Partners LP/Finance Corp.<sup>(a)</sup>  | Tallgrass Energy Partners LP/Finance Corp.<sup>(a)</sup>  | Tallgrass Energy Partners LP/Finance Corp.<sup>(a)</sup>  | Tallgrass Energy Partners LP/Finance Corp.<sup>(a)</sup>  |
| 01/15/2028 | &nbsp;&nbsp; 5.500% | 260000 | &nbsp;&nbsp; 260188 |
| TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. |
| 03/01/2034 | &nbsp;&nbsp; 4.625% | 620000 | &nbsp;&nbsp; 604370 |
| TransCanada Trust<sup>(e)</sup>  | TransCanada Trust<sup>(e)</sup>  | TransCanada Trust<sup>(e)</sup>  | TransCanada Trust<sup>(e)</sup>  |
| 09/15/2079 | &nbsp;&nbsp; 5.500% | 1155000 | &nbsp;&nbsp; 1146631 |
| Venture Global Calcasieu Pass LLC<sup>(a)</sup>  | Venture Global Calcasieu Pass LLC<sup>(a)</sup>  | Venture Global Calcasieu Pass LLC<sup>(a)</sup>  | Venture Global Calcasieu Pass LLC<sup>(a)</sup>  |
| 08/15/2029 | &nbsp;&nbsp; 3.875% | 167000 | &nbsp;&nbsp; 156863 |
| 11/01/2033 | &nbsp;&nbsp; 3.875% | 433000 | &nbsp;&nbsp; 371672 |
| Venture Global LNG, Inc.<sup>(a)</sup>  | Venture Global LNG, Inc.<sup>(a)</sup>  | Venture Global LNG, Inc.<sup>(a)</sup>  | Venture Global LNG, Inc.<sup>(a)</sup>  |
| 06/01/2031 | &nbsp;&nbsp; 8.375% | 1190000 | &nbsp;&nbsp; 1183605 |
| Venture Global Plaquemines LNG LLC<sup>(a)</sup>  | Venture Global Plaquemines LNG LLC<sup>(a)</sup>  | Venture Global Plaquemines LNG LLC<sup>(a)</sup>  | Venture Global Plaquemines LNG LLC<sup>(a)</sup>  |
| 01/15/2034 | &nbsp;&nbsp; 6.500% | 190000 | &nbsp;&nbsp; 194505 |
| Williams Cos, Inc. (The) | Williams Cos, Inc. (The) | Williams Cos, Inc. (The) | Williams Cos, Inc. (The) |
| 08/15/2032 | &nbsp;&nbsp; 4.650% | 885000 | &nbsp;&nbsp; 886750 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **45969776** |
| **Natural Gas 0.1%** | **Natural Gas 0.1%** | **Natural Gas 0.1%** | **Natural Gas 0.1%** |
| Atmos Energy Corp. | Atmos Energy Corp. | Atmos Energy Corp. | Atmos Energy Corp. |
| 02/15/2052 | &nbsp;&nbsp; 2.850% | 298000 | &nbsp;&nbsp; 185066 |
| Brooklyn Union Gas Co. (The)<sup>(a)</sup>  | Brooklyn Union Gas Co. (The)<sup>(a)</sup>  | Brooklyn Union Gas Co. (The)<sup>(a)</sup>  | Brooklyn Union Gas Co. (The)<sup>(a)</sup>  |
| 03/15/2048 | &nbsp;&nbsp; 4.273% | 193000 | &nbsp;&nbsp; 154262 |
| NiSource Finance Corp. | NiSource Finance Corp. | NiSource Finance Corp. | NiSource Finance Corp. |
| 02/01/2042 | &nbsp;&nbsp; 5.800% | 222000 | &nbsp;&nbsp; 223320 |
| NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
| 02/15/2031 | &nbsp;&nbsp; 1.700% | 180000 | &nbsp;&nbsp; 157966 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| NiSource, Inc.<sup>(e)</sup>  | NiSource, Inc.<sup>(e)</sup>  | NiSource, Inc.<sup>(e)</sup>  | NiSource, Inc.<sup>(e)</sup>  |
| 11/30/2054 | &nbsp;&nbsp; 6.950% | 275000 | &nbsp;&nbsp; 286441 |
| Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. |
| 06/01/2050 | &nbsp;&nbsp; 3.350% | 291000 | &nbsp;&nbsp; 200174 |
| Sempra<sup>(e)</sup>  | Sempra<sup>(e)</sup>  | Sempra<sup>(e)</sup>  | Sempra<sup>(e)</sup>  |
| 10/01/2054 | &nbsp;&nbsp; 6.875% | 245000 | &nbsp;&nbsp; 251769 |
| 04/01/2056 | &nbsp;&nbsp; 6.375% | 163000 | &nbsp;&nbsp; 166575 |
| Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. |
| 02/01/2030 | &nbsp;&nbsp; 2.550% | 215000 | &nbsp;&nbsp; 202663 |
| Southern Co Gas Capital Corp. | Southern Co Gas Capital Corp. | Southern Co Gas Capital Corp. | Southern Co Gas Capital Corp. |
| 09/15/2033 | &nbsp;&nbsp; 5.750% | 1090000 | &nbsp;&nbsp; 1156004 |
| Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. |
| 09/30/2051 | &nbsp;&nbsp; 3.150% | 348000 | &nbsp;&nbsp; 225925 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3210165** |
| **Office REIT 0.0%** | **Office REIT 0.0%** | **Office REIT 0.0%** | **Office REIT 0.0%** |
| Corporate Office Properties LP | Corporate Office Properties LP | Corporate Office Properties LP | Corporate Office Properties LP |
| 04/15/2031 | &nbsp;&nbsp; 2.750% | 322000 | &nbsp;&nbsp; 293845 |
| **Oil Field Services 0.1%** | **Oil Field Services 0.1%** | **Oil Field Services 0.1%** | **Oil Field Services 0.1%** |
| Diamond Foreign Asset Co. /Finance LLC<sup>(a)</sup>  | Diamond Foreign Asset Co. /Finance LLC<sup>(a)</sup>  | Diamond Foreign Asset Co. /Finance LLC<sup>(a)</sup>  | Diamond Foreign Asset Co. /Finance LLC<sup>(a)</sup>  |
| 10/01/2030 | &nbsp;&nbsp; 8.500% | 295000 | &nbsp;&nbsp; 313106 |
| Kodiak Gas Services LLC<sup>(a)</sup>  | Kodiak Gas Services LLC<sup>(a)</sup>  | Kodiak Gas Services LLC<sup>(a)</sup>  | Kodiak Gas Services LLC<sup>(a)</sup>  |
| 10/01/2033 | &nbsp;&nbsp; 6.500% | 208000 | &nbsp;&nbsp; 212318 |
| MV24 Capital BV<sup>(a)</sup>  | MV24 Capital BV<sup>(a)</sup>  | MV24 Capital BV<sup>(a)</sup>  | MV24 Capital BV<sup>(a)</sup>  |
| 06/01/2034 | &nbsp;&nbsp; 6.748% | 277612 | &nbsp;&nbsp; 275321 |
| Noble Finance II LLC<sup>(a)</sup>  | Noble Finance II LLC<sup>(a)</sup>  | Noble Finance II LLC<sup>(a)</sup>  | Noble Finance II LLC<sup>(a)</sup>  |
| 04/15/2030 | &nbsp;&nbsp; 8.000% | 435000 | &nbsp;&nbsp; 452143 |
| Valaris Ltd.<sup>(a)</sup>  | Valaris Ltd.<sup>(a)</sup>  | Valaris Ltd.<sup>(a)</sup>  | Valaris Ltd.<sup>(a)</sup>  |
| 04/30/2030 | &nbsp;&nbsp; 8.375% | 175000 | &nbsp;&nbsp; 182187 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1435075** |
| **Other Financial Institutions 0.0%** | **Other Financial Institutions 0.0%** | **Other Financial Institutions 0.0%** | **Other Financial Institutions 0.0%** |
| Icahn Enterprises LP/Finance Corp. | Icahn Enterprises LP/Finance Corp. | Icahn Enterprises LP/Finance Corp. | Icahn Enterprises LP/Finance Corp. |
| 05/15/2027 | &nbsp;&nbsp; 5.250% | 276000 | &nbsp;&nbsp; 272245 |
| **Other Industry 0.1%** | **Other Industry 0.1%** | **Other Industry 0.1%** | **Other Industry 0.1%** |
| AECOM<sup>(a)</sup>  | AECOM<sup>(a)</sup>  | AECOM<sup>(a)</sup>  | AECOM<sup>(a)</sup>  |
| 08/01/2033 | &nbsp;&nbsp; 6.000% | 250000 | &nbsp;&nbsp; 256150 |
| Dycom Industries, Inc.<sup>(a)</sup>  | Dycom Industries, Inc.<sup>(a)</sup>  | Dycom Industries, Inc.<sup>(a)</sup>  | Dycom Industries, Inc.<sup>(a)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 4.500% | 305000 | &nbsp;&nbsp; 300926 |
| Global Infrastructure Solutions, Inc.<sup>(a)</sup>  | Global Infrastructure Solutions, Inc.<sup>(a)</sup>  | Global Infrastructure Solutions, Inc.<sup>(a)</sup>  | Global Infrastructure Solutions, Inc.<sup>(a)</sup>  |
| 06/01/2029 | &nbsp;&nbsp; 5.625% | 670000 | &nbsp;&nbsp; 669054 |
| Hillenbrand, Inc. | Hillenbrand, Inc. | Hillenbrand, Inc. | Hillenbrand, Inc. |
| 03/01/2031 | &nbsp;&nbsp; 3.750% | 505000 | &nbsp;&nbsp; 505433 |
| Quanta Services, Inc. | Quanta Services, Inc. | Quanta Services, Inc. | Quanta Services, Inc. |
| 08/09/2034 | &nbsp;&nbsp; 5.250% | 714000 | &nbsp;&nbsp; 733350 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| TopBuild Corp.<sup>(a)</sup>  | TopBuild Corp.<sup>(a)</sup>  | TopBuild Corp.<sup>(a)</sup>  | TopBuild Corp.<sup>(a)</sup>  |
| 01/31/2034 | &nbsp;&nbsp; 5.625% | 56000 | &nbsp;&nbsp; 56628 |
| Williams Scotsman International, Inc.<sup>(a)</sup>  | Williams Scotsman International, Inc.<sup>(a)</sup>  | Williams Scotsman International, Inc.<sup>(a)</sup>  | Williams Scotsman International, Inc.<sup>(a)</sup>  |
| 08/15/2028 | &nbsp;&nbsp; 4.625% | 75000 | &nbsp;&nbsp; 74715 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2596256** |
| **Other REIT 0.3%** | **Other REIT 0.3%** | **Other REIT 0.3%** | **Other REIT 0.3%** |
| Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. |
| 12/15/2030 | &nbsp;&nbsp; 4.900% | 199000 | &nbsp;&nbsp; 201685 |
| 08/15/2031 | &nbsp;&nbsp; 3.375% | 170000 | &nbsp;&nbsp; 158875 |
| 02/01/2033 | &nbsp;&nbsp; 1.875% | 102000 | &nbsp;&nbsp; 83499 |
| Arbor Realty SR, Inc.<sup>(a)</sup>  | Arbor Realty SR, Inc.<sup>(a)</sup>  | Arbor Realty SR, Inc.<sup>(a)</sup>  | Arbor Realty SR, Inc.<sup>(a)</sup>  |
| 10/15/2027 | &nbsp;&nbsp; 9.000% | 3000000 | &nbsp;&nbsp; 3107116 |
| Arbor Realty Trust, Inc.<sup>(a)</sup>  | Arbor Realty Trust, Inc.<sup>(a)</sup>  | Arbor Realty Trust, Inc.<sup>(a)</sup>  | Arbor Realty Trust, Inc.<sup>(a)</sup>  |
| 09/01/2026 | &nbsp;&nbsp; 4.500% | 6000000 | &nbsp;&nbsp; 5958780 |
| Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
| 06/15/2029 | &nbsp;&nbsp; 4.000% | 159000 | &nbsp;&nbsp; 157511 |
| FIBRA Prologis<sup>(a)</sup>  | FIBRA Prologis<sup>(a)</sup>  | FIBRA Prologis<sup>(a)</sup>  | FIBRA Prologis<sup>(a)</sup>  |
| 11/26/2035 | &nbsp;&nbsp; 5.500% | 1235000 | &nbsp;&nbsp; 1238574 |
| Prologis LP | Prologis LP | Prologis LP | Prologis LP |
| 04/15/2050 | &nbsp;&nbsp; 3.000% | 300000 | &nbsp;&nbsp; 197802 |
| RHP Hotel Properties LP/Finance Corp. | RHP Hotel Properties LP/Finance Corp. | RHP Hotel Properties LP/Finance Corp. | RHP Hotel Properties LP/Finance Corp. |
| 10/15/2027 | &nbsp;&nbsp; 4.750% | 805000 | &nbsp;&nbsp; 803461 |
| Starwood Property Trust, Inc.<sup>(a)</sup>  | Starwood Property Trust, Inc.<sup>(a)</sup>  | Starwood Property Trust, Inc.<sup>(a)</sup>  | Starwood Property Trust, Inc.<sup>(a)</sup>  |
| 04/01/2029 | &nbsp;&nbsp; 7.250% | 360000 | &nbsp;&nbsp; 379918 |
| WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. |
| 10/01/2026 | &nbsp;&nbsp; 4.250% | 178000 | &nbsp;&nbsp; 178177 |
| 04/01/2033 | &nbsp;&nbsp; 2.250% | 255000 | &nbsp;&nbsp; 215135 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **12680533** |
| **Other Utility 0.0%** | **Other Utility 0.0%** | **Other Utility 0.0%** | **Other Utility 0.0%** |
| American Water Capital Corp. | American Water Capital Corp. | American Water Capital Corp. | American Water Capital Corp. |
| 12/01/2046 | &nbsp;&nbsp; 4.000% | 251000 | &nbsp;&nbsp; 202060 |
| Entergy Texas Restoration Funding II LLC | Entergy Texas Restoration Funding II LLC | Entergy Texas Restoration Funding II LLC | Entergy Texas Restoration Funding II LLC |
| 12/15/2035 | &nbsp;&nbsp; 3.697% | 585000 | &nbsp;&nbsp; 552920 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **754980** |
| **Packaging 0.1%** | **Packaging 0.1%** | **Packaging 0.1%** | **Packaging 0.1%** |
| Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. |
| 03/17/2030 | &nbsp;&nbsp; 5.100% | 428000 | &nbsp;&nbsp; 439297 |
| Ardagh Group SA<sup>(a)</sup>  | Ardagh Group SA<sup>(a)</sup>  | Ardagh Group SA<sup>(a)</sup>  | Ardagh Group SA<sup>(a)</sup>  |
| 12/01/2030 | &nbsp;&nbsp; 9.500% | 257000 | &nbsp;&nbsp; 278438 |
| Ardagh Group SA<sup>(a),(l)</sup>  | Ardagh Group SA<sup>(a),(l)</sup>  | Ardagh Group SA<sup>(a),(l)</sup>  | Ardagh Group SA<sup>(a),(l)</sup>  |
| 12/01/2030 | &nbsp;&nbsp; 12.000% | 405000 | &nbsp;&nbsp; 370381 |
| Ball Corp. | Ball Corp. | Ball Corp. | Ball Corp. |
| 06/15/2029 | &nbsp;&nbsp; 6.000% | 435000 | &nbsp;&nbsp; 447624 |
| Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
| 06/15/2031 | &nbsp;&nbsp; 5.800% | 1939000 | &nbsp;&nbsp; 2048094 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Clydesdale Acquisition Holdings, Inc.<sup>(a)</sup>  | Clydesdale Acquisition Holdings, Inc.<sup>(a)</sup>  | Clydesdale Acquisition Holdings, Inc.<sup>(a)</sup>  | Clydesdale Acquisition Holdings, Inc.<sup>(a)</sup>  |
| 04/15/2032 | &nbsp;&nbsp; 6.750% | 100000 | &nbsp;&nbsp; 102948 |
| Mauser Packaging Solutions Holding Co.<sup>(a)</sup>  | Mauser Packaging Solutions Holding Co.<sup>(a)</sup>  | Mauser Packaging Solutions Holding Co.<sup>(a)</sup>  | Mauser Packaging Solutions Holding Co.<sup>(a)</sup>  |
| 04/15/2030 | &nbsp;&nbsp; 7.875% | 360000 | &nbsp;&nbsp; 358537 |
| Owens-Brockway Glass Container, Inc.<sup>(a)</sup>  | Owens-Brockway Glass Container, Inc.<sup>(a)</sup>  | Owens-Brockway Glass Container, Inc.<sup>(a)</sup>  | Owens-Brockway Glass Container, Inc.<sup>(a)</sup>  |
| 05/13/2027 | &nbsp;&nbsp; 6.625% | 150000 | &nbsp;&nbsp; 150505 |
| Sonoco Products Co. | Sonoco Products Co. | Sonoco Products Co. | Sonoco Products Co. |
| 05/01/2030 | &nbsp;&nbsp; 3.125% | 657000 | &nbsp;&nbsp; 621571 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **4817395** |
| **Paper 0.0%** | **Paper 0.0%** | **Paper 0.0%** | **Paper 0.0%** |
| Graphic Packaging International LLC<sup>(a)</sup>  | Graphic Packaging International LLC<sup>(a)</sup>  | Graphic Packaging International LLC<sup>(a)</sup>  | Graphic Packaging International LLC<sup>(a)</sup>  |
| 07/15/2032 | &nbsp;&nbsp; 6.375% | 395000 | &nbsp;&nbsp; 401751 |
| Suzano Netherlands BV | Suzano Netherlands BV | Suzano Netherlands BV | Suzano Netherlands BV |
| 01/15/2036 | &nbsp;&nbsp; 5.500% | 709000 | &nbsp;&nbsp; 701685 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1103436** |
| **Pharmaceuticals 1.5%** | **Pharmaceuticals 1.5%** | **Pharmaceuticals 1.5%** | **Pharmaceuticals 1.5%** |
| AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
| 03/15/2027 | &nbsp;&nbsp; 4.800% | 1957000 | &nbsp;&nbsp; 1977826 |
| 11/21/2029 | &nbsp;&nbsp; 3.200% | 2885000 | &nbsp;&nbsp; 2798304 |
| 03/15/2030 | &nbsp;&nbsp; 4.875% | 1574000 | &nbsp;&nbsp; 1621366 |
| 03/15/2031 | &nbsp;&nbsp; 4.950% | 1174000 | &nbsp;&nbsp; 1214648 |
| 03/15/2034 | &nbsp;&nbsp; 5.050% | 1809000 | &nbsp;&nbsp; 1858745 |
| 03/15/2035 | &nbsp;&nbsp; 4.550% | 540000 | &nbsp;&nbsp; 532296 |
| 03/15/2035 | &nbsp;&nbsp; 5.200% | 942000 | &nbsp;&nbsp; 974349 |
| 11/21/2039 | &nbsp;&nbsp; 4.050% | 3483000 | &nbsp;&nbsp; 3109746 |
| 11/21/2049 | &nbsp;&nbsp; 4.250% | 3452000 | &nbsp;&nbsp; 2846899 |
| Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
| 03/02/2043 | &nbsp;&nbsp; 5.600% | 1129000 | &nbsp;&nbsp; 1135269 |
| 06/15/2051 | &nbsp;&nbsp; 4.663% | 439000 | &nbsp;&nbsp; 376215 |
| 03/01/2053 | &nbsp;&nbsp; 4.875% | 1848000 | &nbsp;&nbsp; 1626161 |
| 03/02/2053 | &nbsp;&nbsp; 5.650% | 356000 | &nbsp;&nbsp; 349197 |
| Bausch Health Companies, Inc.<sup>(a)</sup>  | Bausch Health Companies, Inc.<sup>(a)</sup>  | Bausch Health Companies, Inc.<sup>(a)</sup>  | Bausch Health Companies, Inc.<sup>(a)</sup>  |
| 06/01/2028 | &nbsp;&nbsp; 4.875% | 140000 | &nbsp;&nbsp; 125349 |
| Biogen, Inc. | Biogen, Inc. | Biogen, Inc. | Biogen, Inc. |
| 05/01/2030 | &nbsp;&nbsp; 2.250% | 930000 | &nbsp;&nbsp; 854326 |
| Bristol Myers Squibb Co. | Bristol Myers Squibb Co. | Bristol Myers Squibb Co. | Bristol Myers Squibb Co. |
| 03/15/2052 | &nbsp;&nbsp; 3.700% | 875000 | &nbsp;&nbsp; 643305 |
| Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. |
| 02/22/2054 | &nbsp;&nbsp; 5.550% | 2300000 | &nbsp;&nbsp; 2260892 |
| 03/15/2062 | &nbsp;&nbsp; 3.900% | 257000 | &nbsp;&nbsp; 186536 |
| Eli Lilly & Co. | Eli Lilly & Co. | Eli Lilly & Co. | Eli Lilly & Co. |
| 08/14/2029 | &nbsp;&nbsp; 4.200% | 2459000 | &nbsp;&nbsp; 2483092 |
| 03/15/2031 | &nbsp;&nbsp; 4.250% | 2364000 | &nbsp;&nbsp; 2382511 |
| 02/12/2032 | &nbsp;&nbsp; 4.900% | 594000 | &nbsp;&nbsp; 614699 |
| 02/09/2034 | &nbsp;&nbsp; 4.700% | 772000 | &nbsp;&nbsp; 782272 |
| 08/14/2034 | &nbsp;&nbsp; 4.600% | 1398000 | &nbsp;&nbsp; 1403040 |
| 02/12/2035 | &nbsp;&nbsp; 5.100% | 443000 | &nbsp;&nbsp; 458247 |
| 08/14/2054 | &nbsp;&nbsp; 5.050% | 189000 | &nbsp;&nbsp; 177218 |
| 02/12/2055 | &nbsp;&nbsp; 5.500% | 978000 | &nbsp;&nbsp; 980388 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| 10/15/2055 | &nbsp;&nbsp; 5.550% | 493000 | &nbsp;&nbsp; 497160 |
| 02/12/2065 | &nbsp;&nbsp; 5.600% | 1079000 | &nbsp;&nbsp; 1082370 |
| Gilead Sciences, Inc. | Gilead Sciences, Inc. | Gilead Sciences, Inc. | Gilead Sciences, Inc. |
| 10/15/2033 | &nbsp;&nbsp; 5.250% | 566000 | &nbsp;&nbsp; 594768 |
| 09/01/2036 | &nbsp;&nbsp; 4.000% | 791000 | &nbsp;&nbsp; 736527 |
| 03/01/2047 | &nbsp;&nbsp; 4.150% | 202000 | &nbsp;&nbsp; 167640 |
| Merck & Co., Inc. | Merck & Co., Inc. | Merck & Co., Inc. | Merck & Co., Inc. |
| 12/04/2032 | &nbsp;&nbsp; 4.450% | 1394000 | &nbsp;&nbsp; 1396610 |
| 12/04/2035 | &nbsp;&nbsp; 4.750% | 1045000 | &nbsp;&nbsp; 1042821 |
| 06/24/2040 | &nbsp;&nbsp; 2.350% | 656000 | &nbsp;&nbsp; 473705 |
| 03/07/2049 | &nbsp;&nbsp; 4.000% | 191000 | &nbsp;&nbsp; 153033 |
| 12/04/2055 | &nbsp;&nbsp; 5.550% | 662000 | &nbsp;&nbsp; 654316 |
| Novartis Capital Corp. | Novartis Capital Corp. | Novartis Capital Corp. | Novartis Capital Corp. |
| 11/05/2030 | &nbsp;&nbsp; 4.100% | 1806000 | &nbsp;&nbsp; 1804782 |
| 11/05/2035 | &nbsp;&nbsp; 4.600% | 2986000 | &nbsp;&nbsp; 2960506 |
| Organon Finance 1 LLC<sup>(a)</sup>  | Organon Finance 1 LLC<sup>(a)</sup>  | Organon Finance 1 LLC<sup>(a)</sup>  | Organon Finance 1 LLC<sup>(a)</sup>  |
| 04/30/2028 | &nbsp;&nbsp; 4.125% | 450000 | &nbsp;&nbsp; 438388 |
| 04/30/2031 | &nbsp;&nbsp; 5.125% | 275000 | &nbsp;&nbsp; 227892 |
| Pfizer Investment Enterprises Pte., Ltd. | Pfizer Investment Enterprises Pte., Ltd. | Pfizer Investment Enterprises Pte., Ltd. | Pfizer Investment Enterprises Pte., Ltd. |
| 05/19/2053 | &nbsp;&nbsp; 5.300% | 468000 | &nbsp;&nbsp; 443481 |
| Pfizer, Inc. | Pfizer, Inc. | Pfizer, Inc. | Pfizer, Inc. |
| 11/15/2027 | &nbsp;&nbsp; 3.875% | 1576000 | &nbsp;&nbsp; 1581332 |
| 11/15/2030 | &nbsp;&nbsp; 4.200% | 2245000 | &nbsp;&nbsp; 2254841 |
| 11/15/2032 | &nbsp;&nbsp; 4.500% | 1822000 | &nbsp;&nbsp; 1825921 |
| 11/15/2035 | &nbsp;&nbsp; 4.875% | 946000 | &nbsp;&nbsp; 949593 |
| Roche Holdings, Inc.<sup>(a)</sup>  | Roche Holdings, Inc.<sup>(a)</sup>  | Roche Holdings, Inc.<sup>(a)</sup>  | Roche Holdings, Inc.<sup>(a)</sup>  |
| 12/02/2030 | &nbsp;&nbsp; 4.075% | 1501000 | &nbsp;&nbsp; 1496968 |
| 12/02/2032 | &nbsp;&nbsp; 4.374% | 2260000 | &nbsp;&nbsp; 2251864 |
| Takeda Pharmaceutical Co., Ltd. | Takeda Pharmaceutical Co., Ltd. | Takeda Pharmaceutical Co., Ltd. | Takeda Pharmaceutical Co., Ltd. |
| 07/05/2044 | &nbsp;&nbsp; 5.650% | 200000 | &nbsp;&nbsp; 201407 |
| 07/09/2050 | &nbsp;&nbsp; 3.175% | 439000 | &nbsp;&nbsp; 293166 |
| Zoetis, Inc. | Zoetis, Inc. | Zoetis, Inc. | Zoetis, Inc. |
| 05/15/2030 | &nbsp;&nbsp; 2.000% | 178000 | &nbsp;&nbsp; 162826 |
| 11/16/2032 | &nbsp;&nbsp; 5.600% | 178000 | &nbsp;&nbsp; 189098 |
| 08/17/2035 | &nbsp;&nbsp; 5.000% | 340000 | &nbsp;&nbsp; 343821 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **57997732** |
| **Railroads 0.1%** | **Railroads 0.1%** | **Railroads 0.1%** | **Railroads 0.1%** |
| Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC |
| 02/15/2051 | &nbsp;&nbsp; 3.050% | 456000 | &nbsp;&nbsp; 301098 |
| 04/15/2054 | &nbsp;&nbsp; 5.200% | 525000 | &nbsp;&nbsp; 494480 |
| 03/15/2055 | &nbsp;&nbsp; 5.500% | 1265000 | &nbsp;&nbsp; 1244617 |
| Genesee & Wyoming, Inc.<sup>(a)</sup>  | Genesee & Wyoming, Inc.<sup>(a)</sup>  | Genesee & Wyoming, Inc.<sup>(a)</sup>  | Genesee & Wyoming, Inc.<sup>(a)</sup>  |
| 04/15/2032 | &nbsp;&nbsp; 6.250% | 565000 | &nbsp;&nbsp; 583376 |
| Norfolk Southern Corp. | Norfolk Southern Corp. | Norfolk Southern Corp. | Norfolk Southern Corp. |
| 05/01/2035 | &nbsp;&nbsp; 5.100% | 1352000 | &nbsp;&nbsp; 1380605 |
| Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. |
| 12/01/2054 | &nbsp;&nbsp; 5.600% | 609000 | &nbsp;&nbsp; 607443 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **4611619** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Refining 0.0%** | **Refining 0.0%** | **Refining 0.0%** | **Refining 0.0%** |
| FS Luxembourg Sarl<sup>(a)</sup>  | FS Luxembourg Sarl<sup>(a)</sup>  | FS Luxembourg Sarl<sup>(a)</sup>  | FS Luxembourg Sarl<sup>(a)</sup>  |
| 02/12/2031 | &nbsp;&nbsp; 8.875% | 385000 | &nbsp;&nbsp; 401058 |
| **Restaurants 0.1%** | **Restaurants 0.1%** | **Restaurants 0.1%** | **Restaurants 0.1%** |
| McDonald's Corp. | McDonald's Corp. | McDonald's Corp. | McDonald's Corp. |
| 03/01/2038 | &nbsp;&nbsp; 6.300% | 1183000 | &nbsp;&nbsp; 1308124 |
| 09/09/2052 | &nbsp;&nbsp; 5.150% | 558000 | &nbsp;&nbsp; 518345 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1826469** |
| **Retail REIT 0.5%** | **Retail REIT 0.5%** | **Retail REIT 0.5%** | **Retail REIT 0.5%** |
| Agree LP | Agree LP | Agree LP | Agree LP |
| 06/15/2028 | &nbsp;&nbsp; 2.000% | 1206000 | &nbsp;&nbsp; 1149585 |
| 10/01/2032 | &nbsp;&nbsp; 4.800% | 725000 | &nbsp;&nbsp; 730403 |
| 06/15/2033 | &nbsp;&nbsp; 2.600% | 329000 | &nbsp;&nbsp; 284090 |
| 06/15/2035 | &nbsp;&nbsp; 5.600% | 1181000 | &nbsp;&nbsp; 1236783 |
| Brixmor Operating Partnership LP | Brixmor Operating Partnership LP | Brixmor Operating Partnership LP | Brixmor Operating Partnership LP |
| 04/01/2028 | &nbsp;&nbsp; 2.250% | 173000 | &nbsp;&nbsp; 166018 |
| 08/16/2031 | &nbsp;&nbsp; 2.500% | 1274000 | &nbsp;&nbsp; 1144742 |
| 02/15/2033 | &nbsp;&nbsp; 4.850% | 558000 | &nbsp;&nbsp; 559468 |
| Kimco Realty OP LLC | Kimco Realty OP LLC | Kimco Realty OP LLC | Kimco Realty OP LLC |
| 03/01/2035 | &nbsp;&nbsp; 4.850% | 1060000 | &nbsp;&nbsp; 1055359 |
| 02/01/2036 | &nbsp;&nbsp; 5.300% | 1218000 | &nbsp;&nbsp; 1246867 |
| NNN REIT, Inc. | NNN REIT, Inc. | NNN REIT, Inc. | NNN REIT, Inc. |
| 04/15/2051 | &nbsp;&nbsp; 3.500% | 288000 | &nbsp;&nbsp; 203102 |
| Realty Income Corp. | Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
| 03/15/2028 | &nbsp;&nbsp; 2.100% | 747000 | &nbsp;&nbsp; 717439 |
| 02/01/2029 | &nbsp;&nbsp; 3.950% | 1195000 | &nbsp;&nbsp; 1191190 |
| 01/15/2030 | &nbsp;&nbsp; 3.400% | 798000 | &nbsp;&nbsp; 775684 |
| 02/15/2032 | &nbsp;&nbsp; 2.700% | 316000 | &nbsp;&nbsp; 285339 |
| 12/15/2032 | &nbsp;&nbsp; 2.850% | 964000 | &nbsp;&nbsp; 864980 |
| 02/01/2033 | &nbsp;&nbsp; 4.500% | 1018000 | &nbsp;&nbsp; 1007765 |
| Regency Centers LP | Regency Centers LP | Regency Centers LP | Regency Centers LP |
| 09/15/2029 | &nbsp;&nbsp; 2.950% | 1824000 | &nbsp;&nbsp; 1748253 |
| 07/15/2032 | &nbsp;&nbsp; 5.000% | 1152000 | &nbsp;&nbsp; 1179929 |
| 01/15/2034 | &nbsp;&nbsp; 5.250% | 1563000 | &nbsp;&nbsp; 1606787 |
| STORE Capital Corp. | STORE Capital Corp. | STORE Capital Corp. | STORE Capital Corp. |
| 11/18/2030 | &nbsp;&nbsp; 2.750% | 937000 | &nbsp;&nbsp; 852223 |
| 12/01/2031 | &nbsp;&nbsp; 2.700% | 463000 | &nbsp;&nbsp; 408791 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **18414797** |
| **Retailers 0.6%** | **Retailers 0.6%** | **Retailers 0.6%** | **Retailers 0.6%** |
| Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. |
| 11/20/2028 | &nbsp;&nbsp; 3.900% | 1575000 | &nbsp;&nbsp; 1579739 |
| 11/20/2030 | &nbsp;&nbsp; 4.100% | 1575000 | &nbsp;&nbsp; 1576654 |
| 03/20/2033 | &nbsp;&nbsp; 4.350% | 1969000 | &nbsp;&nbsp; 1963080 |
| 11/20/2035 | &nbsp;&nbsp; 4.650% | 2704000 | &nbsp;&nbsp; 2692706 |
| 11/20/2055 | &nbsp;&nbsp; 5.450% | 1142000 | &nbsp;&nbsp; 1116030 |
| 11/20/2065 | &nbsp;&nbsp; 5.550% | 1142000 | &nbsp;&nbsp; 1107945 |
| Asbury Automotive Group, Inc. | Asbury Automotive Group, Inc. | Asbury Automotive Group, Inc. | Asbury Automotive Group, Inc. |
| 03/01/2028 | &nbsp;&nbsp; 4.500% | 300000 | &nbsp;&nbsp; 298946 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Dick's Sporting Goods, Inc. | Dick's Sporting Goods, Inc. | Dick's Sporting Goods, Inc. | Dick's Sporting Goods, Inc. |
| 01/15/2052 | &nbsp;&nbsp; 4.100% | 1488000 | &nbsp;&nbsp; 1087618 |
| Gap Inc. (The)<sup>(a)</sup>  | Gap Inc. (The)<sup>(a)</sup>  | Gap Inc. (The)<sup>(a)</sup>  | Gap Inc. (The)<sup>(a)</sup>  |
| 10/01/2029 | &nbsp;&nbsp; 3.625% | 520000 | &nbsp;&nbsp; 492496 |
| Home Depot, Inc. (The) | Home Depot, Inc. (The) | Home Depot, Inc. (The) | Home Depot, Inc. (The) |
| 06/25/2034 | &nbsp;&nbsp; 4.950% | 857000 | &nbsp;&nbsp; 876263 |
| 04/15/2052 | &nbsp;&nbsp; 3.625% | 1185000 | &nbsp;&nbsp; 865888 |
| L Brands, Inc. | L Brands, Inc. | L Brands, Inc. | L Brands, Inc. |
| 06/15/2029 | &nbsp;&nbsp; 7.500% | 590000 | &nbsp;&nbsp; 602945 |
| Lithia Motors, Inc.<sup>(a)</sup>  | Lithia Motors, Inc.<sup>(a)</sup>  | Lithia Motors, Inc.<sup>(a)</sup>  | Lithia Motors, Inc.<sup>(a)</sup>  |
| 12/15/2027 | &nbsp;&nbsp; 4.625% | 405000 | &nbsp;&nbsp; 404378 |
| Lowe's Companies, Inc. | Lowe's Companies, Inc. | Lowe's Companies, Inc. | Lowe's Companies, Inc. |
| 04/01/2051 | &nbsp;&nbsp; 3.500% | 937000 | &nbsp;&nbsp; 650574 |
| 04/01/2052 | &nbsp;&nbsp; 4.250% | 1727000 | &nbsp;&nbsp; 1361164 |
| Lowe's Cos, Inc. | Lowe's Cos, Inc. | Lowe's Cos, Inc. | Lowe's Cos, Inc. |
| 03/15/2031 | &nbsp;&nbsp; 4.250% | 1822000 | &nbsp;&nbsp; 1814771 |
| 10/15/2035 | &nbsp;&nbsp; 4.850% | 1696000 | &nbsp;&nbsp; 1681914 |
| MercadoLibre, Inc. | MercadoLibre, Inc. | MercadoLibre, Inc. | MercadoLibre, Inc. |
| 01/15/2033 | &nbsp;&nbsp; 4.900% | 1607000 | &nbsp;&nbsp; 1591657 |
| Penske Automotive Group, Inc. | Penske Automotive Group, Inc. | Penske Automotive Group, Inc. | Penske Automotive Group, Inc. |
| 06/15/2029 | &nbsp;&nbsp; 3.750% | 400000 | &nbsp;&nbsp; 387732 |
| Sonic Automotive, Inc.<sup>(a)</sup>  | Sonic Automotive, Inc.<sup>(a)</sup>  | Sonic Automotive, Inc.<sup>(a)</sup>  | Sonic Automotive, Inc.<sup>(a)</sup>  |
| 11/15/2029 | &nbsp;&nbsp; 4.625% | 380000 | &nbsp;&nbsp; 372822 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **22525322** |
| **Sovereign 0.0%** | **Sovereign 0.0%** | **Sovereign 0.0%** | **Sovereign 0.0%** |
| Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
| 07/02/2032 | &nbsp;&nbsp; 5.850% | 569000 | &nbsp;&nbsp; 584708 |
| **Stranded Utility 0.1%** | **Stranded Utility 0.1%** | **Stranded Utility 0.1%** | **Stranded Utility 0.1%** |
| Consumers 2023 Securitization Funding LLC | Consumers 2023 Securitization Funding LLC | Consumers 2023 Securitization Funding LLC | Consumers 2023 Securitization Funding LLC |
| 09/01/2030 | &nbsp;&nbsp; 5.210% | 897000 | &nbsp;&nbsp; 922922 |
| PG&E Recovery Funding LLC | PG&E Recovery Funding LLC | PG&E Recovery Funding LLC | PG&E Recovery Funding LLC |
| 06/01/2042 | &nbsp;&nbsp; 5.231% | 280000 | &nbsp;&nbsp; 284667 |
| 07/15/2047 | &nbsp;&nbsp; 5.536% | 825000 | &nbsp;&nbsp; 830520 |
| 06/01/2049 | &nbsp;&nbsp; 5.529% | 335000 | &nbsp;&nbsp; 335586 |
| PG&E Wildfire Recovery Funding LLC | PG&E Wildfire Recovery Funding LLC | PG&E Wildfire Recovery Funding LLC | PG&E Wildfire Recovery Funding LLC |
| 06/01/2036 | &nbsp;&nbsp; 4.263% | 165000 | &nbsp;&nbsp; 160598 |
| 12/01/2047 | &nbsp;&nbsp; 5.212% | 270000 | &nbsp;&nbsp; 261629 |
| 06/01/2052 | &nbsp;&nbsp; 5.099% | 510000 | &nbsp;&nbsp; 475550 |
| SCE Recovery Funding LLC | SCE Recovery Funding LLC | SCE Recovery Funding LLC | SCE Recovery Funding LLC |
| 06/15/2040 | &nbsp;&nbsp; 4.697% | 109922 | &nbsp;&nbsp; 109899 |
| Sigeco Securitization I LLC | Sigeco Securitization I LLC | Sigeco Securitization I LLC | Sigeco Securitization I LLC |
| 11/15/2036 | &nbsp;&nbsp; 5.026% | 104175 | &nbsp;&nbsp; 106647 |
| 05/15/2041 | &nbsp;&nbsp; 5.172% | 112000 | &nbsp;&nbsp; 111569 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3599587** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Supermarkets 0.0%** | **Supermarkets 0.0%** | **Supermarkets 0.0%** | **Supermarkets 0.0%** |
| Albertsons Companies, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(a)</sup>  | Albertsons Companies, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(a)</sup>  | Albertsons Companies, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(a)</sup>  | Albertsons Companies, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(a)</sup>  |
| 01/15/2027 | &nbsp;&nbsp; 4.625% | 750000 | &nbsp;&nbsp; 750012 |
| Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(a)</sup>  | Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(a)</sup>  | Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(a)</sup>  | Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(a)</sup>  |
| 03/31/2034 | &nbsp;&nbsp; 5.750% | 85000 | &nbsp;&nbsp; 85319 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **835331** |
| **Technology 2.3%** | **Technology 2.3%** | **Technology 2.3%** | **Technology 2.3%** |
| Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. |
| 11/15/2032 | &nbsp;&nbsp; 4.375% | 1006000 | &nbsp;&nbsp; 1009143 |
| 11/15/2035 | &nbsp;&nbsp; 4.700% | 2346000 | &nbsp;&nbsp; 2347493 |
| 05/15/2055 | &nbsp;&nbsp; 5.250% | 1114000 | &nbsp;&nbsp; 1067637 |
| 11/15/2055 | &nbsp;&nbsp; 5.450% | 871000 | &nbsp;&nbsp; 855153 |
| 05/15/2065 | &nbsp;&nbsp; 5.300% | 1114000 | &nbsp;&nbsp; 1048173 |
| Amkor Technology, Inc.<sup>(a)</sup>  | Amkor Technology, Inc.<sup>(a)</sup>  | Amkor Technology, Inc.<sup>(a)</sup>  | Amkor Technology, Inc.<sup>(a)</sup>  |
| 10/01/2033 | &nbsp;&nbsp; 5.875% | 145000 | &nbsp;&nbsp; 148346 |
| ams-OSRAM AG<sup>(a)</sup>  | ams-OSRAM AG<sup>(a)</sup>  | ams-OSRAM AG<sup>(a)</sup>  | ams-OSRAM AG<sup>(a)</sup>  |
| 03/30/2029 | &nbsp;&nbsp; 12.250% | 385000 | &nbsp;&nbsp; 410174 |
| Apple, Inc. | Apple, Inc. | Apple, Inc. | Apple, Inc. |
| 05/12/2028 | &nbsp;&nbsp; 4.000% | 1183000 | &nbsp;&nbsp; 1191760 |
| 05/12/2030 | &nbsp;&nbsp; 4.200% | 2033000 | &nbsp;&nbsp; 2055340 |
| 02/08/2041 | &nbsp;&nbsp; 2.375% | 563000 | &nbsp;&nbsp; 405729 |
| 05/11/2050 | &nbsp;&nbsp; 2.650% | 1086000 | &nbsp;&nbsp; 679878 |
| 08/08/2052 | &nbsp;&nbsp; 3.950% | 1480000 | &nbsp;&nbsp; 1174615 |
| 08/05/2061 | &nbsp;&nbsp; 2.850% | 1643000 | &nbsp;&nbsp; 971141 |
| Block, Inc. | Block, Inc. | Block, Inc. | Block, Inc. |
| 05/15/2032 | &nbsp;&nbsp; 6.500% | 710000 | &nbsp;&nbsp; 738256 |
| Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
| 02/15/2028 | &nbsp;&nbsp; 4.150% | 1925000 | &nbsp;&nbsp; 1932369 |
| 07/12/2029 | &nbsp;&nbsp; 5.050% | 2821000 | &nbsp;&nbsp; 2904596 |
| 07/15/2030 | &nbsp;&nbsp; 4.600% | 2550000 | &nbsp;&nbsp; 2591027 |
| 11/15/2031 | &nbsp;&nbsp; 5.150% | 2632000 | &nbsp;&nbsp; 2728375 |
| 02/15/2032 | &nbsp;&nbsp; 4.550% | 1961000 | &nbsp;&nbsp; 1966427 |
| 07/15/2032 | &nbsp;&nbsp; 4.900% | 2212000 | &nbsp;&nbsp; 2257633 |
| 10/15/2034 | &nbsp;&nbsp; 4.800% | 2746000 | &nbsp;&nbsp; 2748710 |
| 07/15/2035 | &nbsp;&nbsp; 5.200% | 839000 | &nbsp;&nbsp; 859790 |
| 02/15/2036 | &nbsp;&nbsp; 4.800% | 849000 | &nbsp;&nbsp; 837287 |
| Broadcom, Inc.<sup>(a)</sup>  | Broadcom, Inc.<sup>(a)</sup>  | Broadcom, Inc.<sup>(a)</sup>  | Broadcom, Inc.<sup>(a)</sup>  |
| 11/15/2035 | &nbsp;&nbsp; 3.137% | 1996000 | &nbsp;&nbsp; 1720459 |
| 05/15/2037 | &nbsp;&nbsp; 4.926% | 1105000 | &nbsp;&nbsp; 1090547 |
| Cadence Design Systems, Inc. | Cadence Design Systems, Inc. | Cadence Design Systems, Inc. | Cadence Design Systems, Inc. |
| 09/10/2027 | &nbsp;&nbsp; 4.200% | 674000 | &nbsp;&nbsp; 678147 |
| 09/10/2029 | &nbsp;&nbsp; 4.300% | 3271000 | &nbsp;&nbsp; 3286676 |
| Cipher Compute LLC<sup>(a)</sup>  | Cipher Compute LLC<sup>(a)</sup>  | Cipher Compute LLC<sup>(a)</sup>  | Cipher Compute LLC<sup>(a)</sup>  |
| 11/15/2030 | &nbsp;&nbsp; 7.125% | 155000 | &nbsp;&nbsp; 158104 |
| Cisco Systems, Inc. | Cisco Systems, Inc. | Cisco Systems, Inc. | Cisco Systems, Inc. |
| 02/24/2055 | &nbsp;&nbsp; 5.500% | 1373000 | &nbsp;&nbsp; 1358144 |
| Clarivate Science Holdings Corp.<sup>(a)</sup>  | Clarivate Science Holdings Corp.<sup>(a)</sup>  | Clarivate Science Holdings Corp.<sup>(a)</sup>  | Clarivate Science Holdings Corp.<sup>(a)</sup>  |
| 07/01/2028 | &nbsp;&nbsp; 3.875% | 285000 | &nbsp;&nbsp; 276750 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Coherent Corp.<sup>(a)</sup>  | Coherent Corp.<sup>(a)</sup>  | Coherent Corp.<sup>(a)</sup>  | Coherent Corp.<sup>(a)</sup>  |
| 12/15/2029 | &nbsp;&nbsp; 5.000% | 440000 | &nbsp;&nbsp; 438721 |
| CommScope Technologies LLC<sup>(a)</sup>  | CommScope Technologies LLC<sup>(a)</sup>  | CommScope Technologies LLC<sup>(a)</sup>  | CommScope Technologies LLC<sup>(a)</sup>  |
| 03/15/2027 | &nbsp;&nbsp; 5.000% | 325000 | &nbsp;&nbsp; 324139 |
| CoreWeave, Inc.<sup>(a)</sup>  | CoreWeave, Inc.<sup>(a)</sup>  | CoreWeave, Inc.<sup>(a)</sup>  | CoreWeave, Inc.<sup>(a)</sup>  |
| 06/01/2030 | &nbsp;&nbsp; 9.250% | 100000 | &nbsp;&nbsp; 93011 |
| Elastic NV<sup>(a)</sup>  | Elastic NV<sup>(a)</sup>  | Elastic NV<sup>(a)</sup>  | Elastic NV<sup>(a)</sup>  |
| 07/15/2029 | &nbsp;&nbsp; 4.125% | 300000 | &nbsp;&nbsp; 290173 |
| Entegris Escrow Corp.<sup>(a)</sup>  | Entegris Escrow Corp.<sup>(a)</sup>  | Entegris Escrow Corp.<sup>(a)</sup>  | Entegris Escrow Corp.<sup>(a)</sup>  |
| 06/15/2030 | &nbsp;&nbsp; 5.950% | 275000 | &nbsp;&nbsp; 280429 |
| Entegris, Inc.<sup>(a)</sup>  | Entegris, Inc.<sup>(a)</sup>  | Entegris, Inc.<sup>(a)</sup>  | Entegris, Inc.<sup>(a)</sup>  |
| 04/15/2028 | &nbsp;&nbsp; 4.375% | 400000 | &nbsp;&nbsp; 397139 |
| Equinix Europe 2 Financing Corp. LLC | Equinix Europe 2 Financing Corp. LLC | Equinix Europe 2 Financing Corp. LLC | Equinix Europe 2 Financing Corp. LLC |
| 11/15/2030 | &nbsp;&nbsp; 4.600% | 1682000 | &nbsp;&nbsp; 1687412 |
| Fair Isaac Corp.<sup>(a)</sup>  | Fair Isaac Corp.<sup>(a)</sup>  | Fair Isaac Corp.<sup>(a)</sup>  | Fair Isaac Corp.<sup>(a)</sup>  |
| 05/15/2033 | &nbsp;&nbsp; 6.000% | 100000 | &nbsp;&nbsp; 102532 |
| Flex Ltd. | Flex Ltd. | Flex Ltd. | Flex Ltd. |
| 01/15/2032 | &nbsp;&nbsp; 5.250% | 552000 | &nbsp;&nbsp; 562858 |
| 11/13/2035 | &nbsp;&nbsp; 5.375% | 1182000 | &nbsp;&nbsp; 1180071 |
| Foundry JV Holdco LLC<sup>(a)</sup>  | Foundry JV Holdco LLC<sup>(a)</sup>  | Foundry JV Holdco LLC<sup>(a)</sup>  | Foundry JV Holdco LLC<sup>(a)</sup>  |
| 01/25/2031 | &nbsp;&nbsp; 5.500% | 781000 | &nbsp;&nbsp; 806451 |
| 01/25/2033 | &nbsp;&nbsp; 5.900% | 519000 | &nbsp;&nbsp; 543578 |
| 01/25/2035 | &nbsp;&nbsp; 6.250% | 635000 | &nbsp;&nbsp; 673866 |
| 01/25/2039 | &nbsp;&nbsp; 6.300% | 516000 | &nbsp;&nbsp; 544609 |
| Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
| 11/15/2030 | &nbsp;&nbsp; 4.875% | 1360000 | &nbsp;&nbsp; 1361267 |
| 11/15/2035 | &nbsp;&nbsp; 5.550% | 335000 | &nbsp;&nbsp; 333184 |
| GTCR W-2 Merger Sub LLC<sup>(a)</sup>  | GTCR W-2 Merger Sub LLC<sup>(a)</sup>  | GTCR W-2 Merger Sub LLC<sup>(a)</sup>  | GTCR W-2 Merger Sub LLC<sup>(a)</sup>  |
| 01/15/2031 | &nbsp;&nbsp; 7.500% | 525000 | &nbsp;&nbsp; 558019 |
| Imola Merger Corp.<sup>(a)</sup>  | Imola Merger Corp.<sup>(a)</sup>  | Imola Merger Corp.<sup>(a)</sup>  | Imola Merger Corp.<sup>(a)</sup>  |
| 05/15/2029 | &nbsp;&nbsp; 4.750% | 540000 | &nbsp;&nbsp; 533456 |
| Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
| 08/12/2041 | &nbsp;&nbsp; 2.800% | 664000 | &nbsp;&nbsp; 463418 |
| 02/10/2043 | &nbsp;&nbsp; 5.625% | 443000 | &nbsp;&nbsp; 425824 |
| 11/15/2049 | &nbsp;&nbsp; 3.250% | 389000 | &nbsp;&nbsp; 249094 |
| 02/10/2063 | &nbsp;&nbsp; 5.900% | 582000 | &nbsp;&nbsp; 545654 |
| Iron Mountain, Inc.<sup>(a)</sup>  | Iron Mountain, Inc.<sup>(a)</sup>  | Iron Mountain, Inc.<sup>(a)</sup>  | Iron Mountain, Inc.<sup>(a)</sup>  |
| 09/15/2027 | &nbsp;&nbsp; 4.875% | 750000 | &nbsp;&nbsp; 749008 |
| Kioxia Holdings Corp.<sup>(a)</sup>  | Kioxia Holdings Corp.<sup>(a)</sup>  | Kioxia Holdings Corp.<sup>(a)</sup>  | Kioxia Holdings Corp.<sup>(a)</sup>  |
| 07/24/2030 | &nbsp;&nbsp; 6.250% | 400000 | &nbsp;&nbsp; 411833 |
| Leidos, Inc. | Leidos, Inc. | Leidos, Inc. | Leidos, Inc. |
| 03/15/2032 | &nbsp;&nbsp; 5.400% | 841000 | &nbsp;&nbsp; 874706 |
| Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. |
| 07/15/2030 | &nbsp;&nbsp; 4.750% | 140000 | &nbsp;&nbsp; 141880 |
| 07/15/2035 | &nbsp;&nbsp; 5.450% | 469000 | &nbsp;&nbsp; 483108 |
| NCR Atleos Escrow Corp.<sup>(a)</sup>  | NCR Atleos Escrow Corp.<sup>(a)</sup>  | NCR Atleos Escrow Corp.<sup>(a)</sup>  | NCR Atleos Escrow Corp.<sup>(a)</sup>  |
| 04/01/2029 | &nbsp;&nbsp; 9.500% | 505000 | &nbsp;&nbsp; 548525 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| NCR Corp.<sup>(a)</sup>  | NCR Corp.<sup>(a)</sup>  | NCR Corp.<sup>(a)</sup>  | NCR Corp.<sup>(a)</sup>  |
| 10/01/2028 | &nbsp;&nbsp; 5.000% | 417000 | &nbsp;&nbsp; 413932 |
| ON Semiconductor Corp.<sup>(a)</sup>  | ON Semiconductor Corp.<sup>(a)</sup>  | ON Semiconductor Corp.<sup>(a)</sup>  | ON Semiconductor Corp.<sup>(a)</sup>  |
| 09/01/2028 | &nbsp;&nbsp; 3.875% | 150000 | &nbsp;&nbsp; 146524 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 09/26/2032 | &nbsp;&nbsp; 4.800% | 1249000 | &nbsp;&nbsp; 1206195 |
| 09/26/2035 | &nbsp;&nbsp; 5.200% | 827000 | &nbsp;&nbsp; 793878 |
| 04/01/2040 | &nbsp;&nbsp; 3.600% | 537000 | &nbsp;&nbsp; 398195 |
| 09/26/2045 | &nbsp;&nbsp; 5.875% | 1590000 | &nbsp;&nbsp; 1439261 |
| 07/15/2046 | &nbsp;&nbsp; 4.000% | 1342000 | &nbsp;&nbsp; 931853 |
| 02/06/2053 | &nbsp;&nbsp; 5.550% | 835000 | &nbsp;&nbsp; 694716 |
| 09/27/2054 | &nbsp;&nbsp; 5.375% | 1009000 | &nbsp;&nbsp; 817294 |
| 05/15/2055 | &nbsp;&nbsp; 4.375% | 432000 | &nbsp;&nbsp; 298730 |
| 08/03/2055 | &nbsp;&nbsp; 6.000% | 4276000 | &nbsp;&nbsp; 3778854 |
| RingCentral, Inc.<sup>(a)</sup>  | RingCentral, Inc.<sup>(a)</sup>  | RingCentral, Inc.<sup>(a)</sup>  | RingCentral, Inc.<sup>(a)</sup>  |
| 08/15/2030 | &nbsp;&nbsp; 8.500% | 445000 | &nbsp;&nbsp; 471812 |
| Roper Technologies, Inc. | Roper Technologies, Inc. | Roper Technologies, Inc. | Roper Technologies, Inc. |
| 09/15/2030 | &nbsp;&nbsp; 4.450% | 215000 | &nbsp;&nbsp; 215904 |
| 10/15/2034 | &nbsp;&nbsp; 4.900% | 658000 | &nbsp;&nbsp; 656459 |
| S&P Global, Inc. | S&P Global, Inc. | S&P Global, Inc. | S&P Global, Inc. |
| 03/01/2032 | &nbsp;&nbsp; 2.900% | 938000 | &nbsp;&nbsp; 865176 |
| Salesforce.com, Inc. | Salesforce.com, Inc. | Salesforce.com, Inc. | Salesforce.com, Inc. |
| 07/15/2041 | &nbsp;&nbsp; 2.700% | 347000 | &nbsp;&nbsp; 251655 |
| Science Applications International Corp.<sup>(a)</sup>  | Science Applications International Corp.<sup>(a)</sup>  | Science Applications International Corp.<sup>(a)</sup>  | Science Applications International Corp.<sup>(a)</sup>  |
| 11/01/2033 | &nbsp;&nbsp; 5.875% | 100000 | &nbsp;&nbsp; 101387 |
| Seagate Data Storage Technology Pte Ltd.<sup>(a)</sup>  | Seagate Data Storage Technology Pte Ltd.<sup>(a)</sup>  | Seagate Data Storage Technology Pte Ltd.<sup>(a)</sup>  | Seagate Data Storage Technology Pte Ltd.<sup>(a)</sup>  |
| 07/15/2029 | &nbsp;&nbsp; 3.125% | 480000 | &nbsp;&nbsp; 422168 |
| 01/15/2031 | &nbsp;&nbsp; 4.125% | 200000 | &nbsp;&nbsp; 190427 |
| Sensata Technologies BV<sup>(a)</sup>  | Sensata Technologies BV<sup>(a)</sup>  | Sensata Technologies BV<sup>(a)</sup>  | Sensata Technologies BV<sup>(a)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 4.000% | 263000 | &nbsp;&nbsp; 256685 |
| Sensata Technologies, Inc.<sup>(a)</sup>  | Sensata Technologies, Inc.<sup>(a)</sup>  | Sensata Technologies, Inc.<sup>(a)</sup>  | Sensata Technologies, Inc.<sup>(a)</sup>  |
| 02/15/2031 | &nbsp;&nbsp; 3.750% | 225000 | &nbsp;&nbsp; 211373 |
| 07/15/2032 | &nbsp;&nbsp; 6.625% | 200000 | &nbsp;&nbsp; 209361 |
| Shift4 Payments LLC/Finance Sub, Inc.<sup>(a)</sup>  | Shift4 Payments LLC/Finance Sub, Inc.<sup>(a)</sup>  | Shift4 Payments LLC/Finance Sub, Inc.<sup>(a)</sup>  | Shift4 Payments LLC/Finance Sub, Inc.<sup>(a)</sup>  |
| 08/15/2032 | &nbsp;&nbsp; 6.750% | 565000 | &nbsp;&nbsp; 583547 |
| SS&C Technologies, Inc.<sup>(a)</sup>  | SS&C Technologies, Inc.<sup>(a)</sup>  | SS&C Technologies, Inc.<sup>(a)</sup>  | SS&C Technologies, Inc.<sup>(a)</sup>  |
| 09/30/2027 | &nbsp;&nbsp; 5.500% | 475000 | &nbsp;&nbsp; 475414 |
| Synaptics, Inc.<sup>(a)</sup>  | Synaptics, Inc.<sup>(a)</sup>  | Synaptics, Inc.<sup>(a)</sup>  | Synaptics, Inc.<sup>(a)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 4.000% | 340000 | &nbsp;&nbsp; 329213 |
| Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
| 04/01/2028 | &nbsp;&nbsp; 4.650% | 1180000 | &nbsp;&nbsp; 1196271 |
| 04/01/2030 | &nbsp;&nbsp; 4.850% | 1687000 | &nbsp;&nbsp; 1722209 |
| 04/01/2032 | &nbsp;&nbsp; 5.000% | 1350000 | &nbsp;&nbsp; 1378462 |
| 04/01/2035 | &nbsp;&nbsp; 5.150% | 1189000 | &nbsp;&nbsp; 1208100 |
| 04/01/2055 | &nbsp;&nbsp; 5.700% | 1508000 | &nbsp;&nbsp; 1497162 |
| Texas Instruments, Inc. | Texas Instruments, Inc. | Texas Instruments, Inc. | Texas Instruments, Inc. |
| 03/14/2053 | &nbsp;&nbsp; 5.000% | 924000 | &nbsp;&nbsp; 847461 |
| 02/08/2054 | &nbsp;&nbsp; 5.150% | 346000 | &nbsp;&nbsp; 326081 |
| 05/18/2063 | &nbsp;&nbsp; 5.050% | 412000 | &nbsp;&nbsp; 368355 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| TSMC Arizona Corp. | TSMC Arizona Corp. | TSMC Arizona Corp. | TSMC Arizona Corp. |
| 10/25/2031 | &nbsp;&nbsp; 2.500% | 470000 | &nbsp;&nbsp; 428042 |
| Verisk Analytics, Inc. | Verisk Analytics, Inc. | Verisk Analytics, Inc. | Verisk Analytics, Inc. |
| 08/15/2030 | &nbsp;&nbsp; 4.500% | 1352000 | &nbsp;&nbsp; 1365520 |
| 02/15/2036 | &nbsp;&nbsp; 5.125% | 1510000 | &nbsp;&nbsp; 1525100 |
| Workday, Inc. | Workday, Inc. | Workday, Inc. | Workday, Inc. |
| 04/01/2029 | &nbsp;&nbsp; 3.700% | 594000 | &nbsp;&nbsp; 585640 |
| WULF Compute LLC<sup>(a)</sup>  | WULF Compute LLC<sup>(a)</sup>  | WULF Compute LLC<sup>(a)</sup>  | WULF Compute LLC<sup>(a)</sup>  |
| 10/15/2030 | &nbsp;&nbsp; 7.750% | 355000 | &nbsp;&nbsp; 365682 |
| Xerox Holdings Corp.<sup>(a)</sup>  | Xerox Holdings Corp.<sup>(a)</sup>  | Xerox Holdings Corp.<sup>(a)</sup>  | Xerox Holdings Corp.<sup>(a)</sup>  |
| 11/30/2029 | &nbsp;&nbsp; 8.875% | 425000 | &nbsp;&nbsp; 171369 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **86247311** |
| **Tobacco 0.6%** | **Tobacco 0.6%** | **Tobacco 0.6%** | **Tobacco 0.6%** |
| Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |
| 09/16/2046 | &nbsp;&nbsp; 3.875% | 639000 | &nbsp;&nbsp; 480622 |
| BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. |
| 08/15/2037 | &nbsp;&nbsp; 4.390% | 2525000 | &nbsp;&nbsp; 2323205 |
| 08/15/2047 | &nbsp;&nbsp; 4.540% | 1639000 | &nbsp;&nbsp; 1361100 |
| 08/02/2053 | &nbsp;&nbsp; 7.081% | 428000 | &nbsp;&nbsp; 485768 |
| 08/15/2055 | &nbsp;&nbsp; 6.250% | 1161000 | &nbsp;&nbsp; 1198770 |
| Imperial Brands Finance PLC<sup>(a)</sup>  | Imperial Brands Finance PLC<sup>(a)</sup>  | Imperial Brands Finance PLC<sup>(a)</sup>  | Imperial Brands Finance PLC<sup>(a)</sup>  |
| 07/01/2034 | &nbsp;&nbsp; 5.875% | 1816000 | &nbsp;&nbsp; 1898299 |
| 07/01/2035 | &nbsp;&nbsp; 5.625% | 1593000 | &nbsp;&nbsp; 1636230 |
| Japan Tobacco, Inc.<sup>(a)</sup>  | Japan Tobacco, Inc.<sup>(a)</sup>  | Japan Tobacco, Inc.<sup>(a)</sup>  | Japan Tobacco, Inc.<sup>(a)</sup>  |
| 06/15/2030 | &nbsp;&nbsp; 5.250% | 545000 | &nbsp;&nbsp; 565065 |
| 06/15/2035 | &nbsp;&nbsp; 5.850% | 320000 | &nbsp;&nbsp; 340990 |
| Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
| 04/28/2028 | &nbsp;&nbsp; 4.125% | 3426000 | &nbsp;&nbsp; 3441518 |
| 04/30/2030 | &nbsp;&nbsp; 4.375% | 2900000 | &nbsp;&nbsp; 2918265 |
| 02/15/2033 | &nbsp;&nbsp; 5.375% | 1332000 | &nbsp;&nbsp; 1394082 |
| 09/07/2033 | &nbsp;&nbsp; 5.625% | 1125000 | &nbsp;&nbsp; 1193091 |
| 02/13/2034 | &nbsp;&nbsp; 5.250% | 456000 | &nbsp;&nbsp; 471564 |
| 04/30/2035 | &nbsp;&nbsp; 4.875% | 3074000 | &nbsp;&nbsp; 3084414 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **22792983** |
| **Transportation Services 0.1%** | **Transportation Services 0.1%** | **Transportation Services 0.1%** | **Transportation Services 0.1%** |
| Avis Budget Car Rental LLC/Finance, Inc.<sup>(a)</sup>  | Avis Budget Car Rental LLC/Finance, Inc.<sup>(a)</sup>  | Avis Budget Car Rental LLC/Finance, Inc.<sup>(a)</sup>  | Avis Budget Car Rental LLC/Finance, Inc.<sup>(a)</sup>  |
| 07/15/2027 | &nbsp;&nbsp; 5.750% | 390000 | &nbsp;&nbsp; 389701 |
| Hertz Corp. (The)<sup>(a)</sup>  | Hertz Corp. (The)<sup>(a)</sup>  | Hertz Corp. (The)<sup>(a)</sup>  | Hertz Corp. (The)<sup>(a)</sup>  |
| 12/01/2026 | &nbsp;&nbsp; 4.625% | 200000 | &nbsp;&nbsp; 191154 |
| Penske Truck Leasing Co. LP<sup>(a)</sup>  | Penske Truck Leasing Co. LP<sup>(a)</sup>  | Penske Truck Leasing Co. LP<sup>(a)</sup>  | Penske Truck Leasing Co. LP<sup>(a)</sup>  |
| 07/01/2029 | &nbsp;&nbsp; 5.250% | 388000 | &nbsp;&nbsp; 398746 |
| XPO, Inc.<sup>(a)</sup>  | XPO, Inc.<sup>(a)</sup>  | XPO, Inc.<sup>(a)</sup>  | XPO, Inc.<sup>(a)</sup>  |
| 06/01/2031 | &nbsp;&nbsp; 7.125% | 620000 | &nbsp;&nbsp; 646622 |
| Yinson Bergenia Production BV<sup>(a)</sup>  | Yinson Bergenia Production BV<sup>(a)</sup>  | Yinson Bergenia Production BV<sup>(a)</sup>  | Yinson Bergenia Production BV<sup>(a)</sup>  |
| 01/31/2045 | &nbsp;&nbsp; 8.498% | 343000 | &nbsp;&nbsp; 359899 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1986122** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Treasury 0.4%** | **Treasury 0.4%** | **Treasury 0.4%** | **Treasury 0.4%** |
| Indonesia Government International Bond | Indonesia Government International Bond | Indonesia Government International Bond | Indonesia Government International Bond |
| 04/16/2031 | &nbsp;&nbsp; 4.300% | 2237000 | &nbsp;&nbsp; 2230345 |
| 04/16/2036 | &nbsp;&nbsp; 4.900% | 2216000 | &nbsp;&nbsp; 2212971 |
| Jordan Government International Bond<sup>(a)</sup>  | Jordan Government International Bond<sup>(a)</sup>  | Jordan Government International Bond<sup>(a)</sup>  | Jordan Government International Bond<sup>(a)</sup>  |
| 11/12/2032 | &nbsp;&nbsp; 5.750% | 683000 | &nbsp;&nbsp; 670898 |
| Kuwait International Government Bond<sup>(a)</sup>  | Kuwait International Government Bond<sup>(a)</sup>  | Kuwait International Government Bond<sup>(a)</sup>  | Kuwait International Government Bond<sup>(a)</sup>  |
| 10/09/2030 | &nbsp;&nbsp; 4.136% | 5705000 | &nbsp;&nbsp; 5691407 |
| 10/09/2035 | &nbsp;&nbsp; 4.652% | 2096000 | &nbsp;&nbsp; 2086408 |
| Republic of Kenya Government International Bond<sup>(a)</sup>  | Republic of Kenya Government International Bond<sup>(a)</sup>  | Republic of Kenya Government International Bond<sup>(a)</sup>  | Republic of Kenya Government International Bond<sup>(a)</sup>  |
| 10/09/2033 | &nbsp;&nbsp; 7.875% | 240000 | &nbsp;&nbsp; 239947 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **13131976** |
| **Wireless 0.1%** | **Wireless 0.1%** | **Wireless 0.1%** | **Wireless 0.1%** |
| Digicel International Finance Ltd./DIFL US LLC<sup>(a)</sup>  | Digicel International Finance Ltd./DIFL US LLC<sup>(a)</sup>  | Digicel International Finance Ltd./DIFL US LLC<sup>(a)</sup>  | Digicel International Finance Ltd./DIFL US LLC<sup>(a)</sup>  |
| 08/01/2032 | &nbsp;&nbsp; 8.625% | 425000 | &nbsp;&nbsp; 441176 |
| SBA Communications Corp. | SBA Communications Corp. | SBA Communications Corp. | SBA Communications Corp. |
| 02/01/2029 | &nbsp;&nbsp; 3.125% | 300000 | &nbsp;&nbsp; 286713 |
| Sprint Capital Corp. | Sprint Capital Corp. | Sprint Capital Corp. | Sprint Capital Corp. |
| 11/15/2028 | &nbsp;&nbsp; 6.875% | 229000 | &nbsp;&nbsp; 245787 |
| T-Mobile US, Inc. | T-Mobile US, Inc. | T-Mobile US, Inc. | T-Mobile US, Inc. |
| 04/15/2029 | &nbsp;&nbsp; 3.375% | 1361000 | &nbsp;&nbsp; 1327040 |
| T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
| 12/15/2033 | &nbsp;&nbsp; 6.700% | 206000 | &nbsp;&nbsp; 230802 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2531518** |
| **Wirelines 0.7%** | **Wirelines 0.7%** | **Wirelines 0.7%** | **Wirelines 0.7%** |
| AT&T, Inc. | AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
| 06/01/2027 | &nbsp;&nbsp; 2.300% | 558000 | &nbsp;&nbsp; 545468 |
| 11/01/2035 | &nbsp;&nbsp; 4.900% | 3380000 | &nbsp;&nbsp; 3338578 |
| 06/01/2041 | &nbsp;&nbsp; 3.500% | 741000 | &nbsp;&nbsp; 582157 |
| 11/01/2045 | &nbsp;&nbsp; 5.550% | 1088000 | &nbsp;&nbsp; 1048003 |
| 09/15/2053 | &nbsp;&nbsp; 3.500% | 2523000 | &nbsp;&nbsp; 1690591 |
| 11/01/2054 | &nbsp;&nbsp; 5.700% | 2088000 | &nbsp;&nbsp; 2003403 |
| 09/15/2055 | &nbsp;&nbsp; 3.550% | 2378000 | &nbsp;&nbsp; 1584600 |
| 08/15/2056 | &nbsp;&nbsp; 6.050% | 510000 | &nbsp;&nbsp; 512895 |
| 12/01/2057 | &nbsp;&nbsp; 3.800% | 1012000 | &nbsp;&nbsp; 696577 |
| 09/15/2059 | &nbsp;&nbsp; 3.650% | 726000 | &nbsp;&nbsp; 479743 |
| Frontier Communications Holdings LLC<sup>(a)</sup>  | Frontier Communications Holdings LLC<sup>(a)</sup>  | Frontier Communications Holdings LLC<sup>(a)</sup>  | Frontier Communications Holdings LLC<sup>(a)</sup>  |
| 10/15/2027 | &nbsp;&nbsp; 5.875% | 295000 | &nbsp;&nbsp; 295412 |
| Level 3 Financing, Inc.<sup>(a)</sup>  | Level 3 Financing, Inc.<sup>(a)</sup>  | Level 3 Financing, Inc.<sup>(a)</sup>  | Level 3 Financing, Inc.<sup>(a)</sup>  |
| 03/31/2034 | &nbsp;&nbsp; 7.000% | 200000 | &nbsp;&nbsp; 206045 |
| Lumen Technologies, Inc.<sup>(a)</sup>  | Lumen Technologies, Inc.<sup>(a)</sup>  | Lumen Technologies, Inc.<sup>(a)</sup>  | Lumen Technologies, Inc.<sup>(a)</sup>  |
| 04/15/2030 | &nbsp;&nbsp; 4.125% | 1045883 | &nbsp;&nbsp; 1041734 |
| NTT Finance Corp.<sup>(a)</sup>  | NTT Finance Corp.<sup>(a)</sup>  | NTT Finance Corp.<sup>(a)</sup>  | NTT Finance Corp.<sup>(a)</sup>  |
| 07/02/2031 | &nbsp;&nbsp; 5.136% | 250000 | &nbsp;&nbsp; 256907 |
| Optics Bidco SpA<sup>(a)</sup>  | Optics Bidco SpA<sup>(a)</sup>  | Optics Bidco SpA<sup>(a)</sup>  | Optics Bidco SpA<sup>(a)</sup>  |
| 09/30/2034 | &nbsp;&nbsp; 6.000% | 315000 | &nbsp;&nbsp; 300886 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
| 01/15/2033 | &nbsp;&nbsp; 4.750% | 1351000 | &nbsp;&nbsp; 1349983 |
| 04/02/2035 | &nbsp;&nbsp; 5.250% | 3599000 | &nbsp;&nbsp; 3660901 |
| 01/15/2036 | &nbsp;&nbsp; 5.000% | 1351000 | &nbsp;&nbsp; 1339830 |
| 11/30/2045 | &nbsp;&nbsp; 5.750% | 912000 | &nbsp;&nbsp; 906447 |
| 11/30/2055 | &nbsp;&nbsp; 5.875% | 1802000 | &nbsp;&nbsp; 1781501 |
| 10/30/2056 | &nbsp;&nbsp; 2.987% | 1163000 | &nbsp;&nbsp; 692064 |
| 11/30/2065 | &nbsp;&nbsp; 6.000% | 1801000 | &nbsp;&nbsp; 1779527 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **26093252** |
| Total Corporate Bonds & Notes <br>(Cost $1,057,290,384) | Total Corporate Bonds & Notes <br>(Cost $1,057,290,384) | Total Corporate Bonds & Notes <br>(Cost $1,057,290,384) | &nbsp;&nbsp; **1053543400** |
| **Foreign Government Obligations**<sup>(m)</sup> **1.2%** | **Foreign Government Obligations**<sup>(m)</sup> **1.2%** | **Foreign Government Obligations**<sup>(m)</sup> **1.2%** | **Foreign Government Obligations**<sup>(m)</sup> **1.2%** |
| **Argentina 0.1%** | **Argentina 0.1%** | **Argentina 0.1%** | **Argentina 0.1%** |
| Argentine Republic Government International Bond<sup>(e)</sup>  | Argentine Republic Government International Bond<sup>(e)</sup>  | Argentine Republic Government International Bond<sup>(e)</sup>  | Argentine Republic Government International Bond<sup>(e)</sup>  |
| 07/09/2035 | &nbsp;&nbsp; 2.750% | 1490000 | &nbsp;&nbsp; 1108508 |
| **Australia 0.1%** | **Australia 0.1%** | **Australia 0.1%** | **Australia 0.1%** |
| Export Finance & Insurance Corp.<sup>(a)</sup>  | Export Finance & Insurance Corp.<sup>(a)</sup>  | Export Finance & Insurance Corp.<sup>(a)</sup>  | Export Finance & Insurance Corp.<sup>(a)</sup>  |
| 10/26/2027 | &nbsp;&nbsp; 4.625% | 2720000 | &nbsp;&nbsp; 2766202 |
| **Bahamas 0.0%** | **Bahamas 0.0%** | **Bahamas 0.0%** | **Bahamas 0.0%** |
| Bahamas Government International Bond<sup>(a)</sup>  | Bahamas Government International Bond<sup>(a)</sup>  | Bahamas Government International Bond<sup>(a)</sup>  | Bahamas Government International Bond<sup>(a)</sup>  |
| 06/24/2036 | &nbsp;&nbsp; 8.250% | 301000 | &nbsp;&nbsp; 335567 |
| **Benin 0.0%** | **Benin 0.0%** | **Benin 0.0%** | **Benin 0.0%** |
| Benin Government International Bond<sup>(a)</sup>  | Benin Government International Bond<sup>(a)</sup>  | Benin Government International Bond<sup>(a)</sup>  | Benin Government International Bond<sup>(a)</sup>  |
| 02/13/2038 | &nbsp;&nbsp; 7.960% | 310000 | &nbsp;&nbsp; 321338 |
| **Brazil 0.0%** | **Brazil 0.0%** | **Brazil 0.0%** | **Brazil 0.0%** |
| Brazilian Government International Bond | Brazilian Government International Bond | Brazilian Government International Bond | Brazilian Government International Bond |
| 05/13/2054 | &nbsp;&nbsp; 7.125% | 400000 | &nbsp;&nbsp; 396735 |
| **Canada 0.0%** | **Canada 0.0%** | **Canada 0.0%** | **Canada 0.0%** |
| NOVA Chemicals Corp.<sup>(a)</sup>  | NOVA Chemicals Corp.<sup>(a)</sup>  | NOVA Chemicals Corp.<sup>(a)</sup>  | NOVA Chemicals Corp.<sup>(a)</sup>  |
| 05/15/2029 | &nbsp;&nbsp; 4.250% | 160000 | &nbsp;&nbsp; 156643 |
| 02/15/2030 | &nbsp;&nbsp; 9.000% | 500000 | &nbsp;&nbsp; 533945 |
| Ontario Teachers' Cadillac Fairview Properties Trust<sup>(a)</sup>  | Ontario Teachers' Cadillac Fairview Properties Trust<sup>(a)</sup>  | Ontario Teachers' Cadillac Fairview Properties Trust<sup>(a)</sup>  | Ontario Teachers' Cadillac Fairview Properties Trust<sup>(a)</sup>  |
| 03/20/2027 | &nbsp;&nbsp; 3.875% | 274000 | &nbsp;&nbsp; 273588 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **964176** |
| **Colombia 0.0%** | **Colombia 0.0%** | **Colombia 0.0%** | **Colombia 0.0%** |
| Colombia Government International Bond | Colombia Government International Bond | Colombia Government International Bond | Colombia Government International Bond |
| 11/07/2036 | &nbsp;&nbsp; 7.750% | 294000 | &nbsp;&nbsp; 306502 |
| 11/14/2053 | &nbsp;&nbsp; 8.750% | 500000 | &nbsp;&nbsp; 550034 |
| Ecopetrol SA | Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
| 01/19/2036 | &nbsp;&nbsp; 8.375% | 150000 | &nbsp;&nbsp; 154158 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1010694** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Foreign Government Obligations**<sup>(m)</sup> **(continued)** | **Foreign Government Obligations**<sup>(m)</sup> **(continued)** | **Foreign Government Obligations**<sup>(m)</sup> **(continued)** | **Foreign Government Obligations**<sup>(m)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Dominican Republic 0.0%** | **Dominican Republic 0.0%** | **Dominican Republic 0.0%** | **Dominican Republic 0.0%** |
| Dominican Republic International Bond<sup>(a)</sup>  | Dominican Republic International Bond<sup>(a)</sup>  | Dominican Republic International Bond<sup>(a)</sup>  | Dominican Republic International Bond<sup>(a)</sup>  |
| 02/22/2033 | &nbsp;&nbsp; 6.000% | 450000 | &nbsp;&nbsp; 460920 |
| 01/30/2060 | &nbsp;&nbsp; 5.875% | 450000 | &nbsp;&nbsp; 400888 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **861808** |
| **Ecuador 0.0%** | **Ecuador 0.0%** | **Ecuador 0.0%** | **Ecuador 0.0%** |
| Ecuador Government International Bond<sup>(a),(e)</sup>  | Ecuador Government International Bond<sup>(a),(e)</sup>  | Ecuador Government International Bond<sup>(a),(e)</sup>  | Ecuador Government International Bond<sup>(a),(e)</sup>  |
| 07/31/2030 | &nbsp;&nbsp; 6.900% | 330000 | &nbsp;&nbsp; 325049 |
| 07/31/2035 | &nbsp;&nbsp; 6.900% | 434906 | &nbsp;&nbsp; 381909 |
| 07/31/2040 | &nbsp;&nbsp; 5.000% | 328933 | &nbsp;&nbsp; 257007 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **963965** |
| **Egypt 0.1%** | **Egypt 0.1%** | **Egypt 0.1%** | **Egypt 0.1%** |
| Egypt Government International Bond<sup>(a)</sup>  | Egypt Government International Bond<sup>(a)</sup>  | Egypt Government International Bond<sup>(a)</sup>  | Egypt Government International Bond<sup>(a)</sup>  |
| 03/01/2029 | &nbsp;&nbsp; 7.600% | 200000 | &nbsp;&nbsp; 212729 |
| 02/04/2030 | &nbsp;&nbsp; 8.625% | 200000 | &nbsp;&nbsp; 222047 |
| 02/04/2033 | &nbsp;&nbsp; 9.450% | 200000 | &nbsp;&nbsp; 228942 |
| 09/30/2033 | &nbsp;&nbsp; 7.300% | 400000 | &nbsp;&nbsp; 411038 |
| 01/31/2047 | &nbsp;&nbsp; 8.500% | 500000 | &nbsp;&nbsp; 491032 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1565788** |
| **El Salvador 0.0%** | **El Salvador 0.0%** | **El Salvador 0.0%** | **El Salvador 0.0%** |
| El Salvador Government International Bond<sup>(a)</sup>  | El Salvador Government International Bond<sup>(a)</sup>  | El Salvador Government International Bond<sup>(a)</sup>  | El Salvador Government International Bond<sup>(a)</sup>  |
| 11/21/2054 | &nbsp;&nbsp; 9.650% | 500000 | &nbsp;&nbsp; 571873 |
| **Guatemala 0.0%** | **Guatemala 0.0%** | **Guatemala 0.0%** | **Guatemala 0.0%** |
| Guatemala Government Bond<sup>(a)</sup>  | Guatemala Government Bond<sup>(a)</sup>  | Guatemala Government Bond<sup>(a)</sup>  | Guatemala Government Bond<sup>(a)</sup>  |
| 08/15/2036 | &nbsp;&nbsp; 6.250% | 500000 | &nbsp;&nbsp; 522418 |
| **Honduras 0.0%** | **Honduras 0.0%** | **Honduras 0.0%** | **Honduras 0.0%** |
| Honduras Government International Bond<sup>(a)</sup>  | Honduras Government International Bond<sup>(a)</sup>  | Honduras Government International Bond<sup>(a)</sup>  | Honduras Government International Bond<sup>(a)</sup>  |
| 11/27/2034 | &nbsp;&nbsp; 8.625% | 300000 | &nbsp;&nbsp; 339032 |
| **India 0.0%** | **India 0.0%** | **India 0.0%** | **India 0.0%** |
| Greenko Dutch BV<sup>(a)</sup>  | Greenko Dutch BV<sup>(a)</sup>  | Greenko Dutch BV<sup>(a)</sup>  | Greenko Dutch BV<sup>(a)</sup>  |
| 03/29/2026 | &nbsp;&nbsp; 3.850% | 173000 | &nbsp;&nbsp; 171808 |
| **Israel 0.1%** | **Israel 0.1%** | **Israel 0.1%** | **Israel 0.1%** |
| Israel Government International Bond | Israel Government International Bond | Israel Government International Bond | Israel Government International Bond |
| 07/03/2050 | &nbsp;&nbsp; 3.875% | 1088000 | &nbsp;&nbsp; 792053 |
| 03/12/2054 | &nbsp;&nbsp; 5.750% | 1335000 | &nbsp;&nbsp; 1280777 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2072830** |
| **Ivory Coast 0.0%** | **Ivory Coast 0.0%** | **Ivory Coast 0.0%** | **Ivory Coast 0.0%** |
| Ivory Coast Government International Bond<sup>(a)</sup>  | Ivory Coast Government International Bond<sup>(a)</sup>  | Ivory Coast Government International Bond<sup>(a)</sup>  | Ivory Coast Government International Bond<sup>(a)</sup>  |
| 06/15/2033 | &nbsp;&nbsp; 6.125% | 200000 | &nbsp;&nbsp; 199724 |
| 04/01/2036 | &nbsp;&nbsp; 8.075% | 552000 | &nbsp;&nbsp; 594838 |
| 01/30/2037 | &nbsp;&nbsp; 8.250% | 202000 | &nbsp;&nbsp; 219623 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1014185** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Foreign Government Obligations**<sup>(m)</sup> **(continued)** | **Foreign Government Obligations**<sup>(m)</sup> **(continued)** | **Foreign Government Obligations**<sup>(m)</sup> **(continued)** | **Foreign Government Obligations**<sup>(m)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Jordan 0.0%** | **Jordan 0.0%** | **Jordan 0.0%** | **Jordan 0.0%** |
| Jordan Government International Bond<sup>(a)</sup>  | Jordan Government International Bond<sup>(a)</sup>  | Jordan Government International Bond<sup>(a)</sup>  | Jordan Government International Bond<sup>(a)</sup>  |
| 10/10/2047 | &nbsp;&nbsp; 7.375% | 200000 | &nbsp;&nbsp; 200524 |
| **Kenya 0.0%** | **Kenya 0.0%** | **Kenya 0.0%** | **Kenya 0.0%** |
| Republic of Kenya Government International Bond<sup>(a)</sup>  | Republic of Kenya Government International Bond<sup>(a)</sup>  | Republic of Kenya Government International Bond<sup>(a)</sup>  | Republic of Kenya Government International Bond<sup>(a)</sup>  |
| 03/05/2036 | &nbsp;&nbsp; 9.500% | 200000 | &nbsp;&nbsp; 212376 |
| 10/09/2038 | &nbsp;&nbsp; 8.800% | 340000 | &nbsp;&nbsp; 343775 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **556151** |
| **Kuwait 0.1%** | **Kuwait 0.1%** | **Kuwait 0.1%** | **Kuwait 0.1%** |
| Kuwait International Government Bond<sup>(a)</sup>  | Kuwait International Government Bond<sup>(a)</sup>  | Kuwait International Government Bond<sup>(a)</sup>  | Kuwait International Government Bond<sup>(a)</sup>  |
| 10/09/2028 | &nbsp;&nbsp; 4.016% | 3705000 | &nbsp;&nbsp; 3704326 |
| **Mexico 0.3%** | **Mexico 0.3%** | **Mexico 0.3%** | **Mexico 0.3%** |
| Banco Nacional de Comercio Exterior SNC<sup>(a),(e)</sup>  | Banco Nacional de Comercio Exterior SNC<sup>(a),(e)</sup>  | Banco Nacional de Comercio Exterior SNC<sup>(a),(e)</sup>  | Banco Nacional de Comercio Exterior SNC<sup>(a),(e)</sup>  |
| 08/11/2031 | &nbsp;&nbsp; 2.720% | 520000 | &nbsp;&nbsp; 509861 |
| FIEMEX Energia - Banco Actinver SA Institucion de Banca<sup>(a)</sup>  | FIEMEX Energia - Banco Actinver SA Institucion de Banca<sup>(a)</sup>  | FIEMEX Energia - Banco Actinver SA Institucion de Banca<sup>(a)</sup>  | FIEMEX Energia - Banco Actinver SA Institucion de Banca<sup>(a)</sup>  |
| 01/31/2041 | &nbsp;&nbsp; 7.250% | 396203 | &nbsp;&nbsp; 415831 |
| Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
| 03/22/2033 | &nbsp;&nbsp; 5.375% | 3870000 | &nbsp;&nbsp; 3833973 |
| 02/12/2034 | &nbsp;&nbsp; 3.500% | 1399000 | &nbsp;&nbsp; 1208752 |
| 03/08/2044 | &nbsp;&nbsp; 4.750% | 1070000 | &nbsp;&nbsp; 881241 |
| 01/23/2046 | &nbsp;&nbsp; 4.600% | 1151000 | &nbsp;&nbsp; 905353 |
| 02/10/2048 | &nbsp;&nbsp; 4.600% | 974000 | &nbsp;&nbsp; 753831 |
| 02/12/2052 | &nbsp;&nbsp; 4.400% | 1044000 | &nbsp;&nbsp; 761953 |
| Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
| 01/28/2031 | &nbsp;&nbsp; 5.950% | 720000 | &nbsp;&nbsp; 696687 |
| 02/16/2032 | &nbsp;&nbsp; 6.700% | 520000 | &nbsp;&nbsp; 518479 |
| 02/07/2033 | &nbsp;&nbsp; 10.000% | 300000 | &nbsp;&nbsp; 347297 |
| 01/23/2050 | &nbsp;&nbsp; 7.690% | 1390000 | &nbsp;&nbsp; 1245219 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **12078477** |
| **Morocco 0.0%** | **Morocco 0.0%** | **Morocco 0.0%** | **Morocco 0.0%** |
| OCP SA<sup>(a)</sup>  | OCP SA<sup>(a)</sup>  | OCP SA<sup>(a)</sup>  | OCP SA<sup>(a)</sup>  |
| 03/01/2036 | &nbsp;&nbsp; 6.700% | 200000 | &nbsp;&nbsp; 213913 |
| 05/02/2054 | &nbsp;&nbsp; 7.500% | 300000 | &nbsp;&nbsp; 331304 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **545217** |
| **Nigeria 0.0%** | **Nigeria 0.0%** | **Nigeria 0.0%** | **Nigeria 0.0%** |
| Nigeria Government International Bond<sup>(a)</sup>  | Nigeria Government International Bond<sup>(a)</sup>  | Nigeria Government International Bond<sup>(a)</sup>  | Nigeria Government International Bond<sup>(a)</sup>  |
| 11/28/2027 | &nbsp;&nbsp; 6.500% | 400000 | &nbsp;&nbsp; 403999 |
| 09/28/2028 | &nbsp;&nbsp; 6.125% | 200000 | &nbsp;&nbsp; 200817 |
| 01/13/2046 | &nbsp;&nbsp; 9.130% | 260000 | &nbsp;&nbsp; 279132 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **883948** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Foreign Government Obligations**<sup>(m)</sup> **(continued)** | **Foreign Government Obligations**<sup>(m)</sup> **(continued)** | **Foreign Government Obligations**<sup>(m)</sup> **(continued)** | **Foreign Government Obligations**<sup>(m)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Norway 0.1%** | **Norway 0.1%** | **Norway 0.1%** | **Norway 0.1%** |
| Equinor ASA | Equinor ASA | Equinor ASA | Equinor ASA |
| 09/03/2030 | &nbsp;&nbsp; 4.500% | 673000 | &nbsp;&nbsp; 682922 |
| 06/03/2035 | &nbsp;&nbsp; 5.125% | 677000 | &nbsp;&nbsp; 695823 |
| 11/14/2035 | &nbsp;&nbsp; 4.750% | 1548000 | &nbsp;&nbsp; 1540663 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2919408** |
| **Pakistan 0.0%** | **Pakistan 0.0%** | **Pakistan 0.0%** | **Pakistan 0.0%** |
| Pakistan Government International Bond<sup>(a)</sup>  | Pakistan Government International Bond<sup>(a)</sup>  | Pakistan Government International Bond<sup>(a)</sup>  | Pakistan Government International Bond<sup>(a)</sup>  |
| 12/05/2027 | &nbsp;&nbsp; 6.875% | 200000 | &nbsp;&nbsp; 201006 |
| 04/08/2031 | &nbsp;&nbsp; 7.375% | 300000 | &nbsp;&nbsp; 298506 |
| 04/08/2051 | &nbsp;&nbsp; 8.875% | 500000 | &nbsp;&nbsp; 491186 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **990698** |
| **Paraguay 0.1%** | **Paraguay 0.1%** | **Paraguay 0.1%** | **Paraguay 0.1%** |
| Bioceanico Sovereign Certificate Ltd.<sup>(a),(j)</sup>  | Bioceanico Sovereign Certificate Ltd.<sup>(a),(j)</sup>  | Bioceanico Sovereign Certificate Ltd.<sup>(a),(j)</sup>  | Bioceanico Sovereign Certificate Ltd.<sup>(a),(j)</sup>  |
| 06/05/2034 | &nbsp;&nbsp; 0.000% | 275638 | &nbsp;&nbsp; 224081 |
| Paraguay Government International Bond<sup>(a)</sup>  | Paraguay Government International Bond<sup>(a)</sup>  | Paraguay Government International Bond<sup>(a)</sup>  | Paraguay Government International Bond<sup>(a)</sup>  |
| 03/13/2048 | &nbsp;&nbsp; 5.600% | 1300000 | &nbsp;&nbsp; 1251342 |
| 03/30/2050 | &nbsp;&nbsp; 5.400% | 2386000 | &nbsp;&nbsp; 2231437 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3706860** |
| **South Africa 0.1%** | **South Africa 0.1%** | **South Africa 0.1%** | **South Africa 0.1%** |
| Republic of South Africa Government International Bond<sup>(a)</sup>  | Republic of South Africa Government International Bond<sup>(a)</sup>  | Republic of South Africa Government International Bond<sup>(a)</sup>  | Republic of South Africa Government International Bond<sup>(a)</sup>  |
| 11/19/2036 | &nbsp;&nbsp; 7.100% | 587000 | &nbsp;&nbsp; 628588 |
| 11/19/2054 | &nbsp;&nbsp; 7.950% | 509000 | &nbsp;&nbsp; 547248 |
| 12/11/2055 | &nbsp;&nbsp; 7.250% | 285000 | &nbsp;&nbsp; 282260 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1458096** |
| **Suriname 0.0%** | **Suriname 0.0%** | **Suriname 0.0%** | **Suriname 0.0%** |
| Suriname Government International Bond<sup>(a)</sup>  | Suriname Government International Bond<sup>(a)</sup>  | Suriname Government International Bond<sup>(a)</sup>  | Suriname Government International Bond<sup>(a)</sup>  |
| 11/06/2030 | &nbsp;&nbsp; 7.700% | 400000 | &nbsp;&nbsp; 413264 |
| 11/06/2035 | &nbsp;&nbsp; 8.500% | 400000 | &nbsp;&nbsp; 432235 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **845499** |
| **Trinidad and Tobago 0.0%** | **Trinidad and Tobago 0.0%** | **Trinidad and Tobago 0.0%** | **Trinidad and Tobago 0.0%** |
| Trinidad Generation Unlimited<sup>(a)</sup>  | Trinidad Generation Unlimited<sup>(a)</sup>  | Trinidad Generation Unlimited<sup>(a)</sup>  | Trinidad Generation Unlimited<sup>(a)</sup>  |
| 06/16/2033 | &nbsp;&nbsp; 7.750% | 213000 | &nbsp;&nbsp; 221067 |
| **Turkey 0.1%** | **Turkey 0.1%** | **Turkey 0.1%** | **Turkey 0.1%** |
| Istanbul Metropolitan Municipality<sup>(a)</sup>  | Istanbul Metropolitan Municipality<sup>(a)</sup>  | Istanbul Metropolitan Municipality<sup>(a)</sup>  | Istanbul Metropolitan Municipality<sup>(a)</sup>  |
| 12/06/2028 | &nbsp;&nbsp; 10.500% | 455000 | &nbsp;&nbsp; 499443 |
| TC Ziraat Bankasi AS<sup>(a)</sup>  | TC Ziraat Bankasi AS<sup>(a)</sup>  | TC Ziraat Bankasi AS<sup>(a)</sup>  | TC Ziraat Bankasi AS<sup>(a)</sup>  |
| 02/04/2030 | &nbsp;&nbsp; 7.250% | 238000 | &nbsp;&nbsp; 247073 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Foreign Government Obligations**<sup>(m)</sup> **(continued)** | **Foreign Government Obligations**<sup>(m)</sup> **(continued)** | **Foreign Government Obligations**<sup>(m)</sup> **(continued)** | **Foreign Government Obligations**<sup>(m)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Turkiye Government International Bond | Turkiye Government International Bond | Turkiye Government International Bond | Turkiye Government International Bond |
| 02/12/2032 | &nbsp;&nbsp; 7.125% | 200000 | &nbsp;&nbsp; 211757 |
| 05/15/2034 | &nbsp;&nbsp; 7.625% | 200000 | &nbsp;&nbsp; 216902 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1175175** |
| Total Foreign Government Obligations <br>(Cost $42,779,029) | Total Foreign Government Obligations <br>(Cost $42,779,029) | Total Foreign Government Obligations <br>(Cost $42,779,029) | &nbsp;&nbsp; **44272373** |
| **Municipal Bonds 0.1%** | **Municipal Bonds 0.1%** | **Municipal Bonds 0.1%** | **Municipal Bonds 0.1%** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Higher Education 0.0%** | **Higher Education 0.0%** | **Higher Education 0.0%** | **Higher Education 0.0%** |
| Ohio State University (The) | Ohio State University (The) | Ohio State University (The) | Ohio State University (The) |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Taxable | Taxable | Taxable | Taxable |
| Series 2011A | Series 2011A | Series 2011A | Series 2011A |
| 06/01/2111 | &nbsp;&nbsp; 4.800% | 500000 | &nbsp;&nbsp; 412176 |
| University of Texas System (The) | University of Texas System (The) | University of Texas System (The) | University of Texas System (The) |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| Taxable | Taxable | Taxable | Taxable |
| Series 2020B | Series 2020B | Series 2020B | Series 2020B |
| 08/15/2049 | &nbsp;&nbsp; 2.439% | 605000 | &nbsp;&nbsp; 376571 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **788747** |
| **Municipal Power 0.0%** | **Municipal Power 0.0%** | **Municipal Power 0.0%** | **Municipal Power 0.0%** |
| Texas Natural Gas Securitization Finance | Texas Natural Gas Securitization Finance | Texas Natural Gas Securitization Finance | Texas Natural Gas Securitization Finance |
| Customer Rate Relief Bonds | Customer Rate Relief Bonds | Customer Rate Relief Bonds | Customer Rate Relief Bonds |
| Winter Storm Uri | Winter Storm Uri | Winter Storm Uri | Winter Storm Uri |
| Series 2023 | Series 2023 | Series 2023 | Series 2023 |
| 04/01/2041 | &nbsp;&nbsp; 5.169% | 140000 | &nbsp;&nbsp; 142779 |
| **Ports 0.1%** | **Ports 0.1%** | **Ports 0.1%** | **Ports 0.1%** |
| Port Authority of New York & New Jersey | Port Authority of New York & New Jersey | Port Authority of New York & New Jersey | Port Authority of New York & New Jersey |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Consolidated 174th | Consolidated 174th | Consolidated 174th | Consolidated 174th |
| Series 2012 | Series 2012 | Series 2012 | Series 2012 |
| 10/01/2062 | &nbsp;&nbsp; 4.458% | 1850000 | &nbsp;&nbsp; 1550161 |
| **Turnpike / Bridge / Toll Road 0.0%** | **Turnpike / Bridge / Toll Road 0.0%** | **Turnpike / Bridge / Toll Road 0.0%** | **Turnpike / Bridge / Toll Road 0.0%** |
| North Texas Tollway Authority | North Texas Tollway Authority | North Texas Tollway Authority | North Texas Tollway Authority |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Series 2009 (BAM) | Series 2009 (BAM) | Series 2009 (BAM) | Series 2009 (BAM) |
| 01/01/2049 | &nbsp;&nbsp; 6.718% | 1033000 | &nbsp;&nbsp; 1135736 |
| Total Municipal Bonds <br>(Cost $4,606,406) | Total Municipal Bonds <br>(Cost $4,606,406) | Total Municipal Bonds <br>(Cost $4,606,406) | &nbsp;&nbsp; **3617423** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency 32.6%** | **Residential Mortgage-Backed Securities - Agency 32.6%** | **Residential Mortgage-Backed Securities - Agency 32.6%** | **Residential Mortgage-Backed Securities - Agency 32.6%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Fannie Mae Pool | Fannie Mae Pool | Fannie Mae Pool | Fannie Mae Pool |
| 10/01/2044- <br>04/01/2048<br>| &nbsp;&nbsp; 3.000% | 4040175 | &nbsp;&nbsp; 3734941 |
| 03/01/2052 | &nbsp;&nbsp; 2.500% | 784331 | &nbsp;&nbsp; 674928 |
| 10/01/2055- <br>11/01/2055<br>| &nbsp;&nbsp; 6.000% | 6522263 | &nbsp;&nbsp; 6856674 |
| 11/01/2055 | &nbsp;&nbsp; 6.500% | 1478614 | &nbsp;&nbsp; 1569952 |
| Fannie Mae Pool<sup>(b)</sup>  | Fannie Mae Pool<sup>(b)</sup>  | Fannie Mae Pool<sup>(b)</sup>  | Fannie Mae Pool<sup>(b)</sup>  |
| 30-day Average SOFR + 2.318% <br>Floor 2.318%, Cap 10.224% <br>02/01/2055<br>| &nbsp;&nbsp; 5.224% | 2782031 | &nbsp;&nbsp; 2824162 |
| Fannie Mae REMICS | Fannie Mae REMICS | Fannie Mae REMICS | Fannie Mae REMICS |
| CMO Series 2011-111 Class DB | CMO Series 2011-111 Class DB | CMO Series 2011-111 Class DB | CMO Series 2011-111 Class DB |
| 11/25/2041 | &nbsp;&nbsp; 4.000% | 1055772 | &nbsp;&nbsp; 1029487 |
| CMO Series 2013-11 Class AP | CMO Series 2013-11 Class AP | CMO Series 2013-11 Class AP | CMO Series 2013-11 Class AP |
| 01/25/2043 | &nbsp;&nbsp; 1.500% | 37199 | &nbsp;&nbsp; 34398 |
| CMO Series 2014-25 Class EL | CMO Series 2014-25 Class EL | CMO Series 2014-25 Class EL | CMO Series 2014-25 Class EL |
| 05/25/2044 | &nbsp;&nbsp; 3.000% | 1040258 | &nbsp;&nbsp; 959302 |
| CMO Series 2015-8 Class AP | CMO Series 2015-8 Class AP | CMO Series 2015-8 Class AP | CMO Series 2015-8 Class AP |
| 03/25/2045 | &nbsp;&nbsp; 2.000% | 1787102 | &nbsp;&nbsp; 1618151 |
| CMO Series 2016-64 Class BC | CMO Series 2016-64 Class BC | CMO Series 2016-64 Class BC | CMO Series 2016-64 Class BC |
| 09/25/2046 | &nbsp;&nbsp; 1.750% | 1150254 | &nbsp;&nbsp; 1082985 |
| CMO Series 2016-64 Class PE | CMO Series 2016-64 Class PE | CMO Series 2016-64 Class PE | CMO Series 2016-64 Class PE |
| 09/25/2046 | &nbsp;&nbsp; 2.500% | 847000 | &nbsp;&nbsp; 656065 |
| CMO Series 2017-35 Class MC | CMO Series 2017-35 Class MC | CMO Series 2017-35 Class MC | CMO Series 2017-35 Class MC |
| 12/25/2044 | &nbsp;&nbsp; 2.625% | 595760 | &nbsp;&nbsp; 581397 |
| CMO Series 2018-38 Class MA | CMO Series 2018-38 Class MA | CMO Series 2018-38 Class MA | CMO Series 2018-38 Class MA |
| 06/25/2048 | &nbsp;&nbsp; 3.300% | 1794507 | &nbsp;&nbsp; 1729289 |
| CMO Series 2018-45B Class TM | CMO Series 2018-45B Class TM | CMO Series 2018-45B Class TM | CMO Series 2018-45B Class TM |
| 06/25/2048 | &nbsp;&nbsp; 3.000% | 1154445 | &nbsp;&nbsp; 1048655 |
| CMO Series 2018-55 Class GA | CMO Series 2018-55 Class GA | CMO Series 2018-55 Class GA | CMO Series 2018-55 Class GA |
| 08/25/2048 | &nbsp;&nbsp; 3.375% | 1350543 | &nbsp;&nbsp; 1305206 |
| CMO Series 2018-64 Class A | CMO Series 2018-64 Class A | CMO Series 2018-64 Class A | CMO Series 2018-64 Class A |
| 09/25/2048 | &nbsp;&nbsp; 3.000% | 1070198 | &nbsp;&nbsp; 965115 |
| CMO Series 2018-85 Class EA | CMO Series 2018-85 Class EA | CMO Series 2018-85 Class EA | CMO Series 2018-85 Class EA |
| 12/25/2048 | &nbsp;&nbsp; 3.500% | 809774 | &nbsp;&nbsp; 791496 |
| CMO Series 2020-34 Class AG | CMO Series 2020-34 Class AG | CMO Series 2020-34 Class AG | CMO Series 2020-34 Class AG |
| 06/25/2035 | &nbsp;&nbsp; 2.000% | 2155678 | &nbsp;&nbsp; 2064686 |
| CMO Series 2020-59 Class NC | CMO Series 2020-59 Class NC | CMO Series 2020-59 Class NC | CMO Series 2020-59 Class NC |
| 08/25/2040 | &nbsp;&nbsp; 3.000% | 1282251 | &nbsp;&nbsp; 1208883 |
| CMO Series 2021-27 Class EC | CMO Series 2021-27 Class EC | CMO Series 2021-27 Class EC | CMO Series 2021-27 Class EC |
| 05/25/2051 | &nbsp;&nbsp; 1.500% | 3175719 | &nbsp;&nbsp; 2607856 |
| CMO Series 2021-91A Class AB | CMO Series 2021-91A Class AB | CMO Series 2021-91A Class AB | CMO Series 2021-91A Class AB |
| 09/25/2049 | &nbsp;&nbsp; 2.500% | 1464165 | &nbsp;&nbsp; 1323187 |
| CMO Series 2023-14 Class EJ | CMO Series 2023-14 Class EJ | CMO Series 2023-14 Class EJ | CMO Series 2023-14 Class EJ |
| 04/25/2049 | &nbsp;&nbsp; 2.750% | 1695641 | &nbsp;&nbsp; 1599232 |
| CMO Series 2025-18 Class MA | CMO Series 2025-18 Class MA | CMO Series 2025-18 Class MA | CMO Series 2025-18 Class MA |
| 09/25/2054 | &nbsp;&nbsp; 0.500% | 6871582 | &nbsp;&nbsp; 5924949 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2025-98 Class PK | CMO Series 2025-98 Class PK | CMO Series 2025-98 Class PK | CMO Series 2025-98 Class PK |
| 08/25/2054 | &nbsp;&nbsp; 4.500% | 13315627 | &nbsp;&nbsp; 13258952 |
| Fannie Mae REMICS<sup>(b)</sup>  | Fannie Mae REMICS<sup>(b)</sup>  | Fannie Mae REMICS<sup>(b)</sup>  | Fannie Mae REMICS<sup>(b)</sup>  |
| CMO Series 2011-55 Class FH | CMO Series 2011-55 Class FH | CMO Series 2011-55 Class FH | CMO Series 2011-55 Class FH |
| 30-day Average SOFR + 0.554% <br>Floor 0.440%, Cap 7.000% <br>06/25/2041<br>| &nbsp;&nbsp; 4.429% | 361414 | &nbsp;&nbsp; 358821 |
| CMO Series 2014-74 Class FC | CMO Series 2014-74 Class FC | CMO Series 2014-74 Class FC | CMO Series 2014-74 Class FC |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 6.500% <br>11/25/2044<br>| &nbsp;&nbsp; 4.389% | 527108 | &nbsp;&nbsp; 519991 |
| CMO Series 2016-19 Class FD | CMO Series 2016-19 Class FD | CMO Series 2016-19 Class FD | CMO Series 2016-19 Class FD |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 6.500% <br>04/25/2046<br>| &nbsp;&nbsp; 4.389% | 2921215 | &nbsp;&nbsp; 2898244 |
| CMO Series 2017-11 Class FA | CMO Series 2017-11 Class FA | CMO Series 2017-11 Class FA | CMO Series 2017-11 Class FA |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 6.500% <br>03/25/2047<br>| &nbsp;&nbsp; 4.389% | 291270 | &nbsp;&nbsp; 288847 |
| CMO Series 2017-113 Class FB | CMO Series 2017-113 Class FB | CMO Series 2017-113 Class FB | CMO Series 2017-113 Class FB |
| 30-day Average SOFR + 0.364% <br>Floor 0.250%, Cap 6.500% <br>01/25/2048<br>| &nbsp;&nbsp; 4.239% | 314032 | &nbsp;&nbsp; 309853 |
| CMO Series 2017-82 Class FE | CMO Series 2017-82 Class FE | CMO Series 2017-82 Class FE | CMO Series 2017-82 Class FE |
| 30-day Average SOFR + 0.364% <br>Floor 0.250%, Cap 6.500% <br>10/25/2047<br>| &nbsp;&nbsp; 4.239% | 688815 | &nbsp;&nbsp; 682715 |
| CMO Series 2017-9 Class EF | CMO Series 2017-9 Class EF | CMO Series 2017-9 Class EF | CMO Series 2017-9 Class EF |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 6.500% <br>03/25/2047<br>| &nbsp;&nbsp; 4.389% | 346432 | &nbsp;&nbsp; 343560 |
| CMO Series 2018-1 Class FA | CMO Series 2018-1 Class FA | CMO Series 2018-1 Class FA | CMO Series 2018-1 Class FA |
| 30-day Average SOFR + 0.364% <br>Floor 0.250%, Cap 6.500% <br>02/25/2048<br>| &nbsp;&nbsp; 4.239% | 395901 | &nbsp;&nbsp; 390794 |
| CMO Series 2019-15 Class FA | CMO Series 2019-15 Class FA | CMO Series 2019-15 Class FA | CMO Series 2019-15 Class FA |
| 30-day Average SOFR + 0.614% <br>Floor 0.500%, Cap 6.500% <br>04/25/2049<br>| &nbsp;&nbsp; 4.489% | 591721 | &nbsp;&nbsp; 582245 |
| CMO Series 2019-41 Class FG | CMO Series 2019-41 Class FG | CMO Series 2019-41 Class FG | CMO Series 2019-41 Class FG |
| 30-day Average SOFR + 0.614% <br>Floor 0.500%, Cap 6.500% <br>08/25/2059<br>| &nbsp;&nbsp; 4.489% | 1490906 | &nbsp;&nbsp; 1462884 |
| CMO Series 2019-43 Class FC | CMO Series 2019-43 Class FC | CMO Series 2019-43 Class FC | CMO Series 2019-43 Class FC |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 6.500% <br>08/25/2049<br>| &nbsp;&nbsp; 4.389% | 1154158 | &nbsp;&nbsp; 1135996 |
| CMO Series 2023-38 Class FC | CMO Series 2023-38 Class FC | CMO Series 2023-38 Class FC | CMO Series 2023-38 Class FC |
| 30-day Average SOFR + 0.664% <br>Floor 0.550%, Cap 7.000% <br>06/25/2040<br>| &nbsp;&nbsp; 4.539% | 2884526 | &nbsp;&nbsp; 2879379 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2023-38 Class FD | CMO Series 2023-38 Class FD | CMO Series 2023-38 Class FD | CMO Series 2023-38 Class FD |
| 30-day Average SOFR + 0.864% <br>Floor 0.750%, Cap 7.500% <br>10/25/2039<br>| &nbsp;&nbsp; 4.936% | 544452 | &nbsp;&nbsp; 533647 |
| CMO Series 2025-95 Class FC | CMO Series 2025-95 Class FC | CMO Series 2025-95 Class FC | CMO Series 2025-95 Class FC |
| 30-day Average SOFR + 0.700% <br>Floor 0.700%, Cap 8.000% <br>09/25/2052<br>| &nbsp;&nbsp; 4.574% | 3667806 | &nbsp;&nbsp; 3663094 |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| 10/01/2026- <br>11/01/2054<br>| &nbsp;&nbsp; 6.500% | 6426065 | &nbsp;&nbsp; 6812740 |
| 03/01/2033- <br>01/01/2050<br>| &nbsp;&nbsp; 3.000% | 39387660 | &nbsp;&nbsp; 36025767 |
| 07/01/2033- <br>04/01/2052<br>| &nbsp;&nbsp; 2.500% | 66305095 | &nbsp;&nbsp; 57750152 |
| 06/01/2035- <br>07/01/2055<br>| &nbsp;&nbsp; 5.500% | 21783690 | &nbsp;&nbsp; 22110713 |
| 09/01/2037- <br>06/01/2055<br>| &nbsp;&nbsp; 6.000% | 36080001 | &nbsp;&nbsp; 37462277 |
| 06/01/2040- <br>12/01/2051<br>| &nbsp;&nbsp; 2.000% | 13132224 | &nbsp;&nbsp; 11443195 |
| 06/01/2048- <br>07/01/2052<br>| &nbsp;&nbsp; 4.500% | 5788943 | &nbsp;&nbsp; 5691344 |
| 09/01/2048- <br>08/01/2052<br>| &nbsp;&nbsp; 4.000% | 15005655 | &nbsp;&nbsp; 14435335 |
| 12/01/2048 | &nbsp;&nbsp; 5.000% | 602900 | &nbsp;&nbsp; 608135 |
| 03/01/2052 | &nbsp;&nbsp; 3.500% | 3998606 | &nbsp;&nbsp; 3724016 |
| CMO Series 2017-4742 Class PA | CMO Series 2017-4742 Class PA | CMO Series 2017-4742 Class PA | CMO Series 2017-4742 Class PA |
| 10/15/2047 | &nbsp;&nbsp; 3.000% | 920240 | &nbsp;&nbsp; 849625 |
| CMO Series 2127 Class PG | CMO Series 2127 Class PG | CMO Series 2127 Class PG | CMO Series 2127 Class PG |
| 02/15/2029 | &nbsp;&nbsp; 6.250% | 6347 | &nbsp;&nbsp; 6401 |
| CMO Series 2165 Class PE | CMO Series 2165 Class PE | CMO Series 2165 Class PE | CMO Series 2165 Class PE |
| 06/15/2029 | &nbsp;&nbsp; 6.000% | 10136 | &nbsp;&nbsp; 10329 |
| CMO Series 2326 Class ZQ | CMO Series 2326 Class ZQ | CMO Series 2326 Class ZQ | CMO Series 2326 Class ZQ |
| 06/15/2031 | &nbsp;&nbsp; 6.500% | 54903 | &nbsp;&nbsp; 56367 |
| CMO Series 2399 Class TH | CMO Series 2399 Class TH | CMO Series 2399 Class TH | CMO Series 2399 Class TH |
| 01/15/2032 | &nbsp;&nbsp; 6.500% | 52184 | &nbsp;&nbsp; 54721 |
| CMO Series 2517 Class Z | CMO Series 2517 Class Z | CMO Series 2517 Class Z | CMO Series 2517 Class Z |
| 10/15/2032 | &nbsp;&nbsp; 5.500% | 24340 | &nbsp;&nbsp; 25012 |
| CMO Series 2557 Class HL | CMO Series 2557 Class HL | CMO Series 2557 Class HL | CMO Series 2557 Class HL |
| 01/15/2033 | &nbsp;&nbsp; 5.300% | 90113 | &nbsp;&nbsp; 91326 |
| CMO Series 262 Class 35 | CMO Series 262 Class 35 | CMO Series 262 Class 35 | CMO Series 262 Class 35 |
| 07/15/2042 | &nbsp;&nbsp; 3.500% | 1498120 | &nbsp;&nbsp; 1416116 |
| CMO Series 2752 Class EZ | CMO Series 2752 Class EZ | CMO Series 2752 Class EZ | CMO Series 2752 Class EZ |
| 02/15/2034 | &nbsp;&nbsp; 5.500% | 276401 | &nbsp;&nbsp; 285797 |
| CMO Series 2764 Class ZG | CMO Series 2764 Class ZG | CMO Series 2764 Class ZG | CMO Series 2764 Class ZG |
| 03/15/2034 | &nbsp;&nbsp; 5.500% | 235607 | &nbsp;&nbsp; 243633 |
| CMO Series 2953 Class PG | CMO Series 2953 Class PG | CMO Series 2953 Class PG | CMO Series 2953 Class PG |
| 03/15/2035 | &nbsp;&nbsp; 5.500% | 993943 | &nbsp;&nbsp; 1035046 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 299 Class 300 | CMO Series 299 Class 300 | CMO Series 299 Class 300 | CMO Series 299 Class 300 |
| 01/15/2043 | &nbsp;&nbsp; 3.000% | 168971 | &nbsp;&nbsp; 154799 |
| CMO Series 2990 Class UZ | CMO Series 2990 Class UZ | CMO Series 2990 Class UZ | CMO Series 2990 Class UZ |
| 06/15/2035 | &nbsp;&nbsp; 5.750% | 351441 | &nbsp;&nbsp; 369752 |
| CMO Series 3101 Class UZ | CMO Series 3101 Class UZ | CMO Series 3101 Class UZ | CMO Series 3101 Class UZ |
| 01/15/2036 | &nbsp;&nbsp; 6.000% | 95768 | &nbsp;&nbsp; 101902 |
| CMO Series 3123 Class AZ | CMO Series 3123 Class AZ | CMO Series 3123 Class AZ | CMO Series 3123 Class AZ |
| 03/15/2036 | &nbsp;&nbsp; 6.000% | 122710 | &nbsp;&nbsp; 130755 |
| CMO Series 3143 Class BC | CMO Series 3143 Class BC | CMO Series 3143 Class BC | CMO Series 3143 Class BC |
| 02/15/2036 | &nbsp;&nbsp; 5.500% | 136746 | &nbsp;&nbsp; 140213 |
| CMO Series 3164 Class MG | CMO Series 3164 Class MG | CMO Series 3164 Class MG | CMO Series 3164 Class MG |
| 06/15/2036 | &nbsp;&nbsp; 6.000% | 40710 | &nbsp;&nbsp; 43399 |
| CMO Series 3195 Class PD | CMO Series 3195 Class PD | CMO Series 3195 Class PD | CMO Series 3195 Class PD |
| 07/15/2036 | &nbsp;&nbsp; 6.500% | 58400 | &nbsp;&nbsp; 60782 |
| CMO Series 3200 Class AY | CMO Series 3200 Class AY | CMO Series 3200 Class AY | CMO Series 3200 Class AY |
| 08/15/2036 | &nbsp;&nbsp; 5.500% | 91454 | &nbsp;&nbsp; 95085 |
| CMO Series 3213 Class JE | CMO Series 3213 Class JE | CMO Series 3213 Class JE | CMO Series 3213 Class JE |
| 09/15/2036 | &nbsp;&nbsp; 6.000% | 128329 | &nbsp;&nbsp; 135529 |
| CMO Series 3229 Class HE | CMO Series 3229 Class HE | CMO Series 3229 Class HE | CMO Series 3229 Class HE |
| 10/15/2026 | &nbsp;&nbsp; 5.000% | 38 | &nbsp;&nbsp; 38 |
| CMO Series 3423 Class PB | CMO Series 3423 Class PB | CMO Series 3423 Class PB | CMO Series 3423 Class PB |
| 03/15/2038 | &nbsp;&nbsp; 5.500% | 321221 | &nbsp;&nbsp; 334750 |
| CMO Series 3453 Class B | CMO Series 3453 Class B | CMO Series 3453 Class B | CMO Series 3453 Class B |
| 05/15/2038 | &nbsp;&nbsp; 5.500% | 8992 | &nbsp;&nbsp; 9241 |
| CMO Series 3461 Class Z | CMO Series 3461 Class Z | CMO Series 3461 Class Z | CMO Series 3461 Class Z |
| 06/15/2038 | &nbsp;&nbsp; 6.000% | 531290 | &nbsp;&nbsp; 557509 |
| CMO Series 3501 Class CB | CMO Series 3501 Class CB | CMO Series 3501 Class CB | CMO Series 3501 Class CB |
| 01/15/2039 | &nbsp;&nbsp; 5.500% | 117700 | &nbsp;&nbsp; 122205 |
| CMO Series 3704 Class CT | CMO Series 3704 Class CT | CMO Series 3704 Class CT | CMO Series 3704 Class CT |
| 12/15/2036 | &nbsp;&nbsp; 7.000% | 172208 | &nbsp;&nbsp; 184624 |
| CMO Series 3704 Class DT | CMO Series 3704 Class DT | CMO Series 3704 Class DT | CMO Series 3704 Class DT |
| 11/15/2036 | &nbsp;&nbsp; 7.500% | 174057 | &nbsp;&nbsp; 187711 |
| CMO Series 3704 Class ET | CMO Series 3704 Class ET | CMO Series 3704 Class ET | CMO Series 3704 Class ET |
| 12/15/2036 | &nbsp;&nbsp; 7.500% | 129640 | &nbsp;&nbsp; 143029 |
| CMO Series 3819 Class ZQ | CMO Series 3819 Class ZQ | CMO Series 3819 Class ZQ | CMO Series 3819 Class ZQ |
| 04/15/2036 | &nbsp;&nbsp; 6.000% | 195990 | &nbsp;&nbsp; 206741 |
| CMO Series 3890 Class ME | CMO Series 3890 Class ME | CMO Series 3890 Class ME | CMO Series 3890 Class ME |
| 07/15/2041 | &nbsp;&nbsp; 5.000% | 931369 | &nbsp;&nbsp; 958042 |
| CMO Series 4015 Class MY | CMO Series 4015 Class MY | CMO Series 4015 Class MY | CMO Series 4015 Class MY |
| 03/15/2042 | &nbsp;&nbsp; 3.500% | 1422369 | &nbsp;&nbsp; 1356280 |
| CMO Series 4177 Class MQ | CMO Series 4177 Class MQ | CMO Series 4177 Class MQ | CMO Series 4177 Class MQ |
| 03/15/2043 | &nbsp;&nbsp; 2.500% | 1000000 | &nbsp;&nbsp; 914819 |
| CMO Series 4217 Class KY | CMO Series 4217 Class KY | CMO Series 4217 Class KY | CMO Series 4217 Class KY |
| 06/15/2043 | &nbsp;&nbsp; 3.000% | 1200000 | &nbsp;&nbsp; 1072771 |
| CMO Series 4240 Class B | CMO Series 4240 Class B | CMO Series 4240 Class B | CMO Series 4240 Class B |
| 08/15/2033 | &nbsp;&nbsp; 3.000% | 1414292 | &nbsp;&nbsp; 1373788 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 4880 Class DA | CMO Series 4880 Class DA | CMO Series 4880 Class DA | CMO Series 4880 Class DA |
| 05/15/2050 | &nbsp;&nbsp; 3.000% | 903475 | &nbsp;&nbsp; 842854 |
| CMO Series 5091 Class AB | CMO Series 5091 Class AB | CMO Series 5091 Class AB | CMO Series 5091 Class AB |
| 03/25/2051 | &nbsp;&nbsp; 1.500% | 1753800 | &nbsp;&nbsp; 1436002 |
| CMO Series R006 Class ZA | CMO Series R006 Class ZA | CMO Series R006 Class ZA | CMO Series R006 Class ZA |
| 04/15/2036 | &nbsp;&nbsp; 6.000% | 149059 | &nbsp;&nbsp; 156849 |
| CMO Series R007 Class ZA | CMO Series R007 Class ZA | CMO Series R007 Class ZA | CMO Series R007 Class ZA |
| 05/15/2036 | &nbsp;&nbsp; 6.000% | 282971 | &nbsp;&nbsp; 295855 |
| CMO STRIPS Series 264 Class 30 | CMO STRIPS Series 264 Class 30 | CMO STRIPS Series 264 Class 30 | CMO STRIPS Series 264 Class 30 |
| 07/15/2042 | &nbsp;&nbsp; 3.000% | 194636 | &nbsp;&nbsp; 179587 |
| Federal Home Loan Mortgage Corp.<sup>(b)</sup>  | Federal Home Loan Mortgage Corp.<sup>(b)</sup>  | Federal Home Loan Mortgage Corp.<sup>(b)</sup>  | Federal Home Loan Mortgage Corp.<sup>(b)</sup>  |
| 1-year CMT + 2.250% <br>Cap 10.342% <br>07/01/2036<br>| &nbsp;&nbsp; 6.297% | 22744 | &nbsp;&nbsp; 23492 |
| 12-month Term SOFR + 1.851% <br>Cap 9.104% <br>07/01/2040<br>| &nbsp;&nbsp; 6.481% | 47448 | &nbsp;&nbsp; 49430 |
| 12-month Term SOFR + 1.640% <br>Floor 1.640%, Cap 8.218% <br>11/01/2048<br>| &nbsp;&nbsp; 6.322% | 690645 | &nbsp;&nbsp; 722250 |
| 12-month Term SOFR + 1.621% <br>Floor 1.621%, Cap 8.090% <br>02/01/2050<br>| &nbsp;&nbsp; 3.089% | 1234437 | &nbsp;&nbsp; 1255444 |
| 30-day Average SOFR + 2.352% <br>Floor 2.352%, Cap 9.628% <br>03/01/2053<br>| &nbsp;&nbsp; 4.628% | 1954905 | &nbsp;&nbsp; 1953681 |
| 30-day Average SOFR + 2.307% <br>Floor 2.307%, Cap 9.201% <br>05/01/2053<br>| &nbsp;&nbsp; 4.201% | 3836096 | &nbsp;&nbsp; 3863145 |
| 30-day Average SOFR + 2.258% <br>Floor 2.258%, Cap 9.986% <br>02/01/2054<br>| &nbsp;&nbsp; 4.986% | 765864 | &nbsp;&nbsp; 775974 |
| 30-day Average SOFR + 2.335% <br>Floor 2.335%, Cap 9.735% <br>10/01/2054<br>| &nbsp;&nbsp; 4.734% | 1650416 | &nbsp;&nbsp; 1663163 |
| 30-day Average SOFR + 2.146% <br>Floor 2.146%, Cap 9.782% <br>01/01/2055<br>| &nbsp;&nbsp; 4.782% | 2021639 | &nbsp;&nbsp; 2041635 |
| 30-day Average SOFR + 2.090% <br>Floor 2.090%, Cap 10.435% <br>05/01/2055<br>| &nbsp;&nbsp; 5.435% | 705958 | &nbsp;&nbsp; 717072 |
| 30-day Average SOFR + 2.139% <br>Floor 2.139%, Cap 10.014% <br>06/01/2055<br>| &nbsp;&nbsp; 5.013% | 1268493 | &nbsp;&nbsp; 1284964 |
| 30-day Average SOFR + 2.200% <br>Floor 2.200%, Cap 10.191% <br>06/01/2055<br>| &nbsp;&nbsp; 5.190% | 1715054 | &nbsp;&nbsp; 1738460 |
| 30-day Average SOFR + 2.060% <br>Floor 2.060%, Cap 9.978% <br>07/01/2055<br>| &nbsp;&nbsp; 4.977% | 636376 | &nbsp;&nbsp; 644174 |
| 30-day Average SOFR + 2.060% <br>Floor 2.060%, Cap 10.144% <br>07/01/2055<br>| &nbsp;&nbsp; 5.144% | 991887 | &nbsp;&nbsp; 1003952 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| 30-day Average SOFR + 2.075% <br>Floor 2.075%, Cap 10.251% <br>07/01/2055<br>| &nbsp;&nbsp; 5.250% | 2661966 | &nbsp;&nbsp; 2697675 |
| 30-day Average SOFR + 2.075% <br>Floor 2.075%, Cap 10.284% <br>07/01/2055<br>| &nbsp;&nbsp; 5.284% | 1034494 | &nbsp;&nbsp; 1051786 |
| 30-day Average SOFR + 2.187% <br>Floor 2.187%, Cap 10.077% <br>08/01/2055<br>| &nbsp;&nbsp; 5.076% | 578770 | &nbsp;&nbsp; 586861 |
| 30-day Average SOFR + 2.060% <br>Floor 2.060%, Cap 10.078% <br>08/01/2055<br>| &nbsp;&nbsp; 5.078% | 3217300 | &nbsp;&nbsp; 3255045 |
| 30-day Average SOFR + 2.105% <br>Floor 2.105%, Cap 10.323% <br>08/01/2055<br>| &nbsp;&nbsp; 5.323% | 1022360 | &nbsp;&nbsp; 1040548 |
| 30-day Average SOFR + 2.330% <br>Floor 2.330%, Cap 10.336% <br>08/01/2055<br>| &nbsp;&nbsp; 5.335% | 4192559 | &nbsp;&nbsp; 4253673 |
| 30-day Average SOFR + 2.330% <br>Floor 2.330%, Cap 10.432% <br>08/01/2055<br>| &nbsp;&nbsp; 5.431% | 4629772 | &nbsp;&nbsp; 4686215 |
| CMO Series 2551 Class NS | CMO Series 2551 Class NS | CMO Series 2551 Class NS | CMO Series 2551 Class NS |
| -1.8 x 30-day Average SOFR + <br> 14.273% <br>Cap 14.483% <br>01/15/2033<br>| &nbsp;&nbsp; 6.970% | 34376 | &nbsp;&nbsp; 37450 |
| CMO Series 3852 Class QN | CMO Series 3852 Class QN | CMO Series 3852 Class QN | CMO Series 3852 Class QN |
| -3.6 x 30-day Average SOFR + <br> 26.796% <br>Cap 5.500% <br>05/15/2041<br>| &nbsp;&nbsp; 5.500% | 107429 | &nbsp;&nbsp; 103341 |
| CMO Series 4048 Class FJ | CMO Series 4048 Class FJ | CMO Series 4048 Class FJ | CMO Series 4048 Class FJ |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 9,999.000% <br>07/15/2037<br>| &nbsp;&nbsp; 4.723% | 169236 | &nbsp;&nbsp; 167512 |
| STRIPS | STRIPS | STRIPS | STRIPS |
| 30-day Average SOFR + 0.664% <br>Floor 0.550%, Cap 6.500% <br>03/15/2044<br>| &nbsp;&nbsp; 4.648% | 4052733 | &nbsp;&nbsp; 4039099 |
| Structured Pass-Through Securities | Structured Pass-Through Securities | Structured Pass-Through Securities | Structured Pass-Through Securities |
| 1-year MTA + 1.200% <br>Floor 1.200% <br>10/25/2044<br>| &nbsp;&nbsp; 5.172% | 231795 | &nbsp;&nbsp; 213794 |
| Federal Home Loan Mortgage Corp.<sup>(i)</sup>  | Federal Home Loan Mortgage Corp.<sup>(i)</sup>  | Federal Home Loan Mortgage Corp.<sup>(i)</sup>  | Federal Home Loan Mortgage Corp.<sup>(i)</sup>  |
| CMO Series 3100 Class | CMO Series 3100 Class | CMO Series 3100 Class | CMO Series 3100 Class |
| 01/15/2036 | &nbsp;&nbsp; 0.000% | 32483 | &nbsp;&nbsp; 27292 |
| CMO Series 3117 Class OG | CMO Series 3117 Class OG | CMO Series 3117 Class OG | CMO Series 3117 Class OG |
| 02/15/2036 | &nbsp;&nbsp; 0.000% | 13502 | &nbsp;&nbsp; 12007 |
| CMO Series 3181 Class OH | CMO Series 3181 Class OH | CMO Series 3181 Class OH | CMO Series 3181 Class OH |
| 07/15/2036 | &nbsp;&nbsp; 0.000% | 113939 | &nbsp;&nbsp; 97278 |
| CMO Series 3316 Class JO | CMO Series 3316 Class JO | CMO Series 3316 Class JO | CMO Series 3316 Class JO |
| 05/15/2037 | &nbsp;&nbsp; 0.000% | 5152 | &nbsp;&nbsp; 4301 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 3607 Class TO | CMO Series 3607 Class TO | CMO Series 3607 Class TO | CMO Series 3607 Class TO |
| 10/15/2039 | &nbsp;&nbsp; 0.000% | 96423 | &nbsp;&nbsp; 81952 |
| CMO STRIPS Series 197 Class | CMO STRIPS Series 197 Class | CMO STRIPS Series 197 Class | CMO STRIPS Series 197 Class |
| 04/01/2028 | &nbsp;&nbsp; 0.000% | 16057 | &nbsp;&nbsp; 15498 |
| CMO STRIPS Series 310 Class | CMO STRIPS Series 310 Class | CMO STRIPS Series 310 Class | CMO STRIPS Series 310 Class |
| 09/15/2043 | &nbsp;&nbsp; 0.000% | 647984 | &nbsp;&nbsp; 488596 |
| Federal Home Loan Mortgage Corp.<sup>(b),(d)</sup>  | Federal Home Loan Mortgage Corp.<sup>(b),(d)</sup>  | Federal Home Loan Mortgage Corp.<sup>(b),(d)</sup>  | Federal Home Loan Mortgage Corp.<sup>(b),(d)</sup>  |
| CMO Series 3380 Class SI | CMO Series 3380 Class SI | CMO Series 3380 Class SI | CMO Series 3380 Class SI |
| -1.0 x 30-day Average SOFR + <br> 6.256% <br>Cap 6.370% <br>10/15/2037<br>| &nbsp;&nbsp; 2.272% | 802794 | &nbsp;&nbsp; 71346 |
| CMO Series 3385 Class SN | CMO Series 3385 Class SN | CMO Series 3385 Class SN | CMO Series 3385 Class SN |
| -1.0 x 30-day Average SOFR + <br> 5.886% <br>Cap 6.000% <br>11/15/2037<br>| &nbsp;&nbsp; 1.902% | 23369 | &nbsp;&nbsp; 1670 |
| CMO Series 3451 Class SA | CMO Series 3451 Class SA | CMO Series 3451 Class SA | CMO Series 3451 Class SA |
| -1.0 x 30-day Average SOFR + <br> 5.936% <br>Cap 6.050% <br>05/15/2038<br>| &nbsp;&nbsp; 1.952% | 13591 | &nbsp;&nbsp; 1159 |
| CMO Series 3531 Class SM | CMO Series 3531 Class SM | CMO Series 3531 Class SM | CMO Series 3531 Class SM |
| -1.0 x 30-day Average SOFR + <br> 5.986% <br>Cap 6.100% <br>05/15/2039<br>| &nbsp;&nbsp; 2.002% | 17349 | &nbsp;&nbsp; 1158 |
| CMO Series 3608 Class SC | CMO Series 3608 Class SC | CMO Series 3608 Class SC | CMO Series 3608 Class SC |
| -1.0 x 30-day Average SOFR + <br> 6.136% <br>Cap 6.250% <br>12/15/2039<br>| &nbsp;&nbsp; 2.152% | 79154 | &nbsp;&nbsp; 4193 |
| CMO Series 3740 Class SB | CMO Series 3740 Class SB | CMO Series 3740 Class SB | CMO Series 3740 Class SB |
| -1.0 x 30-day Average SOFR + <br> 5.886% <br>Cap 6.000% <br>10/15/2040<br>| &nbsp;&nbsp; 1.902% | 100968 | &nbsp;&nbsp; 8772 |
| CMO Series 3740 Class SC | CMO Series 3740 Class SC | CMO Series 3740 Class SC | CMO Series 3740 Class SC |
| -1.0 x 30-day Average SOFR + <br> 5.886% <br>Cap 6.000% <br>10/15/2040<br>| &nbsp;&nbsp; 1.902% | 160184 | &nbsp;&nbsp; 16850 |
| CMO STRIPS Series 239 Class S30 | CMO STRIPS Series 239 Class S30 | CMO STRIPS Series 239 Class S30 | CMO STRIPS Series 239 Class S30 |
| -1.0 x 30-day Average SOFR + <br> 7.586% <br>Cap 7.700% <br>08/15/2036<br>| &nbsp;&nbsp; 3.602% | 122341 | &nbsp;&nbsp; 15580 |
| Federal Home Loan Mortgage Corp.<sup>(c)</sup>  | Federal Home Loan Mortgage Corp.<sup>(c)</sup>  | Federal Home Loan Mortgage Corp.<sup>(c)</sup>  | Federal Home Loan Mortgage Corp.<sup>(c)</sup>  |
| CMO Series 3688 Class GT | CMO Series 3688 Class GT | CMO Series 3688 Class GT | CMO Series 3688 Class GT |
| 11/15/2046 | &nbsp;&nbsp; 7.478% | 113004 | &nbsp;&nbsp; 121162 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 4272 Class W | CMO Series 4272 Class W | CMO Series 4272 Class W | CMO Series 4272 Class W |
| 04/15/2040 | &nbsp;&nbsp; 5.636% | 758094 | &nbsp;&nbsp; 792815 |
| Federal Home Loan Mortgage Corp.<sup>(d)</sup>  | Federal Home Loan Mortgage Corp.<sup>(d)</sup>  | Federal Home Loan Mortgage Corp.<sup>(d)</sup>  | Federal Home Loan Mortgage Corp.<sup>(d)</sup>  |
| CMO Series 3714 Class IP | CMO Series 3714 Class IP | CMO Series 3714 Class IP | CMO Series 3714 Class IP |
| 08/15/2040 | &nbsp;&nbsp; 5.000% | 61443 | &nbsp;&nbsp; 2661 |
| Federal Home Loan Mortgage Corp.<sup>(c),(d)</sup>  | Federal Home Loan Mortgage Corp.<sup>(c),(d)</sup>  | Federal Home Loan Mortgage Corp.<sup>(c),(d)</sup>  | Federal Home Loan Mortgage Corp.<sup>(c),(d)</sup>  |
| CMO Series 3802 Class LS | CMO Series 3802 Class LS | CMO Series 3802 Class LS | CMO Series 3802 Class LS |
| 01/15/2040 | &nbsp;&nbsp; 4.315% | 168978 | &nbsp;&nbsp; 15738 |
| Federal Home Loan Mortgage Corp. REMICS<sup>(b)</sup>  | Federal Home Loan Mortgage Corp. REMICS<sup>(b)</sup>  | Federal Home Loan Mortgage Corp. REMICS<sup>(b)</sup>  | Federal Home Loan Mortgage Corp. REMICS<sup>(b)</sup>  |
| CMO Series 3693 Class FC | CMO Series 3693 Class FC | CMO Series 3693 Class FC | CMO Series 3693 Class FC |
| 30-day Average SOFR + 0.614% <br>Floor 0.500%, Cap 7.000% <br>07/15/2040<br>| &nbsp;&nbsp; 4.598% | 657493 | &nbsp;&nbsp; 653235 |
| CMO Series 3919 Class FA | CMO Series 3919 Class FA | CMO Series 3919 Class FA | CMO Series 3919 Class FA |
| 30-day Average SOFR + 0.614% <br>Floor 0.500%, Cap 7.000% <br>09/15/2041<br>| &nbsp;&nbsp; 4.598% | 512477 | &nbsp;&nbsp; 508752 |
| CMO Series 3958 Class AF | CMO Series 3958 Class AF | CMO Series 3958 Class AF | CMO Series 3958 Class AF |
| 30-day Average SOFR + 0.564% <br>Floor 0.450%, Cap 7.000% <br>11/15/2041<br>| &nbsp;&nbsp; 4.548% | 588377 | &nbsp;&nbsp; 583188 |
| CMO Series 3975 Class FA | CMO Series 3975 Class FA | CMO Series 3975 Class FA | CMO Series 3975 Class FA |
| 30-day Average SOFR + 0.604% <br>Floor 0.490%, Cap 7.000% <br>12/15/2041<br>| &nbsp;&nbsp; 4.588% | 539744 | &nbsp;&nbsp; 536123 |
| CMO Series 3990 Class FG | CMO Series 3990 Class FG | CMO Series 3990 Class FG | CMO Series 3990 Class FG |
| 30-day Average SOFR + 0.564% <br>Floor 0.450%, Cap 7.000% <br>01/15/2042<br>| &nbsp;&nbsp; 4.548% | 673419 | &nbsp;&nbsp; 667765 |
| CMO Series 4059 Class FP | CMO Series 4059 Class FP | CMO Series 4059 Class FP | CMO Series 4059 Class FP |
| 30-day Average SOFR + 0.564% <br>Floor 0.450%, Cap 7.000% <br>06/15/2042<br>| &nbsp;&nbsp; 4.548% | 639725 | &nbsp;&nbsp; 633392 |
| CMO Series 4091 Class FN | CMO Series 4091 Class FN | CMO Series 4091 Class FN | CMO Series 4091 Class FN |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 7.000% <br>08/15/2042<br>| &nbsp;&nbsp; 4.498% | 628909 | &nbsp;&nbsp; 620722 |
| CMO Series 4273 Class PF | CMO Series 4273 Class PF | CMO Series 4273 Class PF | CMO Series 4273 Class PF |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 6.500% <br>11/15/2043<br>| &nbsp;&nbsp; 4.498% | 3557379 | &nbsp;&nbsp; 3526678 |
| CMO Series 4587 Class AF | CMO Series 4587 Class AF | CMO Series 4587 Class AF | CMO Series 4587 Class AF |
| 30-day Average SOFR + 0.464% <br>Floor 0.350%, Cap 6.500% <br>06/15/2046<br>| &nbsp;&nbsp; 4.448% | 1093283 | &nbsp;&nbsp; 1084825 |
| CMO Series 4604 Class FB | CMO Series 4604 Class FB | CMO Series 4604 Class FB | CMO Series 4604 Class FB |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 6.500% <br>08/15/2046<br>| &nbsp;&nbsp; 4.498% | 1732668 | &nbsp;&nbsp; 1716266 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 4620 Class LF | CMO Series 4620 Class LF | CMO Series 4620 Class LF | CMO Series 4620 Class LF |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 6.500% <br>10/15/2046<br>| &nbsp;&nbsp; 4.498% | 1165256 | &nbsp;&nbsp; 1155236 |
| CMO Series 4709 Class FA | CMO Series 4709 Class FA | CMO Series 4709 Class FA | CMO Series 4709 Class FA |
| 30-day Average SOFR + 0.414% <br>Floor 0.300%, Cap 6.500% <br>08/15/2047<br>| &nbsp;&nbsp; 4.398% | 865746 | &nbsp;&nbsp; 854319 |
| CMO Series 4854 Class FB | CMO Series 4854 Class FB | CMO Series 4854 Class FB | CMO Series 4854 Class FB |
| 30-day Average SOFR + 0.414% <br>Floor 0.300%, Cap 6.500% <br>01/15/2049<br>| &nbsp;&nbsp; 4.398% | 2192813 | &nbsp;&nbsp; 2166511 |
| CMO Series 4988 Class KF | CMO Series 4988 Class KF | CMO Series 4988 Class KF | CMO Series 4988 Class KF |
| 30-day Average SOFR + 0.464% <br>Floor 0.350%, Cap 6.500% <br>07/25/2050<br>| &nbsp;&nbsp; 4.339% | 986250 | &nbsp;&nbsp; 975493 |
| Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
| CMO Series 4160 Class HP | CMO Series 4160 Class HP | CMO Series 4160 Class HP | CMO Series 4160 Class HP |
| 01/15/2033 | &nbsp;&nbsp; 2.500% | 1319792 | &nbsp;&nbsp; 1275451 |
| CMO Series 4427 Class CE | CMO Series 4427 Class CE | CMO Series 4427 Class CE | CMO Series 4427 Class CE |
| 02/15/2034 | &nbsp;&nbsp; 3.000% | 131759 | &nbsp;&nbsp; 130683 |
| CMO Series 5202 Class KA | CMO Series 5202 Class KA | CMO Series 5202 Class KA | CMO Series 5202 Class KA |
| 06/25/2049 | &nbsp;&nbsp; 2.500% | 3818566 | &nbsp;&nbsp; 3460939 |
| CMO Series 5410 Class JY | CMO Series 5410 Class JY | CMO Series 5410 Class JY | CMO Series 5410 Class JY |
| 03/15/2044 | &nbsp;&nbsp; 3.000% | 1457000 | &nbsp;&nbsp; 1260590 |
| CMO Series 5452 Class KY | CMO Series 5452 Class KY | CMO Series 5452 Class KY | CMO Series 5452 Class KY |
| 03/15/2044 | &nbsp;&nbsp; 3.000% | 1567000 | &nbsp;&nbsp; 1341610 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 08/01/2026- <br>10/01/2054<br>| &nbsp;&nbsp; 6.500% | 5392008 | &nbsp;&nbsp; 5729875 |
| 01/01/2027- <br>09/01/2062<br>| &nbsp;&nbsp; 4.000% | 14280034 | &nbsp;&nbsp; 13764393 |
| 05/01/2033- <br>06/01/2062<br>| &nbsp;&nbsp; 3.500% | 14576352 | &nbsp;&nbsp; 13630564 |
| 11/01/2033- <br>07/01/2055<br>| &nbsp;&nbsp; 5.500% | 35204509 | &nbsp;&nbsp; 35778926 |
| 01/01/2036- <br>11/01/2052<br>| &nbsp;&nbsp; 5.000% | 4295665 | &nbsp;&nbsp; 4329764 |
| 09/01/2036- <br>08/01/2055<br>| &nbsp;&nbsp; 6.000% | 40035635 | &nbsp;&nbsp; 41568665 |
| 11/01/2037- <br>01/01/2039<br>| &nbsp;&nbsp; 7.000% | 239868 | &nbsp;&nbsp; 255463 |
| 06/01/2040- <br>03/01/2047<br>| &nbsp;&nbsp; 2.000% | 46857929 | &nbsp;&nbsp; 40593160 |
| 12/01/2040- <br>03/01/2062<br>| &nbsp;&nbsp; 2.500% | 85399236 | &nbsp;&nbsp; 73799123 |
| 08/01/2042- <br>06/01/2063<br>| &nbsp;&nbsp; 3.000% | 171986679 | &nbsp;&nbsp; 155239403 |
| 03/01/2043- <br>12/01/2061<br>| &nbsp;&nbsp; 4.500% | 12835782 | &nbsp;&nbsp; 12639361 |
| CMO Series 1999-7 Class AB | CMO Series 1999-7 Class AB | CMO Series 1999-7 Class AB | CMO Series 1999-7 Class AB |
| 03/25/2029 | &nbsp;&nbsp; 6.000% | 22656 | &nbsp;&nbsp; 22942 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2001-60 Class PX | CMO Series 2001-60 Class PX | CMO Series 2001-60 Class PX | CMO Series 2001-60 Class PX |
| 11/25/2031 | &nbsp;&nbsp; 6.000% | 57057 | &nbsp;&nbsp; 58953 |
| CMO Series 2002-50 Class ZA | CMO Series 2002-50 Class ZA | CMO Series 2002-50 Class ZA | CMO Series 2002-50 Class ZA |
| 05/25/2031 | &nbsp;&nbsp; 6.000% | 153700 | &nbsp;&nbsp; 158246 |
| CMO Series 2002-78 Class Z | CMO Series 2002-78 Class Z | CMO Series 2002-78 Class Z | CMO Series 2002-78 Class Z |
| 12/25/2032 | &nbsp;&nbsp; 5.500% | 74382 | &nbsp;&nbsp; 76698 |
| CMO Series 2003-W19 Class 1A7 | CMO Series 2003-W19 Class 1A7 | CMO Series 2003-W19 Class 1A7 | CMO Series 2003-W19 Class 1A7 |
| 11/25/2033 | &nbsp;&nbsp; 5.620% | 1179457 | &nbsp;&nbsp; 1187836 |
| CMO Series 2004-50 Class VZ | CMO Series 2004-50 Class VZ | CMO Series 2004-50 Class VZ | CMO Series 2004-50 Class VZ |
| 07/25/2034 | &nbsp;&nbsp; 5.500% | 399062 | &nbsp;&nbsp; 416258 |
| CMO Series 2004-W10 Class A6 | CMO Series 2004-W10 Class A6 | CMO Series 2004-W10 Class A6 | CMO Series 2004-W10 Class A6 |
| 08/25/2034 | &nbsp;&nbsp; 5.750% | 640743 | &nbsp;&nbsp; 661923 |
| CMO Series 2006-105 Class ME | CMO Series 2006-105 Class ME | CMO Series 2006-105 Class ME | CMO Series 2006-105 Class ME |
| 11/25/2036 | &nbsp;&nbsp; 5.500% | 214826 | &nbsp;&nbsp; 223153 |
| CMO Series 2006-16 Class HZ | CMO Series 2006-16 Class HZ | CMO Series 2006-16 Class HZ | CMO Series 2006-16 Class HZ |
| 03/25/2036 | &nbsp;&nbsp; 5.500% | 216404 | &nbsp;&nbsp; 224190 |
| CMO Series 2006-W3 Class 2A | CMO Series 2006-W3 Class 2A | CMO Series 2006-W3 Class 2A | CMO Series 2006-W3 Class 2A |
| 09/25/2046 | &nbsp;&nbsp; 6.000% | 58996 | &nbsp;&nbsp; 60858 |
| CMO Series 2007-104 Class ZE | CMO Series 2007-104 Class ZE | CMO Series 2007-104 Class ZE | CMO Series 2007-104 Class ZE |
| 08/25/2037 | &nbsp;&nbsp; 6.000% | 68517 | &nbsp;&nbsp; 71710 |
| CMO Series 2007-116 Class PB | CMO Series 2007-116 Class PB | CMO Series 2007-116 Class PB | CMO Series 2007-116 Class PB |
| 08/25/2035 | &nbsp;&nbsp; 5.500% | 70428 | &nbsp;&nbsp; 73243 |
| CMO Series 2007-18 Class MZ | CMO Series 2007-18 Class MZ | CMO Series 2007-18 Class MZ | CMO Series 2007-18 Class MZ |
| 03/25/2037 | &nbsp;&nbsp; 6.000% | 113845 | &nbsp;&nbsp; 120391 |
| CMO Series 2007-42 Class B | CMO Series 2007-42 Class B | CMO Series 2007-42 Class B | CMO Series 2007-42 Class B |
| 05/25/2037 | &nbsp;&nbsp; 6.000% | 75244 | &nbsp;&nbsp; 79569 |
| CMO Series 2007-76 Class ZG | CMO Series 2007-76 Class ZG | CMO Series 2007-76 Class ZG | CMO Series 2007-76 Class ZG |
| 08/25/2037 | &nbsp;&nbsp; 6.000% | 115940 | &nbsp;&nbsp; 119576 |
| CMO Series 2008-80 Class GP | CMO Series 2008-80 Class GP | CMO Series 2008-80 Class GP | CMO Series 2008-80 Class GP |
| 09/25/2038 | &nbsp;&nbsp; 6.250% | 13506 | &nbsp;&nbsp; 14279 |
| CMO Series 2009-59 Class HB | CMO Series 2009-59 Class HB | CMO Series 2009-59 Class HB | CMO Series 2009-59 Class HB |
| 08/25/2039 | &nbsp;&nbsp; 5.000% | 157476 | &nbsp;&nbsp; 161311 |
| CMO Series 2009-60 Class HT | CMO Series 2009-60 Class HT | CMO Series 2009-60 Class HT | CMO Series 2009-60 Class HT |
| 08/25/2039 | &nbsp;&nbsp; 6.000% | 157323 | &nbsp;&nbsp; 165993 |
| CMO Series 2009-79 Class UA | CMO Series 2009-79 Class UA | CMO Series 2009-79 Class UA | CMO Series 2009-79 Class UA |
| 03/25/2038 | &nbsp;&nbsp; 7.000% | 8558 | &nbsp;&nbsp; 8834 |
| CMO Series 2009-W1 Class A | CMO Series 2009-W1 Class A | CMO Series 2009-W1 Class A | CMO Series 2009-W1 Class A |
| 12/25/2049 | &nbsp;&nbsp; 6.000% | 178795 | &nbsp;&nbsp; 186072 |
| CMO Series 2010-111 Class AM | CMO Series 2010-111 Class AM | CMO Series 2010-111 Class AM | CMO Series 2010-111 Class AM |
| 10/25/2040 | &nbsp;&nbsp; 5.500% | 466488 | &nbsp;&nbsp; 486682 |
| CMO Series 2010-2 Class LC | CMO Series 2010-2 Class LC | CMO Series 2010-2 Class LC | CMO Series 2010-2 Class LC |
| 02/25/2040 | &nbsp;&nbsp; 5.000% | 743833 | &nbsp;&nbsp; 762043 |
| CMO Series 2011-118 Class MT | CMO Series 2011-118 Class MT | CMO Series 2011-118 Class MT | CMO Series 2011-118 Class MT |
| 11/25/2041 | &nbsp;&nbsp; 7.000% | 185173 | &nbsp;&nbsp; 197547 |
| CMO Series 2011-118 Class NT | CMO Series 2011-118 Class NT | CMO Series 2011-118 Class NT | CMO Series 2011-118 Class NT |
| 11/25/2041 | &nbsp;&nbsp; 7.000% | 214320 | &nbsp;&nbsp; 229336 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2011-31 Class DB | CMO Series 2011-31 Class DB | CMO Series 2011-31 Class DB | CMO Series 2011-31 Class DB |
| 04/25/2031 | &nbsp;&nbsp; 3.500% | 672085 | &nbsp;&nbsp; 662624 |
| CMO Series 2011-39 Class ZA | CMO Series 2011-39 Class ZA | CMO Series 2011-39 Class ZA | CMO Series 2011-39 Class ZA |
| 11/25/2032 | &nbsp;&nbsp; 6.000% | 100611 | &nbsp;&nbsp; 105020 |
| CMO Series 2011-44 Class EB | CMO Series 2011-44 Class EB | CMO Series 2011-44 Class EB | CMO Series 2011-44 Class EB |
| 05/25/2026 | &nbsp;&nbsp; 3.000% | 1573 | &nbsp;&nbsp; 1569 |
| CMO Series 2011-46 Class B | CMO Series 2011-46 Class B | CMO Series 2011-46 Class B | CMO Series 2011-46 Class B |
| 05/25/2026 | &nbsp;&nbsp; 3.000% | 19118 | &nbsp;&nbsp; 19057 |
| CMO Series 2011-59 Class NZ | CMO Series 2011-59 Class NZ | CMO Series 2011-59 Class NZ | CMO Series 2011-59 Class NZ |
| 07/25/2041 | &nbsp;&nbsp; 5.500% | 573391 | &nbsp;&nbsp; 596315 |
| CMO Series 2013-100 Class WB | CMO Series 2013-100 Class WB | CMO Series 2013-100 Class WB | CMO Series 2013-100 Class WB |
| 10/25/2033 | &nbsp;&nbsp; 3.000% | 1521354 | &nbsp;&nbsp; 1476525 |
| CMO Series 2013-101 Class E | CMO Series 2013-101 Class E | CMO Series 2013-101 Class E | CMO Series 2013-101 Class E |
| 10/25/2033 | &nbsp;&nbsp; 3.000% | 1438125 | &nbsp;&nbsp; 1403619 |
| CMO Series 2013-108 Class GU | CMO Series 2013-108 Class GU | CMO Series 2013-108 Class GU | CMO Series 2013-108 Class GU |
| 10/25/2033 | &nbsp;&nbsp; 3.000% | 1184083 | &nbsp;&nbsp; 1148222 |
| CMO Series 2013-59 Class PY | CMO Series 2013-59 Class PY | CMO Series 2013-59 Class PY | CMO Series 2013-59 Class PY |
| 06/25/2043 | &nbsp;&nbsp; 2.500% | 1000000 | &nbsp;&nbsp; 839971 |
| CMO Series 2013-81 Class TA | CMO Series 2013-81 Class TA | CMO Series 2013-81 Class TA | CMO Series 2013-81 Class TA |
| 02/25/2043 | &nbsp;&nbsp; 3.000% | 392874 | &nbsp;&nbsp; 388160 |
| CMO Series 2013-90 Class DL | CMO Series 2013-90 Class DL | CMO Series 2013-90 Class DL | CMO Series 2013-90 Class DL |
| 09/25/2033 | &nbsp;&nbsp; 3.500% | 989242 | &nbsp;&nbsp; 969940 |
| CMO Series 2015-84 Class PA | CMO Series 2015-84 Class PA | CMO Series 2015-84 Class PA | CMO Series 2015-84 Class PA |
| 08/25/2033 | &nbsp;&nbsp; 1.700% | 273025 | &nbsp;&nbsp; 258820 |
| CMO Series 2016-48 Class MA | CMO Series 2016-48 Class MA | CMO Series 2016-48 Class MA | CMO Series 2016-48 Class MA |
| 06/25/2038 | &nbsp;&nbsp; 2.000% | 1315953 | &nbsp;&nbsp; 1239669 |
| CMO Series 2016-57 Class PC | CMO Series 2016-57 Class PC | CMO Series 2016-57 Class PC | CMO Series 2016-57 Class PC |
| 06/25/2046 | &nbsp;&nbsp; 1.750% | 3349231 | &nbsp;&nbsp; 2883504 |
| CMO Series 2017-13 Class PA | CMO Series 2017-13 Class PA | CMO Series 2017-13 Class PA | CMO Series 2017-13 Class PA |
| 08/25/2046 | &nbsp;&nbsp; 3.000% | 4596787 | &nbsp;&nbsp; 4336213 |
| CMO Series 2018-14 Class KC | CMO Series 2018-14 Class KC | CMO Series 2018-14 Class KC | CMO Series 2018-14 Class KC |
| 03/25/2048 | &nbsp;&nbsp; 3.000% | 72691 | &nbsp;&nbsp; 69896 |
| CMO Series 2019-25 Class PA | CMO Series 2019-25 Class PA | CMO Series 2019-25 Class PA | CMO Series 2019-25 Class PA |
| 05/25/2048 | &nbsp;&nbsp; 3.000% | 1215534 | &nbsp;&nbsp; 1144632 |
| CMO Series 2019-8 Class GA | CMO Series 2019-8 Class GA | CMO Series 2019-8 Class GA | CMO Series 2019-8 Class GA |
| 03/25/2049 | &nbsp;&nbsp; 3.000% | 2714779 | &nbsp;&nbsp; 2435221 |
| CMO Series 2020-48 Class AB | CMO Series 2020-48 Class AB | CMO Series 2020-48 Class AB | CMO Series 2020-48 Class AB |
| 07/25/2050 | &nbsp;&nbsp; 2.000% | 1577554 | &nbsp;&nbsp; 1330692 |
| CMO Series 2020-M5 Class A2 | CMO Series 2020-M5 Class A2 | CMO Series 2020-M5 Class A2 | CMO Series 2020-M5 Class A2 |
| 01/25/2030 | &nbsp;&nbsp; 2.210% | 4765345 | &nbsp;&nbsp; 4393144 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Federal National Mortgage Association<sup>(b)</sup>  | Federal National Mortgage Association<sup>(b)</sup>  | Federal National Mortgage Association<sup>(b)</sup>  | Federal National Mortgage Association<sup>(b)</sup>  |
| 6-month Term SOFR + 2.500% <br>Floor 2.500%, Cap 11.168% <br>03/01/2036<br>| &nbsp;&nbsp; 6.961% | 66841 | &nbsp;&nbsp; 69380 |
| 12-month Term SOFR + 1.606% <br>Floor 1.606%, Cap 7.753% <br>06/01/2050<br>| &nbsp;&nbsp; 2.753% | 917276 | &nbsp;&nbsp; 891152 |
| 30-day Average SOFR + 2.125% <br>Floor 2.125%, Cap 9.359% <br>07/01/2052<br>| &nbsp;&nbsp; 4.359% | 2372260 | &nbsp;&nbsp; 2376493 |
| 30-day Average SOFR + 2.127% <br>Floor 2.127%, Cap 9.584% <br>08/01/2052<br>| &nbsp;&nbsp; 4.584% | 2526855 | &nbsp;&nbsp; 2543409 |
| 30-day Average SOFR + 2.129% <br>Floor 2.129%, Cap 9.633% <br>08/01/2052<br>| &nbsp;&nbsp; 4.633% | 1646892 | &nbsp;&nbsp; 1659228 |
| 30-day Average SOFR + 2.120% <br>Floor 2.120%, Cap 9.102% <br>09/01/2052<br>| &nbsp;&nbsp; 4.102% | 1818912 | &nbsp;&nbsp; 1870975 |
| 30-day Average SOFR + 2.134% <br>Floor 2.134%, Cap 9.131% <br>10/01/2052<br>| &nbsp;&nbsp; 4.131% | 4406595 | &nbsp;&nbsp; 4481923 |
| 30-day Average SOFR + 2.124% <br>Floor 2.124%, Cap 9.130% <br>11/01/2052<br>| &nbsp;&nbsp; 4.130% | 1492070 | &nbsp;&nbsp; 1508939 |
| 30-day Average SOFR + 2.330% <br>Floor 2.330%, Cap 9.536% <br>04/01/2053<br>| &nbsp;&nbsp; 4.536% | 4938366 | &nbsp;&nbsp; 4936383 |
| 30-day Average SOFR + 2.298% <br>Floor 2.298%, Cap 9.669% <br>04/01/2053<br>| &nbsp;&nbsp; 4.669% | 7650197 | &nbsp;&nbsp; 7751376 |
| 30-day Average SOFR + 2.094% <br>Floor 2.094%, Cap 10.590% <br>12/01/2053<br>| &nbsp;&nbsp; 5.590% | 1118718 | &nbsp;&nbsp; 1132489 |
| 30-day Average SOFR + 2.164% <br>Floor 2.164%, Cap 9.941% <br>04/01/2055<br>| &nbsp;&nbsp; 4.941% | 1512822 | &nbsp;&nbsp; 1532457 |
| 30-day Average SOFR + 2.310% <br>Floor 2.310%, Cap 9.964% <br>05/01/2055<br>| &nbsp;&nbsp; 4.964% | 1408190 | &nbsp;&nbsp; 1425202 |
| 30-day Average SOFR + 2.082% <br>Floor 2.082%, Cap 10.050% <br>07/01/2055<br>| &nbsp;&nbsp; 5.050% | 1825835 | &nbsp;&nbsp; 1855384 |
| 30-day Average SOFR + 2.050% <br>Floor 2.050%, Cap 9.995% <br>08/01/2055<br>| &nbsp;&nbsp; 4.995% | 608164 | &nbsp;&nbsp; 617403 |
| 30-day Average SOFR + 2.060% <br>Floor 2.060%, Cap 10.595% <br>08/01/2055<br>| &nbsp;&nbsp; 5.595% | 1769995 | &nbsp;&nbsp; 1799084 |
| CMO Series 2003-W8 Class 3F1 | CMO Series 2003-W8 Class 3F1 | CMO Series 2003-W8 Class 3F1 | CMO Series 2003-W8 Class 3F1 |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 8.000% <br>05/25/2042<br>| &nbsp;&nbsp; 4.389% | 71070 | &nbsp;&nbsp; 70899 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2005-SV Class 75 | CMO Series 2005-SV Class 75 | CMO Series 2005-SV Class 75 | CMO Series 2005-SV Class 75 |
| -4.0 x 30-day Average SOFR + <br> 23.742% <br>Cap 24.200% <br>09/25/2035<br>| &nbsp;&nbsp; 8.245% | 9611 | &nbsp;&nbsp; 10740 |
| CMO Series 2005-W3 Class 2AF | CMO Series 2005-W3 Class 2AF | CMO Series 2005-W3 Class 2AF | CMO Series 2005-W3 Class 2AF |
| 30-day Average SOFR + 0.334% <br>Floor 0.220%, Cap 9.500% <br>03/25/2045<br>| &nbsp;&nbsp; 4.209% | 108521 | &nbsp;&nbsp; 107586 |
| CMO Series 2007-101 Class A2 | CMO Series 2007-101 Class A2 | CMO Series 2007-101 Class A2 | CMO Series 2007-101 Class A2 |
| 30-day Average SOFR + 0.364% <br>Floor 0.250% <br>06/27/2036<br>| &nbsp;&nbsp; 4.239% | 101453 | &nbsp;&nbsp; 100998 |
| CMO Series 2010-28 Class BS | CMO Series 2010-28 Class BS | CMO Series 2010-28 Class BS | CMO Series 2010-28 Class BS |
| -2.2 x 30-day Average SOFR + <br> 11.330% <br>Cap 11.588% <br>04/25/2040<br>| &nbsp;&nbsp; 2.613% | 23906 | &nbsp;&nbsp; 21921 |
| CMO Series 2010-35 Class SJ | CMO Series 2010-35 Class SJ | CMO Series 2010-35 Class SJ | CMO Series 2010-35 Class SJ |
| -3.3 x 30-day Average SOFR + <br> 17.285% <br>Cap 17.667% <br>04/25/2040<br>| &nbsp;&nbsp; 4.371% | 116202 | &nbsp;&nbsp; 116390 |
| CMO Series 2010-49 Class SC | CMO Series 2010-49 Class SC | CMO Series 2010-49 Class SC | CMO Series 2010-49 Class SC |
| -2.0 x 30-day Average SOFR + <br> 12.431% <br>Cap 12.660% <br>03/25/2040<br>| &nbsp;&nbsp; 4.683% | 81203 | &nbsp;&nbsp; 80996 |
| CMO Series 2011-75 Class FA | CMO Series 2011-75 Class FA | CMO Series 2011-75 Class FA | CMO Series 2011-75 Class FA |
| 30-day Average SOFR + 0.664% <br>Floor 0.550%, Cap 6.500% <br>08/25/2041<br>| &nbsp;&nbsp; 4.539% | 50173 | &nbsp;&nbsp; 50055 |
| CMO Series 2019-67 Class FB | CMO Series 2019-67 Class FB | CMO Series 2019-67 Class FB | CMO Series 2019-67 Class FB |
| 30-day Average SOFR + 0.564% <br>Floor 0.450%, Cap 6.500% <br>11/25/2049<br>| &nbsp;&nbsp; 4.439% | 644093 | &nbsp;&nbsp; 634948 |
| Federal National Mortgage Association<sup>(e)</sup>  | Federal National Mortgage Association<sup>(e)</sup>  | Federal National Mortgage Association<sup>(e)</sup>  | Federal National Mortgage Association<sup>(e)</sup>  |
| CMO Series 2003-W16 Class AF5 | CMO Series 2003-W16 Class AF5 | CMO Series 2003-W16 Class AF5 | CMO Series 2003-W16 Class AF5 |
| 11/25/2033 | &nbsp;&nbsp; 4.646% | 139347 | &nbsp;&nbsp; 142079 |
| Federal National Mortgage Association<sup>(b),(d)</sup>  | Federal National Mortgage Association<sup>(b),(d)</sup>  | Federal National Mortgage Association<sup>(b),(d)</sup>  | Federal National Mortgage Association<sup>(b),(d)</sup>  |
| CMO Series 2006-117 Class GS | CMO Series 2006-117 Class GS | CMO Series 2006-117 Class GS | CMO Series 2006-117 Class GS |
| -1.0 x 30-day Average SOFR + <br> 6.536% <br>Cap 6.650% <br>12/25/2036<br>| &nbsp;&nbsp; 2.661% | 75411 | &nbsp;&nbsp; 7236 |
| CMO Series 2006-43 Class SI | CMO Series 2006-43 Class SI | CMO Series 2006-43 Class SI | CMO Series 2006-43 Class SI |
| -1.0 x 30-day Average SOFR + <br> 6.486% <br>Cap 6.600% <br>06/25/2036<br>| &nbsp;&nbsp; 2.611% | 294393 | &nbsp;&nbsp; 31776 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2006-58 Class IG | CMO Series 2006-58 Class IG | CMO Series 2006-58 Class IG | CMO Series 2006-58 Class IG |
| -1.0 x 30-day Average SOFR + <br> 6.406% <br>Cap 6.520% <br>07/25/2036<br>| &nbsp;&nbsp; 2.531% | 69644 | &nbsp;&nbsp; 5706 |
| CMO Series 2006-8 Class WN | CMO Series 2006-8 Class WN | CMO Series 2006-8 Class WN | CMO Series 2006-8 Class WN |
| -1.0 x 30-day Average SOFR + <br> 6.586% <br>Cap 6.700% <br>03/25/2036<br>| &nbsp;&nbsp; 2.711% | 317463 | &nbsp;&nbsp; 30176 |
| CMO Series 2006-94 Class GI | CMO Series 2006-94 Class GI | CMO Series 2006-94 Class GI | CMO Series 2006-94 Class GI |
| -1.0 x 30-day Average SOFR + <br> 6.536% <br>Cap 6.650% <br>10/25/2026<br>| &nbsp;&nbsp; 2.661% | 5026 | &nbsp;&nbsp; 24 |
| CMO Series 2007-109 Class PI | CMO Series 2007-109 Class PI | CMO Series 2007-109 Class PI | CMO Series 2007-109 Class PI |
| -1.0 x 30-day Average SOFR + <br> 6.236% <br>Cap 6.350% <br>12/25/2037<br>| &nbsp;&nbsp; 2.361% | 74839 | &nbsp;&nbsp; 5090 |
| CMO Series 2007-65 Class KI | CMO Series 2007-65 Class KI | CMO Series 2007-65 Class KI | CMO Series 2007-65 Class KI |
| -1.0 x 30-day Average SOFR + <br> 6.506% <br>Cap 6.620% <br>07/25/2037<br>| &nbsp;&nbsp; 2.631% | 51165 | &nbsp;&nbsp; 5008 |
| CMO Series 2007-72 Class EK | CMO Series 2007-72 Class EK | CMO Series 2007-72 Class EK | CMO Series 2007-72 Class EK |
| -1.0 x 30-day Average SOFR + <br> 6.286% <br>Cap 6.400% <br>07/25/2037<br>| &nbsp;&nbsp; 2.411% | 324892 | &nbsp;&nbsp; 35922 |
| CMO Series 2007-W7 Class 2A2 | CMO Series 2007-W7 Class 2A2 | CMO Series 2007-W7 Class 2A2 | CMO Series 2007-W7 Class 2A2 |
| -1.0 x 30-day Average SOFR + <br> 6.416% <br>Cap 6.530% <br>07/25/2037<br>| &nbsp;&nbsp; 2.541% | 110944 | &nbsp;&nbsp; 9612 |
| CMO Series 2009-112 Class ST | CMO Series 2009-112 Class ST | CMO Series 2009-112 Class ST | CMO Series 2009-112 Class ST |
| -1.0 x 30-day Average SOFR + <br> 6.136% <br>Cap 6.250% <br>01/25/2040<br>| &nbsp;&nbsp; 2.261% | 93453 | &nbsp;&nbsp; 9898 |
| CMO Series 2009-17 Class QS | CMO Series 2009-17 Class QS | CMO Series 2009-17 Class QS | CMO Series 2009-17 Class QS |
| -1.0 x 30-day Average SOFR + <br> 6.536% <br>Cap 6.650% <br>03/25/2039<br>| &nbsp;&nbsp; 2.661% | 22559 | &nbsp;&nbsp; 2254 |
| CMO Series 2009-37 Class KI | CMO Series 2009-37 Class KI | CMO Series 2009-37 Class KI | CMO Series 2009-37 Class KI |
| -1.0 x 30-day Average SOFR + <br> 5.886% <br>Cap 6.000% <br>06/25/2039<br>| &nbsp;&nbsp; 2.011% | 105960 | &nbsp;&nbsp; 7343 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2009-68 Class SA | CMO Series 2009-68 Class SA | CMO Series 2009-68 Class SA | CMO Series 2009-68 Class SA |
| -1.0 x 30-day Average SOFR + <br> 6.636% <br>Cap 6.750% <br>09/25/2039<br>| &nbsp;&nbsp; 2.761% | 141964 | &nbsp;&nbsp; 13998 |
| CMO Series 2010-125 Class SA | CMO Series 2010-125 Class SA | CMO Series 2010-125 Class SA | CMO Series 2010-125 Class SA |
| -1.0 x 30-day Average SOFR + <br> 4.326% <br>Cap 4.440% <br>11/25/2040<br>| &nbsp;&nbsp; 0.451% | 267213 | &nbsp;&nbsp; 10847 |
| CMO Series 2010-147 Class SA | CMO Series 2010-147 Class SA | CMO Series 2010-147 Class SA | CMO Series 2010-147 Class SA |
| -1.0 x 30-day Average SOFR + <br> 6.416% <br>Cap 6.530% <br>01/25/2041<br>| &nbsp;&nbsp; 2.541% | 615502 | &nbsp;&nbsp; 68933 |
| CMO Series 2010-35 Class SB | CMO Series 2010-35 Class SB | CMO Series 2010-35 Class SB | CMO Series 2010-35 Class SB |
| -1.0 x 30-day Average SOFR + <br> 6.306% <br>Cap 6.420% <br>04/25/2040<br>| &nbsp;&nbsp; 2.431% | 52288 | &nbsp;&nbsp; 5009 |
| CMO Series 2010-42 Class S | CMO Series 2010-42 Class S | CMO Series 2010-42 Class S | CMO Series 2010-42 Class S |
| -1.0 x 30-day Average SOFR + <br> 6.286% <br>Cap 6.400% <br>05/25/2040<br>| &nbsp;&nbsp; 2.411% | 43843 | &nbsp;&nbsp; 3770 |
| CMO Series 2010-68 Class SA | CMO Series 2010-68 Class SA | CMO Series 2010-68 Class SA | CMO Series 2010-68 Class SA |
| -1.0 x 30-day Average SOFR + <br> 4.886% <br>Cap 5.000% <br>07/25/2040<br>| &nbsp;&nbsp; 1.011% | 221887 | &nbsp;&nbsp; 11837 |
| Federal National Mortgage Association<sup>(i)</sup>  | Federal National Mortgage Association<sup>(i)</sup>  | Federal National Mortgage Association<sup>(i)</sup>  | Federal National Mortgage Association<sup>(i)</sup>  |
| CMO Series 2006-15 Class OP | CMO Series 2006-15 Class OP | CMO Series 2006-15 Class OP | CMO Series 2006-15 Class OP |
| 03/25/2036 | &nbsp;&nbsp; 0.000% | 50985 | &nbsp;&nbsp; 43965 |
| CMO Series 2006-8 Class WQ | CMO Series 2006-8 Class WQ | CMO Series 2006-8 Class WQ | CMO Series 2006-8 Class WQ |
| 03/25/2036 | &nbsp;&nbsp; 0.000% | 86581 | &nbsp;&nbsp; 72794 |
| CMO Series 2009-86 Class BO | CMO Series 2009-86 Class BO | CMO Series 2009-86 Class BO | CMO Series 2009-86 Class BO |
| 03/25/2037 | &nbsp;&nbsp; 0.000% | 13463 | &nbsp;&nbsp; 12131 |
| CMO Series 2013-101 Class DO | CMO Series 2013-101 Class DO | CMO Series 2013-101 Class DO | CMO Series 2013-101 Class DO |
| 10/25/2043 | &nbsp;&nbsp; 0.000% | 716615 | &nbsp;&nbsp; 534131 |
| CMO Series 2013-128 Class | CMO Series 2013-128 Class | CMO Series 2013-128 Class | CMO Series 2013-128 Class |
| 12/25/2043 | &nbsp;&nbsp; 0.000% | 423637 | &nbsp;&nbsp; 323233 |
| CMO Series 2013-92 Class | CMO Series 2013-92 Class | CMO Series 2013-92 Class | CMO Series 2013-92 Class |
| 09/25/2043 | &nbsp;&nbsp; 0.000% | 465475 | &nbsp;&nbsp; 349296 |
| Federal National Mortgage Association<sup>(d)</sup>  | Federal National Mortgage Association<sup>(d)</sup>  | Federal National Mortgage Association<sup>(d)</sup>  | Federal National Mortgage Association<sup>(d)</sup>  |
| CMO Series 2009-86 Class IP | CMO Series 2009-86 Class IP | CMO Series 2009-86 Class IP | CMO Series 2009-86 Class IP |
| 10/25/2039 | &nbsp;&nbsp; 5.500% | 42362 | &nbsp;&nbsp; 7087 |
| Federal National Mortgage Association<sup>(c)</sup>  | Federal National Mortgage Association<sup>(c)</sup>  | Federal National Mortgage Association<sup>(c)</sup>  | Federal National Mortgage Association<sup>(c)</sup>  |
| CMO Series 2010-61 Class WA | CMO Series 2010-61 Class WA | CMO Series 2010-61 Class WA | CMO Series 2010-61 Class WA |
| 06/25/2040 | &nbsp;&nbsp; 6.056% | 28345 | &nbsp;&nbsp; 28839 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2011-2 Class WA | CMO Series 2011-2 Class WA | CMO Series 2011-2 Class WA | CMO Series 2011-2 Class WA |
| 02/25/2051 | &nbsp;&nbsp; 5.800% | 31906 | &nbsp;&nbsp; 33280 |
| CMO Series 2011-43 Class WA | CMO Series 2011-43 Class WA | CMO Series 2011-43 Class WA | CMO Series 2011-43 Class WA |
| 05/25/2051 | &nbsp;&nbsp; 5.717% | 50838 | &nbsp;&nbsp; 53113 |
| Federal National Mortgage Association<sup>(c),(d)</sup>  | Federal National Mortgage Association<sup>(c),(d)</sup>  | Federal National Mortgage Association<sup>(c),(d)</sup>  | Federal National Mortgage Association<sup>(c),(d)</sup>  |
| CMO Series 2011-30 Class LS | CMO Series 2011-30 Class LS | CMO Series 2011-30 Class LS | CMO Series 2011-30 Class LS |
| 04/25/2041 | &nbsp;&nbsp; 1.840% | 129078 | &nbsp;&nbsp; 9665 |
| Federal National Mortgage Association REMICS<sup>(b)</sup>  | Federal National Mortgage Association REMICS<sup>(b)</sup>  | Federal National Mortgage Association REMICS<sup>(b)</sup>  | Federal National Mortgage Association REMICS<sup>(b)</sup>  |
| CMO Series 2010-107 Class FB | CMO Series 2010-107 Class FB | CMO Series 2010-107 Class FB | CMO Series 2010-107 Class FB |
| 30-day Average SOFR + 0.524% <br>Floor 0.410%, Cap 7.000% <br>09/25/2040<br>| &nbsp;&nbsp; 4.399% | 598954 | &nbsp;&nbsp; 593775 |
| CMO Series 2011-117 Class AF | CMO Series 2011-117 Class AF | CMO Series 2011-117 Class AF | CMO Series 2011-117 Class AF |
| 30-day Average SOFR + 0.564% <br>Floor 0.450%, Cap 7.000% <br>11/25/2041<br>| &nbsp;&nbsp; 4.439% | 435351 | &nbsp;&nbsp; 431407 |
| CMO Series 2011-117 Class FA | CMO Series 2011-117 Class FA | CMO Series 2011-117 Class FA | CMO Series 2011-117 Class FA |
| 30-day Average SOFR + 0.564% <br>Floor 0.450%, Cap 7.000% <br>11/25/2041<br>| &nbsp;&nbsp; 4.439% | 1006646 | &nbsp;&nbsp; 997855 |
| CMO Series 2011-127 Class FC | CMO Series 2011-127 Class FC | CMO Series 2011-127 Class FC | CMO Series 2011-127 Class FC |
| 30-day Average SOFR + 0.564% <br>Floor 0.450%, Cap 7.000% <br>12/25/2041<br>| &nbsp;&nbsp; 4.439% | 463906 | &nbsp;&nbsp; 459353 |
| CMO Series 2011-142 Class EF | CMO Series 2011-142 Class EF | CMO Series 2011-142 Class EF | CMO Series 2011-142 Class EF |
| 30-day Average SOFR + 0.614% <br>Floor 0.500%, Cap 7.000% <br>01/25/2042<br>| &nbsp;&nbsp; 4.489% | 525547 | &nbsp;&nbsp; 521783 |
| CMO Series 2012-106 Class FA | CMO Series 2012-106 Class FA | CMO Series 2012-106 Class FA | CMO Series 2012-106 Class FA |
| 30-day Average SOFR + 0.454% <br>Floor 0.340%, Cap 6.500% <br>10/25/2042<br>| &nbsp;&nbsp; 4.329% | 408601 | &nbsp;&nbsp; 403975 |
| CMO Series 2012-12 Class FA | CMO Series 2012-12 Class FA | CMO Series 2012-12 Class FA | CMO Series 2012-12 Class FA |
| 30-day Average SOFR + 0.614% <br>Floor 0.500%, Cap 7.000% <br>02/25/2042<br>| &nbsp;&nbsp; 4.489% | 460956 | &nbsp;&nbsp; 457514 |
| CMO Series 2012-47 Class JF | CMO Series 2012-47 Class JF | CMO Series 2012-47 Class JF | CMO Series 2012-47 Class JF |
| 30-day Average SOFR + 0.614% <br>Floor 0.500%, Cap 7.000% <br>05/25/2042<br>| &nbsp;&nbsp; 4.489% | 618836 | &nbsp;&nbsp; 614139 |
| CMO Series 2016-11 Class CF | CMO Series 2016-11 Class CF | CMO Series 2016-11 Class CF | CMO Series 2016-11 Class CF |
| 30-day Average SOFR + 0.464% <br>Floor 0.350%, Cap 6.500% <br>03/25/2046<br>| &nbsp;&nbsp; 4.339% | 600836 | &nbsp;&nbsp; 594309 |
| CMO Series 2016-11 Class FG | CMO Series 2016-11 Class FG | CMO Series 2016-11 Class FG | CMO Series 2016-11 Class FG |
| 30-day Average SOFR + 0.464% <br>Floor 0.350%, Cap 6.500% <br>03/25/2046<br>| &nbsp;&nbsp; 4.339% | 794146 | &nbsp;&nbsp; 785514 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2016-22 Class FA | CMO Series 2016-22 Class FA | CMO Series 2016-22 Class FA | CMO Series 2016-22 Class FA |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 6.500% <br>04/25/2046<br>| &nbsp;&nbsp; 4.389% | 1577013 | &nbsp;&nbsp; 1561851 |
| CMO Series 2016-22 Class FG | CMO Series 2016-22 Class FG | CMO Series 2016-22 Class FG | CMO Series 2016-22 Class FG |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 6.500% <br>04/25/2046<br>| &nbsp;&nbsp; 4.389% | 1380221 | &nbsp;&nbsp; 1366677 |
| CMO Series 2016-69 Class BF | CMO Series 2016-69 Class BF | CMO Series 2016-69 Class BF | CMO Series 2016-69 Class BF |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 6.500% <br>10/25/2046<br>| &nbsp;&nbsp; 4.389% | 1010056 | &nbsp;&nbsp; 1001289 |
| CMO Series 2016-75 Class FE | CMO Series 2016-75 Class FE | CMO Series 2016-75 Class FE | CMO Series 2016-75 Class FE |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 6.500% <br>10/25/2046<br>| &nbsp;&nbsp; 4.389% | 957541 | &nbsp;&nbsp; 949712 |
| CMO Series 2016-78 Class FA | CMO Series 2016-78 Class FA | CMO Series 2016-78 Class FA | CMO Series 2016-78 Class FA |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 6.500% <br>03/25/2044<br>| &nbsp;&nbsp; 4.389% | 605148 | &nbsp;&nbsp; 599001 |
| CMO Series 2016-79 Class FH | CMO Series 2016-79 Class FH | CMO Series 2016-79 Class FH | CMO Series 2016-79 Class FH |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 6.500% <br>11/25/2046<br>| &nbsp;&nbsp; 4.389% | 971439 | &nbsp;&nbsp; 963340 |
| CMO Series 2016-82 Class FE | CMO Series 2016-82 Class FE | CMO Series 2016-82 Class FE | CMO Series 2016-82 Class FE |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 6.500% <br>11/25/2046<br>| &nbsp;&nbsp; 4.389% | 1687103 | &nbsp;&nbsp; 1673583 |
| CMO Series 2016-82 Class FH | CMO Series 2016-82 Class FH | CMO Series 2016-82 Class FH | CMO Series 2016-82 Class FH |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 6.500% <br>11/25/2046<br>| &nbsp;&nbsp; 4.389% | 1567997 | &nbsp;&nbsp; 1553374 |
| CMO Series 2016-84 Class FB | CMO Series 2016-84 Class FB | CMO Series 2016-84 Class FB | CMO Series 2016-84 Class FB |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 6.500% <br>11/25/2046<br>| &nbsp;&nbsp; 4.389% | 934330 | &nbsp;&nbsp; 925402 |
| CMO Series 2016-86 Class FE | CMO Series 2016-86 Class FE | CMO Series 2016-86 Class FE | CMO Series 2016-86 Class FE |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 6.500% <br>11/25/2046<br>| &nbsp;&nbsp; 4.389% | 2451203 | &nbsp;&nbsp; 2427460 |
| CMO Series 2016-88 Class CF | CMO Series 2016-88 Class CF | CMO Series 2016-88 Class CF | CMO Series 2016-88 Class CF |
| 30-day Average SOFR + 0.564% <br>Floor 0.450%, Cap 6.500% <br>12/25/2046<br>| &nbsp;&nbsp; 4.439% | 1313988 | &nbsp;&nbsp; 1303987 |
| CMO Series 2016-91 Class AF | CMO Series 2016-91 Class AF | CMO Series 2016-91 Class AF | CMO Series 2016-91 Class AF |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 6.500% <br>12/25/2046<br>| &nbsp;&nbsp; 4.389% | 677131 | &nbsp;&nbsp; 672172 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2017-12 Class FD | CMO Series 2017-12 Class FD | CMO Series 2017-12 Class FD | CMO Series 2017-12 Class FD |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 6.500% <br>03/25/2047<br>| &nbsp;&nbsp; 4.389% | 937542 | &nbsp;&nbsp; 929583 |
| CMO Series 2017-23 Class FA | CMO Series 2017-23 Class FA | CMO Series 2017-23 Class FA | CMO Series 2017-23 Class FA |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 6.500% <br>04/25/2047<br>| &nbsp;&nbsp; 4.389% | 1066242 | &nbsp;&nbsp; 1056617 |
| CMO Series 2017-26 Class FA | CMO Series 2017-26 Class FA | CMO Series 2017-26 Class FA | CMO Series 2017-26 Class FA |
| 30-day Average SOFR + 0.464% <br>Floor 0.350%, Cap 6.500% <br>04/25/2047<br>| &nbsp;&nbsp; 4.339% | 1933372 | &nbsp;&nbsp; 1915482 |
| CMO Series 2017-9 Class BF | CMO Series 2017-9 Class BF | CMO Series 2017-9 Class BF | CMO Series 2017-9 Class BF |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 6.500% <br>03/25/2047<br>| &nbsp;&nbsp; 4.389% | 933242 | &nbsp;&nbsp; 925293 |
| CMO Series 2017-9 Class DF | CMO Series 2017-9 Class DF | CMO Series 2017-9 Class DF | CMO Series 2017-9 Class DF |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 6.500% <br>03/25/2047<br>| &nbsp;&nbsp; 4.389% | 836388 | &nbsp;&nbsp; 829283 |
| CMO Series 2017-96B Class FB | CMO Series 2017-96B Class FB | CMO Series 2017-96B Class FB | CMO Series 2017-96B Class FB |
| 30-day Average SOFR + 0.414% <br>Floor 0.300%, Cap 6.500% <br>12/25/2047<br>| &nbsp;&nbsp; 4.289% | 1225402 | &nbsp;&nbsp; 1208716 |
| CMO Series 2018-36 Class FD | CMO Series 2018-36 Class FD | CMO Series 2018-36 Class FD | CMO Series 2018-36 Class FD |
| 30-day Average SOFR + 0.364% <br>Floor 0.250%, Cap 6.500% <br>06/25/2048<br>| &nbsp;&nbsp; 4.239% | 1583979 | &nbsp;&nbsp; 1565730 |
| Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
| CMO Series 2013-49C Class AP | CMO Series 2013-49C Class AP | CMO Series 2013-49C Class AP | CMO Series 2013-49C Class AP |
| 05/25/2043 | &nbsp;&nbsp; 1.750% | 576886 | &nbsp;&nbsp; 503776 |
| CMO Series 2015-72 Class GL | CMO Series 2015-72 Class GL | CMO Series 2015-72 Class GL | CMO Series 2015-72 Class GL |
| 10/25/2045 | &nbsp;&nbsp; 3.000% | 751000 | &nbsp;&nbsp; 663204 |
| CMO Series 2017-24 Class PG | CMO Series 2017-24 Class PG | CMO Series 2017-24 Class PG | CMO Series 2017-24 Class PG |
| 04/25/2047 | &nbsp;&nbsp; 2.625% | 3006463 | &nbsp;&nbsp; 2669628 |
| CMO Series 2019-13 Class PE | CMO Series 2019-13 Class PE | CMO Series 2019-13 Class PE | CMO Series 2019-13 Class PE |
| 03/25/2049 | &nbsp;&nbsp; 3.000% | 671509 | &nbsp;&nbsp; 618442 |
| CMO Series 2019-81 Class LH | CMO Series 2019-81 Class LH | CMO Series 2019-81 Class LH | CMO Series 2019-81 Class LH |
| 12/25/2049 | &nbsp;&nbsp; 3.000% | 825310 | &nbsp;&nbsp; 753378 |
| CMO Series 2022-62 Class KA | CMO Series 2022-62 Class KA | CMO Series 2022-62 Class KA | CMO Series 2022-62 Class KA |
| 09/25/2052 | &nbsp;&nbsp; 3.250% | 852166 | &nbsp;&nbsp; 805809 |
| CMO Series 2024-64 Class KY | CMO Series 2024-64 Class KY | CMO Series 2024-64 Class KY | CMO Series 2024-64 Class KY |
| 12/25/2043 | &nbsp;&nbsp; 3.000% | 913000 | &nbsp;&nbsp; 782002 |
| Freddie Mac Gold Pool | Freddie Mac Gold Pool | Freddie Mac Gold Pool | Freddie Mac Gold Pool |
| 06/01/2044- <br>12/01/2046<br>| &nbsp;&nbsp; 3.000% | 11170477 | &nbsp;&nbsp; 10301514 |
| Freddie Mac Non Gold Pool<sup>(b)</sup>  | Freddie Mac Non Gold Pool<sup>(b)</sup>  | Freddie Mac Non Gold Pool<sup>(b)</sup>  | Freddie Mac Non Gold Pool<sup>(b)</sup>  |
| 30-day Average SOFR + 2.095% <br>Floor 2.095%, Cap 10.086% <br>11/01/2055<br>| &nbsp;&nbsp; 5.086% | 2881171 | &nbsp;&nbsp; 2905708 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Freddie Mac Pool | Freddie Mac Pool | Freddie Mac Pool | Freddie Mac Pool |
| 10/01/2055 | &nbsp;&nbsp; 6.500% | 1765970 | &nbsp;&nbsp; 1876126 |
| Freddie Mac REMICS | Freddie Mac REMICS | Freddie Mac REMICS | Freddie Mac REMICS |
| CMO Series 205217 Class CD | CMO Series 205217 Class CD | CMO Series 205217 Class CD | CMO Series 205217 Class CD |
| 07/25/2049 | &nbsp;&nbsp; 2.500% | 1275928 | &nbsp;&nbsp; 1186896 |
| CMO Series 4091 Class BX | CMO Series 4091 Class BX | CMO Series 4091 Class BX | CMO Series 4091 Class BX |
| 10/15/2041 | &nbsp;&nbsp; 3.250% | 1084477 | &nbsp;&nbsp; 1031700 |
| CMO Series 4091 Class EX | CMO Series 4091 Class EX | CMO Series 4091 Class EX | CMO Series 4091 Class EX |
| 07/15/2042 | &nbsp;&nbsp; 3.375% | 698119 | &nbsp;&nbsp; 661970 |
| CMO Series 4091 Class MX | CMO Series 4091 Class MX | CMO Series 4091 Class MX | CMO Series 4091 Class MX |
| 02/15/2042 | &nbsp;&nbsp; 3.250% | 802627 | &nbsp;&nbsp; 757508 |
| CMO Series 4117 Class HB | CMO Series 4117 Class HB | CMO Series 4117 Class HB | CMO Series 4117 Class HB |
| 10/15/2042 | &nbsp;&nbsp; 2.500% | 722453 | &nbsp;&nbsp; 654824 |
| CMO Series 4446 Class CP | CMO Series 4446 Class CP | CMO Series 4446 Class CP | CMO Series 4446 Class CP |
| 03/15/2045 | &nbsp;&nbsp; 2.250% | 918862 | &nbsp;&nbsp; 832034 |
| CMO Series 4582 Class HA | CMO Series 4582 Class HA | CMO Series 4582 Class HA | CMO Series 4582 Class HA |
| 09/15/2045 | &nbsp;&nbsp; 3.000% | 3290735 | &nbsp;&nbsp; 3127262 |
| CMO Series 4719 Class LA | CMO Series 4719 Class LA | CMO Series 4719 Class LA | CMO Series 4719 Class LA |
| 09/15/2047 | &nbsp;&nbsp; 3.500% | 993805 | &nbsp;&nbsp; 936394 |
| CMO Series 4719 Class LM | CMO Series 4719 Class LM | CMO Series 4719 Class LM | CMO Series 4719 Class LM |
| 09/15/2047 | &nbsp;&nbsp; 3.000% | 761702 | &nbsp;&nbsp; 695205 |
| CMO Series 4753 Class BD | CMO Series 4753 Class BD | CMO Series 4753 Class BD | CMO Series 4753 Class BD |
| 01/15/2048 | &nbsp;&nbsp; 3.000% | 824103 | &nbsp;&nbsp; 745647 |
| CMO Series 4857 Class JA | CMO Series 4857 Class JA | CMO Series 4857 Class JA | CMO Series 4857 Class JA |
| 01/15/2049 | &nbsp;&nbsp; 3.350% | 2813011 | &nbsp;&nbsp; 2723659 |
| CMO Series 4927 Class BG | CMO Series 4927 Class BG | CMO Series 4927 Class BG | CMO Series 4927 Class BG |
| 11/25/2049 | &nbsp;&nbsp; 3.000% | 1319547 | &nbsp;&nbsp; 1224740 |
| CMO Series 4937 Class MD | CMO Series 4937 Class MD | CMO Series 4937 Class MD | CMO Series 4937 Class MD |
| 10/25/2049 | &nbsp;&nbsp; 2.500% | 1299783 | &nbsp;&nbsp; 1161874 |
| CMO Series 4940 Class AG | CMO Series 4940 Class AG | CMO Series 4940 Class AG | CMO Series 4940 Class AG |
| 05/15/2040 | &nbsp;&nbsp; 3.000% | 991716 | &nbsp;&nbsp; 949318 |
| CMO Series 4941 Class GA | CMO Series 4941 Class GA | CMO Series 4941 Class GA | CMO Series 4941 Class GA |
| 12/15/2047 | &nbsp;&nbsp; 2.000% | 757300 | &nbsp;&nbsp; 641725 |
| CMO Series 4954 Class LB | CMO Series 4954 Class LB | CMO Series 4954 Class LB | CMO Series 4954 Class LB |
| 02/25/2050 | &nbsp;&nbsp; 2.500% | 613334 | &nbsp;&nbsp; 544118 |
| CMO Series 5020 Class ET | CMO Series 5020 Class ET | CMO Series 5020 Class ET | CMO Series 5020 Class ET |
| 10/25/2050 | &nbsp;&nbsp; 3.500% | 1166364 | &nbsp;&nbsp; 1080378 |
| CMO Series 5058 Class BC | CMO Series 5058 Class BC | CMO Series 5058 Class BC | CMO Series 5058 Class BC |
| 11/25/2050 | &nbsp;&nbsp; 5.000% | 973032 | &nbsp;&nbsp; 965549 |
| CMO Series 5092Z Class HE | CMO Series 5092Z Class HE | CMO Series 5092Z Class HE | CMO Series 5092Z Class HE |
| 02/25/2051 | &nbsp;&nbsp; 2.000% | 1392611 | &nbsp;&nbsp; 1183239 |
| CMO Series 5118 Class CA | CMO Series 5118 Class CA | CMO Series 5118 Class CA | CMO Series 5118 Class CA |
| 10/15/2033 | &nbsp;&nbsp; 1.500% | 1342284 | &nbsp;&nbsp; 1254099 |
| CMO Series 5202R Class TA | CMO Series 5202R Class TA | CMO Series 5202R Class TA | CMO Series 5202R Class TA |
| 12/25/2048 | &nbsp;&nbsp; 2.500% | 2324773 | &nbsp;&nbsp; 2151899 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 5207 Class PA | CMO Series 5207 Class PA | CMO Series 5207 Class PA | CMO Series 5207 Class PA |
| 06/25/2051 | &nbsp;&nbsp; 3.000% | 1825651 | &nbsp;&nbsp; 1653467 |
| CMO Series 5220 Class QK | CMO Series 5220 Class QK | CMO Series 5220 Class QK | CMO Series 5220 Class QK |
| 09/25/2050 | &nbsp;&nbsp; 3.500% | 3137247 | &nbsp;&nbsp; 3044560 |
| CMO Series 5228 Class TN | CMO Series 5228 Class TN | CMO Series 5228 Class TN | CMO Series 5228 Class TN |
| 07/25/2039 | &nbsp;&nbsp; 3.500% | 211346 | &nbsp;&nbsp; 205015 |
| CMO Series 5529 Class HA | CMO Series 5529 Class HA | CMO Series 5529 Class HA | CMO Series 5529 Class HA |
| 03/15/2043 | &nbsp;&nbsp; 3.000% | 6271837 | &nbsp;&nbsp; 5986497 |
| CMO Series 5565G Class QA | CMO Series 5565G Class QA | CMO Series 5565G Class QA | CMO Series 5565G Class QA |
| 08/25/2055 | &nbsp;&nbsp; 4.500% | 8569630 | &nbsp;&nbsp; 8558176 |
| Freddie Mac REMICS<sup>(b)</sup>  | Freddie Mac REMICS<sup>(b)</sup>  | Freddie Mac REMICS<sup>(b)</sup>  | Freddie Mac REMICS<sup>(b)</sup>  |
| CMO Series 4184 Class FN | CMO Series 4184 Class FN | CMO Series 4184 Class FN | CMO Series 4184 Class FN |
| 30-day Average SOFR + 0.464% <br>Floor 0.350%, Cap 7.000% <br>03/15/2043<br>| &nbsp;&nbsp; 4.448% | 375357 | &nbsp;&nbsp; 369748 |
| CMO Series 4281 Class FA | CMO Series 4281 Class FA | CMO Series 4281 Class FA | CMO Series 4281 Class FA |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 6.500% <br>12/15/2043<br>| &nbsp;&nbsp; 4.498% | 289803 | &nbsp;&nbsp; 287229 |
| CMO Series 4290D Class LF | CMO Series 4290D Class LF | CMO Series 4290D Class LF | CMO Series 4290D Class LF |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 6.500% <br>07/15/2035<br>| &nbsp;&nbsp; 4.498% | 619297 | &nbsp;&nbsp; 614486 |
| CMO Series 4303 Class FA | CMO Series 4303 Class FA | CMO Series 4303 Class FA | CMO Series 4303 Class FA |
| 30-day Average SOFR + 0.464% <br>Floor 0.350%, Cap 7.000% <br>02/15/2044<br>| &nbsp;&nbsp; 4.448% | 526372 | &nbsp;&nbsp; 518921 |
| CMO Series 4826 Class KF | CMO Series 4826 Class KF | CMO Series 4826 Class KF | CMO Series 4826 Class KF |
| 30-day Average SOFR + 0.414% <br>Floor 0.300%, Cap 6.500% <br>09/15/2048<br>| &nbsp;&nbsp; 4.398% | 663985 | &nbsp;&nbsp; 650053 |
| CMO Series 4903 Class NF | CMO Series 4903 Class NF | CMO Series 4903 Class NF | CMO Series 4903 Class NF |
| 30-day Average SOFR + 0.514% <br>Floor 0.400%, Cap 6.500% <br>08/25/2049<br>| &nbsp;&nbsp; 4.389% | 596289 | &nbsp;&nbsp; 587127 |
| CMO Series 5119 Class QF | CMO Series 5119 Class QF | CMO Series 5119 Class QF | CMO Series 5119 Class QF |
| 30-day Average SOFR + 0.200% <br>Floor 0.200%, Cap 6.500% <br>06/25/2051<br>| &nbsp;&nbsp; 4.074% | 1836827 | &nbsp;&nbsp; 1750878 |
| CMO Series 5335 Class FB | CMO Series 5335 Class FB | CMO Series 5335 Class FB | CMO Series 5335 Class FB |
| 30-day Average SOFR + 0.814% <br>Floor 0.700%, Cap 7.500% <br>10/15/2039<br>| &nbsp;&nbsp; 4.798% | 3498919 | &nbsp;&nbsp; 3506798 |
| CMO Series 5396 Class HF | CMO Series 5396 Class HF | CMO Series 5396 Class HF | CMO Series 5396 Class HF |
| 30-day Average SOFR + 0.950% <br>Floor 0.950%, Cap 8.000% <br>04/25/2054<br>| &nbsp;&nbsp; 4.824% | 3099329 | &nbsp;&nbsp; 3109234 |
| Ginnie Mae II Pool | Ginnie Mae II Pool | Ginnie Mae II Pool | Ginnie Mae II Pool |
| 04/20/2048 | &nbsp;&nbsp; 3.500% | 943975 | &nbsp;&nbsp; 887629 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| 12/20/2037- <br>03/20/2052<br>| &nbsp;&nbsp; 2.500% | 18563981 | &nbsp;&nbsp; 16325576 |
| 09/20/2038 | &nbsp;&nbsp; 7.000% | 27743 | &nbsp;&nbsp; 28874 |
| 07/20/2040- <br>12/15/2040<br>| &nbsp;&nbsp; 3.750% | 1032684 | &nbsp;&nbsp; 980612 |
| 11/15/2040- <br>11/20/2040<br>| &nbsp;&nbsp; 3.625% | 558433 | &nbsp;&nbsp; 522033 |
| 12/15/2040 | &nbsp;&nbsp; 3.490% | 720632 | &nbsp;&nbsp; 693758 |
| 06/20/2043- <br>03/20/2052<br>| &nbsp;&nbsp; 3.000% | 20927035 | &nbsp;&nbsp; 18892517 |
| 12/20/2048- <br>04/20/2050<br>| &nbsp;&nbsp; 4.500% | 6228213 | &nbsp;&nbsp; 6109705 |
| 12/20/2048 | &nbsp;&nbsp; 5.000% | 545783 | &nbsp;&nbsp; 552378 |
| 01/20/2050- <br>02/20/2052<br>| &nbsp;&nbsp; 3.500% | 29433573 | &nbsp;&nbsp; 26821912 |
| 02/20/2050- <br>08/20/2052<br>| &nbsp;&nbsp; 4.000% | 22580020 | &nbsp;&nbsp; 21457743 |
| 01/20/2053- <br>07/20/2055<br>| &nbsp;&nbsp; 6.000% | 13157771 | &nbsp;&nbsp; 13504475 |
| 08/20/2055 | &nbsp;&nbsp; 5.500% | 16503451 | &nbsp;&nbsp; 16674993 |
| 11/01/2070 | &nbsp;&nbsp; 2.932% | 3048729 | &nbsp;&nbsp; 2783269 |
| CMO Series 2003-75 Class ZX | CMO Series 2003-75 Class ZX | CMO Series 2003-75 Class ZX | CMO Series 2003-75 Class ZX |
| 09/16/2033 | &nbsp;&nbsp; 6.000% | 177650 | &nbsp;&nbsp; 177331 |
| CMO Series 2005-26 Class XY | CMO Series 2005-26 Class XY | CMO Series 2005-26 Class XY | CMO Series 2005-26 Class XY |
| 03/20/2035 | &nbsp;&nbsp; 5.500% | 170177 | &nbsp;&nbsp; 173956 |
| CMO Series 2005-72 Class AZ | CMO Series 2005-72 Class AZ | CMO Series 2005-72 Class AZ | CMO Series 2005-72 Class AZ |
| 09/20/2035 | &nbsp;&nbsp; 5.500% | 139204 | &nbsp;&nbsp; 141837 |
| CMO Series 2006-17 Class JN | CMO Series 2006-17 Class JN | CMO Series 2006-17 Class JN | CMO Series 2006-17 Class JN |
| 04/20/2036 | &nbsp;&nbsp; 6.000% | 72280 | &nbsp;&nbsp; 72943 |
| CMO Series 2006-38 Class ZK | CMO Series 2006-38 Class ZK | CMO Series 2006-38 Class ZK | CMO Series 2006-38 Class ZK |
| 08/20/2036 | &nbsp;&nbsp; 6.500% | 290594 | &nbsp;&nbsp; 289859 |
| CMO Series 2006-69 Class MB | CMO Series 2006-69 Class MB | CMO Series 2006-69 Class MB | CMO Series 2006-69 Class MB |
| 12/20/2036 | &nbsp;&nbsp; 5.500% | 340228 | &nbsp;&nbsp; 352232 |
| CMO Series 2008-23 Class PH | CMO Series 2008-23 Class PH | CMO Series 2008-23 Class PH | CMO Series 2008-23 Class PH |
| 03/20/2038 | &nbsp;&nbsp; 5.000% | 283002 | &nbsp;&nbsp; 287785 |
| CMO Series 2010-130 Class CP | CMO Series 2010-130 Class CP | CMO Series 2010-130 Class CP | CMO Series 2010-130 Class CP |
| 10/16/2040 | &nbsp;&nbsp; 7.000% | 136447 | &nbsp;&nbsp; 146152 |
| CMO Series 2010-163 Class NC | CMO Series 2010-163 Class NC | CMO Series 2010-163 Class NC | CMO Series 2010-163 Class NC |
| 12/20/2040 | &nbsp;&nbsp; 4.000% | 1088548 | &nbsp;&nbsp; 1082577 |
| CMO Series 2013-152 Class HA | CMO Series 2013-152 Class HA | CMO Series 2013-152 Class HA | CMO Series 2013-152 Class HA |
| 06/20/2043 | &nbsp;&nbsp; 2.500% | 1275367 | &nbsp;&nbsp; 1191765 |
| CMO Series 2013-H01 Class FA | CMO Series 2013-H01 Class FA | CMO Series 2013-H01 Class FA | CMO Series 2013-H01 Class FA |
| 01/20/2063 | &nbsp;&nbsp; 1.650% | 35 | &nbsp;&nbsp; 32 |
| CMO Series 2013-H04 Class BA | CMO Series 2013-H04 Class BA | CMO Series 2013-H04 Class BA | CMO Series 2013-H04 Class BA |
| 02/20/2063 | &nbsp;&nbsp; 1.650% | 2697 | &nbsp;&nbsp; 2585 |
| CMO Series 2013-H09 Class HA | CMO Series 2013-H09 Class HA | CMO Series 2013-H09 Class HA | CMO Series 2013-H09 Class HA |
| 04/20/2063 | &nbsp;&nbsp; 1.650% | 29917 | &nbsp;&nbsp; 28647 |
| CMO Series 2014-133 Class BP | CMO Series 2014-133 Class BP | CMO Series 2014-133 Class BP | CMO Series 2014-133 Class BP |
| 09/20/2044 | &nbsp;&nbsp; 2.250% | 965793 | &nbsp;&nbsp; 876920 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2014-149 Class KP | CMO Series 2014-149 Class KP | CMO Series 2014-149 Class KP | CMO Series 2014-149 Class KP |
| 07/16/2044 | &nbsp;&nbsp; 2.250% | 962825 | &nbsp;&nbsp; 893023 |
| CMO Series 2014-181 Class L | CMO Series 2014-181 Class L | CMO Series 2014-181 Class L | CMO Series 2014-181 Class L |
| 12/20/2044 | &nbsp;&nbsp; 3.000% | 903972 | &nbsp;&nbsp; 825921 |
| CMO Series 2015-144 Class CA | CMO Series 2015-144 Class CA | CMO Series 2015-144 Class CA | CMO Series 2015-144 Class CA |
| 10/20/2045 | &nbsp;&nbsp; 2.500% | 1390412 | &nbsp;&nbsp; 1238757 |
| CMO Series 2016-136 Class A | CMO Series 2016-136 Class A | CMO Series 2016-136 Class A | CMO Series 2016-136 Class A |
| 07/20/2044 | &nbsp;&nbsp; 3.000% | 820919 | &nbsp;&nbsp; 750389 |
| CMO Series 2016-93 Class AB | CMO Series 2016-93 Class AB | CMO Series 2016-93 Class AB | CMO Series 2016-93 Class AB |
| 07/20/2044 | &nbsp;&nbsp; 1.750% | 1819062 | &nbsp;&nbsp; 1545392 |
| CMO Series 2016-99 Class TL | CMO Series 2016-99 Class TL | CMO Series 2016-99 Class TL | CMO Series 2016-99 Class TL |
| 04/16/2044 | &nbsp;&nbsp; 2.000% | 402217 | &nbsp;&nbsp; 340978 |
| CMO Series 2017-139 Class GA | CMO Series 2017-139 Class GA | CMO Series 2017-139 Class GA | CMO Series 2017-139 Class GA |
| 09/20/2047 | &nbsp;&nbsp; 3.000% | 3158990 | &nbsp;&nbsp; 2883324 |
| CMO Series 2017-167 Class BQ | CMO Series 2017-167 Class BQ | CMO Series 2017-167 Class BQ | CMO Series 2017-167 Class BQ |
| 08/20/2044 | &nbsp;&nbsp; 2.500% | 581957 | &nbsp;&nbsp; 553046 |
| CMO Series 2018-65 Class DC | CMO Series 2018-65 Class DC | CMO Series 2018-65 Class DC | CMO Series 2018-65 Class DC |
| 05/20/2048 | &nbsp;&nbsp; 3.500% | 1258696 | &nbsp;&nbsp; 1177857 |
| CMO Series 2021-105 Class P | CMO Series 2021-105 Class P | CMO Series 2021-105 Class P | CMO Series 2021-105 Class P |
| 06/20/2051 | &nbsp;&nbsp; 1.750% | 3287082 | &nbsp;&nbsp; 2708277 |
| CMO Series 2021-107 Class DB | CMO Series 2021-107 Class DB | CMO Series 2021-107 Class DB | CMO Series 2021-107 Class DB |
| 04/20/2051 | &nbsp;&nbsp; 1.750% | 3080324 | &nbsp;&nbsp; 2542373 |
| CMO Series 2021-135 Class A | CMO Series 2021-135 Class A | CMO Series 2021-135 Class A | CMO Series 2021-135 Class A |
| 08/20/2051 | &nbsp;&nbsp; 2.000% | 984874 | &nbsp;&nbsp; 824248 |
| CMO Series 2021-215 Class GA | CMO Series 2021-215 Class GA | CMO Series 2021-215 Class GA | CMO Series 2021-215 Class GA |
| 12/20/2051 | &nbsp;&nbsp; 2.000% | 6494008 | &nbsp;&nbsp; 5703156 |
| CMO Series 2021-225G Class YC | CMO Series 2021-225G Class YC | CMO Series 2021-225G Class YC | CMO Series 2021-225G Class YC |
| 12/20/2051 | &nbsp;&nbsp; 2.000% | 596115 | &nbsp;&nbsp; 513322 |
| CMO Series 2021-24 Class BC | CMO Series 2021-24 Class BC | CMO Series 2021-24 Class BC | CMO Series 2021-24 Class BC |
| 02/20/2051 | &nbsp;&nbsp; 1.250% | 1378233 | &nbsp;&nbsp; 1088598 |
| CMO Series 2021-27 Class BD | CMO Series 2021-27 Class BD | CMO Series 2021-27 Class BD | CMO Series 2021-27 Class BD |
| 02/20/2051 | &nbsp;&nbsp; 5.000% | 1173467 | &nbsp;&nbsp; 1171467 |
| CMO Series 2021-27 Class NT | CMO Series 2021-27 Class NT | CMO Series 2021-27 Class NT | CMO Series 2021-27 Class NT |
| 02/20/2051 | &nbsp;&nbsp; 5.000% | 1291125 | &nbsp;&nbsp; 1275517 |
| CMO Series 2021-27 Class Q | CMO Series 2021-27 Class Q | CMO Series 2021-27 Class Q | CMO Series 2021-27 Class Q |
| 02/20/2051 | &nbsp;&nbsp; 5.000% | 1151833 | &nbsp;&nbsp; 1149492 |
| CMO Series 2021-8 Class CY | CMO Series 2021-8 Class CY | CMO Series 2021-8 Class CY | CMO Series 2021-8 Class CY |
| 01/20/2051 | &nbsp;&nbsp; 5.000% | 1003517 | &nbsp;&nbsp; 1001372 |
| CMO Series 2021-89 Class LK | CMO Series 2021-89 Class LK | CMO Series 2021-89 Class LK | CMO Series 2021-89 Class LK |
| 05/20/2051 | &nbsp;&nbsp; 2.000% | 2372621 | &nbsp;&nbsp; 1974390 |
| CMO Series 2021-97 Class QK | CMO Series 2021-97 Class QK | CMO Series 2021-97 Class QK | CMO Series 2021-97 Class QK |
| 06/20/2051 | &nbsp;&nbsp; 2.000% | 5658185 | &nbsp;&nbsp; 4724419 |
| CMO Series 2022-153 Class KA | CMO Series 2022-153 Class KA | CMO Series 2022-153 Class KA | CMO Series 2022-153 Class KA |
| 12/20/2049 | &nbsp;&nbsp; 4.000% | 1238441 | &nbsp;&nbsp; 1224083 |
| CMO Series 2022-205 Class A | CMO Series 2022-205 Class A | CMO Series 2022-205 Class A | CMO Series 2022-205 Class A |
| 09/20/2051 | &nbsp;&nbsp; 2.000% | 1968270 | &nbsp;&nbsp; 1592382 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2022-24 Class AH | CMO Series 2022-24 Class AH | CMO Series 2022-24 Class AH | CMO Series 2022-24 Class AH |
| 02/20/2052 | &nbsp;&nbsp; 2.500% | 392390 | &nbsp;&nbsp; 339288 |
| CMO Series 2022-31 Class GH | CMO Series 2022-31 Class GH | CMO Series 2022-31 Class GH | CMO Series 2022-31 Class GH |
| 12/20/2049 | &nbsp;&nbsp; 2.500% | 3198315 | &nbsp;&nbsp; 2903289 |
| CMO Series 2022-34 Class DN | CMO Series 2022-34 Class DN | CMO Series 2022-34 Class DN | CMO Series 2022-34 Class DN |
| 09/20/2041 | &nbsp;&nbsp; 3.500% | 2471050 | &nbsp;&nbsp; 2383991 |
| CMO Series 2022-46 Class LY | CMO Series 2022-46 Class LY | CMO Series 2022-46 Class LY | CMO Series 2022-46 Class LY |
| 03/20/2052 | &nbsp;&nbsp; 3.000% | 470000 | &nbsp;&nbsp; 394702 |
| CMO Series 2022-5 Class BA | CMO Series 2022-5 Class BA | CMO Series 2022-5 Class BA | CMO Series 2022-5 Class BA |
| 10/20/2049 | &nbsp;&nbsp; 2.000% | 4985976 | &nbsp;&nbsp; 4379981 |
| CMO Series 2022-50 Class CA | CMO Series 2022-50 Class CA | CMO Series 2022-50 Class CA | CMO Series 2022-50 Class CA |
| 03/20/2052 | &nbsp;&nbsp; 3.000% | 4420177 | &nbsp;&nbsp; 4006228 |
| CMO Series 2022-66 Class CG | CMO Series 2022-66 Class CG | CMO Series 2022-66 Class CG | CMO Series 2022-66 Class CG |
| 04/20/2052 | &nbsp;&nbsp; 3.500% | 2736799 | &nbsp;&nbsp; 2628501 |
| CMO Series 2022-78 Class HW | CMO Series 2022-78 Class HW | CMO Series 2022-78 Class HW | CMO Series 2022-78 Class HW |
| 04/20/2052 | &nbsp;&nbsp; 2.500% | 1053000 | &nbsp;&nbsp; 847748 |
| CMO Series 2022-84 Class A | CMO Series 2022-84 Class A | CMO Series 2022-84 Class A | CMO Series 2022-84 Class A |
| 01/20/2052 | &nbsp;&nbsp; 2.500% | 1621875 | &nbsp;&nbsp; 1402608 |
| CMO Series 2022-9 Class GA | CMO Series 2022-9 Class GA | CMO Series 2022-9 Class GA | CMO Series 2022-9 Class GA |
| 01/20/2052 | &nbsp;&nbsp; 2.000% | 1138836 | &nbsp;&nbsp; 951812 |
| CMO Series 2023-81 Class YJ | CMO Series 2023-81 Class YJ | CMO Series 2023-81 Class YJ | CMO Series 2023-81 Class YJ |
| 06/20/2053 | &nbsp;&nbsp; 3.500% | 3930000 | &nbsp;&nbsp; 3449923 |
| CMO Series 2024-110 Class JC | CMO Series 2024-110 Class JC | CMO Series 2024-110 Class JC | CMO Series 2024-110 Class JC |
| 09/20/2047 | &nbsp;&nbsp; 3.000% | 502925 | &nbsp;&nbsp; 481821 |
| CMO Series 2024-110 Class JL | CMO Series 2024-110 Class JL | CMO Series 2024-110 Class JL | CMO Series 2024-110 Class JL |
| 10/20/2049 | &nbsp;&nbsp; 3.000% | 1262000 | &nbsp;&nbsp; 1098433 |
| CMO Series 2024-45 Class BD | CMO Series 2024-45 Class BD | CMO Series 2024-45 Class BD | CMO Series 2024-45 Class BD |
| 03/20/2054 | &nbsp;&nbsp; 2.000% | 995130 | &nbsp;&nbsp; 924795 |
| CMO Series 2025-1 Class GC | CMO Series 2025-1 Class GC | CMO Series 2025-1 Class GC | CMO Series 2025-1 Class GC |
| 10/20/2051 | &nbsp;&nbsp; 3.500% | 15303533 | &nbsp;&nbsp; 14797263 |
| CMO Series 2025-7 Class EL | CMO Series 2025-7 Class EL | CMO Series 2025-7 Class EL | CMO Series 2025-7 Class EL |
| 01/20/2055 | &nbsp;&nbsp; 2.500% | 543000 | &nbsp;&nbsp; 382938 |
| Government National Mortgage Association<sup>(c)</sup>  | Government National Mortgage Association<sup>(c)</sup>  | Government National Mortgage Association<sup>(c)</sup>  | Government National Mortgage Association<sup>(c)</sup>  |
| 03/20/2048 | &nbsp;&nbsp; 4.761% | 2279744 | &nbsp;&nbsp; 2319658 |
| CMO Series 2010-H17 Class XQ | CMO Series 2010-H17 Class XQ | CMO Series 2010-H17 Class XQ | CMO Series 2010-H17 Class XQ |
| 07/20/2060 | &nbsp;&nbsp; 5.143% | 3775 | &nbsp;&nbsp; 3803 |
| CMO Series 2011-137 Class WA | CMO Series 2011-137 Class WA | CMO Series 2011-137 Class WA | CMO Series 2011-137 Class WA |
| 07/20/2040 | &nbsp;&nbsp; 5.582% | 311990 | &nbsp;&nbsp; 324081 |
| CMO Series 2012-141 Class WC | CMO Series 2012-141 Class WC | CMO Series 2012-141 Class WC | CMO Series 2012-141 Class WC |
| 01/20/2042 | &nbsp;&nbsp; 3.748% | 228393 | &nbsp;&nbsp; 218469 |
| CMO Series 2013-54 Class WA | CMO Series 2013-54 Class WA | CMO Series 2013-54 Class WA | CMO Series 2013-54 Class WA |
| 11/20/2042 | &nbsp;&nbsp; 4.875% | 624316 | &nbsp;&nbsp; 638351 |
| CMO Series 2013-75 Class WA | CMO Series 2013-75 Class WA | CMO Series 2013-75 Class WA | CMO Series 2013-75 Class WA |
| 06/20/2040 | &nbsp;&nbsp; 5.077% | 152344 | &nbsp;&nbsp; 156399 |
| CMO Series 2021-27 Class CW | CMO Series 2021-27 Class CW | CMO Series 2021-27 Class CW | CMO Series 2021-27 Class CW |
| 02/20/2051 | &nbsp;&nbsp; 5.000% | 1436222 | &nbsp;&nbsp; 1433935 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Government National Mortgage Association<sup>(b)</sup>  | Government National Mortgage Association<sup>(b)</sup>  | Government National Mortgage Association<sup>(b)</sup>  | Government National Mortgage Association<sup>(b)</sup>  |
| 1-year CMT + 1.703% <br>02/20/2072<br>| &nbsp;&nbsp; 5.340% | 6074188 | &nbsp;&nbsp; 6353995 |
| 1-year CMT + 1.733% <br>04/20/2072<br>| &nbsp;&nbsp; 5.366% | 5580686 | &nbsp;&nbsp; 5837104 |
| CMO Series 2007-16 Class NS | CMO Series 2007-16 Class NS | CMO Series 2007-16 Class NS | CMO Series 2007-16 Class NS |
| -3.5 x 1-month Term SOFR + <br> 22.874% <br>Cap 23.275% <br>04/20/2037<br>| &nbsp;&nbsp; 9.806% | 27521 | &nbsp;&nbsp; 29819 |
| CMO Series 2012-H10 Class FA | CMO Series 2012-H10 Class FA | CMO Series 2012-H10 Class FA | CMO Series 2012-H10 Class FA |
| 1-month Term SOFR + 0.664% <br>Floor 0.550%, Cap 10.500% <br>12/20/2061<br>| &nbsp;&nbsp; 4.664% | 101220 | &nbsp;&nbsp; 101311 |
| CMO Series 2012-H21 Class CF | CMO Series 2012-H21 Class CF | CMO Series 2012-H21 Class CF | CMO Series 2012-H21 Class CF |
| 1-month Term SOFR + 0.814% <br>Floor 0.700% <br>05/20/2061<br>| &nbsp;&nbsp; 4.814% | 331 | &nbsp;&nbsp; 332 |
| CMO Series 2012-H21 Class DF | CMO Series 2012-H21 Class DF | CMO Series 2012-H21 Class DF | CMO Series 2012-H21 Class DF |
| 1-month Term SOFR + 0.764% <br>Floor 0.650% <br>05/20/2061<br>| &nbsp;&nbsp; 4.764% | 295 | &nbsp;&nbsp; 295 |
| CMO Series 2012-H26 Class MA | CMO Series 2012-H26 Class MA | CMO Series 2012-H26 Class MA | CMO Series 2012-H26 Class MA |
| 1-month Term SOFR + 0.664% <br>Floor 0.550% <br>07/20/2062<br>| &nbsp;&nbsp; 4.664% | 3014 | &nbsp;&nbsp; 3015 |
| CMO Series 2012-H28 Class FA | CMO Series 2012-H28 Class FA | CMO Series 2012-H28 Class FA | CMO Series 2012-H28 Class FA |
| 1-month Term SOFR + 0.694% <br>Floor 0.580% <br>09/20/2062<br>| &nbsp;&nbsp; 4.694% | 2176 | &nbsp;&nbsp; 2178 |
| CMO Series 2012-H29 Class FA | CMO Series 2012-H29 Class FA | CMO Series 2012-H29 Class FA | CMO Series 2012-H29 Class FA |
| 1-month Term SOFR + 0.629% <br>Floor 0.515%, Cap 11.500% <br>10/20/2062<br>| &nbsp;&nbsp; 4.629% | 67978 | &nbsp;&nbsp; 68005 |
| CMO Series 2013-H01 Class TA | CMO Series 2013-H01 Class TA | CMO Series 2013-H01 Class TA | CMO Series 2013-H01 Class TA |
| 1-month Term SOFR + 0.614% <br>Floor 0.500%, Cap 10.500% <br>01/20/2063<br>| &nbsp;&nbsp; 4.614% | 4432 | &nbsp;&nbsp; 4419 |
| CMO Series 2013-H05 Class FB | CMO Series 2013-H05 Class FB | CMO Series 2013-H05 Class FB | CMO Series 2013-H05 Class FB |
| 1-month Term SOFR + 0.514% <br>Floor 0.400% <br>02/20/2062<br>| &nbsp;&nbsp; 4.387% | 5825 | &nbsp;&nbsp; 5777 |
| CMO Series 2013-H07 Class GA | CMO Series 2013-H07 Class GA | CMO Series 2013-H07 Class GA | CMO Series 2013-H07 Class GA |
| 1-month Term SOFR + 0.584% <br>Floor 0.470%, Cap 10.500% <br>03/20/2063<br>| &nbsp;&nbsp; 4.584% | 112424 | &nbsp;&nbsp; 112400 |
| CMO Series 2013-H07 Class HA | CMO Series 2013-H07 Class HA | CMO Series 2013-H07 Class HA | CMO Series 2013-H07 Class HA |
| 1-month Term SOFR + 0.524% <br>Floor 0.410%, Cap 11.000% <br>03/20/2063<br>| &nbsp;&nbsp; 4.524% | 88117 | &nbsp;&nbsp; 88002 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2013-H09 Class GA | CMO Series 2013-H09 Class GA | CMO Series 2013-H09 Class GA | CMO Series 2013-H09 Class GA |
| 1-month Term SOFR + 0.594% <br>Floor 0.480%, Cap 11.000% <br>04/20/2063<br>| &nbsp;&nbsp; 4.594% | 68223 | &nbsp;&nbsp; 68234 |
| CMO Series 2013-H09 Class SA | CMO Series 2013-H09 Class SA | CMO Series 2013-H09 Class SA | CMO Series 2013-H09 Class SA |
| 1-month Term SOFR + 0.614% <br>Floor 0.500%, Cap 10.500% <br>04/20/2063<br>| &nbsp;&nbsp; 4.614% | 244870 | &nbsp;&nbsp; 244910 |
| CMO Series 2013-H21 Class FA | CMO Series 2013-H21 Class FA | CMO Series 2013-H21 Class FA | CMO Series 2013-H21 Class FA |
| 1-month Term SOFR + 0.864% <br>Floor 0.750%, Cap 11.000% <br>09/20/2063<br>| &nbsp;&nbsp; 4.864% | 15924 | &nbsp;&nbsp; 16014 |
| CMO Series 2013-H21 Class FB | CMO Series 2013-H21 Class FB | CMO Series 2013-H21 Class FB | CMO Series 2013-H21 Class FB |
| 1-month Term SOFR + 0.814% <br>Floor 0.700%, Cap 11.000% <br>09/20/2063<br>| &nbsp;&nbsp; 4.814% | 70899 | &nbsp;&nbsp; 71068 |
| CMO Series 2015-H23 Class FB | CMO Series 2015-H23 Class FB | CMO Series 2015-H23 Class FB | CMO Series 2015-H23 Class FB |
| 1-month Term SOFR + 0.634% <br>Floor 0.520%, Cap 11.000% <br>09/20/2065<br>| &nbsp;&nbsp; 4.634% | 246806 | &nbsp;&nbsp; 246924 |
| CMO Series 2015-H26 Class FG | CMO Series 2015-H26 Class FG | CMO Series 2015-H26 Class FG | CMO Series 2015-H26 Class FG |
| 1-month Term SOFR + 0.634% <br>Floor 0.520%, Cap 11.000% <br>10/20/2065<br>| &nbsp;&nbsp; 4.634% | 155607 | &nbsp;&nbsp; 155683 |
| CMO Series 2020-H05 Class FK | CMO Series 2020-H05 Class FK | CMO Series 2020-H05 Class FK | CMO Series 2020-H05 Class FK |
| 1-month Term SOFR + 0.724% <br>Floor 0.610%, Cap 99.000% <br>03/20/2070<br>| &nbsp;&nbsp; 4.724% | 2240428 | &nbsp;&nbsp; 2228610 |
| Government National Mortgage Association<sup>(b),(d)</sup>  | Government National Mortgage Association<sup>(b),(d)</sup>  | Government National Mortgage Association<sup>(b),(d)</sup>  | Government National Mortgage Association<sup>(b),(d)</sup>  |
| CMO Series 2005-3 Class SE | CMO Series 2005-3 Class SE | CMO Series 2005-3 Class SE | CMO Series 2005-3 Class SE |
| -1.0 x 1-month Term SOFR + <br> 5.986% <br>Cap 6.100% <br>01/20/2035<br>| &nbsp;&nbsp; 2.252% | 252750 | &nbsp;&nbsp; 5358 |
| CMO Series 2007-40 Class SN | CMO Series 2007-40 Class SN | CMO Series 2007-40 Class SN | CMO Series 2007-40 Class SN |
| -1.0 x 1-month Term SOFR + <br> 6.566% <br>Cap 6.680% <br>07/20/2037<br>| &nbsp;&nbsp; 2.832% | 184725 | &nbsp;&nbsp; 5431 |
| CMO Series 2008-62 Class SA | CMO Series 2008-62 Class SA | CMO Series 2008-62 Class SA | CMO Series 2008-62 Class SA |
| -1.0 x 1-month Term SOFR + <br> 6.036% <br>Cap 6.150% <br>07/20/2038<br>| &nbsp;&nbsp; 2.302% | 158686 | &nbsp;&nbsp; 821 |
| CMO Series 2008-76 Class US | CMO Series 2008-76 Class US | CMO Series 2008-76 Class US | CMO Series 2008-76 Class US |
| -1.0 x 1-month Term SOFR + <br> 5.786% <br>Cap 5.900% <br>09/20/2038<br>| &nbsp;&nbsp; 2.052% | 223790 | &nbsp;&nbsp; 5664 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2008-95 Class DS | CMO Series 2008-95 Class DS | CMO Series 2008-95 Class DS | CMO Series 2008-95 Class DS |
| -1.0 x 1-month Term SOFR + <br> 7.186% <br>Cap 7.300% <br>12/20/2038<br>| &nbsp;&nbsp; 3.452% | 185400 | &nbsp;&nbsp; 1426 |
| CMO Series 2009-106 Class ST | CMO Series 2009-106 Class ST | CMO Series 2009-106 Class ST | CMO Series 2009-106 Class ST |
| -1.0 x 1-month Term SOFR + <br> 5.886% <br>Cap 6.000% <br>02/20/2038<br>| &nbsp;&nbsp; 2.152% | 283700 | &nbsp;&nbsp; 6300 |
| CMO Series 2009-64 Class SN | CMO Series 2009-64 Class SN | CMO Series 2009-64 Class SN | CMO Series 2009-64 Class SN |
| -1.0 x 1-month Term SOFR + <br> 5.986% <br>Cap 6.100% <br>07/16/2039<br>| &nbsp;&nbsp; 2.251% | 82229 | &nbsp;&nbsp; 4028 |
| CMO Series 2009-67 Class SA | CMO Series 2009-67 Class SA | CMO Series 2009-67 Class SA | CMO Series 2009-67 Class SA |
| -1.0 x 1-month Term SOFR + <br> 5.936% <br>Cap 6.050% <br>08/16/2039<br>| &nbsp;&nbsp; 2.201% | 84821 | &nbsp;&nbsp; 7060 |
| CMO Series 2009-72 Class SM | CMO Series 2009-72 Class SM | CMO Series 2009-72 Class SM | CMO Series 2009-72 Class SM |
| -1.0 x 1-month Term SOFR + <br> 6.136% <br>Cap 6.250% <br>08/16/2039<br>| &nbsp;&nbsp; 2.401% | 205980 | &nbsp;&nbsp; 16376 |
| CMO Series 2009-81 Class SB | CMO Series 2009-81 Class SB | CMO Series 2009-81 Class SB | CMO Series 2009-81 Class SB |
| -1.0 x 1-month Term SOFR + <br> 5.976% <br>Cap 6.090% <br>09/20/2039<br>| &nbsp;&nbsp; 2.242% | 310278 | &nbsp;&nbsp; 28205 |
| CMO Series 2010-47 Class PX | CMO Series 2010-47 Class PX | CMO Series 2010-47 Class PX | CMO Series 2010-47 Class PX |
| -1.0 x 1-month Term SOFR + <br> 6.586% <br>Cap 6.700% <br>06/20/2037<br>| &nbsp;&nbsp; 2.852% | 337274 | &nbsp;&nbsp; 20507 |
| CMO Series 2011-75 Class SM | CMO Series 2011-75 Class SM | CMO Series 2011-75 Class SM | CMO Series 2011-75 Class SM |
| -1.0 x 1-month Term SOFR + <br> 6.486% <br>Cap 6.600% <br>05/20/2041<br>| &nbsp;&nbsp; 2.752% | 149388 | &nbsp;&nbsp; 10215 |
| Government National Mortgage Association<sup>(i)</sup>  | Government National Mortgage Association<sup>(i)</sup>  | Government National Mortgage Association<sup>(i)</sup>  | Government National Mortgage Association<sup>(i)</sup>  |
| CMO Series 2008-1 Class PO | CMO Series 2008-1 Class PO | CMO Series 2008-1 Class PO | CMO Series 2008-1 Class PO |
| 01/20/2038 | &nbsp;&nbsp; 0.000% | 32026 | &nbsp;&nbsp; 26120 |
| CMO Series 2010-157 Class OP | CMO Series 2010-157 Class OP | CMO Series 2010-157 Class OP | CMO Series 2010-157 Class OP |
| 12/20/2040 | &nbsp;&nbsp; 0.000% | 177473 | &nbsp;&nbsp; 153719 |
| Government National Mortgage Association<sup>(d)</sup>  | Government National Mortgage Association<sup>(d)</sup>  | Government National Mortgage Association<sup>(d)</sup>  | Government National Mortgage Association<sup>(d)</sup>  |
| CMO Series 2010-107 Class IL | CMO Series 2010-107 Class IL | CMO Series 2010-107 Class IL | CMO Series 2010-107 Class IL |
| 07/20/2039 | &nbsp;&nbsp; 6.000% | 216126 | &nbsp;&nbsp; 41907 |
| Government National Mortgage Association TBA<sup>(n)</sup>  | Government National Mortgage Association TBA<sup>(n)</sup>  | Government National Mortgage Association TBA<sup>(n)</sup>  | Government National Mortgage Association TBA<sup>(n)</sup>  |
| 01/22/2056 | &nbsp;&nbsp; 5.500% | 7500000 | &nbsp;&nbsp; 7572723 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Seasoned Credit Risk Transfer Trust | Seasoned Credit Risk Transfer Trust | Seasoned Credit Risk Transfer Trust | Seasoned Credit Risk Transfer Trust |
| CMO Series 2018-4 Class MZ (FHLMC) | CMO Series 2018-4 Class MZ (FHLMC) | CMO Series 2018-4 Class MZ (FHLMC) | CMO Series 2018-4 Class MZ (FHLMC) |
| 03/25/2058 | &nbsp;&nbsp; 3.500% | 4239268 | &nbsp;&nbsp; 3240874 |
| Uniform Mortgage-Backed Security TBA<sup>(n)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(n)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(n)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(n)</sup>  |
| 01/14/2056 | &nbsp;&nbsp; 5.000% | 7700000 | &nbsp;&nbsp; 7678344 |
| 01/14/2056 | &nbsp;&nbsp; 5.500% | 67700000 | &nbsp;&nbsp; 68646621 |
| Total Residential Mortgage-Backed Securities - Agency <br>(Cost $1,246,541,709) | Total Residential Mortgage-Backed Securities - Agency <br>(Cost $1,246,541,709) | Total Residential Mortgage-Backed Securities - Agency <br>(Cost $1,246,541,709) | &nbsp;&nbsp; **1241183311** |
| **Residential Mortgage-Backed Securities - Non-Agency 1.8%** | **Residential Mortgage-Backed Securities - Non-Agency 1.8%** | **Residential Mortgage-Backed Securities - Non-Agency 1.8%** | **Residential Mortgage-Backed Securities - Non-Agency 1.8%** |
| Angel Oak Mortgage Trust<sup>(a),(c)</sup>  | Angel Oak Mortgage Trust<sup>(a),(c)</sup>  | Angel Oak Mortgage Trust<sup>(a),(c)</sup>  | Angel Oak Mortgage Trust<sup>(a),(c)</sup>  |
| CMO Series 2021-6 Class A1 | CMO Series 2021-6 Class A1 | CMO Series 2021-6 Class A1 | CMO Series 2021-6 Class A1 |
| 09/25/2066 | &nbsp;&nbsp; 1.458% | 1116940 | &nbsp;&nbsp; 957430 |
| Asset Based Lending LLC<sup>(a),(e)</sup>  | Asset Based Lending LLC<sup>(a),(e)</sup>  | Asset Based Lending LLC<sup>(a),(e)</sup>  | Asset Based Lending LLC<sup>(a),(e)</sup>  |
| CMO Series 2025-RTL1 Class A1 | CMO Series 2025-RTL1 Class A1 | CMO Series 2025-RTL1 Class A1 | CMO Series 2025-RTL1 Class A1 |
| 06/25/2030 | &nbsp;&nbsp; 6.040% | 2155000 | &nbsp;&nbsp; 2172786 |
| Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
| CMO Series 2004-3 Class 1A1 | CMO Series 2004-3 Class 1A1 | CMO Series 2004-3 Class 1A1 | CMO Series 2004-3 Class 1A1 |
| 10/25/2034 | &nbsp;&nbsp; 5.500% | 20457 | &nbsp;&nbsp; 20531 |
| Bear Stearns Adjustable Rate Mortgage Trust<sup>(c)</sup>  | Bear Stearns Adjustable Rate Mortgage Trust<sup>(c)</sup>  | Bear Stearns Adjustable Rate Mortgage Trust<sup>(c)</sup>  | Bear Stearns Adjustable Rate Mortgage Trust<sup>(c)</sup>  |
| CMO Series 2003-4 Class 3A1 | CMO Series 2003-4 Class 3A1 | CMO Series 2003-4 Class 3A1 | CMO Series 2003-4 Class 3A1 |
| 07/25/2033 | &nbsp;&nbsp; 6.352% | 11721 | &nbsp;&nbsp; 11309 |
| CMO Series 2003-7 Class 6A | CMO Series 2003-7 Class 6A | CMO Series 2003-7 Class 6A | CMO Series 2003-7 Class 6A |
| 10/25/2033 | &nbsp;&nbsp; 5.742% | 42611 | &nbsp;&nbsp; 41367 |
| Bear Stearns Asset-Backed Securities Trust<sup>(b)</sup>  | Bear Stearns Asset-Backed Securities Trust<sup>(b)</sup>  | Bear Stearns Asset-Backed Securities Trust<sup>(b)</sup>  | Bear Stearns Asset-Backed Securities Trust<sup>(b)</sup>  |
| CMO Series 2003-SD1 Class A | CMO Series 2003-SD1 Class A | CMO Series 2003-SD1 Class A | CMO Series 2003-SD1 Class A |
| 1-month Term SOFR + 1.014% <br>Floor 0.900%, Cap 11.000% <br>12/25/2033<br>| &nbsp;&nbsp; 4.746% | 166426 | &nbsp;&nbsp; 173757 |
| Bunker Hill Loan Depositary Trust<sup>(a),(e)</sup>  | Bunker Hill Loan Depositary Trust<sup>(a),(e)</sup>  | Bunker Hill Loan Depositary Trust<sup>(a),(e)</sup>  | Bunker Hill Loan Depositary Trust<sup>(a),(e)</sup>  |
| CMO Series 2019-2 Class A1 | CMO Series 2019-2 Class A1 | CMO Series 2019-2 Class A1 | CMO Series 2019-2 Class A1 |
| 07/25/2049 | &nbsp;&nbsp; 2.879% | 311250 | &nbsp;&nbsp; 307290 |
| Chase Funding Trust<sup>(b)</sup>  | Chase Funding Trust<sup>(b)</sup>  | Chase Funding Trust<sup>(b)</sup>  | Chase Funding Trust<sup>(b)</sup>  |
| Series 2003-2 Class 2A2 | Series 2003-2 Class 2A2 | Series 2003-2 Class 2A2 | Series 2003-2 Class 2A2 |
| 1-month Term SOFR + 0.674% <br>Floor 0.560% <br>02/25/2033<br>| &nbsp;&nbsp; 4.406% | 275727 | &nbsp;&nbsp; 273999 |
| Chase Funding Trust<sup>(e)</sup>  | Chase Funding Trust<sup>(e)</sup>  | Chase Funding Trust<sup>(e)</sup>  | Chase Funding Trust<sup>(e)</sup>  |
| Series 2003-4 Class 1A5 | Series 2003-4 Class 1A5 | Series 2003-4 Class 1A5 | Series 2003-4 Class 1A5 |
| 05/25/2033 | &nbsp;&nbsp; 5.916% | 118970 | &nbsp;&nbsp; 117237 |
| Series 2003-6 Class 1A5 | Series 2003-6 Class 1A5 | Series 2003-6 Class 1A5 | Series 2003-6 Class 1A5 |
| 11/25/2034 | &nbsp;&nbsp; 5.850% | 95365 | &nbsp;&nbsp; 94770 |
| Chase Mortgage Finance Corp.<sup>(c)</sup>  | Chase Mortgage Finance Corp.<sup>(c)</sup>  | Chase Mortgage Finance Corp.<sup>(c)</sup>  | Chase Mortgage Finance Corp.<sup>(c)</sup>  |
| CMO Series 2007-A1 Class 1A3 | CMO Series 2007-A1 Class 1A3 | CMO Series 2007-A1 Class 1A3 | CMO Series 2007-A1 Class 1A3 |
| 02/25/2037 | &nbsp;&nbsp; 6.653% | 40833 | &nbsp;&nbsp; 40988 |
| CMO Series 2007-A1 Class 2A1 | CMO Series 2007-A1 Class 2A1 | CMO Series 2007-A1 Class 2A1 | CMO Series 2007-A1 Class 2A1 |
| 02/25/2037 | &nbsp;&nbsp; 5.881% | 27318 | &nbsp;&nbsp; 26293 |
| CMO Series 2007-A1 Class 7A1 | CMO Series 2007-A1 Class 7A1 | CMO Series 2007-A1 Class 7A1 | CMO Series 2007-A1 Class 7A1 |
| 02/25/2037 | &nbsp;&nbsp; 6.869% | 2473 | &nbsp;&nbsp; 2481 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
| CMO Series 2003-1 Class 3A4 | CMO Series 2003-1 Class 3A4 | CMO Series 2003-1 Class 3A4 | CMO Series 2003-1 Class 3A4 |
| 09/25/2033 | &nbsp;&nbsp; 5.250% | 17271 | &nbsp;&nbsp; 17072 |
| CMO Series 2005-2 Class 2A11 | CMO Series 2005-2 Class 2A11 | CMO Series 2005-2 Class 2A11 | CMO Series 2005-2 Class 2A11 |
| 05/25/2035 | &nbsp;&nbsp; 5.500% | 52663 | &nbsp;&nbsp; 52738 |
| Citigroup Mortgage Loan Trust, Inc.<sup>(a),(c)</sup>  | Citigroup Mortgage Loan Trust, Inc.<sup>(a),(c)</sup>  | Citigroup Mortgage Loan Trust, Inc.<sup>(a),(c)</sup>  | Citigroup Mortgage Loan Trust, Inc.<sup>(a),(c)</sup>  |
| CMO Series 2009-10 Class 1A1 | CMO Series 2009-10 Class 1A1 | CMO Series 2009-10 Class 1A1 | CMO Series 2009-10 Class 1A1 |
| 09/25/2033 | &nbsp;&nbsp; 5.447% | 20891 | &nbsp;&nbsp; 20686 |
| COLT Mortgage Loan Trust<sup>(a),(c)</sup>  | COLT Mortgage Loan Trust<sup>(a),(c)</sup>  | COLT Mortgage Loan Trust<sup>(a),(c)</sup>  | COLT Mortgage Loan Trust<sup>(a),(c)</sup>  |
| CMO Series 2021-2 Class A1 | CMO Series 2021-2 Class A1 | CMO Series 2021-2 Class A1 | CMO Series 2021-2 Class A1 |
| 08/25/2066 | &nbsp;&nbsp; 0.924% | 1382661 | &nbsp;&nbsp; 1191247 |
| CMO Series 2021-4 Class A1 | CMO Series 2021-4 Class A1 | CMO Series 2021-4 Class A1 | CMO Series 2021-4 Class A1 |
| 10/25/2066 | &nbsp;&nbsp; 1.397% | 1562704 | &nbsp;&nbsp; 1339857 |
| Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
| CMO Series 2004-13 Class 1A4 | CMO Series 2004-13 Class 1A4 | CMO Series 2004-13 Class 1A4 | CMO Series 2004-13 Class 1A4 |
| 08/25/2034 | &nbsp;&nbsp; 5.500% | 73973 | &nbsp;&nbsp; 74323 |
| CMO Series 2004-3 Class A26 | CMO Series 2004-3 Class A26 | CMO Series 2004-3 Class A26 | CMO Series 2004-3 Class A26 |
| 04/25/2034 | &nbsp;&nbsp; 5.500% | 35475 | &nbsp;&nbsp; 35548 |
| CMO Series 2004-5 Class 1A4 | CMO Series 2004-5 Class 1A4 | CMO Series 2004-5 Class 1A4 | CMO Series 2004-5 Class 1A4 |
| 06/25/2034 | &nbsp;&nbsp; 5.500% | 74231 | &nbsp;&nbsp; 73612 |
| Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
| CMO Series 2003-21 Class 1A4 | CMO Series 2003-21 Class 1A4 | CMO Series 2003-21 Class 1A4 | CMO Series 2003-21 Class 1A4 |
| 09/25/2033 | &nbsp;&nbsp; 5.250% | 23544 | &nbsp;&nbsp; 23579 |
| Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates | Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates | Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates | Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates |
| CMO Series 2004-4 Class 2A4 | CMO Series 2004-4 Class 2A4 | CMO Series 2004-4 Class 2A4 | CMO Series 2004-4 Class 2A4 |
| 09/25/2034 | &nbsp;&nbsp; 5.500% | 55142 | &nbsp;&nbsp; 56095 |
| CMO Series 2004-8 Class 1A4 | CMO Series 2004-8 Class 1A4 | CMO Series 2004-8 Class 1A4 | CMO Series 2004-8 Class 1A4 |
| 12/25/2034 | &nbsp;&nbsp; 5.500% | 84142 | &nbsp;&nbsp; 85811 |
| DBRR Trust<sup>(a),(c)</sup>  | DBRR Trust<sup>(a),(c)</sup>  | DBRR Trust<sup>(a),(c)</sup>  | DBRR Trust<sup>(a),(c)</sup>  |
| CMO Series 2015-LCM Class A2 | CMO Series 2015-LCM Class A2 | CMO Series 2015-LCM Class A2 | CMO Series 2015-LCM Class A2 |
| 06/10/2034 | &nbsp;&nbsp; 3.421% | 3152000 | &nbsp;&nbsp; 3101447 |
| DBRR Trust<sup>(a)</sup>  | DBRR Trust<sup>(a)</sup>  | DBRR Trust<sup>(a)</sup>  | DBRR Trust<sup>(a)</sup>  |
| Series 2015-LCM Class A1 | Series 2015-LCM Class A1 | Series 2015-LCM Class A1 | Series 2015-LCM Class A1 |
| 06/10/2034 | &nbsp;&nbsp; 2.998% | 220484 | &nbsp;&nbsp; 218512 |
| FMC GMSR Issuer Trust<sup>(a),(c)</sup>  | FMC GMSR Issuer Trust<sup>(a),(c)</sup>  | FMC GMSR Issuer Trust<sup>(a),(c)</sup>  | FMC GMSR Issuer Trust<sup>(a),(c)</sup>  |
| CMO Series 2020-GT1 Class A | CMO Series 2020-GT1 Class A | CMO Series 2020-GT1 Class A | CMO Series 2020-GT1 Class A |
| 01/25/2026 | &nbsp;&nbsp; 4.450% | 5000000 | &nbsp;&nbsp; 4988447 |
| CMO Series 2021-GT1 Class B | CMO Series 2021-GT1 Class B | CMO Series 2021-GT1 Class B | CMO Series 2021-GT1 Class B |
| 07/25/2026 | &nbsp;&nbsp; 4.360% | 6000000 | &nbsp;&nbsp; 5790400 |
| CMO Series 2021-GT2 Class B | CMO Series 2021-GT2 Class B | CMO Series 2021-GT2 Class B | CMO Series 2021-GT2 Class B |
| 10/25/2026 | &nbsp;&nbsp; 4.440% | 3828000 | &nbsp;&nbsp; 3687597 |
| FMC GMSR Issuer Trust<sup>(a)</sup>  | FMC GMSR Issuer Trust<sup>(a)</sup>  | FMC GMSR Issuer Trust<sup>(a)</sup>  | FMC GMSR Issuer Trust<sup>(a)</sup>  |
| CMO Series 2022-GT1 Class B | CMO Series 2022-GT1 Class B | CMO Series 2022-GT1 Class B | CMO Series 2022-GT1 Class B |
| 04/25/2027 | &nbsp;&nbsp; 7.170% | 6000000 | &nbsp;&nbsp; 6028390 |
| Freddie Mac Seasoned Credit Risk Transfer Trust | Freddie Mac Seasoned Credit Risk Transfer Trust | Freddie Mac Seasoned Credit Risk Transfer Trust | Freddie Mac Seasoned Credit Risk Transfer Trust |
| CMO Series 2024-2 Class MT (FHLMC) | CMO Series 2024-2 Class MT (FHLMC) | CMO Series 2024-2 Class MT (FHLMC) | CMO Series 2024-2 Class MT (FHLMC) |
| 05/25/2064 | &nbsp;&nbsp; 3.500% | 5774719 | &nbsp;&nbsp; 5022151 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| GSMPS Mortgage Loan Trust<sup>(a),(b)</sup>  | GSMPS Mortgage Loan Trust<sup>(a),(b)</sup>  | GSMPS Mortgage Loan Trust<sup>(a),(b)</sup>  | GSMPS Mortgage Loan Trust<sup>(a),(b)</sup>  |
| CMO Series 2005-RP3 Class 1AF | CMO Series 2005-RP3 Class 1AF | CMO Series 2005-RP3 Class 1AF | CMO Series 2005-RP3 Class 1AF |
| 1-month Term SOFR + 0.464% <br>Floor 0.350%, Cap 10.000% <br>09/25/2035<br>| &nbsp;&nbsp; 4.196% | 361158 | &nbsp;&nbsp; 310445 |
| GSMPS Mortgage Loan Trust<sup>(a),(c),(d)</sup>  | GSMPS Mortgage Loan Trust<sup>(a),(c),(d)</sup>  | GSMPS Mortgage Loan Trust<sup>(a),(c),(d)</sup>  | GSMPS Mortgage Loan Trust<sup>(a),(c),(d)</sup>  |
| CMO Series 2005-RP3 Class 1AS | CMO Series 2005-RP3 Class 1AS | CMO Series 2005-RP3 Class 1AS | CMO Series 2005-RP3 Class 1AS |
| 09/25/2035 | &nbsp;&nbsp; 0.142% | 279897 | &nbsp;&nbsp; 5346 |
| GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
| CMO Series 2003-7F Class 1A4 | CMO Series 2003-7F Class 1A4 | CMO Series 2003-7F Class 1A4 | CMO Series 2003-7F Class 1A4 |
| 06/25/2033 | &nbsp;&nbsp; 5.250% | 72980 | &nbsp;&nbsp; 73274 |
| GSR Mortgage Loan Trust<sup>(b)</sup>  | GSR Mortgage Loan Trust<sup>(b)</sup>  | GSR Mortgage Loan Trust<sup>(b)</sup>  | GSR Mortgage Loan Trust<sup>(b)</sup>  |
| CMO Series 2005-5F Class 8A3 | CMO Series 2005-5F Class 8A3 | CMO Series 2005-5F Class 8A3 | CMO Series 2005-5F Class 8A3 |
| 1-month Term SOFR + 0.614% <br>Floor 0.500%, Cap 5.500% <br>06/25/2035<br>| &nbsp;&nbsp; 4.346% | 4239 | &nbsp;&nbsp; 4092 |
| HarborView Mortgage Loan Trust<sup>(c)</sup>  | HarborView Mortgage Loan Trust<sup>(c)</sup>  | HarborView Mortgage Loan Trust<sup>(c)</sup>  | HarborView Mortgage Loan Trust<sup>(c)</sup>  |
| CMO Series 2004-3 Class 1A | CMO Series 2004-3 Class 1A | CMO Series 2004-3 Class 1A | CMO Series 2004-3 Class 1A |
| 05/19/2034 | &nbsp;&nbsp; 5.336% | 255899 | &nbsp;&nbsp; 243849 |
| Hundred Acre Wood Trust<sup>(a),(h)</sup>  | Hundred Acre Wood Trust<sup>(a),(h)</sup>  | Hundred Acre Wood Trust<sup>(a),(h)</sup>  | Hundred Acre Wood Trust<sup>(a),(h)</sup>  |
| CMO Series 2018-1 Class A | CMO Series 2018-1 Class A | CMO Series 2018-1 Class A | CMO Series 2018-1 Class A |
| 01/13/2026 | &nbsp;&nbsp; 7.250% | 2000000 | &nbsp;&nbsp; 1989000 |
| Impac CMB Trust<sup>(b)</sup>  | Impac CMB Trust<sup>(b)</sup>  | Impac CMB Trust<sup>(b)</sup>  | Impac CMB Trust<sup>(b)</sup>  |
| CMO Series 2005-4 Class 2A1 | CMO Series 2005-4 Class 2A1 | CMO Series 2005-4 Class 2A1 | CMO Series 2005-4 Class 2A1 |
| 1-month Term SOFR + 0.714% <br>Floor 0.600%, Cap 10.250% <br>05/25/2035<br>| &nbsp;&nbsp; 4.446% | 80052 | &nbsp;&nbsp; 77738 |
| Impac Secured Assets CMN Owner Trust<sup>(c)</sup>  | Impac Secured Assets CMN Owner Trust<sup>(c)</sup>  | Impac Secured Assets CMN Owner Trust<sup>(c)</sup>  | Impac Secured Assets CMN Owner Trust<sup>(c)</sup>  |
| CMO Series 2003-3 Class A1 | CMO Series 2003-3 Class A1 | CMO Series 2003-3 Class A1 | CMO Series 2003-3 Class A1 |
| 08/25/2033 | &nbsp;&nbsp; 5.200% | 31873 | &nbsp;&nbsp; 31665 |
| Impac Secured Assets Trust<sup>(b)</sup>  | Impac Secured Assets Trust<sup>(b)</sup>  | Impac Secured Assets Trust<sup>(b)</sup>  | Impac Secured Assets Trust<sup>(b)</sup>  |
| CMO Series 2006-1 Class 2A1 | CMO Series 2006-1 Class 2A1 | CMO Series 2006-1 Class 2A1 | CMO Series 2006-1 Class 2A1 |
| 1-month Term SOFR + 0.814% <br>Floor 0.700%, Cap 11.500% <br>05/25/2036<br>| &nbsp;&nbsp; 4.546% | 20575 | &nbsp;&nbsp; 19509 |
| JPMorgan Mortgage Trust<sup>(c)</sup>  | JPMorgan Mortgage Trust<sup>(c)</sup>  | JPMorgan Mortgage Trust<sup>(c)</sup>  | JPMorgan Mortgage Trust<sup>(c)</sup>  |
| CMO Series 2006-A2 Class 5A3 | CMO Series 2006-A2 Class 5A3 | CMO Series 2006-A2 Class 5A3 | CMO Series 2006-A2 Class 5A3 |
| 11/25/2033 | &nbsp;&nbsp; 6.305% | 34548 | &nbsp;&nbsp; 34341 |
| CMO Series 2007-A1 Class 5A5 | CMO Series 2007-A1 Class 5A5 | CMO Series 2007-A1 Class 5A5 | CMO Series 2007-A1 Class 5A5 |
| 07/25/2035 | &nbsp;&nbsp; 5.898% | 38346 | &nbsp;&nbsp; 38259 |
| LHOME Mortgage Trust<sup>(a),(e)</sup>  | LHOME Mortgage Trust<sup>(a),(e)</sup>  | LHOME Mortgage Trust<sup>(a),(e)</sup>  | LHOME Mortgage Trust<sup>(a),(e)</sup>  |
| CMO Series 2023-RTL4 Class A1 | CMO Series 2023-RTL4 Class A1 | CMO Series 2023-RTL4 Class A1 | CMO Series 2023-RTL4 Class A1 |
| 11/25/2028 | &nbsp;&nbsp; 7.628% | 4165000 | &nbsp;&nbsp; 4171283 |
| MASTR Adjustable Rate Mortgages Trust<sup>(c)</sup>  | MASTR Adjustable Rate Mortgages Trust<sup>(c)</sup>  | MASTR Adjustable Rate Mortgages Trust<sup>(c)</sup>  | MASTR Adjustable Rate Mortgages Trust<sup>(c)</sup>  |
| CMO Series 2004-13 Class 2A1 | CMO Series 2004-13 Class 2A1 | CMO Series 2004-13 Class 2A1 | CMO Series 2004-13 Class 2A1 |
| 04/21/2034 | &nbsp;&nbsp; 6.290% | 40809 | &nbsp;&nbsp; 40156 |
| CMO Series 2004-13 Class 3A7 | CMO Series 2004-13 Class 3A7 | CMO Series 2004-13 Class 3A7 | CMO Series 2004-13 Class 3A7 |
| 11/21/2034 | &nbsp;&nbsp; 5.633% | 72212 | &nbsp;&nbsp; 71697 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| MASTR Asset Securitization Trust<sup>(a)</sup>  | MASTR Asset Securitization Trust<sup>(a)</sup>  | MASTR Asset Securitization Trust<sup>(a)</sup>  | MASTR Asset Securitization Trust<sup>(a)</sup>  |
| CMO Series 2004-P7 Class A6 | CMO Series 2004-P7 Class A6 | CMO Series 2004-P7 Class A6 | CMO Series 2004-P7 Class A6 |
| 12/27/2033 | &nbsp;&nbsp; 5.500% | 13286 | &nbsp;&nbsp; 11252 |
| MASTR Seasoned Securities Trust | MASTR Seasoned Securities Trust | MASTR Seasoned Securities Trust | MASTR Seasoned Securities Trust |
| CMO Series 2004-2 Class A1 | CMO Series 2004-2 Class A1 | CMO Series 2004-2 Class A1 | CMO Series 2004-2 Class A1 |
| 08/25/2032 | &nbsp;&nbsp; 6.500% | 49734 | &nbsp;&nbsp; 49457 |
| CMO Series 2004-2 Class A2 | CMO Series 2004-2 Class A2 | CMO Series 2004-2 Class A2 | CMO Series 2004-2 Class A2 |
| 08/25/2032 | &nbsp;&nbsp; 6.500% | 78331 | &nbsp;&nbsp; 78346 |
| Merrill Lynch Mortgage Investors Trust<sup>(b)</sup>  | Merrill Lynch Mortgage Investors Trust<sup>(b)</sup>  | Merrill Lynch Mortgage Investors Trust<sup>(b)</sup>  | Merrill Lynch Mortgage Investors Trust<sup>(b)</sup>  |
| CMO Series 2003-A Class 2A1 | CMO Series 2003-A Class 2A1 | CMO Series 2003-A Class 2A1 | CMO Series 2003-A Class 2A1 |
| 1-month Term SOFR + 0.894% <br>Floor 0.780%, Cap 11.750% <br>03/25/2028<br>| &nbsp;&nbsp; 4.626% | 10226 | &nbsp;&nbsp; 8940 |
| CMO Series 2003-E Class A1 | CMO Series 2003-E Class A1 | CMO Series 2003-E Class A1 | CMO Series 2003-E Class A1 |
| 1-month Term SOFR + 0.734% <br>Floor 0.620%, Cap 11.750% <br>10/25/2028<br>| &nbsp;&nbsp; 4.689% | 60849 | &nbsp;&nbsp; 57998 |
| CMO Series 2004-A Class A1 | CMO Series 2004-A Class A1 | CMO Series 2004-A Class A1 | CMO Series 2004-A Class A1 |
| 1-month Term SOFR + 0.574% <br>Floor 0.460%, Cap 11.750% <br>04/25/2029<br>| &nbsp;&nbsp; 4.306% | 56350 | &nbsp;&nbsp; 52651 |
| CMO Series 2004-G Class A2 | CMO Series 2004-G Class A2 | CMO Series 2004-G Class A2 | CMO Series 2004-G Class A2 |
| 6-month Term SOFR + 1.028% <br>Floor 0.600%, Cap 11.750% <br>01/25/2030<br>| &nbsp;&nbsp; 5.255% | 4901 | &nbsp;&nbsp; 4773 |
| Merrill Lynch Mortgage Investors Trust<sup>(c)</sup>  | Merrill Lynch Mortgage Investors Trust<sup>(c)</sup>  | Merrill Lynch Mortgage Investors Trust<sup>(c)</sup>  | Merrill Lynch Mortgage Investors Trust<sup>(c)</sup>  |
| CMO Series 2004-1 Class 2A1 | CMO Series 2004-1 Class 2A1 | CMO Series 2004-1 Class 2A1 | CMO Series 2004-1 Class 2A1 |
| 12/25/2034 | &nbsp;&nbsp; 5.223% | 50668 | &nbsp;&nbsp; 47489 |
| CMO Series 2004-A4 Class A2 | CMO Series 2004-A4 Class A2 | CMO Series 2004-A4 Class A2 | CMO Series 2004-A4 Class A2 |
| 08/25/2034 | &nbsp;&nbsp; 5.106% | 63029 | &nbsp;&nbsp; 60007 |
| MFA Trust<sup>(a),(c)</sup>  | MFA Trust<sup>(a),(c)</sup>  | MFA Trust<sup>(a),(c)</sup>  | MFA Trust<sup>(a),(c)</sup>  |
| CMO Series 2021-NQM2 Class A1 | CMO Series 2021-NQM2 Class A1 | CMO Series 2021-NQM2 Class A1 | CMO Series 2021-NQM2 Class A1 |
| 11/25/2064 | &nbsp;&nbsp; 1.029% | 542885 | &nbsp;&nbsp; 491243 |
| Morgan Stanley Mortgage Loan Trust<sup>(c)</sup>  | Morgan Stanley Mortgage Loan Trust<sup>(c)</sup>  | Morgan Stanley Mortgage Loan Trust<sup>(c)</sup>  | Morgan Stanley Mortgage Loan Trust<sup>(c)</sup>  |
| CMO Series 2004-3 Class 4A | CMO Series 2004-3 Class 4A | CMO Series 2004-3 Class 4A | CMO Series 2004-3 Class 4A |
| 04/25/2034 | &nbsp;&nbsp; 5.631% | 69512 | &nbsp;&nbsp; 68736 |
| NACC Reperforming Loan Remic Trust<sup>(a)</sup>  | NACC Reperforming Loan Remic Trust<sup>(a)</sup>  | NACC Reperforming Loan Remic Trust<sup>(a)</sup>  | NACC Reperforming Loan Remic Trust<sup>(a)</sup>  |
| CMO Series 2004-R2 Class A1 | CMO Series 2004-R2 Class A1 | CMO Series 2004-R2 Class A1 | CMO Series 2004-R2 Class A1 |
| 10/25/2034 | &nbsp;&nbsp; 6.500% | 59889 | &nbsp;&nbsp; 53382 |
| New Residential Mortgage Loan Trust<sup>(a),(e)</sup>  | New Residential Mortgage Loan Trust<sup>(a),(e)</sup>  | New Residential Mortgage Loan Trust<sup>(a),(e)</sup>  | New Residential Mortgage Loan Trust<sup>(a),(e)</sup>  |
| CMO Series 2024-RTL1 Class A1 | CMO Series 2024-RTL1 Class A1 | CMO Series 2024-RTL1 Class A1 | CMO Series 2024-RTL1 Class A1 |
| 03/25/2039 | &nbsp;&nbsp; 6.664% | 4515000 | &nbsp;&nbsp; 4538090 |
| NRM Excess Owner LLC<sup>(a)</sup>  | NRM Excess Owner LLC<sup>(a)</sup>  | NRM Excess Owner LLC<sup>(a)</sup>  | NRM Excess Owner LLC<sup>(a)</sup>  |
| CMO Series 2025-FHT1 Class A | CMO Series 2025-FHT1 Class A | CMO Series 2025-FHT1 Class A | CMO Series 2025-FHT1 Class A |
| 03/25/2032 | &nbsp;&nbsp; 6.545% | 4573790 | &nbsp;&nbsp; 4647508 |
| Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
| CMO Series 2004-SL2 Class A3 | CMO Series 2004-SL2 Class A3 | CMO Series 2004-SL2 Class A3 | CMO Series 2004-SL2 Class A3 |
| 10/25/2031 | &nbsp;&nbsp; 7.000% | 88879 | &nbsp;&nbsp; 90248 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Residential Asset Securitization Trust<sup>(c)</sup>  | Residential Asset Securitization Trust<sup>(c)</sup>  | Residential Asset Securitization Trust<sup>(c)</sup>  | Residential Asset Securitization Trust<sup>(c)</sup>  |
| CMO Series 2004-IP2 Class 1A1 | CMO Series 2004-IP2 Class 1A1 | CMO Series 2004-IP2 Class 1A1 | CMO Series 2004-IP2 Class 1A1 |
| 12/25/2034 | &nbsp;&nbsp; 6.000% | 130091 | &nbsp;&nbsp; 129925 |
| Seasoned Credit Risk Transfer Trust | Seasoned Credit Risk Transfer Trust | Seasoned Credit Risk Transfer Trust | Seasoned Credit Risk Transfer Trust |
| CMO Series 2019-3 Class MB (FHLMC) | CMO Series 2019-3 Class MB (FHLMC) | CMO Series 2019-3 Class MB (FHLMC) | CMO Series 2019-3 Class MB (FHLMC) |
| 10/25/2058 | &nbsp;&nbsp; 3.500% | 1570000 | &nbsp;&nbsp; 1325456 |
| CMO Series 2019-4 Class M55D (FHLMC) | CMO Series 2019-4 Class M55D (FHLMC) | CMO Series 2019-4 Class M55D (FHLMC) | CMO Series 2019-4 Class M55D (FHLMC) |
| 02/25/2059 | &nbsp;&nbsp; 4.000% | 1347243 | &nbsp;&nbsp; 1266710 |
| CMO Series 2025-1 Class MTU (FHLMC) | CMO Series 2025-1 Class MTU (FHLMC) | CMO Series 2025-1 Class MTU (FHLMC) | CMO Series 2025-1 Class MTU (FHLMC) |
| 11/25/2064 | &nbsp;&nbsp; 3.250% | 4079187 | &nbsp;&nbsp; 3509148 |
| Seasoned Loans Structured Transaction | Seasoned Loans Structured Transaction | Seasoned Loans Structured Transaction | Seasoned Loans Structured Transaction |
| CMO Series 2018-2 Class A1 | CMO Series 2018-2 Class A1 | CMO Series 2018-2 Class A1 | CMO Series 2018-2 Class A1 |
| 11/25/2028 | &nbsp;&nbsp; 3.500% | 2189037 | &nbsp;&nbsp; 2143225 |
| Sequoia Mortgage Trust<sup>(b)</sup>  | Sequoia Mortgage Trust<sup>(b)</sup>  | Sequoia Mortgage Trust<sup>(b)</sup>  | Sequoia Mortgage Trust<sup>(b)</sup>  |
| CMO Series 2003-1 Class 1A | CMO Series 2003-1 Class 1A | CMO Series 2003-1 Class 1A | CMO Series 2003-1 Class 1A |
| 1-month Term SOFR + 0.874% <br>Floor 0.760%, Cap 12.500% <br>04/20/2033<br>| &nbsp;&nbsp; 4.834% | 138266 | &nbsp;&nbsp; 130457 |
| CMO Series 2003-8 Class A1 | CMO Series 2003-8 Class A1 | CMO Series 2003-8 Class A1 | CMO Series 2003-8 Class A1 |
| 1-month Term SOFR + 0.754% <br>Floor 0.640%, Cap 11.500% <br>01/20/2034<br>| &nbsp;&nbsp; 4.488% | 82569 | &nbsp;&nbsp; 80673 |
| CMO Series 2004-11 Class A1 | CMO Series 2004-11 Class A1 | CMO Series 2004-11 Class A1 | CMO Series 2004-11 Class A1 |
| 1-month Term SOFR + 0.714% <br>Floor 0.600%, Cap 11.500% <br>12/20/2034<br>| &nbsp;&nbsp; 4.448% | 65297 | &nbsp;&nbsp; 60477 |
| CMO Series 2004-12 Class A3 | CMO Series 2004-12 Class A3 | CMO Series 2004-12 Class A3 | CMO Series 2004-12 Class A3 |
| 6-month Term SOFR + 0.748% <br>Floor 0.320%, Cap 11.500% <br>01/20/2035<br>| &nbsp;&nbsp; 4.368% | 43698 | &nbsp;&nbsp; 43341 |
| Starwood Mortgage Residential Trust<sup>(a),(c)</sup>  | Starwood Mortgage Residential Trust<sup>(a),(c)</sup>  | Starwood Mortgage Residential Trust<sup>(a),(c)</sup>  | Starwood Mortgage Residential Trust<sup>(a),(c)</sup>  |
| CMO Series 2020-INV1 Class A1 | CMO Series 2020-INV1 Class A1 | CMO Series 2020-INV1 Class A1 | CMO Series 2020-INV1 Class A1 |
| 11/25/2055 | &nbsp;&nbsp; 1.027% | 151066 | &nbsp;&nbsp; 146850 |
| CMO Series 2021-4 Class A1 | CMO Series 2021-4 Class A1 | CMO Series 2021-4 Class A1 | CMO Series 2021-4 Class A1 |
| 08/25/2056 | &nbsp;&nbsp; 1.059% | 1267789 | &nbsp;&nbsp; 1139037 |
| Structured Adjustable Rate Mortgage Loan Trust<sup>(c)</sup>  | Structured Adjustable Rate Mortgage Loan Trust<sup>(c)</sup>  | Structured Adjustable Rate Mortgage Loan Trust<sup>(c)</sup>  | Structured Adjustable Rate Mortgage Loan Trust<sup>(c)</sup>  |
| CMO Series 2004-4 Class 5A | CMO Series 2004-4 Class 5A | CMO Series 2004-4 Class 5A | CMO Series 2004-4 Class 5A |
| 04/25/2034 | &nbsp;&nbsp; 5.105% | 50720 | &nbsp;&nbsp; 47349 |
| Structured Asset Mortgage Investments II Trust<sup>(b)</sup>  | Structured Asset Mortgage Investments II Trust<sup>(b)</sup>  | Structured Asset Mortgage Investments II Trust<sup>(b)</sup>  | Structured Asset Mortgage Investments II Trust<sup>(b)</sup>  |
| CMO Series 2004-AR5 Class 1A1 | CMO Series 2004-AR5 Class 1A1 | CMO Series 2004-AR5 Class 1A1 | CMO Series 2004-AR5 Class 1A1 |
| 1-month Term SOFR + 0.774% <br>Floor 0.660%, Cap 11.000% <br>10/19/2034<br>| &nbsp;&nbsp; 4.506% | 85015 | &nbsp;&nbsp; 82342 |
| CMO Series 2005-AR5 Class A3 | CMO Series 2005-AR5 Class A3 | CMO Series 2005-AR5 Class A3 | CMO Series 2005-AR5 Class A3 |
| 1-month Term SOFR + 0.614% <br>Floor 0.500%, Cap 11.000% <br>07/19/2035<br>| &nbsp;&nbsp; 4.346% | 41905 | &nbsp;&nbsp; 41515 |
| Structured Asset Securities Corp.<sup>(e)</sup>  | Structured Asset Securities Corp.<sup>(e)</sup>  | Structured Asset Securities Corp.<sup>(e)</sup>  | Structured Asset Securities Corp.<sup>(e)</sup>  |
| CMO Series 2004-4XS Class 1A5 | CMO Series 2004-4XS Class 1A5 | CMO Series 2004-4XS Class 1A5 | CMO Series 2004-4XS Class 1A5 |
| 02/25/2034 | &nbsp;&nbsp; 5.490% | 145781 | &nbsp;&nbsp; 143465 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Structured Asset Securities Corp. Mortgage Pass-Through Certificates<sup>(c)</sup>  | Structured Asset Securities Corp. Mortgage Pass-Through Certificates<sup>(c)</sup>  | Structured Asset Securities Corp. Mortgage Pass-Through Certificates<sup>(c)</sup>  | Structured Asset Securities Corp. Mortgage Pass-Through Certificates<sup>(c)</sup>  |
| CMO Series 2003-34A Class 3A3 | CMO Series 2003-34A Class 3A3 | CMO Series 2003-34A Class 3A3 | CMO Series 2003-34A Class 3A3 |
| 11/25/2033 | &nbsp;&nbsp; 5.541% | 65464 | &nbsp;&nbsp; 64954 |
| CMO Series 2003-40A Class 3A2 | CMO Series 2003-40A Class 3A2 | CMO Series 2003-40A Class 3A2 | CMO Series 2003-40A Class 3A2 |
| 01/25/2034 | &nbsp;&nbsp; 4.830% | 49283 | &nbsp;&nbsp; 47809 |
| Thornburg Mortgage Securities Trust<sup>(c)</sup>  | Thornburg Mortgage Securities Trust<sup>(c)</sup>  | Thornburg Mortgage Securities Trust<sup>(c)</sup>  | Thornburg Mortgage Securities Trust<sup>(c)</sup>  |
| CMO Series 2004-4 Class 3A | CMO Series 2004-4 Class 3A | CMO Series 2004-4 Class 3A | CMO Series 2004-4 Class 3A |
| 12/25/2044 | &nbsp;&nbsp; 5.285% | 45139 | &nbsp;&nbsp; 44333 |
| Vendee Mortgage Trust | Vendee Mortgage Trust | Vendee Mortgage Trust | Vendee Mortgage Trust |
| CMO Series 1998-2 Class 1G | CMO Series 1998-2 Class 1G | CMO Series 1998-2 Class 1G | CMO Series 1998-2 Class 1G |
| 06/15/2028 | &nbsp;&nbsp; 6.750% | 36846 | &nbsp;&nbsp; 37865 |
| Verus Securitization Trust<sup>(a),(c)</sup>  | Verus Securitization Trust<sup>(a),(c)</sup>  | Verus Securitization Trust<sup>(a),(c)</sup>  | Verus Securitization Trust<sup>(a),(c)</sup>  |
| CMO Series 2021-1 Class A1 | CMO Series 2021-1 Class A1 | CMO Series 2021-1 Class A1 | CMO Series 2021-1 Class A1 |
| 01/25/2066 | &nbsp;&nbsp; 0.815% | 427432 | &nbsp;&nbsp; 392267 |
| CMO Series 2021-2 Class A1 | CMO Series 2021-2 Class A1 | CMO Series 2021-2 Class A1 | CMO Series 2021-2 Class A1 |
| 02/25/2066 | &nbsp;&nbsp; 1.031% | 847103 | &nbsp;&nbsp; 773425 |
| CMO Series 2021-3 Class A1 | CMO Series 2021-3 Class A1 | CMO Series 2021-3 Class A1 | CMO Series 2021-3 Class A1 |
| 06/25/2066 | &nbsp;&nbsp; 1.046% | 964431 | &nbsp;&nbsp; 849708 |
| CMO Series 2021-4 Class A1 | CMO Series 2021-4 Class A1 | CMO Series 2021-4 Class A1 | CMO Series 2021-4 Class A1 |
| 07/25/2066 | &nbsp;&nbsp; 0.938% | 1233515 | &nbsp;&nbsp; 1046375 |
| CMO Series 2021-8 Class A1 | CMO Series 2021-8 Class A1 | CMO Series 2021-8 Class A1 | CMO Series 2021-8 Class A1 |
| 11/25/2066 | &nbsp;&nbsp; 1.824% | 1290885 | &nbsp;&nbsp; 1207119 |
| CMO Series 2021-R1 Class A1 | CMO Series 2021-R1 Class A1 | CMO Series 2021-R1 Class A1 | CMO Series 2021-R1 Class A1 |
| 10/25/2063 | &nbsp;&nbsp; 0.820% | 184337 | &nbsp;&nbsp; 181352 |
| CMO Series 2021-R3 Class A1 | CMO Series 2021-R3 Class A1 | CMO Series 2021-R3 Class A1 | CMO Series 2021-R3 Class A1 |
| 04/25/2064 | &nbsp;&nbsp; 1.020% | 375568 | &nbsp;&nbsp; 359511 |
| WaMu Mortgage Pass-Through Certificates Trust<sup>(c)</sup>  | WaMu Mortgage Pass-Through Certificates Trust<sup>(c)</sup>  | WaMu Mortgage Pass-Through Certificates Trust<sup>(c)</sup>  | WaMu Mortgage Pass-Through Certificates Trust<sup>(c)</sup>  |
| CMO Series 2003-AR11 Class A6 | CMO Series 2003-AR11 Class A6 | CMO Series 2003-AR11 Class A6 | CMO Series 2003-AR11 Class A6 |
| 10/25/2033 | &nbsp;&nbsp; 5.757% | 104633 | &nbsp;&nbsp; 98685 |
| CMO Series 2003-AR5 Class A7 | CMO Series 2003-AR5 Class A7 | CMO Series 2003-AR5 Class A7 | CMO Series 2003-AR5 Class A7 |
| 06/25/2033 | &nbsp;&nbsp; 5.677% | 41278 | &nbsp;&nbsp; 41283 |
| CMO Series 2003-AR6 Class A1 | CMO Series 2003-AR6 Class A1 | CMO Series 2003-AR6 Class A1 | CMO Series 2003-AR6 Class A1 |
| 06/25/2033 | &nbsp;&nbsp; 6.169% | 31685 | &nbsp;&nbsp; 31178 |
| CMO Series 2003-AR7 Class A7 | CMO Series 2003-AR7 Class A7 | CMO Series 2003-AR7 Class A7 | CMO Series 2003-AR7 Class A7 |
| 08/25/2033 | &nbsp;&nbsp; 5.591% | 62148 | &nbsp;&nbsp; 60812 |
| CMO Series 2004-AR3 Class A2 | CMO Series 2004-AR3 Class A2 | CMO Series 2004-AR3 Class A2 | CMO Series 2004-AR3 Class A2 |
| 06/25/2034 | &nbsp;&nbsp; 5.362% | 33902 | &nbsp;&nbsp; 32400 |
| Wells Fargo Mortgage-Backed Securities Trust<sup>(c)</sup>  | Wells Fargo Mortgage-Backed Securities Trust<sup>(c)</sup>  | Wells Fargo Mortgage-Backed Securities Trust<sup>(c)</sup>  | Wells Fargo Mortgage-Backed Securities Trust<sup>(c)</sup>  |
| CMO Series 2004-U Class A1 | CMO Series 2004-U Class A1 | CMO Series 2004-U Class A1 | CMO Series 2004-U Class A1 |
| 10/25/2034 | &nbsp;&nbsp; 6.689% | 62953 | &nbsp;&nbsp; 62153 |
| Total Residential Mortgage-Backed Securities - Non-Agency <br>(Cost $71,216,964) | Total Residential Mortgage-Backed Securities - Non-Agency <br>(Cost $71,216,964) | Total Residential Mortgage-Backed Securities - Non-Agency <br>(Cost $71,216,964) | &nbsp;&nbsp; **69039723** |

