# EDGAR Filing Document

**Accession Number:** 0001413032
**File Stem:** 0001193125-25-298473
**Filing Date:** 2025-11
**Character Count:** 70605
**Document Hash:** 57e835d35a728383434513200197783f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-298473.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001193125-25-298473

**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:** 251524045

**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 - Limited Duration Credit Fund (Series ID: S000028705)

| Class ID   | Class Name                                                         | Ticker Symbol   |
|:---|:---|:---|
| C000087828 | Columbia Variable Portfolio - Limited Duration Credit Fund Class 1 |  |
| C000087829 | Columbia Variable Portfolio - Limited Duration Credit Fund Class 2 |  |

## Nport-Ex

![](img24f68c471.jpg)

Columbia Variable Portfolio – Limited Duration Credit 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 – Limited Duration Credit 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 93.3%** | **Corporate Bonds & Notes 93.3%** | **Corporate Bonds & Notes 93.3%** | **Corporate Bonds & Notes 93.3%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Aerospace & Defense 7.4%** | **Aerospace & Defense 7.4%** | **Aerospace & Defense 7.4%** | **Aerospace & Defense 7.4%** |
| BAE Systems PLC<sup>(a)</sup>  | BAE Systems PLC<sup>(a)</sup>  | BAE Systems PLC<sup>(a)</sup>  | BAE Systems PLC<sup>(a)</sup>  |
| 03/26/2029 | &nbsp;&nbsp; 5.125% | 3416000 | &nbsp;&nbsp; 3518047 |
| Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) |
| 05/01/2029 | &nbsp;&nbsp; 6.298% | 2615000 | &nbsp;&nbsp; 2775954 |
| General Electric Co. | General Electric Co. | General Electric Co. | General Electric Co. |
| 07/29/2030 | &nbsp;&nbsp; 4.300% | 805000 | &nbsp;&nbsp; 809878 |
| L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. |
| 01/15/2027 | &nbsp;&nbsp; 5.400% | 6044000 | &nbsp;&nbsp; 6142894 |
| Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. |
| 08/15/2030 | &nbsp;&nbsp; 4.400% | 923000 | &nbsp;&nbsp; 930939 |
| Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. |
| 02/01/2027 | &nbsp;&nbsp; 3.200% | 5146000 | &nbsp;&nbsp; 5091381 |
| United Technologies Corp. | United Technologies Corp. | United Technologies Corp. | United Technologies Corp. |
| 11/16/2028 | &nbsp;&nbsp; 4.125% | 5256000 | &nbsp;&nbsp; 5244208 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **24513301** |
| **Banking 19.5%** | **Banking 19.5%** | **Banking 19.5%** | **Banking 19.5%** |
| Bank of America Corp.<sup>(b)</sup>  | Bank of America Corp.<sup>(b)</sup>  | Bank of America Corp.<sup>(b)</sup>  | Bank of America Corp.<sup>(b)</sup>  |
| 01/24/2031 | &nbsp;&nbsp; 5.162% | 5525000 | &nbsp;&nbsp; 5702409 |
| 10/24/2031 | &nbsp;&nbsp; 1.922% | 3568000 | &nbsp;&nbsp; 3167464 |
| Citigroup, Inc.<sup>(b)</sup>  | Citigroup, Inc.<sup>(b)</sup>  | Citigroup, Inc.<sup>(b)</sup>  | Citigroup, Inc.<sup>(b)</sup>  |
| 09/11/2031 | &nbsp;&nbsp; 4.503% | 8324000 | &nbsp;&nbsp; 8327732 |
| Goldman Sachs Group, Inc. (The)<sup>(b)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(b)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(b)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(b)</sup>  |
| 04/23/2031 | &nbsp;&nbsp; 5.218% | 7795000 | &nbsp;&nbsp; 8060551 |
| HSBC Holdings PLC<sup>(b)</sup>  | HSBC Holdings PLC<sup>(b)</sup>  | HSBC Holdings PLC<sup>(b)</sup>  | HSBC Holdings PLC<sup>(b)</sup>  |
| 05/13/2031 | &nbsp;&nbsp; 5.240% | 4380000 | &nbsp;&nbsp; 4505204 |
| JPMorgan Chase & Co.<sup>(b)</sup>  | JPMorgan Chase & Co.<sup>(b)</sup>  | JPMorgan Chase & Co.<sup>(b)</sup>  | JPMorgan Chase & Co.<sup>(b)</sup>  |
| 01/24/2031 | &nbsp;&nbsp; 5.140% | 9884000 | &nbsp;&nbsp; 10207090 |
| Morgan Stanley Private Bank NA<sup>(b)</sup>  | Morgan Stanley Private Bank NA<sup>(b)</sup>  | Morgan Stanley Private Bank NA<sup>(b)</sup>  | Morgan Stanley Private Bank NA<sup>(b)</sup>  |
| 07/18/2031 | &nbsp;&nbsp; 4.734% | 9511000 | &nbsp;&nbsp; 9655228 |
| PNC Financial Services Group, Inc. (The)<sup>(b)</sup>  | PNC Financial Services Group, Inc. (The)<sup>(b)</sup>  | PNC Financial Services Group, Inc. (The)<sup>(b)</sup>  | PNC Financial Services Group, Inc. (The)<sup>(b)</sup>  |
| 05/13/2031 | &nbsp;&nbsp; 4.899% | 1257000 | &nbsp;&nbsp; 1283106 |
| Royal Bank of Canada<sup>(b)</sup>  | Royal Bank of Canada<sup>(b)</sup>  | Royal Bank of Canada<sup>(b)</sup>  | Royal Bank of Canada<sup>(b)</sup>  |
| 10/18/2030 | &nbsp;&nbsp; 4.650% | 695000 | &nbsp;&nbsp; 703339 |
| 08/06/2031 | &nbsp;&nbsp; 4.696% | 4003000 | &nbsp;&nbsp; 4055585 |
| US Bancorp<sup>(b)</sup>  | US Bancorp<sup>(b)</sup>  | US Bancorp<sup>(b)</sup>  | US Bancorp<sup>(b)</sup>  |
| 05/15/2031 | &nbsp;&nbsp; 5.083% | 3858000 | &nbsp;&nbsp; 3964732 |
| Wells Fargo & Co.<sup>(b)</sup>  | Wells Fargo & Co.<sup>(b)</sup>  | Wells Fargo & Co.<sup>(b)</sup>  | Wells Fargo & Co.<sup>(b)</sup>  |
| 04/23/2031 | &nbsp;&nbsp; 5.150% | 4500000 | &nbsp;&nbsp; 4641825 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **64274265** |

