# EDGAR Filing Document

**Accession Number:** 0000810573
**File Stem:** 0000088053-25-000699
**Filing Date:** 2025-8
**Character Count:** 656076
**Document Hash:** 5cba0dab529b44b3b0faf19398e6ec19
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000088053-25-000699.hdr.sgml**: 20250820

**ACCESSION NUMBER**: 0000088053-25-000699

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250820

**DATE AS OF CHANGE**: 20250820

**EFFECTIVENESS DATE**: 20250820

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05002
- **FILM NUMBER:** 251234866

**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 CROCI U.S. VIP (Series ID: S000006255)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017204 | Class A      |  |

### DWS Government Money Market VIP (Series ID: S000006258)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017210 | Class A      |  |

### DWS Small Mid Cap Growth VIP (Series ID: S000006260)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017214 | Class A      |  |

### DWS Global Income Builder VIP (Series ID: S000006265)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017223 | Class A      |  |

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

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

### DWS International Opportunities VIP (Series ID: S000006276)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017245 | Class A      |  |

### DWS High Income VIP (Series ID: S000006280)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017251 | Class A      |  |

### DWS Alternative Asset Allocation VIP (Series ID: S000023653)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000069664 | Class A      |  |
| C000077948 | Class B      |  |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-05002

<u>Deutsche DWS Variable Series II</u>

(Exact Name of Registrant as Specified in Charter)

875 Third Avenue

<u>New York, NY 10022-6225</u>

(Address of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number, including Area Code: <u>(212) 454-4500</u>

Diane Kenneally

100 Summer Street

<u>Boston, MA 02110</u>

(Name and Address of Agent for Service)

Date of fiscal year end: 12/31 <br>Date of reporting period: 6/30/2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Item 1.** | &nbsp;&nbsp;**Reports to Stockholders.** |
|  | &nbsp;&nbsp;(a) |

---

# DWS Global Income Builder VIP

# Class A

## Semi-Annual Shareholder Report — June 30, 2025
![Image](i12f637ef954c439edbd03717.jpg)

This semi-annual shareholder report contains important information about DWS Global Income Builder VIP (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund on the Fund's website at dws.com/vipreports. You can also request this information by contacting us at (800) 728-3337.

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $33 | 0.64%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

Gross expense ratio as of the latest prospectus: 0.64%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher. Fund costs do not reflect any fees or sales charges imposed by a variable contract for which the Fund is an investment option.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 112187380 |
| Number of Portfolio Holdings | 331 |
| Portfolio Turnover Rate (%) | 80 |
| Total Net Advisory Fees Paid ($) | 200061 |

---

## What did the Fund invest in?

### **Asset Allocation** 

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| **Fixed Income Exposure** | 62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | 25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government & Agency Obligations | 11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateralized Mortgage Obligations | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-Backed Securities Pass-Throughs | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Funds-Fixed Income | 3% |
| **Equity Exposure** | 62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Index Futures | 29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warrants | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rights | 0% |
| **Cash Equivalents** | 8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash Equivalents | 8% |
| **Other Assets and Liabilities, Net** | (3%) |

---

Holdings-based data is subject to change.

### **Geographical Diversification** 

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| United States | 72% |
| Non US | 51% |

---

## Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, Board fee evaluation reports, and financial statements and other information, please visit dws.com/vipreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 728-3337.

Although allocation among different asset categories generally limits risk, fund management may favor an asset category that underperforms other assets or markets as a whole. Stocks may decline in value. Investing in foreign securities, particularly those of emerging markets, presents certain risks, such as currency fluctuations, political and economic changes, and market risks. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Bond investments are subject to interest-rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Please read the prospectus for details.

**This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's objectives, risks, charges, and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (800) 728-3337, contacting your financial representative, or visit dws.com/vipreports to view or download a prospectus. Please read the prospectus carefully before you invest.**

## The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

##©2025 DWS Group GmbH&Co. KGaA. All rights reserved

## **VS2GIB** - **TSRS** - **A** 

## R-102124-2 (08/25)

# DWS High Income VIP

# Class A

## Semi-Annual Shareholder Report — June 30, 2025
![Image](i12f637ef954c439edbd03717.jpg)

This semi-annual shareholder report contains important information about DWS High Income VIP (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund on the Fund's website at dws.com/vipreports. You can also request this information by contacting us at (800) 728-3337.

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $37 | 0.73%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

Gross expense ratio as of the latest prospectus: 0.91%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher. Fund costs do not reflect any fees or sales charges imposed by a variable contract for which the Fund is an investment option.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 42819593 |
| Number of Portfolio Holdings | 276 |
| Portfolio Turnover Rate (%) | 89 |
| Total Net Advisory Fees Paid ($) | 57103 |

---

## What did the Fund invest in?
Holdings-based data is subject to change.

The quality ratings represent the highest of Moody's Investors Service, Inc. ("Moody's"), Fitch Ratings, Inc. ("Fitch") or S&P Global Ratings ("S&P") credit ratings. The ratings of Moody's, Fitch and S&P represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer's ability to repay interest and principal in a timely manner. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.

### **Asset Allocation** 

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Corporate Bonds | 89% |
| Exchange-Traded Funds | 4% |
| Loan Participations and Assignments | 3% |
| Cash Equivalents | 3% |
| Convertible Bonds | 1% |
| Warrants | 0% |
| Common Stocks | 0% |
| Other Assets and Liabilities, Net | 0% |
| Total | 100% |

---

### **Sector Allocation** 

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Communication Services | 17% |
| Energy | 16% |
| Materials | 15% |
| Consumer Discretionary | 12% |
| Industrials | 9% |
| Financials | 8% |
| Health Care | 5% |
| Utilities | 5% |
| Information Technology | 3% |
| Consumer Staples | 2% |
| Real Estate | 2% |

---

### **Credit Quality** 

---

| | |
|:---|:---|
| **Credit Rating** | **% of Net Assets** |
| AA | 3% |
| BBB | 5% |
| BB | 53% |
| B | 29% |
| CCC | 7% |
| Not Rated | 1% |

---

## Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, Board fee evaluation reports, and financial statements and other information, please visit dws.com/vipreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 728-3337.

Bond investments are subject to interest-rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Investments in lower-quality ("junk bonds") and non-rated securities present greater risk of loss than investments in higher-quality securities. Investing in foreign securities presents certain risks, such as currency fluctuations, political and economic changes, and market risks. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. The Fund may lend securities to approved institutions. Please read the prospectus for details.

**This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's objectives, risks, charges, and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (800) 728-3337, contacting your financial representative, or visit dws.com/vipreports to view or download a prospectus. Please read the prospectus carefully before you invest.**

## The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

##©2025 DWS Group GmbH&Co. KGaA. All rights reserved

## **VS2HI** - **TSRS** - **A** 

## R-101790-2 (08/25)

# DWS International Opportunities VIP

# Class A

## Semi-Annual Shareholder Report — June 30, 2025
![Image](i12f637ef954c439edbd03717.jpg)

This semi-annual shareholder report contains important information about DWS International Opportunities VIP (formerly, DWS International Growth VIP) (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund on the Fund's website at dws.com/vipreports. You can also request this information by contacting us at (800) 728-3337.

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $44 | 0.83%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

Gross expense ratio as of the latest prospectus: 1.33%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher. Fund costs do not reflect any fees or sales charges imposed by a variable contract for which the Fund is an investment option.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 21437493 |
| Number of Portfolio Holdings | 86 |
| Portfolio Turnover Rate (%) | 6 |
| Total Net Advisory Fees Paid ($) | 10499 |

---

## What did the Fund invest in?

### **Asset Allocation** 

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Common Stocks | 98% |
| Cash Equivalents | 1% |
| Preferred Stocks | 0% |
| Other Assets and Liabilities, Net | 1% |
| Total | 100% |

---

### **Sector Allocation** 

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Financials | 23% |
| Information Technology | 19% |
| Industrials | 15% |
| Health Care | 14% |
| Consumer Discretionary | 10% |
| Communication Services | 8% |
| Consumer Staples | 4% |
| Energy | 3% |
| Materials | 3% |

---

### **Geographical Diversification** 

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| Germany | 18% |
| France | 12% |
| United States | 9% |
| Switzerland | 9% |
| Netherlands | 7% |
| Canada | 6% |
| Japan | 5% |
| Singapore | 5% |
| China | 5% |
| United Kingdom | 5% |
| Other | 19% |

---

### **Ten Largest Equity Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **31.6% of Net Assets** |
| DBS Group Holdings Ltd. (Singapore) | 3.6% |
| Deutsche Boerse AG (Germany) | 3.5% |
| Allianz SE (Germany) | 3.5% |
| Brookfield Corp. (Canada) | 3.4% |
| Lonza Group AG (Switzerland) | 3.3% |
| SAP SE (Germany) | 3.3% |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 3.2% |
| Spotify Technology SA (Sweden) | 3.1% |
| Vinci SA (France) | 2.5% |
| Tencent Holdings Ltd. (China) | 2.2% |

---

Holdings-based data is subject to change.

## Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, Board fee evaluation reports, and financial statements and other information, please visit dws.com/vipreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 728-3337.

Investing in foreign securities, particularly those of emerging markets, presents certain risks, such as currency fluctuations, political and economic changes, and market risks. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Stocks may decline in value. Smaller company stocks tend to be more volatile than medium-sized or large company stocks. The Fund may lend securities to approved institutions. Please read the prospectus for details.

**This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's objectives, risks, charges, and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (800) 728-3337, contacting your financial representative, or visit dws.com/vipreports to view or download a prospectus. Please read the prospectus carefully before you invest.**

## The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

##©2025 DWS Group GmbH&Co. KGaA. All rights reserved

## **VS2IO** - **TSRS** - **A** 

## R-101788-2 (08/25)

# DWS Alternative Asset Allocation VIP

# Class A

## Semi-Annual Shareholder Report — June 30, 2025
![Image](i12f637ef954c439edbd03717.jpg)

This semi-annual shareholder report contains important information about DWS Alternative Asset Allocation VIP (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund on the Fund's website at dws.com/vipreports. You can also request this information by contacting us at (800) 728-3337.

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $12 | 0.24%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

Gross expense ratio as of the latest prospectus: 0.88%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher. Fund costs do not reflect any fees or sales charges imposed by a variable contract for which the Fund is an investment option, or expenses of the underlying funds in which the Fund invests.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 405126911 |
| Number of Portfolio Holdings | 12 |
| Portfolio Turnover Rate (%) | 1 |
| Total Net Advisory Fees Paid ($) | 202808 |

---

## What did the Fund invest in?

### **Asset Allocation** 

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| **Real Asset** | 44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DWS RREEF Global Infrastructure Fund | 18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DWS Enhanced Commodity Strategy Fund | 16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DWS RREEF Real Estate Securities Fund | 10% |
| **Alternative Fixed Income** | 28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DWS Floating Rate Fund | 12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares JP Morgan USD Emerging Markets Bond ETF | 8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPDR Blackstone Senior Loan ETF | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DWS Emerging Markets Fixed Income Fund | 3% |
| **Alternative Equity** | 15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPDR Bloomberg Convertible Securities ETF | 9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xtrackers RREEF Global Natural Resources ETF | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Preferred & Income Securities ETF | 2% |
| **Absolute Return** | 9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DWS Global Macro Fund | 9% |
| **Cash Equivalents** | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DWS Central Cash Management Government Fund | 4% |
| **Other Assets and Liabilities, Net** | 0% |
| **Total** | 100% |

---

Holdings-based data is subject to change.

## Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, Board fee evaluation reports, and financial statements and other information, please visit dws.com/vipreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 728-3337.

Although allocation among different asset categories generally limits risk, portfolio management may favor an asset category that underperforms other assets or markets as a whole. The Fund expects to invest in underlying funds that emphasize alternatives or non-traditional asset categories or investment strategies, and as a result, it is subject to the risk factors of those underlying funds. Some of those risks include: stock market risk; the political, general economic, liquidity and currency risks of foreign investments, which may be particularly significant for emerging markets; credit and interest rate risk; floating rate loan risk; volatility, infrastructure and high-yield debt securities. Because Exchange Traded Funds (ETFs) trade on a securities exchange, their shares may trade at a premium or discount to their net asset value. ETFs also incur fees and expenses so they may not fully match the performance of the indexes they are designed to track. The Fund may use derivatives, including as part of its currency and interest-rate strategies. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. The success of the Fund's currency and interest-rate strategies are dependent, in part, on the effectiveness and implementation of portfolio management's proprietary models. As part of these strategies, the Fund's exposure to foreign currencies could cause lower returns or even losses because foreign currency rates may fluctuate significantly over short periods of time for a number of reasons. The risk of loss is heightened during periods of rapid rises in interest rates. In addition, the notional amount of the Fund's aggregate currency and interest-rate exposure resulting from these strategies may significantly exceed the net assets of the Fund. Please read the prospectus for additional risks and specific details regarding the Fund's risk profile.

**This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's objectives, risks, charges, and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (800) 728-3337, contacting your financial representative, or visit dws.com/vipreports to view or download a prospectus. Please read the prospectus carefully before you invest.**

## The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

##©2025 DWS Group GmbH&Co. KGaA. All rights reserved

## **VS2AAA** - **TSRS** - **A** 

## R-101787-2 (08/25)

# DWS Alternative Asset Allocation VIP

# Class B

## Semi-Annual Shareholder Report — June 30, 2025
![Image](i12f637ef954c439edbd03717.jpg)

This semi-annual shareholder report contains important information about DWS Alternative Asset Allocation VIP (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund on the Fund's website at dws.com/vipreports. You can also request this information by contacting us at (800) 728-3337.

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $32 | 0.62%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

Gross expense ratio as of the latest prospectus: 1.26%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher. Fund costs do not reflect any fees or sales charges imposed by a variable contract for which the Fund is an investment option, or expenses of the underlying funds in which the Fund invests.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 405126911 |
| Number of Portfolio Holdings | 12 |
| Portfolio Turnover Rate (%) | 1 |
| Total Net Advisory Fees Paid ($) | 202808 |

---

## What did the Fund invest in?

### **Asset Allocation** 

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| **Real Asset** | 44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DWS RREEF Global Infrastructure Fund | 18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DWS Enhanced Commodity Strategy Fund | 16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DWS RREEF Real Estate Securities Fund | 10% |
| **Alternative Fixed Income** | 28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DWS Floating Rate Fund | 12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares JP Morgan USD Emerging Markets Bond ETF | 8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPDR Blackstone Senior Loan ETF | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DWS Emerging Markets Fixed Income Fund | 3% |
| **Alternative Equity** | 15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPDR Bloomberg Convertible Securities ETF | 9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xtrackers RREEF Global Natural Resources ETF | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Preferred & Income Securities ETF | 2% |
| **Absolute Return** | 9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DWS Global Macro Fund | 9% |
| **Cash Equivalents** | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DWS Central Cash Management Government Fund | 4% |
| **Other Assets and Liabilities, Net** | 0% |
| **Total** | 100% |

---

Holdings-based data is subject to change.

## Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, Board fee evaluation reports, and financial statements and other information, please visit dws.com/vipreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 728-3337.

