# EDGAR Filing Document

**Accession Number:** 0001413032
**File Stem:** 0001193125-25-150230
**Filing Date:** 2025-6
**Character Count:** 14925
**Document Hash:** ea2ccf9f66701cfebf1523a36888b1e2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-150230.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0001193125-25-150230

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250627

**EFFECTIVENESS DATE**: 20250627

**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:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-146374
- **FILM NUMBER:** 251082933

**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

### Variable Portfolio - Aggressive Portfolio (Series ID: S000028683)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000087784 | Variable Portfolio - Aggressive Portfolio Class 2 |  |
| C000087785 | Variable Portfolio - Aggressive Portfolio Class 4 |  |
| C000209985 | Variable Portfolio - Aggressive Portfolio Class 1 |  |

**Supplement dated June 27, 2025**

to the Prospectus and Summary Prospectuses of each of the following funds (each, a Fund, and collectively, the Funds):

---

| | |
|:---|:---|
| **Fund** | **Prospectus and Summary Prospectuses Dated** |
| **Columbia Funds Variable Series Trust II** |  |
| Variable Portfolio – Conservative Portfolio | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2025 |
| Variable Portfolio – Moderately Conservative Portfolio | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2025 |
| Variable Portfolio – Moderate Portfolio  | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2025 |
| Variable Portfolio – Moderately Aggressive Portfolio | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2025 |
| Variable Portfolio – Aggressive Portfolio | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2025 |

---

*Effective immediately, the following changes are hereby made to the Funds' Prospectus and each Fund's Summary Prospectus.*

*The Asset Class Exposure table for each Fund under the heading "Principal Investment Strategies" in the "Summaries of the Funds" section of the Prospectus and Summary Prospectus, is hereby superseded and replaced with the following:*

**Variable Portfolio-Conservative Portfolio**

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

---

| | | | |
|:---|:---|:---|:---|
| **Asset Class Exposures** | **Asset Class Exposures** | **Asset Class Exposures** | **Asset Class Exposures** |
| **(Target Allocation Range – Under Normal Circumstances)\***  | **(Target Allocation Range – Under Normal Circumstances)\***  | **(Target Allocation Range – Under Normal Circumstances)\***  | **(Target Allocation Range – Under Normal Circumstances)\***  |
|  | &nbsp;&nbsp;&nbsp; Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed <br>Income <br>and <br>Cash/Cash <br>Equivalents<br>| &nbsp;&nbsp;&nbsp; Alternative <br>Strategies<br>|
| **Conservative Portfolio** | &nbsp;&nbsp;&nbsp; 10–25%\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60-90%\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0–10%\* |

---

\*

As a percent of Fund net assets. Ranges include the net notional amounts of a Fund's direct investments in derivative instruments. Market appreciation or depreciation may cause a Fund to be temporarily outside the ranges identified in the table. Columbia Management Investment Advisers, LLC (Columbia Management or the Investment Manager) may modify the target allocation ranges only with the approval of a Fund's Board of Trustees (the Board).

**Variable Portfolio-Moderately Conservative Portfolio**

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

---

| | | | |
|:---|:---|:---|:---|
| **Asset Class Exposures** | **Asset Class Exposures** | **Asset Class Exposures** | **Asset Class Exposures** |
| **(Target Allocation Range – Under Normal Circumstances)\***  | **(Target Allocation Range – Under Normal Circumstances)\***  | **(Target Allocation Range – Under Normal Circumstances)\***  | **(Target Allocation Range – Under Normal Circumstances)\***  |
|  | &nbsp;&nbsp;&nbsp; Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed <br>Income <br>and <br>Cash/Cash <br>Equivalents<br>| &nbsp;&nbsp;&nbsp; Alternative <br>Strategies<br>|
| **Moderately Conservative Portfolio** | &nbsp;&nbsp;&nbsp; 25-40%\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50-75%\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0–10%\* |

---

\*

As a percent of Fund net assets. Ranges include the net notional amounts of a Fund's direct investments in derivative instruments. Market appreciation or depreciation may cause a Fund to be temporarily outside the ranges identified in the table. Columbia Management Investment Advisers, LLC (Columbia Management or the Investment Manager) may modify the target allocation ranges only with the approval of a Fund's Board of Trustees (the Board).

