0001413032 2021-05-01 2021-05-01 0001413032 cfvstii:S000019846Member 2021-05-01 2021-05-01 pure iso4217:USD false 2022-01-26 2020-12-31 497 0001413032 N-1A <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:center;text-decoration:none;text-transform:none;">Supplement dated January 26, 2022</div><div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:13pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">to the Prospectus and Statement of Additional Information (SAI), each as supplemented, if applicable, of the following </div><div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">fund (the Fund):</div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;empty-cells:show;margin-top:5pt;width:98.84%"> <tr style="page-break-inside:avoid"> <td style="border-bottom:2pt solid #FFFFFF;color:#FFFFFF;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:9pt;padding-bottom:2.5pt;padding-left:6pt;padding-right:6pt;padding-top:3pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:86.41%;background-color:#003C78;">Fund </td> <td style="border-bottom:2pt solid #FFFFFF;color:#FFFFFF;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:9pt;padding-bottom:2.5pt;padding-left:6pt;padding-right:12pt;padding-top:3pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:12.42%;background-color:#003C78;">Prospectus<br/> and SAI Dated </td> </tr> <tr style="page-break-inside:avoid"> <td style="border-bottom:2pt solid #FFFFFF;color:#003C78;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:2.5pt;padding-left:6pt;padding-right:6pt;padding-top:2.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:86.41%;background-color:#E6ECF2;">Columbia Funds Variable Series Trust II</td> <td style="border-bottom:2pt solid #FFFFFF;line-height:0pt;padding-bottom:2.5pt;padding-right:12pt;padding-top:2.5pt;text-align:center;vertical-align:bottom;width:12.42%;background-color:#E6ECF2;">  </td> </tr> <tr style="page-break-inside:avoid"> <td style="color:#003C78;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:4pt;padding-left:6pt;padding-right:6pt;padding-top:2.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:86.41%;background-color:#E6ECF2;"> Columbia Variable Portfolio – Mid Cap Growth Fund </td> <td style="color:#003C78;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:4pt;padding-left:6pt;padding-right:12pt;padding-top:2.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.42%;background-color:#E6ECF2;">5/1/2021</td> </tr> </table><div style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:normal;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Effective on or about May 1, 2022 (the Effective Date), the Fund's name will change to <span style="font-weight:bold">Columbia Variable Portfolio – Select Mid Cap Growth Fund</span>. Accordingly, on the Effective Date, all references in the Prospectus and SAI to <span style="font-weight:bold">Columbia Variable Portfolio – Mid Cap Growth Fund</span> are hereby deleted and replaced with <span style="font-weight:bold">Columbia Variable Portfolio – Select Mid Cap Growth Fund.</span>  In addition, as of the Effective Date, the following changes described in this Supplement are hereby made to the Fund's Prospectus.</div><div style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:normal;line-height:13pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The information under the subsection “Principal Investment Strategies” in the “Summary of the Fund" section of the Prospectus is hereby revised to add the following disclosure to the fourth paragraph:</div><div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:13pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Fund typically employs a focused portfolio investing style, which results in fewer holdings than a fund that seeks to achieve its investment objective by investing in a greater number of issuers.</div><div style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:normal;line-height:13pt;margin-top:10pt;text-align:left;text-decoration:none;text-transform:none;">The rest of the section remains the same.</div><div style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:normal;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">The information under the subsection “Principal Risks” in the “Summary of the Fund” section of the Prospectus is hereby revised to add <span style="font-weight:bold">Focused Portfolio Risk</span> to the lead-in paragraph and include the following:</div><div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:13pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Focused Portfolio Risk.<span style="font-weight:normal"> Because the Fund may invest in a limited number of companies, the Fund as a whole is subject to greater risk of loss if any of those securities decline in price.</span></div><div style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:normal;line-height:13pt;margin-top:10pt;text-align:left;text-decoration:none;text-transform:none;">The rest of the section remains the same.</div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:center;text-decoration:none;text-transform:none;">Supplement dated January 26, 2022</div><div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:13pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">to the Prospectus and Statement of Additional Information (SAI), each as supplemented, if applicable, of the following </div><div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">fund (the Fund):</div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;empty-cells:show;margin-top:5pt;width:98.84%"> <tr style="page-break-inside:avoid"> <td style="border-bottom:2pt solid #FFFFFF;color:#FFFFFF;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:9pt;padding-bottom:2.5pt;padding-left:6pt;padding-right:6pt;padding-top:3pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:86.41%;background-color:#003C78;">Fund </td> <td style="border-bottom:2pt solid #FFFFFF;color:#FFFFFF;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:9pt;padding-bottom:2.5pt;padding-left:6pt;padding-right:12pt;padding-top:3pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:12.42%;background-color:#003C78;">Prospectus<br/> and SAI Dated </td> </tr> <tr style="page-break-inside:avoid"> <td style="border-bottom:2pt solid #FFFFFF;color:#003C78;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:2.5pt;padding-left:6pt;padding-right:6pt;padding-top:2.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:86.41%;background-color:#E6ECF2;">Columbia Funds Variable Series Trust II</td> <td style="border-bottom:2pt solid #FFFFFF;line-height:0pt;padding-bottom:2.5pt;padding-right:12pt;padding-top:2.5pt;text-align:center;vertical-align:bottom;width:12.42%;background-color:#E6ECF2;">  </td> </tr> <tr style="page-break-inside:avoid"> <td style="color:#003C78;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:4pt;padding-left:6pt;padding-right:6pt;padding-top:2.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:86.41%;background-color:#E6ECF2;"> Columbia Variable Portfolio – Mid Cap Growth Fund </td> <td style="color:#003C78;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:4pt;padding-left:6pt;padding-right:12pt;padding-top:2.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.42%;background-color:#E6ECF2;">5/1/2021</td> </tr> </table><div style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:normal;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Effective on or about May 1, 2022 (the Effective Date), the Fund's name will change to <span style="font-weight:bold">Columbia Variable Portfolio – Select Mid Cap Growth Fund</span>. Accordingly, on the Effective Date, all references in the Prospectus and SAI to <span style="font-weight:bold">Columbia Variable Portfolio – Mid Cap Growth Fund</span> are hereby deleted and replaced with <span style="font-weight:bold">Columbia Variable Portfolio – Select Mid Cap Growth Fund.</span>  In addition, as of the Effective Date, the following changes described in this Supplement are hereby made to the Fund's Prospectus.</div><div style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:normal;line-height:13pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The information under the subsection “Principal Investment Strategies” in the “Summary of the Fund" section of the Prospectus is hereby revised to add the following disclosure to the fourth paragraph:</div><div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:13pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Fund typically employs a focused portfolio investing style, which results in fewer holdings than a fund that seeks to achieve its investment objective by investing in a greater number of issuers.</div><div style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:normal;line-height:13pt;margin-top:10pt;text-align:left;text-decoration:none;text-transform:none;">The rest of the section remains the same.</div><div style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:normal;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">The information under the subsection “Principal Risks” in the “Summary of the Fund” section of the Prospectus is hereby revised to add <span style="font-weight:bold">Focused Portfolio Risk</span> to the lead-in paragraph and include the following:</div><div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:13pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Focused Portfolio Risk.<span style="font-weight:normal"> Because the Fund may invest in a limited number of companies, the Fund as a whole is subject to greater risk of loss if any of those securities decline in price.</span></div><div style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:normal;line-height:13pt;margin-top:10pt;text-align:left;text-decoration:none;text-transform:none;">The rest of the section remains the same.</div> 2022-01-26 Columbia Funds Variable Series Trust II 2021-05-01