Although allocation among different asset categories generally limits risk, portfolio management may favor an asset category that underperforms other assets or markets as a whole. The Fund expects to invest in underlying funds that emphasize alternatives or non-traditional asset categories or investment strategies, and as a result, it is subject to the risk factors of those underlying funds. Some of those risks include: stock market risk; the political, general economic, liquidity and currency risks of foreign investments, which may be particularly significant for emerging markets; credit and interest rate risk; floating rate loan risk; volatility, infrastructure and high-yield debt securities. Because Exchange Traded Funds (ETFs) trade on a securities exchange, their shares may trade at a premium or discount to their net asset value. ETFs also incur fees and expenses so they may not fully match the performance of the indexes they are designed to track. The Fund may use derivatives, including as part of its currency and interest-rate strategies. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. The success of the Fund's currency and interest-rate strategies are dependent, in part, on the effectiveness and implementation of portfolio management's proprietary models. As part of these strategies, the Fund's exposure to foreign currencies could cause lower returns or even losses because foreign currency rates may fluctuate significantly over short periods of time for a number of reasons. The risk of loss is heightened during periods of rapid rises in interest rates. In addition, the notional amount of the Fund's aggregate currency and interest-rate exposure resulting from these strategies may significantly exceed the net assets of the Fund. Please read the prospectus for additional risks and specific details regarding the Fund's risk profile.

**This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's objectives, risks, charges, and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (800) 728-3337, contacting your financial representative, or visit dws.com/vipreports to view or download a prospectus. Please read the prospectus carefully before you invest.**

## The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

##©2025 DWS Group GmbH&Co. KGaA. All rights reserved

## **VS2AAA** - **TSRS** - **B** 

## R-101787-2 (08/25)

# DWS CROCI<sup>®</sup> U.S. VIP

# Class A

## Semi-Annual Shareholder Report — June 30, 2025
![Image](i12f637ef954c439edbd03717.jpg)

This semi-annual shareholder report contains important information about DWS CROCI<sup>®</sup> U.S. VIP (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund on the Fund's website at dws.com/vipreports. You can also request this information by contacting us at (800) 728-3337.

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $35 | 0.70%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

Gross expense ratio as of the latest prospectus: 0.78%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher. Fund costs do not reflect any fees or sales charges imposed by a variable contract for which the Fund is an investment option.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 130280460 |
| Number of Portfolio Holdings | 74 |
| Portfolio Turnover Rate (%) | 47 |
| Total Net Advisory Fees Paid ($) | 325499 |

---

## What did the Fund invest in?
Holdings-based data is subject to change.

### **Asset Allocation** 

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Common Stocks | 99% |
| Cash Equivalents | 1% |
| Other Assets and Liabilities, Net | 0% |
| Total | 100% |

---

### **Sector Allocation** 

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Health Care | 23% |
| Financials | 17% |
| Industrials | 13% |
| Information Technology | 12% |
| Consumer Staples | 10% |
| Communication Services | 9% |
| Consumer Discretionary | 9% |
| Energy | 5% |
| Materials | 1% |

---

### **Ten Largest Equity Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **31.2% of Net Assets** |
| Johnson & Johnson | 3.8% |
| Cognizant Technology Solutions Corp. | 3.6% |
| Fox Corp. | 3.5% |
| JPMorgan Chase & Co. | 3.3% |
| D.R. Horton, Inc. | 3.1% |
| Bristol-Myers Squibb Co. | 3.0% |
| PACCAR, Inc. | 2.9% |
| Kraft Heinz Co. | 2.8% |
| Synchrony Financial | 2.6% |
| State Street Corp. | 2.6% |

---

## Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, Board fee evaluation reports, and financial statements and other information, please visit dws.com/vipreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 728-3337.

Stocks may decline in value. The Fund will be managed using the CROCI<sup>®</sup> Investment Process which is based on portfolio management's belief that, over time, stocks which display more favorable financial metrics (for example, the CROCI<sup>®</sup> Economic P/E Ratio) as generated by this process may outperform stocks which display less favorable metrics. This premise may not prove to be correct and prospective investors should evaluate this assumption prior to investing in the Fund. The Fund may lend securities to approved institutions. Please read the prospectus for details.

**This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's objectives, risks, charges, and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (800) 728-3337, contacting your financial representative, or visit dws.com/vipreports to view or download a prospectus. Please read the prospectus carefully before you invest.**

## The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

##©2025 DWS Group GmbH&Co. KGaA. All rights reserved

## **VS2CUS** - **TSRS** - **A** 

## R-101791-2 (08/25)

# DWS Government Money Market VIP

# Class A

## Semi-Annual Shareholder Report — June 30, 2025
![Image](i12f637ef954c439edbd03717.jpg)

This semi-annual shareholder report contains important information about DWS Government Money Market VIP (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund on the Fund's website at dws.com/vipreports. You can also request this information by contacting us at (800) 728-3337.

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $21 | 0.41%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

Gross expense ratio as of the latest prospectus: 0.40%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher. Fund costs do not reflect any fees or sales charges imposed by a variable contract for which the Fund is an investment option.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 205156475 |
| Number of Portfolio Holdings | 44 |
| Total Net Advisory Fees Paid ($) | 248905 |
| Weighted Average Maturity | 20 days |
| 7-Day Current Yield | 3.96% |

---

Weighted average maturity, also known as effective maturity, is the weighted average of the maturity date of bonds held by the Fund taking into consideration any available maturity shortening features.

Yields fluctuate and are not guaranteed. The 7-day current yield is the annualized net investment income per share as of June 30, 2025.

## What did the Fund invest in?

### **Asset Allocation** 

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Repurchase Agreements | 63% |
| Government & Agency Obligations | 37% |
| Other Assets and Liabilities, Net | 0% |
| Total | 100% |

---

Holdings-based data is subject to change.

## Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, Board fee evaluation reports, and financial statements and other information, please visit dws.com/vipreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 728-3337.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress. The credit quality of the Fund's holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the Fund's share price. The Fund's share price can also be negatively affected during periods of high redemption pressures and/or illiquid markets. Please read the prospectus for specific details regarding the Fund's risk profile.

**This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's objectives, risks, charges, and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (800) 728-3337, contacting your financial representative, or visit dws.com/vipreports to view or download a prospectus. Please read the prospectus carefully before you invest.**

## The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

##©2025 DWS Group GmbH&Co. KGaA. All rights reserved

## **VS2GMM** - **TSRS** - **A** 

## R-101789-2 (08/25)

# DWS Small Mid Cap Growth VIP

# Class A

## Semi-Annual Shareholder Report — June 30, 2025
![Image](i12f637ef954c439edbd03717.jpg)

This semi-annual shareholder report contains important information about DWS Small Mid Cap Growth VIP (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund on the Fund's website at dws.com/vipreports. You can also request this information by contacting us at (800) 728-3337.

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $43 | 0.87%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

Gross expense ratio as of the latest prospectus: 0.82%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher. Fund costs do not reflect any fees or sales charges imposed by a variable contract for which the Fund is an investment option.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 46845036 |
| Number of Portfolio Holdings | 111 |
| Portfolio Turnover Rate (%) | 5 |
| Total Net Advisory Fees Paid ($) | 127356 |

---

## What did the Fund invest in?
Holdings-based data is subject to change.

### **Asset Allocation** 

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Common Stocks | 98% |
| Cash Equivalents | 2% |
| Other Investments | 0% |
| Other Assets and Liabilities, Net | 0% |
| Total | 100% |

---

### **Sector Allocation** 

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Industrials | 22% |
| Information Technology | 22% |
| Health Care | 20% |
| Financials | 11% |
| Consumer Discretionary | 10% |
| Consumer Staples | 4% |
| Materials | 3% |
| Energy | 3% |
| Real Estate | 3% |
| Communication Services | 1% |

---

### **Ten Largest Equity Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **27.4% of Net Assets** |
| Advanced Energy Industries, Inc. | 3.6% |
| Tyler Technologies, Inc. | 3.3% |
| Casey's General Stores, Inc. | 3.1% |
| RadNet, Inc. | 2.9% |
| Rush Enterprises, Inc. | 2.7% |
| Varonis Systems, Inc. | 2.5% |
| TopBuild Corp. | 2.4% |
| HEICO Corp. | 2.4% |
| Builders FirstSource, Inc. | 2.3% |
| Allegion PLC | 2.2% |

---

## Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, Board fee evaluation reports, and financial statements and other information, please visit dws.com/vipreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 728-3337.

Stocks may decline in value. Smaller and medium company stocks tend to be more volatile than large company stocks. Investing in foreign securities presents certain risks, such as currency fluctuations, political and economic changes, and market risks. The Fund may lend securities to approved institutions. Please read the prospectus for details.

**This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's objectives, risks, charges, and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (800) 728-3337, contacting your financial representative, or visit dws.com/vipreports to view or download a prospectus. Please read the prospectus carefully before you invest.**

## The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

##©2025 DWS Group GmbH&Co. KGaA. All rights reserved

## **VS2SMCG** - **TSRS** - **A** 

## R-101792-2 (08/25)

# DWS Small Mid Cap Value VIP

# Class A

## Semi-Annual Shareholder Report — June 30, 2025
![Image](i12f637ef954c439edbd03717.jpg)

This semi-annual shareholder report contains important information about DWS Small Mid Cap Value VIP (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund on the Fund's website at dws.com/vipreports. You can also request this information by contacting us at (800) 728-3337.

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $41 | 0.82%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

Gross expense ratio as of the latest prospectus: 0.86%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher. Fund costs do not reflect any fees or sales charges imposed by a variable contract for which the Fund is an investment option.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 76471260 |
| Number of Portfolio Holdings | 117 |
| Portfolio Turnover Rate (%) | 26 |
| Total Net Advisory Fees Paid ($) | 219102 |

---

## What did the Fund invest in?
Holdings-based data is subject to change.

### **Asset Allocation** 

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Common Stocks | 99% |
| Cash Equivalents | 1% |
| Other Investments | 0% |
| Other Assets and Liabilities, Net | 0% |
| Total | 100% |

---

### **Sector Allocation** 

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Financials | 25% |
| Industrials | 17% |
| Consumer Discretionary | 10% |
| Information Technology | 10% |
| Real Estate | 9% |
| Health Care | 7% |
| Energy | 6% |
| Materials | 6% |
| Utilities | 4% |
| Communication Services | 4% |
| Consumer Staples | 3% |

---

### **Ten Largest Equity Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **18.3% of Net Assets** |
| First BanCorp. | 2.0% |
| Gaming and Leisure Properties, Inc. | 1.9% |
| Solaris Energy Infrastructure, Inc. | 1.9% |
| UMB Financial Corp. | 1.9% |
| Cal-Maine Foods, Inc. | 1.9% |
| Ligand Pharmaceuticals, Inc. | 1.8% |
| Carvana Co. | 1.8% |
| Hancock Whitney Corp. | 1.7% |
| Everest Group Ltd. | 1.7% |
| EnerSys | 1.7% |

---

## Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, Board fee evaluation reports, and financial statements and other information, please visit dws.com/vipreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 728-3337.

Stocks may decline in value. Smaller and medium company stocks tend to be more volatile than large company stocks. The impact of the use of quantitative models and the analysis of specific metrics on a stock's performance can be difficult to predict, and stocks that previously possessed certain desirable quantitative characteristics may not continue to demonstrate those same characteristics in the future. Quantitative models also entail the risk that the models themselves may be limited or incorrect. Investing in foreign securities presents certain risks, such as currency fluctuations, political and economic changes, and market risks. The Fund may lend securities to approved institutions. Please read the prospectus for details.

**This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's objectives, risks, charges, and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (800) 728-3337, contacting your financial representative, or visit dws.com/vipreports to view or download a prospectus. Please read the prospectus carefully before you invest.**

## The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

##©2025 DWS Group GmbH&Co. KGaA. All rights reserved

## **VS2SMCV** - **TSRS** - **A** 

## R-101793-2 (08/25)

# DWS Small Mid Cap Value VIP

# Class B

## Semi-Annual Shareholder Report — June 30, 2025
![Image](i12f637ef954c439edbd03717.jpg)

This semi-annual shareholder report contains important information about DWS Small Mid Cap Value VIP (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund on the Fund's website at dws.com/vipreports. You can also request this information by contacting us at (800) 728-3337.

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $59 | 1.18%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

Gross expense ratio as of the latest prospectus: 1.23%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher. Fund costs do not reflect any fees or sales charges imposed by a variable contract for which the Fund is an investment option.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 76471260 |
| Number of Portfolio Holdings | 117 |
| Portfolio Turnover Rate (%) | 26 |
| Total Net Advisory Fees Paid ($) | 219102 |

---

## What did the Fund invest in?
Holdings-based data is subject to change.

### **Asset Allocation** 

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Common Stocks | 99% |
| Cash Equivalents | 1% |
| Other Investments | 0% |
| Other Assets and Liabilities, Net | 0% |
| Total | 100% |

---

### **Sector Allocation** 

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Financials | 25% |
| Industrials | 17% |
| Consumer Discretionary | 10% |
| Information Technology | 10% |
| Real Estate | 9% |
| Health Care | 7% |
| Energy | 6% |
| Materials | 6% |
| Utilities | 4% |
| Communication Services | 4% |
| Consumer Staples | 3% |

---

### **Ten Largest Equity Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **18.3% of Net Assets** |
| First BanCorp. | 2.0% |
| Gaming and Leisure Properties, Inc. | 1.9% |
| Solaris Energy Infrastructure, Inc. | 1.9% |
| UMB Financial Corp. | 1.9% |
| Cal-Maine Foods, Inc. | 1.9% |
| Ligand Pharmaceuticals, Inc. | 1.8% |
| Carvana Co. | 1.8% |
| Hancock Whitney Corp. | 1.7% |
| Everest Group Ltd. | 1.7% |
| EnerSys | 1.7% |

---

## Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, Board fee evaluation reports, and financial statements and other information, please visit dws.com/vipreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 728-3337.

Stocks may decline in value. Smaller and medium company stocks tend to be more volatile than large company stocks. The impact of the use of quantitative models and the analysis of specific metrics on a stock's performance can be difficult to predict, and stocks that previously possessed certain desirable quantitative characteristics may not continue to demonstrate those same characteristics in the future. Quantitative models also entail the risk that the models themselves may be limited or incorrect. Investing in foreign securities presents certain risks, such as currency fluctuations, political and economic changes, and market risks. The Fund may lend securities to approved institutions. Please read the prospectus for details.

