0001413032 2024-12-31 2024-12-31 0001413032 cfvstii:S000040393Member 2024-12-31 2024-12-31 false 2024-12-31 497 0001413032 N-1A <div style="line-height:10.0pt;text-align:center;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Supplement dated March 19, 2026</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">to the Prospectus and Summary Prospectus of the following Fund:</span><span style="color:#003c78;float:left;font-family:arial;font-size:1pt;line-height:1pt"> </span></div> <table cellpadding="0" cellspacing="0" style="empty-cells:show;width:516pt"> <tr style="height:14pt"> <td style="background-color:#003C78;border-bottom:2pt solid #FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;width:339.64pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;margin-top:1pt;text-align:left;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Fund</span></div> </div> </td> <td style="background-color:#003C78;border-bottom:2pt solid #FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;width:176.36pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;margin-top:1pt;text-align:center;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold">Prospectus and Summary Prospectus Dated</span></div> </div> </td> </tr> <tr style="height:15pt"> <td style="background-color:#D9E5F1;border-bottom:2pt solid #FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;width:339.64pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:left;white-space:nowrap;"><span style="color:#003c78;font-family:arial;font-size:8pt;margin-left:0.0pt">Columbia Funds Variable Series Trust II</span></div> </div> </td> <td style="background-color:#D9E5F1;border-bottom:2pt solid #FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;width:176.36pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:center;white-space:nowrap;"><span style="color:#003c78;font-family:arial;font-size:8pt;margin-left:-85.18pt"> </span></div> </div> </td> </tr> <tr style="height:11pt"> <td style="background-color:#D9E5F1;padding-bottom:2pt;padding-top:3pt;vertical-align:Bottom;width:339.64pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:left;white-space:nowrap;"><span style="color:#003c78;font-family:arial;font-size:8pt;margin-left:0.0pt"> Columbia Variable Portfolio – Commodity Strategy Fund</span></div> </div> </td> <td style="background-color:#D9E5F1;padding-bottom:2pt;padding-top:3pt;vertical-align:Bottom;width:176.36pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:center;white-space:nowrap;"><span style="color:#003c78;font-family:arial;font-size:8pt;margin-left:0.00pt">5/1/2025</span></div> </div> </td> </tr> </table><div style="margin-top:12pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">On March 19, 2026, the Fund's Board of Trustees approved certain changes to the Fund's Principal Investment </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Strategies and Principal Risks.</span></div><div style="margin-top:12pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Effective immediately, the following changes are hereby made to the Fund's Prospectus and Summary Prospectus.</span></div><div style="margin-top:12pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">The first paragraph under the subsection “</span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Principal Investment Strategies</span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">” in the Summary Prospectus and in the </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">“Summary of the Fund” section of the Prospectus is hereby superseded and replaced with the following:</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Under normal circumstances, the Fund seeks to maintain substantial economic exposure to the performance of the </span><span style="color:#003c78;font-family:arial;font-size:10pt">commodities markets. The Fund invests, directly or indirectly, in a portfolio of commodity-linked investments, such </span><span style="color:#003c78;font-family:arial;font-size:10pt">as commodity-linked futures, structured notes and/or swaps, that are designed to provide long and short exposures </span><span style="color:#003c78;font-family:arial;font-size:10pt">to the investment return of assets that trade in the commodities markets, without investing directly in physical </span><span style="color:#003c78;font-family:arial;font-size:10pt">commodities. A substantial portion of the Fund’s net assets will also be invested in a portfolio of fixed income </span><span style="color:#003c78;font-family:arial;font-size:10pt">securities rated investment-grade or, if unrated, deemed of comparable quality, which will consist primarily of: (i) U.S. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Government securities (including U.S. Government agency securities), corporate debt securities, mortgage-backed </span><span style="color:#003c78;font-family:arial;font-size:10pt">securities and/or asset-backed securities; and/or (ii) shares of an affiliated money market fund. In addition to </span><span style="color:#003c78;font-family:arial;font-size:10pt">investing in these holdings for their income-producing potential, these holdings will be designated by the Fund, as </span><span style="color:#003c78;font-family:arial;font-size:10pt">necessary, to serve as collateral with respect to the Fund’s commodity-linked investments.</span></div><div style="margin-top:12pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">The third paragraph under the subsection “</span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Principal Investment Strategies</span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">” in the Summary Prospectus and in the </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">“Summary of the Fund” section of the Prospectus is hereby superseded and replaced with the following:</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may invest in derivatives, including futures contracts (including commodity-linked futures and interest rate </span><span style="color:#003c78;font-family:arial;font-size:10pt">futures), options contracts (including options on futures contracts), structured investments (including commodity-linked</span><span style="color:#003c78;font-family:arial;font-size:10pt"> structured notes) and swaps (including commodity-linked swaps) to increase, modify, reduce or short </span><span style="color:#003c78;font-family:arial;font-size:10pt">commodity market positions or exposures. Actual exposures will vary over time based on factors such as market </span><span style="color:#003c78;font-family:arial;font-size:10pt">movements and assessments of market conditions by the Fund's portfolio managers. The Fund may engage in </span><span style="color:#003c78;font-family:arial;font-size:10pt">derivative transactions on both U.S. and foreign exchanges or in the "over-the-counter" (OTC) market.