---

---

| | | | |
|:---|:---|:---|:---|
| **U.S. Treasury Obligations 20.1%** | **U.S. Treasury Obligations 20.1%** | **U.S. Treasury Obligations 20.1%** | **U.S. Treasury Obligations 20.1%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| U.S. Treasury | U.S. Treasury | U.S. Treasury | U.S. Treasury |
| 11/30/2027 | &nbsp;&nbsp; 3.375% | 3131000 | &nbsp;&nbsp; 3125007 |
| 12/31/2027 | &nbsp;&nbsp; 3.375% | 14755000 | &nbsp;&nbsp; 14726182 |
| 12/15/2028 | &nbsp;&nbsp; 3.500% | 37908000 | &nbsp;&nbsp; 37866538 |
| 08/31/2029 | &nbsp;&nbsp; 3.625% | 4130000 | &nbsp;&nbsp; 4130000 |
| 03/31/2030 | &nbsp;&nbsp; 3.625% | 42884000 | &nbsp;&nbsp; 42806943 |
| 06/30/2030 | &nbsp;&nbsp; 3.750% | 16315000 | &nbsp;&nbsp; 16357062 |
| 08/31/2030 | &nbsp;&nbsp; 4.125% | 15553000 | &nbsp;&nbsp; 15827608 |
| 09/30/2030 | &nbsp;&nbsp; 4.625% | 16175000 | &nbsp;&nbsp; 16811891 |
| 11/30/2030 | &nbsp;&nbsp; 3.500% | 30680000 | &nbsp;&nbsp; 30380391 |
| 12/31/2030 | &nbsp;&nbsp; 3.625% | 79478000 | &nbsp;&nbsp; 79111656 |
| 05/31/2031 | &nbsp;&nbsp; 4.625% | 2710000 | &nbsp;&nbsp; 2821364 |
| 12/31/2032 | &nbsp;&nbsp; 3.875% | 48632000 | &nbsp;&nbsp; 48442031 |
| 11/15/2034 | &nbsp;&nbsp; 4.250% | 18613800 | &nbsp;&nbsp; 18826114 |
| 11/15/2035 | &nbsp;&nbsp; 4.000% | 66582000 | &nbsp;&nbsp; 65676901 |
| 11/15/2040 | &nbsp;&nbsp; 1.375% | 5352000 | &nbsp;&nbsp; 3478800 |
| 05/15/2041 | &nbsp;&nbsp; 2.250% | 9815000 | &nbsp;&nbsp; 7227827 |
| 08/15/2041 | &nbsp;&nbsp; 1.750% | 40499000 | &nbsp;&nbsp; 27368465 |
| 11/15/2041 | &nbsp;&nbsp; 2.000% | 32276000 | &nbsp;&nbsp; 22557898 |
| 11/15/2041 | &nbsp;&nbsp; 3.125% | 1443000 | &nbsp;&nbsp; 1194308 |
| 02/15/2042 | &nbsp;&nbsp; 2.375% | 8506000 | &nbsp;&nbsp; 6269188 |
| 02/15/2043 | &nbsp;&nbsp; 3.125% | 1799000 | &nbsp;&nbsp; 1456909 |
| 11/15/2043 | &nbsp;&nbsp; 3.750% | 3558000 | &nbsp;&nbsp; 3121589 |
| 11/15/2043 | &nbsp;&nbsp; 4.750% | 4972700 | &nbsp;&nbsp; 4979693 |
| 02/15/2044 | &nbsp;&nbsp; 3.625% | 8623000 | &nbsp;&nbsp; 7411738 |
| 05/15/2044 | &nbsp;&nbsp; 3.375% | 4501000 | &nbsp;&nbsp; 3719655 |
| 02/15/2045 | &nbsp;&nbsp; 2.500% | 10645000 | &nbsp;&nbsp; 7546307 |
| 08/15/2045 | &nbsp;&nbsp; 4.875% | 2190000 | &nbsp;&nbsp; 2214295 |
| 11/15/2045 | &nbsp;&nbsp; 4.625% | 55257000 | &nbsp;&nbsp; 54065521 |
| 02/15/2047 | &nbsp;&nbsp; 3.000% | 11431000 | &nbsp;&nbsp; 8616116 |
| 02/15/2048 | &nbsp;&nbsp; 3.000% | 27047000 | &nbsp;&nbsp; 20154241 |
| 05/15/2048 | &nbsp;&nbsp; 3.125% | 11557000 | &nbsp;&nbsp; 8792349 |
| 08/15/2048 | &nbsp;&nbsp; 3.000% | 27384000 | &nbsp;&nbsp; 20311226 |
| 11/15/2048 | &nbsp;&nbsp; 3.375% | 4434000 | &nbsp;&nbsp; 3513252 |
| 02/15/2049 | &nbsp;&nbsp; 3.000% | 27315000 | &nbsp;&nbsp; 20157616 |
| 08/15/2049 | &nbsp;&nbsp; 2.250% | 27289000 | &nbsp;&nbsp; 17149431 |
| 02/15/2050 | &nbsp;&nbsp; 2.000% | 2074000 | &nbsp;&nbsp; 1218151 |
| 08/15/2050 | &nbsp;&nbsp; 1.375% | 9295000 | &nbsp;&nbsp; 4580692 |
| 11/15/2050 | &nbsp;&nbsp; 1.625% | 3927000 | &nbsp;&nbsp; 2065970 |
| 02/15/2051 | &nbsp;&nbsp; 1.875% | 2997000 | &nbsp;&nbsp; 1677852 |
| 05/15/2051 | &nbsp;&nbsp; 2.375% | 11127000 | &nbsp;&nbsp; 7025657 |
| 02/15/2052 | &nbsp;&nbsp; 2.250% | 6249000 | &nbsp;&nbsp; 3799197 |
| 11/15/2054 | &nbsp;&nbsp; 4.500% | 3758700 | &nbsp;&nbsp; 3552559 |
| 08/15/2055 | &nbsp;&nbsp; 4.750% | 50492000 | &nbsp;&nbsp; 49750399 |
| 11/15/2055 | &nbsp;&nbsp; 4.625% | 11937000 | &nbsp;&nbsp; 11524800 |
| U.S. Treasury<sup>(j)</sup>  | U.S. Treasury<sup>(j)</sup>  | U.S. Treasury<sup>(j)</sup>  | U.S. Treasury<sup>(j)</sup>  |
| STRIPS | STRIPS | STRIPS | STRIPS |
| 02/15/2032 | &nbsp;&nbsp; 0.000% | 8418000 | &nbsp;&nbsp; 6602867 |
| 11/15/2033 | &nbsp;&nbsp; 0.000% | 2083000 | &nbsp;&nbsp; 1503069 |
| 02/15/2034 | &nbsp;&nbsp; 0.000% | 4400000 | &nbsp;&nbsp; 3135896 |
| 05/15/2034 | &nbsp;&nbsp; 0.000% | 2400000 | &nbsp;&nbsp; 1690123 |
| 11/15/2034 | &nbsp;&nbsp; 0.000% | 1850000 | &nbsp;&nbsp; 1269251 |
| 11/15/2040 | &nbsp;&nbsp; 0.000% | 32426000 | &nbsp;&nbsp; 15857991 |
| 02/15/2041 | &nbsp;&nbsp; 0.000% | 6430822 | &nbsp;&nbsp; 3098590 |
| Total U.S. Treasury Obligations <br>(Cost $791,575,983) | Total U.S. Treasury Obligations <br>(Cost $791,575,983) | Total U.S. Treasury Obligations <br>(Cost $791,575,983) | &nbsp;&nbsp; **766569176** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Money Market Funds 4.6%** | **Money Market Funds 4.6%** | **Money Market Funds 4.6%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 3.825%<sup>(o),(p)</sup> <br>| &nbsp;&nbsp; 173559301 | &nbsp;&nbsp; 173507233 |
| Total Money Market Funds <br>(Cost $173,506,060) | Total Money Market Funds <br>(Cost $173,506,060) | &nbsp;&nbsp; **173507233** |
| **Total Investments in Securities** <br>**(Cost: $3,940,444,619)** | **Total Investments in Securities** <br>**(Cost: $3,940,444,619)** | &nbsp;&nbsp; **3901082590** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **(95463252)**<br>|
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **3805619338** |

---

At December 31, 2025, securities and/or cash totaling $4,893,100 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>|
| U.S. Treasury 10-Year Note | 410 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 46099375 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (269703)<br>|
| U.S. Treasury 2-Year Note | 255 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 53241211 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (23656)<br>|
| U.S. Treasury 5-Year Note | 1123 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 122749165 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (378291)<br>|
| U.S. Treasury Ultra 10-Year Note | 79 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 9086234 | &nbsp;&nbsp;&nbsp;&nbsp; 29497 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury Ultra 10-Year Note | 217 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 24958391 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (90203)<br>|
| U.S. Treasury Ultra Bond | 338 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 39884000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (709464)<br>|
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 29497 | &nbsp;&nbsp;&nbsp;&nbsp; (1471317)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short 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>|
| U.S. Long Bond | (112) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (12946500)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 103936 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At December 31, 2025, the total value of these securities amounted to $677,515,730, which represents 17.80% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable rate security. The interest rate shown was the current rate as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents interest only securities which have the right to receive the monthly interest payments on an underlying pool of mortgage loans.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Represents a security in default.

&nbsp;&nbsp;&nbsp;&nbsp;(g) 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 $7,286,998, which represents 0.19% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Valuation based on significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Represents principal only securities which have the right to receive the principal portion only on an underlying pool of mortgage loans.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Zero coupon bond.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Perpetual security with no specified maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(l) Payment-in-kind security. Interest can be paid by issuing additional par of the security or in cash.

&nbsp;&nbsp;&nbsp;&nbsp;(m) Principal and interest may not be guaranteed by a governmental entity.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Represents a security purchased on a when-issued basis.

&nbsp;&nbsp;&nbsp;&nbsp;(o) 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 Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Notes to Portfolio of Investments (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;(p) 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% |
|  | 36745886 | &nbsp;&nbsp; 2350485917 | &nbsp;&nbsp; (2213725884)<br>| &nbsp;&nbsp; 1314 | &nbsp;&nbsp; 173507233 | &nbsp;&nbsp; 52573 | &nbsp;&nbsp; 5609008 | &nbsp;&nbsp; 173559301 |

---

**Abbreviation Legend** 

---

| | |
|:---|:---|
| BAM | Build America Mutual Assurance Co. |
| CMO | Collateralized Mortgage Obligation |
| CMT | Constant Maturity Treasury |
| FHLMC | Federal Home Loan Mortgage Corporation |
| MTA | Monthly Treasury Average |
| SOFR | Secured Overnight Financing Rate |
| STRIPS | Separate Trading of Registered Interest and Principal Securities |
| TBA | To Be Announced |

---

**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.

■

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements (continued)**

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** |  |  |  |  |
| Asset-Backed Securities - Non-Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 279561773 | &nbsp;&nbsp;&nbsp;&nbsp; 7286998 | &nbsp;&nbsp;&nbsp;&nbsp; 286848771 |
| Commercial Mortgage-Backed Securities - Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 123019796 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 123019796 |
| Commercial Mortgage-Backed Securities - Non-Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 137728087 | &nbsp;&nbsp;&nbsp;&nbsp; 1753297 | &nbsp;&nbsp;&nbsp;&nbsp; 139481384 |
| Corporate Bonds & Notes |  | &nbsp;&nbsp;&nbsp;&nbsp; 1053543400 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1053543400 |
| Foreign Government Obligations |  | &nbsp;&nbsp;&nbsp;&nbsp; 44272373 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44272373 |
| Municipal Bonds |  | &nbsp;&nbsp;&nbsp;&nbsp; 3617423 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3617423 |
| Residential Mortgage-Backed Securities - Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 1241183311 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1241183311 |
| Residential Mortgage-Backed Securities - Non-Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 67050723 | &nbsp;&nbsp;&nbsp;&nbsp; 1989000 | &nbsp;&nbsp;&nbsp;&nbsp; 69039723 |
| U.S. Treasury Obligations |  | &nbsp;&nbsp;&nbsp;&nbsp; 766569176 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 766569176 |
| Money Market Funds | 173507233 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 173507233 |
| Total Investments in Securities | 173507233 | &nbsp;&nbsp;&nbsp;&nbsp; 3716546062 | &nbsp;&nbsp;&nbsp;&nbsp; 11029295 | &nbsp;&nbsp;&nbsp;&nbsp; 3901082590 |
| **Investments in Derivatives** |  |  |  |  |
| Asset |  |  |  |  |
| Futures Contracts | 133433 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 133433 |
| Liability |  |  |  |  |
| Futures Contracts | (1471317)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1471317)<br>|
| Total | 172169349 | &nbsp;&nbsp;&nbsp;&nbsp; 3716546062 | &nbsp;&nbsp;&nbsp;&nbsp; 11029295 | &nbsp;&nbsp;&nbsp;&nbsp; 3899744706 |

---

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.

Derivative instruments 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.

Variable Portfolio – Partners Core Bond 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 $3,766,938,559) | $3727575357 |
| Affiliated issuers (cost $173,506,060) | 173507233 |
| Foreign currency (cost $407) | 450 |
| Margin deposits on: |  |
| Futures contracts | 4893100 |
| Receivable for: |  |
| Investments sold | 105333904 |
| Investments sold on a delayed delivery basis  | 7801918 |
| Capital shares sold | 55 |
| Dividends | 445174 |
| Interest | 25086373 |
| Foreign tax reclaims | 133344 |
| Variation margin for futures contracts | 24500 |
| Prepaid expenses | 13090 |
| Total assets | 4044814498 |
| **Liabilities** |  |
| Cash collateral due to broker for: |  |
| TBA | 280000 |
| Payable for: |  |
| Investments purchased | 142220508 |
| Investments purchased on a delayed delivery basis | 91516394 |
| Capital shares redeemed | 4231652 |
| Variation margin for futures contracts | 415062 |
| Management services fees | 49360 |
| Distribution and/or service fees | 159 |
| Service fees | 1274 |
| Compensation of chief compliance officer | 617 |
| Compensation of board members | 2077 |
| Other expenses | 95035 |
| Deferred compensation of board members | 383022 |
| Total liabilities | 239195160 |
| **Net assets applicable to outstanding capital stock** | **$3805619338** |
| **Represented by** |  |
| Paid in capital | 4382366707 |
| Total distributable earnings (loss) | (576747369)<br>|
| **Total - representing net assets applicable to outstanding capital stock** | **$3805619338** |
| **Class 1** |  |
| Net assets | $3782520020 |
| Shares outstanding | 387700418 |
| Net asset value per share | $9.76 |
| **Class 2** |  |
| Net assets | $23099318 |
| Shares outstanding | 2381103 |
| Net asset value per share | $9.70 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Statement of Operations

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — affiliated issuers | $5609008 |
| Interest | 174327244 |
| Interfund lending | 1613 |
| Total income | 179937865 |
| Expenses: |  |
| Management services fees | 17833520 |
| Distribution and/or service fees |  |
| Class 2 | 54856 |
| Service fees | 14792 |
| Custodian fees | 95255 |
| Printing and postage fees | 11730 |
| Accounting services fees | 79065 |
| Legal fees | 80136 |
| Compensation of chief compliance officer | 446 |
| Compensation of board members | 51002 |
| Deferred compensation of board members | 59015 |
| Other | 60321 |
| Total expenses | 18340138 |
| **Net investment income** | 161597727 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | (27102047)<br>|
| Investments — affiliated issuers | 52573 |
| Foreign currency translations | 69 |
| Futures contracts | 1235373 |
| Net realized loss | (25814032)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 139015735 |
| Investments — affiliated issuers | 1314 |
| Foreign currency translations | 93 |
| Futures contracts | 1733629 |
| Net change in unrealized appreciation (depreciation) | 140750771 |
| Net realized and unrealized gain | 114936739 |
| **Net increase in net assets resulting from operations** | **$276534466** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **Operations** |  |  |
| Net investment income | $161597727 | &nbsp;&nbsp; $203097856 |
| Net realized loss | (25814032)<br>| &nbsp;&nbsp; (102083979)<br>|
| Net change in unrealized appreciation (depreciation) | 140750771 | &nbsp;&nbsp; 22893348 |
| Net increase in net assets resulting from operations | 276534466 | &nbsp;&nbsp; 123907225 |
| **Distributions to shareholders** |  |  |
| Net investment income and net realized gains  |  |  |
| Class 1 | (202054078)<br>| &nbsp;&nbsp; (176742282)<br>|
| Class 2 | (1150271)<br>| &nbsp;&nbsp; (681128)<br>|
| Total distributions to shareholders | (203204349)<br>| &nbsp;&nbsp; (177423410)<br>|
| Decrease in net assets from capital stock activity | (45403911)<br>| &nbsp;&nbsp; (1052777264)<br>|
| Total increase (decrease) in net assets | 27926206 | &nbsp;&nbsp; (1106293449)<br>|
| Net assets at beginning of year | 3777693132 | &nbsp;&nbsp; 4883986581 |
| **Net assets at end of year** | **$3805619338** | &nbsp;&nbsp; **$3777693132** |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 | 1869627 | &nbsp;&nbsp;&nbsp;&nbsp; 18234716 | &nbsp;&nbsp;&nbsp;&nbsp; 3557818 | &nbsp;&nbsp;&nbsp;&nbsp; 34530291 |
| Distributions reinvested | 21449478 | &nbsp;&nbsp;&nbsp;&nbsp; 202054078 | &nbsp;&nbsp;&nbsp;&nbsp; 18507045 | &nbsp;&nbsp;&nbsp;&nbsp; 176742282 |
| Shares redeemed | (27385283)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (267640676)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (130597934)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1267256438)<br>|
| Net decrease | (4066178)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (47351882)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (108533071)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1055983865)<br>|
| Class 2 |  |  |  |  |
| Shares sold | 322308 | &nbsp;&nbsp;&nbsp;&nbsp; 3124082 | &nbsp;&nbsp;&nbsp;&nbsp; 480577 | &nbsp;&nbsp;&nbsp;&nbsp; 4633509 |
| Distributions reinvested | 122630 | &nbsp;&nbsp;&nbsp;&nbsp; 1150271 | &nbsp;&nbsp;&nbsp;&nbsp; 71623 | &nbsp;&nbsp;&nbsp;&nbsp; 681128 |
| Shares redeemed | (240054)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2326382)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (219134)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2108036)<br>|
| Net increase | 204884 | &nbsp;&nbsp;&nbsp;&nbsp; 1947971 | &nbsp;&nbsp;&nbsp;&nbsp; 333066 | &nbsp;&nbsp;&nbsp;&nbsp; 3206601 |
| **Total net decrease** | **(3861294)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(45403911)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(108200005)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(1052777264)**<br>|

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The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| 2025

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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%.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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 | $9.59<br>| 0.42<br>| 0.29<br>| 0.71<br>| &nbsp;&nbsp; (0.54) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.54) <br>|
| Year Ended 12/31/2024 | $9.73<br>| 0.41<br>| &nbsp;&nbsp; (0.19) <br>| 0.22<br>| &nbsp;&nbsp; (0.36) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.36) <br>|
| Year Ended 12/31/2023 | $9.41<br>| 0.35<br>| 0.23<br>| 0.58<br>| &nbsp;&nbsp; (0.26) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.26) <br>|
| Year Ended 12/31/2022 | $11.12<br>| 0.24<br>| &nbsp;&nbsp; (1.71) <br>| &nbsp;&nbsp; (1.47) <br>| &nbsp;&nbsp; (0.17) <br>| &nbsp;&nbsp; (0.07) <br>| &nbsp;&nbsp; (0.24) <br>|
| Year Ended 12/31/2021 | $11.72<br>| 0.18<br>| &nbsp;&nbsp; (0.32) <br>| &nbsp;&nbsp; (0.14) <br>| &nbsp;&nbsp; (0.17) <br>| &nbsp;&nbsp; (0.29) <br>| &nbsp;&nbsp; (0.46) <br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $9.54<br>| 0.39<br>| 0.29<br>| 0.68<br>| &nbsp;&nbsp; (0.52) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.52) <br>|
| Year Ended 12/31/2024 | $9.68<br>| 0.38<br>| &nbsp;&nbsp; (0.19) <br>| 0.19<br>| &nbsp;&nbsp; (0.33) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.33) <br>|
| Year Ended 12/31/2023 | $9.36<br>| 0.33<br>| 0.23<br>| 0.56<br>| &nbsp;&nbsp; (0.24) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.24) <br>|
| Year Ended 12/31/2022 | $11.07<br>| 0.22<br>| &nbsp;&nbsp; (1.71) <br>| &nbsp;&nbsp; (1.49) <br>| &nbsp;&nbsp; (0.15) <br>| &nbsp;&nbsp; (0.07) <br>| &nbsp;&nbsp; (0.22) <br>|
| Year Ended 12/31/2021 | $11.66<br>| 0.15<br>| &nbsp;&nbsp; (0.31) <br>| &nbsp;&nbsp; (0.16) <br>| &nbsp;&nbsp; (0.14) <br>| &nbsp;&nbsp; (0.29) <br>| &nbsp;&nbsp; (0.43) <br>|

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| | |
|:---|:---|
| **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%. |

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The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| 2025

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Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &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; $9.76<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.62%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.28%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 225%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3782520<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $9.59<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.21%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 220%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3756936<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $9.73<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.69%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 205%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $4866151<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $9.41<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13.29%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 248%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $4842663<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $11.12<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.24%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 276%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $6017964<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; $9.70<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.28%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.03%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 225%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $23099<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $9.54<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.01%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.96%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 220%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $20757<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $9.68<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.06%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.46%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 205%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $17836<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $9.36<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13.60%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.21%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 248%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $14909<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $11.07<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.41%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 276%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $16962<br>|

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The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Bond Fund \| 2025

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Notes to Financial Statements

December 31, 2025

Note 1. Organization

Variable Portfolio – Partners Core Bond 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**

Debt securities generally are valued based on prices obtained from pricing services, which are intended to reflect market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Variable Portfolio – Partners Core Bond Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

Asset- and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities' cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

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.

**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

Variable Portfolio – Partners Core Bond Fund \| 2025

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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.

Variable Portfolio – Partners Core Bond Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

**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 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:

---

| | | |
|:---|:---|:---|
|  | **Asset derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Interest rate risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 133,433<br> \*<br>|

---

&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 ($)** |
| Interest rate risk | Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 1,471,317<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.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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>**($)**<br>|
| Interest rate risk | &nbsp;&nbsp; 1235373 |
| **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| **Risk exposure category** | **Futures** <br>**contracts** <br>**($)**<br>|
| Interest rate risk | &nbsp;&nbsp; 1733629 |

---

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 | 281442663 |
| Futures contracts — short | 10173259 |

---

**Asset- and mortgage-backed securities** 

The Fund may invest in asset-backed and mortgage-backed securities. The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. All, or a portion, of the obligation may be prepaid at any time because the underlying asset may be prepaid. As a result, decreasing market interest rates could result in an increased level of prepayment. An increased prepayment rate will have the effect of shortening the maturity of the security. Unless otherwise noted, the coupon rates presented are fixed rates.

**Delayed delivery securities**

The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a "when-issued" or "forward commitment" basis. This may increase risk to the Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.

**To be announced securities** 

The Fund may trade securities on a To Be Announced (TBA) basis. As with other delayed-delivery transactions, a seller agrees to issue a TBA security at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Fund agrees to accept any security that meets specified terms.

In some cases, Master Securities Forward Transaction Agreements (MSFTAs) may be used to govern transactions of certain forward-settling agency mortgage-backed securities, such as delayed-delivery and TBAs, between the Fund and counterparty. The MSFTA maintains provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral relating to such transactions.

**Mortgage dollar roll transactions**

The Fund may enter into mortgage "dollar rolls" in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar but not identical securities (same type, coupon and maturity) on a specified future date. These transactions may increase the Fund's portfolio turnover rate. During the roll period, the Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund may benefit because it receives negotiated amounts in the form of reductions of the purchase price for the future purchase plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. The Fund records the incremental difference between the forward purchase and sale of each forward roll as a realized gain or loss.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

Unless any realized gains exceed the income, capital appreciation, and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique may diminish the investment performance of the Fund compared to what the performance would have been without the use of mortgage dollar rolls. Mortgage dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations. All cash proceeds will be invested in instruments that are permissible investments for the Fund. The Fund identifies cash or liquid securities in an amount equal to the forward purchase price. The Fund does not currently enter into mortgage dollar rolls that are accounted for as financing transactions.

**Interest only and principal only securities** 

The Fund may invest in Interest Only (IO) or Principal Only (PO) securities. IOs are stripped securities entitled to receive all of the security's interest, but none of its principal. IOs are particularly sensitive to changes in interest rates and therefore subject to greater fluctuations in price than typical interest bearing debt securities. IOs are also subject to credit risk because the Fund may not receive all or part of the interest payments if the issuer, obligor, guarantor or counterparty defaults on its obligation. Payments received for IOs are included in interest income in the Statement of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income in the Statement of Operations. POs are stripped securities entitled to receive the principal from the underlying obligation, but not the interest. POs are particularly sensitive to changes in interest rates and therefore are subject to fluctuations in price. POs are also subject to credit risk because the Fund may not receive all or part of its principal if the issuer, obligor, guarantor or counterparty defaults on its obligation. The Fund may also invest in IO or PO stripped mortgage-backed securities. Payments received for POs are treated as reductions to the cost and par value of the securities.

**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**

Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted. The Fund classifies gains and losses realized on prepayments received on mortgage-backed securities as adjustments to interest income. For convertible securities, premiums attributable to the conversion feature are not amortized.

The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. The Fund may also adjust accrual rates when it becomes probable the full interest will not be collected and a partial payment will be received. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Dividend income is recorded on the ex-dividend date.

**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.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**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.

**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 0.50% to 0.34% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2025 was 0.47% of the Fund's average daily net assets.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Subadvisory agreements** 

The Investment Manager has entered into Subadvisory Agreements with Allspring Global Investments, LLC and J.P. Morgan Investment Management 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. The Fund pays no distribution and service fees for Class 1 shares.

Variable Portfolio – Partners Core Bond 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;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 |

---

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, derivative investments, tax straddles, principal and/or interest from fixed income securities, defaulted securities/troubled debt, capital loss carryforwards, trustees' deferred compensation, foreign currency transactions 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 ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(loss) ($)**<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>|
| 33074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33074)<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 ($)**<br>| **Total ($)** |
| 203204349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203204349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177423410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177423410 |

---

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

Variable Portfolio – Partners Core Bond 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 ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>|
| 160339509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (680018798)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (56685101)<br>|

---

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) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>|
| 3956429807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39160234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (95845335)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (56685101)<br>|

---

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 ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **No expiration** <br>**long-term ($)**<br>| **Total ($)** | **Utilized ($)** |
| (216243336)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (463775462)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (680018798)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

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 $8,361,967,759 and $8,539,932,931, respectively, for the year ended December 31, 2025, of which $6,808,359,068 and $6,703,337,382, respectively, were U.S. government securities. 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 Core Bond 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 | 1525000 | &nbsp;&nbsp;&nbsp;&nbsp;4.62 | &nbsp;&nbsp;&nbsp;&nbsp; 8 |

---

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.

Variable Portfolio – Partners Core Bond Fund \| 2025

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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 Core Bond Fund \| 2025

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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 Bond 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 Bond 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 Core Bond Fund \| 2025

------

Approval of Subadvisory Agreement Amendment

(Unaudited)

Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Variable Portfolio – Partners Core Bond Fund (the Fund). Under a management agreement (the Management Agreement), the Investment Manager provides investment advice and other services to the Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds). In addition, under the subadvisory agreements (the Subadvisory Agreements) between the Investment Manager and each of Allspring Global Investments, LLC (Allspring) and J.P. Morgan Investment Management Inc. (collectively, the Subadvisers), the Subadvisers provide portfolio management and related services for the Fund. At their meeting on December 9, 2025, the Fund's Board of Trustees (the Board), including the independent Board members (the Independent Trustees), approved an amendment to the Subadvisory Agreement between the Investment Manager and Allspring for the purpose of reducing the fees payable thereunder by the Investment Manager to Allspring (the Subadvisory Agreement Amendment).

The Independent Trustees considered how the Subadvisory Agreement Amendment would reduce the subadvisory fee rates paid to Allspring by the Investment Manager under the Subadvisory Agreement with respect to the Fund. The Independent Trustees also considered that the Investment Manager had confirmed that there would not be any change to the nature or quality of the subadvisory services provided by Allspring as a result of entering into the amendment, and that the Subadvisory Agreement with Allspring, as amended, was substantially identical to the Subadvisory Agreement in place except for the reduced fee. The Independent Trustees reviewed the performance of the Fund as well as the level of management fees and total expenses paid by the Fund. The Independent Trustees noted that no management fees were proposed to change and that the level of services provided by each of the Investment Manager and Allspring was also not proposed to change. The Independent Trustees also noted that they, as part of the 2026 15(c) process, would continue to review the continued reasonableness of the Fund's management fee, including taking into account the reduced subadvisory fee levels.

The Independent Trustees noted the discussion relating to the renewal and approval of the advisory and subadvisory agreements for the Fund at the June 2025 Contracts Committee meeting and Board meetings and, in that connection, the discussion by independent legal counsel to the Independent Trustees (Independent Legal Counsel) of the Board's responsibilities pursuant to Sections 15(c) and 36(b) of the 1940 Act and the factors that should be considered in determining whether to approve or renew an investment management agreement. Independent Legal Counsel indicated that the Independent Trustees should apply these factors in considering the Subadvisory Agreement Amendment.

Independent Legal Counsel further indicated that the Independent Trustees should take into account the variety of written materials and oral presentations they received at the December 9, 2025 meeting, as well as the information previously considered regarding the proposed 15(c) renewal of the Fund's existing advisory and subadvisory agreements.

After considering the factors described above relating to the Subadvisory Agreement Amendment, and taking into account all of the factors considered, as described below, as part of the approval of the continuance of the Fund's Subadvisory Agreement with Allspring in June 2025, the Board, including all of the Independent Trustees, approved the Subadvisory Agreement Amendment.

General conclusions in connection with the Trustees' previous approval of the continuance of the fund's existing advisory agreements

On an annual basis, the Board, including the Independent Trustees, considers renewal of the Management Agreement and the Subadvisory Agreements (together, the Advisory Agreements). The Investment Manager prepared detailed reports for the Board and its Contracts Committee (including its Contracts Subcommittee) in March, April and June 2025, including reports providing the results of analyses performed by a third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses by the Investment Manager to written requests for information by Independent Legal Counsel to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees or subcommittees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by the Investment Manager addressing the services the Investment Manager provides and

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Approval of Subadvisory Agreement Amendment (continued)

(Unaudited)

Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees (including their subcommittees), such as the Contracts Committee, the Investment Review Committee, the Audit Committee and the Compliance Committee in determining whether to continue the Advisory Agreements.

The Board, at its June 26, 2025 Board meeting (the June Meeting), considered the renewal of each of the Advisory Agreements for additional one-year terms. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board's consideration of advisory and subadvisory agreements and the Board's legal responsibilities related to such consideration. The Independent Trustees considered such information as they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of each of the Advisory Agreements.Among other things, the information and factors considered included the following:

• Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks;

• Information on the Fund's management fees and total expenses, including information comparing the Fund's expenses to those of a group of comparable mutual funds, as determined by Broadridge;

• The Investment Manager's agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund's net assets;

• Terms of the Advisory Agreements;

• Subadvisory fees payable by the Investment Manager under the Subadvisory Agreements;

• Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;

• Descriptions of various services performed by the Investment Manager and the Subadvisers under the Advisory Agreements, including portfolio management and portfolio trading practices;

• Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;

• Information regarding the resources of the Investment Manager and Subadvisers, including information regarding senior management, portfolio managers and other personnel;

• Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;

• The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and

• Report provided by the Board's independent fee consultant, JDL Consultants, LLC (JDL).

Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of each of the Advisory Agreements.

Nature, extent and quality of services provided by the Investment Manager and the Subadvisers

The Board analyzed various reports and presentations it had received detailing the services performed by the Investment Manager and the Subadvisers, as well as their history, expertise, resources and relative capabilities, and the qualifications of their personnel.

The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager, including, in particular, detailed information regarding the process employed for selecting and overseeing affiliated and unaffiliated subadvisers. With respect to the Investment Manager, the Board also noted the

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Approval of Subadvisory Agreement Amendment (continued)

(Unaudited)

organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department's processes, systems and oversight over the past several years. The Board also took into account the broad scope of services provided by the Investment Manager to each subadvised Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager's ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel.

In connection with the Board's evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2024 in the performance of administrative services, and noted the various enhancements anticipated for 2025. In evaluating the quality of services provided under the Advisory Agreements, the Board also took into account the organization and strength of the Fund's and its service providers' compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity's ability to carry out its responsibilities under the Management Agreement and the Fund's other service agreements.

In addition, the Board discussed the acceptability of the terms of the Management Agreement (including the relatively broad scope of services required to be performed by the Investment Manager in addition to monitoring each Subadviser), noting that no changes were proposed from the forms of agreements previously approved. The Board also noted the wide array of legal and compliance services provided to the Fund under the Management Agreement.

The Board considered each Subadviser's organizational strength and resources, portfolio management team depth and capabilities and investment process. The Board also considered each Subadviser's capability and wherewithal to carry out its responsibilities under the applicable Subadvisory Agreement. In addition, the Board discussed the acceptability of the terms of the Subadvisory Agreements, including the scope of services required to be performed. The Board noted that the terms of the Subadvisory Agreements are generally consistent with the terms of other subadvisory agreements for subadvisers who manage other funds managed by the Investment Manager. It was observed that no changes were recommended to the Subadvisory Agreements. The Board took into account the Investment Manager's representation that each Subadviser was in a position to provide quality services to the Fund. In this regard, the Board further observed the various services provided by the Investment Manager's subadvisory oversight team.

After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of their overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Advisory Agreements supported the continuation of the Management Agreement and each of the Subadvisory Agreements.

Investment performance

The Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the Fund's performance relative to peers and benchmarks and (iii) the net assets of the Fund. The Board observed that the Fund's performance for certain periods ranked above median relative to its peers based on information provided by Broadridge.

Additionally, the Board reviewed the performance of each of the Subadvisers and the Investment Manager's process for monitoring such Subadvisers' performance. The Board considered, in particular, management's rationale for recommending the continued retention of each Subadviser and management's representations that the Investment Manager's profitability is not the key factor driving their recommendation to select, renew or terminate a Subadviser.

The Board also reviewed a description of the third-party data provider's methodology for identifying the Fund's peer groups for purposes of performance and expense comparisons.

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Approval of Subadvisory Agreement Amendment (continued)

(Unaudited)

The Board also considered the Investment Manager's and Subadvisers' performance and reputation generally, and the Investment Manager's evaluation of the contribution of each Subadviser to the Fund's investment mandate. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the performance of the Fund, the Investment Manager and the Subadvisers, in light of other considerations, supported the continuation of the Management Agreement and each of the Subadvisory Agreements.

Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund

The Board reviewed comparative fees and the costs of services provided under each of the Advisory Agreements. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund's expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund's contribution to the Investment Manager's profitability.

The Board considered the reports of JDL, which assisted in the Board's analysis of the Funds' performance and expenses and the reasonableness of the Funds' fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current "pricing philosophy" such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund's total expense ratio (after considering proposed expense caps/waivers) was below the peer universe's median expense ratio shown in the reports.

Additionally, the Board reviewed the level of subadvisory fees paid to each Subadviser, noting that the fees are paid by the Investment Manager and do not impact the fees paid by the Fund. The Board also reviewed advisory fee rates charged by other comparable mutual funds employing each Subadviser to provide comparable subadvisory services. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the levels of management fees, subadvisory fees and expenses of the Fund, in light of other considerations, supported the continuation of the Management Agreement and each of the Subadvisory Agreements.

The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. Because the Subadvisory Agreements were negotiated at arm's length by the Investment Manager, which is responsible for payments to the Subadvisers thereunder, the Board did not consider the profitability to each Subadviser from its relationship with the Fund. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that the profitability generated by the Investment Manager in 2024 had increased from 2023 levels due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement and each of the Subadvisory Agreements.

Economies of scale

The Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, and whether those economies of scale were shared with the Fund through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources. The Board considered the economies of scale that might be realized as the Fund's net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that management fees decline as Fund assets exceed various

Variable Portfolio – Partners Core Bond Fund \| 2025

------

Approval of Subadvisory Agreement Amendment (continued)

(Unaudited)

breakpoints, all of which have not been surpassed. The Board observed that the Management Agreement thus provides for breakpoints in the management fee rate schedule that allow opportunities for shareholders to realize lower fees as Fund assets grow and that there are additional opportunities through other means for sharing economies of scale with shareholders. The Board also noted that the breakpoints in the Subadvisory Agreements did not occur at the same levels as the breakpoints in the Management Agreement. In this regard, the Board noted the potential challenges of seeking to tailor the Management Agreement breakpoints to those of a subadvisory agreement in this context.

Conclusion

The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement and each of the Subadvisory Agreements. In reaching its conclusions, no single factor was determinative.

On June 26, 2025, the Board, including all of the Independent Trustees, determined that fees payable under each of the Advisory Agreements were fair and reasonable in light of the extent and quality of services provided and approved the renewal of each of the Advisory Agreements.

Variable Portfolio – Partners Core Bond Fund \| 2025

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**Variable Portfolio – Partners Core Bond Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g59364img77040fc62.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.

ANN7052_12_E01_(02/26)

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![](g59364imgd7f767941.jpg)

Columbia Variable Portfolio – Intermediate Bond 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;

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| | | |
|:---|:---|:---|
| **Not FDIC or NCUA Insured** | **No Financial Institution Guarantee** | **May Lose Value** |

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**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| [Portfolio of Investments](#xx_4f9c4e8d-3c28-4d71-908f-000e008ac36d_POI-CommonContent-Date-244_1) | 3 |
| [Statement of Assets and Liabilities](#xx_4f9c4e8d-3c28-4d71-908f-000e008ac36d_FS-CommonContent-Date-244_1) | 45 |
| [Statement of Operations](#xx_4f9c4e8d-3c28-4d71-908f-000e008ac36d_FS-CommonContent-Date-244_3) | 47 |
| [Statement of Changes in Net Assets](#xx_4f9c4e8d-3c28-4d71-908f-000e008ac36d_FS-CommonContent-Date-244_4) | 48 |
| [Financial Highlights](#xx_4f9c4e8d-3c28-4d71-908f-000e008ac36d_FIHI-CommonContent-Date-244_2) | 50 |
| [Notes to Financial Statements](#xx_4f9c4e8d-3c28-4d71-908f-000e008ac36d_NTF-CommonContent-Date-244_1) | 52 |
| [Report of Independent Registered Public Accounting Firm](#xx_4f9c4e8d-3c28-4d71-908f-000e008ac36d_AUD-CommonContent-Date-244_1) | 70 |

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Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

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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;

