# EDGAR Filing Document

**Accession Number:** 0001413032
**File Stem:** 0001193125-25-298510
**Filing Date:** 2025-11
**Character Count:** 62698
**Document Hash:** 1e66663d9c3f28e4ceeafdf13a91124b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-298510.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001193125-25-298510

**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:** 251524083

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

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

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

## Series and Classes Contracts Data

### Variable Portfolio - Partners Core Equity Fund (Series ID: S000019859)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000055696 | Variable Portfolio - Partners Core Equity Fund Class 3 |  |
| C000088789 | Variable Portfolio - Partners Core Equity Fund Class 1 |  |
| C000088790 | Variable Portfolio - Partners Core Equity Fund Class 2 |  |

## Nport-Ex

![](img2ff17e691.jpg)

Variable Portfolio – Partners Core Equity 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

Variable Portfolio – Partners Core Equity 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 99.7%** | **Common Stocks 99.7%** | **Common Stocks 99.7%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Communication Services 10.0%** | **Communication Services 10.0%** | **Communication Services 10.0%** |
| **Entertainment 1.8%** | **Entertainment 1.8%** | **Entertainment 1.8%** |
| Netflix, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 14878 | &nbsp;&nbsp; 17837532 |
| Walt Disney Co. (The) | &nbsp;&nbsp; 213089 | &nbsp;&nbsp; 24398690 |
| Total |  | &nbsp;&nbsp; 42236222 |
| **Interactive Media & Services 7.5%** | **Interactive Media & Services 7.5%** | **Interactive Media & Services 7.5%** |
| Alphabet, Inc., Class A | &nbsp;&nbsp; 193426 | &nbsp;&nbsp; 47021861 |
| Alphabet, Inc., Class C | &nbsp;&nbsp; 250334 | &nbsp;&nbsp; 60968846 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp; 90798 | &nbsp;&nbsp; 66680235 |
| Total |  | &nbsp;&nbsp; 174670942 |
| **Wireless Telecommunication Services 0.7%** | **Wireless Telecommunication Services 0.7%** | **Wireless Telecommunication Services 0.7%** |
| T-Mobile US, Inc. | &nbsp;&nbsp; 63067 | &nbsp;&nbsp; 15096978 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **232004142** |
| **Consumer Discretionary 10.5%** | **Consumer Discretionary 10.5%** | **Consumer Discretionary 10.5%** |
| **Automobiles 0.8%** | **Automobiles 0.8%** | **Automobiles 0.8%** |
| Tesla, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 43033 | &nbsp;&nbsp; 19137636 |
| **Broadline Retail 3.6%** | **Broadline Retail 3.6%** | **Broadline Retail 3.6%** |
| Amazon.com, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 373888 | &nbsp;&nbsp; 82094588 |
| **Hotels, Restaurants & Leisure 2.7%** | **Hotels, Restaurants & Leisure 2.7%** | **Hotels, Restaurants & Leisure 2.7%** |
| Booking Holdings, Inc. | &nbsp;&nbsp; 1646 | &nbsp;&nbsp; 8887198 |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 144809 | &nbsp;&nbsp; 5675065 |
| DoorDash, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 6527760 |
| Marriott International, Inc., Class A | &nbsp;&nbsp; 34936 | &nbsp;&nbsp; 9098732 |
| McDonald's Corp. | &nbsp;&nbsp; 108944 | &nbsp;&nbsp; 33106992 |
| Total |  | &nbsp;&nbsp; 63295747 |