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:10pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may </span><span style="color:#003c78;font-family:arial;font-size:10pt">at times emphasize one or more sectors in selecting its investments, including the agricultural, energy and precious </span><span style="color:#003c78;font-family:arial;font-size:10pt">metals sectors.</span></div><div style="margin-top:12pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">The information under the subsection “</span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Principal Risks</span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">” in the Summary Prospectus and in the “Summary of the Fund” </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">section of the Prospectus is hereby revised to include the following:</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Short Positions Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund may establish short positions which introduce more risk to the Fund than long </span><span style="color:#003c78;font-family:arial;font-size:10pt">positions (where the Fund owns the instrument or other asset) because the maximum sustainable loss on an </span><span style="color:#003c78;font-family:arial;font-size:10pt">instrument or other asset purchased (held long) is limited to the amount paid for the instrument or other asset plus </span><span style="color:#003c78;font-family:arial;font-size:10pt">the transaction costs, whereas there is no maximum price of the shorted instrument or other asset when purchased </span><span style="color:#003c78;font-family:arial;font-size:10pt">in the open market. Therefore, in theory, short positions have unlimited risk. The Fund’s use of short positions in </span><span style="color:#003c78;font-family:arial;font-size:10pt">effect “leverages” the Fund. Leverage potentially exposes the Fund to greater risks of loss due to unanticipated </span><span style="color:#003c78;font-family:arial;font-size:10pt">market movements, which may magnify losses and increase the volatility of returns. To the extent the Fund takes a </span><span style="color:#003c78;font-family:arial;font-size:10pt">short position in a derivative instrument or other asset, this involves the risk of a potentially unlimited increase in the </span><span style="color:#003c78;font-family:arial;font-size:10pt">value of the underlying instrument or other asset. Short positions also involve transaction and other costs that will </span><span style="color:#003c78;font-family:arial;font-size:10pt">reduce potential Fund gains and increase potential Fund losses.</span></div><div style="margin-top:10pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">The rest of the section remains the same.</span></div> <div style="line-height:10.0pt;text-align:center;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Supplement dated March 19, 2026</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">to the Prospectus and Summary Prospectus of the following Fund:</span><span style="color:#003c78;float:left;font-family:arial;font-size:1pt;line-height:1pt"> </span></div> <table cellpadding="0" cellspacing="0" style="empty-cells:show;width:516pt"> <tr style="height:14pt"> <td style="background-color:#003C78;border-bottom:2pt solid #FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;width:339.64pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;margin-top:1pt;text-align:left;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Fund</span></div> </div> </td> <td style="background-color:#003C78;border-bottom:2pt solid #FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;width:176.36pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;margin-top:1pt;text-align:center;white-space:nowrap;"><span style="color:#ffffff;font-family:arial;font-size:8pt;font-weight:bold">Prospectus and Summary Prospectus Dated</span></div> </div> </td> </tr> <tr style="height:15pt"> <td style="background-color:#D9E5F1;border-bottom:2pt solid #FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;width:339.64pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:left;white-space:nowrap;"><span style="color:#003c78;font-family:arial;font-size:8pt;margin-left:0.0pt">Columbia Funds Variable Series Trust II</span></div> </div> </td> <td style="background-color:#D9E5F1;border-bottom:2pt solid #FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;width:176.36pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:center;white-space:nowrap;"><span style="color:#003c78;font-family:arial;font-size:8pt;margin-left:-85.18pt"> </span></div> </div> </td> </tr> <tr style="height:11pt"> <td style="background-color:#D9E5F1;padding-bottom:2pt;padding-top:3pt;vertical-align:Bottom;width:339.64pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:left;white-space:nowrap;"><span style="color:#003c78;font-family:arial;font-size:8pt;margin-left:0.0pt"> Columbia Variable Portfolio – Commodity Strategy Fund</span></div> </div> </td> <td style="background-color:#D9E5F1;padding-bottom:2pt;padding-top:3pt;vertical-align:Bottom;width:176.36pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:center;white-space:nowrap;"><span style="color:#003c78;font-family:arial;font-size:8pt;margin-left:0.00pt">5/1/2025</span></div> </div> </td> </tr> </table><div style="margin-top:12pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">On March 19, 2026, the Fund's Board of Trustees approved certain changes to the Fund's Principal Investment </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Strategies and Principal Risks.</span></div><div style="margin-top:12pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Effective immediately, the following changes are hereby made to the Fund's Prospectus and Summary Prospectus.