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities — Agency 0.0%** | **Asset-Backed Securities — Agency 0.0%** | **Asset-Backed Securities — Agency 0.0%** | **Asset-Backed Securities — Agency 0.0%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| United States Small Business Administration | United States Small Business Administration | United States Small Business Administration | United States Small Business Administration |
| Series 2014-20I Class 1 | Series 2014-20I Class 1 | Series 2014-20I Class 1 | Series 2014-20I Class 1 |
| 09/01/2034 | &nbsp;&nbsp; 2.920% | 71565 | &nbsp;&nbsp; 68344 |
| Total Asset-Backed Securities — Agency <br>(Cost $72,377) | Total Asset-Backed Securities — Agency <br>(Cost $72,377) | Total Asset-Backed Securities — Agency <br>(Cost $72,377) | &nbsp;&nbsp; **68344** |
| **Asset-Backed Securities - Non-Agency 9.8%** | **Asset-Backed Securities - Non-Agency 9.8%** | **Asset-Backed Securities - Non-Agency 9.8%** | **Asset-Backed Securities - Non-Agency 9.8%** |
| ACHV ABS Trust<sup>(a)</sup>  | ACHV ABS Trust<sup>(a)</sup>  | ACHV ABS Trust<sup>(a)</sup>  | ACHV ABS Trust<sup>(a)</sup>  |
| Subordinated Series 2024-1PL Class B | Subordinated Series 2024-1PL Class B | Subordinated Series 2024-1PL Class B | Subordinated Series 2024-1PL Class B |
| 04/25/2031 | &nbsp;&nbsp; 6.340% | 875588 | &nbsp;&nbsp; 886516 |
| ACM Auto Trust<sup>(a)</sup>  | ACM Auto Trust<sup>(a)</sup>  | ACM Auto Trust<sup>(a)</sup>  | ACM Auto Trust<sup>(a)</sup>  |
| Series 2024-2A Class A | Series 2024-2A Class A | Series 2024-2A Class A | Series 2024-2A Class A |
| 02/20/2029 | &nbsp;&nbsp; 6.060% | 778853 | &nbsp;&nbsp; 778975 |
| ASP WHCO Participation LP<sup>(a),(b),(c)</sup>  | ASP WHCO Participation LP<sup>(a),(b),(c)</sup>  | ASP WHCO Participation LP<sup>(a),(b),(c)</sup>  | ASP WHCO Participation LP<sup>(a),(b),(c)</sup>  |
| 30-day Average SOFR + 2.400% <br>Floor 3.000% <br>03/29/2029<br>| &nbsp;&nbsp; 6.713% | 16300000 | &nbsp;&nbsp; 16300000 |
| Bain Capital Credit CLO<sup>(a),(c)</sup>  | Bain Capital Credit CLO<sup>(a),(c)</sup>  | Bain Capital Credit CLO<sup>(a),(c)</sup>  | Bain Capital Credit CLO<sup>(a),(c)</sup>  |
| Series 2018-2A Class A1R | Series 2018-2A Class A1R | Series 2018-2A Class A1R | Series 2018-2A Class A1R |
| 3-month Term SOFR + 1.080% <br>Floor 1.080% <br>07/19/2031<br>| &nbsp;&nbsp; 4.964% | 3326492 | &nbsp;&nbsp; 3326446 |
| Basswood Park CLO Ltd.<sup>(a),(c)</sup>  | Basswood Park CLO Ltd.<sup>(a),(c)</sup>  | Basswood Park CLO Ltd.<sup>(a),(c)</sup>  | Basswood Park CLO Ltd.<sup>(a),(c)</sup>  |
| Series 2025-1A Class AR | Series 2025-1A Class AR | Series 2025-1A Class AR | Series 2025-1A Class AR |
| 3-month Term SOFR + 1.030% <br>Floor 1.030% <br>04/20/2034<br>| &nbsp;&nbsp; 4.914% | 14400000 | &nbsp;&nbsp; 14402131 |
| Dryden Senior Loan Fund<sup>(a),(c)</sup>  | Dryden Senior Loan Fund<sup>(a),(c)</sup>  | Dryden Senior Loan Fund<sup>(a),(c)</sup>  | Dryden Senior Loan Fund<sup>(a),(c)</sup>  |
| Series 2015-41A Class AR | Series 2015-41A Class AR | Series 2015-41A Class AR | Series 2015-41A Class AR |
| 3-month Term SOFR + 1.232% <br>04/15/2031<br>| &nbsp;&nbsp; 5.136% | 908038 | &nbsp;&nbsp; 908044 |
| EDGEX Issuer Trust<sup>(a)</sup>  | EDGEX Issuer Trust<sup>(a)</sup>  | EDGEX Issuer Trust<sup>(a)</sup>  | EDGEX Issuer Trust<sup>(a)</sup>  |
| Series 2025-1NN Class A | Series 2025-1NN Class A | Series 2025-1NN Class A | Series 2025-1NN Class A |
| 01/15/2031 | &nbsp;&nbsp; 5.410% | 7027375 | &nbsp;&nbsp; 7058591 |
| Series 2025-2NN Class A | Series 2025-2NN Class A | Series 2025-2NN Class A | Series 2025-2NN Class A |
| 01/15/2032 | &nbsp;&nbsp; 5.498% | 10469998 | &nbsp;&nbsp; 10485520 |
| EDGEX Issuer Trust<sup>(a),(d)</sup>  | EDGEX Issuer Trust<sup>(a),(d)</sup>  | EDGEX Issuer Trust<sup>(a),(d)</sup>  | EDGEX Issuer Trust<sup>(a),(d)</sup>  |
| Series 2025-1NN Class CERT | Series 2025-1NN Class CERT | Series 2025-1NN Class CERT | Series 2025-1NN Class CERT |
| 01/15/2031 | &nbsp;&nbsp; 0.000% | 4000000 | &nbsp;&nbsp; 3554483 |
| GLS Auto Select Receivables Trust<sup>(a)</sup>  | GLS Auto Select Receivables Trust<sup>(a)</sup>  | GLS Auto Select Receivables Trust<sup>(a)</sup>  | GLS Auto Select Receivables Trust<sup>(a)</sup>  |
| Series 2024-2A Class A2 | Series 2024-2A Class A2 | Series 2024-2A Class A2 | Series 2024-2A Class A2 |
| 06/17/2030 | &nbsp;&nbsp; 5.580% | 4284744 | &nbsp;&nbsp; 4326222 |
| Series 2024-4A Class A2 | Series 2024-4A Class A2 | Series 2024-4A Class A2 | Series 2024-4A Class A2 |
| 12/17/2029 | &nbsp;&nbsp; 4.430% | 3379798 | &nbsp;&nbsp; 3391885 |
| GreenSky Home Improvement Trust<sup>(a)</sup>  | GreenSky Home Improvement Trust<sup>(a)</sup>  | GreenSky Home Improvement Trust<sup>(a)</sup>  | GreenSky Home Improvement Trust<sup>(a)</sup>  |
| Series 2024-1 Class A2 | Series 2024-1 Class A2 | Series 2024-1 Class A2 | Series 2024-1 Class A2 |
| 06/25/2059 | &nbsp;&nbsp; 5.880% | 1374100 | &nbsp;&nbsp; 1383337 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Lendbuzz Securitization Trust<sup>(a)</sup>  | Lendbuzz Securitization Trust<sup>(a)</sup>  | Lendbuzz Securitization Trust<sup>(a)</sup>  | Lendbuzz Securitization Trust<sup>(a)</sup>  |
| Series 2025-2A Class A2 | Series 2025-2A Class A2 | Series 2025-2A Class A2 | Series 2025-2A Class A2 |
| 05/15/2030 | &nbsp;&nbsp; 5.180% | 5586548 | &nbsp;&nbsp; 5611447 |
| Marlette Funding Trust<sup>(a)</sup>  | Marlette Funding Trust<sup>(a)</sup>  | Marlette Funding Trust<sup>(a)</sup>  | Marlette Funding Trust<sup>(a)</sup>  |
| Subordinated Series 2023-1A Class C | Subordinated Series 2023-1A Class C | Subordinated Series 2023-1A Class C | Subordinated Series 2023-1A Class C |
| 04/15/2033 | &nbsp;&nbsp; 7.200% | 1911337 | &nbsp;&nbsp; 1917486 |
| MPOWER Education Trust<sup>(a)</sup>  | MPOWER Education Trust<sup>(a)</sup>  | MPOWER Education Trust<sup>(a)</sup>  | MPOWER Education Trust<sup>(a)</sup>  |
| Series 2025-1 Class A | Series 2025-1 Class A | Series 2025-1 Class A | Series 2025-1 Class A |
| 12/22/2042 | &nbsp;&nbsp; 6.250% | 9789284 | &nbsp;&nbsp; 9817270 |
| Series 2025-A Class A | Series 2025-A Class A | Series 2025-A Class A | Series 2025-A Class A |
| 07/21/2042 | &nbsp;&nbsp; 6.620% | 2979610 | &nbsp;&nbsp; 3035027 |
| NetCredit Combined Receivables LLC<sup>(a)</sup>  | NetCredit Combined Receivables LLC<sup>(a)</sup>  | NetCredit Combined Receivables LLC<sup>(a)</sup>  | NetCredit Combined Receivables LLC<sup>(a)</sup>  |
| Series 2024-A Class A | Series 2024-A Class A | Series 2024-A Class A | Series 2024-A Class A |
| 10/21/2030 | &nbsp;&nbsp; 7.430% | 66175 | &nbsp;&nbsp; 66236 |
| Octagon Investment Partners Ltd.<sup>(a),(c)</sup>  | Octagon Investment Partners Ltd.<sup>(a),(c)</sup>  | Octagon Investment Partners Ltd.<sup>(a),(c)</sup>  | Octagon Investment Partners Ltd.<sup>(a),(c)</sup>  |
| Series 2018-18A Class A1A | Series 2018-18A Class A1A | Series 2018-18A Class A1A | Series 2018-18A Class A1A |
| 3-month Term SOFR + 1.222% <br>Floor 0.960% <br>04/16/2031<br>| &nbsp;&nbsp; 5.115% | 1937679 | &nbsp;&nbsp; 1937674 |
| Octagon Investment Partners XXII Ltd.<sup>(a),(c)</sup>  | Octagon Investment Partners XXII Ltd.<sup>(a),(c)</sup>  | Octagon Investment Partners XXII Ltd.<sup>(a),(c)</sup>  | Octagon Investment Partners XXII Ltd.<sup>(a),(c)</sup>  |
| Series 2014-1A Class BRR | Series 2014-1A Class BRR | Series 2014-1A Class BRR | Series 2014-1A Class BRR |
| 3-month Term SOFR + 1.712% <br>Floor 1.450% <br>01/22/2030<br>| &nbsp;&nbsp; 5.569% | 36764912 | &nbsp;&nbsp; 36794985 |
| Oportun Funding Trust<sup>(a)</sup>  | Oportun Funding Trust<sup>(a)</sup>  | Oportun Funding Trust<sup>(a)</sup>  | Oportun Funding Trust<sup>(a)</sup>  |
| Series 2024-3 Class A | Series 2024-3 Class A | Series 2024-3 Class A | Series 2024-3 Class A |
| 08/15/2029 | &nbsp;&nbsp; 5.260% | 862123 | &nbsp;&nbsp; 862493 |
| Oportun Issuance Trust<sup>(a)</sup>  | Oportun Issuance Trust<sup>(a)</sup>  | Oportun Issuance Trust<sup>(a)</sup>  | Oportun Issuance Trust<sup>(a)</sup>  |
| Series 2021-B Class A | Series 2021-B Class A | Series 2021-B Class A | Series 2021-B Class A |
| 05/08/2031 | &nbsp;&nbsp; 1.470% | 5398819 | &nbsp;&nbsp; 5298218 |
| Pagaya AI Debt Grantor Trust<sup>(a)</sup>  | Pagaya AI Debt Grantor Trust<sup>(a)</sup>  | Pagaya AI Debt Grantor Trust<sup>(a)</sup>  | Pagaya AI Debt Grantor Trust<sup>(a)</sup>  |
| Series 2024-11 Class B | Series 2024-11 Class B | Series 2024-11 Class B | Series 2024-11 Class B |
| 07/15/2032 | &nbsp;&nbsp; 5.637% | 4093542 | &nbsp;&nbsp; 4124099 |
| Series 2025-6 Class B | Series 2025-6 Class B | Series 2025-6 Class B | Series 2025-6 Class B |
| 04/15/2033 | &nbsp;&nbsp; 4.883% | 8200000 | &nbsp;&nbsp; 8169039 |
| Series 2025-R3 Class A | Series 2025-R3 Class A | Series 2025-R3 Class A | Series 2025-R3 Class A |
| 01/18/2033 | &nbsp;&nbsp; 4.841% | 8892007 | &nbsp;&nbsp; 8902687 |
| Subordinated Series 2024-10 Class B | Subordinated Series 2024-10 Class B | Subordinated Series 2024-10 Class B | Subordinated Series 2024-10 Class B |
| 06/15/2032 | &nbsp;&nbsp; 5.750% | 4908144 | &nbsp;&nbsp; 4950694 |
| Subordinated Series 2024-10 Class C | Subordinated Series 2024-10 Class C | Subordinated Series 2024-10 Class C | Subordinated Series 2024-10 Class C |
| 06/15/2032 | &nbsp;&nbsp; 5.992% | 6647798 | &nbsp;&nbsp; 6702887 |
| Subordinated Series 2024-5 Class B | Subordinated Series 2024-5 Class B | Subordinated Series 2024-5 Class B | Subordinated Series 2024-5 Class B |
| 10/15/2031 | &nbsp;&nbsp; 6.601% | 4963594 | &nbsp;&nbsp; 5000902 |
| Subordinated Series 2024-6 Class B | Subordinated Series 2024-6 Class B | Subordinated Series 2024-6 Class B | Subordinated Series 2024-6 Class B |
| 11/15/2031 | &nbsp;&nbsp; 6.589% | 5084850 | &nbsp;&nbsp; 5138402 |
| Subordinated Series 2024-8 Class B | Subordinated Series 2024-8 Class B | Subordinated Series 2024-8 Class B | Subordinated Series 2024-8 Class B |
| 01/15/2032 | &nbsp;&nbsp; 5.456% | 5774236 | &nbsp;&nbsp; 5802672 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Subordinated Series 2024-8 Class C | Subordinated Series 2024-8 Class C | Subordinated Series 2024-8 Class C | Subordinated Series 2024-8 Class C |
| 01/15/2032 | &nbsp;&nbsp; 6.030% | 4617329 | &nbsp;&nbsp; 4645289 |
| Subordinated Series 2024-9 Class B | Subordinated Series 2024-9 Class B | Subordinated Series 2024-9 Class B | Subordinated Series 2024-9 Class B |
| 03/15/2032 | &nbsp;&nbsp; 5.306% | 5647735 | &nbsp;&nbsp; 5665603 |
| Subordinated Series 2024-9 Class C | Subordinated Series 2024-9 Class C | Subordinated Series 2024-9 Class C | Subordinated Series 2024-9 Class C |
| 03/15/2032 | &nbsp;&nbsp; 5.774% | 4365003 | &nbsp;&nbsp; 4380283 |
| Pagaya AI Debt Selection Trust<sup>(a)</sup>  | Pagaya AI Debt Selection Trust<sup>(a)</sup>  | Pagaya AI Debt Selection Trust<sup>(a)</sup>  | Pagaya AI Debt Selection Trust<sup>(a)</sup>  |
| Subordinated Series 2024-7 Class B | Subordinated Series 2024-7 Class B | Subordinated Series 2024-7 Class B | Subordinated Series 2024-7 Class B |
| 12/15/2031 | &nbsp;&nbsp; 6.574% | 4041641 | &nbsp;&nbsp; 4068339 |
| Subordinated Series 2024-7 Class C | Subordinated Series 2024-7 Class C | Subordinated Series 2024-7 Class C | Subordinated Series 2024-7 Class C |
| 12/15/2031 | &nbsp;&nbsp; 7.095% | 4530097 | &nbsp;&nbsp; 4569477 |
| Pagaya AI Debt Trust<sup>(a)</sup>  | Pagaya AI Debt Trust<sup>(a)</sup>  | Pagaya AI Debt Trust<sup>(a)</sup>  | Pagaya AI Debt Trust<sup>(a)</sup>  |
| Series 2024-2 Class A | Series 2024-2 Class A | Series 2024-2 Class A | Series 2024-2 Class A |
| 08/15/2031 | &nbsp;&nbsp; 6.319% | 829382 | &nbsp;&nbsp; 833227 |
| Series 2024-3 Class A | Series 2024-3 Class A | Series 2024-3 Class A | Series 2024-3 Class A |
| 10/15/2031 | &nbsp;&nbsp; 6.258% | 1797515 | &nbsp;&nbsp; 1808113 |
| Subordinated Series 2023-7 Class C | Subordinated Series 2023-7 Class C | Subordinated Series 2023-7 Class C | Subordinated Series 2023-7 Class C |
| 07/15/2031 | &nbsp;&nbsp; 8.798% | 1162148 | &nbsp;&nbsp; 1165169 |
| Subordinated Series 2024-3 Class B | Subordinated Series 2024-3 Class B | Subordinated Series 2024-3 Class B | Subordinated Series 2024-3 Class B |
| 10/15/2031 | &nbsp;&nbsp; 6.571% | 5266891 | &nbsp;&nbsp; 5301616 |
| Subordinated Series 2024-3 Class C | Subordinated Series 2024-3 Class C | Subordinated Series 2024-3 Class C | Subordinated Series 2024-3 Class C |
| 10/15/2031 | &nbsp;&nbsp; 7.297% | 2631788 | &nbsp;&nbsp; 2648225 |
| Pagaya Point of Sale Holdings Grantor Trust<sup>(a)</sup>  | Pagaya Point of Sale Holdings Grantor Trust<sup>(a)</sup>  | Pagaya Point of Sale Holdings Grantor Trust<sup>(a)</sup>  | Pagaya Point of Sale Holdings Grantor Trust<sup>(a)</sup>  |
| Series 2025-2 Class A | Series 2025-2 Class A | Series 2025-2 Class A | Series 2025-2 Class A |
| 07/20/2033 | &nbsp;&nbsp; 5.065% | 6600000 | &nbsp;&nbsp; 6621676 |
| Palmer Square Loan Funding Ltd.<sup>(a),(c)</sup>  | Palmer Square Loan Funding Ltd.<sup>(a),(c)</sup>  | Palmer Square Loan Funding Ltd.<sup>(a),(c)</sup>  | Palmer Square Loan Funding Ltd.<sup>(a),(c)</sup>  |
| Series 2022-3A Class A1BR | Series 2022-3A Class A1BR | Series 2022-3A Class A1BR | Series 2022-3A Class A1BR |
| 3-month Term SOFR + 1.400% <br>Floor 1.400% <br>04/15/2031<br>| &nbsp;&nbsp; 5.718% | 11000000 | &nbsp;&nbsp; 11011319 |
| Reach ABS Trust<sup>(a)</sup>  | Reach ABS Trust<sup>(a)</sup>  | Reach ABS Trust<sup>(a)</sup>  | Reach ABS Trust<sup>(a)</sup>  |
| Series 2024-2A Class A | Series 2024-2A Class A | Series 2024-2A Class A | Series 2024-2A Class A |
| 07/15/2031 | &nbsp;&nbsp; 5.880% | 2191017 | &nbsp;&nbsp; 2199831 |
| Research-Driven Pagaya Motor Asset Trust<sup>(a)</sup>  | Research-Driven Pagaya Motor Asset Trust<sup>(a)</sup>  | Research-Driven Pagaya Motor Asset Trust<sup>(a)</sup>  | Research-Driven Pagaya Motor Asset Trust<sup>(a)</sup>  |
| Series 2023-4A Class A | Series 2023-4A Class A | Series 2023-4A Class A | Series 2023-4A Class A |
| 03/25/2032 | &nbsp;&nbsp; 7.540% | 4832914 | &nbsp;&nbsp; 4843523 |
| Series 2024-3A Class A | Series 2024-3A Class A | Series 2024-3A Class A | Series 2024-3A Class A |
| 03/25/2033 | &nbsp;&nbsp; 5.281% | 6816766 | &nbsp;&nbsp; 6844069 |
| Research-Driven Pagaya Motor Asset Trust IV<sup>(a)</sup>  | Research-Driven Pagaya Motor Asset Trust IV<sup>(a)</sup>  | Research-Driven Pagaya Motor Asset Trust IV<sup>(a)</sup>  | Research-Driven Pagaya Motor Asset Trust IV<sup>(a)</sup>  |
| Series 2021-2A Class A | Series 2021-2A Class A | Series 2021-2A Class A | Series 2021-2A Class A |
| 03/25/2030 | &nbsp;&nbsp; 2.650% | 1611675 | &nbsp;&nbsp; 1601093 |
| Research-Driven Pagaya Motor Trust<sup>(a)</sup>  | Research-Driven Pagaya Motor Trust<sup>(a)</sup>  | Research-Driven Pagaya Motor Trust<sup>(a)</sup>  | Research-Driven Pagaya Motor Trust<sup>(a)</sup>  |
| Series 2024-1A Class A | Series 2024-1A Class A | Series 2024-1A Class A | Series 2024-1A Class A |
| 06/25/2032 | &nbsp;&nbsp; 7.090% | 3331076 | &nbsp;&nbsp; 3346069 |
| Truist Bank Auto Credit-Linked Notes<sup>(a)</sup>  | Truist Bank Auto Credit-Linked Notes<sup>(a)</sup>  | Truist Bank Auto Credit-Linked Notes<sup>(a)</sup>  | Truist Bank Auto Credit-Linked Notes<sup>(a)</sup>  |
| Series 2025-1 Class B | Series 2025-1 Class B | Series 2025-1 Class B | Series 2025-1 Class B |
| 09/26/2033 | &nbsp;&nbsp; 4.728% | 5208666 | &nbsp;&nbsp; 5221889 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Upgrade Master Pass-Thru Trust<sup>(a),(d)</sup>  | Upgrade Master Pass-Thru Trust<sup>(a),(d)</sup>  | Upgrade Master Pass-Thru Trust<sup>(a),(d)</sup>  | Upgrade Master Pass-Thru Trust<sup>(a),(d)</sup>  |
| Series 2025-ST5 Class CERT | Series 2025-ST5 Class CERT | Series 2025-ST5 Class CERT | Series 2025-ST5 Class CERT |
| 09/15/2032 | &nbsp;&nbsp; 0.000% | 3950000 | &nbsp;&nbsp; 3188159 |
| Upland CLO Ltd.<sup>(a),(c)</sup>  | Upland CLO Ltd.<sup>(a),(c)</sup>  | Upland CLO Ltd.<sup>(a),(c)</sup>  | Upland CLO Ltd.<sup>(a),(c)</sup>  |
| Series 2016-1A Class A1AR | Series 2016-1A Class A1AR | Series 2016-1A Class A1AR | Series 2016-1A Class A1AR |
| 3-month Term SOFR + 1.282% <br>Floor 1.020% <br>04/20/2031<br>| &nbsp;&nbsp; 5.166% | 192292 | &nbsp;&nbsp; 192367 |
| Upstart Securitization Trust<sup>(a)</sup>  | Upstart Securitization Trust<sup>(a)</sup>  | Upstart Securitization Trust<sup>(a)</sup>  | Upstart Securitization Trust<sup>(a)</sup>  |
| Series 2024-1 Class A | Series 2024-1 Class A | Series 2024-1 Class A | Series 2024-1 Class A |
| 11/20/2034 | &nbsp;&nbsp; 5.330% | 2814522 | &nbsp;&nbsp; 2813153 |
| Series 2025-2 Class A2 | Series 2025-2 Class A2 | Series 2025-2 Class A2 | Series 2025-2 Class A2 |
| 06/20/2035 | &nbsp;&nbsp; 5.220% | 5187756 | &nbsp;&nbsp; 5213930 |
| Series 2025-3 Class A2 | Series 2025-3 Class A2 | Series 2025-3 Class A2 | Series 2025-3 Class A2 |
| 09/20/2035 | &nbsp;&nbsp; 4.600% | 6255000 | &nbsp;&nbsp; 6267836 |
| Series 2025-4 Class D | Series 2025-4 Class D | Series 2025-4 Class D | Series 2025-4 Class D |
| 11/20/2035 | &nbsp;&nbsp; 7.670% | 1000000 | &nbsp;&nbsp; 1001751 |
| Total Asset-Backed Securities — Non-Agency <br>(Cost $276,159,268) | Total Asset-Backed Securities — Non-Agency <br>(Cost $276,159,268) | Total Asset-Backed Securities — Non-Agency <br>(Cost $276,159,268) | &nbsp;&nbsp; **276386374** |
| **Commercial Mortgage-Backed Securities - Non-Agency 1.5%** | **Commercial Mortgage-Backed Securities - Non-Agency 1.5%** | **Commercial Mortgage-Backed Securities - Non-Agency 1.5%** | **Commercial Mortgage-Backed Securities - Non-Agency 1.5%** |
| BX Commercial Mortgage Trust<sup>(a),(c)</sup>  | BX Commercial Mortgage Trust<sup>(a),(c)</sup>  | BX Commercial Mortgage Trust<sup>(a),(c)</sup>  | BX Commercial Mortgage Trust<sup>(a),(c)</sup>  |
| Series 2024-SLCT Class A | Series 2024-SLCT Class A | Series 2024-SLCT Class A | Series 2024-SLCT Class A |
| 1-month Term SOFR + 1.443% <br>Floor 1.443% <br>01/15/2042<br>| &nbsp;&nbsp; 5.074% | 5600000 | &nbsp;&nbsp; 5594756 |
| Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup>  | Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup>  | Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup>  | Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup>  |
| Series 2014-USA Class A2 | Series 2014-USA Class A2 | Series 2014-USA Class A2 | Series 2014-USA Class A2 |
| 09/15/2037 | &nbsp;&nbsp; 3.953% | 15735000 | &nbsp;&nbsp; 14454067 |
| Subordinated Series 2014-USA Class E | Subordinated Series 2014-USA Class E | Subordinated Series 2014-USA Class E | Subordinated Series 2014-USA Class E |
| 09/15/2037 | &nbsp;&nbsp; 4.373% | 4815000 | &nbsp;&nbsp; 3808757 |
| Subordinated Series 2014-USA Class F | Subordinated Series 2014-USA Class F | Subordinated Series 2014-USA Class F | Subordinated Series 2014-USA Class F |
| 09/15/2037 | &nbsp;&nbsp; 4.373% | 9000000 | &nbsp;&nbsp; 5588198 |
| Hilton USA Trust<sup>(a),(e)</sup>  | Hilton USA Trust<sup>(a),(e)</sup>  | Hilton USA Trust<sup>(a),(e)</sup>  | Hilton USA Trust<sup>(a),(e)</sup>  |
| Subordinated Series 2016-SFP Class E | Subordinated Series 2016-SFP Class E | Subordinated Series 2016-SFP Class E | Subordinated Series 2016-SFP Class E |
| 11/05/2035 | &nbsp;&nbsp; 0.000% | 10901000 | &nbsp;&nbsp; 272873 |
| One New York Plaza Trust<sup>(a),(c)</sup>  | One New York Plaza Trust<sup>(a),(c)</sup>  | One New York Plaza Trust<sup>(a),(c)</sup>  | One New York Plaza Trust<sup>(a),(c)</sup>  |
| Subordinated Series 2020-1NYP Class D | Subordinated Series 2020-1NYP Class D | Subordinated Series 2020-1NYP Class D | Subordinated Series 2020-1NYP Class D |
| 1-month Term SOFR + 2.864% <br>Floor 2.750% <br>01/15/2036<br>| &nbsp;&nbsp; 6.615% | 4150000 | &nbsp;&nbsp; 3918052 |
| SFO Commercial Mortgage Trust<sup>(a),(c)</sup>  | SFO Commercial Mortgage Trust<sup>(a),(c)</sup>  | SFO Commercial Mortgage Trust<sup>(a),(c)</sup>  | SFO Commercial Mortgage Trust<sup>(a),(c)</sup>  |
| Series 2021-555 Class A | Series 2021-555 Class A | Series 2021-555 Class A | Series 2021-555 Class A |
| 1-month Term SOFR + 1.264% <br>Floor 1.150% <br>05/15/2038<br>| &nbsp;&nbsp; 5.016% | 9150000 | &nbsp;&nbsp; 9122688 |
| Total Commercial Mortgage-Backed Securities - Non-Agency <br>(Cost $58,530,496) | Total Commercial Mortgage-Backed Securities - Non-Agency <br>(Cost $58,530,496) | Total Commercial Mortgage-Backed Securities - Non-Agency <br>(Cost $58,530,496) | &nbsp;&nbsp; **42759391** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Common Stocks 0.0%** | **Common Stocks 0.0%** | **Common Stocks 0.0%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Communication Services 0.0%** | **Communication Services 0.0%** | **Communication Services 0.0%** |
| **Wireless Telecommunication Services 0.0%** | **Wireless Telecommunication Services 0.0%** | **Wireless Telecommunication Services 0.0%** |
| Altice Luxco 3<sup>(f)</sup> <br>| &nbsp;&nbsp; 9982 | &nbsp;&nbsp; 179775 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **179775** |
| Total Common Stocks <br>(Cost $1) | Total Common Stocks <br>(Cost $1) | &nbsp;&nbsp; **179775** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Convertible Bonds 0.1%** | **Convertible Bonds 0.1%** | **Convertible Bonds 0.1%** | **Convertible Bonds 0.1%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Electric 0.1%** | **Electric 0.1%** | **Electric 0.1%** | **Electric 0.1%** |
| NextEra Energy Partners LP<sup>(a)</sup>  | NextEra Energy Partners LP<sup>(a)</sup>  | NextEra Energy Partners LP<sup>(a)</sup>  | NextEra Energy Partners LP<sup>(a)</sup>  |
| 06/15/2026 | &nbsp;&nbsp; 2.500% | 1419000 | &nbsp;&nbsp; 1392465 |
| Total Convertible Bonds <br>(Cost $1,390,767) | Total Convertible Bonds <br>(Cost $1,390,767) | Total Convertible Bonds <br>(Cost $1,390,767) | &nbsp;&nbsp; **1392465** |
| **Corporate Bonds & Notes 26.6%** | **Corporate Bonds & Notes 26.6%** | **Corporate Bonds & Notes 26.6%** | **Corporate Bonds & Notes 26.6%** |
| **Aerospace & Defense 1.1%** | **Aerospace & Defense 1.1%** | **Aerospace & Defense 1.1%** | **Aerospace & Defense 1.1%** |
| Allegheny Technologies, Inc. | Allegheny Technologies, Inc. | Allegheny Technologies, Inc. | Allegheny Technologies, Inc. |
| 10/01/2031 | &nbsp;&nbsp; 5.125% | 1055000 | &nbsp;&nbsp; 1056509 |
| BAE Systems PLC<sup>(a)</sup>  | BAE Systems PLC<sup>(a)</sup>  | BAE Systems PLC<sup>(a)</sup>  | BAE Systems PLC<sup>(a)</sup>  |
| 03/26/2029 | &nbsp;&nbsp; 5.125% | 3832000 | &nbsp;&nbsp; 3941476 |
| 02/15/2031 | &nbsp;&nbsp; 1.900% | 500000 | &nbsp;&nbsp; 443893 |
| Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) |
| 08/01/2059 | &nbsp;&nbsp; 3.950% | 5840000 | &nbsp;&nbsp; 4133137 |
| Bombardier, Inc.<sup>(a)</sup>  | Bombardier, Inc.<sup>(a)</sup>  | Bombardier, Inc.<sup>(a)</sup>  | Bombardier, Inc.<sup>(a)</sup>  |
| 07/01/2031 | &nbsp;&nbsp; 7.250% | 208000 | &nbsp;&nbsp; 221799 |
| 06/01/2032 | &nbsp;&nbsp; 7.000% | 209000 | &nbsp;&nbsp; 220994 |
| L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. |
| 07/31/2033 | &nbsp;&nbsp; 5.400% | 2447000 | &nbsp;&nbsp; 2549109 |
| Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. |
| 02/01/2027 | &nbsp;&nbsp; 3.200% | 1554000 | &nbsp;&nbsp; 1543218 |
| Raytheon Technologies Corp. | Raytheon Technologies Corp. | Raytheon Technologies Corp. | Raytheon Technologies Corp. |
| 03/15/2027 | &nbsp;&nbsp; 3.500% | 10223000 | &nbsp;&nbsp; 10171848 |
| 03/15/2032 | &nbsp;&nbsp; 2.375% | 3695000 | &nbsp;&nbsp; 3290904 |
| TransDigm, Inc.<sup>(a)</sup>  | TransDigm, Inc.<sup>(a)</sup>  | TransDigm, Inc.<sup>(a)</sup>  | TransDigm, Inc.<sup>(a)</sup>  |
| 08/15/2028 | &nbsp;&nbsp; 6.750% | 527000 | &nbsp;&nbsp; 537142 |
| 03/01/2029 | &nbsp;&nbsp; 6.375% | 678000 | &nbsp;&nbsp; 699987 |
| 03/01/2032 | &nbsp;&nbsp; 6.625% | 843000 | &nbsp;&nbsp; 876971 |
| 01/15/2033 | &nbsp;&nbsp; 6.000% | 310000 | &nbsp;&nbsp; 317292 |
| 05/31/2033 | &nbsp;&nbsp; 6.375% | 1114000 | &nbsp;&nbsp; 1142636 |
| 01/31/2034 | &nbsp;&nbsp; 6.750% | 555000 | &nbsp;&nbsp; 578587 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **31725502** |
| **Airlines 0.0%** | **Airlines 0.0%** | **Airlines 0.0%** | **Airlines 0.0%** |
| American Airlines, Inc.<sup>(a)</sup>  | American Airlines, Inc.<sup>(a)</sup>  | American Airlines, Inc.<sup>(a)</sup>  | American Airlines, Inc.<sup>(a)</sup>  |
| 05/15/2029 | &nbsp;&nbsp; 8.500% | 364000 | &nbsp;&nbsp; 380006 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup>  | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup>  | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup>  | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup>  |
| 04/20/2029 | &nbsp;&nbsp; 5.750% | 951779 | &nbsp;&nbsp; 969107 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1349113** |
| **Automotive 0.5%** | **Automotive 0.5%** | **Automotive 0.5%** | **Automotive 0.5%** |
| American Axle & Manufacturing, Inc.<sup>(a)</sup>  | American Axle & Manufacturing, Inc.<sup>(a)</sup>  | American Axle & Manufacturing, Inc.<sup>(a)</sup>  | American Axle & Manufacturing, Inc.<sup>(a)</sup>  |
| 10/15/2032 | &nbsp;&nbsp; 6.375% | 259000 | &nbsp;&nbsp; 263804 |
| 10/15/2033 | &nbsp;&nbsp; 7.750% | 3627000 | &nbsp;&nbsp; 3694870 |
| Clarios Global LP/US Finance Co.<sup>(a)</sup>  | Clarios Global LP/US Finance Co.<sup>(a)</sup>  | Clarios Global LP/US Finance Co.<sup>(a)</sup>  | Clarios Global LP/US Finance Co.<sup>(a)</sup>  |
| 02/15/2030 | &nbsp;&nbsp; 6.750% | 392000 | &nbsp;&nbsp; 409518 |
| 09/15/2032 | &nbsp;&nbsp; 6.750% | 449000 | &nbsp;&nbsp; 465728 |
| Forvia SE<sup>(a)</sup>  | Forvia SE<sup>(a)</sup>  | Forvia SE<sup>(a)</sup>  | Forvia SE<sup>(a)</sup>  |
| 09/15/2033 | &nbsp;&nbsp; 6.750% | 295000 | &nbsp;&nbsp; 303489 |
| IHO Verwaltungs GmbH<sup>(a),(g)</sup>  | IHO Verwaltungs GmbH<sup>(a),(g)</sup>  | IHO Verwaltungs GmbH<sup>(a),(g)</sup>  | IHO Verwaltungs GmbH<sup>(a),(g)</sup>  |
| 11/15/2030 | &nbsp;&nbsp; 7.750% | 312000 | &nbsp;&nbsp; 326891 |
| 11/15/2032 | &nbsp;&nbsp; 8.000% | 526000 | &nbsp;&nbsp; 554016 |
| Nissan Motor Acceptance Co. LLC<sup>(a)</sup>  | Nissan Motor Acceptance Co. LLC<sup>(a)</sup>  | Nissan Motor Acceptance Co. LLC<sup>(a)</sup>  | Nissan Motor Acceptance Co. LLC<sup>(a)</sup>  |
| 09/30/2030 | &nbsp;&nbsp; 6.125% | 242000 | &nbsp;&nbsp; 242076 |
| Nissan Motor Co., Ltd.<sup>(a)</sup>  | Nissan Motor Co., Ltd.<sup>(a)</sup>  | Nissan Motor Co., Ltd.<sup>(a)</sup>  | Nissan Motor Co., Ltd.<sup>(a)</sup>  |
| 07/17/2032 | &nbsp;&nbsp; 7.750% | 203000 | &nbsp;&nbsp; 215178 |
| 07/17/2035 | &nbsp;&nbsp; 8.125% | 593000 | &nbsp;&nbsp; 631652 |
| ZF North America Capital, Inc.<sup>(a)</sup>  | ZF North America Capital, Inc.<sup>(a)</sup>  | ZF North America Capital, Inc.<sup>(a)</sup>  | ZF North America Capital, Inc.<sup>(a)</sup>  |
| 04/14/2030 | &nbsp;&nbsp; 7.125% | 213000 | &nbsp;&nbsp; 214958 |
| 03/24/2031 | &nbsp;&nbsp; 7.500% | 5333000 | &nbsp;&nbsp; 5396468 |
| 04/23/2032 | &nbsp;&nbsp; 6.875% | 1211000 | &nbsp;&nbsp; 1175994 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **13894642** |
| **Banking 4.8%** | **Banking 4.8%** | **Banking 4.8%** | **Banking 4.8%** |
| Ally Financial, Inc.<sup>(h)</sup>  | Ally Financial, Inc.<sup>(h)</sup>  | Ally Financial, Inc.<sup>(h)</sup>  | Ally Financial, Inc.<sup>(h)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 01/17/2040 | &nbsp;&nbsp; 6.646% | 173000 | &nbsp;&nbsp; 174306 |
| Bank of America Corp.<sup>(h)</sup>  | Bank of America Corp.<sup>(h)</sup>  | Bank of America Corp.<sup>(h)</sup>  | Bank of America Corp.<sup>(h)</sup>  |
| 07/21/2032 | &nbsp;&nbsp; 2.299% | 6000 | &nbsp;&nbsp; 5365 |
| 10/20/2032 | &nbsp;&nbsp; 2.572% | 24168000 | &nbsp;&nbsp; 21787538 |
| 02/04/2033 | &nbsp;&nbsp; 2.972% | 10000000 | &nbsp;&nbsp; 9141022 |
| Citigroup, Inc.<sup>(h)</sup>  | Citigroup, Inc.<sup>(h)</sup>  | Citigroup, Inc.<sup>(h)</sup>  | Citigroup, Inc.<sup>(h)</sup>  |
| 09/11/2031 | &nbsp;&nbsp; 4.503% | 21603000 | &nbsp;&nbsp; 21661372 |
| 09/11/2036 | &nbsp;&nbsp; 5.174% | 1453000 | &nbsp;&nbsp; 1468239 |
| Goldman Sachs Group, Inc. (The)<sup>(h)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(h)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(h)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(h)</sup>  |
| 10/21/2031 | &nbsp;&nbsp; 4.369% | 11646000 | &nbsp;&nbsp; 11621793 |
| HSBC Holdings PLC<sup>(h)</sup>  | HSBC Holdings PLC<sup>(h)</sup>  | HSBC Holdings PLC<sup>(h)</sup>  | HSBC Holdings PLC<sup>(h)</sup>  |
| 11/06/2031 | &nbsp;&nbsp; 4.619% | 2379000 | &nbsp;&nbsp; 2385203 |
| JPMorgan Chase & Co.<sup>(h)</sup>  | JPMorgan Chase & Co.<sup>(h)</sup>  | JPMorgan Chase & Co.<sup>(h)</sup>  | JPMorgan Chase & Co.<sup>(h)</sup>  |
| 07/22/2030 | &nbsp;&nbsp; 4.995% | 19182000 | &nbsp;&nbsp; 19689968 |
| 10/22/2030 | &nbsp;&nbsp; 4.603% | 49000 | &nbsp;&nbsp; 49678 |
| 01/24/2031 | &nbsp;&nbsp; 5.140% | 786000 | &nbsp;&nbsp; 812466 |
| 11/08/2032 | &nbsp;&nbsp; 2.545% | 6502000 | &nbsp;&nbsp; 5865661 |
| 10/22/2036 | &nbsp;&nbsp; 4.810% | 3830000 | &nbsp;&nbsp; 3805405 |
| Morgan Stanley<sup>(h)</sup>  | Morgan Stanley<sup>(h)</sup>  | Morgan Stanley<sup>(h)</sup>  | Morgan Stanley<sup>(h)</sup>  |
| 10/18/2030 | &nbsp;&nbsp; 4.654% | 6041000 | &nbsp;&nbsp; 6112644 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 09/16/2036 | &nbsp;&nbsp; 2.484% | 8623000 | &nbsp;&nbsp; 7579555 |
| Morgan Stanley Private Bank<sup>(h)</sup>  | Morgan Stanley Private Bank<sup>(h)</sup>  | Morgan Stanley Private Bank<sup>(h)</sup>  | Morgan Stanley Private Bank<sup>(h)</sup>  |
| 11/19/2031 | &nbsp;&nbsp; 4.465% | 9806000 | &nbsp;&nbsp; 9826710 |
| Morgan Stanley Private Bank NA<sup>(h)</sup>  | Morgan Stanley Private Bank NA<sup>(h)</sup>  | Morgan Stanley Private Bank NA<sup>(h)</sup>  | Morgan Stanley Private Bank NA<sup>(h)</sup>  |
| 07/18/2031 | &nbsp;&nbsp; 4.734% | 5870000 | &nbsp;&nbsp; 5949713 |
| PNC Financial Services Group, Inc. (The)<sup>(h)</sup>  | PNC Financial Services Group, Inc. (The)<sup>(h)</sup>  | PNC Financial Services Group, Inc. (The)<sup>(h)</sup>  | PNC Financial Services Group, Inc. (The)<sup>(h)</sup>  |
| 10/20/2034 | &nbsp;&nbsp; 6.875% | 1658000 | &nbsp;&nbsp; 1875731 |
| Royal Bank of Canada<sup>(h)</sup>  | Royal Bank of Canada<sup>(h)</sup>  | Royal Bank of Canada<sup>(h)</sup>  | Royal Bank of Canada<sup>(h)</sup>  |
| 02/04/2031 | &nbsp;&nbsp; 5.153% | 1641000 | &nbsp;&nbsp; 1689396 |
| 08/06/2031 | &nbsp;&nbsp; 4.696% | 1362000 | &nbsp;&nbsp; 1379219 |
| 11/03/2031 | &nbsp;&nbsp; 4.305% | 2596000 | &nbsp;&nbsp; 2583452 |
| Wells Fargo & Co.<sup>(h)</sup>  | Wells Fargo & Co.<sup>(h)</sup>  | Wells Fargo & Co.<sup>(h)</sup>  | Wells Fargo & Co.<sup>(h)</sup>  |
| 04/23/2031 | &nbsp;&nbsp; 5.150% | 238000 | &nbsp;&nbsp; 245558 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **135709994** |
| **Brokerage/Asset Managers/Exchanges 0.2%** | **Brokerage/Asset Managers/Exchanges 0.2%** | **Brokerage/Asset Managers/Exchanges 0.2%** | **Brokerage/Asset Managers/Exchanges 0.2%** |
| AG Issuer LLC<sup>(a)</sup>  | AG Issuer LLC<sup>(a)</sup>  | AG Issuer LLC<sup>(a)</sup>  | AG Issuer LLC<sup>(a)</sup>  |
| 03/01/2028 | &nbsp;&nbsp; 6.250% | 699000 | &nbsp;&nbsp; 701814 |
| Aretec Escrow Issuer 2, Inc.<sup>(a)</sup>  | Aretec Escrow Issuer 2, Inc.<sup>(a)</sup>  | Aretec Escrow Issuer 2, Inc.<sup>(a)</sup>  | Aretec Escrow Issuer 2, Inc.<sup>(a)</sup>  |
| 08/15/2030 | &nbsp;&nbsp; 10.000% | 532000 | &nbsp;&nbsp; 573899 |
| Aretec Escrow Issuer, Inc.<sup>(a)</sup>  | Aretec Escrow Issuer, Inc.<sup>(a)</sup>  | Aretec Escrow Issuer, Inc.<sup>(a)</sup>  | Aretec Escrow Issuer, Inc.<sup>(a)</sup>  |
| 04/01/2029 | &nbsp;&nbsp; 7.500% | 912000 | &nbsp;&nbsp; 916130 |
| Focus Financial Partners LLC<sup>(a)</sup>  | Focus Financial Partners LLC<sup>(a)</sup>  | Focus Financial Partners LLC<sup>(a)</sup>  | Focus Financial Partners LLC<sup>(a)</sup>  |
| 09/15/2031 | &nbsp;&nbsp; 6.750% | 520000 | &nbsp;&nbsp; 537766 |
| Hightower Holding LLC<sup>(a)</sup>  | Hightower Holding LLC<sup>(a)</sup>  | Hightower Holding LLC<sup>(a)</sup>  | Hightower Holding LLC<sup>(a)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 6.750% | 563000 | &nbsp;&nbsp; 560752 |
| 01/31/2030 | &nbsp;&nbsp; 9.125% | 803000 | &nbsp;&nbsp; 852048 |
| Osaic Holdings, Inc.<sup>(a)</sup>  | Osaic Holdings, Inc.<sup>(a)</sup>  | Osaic Holdings, Inc.<sup>(a)</sup>  | Osaic Holdings, Inc.<sup>(a)</sup>  |
| 08/01/2032 | &nbsp;&nbsp; 6.750% | 437000 | &nbsp;&nbsp; 456424 |
| 08/01/2033 | &nbsp;&nbsp; 8.000% | 605000 | &nbsp;&nbsp; 626835 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **5225668** |
| **Building Materials 0.2%** | **Building Materials 0.2%** | **Building Materials 0.2%** | **Building Materials 0.2%** |
| CP Atlas Buyer, Inc.<sup>(a)</sup>  | CP Atlas Buyer, Inc.<sup>(a)</sup>  | CP Atlas Buyer, Inc.<sup>(a)</sup>  | CP Atlas Buyer, Inc.<sup>(a)</sup>  |
| 07/15/2030 | &nbsp;&nbsp; 9.750% | 248000 | &nbsp;&nbsp; 257128 |
| JH North America Holdings, Inc.<sup>(a)</sup>  | JH North America Holdings, Inc.<sup>(a)</sup>  | JH North America Holdings, Inc.<sup>(a)</sup>  | JH North America Holdings, Inc.<sup>(a)</sup>  |
| 01/31/2031 | &nbsp;&nbsp; 5.875% | 134000 | &nbsp;&nbsp; 136886 |
| LBM Acquisition LLC<sup>(a)</sup>  | LBM Acquisition LLC<sup>(a)</sup>  | LBM Acquisition LLC<sup>(a)</sup>  | LBM Acquisition LLC<sup>(a)</sup>  |
| 01/15/2029 | &nbsp;&nbsp; 6.250% | 228000 | &nbsp;&nbsp; 205331 |
| 06/15/2031 | &nbsp;&nbsp; 9.500% | 512000 | &nbsp;&nbsp; 532152 |
| Quikrete Holdings, Inc.<sup>(a)</sup>  | Quikrete Holdings, Inc.<sup>(a)</sup>  | Quikrete Holdings, Inc.<sup>(a)</sup>  | Quikrete Holdings, Inc.<sup>(a)</sup>  |
| 03/01/2032 | &nbsp;&nbsp; 6.375% | 983000 | &nbsp;&nbsp; 1022904 |
| 03/01/2033 | &nbsp;&nbsp; 6.750% | 736000 | &nbsp;&nbsp; 768517 |
| QXO Building Products, Inc.<sup>(a)</sup>  | QXO Building Products, Inc.<sup>(a)</sup>  | QXO Building Products, Inc.<sup>(a)</sup>  | QXO Building Products, Inc.<sup>(a)</sup>  |
| 04/30/2032 | &nbsp;&nbsp; 6.750% | 610000 | &nbsp;&nbsp; 637364 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Standard Building Solutions, Inc.<sup>(a)</sup>  | Standard Building Solutions, Inc.<sup>(a)</sup>  | Standard Building Solutions, Inc.<sup>(a)</sup>  | Standard Building Solutions, Inc.<sup>(a)</sup>  |
| 08/15/2032 | &nbsp;&nbsp; 6.500% | 213000 | &nbsp;&nbsp; 219573 |
| 08/01/2033 | &nbsp;&nbsp; 6.250% | 267000 | &nbsp;&nbsp; 272775 |
| Standard Industries, Inc.<sup>(a)</sup>  | Standard Industries, Inc.<sup>(a)</sup>  | Standard Industries, Inc.<sup>(a)</sup>  | Standard Industries, Inc.<sup>(a)</sup>  |
| 01/15/2028 | &nbsp;&nbsp; 4.750% | 330000 | &nbsp;&nbsp; 328967 |
| White Cap Supply Holdings LLC<sup>(a)</sup>  | White Cap Supply Holdings LLC<sup>(a)</sup>  | White Cap Supply Holdings LLC<sup>(a)</sup>  | White Cap Supply Holdings LLC<sup>(a)</sup>  |
| 11/15/2030 | &nbsp;&nbsp; 7.375% | 642000 | &nbsp;&nbsp; 663600 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **5045197** |
| **Cable and Satellite 0.9%** | **Cable and Satellite 0.9%** | **Cable and Satellite 0.9%** | **Cable and Satellite 0.9%** |
| CCO Holdings LLC/Capital Corp.<sup>(a)</sup>  | CCO Holdings LLC/Capital Corp.<sup>(a)</sup>  | CCO Holdings LLC/Capital Corp.<sup>(a)</sup>  | CCO Holdings LLC/Capital Corp.<sup>(a)</sup>  |
| 05/01/2027 | &nbsp;&nbsp; 5.125% | 1137000 | &nbsp;&nbsp; 1135707 |
| 02/01/2028 | &nbsp;&nbsp; 5.000% | 687000 | &nbsp;&nbsp; 681356 |
| 03/01/2030 | &nbsp;&nbsp; 4.750% | 1262000 | &nbsp;&nbsp; 1207273 |
| 08/15/2030 | &nbsp;&nbsp; 4.500% | 823000 | &nbsp;&nbsp; 775345 |
| 02/01/2031 | &nbsp;&nbsp; 4.250% | 481000 | &nbsp;&nbsp; 442019 |
| 02/01/2032 | &nbsp;&nbsp; 4.750% | 1269000 | &nbsp;&nbsp; 1159741 |
| 01/15/2034 | &nbsp;&nbsp; 4.250% | 721000 | &nbsp;&nbsp; 613837 |
| CCO Holdings LLC/Capital Corp. | CCO Holdings LLC/Capital Corp. | CCO Holdings LLC/Capital Corp. | CCO Holdings LLC/Capital Corp. |
| 05/01/2032 | &nbsp;&nbsp; 4.500% | 652000 | &nbsp;&nbsp; 585252 |
| Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
| 12/01/2061 | &nbsp;&nbsp; 4.400% | 4780000 | &nbsp;&nbsp; 3122231 |
| Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. |
| 03/01/2026 | &nbsp;&nbsp; 3.150% | 5896000 | &nbsp;&nbsp; 5889490 |
| CSC Holdings LLC<sup>(a)</sup>  | CSC Holdings LLC<sup>(a)</sup>  | CSC Holdings LLC<sup>(a)</sup>  | CSC Holdings LLC<sup>(a)</sup>  |
| 04/15/2027 | &nbsp;&nbsp; 5.500% | 200000 | &nbsp;&nbsp; 171233 |
| 02/01/2028 | &nbsp;&nbsp; 5.375% | 789000 | &nbsp;&nbsp; 573151 |
| 02/01/2029 | &nbsp;&nbsp; 6.500% | 341000 | &nbsp;&nbsp; 225295 |
| 01/15/2030 | &nbsp;&nbsp; 5.750% | 453000 | &nbsp;&nbsp; 166251 |
| 12/01/2030 | &nbsp;&nbsp; 4.125% | 830000 | &nbsp;&nbsp; 510371 |
| 12/01/2030 | &nbsp;&nbsp; 4.625% | 557000 | &nbsp;&nbsp; 198884 |
| 11/15/2031 | &nbsp;&nbsp; 5.000% | 244000 | &nbsp;&nbsp; 86316 |
| DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. |
| 07/01/2028 | &nbsp;&nbsp; 7.375% | 71000 | &nbsp;&nbsp; 68515 |
| 06/01/2029 | &nbsp;&nbsp; 5.125% | 113000 | &nbsp;&nbsp; 100414 |
| DISH DBS Corp.<sup>(a)</sup>  | DISH DBS Corp.<sup>(a)</sup>  | DISH DBS Corp.<sup>(a)</sup>  | DISH DBS Corp.<sup>(a)</sup>  |
| 12/01/2028 | &nbsp;&nbsp; 5.750% | 406000 | &nbsp;&nbsp; 397250 |
| DISH Network Corp.<sup>(a)</sup>  | DISH Network Corp.<sup>(a)</sup>  | DISH Network Corp.<sup>(a)</sup>  | DISH Network Corp.<sup>(a)</sup>  |
| 11/15/2027 | &nbsp;&nbsp; 11.750% | 1488000 | &nbsp;&nbsp; 1548426 |
| EchoStar Corp. | EchoStar Corp. | EchoStar Corp. | EchoStar Corp. |
| 11/30/2029 | &nbsp;&nbsp; 10.750% | 1019893 | &nbsp;&nbsp; 1126477 |
| EchoStar Corp.<sup>(g)</sup>  | EchoStar Corp.<sup>(g)</sup>  | EchoStar Corp.<sup>(g)</sup>  | EchoStar Corp.<sup>(g)</sup>  |
| 11/30/2030 | &nbsp;&nbsp; 6.750% | 676433 | &nbsp;&nbsp; 693144 |
| Sirius XM Radio, Inc.<sup>(a)</sup>  | Sirius XM Radio, Inc.<sup>(a)</sup>  | Sirius XM Radio, Inc.<sup>(a)</sup>  | Sirius XM Radio, Inc.<sup>(a)</sup>  |
| 09/01/2026 | &nbsp;&nbsp; 3.125% | 217000 | &nbsp;&nbsp; 214980 |
| 08/01/2027 | &nbsp;&nbsp; 5.000% | 1269000 | &nbsp;&nbsp; 1270755 |
| 07/01/2030 | &nbsp;&nbsp; 4.125% | 192000 | &nbsp;&nbsp; 182674 |
| Virgin Media Finance PLC<sup>(a)</sup>  | Virgin Media Finance PLC<sup>(a)</sup>  | Virgin Media Finance PLC<sup>(a)</sup>  | Virgin Media Finance PLC<sup>(a)</sup>  |
| 07/15/2030 | &nbsp;&nbsp; 5.000% | 513000 | &nbsp;&nbsp; 452272 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| VZ Secured Financing BV<sup>(a)</sup>  | VZ Secured Financing BV<sup>(a)</sup>  | VZ Secured Financing BV<sup>(a)</sup>  | VZ Secured Financing BV<sup>(a)</sup>  |
| 01/15/2032 | &nbsp;&nbsp; 5.000% | 1452000 | &nbsp;&nbsp; 1314889 |
| Ziggo Bond Co. BV<sup>(a)</sup>  | Ziggo Bond Co. BV<sup>(a)</sup>  | Ziggo Bond Co. BV<sup>(a)</sup>  | Ziggo Bond Co. BV<sup>(a)</sup>  |
| 02/28/2030 | &nbsp;&nbsp; 5.125% | 479000 | &nbsp;&nbsp; 427677 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **25341225** |
| **Chemicals 1.0%** | **Chemicals 1.0%** | **Chemicals 1.0%** | **Chemicals 1.0%** |
| Ashland LLC<sup>(a)</sup>  | Ashland LLC<sup>(a)</sup>  | Ashland LLC<sup>(a)</sup>  | Ashland LLC<sup>(a)</sup>  |
| 09/01/2031 | &nbsp;&nbsp; 3.375% | 870000 | &nbsp;&nbsp; 793856 |
| Avient Corp.<sup>(a)</sup>  | Avient Corp.<sup>(a)</sup>  | Avient Corp.<sup>(a)</sup>  | Avient Corp.<sup>(a)</sup>  |
| 08/01/2030 | &nbsp;&nbsp; 7.125% | 208000 | &nbsp;&nbsp; 213877 |
| 11/01/2031 | &nbsp;&nbsp; 6.250% | 209000 | &nbsp;&nbsp; 214891 |
| Axalta Coating Systems Dutch Holding B BV<sup>(a)</sup>  | Axalta Coating Systems Dutch Holding B BV<sup>(a)</sup>  | Axalta Coating Systems Dutch Holding B BV<sup>(a)</sup>  | Axalta Coating Systems Dutch Holding B BV<sup>(a)</sup>  |
| 02/15/2031 | &nbsp;&nbsp; 7.250% | 303000 | &nbsp;&nbsp; 319363 |
| Celanese US Holdings LLC | Celanese US Holdings LLC | Celanese US Holdings LLC | Celanese US Holdings LLC |
| 04/15/2030 | &nbsp;&nbsp; 6.500% | 50000 | &nbsp;&nbsp; 50212 |
| 02/15/2031 | &nbsp;&nbsp; 7.000% | 228000 | &nbsp;&nbsp; 233363 |
| 07/15/2032 | &nbsp;&nbsp; 6.879% | 63000 | &nbsp;&nbsp; 65516 |
| 04/15/2033 | &nbsp;&nbsp; 6.750% | 310000 | &nbsp;&nbsp; 308236 |
| 11/15/2033 | &nbsp;&nbsp; 7.200% | 398000 | &nbsp;&nbsp; 420504 |
| 02/15/2034 | &nbsp;&nbsp; 7.375% | 296000 | &nbsp;&nbsp; 301036 |
| Element Solutions, Inc.<sup>(a)</sup>  | Element Solutions, Inc.<sup>(a)</sup>  | Element Solutions, Inc.<sup>(a)</sup>  | Element Solutions, Inc.<sup>(a)</sup>  |
| 09/01/2028 | &nbsp;&nbsp; 3.875% | 620000 | &nbsp;&nbsp; 606548 |
| HB Fuller Co. | HB Fuller Co. | HB Fuller Co. | HB Fuller Co. |
| 10/15/2028 | &nbsp;&nbsp; 4.250% | 449000 | &nbsp;&nbsp; 444764 |
| Herens Holdco Sarl<sup>(a)</sup>  | Herens Holdco Sarl<sup>(a)</sup>  | Herens Holdco Sarl<sup>(a)</sup>  | Herens Holdco Sarl<sup>(a)</sup>  |
| 05/15/2028 | &nbsp;&nbsp; 4.750% | 683000 | &nbsp;&nbsp; 595040 |
| INEOS Finance PLC<sup>(a)</sup>  | INEOS Finance PLC<sup>(a)</sup>  | INEOS Finance PLC<sup>(a)</sup>  | INEOS Finance PLC<sup>(a)</sup>  |
| 05/15/2028 | &nbsp;&nbsp; 6.750% | 3457000 | &nbsp;&nbsp; 3057796 |
| 04/15/2029 | &nbsp;&nbsp; 7.500% | 4597000 | &nbsp;&nbsp; 3955604 |
| INEOS Quattro Finance 2 PLC<sup>(a)</sup>  | INEOS Quattro Finance 2 PLC<sup>(a)</sup>  | INEOS Quattro Finance 2 PLC<sup>(a)</sup>  | INEOS Quattro Finance 2 PLC<sup>(a)</sup>  |
| 03/15/2029 | &nbsp;&nbsp; 9.625% | 1193000 | &nbsp;&nbsp; 827376 |
| Ingevity Corp.<sup>(a)</sup>  | Ingevity Corp.<sup>(a)</sup>  | Ingevity Corp.<sup>(a)</sup>  | Ingevity Corp.<sup>(a)</sup>  |
| 11/01/2028 | &nbsp;&nbsp; 3.875% | 269000 | &nbsp;&nbsp; 260977 |
| Innophos Holdings, Inc.<sup>(a)</sup>  | Innophos Holdings, Inc.<sup>(a)</sup>  | Innophos Holdings, Inc.<sup>(a)</sup>  | Innophos Holdings, Inc.<sup>(a)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 11.500% | 1300806 | &nbsp;&nbsp; 1180034 |
| Inversion Escrow Issuer LLC<sup>(a)</sup>  | Inversion Escrow Issuer LLC<sup>(a)</sup>  | Inversion Escrow Issuer LLC<sup>(a)</sup>  | Inversion Escrow Issuer LLC<sup>(a)</sup>  |
| 08/01/2032 | &nbsp;&nbsp; 6.750% | 671000 | &nbsp;&nbsp; 668502 |
| Olympus Water US Holding Corp.<sup>(a)</sup>  | Olympus Water US Holding Corp.<sup>(a)</sup>  | Olympus Water US Holding Corp.<sup>(a)</sup>  | Olympus Water US Holding Corp.<sup>(a)</sup>  |
| 10/01/2028 | &nbsp;&nbsp; 4.250% | 591000 | &nbsp;&nbsp; 573482 |
| 10/01/2029 | &nbsp;&nbsp; 6.250% | 635000 | &nbsp;&nbsp; 616904 |
| 06/15/2031 | &nbsp;&nbsp; 7.250% | 1031000 | &nbsp;&nbsp; 1055377 |
| 02/15/2033 | &nbsp;&nbsp; 7.250% | 3371000 | &nbsp;&nbsp; 3390406 |
| Qnity Electronics, Inc.<sup>(a)</sup>  | Qnity Electronics, Inc.<sup>(a)</sup>  | Qnity Electronics, Inc.<sup>(a)</sup>  | Qnity Electronics, Inc.<sup>(a)</sup>  |
| 08/15/2032 | &nbsp;&nbsp; 5.750% | 246000 | &nbsp;&nbsp; 251989 |
| 08/15/2033 | &nbsp;&nbsp; 6.250% | 198000 | &nbsp;&nbsp; 205631 |
| Tronox, Inc.<sup>(a)</sup>  | Tronox, Inc.<sup>(a)</sup>  | Tronox, Inc.<sup>(a)</sup>  | Tronox, Inc.<sup>(a)</sup>  |
| 03/15/2029 | &nbsp;&nbsp; 4.625% | 427000 | &nbsp;&nbsp; 299180 |
| 09/30/2030 | &nbsp;&nbsp; 9.125% | 2452000 | &nbsp;&nbsp; 2438883 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| WR Grace Holdings LLC<sup>(a)</sup>  | WR Grace Holdings LLC<sup>(a)</sup>  | WR Grace Holdings LLC<sup>(a)</sup>  | WR Grace Holdings LLC<sup>(a)</sup>  |
| 06/15/2027 | &nbsp;&nbsp; 4.875% | 361000 | &nbsp;&nbsp; 360610 |
| 08/15/2029 | &nbsp;&nbsp; 5.625% | 2878000 | &nbsp;&nbsp; 2732842 |
| 03/01/2031 | &nbsp;&nbsp; 7.375% | 275000 | &nbsp;&nbsp; 281896 |
| 08/15/2032 | &nbsp;&nbsp; 6.625% | 2329000 | &nbsp;&nbsp; 2360150 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **29084845** |
| **Construction Machinery 0.2%** | **Construction Machinery 0.2%** | **Construction Machinery 0.2%** | **Construction Machinery 0.2%** |
| Caterpillar, Inc. | Caterpillar, Inc. | Caterpillar, Inc. | Caterpillar, Inc. |
| 05/15/2035 | &nbsp;&nbsp; 5.200% | 3060000 | &nbsp;&nbsp; 3176209 |
| Herc Holdings, Inc.<sup>(a)</sup>  | Herc Holdings, Inc.<sup>(a)</sup>  | Herc Holdings, Inc.<sup>(a)</sup>  | Herc Holdings, Inc.<sup>(a)</sup>  |
| 06/15/2030 | &nbsp;&nbsp; 7.000% | 480000 | &nbsp;&nbsp; 504855 |
| 03/15/2031 | &nbsp;&nbsp; 5.750% | 130000 | &nbsp;&nbsp; 131865 |
| 06/15/2033 | &nbsp;&nbsp; 7.250% | 1195000 | &nbsp;&nbsp; 1266553 |
| 03/15/2034 | &nbsp;&nbsp; 6.000% | 134000 | &nbsp;&nbsp; 135772 |
| Ritchie Bros Holdings, Inc.<sup>(a)</sup>  | Ritchie Bros Holdings, Inc.<sup>(a)</sup>  | Ritchie Bros Holdings, Inc.<sup>(a)</sup>  | Ritchie Bros Holdings, Inc.<sup>(a)</sup>  |
| 03/15/2028 | &nbsp;&nbsp; 6.750% | 319000 | &nbsp;&nbsp; 326309 |
| 03/15/2031 | &nbsp;&nbsp; 7.750% | 176000 | &nbsp;&nbsp; 184019 |
| Synergy Infrastructure Holdings LLC<sup>(a)</sup>  | Synergy Infrastructure Holdings LLC<sup>(a)</sup>  | Synergy Infrastructure Holdings LLC<sup>(a)</sup>  | Synergy Infrastructure Holdings LLC<sup>(a)</sup>  |
| 12/01/2030 | &nbsp;&nbsp; 7.875% | 412000 | &nbsp;&nbsp; 428335 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **6153917** |
| **Consumer Cyclical Services 0.1%** | **Consumer Cyclical Services 0.1%** | **Consumer Cyclical Services 0.1%** | **Consumer Cyclical Services 0.1%** |
| Arches Buyer, Inc.<sup>(a)</sup>  | Arches Buyer, Inc.<sup>(a)</sup>  | Arches Buyer, Inc.<sup>(a)</sup>  | Arches Buyer, Inc.<sup>(a)</sup>  |
| 06/01/2028 | &nbsp;&nbsp; 4.250% | 408000 | &nbsp;&nbsp; 400468 |
| 12/01/2028 | &nbsp;&nbsp; 6.125% | 1276000 | &nbsp;&nbsp; 1245010 |
| Garda World Security Corp.<sup>(a)</sup>  | Garda World Security Corp.<sup>(a)</sup>  | Garda World Security Corp.<sup>(a)</sup>  | Garda World Security Corp.<sup>(a)</sup>  |
| 11/15/2032 | &nbsp;&nbsp; 8.375% | 228000 | &nbsp;&nbsp; 232588 |
| Match Group Holdings II LLC<sup>(a)</sup>  | Match Group Holdings II LLC<sup>(a)</sup>  | Match Group Holdings II LLC<sup>(a)</sup>  | Match Group Holdings II LLC<sup>(a)</sup>  |
| 10/01/2031 | &nbsp;&nbsp; 3.625% | 243000 | &nbsp;&nbsp; 222630 |
| Match Group, Inc.<sup>(a)</sup>  | Match Group, Inc.<sup>(a)</sup>  | Match Group, Inc.<sup>(a)</sup>  | Match Group, Inc.<sup>(a)</sup>  |
| 06/01/2028 | &nbsp;&nbsp; 4.625% | 883000 | &nbsp;&nbsp; 874683 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2975379** |
| **Consumer Products 0.1%** | **Consumer Products 0.1%** | **Consumer Products 0.1%** | **Consumer Products 0.1%** |
| CD&R Smokey Buyer, Inc./Radio Systems Corp.<sup>(a)</sup>  | CD&R Smokey Buyer, Inc./Radio Systems Corp.<sup>(a)</sup>  | CD&R Smokey Buyer, Inc./Radio Systems Corp.<sup>(a)</sup>  | CD&R Smokey Buyer, Inc./Radio Systems Corp.<sup>(a)</sup>  |
| 10/15/2029 | &nbsp;&nbsp; 9.500% | 222000 | &nbsp;&nbsp; 179564 |
| Newell Brands, Inc.<sup>(a)</sup>  | Newell Brands, Inc.<sup>(a)</sup>  | Newell Brands, Inc.<sup>(a)</sup>  | Newell Brands, Inc.<sup>(a)</sup>  |
| 06/01/2028 | &nbsp;&nbsp; 8.500% | 72000 | &nbsp;&nbsp; 75419 |
| Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. |
| 05/15/2030 | &nbsp;&nbsp; 6.375% | 402000 | &nbsp;&nbsp; 392804 |
| 05/15/2032 | &nbsp;&nbsp; 6.625% | 549000 | &nbsp;&nbsp; 530781 |
| Opal Bidco SAS<sup>(a)</sup>  | Opal Bidco SAS<sup>(a)</sup>  | Opal Bidco SAS<sup>(a)</sup>  | Opal Bidco SAS<sup>(a)</sup>  |
| 03/31/2032 | &nbsp;&nbsp; 6.500% | 266000 | &nbsp;&nbsp; 272465 |
| Whirlpool Corp. | Whirlpool Corp. | Whirlpool Corp. | Whirlpool Corp. |
| 06/15/2030 | &nbsp;&nbsp; 6.125% | 109000 | &nbsp;&nbsp; 108990 |
| 06/15/2033 | &nbsp;&nbsp; 6.500% | 114000 | &nbsp;&nbsp; 110562 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1670585** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Diversified Manufacturing 0.3%** | **Diversified Manufacturing 0.3%** | **Diversified Manufacturing 0.3%** | **Diversified Manufacturing 0.3%** |
| Amsted Industries, Inc.<sup>(a)</sup>  | Amsted Industries, Inc.<sup>(a)</sup>  | Amsted Industries, Inc.<sup>(a)</sup>  | Amsted Industries, Inc.<sup>(a)</sup>  |
| 03/15/2033 | &nbsp;&nbsp; 6.375% | 41000 | &nbsp;&nbsp; 42230 |
| Chart Industries, Inc.<sup>(a)</sup>  | Chart Industries, Inc.<sup>(a)</sup>  | Chart Industries, Inc.<sup>(a)</sup>  | Chart Industries, Inc.<sup>(a)</sup>  |
| 01/01/2030 | &nbsp;&nbsp; 7.500% | 234000 | &nbsp;&nbsp; 244158 |
| Emerald Debt Merger Sub LLC<sup>(a)</sup>  | Emerald Debt Merger Sub LLC<sup>(a)</sup>  | Emerald Debt Merger Sub LLC<sup>(a)</sup>  | Emerald Debt Merger Sub LLC<sup>(a)</sup>  |
| 12/15/2030 | &nbsp;&nbsp; 6.625% | 854000 | &nbsp;&nbsp; 889311 |
| EMRLD Borrower LP/Co-Issuer, Inc.<sup>(a)</sup>  | EMRLD Borrower LP/Co-Issuer, Inc.<sup>(a)</sup>  | EMRLD Borrower LP/Co-Issuer, Inc.<sup>(a)</sup>  | EMRLD Borrower LP/Co-Issuer, Inc.<sup>(a)</sup>  |
| 07/15/2031 | &nbsp;&nbsp; 6.750% | 238000 | &nbsp;&nbsp; 250886 |
| Esab Corp.<sup>(a)</sup>  | Esab Corp.<sup>(a)</sup>  | Esab Corp.<sup>(a)</sup>  | Esab Corp.<sup>(a)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 6.250% | 180000 | &nbsp;&nbsp; 185273 |
| Gates Corp. (The)<sup>(a)</sup>  | Gates Corp. (The)<sup>(a)</sup>  | Gates Corp. (The)<sup>(a)</sup>  | Gates Corp. (The)<sup>(a)</sup>  |
| 07/01/2029 | &nbsp;&nbsp; 6.875% | 312000 | &nbsp;&nbsp; 324221 |
| Madison IAQ LLC<sup>(a)</sup>  | Madison IAQ LLC<sup>(a)</sup>  | Madison IAQ LLC<sup>(a)</sup>  | Madison IAQ LLC<sup>(a)</sup>  |
| 06/30/2029 | &nbsp;&nbsp; 5.875% | 674000 | &nbsp;&nbsp; 670299 |
| Resideo Funding, Inc.<sup>(a)</sup>  | Resideo Funding, Inc.<sup>(a)</sup>  | Resideo Funding, Inc.<sup>(a)</sup>  | Resideo Funding, Inc.<sup>(a)</sup>  |
| 09/01/2029 | &nbsp;&nbsp; 4.000% | 383000 | &nbsp;&nbsp; 370545 |
| Siemens Funding BV<sup>(a)</sup>  | Siemens Funding BV<sup>(a)</sup>  | Siemens Funding BV<sup>(a)</sup>  | Siemens Funding BV<sup>(a)</sup>  |
| 05/28/2030 | &nbsp;&nbsp; 4.600% | 4004000 | &nbsp;&nbsp; 4085356 |
| Wesco Distribution, Inc.<sup>(a)</sup>  | Wesco Distribution, Inc.<sup>(a)</sup>  | Wesco Distribution, Inc.<sup>(a)</sup>  | Wesco Distribution, Inc.<sup>(a)</sup>  |
| 03/15/2033 | &nbsp;&nbsp; 6.375% | 86000 | &nbsp;&nbsp; 89740 |
| WESCO Distribution, Inc.<sup>(a)</sup>  | WESCO Distribution, Inc.<sup>(a)</sup>  | WESCO Distribution, Inc.<sup>(a)</sup>  | WESCO Distribution, Inc.<sup>(a)</sup>  |
| 06/15/2028 | &nbsp;&nbsp; 7.250% | 237000 | &nbsp;&nbsp; 240654 |
| 03/15/2029 | &nbsp;&nbsp; 6.375% | 331000 | &nbsp;&nbsp; 342193 |
| 03/15/2032 | &nbsp;&nbsp; 6.625% | 425000 | &nbsp;&nbsp; 445110 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **8179976** |
| **Electric 1.3%** | **Electric 1.3%** | **Electric 1.3%** | **Electric 1.3%** |
| AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. |
| 01/15/2050 | &nbsp;&nbsp; 3.450% | 2930000 | &nbsp;&nbsp; 2002208 |
| Alpha Generation LLC<sup>(a)</sup>  | Alpha Generation LLC<sup>(a)</sup>  | Alpha Generation LLC<sup>(a)</sup>  | Alpha Generation LLC<sup>(a)</sup>  |
| 10/15/2032 | &nbsp;&nbsp; 6.750% | 133000 | &nbsp;&nbsp; 137703 |
| 01/15/2034 | &nbsp;&nbsp; 6.250% | 252000 | &nbsp;&nbsp; 254294 |
| California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<sup>(a)</sup>  | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<sup>(a)</sup>  | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<sup>(a)</sup>  | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<sup>(a)</sup>  |
| 02/15/2032 | &nbsp;&nbsp; 6.375% | 430000 | &nbsp;&nbsp; 430510 |
| Calpine Corp.<sup>(a)</sup>  | Calpine Corp.<sup>(a)</sup>  | Calpine Corp.<sup>(a)</sup>  | Calpine Corp.<sup>(a)</sup>  |
| 02/15/2028 | &nbsp;&nbsp; 4.500% | 329000 | &nbsp;&nbsp; 329179 |
| Clearway Energy Operating LLC<sup>(a)</sup>  | Clearway Energy Operating LLC<sup>(a)</sup>  | Clearway Energy Operating LLC<sup>(a)</sup>  | Clearway Energy Operating LLC<sup>(a)</sup>  |
| 03/15/2028 | &nbsp;&nbsp; 4.750% | 447000 | &nbsp;&nbsp; 445692 |
| 02/15/2031 | &nbsp;&nbsp; 3.750% | 649000 | &nbsp;&nbsp; 605880 |
| 01/15/2032 | &nbsp;&nbsp; 3.750% | 397000 | &nbsp;&nbsp; 361816 |
| Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
| 03/15/2035 | &nbsp;&nbsp; 5.450% | 3486000 | &nbsp;&nbsp; 3574359 |
| DTE Energy Co. | DTE Energy Co. | DTE Energy Co. | DTE Energy Co. |
| 07/01/2027 | &nbsp;&nbsp; 4.950% | 5345000 | &nbsp;&nbsp; 5415146 |
| Edison International | Edison International | Edison International | Edison International |
| 11/15/2028 | &nbsp;&nbsp; 5.250% | 4956000 | &nbsp;&nbsp; 5022275 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Leeward Renewable Energy Operations LLC<sup>(a)</sup>  | Leeward Renewable Energy Operations LLC<sup>(a)</sup>  | Leeward Renewable Energy Operations LLC<sup>(a)</sup>  | Leeward Renewable Energy Operations LLC<sup>(a)</sup>  |
| 07/01/2029 | &nbsp;&nbsp; 4.250% | 238000 | &nbsp;&nbsp; 225861 |
| Long Ridge Energy LLC<sup>(a)</sup>  | Long Ridge Energy LLC<sup>(a)</sup>  | Long Ridge Energy LLC<sup>(a)</sup>  | Long Ridge Energy LLC<sup>(a)</sup>  |
| 02/15/2032 | &nbsp;&nbsp; 8.750% | 487000 | &nbsp;&nbsp; 518108 |
| NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
| 03/15/2035 | &nbsp;&nbsp; 5.450% | 4960000 | &nbsp;&nbsp; 5133412 |
| NextEra Energy Operating Partners LP<sup>(a)</sup>  | NextEra Energy Operating Partners LP<sup>(a)</sup>  | NextEra Energy Operating Partners LP<sup>(a)</sup>  | NextEra Energy Operating Partners LP<sup>(a)</sup>  |
| 01/15/2029 | &nbsp;&nbsp; 7.250% | 754000 | &nbsp;&nbsp; 772892 |
| NRG Energy, Inc.<sup>(a)</sup>  | NRG Energy, Inc.<sup>(a)</sup>  | NRG Energy, Inc.<sup>(a)</sup>  | NRG Energy, Inc.<sup>(a)</sup>  |
| 07/15/2029 | &nbsp;&nbsp; 5.750% | 34000 | &nbsp;&nbsp; 34160 |
| 02/15/2031 | &nbsp;&nbsp; 3.625% | 791000 | &nbsp;&nbsp; 738977 |
| 02/01/2033 | &nbsp;&nbsp; 6.000% | 327000 | &nbsp;&nbsp; 333664 |
| 01/15/2034 | &nbsp;&nbsp; 5.750% | 374000 | &nbsp;&nbsp; 377197 |
| 11/01/2034 | &nbsp;&nbsp; 6.250% | 425000 | &nbsp;&nbsp; 436477 |
| 01/15/2036 | &nbsp;&nbsp; 6.000% | 374000 | &nbsp;&nbsp; 379067 |
| Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. |
| 07/01/2050 | &nbsp;&nbsp; 4.950% | 4180000 | &nbsp;&nbsp; 3539366 |
| Pattern Energy Operations LP/Inc.<sup>(a)</sup>  | Pattern Energy Operations LP/Inc.<sup>(a)</sup>  | Pattern Energy Operations LP/Inc.<sup>(a)</sup>  | Pattern Energy Operations LP/Inc.<sup>(a)</sup>  |
| 08/15/2028 | &nbsp;&nbsp; 4.500% | 229000 | &nbsp;&nbsp; 225442 |
| PG&E Corp.<sup>(h)</sup>  | PG&E Corp.<sup>(h)</sup>  | PG&E Corp.<sup>(h)</sup>  | PG&E Corp.<sup>(h)</sup>  |
| 03/15/2055 | &nbsp;&nbsp; 7.375% | 317000 | &nbsp;&nbsp; 330175 |
| Talen Energy Supply LLC<sup>(a)</sup>  | Talen Energy Supply LLC<sup>(a)</sup>  | Talen Energy Supply LLC<sup>(a)</sup>  | Talen Energy Supply LLC<sup>(a)</sup>  |
| 02/01/2034 | &nbsp;&nbsp; 6.250% | 441000 | &nbsp;&nbsp; 449765 |
| 02/01/2036 | &nbsp;&nbsp; 6.500% | 441000 | &nbsp;&nbsp; 456219 |
| TerraForm Power Operating LLC<sup>(a)</sup>  | TerraForm Power Operating LLC<sup>(a)</sup>  | TerraForm Power Operating LLC<sup>(a)</sup>  | TerraForm Power Operating LLC<sup>(a)</sup>  |
| 01/31/2028 | &nbsp;&nbsp; 5.000% | 551000 | &nbsp;&nbsp; 550133 |
| 01/15/2030 | &nbsp;&nbsp; 4.750% | 650000 | &nbsp;&nbsp; 631604 |
| Vistra Operations Co. LLC<sup>(a)</sup>  | Vistra Operations Co. LLC<sup>(a)</sup>  | Vistra Operations Co. LLC<sup>(a)</sup>  | Vistra Operations Co. LLC<sup>(a)</sup>  |
| 02/15/2027 | &nbsp;&nbsp; 5.625% | 222000 | &nbsp;&nbsp; 222130 |
| 05/01/2029 | &nbsp;&nbsp; 4.375% | 1403000 | &nbsp;&nbsp; 1385060 |
| 10/15/2031 | &nbsp;&nbsp; 7.750% | 835000 | &nbsp;&nbsp; 885465 |
| VoltaGrid LLC<sup>(a)</sup>  | VoltaGrid LLC<sup>(a)</sup>  | VoltaGrid LLC<sup>(a)</sup>  | VoltaGrid LLC<sup>(a)</sup>  |
| 11/01/2030 | &nbsp;&nbsp; 7.375% | 407000 | &nbsp;&nbsp; 403309 |
| XPLR Infrastructure Operating Partners LP<sup>(a)</sup>  | XPLR Infrastructure Operating Partners LP<sup>(a)</sup>  | XPLR Infrastructure Operating Partners LP<sup>(a)</sup>  | XPLR Infrastructure Operating Partners LP<sup>(a)</sup>  |
| 01/15/2031 | &nbsp;&nbsp; 8.375% | 554000 | &nbsp;&nbsp; 581482 |
| 03/15/2033 | &nbsp;&nbsp; 8.625% | 665000 | &nbsp;&nbsp; 698942 |
| 04/15/2034 | &nbsp;&nbsp; 7.750% | 339000 | &nbsp;&nbsp; 344226 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **38232195** |
| **Environmental 0.0%** | **Environmental 0.0%** | **Environmental 0.0%** | **Environmental 0.0%** |
| GFL Environmental, Inc.<sup>(a)</sup>  | GFL Environmental, Inc.<sup>(a)</sup>  | GFL Environmental, Inc.<sup>(a)</sup>  | GFL Environmental, Inc.<sup>(a)</sup>  |
| 01/15/2031 | &nbsp;&nbsp; 6.750% | 393000 | &nbsp;&nbsp; 411850 |
| Waste Pro USA, Inc.<sup>(a)</sup>  | Waste Pro USA, Inc.<sup>(a)</sup>  | Waste Pro USA, Inc.<sup>(a)</sup>  | Waste Pro USA, Inc.<sup>(a)</sup>  |
| 02/01/2033 | &nbsp;&nbsp; 7.000% | 578000 | &nbsp;&nbsp; 596304 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1008154** |
| **Finance Companies 0.4%** | **Finance Companies 0.4%** | **Finance Companies 0.4%** | **Finance Companies 0.4%** |
| Bread Financial Holdings, Inc.<sup>(a)</sup>  | Bread Financial Holdings, Inc.<sup>(a)</sup>  | Bread Financial Holdings, Inc.<sup>(a)</sup>  | Bread Financial Holdings, Inc.<sup>(a)</sup>  |
| 05/15/2031 | &nbsp;&nbsp; 6.750% | 110000 | &nbsp;&nbsp; 113886 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CrossCountry Intermediate HoldCo LLC<sup>(a)</sup>  | CrossCountry Intermediate HoldCo LLC<sup>(a)</sup>  | CrossCountry Intermediate HoldCo LLC<sup>(a)</sup>  | CrossCountry Intermediate HoldCo LLC<sup>(a)</sup>  |
| 10/01/2030 | &nbsp;&nbsp; 6.500% | 257000 | &nbsp;&nbsp; 262372 |
| GGAM Finance Ltd.<sup>(a)</sup>  | GGAM Finance Ltd.<sup>(a)</sup>  | GGAM Finance Ltd.<sup>(a)</sup>  | GGAM Finance Ltd.<sup>(a)</sup>  |
| 02/15/2027 | &nbsp;&nbsp; 8.000% | 513000 | &nbsp;&nbsp; 525328 |
| 04/15/2029 | &nbsp;&nbsp; 6.875% | 344000 | &nbsp;&nbsp; 356478 |
| 03/15/2030 | &nbsp;&nbsp; 5.875% | 326000 | &nbsp;&nbsp; 330460 |
| goeasy Ltd.<sup>(a)</sup>  | goeasy Ltd.<sup>(a)</sup>  | goeasy Ltd.<sup>(a)</sup>  | goeasy Ltd.<sup>(a)</sup>  |
| 12/01/2028 | &nbsp;&nbsp; 9.250% | 34000 | &nbsp;&nbsp; 34964 |
| 07/01/2029 | &nbsp;&nbsp; 7.625% | 495000 | &nbsp;&nbsp; 489683 |
| 05/15/2030 | &nbsp;&nbsp; 6.875% | 74000 | &nbsp;&nbsp; 70619 |
| 10/01/2030 | &nbsp;&nbsp; 7.375% | 74000 | &nbsp;&nbsp; 71226 |
| 02/15/2031 | &nbsp;&nbsp; 6.875% | 39000 | &nbsp;&nbsp; 36421 |
| Navient Corp. | Navient Corp. | Navient Corp. | Navient Corp. |
| 03/15/2029 | &nbsp;&nbsp; 5.500% | 582000 | &nbsp;&nbsp; 577256 |
| 03/15/2031 | &nbsp;&nbsp; 11.500% | 361000 | &nbsp;&nbsp; 404772 |
| OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
| 05/15/2029 | &nbsp;&nbsp; 6.625% | 697000 | &nbsp;&nbsp; 721869 |
| 03/15/2030 | &nbsp;&nbsp; 7.875% | 200000 | &nbsp;&nbsp; 211510 |
| 09/15/2030 | &nbsp;&nbsp; 4.000% | 356000 | &nbsp;&nbsp; 333561 |
| 05/15/2031 | &nbsp;&nbsp; 7.500% | 414000 | &nbsp;&nbsp; 435526 |
| 03/15/2032 | &nbsp;&nbsp; 6.750% | 618000 | &nbsp;&nbsp; 633555 |
| 09/15/2032 | &nbsp;&nbsp; 7.125% | 464000 | &nbsp;&nbsp; 482760 |
| 03/15/2033 | &nbsp;&nbsp; 6.500% | 606000 | &nbsp;&nbsp; 610904 |
| 09/15/2033 | &nbsp;&nbsp; 6.750% | 460000 | &nbsp;&nbsp; 466802 |
| Provident Funding Associates LP/PFG Finance Corp.<sup>(a)</sup>  | Provident Funding Associates LP/PFG Finance Corp.<sup>(a)</sup>  | Provident Funding Associates LP/PFG Finance Corp.<sup>(a)</sup>  | Provident Funding Associates LP/PFG Finance Corp.<sup>(a)</sup>  |
| 09/15/2029 | &nbsp;&nbsp; 9.750% | 1168000 | &nbsp;&nbsp; 1231339 |
| Rocket Cos, Inc.<sup>(a)</sup>  | Rocket Cos, Inc.<sup>(a)</sup>  | Rocket Cos, Inc.<sup>(a)</sup>  | Rocket Cos, Inc.<sup>(a)</sup>  |
| 08/01/2030 | &nbsp;&nbsp; 6.125% | 276000 | &nbsp;&nbsp; 285404 |
| 08/01/2033 | &nbsp;&nbsp; 6.375% | 351000 | &nbsp;&nbsp; 366613 |
| Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(a)</sup>  | Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(a)</sup>  | Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(a)</sup>  | Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(a)</sup>  |
| 10/15/2033 | &nbsp;&nbsp; 4.000% | 1222000 | &nbsp;&nbsp; 1135297 |
| United Wholesale Mortgage LLC<sup>(a)</sup>  | United Wholesale Mortgage LLC<sup>(a)</sup>  | United Wholesale Mortgage LLC<sup>(a)</sup>  | United Wholesale Mortgage LLC<sup>(a)</sup>  |
| 06/15/2027 | &nbsp;&nbsp; 5.750% | 251000 | &nbsp;&nbsp; 251589 |
| 04/15/2029 | &nbsp;&nbsp; 5.500% | 607000 | &nbsp;&nbsp; 602659 |
| UWM Holdings LLC<sup>(a)</sup>  | UWM Holdings LLC<sup>(a)</sup>  | UWM Holdings LLC<sup>(a)</sup>  | UWM Holdings LLC<sup>(a)</sup>  |
| 02/01/2030 | &nbsp;&nbsp; 6.625% | 679000 | &nbsp;&nbsp; 686945 |
| 03/15/2031 | &nbsp;&nbsp; 6.250% | 667000 | &nbsp;&nbsp; 665898 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **12395696** |
| **Food and Beverage 1.3%** | **Food and Beverage 1.3%** | **Food and Beverage 1.3%** | **Food and Beverage 1.3%** |
| Bacardi Ltd.<sup>(a)</sup>  | Bacardi Ltd.<sup>(a)</sup>  | Bacardi Ltd.<sup>(a)</sup>  | Bacardi Ltd.<sup>(a)</sup>  |
| 05/15/2028 | &nbsp;&nbsp; 4.700% | 1513000 | &nbsp;&nbsp; 1523627 |
| 05/15/2048 | &nbsp;&nbsp; 5.300% | 11948000 | &nbsp;&nbsp; 10645606 |
| Bacardi Ltd./Bacardi-Martini BV<sup>(a)</sup>  | Bacardi Ltd./Bacardi-Martini BV<sup>(a)</sup>  | Bacardi Ltd./Bacardi-Martini BV<sup>(a)</sup>  | Bacardi Ltd./Bacardi-Martini BV<sup>(a)</sup>  |
| 06/15/2033 | &nbsp;&nbsp; 5.400% | 8016000 | &nbsp;&nbsp; 8111722 |
| Chobani Holdco II LLC<sup>(a),(g)</sup>  | Chobani Holdco II LLC<sup>(a),(g)</sup>  | Chobani Holdco II LLC<sup>(a),(g)</sup>  | Chobani Holdco II LLC<sup>(a),(g)</sup>  |
| 10/01/2029 | &nbsp;&nbsp; 8.750% | 800304 | &nbsp;&nbsp; 857069 |
| Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
| 08/01/2029 | &nbsp;&nbsp; 3.150% | 2223000 | &nbsp;&nbsp; 2142828 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| General Mills, Inc. | General Mills, Inc. | General Mills, Inc. | General Mills, Inc. |
| 01/30/2027 | &nbsp;&nbsp; 4.700% | 2685000 | &nbsp;&nbsp; 2704555 |
| Lamb Weston Holdings, Inc.<sup>(a)</sup>  | Lamb Weston Holdings, Inc.<sup>(a)</sup>  | Lamb Weston Holdings, Inc.<sup>(a)</sup>  | Lamb Weston Holdings, Inc.<sup>(a)</sup>  |
| 01/31/2030 | &nbsp;&nbsp; 4.125% | 230000 | &nbsp;&nbsp; 222378 |
| Mars, Inc.<sup>(a)</sup>  | Mars, Inc.<sup>(a)</sup>  | Mars, Inc.<sup>(a)</sup>  | Mars, Inc.<sup>(a)</sup>  |
| 03/01/2035 | &nbsp;&nbsp; 5.200% | 7420000 | &nbsp;&nbsp; 7619862 |
| Performance Food Group, Inc.<sup>(a)</sup>  | Performance Food Group, Inc.<sup>(a)</sup>  | Performance Food Group, Inc.<sup>(a)</sup>  | Performance Food Group, Inc.<sup>(a)</sup>  |
| 09/15/2032 | &nbsp;&nbsp; 6.125% | 107000 | &nbsp;&nbsp; 110445 |
| Post Holdings, Inc.<sup>(a)</sup>  | Post Holdings, Inc.<sup>(a)</sup>  | Post Holdings, Inc.<sup>(a)</sup>  | Post Holdings, Inc.<sup>(a)</sup>  |
| 09/15/2031 | &nbsp;&nbsp; 4.500% | 689000 | &nbsp;&nbsp; 653142 |
| 02/15/2032 | &nbsp;&nbsp; 6.250% | 169000 | &nbsp;&nbsp; 173780 |
| 10/15/2034 | &nbsp;&nbsp; 6.250% | 198000 | &nbsp;&nbsp; 199230 |
| 03/15/2036 | &nbsp;&nbsp; 6.500% | 154000 | &nbsp;&nbsp; 154239 |
| Primo Water Holdings, Inc./Triton Water Holdings, Inc.<sup>(a)</sup>  | Primo Water Holdings, Inc./Triton Water Holdings, Inc.<sup>(a)</sup>  | Primo Water Holdings, Inc./Triton Water Holdings, Inc.<sup>(a)</sup>  | Primo Water Holdings, Inc./Triton Water Holdings, Inc.<sup>(a)</sup>  |
| 04/01/2029 | &nbsp;&nbsp; 6.250% | 537000 | &nbsp;&nbsp; 539928 |
| 04/30/2029 | &nbsp;&nbsp; 4.375% | 562000 | &nbsp;&nbsp; 547153 |
| Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(a)</sup>  | Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(a)</sup>  | Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(a)</sup>  | Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(a)</sup>  |
| 03/01/2029 | &nbsp;&nbsp; 4.625% | 640000 | &nbsp;&nbsp; 617077 |
| US Foods, Inc.<sup>(a)</sup>  | US Foods, Inc.<sup>(a)</sup>  | US Foods, Inc.<sup>(a)</sup>  | US Foods, Inc.<sup>(a)</sup>  |
| 06/01/2030 | &nbsp;&nbsp; 4.625% | 560000 | &nbsp;&nbsp; 552403 |
| 01/15/2032 | &nbsp;&nbsp; 7.250% | 307000 | &nbsp;&nbsp; 322364 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **37697408** |
| **Gaming 0.3%** | **Gaming 0.3%** | **Gaming 0.3%** | **Gaming 0.3%** |
| Boyd Gaming Corp. | Boyd Gaming Corp. | Boyd Gaming Corp. | Boyd Gaming Corp. |
| 12/01/2027 | &nbsp;&nbsp; 4.750% | 326000 | &nbsp;&nbsp; 325510 |
| Caesars Entertainment, Inc.<sup>(a)</sup>  | Caesars Entertainment, Inc.<sup>(a)</sup>  | Caesars Entertainment, Inc.<sup>(a)</sup>  | Caesars Entertainment, Inc.<sup>(a)</sup>  |
| 02/15/2030 | &nbsp;&nbsp; 7.000% | 452000 | &nbsp;&nbsp; 468085 |
| 02/15/2032 | &nbsp;&nbsp; 6.500% | 641000 | &nbsp;&nbsp; 656732 |
| 10/15/2032 | &nbsp;&nbsp; 6.000% | 725000 | &nbsp;&nbsp; 705491 |
| Light & Wonder International, Inc.<sup>(a)</sup>  | Light & Wonder International, Inc.<sup>(a)</sup>  | Light & Wonder International, Inc.<sup>(a)</sup>  | Light & Wonder International, Inc.<sup>(a)</sup>  |
| 10/01/2033 | &nbsp;&nbsp; 6.250% | 453000 | &nbsp;&nbsp; 458429 |
| MGM Resorts International | MGM Resorts International | MGM Resorts International | MGM Resorts International |
| 09/15/2029 | &nbsp;&nbsp; 6.125% | 315000 | &nbsp;&nbsp; 323787 |
| Midwest Gaming Borrower LLC<sup>(a)</sup>  | Midwest Gaming Borrower LLC<sup>(a)</sup>  | Midwest Gaming Borrower LLC<sup>(a)</sup>  | Midwest Gaming Borrower LLC<sup>(a)</sup>  |
| 05/01/2029 | &nbsp;&nbsp; 4.875% | 438000 | &nbsp;&nbsp; 431150 |
| Penn National Gaming, Inc.<sup>(a)</sup>  | Penn National Gaming, Inc.<sup>(a)</sup>  | Penn National Gaming, Inc.<sup>(a)</sup>  | Penn National Gaming, Inc.<sup>(a)</sup>  |
| 07/01/2029 | &nbsp;&nbsp; 4.125% | 692000 | &nbsp;&nbsp; 640932 |
| Rivers Enterprise Borrower LLC/Finance Corp.<sup>(a)</sup>  | Rivers Enterprise Borrower LLC/Finance Corp.<sup>(a)</sup>  | Rivers Enterprise Borrower LLC/Finance Corp.<sup>(a)</sup>  | Rivers Enterprise Borrower LLC/Finance Corp.<sup>(a)</sup>  |
| 02/01/2033 | &nbsp;&nbsp; 6.625% | 756000 | &nbsp;&nbsp; 774014 |
| Rivers Enterprise Lender LLC/Corp.<sup>(a)</sup>  | Rivers Enterprise Lender LLC/Corp.<sup>(a)</sup>  | Rivers Enterprise Lender LLC/Corp.<sup>(a)</sup>  | Rivers Enterprise Lender LLC/Corp.<sup>(a)</sup>  |
| 10/15/2030 | &nbsp;&nbsp; 6.250% | 335000 | &nbsp;&nbsp; 341680 |
| Scientific Games Holdings LP/US FinCo, Inc.<sup>(a)</sup>  | Scientific Games Holdings LP/US FinCo, Inc.<sup>(a)</sup>  | Scientific Games Holdings LP/US FinCo, Inc.<sup>(a)</sup>  | Scientific Games Holdings LP/US FinCo, Inc.<sup>(a)</sup>  |
| 03/01/2030 | &nbsp;&nbsp; 6.625% | 1533000 | &nbsp;&nbsp; 1362104 |
| Scientific Games International, Inc.<sup>(a)</sup>  | Scientific Games International, Inc.<sup>(a)</sup>  | Scientific Games International, Inc.<sup>(a)</sup>  | Scientific Games International, Inc.<sup>(a)</sup>  |
| 11/15/2029 | &nbsp;&nbsp; 7.250% | 411000 | &nbsp;&nbsp; 421528 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Voyager Parent LLC<sup>(a)</sup>  | Voyager Parent LLC<sup>(a)</sup>  | Voyager Parent LLC<sup>(a)</sup>  | Voyager Parent LLC<sup>(a)</sup>  |
| 07/01/2032 | &nbsp;&nbsp; 9.250% | 546000 | &nbsp;&nbsp; 579127 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **7488569** |
| **Health Care 1.5%** | **Health Care 1.5%** | **Health Care 1.5%** | **Health Care 1.5%** |
| Acadia Healthcare Co., Inc.<sup>(a)</sup>  | Acadia Healthcare Co., Inc.<sup>(a)</sup>  | Acadia Healthcare Co., Inc.<sup>(a)</sup>  | Acadia Healthcare Co., Inc.<sup>(a)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 5.000% | 819000 | &nbsp;&nbsp; 787933 |
| 03/15/2033 | &nbsp;&nbsp; 7.375% | 423000 | &nbsp;&nbsp; 427342 |
| Avantor Funding, Inc.<sup>(a)</sup>  | Avantor Funding, Inc.<sup>(a)</sup>  | Avantor Funding, Inc.<sup>(a)</sup>  | Avantor Funding, Inc.<sup>(a)</sup>  |
| 11/01/2029 | &nbsp;&nbsp; 3.875% | 802000 | &nbsp;&nbsp; 767447 |
| Bausch & Lomb Escrow Corp.<sup>(a)</sup>  | Bausch & Lomb Escrow Corp.<sup>(a)</sup>  | Bausch & Lomb Escrow Corp.<sup>(a)</sup>  | Bausch & Lomb Escrow Corp.<sup>(a)</sup>  |
| 10/01/2028 | &nbsp;&nbsp; 8.375% | 331000 | &nbsp;&nbsp; 344927 |
| CHS/Community Health Systems, Inc.<sup>(a)</sup>  | CHS/Community Health Systems, Inc.<sup>(a)</sup>  | CHS/Community Health Systems, Inc.<sup>(a)</sup>  | CHS/Community Health Systems, Inc.<sup>(a)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 6.875% | 415000 | &nbsp;&nbsp; 369460 |
| 05/15/2030 | &nbsp;&nbsp; 5.250% | 681000 | &nbsp;&nbsp; 639037 |
| 02/15/2031 | &nbsp;&nbsp; 4.750% | 355000 | &nbsp;&nbsp; 316036 |
| 01/15/2032 | &nbsp;&nbsp; 10.875% | 277000 | &nbsp;&nbsp; 302721 |
| Concentra Escrow Issuer Corp.<sup>(a)</sup>  | Concentra Escrow Issuer Corp.<sup>(a)</sup>  | Concentra Escrow Issuer Corp.<sup>(a)</sup>  | Concentra Escrow Issuer Corp.<sup>(a)</sup>  |
| 07/15/2032 | &nbsp;&nbsp; 6.875% | 1092000 | &nbsp;&nbsp; 1144122 |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| 03/25/2038 | &nbsp;&nbsp; 4.780% | 3230000 | &nbsp;&nbsp; 3050588 |
| DaVita, Inc.<sup>(a)</sup>  | DaVita, Inc.<sup>(a)</sup>  | DaVita, Inc.<sup>(a)</sup>  | DaVita, Inc.<sup>(a)</sup>  |
| 07/15/2033 | &nbsp;&nbsp; 6.750% | 460000 | &nbsp;&nbsp; 477270 |
| GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. |
| 11/15/2027 | &nbsp;&nbsp; 5.650% | 11940000 | &nbsp;&nbsp; 12288547 |
| HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
| 09/01/2030 | &nbsp;&nbsp; 3.500% | 12689000 | &nbsp;&nbsp; 12205388 |
| IQVIA, Inc.<sup>(a)</sup>  | IQVIA, Inc.<sup>(a)</sup>  | IQVIA, Inc.<sup>(a)</sup>  | IQVIA, Inc.<sup>(a)</sup>  |
| 06/01/2032 | &nbsp;&nbsp; 6.250% | 653000 | &nbsp;&nbsp; 682817 |
| LifePoint Health, Inc.<sup>(a)</sup>  | LifePoint Health, Inc.<sup>(a)</sup>  | LifePoint Health, Inc.<sup>(a)</sup>  | LifePoint Health, Inc.<sup>(a)</sup>  |
| 10/15/2030 | &nbsp;&nbsp; 11.000% | 344000 | &nbsp;&nbsp; 377199 |
| Medline Borrower LP/Co-Issuer, Inc.<sup>(a)</sup>  | Medline Borrower LP/Co-Issuer, Inc.<sup>(a)</sup>  | Medline Borrower LP/Co-Issuer, Inc.<sup>(a)</sup>  | Medline Borrower LP/Co-Issuer, Inc.<sup>(a)</sup>  |
| 04/01/2029 | &nbsp;&nbsp; 6.250% | 332000 | &nbsp;&nbsp; 343726 |
| Mozart Debt Merger Sub, Inc.<sup>(a)</sup>  | Mozart Debt Merger Sub, Inc.<sup>(a)</sup>  | Mozart Debt Merger Sub, Inc.<sup>(a)</sup>  | Mozart Debt Merger Sub, Inc.<sup>(a)</sup>  |
| 04/01/2029 | &nbsp;&nbsp; 3.875% | 450000 | &nbsp;&nbsp; 439991 |
| 10/01/2029 | &nbsp;&nbsp; 5.250% | 627000 | &nbsp;&nbsp; 630491 |
| Select Medical Corp.<sup>(a)</sup>  | Select Medical Corp.<sup>(a)</sup>  | Select Medical Corp.<sup>(a)</sup>  | Select Medical Corp.<sup>(a)</sup>  |
| 12/01/2032 | &nbsp;&nbsp; 6.250% | 310000 | &nbsp;&nbsp; 302959 |
| Star Parent, Inc.<sup>(a)</sup>  | Star Parent, Inc.<sup>(a)</sup>  | Star Parent, Inc.<sup>(a)</sup>  | Star Parent, Inc.<sup>(a)</sup>  |
| 10/01/2030 | &nbsp;&nbsp; 9.000% | 1102000 | &nbsp;&nbsp; 1177764 |
| Surgery Center Holdings, Inc.<sup>(a)</sup>  | Surgery Center Holdings, Inc.<sup>(a)</sup>  | Surgery Center Holdings, Inc.<sup>(a)</sup>  | Surgery Center Holdings, Inc.<sup>(a)</sup>  |
| 04/15/2032 | &nbsp;&nbsp; 7.250% | 858000 | &nbsp;&nbsp; 869245 |
| Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
| 11/01/2027 | &nbsp;&nbsp; 5.125% | 428000 | &nbsp;&nbsp; 427980 |
| 06/15/2028 | &nbsp;&nbsp; 4.625% | 507000 | &nbsp;&nbsp; 507784 |
| 10/01/2028 | &nbsp;&nbsp; 6.125% | 240000 | &nbsp;&nbsp; 240976 |
| 01/15/2030 | &nbsp;&nbsp; 4.375% | 1050000 | &nbsp;&nbsp; 1031155 |
| 05/15/2031 | &nbsp;&nbsp; 6.750% | 370000 | &nbsp;&nbsp; 384732 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Tenet Healthcare Corp.<sup>(a)</sup>  | Tenet Healthcare Corp.<sup>(a)</sup>  | Tenet Healthcare Corp.<sup>(a)</sup>  | Tenet Healthcare Corp.<sup>(a)</sup>  |
| 11/15/2032 | &nbsp;&nbsp; 5.500% | 1275000 | &nbsp;&nbsp; 1293164 |
| 11/15/2033 | &nbsp;&nbsp; 6.000% | 356000 | &nbsp;&nbsp; 366556 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **42197357** |
| **Healthcare Insurance 1.2%** | **Healthcare Insurance 1.2%** | **Healthcare Insurance 1.2%** | **Healthcare Insurance 1.2%** |
| Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. |
| 10/15/2030 | &nbsp;&nbsp; 3.000% | 16674000 | &nbsp;&nbsp; 14919265 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| 01/15/2031 | &nbsp;&nbsp; 4.650% | 2759000 | &nbsp;&nbsp; 2816788 |
| 04/15/2034 | &nbsp;&nbsp; 5.000% | 12181000 | &nbsp;&nbsp; 12376648 |
| 04/15/2054 | &nbsp;&nbsp; 5.375% | 2742000 | &nbsp;&nbsp; 2590684 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **32703385** |
| **Independent Energy 0.7%** | **Independent Energy 0.7%** | **Independent Energy 0.7%** | **Independent Energy 0.7%** |
| APA Corp. | APA Corp. | APA Corp. | APA Corp. |
| 02/15/2055 | &nbsp;&nbsp; 6.750% | 2461000 | &nbsp;&nbsp; 2456785 |
| Civitas Resources, Inc.<sup>(a)</sup>  | Civitas Resources, Inc.<sup>(a)</sup>  | Civitas Resources, Inc.<sup>(a)</sup>  | Civitas Resources, Inc.<sup>(a)</sup>  |
| 07/01/2028 | &nbsp;&nbsp; 8.375% | 351000 | &nbsp;&nbsp; 361992 |
| 11/01/2030 | &nbsp;&nbsp; 8.625% | 90000 | &nbsp;&nbsp; 94246 |
| 07/01/2031 | &nbsp;&nbsp; 8.750% | 912000 | &nbsp;&nbsp; 946693 |
| 06/15/2033 | &nbsp;&nbsp; 9.625% | 960000 | &nbsp;&nbsp; 1034882 |
| CNX Resources Corp.<sup>(a)</sup>  | CNX Resources Corp.<sup>(a)</sup>  | CNX Resources Corp.<sup>(a)</sup>  | CNX Resources Corp.<sup>(a)</sup>  |
| 01/15/2029 | &nbsp;&nbsp; 6.000% | 539000 | &nbsp;&nbsp; 543234 |
| 03/01/2032 | &nbsp;&nbsp; 7.250% | 315000 | &nbsp;&nbsp; 329182 |
| Colgate Energy Partners III LLC<sup>(a)</sup>  | Colgate Energy Partners III LLC<sup>(a)</sup>  | Colgate Energy Partners III LLC<sup>(a)</sup>  | Colgate Energy Partners III LLC<sup>(a)</sup>  |
| 07/01/2029 | &nbsp;&nbsp; 5.875% | 548000 | &nbsp;&nbsp; 550559 |
| Comstock Resources, Inc.<sup>(a)</sup>  | Comstock Resources, Inc.<sup>(a)</sup>  | Comstock Resources, Inc.<sup>(a)</sup>  | Comstock Resources, Inc.<sup>(a)</sup>  |
| 01/15/2030 | &nbsp;&nbsp; 5.875% | 343000 | &nbsp;&nbsp; 333785 |
| Hilcorp Energy I LP/Finance Co.<sup>(a)</sup>  | Hilcorp Energy I LP/Finance Co.<sup>(a)</sup>  | Hilcorp Energy I LP/Finance Co.<sup>(a)</sup>  | Hilcorp Energy I LP/Finance Co.<sup>(a)</sup>  |
| 04/15/2032 | &nbsp;&nbsp; 6.250% | 542000 | &nbsp;&nbsp; 509884 |
| 11/01/2033 | &nbsp;&nbsp; 8.375% | 583000 | &nbsp;&nbsp; 594549 |
| 02/15/2035 | &nbsp;&nbsp; 7.250% | 892000 | &nbsp;&nbsp; 847763 |
| Matador Resources Co.<sup>(a)</sup>  | Matador Resources Co.<sup>(a)</sup>  | Matador Resources Co.<sup>(a)</sup>  | Matador Resources Co.<sup>(a)</sup>  |
| 04/15/2028 | &nbsp;&nbsp; 6.875% | 213000 | &nbsp;&nbsp; 217541 |
| 04/15/2032 | &nbsp;&nbsp; 6.500% | 528000 | &nbsp;&nbsp; 534680 |
| 04/15/2033 | &nbsp;&nbsp; 6.250% | 518000 | &nbsp;&nbsp; 517885 |
| Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
| 10/01/2054 | &nbsp;&nbsp; 6.050% | 7062000 | &nbsp;&nbsp; 6733938 |
| Permian Resources Operating LLC<sup>(a)</sup>  | Permian Resources Operating LLC<sup>(a)</sup>  | Permian Resources Operating LLC<sup>(a)</sup>  | Permian Resources Operating LLC<sup>(a)</sup>  |
| 01/15/2032 | &nbsp;&nbsp; 7.000% | 843000 | &nbsp;&nbsp; 878055 |
| 02/01/2033 | &nbsp;&nbsp; 6.250% | 687000 | &nbsp;&nbsp; 704926 |
| SM Energy Co.<sup>(a)</sup>  | SM Energy Co.<sup>(a)</sup>  | SM Energy Co.<sup>(a)</sup>  | SM Energy Co.<sup>(a)</sup>  |
| 08/01/2029 | &nbsp;&nbsp; 6.750% | 324000 | &nbsp;&nbsp; 326412 |
| 08/01/2032 | &nbsp;&nbsp; 7.000% | 544000 | &nbsp;&nbsp; 535267 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **19052258** |
| **Integrated Energy 0.4%** | **Integrated Energy 0.4%** | **Integrated Energy 0.4%** | **Integrated Energy 0.4%** |
| BP Capital Markets America, Inc. | BP Capital Markets America, Inc. | BP Capital Markets America, Inc. | BP Capital Markets America, Inc. |
| 11/17/2027 | &nbsp;&nbsp; 5.017% | 10150000 | &nbsp;&nbsp; 10362157 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Leisure 0.3%** | **Leisure 0.3%** | **Leisure 0.3%** | **Leisure 0.3%** |
| Boyne USA, Inc.<sup>(a)</sup>  | Boyne USA, Inc.<sup>(a)</sup>  | Boyne USA, Inc.<sup>(a)</sup>  | Boyne USA, Inc.<sup>(a)</sup>  |
| 05/15/2029 | &nbsp;&nbsp; 4.750% | 113000 | &nbsp;&nbsp; 111439 |
| Carnival Corp.<sup>(a)</sup>  | Carnival Corp.<sup>(a)</sup>  | Carnival Corp.<sup>(a)</sup>  | Carnival Corp.<sup>(a)</sup>  |
| 03/15/2030 | &nbsp;&nbsp; 5.750% | 193000 | &nbsp;&nbsp; 198673 |
| 08/01/2032 | &nbsp;&nbsp; 5.750% | 869000 | &nbsp;&nbsp; 892811 |
| 02/15/2033 | &nbsp;&nbsp; 6.125% | 187000 | &nbsp;&nbsp; 193045 |
| Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium <br> Op | Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium <br> Op | Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium <br> Op | Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium <br> Op |
| 04/15/2027 | &nbsp;&nbsp; 5.375% | 227000 | &nbsp;&nbsp; 225954 |
| 10/01/2028 | &nbsp;&nbsp; 6.500% | 228000 | &nbsp;&nbsp; 223443 |
| Cinemark USA, Inc.<sup>(a)</sup>  | Cinemark USA, Inc.<sup>(a)</sup>  | Cinemark USA, Inc.<sup>(a)</sup>  | Cinemark USA, Inc.<sup>(a)</sup>  |
| 07/15/2028 | &nbsp;&nbsp; 5.250% | 174000 | &nbsp;&nbsp; 173983 |
| NCL Corp., Ltd.<sup>(a)</sup>  | NCL Corp., Ltd.<sup>(a)</sup>  | NCL Corp., Ltd.<sup>(a)</sup>  | NCL Corp., Ltd.<sup>(a)</sup>  |
| 01/15/2031 | &nbsp;&nbsp; 5.875% | 598000 | &nbsp;&nbsp; 595939 |
| 02/01/2032 | &nbsp;&nbsp; 6.750% | 209000 | &nbsp;&nbsp; 214075 |
| 09/15/2033 | &nbsp;&nbsp; 6.250% | 365000 | &nbsp;&nbsp; 364913 |
| Six Flags Entertainment Corp.<sup>(a)</sup>  | Six Flags Entertainment Corp.<sup>(a)</sup>  | Six Flags Entertainment Corp.<sup>(a)</sup>  | Six Flags Entertainment Corp.<sup>(a)</sup>  |
| 05/15/2031 | &nbsp;&nbsp; 7.250% | 1170000 | &nbsp;&nbsp; 1123748 |
| Six Flags Entertainment Corp./Theme Parks, Inc.<sup>(a)</sup>  | Six Flags Entertainment Corp./Theme Parks, Inc.<sup>(a)</sup>  | Six Flags Entertainment Corp./Theme Parks, Inc.<sup>(a)</sup>  | Six Flags Entertainment Corp./Theme Parks, Inc.<sup>(a)</sup>  |
| 05/01/2032 | &nbsp;&nbsp; 6.625% | 927000 | &nbsp;&nbsp; 935290 |
| Vail Resorts, Inc.<sup>(a)</sup>  | Vail Resorts, Inc.<sup>(a)</sup>  | Vail Resorts, Inc.<sup>(a)</sup>  | Vail Resorts, Inc.<sup>(a)</sup>  |
| 05/15/2032 | &nbsp;&nbsp; 6.500% | 246000 | &nbsp;&nbsp; 255445 |
| Viking Cruises Ltd.<sup>(a)</sup>  | Viking Cruises Ltd.<sup>(a)</sup>  | Viking Cruises Ltd.<sup>(a)</sup>  | Viking Cruises Ltd.<sup>(a)</sup>  |
| 02/15/2029 | &nbsp;&nbsp; 7.000% | 530000 | &nbsp;&nbsp; 531325 |
| 07/15/2031 | &nbsp;&nbsp; 9.125% | 622000 | &nbsp;&nbsp; 665685 |
| 10/15/2033 | &nbsp;&nbsp; 5.875% | 788000 | &nbsp;&nbsp; 801232 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **7507000** |
| **Life Insurance 0.2%** | **Life Insurance 0.2%** | **Life Insurance 0.2%** | **Life Insurance 0.2%** |
| Met Tower Global Funding<sup>(a)</sup>  | Met Tower Global Funding<sup>(a)</sup>  | Met Tower Global Funding<sup>(a)</sup>  | Met Tower Global Funding<sup>(a)</sup>  |
| 04/12/2029 | &nbsp;&nbsp; 5.250% | 4100000 | &nbsp;&nbsp; 4234661 |
| Peachtree Corners Funding Trust II<sup>(a)</sup>  | Peachtree Corners Funding Trust II<sup>(a)</sup>  | Peachtree Corners Funding Trust II<sup>(a)</sup>  | Peachtree Corners Funding Trust II<sup>(a)</sup>  |
| 05/15/2035 | &nbsp;&nbsp; 6.012% | 1250000 | &nbsp;&nbsp; 1316331 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **5550992** |
| **Lodging 0.1%** | **Lodging 0.1%** | **Lodging 0.1%** | **Lodging 0.1%** |
| Hilton Domestic Operating Co., Inc.<sup>(a)</sup>  | Hilton Domestic Operating Co., Inc.<sup>(a)</sup>  | Hilton Domestic Operating Co., Inc.<sup>(a)</sup>  | Hilton Domestic Operating Co., Inc.<sup>(a)</sup>  |
| 03/15/2033 | &nbsp;&nbsp; 5.875% | 110000 | &nbsp;&nbsp; 113166 |
| 09/15/2033 | &nbsp;&nbsp; 5.750% | 297000 | &nbsp;&nbsp; 303922 |
| Hilton Grand Vacations Borrower Escrow LLC<sup>(a)</sup>  | Hilton Grand Vacations Borrower Escrow LLC<sup>(a)</sup>  | Hilton Grand Vacations Borrower Escrow LLC<sup>(a)</sup>  | Hilton Grand Vacations Borrower Escrow LLC<sup>(a)</sup>  |
| 07/01/2031 | &nbsp;&nbsp; 4.875% | 123000 | &nbsp;&nbsp; 114853 |
| 01/15/2032 | &nbsp;&nbsp; 6.625% | 640000 | &nbsp;&nbsp; 656431 |
| Hilton Worldwide Finance LLC/Corp. | Hilton Worldwide Finance LLC/Corp. | Hilton Worldwide Finance LLC/Corp. | Hilton Worldwide Finance LLC/Corp. |
| 04/01/2027 | &nbsp;&nbsp; 4.875% | 550000 | &nbsp;&nbsp; 550013 |
| Marriott Ownership Resorts, Inc.<sup>(a)</sup>  | Marriott Ownership Resorts, Inc.<sup>(a)</sup>  | Marriott Ownership Resorts, Inc.<sup>(a)</sup>  | Marriott Ownership Resorts, Inc.<sup>(a)</sup>  |
| 10/01/2033 | &nbsp;&nbsp; 6.500% | 1030000 | &nbsp;&nbsp; 989231 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2727616** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Media and Entertainment 0.6%** | **Media and Entertainment 0.6%** | **Media and Entertainment 0.6%** | **Media and Entertainment 0.6%** |
| Clear Channel Outdoor Holdings, Inc.<sup>(a)</sup>  | Clear Channel Outdoor Holdings, Inc.<sup>(a)</sup>  | Clear Channel Outdoor Holdings, Inc.<sup>(a)</sup>  | Clear Channel Outdoor Holdings, Inc.<sup>(a)</sup>  |
| 04/15/2028 | &nbsp;&nbsp; 7.750% | 568000 | &nbsp;&nbsp; 568229 |
| 06/01/2029 | &nbsp;&nbsp; 7.500% | 782000 | &nbsp;&nbsp; 776838 |
| 04/01/2030 | &nbsp;&nbsp; 7.875% | 620000 | &nbsp;&nbsp; 653887 |
| 02/15/2031 | &nbsp;&nbsp; 7.125% | 404000 | &nbsp;&nbsp; 422834 |
| 03/15/2033 | &nbsp;&nbsp; 7.500% | 411000 | &nbsp;&nbsp; 435354 |
| Gray Media, Inc.<sup>(a)</sup>  | Gray Media, Inc.<sup>(a)</sup>  | Gray Media, Inc.<sup>(a)</sup>  | Gray Media, Inc.<sup>(a)</sup>  |
| 07/15/2032 | &nbsp;&nbsp; 9.625% | 242000 | &nbsp;&nbsp; 251185 |
| 08/15/2033 | &nbsp;&nbsp; 7.250% | 317000 | &nbsp;&nbsp; 324088 |
| iHeartCommunications, Inc.<sup>(a)</sup>  | iHeartCommunications, Inc.<sup>(a)</sup>  | iHeartCommunications, Inc.<sup>(a)</sup>  | iHeartCommunications, Inc.<sup>(a)</sup>  |
| 05/01/2029 | &nbsp;&nbsp; 9.125% | 409782 | &nbsp;&nbsp; 394735 |
| Mav Acquisition Corp.<sup>(a)</sup>  | Mav Acquisition Corp.<sup>(a)</sup>  | Mav Acquisition Corp.<sup>(a)</sup>  | Mav Acquisition Corp.<sup>(a)</sup>  |
| 08/01/2029 | &nbsp;&nbsp; 8.000% | 591000 | &nbsp;&nbsp; 597297 |
| McGraw-Hill Education, Inc.<sup>(a)</sup>  | McGraw-Hill Education, Inc.<sup>(a)</sup>  | McGraw-Hill Education, Inc.<sup>(a)</sup>  | McGraw-Hill Education, Inc.<sup>(a)</sup>  |
| 09/01/2031 | &nbsp;&nbsp; 7.375% | 474000 | &nbsp;&nbsp; 499649 |
| Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
| 11/15/2055 | &nbsp;&nbsp; 5.625% | 3199000 | &nbsp;&nbsp; 3075567 |
| 11/15/2065 | &nbsp;&nbsp; 5.750% | 3522000 | &nbsp;&nbsp; 3364496 |
| Outfront Media Capital LLC/Corp.<sup>(a)</sup>  | Outfront Media Capital LLC/Corp.<sup>(a)</sup>  | Outfront Media Capital LLC/Corp.<sup>(a)</sup>  | Outfront Media Capital LLC/Corp.<sup>(a)</sup>  |
| 08/15/2027 | &nbsp;&nbsp; 5.000% | 416000 | &nbsp;&nbsp; 416322 |
| 01/15/2029 | &nbsp;&nbsp; 4.250% | 245000 | &nbsp;&nbsp; 238941 |
| 03/15/2030 | &nbsp;&nbsp; 4.625% | 744000 | &nbsp;&nbsp; 726083 |
| Roblox Corp.<sup>(a)</sup>  | Roblox Corp.<sup>(a)</sup>  | Roblox Corp.<sup>(a)</sup>  | Roblox Corp.<sup>(a)</sup>  |
| 05/01/2030 | &nbsp;&nbsp; 3.875% | 358000 | &nbsp;&nbsp; 342120 |
| Snap, Inc.<sup>(a)</sup>  | Snap, Inc.<sup>(a)</sup>  | Snap, Inc.<sup>(a)</sup>  | Snap, Inc.<sup>(a)</sup>  |
| 03/01/2033 | &nbsp;&nbsp; 6.875% | 965000 | &nbsp;&nbsp; 1001007 |
| 03/15/2034 | &nbsp;&nbsp; 6.875% | 579000 | &nbsp;&nbsp; 596503 |
| Univision Communications, Inc.<sup>(a)</sup>  | Univision Communications, Inc.<sup>(a)</sup>  | Univision Communications, Inc.<sup>(a)</sup>  | Univision Communications, Inc.<sup>(a)</sup>  |
| 08/15/2028 | &nbsp;&nbsp; 8.000% | 300000 | &nbsp;&nbsp; 310626 |
| WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. |
| 03/15/2032 | &nbsp;&nbsp; 4.279% | 340000 | &nbsp;&nbsp; 298485 |
| 03/15/2042 | &nbsp;&nbsp; 5.050% | 1240000 | &nbsp;&nbsp; 875820 |
| 03/15/2052 | &nbsp;&nbsp; 5.141% | 182000 | &nbsp;&nbsp; 120278 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **16290344** |
| **Metals and Mining 0.2%** | **Metals and Mining 0.2%** | **Metals and Mining 0.2%** | **Metals and Mining 0.2%** |
| Alcoa Nederland Holding BV<sup>(a)</sup>  | Alcoa Nederland Holding BV<sup>(a)</sup>  | Alcoa Nederland Holding BV<sup>(a)</sup>  | Alcoa Nederland Holding BV<sup>(a)</sup>  |
| 03/15/2031 | &nbsp;&nbsp; 7.125% | 151000 | &nbsp;&nbsp; 160297 |
| Carpenter Technology Corp.<sup>(a)</sup>  | Carpenter Technology Corp.<sup>(a)</sup>  | Carpenter Technology Corp.<sup>(a)</sup>  | Carpenter Technology Corp.<sup>(a)</sup>  |
| 03/01/2034 | &nbsp;&nbsp; 5.625% | 337000 | &nbsp;&nbsp; 342567 |
| Cleveland-Cliffs, Inc.<sup>(a)</sup>  | Cleveland-Cliffs, Inc.<sup>(a)</sup>  | Cleveland-Cliffs, Inc.<sup>(a)</sup>  | Cleveland-Cliffs, Inc.<sup>(a)</sup>  |
| 11/01/2029 | &nbsp;&nbsp; 6.875% | 85000 | &nbsp;&nbsp; 87984 |
| 03/15/2032 | &nbsp;&nbsp; 7.000% | 85000 | &nbsp;&nbsp; 87119 |
| 05/01/2033 | &nbsp;&nbsp; 7.375% | 90000 | &nbsp;&nbsp; 93566 |
| Compass Minerals International, Inc.<sup>(a)</sup>  | Compass Minerals International, Inc.<sup>(a)</sup>  | Compass Minerals International, Inc.<sup>(a)</sup>  | Compass Minerals International, Inc.<sup>(a)</sup>  |
| 07/01/2030 | &nbsp;&nbsp; 8.000% | 332000 | &nbsp;&nbsp; 347411 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Constellium SE<sup>(a)</sup>  | Constellium SE<sup>(a)</sup>  | Constellium SE<sup>(a)</sup>  | Constellium SE<sup>(a)</sup>  |
| 06/15/2028 | &nbsp;&nbsp; 5.625% | 623000 | &nbsp;&nbsp; 623189 |
| 04/15/2029 | &nbsp;&nbsp; 3.750% | 228000 | &nbsp;&nbsp; 220136 |
| 08/15/2032 | &nbsp;&nbsp; 6.375% | 544000 | &nbsp;&nbsp; 561089 |
| Hudbay Minerals, Inc.<sup>(a)</sup>  | Hudbay Minerals, Inc.<sup>(a)</sup>  | Hudbay Minerals, Inc.<sup>(a)</sup>  | Hudbay Minerals, Inc.<sup>(a)</sup>  |
| 04/01/2026 | &nbsp;&nbsp; 4.500% | 350000 | &nbsp;&nbsp; 350302 |
| 04/01/2029 | &nbsp;&nbsp; 6.125% | 839000 | &nbsp;&nbsp; 850282 |
| Kaiser Aluminum Corp.<sup>(a)</sup>  | Kaiser Aluminum Corp.<sup>(a)</sup>  | Kaiser Aluminum Corp.<sup>(a)</sup>  | Kaiser Aluminum Corp.<sup>(a)</sup>  |
| 06/01/2031 | &nbsp;&nbsp; 4.500% | 829000 | &nbsp;&nbsp; 801199 |
| 03/01/2034 | &nbsp;&nbsp; 5.875% | 622000 | &nbsp;&nbsp; 624490 |
| Novelis Corp.<sup>(a)</sup>  | Novelis Corp.<sup>(a)</sup>  | Novelis Corp.<sup>(a)</sup>  | Novelis Corp.<sup>(a)</sup>  |
| 01/30/2030 | &nbsp;&nbsp; 4.750% | 453000 | &nbsp;&nbsp; 437838 |
| 08/15/2031 | &nbsp;&nbsp; 3.875% | 490000 | &nbsp;&nbsp; 445678 |
| 08/15/2033 | &nbsp;&nbsp; 6.375% | 342000 | &nbsp;&nbsp; 346943 |
| Novelis, Inc.<sup>(a)</sup>  | Novelis, Inc.<sup>(a)</sup>  | Novelis, Inc.<sup>(a)</sup>  | Novelis, Inc.<sup>(a)</sup>  |
| 01/30/2030 | &nbsp;&nbsp; 6.875% | 65000 | &nbsp;&nbsp; 67460 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **6447550** |
| **Midstream 1.0%** | **Midstream 1.0%** | **Midstream 1.0%** | **Midstream 1.0%** |
| AmeriGas Partners LP/Finance Corp.<sup>(a)</sup>  | AmeriGas Partners LP/Finance Corp.<sup>(a)</sup>  | AmeriGas Partners LP/Finance Corp.<sup>(a)</sup>  | AmeriGas Partners LP/Finance Corp.<sup>(a)</sup>  |
| 06/01/2030 | &nbsp;&nbsp; 9.500% | 633000 | &nbsp;&nbsp; 674501 |
| Antero Midstream Partners LP/Finance Corp.<sup>(a)</sup>  | Antero Midstream Partners LP/Finance Corp.<sup>(a)</sup>  | Antero Midstream Partners LP/Finance Corp.<sup>(a)</sup>  | Antero Midstream Partners LP/Finance Corp.<sup>(a)</sup>  |
| 02/01/2032 | &nbsp;&nbsp; 6.625% | 280000 | &nbsp;&nbsp; 290375 |
| CNX Midstream Partners LP<sup>(a)</sup>  | CNX Midstream Partners LP<sup>(a)</sup>  | CNX Midstream Partners LP<sup>(a)</sup>  | CNX Midstream Partners LP<sup>(a)</sup>  |
| 04/15/2030 | &nbsp;&nbsp; 4.750% | 794000 | &nbsp;&nbsp; 768988 |
| Delek Logistics Partners LP/Finance Corp.<sup>(a)</sup>  | Delek Logistics Partners LP/Finance Corp.<sup>(a)</sup>  | Delek Logistics Partners LP/Finance Corp.<sup>(a)</sup>  | Delek Logistics Partners LP/Finance Corp.<sup>(a)</sup>  |
| 03/15/2029 | &nbsp;&nbsp; 8.625% | 1387000 | &nbsp;&nbsp; 1449812 |
| 06/30/2033 | &nbsp;&nbsp; 7.375% | 915000 | &nbsp;&nbsp; 933854 |
| Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
| 04/05/2027 | &nbsp;&nbsp; 5.250% | 4744000 | &nbsp;&nbsp; 4810993 |
| Galaxy Pipeline Assets Bidco Ltd.<sup>(a)</sup>  | Galaxy Pipeline Assets Bidco Ltd.<sup>(a)</sup>  | Galaxy Pipeline Assets Bidco Ltd.<sup>(a)</sup>  | Galaxy Pipeline Assets Bidco Ltd.<sup>(a)</sup>  |
| 09/30/2040 | &nbsp;&nbsp; 3.250% | 9375000 | &nbsp;&nbsp; 7679600 |
| Hess Midstream Operations LP<sup>(a)</sup>  | Hess Midstream Operations LP<sup>(a)</sup>  | Hess Midstream Operations LP<sup>(a)</sup>  | Hess Midstream Operations LP<sup>(a)</sup>  |
| 03/01/2028 | &nbsp;&nbsp; 5.875% | 213000 | &nbsp;&nbsp; 216981 |
| 10/15/2030 | &nbsp;&nbsp; 5.500% | 213000 | &nbsp;&nbsp; 215302 |
| ITT Holdings LLC<sup>(a)</sup>  | ITT Holdings LLC<sup>(a)</sup>  | ITT Holdings LLC<sup>(a)</sup>  | ITT Holdings LLC<sup>(a)</sup>  |
| 08/01/2029 | &nbsp;&nbsp; 6.500% | 87000 | &nbsp;&nbsp; 83440 |
| NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP |
| 06/01/2026 | &nbsp;&nbsp; 6.000% | 739000 | &nbsp;&nbsp; 740316 |
| 04/28/2027 | &nbsp;&nbsp; 5.625% | 933000 | &nbsp;&nbsp; 942875 |
| Rockies Express Pipeline LLC<sup>(a)</sup>  | Rockies Express Pipeline LLC<sup>(a)</sup>  | Rockies Express Pipeline LLC<sup>(a)</sup>  | Rockies Express Pipeline LLC<sup>(a)</sup>  |
| 03/15/2033 | &nbsp;&nbsp; 6.750% | 213000 | &nbsp;&nbsp; 224771 |
| Sunoco LP<sup>(a),(h),(i)</sup>  | Sunoco LP<sup>(a),(h),(i)</sup>  | Sunoco LP<sup>(a),(h),(i)</sup>  | Sunoco LP<sup>(a),(h),(i)</sup>  |
|  | &nbsp;&nbsp; 7.875% | 666000 | &nbsp;&nbsp; 682985 |
| Sunoco LP<sup>(a)</sup>  | Sunoco LP<sup>(a)</sup>  | Sunoco LP<sup>(a)</sup>  | Sunoco LP<sup>(a)</sup>  |
| 05/01/2029 | &nbsp;&nbsp; 7.000% | 251000 | &nbsp;&nbsp; 261712 |
| 05/01/2032 | &nbsp;&nbsp; 7.250% | 1028000 | &nbsp;&nbsp; 1085856 |
| 07/01/2033 | &nbsp;&nbsp; 6.250% | 248000 | &nbsp;&nbsp; 253998 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| TransMontaigne Partners LLC<sup>(a)</sup>  | TransMontaigne Partners LLC<sup>(a)</sup>  | TransMontaigne Partners LLC<sup>(a)</sup>  | TransMontaigne Partners LLC<sup>(a)</sup>  |
| 06/15/2030 | &nbsp;&nbsp; 8.500% | 849000 | &nbsp;&nbsp; 857495 |
| Venture Global Calcasieu Pass LLC<sup>(a)</sup>  | Venture Global Calcasieu Pass LLC<sup>(a)</sup>  | Venture Global Calcasieu Pass LLC<sup>(a)</sup>  | Venture Global Calcasieu Pass LLC<sup>(a)</sup>  |
| 08/15/2031 | &nbsp;&nbsp; 4.125% | 1027000 | &nbsp;&nbsp; 934426 |
| 11/01/2033 | &nbsp;&nbsp; 3.875% | 210000 | &nbsp;&nbsp; 180256 |
| Venture Global LNG, Inc.<sup>(a),(h),(i)</sup>  | Venture Global LNG, Inc.<sup>(a),(h),(i)</sup>  | Venture Global LNG, Inc.<sup>(a),(h),(i)</sup>  | Venture Global LNG, Inc.<sup>(a),(h),(i)</sup>  |
|  | &nbsp;&nbsp; 9.000% | 998000 | &nbsp;&nbsp; 788595 |
| Venture Global LNG, Inc.<sup>(a)</sup>  | Venture Global LNG, Inc.<sup>(a)</sup>  | Venture Global LNG, Inc.<sup>(a)</sup>  | Venture Global LNG, Inc.<sup>(a)</sup>  |
| 06/01/2028 | &nbsp;&nbsp; 8.125% | 225000 | &nbsp;&nbsp; 228732 |
| 02/01/2029 | &nbsp;&nbsp; 9.500% | 394000 | &nbsp;&nbsp; 408868 |
| 01/15/2030 | &nbsp;&nbsp; 7.000% | 537000 | &nbsp;&nbsp; 516502 |
| 06/01/2031 | &nbsp;&nbsp; 8.375% | 372000 | &nbsp;&nbsp; 370001 |
| 02/01/2032 | &nbsp;&nbsp; 9.875% | 177000 | &nbsp;&nbsp; 182826 |
| Venture Global Plaquemines LNG LLC<sup>(a)</sup>  | Venture Global Plaquemines LNG LLC<sup>(a)</sup>  | Venture Global Plaquemines LNG LLC<sup>(a)</sup>  | Venture Global Plaquemines LNG LLC<sup>(a)</sup>  |
| 12/15/2030 | &nbsp;&nbsp; 6.125% | 163000 | &nbsp;&nbsp; 165956 |
| 05/01/2033 | &nbsp;&nbsp; 7.500% | 348000 | &nbsp;&nbsp; 376142 |
| 01/15/2034 | &nbsp;&nbsp; 6.500% | 759000 | &nbsp;&nbsp; 776997 |
| 06/15/2034 | &nbsp;&nbsp; 6.500% | 216000 | &nbsp;&nbsp; 220815 |
| 05/01/2035 | &nbsp;&nbsp; 7.750% | 348000 | &nbsp;&nbsp; 381026 |
| 01/15/2036 | &nbsp;&nbsp; 6.750% | 1627000 | &nbsp;&nbsp; 1665280 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **29370276** |
| **Oil Field Services 0.2%** | **Oil Field Services 0.2%** | **Oil Field Services 0.2%** | **Oil Field Services 0.2%** |
| Archrock Partners LP/Finance Corp.<sup>(a)</sup>  | Archrock Partners LP/Finance Corp.<sup>(a)</sup>  | Archrock Partners LP/Finance Corp.<sup>(a)</sup>  | Archrock Partners LP/Finance Corp.<sup>(a)</sup>  |
| 09/01/2032 | &nbsp;&nbsp; 6.625% | 131000 | &nbsp;&nbsp; 134936 |
| Kodiak Gas Services LLC<sup>(a)</sup>  | Kodiak Gas Services LLC<sup>(a)</sup>  | Kodiak Gas Services LLC<sup>(a)</sup>  | Kodiak Gas Services LLC<sup>(a)</sup>  |
| 10/01/2033 | &nbsp;&nbsp; 6.500% | 333000 | &nbsp;&nbsp; 339913 |
| 10/01/2035 | &nbsp;&nbsp; 6.750% | 189000 | &nbsp;&nbsp; 194304 |
| Nabors Industries, Inc.<sup>(a)</sup>  | Nabors Industries, Inc.<sup>(a)</sup>  | Nabors Industries, Inc.<sup>(a)</sup>  | Nabors Industries, Inc.<sup>(a)</sup>  |
| 01/31/2030 | &nbsp;&nbsp; 9.125% | 507000 | &nbsp;&nbsp; 532969 |
| 08/15/2031 | &nbsp;&nbsp; 8.875% | 714000 | &nbsp;&nbsp; 692758 |
| 11/15/2032 | &nbsp;&nbsp; 7.625% | 235000 | &nbsp;&nbsp; 230934 |
| Transocean Aquila Ltd.<sup>(a)</sup>  | Transocean Aquila Ltd.<sup>(a)</sup>  | Transocean Aquila Ltd.<sup>(a)</sup>  | Transocean Aquila Ltd.<sup>(a)</sup>  |
| 09/30/2028 | &nbsp;&nbsp; 8.000% | 543031 | &nbsp;&nbsp; 556414 |
| Transocean Titan Financing Ltd.<sup>(a)</sup>  | Transocean Titan Financing Ltd.<sup>(a)</sup>  | Transocean Titan Financing Ltd.<sup>(a)</sup>  | Transocean Titan Financing Ltd.<sup>(a)</sup>  |
| 02/01/2028 | &nbsp;&nbsp; 8.375% | 1053190 | &nbsp;&nbsp; 1075766 |
| Transocean, Inc.<sup>(a)</sup>  | Transocean, Inc.<sup>(a)</sup>  | Transocean, Inc.<sup>(a)</sup>  | Transocean, Inc.<sup>(a)</sup>  |
| 05/15/2029 | &nbsp;&nbsp; 8.250% | 122000 | &nbsp;&nbsp; 122723 |
| 05/15/2031 | &nbsp;&nbsp; 8.500% | 416000 | &nbsp;&nbsp; 411685 |
| USA Compression Partners LP/Finance Corp.<sup>(a)</sup>  | USA Compression Partners LP/Finance Corp.<sup>(a)</sup>  | USA Compression Partners LP/Finance Corp.<sup>(a)</sup>  | USA Compression Partners LP/Finance Corp.<sup>(a)</sup>  |
| 03/15/2029 | &nbsp;&nbsp; 7.125% | 1240000 | &nbsp;&nbsp; 1284162 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **5576564** |
| **Other Financial Institutions 0.0%** | **Other Financial Institutions 0.0%** | **Other Financial Institutions 0.0%** | **Other Financial Institutions 0.0%** |
| Altice France Lux 3/Holdings 1<sup>(a)</sup>  | Altice France Lux 3/Holdings 1<sup>(a)</sup>  | Altice France Lux 3/Holdings 1<sup>(a)</sup>  | Altice France Lux 3/Holdings 1<sup>(a)</sup>  |
| 01/15/2033 | &nbsp;&nbsp; 10.000% | 112200 | &nbsp;&nbsp; 103117 |
| **Other Industry 0.0%** | **Other Industry 0.0%** | **Other Industry 0.0%** | **Other Industry 0.0%** |
| Williams Scotsman International, Inc.<sup>(a)</sup>  | Williams Scotsman International, Inc.<sup>(a)</sup>  | Williams Scotsman International, Inc.<sup>(a)</sup>  | Williams Scotsman International, Inc.<sup>(a)</sup>  |
| 08/15/2028 | &nbsp;&nbsp; 4.625% | 170000 | &nbsp;&nbsp; 169353 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Williams Scotsman, Inc.<sup>(a)</sup>  | Williams Scotsman, Inc.<sup>(a)</sup>  | Williams Scotsman, Inc.<sup>(a)</sup>  | Williams Scotsman, Inc.<sup>(a)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 6.625% | 153000 | &nbsp;&nbsp; 157789 |
| 04/15/2030 | &nbsp;&nbsp; 6.625% | 215000 | &nbsp;&nbsp; 222359 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **549501** |
| **Other REIT 0.1%** | **Other REIT 0.1%** | **Other REIT 0.1%** | **Other REIT 0.1%** |
| Ladder Capital Finance Holdings LLLP/Corp.<sup>(a)</sup>  | Ladder Capital Finance Holdings LLLP/Corp.<sup>(a)</sup>  | Ladder Capital Finance Holdings LLLP/Corp.<sup>(a)</sup>  | Ladder Capital Finance Holdings LLLP/Corp.<sup>(a)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 4.750% | 744000 | &nbsp;&nbsp; 735999 |
| 07/15/2031 | &nbsp;&nbsp; 7.000% | 134000 | &nbsp;&nbsp; 142079 |
| Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer<sup>(a)</sup>  | Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer<sup>(a)</sup>  | Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer<sup>(a)</sup>  | Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer<sup>(a)</sup>  |
| 10/01/2028 | &nbsp;&nbsp; 5.875% | 213000 | &nbsp;&nbsp; 213086 |
| 05/15/2029 | &nbsp;&nbsp; 4.875% | 206000 | &nbsp;&nbsp; 201008 |
| 02/01/2030 | &nbsp;&nbsp; 7.000% | 146000 | &nbsp;&nbsp; 149659 |
| RHP Hotel Properties LP/Finance Corp.<sup>(a)</sup>  | RHP Hotel Properties LP/Finance Corp.<sup>(a)</sup>  | RHP Hotel Properties LP/Finance Corp.<sup>(a)</sup>  | RHP Hotel Properties LP/Finance Corp.<sup>(a)</sup>  |
| 04/01/2032 | &nbsp;&nbsp; 6.500% | 549000 | &nbsp;&nbsp; 569571 |
| 06/15/2033 | &nbsp;&nbsp; 6.500% | 300000 | &nbsp;&nbsp; 311281 |
| Service Properties Trust | Service Properties Trust | Service Properties Trust | Service Properties Trust |
| 06/15/2029 | &nbsp;&nbsp; 8.375% | 194000 | &nbsp;&nbsp; 195268 |
| Service Properties Trust<sup>(a)</sup>  | Service Properties Trust<sup>(a)</sup>  | Service Properties Trust<sup>(a)</sup>  | Service Properties Trust<sup>(a)</sup>  |
| 11/15/2031 | &nbsp;&nbsp; 8.625% | 272000 | &nbsp;&nbsp; 285888 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2803839** |
| **Packaging 0.1%** | **Packaging 0.1%** | **Packaging 0.1%** | **Packaging 0.1%** |
| Ardagh Metal Packaging Finance USA LLC/PLC<sup>(a)</sup>  | Ardagh Metal Packaging Finance USA LLC/PLC<sup>(a)</sup>  | Ardagh Metal Packaging Finance USA LLC/PLC<sup>(a)</sup>  | Ardagh Metal Packaging Finance USA LLC/PLC<sup>(a)</sup>  |
| 09/01/2029 | &nbsp;&nbsp; 4.000% | 1140000 | &nbsp;&nbsp; 1073075 |
| 01/30/2031 | &nbsp;&nbsp; 6.250% | 231000 | &nbsp;&nbsp; 236205 |
| Clydesdale Acquisition Holdings, Inc.<sup>(a)</sup>  | Clydesdale Acquisition Holdings, Inc.<sup>(a)</sup>  | Clydesdale Acquisition Holdings, Inc.<sup>(a)</sup>  | Clydesdale Acquisition Holdings, Inc.<sup>(a)</sup>  |
| 04/15/2030 | &nbsp;&nbsp; 8.750% | 738000 | &nbsp;&nbsp; 750426 |
| 04/15/2032 | &nbsp;&nbsp; 6.750% | 316000 | &nbsp;&nbsp; 325315 |
| Silgan Holdings, Inc. | Silgan Holdings, Inc. | Silgan Holdings, Inc. | Silgan Holdings, Inc. |