**This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's objectives, risks, charges, and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (800) 728-3337, contacting your financial representative, or visit dws.com/vipreports to view or download a prospectus. Please read the prospectus carefully before you invest.**

## The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

##©2025 DWS Group GmbH&Co. KGaA. All rights reserved

## **VS2SMCV** - **TSRS** - **B** 

## R-101793-2 (08/25)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;(b) Not applicable |
| &nbsp;&nbsp;**Item 2.** | &nbsp;&nbsp;**Code of Ethics.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 3.** | &nbsp;&nbsp;**Audit Committee Financial Expert.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 4.** | &nbsp;&nbsp;**Principal Accountant Fees and Services.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 5.** | &nbsp;&nbsp;**Audit Committee of Listed Registrants.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 6.** | &nbsp;&nbsp;**Investments.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 7.** | &nbsp;&nbsp;**Financial Statements and Financial Highlights for Open-End Management Investment Companies.** |
|  | &nbsp;&nbsp;(a) |

---

June 30, 2025

**Semiannual Financial Statements and Other Information**

Deutsche DWS Variable Series II

**DWS Alternative Asset Allocation VIP**

![](img825e04de1.jpg)

------

**Contents** 

---

| | |
|:---|:---|
| **3** | [Investment Portfolio](#xx_a544468e-193b-4892-a0d7-e7af5987d99a_SOI-CC-Financial-RunningFooter-341_1) |
| **5** | [Statement of Assets and Liabilities](#xx_a544468e-193b-4892-a0d7-e7af5987d99a_FS-CC-Financial-RunningFooter-341_1) |
| **5** | [Statement of Operations](#xx_a544468e-193b-4892-a0d7-e7af5987d99a_FS-CC-Financial-RunningFooter-341_1) |
| **6** | [Statements of Changes in Net Assets](#xx_a544468e-193b-4892-a0d7-e7af5987d99a_FS-CC-Financial-RunningFooter-341_2) |
| **7** | [Financial Highlights](#xx_a544468e-193b-4892-a0d7-e7af5987d99a_FIHI-CC-Financial-RunningFooter-341_1) |
| **9** | [Notes to Financial Statements](#xx_a544468e-193b-4892-a0d7-e7af5987d99a_NTF-CC-Financial-RunningFooter-341_1) |
| **13** | [Advisory Agreement Board Considerations and Fee Evaluation](#xx_a544468e-193b-4892-a0d7-e7af5987d99a_AABCF-CC-Financial-RunningFooter-341_1) |

---

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

DWS Distributors, Inc., 222 South Riverside Plaza, Chicago, IL 60606, (800) 621-1148

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **2** \|  | Deutsche DWS Variable Series II —<br> DWS Alternative Asset Allocation VIP <br>|

---

------

**Investment Portfolioas of June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Mutual Funds 67.7%** |  |  |
| DWS Emerging Markets <br> Fixed Income Fund <br> "Institutional" (a)<br>| 1472773 | &nbsp;&nbsp; 10913251 |
| DWS Enhanced Commodity <br> Strategy Fund <br> "Institutional" (a)<br>| 11078079 | &nbsp;&nbsp; 64252860 |
| DWS Floating Rate Fund <br> "Institutional" (a)<br>| 6460566 | &nbsp;&nbsp; 48325033 |
| DWS Global Macro Fund <br> "Institutional" (a)<br>| 3563592 | &nbsp;&nbsp; 38344250 |
| DWS RREEF Global <br> Infrastructure Fund <br> "Institutional" (a)<br>| 4409184 | &nbsp;&nbsp; 73765644 |
| DWS RREEF Real Estate <br> Securities Fund <br> "Institutional" (a)<br>| 1787626 | &nbsp;&nbsp; 38541220 |
| **Total Mutual Funds** (Cost $278,889,197) | **Total Mutual Funds** (Cost $278,889,197) | &nbsp;&nbsp; **274142258** |
| **Exchange-Traded Funds 28.8%** | **Exchange-Traded Funds 28.8%** | **Exchange-Traded Funds 28.8%** |
| iShares JP Morgan USD <br> Emerging Markets Bond <br> ETF<br>| 375325 | &nbsp;&nbsp; 34762601 |
| iShares Preferred & Income <br> Securities ETF<br>| 266851 | &nbsp;&nbsp; 8186989 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| SPDR Blackstone Senior <br> Loan ETF<br>| 500000 | &nbsp;&nbsp; 20795000 |
| SPDR Bloomberg <br> Convertible Securities ETF<br>| 420252 | &nbsp;&nbsp; 34738030 |
| Xtrackers RREEF Global <br> Natural Resources ETF (b)<br>| 712119 | &nbsp;&nbsp; 18094944 |
| **Total Exchange-Traded Funds** <br> (Cost $104,735,246) | **Total Exchange-Traded Funds** <br> (Cost $104,735,246) | &nbsp;&nbsp; **116577564** |
| **Cash Equivalents 3.6%** | **Cash Equivalents 3.6%** | **Cash Equivalents 3.6%** |
| DWS Central Cash <br> Management Government <br> Fund, 4.37% (a) (c) <br> (Cost $14,678,643)<br>| 14678643 | &nbsp;&nbsp; **14678643** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **% of** <br>**Net Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** <br> (Cost $398,303,086)<br>| 100.1 | &nbsp;&nbsp; **405398465** |
| **Other Assets and** <br> **Liabilities, Net**<br>| (0.1)<br>| &nbsp;&nbsp; **(271554)**<br>|
| **Net Assets** | 100.0 | &nbsp;&nbsp; **405126911** |

---

A summary of the Fund's transactions with affiliated Underlying DWS Funds during the period ended June 30, 2025 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at** <br>**12/31/2024**<br>| **Purchases** <br>**Cost ($)**<br>| **Sales** <br>**Proceeds ($)**<br>| **Net Realized** <br>**Gain/** <br>**(Loss) ($)**<br>| **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)** <br> **($)**<br>| **Income ($)** | **Capital Gain** <br>**Distributions** <br> **($)**<br>| **Number** <br>**of Shares** <br>**at** <br>**6/30/2025**<br>| **Value ($) at** <br>**6/30/2025**<br>|
| **Mutual Funds 67.7%** | **Mutual Funds 67.7%** | **Mutual Funds 67.7%** | **Mutual Funds 67.7%** | **Mutual Funds 67.7%** | **Mutual Funds 67.7%** | **Mutual Funds 67.7%** | **Mutual Funds 67.7%** | **Mutual Funds 67.7%** |
| DWS Emerging Markets Fixed Income Fund "Institutional" (a) | DWS Emerging Markets Fixed Income Fund "Institutional" (a) | DWS Emerging Markets Fixed Income Fund "Institutional" (a) | DWS Emerging Markets Fixed Income Fund "Institutional" (a) | DWS Emerging Markets Fixed Income Fund "Institutional" (a) | DWS Emerging Markets Fixed Income Fund "Institutional" (a) | DWS Emerging Markets Fixed Income Fund "Institutional" (a) | DWS Emerging Markets Fixed Income Fund "Institutional" (a) | DWS Emerging Markets Fixed Income Fund "Institutional" (a) |
| 10305949 | 403046 |  |  | 204256 | 403046 |  | 1472773 | 10913251 |
| DWS Enhanced Commodity Strategy Fund "Institutional" (a) | DWS Enhanced Commodity Strategy Fund "Institutional" (a) | DWS Enhanced Commodity Strategy Fund "Institutional" (a) | DWS Enhanced Commodity Strategy Fund "Institutional" (a) | DWS Enhanced Commodity Strategy Fund "Institutional" (a) | DWS Enhanced Commodity Strategy Fund "Institutional" (a) | DWS Enhanced Commodity Strategy Fund "Institutional" (a) | DWS Enhanced Commodity Strategy Fund "Institutional" (a) | DWS Enhanced Commodity Strategy Fund "Institutional" (a) |
| 61166450 | 1160943 |  |  | 1925467 | 1160943 |  | 11078079 | 64252860 |
| DWS Floating Rate Fund "Institutional" (a) | DWS Floating Rate Fund "Institutional" (a) | DWS Floating Rate Fund "Institutional" (a) | DWS Floating Rate Fund "Institutional" (a) | DWS Floating Rate Fund "Institutional" (a) | DWS Floating Rate Fund "Institutional" (a) | DWS Floating Rate Fund "Institutional" (a) | DWS Floating Rate Fund "Institutional" (a) | DWS Floating Rate Fund "Institutional" (a) |
| 47133092 | 1748881 |  |  | (556940) | 1748881 |  | 6460566 | 48325033 |
| DWS Global Macro Fund "Institutional" (a) | DWS Global Macro Fund "Institutional" (a) | DWS Global Macro Fund "Institutional" (a) | DWS Global Macro Fund "Institutional" (a) | DWS Global Macro Fund "Institutional" (a) | DWS Global Macro Fund "Institutional" (a) | DWS Global Macro Fund "Institutional" (a) | DWS Global Macro Fund "Institutional" (a) | DWS Global Macro Fund "Institutional" (a) |
| 35619091 | 278180 |  |  | 2446979 | 278180 |  | 3563592 | 38344250 |
| DWS RREEF Global Infrastructure Fund "Institutional" (a) | DWS RREEF Global Infrastructure Fund "Institutional" (a) | DWS RREEF Global Infrastructure Fund "Institutional" (a) | DWS RREEF Global Infrastructure Fund "Institutional" (a) | DWS RREEF Global Infrastructure Fund "Institutional" (a) | DWS RREEF Global Infrastructure Fund "Institutional" (a) | DWS RREEF Global Infrastructure Fund "Institutional" (a) | DWS RREEF Global Infrastructure Fund "Institutional" (a) | DWS RREEF Global Infrastructure Fund "Institutional" (a) |
| 65900312 | 829741 |  |  | 7035591 | 829741 |  | 4409184 | 73765644 |
| DWS RREEF Real Estate Securities Fund "Institutional" (a) | DWS RREEF Real Estate Securities Fund "Institutional" (a) | DWS RREEF Real Estate Securities Fund "Institutional" (a) | DWS RREEF Real Estate Securities Fund "Institutional" (a) | DWS RREEF Real Estate Securities Fund "Institutional" (a) | DWS RREEF Real Estate Securities Fund "Institutional" (a) | DWS RREEF Real Estate Securities Fund "Institutional" (a) | DWS RREEF Real Estate Securities Fund "Institutional" (a) | DWS RREEF Real Estate Securities Fund "Institutional" (a) |
| 38270670 | 453645 |  |  | (183095) | 453645 |  | 1787626 | 38541220 |
| **Exchange-Traded Funds 4.5%** | **Exchange-Traded Funds 4.5%** | **Exchange-Traded Funds 4.5%** | **Exchange-Traded Funds 4.5%** | **Exchange-Traded Funds 4.5%** | **Exchange-Traded Funds 4.5%** | **Exchange-Traded Funds 4.5%** | **Exchange-Traded Funds 4.5%** | **Exchange-Traded Funds 4.5%** |
| Xtrackers RREEF Global Natural Resources ETF (b) | Xtrackers RREEF Global Natural Resources ETF (b) | Xtrackers RREEF Global Natural Resources ETF (b) | Xtrackers RREEF Global Natural Resources ETF (b) | Xtrackers RREEF Global Natural Resources ETF (b) | Xtrackers RREEF Global Natural Resources ETF (b) | Xtrackers RREEF Global Natural Resources ETF (b) | Xtrackers RREEF Global Natural Resources ETF (b) | Xtrackers RREEF Global Natural Resources ETF (b) |
| 16872876 |  |  |  | 1222068 | 222017 |  | 712119 | 18094944 |
| **Cash Equivalents 3.6%** | **Cash Equivalents 3.6%** | **Cash Equivalents 3.6%** | **Cash Equivalents 3.6%** | **Cash Equivalents 3.6%** | **Cash Equivalents 3.6%** | **Cash Equivalents 3.6%** | **Cash Equivalents 3.6%** | **Cash Equivalents 3.6%** |
| DWS Central Cash Management Government Fund, 4.37% (a) (c) | DWS Central Cash Management Government Fund, 4.37% (a) (c) | DWS Central Cash Management Government Fund, 4.37% (a) (c) | DWS Central Cash Management Government Fund, 4.37% (a) (c) | DWS Central Cash Management Government Fund, 4.37% (a) (c) | DWS Central Cash Management Government Fund, 4.37% (a) (c) | DWS Central Cash Management Government Fund, 4.37% (a) (c) | DWS Central Cash Management Government Fund, 4.37% (a) (c) | DWS Central Cash Management Government Fund, 4.37% (a) (c) |
| 13684056 | 31474361 | 30479774 |  |  | 295098 |  | 14678643 | 14678643 |
| **288952496** | **36348797** | **30479774** |  | **12094326** | **5391551** |  | **44162582** | **306915845** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated fund managed by DWS Investment Management Americas, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Affiliated fund managed by DBX Advisors LLC.

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Alternative Asset Allocation VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **3**  |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown is the annualized seven-day yield at period end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SPDR: Standard & Poor's Depositary Receipt<br>

**Fair Value Measurements**

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Mutual Funds | &nbsp;&nbsp; $274142258 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $274142258 |
| Exchange-Traded Funds | &nbsp;&nbsp; 116577564 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 116577564 |
| Short-Term Investments | &nbsp;&nbsp; 14678643 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14678643 |
| **Total** | &nbsp;&nbsp; **$405398465** | &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$405398465** |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **4** \|  | Deutsche DWS Variable Series II —<br> DWS Alternative Asset Allocation VIP <br>|

---

------

**Statement of** 

**Assets and Liabilities**

**Statement of Operations**

as of June 30, 2025 (Unaudited)

------

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in non-affiliated Underlying Funds, at <br> value (cost $85,522,276)<br>| $98482620 |
| Investments in affiliated Underlying Funds, at <br> value (cost $312,780,810)<br>| 306915845 |
| Cash | 10000 |
| Receivable for Fund shares sold | 64772 |
| Other assets | 3136 |
| Total assets | 405476373 |
| **Liabilities** |  |
| Payable for Fund shares redeemed | 76537 |
| Accrued management fee | 33810 |
| Accrued Trustees' fees | 2907 |
| Other accrued expenses and payables | 236208 |
| Total liabilities | 349462 |
| **Net assets, at value** | **$405126911** |
| **Net Assets Consist of** |  |
| Distributable earnings (loss) | 9146507 |
| Paid-in capital | 395980404 |
| **Net assets, at value** | **$405126911** |
| **Net Asset Value** |  |
| **Class A** |  |
| **Net Asset Value,** offering and redemption price <br> per share ($55,709,837 ÷ 4,256,234 outstanding <br> shares of beneficial interest, no par value, <br> unlimited number of shares authorized)<br>| **$13.09** |
| **Class B** |  |
| **Net Asset Value,** offering and redemption price <br> per share ($349,417,074 ÷ 26,653,173 <br> outstanding shares of beneficial interest, <br> no par value, unlimited number of <br> shares authorized)<br>| **$13.11** |

---

for the six months ended June 30, 2025 (Unaudited)

------

---

| | |
|:---|:---|
| **Investment Income** |  |
| Income: |  |
| Dividends | $2103906 |
| Income distributions from affiliated <br> Underlying Funds<br>| 5391551 |
| Total income | 7495457 |
| Expenses: |  |
| Management fee | 202808 |
| Administration fee | 196723 |
| Services to shareholders | 859 |
| Record keeping fee (Class B) | 231564 |
| Distribution service fee (Class B) | 438160 |
| Custodian fee | 2896 |
| Professional fees | 36776 |
| Reports to shareholders | 10476 |
| Registration fees | 17 |
| Trustees' fees and expenses | 8660 |
| Other | 52937 |
| Total expenses | 1181876 |
| **Net investment income** | **6313581** |
| **Realized and Unrealized Gain (Loss)** |  |
| Sale of non-affiliated Underlying Funds | 4058732 |
| Change in net unrealized appreciation <br> (depreciation) on:<br>|  |
| Affiliated Underlying Funds | 12094326 |
| Non-affiliated Underlying Funds | (1441291)<br>|
|  | 10653035 |
| **Net gain (loss)** | **14711767** |
| **Net increase (decrease) in net assets resulting** <br> **from operations**<br>| **$21025348** |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Alternative Asset Allocation VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **5**  |

