# EDGAR Filing Document

**Accession Number:** 0001413032
**File Stem:** 0001410368-26-055072
**Filing Date:** 2026-5
**Character Count:** 56625
**Document Hash:** 47f7c778a265267feb6dfa1726bef843
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-055072.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0001410368-26-055072

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20261231

**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:** 261033072

**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 - Dividend Opportunity Fund (Series ID: S000019857)

| Class ID   | Class Name                                                      | Ticker Symbol   |
|:---|:---|:---|
| C000055694 | Columbia Variable Portfolio - Dividend Opportunity Fund Class 3 |  |
| C000088785 | Columbia Variable Portfolio - Dividend Opportunity Fund Class 1 |  |
| C000088786 | Columbia Variable Portfolio - Dividend Opportunity Fund Class 2 |  |

## Nport-Ex

![](img002cf3461.jpg)

Columbia Variable Portfolio – Dividend Opportunity Fund

**First Quarter Report**

March 31, 2026 (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 – Dividend Opportunity Fund, March 31, 2026 (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 93.2%** | **Common Stocks 93.2%** | **Common Stocks 93.2%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Communication Services 4.6%** | **Communication Services 4.6%** | **Communication Services 4.6%** |
| **Diversified Telecommunication Services 4.6%** | **Diversified Telecommunication Services 4.6%** | **Diversified Telecommunication Services 4.6%** |
| AT&T, Inc. | &nbsp;&nbsp; 603000 | &nbsp;&nbsp; 17480970 |
| Comcast Corp., Class A | &nbsp;&nbsp; 410300 | &nbsp;&nbsp; 11779713 |
| Verizon Communications, Inc. | &nbsp;&nbsp; 293100 | &nbsp;&nbsp; 14713620 |
| Total |  | &nbsp;&nbsp; 43974303 |
| **Media 0.0%** | **Media 0.0%** | **Media 0.0%** |
| Versant Media Group, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 12792 | &nbsp;&nbsp; 473560 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **44447863** |
| **Consumer Discretionary 6.8%** | **Consumer Discretionary 6.8%** | **Consumer Discretionary 6.8%** |
| **Automobiles 0.7%** | **Automobiles 0.7%** | **Automobiles 0.7%** |
| Ford Motor Co. | &nbsp;&nbsp; 602000 | &nbsp;&nbsp; 6947080 |
| **Distributors 0.8%** | **Distributors 0.8%** | **Distributors 0.8%** |
| Genuine Parts Co. | &nbsp;&nbsp; 68000 | &nbsp;&nbsp; 7191000 |
| **Hotels, Restaurants & Leisure 1.8%** | **Hotels, Restaurants & Leisure 1.8%** | **Hotels, Restaurants & Leisure 1.8%** |
| Darden Restaurants, Inc. | &nbsp;&nbsp; 50100 | &nbsp;&nbsp; 9821604 |
| Starbucks Corp. | &nbsp;&nbsp; 85700 | &nbsp;&nbsp; 7677863 |
| Total |  | &nbsp;&nbsp; 17499467 |
| **Specialty Retail 3.5%** | **Specialty Retail 3.5%** | **Specialty Retail 3.5%** |
| Best Buy Co., Inc. | &nbsp;&nbsp; 150100 | &nbsp;&nbsp; 9636420 |
| Gap, Inc. (The) | &nbsp;&nbsp; 446100 | &nbsp;&nbsp; 10795620 |
| Home Depot, Inc. (The) | &nbsp;&nbsp; 39200 | &nbsp;&nbsp; 12892488 |
| Total |  | &nbsp;&nbsp; 33324528 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **64962075** |
| **Consumer Staples 10.5%** | **Consumer Staples 10.5%** | **Consumer Staples 10.5%** |
