# EDGAR Filing Document

**Accession Number:** 0001413032
**File Stem:** 0001193125-25-298468
**Filing Date:** 2025-11
**Character Count:** 56675
**Document Hash:** 6b26ea7d139c8fef0e56abe752bd65fe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-298468.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001193125-25-298468

**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:** 251524040

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

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

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

## Series and Classes Contracts Data

### Columbia Variable Portfolio - Emerging Markets Fund (Series ID: S000019858)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000055695 | Columbia Variable Portfolio - Emerging Markets Fund Class 3 |  |
| C000088787 | Columbia Variable Portfolio - Emerging Markets Fund Class 1 |  |
| C000088788 | Columbia Variable Portfolio - Emerging Markets Fund Class 2 |  |

## Nport-Ex

![](img83073a6b1.jpg)

Columbia Variable Portfolio – Emerging Markets Fund

**Third Quarter Report**

September 30, 2025 (Unaudited)

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

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

---

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

---

------

Portfolio of Investments

Columbia Variable Portfolio – Emerging Markets 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 100.1%** | **Common Stocks 100.1%** | **Common Stocks 100.1%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Argentina 0.1%** | **Argentina 0.1%** | **Argentina 0.1%** |
| Grupo Financiero Galicia SA, ADR<sup>(a)</sup> <br>| &nbsp;&nbsp; 25675 | &nbsp;&nbsp; 707603 |
| **Brazil 7.9%** | **Brazil 7.9%** | **Brazil 7.9%** |
| Banco BTG Pactual SA | &nbsp;&nbsp; 201115 | &nbsp;&nbsp; 1825518 |
| Embraer SA, ADR | &nbsp;&nbsp; 114812 | &nbsp;&nbsp; 6940385 |
| MercadoLibre, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 3522 | &nbsp;&nbsp; 8230703 |
| NU Holdings Ltd., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 899799 | &nbsp;&nbsp; 14405782 |
| Petroleo Brasileiro SA, ADR | &nbsp;&nbsp; 439819 | &nbsp;&nbsp; 5568109 |
| XP, Inc., Class A | &nbsp;&nbsp; 96752 | &nbsp;&nbsp; 1817970 |
| **Total** | **Total** | &nbsp;&nbsp; **38788467** |
| **China 34.5%** | **China 34.5%** | **China 34.5%** |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp; 1028400 | &nbsp;&nbsp; 22999257 |
| Atour Lifestyle Holdings Ltd., ADR | &nbsp;&nbsp; 74454 | &nbsp;&nbsp; 2798726 |
| Bilibili, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 82120 | &nbsp;&nbsp; 2322102 |
| China Animal Healthcare Ltd.<sup>(a),(b),(c)</sup> <br>| &nbsp;&nbsp; 4603000 | &nbsp;&nbsp; 1 |
| China Construction Bank Corp., Class H | &nbsp;&nbsp; 4241000 | &nbsp;&nbsp; 4067824 |
| China Resources Land Ltd. | &nbsp;&nbsp; 1352000 | &nbsp;&nbsp; 5269412 |
| CITIC Securities Co., Ltd., Class A | &nbsp;&nbsp; 346480 | &nbsp;&nbsp; 1459402 |
| &nbsp;&nbsp; Contemporary Amperex Technology Co., Ltd., <br> Class A<br>| &nbsp;&nbsp; 178200 | &nbsp;&nbsp; 10106334 |
| Duality Biotherapeutics, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 34200 | &nbsp;&nbsp; 1597944 |
| Eastroc Beverage Group Co., Ltd., Class A | &nbsp;&nbsp; 121320 | &nbsp;&nbsp; 5184321 |
| Full Truck Alliance Co., Ltd., ADR | &nbsp;&nbsp; 271420 | &nbsp;&nbsp; 3520317 |
| Futu Holdings Ltd., ADR | &nbsp;&nbsp; 13329 | &nbsp;&nbsp; 2318046 |
| Fuyao Glass Industry Group Co., Ltd., Class A | &nbsp;&nbsp; 323475 | &nbsp;&nbsp; 3339387 |
| GDS Holdings Ltd., ADR<sup>(a)</sup> <br>| &nbsp;&nbsp; 44505 | &nbsp;&nbsp; 1722344 |
| Giant Biogene Holding Co., Ltd. | &nbsp;&nbsp; 406600 | &nbsp;&nbsp; 2948260 |
| Hansoh Pharmaceutical Group Co., Ltd. | &nbsp;&nbsp; 512000 | &nbsp;&nbsp; 2375127 |
