Summary Prospectus
May 1, 2025
CTIVP® – Victory Sycamore Established Value Fund
The Fund may offer Class 1, Class 2 and Class 3 shares to separate accounts funding variable annuity contracts and
variable life insurance policies (Contracts) issued by affiliated and unaffiliated life insurance companies as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors authorized by
Columbia Management Investment Distributors, Inc. (the Distributor). There are no exchange ticker symbols
associated with shares of the Fund.
Before you invest, you may want to review the Fund’s prospectus, which contains more information about the Fund
and its risks. You can find the Fund’s prospectus, reports to shareholders, statement of additional information and other information about the Fund online at https://www.columbiathreadneedleus.com/resources/literature. You can also get
this information at no cost by calling 800.345.6611, by sending an email to serviceinquiries@columbiathreadneedle.com, or by contacting the participating insurance company or
other financial intermediary through whom you hold your Fund shares. This Summary Prospectus incorporates by reference the Fund’s prospectus, dated May 1, 2025, and current Statement of Additional Information.
As with all mutual funds, the Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.
Investment
Objective
CTIVP® – Victory Sycamore Established Value Fund (the Fund) seeks to provide shareholders with long-term growth of capital.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay as an investor in the Fund. The table does not reflect any fees or expenses imposed by your Contract or Qualified Plan, which are disclosed in your
separate Contract prospectus or Qualified Plan disclosure documents. If the additional fees or expenses were reflected, the expenses set forth below would be higher.
| Annual Fund Operating Expenses (expenses that you
pay each year as a percentage of the value of your investment) | |||
| |
Class 1 |
Class 2 |
Class 3 |
| Management fees |
0.77 % |
0.77 % |
0.77 % |
| Distribution and/or service (12b-1) fees |
0.00 % |
0.25 % |
0.13 % |
| Other expenses |
0.05 % |
0.05 % |
0.05 % |
| Total annual Fund operating expenses(a) |
0.82 % |
1.07 % |
0.95 % |
(a)
“Total annual Fund operating expenses” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than the ratio of expenses to average net assets shown in the Financial Highlights section of
this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses.
Example
The following example is intended to help you compare the cost of
investing in the Fund with the cost of investing in other mutual funds. The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:
■
you invest $10,000 in the applicable class of Fund shares for the periods
indicated,
■
your investment has a 5% return each year, and
■
the Fund’s total annual operating expenses remain the same as shown in the Annual Fund Operating
Expenses table above.
The example does not reflect any fees and expenses that
apply to your Contract or Qualified Plan. Inclusion of these charges would increase expenses for all periods shown.
Although your actual costs may be higher or lower, based on the
assumptions listed above, your costs would be:
| |
1 year |
3 years |
5 years |
10 years |
| Class 1 (whether or not shares are redeemed) |
$84 |
$262 |
$455 |
$1,014 |
| Class 2 (whether or not shares are redeemed) |
$109 |
$340 |
$590 |
$1,306 |
| Class 3 (whether or not shares are redeemed) |
$97 |
$303 |
$525 |
$1,166 |
Portfolio Turnover
The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected
in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 36% of the average value of its portfolio.
Principal Investment Strategies
Under normal market conditions, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of mid-capitalization companies. For these purposes, the Fund considers
mid-cap companies to be those whose market capitalization falls within the range of the Russell Midcap® Value Index
(the Index). The
market capitalization range of the companies included within the Index was $272.6 million to $88.3 billion as of March 31, 2025. The market capitalization range and composition of companies in the Index are subject to change. The Fund may
invest in depositary receipts. As a result of the bottom-up stock selection process,
Victory Capital Management Inc. from time to time may find more compelling investment opportunities in certain economic sectors, such as the industrials sector.
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CTIVP® – Victory Sycamore Established Value
Fund
Principal Risks
An investment in the Fund involves risks, including Market Risk, Mid-Cap Stock Risk, and Value Securities Risk,
among others. Descriptions of these and other principal risks of investing in the Fund are provided below. There is no assurance that the Fund will achieve its investment objective and you
may lose money. The value of the Fund’s holdings may decline, and the Fund’s net asset value
(NAV) and share price may go down. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. The significance of any specific risk to an investment in the Fund will vary over time depending on the composition of the Fund's portfolio, market conditions, and other factors. You should read all of the risk
information below carefully, because any one or more of these risks may result in losses to the Fund.
Active Management Risk. Due to its active management, the Fund could underperform its benchmark index and/or other funds with similar
investment objectives and/or strategies.
Depositary Receipts Risk. Depositary receipts are receipts issued by a bank or trust company reflecting
ownership of underlying securities issued by foreign companies. Some foreign securities are traded in the form of American Depositary Receipts and/or Global Depositary Receipts. Depositary receipts involve risks similar to the risks associated
with investments in foreign securities, including those associated with an issuer’s (and any of its related companies’) country of organization and places of business
operations, which may be related to the particular political, regulatory, economic, social and other conditions or events (including, for example, military confrontations and actions, war, other conflicts, terrorism and disease/virus outbreaks and epidemics) occurring in the country and
fluctuations in such country’s currency, as well as market risk tied to the underlying foreign company. In addition, holders of depositary receipts may have limited voting rights, may not have the same rights afforded to stockholders of
a typical domestic company in the event of a corporate action, such as an acquisition, merger or rights offering, and may experience difficulty in receiving company stockholder
communications. There is no guarantee that a financial institution will continue to sponsor a depositary receipt, or that a depositary receipt will continue to trade on an exchange, either of which could adversely affect the liquidity, availability and pricing of the depositary receipt.
