# EDGAR Filing Document

**Accession Number:** 0001413032
**File Stem:** 0001193125-25-298479
**Filing Date:** 2025-11
**Character Count:** 42779
**Document Hash:** 8e18c2f714f18c331926186b4ad52cd7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-298479.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001193125-25-298479

**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:** 251524052

**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 - Select Mid Cap Growth Fund (Series ID: S000019846)

| Class ID   | Class Name                                                       | Ticker Symbol   |
|:---|:---|:---|
| C000055683 | Columbia Variable Portfolio - Select Mid Cap Growth Fund Class 3 |  |
| C000088769 | Columbia Variable Portfolio - Select Mid Cap Growth Fund Class 1 |  |
| C000088770 | Columbia Variable Portfolio - Select Mid Cap Growth Fund Class 2 |  |

## Nport-Ex

![](img0ba7e8191.jpg)

Columbia Variable Portfolio – Select Mid Cap Growth 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 – Select Mid Cap Growth 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;

---

| | | |
|:---|:---|:---|
| **Common Stocks 96.6%** | **Common Stocks 96.6%** | **Common Stocks 96.6%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Communication Services 13.8%** | **Communication Services 13.8%** | **Communication Services 13.8%** |
| **Entertainment 12.7%** | **Entertainment 12.7%** | **Entertainment 12.7%** |
| &nbsp;&nbsp; Liberty Media Corp.-Liberty Formula One, <br> Class C<sup>(a)</sup> <br>| &nbsp;&nbsp; 26471 | &nbsp;&nbsp; 2764896 |
| Live Nation Entertainment, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 41597 | &nbsp;&nbsp; 6796950 |
| Roblox Corp., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 100845 | &nbsp;&nbsp; 13969049 |
| Roku, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 78518 | &nbsp;&nbsp; 7862007 |
| Spotify Technology SA<sup>(a)</sup> <br>| &nbsp;&nbsp; 22660 | &nbsp;&nbsp; 15816680 |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 43348 | &nbsp;&nbsp; 11199389 |
| TKO Group Holdings, Inc. | &nbsp;&nbsp; 25434 | &nbsp;&nbsp; 5136651 |
| Total |  | &nbsp;&nbsp; 63545622 |
| **Interactive Media & Services 1.1%** | **Interactive Media & Services 1.1%** | **Interactive Media & Services 1.1%** |
| Reddit, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 22630 | &nbsp;&nbsp; 5204674 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **68750296** |
| **Consumer Discretionary 17.4%** | **Consumer Discretionary 17.4%** | **Consumer Discretionary 17.4%** |
| **Automobiles 1.6%** | **Automobiles 1.6%** | **Automobiles 1.6%** |
| Ferrari NV | &nbsp;&nbsp; 16516 | &nbsp;&nbsp; 8013893 |
| **Hotels, Restaurants & Leisure 10.2%** | **Hotels, Restaurants & Leisure 10.2%** | **Hotels, Restaurants & Leisure 10.2%** |
| DoorDash, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 28207 | &nbsp;&nbsp; 7672022 |
| DraftKings, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 119140 | &nbsp;&nbsp; 4455836 |
| Flutter Entertainment PLC<sup>(a)</sup> <br>| &nbsp;&nbsp; 14202 | &nbsp;&nbsp; 3607308 |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp; 33821 | &nbsp;&nbsp; 8774520 |
| Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 167040 | &nbsp;&nbsp; 4114195 |
| Royal Caribbean Cruises Ltd. | &nbsp;&nbsp; 16413 | &nbsp;&nbsp; 5310919 |
| Viking Holdings Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 103289 | &nbsp;&nbsp; 6420444 |
| Wingstop, Inc. | &nbsp;&nbsp; 31293 | &nbsp;&nbsp; 7875822 |
| Wynn Resorts Ltd. | &nbsp;&nbsp; 20372 | &nbsp;&nbsp; 2613117 |
