0001413032
2011-05-02
2012-05-01
0001413032
cfvst8:S000028683Member
2011-05-02
2012-05-01
0001413032
cfvst8:S000028704Member
2011-05-02
2012-05-01
0001413032
cfvst8:S000028703Member
2011-05-02
2012-05-01
0001413032
cfvst8:S000028702Member
2011-05-02
2012-05-01
0001413032
cfvst8:S000028694Member
2011-05-02
2012-05-01
2012-05-01
Columbia Funds Variable Series Trust II
0001413032
2013-01-18
2013-01-18
Other
2011-12-31
false
<table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style="border-collapse: collapse;"><tr><td valign="top"><p align="center" style="margin-top: 0px; margin-bottom: 0px;"><b>Variable Portfolio — Conservative Portfolio, Variable Portfolio — Moderately Conservative Portfolio, Variable Portfolio —</b></p><p align="center" style="margin-top: 0px; margin-bottom: 0px;"><b>Moderate Portfolio, Variable Portfolio — Moderately Aggressive Portfolio and Variable</b></p><p align="center" style="margin-top: 0px; margin-bottom: 0px;"><b>Portfolio — Aggressive Portfolio (each a “Fund,” together the “Funds”)</b></p><p align="left" style="margin-top: 0px; margin-bottom: 0px;"> </p><p align="center" style="margin-top: 0px; margin-bottom: 1px;"><b>Supplement dated January 18, 2013 to the Funds’ Prospectus dated May 1, 2012, as supplemented</b></p></td></tr></table><p style="margin-top: 8px; margin-bottom: 0px;">The “Principal Investment Strategies of the Fund” in the Summary of the Fund is superseded and replaced as follows:</p><p style="margin-top: 6px; margin-bottom: 0px;"><u>For Variable Portfolio-Conservative Portfolio</u></p><p style="margin-top: 0px; margin-bottom: 0px;">The Fund is a “fund of funds” that seeks to achieve its objective by investing in a combination of underlying funds representing three primary asset classes: equity, fixed income and cash/cash equivalents, as well as underlying funds that pursue alternative investment strategies (alternative strategies), including those that seek investment returns uncorrelated to the broad equity and fixed income markets, as well as those providing exposure to other markets, including but not limited to absolute (positive) return strategies. The Fund may also invest in derivatives such as index futures, Treasury futures, currency forwards, index-based total return swaps and indexed-based credit default swaps. Under normal circumstances, the Fund intends to invest, directly or indirectly, in each of equity, fixed income and cash/cash equivalent asset classes and alternative strategies (each an asset class category and collectively the asset class categories) within the following target asset allocation ranges (includes investments in underlying funds and derivatives):</p><p style="margin-top: 0px; margin-bottom: 0px;"> </p><table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style="border-collapse: collapse;"><tr><td></td><td valign="bottom" width="28%"></td><td></td><td></td><td></td><td valign="bottom" width="28%"></td><td></td><td></td><td></td><td valign="bottom" width="28%"></td><td></td><td></td><td></td></tr><tr><td valign="bottom" align="center" style="border: 1px solid rgb(0, 0, 0); padding-left: 8px;"><b>Equity</b></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" colspan="2" align="center" style="border-top-width: 1px; border-top-style: solid;border-bottom-width: 1px; border-bottom-style: solid;"><b>Fixed<br/>Income</b></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" colspan="2" align="center" style="border-top-width: 1px; border-top-style: solid;border-bottom-width: 1px; border-bottom-style: solid;"><b>Cash/Cash<br/>Equivalents</b></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" colspan="2" align="center" style="border-top-width: 1px; border-top-style: solid;border-bottom-width: 1px; border-bottom-style: solid;"><b>Alternative<br/>Strategies</b></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-right: 8px;"> </td></tr><tr bgcolor="#cceeff"><td valign="top" nowrap="nowrap" style="border-left-width: 1px; border-left-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-left: 8px;">10-25%*</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td nowrap="nowrap" valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">60-75</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid;">%* </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td nowrap="nowrap" valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">5-15</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid;">%* </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td nowrap="nowrap" valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">0-10</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-right: 8px;">%* </td></tr></table><p style="margin-top: 4px; margin-bottom: 0px;">*As a percentage of Fund net assets. Ranges include the net notional amounts of the Fund’s direct investments in derivative instruments. Market appreciation or depreciation may cause the Fund to be temporarily outside the range identified in the table. Columbia Management Investment Advisers, LLC (the Investment Manager) may modify the target allocation ranges only upon approval of the Fund’s Board of Trustees (the Board).</p><p style="margin-top: 4px; margin-bottom: 0px;">In managing the Fund, the Investment Manager considers the independent analysis of Morningstar Associates (Morningstar), an independent investment consultant, on a broad range of aspects related to the management of the Fund including, but not limited to, the performance of the underlying funds, the types of investment categories represented by the underlying funds, and the consideration of additional underlying funds. The Investment Manager retains full discretion over the Fund’s investment activities.</p><p style="margin-top: 8px; margin-bottom: 0px;">The following risk is added to the “Principal Risks of Investing in the Fund” in the Summary of the Fund:</p><p style="margin-top: 8px; margin-bottom: 0px;"><b>Derivatives Risk/Forward Foreign Currency Contracts Risk.</b> These instruments are a type of derivative contract whereby the Fund may agree to buy or sell a country’s or region’s currency at a specific price on a specific date, usually 30, 60, or 90 days in the future. These contracts may fall in value due to foreign market downswings or foreign currency value fluctuations. The Fund’s investment or hedging strategies may not achieve their objective. Investment in these instruments also subjects the Fund to counterparty risk.