| **Beverages 2.7%** | **Beverages 2.7%** | **Beverages 2.7%** |
| Coca-Cola Co. (The) | &nbsp;&nbsp; 127700 | &nbsp;&nbsp; 9711585 |
| PepsiCo, Inc. | &nbsp;&nbsp; 102900 | &nbsp;&nbsp; 15979341 |
| Total |  | &nbsp;&nbsp; 25690926 |
| **Consumer Staples Distribution & Retail 0.7%** | **Consumer Staples Distribution & Retail 0.7%** | **Consumer Staples Distribution & Retail 0.7%** |
| Target Corp. | &nbsp;&nbsp; 57900 | &nbsp;&nbsp; 7017480 |
| **Food Products 2.9%** | **Food Products 2.9%** | **Food Products 2.9%** |
| Bunge Global SA | &nbsp;&nbsp; 86500 | &nbsp;&nbsp; 11002800 |
| Conagra Brands, Inc. | &nbsp;&nbsp; 616800 | &nbsp;&nbsp; 9696096 |
| Tyson Foods, Inc., Class A | &nbsp;&nbsp; 117200 | &nbsp;&nbsp; 7509004 |
| Total |  | &nbsp;&nbsp; 28207900 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Household Products 1.0%** | **Household Products 1.0%** | **Household Products 1.0%** |
| Procter & Gamble Co. (The) | &nbsp;&nbsp; 62600 | &nbsp;&nbsp; 9041944 |
| **Tobacco 3.2%** | **Tobacco 3.2%** | **Tobacco 3.2%** |
| Altria Group, Inc. | &nbsp;&nbsp; 146200 | &nbsp;&nbsp; 9647738 |
| Philip Morris International, Inc. | &nbsp;&nbsp; 126700 | &nbsp;&nbsp; 20948578 |
| Total |  | &nbsp;&nbsp; 30596316 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **100554566** |
| **Energy 10.4%** | **Energy 10.4%** | **Energy 10.4%** |
| **Oil, Gas & Consumable Fuels 10.4%** | **Oil, Gas & Consumable Fuels 10.4%** | **Oil, Gas & Consumable Fuels 10.4%** |
| Chevron Corp. | &nbsp;&nbsp; 120200 | &nbsp;&nbsp; 24869380 |
| Coterra Energy, Inc. | &nbsp;&nbsp; 171300 | &nbsp;&nbsp; 6019482 |
| Exxon Mobil Corp. | &nbsp;&nbsp; 242300 | &nbsp;&nbsp; 41108618 |
| Kinder Morgan, Inc. | &nbsp;&nbsp; 410200 | &nbsp;&nbsp; 13754006 |
| Valero Energy Corp. | &nbsp;&nbsp; 58800 | &nbsp;&nbsp; 14528304 |
| Total |  | &nbsp;&nbsp; 100279790 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **100279790** |
| **Financials 18.7%** | **Financials 18.7%** | **Financials 18.7%** |
| **Banks 10.0%** | **Banks 10.0%** | **Banks 10.0%** |
| Bank of America Corp. | &nbsp;&nbsp; 344200 | &nbsp;&nbsp; 16779750 |
| Citigroup, Inc. | &nbsp;&nbsp; 147400 | &nbsp;&nbsp; 16716634 |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 102100 | &nbsp;&nbsp; 30033736 |
| Truist Financial Corp. | &nbsp;&nbsp; 162000 | &nbsp;&nbsp; 7447140 |
| U.S. Bancorp | &nbsp;&nbsp; 242400 | &nbsp;&nbsp; 12607224 |
| Wells Fargo & Co. | &nbsp;&nbsp; 153300 | &nbsp;&nbsp; 12204213 |
| Total |  | &nbsp;&nbsp; 95788697 |
| **Capital Markets 5.4%** | **Capital Markets 5.4%** | **Capital Markets 5.4%** |
| Blackstone, Inc. | &nbsp;&nbsp; 54400 | &nbsp;&nbsp; 6255456 |
| CME Group, Inc. | &nbsp;&nbsp; 46300 | &nbsp;&nbsp; 13674705 |
| Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp; 28200 | &nbsp;&nbsp; 23856918 |
| Invesco Ltd. | &nbsp;&nbsp; 312700 | &nbsp;&nbsp; 7595483 |
| Total |  | &nbsp;&nbsp; 51382562 |
| **Insurance 2.4%** | **Insurance 2.4%** | **Insurance 2.4%** |
| American Financial Group, Inc. | &nbsp;&nbsp; 112900 | &nbsp;&nbsp; 14418459 |
| MetLife, Inc. | &nbsp;&nbsp; 122100 | &nbsp;&nbsp; 8634912 |
| Total |  | &nbsp;&nbsp; 23053371 |

