# EDGAR Filing Document

**Accession Number:** 0000810573
**File Stem:** 0001752724-25-200379
**Filing Date:** 2025-8
**Character Count:** 47117
**Document Hash:** 41c2a695263def6f7dd2599f0217cb76
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-200379.hdr.sgml**: 20250822

**ACCESSION NUMBER**: 0001752724-25-200379

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250822

**DATE AS OF CHANGE**: 20250822

**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:** 251246037

**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:** 2025-06-30

**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:** $77844387.75

**Total Liabilities:** $1350556.46

**Net Assets:** $76493831.29

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000017231 | -2.68%               | 5.01%                | 5.03%                |
| Class ID C000017232 | -2.76%               | 5.00%                | 5.10%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-690506.66              | $-1309375.55                               |
| Month 2  | $-388067.99              | $3746406.31                                |
| Month 3  | $467093.26               | $3127805.61                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Ionis Pharmaceuticals Inc           | Ionis Pharmaceuticals Inc                                                             | CUSIP: 462222100<br>LEI: 549300SI4ZGLG0BLUZ92 | Long             | EC               | CORP              | US        |     12640 | NS      | $499406.40    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Ligand Pharmaceuticals Inc          | Ligand Pharmaceuticals Inc                                                            | CUSIP: 53220K504<br>LEI: 5493008K7TB0IKP37H79 | Long             | EC               | CORP              | US        |     12147 | NS      | $1380870.96   | 1.81%             |  |  |  | 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      | $1508633.58   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Assurant Inc                        | Assurant Inc                                                                          | CUSIP: 04621X108<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EC               | CORP              | US        |      2930 | NS      | $578645.70    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Omega Healthcare Investors Inc      | Omega Healthcare Investors Inc                                                        | CUSIP: 681936100<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | EC               |  | US        |     24028 | NS      | $880626.20    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Astera Labs Inc                     | Astera Labs Inc                                                                       | CUSIP: 04626A103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5435 | NS      | $491432.70    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Neogen Corp                         | Neogen Corp                                                                           | CUSIP: 640491106<br>LEI: 549300HJT9FC36N4UW43 | Long             | EC               | CORP              | US        |     47314 | NS      | $226160.92    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Hut 8 Corp                          | Hut 8 Corp                                                                            | CUSIP: 44812J104<br>LEI: 98450066FEF9C1D3FC20 | Long             | EC               | CORP              | US        |     15679 | NS      | $291629.40    | 0.38%             |  |  |  | No            |                  1 | On Loan: —       |
| Bit Digital Inc                     | Bit Digital Inc                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    166705 | NS      | $365083.95    | 0.48%             |  |  |  | No            |                  1 | On Loan: —       |
| EchoStar Corp                       | EchoStar Corp                                                                         | CUSIP: 278768106<br>LEI: 549300EE20907QZ9GT38 | Long             | EC               | CORP              | US        |     22462 | NS      | $622197.40    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Evercore Inc                        | Evercore Inc                                                                          | CUSIP: 29977A105<br>LEI: 529900P6KLPT95DW3W58 | Long             | EC               | CORP              | US        |      3083 | NS      | $832471.66    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| EnerSys                             | EnerSys                                                                               | CUSIP: 29275Y102<br>LEI: 7ZS3DE5PN30BYUJFWP05 | Long             | EC               | CORP              | US        |     14839 | NS      | $1272741.03   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Sensata Technologies Holding PLC    | Sensata Technologies Holding PLC                                                      | CUSIP: 000000000<br>LEI: 529900MS7KFYCY9MS037 | Long             | EC               | CORP              | GB        |     35731 | NS      | $1075860.41   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| WideOpenWest Inc                    | WideOpenWest Inc                                                                      | CUSIP: 96758W101<br>LEI: 549300RM6J2BWWOFU889 | Long             | EC               | CORP              | US        |     64583 | NS      | $262206.98    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Exact Sciences Corp                 | Exact Sciences Corp                                                                   | CUSIP: 30063P105<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | EC               | CORP              | US        |      7576 | NS      | $402588.64    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Avient Corp                         | Avient Corp                                                                           | CUSIP: 05368V106<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | EC               | CORP              | US        |      7792 | NS      | $251759.52    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Drainage Systems Inc       | Advanced Drainage Systems Inc                                                         | CUSIP: 00790R104<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | EC               | CORP              | US        |      4704 | NS      | $540301.44    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Gold Inc                      | Royal Gold Inc                                                                        | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |      2449 | NS      | $435530.16    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Pagaya Technologies Ltd             | Pagaya Technologies Ltd                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |     25074 | NS      | $534577.68    | 0.70%             |  |  |  | No            |                  1 | On Loan: —       |