| **Specialty Retail 3.4%** | **Specialty Retail 3.4%** | **Specialty Retail 3.4%** |
| Lowe's Companies, Inc. | &nbsp;&nbsp; 179396 | &nbsp;&nbsp; 45084009 |
| O'Reilly Automotive, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 94548 | &nbsp;&nbsp; 10193220 |
| TJX Companies, Inc. (The) | &nbsp;&nbsp; 90864 | &nbsp;&nbsp; 13133482 |
| Ulta Beauty, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 18544 | &nbsp;&nbsp; 10138932 |
| Total |  | &nbsp;&nbsp; 78549643 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **243077614** |
| **Consumer Staples 4.4%** | **Consumer Staples 4.4%** | **Consumer Staples 4.4%** |
| **Beverages 0.5%** | **Beverages 0.5%** | **Beverages 0.5%** |
| Coca-Cola Co. (The) | &nbsp;&nbsp; 158597 | &nbsp;&nbsp; 10518153 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Consumer Staples Distribution & Retail 1.9%** | **Consumer Staples Distribution & Retail 1.9%** | **Consumer Staples Distribution & Retail 1.9%** |
| Dollar Tree, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 71612 | &nbsp;&nbsp; 6758024 |
| Walmart, Inc. | &nbsp;&nbsp; 365227 | &nbsp;&nbsp; 37640295 |
| Total |  | &nbsp;&nbsp; 44398319 |
| **Food Products 0.9%** | **Food Products 0.9%** | **Food Products 0.9%** |
| Mondelez International, Inc., Class A | &nbsp;&nbsp; 351153 | &nbsp;&nbsp; 21936528 |
| **Household Products 1.1%** | **Household Products 1.1%** | **Household Products 1.1%** |
| Colgate-Palmolive Co. | &nbsp;&nbsp; 98691 | &nbsp;&nbsp; 7889359 |
| Procter & Gamble Co. (The) | &nbsp;&nbsp; 108074 | &nbsp;&nbsp; 16605570 |
| Total |  | &nbsp;&nbsp; 24494929 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **101347929** |
| **Energy 3.4%** | **Energy 3.4%** | **Energy 3.4%** |
| **Energy Equipment & Services 2.1%** | **Energy Equipment & Services 2.1%** | **Energy Equipment & Services 2.1%** |
| Baker Hughes Co. | &nbsp;&nbsp; 626992 | &nbsp;&nbsp; 30547050 |
| Schlumberger NV | &nbsp;&nbsp; 259765 | &nbsp;&nbsp; 8928123 |
| TechnipFMC PLC | &nbsp;&nbsp; 239619 | &nbsp;&nbsp; 9452970 |
| Total |  | &nbsp;&nbsp; 48928143 |
| **Oil, Gas & Consumable Fuels 1.3%** | **Oil, Gas & Consumable Fuels 1.3%** | **Oil, Gas & Consumable Fuels 1.3%** |
| ConocoPhillips Co. | &nbsp;&nbsp; 103395 | &nbsp;&nbsp; 9780133 |
| Expand Energy Corp. | &nbsp;&nbsp; 75582 | &nbsp;&nbsp; 8029832 |
| Valero Energy Corp. | &nbsp;&nbsp; 69327 | &nbsp;&nbsp; 11803615 |
| Total |  | &nbsp;&nbsp; 29613580 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **78541723** |
| **Financials 14.1%** | **Financials 14.1%** | **Financials 14.1%** |
| **Banks 3.7%** | **Banks 3.7%** | **Banks 3.7%** |
| Bank of America Corp. | &nbsp;&nbsp; 278500 | &nbsp;&nbsp; 14367815 |
| Huntington Bancshares, Inc. | &nbsp;&nbsp; 482089 | &nbsp;&nbsp; 8325677 |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 69022 | &nbsp;&nbsp; 21771609 |
| U.S. Bancorp | &nbsp;&nbsp; 179959 | &nbsp;&nbsp; 8697419 |
| Wells Fargo & Co. | &nbsp;&nbsp; 392026 | &nbsp;&nbsp; 32859619 |
| Total |  | &nbsp;&nbsp; 86022139 |
| **Capital Markets 3.3%** | **Capital Markets 3.3%** | **Capital Markets 3.3%** |
| Blackstone, Inc. | &nbsp;&nbsp; 105904 | &nbsp;&nbsp; 18093698 |
| Charles Schwab Corp. (The) | &nbsp;&nbsp; 97920 | &nbsp;&nbsp; 9348422 |
| Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp; 16602 | &nbsp;&nbsp; 13221003 |
| Morgan Stanley | &nbsp;&nbsp; 78420 | &nbsp;&nbsp; 12465643 |