---

------

**Statements of Changes in Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **December 31,**<br>|
| **Increase (Decrease) in Net Assets** | <br>**(Unaudited)** | **2024** |
| Operations: |  |  |
| Net investment income | $6313581 | $15536255 |
| Net realized gain (loss) | 4058732 | (3512035)<br>|
| Change in net unrealized appreciation <br>(depreciation)<br>| 10653035 | 10427863 |
| Net increase (decrease) in net assets resulting from operations | 21025348 | 22452083 |
| Distributions to shareholders: |  |  |
| Class A | (2283285)<br>| (2039349)<br>|
| Class B | (13155373)<br>| (12519630)<br>|
| Total distributions | (15438658)<br>| (14558979)<br>|
| Fund share transactions: |  |  |
| **Class A** |  |  |
| Proceeds from shares sold | 2455274 | 5683774 |
| Reinvestment of distributions | 2283285 | 2039349 |
| Payments for shares redeemed | (6062451)<br>| (3390305)<br>|
| Net increase (decrease) in net assets from Class A share transactions | (1323892)<br>| 4332818 |
| **Class B** |  |  |
| Proceeds from shares sold | 3491072 | 6600254 |
| Reinvestment of distributions | 13155373 | 12519630 |
| Payments for shares redeemed | (29935668)<br>| (38913382)<br>|
| Net increase (decrease) in net assets from Class B share transactions | (13289223)<br>| (19793498)<br>|
| **Increase (decrease) in net assets** | (9026425)<br>| (7567576)<br>|
| Net assets at beginning of period | 414153336 | 421720912 |
| **Net assets at end of period** | **$405126911** | **$414153336** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Other Information** |  |  |
| **Class A** |  |  |
| Shares outstanding at beginning of period | 4352668 | 4006960 |
| Shares sold | 187724 | 444138 |
| Shares issued to shareholders in reinvestment of distributions | 179222 | 165532 |
| Shares redeemed | (463380)<br>| (263962)<br>|
| Net increase (decrease) in Class A shares | (96434)<br>| 345708 |
| Shares outstanding at end of period | **4256234** | **4352668** |
| **Class B** |  |  |
| Shares outstanding at beginning of period | 27641179 | 29134598 |
| Shares sold | 265969 | 516162 |
| Shares issued to shareholders in reinvestment of distributions | 1030178 | 1013735 |
| Shares redeemed | (2284153)<br>| (3023316)<br>|
| Net increase (decrease) in Class B shares | (988006)<br>| (1493419)<br>|
| Shares outstanding at end of period | **26653173** | **27641179** |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **6** \|  | Deutsche DWS Variable Series II —<br> DWS Alternative Asset Allocation VIP <br>|

---

------

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DWS Alternative Asset Allocation VIP** — **Class A** | **DWS Alternative Asset Allocation VIP** — **Class A** | **DWS Alternative Asset Allocation VIP** — **Class A** | **DWS Alternative Asset Allocation VIP** — **Class A** | **DWS Alternative Asset Allocation VIP** — **Class A** | **DWS Alternative Asset Allocation VIP** — **Class A** | **DWS Alternative Asset Allocation VIP** — **Class A** |
|  | &nbsp;&nbsp; **Six Months** <br>**Ended 6/30/25**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |
| **Net asset value, beginning of period** | &nbsp;&nbsp; **$12.95** | &nbsp;&nbsp; **$12.74** | &nbsp;&nbsp; **$12.99** | &nbsp;&nbsp; **$15.13** | &nbsp;&nbsp; **$13.70** | &nbsp;&nbsp; **$13.35** |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>a</sup> <br>| &nbsp;&nbsp; .22 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .47 | &nbsp;&nbsp; .88 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp; .29 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; .48 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; (1.93)<br>| &nbsp;&nbsp; .69 | &nbsp;&nbsp; .40 |
| **Total from investment operations** | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .76 | &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp; .69 |
| Less distributions from: |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (.56)<br>| &nbsp;&nbsp; (.48)<br>| &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; (.34)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total distributions** | &nbsp;&nbsp; (.56)<br>| &nbsp;&nbsp; (.49)<br>| &nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; (.34)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; **$13.09** | &nbsp;&nbsp; **$12.95** | &nbsp;&nbsp; **$12.74** | &nbsp;&nbsp; **$12.99** | &nbsp;&nbsp; **$15.13** | &nbsp;&nbsp; **$13.70** |
| Total Return (%)<sup>b</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.50 <br><sup>\*</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;5.64 | &nbsp;&nbsp;&nbsp;&nbsp;6.19 | &nbsp;&nbsp; (7.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.74 | &nbsp;&nbsp;&nbsp;&nbsp;5.71 |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 37 |
| Ratio of expenses (%)<sup>c,d</sup> <br>| &nbsp;&nbsp; .24 <br><sup>\*\*</sup><br>| &nbsp;&nbsp; .23 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; .23 |
| Ratio of net investment income (%) | &nbsp;&nbsp;&nbsp;&nbsp; 3.46 <br><sup>\*\*</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;4.02 | &nbsp;&nbsp;&nbsp;&nbsp;3.76 | &nbsp;&nbsp;&nbsp;&nbsp;6.44 | &nbsp;&nbsp;&nbsp;&nbsp;7.13 | &nbsp;&nbsp;&nbsp;&nbsp;2.29 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 1 <br><sup>\*</sup><br>| &nbsp;&nbsp; 25 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 18 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>a</sup> | Based on average shares outstanding during the period. |
| <sup>b</sup> | Total return would have been lower if the Advisor had not reduced some Underlying DWS Funds' expenses. |
| <sup>c</sup> | &nbsp;&nbsp; The Fund invests in other Funds and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds <br> in which the Fund is invested. This ratio does not include these indirect fees and expenses.<br>|
| <sup>d</sup> | &nbsp;&nbsp; Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life <br> insurance policy or variable annuity contract for which the Fund is an investment option.<br>|
| <sup>\*</sup> | Not annualized |
| <sup>\*\*</sup> | Annualized |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Alternative Asset Allocation VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **7**  |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DWS Alternative Asset Allocation VIP** — **Class B** | **DWS Alternative Asset Allocation VIP** — **Class B** | **DWS Alternative Asset Allocation VIP** — **Class B** | **DWS Alternative Asset Allocation VIP** — **Class B** | **DWS Alternative Asset Allocation VIP** — **Class B** | **DWS Alternative Asset Allocation VIP** — **Class B** | **DWS Alternative Asset Allocation VIP** — **Class B** |
|  | &nbsp;&nbsp; **Six Months** <br>**Ended 6/30/25**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Selected Per Share Data** |  |  |  |  |  |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp; **$12.94** | &nbsp;&nbsp; **$12.72** | &nbsp;&nbsp; **$12.98** | &nbsp;&nbsp; **$15.11** | &nbsp;&nbsp; **$13.68** | &nbsp;&nbsp; **$13.34** |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>a</sup> <br>| &nbsp;&nbsp; .20 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; .80 | &nbsp;&nbsp; .93 | &nbsp;&nbsp; .24 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; .47 | &nbsp;&nbsp; .20 | &nbsp;&nbsp; .28 | &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; .75 | &nbsp;&nbsp; .41 |
| **Total from investment operations** | &nbsp;&nbsp; .67 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp; .65 |
| Less distributions from: |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (.50)<br>| &nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp; (.84)<br>| &nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; (.31)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total distributions** | &nbsp;&nbsp; (.50)<br>| &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; (.96)<br>| &nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; (.31)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; **$13.11** | &nbsp;&nbsp; **$12.94** | &nbsp;&nbsp; **$12.72** | &nbsp;&nbsp; **$12.98** | &nbsp;&nbsp; **$15.11** | &nbsp;&nbsp; **$13.68** |
| Total Return (%)<sup>b</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.29 <br><sup>\*</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;5.30 | &nbsp;&nbsp;&nbsp;&nbsp;5.67 | &nbsp;&nbsp; (7.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.35 <br><sup>c</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.32 <br><sup>c</sup><br>|
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp; 349 | &nbsp;&nbsp; 358 | &nbsp;&nbsp; 371 | &nbsp;&nbsp; 376 | &nbsp;&nbsp; 447 | &nbsp;&nbsp; 427 |
| Ratio of expenses before expense reductions (%)<sup>d,e</sup> <br>| &nbsp;&nbsp; .62 <br><sup>\*\*</sup><br>| &nbsp;&nbsp; .61 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .61 |
| Ratio of expenses after expense reductions (%)<sup>d,e</sup> <br>| &nbsp;&nbsp; .62 <br><sup>\*\*</sup><br>| &nbsp;&nbsp; .61 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .59 |
| Ratio of net investment income (%) | &nbsp;&nbsp;&nbsp;&nbsp; 3.07 <br><sup>\*\*</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;3.60 | &nbsp;&nbsp;&nbsp;&nbsp;3.35 | &nbsp;&nbsp;&nbsp;&nbsp;5.81 | &nbsp;&nbsp;&nbsp;&nbsp;6.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.94 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 1 <br><sup>\*</sup><br>| &nbsp;&nbsp; 25 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 18 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| <sup>a</sup> | Based on average shares outstanding during the period. |
| <sup>b</sup> | Total return would have been lower if the Advisor had not reduced some Underlying DWS Funds' expenses. |
| <sup>c</sup> | Total return would have been lower had certain expenses not been reduced. |
| <sup>d</sup> | &nbsp;&nbsp; The Fund invests in other Funds and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds <br> in which the Fund is invested. This ratio does not include these indirect fees and expenses.<br>|
| <sup>e</sup> | &nbsp;&nbsp; Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life <br> insurance policy or variable annuity contract for which the Fund is an investment option.<br>|
| <sup>\*</sup> | Not annualized |
| <sup>\*\*</sup> | Annualized |

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The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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|:---|:---|
| **8** \|  | Deutsche DWS Variable Series II —<br> DWS Alternative Asset Allocation VIP <br>|

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**Notes to Financial Statements (Unaudited)**

**A.** **Organization and Significant Accounting Policies**

DWS Alternative Asset Allocation VIP (the "Fund") is a diversified series of Deutsche DWS Variable Series II (the "Trust"), which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company organized as a Massachusetts business trust. The Fund is an underlying investment vehicle for variable annuity contracts and variable life insurance policies to be offered by the separate accounts of certain life insurance companies ("Participating Insurance Companies"). The Fund mainly invests in other affiliated DWS funds (i.e., mutual funds, exchange-traded funds and other pooled investment vehicles managed by DWS Investment Management Americas, Inc. or one of its affiliates, together the "Underlying DWS Funds"), non-affiliated exchange-traded funds ("Non-affiliated ETFs"), non-affiliated exchange-traded notes ("Non-affiliated ETNs") and derivative investments. Non-affiliated ETFs, Non-affiliated ETNs and Underlying DWS Funds are collectively referred to as "Underlying Funds." During the six months ended June 30, 2025, the Fund primarily invested in Underlying DWS Funds and non-affiliated ETFs. Each Underlying DWS Fund's accounting policies and investment holdings are outlined in the Underlying DWS Funds' financial statements and are available upon request.

**Multiple Classes of Shares of Beneficial Interest.** The Fund offers two classes of shares (Class A shares and Class B shares). Class B shares are subject to Rule 12b-1 distribution fees under the 1940 Act and recordkeeping fees equal to annual rates of up to 0.25% and of up to 0.15%, respectively, of the average daily net assets of the Class B shares of the Fund. Class A shares are not subject to such fees.

Investment income, realized and unrealized gains and losses, and certain fund-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares, except that each class bears certain expenses unique to that class (including the applicable 12b-1 distribution fees and recordkeeping fees). Differences in class-level expenses may result in payment of different per share dividends by class. All shares have equal rights with respect to voting subject to class-specific arrangements.

The Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") which require the use of management estimates. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements.

**Operating Segment.** The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 impacts financial statement disclosures only and does not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President and Chief Executive Officer, acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net asset (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and results of operations and significant segment expenses are listed on the accompanying Statement of Operations.

**Security Valuation.** Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading.

The Fund's Board has designated DWS Investment Management Americas, Inc. (the "Advisor") as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. The Advisor's Pricing Committee (the "Pricing Committee") typically values securities using readily available market quotations or prices

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Alternative Asset Allocation VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **9**  |

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supplied by independent pricing services (which are considered fair values under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

Investments in mutual funds are valued at the net asset value per share of each class of the Underlying DWS Funds and are categorized as Level 1.

ETFs and ETNs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. ETFs and ETNs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. ETFs and ETNs securities are generally categorized as Level 1.

Disclosure about the classification of fair value measurements is included in a table following the Fund's Investment Portfolio.

**Tax Information.** The Fund is treated as a separate taxpayer as provided for in the Internal Revenue Code of 1986, as amended (the "Code"). It is the Fund's policy to comply with the requirements of the Code, which are applicable to regulated investment companies, and to distribute all of its taxable income to the separate accounts of the Participating Insurance Companies which hold its shares.

At December 31, 2024, the Fund had net tax basis capital loss carryforwards of $1,441,849, including short-term losses ($996,796) and long-term losses ($445,053), which may be applied against realized net taxable capital gains indefinitely.

At June 30, 2025, the aggregate cost of investments for federal income tax purposes was $405,407,490. The net unrealized depreciation for all investments based on tax cost was $9,025. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $32,842,096 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $32,851,121.

The Fund files tax returns with the Internal Revenue Service, the State of New York, and various other states. Each of the tax years in the four-year period ended December 31, 2024, remains subject to examination by taxing authorities.

**Distribution of Income and Gains.** Distributions from net investment income of the Fund, if any, are declared and distributed to shareholders annually. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes if necessary.

The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to certain securities sold at a loss and the realized tax character on distributions from certain securities. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.

The tax character of current year distributions will be determined at the end of the current fiscal year.

**Expenses.** Expenses of the Trust arising in connection with a specific fund are allocated to that fund. Other Trust expenses which cannot be directly attributed to a fund are apportioned among the funds in the Trust based upon the relative net assets or other appropriate measures.

**Contingencies.** In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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|:---|:---|
| **10** \|  | Deutsche DWS Variable Series II —<br> DWS Alternative Asset Allocation VIP <br>|

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**Other.** Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis. Dividend Income is recorded on the ex-dividend date. Distributions of income and capital gains from the Underlying Funds are recorded on the ex-dividend date. Realized gains and losses from investment transactions are recorded on an identified cost basis.

**B.** **Purchases and Sales of Securities**

During the six months ended June 30, 2025, purchases and sales of affiliated Underlying Funds (excluding short-term investments) aggregated $4,874,436 and $0, respectively. Purchases and sales of Non-affiliated ETFs aggregated $0 and $29,762,639, respectively.

**C.** **Related Parties**

**Management Agreement.** Under the Investment Management Agreement with DWS Investment Management Americas, Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA ("DWS Group"), the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments in Underlying Funds to be purchased, sold or entered into by the Fund or delegates such responsibility to the Fund's subadvisor.

RREEF America L.L.C. ("RREEF"), an indirect, wholly owned subsidiary of DWS Group, acts as an investment subadvisor to the Fund. As an investment subadvisor to the Fund, RREEF provides investment management services to the portions of the Fund's portfolio allocated to direct investments in global real estate and global infrastructure securities. RREEF is paid by the Advisor for the services RREEF provides to the Fund. As of the date of this report, the Fund obtained its exposure to global real estate and global infrastructure securities indirectly through investments in other Underlying Funds.

Under the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the Fund's average daily net assets, computed and accrued daily and payable monthly, at the following annual rates:

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| | |
|:---|:---|
| On assets invested in exchange-traded funds and mutual funds | &nbsp;&nbsp; .10% |
| On assets invested in all other assets not considered exchange-traded funds and mutual funds | &nbsp;&nbsp; 1.00% |

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Accordingly, for the six months ended June 30, 2025, the fee pursuant to the Investment Management Agreement was equivalent to an annualized rate (exclusive of any applicable waivers/reimbursements) of 0.10% of the Fund's average daily net assets.

In addition, the Advisor and, when applicable, affiliates of the Advisor will receive management fees from managing the Underlying DWS Funds in which the Fund invests.

The Fund does not invest in the Underlying DWS Funds for the purpose of exercising management or control; however, investments within the set limits may represent 5% or more of an Underlying DWS Fund's outstanding shares. At June 30, 2025, the Fund held approximately 23% of DWS Emerging Markets Fixed Income Fund, 7% of DWS Enhanced Commodity Strategy Fund, 39% of DWS Floating Rate Fund, 22% of DWS Global Macro Fund, 8% of DWS RREEF Global Infrastructure Fund and 61% of Xtrackers RREEF Global Natural Resources ETF.