</p><p style="margin-top: 6px; margin-bottom: 0px;"><u>For Variable Portfolio-Moderately Conservative Portfolio</u></p><p style="margin-top: 0px; margin-bottom: 0px;">The Fund is a “fund of funds” that seeks to achieve its objective by investing in a combination of underlying funds representing three primary asset classes: equity, fixed income and cash/cash equivalents, as well as underlying funds that pursue alternative investment strategies (alternative strategies), including those that seek investment returns uncorrelated to the broad equity and fixed income markets, as well as those providing exposure to other markets, including but not limited to absolute (positive) return strategies. The Fund may also invest in derivatives such as index futures, Treasury futures, currency forwards, index-based total return swaps and indexed-based credit default swaps. Under normal circumstances, the Fund intends to invest, directly or indirectly, in each of equity, fixed income and cash/cash equivalent asset classes and alternative strategies (each an asset class category and collectively the asset class categories) within the following target asset allocation ranges (includes investments in underlying funds and derivatives):</p><p style="margin-top: 0px; margin-bottom: 0px;"> </p><table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style="border-collapse: collapse;"><tr><td></td><td valign="bottom" width="28%"></td><td></td><td></td><td></td><td valign="bottom" width="28%"></td><td></td><td></td><td></td><td valign="bottom" width="28%"></td><td></td><td></td><td></td></tr><tr><td valign="bottom" align="center" style="border: 1px solid rgb(0, 0, 0); padding-left: 8px;"><b>Equity</b></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" colspan="2" align="center" style="border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"><b>Fixed<br/>Income</b></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" colspan="2" align="center" style="border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"><b>Cash/Cash<br/>Equivalents</b></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" colspan="2" align="center" style="border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"><b>Alternative<br/>Strategies</b></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-right: 8px;"> </td></tr><tr bgcolor="#cceeff"><td valign="top" nowrap="nowrap" style="border-left-width: 1px; border-left-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-left: 8px;">25-40%*</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td nowrap="nowrap" valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">50-65</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid;">%* </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td nowrap="nowrap" valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">0-10</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid;">%* </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td nowrap="nowrap" valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">0-10</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-right: 8px;">%* </td></tr></table><p style="margin-top: 4px; margin-bottom: 0px;">*As a percentage of Fund net assets. Ranges include the net notional amounts of the Fund’s direct investments in derivative instruments. Market appreciation or depreciation may cause the Fund to be temporarily outside the range identified in the table. Columbia Management Investment Advisers, LLC (the Investment Manager) may modify the target allocation ranges only upon approval of the Fund’s Board of Trustees (the Board).</p><p style="margin-top: 4px; margin-bottom: 0px;">In managing the Fund, the Investment Manager considers the independent analysis of Morningstar Associates (Morningstar), an independent investment consultant, on a broad range of aspects related to the management of the Fund including, but not limited to, the performance of the underlying funds, the types of investment categories represented by the underlying funds, and the consideration of additional underlying funds. The Investment Manager retains full discretion over the Fund’s investment activities.</p><p style="margin-top: 8px; margin-bottom: 0px;">The following risk is added to the “Principal Risks of Investing in the Fund” in the Summary of the Fund:</p><p style="margin-top: 8px; margin-bottom: 0px;"><b>Derivatives Risk/Forward Foreign Currency Contracts Risk.</b> These instruments are a type of derivative contract whereby the Fund may agree to buy or sell a country’s or region’s currency at a specific price on a specific date, usually 30, 60, or 90 days in the future. These contracts may fall in value due to foreign market downswings or foreign currency value fluctuations. The Fund’s investment or hedging strategies may not achieve their objective. Investment in these instruments also subjects the Fund to counterparty risk.</p><br/><p style="margin-top: 0px; margin-bottom: 0px;"><u>For Variable Portfolio-Moderate Portfolio</u></p><p style="margin-top: 0px; margin-bottom: 0px;">The Fund is a “fund of funds” that seeks to achieve its objective by investing in a combination of underlying funds representing three primary asset classes: equity, fixed income and cash/cash equivalents, as well as underlying funds that pursue alternative investment strategies (alternative strategies), including those that seek investment returns uncorrelated to the broad equity and fixed income markets, as well as those providing exposure to other markets, including but not limited to absolute (positive) return strategies. The Fund may also invest in derivatives such as index futures, Treasury futures, currency forwards, index-based total return swaps and indexed-based credit default swaps. Under normal circumstances, the Fund intends to invest, directly or indirectly, in each of equity, fixed income and cash/cash equivalent asset classes and alternative strategies (each an asset class category and collectively the asset class categories) within the following target asset allocation ranges (includes investments in underlying funds and derivatives):</p><p style="margin-top: 0px; margin-bottom: 0px;"> </p><table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style="border-collapse: collapse;"><tr><td></td><td valign="bottom" width="28%"></td><td></td><td></td><td></td><td valign="bottom" width="28%"></td><td></td><td></td><td></td><td valign="bottom" width="28%"></td><td></td><td></td><td></td></tr><tr><td valign="bottom" align="center" style="border: 1px solid rgb(0, 0, 0); padding-left: 8px;"><b>Equity</b></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" colspan="2" align="center" style="border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"><b>Fixed<br/>Income</b></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" colspan="2" align="center" style="border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"><b>Cash/Cash<br/>Equivalents</b></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" colspan="2" align="center" style="border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"><b>Alternative<br/>Strategies</b></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-right: 8px;"> </td></tr><tr bgcolor="#cceeff"><td valign="top" style="border-left-width: 1px; border-left-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-left: 8px;">40-55%*</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">40-55</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid;">%* </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">0-5</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid;">%* </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">0-10</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-right: 8px;">%* </td></tr></table><p style="margin-top: 4px; margin-bottom: 0px;">*As a percentage of Fund net assets. Ranges include the net notional amounts of the Fund’s direct investments in derivative instruments. Market appreciation or depreciation may cause the Fund to be temporarily outside the range identified in the table. Columbia Management Investment Advisers, LLC (the Investment Manager) may modify the target allocation ranges only upon approval of the Fund’s Board of Trustees (the Board).