---

Variable Portfolio – Partners Core Equity Fund \| 2025

------

Portfolio of Investments (continued)

Variable Portfolio – Partners Core Equity Fund, September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| Raymond James Financial, Inc. | &nbsp;&nbsp; 67366 | &nbsp;&nbsp; 11627372 |
| S&P Global, Inc. | &nbsp;&nbsp; 9960 | &nbsp;&nbsp; 4847632 |
| Tradeweb Markets, Inc., Class A | &nbsp;&nbsp; 71300 | &nbsp;&nbsp; 7912874 |
| Total |  | &nbsp;&nbsp; 77516644 |
| **Consumer Finance 1.6%** | **Consumer Finance 1.6%** | **Consumer Finance 1.6%** |
| American Express Co. | &nbsp;&nbsp; 111581 | &nbsp;&nbsp; 37062745 |
| **Financial Services 2.7%** | **Financial Services 2.7%** | **Financial Services 2.7%** |
| MasterCard, Inc., Class A | &nbsp;&nbsp; 56210 | &nbsp;&nbsp; 31972810 |
| Visa, Inc., Class A | &nbsp;&nbsp; 91265 | &nbsp;&nbsp; 31156046 |
| Total |  | &nbsp;&nbsp; 63128856 |
| **Insurance 2.8%** | **Insurance 2.8%** | **Insurance 2.8%** |
| Arthur J Gallagher & Co. | &nbsp;&nbsp; 74923 | &nbsp;&nbsp; 23206650 |
| Progressive Corp. (The) | &nbsp;&nbsp; 87287 | &nbsp;&nbsp; 21555524 |
| Travelers Companies, Inc. (The) | &nbsp;&nbsp; 68717 | &nbsp;&nbsp; 19187161 |
| Total |  | &nbsp;&nbsp; 63949335 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **327679719** |
| **Health Care 7.9%** | **Health Care 7.9%** | **Health Care 7.9%** |
| **Biotechnology 2.3%** | **Biotechnology 2.3%** | **Biotechnology 2.3%** |
| AbbVie, Inc. | &nbsp;&nbsp; 78853 | &nbsp;&nbsp; 18257624 |
| Gilead Sciences, Inc. | &nbsp;&nbsp; 107726 | &nbsp;&nbsp; 11957586 |
| Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp; 12588 | &nbsp;&nbsp; 7077855 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 42832 | &nbsp;&nbsp; 16774724 |
| Total |  | &nbsp;&nbsp; 54067789 |
| **Health Care Equipment & Supplies 2.4%** | **Health Care Equipment & Supplies 2.4%** | **Health Care Equipment & Supplies 2.4%** |
| Abbott Laboratories | &nbsp;&nbsp; 82740 | &nbsp;&nbsp; 11082196 |
| Edwards Lifesciences Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 170845 | &nbsp;&nbsp; 13286616 |
| Medtronic PLC | &nbsp;&nbsp; 168459 | &nbsp;&nbsp; 16044035 |
| Stryker Corp. | &nbsp;&nbsp; 41365 | &nbsp;&nbsp; 15291399 |
| Total |  | &nbsp;&nbsp; 55704246 |
| **Health Care Providers & Services 2.0%** | **Health Care Providers & Services 2.0%** | **Health Care Providers & Services 2.0%** |
| Cencora, Inc. | &nbsp;&nbsp; 38307 | &nbsp;&nbsp; 11972087 |
| Encompass Health Corp. | &nbsp;&nbsp; 37706 | &nbsp;&nbsp; 4789416 |
| Molina Healthcare, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 42852 | &nbsp;&nbsp; 8200159 |
| Quest Diagnostics, Inc. | &nbsp;&nbsp; 55665 | &nbsp;&nbsp; 10608636 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp; 34688 | &nbsp;&nbsp; 11977766 |