For the period from January 1, 2025 through September 30, 2025, the Advisor has contractually agreed to waive its fees and/or reimburse Fund expenses to the extent necessary to maintain the total annual operating expenses (including indirect expenses of Underlying Funds and excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of each class as follows:

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| | |
|:---|:---|
| Class A | &nbsp;&nbsp; 1.05% |
| Class B | &nbsp;&nbsp; 1.43% |

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The Fund indirectly bears its proportionate share of fees and expenses, including the management fee paid to the Advisor or, when applicable, affiliates of the Advisor or other investment advisors, incurred by the Underlying Funds in which it is invested.

**Administration Fee.** Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.097% of the Fund's average daily net assets, computed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Alternative Asset Allocation VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **11**  |

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and accrued daily and payable monthly. For the six months ended June 30, 2025, the Administration Fee was $196,723, of which $32,199 is unpaid.

**Service Provider Fees.** DWS Service Company ("DSC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and SS&C GIDS, Inc. ("SS&C"), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to SS&C. DSC compensates SS&C out of the shareholder servicing fee it receives from the Fund. For the six months ended June 30, 2025, the amounts charged to the Fund by DSC were as follows:

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| | | |
|:---|:---|:---|
| **Services to Shareholders** | **Total** <br>**Aggregated**<br>| **Unpaid at** <br>**June 30, 2025**<br>|
| Class A | &nbsp;&nbsp; $136 | &nbsp;&nbsp; $44 |
| Class B | &nbsp;&nbsp; 197 | &nbsp;&nbsp; 62 |
|  | &nbsp;&nbsp; **$333** | &nbsp;&nbsp; **$106** |

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**Distribution Service Agreement.** Under the Fund's Class B 12b-1 plan, DWS Distributors, Inc. ("DDI") received a fee ("Distribution Service Fee") of up to 0.25% of the average daily net assets of Class B shares. For the six months ended June 30, 2025, the Distribution Service Fee aggregated $438,160, of which $71,624 is unpaid.

**Other Service Fees.** Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the six months ended June 30, 2025, the amount charged to the Fund by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $652, of which $247 is unpaid.

**Trustees' Fees and Expenses.** The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.

**Affiliated Cash Management Vehicles.** The Fund may invest uninvested cash balances in DWS Central Cash Management Government Fund, an affiliated money market fund which is managed by the Advisor. DWS Central Cash Management Government Fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest and seeks to maintain a stable net asset value. The Fund indirectly bears its proportionate share of the expenses of its investment in DWS Central Cash Management Government Fund. DWS Central Cash Management Government Fund does not pay the Advisor an investment management fee.

**D.** **Ownership of the Fund**

At June 30, 2025, two Participating Insurance Companies were owners of record of 10% or more of the total outstanding Class A shares of the Fund, each owning 73% and 19%, respectively. Two Participating Insurance Companies were the owners of record of 10% or more of the total outstanding Class B shares of the Fund, each owning 82% and 10%, respectively.

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|:---|:---|
| **12** \|  | Deutsche DWS Variable Series II —<br> DWS Alternative Asset Allocation VIP <br>|

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**Advisory Agreement Board Considerations and Fee Evaluation**

The Board of Trustees (hereinafter referred to as the "Board" or "Trustees") approved the renewal of DWS Alternative Asset Allocation VIP's (the "Fund") investment management agreement (the "Agreement") with DWS Investment Management Americas, Inc. ("DIMA") and sub-advisory agreement (the "Sub-Advisory Agreement" and together with the Agreement, the "Agreements") between DIMA and RREEF America L.L.C. ("RREEF"), an affiliate of DIMA, in September 2024.

In terms of the process that the Board followed prior to approving the Agreements, shareholders should know that:

—

During the entire process, all of the Fund's Trustees were independent of DIMA and its affiliates (the "Independent Trustees").

—

The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel, including materials containing information on the Fund's performance, fees and expenses, profitability, economies of scale and fall-out benefits.

—

The Board also received extensive information throughout the year regarding performance of the Fund.

—

The Independent Trustees regularly met privately with counsel to discuss contract review and other matters.

—

In connection with reviewing the Agreements, the Board also reviewed the terms of the Fund's Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement, and certain other material service agreements.

In connection with the contract review process, the Board considered the factors discussed below, among others. The Board also considered that DIMA has managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund. DIMA and RREEF are part of DWS Group GmbH & Co. KGaA ("DWS Group"). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. DWS Group is majority-owned by Deutsche Bank AG, with approximately 20% of its shares publicly traded.

As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund's performance. In many cases, this led to the negotiation and implementation of expense caps.

While shareholders may focus primarily on fund performance and fees, the Fund's Board considers these and many other factors, including the quality and integrity of DIMA's and RREEF's personnel and administrative support services provided by DIMA, such as back-office operations, fund valuations, and compliance policies and procedures.

**Nature, Quality and Extent of Services.** The Board considered the terms of the Agreements, including the scope of advisory services provided under the Agreements. The Board noted that, under the Agreements, DIMA and RREEF provide portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA's approach to addressing such risks. Throughout the course of the year, the Board also received information regarding DIMA's oversight of fund sub-advisors, including RREEF. The Board reviewed the Fund's performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied by Morningstar Direct ("Morningstar"), an independent fund data service. The Board also noted that it has put into place a process of identifying "Funds in Review" (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA's plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for the one-, three- and five-year periods ended December 31, 2023, the Fund's performance (Class A shares) was in the 2nd quartile, 1st quartile and 1st quartile, respectively, of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Alternative Asset Allocation VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **13**  |

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performers). The Board also observed that the Fund has underperformed its benchmark in the one-, three- and five-year periods ended December 31, 2023.

**Fees and Expenses.** The Board considered the Fund's investment management fee schedule, sub-advisory fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. ("Broadridge") regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.097% fee paid to DIMA under the Fund's administrative services agreement, were lower than the median (2nd quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2023). With respect to any sub-advisory fee paid to RREEF, the Board noted that the fee is paid by DIMA out of its fee and not directly by the Fund. The Board noted that the Fund's Class A shares total (net) operating expenses were expected to be lower than the median (1st quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2023, and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees, but inclusive of acquired fund fees and expenses) ("Broadridge Universe Expenses"). The Board also reviewed data comparing each other operational share class's total (net) operating expenses to the applicable Broadridge Universe Expenses. The Board noted that the expense limitations agreed to by DIMA were expected to help the Fund's total (net) operating expenses remain competitive. The Board considered the Fund's management fee rate as compared to fees charged by DIMA to comparable DWS U.S. registered funds ("DWS Funds") and considered differences between the Fund and the comparable DWS Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors ("DWS Europe Funds") managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA and RREEF.

**Profitability.** The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs to DIMA, and pre-tax profits realized by DIMA, from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board reviewed DIMA's methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that, while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates' overall profitability with respect to the DWS Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of most comparable firms for which such data was available.

**Economies of Scale.** The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. In this regard, the Board observed that while the Fund's current investment management fee schedule does not include breakpoints, the Fund's fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

**Other Benefits to DIMA and Its Affiliates.** The Board also considered the character and amount of other incidental or "fall-out" benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund, any fees received by an affiliate of DIMA for transfer agency services provided to the Fund and any fees received by an affiliate of DIMA for distribution services. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities. In addition, the Board considered the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Fund's management fees were reasonable.

**Compliance.** The Board considered the significant attention and resources dedicated by DIMA to its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **14** \|  | Deutsche DWS Variable Series II —<br> DWS Alternative Asset Allocation VIP <br>|

---

------

commitment of the individuals serving as DIMA's and the Fund's chief compliance officers; (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel; and (iii) ongoing efforts to enhance the compliance program.

Based on all of the information considered and the conclusions reached, the Board determined that the continuation of the Agreements is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above and individual Independent Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement. The Board considered these factors over the course of numerous meetings, certain of which

were in executive session with only the Independent Trustees and counsel present.

VS2AAA-BFE2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Alternative Asset Allocation VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **15**  |

---

------

![](img825e04de1.jpg)

VS2AAA-NCSRS

------

June 30, 2025

**Semiannual Financial Statements and Other Information**

Deutsche DWS Variable Series II

**DWS CROCI**<sup>®</sup> **U.S. VIP**

![](img3ead044f1.jpg)

------

**Contents** 

---

| | |
|:---|:---|
| **3** | [Investment Portfolio](#xx_317518e2-13ba-4b3d-98e9-ffb0c44f0035_SOI-CC-Financial-RunningFooter-349_1) |
| **6** | [Statement of Assets and Liabilities](#xx_317518e2-13ba-4b3d-98e9-ffb0c44f0035_FS-CC-Financial-RunningFooter-349_1) |
| **6** | [Statement of Operations](#xx_317518e2-13ba-4b3d-98e9-ffb0c44f0035_FS-CC-Financial-RunningFooter-349_1) |
| **7** | [Statements of Changes in Net Assets](#xx_317518e2-13ba-4b3d-98e9-ffb0c44f0035_FS-CC-Financial-RunningFooter-349_2) |
| **8** | [Financial Highlights](#xx_317518e2-13ba-4b3d-98e9-ffb0c44f0035_FIHI-CC-Financial-RunningFooter-349_1) |
| **9** | [Notes to Financial Statements](#xx_317518e2-13ba-4b3d-98e9-ffb0c44f0035_NTF-CC-Financial-RunningFooter-349_1) |
| **13** | [Advisory Agreement Board Considerations and Fee Evaluation](#xx_317518e2-13ba-4b3d-98e9-ffb0c44f0035_AABCF-CC-Financial-RunningFooter-349_1) |

---

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

DWS Distributors, Inc., 222 South Riverside Plaza, Chicago, IL 60606, (800) 621-1148

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **2** \|  | Deutsche DWS Variable Series II —<br> DWS CROCI<sup>®</sup> U.S. VIP <br>|