| nVent Electric PLC                  | nVent Electric PLC                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |      7788 | NS      | $570471.00    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Resources Corp              | Permian Resources Corp                                                                | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |     63546 | NS      | $865496.52    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Group Ltd                   | Everest Group Ltd                                                                     | CUSIP: 000000000<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | BM        |      3801 | NS      | $1291769.85   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| OraSure Technologies Inc            | OraSure Technologies Inc                                                              | CUSIP: 68554V108<br>LEI: 529900GNNJPNM4XHXQ77 | Long             | EC               | CORP              | US        |     63952 | NS      | $191856.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Banking System Inc         | Columbia Banking System Inc                                                           | CUSIP: 197236102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13519 | NS      | $316074.22    | 0.41%             |  |  |  | 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      | $1207631.92   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Owens Corning                       | Owens Corning                                                                         | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |      7852 | NS      | $1079807.04   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Aramark                             | Aramark                                                                               | CUSIP: 03852U106<br>LEI: 549300MR6PG2DWZUIL39 | Long             | EC               | CORP              | US        |     13381 | NS      | $560262.47    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| API Group Corp                      | API Group Corp                                                                        | CUSIP: 00187Y100<br>LEI: 213800NZT1VX6PZ7BT53 | Long             | EC               | CORP              | US        |     24832 | NS      | $1267673.60   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Affiliated Managers Group Inc       | Affiliated Managers Group Inc                                                         | CUSIP: 008252108<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EC               | CORP              | US        |      4578 | NS      | $900813.06    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Associated Banc-Corp                | Associated Banc-Corp                                                                  | CUSIP: 045487105<br>LEI: 549300N3CIN473IW5094 | Long             | EC               | CORP              | US        |     50191 | NS      | $1224158.49   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Net Lease Inc                | Global Net Lease Inc                                                                  | CUSIP: 379378201<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EC               |  | US        |     85963 | NS      | $649020.65    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohu Inc                            | Cohu Inc                                                                              | CUSIP: 192576106<br>LEI: 529900FJPORJ3JJ2XS33 | Long             | EC               | CORP              | US        |     13301 | NS      | $255911.24    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Ltd                         | Invesco Ltd                                                                           | CUSIP: 000000000<br>LEI: ECPGFXU8A2SHKVVGJI15 | Long             | EC               | CORP              | BM        |     23108 | NS      | $364413.16    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Worthington Enterprises Inc         | Worthington Enterprises Inc                                                           | CUSIP: 981811102<br>LEI: 1WRCIANKYOIK6KYE5E82 | Long             | EC               | CORP              | US        |     13525 | NS      | $860731.00    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| TD SYNNEX Corp                      | TD SYNNEX Corp                                                                        | CUSIP: 87162W100<br>LEI: 5493004HI6PFLF46NS53 | Long             | EC               | CORP              | US        |      3790 | NS      | $514303.00    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| BGC Group Inc                       | BGC Group Inc                                                                         | CUSIP: 088929104<br>LEI: 2549001IGRCG4F0RLD36 | Long             | EC               | CORP              | US        |     34990 | NS      | $357947.70    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Carvana Co                          | Carvana Co                                                                            | CUSIP: 146869102<br>LEI: 5493003WEAK2PJ5WS063 | Long             | EC               | CORP              | US        |      3985 | NS      | $1342785.60   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Graphic Packaging Holding Co        | Graphic Packaging Holding Co                                                          | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33543 | NS      | $706751.01    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp                | MGIC Investment Corp                                                                  | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |     23061 | NS      | $642018.24    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| BXP Inc                             | BXP Inc                                                                               | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               |  | US        |      2552 | NS      | $172183.44    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Range Resources Corp                | Range Resources Corp                                                                  | CUSIP: 75281A109<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | EC               | CORP              | US        |     16118 | NS      | $655519.06    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Group 1 Automotive Inc              | Group 1 Automotive Inc                                                                | CUSIP: 398905109<br>LEI: 549300US8QAZJLWYAF63 | Long             | EC               | CORP              | US        |       832 | NS      | $363342.72    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties Inc   | Gaming and Leisure Properties Inc                                                     | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               |  | US        |     31789 | NS      | $1483910.52   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| MasTec Inc                          | MasTec Inc                                                                            | CUSIP: 576323109<br>LEI: 549300TMDIT8WREDOF45 | Long             | EC               | CORP              | US        |      6701 | NS      | $1142051.43   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemours Co/The                     | Chemours Co/The                                                                       | CUSIP: 163851108<br>LEI: 549300M1BOLNXL8DOV14 | Long             | EC               | CORP              | US        |     39655 | NS      | $454049.75    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Solaris Energy Infrastructure Inc   | Solaris Energy Infrastructure Inc                                                     | CUSIP: 83418M103<br>LEI: 529900MTK3C8Y8TIIC10 | Long             | EC               | CORP              | US        |     52336 | NS      | $1480585.44   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Safehold Inc                        | Safehold Inc                                                                          | CUSIP: 78646V107<br>LEI: QFFLKWYYS3UPWD86E794 | Long             | EC               |  | US        |     13895 | NS      | $216206.20    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| United Therapeutics Corp            | United Therapeutics Corp                                                              | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |      1892 | NS      | $543666.20    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Green Brick Partners Inc            | Green Brick Partners Inc                                                              | CUSIP: 392709101<br>LEI: 549300R7SCIV7FQI6T56 | Long             | EC               | CORP              | US        |      4925 | NS      | $309684.00    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| MARA Holdings Inc                   | MARA Holdings Inc                                                                     | CUSIP: 565788106<br>LEI: 549300M8ISKPTX2W7F94 | Long             | EC               | CORP              | US        |     28668 | NS      | $449514.24    | 0.59%             |  |  |  | No            |                  1 | On Loan: —       |
| Armstrong World Industries Inc      | Armstrong World Industries Inc                                                        | CUSIP: 04247X102<br>LEI: KXMRXXOJ88Q45Y45MG74 | Long             | EC               | CORP              | US        |      4128 | NS      | $670552.32    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Hasbro Inc                          | Hasbro Inc                                                                            | CUSIP: 418056107<br>LEI: 549300NUB6D2R1ITYR45 | Long             | EC               | CORP              | US        |     10137 | NS      | $748313.34    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Ralph Lauren Corp                   | Ralph Lauren Corp                                                                     | CUSIP: 751212101<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | EC               | CORP              | US        |      3387 | NS      | $928986.36    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingredion Inc                       | Ingredion Inc                                                                         | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |      6544 | NS      | $887497.28    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Revolution Medicines Inc            | Revolution Medicines Inc                                                              | CUSIP: 76155X100<br>LEI: 549300JU3X0LBCQ65892 | Long             | EC               | CORP              | US        |     23715 | NS      | $872474.85    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB Financial Corp                  | UMB Financial Corp                                                                    | CUSIP: 902788108<br>LEI: 549300MGEH3N3CUCV828 | Long             | EC               | CORP              | US        |     14074 | NS      | $1480021.84   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Kite Realty Group Trust             | Kite Realty Group Trust                                                               | CUSIP: 49803T300<br>LEI: N/A                  | Long             | EC               |  | US        |     36625 | NS      | $829556.25    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Worthington Steel Inc               | Worthington Steel Inc                                                                 | CUSIP: 