| 02/01/2028 | &nbsp;&nbsp; 4.125% | 520000 | &nbsp;&nbsp; 512626 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2897647** |
| **Pharmaceuticals 2.9%** | **Pharmaceuticals 2.9%** | **Pharmaceuticals 2.9%** | **Pharmaceuticals 2.9%** |
| 1261229 BC Ltd.<sup>(a)</sup>  | 1261229 BC Ltd.<sup>(a)</sup>  | 1261229 BC Ltd.<sup>(a)</sup>  | 1261229 BC Ltd.<sup>(a)</sup>  |
| 04/15/2032 | &nbsp;&nbsp; 10.000% | 935000 | &nbsp;&nbsp; 973829 |
| AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
| 03/15/2029 | &nbsp;&nbsp; 4.800% | 40446000 | &nbsp;&nbsp; 41450357 |
| 11/21/2029 | &nbsp;&nbsp; 3.200% | 11168000 | &nbsp;&nbsp; 10832393 |
| Bausch Health Companies, Inc.<sup>(a)</sup>  | Bausch Health Companies, Inc.<sup>(a)</sup>  | Bausch Health Companies, Inc.<sup>(a)</sup>  | Bausch Health Companies, Inc.<sup>(a)</sup>  |
| 06/01/2028 | &nbsp;&nbsp; 4.875% | 295000 | &nbsp;&nbsp; 264128 |
| Gilead Sciences, Inc. | Gilead Sciences, Inc. | Gilead Sciences, Inc. | Gilead Sciences, Inc. |
| 03/01/2026 | &nbsp;&nbsp; 3.650% | 24363000 | &nbsp;&nbsp; 24342164 |
| Grifols Escrow Issuer SA<sup>(a)</sup>  | Grifols Escrow Issuer SA<sup>(a)</sup>  | Grifols Escrow Issuer SA<sup>(a)</sup>  | Grifols Escrow Issuer SA<sup>(a)</sup>  |
| 10/15/2028 | &nbsp;&nbsp; 4.750% | 1137000 | &nbsp;&nbsp; 1122996 |
| Jazz Securities DAC<sup>(a)</sup>  | Jazz Securities DAC<sup>(a)</sup>  | Jazz Securities DAC<sup>(a)</sup>  | Jazz Securities DAC<sup>(a)</sup>  |
| 01/15/2029 | &nbsp;&nbsp; 4.375% | 258000 | &nbsp;&nbsp; 254533 |
| Merck & Co., Inc. | Merck & Co., Inc. | Merck & Co., Inc. | Merck & Co., Inc. |
| 12/04/2035 | &nbsp;&nbsp; 4.750% | 1994000 | &nbsp;&nbsp; 1989841 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Organon Finance 1 LLC<sup>(a)</sup>  | Organon Finance 1 LLC<sup>(a)</sup>  | Organon Finance 1 LLC<sup>(a)</sup>  | Organon Finance 1 LLC<sup>(a)</sup>  |
| 04/30/2028 | &nbsp;&nbsp; 4.125% | 222000 | &nbsp;&nbsp; 216271 |
| 04/30/2031 | &nbsp;&nbsp; 5.125% | 78000 | &nbsp;&nbsp; 64639 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **81511151** |
| **Property & Casualty 0.4%** | **Property & Casualty 0.4%** | **Property & Casualty 0.4%** | **Property & Casualty 0.4%** |
| Acrisure LLC/Finance, Inc.<sup>(a)</sup>  | Acrisure LLC/Finance, Inc.<sup>(a)</sup>  | Acrisure LLC/Finance, Inc.<sup>(a)</sup>  | Acrisure LLC/Finance, Inc.<sup>(a)</sup>  |
| 02/01/2029 | &nbsp;&nbsp; 8.250% | 139000 | &nbsp;&nbsp; 144207 |
| 08/01/2029 | &nbsp;&nbsp; 6.000% | 656000 | &nbsp;&nbsp; 649007 |
| 07/01/2032 | &nbsp;&nbsp; 6.750% | 275000 | &nbsp;&nbsp; 282825 |
| Alliant Holdings Intermediate LLC/Co-Issuer<sup>(a)</sup>  | Alliant Holdings Intermediate LLC/Co-Issuer<sup>(a)</sup>  | Alliant Holdings Intermediate LLC/Co-Issuer<sup>(a)</sup>  | Alliant Holdings Intermediate LLC/Co-Issuer<sup>(a)</sup>  |
| 10/15/2027 | &nbsp;&nbsp; 6.750% | 274000 | &nbsp;&nbsp; 274489 |
| 04/15/2028 | &nbsp;&nbsp; 6.750% | 538000 | &nbsp;&nbsp; 547863 |
| 11/01/2029 | &nbsp;&nbsp; 5.875% | 329000 | &nbsp;&nbsp; 328668 |
| 01/15/2031 | &nbsp;&nbsp; 7.000% | 739000 | &nbsp;&nbsp; 766790 |
| 10/01/2031 | &nbsp;&nbsp; 6.500% | 120000 | &nbsp;&nbsp; 123830 |
| 10/01/2032 | &nbsp;&nbsp; 7.375% | 961000 | &nbsp;&nbsp; 998135 |
| Ardonagh Finco Ltd.<sup>(a)</sup>  | Ardonagh Finco Ltd.<sup>(a)</sup>  | Ardonagh Finco Ltd.<sup>(a)</sup>  | Ardonagh Finco Ltd.<sup>(a)</sup>  |
| 02/15/2031 | &nbsp;&nbsp; 7.750% | 663000 | &nbsp;&nbsp; 694953 |
| Ardonagh Group Finance Ltd.<sup>(a)</sup>  | Ardonagh Group Finance Ltd.<sup>(a)</sup>  | Ardonagh Group Finance Ltd.<sup>(a)</sup>  | Ardonagh Group Finance Ltd.<sup>(a)</sup>  |
| 02/15/2032 | &nbsp;&nbsp; 8.875% | 1186000 | &nbsp;&nbsp; 1232677 |
| BroadStreet Partners, Inc.<sup>(a)</sup>  | BroadStreet Partners, Inc.<sup>(a)</sup>  | BroadStreet Partners, Inc.<sup>(a)</sup>  | BroadStreet Partners, Inc.<sup>(a)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 5.875% | 1389000 | &nbsp;&nbsp; 1387269 |
| Howden UK Refinance PLC/2 PLC/US Refinance LLC<sup>(a)</sup>  | Howden UK Refinance PLC/2 PLC/US Refinance LLC<sup>(a)</sup>  | Howden UK Refinance PLC/2 PLC/US Refinance LLC<sup>(a)</sup>  | Howden UK Refinance PLC/2 PLC/US Refinance LLC<sup>(a)</sup>  |
| 02/15/2032 | &nbsp;&nbsp; 8.125% | 341000 | &nbsp;&nbsp; 351617 |
| HUB International Ltd.<sup>(a)</sup>  | HUB International Ltd.<sup>(a)</sup>  | HUB International Ltd.<sup>(a)</sup>  | HUB International Ltd.<sup>(a)</sup>  |
| 12/01/2029 | &nbsp;&nbsp; 5.625% | 366000 | &nbsp;&nbsp; 366430 |
| 01/31/2032 | &nbsp;&nbsp; 7.375% | 313000 | &nbsp;&nbsp; 328458 |
| HUB International, Ltd.<sup>(a)</sup>  | HUB International, Ltd.<sup>(a)</sup>  | HUB International, Ltd.<sup>(a)</sup>  | HUB International, Ltd.<sup>(a)</sup>  |
| 06/15/2030 | &nbsp;&nbsp; 7.250% | 1025000 | &nbsp;&nbsp; 1074897 |
| Panther Escrow Issuer LLC<sup>(a)</sup>  | Panther Escrow Issuer LLC<sup>(a)</sup>  | Panther Escrow Issuer LLC<sup>(a)</sup>  | Panther Escrow Issuer LLC<sup>(a)</sup>  |
| 06/01/2031 | &nbsp;&nbsp; 7.125% | 569000 | &nbsp;&nbsp; 589786 |
| Ryan Specialty LLC<sup>(a)</sup>  | Ryan Specialty LLC<sup>(a)</sup>  | Ryan Specialty LLC<sup>(a)</sup>  | Ryan Specialty LLC<sup>(a)</sup>  |
| 08/01/2032 | &nbsp;&nbsp; 5.875% | 357000 | &nbsp;&nbsp; 365039 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **10506940** |
| **Railroads 0.5%** | **Railroads 0.5%** | **Railroads 0.5%** | **Railroads 0.5%** |
| Canadian Pacific Railway Co. | Canadian Pacific Railway Co. | Canadian Pacific Railway Co. | Canadian Pacific Railway Co. |
| 12/02/2031 | &nbsp;&nbsp; 2.450% | 6474000 | &nbsp;&nbsp; 5827578 |
| Genesee & Wyoming, Inc.<sup>(a)</sup>  | Genesee & Wyoming, Inc.<sup>(a)</sup>  | Genesee & Wyoming, Inc.<sup>(a)</sup>  | Genesee & Wyoming, Inc.<sup>(a)</sup>  |
| 04/15/2032 | &nbsp;&nbsp; 6.250% | 414000 | &nbsp;&nbsp; 427465 |
| Norfolk Southern Corp. | Norfolk Southern Corp. | Norfolk Southern Corp. | Norfolk Southern Corp. |
| 06/15/2026 | &nbsp;&nbsp; 2.900% | 8164000 | &nbsp;&nbsp; 8126984 |
| Watco Cos LLC/Finance Corp.<sup>(a)</sup>  | Watco Cos LLC/Finance Corp.<sup>(a)</sup>  | Watco Cos LLC/Finance Corp.<sup>(a)</sup>  | Watco Cos LLC/Finance Corp.<sup>(a)</sup>  |
| 08/01/2032 | &nbsp;&nbsp; 7.125% | 1022000 | &nbsp;&nbsp; 1070045 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **15452072** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Restaurants 0.1%** | **Restaurants 0.1%** | **Restaurants 0.1%** | **Restaurants 0.1%** |
| 1011778 BC ULC/New Red Finance, Inc.<sup>(a)</sup>  | 1011778 BC ULC/New Red Finance, Inc.<sup>(a)</sup>  | 1011778 BC ULC/New Red Finance, Inc.<sup>(a)</sup>  | 1011778 BC ULC/New Red Finance, Inc.<sup>(a)</sup>  |
| 09/15/2029 | &nbsp;&nbsp; 5.625% | 173000 | &nbsp;&nbsp; 176497 |
| 10/15/2030 | &nbsp;&nbsp; 4.000% | 594000 | &nbsp;&nbsp; 565651 |
| Fertitta Entertainment LLC/Finance Co., Inc.<sup>(a)</sup>  | Fertitta Entertainment LLC/Finance Co., Inc.<sup>(a)</sup>  | Fertitta Entertainment LLC/Finance Co., Inc.<sup>(a)</sup>  | Fertitta Entertainment LLC/Finance Co., Inc.<sup>(a)</sup>  |
| 01/15/2030 | &nbsp;&nbsp; 6.750% | 1220000 | &nbsp;&nbsp; 1158785 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1900933** |
| **Retailers 0.1%** | **Retailers 0.1%** | **Retailers 0.1%** | **Retailers 0.1%** |
| Advance Auto Parts, Inc.<sup>(a)</sup>  | Advance Auto Parts, Inc.<sup>(a)</sup>  | Advance Auto Parts, Inc.<sup>(a)</sup>  | Advance Auto Parts, Inc.<sup>(a)</sup>  |
| 08/01/2030 | &nbsp;&nbsp; 7.000% | 195000 | &nbsp;&nbsp; 196318 |
| 08/01/2033 | &nbsp;&nbsp; 7.375% | 608000 | &nbsp;&nbsp; 611903 |
| Beach Acquisition Bidco LLC<sup>(a),(g)</sup>  | Beach Acquisition Bidco LLC<sup>(a),(g)</sup>  | Beach Acquisition Bidco LLC<sup>(a),(g)</sup>  | Beach Acquisition Bidco LLC<sup>(a),(g)</sup>  |
| 07/15/2033 | &nbsp;&nbsp; 10.000% | 879000 | &nbsp;&nbsp; 966309 |
| Belron UK Finance PLC<sup>(a)</sup>  | Belron UK Finance PLC<sup>(a)</sup>  | Belron UK Finance PLC<sup>(a)</sup>  | Belron UK Finance PLC<sup>(a)</sup>  |
| 10/15/2029 | &nbsp;&nbsp; 5.750% | 317000 | &nbsp;&nbsp; 323659 |
| Group 1 Automotive, Inc.<sup>(a)</sup>  | Group 1 Automotive, Inc.<sup>(a)</sup>  | Group 1 Automotive, Inc.<sup>(a)</sup>  | Group 1 Automotive, Inc.<sup>(a)</sup>  |
| 01/15/2030 | &nbsp;&nbsp; 6.375% | 66000 | &nbsp;&nbsp; 67875 |
| L Brands, Inc. | L Brands, Inc. | L Brands, Inc. | L Brands, Inc. |
| 11/01/2035 | &nbsp;&nbsp; 6.875% | 271000 | &nbsp;&nbsp; 274193 |
| LCM Investments Holdings II LLC<sup>(a)</sup>  | LCM Investments Holdings II LLC<sup>(a)</sup>  | LCM Investments Holdings II LLC<sup>(a)</sup>  | LCM Investments Holdings II LLC<sup>(a)</sup>  |
| 08/01/2031 | &nbsp;&nbsp; 8.250% | 215000 | &nbsp;&nbsp; 227389 |
| Wolverine World Wide, Inc.<sup>(a)</sup>  | Wolverine World Wide, Inc.<sup>(a)</sup>  | Wolverine World Wide, Inc.<sup>(a)</sup>  | Wolverine World Wide, Inc.<sup>(a)</sup>  |
| 08/15/2029 | &nbsp;&nbsp; 4.000% | 697000 | &nbsp;&nbsp; 644184 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3311830** |
| **Supermarkets 0.0%** | **Supermarkets 0.0%** | **Supermarkets 0.0%** | **Supermarkets 0.0%** |
| Albertsons Companies, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(a)</sup>  | Albertsons Companies, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(a)</sup>  | Albertsons Companies, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(a)</sup>  | Albertsons Companies, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(a)</sup>  |
| 01/15/2027 | &nbsp;&nbsp; 4.625% | 325000 | &nbsp;&nbsp; 325005 |
| **Technology 2.0%** | **Technology 2.0%** | **Technology 2.0%** | **Technology 2.0%** |
| Amentum Escrow Corp.<sup>(a)</sup>  | Amentum Escrow Corp.<sup>(a)</sup>  | Amentum Escrow Corp.<sup>(a)</sup>  | Amentum Escrow Corp.<sup>(a)</sup>  |
| 08/01/2032 | &nbsp;&nbsp; 7.250% | 807000 | &nbsp;&nbsp; 850778 |
| APLD ComputeCo LLC<sup>(a)</sup>  | APLD ComputeCo LLC<sup>(a)</sup>  | APLD ComputeCo LLC<sup>(a)</sup>  | APLD ComputeCo LLC<sup>(a)</sup>  |
| 12/15/2030 | &nbsp;&nbsp; 9.250% | 1205000 | &nbsp;&nbsp; 1181896 |
| Block, Inc.<sup>(a)</sup>  | Block, Inc.<sup>(a)</sup>  | Block, Inc.<sup>(a)</sup>  | Block, Inc.<sup>(a)</sup>  |
| 08/15/2030 | &nbsp;&nbsp; 5.625% | 319000 | &nbsp;&nbsp; 325371 |
| 08/15/2033 | &nbsp;&nbsp; 6.000% | 250000 | &nbsp;&nbsp; 256552 |
| Block, Inc. | Block, Inc. | Block, Inc. | Block, Inc. |
| 05/15/2032 | &nbsp;&nbsp; 6.500% | 518000 | &nbsp;&nbsp; 538615 |
| Broadcom, Inc.<sup>(a)</sup>  | Broadcom, Inc.<sup>(a)</sup>  | Broadcom, Inc.<sup>(a)</sup>  | Broadcom, Inc.<sup>(a)</sup>  |
| 11/15/2036 | &nbsp;&nbsp; 3.187% | 6287000 | &nbsp;&nbsp; 5334497 |
| CACI International, Inc.<sup>(a)</sup>  | CACI International, Inc.<sup>(a)</sup>  | CACI International, Inc.<sup>(a)</sup>  | CACI International, Inc.<sup>(a)</sup>  |
| 06/15/2033 | &nbsp;&nbsp; 6.375% | 557000 | &nbsp;&nbsp; 576496 |
| Central Parent LLC/CDK Global II LLC/Financing, Co., Inc.<sup>(a)</sup>  | Central Parent LLC/CDK Global II LLC/Financing, Co., Inc.<sup>(a)</sup>  | Central Parent LLC/CDK Global II LLC/Financing, Co., Inc.<sup>(a)</sup>  | Central Parent LLC/CDK Global II LLC/Financing, Co., Inc.<sup>(a)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 8.000% | 216000 | &nbsp;&nbsp; 187632 |
| Central Parent, Inc./CDK Global, Inc.<sup>(a)</sup>  | Central Parent, Inc./CDK Global, Inc.<sup>(a)</sup>  | Central Parent, Inc./CDK Global, Inc.<sup>(a)</sup>  | Central Parent, Inc./CDK Global, Inc.<sup>(a)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 7.250% | 243000 | &nbsp;&nbsp; 206294 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Cipher Compute LLC<sup>(a)</sup>  | Cipher Compute LLC<sup>(a)</sup>  | Cipher Compute LLC<sup>(a)</sup>  | Cipher Compute LLC<sup>(a)</sup>  |
| 11/15/2030 | &nbsp;&nbsp; 7.125% | 563000 | &nbsp;&nbsp; 574275 |
| Clarivate Science Holdings Corp.<sup>(a)</sup>  | Clarivate Science Holdings Corp.<sup>(a)</sup>  | Clarivate Science Holdings Corp.<sup>(a)</sup>  | Clarivate Science Holdings Corp.<sup>(a)</sup>  |
| 07/01/2029 | &nbsp;&nbsp; 4.875% | 1231000 | &nbsp;&nbsp; 1163814 |
| Cloud Software Group, Inc,<sup>(a)</sup>  | Cloud Software Group, Inc,<sup>(a)</sup>  | Cloud Software Group, Inc,<sup>(a)</sup>  | Cloud Software Group, Inc,<sup>(a)</sup>  |
| 08/15/2033 | &nbsp;&nbsp; 6.625% | 153000 | &nbsp;&nbsp; 151646 |
| Cloud Software Group, Inc.<sup>(a)</sup>  | Cloud Software Group, Inc.<sup>(a)</sup>  | Cloud Software Group, Inc.<sup>(a)</sup>  | Cloud Software Group, Inc.<sup>(a)</sup>  |
| 09/30/2029 | &nbsp;&nbsp; 9.000% | 1625000 | &nbsp;&nbsp; 1692367 |
| 06/30/2032 | &nbsp;&nbsp; 8.250% | 557000 | &nbsp;&nbsp; 583018 |
| Condor Merger Sub, Inc.<sup>(a)</sup>  | Condor Merger Sub, Inc.<sup>(a)</sup>  | Condor Merger Sub, Inc.<sup>(a)</sup>  | Condor Merger Sub, Inc.<sup>(a)</sup>  |
| 02/15/2030 | &nbsp;&nbsp; 7.375% | 2263000 | &nbsp;&nbsp; 1975060 |
| Entegris Escrow Corp.<sup>(a)</sup>  | Entegris Escrow Corp.<sup>(a)</sup>  | Entegris Escrow Corp.<sup>(a)</sup>  | Entegris Escrow Corp.<sup>(a)</sup>  |
| 06/15/2030 | &nbsp;&nbsp; 5.950% | 1351000 | &nbsp;&nbsp; 1377670 |
| Fair Isaac Corp.<sup>(a)</sup>  | Fair Isaac Corp.<sup>(a)</sup>  | Fair Isaac Corp.<sup>(a)</sup>  | Fair Isaac Corp.<sup>(a)</sup>  |
| 05/15/2033 | &nbsp;&nbsp; 6.000% | 470000 | &nbsp;&nbsp; 481902 |
| Flash Compute LLC<sup>(a)</sup>  | Flash Compute LLC<sup>(a)</sup>  | Flash Compute LLC<sup>(a)</sup>  | Flash Compute LLC<sup>(a)</sup>  |
| 12/31/2030 | &nbsp;&nbsp; 7.250% | 313000 | &nbsp;&nbsp; 310244 |
| GTCR W-2 Merger Sub LLC<sup>(a)</sup>  | GTCR W-2 Merger Sub LLC<sup>(a)</sup>  | GTCR W-2 Merger Sub LLC<sup>(a)</sup>  | GTCR W-2 Merger Sub LLC<sup>(a)</sup>  |
| 01/15/2031 | &nbsp;&nbsp; 7.500% | 1021000 | &nbsp;&nbsp; 1085215 |
| Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
| 03/25/2050 | &nbsp;&nbsp; 4.750% | 4170000 | &nbsp;&nbsp; 3407478 |
| International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. |
| 05/15/2026 | &nbsp;&nbsp; 3.300% | 8530000 | &nbsp;&nbsp; 8507788 |
| ION Platform Finance US Inc./SARL<sup>(a)</sup>  | ION Platform Finance US Inc./SARL<sup>(a)</sup>  | ION Platform Finance US Inc./SARL<sup>(a)</sup>  | ION Platform Finance US Inc./SARL<sup>(a)</sup>  |
| 05/01/2028 | &nbsp;&nbsp; 4.625% | 356000 | &nbsp;&nbsp; 329816 |
| 05/01/2028 | &nbsp;&nbsp; 5.000% | 229000 | &nbsp;&nbsp; 212754 |
| 05/15/2028 | &nbsp;&nbsp; 5.750% | 904000 | &nbsp;&nbsp; 857545 |
| 05/01/2029 | &nbsp;&nbsp; 8.750% | 729000 | &nbsp;&nbsp; 739708 |
| 05/30/2029 | &nbsp;&nbsp; 9.500% | 518000 | &nbsp;&nbsp; 524860 |
| ION Platform Finance US, Inc.<sup>(a)</sup>  | ION Platform Finance US, Inc.<sup>(a)</sup>  | ION Platform Finance US, Inc.<sup>(a)</sup>  | ION Platform Finance US, Inc.<sup>(a)</sup>  |
| 09/30/2032 | &nbsp;&nbsp; 7.875% | 658000 | &nbsp;&nbsp; 624871 |
| Iron Mountain, Inc.<sup>(a)</sup>  | Iron Mountain, Inc.<sup>(a)</sup>  | Iron Mountain, Inc.<sup>(a)</sup>  | Iron Mountain, Inc.<sup>(a)</sup>  |
| 01/15/2033 | &nbsp;&nbsp; 6.250% | 106000 | &nbsp;&nbsp; 106925 |
| Minerva Merger Sub, Inc.<sup>(a)</sup>  | Minerva Merger Sub, Inc.<sup>(a)</sup>  | Minerva Merger Sub, Inc.<sup>(a)</sup>  | Minerva Merger Sub, Inc.<sup>(a)</sup>  |
| 02/15/2030 | &nbsp;&nbsp; 6.500% | 1043000 | &nbsp;&nbsp; 1043350 |
| NCR Atleos Escrow Corp.<sup>(a)</sup>  | NCR Atleos Escrow Corp.<sup>(a)</sup>  | NCR Atleos Escrow Corp.<sup>(a)</sup>  | NCR Atleos Escrow Corp.<sup>(a)</sup>  |
| 04/01/2029 | &nbsp;&nbsp; 9.500% | 664000 | &nbsp;&nbsp; 721229 |
| NCR Corp.<sup>(a)</sup>  | NCR Corp.<sup>(a)</sup>  | NCR Corp.<sup>(a)</sup>  | NCR Corp.<sup>(a)</sup>  |
| 10/01/2028 | &nbsp;&nbsp; 5.000% | 464000 | &nbsp;&nbsp; 460586 |
| 04/15/2029 | &nbsp;&nbsp; 5.125% | 133000 | &nbsp;&nbsp; 132082 |
| Neptune Bidco US, Inc.<sup>(a)</sup>  | Neptune Bidco US, Inc.<sup>(a)</sup>  | Neptune Bidco US, Inc.<sup>(a)</sup>  | Neptune Bidco US, Inc.<sup>(a)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 9.290% | 1041000 | &nbsp;&nbsp; 1043673 |
| 05/15/2031 | &nbsp;&nbsp; 10.375% | 260000 | &nbsp;&nbsp; 266465 |
| NXP BV/Funding LLC/USA, Inc. | NXP BV/Funding LLC/USA, Inc. | NXP BV/Funding LLC/USA, Inc. | NXP BV/Funding LLC/USA, Inc. |
| 05/01/2030 | &nbsp;&nbsp; 3.400% | 2090000 | &nbsp;&nbsp; 2015240 |
| 01/15/2033 | &nbsp;&nbsp; 5.000% | 4258000 | &nbsp;&nbsp; 4324791 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 09/26/2065 | &nbsp;&nbsp; 6.100% | 8490000 | &nbsp;&nbsp; 7496548 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Picard Midco, Inc.<sup>(a)</sup>  | Picard Midco, Inc.<sup>(a)</sup>  | Picard Midco, Inc.<sup>(a)</sup>  | Picard Midco, Inc.<sup>(a)</sup>  |
| 03/31/2029 | &nbsp;&nbsp; 6.500% | 1140000 | &nbsp;&nbsp; 1154793 |
| Science Applications International Corp.<sup>(a)</sup>  | Science Applications International Corp.<sup>(a)</sup>  | Science Applications International Corp.<sup>(a)</sup>  | Science Applications International Corp.<sup>(a)</sup>  |
| 11/01/2033 | &nbsp;&nbsp; 5.875% | 551000 | &nbsp;&nbsp; 558641 |
| Shift4 Payments LLC/Finance Sub, Inc.<sup>(a)</sup>  | Shift4 Payments LLC/Finance Sub, Inc.<sup>(a)</sup>  | Shift4 Payments LLC/Finance Sub, Inc.<sup>(a)</sup>  | Shift4 Payments LLC/Finance Sub, Inc.<sup>(a)</sup>  |
| 08/15/2032 | &nbsp;&nbsp; 6.750% | 622000 | &nbsp;&nbsp; 642418 |
| SS&C Technologies, Inc.<sup>(a)</sup>  | SS&C Technologies, Inc.<sup>(a)</sup>  | SS&C Technologies, Inc.<sup>(a)</sup>  | SS&C Technologies, Inc.<sup>(a)</sup>  |
| 06/01/2032 | &nbsp;&nbsp; 6.500% | 233000 | &nbsp;&nbsp; 242197 |
| Synaptics, Inc.<sup>(a)</sup>  | Synaptics, Inc.<sup>(a)</sup>  | Synaptics, Inc.<sup>(a)</sup>  | Synaptics, Inc.<sup>(a)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 4.000% | 534000 | &nbsp;&nbsp; 517058 |
| UKG, Inc.<sup>(a)</sup>  | UKG, Inc.<sup>(a)</sup>  | UKG, Inc.<sup>(a)</sup>  | UKG, Inc.<sup>(a)</sup>  |
| 02/01/2031 | &nbsp;&nbsp; 6.875% | 477000 | &nbsp;&nbsp; 491268 |
| WEX, Inc.<sup>(a)</sup>  | WEX, Inc.<sup>(a)</sup>  | WEX, Inc.<sup>(a)</sup>  | WEX, Inc.<sup>(a)</sup>  |
| 03/15/2033 | &nbsp;&nbsp; 6.500% | 568000 | &nbsp;&nbsp; 582037 |
| WULF Compute LLC<sup>(a)</sup>  | WULF Compute LLC<sup>(a)</sup>  | WULF Compute LLC<sup>(a)</sup>  | WULF Compute LLC<sup>(a)</sup>  |
| 10/15/2030 | &nbsp;&nbsp; 7.750% | 271000 | &nbsp;&nbsp; 279155 |
| ZoomInfo Technologies LLC/Finance Corp.<sup>(a)</sup>  | ZoomInfo Technologies LLC/Finance Corp.<sup>(a)</sup>  | ZoomInfo Technologies LLC/Finance Corp.<sup>(a)</sup>  | ZoomInfo Technologies LLC/Finance Corp.<sup>(a)</sup>  |
| 02/01/2029 | &nbsp;&nbsp; 3.875% | 1191000 | &nbsp;&nbsp; 1125937 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **57262555** |
| **Transportation Services 0.4%** | **Transportation Services 0.4%** | **Transportation Services 0.4%** | **Transportation Services 0.4%** |
| Avis Budget Car Rental LLC/Finance, Inc.<sup>(a)</sup>  | Avis Budget Car Rental LLC/Finance, Inc.<sup>(a)</sup>  | Avis Budget Car Rental LLC/Finance, Inc.<sup>(a)</sup>  | Avis Budget Car Rental LLC/Finance, Inc.<sup>(a)</sup>  |
| 02/15/2031 | &nbsp;&nbsp; 8.000% | 537000 | &nbsp;&nbsp; 552057 |
| 06/15/2032 | &nbsp;&nbsp; 8.375% | 549000 | &nbsp;&nbsp; 566999 |
| ERAC USA Finance LLC<sup>(a)</sup>  | ERAC USA Finance LLC<sup>(a)</sup>  | ERAC USA Finance LLC<sup>(a)</sup>  | ERAC USA Finance LLC<sup>(a)</sup>  |
| 05/01/2028 | &nbsp;&nbsp; 4.600% | 9524000 | &nbsp;&nbsp; 9647570 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **10766626** |
| **Wireless 0.6%** | **Wireless 0.6%** | **Wireless 0.6%** | **Wireless 0.6%** |
| Altice France<sup>(a)</sup>  | Altice France<sup>(a)</sup>  | Altice France<sup>(a)</sup>  | Altice France<sup>(a)</sup>  |
| 03/15/2032 | &nbsp;&nbsp; 6.500% | 458210 | &nbsp;&nbsp; 439430 |
| 07/15/2032 | &nbsp;&nbsp; 6.875% | 401992 | &nbsp;&nbsp; 384856 |
| T-Mobile US, Inc. | T-Mobile US, Inc. | T-Mobile US, Inc. | T-Mobile US, Inc. |
| 02/15/2031 | &nbsp;&nbsp; 2.550% | 5394000 | &nbsp;&nbsp; 4927279 |
| 02/15/2031 | &nbsp;&nbsp; 2.875% | 10303000 | &nbsp;&nbsp; 9573171 |
| Vmed O2 UK Financing I PLC<sup>(a)</sup>  | Vmed O2 UK Financing I PLC<sup>(a)</sup>  | Vmed O2 UK Financing I PLC<sup>(a)</sup>  | Vmed O2 UK Financing I PLC<sup>(a)</sup>  |
| 01/31/2031 | &nbsp;&nbsp; 4.250% | 530000 | &nbsp;&nbsp; 483604 |
| 07/15/2031 | &nbsp;&nbsp; 4.750% | 603000 | &nbsp;&nbsp; 557193 |
| 04/15/2032 | &nbsp;&nbsp; 7.750% | 488000 | &nbsp;&nbsp; 507950 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **16873483** |
| **Wirelines 0.3%** | **Wirelines 0.3%** | **Wirelines 0.3%** | **Wirelines 0.3%** |
| AT&T, Inc. | AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
| 08/15/2035 | &nbsp;&nbsp; 5.375% | 3424000 | &nbsp;&nbsp; 3507234 |
| Fibercop SpA<sup>(a)</sup>  | Fibercop SpA<sup>(a)</sup>  | Fibercop SpA<sup>(a)</sup>  | Fibercop SpA<sup>(a)</sup>  |
| 07/18/2036 | &nbsp;&nbsp; 7.200% | 301000 | &nbsp;&nbsp; 301075 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Frontier Communications Holdings LLC<sup>(a)</sup>  | Frontier Communications Holdings LLC<sup>(a)</sup>  | Frontier Communications Holdings LLC<sup>(a)</sup>  | Frontier Communications Holdings LLC<sup>(a)</sup>  |
| 05/15/2030 | &nbsp;&nbsp; 8.750% | 499000 | &nbsp;&nbsp; 521164 |
| 03/15/2031 | &nbsp;&nbsp; 8.625% | 389000 | &nbsp;&nbsp; 409776 |
| Iliad Holding SAS<sup>(a)</sup>  | Iliad Holding SAS<sup>(a)</sup>  | Iliad Holding SAS<sup>(a)</sup>  | Iliad Holding SAS<sup>(a)</sup>  |
| 10/15/2028 | &nbsp;&nbsp; 7.000% | 596000 | &nbsp;&nbsp; 604819 |
| Iliad Holding SASU<sup>(a)</sup>  | Iliad Holding SASU<sup>(a)</sup>  | Iliad Holding SASU<sup>(a)</sup>  | Iliad Holding SASU<sup>(a)</sup>  |
| 04/15/2031 | &nbsp;&nbsp; 8.500% | 247000 | &nbsp;&nbsp; 266119 |
| 04/15/2032 | &nbsp;&nbsp; 7.000% | 315000 | &nbsp;&nbsp; 324780 |
| Level 3 Financing, Inc.<sup>(a)</sup>  | Level 3 Financing, Inc.<sup>(a)</sup>  | Level 3 Financing, Inc.<sup>(a)</sup>  | Level 3 Financing, Inc.<sup>(a)</sup>  |
| 01/15/2036 | &nbsp;&nbsp; 8.500% | 342000 | &nbsp;&nbsp; 350783 |
| Optics Bidco SpA<sup>(a)</sup>  | Optics Bidco SpA<sup>(a)</sup>  | Optics Bidco SpA<sup>(a)</sup>  | Optics Bidco SpA<sup>(a)</sup>  |
| 06/04/2038 | &nbsp;&nbsp; 7.721% | 259000 | &nbsp;&nbsp; 261035 |
| Windstream Escrow LLC/Finance Corp.<sup>(a)</sup>  | Windstream Escrow LLC/Finance Corp.<sup>(a)</sup>  | Windstream Escrow LLC/Finance Corp.<sup>(a)</sup>  | Windstream Escrow LLC/Finance Corp.<sup>(a)</sup>  |
| 10/01/2031 | &nbsp;&nbsp; 8.250% | 536000 | &nbsp;&nbsp; 562573 |
| Windstream Services LLC<sup>(a)</sup>  | Windstream Services LLC<sup>(a)</sup>  | Windstream Services LLC<sup>(a)</sup>  | Windstream Services LLC<sup>(a)</sup>  |
| 10/15/2033 | &nbsp;&nbsp; 7.500% | 287000 | &nbsp;&nbsp; 294142 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **7403500** |
| Total Corporate Bonds & Notes <br>(Cost $743,374,063) | Total Corporate Bonds & Notes <br>(Cost $743,374,063) | Total Corporate Bonds & Notes <br>(Cost $743,374,063) | &nbsp;&nbsp; **752631763** |
| **Foreign Government Obligations**<sup>(j),(k)</sup> **3.7%** | **Foreign Government Obligations**<sup>(j),(k)</sup> **3.7%** | **Foreign Government Obligations**<sup>(j),(k)</sup> **3.7%** | **Foreign Government Obligations**<sup>(j),(k)</sup> **3.7%** |
| **Angola 0.0%** | **Angola 0.0%** | **Angola 0.0%** | **Angola 0.0%** |
| Angolan Government International Bond<sup>(a)</sup>  | Angolan Government International Bond<sup>(a)</sup>  | Angolan Government International Bond<sup>(a)</sup>  | Angolan Government International Bond<sup>(a)</sup>  |
| 05/08/2048 | &nbsp;&nbsp; 9.375% | 1193000 | &nbsp;&nbsp; 1048865 |
| **Canada 0.0%** | **Canada 0.0%** | **Canada 0.0%** | **Canada 0.0%** |
| NOVA Chemicals Corp.<sup>(a)</sup>  | NOVA Chemicals Corp.<sup>(a)</sup>  | NOVA Chemicals Corp.<sup>(a)</sup>  | NOVA Chemicals Corp.<sup>(a)</sup>  |
| 11/15/2028 | &nbsp;&nbsp; 8.500% | 161000 | &nbsp;&nbsp; 168480 |
| 05/15/2029 | &nbsp;&nbsp; 4.250% | 344000 | &nbsp;&nbsp; 336783 |
| 02/15/2030 | &nbsp;&nbsp; 9.000% | 342000 | &nbsp;&nbsp; 365218 |
| 12/01/2031 | &nbsp;&nbsp; 7.000% | 98000 | &nbsp;&nbsp; 104415 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **974896** |
| **Colombia 0.4%** | **Colombia 0.4%** | **Colombia 0.4%** | **Colombia 0.4%** |
| Colombia Government International Bond | Colombia Government International Bond | Colombia Government International Bond | Colombia Government International Bond |
| 04/22/2032 | &nbsp;&nbsp; 3.250% | 4160000 | &nbsp;&nbsp; 3504622 |
| 02/02/2034 | &nbsp;&nbsp; 7.500% | 6926000 | &nbsp;&nbsp; 7219297 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **10723919** |
| **Dominican Republic 0.1%** | **Dominican Republic 0.1%** | **Dominican Republic 0.1%** | **Dominican Republic 0.1%** |
| Dominican Republic International Bond<sup>(a)</sup>  | Dominican Republic International Bond<sup>(a)</sup>  | Dominican Republic International Bond<sup>(a)</sup>  | Dominican Republic International Bond<sup>(a)</sup>  |
| 01/30/2030 | &nbsp;&nbsp; 4.500% | 2898000 | &nbsp;&nbsp; 2828082 |
| **Egypt 0.1%** | **Egypt 0.1%** | **Egypt 0.1%** | **Egypt 0.1%** |
| Egypt Government International Bond<sup>(a)</sup>  | Egypt Government International Bond<sup>(a)</sup>  | Egypt Government International Bond<sup>(a)</sup>  | Egypt Government International Bond<sup>(a)</sup>  |
| 01/31/2047 | &nbsp;&nbsp; 8.500% | 2105000 | &nbsp;&nbsp; 2067245 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Foreign Government Obligations**<sup>(j),(k)</sup> **(continued)** | **Foreign Government Obligations**<sup>(j),(k)</sup> **(continued)** | **Foreign Government Obligations**<sup>(j),(k)</sup> **(continued)** | **Foreign Government Obligations**<sup>(j),(k)</sup> **(continued)** | **Foreign Government Obligations**<sup>(j),(k)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **France 0.8%** | **France 0.8%** | **France 0.8%** | **France 0.8%** | **France 0.8%** |
| French Republic Government Bond OAT<sup>(a)</sup>  | French Republic Government Bond OAT<sup>(a)</sup>  | French Republic Government Bond OAT<sup>(a)</sup>  | French Republic Government Bond OAT<sup>(a)</sup>  | French Republic Government Bond OAT<sup>(a)</sup>  |
| 05/25/2052 | &nbsp;&nbsp; 0.750% | EUR | 11371000 | &nbsp;&nbsp; 5844658 |
| 05/25/2053 | &nbsp;&nbsp; 0.750% | EUR | 34033000 | &nbsp;&nbsp; 16926521 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **22771179** |
| **Hungary 0.2%** | **Hungary 0.2%** | **Hungary 0.2%** | **Hungary 0.2%** | **Hungary 0.2%** |
| Hungary Government International Bond<sup>(a)</sup>  | Hungary Government International Bond<sup>(a)</sup>  | Hungary Government International Bond<sup>(a)</sup>  | Hungary Government International Bond<sup>(a)</sup>  | Hungary Government International Bond<sup>(a)</sup>  |
| 09/22/2032 | &nbsp;&nbsp; 6.250% |  | 5541000 | &nbsp;&nbsp; 5888879 |
| **India 0.1%** | **India 0.1%** | **India 0.1%** | **India 0.1%** | **India 0.1%** |
| Export-Import Bank of India<sup>(a)</sup>  | Export-Import Bank of India<sup>(a)</sup>  | Export-Import Bank of India<sup>(a)</sup>  | Export-Import Bank of India<sup>(a)</sup>  | Export-Import Bank of India<sup>(a)</sup>  |
| 01/15/2030 | &nbsp;&nbsp; 3.250% |  | 2000000 | &nbsp;&nbsp; 1912672 |
| **Ivory Coast 0.1%** | **Ivory Coast 0.1%** | **Ivory Coast 0.1%** | **Ivory Coast 0.1%** | **Ivory Coast 0.1%** |
| Ivory Coast Government International Bond<sup>(a)</sup>  | Ivory Coast Government International Bond<sup>(a)</sup>  | Ivory Coast Government International Bond<sup>(a)</sup>  | Ivory Coast Government International Bond<sup>(a)</sup>  | Ivory Coast Government International Bond<sup>(a)</sup>  |
| 06/15/2033 | &nbsp;&nbsp; 6.125% |  | 2609000 | &nbsp;&nbsp; 2605402 |
| **Malaysia 0.1%** | **Malaysia 0.1%** | **Malaysia 0.1%** | **Malaysia 0.1%** | **Malaysia 0.1%** |
| Petronas Capital Ltd.<sup>(a)</sup>  | Petronas Capital Ltd.<sup>(a)</sup>  | Petronas Capital Ltd.<sup>(a)</sup>  | Petronas Capital Ltd.<sup>(a)</sup>  | Petronas Capital Ltd.<sup>(a)</sup>  |
| 04/03/2055 | &nbsp;&nbsp; 5.848% |  | 3213000 | &nbsp;&nbsp; 3370255 |
| **Mexico 0.7%** | **Mexico 0.7%** | **Mexico 0.7%** | **Mexico 0.7%** | **Mexico 0.7%** |
| Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
| 03/22/2033 | &nbsp;&nbsp; 5.375% |  | 3085000 | &nbsp;&nbsp; 3056281 |
| 05/07/2036 | &nbsp;&nbsp; 6.000% |  | 3376000 | &nbsp;&nbsp; 3419796 |
| Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
| 01/28/2031 | &nbsp;&nbsp; 5.950% |  | 2551000 | &nbsp;&nbsp; 2468401 |
| 06/15/2035 | &nbsp;&nbsp; 6.625% |  | 1343000 | &nbsp;&nbsp; 1272132 |
| 09/21/2047 | &nbsp;&nbsp; 6.750% |  | 5000000 | &nbsp;&nbsp; 4091222 |
| 01/23/2050 | &nbsp;&nbsp; 7.690% |  | 6556000 | &nbsp;&nbsp; 5873135 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **20180967** |
| **Mongolia 0.1%** | **Mongolia 0.1%** | **Mongolia 0.1%** | **Mongolia 0.1%** | **Mongolia 0.1%** |
| Mongolia Government International Bond<sup>(a)</sup>  | Mongolia Government International Bond<sup>(a)</sup>  | Mongolia Government International Bond<sup>(a)</sup>  | Mongolia Government International Bond<sup>(a)</sup>  | Mongolia Government International Bond<sup>(a)</sup>  |
| 01/19/2028 | &nbsp;&nbsp; 8.650% |  | 2605000 | &nbsp;&nbsp; 2767660 |
| **Paraguay 0.1%** | **Paraguay 0.1%** | **Paraguay 0.1%** | **Paraguay 0.1%** | **Paraguay 0.1%** |
| Paraguay Government International Bond<sup>(a)</sup>  | Paraguay Government International Bond<sup>(a)</sup>  | Paraguay Government International Bond<sup>(a)</sup>  | Paraguay Government International Bond<sup>(a)</sup>  | Paraguay Government International Bond<sup>(a)</sup>  |
| 08/11/2044 | &nbsp;&nbsp; 6.100% |  | 2060000 | &nbsp;&nbsp; 2127536 |
| **Romania 0.1%** | **Romania 0.1%** | **Romania 0.1%** | **Romania 0.1%** | **Romania 0.1%** |
| Romanian Government International Bond<sup>(a)</sup>  | Romanian Government International Bond<sup>(a)</sup>  | Romanian Government International Bond<sup>(a)</sup>  | Romanian Government International Bond<sup>(a)</sup>  | Romanian Government International Bond<sup>(a)</sup>  |
| 02/10/2037 | &nbsp;&nbsp; 7.500% |  | 2394000 | &nbsp;&nbsp; 2645295 |
| **Russian Federation 0.1%** | **Russian Federation 0.1%** | **Russian Federation 0.1%** | **Russian Federation 0.1%** | **Russian Federation 0.1%** |
| Gazprom OAO Via Gaz Capital SA<sup>(a)</sup>  | Gazprom OAO Via Gaz Capital SA<sup>(a)</sup>  | Gazprom OAO Via Gaz Capital SA<sup>(a)</sup>  | Gazprom OAO Via Gaz Capital SA<sup>(a)</sup>  | Gazprom OAO Via Gaz Capital SA<sup>(a)</sup>  |
| 02/06/2028 | &nbsp;&nbsp; 4.950% |  | 2740000 | &nbsp;&nbsp; 2219272 |
| **South Africa 0.2%** | **South Africa 0.2%** | **South Africa 0.2%** | **South Africa 0.2%** | **South Africa 0.2%** |
| Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond |
| 09/30/2049 | &nbsp;&nbsp; 5.750% |  | 4495000 | &nbsp;&nbsp; 3785199 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Foreign Government Obligations**<sup>(j),(k)</sup> **(continued)** | **Foreign Government Obligations**<sup>(j),(k)</sup> **(continued)** | **Foreign Government Obligations**<sup>(j),(k)</sup> **(continued)** | **Foreign Government Obligations**<sup>(j),(k)</sup> **(continued)** | **Foreign Government Obligations**<sup>(j),(k)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Republic of South Africa Government International Bond<sup>(a)</sup>  | Republic of South Africa Government International Bond<sup>(a)</sup>  | Republic of South Africa Government International Bond<sup>(a)</sup>  | Republic of South Africa Government International Bond<sup>(a)</sup>  | Republic of South Africa Government International Bond<sup>(a)</sup>  |
| 12/11/2055 | &nbsp;&nbsp; 7.250% |  | 1440000 | &nbsp;&nbsp; 1426155 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **5211354** |
| **Turkey 0.1%** | **Turkey 0.1%** | **Turkey 0.1%** | **Turkey 0.1%** | **Turkey 0.1%** |
| Turkiye Government International Bond | Turkiye Government International Bond | Turkiye Government International Bond | Turkiye Government International Bond | Turkiye Government International Bond |
| 02/12/2032 | &nbsp;&nbsp; 7.125% |  | 4005000 | &nbsp;&nbsp; 4240439 |
| **United Arab Emirates 0.1%** | **United Arab Emirates 0.1%** | **United Arab Emirates 0.1%** | **United Arab Emirates 0.1%** | **United Arab Emirates 0.1%** |
| DP World Ltd.<sup>(a)</sup>  | DP World Ltd.<sup>(a)</sup>  | DP World Ltd.<sup>(a)</sup>  | DP World Ltd.<sup>(a)</sup>  | DP World Ltd.<sup>(a)</sup>  |
| 09/25/2048 | &nbsp;&nbsp; 5.625% |  | 2982000 | &nbsp;&nbsp; 2926383 |
| **United Kingdom 0.3%** | **United Kingdom 0.3%** | **United Kingdom 0.3%** | **United Kingdom 0.3%** | **United Kingdom 0.3%** |
| United Kingdom Gilt<sup>(a)</sup>  | United Kingdom Gilt<sup>(a)</sup>  | United Kingdom Gilt<sup>(a)</sup>  | United Kingdom Gilt<sup>(a)</sup>  | United Kingdom Gilt<sup>(a)</sup>  |
| 07/22/2057 | &nbsp;&nbsp; 1.750% | GBP | 9205000 | &nbsp;&nbsp; 5844144 |
| 10/22/2061 | &nbsp;&nbsp; 0.500% | GBP | 8390000 | &nbsp;&nbsp; 2964197 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **8808341** |
| Total Foreign Government Obligations <br>(Cost $107,957,340) | Total Foreign Government Obligations <br>(Cost $107,957,340) | Total Foreign Government Obligations <br>(Cost $107,957,340) | Total Foreign Government Obligations <br>(Cost $107,957,340) | &nbsp;&nbsp; **105318641** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Joint Ventures**<sup>(l)</sup> **0.8%** | **Joint Ventures**<sup>(l)</sup> **0.8%** |
|  | **Value ($)** |
| Itasca Park LLC<sup>(b),(f),(m),(n),(o)</sup> <br>| &nbsp;&nbsp; 4975665 |
| Itasca Park LLC - Unfunded<sup>(b),(f),(m),(n),(o)</sup> <br>| &nbsp;&nbsp; 17979000 |
| Total Joint Ventures <br>(Cost $23,050,000) | &nbsp;&nbsp; **22954665** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency**<sup>(p)</sup> **42.8%** | **Residential Mortgage-Backed Securities - Agency**<sup>(p)</sup> **42.8%** | **Residential Mortgage-Backed Securities - Agency**<sup>(p)</sup> **42.8%** | **Residential Mortgage-Backed Securities - Agency**<sup>(p)</sup> **42.8%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Fannie Mae REMICS<sup>(c),(q)</sup>  | Fannie Mae REMICS<sup>(c),(q)</sup>  | Fannie Mae REMICS<sup>(c),(q)</sup>  | Fannie Mae REMICS<sup>(c),(q)</sup>  |
| CMO Series 2022-27 Class SJ | CMO Series 2022-27 Class SJ | CMO Series 2022-27 Class SJ | CMO Series 2022-27 Class SJ |
| -1.0 x 30-day Average SOFR + <br> 6.100% <br>Cap 6.100% <br>06/25/2052<br>| &nbsp;&nbsp; 2.226% | 27172886 | &nbsp;&nbsp; 2808049 |
| CMO Series 2023-46 Class SC | CMO Series 2023-46 Class SC | CMO Series 2023-46 Class SC | CMO Series 2023-46 Class SC |
| -1.0 x 30-day Average SOFR + <br> 5.886% <br>Cap 6.000% <br>06/25/2050<br>| &nbsp;&nbsp; 2.011% | 35857915 | &nbsp;&nbsp; 4036637 |
| CMO Series 2023-57 Class SA | CMO Series 2023-57 Class SA | CMO Series 2023-57 Class SA | CMO Series 2023-57 Class SA |
| -1.0 x 30-day Average SOFR + <br> 5.886% <br>Cap 6.000% <br>02/25/2050<br>| &nbsp;&nbsp; 2.011% | 42303771 | &nbsp;&nbsp; 5806637 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency**<sup>(p)</sup> **(continued)** | **Residential Mortgage-Backed Securities - Agency**<sup>(p)</sup> **(continued)** | **Residential Mortgage-Backed Securities - Agency**<sup>(p)</sup> **(continued)** | **Residential Mortgage-Backed Securities - Agency**<sup>(p)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2023-65 Class S | CMO Series 2023-65 Class S | CMO Series 2023-65 Class S | CMO Series 2023-65 Class S |
| -1.0 x 30-day Average SOFR + <br> 5.886% <br>Cap 6.000% <br>03/25/2050<br>| &nbsp;&nbsp; 2.011% | 18268062 | &nbsp;&nbsp; 2281189 |
| Fannie Mae REMICS<sup>(c)</sup>  | Fannie Mae REMICS<sup>(c)</sup>  | Fannie Mae REMICS<sup>(c)</sup>  | Fannie Mae REMICS<sup>(c)</sup>  |
| CMO Series 2022-60A Class FA | CMO Series 2022-60A Class FA | CMO Series 2022-60A Class FA | CMO Series 2022-60A Class FA |
| 30-day Average SOFR + 0.700% <br>Floor 0.700%, Cap 6.000% <br>09/25/2052<br>| &nbsp;&nbsp; 4.574% | 20760587 | &nbsp;&nbsp; 20416536 |
| CMO Series 2025-10 Class FB | CMO Series 2025-10 Class FB | CMO Series 2025-10 Class FB | CMO Series 2025-10 Class FB |
| 30-day Average SOFR + 0.850% <br>Floor 0.850%, Cap 6.000% <br>02/25/2055<br>| &nbsp;&nbsp; 4.724% | 12004091 | &nbsp;&nbsp; 11973090 |
| CMO Series 2025-15 Class ME | CMO Series 2025-15 Class ME | CMO Series 2025-15 Class ME | CMO Series 2025-15 Class ME |
| 30-day Average SOFR + 3.300% <br>Floor 3.300%, Cap 7.800% <br>04/25/2055<br>| &nbsp;&nbsp; 7.174% | 14096803 | &nbsp;&nbsp; 14389842 |
| CMO Series 2025-6 Class LF | CMO Series 2025-6 Class LF | CMO Series 2025-6 Class LF | CMO Series 2025-6 Class LF |
| 30-day Average SOFR + 1.800% <br>Floor 1.800%, Cap 6.000% <br>02/25/2055<br>| &nbsp;&nbsp; 5.674% | 16993519 | &nbsp;&nbsp; 17170507 |
| CMO Series 2025-86 Class FH | CMO Series 2025-86 Class FH | CMO Series 2025-86 Class FH | CMO Series 2025-86 Class FH |
| 30-day Average SOFR + 0.850% <br>Floor 0.850%, Cap 6.000% <br>09/25/2055<br>| &nbsp;&nbsp; 4.724% | 28361871 | &nbsp;&nbsp; 28269525 |
| Federal Home Loan Mortgage Corp.<sup>(r)</sup>  | Federal Home Loan Mortgage Corp.<sup>(r)</sup>  | Federal Home Loan Mortgage Corp.<sup>(r)</sup>  | Federal Home Loan Mortgage Corp.<sup>(r)</sup>  |
| 08/01/2045 | &nbsp;&nbsp; 3.500% | 9793739 | &nbsp;&nbsp; 9341135 |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| 10/01/2045 | &nbsp;&nbsp; 4.000% | 4282363 | &nbsp;&nbsp; 4133983 |
| 12/01/2051- <br>03/01/2052<br>| &nbsp;&nbsp; 2.500% | 34778144 | &nbsp;&nbsp; 29986711 |
| 05/01/2052 | &nbsp;&nbsp; 3.000% | 21863699 | &nbsp;&nbsp; 19589680 |
| 09/01/2052- <br>10/01/2053<br>| &nbsp;&nbsp; 5.000% | 40368432 | &nbsp;&nbsp; 40870297 |
| 02/01/2053 | &nbsp;&nbsp; 4.500% | 19898619 | &nbsp;&nbsp; 19624943 |
| 12/01/2053 | &nbsp;&nbsp; 5.500% | 20878664 | &nbsp;&nbsp; 21419592 |
| 12/01/2053 | &nbsp;&nbsp; 6.000% | 21059736 | &nbsp;&nbsp; 21984790 |
| Series 2024 | Series 2024 | Series 2024 | Series 2024 |
| 08/01/2054 | &nbsp;&nbsp; 5.500% | 22356170 | &nbsp;&nbsp; 22952010 |
| Federal Home Loan Mortgage Corp.<sup>(c),(q)</sup>  | Federal Home Loan Mortgage Corp.<sup>(c),(q)</sup>  | Federal Home Loan Mortgage Corp.<sup>(c),(q)</sup>  | Federal Home Loan Mortgage Corp.<sup>(c),(q)</sup>  |
| CMO Series 3922 Class SH | CMO Series 3922 Class SH | CMO Series 3922 Class SH | CMO Series 3922 Class SH |
| -1.0 x 30-day Average SOFR + <br> 5.786% <br>Cap 5.900% <br>09/15/2041<br>| &nbsp;&nbsp; 1.802% | 203499 | &nbsp;&nbsp; 17353 |
| CMO Series 4097 Class ST | CMO Series 4097 Class ST | CMO Series 4097 Class ST | CMO Series 4097 Class ST |
| -1.0 x 30-day Average SOFR + <br> 5.936% <br>Cap 6.050% <br>08/15/2042<br>| &nbsp;&nbsp; 1.952% | 729314 | &nbsp;&nbsp; 96754 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency**<sup>(p)</sup> **(continued)** | **Residential Mortgage-Backed Securities - Agency**<sup>(p)</sup> **(continued)** | **Residential Mortgage-Backed Securities - Agency**<sup>(p)</sup> **(continued)** | **Residential Mortgage-Backed Securities - Agency**<sup>(p)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 4620 Class AS | CMO Series 4620 Class AS | CMO Series 4620 Class AS | CMO Series 4620 Class AS |
| -1.0 x 30-day Average SOFR + <br> 0.554% <br>11/15/2042<br>| &nbsp;&nbsp; 1.719% | 628687 | &nbsp;&nbsp; 66106 |
| CMO Series 4831 Class SD | CMO Series 4831 Class SD | CMO Series 4831 Class SD | CMO Series 4831 Class SD |
| -1.0 x 30-day Average SOFR + <br> 6.086% <br>Cap 6.200% <br>10/15/2048<br>| &nbsp;&nbsp; 2.102% | 5639907 | &nbsp;&nbsp; 633475 |
| CMO Series 4903 Class SA | CMO Series 4903 Class SA | CMO Series 4903 Class SA | CMO Series 4903 Class SA |
| -1.0 x 30-day Average SOFR + <br> 5.936% <br>Cap 6.050% <br>08/25/2049<br>| &nbsp;&nbsp; 2.061% | 17142066 | &nbsp;&nbsp; 1857387 |
| CMO Series 4979 Class KS | CMO Series 4979 Class KS | CMO Series 4979 Class KS | CMO Series 4979 Class KS |
| -1.0 x 30-day Average SOFR + <br> 5.936% <br>Cap 6.050% <br>06/25/2048<br>| &nbsp;&nbsp; 2.061% | 8530832 | &nbsp;&nbsp; 1108054 |
| CMO STRIPS Series 2012-278 Class S1 | CMO STRIPS Series 2012-278 Class S1 | CMO STRIPS Series 2012-278 Class S1 | CMO STRIPS Series 2012-278 Class S1 |
| -1.0 x 30-day Average SOFR + <br> 5.936% <br>Cap 6.050% <br>09/15/2042<br>| &nbsp;&nbsp; 1.952% | 1360627 | &nbsp;&nbsp; 139113 |
| CMO STRIPS Series 309 Class S4 | CMO STRIPS Series 309 Class S4 | CMO STRIPS Series 309 Class S4 | CMO STRIPS Series 309 Class S4 |
| -1.0 x 30-day Average SOFR + <br> 5.856% <br>Cap 5.970% <br>08/15/2043<br>| &nbsp;&nbsp; 1.872% | 726904 | &nbsp;&nbsp; 76859 |
| Federal Home Loan Mortgage Corp.<sup>(q)</sup>  | Federal Home Loan Mortgage Corp.<sup>(q)</sup>  | Federal Home Loan Mortgage Corp.<sup>(q)</sup>  | Federal Home Loan Mortgage Corp.<sup>(q)</sup>  |
| CMO Series 4176 Class BI | CMO Series 4176 Class BI | CMO Series 4176 Class BI | CMO Series 4176 Class BI |
| 03/15/2043 | &nbsp;&nbsp; 3.500% | 678472 | &nbsp;&nbsp; 78929 |
| Federal Home Loan Mortgage Corp. REMICS<sup>(c),(q)</sup>  | Federal Home Loan Mortgage Corp. REMICS<sup>(c),(q)</sup>  | Federal Home Loan Mortgage Corp. REMICS<sup>(c),(q)</sup>  | Federal Home Loan Mortgage Corp. REMICS<sup>(c),(q)</sup>  |
| CMO Series 4937 Class YS | CMO Series 4937 Class YS | CMO Series 4937 Class YS | CMO Series 4937 Class YS |
| -1.0 x 30-day Average SOFR + <br> 6.336% <br>Cap 6.450% <br>11/15/2041<br>| &nbsp;&nbsp; 2.352% | 18137197 | &nbsp;&nbsp; 2380716 |
| CMO Series 5345 Class SE | CMO Series 5345 Class SE | CMO Series 5345 Class SE | CMO Series 5345 Class SE |
| -1.0 x 30-day Average SOFR + <br> 5.886% <br>Cap 6.000% <br>01/15/2048<br>| &nbsp;&nbsp; 1.902% | 25932570 | &nbsp;&nbsp; 2790539 |
| CMO Series 5386 Class SB | CMO Series 5386 Class SB | CMO Series 5386 Class SB | CMO Series 5386 Class SB |
| -1.0 x 30-day Average SOFR + <br> 5.886% <br>Cap 6.000% <br>12/15/2041<br>| &nbsp;&nbsp; 1.902% | 16512243 | &nbsp;&nbsp; 1710114 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency**<sup>(p)</sup> **(continued)** | **Residential Mortgage-Backed Securities - Agency**<sup>(p)</sup> **(continued)** | **Residential Mortgage-Backed Securities - Agency**<sup>(p)</sup> **(continued)** | **Residential Mortgage-Backed Securities - Agency**<sup>(p)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 02/01/2027- <br>04/01/2052<br>| &nbsp;&nbsp; 3.000% | 86082706 | &nbsp;&nbsp; 77464471 |
| 08/01/2043- <br>05/01/2052<br>| &nbsp;&nbsp; 3.500% | 61058836 | &nbsp;&nbsp; 57089482 |
| 05/01/2044- <br>08/01/2052<br>| &nbsp;&nbsp; 4.000% | 93070283 | &nbsp;&nbsp; 89618821 |
| 09/01/2053 | &nbsp;&nbsp; 5.000% | 13684777 | &nbsp;&nbsp; 13833021 |
| 10/01/2053 | &nbsp;&nbsp; 5.500% | 20551833 | &nbsp;&nbsp; 21101827 |
| CMO Series 2017-72 Class B | CMO Series 2017-72 Class B | CMO Series 2017-72 Class B | CMO Series 2017-72 Class B |
| 09/25/2047 | &nbsp;&nbsp; 3.000% | 8321533 | &nbsp;&nbsp; 7826097 |
| Federal National Mortgage Association<sup>(r)</sup>  | Federal National Mortgage Association<sup>(r)</sup>  | Federal National Mortgage Association<sup>(r)</sup>  | Federal National Mortgage Association<sup>(r)</sup>  |
| 10/01/2051 | &nbsp;&nbsp; 2.500% | 18059029 | &nbsp;&nbsp; 15384661 |
| 05/01/2052 | &nbsp;&nbsp; 3.500% | 31372431 | &nbsp;&nbsp; 29465070 |
| Federal National Mortgage Association<sup>(c),(q)</sup>  | Federal National Mortgage Association<sup>(c),(q)</sup>  | Federal National Mortgage Association<sup>(c),(q)</sup>  | Federal National Mortgage Association<sup>(c),(q)</sup>  |
| CMO Series 2013-101 Class CS | CMO Series 2013-101 Class CS | CMO Series 2013-101 Class CS | CMO Series 2013-101 Class CS |
| -1.0 x 30-day Average SOFR + <br> 5.786% <br>Cap 5.900% <br>10/25/2043<br>| &nbsp;&nbsp; 1.911% | 1371955 | &nbsp;&nbsp; 144121 |
| CMO Series 2014-93 Class ES | CMO Series 2014-93 Class ES | CMO Series 2014-93 Class ES | CMO Series 2014-93 Class ES |
| -1.0 x 30-day Average SOFR + <br> 6.036% <br>Cap 6.150% <br>01/25/2045<br>| &nbsp;&nbsp; 2.161% | 1839863 | &nbsp;&nbsp; 225065 |
| CMO Series 2016-31 Class VS | CMO Series 2016-31 Class VS | CMO Series 2016-31 Class VS | CMO Series 2016-31 Class VS |
| -1.0 x 30-day Average SOFR + <br> 5.886% <br>Cap 6.000% <br>06/25/2046<br>| &nbsp;&nbsp; 2.011% | 993612 | &nbsp;&nbsp; 119321 |
| CMO Series 2016-53 Class KS | CMO Series 2016-53 Class KS | CMO Series 2016-53 Class KS | CMO Series 2016-53 Class KS |
| -1.0 x 30-day Average SOFR + <br> 5.886% <br>Cap 6.000% <br>08/25/2046<br>| &nbsp;&nbsp; 2.011% | 6685425 | &nbsp;&nbsp; 812358 |
| CMO Series 2016-57 Class SA | CMO Series 2016-57 Class SA | CMO Series 2016-57 Class SA | CMO Series 2016-57 Class SA |
| -1.0 x 30-day Average SOFR + <br> 5.886% <br>Cap 6.000% <br>08/25/2046<br>| &nbsp;&nbsp; 2.011% | 15030118 | &nbsp;&nbsp; 1671898 |
| CMO Series 2017-109 Class SA | CMO Series 2017-109 Class SA | CMO Series 2017-109 Class SA | CMO Series 2017-109 Class SA |
| -1.0 x 30-day Average SOFR + <br> 6.036% <br>Cap 6.150% <br>01/25/2048<br>| &nbsp;&nbsp; 2.161% | 7133523 | &nbsp;&nbsp; 849710 |
| CMO Series 2017-20 Class SA | CMO Series 2017-20 Class SA | CMO Series 2017-20 Class SA | CMO Series 2017-20 Class SA |
| -1.0 x 30-day Average SOFR + <br> 5.986% <br>Cap 6.100% <br>04/25/2047<br>| &nbsp;&nbsp; 2.111% | 6837132 | &nbsp;&nbsp; 842296 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency**<sup>(p)</sup> **(continued)** | **Residential Mortgage-Backed Securities - Agency**<sup>(p)</sup> **(continued)** | **Residential Mortgage-Backed Securities - Agency**<sup>(p)</sup> **(continued)** | **Residential Mortgage-Backed Securities - Agency**<sup>(p)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2017-54 Class NS | CMO Series 2017-54 Class NS | CMO Series 2017-54 Class NS | CMO Series 2017-54 Class NS |
| -1.0 x 30-day Average SOFR + <br> 6.036% <br>Cap 6.150% <br>07/25/2047<br>| &nbsp;&nbsp; 2.161% | 6285829 | &nbsp;&nbsp; 850643 |
| CMO Series 2017-54 Class SN | CMO Series 2017-54 Class SN | CMO Series 2017-54 Class SN | CMO Series 2017-54 Class SN |
| -1.0 x 30-day Average SOFR + <br> 6.036% <br>Cap 6.150% <br>07/25/2047<br>| &nbsp;&nbsp; 2.161% | 12396849 | &nbsp;&nbsp; 1614991 |
| CMO Series 2018-66 Class SM | CMO Series 2018-66 Class SM | CMO Series 2018-66 Class SM | CMO Series 2018-66 Class SM |
| -1.0 x 30-day Average SOFR + <br> 6.086% <br>Cap 6.200% <br>09/25/2048<br>| &nbsp;&nbsp; 2.211% | 7919680 | &nbsp;&nbsp; 1012788 |
| CMO Series 2018-67 MS Class MS | CMO Series 2018-67 MS Class MS | CMO Series 2018-67 MS Class MS | CMO Series 2018-67 MS Class MS |
| -1.0 x 30-day Average SOFR + <br> 6.086% <br>Cap 6.200% <br>09/25/2048<br>| &nbsp;&nbsp; 2.211% | 6222224 | &nbsp;&nbsp; 816742 |
| CMO Series 2018-74 Class SA | CMO Series 2018-74 Class SA | CMO Series 2018-74 Class SA | CMO Series 2018-74 Class SA |
| -1.0 x 30-day Average SOFR + <br> 6.036% <br>Cap 6.150% <br>10/25/2048<br>| &nbsp;&nbsp; 2.161% | 10580391 | &nbsp;&nbsp; 1182861 |
| CMO Series 2019-33 Class SB | CMO Series 2019-33 Class SB | CMO Series 2019-33 Class SB | CMO Series 2019-33 Class SB |
| -1.0 x 30-day Average SOFR + <br> 5.936% <br>Cap 6.050% <br>07/25/2049<br>| &nbsp;&nbsp; 2.061% | 23022765 | &nbsp;&nbsp; 2528682 |
| CMO Series 2019-60 Class SH | CMO Series 2019-60 Class SH | CMO Series 2019-60 Class SH | CMO Series 2019-60 Class SH |
| -1.0 x 30-day Average SOFR + <br> 5.936% <br>Cap 6.050% <br>10/25/2049<br>| &nbsp;&nbsp; 2.061% | 17669454 | &nbsp;&nbsp; 2037348 |
| CMO Series 2019-67 Class SE | CMO Series 2019-67 Class SE | CMO Series 2019-67 Class SE | CMO Series 2019-67 Class SE |
| -1.0 x 30-day Average SOFR + <br> 5.936% <br>Cap 6.050% <br>11/25/2049<br>| &nbsp;&nbsp; 2.061% | 13267295 | &nbsp;&nbsp; 1797074 |
| Federal National Mortgage Association<sup>(q)</sup>  | Federal National Mortgage Association<sup>(q)</sup>  | Federal National Mortgage Association<sup>(q)</sup>  | Federal National Mortgage Association<sup>(q)</sup>  |
| CMO Series 2021-3 Class TI | CMO Series 2021-3 Class TI | CMO Series 2021-3 Class TI | CMO Series 2021-3 Class TI |
| 02/25/2051 | &nbsp;&nbsp; 2.500% | 48952096 | &nbsp;&nbsp; 8339866 |
| Federal National Mortgage Association REMICS<sup>(c),(q)</sup>  | Federal National Mortgage Association REMICS<sup>(c),(q)</sup>  | Federal National Mortgage Association REMICS<sup>(c),(q)</sup>  | Federal National Mortgage Association REMICS<sup>(c),(q)</sup>  |
| CMO Series 2019-25 Class SA | CMO Series 2019-25 Class SA | CMO Series 2019-25 Class SA | CMO Series 2019-25 Class SA |
| -1.0 x 30-day Average SOFR + <br> 5.936% <br>Cap 6.050% <br>06/25/2049<br>| &nbsp;&nbsp; 2.061% | 20789396 | &nbsp;&nbsp; 2257155 |
| Freddie Mac REMICS<sup>(q)</sup>  | Freddie Mac REMICS<sup>(q)</sup>  | Freddie Mac REMICS<sup>(q)</sup>  | Freddie Mac REMICS<sup>(q)</sup>  |
| CMO Series 5152 Class XI | CMO Series 5152 Class XI | CMO Series 5152 Class XI | CMO Series 5152 Class XI |
| 11/25/2050 | &nbsp;&nbsp; 2.500% | 49925803 | &nbsp;&nbsp; 7004700 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency**<sup>(p)</sup> **(continued)** | **Residential Mortgage-Backed Securities - Agency**<sup>(p)</sup> **(continued)** | **Residential Mortgage-Backed Securities - Agency**<sup>(p)</sup> **(continued)** | **Residential Mortgage-Backed Securities - Agency**<sup>(p)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 5287 Class NI | CMO Series 5287 Class NI | CMO Series 5287 Class NI | CMO Series 5287 Class NI |
| 05/25/2051 | &nbsp;&nbsp; 3.500% | 23968956 | &nbsp;&nbsp; 4691628 |
| Freddie Mac REMICS<sup>(c),(q)</sup>  | Freddie Mac REMICS<sup>(c),(q)</sup>  | Freddie Mac REMICS<sup>(c),(q)</sup>  | Freddie Mac REMICS<sup>(c),(q)</sup>  |
| CMO Series 5326 Class SE | CMO Series 5326 Class SE | CMO Series 5326 Class SE | CMO Series 5326 Class SE |
| -1.0 x 30-day Average SOFR + <br> 5.950% <br>Cap 5.950% <br>08/25/2053<br>| &nbsp;&nbsp; 2.076% | 19823748 | &nbsp;&nbsp; 1593373 |
| CMO Series 5362 Class S | CMO Series 5362 Class S | CMO Series 5362 Class S | CMO Series 5362 Class S |
| -1.0 x 30-day Average SOFR + <br> 5.936% <br>Cap 6.050% <br>05/15/2049<br>| &nbsp;&nbsp; 1.952% | 23080135 | &nbsp;&nbsp; 2724072 |
| Freddie Mac REMICS<sup>(c)</sup>  | Freddie Mac REMICS<sup>(c)</sup>  | Freddie Mac REMICS<sup>(c)</sup>  | Freddie Mac REMICS<sup>(c)</sup>  |
| CMO Series 5460 Class FN | CMO Series 5460 Class FN | CMO Series 5460 Class FN | CMO Series 5460 Class FN |
| 30-day Average SOFR + 1.100% <br>Floor 1.100%, Cap 6.500% <br>10/25/2054<br>| &nbsp;&nbsp; 4.974% | 22939634 | &nbsp;&nbsp; 22987833 |
| CMO Series 5462 Class FA | CMO Series 5462 Class FA | CMO Series 5462 Class FA | CMO Series 5462 Class FA |
| 30-day Average SOFR + 1.100% <br>Floor 1.100%, Cap 6.500% <br>10/25/2054<br>| &nbsp;&nbsp; 4.974% | 20825959 | &nbsp;&nbsp; 20869781 |
| CMO Series 5513 Class MQ | CMO Series 5513 Class MQ | CMO Series 5513 Class MQ | CMO Series 5513 Class MQ |
| 30-day Average SOFR + 3.950% <br>Cap 8.250% <br>06/25/2054<br>| &nbsp;&nbsp; 7.824% | 15409743 | &nbsp;&nbsp; 15895532 |
| CMO Series 5513 Class MU | CMO Series 5513 Class MU | CMO Series 5513 Class MU | CMO Series 5513 Class MU |
| 30-day Average SOFR + 3.950% <br>Cap 8.250% <br>11/25/2054<br>| &nbsp;&nbsp; 7.824% | 17033610 | &nbsp;&nbsp; 17618288 |
| CMO Series 5518 Class FC | CMO Series 5518 Class FC | CMO Series 5518 Class FC | CMO Series 5518 Class FC |
| 30-day Average SOFR + 1.320% <br>Floor 1.320%, Cap 6.500% <br>03/25/2055<br>| &nbsp;&nbsp; 5.194% | 14580309 | &nbsp;&nbsp; 14680215 |
| CMO Series 5542 Class F | CMO Series 5542 Class F | CMO Series 5542 Class F | CMO Series 5542 Class F |
| 30-day Average SOFR + 4.300% <br>05/25/2055<br>| &nbsp;&nbsp; 8.174% | 11328477 | &nbsp;&nbsp; 11580022 |
| CMO Series 5573 Class F | CMO Series 5573 Class F | CMO Series 5573 Class F | CMO Series 5573 Class F |
| 30-day Average SOFR + 1.000% <br>Cap 8.550% <br>09/25/2055<br>| &nbsp;&nbsp; 8.174% | 8699498 | &nbsp;&nbsp; 8971671 |
| Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| 04/20/2048 | &nbsp;&nbsp; 4.500% | 5966908 | &nbsp;&nbsp; 5925619 |
| 08/20/2053 | &nbsp;&nbsp; 6.000% | 9989002 | &nbsp;&nbsp; 10320957 |
| CMO Series 2024-30 Class TQ | CMO Series 2024-30 Class TQ | CMO Series 2024-30 Class TQ | CMO Series 2024-30 Class TQ |
| 02/20/2064 | &nbsp;&nbsp; 5.000% | 9284962 | &nbsp;&nbsp; 9383128 |
| Government National Mortgage Association<sup>(q)</sup>  | Government National Mortgage Association<sup>(q)</sup>  | Government National Mortgage Association<sup>(q)</sup>  | Government National Mortgage Association<sup>(q)</sup>  |
| CMO Series 2014-184 Class CI | CMO Series 2014-184 Class CI | CMO Series 2014-184 Class CI | CMO Series 2014-184 Class CI |
| 11/16/2041 | &nbsp;&nbsp; 3.500% | 2200736 | &nbsp;&nbsp; 211241 |
| CMO Series 2020-175 Class KI | CMO Series 2020-175 Class KI | CMO Series 2020-175 Class KI | CMO Series 2020-175 Class KI |
| 11/20/2050 | &nbsp;&nbsp; 2.500% | 45638592 | &nbsp;&nbsp; 6786641 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency**<sup>(p)</sup> **(continued)** | **Residential Mortgage-Backed Securities - Agency**<sup>(p)</sup> **(continued)** | **Residential Mortgage-Backed Securities - Agency**<sup>(p)</sup> **(continued)** | **Residential Mortgage-Backed Securities - Agency**<sup>(p)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2020-191 Class UG | CMO Series 2020-191 Class UG | CMO Series 2020-191 Class UG | CMO Series 2020-191 Class UG |
| 12/20/2050 | &nbsp;&nbsp; 3.500% | 25626320 | &nbsp;&nbsp; 4319385 |
| CMO Series 2021-119 Class QI | CMO Series 2021-119 Class QI | CMO Series 2021-119 Class QI | CMO Series 2021-119 Class QI |
| 07/20/2051 | &nbsp;&nbsp; 3.000% | 25953563 | &nbsp;&nbsp; 4335608 |
| CMO Series 2021-140 Class IJ | CMO Series 2021-140 Class IJ | CMO Series 2021-140 Class IJ | CMO Series 2021-140 Class IJ |
| 08/20/2051 | &nbsp;&nbsp; 3.000% | 32575451 | &nbsp;&nbsp; 5397703 |
| CMO Series 2021-16 Class KI | CMO Series 2021-16 Class KI | CMO Series 2021-16 Class KI | CMO Series 2021-16 Class KI |
| 01/20/2051 | &nbsp;&nbsp; 2.500% | 31193581 | &nbsp;&nbsp; 4597728 |
| CMO Series 2021-179 Class IB | CMO Series 2021-179 Class IB | CMO Series 2021-179 Class IB | CMO Series 2021-179 Class IB |
| 09/20/2051 | &nbsp;&nbsp; 3.000% | 31743052 | &nbsp;&nbsp; 5589358 |
| Government National Mortgage Association<sup>(c),(q)</sup>  | Government National Mortgage Association<sup>(c),(q)</sup>  | Government National Mortgage Association<sup>(c),(q)</sup>  | Government National Mortgage Association<sup>(c),(q)</sup>  |
| CMO Series 2017-130 Class HS | CMO Series 2017-130 Class HS | CMO Series 2017-130 Class HS | CMO Series 2017-130 Class HS |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>08/20/2047<br>| &nbsp;&nbsp; 2.352% | 8181131 | &nbsp;&nbsp; 1043683 |
| CMO Series 2017-149 Class BS | CMO Series 2017-149 Class BS | CMO Series 2017-149 Class BS | CMO Series 2017-149 Class BS |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>10/20/2047<br>| &nbsp;&nbsp; 2.352% | 9827525 | &nbsp;&nbsp; 1425611 |
| CMO Series 2017-163 Class SA | CMO Series 2017-163 Class SA | CMO Series 2017-163 Class SA | CMO Series 2017-163 Class SA |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>11/20/2047<br>| &nbsp;&nbsp; 2.352% | 4223872 | &nbsp;&nbsp; 560170 |
| CMO Series 2017-37 Class SB | CMO Series 2017-37 Class SB | CMO Series 2017-37 Class SB | CMO Series 2017-37 Class SB |
| -1.0 x 1-month Term SOFR + <br> 6.036% <br>Cap 6.150% <br>03/20/2047<br>| &nbsp;&nbsp; 2.302% | 5921782 | &nbsp;&nbsp; 874412 |
| CMO Series 2018-103 Class SA | CMO Series 2018-103 Class SA | CMO Series 2018-103 Class SA | CMO Series 2018-103 Class SA |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>08/20/2048<br>| &nbsp;&nbsp; 2.352% | 5557290 | &nbsp;&nbsp; 675419 |
| CMO Series 2018-112 Class LS | CMO Series 2018-112 Class LS | CMO Series 2018-112 Class LS | CMO Series 2018-112 Class LS |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>08/20/2048<br>| &nbsp;&nbsp; 2.352% | 6881835 | &nbsp;&nbsp; 836539 |
| CMO Series 2018-125 Class SK | CMO Series 2018-125 Class SK | CMO Series 2018-125 Class SK | CMO Series 2018-125 Class SK |
| -1.0 x 1-month Term SOFR + <br> 6.136% <br>Cap 6.250% <br>09/20/2048<br>| &nbsp;&nbsp; 2.402% | 9271500 | &nbsp;&nbsp; 1032190 |
| CMO Series 2018-134 Class KS | CMO Series 2018-134 Class KS | CMO Series 2018-134 Class KS | CMO Series 2018-134 Class KS |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>10/20/2048<br>| &nbsp;&nbsp; 2.352% | 7349111 | &nbsp;&nbsp; 830790 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency**<sup>(p)</sup> **(continued)** | **Residential Mortgage-Backed Securities - Agency**<sup>(p)</sup> **(continued)** | **Residential Mortgage-Backed Securities - Agency**<sup>(p)</sup> **(continued)** | **Residential Mortgage-Backed Securities - Agency**<sup>(p)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2018-139 Class SC | CMO Series 2018-139 Class SC | CMO Series 2018-139 Class SC | CMO Series 2018-139 Class SC |
| -1.0 x 1-month Term SOFR + <br> 6.036% <br>Cap 6.150% <br>10/20/2048<br>| &nbsp;&nbsp; 2.302% | 5179153 | &nbsp;&nbsp; 596378 |
| CMO Series 2018-148 Class SB | CMO Series 2018-148 Class SB | CMO Series 2018-148 Class SB | CMO Series 2018-148 Class SB |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>01/20/2048<br>| &nbsp;&nbsp; 2.352% | 14081981 | &nbsp;&nbsp; 2070854 |
| CMO Series 2018-151 Class SA | CMO Series 2018-151 Class SA | CMO Series 2018-151 Class SA | CMO Series 2018-151 Class SA |
| -1.0 x 1-month Term SOFR + <br> 6.036% <br>Cap 6.150% <br>11/20/2048<br>| &nbsp;&nbsp; 2.302% | 11871865 | &nbsp;&nbsp; 1402682 |
| CMO Series 2018-89 Class MS | CMO Series 2018-89 Class MS | CMO Series 2018-89 Class MS | CMO Series 2018-89 Class MS |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>06/20/2048<br>| &nbsp;&nbsp; 2.352% | 7098544 | &nbsp;&nbsp; 945271 |
| CMO Series 2018-91 Class DS | CMO Series 2018-91 Class DS | CMO Series 2018-91 Class DS | CMO Series 2018-91 Class DS |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>07/20/2048<br>| &nbsp;&nbsp; 2.352% | 7630484 | &nbsp;&nbsp; 845931 |
| CMO Series 2018-97 Class SM | CMO Series 2018-97 Class SM | CMO Series 2018-97 Class SM | CMO Series 2018-97 Class SM |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>07/20/2048<br>| &nbsp;&nbsp; 2.352% | 7473207 | &nbsp;&nbsp; 820057 |
| CMO Series 2019-20 Class JS | CMO Series 2019-20 Class JS | CMO Series 2019-20 Class JS | CMO Series 2019-20 Class JS |
| -1.0 x 1-month Term SOFR + <br> 5.886% <br>Cap 6.000% <br>02/20/2049<br>| &nbsp;&nbsp; 2.152% | 11675489 | &nbsp;&nbsp; 1319260 |
| CMO Series 2019-5 Class SH | CMO Series 2019-5 Class SH | CMO Series 2019-5 Class SH | CMO Series 2019-5 Class SH |
| -1.0 x 1-month Term SOFR + <br> 6.036% <br>Cap 6.150% <br>01/20/2049<br>| &nbsp;&nbsp; 2.302% | 8187118 | &nbsp;&nbsp; 919862 |
| CMO Series 2019-56 Class SG | CMO Series 2019-56 Class SG | CMO Series 2019-56 Class SG | CMO Series 2019-56 Class SG |
| -1.0 x 1-month Term SOFR + <br> 6.036% <br>Cap 6.150% <br>05/20/2049<br>| &nbsp;&nbsp; 2.302% | 8619314 | &nbsp;&nbsp; 1016579 |
| CMO Series 2019-59 Class KS | CMO Series 2019-59 Class KS | CMO Series 2019-59 Class KS | CMO Series 2019-59 Class KS |
| -1.0 x 1-month Term SOFR + <br> 5.936% <br>Cap 6.050% <br>05/20/2049<br>| &nbsp;&nbsp; 2.202% | 8679451 | &nbsp;&nbsp; 1029166 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency**<sup>(p)</sup> **(continued)** | **Residential Mortgage-Backed Securities - Agency**<sup>(p)</sup> **(continued)** | **Residential Mortgage-Backed Securities - Agency**<sup>(p)</sup> **(continued)** | **Residential Mortgage-Backed Securities - Agency**<sup>(p)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2019-85 Class SC | CMO Series 2019-85 Class SC | CMO Series 2019-85 Class SC | CMO Series 2019-85 Class SC |
| -1.0 x 1-month Term SOFR + <br> 6.036% <br>Cap 6.150% <br>07/20/2049<br>| &nbsp;&nbsp; 2.302% | 7874668 | &nbsp;&nbsp; 819351 |
| CMO Series 2019-90 Class SD | CMO Series 2019-90 Class SD | CMO Series 2019-90 Class SD | CMO Series 2019-90 Class SD |
| -1.0 x 1-month Term SOFR + <br> 6.036% <br>Cap 6.150% <br>07/20/2049<br>| &nbsp;&nbsp; 2.302% | 11263366 | &nbsp;&nbsp; 1560292 |
| CMO Series 2019-99 Class SJ | CMO Series 2019-99 Class SJ | CMO Series 2019-99 Class SJ | CMO Series 2019-99 Class SJ |
| -1.0 x 1-month Term SOFR + <br> 5.936% <br>Cap 6.050% <br>08/20/2049<br>| &nbsp;&nbsp; 2.202% | 23746368 | &nbsp;&nbsp; 2768848 |
| CMO Series 2020-188 Class SA | CMO Series 2020-188 Class SA | CMO Series 2020-188 Class SA | CMO Series 2020-188 Class SA |
| -1.0 x 1-month Term SOFR + <br> 6.186% <br>Cap 6.300% <br>12/20/2050<br>| &nbsp;&nbsp; 2.452% | 14661663 | &nbsp;&nbsp; 2071192 |
| CMO Series 2020-21 Class VS | CMO Series 2020-21 Class VS | CMO Series 2020-21 Class VS | CMO Series 2020-21 Class VS |
| -1.0 x 1-month Term SOFR + <br> 6.164% <br>Cap 6.050% <br>02/20/2050<br>| &nbsp;&nbsp; 2.202% | 6073557 | &nbsp;&nbsp; 811285 |
| CMO Series 2020-61 Class SW | CMO Series 2020-61 Class SW | CMO Series 2020-61 Class SW | CMO Series 2020-61 Class SW |
| -1.0 x 1-month Term SOFR + <br> 5.936% <br>Cap 6.050% <br>08/20/2049<br>| &nbsp;&nbsp; 2.202% | 23112420 | &nbsp;&nbsp; 2651801 |
| CMO Series 2020-62 Class SG | CMO Series 2020-62 Class SG | CMO Series 2020-62 Class SG | CMO Series 2020-62 Class SG |
| -1.0 x 1-month Term SOFR + <br> 6.036% <br>Cap 6.150% <br>05/20/2050<br>| &nbsp;&nbsp; 2.302% | 8916825 | &nbsp;&nbsp; 1052737 |
| CMO Series 2022-18 Class SL | CMO Series 2022-18 Class SL | CMO Series 2022-18 Class SL | CMO Series 2022-18 Class SL |
| -1.0 x 30-day Average SOFR + <br> 6.300% <br>Cap 6.300% <br>01/20/2052<br>| &nbsp;&nbsp; 2.382% | 24773621 | &nbsp;&nbsp; 3734908 |
| CMO Series 2022-190 Class ES | CMO Series 2022-190 Class ES | CMO Series 2022-190 Class ES | CMO Series 2022-190 Class ES |
| -1.0 x 1-month Term SOFR + <br> 6.050% <br>Cap 6.050% <br>10/20/2049<br>| &nbsp;&nbsp; 2.202% | 22095190 | &nbsp;&nbsp; 2495201 |
| CMO Series 2022-207 Class SC | CMO Series 2022-207 Class SC | CMO Series 2022-207 Class SC | CMO Series 2022-207 Class SC |
| -1.0 x 1-month Term SOFR + <br> 5.986% <br>Cap 6.100% <br>01/20/2050<br>| &nbsp;&nbsp; 2.252% | 36549336 | &nbsp;&nbsp; 4427455 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency**<sup>(p)</sup> **(continued)** | **Residential Mortgage-Backed Securities - Agency**<sup>(p)</sup> **(continued)** | **Residential Mortgage-Backed Securities - Agency**<sup>(p)</sup> **(continued)** | **Residential Mortgage-Backed Securities - Agency**<sup>(p)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2022-63 Class GS | CMO Series 2022-63 Class GS | CMO Series 2022-63 Class GS | CMO Series 2022-63 Class GS |
| -1.0 x 30-day Average SOFR + <br> 5.500% <br>Cap 5.500% <br>04/20/2052<br>| &nbsp;&nbsp; 1.582% | 22091923 | &nbsp;&nbsp; 2258948 |
| CMO Series 2022-81 Class SK | CMO Series 2022-81 Class SK | CMO Series 2022-81 Class SK | CMO Series 2022-81 Class SK |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>08/20/2047<br>| &nbsp;&nbsp; 2.352% | 20020113 | &nbsp;&nbsp; 2340403 |
| CMO Series 2023-101 Class SE | CMO Series 2023-101 Class SE | CMO Series 2023-101 Class SE | CMO Series 2023-101 Class SE |
| -1.0 x 30-day Average SOFR + <br> 6.000% <br>Cap 6.000% <br>07/20/2053<br>| &nbsp;&nbsp; 2.082% | 22403741 | &nbsp;&nbsp; 1191906 |
| CMO Series 2023-132 Class SB | CMO Series 2023-132 Class SB | CMO Series 2023-132 Class SB | CMO Series 2023-132 Class SB |
| -1.0 x 30-day Average SOFR + <br> 6.500% <br>Cap 6.500% <br>09/20/2053<br>| &nbsp;&nbsp; 2.582% | 43203493 | &nbsp;&nbsp; 3506646 |
| CMO Series 2023-141 Class SN | CMO Series 2023-141 Class SN | CMO Series 2023-141 Class SN | CMO Series 2023-141 Class SN |
| -1.0 x 1-month Term SOFR + <br> 5.936% <br>Cap 6.050% <br>04/20/2049<br>| &nbsp;&nbsp; 2.202% | 34418290 | &nbsp;&nbsp; 4135158 |
| CMO Series 2023-17 Class SY | CMO Series 2023-17 Class SY | CMO Series 2023-17 Class SY | CMO Series 2023-17 Class SY |
| -1.0 x 1-month Term SOFR + <br> 5.936% <br>Cap 6.050% <br>05/20/2050<br>| &nbsp;&nbsp; 2.202% | 35159519 | &nbsp;&nbsp; 3791792 |
| CMO Series 2023-66 Class AS | CMO Series 2023-66 Class AS | CMO Series 2023-66 Class AS | CMO Series 2023-66 Class AS |
| -1.0 x 1-month Term SOFR + <br> 5.986% <br>Cap 6.100% <br>09/20/2049<br>| &nbsp;&nbsp; 2.252% | 31735809 | &nbsp;&nbsp; 3793952 |
| CMO Series 2024-125 Class SW | CMO Series 2024-125 Class SW | CMO Series 2024-125 Class SW | CMO Series 2024-125 Class SW |
| 30-day Average SOFR + 6.050% <br>Cap 6.050% <br>08/20/2054<br>| &nbsp;&nbsp; 2.132% | 38241850 | &nbsp;&nbsp; 3321706 |
| CMO Series 2024-30 Class XH | CMO Series 2024-30 Class XH | CMO Series 2024-30 Class XH | CMO Series 2024-30 Class XH |
| -1.0 x 30-day Average SOFR + <br> 5.850% <br>Cap 5.850% <br>02/20/2054<br>| &nbsp;&nbsp; 1.932% | 34986123 | &nbsp;&nbsp; 2719632 |
| CMO Series 2024-51 Class SA | CMO Series 2024-51 Class SA | CMO Series 2024-51 Class SA | CMO Series 2024-51 Class SA |
| -1.0 x 30-day Average SOFR + <br> 6.000% <br>Cap 6.000% <br>03/20/2054<br>| &nbsp;&nbsp; 2.082% | 30252884 | &nbsp;&nbsp; 2962417 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency**<sup>(p)</sup> **(continued)** | **Residential Mortgage-Backed Securities - Agency**<sup>(p)</sup> **(continued)** | **Residential Mortgage-Backed Securities - Agency**<sup>(p)</sup> **(continued)** | **Residential Mortgage-Backed Securities - Agency**<sup>(p)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2024-59 Class JS | CMO Series 2024-59 Class JS | CMO Series 2024-59 Class JS | CMO Series 2024-59 Class JS |
| 30-day Average SOFR + 7.150% <br>Cap 7.150% <br>04/20/2054<br>| &nbsp;&nbsp; 3.232% | 45430231 | &nbsp;&nbsp; 5392882 |
| CMO Series 2024-59 Class SW | CMO Series 2024-59 Class SW | CMO Series 2024-59 Class SW | CMO Series 2024-59 Class SW |
| -1.0 x 30-day Average SOFR + <br> 5.450% <br>Cap 5.450% <br>04/20/2054<br>| &nbsp;&nbsp; 1.532% | 28978507 | &nbsp;&nbsp; 2189404 |
| CMO Series 2024-64 Class KS | CMO Series 2024-64 Class KS | CMO Series 2024-64 Class KS | CMO Series 2024-64 Class KS |
| -1.0 x 30-day Average SOFR + <br> 5.450% <br>Cap 5.450% <br>04/20/2054<br>| &nbsp;&nbsp; 1.532% | 64921002 | &nbsp;&nbsp; 5344609 |
| CMO Series 2024-79 Class SC | CMO Series 2024-79 Class SC | CMO Series 2024-79 Class SC | CMO Series 2024-79 Class SC |
| -1.0 x 30-day Average SOFR + <br> 5.350% <br>Cap 5.350% <br>05/20/2054<br>| &nbsp;&nbsp; 1.432% | 60101636 | &nbsp;&nbsp; 3289206 |
| CMO Series 2024-92 Class DS | CMO Series 2024-92 Class DS | CMO Series 2024-92 Class DS | CMO Series 2024-92 Class DS |
| -1.0 x 30-day Average SOFR + <br> 5.950% <br>Cap 5.950% <br>05/20/2054<br>| &nbsp;&nbsp; 2.032% | 22634779 | &nbsp;&nbsp; 1835185 |
| Government National Mortgage Association<sup>(c)</sup>  | Government National Mortgage Association<sup>(c)</sup>  | Government National Mortgage Association<sup>(c)</sup>  | Government National Mortgage Association<sup>(c)</sup>  |
| CMO Series 2025-39 Class M | CMO Series 2025-39 Class M | CMO Series 2025-39 Class M | CMO Series 2025-39 Class M |
| 30-day Average SOFR + 4.000% <br>Floor 4.000%, Cap 7.700% <br>03/20/2055<br>| &nbsp;&nbsp; 7.221% | 12070383 | &nbsp;&nbsp; 12397631 |
| Government National Mortgage Association TBA<sup>(s)</sup>  | Government National Mortgage Association TBA<sup>(s)</sup>  | Government National Mortgage Association TBA<sup>(s)</sup>  | Government National Mortgage Association TBA<sup>(s)</sup>  |
| 01/22/2056 | &nbsp;&nbsp; 4.500% | 14000000 | &nbsp;&nbsp; 13634688 |
| 01/22/2056 | &nbsp;&nbsp; 5.000% | 22000000 | &nbsp;&nbsp; 21948001 |
| Uniform Mortgage-Backed Security TBA<sup>(s)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(s)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(s)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(s)</sup>  |
| 01/20/2041 | &nbsp;&nbsp; 3.000% | 66000000 | &nbsp;&nbsp; 63486328 |
| 01/20/2041 | &nbsp;&nbsp; 3.500% | 8000000 | &nbsp;&nbsp; 7776280 |
| 01/14/2056 | &nbsp;&nbsp; 4.000% | 23000000 | &nbsp;&nbsp; 21813765 |
| 01/14/2056 | &nbsp;&nbsp; 4.500% | 95000000 | &nbsp;&nbsp; 92733506 |
| 01/14/2056 | &nbsp;&nbsp; 5.500% | 11250000 | &nbsp;&nbsp; 11407304 |
| 01/14/2056 | &nbsp;&nbsp; 6.000% | 43000000 | &nbsp;&nbsp; 44149281 |
| Total Residential Mortgage-Backed Securities - Agency <br>(Cost $1,229,709,672) | Total Residential Mortgage-Backed Securities - Agency <br>(Cost $1,229,709,672) | Total Residential Mortgage-Backed Securities - Agency <br>(Cost $1,229,709,672) | &nbsp;&nbsp; **1210439958** |
| **Residential Mortgage-Backed Securities - Non-Agency 15.9%** | **Residential Mortgage-Backed Securities - Non-Agency 15.9%** | **Residential Mortgage-Backed Securities - Non-Agency 15.9%** | **Residential Mortgage-Backed Securities - Non-Agency 15.9%** |
| A&D Mortgage Trust<sup>(a),(h)</sup>  | A&D Mortgage Trust<sup>(a),(h)</sup>  | A&D Mortgage Trust<sup>(a),(h)</sup>  | A&D Mortgage Trust<sup>(a),(h)</sup>  |
| CMO Series 2024-NQM1 Class A1 | CMO Series 2024-NQM1 Class A1 | CMO Series 2024-NQM1 Class A1 | CMO Series 2024-NQM1 Class A1 |
| 02/25/2069 | &nbsp;&nbsp; 6.195% | 4082666 | &nbsp;&nbsp; 4119428 |
| CMO Series 2025-NQM3 Class A1 | CMO Series 2025-NQM3 Class A1 | CMO Series 2025-NQM3 Class A1 | CMO Series 2025-NQM3 Class A1 |
| 08/25/2070 | &nbsp;&nbsp; 5.374% | 11883072 | &nbsp;&nbsp; 11951731 |
| CMO Series 2025-NQM4 Class A1 | CMO Series 2025-NQM4 Class A1 | CMO Series 2025-NQM4 Class A1 | CMO Series 2025-NQM4 Class A1 |
| 10/25/2070 | &nbsp;&nbsp; 5.225% | 11920910 | &nbsp;&nbsp; 11963254 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| AlphaFlow Transitional Mortgage Trust<sup>(a)</sup>  | AlphaFlow Transitional Mortgage Trust<sup>(a)</sup>  | AlphaFlow Transitional Mortgage Trust<sup>(a)</sup>  | AlphaFlow Transitional Mortgage Trust<sup>(a)</sup>  |
| CMO Series 2021-WL1 Class A1 | CMO Series 2021-WL1 Class A1 | CMO Series 2021-WL1 Class A1 | CMO Series 2021-WL1 Class A1 |
| 01/25/2026 | &nbsp;&nbsp; 3.280% | 822574 | &nbsp;&nbsp; 683052 |
| Angel Oak Mortgage Trust<sup>(a),(t)</sup>  | Angel Oak Mortgage Trust<sup>(a),(t)</sup>  | Angel Oak Mortgage Trust<sup>(a),(t)</sup>  | Angel Oak Mortgage Trust<sup>(a),(t)</sup>  |
| CMO Series 2020-R1 Class M1 | CMO Series 2020-R1 Class M1 | CMO Series 2020-R1 Class M1 | CMO Series 2020-R1 Class M1 |
| 04/25/2053 | &nbsp;&nbsp; 2.781% | 3918000 | &nbsp;&nbsp; 3657788 |
| Angel Oak Mortgage Trust<sup>(a),(h)</sup>  | Angel Oak Mortgage Trust<sup>(a),(h)</sup>  | Angel Oak Mortgage Trust<sup>(a),(h)</sup>  | Angel Oak Mortgage Trust<sup>(a),(h)</sup>  |
| CMO Series 2025-8 Class A1 | CMO Series 2025-8 Class A1 | CMO Series 2025-8 Class A1 | CMO Series 2025-8 Class A1 |
| 07/25/2070 | &nbsp;&nbsp; 5.410% | 7717337 | &nbsp;&nbsp; 7777723 |
| Arroyo Mortgage Trust<sup>(a),(t)</sup>  | Arroyo Mortgage Trust<sup>(a),(t)</sup>  | Arroyo Mortgage Trust<sup>(a),(t)</sup>  | Arroyo Mortgage Trust<sup>(a),(t)</sup>  |
| CMO Series 2019-2 Class A3 | CMO Series 2019-2 Class A3 | CMO Series 2019-2 Class A3 | CMO Series 2019-2 Class A3 |
| 04/25/2049 | &nbsp;&nbsp; 3.800% | 1032360 | &nbsp;&nbsp; 1017391 |
| Bunker Hill Loan Depositary Trust<sup>(a),(h)</sup>  | Bunker Hill Loan Depositary Trust<sup>(a),(h)</sup>  | Bunker Hill Loan Depositary Trust<sup>(a),(h)</sup>  | Bunker Hill Loan Depositary Trust<sup>(a),(h)</sup>  |
| CMO Series 2019-3 Class A3 | CMO Series 2019-3 Class A3 | CMO Series 2019-3 Class A3 | CMO Series 2019-3 Class A3 |
| 11/25/2059 | &nbsp;&nbsp; 3.135% | 442060 | &nbsp;&nbsp; 439510 |
| CAFL Issuer LLC<sup>(a),(h)</sup>  | CAFL Issuer LLC<sup>(a),(h)</sup>  | CAFL Issuer LLC<sup>(a),(h)</sup>  | CAFL Issuer LLC<sup>(a),(h)</sup>  |
| CMO Series 2021-RTL1 Class A1 | CMO Series 2021-RTL1 Class A1 | CMO Series 2021-RTL1 Class A1 | CMO Series 2021-RTL1 Class A1 |
| 03/28/2029 | &nbsp;&nbsp; 2.239% | 928669 | &nbsp;&nbsp; 881251 |
| CHNGE Mortgage Trust<sup>(a),(t)</sup>  | CHNGE Mortgage Trust<sup>(a),(t)</sup>  | CHNGE Mortgage Trust<sup>(a),(t)</sup>  | CHNGE Mortgage Trust<sup>(a),(t)</sup>  |
| CMO Series 2022-2 Class A1 | CMO Series 2022-2 Class A1 | CMO Series 2022-2 Class A1 | CMO Series 2022-2 Class A1 |
| 03/25/2067 | &nbsp;&nbsp; 3.757% | 10186686 | &nbsp;&nbsp; 10152044 |
| CHNGE Mortgage Trust<sup>(a),(h)</sup>  | CHNGE Mortgage Trust<sup>(a),(h)</sup>  | CHNGE Mortgage Trust<sup>(a),(h)</sup>  | CHNGE Mortgage Trust<sup>(a),(h)</sup>  |
| CMO Series 2023-3 Class A1 | CMO Series 2023-3 Class A1 | CMO Series 2023-3 Class A1 | CMO Series 2023-3 Class A1 |
| 07/25/2058 | &nbsp;&nbsp; 7.100% | 6227800 | &nbsp;&nbsp; 6261742 |
| CIM Trust<sup>(a),(h)</sup>  | CIM Trust<sup>(a),(h)</sup>  | CIM Trust<sup>(a),(h)</sup>  | CIM Trust<sup>(a),(h)</sup>  |
| CMO Series 2025-NR1 Class A1 | CMO Series 2025-NR1 Class A1 | CMO Series 2025-NR1 Class A1 | CMO Series 2025-NR1 Class A1 |
| 06/25/2064 | &nbsp;&nbsp; 5.000% | 5234489 | &nbsp;&nbsp; 5147024 |
| Citigroup Mortgage Loan Trust, Inc.<sup>(a)</sup>  | Citigroup Mortgage Loan Trust, Inc.<sup>(a)</sup>  | Citigroup Mortgage Loan Trust, Inc.<sup>(a)</sup>  | Citigroup Mortgage Loan Trust, Inc.<sup>(a)</sup>  |
| CMO Series 2015-RP2 Class B3 | CMO Series 2015-RP2 Class B3 | CMO Series 2015-RP2 Class B3 | CMO Series 2015-RP2 Class B3 |
| 01/25/2053 | &nbsp;&nbsp; 4.250% | 1368759 | &nbsp;&nbsp; 1348744 |
| Subordinated CMO Series 2014-C Class B1 | Subordinated CMO Series 2014-C Class B1 | Subordinated CMO Series 2014-C Class B1 | Subordinated CMO Series 2014-C Class B1 |
| 02/25/2054 | &nbsp;&nbsp; 4.250% | 144632 | &nbsp;&nbsp; 144145 |
| COLT Mortgage Loan Trust<sup>(a),(t)</sup>  | COLT Mortgage Loan Trust<sup>(a),(t)</sup>  | COLT Mortgage Loan Trust<sup>(a),(t)</sup>  | COLT Mortgage Loan Trust<sup>(a),(t)</sup>  |
| CMO Series 2021-3 Class A1 | CMO Series 2021-3 Class A1 | CMO Series 2021-3 Class A1 | CMO Series 2021-3 Class A1 |
| 09/27/2066 | &nbsp;&nbsp; 0.956% | 7776923 | &nbsp;&nbsp; 6697706 |
| CMO Series 2021-3 Class A2 | CMO Series 2021-3 Class A2 | CMO Series 2021-3 Class A2 | CMO Series 2021-3 Class A2 |
| 09/27/2066 | &nbsp;&nbsp; 1.162% | 3219413 | &nbsp;&nbsp; 2786360 |
| CMO Series 2021-5 Class A3 | CMO Series 2021-5 Class A3 | CMO Series 2021-5 Class A3 | CMO Series 2021-5 Class A3 |
| 11/26/2066 | &nbsp;&nbsp; 2.807% | 8381000 | &nbsp;&nbsp; 6665295 |
| COLT Mortgage Loan Trust<sup>(a),(h)</sup>  | COLT Mortgage Loan Trust<sup>(a),(h)</sup>  | COLT Mortgage Loan Trust<sup>(a),(h)</sup>  | COLT Mortgage Loan Trust<sup>(a),(h)</sup>  |
| CMO Series 2024-7 Class A1 | CMO Series 2024-7 Class A1 | CMO Series 2024-7 Class A1 | CMO Series 2024-7 Class A1 |
| 12/26/2069 | &nbsp;&nbsp; 5.538% | 5972540 | &nbsp;&nbsp; 6026583 |
| Cross Mortgage Trust<sup>(a),(t)</sup>  | Cross Mortgage Trust<sup>(a),(t)</sup>  | Cross Mortgage Trust<sup>(a),(t)</sup>  | Cross Mortgage Trust<sup>(a),(t)</sup>  |
| CMO Series 2024-H7 Class A1 | CMO Series 2024-H7 Class A1 | CMO Series 2024-H7 Class A1 | CMO Series 2024-H7 Class A1 |
| 11/25/2069 | &nbsp;&nbsp; 5.585% | 8702144 | &nbsp;&nbsp; 8781049 |
| CMO Series 2025-H5 Class A1 | CMO Series 2025-H5 Class A1 | CMO Series 2025-H5 Class A1 | CMO Series 2025-H5 Class A1 |
| 07/25/2070 | &nbsp;&nbsp; 5.509% | 4892591 | &nbsp;&nbsp; 4933455 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CSMC Trust<sup>(a),(t)</sup>  | CSMC Trust<sup>(a),(t)</sup>  | CSMC Trust<sup>(a),(t)</sup>  | CSMC Trust<sup>(a),(t)</sup>  |
| CMO Series 2022-NQM5 Class M1 | CMO Series 2022-NQM5 Class M1 | CMO Series 2022-NQM5 Class M1 | CMO Series 2022-NQM5 Class M1 |
| 05/25/2067 | &nbsp;&nbsp; 5.169% | 6477700 | &nbsp;&nbsp; 6205644 |
| Deephaven Residential Mortgage Trust<sup>(a),(t)</sup>  | Deephaven Residential Mortgage Trust<sup>(a),(t)</sup>  | Deephaven Residential Mortgage Trust<sup>(a),(t)</sup>  | Deephaven Residential Mortgage Trust<sup>(a),(t)</sup>  |
| CMO Series 2021-4 Class A3 | CMO Series 2021-4 Class A3 | CMO Series 2021-4 Class A3 | CMO Series 2021-4 Class A3 |
| 11/25/2066 | &nbsp;&nbsp; 2.239% | 4891851 | &nbsp;&nbsp; 4391913 |
| EASY<sup>(a),(h)</sup>  | EASY<sup>(a),(h)</sup>  | EASY<sup>(a),(h)</sup>  | EASY<sup>(a),(h)</sup>  |
| CMO Series 2025-RTL1 Class A1 | CMO Series 2025-RTL1 Class A1 | CMO Series 2025-RTL1 Class A1 | CMO Series 2025-RTL1 Class A1 |
| 05/25/2040 | &nbsp;&nbsp; 6.456% | 8250000 | &nbsp;&nbsp; 8360120 |
| Ellington Financial Mortgage Trust<sup>(a),(t)</sup>  | Ellington Financial Mortgage Trust<sup>(a),(t)</sup>  | Ellington Financial Mortgage Trust<sup>(a),(t)</sup>  | Ellington Financial Mortgage Trust<sup>(a),(t)</sup>  |
| CMO Series 2019-2 Class M1 | CMO Series 2019-2 Class M1 | CMO Series 2019-2 Class M1 | CMO Series 2019-2 Class M1 |
| 11/25/2059 | &nbsp;&nbsp; 3.469% | 5761000 | &nbsp;&nbsp; 5617348 |
| FIGRE Trust<sup>(a),(t)</sup>  | FIGRE Trust<sup>(a),(t)</sup>  | FIGRE Trust<sup>(a),(t)</sup>  | FIGRE Trust<sup>(a),(t)</sup>  |
| CMO Series 2023-HE3 Class B | CMO Series 2023-HE3 Class B | CMO Series 2023-HE3 Class B | CMO Series 2023-HE3 Class B |
| 01/25/2042 | &nbsp;&nbsp; 6.971% | 3250957 | &nbsp;&nbsp; 3366738 |
| Figure Line of Credit Trust<sup>(a),(t)</sup>  | Figure Line of Credit Trust<sup>(a),(t)</sup>  | Figure Line of Credit Trust<sup>(a),(t)</sup>  | Figure Line of Credit Trust<sup>(a),(t)</sup>  |
| CMO Series 2020-1 Class A | CMO Series 2020-1 Class A | CMO Series 2020-1 Class A | CMO Series 2020-1 Class A |
| 09/25/2049 | &nbsp;&nbsp; 4.040% | 985978 | &nbsp;&nbsp; 965633 |
| Freddie Mac STACR REMIC Trust<sup>(a),(c)</sup>  | Freddie Mac STACR REMIC Trust<sup>(a),(c)</sup>  | Freddie Mac STACR REMIC Trust<sup>(a),(c)</sup>  | Freddie Mac STACR REMIC Trust<sup>(a),(c)</sup>  |
| CMO Series 2021-DNA5 Class M2 | CMO Series 2021-DNA5 Class M2 | CMO Series 2021-DNA5 Class M2 | CMO Series 2021-DNA5 Class M2 |
| 30-day Average SOFR + 1.650% <br>01/25/2034<br>| &nbsp;&nbsp; 5.524% | 1687520 | &nbsp;&nbsp; 1693258 |
| Subordinated CMO Series 2021-DNA1 Class B2 | Subordinated CMO Series 2021-DNA1 Class B2 | Subordinated CMO Series 2021-DNA1 Class B2 | Subordinated CMO Series 2021-DNA1 Class B2 |
| 30-day Average SOFR + 4.750% <br>01/25/2051<br>| &nbsp;&nbsp; 8.624% | 10256000 | &nbsp;&nbsp; 11365680 |
| Subordinated CMO Series 2022-DNA6 Class M1A | Subordinated CMO Series 2022-DNA6 Class M1A | Subordinated CMO Series 2022-DNA6 Class M1A | Subordinated CMO Series 2022-DNA6 Class M1A |
| 30-day Average SOFR + 2.150% <br>09/25/2042<br>| &nbsp;&nbsp; 6.024% | 2003068 | &nbsp;&nbsp; 2013711 |
| Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(c)</sup>  | Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(c)</sup>  | Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(c)</sup>  | Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(c)</sup>  |
| CMO Series 2020-CS01 Class B1 | CMO Series 2020-CS01 Class B1 | CMO Series 2020-CS01 Class B1 | CMO Series 2020-CS01 Class B1 |
| 30-day Average SOFR + 0.114% <br>04/25/2033<br>| &nbsp;&nbsp; 4.454% | 7480209 | &nbsp;&nbsp; 7246851 |
| GCAT Trust<sup>(a),(t)</sup>  | GCAT Trust<sup>(a),(t)</sup>  | GCAT Trust<sup>(a),(t)</sup>  | GCAT Trust<sup>(a),(t)</sup>  |
| CMO Series 2019-NQM3 Class A3 | CMO Series 2019-NQM3 Class A3 | CMO Series 2019-NQM3 Class A3 | CMO Series 2019-NQM3 Class A3 |
| 11/25/2059 | &nbsp;&nbsp; 3.043% | 1560596 | &nbsp;&nbsp; 1544033 |
| CMO Series 2021-CM1 Class A1 | CMO Series 2021-CM1 Class A1 | CMO Series 2021-CM1 Class A1 | CMO Series 2021-CM1 Class A1 |
| 04/25/2065 | &nbsp;&nbsp; 2.469% | 4631689 | &nbsp;&nbsp; 4480221 |
| CMO Series 2021-CM2 Class A1 | CMO Series 2021-CM2 Class A1 | CMO Series 2021-CM2 Class A1 | CMO Series 2021-CM2 Class A1 |
| 08/25/2066 | &nbsp;&nbsp; 2.352% | 2750043 | &nbsp;&nbsp; 2620883 |
| CMO Series 2021-NQM6 Class A2 | CMO Series 2021-NQM6 Class A2 | CMO Series 2021-NQM6 Class A2 | CMO Series 2021-NQM6 Class A2 |
| 08/25/2066 | &nbsp;&nbsp; 2.710% | 5000000 | &nbsp;&nbsp; 4206116 |
| CMO Series 2021-NQM6 Class A3 | CMO Series 2021-NQM6 Class A3 | CMO Series 2021-NQM6 Class A3 | CMO Series 2021-NQM6 Class A3 |
| 08/25/2066 | &nbsp;&nbsp; 2.810% | 8003000 | &nbsp;&nbsp; 6392023 |
| CMO Series 2025-NQM5 Class A1 | CMO Series 2025-NQM5 Class A1 | CMO Series 2025-NQM5 Class A1 | CMO Series 2025-NQM5 Class A1 |
| 08/25/2070 | &nbsp;&nbsp; 4.981% | 16241663 | &nbsp;&nbsp; 16262286 |
| GCAT Trust<sup>(a),(h)</sup>  | GCAT Trust<sup>(a),(h)</sup>  | GCAT Trust<sup>(a),(h)</sup>  | GCAT Trust<sup>(a),(h)</sup>  |
| CMO Series 2025-NQM3 Class A1 | CMO Series 2025-NQM3 Class A1 | CMO Series 2025-NQM3 Class A1 | CMO Series 2025-NQM3 Class A1 |
| 05/25/2070 | &nbsp;&nbsp; 5.550% | 6084831 | &nbsp;&nbsp; 6145734 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| GITSIT Mortgage Loan Trust<sup>(a),(h)</sup>  | GITSIT Mortgage Loan Trust<sup>(a),(h)</sup>  | GITSIT Mortgage Loan Trust<sup>(a),(h)</sup>  | GITSIT Mortgage Loan Trust<sup>(a),(h)</sup>  |
| CMO Series 2025-NPL1 Class A1 | CMO Series 2025-NPL1 Class A1 | CMO Series 2025-NPL1 Class A1 | CMO Series 2025-NPL1 Class A1 |
| 02/25/2055 | &nbsp;&nbsp; 6.276% | 3343205 | &nbsp;&nbsp; 3349004 |
| GS Mortgage-Backed Securities Corp. Trust<sup>(a),(h)</sup>  | GS Mortgage-Backed Securities Corp. Trust<sup>(a),(h)</sup>  | GS Mortgage-Backed Securities Corp. Trust<sup>(a),(h)</sup>  | GS Mortgage-Backed Securities Corp. Trust<sup>(a),(h)</sup>  |
| CMO Series 2025-NQM6 Class A1 | CMO Series 2025-NQM6 Class A1 | CMO Series 2025-NQM6 Class A1 | CMO Series 2025-NQM6 Class A1 |
| 11/25/2029 | &nbsp;&nbsp; 5.021% | 9353668 | &nbsp;&nbsp; 9356065 |
| GS Mortgage-Backed Securities Trust<sup>(a),(h)</sup>  | GS Mortgage-Backed Securities Trust<sup>(a),(h)</sup>  | GS Mortgage-Backed Securities Trust<sup>(a),(h)</sup>  | GS Mortgage-Backed Securities Trust<sup>(a),(h)</sup>  |
| CMO Series 2025-NQM4 Class A1 | CMO Series 2025-NQM4 Class A1 | CMO Series 2025-NQM4 Class A1 | CMO Series 2025-NQM4 Class A1 |
| 10/25/2065 | &nbsp;&nbsp; 5.006% | 9416878 | &nbsp;&nbsp; 9415546 |
| HOMES Trust<sup>(a),(h)</sup>  | HOMES Trust<sup>(a),(h)</sup>  | HOMES Trust<sup>(a),(h)</sup>  | HOMES Trust<sup>(a),(h)</sup>  |
| CMO Series 2025-AFC2 Class AIA | CMO Series 2025-AFC2 Class AIA | CMO Series 2025-AFC2 Class AIA | CMO Series 2025-AFC2 Class AIA |
| 06/25/2060 | &nbsp;&nbsp; 5.471% | 4227696 | &nbsp;&nbsp; 4261018 |
| CMO Series 2025-NQM4 Class A1 | CMO Series 2025-NQM4 Class A1 | CMO Series 2025-NQM4 Class A1 | CMO Series 2025-NQM4 Class A1 |
| 08/25/2070 | &nbsp;&nbsp; 5.220% | 7593901 | &nbsp;&nbsp; 7630626 |
| HTAP Issuer Trust<sup>(a)</sup>  | HTAP Issuer Trust<sup>(a)</sup>  | HTAP Issuer Trust<sup>(a)</sup>  | HTAP Issuer Trust<sup>(a)</sup>  |
| CMO Series 2024-2 Class A | CMO Series 2024-2 Class A | CMO Series 2024-2 Class A | CMO Series 2024-2 Class A |
| 04/25/2042 | &nbsp;&nbsp; 6.500% | 6651903 | &nbsp;&nbsp; 6666184 |
| CMO Series 2025-1 Class A | CMO Series 2025-1 Class A | CMO Series 2025-1 Class A | CMO Series 2025-1 Class A |
| 11/25/2042 | &nbsp;&nbsp; 6.500% | 4647693 | &nbsp;&nbsp; 4662686 |
| Imperial Fund Mortgage Trust<sup>(a),(t)</sup>  | Imperial Fund Mortgage Trust<sup>(a),(t)</sup>  | Imperial Fund Mortgage Trust<sup>(a),(t)</sup>  | Imperial Fund Mortgage Trust<sup>(a),(t)</sup>  |
| CMO Series 2021-NQM4 Class A2 | CMO Series 2021-NQM4 Class A2 | CMO Series 2021-NQM4 Class A2 | CMO Series 2021-NQM4 Class A2 |
| 01/25/2057 | &nbsp;&nbsp; 2.296% | 3347891 | &nbsp;&nbsp; 3018694 |
| MFA Trust<sup>(a),(t)</sup>  | MFA Trust<sup>(a),(t)</sup>  | MFA Trust<sup>(a),(t)</sup>  | MFA Trust<sup>(a),(t)</sup>  |
| CMO Series 2020-NQM2 Class M1 | CMO Series 2020-NQM2 Class M1 | CMO Series 2020-NQM2 Class M1 | CMO Series 2020-NQM2 Class M1 |
| 04/25/2065 | &nbsp;&nbsp; 3.034% | 10000000 | &nbsp;&nbsp; 9714547 |
| CMO Series 2024-RPL1 Class A2 | CMO Series 2024-RPL1 Class A2 | CMO Series 2024-RPL1 Class A2 | CMO Series 2024-RPL1 Class A2 |
| 02/25/2066 | &nbsp;&nbsp; 4.250% | 6200000 | &nbsp;&nbsp; 5155472 |
| Mill City Mortgage Loan Trust<sup>(a),(h)</sup>  | Mill City Mortgage Loan Trust<sup>(a),(h)</sup>  | Mill City Mortgage Loan Trust<sup>(a),(h)</sup>  | Mill City Mortgage Loan Trust<sup>(a),(h)</sup>  |
| CMO Series 2023-NQM1 Class A1 | CMO Series 2023-NQM1 Class A1 | CMO Series 2023-NQM1 Class A1 | CMO Series 2023-NQM1 Class A1 |
| 10/25/2067 | &nbsp;&nbsp; 6.050% | 3799657 | &nbsp;&nbsp; 3795757 |
| NRZ Excess Spread-Collateralized Notes<sup>(a)</sup>  | NRZ Excess Spread-Collateralized Notes<sup>(a)</sup>  | NRZ Excess Spread-Collateralized Notes<sup>(a)</sup>  | NRZ Excess Spread-Collateralized Notes<sup>(a)</sup>  |
| CMO Series 2021-GNT1 Class A | CMO Series 2021-GNT1 Class A | CMO Series 2021-GNT1 Class A | CMO Series 2021-GNT1 Class A |
| 11/25/2026 | &nbsp;&nbsp; 3.474% | 3370430 | &nbsp;&nbsp; 3322070 |
| OBX Trust<sup>(a),(t)</sup>  | OBX Trust<sup>(a),(t)</sup>  | OBX Trust<sup>(a),(t)</sup>  | OBX Trust<sup>(a),(t)</sup>  |
| CMO Series 2021-NQM3 Class A1 | CMO Series 2021-NQM3 Class A1 | CMO Series 2021-NQM3 Class A1 | CMO Series 2021-NQM3 Class A1 |
| 07/25/2061 | &nbsp;&nbsp; 1.054% | 4697258 | &nbsp;&nbsp; 3865723 |
| CMO Series 2025-NQM13 Class A1 | CMO Series 2025-NQM13 Class A1 | CMO Series 2025-NQM13 Class A1 | CMO Series 2025-NQM13 Class A1 |
| 05/25/2065 | &nbsp;&nbsp; 5.441% | 11911776 | &nbsp;&nbsp; 12012619 |
| OBX Trust<sup>(a),(h)</sup>  | OBX Trust<sup>(a),(h)</sup>  | OBX Trust<sup>(a),(h)</sup>  | OBX Trust<sup>(a),(h)</sup>  |
| CMO Series 2024-NQM16 Class A1 | CMO Series 2024-NQM16 Class A1 | CMO Series 2024-NQM16 Class A1 | CMO Series 2024-NQM16 Class A1 |
| 10/25/2064 | &nbsp;&nbsp; 5.530% | 5317212 | &nbsp;&nbsp; 5359802 |
| PRET LLC<sup>(a),(h)</sup>  | PRET LLC<sup>(a),(h)</sup>  | PRET LLC<sup>(a),(h)</sup>  | PRET LLC<sup>(a),(h)</sup>  |
| CMO Series 2024-NPL7 Class A1 | CMO Series 2024-NPL7 Class A1 | CMO Series 2024-NPL7 Class A1 | CMO Series 2024-NPL7 Class A1 |
| 10/25/2054 | &nbsp;&nbsp; 5.925% | 10329549 | &nbsp;&nbsp; 10335232 |
| CMO Series 2025-NPL4 Class A1 | CMO Series 2025-NPL4 Class A1 | CMO Series 2025-NPL4 Class A1 | CMO Series 2025-NPL4 Class A1 |
| 04/25/2055 | &nbsp;&nbsp; 6.368% | 8259375 | &nbsp;&nbsp; 8289120 |
| PRKCM Trust<sup>(a),(t)</sup>  | PRKCM Trust<sup>(a),(t)</sup>  | PRKCM Trust<sup>(a),(t)</sup>  | PRKCM Trust<sup>(a),(t)</sup>  |
| CMO Series 2021-AFC1 Class M1 | CMO Series 2021-AFC1 Class M1 | CMO Series 2021-AFC1 Class M1 | CMO Series 2021-AFC1 Class M1 |
| 08/25/2056 | &nbsp;&nbsp; 3.114% | 6966000 | &nbsp;&nbsp; 4989386 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| PRPM LLC<sup>(a),(h)</sup>  | PRPM LLC<sup>(a),(h)</sup>  | PRPM LLC<sup>(a),(h)</sup>  | PRPM LLC<sup>(a),(h)</sup>  |
| CMO Series 2025-2 Class A1 | CMO Series 2025-2 Class A1 | CMO Series 2025-2 Class A1 | CMO Series 2025-2 Class A1 |
| 05/25/2030 | &nbsp;&nbsp; 6.469% | 8118290 | &nbsp;&nbsp; 8124285 |
| PRPM Trust<sup>(a),(t)</sup>  | PRPM Trust<sup>(a),(t)</sup>  | PRPM Trust<sup>(a),(t)</sup>  | PRPM Trust<sup>(a),(t)</sup>  |
| CMO Series 2025-NQM3 Class A1 | CMO Series 2025-NQM3 Class A1 | CMO Series 2025-NQM3 Class A1 | CMO Series 2025-NQM3 Class A1 |
| 05/25/2070 | &nbsp;&nbsp; 5.606% | 9227120 | &nbsp;&nbsp; 9313074 |
| CMO Series 2025-NQM4 Class A1 | CMO Series 2025-NQM4 Class A1 | CMO Series 2025-NQM4 Class A1 | CMO Series 2025-NQM4 Class A1 |
| 07/25/2070 | &nbsp;&nbsp; 4.980% | 6481444 | &nbsp;&nbsp; 6482893 |
| RCO Trust<sup>(a),(h)</sup>  | RCO Trust<sup>(a),(h)</sup>  | RCO Trust<sup>(a),(h)</sup>  | RCO Trust<sup>(a),(h)</sup>  |
| CMO Series 2025-PR1 Class A | CMO Series 2025-PR1 Class A | CMO Series 2025-PR1 Class A | CMO Series 2025-PR1 Class A |
| 02/25/2055 | &nbsp;&nbsp; 6.250% | 6512858 | &nbsp;&nbsp; 6481868 |
| RCO VIII Mortgage LLC<sup>(a),(h)</sup>  | RCO VIII Mortgage LLC<sup>(a),(h)</sup>  | RCO VIII Mortgage LLC<sup>(a),(h)</sup>  | RCO VIII Mortgage LLC<sup>(a),(h)</sup>  |
| CMO Series 2025-3 Class A1 | CMO Series 2025-3 Class A1 | CMO Series 2025-3 Class A1 | CMO Series 2025-3 Class A1 |
| 05/25/2030 | &nbsp;&nbsp; 6.435% | 3936554 | &nbsp;&nbsp; 3945208 |
| RCO X Mortgage LLC<sup>(a),(h)</sup>  | RCO X Mortgage LLC<sup>(a),(h)</sup>  | RCO X Mortgage LLC<sup>(a),(h)</sup>  | RCO X Mortgage LLC<sup>(a),(h)</sup>  |
| CMO Series 2025-1 Class A1 | CMO Series 2025-1 Class A1 | CMO Series 2025-1 Class A1 | CMO Series 2025-1 Class A1 |
| 01/25/2030 | &nbsp;&nbsp; 5.875% | 8497478 | &nbsp;&nbsp; 8500450 |
| SAIF Securitization Trust<sup>(a),(h)</sup>  | SAIF Securitization Trust<sup>(a),(h)</sup>  | SAIF Securitization Trust<sup>(a),(h)</sup>  | SAIF Securitization Trust<sup>(a),(h)</sup>  |
| CMO Series 2025-CES1 Class A1 | CMO Series 2025-CES1 Class A1 | CMO Series 2025-CES1 Class A1 | CMO Series 2025-CES1 Class A1 |
| 06/25/2065 | &nbsp;&nbsp; 5.406% | 7900034 | &nbsp;&nbsp; 7916827 |
| SG Residential Mortgage Trust<sup>(a),(t)</sup>  | SG Residential Mortgage Trust<sup>(a),(t)</sup>  | SG Residential Mortgage Trust<sup>(a),(t)</sup>  | SG Residential Mortgage Trust<sup>(a),(t)</sup>  |
| CMO Series 2019-3 Class M1 | CMO Series 2019-3 Class M1 | CMO Series 2019-3 Class M1 | CMO Series 2019-3 Class M1 |
| 09/25/2059 | &nbsp;&nbsp; 3.526% | 6989646 | &nbsp;&nbsp; 6903847 |
| Starwood Mortgage Residential Trust<sup>(a)</sup>  | Starwood Mortgage Residential Trust<sup>(a)</sup>  | Starwood Mortgage Residential Trust<sup>(a)</sup>  | Starwood Mortgage Residential Trust<sup>(a)</sup>  |
| CMO Series 2020-INV1 Class M1 | CMO Series 2020-INV1 Class M1 | CMO Series 2020-INV1 Class M1 | CMO Series 2020-INV1 Class M1 |
| 11/25/2055 | &nbsp;&nbsp; 2.501% | 2900000 | &nbsp;&nbsp; 2747017 |
| Starwood Mortgage Residential Trust<sup>(a),(t)</sup>  | Starwood Mortgage Residential Trust<sup>(a),(t)</sup>  | Starwood Mortgage Residential Trust<sup>(a),(t)</sup>  | Starwood Mortgage Residential Trust<sup>(a),(t)</sup>  |
| CMO Series 2021-3 Class A1 | CMO Series 2021-3 Class A1 | CMO Series 2021-3 Class A1 | CMO Series 2021-3 Class A1 |
| 06/25/2056 | &nbsp;&nbsp; 1.127% | 2108705 | &nbsp;&nbsp; 1871117 |
| CMO Series 2022-2 Class A1 | CMO Series 2022-2 Class A1 | CMO Series 2022-2 Class A1 | CMO Series 2022-2 Class A1 |
| 02/25/2067 | &nbsp;&nbsp; 3.168% | 2869329 | &nbsp;&nbsp; 2807232 |
| Structured Agency Credit Risk<sup>(c)</sup>  | Structured Agency Credit Risk<sup>(c)</sup>  | Structured Agency Credit Risk<sup>(c)</sup>  | Structured Agency Credit Risk<sup>(c)</sup>  |
| Subordinated CMO Series 2020-CS02 Class B1 | Subordinated CMO Series 2020-CS02 Class B1 | Subordinated CMO Series 2020-CS02 Class B1 | Subordinated CMO Series 2020-CS02 Class B1 |
| 30-day Average SOFR + 0.114% <br>06/25/2033<br>| &nbsp;&nbsp; 4.465% | 6061089 | &nbsp;&nbsp; 5928516 |
| Toorak Mortgage Trust<sup>(a),(h)</sup>  | Toorak Mortgage Trust<sup>(a),(h)</sup>  | Toorak Mortgage Trust<sup>(a),(h)</sup>  | Toorak Mortgage Trust<sup>(a),(h)</sup>  |
| CMO Series 2024-RRTL2 Class A1 | CMO Series 2024-RRTL2 Class A1 | CMO Series 2024-RRTL2 Class A1 | CMO Series 2024-RRTL2 Class A1 |
| 09/25/2039 | &nbsp;&nbsp; 5.504% | 12375000 | &nbsp;&nbsp; 12430801 |
| Towd Point Mortgage Trust<sup>(a),(t)</sup>  | Towd Point Mortgage Trust<sup>(a),(t)</sup>  | Towd Point Mortgage Trust<sup>(a),(t)</sup>  | Towd Point Mortgage Trust<sup>(a),(t)</sup>  |
| CMO Series 2019-4 Class M1B | CMO Series 2019-4 Class M1B | CMO Series 2019-4 Class M1B | CMO Series 2019-4 Class M1B |
| 10/25/2059 | &nbsp;&nbsp; 3.000% | 24114000 | &nbsp;&nbsp; 20517327 |
| Unlock HEA Trust<sup>(a)</sup>  | Unlock HEA Trust<sup>(a)</sup>  | Unlock HEA Trust<sup>(a)</sup>  | Unlock HEA Trust<sup>(a)</sup>  |
| CMO Series 2023-1 Class A | CMO Series 2023-1 Class A | CMO Series 2023-1 Class A | CMO Series 2023-1 Class A |
| 10/25/2038 | &nbsp;&nbsp; 7.000% | 7593953 | &nbsp;&nbsp; 7604415 |
| Verus Securitization Trust<sup>(a),(t)</sup>  | Verus Securitization Trust<sup>(a),(t)</sup>  | Verus Securitization Trust<sup>(a),(t)</sup>  | Verus Securitization Trust<sup>(a),(t)</sup>  |
| CMO Series 2021-5 Class A2 | CMO Series 2021-5 Class A2 | CMO Series 2021-5 Class A2 | CMO Series 2021-5 Class A2 |
| 09/25/2066 | &nbsp;&nbsp; 1.218% | 2116792 | &nbsp;&nbsp; 1849346 |
| CMO Series 2021-5 Class A3 | CMO Series 2021-5 Class A3 | CMO Series 2021-5 Class A3 | CMO Series 2021-5 Class A3 |
| 09/25/2066 | &nbsp;&nbsp; 1.373% | 4006785 | &nbsp;&nbsp; 3515841 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2021-5 Class M1 | CMO Series 2021-5 Class M1 | CMO Series 2021-5 Class M1 | CMO Series 2021-5 Class M1 |
| 09/25/2066 | &nbsp;&nbsp; 2.331% | 3800000 | &nbsp;&nbsp; 2770725 |
| CMO Series 2021-7 Class A3 | CMO Series 2021-7 Class A3 | CMO Series 2021-7 Class A3 | CMO Series 2021-7 Class A3 |
| 10/25/2066 | &nbsp;&nbsp; 2.240% | 6793604 | &nbsp;&nbsp; 5985214 |
| CMO Series 2023-1 Class M1 | CMO Series 2023-1 Class M1 | CMO Series 2023-1 Class M1 | CMO Series 2023-1 Class M1 |
| 12/25/2067 | &nbsp;&nbsp; 6.842% | 15257000 | &nbsp;&nbsp; 15213667 |
| Visio Trust<sup>(a),(t)</sup>  | Visio Trust<sup>(a),(t)</sup>  | Visio Trust<sup>(a),(t)</sup>  | Visio Trust<sup>(a),(t)</sup>  |
| CMO Series 2019-2 Class A3 | CMO Series 2019-2 Class A3 | CMO Series 2019-2 Class A3 | CMO Series 2019-2 Class A3 |
| 11/25/2054 | &nbsp;&nbsp; 3.076% | 174478 | &nbsp;&nbsp; 173306 |
| Total Residential Mortgage-Backed Securities - Non-Agency <br>(Cost $459,621,851) | Total Residential Mortgage-Backed Securities - Non-Agency <br>(Cost $459,621,851) | Total Residential Mortgage-Backed Securities - Non-Agency <br>(Cost $459,621,851) | &nbsp;&nbsp; **450595994** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Rights 0.0%** | **Rights 0.0%** | **Rights 0.0%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Communication Services 0.0%** | **Communication Services 0.0%** | **Communication Services 0.0%** |
| **Wireless Telecommunication Services 0.0%** | **Wireless Telecommunication Services 0.0%** | **Wireless Telecommunication Services 0.0%** |
| Altice Luxembourg France SA, CVR<sup>(b),(f),(n),(o)</sup> <br>| &nbsp;&nbsp; 469 | &nbsp;&nbsp; 7581 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **7581** |
| Total Rights <br>(Cost $27) | Total Rights <br>(Cost $27) | &nbsp;&nbsp; **7581** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans 2.8%** | **Senior Loans 2.8%** | **Senior Loans 2.8%** | **Senior Loans 2.8%** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Aerospace & Defense 0.0%** | **Aerospace & Defense 0.0%** | **Aerospace & Defense 0.0%** | **Aerospace & Defense 0.0%** |
| Goat Holdco LLC<sup>(c),(u)</sup>  | Goat Holdco LLC<sup>(c),(u)</sup>  | Goat Holdco LLC<sup>(c),(u)</sup>  | Goat Holdco LLC<sup>(c),(u)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 1-month Term SOFR + 2.750% <br>01/27/2032<br>| &nbsp;&nbsp; 6.466% | 49373 | &nbsp;&nbsp; 49455 |
| Karman Holdings, Inc.<sup>(c),(u)</sup>  | Karman Holdings, Inc.<sup>(c),(u)</sup>  | Karman Holdings, Inc.<sup>(c),(u)</sup>  | Karman Holdings, Inc.<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 3.500% <br>04/01/2032<br>| &nbsp;&nbsp; 7.172% | 461639 | &nbsp;&nbsp; 465102 |
| TransDigm, Inc.<sup>(c),(u)</sup>  | TransDigm, Inc.<sup>(c),(u)</sup>  | TransDigm, Inc.<sup>(c),(u)</sup>  | TransDigm, Inc.<sup>(c),(u)</sup>  |
| Tranche J Term Loan | Tranche J Term Loan | Tranche J Term Loan | Tranche J Term Loan |
| 1-month Term SOFR + 2.500% <br>02/28/2031<br>| &nbsp;&nbsp; 6.216% | 344750 | &nbsp;&nbsp; 345922 |
| Tranche M Term Loan | Tranche M Term Loan | Tranche M Term Loan | Tranche M Term Loan |
| 1-month Term SOFR + 2.500% <br>08/19/2032<br>| &nbsp;&nbsp; 6.216% | 20109 | &nbsp;&nbsp; 20188 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **880667** |
| **Airlines 0.0%** | **Airlines 0.0%** | **Airlines 0.0%** | **Airlines 0.0%** |
| AAdvantage Loyalty IP Ltd./American Airlines, Inc.<sup>(c),(u)</sup>  | AAdvantage Loyalty IP Ltd./American Airlines, Inc.<sup>(c),(u)</sup>  | AAdvantage Loyalty IP Ltd./American Airlines, Inc.<sup>(c),(u)</sup>  | AAdvantage Loyalty IP Ltd./American Airlines, Inc.<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 3.250% <br>05/28/2032<br>| &nbsp;&nbsp; 7.134% | 34484 | &nbsp;&nbsp; 34636 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| American Airlines, Inc.<sup>(c),(u)</sup>  | American Airlines, Inc.<sup>(c),(u)</sup>  | American Airlines, Inc.<sup>(c),(u)</sup>  | American Airlines, Inc.<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 6-month Term SOFR + 2.250% <br>06/04/2029<br>| &nbsp;&nbsp; 6.258% | 343000 | &nbsp;&nbsp; 343216 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **377852** |
| **Automotive 0.0%** | **Automotive 0.0%** | **Automotive 0.0%** | **Automotive 0.0%** |
| American Axle & Manufacturing, Inc.<sup>(c),(u)</sup>  | American Axle & Manufacturing, Inc.<sup>(c),(u)</sup>  | American Axle & Manufacturing, Inc.<sup>(c),(u)</sup>  | American Axle & Manufacturing, Inc.<sup>(c),(u)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 6-month Term SOFR + 3.000% <br>Floor 0.500% <br>12/13/2029<br>| &nbsp;&nbsp; 6.853% | 200000 | &nbsp;&nbsp; 200562 |
| Clarios Global LP<sup>(c),(u)</sup>  | Clarios Global LP<sup>(c),(u)</sup>  | Clarios Global LP<sup>(c),(u)</sup>  | Clarios Global LP<sup>(c),(u)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 1-month Term SOFR + 2.750% <br>01/28/2032<br>| &nbsp;&nbsp; 6.466% | 313896 | &nbsp;&nbsp; 315073 |
| First Brands Group LLC<sup>(e),(u)</sup>  | First Brands Group LLC<sup>(e),(u)</sup>  | First Brands Group LLC<sup>(e),(u)</sup>  | First Brands Group LLC<sup>(e),(u)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 03/30/2027 | &nbsp;&nbsp; 0.000% | 166397 | &nbsp;&nbsp; 338 |
| First Brands Group LLC<sup>(c),(u),(v)</sup>  | First Brands Group LLC<sup>(c),(u),(v)</sup>  | First Brands Group LLC<sup>(c),(u),(v)</sup>  | First Brands Group LLC<sup>(c),(u),(v)</sup>  |
| Debtor in Possession Term Loan | Debtor in Possession Term Loan | Debtor in Possession Term Loan | Debtor in Possession Term Loan |
| 1-month Term SOFR + 8.450% <br>06/29/2026<br>| &nbsp;&nbsp; 5.393% | 66400 | &nbsp;&nbsp; 11952 |
| First Brands Group LLC<sup>(c),(u)</sup>  | First Brands Group LLC<sup>(c),(u)</sup>  | First Brands Group LLC<sup>(c),(u)</sup>  | First Brands Group LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 7.000% <br>06/29/2026<br>| &nbsp;&nbsp; 10.843% | 190825 | &nbsp;&nbsp; 2194 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **530119** |