---

---

| | | | |
|:---|:---|:---|:---|
| **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> **($)**<br>| **Value ($)** |
| **Building Materials 0.4%** | **Building Materials 0.4%** | **Building Materials 0.4%** | **Building Materials 0.4%** |
| JH North America Holdings, Inc.<sup>(a)</sup>  | JH North America Holdings, Inc.<sup>(a)</sup>  | JH North America Holdings, Inc.<sup>(a)</sup>  | JH North America Holdings, Inc.<sup>(a)</sup>  |
| 01/31/2031 | &nbsp;&nbsp; 5.875% | 325000 | &nbsp;&nbsp; 330341 |
| 07/31/2032 | &nbsp;&nbsp; 6.125% | 1128000 | &nbsp;&nbsp; 1155797 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1486138** |
| **Cable and Satellite 0.5%** | **Cable and Satellite 0.5%** | **Cable and Satellite 0.5%** | **Cable and Satellite 0.5%** |
| Charter Communications Operating LLC/Capital | Charter Communications Operating LLC/Capital | Charter Communications Operating LLC/Capital | Charter Communications Operating LLC/Capital |
| 01/15/2029 | &nbsp;&nbsp; 2.250% | 1710000 | &nbsp;&nbsp; 1590593 |
| **Chemicals 2.2%** | **Chemicals 2.2%** | **Chemicals 2.2%** | **Chemicals 2.2%** |
| APA Corp. | APA Corp. | APA Corp. | APA Corp. |
| 01/15/2030 | &nbsp;&nbsp; 4.250% | 3283000 | &nbsp;&nbsp; 3204341 |
| LYB Finance Co. BV<sup>(a)</sup>  | LYB Finance Co. BV<sup>(a)</sup>  | LYB Finance Co. BV<sup>(a)</sup>  | LYB Finance Co. BV<sup>(a)</sup>  |
| 03/15/2027 | &nbsp;&nbsp; 8.100% | 2144000 | &nbsp;&nbsp; 2246681 |
| LYB International Finance III LLC | LYB International Finance III LLC | LYB International Finance III LLC | LYB International Finance III LLC |
| 10/01/2030 | &nbsp;&nbsp; 2.250% | 1866000 | &nbsp;&nbsp; 1666153 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **7117175** |
| **Consumer Products 0.2%** | **Consumer Products 0.2%** | **Consumer Products 0.2%** | **Consumer Products 0.2%** |
| Kenvue, Inc. | Kenvue, Inc. | Kenvue, Inc. | Kenvue, Inc. |
| 05/22/2032 | &nbsp;&nbsp; 4.850% | 618000 | &nbsp;&nbsp; 626706 |
| **Diversified Manufacturing 0.7%** | **Diversified Manufacturing 0.7%** | **Diversified Manufacturing 0.7%** | **Diversified Manufacturing 0.7%** |
| Siemens Funding BV<sup>(a)</sup>  | Siemens Funding BV<sup>(a)</sup>  | Siemens Funding BV<sup>(a)</sup>  | Siemens Funding BV<sup>(a)</sup>  |
| 05/28/2030 | &nbsp;&nbsp; 4.600% | 2140000 | &nbsp;&nbsp; 2178932 |
| **Electric 11.2%** | **Electric 11.2%** | **Electric 11.2%** | **Electric 11.2%** |
| AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. |
| 07/01/2030 | &nbsp;&nbsp; 2.100% | 2845000 | &nbsp;&nbsp; 2565102 |
| AES Corp. (The) | AES Corp. (The) | AES Corp. (The) | AES Corp. (The) |
| 01/15/2026 | &nbsp;&nbsp; 1.375% | 8777000 | &nbsp;&nbsp; 8694511 |
| CMS Energy Corp. | CMS Energy Corp. | CMS Energy Corp. | CMS Energy Corp. |
| 11/15/2025 | &nbsp;&nbsp; 3.600% | 3220000 | &nbsp;&nbsp; 3215814 |
| Emera US Finance LP | Emera US Finance LP | Emera US Finance LP | Emera US Finance LP |
| 06/15/2026 | &nbsp;&nbsp; 3.550% | 4443000 | &nbsp;&nbsp; 4412915 |
| FirstEnergy Transmission LLC | FirstEnergy Transmission LLC | FirstEnergy Transmission LLC | FirstEnergy Transmission LLC |
| 01/15/2030 | &nbsp;&nbsp; 4.550% | 3441000 | &nbsp;&nbsp; 3462795 |
| NRG Energy, Inc.<sup>(a)</sup>  | NRG Energy, Inc.<sup>(a)</sup>  | NRG Energy, Inc.<sup>(a)</sup>  | NRG Energy, Inc.<sup>(a)</sup>  |
| 12/02/2027 | &nbsp;&nbsp; 2.450% | 3190000 | &nbsp;&nbsp; 3057979 |
| Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC |
| 11/01/2029 | &nbsp;&nbsp; 4.650% | 2893000 | &nbsp;&nbsp; 2939090 |
| Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. |
| 06/15/2028 | &nbsp;&nbsp; 3.000% | 4331000 | &nbsp;&nbsp; 4174819 |

---

Columbia Variable Portfolio – Limited Duration Credit Fund \| 2025

------

Portfolio of Investments (continued)