| Huatai Securities Co., Ltd., Class H | &nbsp;&nbsp; 621600 | &nbsp;&nbsp; 1638683 |
| &nbsp;&nbsp; Jiangsu Hengrui Pharmaceuticals Co., Ltd., <br> Class H<sup>(a)</sup> <br>| &nbsp;&nbsp; 220200 | &nbsp;&nbsp; 2498128 |
| KE Holdings, Inc., ADR | &nbsp;&nbsp; 66639 | &nbsp;&nbsp; 1266141 |
| Mao Geping Cosmetics Co., Ltd. | &nbsp;&nbsp; 136800 | &nbsp;&nbsp; 1823271 |
| NetEase Cloud Music, Inc.<sup>(a),(d)</sup> <br>| &nbsp;&nbsp; 42700 | &nbsp;&nbsp; 1421180 |
| New Horizon Health Ltd.<sup>(a),(b),(c)</sup> <br>| &nbsp;&nbsp; 272000 | &nbsp;&nbsp; 123732 |
| PDD Holdings, Inc., ADR<sup>(a)</sup> <br>| &nbsp;&nbsp; 48548 | &nbsp;&nbsp; 6416589 |
| Ping An Insurance Group Co. of China Ltd., Class H | &nbsp;&nbsp; 564000 | &nbsp;&nbsp; 3836942 |
| Pop Mart International Group, Ltd.<sup>(d)</sup> <br>| &nbsp;&nbsp; 55000 | &nbsp;&nbsp; 1883851 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| Sieyuan Electric Co., Ltd., Class A | &nbsp;&nbsp; 348700 | &nbsp;&nbsp; 5345718 |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 417101 | &nbsp;&nbsp; 35541010 |
| Trip.com Group Ltd., ADR | &nbsp;&nbsp; 88190 | &nbsp;&nbsp; 6631888 |
| WuXi Biologics Cayman, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 811000 | &nbsp;&nbsp; 4282497 |
| WuXi XDC Cayman, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 699500 | &nbsp;&nbsp; 7063965 |
| Xiaomi Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 1318600 | &nbsp;&nbsp; 9164201 |
| Zhejiang Shuanghuan Driveline Co., Ltd., Class A | &nbsp;&nbsp; 489600 | &nbsp;&nbsp; 3437487 |
| Zijin Mining Group Co., Ltd., Class H | &nbsp;&nbsp; 1358000 | &nbsp;&nbsp; 5677828 |
| **Total** | **Total** | &nbsp;&nbsp; **170081915** |
| **Finland 0.7%** | **Finland 0.7%** | **Finland 0.7%** |
| Amer Sports, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 94864 | &nbsp;&nbsp; 3296524 |
| **Greece 4.1%** | **Greece 4.1%** | **Greece 4.1%** |
| Eurobank Ergasias Services and Holdings SA | &nbsp;&nbsp; 1790437 | &nbsp;&nbsp; 6926035 |
| JUMBO SA | &nbsp;&nbsp; 120278 | &nbsp;&nbsp; 4126226 |
| National Bank of Greece SA | &nbsp;&nbsp; 319691 | &nbsp;&nbsp; 4655162 |
| Piraeus Financial Holdings SA<sup>(a)</sup> <br>| &nbsp;&nbsp; 553590 | &nbsp;&nbsp; 4702316 |
| **Total** | **Total** | &nbsp;&nbsp; **20409739** |
| **Hong Kong 0.9%** | **Hong Kong 0.9%** | **Hong Kong 0.9%** |
| Hong Kong Exchanges and Clearing Ltd. | &nbsp;&nbsp; 73100 | &nbsp;&nbsp; 4149928 |
| Zijin Gold International Co., Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 3947 | &nbsp;&nbsp; 61168 |
| **Total** | **Total** | &nbsp;&nbsp; **4211096** |
| **India 10.7%** | **India 10.7%** | **India 10.7%** |
| 360 ONE WAM Ltd. | &nbsp;&nbsp; 486759 | &nbsp;&nbsp; 5607356 |
| Bajaj Finance Ltd. | &nbsp;&nbsp; 399270 | &nbsp;&nbsp; 4492380 |
| Bharat Electronics Ltd. | &nbsp;&nbsp; 723875 | &nbsp;&nbsp; 3294962 |
| Bharti Airtel Ltd. | &nbsp;&nbsp; 371187 | &nbsp;&nbsp; 7850416 |
| CG Power & Industrial Solutions Ltd. | &nbsp;&nbsp; 293479 | &nbsp;&nbsp; 2449557 |
| Cholamandalam Investment and Finance Co., Ltd. | &nbsp;&nbsp; 97739 | &nbsp;&nbsp; 1771087 |
| Eicher Motors Ltd. | &nbsp;&nbsp; 22850 | &nbsp;&nbsp; 1804220 |
| Eternal Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 955340 | &nbsp;&nbsp; 3507183 |
| HDFC Bank Ltd., ADR | &nbsp;&nbsp; 67266 | &nbsp;&nbsp; 2297807 |
| ICICI Bank Ltd., ADR | &nbsp;&nbsp; 250338 | &nbsp;&nbsp; 7567718 |
| Lodha Developers Ltd. | &nbsp;&nbsp; 167519 | &nbsp;&nbsp; 2142898 |
| MakeMyTrip, Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 18955 | &nbsp;&nbsp; 1774188 |
| NTPC Ltd. | &nbsp;&nbsp; 433213 | &nbsp;&nbsp; 1661237 |
| PB Fintech Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 118061 | &nbsp;&nbsp; 2264420 |

---

Columbia Variable Portfolio – Emerging Markets Fund \| 2025

------

Portfolio of Investments (continued)

