# EDGAR Filing Document

**Accession Number:** 0001413032
**File Stem:** 0001193125-26-181299
**Filing Date:** 2026-4
**Character Count:** 21213
**Document Hash:** 26e76b523304aebecd07ca4872c6cddc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-181299.hdr.sgml**: 20260427

**ACCESSION NUMBER**: 0001193125-26-181299

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20260427

**DATE AS OF CHANGE**: 20260427

**EFFECTIVENESS DATE**: 20260427

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Columbia Funds Variable Series Trust II
- **CENTRAL INDEX KEY:** 0001413032

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-146374
- **FILM NUMBER:** 26899170

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

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

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

## Series and Classes Contracts Data

### Columbia Variable Portfolio - Select Large Cap Value Fund (Series ID: S000019845)

| Class ID   | Class Name                                                        | Ticker Symbol   |
|:---|:---|:---|
| C000055682 | Columbia Variable Portfolio - Select Large Cap Value Fund Class 3 |  |
| C000088767 | Columbia Variable Portfolio - Select Large Cap Value Fund Class 1 |  |
| C000088768 | Columbia Variable Portfolio - Select Large Cap Value Fund Class 2 |  |

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Columbia Variable Portfolio – Select Large Cap Value Fund

**Summary Prospectus**

May 1, 2026 <br>

The Fund may offer Class 1, Class 2 and Class 3 shares to separate accounts funding variable annuity contracts and variable life insurance policies (Contracts) issued by affiliated and unaffiliated life insurance companies as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors authorized by Columbia Management Investment Distributors, Inc. (the Distributor). There are no exchange ticker symbols associated with shares of the Fund.

Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its risks. You can find the Fund's prospectus, reports to shareholders, statement of additional information and other information about the Fund online at https://www.columbiathreadneedleus.com/resources/literature. You can also get this information at no cost by calling 800.345.6611, by sending an email to serviceinquiries@columbiathreadneedle.com, or by contacting the participating insurance company or other financial intermediary through whom you hold your Fund shares. This Summary Prospectus incorporates by reference the Fund's prospectus, dated May 1, 2026, and current Statement of Additional Information.

As with all mutual funds, the Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.

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**Investment Objective**

Columbia Variable Portfolio – Select Large Cap Value Fund (the Fund) seeks to provide shareholders with long-term growth of capital.

**Fees and Expenses of the Fund**

This table describes the fees and expenses that you may pay as an investor in the Fund. The table does not reflect any fees or expenses imposed by your Contract or Qualified Plan, which are disclosed in your separate Contract prospectus or Qualified Plan disclosure documents. If the additional fees or expenses were reflected, the expenses set forth below would be higher.

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| | | | |
|:---|:---|:---|:---|
| **Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** | **Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** | **Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** | **Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** |
|  | **Class 1** | **Class 2** | **Class 3** |
| Management fees | 0.67<br> %<br>| 0.67<br> %<br>| 0.67<br> %<br>|
| Distribution and/or service (12b-1) fees | 0.00<br> %<br>| 0.25<br> %<br>| 0.13<br> %<br>|
| Other expenses | 0.02<br> %<br>| 0.02<br> %<br>| 0.02<br> %<br>|
| **Total annual Fund operating expenses**<sup>(a)</sup> | 0.69<br> %<br>| 0.94<br> %<br>| 0.82<br> %<br>|

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(a) "Total annual Fund operating expenses" include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than the ratio of expenses to average net assets shown in the *Financial Highlights* section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses.

**Example**

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:

<sup>■</sup>

you invest $10,000 in the applicable class of Fund shares for the periods indicated,

<sup>■</sup>

your investment has a 5% return each year, and

<sup>■</sup>

the Fund's total annual operating expenses remain the same as shown in the *Annual Fund Operating Expenses* table above.

The example does not reflect any fees and expenses that apply to your Contract or Qualified Plan. Inclusion of these charges would increase expenses for all periods shown.

Although your actual costs may be higher or lower, based on the assumptions listed above, your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| **Class 1** (whether or not shares are redeemed) | &nbsp;&nbsp;&nbsp;&nbsp; $70 | &nbsp;&nbsp;&nbsp;&nbsp; $221 | &nbsp;&nbsp;&nbsp;&nbsp; $384 | &nbsp;&nbsp;&nbsp;&nbsp; $859 |
| **Class 2** (whether or not shares are redeemed) | &nbsp;&nbsp;&nbsp;&nbsp; $96 | &nbsp;&nbsp;&nbsp;&nbsp; $300 | &nbsp;&nbsp;&nbsp;&nbsp; $520 | &nbsp;&nbsp;&nbsp;&nbsp; $1155 |
| **Class 3** (whether or not shares are redeemed) | &nbsp;&nbsp;&nbsp;&nbsp; $84 | &nbsp;&nbsp;&nbsp;&nbsp; $262 | &nbsp;&nbsp;&nbsp;&nbsp; $455 | &nbsp;&nbsp;&nbsp;&nbsp; $1014 |

