# EDGAR Filing Document

**Accession Number:** 0001413032
**File Stem:** 0001193125-25-298469
**Filing Date:** 2025-11
**Character Count:** 118266
**Document Hash:** bb8aea1e6d0a8b714516db37b45105ec
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-298469.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001193125-25-298469

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22127
- **FILM NUMBER:** 251524042

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

![](img9084f0241.jpg)

Columbia Variable Portfolio – Emerging Markets Bond Fund

**Third Quarter Report**

September 30, 2025 (Unaudited)

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Not FDIC or NCUA Insured** | **No Financial Institution Guarantee** | **May Lose Value** |

---

------

Portfolio of Investments

Columbia Variable Portfolio – Emerging Markets Bond Fund, September 30, 2025 (Unaudited)

(Percentages represent value of investments compared to net assets)

**Investments in securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes 9.6%** | **Corporate Bonds & Notes 9.6%** | **Corporate Bonds & Notes 9.6%** | **Corporate Bonds & Notes 9.6%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Brazil 0.7%** | **Brazil 0.7%** | **Brazil 0.7%** | **Brazil 0.7%** |
| Braskem Netherlands Finance BV<sup>(a)</sup>  | Braskem Netherlands Finance BV<sup>(a)</sup>  | Braskem Netherlands Finance BV<sup>(a)</sup>  | Braskem Netherlands Finance BV<sup>(a)</sup>  |
| 01/31/2030 | &nbsp;&nbsp; 4.500% | 5091000 | &nbsp;&nbsp; 1914242 |
| Raizen Fuels Finance SA<sup>(a)</sup>  | Raizen Fuels Finance SA<sup>(a)</sup>  | Raizen Fuels Finance SA<sup>(a)</sup>  | Raizen Fuels Finance SA<sup>(a)</sup>  |
| 07/08/2032 | &nbsp;&nbsp; 6.250% | 926000 | &nbsp;&nbsp; 904557 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2818799** |
| **China 0.1%** | **China 0.1%** | **China 0.1%** | **China 0.1%** |
| Country Garden Holdings Co., Ltd.<sup>(a),(b)</sup>  | Country Garden Holdings Co., Ltd.<sup>(a),(b)</sup>  | Country Garden Holdings Co., Ltd.<sup>(a),(b)</sup>  | Country Garden Holdings Co., Ltd.<sup>(a),(b)</sup>  |
| 07/12/2026 | &nbsp;&nbsp; 0.000% | 4800000 | &nbsp;&nbsp; 504618 |
| **Russian Federation 0.4%** | **Russian Federation 0.4%** | **Russian Federation 0.4%** | **Russian Federation 0.4%** |
| Phosagro OAO Via Phosagro Bond Funding DAC<sup>(a)</sup>  | Phosagro OAO Via Phosagro Bond Funding DAC<sup>(a)</sup>  | Phosagro OAO Via Phosagro Bond Funding DAC<sup>(a)</sup>  | Phosagro OAO Via Phosagro Bond Funding DAC<sup>(a)</sup>  |
| 09/16/2028 | &nbsp;&nbsp; 2.600% | 2128000 | &nbsp;&nbsp; 1477039 |
| **Saudi Arabia 4.0%** | **Saudi Arabia 4.0%** | **Saudi Arabia 4.0%** | **Saudi Arabia 4.0%** |
| EIG Pearl Holdings Sarl<sup>(a)</sup>  | EIG Pearl Holdings Sarl<sup>(a)</sup>  | EIG Pearl Holdings Sarl<sup>(a)</sup>  | EIG Pearl Holdings Sarl<sup>(a)</sup>  |
| 08/31/2036 | &nbsp;&nbsp; 3.545% | 2409454 | &nbsp;&nbsp; 2222014 |
| Greensaif Pipelines Bidco Sarl<sup>(a)</sup>  | Greensaif Pipelines Bidco Sarl<sup>(a)</sup>  | Greensaif Pipelines Bidco Sarl<sup>(a)</sup>  | Greensaif Pipelines Bidco Sarl<sup>(a)</sup>  |
| 02/23/2036 | &nbsp;&nbsp; 5.853% | 3371000 | &nbsp;&nbsp; 3539779 |
| 02/23/2038 | &nbsp;&nbsp; 6.129% | 1500000 | &nbsp;&nbsp; 1604730 |
| 08/23/2042 | &nbsp;&nbsp; 6.103% | 1455000 | &nbsp;&nbsp; 1530664 |
| KSA Ijarah Sukuk Ltd.<sup>(a)</sup>  | KSA Ijarah Sukuk Ltd.<sup>(a)</sup>  | KSA Ijarah Sukuk Ltd.<sup>(a)</sup>  | KSA Ijarah Sukuk Ltd.<sup>(a)</sup>  |
| 09/09/2030 | &nbsp;&nbsp; 4.250% | 3070000 | &nbsp;&nbsp; 3060123 |
| 09/09/2035 | &nbsp;&nbsp; 4.875% | 3972000 | &nbsp;&nbsp; 3999354 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **15956664** |
| **South Africa 0.7%** | **South Africa 0.7%** | **South Africa 0.7%** | **South Africa 0.7%** |
| Sasol Financing USA LLC | Sasol Financing USA LLC | Sasol Financing USA LLC | Sasol Financing USA LLC |
| 03/18/2031 | &nbsp;&nbsp; 5.500% | 3324000 | &nbsp;&nbsp; 2923168 |
| **South Korea 0.9%** | **South Korea 0.9%** | **South Korea 0.9%** | **South Korea 0.9%** |
| LG Chem Ltd.<sup>(a)</sup>  | LG Chem Ltd.<sup>(a)</sup>  | LG Chem Ltd.<sup>(a)</sup>  | LG Chem Ltd.<sup>(a)</sup>  |
| 07/07/2026 | &nbsp;&nbsp; 1.375% | 1536000 | &nbsp;&nbsp; 1500353 |
| SK Hynix Inc<sup>(a)</sup>  | SK Hynix Inc<sup>(a)</sup>  | SK Hynix Inc<sup>(a)</sup>  | SK Hynix Inc<sup>(a)</sup>  |
| 01/17/2026 | &nbsp;&nbsp; 6.250% | 2000000 | &nbsp;&nbsp; 2010073 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3510426** |
| **Tanzania 0.6%** | **Tanzania 0.6%** | **Tanzania 0.6%** | **Tanzania 0.6%** |
| AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC |
| 10/01/2030 | &nbsp;&nbsp; 3.750% | 735000 | &nbsp;&nbsp; 701533 |
| HTA Group Ltd.<sup>(a)</sup>  | HTA Group Ltd.<sup>(a)</sup>  | HTA Group Ltd.<sup>(a)</sup>  | HTA Group Ltd.<sup>(a)</sup>  |
| 06/04/2029 | &nbsp;&nbsp; 7.500% | 1759000 | &nbsp;&nbsp; 1830119 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2531652** |
| **Turkey 0.8%** | **Turkey 0.8%** | **Turkey 0.8%** | **Turkey 0.8%** |
| Sisecam UK PLC<sup>(a)</sup>  | Sisecam UK PLC<sup>(a)</sup>  | Sisecam UK PLC<sup>(a)</sup>  | Sisecam UK PLC<sup>(a)</sup>  |
| 05/02/2032 | &nbsp;&nbsp; 8.625% | 3154000 | &nbsp;&nbsp; 3282434 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **United Arab Emirates 1.4%** | **United Arab Emirates 1.4%** | **United Arab Emirates 1.4%** | **United Arab Emirates 1.4%** | **United Arab Emirates 1.4%** |
| Galaxy Pipeline Assets Bidco Ltd.<sup>(a)</sup>  | Galaxy Pipeline Assets Bidco Ltd.<sup>(a)</sup>  | Galaxy Pipeline Assets Bidco Ltd.<sup>(a)</sup>  | Galaxy Pipeline Assets Bidco Ltd.<sup>(a)</sup>  | Galaxy Pipeline Assets Bidco Ltd.<sup>(a)</sup>  |
| 03/31/2036 | &nbsp;&nbsp; 2.625% |  | 2600000 | &nbsp;&nbsp; 2290802 |
| 09/30/2040 | &nbsp;&nbsp; 2.940% |  | 3800581 | &nbsp;&nbsp; 3231725 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **5522527** |
| &nbsp;&nbsp; Total Corporate Bonds & Notes <br>(Cost $42,520,879) | &nbsp;&nbsp; Total Corporate Bonds & Notes <br>(Cost $42,520,879) | &nbsp;&nbsp; Total Corporate Bonds & Notes <br>(Cost $42,520,879) | &nbsp;&nbsp; Total Corporate Bonds & Notes <br>(Cost $42,520,879) | &nbsp;&nbsp; **38527327** |
| **Foreign Government Obligations**<sup>(c),(d)</sup> **81.9%** | **Foreign Government Obligations**<sup>(c),(d)</sup> **81.9%** | **Foreign Government Obligations**<sup>(c),(d)</sup> **81.9%** | **Foreign Government Obligations**<sup>(c),(d)</sup> **81.9%** | **Foreign Government Obligations**<sup>(c),(d)</sup> **81.9%** |
| **Angola 0.7%** | **Angola 0.7%** | **Angola 0.7%** | **Angola 0.7%** | **Angola 0.7%** |
| Angolan Government International Bond<sup>(a)</sup>  | Angolan Government International Bond<sup>(a)</sup>  | Angolan Government International Bond<sup>(a)</sup>  | Angolan Government International Bond<sup>(a)</sup>  | Angolan Government International Bond<sup>(a)</sup>  |
| 04/14/2032 | &nbsp;&nbsp; 8.750% |  | 846000 | &nbsp;&nbsp; 805892 |
| 05/08/2048 | &nbsp;&nbsp; 9.375% |  | 2536000 | &nbsp;&nbsp; 2174805 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **2980697** |
| **Argentina 2.0%** | **Argentina 2.0%** | **Argentina 2.0%** | **Argentina 2.0%** | **Argentina 2.0%** |
| Argentine Republic Government International Bond<sup>(e)</sup>  | Argentine Republic Government International Bond<sup>(e)</sup>  | Argentine Republic Government International Bond<sup>(e)</sup>  | Argentine Republic Government International Bond<sup>(e)</sup>  | Argentine Republic Government International Bond<sup>(e)</sup>  |
| 07/09/2035 | &nbsp;&nbsp; 4.125% |  | 14260955 | &nbsp;&nbsp; 7449982 |
| 07/09/2046 | &nbsp;&nbsp; 4.000% |  | 687273 | &nbsp;&nbsp; 359430 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **7809412** |
| **Azerbaijan 0.3%** | **Azerbaijan 0.3%** | **Azerbaijan 0.3%** | **Azerbaijan 0.3%** | **Azerbaijan 0.3%** |
| Republic of Azerbaijan International Bond<sup>(a)</sup>  | Republic of Azerbaijan International Bond<sup>(a)</sup>  | Republic of Azerbaijan International Bond<sup>(a)</sup>  | Republic of Azerbaijan International Bond<sup>(a)</sup>  | Republic of Azerbaijan International Bond<sup>(a)</sup>  |
| 09/01/2032 | &nbsp;&nbsp; 3.500% |  | 1340000 | &nbsp;&nbsp; 1245603 |
| **Bahrain 1.6%** | **Bahrain 1.6%** | **Bahrain 1.6%** | **Bahrain 1.6%** | **Bahrain 1.6%** |
| Bahrain Government International Bond<sup>(a)</sup>  | Bahrain Government International Bond<sup>(a)</sup>  | Bahrain Government International Bond<sup>(a)</sup>  | Bahrain Government International Bond<sup>(a)</sup>  | Bahrain Government International Bond<sup>(a)</sup>  |
| 05/18/2034 | &nbsp;&nbsp; 5.625% |  | 2635000 | &nbsp;&nbsp; 2558781 |
| CBB International Sukuk Programme Co. WLL<sup>(a)</sup>  | CBB International Sukuk Programme Co. WLL<sup>(a)</sup>  | CBB International Sukuk Programme Co. WLL<sup>(a)</sup>  | CBB International Sukuk Programme Co. WLL<sup>(a)</sup>  | CBB International Sukuk Programme Co. WLL<sup>(a)</sup>  |
| 05/18/2029 | &nbsp;&nbsp; 3.875% |  | 3867000 | &nbsp;&nbsp; 3704724 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **6263505** |
| **Brazil 1.6%** | **Brazil 1.6%** | **Brazil 1.6%** | **Brazil 1.6%** | **Brazil 1.6%** |
| Brazil Notas do Tesouro Nacional | Brazil Notas do Tesouro Nacional | Brazil Notas do Tesouro Nacional | Brazil Notas do Tesouro Nacional | Brazil Notas do Tesouro Nacional |
| 01/01/2031 | &nbsp;&nbsp; 10.000% | BRL | 5897000 | &nbsp;&nbsp; 997375 |
| Brazilian Government International Bond | Brazilian Government International Bond | Brazilian Government International Bond | Brazilian Government International Bond | Brazilian Government International Bond |
| 01/22/2032 | &nbsp;&nbsp; 6.125% |  | 1770000 | &nbsp;&nbsp; 1842090 |
| 01/27/2045 | &nbsp;&nbsp; 5.000% |  | 698000 | &nbsp;&nbsp; 566483 |
| 05/13/2054 | &nbsp;&nbsp; 7.125% |  | 931000 | &nbsp;&nbsp; 943784 |
| 01/12/2056 | &nbsp;&nbsp; 7.250% |  | 2003000 | &nbsp;&nbsp; 2030405 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **6380137** |
| **Chile 3.1%** | **Chile 3.1%** | **Chile 3.1%** | **Chile 3.1%** | **Chile 3.1%** |
| Corp Nacional del Cobre de Chile<sup>(a)</sup>  | Corp Nacional del Cobre de Chile<sup>(a)</sup>  | Corp Nacional del Cobre de Chile<sup>(a)</sup>  | Corp Nacional del Cobre de Chile<sup>(a)</sup>  | Corp Nacional del Cobre de Chile<sup>(a)</sup>  |
| 08/01/2047 | &nbsp;&nbsp; 4.500% |  | 6899000 | &nbsp;&nbsp; 5601308 |
| 02/05/2049 | &nbsp;&nbsp; 4.375% |  | 1005000 | &nbsp;&nbsp; 793679 |
| 01/30/2050 | &nbsp;&nbsp; 3.700% |  | 4000000 | &nbsp;&nbsp; 2819487 |