</p><p style="margin-top: 4px; margin-bottom: 0px;">In managing the Fund, the Investment Manager considers the independent analysis of Morningstar Associates (Morningstar), an independent investment consultant, on a broad range of aspects related to the management of the Fund including, but not limited to, the performance of the underlying funds, the types of investment categories represented by the underlying funds, and the consideration of additional underlying funds. The Investment Manager retains full discretion over the Fund’s investment activities.</p><p style="margin-bottom: 0px;">The following risk is added to the “Principal Risks of Investing in the Fund” in the Summary of the Fund:</p><p style="margin-top: 8px; margin-bottom: 0px;"><b>Derivatives Risk/Forward Foreign Currency Contracts Risk.</b> These instruments are a type of derivative contract whereby the Fund may agree to buy or sell a country’s or region’s currency at a specific price on a specific date, usually 30, 60, or 90 days in the future. These contracts may fall in value due to foreign market downswings or foreign currency value fluctuations. The Fund’s investment or hedging strategies may not achieve their objective. Investment in these instruments also subjects the Fund to counterparty risk.</p><p style="margin-top: 6px; margin-bottom: 0px;"><u>For Variable Portfolio-Moderately Aggressive Portfolio</u></p><p style="margin-top: 0px; margin-bottom: 0px;">The Fund is a “fund of funds” that seeks to achieve its objective by investing in a combination of underlying funds representing three primary asset classes: equity, fixed income and cash/cash equivalents, as well as underlying funds that pursue alternative investment strategies (alternative strategies), including those that seek investment returns uncorrelated to the broad equity and fixed income markets, as well as those providing exposure to other markets, including but not limited to absolute (positive) return strategies. The Fund may also invest in derivatives such as index futures, Treasury futures, currency forwards, index-based total return swaps and indexed-based credit default swaps. Under normal circumstances, the Fund intends to invest, directly or indirectly, in each of equity, fixed income and cash/cash equivalent asset classes and alternative strategies (each an asset class category and collectively the asset class categories) within the following target asset allocation ranges (includes investments in underlying funds and derivatives):</p><p style="margin-top: 0px; margin-bottom: 0px;"> </p><table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style="border-collapse: collapse;"><tr><td></td><td valign="bottom" width="28%"></td><td></td><td></td><td></td><td valign="bottom" width="28%"></td><td></td><td></td><td></td><td valign="bottom" width="28%"></td><td></td><td></td><td></td></tr><tr><td valign="bottom" align="center" style="border: 1px solid rgb(0, 0, 0); padding-left: 8px;"><b>Equity</b></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" colspan="2" align="center" style="border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"><b>Fixed<br/>Income</b></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" colspan="2" align="center" style="border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"><b>Cash/Cash<br/>Equivalents</b></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" colspan="2" align="center" style="border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"><b>Alternative<br/>Strategies</b></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-right: 8px;"> </td></tr><tr bgcolor="#cceeff"><td valign="top" style="border-left-width: 1px; border-left-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-left: 8px;">55-70%*</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">25-40</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid;">%* </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">0-5</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid;">%* </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">0-10</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-right: 8px;">%* </td></tr></table><p style="margin-top: 4px; margin-bottom: 0px;">*As a percentage of Fund net assets. Ranges include the net notional amounts of the Fund’s direct investments in derivative instruments. Market appreciation or depreciation may cause the Fund to be temporarily outside the range identified in the table. Columbia Management Investment Advisers, LLC (the Investment Manager) may modify the target allocation ranges only upon approval of the Fund’s Board of Trustees (the Board).</p><p style="margin-top: 4px; margin-bottom: 0px;">In managing the Fund, the Investment Manager considers the independent analysis of Morningstar Associates (Morningstar), an independent investment consultant, on a broad range of aspects related to the management of the Fund including, but not limited to, the performance of the underlying funds, the types of investment categories represented by the underlying funds, and the consideration of additional underlying funds. The Investment Manager retains full discretion over the Fund’s investment activities.</p><p style="margin-top: 8px; margin-bottom: 0px;">The following risk is added to the “Principal Risks of Investing in the Fund” in the Summary of the Fund:</p><p style="margin-top: 8px; margin-bottom: 0px;"><b>Derivatives Risk/Forward Foreign Currency Contracts Risk.</b> These instruments are a type of derivative contract whereby the Fund may agree to buy or sell a country’s or region’s currency at a specific price on a specific date, usually 30, 60, or 90 days in the future. These contracts may fall in value due to foreign market downswings or foreign currency value fluctuations. The Fund’s investment or hedging strategies may not achieve their objective. Investment in these instruments also subjects the Fund to counterparty risk.