05/09/2024 | Press release | Distributed by Public on 05/09/2024 13:48
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Class 1 | $37 | 0.70% |
Fund net assets | $1,794,235,235 |
Total number of portfolio holdings | 31 |
Portfolio turnover for the reporting period | 45% |
NVIDIA Corp. | 9.6% |
Microsoft Corp. | 8.8% |
Apple, Inc. | 7.2% |
Amazon.com, Inc. | 5.0% |
Meta Platforms, Inc., Class A | 5.0% |
Alphabet, Inc., Class A | 4.9% |
Ascendis Pharma A/S ADR | 4.7% |
TransDigm Group, Inc. | 4.5% |
Vertiv Holdings Co. | 3.6% |
ServiceNow, Inc. | 3.2% |
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Class 2 | $50 | 0.95% |
Fund net assets | $1,794,235,235 |
Total number of portfolio holdings | 31 |
Portfolio turnover for the reporting period | 45% |
NVIDIA Corp. | 9.6% |
Microsoft Corp. | 8.8% |
Apple, Inc. | 7.2% |
Amazon.com, Inc. | 5.0% |
Meta Platforms, Inc., Class A | 5.0% |
Alphabet, Inc., Class A | 4.9% |
Ascendis Pharma A/S ADR | 4.7% |
TransDigm Group, Inc. | 4.5% |
Vertiv Holdings Co. | 3.6% |
ServiceNow, Inc. | 3.2% |
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) The registrant's "Schedule I - Investments in securities of unaffiliated issuers" (as set forth in 17 CFR 210.12-12) is included in Item 7 of this Form N-CSR.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Not FDIC or NCUA Insured
|
No Financial Institution Guarantee
|
May Lose Value
|
Portfolio of Investments
|
3
|
Statement of Assets and Liabilities
|
6
|
Statement of Operations
|
7
|
Statement of Changes in Net Assets
|
8
|
Financial Highlights
|
10
|
Notes to Financial Statements
|
12
|
Approval of Management and Subadvisory Agreements
|
19
|
Common Stocks 98.3%
|
||
Issuer
|
Shares
|
Value ($)
|
Communication Services 9.9%
|
||
Interactive Media & Services 9.9%
|
||
Alphabet, Inc., Class A
|
484,730
|
88,293,569
|
Meta Platforms, Inc., Class A
|
177,095
|
89,294,841
|
Total
|
177,588,410
|
|
Total Communication Services
|
177,588,410
|
|
Consumer Discretionary 12.2%
|
||
Automobiles 1.3%
|
||
Tesla, Inc.(a)
|
119,760
|
23,698,109
|
Broadline Retail 5.0%
|
||
Amazon.com, Inc.(a)
|
465,724
|
90,001,163
|
Hotels, Restaurants & Leisure 5.9%
|
||
Chipotle Mexican Grill, Inc.(a)
|
586,400
|
36,737,960
|
DraftKings, Inc., Class A(a)
|
1,052,770
|
40,184,231
|
Wingstop, Inc.
|
65,120
|
27,523,619
|
Total
|
104,445,810
|
|
Total Consumer Discretionary
|
218,145,082
|
|
Energy 1.4%
|
||
Oil, Gas & Consumable Fuels 1.4%
|
||
Cameco Corp.
|
506,720
|
24,930,624
|
Total Energy
|
24,930,624
|
|
Financials 9.5%
|
||
Capital Markets 4.4%
|
||
Ares Management Corp., Class A
|
255,700
|
34,079,696
|
LPL Financial Holdings, Inc.
|
162,640
|
45,425,352
|
Total
|
79,505,048
|
|
Insurance 5.1%
|
||
American International Group, Inc.