---

Columbia Variable Portfolio – Emerging Markets Bond Fund \| 2025

------

Portfolio of Investments (continued)

Columbia Variable Portfolio – Emerging Markets Bond Fund, September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Foreign Government Obligations**<sup>(c),(d)</sup> **(continued)** | **Foreign Government Obligations**<sup>(c),(d)</sup> **(continued)** | **Foreign Government Obligations**<sup>(c),(d)</sup> **(continued)** | **Foreign Government Obligations**<sup>(c),(d)</sup> **(continued)** | **Foreign Government Obligations**<sup>(c),(d)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Corporación Nacional del Cobre de Chile<sup>(a)</sup>  | Corporación Nacional del Cobre de Chile<sup>(a)</sup>  | Corporación Nacional del Cobre de Chile<sup>(a)</sup>  | Corporación Nacional del Cobre de Chile<sup>(a)</sup>  | Corporación Nacional del Cobre de Chile<sup>(a)</sup>  |
| 01/26/2036 | &nbsp;&nbsp; 6.440% |  | 1991000 | &nbsp;&nbsp; 2146764 |
| Empresa Nacional del Petroleo<sup>(a)</sup>  | Empresa Nacional del Petroleo<sup>(a)</sup>  | Empresa Nacional del Petroleo<sup>(a)</sup>  | Empresa Nacional del Petroleo<sup>(a)</sup>  | Empresa Nacional del Petroleo<sup>(a)</sup>  |
| 05/10/2033 | &nbsp;&nbsp; 6.150% |  | 881000 | &nbsp;&nbsp; 931218 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **12292456** |
| **Colombia 4.2%** | **Colombia 4.2%** | **Colombia 4.2%** | **Colombia 4.2%** | **Colombia 4.2%** |
| Colombia Government International Bond | Colombia Government International Bond | Colombia Government International Bond | Colombia Government International Bond | Colombia Government International Bond |
| 04/25/2035 | &nbsp;&nbsp; 8.500% |  | 1158000 | &nbsp;&nbsp; 1282592 |
| 11/14/2035 | &nbsp;&nbsp; 8.000% |  | 611000 | &nbsp;&nbsp; 656290 |
| 11/07/2036 | &nbsp;&nbsp; 7.750% |  | 1757000 | &nbsp;&nbsp; 1843412 |
| 09/18/2037 | &nbsp;&nbsp; 7.375% |  | 3400000 | &nbsp;&nbsp; 3503882 |
| 02/26/2044 | &nbsp;&nbsp; 5.625% |  | 1721000 | &nbsp;&nbsp; 1411194 |
| 11/14/2053 | &nbsp;&nbsp; 8.750% |  | 3497000 | &nbsp;&nbsp; 3844334 |
| Colombian TES | Colombian TES | Colombian TES | Colombian TES | Colombian TES |
| 07/09/2036 | &nbsp;&nbsp; 6.250% | COP | 23656000000 | &nbsp;&nbsp; 4168645 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **16710349** |
| **Costa Rica 0.2%** | **Costa Rica 0.2%** | **Costa Rica 0.2%** | **Costa Rica 0.2%** | **Costa Rica 0.2%** |
| Costa Rica Government International Bond<sup>(a)</sup>  | Costa Rica Government International Bond<sup>(a)</sup>  | Costa Rica Government International Bond<sup>(a)</sup>  | Costa Rica Government International Bond<sup>(a)</sup>  | Costa Rica Government International Bond<sup>(a)</sup>  |
| 11/13/2054 | &nbsp;&nbsp; 7.300% |  | 754000 | &nbsp;&nbsp; 824588 |
| **Dominican Republic 2.7%** | **Dominican Republic 2.7%** | **Dominican Republic 2.7%** | **Dominican Republic 2.7%** | **Dominican Republic 2.7%** |
| Dominican Republic International Bond<sup>(a)</sup>  | Dominican Republic International Bond<sup>(a)</sup>  | Dominican Republic International Bond<sup>(a)</sup>  | Dominican Republic International Bond<sup>(a)</sup>  | Dominican Republic International Bond<sup>(a)</sup>  |
| 01/25/2027 | &nbsp;&nbsp; 5.950% |  | 4035000 | &nbsp;&nbsp; 4105756 |
| 01/30/2030 | &nbsp;&nbsp; 4.500% |  | 3659000 | &nbsp;&nbsp; 3581598 |
| 09/23/2032 | &nbsp;&nbsp; 4.875% |  | 1487000 | &nbsp;&nbsp; 1424946 |
| 01/27/2045 | &nbsp;&nbsp; 6.850% |  | 271000 | &nbsp;&nbsp; 281505 |
| 06/05/2049 | &nbsp;&nbsp; 6.400% |  | 1550000 | &nbsp;&nbsp; 1531942 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **10925747** |
| **Ecuador 1.1%** | **Ecuador 1.1%** | **Ecuador 1.1%** | **Ecuador 1.1%** | **Ecuador 1.1%** |
| Ecuador Government International Bond<sup>(a),(e)</sup>  | Ecuador Government International Bond<sup>(a),(e)</sup>  | Ecuador Government International Bond<sup>(a),(e)</sup>  | Ecuador Government International Bond<sup>(a),(e)</sup>  | Ecuador Government International Bond<sup>(a),(e)</sup>  |
| 07/31/2030 | &nbsp;&nbsp; 6.900% |  | 2200000 | &nbsp;&nbsp; 1950679 |
| 07/31/2035 | &nbsp;&nbsp; 6.900% |  | 1100000 | &nbsp;&nbsp; 821329 |
| 07/31/2040 | &nbsp;&nbsp; 5.000% |  | 2485221 | &nbsp;&nbsp; 1640841 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **4412849** |
| **Egypt 1.6%** | **Egypt 1.6%** | **Egypt 1.6%** | **Egypt 1.6%** | **Egypt 1.6%** |
| Egypt Government International Bond<sup>(a)</sup>  | Egypt Government International Bond<sup>(a)</sup>  | Egypt Government International Bond<sup>(a)</sup>  | Egypt Government International Bond<sup>(a)</sup>  | Egypt Government International Bond<sup>(a)</sup>  |
| 04/11/2031 | &nbsp;&nbsp; 6.375% | EUR | 2208000 | &nbsp;&nbsp; 2484733 |
| 02/21/2048 | &nbsp;&nbsp; 7.903% |  | 1491000 | &nbsp;&nbsp; 1236032 |
| 02/16/2061 | &nbsp;&nbsp; 7.500% |  | 3207000 | &nbsp;&nbsp; 2512110 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **6232875** |
| **Ethiopia 0.5%** | **Ethiopia 0.5%** | **Ethiopia 0.5%** | **Ethiopia 0.5%** | **Ethiopia 0.5%** |
| Ethiopia International Bond<sup>(a),(b)</sup>  | Ethiopia International Bond<sup>(a),(b)</sup>  | Ethiopia International Bond<sup>(a),(b)</sup>  | Ethiopia International Bond<sup>(a),(b)</sup>  | Ethiopia International Bond<sup>(a),(b)</sup>  |
| 12/11/2024 | &nbsp;&nbsp; 0.000% |  | 1539000 | &nbsp;&nbsp; 1474979 |
| 12/11/2024 | &nbsp;&nbsp; 0.000% |  | 610000 | &nbsp;&nbsp; 584625 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **2059604** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Foreign Government Obligations**<sup>(c),(d)</sup> **(continued)** | **Foreign Government Obligations**<sup>(c),(d)</sup> **(continued)** | **Foreign Government Obligations**<sup>(c),(d)</sup> **(continued)** | **Foreign Government Obligations**<sup>(c),(d)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Ghana 1.1%** | **Ghana 1.1%** | **Ghana 1.1%** | **Ghana 1.1%** |
| Ghana Government International Bond<sup>(a),(e)</sup>  | Ghana Government International Bond<sup>(a),(e)</sup>  | Ghana Government International Bond<sup>(a),(e)</sup>  | Ghana Government International Bond<sup>(a),(e)</sup>  |
| 07/03/2035 | &nbsp;&nbsp; 5.000% | 5135567 | &nbsp;&nbsp; 4322198 |
| **Guatemala 0.6%** | **Guatemala 0.6%** | **Guatemala 0.6%** | **Guatemala 0.6%** |
| Guatemala Government Bond<sup>(a)</sup>  | Guatemala Government Bond<sup>(a)</sup>  | Guatemala Government Bond<sup>(a)</sup>  | Guatemala Government Bond<sup>(a)</sup>  |
| 08/06/2031 | &nbsp;&nbsp; 6.050% | 879000 | &nbsp;&nbsp; 914517 |
| 10/07/2033 | &nbsp;&nbsp; 3.700% | 909000 | &nbsp;&nbsp; 809604 |
| 06/01/2050 | &nbsp;&nbsp; 6.125% | 489000 | &nbsp;&nbsp; 473361 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2197482** |
| **Hungary 2.5%** | **Hungary 2.5%** | **Hungary 2.5%** | **Hungary 2.5%** |
| Hungary Government International Bond<sup>(a)</sup>  | Hungary Government International Bond<sup>(a)</sup>  | Hungary Government International Bond<sup>(a)</sup>  | Hungary Government International Bond<sup>(a)</sup>  |
| 09/22/2031 | &nbsp;&nbsp; 2.125% | 5637000 | &nbsp;&nbsp; 4838509 |
| 09/21/2051 | &nbsp;&nbsp; 3.125% | 1930000 | &nbsp;&nbsp; 1214150 |
| 09/23/2055 | &nbsp;&nbsp; 6.750% | 3854000 | &nbsp;&nbsp; 4083030 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **10135689** |
| **India 1.3%** | **India 1.3%** | **India 1.3%** | **India 1.3%** |
| Export-Import Bank of India<sup>(a)</sup>  | Export-Import Bank of India<sup>(a)</sup>  | Export-Import Bank of India<sup>(a)</sup>  | Export-Import Bank of India<sup>(a)</sup>  |
| 02/01/2028 | &nbsp;&nbsp; 3.875% | 2700000 | &nbsp;&nbsp; 2671237 |
| 01/15/2030 | &nbsp;&nbsp; 3.250% | 2669000 | &nbsp;&nbsp; 2544718 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **5215955** |
| **Indonesia 4.0%** | **Indonesia 4.0%** | **Indonesia 4.0%** | **Indonesia 4.0%** |
| Indonesia Government International Bond | Indonesia Government International Bond | Indonesia Government International Bond | Indonesia Government International Bond |
| 09/18/2029 | &nbsp;&nbsp; 3.400% | 1900000 | &nbsp;&nbsp; 1850389 |
| 10/30/2049 | &nbsp;&nbsp; 3.700% | 2255000 | &nbsp;&nbsp; 1723147 |
| Pertamina Persero<sup>(a)</sup>  | Pertamina Persero<sup>(a)</sup>  | Pertamina Persero<sup>(a)</sup>  | Pertamina Persero<sup>(a)</sup>  |
| 02/09/2026 | &nbsp;&nbsp; 1.400% | 1961000 | &nbsp;&nbsp; 1936835 |
| Perusahaan Penerbit SBSN Indonesia III<sup>(a)</sup>  | Perusahaan Penerbit SBSN Indonesia III<sup>(a)</sup>  | Perusahaan Penerbit SBSN Indonesia III<sup>(a)</sup>  | Perusahaan Penerbit SBSN Indonesia III<sup>(a)</sup>  |
| 06/06/2032 | &nbsp;&nbsp; 4.700% | 6981000 | &nbsp;&nbsp; 7028061 |
| PT Perusahaan Listrik Negara<sup>(a)</sup>  | PT Perusahaan Listrik Negara<sup>(a)</sup>  | PT Perusahaan Listrik Negara<sup>(a)</sup>  | PT Perusahaan Listrik Negara<sup>(a)</sup>  |
| 07/17/2049 | &nbsp;&nbsp; 4.875% | 3987000 | &nbsp;&nbsp; 3429354 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **15967786** |
| **Ivory Coast 1.6%** | **Ivory Coast 1.6%** | **Ivory Coast 1.6%** | **Ivory Coast 1.6%** |
| Ivory Coast Government International Bond<sup>(a)</sup>  | Ivory Coast Government International Bond<sup>(a)</sup>  | Ivory Coast Government International Bond<sup>(a)</sup>  | Ivory Coast Government International Bond<sup>(a)</sup>  |
| 03/03/2028 | &nbsp;&nbsp; 6.375% | 2500000 | &nbsp;&nbsp; 2537209 |
| 04/01/2036 | &nbsp;&nbsp; 8.075% | 1157000 | &nbsp;&nbsp; 1196685 |
| 01/30/2037 | &nbsp;&nbsp; 8.250% | 2706000 | &nbsp;&nbsp; 2820145 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **6554039** |
| **Jordan 0.3%** | **Jordan 0.3%** | **Jordan 0.3%** | **Jordan 0.3%** |
| Jordan Government International Bond<sup>(a)</sup>  | Jordan Government International Bond<sup>(a)</sup>  | Jordan Government International Bond<sup>(a)</sup>  | Jordan Government International Bond<sup>(a)</sup>  |
| 10/10/2047 | &nbsp;&nbsp; 7.375% | 1361000 | &nbsp;&nbsp; 1303101 |
| **Kazakhstan 2.4%** | **Kazakhstan 2.4%** | **Kazakhstan 2.4%** | **Kazakhstan 2.4%** |
| Development Bank of Kazakhstan<sup>(a)</sup>  | Development Bank of Kazakhstan<sup>(a)</sup>  | Development Bank of Kazakhstan<sup>(a)</sup>  | Development Bank of Kazakhstan<sup>(a)</sup>  |
| 04/15/2027 | &nbsp;&nbsp; 5.500% | 1898000 | &nbsp;&nbsp; 1921990 |