---

Columbia Variable Portfolio – Dividend Opportunity Fund \| 2026

------

Portfolio of Investments (continued)

Columbia Variable Portfolio – Dividend Opportunity Fund, March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Mortgage Real Estate Investment Trusts (REITs) 0.9%** | **Mortgage Real Estate Investment Trusts (REITs) 0.9%** | **Mortgage Real Estate Investment Trusts (REITs) 0.9%** |
| Starwood Property Trust, Inc. | &nbsp;&nbsp; 526500 | &nbsp;&nbsp; 9066330 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **179290960** |
| **Health Care 13.1%** | **Health Care 13.1%** | **Health Care 13.1%** |
| **Biotechnology 2.9%** | **Biotechnology 2.9%** | **Biotechnology 2.9%** |
| AbbVie, Inc. | &nbsp;&nbsp; 95000 | &nbsp;&nbsp; 20661550 |
| Amgen, Inc. | &nbsp;&nbsp; 20400 | &nbsp;&nbsp; 7177740 |
| Total |  | &nbsp;&nbsp; 27839290 |
| **Health Care Equipment & Supplies 1.2%** | **Health Care Equipment & Supplies 1.2%** | **Health Care Equipment & Supplies 1.2%** |
| Medtronic PLC | &nbsp;&nbsp; 136900 | &nbsp;&nbsp; 11862385 |
| **Health Care Providers & Services 1.9%** | **Health Care Providers & Services 1.9%** | **Health Care Providers & Services 1.9%** |
| CVS Health Corp. | &nbsp;&nbsp; 159800 | &nbsp;&nbsp; 11476836 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp; 26800 | &nbsp;&nbsp; 7251812 |
| Total |  | &nbsp;&nbsp; 18728648 |
| **Pharmaceuticals 7.1%** | **Pharmaceuticals 7.1%** | **Pharmaceuticals 7.1%** |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 132700 | &nbsp;&nbsp; 8048255 |
| Johnson & Johnson | &nbsp;&nbsp; 121000 | &nbsp;&nbsp; 29577240 |
| Merck & Co., Inc. | &nbsp;&nbsp; 163900 | &nbsp;&nbsp; 19715531 |
| Pfizer, Inc. | &nbsp;&nbsp; 371200 | &nbsp;&nbsp; 10423296 |
| Total |  | &nbsp;&nbsp; 67764322 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **126194645** |
| **Industrials 8.7%** | **Industrials 8.7%** | **Industrials 8.7%** |
| **Aerospace & Defense 2.3%** | **Aerospace & Defense 2.3%** | **Aerospace & Defense 2.3%** |
| Lockheed Martin Corp. | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 15109750 |
| RTX Corp. | &nbsp;&nbsp; 37100 | &nbsp;&nbsp; 7156590 |
| Total |  | &nbsp;&nbsp; 22266340 |
| **Air Freight & Logistics 1.3%** | **Air Freight & Logistics 1.3%** | **Air Freight & Logistics 1.3%** |
| United Parcel Service, Inc., Class B | &nbsp;&nbsp; 121500 | &nbsp;&nbsp; 11953170 |
| **Building Products 0.4%** | **Building Products 0.4%** | **Building Products 0.4%** |
| Johnson Controls International PLC | &nbsp;&nbsp; 32600 | &nbsp;&nbsp; 4268970 |
| **Ground Transportation 0.9%** | **Ground Transportation 0.9%** | **Ground Transportation 0.9%** |
| Union Pacific Corp. | &nbsp;&nbsp; 36000 | &nbsp;&nbsp; 8734320 |
| **Industrial Conglomerates 0.9%** | **Industrial Conglomerates 0.9%** | **Industrial Conglomerates 0.9%** |
| 3M Co. | &nbsp;&nbsp; 60200 | &nbsp;&nbsp; 8742846 |
| **Machinery 1.9%** | **Machinery 1.9%** | **Machinery 1.9%** |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| PACCAR, Inc. | &nbsp;&nbsp; 75100 | &nbsp;&nbsp; 8674050 |
| Stanley Black & Decker, Inc. | &nbsp;&nbsp; 133500 | &nbsp;&nbsp; 9486510 |
| Total |  | &nbsp;&nbsp; 18160560 |
| **Passenger Airlines 0.6%** | **Passenger Airlines 0.6%** | **Passenger Airlines 0.6%** |
| Southwest Airlines Co. | &nbsp;&nbsp; 161700 | &nbsp;&nbsp; 6075069 |
| **Trading Companies & Distributors 0.4%** | **Trading Companies & Distributors 0.4%** | **Trading Companies & Distributors 0.4%** |
| Watsco, Inc. | &nbsp;&nbsp; 9500 | &nbsp;&nbsp; 3456005 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **83657280** |
| **Information Technology 10.2%** | **Information Technology 10.2%** | **Information Technology 10.2%** |
| **Communications Equipment 2.6%** | **Communications Equipment 2.6%** | **Communications Equipment 2.6%** |
| Cisco Systems, Inc. | &nbsp;&nbsp; 321200 | &nbsp;&nbsp; 24921908 |
| **Electronic Equipment, Instruments & Components 1.2%** | **Electronic Equipment, Instruments & Components 1.2%** | **Electronic Equipment, Instruments & Components 1.2%** |
| Corning, Inc. | &nbsp;&nbsp; 84000 | &nbsp;&nbsp; 11421480 |
| **IT Services 2.0%** | **IT Services 2.0%** | **IT Services 2.0%** |
| International Business Machines Corp. | &nbsp;&nbsp; 80100 | &nbsp;&nbsp; 19415439 |
| **Semiconductors & Semiconductor Equipment 3.0%** | **Semiconductors & Semiconductor Equipment 3.0%** | **Semiconductors & Semiconductor Equipment 3.0%** |
| Broadcom, Inc. | &nbsp;&nbsp; 23800 | &nbsp;&nbsp; 7366338 |
| Microchip Technology, Inc. | &nbsp;&nbsp; 63300 | &nbsp;&nbsp; 4089813 |
| Skyworks Solutions, Inc. | &nbsp;&nbsp; 111300 | &nbsp;&nbsp; 5960115 |
| Texas Instruments, Inc. | &nbsp;&nbsp; 55500 | &nbsp;&nbsp; 10774770 |
| Total |  | &nbsp;&nbsp; 28191036 |
| **Technology Hardware, Storage & Peripherals 1.4%** | **Technology Hardware, Storage & Peripherals 1.4%** | **Technology Hardware, Storage & Peripherals 1.4%** |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 246300 | &nbsp;&nbsp; 5864403 |
| Seagate Technology Holdings PLC | &nbsp;&nbsp; 19400 | &nbsp;&nbsp; 7600144 |
| Total |  | &nbsp;&nbsp; 13464547 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **97414410** |
| **Materials 2.2%** | **Materials 2.2%** | **Materials 2.2%** |
| **Chemicals 1.4%** | **Chemicals 1.4%** | **Chemicals 1.4%** |
| Eastman Chemical Co. | &nbsp;&nbsp; 70000 | &nbsp;&nbsp; 5342400 |
| Nutrien Ltd. | &nbsp;&nbsp; 107900 | &nbsp;&nbsp; 8142134 |
| Total |  | &nbsp;&nbsp; 13484534 |
| **Containers & Packaging 0.8%** | **Containers & Packaging 0.8%** | **Containers & Packaging 0.8%** |
| International Paper Co. | &nbsp;&nbsp; 205800 | &nbsp;&nbsp; 7347060 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **20831594** |
| **Real Estate 3.7%** | **Real Estate 3.7%** | **Real Estate 3.7%** |
| **Health Care REITs 0.4%** | **Health Care REITs 0.4%** | **Health Care REITs 0.4%** |
| Welltower, Inc. | &nbsp;&nbsp; 17100 | &nbsp;&nbsp; 3380841 |