|
567,210
|
42,109,671
|
Progressive Corp. (The)
|
237,889
|
49,411,924
|
Total
|
91,521,595
|
|
Total Financials
|
171,026,643
|
|
Health Care 8.0%
|
||
Biotechnology 6.1%
|
||
Ascendis Pharma A/S ADR(a)
|
616,061
|
84,018,399
|
Legend Biotech Corp., ADR(a)
|
571,750
|
25,322,808
|
Total
|
109,341,207
|
Common Stocks (continued)
|
||
Issuer
|
Shares
|
Value ($)
|
Health Care Equipment & Supplies 1.9%
|
||
DexCom, Inc.(a)
|
306,670
|
34,770,244
|
Total Health Care
|
144,111,451
|
|
Industrials 15.5%
|
||
Aerospace & Defense 7.5%
|
||
Axon Enterprise, Inc.(a)
|
181,250
|
53,331,000
|
TransDigm Group, Inc.
|
63,680
|
81,358,205
|
Total
|
134,689,205
|
|
Construction & Engineering 1.5%
|
||
Comfort Systems U.S.A., Inc.
|
87,390
|
26,577,047
|
Electrical Equipment 3.6%
|
||
Vertiv Holdings Co.
|
743,950
|
64,403,751
|
Ground Transportation 2.9%
|
||
Uber Technologies, Inc.(a)
|
718,615
|
52,228,938
|
Total Industrials
|
277,898,941
|
|
Information Technology 41.8%
|
||
Semiconductors & Semiconductor Equipment 16.2%
|
||
Advanced Micro Devices, Inc.(a)
|
221,030
|
35,853,276
|
NVIDIA Corp.
|
1,396,100
|
172,474,194
|
NXP Semiconductors NV
|
148,890
|
40,064,810
|
Taiwan Semiconductor Manufacturing Co., Ltd., ADR
|
240,290
|
41,764,805
|
Total
|
290,157,085
|
|
Software 18.5%
|
||
Cadence Design Systems, Inc.(a)
|
178,820
|
55,031,855
|
Microsoft Corp.
|
352,112
|
157,376,459
|
Palantir Technologies, Inc., Class A(a)
|
931,330
|
23,590,589
|
SAP SE, ADR
|
188,540
|
38,030,403
|
ServiceNow, Inc.(a)
|
72,830
|
57,293,176
|
Total
|
331,322,482
|
|
Technology Hardware, Storage & Peripherals 7.1%
|
||
Apple, Inc.
|
609,640
|
128,402,377
|
Total Information Technology
|
749,881,944
|
|
Total Common Stocks
(Cost $1,698,514,694)
|
1,763,583,095
|
|
|
Money Market Funds 2.9%
|
||
|
Shares
|
Value ($)
|
Columbia Short-Term Cash Fund, 5.547%(b),(c)
|
51,891,572
|
51,876,004
|
Total Money Market Funds
(Cost $51,876,004)
|
51,876,004
|
|
Total Investments in Securities
(Cost: $1,750,390,698)
|
1,815,459,099
|
|
Other Assets & Liabilities, Net
|
(21,223,864
)
|
|
Net Assets
|
1,794,235,235
|
(a)
|
Non-income producing investment.
|
(b)
|
The rate shown is the seven-day current annualized yield at June 30, 2024.
