# EDGAR Filing Document

**Accession Number:** 0001413032
**File Stem:** 0001193125-25-298482
**Filing Date:** 2025-11
**Character Count:** 39655
**Document Hash:** 9f7e458c8f84ef6f1b86cc272a324c42
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-298482.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001193125-25-298482

**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:** 251524055

**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 Small Cap Value Fund (Series ID: S000019852)

| Class ID   | Class Name                                                        | Ticker Symbol   |
|:---|:---|:---|
| C000055689 | Columbia Variable Portfolio - Select Small Cap Value Fund Class 3 |  |
| C000088779 | Columbia Variable Portfolio - Select Small Cap Value Fund Class 1 |  |
| C000088780 | Columbia Variable Portfolio - Select Small Cap Value Fund Class 2 |  |

## Nport-Ex

![](img5589e1251.jpg)

Columbia Variable Portfolio – Select Small Cap Value Fund

**Third Quarter Report**

September 30, 2025 (Unaudited)

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

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

---

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

---

------

Portfolio of Investments

Columbia Variable Portfolio – Select Small Cap Value 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 98.5%** | **Common Stocks 98.5%** | **Common Stocks 98.5%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Consumer Discretionary 10.0%** | **Consumer Discretionary 10.0%** | **Consumer Discretionary 10.0%** |
| **Automobile Components 2.1%** | **Automobile Components 2.1%** | **Automobile Components 2.1%** |
| Visteon Corp. | &nbsp;&nbsp; 18956 | &nbsp;&nbsp; 2272066 |
| **Hotels, Restaurants & Leisure 3.0%** | **Hotels, Restaurants & Leisure 3.0%** | **Hotels, Restaurants & Leisure 3.0%** |
| Six Flags Entertainment Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 50148 | &nbsp;&nbsp; 1139362 |
| Texas Roadhouse, Inc. | &nbsp;&nbsp; 13153 | &nbsp;&nbsp; 2185371 |
| Total |  | &nbsp;&nbsp; 3324733 |
| **Household Durables 2.0%** | **Household Durables 2.0%** | **Household Durables 2.0%** |
| KB Home | &nbsp;&nbsp; 33639 | &nbsp;&nbsp; 2140786 |
| **Textiles, Apparel & Luxury Goods 2.9%** | **Textiles, Apparel & Luxury Goods 2.9%** | **Textiles, Apparel & Luxury Goods 2.9%** |
| Kontoor Brands, Inc. | &nbsp;&nbsp; 39388 | &nbsp;&nbsp; 3141981 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **10879566** |
| **Consumer Staples 2.2%** | **Consumer Staples 2.2%** | **Consumer Staples 2.2%** |
| **Food Products 2.2%** | **Food Products 2.2%** | **Food Products 2.2%** |
| Nomad Foods Ltd. | &nbsp;&nbsp; 113659 | &nbsp;&nbsp; 1494616 |
| Utz Brands, Inc. | &nbsp;&nbsp; 78279 | &nbsp;&nbsp; 951090 |
| Total |  | &nbsp;&nbsp; 2445706 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **2445706** |
| **Energy 4.7%** | **Energy 4.7%** | **Energy 4.7%** |
| **Energy Equipment & Services 0.9%** | **Energy Equipment & Services 0.9%** | **Energy Equipment & Services 0.9%** |
| Patterson-UTI Energy, Inc. | &nbsp;&nbsp; 188959 | &nbsp;&nbsp; 978807 |
| **Oil, Gas & Consumable Fuels 3.8%** | **Oil, Gas & Consumable Fuels 3.8%** | **Oil, Gas & Consumable Fuels 3.8%** |
| Murphy Oil Corp. | &nbsp;&nbsp; 47384 | &nbsp;&nbsp; 1346179 |
| PBF Energy, Inc., Class A | &nbsp;&nbsp; 52123 | &nbsp;&nbsp; 1572551 |
| SM Energy Co. | &nbsp;&nbsp; 47384 | &nbsp;&nbsp; 1183179 |