| Total |  | &nbsp;&nbsp; 50844183 |
| **Household Durables 1.3%** | **Household Durables 1.3%** | **Household Durables 1.3%** |
| SharkNinja, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 64366 | &nbsp;&nbsp; 6639353 |
| **Specialty Retail 2.9%** | **Specialty Retail 2.9%** | **Specialty Retail 2.9%** |
| Chewy, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 123062 | &nbsp;&nbsp; 4977858 |
| Wayfair, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 105904 | &nbsp;&nbsp; 9460404 |
| Total |  | &nbsp;&nbsp; 14438262 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Textiles, Apparel & Luxury Goods 1.4%** | **Textiles, Apparel & Luxury Goods 1.4%** | **Textiles, Apparel & Luxury Goods 1.4%** |
| Amer Sports, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 87491 | &nbsp;&nbsp; 3040312 |
| Deckers Outdoor Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 41107 | &nbsp;&nbsp; 4167017 |
| Total |  | &nbsp;&nbsp; 7207329 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **87143020** |
| **Consumer Staples 4.7%** | **Consumer Staples 4.7%** | **Consumer Staples 4.7%** |
| **Beverages 1.2%** | **Beverages 1.2%** | **Beverages 1.2%** |
| Celsius Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 103199 | &nbsp;&nbsp; 5932911 |
| **Consumer Staples Distribution & Retail 3.5%** | **Consumer Staples Distribution & Retail 3.5%** | **Consumer Staples Distribution & Retail 3.5%** |
| BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 23725 | &nbsp;&nbsp; 2212356 |
| Casey's General Stores, Inc. | &nbsp;&nbsp; 15144 | &nbsp;&nbsp; 8561206 |
| Maplebear, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 58602 | &nbsp;&nbsp; 2154210 |
| Sprouts Farmers Market, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 41380 | &nbsp;&nbsp; 4502144 |
| Total |  | &nbsp;&nbsp; 17429916 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **23362827** |
| **Energy 2.4%** | **Energy 2.4%** | **Energy 2.4%** |
| **Oil, Gas & Consumable Fuels 2.4%** | **Oil, Gas & Consumable Fuels 2.4%** | **Oil, Gas & Consumable Fuels 2.4%** |
| Targa Resources Corp. | &nbsp;&nbsp; 70807 | &nbsp;&nbsp; 11863005 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **11863005** |
| **Financials 4.9%** | **Financials 4.9%** | **Financials 4.9%** |
| **Capital Markets 4.2%** | **Capital Markets 4.2%** | **Capital Markets 4.2%** |
| Coinbase Global, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 14847 | &nbsp;&nbsp; 5010714 |
| LPL Financial Holdings, Inc. | &nbsp;&nbsp; 7101 | &nbsp;&nbsp; 2362432 |
| Robinhood Markets, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 93553 | &nbsp;&nbsp; 13394918 |
| Total |  | &nbsp;&nbsp; 20768064 |
| **Financial Services 0.7%** | **Financial Services 0.7%** | **Financial Services 0.7%** |
| Rocket Companies, Inc. | &nbsp;&nbsp; 187730 | &nbsp;&nbsp; 3638208 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **24406272** |
| **Health Care 11.1%** | **Health Care 11.1%** | **Health Care 11.1%** |
| **Biotechnology 4.8%** | **Biotechnology 4.8%** | **Biotechnology 4.8%** |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 13746 | &nbsp;&nbsp; 6268176 |
| Argenx SE, ADR<sup>(a)</sup> <br>| &nbsp;&nbsp; 6600 | &nbsp;&nbsp; 4867896 |
| Insmed, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 65605 | &nbsp;&nbsp; 9447776 |
| Natera, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 20421 | &nbsp;&nbsp; 3287168 |
| Total |  | &nbsp;&nbsp; 23871016 |

---

Columbia Variable Portfolio – Select Mid Cap Growth Fund \| 2025

------

Portfolio of Investments (continued)