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

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| Phoenix Mills Ltd. (The) | &nbsp;&nbsp; 252425 | &nbsp;&nbsp; 4418993 |
| **Total** | **Total** | &nbsp;&nbsp; **52904422** |
| **Malaysia 0.7%** | **Malaysia 0.7%** | **Malaysia 0.7%** |
| Tenaga Nasional Bhd | &nbsp;&nbsp; 1031400 | &nbsp;&nbsp; 3242269 |
| **Mexico 2.1%** | **Mexico 2.1%** | **Mexico 2.1%** |
| Arca Continental SAB de CV | &nbsp;&nbsp; 324495 | &nbsp;&nbsp; 3408230 |
| BBB Foods, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 149239 | &nbsp;&nbsp; 4023484 |
| Qualitas Controladora SAB de CV | &nbsp;&nbsp; 151829 | &nbsp;&nbsp; 1384356 |
| Vista Energy SAB de CV, ADR<sup>(a)</sup> <br>| &nbsp;&nbsp; 44046 | &nbsp;&nbsp; 1515182 |
| **Total** | **Total** | &nbsp;&nbsp; **10331252** |
| **Philippines 0.5%** | **Philippines 0.5%** | **Philippines 0.5%** |
| BDO Unibank, Inc. | &nbsp;&nbsp; 1143416 | &nbsp;&nbsp; 2610996 |
| **Poland 1.5%** | **Poland 1.5%** | **Poland 1.5%** |
| Dino Polska SA<sup>(a)</sup> <br>| &nbsp;&nbsp; 166390 | &nbsp;&nbsp; 2005605 |
| Powszechna Kasa Oszczednosci Bank Polski SA | &nbsp;&nbsp; 285609 | &nbsp;&nbsp; 5549581 |
| **Total** | **Total** | &nbsp;&nbsp; **7555186** |
| **Russian Federation —%** | **Russian Federation —%** | **Russian Federation —%** |
| Detsky Mir PJSC<sup>(a),(b),(c),(e)</sup> <br>| &nbsp;&nbsp; 911435 | &nbsp;&nbsp; 0 |
| **South Africa 2.1%** | **South Africa 2.1%** | **South Africa 2.1%** |
| Capitec Bank Holdings Ltd. | &nbsp;&nbsp; 27253 | &nbsp;&nbsp; 5499262 |
| Clicks Group Ltd. | &nbsp;&nbsp; 224642 | &nbsp;&nbsp; 4584414 |
| **Total** | **Total** | &nbsp;&nbsp; **10083676** |
| **South Korea 9.7%** | **South Korea 9.7%** | **South Korea 9.7%** |
| Coupang, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 197569 | &nbsp;&nbsp; 6361722 |
| Hanwha Aerospace Co., Ltd. | &nbsp;&nbsp; 3474 | &nbsp;&nbsp; 2747362 |
| HD Hyundai Co., Ltd. | &nbsp;&nbsp; 9249 | &nbsp;&nbsp; 1026286 |
| HD Hyundai Electric Co., Ltd. | &nbsp;&nbsp; 18434 | &nbsp;&nbsp; 7667385 |
| HD Hyundai Heavy Industries Co., Ltd. | &nbsp;&nbsp; 4819 | &nbsp;&nbsp; 1770034 |
| KB Financial Group, Inc. | &nbsp;&nbsp; 61101 | &nbsp;&nbsp; 5043026 |
| Samsung Biologics Co., Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 3402 | &nbsp;&nbsp; 2424429 |
| Samsung Electronics Co., Ltd. | &nbsp;&nbsp; 108056 | &nbsp;&nbsp; 6477993 |
| SK Hynix, Inc. | &nbsp;&nbsp; 57258 | &nbsp;&nbsp; 14194143 |
| **Total** | **Total** | &nbsp;&nbsp; **47712380** |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Taiwan 20.1%** | **Taiwan 20.1%** | **Taiwan 20.1%** |
| Accton Technology Corp. | &nbsp;&nbsp; 234672 | &nbsp;&nbsp; 8115241 |
| ASPEED Technology, Inc. | &nbsp;&nbsp; 29000 | &nbsp;&nbsp; 4823353 |
| Chroma ATE, Inc. | &nbsp;&nbsp; 94000 | &nbsp;&nbsp; 1793895 |
| Elite Material Co., Ltd. | &nbsp;&nbsp; 55000 | &nbsp;&nbsp; 2225918 |
| eMemory Technology, Inc. | &nbsp;&nbsp; 80000 | &nbsp;&nbsp; 5322715 |
| Jentech Precision Industrial Co., Ltd. | &nbsp;&nbsp; 81000 | &nbsp;&nbsp; 6461580 |
| MediaTek, Inc. | &nbsp;&nbsp; 161000 | &nbsp;&nbsp; 6982530 |
| Sea Ltd. ADR<sup>(a)</sup> <br>| &nbsp;&nbsp; 13008 | &nbsp;&nbsp; 2324920 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | &nbsp;&nbsp; 1407838 | &nbsp;&nbsp; 61153424 |
| **Total** | **Total** | &nbsp;&nbsp; **99203576** |
| **Turkey 0.6%** | **Turkey 0.6%** | **Turkey 0.6%** |
| BIM Birlesik Magazalar AS | &nbsp;&nbsp; 244150 | &nbsp;&nbsp; 3176861 |
| **United Arab Emirates 3.3%** | **United Arab Emirates 3.3%** | **United Arab Emirates 3.3%** |
| ADNOC Drilling Co. PJSC | &nbsp;&nbsp; 2749997 | &nbsp;&nbsp; 4215157 |
| Aldar Properties PJSC | &nbsp;&nbsp; 1618629 | &nbsp;&nbsp; 4181033 |
| Emaar Properties PJSC | &nbsp;&nbsp; 1419196 | &nbsp;&nbsp; 5042270 |
| Salik Co. PJSC | &nbsp;&nbsp; 1708931 | &nbsp;&nbsp; 2796225 |
| **Total** | **Total** | &nbsp;&nbsp; **16234685** |
| **Uruguay 0.3%** | **Uruguay 0.3%** | **Uruguay 0.3%** |
| Dlocal Ltd. | &nbsp;&nbsp; 91557 | &nbsp;&nbsp; 1307434 |
| **Vietnam 0.3%** | **Vietnam 0.3%** | **Vietnam 0.3%** |
| &nbsp;&nbsp; Vietnam TechnologicaL & Commercial Joint Stock <br> Bank<br>| &nbsp;&nbsp; 1091000 | &nbsp;&nbsp; 1562404 |
| &nbsp;&nbsp; Total Common Stocks <br>(Cost $381,903,423) | &nbsp;&nbsp; Total Common Stocks <br>(Cost $381,903,423) | &nbsp;&nbsp; **493420485** |
| **Money Market Funds 0.0%** | **Money Market Funds 0.0%** | **Money Market Funds 0.0%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 4.265%<sup>(f),(g)</sup> <br>| &nbsp;&nbsp; 13165 | &nbsp;&nbsp; 13161 |
| &nbsp;&nbsp; Total Money Market Funds <br>(Cost $13,160) | &nbsp;&nbsp; Total Money Market Funds <br>(Cost $13,160) | &nbsp;&nbsp; **13161** |
| **Total Investments in Securities** <br>**(Cost $381,916,583)** | **Total Investments in Securities** <br>**(Cost $381,916,583)** | &nbsp;&nbsp; **493433646** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **(666320)**<br>|
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **$492767326** |