| Total |  | &nbsp;&nbsp; 4101909 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **5080716** |
| **Financials 29.5%** | **Financials 29.5%** | **Financials 29.5%** |
| **Banks 16.7%** | **Banks 16.7%** | **Banks 16.7%** |
| Atlantic Union Bankshares Corp. | &nbsp;&nbsp; 72626 | &nbsp;&nbsp; 2562972 |
| Axos Financial, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 42900 | &nbsp;&nbsp; 3631485 |
| Columbia Banking System, Inc. | &nbsp;&nbsp; 89848 | &nbsp;&nbsp; 2312688 |
| OceanFirst Financial Corp. | &nbsp;&nbsp; 84388 | &nbsp;&nbsp; 1482697 |
| Popular, Inc. | &nbsp;&nbsp; 25635 | &nbsp;&nbsp; 3255901 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| Seacoast Banking Corp. of Florida | &nbsp;&nbsp; 65340 | &nbsp;&nbsp; 1988296 |
| Stock Yards Bancorp, Inc. | &nbsp;&nbsp; 42407 | &nbsp;&nbsp; 2968066 |
| Total |  | &nbsp;&nbsp; 18202105 |
| **Capital Markets 1.8%** | **Capital Markets 1.8%** | **Capital Markets 1.8%** |
| Lazard, Inc. | &nbsp;&nbsp; 36745 | &nbsp;&nbsp; 1939401 |
| **Consumer Finance 1.4%** | **Consumer Finance 1.4%** | **Consumer Finance 1.4%** |
| PROG Holdings, Inc. | &nbsp;&nbsp; 46958 | &nbsp;&nbsp; 1519561 |
| **Financial Services 1.7%** | **Financial Services 1.7%** | **Financial Services 1.7%** |
| Radian Group, Inc. | &nbsp;&nbsp; 52552 | &nbsp;&nbsp; 1903433 |
| **Insurance 7.9%** | **Insurance 7.9%** | **Insurance 7.9%** |
| CNO Financial Group, Inc. | &nbsp;&nbsp; 61990 | &nbsp;&nbsp; 2451704 |
| Hanover Insurance Group, Inc. (The) | &nbsp;&nbsp; 14381 | &nbsp;&nbsp; 2612021 |
| Kemper Corp. | &nbsp;&nbsp; 37558 | &nbsp;&nbsp; 1936115 |
| Skyward Specialty Insurance Group, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 33826 | &nbsp;&nbsp; 1608765 |
| Total |  | &nbsp;&nbsp; 8608605 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **32173105** |
| **Health Care 8.7%** | **Health Care 8.7%** | **Health Care 8.7%** |
| **Biotechnology 0.9%** | **Biotechnology 0.9%** | **Biotechnology 0.9%** |
| Cytokinetics, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 18588 | &nbsp;&nbsp; 1021597 |
| **Health Care Equipment & Supplies 3.7%** | **Health Care Equipment & Supplies 3.7%** | **Health Care Equipment & Supplies 3.7%** |
| CONMED Corp. | &nbsp;&nbsp; 20557 | &nbsp;&nbsp; 966796 |
| Integer Holdings Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 9477 | &nbsp;&nbsp; 979258 |
| LivaNova PLC<sup>(a)</sup> <br>| &nbsp;&nbsp; 39229 | &nbsp;&nbsp; 2054815 |
| Total |  | &nbsp;&nbsp; 4000869 |
| **Health Care Providers & Services 2.6%** | **Health Care Providers & Services 2.6%** | **Health Care Providers & Services 2.6%** |
| Tenet Healthcare Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 13836 | &nbsp;&nbsp; 2809261 |
| **Pharmaceuticals 1.5%** | **Pharmaceuticals 1.5%** | **Pharmaceuticals 1.5%** |
| Ligand Pharmaceuticals, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 9498 | &nbsp;&nbsp; 1682476 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **9514203** |
| **Industrials 18.7%** | **Industrials 18.7%** | **Industrials 18.7%** |
| **Aerospace & Defense 6.2%** | **Aerospace & Defense 6.2%** | **Aerospace & Defense 6.2%** |
| ATI, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 29207 | &nbsp;&nbsp; 2375697 |
| Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 47538 | &nbsp;&nbsp; 4343547 |
| Total |  | &nbsp;&nbsp; 6719244 |

---

Columbia Variable Portfolio – Select Small Cap Value Fund \| 2025

------

Portfolio of Investments (continued)