---

Columbia Variable Portfolio – Emerging Markets Bond Fund \| 2025

------

Portfolio of Investments (continued)

Columbia Variable Portfolio – Emerging Markets Bond Fund, September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Foreign Government Obligations**<sup>(c),(d)</sup> **(continued)** | **Foreign Government Obligations**<sup>(c),(d)</sup> **(continued)** | **Foreign Government Obligations**<sup>(c),(d)</sup> **(continued)** | **Foreign Government Obligations**<sup>(c),(d)</sup> **(continued)** | **Foreign Government Obligations**<sup>(c),(d)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| KazMunayGas National Co. JSC<sup>(a)</sup>  | KazMunayGas National Co. JSC<sup>(a)</sup>  | KazMunayGas National Co. JSC<sup>(a)</sup>  | KazMunayGas National Co. JSC<sup>(a)</sup>  | KazMunayGas National Co. JSC<sup>(a)</sup>  |
| 04/24/2030 | &nbsp;&nbsp; 5.375% |  | 1997000 | &nbsp;&nbsp; 2051734 |
| 04/19/2047 | &nbsp;&nbsp; 5.750% |  | 5924000 | &nbsp;&nbsp; 5522081 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **9495805** |
| **Lebanon 0.5%** | **Lebanon 0.5%** | **Lebanon 0.5%** | **Lebanon 0.5%** | **Lebanon 0.5%** |
| Lebanon Government International Bond<sup>(a),(b)</sup>  | Lebanon Government International Bond<sup>(a),(b)</sup>  | Lebanon Government International Bond<sup>(a),(b)</sup>  | Lebanon Government International Bond<sup>(a),(b)</sup>  | Lebanon Government International Bond<sup>(a),(b)</sup>  |
| 04/12/2021 | &nbsp;&nbsp; 0.000% |  | 2097000 | &nbsp;&nbsp; 469178 |
| 11/04/2024 | &nbsp;&nbsp; 0.000% |  | 1790000 | &nbsp;&nbsp; 400203 |
| Lebanon Government International Bond<sup>(a)</sup>  | Lebanon Government International Bond<sup>(a)</sup>  | Lebanon Government International Bond<sup>(a)</sup>  | Lebanon Government International Bond<sup>(a)</sup>  | Lebanon Government International Bond<sup>(a)</sup>  |
| 03/20/2028 | &nbsp;&nbsp; 7.000% |  | 2096000 | &nbsp;&nbsp; 470960 |
| Lebanon Government International Bond | Lebanon Government International Bond | Lebanon Government International Bond | Lebanon Government International Bond | Lebanon Government International Bond |
| 05/17/2034 | &nbsp;&nbsp; 8.250% |  | 2097000 | &nbsp;&nbsp; 469988 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **1810329** |
| **Malaysia 1.0%** | **Malaysia 1.0%** | **Malaysia 1.0%** | **Malaysia 1.0%** | **Malaysia 1.0%** |
| Petronas Capital Ltd.<sup>(a)</sup>  | Petronas Capital Ltd.<sup>(a)</sup>  | Petronas Capital Ltd.<sup>(a)</sup>  | Petronas Capital Ltd.<sup>(a)</sup>  | Petronas Capital Ltd.<sup>(a)</sup>  |
| 04/03/2055 | &nbsp;&nbsp; 5.848% |  | 3920000 | &nbsp;&nbsp; 4144571 |
| **Mexico 6.3%** | **Mexico 6.3%** | **Mexico 6.3%** | **Mexico 6.3%** | **Mexico 6.3%** |
| Comision Federal de Electricidad<sup>(a)</sup>  | Comision Federal de Electricidad<sup>(a)</sup>  | Comision Federal de Electricidad<sup>(a)</sup>  | Comision Federal de Electricidad<sup>(a)</sup>  | Comision Federal de Electricidad<sup>(a)</sup>  |
| 07/26/2033 | &nbsp;&nbsp; 3.875% |  | 4200000 | &nbsp;&nbsp; 3706381 |
| Mexican Bonos | Mexican Bonos | Mexican Bonos | Mexican Bonos | Mexican Bonos |
| 05/31/2029 | &nbsp;&nbsp; 8.500% | MXN | 15000000 | &nbsp;&nbsp; 830859 |
| Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
| 01/15/2047 | &nbsp;&nbsp; 4.350% |  | 2300000 | &nbsp;&nbsp; 1779052 |
| 02/10/2048 | &nbsp;&nbsp; 4.600% |  | 4730000 | &nbsp;&nbsp; 3747826 |
| 05/07/2054 | &nbsp;&nbsp; 6.400% |  | 4493000 | &nbsp;&nbsp; 4396719 |
| Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
| 11/12/2026 | &nbsp;&nbsp; 7.470% | MXN | 4700000 | &nbsp;&nbsp; 252140 |
| 01/28/2031 | &nbsp;&nbsp; 5.950% |  | 5982000 | &nbsp;&nbsp; 5794218 |
| 01/23/2045 | &nbsp;&nbsp; 6.375% |  | 1657000 | &nbsp;&nbsp; 1342855 |
| 02/12/2048 | &nbsp;&nbsp; 6.350% |  | 4191000 | &nbsp;&nbsp; 3329475 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **25179525** |
| **Mongolia 0.1%** | **Mongolia 0.1%** | **Mongolia 0.1%** | **Mongolia 0.1%** | **Mongolia 0.1%** |
| Mongolia Government International Bond<sup>(a)</sup>  | Mongolia Government International Bond<sup>(a)</sup>  | Mongolia Government International Bond<sup>(a)</sup>  | Mongolia Government International Bond<sup>(a)</sup>  | Mongolia Government International Bond<sup>(a)</sup>  |
| 01/19/2028 | &nbsp;&nbsp; 8.650% |  | 488000 | &nbsp;&nbsp; 517286 |
| **Morocco 1.0%** | **Morocco 1.0%** | **Morocco 1.0%** | **Morocco 1.0%** | **Morocco 1.0%** |
| OCP SA<sup>(a)</sup>  | OCP SA<sup>(a)</sup>  | OCP SA<sup>(a)</sup>  | OCP SA<sup>(a)</sup>  | OCP SA<sup>(a)</sup>  |
| 03/01/2036 | &nbsp;&nbsp; 6.700% |  | 1158000 | &nbsp;&nbsp; 1239244 |
| 06/23/2051 | &nbsp;&nbsp; 5.125% |  | 3071000 | &nbsp;&nbsp; 2557667 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **3796911** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Foreign Government Obligations**<sup>(c),(d)</sup> **(continued)** | **Foreign Government Obligations**<sup>(c),(d)</sup> **(continued)** | **Foreign Government Obligations**<sup>(c),(d)</sup> **(continued)** | **Foreign Government Obligations**<sup>(c),(d)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Nigeria 1.7%** | **Nigeria 1.7%** | **Nigeria 1.7%** | **Nigeria 1.7%** |
| Nigeria Government International Bond<sup>(a)</sup>  | Nigeria Government International Bond<sup>(a)</sup>  | Nigeria Government International Bond<sup>(a)</sup>  | Nigeria Government International Bond<sup>(a)</sup>  |
| 09/28/2028 | &nbsp;&nbsp; 6.125% | 1600000 | &nbsp;&nbsp; 1567831 |
| 09/28/2033 | &nbsp;&nbsp; 7.375% | 2796000 | &nbsp;&nbsp; 2643907 |
| 12/09/2034 | &nbsp;&nbsp; 10.375% | 1024000 | &nbsp;&nbsp; 1137725 |
| 11/28/2047 | &nbsp;&nbsp; 7.625% | 1739000 | &nbsp;&nbsp; 1496056 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **6845519** |
| **Oman 1.7%** | **Oman 1.7%** | **Oman 1.7%** | **Oman 1.7%** |
| Oman Government International Bond<sup>(a)</sup>  | Oman Government International Bond<sup>(a)</sup>  | Oman Government International Bond<sup>(a)</sup>  | Oman Government International Bond<sup>(a)</sup>  |
| 01/17/2048 | &nbsp;&nbsp; 6.750% | 4233000 | &nbsp;&nbsp; 4649810 |
| OQ SAOC<sup>(a)</sup>  | OQ SAOC<sup>(a)</sup>  | OQ SAOC<sup>(a)</sup>  | OQ SAOC<sup>(a)</sup>  |
| 05/06/2028 | &nbsp;&nbsp; 5.125% | 1964000 | &nbsp;&nbsp; 1984390 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **6634200** |
| **Pakistan 0.7%** | **Pakistan 0.7%** | **Pakistan 0.7%** | **Pakistan 0.7%** |
| Pakistan Government International Bond<sup>(a)</sup>  | Pakistan Government International Bond<sup>(a)</sup>  | Pakistan Government International Bond<sup>(a)</sup>  | Pakistan Government International Bond<sup>(a)</sup>  |
| 12/05/2027 | &nbsp;&nbsp; 6.875% | 1400000 | &nbsp;&nbsp; 1396457 |
| 04/08/2031 | &nbsp;&nbsp; 7.375% | 1395000 | &nbsp;&nbsp; 1367146 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2763603** |
| **Panama 1.6%** | **Panama 1.6%** | **Panama 1.6%** | **Panama 1.6%** |
| Panama Government International Bond | Panama Government International Bond | Panama Government International Bond | Panama Government International Bond |
| 03/01/2031 | &nbsp;&nbsp; 7.500% | 1494000 | &nbsp;&nbsp; 1645232 |
| 09/29/2032 | &nbsp;&nbsp; 2.252% | 2800000 | &nbsp;&nbsp; 2273704 |
| 01/19/2033 | &nbsp;&nbsp; 3.298% | 2978000 | &nbsp;&nbsp; 2563725 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **6482661** |
| **Paraguay 2.1%** | **Paraguay 2.1%** | **Paraguay 2.1%** | **Paraguay 2.1%** |
| Paraguay Government International Bond<sup>(a)</sup>  | Paraguay Government International Bond<sup>(a)</sup>  | Paraguay Government International Bond<sup>(a)</sup>  | Paraguay Government International Bond<sup>(a)</sup>  |
| 06/28/2033 | &nbsp;&nbsp; 3.849% | 2000000 | &nbsp;&nbsp; 1868950 |
| 08/11/2044 | &nbsp;&nbsp; 6.100% | 5068000 | &nbsp;&nbsp; 5178464 |
| 03/30/2050 | &nbsp;&nbsp; 5.400% | 1574000 | &nbsp;&nbsp; 1447383 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **8494797** |
| **Peru 2.5%** | **Peru 2.5%** | **Peru 2.5%** | **Peru 2.5%** |
| Peruvian Government International Bond | Peruvian Government International Bond | Peruvian Government International Bond | Peruvian Government International Bond |
| 01/15/2034 | &nbsp;&nbsp; 3.000% | 3634000 | &nbsp;&nbsp; 3155373 |
| 11/18/2050 | &nbsp;&nbsp; 5.625% | 5677000 | &nbsp;&nbsp; 5597909 |
| Petroleos del Peru SA<sup>(a)</sup>  | Petroleos del Peru SA<sup>(a)</sup>  | Petroleos del Peru SA<sup>(a)</sup>  | Petroleos del Peru SA<sup>(a)</sup>  |
| 06/19/2047 | &nbsp;&nbsp; 5.625% | 1900000 | &nbsp;&nbsp; 1403652 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **10156934** |
| **Philippines 1.0%** | **Philippines 1.0%** | **Philippines 1.0%** | **Philippines 1.0%** |
| Philippine Government International Bond | Philippine Government International Bond | Philippine Government International Bond | Philippine Government International Bond |
| 07/06/2046 | &nbsp;&nbsp; 3.200% | 5234000 | &nbsp;&nbsp; 3822966 |