| Total |  | &nbsp;&nbsp; 47548064 |
| **Life Sciences Tools & Services 0.4%** | **Life Sciences Tools & Services 0.4%** | **Life Sciences Tools & Services 0.4%** |
| Mettler-Toledo International, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 7400 | &nbsp;&nbsp; 9084314 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Pharmaceuticals 0.8%** | **Pharmaceuticals 0.8%** | **Pharmaceuticals 0.8%** |
| Eli Lilly & Co. | &nbsp;&nbsp; 23679 | &nbsp;&nbsp; 18067077 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **184471490** |
| **Industrials 8.9%** | **Industrials 8.9%** | **Industrials 8.9%** |
| **Aerospace & Defense 1.8%** | **Aerospace & Defense 1.8%** | **Aerospace & Defense 1.8%** |
| General Electric Co. | &nbsp;&nbsp; 39291 | &nbsp;&nbsp; 11819518 |
| Howmet Aerospace, Inc. | &nbsp;&nbsp; 51929 | &nbsp;&nbsp; 10190028 |
| Northrop Grumman Corp. | &nbsp;&nbsp; 33377 | &nbsp;&nbsp; 20337274 |
| Total |  | &nbsp;&nbsp; 42346820 |
| **Building Products 1.0%** | **Building Products 1.0%** | **Building Products 1.0%** |
| Carrier Global Corp. | &nbsp;&nbsp; 151956 | &nbsp;&nbsp; 9071773 |
| Trane Technologies PLC | &nbsp;&nbsp; 36176 | &nbsp;&nbsp; 15264825 |
| Total |  | &nbsp;&nbsp; 24336598 |
| **Commercial Services & Supplies 0.4%** | **Commercial Services & Supplies 0.4%** | **Commercial Services & Supplies 0.4%** |
| Republic Services, Inc. | &nbsp;&nbsp; 38895 | &nbsp;&nbsp; 8925624 |
| **Electrical Equipment 1.1%** | **Electrical Equipment 1.1%** | **Electrical Equipment 1.1%** |
| AMETEK, Inc. | &nbsp;&nbsp; 50017 | &nbsp;&nbsp; 9403196 |
| Eaton Corp. PLC | &nbsp;&nbsp; 45224 | &nbsp;&nbsp; 16925082 |
| Total |  | &nbsp;&nbsp; 26328278 |
| **Ground Transportation 0.4%** | **Ground Transportation 0.4%** | **Ground Transportation 0.4%** |
| CSX Corp. | &nbsp;&nbsp; 37747 | &nbsp;&nbsp; 1340396 |
| Old Dominion Freight Line, Inc. | &nbsp;&nbsp; 51691 | &nbsp;&nbsp; 7277059 |
| Total |  | &nbsp;&nbsp; 8617455 |
| **Machinery 2.9%** | **Machinery 2.9%** | **Machinery 2.9%** |
| Caterpillar, Inc. | &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 9161280 |
| Deere & Co. | &nbsp;&nbsp; 54479 | &nbsp;&nbsp; 24911068 |
| Ingersoll Rand, Inc. | &nbsp;&nbsp; 107450 | &nbsp;&nbsp; 8877519 |
| Parker-Hannifin Corp. | &nbsp;&nbsp; 19234 | &nbsp;&nbsp; 14582257 |
| Pentair PLC | &nbsp;&nbsp; 86149 | &nbsp;&nbsp; 9541863 |
| Total |  | &nbsp;&nbsp; 67073987 |
| **Professional Services 1.1%** | **Professional Services 1.1%** | **Professional Services 1.1%** |
| Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp; 72029 | &nbsp;&nbsp; 7199298 |
| Broadridge Financial Solutions, Inc. | &nbsp;&nbsp; 40817 | &nbsp;&nbsp; 9721385 |
| Equifax, Inc. | &nbsp;&nbsp; 30686 | &nbsp;&nbsp; 7871880 |
| Total |  | &nbsp;&nbsp; 24792563 |