Columbia Variable Portfolio – Select Mid Cap Growth Fund, September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Health Care Equipment & Supplies 3.6%** | **Health Care Equipment & Supplies 3.6%** | **Health Care Equipment & Supplies 3.6%** |
| DexCom, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 81545 | &nbsp;&nbsp; 5487163 |
| IDEXX Laboratories, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 12554 | &nbsp;&nbsp; 8020625 |
| Insulet Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 14883 | &nbsp;&nbsp; 4594829 |
| Total |  | &nbsp;&nbsp; 18102617 |
| **Health Care Technology 1.9%** | **Health Care Technology 1.9%** | **Health Care Technology 1.9%** |
| Doximity, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 37258 | &nbsp;&nbsp; 2725423 |
| Veeva Systems Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 22503 | &nbsp;&nbsp; 6703869 |
| Total |  | &nbsp;&nbsp; 9429292 |
| **Life Sciences Tools & Services 0.8%** | **Life Sciences Tools & Services 0.8%** | **Life Sciences Tools & Services 0.8%** |
| IQVIA Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 22078 | &nbsp;&nbsp; 4193495 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **55596420** |
| **Industrials 18.5%** | **Industrials 18.5%** | **Industrials 18.5%** |
| **Aerospace & Defense 12.1%** | **Aerospace & Defense 12.1%** | **Aerospace & Defense 12.1%** |
| Aerovironment, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 23073 | &nbsp;&nbsp; 7265457 |
| Axon Enterprise, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 11376 | &nbsp;&nbsp; 8163873 |
| BWX Technologies, Inc. | &nbsp;&nbsp; 53866 | &nbsp;&nbsp; 9931275 |
| Carpenter Technology Corp. | &nbsp;&nbsp; 43006 | &nbsp;&nbsp; 10559693 |
| Howmet Aerospace, Inc. | &nbsp;&nbsp; 72396 | &nbsp;&nbsp; 14206267 |
| L3Harris Technologies, Inc. | &nbsp;&nbsp; 24595 | &nbsp;&nbsp; 7511559 |
| Rocket Lab Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 61231 | &nbsp;&nbsp; 2933577 |
| Total |  | &nbsp;&nbsp; 60571701 |
| **Electrical Equipment 2.9%** | **Electrical Equipment 2.9%** | **Electrical Equipment 2.9%** |
| Vertiv Holdings Co. | &nbsp;&nbsp; 96350 | &nbsp;&nbsp; 14535361 |
| **Machinery 2.6%** | **Machinery 2.6%** | **Machinery 2.6%** |
| RBC Bearings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 32898 | &nbsp;&nbsp; 12839760 |
| **Trading Companies & Distributors 0.9%** | **Trading Companies & Distributors 0.9%** | **Trading Companies & Distributors 0.9%** |
| Ferguson Enterprises, Inc. | &nbsp;&nbsp; 21233 | &nbsp;&nbsp; 4768507 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **92715329** |
| **Information Technology 15.1%** | **Information Technology 15.1%** | **Information Technology 15.1%** |
| **IT Services 6.3%** | **IT Services 6.3%** | **IT Services 6.3%** |
| Cloudflare, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 56326 | &nbsp;&nbsp; 12086996 |
| CoreWeave, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 60867 | &nbsp;&nbsp; 8329649 |
| MongoDB, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 24354 | &nbsp;&nbsp; 7558995 |
| Snowflake, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 15617 | &nbsp;&nbsp; 3522414 |