---

Columbia Variable Portfolio – Emerging Markets Bond Fund \| 2025

------

Portfolio of Investments (continued)

Columbia Variable Portfolio – Emerging Markets Bond Fund, September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Foreign Government Obligations**<sup>(c),(d)</sup> **(continued)** | **Foreign Government Obligations**<sup>(c),(d)</sup> **(continued)** | **Foreign Government Obligations**<sup>(c),(d)</sup> **(continued)** | **Foreign Government Obligations**<sup>(c),(d)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Poland 1.8%** | **Poland 1.8%** | **Poland 1.8%** | **Poland 1.8%** |
| Republic of Poland Government International Bond | Republic of Poland Government International Bond | Republic of Poland Government International Bond | Republic of Poland Government International Bond |
| 10/04/2033 | &nbsp;&nbsp; 4.875% | 1700000 | &nbsp;&nbsp; 1718596 |
| 09/18/2034 | &nbsp;&nbsp; 5.125% | 3384000 | &nbsp;&nbsp; 3453422 |
| 03/18/2054 | &nbsp;&nbsp; 5.500% | 1919000 | &nbsp;&nbsp; 1851143 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **7023161** |
| **Romania 5.3%** | **Romania 5.3%** | **Romania 5.3%** | **Romania 5.3%** |
| Romanian Government International Bond<sup>(a)</sup>  | Romanian Government International Bond<sup>(a)</sup>  | Romanian Government International Bond<sup>(a)</sup>  | Romanian Government International Bond<sup>(a)</sup>  |
| 02/27/2027 | &nbsp;&nbsp; 3.000% | 13892000 | &nbsp;&nbsp; 13545648 |
| 03/27/2032 | &nbsp;&nbsp; 3.625% | 3786000 | &nbsp;&nbsp; 3365717 |
| 02/10/2037 | &nbsp;&nbsp; 7.500% | 1636000 | &nbsp;&nbsp; 1758390 |
| 06/15/2048 | &nbsp;&nbsp; 5.125% | 3278000 | &nbsp;&nbsp; 2639043 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **21308798** |
| **Russian Federation 0.4%** | **Russian Federation 0.4%** | **Russian Federation 0.4%** | **Russian Federation 0.4%** |
| Gazprom PJSC via Gaz Finance PLC<sup>(a)</sup>  | Gazprom PJSC via Gaz Finance PLC<sup>(a)</sup>  | Gazprom PJSC via Gaz Finance PLC<sup>(a)</sup>  | Gazprom PJSC via Gaz Finance PLC<sup>(a)</sup>  |
| 02/25/2030 | &nbsp;&nbsp; 3.250% | 2254000 | &nbsp;&nbsp; 1521890 |
| **Saudi Arabia 4.0%** | **Saudi Arabia 4.0%** | **Saudi Arabia 4.0%** | **Saudi Arabia 4.0%** |
| KSA Sukuk Ltd.<sup>(a)</sup>  | KSA Sukuk Ltd.<sup>(a)</sup>  | KSA Sukuk Ltd.<sup>(a)</sup>  | KSA Sukuk Ltd.<sup>(a)</sup>  |
| 10/29/2029 | &nbsp;&nbsp; 2.969% | 1000000 | &nbsp;&nbsp; 952947 |
| Saudi Government International Bond<sup>(a)</sup>  | Saudi Government International Bond<sup>(a)</sup>  | Saudi Government International Bond<sup>(a)</sup>  | Saudi Government International Bond<sup>(a)</sup>  |
| 10/22/2030 | &nbsp;&nbsp; 3.250% | 1900000 | &nbsp;&nbsp; 1810861 |
| 07/18/2033 | &nbsp;&nbsp; 4.875% | 1830000 | &nbsp;&nbsp; 1854562 |
| 01/13/2035 | &nbsp;&nbsp; 5.625% | 5587000 | &nbsp;&nbsp; 5955806 |
| 02/02/2061 | &nbsp;&nbsp; 3.450% | 4500000 | &nbsp;&nbsp; 2939115 |
| SRC Sukuk Ltd.<sup>(a)</sup>  | SRC Sukuk Ltd.<sup>(a)</sup>  | SRC Sukuk Ltd.<sup>(a)</sup>  | SRC Sukuk Ltd.<sup>(a)</sup>  |
| 02/27/2028 | &nbsp;&nbsp; 5.000% | 2600000 | &nbsp;&nbsp; 2636071 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **16149362** |
| **South Africa 1.0%** | **South Africa 1.0%** | **South Africa 1.0%** | **South Africa 1.0%** |
| Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond |
| 09/30/2049 | &nbsp;&nbsp; 5.750% | 1034000 | &nbsp;&nbsp; 827824 |
| 04/20/2052 | &nbsp;&nbsp; 7.300% | 2050000 | &nbsp;&nbsp; 1965602 |
| Republic of South Africa Government International Bond<sup>(a)</sup>  | Republic of South Africa Government International Bond<sup>(a)</sup>  | Republic of South Africa Government International Bond<sup>(a)</sup>  | Republic of South Africa Government International Bond<sup>(a)</sup>  |
| 11/19/2054 | &nbsp;&nbsp; 7.950% | 1262000 | &nbsp;&nbsp; 1281268 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **4074694** |
| **Sri Lanka 0.7%** | **Sri Lanka 0.7%** | **Sri Lanka 0.7%** | **Sri Lanka 0.7%** |
| Sri Lanka Government International Bond<sup>(a)</sup>  | Sri Lanka Government International Bond<sup>(a)</sup>  | Sri Lanka Government International Bond<sup>(a)</sup>  | Sri Lanka Government International Bond<sup>(a)</sup>  |
| 04/15/2028 | &nbsp;&nbsp; 4.000% | 419659 | &nbsp;&nbsp; 401146 |
| Sri Lanka Government International Bond<sup>(a),(e)</sup>  | Sri Lanka Government International Bond<sup>(a),(e)</sup>  | Sri Lanka Government International Bond<sup>(a),(e)</sup>  | Sri Lanka Government International Bond<sup>(a),(e)</sup>  |
| 01/15/2030 | &nbsp;&nbsp; 3.100% | 429898 | &nbsp;&nbsp; 402461 |
| 03/15/2033 | &nbsp;&nbsp; 3.350% | 843238 | &nbsp;&nbsp; 721860 |
| 06/15/2035 | &nbsp;&nbsp; 3.600% | 569380 | &nbsp;&nbsp; 414779 |
| 05/15/2036 | &nbsp;&nbsp; 3.600% | 395163 | &nbsp;&nbsp; 348744 |
| 02/15/2038 | &nbsp;&nbsp; 3.600% | 790658 | &nbsp;&nbsp; 702367 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2991357** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Foreign Government Obligations**<sup>(c),(d)</sup> **(continued)** | **Foreign Government Obligations**<sup>(c),(d)</sup> **(continued)** | **Foreign Government Obligations**<sup>(c),(d)</sup> **(continued)** | **Foreign Government Obligations**<sup>(c),(d)</sup> **(continued)** | **Foreign Government Obligations**<sup>(c),(d)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Turkey 7.3%** | **Turkey 7.3%** | **Turkey 7.3%** | **Turkey 7.3%** | **Turkey 7.3%** |
| Turkey Government International Bond | Turkey Government International Bond | Turkey Government International Bond | Turkey Government International Bond | Turkey Government International Bond |
| 04/14/2026 | &nbsp;&nbsp; 4.250% |  | 3300000 | &nbsp;&nbsp; 3297247 |
| 02/17/2028 | &nbsp;&nbsp; 5.125% |  | 8000000 | &nbsp;&nbsp; 7977550 |
| 03/14/2029 | &nbsp;&nbsp; 9.375% |  | 1600000 | &nbsp;&nbsp; 1783441 |
| 04/26/2029 | &nbsp;&nbsp; 7.625% |  | 1885000 | &nbsp;&nbsp; 1999140 |
| 05/11/2047 | &nbsp;&nbsp; 5.750% |  | 500000 | &nbsp;&nbsp; 396461 |
| Turkiye Government Bond | Turkiye Government Bond | Turkiye Government Bond | Turkiye Government Bond | Turkiye Government Bond |
| 09/27/2034 | &nbsp;&nbsp; 27.700% | TRY | 154500000 | &nbsp;&nbsp; 3523923 |
| Turkiye Government International Bond | Turkiye Government International Bond | Turkiye Government International Bond | Turkiye Government International Bond | Turkiye Government International Bond |
| 03/13/2030 | &nbsp;&nbsp; 5.250% |  | 4749000 | &nbsp;&nbsp; 4629355 |
| 05/15/2034 | &nbsp;&nbsp; 7.625% |  | 4335000 | &nbsp;&nbsp; 4593773 |
| 01/03/2035 | &nbsp;&nbsp; 6.500% |  | 1000000 | &nbsp;&nbsp; 980882 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **29181772** |
| **Ukraine 1.3%** | **Ukraine 1.3%** | **Ukraine 1.3%** | **Ukraine 1.3%** | **Ukraine 1.3%** |
| Ukraine Government International Bond<sup>(a),(e)</sup>  | Ukraine Government International Bond<sup>(a),(e)</sup>  | Ukraine Government International Bond<sup>(a),(e)</sup>  | Ukraine Government International Bond<sup>(a),(e)</sup>  | Ukraine Government International Bond<sup>(a),(e)</sup>  |
| 02/01/2034 | &nbsp;&nbsp; 4.500% |  | 1575787 | &nbsp;&nbsp; 883350 |
| 02/01/2035 | &nbsp;&nbsp; 4.500% |  | 4480482 | &nbsp;&nbsp; 2464855 |
| Ukraine Government International Bond<sup>(a)</sup>  | Ukraine Government International Bond<sup>(a)</sup>  | Ukraine Government International Bond<sup>(a)</sup>  | Ukraine Government International Bond<sup>(a)</sup>  | Ukraine Government International Bond<sup>(a)</sup>  |
| 08/01/2041 | &nbsp;&nbsp; 7.750% |  | 2200000 | &nbsp;&nbsp; 1749813 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **5098018** |
| **United Arab Emirates 4.5%** | **United Arab Emirates 4.5%** | **United Arab Emirates 4.5%** | **United Arab Emirates 4.5%** | **United Arab Emirates 4.5%** |
| Abu Dhabi Developmental Holding Co. PJSC<sup>(a)</sup>  | Abu Dhabi Developmental Holding Co. PJSC<sup>(a)</sup>  | Abu Dhabi Developmental Holding Co. PJSC<sup>(a)</sup>  | Abu Dhabi Developmental Holding Co. PJSC<sup>(a)</sup>  | Abu Dhabi Developmental Holding Co. PJSC<sup>(a)</sup>  |
| 05/06/2035 | &nbsp;&nbsp; 5.000% |  | 2179000 | &nbsp;&nbsp; 2218065 |
| Abu Dhabi Future Energy Co Pjsc Masdar<sup>(a)</sup>  | Abu Dhabi Future Energy Co Pjsc Masdar<sup>(a)</sup>  | Abu Dhabi Future Energy Co Pjsc Masdar<sup>(a)</sup>  | Abu Dhabi Future Energy Co Pjsc Masdar<sup>(a)</sup>  | Abu Dhabi Future Energy Co Pjsc Masdar<sup>(a)</sup>  |
| 07/25/2034 | &nbsp;&nbsp; 5.250% |  | 1663000 | &nbsp;&nbsp; 1716017 |
| DP World Crescent Ltd.<sup>(a)</sup>  | DP World Crescent Ltd.<sup>(a)</sup>  | DP World Crescent Ltd.<sup>(a)</sup>  | DP World Crescent Ltd.<sup>(a)</sup>  | DP World Crescent Ltd.<sup>(a)</sup>  |
| 09/26/2028 | &nbsp;&nbsp; 4.848% |  | 2000000 | &nbsp;&nbsp; 2019091 |
| 05/08/2035 | &nbsp;&nbsp; 5.500% |  | 1910000 | &nbsp;&nbsp; 1988146 |
| DP World Ltd.<sup>(a)</sup>  | DP World Ltd.<sup>(a)</sup>  | DP World Ltd.<sup>(a)</sup>  | DP World Ltd.<sup>(a)</sup>  | DP World Ltd.<sup>(a)</sup>  |
| 09/25/2048 | &nbsp;&nbsp; 5.625% |  | 1291000 | &nbsp;&nbsp; 1271682 |
| DP World PLC<sup>(a)</sup>  | DP World PLC<sup>(a)</sup>  | DP World PLC<sup>(a)</sup>  | DP World PLC<sup>(a)</sup>  | DP World PLC<sup>(a)</sup>  |
| 07/02/2037 | &nbsp;&nbsp; 6.850% |  | 5900000 | &nbsp;&nbsp; 6767253 |
| MDGH GMTN (RSC), Ltd.<sup>(a)</sup>  | MDGH GMTN (RSC), Ltd.<sup>(a)</sup>  | MDGH GMTN (RSC), Ltd.<sup>(a)</sup>  | MDGH GMTN (RSC), Ltd.<sup>(a)</sup>  | MDGH GMTN (RSC), Ltd.<sup>(a)</sup>  |
| 04/28/2033 | &nbsp;&nbsp; 5.500% |  | 1808000 | &nbsp;&nbsp; 1926215 |
| MDGH GMTN RSC Ltd.<sup>(a)</sup>  | MDGH GMTN RSC Ltd.<sup>(a)</sup>  | MDGH GMTN RSC Ltd.<sup>(a)</sup>  | MDGH GMTN RSC Ltd.<sup>(a)</sup>  | MDGH GMTN RSC Ltd.<sup>(a)</sup>  |
| 05/22/2053 | &nbsp;&nbsp; 5.084% |  | 279000 | &nbsp;&nbsp; 261204 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **18167673** |
| **Uruguay 0.9%** | **Uruguay 0.9%** | **Uruguay 0.9%** | **Uruguay 0.9%** | **Uruguay 0.9%** |
| Oriental Republic of Uruguay | Oriental Republic of Uruguay | Oriental Republic of Uruguay | Oriental Republic of Uruguay | Oriental Republic of Uruguay |
| 09/10/2060 | &nbsp;&nbsp; 5.250% |  | 2907578 | &nbsp;&nbsp; 2728904 |
| Uruguay Government International Bond | Uruguay Government International Bond | Uruguay Government International Bond | Uruguay Government International Bond | Uruguay Government International Bond |
| 11/20/2045 | &nbsp;&nbsp; 4.125% |  | 1077570 | &nbsp;&nbsp; 950357 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **3679261** |