---

Columbia Variable Portfolio – Dividend Opportunity Fund \| 2026

------

Portfolio of Investments (continued)

Columbia Variable Portfolio – Dividend Opportunity Fund, March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Residential REITs 0.9%** | **Residential REITs 0.9%** | **Residential REITs 0.9%** |
| UDR, Inc. | &nbsp;&nbsp; 261200 | &nbsp;&nbsp; 8823336 |
| **Retail REITs 1.2%** | **Retail REITs 1.2%** | **Retail REITs 1.2%** |
| Simon Property Group, Inc. | &nbsp;&nbsp; 64100 | &nbsp;&nbsp; 11956573 |
| **Specialized REITs 1.2%** | **Specialized REITs 1.2%** | **Specialized REITs 1.2%** |
| Digital Realty Trust, Inc. | &nbsp;&nbsp; 63300 | &nbsp;&nbsp; 11407293 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **35568043** |
| **Utilities 4.3%** | **Utilities 4.3%** | **Utilities 4.3%** |
| **Electric Utilities 2.4%** | **Electric Utilities 2.4%** | **Electric Utilities 2.4%** |
| American Electric Power Co., Inc. | &nbsp;&nbsp; 48300 | &nbsp;&nbsp; 6331164 |
| NextEra Energy, Inc. | &nbsp;&nbsp; 48800 | &nbsp;&nbsp; 4532544 |
| Southern Co. (The) | &nbsp;&nbsp; 52000 | &nbsp;&nbsp; 5019040 |
| Xcel Energy, Inc. | &nbsp;&nbsp; 90400 | &nbsp;&nbsp; 7181376 |
| Total |  | &nbsp;&nbsp; 23064124 |
| **Gas Utilities 1.1%** | **Gas Utilities 1.1%** | **Gas Utilities 1.1%** |
| UGI Corp. | &nbsp;&nbsp; 303500 | &nbsp;&nbsp; 11053470 |
| **Multi-Utilities 0.8%** | **Multi-Utilities 0.8%** | **Multi-Utilities 0.8%** |
| DTE Energy Co. | &nbsp;&nbsp; 50500 | &nbsp;&nbsp; 7384110 |
| **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **41501704** |
| &nbsp;&nbsp; Total Common Stocks <br>(Cost $656,840,973) | &nbsp;&nbsp; Total Common Stocks <br>(Cost $656,840,973) | &nbsp;&nbsp; **894702930** |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Convertible Bonds 0.7%** | **Convertible Bonds 0.7%** | **Convertible Bonds 0.7%** | **Convertible Bonds 0.7%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Healthcare REIT 0.7%** | **Healthcare REIT 0.7%** | **Healthcare REIT 0.7%** | **Healthcare REIT 0.7%** |
| Welltower OP LLC<sup>(b)</sup>  | Welltower OP LLC<sup>(b)</sup>  | Welltower OP LLC<sup>(b)</sup>  | Welltower OP LLC<sup>(b)</sup>  |
| 07/15/2029 | &nbsp;&nbsp; 3.125% | 4500000 | &nbsp;&nbsp; 7122591 |
| &nbsp;&nbsp; Total Convertible Bonds <br>(Cost $4,500,000) | &nbsp;&nbsp; Total Convertible Bonds <br>(Cost $4,500,000) | &nbsp;&nbsp; Total Convertible Bonds <br>(Cost $4,500,000) | &nbsp;&nbsp; **7122591** |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Convertible Preferred Stocks 4.5%** | **Convertible Preferred Stocks 4.5%** | **Convertible Preferred Stocks 4.5%** | **Convertible Preferred Stocks 4.5%** |
| **Issuer** |  | **Shares** | **Value ($)** |
| **Consumer Discretionary 0.4%** | **Consumer Discretionary 0.4%** | **Consumer Discretionary 0.4%** | **Consumer Discretionary 0.4%** |
| **Household Durables 0.4%** | **Household Durables 0.4%** | **Household Durables 0.4%** | **Household Durables 0.4%** |
| Whirlpool Corp. | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 93728 | &nbsp;&nbsp; 3838162 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **3838162** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Convertible Preferred Stocks (continued)** | **Convertible Preferred Stocks (continued)** | **Convertible Preferred Stocks (continued)** | **Convertible Preferred Stocks (continued)** |
| **Issuer** |  | **Shares** | **Value ($)** |