Columbia Variable Portfolio – Select Small Cap Value Fund, September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Building Products 2.8%** | **Building Products 2.8%** | **Building Products 2.8%** |
| Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp; 64394 | &nbsp;&nbsp; 3028450 |
| **Construction & Engineering 3.4%** | **Construction & Engineering 3.4%** | **Construction & Engineering 3.4%** |
| Primoris Services Corp. | &nbsp;&nbsp; 26649 | &nbsp;&nbsp; 3659707 |
| **Electrical Equipment 1.6%** | **Electrical Equipment 1.6%** | **Electrical Equipment 1.6%** |
| Regal Rexnord Corp. | &nbsp;&nbsp; 11995 | &nbsp;&nbsp; 1720563 |
| **Ground Transportation 1.5%** | **Ground Transportation 1.5%** | **Ground Transportation 1.5%** |
| Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp; 42474 | &nbsp;&nbsp; 1678147 |
| **Machinery 2.3%** | **Machinery 2.3%** | **Machinery 2.3%** |
| Atmus Filtration Technologies, Inc. | &nbsp;&nbsp; 55498 | &nbsp;&nbsp; 2502405 |
| **Professional Services 0.9%** | **Professional Services 0.9%** | **Professional Services 0.9%** |
| Alight, Inc., Class A | &nbsp;&nbsp; 312726 | &nbsp;&nbsp; 1019487 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **20328003** |
| **Information Technology 10.0%** | **Information Technology 10.0%** | **Information Technology 10.0%** |
| **Communications Equipment 4.7%** | **Communications Equipment 4.7%** | **Communications Equipment 4.7%** |
| Extreme Networks, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 132363 | &nbsp;&nbsp; 2733296 |
| Viavi Solutions, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 192331 | &nbsp;&nbsp; 2440680 |
| Total |  | &nbsp;&nbsp; 5173976 |
| **Electronic Equipment, Instruments & Components 1.7%** | **Electronic Equipment, Instruments & Components 1.7%** | **Electronic Equipment, Instruments & Components 1.7%** |
| Crane NXT Co. | &nbsp;&nbsp; 27308 | &nbsp;&nbsp; 1831548 |
| **Semiconductors & Semiconductor Equipment 3.6%** | **Semiconductors & Semiconductor Equipment 3.6%** | **Semiconductors & Semiconductor Equipment 3.6%** |
| Kulicke & Soffa Industries, Inc. | &nbsp;&nbsp; 28375 | &nbsp;&nbsp; 1153160 |
| MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 22020 | &nbsp;&nbsp; 2741270 |
| Total |  | &nbsp;&nbsp; 3894430 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **10899954** |
| **Materials 5.2%** | **Materials 5.2%** | **Materials 5.2%** |
| **Chemicals 3.9%** | **Chemicals 3.9%** | **Chemicals 3.9%** |
| Chemours Co. LLC (The) | &nbsp;&nbsp; 184131 | &nbsp;&nbsp; 2916635 |
| Minerals Technologies, Inc. | &nbsp;&nbsp; 22299 | &nbsp;&nbsp; 1385214 |
| Total |  | &nbsp;&nbsp; 4301849 |
| **Containers & Packaging 1.3%** | **Containers & Packaging 1.3%** | **Containers & Packaging 1.3%** |
| O-I Glass, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 108244 | &nbsp;&nbsp; 1403925 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **5705774** |
| **Real Estate 7.1%** | **Real Estate 7.1%** | **Real Estate 7.1%** |
| **Health Care REITs 2.0%** | **Health Care REITs 2.0%** | **Health Care REITs 2.0%** |
| Sabra Health Care REIT, Inc. | &nbsp;&nbsp; 115331 | &nbsp;&nbsp; 2149770 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Hotel & Resort REITs 1.1%** | **Hotel & Resort REITs 1.1%** | **Hotel & Resort REITs 1.1%** |
| Apple Hospitality REIT, Inc. | &nbsp;&nbsp; 94771 | &nbsp;&nbsp; 1138200 |
| **Industrial REITs 0.9%** | **Industrial REITs 0.9%** | **Industrial REITs 0.9%** |
| First Industrial Realty Trust, Inc. | &nbsp;&nbsp; 19703 | &nbsp;&nbsp; 1014113 |
| **Specialized REITs 3.1%** | **Specialized REITs 3.1%** | **Specialized REITs 3.1%** |
| Gaming and Leisure Properties, Inc. | &nbsp;&nbsp; 26636 | &nbsp;&nbsp; 1241504 |
| Outfront Media, Inc. | &nbsp;&nbsp; 118840 | &nbsp;&nbsp; 2177149 |
| Total |  | &nbsp;&nbsp; 3418653 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **7720736** |
| **Utilities 2.4%** | **Utilities 2.4%** | **Utilities 2.4%** |
| **Electric Utilities 2.4%** | **Electric Utilities 2.4%** | **Electric Utilities 2.4%** |
| Portland General Electric Co. | &nbsp;&nbsp; 60410 | &nbsp;&nbsp; 2658040 |
| **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **2658040** |
| &nbsp;&nbsp; Total Common Stocks <br>(Cost $82,814,023) | &nbsp;&nbsp; Total Common Stocks <br>(Cost $82,814,023) | &nbsp;&nbsp; **107405803** |
| **Rights —%** | **Rights —%** | **Rights —%** |
| **Health Care —%** | **Health Care —%** | **Health Care —%** |
| **Life Sciences Tools & Services —%** | **Life Sciences Tools & Services —%** | **Life Sciences Tools & Services —%** |
| OmniAb Operations, Inc.<sup>(a),(b),(c),(d)</sup> <br>| &nbsp;&nbsp; 1403 | &nbsp;&nbsp; — |
| OmniAb, Inc.<sup>(a),(b),(c),(d)</sup> <br>| &nbsp;&nbsp; 1403 | &nbsp;&nbsp; — |
| Total |  | &nbsp;&nbsp; — |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **—** |
| &nbsp;&nbsp; Total Rights <br>(Cost $—) | &nbsp;&nbsp; Total Rights <br>(Cost $—) | &nbsp;&nbsp; **—** |
| **Money Market Funds 1.6%** | **Money Market Funds 1.6%** | **Money Market Funds 1.6%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 4.265%<sup>(e),(f)</sup> <br>| &nbsp;&nbsp; 1723768 | &nbsp;&nbsp; 1723251 |
| &nbsp;&nbsp; Total Money Market Funds <br>(Cost $1,723,191) | &nbsp;&nbsp; Total Money Market Funds <br>(Cost $1,723,191) | &nbsp;&nbsp; **1723251** |
| **Total Investments in Securities** <br>**(Cost: $84,537,214)** | **Total Investments in Securities** <br>**(Cost: $84,537,214)** | &nbsp;&nbsp; **109129054** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **(90934)**<br>|
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **109038120** |