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**Portfolio Turnover**

The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 31% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal circumstances, at least 80% of the Fund's net assets (plus the amount of any borrowings for investment purposes) are invested in equity securities of large capitalization issuers. These companies have market capitalizations in the range of companies in the Russell 1000<sup>®</sup> Value Index (the Capitalization Index), which ranged between $134.5 million and $2.2 trillion as of March 31, 2026. The market capitalization range and composition of companies in the Capitalization Index are subject to change. As such, the size of the companies in which the Fund invests may change. The Fund may continue to hold a security even if the company's market capitalization is no longer within the range of the Capitalization Index. Under normal circumstances, the Fund also invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of "value" companies. The Fund considers "value" companies to be those companies that are either constituents of an index constructed by a third party to identify companies with various characteristics of value companies, or that have a

Columbia Variable Portfolio – Select Large Cap Value Fund

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higher book-to-price (B/P) ratio than the median ranked stock within the company's GICS sector, have a higher EBITDA/EV (earnings before interest, taxes, depreciation and amortization-to-enterprise value) or have a lower price-to-earnings ratio than the median ranked stock within the company's GICS sector. The third-party broad-based index currently used to identify value companies is the Russell 3000<sup>®</sup> Value Index, although the Fund may change the referenced index without prior notice.

The Fund invests substantially in securities of U.S. issuers. The Fund may at times emphasize one or more sectors in selecting its investments, including the financials sector. The Fund may hold a small number of securities, consistent with its value investment approach. Generally, the Fund anticipates holding between 30 and 40 securities in its portfolio; however, the Fund may hold, at any time, more or fewer securities than noted in this range.

**Principal Risks**

An investment in the Fund involves risks, including **Large-Cap Stock Risk**, **Market Risk, Value Securities Risk**, and **Focused Portfolio Risk**, among others. Descriptions of these and other principal risks of investing in the Fund are provided below. *There is no assurance that the Fund will achieve its investment objective and you may lose money*. The value of the Fund's holdings may decline, and the Fund's net asset value (NAV) and share price may go down. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The significance of any specific risk to an investment in the Fund will vary over time depending on the composition of the Fund's portfolio, market conditions, and other factors. You should read all of the risk information below carefully, because any one or more of these risks may result in losses to the Fund.

**Active Management Risk.** Due to its active management, the Fund could underperform its benchmark index and/or other funds with similar investment objectives and/or strategies.

**Equity Securities Risk.** Equity securities may experience significant volatility. Such securities may fall sharply in response to adverse events affecting overall markets, a particular industry or sector, or an individual company's financial condition.

**Focused Portfolio Risk.** Because the Fund may invest in a limited number of companies, the Fund as a whole is subject to greater risk of loss if any of those securities decline in price.

**Issuer Risk.** An issuer in which the Fund invests or to which it has exposure may perform poorly or below expectations, and the value of its securities may therefore decline, which may negatively affect the Fund's performance. Underperformance of an issuer may be caused by poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, natural disasters, military confrontations and actions, war, other conflicts, terrorism, disease/virus outbreaks, epidemics or other events, conditions and factors which may impair the value of your investment in the Fund.

<sup>■</sup>

***Large-Cap Stock Risk.*** Investments in larger, more established companies (larger companies) may involve certain risks associated with their larger size. For instance, larger companies may be less able to respond quickly to new competitive challenges, such as changes in consumer tastes or innovation from smaller competitors. Also, larger companies are sometimes less able to achieve as high growth rates as successful smaller companies, especially during extended periods of economic expansion.

**Market Risk.** The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

Columbia Variable Portfolio – Select Large Cap Value Fund

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**Sector Risk.** At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a related group of industries within one or more economic sectors, including the financials sector. Companies in the same sector may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Fund vulnerable to unfavorable developments in that group of industries or economic sector.

<sup>■</sup>

***Financials Sector.*** The Fund is vulnerable to the particular risks that may affect companies in the financials sector. Companies in the financials sector are subject to certain risks, including the risk of regulatory change, decreased liquidity in credit markets and unstable interest rates. Such companies may have concentrated portfolios, such as a high level of loans to one or more industries or sectors, which makes them vulnerable to economic conditions that affect such industries or sectors. Performance of such companies may be affected by competitive pressures and exposure to investments, agreements and counterparties, including credit products that, under certain circumstances, may lead to losses (e.g., subprime loans). Companies in the financials sector are subject to extensive governmental regulation that may limit the amount and types of loans and other financial commitments they can make, and the interest rates and fees they may charge. In addition, profitability of such companies is largely dependent upon the availability and the cost of capital.

