# EDGAR Filing Document

**Accession Number:** 0000810573
**File Stem:** 0001410368-26-019309
**Filing Date:** 2026-2
**Character Count:** 51963
**Document Hash:** 5eaf0b34be72741ea6799366e478a002
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-019309.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0001410368-26-019309

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DEUTSCHE DWS VARIABLE SERIES II
- **CENTRAL INDEX KEY:** 0000810573

**ORGANIZATION NAME:**
- **EIN:** 810105002
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05002
- **FILM NUMBER:** 26686863

**BUSINESS ADDRESS:**
- **STREET 1:** 875 THIRD AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022-6225
- **BUSINESS PHONE:** 212-454-4500

**MAIL ADDRESS:**
- **STREET 1:** 875 THIRD AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022-6225

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DEUTSCHE VARIABLE SERIES II
- **DATE OF NAME CHANGE:** 20140811

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DWS VARIABLE SERIES II
- **DATE OF NAME CHANGE:** 20060303

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SCUDDER VARIABLE SERIES II
- **DATE OF NAME CHANGE:** 20010501

## Series and Classes Contracts Data

### DWS Small Mid Cap Value VIP (Series ID: S000006269)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017231 | Class A      |  |
| C000017232 | Class B      |  |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** DEUTSCHE DWS VARIABLE SERIES II