| **Brokerage/Asset Managers/Exchanges 0.1%** | **Brokerage/Asset Managers/Exchanges 0.1%** | **Brokerage/Asset Managers/Exchanges 0.1%** | **Brokerage/Asset Managers/Exchanges 0.1%** |
| Aretec Group, Inc.<sup>(c),(u)</sup>  | Aretec Group, Inc.<sup>(c),(u)</sup>  | Aretec Group, Inc.<sup>(c),(u)</sup>  | Aretec Group, Inc.<sup>(c),(u)</sup>  |
| Tranche B4 1st Lien Term Loan | Tranche B4 1st Lien Term Loan | Tranche B4 1st Lien Term Loan | Tranche B4 1st Lien Term Loan |
| 1-month Term SOFR + 3.000% <br>08/09/2030<br>| &nbsp;&nbsp; 6.716% | 344770 | &nbsp;&nbsp; 345849 |
| Chicago US Midco III LP<sup>(c),(u),(w),(x)</sup>  | Chicago US Midco III LP<sup>(c),(u),(w),(x)</sup>  | Chicago US Midco III LP<sup>(c),(u),(w),(x)</sup>  | Chicago US Midco III LP<sup>(c),(u),(w),(x)</sup>  |
| Delayed Draw Term Loan | Delayed Draw Term Loan | Delayed Draw Term Loan | Delayed Draw Term Loan |
| 3-month Term SOFR + 0.000% <br>10/08/2032<br>|  | 54809 | &nbsp;&nbsp; 54878 |
| Chicago US Midco III LP<sup>(c),(u)</sup>  | Chicago US Midco III LP<sup>(c),(u)</sup>  | Chicago US Midco III LP<sup>(c),(u)</sup>  | Chicago US Midco III LP<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.500% <br>10/08/2032<br>| &nbsp;&nbsp; 6.216% | 369049 | &nbsp;&nbsp; 369511 |
| Focus Financial Partners LLC<sup>(c),(u)</sup>  | Focus Financial Partners LLC<sup>(c),(u)</sup>  | Focus Financial Partners LLC<sup>(c),(u)</sup>  | Focus Financial Partners LLC<sup>(c),(u)</sup>  |
| Tranche C Term Loan | Tranche C Term Loan | Tranche C Term Loan | Tranche C Term Loan |
| 1-month Term SOFR + 2.500% <br>09/15/2031<br>| &nbsp;&nbsp; 6.216% | 288748 | &nbsp;&nbsp; 289158 |
| GTCR Everest Borrower LLC<sup>(c),(u)</sup>  | GTCR Everest Borrower LLC<sup>(c),(u)</sup>  | GTCR Everest Borrower LLC<sup>(c),(u)</sup>  | GTCR Everest Borrower LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 2.750% <br>09/05/2031<br>| &nbsp;&nbsp; 6.422% | 177004 | &nbsp;&nbsp; 177593 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| HighTower Holding LLC<sup>(c),(u)</sup>  | HighTower Holding LLC<sup>(c),(u)</sup>  | HighTower Holding LLC<sup>(c),(u)</sup>  | HighTower Holding LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 2.750% <br>02/03/2032<br>| &nbsp;&nbsp; 6.651% | 146235 | &nbsp;&nbsp; 146327 |
| Jefferies Finance LLC<sup>(c),(u)</sup>  | Jefferies Finance LLC<sup>(c),(u)</sup>  | Jefferies Finance LLC<sup>(c),(u)</sup>  | Jefferies Finance LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.750% <br>10/21/2031<br>| &nbsp;&nbsp; 6.500% | 188234 | &nbsp;&nbsp; 186822 |
| June Purchaser LLC<sup>(c),(u),(w),(x)</sup>  | June Purchaser LLC<sup>(c),(u),(w),(x)</sup>  | June Purchaser LLC<sup>(c),(u),(w),(x)</sup>  | June Purchaser LLC<sup>(c),(u),(w),(x)</sup>  |
| Delayed Draw Term Loan | Delayed Draw Term Loan | Delayed Draw Term Loan | Delayed Draw Term Loan |
| 3-month Term SOFR + 2.750% <br>11/28/2031<br>| &nbsp;&nbsp; 2.750% | 19286 | &nbsp;&nbsp; 19402 |
| June Purchaser LLC<sup>(c),(u)</sup>  | June Purchaser LLC<sup>(c),(u)</sup>  | June Purchaser LLC<sup>(c),(u)</sup>  | June Purchaser LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 2.750% <br>11/28/2031<br>| &nbsp;&nbsp; 6.422% | 114846 | &nbsp;&nbsp; 115540 |
| Orion Midco Ltd.<sup>(c),(u)</sup>  | Orion Midco Ltd.<sup>(c),(u)</sup>  | Orion Midco Ltd.<sup>(c),(u)</sup>  | Orion Midco Ltd.<sup>(c),(u)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 3-month Term SOFR + 3.500% <br>10/08/2032<br>| &nbsp;&nbsp; 7.427% | 445614 | &nbsp;&nbsp; 447423 |
| Osaic Holdings, Inc.<sup>(c),(u)</sup>  | Osaic Holdings, Inc.<sup>(c),(u)</sup>  | Osaic Holdings, Inc.<sup>(c),(u)</sup>  | Osaic Holdings, Inc.<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 6-month Term SOFR + 3.000% <br>07/30/2032<br>| &nbsp;&nbsp; 6.595% | 213699 | &nbsp;&nbsp; 214460 |
| PEX Holdings LLC<sup>(c),(u)</sup>  | PEX Holdings LLC<sup>(c),(u)</sup>  | PEX Holdings LLC<sup>(c),(u)</sup>  | PEX Holdings LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 2.750% <br>11/26/2031<br>| &nbsp;&nbsp; 6.422% | 213341 | &nbsp;&nbsp; 213251 |
| VFH Parent LLC<sup>(c),(u)</sup>  | VFH Parent LLC<sup>(c),(u)</sup>  | VFH Parent LLC<sup>(c),(u)</sup>  | VFH Parent LLC<sup>(c),(u)</sup>  |
| Tranche B2 Term Loan | Tranche B2 Term Loan | Tranche B2 Term Loan | Tranche B2 Term Loan |
| 1-month Term SOFR + 2.500% <br>06/21/2031<br>| &nbsp;&nbsp; 6.216% | 451812 | &nbsp;&nbsp; 452752 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3032966** |
| **Building Materials 0.1%** | **Building Materials 0.1%** | **Building Materials 0.1%** | **Building Materials 0.1%** |
| Cornerstone Building Brands, Inc.<sup>(c),(u)</sup>  | Cornerstone Building Brands, Inc.<sup>(c),(u)</sup>  | Cornerstone Building Brands, Inc.<sup>(c),(u)</sup>  | Cornerstone Building Brands, Inc.<sup>(c),(u)</sup>  |
| Tranche C Term Loan | Tranche C Term Loan | Tranche C Term Loan | Tranche C Term Loan |
| 1-month Term SOFR + 4.500% <br>Floor 0.500% <br>05/15/2031<br>| &nbsp;&nbsp; 8.250% | 55474 | &nbsp;&nbsp; 39017 |
| Covia Holdings LLC<sup>(c),(u)</sup>  | Covia Holdings LLC<sup>(c),(u)</sup>  | Covia Holdings LLC<sup>(c),(u)</sup>  | Covia Holdings LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 2.750% <br>02/26/2032<br>| &nbsp;&nbsp; 6.706% | 349123 | &nbsp;&nbsp; 346068 |
| DG Investment Intermediate Holdings 2, Inc.<sup>(c),(u)</sup>  | DG Investment Intermediate Holdings 2, Inc.<sup>(c),(u)</sup>  | DG Investment Intermediate Holdings 2, Inc.<sup>(c),(u)</sup>  | DG Investment Intermediate Holdings 2, Inc.<sup>(c),(u)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 1-month Term SOFR + 3.750% <br>07/09/2032<br>| &nbsp;&nbsp; 7.466% | 389655 | &nbsp;&nbsp; 389655 |
| Green Infrastructure Partners, Inc.<sup>(c),(u)</sup>  | Green Infrastructure Partners, Inc.<sup>(c),(u)</sup>  | Green Infrastructure Partners, Inc.<sup>(c),(u)</sup>  | Green Infrastructure Partners, Inc.<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 2.750% <br>09/24/2032<br>| &nbsp;&nbsp; 6.422% | 426701 | &nbsp;&nbsp; 426701 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Johnstone Supply LLC<sup>(c),(u)</sup>  | Johnstone Supply LLC<sup>(c),(u)</sup>  | Johnstone Supply LLC<sup>(c),(u)</sup>  | Johnstone Supply LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.500% <br>06/09/2031<br>| &nbsp;&nbsp; 6.230% | 421862 | &nbsp;&nbsp; 423912 |
| LBM Acquisition LLC<sup>(c),(u)</sup>  | LBM Acquisition LLC<sup>(c),(u)</sup>  | LBM Acquisition LLC<sup>(c),(u)</sup>  | LBM Acquisition LLC<sup>(c),(u)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 1-month Term SOFR + 3.750% <br>Floor 0.750% <br>06/06/2031<br>| &nbsp;&nbsp; 7.584% | 343865 | &nbsp;&nbsp; 321978 |
| Madison Safety & Flow LLC<sup>(c),(u),(w)</sup>  | Madison Safety & Flow LLC<sup>(c),(u),(w)</sup>  | Madison Safety & Flow LLC<sup>(c),(u),(w)</sup>  | Madison Safety & Flow LLC<sup>(c),(u),(w)</sup>  |
| Tranche B 1st Lien Term Loan | Tranche B 1st Lien Term Loan | Tranche B 1st Lien Term Loan | Tranche B 1st Lien Term Loan |
| 1-month Term SOFR + 2.500% <br>09/26/2031<br>| &nbsp;&nbsp; 6.227% | 490285 | &nbsp;&nbsp; 493247 |
| Park River Holdings, Inc.<sup>(c),(u)</sup>  | Park River Holdings, Inc.<sup>(c),(u)</sup>  | Park River Holdings, Inc.<sup>(c),(u)</sup>  | Park River Holdings, Inc.<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 4.500% <br>03/15/2031<br>| &nbsp;&nbsp; 8.485% | 90373 | &nbsp;&nbsp; 90806 |
| Quikrete Holdings, Inc.<sup>(c),(u)</sup>  | Quikrete Holdings, Inc.<sup>(c),(u)</sup>  | Quikrete Holdings, Inc.<sup>(c),(u)</sup>  | Quikrete Holdings, Inc.<sup>(c),(u)</sup>  |
| Tranche B1 1st Lien Term Loan | Tranche B1 1st Lien Term Loan | Tranche B1 1st Lien Term Loan | Tranche B1 1st Lien Term Loan |
| 1-month Term SOFR + 2.250% <br>04/14/2031<br>| &nbsp;&nbsp; 5.966% | 343006 | &nbsp;&nbsp; 343880 |
| Tranche B2 1st Lien Term Loan | Tranche B2 1st Lien Term Loan | Tranche B2 1st Lien Term Loan | Tranche B2 1st Lien Term Loan |
| 1-month Term SOFR + 2.250% <br>03/19/2029<br>| &nbsp;&nbsp; 5.966% | 99746 | &nbsp;&nbsp; 100078 |
| Smyrna Ready Mix Concrete LLC<sup>(c),(u)</sup>  | Smyrna Ready Mix Concrete LLC<sup>(c),(u)</sup>  | Smyrna Ready Mix Concrete LLC<sup>(c),(u)</sup>  | Smyrna Ready Mix Concrete LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 3.000% <br>04/02/2029<br>| &nbsp;&nbsp; 6.716% | 420313 | &nbsp;&nbsp; 422415 |
| Specialty Building Products Holdings LLC<sup>(c),(u)</sup>  | Specialty Building Products Holdings LLC<sup>(c),(u)</sup>  | Specialty Building Products Holdings LLC<sup>(c),(u)</sup>  | Specialty Building Products Holdings LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 3.750% <br>Floor 0.500% <br>10/15/2028<br>| &nbsp;&nbsp; 7.566% | 117228 | &nbsp;&nbsp; 109051 |
| White Cap Supply Holdings LLC<sup>(c),(u)</sup>  | White Cap Supply Holdings LLC<sup>(c),(u)</sup>  | White Cap Supply Holdings LLC<sup>(c),(u)</sup>  | White Cap Supply Holdings LLC<sup>(c),(u)</sup>  |
| Tranche C Term Loan | Tranche C Term Loan | Tranche C Term Loan | Tranche C Term Loan |
| 1-month Term SOFR + 3.250% <br>10/19/2029<br>| &nbsp;&nbsp; 6.966% | 249370 | &nbsp;&nbsp; 250325 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3757133** |
| **Cable and Satellite 0.0%** | **Cable and Satellite 0.0%** | **Cable and Satellite 0.0%** | **Cable and Satellite 0.0%** |
| Iridium Communications, Inc.<sup>(c),(u)</sup>  | Iridium Communications, Inc.<sup>(c),(u)</sup>  | Iridium Communications, Inc.<sup>(c),(u)</sup>  | Iridium Communications, Inc.<sup>(c),(u)</sup>  |
| Tranche B4 Term Loan | Tranche B4 Term Loan | Tranche B4 Term Loan | Tranche B4 Term Loan |
| 1-month Term SOFR + 2.250% <br>Floor 0.750% <br>09/20/2030<br>| &nbsp;&nbsp; 5.966% | 250000 | &nbsp;&nbsp; 242953 |
| Sunrise Financing Partnership<sup>(c),(u)</sup>  | Sunrise Financing Partnership<sup>(c),(u)</sup>  | Sunrise Financing Partnership<sup>(c),(u)</sup>  | Sunrise Financing Partnership<sup>(c),(u)</sup>  |
| Tranche AAA Term Loan | Tranche AAA Term Loan | Tranche AAA Term Loan | Tranche AAA Term Loan |
| 6-month Term SOFR + 2.500% <br>02/15/2032<br>| &nbsp;&nbsp; 6.691% | 156604 | &nbsp;&nbsp; 157056 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Telesat Canada<sup>(c),(u)</sup>  | Telesat Canada<sup>(c),(u)</sup>  | Telesat Canada<sup>(c),(u)</sup>  | Telesat Canada<sup>(c),(u)</sup>  |
| Tranche B5 Term Loan | Tranche B5 Term Loan | Tranche B5 Term Loan | Tranche B5 Term Loan |
| 3-month Term SOFR + 2.750% <br>12/07/2026<br>| &nbsp;&nbsp; 6.834% | 200000 | &nbsp;&nbsp; 156642 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **556651** |
| **Chemicals 0.2%** | **Chemicals 0.2%** | **Chemicals 0.2%** | **Chemicals 0.2%** |
| A-AP Buyer, Inc.<sup>(c),(u)</sup>  | A-AP Buyer, Inc.<sup>(c),(u)</sup>  | A-AP Buyer, Inc.<sup>(c),(u)</sup>  | A-AP Buyer, Inc.<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.750% <br>09/09/2031<br>| &nbsp;&nbsp; 6.466% | 153121 | &nbsp;&nbsp; 153600 |
| Chemours Co. (The)<sup>(c),(u)</sup>  | Chemours Co. (The)<sup>(c),(u)</sup>  | Chemours Co. (The)<sup>(c),(u)</sup>  | Chemours Co. (The)<sup>(c),(u)</sup>  |
| Tranche B4 Term Loan | Tranche B4 Term Loan | Tranche B4 Term Loan | Tranche B4 Term Loan |
| 1-month Term SOFR + 3.500% <br>10/15/2032<br>| &nbsp;&nbsp; 7.216% | 311153 | &nbsp;&nbsp; 306875 |
| Ineos Quattro Holdings UK Ltd.<sup>(c),(u)</sup>  | Ineos Quattro Holdings UK Ltd.<sup>(c),(u)</sup>  | Ineos Quattro Holdings UK Ltd.<sup>(c),(u)</sup>  | Ineos Quattro Holdings UK Ltd.<sup>(c),(u)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 1-month Term SOFR + 4.250% <br>04/02/2029<br>| &nbsp;&nbsp; 8.066% | 3111832 | &nbsp;&nbsp; 2178282 |
| Ineos US Finance LLC<sup>(c),(u),(w)</sup>  | Ineos US Finance LLC<sup>(c),(u),(w)</sup>  | Ineos US Finance LLC<sup>(c),(u),(w)</sup>  | Ineos US Finance LLC<sup>(c),(u),(w)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 3.250% <br>02/18/2030<br>| &nbsp;&nbsp; 6.966% | 1985292 | &nbsp;&nbsp; 1600642 |
| 1-month Term SOFR + 3.000% <br>02/07/2031<br>| &nbsp;&nbsp; 6.716% | 533950 | &nbsp;&nbsp; 426493 |
| Lummus Technology Holdings V LLC<sup>(c),(u)</sup>  | Lummus Technology Holdings V LLC<sup>(c),(u)</sup>  | Lummus Technology Holdings V LLC<sup>(c),(u)</sup>  | Lummus Technology Holdings V LLC<sup>(c),(u)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 1-month Term SOFR + 2.500% <br>12/31/2029<br>| &nbsp;&nbsp; 6.216% | 196854 | &nbsp;&nbsp; 196925 |
| Olympus Water US Holding Corp.<sup>(c),(u)</sup>  | Olympus Water US Holding Corp.<sup>(c),(u)</sup>  | Olympus Water US Holding Corp.<sup>(c),(u)</sup>  | Olympus Water US Holding Corp.<sup>(c),(u)</sup>  |
| Tranche B6 Term Loan | Tranche B6 Term Loan | Tranche B6 Term Loan | Tranche B6 Term Loan |
| 3-month Term SOFR + 3.000% <br>06/20/2031<br>| &nbsp;&nbsp; 6.672% | 468518 | &nbsp;&nbsp; 463992 |
| Qnity Electronics, Inc.<sup>(c),(u)</sup>  | Qnity Electronics, Inc.<sup>(c),(u)</sup>  | Qnity Electronics, Inc.<sup>(c),(u)</sup>  | Qnity Electronics, Inc.<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 6-month Term SOFR + 2.000% <br>11/01/2032<br>| &nbsp;&nbsp; 5.698% | 400000 | &nbsp;&nbsp; 401500 |
| USALCO LLC<sup>(c),(u),(w),(x)</sup>  | USALCO LLC<sup>(c),(u),(w),(x)</sup>  | USALCO LLC<sup>(c),(u),(w),(x)</sup>  | USALCO LLC<sup>(c),(u),(w),(x)</sup>  |
| Delayed Draw Term Loan | Delayed Draw Term Loan | Delayed Draw Term Loan | Delayed Draw Term Loan |
| 3-month Term SOFR + 1.000% <br>09/30/2031<br>| &nbsp;&nbsp; 1.000% | 25719 | &nbsp;&nbsp; 25807 |
| USALCO LLC<sup>(c),(u)</sup>  | USALCO LLC<sup>(c),(u)</sup>  | USALCO LLC<sup>(c),(u)</sup>  | USALCO LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 3.500% <br>09/30/2031<br>| &nbsp;&nbsp; 7.216% | 247135 | &nbsp;&nbsp; 247985 |
| W. R. Grace Holdings LLC<sup>(c),(u)</sup>  | W. R. Grace Holdings LLC<sup>(c),(u)</sup>  | W. R. Grace Holdings LLC<sup>(c),(u)</sup>  | W. R. Grace Holdings LLC<sup>(c),(u)</sup>  |
| Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan |
| 3-month Term SOFR + 3.000% <br>08/19/2032<br>| &nbsp;&nbsp; 6.689% | 68907 | &nbsp;&nbsp; 68842 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **6070943** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Construction Machinery 0.0%** | **Construction Machinery 0.0%** | **Construction Machinery 0.0%** | **Construction Machinery 0.0%** |
| Columbus McKinnon Corp.<sup>(c),(u)</sup>  | Columbus McKinnon Corp.<sup>(c),(u)</sup>  | Columbus McKinnon Corp.<sup>(c),(u)</sup>  | Columbus McKinnon Corp.<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 2.500% <br>Floor 0.500% <br>05/14/2028<br>| &nbsp;&nbsp; 6.172% | 299127 | &nbsp;&nbsp; 299127 |
| Engineered Machinery Holdings, Inc.<sup>(c),(u)</sup>  | Engineered Machinery Holdings, Inc.<sup>(c),(u)</sup>  | Engineered Machinery Holdings, Inc.<sup>(c),(u)</sup>  | Engineered Machinery Holdings, Inc.<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 3.250% <br>11/22/2032<br>| &nbsp;&nbsp; 6.922% | 62026 | &nbsp;&nbsp; 62366 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **361493** |
| **Consumer Cyclical Services 0.2%** | **Consumer Cyclical Services 0.2%** | **Consumer Cyclical Services 0.2%** | **Consumer Cyclical Services 0.2%** |
| Allied Universal Holdco LLC<sup>(c),(u)</sup>  | Allied Universal Holdco LLC<sup>(c),(u)</sup>  | Allied Universal Holdco LLC<sup>(c),(u)</sup>  | Allied Universal Holdco LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 3.250% <br>08/20/2032<br>| &nbsp;&nbsp; 6.966% | 399000 | &nbsp;&nbsp; 400815 |
| AmSpec Parent LLC<sup>(c),(u)</sup>  | AmSpec Parent LLC<sup>(c),(u)</sup>  | AmSpec Parent LLC<sup>(c),(u)</sup>  | AmSpec Parent LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 3.500% <br>12/22/2031<br>| &nbsp;&nbsp; 7.172% | 149280 | &nbsp;&nbsp; 149280 |
| Arches Buyer, Inc.<sup>(c),(u)</sup>  | Arches Buyer, Inc.<sup>(c),(u)</sup>  | Arches Buyer, Inc.<sup>(c),(u)</sup>  | Arches Buyer, Inc.<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 3.250% <br>Floor 0.500% <br>12/06/2027<br>| &nbsp;&nbsp; 7.066% | 342784 | &nbsp;&nbsp; 343257 |
| BradyPLUS Holdings LLC<sup>(c),(u)</sup>  | BradyPLUS Holdings LLC<sup>(c),(u)</sup>  | BradyPLUS Holdings LLC<sup>(c),(u)</sup>  | BradyPLUS Holdings LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 3.500% <br>12/13/2032<br>| &nbsp;&nbsp; 7.190% | 229451 | &nbsp;&nbsp; 226773 |
| Conservice Midco LLC<sup>(c),(u)</sup>  | Conservice Midco LLC<sup>(c),(u)</sup>  | Conservice Midco LLC<sup>(c),(u)</sup>  | Conservice Midco LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.750% <br>05/13/2030<br>| &nbsp;&nbsp; 6.466% | 344776 | &nbsp;&nbsp; 345100 |
| Corporation Service Co.<sup>(c),(u)</sup>  | Corporation Service Co.<sup>(c),(u)</sup>  | Corporation Service Co.<sup>(c),(u)</sup>  | Corporation Service Co.<sup>(c),(u)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 1-month Term SOFR + 2.000% <br>Floor 0.500% <br>11/02/2029<br>| &nbsp;&nbsp; 5.716% | 233772 | &nbsp;&nbsp; 233578 |
| Cushman & Wakefield US Borrower LLC<sup>(c),(u)</sup>  | Cushman & Wakefield US Borrower LLC<sup>(c),(u)</sup>  | Cushman & Wakefield US Borrower LLC<sup>(c),(u)</sup>  | Cushman & Wakefield US Borrower LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.750% <br>01/31/2030<br>| &nbsp;&nbsp; 6.466% | 400000 | &nbsp;&nbsp; 402056 |
| Ensemble RCM LLC<sup>(c),(u)</sup>  | Ensemble RCM LLC<sup>(c),(u)</sup>  | Ensemble RCM LLC<sup>(c),(u)</sup>  | Ensemble RCM LLC<sup>(c),(u)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 3-month Term SOFR + 3.000% <br>08/01/2029<br>| &nbsp;&nbsp; 6.840% | 95203 | &nbsp;&nbsp; 95615 |
| Fleet Midco I Ltd.<sup>(b),(c),(u)</sup>  | Fleet Midco I Ltd.<sup>(b),(c),(u)</sup>  | Fleet Midco I Ltd.<sup>(b),(c),(u)</sup>  | Fleet Midco I Ltd.<sup>(b),(c),(u)</sup>  |
| Tranche B2 Term Loan | Tranche B2 Term Loan | Tranche B2 Term Loan | Tranche B2 Term Loan |
| 6-month Term SOFR + 2.750% <br>02/21/2031<br>| &nbsp;&nbsp; 6.792% | 120973 | &nbsp;&nbsp; 121427 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Frontdoor, Inc.<sup>(c),(u)</sup>  | Frontdoor, Inc.<sup>(c),(u)</sup>  | Frontdoor, Inc.<sup>(c),(u)</sup>  | Frontdoor, Inc.<sup>(c),(u)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 1-month Term SOFR + 2.250% <br>12/19/2031<br>| &nbsp;&nbsp; 5.966% | 398992 | &nbsp;&nbsp; 400987 |
| OMNIA Partners LLC<sup>(c),(u),(w)</sup>  | OMNIA Partners LLC<sup>(c),(u),(w)</sup>  | OMNIA Partners LLC<sup>(c),(u),(w)</sup>  | OMNIA Partners LLC<sup>(c),(u),(w)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 3-month Term SOFR + 2.750% <br>12/31/2032<br>| &nbsp;&nbsp; 6.455% | 398129 | &nbsp;&nbsp; 399339 |
| Prime Security Services Borrower LLC<sup>(c),(u)</sup>  | Prime Security Services Borrower LLC<sup>(c),(u)</sup>  | Prime Security Services Borrower LLC<sup>(c),(u)</sup>  | Prime Security Services Borrower LLC<sup>(c),(u)</sup>  |
| Tranche B1 1st Lien Term Loan | Tranche B1 1st Lien Term Loan | Tranche B1 1st Lien Term Loan | Tranche B1 1st Lien Term Loan |
| 1-month Term SOFR + 2.000% <br>10/13/2030<br>| &nbsp;&nbsp; 6.129% | 427115 | &nbsp;&nbsp; 427543 |
| Raven Acquisition Holdings LLC<sup>(c),(u),(w),(x)</sup>  | Raven Acquisition Holdings LLC<sup>(c),(u),(w),(x)</sup>  | Raven Acquisition Holdings LLC<sup>(c),(u),(w),(x)</sup>  | Raven Acquisition Holdings LLC<sup>(c),(u),(w),(x)</sup>  |
| Delayed Draw Term Loan | Delayed Draw Term Loan | Delayed Draw Term Loan | Delayed Draw Term Loan |
| 3-month Term SOFR + 3.000% <br>11/19/2031<br>| &nbsp;&nbsp; 3.000% | 19241 | &nbsp;&nbsp; 19296 |
| Raven Acquisition Holdings LLC<sup>(c),(u)</sup>  | Raven Acquisition Holdings LLC<sup>(c),(u)</sup>  | Raven Acquisition Holdings LLC<sup>(c),(u)</sup>  | Raven Acquisition Holdings LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 3.000% <br>11/19/2031<br>| &nbsp;&nbsp; 6.716% | 268034 | &nbsp;&nbsp; 268787 |
| Rosen International SARL<sup>(c),(u)</sup>  | Rosen International SARL<sup>(c),(u)</sup>  | Rosen International SARL<sup>(c),(u)</sup>  | Rosen International SARL<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 2.250% <br>03/26/2031<br>| &nbsp;&nbsp; 5.922% | 468331 | &nbsp;&nbsp; 469282 |
| WW International, Inc.<sup>(c),(u)</sup>  | WW International, Inc.<sup>(c),(u)</sup>  | WW International, Inc.<sup>(c),(u)</sup>  | WW International, Inc.<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 6.800% <br>06/24/2030<br>| &nbsp;&nbsp; 10.489% | 250000 | &nbsp;&nbsp; 219107 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **4522242** |
| **Consumer Products 0.1%** | **Consumer Products 0.1%** | **Consumer Products 0.1%** | **Consumer Products 0.1%** |
| Bombardier Recreational Products, Inc.<sup>(c),(u)</sup>  | Bombardier Recreational Products, Inc.<sup>(c),(u)</sup>  | Bombardier Recreational Products, Inc.<sup>(c),(u)</sup>  | Bombardier Recreational Products, Inc.<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.250% <br>01/22/2031<br>| &nbsp;&nbsp; 5.966% | 343015 | &nbsp;&nbsp; 343976 |
| Lavender Dutch Borrow BV<sup>(c),(u),(w)</sup>  | Lavender Dutch Borrow BV<sup>(c),(u),(w)</sup>  | Lavender Dutch Borrow BV<sup>(c),(u),(w)</sup>  | Lavender Dutch Borrow BV<sup>(c),(u),(w)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 3.250% <br>09/27/2032<br>|  | 390209 | &nbsp;&nbsp; 392971 |
| Osmosis Buyer Ltd.<sup>(c),(u)</sup>  | Osmosis Buyer Ltd.<sup>(c),(u)</sup>  | Osmosis Buyer Ltd.<sup>(c),(u)</sup>  | Osmosis Buyer Ltd.<sup>(c),(u)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 3-month Term SOFR + 3.000% <br>07/31/2028<br>| &nbsp;&nbsp; 6.861% | 249373 | &nbsp;&nbsp; 249830 |
| Recess Holdings, Inc.<sup>(c),(u)</sup>  | Recess Holdings, Inc.<sup>(c),(u)</sup>  | Recess Holdings, Inc.<sup>(c),(u)</sup>  | Recess Holdings, Inc.<sup>(c),(u)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 3-month Term SOFR + 3.750% <br>02/20/2030<br>| &nbsp;&nbsp; 7.615% | 343901 | &nbsp;&nbsp; 345782 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| SRAM LLC<sup>(c),(u)</sup>  | SRAM LLC<sup>(c),(u)</sup>  | SRAM LLC<sup>(c),(u)</sup>  | SRAM LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 6-month Term SOFR + 2.250% <br>02/27/2032<br>| &nbsp;&nbsp; 5.963% | 401904 | &nbsp;&nbsp; 401904 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1734463** |
| **Diversified Manufacturing 0.1%** | **Diversified Manufacturing 0.1%** | **Diversified Manufacturing 0.1%** | **Diversified Manufacturing 0.1%** |
| Dynamo Midco BV<sup>(c),(u)</sup>  | Dynamo Midco BV<sup>(c),(u)</sup>  | Dynamo Midco BV<sup>(c),(u)</sup>  | Dynamo Midco BV<sup>(c),(u)</sup>  |
| Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan |
| 1-month Term SOFR + 3.250% <br>09/30/2031<br>| &nbsp;&nbsp; 7.093% | 59251 | &nbsp;&nbsp; 59770 |
| EMRLD Borrower LP<sup>(c),(u)</sup>  | EMRLD Borrower LP<sup>(c),(u)</sup>  | EMRLD Borrower LP<sup>(c),(u)</sup>  | EMRLD Borrower LP<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 2.250% <br>05/31/2030<br>| &nbsp;&nbsp; 6.072% | 328003 | &nbsp;&nbsp; 328643 |
| Filtration Group Corp.<sup>(c),(u)</sup>  | Filtration Group Corp.<sup>(c),(u)</sup>  | Filtration Group Corp.<sup>(c),(u)</sup>  | Filtration Group Corp.<sup>(c),(u)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 1-month Term SOFR + 2.750% <br>10/21/2028<br>| &nbsp;&nbsp; 6.466% | 383069 | &nbsp;&nbsp; 384824 |
| Husky Injection Molding Systems Ltd./Yukon Acquisition, Inc.<sup>(c),(u)</sup>  | Husky Injection Molding Systems Ltd./Yukon Acquisition, Inc.<sup>(c),(u)</sup>  | Husky Injection Molding Systems Ltd./Yukon Acquisition, Inc.<sup>(c),(u)</sup>  | Husky Injection Molding Systems Ltd./Yukon Acquisition, Inc.<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 3.750% <br>02/15/2029<br>| &nbsp;&nbsp; 7.528% | 357999 | &nbsp;&nbsp; 360286 |
| Madison IAQ LLC<sup>(c),(u)</sup>  | Madison IAQ LLC<sup>(c),(u)</sup>  | Madison IAQ LLC<sup>(c),(u)</sup>  | Madison IAQ LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 6-month Term SOFR + 2.500% <br>06/21/2028<br>| &nbsp;&nbsp; 6.702% | 343718 | &nbsp;&nbsp; 345189 |
| Tiger Acquisition LLC<sup>(c),(u)</sup>  | Tiger Acquisition LLC<sup>(c),(u)</sup>  | Tiger Acquisition LLC<sup>(c),(u)</sup>  | Tiger Acquisition LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.500% <br>08/23/2032<br>| &nbsp;&nbsp; 6.230% | 284687 | &nbsp;&nbsp; 285399 |
| TK Elevator Midco GmbH<sup>(c),(u)</sup>  | TK Elevator Midco GmbH<sup>(c),(u)</sup>  | TK Elevator Midco GmbH<sup>(c),(u)</sup>  | TK Elevator Midco GmbH<sup>(c),(u)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 6-month Term SOFR + 2.750% <br>04/30/2030<br>| &nbsp;&nbsp; 6.947% | 343061 | &nbsp;&nbsp; 345006 |
| WEC US Holdings, Inc.<sup>(c),(u)</sup>  | WEC US Holdings, Inc.<sup>(c),(u)</sup>  | WEC US Holdings, Inc.<sup>(c),(u)</sup>  | WEC US Holdings, Inc.<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.000% <br>01/27/2031<br>| &nbsp;&nbsp; 5.873% | 328586 | &nbsp;&nbsp; 329019 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2438136** |
| **Electric 0.1%** | **Electric 0.1%** | **Electric 0.1%** | **Electric 0.1%** |
| Astoria Project Partners LLC/Energy LLC<sup>(c),(u)</sup>  | Astoria Project Partners LLC/Energy LLC<sup>(c),(u)</sup>  | Astoria Project Partners LLC/Energy LLC<sup>(c),(u)</sup>  | Astoria Project Partners LLC/Energy LLC<sup>(c),(u)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 1-month Term SOFR + 2.750% <br>06/23/2032<br>| &nbsp;&nbsp; 6.466% | 283601 | &nbsp;&nbsp; 285462 |
| Bayonne Energy Center LLC<sup>(c),(u)</sup>  | Bayonne Energy Center LLC<sup>(c),(u)</sup>  | Bayonne Energy Center LLC<sup>(c),(u)</sup>  | Bayonne Energy Center LLC<sup>(c),(u)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 3-month Term SOFR + 3.000% <br>10/01/2032<br>| &nbsp;&nbsp; 6.672% | 194559 | &nbsp;&nbsp; 195654 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Carroll County Energy LLC<sup>(c),(u),(w)</sup>  | Carroll County Energy LLC<sup>(c),(u),(w)</sup>  | Carroll County Energy LLC<sup>(c),(u),(w)</sup>  | Carroll County Energy LLC<sup>(c),(u),(w)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 2.750% <br>06/30/2031<br>| &nbsp;&nbsp; 6.422% | 345145 | &nbsp;&nbsp; 346439 |
| Compass Power Generation LLC<sup>(c),(u)</sup>  | Compass Power Generation LLC<sup>(c),(u)</sup>  | Compass Power Generation LLC<sup>(c),(u)</sup>  | Compass Power Generation LLC<sup>(c),(u)</sup>  |
| Tranche B4 Term Loan | Tranche B4 Term Loan | Tranche B4 Term Loan | Tranche B4 Term Loan |
| 1-month Term SOFR + 3.250% <br>04/14/2029<br>| &nbsp;&nbsp; 6.966% | 53654 | &nbsp;&nbsp; 53962 |
| Constellation Renewables LLC<sup>(c),(u)</sup>  | Constellation Renewables LLC<sup>(c),(u)</sup>  | Constellation Renewables LLC<sup>(c),(u)</sup>  | Constellation Renewables LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 2.000% <br>Floor 1.000% <br>12/15/2027<br>| &nbsp;&nbsp; 5.822% | 400000 | &nbsp;&nbsp; 401168 |
| Cornerstone Generation LLC<sup>(c),(u)</sup>  | Cornerstone Generation LLC<sup>(c),(u)</sup>  | Cornerstone Generation LLC<sup>(c),(u)</sup>  | Cornerstone Generation LLC<sup>(c),(u)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 3-month Term SOFR + 3.250% <br>08/11/2032<br>| &nbsp;&nbsp; 7.093% | 149625 | &nbsp;&nbsp; 150801 |
| CPV Fairview LLC<sup>(c),(u)</sup>  | CPV Fairview LLC<sup>(c),(u)</sup>  | CPV Fairview LLC<sup>(c),(u)</sup>  | CPV Fairview LLC<sup>(c),(u)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 3-month Term SOFR + 2.500% <br>08/14/2031<br>| &nbsp;&nbsp; 6.172% | 66500 | &nbsp;&nbsp; 66729 |
| EFS Cogen Holdings I LLC<sup>(c),(u)</sup>  | EFS Cogen Holdings I LLC<sup>(c),(u)</sup>  | EFS Cogen Holdings I LLC<sup>(c),(u)</sup>  | EFS Cogen Holdings I LLC<sup>(c),(u)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 3-month Term SOFR + 3.000% <br>10/03/2031<br>| &nbsp;&nbsp; 6.672% | 384981 | &nbsp;&nbsp; 387730 |
| Hamilton Projects Acquiror LLC<sup>(c),(u)</sup>  | Hamilton Projects Acquiror LLC<sup>(c),(u)</sup>  | Hamilton Projects Acquiror LLC<sup>(c),(u)</sup>  | Hamilton Projects Acquiror LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.500% <br>05/30/2031<br>| &nbsp;&nbsp; 6.216% | 140225 | &nbsp;&nbsp; 141023 |
| Invenergy Thermal Operating I LLC<sup>(c),(u)</sup>  | Invenergy Thermal Operating I LLC<sup>(c),(u)</sup>  | Invenergy Thermal Operating I LLC<sup>(c),(u)</sup>  | Invenergy Thermal Operating I LLC<sup>(c),(u)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 3-month Term SOFR + 2.750% <br>05/17/2032<br>| &nbsp;&nbsp; 6.410% | 83044 | &nbsp;&nbsp; 83272 |
| Tranche C Term Loan | Tranche C Term Loan | Tranche C Term Loan | Tranche C Term Loan |
| 3-month Term SOFR + 2.750% <br>05/17/2032<br>| &nbsp;&nbsp; 6.410% | 5037 | &nbsp;&nbsp; 5050 |
| Lackawanna Energy Center LLC<sup>(c),(u)</sup>  | Lackawanna Energy Center LLC<sup>(c),(u)</sup>  | Lackawanna Energy Center LLC<sup>(c),(u)</sup>  | Lackawanna Energy Center LLC<sup>(c),(u)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 1-month Term SOFR + 3.000% <br>08/05/2032<br>| &nbsp;&nbsp; 6.784% | 145830 | &nbsp;&nbsp; 146596 |
| New Frontera Holdings LLC<sup>(c),(u)</sup>  | New Frontera Holdings LLC<sup>(c),(u)</sup>  | New Frontera Holdings LLC<sup>(c),(u)</sup>  | New Frontera Holdings LLC<sup>(c),(u)</sup>  |
| 2nd Lien Term Loan | 2nd Lien Term Loan | 2nd Lien Term Loan | 2nd Lien Term Loan |
| 3-month Term SOFR + 1.500% <br>Floor 1.000% <br>07/28/2028<br>| &nbsp;&nbsp; 5.434% | 250000 | &nbsp;&nbsp; 241875 |
| South Field Energy LLC<sup>(c),(u)</sup>  | South Field Energy LLC<sup>(c),(u)</sup>  | South Field Energy LLC<sup>(c),(u)</sup>  | South Field Energy LLC<sup>(c),(u)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 3-month Term SOFR + 3.000% <br>08/29/2031<br>| &nbsp;&nbsp; 6.672% | 389664 | &nbsp;&nbsp; 392100 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Tranche C Term Loan | Tranche C Term Loan | Tranche C Term Loan | Tranche C Term Loan |
| 3-month Term SOFR + 3.000% <br>08/29/2031<br>| &nbsp;&nbsp; 6.672% | 23421 | &nbsp;&nbsp; 23567 |
| West Deptford Energy Holdings LLC<sup>(c),(u)</sup>  | West Deptford Energy Holdings LLC<sup>(c),(u)</sup>  | West Deptford Energy Holdings LLC<sup>(c),(u)</sup>  | West Deptford Energy Holdings LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 4.000% <br>12/30/2031<br>| &nbsp;&nbsp; 7.716% | 80629 | &nbsp;&nbsp; 79941 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3001369** |
| **Environmental 0.1%** | **Environmental 0.1%** | **Environmental 0.1%** | **Environmental 0.1%** |
| EnergySolutions LLC/Envirocare of Utah LLC<sup>(c),(u)</sup>  | EnergySolutions LLC/Envirocare of Utah LLC<sup>(c),(u)</sup>  | EnergySolutions LLC/Envirocare of Utah LLC<sup>(c),(u)</sup>  | EnergySolutions LLC/Envirocare of Utah LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 3.250% <br>Floor 0.500% <br>09/20/2030<br>| &nbsp;&nbsp; 6.966% | 153462 | &nbsp;&nbsp; 154356 |
| GFL Environmental Services, Inc.<sup>(c),(u)</sup>  | GFL Environmental Services, Inc.<sup>(c),(u)</sup>  | GFL Environmental Services, Inc.<sup>(c),(u)</sup>  | GFL Environmental Services, Inc.<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 2.500% <br>03/03/2032<br>| &nbsp;&nbsp; 6.273% | 399000 | &nbsp;&nbsp; 400197 |
| Northstar Group Services, Inc.<sup>(c),(u)</sup>  | Northstar Group Services, Inc.<sup>(c),(u)</sup>  | Northstar Group Services, Inc.<sup>(c),(u)</sup>  | Northstar Group Services, Inc.<sup>(c),(u)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 3-month Term SOFR + 4.750% <br>Floor 0.500% <br>05/31/2030<br>| &nbsp;&nbsp; 8.590% | 101987 | &nbsp;&nbsp; 102704 |
| Reworld Holding Corp.<sup>(c),(u),(w)</sup>  | Reworld Holding Corp.<sup>(c),(u),(w)</sup>  | Reworld Holding Corp.<sup>(c),(u),(w)</sup>  | Reworld Holding Corp.<sup>(c),(u),(w)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 3-month Term SOFR + 2.250% <br>01/15/2031<br>|  | 88196 | &nbsp;&nbsp; 88196 |
| Tranche C Term Loan | Tranche C Term Loan | Tranche C Term Loan | Tranche C Term Loan |
| 3-month Term SOFR + 2.250% <br>01/31/2031<br>|  | 14332 | &nbsp;&nbsp; 14332 |
| Reworld Holding Corp.<sup>(c),(u)</sup>  | Reworld Holding Corp.<sup>(c),(u)</sup>  | Reworld Holding Corp.<sup>(c),(u)</sup>  | Reworld Holding Corp.<sup>(c),(u)</sup>  |
| Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan |
| 1-month Term SOFR + 2.250% <br>11/30/2028<br>| &nbsp;&nbsp; 5.984% | 330929 | &nbsp;&nbsp; 331164 |
| Tidal Waste & Recycling Holdings LLC<sup>(c),(u)</sup>  | Tidal Waste & Recycling Holdings LLC<sup>(c),(u)</sup>  | Tidal Waste & Recycling Holdings LLC<sup>(c),(u)</sup>  | Tidal Waste & Recycling Holdings LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 2.750% <br>10/24/2031<br>| &nbsp;&nbsp; 6.422% | 358796 | &nbsp;&nbsp; 361039 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1451988** |
| **Finance Companies 0.0%** | **Finance Companies 0.0%** | **Finance Companies 0.0%** | **Finance Companies 0.0%** |
| Red SPV LLC<sup>(c),(u)</sup>  | Red SPV LLC<sup>(c),(u)</sup>  | Red SPV LLC<sup>(c),(u)</sup>  | Red SPV LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.250% <br>03/15/2032<br>| &nbsp;&nbsp; 5.984% | 52237 | &nbsp;&nbsp; 52216 |
| Snacking Investments Bidco Pty Ltd.<sup>(c),(u)</sup>  | Snacking Investments Bidco Pty Ltd.<sup>(c),(u)</sup>  | Snacking Investments Bidco Pty Ltd.<sup>(c),(u)</sup>  | Snacking Investments Bidco Pty Ltd.<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 3.000% <br>10/10/2032<br>| &nbsp;&nbsp; 6.838% | 411309 | &nbsp;&nbsp; 413365 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **465581** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Food and Beverage 0.1%** | **Food and Beverage 0.1%** | **Food and Beverage 0.1%** | **Food and Beverage 0.1%** |
| A-AG US GSI Bidco, Inc.<sup>(c),(u)</sup>  | A-AG US GSI Bidco, Inc.<sup>(c),(u)</sup>  | A-AG US GSI Bidco, Inc.<sup>(c),(u)</sup>  | A-AG US GSI Bidco, Inc.<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 5.000% <br>10/31/2031<br>| &nbsp;&nbsp; 8.672% | 107521 | &nbsp;&nbsp; 107589 |
| Aramark Intermediate HoldCo Corp.<sup>(c),(u)</sup>  | Aramark Intermediate HoldCo Corp.<sup>(c),(u)</sup>  | Aramark Intermediate HoldCo Corp.<sup>(c),(u)</sup>  | Aramark Intermediate HoldCo Corp.<sup>(c),(u)</sup>  |
| Tranche B9 Term Loan | Tranche B9 Term Loan | Tranche B9 Term Loan | Tranche B9 Term Loan |
| 1-month Term SOFR + 1.750% <br>04/06/2028<br>| &nbsp;&nbsp; 5.471% | 350000 | &nbsp;&nbsp; 350262 |
| Aspire Bakeries Holdings LLC<sup>(c),(u)</sup>  | Aspire Bakeries Holdings LLC<sup>(c),(u)</sup>  | Aspire Bakeries Holdings LLC<sup>(c),(u)</sup>  | Aspire Bakeries Holdings LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 3.500% <br>12/23/2030<br>| &nbsp;&nbsp; 7.221% | 104914 | &nbsp;&nbsp; 105242 |
| CHG PPC Parent LLC<sup>(c),(u)</sup>  | CHG PPC Parent LLC<sup>(c),(u)</sup>  | CHG PPC Parent LLC<sup>(c),(u)</sup>  | CHG PPC Parent LLC<sup>(c),(u)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 1-month Term SOFR + 3.000% <br>Floor 0.500% <br>12/08/2028<br>| &nbsp;&nbsp; 6.831% | 321835 | &nbsp;&nbsp; 322640 |
| Dechra Pharmaceuticals Holdings Ltd.<sup>(c),(u)</sup>  | Dechra Pharmaceuticals Holdings Ltd.<sup>(c),(u)</sup>  | Dechra Pharmaceuticals Holdings Ltd.<sup>(c),(u)</sup>  | Dechra Pharmaceuticals Holdings Ltd.<sup>(c),(u)</sup>  |
| Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan |
| 6-month Term SOFR + 3.250% <br>01/27/2032<br>| &nbsp;&nbsp; 7.447% | 398374 | &nbsp;&nbsp; 400740 |
| Froneri International Ltd.<sup>(c),(u)</sup>  | Froneri International Ltd.<sup>(c),(u)</sup>  | Froneri International Ltd.<sup>(c),(u)</sup>  | Froneri International Ltd.<sup>(c),(u)</sup>  |
| Tranche B6 Term Loan | Tranche B6 Term Loan | Tranche B6 Term Loan | Tranche B6 Term Loan |
| 6-month Term SOFR + 2.250% <br>08/02/2032<br>| &nbsp;&nbsp; 6.122% | 300000 | &nbsp;&nbsp; 299886 |
| Golden State Foods LLC<sup>(c),(u)</sup>  | Golden State Foods LLC<sup>(c),(u)</sup>  | Golden State Foods LLC<sup>(c),(u)</sup>  | Golden State Foods LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 4.000% <br>12/04/2031<br>| &nbsp;&nbsp; 7.672% | 328763 | &nbsp;&nbsp; 330371 |
| Primo Brands Corp.<sup>(c),(u)</sup>  | Primo Brands Corp.<sup>(c),(u)</sup>  | Primo Brands Corp.<sup>(c),(u)</sup>  | Primo Brands Corp.<sup>(c),(u)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 3-month Term SOFR + 2.250% <br>03/31/2028<br>| &nbsp;&nbsp; 5.922% | 492193 | &nbsp;&nbsp; 493384 |
| Sazerac Co., Inc.<sup>(c),(u)</sup>  | Sazerac Co., Inc.<sup>(c),(u)</sup>  | Sazerac Co., Inc.<sup>(c),(u)</sup>  | Sazerac Co., Inc.<sup>(c),(u)</sup>  |
| Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan |
| 1-month Term SOFR + 2.500% <br>07/09/2032<br>| &nbsp;&nbsp; 6.280% | 398692 | &nbsp;&nbsp; 399079 |
| Utz Quality Foods LLC<sup>(c),(u)</sup>  | Utz Quality Foods LLC<sup>(c),(u)</sup>  | Utz Quality Foods LLC<sup>(c),(u)</sup>  | Utz Quality Foods LLC<sup>(c),(u)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 3-month Term SOFR + 2.500% <br>01/29/2032<br>| &nbsp;&nbsp; 6.172% | 300000 | &nbsp;&nbsp; 301125 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3110318** |
| **Gaming 0.1%** | **Gaming 0.1%** | **Gaming 0.1%** | **Gaming 0.1%** |
| Caesars Entertainment, Inc.<sup>(c),(u)</sup>  | Caesars Entertainment, Inc.<sup>(c),(u)</sup>  | Caesars Entertainment, Inc.<sup>(c),(u)</sup>  | Caesars Entertainment, Inc.<sup>(c),(u)</sup>  |
| Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan |
| 1-month Term SOFR + 2.250% <br>Floor 0.500% <br>02/06/2031<br>| &nbsp;&nbsp; 5.966% | 400000 | &nbsp;&nbsp; 396000 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| ECL Entertainment LLC<sup>(c),(u)</sup>  | ECL Entertainment LLC<sup>(c),(u)</sup>  | ECL Entertainment LLC<sup>(c),(u)</sup>  | ECL Entertainment LLC<sup>(c),(u)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 1-month Term SOFR + 3.000% <br>08/30/2030<br>| &nbsp;&nbsp; 6.716% | 143136 | &nbsp;&nbsp; 142599 |
| Entain PLC<sup>(c),(u)</sup>  | Entain PLC<sup>(c),(u)</sup>  | Entain PLC<sup>(c),(u)</sup>  | Entain PLC<sup>(c),(u)</sup>  |
| Tranche B6 Term Loan | Tranche B6 Term Loan | Tranche B6 Term Loan | Tranche B6 Term Loan |
| 3-month Term SOFR + 2.250% <br>10/31/2029<br>| &nbsp;&nbsp; 5.922% | 394637 | &nbsp;&nbsp; 391926 |
| Fertitta Entertainment LLC<sup>(c),(u)</sup>  | Fertitta Entertainment LLC<sup>(c),(u)</sup>  | Fertitta Entertainment LLC<sup>(c),(u)</sup>  | Fertitta Entertainment LLC<sup>(c),(u)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 1-month Term SOFR + 3.250% <br>Floor 0.500% <br>01/27/2029<br>| &nbsp;&nbsp; 6.966% | 248708 | &nbsp;&nbsp; 248581 |
| Flutter Entertainment PLC<sup>(c),(u)</sup>  | Flutter Entertainment PLC<sup>(c),(u)</sup>  | Flutter Entertainment PLC<sup>(c),(u)</sup>  | Flutter Entertainment PLC<sup>(c),(u)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 3-month Term SOFR + 1.750% <br>11/30/2030<br>| &nbsp;&nbsp; 5.422% | 343000 | &nbsp;&nbsp; 342427 |
| 3-month Term SOFR + 2.000% <br>06/04/2032<br>| &nbsp;&nbsp; 5.672% | 103574 | &nbsp;&nbsp; 103574 |
| HRNI Holdings LLC<sup>(c),(u)</sup>  | HRNI Holdings LLC<sup>(c),(u)</sup>  | HRNI Holdings LLC<sup>(c),(u)</sup>  | HRNI Holdings LLC<sup>(c),(u)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 3-month Term SOFR + 4.250% <br>Floor 0.750% <br>12/11/2028<br>| &nbsp;&nbsp; 8.086% | 306250 | &nbsp;&nbsp; 295531 |
| Jack Ohio Finance LLC<sup>(c),(u),(w)</sup>  | Jack Ohio Finance LLC<sup>(c),(u),(w)</sup>  | Jack Ohio Finance LLC<sup>(c),(u),(w)</sup>  | Jack Ohio Finance LLC<sup>(c),(u),(w)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 4.000% <br>02/02/2032<br>| &nbsp;&nbsp; 7.716% | 309550 | &nbsp;&nbsp; 307770 |
| Ontario Gaming GTA LP<sup>(c),(u)</sup>  | Ontario Gaming GTA LP<sup>(c),(u)</sup>  | Ontario Gaming GTA LP<sup>(c),(u)</sup>  | Ontario Gaming GTA LP<sup>(c),(u)</sup>  |
| Tranche B 1st Lien Term Loan | Tranche B 1st Lien Term Loan | Tranche B 1st Lien Term Loan | Tranche B 1st Lien Term Loan |
| 3-month Term SOFR + 4.250% <br>Floor 0.500% <br>08/01/2030<br>| &nbsp;&nbsp; 7.922% | 304942 | &nbsp;&nbsp; 281580 |
| Peninsula Pacific Entertainment Development LLC<sup>(c),(u),(w),(x)</sup>  | Peninsula Pacific Entertainment Development LLC<sup>(c),(u),(w),(x)</sup>  | Peninsula Pacific Entertainment Development LLC<sup>(c),(u),(w),(x)</sup>  | Peninsula Pacific Entertainment Development LLC<sup>(c),(u),(w),(x)</sup>  |
| Delayed Draw Term Loan | Delayed Draw Term Loan | Delayed Draw Term Loan | Delayed Draw Term Loan |
| 3-month Term SOFR + 2.375% <br>08/16/2032<br>| &nbsp;&nbsp; 2.375% | 22744 | &nbsp;&nbsp; 22801 |
| Peninsula Pacific Entertainment Development LLC<sup>(c),(u)</sup>  | Peninsula Pacific Entertainment Development LLC<sup>(c),(u)</sup>  | Peninsula Pacific Entertainment Development LLC<sup>(c),(u)</sup>  | Peninsula Pacific Entertainment Development LLC<sup>(c),(u)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 3-month Term SOFR + 4.750% <br>10/01/2032<br>| &nbsp;&nbsp; 8.422% | 97041 | &nbsp;&nbsp; 97284 |
| Scientific Games Holdings LP<sup>(c),(u)</sup>  | Scientific Games Holdings LP<sup>(c),(u)</sup>  | Scientific Games Holdings LP<sup>(c),(u)</sup>  | Scientific Games Holdings LP<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 3.000% <br>Floor 0.500% <br>04/04/2029<br>| &nbsp;&nbsp; 6.934% | 344750 | &nbsp;&nbsp; 338245 |
| Voyager Parent LLC<sup>(c),(u)</sup>  | Voyager Parent LLC<sup>(c),(u)</sup>  | Voyager Parent LLC<sup>(c),(u)</sup>  | Voyager Parent LLC<sup>(c),(u)</sup>  |
| Tranche B 1st Lien Term Loan | Tranche B 1st Lien Term Loan | Tranche B 1st Lien Term Loan | Tranche B 1st Lien Term Loan |
| 1-month Term SOFR + 4.750% <br>07/01/2032<br>| &nbsp;&nbsp; 8.422% | 166719 | &nbsp;&nbsp; 166632 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3134950** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Health Care 0.1%** | **Health Care 0.1%** | **Health Care 0.1%** | **Health Care 0.1%** |
| CHG Healthcare Services, Inc.<sup>(c),(u)</sup>  | CHG Healthcare Services, Inc.<sup>(c),(u)</sup>  | CHG Healthcare Services, Inc.<sup>(c),(u)</sup>  | CHG Healthcare Services, Inc.<sup>(c),(u)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 3-month Term SOFR + 2.750% <br>09/29/2028<br>| &nbsp;&nbsp; 6.590% | 248750 | &nbsp;&nbsp; 249795 |
| Mamba Purchaser, Inc.<sup>(c),(u)</sup>  | Mamba Purchaser, Inc.<sup>(c),(u)</sup>  | Mamba Purchaser, Inc.<sup>(c),(u)</sup>  | Mamba Purchaser, Inc.<sup>(c),(u)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 1-month Term SOFR + 3.000% <br>10/14/2031<br>| &nbsp;&nbsp; 6.730% | 415961 | &nbsp;&nbsp; 416689 |
| Medline Borrower LP<sup>(c),(u)</sup>  | Medline Borrower LP<sup>(c),(u)</sup>  | Medline Borrower LP<sup>(c),(u)</sup>  | Medline Borrower LP<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 1.750% <br>10/23/2030<br>| &nbsp;&nbsp; 5.466% | 194753 | &nbsp;&nbsp; 195383 |
| Paradigm Parent LLC<sup>(c),(u)</sup>  | Paradigm Parent LLC<sup>(c),(u)</sup>  | Paradigm Parent LLC<sup>(c),(u)</sup>  | Paradigm Parent LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 4.500% <br>04/16/2032<br>| &nbsp;&nbsp; 8.172% | 249375 | &nbsp;&nbsp; 218749 |
| Parexel International, Inc.<sup>(c),(u)</sup>  | Parexel International, Inc.<sup>(c),(u)</sup>  | Parexel International, Inc.<sup>(c),(u)</sup>  | Parexel International, Inc.<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.750% <br>12/12/2031<br>| &nbsp;&nbsp; 6.466% | 330530 | &nbsp;&nbsp; 331426 |
| Resonetics LLC<sup>(c),(u)</sup>  | Resonetics LLC<sup>(c),(u)</sup>  | Resonetics LLC<sup>(c),(u)</sup>  | Resonetics LLC<sup>(c),(u)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 3-month Term SOFR + 2.750% <br>06/18/2031<br>| &nbsp;&nbsp; 6.593% | 390046 | &nbsp;&nbsp; 390436 |
| Southern Veterinary Partners LLC<sup>(c),(u)</sup>  | Southern Veterinary Partners LLC<sup>(c),(u)</sup>  | Southern Veterinary Partners LLC<sup>(c),(u)</sup>  | Southern Veterinary Partners LLC<sup>(c),(u)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 3-month Term SOFR + 2.500% <br>12/04/2031<br>| &nbsp;&nbsp; 6.365% | 349125 | &nbsp;&nbsp; 348549 |
| Star Parent, Inc.<sup>(c),(u)</sup>  | Star Parent, Inc.<sup>(c),(u)</sup>  | Star Parent, Inc.<sup>(c),(u)</sup>  | Star Parent, Inc.<sup>(c),(u)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 3-month Term SOFR + 4.000% <br>09/27/2030<br>| &nbsp;&nbsp; 7.672% | 343875 | &nbsp;&nbsp; 344143 |
| Surgery Center Holdings, Inc.<sup>(c),(u)</sup>  | Surgery Center Holdings, Inc.<sup>(c),(u)</sup>  | Surgery Center Holdings, Inc.<sup>(c),(u)</sup>  | Surgery Center Holdings, Inc.<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.500% <br>12/19/2030<br>| &nbsp;&nbsp; 6.216% | 343897 | &nbsp;&nbsp; 345032 |
| Upstream Newco, Inc.<sup>(c),(u)</sup>  | Upstream Newco, Inc.<sup>(c),(u)</sup>  | Upstream Newco, Inc.<sup>(c),(u)</sup>  | Upstream Newco, Inc.<sup>(c),(u)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 1-month Term SOFR + 4.250% <br>11/20/2026<br>| &nbsp;&nbsp; 0.000% | 343718 | &nbsp;&nbsp; 305242 |
| US Fertility Enterprises LLC<sup>(c),(u),(w)</sup>  | US Fertility Enterprises LLC<sup>(c),(u),(w)</sup>  | US Fertility Enterprises LLC<sup>(c),(u),(w)</sup>  | US Fertility Enterprises LLC<sup>(c),(u),(w)</sup>  |
| Delayed Draw Term Loan | Delayed Draw Term Loan | Delayed Draw Term Loan | Delayed Draw Term Loan |
| 3-month Term SOFR + 3.500% <br>12/10/2032<br>|  | 164430 | &nbsp;&nbsp; 164841 |
| 3-month Term SOFR + 3.500% <br>12/10/2032<br>|  | 24914 | &nbsp;&nbsp; 24976 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| WS Audiology A/S<sup>(c),(u)</sup>  | WS Audiology A/S<sup>(c),(u)</sup>  | WS Audiology A/S<sup>(c),(u)</sup>  | WS Audiology A/S<sup>(c),(u)</sup>  |
| Tranche B8 Term Loan | Tranche B8 Term Loan | Tranche B8 Term Loan | Tranche B8 Term Loan |
| 6-month Term SOFR + 3.500% <br>02/28/2029<br>| &nbsp;&nbsp; 7.198% | 221002 | &nbsp;&nbsp; 222175 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3557436** |
| **Healthcare Insurance 0.0%** | **Healthcare Insurance 0.0%** | **Healthcare Insurance 0.0%** | **Healthcare Insurance 0.0%** |
| Alera Group, Inc.<sup>(c),(u)</sup>  | Alera Group, Inc.<sup>(c),(u)</sup>  | Alera Group, Inc.<sup>(c),(u)</sup>  | Alera Group, Inc.<sup>(c),(u)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 1-month Term SOFR + 3.250% <br>05/31/2032<br>| &nbsp;&nbsp; 6.966% | 398897 | &nbsp;&nbsp; 400592 |
| **Home Construction 0.0%** | **Home Construction 0.0%** | **Home Construction 0.0%** | **Home Construction 0.0%** |
| Construction Partners, Inc.<sup>(c),(u)</sup>  | Construction Partners, Inc.<sup>(c),(u)</sup>  | Construction Partners, Inc.<sup>(c),(u)</sup>  | Construction Partners, Inc.<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.500% <br>11/03/2031<br>| &nbsp;&nbsp; 6.216% | 397990 | &nbsp;&nbsp; 400478 |
| Tecta America Corp.<sup>(c),(u)</sup>  | Tecta America Corp.<sup>(c),(u)</sup>  | Tecta America Corp.<sup>(c),(u)</sup>  | Tecta America Corp.<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.750% <br>02/18/2032<br>| &nbsp;&nbsp; 6.466% | 345636 | &nbsp;&nbsp; 346631 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **747109** |
| **Independent Energy 0.0%** | **Independent Energy 0.0%** | **Independent Energy 0.0%** | **Independent Energy 0.0%** |
| Hilcorp Energy I LP<sup>(c),(u)</sup>  | Hilcorp Energy I LP<sup>(c),(u)</sup>  | Hilcorp Energy I LP<sup>(c),(u)</sup>  | Hilcorp Energy I LP<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.000% <br>02/11/2030<br>| &nbsp;&nbsp; 5.736% | 59550 | &nbsp;&nbsp; 59588 |
| **Leisure 0.1%** | **Leisure 0.1%** | **Leisure 0.1%** | **Leisure 0.1%** |
| Alterra Mountain Co.<sup>(c),(u)</sup>  | Alterra Mountain Co.<sup>(c),(u)</sup>  | Alterra Mountain Co.<sup>(c),(u)</sup>  | Alterra Mountain Co.<sup>(c),(u)</sup>  |
| Tranche B8 Term Loan | Tranche B8 Term Loan | Tranche B8 Term Loan | Tranche B8 Term Loan |
| 1-month Term SOFR + 2.500% <br>05/31/2030<br>| &nbsp;&nbsp; 6.216% | 77099 | &nbsp;&nbsp; 77388 |
| Tranche B9 Term Loan | Tranche B9 Term Loan | Tranche B9 Term Loan | Tranche B9 Term Loan |
| 1-month Term SOFR + 2.500% <br>08/17/2028<br>| &nbsp;&nbsp; 6.216% | 317923 | &nbsp;&nbsp; 318717 |
| Arcis Golf LLC<sup>(c),(u)</sup>  | Arcis Golf LLC<sup>(c),(u)</sup>  | Arcis Golf LLC<sup>(c),(u)</sup>  | Arcis Golf LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.750% <br>Floor 0.500% <br>11/24/2028<br>| &nbsp;&nbsp; 6.466% | 399061 | &nbsp;&nbsp; 399560 |
| Bulldog Purchaser, Inc.<sup>(c),(u)</sup>  | Bulldog Purchaser, Inc.<sup>(c),(u)</sup>  | Bulldog Purchaser, Inc.<sup>(c),(u)</sup>  | Bulldog Purchaser, Inc.<sup>(c),(u)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 3-month Term SOFR + 3.750% <br>06/27/2031<br>| &nbsp;&nbsp; 7.685% | 351206 | &nbsp;&nbsp; 353036 |
| Cinemark USA, Inc.<sup>(c),(u)</sup>  | Cinemark USA, Inc.<sup>(c),(u)</sup>  | Cinemark USA, Inc.<sup>(c),(u)</sup>  | Cinemark USA, Inc.<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 2.250% <br>05/24/2030<br>| &nbsp;&nbsp; 5.953% | 392793 | &nbsp;&nbsp; 392820 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Crown Finance US, Inc.<sup>(c),(u)</sup>  | Crown Finance US, Inc.<sup>(c),(u)</sup>  | Crown Finance US, Inc.<sup>(c),(u)</sup>  | Crown Finance US, Inc.<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 4.500% <br>12/02/2031<br>| &nbsp;&nbsp; 8.343% | 126228 | &nbsp;&nbsp; 124272 |
| EOC Borrower LLC<sup>(c),(u)</sup>  | EOC Borrower LLC<sup>(c),(u)</sup>  | EOC Borrower LLC<sup>(c),(u)</sup>  | EOC Borrower LLC<sup>(c),(u)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 1-month Term SOFR + 3.000% <br>03/24/2032<br>| &nbsp;&nbsp; 6.716% | 44775 | &nbsp;&nbsp; 44974 |
| TKO Worldwide Holdings LLC<sup>(c),(u)</sup>  | TKO Worldwide Holdings LLC<sup>(c),(u)</sup>  | TKO Worldwide Holdings LLC<sup>(c),(u)</sup>  | TKO Worldwide Holdings LLC<sup>(c),(u)</sup>  |
| Tranche B5 1st Lien Term Loan | Tranche B5 1st Lien Term Loan | Tranche B5 1st Lien Term Loan | Tranche B5 1st Lien Term Loan |
| 3-month Term SOFR + 2.000% <br>11/21/2031<br>| &nbsp;&nbsp; 5.868% | 292217 | &nbsp;&nbsp; 293392 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2004159** |
| **Life Insurance 0.0%** | **Life Insurance 0.0%** | **Life Insurance 0.0%** | **Life Insurance 0.0%** |
| OneDigital Borrower LLC<sup>(c),(u)</sup>  | OneDigital Borrower LLC<sup>(c),(u)</sup>  | OneDigital Borrower LLC<sup>(c),(u)</sup>  | OneDigital Borrower LLC<sup>(c),(u)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 1-month Term SOFR + 3.000% <br>07/02/2031<br>| &nbsp;&nbsp; 6.716% | 175845 | &nbsp;&nbsp; 176069 |
| **Lodging 0.0%** | **Lodging 0.0%** | **Lodging 0.0%** | **Lodging 0.0%** |
| Hilton Grand Vacations Borrower LLC<sup>(c),(u)</sup>  | Hilton Grand Vacations Borrower LLC<sup>(c),(u)</sup>  | Hilton Grand Vacations Borrower LLC<sup>(c),(u)</sup>  | Hilton Grand Vacations Borrower LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.000% <br>Floor 0.500% <br>08/02/2028<br>| &nbsp;&nbsp; 5.716% | 448869 | &nbsp;&nbsp; 449880 |
| SGH2 LLC<sup>(c),(u)</sup>  | SGH2 LLC<sup>(c),(u)</sup>  | SGH2 LLC<sup>(c),(u)</sup>  | SGH2 LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 4.500% <br>08/18/2032<br>| &nbsp;&nbsp; 8.172% | 380082 | &nbsp;&nbsp; 381032 |
| Travel + Leisure Co.<sup>(c),(u)</sup>  | Travel + Leisure Co.<sup>(c),(u)</sup>  | Travel + Leisure Co.<sup>(c),(u)</sup>  | Travel + Leisure Co.<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 2.000% <br>12/14/2029<br>| &nbsp;&nbsp; 5.738% | 207572 | &nbsp;&nbsp; 207773 |
| Turquoise Topco Ltd.<sup>(c),(u),(w)</sup>  | Turquoise Topco Ltd.<sup>(c),(u),(w)</sup>  | Turquoise Topco Ltd.<sup>(c),(u),(w)</sup>  | Turquoise Topco Ltd.<sup>(c),(u),(w)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 3-month Term SOFR + 3.250% <br>08/13/2032<br>|  | 397553 | &nbsp;&nbsp; 392086 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1430771** |
| **Media and Entertainment 0.1%** | **Media and Entertainment 0.1%** | **Media and Entertainment 0.1%** | **Media and Entertainment 0.1%** |
| Cengage Learning, Inc.<sup>(c),(u)</sup>  | Cengage Learning, Inc.<sup>(c),(u)</sup>  | Cengage Learning, Inc.<sup>(c),(u)</sup>  | Cengage Learning, Inc.<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 3.500% <br>03/24/2031<br>| &nbsp;&nbsp; 7.287% | 246884 | &nbsp;&nbsp; 247716 |
| Creative Artists Agency LLC<sup>(c),(u)</sup>  | Creative Artists Agency LLC<sup>(c),(u)</sup>  | Creative Artists Agency LLC<sup>(c),(u)</sup>  | Creative Artists Agency LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.500% <br>10/01/2031<br>| &nbsp;&nbsp; 6.216% | 344774 | &nbsp;&nbsp; 345922 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| NEP Group, Inc.<sup>(c),(u),(w)</sup>  | NEP Group, Inc.<sup>(c),(u),(w)</sup>  | NEP Group, Inc.<sup>(c),(u),(w)</sup>  | NEP Group, Inc.<sup>(c),(u),(w)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 4.500% <br>10/17/2031<br>| &nbsp;&nbsp; 8.216% | 249359 | &nbsp;&nbsp; 227617 |
| Plano Holdco, Inc.<sup>(c),(u)</sup>  | Plano Holdco, Inc.<sup>(c),(u)</sup>  | Plano Holdco, Inc.<sup>(c),(u)</sup>  | Plano Holdco, Inc.<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 3.500% <br>10/02/2031<br>| &nbsp;&nbsp; 7.172% | 394987 | &nbsp;&nbsp; 382150 |
| Univision Communications, Inc.<sup>(c),(u)</sup>  | Univision Communications, Inc.<sup>(c),(u)</sup>  | Univision Communications, Inc.<sup>(c),(u)</sup>  | Univision Communications, Inc.<sup>(c),(u)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 1-month Term SOFR + 3.250% <br>Floor 0.750% <br>01/31/2029<br>| &nbsp;&nbsp; 7.081% | 394520 | &nbsp;&nbsp; 391068 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1594473** |
| **Midstream 0.1%** | **Midstream 0.1%** | **Midstream 0.1%** | **Midstream 0.1%** |
| AL GCX Holdings LLC<sup>(c),(u)</sup>  | AL GCX Holdings LLC<sup>(c),(u)</sup>  | AL GCX Holdings LLC<sup>(c),(u)</sup>  | AL GCX Holdings LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.250% <br>12/11/2032<br>| &nbsp;&nbsp; 5.981% | 105901 | &nbsp;&nbsp; 105967 |
| CQP Holdco LP<sup>(c),(u)</sup>  | CQP Holdco LP<sup>(c),(u)</sup>  | CQP Holdco LP<sup>(c),(u)</sup>  | CQP Holdco LP<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 2.000% <br>12/31/2030<br>| &nbsp;&nbsp; 5.672% | 345640 | &nbsp;&nbsp; 346629 |
| GIP Pilot Acquisition Partners LP<sup>(c),(u)</sup>  | GIP Pilot Acquisition Partners LP<sup>(c),(u)</sup>  | GIP Pilot Acquisition Partners LP<sup>(c),(u)</sup>  | GIP Pilot Acquisition Partners LP<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 2.000% <br>10/04/2030<br>| &nbsp;&nbsp; 5.935% | 340954 | &nbsp;&nbsp; 341322 |
| ITT Holdings LLC<sup>(c),(u)</sup>  | ITT Holdings LLC<sup>(c),(u)</sup>  | ITT Holdings LLC<sup>(c),(u)</sup>  | ITT Holdings LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.475% <br>10/11/2030<br>| &nbsp;&nbsp; 6.191% | 398000 | &nbsp;&nbsp; 399990 |
| Oryx Midstream Services Permian Basin LLC<sup>(c),(u)</sup>  | Oryx Midstream Services Permian Basin LLC<sup>(c),(u)</sup>  | Oryx Midstream Services Permian Basin LLC<sup>(c),(u)</sup>  | Oryx Midstream Services Permian Basin LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.250% <br>10/05/2028<br>| &nbsp;&nbsp; 5.977% | 343035 | &nbsp;&nbsp; 344356 |
| Rockpoint Gas Storage Partners LP<sup>(c),(u)</sup>  | Rockpoint Gas Storage Partners LP<sup>(c),(u)</sup>  | Rockpoint Gas Storage Partners LP<sup>(c),(u)</sup>  | Rockpoint Gas Storage Partners LP<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 2.500% <br>09/18/2031<br>| &nbsp;&nbsp; 6.172% | 148500 | &nbsp;&nbsp; 149057 |
| WhiteWater DBR Holdco LLC<sup>(c),(u)</sup>  | WhiteWater DBR Holdco LLC<sup>(c),(u)</sup>  | WhiteWater DBR Holdco LLC<sup>(c),(u)</sup>  | WhiteWater DBR Holdco LLC<sup>(c),(u)</sup>  |
| Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan |
| 3-month Term SOFR + 2.250% <br>03/03/2031<br>| &nbsp;&nbsp; 5.938% | 307480 | &nbsp;&nbsp; 309017 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1996338** |
| **Natural Gas 0.0%** | **Natural Gas 0.0%** | **Natural Gas 0.0%** | **Natural Gas 0.0%** |
| AL GCX Fund VIII Holdings LLC<sup>(c),(u)</sup>  | AL GCX Fund VIII Holdings LLC<sup>(c),(u)</sup>  | AL GCX Fund VIII Holdings LLC<sup>(c),(u)</sup>  | AL GCX Fund VIII Holdings LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.000% <br>01/30/2032<br>| &nbsp;&nbsp; 5.818% | 24587 | &nbsp;&nbsp; 24556 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Other Financial Institutions 0.1%** | **Other Financial Institutions 0.1%** | **Other Financial Institutions 0.1%** | **Other Financial Institutions 0.1%** |
| 19th Holdings Golf LLC<sup>(c),(u)</sup>  | 19th Holdings Golf LLC<sup>(c),(u)</sup>  | 19th Holdings Golf LLC<sup>(c),(u)</sup>  | 19th Holdings Golf LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 3.250% <br>Floor 0.500% <br>02/07/2029<br>| &nbsp;&nbsp; 7.134% | 248711 | &nbsp;&nbsp; 250266 |
| ACP Tara Holdings, Inc.<sup>(c),(u),(w)</sup>  | ACP Tara Holdings, Inc.<sup>(c),(u),(w)</sup>  | ACP Tara Holdings, Inc.<sup>(c),(u),(w)</sup>  | ACP Tara Holdings, Inc.<sup>(c),(u),(w)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 3.250% <br>09/17/2032<br>| &nbsp;&nbsp; 6.973% | 395748 | &nbsp;&nbsp; 397727 |
| Acuren Delaware Holdco, Inc.<sup>(c),(u)</sup>  | Acuren Delaware Holdco, Inc.<sup>(c),(u)</sup>  | Acuren Delaware Holdco, Inc.<sup>(c),(u)</sup>  | Acuren Delaware Holdco, Inc.<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.750% <br>07/30/2031<br>| &nbsp;&nbsp; 6.466% | 220042 | &nbsp;&nbsp; 220920 |
| Apex Group Treasury LLC<sup>(c),(u)</sup>  | Apex Group Treasury LLC<sup>(c),(u)</sup>  | Apex Group Treasury LLC<sup>(c),(u)</sup>  | Apex Group Treasury LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 3.500% <br>02/27/2032<br>| &nbsp;&nbsp; 7.387% | 265211 | &nbsp;&nbsp; 248884 |
| BCP VI Summit Holdings LP<sup>(c),(u)</sup>  | BCP VI Summit Holdings LP<sup>(c),(u)</sup>  | BCP VI Summit Holdings LP<sup>(c),(u)</sup>  | BCP VI Summit Holdings LP<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 3.000% <br>01/30/2032<br>| &nbsp;&nbsp; 6.843% | 51433 | &nbsp;&nbsp; 51739 |
| Chrysaor Bidco SARL<sup>(c),(u),(w)</sup>  | Chrysaor Bidco SARL<sup>(c),(u),(w)</sup>  | Chrysaor Bidco SARL<sup>(c),(u),(w)</sup>  | Chrysaor Bidco SARL<sup>(c),(u),(w)</sup>  |
| Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan |
| 3-month Term SOFR + 3.250% <br>10/30/2031<br>| &nbsp;&nbsp; 7.144% | 402330 | &nbsp;&nbsp; 404844 |
| Citco Funding LLC<sup>(c),(u),(w)</sup>  | Citco Funding LLC<sup>(c),(u),(w)</sup>  | Citco Funding LLC<sup>(c),(u),(w)</sup>  | Citco Funding LLC<sup>(c),(u),(w)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.750% <br>Floor 0.500% <br>04/27/2028<br>| &nbsp;&nbsp; 6.511% | 450000 | &nbsp;&nbsp; 452673 |
| Emerald X, Inc.<sup>(c),(u),(w)</sup>  | Emerald X, Inc.<sup>(c),(u),(w)</sup>  | Emerald X, Inc.<sup>(c),(u),(w)</sup>  | Emerald X, Inc.<sup>(c),(u),(w)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 3.250% <br>01/30/2032<br>|  | 116927 | &nbsp;&nbsp; 117853 |
| EP Wealth Advisors LLC<sup>(c),(u)</sup>  | EP Wealth Advisors LLC<sup>(c),(u)</sup>  | EP Wealth Advisors LLC<sup>(c),(u)</sup>  | EP Wealth Advisors LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 3.000% <br>10/18/2032<br>| &nbsp;&nbsp; 6.672% | 400000 | &nbsp;&nbsp; 401000 |
| Hunter Douglas Holding BV<sup>(c),(u)</sup>  | Hunter Douglas Holding BV<sup>(c),(u)</sup>  | Hunter Douglas Holding BV<sup>(c),(u)</sup>  | Hunter Douglas Holding BV<sup>(c),(u)</sup>  |
| Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan |
| 3-month Term SOFR + 3.000% <br>01/20/2032<br>| &nbsp;&nbsp; 6.672% | 312579 | &nbsp;&nbsp; 313751 |
| Kestra Advisor Services Holdings A, Inc.<sup>(c),(u)</sup>  | Kestra Advisor Services Holdings A, Inc.<sup>(c),(u)</sup>  | Kestra Advisor Services Holdings A, Inc.<sup>(c),(u)</sup>  | Kestra Advisor Services Holdings A, Inc.<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 3.000% <br>03/22/2031<br>| &nbsp;&nbsp; 6.716% | 398860 | &nbsp;&nbsp; 399247 |
| Mariner Wealth Advisers LLC<sup>(c),(u),(w)</sup>  | Mariner Wealth Advisers LLC<sup>(c),(u),(w)</sup>  | Mariner Wealth Advisers LLC<sup>(c),(u),(w)</sup>  | Mariner Wealth Advisers LLC<sup>(c),(u),(w)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 3-month Term SOFR + 2.250% <br>12/31/2030<br>|  | 338280 | &nbsp;&nbsp; 339779 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Mermaid Bidco, Inc.<sup>(c),(u)</sup>  | Mermaid Bidco, Inc.<sup>(c),(u)</sup>  | Mermaid Bidco, Inc.<sup>(c),(u)</sup>  | Mermaid Bidco, Inc.<sup>(c),(u)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 3-month Term SOFR + 3.250% <br>07/03/2031<br>| &nbsp;&nbsp; 7.151% | 300000 | &nbsp;&nbsp; 300750 |
| Opal US LLC<sup>(c),(u)</sup>  | Opal US LLC<sup>(c),(u)</sup>  | Opal US LLC<sup>(c),(u)</sup>  | Opal US LLC<sup>(c),(u)</sup>  |
| Tranche B4 Term Loan | Tranche B4 Term Loan | Tranche B4 Term Loan | Tranche B4 Term Loan |
| 3-month Term SOFR + 3.000% <br>04/28/2032<br>| &nbsp;&nbsp; 6.686% | 162584 | &nbsp;&nbsp; 163447 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **4062880** |
| **Other Industry 0.1%** | **Other Industry 0.1%** | **Other Industry 0.1%** | **Other Industry 0.1%** |
| Artera Services LLC<sup>(c),(u)</sup>  | Artera Services LLC<sup>(c),(u)</sup>  | Artera Services LLC<sup>(c),(u)</sup>  | Artera Services LLC<sup>(c),(u)</sup>  |
| Tranche C 1st Lien Term Loan | Tranche C 1st Lien Term Loan | Tranche C 1st Lien Term Loan | Tranche C 1st Lien Term Loan |
| 3-month Term SOFR + 4.500% <br>02/15/2031<br>| &nbsp;&nbsp; 8.172% | 281090 | &nbsp;&nbsp; 226103 |
| Brand Industrial Services, Inc.<sup>(c),(u)</sup>  | Brand Industrial Services, Inc.<sup>(c),(u)</sup>  | Brand Industrial Services, Inc.<sup>(c),(u)</sup>  | Brand Industrial Services, Inc.<sup>(c),(u)</sup>  |
| Tranche C Term Loan | Tranche C Term Loan | Tranche C Term Loan | Tranche C Term Loan |
| 3-month Term SOFR + 4.500% <br>Floor 0.500% <br>08/01/2030<br>| &nbsp;&nbsp; 8.354% | 16375 | &nbsp;&nbsp; 14886 |
| Catawba Nation Gaming Authority<sup>(c),(u)</sup>  | Catawba Nation Gaming Authority<sup>(c),(u)</sup>  | Catawba Nation Gaming Authority<sup>(c),(u)</sup>  | Catawba Nation Gaming Authority<sup>(c),(u)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 1-month Term SOFR + 4.750% <br>03/29/2032<br>| &nbsp;&nbsp; 8.466% | 394349 | &nbsp;&nbsp; 403222 |
| Chariot Buyer LLC<sup>(c),(u)</sup>  | Chariot Buyer LLC<sup>(c),(u)</sup>  | Chariot Buyer LLC<sup>(c),(u)</sup>  | Chariot Buyer LLC<sup>(c),(u)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 1-month Term SOFR + 2.750% <br>09/08/2032<br>| &nbsp;&nbsp; 6.466% | 368134 | &nbsp;&nbsp; 368671 |
| Grant Thornton Advisors LLC<sup>(c),(u)</sup>  | Grant Thornton Advisors LLC<sup>(c),(u)</sup>  | Grant Thornton Advisors LLC<sup>(c),(u)</sup>  | Grant Thornton Advisors LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.750% <br>06/02/2031<br>| &nbsp;&nbsp; 6.466% | 183809 | &nbsp;&nbsp; 183956 |
| MRP Buyer LLC<sup>(c),(u),(w),(x)</sup>  | MRP Buyer LLC<sup>(c),(u),(w),(x)</sup>  | MRP Buyer LLC<sup>(c),(u),(w),(x)</sup>  | MRP Buyer LLC<sup>(c),(u),(w),(x)</sup>  |
| Delayed Draw Term Loan | Delayed Draw Term Loan | Delayed Draw Term Loan | Delayed Draw Term Loan |
| 3-month Term SOFR + 3.250% <br>06/04/2032<br>| &nbsp;&nbsp; 5.461% | 29285 | &nbsp;&nbsp; 29020 |
| MRP Buyer LLC<sup>(c),(u)</sup>  | MRP Buyer LLC<sup>(c),(u)</sup>  | MRP Buyer LLC<sup>(c),(u)</sup>  | MRP Buyer LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 3.250% <br>06/04/2032<br>| &nbsp;&nbsp; 6.922% | 229866 | &nbsp;&nbsp; 227784 |
| Pinnacle Buyer LLC<sup>(c),(u),(w),(x)</sup>  | Pinnacle Buyer LLC<sup>(c),(u),(w),(x)</sup>  | Pinnacle Buyer LLC<sup>(c),(u),(w),(x)</sup>  | Pinnacle Buyer LLC<sup>(c),(u),(w),(x)</sup>  |
| Tranche B Delayed Draw Term Loan | Tranche B Delayed Draw Term Loan | Tranche B Delayed Draw Term Loan | Tranche B Delayed Draw Term Loan |
| 3-month Term SOFR + 1.250% <br>09/10/2032<br>| &nbsp;&nbsp; 1.250% | 68548 | &nbsp;&nbsp; 68763 |
| Pinnacle Buyer LLC<sup>(c),(u)</sup>  | Pinnacle Buyer LLC<sup>(c),(u)</sup>  | Pinnacle Buyer LLC<sup>(c),(u)</sup>  | Pinnacle Buyer LLC<sup>(c),(u)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 3-month Term SOFR + 2.500% <br>09/10/2032<br>| &nbsp;&nbsp; 6.485% | 356452 | &nbsp;&nbsp; 357567 |
| WireCo WorldGroup, Inc.<sup>(c),(u)</sup>  | WireCo WorldGroup, Inc.<sup>(c),(u)</sup>  | WireCo WorldGroup, Inc.<sup>(c),(u)</sup>  | WireCo WorldGroup, Inc.<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 3.750% <br>11/13/2028<br>| &nbsp;&nbsp; 7.607% | 248731 | &nbsp;&nbsp; 248731 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Xplor T1 LLC<sup>(c),(u)</sup>  | Xplor T1 LLC<sup>(c),(u)</sup>  | Xplor T1 LLC<sup>(c),(u)</sup>  | Xplor T1 LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 3.500% <br>06/24/2032<br>| &nbsp;&nbsp; 7.292% | 240641 | &nbsp;&nbsp; 240641 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2369344** |
| **Other REIT 0.0%** | **Other REIT 0.0%** | **Other REIT 0.0%** | **Other REIT 0.0%** |
| OEG Borrower LLC<sup>(c),(u)</sup>  | OEG Borrower LLC<sup>(c),(u)</sup>  | OEG Borrower LLC<sup>(c),(u)</sup>  | OEG Borrower LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 3.500% <br>06/30/2031<br>| &nbsp;&nbsp; 7.201% | 54861 | &nbsp;&nbsp; 54998 |
| **Packaging 0.1%** | **Packaging 0.1%** | **Packaging 0.1%** | **Packaging 0.1%** |
| Charter Next Generation, Inc.<sup>(c),(u)</sup>  | Charter Next Generation, Inc.<sup>(c),(u)</sup>  | Charter Next Generation, Inc.<sup>(c),(u)</sup>  | Charter Next Generation, Inc.<sup>(c),(u)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 1-month Term SOFR + 2.750% <br>11/29/2030<br>| &nbsp;&nbsp; 6.500% | 293814 | &nbsp;&nbsp; 294232 |
| Clydesdale Acquisition Holdings, Inc.<sup>(c),(u)</sup>  | Clydesdale Acquisition Holdings, Inc.<sup>(c),(u)</sup>  | Clydesdale Acquisition Holdings, Inc.<sup>(c),(u)</sup>  | Clydesdale Acquisition Holdings, Inc.<sup>(c),(u)</sup>  |
| Tranche B 1st Lien Term Loan | Tranche B 1st Lien Term Loan | Tranche B 1st Lien Term Loan | Tranche B 1st Lien Term Loan |
| 1-month Term SOFR + 3.175% <br>Floor 0.500% <br>04/13/2029<br>| &nbsp;&nbsp; 6.891% | 347728 | &nbsp;&nbsp; 347787 |
| 1-month Term SOFR + 3.250% <br>04/01/2032<br>| &nbsp;&nbsp; 6.966% | 99219 | &nbsp;&nbsp; 99086 |
| LC Ahab US Bidco LLC<sup>(c),(u)</sup>  | LC Ahab US Bidco LLC<sup>(c),(u)</sup>  | LC Ahab US Bidco LLC<sup>(c),(u)</sup>  | LC Ahab US Bidco LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 3.000% <br>05/01/2031<br>| &nbsp;&nbsp; 6.716% | 152489 | &nbsp;&nbsp; 152776 |
| Owens-Brockway Glass Container, Inc.<sup>(c),(u)</sup>  | Owens-Brockway Glass Container, Inc.<sup>(c),(u)</sup>  | Owens-Brockway Glass Container, Inc.<sup>(c),(u)</sup>  | Owens-Brockway Glass Container, Inc.<sup>(c),(u)</sup>  |
| Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan |
| 3-month Term SOFR + 3.000% <br>09/30/2032<br>| &nbsp;&nbsp; 6.838% | 398456 | &nbsp;&nbsp; 401321 |
| Tosca Services LLC<sup>(c),(u)</sup>  | Tosca Services LLC<sup>(c),(u)</sup>  | Tosca Services LLC<sup>(c),(u)</sup>  | Tosca Services LLC<sup>(c),(u)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 1-month Term SOFR + 1.500% <br>11/30/2028<br>| &nbsp;&nbsp; 5.316% | 250722 | &nbsp;&nbsp; 235573 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1530775** |
| **Paper 0.0%** | **Paper 0.0%** | **Paper 0.0%** | **Paper 0.0%** |
| Verde Purchaser LLC<sup>(c),(u)</sup>  | Verde Purchaser LLC<sup>(c),(u)</sup>  | Verde Purchaser LLC<sup>(c),(u)</sup>  | Verde Purchaser LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 4.000% <br>12/02/2030<br>| &nbsp;&nbsp; 7.672% | 197500 | &nbsp;&nbsp; 197275 |
| **Pharmaceuticals 0.0%** | **Pharmaceuticals 0.0%** | **Pharmaceuticals 0.0%** | **Pharmaceuticals 0.0%** |
| Amneal Pharmaceuticals LLC<sup>(c),(u)</sup>  | Amneal Pharmaceuticals LLC<sup>(c),(u)</sup>  | Amneal Pharmaceuticals LLC<sup>(c),(u)</sup>  | Amneal Pharmaceuticals LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 3.500% <br>08/01/2032<br>| &nbsp;&nbsp; 7.216% | 133523 | &nbsp;&nbsp; 134524 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Property & Casualty 0.1%** | **Property & Casualty 0.1%** | **Property & Casualty 0.1%** | **Property & Casualty 0.1%** |
| Alliant Holdings Intermediate LLC<sup>(c),(u)</sup>  | Alliant Holdings Intermediate LLC<sup>(c),(u)</sup>  | Alliant Holdings Intermediate LLC<sup>(c),(u)</sup>  | Alliant Holdings Intermediate LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.500% <br>09/19/2031<br>| &nbsp;&nbsp; 6.216% | 434658 | &nbsp;&nbsp; 435518 |
| AmWINS Group, Inc.<sup>(c),(u)</sup>  | AmWINS Group, Inc.<sup>(c),(u)</sup>  | AmWINS Group, Inc.<sup>(c),(u)</sup>  | AmWINS Group, Inc.<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.250% <br>01/30/2032<br>| &nbsp;&nbsp; 5.966% | 299244 | &nbsp;&nbsp; 299992 |
| Broadstreet Partners, Inc.<sup>(c),(u)</sup>  | Broadstreet Partners, Inc.<sup>(c),(u)</sup>  | Broadstreet Partners, Inc.<sup>(c),(u)</sup>  | Broadstreet Partners, Inc.<sup>(c),(u)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 1-month Term SOFR + 2.750% <br>06/13/2031<br>| &nbsp;&nbsp; 6.466% | 195388 | &nbsp;&nbsp; 195953 |
| CRC Insurance Group LLC<sup>(c),(u)</sup>  | CRC Insurance Group LLC<sup>(c),(u)</sup>  | CRC Insurance Group LLC<sup>(c),(u)</sup>  | CRC Insurance Group LLC<sup>(c),(u)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 3-month Term SOFR + 2.750% <br>05/06/2031<br>| &nbsp;&nbsp; 6.422% | 263642 | &nbsp;&nbsp; 263753 |
| Hub International Ltd.<sup>(c),(u)</sup>  | Hub International Ltd.<sup>(c),(u)</sup>  | Hub International Ltd.<sup>(c),(u)</sup>  | Hub International Ltd.<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 2.250% <br>06/20/2030<br>| &nbsp;&nbsp; 6.120% | 393447 | &nbsp;&nbsp; 395312 |
| Sedgwick Claims Management Services, Inc./Lightning Cayman Merger Sub <br> Ltd.<sup>(c),(u)</sup>  | Sedgwick Claims Management Services, Inc./Lightning Cayman Merger Sub <br> Ltd.<sup>(c),(u)</sup>  | Sedgwick Claims Management Services, Inc./Lightning Cayman Merger Sub <br> Ltd.<sup>(c),(u)</sup>  | Sedgwick Claims Management Services, Inc./Lightning Cayman Merger Sub <br> Ltd.<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.500% <br>07/31/2031<br>| &nbsp;&nbsp; 6.216% | 343897 | &nbsp;&nbsp; 344901 |
| USI, Inc.<sup>(c),(u)</sup>  | USI, Inc.<sup>(c),(u)</sup>  | USI, Inc.<sup>(c),(u)</sup>  | USI, Inc.<sup>(c),(u)</sup>  |
| Tranche D Term Loan | Tranche D Term Loan | Tranche D Term Loan | Tranche D Term Loan |
| 3-month Term SOFR + 2.250% <br>11/21/2029<br>| &nbsp;&nbsp; 5.922% | 397985 | &nbsp;&nbsp; 398765 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2334194** |
| **Restaurants 0.0%** | **Restaurants 0.0%** | **Restaurants 0.0%** | **Restaurants 0.0%** |
| Dave & Buster's, Inc.<sup>(c),(u)</sup>  | Dave & Buster's, Inc.<sup>(c),(u)</sup>  | Dave & Buster's, Inc.<sup>(c),(u)</sup>  | Dave & Buster's, Inc.<sup>(c),(u)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 3-month Term SOFR + 3.250% <br>11/01/2031<br>| &nbsp;&nbsp; 7.072% | 218603 | &nbsp;&nbsp; 194351 |
| Flynn Restaurant Group LP<sup>(c),(u)</sup>  | Flynn Restaurant Group LP<sup>(c),(u)</sup>  | Flynn Restaurant Group LP<sup>(c),(u)</sup>  | Flynn Restaurant Group LP<sup>(c),(u)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 1-month Term SOFR + 3.750% <br>01/28/2032<br>| &nbsp;&nbsp; 7.466% | 397995 | &nbsp;&nbsp; 399300 |
| IRB Holding Corp.<sup>(c),(u)</sup>  | IRB Holding Corp.<sup>(c),(u)</sup>  | IRB Holding Corp.<sup>(c),(u)</sup>  | IRB Holding Corp.<sup>(c),(u)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 1-month Term SOFR + 2.500% <br>12/15/2030<br>| &nbsp;&nbsp; 6.216% | 343050 | &nbsp;&nbsp; 343709 |
| Whatabrands LLC<sup>(c),(u)</sup>  | Whatabrands LLC<sup>(c),(u)</sup>  | Whatabrands LLC<sup>(c),(u)</sup>  | Whatabrands LLC<sup>(c),(u)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 1-month Term SOFR + 2.500% <br>08/03/2028<br>| &nbsp;&nbsp; 6.216% | 442142 | &nbsp;&nbsp; 443185 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1380545** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Retailers 0.1%** | **Retailers 0.1%** | **Retailers 0.1%** | **Retailers 0.1%** |
| Beach Acquisition Bidco LLC<sup>(c),(u)</sup>  | Beach Acquisition Bidco LLC<sup>(c),(u)</sup>  | Beach Acquisition Bidco LLC<sup>(c),(u)</sup>  | Beach Acquisition Bidco LLC<sup>(c),(u)</sup>  |
| Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan |
| 3-month Term SOFR + 3.250% <br>09/12/2032<br>| &nbsp;&nbsp; 6.922% | 300000 | &nbsp;&nbsp; 302064 |
| Belron Finance 2019 LLC<sup>(c),(u)</sup>  | Belron Finance 2019 LLC<sup>(c),(u)</sup>  | Belron Finance 2019 LLC<sup>(c),(u)</sup>  | Belron Finance 2019 LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 2.250% <br>10/16/2031<br>| &nbsp;&nbsp; 6.120% | 140506 | &nbsp;&nbsp; 141209 |
| Great Outdoors Group LLC<sup>(c),(u)</sup>  | Great Outdoors Group LLC<sup>(c),(u)</sup>  | Great Outdoors Group LLC<sup>(c),(u)</sup>  | Great Outdoors Group LLC<sup>(c),(u)</sup>  |
| Tranche B3 Term Loan | Tranche B3 Term Loan | Tranche B3 Term Loan | Tranche B3 Term Loan |
| 1-month Term SOFR + 3.250% <br>Floor 0.750% <br>01/23/2032<br>| &nbsp;&nbsp; 6.966% | 391949 | &nbsp;&nbsp; 393908 |
| Harbor Freight Tools USA, Inc.<sup>(c),(u)</sup>  | Harbor Freight Tools USA, Inc.<sup>(c),(u)</sup>  | Harbor Freight Tools USA, Inc.<sup>(c),(u)</sup>  | Harbor Freight Tools USA, Inc.<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.250% <br>06/11/2031<br>| &nbsp;&nbsp; 5.966% | 72229 | &nbsp;&nbsp; 71455 |
| LS Group Opco Acquisition LLC/PropCo<sup>(c),(u)</sup>  | LS Group Opco Acquisition LLC/PropCo<sup>(c),(u)</sup>  | LS Group Opco Acquisition LLC/PropCo<sup>(c),(u)</sup>  | LS Group Opco Acquisition LLC/PropCo<sup>(c),(u)</sup>  |
| Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan |
| 3-month Term SOFR + 2.500% <br>04/23/2031<br>| &nbsp;&nbsp; 6.311% | 374058 | &nbsp;&nbsp; 374058 |
| Mavis Tire Express Services Topco Corp.<sup>(c),(u)</sup>  | Mavis Tire Express Services Topco Corp.<sup>(c),(u)</sup>  | Mavis Tire Express Services Topco Corp.<sup>(c),(u)</sup>  | Mavis Tire Express Services Topco Corp.<sup>(c),(u)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 1-month Term SOFR + 3.000% <br>05/04/2028<br>| &nbsp;&nbsp; 6.716% | 393270 | &nbsp;&nbsp; 394529 |
| PetSmart LLC<sup>(c),(u)</sup>  | PetSmart LLC<sup>(c),(u)</sup>  | PetSmart LLC<sup>(c),(u)</sup>  | PetSmart LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 4.000% <br>08/18/2032<br>| &nbsp;&nbsp; 7.734% | 443734 | &nbsp;&nbsp; 441378 |
| Restoration Hardware, Inc.<sup>(c),(u)</sup>  | Restoration Hardware, Inc.<sup>(c),(u)</sup>  | Restoration Hardware, Inc.<sup>(c),(u)</sup>  | Restoration Hardware, Inc.<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.500% <br>Floor 0.500% <br>10/20/2028<br>| &nbsp;&nbsp; 6.331% | 298441 | &nbsp;&nbsp; 293965 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2412566** |
| **Technology 0.6%** | **Technology 0.6%** | **Technology 0.6%** | **Technology 0.6%** |
| Access CIG LLC<sup>(c),(u)</sup>  | Access CIG LLC<sup>(c),(u)</sup>  | Access CIG LLC<sup>(c),(u)</sup>  | Access CIG LLC<sup>(c),(u)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 1-month Term SOFR + 4.000% <br>08/18/2030<br>| &nbsp;&nbsp; 7.716% | 365192 | &nbsp;&nbsp; 351497 |
| Adeia, Inc.<sup>(c),(u)</sup>  | Adeia, Inc.<sup>(c),(u)</sup>  | Adeia, Inc.<sup>(c),(u)</sup>  | Adeia, Inc.<sup>(c),(u)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 1-month Term SOFR + 2.500% <br>06/08/2028<br>| &nbsp;&nbsp; 6.216% | 248408 | &nbsp;&nbsp; 249145 |
| Ahead DB Holdings LLC<sup>(c),(u)</sup>  | Ahead DB Holdings LLC<sup>(c),(u)</sup>  | Ahead DB Holdings LLC<sup>(c),(u)</sup>  | Ahead DB Holdings LLC<sup>(c),(u)</sup>  |
| Tranche B5 1st Lien Term Loan | Tranche B5 1st Lien Term Loan | Tranche B5 1st Lien Term Loan | Tranche B5 1st Lien Term Loan |
| 3-month Term SOFR + 2.500% <br>Floor 0.750% <br>02/03/2031<br>| &nbsp;&nbsp; 6.172% | 396880 | &nbsp;&nbsp; 396066 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Applied Systems, Inc.<sup>(c),(u)</sup>  | Applied Systems, Inc.<sup>(c),(u)</sup>  | Applied Systems, Inc.<sup>(c),(u)</sup>  | Applied Systems, Inc.<sup>(c),(u)</sup>  |
| Tranche B1 1st Lien Term Loan | Tranche B1 1st Lien Term Loan | Tranche B1 1st Lien Term Loan | Tranche B1 1st Lien Term Loan |
| 3-month Term SOFR + 2.500% <br>02/24/2031<br>| &nbsp;&nbsp; 6.172% | 347630 | &nbsp;&nbsp; 349441 |
| Ascend Learning LLC<sup>(c),(u)</sup>  | Ascend Learning LLC<sup>(c),(u)</sup>  | Ascend Learning LLC<sup>(c),(u)</sup>  | Ascend Learning LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 3.000% <br>Floor 0.500% <br>12/11/2028<br>| &nbsp;&nbsp; 6.716% | 385068 | &nbsp;&nbsp; 385961 |
| athenahealth Group, Inc.<sup>(c),(u)</sup>  | athenahealth Group, Inc.<sup>(c),(u)</sup>  | athenahealth Group, Inc.<sup>(c),(u)</sup>  | athenahealth Group, Inc.<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.750% <br>Floor 0.500% <br>02/15/2029<br>| &nbsp;&nbsp; 6.466% | 343848 | &nbsp;&nbsp; 344206 |
| Barracuda Parent LLC<sup>(c),(u)</sup>  | Barracuda Parent LLC<sup>(c),(u)</sup>  | Barracuda Parent LLC<sup>(c),(u)</sup>  | Barracuda Parent LLC<sup>(c),(u)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 3-month Term SOFR + 4.500% <br>Floor 0.500% <br>08/15/2029<br>| &nbsp;&nbsp; 8.340% | 193698 | &nbsp;&nbsp; 156351 |
| BCPE Pequod Buyer, Inc.<sup>(c),(u)</sup>  | BCPE Pequod Buyer, Inc.<sup>(c),(u)</sup>  | BCPE Pequod Buyer, Inc.<sup>(c),(u)</sup>  | BCPE Pequod Buyer, Inc.<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 3.000% <br>11/25/2031<br>| &nbsp;&nbsp; 6.716% | 129965 | &nbsp;&nbsp; 130168 |
| Boxer Parent Co., Inc.<sup>(c),(u)</sup>  | Boxer Parent Co., Inc.<sup>(c),(u)</sup>  | Boxer Parent Co., Inc.<sup>(c),(u)</sup>  | Boxer Parent Co., Inc.<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 3.000% <br>07/30/2031<br>| &nbsp;&nbsp; 6.822% | 339664 | &nbsp;&nbsp; 338512 |
| Calabrio, Inc.<sup>(c),(u)</sup>  | Calabrio, Inc.<sup>(c),(u)</sup>  | Calabrio, Inc.<sup>(c),(u)</sup>  | Calabrio, Inc.<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 4.000% <br>10/25/2032<br>| &nbsp;&nbsp; 7.835% | 160112 | &nbsp;&nbsp; 150505 |
| Central Parent LLC<sup>(c),(u)</sup>  | Central Parent LLC<sup>(c),(u)</sup>  | Central Parent LLC<sup>(c),(u)</sup>  | Central Parent LLC<sup>(c),(u)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 3-month Term SOFR + 3.250% <br>07/06/2029<br>| &nbsp;&nbsp; 6.922% | 196508 | &nbsp;&nbsp; 165966 |
| Clearwater Analytics LLC<sup>(c),(u)</sup>  | Clearwater Analytics LLC<sup>(c),(u)</sup>  | Clearwater Analytics LLC<sup>(c),(u)</sup>  | Clearwater Analytics LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 6-month Term SOFR + 2.000% <br>04/21/2032<br>| &nbsp;&nbsp; 6.460% | 399000 | &nbsp;&nbsp; 398254 |
| Cloud Software Group, Inc.<sup>(c),(u)</sup>  | Cloud Software Group, Inc.<sup>(c),(u)</sup>  | Cloud Software Group, Inc.<sup>(c),(u)</sup>  | Cloud Software Group, Inc.<sup>(c),(u)</sup>  |
| Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan |
| 3-month Term SOFR + 3.250% <br>08/13/2032<br>| &nbsp;&nbsp; 6.922% | 237538 | &nbsp;&nbsp; 237688 |
| Cloudera, Inc.<sup>(c),(u)</sup>  | Cloudera, Inc.<sup>(c),(u)</sup>  | Cloudera, Inc.<sup>(c),(u)</sup>  | Cloudera, Inc.<sup>(c),(u)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 1-month Term SOFR + 3.750% <br>Floor 0.500% <br>10/08/2028<br>| &nbsp;&nbsp; 7.566% | 342875 | &nbsp;&nbsp; 326589 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CoreLogic, Inc.<sup>(c),(u)</sup>  | CoreLogic, Inc.<sup>(c),(u)</sup>  | CoreLogic, Inc.<sup>(c),(u)</sup>  | CoreLogic, Inc.<sup>(c),(u)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 1-month Term SOFR + 3.500% <br>Floor 0.500% <br>06/02/2028<br>| &nbsp;&nbsp; 7.331% | 396637 | &nbsp;&nbsp; 396494 |
| Cornerstone OnDemand, Inc.<sup>(c),(u)</sup>  | Cornerstone OnDemand, Inc.<sup>(c),(u)</sup>  | Cornerstone OnDemand, Inc.<sup>(c),(u)</sup>  | Cornerstone OnDemand, Inc.<sup>(c),(u)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 1-month Term SOFR + 3.750% <br>Floor 0.500% <br>10/16/2028<br>| &nbsp;&nbsp; 7.581% | 397933 | &nbsp;&nbsp; 364109 |
| Cotiviti, Inc.<sup>(c),(u)</sup>  | Cotiviti, Inc.<sup>(c),(u)</sup>  | Cotiviti, Inc.<sup>(c),(u)</sup>  | Cotiviti, Inc.<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.750% <br>05/01/2031<br>| &nbsp;&nbsp; 6.623% | 443644 | &nbsp;&nbsp; 425530 |
| Darktrace Finco US LLC<sup>(c),(u)</sup>  | Darktrace Finco US LLC<sup>(c),(u)</sup>  | Darktrace Finco US LLC<sup>(c),(u)</sup>  | Darktrace Finco US LLC<sup>(c),(u)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 3-month Term SOFR + 3.250% <br>10/09/2031<br>| &nbsp;&nbsp; 7.185% | 369447 | &nbsp;&nbsp; 370570 |
| Dayforce, Inc.<sup>(c),(u),(w)</sup>  | Dayforce, Inc.<sup>(c),(u),(w)</sup>  | Dayforce, Inc.<sup>(c),(u),(w)</sup>  | Dayforce, Inc.<sup>(c),(u),(w)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 3-month Term SOFR + 3.500% <br>10/07/2032<br>|  | 786980 | &nbsp;&nbsp; 784171 |
| DS Admiral Bidco LLC<sup>(c),(u)</sup>  | DS Admiral Bidco LLC<sup>(c),(u)</sup>  | DS Admiral Bidco LLC<sup>(c),(u)</sup>  | DS Admiral Bidco LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 4.250% <br>06/26/2031<br>| &nbsp;&nbsp; 7.922% | 393459 | &nbsp;&nbsp; 385589 |
| Ellucian Holdings, Inc.<sup>(c),(u)</sup>  | Ellucian Holdings, Inc.<sup>(c),(u)</sup>  | Ellucian Holdings, Inc.<sup>(c),(u)</sup>  | Ellucian Holdings, Inc.<sup>(c),(u)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 1-month Term SOFR + 2.750% <br>10/09/2029<br>| &nbsp;&nbsp; 6.466% | 279674 | &nbsp;&nbsp; 281072 |
| Flash Charm, Inc.<sup>(c),(u)</sup>  | Flash Charm, Inc.<sup>(c),(u)</sup>  | Flash Charm, Inc.<sup>(c),(u)</sup>  | Flash Charm, Inc.<sup>(c),(u)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 3-month Term SOFR + 3.500% <br>Floor 0.750% <br>03/02/2028<br>| &nbsp;&nbsp; 7.354% | 198198 | &nbsp;&nbsp; 184269 |
| Flash Charm, Inc.<sup>(c),(u),(w)</sup>  | Flash Charm, Inc.<sup>(c),(u),(w)</sup>  | Flash Charm, Inc.<sup>(c),(u),(w)</sup>  | Flash Charm, Inc.<sup>(c),(u),(w)</sup>  |
| 2nd Lien Term Loan | 2nd Lien Term Loan | 2nd Lien Term Loan | 2nd Lien Term Loan |
| 3-month Term SOFR + 6.750% <br>03/02/2029<br>|  | 100000 | &nbsp;&nbsp; 87000 |
| Fortress Intermediate 3, Inc.<sup>(c),(u)</sup>  | Fortress Intermediate 3, Inc.<sup>(c),(u)</sup>  | Fortress Intermediate 3, Inc.<sup>(c),(u)</sup>  | Fortress Intermediate 3, Inc.<sup>(c),(u)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 1-month Term SOFR + 3.000% <br>06/27/2031<br>| &nbsp;&nbsp; 6.784% | 402749 | &nbsp;&nbsp; 402374 |
| Genesys Cloud Services Holdings I LLC<sup>(c),(u)</sup>  | Genesys Cloud Services Holdings I LLC<sup>(c),(u)</sup>  | Genesys Cloud Services Holdings I LLC<sup>(c),(u)</sup>  | Genesys Cloud Services Holdings I LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.500% <br>01/30/2032<br>| &nbsp;&nbsp; 6.216% | 383081 | &nbsp;&nbsp; 381886 |
| Icon Parent I, Inc.<sup>(c),(u),(w)</sup>  | Icon Parent I, Inc.<sup>(c),(u),(w)</sup>  | Icon Parent I, Inc.<sup>(c),(u),(w)</sup>  | Icon Parent I, Inc.<sup>(c),(u),(w)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 3-month Term SOFR + 2.750% <br>11/13/2031<br>| &nbsp;&nbsp; 6.445% | 349529 | &nbsp;&nbsp; 349924 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Idemia Group SAS<sup>(c),(u)</sup>  | Idemia Group SAS<sup>(c),(u)</sup>  | Idemia Group SAS<sup>(c),(u)</sup>  | Idemia Group SAS<sup>(c),(u)</sup>  |
| Tranche B5 Term Loan | Tranche B5 Term Loan | Tranche B5 Term Loan | Tranche B5 Term Loan |
| 3-month Term SOFR + 4.250% <br>Floor 0.750% <br>09/30/2028<br>| &nbsp;&nbsp; 7.922% | 393755 | &nbsp;&nbsp; 395724 |
| IGT Holding IV AB<sup>(c),(u)</sup>  | IGT Holding IV AB<sup>(c),(u)</sup>  | IGT Holding IV AB<sup>(c),(u)</sup>  | IGT Holding IV AB<sup>(c),(u)</sup>  |
| Tranche B7 Term Loan | Tranche B7 Term Loan | Tranche B7 Term Loan | Tranche B7 Term Loan |
| 3-month Term SOFR + 3.000% <br>09/01/2031<br>| &nbsp;&nbsp; 6.672% | 345501 | &nbsp;&nbsp; 347229 |
| ION Platform Finance US, Inc.<sup>(c),(u)</sup>  | ION Platform Finance US, Inc.<sup>(c),(u)</sup>  | ION Platform Finance US, Inc.<sup>(c),(u)</sup>  | ION Platform Finance US, Inc.<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 3.750% <br>09/30/2032<br>| &nbsp;&nbsp; 7.422% | 359324 | &nbsp;&nbsp; 336352 |
| KnowBe4, Inc.<sup>(c),(u)</sup>  | KnowBe4, Inc.<sup>(c),(u)</sup>  | KnowBe4, Inc.<sup>(c),(u)</sup>  | KnowBe4, Inc.<sup>(c),(u)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 3-month Term SOFR + 3.750% <br>07/23/2032<br>| &nbsp;&nbsp; 7.590% | 139778 | &nbsp;&nbsp; 139692 |
| McAfee Corp.<sup>(c),(u)</sup>  | McAfee Corp.<sup>(c),(u)</sup>  | McAfee Corp.<sup>(c),(u)</sup>  | McAfee Corp.<sup>(c),(u)</sup>  |
| Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan |
| 1-month Term SOFR + 3.000% <br>03/01/2029<br>| &nbsp;&nbsp; 6.716% | 344756 | &nbsp;&nbsp; 317069 |
| Mitchell International, Inc.<sup>(c),(u)</sup>  | Mitchell International, Inc.<sup>(c),(u)</sup>  | Mitchell International, Inc.<sup>(c),(u)</sup>  | Mitchell International, Inc.<sup>(c),(u)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 1-month Term SOFR + 3.250% <br>06/17/2031<br>| &nbsp;&nbsp; 6.966% | 434510 | &nbsp;&nbsp; 435657 |
| Neptune BidCo US, Inc.<sup>(c),(u)</sup>  | Neptune BidCo US, Inc.<sup>(c),(u)</sup>  | Neptune BidCo US, Inc.<sup>(c),(u)</sup>  | Neptune BidCo US, Inc.<sup>(c),(u)</sup>  |
| Tranche A Term Loan | Tranche A Term Loan | Tranche A Term Loan | Tranche A Term Loan |
| 3-month Term SOFR + 4.750% <br>10/11/2028<br>| &nbsp;&nbsp; 8.762% | 249361 | &nbsp;&nbsp; 245820 |
| Nielsen Consumer, Inc.<sup>(c),(u)</sup>  | Nielsen Consumer, Inc.<sup>(c),(u)</sup>  | Nielsen Consumer, Inc.<sup>(c),(u)</sup>  | Nielsen Consumer, Inc.<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.500% <br>10/31/2030<br>| &nbsp;&nbsp; 5.966% | 148505 | &nbsp;&nbsp; 148536 |
| Peraton Corp.<sup>(c),(u)</sup>  | Peraton Corp.<sup>(c),(u)</sup>  | Peraton Corp.<sup>(c),(u)</sup>  | Peraton Corp.<sup>(c),(u)</sup>  |
| Tranche B 1st Lien Term Loan | Tranche B 1st Lien Term Loan | Tranche B 1st Lien Term Loan | Tranche B 1st Lien Term Loan |
| 3-month Term SOFR + 3.750% <br>Floor 0.750% <br>02/01/2028<br>| &nbsp;&nbsp; 7.690% | 247346 | &nbsp;&nbsp; 229193 |
| Ping Identity Holding Corp.<sup>(c),(u),(w)</sup>  | Ping Identity Holding Corp.<sup>(c),(u),(w)</sup>  | Ping Identity Holding Corp.<sup>(c),(u),(w)</sup>  | Ping Identity Holding Corp.<sup>(c),(u),(w)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 2.750% <br>11/15/2032<br>| &nbsp;&nbsp; 6.591% | 221836 | &nbsp;&nbsp; 222113 |
| PointClickCare Technologies, Inc.<sup>(c),(u)</sup>  | PointClickCare Technologies, Inc.<sup>(c),(u)</sup>  | PointClickCare Technologies, Inc.<sup>(c),(u)</sup>  | PointClickCare Technologies, Inc.<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 2.750% <br>11/03/2031<br>| &nbsp;&nbsp; 6.422% | 199000 | &nbsp;&nbsp; 199084 |
| Project Alpha Intermediate Holding, Inc.<sup>(c),(u)</sup>  | Project Alpha Intermediate Holding, Inc.<sup>(c),(u)</sup>  | Project Alpha Intermediate Holding, Inc.<sup>(c),(u)</sup>  | Project Alpha Intermediate Holding, Inc.<sup>(c),(u)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 3-month Term SOFR + 3.250% <br>05/09/2033<br>| &nbsp;&nbsp; 6.922% | 398990 | &nbsp;&nbsp; 398108 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Project Boost Purchaser LLC<sup>(c),(u)</sup>  | Project Boost Purchaser LLC<sup>(c),(u)</sup>  | Project Boost Purchaser LLC<sup>(c),(u)</sup>  | Project Boost Purchaser LLC<sup>(c),(u)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 3-month Term SOFR + 2.750% <br>07/16/2031<br>| &nbsp;&nbsp; 6.422% | 309892 | &nbsp;&nbsp; 310537 |
| Proofpoint, Inc.<sup>(c),(u)</sup>  | Proofpoint, Inc.<sup>(c),(u)</sup>  | Proofpoint, Inc.<sup>(c),(u)</sup>  | Proofpoint, Inc.<sup>(c),(u)</sup>  |
| Tranche B 1st Lien Term Loan | Tranche B 1st Lien Term Loan | Tranche B 1st Lien Term Loan | Tranche B 1st Lien Term Loan |
| 3-month Term SOFR + 3.000% <br>08/31/2028<br>| &nbsp;&nbsp; 6.672% | 347762 | &nbsp;&nbsp; 349233 |
| Rocket Software, Inc.<sup>(c),(u)</sup>  | Rocket Software, Inc.<sup>(c),(u)</sup>  | Rocket Software, Inc.<sup>(c),(u)</sup>  | Rocket Software, Inc.<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 3.750% <br>11/28/2028<br>| &nbsp;&nbsp; 7.466% | 396283 | &nbsp;&nbsp; 396061 |
| Sanmina Corp.<sup>(c),(u)</sup>  | Sanmina Corp.<sup>(c),(u)</sup>  | Sanmina Corp.<sup>(c),(u)</sup>  | Sanmina Corp.<sup>(c),(u)</sup>  |
| Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan | Tranche B1 Term Loan |
| 1-month Term SOFR + 2.000% <br>08/07/2032<br>| &nbsp;&nbsp; 5.916% | 129062 | &nbsp;&nbsp; 129224 |
| Sophos Holdings SARL<sup>(c),(u)</sup>  | Sophos Holdings SARL<sup>(c),(u)</sup>  | Sophos Holdings SARL<sup>(c),(u)</sup>  | Sophos Holdings SARL<sup>(c),(u)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 1-month Term SOFR + 3.500% <br>03/05/2027<br>| &nbsp;&nbsp; 7.331% | 503294 | &nbsp;&nbsp; 503214 |
| Sovos Compliance LLC<sup>(c),(u)</sup>  | Sovos Compliance LLC<sup>(c),(u)</sup>  | Sovos Compliance LLC<sup>(c),(u)</sup>  | Sovos Compliance LLC<sup>(c),(u)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 1-month Term SOFR + 3.250% <br>08/13/2029<br>| &nbsp;&nbsp; 6.966% | 343837 | &nbsp;&nbsp; 344618 |
| Storable, Inc.<sup>(c),(u)</sup>  | Storable, Inc.<sup>(c),(u)</sup>  | Storable, Inc.<sup>(c),(u)</sup>  | Storable, Inc.<sup>(c),(u)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 1-month Term SOFR + 3.250% <br>04/16/2031<br>| &nbsp;&nbsp; 6.966% | 255499 | &nbsp;&nbsp; 256457 |
| UKG, Inc.<sup>(c),(u)</sup>  | UKG, Inc.<sup>(c),(u)</sup>  | UKG, Inc.<sup>(c),(u)</sup>  | UKG, Inc.<sup>(c),(u)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 3-month Term SOFR + 2.500% <br>02/10/2031<br>| &nbsp;&nbsp; 6.338% | 428216 | &nbsp;&nbsp; 428387 |
| Ultra Clean Holdings, Inc.<sup>(c),(u)</sup>  | Ultra Clean Holdings, Inc.<sup>(c),(u)</sup>  | Ultra Clean Holdings, Inc.<sup>(c),(u)</sup>  | Ultra Clean Holdings, Inc.<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.750% <br>02/25/2028<br>| &nbsp;&nbsp; 6.466% | 146728 | &nbsp;&nbsp; 147340 |
| Viavi Solutions, Inc.<sup>(c),(u),(w)</sup>  | Viavi Solutions, Inc.<sup>(c),(u),(w)</sup>  | Viavi Solutions, Inc.<sup>(c),(u),(w)</sup>  | Viavi Solutions, Inc.<sup>(c),(u),(w)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 2.500% <br>10/16/2032<br>|  | 400000 | &nbsp;&nbsp; 402000 |
| Virtusa Corp.<sup>(c),(u)</sup>  | Virtusa Corp.<sup>(c),(u)</sup>  | Virtusa Corp.<sup>(c),(u)</sup>  | Virtusa Corp.<sup>(c),(u)</sup>  |
| Tranche B2 Term Loan | Tranche B2 Term Loan | Tranche B2 Term Loan | Tranche B2 Term Loan |
| 1-month Term SOFR + 3.250% <br>Floor 0.750% <br>02/15/2029<br>| &nbsp;&nbsp; 6.966% | 390968 | &nbsp;&nbsp; 391554 |
| VS Buyer LLC<sup>(c),(u)</sup>  | VS Buyer LLC<sup>(c),(u)</sup>  | VS Buyer LLC<sup>(c),(u)</sup>  | VS Buyer LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 2.250% <br>04/12/2031<br>| &nbsp;&nbsp; 6.090% | 349125 | &nbsp;&nbsp; 349998 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| World Wide Technology Holding Co. LLC<sup>(c),(u)</sup>  | World Wide Technology Holding Co. LLC<sup>(c),(u)</sup>  | World Wide Technology Holding Co. LLC<sup>(c),(u)</sup>  | World Wide Technology Holding Co. LLC<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 2.000% <br>03/01/2030<br>| &nbsp;&nbsp; 5.716% | 248750 | &nbsp;&nbsp; 248907 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **16065444** |
| **Tobacco 0.0%** | **Tobacco 0.0%** | **Tobacco 0.0%** | **Tobacco 0.0%** |
| Savor Acquisition, Inc.<sup>(c),(u),(w)</sup>  | Savor Acquisition, Inc.<sup>(c),(u),(w)</sup>  | Savor Acquisition, Inc.<sup>(c),(u),(w)</sup>  | Savor Acquisition, Inc.<sup>(c),(u),(w)</sup>  |
| Delayed Draw Term Loan | Delayed Draw Term Loan | Delayed Draw Term Loan | Delayed Draw Term Loan |
| 3-month Term SOFR + 3.000% <br>02/19/2032<br>|  | 34562 | &nbsp;&nbsp; 34677 |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 3.000% <br>02/19/2032<br>| &nbsp;&nbsp; 6.840% | 365438 | &nbsp;&nbsp; 366655 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **401332** |
| **Transportation Services 0.1%** | **Transportation Services 0.1%** | **Transportation Services 0.1%** | **Transportation Services 0.1%** |
| Apple Bidco LLC<sup>(c),(u)</sup>  | Apple Bidco LLC<sup>(c),(u)</sup>  | Apple Bidco LLC<sup>(c),(u)</sup>  | Apple Bidco LLC<sup>(c),(u)</sup>  |
| 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan | 1st Lien Term Loan |
| 1-month Term SOFR + 2.500% <br>09/23/2031<br>| &nbsp;&nbsp; 6.216% | 393551 | &nbsp;&nbsp; 395464 |
| Beacon Mobility Corp.<sup>(c),(u),(w),(x)</sup>  | Beacon Mobility Corp.<sup>(c),(u),(w),(x)</sup>  | Beacon Mobility Corp.<sup>(c),(u),(w),(x)</sup>  | Beacon Mobility Corp.<sup>(c),(u),(w),(x)</sup>  |
| Delayed Draw Term Loan | Delayed Draw Term Loan | Delayed Draw Term Loan | Delayed Draw Term Loan |
| 3-month Term SOFR + 3.250% <br>08/06/2030<br>| &nbsp;&nbsp; 5.490% | 33923 | &nbsp;&nbsp; 34072 |
| Beacon Mobility Corp.<sup>(c),(u)</sup>  | Beacon Mobility Corp.<sup>(c),(u)</sup>  | Beacon Mobility Corp.<sup>(c),(u)</sup>  | Beacon Mobility Corp.<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 3.250% <br>08/06/2030<br>| &nbsp;&nbsp; 6.922% | 247638 | &nbsp;&nbsp; 248722 |
| Brown Group Holding LLC<sup>(c),(u)</sup>  | Brown Group Holding LLC<sup>(c),(u)</sup>  | Brown Group Holding LLC<sup>(c),(u)</sup>  | Brown Group Holding LLC<sup>(c),(u)</sup>  |
| Tranche B2 Term Loan | Tranche B2 Term Loan | Tranche B2 Term Loan | Tranche B2 Term Loan |
| 3-month Term SOFR + 2.750% <br>Floor 0.500% <br>07/01/2031<br>| &nbsp;&nbsp; 6.557% | 394509 | &nbsp;&nbsp; 396276 |
| First Student Bidco, Inc.<sup>(c),(u)</sup>  | First Student Bidco, Inc.<sup>(c),(u)</sup>  | First Student Bidco, Inc.<sup>(c),(u)</sup>  | First Student Bidco, Inc.<sup>(c),(u)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 3-month Term SOFR + 2.500% <br>08/15/2030<br>| &nbsp;&nbsp; 6.172% | 237532 | &nbsp;&nbsp; 238185 |
| Tranche C Term Loan | Tranche C Term Loan | Tranche C Term Loan | Tranche C Term Loan |
| 3-month Term SOFR + 2.500% <br>08/15/2030<br>| &nbsp;&nbsp; 6.172% | 43462 | &nbsp;&nbsp; 43553 |
| Student Transportation of America Holdings, Inc<sup>(c),(u),(w)</sup>  | Student Transportation of America Holdings, Inc<sup>(c),(u),(w)</sup>  | Student Transportation of America Holdings, Inc<sup>(c),(u),(w)</sup>  | Student Transportation of America Holdings, Inc<sup>(c),(u),(w)</sup>  |
| Delayed Draw Term Loan | Delayed Draw Term Loan | Delayed Draw Term Loan | Delayed Draw Term Loan |
| 3-month Term SOFR + 1.750% <br>06/24/2032<br>|  | 21155 | &nbsp;&nbsp; 21191 |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 3-month Term SOFR + 2.750% <br>06/24/2032<br>|  | 28121 | &nbsp;&nbsp; 28168 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Student Transportation of America Holdings, Inc.<sup>(c),(u)</sup>  | Student Transportation of America Holdings, Inc.<sup>(c),(u)</sup>  | Student Transportation of America Holdings, Inc.<sup>(c),(u)</sup>  | Student Transportation of America Holdings, Inc.<sup>(c),(u)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 3-month Term SOFR + 3.250% <br>06/24/2032<br>| &nbsp;&nbsp; 6.939% | 48636 | &nbsp;&nbsp; 48717 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1454348** |
| **Wireless 0.0%** | **Wireless 0.0%** | **Wireless 0.0%** | **Wireless 0.0%** |
| Crown Subsea Communications Holding, Inc.<sup>(c),(u)</sup>  | Crown Subsea Communications Holding, Inc.<sup>(c),(u)</sup>  | Crown Subsea Communications Holding, Inc.<sup>(c),(u)</sup>  | Crown Subsea Communications Holding, Inc.<sup>(c),(u)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 3.500% <br>01/30/2031<br>| &nbsp;&nbsp; 7.216% | 346500 | &nbsp;&nbsp; 348752 |
| Total Senior Loans <br>(Cost $81,363,111) | Total Senior Loans <br>(Cost $81,363,111) | Total Senior Loans <br>(Cost $81,363,111) | &nbsp;&nbsp; **80164939** |
| **U.S. Government & Agency Obligations 0.6%** | **U.S. Government & Agency Obligations 0.6%** | **U.S. Government & Agency Obligations 0.6%** | **U.S. Government & Agency Obligations 0.6%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 09/14/2035 | &nbsp;&nbsp; 1.630% | 20350000 | &nbsp;&nbsp; 15630393 |
| Total U.S. Government & Agency Obligations <br>(Cost $16,071,806) | Total U.S. Government & Agency Obligations <br>(Cost $16,071,806) | Total U.S. Government & Agency Obligations <br>(Cost $16,071,806) | &nbsp;&nbsp; **15630393** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Call Option Contracts Purchased 0.1%** | **Call Option Contracts Purchased 0.1%** |
|  | **Value ($)** |
| (Cost $9,171,974) | &nbsp;&nbsp; **4183162** |
| **Put Option Contracts Purchased 0.2%** | **Put Option Contracts Purchased 0.2%** |
| (Cost $7,564,750) | &nbsp;&nbsp; **5976776** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Money Market Funds 5.1%** | **Money Market Funds 5.1%** | **Money Market Funds 5.1%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 3.825%<sup>(m),(y)</sup> <br>| &nbsp;&nbsp; 143386233 | &nbsp;&nbsp; 143343217 |
| Total Money Market Funds <br>(Cost $143,340,873) | Total Money Market Funds <br>(Cost $143,340,873) | &nbsp;&nbsp; **143343217** |
| **Total Investments in Securities** <br>**(Cost: $3,157,378,376)** | **Total Investments in Securities** <br>**(Cost: $3,157,378,376)** | &nbsp;&nbsp; **3112033438** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **(282894192)**<br>|
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **2829139246** |