</span></div><div style="margin-top:12pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">The first paragraph under the subsection “</span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Principal Investment Strategies</span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">” in the Summary Prospectus and in the </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">“Summary of the Fund” section of the Prospectus is hereby superseded and replaced with the following:</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Under normal circumstances, the Fund seeks to maintain substantial economic exposure to the performance of the </span><span style="color:#003c78;font-family:arial;font-size:10pt">commodities markets. The Fund invests, directly or indirectly, in a portfolio of commodity-linked investments, such </span><span style="color:#003c78;font-family:arial;font-size:10pt">as commodity-linked futures, structured notes and/or swaps, that are designed to provide long and short exposures </span><span style="color:#003c78;font-family:arial;font-size:10pt">to the investment return of assets that trade in the commodities markets, without investing directly in physical </span><span style="color:#003c78;font-family:arial;font-size:10pt">commodities. A substantial portion of the Fund’s net assets will also be invested in a portfolio of fixed income </span><span style="color:#003c78;font-family:arial;font-size:10pt">securities rated investment-grade or, if unrated, deemed of comparable quality, which will consist primarily of: (i) U.S. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Government securities (including U.S. Government agency securities), corporate debt securities, mortgage-backed </span><span style="color:#003c78;font-family:arial;font-size:10pt">securities and/or asset-backed securities; and/or (ii) shares of an affiliated money market fund. In addition to </span><span style="color:#003c78;font-family:arial;font-size:10pt">investing in these holdings for their income-producing potential, these holdings will be designated by the Fund, as </span><span style="color:#003c78;font-family:arial;font-size:10pt">necessary, to serve as collateral with respect to the Fund’s commodity-linked investments.</span></div><div style="margin-top:12pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">The third paragraph under the subsection “</span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Principal Investment Strategies</span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">” in the Summary Prospectus and in the </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">“Summary of the Fund” section of the Prospectus is hereby superseded and replaced with the following:</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may invest in derivatives, including futures contracts (including commodity-linked futures and interest rate </span><span style="color:#003c78;font-family:arial;font-size:10pt">futures), options contracts (including options on futures contracts), structured investments (including commodity-linked</span><span style="color:#003c78;font-family:arial;font-size:10pt"> structured notes) and swaps (including commodity-linked swaps) to increase, modify, reduce or short </span><span style="color:#003c78;font-family:arial;font-size:10pt">commodity market positions or exposures. Actual exposures will vary over time based on factors such as market </span><span style="color:#003c78;font-family:arial;font-size:10pt">movements and assessments of market conditions by the Fund's portfolio managers. The Fund may engage in </span><span style="color:#003c78;font-family:arial;font-size:10pt">derivative transactions on both U.S. and foreign exchanges or in the "over-the-counter" (OTC) market.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:10pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may </span><span style="color:#003c78;font-family:arial;font-size:10pt">at times emphasize one or more sectors in selecting its investments, including the agricultural, energy and precious </span><span style="color:#003c78;font-family:arial;font-size:10pt">metals sectors.</span></div><div style="margin-top:12pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">The information under the subsection “</span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Principal Risks</span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">” in the Summary Prospectus and in the “Summary of the Fund” </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">section of the Prospectus is hereby revised to include the following:</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Short Positions Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund may establish short positions which introduce more risk to the Fund than long </span><span style="color:#003c78;font-family:arial;font-size:10pt">positions (where the Fund owns the instrument or other asset) because the maximum sustainable loss on an </span><span style="color:#003c78;font-family:arial;font-size:10pt">instrument or other asset purchased (held long) is limited to the amount paid for the instrument or other asset plus </span><span style="color:#003c78;font-family:arial;font-size:10pt">the transaction costs, whereas there is no maximum price of the shorted instrument or other asset when purchased </span><span style="color:#003c78;font-family:arial;font-size:10pt">in the open market. Therefore, in theory, short positions have unlimited risk. The Fund’s use of short positions in </span><span style="color:#003c78;font-family:arial;font-size:10pt">effect “leverages” the Fund. Leverage potentially exposes the Fund to greater risks of loss due to unanticipated </span><span style="color:#003c78;font-family:arial;font-size:10pt">market movements, which may magnify losses and increase the volatility of returns. To the extent the Fund takes a </span><span style="color:#003c78;font-family:arial;font-size:10pt">short position in a derivative instrument or other asset, this involves the risk of a potentially unlimited increase in the </span><span style="color:#003c78;font-family:arial;font-size:10pt">value of the underlying instrument or other asset. Short positions also involve transaction and other costs that will </span><span style="color:#003c78;font-family:arial;font-size:10pt">reduce potential Fund gains and increase potential Fund losses.</span></div><div style="margin-top:10pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">The rest of the section remains the same.</span></div> Columbia Funds Variable Series Trust II 2025-05-01