Supplement dated October
19, 2026
to the Prospectus and Summary Prospectus of the following fund (the
Fund):
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Prospectus and Summary Prospectus Dated |
Columbia Funds Variable Series Trust II |
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Columbia Variable Portfolio – Emerging Markets Bond Fund |
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Effective immediately, the following changes are hereby made to the Fund's Prospectus
and Summary Prospectus.
The portfolio manager
information under the heading “Fund Management” in the Summary Prospectus and in the “Summary of the Fund” section of the Prospectus is hereby superseded and replaced with the
following:
Investment Manager: Columbia Management Investment Advisers, LLC
The rest of the section remains the same.
The portfolio manager information under the subsection “Primary Service Provider Contracts – Portfolio Managers” in the “More Information About the Fund” section of the Prospectus is hereby superseded and replaced with the following:
Mr. Cooke joined Threadneedle Asset Management Limited, a Participating Affiliate, in 2008. Prior to
becoming Deputy Portfolio Manager in 2017, Mr. Cooke served as a portfolio analyst since 2013 and, prior to that, served as a graduate trainee and business analyst. Mr. Cooke began his investment career in 2008 and earned a BSc in computer science
and artificial intelligence from the Aberystwyth University (Wales).
Mr. Al-Hussainy joined the Investment Manager in 2015. Mr. Al-Hussainy
began his investment career in 2010 and earned a B.A. in Mathematics and Economics from Colgate University and a Master’s of Public Administration degree in Economics and International Development from Harvard University.
The rest of the section remains the same.
Shareholders should retain this Supplement for future reference.