Summary Prospectus
May 1, 2025
Variable Portfolio – Partners Core Equity 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
Variable Portfolio – Partners Core Equity Fund (the
Fund) seeks to provide shareholders with long-term capital growth.
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 |
0.67 % |
0.67 % |
0.67 % |
| Distribution and/or service (12b-1) fees |
0.00 % |
0.25 % |
0.13 % |
| Other expenses |
0.01 % |
0.01 % |
0.01 % |
| Total annual Fund operating expenses(a) |
0.68 % |
0.93 % |
0.81 % |
(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) |
$69 |
$218 |
$379 |
$847 |
| Class 2 (whether or not shares are redeemed) |
$95 |
$296 |
$515 |
$1,143 |
| Class 3 (whether or not shares are redeemed) |
$83 |
$259 |
$450 |
$1,002 |
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 50% of the average value of its portfolio.
Principal Investment Strategies
Under normal market conditions, at least 80% of the Fund’s net assets (plus the amount of any borrowings for investment purposes) are invested in equity securities. Equity securities include, for example, common stock, preferred
stock and convertible securities. The Fund may invest in the securities of issuers of
any size, including small-, mid- and large-capitalization companies.
The Fund may invest up to 25% of its net assets in foreign investments. The Fund may invest in foreign securities directly or indirectly through depositary receipts. The Fund may at times emphasize one or more sectors in selecting its investments, including the information technology
sector.
Multiple subadvisers provide the day-to-day management of
the Fund’s portfolio.
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Variable Portfolio – Partners Core Equity
Fund
Principal Risks
An investment in the Fund involves risks, including Market Risk and Multi-Adviser 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.
Convertible Securities Risk. Convertible securities are subject to the usual risks associated with debt
instruments, such as interest rate risk and credit risk. Convertible securities also react to changes in the value of the common stock into which they convert, and are thus subject to market risk. The Fund may also be forced to convert a convertible
security at an inopportune time, which may decrease the Fund’s return.
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.
■
Small- and Mid-Cap Stock Risk. Investments in small- and mid-capitalization companies (small- and mid-cap companies) often involve greater risks than
investments in larger, more established companies (larger companies) because small- and 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. Securities of small- and mid-cap companies may be less liquid and more volatile than the securities of larger companies.
Variable Portfolio – Partners Core Equity Fund
2
■
Large-Cap Stock Risk. Investments in larger companies may involve certain risks
associated with their larger size. For instance, larger companies may be less able to respond quickly to new competitive challenges, such as changes in consumer tastes or innovation from smaller competitors. Also, larger companies are sometimes less able to
achieve as high growth rates as successful smaller companies, especially during extended periods of economic expansion.
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.
Multi-Adviser Risk. The Fund has multiple advisory firms that each manage a portion of the Fund’s net assets on a daily basis. Each
adviser makes investment decisions independently from the other adviser(s). It is possible that the security selection process of one adviser will not complement or may conflict
or even contradict that of the other adviser(s), including making off-setting trades that have no net effect to the Fund, but which may increase Fund expenses. As a result, the Fund's exposure to a given security, industry, sector or market capitalization could be
smaller or larger than if the Fund were managed by a single adviser, which could adversely affect the Fund's
performance.
Preferred Stock Risk. Preferred stock is a type of stock that may pay dividends at a different rate
than common stock of the same issuer, if at all, and that has preference over common stock in the payment of dividends and the liquidation of assets. Preferred stock does not ordinarily carry voting rights. The price of a preferred stock is generally determined by earnings, type of products or services, projected growth rates, experience of management, liquidity, and
general market conditions of the markets on which the stock trades. The most significant risks associated with investments in preferred stock include issuer risk, market risk and
interest rate risk (the risk of losses attributable to changes in interest rates).
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 information technology 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.
■
Information Technology Sector. The Fund is vulnerable to the particular risks that may affect companies in the information technology sector.
Companies in the information technology sector are subject to certain risks, including the risk that new services, equipment or technologies will not be accepted by consumers and
businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including aggressive pricing of
their products or services, new market entrants, competition for market share and short product cycles due to an accelerated rate of technological developments. Such competitive
pressures may lead to limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In addition, many information technology sector companies have limited operating histories and prices of these companies’ securities
historically have been more volatile than other securities, especially over the short term. Some companies in the information technology sector are facing increased government
and regulatory scrutiny and may be subject to adverse government or regulatory action, which could negatively impact the value of their securities.
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.
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Variable Portfolio – Partners Core Equity Fund
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 performance prior to May 2021
reflects returns achieved by one or more different subadviser(s) that managed the Fund according to different principal investment strategies. If the Fund’s current
subadvisers and strategies had been in place for the prior periods, results shown may have been different.
The Fund’s past performance is 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 |
2nd Quarter 2020 |
18.94% |
| Worst |
1st Quarter 2020 |
-19.82% | |
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 |
23.44% |
14.03% |
11.56% |
| Class 2 |
05/03/2010 |
23.10% |
13.75% |
11.28% |
| Class 3 |
05/01/2006 |
23.26% |
13.88% |
11.42% |
| S&P
500®
Index (reflects no deductions for fees, expenses or taxes) |
|
25.02% |
14.53% |
13.10% |
Fund Management
Investment Manager: Columbia Management Investment Advisers, LLC
Subadviser: J.P. Morgan Investment Management Inc. (JPMIM)
| Portfolio Management |
Title |
Role with Fund |
Managed Fund Since |
| Scott Davis |
Managing Director of JPMIM |
Co-Portfolio Manager |
2021 |
| Shilpee Raina, CFA |
Executive Director of JPMIM |
Co-Portfolio Manager |
2021 |
Subadviser: T. Rowe Price Associates, Inc. (T. Rowe Price)
| Portfolio Management |
Title |
Role with Fund |
Managed Fund Since |
| Shawn Driscoll |
Vice President and Portfolio
Manager of T. Rowe Price |
Portfolio Manager |
2022 |
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.
Variable Portfolio – Partners Core Equity 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.
5
Variable Portfolio – Partners Core Equity
Fund
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