---

At December 31, 2025, securities and/or cash totaling $30,345,530 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>|
| 19,657,578 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 23,188,276 USD | Citi | 01/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 61751 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 6,535,183 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 8,777,535 USD | Citi | 01/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (31325)<br>|
| Total |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 61751 | &nbsp;&nbsp;&nbsp;&nbsp; (31325)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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>|
| 3-Month Euro Euribor | 1479 | 12/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 361966763 | &nbsp;&nbsp;&nbsp;&nbsp; 255224 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Long Gilt | 539 | 03/2026 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; 49248430 | &nbsp;&nbsp;&nbsp;&nbsp; 72952 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Long Bond | 520 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 60108750 | &nbsp;&nbsp;&nbsp;&nbsp; 15236 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Long Bond | 1298 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 150040688 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1376589)<br>|
| U.S. Treasury 10-Year Note | 4886 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 549369625 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3478098)<br>|
| U.S. Treasury 5-Year Note | 436 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 47656844 | &nbsp;&nbsp;&nbsp;&nbsp; 76391 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury Ultra Bond | 471 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 55578000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1150990)<br>|
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 419803 | &nbsp;&nbsp;&nbsp;&nbsp; (6005677)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short 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>|
| Euro-Bund | (497) | 03/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (63402290)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 592523 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 2-Year Note | (2686) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (560807421)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (109755)<br>|
| U.S. Treasury Ultra 10-Year Note | (881) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (101328766)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 362807 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 955330 | &nbsp;&nbsp;&nbsp;&nbsp; (109755)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 ($)** | **Value ($)** |
| 10-Year OTC interest rate swap with Citi to <br> receive exercise rate and pay SOFR<br>| Citi | USD | &nbsp;&nbsp; 60000000 | &nbsp;&nbsp; 60000000 | 3.50 | &nbsp;&nbsp; 12/01/2026 | &nbsp;&nbsp; 1041000 | &nbsp;&nbsp; 699504 |
| 10-Year OTC interest rate swap with Morgan <br> Stanley to receive exercise rate and pay SOFR<br>| Morgan Stanley | USD | &nbsp;&nbsp; 150000000 | &nbsp;&nbsp; 150000000 | 3.50 | &nbsp;&nbsp; 06/05/2026 | &nbsp;&nbsp; 2758500 | &nbsp;&nbsp; 956370 |
| 10-Year OTC interest rate swap with Morgan <br> Stanley to receive exercise rate and pay SOFR<br>| Morgan Stanley | USD | &nbsp;&nbsp; 107348000 | &nbsp;&nbsp; 107348000 | 3.50 | &nbsp;&nbsp; 06/11/2026 | &nbsp;&nbsp; 1771242 | &nbsp;&nbsp; 708228 |
| 30-Year OTC interest rate swap with Morgan <br> Stanley to receive exercise rate and pay SOFR<br>| Morgan Stanley | USD | &nbsp;&nbsp; 28000000 | &nbsp;&nbsp; 28000000 | 3.50 | &nbsp;&nbsp; 10/29/2026 | &nbsp;&nbsp; 757400 | &nbsp;&nbsp; 266409 |
| 5-Year OTC interest rate swap with Morgan <br> Stanley to receive exercise rate and pay SOFR<br>| Morgan Stanley | USD | &nbsp;&nbsp; 110000000 | &nbsp;&nbsp; 110000000 | 3.15 | &nbsp;&nbsp; 03/31/2026 | &nbsp;&nbsp; 799334 | &nbsp;&nbsp; 247544 |
| 5-Year OTC interest rate swap with Morgan <br> Stanley to receive exercise rate and pay SOFR<br>| Morgan Stanley | USD | &nbsp;&nbsp; 50000000 | &nbsp;&nbsp; 50000000 | 3.75 | &nbsp;&nbsp; 05/14/2026 | &nbsp;&nbsp; 955000 | &nbsp;&nbsp; 831195 |
| 5-Year OTC interest rate swap with Morgan <br> Stanley to receive exercise rate and pay SOFR<br>| Morgan Stanley | USD | &nbsp;&nbsp; 112959875 | &nbsp;&nbsp; 112959875 | 3.10 | &nbsp;&nbsp; 07/09/2026 | &nbsp;&nbsp; 1089498 | &nbsp;&nbsp; 473912 |
| Total |  |  |  |  |  |  | &nbsp;&nbsp; 9171974 | &nbsp;&nbsp; 4183162 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put 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 ($)** | **Value ($)** |
| 5-Year OTC interest rate swap with <br> Citi to receive SOFR and pay <br> exercise rate<br>| Citi | USD | &nbsp;&nbsp; 130000000 | &nbsp;&nbsp; 130000000 | 3.60 | &nbsp;&nbsp; 05/05/2026 | &nbsp;&nbsp; 858000 | &nbsp;&nbsp; 658827 |
| 5-Year OTC interest rate swap with <br> Goldman Sachs International to <br> receive SOFR and pay exercise <br> rate<br>| Goldman Sachs International | USD | &nbsp;&nbsp; 172500000 | &nbsp;&nbsp; 172500000 | 3.50 | &nbsp;&nbsp; 02/27/2026 | &nbsp;&nbsp; 1121250 | &nbsp;&nbsp; 681599 |
| 5-Year OTC interest rate swap with <br> Goldman Sachs International to <br> receive SOFR and pay exercise <br> rate<br>| Goldman Sachs International | USD | &nbsp;&nbsp; 100000000 | &nbsp;&nbsp; 100000000 | 3.35 | &nbsp;&nbsp; 03/18/2026 | &nbsp;&nbsp; 797500 | &nbsp;&nbsp; 862950 |
| 5-Year OTC interest rate swap with <br> Morgan Stanley to receive SOFR <br> and pay exercise rate<br>| Morgan Stanley | USD | &nbsp;&nbsp; 300000000 | &nbsp;&nbsp; 300000000 | 3.40 | &nbsp;&nbsp; 08/05/2026 | &nbsp;&nbsp; 4788000 | &nbsp;&nbsp; 3773400 |
| Total |  |  |  |  |  |  | &nbsp;&nbsp; 7564750 | &nbsp;&nbsp; 5976776 |

---

&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 ($)**<br>| **Value ($)** |
| 5-Year OTC interest rate swap with Morgan <br> Stanley to receive SOFR and pay exercise <br> rate<br>| Morgan Stanley | USD | &nbsp;&nbsp; (110000000)<br>| &nbsp;&nbsp; (110000000)<br>| 2.65 | &nbsp;&nbsp; 03/31/2026 | &nbsp;&nbsp; (222934)<br>| &nbsp;&nbsp; (36454)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** |
| **Reference** <br>**entity**<br>| **Counterparty** | **Maturity** <br>**date**<br>| **Pay** <br>**fixed** <br>**rate** <br>**(%)**<br>| **Payment** <br>**frequency**<br>| **Notional** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Value** <br>**($)**<br>| **Periodic** <br>**payments** <br>**receivable** <br>**(payable)** <br>**($)**<br>| **Upfront** <br>**payments** <br>**($)**<br>| **Upfront** <br>**receipts** <br>**($)**<br>| **Unrealized** <br>**appreciation** <br>**($)**<br>| **Unrealized** <br>**depreciation** <br>**($)**<br>|
| CMBX North America Index, <br> Series 11 BBB-<br>| Citi | 11/18/2054 | 3.000 | Monthly | USD | 5000000 | 601808 | (2917)<br>| 645088 |  |  | (46197)<br>|
| CMBX North America Index, <br> Series 11 BBB-<br>| Citi | 11/18/2054 | 3.000 | Monthly | USD | 9000000 | 1083254 | (5250)<br>| 2089245 |  |  | (1011241)<br>|
| CMBX North America Index, <br> Series 12 BBB-<br>| Citi | 08/17/2061 | 3.000 | Monthly | USD | 7800000 | 1360850 | (4550)<br>| 1987710 |  |  | (631410)<br>|
| CMBX North America Index, <br> Series 11 BBB-<br>| Goldman Sachs <br> International<br>| 11/18/2054 | 3.000 | Monthly | USD | 3700000 | 445338 | (2158)<br>| 515129 |  |  | (71949)<br>|
| CMBX North America Index, <br> Series 10 BBB-<br>| JPMorgan | 11/17/2059 | 3.000 | Monthly | USD | 16991326 | 3757469 | (9912)<br>| 635427 |  | 3112130 |  |
| CMBX North America Index, <br> Series 11 BBB-<br>| JPMorgan | 11/18/2054 | 3.000 | Monthly | USD | 3700000 | 445338 | (2158)<br>| 113888 |  | 329292 |  |
| CMBX North America Index, <br> Series 10 BBB-<br>| Morgan Stanley | 11/17/2059 | 3.000 | Monthly | USD | 3997959 | 884110 | (2332)<br>| 213876 |  | 667902 |  |
| CMBX North America Index, <br> Series 16 BBB-<br>| Morgan Stanley | 04/17/2065 | 3.000 | Monthly | USD | 7750000 | 1298060 | (4521)<br>| 1698409 |  |  | (404870)<br>|
| Total |  |  |  |  |  |  | 9876227 | (33798)<br>| 7898772 |  | 4109324 | (2165667)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Cleared credit default swap contracts - buy protection** | **Cleared credit default swap contracts - buy protection** | **Cleared credit default swap contracts - buy protection** | **Cleared credit default swap contracts - buy protection** | **Cleared credit default swap contracts - buy protection** | **Cleared credit default swap contracts - buy protection** | **Cleared credit default swap contracts - buy protection** | **Cleared credit default swap contracts - buy protection** | **Cleared credit default swap contracts - buy protection** | **Cleared credit default swap contracts - buy protection** | **Cleared credit default swap contracts - buy protection** | **Cleared credit default swap contracts - buy protection** |
| **Reference** <br>**entity**<br>| **Counterparty** | **Maturity** <br>**date**<br>| **Pay** <br>**fixed** <br>**rate** <br>**(%)**<br>| **Payment** <br>**frequency**<br>| **Notional** <br>**currency**<br>| **Notional** <br>**amount** <br>| **Value** <br>**($)**<br>| **Upfront** <br>**payments** <br>**($)**<br>| **Upfront** <br>**receipts** <br>**($)**<br>| **Unrealized** <br>**appreciation** <br>**($)**<br>| **Unrealized** <br>**depreciation** <br>**($)**<br>|
| CDX North America High Yield <br> Index, Series 45<br>| Morgan Stanley | 12/20/2030 | 5.000 | Quarterly | USD | 45500000 | (213399)<br>|  |  |  | (213399)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** |
| **Reference** <br>**entity**<br>| **Counterparty** | **Maturity** <br>**date**<br>| **Receive** <br>**fixed** <br>**rate** <br>**(%)**<br>| **Payment** <br>**frequency**<br>| **Implied** <br>**credit** <br>**spread** <br>**(%)\***<br>| **Notional** <br>**currency**<br>| **Notional** <br>**amount** <br>| **Value** <br>**($)**<br>| **Periodic** <br>**payments** <br>**receivable** <br>**(payable)** <br>**($)**<br>| **Upfront** <br>**payments** <br>**($)**<br>| **Upfront** <br>**receipts** <br>**($)**<br>| **Unrealized** <br>**appreciation** <br>**($)**<br>| **Unrealized** <br>**depreciation** <br>**($)**<br>|
| CMBX North <br> America Index, <br> Series 17 BBB-<br>| Goldman Sachs <br> International<br>| 12/15/2056 | 3.000 | Monthly | 5.852 | USD | 15000000 | (1954098)<br>| 8750 |  | (2225826)<br>| 280478 |  |
| CMBX North <br> America Index, <br> Series 17 BBB-<br>| Goldman Sachs <br> International<br>| 12/15/2056 | 3.000 | Monthly | 5.852 | USD | 5000000 | (651366)<br>| 2917 |  | (740553)<br>| 92104 |  |
| CMBX North <br> America Index, <br> Series 10 BBB-<br>| JPMorgan | 11/17/2059 | 3.000 | Monthly | 35.436 | USD | 9994898 | (2210276)<br>| 5830 |  | (1983685)<br>|  | (220761)<br>|
| CMBX North <br> America Index, <br> Series 10 BBB-<br>| JPMorgan | 11/17/2059 | 3.000 | Monthly | 35.436 | USD | 9994898 | (2210276)<br>| 5830 |  | (1536629)<br>|  | (667817)<br>|
| CMBX North <br> America Index, <br> Series 8 BBB-<br>| Morgan Stanley | 10/17/2057 | 3.000 | Monthly | 38.026 | USD | 7202594 | (1773677)<br>| 4202 |  | (1353868)<br>|  | (415607)<br>|
| Total |  |  |  |  |  |  |  | (8799693)<br>| 27529 |  | (7840561)<br>| 372582 | (1304185)<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

\* Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At December 31, 2025, the total value of these securities amounted to $1,137,179,030, which represents 40.20% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Valuation based on significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate security. The interest rate shown was the current rate as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Security represents a pool of loans that generate cash payments generally over fixed periods of time. Such securities entitle the security holders to receive distributions (i.e. principal and interest, net of fees and expenses) that are tied to the payments made by the borrower on the underlying loans. Due to the structure of the security the cash payments received are not known until the time of payment. The interest rate shown is the stated coupon rate as of December 31, 2025 and is not reflective of the cash flow payments. The security is represented in shares.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Represents a security in default.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Payment-in-kind security. Interest can be paid by issuing additional par of the security or in cash.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Perpetual security with no specified maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Principal amounts are denominated in United States Dollars unless otherwise noted.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Principal and interest may not be guaranteed by a governmental entity.

&nbsp;&nbsp;&nbsp;&nbsp;(l) The Fund's committed equity ownership interest in the joint venture is 23% of the LLC, which is not held in the form of shares. Investments into the LLC will be called from the Fund over a commitment period ending December 31, 2026. Any unfunded commitments are indicated as such.

&nbsp;&nbsp;&nbsp;&nbsp;(m) 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% |
|  | 126932999 | &nbsp;&nbsp; 1029460738 | &nbsp;&nbsp; (1013052864)<br>| &nbsp;&nbsp; 2344 | &nbsp;&nbsp; 143343217 | &nbsp;&nbsp; (4386)<br>| &nbsp;&nbsp; 6118015 | &nbsp;&nbsp; 143386233 |
| Itasca Park LLC | Itasca Park LLC | Itasca Park LLC | Itasca Park LLC | Itasca Park LLC | Itasca Park LLC | Itasca Park LLC | Itasca Park LLC | Itasca Park LLC |
|  |  | &nbsp;&nbsp; 5071000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (95335)<br>| &nbsp;&nbsp; 4975665 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Itasca Park LLC - Unfunded | Itasca Park LLC - Unfunded | Itasca Park LLC - Unfunded | Itasca Park LLC - Unfunded | Itasca Park LLC - Unfunded | Itasca Park LLC - Unfunded | Itasca Park LLC - Unfunded | Itasca Park LLC - Unfunded | Itasca Park LLC - Unfunded |
|  |  | &nbsp;&nbsp; 17979000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17979000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total | 126932999 |  |  | &nbsp;&nbsp; (92991)<br>| &nbsp;&nbsp; 166297882 | &nbsp;&nbsp; (4386)<br>| &nbsp;&nbsp; 6118015 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(n) 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 $22,962,246, which represents 0.81% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(o) 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 $22,962,246, which represents 0.81% 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 ($)** | **Value ($)** |
| Altice Luxembourg France SA, CVR | 10/15/2025 | &nbsp;&nbsp; 469 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 7581 |
| Itasca Park LLC | 09/02/2025-12/03/2025 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5071000 | &nbsp;&nbsp; 4975665 |
| Itasca Park LLC - Unfunded | 07/28/2025 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17979000 | &nbsp;&nbsp; 17979000 |
|  |  |  | &nbsp;&nbsp; 23050027 | &nbsp;&nbsp; 22962246 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Notes to Portfolio of Investments (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;(p) Includes comparable securities held to satisfy future delivery requirements of the following open forward sale commitments at December 31, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security description** | **Principal** <br>**amount ($)**<br>| &nbsp;&nbsp;&nbsp; **Settlement** <br>**date**<br>| &nbsp;&nbsp;&nbsp; **Proceeds** <br>**receivable ($)**<br>| **Value ($)** |
| Federal National Mortgage Association |  |  |  |  |
| 01/14/2056 3.000% | (12000000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 01/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (10652812)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10612031)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(q) Represents interest only securities which have the right to receive the monthly interest payments on an underlying pool of mortgage loans.

&nbsp;&nbsp;&nbsp;&nbsp;(r) 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;(s) Represents a security purchased on a when-issued basis.

&nbsp;&nbsp;&nbsp;&nbsp;(t) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(u) The stated interest rate represents the weighted average interest rate at December 31, 2025 of contracts within the senior loan facility. Interest rates on contracts are primarily determined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period. Base lending rates may be subject to a floor or minimum rate. The interest rate for senior loans purchased on a when-issued or delayed delivery basis will be determined upon settlement, therefore no interest rate is disclosed. Senior loans often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay cannot be predicted with accuracy. As a result, remaining maturities of senior loans may be less than the stated maturities. Generally, the Fund is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan.

&nbsp;&nbsp;&nbsp;&nbsp;(v) The borrower filed for protection under Chapter 11 of the U.S. Federal Bankruptcy Code.

&nbsp;&nbsp;&nbsp;&nbsp;(w) Represents a security purchased on a forward commitment basis.

&nbsp;&nbsp;&nbsp;&nbsp;(x) At December 31, 2025, the Fund had unfunded senior loan commitments pursuant to the terms of the loan agreement. The Fund receives a stated coupon rate until the borrower draws on the loan commitment, at which time the rate will become the stated rate in the loan agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Borrower** | **Unfunded Commitment ($)** |
| Beacon Mobility Corp. <br>Delayed Draw Term Loan <br>08/06/2030 5.490%<br>| 13230 |
| Chicago US Midco III LP <br>Delayed Draw Term Loan <br>10/08/2032 <br>| 54809 |
| June Purchaser LLC <br>Delayed Draw Term Loan <br>11/28/2031 2.750%<br>| 19286 |
| MRP Buyer LLC <br>Delayed Draw Term Loan <br>06/04/2032 5.461%<br>| 11648 |
| Peninsula Pacific Entertainment Development LLC <br>Delayed Draw Term Loan <br>08/16/2032 2.375%<br>| 22744 |
| Pinnacle Buyer LLC <br>Tranche B Delayed Draw Term Loan <br>09/10/2032 1.250%<br>| 68548 |
| Raven Acquisition Holdings LLC <br>Delayed Draw Term Loan <br>11/19/2031 3.000%<br>| 19241 |
| USALCO LLC <br>Delayed Draw Term Loan <br>09/30/2031 1.000%<br>| 25719 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(y) The rate shown is the seven-day current annualized yield at December 31, 2025.

**Abbreviation Legend** 

---

| | |
|:---|:---|
| CMO | Collateralized Mortgage Obligation |
| CVR | Contingent Value Rights |
| SOFR | Secured Overnight Financing Rate |
| STRIPS | Separate Trading of Registered Interest and Principal Securities |
| TBA | To Be Announced |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Currency Legend** 

EUR Euro <br> GBP British Pound <br> 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 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** |  |  |  |  |
| Asset-Backed Securities — Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 68344 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 68344 |
| Asset-Backed Securities - Non-Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 260086374 | &nbsp;&nbsp;&nbsp;&nbsp; 16300000 | &nbsp;&nbsp;&nbsp;&nbsp; 276386374 |
| Commercial Mortgage-Backed Securities - Non-Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 42759391 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42759391 |
| Common Stocks |  |  |  |  |
| Communication Services |  | &nbsp;&nbsp;&nbsp;&nbsp; 179775 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 179775 |
| Total Common Stocks |  | &nbsp;&nbsp;&nbsp;&nbsp; 179775 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 179775 |
| Convertible Bonds |  | &nbsp;&nbsp;&nbsp;&nbsp; 1392465 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1392465 |
| Corporate Bonds & Notes |  | &nbsp;&nbsp;&nbsp;&nbsp; 752631763 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 752631763 |
| Foreign Government Obligations |  | &nbsp;&nbsp;&nbsp;&nbsp; 105318641 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 105318641 |
| Joint Ventures |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22954665 | &nbsp;&nbsp;&nbsp;&nbsp; 22954665 |
| Residential Mortgage-Backed Securities - Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 1210439958 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1210439958 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

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Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| Residential Mortgage-Backed Securities - Non-Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 450595994 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 450595994 |
| Rights |  |  |  |  |
| Communication Services |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7581 | &nbsp;&nbsp;&nbsp;&nbsp; 7581 |
| Total Rights |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7581 | &nbsp;&nbsp;&nbsp;&nbsp; 7581 |
| Senior Loans |  | &nbsp;&nbsp;&nbsp;&nbsp; 80043512 | &nbsp;&nbsp;&nbsp;&nbsp; 121427 | &nbsp;&nbsp;&nbsp;&nbsp; 80164939 |
| U.S. Government & Agency Obligations |  | &nbsp;&nbsp;&nbsp;&nbsp; 15630393 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15630393 |
| Call Option Contracts Purchased |  | &nbsp;&nbsp;&nbsp;&nbsp; 4183162 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4183162 |
| Put Option Contracts Purchased |  | &nbsp;&nbsp;&nbsp;&nbsp; 5976776 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5976776 |
| Money Market Funds | 143343217 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 143343217 |
| Total Investments in Securities | 143343217 | &nbsp;&nbsp;&nbsp;&nbsp; 2929306548 | &nbsp;&nbsp;&nbsp;&nbsp; 39383673 | &nbsp;&nbsp;&nbsp;&nbsp; 3112033438 |
| Forward Sale Commitments |  | &nbsp;&nbsp;&nbsp;&nbsp; (10612031)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (10612031)<br>|
| **Investments in Derivatives** |  |  |  |  |
| Asset |  |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; 61751 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 61751 |
| Futures Contracts | 1375133 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1375133 |
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; 4481906 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4481906 |
| Liability |  |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; (31325)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (31325)<br>|
| Futures Contracts | (6115432)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6115432)<br>|
| Call Option Contracts Written |  | &nbsp;&nbsp;&nbsp;&nbsp; (36454)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (36454)<br>|
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; (3683251)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3683251)<br>|
| Total | 138602918 | &nbsp;&nbsp;&nbsp;&nbsp; 2919487144 | &nbsp;&nbsp;&nbsp;&nbsp; 39383673 | &nbsp;&nbsp;&nbsp;&nbsp; 3097473735 |

---

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, futures contracts and swap contracts are valued at unrealized appreciation (depreciation).

The following table is a reconciliation of Level 3 assets for which significant observable and unobservable inputs were used to determine fair value:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance** <br>**as of** <br>**12/31/2024** <br>**($)**<br>| **Increase** <br>**(decrease)** <br>**in accrued** <br>**discounts/** <br>**premiums** <br>**($)**<br>| **Realized** <br>**gain (loss)** <br>**($)**<br>| **Change** <br>**in unrealized** <br>**appreciation** <br>**(depreciation)**<sup>(a)</sup> <br>**($)**<br>| **Purchases** <br>**($)**<br>| **Sales** <br>**($)**<br>| **Transfers** <br>**into** <br>**Level 3** <br>**($)**<br>| **Transfers** <br>**out of** <br>**Level 3** <br>**($)**<br>| **Balance** <br>**as of** <br>**12/31/2025** <br>**($)**<br>|
| Asset-Backed Securities - Non-Agency | -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 16300000<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 16300000<br>|
| Joint Ventures | -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; (95335)<br>| &nbsp;&nbsp; 23050000<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 22954665<br>|
| Rights | -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 7554<br>| &nbsp;&nbsp; 27<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 7581<br>|
| Residential Mortgage-Backed Securities <br> - Non-Agency<br>| 8806909<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; (8806909)<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>|
| Senior Loans | 1106671<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; (45425)<br>| &nbsp;&nbsp; 51850<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; (218778)<br>| &nbsp;&nbsp; 123114<br>| &nbsp;&nbsp; (896005)<br>| &nbsp;&nbsp; 121427<br>|
| **Total** | **9913580**<br>| &nbsp;&nbsp; **-**<br>| &nbsp;&nbsp; **(45425)**<br>| &nbsp;&nbsp; **(35931)**<br>| &nbsp;&nbsp; **39350027**<br>| &nbsp;&nbsp; **(9025687)**<br>| &nbsp;&nbsp; **123114**<br>| &nbsp;&nbsp; **(896005)**<br>| &nbsp;&nbsp; **39383673**<br>|

---

(a) Change in unrealized appreciation (depreciation) relating to securities held at December 31, 2025 was $(87,939), which is comprised of Joint Ventures of $(95,335), Rights of $7,554, and Senior Loans of $(158).

Financial assets were transferred from Level 2 to Level 3 due to utilizing a single market quotation from a broker dealer. As a result, management concluded that the market input(s) were generally unobservable.

Financial assets were transferred from Level 3 to Level 2 as observable market inputs were utilized and management determined that there was sufficient, reliable, and observable market data to value these assets as of period end.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

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Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements (continued)**

The Fund's assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances. The following table is a summary of valuation technique(s) used to value the Fund's investments at December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Valuation Technique** | **Value ($)** |
| Asset-Backed Securities - Non-Agency | Single Market Quotes from Broker | &nbsp;&nbsp; 16300000 |
| Joint Ventures | Market Approach | &nbsp;&nbsp; 4975665 |
| Joint Ventures | Recent Transaction | &nbsp;&nbsp; 17979000 |
| Rights |  |  |
| Communication Services | Single Market Quotes from Broker | &nbsp;&nbsp; 7581 |
| Senior Loans | Single Market Quotes from Broker | &nbsp;&nbsp; 121427 |
| Total |  | &nbsp;&nbsp; 39383673 |

---

The appropriateness of fair values for these securities is monitored on an ongoing basis which may include results of back testing, manual price reviews and other control procedures. Significant increases (decreases) to any of these inputs would have resulted in a significantly higher (lower) fair value measurement.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

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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 $2,974,250,779) | $2935575618 |
| Affiliated issuers (cost $166,390,873) | 166297882 |
| Option contracts purchased (cost $16,736,724) | 10159938 |
| Cash | 506039 |
| Cash collateral held at broker for: |  |
| Swap contracts | 150000 |
| Other<sup>(a)</sup> <br>| 830000 |
| Margin deposits on: |  |
| Swap contracts | 2431131 |
| Unrealized appreciation on forward foreign currency exchange contracts | 61751 |
| Unrealized appreciation on swap contracts | 4481906 |
| Upfront payments on swap contracts | 7898772 |
| Receivable for: |  |
| Investments sold on a delayed delivery basis  | 10725927 |
| Capital shares sold | 2238 |
| Dividends | 405902 |
| Interest | 19321108 |
| Foreign tax reclaims | 5883 |
| Variation margin for futures contracts | 470298 |
| Variation margin for swap contracts | 26426 |
| Prepaid expenses | 11502 |
| Total assets | 3159362321 |
| **Liabilities** |  |
| Option contracts written, at value (premiums received $222,934) | 36454 |
| Forward sale commitments, at value (proceeds receivable $10,652,812) | 10612031 |
| Unrealized depreciation on forward foreign currency exchange contracts | 31325 |
| Unrealized depreciation on swap contracts | 3469852 |
| Upfront receipts on swap contracts | 7840561 |
| Payable for: |  |
| Investments purchased on a delayed delivery basis | 302840566 |
| Capital shares redeemed | 2962411 |
| Variation margin for futures contracts | 1617875 |
| Interest on forward sale commitments | 13000 |
| Management services fees | 37348 |
| Distribution and/or service fees | 2223 |
| Service fees | 31734 |
| Compensation of chief compliance officer | 459 |
| Compensation of board members | 1659 |
| Other expenses | 69405 |
| Deferred compensation of board members | 656172 |
| Total liabilities | 330223075 |
| **Net assets applicable to outstanding capital stock** | **$2829139246** |
| **Represented by** |  |
| Paid in capital | 3347643438 |
| Total distributable earnings (loss) | (518504192)<br>|
| **Total - representing net assets applicable to outstanding capital stock** | **$2829139246** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

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Statement of Assets and Liabilities (continued)

December 31, 2025

---

| | |
|:---|:---|
| **Class 1** |  |
| Net assets | $2308449922 |
| Shares outstanding | 268315713 |
| Net asset value per share | $8.60 |
| **Class 2** |  |
| Net assets | $126744833 |
| Shares outstanding | 14805687 |
| Net asset value per share | $8.56 |
| **Class 3** |  |
| Net assets | $393944491 |
| Shares outstanding | 45725829 |
| Net asset value per share | $8.62 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes collateral related to option contracts purchased and swap contracts.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

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Statement of Operations

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — affiliated issuers | $6118015 |
| Interest | 137505464 |
| Interfund lending | 3729 |
| Foreign taxes withheld | (30721)<br>|
| Total income | 143596487 |
| Expenses: |  |
| Management services fees | 13517742 |
| Distribution and/or service fees |  |
| Class 2 | 293131 |
| Class 3 | 487422 |
| Service fees | 337185 |
| Custodian fees | 67226 |
| Printing and postage fees | 29036 |
| Accounting services fees | 54065 |
| Legal fees | 64029 |
| Interest on collateral | 533907 |
| Compensation of chief compliance officer | 363 |
| Compensation of board members | 40478 |
| Deferred compensation of board members | 99521 |
| Other | 58582 |
| Total expenses | 15582687 |
| **Net investment income** | 128013800 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | (7634329)<br>|
| Investments — affiliated issuers | (4386)<br>|
| Foreign currency translations | (2612)<br>|
| Forward foreign currency exchange contracts | (84222)<br>|
| Futures contracts | (409800)<br>|
| Option contracts purchased | (13138057)<br>|
| Option contracts written | 2570945 |
| Swap contracts | 6893263 |
| Net realized loss | (11809198)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 114070034 |
| Investments — affiliated issuers | (92991)<br>|
| Foreign currency translations | 2868 |
| Forward sale commitments | (1277344)<br>|
| Forward foreign currency exchange contracts | 65349 |
| Futures contracts | 21492496 |
| Option contracts purchased | 209857 |
| Option contracts written | 186480 |
| Swap contracts | (6315734)<br>|
| Net change in unrealized appreciation (depreciation) | 128341015 |
| Net realized and unrealized gain | 116531817 |
| **Net increase in net assets resulting from operations** | **$244545617** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

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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 | $128013800 | &nbsp;&nbsp; $159469386 |
| Net realized loss | (11809198)<br>| &nbsp;&nbsp; (37472364)<br>|
| Net change in unrealized appreciation (depreciation) | 128341015 | &nbsp;&nbsp; (41518874)<br>|
| Net increase in net assets resulting from operations | 244545617 | &nbsp;&nbsp; 80478148 |
| **Distributions to shareholders** |  |  |
| Net investment income and net realized gains  |  |  |
| Class 1 | (124370754)<br>| &nbsp;&nbsp; (142665481)<br>|
| Class 2 | (6256200)<br>| &nbsp;&nbsp; (4512226)<br>|
| Class 3 | (20655727)<br>| &nbsp;&nbsp; (18298538)<br>|
| Total distributions to shareholders | (151282681)<br>| &nbsp;&nbsp; (165476245)<br>|
| Decrease in net assets from capital stock activity | (75032212)<br>| &nbsp;&nbsp; (556414530)<br>|
| Total increase (decrease) in net assets | 18230724 | &nbsp;&nbsp; (641412627)<br>|
| Net assets at beginning of year | 2810908522 | &nbsp;&nbsp; 3452321149 |
| **Net assets at end of year** | **$2829139246** | &nbsp;&nbsp; **$2810908522** |

---

&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 | 1435363 | &nbsp;&nbsp;&nbsp;&nbsp; 12276612 | &nbsp;&nbsp;&nbsp;&nbsp; 3558580 | &nbsp;&nbsp;&nbsp;&nbsp; 30232673 |
| Distributions reinvested | 14966396 | &nbsp;&nbsp;&nbsp;&nbsp; 124370754 | &nbsp;&nbsp;&nbsp;&nbsp; 17147293 | &nbsp;&nbsp;&nbsp;&nbsp; 142665481 |
| Shares redeemed | (26322910)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (225775272)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (87234277)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (742179333)<br>|
| Net decrease | (9921151)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (89127906)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (66528404)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (569281179)<br>|
| Class 2 |  |  |  |  |
| Shares sold | 3449728 | &nbsp;&nbsp;&nbsp;&nbsp; 29461213 | &nbsp;&nbsp;&nbsp;&nbsp; 2762797 | &nbsp;&nbsp;&nbsp;&nbsp; 23380770 |
| Distributions reinvested | 756493 | &nbsp;&nbsp;&nbsp;&nbsp; 6256200 | &nbsp;&nbsp;&nbsp;&nbsp; 544298 | &nbsp;&nbsp;&nbsp;&nbsp; 4512226 |
| Shares redeemed | (2194660)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18696858)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1026997)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8652161)<br>|
| Net increase | 2011561 | &nbsp;&nbsp;&nbsp;&nbsp; 17020555 | &nbsp;&nbsp;&nbsp;&nbsp; 2280098 | &nbsp;&nbsp;&nbsp;&nbsp; 19240835 |
| Class 3 |  |  |  |  |
| Shares sold | 1037744 | &nbsp;&nbsp;&nbsp;&nbsp; 8872887 | &nbsp;&nbsp;&nbsp;&nbsp; 1028655 | &nbsp;&nbsp;&nbsp;&nbsp; 8757055 |
| Distributions reinvested | 2482660 | &nbsp;&nbsp;&nbsp;&nbsp; 20655727 | &nbsp;&nbsp;&nbsp;&nbsp; 2194069 | &nbsp;&nbsp;&nbsp;&nbsp; 18298538 |
| Shares redeemed | (3786532)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (32453475)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3933350)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (33429779)<br>|
| Net decrease | (266128)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2924861)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (710626)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6374186)<br>|
| **Total net decrease** | **(8175718)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(75032212)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(64958932)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(556414530)**<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

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Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

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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 | $8.34<br>| 0.39<br>| 0.35<br>| 0.74<br>| &nbsp;&nbsp; (0.48) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.48) <br>|
| Year Ended 12/31/2024 | $8.59<br>| 0.40<br>| &nbsp;&nbsp; (0.23) <br>| 0.17<br>| &nbsp;&nbsp; (0.42) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.42) <br>|
| Year Ended 12/31/2023 | $8.27<br>| 0.39<br>| 0.13<br>| 0.52<br>| &nbsp;&nbsp; (0.20) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.20) <br>|
| Year Ended 12/31/2022 | $10.31<br>| 0.31<br>| &nbsp;&nbsp; (2.05) <br>| &nbsp;&nbsp; (1.74) <br>| &nbsp;&nbsp; (0.29) <br>| &nbsp;&nbsp; (0.01) <br>| &nbsp;&nbsp; (0.30) <br>|
| Year Ended 12/31/2021 | $11.53<br>| 0.31<br>| &nbsp;&nbsp; (0.32) <br>| &nbsp;&nbsp; (0.01) <br>| &nbsp;&nbsp; (0.38) <br>| &nbsp;&nbsp; (0.83) <br>| &nbsp;&nbsp; (1.21) <br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $8.30<br>| 0.37<br>| 0.35<br>| 0.72<br>| &nbsp;&nbsp; (0.46) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.46) <br>|
| Year Ended 12/31/2024 | $8.55<br>| 0.38<br>| &nbsp;&nbsp; (0.23) <br>| 0.15<br>| &nbsp;&nbsp; (0.40) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.40) <br>|
| Year Ended 12/31/2023 | $8.24<br>| 0.37<br>| 0.11<br>| 0.48<br>| &nbsp;&nbsp; (0.17) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.17) <br>|
| Year Ended 12/31/2022 | $10.26<br>| 0.28<br>| &nbsp;&nbsp; (2.03) <br>| &nbsp;&nbsp; (1.75) <br>| &nbsp;&nbsp; (0.26) <br>| &nbsp;&nbsp; (0.01) <br>| &nbsp;&nbsp; (0.27) <br>|
| Year Ended 12/31/2021 | $11.48<br>| 0.28<br>| &nbsp;&nbsp; (0.32) <br>| &nbsp;&nbsp; (0.04) <br>| &nbsp;&nbsp; (0.35) <br>| &nbsp;&nbsp; (0.83) <br>| &nbsp;&nbsp; (1.18) <br>|
| **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** |
| Year Ended 12/31/2025 | $8.35<br>| 0.38<br>| 0.36<br>| 0.74<br>| &nbsp;&nbsp; (0.47) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.47) <br>|
| Year Ended 12/31/2024 | $8.60<br>| 0.39<br>| &nbsp;&nbsp; (0.23) <br>| 0.16<br>| &nbsp;&nbsp; (0.41) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.41) <br>|
| Year Ended 12/31/2023 | $8.28<br>| 0.38<br>| 0.13<br>| 0.51<br>| &nbsp;&nbsp; (0.19) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.19) <br>|
| Year Ended 12/31/2022 | $10.32<br>| 0.30<br>| &nbsp;&nbsp; (2.05) <br>| &nbsp;&nbsp; (1.75) <br>| &nbsp;&nbsp; (0.28) <br>| &nbsp;&nbsp; (0.01) <br>| &nbsp;&nbsp; (0.29) <br>|
| Year Ended 12/31/2021 | $11.54<br>| 0.30<br>| &nbsp;&nbsp; (0.33) <br>| &nbsp;&nbsp; (0.03) <br>| &nbsp;&nbsp; (0.36) <br>| &nbsp;&nbsp; (0.83) <br>| &nbsp;&nbsp; (1.19) <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. For the periods indicated below, if interest on collateral expense had been excluded, expenses would have been lower by: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class** | **12/31/2025** | **12/31/2024** | **12/31/2023** | **12/31/2022** | **12/31/2021** |
| Class 1 | 0.02% | &nbsp;&nbsp; 0.02% | &nbsp;&nbsp; 0.01% | &nbsp;&nbsp; 0.01% | less than 0.01% |
| Class 2 | 0.02% | &nbsp;&nbsp; 0.02% | &nbsp;&nbsp; 0.01% | &nbsp;&nbsp; 0.01% | less than 0.01% |
| Class 3 | 0.02% | &nbsp;&nbsp; 0.02% | &nbsp;&nbsp; 0.01% | &nbsp;&nbsp; 0.01% | less than 0.01% |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

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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; $8.60<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.06%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.53% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.58%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 214%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2308450<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $8.34<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.97%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.52% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 212%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2320609<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $8.59<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.34%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.51% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.74%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 248%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2960855<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $8.27<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17.06%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.50% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.41%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 165%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2904351<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $10.31<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.24%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.49% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.81%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 204%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3734781<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $8.56<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.84%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.78% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 214%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $126745<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $8.30<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.73%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.77% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.44%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 212%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $106209<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $8.55<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.96%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.76% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.52%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 248%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $89892<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $8.24<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17.20%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.75% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.17%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 165%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $67593<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $10.26<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.49%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.74% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.56%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 204%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $80859<br>|
| **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $8.62<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.04%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.65% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 214%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $393944<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $8.35<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.65% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.58%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 212%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $384090<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $8.60<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.19%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.63% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.61%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 248%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $401573<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $8.28<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17.17%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.62% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.28%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 165%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $399928<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $10.32<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.35%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.61% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.69%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 204%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $543892<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

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Notes to Financial Statements

December 31, 2025

Note 1. Organization

Columbia Variable Portfolio – Intermediate Bond 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.