- **b. Investment Company Act file number:** 811-05002

- **c. CIK number of Registrant:** 0000810573

- **d. LEI of Registrant:** 7WRERVUOG2HKG87QIP75

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 875 Third Avenue

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10022-6225

  - **Telephone number:** 212-454-4500

**Item A.2. Information about the Series.**

- **a. Name of Series:** DWS Small Mid Cap Value VIP

- **b. EDGAR series identifier (if any):** S000006269

- **c. LEI of Series:** 8HN4E3XMYOF3YJY3GN33

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-12-31

**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:** $85952418.57

**Total Liabilities:** $2743724.22

**Net Assets:** $83208694.35

**Cash Not Reported:** $8836.73

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000017231 | -0.07%               | 3.70%                | 0.64%                |
| Class ID C000017232 | -0.15%               | 3.70%                | 0.64%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $493823.52               | $-604068.27                                |
| Month 2  | $1032447.89              | $1842608.64                                |
| Month 3  | $335389.44               | $100286.94                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ADT Inc                             | ADT Inc                                                                               | CUSIP: 00090Q103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     49321 | NS      | $398020.47    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold.com Inc                        | Gold.com Inc                                                                          | CUSIP: 00181T107<br>LEI: XP6XYFDZQGKLUMOFGT37 | Long             | EC               | CORP              | US        |     23469 | NS      | $799119.45    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| API Group Corp                      | API Group Corp                                                                        | CUSIP: 00187Y100<br>LEI: 213800NZT1VX6PZ7BT53 | Long             | EC               | CORP              | US        |     37248 | NS      | $1425108.48   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Acuity Inc                          | Acuity Inc                                                                            | CUSIP: 00508Y102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3629 | NS      | $1306585.16   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Drainage Systems Inc       | Advanced Drainage Systems Inc                                                         | CUSIP: 00790R104<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | EC               | CORP              | US        |      4704 | NS      | $681280.32    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Affiliated Managers Group Inc       | Affiliated Managers Group Inc                                                         | CUSIP: 008252108<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EC               | CORP              | US        |      4578 | NS      | $1319745.84   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Affirm Holdings Inc                 | Affirm Holdings Inc                                                                   | CUSIP: 00827B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9880 | NS      | $735368.40    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Alpha Metallurgical Resources Inc   | Alpha Metallurgical Resources Inc                                                     | CUSIP: 020764106<br>LEI: 254900VEBGZO2PY8R678 | Long             | EC               | CORP              | US        |      1157 | NS      | $231261.16    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Alpine Income Property Trust Inc    | Alpine Income Property Trust Inc                                                      | CUSIP: 02083X103<br>LEI: 254900VQGUBS1J4C4N33 | Long             | EC               |  | US        |     16329 | NS      | $273020.88    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| U-Haul Holding Co                   | U-Haul Holding Co                                                                     | CUSIP: 023586100<br>LEI: 5493003WIDMLDHYC6Y24 | Long             | EC               | CORP              | US        |      8310 | NS      | $418907.10    | 0.50%             |  |  |  | No            |                  1 | On Loan: —       |
| Antero Midstream Corp               | Antero Midstream Corp                                                                 | CUSIP: 03676B102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51317 | NS      | $912929.43    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Optoelectronics Inc         | Applied Optoelectronics Inc                                                           | CUSIP: 03823U102<br>LEI: 529900I8U6Q5SYDNLT48 | Long             | EC               | CORP              | US        |      8187 | NS      | $285398.82    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Aramark                             | Aramark                                                                               | CUSIP: 03852U106<br>LEI: 549300MR6PG2DWZUIL39 | Long             | EC               | CORP              | US        |      5587 | NS      | $205936.82    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Armstrong World Industries Inc      | Armstrong World Industries Inc                                                        | CUSIP: 04247X102<br>LEI: KXMRXXOJ88Q45Y45MG74 | Long             | EC               | CORP              | US        |      4128 | NS      | $788860.80    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Assurant Inc                        | Assurant Inc                                                                          | CUSIP: 04621X108<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EC               | CORP              | US        |      2930 | NS      | $705690.50    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoNation Inc                      | AutoNation Inc                                                                        | CUSIP: 05329W102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1963 | NS      | $405320.24    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Avient Corp                         | Avient Corp                                                                           | CUSIP: 05368V106<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | EC               | CORP              | US        |      7792 | NS      | $243422.08    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Avnet Inc                           | Avnet Inc                                                                             | CUSIP: 053807103<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | EC               | CORP              | US        |     21894 | NS      | $1052663.52   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| B&G Foods Inc                       | B&G Foods Inc                                                                         | CUSIP: 05508R106<br>LEI: 549300TRW1LZMDJZAQ78 | Long             | EC               | CORP              | US        |     49704 | NS      | $213727.20    | 0.26%             |  |  |  | No            |                  1 | On Loan: —       |