Changes in foreign currency exchange rates will affect the value of depositary receipts and, therefore, may affect the value of your investment in the Fund.
Foreign Securities Risk. Investments in or exposure to securities of foreign companies may involve heightened risks relative to investments in
or exposure to securities of U.S. companies. Investing in securities of foreign companies subjects the Fund to the risks associated with an issuer’s (and any of its related
companies’) country of organization and places of business operations, including risks related to political, regulatory, economic, social, diplomatic and other conditions or events (including, for example, military confrontations and actions, war, other conflicts, terrorism
and disease/virus outbreaks and epidemics) occurring in the country or region, as well as risks associated with less developed custody and settlement practices. Foreign securities may be more volatile and less liquid than securities of
U.S. companies, and are subject to the risks associated with potential imposition of economic and other sanctions against a particular foreign country, its nationals or
industries or businesses within the country. In addition, foreign governments may impose withholding or other taxes on the Fund’s income, capital gains or proceeds from the
disposition of foreign securities, which could reduce the Fund’s return on such securities. The performance of the Fund may also be negatively affected by fluctuations in a foreign currency's strength or weakness relative to the U.S.
dollar, particularly to the extent the Fund invests a significant percentage of its assets in foreign securities or other assets denominated in currencies other than the U.S. dollar.
Issuer Risk. An issuer in which the Fund invests or to which it has exposure may perform poorly or below expectations, and the value
of its securities may therefore decline, which may negatively affect the Fund’s performance. Underperformance of an issuer may be caused by poor management decisions,
competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, natural disasters, military confrontations and actions, war, other conflicts, terrorism, disease/virus
outbreaks, epidemics or other events, conditions and factors which may impair the value of your investment in the Fund.
■
Mid-Cap Stock Risk. Investments in mid-capitalization companies (mid-cap companies) often involve greater risks than investments in larger,
more established companies (larger companies) because mid-cap companies tend to have less predictable earnings and may lack the management experience, financial resources,
product diversification and competitive strengths of larger companies, and may be less liquid than the securities of larger companies.
Liquidity Risk. Liquidity risk is the risk associated with any event, circumstance, or characteristic
of an investment or market that negatively impacts the Fund’s ability to sell, or realize the proceeds from the sale of, an investment at a desirable time or price. Liquidity risk may arise because of, for example, a lack of marketability of the investment,
which means that when seeking to sell its portfolio investments, the Fund could find that selling is more difficult than
CTIVP® – Victory Sycamore Established Value
Fund
2
anticipated, especially during times of high
market volatility. Market participants attempting to sell the same or a similar instrument at the same time as the Fund could exacerbate the Fund’s exposure to liquidity
risk. The Fund may have to accept a lower selling price for the holding, sell other liquid or more liquid investments that it might otherwise prefer to hold (thereby increasing the proportion of the Fund’s investments in less liquid or illiquid securities), or forego another more appealing investment opportunity. The liquidity of Fund investments may change significantly over
time and certain investments that were liquid when purchased by the Fund may later become illiquid, particularly in times of overall economic distress. Changing regulatory,
market or other conditions or environments (for example, the interest rate or credit environments) may also adversely affect the liquidity and the price of the Fund's investments. Judgment plays a larger role in valuing illiquid or less liquid investments as compared to valuing liquid
or more liquid investments. Price volatility may be higher for illiquid or less liquid investments as a result of, for example, the relatively less frequent pricing of such securities (as compared to liquid or more liquid investments).
Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. Overall market liquidity and other factors can lead to an increase in redemptions, which
may negatively impact Fund performance and NAV, including, for example, if the Fund is forced to sell investments in a down market.
Market Risk. The Fund may incur losses due to declines in the value
of one or more securities in which it invests. 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. In addition,
turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. 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.
Sector Risk. At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business
in a related group of industries within one or more economic sectors, including the industrials sector. Companies in the same sector may be similarly affected by economic,
regulatory, political or market events or conditions, which may make the Fund vulnerable to unfavorable developments in that group of industries or economic sector.
■
Industrials Sector. The Fund is vulnerable to the particular risks that may affect
companies in the industrials sector. Companies in the industrials sector are subject to certain risks, including changes in supply and demand for their specific product or service and for industrial sector products in general, including decline in demand for
such products due to rapid technological developments and frequent new product introduction. Performance of
such companies may be affected by factors including government regulation, world events, economic conditions
and risks for environmental damage and product liability claims.