---

Columbia Variable Portfolio – Emerging Markets Bond Fund \| 2025

------

Portfolio of Investments (continued)

Columbia Variable Portfolio – Emerging Markets Bond Fund, September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Foreign Government Obligations**<sup>(c),(d)</sup> **(continued)** | **Foreign Government Obligations**<sup>(c),(d)</sup> **(continued)** | **Foreign Government Obligations**<sup>(c),(d)</sup> **(continued)** | **Foreign Government Obligations**<sup>(c),(d)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Venezuela 0.7%** | **Venezuela 0.7%** | **Venezuela 0.7%** | **Venezuela 0.7%** |
| Petroleos de Venezuela SA<sup>(a),(b)</sup>  | Petroleos de Venezuela SA<sup>(a),(b)</sup>  | Petroleos de Venezuela SA<sup>(a),(b)</sup>  | Petroleos de Venezuela SA<sup>(a),(b)</sup>  |
| 05/16/2024 | &nbsp;&nbsp; 0.000% | 12559928 | &nbsp;&nbsp; 2022174 |
| Venezuela Government International Bond<sup>(a),(b)</sup>  | Venezuela Government International Bond<sup>(a),(b)</sup>  | Venezuela Government International Bond<sup>(a),(b)</sup>  | Venezuela Government International Bond<sup>(a),(b)</sup>  |
| 10/13/2024 | &nbsp;&nbsp; 0.000% | 4300000 | &nbsp;&nbsp; 878899 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2901073** |
| **Zambia 0.4%** | **Zambia 0.4%** | **Zambia 0.4%** | **Zambia 0.4%** |
| Zambia Government International Bond<sup>(a),(e)</sup>  | Zambia Government International Bond<sup>(a),(e)</sup>  | Zambia Government International Bond<sup>(a),(e)</sup>  | Zambia Government International Bond<sup>(a),(e)</sup>  |
| 06/30/2033 | &nbsp;&nbsp; 5.750% | 1574988 | &nbsp;&nbsp; 1505263 |
| &nbsp;&nbsp; Total Foreign Government Obligations <br>(Cost $326,377,208) | &nbsp;&nbsp; Total Foreign Government Obligations <br>(Cost $326,377,208) | &nbsp;&nbsp; Total Foreign Government Obligations <br>(Cost $326,377,208) | &nbsp;&nbsp; **327581501** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Money Market Funds 4.7%** | **Money Market Funds 4.7%** | **Money Market Funds 4.7%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 4.265%<sup>(f),(g)</sup> <br>| &nbsp;&nbsp; 18931406 | &nbsp;&nbsp; 18925727 |
| &nbsp;&nbsp; Total Money Market Funds <br>(Cost $18,925,466) | &nbsp;&nbsp; Total Money Market Funds <br>(Cost $18,925,466) | &nbsp;&nbsp; **18925727** |
| **Total Investments in Securities** <br>**(Cost $387,823,553)** | **Total Investments in Securities** <br>**(Cost $387,823,553)** | &nbsp;&nbsp; **385034555** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **15097688** |
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **$400132243** |

---

**Investments in derivatives** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** |
| **Currency to** <br>**be sold**<br>| &nbsp;&nbsp;&nbsp; **Currency to** <br>**be purchased**<br>| **Counterparty** | **Settlement** <br>**date**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**depreciation ($)**<br>|
| &nbsp;&nbsp; 9,772,331 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 11,478,970 USD | Citi | 10/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (202)<br>|
| 20,742,607 MXN | &nbsp;&nbsp;&nbsp;&nbsp; 1,110,327 USD | Morgan Stanley | 10/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (21292)<br>|
| Total |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (21494)<br>|

---

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents privately placed and other securities and instruments exempt from Securities
 and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only
 to qualified institutional buyers. At September 30, 2025, the total value of these securities amounted to $244,331,032, which represents 61.06% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents a security in default.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Principal amounts are denominated in United States Dollars unless otherwise noted.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Principal and interest may not be guaranteed by a governmental entity.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Represents a variable rate security with a step coupon where the rate adjusts according
 to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the
 current rate as of September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown is the seven-day current annualized yield at September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the
 holdings and transactions in these affiliated companies during the period ended September 30, 2025 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends($)** | **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 4.265% | Columbia Short-Term Cash Fund, 4.265% | Columbia Short-Term Cash Fund, 4.265% | Columbia Short-Term Cash Fund, 4.265% | Columbia Short-Term Cash Fund, 4.265% | Columbia Short-Term Cash Fund, 4.265% | Columbia Short-Term Cash Fund, 4.265% | Columbia Short-Term Cash Fund, 4.265% | Columbia Short-Term Cash Fund, 4.265% |
|  | 26479954 | &nbsp;&nbsp; 79475055 | &nbsp;&nbsp; (87029543)<br>| &nbsp;&nbsp; 261 | &nbsp;&nbsp; 18925727 | &nbsp;&nbsp; (3797)<br>| &nbsp;&nbsp; 934667 | &nbsp;&nbsp; 18931406 |

---

**Currency Legend** 

---

| | |
|:---|:---|
| BRL | Brazilian Real |
| COP | Colombian Peso |
| EUR | Euro |
| MXN | Mexican Peso |
| TRY | Turkish Lira |

---

Columbia Variable Portfolio – Emerging Markets Bond Fund \| 2025

------

Portfolio of Investments (continued)

Columbia Variable Portfolio – Emerging Markets Bond Fund, September 30, 2025 (Unaudited)

**Currency Legend (continued)**

USD US Dollar

Investments are valued using policies described in the Notes to Financial Statements included within the most recent financial statements and additional information.

Columbia Variable Portfolio – Emerging Markets Bond Fund \| 2025

------

You may at any time request, free of charge, to receive a paper copy of this report by calling 800.345.6611.

3QT7006_12_D01_(11/25)

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Columbia Funds Variable Series Trust II

- **b. Investment Company Act file number:** 811-22127

- **c. CIK number of Registrant:** 0001413032

- **d. LEI of Registrant:** 54930017CSZ4UCL7G406

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 290 Congress Street

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02110

  - **Telephone number:** 800-345-6611

**Item A.2. Information about the Series.**

- **a. Name of Series:** Columbia Variable Portfolio - Emerging Markets Bond Fund