---

Columbia Variable Portfolio – Emerging Markets Fund \| 2025

------

Portfolio of Investments (continued)

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

**Notes to Portfolio of Investments** 

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents fair value as determined in good faith under procedures approved by the
 Board of Trustees. At September 30, 2025, the total value of these securities amounted to $123,733, which represents 0.03% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Valuation based on significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(d) 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 $3,305,031, which represents 0.67% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Denotes a restricted security, which is subject to legal or contractual restrictions
 on resale under federal securities laws. Disposal of a restricted investment may involve time-consuming negotiations and expenses, and prompt sale at an acceptable
 price may be difficult to achieve. Private placement securities are generally considered to be restricted, although certain of those securities may be traded between
 qualified institutional investors under the provisions of Section 4(a)(2) and Rule 144A. The Fund will not incur any registration costs upon such a trade. These
 securities are valued at fair value determined in good faith under consistently applied procedures approved by the Fund's Board of Trustees. At September 30, 2025, the total market value of these securities amounted to $0, which represents less than 0.01% of total net assets. Additional information on these securities is as follows:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Acquisition** <br>**Dates**<br>| **Shares** | **Cost ($)** | **Value ($)** |
| Detsky Mir PJSC | 02/08/2017-09/21/2020 | &nbsp;&nbsp; 911435 | &nbsp;&nbsp; 1345538 | &nbsp;&nbsp; — |

---

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

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

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends($)** | **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 4.265% | Columbia Short-Term Cash Fund, 4.265% | Columbia Short-Term Cash Fund, 4.265% | Columbia Short-Term Cash Fund, 4.265% | Columbia Short-Term Cash Fund, 4.265% | Columbia Short-Term Cash Fund, 4.265% | Columbia Short-Term Cash Fund, 4.265% | Columbia Short-Term Cash Fund, 4.265% | Columbia Short-Term Cash Fund, 4.265% |
|  | 2770567 | &nbsp;&nbsp; 103171639 | &nbsp;&nbsp; (105929046)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 13161 | &nbsp;&nbsp; (2171)<br>| &nbsp;&nbsp; 94025 | &nbsp;&nbsp; 13165 |

---

**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 – Emerging Markets 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.

3QT7007_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 - Emerging Markets Fund