</p><p style="margin-top: 6px; margin-bottom: 0px;"><u>For Variable Portfolio-Aggressive Portfolio</u></p><p style="margin-top: 0px; margin-bottom: 0px;">The Fund is a “fund of funds” that seeks to achieve its objective by investing in a combination of underlying funds representing three primary asset classes: equity, fixed income and cash/cash equivalents, as well as underlying funds that pursue alternative investment strategies (alternative strategies), including those that seek investment returns uncorrelated to the broad equity and fixed income markets, as well as those providing exposure to other markets, including but not limited to absolute (positive) return strategies. The Fund may also invest in derivatives such as index futures, Treasury futures, currency forwards, index-based total return swaps and indexed-based credit default swaps. Under normal circumstances, the Fund intends to invest, directly or indirectly, in each of equity, fixed income and cash/cash equivalent asset classes and alternative strategies (each an asset class category and collectively the asset class categories) within the following target asset allocation ranges (includes investments in underlying funds and derivatives):</p><p style="margin-top: 0px; margin-bottom: 0px;"> </p><table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style="border-collapse: collapse;"><tr><td></td><td valign="bottom" width="28%"></td><td></td><td></td><td></td><td valign="bottom" width="28%"></td><td></td><td></td><td></td><td valign="bottom" width="28%"></td><td></td><td></td><td></td></tr><tr><td valign="bottom" align="center" style="border-left-width: 1px; border-left-style: solid; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-left: 8px;"><b>Equity</b></td><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" colspan="2" align="center" style="border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"><b>Fixed<br/>Income</b></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" colspan="2" align="center" style="border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"><b>Cash/Cash<br/>Equivalents</b></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" colspan="2" align="center" style="border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"><b>Alternative<br/>Strategies</b></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-right: 8px;"> </td></tr><tr bgcolor="#cceeff"><td valign="top" style="border-left-width: 1px; border-left-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-left: 8px;">70-85%*</td><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">10-25</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid;">%* </td><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">0-5</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid;">%* </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">0-10</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-right: 8px;">%* </td></tr></table><p style="margin-top: 4px; margin-bottom: 0px;">*As a percentage of Fund net assets. Ranges include the net notional amounts of the Fund’s direct investments in derivative instruments. Market appreciation or depreciation may cause the Fund to be temporarily outside the range identified in the table. Columbia Management Investment Advisers, LLC (the Investment Manager) may modify the target allocation ranges only upon approval of the Fund’s Board of Trustees (the Board).</p><p style="margin-top: 4px; margin-bottom: 0px;">In managing the Fund, the Investment Manager considers the independent analysis of Morningstar Associates (Morningstar), an independent investment consultant, on a broad range of aspects related to the management of the Fund including, but not limited to, the performance of the underlying funds, the types of investment categories represented by the underlying funds, and the consideration of additional underlying funds. The Investment Manager retains full discretion over the Fund’s investment activities.</p><p style="margin-top: 8px; margin-bottom: 0px;">The following risk is added to the “Principal Risks of Investing in the Fund” in the Summary of the Fund:</p><p style="margin-top: 8px; margin-bottom: 0px;"><b>Derivatives Risk/Forward Foreign Currency Contracts Risk.</b> These instruments are a type of derivative contract whereby the Fund may agree to buy or sell a country’s or region’s currency at a specific price on a specific date, usually 30, 60, or 90 days in the future. These contracts may fall in value due to foreign market downswings or foreign currency value fluctuations. The Fund’s investment or hedging strategies may not achieve their objective. Investment in these instruments also subjects the Fund to counterparty risk.</p>
<table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style="border-collapse: collapse;"><tr><td valign="top"><p align="center" style="margin-top: 0px; margin-bottom: 0px;"><b>Variable Portfolio — Conservative Portfolio, Variable Portfolio — Moderately Conservative Portfolio, Variable Portfolio —</b></p><p align="center" style="margin-top: 0px; margin-bottom: 0px;"><b>Moderate Portfolio, Variable Portfolio — Moderately Aggressive Portfolio and Variable</b></p><p align="center" style="margin-top: 0px; margin-bottom: 0px;"><b>Portfolio — Aggressive Portfolio (each a “Fund,” together the “Funds”)</b></p><p align="left" style="margin-top: 0px; margin-bottom: 0px;"> </p><p align="center" style="margin-top: 0px; margin-bottom: 1px;"><b>Supplement dated January 18, 2013 to the Funds’ Prospectus dated May 1, 2012, as supplemented</b></p></td></tr></table><p style="margin-top: 8px; margin-bottom: 0px;">The “Principal Investment Strategies of the Fund” in the Summary of the Fund is superseded and replaced as follows:</p><p style="margin-top: 6px; margin-bottom: 0px;"><u>For Variable Portfolio-Aggressive Portfolio</u></p><p style="margin-top: 0px; margin-bottom: 0px;">The Fund is a “fund of funds” that seeks to achieve its objective by investing in a combination of underlying funds representing three primary asset classes: equity, fixed income and cash/cash equivalents, as well as underlying funds that pursue alternative investment strategies (alternative strategies), including those that seek investment returns uncorrelated to the broad equity and fixed income markets, as well as those providing exposure to other markets, including but not limited to absolute (positive) return strategies. The Fund may also invest in derivatives such as index futures, Treasury futures, currency forwards, index-based total return swaps and indexed-based credit default swaps. Under normal circumstances, the Fund intends to invest, directly or indirectly, in each of equity, fixed income and cash/cash equivalent asset classes and alternative strategies (each an asset class category