| BankUnited Inc                      | BankUnited Inc                                                                        | CUSIP: 06652K103<br>LEI: 96OVUWEW5D4YX6PFXD91 | Long             | EC               | CORP              | US        |     15117 | NS      | $673764.69    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| BXP Inc                             | BXP Inc                                                                               | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               |  | US        |      4754 | NS      | $320799.92    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristow Group Inc                   | Bristow Group Inc                                                                     | CUSIP: 11040G103<br>LEI: 5493005Q24EN3UC1PV68 | Long             | EC               | CORP              | US        |     10447 | NS      | $382569.14    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                 | DWS Government & Agency Securities Portfolio DWS Government Cash Institutional Shares | CUSIP: 147539670<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   2623645 | NS      | $2623645.00   | 3.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Ciena Corp                          | Ciena Corp                                                                            | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | EC               | CORP              | US        |      5304 | NS      | $1240446.48   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Coherent Corp                       | Coherent Corp                                                                         | CUSIP: 19247G107<br>LEI: 549300O5C25A0MMHHU33 | Long             | EC               | CORP              | US        |      3143 | NS      | $580103.51    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohu Inc                            | Cohu Inc                                                                              | CUSIP: 192576106<br>LEI: 529900FJPORJ3JJ2XS33 | Long             | EC               | CORP              | US        |     13301 | NS      | $309514.27    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Corebridge Financial Inc            | Corebridge Financial Inc                                                              | CUSIP: 21871X109<br>LEI: 549300XY1661QCIA7J65 | Long             | EC               | CORP              | US        |     17467 | NS      | $526979.39    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Scientific Inc                 | Core Scientific Inc                                                                   | CUSIP: 21874A106<br>LEI: 5299003RGB2LAZ65RK73 | Long             | EC               | CORP              | US        |     24137 | NS      | $351434.72    | 0.42%             |  |  |  | No            |                  1 | On Loan: —       |
| Coty Inc                            | Coty Inc                                                                              | CUSIP: 222070203<br>LEI: 549300BO9IWPF3S48F93 | Long             | EC               | CORP              | US        |     80265 | NS      | $247216.20    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Donnelley Financial Solutions Inc   | Donnelley Financial Solutions Inc                                                     | CUSIP: 25787G100<br>LEI: 549300O1NPY4J56QCU04 | Long             | EC               | CORP              | US        |     11855 | NS      | $553509.95    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| EchoStar Corp                       | EchoStar Corp                                                                         | CUSIP: 278768106<br>LEI: 549300EE20907QZ9GT38 | Long             | EC               | CORP              | US        |     12434 | NS      | $1351575.80   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Enact Holdings Inc                  | Enact Holdings Inc                                                                    | CUSIP: 29249E109<br>LEI: 9845003CA5664B741N19 | Long             | EC               | CORP              | US        |     15455 | NS      | $612636.20    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| EnerSys                             | EnerSys                                                                               | CUSIP: 29275Y102<br>LEI: 7ZS3DE5PN30BYUJFWP05 | Long             | EC               | CORP              | US        |      9311 | NS      | $1366389.25   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Evercore Inc                        | Evercore Inc                                                                          | CUSIP: 29977A105<br>LEI: 529900P6KLPT95DW3W58 | Long             | EC               | CORP              | US        |      3083 | NS      | $1048990.75   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Exact Sciences Corp                 | Exact Sciences Corp                                                                   | CUSIP: 30063P105<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | EC               | CORP              | US        |      7576 | NS      | $769418.56    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelixis Inc                        | Exelixis Inc                                                                          | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               | CORP              | US        |      8966 | NS      | $392979.78    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| FTI Consulting Inc                  | FTI Consulting Inc                                                                    | CUSIP: 302941109<br>LEI: 549300K17GM8EQD0FQ48 | Long             | EC               | CORP              | US        |      2456 | NS      | $419558.48    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| First BanCorp/Puerto Rico           | First BanCorp/Puerto Rico                                                             | CUSIP: 318672706<br>LEI: N/A                  | Long             | EC               | CORP              | PR        |     72426 | NS      | $1501390.98   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Corp                | First Financial Corp                                                                  | CUSIP: 320218100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10857 | NS      | $655979.94    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Forward Air Corp                    | Forward Air Corp                                                                      | CUSIP: 34986A104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16205 | NS      | $405125.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Covey Co                   | Franklin Covey Co                                                                     | CUSIP: 353469109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15929 | NS      | $267288.62    | 0.32%             |  |  |  | No            |                  1 | On Loan: —       |