---

Variable Portfolio – Partners Core Equity Fund \| 2025

------

Portfolio of Investments (continued)

Variable Portfolio – Partners Core Equity Fund, September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Trading Companies & Distributors 0.2%** | **Trading Companies & Distributors 0.2%** | **Trading Companies & Distributors 0.2%** |
| United Rentals, Inc. | &nbsp;&nbsp; 4310 | &nbsp;&nbsp; 4114585 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **206535910** |
| **Information Technology 33.4%** | **Information Technology 33.4%** | **Information Technology 33.4%** |
| **Communications Equipment 0.5%** | **Communications Equipment 0.5%** | **Communications Equipment 0.5%** |
| Arista Networks, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 71400 | &nbsp;&nbsp; 10403694 |
| **Electronic Equipment, Instruments & Components 1.4%** | **Electronic Equipment, Instruments & Components 1.4%** | **Electronic Equipment, Instruments & Components 1.4%** |
| Keysight Technologies, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 62086 | &nbsp;&nbsp; 10860083 |
| TE Connectivity PLC | &nbsp;&nbsp; 52339 | &nbsp;&nbsp; 11489981 |
| Teledyne Technologies, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 18155 | &nbsp;&nbsp; 10639556 |
| Total |  | &nbsp;&nbsp; 32989620 |
| **Semiconductors & Semiconductor Equipment 14.2%** | **Semiconductors & Semiconductor Equipment 14.2%** | **Semiconductors & Semiconductor Equipment 14.2%** |
| Analog Devices, Inc. | &nbsp;&nbsp; 51717 | &nbsp;&nbsp; 12706867 |
| ASML Holding NV | &nbsp;&nbsp; 9870 | &nbsp;&nbsp; 9555048 |
| Broadcom, Inc. | &nbsp;&nbsp; 201166 | &nbsp;&nbsp; 66366675 |
| NVIDIA Corp. | &nbsp;&nbsp; 1039378 | &nbsp;&nbsp; 193927147 |
| NXP Semiconductors NV | &nbsp;&nbsp; 141063 | &nbsp;&nbsp; 32124277 |
| &nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co., Ltd., <br> ADR<br>| &nbsp;&nbsp; 47185 | &nbsp;&nbsp; 13178299 |
| Total |  | &nbsp;&nbsp; 327858313 |
| **Software 11.6%** | **Software 11.6%** | **Software 11.6%** |
| Intuit, Inc. | &nbsp;&nbsp; 20100 | &nbsp;&nbsp; 13726491 |
| Microsoft Corp. | &nbsp;&nbsp; 391564 | &nbsp;&nbsp; 202810574 |
| Oracle Corp. | &nbsp;&nbsp; 76040 | &nbsp;&nbsp; 21385490 |
| PTC, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 40967 | &nbsp;&nbsp; 8317120 |
| Salesforce, Inc. | &nbsp;&nbsp; 33828 | &nbsp;&nbsp; 8017236 |
| ServiceNow, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 16779 | &nbsp;&nbsp; 15441378 |
| Total |  | &nbsp;&nbsp; 269698289 |
| **Technology Hardware, Storage & Peripherals 5.7%** | **Technology Hardware, Storage & Peripherals 5.7%** | **Technology Hardware, Storage & Peripherals 5.7%** |
| Apple, Inc. | &nbsp;&nbsp; 521370 | &nbsp;&nbsp; 132756443 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **773706359** |
| **Materials 3.4%** | **Materials 3.4%** | **Materials 3.4%** |
| **Chemicals 1.3%** | **Chemicals 1.3%** | **Chemicals 1.3%** |
| Ecolab, Inc. | &nbsp;&nbsp; 29812 | &nbsp;&nbsp; 8164314 |
| Linde PLC | &nbsp;&nbsp; 27921 | &nbsp;&nbsp; 13262475 |
| Sherwin-Williams Co. (The) | &nbsp;&nbsp; 23672 | &nbsp;&nbsp; 8196667 |
| Total |  | &nbsp;&nbsp; 29623456 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Construction Materials 0.9%** | **Construction Materials 0.9%** | **Construction Materials 0.9%** |
| Vulcan Materials Co. | &nbsp;&nbsp; 71321 | &nbsp;&nbsp; 21939766 |
| **Containers & Packaging 1.2%** | **Containers & Packaging 1.2%** | **Containers & Packaging 1.2%** |
| Ball Corp. | &nbsp;&nbsp; 164801 | &nbsp;&nbsp; 8309267 |
| International Paper Co. | &nbsp;&nbsp; 177815 | &nbsp;&nbsp; 8250616 |
| Packaging Corp. of America | &nbsp;&nbsp; 46280 | &nbsp;&nbsp; 10085800 |
| Total |  | &nbsp;&nbsp; 26645683 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **78208905** |
| **Real Estate 0.8%** | **Real Estate 0.8%** | **Real Estate 0.8%** |
| **Health Care REITs 0.5%** | **Health Care REITs 0.5%** | **Health Care REITs 0.5%** |
| Welltower, Inc. | &nbsp;&nbsp; 61381 | &nbsp;&nbsp; 10934411 |
| **Industrial REITs 0.3%** | **Industrial REITs 0.3%** | **Industrial REITs 0.3%** |
| Prologis, Inc. | &nbsp;&nbsp; 61527 | &nbsp;&nbsp; 7046072 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **17980483** |
| **Utilities 2.9%** | **Utilities 2.9%** | **Utilities 2.9%** |
| **Electric Utilities 2.1%** | **Electric Utilities 2.1%** | **Electric Utilities 2.1%** |
| Entergy Corp. | &nbsp;&nbsp; 68180 | &nbsp;&nbsp; 6353694 |
| NextEra Energy, Inc. | &nbsp;&nbsp; 238326 | &nbsp;&nbsp; 17991230 |
| Southern Co. (The) | &nbsp;&nbsp; 251172 | &nbsp;&nbsp; 23803570 |
| Total |  | &nbsp;&nbsp; 48148494 |
| **Gas Utilities 0.4%** | **Gas Utilities 0.4%** | **Gas Utilities 0.4%** |
| Atmos Energy Corp. | &nbsp;&nbsp; 63545 | &nbsp;&nbsp; 10850309 |
| **Multi-Utilities 0.4%** | **Multi-Utilities 0.4%** | **Multi-Utilities 0.4%** |
| Ameren Corp. | &nbsp;&nbsp; 87355 | &nbsp;&nbsp; 9118115 |
| **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **68116918** |
| &nbsp;&nbsp; Total Common Stocks <br>(Cost $1,762,351,656) | &nbsp;&nbsp; Total Common Stocks <br>(Cost $1,762,351,656) | &nbsp;&nbsp; **2311671192** |
| **Money Market Funds 0.2%** | **Money Market Funds 0.2%** | **Money Market Funds 0.2%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 4.265%<sup>(b),(c)</sup> <br>| &nbsp;&nbsp; 3251895 | &nbsp;&nbsp; 3250920 |
| &nbsp;&nbsp; Total Money Market Funds <br>(Cost $3,250,511) | &nbsp;&nbsp; Total Money Market Funds <br>(Cost $3,250,511) | &nbsp;&nbsp; **3250920** |
| **Total Investments in Securities** <br>**(Cost: $1,765,602,167)** | **Total Investments in Securities** <br>**(Cost: $1,765,602,167)** | &nbsp;&nbsp; **2314922112** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **3158649** |
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **2318080761** |