Debt securities generally are valued based on prices obtained from pricing services, which are intended to reflect market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Asset- and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities' cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Senior loan securities for which reliable market quotations are readily available are generally valued by pricing services at the average of the bids received.

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.

Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.

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.

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.

Swap transactions are valued through an independent pricing service or broker, or if neither is available, through an internal model based upon observable inputs.

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.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

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 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

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

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.

**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.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

**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 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.

**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.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

**Interest rate swaption contracts** 

Interest rate swaption contracts entered into by the Fund typically represent an option that gives the purchaser the right, but not the obligation, to enter into an interest rate swap contract on a future date. Each interest rate swaption contract will specify if the buyer is entitled to receive the fixed or floating rate if the option is exercised. Changes in the value of purchased interest rate swaption contracts are reported as unrealized appreciation or depreciation on options in the Statement of Assets and Liabilities. Gain or loss is recognized in the Statement of Operations when the interest rate swaption contract is closed or expires.

When the Fund writes an interest rate swaption 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 interest rate swaption contract written. Premiums received from writing interest rate swaption contracts that expire unexercised are recorded by the Fund on the expiration date as realized gains from options written in the Statement of Operations. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also recorded as realized gain, or if the premium is less than the amount paid for the closing purchase, as realized loss. These amounts are reflected as net realized gain (loss) on options written in the Statement of Operations.

**Swap contracts**

Swap contracts are negotiated in the over-the-counter market and are entered into bilaterally or centrally cleared (centrally cleared swap contract). In a centrally cleared swap contract, immediately following execution of the swap contract with a broker, the swap contract is novated to a central counterparty and the central counterparty becomes the Fund's counterparty to the centrally cleared swap contract. The Fund is required to deposit initial margin with the futures commission merchant (FCM), which pledges it through to the central counterparty in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap contract. Securities deposited as initial margin are designated in the Portfolio of Investments and cash deposited is recorded in the Statement of Assets and Liabilities as margin deposits. For a bilateral swap contract, the Fund has credit exposure to the broker, but exchanges daily variation margin with the broker based on the marked-to-market value of the swap contract to minimize that exposure. For centrally cleared swap contracts, there is less credit exposure to the FCM than in the case of an over-the-counter derivative, because the central counterparty provides some protection in the case of clearing member default. The central counterparty stands between the buyer and the seller of the swap contract; therefore, failure of the clearinghouse may pose additional counterparty credit risk. However, credit risk still exists in centrally cleared swaps to the extent initial and variation margin is held in an FCM's customer account. While FCM's are required to segregate customer margin from their own assets, in the event that an FCM becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the FCM for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all of the FCM's customers (including the Fund) by account class, potentially resulting in losses to the Fund. Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of centrally cleared swap contracts, if any, is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities.

Entering into these contracts involves, to varying degrees, elements of interest, liquidity and counterparty credit risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there may be unfavorable changes in interest rates, market conditions or other conditions, that it may be difficult to initiate a swap transaction or liquidate a position at an advantageous time or price which may result in significant losses, and that the bilateral counterparty, FCM or central counterparty, as applicable, may not fulfill its obligation under the contract.

**Credit default swap contracts**

The Fund entered into credit default swap contracts to hedge or manage the risks associated with assets held in the Fund and/or to facilitate the implementation of portfolio strategies to seek to increase the total return. These swaps are entered into to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default. These instruments may be used for other purposes in future periods. Credit default swap contracts are transactions in which one party pays fixed periodic payments to a counterparty in consideration for an agreement from the

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

counterparty to make a specific payment should a specified credit event(s) take place. Although specified credit events are contract specific, credit events are typically bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium.

As the purchaser of a credit default swap contract, the Fund purchases protection by paying a periodic interest rate on the notional amount to the counterparty. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized loss upon payment. If a credit event as specified in the contract occurs, the Fund may have the option either to deliver the reference obligation to the seller in exchange for a cash payment of its par amount, or to receive a net cash settlement equal to the par amount less an agreed-upon value of the reference obligation as of the date of the credit event. The difference between the value of the obligation or cash delivered and the notional amount received will be recorded as a realized gain (loss).

As the seller of a credit default swap contract, the Fund sells protection to a buyer and will generally receive a periodic interest rate on a notional amount. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized gain upon receipt of the payment. If a credit event as specified in the contract with the counterparty occurs, the Fund may either be required to accept the reference obligation from the buyer in exchange for a cash payment of its notional amount, or to pay the buyer a net cash settlement equal to the notional amount less an agreed-upon value of the reference obligation (recovery value) as of the date of the credit event. The difference between the value of the obligation or cash received and the notional amount paid will be recorded as a realized gain (loss). The maximum potential amount of undiscounted future payments the Fund could be required to make as the seller of protection under a credit default swap contract is equal to the notional amount of the reference obligation. These potential amounts may be partially offset by any recovery values of the respective reference obligations or upfront receipts upon entering into the agreement. The notional amounts and market values of all credit default swap contracts in which the Fund is the seller of protection, if any, are disclosed in the Credit Default Swap Contracts Outstanding schedule following the Portfolio of Investments.

As a protection seller, the Fund bears the risk of loss from the credit events specified in the contract with the counterparty. For credit default swap contracts on credit indices, quoted market prices and resulting market values serve as an indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract.

Any upfront payment or receipt by the Fund upon entering into a credit default swap contract is recorded as an asset or liability, respectively, and amortized daily as a component of realized gain (loss) in the Statement of Operations. Credit default swap contracts are valued daily, and the change in value is recorded as unrealized appreciation (depreciation) until the termination of the swap, at which time a realized gain (loss) is recorded.

Credit default swap contracts can involve greater risks than if a fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to other risks including counterparty credit risk, leverage risk, hedging risk, correlation risk and liquidity risk.

**Interest rate and inflation rate swap contracts**

The Fund entered into interest rate swap transactions or inflation rate swap contracts (together, rate swaps) to help hedge against interest rate risk exposure and to maintain the Fund's ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Fund holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Fund may enter into interest rate swap agreements. These instruments may be used for other purposes in future periods. A rate swap is an agreement between two parties where there are two flows and payments are made between the two counterparties and the payments are dependent upon changes in an interest rate, inflation rate or inflation index calculated on a notional amount. Certain rate swaps are considered forward-starting, whereby the accrual for the exchange of cash flows does not begin until a specified date in the future. The net cash flow for a standard rate swap is generally the difference between a floating market interest rate or floating rate linked to an inflation index versus a fixed interest rate as applied to the notional amount.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

Rate swaps are valued daily and unrealized appreciation (depreciation) is recorded. Certain rate swaps may accrue periodic interest on a daily basis as a component of unrealized appreciation (depreciation); the Fund will realize a gain or loss upon the payment or receipt of accrued interest. The Fund will realize a gain or a loss when the rate swap is terminated.

**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 ($)** |
| Credit risk | Component of total distributable earnings (loss) — unrealized appreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp; 4,481,906<br> \*<br>|
| Credit risk | Upfront payments on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp; 7898772 |
| Foreign exchange risk | Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; 61751 |
| Interest rate risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 1,375,133<br> \*<br>|
| Interest rate risk | Investments, at value — Option contracts purchased | &nbsp;&nbsp;&nbsp;&nbsp; 10159938 |
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 23977500 |

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&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 ($)** |
| Credit risk | Component of total distributable earnings (loss) — unrealized depreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp; 3,683,251<br> \*<br>|
| Credit risk | Upfront receipts on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp; 7840561 |
| Foreign exchange risk | Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; 31325 |
| Interest rate risk | Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 6,115,432<br> \*<br>|
| Interest rate risk | Option contracts written, at value | &nbsp;&nbsp;&nbsp;&nbsp; 36454 |
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 17707023 |

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&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.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

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** | **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>**($)**<br>| &nbsp;&nbsp;&nbsp; **Futures** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**purchased** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**written** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Swap** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Credit risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1018944 | &nbsp;&nbsp;&nbsp;&nbsp; 1018944 |
| Foreign exchange risk | &nbsp;&nbsp; (84222)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (84222)<br>|
| Interest rate risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (409800)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13138057)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2570945 | &nbsp;&nbsp;&nbsp;&nbsp; 5874319 | &nbsp;&nbsp;&nbsp;&nbsp; (5102593)<br>|
| Total | &nbsp;&nbsp; (84222)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (409800)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13138057)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2570945 | &nbsp;&nbsp;&nbsp;&nbsp; 6893263 | &nbsp;&nbsp;&nbsp;&nbsp; (4167871)<br>|
| **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** | **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>**($)**<br>| &nbsp;&nbsp;&nbsp; **Futures** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**purchased** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**written** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Swap** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Credit risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (503334)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (503334)<br>|
| Foreign exchange risk | &nbsp;&nbsp; 65349 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 65349 |
| Interest rate risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21492496 | &nbsp;&nbsp;&nbsp;&nbsp; 209857 | &nbsp;&nbsp;&nbsp;&nbsp; 186480 | &nbsp;&nbsp;&nbsp;&nbsp; (5812400)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16076433 |
| Total | &nbsp;&nbsp; 65349 | &nbsp;&nbsp;&nbsp;&nbsp; 21492496 | &nbsp;&nbsp;&nbsp;&nbsp; 209857 | &nbsp;&nbsp;&nbsp;&nbsp; 186480 | &nbsp;&nbsp;&nbsp;&nbsp; (6315734)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15638448 |

---

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 | 1310590030 |
| Futures contracts — short | 679806273 |
| Credit default swap contracts — buy protection | 73585680 |
| Credit default swap contracts — sell protection | 61437416 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Derivative instrument** | **Average** <br>**value ($)**<br>|
| Option contracts purchased | 9699415 |
| Option contracts written | (184120)<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; 38589 | &nbsp;&nbsp;&nbsp;&nbsp; (39496)<br>|
| Interest rate swap contracts | &nbsp;&nbsp; 773694 | &nbsp;&nbsp;&nbsp;&nbsp; — |

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**Investments in senior loans** 

The Fund may invest in senior loan assignments. When the Fund purchases an assignment of a senior loan, the Fund typically has direct rights against the borrower; provided, however, that the Fund's rights may be more limited than the lender from which it acquired the assignment and the Fund may be able to enforce its rights only through an administrative agent. Although certain senior loan assignments are secured by collateral, the Fund could experience delays or limitations in realizing such collateral or have its interest subordinated to other indebtedness of the obligor. In the event that the administrator or collateral agent of a loan becomes insolvent or enters into receivership or bankruptcy, the Fund may incur costs and delays in realizing payment or may suffer a loss of principal and/or interest. The risk of loss is greater for

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Notes to Financial Statements (continued)

December 31, 2025

unsecured or subordinated loans. In addition, senior loan assignments are vulnerable to market, economic or other conditions or events that may reduce the demand for senior loan assignments and certain senior loan assignments which were liquid when purchased, may become illiquid.

The Fund may enter into senior loan assignments where all or a portion of the loan may be unfunded. The Fund is obligated to fund these commitments at the borrower's discretion. These commitments, if any, are generally traded and priced in the same manner as other senior loan securities and are disclosed as unfunded senior loan commitments in the Fund's Portfolio of Investments with a corresponding payable for investments purchased. The Fund designates cash or liquid securities to cover these commitments.

**Asset- and mortgage-backed securities** 

The Fund may invest in asset-backed and mortgage-backed securities. The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. All, or a portion, of the obligation may be prepaid at any time because the underlying asset may be prepaid. As a result, decreasing market interest rates could result in an increased level of prepayment. An increased prepayment rate will have the effect of shortening the maturity of the security. Unless otherwise noted, the coupon rates presented are fixed rates.

**Delayed delivery securities**

The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a "when-issued" or "forward commitment" basis. This may increase risk to the Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.

**To be announced securities** 

The Fund may trade securities on a To Be Announced (TBA) basis. As with other delayed-delivery transactions, a seller agrees to issue a TBA security at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Fund agrees to accept any security that meets specified terms.

In some cases, Master Securities Forward Transaction Agreements (MSFTAs) may be used to govern transactions of certain forward-settling agency mortgage-backed securities, such as delayed-delivery and TBAs, between the Fund and counterparty. The MSFTA maintains provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral relating to such transactions.

**Forward sale commitments**

The Fund may enter into forward sale commitments to hedge its portfolio positions or to sell mortgage-backed securities it owns under delayed delivery arrangements. Proceeds of forward sale commitments are not received until the contractual settlement date. While a forward sale commitment is outstanding, equivalent deliverable securities or an offsetting forward purchase commitment deliverable on or before the sale commitment date are used to satisfy the commitment.

Unsettled forward sale commitments are valued at the current market value of the underlying securities, generally according to the procedures described under "Security Valuation" above. The forward sale commitment is "marked-to-market" daily and the change in market value is recorded by the Fund as an unrealized gain or loss. If the forward sale commitment is closed through the acquisition of an offsetting purchase commitment, the Fund realizes a gain or loss. If the Fund delivers securities under the commitment, the Fund realizes a gain or a loss from the sale of the securities based upon the market price established at the date the commitment was entered into.

**Mortgage dollar roll transactions**

The Fund may enter into mortgage "dollar rolls" in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar but not identical securities (same type, coupon and maturity) on a specified future date. These transactions may increase the Fund's portfolio turnover rate. During the roll period, the Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund may benefit because it receives negotiated amounts in the form of reductions of the purchase price for the future purchase plus the

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Notes to Financial Statements (continued)

December 31, 2025

interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. The Fund records the incremental difference between the forward purchase and sale of each forward roll as a realized gain or loss. Unless any realized gains exceed the income, capital appreciation, and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique may diminish the investment performance of the Fund compared to what the performance would have been without the use of mortgage dollar rolls. Mortgage dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations. All cash proceeds will be invested in instruments that are permissible investments for the Fund. The Fund identifies cash or liquid securities in an amount equal to the forward purchase price. The Fund does not currently enter into mortgage dollar rolls that are accounted for as financing transactions.

**Joint venture** 

Long Run Partners (LRP) and the Fund, along with certain other affiliated funds, are members of Itasca Park LLC, a joint venture formed as a Delaware limited liability company that is not consolidated by any member for financial reporting purposes. Investments into Itasca Park LLC will be called from the members over a commitment period to end on December 31, 2026 (Commitment Period). All portfolio and other material decisions regarding Itasca Park LLC must be submitted to Itasca Park LLC's board of directors which is comprised of two LRP representatives and one representative for each of the affiliated investing funds. Because management of Itasca Park LLC is shared between LRP and the other members, the Fund does not believe it controls Itasca Park LLC for purposes of the Investment Company Act or otherwise. The Fund does not consider this non-consolidated investment as a significant subsidiary under Regulation S-X Rules 3-09 and 4-08(g).

The Fund has made a commitment of $23,050,000 to Itasca Park LLC of which $5,071,000 has been funded and $17,979,000 remains unfunded for the year ended December 31, 2025.

Funded investments in non-consolidated joint ventures are stated at fair value. Unfunded investments are stated at cost with a corresponding liability for securities purchased on a delayed delivery basis. The Fund's ownership interests are valued based on the Fund's ownership interest in Itasca Park LLC and the fair value of the underlying loans and residential mortgages, using the same techniques as described within this Note. Any other factors, such as ownership percentage, ownership rights, buy/sell agreements, distribution provisions, and capital call obligations are also considered.

Distributions to the Fund are not expected during the Commitment Period. During the Commitment Period, all available cash will be used to aggregate additional loans. Upon completion of the Commitment Period, available cash will be distributed first based on pro-rata equity ownership in Itasca Park LLC until all capital contributions have been returned then as income and gain distributions. Itasca Park LLC will return capital within 48 months of the completion of the Commitment Period with two, 12-month extension options.

**Interest only and principal only securities** 

The Fund may invest in Interest Only (IO) or Principal Only (PO) securities. IOs are stripped securities entitled to receive all of the security's interest, but none of its principal. IOs are particularly sensitive to changes in interest rates and therefore subject to greater fluctuations in price than typical interest bearing debt securities. IOs are also subject to credit risk because the Fund may not receive all or part of the interest payments if the issuer, obligor, guarantor or counterparty defaults on its obligation. Payments received for IOs are included in interest income in the Statement of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income in the Statement of Operations. POs are stripped securities entitled to receive the principal from the underlying obligation, but not the interest. POs are particularly sensitive to changes in interest rates and therefore are subject to fluctuations in price. POs are also subject to credit risk because the Fund may not receive all or part of its principal if the issuer, obligor, guarantor or counterparty defaults on its obligation. The Fund may also invest in IO or PO stripped mortgage-backed securities. Payments received for POs are treated as reductions to the cost and par value of the securities.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

**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:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Citi** <sup>(a)</sup> <br>| **Citi** <sup>(a)</sup> <br>| **Goldman** <br>**Sachs** <br>**International**<br>| **JPMorgan** | **Morgan** <br>**Stanley** <sup>(a)</sup> <br>| **Morgan** <br>**Stanley** <sup>(a)</sup> <br>| **Total** |
| **Assets** |  |  |  |  |  |  |  |
| Centrally cleared credit default swap contracts <sup>(b)</sup> <br>| $&nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 26426<br>| &nbsp;&nbsp; 26426<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 61751<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 61751<br>|
| Call option contracts purchased | &nbsp;&nbsp; 699504<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 3483658<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 4183162<br>|
| Put option contracts purchased | &nbsp;&nbsp; 658827<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 1544549<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 3773400<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 5976776<br>|
| OTC credit default swap contracts <sup>(c)</sup> <br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 4722043<br>| &nbsp;&nbsp; 887711<br>| &nbsp;&nbsp; 4190737<br>| &nbsp;&nbsp; 2580187<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 12380678<br>|
| Total assets | &nbsp;&nbsp; 1420082<br>| &nbsp;&nbsp; 4722043<br>| &nbsp;&nbsp; 2432260<br>| &nbsp;&nbsp; 4190737<br>| &nbsp;&nbsp; 9837245<br>| &nbsp;&nbsp; 26426<br>| &nbsp;&nbsp; 22628793<br>|
| **Liabilities** |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 31325<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 31325<br>|
| Call option contracts written | &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 36454<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 36454<br>|
| OTC credit default swap contracts <sup>(c)</sup> <br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 1688848<br>| &nbsp;&nbsp; 3038328<br>| &nbsp;&nbsp; 4408892<br>| &nbsp;&nbsp; 2174345<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 11310413<br>|
| Total liabilities | &nbsp;&nbsp; 31325<br>| &nbsp;&nbsp; 1688848<br>| &nbsp;&nbsp; 3038328<br>| &nbsp;&nbsp; 4408892<br>| &nbsp;&nbsp; 2210799<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 11378192<br>|
| **Total financial and derivative net assets** | &nbsp;&nbsp; **1388757**<br>| &nbsp;&nbsp; **3033195**<br>| &nbsp;&nbsp; **(606068)**<br>| &nbsp;&nbsp; **(218155)**<br>| &nbsp;&nbsp; **7626446**<br>| &nbsp;&nbsp; **26426**<br>| &nbsp;&nbsp; **11250601**<br>|
| Total collateral received (pledged) <sup>(d)</sup> <br>| &nbsp;&nbsp; 1336500 | &nbsp;&nbsp; 3033195 | &nbsp;&nbsp; (606068)<br>| &nbsp;&nbsp; (150000)<br>| &nbsp;&nbsp; 7626446 | &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 11240073 |
| **Net amount** <sup>(e)</sup> <br>| $&nbsp;&nbsp; **52257** | &nbsp;&nbsp; **-** | &nbsp;&nbsp; **-**<br>| &nbsp;&nbsp; **(68155)**<br>| &nbsp;&nbsp; **-** | &nbsp;&nbsp; **26426**<br>| &nbsp;&nbsp; **10528** |

---

&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) Centrally cleared swaps are included within payable/receivable for variation margin in the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Over-the-Counter (OTC) swap contracts are presented at market value plus periodic payments receivable (payable), which is comprised of unrealized appreciation, unrealized depreciation, upfront payments and upfront receipts.

&nbsp;&nbsp;&nbsp;&nbsp;(d) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

&nbsp;&nbsp;&nbsp;&nbsp;(e) 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.

The trade date for senior loans purchased in the primary market is the date on which the loan is allocated. The trade date for senior loans purchased in the secondary market is the date on which the transaction is entered into.

**Income recognition**

Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted. The Fund classifies gains and losses realized on prepayments received on mortgage-backed securities as adjustments to interest income. For convertible securities, premiums attributable to the conversion feature are not amortized.

The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. The Fund may also adjust accrual rates when it becomes probable the full interest will not be collected and a partial payment will be received. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Dividend income is recorded on the ex-dividend date.

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 – Intermediate Bond 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.

The value of additional securities received as an income payment through a payment-in-kind, if any, is recorded as interest income and increases the cost basis of such securities.

The Fund may receive other income from senior loans, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Fund. These amounts are included in Interest Income in the Statement of Operations.

**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

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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 management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.50% to 0.34% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2025 was 0.48% 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 – Intermediate Bond 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;0.53 |
| 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;0.78 |
| 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;0.655 |

---

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, derivative investments, swap investments, tax straddles, investments in partnerships and/or grantor trusts, principal and/or interest from fixed income securities, defaulted securities/troubled debt, capital loss carryforwards 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 ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(loss) ($)**<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>|
| (57172)<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; 57172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 – Intermediate Bond 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 ($)**<br>| **Total ($)** |
| 151282681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151282681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165476245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165476245 |

---

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 ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>|
| 127497321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (587404612)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (57943595)<br>|

---

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) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>|
| 3155475541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57632772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (115576367)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (57943595)<br>|

---

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 ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **No expiration** <br>**long-term ($)**<br>| **Total ($)** | **Utilized ($)** |
| (205315780)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (382088832)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (587404612)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17016109 |

---

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 $6,438,687,210 and $6,579,307,626, respectively, for the year ended December 31, 2025, of which $5,369,454,779 and $5,344,041,900, respectively, were U.S. government securities. 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 – Intermediate Bond 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>|
| Lender | 3450000 | &nbsp;&nbsp;&nbsp;&nbsp;4.85 | &nbsp;&nbsp;&nbsp;&nbsp; 8 |

---

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.

Columbia Variable Portfolio – Intermediate Bond Fund \| 2025

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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 99.4% 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 – Intermediate Bond 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 – Intermediate Bond 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 – Intermediate Bond 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, issuer of a privately offered security, agent banks 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 – Intermediate Bond Fund \| 2025

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[THIS PAGE INTENTIONALLY LEFT BLANK]

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**Columbia Variable Portfolio – Intermediate Bond Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g59364imgd43453f42.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.

ANN7012_12_E01_(02/26)

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![](g59364img2a3473dd1.jpg)

Variable Portfolio – Managed Volatility Moderate 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_781296b6-3ed0-4e98-a9ab-a59feeda4e04_POI-CommonContent-Date-255_1) | 3 |
| [Statement of Assets and Liabilities](#xx_781296b6-3ed0-4e98-a9ab-a59feeda4e04_FS-CommonContent-Date-255_1) | 14 |
| [Statement of Operations](#xx_781296b6-3ed0-4e98-a9ab-a59feeda4e04_FS-CommonContent-Date-255_2) | 15 |
| [Statement of Changes in Net Assets](#xx_781296b6-3ed0-4e98-a9ab-a59feeda4e04_FS-CommonContent-Date-255_3) | 16 |
| [Financial Highlights](#xx_781296b6-3ed0-4e98-a9ab-a59feeda4e04_FIHI-CommonContent-Date-255_2) | 18 |
| [Notes to Financial Statements](#xx_781296b6-3ed0-4e98-a9ab-a59feeda4e04_NTF-CommonContent-Date-255_1) | 20 |
| [Report of Independent Registered Public Accounting Firm](#xx_781296b6-3ed0-4e98-a9ab-a59feeda4e04_AUD-CommonContent-Date-255_1) | 33 |

---

Variable Portfolio – Managed Volatility Moderate 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;

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes 0.4%** | **Corporate Bonds & Notes 0.4%** | **Corporate Bonds & Notes 0.4%** | **Corporate Bonds & Notes 0.4%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Aerospace & Defense 0.1%** | **Aerospace & Defense 0.1%** | **Aerospace & Defense 0.1%** | **Aerospace & Defense 0.1%** |
| BAE Systems PLC<sup>(a)</sup>  | BAE Systems PLC<sup>(a)</sup>  | BAE Systems PLC<sup>(a)</sup>  | BAE Systems PLC<sup>(a)</sup>  |
| 03/26/2034 | &nbsp;&nbsp; 5.300% | 796000 | &nbsp;&nbsp; 824481 |
| Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) |
| 08/01/2059 | &nbsp;&nbsp; 3.950% | 852000 | &nbsp;&nbsp; 602985 |
| 05/01/2060 | &nbsp;&nbsp; 5.930% | 100000 | &nbsp;&nbsp; 98091 |
| L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. |
| 06/01/2034 | &nbsp;&nbsp; 5.350% | 334000 | &nbsp;&nbsp; 345604 |
| Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. |
| 02/15/2055 | &nbsp;&nbsp; 5.200% | 186000 | &nbsp;&nbsp; 175106 |
| Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. |
| 06/01/2043 | &nbsp;&nbsp; 4.750% | 375000 | &nbsp;&nbsp; 345398 |
| 10/15/2047 | &nbsp;&nbsp; 4.030% | 295000 | &nbsp;&nbsp; 237087 |
| Raytheon Technologies Corp. | Raytheon Technologies Corp. | Raytheon Technologies Corp. | Raytheon Technologies Corp. |
| 02/27/2053 | &nbsp;&nbsp; 5.375% | 319000 | &nbsp;&nbsp; 306274 |
| United Technologies Corp. | United Technologies Corp. | United Technologies Corp. | United Technologies Corp. |
| 07/15/2038 | &nbsp;&nbsp; 6.125% | 380000 | &nbsp;&nbsp; 416007 |
| 11/01/2046 | &nbsp;&nbsp; 3.750% | 70000 | &nbsp;&nbsp; 54310 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3405343** |
| **Banking 0.1%** | **Banking 0.1%** | **Banking 0.1%** | **Banking 0.1%** |
| Bank of America Corp.<sup>(b)</sup>  | Bank of America Corp.<sup>(b)</sup>  | Bank of America Corp.<sup>(b)</sup>  | Bank of America Corp.<sup>(b)</sup>  |
| 03/20/2051 | &nbsp;&nbsp; 4.083% | 1075000 | &nbsp;&nbsp; 863247 |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| 07/23/2048 | &nbsp;&nbsp; 4.650% | 230000 | &nbsp;&nbsp; 203154 |
| Citigroup, Inc.<sup>(b)</sup>  | Citigroup, Inc.<sup>(b)</sup>  | Citigroup, Inc.<sup>(b)</sup>  | Citigroup, Inc.<sup>(b)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 02/13/2035 | &nbsp;&nbsp; 5.827% | 205000 | &nbsp;&nbsp; 213232 |
| Goldman Sachs Group, Inc. (The)<sup>(b)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(b)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(b)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(b)</sup>  |
| 11/19/2045 | &nbsp;&nbsp; 5.561% | 280000 | &nbsp;&nbsp; 280260 |
| 01/28/2056 | &nbsp;&nbsp; 5.734% | 410000 | &nbsp;&nbsp; 415352 |
| HSBC Holdings PLC<sup>(b)</sup>  | HSBC Holdings PLC<sup>(b)</sup>  | HSBC Holdings PLC<sup>(b)</sup>  | HSBC Holdings PLC<sup>(b)</sup>  |
| 11/06/2036 | &nbsp;&nbsp; 5.133% | 312000 | &nbsp;&nbsp; 312648 |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 09/10/2036 | &nbsp;&nbsp; 5.741% | 200000 | &nbsp;&nbsp; 205733 |
| JPMorgan Chase & Co.<sup>(b)</sup>  | JPMorgan Chase & Co.<sup>(b)</sup>  | JPMorgan Chase & Co.<sup>(b)</sup>  | JPMorgan Chase & Co.<sup>(b)</sup>  |
| 11/15/2048 | &nbsp;&nbsp; 3.964% | 1120000 | &nbsp;&nbsp; 902332 |
| Morgan Stanley<sup>(b)</sup>  | Morgan Stanley<sup>(b)</sup>  | Morgan Stanley<sup>(b)</sup>  | Morgan Stanley<sup>(b)</sup>  |
| 01/18/2036 | &nbsp;&nbsp; 5.587% | 88000 | &nbsp;&nbsp; 92009 |
| 04/17/2036 | &nbsp;&nbsp; 5.664% | 399000 | &nbsp;&nbsp; 419486 |
| 10/22/2036 | &nbsp;&nbsp; 4.892% | 418000 | &nbsp;&nbsp; 414630 |
| Wells Fargo & Co.<sup>(b)</sup>  | Wells Fargo & Co.<sup>(b)</sup>  | Wells Fargo & Co.<sup>(b)</sup>  | Wells Fargo & Co.<sup>(b)</sup>  |
| 04/04/2051 | &nbsp;&nbsp; 5.013% | 595000 | &nbsp;&nbsp; 544649 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **4866732** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Building Materials 0.0%** | **Building Materials 0.0%** | **Building Materials 0.0%** | **Building Materials 0.0%** |
| JH North America Holdings, Inc.<sup>(a)</sup>  | JH North America Holdings, Inc.<sup>(a)</sup>  | JH North America Holdings, Inc.<sup>(a)</sup>  | JH North America Holdings, Inc.<sup>(a)</sup>  |
| 07/31/2032 | &nbsp;&nbsp; 6.125% | 230000 | &nbsp;&nbsp; 235968 |
| **Cable and Satellite 0.0%** | **Cable and Satellite 0.0%** | **Cable and Satellite 0.0%** | **Cable and Satellite 0.0%** |
| Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
| 06/30/2062 | &nbsp;&nbsp; 3.950% | 318000 | &nbsp;&nbsp; 191131 |
| Charter Communications Operating LLC/Capital | Charter Communications Operating LLC/Capital | Charter Communications Operating LLC/Capital | Charter Communications Operating LLC/Capital |
| 05/01/2047 | &nbsp;&nbsp; 5.375% | 730000 | &nbsp;&nbsp; 600857 |
| Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. |
| 05/15/2053 | &nbsp;&nbsp; 5.350% | 191000 | &nbsp;&nbsp; 171524 |
| 11/01/2056 | &nbsp;&nbsp; 2.937% | 730000 | &nbsp;&nbsp; 410522 |
| NBCUniversal Media LLC | NBCUniversal Media LLC | NBCUniversal Media LLC | NBCUniversal Media LLC |
| 01/15/2043 | &nbsp;&nbsp; 4.450% | 326000 | &nbsp;&nbsp; 277637 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1651671** |
| **Chemicals 0.0%** | **Chemicals 0.0%** | **Chemicals 0.0%** | **Chemicals 0.0%** |
| Dow Chemical Co. (The) | Dow Chemical Co. (The) | Dow Chemical Co. (The) | Dow Chemical Co. (The) |
| 03/15/2055 | &nbsp;&nbsp; 5.950% | 135000 | &nbsp;&nbsp; 122696 |
| LYB International Finance III LLC | LYB International Finance III LLC | LYB International Finance III LLC | LYB International Finance III LLC |
| 04/01/2051 | &nbsp;&nbsp; 3.625% | 565000 | &nbsp;&nbsp; 365051 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **487747** |
| **Construction Machinery 0.0%** | **Construction Machinery 0.0%** | **Construction Machinery 0.0%** | **Construction Machinery 0.0%** |
| Caterpillar, Inc. | Caterpillar, Inc. | Caterpillar, Inc. | Caterpillar, Inc. |
| 05/15/2035 | &nbsp;&nbsp; 5.200% | 336000 | &nbsp;&nbsp; 348760 |
| United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. |
| 02/15/2031 | &nbsp;&nbsp; 3.875% | 190000 | &nbsp;&nbsp; 181837 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **530597** |
| **Diversified Manufacturing 0.0%** | **Diversified Manufacturing 0.0%** | **Diversified Manufacturing 0.0%** | **Diversified Manufacturing 0.0%** |
| Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. |
| 04/05/2040 | &nbsp;&nbsp; 3.377% | 380000 | &nbsp;&nbsp; 307106 |
| Siemens Funding BV<sup>(a)</sup>  | Siemens Funding BV<sup>(a)</sup>  | Siemens Funding BV<sup>(a)</sup>  | Siemens Funding BV<sup>(a)</sup>  |
| 05/28/2035 | &nbsp;&nbsp; 5.200% | 239000 | &nbsp;&nbsp; 247948 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **555054** |
| **Electric 0.1%** | **Electric 0.1%** | **Electric 0.1%** | **Electric 0.1%** |
| AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. |
| 01/15/2050 | &nbsp;&nbsp; 3.450% | 717000 | &nbsp;&nbsp; 489959 |
| 05/15/2051 | &nbsp;&nbsp; 3.450% | 235000 | &nbsp;&nbsp; 159052 |
| CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC |
| 08/15/2035 | &nbsp;&nbsp; 4.950% | 121000 | &nbsp;&nbsp; 121967 |
| Consolidated Edison Co of New York, Inc. | Consolidated Edison Co of New York, Inc. | Consolidated Edison Co of New York, Inc. | Consolidated Edison Co of New York, Inc. |
| 11/15/2055 | &nbsp;&nbsp; 5.750% | 77000 | &nbsp;&nbsp; 76981 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Volatility Moderate Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. |
| 11/15/2053 | &nbsp;&nbsp; 5.900% | 169000 | &nbsp;&nbsp; 172528 |
| 03/15/2055 | &nbsp;&nbsp; 5.500% | 195000 | &nbsp;&nbsp; 189346 |
| Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
| 03/15/2035 | &nbsp;&nbsp; 5.450% | 140000 | &nbsp;&nbsp; 143549 |
| Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC |
| 03/15/2052 | &nbsp;&nbsp; 3.550% | 290000 | &nbsp;&nbsp; 208573 |
| Duke Energy Indiana LLC | Duke Energy Indiana LLC | Duke Energy Indiana LLC | Duke Energy Indiana LLC |
| 04/01/2050 | &nbsp;&nbsp; 2.750% | 195000 | &nbsp;&nbsp; 121856 |
| 04/01/2053 | &nbsp;&nbsp; 5.400% | 674000 | &nbsp;&nbsp; 641273 |
| Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC |
| 03/15/2055 | &nbsp;&nbsp; 5.800% | 125000 | &nbsp;&nbsp; 125796 |
| Entergy Mississippi LLC | Entergy Mississippi LLC | Entergy Mississippi LLC | Entergy Mississippi LLC |
| 04/15/2055 | &nbsp;&nbsp; 5.800% | 102000 | &nbsp;&nbsp; 102671 |
| Eversource Energy | Eversource Energy | Eversource Energy | Eversource Energy |
| 07/15/2034 | &nbsp;&nbsp; 5.950% | 340000 | &nbsp;&nbsp; 359577 |
| Exelon Corp. | Exelon Corp. | Exelon Corp. | Exelon Corp. |
| 03/15/2052 | &nbsp;&nbsp; 4.100% | 1069000 | &nbsp;&nbsp; 825051 |
| FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. |
| 03/01/2050 | &nbsp;&nbsp; 3.400% | 178000 | &nbsp;&nbsp; 123065 |
| FirstEnergy Transmission LLC | FirstEnergy Transmission LLC | FirstEnergy Transmission LLC | FirstEnergy Transmission LLC |
| 01/15/2035 | &nbsp;&nbsp; 5.000% | 80000 | &nbsp;&nbsp; 80236 |
| Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. |
| 03/15/2055 | &nbsp;&nbsp; 5.700% | 134000 | &nbsp;&nbsp; 136061 |
| Jersey Central Power & Light Co. | Jersey Central Power & Light Co. | Jersey Central Power & Light Co. | Jersey Central Power & Light Co. |
| 01/15/2035 | &nbsp;&nbsp; 5.100% | 161000 | &nbsp;&nbsp; 162979 |
| MidAmerican Energy Co. | MidAmerican Energy Co. | MidAmerican Energy Co. | MidAmerican Energy Co. |
| 02/01/2055 | &nbsp;&nbsp; 5.300% | 135000 | &nbsp;&nbsp; 127936 |
| NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
| 03/15/2035 | &nbsp;&nbsp; 5.450% | 755000 | &nbsp;&nbsp; 781396 |
| Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC |
| 05/15/2050 | &nbsp;&nbsp; 3.700% | 200000 | &nbsp;&nbsp; 147043 |
| Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. |
| 07/01/2050 | &nbsp;&nbsp; 4.950% | 480000 | &nbsp;&nbsp; 406434 |
| Virginia Electric and Power Co. | Virginia Electric and Power Co. | Virginia Electric and Power Co. | Virginia Electric and Power Co. |
| 04/01/2053 | &nbsp;&nbsp; 5.450% | 466000 | &nbsp;&nbsp; 444501 |
| Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. |
| 12/01/2049 | &nbsp;&nbsp; 3.500% | 525000 | &nbsp;&nbsp; 376986 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **6524816** |
| **Food and Beverage 0.0%** | **Food and Beverage 0.0%** | **Food and Beverage 0.0%** | **Food and Beverage 0.0%** |
| Anheuser-Busch Companies LLC/InBev Worldwide, Inc. | Anheuser-Busch Companies LLC/InBev Worldwide, Inc. | Anheuser-Busch Companies LLC/InBev Worldwide, Inc. | Anheuser-Busch Companies LLC/InBev Worldwide, Inc. |
| 02/01/2046 | &nbsp;&nbsp; 4.900% | 678000 | &nbsp;&nbsp; 627709 |
| Bacardi Ltd.<sup>(a)</sup>  | Bacardi Ltd.<sup>(a)</sup>  | Bacardi Ltd.<sup>(a)</sup>  | Bacardi Ltd.<sup>(a)</sup>  |
| 05/15/2038 | &nbsp;&nbsp; 5.150% | 636000 | &nbsp;&nbsp; 603851 |
| 05/15/2048 | &nbsp;&nbsp; 5.300% | 246000 | &nbsp;&nbsp; 219185 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Bacardi-Martini BV<sup>(a)</sup>  | Bacardi-Martini BV<sup>(a)</sup>  | Bacardi-Martini BV<sup>(a)</sup>  | Bacardi-Martini BV<sup>(a)</sup>  |
| 02/01/2035 | &nbsp;&nbsp; 6.000% | 225000 | &nbsp;&nbsp; 233826 |
| Campbell Soup Co. | Campbell Soup Co. | Campbell Soup Co. | Campbell Soup Co. |
| 04/24/2050 | &nbsp;&nbsp; 3.125% | 32000 | &nbsp;&nbsp; 20915 |
| Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
| 11/01/2048 | &nbsp;&nbsp; 5.400% | 125000 | &nbsp;&nbsp; 112177 |
| Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. |
| 04/15/2052 | &nbsp;&nbsp; 4.500% | 55000 | &nbsp;&nbsp; 44434 |
| Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
| 06/01/2046 | &nbsp;&nbsp; 4.375% | 103000 | &nbsp;&nbsp; 85162 |
| Kraft Heinz Foods Co. (The) | Kraft Heinz Foods Co. (The) | Kraft Heinz Foods Co. (The) | Kraft Heinz Foods Co. (The) |
| 07/15/2045 | &nbsp;&nbsp; 5.200% | 425000 | &nbsp;&nbsp; 389689 |
| Tyson Foods, Inc. | Tyson Foods, Inc. | Tyson Foods, Inc. | Tyson Foods, Inc. |
| 09/28/2048 | &nbsp;&nbsp; 5.100% | 135000 | &nbsp;&nbsp; 124377 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2461325** |
| **Health Care 0.0%** | **Health Care 0.0%** | **Health Care 0.0%** | **Health Care 0.0%** |
| Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. |
| 02/08/2034 | &nbsp;&nbsp; 5.110% | 95000 | &nbsp;&nbsp; 96952 |
| Cigna Corp. | Cigna Corp. | Cigna Corp. | Cigna Corp. |
| 03/15/2050 | &nbsp;&nbsp; 3.400% | 402000 | &nbsp;&nbsp; 281285 |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| 07/20/2045 | &nbsp;&nbsp; 5.125% | 730000 | &nbsp;&nbsp; 659895 |
| GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. |
| 06/15/2035 | &nbsp;&nbsp; 5.500% | 120000 | &nbsp;&nbsp; 124760 |
| 12/15/2035 | &nbsp;&nbsp; 4.950% | 121000 | &nbsp;&nbsp; 120899 |
| HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
| 03/15/2052 | &nbsp;&nbsp; 4.625% | 634000 | &nbsp;&nbsp; 517283 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1801074** |
| **Healthcare Insurance 0.0%** | **Healthcare Insurance 0.0%** | **Healthcare Insurance 0.0%** | **Healthcare Insurance 0.0%** |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| 04/15/2054 | &nbsp;&nbsp; 5.375% | 1058000 | &nbsp;&nbsp; 999615 |
| 06/15/2055 | &nbsp;&nbsp; 5.950% | 127000 | &nbsp;&nbsp; 130655 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1130270** |
| **Independent Energy 0.0%** | **Independent Energy 0.0%** | **Independent Energy 0.0%** | **Independent Energy 0.0%** |
| APA Corp. | APA Corp. | APA Corp. | APA Corp. |
| 02/15/2055 | &nbsp;&nbsp; 6.750% | 187000 | &nbsp;&nbsp; 186680 |
| Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
| 02/15/2037 | &nbsp;&nbsp; 6.500% | 105000 | &nbsp;&nbsp; 112865 |
| Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. |
| 04/18/2064 | &nbsp;&nbsp; 5.900% | 172000 | &nbsp;&nbsp; 162915 |
| Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
| 10/01/2054 | &nbsp;&nbsp; 6.050% | 454000 | &nbsp;&nbsp; 432910 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Volatility Moderate Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. |
| 05/19/2035 | &nbsp;&nbsp; 6.000% | 93000 | &nbsp;&nbsp; 96918 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **992288** |
| **Integrated Energy 0.0%** | **Integrated Energy 0.0%** | **Integrated Energy 0.0%** | **Integrated Energy 0.0%** |
| BP Capital Markets America, Inc. | BP Capital Markets America, Inc. | BP Capital Markets America, Inc. | BP Capital Markets America, Inc. |
| 03/17/2052 | &nbsp;&nbsp; 3.001% | 469000 | &nbsp;&nbsp; 300363 |
| Total Capital International SA | Total Capital International SA | Total Capital International SA | Total Capital International SA |
| 06/29/2060 | &nbsp;&nbsp; 3.386% | 80000 | &nbsp;&nbsp; 52031 |
| TotalEnergies Capital SA | TotalEnergies Capital SA | TotalEnergies Capital SA | TotalEnergies Capital SA |
| 04/05/2064 | &nbsp;&nbsp; 5.638% | 209000 | &nbsp;&nbsp; 203072 |
| 09/10/2064 | &nbsp;&nbsp; 5.425% | 90000 | &nbsp;&nbsp; 84317 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **639783** |
| **Life Insurance 0.0%** | **Life Insurance 0.0%** | **Life Insurance 0.0%** | **Life Insurance 0.0%** |
| New York Life Insurance Co.<sup>(a)</sup>  | New York Life Insurance Co.<sup>(a)</sup>  | New York Life Insurance Co.<sup>(a)</sup>  | New York Life Insurance Co.<sup>(a)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 05/15/2050 | &nbsp;&nbsp; 3.750% | 600000 | &nbsp;&nbsp; 445342 |
| Northwestern Mutual Life Insurance Co. (The)<sup>(a)</sup>  | Northwestern Mutual Life Insurance Co. (The)<sup>(a)</sup>  | Northwestern Mutual Life Insurance Co. (The)<sup>(a)</sup>  | Northwestern Mutual Life Insurance Co. (The)<sup>(a)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 05/29/2055 | &nbsp;&nbsp; 6.170% | 148000 | &nbsp;&nbsp; 157725 |
| 09/30/2059 | &nbsp;&nbsp; 3.625% | 274000 | &nbsp;&nbsp; 191715 |
| Peachtree Corners Funding Trust II<sup>(a)</sup>  | Peachtree Corners Funding Trust II<sup>(a)</sup>  | Peachtree Corners Funding Trust II<sup>(a)</sup>  | Peachtree Corners Funding Trust II<sup>(a)</sup>  |
| 05/15/2035 | &nbsp;&nbsp; 6.012% | 100000 | &nbsp;&nbsp; 105307 |
| Teachers Insurance & Annuity Association of America<sup>(a)</sup>  | Teachers Insurance & Annuity Association of America<sup>(a)</sup>  | Teachers Insurance & Annuity Association of America<sup>(a)</sup>  | Teachers Insurance & Annuity Association of America<sup>(a)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 09/15/2044 | &nbsp;&nbsp; 4.900% | 155000 | &nbsp;&nbsp; 141295 |
| 05/15/2050 | &nbsp;&nbsp; 3.300% | 283000 | &nbsp;&nbsp; 194312 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1235696** |
| **Media and Entertainment 0.0%** | **Media and Entertainment 0.0%** | **Media and Entertainment 0.0%** | **Media and Entertainment 0.0%** |
| Fox Corp. | Fox Corp. | Fox Corp. | Fox Corp. |
| 01/25/2049 | &nbsp;&nbsp; 5.576% | 110000 | &nbsp;&nbsp; 105902 |
| Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
| 05/15/2063 | &nbsp;&nbsp; 5.750% | 275000 | &nbsp;&nbsp; 264260 |
| 11/15/2065 | &nbsp;&nbsp; 5.750% | 536000 | &nbsp;&nbsp; 512030 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **882192** |
| **Midstream 0.0%** | **Midstream 0.0%** | **Midstream 0.0%** | **Midstream 0.0%** |
| Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
| 04/05/2034 | &nbsp;&nbsp; 5.625% | 245000 | &nbsp;&nbsp; 255844 |
| Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| 05/15/2054 | &nbsp;&nbsp; 5.950% | 438000 | &nbsp;&nbsp; 415603 |
| 09/01/2054 | &nbsp;&nbsp; 6.050% | 150000 | &nbsp;&nbsp; 144343 |
| Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC |
| 02/16/2055 | &nbsp;&nbsp; 5.550% | 205000 | &nbsp;&nbsp; 198800 |
| MPLX LP | MPLX LP | MPLX LP | MPLX LP |
| 03/14/2052 | &nbsp;&nbsp; 4.950% | 311000 | &nbsp;&nbsp; 261764 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Plains All American Pipeline LP/Finance Corp. | Plains All American Pipeline LP/Finance Corp. | Plains All American Pipeline LP/Finance Corp. | Plains All American Pipeline LP/Finance Corp. |
| 06/15/2044 | &nbsp;&nbsp; 4.700% | 72000 | &nbsp;&nbsp; 61321 |
| Western Gas Partners LP | Western Gas Partners LP | Western Gas Partners LP | Western Gas Partners LP |
| 03/01/2048 | &nbsp;&nbsp; 5.300% | 241000 | &nbsp;&nbsp; 207982 |
| Williams Companies, Inc. (The) | Williams Companies, Inc. (The) | Williams Companies, Inc. (The) | Williams Companies, Inc. (The) |
| 06/24/2044 | &nbsp;&nbsp; 5.750% | 330000 | &nbsp;&nbsp; 328383 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1874040** |
| **Natural Gas 0.0%** | **Natural Gas 0.0%** | **Natural Gas 0.0%** | **Natural Gas 0.0%** |
| NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
| 02/15/2044 | &nbsp;&nbsp; 4.800% | 249000 | &nbsp;&nbsp; 224143 |
| 05/15/2047 | &nbsp;&nbsp; 4.375% | 170000 | &nbsp;&nbsp; 141129 |
| 04/01/2055 | &nbsp;&nbsp; 5.850% | 200000 | &nbsp;&nbsp; 199483 |
| Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. |
| 04/01/2054 | &nbsp;&nbsp; 5.600% | 135000 | &nbsp;&nbsp; 132514 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **697269** |
| **Pharmaceuticals 0.0%** | **Pharmaceuticals 0.0%** | **Pharmaceuticals 0.0%** | **Pharmaceuticals 0.0%** |
| AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
| 11/06/2042 | &nbsp;&nbsp; 4.400% | 516000 | &nbsp;&nbsp; 460295 |
| Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
| 02/22/2062 | &nbsp;&nbsp; 4.400% | 65000 | &nbsp;&nbsp; 50799 |
| 03/02/2063 | &nbsp;&nbsp; 5.750% | 678000 | &nbsp;&nbsp; 662209 |
| Bristol Myers Squibb Co. | Bristol Myers Squibb Co. | Bristol Myers Squibb Co. | Bristol Myers Squibb Co. |
| 03/15/2052 | &nbsp;&nbsp; 3.700% | 375000 | &nbsp;&nbsp; 275702 |
| Eli Lilly & Co. | Eli Lilly & Co. | Eli Lilly & Co. | Eli Lilly & Co. |
| 10/15/2065 | &nbsp;&nbsp; 5.650% | 305000 | &nbsp;&nbsp; 307775 |
| Johnson & Johnson | Johnson & Johnson | Johnson & Johnson | Johnson & Johnson |
| 03/03/2047 | &nbsp;&nbsp; 3.750% | 290000 | &nbsp;&nbsp; 234002 |
| Merck & Co, Inc. | Merck & Co, Inc. | Merck & Co, Inc. | Merck & Co, Inc. |
| 09/15/2055 | &nbsp;&nbsp; 5.700% | 400000 | &nbsp;&nbsp; 404358 |
| Merck & Co., Inc. | Merck & Co., Inc. | Merck & Co., Inc. | Merck & Co., Inc. |
| 12/04/2055 | &nbsp;&nbsp; 5.550% | 390000 | &nbsp;&nbsp; 385473 |
| Pfizer, Inc. | Pfizer, Inc. | Pfizer, Inc. | Pfizer, Inc. |
| 12/15/2046 | &nbsp;&nbsp; 4.125% | 613000 | &nbsp;&nbsp; 505975 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3286588** |
| **Property & Casualty 0.0%** | **Property & Casualty 0.0%** | **Property & Casualty 0.0%** | **Property & Casualty 0.0%** |
| Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. |
| 03/15/2052 | &nbsp;&nbsp; 3.850% | 185000 | &nbsp;&nbsp; 142575 |
| **Railroads 0.0%** | **Railroads 0.0%** | **Railroads 0.0%** | **Railroads 0.0%** |
| Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC |
| 03/15/2056 | &nbsp;&nbsp; 5.550% | 687000 | &nbsp;&nbsp; 678355 |
| Canadian Pacific Railway Co. | Canadian Pacific Railway Co. | Canadian Pacific Railway Co. | Canadian Pacific Railway Co. |
| 12/02/2051 | &nbsp;&nbsp; 3.100% | 165000 | &nbsp;&nbsp; 109698 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Volatility Moderate Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Norfolk Southern Corp. | Norfolk Southern Corp. | Norfolk Southern Corp. | Norfolk Southern Corp. |
| 08/25/2051 | &nbsp;&nbsp; 2.900% | 245000 | &nbsp;&nbsp; 154387 |
| 08/15/2052 | &nbsp;&nbsp; 4.050% | 369000 | &nbsp;&nbsp; 286767 |
| Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. |
| 02/05/2050 | &nbsp;&nbsp; 3.250% | 713000 | &nbsp;&nbsp; 493434 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1722641** |
| **Restaurants 0.0%** | **Restaurants 0.0%** | **Restaurants 0.0%** | **Restaurants 0.0%** |
| McDonald's Corp. | McDonald's Corp. | McDonald's Corp. | McDonald's Corp. |
| 09/01/2049 | &nbsp;&nbsp; 3.625% | 255000 | &nbsp;&nbsp; 187565 |
| 04/01/2050 | &nbsp;&nbsp; 4.200% | 115000 | &nbsp;&nbsp; 92669 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **280234** |
| **Retailers 0.0%** | **Retailers 0.0%** | **Retailers 0.0%** | **Retailers 0.0%** |
| Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. |
| 05/12/2051 | &nbsp;&nbsp; 3.100% | 831000 | &nbsp;&nbsp; 557809 |
| Lowe's Companies, Inc. | Lowe's Companies, Inc. | Lowe's Companies, Inc. | Lowe's Companies, Inc. |
| 04/01/2052 | &nbsp;&nbsp; 4.250% | 553000 | &nbsp;&nbsp; 435856 |
| 04/01/2062 | &nbsp;&nbsp; 4.450% | 180000 | &nbsp;&nbsp; 141176 |
| Walmart, Inc. | Walmart, Inc. | Walmart, Inc. | Walmart, Inc. |
| 09/22/2051 | &nbsp;&nbsp; 2.650% | 160000 | &nbsp;&nbsp; 100889 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1235730** |
| **Supermarkets 0.0%** | **Supermarkets 0.0%** | **Supermarkets 0.0%** | **Supermarkets 0.0%** |
| Kroger Co. (The) | Kroger Co. (The) | Kroger Co. (The) | Kroger Co. (The) |
| 09/15/2064 | &nbsp;&nbsp; 5.650% | 338000 | &nbsp;&nbsp; 322183 |
| **Technology 0.1%** | **Technology 0.1%** | **Technology 0.1%** | **Technology 0.1%** |
| Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. |
| 11/15/2055 | &nbsp;&nbsp; 5.450% | 460000 | &nbsp;&nbsp; 451631 |
| 05/15/2065 | &nbsp;&nbsp; 5.300% | 128000 | &nbsp;&nbsp; 120436 |
| Apple, Inc. | Apple, Inc. | Apple, Inc. | Apple, Inc. |
| 02/08/2051 | &nbsp;&nbsp; 2.650% | 801000 | &nbsp;&nbsp; 496125 |
| Broadcom, Inc.<sup>(a)</sup>  | Broadcom, Inc.<sup>(a)</sup>  | Broadcom, Inc.<sup>(a)</sup>  | Broadcom, Inc.<sup>(a)</sup>  |
| 11/15/2036 | &nbsp;&nbsp; 3.187% | 745000 | &nbsp;&nbsp; 632130 |
| Cisco Systems, Inc. | Cisco Systems, Inc. | Cisco Systems, Inc. | Cisco Systems, Inc. |
| 02/24/2055 | &nbsp;&nbsp; 5.500% | 140000 | &nbsp;&nbsp; 138485 |
| Foundry JV Holdco LLC<sup>(a)</sup>  | Foundry JV Holdco LLC<sup>(a)</sup>  | Foundry JV Holdco LLC<sup>(a)</sup>  | Foundry JV Holdco LLC<sup>(a)</sup>  |
| 01/25/2034 | &nbsp;&nbsp; 5.875% | 200000 | &nbsp;&nbsp; 205691 |
| 01/25/2038 | &nbsp;&nbsp; 6.400% | 200000 | &nbsp;&nbsp; 213124 |
| Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
| 08/12/2051 | &nbsp;&nbsp; 3.050% | 585000 | &nbsp;&nbsp; 359504 |
| International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. |
| 02/10/2055 | &nbsp;&nbsp; 5.700% | 220000 | &nbsp;&nbsp; 216894 |
| NXP BV/Funding LLC/USA, Inc. | NXP BV/Funding LLC/USA, Inc. | NXP BV/Funding LLC/USA, Inc. | NXP BV/Funding LLC/USA, Inc. |
| 05/11/2041 | &nbsp;&nbsp; 3.250% | 215000 | &nbsp;&nbsp; 162952 |
| 02/15/2042 | &nbsp;&nbsp; 3.125% | 169000 | &nbsp;&nbsp; 123301 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 07/15/2046 | &nbsp;&nbsp; 4.000% | 385000 | &nbsp;&nbsp; 267335 |
| 04/01/2050 | &nbsp;&nbsp; 3.600% | 449000 | &nbsp;&nbsp; 279484 |
| 02/06/2053 | &nbsp;&nbsp; 5.550% | 543000 | &nbsp;&nbsp; 451773 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **4118865** |
| **Tobacco 0.0%** | **Tobacco 0.0%** | **Tobacco 0.0%** | **Tobacco 0.0%** |
| BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. |
| 08/02/2043 | &nbsp;&nbsp; 7.079% | 248000 | &nbsp;&nbsp; 278608 |
| **Transportation Services 0.0%** | **Transportation Services 0.0%** | **Transportation Services 0.0%** | **Transportation Services 0.0%** |
| ERAC USA Finance LLC<sup>(a)</sup>  | ERAC USA Finance LLC<sup>(a)</sup>  | ERAC USA Finance LLC<sup>(a)</sup>  | ERAC USA Finance LLC<sup>(a)</sup>  |
| 10/30/2034 | &nbsp;&nbsp; 5.200% | 143000 | &nbsp;&nbsp; 146839 |
| FedEx Corp. | FedEx Corp. | FedEx Corp. | FedEx Corp. |
| 04/01/2046 | &nbsp;&nbsp; 4.550% | 305000 | &nbsp;&nbsp; 256800 |
| United Parcel Service, Inc. | United Parcel Service, Inc. | United Parcel Service, Inc. | United Parcel Service, Inc. |
| 05/14/2065 | &nbsp;&nbsp; 6.050% | 300000 | &nbsp;&nbsp; 309581 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **713220** |
| **Wireless 0.0%** | **Wireless 0.0%** | **Wireless 0.0%** | **Wireless 0.0%** |
| T-Mobile US, Inc. | T-Mobile US, Inc. | T-Mobile US, Inc. | T-Mobile US, Inc. |
| 04/15/2050 | &nbsp;&nbsp; 4.500% | 115000 | &nbsp;&nbsp; 94782 |
| T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
| 01/15/2056 | &nbsp;&nbsp; 5.700% | 342000 | &nbsp;&nbsp; 333605 |
| Vodafone Group PLC | Vodafone Group PLC | Vodafone Group PLC | Vodafone Group PLC |
| 06/28/2064 | &nbsp;&nbsp; 5.875% | 240000 | &nbsp;&nbsp; 232447 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **660834** |
| **Wirelines 0.0%** | **Wirelines 0.0%** | **Wirelines 0.0%** | **Wirelines 0.0%** |
| AT&T, Inc. | AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
| 12/01/2057 | &nbsp;&nbsp; 3.800% | 1455000 | &nbsp;&nbsp; 1001501 |
| Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
| 03/22/2041 | &nbsp;&nbsp; 3.400% | 855000 | &nbsp;&nbsp; 669475 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1670976** |
| Total Corporate Bonds & Notes <br>(Cost $46,532,422) | Total Corporate Bonds & Notes <br>(Cost $46,532,422) | Total Corporate Bonds & Notes <br>(Cost $46,532,422) | &nbsp;&nbsp; **44404319** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Volatility Moderate Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Equity Funds 47.2%** | **Equity Funds 47.2%** | **Equity Funds 47.2%** |
|  | **Shares** | **Value ($)** |
| **International 14.3%** | **International 14.3%** | **International 14.3%** |
| Columbia Variable Portfolio – Overseas Core <br> Fund, Class 1 Shares<sup>(c)</sup> <br>| &nbsp;&nbsp; 42065414 | &nbsp;&nbsp; 752550255 |
| Variable Portfolio – Partners International Core <br> Equity Fund, Class 1 Shares<sup>(c)</sup> <br>| &nbsp;&nbsp; 31731287 | &nbsp;&nbsp; 399179589 |
| Variable Portfolio – Partners International <br> Growth Fund, Class 1 Shares<sup>(c)</sup> <br>| &nbsp;&nbsp; 18790465 | &nbsp;&nbsp; 245779282 |
| Variable Portfolio – Partners International <br> Value Fund, Class 1 Shares<sup>(c)</sup> <br>| &nbsp;&nbsp; 17881689 | &nbsp;&nbsp; 238899361 |
| **Total** | **Total** | &nbsp;&nbsp; **1636408487** |
| **U.S. Large Cap 29.5%** | **U.S. Large Cap 29.5%** | **U.S. Large Cap 29.5%** |
| Columbia Variable Portfolio – Contrarian Core <br> Fund, Class 1 Shares<sup>(c),(d)</sup> <br>| &nbsp;&nbsp; 3041463 | &nbsp;&nbsp; 193224165 |
| Columbia Variable Portfolio – Disciplined Core <br> Fund, Class 1 Shares<sup>(c),(d)</sup> <br>| &nbsp;&nbsp; 4616610 | &nbsp;&nbsp; 597712459 |
| Columbia Variable Portfolio – Large Cap <br> Growth Fund, Class 1 Shares<sup>(c),(d)</sup> <br>| &nbsp;&nbsp; 5562804 | &nbsp;&nbsp; 316301047 |
| Columbia Variable Portfolio – Select Large Cap <br> Equity Fund, Class 1 Shares<sup>(c),(d)</sup> <br>| &nbsp;&nbsp; 22150105 | &nbsp;&nbsp; 595616311 |
| Columbia Variable Portfolio – Select Large Cap <br> Value Fund, Class 1 Shares<sup>(c),(d)</sup> <br>| &nbsp;&nbsp; 5738740 | &nbsp;&nbsp; 321599007 |
| CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, <br> Class 1 Shares<sup>(c),(d)</sup> <br>| &nbsp;&nbsp; 3246042 | &nbsp;&nbsp; 264617372 |
| CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, <br> Class 1 Shares<sup>(c),(d)</sup> <br>| &nbsp;&nbsp; 6104477 | &nbsp;&nbsp; 269512650 |
| CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, <br> Class 1 Shares<sup>(c),(d)</sup> <br>| &nbsp;&nbsp; 5204049 | &nbsp;&nbsp; 267904453 |
| CTIVP<sup>®</sup> – Westfield Select Large Cap Growth <br> Fund, Class 1 Shares<sup>(c),(d)</sup> <br>| &nbsp;&nbsp; 3829644 | &nbsp;&nbsp; 265241134 |
| Variable Portfolio – Partners Core Equity Fund, <br> Class 1 Shares<sup>(c),(d)</sup> <br>| &nbsp;&nbsp; 5695012 | &nbsp;&nbsp; 296994885 |
| **Total** | **Total** | &nbsp;&nbsp; **3388723483** |
| **U.S. Mid Cap 1.4%** | **U.S. Mid Cap 1.4%** | **U.S. Mid Cap 1.4%** |
| Columbia Variable Portfolio – Select Mid Cap <br> Growth Fund, Class 1 Shares<sup>(c),(d)</sup> <br>| &nbsp;&nbsp; 701377 | &nbsp;&nbsp; 45344055 |
| Columbia Variable Portfolio – Select Mid Cap <br> Value Fund, Class 1 Shares<sup>(c),(d)</sup> <br>| &nbsp;&nbsp; 984521 | &nbsp;&nbsp; 46607208 |
| CTIVP<sup>®</sup> – Victory Sycamore Established Value <br> Fund, Class 1 Shares<sup>(c),(d)</sup> <br>| &nbsp;&nbsp; 653458 | &nbsp;&nbsp; 33927554 |
| CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, <br> Class 1 Shares<sup>(c),(d)</sup> <br>| &nbsp;&nbsp; 572303 | &nbsp;&nbsp; 33187823 |
| **Total** | **Total** | &nbsp;&nbsp; **159066640** |

---

---

| | | |
|:---|:---|:---|
| **Equity Funds (continued)** | **Equity Funds (continued)** | **Equity Funds (continued)** |
|  | **Shares** | **Value ($)** |
| **U.S. Small Cap 2.0%** | **U.S. Small Cap 2.0%** | **U.S. Small Cap 2.0%** |
| Columbia Variable Portfolio – Small Cap Value <br> Fund, Class 1 Shares<sup>(c)</sup> <br>| &nbsp;&nbsp; 2558226 | &nbsp;&nbsp; 32361560 |
| Columbia Variable Portfolio – Small Company <br> Growth Fund, Class 1 Shares<sup>(c),(d)</sup> <br>| &nbsp;&nbsp; 2101822 | &nbsp;&nbsp; 31485296 |
| Variable Portfolio – Partners Small Cap Growth <br> Fund, Class 1 Shares<sup>(c),(d)</sup> <br>| &nbsp;&nbsp; 2267226 | &nbsp;&nbsp; 84748898 |
| Variable Portfolio – Partners Small Cap Value <br> Fund, Class 1 Shares<sup>(c),(d)</sup> <br>| &nbsp;&nbsp; 2024370 | &nbsp;&nbsp; 85428424 |
| **Total** | **Total** | &nbsp;&nbsp; **234024178** |
| Total Equity Funds <br>(Cost $3,124,130,446) | Total Equity Funds <br>(Cost $3,124,130,446) | &nbsp;&nbsp; **5418222788** |
| **Exchange-Traded Equity Funds 5.9%** | **Exchange-Traded Equity Funds 5.9%** | **Exchange-Traded Equity Funds 5.9%** |
| **U.S. Mid Large Cap 5.9%** | **U.S. Mid Large Cap 5.9%** | **U.S. Mid Large Cap 5.9%** |
| iShares Core S&P 500 ETF | &nbsp;&nbsp; 495000 | &nbsp;&nbsp; 339045300 |
| Vanguard S&P 500 ETF | &nbsp;&nbsp; 540000 | &nbsp;&nbsp; 338650200 |
| **Total** | **Total** | &nbsp;&nbsp; **677695500** |
| Total Exchange-Traded Equity Funds <br>(Cost $611,547,845) | Total Exchange-Traded Equity Funds <br>(Cost $611,547,845) | &nbsp;&nbsp; **677695500** |
| **Exchange-Traded Fixed Income Funds 3.3%** | **Exchange-Traded Fixed Income Funds 3.3%** | **Exchange-Traded Fixed Income Funds 3.3%** |
| **Investment Grade 3.3%** | **Investment Grade 3.3%** | **Investment Grade 3.3%** |
| iShares Core U.S. Aggregate Bond ETF | &nbsp;&nbsp; 2485000 | &nbsp;&nbsp; 248201800 |
| iShares iBoxx $ Investment Grade Corporate <br> Bond ETF<br>| &nbsp;&nbsp; 550790 | &nbsp;&nbsp; 60691550 |
| Vanguard Intermediate-Term Corporate Bond <br> ETF<br>| &nbsp;&nbsp; 816600 | &nbsp;&nbsp; 68390250 |
| **Total** | **Total** | &nbsp;&nbsp; **377283600** |
| Total Exchange-Traded Fixed Income Funds <br>(Cost $376,802,051) | Total Exchange-Traded Fixed Income Funds <br>(Cost $376,802,051) | &nbsp;&nbsp; **377283600** |
| **Fixed Income Funds 25.5%** | **Fixed Income Funds 25.5%** | **Fixed Income Funds 25.5%** |
| **Investment Grade 25.5%** | **Investment Grade 25.5%** | **Investment Grade 25.5%** |
| Columbia Variable Portfolio – Corporate Bond <br> Fund, Class 1 Shares<sup>(c)</sup> <br>| &nbsp;&nbsp; 33869127 | &nbsp;&nbsp; 265872649 |
| Columbia Variable Portfolio – Intermediate <br> Bond Fund, Class 1 Shares<sup>(c)</sup> <br>| &nbsp;&nbsp; 66104909 | &nbsp;&nbsp; 568502222 |
| Columbia Variable Portfolio – Limited Duration <br> Credit Fund, Class 1 Shares<sup>(c)</sup> <br>| &nbsp;&nbsp; 8813825 | &nbsp;&nbsp; 83819477 |
| Columbia Variable Portfolio – Long <br> Government/Credit Bond Fund, Class 1 <br> Shares<sup>(c)</sup> <br>| &nbsp;&nbsp; 24504184 | &nbsp;&nbsp; 173979703 |
| Columbia Variable Portfolio – U.S. Government <br> Mortgage Fund, Class 1 Shares<sup>(c)</sup> <br>| &nbsp;&nbsp; 18797392 | &nbsp;&nbsp; 175943586 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Volatility Moderate Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Fixed Income Funds (continued)** | **Fixed Income Funds (continued)** | **Fixed Income Funds (continued)** |
|  | **Shares** | **Value ($)** |
| CTIVP<sup>®</sup> – American Century Diversified Bond <br> Fund, Class 1 Shares<sup>(c)</sup> <br>| &nbsp;&nbsp; 46766632 | &nbsp;&nbsp; 435397345 |
| CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 <br> Shares<sup>(c)</sup> <br>| &nbsp;&nbsp; 61112300 | &nbsp;&nbsp; 568955512 |
| Variable Portfolio – Partners Core Bond Fund, <br> Class 1 Shares<sup>(c)</sup> <br>| &nbsp;&nbsp; 66992933 | &nbsp;&nbsp; 653851022 |
| **Total** | **Total** | &nbsp;&nbsp; **2926321516** |
| Total Fixed Income Funds <br>(Cost $3,289,044,613) | Total Fixed Income Funds <br>(Cost $3,289,044,613) | &nbsp;&nbsp; **2926321516** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency 5.7%** | **Residential Mortgage-Backed Securities - Agency 5.7%** | **Residential Mortgage-Backed Securities - Agency 5.7%** | **Residential Mortgage-Backed Securities - Agency 5.7%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Uniform Mortgage-Backed Security TBA<sup>(e)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(e)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(e)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(e)</sup>  |
| 01/20/2041- <br>01/14/2056<br>| &nbsp;&nbsp; 3.000% | 90302000 | &nbsp;&nbsp; 80904609 |
| 01/20/2041- <br>01/14/2056<br>| &nbsp;&nbsp; 3.500% | 105050000 | &nbsp;&nbsp; 98188312 |
| 01/20/2041- <br>01/14/2056<br>| &nbsp;&nbsp; 4.000% | 143530000 | &nbsp;&nbsp; 137502435 |
| 01/14/2056 | &nbsp;&nbsp; 4.500% | 267100000 | &nbsp;&nbsp; 260727574 |
| 01/14/2056 | &nbsp;&nbsp; 5.000% | 77900000 | &nbsp;&nbsp; 77680906 |
| Total Residential Mortgage-Backed Securities - Agency <br>(Cost $655,444,434) | Total Residential Mortgage-Backed Securities - Agency <br>(Cost $655,444,434) | Total Residential Mortgage-Backed Securities - Agency <br>(Cost $655,444,434) | &nbsp;&nbsp; **655003836** |
| **U.S. Treasury Obligations 0.0%** | **U.S. Treasury Obligations 0.0%** | **U.S. Treasury Obligations 0.0%** | **U.S. Treasury Obligations 0.0%** |
| U.S. Treasury | U.S. Treasury | U.S. Treasury | U.S. Treasury |
| 02/15/2045 | &nbsp;&nbsp; 4.750% | 909000 | &nbsp;&nbsp; 905449 |
| 05/15/2045 | &nbsp;&nbsp; 5.000% | 614000 | &nbsp;&nbsp; 631173 |
| 08/15/2045 | &nbsp;&nbsp; 4.875% | 582000 | &nbsp;&nbsp; 588456 |
| 11/15/2045 | &nbsp;&nbsp; 4.625% | 116000 | &nbsp;&nbsp; 113499 |
| Total U.S. Treasury Obligations <br>(Cost $2,226,000) | Total U.S. Treasury Obligations <br>(Cost $2,226,000) | Total U.S. Treasury Obligations <br>(Cost $2,226,000) | &nbsp;&nbsp; **2238577** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Call Option Contracts Purchased 0.0%** | **Call Option Contracts Purchased 0.0%** |
|  | **Value ($)** |
| (Cost $929,685) | &nbsp;&nbsp; **810040** |
| **Put Option Contracts Purchased 0.8%** | **Put Option Contracts Purchased 0.8%** |
| (Cost $113,424,081) | &nbsp;&nbsp; **94739375** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Money Market Funds 15.9%** | **Money Market Funds 15.9%** | **Money Market Funds 15.9%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, <br> 3.825%<sup>(c),(f)</sup> <br>| &nbsp;&nbsp; 1833989380 | &nbsp;&nbsp; 1833439183 |
| Total Money Market Funds <br>(Cost $1,833,486,840) | Total Money Market Funds <br>(Cost $1,833,486,840) | &nbsp;&nbsp; **1833439183** |
| **Total Investments in Securities** <br>**(Cost: $10,053,568,417)** | **Total Investments in Securities** <br>**(Cost: $10,053,568,417)** | &nbsp;&nbsp; **12030158734** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **(544955653)**<br>|
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **11485203081** |

---

At December 31, 2025, securities and/or cash totaling $129,431,036 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>|
| 55,000,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp; 39,471,821 USD | Barclays | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (642614)<br>|
| 13,000,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 17,488,595 USD | Barclays | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (34257)<br>|
| 18,596,320 USD | &nbsp;&nbsp;&nbsp;&nbsp; 32,000,000 NZD | Barclays | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (153429)<br>|
| 8,500,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp; 6,155,771 USD | Citi | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (43733)<br>|
| 9,000,000 NZD | &nbsp;&nbsp;&nbsp;&nbsp; 5,201,340 USD | Citi | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 14277 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 175,000,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp; 19,002,592 USD | Citi | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (29690)<br>|
| 28,617,034 USD | &nbsp;&nbsp;&nbsp;&nbsp; 22,500,000 CHF | Citi | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (138428)<br>|
| 262,497,302 USD | &nbsp;&nbsp;&nbsp;&nbsp; 40,500,000,000 JPY | Citi | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3394583)<br>|
| 21,319,916 USD | &nbsp;&nbsp;&nbsp;&nbsp; 200,000,000 SEK | Citi | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 431264 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 280,000,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp; 30,510,395 USD | Goldman Sachs International | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 58744 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Volatility Moderate Growth 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>|
| 339,000,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp; 36,034,887 USD | Goldman Sachs International | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (833363)<br>|
| 6,743,484 USD | &nbsp;&nbsp;&nbsp;&nbsp; 5,000,000 GBP | Goldman Sachs International | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3926)<br>|
| 6,966,115 USD | &nbsp;&nbsp;&nbsp;&nbsp; 12,000,000 NZD | Goldman Sachs International | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (50031)<br>|
| 37,000,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 49,566,125 USD | HSBC | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (306607)<br>|
| 73,000,000 NZD | &nbsp;&nbsp;&nbsp;&nbsp; 41,991,425 USD | HSBC | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (81419)<br>|
| 10,489,038 USD | &nbsp;&nbsp;&nbsp;&nbsp; 9,000,000 EUR | HSBC | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 99699 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 10,907,020 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,700,000,000 JPY | HSBC | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (31103)<br>|
| 87,500,000 CHF | &nbsp;&nbsp;&nbsp;&nbsp; 109,791,921 USD | JPMorgan | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (958215)<br>|
| 14,057,357 USD | &nbsp;&nbsp;&nbsp;&nbsp; 2,200,000,000 JPY | JPMorgan | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 17358 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 45,500,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 53,097,817 USD | Morgan Stanley | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (434131)<br>|
| 45,000,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp; 4,857,960 USD | Morgan Stanley | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (36056)<br>|
| 11,923,623 USD | &nbsp;&nbsp;&nbsp;&nbsp; 9,000,000 GBP | Morgan Stanley | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 207582 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 7,734,958 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,200,000,000 JPY | Morgan Stanley | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (57840)<br>|
| 5,804,170 USD | &nbsp;&nbsp;&nbsp;&nbsp; 10,000,000 NZD | Morgan Stanley | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (40767)<br>|
| 13,500,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 17,974,656 USD | UBS | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (222152)<br>|
| 49,327,127 USD | &nbsp;&nbsp;&nbsp;&nbsp; 39,000,000 CHF | UBS | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35791 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 40,114,357 USD | &nbsp;&nbsp;&nbsp;&nbsp; 34,000,000 EUR | UBS | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (112462)<br>|
| 146,579,450 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,483,000,000 NOK | UBS | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 554532 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 6,000,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp; 4,386,917 USD | Wells Fargo | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10797 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 23,000,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp; 16,750,824 USD | Wells Fargo | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (24303)<br>|
| 4,000,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 4,713,830 USD | Wells Fargo | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7724 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 750,000,000 JPY | &nbsp;&nbsp;&nbsp;&nbsp; 4,861,859 USD | Wells Fargo | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 63661 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 166,001,396 USD | &nbsp;&nbsp;&nbsp;&nbsp; 253,000,000 AUD | Wells Fargo | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2861430 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 4,013,336 USD | &nbsp;&nbsp;&nbsp;&nbsp; 6,000,000 AUD | Wells Fargo | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8684)<br>|
| 17,430,279 USD | &nbsp;&nbsp;&nbsp;&nbsp; 14,000,000 CHF | Wells Fargo | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 289743 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 58,309,408 USD | &nbsp;&nbsp;&nbsp;&nbsp; 46,000,000 CHF | Wells Fargo | 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (86479)<br>|
| Total |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4652602 | &nbsp;&nbsp;&nbsp;&nbsp; (7724272)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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>|
| CAC40 Index | 213 | 01/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 17368020 | &nbsp;&nbsp;&nbsp;&nbsp; 42823 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| FTSE 100 Index | 435 | 03/2026 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; 43243350 | &nbsp;&nbsp;&nbsp;&nbsp; 713355 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| IBEX 35 Index | 47 | 01/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 8121365 | &nbsp;&nbsp;&nbsp;&nbsp; 166303 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MSCI Singapore Index | 224 | 01/2026 | SGD | &nbsp;&nbsp;&nbsp;&nbsp; 9984800 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (12723)<br>|
| NASDAQ 100 Index E-mini | 205 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 104372675 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (46624)<br>|
| OMXS30 Index | 1800 | 01/2026 | SEK | &nbsp;&nbsp;&nbsp;&nbsp; 521145000 | &nbsp;&nbsp;&nbsp;&nbsp; 1080109 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P 500 Index E-mini | 1876 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 646516500 | &nbsp;&nbsp;&nbsp;&nbsp; 1062711 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P 500 Index E-mini | 167 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 57552375 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (424832)<br>|
| S&P/TSX 60 Index | 300 | 03/2026 | CAD | &nbsp;&nbsp;&nbsp;&nbsp; 111714000 | &nbsp;&nbsp;&nbsp;&nbsp; 364703 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| SPI 200 Index | 157 | 03/2026 | AUD | &nbsp;&nbsp;&nbsp;&nbsp; 34053300 | &nbsp;&nbsp;&nbsp;&nbsp; 138569 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| SPI 200 Index | 25 | 03/2026 | AUD | &nbsp;&nbsp;&nbsp;&nbsp; 5422500 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5865)<br>|
| TOPIX Index | 412 | 03/2026 | JPY | &nbsp;&nbsp;&nbsp;&nbsp; 14063620000 | &nbsp;&nbsp;&nbsp;&nbsp; 605084 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Long Bond | 8 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 924750 | &nbsp;&nbsp;&nbsp;&nbsp; 2484 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Long Bond | 64 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 7398000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (64698)<br>|
| U.S. Treasury 10-Year Note | 764 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 85902250 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (348197)<br>|
| U.S. Treasury 2-Year Note | 988 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 206283593 | &nbsp;&nbsp;&nbsp;&nbsp; 72558 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 5-Year Note | 210 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 22953984 | &nbsp;&nbsp;&nbsp;&nbsp; 35950 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 5-Year Note | 2277 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 248886775 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (340735)<br>|
| U.S. Treasury Ultra Bond | 8 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 944000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16)<br>|
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4284649 | &nbsp;&nbsp;&nbsp;&nbsp; (1243690)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Volatility Moderate Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short 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>|
| DAX Index | (6) | 03/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (3703500)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (53350)<br>|
| Euro STOXX 50 Index | (52) | 03/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (3037320)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (42856)<br>|
| FTSE/MIB Index | (100) | 03/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (22526500)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (444818)<br>|
| Russell 2000 Index E-mini | (60) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (7494000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 226951 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P Mid 400 Index E-mini | (15) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (4987800)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 77813 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 10-Year Note | (21) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (2361188)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16219 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 10-Year Note | (2) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (224875)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (128)<br>|
| U.S. Treasury 5-Year Note | (2) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (218609)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury Ultra Bond | (23) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (2714000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 47824 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 368882 | &nbsp;&nbsp;&nbsp;&nbsp; (541152)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 ($)** | **Value ($)** |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; 38334800 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 6940.00 | &nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp; 929685 | &nbsp;&nbsp; 810040 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put 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 ($)** | **Value ($)** |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; 924142500 | &nbsp;&nbsp; 1350 | &nbsp;&nbsp; 5300.00 | &nbsp;&nbsp; 12/17/2027 | &nbsp;&nbsp; 34692825 | &nbsp;&nbsp; 27330750 |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; 920719750 | &nbsp;&nbsp; 1345 | &nbsp;&nbsp; 5200.00 | &nbsp;&nbsp; 12/17/2027 | &nbsp;&nbsp; 32273972 | &nbsp;&nbsp; 25420500 |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; 684550000 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 5400.00 | &nbsp;&nbsp; 12/17/2027 | &nbsp;&nbsp; 25562519 | &nbsp;&nbsp; 21675000 |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; 598981250 | &nbsp;&nbsp; 875 | &nbsp;&nbsp; 5500.00 | &nbsp;&nbsp; 12/17/2027 | &nbsp;&nbsp; 20894765 | &nbsp;&nbsp; 20313125 |
| Total |  |  |  |  |  |  | &nbsp;&nbsp; 113424081 | &nbsp;&nbsp; 94739375 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put option contracts written** | **Put 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 ($)**<br>| **Value ($)** |
| S&P 500 Index | Morgan Stanley | USD | &nbsp;&nbsp; (38334800)<br>| &nbsp;&nbsp; (56)<br>| &nbsp;&nbsp; 6940.00 | &nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp; (979915)<br>| &nbsp;&nbsp; (1076320)<br>|

---

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At December 31, 2025, the total value of these securities amounted to $4,798,739, which represents 0.04% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of 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** <br> **issuers**<br>| **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Capital gain** <br>**distributions($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends —** <br>**affiliated** <br>**issuers ($)**<br>| **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%  | Columbia Short-Term Cash Fund, 3.825%  |
|  | 1932232652 | 3780167007 | (3878850845)<br>| (109631)<br>| 1833439183 |  | (44532)<br>| 79257535 | 1833989380 |
| Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  |
|  | 201470575 | 2482 | (10624720)<br>| 2375828 | 193224165 |  | 29776299 |  | 3041463 |
| Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  |
|  |  | 258499998 | (2102358)<br>| 9475009 | 265872649 |  | 93625 |  | 33869127 |
| Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  |
|  | 625676132 | 12153 | (33750197)<br>| 5774371 | 597712459 |  | 78043696 |  | 4616610 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Volatility Moderate Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Notes to Portfolio of Investments (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated** <br> **issuers**<br>| **Beginning**<br> **of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br> **unrealized** <br> **appreciation** <br> **(depreciation)($)**<br>| **End of** <br> **period($)**<br>| **Capital gain**<br> **distributions($)**<br>| **Realized gain**<br> **(loss)($)**<br>| **Dividends —**<br> **affiliated**<br> **issuers ($)**<br>| **End of**<br> **period shares**<br>|
| Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  |
|  | 596117573 | 30980580 | (93267991)<br>| 34672060 | 568502222 |  | (15035491)<br>| 30976038 | 66104909 |
| Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  |
|  | 322226842 | 10388426 | (15655485)<br>| (658736)<br>| 316301047 |  | 48194445 |  | 5562804 |
| Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  |
|  | 185869316 | 7495448 | (115489817)<br>| 5944530 | 83819477 |  | (5102833)<br>| 7495293 | 8813825 |
| Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  |
|  | 354612787 | 19435542 | (278458760)<br>| 78390134 | 173979703 |  | (83372110)<br>| 19411899 | 24504184 |
| Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  |
|  | 762324173 | 16106538 | (207349196)<br>| 181468740 | 752550255 |  | 52320569 | 16106538 | 42065414 |
| Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  |
|  | 629172910 | 10870 | (66319084)<br>| 32751615 | 595616311 |  | 49473659 |  | 22150105 |
| Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  |
|  | 314622303 | 6131238 | (39259550)<br>| 40105016 | 321599007 |  | 38361749 |  | 5738740 |
| Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares  |
|  | 47405102 | 2680 | (2821948)<br>| 758221 | 45344055 |  | 6139504 |  | 701377 |
| Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares  |
|  | 47292310 | 3291 | (2863731)<br>| 2175338 | 46607208 |  | 4147211 |  | 984521 |
| Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  |
|  | 32927093 | 5895358 | (4877117)<br>| (1583774)<br>| 32361560 | 5496027 | 394793 | 397617 | 2558226 |
| Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  |
|  | 32905023 | 4360819 | (5495297)<br>| (285249)<br>| 31485296 | 4357637 | 2574498 |  | 2101822 |
| Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  |
|  | 183753146 | 3957326 | (26716259)<br>| 14949373 | 175943586 |  | (3068562)<br>| 3955296 | 18797392 |
| CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  |
|  | 456923660 | 13977651 | (65088690)<br>| 29584724 | 435397345 |  | (11628611)<br>| 13975891 | 46766632 |
| CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  |
|  | 278174475 | 7007 | (13123876)<br>| (440234)<br>| 264617372 |  | 36153607 |  | 3246042 |
| CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  |
|  | 269939640 |  | (16075924)<br>| 15648934 | 269512650 |  | 16228261 |  | 6104477 |
| CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  |
|  | 596007956 | 27064901 | (78006461)<br>| 23889116 | 568955512 |  | (8627221)<br>| 27059737 | 61112300 |
| CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  |
|  | 47296977 | 1601 | (5800618)<br>| (7570406)<br>| 33927554 |  | 8813752 |  | 653458 |
| CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  |
|  | 272420305 |  | (24443899)<br>| 19928047 | 267904453 |  | 29685376 |  | 5204049 |
| CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  |
|  | 47734297 | 2393 | (6395690)<br>| (8153177)<br>| 33187823 |  | 13057723 |  | 572303 |
| CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  |
|  | 280673442 | 10330 | (46375088)<br>| 30932450 | 265241134 |  | 13187911 |  | 3829644 |
| Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  |
|  | 685570605 | 35421551 | (90589104)<br>| 23447970 | 653851022 |  | (9922019)<br>| 35418903 | 66992933 |
| Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  |
|  | 309776692 | 3216 | (15200484)<br>| 2415461 | 296994885 |  | 35920993 |  | 5695012 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Volatility Moderate Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Notes to Portfolio of Investments (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated** <br> **issuers**<br>| **Beginning**<br> **of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br> **unrealized** <br> **appreciation** <br> **(depreciation)($)**<br>| **End of** <br> **period($)**<br>| **Capital gain**<br> **distributions($)**<br>| **Realized gain**<br> **(loss)($)**<br>| **Dividends —**<br> **affiliated**<br> **issuers ($)**<br>| **End of**<br> **period shares**<br>|
| Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  |
|  | 407025179 | 22277164 | (83998249)<br>| 53875495 | 399179589 | 15973291 | 15221354 | 6303873 | 31731287 |
| Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  |
|  | 242485970 | 3760522 | (33730073)<br>| 33262863 | 245779282 | 1880070 | 3710719 | 1880453 | 18790465 |
| Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  |
|  | 247405374 | 7785534 | (65640108)<br>| 49348561 | 238899361 | 586787 | 19241954 | 7198747 | 17881689 |
| Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  |
|  | 86407200 | 10128 | (3523837)<br>| 1855407 | 84748898 |  | 5143164 |  | 2267226 |
| Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  |
|  | 86415582 | 10741 | (4224750)<br>| 3226851 | 85428424 |  | 3126903 |  | 2024370 |
| Total | 10582865291 |  |  | 677454907 | 10177983487 | 28293812 | 372210386 | 249437820 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(d) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Represents a security purchased on a when-issued basis.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown is the seven-day current annualized yield at December 31, 2025.

**Abbreviation Legend** 

TBA To Be Announced

**Currency Legend** 

---

| | |
|:---|:---|
| AUD | Australian Dollar |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| EUR | Euro |
| GBP | British Pound |
| JPY | Japanese Yen |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| SEK | Swedish Krona |
| SGD | Singapore 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).

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Volatility Moderate Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements (continued)**

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.

Certain investments that have been measured at fair value using the net asset value (NAV) per share (or its equivalent) are not categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to reconcile the fair value hierarchy to the amounts presented in the Portfolio of Investments. The Variable Portfolios serve as investment vehicles for variable annuity contracts and variable life insurance policies. Principal investment strategies within these Variable Portfolios vary based on the Portfolios investment objective. Investments in the Variable Portfolios may be redeemed on a daily basis without restriction.

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 ($)** | **Assets at NAV ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |  |
| Corporate Bonds & Notes |  | &nbsp;&nbsp;&nbsp;&nbsp; 44404319 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44404319 |
| Equity Funds |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5418222788 | &nbsp;&nbsp;&nbsp;&nbsp; 5418222788 |
| Exchange-Traded Equity Funds | 677695500 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 677695500 |
| Exchange-Traded Fixed Income Funds | 377283600 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 377283600 |
| Fixed Income Funds |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2926321516 | &nbsp;&nbsp;&nbsp;&nbsp; 2926321516 |
| Residential Mortgage-Backed Securities - Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 655003836 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 655003836 |
| U.S. Treasury Obligations |  | &nbsp;&nbsp;&nbsp;&nbsp; 2238577 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2238577 |
| Call Option Contracts Purchased | 810040 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 810040 |
| Put Option Contracts Purchased | 94739375 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 94739375 |
| Money Market Funds | 1833439183 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1833439183 |
| Total Investments in Securities | 2983967698 | &nbsp;&nbsp;&nbsp;&nbsp; 701646732 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8344544304 | &nbsp;&nbsp;&nbsp;&nbsp; 12030158734 |
| **Investments in Derivatives** |  |  |  |  |  |
| Asset |  |  |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; 4652602 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4652602 |
| Futures Contracts | 4653531 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4653531 |
| Liability |  |  |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; (7724272)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7724272)<br>|
| Futures Contracts | (1784842)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1784842)<br>|
| Put Option Contracts Written | (1076320)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1076320)<br>|
| Total | 2985760067 | &nbsp;&nbsp;&nbsp;&nbsp; 698575062 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8344544304 | &nbsp;&nbsp;&nbsp;&nbsp; 12028879433 |

---

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.

Forward foreign currency exchange contracts and futures contracts are valued at unrealized appreciation (depreciation).

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Volatility Moderate Growth Fund \| 2025

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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 $1,692,552,752) | $1756625832 |
| Affiliated issuers (cost $8,246,661,899) | 10177983487 |
| Option contracts purchased (cost $114,353,766) | 95549415 |
| Cash collateral held at broker for: |  |
| TBA | 162642 |
| Other<sup>(a)</sup> <br>| 50500000 |
| Margin deposits on: |  |
| Futures contracts | 78768395 |
| Unrealized appreciation on forward foreign currency exchange contracts | 4652602 |
| Receivable for: |  |
| Investments sold | 9631819 |
| Investments sold on a delayed delivery basis  | 207075242 |
| Capital shares sold | 225 |
| Dividends | 6055177 |
| Interest | 1701275 |
| Variation margin for futures contracts | 130094 |
| Prepaid expenses | 36714 |
| Total assets | 12388872919 |
| **Liabilities** |  |
| Option contracts written, at value (premiums received $979,915) | 1076320 |
| Unrealized depreciation on forward foreign currency exchange contracts | 7724272 |
| Payable for: |  |
| Investments purchased | 8964582 |
| Investments purchased on a delayed delivery basis | 864148751 |
| Capital shares redeemed | 12360088 |
| Variation margin for futures contracts | 7654160 |
| Management services fees | 57905 |
| Distribution and/or service fees | 78931 |
| Service fees | 589533 |
| Compensation of chief compliance officer | 1877 |
| Compensation of board members | 5539 |
| Other expenses | 93684 |
| Deferred compensation of board members | 914196 |
| Total liabilities | 903669838 |
| **Net assets applicable to outstanding capital stock** | **$11485203081** |
| **Represented by** |  |
| Trust capital | $11485203081 |
| **Total - representing net assets applicable to outstanding capital stock** | **$11485203081** |
| **Class 1** |  |
| Net assets | $29946423 |
| Shares outstanding | 1395631 |
| Net asset value per share | $21.46 |
| **Class 2** |  |
| Net assets | $11455256658 |
| Shares outstanding | 542257330 |
| Net asset value per share | $21.13 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes collateral related to option contracts purchased and option contracts written.

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Volatility Moderate 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 | $25769598 |
| Dividends — affiliated issuers | 249437820 |
| Interest | 5119677 |
| Total income | 280327095 |
| Expenses: |  |
| Management services fees | 20805748 |
| Distribution and/or service fees |  |
| Class 2 | 28828550 |
| Service fees | 6936993 |
| Custodian fees | 61818 |
| Printing and postage fees | 36297 |
| Accounting services fees | 32423 |
| Legal fees | 208924 |
| Interest on collateral | 105333 |
| Compensation of chief compliance officer | 1805 |
| Compensation of board members | 132995 |
| Deferred compensation of board members | 142858 |
| Other | 142961 |
| Total expenses | 57436705 |
| **Net investment income** | 222890390 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | (15397145)<br>|
| Investments — affiliated issuers | 372210386 |
| Capital gain distributions from underlying affiliated funds | 28293812 |
| Foreign currency translations | (2398727)<br>|
| Forward foreign currency exchange contracts | (6938512)<br>|
| Futures contracts | 40737507 |
| Option contracts purchased | (32731246)<br>|
| Option contracts written | (3397675)<br>|
| Net realized gain | 380378400 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 89340435 |
| Investments — affiliated issuers | 677454907 |
| Forward foreign currency exchange contracts | 9692968 |
| Futures contracts | 21154892 |
| Option contracts purchased | (6509691)<br>|
| Option contracts written | (96405)<br>|
| Net change in unrealized appreciation (depreciation) | 791037106 |
| Net realized and unrealized gain | 1171415506 |
| **Net increase in net assets resulting from operations** | **$1394305896** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Volatility Moderate Growth Fund \| 2025

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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 | $222890390 | &nbsp;&nbsp; $276924857 |
| Net realized gain | 380378400 | &nbsp;&nbsp; 811942209 |
| Net change in unrealized appreciation (depreciation) | 791037106 | &nbsp;&nbsp; 23588041 |
| Net increase in net assets resulting from operations | 1394305896 | &nbsp;&nbsp; 1112455107 |
| Decrease in net assets from capital stock activity | (1698768000)<br>| &nbsp;&nbsp; (1671903487)<br>|
| Total decrease in net assets | (304462104)<br>| &nbsp;&nbsp; (559448380)<br>|
| Net assets at beginning of year | 11789665185 | &nbsp;&nbsp; 12349113565 |
| **Net assets at end of year** | **$11485203081** | &nbsp;&nbsp; **$11789665185** |

---

&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 | 256853 | &nbsp;&nbsp;&nbsp;&nbsp; 5178573 | &nbsp;&nbsp;&nbsp;&nbsp; 333042 | &nbsp;&nbsp;&nbsp;&nbsp; 6112611 |
| Shares redeemed | (102146)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2089749)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (83562)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1530351)<br>|
| Net increase | 154707 | &nbsp;&nbsp;&nbsp;&nbsp; 3088824 | &nbsp;&nbsp;&nbsp;&nbsp; 249480 | &nbsp;&nbsp;&nbsp;&nbsp; 4582260 |
| Class 2 |  |  |  |  |
| Shares sold | 118825 | &nbsp;&nbsp;&nbsp;&nbsp; 2401254 | &nbsp;&nbsp;&nbsp;&nbsp; 205290 | &nbsp;&nbsp;&nbsp;&nbsp; 3805181 |
| Shares redeemed | (86375208)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1704258078)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (92320569)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1680290928)<br>|
| Net decrease | (86256383)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1701856824)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (92115279)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1676485747)<br>|
| **Total net decrease** | **(86101676)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(1698768000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(91865799)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(1671903487)**<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Volatility Moderate Growth Fund \| 2025

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[THIS PAGE INTENTIONALLY LEFT BLANK]

Variable Portfolio – Managed Volatility Moderate Growth Fund \| 2025

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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 | $18.97<br>| 0.43<br>| 2.06<br>| 2.49<br>|
| Year Ended 12/31/2024 | $17.29<br>| 0.47<br>| 1.21<br>| 1.68<br>|
| Year Ended 12/31/2023 | $15.37<br>| 0.32<br>| 1.60<br>| 1.92<br>|
| Year Ended 12/31/2022 | $18.73<br>| 0.16<br>| &nbsp;&nbsp; (3.52) <br>| &nbsp;&nbsp; (3.36) <br>|
| Year Ended 12/31/2021 | $17.18<br>| 0.13<br>| 1.42<br>| 1.55<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $18.72<br>| 0.38<br>| 2.03<br>| 2.41<br>|
| Year Ended 12/31/2024 | $17.11<br>| 0.41<br>| 1.20<br>| 1.61<br>|
| Year Ended 12/31/2023 | $15.24<br>| 0.27<br>| 1.60<br>| 1.87<br>|
| Year Ended 12/31/2022 | $18.62<br>| 0.12<br>| &nbsp;&nbsp; (3.50) <br>| &nbsp;&nbsp; (3.38) <br>|
| Year Ended 12/31/2021 | $17.13<br>| 0.08<br>| 1.41<br>| 1.49<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.

Variable Portfolio – Managed Volatility Moderate Growth Fund \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &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; $21.46<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.13%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.25% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.16%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 178%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $29946<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $18.97<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.72%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.25% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.52%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 156%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $23537<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $17.29<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.49%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.25% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.99%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 158%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $17147<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $15.37<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17.94%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.25% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 149%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $13442<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $18.73<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.02%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.25% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 184%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $11155<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $21.13<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.87%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.50% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.93%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 178%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $11455257<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $18.72<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.41%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.50% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.24%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 156%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $11766128<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $17.11<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.27%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.50% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 158%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $12331967<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $15.24<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18.15%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.50% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 149%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $12237609<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $18.62<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.70%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.49% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 184%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $16364939<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Managed Volatility Moderate Growth Fund \| 2025

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Notes to Financial Statements

December 31, 2025

Note 1. Organization

Variable Portfolio – Managed Volatility Moderate 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.

The Fund is a "fund-of-funds", investing significantly in affiliated funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), its affiliates, or third-party advised (unaffiliated) funds, including exchange-traded funds (collectively, Underlying Funds). The Fund is exposed to the same risks as the Underlying Funds in direct proportion to the allocation of its assets among the Underlying Funds. For information on the investment strategies, operations and risks of the Underlying Funds, please refer to the Fund's current prospectus as well as the prospectuses and shareholder reports of the Underlying Funds, which are available from the Securities and Exchange Commission's website at www.sec.gov or on the Underlying Funds' website at www.columbiathreadneedleus.com/resources/literature.

**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 life insurance companies (Participating Insurance Companies) 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 buying a Contract.

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.

Variable Portfolio – Managed Volatility Moderate Growth Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

Debt securities generally are valued based on prices obtained from pricing services, which are intended to reflect market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Asset- and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities' cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Investments in the Underlying Funds (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.

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.

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.

Variable Portfolio – Managed Volatility Moderate Growth Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

**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 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

Variable Portfolio – Managed Volatility Moderate Growth Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

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.

**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.

**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 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

Variable Portfolio – Managed Volatility Moderate Growth Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

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.

**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.

Variable Portfolio – Managed Volatility Moderate Growth Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

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 | Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 4,478,421<br> \*<br>|
| Equity risk | Investments, at value — Option contracts purchased | &nbsp;&nbsp;&nbsp;&nbsp; 95549415 |
| Foreign exchange risk | Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; 4652602 |
| Interest rate risk | Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 175,110<br> \*<br>|
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 104855548 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
|  | **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; 1,031,068<br> \*<br>|
| Equity risk | Option contracts written, at value | &nbsp;&nbsp;&nbsp;&nbsp; 1076320 |
| Foreign exchange risk | Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; 7724272 |
| Interest rate risk | Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 753,774<br> \*<br>|
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 10585434 |

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&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:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** | **Amount of realized gain (loss) on derivatives recognized in income** |
| **Risk exposure category** | **Forward** <br>**foreign** <br>**currency** <br>**exchange** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Futures** <br>**contracts** <br>**($)**<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>**($)**<br>|
| Equity risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44209075 | &nbsp;&nbsp;&nbsp;&nbsp; (32731246)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3397675)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8080154 |
| Foreign exchange risk | &nbsp;&nbsp; (6938512)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6938512)<br>|
| Interest rate risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3471568)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3471568)<br>|
| Total | &nbsp;&nbsp; (6938512)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40737507 | &nbsp;&nbsp;&nbsp;&nbsp; (32731246)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3397675)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2329926)<br>|
| **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| **Risk exposure category** | **Forward** <br>**foreign** <br>**currency** <br>**exchange** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Futures** <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; 23718582 | &nbsp;&nbsp;&nbsp;&nbsp; (6509691)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (96405)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17112486 |
| Foreign exchange risk | &nbsp;&nbsp; 9692968 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9692968 |
| Interest rate risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2563690)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2563690)<br>|
| Total | &nbsp;&nbsp; 9692968 | &nbsp;&nbsp;&nbsp;&nbsp; 21154892 | &nbsp;&nbsp;&nbsp;&nbsp; (6509691)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (96405)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24241764 |

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Variable Portfolio – Managed Volatility Moderate Growth Fund \| 2025

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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:

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| | |
|:---|:---|
| **Derivative instrument** | **Average notional** <br>**amounts ($)**<br>|
| Futures contracts — long | 1751283554 |
| Futures contracts — short | 183451513 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Derivative instrument** | **Average** <br>**value ($)**<br>|
| Option contracts purchased | 78705113 |
| Option contracts written | (6385901)<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; 8376326 | &nbsp;&nbsp;&nbsp;&nbsp; (8539708)<br>|

---

**Asset- and mortgage-backed securities** 

The Fund may invest in asset-backed and mortgage-backed securities. The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. All, or a portion, of the obligation may be prepaid at any time because the underlying asset may be prepaid. As a result, decreasing market interest rates could result in an increased level of prepayment. An increased prepayment rate will have the effect of shortening the maturity of the security. Unless otherwise noted, the coupon rates presented are fixed rates.

**Delayed delivery securities**

The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a "when-issued" or "forward commitment" basis. This may increase risk to the Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.

**To be announced securities** 

The Fund may trade securities on a To Be Announced (TBA) basis. As with other delayed-delivery transactions, a seller agrees to issue a TBA security at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Fund agrees to accept any security that meets specified terms.

In some cases, Master Securities Forward Transaction Agreements (MSFTAs) may be used to govern transactions of certain forward-settling agency mortgage-backed securities, such as delayed-delivery and TBAs, between the Fund and counterparty. The MSFTA maintains provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral relating to such transactions.

**Mortgage dollar roll transactions**

The Fund may enter into mortgage "dollar rolls" in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar but not identical securities (same type, coupon and maturity) on a specified future date. These transactions may increase the Fund's portfolio turnover rate. During the roll period, the Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund may benefit because it receives negotiated amounts in the form of reductions of the purchase price for the future purchase plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. The Fund records the incremental difference between the forward purchase and sale of each forward roll as a realized gain or loss. Unless any realized gains exceed the income, capital appreciation, and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique may diminish the investment performance of the Fund compared to what the performance would have been without the use of mortgage dollar rolls. Mortgage dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations. All cash proceeds will be

Variable Portfolio – Managed Volatility Moderate Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

invested in instruments that are permissible investments for the Fund. The Fund identifies cash or liquid securities in an amount equal to the forward purchase price. The Fund does not currently enter into mortgage dollar rolls that are accounted for as financing transactions.

**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>| **UBS** | **Wells** <br>**Fargo**<br>| **Total** |
| **Assets** |  |  |  |  |  |  |  |  |  |  |
| Forward foreign currency <br> exchange contracts<br>| $&nbsp;&nbsp; -<br>| &nbsp;&nbsp; 445541<br>| &nbsp;&nbsp; 58744<br>| &nbsp;&nbsp; 99699<br>| &nbsp;&nbsp; 17358<br>| &nbsp;&nbsp; 207582<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 590323<br>| &nbsp;&nbsp; 3233355<br>| &nbsp;&nbsp; 4652602<br>|
| Call option contracts purchased | &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 810040<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 810040<br>|
| Put option contracts purchased | &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 94739375<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 94739375<br>|
| Total assets | &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 445541<br>| &nbsp;&nbsp; 58744<br>| &nbsp;&nbsp; 99699<br>| &nbsp;&nbsp; 17358<br>| &nbsp;&nbsp; 207582<br>| &nbsp;&nbsp; 95549415<br>| &nbsp;&nbsp; 590323<br>| &nbsp;&nbsp; 3233355<br>| &nbsp;&nbsp; 100202017<br>|
| **Liabilities** |  |  |  |  |  |  |  |  |  |  |
| Forward foreign currency <br> exchange contracts<br>| &nbsp;&nbsp; 830300<br>| &nbsp;&nbsp; 3606434<br>| &nbsp;&nbsp; 887320<br>| &nbsp;&nbsp; 419129<br>| &nbsp;&nbsp; 958215<br>| &nbsp;&nbsp; 568794<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 334614<br>| &nbsp;&nbsp; 119466<br>| &nbsp;&nbsp; 7724272<br>|
| Put option contracts written | &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 1076320<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 1076320<br>|
| Total liabilities | &nbsp;&nbsp; 830300<br>| &nbsp;&nbsp; 3606434<br>| &nbsp;&nbsp; 887320<br>| &nbsp;&nbsp; 419129<br>| &nbsp;&nbsp; 958215<br>| &nbsp;&nbsp; 568794<br>| &nbsp;&nbsp; 1076320<br>| &nbsp;&nbsp; 334614<br>| &nbsp;&nbsp; 119466<br>| &nbsp;&nbsp; 8800592<br>|
| **Total financial and derivative net** <br> **assets**<br>| &nbsp;&nbsp; **(830300)**<br>| &nbsp;&nbsp; **(3160893)**<br>| &nbsp;&nbsp; **(828576)**<br>| &nbsp;&nbsp; **(319430)**<br>| &nbsp;&nbsp; **(940857)**<br>| &nbsp;&nbsp; **(361212)**<br>| &nbsp;&nbsp; **94473095**<br>| &nbsp;&nbsp; **255709**<br>| &nbsp;&nbsp; **3113889**<br>| &nbsp;&nbsp; **91401425**<br>|
| Total collateral 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; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>|
| **Net amount** <sup>(c)</sup> <br>| $&nbsp;&nbsp; **(830300)**<br>| &nbsp;&nbsp; **(3160893)**<br>| &nbsp;&nbsp; **(828576)**<br>| &nbsp;&nbsp; **(319430)**<br>| &nbsp;&nbsp; **(940857)**<br>| &nbsp;&nbsp; **(361212)**<br>| &nbsp;&nbsp; **94473095**<br>| &nbsp;&nbsp; **255709**<br>| &nbsp;&nbsp; **3113889**<br>| &nbsp;&nbsp; **91401425**<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**

Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted. The Fund classifies gains and losses realized on prepayments received on mortgage-backed securities as adjustments to interest income.

The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. The Fund may also adjust accrual rates when it becomes probable the full interest will not be collected and a partial payment will be received. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

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

Variable Portfolio – Managed Volatility Moderate Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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.

Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.

**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 and underlying fund fees**

The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager). 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 a blend of (i) 0.02% on assets invested in affiliated underlying funds (including exchange-traded funds and closed-end funds) that pay a management services fee (or investment advisory services fee, as applicable) to the Investment Manager and (ii) a fee that declines from 0.72% to 0.52%, depending on asset levels, on assets invested in securities (other than affiliated underlying funds (including exchange-traded funds and closed-end funds) that pay a

Variable Portfolio – Managed Volatility Moderate Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

management services fee (or investment advisory services fee, as applicable) to the Investment Manager) including other funds advised by the Investment Manager that do not pay a management services fee to the Investment Manager, third party funds, derivatives and individual securities. The effective management services fee rate for the year ended December 31, 2025 was 0.18% of the Fund's average daily net assets.

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the Underlying Funds in which the Fund invests. Because the Underlying Funds have varied expense and fee levels and the Fund may own different proportions of Underlying Funds at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. These expenses are not reflected in the expenses shown in Statement of Operations and are not included in the ratios to average net assets shown in the Financial Highlights.

**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 0.06% 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, including indirect expenses of the

Variable Portfolio – Managed Volatility Moderate Growth Fund \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

Underlying Funds, 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;0.77 |
| 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;1.02 |

---

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), 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 $18,222,081,718 and $19,603,108,921, respectively, for the year ended December 31, 2025, of which $13,684,751,027 and $13,724,795,491, respectively, were U.S. government securities. 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.

Variable Portfolio – Managed Volatility Moderate Growth Fund \| 2025

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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.

Variable Portfolio – Managed Volatility Moderate Growth Fund \| 2025

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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.

Variable Portfolio – Managed Volatility Moderate Growth Fund \| 2025

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Report of Independent Registered Public Accounting Firm

**To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of Variable Portfolio – Managed Volatility Moderate 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 – Managed Volatility Moderate 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.

Variable Portfolio – Managed Volatility Moderate Growth Fund \| 2025

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**Variable Portfolio – Managed Volatility Moderate Growth Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g59364imgbf6c7d042.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.

ANN7048_12_E01_(02/26)

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![](g59364img5b27367a1.jpg)

Portfolio Navigator Funds

**Annual Financial Statements and Additional Information**

December 31, 2025

References to "Fund" throughout this annual report refer to the following individual funds, singularly or collectively as the context requires:

Variable Portfolio – Conservative Portfolio

Variable Portfolio – Moderately Conservative Portfolio

Variable Portfolio – Moderate Portfolio

Variable Portfolio – Moderately Aggressive Portfolio

Variable Portfolio – Aggressive Portfolio

Please remember that you may not buy (nor will you own) shares of the Fund directly. Each Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies. Please contact your financial advisor or insurance representative for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| **Not FDIC or NCUA Insured** | **No Financial Institution Guarantee** | **May Lose Value** |

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**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| [Portfolio of Investments](#xx_37221027-f771-4503-90b8-e9a1892d575e_POI-CommonContent-Date-307_1) | 3 |
| [Statement of Assets and Liabilities](#xx_37221027-f771-4503-90b8-e9a1892d575e_FS-CommonContent-Date-302_1) | 27 |
| [Statement of Operations](#xx_37221027-f771-4503-90b8-e9a1892d575e_FS-CommonContent-Date-302_3) | 29 |
| [Statement of Changes in Net Assets](#xx_37221027-f771-4503-90b8-e9a1892d575e_FS-CommonContent-Date-302_5) | 31 |
| [Financial Highlights](#xx_37221027-f771-4503-90b8-e9a1892d575e_FIHI-CommonContent-Date-307_1) | 34 |
| [Notes to Financial Statements](#xx_37221027-f771-4503-90b8-e9a1892d575e_NTF-CommonContent-Date-302_1) | 44 |
| [Report of Independent Registered Public Accounting Firm](#xx_37221027-f771-4503-90b8-e9a1892d575e_AUD-CommonContent-Date-302_1) | 60 |

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Portfolio Navigator Funds \| 2025

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Portfolio of Investments

Variable Portfolio – Conservative Portfolio, 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;

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| | | |
|:---|:---|:---|
| **Equity Funds 19.0%** | **Equity Funds 19.0%** | **Equity Funds 19.0%** |
|  | **Shares** | **Value ($)** |
| **International 6.1%** | **International 6.1%** | **International 6.1%** |
| Columbia Variable Portfolio – Emerging Markets <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 254157 | &nbsp;&nbsp; 3413326 |
| Columbia Variable Portfolio – Overseas Core Fund, <br> Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 1828055 | &nbsp;&nbsp; 32703902 |
| Variable Portfolio – Partners International Growth <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 417886 | &nbsp;&nbsp; 5465947 |
| Variable Portfolio – Partners International Value <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 511637 | &nbsp;&nbsp; 6835472 |
| **Total** | **Total** | &nbsp;&nbsp; **48418647** |
| **U.S. Large Cap 12.1%** | **U.S. Large Cap 12.1%** | **U.S. Large Cap 12.1%** |
| Columbia Variable Portfolio – Contrarian Core <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 291214 | &nbsp;&nbsp; 18500786 |
| Columbia Variable Portfolio – Disciplined Core <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 62811 | &nbsp;&nbsp; 8132184 |
| Columbia Variable Portfolio – Large Cap Growth <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 177072 | &nbsp;&nbsp; 10068333 |
| Columbia Variable Portfolio – Select Large Cap <br> Equity Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 1063735 | &nbsp;&nbsp; 28603839 |
| Columbia Variable Portfolio – Select Large Cap <br> Value Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 137751 | &nbsp;&nbsp; 7719556 |
| CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 47382 | &nbsp;&nbsp; 3862561 |
| CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 85286 | &nbsp;&nbsp; 3765370 |
| CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 75972 | &nbsp;&nbsp; 3911026 |
| CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 56004 | &nbsp;&nbsp; 3878848 |
| Variable Portfolio – Partners Core Equity Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 143145 | &nbsp;&nbsp; 7465015 |
| **Total** | **Total** | &nbsp;&nbsp; **95907518** |
| **U.S. Small Cap 0.8%** | **U.S. Small Cap 0.8%** | **U.S. Small Cap 0.8%** |
| Columbia Variable Portfolio – Small Cap Value <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 232783 | &nbsp;&nbsp; 2944709 |
| Columbia Variable Portfolio – Small Company <br> Growth Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 192146 | &nbsp;&nbsp; 2878350 |
| **Total** | **Total** | &nbsp;&nbsp; **5823059** |
| Total Equity Funds <br>(Cost $108,400,501) | Total Equity Funds <br>(Cost $108,400,501) | &nbsp;&nbsp; **150149224** |

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| | | |
|:---|:---|:---|
| **Fixed Income Funds 74.3%** | **Fixed Income Funds 74.3%** | **Fixed Income Funds 74.3%** |
|  | **Shares** | **Value ($)** |
| **Emerging Markets 0.9%** | **Emerging Markets 0.9%** | **Emerging Markets 0.9%** |
| Columbia Variable Portfolio – Emerging Markets <br> Bond Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 869029 | &nbsp;&nbsp; 7378055 |
| **Investment Grade 73.4%** | **Investment Grade 73.4%** | **Investment Grade 73.4%** |
| Columbia Variable Portfolio – Corporate Bond <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 7548232 | &nbsp;&nbsp; 59253620 |
| Columbia Variable Portfolio – Income <br> Opportunities Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 2225023 | &nbsp;&nbsp; 15063405 |
| Columbia Variable Portfolio – Intermediate Bond <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 11624207 | &nbsp;&nbsp; 99968183 |
| Columbia Variable Portfolio – U.S. Government <br> Mortgage Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 4712336 | &nbsp;&nbsp; 44107460 |
| CTIVP<sup>®</sup> – American Century Diversified Bond Fund, <br> Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 12832620 | &nbsp;&nbsp; 119471688 |
| CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 <br> Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 8570488 | &nbsp;&nbsp; 79791246 |
| Variable Portfolio – Partners Core Bond Fund, <br> Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 16780027 | &nbsp;&nbsp; 163773065 |
| **Total** | **Total** | &nbsp;&nbsp; **581428667** |
| Total Fixed Income Funds <br>(Cost $648,252,743) | Total Fixed Income Funds <br>(Cost $648,252,743) | &nbsp;&nbsp; **588806722** |
| **Money Market Funds 6.4%** | **Money Market Funds 6.4%** | **Money Market Funds 6.4%** |
| Columbia Short-Term Cash Fund, 3.825%<sup>(a),(c)</sup> <br>| &nbsp;&nbsp; 50989969 | &nbsp;&nbsp; 50974672 |
| Total Money Market Funds <br>(Cost $50,976,886) | Total Money Market Funds <br>(Cost $50,976,886) | &nbsp;&nbsp; **50974672** |
| **Total Investments in Securities** <br>**(Cost: $807,630,130)** | **Total Investments in Securities** <br>**(Cost: $807,630,130)** | &nbsp;&nbsp; **789930618** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **2616508** |
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **792547126** |

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At December 31, 2025, securities and/or cash totaling $2,874,306 were pledged as collateral.

The accompanying Notes to Financial Statements are an integral part of this statement.

Portfolio Navigator Funds \| 2025

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Portfolio of Investments (continued)

Variable Portfolio – Conservative Portfolio, December 31, 2025

**Investments in derivatives** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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>|
| CAC40 Index | 28 | 01/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 2283120 | &nbsp;&nbsp;&nbsp;&nbsp; 3095 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| IBEX 35 Index | 15 | 01/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 2591925 | &nbsp;&nbsp;&nbsp;&nbsp; 51617 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MSCI EAFE Index | 9 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1305945 | &nbsp;&nbsp;&nbsp;&nbsp; 2249 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Russell 2000 Index E-mini | 14 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1748600 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (53025)<br>|
| S&P 500 Index E-mini | 41 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 14129625 | &nbsp;&nbsp;&nbsp;&nbsp; 5948 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P/TSX 60 Index | 16 | 03/2026 | CAD | &nbsp;&nbsp;&nbsp;&nbsp; 5958080 | &nbsp;&nbsp;&nbsp;&nbsp; 19053 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 10-Year Note | 184 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 20688500 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (110525)<br>|
| U.S. Treasury Ultra Bond | 32 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3776000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (73055)<br>|
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 81962 | &nbsp;&nbsp;&nbsp;&nbsp; (236605)<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short 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>|
| Euro STOXX 50 Index | (81) | 03/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (4731210)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (58793)<br>|
| FTSE 100 Index | (31) | 03/2026 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; (3081710)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (63805)<br>|
| FTSE/MIB Index | (21) | 03/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (4730565)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (98280)<br>|
| MSCI Emerging Markets Index | (23) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (1623110)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (29269)<br>|
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (250147)<br>|

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**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) 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;

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Capital gain** <br>**distributions($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends —** <br>**affiliated** <br>**issuers ($)**<br>| **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%  | Columbia Short-Term Cash Fund, 3.825%  |
|  | 46521071 | 33053848 | (28595881)<br>| (4366)<br>| 50974672 |  | (366)<br>| 2037777 | 50989969 |
| Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  |
|  | 19813672 | 1625170 | (3375057)<br>| 437001 | 18500786 |  | 2731607 |  | 291214 |
| Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  |
|  |  | 60231765 | (3047662)<br>| 2069517 | 59253620 |  | 100353 |  | 7548232 |
| Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  |
|  | 9512530 | 752250 | (1743855)<br>| (388741)<br>| 8132184 |  | 1622613 |  | 62811 |
| Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  |
|  | 8055087 | 740436 | (2289109)<br>| 871641 | 7378055 |  | (330139)<br>| 410283 | 869029 |
| Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  |
|  | 3981682 | 590704 | (1946581)<br>| 787521 | 3413326 |  | 283703 | 11939 | 254157 |
| Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  |
|  | 16116756 | 792665 | (2780486)<br>| 934470 | 15063405 |  | 82161 | 314484 | 2225023 |
| Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  |
|  | 100811029 | 6830977 | (13207594)<br>| 5533771 | 99968183 |  | (2290812)<br>| 5484812 | 11624207 |
| Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  |
|  | 9847723 | 2513149 | (2202326)<br>| (90213)<br>| 10068333 |  | 1732194 |  | 177072 |
| Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  |
|  | 25020346 | 222143 | (24621524)<br>| (620965)<br>|  |  | 883684 | 533439 |  |

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The accompanying Notes to Financial Statements are an integral part of this statement.

Portfolio Navigator Funds \| 2025

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Portfolio of Investments (continued)

Variable Portfolio – Conservative Portfolio, December 31, 2025

**Notes to Portfolio of Investments (continued)**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning**<br> **of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br> **unrealized** <br> **appreciation** <br> **(depreciation)($)**<br>| **End of** <br> **period($)**<br>| **Capital gain**<br> **distributions($)**<br>| **Realized gain**<br> **(loss)($)**<br>| **Dividends —**<br> **affiliated**<br> **issuers ($)**<br>| **End of**<br> **period shares**<br>|
| Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  |
|  | 34903738 | 676893 | (45942441)<br>| 10361810 |  |  | (10664990)<br>| 991213 |  |
| Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  |
|  | 31822562 | 2372121 | (10674208)<br>| 9183427 | 32703902 |  | 912150 | 660653 | 1828055 |
| Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  |
|  | 31706393 | 2384261 | (5830784)<br>| 343969 | 28603839 |  | 3731811 |  | 1063735 |
| Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  |
|  | 8786372 | 1380694 | (3019732)<br>| 572222 | 7719556 |  | 1417573 |  | 137751 |
| Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  |
|  | 3143175 | 1148990 | (1175258)<br>| (172198)<br>| 2944709 | 500795 | 133063 | 36231 | 232783 |
| Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  |
|  | 3017323 | 1247612 | (1701026)<br>| 314441 | 2878350 | 399482 | (18512)<br>|  | 192146 |
| Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  |
|  | 44383835 | 1654447 | (5674401)<br>| 3743579 | 44107460 |  | (839479)<br>| 998830 | 4712336 |
| CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  |
|  | 120924871 | 5558009 | (14875042)<br>| 7863850 | 119471688 |  | (3063067)<br>| 3865692 | 12832620 |
| CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  |
|  | 3949994 | 458323 | (621432)<br>| 75676 | 3862561 |  | 477747 |  | 47382 |
| CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  |
|  | 3915511 | 417056 | (579058)<br>| 11861 | 3765370 |  | 468822 |  | 85286 |
| CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  |
|  | 80653782 | 4842878 | (9192827)<br>| 3487413 | 79791246 |  | (1462832)<br>| 3826509 | 8570488 |
| CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  |
|  | 3936389 | 452882 | (861396)<br>| 383151 | 3911026 |  | 346481 |  | 75972 |
| CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  |
|  | 3949524 | 609165 | (1110254)<br>| 430413 | 3878848 |  | 276020 |  | 56004 |
| Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  |
|  | 165225083 | 11184038 | (18701214)<br>| 6065158 | 163773065 |  | (2922526)<br>| 8954960 | 16780027 |
| Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  |
|  | 7861088 | 678543 | (1034976)<br>| (39640)<br>| 7465015 |  | 1027267 |  | 143145 |
| Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  |
|  | 5939281 | 607804 | (1990802)<br>| 909664 | 5465947 | 43519 | (46766)<br>| 42682 | 417886 |
| Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  |
|  | 6001747 | 598047 | (1059472)<br>| 1295150 | 6835472 | 15457 | 455701 | 176936 | 511637 |
| Total | 799800564 |  |  | 54359582 | 789930618 | 959253 | (4956539)<br>| 28346440 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown is the seven-day current annualized yield at December 31, 2025.

**Currency Legend** 

---

| | |
|:---|:---|
| CAD | Canadian Dollar |
| EUR | Euro |
| GBP | British Pound |
| USD | US Dollar |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Portfolio Navigator Funds \| 2025

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Portfolio of Investments (continued)

Variable Portfolio – Conservative Portfolio, 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.

Certain investments that have been measured at fair value using the net asset value (NAV) per share (or its equivalent) are not categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to reconcile the fair value hierarchy to the amounts presented in the Portfolio of Investments. The Variable Portfolios serve as investment vehicles for variable annuity contracts and variable life insurance policies. Principal investment strategies within these Variable Portfolios vary based on the Portfolios investment objective. Investments in the Variable Portfolios may be redeemed on a daily basis without restriction.

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 ($)** | **Assets at NAV ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |  |
| Equity Funds |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 150149224 | &nbsp;&nbsp;&nbsp;&nbsp; 150149224 |
| Fixed Income Funds |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 588806722 | &nbsp;&nbsp;&nbsp;&nbsp; 588806722 |
| Money Market Funds | 50974672 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 50974672 |
| Total Investments in Securities | 50974672 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 738955946 | &nbsp;&nbsp;&nbsp;&nbsp; 789930618 |
| **Investments in Derivatives** |  |  |  |  |  |
| Asset |  |  |  |  |  |
| Futures Contracts | 81962 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 81962 |
| Liability |  |  |  |  |  |
| Futures Contracts | (486752)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (486752)<br>|
| Total | 50569882 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 738955946 | &nbsp;&nbsp;&nbsp;&nbsp; 789525828 |

---

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.