Columbia Variable Portfolio – Limited Duration Credit Fund, September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **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> **($)**<br>| **Value ($)** |
| WEC Energy Group, Inc. | WEC Energy Group, Inc. | WEC Energy Group, Inc. | WEC Energy Group, Inc. |
| 09/12/2026 | &nbsp;&nbsp; 5.600% | 807000 | &nbsp;&nbsp; 817661 |
| Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. |
| 12/01/2029 | &nbsp;&nbsp; 2.600% | 3721000 | &nbsp;&nbsp; 3478064 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **36818750** |
| **Food and Beverage 11.2%** | **Food and Beverage 11.2%** | **Food and Beverage 11.2%** | **Food and Beverage 11.2%** |
| Bacardi-Martini BV<sup>(a)</sup>  | Bacardi-Martini BV<sup>(a)</sup>  | Bacardi-Martini BV<sup>(a)</sup>  | Bacardi-Martini BV<sup>(a)</sup>  |
| 02/01/2030 | &nbsp;&nbsp; 5.550% | 7938000 | &nbsp;&nbsp; 8203344 |
| Diageo Capital PLC | Diageo Capital PLC | Diageo Capital PLC | Diageo Capital PLC |
| 10/05/2026 | &nbsp;&nbsp; 5.375% | 6777000 | &nbsp;&nbsp; 6864213 |
| Diageo Investment Corp. | Diageo Investment Corp. | Diageo Investment Corp. | Diageo Investment Corp. |
| 08/15/2030 | &nbsp;&nbsp; 5.125% | 721000 | &nbsp;&nbsp; 747096 |
| General Mills, Inc. | General Mills, Inc. | General Mills, Inc. | General Mills, Inc. |
| 01/30/2027 | &nbsp;&nbsp; 4.700% | 2742000 | &nbsp;&nbsp; 2763342 |
| Heineken NV<sup>(a)</sup>  | Heineken NV<sup>(a)</sup>  | Heineken NV<sup>(a)</sup>  | Heineken NV<sup>(a)</sup>  |
| 01/29/2028 | &nbsp;&nbsp; 3.500% | 4909000 | &nbsp;&nbsp; 4849789 |
| Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. |
| 03/15/2027 | &nbsp;&nbsp; 5.100% | 4916000 | &nbsp;&nbsp; 4966081 |
| Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
| 04/01/2030 | &nbsp;&nbsp; 3.750% | 4246000 | &nbsp;&nbsp; 4120207 |
| Mars, Inc.<sup>(a)</sup>  | Mars, Inc.<sup>(a)</sup>  | Mars, Inc.<sup>(a)</sup>  | Mars, Inc.<sup>(a)</sup>  |
| 03/01/2030 | &nbsp;&nbsp; 4.800% | 4393000 | &nbsp;&nbsp; 4476194 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **36990266** |
| **Health Care 1.9%** | **Health Care 1.9%** | **Health Care 1.9%** | **Health Care 1.9%** |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| 04/01/2030 | &nbsp;&nbsp; 3.750% | 1250000 | &nbsp;&nbsp; 1210981 |
| HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
| 09/01/2030 | &nbsp;&nbsp; 3.500% | 5247000 | &nbsp;&nbsp; 5011429 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **6222410** |
| **Healthcare Insurance 2.7%** | **Healthcare Insurance 2.7%** | **Healthcare Insurance 2.7%** | **Healthcare Insurance 2.7%** |
| Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. |
| 02/15/2030 | &nbsp;&nbsp; 3.375% | 2588000 | &nbsp;&nbsp; 2382707 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| 12/15/2028 | &nbsp;&nbsp; 3.875% | 4275000 | &nbsp;&nbsp; 4252229 |
| 05/15/2030 | &nbsp;&nbsp; 2.000% | 2397000 | &nbsp;&nbsp; 2171911 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **8806847** |
| **Healthcare REIT 0.5%** | **Healthcare REIT 0.5%** | **Healthcare REIT 0.5%** | **Healthcare REIT 0.5%** |
| Welltower OP LLC | Welltower OP LLC | Welltower OP LLC | Welltower OP LLC |
| 07/01/2030 | &nbsp;&nbsp; 4.500% | 1598000 | &nbsp;&nbsp; 1612987 |
| **Independent Energy 4.5%** | **Independent Energy 4.5%** | **Independent Energy 4.5%** | **Independent Energy 4.5%** |
| Canadian Natural Resources Ltd.<sup>(a)</sup>  | Canadian Natural Resources Ltd.<sup>(a)</sup>  | Canadian Natural Resources Ltd.<sup>(a)</sup>  | Canadian Natural Resources Ltd.<sup>(a)</sup>  |
| 12/15/2029 | &nbsp;&nbsp; 5.000% | 1505000 | &nbsp;&nbsp; 1538880 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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> **($)**<br>| **Value ($)** |
| Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. |
| 01/30/2030 | &nbsp;&nbsp; 5.150% | 1954000 | &nbsp;&nbsp; 2012829 |
| Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
| 09/01/2030 | &nbsp;&nbsp; 6.625% | 5960000 | &nbsp;&nbsp; 6384659 |
| Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. |
| 05/19/2030 | &nbsp;&nbsp; 5.400% | 4685000 | &nbsp;&nbsp; 4809285 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **14745653** |
| **Integrated Energy 1.0%** | **Integrated Energy 1.0%** | **Integrated Energy 1.0%** | **Integrated Energy 1.0%** |
| BP Capital Markets America, Inc. | BP Capital Markets America, Inc. | BP Capital Markets America, Inc. | BP Capital Markets America, Inc. |
| 11/17/2027 | &nbsp;&nbsp; 5.017% | 3215000 | &nbsp;&nbsp; 3280405 |
| **Life Insurance 8.4%** | **Life Insurance 8.4%** | **Life Insurance 8.4%** | **Life Insurance 8.4%** |
| Corebridge Global Funding<sup>(a)</sup>  | Corebridge Global Funding<sup>(a)</sup>  | Corebridge Global Funding<sup>(a)</sup>  | Corebridge Global Funding<sup>(a)</sup>  |
| 08/21/2028 | &nbsp;&nbsp; 4.250% | 1541000 | &nbsp;&nbsp; 1542225 |
| 06/06/2030 | &nbsp;&nbsp; 4.850% | 2318000 | &nbsp;&nbsp; 2360417 |
| Corebridge Global Funding<sup>(a),(c)</sup>  | Corebridge Global Funding<sup>(a),(c)</sup>  | Corebridge Global Funding<sup>(a),(c)</sup>  | Corebridge Global Funding<sup>(a),(c)</sup>  |
| 10/02/2030 | &nbsp;&nbsp; 4.450% | 1161000 | &nbsp;&nbsp; 1160025 |
| Lincoln Financial Global Funding<sup>(a)</sup>  | Lincoln Financial Global Funding<sup>(a)</sup>  | Lincoln Financial Global Funding<sup>(a)</sup>  | Lincoln Financial Global Funding<sup>(a)</sup>  |
| 01/13/2030 | &nbsp;&nbsp; 5.300% | 49000 | &nbsp;&nbsp; 50701 |
| Met Tower Global Funding<sup>(a)</sup>  | Met Tower Global Funding<sup>(a)</sup>  | Met Tower Global Funding<sup>(a)</sup>  | Met Tower Global Funding<sup>(a)</sup>  |
| 04/12/2029 | &nbsp;&nbsp; 5.250% | 2295000 | &nbsp;&nbsp; 2373110 |
| 09/16/2030 | &nbsp;&nbsp; 4.200% | 1190000 | &nbsp;&nbsp; 1182503 |
| New York Life Global Funding<sup>(a)</sup>  | New York Life Global Funding<sup>(a)</sup>  | New York Life Global Funding<sup>(a)</sup>  | New York Life Global Funding<sup>(a)</sup>  |
| 12/05/2029 | &nbsp;&nbsp; 4.600% | 1462000 | &nbsp;&nbsp; 1486130 |
| Northwestern Mutual Global Funding<sup>(a)</sup>  | Northwestern Mutual Global Funding<sup>(a)</sup>  | Northwestern Mutual Global Funding<sup>(a)</sup>  | Northwestern Mutual Global Funding<sup>(a)</sup>  |
| 05/28/2031 | &nbsp;&nbsp; 5.160% | 3613000 | &nbsp;&nbsp; 3744797 |
| Pacific Life Global Funding II<sup>(a)</sup>  | Pacific Life Global Funding II<sup>(a)</sup>  | Pacific Life Global Funding II<sup>(a)</sup>  | Pacific Life Global Funding II<sup>(a)</sup>  |
| 01/11/2032 | &nbsp;&nbsp; 2.450% | 2413000 | &nbsp;&nbsp; 2125583 |
| Principal Life Global Funding II<sup>(a)</sup>  | Principal Life Global Funding II<sup>(a)</sup>  | Principal Life Global Funding II<sup>(a)</sup>  | Principal Life Global Funding II<sup>(a)</sup>  |
| 11/27/2029 | &nbsp;&nbsp; 4.950% | 9740000 | &nbsp;&nbsp; 9965571 |
| Voya Financial, Inc. | Voya Financial, Inc. | Voya Financial, Inc. | Voya Financial, Inc. |
| 06/15/2026 | &nbsp;&nbsp; 3.650% | 1645000 | &nbsp;&nbsp; 1639112 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **27630174** |
| **Midstream 4.7%** | **Midstream 4.7%** | **Midstream 4.7%** | **Midstream 4.7%** |
| Colorado Interstate Gas Co. LLC/Issuing Corp.<sup>(a)</sup>  | Colorado Interstate Gas Co. LLC/Issuing Corp.<sup>(a)</sup>  | Colorado Interstate Gas Co. LLC/Issuing Corp.<sup>(a)</sup>  | Colorado Interstate Gas Co. LLC/Issuing Corp.<sup>(a)</sup>  |
| 08/15/2026 | &nbsp;&nbsp; 4.150% | 9260000 | &nbsp;&nbsp; 9243371 |
| Plains All American Pipeline LP/Finance Corp. | Plains All American Pipeline LP/Finance Corp. | Plains All American Pipeline LP/Finance Corp. | Plains All American Pipeline LP/Finance Corp. |
| 12/15/2026 | &nbsp;&nbsp; 4.500% | 3975000 | &nbsp;&nbsp; 3981684 |
| Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP |
| 01/15/2029 | &nbsp;&nbsp; 6.350% | 2220000 | &nbsp;&nbsp; 2336452 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **15561507** |
| **Natural Gas 0.9%** | **Natural Gas 0.9%** | **Natural Gas 0.9%** | **Natural Gas 0.9%** |
| NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
| 07/01/2029 | &nbsp;&nbsp; 5.200% | 3011000 | &nbsp;&nbsp; 3105766 |