| Total |  | &nbsp;&nbsp; 31498054 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Semiconductors & Semiconductor Equipment 1.5%** | **Semiconductors & Semiconductor Equipment 1.5%** | **Semiconductors & Semiconductor Equipment 1.5%** |
| Monolithic Power Systems, Inc. | &nbsp;&nbsp; 8365 | &nbsp;&nbsp; 7701154 |
| **Software 7.3%** | **Software 7.3%** | **Software 7.3%** |
| AppLovin Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 9543 | &nbsp;&nbsp; 6857027 |
| Datadog, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 83252 | &nbsp;&nbsp; 11855085 |
| Hut 8 Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 67725 | &nbsp;&nbsp; 2357507 |
| Unity Software, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 205717 | &nbsp;&nbsp; 8236909 |
| Zscaler, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 23790 | &nbsp;&nbsp; 7128911 |
| Total |  | &nbsp;&nbsp; 36435439 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **75634647** |
| **Materials 1.2%** | **Materials 1.2%** | **Materials 1.2%** |
| **Construction Materials 1.2%** | **Construction Materials 1.2%** | **Construction Materials 1.2%** |
| Vulcan Materials Co. | &nbsp;&nbsp; 19497 | &nbsp;&nbsp; 5997667 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **5997667** |
| **Real Estate 0.8%** | **Real Estate 0.8%** | **Real Estate 0.8%** |
| **Real Estate Management & Development 0.8%** | **Real Estate Management & Development 0.8%** | **Real Estate Management & Development 0.8%** |
| CoStar Group, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 44499 | &nbsp;&nbsp; 3754381 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **3754381** |
| **Utilities 6.7%** | **Utilities 6.7%** | **Utilities 6.7%** |
| **Electric Utilities 1.5%** | **Electric Utilities 1.5%** | **Electric Utilities 1.5%** |
| NRG Energy, Inc. | &nbsp;&nbsp; 47315 | &nbsp;&nbsp; 7662664 |
| **Independent Power and Renewable Electricity Producers 5.2%** | **Independent Power and Renewable Electricity Producers 5.2%** | **Independent Power and Renewable Electricity Producers 5.2%** |
| Talen Energy Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 33698 | &nbsp;&nbsp; 14334455 |
| Vistra Corp. | &nbsp;&nbsp; 59416 | &nbsp;&nbsp; 11640783 |
| Total |  | &nbsp;&nbsp; 25975238 |
| **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **33637902** |
| &nbsp;&nbsp; Total Common Stocks <br>(Cost $377,541,264) | &nbsp;&nbsp; Total Common Stocks <br>(Cost $377,541,264) | &nbsp;&nbsp; **482861766** |
| **Money Market Funds 3.4%** | **Money Market Funds 3.4%** | **Money Market Funds 3.4%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 4.265%<sup>(b),(c)</sup> <br>| &nbsp;&nbsp; 17229390 | &nbsp;&nbsp; 17224221 |
| &nbsp;&nbsp; Total Money Market Funds <br>(Cost $17,222,596) | &nbsp;&nbsp; Total Money Market Funds <br>(Cost $17,222,596) | &nbsp;&nbsp; **17224221** |
| **Total Investments in Securities** <br>**(Cost: $394,763,860)** | **Total Investments in Securities** <br>**(Cost: $394,763,860)** | &nbsp;&nbsp; **500085987** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **(141760)**<br>|
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **499944227** |