---

------

**Investment Portfolioas of June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Common Stocks 99.5%** | **Common Stocks 99.5%** |  |
| **Communication Services 9.1%** | **Communication Services 9.1%** |  |
| **Entertainment 1.5%** | **Entertainment 1.5%** |  |
| Warner Bros Discovery, Inc.\* | 168009 | &nbsp;&nbsp; **1925383** |
| **Interactive Media & Services 1.3%** | **Interactive Media & Services 1.3%** |  |
| Alphabet, Inc. "A" | 7245 | &nbsp;&nbsp; 1276786 |
| Meta Platforms, Inc. "A" | 618 | &nbsp;&nbsp; 456140 |
|  |  | &nbsp;&nbsp; **1732926** |
| **Media 5.2%** | **Media 5.2%** |  |
| Comcast Corp. "A" | 25632 | &nbsp;&nbsp; 914806 |
| Fox Corp. "A" | 82102 | &nbsp;&nbsp; 4600996 |
| Interpublic Group of <br> Companies, Inc.<br>| 48684 | &nbsp;&nbsp; 1191785 |
|  |  | &nbsp;&nbsp; **6707587** |
| **Wireless Telecommunication Services 1.1%** | **Wireless Telecommunication Services 1.1%** |  |
| T-Mobile U.S., Inc. | 6244 | &nbsp;&nbsp; **1487695** |
| **Consumer Discretionary 8.6%** | **Consumer Discretionary 8.6%** |  |
| **Automobile Components 0.5%** | **Automobile Components 0.5%** |  |
| Aptiv PLC\* | 10206 | &nbsp;&nbsp; **696253** |
| **Automobiles 0.3%** | **Automobiles 0.3%** |  |
| General Motors Co. | 6356 | &nbsp;&nbsp; **312779** |
| **Hotels, Restaurants & Leisure 3.4%** | **Hotels, Restaurants & Leisure 3.4%** |  |
| Boyd Gaming Corp. | 42390 | &nbsp;&nbsp; 3316170 |
| Travel & Leisure Co. | 22029 | &nbsp;&nbsp; 1136916 |
|  |  | &nbsp;&nbsp; **4453086** |
| **Household Durables 3.1%** | **Household Durables 3.1%** |  |
| D.R. Horton, Inc. | 30968 | &nbsp;&nbsp; **3992395** |
| **Specialty Retail 1.0%** | **Specialty Retail 1.0%** |  |
| AutoNation, Inc.\* | 6576 | &nbsp;&nbsp; **1306322** |
| **Textiles, Apparel & Luxury Goods 0.3%** | **Textiles, Apparel & Luxury Goods 0.3%** |  |
| Tapestry, Inc. | 4897 | &nbsp;&nbsp; **430006** |
| **Consumer Staples 10.3%** | **Consumer Staples 10.3%** |  |
| **Beverages 2.7%** | **Beverages 2.7%** |  |
| Constellation Brands, Inc. "A" | 10636 | &nbsp;&nbsp; 1730264 |
| Molson Coors Beverage Co. "B" | 36739 | &nbsp;&nbsp; 1766779 |
|  |  | &nbsp;&nbsp; **3497043** |
| **Food Products 5.3%** | **Food Products 5.3%** |  |
| Conagra Brands, Inc. | 62147 | &nbsp;&nbsp; 1272149 |
| Kraft Heinz Co. | 142499 | &nbsp;&nbsp; 3679324 |
| The J.M. Smucker Co. | 20136 | &nbsp;&nbsp; 1977356 |
|  |  | &nbsp;&nbsp; **6928829** |
| **Tobacco 2.3%** | **Tobacco 2.3%** |  |
| Altria Group, Inc. | 49937 | &nbsp;&nbsp; **2927806** |
| **Energy 4.7%** | **Energy 4.7%** |  |
| **Energy Equipment & Services 0.2%** | **Energy Equipment & Services 0.2%** |  |
| Halliburton Co. | 15867 | &nbsp;&nbsp; **323370** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Oil, Gas & Consumable Fuels 4.5%** | **Oil, Gas & Consumable Fuels 4.5%** |  |
| Devon Energy Corp. | 28209 | &nbsp;&nbsp; 897328 |
| EOG Resources, Inc. | 13876 | &nbsp;&nbsp; 1659709 |
| ONEOK, Inc. | 39718 | &nbsp;&nbsp; 3242180 |
|  |  | &nbsp;&nbsp; **5799217** |
| **Financials 17.2%** | **Financials 17.2%** |  |
| **Banks 7.9%** | **Banks 7.9%** |  |
| Bank of America Corp. | 28758 | &nbsp;&nbsp; 1360829 |
| Citigroup, Inc. | 11525 | &nbsp;&nbsp; 981008 |
| Fifth Third Bancorp. | 9710 | &nbsp;&nbsp; 399372 |
| JPMorgan Chase & Co. | 14877 | &nbsp;&nbsp; 4312991 |
| Regions Financial Corp. | 22950 | &nbsp;&nbsp; 539784 |
| U.S. Bancorp. | 27219 | &nbsp;&nbsp; 1231660 |
| Wells Fargo & Co. | 17418 | &nbsp;&nbsp; 1395530 |
|  |  | &nbsp;&nbsp; **10221174** |
| **Capital Markets 2.8%** | **Capital Markets 2.8%** |  |
| Bank of New York Mellon Corp. | 3582 | &nbsp;&nbsp; 326356 |
| State Street Corp. | 31726 | &nbsp;&nbsp; 3373743 |
|  |  | &nbsp;&nbsp; **3700099** |
| **Consumer Finance 2.6%** | **Consumer Finance 2.6%** |  |
| Synchrony Financial | 50595 | &nbsp;&nbsp; **3376710** |
| **Financial Services 3.9%** | **Financial Services 3.9%** |  |
| Fiserv, Inc.\* | 14203 | &nbsp;&nbsp; 2448739 |
| Global Payments, Inc. | 20731 | &nbsp;&nbsp; 1659309 |
| PayPal Holdings, Inc.\* | 13545 | &nbsp;&nbsp; 1006665 |
|  |  | &nbsp;&nbsp; **5114713** |
| **Health Care 23.0%** | **Health Care 23.0%** |  |
| **Biotechnology 4.7%** | **Biotechnology 4.7%** |  |
| Amgen, Inc. | 2625 | &nbsp;&nbsp; 732926 |
| Gilead Sciences, Inc. | 27762 | &nbsp;&nbsp; 3077973 |
| Regeneron Pharmaceuticals, <br> Inc.<br>| 3301 | &nbsp;&nbsp; 1733025 |
| Vertex Pharmaceuticals, Inc.\* | 1312 | &nbsp;&nbsp; 584103 |
|  |  | &nbsp;&nbsp; **6128027** |
| **Health Care Equipment & Supplies 4.9%** | **Health Care Equipment & Supplies 4.9%** |  |
| GE HealthCare Technologies, <br> Inc.<br>| 4554 | &nbsp;&nbsp; 337315 |
| Hologic, Inc.\* | 33257 | &nbsp;&nbsp; 2167026 |
| Medtronic PLC | 29276 | &nbsp;&nbsp; 2551989 |
| Teleflex, Inc. | 7743 | &nbsp;&nbsp; 916461 |
| Zimmer Biomet Holdings, Inc. | 4777 | &nbsp;&nbsp; 435710 |
|  |  | &nbsp;&nbsp; **6408501** |
| **Health Care Providers & Services 1.1%** | **Health Care Providers & Services 1.1%** |  |
| HCA Healthcare, Inc. | 1693 | &nbsp;&nbsp; 648588 |
| Tenet Healthcare Corp.\* | 4573 | &nbsp;&nbsp; 804848 |
|  |  | &nbsp;&nbsp; **1453436** |
| **Pharmaceuticals 12.3%** | **Pharmaceuticals 12.3%** |  |
| Bristol-Myers Squibb Co. | 85780 | &nbsp;&nbsp; 3970756 |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS CROCI<sup>®</sup> U.S. VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **3**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Johnson & Johnson | 32565 | &nbsp;&nbsp; 4974304 |
| Merck & Co., Inc. | 27596 | &nbsp;&nbsp; 2184500 |
| Pfizer, Inc. | 113654 | &nbsp;&nbsp; 2754973 |
| Viatris, Inc. | 237481 | &nbsp;&nbsp; 2120705 |
|  |  | &nbsp;&nbsp; **16005238** |
| **Industrials 13.4%** | **Industrials 13.4%** |  |
| **Aerospace & Defense 1.5%** | **Aerospace & Defense 1.5%** |  |
| Lockheed Martin Corp. | 4200 | &nbsp;&nbsp; **1945188** |
| **Building Products 1.6%** | **Building Products 1.6%** |  |
| Allegion PLC | 11920 | &nbsp;&nbsp; 1717910 |
| Masco Corp. | 4988 | &nbsp;&nbsp; 321028 |
|  |  | &nbsp;&nbsp; **2038938** |
| **Machinery 6.5%** | **Machinery 6.5%** |  |
| Caterpillar, Inc. | 7602 | &nbsp;&nbsp; 2951172 |
| Cummins, Inc. | 5370 | &nbsp;&nbsp; 1758675 |
| PACCAR, Inc. | 40207 | &nbsp;&nbsp; 3822078 |
|  |  | &nbsp;&nbsp; **8531925** |
| **Passenger Airlines 0.3%** | **Passenger Airlines 0.3%** |  |
| United Airlines Holdings, Inc.\* | 4297 | &nbsp;&nbsp; **342170** |
| **Professional Services 3.0%** | **Professional Services 3.0%** |  |
| Leidos Holdings, Inc. | 10324 | &nbsp;&nbsp; 1628714 |
| SS&C Technologies Holdings, <br> Inc.<br>| 27772 | &nbsp;&nbsp; 2299522 |
|  |  | &nbsp;&nbsp; **3928236** |
| **Trading Companies & Distributors 0.5%** | **Trading Companies & Distributors 0.5%** |  |
| Ferguson Enterprises, Inc. | 2906 | &nbsp;&nbsp; **632781** |
| **Information Technology 12.0%** | **Information Technology 12.0%** |  |
| **Communications Equipment 1.3%** | **Communications Equipment 1.3%** |  |
| Cisco Systems, Inc. | 25503 | &nbsp;&nbsp; **1769398** |
| **IT Services 4.5%** | **IT Services 4.5%** |  |
| Amdocs Ltd. | 12381 | &nbsp;&nbsp; 1129642 |
| Cognizant Technology Solutions <br> Corp. "A"<br>| 60860 | &nbsp;&nbsp; 4748906 |
|  |  | &nbsp;&nbsp; **5878548** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Semiconductors & Semiconductor** <br> **Equipment 3.4%** | **Semiconductors & Semiconductor** <br> **Equipment 3.4%** |  |
| KLA Corp. | 530 | &nbsp;&nbsp; 474742 |
| Lam Research Corp. | 12257 | &nbsp;&nbsp; 1193096 |
| QUALCOMM, Inc. | 17318 | &nbsp;&nbsp; 2758065 |
|  |  | &nbsp;&nbsp; **4425903** |
| **Software 1.0%** | **Software 1.0%** |  |
| Gen Digital, Inc. | 42954 | &nbsp;&nbsp; **1262848** |
| **Technology Hardware, Storage &** <br> **Peripherals 1.8%** | **Technology Hardware, Storage &** <br> **Peripherals 1.8%** |  |
| Hewlett Packard Enterprise Co. | 114877 | &nbsp;&nbsp; **2349235** |
| **Materials 1.2%** | **Materials 1.2%** |  |
| **Containers & Packaging 0.3%** | **Containers & Packaging 0.3%** |  |
| Amcor PLC | 41526 | &nbsp;&nbsp; **381624** |
| **Metals & Mining 0.9%** | **Metals & Mining 0.9%** |  |
| Newmont Corp. | 20308 | &nbsp;&nbsp; **1183144** |
| **Total Common Stocks** (Cost $112,879,179) | **Total Common Stocks** (Cost $112,879,179) | &nbsp;&nbsp; **129598533** |
| **Cash Equivalents 0.5%** | **Cash Equivalents 0.5%** | **Cash Equivalents 0.5%** |
| DWS Central Cash <br> Management Government <br> Fund, 4.37% (a) <br> (Cost $649,920)<br>| 649920 | &nbsp;&nbsp; **649920** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **% of** <br>**Net Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** <br> (Cost $113,529,099)<br>| 100.0 | &nbsp;&nbsp; **130248453** |
| **Other Assets and** <br> **Liabilities, Net**<br>| 0.0 | &nbsp;&nbsp; **32007** |
| **Net Assets** | 100.0 | &nbsp;&nbsp; **130280460** |

---

A summary of the Fund's transactions with affiliated investments during the period ended June 30, 2025 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at** <br>**12/31/2024**<br>| **Purchases** <br>**Cost ($)**<br>| **Sales** <br>**Proceeds ($)**<br>| **Net Realized** <br>**Gain/** <br>**(Loss) ($)**<br>| **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)** <br> **($)**<br>| **Income ($)** | **Capital Gain** <br>**Distributions** <br> **($)**<br>| **Number** <br>**of Shares** <br>**at** <br>**6/30/2025**<br>| **Value ($) at** <br>**6/30/2025**<br>|
| **Cash Equivalents 0.5%** | **Cash Equivalents 0.5%** | **Cash Equivalents 0.5%** | **Cash Equivalents 0.5%** | **Cash Equivalents 0.5%** | **Cash Equivalents 0.5%** | **Cash Equivalents 0.5%** | **Cash Equivalents 0.5%** | **Cash Equivalents 0.5%** |
| DWS Central Cash Management Government Fund, 4.37% (a) | DWS Central Cash Management Government Fund, 4.37% (a) | DWS Central Cash Management Government Fund, 4.37% (a) | DWS Central Cash Management Government Fund, 4.37% (a) | DWS Central Cash Management Government Fund, 4.37% (a) | DWS Central Cash Management Government Fund, 4.37% (a) | DWS Central Cash Management Government Fund, 4.37% (a) | DWS Central Cash Management Government Fund, 4.37% (a) | DWS Central Cash Management Government Fund, 4.37% (a) |
| 890296 | 6031976 | 6272352 |  |  | 14690 |  | 649920 | 649920 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. <br> (a) Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **4** \|  | Deutsche DWS Variable Series II —<br> DWS CROCI<sup>®</sup> U.S. VIP <br>|

---

------

**Fair Value Measurements**

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks (a) | &nbsp;&nbsp; $129598533 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $129598533 |
| Short-Term Investments | &nbsp;&nbsp; 649920 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 649920 |
| **Total** | &nbsp;&nbsp; **$130248453** | &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$130248453** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) See Investment Portfolio for additional detailed categorizations.

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS CROCI<sup>®</sup> U.S. VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **5**  |

---

------

**Statement of** 

**Assets and Liabilities**

**Statement of Operations**

as of June 30, 2025 (Unaudited)

------

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in non-affiliated securities, at value <br> (cost $112,879,179)<br>| $129598533 |
| Investment in DWS Central Cash Management <br> Government Fund (cost $649,920)<br>| 649920 |
| Cash | 10000 |
| Receivable for Fund shares sold | 23071 |
| Dividends receivable | 152481 |
| Other assets | 1371 |
| Total assets | 130435376 |
| **Liabilities** |  |
| Payable for Fund shares redeemed | 37972 |
| Accrued management fee | 52971 |
| Accrued Trustees' fees | 2096 |
| Other accrued expenses and payables | 61877 |
| Total liabilities | 154916 |
| **Net assets, at value** | **$130280460** |
| **Net Assets Consist of** |  |
| Distributable earnings (loss) | 25455634 |
| Paid-in capital | 104824826 |
| **Net assets, at value** | **$130280460** |
| **Net Asset Value** |  |
| **Class A** |  |
| **Net Asset Value,** offering and redemption price <br> per share ($130,280,460 ÷ 8,122,818 <br> outstanding shares of beneficial interest, <br> no par value, unlimited number of <br> shares authorized)<br>| **$16.04** |

---

for the six months ended June 30, 2025 (Unaudited)

------

---

| | |
|:---|:---|
| **Investment Income** |  |
| Income: |  |
| Dividends (net of foreign taxes withheld of $944) | $1427700 |
| Income distributions — DWS Central Cash <br> Management Government Fund<br>| 14690 |
| Total income | 1442390 |
| Expenses: |  |
| Management fee | 391695 |
| Administration fee | 63324 |
| Services to shareholders | 434 |
| Custodian fee | 2353 |
| Professional fees | 36467 |
| Reports to shareholders | 13153 |
| Trustees' fees and expenses | 3350 |
| Other | 22287 |
| Total expenses before expense reductions | 533063 |
| Expense reductions | (66468)<br>|
| Total expenses after expense reductions | 466595 |
| **Net investment income** | **975795** |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) from investments | 8156032 |
| Change in net unrealized appreciation <br> (depreciation) on investments<br>| (9629740)<br>|
| **Net gain (loss)** | **(1473708)**<br>|
| **Net increase (decrease) in net assets resulting** <br> **from operations**<br>| **$(497913)**<br>|

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **6** \|  | Deutsche DWS Variable Series II —<br> DWS CROCI<sup>®</sup> U.S. VIP <br>|

---

------

**Statements of Changes in Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **December 31,**<br>|
| **Increase (Decrease) in Net Assets** | <br>**(Unaudited)** | **2024**<sup>\*</sup> |
| Operations: |  |  |
| Net investment income | $975795 | $1823526 |
| Net realized gain (loss) | 8156032 | 14407398 |
| Change in net unrealized appreciation <br>(depreciation)<br>| (9629740)<br>| 6444825 |
| Net increase (decrease) in net assets resulting from operations | (497913)<br>| 22675749 |
| Distributions to shareholders: |  |  |
| Class A | (13636482)<br>| (2052433)<br>|
| Class B |  | (30147)<br>|
| Total distributions | (13636482)<br>| (2082580)<br>|
| Fund share transactions: |  |  |
| **Class A** |  |  |
| Proceeds from shares sold | 1047102 | 1106437 |
| Reinvestment of distributions | 13636482 | 2052433 |
| Payments for shares redeemed | (8737983)<br>| (15998911)<br>|
| Net increase (decrease) in net assets from Class A share transactions | 5945601 | (12840041)<br>|
| **Class B** |  |  |
| Proceeds from shares sold |  | 911815 |
| Reinvestment of distributions |  | 30147 |
| Payments for shares redeemed |  | (3833035)<br>|
| Net increase (decrease) in net assets from Class B share transactions |  | (2891073)<br>|
| **Increase (decrease) in net assets** | (8188794)<br>| 4862055 |
| Net assets at beginning of period | 138469254 | 133607199 |
| **Net assets at end of period** | **$130280460** | **$138469254** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Other Information** |  |  |
| **Class A** |  |  |
| Shares outstanding at beginning of period | 7658923 | 8399063 |
| Shares sold | 63082 | 64796 |
| Shares issued to shareholders in reinvestment of distributions | 917664 | 125685 |
| Shares redeemed | (516851)<br>| (930621)<br>|
| Net increase (decrease) in Class A shares | 463895 | (740140)<br>|
| Shares outstanding at end of period | **8122818** | **7658923** |
| **Class B** |  |  |
| Shares outstanding at beginning of period |  | 168337 |
| Shares sold |  | 57200 |
| Shares issued to shareholders in reinvestment of distributions |  | 1835 |
| Shares redeemed |  | (227372)<br>|
| Net increase (decrease) in Class B shares |  | (168337)<br>|
| Shares outstanding at end of period |  |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>\*</sup> Includes Class B for the period from January 1, 2024 to June 17, 2024 (Class B liquidation date).