---

Columbia Variable Portfolio – Limited Duration Credit Fund \| 2025

------

Portfolio of Investments (continued)

Columbia Variable Portfolio – Limited Duration Credit Fund, September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **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> **($)**<br>| **Value ($)** |
| **Pharmaceuticals 4.9%** | **Pharmaceuticals 4.9%** | **Pharmaceuticals 4.9%** | **Pharmaceuticals 4.9%** |
| Gilead Sciences, Inc. | Gilead Sciences, Inc. | Gilead Sciences, Inc. | Gilead Sciences, Inc. |
| 03/01/2026 | &nbsp;&nbsp; 3.650% | 6425000 | &nbsp;&nbsp; 6415739 |
| Merck & Co, Inc. | Merck & Co, Inc. | Merck & Co, Inc. | Merck & Co, Inc. |
| 09/15/2030 | &nbsp;&nbsp; 4.150% | 4908000 | &nbsp;&nbsp; 4913476 |
| Pfizer Investment Enterprises Pte., Ltd. | Pfizer Investment Enterprises Pte., Ltd. | Pfizer Investment Enterprises Pte., Ltd. | Pfizer Investment Enterprises Pte., Ltd. |
| 05/19/2026 | &nbsp;&nbsp; 4.450% | 3250000 | &nbsp;&nbsp; 3256381 |
| Roche Holdings, Inc.<sup>(a)</sup>  | Roche Holdings, Inc.<sup>(a)</sup>  | Roche Holdings, Inc.<sup>(a)</sup>  | Roche Holdings, Inc.<sup>(a)</sup>  |
| 11/13/2030 | &nbsp;&nbsp; 5.489% | 1635000 | &nbsp;&nbsp; 1731574 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **16317170** |
| **Railroads 1.4%** | **Railroads 1.4%** | **Railroads 1.4%** | **Railroads 1.4%** |
| Canadian Pacific Railway Co. | Canadian Pacific Railway Co. | Canadian Pacific Railway Co. | Canadian Pacific Railway Co. |
| 12/02/2031 | &nbsp;&nbsp; 2.450% | 5060000 | &nbsp;&nbsp; 4506617 |
| **Retailers 1.0%** | **Retailers 1.0%** | **Retailers 1.0%** | **Retailers 1.0%** |
| Lowe's Cos, Inc. | Lowe's Cos, Inc. | Lowe's Cos, Inc. | Lowe's Cos, Inc. |
| 10/15/2028 | &nbsp;&nbsp; 4.000% | 2003000 | &nbsp;&nbsp; 1998337 |
| Walmart, Inc. | Walmart, Inc. | Walmart, Inc. | Walmart, Inc. |
| 04/28/2030 | &nbsp;&nbsp; 4.350% | 1145000 | &nbsp;&nbsp; 1163736 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3162073** |
| **Technology 4.6%** | **Technology 4.6%** | **Technology 4.6%** | **Technology 4.6%** |
| Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
| 02/15/2030 | &nbsp;&nbsp; 4.350% | 1854000 | &nbsp;&nbsp; 1863459 |
| 10/15/2030 | &nbsp;&nbsp; 4.200% | 1542000 | &nbsp;&nbsp; 1539169 |
| Cisco Systems, Inc. | Cisco Systems, Inc. | Cisco Systems, Inc. | Cisco Systems, Inc. |
| 02/24/2028 | &nbsp;&nbsp; 4.550% | 3160000 | &nbsp;&nbsp; 3207820 |
| Foundry JV Holdco LLC<sup>(a)</sup>  | Foundry JV Holdco LLC<sup>(a)</sup>  | Foundry JV Holdco LLC<sup>(a)</sup>  | Foundry JV Holdco LLC<sup>(a)</sup>  |
| 01/25/2031 | &nbsp;&nbsp; 5.500% | 1988000 | &nbsp;&nbsp; 2064038 |
| Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
| 11/15/2029 | &nbsp;&nbsp; 2.450% | 1035000 | &nbsp;&nbsp; 960887 |
| International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. |
| 02/10/2028 | &nbsp;&nbsp; 4.650% | 1585000 | &nbsp;&nbsp; 1607257 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 09/26/2032 | &nbsp;&nbsp; 4.800% | 3795000 | &nbsp;&nbsp; 3800607 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **15043237** |