and collectively the asset class categories) within the following target asset allocation ranges (includes investments in underlying funds and derivatives):</p><p style="margin-top: 0px; margin-bottom: 0px;"> </p><table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style="border-collapse: collapse;"><tr><td></td><td valign="bottom" width="28%"></td><td></td><td></td><td></td><td valign="bottom" width="28%"></td><td></td><td></td><td></td><td valign="bottom" width="28%"></td><td></td><td></td><td></td></tr><tr><td valign="bottom" align="center" style="border-left-width: 1px; border-left-style: solid; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-left: 8px;"><b>Equity</b></td><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" colspan="2" align="center" style="border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"><b>Fixed<br/>Income</b></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" colspan="2" align="center" style="border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"><b>Cash/Cash<br/>Equivalents</b></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" colspan="2" align="center" style="border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"><b>Alternative<br/>Strategies</b></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-right: 8px;"> </td></tr><tr bgcolor="#cceeff"><td valign="top" style="border-left-width: 1px; border-left-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-left: 8px;">70-85%*</td><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">10-25</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid;">%* </td><td valign="bottom" style="border-left-width: 1px; border-left-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">0-5</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid;">%* </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">0-10</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-right: 8px;">%* </td></tr></table><p style="margin-top: 4px; margin-bottom: 0px;">*As a percentage of Fund net assets. Ranges include the net notional amounts of the Fund’s direct investments in derivative instruments. Market appreciation or depreciation may cause the Fund to be temporarily outside the range identified in the table. Columbia Management Investment Advisers, LLC (the Investment Manager) may modify the target allocation ranges only upon approval of the Fund’s Board of Trustees (the Board).</p><p style="margin-top: 4px; margin-bottom: 0px;">In managing the Fund, the Investment Manager considers the independent analysis of Morningstar Associates (Morningstar), an independent investment consultant, on a broad range of aspects related to the management of the Fund including, but not limited to, the performance of the underlying funds, the types of investment categories represented by the underlying funds, and the consideration of additional underlying funds. The Investment Manager retains full discretion over the Fund’s investment activities.</p><p style="margin-top: 8px; margin-bottom: 0px;">The following risk is added to the “Principal Risks of Investing in the Fund” in the Summary of the Fund:</p><p style="margin-top: 8px; margin-bottom: 0px;"><b>Derivatives Risk/Forward Foreign Currency Contracts Risk.</b> These instruments are a type of derivative contract whereby the Fund may agree to buy or sell a country’s or region’s currency at a specific price on a specific date, usually 30, 60, or 90 days in the future. These contracts may fall in value due to foreign market downswings or foreign currency value fluctuations. The Fund’s investment or hedging strategies may not achieve their objective. Investment in these instruments also subjects the Fund to counterparty risk.</p>
<table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style="border-collapse: collapse;"><tr><td valign="top"><p align="center" style="margin-top: 0px; margin-bottom: 0px;"><b>Variable Portfolio — Conservative Portfolio, Variable Portfolio — Moderately Conservative Portfolio, Variable Portfolio —</b></p><p align="center" style="margin-top: 0px; margin-bottom: 0px;"><b>Moderate Portfolio, Variable Portfolio — Moderately Aggressive Portfolio and Variable</b></p><p align="center" style="margin-top: 0px; margin-bottom: 0px;"><b>Portfolio — Aggressive Portfolio (each a “Fund,” together the “Funds”)</b></p><p align="left" style="margin-top: 0px; margin-bottom: 0px;"> </p><p align="center" style="margin-top: 0px; margin-bottom: 1px;"><b>Supplement dated January 18, 2013 to the Funds’ Prospectus dated May 1, 2012, as supplemented</b></p></td></tr></table><p style="margin-top: 8px; margin-bottom: 0px;">The “Principal Investment Strategies of the Fund” in the Summary of the Fund is superseded and replaced as follows:</p><p style="margin-top: 6px; margin-bottom: 0px;"><u>For Variable Portfolio-Conservative Portfolio</u></p><p style="margin-top: 0px; margin-bottom: 0px;">The Fund is a “fund of funds” that seeks to achieve its objective by investing in a combination of underlying funds representing three primary asset classes: equity, fixed income and cash/cash equivalents, as well as underlying funds that pursue alternative investment strategies (alternative strategies), including those that seek investment returns uncorrelated to the broad equity and fixed income markets, as well as those providing exposure to other markets, including but not limited to absolute (positive) return strategies. The Fund may also invest in derivatives such as index futures, Treasury futures, currency forwards, index-based total return swaps and indexed-based credit default swaps. Under normal circumstances, the Fund intends to invest, directly or indirectly, in each of equity, fixed income and cash/cash equivalent asset classes and alternative strategies (each an asset class category and collectively the asset class categories) within the following target asset allocation ranges (includes investments in underlying funds and derivatives):</p><p style="margin-top: 0px; margin-bottom: 0px;"> </p><table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style="border-collapse: collapse;"><tr><td></td><td valign="bottom" width="28%"></td><td></td><td></td><td></td><td valign="bottom" width="28%"></td><td></td><td></td><td></td><td valign="bottom" width="28%"></td><td></td><td></td><td></td></tr><tr><td valign="bottom" align="center" style="border: 1px solid rgb(0, 0, 0); padding-left: 8px;"><b>Equity</b></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" colspan="2" align="center" style="border-top-width: 1px; border-top-style: solid;border-bottom-width: 1px; border-bottom-style: solid;"><b>Fixed<br/>Income</b></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" colspan="2" align="center" style="border-top-width: 1px; border-top-style: solid;border-bottom-width: 1px; border-bottom-style: solid;"><b>Cash/Cash<br/>Equivalents</b></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" colspan="2" align="center" style="border-top-width: 1px; border-top-style: solid;border-bottom-width: 1px; border-bottom-style: solid;"><b>Alternative<br/>Strategies</b></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid;border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-right: 8px;"> </td></tr><tr bgcolor="#cceeff"><td valign="top" nowrap="nowrap" style="border-left-width: 1px; border-left-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-left: 8px;">10-25%*</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td nowrap="nowrap" valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">60-75</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid;">%* </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td nowrap="nowrap" valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">5-15</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid;">%* </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td nowrap="nowrap" valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">0-10</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-right: 8px;">%* </td></tr></table><p style="margin-top: 4px; margin-bottom: 0px;">*As a percentage of Fund net assets. Ranges include the net notional amounts of the Fund’s direct investments in derivative instruments. Market appreciation or depreciation may cause the Fund to be temporarily outside the range identified in the table. Columbia Management Investment Advisers, LLC (the Investment Manager) may modify the target allocation ranges only upon approval of the Fund’s Board of Trustees (the Board).</p><p style="margin-top: 4px; margin-bottom: 0px;">In managing the Fund, the Investment Manager considers the independent analysis of Morningstar Associates (Morningstar), an independent investment consultant, on a broad range of aspects related to the management of the Fund including, but not limited to, the performance of the underlying funds, the types of investment categories represented by the underlying funds, and the consideration of additional underlying funds. The Investment Manager retains full discretion over the Fund’s investment activities.</p><p style="margin-top: 8px; margin-bottom: 0px;">The following risk is added to the “Principal Risks of Investing in the Fund” in the Summary of the Fund:</p><p style="margin-top: 8px; margin-bottom: 0px;"><b>Derivatives Risk/Forward Foreign Currency Contracts Risk.</b> These instruments are a type of derivative contract whereby the Fund may agree to buy or sell a country’s or region’s currency at a specific price on a specific date, usually 30, 60, or 90 days in the future. These contracts may fall in value due to foreign market downswings or foreign currency value fluctuations. The Fund’s investment or hedging strategies may not achieve their objective. Investment in these instruments also subjects the Fund to counterparty risk.</p>
<table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style="border-collapse: collapse;"><tr><td valign="top"><p align="center" style="margin-top: 0px; margin-bottom: 0px;"><b>Variable Portfolio — Conservative Portfolio, Variable Portfolio — Moderately Conservative Portfolio, Variable Portfolio —</b></p><p align="center" style="margin-top: 0px; margin-bottom: 0px;"><b>Moderate Portfolio, Variable Portfolio — Moderately Aggressive Portfolio and Variable</b></p><p align="center" style="margin-top: 0px; margin-bottom: 0px;"><b>Portfolio — Aggressive Portfolio (each a “Fund,” together the “Funds”)</b></p><p align="left" style="margin-top: 0px; margin-bottom: 0px;"> </p><p align="center" style="margin-top: 0px; margin-bottom: 1px;"><b>Supplement dated January 18, 2013 to the Funds’ Prospectus dated May 1, 2012, as supplemented</b></p></td></tr></table><p style="margin-top: 8px; margin-bottom: 0px;">The “Principal Investment Strategies of the Fund” in the Summary of the Fund is superseded and replaced as follows:</p><p style="margin-top: 6px; margin-bottom: 0px;"><u>For Variable Portfolio-Moderately Conservative Portfolio</u></p><p style="margin-top: 0px; margin-bottom: 0px;">The Fund is a “fund of funds” that seeks to achieve its objective by investing in a combination of underlying funds representing three primary asset classes: equity, fixed income and cash/cash equivalents, as well as underlying funds that pursue alternative investment strategies (alternative strategies), including those that seek investment returns uncorrelated to the broad equity and fixed income markets, as well as those providing exposure to other markets, including but not limited to absolute (positive) return strategies. The Fund may also invest in derivatives such as index futures, Treasury futures, currency forwards, index-based total return swaps and indexed-based credit default swaps. Under normal circumstances, the Fund intends to invest, directly or indirectly, in each of equity, fixed income and cash/cash equivalent asset classes and alternative strategies (each an asset class category and collectively the asset class categories) within the following target asset allocation ranges (includes investments in underlying funds and derivatives):</p><p style="margin-top: 0px; margin-bottom: 0px;"> </p><table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style="border-collapse: collapse;"><tr><td></td><td valign="bottom" width="28%"></td><td></td><td></td><td></td><td valign="bottom" width="28%"></td><td></td><td></td><td></td><td valign="bottom" width="28%"></td><td></td><td></td><td></td></tr><tr><td valign="bottom" align="center" style="border: 1px solid rgb(0, 0, 0); padding-left: 8px;"><b>Equity</b></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" colspan="2" align="center" style="border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"><b>Fixed<br/>Income</b></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" colspan="2" align="center" style="border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"><b>Cash/Cash<br/>Equivalents</b></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" colspan="2" align="center" style="border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"><b>Alternative<br/>Strategies</b></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-right: 8px;"> </td></tr><tr bgcolor="#cceeff"><td valign="top" nowrap="nowrap" style="border-left-width: 1px; border-left-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-left: 8px;">25-40%*</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td nowrap="nowrap" valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">50-65</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid;">%* </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td nowrap="nowrap" valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">0-10</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid;">%* </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td nowrap="nowrap" valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td nowrap="nowrap" valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">0-10</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-right: 8px;">%* </td></tr></table><p style="margin-top: 4px; margin-bottom: 0px;">*As a percentage of Fund net assets. Ranges include the net notional amounts of the Fund’s direct investments in derivative instruments. Market appreciation or depreciation may cause the Fund to be temporarily outside the range identified in the table. Columbia Management Investment Advisers, LLC (the Investment Manager) may modify the target allocation ranges only upon approval of the Fund’s Board of Trustees (the Board).