|
(c)
|
As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended June 30, 2024 are as follows:
|
Affiliated issuers
|
Beginning
of period($)
|
Purchases($)
|
Sales($)
|
Net change in
unrealized
appreciation
(depreciation)($)
|
End of
period($)
|
Realized gain
(loss)($)
|
Dividends($)
|
End of
period shares
|
Columbia Short-Term Cash Fund, 5.547%
|
||||||||
|
2,968,136
|
1,729,701,321
|
(1,680,793,446
)
|
(7
)
|
51,876,004
|
58,784
|
578,166
|
51,891,572
|
ADR
|
American Depositary Receipt
|
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Total ($)
|
Investments in Securities
|
||||
Common Stocks
|
||||
Communication Services
|
177,588,410
|
-
|
-
|
177,588,410
|
Consumer Discretionary
|
218,145,082
|
-
|
-
|
218,145,082
|
Energy
|
24,930,624
|
-
|
-
|
24,930,624
|
Financials
|
171,026,643
|
-
|
-
|
171,026,643
|
Health Care
|
144,111,451
|
-
|
-
|
144,111,451
|
Industrials
|
277,898,941
|
-
|
-
|
277,898,941
|
Information Technology
|
749,881,944
|
-
|
-
|
749,881,944
|
Total Common Stocks
|
1,763,583,095
|
-
|
-
|
1,763,583,095
|
Money Market Funds
|
51,876,004
|
-
|
-
|
51,876,004
|
Total Investments in Securities
|
1,815,459,099
|
-
|
-
|
1,815,459,099
|
Assets
|
|
Investments in securities, at value
|
|
Unaffiliated issuers (cost $1,698,514,694)
|
$1,763,583,095
|
Affiliated issuers (cost $51,876,004)
|
51,876,004
|
Receivable for:
|
|
Capital shares sold
|
20,513
|
Dividends
|
481,455
|
Foreign tax reclaims
|
2,753
|
Expense reimbursement due from Investment Manager
|
59
|
Prepaid expenses
|
7,142
|
Total assets
|
1,815,971,021
|
Liabilities
|
|
Payable for:
|
|
Investments purchased
|
19,940,183
|
Capital shares redeemed
|
1,539,594
|
Management services fees
|
33,263
|
Distribution and/or service fees
|
208
|
Service fees
|
33,481
|
Compensation of chief compliance officer
|
177
|
Compensation of board members
|
5,413
|
Other expenses
|
20,024
|
Deferred compensation of board members
|
163,443
|
Total liabilities
|
21,735,786
|
Net assets applicable to outstanding capital stock
|
$1,794,235,235
|
Represented by
|
|
Trust capital
|
$1,794,235,235
|
Total - representing net assets applicable to outstanding capital stock
|
$1,794,235,235
|
Class 1
|
|
Net assets
|
$1,764,050,823
|
Shares outstanding
|
34,128,731
|
Net asset value per share
|
$51.69
|
Class 2
|
|
Net assets
|
$30,184,412
|
Shares outstanding
|
605,350
|
Net asset value per share
|
$49.86
|
Net investment income
|
|
Income:
|
|
Dividends - unaffiliated issuers
|
$1,159,940
|
Dividends - affiliated issuers
|
578,166
|
Interfund lending
|
3,740
|
Foreign taxes withheld
|
(56,704
)
|
Total income
|
1,685,142
|
Expenses:
|
|
Management services fees
|
1,297,734
|
Distribution and/or service fees
|
|
Class 2
|
37,142
|
Service fees
|
42,615
|
Custodian fees
|
3,691
|
Printing and postage fees
|
8,181
|
Accounting services fees
|
15,550
|
Legal fees
|
6,764
|
Compensation of chief compliance officer
|
115
|
Compensation of board members
|
9,415
|
Deferred compensation of board members
|
21,286
|
Other
|
10,829
|
Total expenses
|
1,453,322
|
Fees waived or expenses reimbursed by Investment Manager and its affiliates
|
(93,017
)
|
Total net expenses
|
1,360,305
|
Net investment income