---

---

| | | | |
|:---|:---|:---|:---|
| **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> **($)**<br>| **Value ($)** |
| **Transportation Services 0.5%** | **Transportation Services 0.5%** | **Transportation Services 0.5%** | **Transportation Services 0.5%** |
| FedEx Corp. | FedEx Corp. | FedEx Corp. | FedEx Corp. |
| 05/15/2030 | &nbsp;&nbsp; 4.250% | 1715000 | &nbsp;&nbsp; 1707969 |
| **Wireless 3.0%** | **Wireless 3.0%** | **Wireless 3.0%** | **Wireless 3.0%** |
| Sprint Spectrum Co. I/II/III LLC<sup>(a)</sup>  | Sprint Spectrum Co. I/II/III LLC<sup>(a)</sup>  | Sprint Spectrum Co. I/II/III LLC<sup>(a)</sup>  | Sprint Spectrum Co. I/II/III LLC<sup>(a)</sup>  |
| 03/20/2028 | &nbsp;&nbsp; 5.152% | 5516000 | &nbsp;&nbsp; 5553292 |
| T-Mobile US, Inc. | T-Mobile US, Inc. | T-Mobile US, Inc. | T-Mobile US, Inc. |
| 04/15/2027 | &nbsp;&nbsp; 3.750% | 1938000 | &nbsp;&nbsp; 1926596 |
| 04/15/2030 | &nbsp;&nbsp; 3.875% | 2621000 | &nbsp;&nbsp; 2569267 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **10049155** |
| &nbsp;&nbsp; Total Corporate Bonds & Notes <br>(Cost $303,075,700) | &nbsp;&nbsp; Total Corporate Bonds & Notes <br>(Cost $303,075,700) | &nbsp;&nbsp; Total Corporate Bonds & Notes <br>(Cost $303,075,700) | &nbsp;&nbsp; **307348096** |
| **U.S. Treasury Obligations 4.5%** | **U.S. Treasury Obligations 4.5%** | **U.S. Treasury Obligations 4.5%** | **U.S. Treasury Obligations 4.5%** |
| U.S. Treasury | U.S. Treasury | U.S. Treasury | U.S. Treasury |
| 06/30/2028 | &nbsp;&nbsp; 4.000% | 8532000 | &nbsp;&nbsp; 8615987 |
| 07/31/2030 | &nbsp;&nbsp; 3.875% | 350000 | &nbsp;&nbsp; 352133 |
| 12/31/2031 | &nbsp;&nbsp; 4.500% | 5783000 | &nbsp;&nbsp; 5984049 |
| &nbsp;&nbsp; Total U.S. Treasury Obligations <br>(Cost $14,726,415) | &nbsp;&nbsp; Total U.S. Treasury Obligations <br>(Cost $14,726,415) | &nbsp;&nbsp; Total U.S. Treasury Obligations <br>(Cost $14,726,415) | &nbsp;&nbsp; **14952169** |

---

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

---

| | | |
|:---|:---|:---|
| **Money Market Funds 1.3%** | **Money Market Funds 1.3%** | **Money Market Funds 1.3%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 4.265%<sup>(d),(e)</sup> <br>| &nbsp;&nbsp; 4151342 | &nbsp;&nbsp; 4150097 |
| &nbsp;&nbsp; Total Money Market Funds <br>(Cost $4,149,350) | &nbsp;&nbsp; Total Money Market Funds <br>(Cost $4,149,350) | &nbsp;&nbsp; **4150097** |
| **Total Investments in Securities** <br>**(Cost: $321,951,465)** | **Total Investments in Securities** <br>**(Cost: $321,951,465)** | &nbsp;&nbsp; **326450362** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **3068110** |
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **329518472** |

---

At September 30, 2025, securities and/or cash totaling $1,068,981 were pledged as collateral.

**Investments in derivatives** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** |
| **Description** | **Number of** <br>**contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading** <br>**currency**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**depreciation ($)**<br>|
| U.S. Treasury 2-Year Note | 497 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 103574024 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (34866)<br>|

---

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

Columbia Variable Portfolio – Limited Duration Credit Fund \| 2025

------

Portfolio of Investments (continued)

Columbia Variable Portfolio – Limited Duration Credit Fund, September 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** |
| **Description** | **Number of** <br>**contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading** <br>**currency**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**depreciation ($)**<br>|
| U.S. Treasury 10-Year Note | (32) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (3600000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 885 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 10-Year Note | (94) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (10575000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (31022)<br>|
| U.S. Treasury 5-Year Note | (557) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (60821789)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (148216)<br>|
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 885 | &nbsp;&nbsp;&nbsp;&nbsp; (179238)<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 $76,139,321, which represents 23.11% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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;(c) Represents a security purchased on a when-issued basis.

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) 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% |
|  | 137240435 | &nbsp;&nbsp; 362089441 | &nbsp;&nbsp; (495180506)<br>| &nbsp;&nbsp; 727 | &nbsp;&nbsp; 4150097 | &nbsp;&nbsp; (3442)<br>| &nbsp;&nbsp; 1871105 | &nbsp;&nbsp; 4151342 |

---

**Currency Legend** 

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 – Limited Duration Credit Fund \| 2025

------

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

3QT7015_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 - Limited Duration Credit Fund

- **b. EDGAR series identifier (if any):** S000028705

- **c. LEI of Series:** 42CX1CP5AD4ZL24EBB18

**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:** $330980823.95

**Total Liabilities:** $1390528.45

**Net Assets:** $329590295.50

**Delayed Delivery Securities:** $1159769.34

**Cash Not Reported:** $4.83

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 545.133400000000 | **1-Year:** 11035.183000000000 | **5-Year:** 87463.277500000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

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

- **3-Month:** 0.000000000000 | **1-Year:** 0.000000000000 | **5-Year:** 709.087600000000 | **10-Year:** 0.000000000000 | **30-Year:** 78.985000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000087828 | 0.10%                | 0.97%                | 0.53%                |
| Class ID C000087829 | 0.06%                | 0.97%                | 0.54%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $4959842.55              | $-7232571.48                               |
| Month 2  | $342053.77               | $2043169.44                                |
| Month 3  | $303395.82               | $28951.48                                  |