| Frontier Group Holdings Inc         | Frontier Group Holdings Inc                                                           | CUSIP: 35909R108<br>LEI: 549300DT3Y2BHO6G7T02 | Long             | EC               | CORP              | US        |    105785 | NS      | $498247.35    | 0.60%             |  |  |  | No            |                  1 | On Loan: —       |
| ESC GCI LIBERTY INC SR              | ESC GCI LIBERTY INC SR                                                                | CUSIP: 361ESC049<br>LEI: 5493003JDENERRDYFN86 | Long             | EC               | CORP              | US        |      3095 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Gaming and Leisure Properties Inc   | Gaming and Leisure Properties Inc                                                     | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               |  | US        |     31789 | NS      | $1420650.41   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Gap Inc/The                         | Gap Inc/The                                                                           | CUSIP: 364760108<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | EC               | CORP              | US        |     37531 | NS      | $960793.60    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Gladstone Land Corp                 | Gladstone Land Corp                                                                   | CUSIP: 376549101<br>LEI: 54930002B3Q17H38FG74 | Long             | EC               |  | US        |     33425 | NS      | $305838.75    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Business Travel Group I      | Global Business Travel Group I                                                        | CUSIP: 37890B100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     52036 | NS      | $398075.40    | 0.48%             |  |  |  | No            |                  1 | On Loan: —       |
| Global Net Lease Inc                | Global Net Lease Inc                                                                  | CUSIP: 379378201<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EC               |  | US        |     85963 | NS      | $739281.80    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Globe Life Inc                      | Globe Life Inc                                                                        | CUSIP: 37959E102<br>LEI: 5493001JFHKQOPP6XA71 | Long             | EC               | CORP              | US        |      1906 | NS      | $266573.16    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Graphic Packaging Holding Co        | Graphic Packaging Holding Co                                                          | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41499 | NS      | $624974.94    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Group 1 Automotive Inc              | Group 1 Automotive Inc                                                                | CUSIP: 398905109<br>LEI: 549300US8QAZJLWYAF63 | Long             | EC               | CORP              | US        |       832 | NS      | $327225.60    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Hancock Whitney Corp                | Hancock Whitney Corp                                                                  | CUSIP: 410120109<br>LEI: 549300GRNBWY8HIICT41 | Long             | EC               | CORP              | US        |     23010 | NS      | $1465276.80   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Hasbro Inc                          | Hasbro Inc                                                                            | CUSIP: 418056107<br>LEI: 549300NUB6D2R1ITYR45 | Long             | EC               | CORP              | US        |     10137 | NS      | $831234.00    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Realty Trust Inc         | Healthcare Realty Trust Inc                                                           | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Long             | EC               |  | US        |     32924 | NS      | $558061.80    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilltop Holdings Inc                | Hilltop Holdings Inc                                                                  | CUSIP: 432748101<br>LEI: 54930010TA543US0PM65 | Long             | EC               | CORP              | US        |     15444 | NS      | $524169.36    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Ingalls Industries Inc   | Huntington Ingalls Industries Inc                                                     | CUSIP: 446413106<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | EC               | CORP              | US        |      4827 | NS      | $1641517.89   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Hut 8 Corp                          | Hut 8 Corp                                                                            | CUSIP: 44812J104<br>LEI: 98450066FEF9C1D3FC20 | Long             | EC               | CORP              | US        |     15679 | NS      | $720293.26    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| ICF International Inc               | ICF International Inc                                                                 | CUSIP: 44925C103<br>LEI: 5493003KYFDDC5B3WY64 | Long             | EC               | CORP              | US        |      5923 | NS      | $505231.90    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| IDACORP Inc                         | IDACORP Inc                                                                           | CUSIP: 451107106<br>LEI: N134NUJDWN8UEFA8B673 | Long             | EC               | CORP              | US        |      8716 | NS      | $1103096.96   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Innovex International Inc           | Innovex International Inc                                                             | CUSIP: 457651107<br>LEI: 5299007REICYIJNMW197 | Long             | EC               | CORP              | US        |     17003 | NS      | $371855.61    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Ionis Pharmaceuticals Inc           | Ionis Pharmaceuticals Inc                                                             | CUSIP: 462222100<br>LEI: 549300SI4ZGLG0BLUZ92 | Long             | EC               | CORP              | US        |     12640 | NS      | $999950.40    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Itron Inc                           | Itron Inc                                                                             | CUSIP: 465741106<br>LEI: 24F6LSZD18II6ICG6S41 | Long             | EC               | CORP              | US        |      9281 | NS      | $861833.66    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Kirby Corp                          | Kirby Corp                                                                            | CUSIP: 497266106<br>LEI: I7NO6FZO5GUCG585T325 | Long             | EC               | CORP              | US        |      3791 | NS      | $417692.38    