Value Securities Risk. Value securities are securities of companies that may have experienced, for example, adverse business, industry or
other developments or may be subject to special risks that have caused the securities to be out of favor and, in turn, potentially undervalued. The market value of a portfolio
security may not meet the perceived value assessment of that security as determined by the portfolio managers, or may decline in price, even though the securities are already believed to be undervalued by the portfolio managers. There is also a risk that it may take
longer than expected for the value of these investments to rise to the perceived value as determined by the portfolio managers. In addition, value securities, at times, may not perform as well as growth securities or the stock market in
general, and may be out of favor with investors for varying periods of time.
Performance Information
The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The bar chart shows how the Fund’s Class 2 share performance has varied for
each full calendar year shown. The table below the bar chart compares the Fund’s returns for the
periods shown with a broad measure of market performance, as well as another measure of performance for markets in which the Fund may invest.
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CTIVP® – Victory Sycamore Established Value
Fund
Effective August 1, 2024, the Fund compares its
performance to the Russell 3000® Index, a broad-based performance index, as required by new regulatory requirements. The Fund’s performance also continues to be
compared to its prior benchmark, which management believes more closely represents the market sectors and/or
asset classes in which the Fund primarily invests.
Except for differences in annual returns resulting from differences in expenses (where applicable), the share classes of
the Fund would have substantially similar annual returns because all share classes of the Fund invest in the same portfolio of securities.
The returns shown do not reflect any fees and expenses imposed under your Contract or
Qualified Plan and would be lower if they did.
The Fund’s past performance is no guarantee of how the Fund will perform in the future. Updated
performance information can be obtained by calling toll-free 800.345.6611 or visiting columbiathreadneedleus.com.
| Year by Year Total Return (%) as of December 31 Each Year |
Best and Worst Quarterly Returns
During the Period Shown in the Bar Chart |
||
 |
Best |
4th Quarter 2020 |
20.41% |
| Worst |
1st Quarter 2020 |
-29.21% | |
Average Annual Total
Returns (for periods ended December 31, 2024)
| |
Share Class
Inception Date |
1 Year |
5 Years |
10 Years |
| Class 1 |
05/03/2010 |
9.90% |
10.86% |
10.48% |
| Class 2 |
05/03/2010 |
9.62% |
10.59% |
10.21% |
| Class 3 |
02/04/2004 |
9.77% |
10.72% |
10.35% |
| Russell Midcap® Value
Index (reflects no deductions for fees, expenses or taxes) |
|
13.07% |
8.59% |
8.10% |
| Russell
3000®
Index (reflects no deductions for fees, expenses or taxes) |
|
23.81% |
13.86% |
12.55% |
Fund Management
Investment Manager: Columbia Management Investment Advisers, LLC
Subadviser: Victory Capital Management Inc. (Victory Capital)
| Portfolio Management |
Title |
Role with Fund |
Managed Fund Since |
| Gary Miller |
Chief Investment Officer of Victory Capital’s Sycamore Capital |
Lead Portfolio Manager |
2012 |
| Jeffrey Graff, CFA |
Portfolio Manager of Victory Capital’s Sycamore Capital |
Portfolio Manager |
2012 |
| Gregory Conners |
Portfolio Manager of Victory Capital’s Sycamore Capital |
Portfolio Manager |
2012 |
| James Albers, CFA |
Portfolio Manager of Victory Capital’s Sycamore Capital |
Portfolio Manager |
2012 |
| Michael Rodarte, CFA |
Portfolio Manager of Victory Capital’s Sycamore Capital |
Portfolio Manager |
2012 |
Purchase and Sale of Fund Shares
The Fund is available for purchase through Contracts offered by the separate accounts of participating insurance
companies or Qualified Plans or by other eligible investors authorized by Columbia Management Investment
Distributors, Inc. (the Distributor). Shares of the Fund may not be purchased or sold by individual owners of Contracts or Qualified Plans. If you are a Contract holder or Qualified Plan participant, please refer to your separate Contract prospectus or Qualified Plan disclosure documents for information about minimum investment requirements and how to
purchase and redeem shares of the Fund on days the Fund is open for business.
CTIVP® – Victory Sycamore Established Value
Fund
4
Tax Information
The Fund expects to be treated as a partnership for U.S. federal income tax purposes, and
does not expect to make regular distributions (other than in redemption of Fund shares) to shareholders which are generally the participating insurance companies investing in the Fund through separate accounts or Qualified Plans or certain other eligible
investors authorized by the Distributor. You should consult with the participating insurance company that issued your Contract, plan sponsor or other eligible investor through which your investment in the Fund is made regarding the U.S.
federal income taxation of your investment.
Payments
to Broker-Dealers and Other Financial Intermediaries
If you make
allocations to the Fund, the Fund, its Distributor or other related companies may pay participating insurance companies or other financial intermediaries for the allocation
(sale) of Fund shares and related services in connection with such allocations to the Fund. These payments may create a conflict of interest by influencing the participating insurance company, other financial intermediary or your salesperson to recommend an allocation to the Fund
over another fund or other investment option. Ask your financial advisor or salesperson or visit your financial intermediary’s website for more information.
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CTIVP® – Victory Sycamore Established Value
Fund
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