</p><p style="margin-top: 4px; margin-bottom: 0px;">In managing the Fund, the Investment Manager considers the independent analysis of Morningstar Associates (Morningstar), an independent investment consultant, on a broad range of aspects related to the management of the Fund including, but not limited to, the performance of the underlying funds, the types of investment categories represented by the underlying funds, and the consideration of additional underlying funds. The Investment Manager retains full discretion over the Fund’s investment activities.</p><p style="margin-top: 8px; margin-bottom: 0px;">The following risk is added to the “Principal Risks of Investing in the Fund” in the Summary of the Fund:</p><p style="margin-top: 8px; margin-bottom: 0px;"><b>Derivatives Risk/Forward Foreign Currency Contracts Risk.</b> These instruments are a type of derivative contract whereby the Fund may agree to buy or sell a country’s or region’s currency at a specific price on a specific date, usually 30, 60, or 90 days in the future. These contracts may fall in value due to foreign market downswings or foreign currency value fluctuations. The Fund’s investment or hedging strategies may not achieve their objective. Investment in these instruments also subjects the Fund to counterparty risk.</p>
<table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style="border-collapse: collapse;"><tr><td valign="top"><p align="center" style="margin-top: 0px; margin-bottom: 0px;"><b>Variable Portfolio — Conservative Portfolio, Variable Portfolio — Moderately Conservative Portfolio, Variable Portfolio —</b></p><p align="center" style="margin-top: 0px; margin-bottom: 0px;"><b>Moderate Portfolio, Variable Portfolio — Moderately Aggressive Portfolio and Variable</b></p><p align="center" style="margin-top: 0px; margin-bottom: 0px;"><b>Portfolio — Aggressive Portfolio (each a “Fund,” together the “Funds”)</b></p><p align="left" style="margin-top: 0px; margin-bottom: 0px;"> </p><p align="center" style="margin-top: 0px; margin-bottom: 1px;"><b>Supplement dated January 18, 2013 to the Funds’ Prospectus dated May 1, 2012, as supplemented</b></p></td></tr></table><p style="margin-top: 8px; margin-bottom: 0px;">The “Principal Investment Strategies of the Fund” in the Summary of the Fund is superseded and replaced as follows:</p><p style="margin-top: 0px; margin-bottom: 0px;"><u>For Variable Portfolio-Moderate Portfolio</u></p><p style="margin-top: 0px; margin-bottom: 0px;">The Fund is a “fund of funds” that seeks to achieve its objective by investing in a combination of underlying funds representing three primary asset classes: equity, fixed income and cash/cash equivalents, as well as underlying funds that pursue alternative investment strategies (alternative strategies), including those that seek investment returns uncorrelated to the broad equity and fixed income markets, as well as those providing exposure to other markets, including but not limited to absolute (positive) return strategies. The Fund may also invest in derivatives such as index futures, Treasury futures, currency forwards, index-based total return swaps and indexed-based credit default swaps. Under normal circumstances, the Fund intends to invest, directly or indirectly, in each of equity, fixed income and cash/cash equivalent asset classes and alternative strategies (each an asset class category and collectively the asset class categories) within the following target asset allocation ranges (includes investments in underlying funds and derivatives):</p><p style="margin-top: 0px; margin-bottom: 0px;"> </p><table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style="border-collapse: collapse;"><tr><td></td><td valign="bottom" width="28%"></td><td></td><td></td><td></td><td valign="bottom" width="28%"></td><td></td><td></td><td></td><td valign="bottom" width="28%"></td><td></td><td></td><td></td></tr><tr><td valign="bottom" align="center" style="border: 1px solid rgb(0, 0, 0); padding-left: 8px;"><b>Equity</b></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" colspan="2" align="center" style="border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"><b>Fixed<br/>Income</b></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" colspan="2" align="center" style="border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"><b>Cash/Cash<br/>Equivalents</b></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" colspan="2" align="center" style="border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"><b>Alternative<br/>Strategies</b></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-right: 8px;"> </td></tr><tr bgcolor="#cceeff"><td valign="top" style="border-left-width: 1px; border-left-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-left: 8px;">40-55%*</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">40-55</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid;">%* </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">0-5</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid;">%* </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">0-10</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-right: 8px;">%* </td></tr></table><p style="margin-top: 4px; margin-bottom: 0px;">*As a percentage of Fund net assets. Ranges include the net notional amounts of the Fund’s direct investments in derivative instruments. Market appreciation or depreciation may cause the Fund to be temporarily outside the range identified in the table. Columbia Management Investment Advisers, LLC (the Investment Manager) may modify the target allocation ranges only upon approval of the Fund’s Board of Trustees (the Board).</p><p style="margin-top: 4px; margin-bottom: 0px;">In managing the Fund, the Investment Manager considers the independent analysis of Morningstar Associates (Morningstar), an independent investment consultant, on a broad range of aspects related to the management of the Fund including, but not limited to, the performance of the underlying funds, the types of investment categories represented by the underlying funds, and the consideration of additional underlying funds. The Investment Manager retains full discretion over the Fund’s investment activities.</p><p style="margin-bottom: 0px;">The following risk is added to the “Principal Risks of Investing in the Fund” in the Summary of the Fund:</p><p style="margin-top: 8px; margin-bottom: 0px;"><b>Derivatives Risk/Forward Foreign Currency Contracts Risk.</b> These instruments are a type of derivative contract whereby the Fund may agree to buy or sell a country’s or region’s currency at a specific price on a specific date, usually 30, 60, or 90 days in the future. These contracts may fall in value due to foreign market downswings or foreign currency value fluctuations. The Fund’s investment or hedging strategies may not achieve their objective. Investment in these instruments also subjects the Fund to counterparty risk.</p>