- **b. EDGAR series identifier (if any):** S000036677

- **c. LEI of Series:** WX76Y338FLQB28CHCG53

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $400432140.00

**Total Liabilities:** $168607.77

**Net Assets:** $400263532.23

**Cash Not Reported:** $9816701.20

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 132.655300000000 | **1-Year:** 4105.494100000000 | **5-Year:** 19265.502700000000 | **10-Year:** 42522.164500000000 | **30-Year:** 82739.325400000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 176.987000000000 | **1-Year:** 4508.775400000000 | **5-Year:** 17987.150700000000 | **10-Year:** 43709.006400000000 | **30-Year:** 41535.137700000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000112082 | 1.11%                | 1.58%                | 1.25%                |
| Class ID C000112083 | 1.11%                | 1.58%                | 1.31%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1029394.14             | $3268381.37                                |
| Month 2  | $46972.65                | $4722790.22                                |
| Month 3  | $1437027.48              | $1753778.60                                |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                                      | Title                              | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |     Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| GALAXY PIPELINE ASSETS BIDCO LTD                          | GALAXY PIPELINE ASSETS BIDCO LTD   | CUSIP: 36321PAE0<br>LEI: 549300L82YB0C6JQIC26 | Long             | DBT              | CORP              | JE        |     3800582 | PA      | $3231725.37   | 0.81%             | 2040-09-30      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| GHANA (REPUBLIC OF)                                       | GHANA (REPUBLIC OF)                | CUSIP: 374422AP8<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     5135567 | PA      | $4322198.41   | 1.08%             | 2035-07-03      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| GREENSAIF PIPELINES BIDCO SA RL                           | GREENSAIF PIPELINES BIDCO SARL     | CUSIP: 39541EAA1<br>LEI: 549300YWDGUXPB8GRP47 | Long             | DBT              | CORP              | LU        |     1500000 | PA      | $1604729.97   | 0.40%             | 2038-02-23      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| GREENSAIF PIPELINES BIDCO SA RL                           | GREENSAIF PIPELINES BIDCO SARL     | CUSIP: 39541EAD5<br>LEI: 549300YWDGUXPB8GRP47 | Long             | DBT              | CORP              | LU        |     3371000 | PA      | $3539779.30   | 0.88%             | 2036-02-23      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| GREENSAIF PIPELINES BIDCO SA RL                           | GREENSAIF PIPELINES BIDCO SARL     | CUSIP: 39541EAE3<br>LEI: 549300YWDGUXPB8GRP47 | Long             | DBT              | CORP              | LU        |     1455000 | PA      | $1530664.12   | 0.38%             | 2042-08-23      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| GUATEMALA REPUBLIC OF (GOVERNMENT)                        | GUATEMALA (REPUBLIC OF)            | CUSIP: 401494AT6<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |      909000 | PA      | $809603.98    | 0.20%             | 2033-10-07      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| GUATEMALA REPUBLIC OF (GOVERNMENT)                        | GUATEMALA (REPUBLIC OF)            | CUSIP: 401494AY5<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |      879000 | PA      | $914516.77    | 0.23%             | 2031-08-06      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| HTA GROUP LTD                                             | HTA GROUP LTD                      | CUSIP: 40435WAC4<br>LEI: 213800WEFU8O8X6EPU13 | Long             | DBT              | CORP              | MU        |     1759000 | PA      | $1830118.59   | 0.46%             | 2029-06-04      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| JORDAN (HASHEMITE KINGDOM OF)                             | JORDAN (HASHEMITE KINGDOM OF)      | CUSIP: 418097AJ0<br>LEI: N/A                  | Long             | DBT              | NUSS              | JO        |     1361000 | PA      | $1303100.89   | 0.33%             | 2047-10-10      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| HUNGARY (GOVERNMENT)                                      | HUNGARY (GOVERNMENT)               | CUSIP: 445545AX4<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |     3854000 | PA      | $4083030.07   | 1.02%             | 2055-09-23      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| INDONESIA (REPUBLIC OF)                                   | INDONESIA (REPUBLIC OF)            | CUSIP: 455780CK0<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |     1900000 | PA      | $1850388.66   | 0.46%             | 2029-09-18      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| INDONESIA (REPUBLIC OF)                                   | INDONESIA (REPUBLIC OF)            | CUSIP: 455780CN4<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |     2255000 | PA      | $1723147.39   | 0.43%             | 2049-10-30      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| NK KAZMUNAYGAZ AO                                         | KAZMUNAYGAS NATIONAL CO            | CUSIP: 48667QAQ8<br>LEI: N/A                  | Long             | DBT              | NUSS              | KZ        |     1997000 | PA      | $2051734.01   | 0.51%             | 2030-04-24      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| KSA IJARAH SUKUK LTD                                      | KSA SUKUK LTD                      | CUSIP: 50116FAA0<br>LEI: 558600OCHJOSSXHWLV71 | Long             | DBT              | NUSS              | KY        |     3070000 | PA      | $3060123.18   | 0.76%             | 2030-09-09      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| KSA IJARAH SUKUK LTD                                      | KSA SUKUK LTD                      | CUSIP: 50116FAB8<br>LEI: 558600OCHJOSSXHWLV71 | Long             | DBT              | NUSS              | KY        |     3972000 | PA      | $3999353.84   | 1.00%             | 2035-09-09      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MDGH GMTN RSC LTD                                         | MDGH GMTN RSC LTD                  | CUSIP: 55285GAB0<br>LEI: 213800WRY6FRL9IXLT77 | Long             | DBT              | NUSS              | AE        |     1808000 | PA      | $1926214.63   | 0.48%             | 2033-04-28      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MDGH GMTN RSC LTD                                         | MDGH GMTN RSC LTD                  | CUSIP: 55285GAC8<br>LEI: 213800WRY6FRL9IXLT77 | Long             | DBT              | NUSS              | AE        |      279000 | PA      | $261204.34    | 0.07%             | 2053-05-22      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| MONGOLIA (GOVERNMENT OF)                                  | MONGOLIA (GOVERNMENT OF)           | CUSIP: 60937LAG0<br>LEI: 254900PW61ADCBDCLP71 | Long             | DBT              | NUSS              | MN        |      488000 | PA      | $517286.00    | 0.13%             | 2028-01-19      | Fixed         | 8.65%                 | No            |                  2 | On Loan: No      |
| NIGERIA (FEDERAL REPUBLIC OF)                             | NIGERIA (FEDERAL REPUBLIC OF)      | CUSIP: 65412AFD9<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |     1024000 | PA      | $1137724.51   | 0.28%             | 2034-12-09      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| OCP SA                                                    | OCP SA                             | CUSIP: 67091TAJ4<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | NUSS              | MA        |     1158000 | PA      | $1239243.45   | 0.31%             | 2036-03-01      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| PERTAMINA PERSERO PT                                      | PERTAMINA PERSERO PT               | CUSIP: 69370RAK3<br>LEI: N/A                  | Long             | DBT              | NUSS              | ID        |     1961000 | PA      | $1936834.82   | 0.48%             | 2026-02-09      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| PAKISTAN (ISLAMIC REPUBLIC OF)                            | PAKISTAN (ISLAMIC REPUBLIC OF)     | CUSIP: 695847AT0<br>LEI: 529900LOP29R5WKHOD86 | Long             | DBT              | NUSS              | PK        |     1395000 | PA      | $1367146.04   | 0.34%             | 2031-04-08      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| PANAMA REPUBLIC OF (GOVERNMENT)                           | PANAMA (REPUBLIC OF)               | CUSIP: 698299BN3<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     2800000 | PA      | $2273703.81   | 0.57%             | 2032-09-29      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| URUGUAY (ORIENTAL REPUBLIC OF)                            | URUGUAY (THE REPUBLIC OF)          | CUSIP: 760942AY8<br>LEI: N/A                  | Long             | DBT              | NUSS              | UY        |     1077570 | PA      | $950356.74    | 0.24%             | 2045-11-20      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| URUGUAY (ORIENTAL REPUBLIC OF)                            | URUGUAY (ORIENTAL REPUBLIC OF)     | CUSIP: 760942BG6<br>LEI: N/A                  | Long             | DBT              | NUSS              | UY        |     2907578 | PA      | $2728904.32   | 0.68%             | 2060-09-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ROMANIA (REPUBLIC OF)                                     | ROMANIA (REPUBLIC OF)              | CUSIP: 77586RAK6<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    13892000 | PA      | $13545648.26  | 3.38%             | 2027-02-27      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ROMANIA (REPUBLIC OF)                                     | ROMANIA (REPUBLIC OF)              | CUSIP: 77586RAW0<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     1636000 | PA      | $1758389.95   | 0.44%             | 2037-02-10      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| UKRAINE REPUBLIC OF (GOVERNMENT)                          | UKRAINE (GOVERNMENT OF)            | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     2200000 | PA      | $1749813.13   | 0.44%             | 2041-08-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DEL PERU PETROPERU SA                           | PETROLEOS DEL PERU - PETROPERU SA  | CUSIP: 000000000<br>LEI: 549300ZMGDLC9JT2OR80 | Long             | DBT              | NUSS              | PE        |     1900000 | PA      | $1403651.47   | 0.35%             | 2047-06-19      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Citi                                                      | US DOLLARS                         | CUSIP: 000000000<br>LEI: MBNUM2BPBDO7JBLYG310 | N/A              | DFE              | CORP              | XX        |    -9772331 | OU      | $-201.97      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TURKEY (REPUBLIC OF)                                      | TURKEY (REPUBLIC OF)               | CUSIP: M8T85VKH9<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |   154500000 | PA      | $3523922.73   | 0.88%             | 2034-09-27      | Fixed         | 27.70%                | No            |                  2 | On Loan: No      |
| Morgan Stanley                                            | US DOLLARS                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | MX        |   -20742607 | OU      | $-21292.12    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| COLOMBIA (REPUBLIC OF)                                    | COLOMBIA (REPUBLIC OF)             | CUSIP: P6S32JV23<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        | 23656000000 | PA      | $4168644.97   | 1.04%             | 2036-07-09      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| VENEZUELA REPUBLIC OF (GOVERNMENT)                        | VENEZUELA (REPUBLIC OF)            | CUSIP: P97475AP5<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |     4300000 | PA      | $878898.95    | 0.22%             | 2024-10-13      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| ABU DHABI DEVELOPMENTAL HOLDING COMPANY PJSC              | ABU DHABI DEVELOPMENTAL HOLDING CO | CUSIP: 00402AAB7<br>LEI: 254900G082ZFKTCR2Q75 | Long             | DBT              | NUSS              | AE        |     2179000 | PA      | $2218064.91   | 0.55%             | 2035-05-06      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ANGLOGOLD ASHANTI HOLDINGS PLC                            | ANGLOGOLD ASHANTI HOLDINGS PLC     | CUSIP: 03512TAE1<br>LEI: N/A                  | Long             | DBT              | CORP              | IM        |      735000 | PA      | $701533.43    | 0.18%             | 2030-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ARGENTINA REPUBLIC OF GOVERNMENT                          | ARGENTINA (REPUBLIC OF)            | CUSIP: 040114HT0<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    14260955 | PA      | $7449981.68   | 1.86%             | 2035-07-09      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| ARGENTINA REPUBLIC OF GOVERNMENT                          | ARGENTINA (REPUBLIC OF)            | CUSIP: 040114HW3<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |      687273 | PA      | $359430.33    | 0.09%             | 2046-07-09      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| BAHRAIN (KINGDOM OF)                                      | CBB INTERNATIONAL SUKUK CO 7 WLL   | CUSIP: 05675M2J2<br>LEI: 549300RODM1WN85LFQ95 | Long             | DBT              | NUSS              | BH        |     2635000 | PA      | $2558780.97   | 0.64%             | 2034-05-18      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| BRAZIL FEDERATIVE REPUBLIC OF (GOVERNMENT)                | BRAZIL (FEDERATIVE REPUBLIC OF)    | CUSIP: 105756BW9<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |      698000 | PA      | $566482.78    | 0.14%             | 2045-01-27      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BRAZIL FEDERATIVE REPUBLIC OF (GOVERNMENT)                | BRAZIL (FEDERATIVE REPUBLIC OF)    | CUSIP: 105756CJ7<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |      931000 | PA      | $943784.21    | 0.24%             | 2054-05-13      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| BRAZIL FEDERATIVE REPUBLIC OF (GOVERNMENT)                | BRAZIL (FEDERATIVE REPUBLIC OF)    | CUSIP: 105756CK4<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     1770000 | PA      | $1842090.19   | 0.46%             | 2032-01-22      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| BRAZIL FEDERATIVE REPUBLIC OF (GOVERNMENT)                | BRAZIL FEDERATIVE REPUBLIC OF (GOV | CUSIP: 105756CN8<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     2003000 | PA      | $2030405.24   | 0.51%             | 2056-01-12      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CBB INTERNATIONAL SUKUK PROGRAMME COMPANY WLL             | CBB INTERNATIONAL SUKUK CO 7 WLL   | CUSIP: 12482TAC2<br>LEI: 5493006IRJ2IWXTNIM16 | Long             | DBT              | NUSS              | BH        |     3867000 | PA      | $3704724.19   | 0.93%             | 2029-05-18      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| COLOMBIA (REPUBLIC OF)                                    | COLOMBIA (REPUBLIC OF)             | CUSIP: 195325BK0<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     3400000 | PA      | $3503881.60   | 0.88%             | 2037-09-18      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| COLOMBIA (REPUBLIC OF)                                    | COLOMBIA (REPUBLIC OF)             | CUSIP: 195325BR5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     1721000 | PA      | $1411194.57   | 0.35%             | 2044-02-26      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| COLOMBIA (REPUBLIC OF)                                    | COLOMBIA (REPUBLIC OF)             | CUSIP: 195325EL5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |      611000 | PA      | $656290.04    | 0.16%             | 2035-11-14      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| COLOMBIA (REPUBLIC OF)                                    | COLOMBIA (REPUBLIC OF)             | CUSIP: 195325EM3<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     3497000 | PA      | $3844333.72   | 0.96%             | 2053-11-14      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| COLOMBIA (REPUBLIC OF)                                    | COLOMBIA (REPUBLIC OF)             | CUSIP: 195325EP6<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     1757000 | PA      | $1843412.47   | 0.46%             | 2036-11-07      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| COLOMBIA (REPUBLIC OF)                                    | COLOMBIA (REPUBLIC OF)             | CUSIP: 195325ES0<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     1158000 | PA      | $1282591.73   | 0.32%             | 2035-04-25      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| COLUMBIA SHORT TERM CASH FUND                             | COLUMBIA SHORT TERM CASH FUND      | CUSIP: 19766H239<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    18931406 | NS      | $18925726.82  | 4.73%             |  |  |  | No            |                  1 | On Loan: No      |