982104101<br>LEI: 2549009ZUUWL3QLK6G24 | Long             | EC               | CORP              | US        |     11065 | NS      | $330068.95    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Ingalls Industries Inc   | Huntington Ingalls Industries Inc                                                     | CUSIP: 446413106<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | EC               | CORP              | US        |      5182 | NS      | $1251245.72   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| National CineMedia Inc              | National CineMedia Inc                                                                | CUSIP: 635309206<br>LEI: 5493000MOLIVSOGKEB48 | Long             | EC               | CORP              | US        |     83759 | NS      | $405812.36    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| BankUnited Inc                      | BankUnited Inc                                                                        | CUSIP: 06652K103<br>LEI: 96OVUWEW5D4YX6PFXD91 | Long             | EC               | CORP              | US        |     15117 | NS      | $538014.03    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Helmerich & Payne Inc               | Helmerich & Payne Inc                                                                 | CUSIP: 423452101<br>LEI: 254900NAOGHJ88RZ4C73 | Long             | EC               | CORP              | US        |     19932 | NS      | $302169.12    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| DNOW Inc                            | DNOW Inc                                                                              | CUSIP: 67011P100<br>LEI: 549300AVH5SOCFVVDW91 | Long             | EC               | CORP              | US        |     23714 | NS      | $351678.62    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Rithm Capital Corp                  | Rithm Capital Corp                                                                    | CUSIP: 64828T201<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EC               |  | US        |     73386 | NS      | $828527.94    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Verint Systems Inc                  | Verint Systems Inc                                                                    | CUSIP: 92343X100<br>LEI: 549300KEQJS5FRVUCO94 | Long             | EC               | CORP              | US        |     25964 | NS      | $510711.88    | 0.67%             |  |  |  | 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        |   1246700 | NS      | $1246700.00   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Health Catalyst Inc                 | Health Catalyst Inc                                                                   | CUSIP: 42225T107<br>LEI: 549300223PL6GWKVJG92 | Long             | EC               | CORP              | US        |     48650 | NS      | $183410.50    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilltop Holdings Inc                | Hilltop Holdings Inc                                                                  | CUSIP: 432748101<br>LEI: 54930010TA543US0PM65 | Long             | EC               | CORP              | US        |     15444 | NS      | $468725.40    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Portland General Electric Co        | Portland General Electric Co                                                          | CUSIP: 736508847<br>LEI: GJOUP9M7C39GLSK9R870 | Long             | EC               | CORP              | US        |      9933 | NS      | $403577.79    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Riot Platforms Inc                  | Riot Platforms Inc                                                                    | CUSIP: 767292105<br>LEI: 5299005LKZAJQDQZDF73 | Long             | EC               | CORP              | US        |     36617 | NS      | $413772.10    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| RLI Corp                            | RLI Corp                                                                              | CUSIP: 749607107<br>LEI: 529900AMTJE5ECN9PS55 | Long             | EC               | CORP              | US        |      7756 | NS      | $560138.32    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Kirby Corp                          | Kirby Corp                                                                            | CUSIP: 497266106<br>LEI: I7NO6FZO5GUCG585T325 | Long             | EC               | CORP              | US        |      3791 | NS      | $429937.31    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Rekor Systems Inc                   | Rekor Systems Inc                                                                     | CUSIP: 759419104<br>LEI: 549300BHH76SEFU1DD95 | Long             | EC               | CORP              | US        |    184802 | NS      | $214370.32    | 0.28%             |  |  |  | No            |                  1 | On Loan: —       |
| Essent Group Ltd                    | Essent Group Ltd                                                                      | CUSIP: 000000000<br>LEI: 254900QUO860OUT6ZF83 | Long             | EC               | CORP              | BM        |      7068 | NS      | $429239.64    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| SoFi Technologies Inc               | SoFi Technologies Inc                                                                 | CUSIP: 83406F102<br>LEI: 549300SW81JCMVZDDY09 | Long             | EC               | CORP              | US        |     22633 | NS      | $412146.93    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| NMI Holdings Inc                    | NMI Holdings Inc                                                                      | CUSIP: 629209305<br>LEI: 529900KNNGFXJX1C3Z08 | Long             | EC               | CORP              | US        |      5790 | NS      | $244280.10    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Winmark Corp                        | Winmark Corp                                                                          | CUSIP: 974250102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       926 | NS      | $349666.86    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Corebridge