<table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style="border-collapse: collapse;"><tr><td valign="top"><p align="center" style="margin-top: 0px; margin-bottom: 0px;"><b>Variable Portfolio — Conservative Portfolio, Variable Portfolio — Moderately Conservative Portfolio, Variable Portfolio —</b></p><p align="center" style="margin-top: 0px; margin-bottom: 0px;"><b>Moderate Portfolio, Variable Portfolio — Moderately Aggressive Portfolio and Variable</b></p><p align="center" style="margin-top: 0px; margin-bottom: 0px;"><b>Portfolio — Aggressive Portfolio (each a “Fund,” together the “Funds”)</b></p><p align="left" style="margin-top: 0px; margin-bottom: 0px;"> </p><p align="center" style="margin-top: 0px; margin-bottom: 1px;"><b>Supplement dated January 18, 2013 to the Funds’ Prospectus dated May 1, 2012, as supplemented</b></p></td></tr></table><p style="margin-top: 8px; margin-bottom: 0px;">The “Principal Investment Strategies of the Fund” in the Summary of the Fund is superseded and replaced as follows:</p><p style="margin-top: 6px; margin-bottom: 0px;"><u>For Variable Portfolio-Moderately Aggressive Portfolio</u></p><p style="margin-top: 0px; margin-bottom: 0px;">The Fund is a “fund of funds” that seeks to achieve its objective by investing in a combination of underlying funds representing three primary asset classes: equity, fixed income and cash/cash equivalents, as well as underlying funds that pursue alternative investment strategies (alternative strategies), including those that seek investment returns uncorrelated to the broad equity and fixed income markets, as well as those providing exposure to other markets, including but not limited to absolute (positive) return strategies. The Fund may also invest in derivatives such as index futures, Treasury futures, currency forwards, index-based total return swaps and indexed-based credit default swaps. Under normal circumstances, the Fund intends to invest, directly or indirectly, in each of equity, fixed income and cash/cash equivalent asset classes and alternative strategies (each an asset class category and collectively the asset class categories) within the following target asset allocation ranges (includes investments in underlying funds and derivatives):</p><p style="margin-top: 0px; margin-bottom: 0px;"> </p><table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style="border-collapse: collapse;"><tr><td></td><td valign="bottom" width="28%"></td><td></td><td></td><td></td><td valign="bottom" width="28%"></td><td></td><td></td><td></td><td valign="bottom" width="28%"></td><td></td><td></td><td></td></tr><tr><td valign="bottom" align="center" style="border: 1px solid rgb(0, 0, 0); padding-left: 8px;"><b>Equity</b></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" colspan="2" align="center" style="border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"><b>Fixed<br/>Income</b></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" colspan="2" align="center" style="border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"><b>Cash/Cash<br/>Equivalents</b></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" colspan="2" align="center" style="border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid;"><b>Alternative<br/>Strategies</b></td><td valign="bottom" style="border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-right: 8px;"> </td></tr><tr bgcolor="#cceeff"><td valign="top" style="border-left-width: 1px; border-left-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-left: 8px;">55-70%*</td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">25-40</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid;">%* </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">0-5</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid;">%* </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" style="border-bottom-width: 1px; border-bottom-style: solid;"> </td><td valign="bottom" align="right" style="border-bottom-width: 1px; border-bottom-style: solid;">0-10</td><td nowrap="nowrap" valign="bottom" style="border-right-width: 1px; border-right-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-right: 8px;">%* </td></tr></table><p style="margin-top: 4px; margin-bottom: 0px;">*As a percentage of Fund net assets. Ranges include the net notional amounts of the Fund’s direct investments in derivative instruments. Market appreciation or depreciation may cause the Fund to be temporarily outside the range identified in the table. Columbia Management Investment Advisers, LLC (the Investment Manager) may modify the target allocation ranges only upon approval of the Fund’s Board of Trustees (the Board).</p><p style="margin-top: 4px; margin-bottom: 0px;">In managing the Fund, the Investment Manager considers the independent analysis of Morningstar Associates (Morningstar), an independent investment consultant, on a broad range of aspects related to the management of the Fund including, but not limited to, the performance of the underlying funds, the types of investment categories represented by the underlying funds, and the consideration of additional underlying funds. The Investment Manager retains full discretion over the Fund’s investment activities.</p><p style="margin-top: 8px; margin-bottom: 0px;">The following risk is added to the “Principal Risks of Investing in the Fund” in the Summary of the Fund:</p><p style="margin-top: 8px; margin-bottom: 0px;"><b>Derivatives Risk/Forward Foreign Currency Contracts Risk.</b> These instruments are a type of derivative contract whereby the Fund may agree to buy or sell a country’s or region’s currency at a specific price on a specific date, usually 30, 60, or 90 days in the future. These contracts may fall in value due to foreign market downswings or foreign currency value fluctuations. The Fund’s investment or hedging strategies may not achieve their objective. Investment in these instruments also subjects the Fund to counterparty risk.</p>