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS CROCI<sup>®</sup> U.S. VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **7**  |

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**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DWS CROCI**<sup>®</sup> **U.S. VIP** — **Class A** | **DWS CROCI**<sup>®</sup> **U.S. VIP** — **Class A** | **DWS CROCI**<sup>®</sup> **U.S. VIP** — **Class A** | **DWS CROCI**<sup>®</sup> **U.S. VIP** — **Class A** | **DWS CROCI**<sup>®</sup> **U.S. VIP** — **Class A** | **DWS CROCI**<sup>®</sup> **U.S. VIP** — **Class A** | **DWS CROCI**<sup>®</sup> **U.S. VIP** — **Class A** |
|  | &nbsp;&nbsp; **Six Months** <br>**Ended 6/30/25**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |
| **Net asset value, beginning of period** | &nbsp;&nbsp; **$18.08** | &nbsp;&nbsp; **$15.59** | &nbsp;&nbsp; **$13.14** | &nbsp;&nbsp; **$16.05** | &nbsp;&nbsp; **$12.92** | &nbsp;&nbsp; **$16.12** |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>a</sup> <br>| &nbsp;&nbsp; .13 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; .24 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; .24 | &nbsp;&nbsp; .28 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp; (2.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.17 | &nbsp;&nbsp; (2.47)<br>|
| **Total from investment operations** | &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.74 | &nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp; (2.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.41 | &nbsp;&nbsp; (2.19)<br>|
| Less distributions from: |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (.31)<br>|
| Net realized gains | &nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.70)<br>|
| **Total distributions** | &nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (.46)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (1.01)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; **$16.04** | &nbsp;&nbsp; **$18.08** | &nbsp;&nbsp; **$15.59** | &nbsp;&nbsp; **$13.14** | &nbsp;&nbsp; **$16.05** | &nbsp;&nbsp; **$12.92** |
| Total Return (%)<sup>b</sup> <br>| &nbsp;&nbsp; (.12 )<sup>\*</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;17.76 | &nbsp;&nbsp;&nbsp;&nbsp;20.76 | &nbsp;&nbsp; (15.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;26.69 | &nbsp;&nbsp; (12.16)<br>|
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 138 | &nbsp;&nbsp; 131 | &nbsp;&nbsp; 116 | &nbsp;&nbsp; 149 | &nbsp;&nbsp; 130 |
| Ratio of expenses before expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp; .80 <br><sup>\*\*</sup><br>| &nbsp;&nbsp; .78 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .84 |
| Ratio of expenses after expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp; .70 <br><sup>\*\*</sup><br>| &nbsp;&nbsp; .68 | &nbsp;&nbsp; .68 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; .69 |
| Ratio of net investment income (%) | &nbsp;&nbsp;&nbsp;&nbsp; 1.51 <br><sup>\*\*</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;2.28 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 47 <br><sup>\*</sup><br>| &nbsp;&nbsp; 60 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 99 | &nbsp;&nbsp; 122 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| <sup>a</sup> | Based on average shares outstanding during the period. |
| <sup>b</sup> | Total return would have been lower had certain expenses not been reduced. |
| <sup>c</sup> | &nbsp;&nbsp; Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life <br> insurance policy or variable annuity contract for which the Fund is an investment option.<br>|
| <sup>\*</sup> | Not annualized |
| <sup>\*\*</sup> | Annualized |

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The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **8** \|  | Deutsche DWS Variable Series II —<br> DWS CROCI<sup>®</sup> U.S. VIP <br>|

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------

**Notes to Financial Statements (Unaudited)**

**A.** **Organization and Significant Accounting Policies**

DWS CROCI<sup>®</sup> U.S. VIP (the "Fund") is a diversified series of Deutsche DWS Variable Series II (the "Trust"), which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company organized as a Massachusetts business trust. The Fund is an underlying investment vehicle for variable annuity contracts and variable life insurance policies to be offered by the separate accounts of certain life insurance companies ("Participating Insurance Companies").

The Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") which require the use of management estimates. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements.

**Operating Segment.** The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 impacts financial statement disclosures only and does not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President and Chief Executive Officer, acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net asset (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and results of operations and significant segment expenses are listed on the accompanying Statement of Operations.

**Security Valuation.** Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading.

The Fund's Board has designated DWS Investment Management Americas, Inc. (the "Advisor") as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. The Advisor's Pricing Committee (the "Pricing Committee") typically values securities using readily available market quotations or prices supplied by independent pricing services (which are considered fair values under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

Equity securities are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities are generally categorized as Level 1.

Investments in open-end investment companies are valued at their net asset value each business day and are categorized as Level 1.

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Pricing Committee and are

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS CROCI<sup>®</sup> U.S. VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **9**  |

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generally categorized as Level 3. In accordance with the Fund's valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security's disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company's or issuer's financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

Disclosure about the classification of fair value measurements is included in a table following the Fund's Investment Portfolio.

**Foreign Currency Translations.** The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

**Securities Lending.** National Financial Services LLC (Fidelity Agency Lending), as securities lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the securities lending agent will use its best efforts to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the six months ended June 30, 2025, the Fund invested the cash collateral, if any, into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.13% annualized effective rate as of June 30, 2025) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a securities lending agent. Either the Fund or the borrower may terminate the loan at any time, and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

During the six months ended June 30, 2025, the Fund had no securities on loan.

**Tax Information.** The Fund is treated as a separate taxpayer as provided for in the Internal Revenue Code of 1986, as amended (the "Code"). It is the Fund's policy to comply with the requirements of the Code, which are applicable to regulated investment companies, and to distribute all of its taxable income to the separate accounts of the Participating Insurance Companies which hold its shares.

At June 30, 2025, the aggregate cost of investments for federal income tax purposes was $113,834,632. The net unrealized appreciation for all investments based on tax cost was $16,413,821. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **10** \|  | Deutsche DWS Variable Series II —<br> DWS CROCI<sup>®</sup> U.S. VIP <br>|

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------

cost of $21,195,326 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $4,781,505.

The Fund files tax returns with the Internal Revenue Service, the State of New York, and various other states. Each of the tax years in the four-year period ended December 31, 2024, remains subject to examination by taxing authorities.

**Distribution of Income and Gains.** Distributions from net investment income of the Fund, if any, are declared and distributed to shareholders annually. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes if necessary.

The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to certain securities sold at a loss. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.

The tax character of current year distributions will be determined at the end of the current fiscal year.

**Expenses.** Expenses of the Trust arising in connection with a specific fund are allocated to that fund. Other Trust expenses which cannot be directly attributed to a fund are apportioned among the funds in the Trust based upon the relative net assets or other appropriate measures.

**Contingencies.** In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.

**Other.** Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date net of foreign withholding taxes. Realized gains and losses from investment transactions are recorded on an identified cost basis. Proceeds from litigation payments, if any, are included in net realized gain (loss) from investments.

**B.** **Purchases and Sales of Securities**

During the six months ended June 30, 2025, purchases and sales of investment securities (excluding short-term investments) aggregated $61,854,516 and $68,282,434, respectively.

**C.** **Related Parties**

**Management Agreement.** Under the Investment Management Agreement with DWS Investment Management Americas, Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA ("DWS Group"), the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund.

Under the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the average daily net assets of the Fund, computed and accrued daily and payable monthly, at the following annual rates:

---

| | |
|:---|:---|
| First $250 million of the Fund's average daily net assets | &nbsp;&nbsp; .600% |
| Next $750 million of such net assets | &nbsp;&nbsp; .575% |
| Next $1.5 billion of such net assets | &nbsp;&nbsp; .550% |
| Next $2.5 billion of such net assets | &nbsp;&nbsp; .525% |
| Next $2.5 billion of such net assets | &nbsp;&nbsp; .500% |
| Next $2.5 billion of such net assets | &nbsp;&nbsp; .475% |
| Next $2.5 billion of such net assets | &nbsp;&nbsp; .450% |
| Over $12.5 billion of such net assets | &nbsp;&nbsp; .425% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS CROCI<sup>®</sup> U.S. VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **11**  |

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Accordingly, for the six months ended June 30, 2025, the fee pursuant to the Investment Management Agreement was equivalent to an annualized rate (exclusive of any applicable waivers/reimbursements) of 0.60% of the Fund's average daily net assets.

For the period January 1, 2025 through April 30, 2025, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) of Class A at 0.68%.

Effective May 1, 2025 through April 30, 2026, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) of Class A at 0.70%.

For the six months ended June 30, 2025, fees waived and/or expenses reimbursed for Class A are $66,468.

**Administration Fee.** Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.097% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the six months ended June 30, 2025, the Administration Fee was $63,324, of which $10,177 is unpaid.

**Service Provider Fees.** DWS Service Company ("DSC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and SS&C GIDS, Inc. ("SS&C"), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to SS&C. DSC compensates SS&C out of the shareholder servicing fee it receives from the Fund. For the six months ended June 30, 2025, the amounts charged to the Fund by DSC aggregated $272, of which $89 is unpaid.

**Other Service Fees.** Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the six months ended June 30, 2025, the amount charged to the Fund by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $388, of which $236 is unpaid.

**Trustees' Fees and Expenses.** The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.

**Affiliated Cash Management Vehicles.** The Fund may invest uninvested cash balances in DWS Central Cash Management Government Fund, an affiliated money market fund which is managed by the Advisor. DWS Central Cash Management Government Fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest and seeks to maintain a stable net asset value. The Fund indirectly bears its proportionate share of the expenses of its investment in DWS Central Cash Management Government Fund. DWS Central Cash Management Government Fund does not pay the Advisor an investment management fee.

**D.** **Ownership of the Fund**

At June 30, 2025, one Participating Insurance Company was owner of record of 10% or more of the total outstanding Class A shares of the Fund, owning 95%.

**E.** **Line of Credit**

The Fund and other affiliated funds (the "Participants") share in a $345 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a daily fluctuating rate per annum equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **12** \|  | Deutsche DWS Variable Series II —<br> DWS CROCI<sup>®</sup> U.S. VIP <br>|

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**Advisory Agreement Board Considerations and Fee Evaluation**

The Board of Trustees (hereinafter referred to as the "Board" or "Trustees") approved the renewal of DWS CROCI<sup>®</sup> U.S. VIP's (the "Fund") investment management agreement (the "Agreement") with DWS Investment Management Americas, Inc. ("DIMA") in September 2024.

In terms of the process that the Board followed prior to approving the Agreement, shareholders should know that:

—

During the entire process, all of the Fund's Trustees were independent of DIMA and its affiliates (the "Independent Trustees").

—

The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel, including materials containing information on the Fund's performance, fees and expenses, profitability, economies of scale and fall-out benefits.

—

The Board also received extensive information throughout the year regarding performance of the Fund.

—

The Independent Trustees regularly met privately with counsel to discuss contract review and other matters.

—

In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund's distribution agreement, administrative services agreement, transfer agency agreement, and certain other material service agreements.

In connection with the contract review process, the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund. DIMA is part of DWS Group GmbH & Co. KGaA ("DWS Group"). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. DWS Group is majority-owned by Deutsche Bank AG, with approximately 20% of its shares publicly traded.

As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund's performance. In many cases, this led to the negotiation and implementation of expense caps.

While shareholders may focus primarily on fund performance and fees, the Fund's Board considers these and many other factors, including the quality and integrity of DIMA's personnel and administrative support services provided by DIMA, such as back-office operations, fund valuations, and compliance policies and procedures.

**Nature, Quality and Extent of Services.** The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA's approach to addressing such risks. The Board reviewed the Fund's performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied by Morningstar Direct ("Morningstar"), an independent fund data service. The Board also noted that it has put into place a process of identifying "Funds in Review" (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA's plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for the one-, three- and five-year periods ended December 31, 2023, the Fund's performance (Class A shares) was in the 1st quartile, 3rd quartile and 4th quartile, respectively, of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has outperformed its benchmark in the one- and three-year periods and has underperformed its benchmark in the five-year period ended December 31, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS CROCI<sup>®</sup> U.S. VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **13**  |

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**Fees and Expenses.** The Board considered the Fund's investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. ("Broadridge") regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.097% fee paid to DIMA under the Fund's administrative services agreement, were lower than the median (2nd quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2023). The Board noted that the Fund's Class A shares total (net) operating expenses were expected to be higher than the median (3rd quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2023, and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees). The Board noted that the expense limitation agreed to by DIMA was expected to help the Fund's total (net) operating expenses remain competitive. The Board considered the Fund's management fee rate as compared to fees charged by DIMA to comparable DWS U.S. registered funds ("DWS Funds") and considered differences between the Fund and the comparable DWS Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors ("DWS Europe Funds") managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA.

**Profitability.** The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs to DIMA, and pre-tax profits realized by DIMA, from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board reviewed DIMA's methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that, while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates' overall profitability with respect to the DWS Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of most comparable firms for which such data was available.

**Economies of Scale.** The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. The Board noted that the Fund's investment management fee schedule includes fee breakpoints. The Board concluded that the Fund's fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

**Other Benefits to DIMA and Its Affiliates.** The Board also considered the character and amount of other incidental or "fall-out" benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund and any fees received by an affiliate of DIMA for transfer agency services provided to the Fund. The Board noted that DIMA pays a licensing fee to an affiliate related to the Fund's use of the CROCI<sup>®</sup> strategy. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities. In addition, the Board considered the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Fund's management fees were reasonable.

**Compliance.** The Board considered the significant attention and resources dedicated by DIMA to its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA's and the Fund's chief compliance officers; (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel; and (iii) ongoing efforts to enhance the compliance program.

Based on all of the information considered and the conclusions reached, the Board determined that the continuation of the Agreement is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above and individual Independent Trustees may

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **14** \|  | Deutsche DWS Variable Series II —<br> DWS CROCI<sup>®</sup> U.S. VIP <br>|

---

------

have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement. The Board considered these factors over the course of numerous meetings, certain of which

were in executive session with only the Independent Trustees and counsel present.

VS2CUS-BFE2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS CROCI<sup>®</sup> U.S. VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **15**  |

---

------

![](img3ead044f1.jpg)

VS2CUS-NCSRS

------

June 30, 2025

**Semiannual Financial Statements and Other Information**

Deutsche DWS Variable Series II

**DWS Global Income Builder VIP**

![](imgd6220f501.jpg)

------

**Contents** 

---

| | |
|:---|:---|
| **3** | [Investment Portfolio](#xx_8bde5b48-e21d-49d2-bdd9-e3215d1b9b29_SOI-CC-Financial-RunningFooter-357_1) |
| **15** | [Statement of Assets and Liabilities](#xx_8bde5b48-e21d-49d2-bdd9-e3215d1b9b29_FS-CC-Financial-RunningFooter-357_1) |
| **16** | [Statement of Operations](#xx_8bde5b48-e21d-49d2-bdd9-e3215d1b9b29_FS-CC-Financial-RunningFooter-357_2) |
| **17** | [Statements of Changes in Net Assets](#xx_8bde5b48-e21d-49d2-bdd9-e3215d1b9b29_FS-CC-Financial-RunningFooter-357_3) |
| **18** | [Financial Highlights](#xx_8bde5b48-e21d-49d2-bdd9-e3215d1b9b29_FIHI-CC-Financial-RunningFooter-357_1) |
| **19** | [Notes to Financial Statements](#xx_8bde5b48-e21d-49d2-bdd9-e3215d1b9b29_NTF-CC-Financial-RunningFooter-357_1) |
| **27** | [Advisory Agreement Board Considerations and Fee Evaluation](#xx_8bde5b48-e21d-49d2-bdd9-e3215d1b9b29_AABCF-CC-Financial-RunningFooter-357_1) |

---

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

DWS Distributors, Inc., 222 South Riverside Plaza, Chicago, IL 60606, (800) 621-1148

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **2** \|  | Deutsche DWS Variable Series II —<br> DWS Global Income Builder VIP <br>|