**Value Securities Risk.** Value securities are securities of companies that may have experienced, for example, adverse business, industry or other developments or may be subject to special risks that have caused the securities to be out of favor and, in turn, potentially undervalued. The market value of a portfolio security may not meet the perceived value assessment of that security as determined by the portfolio managers, or may decline in price, even though the securities are already believed to be undervalued by the portfolio managers. There is also a risk that it may take longer than expected for the value of these investments to rise to the perceived value as determined by the portfolio managers. In addition, value securities, at times, may not perform as well as growth securities or the stock market in general, and may be out of favor with investors for varying periods of time.

**Performance Information**

The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The bar chart shows how the Fund's Class 2 share performance has varied for each full calendar year shown. The table below the bar chart compares the Fund's returns for the periods shown with a broad measure of market performance, as well as another measure of performance for markets in which the Fund may invest.

Except for differences in annual returns resulting from differences in expenses (where applicable), the share classes of the Fund would have substantially similar annual returns because all share classes of the Fund invest in the same portfolio of securities.

The returns shown do not reflect any fees and expenses imposed under your Contract or Qualified Plan and would be lower if they did.

**The Fund's past performance is no guarantee of how the Fund will perform in the future.** Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting columbiathreadneedleus.com.

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| | | | |
|:---|:---|:---|:---|
| **Year by Year Total Return (%)**<br> **as of December 31 Each Year**<br>| &nbsp;&nbsp; **Best and Worst Quarterly Returns**<br> **During the Period Shown in the Bar Chart** | &nbsp;&nbsp; **Best and Worst Quarterly Returns**<br> **During the Period Shown in the Bar Chart** | &nbsp;&nbsp; **Best and Worst Quarterly Returns**<br> **During the Period Shown in the Bar Chart** |
| ![](g251723bg_272.jpg) | &nbsp;&nbsp; Best | 2nd Quarter 2020 | 19.48% |
| ![](g251723bg_272.jpg) | &nbsp;&nbsp; Worst | 1st Quarter 2020 | -28.78% |

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Columbia Variable Portfolio – Select Large Cap Value Fund

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**Average Annual Total Returns (for periods ended December 31, 2025)**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Share Class** <br> **Inception Date**<br>| **1 Year** | **5 Years** | **10 Years** |
| **Class 1** | 05/03/2010 | 28.27% | 13.59% | 12.58% |
| **Class 2** | 05/03/2010 | 27.97% | 13.32% | 12.30% |
| **Class 3** | 02/04/2004 | 28.10% | 13.46% | 12.44% |
| **Russell 1000**<sup>®</sup> **Value Index** (reflects no deductions for fees, expenses or taxes) |  | 15.91% | 11.33% | 10.53% |
| **S&P 500**<sup>®</sup> **Index** (reflects no deductions for fees, expenses or taxes) |  | 17.88% | 14.42% | 14.82% |

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**Fund Management**

**Investment Manager:** Columbia Management Investment Advisers, LLC

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Management** | **Title** | **Role with Fund** | **Managed Fund Since** |
| Richard Taft | Senior Portfolio Manager | Lead Portfolio Manager | 2016 |
| Jeffrey Wimmer, CFA | Senior Portfolio Manager | Portfolio Manager | 2024 |

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**Purchase and Sale of Fund Shares**

The Fund is available for purchase through Contracts offered by the separate accounts of participating insurance companies or Qualified Plans or by other eligible investors authorized by Columbia Management Investment Distributors, Inc. (the Distributor). Shares of the Fund may not be purchased or sold by individual owners of Contracts or Qualified Plans. If you are a Contract holder or Qualified Plan participant, please refer to your separate Contract prospectus or Qualified Plan disclosure documents for information about minimum investment requirements and how to purchase and redeem shares of the Fund on days the Fund is open for business.

**Tax Information**

The Fund expects to be treated as a partnership for U.S. federal income tax purposes, and does not expect to make regular distributions (other than in redemption of Fund shares) to shareholders which are generally the participating insurance companies investing in the Fund through separate accounts or Qualified Plans or certain other eligible investors authorized by the Distributor. You should consult with the participating insurance company that issued your Contract, plan sponsor or other eligible investor through which your investment in the Fund is made regarding the U.S. federal income taxation of your investment.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you make allocations to the Fund, the Fund, its Distributor or other related companies may pay participating insurance companies or other financial intermediaries for the allocation (sale) of Fund shares and related services in connection with such allocations to the Fund. These payments may create a conflict of interest by influencing the participating insurance company, other financial intermediary or your salesperson to recommend an allocation to the Fund over another fund or other investment option. Ask your financial advisor or salesperson or visit your financial intermediary's website for more information.

Columbia Variable Portfolio – Select Large Cap Value Fund

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Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.

The Fund is distributed by Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210.© 2026 Columbia Threadneedle. All rights reserved.

**columbiathreadneedleus.com**SUM7020_12_E01_(05/26)

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