Financial Inc            | Corebridge Financial Inc                                                              | CUSIP: 21871X109<br>LEI: 549300XY1661QCIA7J65 | Long             | EC               | CORP              | US        |     17467 | NS      | $620078.50    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Radian Group Inc                    | Radian Group Inc                                                                      | CUSIP: 750236101<br>LEI: 54930005OUP720S5U385 | Long             | EC               | CORP              | US        |     23252 | NS      | $837537.04    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoNation Inc                      | AutoNation Inc                                                                        | CUSIP: 05329W102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       998 | NS      | $198252.70    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Alpine Income Property Trust Inc    | Alpine Income Property Trust Inc                                                      | CUSIP: 02083X103<br>LEI: N/A                  | Long             | EC               |  | US        |     16329 | NS      | $240199.59    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                 | DWS Central Cash Management Government Fund                                           | CUSIP: 25160K306<br>LEI: 5493003GD84DGSXJ7618 | Long             | STIV             | RF                | US        |   1130625 | NS      | $1130625.42   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Midstream Corp               | Antero Midstream Corp                                                                 | CUSIP: 03676B102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51317 | NS      | $972457.15    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Hillenbrand Inc                     | Hillenbrand Inc                                                                       | CUSIP: 431571108<br>LEI: U246OE781574J2BUD366 | Long             | EC               | CORP              | US        |     23148 | NS      | $464580.36    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Cal-Maine Foods Inc                 | Cal-Maine Foods Inc                                                                   | CUSIP: 128030202<br>LEI: 549300NHE5WMIEIEMF53 | Long             | EC               | CORP              | US        |     14551 | NS      | $1449716.13   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Ciena Corp                          | Ciena Corp                                                                            | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | EC               | CORP              | US        |      5304 | NS      | $431374.32    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Acuity Inc                          | Acuity Inc                                                                            | CUSIP: 00508Y102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3629 | NS      | $1082675.86   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Affirm Holdings Inc                 | Affirm Holdings Inc                                                                   | CUSIP: 00827B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9880 | NS      | $683103.20    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| PotlatchDeltic Corp                 | PotlatchDeltic Corp                                                                   | CUSIP: 737630103<br>LEI: 54930084YA8UJOTXDM59 | Long             | EC               |  | US        |      9934 | NS      | $381167.58    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Jazz Pharmaceuticals PLC            | Jazz Pharmaceuticals PLC                                                              | CUSIP: 000000000<br>LEI: 635400GAUMJCLEZRRV50 | Long             | EC               | CORP              | IE        |      7695 | NS      | $816593.40    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Avnet Inc                           | Avnet Inc                                                                             | CUSIP: 053807103<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | EC               | CORP              | US        |     21894 | NS      | $1162133.52   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Globe Life Inc                      | Globe Life Inc                                                                        | CUSIP: 37959E102<br>LEI: 5493001JFHKQOPP6XA71 | Long             | EC               | CORP              | US        |      3327 | NS      | $413512.83    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| 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      |
| Hancock Whitney Corp                | Hancock Whitney Corp                                                                  | CUSIP: 410120109<br>LEI: 549300GRNBWY8HIICT41 | Long             | EC               | CORP              | US        |     23010 | NS      | $1320774.00   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Penske Automotive Group Inc         | Penske Automotive Group Inc                                                           | CUSIP: 70959W103<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | EC               | CORP              | US        |      2257 | NS      | $387775.17    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Itron Inc                           | Itron Inc                                                                             | CUSIP: 465741106<br>LEI: 24F6LSZD18II6ICG6S41 | Long             | EC               | CORP              | US        |      9281 | NS      | $1221658.03   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Scientific Inc                 | Core Scientific Inc                                                                   | CUSIP: 21874A106<br>LEI: 5299003RGB2LAZ65RK73 | Long             | EC               | CORP              | US        |     24137 | NS      | $412018.59    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| IDACORP Inc                         | IDACORP Inc                                                                           | CUSIP: 451107106<br>LEI: N134NUJDWN8UEFA8B673 | Long             | EC               | CORP              | US        |     10663 | NS      | $1231043.35   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| UGI Corp                            | UGI Corp                                                                              | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |     19812 | NS      | $721553.04    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelixis Inc                        | Exelixis Inc                                                                          | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               | CORP              | US        |      8966 | NS      | $395176.45    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| LSI Industries Inc                  | LSI Industries Inc                                                                    | CUSIP: 50216C108<br>LEI: 529900HY42OANH6BVT33 | Long             | EC               | CORP              | US        |     12710 | NS      | $216197.10    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Commercial Metals Co                | Commercial Metals Co                                                                  | CUSIP: 201723103<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | EC               | CORP              | US        |      6535 | NS      | $319626.85    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| RPM International Inc               | RPM International Inc                                                                 | CUSIP: 749685103<br>LEI: 549300TJCKW4BRXPJ474 | Long             | EC               | CORP              | US        |      6533 | NS      | $717584.72    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Donnelley Financial Solutions Inc   | Donnelley Financial Solutions Inc                                                     | CUSIP: 25787G100<br>LEI: 549300O1NPY4J56QCU04 | Long             | EC               | CORP              | US        |     11855 | NS      | $730860.75    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Corp                | First Financial Corp                                                                  | CUSIP: 320218100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10857 | NS      | $588340.83    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| STAG Industrial Inc                 | STAG Industrial Inc                                                                   | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               |  | US        |     33835 | NS      | $1227533.80   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Gap Inc/The                         | Gap Inc/The                                                                           | CUSIP: 364760108<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | EC               | CORP              | US        |     37531 | NS      | $818551.11    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Interpublic Group of Cos Inc/The    | Interpublic Group of Cos Inc/The                                                      | CUSIP: 460690100<br>LEI: 5493008IUOJ5VWTRC333 | Long             | EC               | CORP              | US        |     46093 | NS      | $1128356.64   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Enact Holdings Inc                  | Enact Holdings Inc                                                                    | CUSIP: 29249E109<br>LEI: 9845003CA5664B741N19 | Long             | EC               | CORP              | US        |     15455 | NS      | $574153.25    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Tutor Perini Corp                   | Tutor Perini Corp                                                                     | CUSIP: 901109108<br>LEI: 549300FHXYVPW8LJ6D98 | Long             | EC               | CORP              | US        |     12023 | NS      | $562435.94    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Freshpet Inc                        | Freshpet Inc                                                                          | CUSIP: 358039105<br>LEI: 549300S4ZK8ZQ6HNPN59 | Long             | EC               | CORP              | US        |      2832 | NS      | $192462.72    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Gladstone Land Corp                 | Gladstone Land Corp                                                                   | CUSIP: 376549101<br>LEI: 54930002B3Q17H38FG74 | Long             | EC               |  | US        |     18375 | NS      | $186873.75    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Realty Trust Inc         | Healthcare Realty Trust Inc                                                           | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Long             | EC               |  | US        |     32924 | NS      | $522174.64    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| A-Mark Precious Metals Inc          | A-Mark Precious Metals Inc                                                            | CUSIP: 00181T107<br>LEI: XP6XYFDZQGKLUMOFGT37 | Long             | EC               | CORP              | US        |     23469 | NS      | $520542.42    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Inc                        | Reliance Inc                                                                          | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |      3269 | NS      | $1026139.10   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Otter Tail Corp                     | Otter Tail Corp                                                                       | CUSIP: 689648103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5260 | NS      | $405493.40    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Global Ltd                  | Liberty Global Ltd                                                                    | CUSIP: 000000000<br>LEI: 213800HRMKKTYH7SKA24 | Long             | EC               | CORP              | BM        |     27434 | NS      | $282844.54    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-29

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

**Signature:** Diane Kenneally

**Name of Signer:** Diane Kenneally

**Title:** Treasurer and Chief Financial Officer