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Korn Ferry                          | Korn Ferry                                                                            | CUSIP: 500643200<br>LEI: 549300FOD20OM0GT5G40 | Long             | EC               | CORP              | US        |     11009 | NS      | $726814.18    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamb Weston Holdings Inc            | Lamb Weston Holdings Inc                                                              | CUSIP: 513272104<br>LEI: 5493005SMYID1D2OY946 | Long             | EC               | CORP              | US        |      8159 | NS      | $341780.51    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Ligand Pharmaceuticals Inc          | Ligand Pharmaceuticals Inc                                                            | CUSIP: 53220K504<br>LEI: 5493008K7TB0IKP37H79 | Long             | EC               | CORP              | US        |      4646 | NS      | $878419.22    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp                | MGIC Investment Corp                                                                  | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |     23061 | NS      | $673842.42    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| MGP Ingredients Inc                 | MGP Ingredients Inc                                                                   | CUSIP: 55303J106<br>LEI: 2549006OMHFVZ4MS8538 | Long             | EC               | CORP              | US        |      8857 | NS      | $215225.10    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| MARA Holdings Inc                   | MARA Holdings Inc                                                                     | CUSIP: 565788106<br>LEI: 549300M8ISKPTX2W7F94 | Long             | EC               | CORP              | US        |     28668 | NS      | $257438.64    | 0.31%             |  |  |  | No            |                  1 | On Loan: —       |
| MasTec Inc                          | MasTec Inc                                                                            | CUSIP: 576323109<br>LEI: 549300TMDIT8WREDOF45 | Long             | EC               | CORP              | US        |      6701 | NS      | $1456596.37   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| NMI Holdings Inc                    | NMI Holdings Inc                                                                      | CUSIP: 629209305<br>LEI: 529900KNNGFXJX1C3Z08 | Long             | EC               | CORP              | US        |      5790 | NS      | $236174.10    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| National CineMedia Inc              | National CineMedia Inc                                                                | CUSIP: 635309206<br>LEI: 5493000MOLIVSOGKEB48 | Long             | EC               | CORP              | US        |     83759 | NS      | $325822.51    | 0.39%             |  |  |  | No            |                  1 | On Loan: —       |
| Rithm Capital Corp                  | Rithm Capital Corp                                                                    | CUSIP: 64828T201<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EC               |  | US        |     73386 | NS      | $799907.40    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| DNOW Inc                            | DNOW Inc                                                                              | CUSIP: 67011P100<br>LEI: 549300AVH5SOCFVVDW91 | Long             | EC               | CORP              | US        |     23714 | NS      | $314210.50    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Ollie's Bargain Outlet Holdings Inc | Ollie's Bargain Outlet Holdings Inc                                                   | CUSIP: 681116109<br>LEI: 529900YO5DSQCPEFDZ05 | Long             | EC               | CORP              | US        |      9164 | NS      | $1004466.04   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicom Group Inc                   | Omnicom Group Inc                                                                     | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |     12468 | NS      | $1006791.00   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Omega Healthcare Investors Inc      | Omega Healthcare Investors Inc                                                        | CUSIP: 681936100<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | EC               |  | US        |     24028 | NS      | $1065401.52   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| ONE Gas Inc                         | ONE Gas Inc                                                                           | CUSIP: 68235P108<br>LEI: 549300HXDWI0LATTX840 | Long             | EC               | CORP              | US        |      5438 | NS      | $420085.50    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Otter Tail Corp                     | Otter Tail Corp                                                                       | CUSIP: 689648103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5260 | NS      | $425060.60    | 0.51%             |  |  |  | No            |                  1 | On Loan: —       |
| Owens Corning                       | Owens Corning                                                                         | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |      7852 | NS      | $878717.32    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Penske Automotive Group Inc         | Penske Automotive Group Inc                                                           | CUSIP: 70959W103<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | EC               | CORP              | US        |      2257 | NS      | $357260.53    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Resources Corp              | Permian Resources Corp                                                                | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |     63546 | NS      | $891550.38    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Portland General Electric Co        | Portland General Electric Co                                                          | CUSIP: 736508847<br>LEI: GJOUP9M7C39GLSK9R870 | Long             | EC               | CORP              | US        |      9933 | NS      | $476684.67    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| PotlatchDeltic Corp                 | PotlatchDeltic Corp                                                                   | CUSIP: 737630103<br>LEI: 54930084YA8UJOTXDM59 | Long             | EC               |  | US        |      9934 | NS      | $395174.52    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Powerfleet Inc NJ                   | Powerfleet Inc NJ                                                                     | CUSIP: 73931J109<br>LEI: 2549007NKEFPYEH4MF81 | Long             | EC               | CORP              | US        |     46358 | NS      | $246624.56    | 0.30%             |  |  |  | No            |                  1 | On Loan: —       |