**Variable Portfolio-Moderate Portfolio**

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

---

| | | | |
|:---|:---|:---|:---|
| **Asset Class Exposures** | **Asset Class Exposures** | **Asset Class Exposures** | **Asset Class Exposures** |
| **(Target Allocation Range – Under Normal Circumstances)\***  | **(Target Allocation Range – Under Normal Circumstances)\***  | **(Target Allocation Range – Under Normal Circumstances)\***  | **(Target Allocation Range – Under Normal Circumstances)\***  |
|  | &nbsp;&nbsp;&nbsp; Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed <br>Income <br>and <br>Cash/Cash <br>Equivalents<br>| &nbsp;&nbsp;&nbsp; Alternative <br>Strategies<br>|
| **Moderate Portfolio** | &nbsp;&nbsp;&nbsp; 40-55%\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40-60%\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0–10%\* |

---

SUP7069-0001_(06/25)

------

\*

As a percent of Fund net assets. Ranges include the net notional amounts of a Fund's direct investments in derivative instruments. Market appreciation or depreciation may cause a Fund to be temporarily outside the ranges identified in the table. Columbia Management Investment Advisers, LLC (Columbia Management or the Investment Manager) may modify the target allocation ranges only with the approval of a Fund's Board of Trustees (the Board).

**Variable Portfolio-Moderately Aggressive Portfolio**

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

---

| | | | |
|:---|:---|:---|:---|
| **Asset Class Exposures** | **Asset Class Exposures** | **Asset Class Exposures** | **Asset Class Exposures** |
| **(Target Allocation Range – Under Normal Circumstances)\***  | **(Target Allocation Range – Under Normal Circumstances)\***  | **(Target Allocation Range – Under Normal Circumstances)\***  | **(Target Allocation Range – Under Normal Circumstances)\***  |
|  | &nbsp;&nbsp;&nbsp; Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed <br>Income <br>and <br>Cash/Cash <br>Equivalents<br>| &nbsp;&nbsp;&nbsp; Alternative <br>Strategies<br>|
| **Moderately Aggressive Portfolio** | &nbsp;&nbsp;&nbsp; 55-70%\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25-45%\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0–10%\* |

---

\*

As a percent of Fund net assets. Ranges include the net notional amounts of a Fund's direct investments in derivative instruments. Market appreciation or depreciation may cause a Fund to be temporarily outside the ranges identified in the table. Columbia Management Investment Advisers, LLC (Columbia Management or the Investment Manager) may modify the target allocation ranges only with the approval of a Fund's Board of Trustees (the Board).

**Variable Portfolio-Aggressive Portfolio**

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

---

| | | | |
|:---|:---|:---|:---|
| **Asset Class Exposures** | **Asset Class Exposures** | **Asset Class Exposures** | **Asset Class Exposures** |
| **(Target Allocation Range – Under Normal Circumstances)\***  | **(Target Allocation Range – Under Normal Circumstances)\***  | **(Target Allocation Range – Under Normal Circumstances)\***  | **(Target Allocation Range – Under Normal Circumstances)\***  |
|  | &nbsp;&nbsp;&nbsp; Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed <br>Income <br>and <br>Cash/Cash <br>Equivalents<br>| &nbsp;&nbsp;&nbsp; Alternative <br>Strategies<br>|
| **Aggressive Portfolio** | &nbsp;&nbsp;&nbsp; 70-85%\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10-30%\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0–10%\* |

---

\*

As a percent of Fund net assets. Ranges include the net notional amounts of a Fund's direct investments in derivative instruments. Market appreciation or depreciation may cause a Fund to be temporarily outside the ranges identified in the table. Columbia Management Investment Advisers, LLC (Columbia Management or the Investment Manager) may modify the target allocation ranges only with the approval of a Fund's Board of Trustees (the Board).

*The rest of the sections remain the same.*

*The Asset Class Exposure table under the heading "Principal Investment Strategies" in the "More Information About the Funds" section of the Prospectus, is hereby superseded and revised as follows:* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Class Exposures** | **Asset Class Exposures** | **Asset Class Exposures** | **Asset Class Exposures** | **Asset Class Exposures** |
| **(Target Allocation Range – Under Normal Circumstances)\***  | **(Target Allocation Range – Under Normal Circumstances)\***  | **(Target Allocation Range – Under Normal Circumstances)\***  | **(Target Allocation Range – Under Normal Circumstances)\***  | **(Target Allocation Range – Under Normal Circumstances)\***  |
|  | &nbsp;&nbsp;&nbsp; Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed <br>Income <br>and <br>Cash/Cash <br>Equivalents<br>| &nbsp;&nbsp;&nbsp; Alternative <br>Strategies | &nbsp;&nbsp;&nbsp; Alternative <br>Strategies |
| **Conservative Portfolio** | &nbsp;&nbsp;&nbsp; 10-25%\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60-90%\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60-90%\* | &nbsp;&nbsp;&nbsp; 0-10%\* |
| **Moderately Conservative Portfolio** | &nbsp;&nbsp;&nbsp; 25-40%\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50-75%\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50-75%\* | &nbsp;&nbsp;&nbsp; 0-10%\* |
| **Moderate Portfolio** | &nbsp;&nbsp;&nbsp; 40-55%\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40-60%\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40-60%\* | &nbsp;&nbsp;&nbsp; 0-10%\* |
| **Moderately Aggressive Portfolio** | &nbsp;&nbsp;&nbsp; 55-70%\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25-45%\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25-45%\* | &nbsp;&nbsp;&nbsp; 0-10%\* |
| **Aggressive Portfolio** | &nbsp;&nbsp;&nbsp; 70-85%\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10-30%\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10-30%\* | &nbsp;&nbsp;&nbsp; 0-10%\* |