| CORPORACION NACIONAL DEL COBRE DE CHILE                   | CORPORACION NACIONAL DEL COBRE DE  | CUSIP: 21987BBK3<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | NUSS              | CL        |     1991000 | PA      | $2146763.87   | 0.54%             | 2036-01-26      | Fixed         | 6.44%                 | No            |                  2 | On Loan: No      |
| COSTA RICA (REPUBLIC OF)                                  | COSTA RICA (REPUBLIC OF)           | CUSIP: 221597CV7<br>LEI: N/A                  | Long             | DBT              | NUSS              | CR        |      754000 | PA      | $824588.18    | 0.21%             | 2054-11-13      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| COTE D IVOIRE (REPUBLIC OF)                               | COTE D IVOIRE (REPUBLIC OF)        | CUSIP: 221625AV8<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |     1157000 | PA      | $1196685.07   | 0.30%             | 2036-04-01      | Fixed         | 8.07%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC (GOVERNMENT)                           | DOMINICAN REPUBLIC                 | CUSIP: 25714PCW6<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |      271000 | PA      | $281505.34    | 0.07%             | 2045-01-27      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC (GOVERNMENT)                           | DOMINICAN REPUBLIC                 | CUSIP: 25714PDT2<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     4035000 | PA      | $4105756.35   | 1.03%             | 2027-01-25      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC (GOVERNMENT)                           | DOMINICAN (REPUBLIC OF)            | CUSIP: 25714PED6<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     3659000 | PA      | $3581597.82   | 0.89%             | 2030-01-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DP WORLD CRESCENT LTD                                     | DP WORLD CRESCENT LTD              | CUSIP: 260979AA7<br>LEI: 21380096JRTWB8TL9236 | Long             | DBT              | NUSS              | KY        |     1910000 | PA      | $1988146.39   | 0.50%             | 2035-05-08      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| EMPRESA NACIONAL DEL PETROLEO EN                          | EMPRESA NACIONAL DEL PETROLEO ENAP | CUSIP: 29245JAN2<br>LEI: N/A                  | Long             | DBT              | NUSS              | CL        |      881000 | PA      | $931217.94    | 0.23%             | 2033-05-10      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| ETHIOPIA FEDERAL DEMOCRATIC REPUBLIC OF (GOVERNMENT)      | ETHIOPIA FEDERAL DEMOCRATIC REPUB  | CUSIP: 29766LAA4<br>LEI: N/A                  | Long             | DBT              | NUSS              | ET        |      610000 | PA      | $584624.77    | 0.15%             | 2024-12-11      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| EXPORT-IMPORT BANK OF INDIA                               | EXPORT-IMPORT BANK OF INDIA        | CUSIP: 30216JAE5<br>LEI: N/A                  | Long             | DBT              | NUSS              | IN        |     2669000 | PA      | $2544717.52   | 0.64%             | 2030-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| EXPORT-IMPORT BANK OF INDIA                               | EXPORT-IMPORT BANK OF INDIA        | CUSIP: 30216KAC6<br>LEI: N/A                  | Long             | DBT              | NUSS              | IN        |     2700000 | PA      | $2671237.38   | 0.67%             | 2028-02-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| GALAXY PIPELINE ASSETS BIDCO LTD                          | GALAXY PIPELINE ASSETS BIDCO LTD   | CUSIP: 36321PAB6<br>LEI: 549300L82YB0C6JQIC26 | Long             | DBT              | CORP              | JE        |     2600000 | PA      | $2290801.52   | 0.57%             | 2036-03-31      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| PANAMA REPUBLIC OF (GOVERNMENT)                           | PANAMA (REPUBLIC OF)               | CUSIP: 698299BR4<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     2978000 | PA      | $2563725.12   | 0.64%             | 2033-01-19      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| PANAMA REPUBLIC OF (GOVERNMENT)                           | PANAMA (REPUBLIC OF)               | CUSIP: 698299BX1<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     1494000 | PA      | $1645232.45   | 0.41%             | 2031-03-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| PARAGUAY REPUBLIC OF (GOVERNMENT)                         | PARAGUAY (REPUBLIC OF)             | CUSIP: 699149AB6<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |     5068000 | PA      | $5178464.06   | 1.29%             | 2044-08-11      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| PARAGUAY REPUBLIC OF (GOVERNMENT)                         | PARAGUAY (REPUBLIC OF)             | CUSIP: 699149AH3<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |     1574000 | PA      | $1447382.94   | 0.36%             | 2050-03-30      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| PARAGUAY REPUBLIC OF (GOVERNMENT)                         | PARAGUAY (REPUBLIC OF)             | CUSIP: 699149AL4<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |     2000000 | PA      | $1868949.72   | 0.47%             | 2033-06-28      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| PERU (REPUBLIC OF)                                        | PERU (REPUBLIC OF)                 | CUSIP: 715638BM3<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     5677000 | PA      | $5597909.06   | 1.40%             | 2050-11-18      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| PERU (REPUBLIC OF)                                        | PERU (REPUBLIC OF)                 | CUSIP: 715638DU3<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     3634000 | PA      | $3155373.05   | 0.79%             | 2034-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PERUSAHAAN PENERBIT SURAT BERHARGA SYARIAH NEGARA INDONES | PERUSAHAAN PENERBIT SURAT BERHARGA | CUSIP: 71567RAV8<br>LEI: 254900G208H6Q0L5B953 | Long             | DBT              | NUSS              | ID        |     6981000 | PA      | $7028060.57   | 1.76%             | 2032-06-06      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| PERUSAHAAN LISTRIK NEGARA (PERSERO) PT                    | PERUSAHAAN LISTRIK NEGARA (PERSERO | CUSIP: 71568QAK3<br>LEI: N/A                  | Long             | DBT              | NUSS              | ID        |     3987000 | PA      | $3429354.29   | 0.86%             | 2049-07-17      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                       | PETROLEOS MEXICANOS                | CUSIP: 71654QBR2<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |     1657000 | PA      | $1342854.99   | 0.34%             | 2045-01-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                       | PETROLEOS MEXICANOS                | CUSIP: 71654QCL4<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |     4191000 | PA      | $3329475.44   | 0.83%             | 2048-02-12      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                       | PETROLEOS MEXICANOS                | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |     5982000 | PA      | $5794217.67   | 1.45%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| PETRONAS CAPITAL LTD                                      | PETRONAS CAPITAL LTD               | CUSIP: 716743AX7<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | NUSS              | MY        |     3920000 | PA      | $4144570.64   | 1.04%             | 2055-04-03      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| PHILIPPINES (REPUBLIC OF)                                 | PHILIPPINES (REPUBLIC OF)          | CUSIP: 718286CP0<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |     5234000 | PA      | $3822966.27   | 0.96%             | 2046-07-06      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| PHOSAGRO BOND FUNDING DAC                                 | PHOSAGRO BOND FUNDING DAC          | CUSIP: 71922LAD1<br>LEI: 635400F8A3KGJIIBIK95 | Long             | DBT              | CORP              | IE        |     2128000 | PA      | $1477038.86   | 0.37%             | 2028-09-16      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| POLAND  (REPUBLIC OF)                                     | POLAND (REPUBLIC OF)               | CUSIP: 731011AV4<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     1700000 | PA      | $1718596.08   | 0.43%             | 2033-10-04      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| POLAND  (REPUBLIC OF)                                     | POLAND (REPUBLIC OF)               | CUSIP: 731011AY8<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     3384000 | PA      | $3453421.83   | 0.86%             | 2034-09-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| POLAND  (REPUBLIC OF)                                     | POLAND (REPUBLIC OF)               | CUSIP: 731011AZ5<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     1919000 | PA      | $1851142.63   | 0.46%             | 2054-03-18      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| RAIZEN FUELS FINANCE SA                                   | RAIZEN FUELS FINANCE SA            | CUSIP: 75102XAF3<br>LEI: 52990010NH26VC32Q522 | Long             | DBT              | CORP              | LU        |      926000 | PA      | $904556.97    | 0.23%             | 2032-07-08      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SASOL FINANCING USA LLC                                   | SASOL FINANCING USA LLC            | CUSIP: 80386WAD7<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |     3324000 | PA      | $2923168.43   | 0.73%             | 2031-03-18      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SAUDI ARABIA KINGDOM OF (GOVERNMENT)                      | SAUDI INTERNATIONAL BOND           | CUSIP: 80413TAW9<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |     4500000 | PA      | $2939114.86   | 0.73%             | 2061-02-02      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| SAUDI ARABIA KINGDOM OF (GOVERNMENT)                      | SAUDI ARABIA (KINGDOM OF)          | CUSIP: 80413TBD0<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |     1830000 | PA      | $1854562.33   | 0.46%             | 2033-07-18      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SAUDI ARABIA KINGDOM OF (GOVERNMENT)                      | SAUDI ARABIA KINGDOM OF (GOVERNMEN | CUSIP: 80413TBL2<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |     5587000 | PA      | $5955806.28   | 1.49%             | 2035-01-13      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| SISECAM UK PLC                                            | SISECAM UK PLC                     | CUSIP: 829688AB6<br>LEI: 789000T82YRLMLUOC889 | Long             | DBT              | CORP              | GB        |     3154000 | PA      | $3282434.32   | 0.82%             | 2032-05-02      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| SOUTH AFRICA (REPUBLIC OF)                                | SOUTH AFRICA (REPUBLIC OF)         | CUSIP: 836205BB9<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     1034000 | PA      | $827823.45    | 0.21%             | 2049-09-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SOUTH AFRICA (REPUBLIC OF)                                | SOUTH AFRICA (REPUBLIC OF)         | CUSIP: 836205BE3<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     2050000 | PA      | $1965602.15   | 0.49%             | 2052-04-20      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| SOUTH AFRICA (REPUBLIC OF)                                | SOUTH AFRICA (REPUBLIC OF)         | CUSIP: 836205BG8<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     1262000 | PA      | $1281268.25   | 0.32%             | 2054-11-19      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| TURKEY (REPUBLIC OF)                                      | TURKEY (REPUBLIC OF)               | CUSIP: 900123CJ7<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     3300000 | PA      | $3297247.31   | 0.82%             | 2026-04-14      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TURKEY (REPUBLIC OF)                                      | TURKEY (REPUBLIC OF)               | CUSIP: 900123CM0<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |      500000 | PA      | $396460.88    | 0.10%             | 2047-05-11      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TURKEY (REPUBLIC OF)                                      | TURKEY (REPUBLIC OF)               | CUSIP: 900123CP3<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     8000000 | PA      | $7977549.99   | 1.99%             | 2028-02-17      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| TURKEY (REPUBLIC OF)                                      | TURKEY (REPUBLIC OF)               | CUSIP: 900123CT5<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     1885000 | PA      | $1999139.95   | 0.50%             | 2029-04-26      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| TURKEY (REPUBLIC OF)                                      | TURKEY (REPUBLIC OF)               | CUSIP: 900123CY4<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     4749000 | PA      | $4629354.90   | 1.16%             | 2030-03-13      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TURKEY (REPUBLIC OF)                                      | TURKEY (REPUBLIC OF)               | CUSIP: 900123DH0<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     1600000 | PA      | $1783440.56   | 0.45%             | 2029-03-14      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| TURKEY (REPUBLIC OF)                                      | TURKEY (REPUBLIC OF)               | CUSIP: 900123DK3<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     4335000 | PA      | $4593773.10   | 1.15%             | 2034-05-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| TURKEY (REPUBLIC OF)                                      | TURKEY (REPUBLIC OF)               | CUSIP: 900123DN7<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     1000000 | PA      | $980882.22    | 0.25%             | 2035-01-03      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| UKRAINE REPUBLIC OF (GOVERNMENT)                          | UKRAINE (REPUBLIC OF)              | CUSIP: 903724CA8<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     1575787 | PA      | $883349.64    | 0.22%             | 2034-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| UKRAINE REPUBLIC OF (GOVERNMENT)                          | UKRAINE (REPUBLIC OF)              | CUSIP: 903724CB6<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     4480482 | PA      | $2464855.32   | 0.62%             | 2035-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| MEXICO (UNITED MEXICAN STATES) (GOVERNMENT)               | MEXICO (UNITED MEXICAN STATES)     | CUSIP: 91087BAB6<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     2300000 | PA      | $1779052.30   | 0.44%             | 2047-01-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| MEXICO (UNITED MEXICAN STATES) (GOVERNMENT)               | MEXICO (UNITED MEXICAN STATES)     | CUSIP: 91087BAD2<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     4730000 | PA      | $3747825.99   | 0.94%             | 2048-02-10      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| MEXICO (UNITED MEXICAN STATES) (GOVERNMENT)               | UNITED MEXICAN STATES              | CUSIP: 91087BBA7<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     4493000 | PA      | $4396718.76   | 1.10%             | 2054-05-07      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| ZAMBIA (REPUBLIC OF)                                      | ZAMBIA (REPUBLIC OF)               | CUSIP: 988895AQ1<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |     1574988 | PA      | $1505263.27   | 0.38%             | 2033-06-30      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| ZAMBIA (REPUBLIC OF)                                      | ZAMBIA (REPUBLIC OF)               | CUSIP: 988895AR9<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |      772814 | PA      | $523051.13    | 0.13%             | 2053-12-31      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| DP WORLD LTD (UAE)                                        | DP WORLD LTD                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | AE        |     5900000 | PA      | $6767253.27   | 1.69%             | 2037-07-02      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| MEXICO (UNITED MEXICAN STATES) (GOVERNMENT)               | MEXICAN BONOS                      | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    15000000 | PA      | $830859.24    | 0.21%             | 2029-05-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| LEBANON (REPUBLIC OF)                                     | LEBANON (REPUBLIC OF)              | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |     2096000 | PA      | $470959.99    | 0.12%             | 2028-03-20      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| EGYPT (ARAB REPUBLIC OF)                                  | EGYPT (ARAB REPUBLIC OF)           | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     1491000 | PA      | $1236032.35   | 0.31%             | 2048-02-21      | Fixed         | 7.90%                 | No            |                  2 | On Loan: No      |