**Designated Index Information**

- **Index Name:** BBG Corporate 1-5 year Index

- **Index Identifier:** LCORP1-5

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CISCO SYSTEMS INC                      | CISCO SYSTEMS INC                  | CUSIP: 17275RBW1<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |   3160000 | PA      | $3207820.08   | 0.97%             | 2028-02-24      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                          | CITIGROUP INC                      | CUSIP: 172967QF1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   8324000 | PA      | $8327731.81   | 2.53%             | 2031-09-11      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                 | DIAMONDBACK ENERGY INC             | CUSIP: 25278XAY5<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |   1954000 | PA      | $2012828.48   | 0.61%             | 2030-01-30      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| EMERA US FINANCE LP                    | EMERA US FINANCE LP                | CUSIP: 29103DAJ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4443000 | PA      | $4412915.00   | 1.34%             | 2026-06-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| FEDEX CORP                             | FEDEX CORP                         | CUSIP: 31428XDG8<br>LEI: 549300E707U7WNPZN687 | Long             | DBT              | CORP              | US        |   1715000 | PA      | $1707968.50   | 0.52%             | 2030-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY TRANSMISSION LLC           | FIRSTENERGY TRANSMISSION LLC       | CUSIP: 33767BAG4<br>LEI: 549300AINIIPOLYX2R63 | Long             | DBT              | CORP              | US        |   3441000 | PA      | $3462795.05   | 1.05%             | 2030-01-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                  | FOUNDRY JV HOLDCO LLC              | CUSIP: 350930AF0<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |   1988000 | PA      | $2064037.59   | 0.63%             | 2031-01-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GENERAL ELECTRIC CO                    | GENERAL ELECTRIC CO                | CUSIP: 369604BZ5<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | DBT              | CORP              | US        |    805000 | PA      | $809877.93    | 0.25%             | 2030-07-29      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| GENERAL MILLS INC                      | GENERAL MILLS INC                  | CUSIP: 370334CX0<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | DBT              | CORP              | US        |   2742000 | PA      | $2763342.19   | 0.84%             | 2027-01-30      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| GILEAD SCIENCES INC                    | GILEAD SCIENCES INC                | CUSIP: 375558BF9<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |   6425000 | PA      | $6415739.30   | 1.95%             | 2026-03-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC/THE            | GOLDMAN SACHS GROUP INC/THE        | CUSIP: 38141GC93<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   7795000 | PA      | $8060551.20   | 2.45%             | 2031-04-23      | Variable      | 5.22%                 | No            |                  2 | On Loan: No      |
| HCA INC                                | HCA INC                            | CUSIP: 404119CA5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   5247000 | PA      | $5011429.37   | 1.52%             | 2030-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                      | HSBC HOLDINGS PLC                  | CUSIP: 404280EW5<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   4380000 | PA      | $4505204.27   | 1.37%             | 2031-05-13      | Variable      | 5.24%                 | No            |                  2 | On Loan: No      |
| HEINEKEN NV                            | HEINEKEN NV                        | CUSIP: 423012AF0<br>LEI: 724500K5PTPSST86UQ23 | Long             | DBT              | CORP              | NL        |   4909000 | PA      | $4849788.85   | 1.47%             | 2028-01-29      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| INTEL CORP                             | INTEL CORP                         | CUSIP: 458140BH2<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |   1035000 | PA      | $960887.14    | 0.29%             | 2029-11-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| INTERNATIONAL BUSINESS MACHINES CORP   | INTERNATIONAL BUSINESS MACHINES CO | CUSIP: 459200LF6<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |   1585000 | PA      | $1607256.79   | 0.49%             | 2028-02-10      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| JH NORTH AMERICA HOLDINGS INC          | JH NORTH AMERICA HOLDINGS INC      | CUSIP: 46593WAA3<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |    325000 | PA      | $330340.89    | 0.10%             | 2031-01-31      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| JH NORTH AMERICA HOLDINGS INC          | JH NORTH AMERICA HOLDINGS INC      | CUSIP: 46593WAB1<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |   1128000 | PA      | $1155797.07   | 0.35%             | 2032-07-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                    | JPMORGAN CHASE & CO                | CUSIP: 46647PEV4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   9884000 | PA      | $10207090.35  | 3.10%             | 2031-01-24      | Variable      | 5.14%                 | No            |                  2 | On Loan: No      |
| KENVUE INC                             | KENVUE INC                         | CUSIP: 49177JAS1<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | DBT              | CORP              | US        |    618000 | PA      | $626706.29    | 0.19%             | 2032-05-22      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| KEURIG DR PEPPER INC                   | KEURIG DR PEPPER INC               | CUSIP: 49271VAW0<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |   4916000 | PA      | $4966080.69   | 1.51%             | 2027-03-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| KRAFT HEINZ FOODS CO                   | KRAFT HEINZ FOODS CO               | CUSIP: 50077LAV8<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |   4246000 | PA      | $4120207.14   | 1.25%             | 2030-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| L3HARRIS TECHNOLOGIES INC              | L3HARRIS TECHNOLOGIES INC          | CUSIP: 502431AP4<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |   6044000 | PA      | $6142894.23   | 1.86%             | 2027-01-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| LYB INTERNATIONAL FINANCE III LLC      | LYB INTERNATIONAL FINANCE III LLC  | CUSIP: 50249AAG8<br>LEI: 984500A51LA0B8EB4053 | Long             | DBT              | CORP              | US        |   1866000 | PA      | $1666152.80   | 0.51%             | 2030-10-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| LINCOLN FINANCIAL GLOBAL FUNDING       | LINCOLN FINANCIAL GLOBAL FUNDING   | CUSIP: 53359KAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     49000 | PA      | $50701.15     | 0.02%             | 2030-01-13      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| LOCKHEED MARTIN CORPORATION            | LOCKHEED MARTIN CORPORATION        | CUSIP: 539830CL1<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    923000 | PA      | $930938.65    | 0.28%             | 2030-08-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| LOWES COMPANIES INC                    | LOWES COMPANIES INC                | CUSIP: 548661EU7<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |   2003000 | PA      | $1998337.11   | 0.61%             | 2028-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARS INC                               | MARS INC                           | CUSIP: 571676AY1<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |   4393000 | PA      | $4476193.80   | 1.36%             | 2030-03-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| MERCK & CO INC                         | MERCK & CO INC                     | CUSIP: 58933YBQ7<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |   4908000 | PA      | $4913476.16   | 1.49%             | 2030-09-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| MET TOWER GLOBAL FUNDING               | MET TOWER GLOBAL FUNDING           | CUSIP: 58989V2H6<br>LEI: 635400OFJCY9IOGBGY57 | Long             | DBT              | CORP              | US        |   2295000 | PA      | $2373110.00   | 0.72%             | 2029-04-12      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MET TOWER GLOBAL FUNDING               | MET TOWER GLOBAL FUNDING           | CUSIP: 58989V2L7<br>LEI: 635400OFJCY9IOGBGY57 | Long             | DBT              | CORP              | US        |   1190000 | PA      | $1182503.29   | 0.36%             | 2030-09-16      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| LYB FINANCE COMPANY BV                 | MONTELL FINANCE BV                 | CUSIP: 61238QAA6<br>LEI: 549300BBGA3CFHX0KS75 | Long             | DBT              | CORP              | NL        |   2144000 | PA      | $2246681.63   | 0.68%             | 2027-03-15      | Fixed         | 8.10%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY PRIVATE BANK NA         | MORGAN STANLEY PRIVATE BANK NA     | CUSIP: 61776NVG5<br>LEI: 549300GS0W0TEUQS8571 | Long             | DBT              | CORP              | US        |   9511000 | PA      | $9655227.39   | 2.93%             | 2031-07-18      | Variable      | 4.73%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                         | NRG ENERGY INC                     | CUSIP: 629377CP5<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   3190000 | PA      | $3057979.39   | 0.93%             | 2027-12-02      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIFE GLOBAL FUNDING           | NEW YORK LIFE GLOBAL FUNDING       | CUSIP: 64952WFK4<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |   1462000 | PA      | $1486130.03   | 0.45%             | 2029-12-05      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| NISOURCE INC.                          | NISOURCE INC                       | CUSIP: 65473PAS4<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |   3011000 | PA      | $3105766.15   | 0.94%             | 2029-07-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| NORTHROP GRUMMAN CORP                  | NORTHROP GRUMMAN CORP              | CUSIP: 666807BK7<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |   5146000 | PA      | $5091380.97   | 1.54%             | 2027-02-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| NORTHWESTERN MUTUAL GLOBAL FUNDING     | NORTHWESTERN MUTUAL GLOBAL FUNDING | CUSIP: 66815L2S7<br>LEI: 635400LZXFVELZDVP257 | Long             | DBT              | CORP              | US        |   3613000 | PA      | $3744796.36   | 1.14%             | 2031-05-28      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM CORPORATION       | OCCIDENTAL PETROLEUM CORPORATION   | CUSIP: 674599ED3<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |   5960000 | PA      | $6384658.75   | 1.94%             | 2030-09-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ONCOR ELECTRIC DELIVERY COMPANY LLC    | ONCOR ELECTRIC DELIVERY CO LLC     | CUSIP: 68233JCW2<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |   2893000 | PA      | $2939090.15   | 0.89%             | 2029-11-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| ORACLE CORPORATION                     | ORACLE CORPORATION                 | CUSIP: 68389XDK8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   3795000 | PA      | $3800607.07   | 1.15%             | 2032-09-26      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES GROUP INC (THE) | PNC FINANCIAL SERVICES GROUP INC ( | CUSIP: 693475CD5<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   1257000 | PA      | $1283106.16   | 0.39%             | 2031-05-13      | Variable      | 4.90%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS AND ELECTRIC COMPANY       | PACIFIC GAS & ELECTRIC COMPANY     | CUSIP: 694308JW8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |   4331000 | PA      | $4174819.30   | 1.27%             | 2028-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PACIFIC LIFE GLOBAL FUNDING II         | PACIFIC LIFE GLOBAL FUNDING II     | CUSIP: 6944PL2J7<br>LEI: 6354003EUPCHXTWUU869 | Long             | DBT              | CORP              | US        |   2413000 | PA      | $2125583.36   | 0.64%             | 2032-01-11      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| PFIZER INVESTMENT ENTERPRISES PTE LTD  | PFIZER INVESTMENT ENTERPRISES PTE  | CUSIP: 716973AB8<br>LEI: 5493000FQO8XF9C0RT95 | Long             | DBT              | CORP              | SG        |   3250000 | PA      | $3256380.39   | 0.99%             | 2026-05-19      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| PLAINS ALL AMERICAN PIPELINE LP        | PLAINS ALL AMERICAN PIPELINE LP    | CUSIP: 72650RBL5<br>LEI: 5521FA2ITF25TVH63740 | Long             | DBT              | CORP              | US        |   3975000 | PA      | $3981683.72   | 1.21%             | 2026-12-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PRINCIPAL LIFE GLOBAL FUNDING II       | PRINCIPAL LIFE GLOBAL FUNDING II   | CUSIP: 74256LFB0<br>LEI: 635400WSLKBQWSOIIT41 | Long             | DBT              | CORP              | US        |   9740000 | PA      | $9965571.20   | 3.02%             | 2029-11-27      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| ROCHE HOLDINGS INC                     | ROCHE HOLDINGS INC                 | CUSIP: 771196CG5<br>LEI: PVJRP0EQNV6OGDPZGY95 | Long             | DBT              | CORP              | US        |   1635000 | PA      | $1731574.23   | 0.53%             | 2030-11-13      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| AEP TEXAS INC                          | AEP TEXAS INC                      | CUSIP: 00108WAM2<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |   2845000 | PA      | $2565101.83   | 0.78%             | 2030-07-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| AES CORP                               | AES CORPORATION (THE)              | CUSIP: 00130HCE3<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |   8777000 | PA      | $8694510.58   | 2.64%             | 2026-01-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE GLOBAL FUNDING              | COREBRIDGE GLOBAL FUNDING          | CUSIP: 00138CBF4<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |   2318000 | PA      | $2360417.17   | 0.72%             | 2030-06-06      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE GLOBAL FUNDING              | COREBRIDGE GLOBAL FUNDING          | CUSIP: 00138CBG2<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |   1541000 | PA      | $1542225.30   | 0.47%             | 2028-08-21      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE GLOBAL FUNDING              | COREBRIDGE GLOBAL FUNDING          | CUSIP: 00138CBJ6<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |   1161000 | PA      | $1160024.82   | 0.35%             | 2030-10-02      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| APA CORP                               | APA CORP                           | CUSIP: 03743QAZ1<br>LEI: N/A                  | Long             | DBT              | CORP              | JP        |   3283000 | PA      | $3204340.97   | 0.97%             | 2030-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BAE SYSTEMS PLC                        | BAE SYSTEMS PLC                    | CUSIP: 05523RAJ6<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | DBT              | CORP              | GB        |   3416000 | PA      | $3518047.55   | 1.07%             | 2029-03-26      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| BACARDI MARTINI BV                     | BACARDI LTD                        | CUSIP: 05634WAA0<br>LEI: 5493002XXBV8B88K2408 | Long             | DBT              | CORP              | NL        |   7938000 | PA      | $8203344.37   | 2.49%             | 2030-02-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                   | BANK OF AMERICA CORP               | CUSIP: 06051GJL4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   3568000 | PA      | $3167463.96   | 0.96%             | 2031-10-24      | Variable      | 1.92%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                   | BANK OF AMERICA CORP               | CUSIP: 06051GML0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   5525000 | PA      | $5702408.84   | 1.73%             | 2031-01-24      | Variable      | 5.16%                 | No            |                  2 | On Loan: No      |
| BOEING CO                              | BOEING CO                          | CUSIP: 097023DQ5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   2615000 | PA      | $2775953.73   | 0.84%             | 2029-05-01      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS AMERICA INC         | BP CAPITAL MARKETS AMERICA INC     | CUSIP: 10373QBY5<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |   3215000 | PA      | $3280405.24   | 1.00%             | 2027-11-17      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                           | BROADCOM INC                       | CUSIP: 11135FCB5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |   1854000 | PA      | $1863458.90   | 0.57%             | 2030-02-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                           | BROADCOM INC                       | CUSIP: 11135FCW9<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |   1542000 | PA      | $1539169.50   | 0.47%             | 2030-10-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| CMS ENERGY CORP                        | CMS ENERGY CORPORATION             | CUSIP: 125896BP4<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |   3220000 | PA      | $3215813.65   | 0.98%             | 2025-11-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                        | CVS HEALTH CORP                    | CUSIP: 126650DJ6<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1210980.57   | 0.37%             | 2030-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CANADIAN NATURAL RESOURCES LTD         | CANADIAN NATURAL RESOURCES LTD     | CUSIP: 136385BB6<br>LEI: 549300T15RIMIKZC5Q38 | Long             | DBT              | CORP              | CA        |   1505000 | PA      | $1538880.15   | 0.47%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CANADIAN PACIFIC RAILWAY COMPANY       | CANADIAN PACIFIC RAILWAY LTD       | CUSIP: 13645RBF0<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   5060000 | PA      | $4506616.84   | 1.37%             | 2031-12-02      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP                           | CENTENE CORPORATION                | CUSIP: 15135BAV3<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |   2588000 | PA      | $2382707.33   | 0.72%             | 2030-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CHARTER COMMUNICATIONS OPERATING       | CHARTER COMM OPT/OPT CAP           | CUSIP: 161175CD4<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |   1710000 | PA      | $1590593.05   | 0.48%             | 2029-01-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                       | T-MOBILE USA INC                   | CUSIP: 87264ABD6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   1938000 | PA      | $1926595.47   | 0.58%             | 2027-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                       | T-MOBILE USA INC                   | CUSIP: 87264ABF1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   2621000 | PA      | $2569267.25   | 0.78%             | 2030-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| US BANCORP                             | US BANCORP                         | CUSIP: 91159HJV3<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |   3858000 | PA      | $3964732.32   | 1.20%             | 2031-05-15      | Variable      | 5.08%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TREASURY                 | TREASURY NOTE                      | CUSIP: 91282CHK0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8532000 | PA      | $8615986.88   | 2.61%             | 2028-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TREASURY                 | TREASURY NOTE                      | CUSIP: 91282CMC2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5783000 | PA      | $5984049.61   | 1.82%             | 2031-12-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TREASURY                 | TREASURY NOTE                      | CUSIP: 91282CNN7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    350000 | PA      | $352132.81    | 0.11%             | 2030-07-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| RTX CORP                               | UNITED TECHNOLOGIES CORPORATION    | CUSIP: 913017CY3<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |   5256000 | PA      | $5244208.22   | 1.59%             | 2028-11-16      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                 | UNITEDHEALTH GROUP INC             | CUSIP: 91324PDP4<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |   4275000 | PA      | $4252228.69   | 1.29%             | 2028-12-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                 | UNITEDHEALTH GROUP INC             | CUSIP: 91324PDX7<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |   2397000 | PA      | $2171911.43   | 0.66%             | 2030-05-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| VOYA FINANCIAL INC                     | VOYA FINANCIAL INC                 | CUSIP: 929089AB6<br>LEI: 549300T065Z4KJ686G75 | Long             | DBT              | CORP              | US        |   1645000 | PA      | $1639111.46   | 0.50%             | 2026-06-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| WEC ENERGY GROUP INC                   | WEC ENERGY GROUP INC               | CUSIP: 92939UAM8<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |    807000 | PA      | $817660.72    | 0.25%             | 2026-09-12      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| WALMART INC                            | WALMART INC                        | CUSIP: 931142FN8<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |   1145000 | PA      | $1163735.62   | 0.35%             | 2030-04-28      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                  | WELLS FARGO & COMPANY              | CUSIP: 95000U3W1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4641824.43   | 1.41%             | 2031-04-23      | Variable      | 5.15%                 | No            |                  2 | On Loan: No      |
| WELLTOWER OP LLC                       | WELLTOWER OP LLC                   | CUSIP: 95041AAF5<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              | CORP              | US        |   1598000 | PA      | $1612986.99   | 0.49%             | 2030-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERATING LP         | WESTERN MIDSTREAM OPERATING LP     | CUSIP: 958667AF4<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |   2220000 | PA      | $2336451.79   | 0.71%             | 2029-01-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| WOODSIDE FIN LTD                       | WOODSIDE FINANCE LTD               | CUSIP: 980236AT0<br>LEI: 254900AIZKU6TGRRNZ98 | Long             | DBT              | CORP              | AU        |   4685000 | PA      | $4809285.43   | 1.46%             | 2030-05-19      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| XCEL ENERGY INC                        | XCEL ENERGY INC                    | CUSIP: 98389BAW0<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | DBT              | CORP              | US        |   3721000 | PA      | $3478064.21   | 1.06%             | 2029-12-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| JPMorgan                               | US 5YR NOTE DEC 25                 | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DIR              | CORP              | US        |      -632 | NC      | $-180596.07   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan                               | US 2YR NOTE DEC 25                 | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DIR              | CORP              | US        |       497 | NC      | $-34865.81    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan                               | US 10YR NOTE DEC 25                | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DIR              | CORP              | US        |       -20 | NC      | $1842.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan                               | US 10YR NOTE DEC 25                | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DIR              | CORP              | US        |       -94 | NC      | $-31022.35    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL BANK OF CANADA                   | ROYAL BANK OF CANADA               | CUSIP: 78017DAM0<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   4003000 | PA      | $4055585.16   | 1.23%             | 2031-08-06      | Variable      | 4.70%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                   | ROYAL BANK OF CANADA               | CUSIP: 78017FZT3<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    695000 | PA      | $703339.22    | 0.21%             | 2030-10-18      | Variable      | 4.65%                 | No            |                  2 | On Loan: No      |
| SIEMENS FUNDING BV                     | SIEMENS FUNDING B.V.               | CUSIP: 82622RAC0<br>LEI: 213800CCRGH2TO338X64 | Long             | DBT              | CORP              | NL        |   2140000 | PA      | $2178931.60   | 0.66%             | 2030-05-28      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| SPRINT SPECTRUM CO LLC                 | SPRINT SPECTRUM CO I/ II /III/ LLC | CUSIP: 85208NAE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5516000 | PA      | $5553292.23   | 1.68%             | 2028-03-20      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| COLORADO INTERSTATE GAS COMPANY LLC    | COLORADO INTERSTATE GAS/ISSUER CO  | CUSIP: 196500AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   9260000 | PA      | $9243371.14   | 2.80%             | 2026-08-15      | Fixed         | 4.15%                 | 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        |   4151342 | NS      | $4150097.00   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| DIAGEO CAPITAL PLC                     | DIAGEO CAPITAL PLC                 | CUSIP: 25243YBK4<br>LEI: 213800L23DJLALFC4O95 | Long             | DBT              | CORP              | GB        |   6777000 | PA      | $6864212.42   | 2.08%             | 2026-10-05      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| DIAGEO INVESTMENT CORPORATION          | DIAGEO INVESTMENT CORPORATION      | CUSIP: 25245BAC1<br>LEI: S4G8DPIPDVCF6CB81Z61 | Long             | DBT              | CORP              | US        |    721000 | PA      | $747095.99    | 0.23%             | 2030-08-15      | Fixed         | 5.12%                 | 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