---

Columbia Variable Portfolio – Select Small Cap Value Fund \| 2025

------

Portfolio of Investments (continued)

Columbia Variable Portfolio – Select Small Cap Value Fund, September 30, 2025 (Unaudited)

**Notes to Portfolio of Investments** 

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents fair value as determined in good faith under procedures approved by the
 Board of Trustees. At September 30, 2025, the total value of these securities amounted to $0, which represents less than 0.01% of total net assets.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Acquisition** <br>**Dates**<br>| **Shares** | **Cost ($)** | **Value ($)** |
| OmniAb Operations, Inc. | 03/05/2015-06/10/2021 | &nbsp;&nbsp; 1403 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| OmniAb, Inc. | 03/05/2015-06/10/2021 | &nbsp;&nbsp; 1403 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) 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% |
|  | 649815 | &nbsp;&nbsp; 12155567 | &nbsp;&nbsp; (11082191)<br>| &nbsp;&nbsp; 60 | &nbsp;&nbsp; 1723251 | &nbsp;&nbsp; (424)<br>| &nbsp;&nbsp; 77111 | &nbsp;&nbsp; 1723768 |

---

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 – Select Small Cap Value Fund \| 2025

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

3QT7022_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:** Columbia Variable Portfolio - Select Small Cap Value Fund