| **Financials 0.4%** | **Financials 0.4%** | **Financials 0.4%** | **Financials 0.4%** |
| **Financial Services 0.4%** | **Financial Services 0.4%** | **Financial Services 0.4%** | **Financial Services 0.4%** |
| Apollo Global Management, Inc. | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 64000 | &nbsp;&nbsp; 3756712 |
| **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **3756712** |
| **Industrials 0.4%** | **Industrials 0.4%** | **Industrials 0.4%** | **Industrials 0.4%** |
| **Aerospace & Defense 0.4%** | **Aerospace & Defense 0.4%** | **Aerospace & Defense 0.4%** | **Aerospace & Defense 0.4%** |
| Boeing Co. (The) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 59950 | &nbsp;&nbsp; 3891354 |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **3891354** |
| **Information Technology 1.2%** | **Information Technology 1.2%** | **Information Technology 1.2%** | **Information Technology 1.2%** |
| **Semiconductors & Semiconductor Equipment 0.5%** | **Semiconductors & Semiconductor Equipment 0.5%** | **Semiconductors & Semiconductor Equipment 0.5%** | **Semiconductors & Semiconductor Equipment 0.5%** |
| Microchip Technology, Inc. | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 87000 | &nbsp;&nbsp; 4956390 |
| **Technology Hardware, Storage & Peripherals 0.7%** | **Technology Hardware, Storage & Peripherals 0.7%** | **Technology Hardware, Storage & Peripherals 0.7%** | **Technology Hardware, Storage & Peripherals 0.7%** |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 106110 | &nbsp;&nbsp; 6913757 |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **11870147** |
| **Materials 0.8%** | **Materials 0.8%** | **Materials 0.8%** | **Materials 0.8%** |
| **Chemicals 0.8%** | **Chemicals 0.8%** | **Chemicals 0.8%** | **Chemicals 0.8%** |
| Albemarle Corp. | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 100800 | &nbsp;&nbsp; 7212143 |
| **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **7212143** |
| **Utilities 1.3%** | **Utilities 1.3%** | **Utilities 1.3%** | **Utilities 1.3%** |
| **Electric Utilities 1.3%** | **Electric Utilities 1.3%** | **Electric Utilities 1.3%** | **Electric Utilities 1.3%** |
| NextEra Energy, Inc. | &nbsp;&nbsp; 7.234% | &nbsp;&nbsp; 102000 | &nbsp;&nbsp; 5337660 |
| Southern Co. (The) | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 136198 | &nbsp;&nbsp; 7036799 |
| Total |  |  | &nbsp;&nbsp; 12374459 |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **12374459** |
| &nbsp;&nbsp; Total Convertible Preferred Stocks <br>(Cost $36,947,764) | &nbsp;&nbsp; Total Convertible Preferred Stocks <br>(Cost $36,947,764) | &nbsp;&nbsp; Total Convertible Preferred Stocks <br>(Cost $36,947,764) | &nbsp;&nbsp; **42942977** |
| **Preferred Stocks 0.5%** | **Preferred Stocks 0.5%** | **Preferred Stocks 0.5%** | **Preferred Stocks 0.5%** |
| **Utilities 0.5%** | **Utilities 0.5%** | **Utilities 0.5%** | **Utilities 0.5%** |
| **Electric Utilities 0.5%** | **Electric Utilities 0.5%** | **Electric Utilities 0.5%** | **Electric Utilities 0.5%** |
| PPL Corp. | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 100950 | &nbsp;&nbsp; 5151478 |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **5151478** |
| &nbsp;&nbsp; Total Preferred Stocks <br>(Cost $5,091,975) | &nbsp;&nbsp; Total Preferred Stocks <br>(Cost $5,091,975) | &nbsp;&nbsp; Total Preferred Stocks <br>(Cost $5,091,975) | &nbsp;&nbsp; **5151478** |