| RLI Corp                            | RLI Corp                                                                              | CUSIP: 749607107<br>LEI: 529900AMTJE5ECN9PS55 | Long             | EC               | CORP              | US        |      7756 | NS      | $496228.88    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| RPM International Inc               | RPM International Inc                                                                 | CUSIP: 749685103<br>LEI: 549300TJCKW4BRXPJ474 | Long             | EC               | CORP              | US        |      6533 | NS      | $679432.00    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| RXO Inc                             | RXO Inc                                                                               | CUSIP: 74982T103<br>LEI: 549300KL8CA6GP8XPM30 | Long             | EC               | CORP              | US        |     24703 | NS      | $312245.92    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Radian Group Inc                    | Radian Group Inc                                                                      | CUSIP: 750236101<br>LEI: 54930005OUP720S5U385 | Long             | EC               | CORP              | US        |     23252 | NS      | $836839.48    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ralph Lauren Corp                   | Ralph Lauren Corp                                                                     | CUSIP: 751212101<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | EC               | CORP              | US        |      3387 | NS      | $1197677.07   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Range Resources Corp                | Range Resources Corp                                                                  | CUSIP: 75281A109<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | EC               | CORP              | US        |     16118 | NS      | $568320.68    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Inc                        | Reliance Inc                                                                          | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |      3269 | NS      | $944316.03    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Resolute Holdings Management Inc    | Resolute Holdings Management Inc                                                      | CUSIP: 76134H101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1455 | NS      | $300355.65    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Revolution Medicines Inc            | Revolution Medicines Inc                                                              | CUSIP: 76155X100<br>LEI: 549300JU3X0LBCQ65892 | Long             | EC               | CORP              | US        |     23715 | NS      | $1888899.75   | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Riot Platforms Inc                  | Riot Platforms Inc                                                                    | CUSIP: 767292105<br>LEI: 5299005LKZAJQDQZDF73 | Long             | EC               | CORP              | US        |     36617 | NS      | $463937.39    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Gold Inc                      | Royal Gold Inc                                                                        | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |      2449 | NS      | $544388.21    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Safehold Inc                        | Safehold Inc                                                                          | CUSIP: 78646V107<br>LEI: QFFLKWYYS3UPWD86E794 | Long             | EC               |  | US        |     28970 | NS      | $396599.30    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| SailPoint Inc                       | SailPoint Inc                                                                         | CUSIP: 78781J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16466 | NS      | $333107.18    | 0.40%             |  |  |  | No            |                  1 | On Loan: —       |
| Seaboard Corp                       | Seaboard Corp                                                                         | CUSIP: 811543107<br>LEI: 87Q3KOXT29OW9W9YPT70 | Long             | EC               | CORP              | US        |       119 | NS      | $528933.58    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Simply Good Foods Co/The            | Simply Good Foods Co/The                                                              | CUSIP: 82900L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11012 | NS      | $221120.96    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| SoFi Technologies Inc               | SoFi Technologies Inc                                                                 | CUSIP: 83406F102<br>LEI: 549300SW81JCMVZDDY09 | Long             | EC               | CORP              | US        |     22633 | NS      | $592531.94    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Solaris Energy Infrastructure Inc   | Solaris Energy Infrastructure Inc                                                     | CUSIP: 83418M103<br>LEI: 529900MTK3C8Y8TIIC10 | Long             | EC               | CORP              | US        |      4189 | NS      | $192568.33    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| STAG Industrial Inc                 | STAG Industrial Inc                                                                   | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               |  | US        |     33835 | NS      | $1243774.60   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| TD SYNNEX Corp                      | TD SYNNEX Corp                                                                        | CUSIP: 87162W100<br>LEI: 5493004HI6PFLF46NS53 | Long             | EC               | CORP              | US        |      3790 | NS      | $569371.70    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Travel + Leisure Co                 | Travel + Leisure Co                                                                   | CUSIP: 894164102<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | EC               | CORP              | US        |      6682 | NS      | $471281.46    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| TreeHouse Foods Inc                 | TreeHouse Foods Inc                                                                   | CUSIP: 89469A104<br>LEI: 5493007M7EVHE470Q576 | Long             | EC               | CORP              | US        |     22447 | NS      | $529524.73    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Triumph Financial Inc               | Triumph Financial Inc                                                                 | CUSIP: 89679E300<br>LEI: 5493003RNRMEVYDZ1Q52 | Long             | EC               | CORP              | US        |      6942 | NS      | $434777.46    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Tutor Perini Corp                   | Tutor Perini Corp                                                                     | CUSIP: 901109108<br>LEI: 549300FHXYVPW8LJ6D98 | Long             | EC               | CORP              | US        |     12023 | NS      | $805781.46    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| UGI Corp                            | UGI Corp                                                                              | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |     25397 | NS      | $950609.71    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB Financial Corp                  | UMB Financial Corp                                                                    | CUSIP: 902788108<br>LEI: 549300MGEH3N3CUCV828 | Long             | EC               | CORP              | US        |     14074 | NS      | $1619072.96   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| United Therapeutics Corp            | United Therapeutics Corp                                                              | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |      1892 | NS      | $921877.00    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Viasat Inc                          | Viasat Inc                                                                            | CUSIP: 92552V100<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | EC               | CORP              | US        |      6226 | NS      | $214547.96    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Willdan Group Inc                   | Willdan Group Inc                                                                     | CUSIP: 96924N100<br>LEI: 529900YQO0LF5VAEKN05 | Long             | EC               | CORP              | US        |      2166 | NS      | $224527.56    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Winmark Corp                        | Winmark Corp                                                                          | CUSIP: 974250102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       926 | NS      | $374974.44    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Worthington Enterprises Inc         | Worthington Enterprises Inc                                                           | CUSIP: 981811102<br>LEI: 1WRCIANKYOIK6KYE5E82 | Long             | EC               | CORP              | US        |     13525 | NS      | $697484.25    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                 | DWS Central Cash Management Government Fund                                           | CUSIP: 25160K306<br>LEI: 5493003GD84DGSXJ7618 | Long             | STIV             | RF                | US        |    335951 | NS      | $335951.33    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Worthington Steel Inc               | Worthington Steel Inc                                                                 | CUSIP: 982104101<br>LEI: 2549009ZUUWL3QLK6G24 | Long             | EC               | CORP              | US        |     17523 | NS      | $606646.26    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Wynn Resorts Ltd                    | Wynn Resorts Ltd                                                                      | CUSIP: 983134107<br>LEI: 254900CEKKWIHTEAB172 | Long             | EC               | CORP              | US        |      3323 | NS      | $399856.59    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellium SE                      | Constellium SE                                                                        | CUSIP: 000000000<br>LEI: 724500KRJEMC79KAAU28 | Long             | EC               | CORP              | FR        |     30865 | NS      | $581805.25    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Bit Digital Inc                     | Bit Digital Inc                                                                       | CUSIP: 000000000<br>LEI: 2549005XLPRWS7HWCM31 | Long             | EC               | CORP              | KY        |    166705 | NS      | $315072.45    | 0.38%             |  |  |  | No            |                  1 | On Loan: —       |
| Essent Group Ltd                    | Essent Group Ltd                                                                      | CUSIP: 000000000<br>LEI: 254900QUO860OUT6ZF83 | Long             | EC               | CORP              | BM        |      7068 | NS      | $459490.68    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Group Ltd                   | Everest Group Ltd                                                                     | CUSIP: 000000000<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | BM        |      1816 | NS      | $616259.60    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferroglobe PLC                      | Ferroglobe PLC                                                                        | CUSIP: 000000000<br>LEI: 2138005GCFJACFTZUD90 | Long             | EC               | CORP              | GB        |     62091 | NS      | $288102.24    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Ltd                         | Invesco Ltd                                                                           | CUSIP: 000000000<br>LEI: ECPGFXU8A2SHKVVGJI15 | Long             | EC               | CORP              | BM        |     23108 | NS      | $607047.16    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Jazz Pharmaceuticals PLC            | Jazz Pharmaceuticals PLC                                                              | CUSIP: 000000000<br>LEI: 635400GAUMJCLEZRRV50 | Long             | EC               | CORP              | IE        |      7695 | NS      | $1308150.00   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Global Ltd                  | Liberty Global Ltd                                                                    | CUSIP: 000000000<br>LEI: 213800HRMKKTYH7SKA24 | Long             | EC               | CORP              | BM        |     27434 | NS      | $302871.36    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Norwegian Cruise Line Holdings Ltd  | Norwegian Cruise Line Holdings Ltd                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |     16899 | NS      | $377185.68    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| nVent Electric PLC                  | nVent Electric PLC                                                                    | CUSIP: 000000000<br>LEI: 254900LK60A9DK5W5N81 | Long             | EC               | CORP              | IE        |      7788 | NS      | $794142.36    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Sensata Technologies Holding PLC    | Sensata Technologies Holding PLC                                                      | CUSIP: 000000000<br>LEI: 529900MS7KFYCY9MS037 | Long             | EC               | CORP              | GB        |     35731 | NS      | $1189484.99   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Valaris Ltd                         | Valaris Ltd                                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |      3479 | NS      | $175341.60    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-21

**Name of Applicant:** DEUTSCHE DWS VARIABLE SERIES II

**Signature:** Diane Kenneally

**Name of Signer:** Diane Kenneally

**Title:** Treasurer and Chief Financial Officer