- **b. EDGAR series identifier (if any):** S000019858

- **c. LEI of Series:** UOPUQHR5UC65AYZL8393

**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:** $497711909.17

**Total Liabilities:** $3679909.99

**Net Assets:** $494031999.18

**Cash Not Reported:** $1553887.47

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000055695 | 0.00%                | 3.20%                | 7.80%                |
| Class ID C000088787 | 0.00%                | 3.17%                | 7.90%                |
| Class ID C000088788 | -0.09%               | 3.15%                | 7.90%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2535383.13              | $-3271053.25                               |
| Month 2  | $3579067.18              | $10680877.04                               |
| Month 3  | $7208593.86              | $29707667.21                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ATOUR LIFESTYLE HOLDINGS LTD                          | Atour Lifestyle Holdings Ltd                        | CUSIP: 04965M106<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     74454 | NS      | $2798725.86   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| BHARTI AIRTEL LTD                                     | Bharti Airtel Ltd                                   | CUSIP: 000000000<br>LEI: 335800KQ1FPKOQ84OR26 | Long             | EC               | CORP              | IN        |    371187 | NS      | $7850416.06   | 1.59%             |  |  |  | No            |                  2 | On Loan: No      |
| BHARAT ELECTRONICS                                    | Bharat Electronics Ltd                              | CUSIP: 000000000<br>LEI: 335800HS8AOTM9W1F335 | Long             | EC               | CORP              | IN        |    723875 | NS      | $3294961.80   | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| BIM BIRLESIK MAGAZALAR AS                             | BIM Birlesik Magazalar AS                           | CUSIP: 000000000<br>LEI: 7890001GCDJQD8DJKE29 | Long             | EC               | CORP              | TR        |    244150 | NS      | $3176861.14   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA CONSTRUCTION BANK CORP                          | China Construction Bank Corp                        | CUSIP: 000000000<br>LEI: 5493001KQW6DM7KEDR62 | Long             | EC               | NUSS              | CN        |   4241000 | NS      | $4067824.18   | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA RESOURCES LAND LTD                              | China Resources Land Ltd                            | CUSIP: 000000000<br>LEI: 5299001HL0TU7X15HK51 | Long             | EC               | NUSS              | KY        |   1352000 | NS      | $5269411.99   | 1.07%             |  |  |  | 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        |     13165 | NS      | $13161.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CLICKS GROUP LTD                                      | Clicks Group Ltd                                    | CUSIP: 000000000<br>LEI: 378900E967958A677472 | Long             | EC               | CORP              | ZA        |    224642 | NS      | $4584413.81   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| COUPANG INC                                           | Coupang Inc                                         | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |    197569 | NS      | $6361721.80   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| CG POWER AND INDUSTRIAL SOLUTIONS LTD                 | CG Power & Industrial Solutions Ltd                 | CUSIP: 000000000<br>LEI: 335800KN5UTZKUZN2703 | Long             | EC               | CORP              | IN        |    293479 | NS      | $2449557.47   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| ARCA CONTINENTAL SAB DE CV                            | Arca Continental SAB de CV                          | CUSIP: 000000000<br>LEI: 254900U2BSJCQHJCXN24 | Long             | EC               | CORP              | MX        |    324495 | NS      | $3408229.63   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| EMBRAER SA                                            | Embraer SA                                          | CUSIP: 29082A107<br>LEI: 549300EM51WYXFHUY333 | Long             | EC               | CORP              | BR        |    114812 | NS      | $6940385.40   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| FULL TRUCK ALLIANCE CO LTD                            | Full Truck Alliance Co Ltd                          | CUSIP: 35969L108<br>LEI: 984500884LB1DP8DAC57 | Long             | EC               | CORP              | KY        |    271420 | NS      | $3520317.40   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| FUTU HOLDINGS LTD                                     | Futu Holdings Ltd                                   | CUSIP: 36118L106<br>LEI: 213800X4W4ZRESFPTQ37 | Long             | EC               | CORP              | KY        |     13329 | NS      | $2318046.39   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| GDS HOLDINGS LTD                                      | GDS Holdings Ltd                                    | CUSIP: 36165L108<br>LEI: 391200MGV8DDCHTN2R77 | Long             | EC               | CORP              | KY        |     44505 | NS      | $1722343.50   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| GRUPO FINANCIERO GALICIA SA                           | Grupo Financiero Galicia SA                         | CUSIP: 399909100<br>LEI: 5299008H3AXIXV5G3C23 | Long             | EC               | CORP              | AR        |     25675 | NS      | $707603.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC BANK LTD                                         | HDFC Bank Ltd                                       | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |     67266 | NS      | $2297806.56   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| HONG KONG EXCHANGES AND CLEARING                      | Hong Kong Exchanges & Clearing Ltd                  | CUSIP: 000000000<br>LEI: 213800YTVSXYQN17BW16 | Long             | EC               | CORP              | HK        |     73100 | NS      | $4149927.66   | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| SK HYNIX INC                                          | SK Hynix Inc                                        | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |     57258 | NS      | $14194142.96  | 2.87%             |  |  |  | No            |                  2 | On Loan: No      |
| ICICI BANK LIMITED                                    | ICICI Bank Ltd                                      | CUSIP: 45104G104<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |    250338 | NS      | $7567717.74   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| JUMBO SA                                              | JUMBO SA                                            | CUSIP: 000000000<br>LEI: 549300TGIVUUMY40MZ05 | Long             | EC               | CORP              | GR        |    120278 | NS      | $4126225.91   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| KE HOLDINGS INC                                       | KE Holdings Inc                                     | CUSIP: 482497104<br>LEI: 254900RHVY072XPAZE03 | Long             | EC               | CORP              | KY        |     66639 | NS      | $1266141.00   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| KB FINANCIAL GROUP INC                                | KB Financial Group Inc                              | CUSIP: 000000000<br>LEI: 529900TKE4MXG3Q6GW86 | Long             | EC               | CORP              | KR        |     61101 | NS      | $5043025.67   | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| MEDIATEK INC                                          | MediaTek Inc                                        | CUSIP: 000000000<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |    161000 | NS      | $6982529.92   | 1.41%             |  |  |  | No            |                  2 | On Loan: No      |