---

Columbia Variable Portfolio – Dividend Opportunity Fund \| 2026

------

Portfolio of Investments (continued)

Columbia Variable Portfolio – Dividend Opportunity Fund, March 31, 2026 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **Money Market Funds 0.9%** | **Money Market Funds 0.9%** | **Money Market Funds 0.9%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 3.790%<sup>(c),(d)</sup> <br>| &nbsp;&nbsp; 8229709 | &nbsp;&nbsp; 8226417 |
| &nbsp;&nbsp; Total Money Market Funds <br>(Cost $8,226,969) | &nbsp;&nbsp; Total Money Market Funds <br>(Cost $8,226,969) | &nbsp;&nbsp; **8226417** |
| **Total Investments in Securities** <br>**(Cost: $711,607,681)** | **Total Investments in Securities** <br>**(Cost: $711,607,681)** | &nbsp;&nbsp; **958146393** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **2180700** |
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **960327093** |

---

**Notes to Portfolio of Investments** 

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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 March 31, 2026, the total value of these securities amounted to $7,122,591, which represents 0.74% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown is the seven-day current annualized yield at March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(d) 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 March 31, 2026 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, 3.790% | Columbia Short-Term Cash Fund, 3.790% | Columbia Short-Term Cash Fund, 3.790% | Columbia Short-Term Cash Fund, 3.790% | Columbia Short-Term Cash Fund, 3.790% | Columbia Short-Term Cash Fund, 3.790% | Columbia Short-Term Cash Fund, 3.790% | Columbia Short-Term Cash Fund, 3.790% | Columbia Short-Term Cash Fund, 3.790% |
|  | 11946356 | &nbsp;&nbsp; 26989555 | &nbsp;&nbsp; (30708940)<br>| &nbsp;&nbsp; (554)<br>| &nbsp;&nbsp; 8226417 | &nbsp;&nbsp; 363 | &nbsp;&nbsp; 99746 | &nbsp;&nbsp; 8229709 |

---

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 – Dividend Opportunity Fund \| 2026

------

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

1QT7005_(05/26)