|
324,837
|
Realized and unrealized gain (loss) - net
|
|
Net realized gain (loss) on:
|
|
Investments - unaffiliated issuers
|
6,736,314
|
Investments - affiliated issuers
|
58,784
|
Foreign currency translations
|
(122
)
|
Net realized gain
|
6,794,976
|
Net change in unrealized appreciation (depreciation) on:
|
|
Investments - unaffiliated issuers
|
46,234,123
|
Investments - affiliated issuers
|
(7
)
|
Foreign currency translations
|
(1
)
|
Net change in unrealized appreciation (depreciation)
|
46,234,115
|
Net realized and unrealized gain
|
53,029,091
|
Net increase in net assets resulting from operations
|
$53,353,928
|
|
Six Months Ended
June 30, 2024
(Unaudited)
|
Year Ended
December 31, 2023
|
Operations
|
||
Net investment income (loss)
|
$324,837
|
$(929,314
)
|
Net realized gain (loss)
|
6,794,976
|
(39,153,839
)
|
Net change in unrealized appreciation (depreciation)
|
46,234,115
|
254,565,522
|
Net increase in net assets resulting from operations
|
53,353,928
|
214,482,369
|
Increase (decrease) in net assets from capital stock activity
|
1,646,870,064
|
(1,328,313,314
)
|
Total increase (decrease) in net assets
|
1,700,223,992
|
(1,113,830,945
)
|
Net assets at beginning of period
|
94,011,243
|
1,207,842,188
|
Net assets at end of period
|
$1,794,235,235
|
$94,011,243
|
|
Six Months Ended
|
Year Ended
|
||
|
June 30, 2024 (Unaudited)
|
December 31, 2023
|
||
|
Shares
|
Dollars ($)
|
Shares
|
Dollars ($)
|
Capital stock activity
|
||||
Class 1
|
||||
Shares sold
|
32,899,172
|
1,657,916,325
|
2,870,236
|
111,952,368
|
Shares redeemed
|
(174,479
)
|
(9,029,655
)
|
(34,940,879
)
|
(1,438,088,982
)
|
Net increase (decrease)
|
32,724,693
|
1,648,886,670
|
(32,070,643
)
|
(1,326,136,614
)
|
Class 2
|
||||
Shares sold
|
14,292
|
664,684
|
39,611
|
1,582,364
|
Shares redeemed
|
(56,348
)
|
(2,681,290
)
|
(94,560
)
|
(3,759,064
)
|
Net decrease
|
(42,056
)
|
(2,016,606
)
|
(54,949
)
|
(2,176,700
)
|
Total net increase (decrease)
|
32,682,637
|
1,646,870,064
|
(32,125,592
)
|
(1,328,313,314
)
|
|
Net asset value,
beginning of
period
|
Net
investment
income
(loss)
|
Net
realized
and
unrealized
gain (loss)
|
Total from
investment
operations
|
Class 1
|
||||
Six Months Ended 6/30/2024 (Unaudited)
|
$46.32
|
0.05
|
5.32
|
5.37
|
Year Ended 12/31/2023
|
$35.36
|
(0.03
)
|
10.99
|
10.96
|
Year Ended 12/31/2022
|
$60.00
|
(0.07
)
|
(24.57
)
|
(24.64
)
|
Year Ended 12/31/2021
|
$62.57
|
(0.36
)
|
(2.21
)
|
(2.57
)
|
Year Ended 12/31/2020
|
$35.57
|
(0.19
)
|
27.19
|
27.00
|
Year Ended 12/31/2019
|
$27.97
|
(0.02
)
|
7.62
|
7.60
|
Class 2
|
||||
Six Months Ended 6/30/2024 (Unaudited)
|
$44.75
|
(0.06
)
|
5.17
|
5.11
|
Year Ended 12/31/2023
|
$34.26
|
(0.09
)
|
10.58
|
10.49
|
Year Ended 12/31/2022
|
$58.28
|
(0.17
)
|
(23.85
)
|
(24.02
)
|
Year Ended 12/31/2021
|
$60.93
|
(0.51
)
|
(2.14
)
|
(2.65
)
|
Year Ended 12/31/2020
|
$34.72
|
(0.30
)
|
26.51
|
26.21
|
Year Ended 12/31/2019
|
$27.37
|
(0.10
)
|
7.45
|
7.35
|
Notes to Financial Highlights
|
|
(a)
|
In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios.
|
(b)
|
Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
|
(c)
|
Ratios include interfund lending expense which is less than 0.01%.