| MERCADOLIBRE INC                                      | MercadoLibre Inc                                    | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |      3522 | NS      | $8230702.68   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| ACCTON                                                | Accton Technology Corp                              | CUSIP: 000000000<br>LEI: 529900M1YRZ0GWMDF920 | Long             | EC               | CORP              | TW        |    234672 | NS      | $8115241.57   | 1.64%             |  |  |  | No            |                  2 | On Loan: No      |
| CHROMA ATE INC                                        | Chroma ATE Inc                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     94000 | NS      | $1793894.74   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| ELITE MATERIAL                                        | Elite Material Co Ltd                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     55000 | NS      | $2225917.64   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| CAPITEC BANK HOLDINGS LTD                             | Capitec Bank Holdings Ltd                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ZA        |     27253 | NS      | $5499262.14   | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| PETROLEO BRASILEIRO SA PETROBRAS                      | Petroleo Brasileiro SA - Petrobras                  | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | NUSS              | BR        |    439819 | NS      | $5568108.54   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| PDD HOLDINGS INC                                      | PDD Holdings Inc                                    | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             | EC               | CORP              | KY        |     48548 | NS      | $6416589.16   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| POWSZECHNA KASA OSZCZEDNOSCI BANK POLSKI SA           | Powszechna Kasa Oszczednosci Bank Polski SA         | CUSIP: 000000000<br>LEI: P4GTT6GF1W40CVIMFR43 | Long             | EC               | CORP              | PL        |    285609 | NS      | $5549581.09   | 1.12%             |  |  |  | No            |                  2 | On Loan: No      |
| HANWHA AEROSPACE CO LTD                               | Hanwha Aerospace Co Ltd                             | CUSIP: 000000000<br>LEI: 9884001NSUA8FQKQWR25 | Long             | EC               | CORP              | KR        |      3474 | NS      | $2747361.97   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| SAMSUNG ELECTRONICS CO LTD                            | Samsung Electronics Co Ltd                          | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |    108056 | NS      | $6477992.62   | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |
| SEA LTD                                               | Sea Ltd                                             | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |     13008 | NS      | $2324919.84   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD             | Taiwan Semiconductor Manufacturing Co Ltd           | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |   1407838 | NS      | $61153423.75  | 12.38%            |  |  |  | No            |                  2 | On Loan: No      |
| TENAGA NASIONAL BERHAD                                | Tenaga Nasional Bhd                                 | CUSIP: 000000000<br>LEI: 549300FV8X6UID6I1413 | Long             | EC               | NUSS              | MY        |   1031400 | NS      | $3242268.95   | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| TENCENT HOLDINGS LTD                                  | Tencent Holdings Ltd                                | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |    417101 | NS      | $35541010.30  | 7.19%             |  |  |  | No            |                  2 | On Loan: No      |
| TRIP.COM GROUP LTD                                    | Trip.com Group Ltd                                  | CUSIP: 89677Q107<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               | CORP              | KY        |     88190 | NS      | $6631888.00   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| VISTA ENERGY SAB DE CV                                | Vista Energy SAB de CV                              | CUSIP: 92837L109<br>LEI: 549300UDOHP7958KNS89 | Long             | EC               | CORP              | MX        |     44046 | NS      | $1515182.40   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| PING AN INSURANCE GROUP CO OF CHINA LTD               | Ping An Insurance Group Co of China Ltd             | CUSIP: 000000000<br>LEI: 529900M9MC28JLN35U89 | Long             | EC               | CORP              | CN        |    564000 | NS      | $3836942.38   | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| EMAAR PROPERTIES PJSC                                 | Emaar Properties PJSC                               | CUSIP: 000000000<br>LEI: 254900YWYEXYXK1BMP81 | Long             | EC               | CORP              | AE        |   1419196 | NS      | $5042269.45   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NTPC                                                  | NTPC Ltd                                            | CUSIP: 000000000<br>LEI: 335800Q4TRGJXNLVMB81 | Long             | EC               | NUSS              | IN        |    433213 | NS      | $1661236.93   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Aldar Properties                                      | Aldar Properties PJSC                               | CUSIP: 000000000<br>LEI: 98450048CD8AEF13B480 | Long             | EC               | CORP              | AE        |   1618629 | NS      | $4181032.78   | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| PHOENIX MILLS LTD                                     | Phoenix Mills Ltd/The                               | CUSIP: 000000000<br>LEI: 33580037PCXCE5PNQU51 | Long             | EC               | CORP              | IN        |    252425 | NS      | $4418992.75   | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| EMEMORY TECHNOLOGY INC                                | eMemory Technology Inc                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     80000 | NS      | $5322715.26   | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| BILIBILI INC                                          | Bilibili Inc                                        | CUSIP: 000000000<br>LEI: 5493008V60M52L3PIS45 | Long             | EC               | CORP              | KY        |     82120 | NS      | $2322101.66   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| MACROTECH DEVELOPERS LTD                              | Lodha Developers Ltd                                | CUSIP: 000000000<br>LEI: 254900B5QCN52ETNU557 | Long             | EC               | CORP              | IN        |    167519 | NS      | $2142897.69   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| HD HYUNDAI HEAVY INDUSTRIES CO LTD                    | HD Hyundai Heavy Industries Co Ltd                  | CUSIP: 000000000<br>LEI: 988400CAR8W9URQLGF30 | Long             | EC               | CORP              | KR        |      4819 | NS      | $1770034.25   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| JIANGSU HENGRUI PHARMACEUTICALS CO LTD                | Jiangsu Hengrui Pharmaceuticals Co Ltd              | CUSIP: 000000000<br>LEI: 2549003BT1XS3SE3E448 | Long             | EC               | CORP              | CN        |    220200 | NS      | $2498127.50   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| DINO POLSKA SA                                        | Dino Polska SA                                      | CUSIP: 000000000<br>LEI: 259400H4L81SMPRTW956 | Long             | EC               | CORP              | PL        |    166390 | NS      | $2005604.44   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| AMER SPORTS INC                                       | Amer Sports Inc                                     | CUSIP: G0260P102<br>LEI: 391200YCSWTRD1J21867 | Long             | EC               | CORP              | KY        |     94864 | NS      | $3296524.00   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| BBB FOODS INC                                         | BBB Foods Inc                                       | CUSIP: G0896C103<br>LEI: N/A                  | Long             | EC               | CORP              | VG        |    149239 | NS      | $4023483.44   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| DLOCAL LTD                                            | Dlocal Ltd/Uruguay                                  | CUSIP: G29018101<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     91557 | NS      | $1307433.96   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| NU HOLDINGS LTD                                       | NU Holdings Ltd/Cayman Islands                      | CUSIP: G6683N103<br>LEI: 5493002DG1RHWK9W2X27 | Long             | EC               | CORP              | KY        |    899799 | NS      | $14405781.99  | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| XP INC                                                | XP Inc                                              | CUSIP: G98239109<br>LEI: 5493008KDA8NBZRJST80 | Long             | EC               | CORP              | KY        |     96752 | NS      | $1817970.08   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| MAKEMYTRIP LTD                                        | MakeMyTrip Ltd                                      | CUSIP: V5633W109<br>LEI: 529900DNT8HNJ7RYUO60 | Long             | EC               | CORP              | MU        |     18955 | NS      | $1774188.00   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| ZIJIN MINING GRP                                      | Zijin Mining Group Co Ltd                           | CUSIP: 000000000<br>LEI: 836800JRNL2393Z2I561 | Long             | EC               | CORP              | CN        |   1358000 | NS      | $5677827.50   | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| REC LIMITED                                           | REC Ltd                                             | CUSIP: 000000000<br>LEI: 335800B4YRYWAMIJZ374 | Long             | EC               | NUSS              | IN        |    141798 | NS      | $594836.52    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| JENTECH PRECISION INDUSTRIAL CO LTD                   | Jentech Precision Industrial Co Ltd                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     81000 | NS      | $6461580.38   | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA ANIMAL HEALTHCARE LTD                           | China Animal Healthcare Ltd                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |   4603000 | NS      | $0.59         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| BDO UNIBANK INC                                       | BDO Unibank Inc                                     | CUSIP: 000000000<br>LEI: 3FGIIBS1PEI1FYQBGN97 | Long             | EC               | CORP              | PH        |   1143416 | NS      | $2610996.33   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| ASPEED TECHNOLOGY INC                                 | ASPEED Technology Inc                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     29000 | NS      | $4823352.71   | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| HD HYUNDAI ELECTRIC CO LTD                            | HD Hyundai Electric Co Ltd                          | CUSIP: 000000000<br>LEI: 988400CSDKM9UHLHGB91 | Long             | EC               | CORP              | KR        |     18434 | NS      | $7667385.12   | 1.55%             |  |  |  | No            |                  2 | On Loan: No      |
| HD HYUNDAI CO LTD                                     | HD Hyundai Co Ltd                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      6434 | NS      | $713928.59    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| SIEYUAN ELECTRIC CO LTD                               | Sieyuan Electric Co Ltd                             | CUSIP: 000000000<br>LEI: 836800H6UQQUWN4PSZ32 | Long             | EC               | CORP              | CN        |    348700 | NS      | $5345717.78   | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| VIETNAM TECHNOLOGICAL AND COMMERCIAL JOINT STOCK BANK | Vietnam Technological & Commercial Joint Stock Bank | CUSIP: 000000000<br>LEI: 5493001XNKHV3FNIUD50 | Long             | EC               | CORP              | VN        |   1091000 | NS      | $1562404.46   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL BANK OF GREECE SA                            | National Bank of Greece SA                          | CUSIP: 000000000<br>LEI: 5UMCZOEYKCVFAW8ZLO05 | Long             | EC               | CORP              | GR        |    319691 | NS      | $4655161.82   | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| XIAOMI CORP                                           | Xiaomi Corp                                         | CUSIP: 000000000<br>LEI: 2549001ACVFAZRNMKL32 | Long             | EC               | CORP              | KY        |   1318600 | NS      | $9164200.61   | 1.85%             |  |  |  | No            |                  2 | On Loan: No      |
| CONTEMPORARY AMPEREX TECHNOLOGY CO LTD                | Contemporary Amperex Technology Co Ltd              | CUSIP: 000000000<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |    178200 | NS      | $10106334.23  | 2.05%             |  |  |  | No            |                  2 | On Loan: No      |
| CHOLAMANDALAM INVESTMENT AND FINANCE CO LTD           | Cholamandalam Investment and Finance Co Ltd         | CUSIP: 000000000<br>LEI: 3358008DNPV45O4EII52 | Long             | EC               | CORP              | IN        |     97739 | NS      | $1771087.14   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| SALIK COMPANY PJSC                                    | Salik Co PJSC                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AE        |   1708931 | NS      | $2796225.29   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| HANSOH PHARMACEUTICAL GROUP COMPANY LTD               | Hansoh Pharmaceutical Group Co Ltd                  | CUSIP: 000000000<br>LEI: 254900Q6MR00EBXTPF42 | Long             | EC               | CORP              | KY        |    512000 | NS      | $2375127.47   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| ALIBABA GROUP HOLDING LTD                             | Alibaba Group Holding Ltd                           | CUSIP: 000000000<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |   1028400 | NS      | $22999257.36  | 4.66%             |  |  |  | No            |                  2 | On Loan: No      |