------

## 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:** 02210

  - **Telephone number:** 1800-345-6611

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

- **a. Name of Series:** Columbia Variable Portfolio - Dividend Opportunity Fund

- **b. EDGAR series identifier (if any):** S000019857

- **c. LEI of Series:** RZ4C74XO8R9U6434PS81

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $961816367.07

**Total Liabilities:** $480082.53

**Net Assets:** $961336284.54

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000055694 | 5.86%                | 3.20%                | -3.72%               |
| Class ID C000088785 | 5.85%                | 3.20%                | -3.70%               |
| Class ID C000088786 | 5.83%                | 3.19%                | -3.74%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $7462417.38              | $45515631.01                               |
| Month 2  | $12421016.75             | $16547496.04                               |
| Month 3  | $196122.41               | $-40302340.28                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AT&T Inc                             | AT&T Inc                             | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |    603000 | NS      | $17480970.00  | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                           | AbbVie Inc                           | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     95000 | NS      | $20661550.00  | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ALBEMARLE CORP                       | Albemarle Corp                       | CUSIP: 012653200<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | EP               | CORP              | US        |    100800 | NS      | $7212143.13   | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Altria Group Inc                     | Altria Group Inc                     | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |    146200 | NS      | $9647738.00   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| American Electric Power Co Inc       | American Electric Power Co Inc       | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |     48300 | NS      | $6331164.00   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| American Financial Group Inc/OH      | American Financial Group Inc/OH      | CUSIP: 025932104<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EC               | CORP              | US        |    112900 | NS      | $14418459.00  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                            | Amgen Inc                            | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |     20400 | NS      | $7177740.00   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| APOLLO GLOBAL MANAGEMENT             | Apollo Global Management Inc         | CUSIP: 03769M304<br>LEI: 254900LMFT1CY9IYB476 | Long             | EP               | CORP              | US        |     64000 | NS      | $3756712.13   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America Corp                 | Bank of America Corp                 | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    344200 | NS      | $16779750.00  | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Best Buy Co Inc                      | Best Buy Co Inc                      | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Long             | EC               | CORP              | US        |    150100 | NS      | $9636420.00   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Inc                       | Blackstone Inc                       | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |     49400 | NS      | $5680506.00   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| BOEING CO/THE                        | Boeing Co/The                        | CUSIP: 097023204<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EP               | CORP              | US        |     59950 | NS      | $3891354.50   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co              | Bristol-Myers Squibb Co              | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |    132700 | NS      | $8048255.00   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                         | Broadcom Inc                         | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     23800 | NS      | $7366338.00   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                        | CME Group Inc                        | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |     46300 | NS      | $13674705.00  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                      | CVS Health Corp                      | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |    159800 | NS      | $11476836.00  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc                   | Coterra Energy Inc                   | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |    171300 | NS      | $6019482.00   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                         | Chevron Corp                         | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    120200 | NS      | $24869380.00  | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc                    | Cisco Systems Inc                    | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |    321200 | NS      | $24921908.00  | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                        | Citigroup Inc                        | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |    147400 | NS      | $16716634.00  | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The                     | Coca-Cola Co/The                     | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |    127700 | NS      | $9711585.00   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| COLUMBIA SHORT TERM CASH FUND        | COLUMBIA SHORT TERM CASH FUND        | CUSIP: 19766H239<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   8229709 | NS      | $8226417.20   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                         | Comcast Corp                         | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |    410300 | NS      | $11779713.00  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Conagra Brands Inc                   | Conagra Brands Inc                   | CUSIP: 205887102<br>LEI: 54930035UDEIH090K650 | Long             | EC               | CORP              | US        |    616800 | NS      | $9696096.00   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Corning Inc                          | Corning Inc                          | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |     84000 | NS      | $11421480.00  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE Energy Co                        | DTE Energy Co                        | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               | CORP              | US        |     50500 | NS      | $7384110.00   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Darden Restaurants Inc               | Darden Restaurants Inc               | CUSIP: 237194105<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | EC               | CORP              | US        |     50100 | NS      | $9821604.00   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc             | Digital Realty Trust Inc             | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               |  | US        |     63300 | NS      | $11407293.00  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastman Chemical Co                  | Eastman Chemical Co                  | CUSIP: 277432100<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | EC               | CORP              | US        |     70000 | NS      | $5342400.00   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp                     | Exxon Mobil Corp                     | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    242300 | NS      | $41108618.00  | 4.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Ford Motor Co                        | Ford Motor Co                        | CUSIP: 345370860<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EC               | CORP              | US        |    602000 | NS      | $6947080.00   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Gap Inc/The                          | Gap Inc/The                          | CUSIP: 364760108<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | EC               | CORP              | US        |    446100 | NS      | $10795620.00  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Genuine Parts Co                     | Genuine Parts Co                     | CUSIP: 372460105<br>LEI: 549300D46DQVEU651W04 | Long             | EC               | CORP              | US        |     68000 | NS      | $7191000.00   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The          | Goldman Sachs Group Inc/The          | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |     28200 | NS      | $23856918.00  | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Hewlett Packard Enterprise Co        | Hewlett Packard Enterprise Co        | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |    246300 | NS      | $5864403.00   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| HP ENTERPRISE CO                     | Hewlett Packard Enterprise Co        | CUSIP: 42824C208<br>LEI: 549300BX44RGX6ANDV88 | Long             | EP               | CORP              | US        |    106110 | NS      | $6913757.36   | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Home Depot Inc/The                   | Home Depot Inc/The                   | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     39200 | NS      | $12892488.00  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corp | International Business Machines Corp | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |     80100 | NS      | $19415439.00  | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| International Paper Co               | International Paper Co               | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |    205800 | NS      | $7347060.00   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                  | JPMorgan Chase & Co                  | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |    102100 | NS      | $30033736.00  | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                    | Johnson & Johnson                    | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |    121000 | NS      | $29577240.00  | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan Inc                    | Kinder Morgan Inc                    | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |    410200 | NS      | $13754006.00  | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp                 | Lockheed Martin Corp                 | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |     25000 | NS      | $15109750.00  | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                       | Merck & Co Inc                       | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |    163900 | NS      | $19715531.00  | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc                          | MetLife Inc                          | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |    122100 | NS      | $8634912.00   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Microchip Technology Inc             | Microchip Technology Inc             | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |     63300 | NS      | $4089813.00   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROCHIP TECHNOLOGY INC             | Microchip Technology Inc             | CUSIP: 595017302<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EP               | CORP              | US        |     87000 | NS      | $4956390.00   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| NextEra Energy Inc                   | NextEra Energy Inc                   | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |     48800 | NS      | $4532544.00   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTERA ENERGY INC                   | NextEra Energy Inc                   | CUSIP: 65339F119<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EP               | CORP              | US        |    102000 | NS      | $5337660.00   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Nutrien Ltd                          | Nutrien Ltd                          | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |    139900 | NS      | $10556854.00  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL CORPORATION                      | PPL Corp                             | CUSIP: 69351T866<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EP               | CORP              | US        |    100950 | NS      | $5151478.50   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| PACCAR Inc                           | PACCAR Inc                           | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |     75100 | NS      | $8674050.00   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                          | PepsiCo Inc                          | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |    102900 | NS      | $15979341.00  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                           | Pfizer Inc                           | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    371200 | NS      | $10423296.00  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc      | Philip Morris International Inc      | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |    126700 | NS      | $20948578.00  | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The              | Procter & Gamble Co/The              | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     62600 | NS      | $9041944.00   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX Corp                             | RTX Corp                             | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     37100 | NS      | $7156590.00   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc             | Simon Property Group Inc             | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               |  | US        |     64100 | NS      | $11956573.00  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyworks Solutions Inc               | Skyworks Solutions Inc               | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |    111300 | NS      | $5960115.00   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co/The                      | Southern Co/The                      | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |     52000 | NS      | $5019040.00   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHERN CO                          | Southern Co/The                      | CUSIP: 842587842<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EP               | CORP              | US        |    136198 | NS      | $7036798.67   | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Southwest Airlines Co                | Southwest Airlines Co                | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |    161700 | NS      | $6075069.00   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Stanley Black & Decker Inc           | Stanley Black & Decker Inc           | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               | CORP              | US        |    133500 | NS      | $9486510.00   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp                       | Starbucks Corp                       | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |     85700 | NS      | $7677863.00   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Starwood Property Trust Inc          | Starwood Property Trust Inc          | CUSIP: 85571B105<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | EC               |  | US        |    526500 | NS      | $9066330.00   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp                          | Target Corp                          | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |     57900 | NS      | $7017480.00   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc                | Texas Instruments Inc                | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |     55500 | NS      | $10774770.00  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| 3M Co                                | 3M Co                                | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |     60200 | NS      | $8742846.00   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp                | Truist Financial Corp                | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |    162000 | NS      | $7447140.00   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods Inc                      | Tyson Foods Inc                      | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |    117200 | NS      | $7509004.00   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| UDR Inc                              | UDR Inc                              | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               |  | US        |    261200 | NS      | $8823336.00   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| UGI Corp                             | UGI Corp                             | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |    303500 | NS      | $11053470.00  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| US Bancorp                           | US Bancorp                           | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |    242400 | NS      | $12607224.00  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp                   | Union Pacific Corp                   | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |     36000 | NS      | $8734320.00   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| United Parcel Service Inc            | United Parcel Service Inc            | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |    121500 | NS      | $11953170.00  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc               | UnitedHealth Group Inc               | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     26800 | NS      | $7251812.00   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp                   | Valero Energy Corp                   | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |     58800 | NS      | $14528304.00  | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc           | Verizon Communications Inc           | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |    293100 | NS      | $14713620.00  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Versant Media Group Inc              | Versant Media Group Inc              | CUSIP: 925283103<br>LEI: 254900D2Q5F5F229PU30 | Long             | EC               | CORP              | US        |     12792 | NS      | $473559.84    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Watsco Inc                           | Watsco Inc                           | CUSIP: 942622200<br>LEI: 549300F1Y3LN5BX5WN75 | Long             | EC               | CORP              | US        |      9500 | NS      | $3456005.00   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co                     | Wells Fargo & Co                     | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |    153300 | NS      | $12204213.00  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                        | Welltower Inc                        | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               |  | US        |     17100 | NS      | $3380841.00   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLTOWER OP LLC                     | Welltower OP LLC                     | CUSIP: 95041AAD0<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              |  | US        |   4500000 | PA      | $7122590.51   | 0.74%             | 2029-07-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| WHIRLPOOL CORP                       | Whirlpool Corp                       | CUSIP: 963320205<br>LEI: WHENKOULSSK7WUM60H03 | Long             | EP               | CORP              | US        |     93728 | NS      | $3838161.60   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Xcel Energy Inc                      | Xcel Energy Inc                      | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |     90400 | NS      | $7181376.00   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Ltd                          | Invesco Ltd                          | CUSIP: 000000000<br>LEI: ECPGFXU8A2SHKVVGJI15 | Long             | EC               | CORP              | BM        |    312700 | NS      | $7595483.00   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Controls International plc   | Johnson Controls International plc   | CUSIP: 000000000<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | IE        |     32600 | NS      | $4268970.00   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                        | Medtronic PLC                        | CUSIP: 000000000<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |    136900 | NS      | $11862385.00  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagate Technology Holdings PLC      | Seagate Technology Holdings PLC      | CUSIP: 000000000<br>LEI: 635400RUXIFEZSRU8X70 | Long             | EC               | CORP              | IE        |     19400 | NS      | $7600144.00   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Bunge Global SA                      | Bunge Global SA                      | CUSIP: 000000000<br>LEI: 254900IVXSV9K0B7PO26 | Long             | EC               | CORP              | CH        |     86500 | NS      | $11002800.00  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-04

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

**Signature:** Jennifer Borges

**Name of Signer:** Jennifer Borges

**Title:** Senior Manager