---

Variable Portfolio – Partners Core Equity Fund \| 2025

------

Portfolio of Investments (continued)

Variable Portfolio – Partners Core Equity Fund, September 30, 2025 (Unaudited)

**Notes to Portfolio of Investments** 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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% |
|  | 8385438 | &nbsp;&nbsp; 237124076 | &nbsp;&nbsp; (242259003)<br>| &nbsp;&nbsp; 409 | &nbsp;&nbsp; 3250920 | &nbsp;&nbsp; (2476)<br>| &nbsp;&nbsp; 350525 | &nbsp;&nbsp; 3251895 |

---

**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.

Variable Portfolio – Partners Core Equity Fund \| 2025

------

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

3QT7053_12_D01_(11/25)

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Columbia Funds Variable Series Trust II

- **b. Investment Company Act file number:** 811-22127

- **c. CIK number of Registrant:** 0001413032

- **d. LEI of Registrant:** 54930017CSZ4UCL7G406

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 290 Congress Street

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02110

  - **Telephone number:** 800-345-6611

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

- **a. Name of Series:** Variable Portfolio - Partners Core Equity Fund

- **b. EDGAR series identifier (if any):** S000019859

- **c. LEI of Series:** 549300CPXWIBRIYNXP44

**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:** $2323072776.76

**Total Liabilities:** $388930.80

**Net Assets:** $2322683845.96

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000055696 | 2.49%                | 1.42%                | 3.03%                |
| Class ID C000088789 | 2.49%                | 1.43%                | 3.05%                |
| Class ID C000088790 | 2.47%                | 1.43%                | 3.00%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $22404863.17             | $33927159.10                               |
| Month 2  | $26468610.20             | $4611902.55                                |
| Month 3  | $29376527.86             | $38864365.58                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BLACKSTONE GROUP INC                      | Blackstone Inc                            | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |    104486 | NS      | $17851433.10  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOKING HOLDINGS INC                      | Booking Holdings Inc                      | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |      1646 | NS      | $8887198.42   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOZ ALLEN HAMILTON HOLDING CORP          | Booz Allen Hamilton Holding Corp          | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Long             | EC               | CORP              | US        |     72029 | NS      | $7199298.55   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADRIDGE FINANCIAL SOLUTIONS INC        | Broadridge Financial Solutions Inc        | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |     40817 | NS      | $9721384.89   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADCOM INC                              | Broadcom Inc                              | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |    205029 | NS      | $67641117.39  | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX CORP                                  | CSX Corp                                  | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |     14818 | NS      | $526187.18    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CARRIER GLOBAL CORP                       | Carrier Global Corp                       | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               | CORP              | US        |    160698 | NS      | $9593670.60   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| CATERPILLAR INC                           | Caterpillar Inc                           | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |     19200 | NS      | $9161280.00   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPAND ENERGY CORP                        | Expand Energy Corp                        | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |     75582 | NS      | $8029831.68   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| CHIPOTLE MEXICAN GRILL INC                | Chipotle Mexican Grill Inc                | CUSIP: 169656105<br>LEI: 5493007DZOMUBASCBX97 | Long             | EC               | CORP              | US        |    145281 | NS      | $5693562.39   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| COCA-COLA CO                              | Coca-Cola Co/The                          | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |    158597 | NS      | $10518153.04  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| COLGATE-PALMOLIVE CO                      | Colgate-Palmolive Co                      | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |    113891 | NS      | $9104446.54   | 0.39%             |  |  |  | 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        |   3251895 | NS      | $3250919.73   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CONOCOPHILLIPS                            | ConocoPhillips                            | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |    103395 | NS      | $9780133.05   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| DEERE & CO                                | Deere & Co                                | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |     54584 | NS      | $24959079.84  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| WALT DISNEY CO                            | Walt Disney Co/The                        | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |    216061 | NS      | $24738984.50  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| DOLLAR TREE INC                           | Dollar Tree Inc                           | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               | CORP              | US        |     71612 | NS      | $6758024.44   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| DOORDASH INC                              | DoorDash Inc                              | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |     24000 | NS      | $6527760.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| ECOLAB INC                                | Ecolab Inc                                | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |     29812 | NS      | $8164314.32   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| EDWARDS LIFESCIENCES CORP                 | Edwards Lifesciences Corp                 | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |    171534 | NS      | $13340199.18  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| ENCOMPASS HEALTH CORP                     | Encompass Health Corp                     | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |     37706 | NS      | $4789416.12   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTERGY CORP                              | Entergy Corp                              | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |     68457 | NS      | $6379507.83   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUIFAX INC                               | Equifax Inc                               | CUSIP: 294429105<br>LEI: 5493004MCF8JDC86VS77 | Long             | EC               | CORP              | US        |     30686 | NS      | $7871879.58   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS INC                        | Meta Platforms Inc                        | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     91024 | NS      | $66846205.12  | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| ARTHUR J GALLAGHER & CO                   | Arthur J Gallagher & Co                   | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |     75224 | NS      | $23299881.76  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA CORP                               | NVIDIA Corp                               | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |   1041707 | NS      | $194361692.06 | 8.37%             |  |  |  | No            |                  1 | On Loan: No      |
| OREILLY AUTOMOTIVE INC                    | O'Reilly Automotive Inc                   | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |     94548 | NS      | $10193219.88  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| OLD DOMINION FREIGHT LINE INC             | Old Dominion Freight Line Inc             | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               | CORP              | US        |     51691 | NS      | $7277058.98   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| ORACLE CORPORATION                        | Oracle Corp                               | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     72536 | NS      | $20400024.64  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC INC                                   | PTC Inc                                   | CUSIP: 69370C100<br>LEI: 54930050SSMU8SKDJ030 | Long             | EC               | CORP              | US        |     40967 | NS      | $8317120.34   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| PACKAGING CORP OF AMERICA                 | Packaging Corp of America                 | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |     46280 | NS      | $10085800.40  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| PARKER HANNIFIN CORPORATION               | Parker-Hannifin Corp                      | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |     19234 | NS      | $14582257.10  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| PROCTER & GAMBLE CO                       | Procter & Gamble Co/The                   | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |    108074 | NS      | $16605570.10  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| PROGRESSIVE CORP                          | Progressive Corp/The                      | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |     87463 | NS      | $21598987.85  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| PROLOGIS INC                              | Prologis Inc                              | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |     61776 | NS      | $7074587.52   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| QUEST DIAGNOSTICS INC                     | Quest Diagnostics Inc                     | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |     55665 | NS      | $10608635.70  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| RAYMOND JAMES FINANCIAL INC.              | Raymond James Financial Inc               | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |     67779 | NS      | $11698655.40  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| REGENERON PHARMACEUTICALS INC.            | Regeneron Pharmaceuticals Inc             | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |     12641 | NS      | $7107655.07   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC SERVICES INC                     | Republic Services Inc                     | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |     38895 | NS      | $8925624.60   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P GLOBAL INC                            | S&P Global Inc                            | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |     14040 | NS      | $6833408.40   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| SALESFORCE INC                            | Salesforce Inc                            | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |     33828 | NS      | $8017236.00   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| SCHLUMBERGER NV                           | Schlumberger NV                           | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |    259765 | NS      | $8928123.05   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| CHARLES SCHWAB CORP                       | Charles Schwab Corp/The                   | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |     97920 | NS      | $9348422.40   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| SERVICENOW INC                            | ServiceNow Inc                            | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |     16847 | NS      | $15503957.16  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| SHERWIN-WILLIAMS COMPANY (THE)            | Sherwin-Williams Co/The                   | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |     23672 | NS      | $8196666.72   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHERN COMPANY (THE)                    | Southern Co/The                           | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |    251762 | NS      | $23859484.74  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| STRYKER CORP                              | Stryker Corp                              | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |     41532 | NS      | $15353134.44  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX COMPANIES INC                         | TJX Cos Inc/The                           | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |     90864 | NS      | $13133482.56  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| MEDTRONIC PLC                             | Medtronic PLC                             | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |    170822 | NS      | $16269087.28  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| PENTAIR PLC                               | Pentair PLC                               | CUSIP: G7S00T104<br>LEI: 549300EVR9D56WPSRP15 | Long             | EC               | CORP              | IE        |     86149 | NS      | $9541863.24   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| TE CONNECTIVITY PLC                       | TE Connectivity PLC                       | CUSIP: G87052109<br>LEI: 6367003TB6K484NFHE54 | Long             | EC               | CORP              | IE        |     54439 | NS      | $11950993.67  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| TECHNIPFMC PLC                            | TechnipFMC PLC                            | CUSIP: G87110105<br>LEI: 549300D5I93QWCJTCK36 | Long             | EC               | CORP              | GB        |    239619 | NS      | $9452969.55   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANE TECHNOLOGIES PLC                    | Trane Technologies PLC                    | CUSIP: G8994E103<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               | CORP              | IE        |     36679 | NS      | $15477070.84  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML HOLDING NV                           | ASML Holding NV                           | CUSIP: N07059210<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |      9910 | NS      | $9593771.90   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP SEMICONDUCTORS NV                     | NXP Semiconductors NV                     | CUSIP: N6596X109<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | NL        |    138395 | NS      | $31516693.35  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| T-MOBILE US INC                           | T-Mobile US Inc                           | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |     63067 | NS      | $15096978.46  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD | Taiwan Semiconductor Manufacturing Co Ltd | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     47185 | NS      | $13178298.65  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| TELEDYNE TECHNOLOGIES INC                 | Teledyne Technologies Inc                 | CUSIP: 879360105<br>LEI: 549300VSMO9KYQWDND94 | Long             | EC               | CORP              | US        |     18155 | NS      | $10639556.20  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| TESLA INC                                 | Tesla Inc                                 | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |     43205 | NS      | $19214127.60  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| TRADEWEB MARKETS INC                      | Tradeweb Markets Inc                      | CUSIP: 892672106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     71300 | NS      | $7912874.00   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| TRAVELERS COMPANIES INC                   | Travelers Cos Inc/The                     | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |     68856 | NS      | $19225972.32  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| US BANCORP                                | US Bancorp                                | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |    180686 | NS      | $8732554.38   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| ULTA BEAUTY INC                           | Ulta Beauty Inc                           | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |     18544 | NS      | $10138932.00  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED RENTALS INC                        | United Rentals Inc                        | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |      4329 | NS      | $4132723.14   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GROUP INC                    | UnitedHealth Group Inc                    | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     34688 | NS      | $11977766.40  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| VALERO ENERGY CORP                        | Valero Energy Corp                        | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |     69327 | NS      | $11803615.02  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| VERTEX PHARM INC                          | Vertex Pharmaceuticals Inc                | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |     42910 | NS      | $16805272.40  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| VISA INC                                  | Visa Inc                                  | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     91265 | NS      | $31156045.70  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| VULCAN MATERIALS COMPANY                  | Vulcan Materials Co                       | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |     71607 | NS      | $22027745.34  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| WALMART INC                               | Walmart Inc                               | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |    366191 | NS      | $37739644.46  | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO & COMPANY                     | Wells Fargo & Co                          | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |    393607 | NS      | $32992138.74  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLTOWER OP LLC                          | Welltower Inc                             | CUSIP: 95040Q104<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | EC               | CORP              | US        |     61381 | NS      | $10934411.34  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| EATON CORPORATION PLC                     | Eaton Corp PLC                            | CUSIP: G29183103<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |     45407 | NS      | $16993569.75  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| LINDE