| NEW HORIZON HEALTH LTD                                | New Horizon Health Ltd                              | CUSIP: 000000000<br>LEI: 6556003WN0RS45SU3L67 | Long             | EC               | CORP              | KY        |    272000 | NS      | $123732.48    | 0.03%             |  |  |  | No            |                  3 | On Loan: No      |
| WUXI BIOLOGICS (CAYMAN) INC                           | Wuxi Biologics Cayman Inc                           | CUSIP: 000000000<br>LEI: 5493001TD2TH6VDTJU11 | Long             | EC               | CORP              | KY        |    811000 | NS      | $4282496.76   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| ZOMATO LTD                                            | Eternal Ltd                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IN        |    955340 | NS      | $3507183.00   | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| EICHER MOTORS LTD                                     | Eicher Motors Ltd                                   | CUSIP: 000000000<br>LEI: 25490059S64CN2OY7239 | Long             | EC               | CORP              | IN        |     22850 | NS      | $1804219.96   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| ADNOC DRILLING COMPANY PJSC                           | ADNOC Drilling Co PJSC                              | CUSIP: 000000000<br>LEI: 254900JPRSQL1PM0JV19 | Long             | EC               | CORP              | AE        |   2749997 | NS      | $4215157.19   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| POP MART INTERNATIONAL GROUP LTD                      | Pop Mart International Group Ltd                    | CUSIP: 000000000<br>LEI: 9845000A05E8F937E337 | Long             | EC               | CORP              | KY        |     55000 | NS      | $1883851.06   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| PIRAEUS FINANCIAL HOLDINGS SA                         | Piraeus Financial Holdings SA                       | CUSIP: 000000000<br>LEI: M6AD1Y1KW32H8THQ6F76 | Long             | EC               | CORP              | GR        |    553590 | NS      | $4702315.93   | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| GIANT BIOGENE HOLDING CO LTD                          | Giant Biogene Holding Co ltd                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    406600 | NS      | $2948259.71   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| NETEASE CLOUD MUSIC INC                               | NetEase Cloud Music Inc                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     42700 | NS      | $1421179.72   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIC Securities                                      | CITIC Securities Co Ltd                             | CUSIP: 000000000<br>LEI: 300300E1006744000068 | Long             | EC               | NUSS              | CN        |    346480 | NS      | $1459402.21   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| FUYAO GLASS INDUSTRY GROUP CO LTD                     | Fuyao Glass Industry Group Co Ltd                   | CUSIP: 000000000<br>LEI: 549300AS5CSLWETN0P64 | Long             | EC               | CORP              | CN        |    323475 | NS      | $3339386.68   | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| PB FINTECH LTD                                        | PB Fintech Ltd                                      | CUSIP: 000000000<br>LEI: 98450083AC6B01HF1F87 | Long             | EC               | CORP              | IN        |    118061 | NS      | $2264420.45   | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| ZHEJIANG SHUANGHUAN DRIVELINE CO LTD                  | Zhejiang Shuanghuan Driveline Co Ltd                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    489600 | NS      | $3437487.35   | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| EASTROC BEVERAGE GROUP CO LTD                         | Eastroc Beverage Group Co Ltd                       | CUSIP: 000000000<br>LEI: 836800LQ338417RCIL29 | Long             | EC               | CORP              | CN        |    121320 | NS      | $5184320.93   | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| MAO GEPING COSMETICS CO LTD                           | Mao Geping Cosmetics Co LTD                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    136800 | NS      | $1823271.43   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| WUXI XDC CAYMAN INC                                   | WuXi XDC Cayman Inc                                 | CUSIP: 000000000<br>LEI: 549300BV0TP5RVPBYO24 | Long             | EC               | CORP              | KY        |    699500 | NS      | $7063965.46   | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |
| 360 ONE WAM LTD                                       | 360 ONE WAM Ltd                                     | CUSIP: 000000000<br>LEI: 335800DDYMCDBO5OLL32 | Long             | EC               | CORP              | IN        |    486759 | NS      | $5607356.25   | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Zijin Gold International Co Ltd                       | Zijin Gold International Co Ltd                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |      3947 | NS      | $61168.24     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| DUALITY BIOTHERAPEUTICS INC                           | Duality Biotherapeutics Inc                         | CUSIP: 000000000<br>LEI: 254900HZFACBOBP9HN21 | Long             | EC               | CORP              | KY        |     34200 | NS      | $1597943.96   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| BAJAJ FINANCE LTD                                     | Bajaj Finance Ltd                                   | CUSIP: 000000000<br>LEI: 335800YTEXC3DO4Z6F68 | Long             | EC               | CORP              | IN        |    399270 | NS      | $4492380.39   | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| DETSKIY MIR PAO                                       | Detsky Mir PJSC                                     | CUSIP: 000000000<br>LEI: 25340094SFG83VJ0YP24 | Long             | EC               | CORP              | RU        |    911435 | NS      | $0.01         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| HUATAI SECURITIES CO LTD                              | Huatai Securities Co Ltd                            | CUSIP: 000000000<br>LEI: 3003009ABT0UCWO79Q77 | Long             | EC               | CORP              | CN        |    621600 | NS      | $1638682.72   | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| QUALITAS CONTROLADORA SAB DE CV                       | Qualitas Controladora SAB de CV                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    151829 | NS      | $1384356.15   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| SAMSUNG BIOLOGICS CO LTD                              | Samsung Biologics Co Ltd                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      3402 | NS      | $2424429.35   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| EUROBANK ERGASIAS SERVICES AND HOLDINGS SA            | Eurobank Ergasias Services and Holdings SA          | CUSIP: 000000000<br>LEI: JEUVK5RWVJEN8W0C9M24 | Long             | EC               | CORP              | GR        |   1790437 | NS      | $6926035.48   | 1.40%             |  |  |  | No            |                  2 | On Loan: No      |
| BANCO BTG PACTUAL SA                                  | Banco BTG Pactual SA                                | CUSIP: 000000000<br>LEI: ZXLTQRYIK6IJH3R0IK66 | Long             | EC               | CORP              | BR        |    201115 | NS      | $1825518.46   | 0.37%             |  |  |  | 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