|
|
Net
asset
value,
end of
period
|
Total
return
|
Total gross
expense
ratio to
average
net assets(a)
|
Total net
expense
ratio to
average
net assets(a),(b)
|
Net investment
income (loss)
ratio to
average
net assets
|
Portfolio
turnover
|
Net
assets,
end of
period
(000's)
|
Class 1
|
|||||||
Six Months Ended 6/30/2024 (Unaudited)
|
$51.69
|
11.59%
|
0.74%
|
0.70%
|
0.21%
|
45%
|
$1,764,051
|
Year Ended 12/31/2023
|
$46.32
|
31.00%
|
0.70%
|
0.70%
|
(0.07%
)
|
28%
|
$65,041
|
Year Ended 12/31/2022
|
$35.36
|
(41.07%
)
|
0.70%
|
0.70%
|
(0.16%
)
|
82%
|
$1,183,777
|
Year Ended 12/31/2021
|
$60.00
|
(4.11%
)
|
0.67%
|
0.67%
|
(0.55%
)
|
73%
|
$1,941,145
|
Year Ended 12/31/2020
|
$62.57
|
75.91%
|
0.68%
(c)
|
0.68%
(c)
|
(0.42%
)
|
70%
|
$1,792,357
|
Year Ended 12/31/2019
|
$35.57
|
27.17%
|
0.66%
|
0.66%
|
(0.05%
)
|
80%
|
$2,345,237
|
Class 2
|
|||||||
Six Months Ended 6/30/2024 (Unaudited)
|
$49.86
|
11.42%
|
1.00%
|
0.95%
|
(0.26%
)
|
45%
|
$30,184
|
Year Ended 12/31/2023
|
$44.75
|
30.62%
|
0.99%
|
0.95%
|
(0.23%
)
|
28%
|
$28,970
|
Year Ended 12/31/2022
|
$34.26
|
(41.21%
)
|
0.95%
|
0.95%
|
(0.42%
)
|
82%
|
$24,065
|
Year Ended 12/31/2021
|
$58.28
|
(4.35%
)
|
0.92%
|
0.92%
|
(0.80%
)
|
73%
|
$45,239
|
Year Ended 12/31/2020
|
$60.93
|
75.49%
|
0.93%
(c)
|
0.93%
(c)
|
(0.66%
)
|
70%
|
$41,911
|
Year Ended 12/31/2019
|
$34.72
|
26.85%
|
0.91%
|
0.91%
|
(0.30%
)
|
80%
|
$19,150
|
|
Contractual
expense cap
May 1, 2024
through
April 30, 2025 (%)
|
Voluntary
expense cap
prior to
May 1, 2024 (%)
|
Class 1
|
0.70
|
0.70
|
Class 2
|
0.95
|
0.95
|
Borrower or lender
|
Average loan
balance ($)
|
Weighted average
interest rate (%)
|
Number of days
with outstanding loans
|
Lender
|
23,000,000
|
5.86
|
1
|
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies is included in Item 7 of this Form N-CSR.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Statement regarding basis for approval of Investment Advisory Contract is included in Item 7 of this Form N-CSR.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors implemented since the registrant last provided disclosure as to such procedures in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K or Item 15 of Form N-CSR.
Item 16. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer, based on their evaluation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant's management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
(b) There was no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
(a)(1) Not applicable.
(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.
(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(registrant) | Columbia Funds Variable Series Trust II |
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By (Signature and Title) | /s/ Daniel J. Beckman |
Daniel J. Beckman, President and Principal Executive Officer | |
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Date | August 22, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) | /s/ Daniel J. Beckman |
Daniel J. Beckman, President and Principal Executive Officer | |
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Date | August 22, 2024 |
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By (Signature and Title) | /s/ Michael G. Clarke |
Michael G. Clarke, Chief Financial Officer, | |
Principal Financial Officer and Senior Vice President | |
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Date | August 22, 2024 |
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By (Signature and Title) | /s/ Charles H. Chiesa |
Charles H. Chiesa, Treasurer, Chief Accounting | |
Officer and Principal Financial Officer | |
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Date | August 22, 2024 |