---

\*

As a percentage of Fund net assets. Ranges include the net notional amounts of a Fund's direct investments in derivative instruments. Market appreciation or depreciation may cause the Fund to be temporarily outside the range identified in the table. The Investment Manager may modify the target allocation ranges only upon approval of the Fund's Board of Trustees (the Board).

*The rest of the section remains the same.*

*The list of underlying funds under the heading "Principal Investment Strategies" in the "More Information About the Funds" section of the Prospectus, is hereby superseded and revised as follows:* 

SUP7069-0001_(06/25)

------

---

| | |
|:---|:---|
| Equity Underlying Funds | &nbsp;&nbsp; Columbia Variable Portfolio – Contrarian Core Fund, Columbia Variable Portfolio-Disciplined <br> Core Fund*,* Columbia Variable Portfolio – Dividend Opportunity Fund, Columbia Variable <br> Portfolio – Emerging Markets Fund, Columbia Variable Portfolio – Large Cap Growth Fund, <br> Columbia Variable Portfolio – Overseas Core Fund, Columbia Variable Portfolio – Select Large <br> Cap Equity Fund, Columbia Variable Portfolio - Select Large Cap Value Fund, Columbia Variable <br> Portfolio – Select Mid Cap Growth Fund, Columbia Variable Portfolio – Select Mid Cap Value <br> Fund, Columbia Variable Portfolio – Select Small Cap Value Fund, CTIVP<sup>®</sup> – CenterSquare Real <br> Estate Fund*,* CTIVP<sup>®</sup> – Principal Large Cap Growth Fund *(formerly known as CTIVP*<sup>®</sup> *– Principal* <br> *Blue Chip Growth Fund),* CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund, CTIVP<sup>®</sup> – Victory <br> Sycamore Established Value Fund, CTIVP<sup>®</sup> – Wellington Large Cap Value Fund *(formerly known* <br> *as CTIVP*<sup>®</sup> *– MFS Value Fund),* CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund, CTIVP<sup>®</sup> – Westfield <br> Select Large Cap Growth Fund*,* Variable Portfolio – Partners Core Equity Fund, Variable <br> Portfolio – Partners International Core Equity Fund, Variable Portfolio – Partners International <br> Growth Fund, Variable Portfolio – Partners International Value Fund, Variable Portfolio – <br> Partners Small Cap Growth Fund and Variable Portfolio – Partners Small Cap Value Fund.<br>|
| Fixed Income and Cash/Cash <br> Equivalents Underlying Funds<br>| &nbsp;&nbsp; Columbia Variable Portfolio – Corporate Bond Fund *(formerly known as Columbia Variable* <br> *Portfolio – Global Strategic Income Fund),* Columbia Variable Portfolio – Emerging Markets <br> Bond Fund, Columbia Variable Portfolio – Government Money Market Fund, Columbia Variable <br> Portfolio – High Yield Bond Fund, Columbia Variable Portfolio – Income Opportunities Fund, <br> Columbia Variable Portfolio-Intermediate Bond Fund, Columbia Variable Portfolio – Limited <br> Duration Credit Fund, Columbia Variable Portfolio-Long Government/Credit Bond Fund*,* <br> Columbia Variable Portfolio – Strategic Income Fund, Columbia Variable Portfolio – U.S. <br> Government Mortgage Fund, Columbia Short Term Cash Fund, CTIVP<sup>®</sup> – American Century <br> Diversified Bond Fund, CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities Fund, CTIVP<sup>®</sup> – <br> TCW Core Plus Bond Fund and Variable Portfolio – Partners Core Bond Fund.<br>|
| Alternative Strategies <br> Underlying Funds<br>| Columbia Variable Portfolio – Commodity Strategy Fund. |

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*The rest of the section remains the same.*

*Shareholders should retain this Supplement for future reference.*

SUP7069-0001_(06/25)

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