- **b. EDGAR series identifier (if any):** S000019852

- **c. LEI of Series:** GVIC7V67VIFWPZ3FUT13

**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:** $109234797.94

**Total Liabilities:** $102547.32

**Net Assets:** $109132250.62

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000055689 | 0.93%                | 7.28%                | 0.81%                |
| Class ID C000088779 | 0.94%                | 7.28%                | 0.82%                |
| Class ID C000088780 | 0.92%                | 7.25%                | 0.80%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3130809.55              | $-2111510.25                               |
| Month 2  | $-10.23                  | $7212817.58                                |
| Month 3  | $464344.95               | $238937.69                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CONMED CORP                               | CONMED Corp                              | CUSIP: 207410101<br>LEI: Z6C0YCECH9DCU5ZIQW84 | Long             | EC               | CORP              | US        |     20557 | NS      | $966795.71    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| CRANE NXT CO                              | Crane NXT Co                             | CUSIP: 224441105<br>LEI: 549300EXNPSXEWUD3N21 | Long             | EC               | CORP              | US        |     27308 | NS      | $1831547.56   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| CYTOKINETICS INCORPORATED                 | Cytokinetics Inc                         | CUSIP: 23282W605<br>LEI: 549300BE5DY1HW7IHA64 | Long             | EC               | CORP              | US        |     18588 | NS      | $1021596.48   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| EXTREME NETWORKS INC                      | Extreme Networks Inc                     | CUSIP: 30226D106<br>LEI: 549300WRECW11X94UB57 | Long             | EC               | CORP              | US        |    132363 | NS      | $2733295.95   | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST IND REALTY TRUST INC                | First Industrial Realty Trust Inc        | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19703 | NS      | $1014113.41   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| GAMING AND LEISURE PROPERTIES INC         | Gaming and Leisure Properties Inc        | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |     26636 | NS      | $1241503.96   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| HANOVER INSURANCE GROUP INC               | Hanover Insurance Group Inc/The          | CUSIP: 410867105<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | EC               | CORP              | US        |     14381 | NS      | $2612021.03   | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| INTEGER HOLDINGS CORP                     | Integer Holdings Corp                    | CUSIP: 45826H109<br>LEI: 549300SUD2ED5XG6X569 | Long             | EC               | CORP              | US        |      9477 | NS      | $979258.41    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| KB HOME                                   | KB Home                                  | CUSIP: 48666K109<br>LEI: 549300LGUCWQURMWLG09 | Long             | EC               | CORP              | US        |     33639 | NS      | $2140785.96   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| KEMPER CORP                               | Kemper Corp                              | CUSIP: 488401100<br>LEI: 549300FNI1JKTRY2PV09 | Long             | EC               | CORP              | US        |     37558 | NS      | $1936114.90   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC  | Knight-Swift Transportation Holdings Inc | CUSIP: 499049104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     42474 | NS      | $1678147.74   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| KONTOOR BRANDS INC                        | Kontoor Brands Inc                       | CUSIP: 50050N103<br>LEI: 549300M0CPXV65RFF271 | Long             | EC               | CORP              | US        |     39388 | NS      | $3141980.76   | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| KRATOS DEFENSE AND SECURITY SOLUTIONS INC | Kratos Defense & Security Solutions Inc  | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |     47538 | NS      | $4343547.06   | 3.98%             |  |  |  | No            |                  1 | On Loan: No      |
| KULICKE & SOFFA IND INC.                  | Kulicke & Soffa Industries Inc           | CUSIP: 501242101<br>LEI: 529900H6BEIRBF429744 | Long             | EC               | CORP              | US        |     28375 | NS      | $1153160.00   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| LAZARD INC                                | Lazard Inc                               | CUSIP: 52110M109<br>LEI: 254900RIBCDJSUFG1A11 | Long             | EC               | CORP              | US        |     36745 | NS      | $1939401.10   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| LIGAND PHARMACEUTICALS INC                | Ligand Pharmaceuticals Inc               | CUSIP: 53220K504<br>LEI: 5493008K7TB0IKP37H79 | Long             | EC               | CORP              | US        |      9498 | NS      | $1682475.72   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| MACOM TECHNOLOGY SOLUTIONS HOLDINGS INC   | MACOM Technology Solutions Holdings Inc  | CUSIP: 55405Y100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22020 | NS      | $2741269.80   | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| MINERALS TECH INC.                        | Minerals Technologies Inc                | CUSIP: 603158106<br>LEI: 549300D3I1QU67GP6403 | Long             | EC               | CORP              | US        |     22299 | NS      | $1385213.88   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| MURPHY OIL CORP                           | Murphy Oil Corp                          | CUSIP: 626717102<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | EC               | CORP              | US        |     47384 | NS      | $1346179.44   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| O-I GLASS INC                             | O-I Glass Inc                            | CUSIP: 67098H104<br>LEI: 213800PXY6M8SANLLB49 | Long             | EC               | CORP              | US        |    108244 | NS      | $1403924.68   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| OCEANFIRST FINL CORP.                     | OceanFirst Financial Corp                | CUSIP: 675234108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     84388 | NS      | $1482697.16   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| OMNIAB OPERATIONS INC                     | OmniAb Operations Inc                    | CUSIP: 68218J202<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1403 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| OMNIAB OPERATIONS INC                     | Omniab Inc/old                           | CUSIP: 68218J301<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1403 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| OUTFRONT MEDIA INC                        | Outfront Media Inc                       | CUSIP: 69007J304<br>LEI: 549300RZWDYU5722I639 | Long             | EC               | CORP              | US        |    118840 | NS      | $2177148.80   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| PBF ENERGY INC                            | PBF Energy Inc                           | CUSIP: 69318G106<br>LEI: 2549003PBEDCSZMZIY02 | Long             | EC               | CORP              | US        |     52123 | NS      | $1572550.91   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| PATTERSON-UTI ENERGY INC.                 | Patterson-UTI Energy Inc                 | CUSIP: 703481101<br>LEI: 254900XGFBKIXD6G0697 | Long             | EC               | CORP              | US        |    188959 | NS      | $978807.62    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| POPULAR INC                               | Popular Inc                              | CUSIP: 733174700<br>LEI: 5493008CARDZMVQ3LO89 | Long             | EC               | CORP              | PR        |     25635 | NS      | $3255901.35   | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| PORTLAND GENERAL ELECTRIC COMP            | Portland General Electric Co             | CUSIP: 736508847<br>LEI: GJOUP9M7C39GLSK9R870 | Long             | EC               | CORP              | US        |     60410 | NS      | $2658040.00   | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| PRIMORIS SERVICES CORP                    | Primoris Services Corp                   | CUSIP: 74164F103<br>LEI: 549300UF3OLBJ8D5K349 | Long             | EC               | CORP              | US        |     26649 | NS      | $3659707.17   | 3.35%             |  |  |  | No            |                  1 | On Loan: No      |
| PROG HOLDINGS INC                         | PROG Holdings Inc                        | CUSIP: 74319R101<br>LEI: 549300DHYTLBOVRXIG52 | Long             | EC               | CORP              | US        |     46958 | NS      | $1519560.88   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| RADIAN GRP INC                            | Radian Group Inc                         | CUSIP: 750236101<br>LEI: 54930005OUP720S5U385 | Long             | EC               | CORP              | US        |     52552 | NS      | $1903433.44   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| REGAL REXNORD CORP                        | Regal Rexnord Corp                       | CUSIP: 758750103<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | EC               | CORP              | US        |     11995 | NS      | $1720562.80   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| SM ENERGY CO                              | SM Energy Co                             | CUSIP: 78454L100<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | EC               | CORP              | US        |     47384 | NS      | $1183178.48   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| SABRA HEALTH CARE REIT INC                | Sabra Health Care REIT Inc               | CUSIP: 78573L106<br>LEI: 549300E3BC7GU7TAZ621 | Long             | EC               | CORP              | US        |    115331 | NS      | $2149769.84   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| SEACOAST BNKG CORP OF FLORIDA             | Seacoast Banking Corp of Florida         | CUSIP: 811707801<br>LEI: 549300V6IC06XYQYPG88 | Long             | EC               | CORP              | US        |     65340 | NS      | $1988296.20   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| SIX FLAGS ENTERTAINMENT CORP              | Six Flags Entertainment Corp             | CUSIP: 83001C108<br>LEI: 529900AS2CYWYFHRS781 | Long             | EC               | CORP              | US        |     50148 | NS      | $1139362.56   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| SKYWARD SPECIALTY INSURANCE GROUP INC     | Skyward Specialty Insurance Group Inc    | CUSIP: 830940102<br>LEI: 549300GXGXJG0YH4VN21 | Long             | EC               | CORP              | US        |     33826 | NS      | $1608764.56   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| STOCK YARDS BANCORP INC                   | Stock Yards Bancorp Inc                  | CUSIP: 861025104<br>LEI: 549300YERP9H5TDIQW16 | Long             | EC               | CORP              | US        |     42407 | NS      | $2968065.93   | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| TENET HEALTHCARE CORP                     | Tenet Healthcare Corp                    | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |     13836 | NS      | $2809261.44   | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXAS ROADHOUSE INC                       | Texas Roadhouse Inc                      | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Long             | EC               | CORP              | US        |     13153 | NS      | $2185370.95   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UTZ BRANDS INC                            | Utz Brands Inc                           | CUSIP: 918090101<br>LEI: 5299009BHBU2NH5HRN16 | Long             | EC               | CORP              | US        |     78279 | NS      | $951089.85    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| VIAVI SOLUTIONS INC                       | Viavi Solutions Inc                      | CUSIP: 925550105<br>LEI: 5493006K3E3N1QOBF092 | Long             | EC               | CORP              | US        |    192331 | NS      | $2440680.39   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| VISTEON CORP                              | Visteon Corp                             | CUSIP: 92839U206<br>LEI: 549300MOVLYHRW4GGW78 | Long             | EC               | CORP              | US        |     18956 | NS      | $2272066.16   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ZURN ELKAY WATER SOLUTIONS CORP           | Zurn Elkay Water Solutions Corp          | CUSIP: 98983L108<br>LEI: 549300AM3633XDFU1Q85 | Long             | EC               | CORP              | US        |     64394 | NS      | $3028449.82   | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| LIVANOVA PLC                              | LivaNova PLC                             | CUSIP: G5509L101<br>LEI: 2138001K2FX6SHK2B339 | Long             | EC               | CORP              | GB        |     39229 | NS      | $2054815.02   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| NOMAD FOODS LTD                           | Nomad Foods Ltd                          | CUSIP: G6564A105<br>LEI: 5493000ZZ1837DS2SI43 | Long             | EC               | CORP              | VG        |    113659 | NS      | $1494615.85   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| ALIGHT INC                                | Alight Inc                               | CUSIP: 01626W101<br>LEI: 2549002GDSJCKYY96752 | Long             | EC               | CORP              | US        |    312726 | NS      | $1019486.76   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| ATI INC                                   | ATI Inc                                  | CUSIP: 01741R102<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | EC               | CORP              | US        |     29207 | NS      | $2375697.38   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE HOSPITALITY REIT INC                | Apple Hospitality REIT Inc               | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               | CORP              | US        |     94771 | NS      | $1138199.71   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| UNION BANKSHARES CORP                     | Atlantic Union Bankshares Corp           | CUSIP: 04911A107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     72626 | NS      | $2562971.54   | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| ATMUS FILTRATION TECHNOLOGIES INC         | Atmus Filtration Technologies Inc        | CUSIP: 04956D107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     55498 | NS      | $2502404.82   | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| AXOS FINANCIAL INC                        | Axos Financial Inc                       | CUSIP: 05465C100<br>LEI: 529900D8M56422GK9O25 | Long             | EC               | CORP              | US        |     42900 | NS      | $3631485.00   | 3.33%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO FINANCIAL GROUP INC                   | CNO Financial Group Inc                  | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EC               | CORP              | US        |     61990 | NS      | $2451704.50   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEMOURS COMPANY                          | Chemours Co/The                          | CUSIP: 163851108<br>LEI: 549300M1BOLNXL8DOV14 | Long             | EC               | CORP              | US        |    184131 | NS      | $2916635.04   | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| COLUMBIA BANKING SYST INC.                | Columbia Banking System Inc              | CUSIP: 197236102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     89848 | NS      | $2312687.52   | 2.12%             |  |  |  | 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        |   1723768 | NS      | $1723251.28   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-21

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

**Signature:** Martha Skinner

**Name of Signer:** Martha Skinner

**Title:** Assistant Treasurer