---

Columbia Variable Portfolio – Select Mid Cap Growth Fund \| 2025

------

Portfolio of Investments (continued)

Columbia Variable Portfolio – Select Mid Cap Growth Fund, September 30, 2025 (Unaudited)

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing investment.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the
 holdings and transactions in these affiliated companies during the 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% |
|  | 16259336 | &nbsp;&nbsp; 286605747 | &nbsp;&nbsp; (285642677)<br>| &nbsp;&nbsp; 1815 | &nbsp;&nbsp; 17224221 | &nbsp;&nbsp; (82)<br>| &nbsp;&nbsp; 267191 | &nbsp;&nbsp; 17229390 |

---

**Abbreviation Legend** 

ADR American Depositary Receipt

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 – Select Mid Cap Growth Fund \| 2025

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

3QT7017_12_D01_(11/25)

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## 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 - Select Mid Cap Growth Fund

- **b. EDGAR series identifier (if any):** S000019846

- **c. LEI of Series:** MJJ6HQKY6EKNMH3U4K47

**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:** $500812512.75

**Total Liabilities:** $200727.47

**Net Assets:** $500611785.28

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000055683 | 2.42%                | 0.88%                | 2.75%                |
| Class ID C000088769 | 2.44%                | 0.90%                | 2.76%                |
| Class ID C000088770 | 2.44%                | 0.87%                | 2.74%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $11434923.41             | $392909.42                                 |
| Month 2  | $6894495.83              | $-2331035.06                               |
| Month 3  | $11052284.94             | $2737524.16                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AeroVironment                          | AeroVironment Inc                      | CUSIP: 008073108<br>LEI: 529900PGHVI29YLZ6221 | Long             | EC               | CORP              | US        |     23073 | NS      | $7265456.97   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| ALNYLAM PHARM                          | Alnylam Pharmaceuticals Inc            | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |     13746 | NS      | $6268176.00   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLOVIN CORP                          | AppLovin Corp                          | CUSIP: 03831W108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9543 | NS      | $6857027.22   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| ARGENX SE                              | Argenx SE                              | CUSIP: 04016X101<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |      6600 | NS      | $4867896.00   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| AXON ENTERPRISE INC                    | Axon Enterprise Inc                    | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |     11376 | NS      | $8163872.64   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| BJS WHOLESALE CLUB INC                 | BJ's Wholesale Club Holdings Inc       | CUSIP: 05550J101<br>LEI: 549300H2XDOGOSR9L398 | Long             | EC               | CORP              | US        |     23725 | NS      | $2212356.25   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| BWX TECHNOLOGIES INC                   | BWX Technologies Inc                   | CUSIP: 05605H100<br>LEI: 549300NP85N265KWMS58 | Long             | EC               | CORP              | US        |     53866 | NS      | $9931274.42   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| CARPENTER TECH CORP                    | Carpenter Technology Corp              | CUSIP: 144285103<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | EC               | CORP              | US        |     43006 | NS      | $10559693.24  | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| CASEYS GENERAL STORES INC              | Casey's General Stores Inc             | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |     15144 | NS      | $8561206.08   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| CELSIUS HOLDINGS INC                   | Celsius Holdings Inc                   | CUSIP: 15118V207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    103199 | NS      | $5932910.51   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEWY INC                              | Chewy Inc                              | CUSIP: 16679L109<br>LEI: 254900NPQSTG9I422879 | Long             | EC               | CORP              | US        |    138314 | NS      | $5594801.30   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| CLOUDFLARE INC                         | Cloudflare Inc                         | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Long             | EC               | CORP              | US        |     56326 | NS      | $12086996.34  | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| COINBASE GLOBAL INC                    | Coinbase Global Inc                    | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Long             | EC               | CORP              | US        |     14847 | NS      | $5010714.03   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| COLUMBIA SHORT TERM CASH FUND          | COLUMBIA SHORT TERM CASH FUND          | CUSIP: 19766H239<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  17229390 | NS      | $17224221.43  | 3.44%             |  |  |  | No            |                  1 | On Loan: No      |