| LEBANON (REPUBLIC OF)                                     | LEBANON (REPUBLIC OF)              | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |     2097000 | PA      | $469987.66    | 0.12%             | 2034-05-17      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| CORPORACION NACIONAL DEL COBRE DE CHILE                   | CORPORACION NACIONAL DEL COBRE DE  | CUSIP: 000000000<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | NUSS              | CL        |     1005000 | PA      | $793678.91    | 0.20%             | 2049-02-05      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC (GOVERNMENT)                           | DOMINICAN REPUBLIC                 | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     1550000 | PA      | $1531941.78   | 0.38%             | 2049-06-05      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| CORPORACION NACIONAL DEL COBRE DE CHILE                   | CODELCO INC                        | CUSIP: 000000000<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | NUSS              | CL        |     4000000 | PA      | $2819487.63   | 0.70%             | 2050-01-30      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| GAZ FINANCE PLC                                           | GAZPROM PJSC                       | CUSIP: 000000000<br>LEI: 213800UNP9N6BPNYMQ45 | Long             | DBT              | NUSS              | GB        |     2254000 | PA      | $1521889.68   | 0.38%             | 2030-02-25      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC (GOVERNMENT)                           | DOMINICAN (REPUBLIC OF)            | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     1487000 | PA      | $1424945.73   | 0.36%             | 2032-09-23      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| COUNTRY GARDEN HOLDINGS CO LTD                            | COUNTRY GARDEN HOLDINGS CO LTD     | CUSIP: 000000000<br>LEI: 549300MGHLPT1EFHGF84 | Long             | DBT              | CORP              | KY        |     4800000 | PA      | $504617.57    | 0.13%             | 2026-07-12      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| EGYPT (ARAB REPUBLIC OF)                                  | EGYPT (ARAB REPUBLIC OF)           | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     3207000 | PA      | $2512109.44   | 0.63%             | 2061-02-16      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| COMISION FEDERAL DE ELECTRICIDAD                          | COMISION FEDERAL DE ELECTRICIDAD   | CUSIP: 000000000<br>LEI: 4469000001BFPONMPF32 | Long             | DBT              | NUSS              | MX        |     4200000 | PA      | $3706380.58   | 0.93%             | 2033-07-26      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| NIGERIA (FEDERAL REPUBLIC OF)                             | NIGERIA (REPUBLIC OF)              | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |     2796000 | PA      | $2643907.22   | 0.66%             | 2033-09-28      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| ANGOLA (REPUBLIC OF)                                      | ANGOLA (REPUBLIC OF)               | CUSIP: 000000000<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |      846000 | PA      | $805892.26    | 0.20%             | 2032-04-14      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| COTE D IVOIRE (REPUBLIC OF)                               | COTE D IVOIRE (REPUBLIC OF)        | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |     2706000 | PA      | $2820145.67   | 0.70%             | 2037-01-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| SRC SUKUK LTD                                             | SRC SUKUK LIMITED                  | CUSIP: 000000000<br>LEI: 254900F2OG3526JLAV10 | Long             | DBT              | NUSS              | KY        |     2600000 | PA      | $2636070.59   | 0.66%             | 2028-02-27      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CORPORACION NACIONAL DEL COBRE DE CHILE                   | CORPORACION NACIONAL DEL COBRE DE  | CUSIP: 000000000<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | NUSS              | CL        |     6899000 | PA      | $5601308.07   | 1.40%             | 2047-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NK KAZMUNAYGAZ AO                                         | JSC NATIONAL KAZMUNAYGAS           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | KZ        |     5924000 | PA      | $5522080.99   | 1.38%             | 2047-04-19      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Azerbaijan                                                | AZERBAIJAN (REPUBLIC OF)           | CUSIP: 000000000<br>LEI: 549300P74FF45UQVU281 | Long             | DBT              | NUSS              | AZ        |     1340000 | PA      | $1245603.20   | 0.31%             | 2032-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NIGERIA (FEDERAL REPUBLIC OF)                             | NIGERIA (REPUBLIC OF)              | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |     1739000 | PA      | $1496055.91   | 0.37%             | 2047-11-28      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| ROMANIA (REPUBLIC OF)                                     | ROMANIA (REPUBLIC OF)              | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     3278000 | PA      | $2639042.53   | 0.66%             | 2048-06-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| DP WORLD CRESCENT LTD                                     | DP WORLD CRESCENT LTD              | CUSIP: 000000000<br>LEI: 21380096JRTWB8TL9236 | Long             | DBT              | NUSS              | KY        |     2000000 | PA      | $2019090.95   | 0.50%             | 2028-09-26      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| PAKISTAN (ISLAMIC REPUBLIC OF)                            | PAKISTAN (ISLAMIC REPUBLIC OF)     | CUSIP: 000000000<br>LEI: 529900LOP29R5WKHOD86 | Long             | DBT              | NUSS              | PK        |     1400000 | PA      | $1396457.12   | 0.35%             | 2027-12-05      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| OMAN SULTANATE OF (GOVERNMENT)                            | OMAN GOVT INTL BOND                | CUSIP: 000000000<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |     4233000 | PA      | $4649809.91   | 1.16%             | 2048-01-17      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| DP WORLD LTD (UAE)                                        | DP WORLD LTD                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | AE        |     1291000 | PA      | $1271681.94   | 0.32%             | 2048-09-25      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ANGOLA (REPUBLIC OF)                                      | ANGOLA (REPUBLIC OF)               | CUSIP: 000000000<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |     2536000 | PA      | $2174804.67   | 0.54%             | 2048-05-08      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| BRASKEM NETHERLANDS FINANCE BV                            | BRASKEM NETHERLANDS FINANCE BV     | CUSIP: 000000000<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | CORP              | NL        |     5091000 | PA      | $1914242.21   | 0.48%             | 2030-01-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| EGYPT (ARAB REPUBLIC OF)                                  | EGYPT (ARAB REPUBLIC OF)           | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     2208000 | PA      | $2484733.13   | 0.62%             | 2031-04-11      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| GUATEMALA REPUBLIC OF (GOVERNMENT)                        | GUATEMALA (REPUBLIC OF)            | CUSIP: 000000000<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |      489000 | PA      | $473361.39    | 0.12%             | 2050-06-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| BRAZIL FEDERATIVE REPUBLIC OF (GOVERNMENT)                | BRAZIL FEDERATIVE REPUBLIC OF      | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |      589700 | PA      | $997375.06    | 0.25%             | 2031-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| OCP SA                                                    | OCP SA                             | CUSIP: 000000000<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | NUSS              | MA        |     3071000 | PA      | $2557667.17   | 0.64%             | 2051-06-23      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| KSA SUKUK LTD                                             | KSA SUKUK LTD                      | CUSIP: 000000000<br>LEI: 635400XBJFPNCGN9CK71 | Long             | DBT              | NUSS              | KY        |     1000000 | PA      | $952946.82    | 0.24%             | 2029-10-29      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| LG CHEM LTD                                               | LG CHEM LTD                        | CUSIP: 000000000<br>LEI: 988400IES4EIG7O06940 | Long             | DBT              | CORP              | KR        |     1536000 | PA      | $1500353.40   | 0.37%             | 2026-07-07      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| SAUDI ARABIA KINGDOM OF (GOVERNMENT)                      | SAUDI ARABIA (KINGDOM OF)          | CUSIP: 000000000<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |     1900000 | PA      | $1810861.43   | 0.45%             | 2030-10-22      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| ECUADOR REPUBLIC OF (GOVERNMENT)                          | ECUADOR (REPUBLIC OF)              | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |     2200000 | PA      | $1950678.68   | 0.49%             | 2030-07-31      | Variable      | 6.90%                 | No            |                  2 | On Loan: No      |
| ECUADOR REPUBLIC OF (GOVERNMENT)                          | ECUADOR (REPUBLIC OF)              | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |     1100000 | PA      | $821328.91    | 0.21%             | 2035-07-31      | Variable      | 6.90%                 | No            |                  2 | On Loan: No      |
| ECUADOR REPUBLIC OF (GOVERNMENT)                          | ECUADOR (REPUBLIC OF)              | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |     2485221 | PA      | $1640841.48   | 0.41%             | 2040-07-31      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| OQ SAOC                                                   | OQ                                 | CUSIP: 000000000<br>LEI: 549300YK417GKI6EQ392 | Long             | DBT              | NUSS              | OM        |     1964000 | PA      | $1984390.17   | 0.50%             | 2028-05-06      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| EIG PEARL HOLDINGS SARL                                   | EIG PEARL HOLDINGS SARL            | CUSIP: 000000000<br>LEI: 549300KIMRL45BWA5H76 | Long             | DBT              | CORP              | LU        |     2409454 | PA      | $2222013.65   | 0.56%             | 2036-08-31      | Fixed         | 3.54%                 | No            |                  2 | On Loan: No      |
| HUNGARY (GOVERNMENT)                                      | HUNGARY (REPUBLIC OF)              | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |     1930000 | PA      | $1214149.83   | 0.30%             | 2051-09-21      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA SA                                 | PETROLEOS DE VENEZUELA SA          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | VE        |    12559928 | PA      | $2022173.60   | 0.51%             | 2024-05-16      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| ROMANIA (REPUBLIC OF)                                     | ROMANIA (REPUBLIC OF)              | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     3786000 | PA      | $3365716.82   | 0.84%             | 2032-03-27      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| HUNGARY (GOVERNMENT)                                      | HUNGARY (REPUBLIC OF)              | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |     5637000 | PA      | $4838508.63   | 1.21%             | 2031-09-22      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| NIGERIA (FEDERAL REPUBLIC OF)                             | NIGERIA (FEDERAL REPUBLIC OF)      | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |     1600000 | PA      | $1567831.14   | 0.39%             | 2028-09-28      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| SK HYNIX INC                                              | SK HYNIX INC                       | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | DBT              | CORP              | KR        |     2000000 | PA      | $2010072.87   | 0.50%             | 2026-01-17      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| DEVELOPMENT BANK OF KAZAKHSTAN J                          | DEVELOPMENT BANK OF KAZAKHSTAN JSC | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | KZ        |     1898000 | PA      | $1921990.10   | 0.48%             | 2027-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LEBANON (REPUBLIC OF)                                     | LEBANON (REPUBLIC OF)              | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |     2097000 | PA      | $469177.90    | 0.12%             | 2021-04-12      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| ABU DHABI FUTURE ENERGY COMPANY PJSC                      | ABU DHABI FUTURE ENERGY COMPANY PJ | CUSIP: 000000000<br>LEI: 213800BBECR1I9FTPZ70 | Long             | DBT              | NUSS              | AE        |     1663000 | PA      | $1716016.63   | 0.43%             | 2034-07-25      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SRI LANKA (DEMOCRATIC SOCIALIST                           | SRI LANKA (DEMOCRATIC SOCIALIST RE | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |      419659 | PA      | $401145.35    | 0.10%             | 2028-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SRI LANKA (DEMOCRATIC SOCIALIST                           | SRI LANKA (DEMOCRATIC SOCIALIST RE | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |      429898 | PA      | $402460.62    | 0.10%             | 2030-01-15      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| SRI LANKA (DEMOCRATIC SOCIALIST                           | SRI LANKA (DEMOCRATIC SOCIALIST RE | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |      843238 | PA      | $721859.93    | 0.18%             | 2033-03-15      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| SRI LANKA (DEMOCRATIC SOCIALIST                           | SRI LANKA (DEMOCRATIC SOCIALIST RE | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |      569380 | PA      | $414779.32    | 0.10%             | 2035-06-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| SRI LANKA (DEMOCRATIC SOCIALIST                           | SRI LANKA (DEMOCRATIC SOCIALIST RE | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |      395163 | PA      | $348744.20    | 0.09%             | 2036-05-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| SRI LANKA (DEMOCRATIC SOCIALIST                           | SRI LANKA (DEMOCRATIC SOCIALIST RE | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |      790658 | PA      | $702367.21    | 0.18%             | 2038-02-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| ETHIOPIA FEDERAL DEMOCRATIC REPUBLIC OF (GOVERNMENT)      | ETHIOPIA (FEDERAL REPUBLIC OF)     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | ET        |     1539000 | PA      | $1474979.54   | 0.37%             | 2024-12-11      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                       | PETROLEOS MEXICANOS                | CUSIP: 000000000<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |     4700000 | PA      | $252140.41    | 0.06%             | 2026-11-12      | Fixed         | 7.47%                 | No            |                  2 | On Loan: No      |
| COTE D IVOIRE (REPUBLIC OF)                               | IVORY COAST                        | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |     2500000 | PA      | $2537208.70   | 0.63%             | 2028-03-03      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| LEBANON (REPUBLIC OF)                                     | LEBANON (REPUBLIC OF)              | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |     1790000 | PA      | $400203.48    | 0.10%             | 2024-11-04      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-21

**Name of Applicant:** Columbia Funds Variable Series Trust II

**Signature:** Martha Skinner

**Name of Signer:** Martha Skinner

**Title:** Assistant Treasurer