PLC                                 | Linde PLC                                 | CUSIP: G54950103<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | IE        |     27921 | NS      | $13262475.00  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL ELECTRIC CO                       | General Electric Co                       | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |     39291 | NS      | $11819518.62  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| GILEAD SCIENCES INC                       | Gilead Sciences Inc                       | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |    107726 | NS      | $11957586.00  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GROUP INC/THE               | Goldman Sachs Group Inc/The               | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |     16602 | NS      | $13221002.70  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| HOWMET AEROSPACE INC                      | Howmet Aerospace Inc                      | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |     52137 | NS      | $10230843.51  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| HUNTINGTON BANCSHARES INC                 | Huntington Bancshares Inc/OH              | CUSIP: 446150104<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EC               | CORP              | US        |    482089 | NS      | $8325677.03   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| INGERSOLL RAND INC                        | Ingersoll Rand Inc                        | CUSIP: 45687V106<br>LEI: 5299004C02FMZCUOIR50 | Long             | EC               | CORP              | US        |    107450 | NS      | $8877519.00   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| INTL PAPER CO                             | International Paper Co                    | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |    177815 | NS      | $8250616.00   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUIT INC                                | Intuit Inc                                | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |     20180 | NS      | $13781123.80  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO                       | JPMorgan Chase & Co                       | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     69022 | NS      | $21771609.46  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| KEYSIGHT TECHNOLOGIES INC                 | Keysight Technologies Inc                 | CUSIP: 49338L103<br>LEI: 549300GLKVIO8YRCYN02 | Long             | EC               | CORP              | US        |     62086 | NS      | $10860083.12  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| ELI LILLY AND COMPANY                     | Eli Lilly & Co                            | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     23775 | NS      | $18140325.00  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| LOWES COMPANIES INC                       | Lowe's Cos Inc                            | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |    181018 | NS      | $45491633.58  | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| MARRIOTT INTERNATIONAL INC                | Marriott International Inc/MD             | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |     35079 | NS      | $9135974.76   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| MASTERCARD INC                            | Mastercard Inc                            | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     56436 | NS      | $32101361.16  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| MCDONALDS CORP                            | McDonald's Corp                           | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |    105569 | NS      | $32081363.41  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| METTLER-TOLEDO INTL INC                   | Mettler-Toledo International Inc          | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               | CORP              | US        |      7400 | NS      | $9084314.00   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORP                            | Microsoft Corp                            | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    392363 | NS      | $203224415.85 | 8.75%             |  |  |  | No            |                  1 | On Loan: No      |
| MOLINA HEALTHCARE INC                     | Molina Healthcare Inc                     | CUSIP: 60855R100<br>LEI: 549300NQQCEQ46YHZ591 | Long             | EC               | CORP              | US        |     42852 | NS      | $8200158.72   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| MONDELEZ INTERNATIONAL INC                | Mondelez International Inc                | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |    352061 | NS      | $21993250.67  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                            | Morgan Stanley                            | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |     78738 | NS      | $12516192.48  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| NETFLIX INC                               | Netflix Inc                               | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |     14878 | NS      | $17837531.76  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTERA ENERGY INC                        | NextEra Energy Inc                        | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |    239285 | NS      | $18063624.65  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHROP GRUMMAN CORP                     | Northrop Grumman Corp                     | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |     33841 | NS      | $20619998.12  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| ABBOTT LABORATORIES                       | Abbott Laboratories                       | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     82740 | NS      | $11082195.60  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| ABBVIE INC                                | AbbVie Inc                                | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     79173 | NS      | $18331716.42  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC                              | Alphabet Inc                              | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    250334 | NS      | $60968845.70  | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC                              | Alphabet Inc                              | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    194207 | NS      | $47211721.70  | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM INC                            | Amazon.com Inc                            | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    374763 | NS      | $82286711.91  | 3.54%             |  |  |  | No            |                  1 | On Loan: No      |
| AMEREN CORPORATION                        | Ameren Corp                               | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |     87355 | NS      | $9118114.90   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN EXPRESS COMPANY                  | American Express Co                       | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |    111903 | NS      | $37169700.48  | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| CENCORA INC                               | Cencora Inc                               | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |     38307 | NS      | $11972086.71  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| AMETEK INC                                | AMETEK Inc                                | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |     50017 | NS      | $9403196.00   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| ANALOG DEVICES INC                        | Analog Devices Inc                        | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |     51717 | NS      | $12706866.90  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC                                 | Apple Inc                                 | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    522736 | NS      | $133104267.68 | 5.73%             |  |  |  | No            |                  1 | On Loan: No      |
| ARISTA NETWORKS INC                       | Arista Networks Inc                       | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |     71400 | NS      | $10403694.00  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| ATMOS ENERGY CORP                         | Atmos Energy Corp                         | CUSIP: 049560105<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | EC               | CORP              | US        |     63545 | NS      | $10850308.75  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| BAKER HUGHES CO                           | Baker Hughes Co                           | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    630597 | NS      | $30722685.84  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| BALL CORP                                 | Ball Corp                                 | CUSIP: 058498106<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | EC               | CORP              | US        |    164801 | NS      | $8309266.42   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORP                      | Bank of America Corp                      | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    278500 | NS      | $14367815.00  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-22

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

**Signature:** Martha Skinner

**Name of Signer:** Martha Skinner

**Title:** Assistant Treasurer