| CoreWeave Inc                          | CoreWeave Inc                          | CUSIP: 21873S108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     60867 | NS      | $8329648.95   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| COSTAR GRP INC                         | CoStar Group Inc                       | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |     44499 | NS      | $3754380.63   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| DATADOG INC                            | Datadog Inc                            | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |     83252 | NS      | $11855084.80  | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| DECKERS OUTDOOR CORP                   | Deckers Outdoor Corp                   | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |     41107 | NS      | $4167016.59   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| DEXCOM                                 | Dexcom Inc                             | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |     81545 | NS      | $5487163.05   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| DOORDASH INC                           | DoorDash Inc                           | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |     28207 | NS      | $7672021.93   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| DRAFTKINGS INC                         | DraftKings Inc                         | CUSIP: 26142V105<br>LEI: 2549006G33IUL6IVOD83 | Long             | EC               | CORP              | US        |    119140 | NS      | $4455836.00   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| DOXIMITY INC                           | Doximity Inc                           | CUSIP: 26622P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37258 | NS      | $2725422.70   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| FERGUSON ENTERPRISES INC               | Ferguson Enterprises Inc               | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |     21233 | NS      | $4768507.14   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| HILTON WORLDWIDE HOLDINGS INC          | Hilton Worldwide Holdings Inc          | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |     33821 | NS      | $8774520.24   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| HOWMET AEROSPACE INC                   | Howmet Aerospace Inc                   | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |     72396 | NS      | $14206267.08  | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| HUT 8 CORP                             | Hut 8 Corp                             | CUSIP: 44812J104<br>LEI: 98450066FEF9C1D3FC20 | Long             | EC               | CORP              | US        |     67725 | NS      | $2357507.25   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX LABS INC.                        | IDEXX Laboratories Inc                 | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |     12554 | NS      | $8020625.06   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| INSMED                                 | Insmed Inc                             | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |     65605 | NS      | $9447776.05   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| INSULET CORP                           | Insulet Corp                           | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |     14883 | NS      | $4594828.59   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| IQVIA HOLDINGS INC                     | IQVIA Holdings Inc                     | CUSIP: 46266C105<br>LEI: 549300W3R20NM4KQPH86 | Long             | EC               | CORP              | US        |     22078 | NS      | $4193495.32   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| LPL FINANCIAL HOLDINGS INC             | LPL Financial Holdings Inc             | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |      7101 | NS      | $2362431.69   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| L3HARRIS TECHNOLOGIES INC              | L3Harris Technologies Inc              | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |     20349 | NS      | $6214788.09   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Media Corp-Liberty Formula One | Liberty Media Corp-Liberty Formula One | CUSIP: 531229755<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26471 | NS      | $2764895.95   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| LIVE NATION ENTERTAINMENT INC          | Live Nation Entertainment Inc          | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |     41597 | NS      | $6796949.80   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| MAPLEBEAR INC                          | Maplebear Inc                          | CUSIP: 565394103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     58602 | NS      | $2154209.52   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| MONGODB INC                            | MongoDB Inc                            | CUSIP: 60937P106<br>LEI: 549300TPTG69WKWE1Z37 | Long             | EC               | CORP              | US        |     24354 | NS      | $7558994.52   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| MONOLITHIC POWER                       | Monolithic Power Systems Inc           | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |      8365 | NS      | $7701153.60   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG ENERGY INC                         | NRG Energy Inc                         | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |     47315 | NS      | $7662664.25   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| NATERA INC                             | Natera Inc                             | CUSIP: 632307104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20421 | NS      | $3287168.37   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| RBC BEARINGS                           | RBC Bearings Inc                       | CUSIP: 75524B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32898 | NS      | $12839760.42  | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| REDDIT INC                             | Reddit Inc                             | CUSIP: 75734B100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22630 | NS      | $5204673.70   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ROBINHOOD MARKETS INC                  | Robinhood Markets Inc                  | CUSIP: 770700102<br>LEI: 213800FS5AO3YWIE6F63 | Long             | EC               | CORP              | US        |     93553 | NS      | $13394918.54  | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| ROBLOX CORP (PRE-REINCORPORATION)      | ROBLOX Corp                            | CUSIP: 771049103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    100845 | NS      | $13969049.40  | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| ROCKET COMPANIES INC                   | Rocket Cos Inc                         | CUSIP: 77311W101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    187730 | NS      | $3638207.40   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Rocket Lab Corp                        | Rocket Lab Corp                        | CUSIP: 773121108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     61231 | NS      | $2933577.21   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| ROKU INC                               | Roku Inc                               | CUSIP: 77543R102<br>LEI: 549300KR6ITU0YIR1T71 | Long             | EC               | CORP              | US        |     78518 | NS      | $7862007.34   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| SNOWFLAKE INC                          | Snowflake Inc                          | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |     15617 | NS      | $3522414.35   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| SPROUTS FARMERS MARKETS INC            | Sprouts Farmers Market Inc             | CUSIP: 85208M102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41380 | NS      | $4502144.00   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| TKO GROUP HOLDINGS INC                 | TKO Group Holdings Inc                 | CUSIP: 87256C101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25434 | NS      | $5136650.64   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| TAKE TWO INTERACTIVE SOFTWARE INC      | Take-Two Interactive Software Inc      | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |     43348 | NS      | $11199389.28  | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| TALEN ENERGY CORP                      | Talen Energy Corp                      | CUSIP: 87422Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33698 | NS      | $14334455.24  | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| TARGA RESOURCES CORP                   | Targa Resources Corp                   | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |     70807 | NS      | $11863004.78  | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITY SOFTWARE INC                     | Unity Software Inc                     | CUSIP: 91332U101<br>LEI: 549300D1ESJMGNQNG432 | Long             | EC               | CORP              | US        |    205717 | NS      | $8236908.68   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| VEEVA SYSTEMS INC                      | Veeva Systems Inc                      | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |     22503 | NS      | $6703868.73   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| VERTIV HOLDINGS CO                     | Vertiv Holdings Co                     | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |     96350 | NS      | $14535361.00  | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| VISTRA CORP                            | Vistra Corp                            | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |     66198 | NS      | $12969512.16  | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| VULCAN MATERIALS COMPANY               | Vulcan Materials Co                    | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |     19497 | NS      | $5997667.14   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| WAYFAIR INC                            | Wayfair Inc                            | CUSIP: 94419L101<br>LEI: 54930027N9ZAVYFDHK53 | Long             | EC               | CORP              | US        |    105904 | NS      | $9460404.32   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| WINGSTOP INC                           | Wingstop Inc                           | CUSIP: 974155103<br>LEI: 549300SSH3F8HPIM3Q47 | Long             | EC               | CORP              | US        |     31293 | NS      | $7875822.24   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| WYNN RESORTS LTD                       | Wynn Resorts Ltd                       | CUSIP: 983134107<br>LEI: 254900CEKKWIHTEAB172 | Long             | EC               | CORP              | US        |     20372 | NS      | $2613116.44   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| ZSCALER INC                            | Zscaler Inc                            | CUSIP: 98980G102<br>LEI: 529900MZ0RTK1BWRNF46 | Long             | EC               | CORP              | US        |     23790 | NS      | $7128911.40   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| AMER SPORTS INC                        | Amer Sports Inc                        | CUSIP: G0260P102<br>LEI: 391200YCSWTRD1J21867 | Long             | EC               | CORP              | KY        |     87491 | NS      | $3040312.25   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| FLUTTER ENTERTAINMENT PLC              | Flutter Entertainment PLC              | CUSIP: G3643J108<br>LEI: 635400EG4YIJLJMZJ782 | Long             | EC               | CORP              | IE        |     14202 | NS      | $3607308.00   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| NORWEGIAN CRUISE LINE HOLDINGS LTD     | Norwegian Cruise Line Holdings Ltd     | CUSIP: G66721104<br>LEI: 254900W8I5G9146RBD88 | Long             | EC               | CORP              | BM        |    167040 | NS      | $4114195.20   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| SHARKNINJA INC                         | SharkNinja Inc                         | CUSIP: G8068L108<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     64366 | NS      | $6639352.90   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| VIKING HOLDINGS LTD                    | Viking Holdings Ltd                    | CUSIP: G93A5A101<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |    103289 | NS      | $6420444.24   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| SPOTIFY TECHNOLOGY SA                  | Spotify Technology SA                  | CUSIP: L8681T102<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | LU        |     22660 | NS      | $15816680.00  | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| FERRARI NV                             | Ferrari NV                             | CUSIP: N3167Y103<br>LEI: 549300RIVY5EX8RCON76 | Long             | EC               | CORP              | NL        |     16516 | NS      | $8013893.52   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES LTD            | Royal Caribbean Cruises Ltd            | CUSIP: V7780T103<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | EC               | CORP              | LR        |     16413 | NS      | $5310918.54   | 1.06%             |  |  |  | No            |                  1 | 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