Portfolio Navigator Funds \| 2025

------

Portfolio of Investments

Variable Portfolio – Moderately Conservative Portfolio, 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;

---

| | | |
|:---|:---|:---|
| **Equity Funds 33.3%** | **Equity Funds 33.3%** | **Equity Funds 33.3%** |
|  | **Shares** | **Value ($)** |
| **International 11.6%** | **International 11.6%** | **International 11.6%** |
| Columbia Variable Portfolio – Emerging <br> Markets Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 1168615 | &nbsp;&nbsp; 15694498 |
| Columbia Variable Portfolio – Overseas Core <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 5798233 | &nbsp;&nbsp; 103730379 |
| Variable Portfolio – Partners International Core <br> Equity Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 2799764 | &nbsp;&nbsp; 35221032 |
| Variable Portfolio – Partners International <br> Growth Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 2624018 | &nbsp;&nbsp; 34322153 |
| Variable Portfolio – Partners International <br> Value Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 2961566 | &nbsp;&nbsp; 39566525 |
| **Total** | **Total** | &nbsp;&nbsp; **228534587** |
| **U.S. Large Cap 20.0%** | **U.S. Large Cap 20.0%** | **U.S. Large Cap 20.0%** |
| Columbia Variable Portfolio – Contrarian Core <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 966634 | &nbsp;&nbsp; 61410281 |
| Columbia Variable Portfolio – Disciplined Core <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 192882 | &nbsp;&nbsp; 24972437 |
| Columbia Variable Portfolio – Large Cap <br> Growth Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 897196 | &nbsp;&nbsp; 51014546 |
| Columbia Variable Portfolio – Select Large Cap <br> Equity Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 3007138 | &nbsp;&nbsp; 80861950 |
| Columbia Variable Portfolio – Select Large Cap <br> Value Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 863932 | &nbsp;&nbsp; 48414754 |
| CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 327955 | &nbsp;&nbsp; 26734933 |
| CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 736725 | &nbsp;&nbsp; 32526399 |
| CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 265349 | &nbsp;&nbsp; 13660143 |
| CTIVP<sup>®</sup> – Westfield Select Large Cap Growth <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 382955 | &nbsp;&nbsp; 26523448 |
| Variable Portfolio – Partners Core Equity Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 519984 | &nbsp;&nbsp; 27117156 |
| **Total** | **Total** | &nbsp;&nbsp; **393236047** |
| **U.S. Mid Cap 0.7%** | **U.S. Mid Cap 0.7%** | **U.S. Mid Cap 0.7%** |
| CTIVP<sup>®</sup> – Victory Sycamore Established Value <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 145195 | &nbsp;&nbsp; 7538531 |
| CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 98020 | &nbsp;&nbsp; 5684152 |
| **Total** | **Total** | &nbsp;&nbsp; **13222683** |

---

---

| | | |
|:---|:---|:---|
| **Equity Funds (continued)** | **Equity Funds (continued)** | **Equity Funds (continued)** |
|  | **Shares** | **Value ($)** |
| **U.S. Small Cap 1.0%** | **U.S. Small Cap 1.0%** | **U.S. Small Cap 1.0%** |
| Columbia Variable Portfolio – Small Cap Value <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 381594 | &nbsp;&nbsp; 4827170 |
| Columbia Variable Portfolio – Small Company <br> Growth Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 377728 | &nbsp;&nbsp; 5658371 |
| Variable Portfolio – Partners Small Cap Growth <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 152744 | &nbsp;&nbsp; 5709555 |
| Variable Portfolio – Partners Small Cap Value <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 101150 | &nbsp;&nbsp; 4268531 |
| **Total** | **Total** | &nbsp;&nbsp; **20463627** |
| Total Equity Funds <br>(Cost $429,996,414) | Total Equity Funds <br>(Cost $429,996,414) | &nbsp;&nbsp; **655456944** |
| **Fixed Income Funds 60.4%** | **Fixed Income Funds 60.4%** | **Fixed Income Funds 60.4%** |
| **Emerging Markets 1.0%** | **Emerging Markets 1.0%** | **Emerging Markets 1.0%** |
| Columbia Variable Portfolio – Emerging <br> Markets Bond Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 2316461 | &nbsp;&nbsp; 19666757 |
| **Investment Grade 59.4%** | **Investment Grade 59.4%** | **Investment Grade 59.4%** |
| Columbia Variable Portfolio – Corporate Bond <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 16499482 | &nbsp;&nbsp; 129520936 |
| Columbia Variable Portfolio – Income <br> Opportunities Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 5608069 | &nbsp;&nbsp; 37966629 |
| Columbia Variable Portfolio – Intermediate <br> Bond Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 21418794 | &nbsp;&nbsp; 184201630 |
| Columbia Variable Portfolio – U.S. Government <br> Mortgage Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 9645245 | &nbsp;&nbsp; 90279492 |
| CTIVP<sup>®</sup> – American Century Diversified Bond <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 27402587 | &nbsp;&nbsp; 255118083 |
| CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 <br> Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 19396300 | &nbsp;&nbsp; 180579551 |
| Variable Portfolio – Partners Core Bond Fund, <br> Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 29762152 | &nbsp;&nbsp; 290478600 |
| **Total** | **Total** | &nbsp;&nbsp; **1168144921** |
| Total Fixed Income Funds <br>(Cost $1,297,459,814) | Total Fixed Income Funds <br>(Cost $1,297,459,814) | &nbsp;&nbsp; **1187811678** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Portfolio Navigator Funds \| 2025

------

Portfolio of Investments (continued)

Variable Portfolio – Moderately Conservative Portfolio, December 31, 2025

---

| | | |
|:---|:---|:---|
| **Money Market Funds 5.8%** | **Money Market Funds 5.8%** | **Money Market Funds 5.8%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 3.825%<sup>(a),(c)</sup> <br>| &nbsp;&nbsp; 114752185 | &nbsp;&nbsp; 114717759 |
| Total Money Market Funds <br>(Cost $114,720,234) | Total Money Market Funds <br>(Cost $114,720,234) | &nbsp;&nbsp; **114717759** |
| **Total Investments in Securities** <br>**(Cost: $1,842,176,462)** | **Total Investments in Securities** <br>**(Cost: $1,842,176,462)** | &nbsp;&nbsp; **1957986381** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **9182042** |
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **1967168423** |

---

At December 31, 2025, securities and/or cash totaling $9,950,624 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>|
| CAC40 Index | 74 | 01/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 6033960 | &nbsp;&nbsp;&nbsp;&nbsp; 8183 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| IBEX 35 Index | 39 | 01/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 6739005 | &nbsp;&nbsp;&nbsp;&nbsp; 134203 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MSCI EAFE Index | 22 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3192310 | &nbsp;&nbsp;&nbsp;&nbsp; 5487 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Russell 2000 Index E-mini | 65 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 8118500 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (246186)<br>|
| S&P 500 Index E-mini | 182 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 62721750 | &nbsp;&nbsp;&nbsp;&nbsp; 26403 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P/TSX 60 Index | 47 | 03/2026 | CAD | &nbsp;&nbsp;&nbsp;&nbsp; 17501860 | &nbsp;&nbsp;&nbsp;&nbsp; 55966 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 10-Year Note | 349 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 39240688 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (209637)<br>|
| U.S. Treasury Ultra Bond | 74 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 8732000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (168941)<br>|
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 230242 | &nbsp;&nbsp;&nbsp;&nbsp; (624764)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short 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>|
| Euro STOXX 50 Index | (343) | 03/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (20034630)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (248962)<br>|
| FTSE 100 Index | (91) | 03/2026 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; (9046310)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (187299)<br>|
| FTSE/MIB Index | (55) | 03/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (12389575)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (257400)<br>|
| MSCI Emerging Markets Index | (100) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (7057000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (127256)<br>|
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (820917)<br>|

---

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) 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($)**<br>| **Capital gain** <br>**distributions($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends —** <br>**affiliated** <br>**issuers ($)**<br>| **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%  | Columbia Short-Term Cash Fund, 3.825%  |
|  | 102607889 | 94349021 | (82231899)<br>| (7252)<br>| 114717759 |  | (3157)<br>| 4534899 | 114752185 |
| Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  |
|  | 67144808 | 92803 | (8511822)<br>| 2684492 | 61410281 |  | 7760615 |  | 966634 |
| Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  |
|  |  | 128003099 | (3072660)<br>| 4590497 | 129520936 |  | 133006 |  | 16499482 |
| Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  |
|  | 27920338 | 54523 | (2059887)<br>| (942537)<br>| 24972437 |  | 4418717 |  | 192882 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Portfolio Navigator Funds \| 2025

------

Portfolio of Investments (continued)

Variable Portfolio – Moderately Conservative Portfolio, December 31, 2025

**Notes to Portfolio of Investments (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning**<br> **of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br> **unrealized** <br> **appreciation** <br> **(depreciation)($)**<br>| **End of** <br> **period($)**<br>| **Capital gain**<br> **distributions($)**<br>| **Realized gain**<br> **(loss)($)**<br>| **Dividends —**<br> **affiliated**<br> **issuers ($)**<br>| **End of**<br> **period shares**<br>|
| Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  |
|  | 20047507 | 1099991 | (3280116)<br>| 1799375 | 19666757 |  | (478883)<br>| 1040773 | 2316461 |
| Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  |
|  | 15006290 | 85836 | (2875860)<br>| 3478232 | 15694498 |  | 790494 | 47167 | 1168615 |
| Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  |
|  | 40102587 | 837213 | (5359742)<br>| 2386571 | 37966629 |  | 122103 | 788069 | 5608069 |
| Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  |
|  | 184794674 | 10251491 | (20288283)<br>| 9443748 | 184201630 |  | (3445840)<br>| 10041409 | 21418794 |
| Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  |
|  | 49344444 | 10188634 | (4195757)<br>| (4322775)<br>| 51014546 |  | 12708219 |  | 897196 |
| Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  |
|  | 53384565 | 41892 | (52378922)<br>| (1047535)<br>|  |  | 1607218 | 1140128 |  |
| Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  |
|  | 76040483 | 226620 | (91789090)<br>| 15521987 |  |  | (16168183)<br>| 2128764 |  |
| Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  |
|  | 99544544 | 2401573 | (25018769)<br>| 26803031 | 103730379 |  | 4705431 | 2088062 | 5798233 |
| Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  |
|  | 88919735 | 143946 | (10354658)<br>| 2152927 | 80861950 |  | 8993694 |  | 3007138 |
| Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  |
|  | 58176969 | 114814 | (13599038)<br>| 3722009 | 48414754 |  | 8628227 |  | 863932 |
| Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  |
|  | 6750275 | 1133210 | (3565102)<br>| 508787 | 4827170 | 985604 | (792769)<br>| 71305 | 381594 |
| Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  |
|  | 6713696 | 811377 | (4466024)<br>| 2599322 | 5658371 | 775646 | (2265677)<br>|  | 377728 |
| Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  |
|  | 90311560 | 2149474 | (9177376)<br>| 6995834 | 90279492 |  | (1053010)<br>| 2023129 | 9645245 |
| CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  |
|  | 256829147 | 8423358 | (24404305)<br>| 14269883 | 255118083 |  | (4017125)<br>| 8214329 | 27402587 |
| CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  |
|  | 29276685 | 79935 | (1621320)<br>| (1000367)<br>| 26734933 |  | 4620452 |  | 327955 |
| CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  |
|  | 33444054 | 105352 | (1330371)<br>| 307364 | 32526399 |  | 3650595 |  | 736725 |
| CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  |
|  | 180997796 | 8846218 | (16643408)<br>| 7378945 | 180579551 |  | (2781843)<br>| 8563156 | 19396300 |
| CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  |
|  | 7226431 | 209088 | (21419)<br>| 124431 | 7538531 |  | 47397 |  | 145195 |
| CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  |
|  | 13433817 | 83776 | (1361708)<br>| 1504258 | 13660143 |  | 1005421 |  | 265349 |
| CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  |
|  | 7120675 | 23002 | (640636)<br>| (818889)<br>| 5684152 |  | 1402502 |  | 98020 |
| CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  |
|  | 29524909 | 198462 | (6043583)<br>| 2843660 | 26523448 |  | 1661682 |  | 382955 |
| Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  |
|  | 289750294 | 16125182 | (25079115)<br>| 9682239 | 290478600 |  | (4040136)<br>| 15744353 | 29762152 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Portfolio Navigator Funds \| 2025

------

Portfolio of Investments (continued)

Variable Portfolio – Moderately Conservative Portfolio, December 31, 2025

**Notes to Portfolio of Investments (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning**<br> **of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br> **unrealized** <br> **appreciation** <br> **(depreciation)($)**<br>| **End of** <br> **period($)**<br>| **Capital gain**<br> **distributions($)**<br>| **Realized gain**<br> **(loss)($)**<br>| **Dividends —**<br> **affiliated**<br> **issuers ($)**<br>| **End of**<br> **period shares**<br>|
| Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  |
|  | 27879674 | 207019 | (2220821)<br>| 1251284 | 27117156 |  | 2258885 |  | 519984 |
| Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  |
|  | 35191357 | 2039772 | (6913525)<br>| 4903428 | 35221032 | 1465221 | 965081 | 535557 | 2799764 |
| Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  |
|  | 34745013 | 623041 | (5640611)<br>| 4594710 | 34322153 | 270502 | 577424 | 258247 | 2624018 |
| Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  |
|  | 35075276 | 1211808 | (4599572)<br>| 7879013 | 39566525 | 88810 | 1992555 | 1043700 | 2961566 |
| Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  |
|  | 6659025 | 23078 | (816695)<br>| (155853)<br>| 5709555 |  | 592405 |  | 152744 |
| Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  |
|  | 6575043 | 38388 | (1800236)<br>| (544664)<br>| 4268531 |  | 947965 |  | 101150 |
| Total | 1980539560 |  |  | 128586155 | 1957986381 | 3585783 | 34543465 | 58263047 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown is the seven-day current annualized yield at December 31, 2025.

**Currency Legend** 

---

| | |
|:---|:---|
| CAD | Canadian Dollar |
| EUR | Euro |
| GBP | British Pound |
| 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 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.

Certain investments that have been measured at fair value using the net asset value (NAV) per share (or its equivalent) are not categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to reconcile the fair value hierarchy to the amounts presented in the Portfolio of Investments. The Variable Portfolios serve as investment vehicles for variable annuity contracts and variable life insurance policies. Principal investment strategies within these Variable Portfolios vary based on the Portfolios investment objective. Investments in the Variable Portfolios may be redeemed on a daily basis without restriction.

The accompanying Notes to Financial Statements are an integral part of this statement.

Portfolio Navigator Funds \| 2025

------

Portfolio of Investments (continued)

Variable Portfolio – Moderately Conservative Portfolio, December 31, 2025

**Fair value measurements (continued)**

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 ($)** | **Assets at NAV ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |  |
| Equity Funds |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 655456944 | &nbsp;&nbsp;&nbsp;&nbsp; 655456944 |
| Fixed Income Funds |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1187811678 | &nbsp;&nbsp;&nbsp;&nbsp; 1187811678 |
| Money Market Funds | 114717759 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 114717759 |
| Total Investments in Securities | 114717759 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1843268622 | &nbsp;&nbsp;&nbsp;&nbsp; 1957986381 |
| **Investments in Derivatives** |  |  |  |  |  |
| Asset |  |  |  |  |  |
| Futures Contracts | 230242 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 230242 |
| Liability |  |  |  |  |  |
| Futures Contracts | (1445681)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1445681)<br>|
| Total | 113502320 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1843268622 | &nbsp;&nbsp;&nbsp;&nbsp; 1956770942 |

---

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.

Portfolio Navigator Funds \| 2025

------

Portfolio of Investments

Variable Portfolio – Moderate Portfolio, 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;

---

| | | |
|:---|:---|:---|
| **Alternative Strategies Funds 0.3%** | **Alternative Strategies Funds 0.3%** | **Alternative Strategies Funds 0.3%** |
|  | **Shares** | **Value ($)** |
| Columbia Variable Portfolio – Commodity <br> Strategy Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 8167725 | &nbsp;&nbsp; 33487674 |
| Total Alternative Strategies Funds <br>(Cost $34,872,283) | Total Alternative Strategies Funds <br>(Cost $34,872,283) | &nbsp;&nbsp; **33487674** |
| **Equity Funds 48.1%** | **Equity Funds 48.1%** | **Equity Funds 48.1%** |
| **Global Real Estate 0.5%** | **Global Real Estate 0.5%** | **Global Real Estate 0.5%** |
| CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, <br> Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 10399282 | &nbsp;&nbsp; 66659397 |
| **International 16.0%** | **International 16.0%** | **International 16.0%** |
| Columbia Variable Portfolio – Emerging <br> Markets Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 9929814 | &nbsp;&nbsp; 133357400 |
| Columbia Variable Portfolio – Overseas Core <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 53612946 | &nbsp;&nbsp; 959135608 |
| Variable Portfolio – Partners International <br> Core Equity Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 28363051 | &nbsp;&nbsp; 356807179 |
| Variable Portfolio – Partners International <br> Growth Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 25771138 | &nbsp;&nbsp; 337086487 |
| Variable Portfolio – Partners International <br> Value Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 30526919 | &nbsp;&nbsp; 407839637 |
| **Total** | **Total** | &nbsp;&nbsp; **2194226311** |
| **U.S. Large Cap 28.7%** | **U.S. Large Cap 28.7%** | **U.S. Large Cap 28.7%** |
| Columbia Variable Portfolio – Contrarian Core <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 6768372 | &nbsp;&nbsp; 429994663 |
| Columbia Variable Portfolio – Disciplined Core <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 1979796 | &nbsp;&nbsp; 256324172 |
| Columbia Variable Portfolio – Large Cap <br> Growth Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 9633637 | &nbsp;&nbsp; 547768610 |
| Columbia Variable Portfolio – Select Large <br> Cap Equity Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 28366158 | &nbsp;&nbsp; 762765986 |
| Columbia Variable Portfolio – Select Large <br> Cap Value Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 8246133 | &nbsp;&nbsp; 462113318 |
| CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 3947433 | &nbsp;&nbsp; 321794721 |
| CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 10805644 | &nbsp;&nbsp; 477069213 |
| CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 1083684 | &nbsp;&nbsp; 55788050 |
| CTIVP<sup>®</sup> – Westfield Select Large Cap Growth <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 4439968 | &nbsp;&nbsp; 307512164 |
| Variable Portfolio – Partners Core Equity Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 6009876 | &nbsp;&nbsp; 313415039 |
| **Total** | **Total** | &nbsp;&nbsp; **3934545936** |

---

---

| | | |
|:---|:---|:---|
| **Equity Funds (continued)** | **Equity Funds (continued)** | **Equity Funds (continued)** |
|  | **Shares** | **Value ($)** |
| **U.S. Mid Cap 1.1%** | **U.S. Mid Cap 1.1%** | **U.S. Mid Cap 1.1%** |
| CTIVP<sup>®</sup> – Victory Sycamore Established Value <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 1559343 | &nbsp;&nbsp; 80961074 |
| CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 1372587 | &nbsp;&nbsp; 79596331 |
| **Total** | **Total** | &nbsp;&nbsp; **160557405** |
| **U.S. Small Cap 1.8%** | **U.S. Small Cap 1.8%** | **U.S. Small Cap 1.8%** |
| Columbia Variable Portfolio – Small Cap Value <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 5323731 | &nbsp;&nbsp; 67345196 |
| Columbia Variable Portfolio – Small Company <br> Growth Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 3550647 | &nbsp;&nbsp; 53188693 |
| Variable Portfolio – Partners Small Cap <br> Growth Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 1602839 | &nbsp;&nbsp; 59914116 |
| Variable Portfolio – Partners Small Cap Value <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 1586277 | &nbsp;&nbsp; 66940886 |
| **Total** | **Total** | &nbsp;&nbsp; **247388891** |
| Total Equity Funds <br>(Cost $4,235,032,666) | Total Equity Funds <br>(Cost $4,235,032,666) | &nbsp;&nbsp; **6603377940** |
| **Fixed Income Funds 46.0%** | **Fixed Income Funds 46.0%** | **Fixed Income Funds 46.0%** |
| **Emerging Markets 0.8%** | **Emerging Markets 0.8%** | **Emerging Markets 0.8%** |
| Columbia Variable Portfolio – Emerging <br> Markets Bond Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 12733705 | &nbsp;&nbsp; 108109154 |
| **Investment Grade 45.2%** | **Investment Grade 45.2%** | **Investment Grade 45.2%** |
| Columbia Variable Portfolio – Corporate Bond <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 96997037 | &nbsp;&nbsp; 761426738 |
| Columbia Variable Portfolio – Income <br> Opportunities Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 30257497 | &nbsp;&nbsp; 204843256 |
| Columbia Variable Portfolio – Intermediate <br> Bond Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 87030972 | &nbsp;&nbsp; 748466358 |
| Columbia Variable Portfolio – <br> U.S. Government Mortgage Fund, Class 1 <br> Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 58231727 | &nbsp;&nbsp; 545048964 |
| CTIVP<sup>®</sup> – American Century Diversified Bond <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 165384892 | &nbsp;&nbsp; 1539733340 |
| CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 <br> Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 119962884 | &nbsp;&nbsp; 1116854453 |
| Variable Portfolio – Partners Core Bond Fund, <br> Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 131297327 | &nbsp;&nbsp; 1281461914 |
| **Total** | **Total** | &nbsp;&nbsp; **6197835023** |
| Total Fixed Income Funds <br>(Cost $6,787,982,775) | Total Fixed Income Funds <br>(Cost $6,787,982,775) | &nbsp;&nbsp; **6305944177** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Portfolio Navigator Funds \| 2025

------

Portfolio of Investments (continued)

Variable Portfolio – Moderate Portfolio, December 31, 2025

---

| | | |
|:---|:---|:---|
| **Money Market Funds 5.1%** | **Money Market Funds 5.1%** | **Money Market Funds 5.1%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 3.825%<sup>(a),(c)</sup> <br>| &nbsp;&nbsp; 701155880 | &nbsp;&nbsp; 700945534 |
| Total Money Market Funds <br>(Cost $700,959,777) | Total Money Market Funds <br>(Cost $700,959,777) | &nbsp;&nbsp; **700945534** |
| **Total Investments in Securities** <br>**(Cost: $11,758,847,501)** | **Total Investments in Securities** <br>**(Cost: $11,758,847,501)** | &nbsp;&nbsp; **13643755325** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **73190813** |
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **13716946138** |

---

At December 31, 2025, securities and/or cash totaling $78,415,405 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>|
| CAC40 Index | 577 | 01/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 47048580 | &nbsp;&nbsp;&nbsp;&nbsp; 63809 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| IBEX 35 Index | 301 | 01/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 52011295 | &nbsp;&nbsp;&nbsp;&nbsp; 1035771 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Russell 2000 Index E-mini | 415 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 51833500 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1571804)<br>|
| S&P 500 Index E-mini | 1504 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 518316000 | &nbsp;&nbsp;&nbsp;&nbsp; 218186 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P/TSX 60 Index | 359 | 03/2026 | CAD | &nbsp;&nbsp;&nbsp;&nbsp; 133684420 | &nbsp;&nbsp;&nbsp;&nbsp; 427490 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 10-Year Note | 3144 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 353503500 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1888538)<br>|
| U.S. Treasury Ultra Bond | 174 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 20532000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (397239)<br>|
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1745256 | &nbsp;&nbsp;&nbsp;&nbsp; (3857581)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short 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>|
| Euro STOXX 50 Index | (2711) | 03/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (158349510)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1967740)<br>|
| FTSE 100 Index | (694) | 03/2026 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; (68990540)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1428413)<br>|
| FTSE/MIB Index | (429) | 03/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (96638685)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2007723)<br>|
| MSCI Emerging Markets Index | (993) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (70076010)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1263652)<br>|
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6667528)<br>|

---

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) 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($)**<br>| **Capital gain** <br>**distributions($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends —** <br>**affiliated** <br>**issuers ($)**<br>| **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%  | Columbia Short-Term Cash Fund, 3.825%  |
|  | 613586921 | 706007848 | (618606471)<br>| (42764)<br>| 700945534 |  | (19227)<br>| 27321983 | 701155880 |
| Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  |
|  | 35291253 | 2821860 | (8575069)<br>| 3949630 | 33487674 |  | (1742974)<br>| 2821860 | 8167725 |
| Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  |
|  | 447188911 | 6251 | (20905590)<br>| 3705091 | 429994663 |  | 67959261 |  | 6768372 |
| Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  |
|  |  | 738074018 | (3752083)<br>| 27104803 | 761426738 |  | 165818 |  | 96997037 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Portfolio Navigator Funds \| 2025

------

Portfolio of Investments (continued)

Variable Portfolio – Moderate Portfolio, December 31, 2025

**Notes to Portfolio of Investments (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning**<br> **of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br> **unrealized** <br> **appreciation** <br> **(depreciation)($)**<br>| **End of** <br> **period($)**<br>| **Capital gain**<br> **distributions($)**<br>| **Realized gain**<br> **(loss)($)**<br>| **Dividends —**<br> **affiliated**<br> **issuers ($)**<br>| **End of**<br> **period shares**<br>|
| Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  |
|  | 269237908 | 4299 | (15191829)<br>| 2273794 | 256324172 |  | 33751412 |  | 1979796 |
| Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  |
|  | 103293655 | 5644528 | (9345335)<br>| 8516306 | 108109154 |  | (1377257)<br>| 5644528 | 12733705 |
| Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  |
|  | 136397504 | 410280 | (47673253)<br>| 44222869 | 133357400 |  | (6821547)<br>| 410280 | 9929814 |
| Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  |
|  | 205895942 | 4073500 | (17899095)<br>| 12772909 | 204843256 |  | 214546 | 4073500 | 30257497 |
| Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  |
|  | 732676250 | 39929376 | (57879979)<br>| 33740711 | 748466358 |  | (9811996)<br>| 39929376 | 87030972 |
| Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  |
|  | 510877809 | 112364000 | (40937663)<br>| (34535536)<br>| 547768610 |  | 123783320 |  | 9633637 |
| Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  |
|  | 318075276 |  | (313634744)<br>| (4440532)<br>|  |  | 7831237 | 6616318 |  |
| Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  |
|  | 444674446 |  | (607978679)<br>| 163304233 |  |  | (166854738)<br>| 12225040 |  |
| Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  |
|  | 886182162 | 18780342 | (186391609)<br>| 240564713 | 959135608 |  | 46579209 | 18780342 | 53612946 |
| Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  |
|  | 814506329 | 15744 | (65064493)<br>| 13308406 | 762765986 |  | 90716838 |  | 28366158 |
| Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  |
|  | 564509179 | 49568 | (125778290)<br>| 23332861 | 462113318 |  | 93925026 |  | 8246133 |
| Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  |
|  | 65880841 | 12003644 | (13448421)<br>| 2909132 | 67345196 | 11191970 | (5310458)<br>| 809696 | 5323731 |
| Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  |
|  | 65663386 | 7436900 | (31727409)<br>| 11815816 | 53188693 | 7433350 | (8745144)<br>|  | 3550647 |
| Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  |
|  | 529139490 | 11938969 | (34905916)<br>| 38876421 | 545048964 |  | (3703940)<br>| 11938969 | 58231727 |
| CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  |
|  | 1515126677 | 48473681 | (101473532)<br>| 77606514 | 1539733340 |  | (16618523)<br>| 48473682 | 165384892 |
| CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  |
|  | 67006168 | 5347780 | (2270308)<br>| (3424243)<br>| 66659397 | 3450431 | (426525)<br>| 1897348 | 10399282 |
| CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  |
|  | 333729003 | 6678 | (14102030)<br>| 2161070 | 321794721 |  | 41040865 |  | 3947433 |
| CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  |
|  | 457380172 |  | (15687462)<br>| 35376503 | 477069213 |  | 20368877 |  | 10805644 |
| CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  |
|  | 1104006482 | 51869056 | (76279711)<br>| 37258626 | 1116854453 |  | (9022009)<br>| 51869056 | 119962884 |
| CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  |
|  | 82288235 | 959 | (686757)<br>| (641363)<br>| 80961074 |  | 2490502 |  | 1559343 |
| CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  |
|  | 56858097 | 3417 | (6627640)<br>| 5554176 | 55788050 |  | 5267413 |  | 1083684 |
| CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  |
|  | 81081927 | 4263 | (2252017)<br>| 762158 | 79596331 |  | 7594532 |  | 1372587 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Portfolio Navigator Funds \| 2025

------

Portfolio of Investments (continued)

Variable Portfolio – Moderate Portfolio, December 31, 2025

**Notes to Portfolio of Investments (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning**<br> **of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br> **unrealized** <br> **appreciation** <br> **(depreciation)($)**<br>| **End of** <br> **period($)**<br>| **Capital gain**<br> **distributions($)**<br>| **Realized gain**<br> **(loss)($)**<br>| **Dividends —**<br> **affiliated**<br> **issuers ($)**<br>| **End of**<br> **period shares**<br>|
| CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  |
|  | 338460709 | 12101 | (64875159)<br>| 33914513 | 307512164 |  | 17733600 |  | 4439968 |
| Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  |
|  | 1243256991 | 67919695 | (63035752)<br>| 33320980 | 1281461914 |  | (8624072)<br>| 67919695 | 131297327 |
| Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  |
|  | 320406197 | 12509 | (23087508)<br>| 16083841 | 313415039 |  | 24032258 |  | 6009876 |
| Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  |
|  | 344951496 | 19989925 | (59808217)<br>| 51673975 | 356807179 | 14703562 | 6754576 | 5286362 | 28363051 |
| Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  |
|  | 338503187 | 5224104 | (51999555)<br>| 45358751 | 337086487 | 2678599 | 5565290 | 2545505 | 25771138 |
| Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  |
|  | 343141168 | 11225964 | (29760161)<br>| 83232666 | 407839637 | 895521 | 16211788 | 10330443 | 30526919 |
| Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  |
|  | 64855378 | 3330 | (5507516)<br>| 562924 | 59914116 |  | 4307229 |  | 1602839 |
| Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  |
|  | 66391437 | 1843 | (1585569)<br>| 2133175 | 66940886 |  | 2717801 |  | 1586277 |
| Total | 13500520586 |  |  | 1012313129 | 13643755325 | 40353433 | 379932988 | 318893983 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown is the seven-day current annualized yield at December 31, 2025.

**Currency Legend** 

---

| | |
|:---|:---|
| CAD | Canadian Dollar |
| EUR | Euro |
| GBP | British Pound |
| 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 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.

Portfolio Navigator Funds \| 2025

------

Portfolio of Investments (continued)

Variable Portfolio – Moderate Portfolio, December 31, 2025

**Fair value measurements (continued)**

Certain investments that have been measured at fair value using the net asset value (NAV) per share (or its equivalent) are not categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to reconcile the fair value hierarchy to the amounts presented in the Portfolio of Investments. The Variable Portfolios serve as investment vehicles for variable annuity contracts and variable life insurance policies. Principal investment strategies within these Variable Portfolios vary based on the Portfolios investment objective. Investments in the Variable Portfolios may be redeemed on a daily basis without restriction.

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 ($)** | **Assets at NAV ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |  |
| Alternative Strategies Funds |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33487674 | &nbsp;&nbsp;&nbsp;&nbsp; 33487674 |
| Equity Funds |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6603377940 | &nbsp;&nbsp;&nbsp;&nbsp; 6603377940 |
| Fixed Income Funds |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6305944177 | &nbsp;&nbsp;&nbsp;&nbsp; 6305944177 |
| Money Market Funds | 700945534 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 700945534 |
| Total Investments in Securities | 700945534 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12942809791 | &nbsp;&nbsp;&nbsp;&nbsp; 13643755325 |
| **Investments in Derivatives** |  |  |  |  |  |
| Asset |  |  |  |  |  |
| Futures Contracts | 1745256 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1745256 |
| Liability |  |  |  |  |  |
| Futures Contracts | (10525109)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (10525109)<br>|
| Total | 692165681 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12942809791 | &nbsp;&nbsp;&nbsp;&nbsp; 13634975472 |

---

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.

Portfolio Navigator Funds \| 2025

------

Portfolio of Investments

Variable Portfolio – Moderately Aggressive Portfolio, 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;

---

| | | |
|:---|:---|:---|
| **Alternative Strategies Funds 0.2%** | **Alternative Strategies Funds 0.2%** | **Alternative Strategies Funds 0.2%** |
|  | **Shares** | **Value ($)** |
| Columbia Variable Portfolio – Commodity <br> Strategy Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 3733102 | &nbsp;&nbsp; 15305718 |
| Total Alternative Strategies Funds <br>(Cost $15,973,182) | Total Alternative Strategies Funds <br>(Cost $15,973,182) | &nbsp;&nbsp; **15305718** |
| **Equity Funds 63.3%** | **Equity Funds 63.3%** | **Equity Funds 63.3%** |
| **Global Real Estate 0.5%** | **Global Real Estate 0.5%** | **Global Real Estate 0.5%** |
| CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, <br> Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 4584586 | &nbsp;&nbsp; 29387193 |
| **International 20.8%** | **International 20.8%** | **International 20.8%** |
| Columbia Variable Portfolio – Emerging <br> Markets Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 6052087 | &nbsp;&nbsp; 81279527 |
| Columbia Variable Portfolio – Overseas Core <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 27375721 | &nbsp;&nbsp; 489751661 |
| Variable Portfolio – Partners International Core <br> Equity Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 18209638 | &nbsp;&nbsp; 229077245 |
| Variable Portfolio – Partners International <br> Growth Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 17028123 | &nbsp;&nbsp; 222727853 |
| Variable Portfolio – Partners International <br> Value Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 18950601 | &nbsp;&nbsp; 253180025 |
| **Total** | **Total** | &nbsp;&nbsp; **1276016311** |
| **U.S. Large Cap 38.3%** | **U.S. Large Cap 38.3%** | **U.S. Large Cap 38.3%** |
| Columbia Variable Portfolio – Contrarian Core <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 3206831 | &nbsp;&nbsp; 203729970 |
| Columbia Variable Portfolio – Disciplined Core <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 717322 | &nbsp;&nbsp; 92871749 |
| Columbia Variable Portfolio – Large Cap <br> Growth Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 6002536 | &nbsp;&nbsp; 341304201 |
| Columbia Variable Portfolio – Select Large Cap <br> Equity Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 15105125 | &nbsp;&nbsp; 406176812 |
| Columbia Variable Portfolio – Select Large Cap <br> Value Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 4240562 | &nbsp;&nbsp; 237641089 |
| CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 2669996 | &nbsp;&nbsp; 217658063 |
| CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 7147059 | &nbsp;&nbsp; 315542644 |
| CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 2402481 | &nbsp;&nbsp; 123679707 |
| CTIVP<sup>®</sup> – Westfield Select Large Cap Growth <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 2998471 | &nbsp;&nbsp; 207674143 |
| Variable Portfolio – Partners Core Equity Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 4002511 | &nbsp;&nbsp; 208730952 |
| **Total** | **Total** | &nbsp;&nbsp; **2355009330** |

---

---

| | | |
|:---|:---|:---|
| **Equity Funds (continued)** | **Equity Funds (continued)** | **Equity Funds (continued)** |
|  | **Shares** | **Value ($)** |
| **U.S. Mid Cap 1.3%** | **U.S. Mid Cap 1.3%** | **U.S. Mid Cap 1.3%** |
| CTIVP<sup>®</sup> – Victory Sycamore Established Value <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 814882 | &nbsp;&nbsp; 42308649 |
| CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 672696 | &nbsp;&nbsp; 39009650 |
| **Total** | **Total** | &nbsp;&nbsp; **81318299** |
| **U.S. Small Cap 2.4%** | **U.S. Small Cap 2.4%** | **U.S. Small Cap 2.4%** |
| Columbia Variable Portfolio – Small Cap Value <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 3161568 | &nbsp;&nbsp; 39993833 |
| Columbia Variable Portfolio – Small Company <br> Growth Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 2425059 | &nbsp;&nbsp; 36327382 |
| Variable Portfolio – Partners Small Cap Growth <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 975780 | &nbsp;&nbsp; 36474663 |
| Variable Portfolio – Partners Small Cap Value <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 869616 | &nbsp;&nbsp; 36697804 |
| **Total** | **Total** | &nbsp;&nbsp; **149493682** |
| Total Equity Funds <br>(Cost $2,479,221,233) | Total Equity Funds <br>(Cost $2,479,221,233) | &nbsp;&nbsp; **3891224815** |
| **Fixed Income Funds 30.9%** | **Fixed Income Funds 30.9%** | **Fixed Income Funds 30.9%** |
| **Emerging Markets 0.8%** | **Emerging Markets 0.8%** | **Emerging Markets 0.8%** |
| Columbia Variable Portfolio – Emerging <br> Markets Bond Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 5443892 | &nbsp;&nbsp; 46218645 |
| **Investment Grade 30.1%** | **Investment Grade 30.1%** | **Investment Grade 30.1%** |
| Columbia Variable Portfolio – Corporate Bond <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 35155206 | &nbsp;&nbsp; 275968364 |
| Columbia Variable Portfolio – Income <br> Opportunities Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 13487223 | &nbsp;&nbsp; 91308498 |
| Columbia Variable Portfolio – Intermediate <br> Bond Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 20100538 | &nbsp;&nbsp; 172864630 |
| Columbia Variable Portfolio – U.S. Government <br> Mortgage Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 21051228 | &nbsp;&nbsp; 197039490 |
| CTIVP<sup>®</sup> – American Century Diversified Bond <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 46154830 | &nbsp;&nbsp; 429701471 |
| CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 <br> Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 32827248 | &nbsp;&nbsp; 305621679 |
| Variable Portfolio – Partners Core Bond Fund, <br> Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 38965309 | &nbsp;&nbsp; 380301412 |
| **Total** | **Total** | &nbsp;&nbsp; **1852805544** |
| Total Fixed Income Funds <br>(Cost $2,049,945,016) | Total Fixed Income Funds <br>(Cost $2,049,945,016) | &nbsp;&nbsp; **1899024189** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Portfolio Navigator Funds \| 2025

------

Portfolio of Investments (continued)

Variable Portfolio – Moderately Aggressive Portfolio, December 31, 2025

---

| | | |
|:---|:---|:---|
| **Money Market Funds 5.0%** | **Money Market Funds 5.0%** | **Money Market Funds 5.0%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 3.825%<sup>(a),(c)</sup> <br>| &nbsp;&nbsp; 304669720 | &nbsp;&nbsp; 304578319 |
| Total Money Market Funds <br>(Cost $304,579,882) | Total Money Market Funds <br>(Cost $304,579,882) | &nbsp;&nbsp; **304578319** |
| **Total Investments in Securities** <br>**(Cost: $4,849,719,313)** | **Total Investments in Securities** <br>**(Cost: $4,849,719,313)** | &nbsp;&nbsp; **6110133041** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **34936230** |
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **6145069271** |

---

At December 31, 2025, securities and/or cash totaling $37,393,027 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>|
| CAC40 Index | 254 | 01/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 20711160 | &nbsp;&nbsp;&nbsp;&nbsp; 28089 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| IBEX 35 Index | 133 | 01/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 22981735 | &nbsp;&nbsp;&nbsp;&nbsp; 457666 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Russell 2000 Index E-mini | 113 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 14113700 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (427985)<br>|
| S&P 500 Index E-mini | 766 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 263982750 | &nbsp;&nbsp;&nbsp;&nbsp; 111124 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P/TSX 60 Index | 162 | 03/2026 | CAD | &nbsp;&nbsp;&nbsp;&nbsp; 60325560 | &nbsp;&nbsp;&nbsp;&nbsp; 192906 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 10-Year Note | 1067 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 119970813 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (640926)<br>|
| U.S. Treasury Ultra Bond | 149 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 17582000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (340164)<br>|
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 789785 | &nbsp;&nbsp;&nbsp;&nbsp; (1409075)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short 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>|
| Euro STOXX 50 Index | (1293) | 03/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (75524130)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (938505)<br>|
| FTSE 100 Index | (312) | 03/2026 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; (31015920)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (642168)<br>|
| FTSE/MIB Index | (189) | 03/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (42575085)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (884521)<br>|
| MSCI EAFE Index | (80) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (11608400)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (19005)<br>|
| MSCI Emerging Markets Index | (662) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (46717340)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (842435)<br>|
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3326634)<br>|

---

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) 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($)**<br>| **Capital gain** <br>**distributions($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends —** <br>**affiliated** <br>**issuers ($)**<br>| **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%  | Columbia Short-Term Cash Fund, 3.825%  |
|  | 258988498 | 341241127 | (295638419)<br>| (12887)<br>| 304578319 |  | (12712)<br>| 11655301 | 304669720 |
| Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  |
|  | 15219497 | 1250480 | (2515645)<br>| 1351386 | 15305718 |  | (396280)<br>| 1221585 | 3733102 |
| Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  |
|  | 203025879 | 2698 | (15045535)<br>| 15746928 | 203729970 |  | 17380216 |  | 3206831 |
| Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  |
|  |  | 266381146 | (238626)<br>| 9825844 | 275968364 |  | 10803 |  | 35155206 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Portfolio Navigator Funds \| 2025

------

Portfolio of Investments (continued)

Variable Portfolio – Moderately Aggressive Portfolio, December 31, 2025

**Notes to Portfolio of Investments (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning**<br> **of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br> **unrealized** <br> **appreciation** <br> **(depreciation)($)**<br>| **End of** <br> **period($)**<br>| **Capital gain**<br> **distributions($)**<br>| **Realized gain**<br> **(loss)($)**<br>| **Dividends —**<br> **affiliated**<br> **issuers ($)**<br>| **End of**<br> **period shares**<br>|
| Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  |
|  | 89946688 | 328175 | (3078787)<br>| 5675673 | 92871749 |  | 6949597 |  | 717322 |
| Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  |
|  | 44598478 | 2443421 | (4402081)<br>| 3578827 | 46218645 |  | (576214)<br>| 2387226 | 5443892 |
| Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  |
|  | 73649852 | 279795 | (17862812)<br>| 25212692 | 81279527 |  | (3867979)<br>| 225271 | 6052087 |
| Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  |
|  | 89004653 | 1920751 | (5277821)<br>| 5660915 | 91308498 |  | (5681)<br>| 1766347 | 13487223 |
| Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares  |
|  | 168081066 | 9500365 | (11992678)<br>| 7275877 | 172864630 |  | (1792224)<br>| 9106582 | 20100538 |
| Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  |
|  | 294954736 | 71316466 | (19747726)<br>| (5219275)<br>| 341304201 |  | 59575883 |  | 6002536 |
| Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  |
|  | 113539220 | 149890 | (112245689)<br>| (1443421)<br>|  |  | 2656925 | 2362125 |  |
| Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  |
|  | 157592350 | 381864 | (191856776)<br>| 33882562 |  |  | (35269124)<br>| 4442718 |  |
| Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  |
|  | 427424965 | 9111628 | (71691770)<br>| 124906838 | 489751661 |  | 16266692 | 9111628 | 27375721 |
| Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  |
|  | 412411373 | 10333 | (25216796)<br>| 18971902 | 406176812 |  | 35500015 |  | 15105125 |
| Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  |
|  | 288701968 | 34879 | (52197155)<br>| 1101397 | 237641089 |  | 57017887 |  | 4240562 |
| Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  |
|  | 40874539 | 7165324 | (10769370)<br>| 2723340 | 39993833 | 6650015 | (4158752)<br>| 481105 | 3161568 |
| Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  |
|  | 40515898 | 5003872 | (14024811)<br>| 4832423 | 36327382 | 4953967 | (2342374)<br>|  | 2425059 |
| Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  |
|  | 187205293 | 4784892 | (8418581)<br>| 13467886 | 197039490 |  | (953584)<br>| 4247173 | 21051228 |
| CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  |
|  | 416634556 | 14428874 | (21824280)<br>| 20462321 | 429701471 |  | (3640497)<br>| 13329450 | 46154830 |
| CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  |
|  | 29230065 | 2414776 | (611672)<br>| (1645976)<br>| 29387193 | 1496349 | (35870)<br>| 822823 | 4584586 |
| CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  |
|  | 218959686 | 76812 | (7680486)<br>| 6302051 | 217658063 |  | 22041050 |  | 2669996 |
| CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  |
|  | 284454114 | 431217 | (1967269)<br>| 32624582 | 315542644 |  | 2521276 |  | 7147059 |
| CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  |
|  | 297593835 | 14958171 | (16566684)<br>| 9636357 | 305621679 |  | (1973071)<br>| 14065583 | 32827248 |
| CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  |
|  | 43180385 | 18768 | (421418)<br>| (469086)<br>| 42308649 |  | 1384197 |  | 814882 |
| CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  |
|  | 109287691 | 718686 | (4383379)<br>| 18056709 | 123679707 |  | 3596945 |  | 2402481 |
| CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  |
|  | 43296624 | 9155 | (1674710)<br>| (2621419)<br>| 39009650 |  | 6628883 |  | 672696 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Portfolio Navigator Funds \| 2025

------

Portfolio of Investments (continued)

Variable Portfolio – Moderately Aggressive Portfolio, December 31, 2025

**Notes to Portfolio of Investments (continued)**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning**<br> **of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br> **unrealized** <br> **appreciation** <br> **(depreciation)($)**<br>| **End of** <br> **period($)**<br>| **Capital gain**<br> **distributions($)**<br>| **Realized gain**<br> **(loss)($)**<br>| **Dividends —**<br> **affiliated**<br> **issuers ($)**<br>| **End of**<br> **period shares**<br>|
| CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  |
|  | 221256202 | 200361 | (37742146)<br>| 23959726 | 207674143 |  | 9692269 |  | 2998471 |
| Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  |
|  | 368624842 | 21018185 | (19139148)<br>| 9797533 | 380301412 |  | (2519131)<br>| 19950263 | 38965309 |
| Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  |
|  | 202178227 | 197180 | (9602014)<br>| 15957559 | 208730952 |  | 10235504 |  | 4002511 |
| Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  |
|  | 208252576 | 12453923 | (23898969)<br>| 32269715 | 229077245 | 9137454 | 3647555 | 3226190 | 18209638 |
| Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  |
|  | 205065936 | 3298952 | (15965811)<br>| 30328776 | 222727853 | 1683924 | 1295007 | 1555189 | 17028123 |
| Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  |
|  | 207662570 | 6849564 | (16598310)<br>| 55266201 | 253180025 | 549641 | 5756363 | 6299924 | 18950601 |
| Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  |
|  | 37233209 | 63942 | (2076689)<br>| 1254201 | 36474663 |  | 1655160 |  | 975780 |
| Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  |
|  | 37251726 | 83397 | (1160572)<br>| 523253 | 36697804 |  | 2134292 |  | 869616 |
| Total | 5835897197 |  |  | 519241410 | 6110133041 | 24471350 | 208403026 | 106256483 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown is the seven-day current annualized yield at December 31, 2025.

**Currency Legend** 

---

| | |
|:---|:---|
| CAD | Canadian Dollar |
| EUR | Euro |
| GBP | British Pound |
| 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 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.

Portfolio Navigator Funds \| 2025

------

Portfolio of Investments (continued)

Variable Portfolio – Moderately Aggressive Portfolio, December 31, 2025

**Fair value measurements (continued)**

Certain investments that have been measured at fair value using the net asset value (NAV) per share (or its equivalent) are not categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to reconcile the fair value hierarchy to the amounts presented in the Portfolio of Investments. The Variable Portfolios serve as investment vehicles for variable annuity contracts and variable life insurance policies. Principal investment strategies within these Variable Portfolios vary based on the Portfolios investment objective. Investments in the Variable Portfolios may be redeemed on a daily basis without restriction.

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 ($)** | **Assets at NAV ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |  |
| Alternative Strategies Funds |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15305718 | &nbsp;&nbsp;&nbsp;&nbsp; 15305718 |
| Equity Funds |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3891224815 | &nbsp;&nbsp;&nbsp;&nbsp; 3891224815 |
| Fixed Income Funds |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1899024189 | &nbsp;&nbsp;&nbsp;&nbsp; 1899024189 |
| Money Market Funds | 304578319 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 304578319 |
| Total Investments in Securities | 304578319 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5805554722 | &nbsp;&nbsp;&nbsp;&nbsp; 6110133041 |
| **Investments in Derivatives** |  |  |  |  |  |
| Asset |  |  |  |  |  |
| Futures Contracts | 789785 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 789785 |
| Liability |  |  |  |  |  |
| Futures Contracts | (4735709)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4735709)<br>|
| Total | 300632395 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5805554722 | &nbsp;&nbsp;&nbsp;&nbsp; 6106187117 |

---

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.

Portfolio Navigator Funds \| 2025

------

Portfolio of Investments

Variable Portfolio – Aggressive Portfolio, 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;

---

| | | |
|:---|:---|:---|
| **Alternative Strategies Funds 0.3%** | **Alternative Strategies Funds 0.3%** | **Alternative Strategies Funds 0.3%** |
|  | **Shares** | **Value ($)** |
| Columbia Variable Portfolio – Commodity <br> Strategy Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 1574385 | &nbsp;&nbsp; 6454978 |
| Total Alternative Strategies Funds <br>(Cost $6,936,369) | Total Alternative Strategies Funds <br>(Cost $6,936,369) | &nbsp;&nbsp; **6454978** |
| **Equity Funds 80.1%** | **Equity Funds 80.1%** | **Equity Funds 80.1%** |
| **Global Real Estate 0.7%** | **Global Real Estate 0.7%** | **Global Real Estate 0.7%** |
| CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, <br> Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 2846760 | &nbsp;&nbsp; 18247731 |
| **International 26.4%** | **International 26.4%** | **International 26.4%** |
| Columbia Variable Portfolio – Emerging Markets <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 3153548 | &nbsp;&nbsp; 42352146 |
| Columbia Variable Portfolio – Overseas Core <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 12609378 | &nbsp;&nbsp; 225581763 |
| Variable Portfolio – Partners International Core <br> Equity Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 12756274 | &nbsp;&nbsp; 160473928 |
| Variable Portfolio – Partners International <br> Growth Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 9066077 | &nbsp;&nbsp; 118584290 |
| Variable Portfolio – Partners International Value <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 10228087 | &nbsp;&nbsp; 136647249 |
| **Total** | **Total** | &nbsp;&nbsp; **683639376** |
| **U.S. Large Cap 48.5%** | **U.S. Large Cap 48.5%** | **U.S. Large Cap 48.5%** |
| Columbia Variable Portfolio – Contrarian Core <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 2181199 | &nbsp;&nbsp; 138571611 |
| Columbia Variable Portfolio – Disciplined Core <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 578463 | &nbsp;&nbsp; 74893567 |
| Columbia Variable Portfolio – Large Cap Growth <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 3094146 | &nbsp;&nbsp; 175933134 |
| Columbia Variable Portfolio – Select Large Cap <br> Equity Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 6602793 | &nbsp;&nbsp; 177549116 |
| Columbia Variable Portfolio – Select Large Cap <br> Value Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 2590707 | &nbsp;&nbsp; 145183213 |
| CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 1433711 | &nbsp;&nbsp; 116876104 |
| CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 3591543 | &nbsp;&nbsp; 158566625 |
| CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 972286 | &nbsp;&nbsp; 50053300 |
| CTIVP<sup>®</sup> – Westfield Select Large Cap Growth <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 1640233 | &nbsp;&nbsp; 113602536 |
| Variable Portfolio – Partners Core Equity Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 2065999 | &nbsp;&nbsp; 107741836 |
| **Total** | **Total** | &nbsp;&nbsp; **1258971042** |

---

---

| | | |
|:---|:---|:---|
| **Equity Funds (continued)** | **Equity Funds (continued)** | **Equity Funds (continued)** |
|  | **Shares** | **Value ($)** |
| **U.S. Mid Cap 1.6%** | **U.S. Mid Cap 1.6%** | **U.S. Mid Cap 1.6%** |
| CTIVP<sup>®</sup> – Victory Sycamore Established Value <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 426600 | &nbsp;&nbsp; 22149061 |
| CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, <br> Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 348056 | &nbsp;&nbsp; 20183778 |
| **Total** | **Total** | &nbsp;&nbsp; **42332839** |
| **U.S. Small Cap 2.9%** | **U.S. Small Cap 2.9%** | **U.S. Small Cap 2.9%** |
| Columbia Variable Portfolio – Small Cap Value <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 1665337 | &nbsp;&nbsp; 21066515 |
| Columbia Variable Portfolio – Small Company <br> Growth Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 1213834 | &nbsp;&nbsp; 18183229 |
| Variable Portfolio – Partners Small Cap Growth <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 484497 | &nbsp;&nbsp; 18110484 |
| Variable Portfolio – Partners Small Cap Value <br> Fund, Class 1 Shares<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 433693 | &nbsp;&nbsp; 18301859 |
| **Total** | **Total** | &nbsp;&nbsp; **75662087** |
| Total Equity Funds <br>(Cost $1,302,431,423) | Total Equity Funds <br>(Cost $1,302,431,423) | &nbsp;&nbsp; **2078853075** |
| **Fixed Income Funds 16.5%** | **Fixed Income Funds 16.5%** | **Fixed Income Funds 16.5%** |
| **Emerging Markets 0.5%** | **Emerging Markets 0.5%** | **Emerging Markets 0.5%** |
| Columbia Variable Portfolio – Emerging Markets <br> Bond Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 1523736 | &nbsp;&nbsp; 12936522 |
| **Investment Grade 16.0%** | **Investment Grade 16.0%** | **Investment Grade 16.0%** |
| Columbia Variable Portfolio – Corporate Bond <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 11291102 | &nbsp;&nbsp; 88635155 |
| Columbia Variable Portfolio – Income <br> Opportunities Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 3707622 | &nbsp;&nbsp; 25100599 |
| Columbia Variable Portfolio – U.S. Government <br> Mortgage Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 6939702 | &nbsp;&nbsp; 64955610 |
| CTIVP<sup>®</sup> – American Century Diversified Bond <br> Fund, Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 8559254 | &nbsp;&nbsp; 79686654 |
| CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 <br> Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 5844627 | &nbsp;&nbsp; 54413474 |
| Variable Portfolio – Partners Core Bond Fund, <br> Class 1 Shares<sup>(a)</sup> <br>| &nbsp;&nbsp; 10428719 | &nbsp;&nbsp; 101784300 |
| **Total** | **Total** | &nbsp;&nbsp; **414575792** |
| Total Fixed Income Funds <br>(Cost $448,093,849) | Total Fixed Income Funds <br>(Cost $448,093,849) | &nbsp;&nbsp; **427512314** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Portfolio Navigator Funds \| 2025

------

Portfolio of Investments (continued)

Variable Portfolio – Aggressive Portfolio, December 31, 2025

---

| | | |
|:---|:---|:---|
| **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>(a),(c)</sup> <br>| &nbsp;&nbsp; 68578612 | &nbsp;&nbsp; 68558038 |
| Total Money Market Funds <br>(Cost $68,559,632) | Total Money Market Funds <br>(Cost $68,559,632) | &nbsp;&nbsp; **68558038** |
| **Total Investments in Securities** <br>**(Cost: $1,826,021,273)** | **Total Investments in Securities** <br>**(Cost: $1,826,021,273)** | &nbsp;&nbsp; **2581378405** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **13164816** |
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **2594543221** |

---

At December 31, 2025, securities and/or cash totaling $14,057,190 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>|
| CAC40 Index | 117 | 01/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 9540180 | &nbsp;&nbsp;&nbsp;&nbsp; 12939 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| IBEX 35 Index | 61 | 01/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 10540495 | &nbsp;&nbsp;&nbsp;&nbsp; 209907 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Russell 2000 Index E-mini | 54 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 6744600 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (204524)<br>|
| S&P 500 Index E-mini | 229 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 78919125 | &nbsp;&nbsp;&nbsp;&nbsp; 33221 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P/TSX 60 Index | 72 | 03/2026 | CAD | &nbsp;&nbsp;&nbsp;&nbsp; 26811360 | &nbsp;&nbsp;&nbsp;&nbsp; 85736 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 10-Year Note | 392 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 44075500 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (235467)<br>|
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 341803 | &nbsp;&nbsp;&nbsp;&nbsp; (439991)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short 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>|
| Euro STOXX 50 Index | (565) | 03/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (33001650)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (410097)<br>|
| FTSE 100 Index | (139) | 03/2026 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; (13817990)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (286094)<br>|
| FTSE/MIB Index | (87) | 03/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (19598055)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (407161)<br>|
| MSCI EAFE Index | (75) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (10882875)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (17817)<br>|
| MSCI Emerging Markets Index | (406) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (28651420)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (516659)<br>|
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1637828)<br>|

---

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) 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($)**<br>| **Capital gain** <br>**distributions($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends —** <br>**affiliated** <br>**issuers ($)**<br>| **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%  | Columbia Short-Term Cash Fund, 3.825%  |
|  | 56099362 | 116511291 | (104049918)<br>| (2697)<br>| 68558038 |  | (3243)<br>| 2536545 | 68578612 |
| Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  | Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares  |
|  | 6149797 | 695525 | (730035)<br>| 339691 | 6454978 |  | 52482 | 505959 | 1574385 |
| Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares  |
|  | 129878321 | 106590 | (3229848)<br>| 11816548 | 138571611 |  | 10144919 |  | 2181199 |
| Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Corporate Bond Fund, Class 1 Shares  |
|  |  | 85571656 | (55704)<br>| 3119203 | 88635155 |  | 2522 |  | 11291102 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Portfolio Navigator Funds \| 2025

------

Portfolio of Investments (continued)

Variable Portfolio – Aggressive Portfolio, December 31, 2025

**Notes to Portfolio of Investments (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning**<br> **of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br> **unrealized** <br> **appreciation** <br> **(depreciation)($)**<br>| **End of** <br> **period($)**<br>| **Capital gain**<br> **distributions($)**<br>| **Realized gain**<br> **(loss)($)**<br>| **Dividends —**<br> **affiliated**<br> **issuers ($)**<br>| **End of**<br> **period shares**<br>|
| Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares  |
|  | 70005170 | 141135 | (1605974)<br>| 6353236 | 74893567 |  | 3614244 |  | 578463 |
| Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares  |
|  | 11953171 | 901625 | (991305)<br>| 1073031 | 12936522 |  | (259654)<br>| 655334 | 1523736 |
| Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  | Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares  |
|  | 35491414 | 306552 | (5500710)<br>| 12054890 | 42352146 |  | (1316443)<br>| 109683 | 3153548 |
| Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  | Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares  |
|  | 23791433 | 1026787 | (1251149)<br>| 1533528 | 25100599 |  | (4349)<br>| 481260 | 3707622 |
| Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares  |
|  | 142660765 | 34718632 | (7171318)<br>| 5725055 | 175933134 |  | 21873882 |  | 3094146 |
| Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  | Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares  |
|  | 35921196 | 764300 | (36568989)<br>| (116507)<br>|  |  | 465087 | 797735 |  |
| Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  | Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares  |
|  | 47344473 | 1942547 | (64260633)<br>| 14973613 |  |  | (15501117)<br>| 1478963 |  |
| Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  | Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares  |
|  | 183682524 | 4153296 | (23205784)<br>| 60951727 | 225581763 |  | 1427652 | 3969836 | 12609378 |
| Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares  |
|  | 169122507 | 174689 | (6175670)<br>| 14427590 | 177549116 |  | 8922504 |  | 6602793 |
| Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares  |
|  | 156984474 | 799386 | (18774764)<br>| 6174117 | 145183213 |  | 27940325 |  | 2590707 |
| Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares  |
|  | 18820304 | 4098230 | (2031959)<br>| 179940 | 21066515 | 3284938 | (778613)<br>| 237653 | 1665337 |
| Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  | Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares  |
|  | 18718651 | 2423657 | (5038691)<br>| 2079612 | 18183229 | 2395508 | (795803)<br>|  | 1213834 |
| Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  | Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares  |
|  | 59264346 | 3974749 | (2314048)<br>| 4030563 | 64955610 |  | 33455 | 1386420 | 6939702 |
| CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – American Century Diversified Bond Fund, Class 1 Shares  |
|  | 75423785 | 5182218 | (4797637)<br>| 3878288 | 79686654 |  | (795404)<br>| 2447561 | 8559254 |
| CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  | CTIVP<sup>®</sup> – CenterSquare Real Estate Fund, Class 1 Shares  |
|  | 17562691 | 1997584 | (339315)<br>| (973229)<br>| 18247731 | 915759 | (58588)<br>| 503564 | 2846760 |
| CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Principal Large Cap Growth Fund, Class 1 Shares  |
|  | 111570884 | 213411 | (2505263)<br>| 7597072 | 116876104 |  | 7198540 |  | 1433711 |
| CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, Class 1 Shares  |
|  | 137186340 | 5096502 | (511457)<br>| 16795240 | 158566625 |  | 618435 |  | 3591543 |
| CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  | CTIVP<sup>®</sup> – TCW Core Plus Bond Fund, Class 1 Shares  |
|  | 50271906 | 4753446 | (2137499)<br>| 1525621 | 54413474 |  | (212236)<br>| 2474977 | 5844627 |
| CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund, Class 1 Shares  |
|  | 20792429 | 869232 | (3490)<br>| 490890 | 22149061 |  | 11813 |  | 426600 |
| CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Wellington Large Cap Value Fund, Class 1 Shares  |
|  | 43345117 | 790593 | (1515443)<br>| 7433033 | 50053300 |  | 1134880 |  | 972286 |
| CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, Class 1 Shares  |
|  | 20897549 | 85965 | (629444)<br>| (170292)<br>| 20183778 |  | 2199659 |  | 348056 |
| CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  | CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund, Class 1 Shares  |
|  | 112905027 | 157182 | (13789945)<br>| 14330272 | 113602536 |  | 3850147 |  | 1640233 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Portfolio Navigator Funds \| 2025

------

Portfolio of Investments (continued)

Variable Portfolio – Aggressive Portfolio, December 31, 2025

**Notes to Portfolio of Investments (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning**<br> **of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br> **unrealized** <br> **appreciation** <br> **(depreciation)($)**<br>| **End of** <br> **period($)**<br>| **Capital gain**<br> **distributions($)**<br>| **Realized gain**<br> **(loss)($)**<br>| **Dividends —**<br> **affiliated**<br> **issuers ($)**<br>| **End of**<br> **period shares**<br>|
| Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  | Variable Portfolio – Partners Core Bond Fund, Class 1 Shares  |
|  | 95714841 | 9052681 | (5733420)<br>| 2750198 | 101784300 |  | (841796)<br>| 5282840 | 10428719 |
| Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners Core Equity Fund, Class 1 Shares  |
|  | 100487586 | 236268 | (3046408)<br>| 10064390 | 107741836 |  | 3093988 |  | 2065999 |
| Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  | Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares  |
|  | 137751048 | 9329666 | (9167550)<br>| 22560764 | 160473928 | 6238449 | 1643419 | 2158495 | 12756274 |
| Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  | Variable Portfolio – Partners International Growth Fund, Class 1 Shares  |
|  | 106106785 | 2422056 | (5975411)<br>| 16030860 | 118584290 | 881370 | 455508 | 809796 | 9066077 |
| Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  | Variable Portfolio – Partners International Value Fund, Class 1 Shares  |
|  | 107258606 | 4441215 | (6539390)<br>| 31486818 | 136647249 | 293641 | 933433 | 3309840 | 10228087 |
| Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares  |
|  | 18500079 | 39131 | (1044205)<br>| 615479 | 18110484 |  | 743699 |  | 484497 |
| Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  | Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares  |
|  | 18283849 | 115608 | (589419)<br>| 491821 | 18301859 |  | 789371 |  | 433693 |
| Total | 2339946430 |  |  | 279620365 | 2581378405 | 14009665 | 76582718 | 29146461 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown is the seven-day current annualized yield at December 31, 2025.

**Currency Legend** 

---

| | |
|:---|:---|
| CAD | Canadian Dollar |
| EUR | Euro |
| GBP | British Pound |
| 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 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.

Certain investments that have been measured at fair value using the net asset value (NAV) per share (or its equivalent) are not categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to reconcile the fair value hierarchy to the amounts presented in the Portfolio of Investments. The Variable Portfolios serve as investment vehicles for variable annuity contracts and variable life insurance policies. Principal investment strategies within these Variable Portfolios vary based on the Portfolios investment objective. Investments in the Variable Portfolios may be redeemed on a daily basis without restriction.

The accompanying Notes to Financial Statements are an integral part of this statement.

Portfolio Navigator Funds \| 2025

------

Portfolio of Investments (continued)

Variable Portfolio – Aggressive Portfolio, December 31, 2025

**Fair value measurements (continued)**

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 ($)** | **Assets at NAV ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |  |
| Alternative Strategies Funds |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6454978 | &nbsp;&nbsp;&nbsp;&nbsp; 6454978 |
| Equity Funds |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2078853075 | &nbsp;&nbsp;&nbsp;&nbsp; 2078853075 |
| Fixed Income Funds |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 427512314 | &nbsp;&nbsp;&nbsp;&nbsp; 427512314 |
| Money Market Funds | 68558038 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 68558038 |
| Total Investments in Securities | 68558038 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2512820367 | &nbsp;&nbsp;&nbsp;&nbsp; 2581378405 |
| **Investments in Derivatives** |  |  |  |  |  |
| Asset |  |  |  |  |  |
| Futures Contracts | 341803 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 341803 |
| Liability |  |  |  |  |  |
| Futures Contracts | (2077819)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2077819)<br>|
| Total | 66822022 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2512820367 | &nbsp;&nbsp;&nbsp;&nbsp; 2579642389 |

---

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.

Portfolio Navigator Funds \| 2025

------

Statement of Assets and Liabilities

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
|  | **Variable** <br>**Portfolio –** <br>**Conservative** <br>**Portfolio**<br>| **Variable** <br>**Portfolio –** <br>**Moderately** <br>**Conservative** <br>**Portfolio**<br>| **Variable** <br>**Portfolio –** <br>**Moderate** <br>**Portfolio**<br>|
| **Assets** |  |  |  |
| Investments in securities, at value |  |  |  |
| Affiliated issuers (cost $807,630,130, $1,842,176,462, $11,758,847,501, respectively) | $789930618 | &nbsp;&nbsp; $1957986381 | &nbsp;&nbsp; $13643755325 |
| Cash | 11126 | &nbsp;&nbsp; 7660 | &nbsp;&nbsp; — |
| Margin deposits on: |  |  |  |
| Futures contracts | 2874306 | &nbsp;&nbsp; 9950625 | &nbsp;&nbsp; 78415405 |
| Receivable for: |  |  |  |
| Investments sold | 1046039 | &nbsp;&nbsp; 2612693 | &nbsp;&nbsp; 15134959 |
| Capital shares sold | 719 | &nbsp;&nbsp; 1257 | &nbsp;&nbsp; 49063 |
| Dividends | 167084 | &nbsp;&nbsp; 376579 | &nbsp;&nbsp; 2304203 |
| Variation margin for futures contracts | 21169 | &nbsp;&nbsp; 69612 | &nbsp;&nbsp; 583871 |
| Expense reimbursement due from Investment Manager | 316 | &nbsp;&nbsp; 210 | &nbsp;&nbsp; — |
| Prepaid expenses | 5231 | &nbsp;&nbsp; 8843 | &nbsp;&nbsp; 41787 |
| Total assets | 794056608 | &nbsp;&nbsp; 1971013860 | &nbsp;&nbsp; 13740284613 |
| **Liabilities** |  |  |  |
| Due to custodian |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 5876 |
| Payable for: |  |  |  |
| Capital shares redeemed | 1057884 | &nbsp;&nbsp; 2621610 | &nbsp;&nbsp; 15184022 |
| Variation margin for futures contracts | 221619 | &nbsp;&nbsp; 776618 | &nbsp;&nbsp; 5966697 |
| Management services fees | 1466 | &nbsp;&nbsp; 3468 | &nbsp;&nbsp; 22081 |
| Distribution and/or service fees | 5432 | &nbsp;&nbsp; 13493 | &nbsp;&nbsp; 93487 |
| Service fees | 40537 | &nbsp;&nbsp; 100924 | &nbsp;&nbsp; 703268 |
| Compensation of chief compliance officer | 128 | &nbsp;&nbsp; 321 | &nbsp;&nbsp; 2228 |
| Compensation of board members | 778 | &nbsp;&nbsp; 1301 | &nbsp;&nbsp; 6438 |
| Other expenses | 27774 | &nbsp;&nbsp; 36303 | &nbsp;&nbsp; 96250 |
| Deferred compensation of board members | 153864 | &nbsp;&nbsp; 291399 | &nbsp;&nbsp; 1258128 |
| Total liabilities | 1509482 | &nbsp;&nbsp; 3845437 | &nbsp;&nbsp; 23338475 |
| **Net assets applicable to outstanding capital stock** | **$792547126** | &nbsp;&nbsp; **$1967168423** | &nbsp;&nbsp; **$13716946138** |
| **Represented by** |  |  |  |
| Trust capital | $792547126 | &nbsp;&nbsp; $1967168423 | &nbsp;&nbsp; $13716946138 |
| **Total - representing net assets applicable to outstanding capital stock** | **$792547126** | &nbsp;&nbsp; **$1967168423** | &nbsp;&nbsp; **$13716946138** |
| **Class 1** |  |  |  |
| Net assets | $3155533 | &nbsp;&nbsp; $7311753 | &nbsp;&nbsp; $142772615 |
| Shares outstanding | 175155 | &nbsp;&nbsp; 333147 | &nbsp;&nbsp; 5295704 |
| Net asset value per share | $18.02 | &nbsp;&nbsp; $21.95 | &nbsp;&nbsp; $26.96 |
| **Class 2** |  |  |  |
| Net assets | $473062982 | &nbsp;&nbsp; $1105720715 | &nbsp;&nbsp; $7553022678 |
| Shares outstanding | 26722267 | &nbsp;&nbsp; 51216431 | &nbsp;&nbsp; 284615496 |
| Net asset value per share | $17.70 | &nbsp;&nbsp; $21.59 | &nbsp;&nbsp; $26.54 |
| **Class 4** |  |  |  |
| Net assets | $316328611 | &nbsp;&nbsp; $854135955 | &nbsp;&nbsp; $6021150845 |
| Shares outstanding | 17875080 | &nbsp;&nbsp; 39488989 | &nbsp;&nbsp; 226596431 |
| Net asset value per share | $17.70 | &nbsp;&nbsp; $21.63 | &nbsp;&nbsp; $26.57 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Portfolio Navigator Funds \| 2025

------

Statement of Assets and Liabilities (continued)

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Variable** <br>**Portfolio –** <br>**Moderately** <br>**Aggressive Portfolio**<br>| **Variable** <br>**Portfolio –** <br>**Aggressive** <br>**Portfolio** <br>|
| **Assets** |  |  |
| Investments in securities, at value |  |  |
| Affiliated issuers (cost $4,849,719,313, $1,826,021,273, respectively) | $6110133041 | &nbsp;&nbsp; $2581378405 |
| Margin deposits on: |  |  |
| Futures contracts | 37393027 | &nbsp;&nbsp; 14057190 |
| Receivable for: |  |  |
| Investments sold | 5041674 | &nbsp;&nbsp; 1568875 |
| Capital shares sold | 3592 | &nbsp;&nbsp; 76440 |
| Dividends | 1002363 | &nbsp;&nbsp; 228176 |
| Variation margin for futures contracts | 376873 | &nbsp;&nbsp; 225329 |
| Prepaid expenses | 19757 | &nbsp;&nbsp; 9077 |
| Total assets | 6153970327 | &nbsp;&nbsp; 2597543492 |
| **Liabilities** |  |  |
| Payable for: |  |  |
| Capital shares redeemed | 5045266 | &nbsp;&nbsp; 1645315 |
| Variation margin for futures contracts | 2795786 | &nbsp;&nbsp; 919339 |
| Management services fees | 9925 | &nbsp;&nbsp; 3002 |
| Distribution and/or service fees | 39350 | &nbsp;&nbsp; 16372 |
| Service fees | 314713 | &nbsp;&nbsp; 132765 |
| Compensation of chief compliance officer | 990 | &nbsp;&nbsp; 415 |
| Compensation of board members | 3090 | &nbsp;&nbsp; 1552 |
| Other expenses | 57551 | &nbsp;&nbsp; 37385 |
| Deferred compensation of board members | 634385 | &nbsp;&nbsp; 244126 |
| Total liabilities | 8901056 | &nbsp;&nbsp; 3000271 |
| **Net assets applicable to outstanding capital stock** | **$6145069271** | &nbsp;&nbsp; **$2594543221** |
| **Represented by** |  |  |
| Trust capital | $6145069271 | &nbsp;&nbsp; $2594543221 |
| **Total - representing net assets applicable to outstanding capital stock** | **$6145069271** | &nbsp;&nbsp; **$2594543221** |
| **Class 1** |  |  |
| Net assets | $433436900 | &nbsp;&nbsp; $219558055 |
| Shares outstanding | 13531413 | &nbsp;&nbsp; 5777471 |
| Net asset value per share | $32.03 | &nbsp;&nbsp; $38.00 |
| **Class 2** |  |  |
| Net assets | $3102657185 | &nbsp;&nbsp; $1390674887 |
| Shares outstanding | 98416257 | &nbsp;&nbsp; 37150452 |
| Net asset value per share | $31.53 | &nbsp;&nbsp; $37.43 |
| **Class 4** |  |  |
| Net assets | $2608975186 | &nbsp;&nbsp; $984310279 |
| Shares outstanding | 82627967 | &nbsp;&nbsp; 26253315 |
| Net asset value per share | $31.57 | &nbsp;&nbsp; $37.49 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Portfolio Navigator Funds \| 2025

------

Statement of Operations

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Variable** <br>**Portfolio –** <br>**Conservative** <br>**Portfolio**<br>| **Variable** <br>**Portfolio –** <br>**Moderately** <br>**Conservative** <br>**Portfolio**<br>| **Variable** <br>**Portfolio –** <br>**Moderate** <br>**Portfolio**<br>|
| **Net investment income** |  |  |  |
| Income: |  |  |  |
| Dividends — affiliated issuers | $28346440 | &nbsp;&nbsp; $58263047 | &nbsp;&nbsp; $318893983 |
| Interest | 93059 | &nbsp;&nbsp; 209271 | &nbsp;&nbsp; 2131042 |
| Total income | 28439499 | &nbsp;&nbsp; 58472318 | &nbsp;&nbsp; 321025025 |
| Expenses: |  |  |  |
| Management services fees | 516055 | &nbsp;&nbsp; 1208009 | &nbsp;&nbsp; 7639852 |
| Distribution and/or service fees |  |  |  |
| Class 2 | 1175387 | &nbsp;&nbsp; 2740561 | &nbsp;&nbsp; 18604728 |
| Class 4 | 809904 | &nbsp;&nbsp; 2178191 | &nbsp;&nbsp; 15057902 |
| Service fees | 477908 | &nbsp;&nbsp; 1184417 | &nbsp;&nbsp; 8155816 |
| Custodian fees | 16308 | &nbsp;&nbsp; 20820 | &nbsp;&nbsp; 23771 |
| Printing and postage fees | 16499 | &nbsp;&nbsp; 21053 | &nbsp;&nbsp; 53929 |
| Accounting services fees | 28303 | &nbsp;&nbsp; 28303 | &nbsp;&nbsp; 28303 |
| Legal fees | 30634 | &nbsp;&nbsp; 50132 | &nbsp;&nbsp; 242513 |
| Interest on collateral |  | &nbsp;&nbsp; 249568 | &nbsp;&nbsp; — |
| Compensation of chief compliance officer | 123 | &nbsp;&nbsp; 307 | &nbsp;&nbsp; 2154 |
| Compensation of board members | 19366 | &nbsp;&nbsp; 31766 | &nbsp;&nbsp; 153970 |
| Deferred compensation of board members | 23634 | &nbsp;&nbsp; 43986 | &nbsp;&nbsp; 192738 |
| Other | 15556 | &nbsp;&nbsp; 29693 | &nbsp;&nbsp; 165075 |
| Total expenses | 3129677 | &nbsp;&nbsp; 7786806 | &nbsp;&nbsp; 50320751 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates | (108743)<br>| &nbsp;&nbsp; (52425)<br>| &nbsp;&nbsp; — |
| Total net expenses | 3020934 | &nbsp;&nbsp; 7734381 | &nbsp;&nbsp; 50320751 |
| **Net investment income** | 25418565 | &nbsp;&nbsp; 50737937 | &nbsp;&nbsp; 270704274 |
| **Realized and unrealized gain (loss) — net** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| Investments — affiliated issuers | (4956539)<br>| &nbsp;&nbsp; 34543465 | &nbsp;&nbsp; 379932988 |
| Capital gain distributions from underlying affiliated funds | 959253 | &nbsp;&nbsp; 3585783 | &nbsp;&nbsp; 40353433 |
| Foreign currency translations | 181630 | &nbsp;&nbsp; 508447 | &nbsp;&nbsp; 4257792 |
| Futures contracts | 1642935 | &nbsp;&nbsp; 7711963 | &nbsp;&nbsp; 57411825 |
| Swap contracts |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (2694886)<br>|
| Net realized gain (loss) | (2172721)<br>| &nbsp;&nbsp; 46349658 | &nbsp;&nbsp; 479261152 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| Investments — affiliated issuers | 54359582 | &nbsp;&nbsp; 128586155 | &nbsp;&nbsp; 1012313129 |
| Futures contracts | 74370 | &nbsp;&nbsp; 19092 | &nbsp;&nbsp; 1060641 |
| Net change in unrealized appreciation (depreciation) | 54433952 | &nbsp;&nbsp; 128605247 | &nbsp;&nbsp; 1013373770 |
| Net realized and unrealized gain | 52261231 | &nbsp;&nbsp; 174954905 | &nbsp;&nbsp; 1492634922 |
| **Net increase in net assets resulting from operations** | **$77679796** | &nbsp;&nbsp; **$225692842** | &nbsp;&nbsp; **$1763339196** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Portfolio Navigator Funds \| 2025

------

Statement of Operations (continued)

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Variable** <br>**Portfolio –** <br>**Moderately** <br>**Aggressive Portfolio**<br>| **Variable** <br>**Portfolio –** <br>**Aggressive** <br>**Portfolio** <br>|
| **Net investment income** |  |  |
| Income: |  |  |
| Dividends — affiliated issuers | $106256483 | &nbsp;&nbsp; $29146461 |
| Interest | 1243486 | &nbsp;&nbsp; 451571 |
| Total income | 107499969 | &nbsp;&nbsp; 29598032 |
| Expenses: |  |  |
| Management services fees | 3371765 | &nbsp;&nbsp; 1008744 |
| Distribution and/or service fees |  |  |
| Class 2 | 7584423 | &nbsp;&nbsp; 3294799 |
| Class 4 | 6393323 | &nbsp;&nbsp; 2368366 |
| Service fees | 3576297 | &nbsp;&nbsp; 1471796 |
| Custodian fees | 22413 | &nbsp;&nbsp; 20778 |
| Printing and postage fees | 29780 | &nbsp;&nbsp; 18496 |
| Accounting services fees | 28303 | &nbsp;&nbsp; 28303 |
| Legal fees | 116003 | &nbsp;&nbsp; 57929 |
| Compensation of chief compliance officer | 965 | &nbsp;&nbsp; 408 |
| Compensation of board members | 73658 | &nbsp;&nbsp; 36746 |
| Deferred compensation of board members | 96683 | &nbsp;&nbsp; 38604 |
| Other | 75496 | &nbsp;&nbsp; 33864 |
| Total expenses | 21369109 | &nbsp;&nbsp; 8378833 |
| **Net investment income** | 86130860 | &nbsp;&nbsp; 21219199 |
| **Realized and unrealized gain (loss) — net** |  |  |
| Net realized gain (loss) on: |  |  |
| Investments — affiliated issuers | 208403026 | &nbsp;&nbsp; 76582718 |
| Capital gain distributions from underlying affiliated funds | 24471350 | &nbsp;&nbsp; 14009665 |
| Foreign currency translations | 1964199 | &nbsp;&nbsp; 859252 |
| Futures contracts | 27351311 | &nbsp;&nbsp; 8322513 |
| Net realized gain | 262189886 | &nbsp;&nbsp; 99774148 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments — affiliated issuers | 519241410 | &nbsp;&nbsp; 279620365 |
| Futures contracts | 2924459 | &nbsp;&nbsp; (3939)<br>|
| Net change in unrealized appreciation (depreciation) | 522165869 | &nbsp;&nbsp; 279616426 |
| Net realized and unrealized gain | 784355755 | &nbsp;&nbsp; 379390574 |
| **Net increase in net assets resulting from operations** | **$870486615** | &nbsp;&nbsp; **$400609773** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Portfolio Navigator Funds \| 2025

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Variable Portfolio –** <br>**Conservative Portfolio** | **Variable Portfolio –** <br>**Conservative Portfolio** | **Variable Portfolio –** <br>**Moderately Conservative Portfolio** | **Variable Portfolio –** <br>**Moderately Conservative Portfolio** |
|  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>| **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **Operations** |  |  |  |  |
| Net investment income | $25418565 | &nbsp;&nbsp; $26244193 | &nbsp;&nbsp; $50737937 | &nbsp;&nbsp; $53308742 |
| Net realized gain (loss) | (2172721)<br>| &nbsp;&nbsp; 4992823 | &nbsp;&nbsp; 46349658 | &nbsp;&nbsp; 72777855 |
| Net change in unrealized appreciation (depreciation) | 54433952 | &nbsp;&nbsp; 5133299 | &nbsp;&nbsp; 128605247 | &nbsp;&nbsp; 4610771 |
| Net increase in net assets resulting from operations | 77679796 | &nbsp;&nbsp; 36370315 | &nbsp;&nbsp; 225692842 | &nbsp;&nbsp; 130697368 |
| Decrease in net assets from capital stock activity | (88005230)<br>| &nbsp;&nbsp; (105184234)<br>| &nbsp;&nbsp; (247686872)<br>| &nbsp;&nbsp; (284647620)<br>|
| Total decrease in net assets | (10325434)<br>| &nbsp;&nbsp; (68813919)<br>| &nbsp;&nbsp; (21994030)<br>| &nbsp;&nbsp; (153950252)<br>|
| Net assets at beginning of year | 802872560 | &nbsp;&nbsp; 871686479 | &nbsp;&nbsp; 1989162453 | &nbsp;&nbsp; 2143112705 |
| **Net assets at end of year** | **$792547126** | &nbsp;&nbsp; **$802872560** | &nbsp;&nbsp; **$1967168423** | &nbsp;&nbsp; **$1989162453** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Variable Portfolio –** <br>**Conservative Portfolio** | **Variable Portfolio –** <br>**Conservative Portfolio** | **Variable Portfolio –** <br>**Conservative Portfolio** | **Variable Portfolio –** <br>**Conservative Portfolio** | **Variable Portfolio –** <br>**Moderately Conservative Portfolio** | **Variable Portfolio –** <br>**Moderately Conservative Portfolio** | **Variable Portfolio –** <br>**Moderately Conservative Portfolio** | **Variable Portfolio –** <br>**Moderately Conservative Portfolio** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2024**  | **December 31, 2024**  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2024**  | **December 31, 2024**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class 1 |  |  |  |  |  |  |  |  |
| Shares sold | 56898 | &nbsp;&nbsp; 990493 | &nbsp;&nbsp; 53261 | &nbsp;&nbsp; 865307 | &nbsp;&nbsp; 68738 | &nbsp;&nbsp; 1424058 | &nbsp;&nbsp; 71861 | &nbsp;&nbsp; 1368687 |
| Shares redeemed | (18070)<br>| &nbsp;&nbsp; (303003)<br>| &nbsp;&nbsp; (106795)<br>| &nbsp;&nbsp; (1700801)<br>| &nbsp;&nbsp; (37674)<br>| &nbsp;&nbsp; (767180)<br>| &nbsp;&nbsp; (22600)<br>| &nbsp;&nbsp; (434710)<br>|
| Net increase (decrease) | 38828 | &nbsp;&nbsp; 687490 | &nbsp;&nbsp; (53534)<br>| &nbsp;&nbsp; (835494)<br>| &nbsp;&nbsp; 31064 | &nbsp;&nbsp; 656878 | &nbsp;&nbsp; 49261 | &nbsp;&nbsp; 933977 |
| Class 2 |  |  |  |  |  |  |  |  |
| Shares sold | 1835357 | &nbsp;&nbsp; 30816287 | &nbsp;&nbsp; 1266985 | &nbsp;&nbsp; 20271502 | &nbsp;&nbsp; 837973 | &nbsp;&nbsp; 17051881 | &nbsp;&nbsp; 820155 | &nbsp;&nbsp; 15526046 |
| Shares redeemed | (4167269)<br>| &nbsp;&nbsp; (70264601)<br>| &nbsp;&nbsp; (4575846)<br>| &nbsp;&nbsp; (72284116)<br>| &nbsp;&nbsp; (6239830)<br>| &nbsp;&nbsp; (126988150)<br>| &nbsp;&nbsp; (8072206)<br>| &nbsp;&nbsp; (151471351)<br>|
| Net decrease | (2331912)<br>| &nbsp;&nbsp; (39448314)<br>| &nbsp;&nbsp; (3308861)<br>| &nbsp;&nbsp; (52012614)<br>| &nbsp;&nbsp; (5401857)<br>| &nbsp;&nbsp; (109936269)<br>| &nbsp;&nbsp; (7252051)<br>| &nbsp;&nbsp; (135945305)<br>|
| Class 4 |  |  |  |  |  |  |  |  |
| Shares sold | 686648 | &nbsp;&nbsp; 11566706 | &nbsp;&nbsp; 492002 | &nbsp;&nbsp; 7810654 | &nbsp;&nbsp; 174028 | &nbsp;&nbsp; 3469853 | &nbsp;&nbsp; 309102 | &nbsp;&nbsp; 5871961 |
| Shares redeemed | (3614605)<br>| &nbsp;&nbsp; (60811112)<br>| &nbsp;&nbsp; (3821765)<br>| &nbsp;&nbsp; (60146780)<br>| &nbsp;&nbsp; (6974467)<br>| &nbsp;&nbsp; (141877334)<br>| &nbsp;&nbsp; (8217305)<br>| &nbsp;&nbsp; (155508253)<br>|
| Net decrease | (2927957)<br>| &nbsp;&nbsp; (49244406)<br>| &nbsp;&nbsp; (3329763)<br>| &nbsp;&nbsp; (52336126)<br>| &nbsp;&nbsp; (6800439)<br>| &nbsp;&nbsp; (138407481)<br>| &nbsp;&nbsp; (7908203)<br>| &nbsp;&nbsp; (149636292)<br>|
| **Total net decrease** | **(5221041)**<br>| &nbsp;&nbsp; **(88005230)**<br>| &nbsp;&nbsp; **(6692158)**<br>| &nbsp;&nbsp; **(105184234)**<br>| &nbsp;&nbsp; **(12171232)**<br>| &nbsp;&nbsp; **(247686872)**<br>| &nbsp;&nbsp; **(15110993)**<br>| &nbsp;&nbsp; **(284647620)**<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Portfolio Navigator Funds \| 2025

------

Statement of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Variable Portfolio –** <br>**Moderate** <br>**Portfolio** | **Variable Portfolio –** <br>**Moderate** <br>**Portfolio** | **Variable Portfolio –** <br>**Moderately Aggressive Portfolio** | **Variable Portfolio –** <br>**Moderately Aggressive Portfolio** |
|  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>| **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **Operations** |  |  |  |  |
| Net investment income | $270704274 | &nbsp;&nbsp; $300877201 | &nbsp;&nbsp; $86130860 | &nbsp;&nbsp; $96433679 |
| Net realized gain | 479261152 | &nbsp;&nbsp; 849477396 | &nbsp;&nbsp; 262189886 | &nbsp;&nbsp; 483461890 |
| Net change in unrealized appreciation (depreciation) | 1013373770 | &nbsp;&nbsp; 27743330 | &nbsp;&nbsp; 522165869 | &nbsp;&nbsp; 44075235 |
| Net increase in net assets resulting from operations | 1763339196 | &nbsp;&nbsp; 1178097927 | &nbsp;&nbsp; 870486615 | &nbsp;&nbsp; 623970804 |
| Decrease in net assets from capital stock activity | (1618338458)<br>| &nbsp;&nbsp; (1637072918)<br>| &nbsp;&nbsp; (597023784)<br>| &nbsp;&nbsp; (625559130)<br>|
| Total increase (decrease) in net assets | 145000738 | &nbsp;&nbsp; (458974991)<br>| &nbsp;&nbsp; 273462831 | &nbsp;&nbsp; (1588326)<br>|
| Net assets at beginning of year | 13571945400 | &nbsp;&nbsp; 14030920391 | &nbsp;&nbsp; 5871606440 | &nbsp;&nbsp; 5873194766 |
| **Net assets at end of year** | **$13716946138** | &nbsp;&nbsp; **$13571945400** | &nbsp;&nbsp; **$6145069271** | &nbsp;&nbsp; **$5871606440** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Variable Portfolio –** <br>**Moderate** <br>**Portfolio** | **Variable Portfolio –** <br>**Moderate** <br>**Portfolio** | **Variable Portfolio –** <br>**Moderate** <br>**Portfolio** | **Variable Portfolio –** <br>**Moderate** <br>**Portfolio** | **Variable Portfolio –** <br>**Moderately Aggressive Portfolio** | **Variable Portfolio –** <br>**Moderately Aggressive Portfolio** | **Variable Portfolio –** <br>**Moderately Aggressive Portfolio** | **Variable Portfolio –** <br>**Moderately Aggressive Portfolio** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2024**  | **December 31, 2024**  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2024**  | **December 31, 2024**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class 1 |  |  |  |  |  |  |  |  |
| Shares sold | 1066247 | &nbsp;&nbsp; 26918858 | &nbsp;&nbsp; 1239559 | &nbsp;&nbsp; 28623439 | &nbsp;&nbsp; 2909827 | &nbsp;&nbsp; 86261481 | &nbsp;&nbsp; 2649365 | &nbsp;&nbsp; 71137520 |
| Shares redeemed | (150835)<br>| &nbsp;&nbsp; (3767528)<br>| &nbsp;&nbsp; (100188)<br>| &nbsp;&nbsp; (2315289)<br>| &nbsp;&nbsp; (364548)<br>| &nbsp;&nbsp; (10942626)<br>| &nbsp;&nbsp; (105037)<br>| &nbsp;&nbsp; (2818380)<br>|
| Net increase | 915412 | &nbsp;&nbsp; 23151330 | &nbsp;&nbsp; 1139371 | &nbsp;&nbsp; 26308150 | &nbsp;&nbsp; 2545279 | &nbsp;&nbsp; 75318855 | &nbsp;&nbsp; 2544328 | &nbsp;&nbsp; 68319140 |
| Class 2 |  |  |  |  |  |  |  |  |
| Shares sold | 536972 | &nbsp;&nbsp; 13630030 | &nbsp;&nbsp; 687202 | &nbsp;&nbsp; 15852742 | &nbsp;&nbsp; 504865 | &nbsp;&nbsp; 14730414 | &nbsp;&nbsp; 725447 | &nbsp;&nbsp; 19038193 |
| Shares redeemed | (32945094)<br>| &nbsp;&nbsp; (816539101)<br>| &nbsp;&nbsp; (35609551)<br>| &nbsp;&nbsp; (807549225)<br>| &nbsp;&nbsp; (12787495)<br>| &nbsp;&nbsp; (371557096)<br>| &nbsp;&nbsp; (14851119)<br>| &nbsp;&nbsp; (390510576)<br>|
| Net decrease | (32408122)<br>| &nbsp;&nbsp; (802909071)<br>| &nbsp;&nbsp; (34922349)<br>| &nbsp;&nbsp; (791696483)<br>| &nbsp;&nbsp; (12282630)<br>| &nbsp;&nbsp; (356826682)<br>| &nbsp;&nbsp; (14125672)<br>| &nbsp;&nbsp; (371472383)<br>|
| Class 4 |  |  |  |  |  |  |  |  |
| Shares sold | 227533 | &nbsp;&nbsp; 5673488 | &nbsp;&nbsp; 75230 | &nbsp;&nbsp; 1714726 | &nbsp;&nbsp; 46162 | &nbsp;&nbsp; 1320844 | &nbsp;&nbsp; 66390 | &nbsp;&nbsp; 1749690 |
| Shares redeemed | (34090922)<br>| &nbsp;&nbsp; (844254205)<br>| &nbsp;&nbsp; (38485472)<br>| &nbsp;&nbsp; (873399311)<br>| &nbsp;&nbsp; (10919978)<br>| &nbsp;&nbsp; (316836801)<br>| &nbsp;&nbsp; (12290382)<br>| &nbsp;&nbsp; (324155577)<br>|
| Net decrease | (33863389)<br>| &nbsp;&nbsp; (838580717)<br>| &nbsp;&nbsp; (38410242)<br>| &nbsp;&nbsp; (871684585)<br>| &nbsp;&nbsp; (10873816)<br>| &nbsp;&nbsp; (315515957)<br>| &nbsp;&nbsp; (12223992)<br>| &nbsp;&nbsp; (322405887)<br>|
| **Total net decrease** | **(65356099)**<br>| &nbsp;&nbsp; **(1618338458)**<br>| &nbsp;&nbsp; **(72193220)**<br>| &nbsp;&nbsp; **(1637072918)**<br>| &nbsp;&nbsp; **(20611167)**<br>| &nbsp;&nbsp; **(597023784)**<br>| &nbsp;&nbsp; **(23805336)**<br>| &nbsp;&nbsp; **(625559130)**<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Portfolio Navigator Funds \| 2025

------

Statement of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Variable Portfolio –** <br>**Aggressive Portfolio** | **Variable Portfolio –** <br>**Aggressive Portfolio** |
|  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **Operations** |  |  |
| Net investment income | $21219199 | &nbsp;&nbsp; $24243417 |
| Net realized gain | 99774148 | &nbsp;&nbsp; 220780295 |
| Net change in unrealized appreciation (depreciation) | 279616426 | &nbsp;&nbsp; 46000238 |
| Net increase in net assets resulting from operations | 400609773 | &nbsp;&nbsp; 291023950 |
| Decrease in net assets from capital stock activity | (159614315)<br>| &nbsp;&nbsp; (195013481)<br>|
| Total increase in net assets | 240995458 | &nbsp;&nbsp; 96010469 |
| Net assets at beginning of year | 2353547763 | &nbsp;&nbsp; 2257537294 |
| **Net assets at end of year** | **$2594543221** | &nbsp;&nbsp; **$2353547763** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Variable Portfolio –** <br>**Aggressive Portfolio** | **Variable Portfolio –** <br>**Aggressive Portfolio** | **Variable Portfolio –** <br>**Aggressive Portfolio** | **Variable Portfolio –** <br>**Aggressive Portfolio** |
|  | **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 | 1154408 | &nbsp;&nbsp;&nbsp;&nbsp; 39711322 | &nbsp;&nbsp;&nbsp;&nbsp; 1242743 | &nbsp;&nbsp;&nbsp;&nbsp; 38543273 |
| Shares redeemed | (100954)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3601712)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (124407)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3891548)<br>|
| Net increase | 1053454 | &nbsp;&nbsp;&nbsp;&nbsp; 36109610 | &nbsp;&nbsp;&nbsp;&nbsp; 1118336 | &nbsp;&nbsp;&nbsp;&nbsp; 34651725 |
| Class 2 |  |  |  |  |
| Shares sold | 637069 | &nbsp;&nbsp;&nbsp;&nbsp; 21912730 | &nbsp;&nbsp;&nbsp;&nbsp; 760429 | &nbsp;&nbsp;&nbsp;&nbsp; 23395130 |
| Shares redeemed | (3562164)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (121041427)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4771116)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (145920406)<br>|
| Net decrease | (2925095)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (99128697)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4010687)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (122525276)<br>|
| Class 4 |  |  |  |  |
| Shares sold | 514791 | &nbsp;&nbsp;&nbsp;&nbsp; 17227395 | &nbsp;&nbsp;&nbsp;&nbsp; 127657 | &nbsp;&nbsp;&nbsp;&nbsp; 3911795 |
| Shares redeemed | (3316225)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (113822623)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3617061)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (111051725)<br>|
| Net decrease | (2801434)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (96595228)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3489404)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (107139930)<br>|
| **Total net decrease** | **(4673075)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(159614315)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(6381755)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(195013481)**<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Portfolio Navigator Funds \| 2025

------

Financial Highlights

Variable Portfolio – Conservative Portfolio

The following tables are intended to help you understand the Funds' 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, a 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 | $16.30<br>| 0.56<br>| 1.16<br>| 1.72<br>|
| Year Ended 12/31/2024 | $15.57<br>| 0.49<br>| 0.24<br>| 0.73<br>|
| Year Ended 12/31/2023 | $14.33<br>| 0.38<br>| 0.86<br>| 1.24<br>|
| Year Ended 12/31/2022 | $16.91<br>| 0.23<br>| &nbsp;&nbsp; (2.81) <br>| &nbsp;&nbsp; (2.58) <br>|
| Year Ended 12/31/2021 | $16.41<br>| 0.28<br>| 0.22<br>| 0.50<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $16.06<br>| 0.54<br>| 1.10<br>| 1.64<br>|
| Year Ended 12/31/2024 | $15.38<br>| 0.49<br>| 0.19<br>| 0.68<br>|
| Year Ended 12/31/2023 | $14.18<br>| 0.32<br>| 0.88<br>| 1.20<br>|
| Year Ended 12/31/2022 | $16.79<br>| 0.20<br>| &nbsp;&nbsp; (2.81) <br>| &nbsp;&nbsp; (2.61) <br>|
| Year Ended 12/31/2021 | $16.33<br>| 0.20<br>| 0.26<br>| 0.46<br>|
| **Class 4** | **Class 4** | **Class 4** | **Class 4** | **Class 4** |
| Year Ended 12/31/2025 | $16.06<br>| 0.53<br>| 1.11<br>| 1.64<br>|
| Year Ended 12/31/2024 | $15.37<br>| 0.50<br>| 0.19<br>| 0.69<br>|
| Year Ended 12/31/2023 | $14.18<br>| 0.31<br>| 0.88<br>| 1.19<br>|
| Year Ended 12/31/2022 | $16.78<br>| 0.20<br>| &nbsp;&nbsp; (2.80) <br>| &nbsp;&nbsp; (2.60) <br>|
| Year Ended 12/31/2021 | $16.32<br>| 0.20<br>| 0.26<br>| 0.46<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.

Portfolio Navigator Funds \| 2025

------

Financial Highlights (continued)

Variable Portfolio – Conservative Portfolio

&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; $18.02<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.55%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.28%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3156<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $16.30<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.69%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.06%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 51%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2223<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $15.57<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.65%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2957<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $14.33<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15.26%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1014<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $16.91<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1169<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; $17.70<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.21%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $473063<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $16.06<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.42%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.11%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 51%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $466645<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $15.38<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.46%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.16%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $497718<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $14.18<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15.55%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $515883<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $16.79<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.82%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.22%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $654063<br>|
| **Class 4** | **Class 4** | **Class 4** | **Class 4** | **Class 4** | **Class 4** | **Class 4** | **Class 4** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $17.70<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.21%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.18%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $316329<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $16.06<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.49%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.12%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 51%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $334004<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $15.37<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.39%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $371012<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $14.18<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15.49%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.33%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $395289<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $16.78<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.82%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $534518<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Portfolio Navigator Funds \| 2025

------

Financial Highlights

Variable Portfolio – Moderately Conservative Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 | $19.53<br>| 0.58<br>| 1.84<br>| 2.42<br>|
| Year Ended 12/31/2024 | $18.30<br>| 0.55<br>| 0.68<br>| 1.23<br>|
| Year Ended 12/31/2023 | $16.52<br>| 0.32<br>| 1.46<br>| 1.78<br>|
| Year Ended 12/31/2022 | $19.65<br>| 0.23<br>| &nbsp;&nbsp; (3.36) <br>| &nbsp;&nbsp; (3.13) <br>|
| Year Ended 12/31/2021 | $18.54<br>| 0.26<br>| 0.85<br>| 1.11<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $19.26<br>| 0.52<br>| 1.81<br>| 2.33<br>|
| Year Ended 12/31/2024 | $18.10<br>| 0.48<br>| 0.68<br>| 1.16<br>|
| Year Ended 12/31/2023 | $16.38<br>| 0.30<br>| 1.42<br>| 1.72<br>|
| Year Ended 12/31/2022 | $19.52<br>| 0.19<br>| &nbsp;&nbsp; (3.33) <br>| &nbsp;&nbsp; (3.14) <br>|
| Year Ended 12/31/2021 | $18.46<br>| 0.19<br>| 0.87<br>| 1.06<br>|
| **Class 4** | **Class 4** | **Class 4** | **Class 4** | **Class 4** |
| Year Ended 12/31/2025 | $19.29<br>| 0.52<br>| 1.82<br>| 2.34<br>|
| Year Ended 12/31/2024 | $18.13<br>| 0.48<br>| 0.68<br>| 1.16<br>|
| Year Ended 12/31/2023 | $16.41<br>| 0.30<br>| 1.42<br>| 1.72<br>|
| Year Ended 12/31/2022 | $19.56<br>| 0.19<br>| &nbsp;&nbsp; (3.34) <br>| &nbsp;&nbsp; (3.15) <br>|
| Year Ended 12/31/2021 | $18.49<br>| 0.19<br>| 0.88<br>| 1.07<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. For the periods indicated below, if interest on collateral expense had been excluded, expenses would have been lower by: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class** | **12/31/2025** | **12/31/2024** | **12/31/2023** | **12/31/2022** | **12/31/2021** |
| Class 1 | 0.01% | &nbsp;&nbsp; 0.01% | less than 0.01% | less than 0.01% | less than 0.01% |
| Class 2 | 0.01% | &nbsp;&nbsp; 0.01% | less than 0.01% | less than 0.01% | less than 0.01% |
| Class 4 | 0.01% | &nbsp;&nbsp; 0.01% | less than 0.01% | less than 0.01% | less than 0.01% |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Portfolio Navigator Funds \| 2025

------

Financial Highlights (continued)

Variable Portfolio – Moderately Conservative Portfolio

&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; $21.95<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.39%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.15% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.14% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.78%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7312<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $19.53<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.72%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.15% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.14% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.84%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 50%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $5899<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $18.30<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.78%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.13% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.86%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $4628<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $16.52<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15.93%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.12% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2118<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $19.65<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.99%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.12% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.33%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1964<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $21.59<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.10%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.40% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.39% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.57%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1105721<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $19.26<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.41%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.40% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.39% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.54%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 50%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1090240<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $18.10<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.50%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.38% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1155844<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $16.38<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16.09%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.37% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1163336<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $19.52<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.74%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.37% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1550825<br>|
| **Class 4** | **Class 4** | **Class 4** | **Class 4** | **Class 4** | **Class 4** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $21.63<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.13%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.40% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.39% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.56%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $854136<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $19.29<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.40% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.39% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.54%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 50%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $893023<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $18.13<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.48%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.38% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $982641<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $16.41<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16.10%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.37% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1027353<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $19.56<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.79%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.37% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1411835<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Portfolio Navigator Funds \| 2025

------

Financial Highlights

Variable Portfolio – Moderate Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 | $23.62<br>| 0.57<br>| 2.77<br>| 3.34<br>|
| Year Ended 12/31/2024 | $21.67<br>| 0.55<br>| 1.40<br>| 1.95<br>|
| Year Ended 12/31/2023 | $19.14<br>| 0.35<br>| 2.18<br>| 2.53<br>|
| Year Ended 12/31/2022 | $22.90<br>| 0.24<br>| &nbsp;&nbsp; (4.00) <br>| &nbsp;&nbsp; (3.76) <br>|
| Year Ended 12/31/2021 | $20.95<br>| 0.25<br>| 1.70<br>| 1.95<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $23.31<br>| 0.49<br>| 2.74<br>| 3.23<br>|
| Year Ended 12/31/2024 | $21.44<br>| 0.49<br>| 1.38<br>| 1.87<br>|
| Year Ended 12/31/2023 | $18.98<br>| 0.30<br>| 2.16<br>| 2.46<br>|
| Year Ended 12/31/2022 | $22.76<br>| 0.18<br>| &nbsp;&nbsp; (3.96) <br>| &nbsp;&nbsp; (3.78) <br>|
| Year Ended 12/31/2021 | $20.88<br>| 0.19<br>| 1.69<br>| 1.88<br>|
| **Class 4** | **Class 4** | **Class 4** | **Class 4** | **Class 4** |
| Year Ended 12/31/2025 | $23.34<br>| 0.49<br>| 2.74<br>| 3.23<br>|
| Year Ended 12/31/2024 | $21.47<br>| 0.49<br>| 1.38<br>| 1.87<br>|
| Year Ended 12/31/2023 | $19.01<br>| 0.29<br>| 2.17<br>| 2.46<br>|
| Year Ended 12/31/2022 | $22.79<br>| 0.18<br>| &nbsp;&nbsp; (3.96) <br>| &nbsp;&nbsp; (3.78) <br>|
| Year Ended 12/31/2021 | $20.90<br>| 0.19<br>| 1.70<br>| 1.89<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.

Portfolio Navigator Funds \| 2025

------

Financial Highlights (continued)

Variable Portfolio – Moderate Portfolio

&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; $26.96<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.14%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $142773<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $23.62<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.37%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 59%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $103467<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $21.67<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.22%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $70233<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $19.14<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16.42%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $38961<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $22.90<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.31%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $27263<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; $26.54<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.86%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.99%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7553023<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $23.31<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.72%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 59%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7389512<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $21.44<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.96%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7545104<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $18.98<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16.61%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7213761<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $22.76<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9154944<br>|
| **Class 4** | **Class 4** | **Class 4** | **Class 4** | **Class 4** | **Class 4** | **Class 4** | **Class 4** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $26.57<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.84%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.99%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $6021151<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $23.34<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.71%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 59%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $6078967<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $21.47<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.94%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.47%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $6415584<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $19.01<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16.59%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $6410024<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $22.79<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.04%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8626480<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Portfolio Navigator Funds \| 2025

------

Financial Highlights

Variable Portfolio – Moderately Aggressive Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 | $27.62<br>| 0.50<br>| 3.91<br>| 4.41<br>|
| Year Ended 12/31/2024 | $24.82<br>| 0.49<br>| 2.31<br>| 2.80<br>|
| Year Ended 12/31/2023 | $21.54<br>| 0.31<br>| 2.97<br>| 3.28<br>|
| Year Ended 12/31/2022 | $26.07<br>| 0.22<br>| &nbsp;&nbsp; (4.75) <br>| &nbsp;&nbsp; (4.53) <br>|
| Year Ended 12/31/2021 | $23.15<br>| 0.20<br>| 2.72<br>| 2.92<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $27.25<br>| 0.42<br>| 3.86<br>| 4.28<br>|
| Year Ended 12/31/2024 | $24.55<br>| 0.42<br>| 2.28<br>| 2.70<br>|
| Year Ended 12/31/2023 | $21.36<br>| 0.25<br>| 2.94<br>| 3.19<br>|
| Year Ended 12/31/2022 | $25.92<br>| 0.16<br>| &nbsp;&nbsp; (4.72) <br>| &nbsp;&nbsp; (4.56) <br>|
| Year Ended 12/31/2021 | $23.08<br>| 0.15<br>| 2.69<br>| 2.84<br>|
| **Class 4** | **Class 4** | **Class 4** | **Class 4** | **Class 4** |
| Year Ended 12/31/2025 | $27.29<br>| 0.42<br>| 3.86<br>| 4.28<br>|
| Year Ended 12/31/2024 | $24.59<br>| 0.42<br>| 2.28<br>| 2.70<br>|
| Year Ended 12/31/2023 | $21.40<br>| 0.25<br>| 2.94<br>| 3.19<br>|
| Year Ended 12/31/2022 | $25.96<br>| 0.16<br>| &nbsp;&nbsp; (4.72) <br>| &nbsp;&nbsp; (4.56) <br>|
| Year Ended 12/31/2021 | $23.11<br>| 0.15<br>| 2.70<br>| 2.85<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 interest on collateral expense which is less than 0.01%. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Portfolio Navigator Funds \| 2025

------

Financial Highlights (continued)

Variable Portfolio – Moderately Aggressive Portfolio

&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; $32.03<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.97%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.68%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $433437<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $27.62<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.28%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.82%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 48%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $303406<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $24.82<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.23%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $209507<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $21.54<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17.38%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $130084<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $26.07<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.61%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $95758<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; $31.53<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.71%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.43%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3102657<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $27.25<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.00%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.59%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 48%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3016416<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $24.55<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.93%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3064243<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $21.36<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17.59%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2986446<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $25.92<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.31%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $4099901<br>|
| **Class 4** | **Class 4** | **Class 4** | **Class 4** | **Class 4** | **Class 4** | **Class 4** | **Class 4** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $31.57<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.68%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.43%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2608975<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $27.29<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.98%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 48%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2551784<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $24.59<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.91%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2599445<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $21.40<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17.57%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2535765<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $25.96<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.33%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3412547<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Portfolio Navigator Funds \| 2025

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Financial Highlights

Variable Portfolio – Aggressive Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 | $32.22<br>| 0.38<br>| 5.40<br>| 5.78<br>|
| Year Ended 12/31/2024 | $28.39<br>| 0.38<br>| 3.45<br>| 3.83<br>|
| Year Ended 12/31/2023 | $24.16<br>| 0.25<br>| 3.98<br>| 4.23<br>|
| Year Ended 12/31/2022 | $29.46<br>| 0.19<br>| &nbsp;&nbsp; (5.49) <br>| &nbsp;&nbsp; (5.30) <br>|
| Year Ended 12/31/2021 | $25.39<br>| 0.16<br>| 3.91<br>| 4.07<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $31.82<br>| 0.29<br>| 5.32<br>| 5.61<br>|
| Year Ended 12/31/2024 | $28.11<br>| 0.31<br>| 3.40<br>| 3.71<br>|
| Year Ended 12/31/2023 | $23.98<br>| 0.19<br>| 3.94<br>| 4.13<br>|
| Year Ended 12/31/2022 | $29.31<br>| 0.13<br>| &nbsp;&nbsp; (5.46) <br>| &nbsp;&nbsp; (5.33) <br>|
| Year Ended 12/31/2021 | $25.32<br>| 0.11<br>| 3.88<br>| 3.99<br>|
| **Class 4** | **Class 4** | **Class 4** | **Class 4** | **Class 4** |
| Year Ended 12/31/2025 | $31.87<br>| 0.29<br>| 5.33<br>| 5.62<br>|
| Year Ended 12/31/2024 | $28.15<br>| 0.31<br>| 3.41<br>| 3.72<br>|
| Year Ended 12/31/2023 | $24.02<br>| 0.19<br>| 3.94<br>| 4.13<br>|
| Year Ended 12/31/2022 | $29.36<br>| 0.13<br>| &nbsp;&nbsp; (5.47) <br>| &nbsp;&nbsp; (5.34) <br>|
| Year Ended 12/31/2021 | $25.36<br>| 0.11<br>| 3.89<br>| 4.00<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.

Portfolio Navigator Funds \| 2025

------

Financial Highlights (continued)

Variable Portfolio – Aggressive Portfolio

&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; $38.00<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.94%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $219558<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $32.22<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.49%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.22%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 52%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $152230<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $28.39<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.51%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $102364<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $24.16<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17.99%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $62600<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $29.46<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.03%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $43538<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; $37.43<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.63%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1390675<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $31.82<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.20%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 52%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1275278<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $28.11<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.22%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1239060<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $23.98<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18.19%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1135243<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $29.31<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.76%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1459446<br>|
| **Class 4** | **Class 4** | **Class 4** | **Class 4** | **Class 4** | **Class 4** | **Class 4** | **Class 4** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $37.49<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.63%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $984310<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $31.87<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.21%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 52%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $926040<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $28.15<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.19%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $916114<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $24.02<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18.19%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $862346<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $29.36<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.77%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1136491<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Portfolio Navigator Funds \| 2025

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Notes to Financial Statements

December 31, 2025

Note 1. Organization

Columbia Funds Variable Series Trust II (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. Information presented in these financial statements pertains to the following series of the Trust (each, a Fund and collectively, the Funds): Variable Portfolio – Conservative Portfolio; Variable Portfolio – Moderately Conservative Portfolio; Variable Portfolio – Moderate Portfolio; Variable Portfolio – Moderately Aggressive Portfolio and Variable Portfolio – Aggressive Portfolio. Each Fund currently operates as a diversified fund.

Each Fund is a "fund-of-funds", investing significantly in affiliated funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), its affiliates, or third-party advised (unaffiliated) funds, including exchange-traded funds (collectively, Underlying Funds). Each Fund is exposed to the same risks as the Underlying Funds in direct proportion to the allocation of its assets among the Underlying Funds. For information on the investment strategies, operations and risks of the Underlying Funds, please refer to the Fund's current prospectus as well as the prospectuses and shareholder reports of the Underlying Funds, which are available from the Securities and Exchange Commission's website at www.sec.gov or on the Underlying Funds' website at columbiathreadneedleus.com/investor.

**Fund shares**

The Trust may issue an unlimited number of shares (without par value). Each Fund offers Class 1, Class 2 and Class 4 shares. Class 1 shares are offered to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated life insurance companies (Participating Insurance Companies) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). Class 2 shares are offered to Contracts issued by affiliated life insurance companies, RiverSource Life Insurance Company and RiverSource Life Insurance Co. of New York (Participating Insurance Companies). Class 4 shares are offered to participants in the Portfolio Navigator program, and to owners of other series of annuity contracts or life insurance policies issued by Participating Insurance Companies. You may not buy (nor will you own) shares of the Funds directly. You invest by buying a Contract and making all allocations to the subaccounts that invest in each 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. Each share class has its own expense structure.

Note 2. Summary of significant accounting policies

**Basis of preparation** 

Each 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 Funds in the preparation of their 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 Funds 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 Funds have a single operating segment because the CODM monitors the operating results of the Funds

Portfolio Navigator Funds \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

as a whole and the Funds' long-term strategic asset allocation is pre-determined in accordance with the terms of each Fund's prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Funds' financial statements.

**Security valuation**

Investments in the Underlying Funds (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 Funds' 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 Funds do 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**

Certain Funds invest in certain derivative instruments, as detailed below, in seeking to meet their 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 a 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.

Portfolio Navigator Funds \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

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 Funds' 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 a 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 a 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 Funds) by account class, potentially resulting in losses to the Funds.

In connection with certain over-the-counter derivatives, the Funds 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 a Fund and a counterparty that governs over-the-counter derivatives and forward 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 Funds 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 a Fund from its counterparties are not fully collateralized, contractually or otherwise, a Fund bears the risk of loss from counterparty nonperformance. The Funds may also pay interest expense on cash collateral received from the broker or receive interest income on cash collateral pledged to the broker. The Funds attempt to mitigate counterparty risk by only entering into agreements with counterparties that they believe 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 a Fund's net asset value declines by a stated percentage over a specified time period or if a Fund fails to meet certain terms of the ISDA Master Agreement, which would cause a Fund to accelerate payment of any net liability owed to the counterparty. The Funds also have termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In determining whether to exercise such termination rights, the Funds 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 Funds do 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. Certain Funds bought and sold futures contracts to manage exposure to the securities markets or to movements in interest rates and currency values. Funds invest in futures contracts as part of their primary

Portfolio Navigator Funds \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

investment strategy and/or to equitize their 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, a 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, a 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 Funds generally expect to earn interest income on their margin deposits. The Funds recognize 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.

**Swap contracts**

Swap contracts are negotiated in the over-the-counter market and are entered into bilaterally or centrally cleared (centrally cleared swap contract). In a centrally cleared swap contract, immediately following execution of the swap contract with a broker, the swap contract is novated to a central counterparty and the central counterparty becomes the Fund's counterparty to the centrally cleared swap contract. The Fund is required to deposit initial margin with the futures commission merchant (FCM), which pledges it through to the central counterparty in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap contract. Securities deposited as initial margin are designated in the Portfolio of Investments and cash deposited is recorded in the Statement of Assets and Liabilities as margin deposits. For a bilateral swap contract, the Fund has credit exposure to the broker, but exchanges daily variation margin with the broker based on the marked-to-market value of the swap contract to minimize that exposure. For centrally cleared swap contracts, there is less credit exposure to the FCM than in the case of an over-the-counter derivative, because the central counterparty provides some protection in the case of clearing member default. The central counterparty stands between the buyer and the seller of the swap contract; therefore, failure of the clearinghouse may pose additional counterparty credit risk. However, credit risk still exists in centrally cleared swaps to the extent initial and variation margin is held in an FCM's customer account. While FCM's are required to segregate customer margin from their own assets, in the event that an FCM becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the FCM for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all of the FCM's customers (including the Fund) by account class, potentially resulting in losses to the Fund. Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of centrally cleared swap contracts, if any, is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities.

Entering into these contracts involves, to varying degrees, elements of interest, liquidity and counterparty credit risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there may be unfavorable changes in interest rates, market conditions or other conditions, that it may be difficult to initiate a swap transaction or liquidate a position at an advantageous time or price which may result in significant losses, and that the bilateral counterparty, FCM or central counterparty, as applicable, may not fulfill its obligation under the contract.

**Credit default swap contracts**

Certain Funds entered into credit default swap contracts to hedge or manage the risks associated with assets held in the Fund and/or to facilitate the implementation of portfolio strategies to seek to increase the total return. These swaps are entered into to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where Funds own or have exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default. These instruments may be used for other purposes in future periods. Credit default swap contracts are transactions in which one party pays fixed periodic payments to a counterparty in consideration for an agreement from the

Portfolio Navigator Funds \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

counterparty to make a specific payment should a specified credit event(s) take place. Although specified credit events are contract specific, credit events are typically bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium.

As the purchaser of a credit default swap contract, a Fund purchases protection by paying a periodic interest rate on the notional amount to the counterparty. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized loss upon payment. If a credit event as specified in the contract occurs, the Funds may have the option either to deliver the reference obligation to the seller in exchange for a cash payment of its par amount, or to receive a net cash settlement equal to the par amount less an agreed-upon value of the reference obligation as of the date of the credit event. The difference between the value of the obligation or cash delivered and the notional amount received will be recorded as a realized gain (loss).

As the seller of a credit default swap contract, the Fund sells protection to a buyer and will generally receive a periodic interest rate on a notional amount. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized gain upon receipt of the payment. If a credit event as specified in the contract with the counterparty occurs, the Fund may either be required to accept the reference obligation from the buyer in exchange for a cash payment of its notional amount, or to pay the buyer a net cash settlement equal to the notional amount less an agreed-upon value of the reference obligation (recovery value) as of the date of the credit event. The difference between the value of the obligation or cash received and the notional amount paid will be recorded as a realized gain (loss). The maximum potential amount of undiscounted future payments the Fund could be required to make as the seller of protection under a credit default swap contract is equal to the notional amount of the reference obligation. These potential amounts may be partially offset by any recovery values of the respective reference obligations or upfront receipts upon entering into the agreement. The notional amounts and market values of all credit default swap contracts in which the Fund is the seller of protection, if any, are disclosed in the Credit Default Swap Contracts Outstanding schedule following the Portfolio of Investments.

As a protection seller, the Fund bears the risk of loss from the credit events specified in the contract with the counterparty. For credit default swap contracts on credit indices, quoted market prices and resulting market values serve as an indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract.

Any upfront payment or receipt by the Fund upon entering into a credit default swap contract is recorded as an asset or liability, respectively, and amortized daily as a component of realized gain (loss) in the Statement of Operations. Credit default swap contracts are valued daily, and the change in value is recorded as unrealized appreciation (depreciation) until the termination of the swap, at which time a realized gain (loss) is recorded.

Credit default swap contracts can involve greater risks than if a fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to other risks including counterparty credit risk, leverage risk, hedging risk, correlation risk and liquidity risk.

**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 Funds, including: the fair value of derivatives by risk category and the location of those fair values in the Statements of Assets and Liabilities; and the impact of derivative transactions over the period in the Statements of Operations, including realized gains or losses and unrealized gains or losses. The derivative schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

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Notes to Financial Statements (continued)

December 31, 2025

**Variable Portfolio – Conservative Portfolio**

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 | Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 81,962<br> \*<br>|

---

&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 | Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 303,172<br> \*<br>|
| Interest rate risk | Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 183,580<br> \*<br>|
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 486752 |

---

&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>**($)**<br>|
| Equity risk | &nbsp;&nbsp; 1396994 |
| Interest rate risk | &nbsp;&nbsp; 245941 |
| Total | &nbsp;&nbsp; 1642935 |
| **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| **Risk exposure category** | **Futures** <br>**contracts** <br>**($)**<br>|
| Equity risk | &nbsp;&nbsp; 4941 |
| Interest rate risk | &nbsp;&nbsp; 69429 |
| Total | &nbsp;&nbsp; 74370 |

---

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 | 61738527 |
| Futures contracts — short | 15713960 |

---

Portfolio Navigator Funds \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

**Variable Portfolio – Moderately Conservative Portfolio**

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 | Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 230,242<br> \*<br>|

---

&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 | Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 1,067,103<br> \*<br>|
| Interest rate risk | Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 378,578<br> \*<br>|
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 1445681 |

---

&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>**($)**<br>|
| Equity risk | &nbsp;&nbsp; 7416534 |
| Interest rate risk | &nbsp;&nbsp; 295429 |
| Total | &nbsp;&nbsp; 7711963 |
| **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| **Risk exposure category** | **Futures** <br>**contracts** <br>**($)**<br>|
| Equity risk | &nbsp;&nbsp; (208393)<br>|
| Interest rate risk | &nbsp;&nbsp; 227485 |
| Total | &nbsp;&nbsp; 19092 |

---

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 | 161833781 |
| Futures contracts — short | 48694600 |

---

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Notes to Financial Statements (continued)

December 31, 2025

**Variable Portfolio – Moderate Portfolio**

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 | Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 1,745,256<br> \*<br>|

---

&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 | Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 8,239,332<br> \*<br>|
| Interest rate risk | Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 2,285,777<br> \*<br>|
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 10525109 |

---

&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** | **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>**($)**<br>| &nbsp;&nbsp;&nbsp; **Swap** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Credit risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2694886)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2694886)<br>|
| Equity risk | &nbsp;&nbsp; 55042835 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55042835 |
| Interest rate risk | &nbsp;&nbsp; 2368990 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2368990 |
| Total | &nbsp;&nbsp; 57411825 | &nbsp;&nbsp;&nbsp;&nbsp; (2694886)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 54716939 |

---

&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** |
| **Risk exposure category** | **Futures** <br>**contracts** <br>**($)**<br>|
| Equity risk | &nbsp;&nbsp; (29481)<br>|
| Interest rate risk | &nbsp;&nbsp; 1090122 |
| Total | &nbsp;&nbsp; 1060641 |

---

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 | 1202422664 |
| Futures contracts — short | 381980423 |
| Credit default swap contracts — buy protection | 9993145 |
| Credit default swap contracts — sell protection | 10113247 |

---

Portfolio Navigator Funds \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

**Variable Portfolio – Moderately Aggressive Portfolio**

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 | Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 789,785<br> \*<br>|

---

&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 | Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 3,754,619<br> \*<br>|
| Interest rate risk | Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 981,090<br> \*<br>|
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 4735709 |

---

&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>**($)**<br>|
| Equity risk | &nbsp;&nbsp; 26973198 |
| Interest rate risk | &nbsp;&nbsp; 378113 |
| Total | &nbsp;&nbsp; 27351311 |
| **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| **Risk exposure category** | **Futures** <br>**contracts** <br>**($)**<br>|
| Equity risk | &nbsp;&nbsp; 2715043 |
| Interest rate risk | &nbsp;&nbsp; 209416 |
| Total | &nbsp;&nbsp; 2924459 |

---

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 | 549592491 |
| Futures contracts — short | 185652287 |

---

Portfolio Navigator Funds \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

**Variable Portfolio – Aggressive Portfolio**

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 | Component of trust capital — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 341,803<br> \*<br>|

---

&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 | Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 1,842,352<br> \*<br>|
| Interest rate risk | Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 235,467<br> \*<br>|
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 2077819 |

---

&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>**($)**<br>|
| Equity risk | &nbsp;&nbsp; 8632046 |
| Interest rate risk | &nbsp;&nbsp; (309533)<br>|
| Total | &nbsp;&nbsp; 8322513 |
| **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| **Risk exposure category** | **Futures** <br>**contracts** <br>**($)**<br>|
| Equity risk | &nbsp;&nbsp; (142881)<br>|
| Interest rate risk | &nbsp;&nbsp; 138942 |
| Total | &nbsp;&nbsp; (3939)<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 notional** <br>**amounts ($)**<br>|
| Futures contracts — long | 190031504 |
| Futures contracts — short | 86637868 |

---

**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**

The Funds 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

Portfolio Navigator Funds \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

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.

Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.

**Expenses**

General expenses of the Trust are allocated to the Funds 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 a Fund are charged to that 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 directly to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of a 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**

Each Fund is treated as a partnership for federal income tax purposes, and the Funds do not expect to make regular distributions. The Funds will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The partners of each Fund are subject to tax on their distributive share of the Fund's income and loss. Each Fund's net assets are reported at the partner-level for federal income tax purposes, and therefore, are not presented in the Statement of Assets and Liabilities.

Management of the Funds has concluded that there are no significant uncertain tax positions in the Funds 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 Funds' 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 Funds' contracts with their service providers contain general indemnification clauses. The Funds' maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Funds cannot be determined, and the Funds have no historical basis for predicting the likelihood of any such claims.

Note 3. Fees and other transactions with affiliates

**Management services fees and underlying fund fees**

Each Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager). 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 a blend of (i) 0.02% on assets invested in affiliated underlying funds (including exchange-traded funds and closed-end funds) that pay a management fee (or investment advisory fee, as applicable) to the Investment Manager, and (ii)

Portfolio Navigator Funds \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

a fee that declines from 0.72% to 0.52%, depending on asset levels, on assets invested in securities (other than affiliated underlying funds (including exchange-traded funds and closed-end funds) that pay a management fee to the Investment Manager), including other funds advised by the Investment Manager that do not pay a management fee to the Investment Manager, third party funds, derivatives and individual securities.

The effective management services fee rates based on each Fund's average daily net assets for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  | **Effective management services fee rate (%)** |
| Variable Portfolio – Conservative Portfolio | 0.06 |
| Variable Portfolio – Moderately Conservative Portfolio | 0.06 |
| Variable Portfolio – Moderate Portfolio | 0.06 |
| Variable Portfolio – Moderately Aggressive Portfolio | 0.06 |
| Variable Portfolio – Aggressive Portfolio | 0.04 |

---

In addition to the fees and expenses which the Funds bear directly, the Funds indirectly bear a pro rata share of the fees and expenses of the Underlying Funds in which the Funds invest. Because the Underlying Funds have varied expense and fee levels and the Funds may own different proportions of Underlying Funds at different times, the amount of fees and expenses incurred indirectly by the Funds will vary. These expenses are not reflected in the expenses shown in Statement of Operations and are not included in the ratios to average net assets shown in the Financial Highlights.

**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 Funds 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. Each Fund's liability for these amounts is adjusted for market value changes and remains in the Funds until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Funds. 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 Funds 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 Funds, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

**Service fees**

Each 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, each 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 each Fund, up to a cap approved by the Board of Trustees from time to time.

Portfolio Navigator Funds \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

For the year ended December 31, 2025, each Fund's effective service fee rate as a percentage of the Fund's average daily net assets was as follows:

---

| | |
|:---|:---|
|  | **Effective service fee rate (%)** |
| Variable Portfolio – Conservative Portfolio | 0.06 |
| Variable Portfolio – Moderately Conservative Portfolio | 0.06 |
| Variable Portfolio – Moderate Portfolio | 0.06 |
| Variable Portfolio – Moderately Aggressive Portfolio | 0.06 |
| Variable Portfolio – Aggressive Portfolio | 0.06 |

---

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 each Fund.

**Distribution and/or service fees**

The Funds have an agreement with Columbia Management Investment Distributors, Inc. (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, each Fund pays a fee at an annual rate of up to 0.25% of each Fund's average daily net assets attributable to Class 2 and Class 4 shares. The Funds pay 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 each Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Funds' custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **May 1, 2025** <br>**through** <br>**April 30, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **May 1, 2025** <br>**through** <br>**April 30, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **May 1, 2025** <br>**through** <br>**April 30, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Prior to** <br>**May 1, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Prior to** <br>**May 1, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Prior to** <br>**May 1, 2025** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class 1** <br>**(%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class 2** <br>**(%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class 4** <br>**(%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class 1** <br>**(%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class 2** <br>**(%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class 4** <br>**(%)**<br>|
| Variable Portfolio - Conservative Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Variable Portfolio - Moderately Conservative Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Variable Portfolio - Moderately Aggressive Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| Variable Portfolio - Aggressive Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 |

---

&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** | &nbsp;&nbsp;&nbsp; **Contractual** <br>**expense cap** <br>**July 1, 2025** <br>**through** <br>**April 30, 2026** | &nbsp;&nbsp;&nbsp; **Contractual** <br>**expense cap** <br>**July 1, 2025** <br>**through** <br>**April 30, 2026** | &nbsp;&nbsp;&nbsp; **Voluntary** <br>**expense cap** <br>**May 1, 2025** <br>**through** <br>**June 30, 2025** | &nbsp;&nbsp;&nbsp; **Voluntary** <br>**expense cap** <br>**May 1, 2025** <br>**through** <br>**June 30, 2025** | &nbsp;&nbsp;&nbsp; **Voluntary** <br>**expense cap** <br>**May 1, 2025** <br>**through** <br>**June 30, 2025** | &nbsp;&nbsp;&nbsp; **Contractual** <br>**expense cap** <br>**prior to** <br>**May 1, 2025** | &nbsp;&nbsp;&nbsp; **Contractual** <br>**expense cap** <br>**prior to** <br>**May 1, 2025** | &nbsp;&nbsp;&nbsp; **Contractual** <br>**expense cap** <br>**prior to** <br>**May 1, 2025** |
|  | &nbsp;&nbsp;&nbsp; **Class 1** <br>**(%)**<br>| &nbsp;&nbsp;&nbsp; **Class 2** <br>**(%)**<br>| &nbsp;&nbsp;&nbsp; **Class 4** <br>**(%)**<br>| &nbsp;&nbsp;&nbsp; **Class 1** <br>**(%)**<br>| &nbsp;&nbsp;&nbsp; **Class 2** <br>**(%)**<br>| &nbsp;&nbsp;&nbsp; **Class 4** <br>**(%)**<br>| &nbsp;&nbsp;&nbsp; **Class 1** <br>**(%)**<br>| &nbsp;&nbsp;&nbsp; **Class 2** <br>**(%)**<br>| &nbsp;&nbsp;&nbsp; **Class 4** <br>**(%)**<br>|
| Variable Portfolio - Moderate Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 |

---

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

Portfolio Navigator Funds \| 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

For the year ended December 31, 2025, the cost of purchases and proceeds from sales of investments in the Underlying Funds, but excluding investments in money market funds and derivatives, if any, for each Fund aggregated to:

---

| | | |
|:---|:---|:---|
|  | **Purchases** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Proceeds** <br>**from sales** <br>**($)**<br>|
| Variable Portfolio – Conservative Portfolio | 110571024 | &nbsp;&nbsp;&nbsp;&nbsp; 174302345 |
| Variable Portfolio – Moderately Conservative Portfolio | 195873975 | &nbsp;&nbsp;&nbsp;&nbsp; 393677053 |
| Variable Portfolio – Moderate Portfolio | 1163648584 | &nbsp;&nbsp;&nbsp;&nbsp; 2500080566 |
| Variable Portfolio – Moderately Aggressive Portfolio | 457287942 | &nbsp;&nbsp;&nbsp;&nbsp; 956311954 |
| Variable Portfolio – Aggressive Portfolio | 186582114 | &nbsp;&nbsp;&nbsp;&nbsp; 313817838 |

---

The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 5. Affiliated money market fund

Each Fund may invest in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by each Fund and other affiliated funds (the Affiliated MMF). The income earned by the Funds from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, each 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, each 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 Funds did not borrow or lend money under the Interfund Program during the year ended December 31, 2025.

Note 7. Line of credit

Each 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 each 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 Funds 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

Portfolio Navigator Funds \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

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, each 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.

No Fund had 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, the Investment Manager and affiliates owned 100% of Class 1, Class 2 and Class 4 shares for each Fund. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Funds. 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 Funds are 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 Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds. Ameriprise Financial is required to

Portfolio Navigator Funds \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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 Funds. Further, although we believe proceedings are not likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds, 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 Funds.

Portfolio Navigator Funds \| 2025

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Report of Independent Registered Public Accounting Firm

**To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of Variable Portfolio – Conservative Portfolio, Variable Portfolio – Moderately Conservative Portfolio, Variable Portfolio – Moderate Portfolio, Variable Portfolio – Moderately Aggressive Portfolio and Variable Portfolio – Aggressive Portfolio** 

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Variable Portfolio - Conservative Portfolio, Variable Portfolio - Moderately Conservative Portfolio, Variable Portfolio - Moderate Portfolio, Variable Portfolio - Moderately Aggressive Portfolio and Variable Portfolio - Aggressive Portfolio (five of the funds constituting Columbia Funds Variable Series Trust II, hereafter collectively referred to as the "Funds") as of December 31, 2025, the related statements of operations for the year ended December 31, 2025, the statements 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 each of the Funds as of December 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2025 and each of 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 Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' 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 Funds 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 opinions.

/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.

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**Portfolio Navigator Funds** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g59364img1f9ed16e2.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, and/or summary prospectuses which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest.** Each 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.

ANN7069_12_E01_(02/26)

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#### 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.](d59364dex99codeeth.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.](d59364dex99cert.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.](d59364dex99906cert.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

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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

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&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;&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

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&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

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**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

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**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.

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---

| | |
|:---|:---|
| 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.