---

------

**Investment Portfolioas of June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Common Stocks 31.0%** | **Common Stocks 31.0%** |  |
| **Communication Services 2.6%** | **Communication Services 2.6%** |  |
| **Diversified Telecommunication Services 0.0%** | **Diversified Telecommunication Services 0.0%** |  |
| Singapore <br> Telecommunications Ltd.<br>| 6500 | &nbsp;&nbsp; **19535** |
| **Entertainment 0.3%** | **Entertainment 0.3%** |  |
| Netflix, Inc.\* | 245 | &nbsp;&nbsp; **328087** |
| **Interactive Media & Services 1.7%** | **Interactive Media & Services 1.7%** |  |
| Alphabet, Inc. "A" | 3013 | &nbsp;&nbsp; 530981 |
| Alphabet, Inc. "C" | 2490 | &nbsp;&nbsp; 441701 |
| Tencent Holdings Ltd. (ADR) | 14410 | &nbsp;&nbsp; 929445 |
|  |  | &nbsp;&nbsp; **1902127** |
| **Media 0.6%** | **Media 0.6%** |  |
| Charter Communications, <br> Inc. "A"\*<br>| 1647 | &nbsp;&nbsp; **673310** |
| **Consumer Discretionary 3.2%** | **Consumer Discretionary 3.2%** |  |
| **Automobile Components 0.5%** | **Automobile Components 0.5%** |  |
| Denso Corp. | 45000 | &nbsp;&nbsp; **606812** |
| **Automobiles 0.8%** | **Automobiles 0.8%** |  |
| BYD Co., Ltd. (ADR) | 900 | &nbsp;&nbsp; 84420 |
| Ferrari NV | 443 | &nbsp;&nbsp; 217134 |
| Suzuki Motor Corp. | 49900 | &nbsp;&nbsp; 603127 |
|  |  | &nbsp;&nbsp; **904681** |
| **Broadline Retail 0.2%** | **Broadline Retail 0.2%** |  |
| MercadoLibre, Inc.\* | 38 | &nbsp;&nbsp; 99318 |
| Next PLC | 664 | &nbsp;&nbsp; 113410 |
|  |  | &nbsp;&nbsp; **212728** |
| **Hotels, Restaurants & Leisure 0.1%** | **Hotels, Restaurants & Leisure 0.1%** |  |
| Restaurant Brands <br> International, Inc.<br>| 1000 | &nbsp;&nbsp; **66334** |
| **Leisure Products 0.4%** | **Leisure Products 0.4%** |  |
| Bandai Namco Holdings, Inc. | 12300 | &nbsp;&nbsp; **440529** |
| **Specialty Retail 1.1%** | **Specialty Retail 1.1%** |  |
| Ulta Beauty, Inc.\* | 2611 | &nbsp;&nbsp; **1221478** |
| **Textiles, Apparel & Luxury Goods 0.1%** | **Textiles, Apparel & Luxury Goods 0.1%** |  |
| Hermes International SCA | 15 | &nbsp;&nbsp; 40592 |
| Lululemon Athletica, Inc.\* | 211 | &nbsp;&nbsp; 50129 |
|  |  | &nbsp;&nbsp; **90721** |
| **Consumer Staples 1.7%** | **Consumer Staples 1.7%** |  |
| **Beverages 0.3%** | **Beverages 0.3%** |  |
| Anheuser-Busch InBev SA | 695 | &nbsp;&nbsp; 47805 |
| Fomento Economico <br> Mexicano SAB de CV <br> (ADR)<br>| 700 | &nbsp;&nbsp; 72086 |
| Heineken NV | 2117 | &nbsp;&nbsp; 184324 |
|  |  | &nbsp;&nbsp; **304215** |
| **Consumer Staples Distribution & Retail 0.8%** | **Consumer Staples Distribution & Retail 0.8%** |  |
| Costco Wholesale Corp. | 957 | &nbsp;&nbsp; **947373** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Food Products 0.3%** | **Food Products 0.3%** |  |
| Ajinomoto Co., Inc. | 1600 | &nbsp;&nbsp; 43482 |
| Kerry Group PLC "A" | 235 | &nbsp;&nbsp; 25960 |
| Nestle SA (Registered) | 206 | &nbsp;&nbsp; 20489 |
| Tyson Foods, Inc. "A" | 3600 | &nbsp;&nbsp; 201384 |
|  |  | &nbsp;&nbsp; **291315** |
| **Household Products 0.3%** | **Household Products 0.3%** |  |
| Clorox Co. | 3116 | &nbsp;&nbsp; **374138** |
| **Personal Care Products 0.0%** | **Personal Care Products 0.0%** |  |
| Unilever PLC | 773 | &nbsp;&nbsp; **47106** |
| **Energy 1.1%** | **Energy 1.1%** |  |
| **Oil, Gas & Consumable Fuels 1.1%** | **Oil, Gas & Consumable Fuels 1.1%** |  |
| Expand Energy Corp. | 10200 | &nbsp;&nbsp; **1192788** |
| **Financials 5.5%** | **Financials 5.5%** |  |
| **Banks 1.6%** | **Banks 1.6%** |  |
| Bank Hapoalim BM | 4410 | &nbsp;&nbsp; 84693 |
| Bank of Montreal | 200 | &nbsp;&nbsp; 22164 |
| Canadian Imperial Bank of <br> Commerce<br>| 7865 | &nbsp;&nbsp; 558275 |
| DBS Group Holdings Ltd. | 3400 | &nbsp;&nbsp; 120189 |
| DNB Bank ASA | 1727 | &nbsp;&nbsp; 47825 |
| Erste Group Bank AG | 208 | &nbsp;&nbsp; 17721 |
| HSBC Holdings PLC | 14217 | &nbsp;&nbsp; 172065 |
| ICICI Bank Ltd. (ADR) | 8857 | &nbsp;&nbsp; 297949 |
| Itau Unibanco Holding SA <br> (ADR) (Preferred)<br>| 22700 | &nbsp;&nbsp; 154133 |
| KBC Group NV | 255 | &nbsp;&nbsp; 26331 |
| Shinhan Financial Group Co., <br> Ltd. (ADR)<br>| 6100 | &nbsp;&nbsp; 275598 |
|  |  | &nbsp;&nbsp; **1776943** |
| **Capital Markets 0.5%** | **Capital Markets 0.5%** |  |
| 3i Group PLC | 7701 | &nbsp;&nbsp; 436061 |
| Hong Kong Exchanges & <br> Clearing Ltd.<br>| 3000 | &nbsp;&nbsp; 161022 |
|  |  | &nbsp;&nbsp; **597083** |
| **Consumer Finance 1.0%** | **Consumer Finance 1.0%** |  |
| American Express Co. | 879 | &nbsp;&nbsp; 280384 |
| Capital One Financial Corp. | 987 | &nbsp;&nbsp; 209994 |
| Synchrony Financial | 9068 | &nbsp;&nbsp; 605198 |
|  |  | &nbsp;&nbsp; **1095576** |
| **Financial Services 0.1%** | **Financial Services 0.1%** |  |
| PayPal Holdings, Inc.\* | 900 | &nbsp;&nbsp; **66888** |
| **Insurance 2.3%** | **Insurance 2.3%** |  |
| Hannover Rueck SE | 364 | &nbsp;&nbsp; 114866 |
| Manulife Financial Corp. | 5500 | &nbsp;&nbsp; 175855 |
| Progressive Corp. | 6485 | &nbsp;&nbsp; 1730587 |
| QBE Insurance Group Ltd. | 32820 | &nbsp;&nbsp; 505916 |
| Swiss Re AG | 559 | &nbsp;&nbsp; 96756 |
|  |  | &nbsp;&nbsp; **2623980** |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Global Income Builder VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **3**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Health Care 2.7%** | **Health Care 2.7%** |  |
| **Health Care Equipment & Supplies 0.3%** | **Health Care Equipment & Supplies 0.3%** |  |
| Dexcom, Inc.\* | 1424 | &nbsp;&nbsp; 124301 |
| IDEXX Laboratories, Inc.\* | 500 | &nbsp;&nbsp; 268170 |
|  |  | &nbsp;&nbsp; **392471** |
| **Pharmaceuticals 2.4%** | **Pharmaceuticals 2.4%** |  |
| Daiichi Sankyo Co., Ltd. | 10700 | &nbsp;&nbsp; 249356 |
| Eli Lilly & Co. | 323 | &nbsp;&nbsp; 251788 |
| GSK PLC | 18649 | &nbsp;&nbsp; 354767 |
| Novartis AG (Registered) | 5405 | &nbsp;&nbsp; 656674 |
| Novo Nordisk A/S "B" | 2600 | &nbsp;&nbsp; 179648 |
| Pfizer, Inc. | 40546 | &nbsp;&nbsp; 982835 |
|  |  | &nbsp;&nbsp; **2675068** |
| **Industrials 3.4%** | **Industrials 3.4%** |  |
| **Aerospace & Defense 1.1%** | **Aerospace & Defense 1.1%** |  |
| Airbus SE | 1390 | &nbsp;&nbsp; 290657 |
| Lockheed Martin Corp. | 800 | &nbsp;&nbsp; 370512 |
| Rheinmetall AG | 289 | &nbsp;&nbsp; 613996 |
|  |  | &nbsp;&nbsp; **1275165** |
| **Building Products 0.8%** | **Building Products 0.8%** |  |
| Assa Abloy AB "B" | 6836 | &nbsp;&nbsp; 213364 |
| Trane Technologies PLC | 1579 | &nbsp;&nbsp; 690670 |
|  |  | &nbsp;&nbsp; **904034** |
| **Construction & Engineering 0.2%** | **Construction & Engineering 0.2%** |  |
| Ferrovial SE | 4802 | &nbsp;&nbsp; **256384** |
| **Electrical Equipment 0.5%** | **Electrical Equipment 0.5%** |  |
| Schneider Electric SE | 2204 | &nbsp;&nbsp; **589300** |
| **Ground Transportation 0.2%** | **Ground Transportation 0.2%** |  |
| Canadian National <br> Railway Co.<br>| 1600 | &nbsp;&nbsp; **166715** |
| **Machinery 0.5%** | **Machinery 0.5%** |  |
| Atlas Copco AB "B" | 2841 | &nbsp;&nbsp; 40453 |
| Dover Corp. | 2100 | &nbsp;&nbsp; 384783 |
| Kone Oyj "B" | 1283 | &nbsp;&nbsp; 84480 |
| Sandvik AB | 871 | &nbsp;&nbsp; 19970 |
|  |  | &nbsp;&nbsp; **529686** |
| **Professional Services 0.1%** | **Professional Services 0.1%** |  |
| Recruit Holdings Co., Ltd. | 800 | &nbsp;&nbsp; **47128** |
| **Information Technology 8.2%** | **Information Technology 8.2%** |  |
| **Communications Equipment 0.5%** | **Communications Equipment 0.5%** |  |
| Arista Networks, Inc.\* | 5240 | &nbsp;&nbsp; **536104** |
| **Electronic Equipment, Instruments &** <br> **Components 1.3%** | **Electronic Equipment, Instruments &** <br> **Components 1.3%** |  |
| Amphenol Corp. "A" | 14542 | &nbsp;&nbsp; **1436023** |
| **IT Services 0.3%** | **IT Services 0.3%** |  |
| Cognizant Technology <br> Solutions Corp. "A"<br>| 1000 | &nbsp;&nbsp; 78030 |
| Infosys Ltd. (ADR) | 18470 | &nbsp;&nbsp; 342249 |
|  |  | &nbsp;&nbsp; **420279** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Semiconductors & Semiconductor** <br> **Equipment 3.9%** | **Semiconductors & Semiconductor** <br> **Equipment 3.9%** |  |
| ASML Holding NV | 39 | &nbsp;&nbsp; 31252 |
| Broadcom, Inc. | 5184 | &nbsp;&nbsp; 1428970 |
| Lam Research Corp. | 900 | &nbsp;&nbsp; 87606 |
| NVIDIA Corp. | 7176 | &nbsp;&nbsp; 1133736 |
| QUALCOMM, Inc. | 5462 | &nbsp;&nbsp; 869878 |
| Tokyo Electron Ltd. | 4300 | &nbsp;&nbsp; 821132 |
|  |  | &nbsp;&nbsp; **4372574** |
| **Software 2.1%** | **Software 2.1%** |  |
| Adobe, Inc.\* | 1090 | &nbsp;&nbsp; 421699 |
| Autodesk, Inc.\* | 2192 | &nbsp;&nbsp; 678577 |
| Microsoft Corp. | 2558 | &nbsp;&nbsp; 1272375 |
|  |  | &nbsp;&nbsp; **2372651** |
| **Technology Hardware, Storage &** <br> **Peripherals 0.1%** | **Technology Hardware, Storage &** <br> **Peripherals 0.1%** |  |
| Samsung Electronics Co., <br> Ltd. (GDR) REG S<br>| 79 | &nbsp;&nbsp; **86979** |
| **Materials 1.2%** | **Materials 1.2%** |  |
| **Chemicals 0.1%** | **Chemicals 0.1%** |  |
| DSM-Firmenich AG | 1186 | &nbsp;&nbsp; **126228** |
| **Metals & Mining 1.1%** | **Metals & Mining 1.1%** |  |
| Gold Fields Ltd. (ADR) | 4838 | &nbsp;&nbsp; 114515 |
| Nucor Corp. | 8700 | &nbsp;&nbsp; 1126998 |
|  |  | &nbsp;&nbsp; **1241513** |
| **Real Estate 0.6%** | **Real Estate 0.6%** |  |
| **Industrial REITs 0.0%** | **Industrial REITs 0.0%** |  |
| Goodman Group | 1262 | &nbsp;&nbsp; **28489** |
| **Real Estate Management &** <br> **Development 0.1%** | **Real Estate Management &** <br> **Development 0.1%** |  |
| Daiwa House Industry <br> Co., Ltd.<br>| 3500 | &nbsp;&nbsp; **120180** |
| **Specialized REITs 0.5%** | **Specialized REITs 0.5%** |  |
| Equinix, Inc. | 500 | &nbsp;&nbsp; 397735 |
| Public Storage | 300 | &nbsp;&nbsp; 88026 |
|  |  | &nbsp;&nbsp; **485761** |
| **Utilities 0.8%** | **Utilities 0.8%** |  |
| **Electric Utilities 0.7%** | **Electric Utilities 0.7%** |  |
| Edison International | 1900 | &nbsp;&nbsp; 98040 |
| Enel SpA | 3139 | &nbsp;&nbsp; 29842 |
| NRG Energy, Inc. | 4429 | &nbsp;&nbsp; 711209 |
|  |  | &nbsp;&nbsp; **839091** |
| **Multi-Utilities 0.1%** | **Multi-Utilities 0.1%** |  |
| E.ON SE | 3275 | &nbsp;&nbsp; **60409** |
| **Total Common Stocks** (Cost $30,505,584) | **Total Common Stocks** (Cost $30,505,584) | &nbsp;&nbsp; **34745979** |
| **Preferred Stocks 2.0%** | **Preferred Stocks 2.0%** |  |
| **Financials 1.3%** | **Financials 1.3%** |  |
| AGNC Investment Corp., <br> Series C (REIT), 9.629%<br>| 14427 | &nbsp;&nbsp; 367455 |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **4** \|  | Deutsche DWS Variable Series II —<br> DWS Global Income Builder VIP <br>|

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Fifth Third Bancorp., Series I, <br> 8.296%<br>| 10000 | &nbsp;&nbsp; 251100 |
| KeyCorp., Series E, 6.125% | 10000 | &nbsp;&nbsp; 244000 |
| Morgan Stanley, Series K, <br> 5.85%<br>| 10000 | &nbsp;&nbsp; 234000 |
| Wells Fargo & Co., Series A, <br> 5.625%<br>| 15000 | &nbsp;&nbsp; 347850 |
|  |  | &nbsp;&nbsp; **1444405** |
| **Real Estate 0.7%** | **Real Estate 0.7%** |  |
| Kimco Realty Corp., Series L <br> (REIT), 5.125%<br>| 15000 | &nbsp;&nbsp; 294750 |
| Prologis, Inc., Series Q <br> (REIT), 8.54%<br>| 164 | &nbsp;&nbsp; 9110 |
| Simon Property Group, Inc., <br> Series A (REIT), 8.375%<br>| 8000 | &nbsp;&nbsp; 446080 |
|  |  | &nbsp;&nbsp; **749940** |
| **Total Preferred Stocks** (Cost $2,574,794) | **Total Preferred Stocks** (Cost $2,574,794) | &nbsp;&nbsp; **2194345** |
| **Rights 0.0%** | **Rights 0.0%** |  |
| **Health Care** | **Health Care** |  |
| Contra Abiomed, Inc.,\* (a) <br> (Cost $204)<br>| 200 | &nbsp;&nbsp; **204** |
| **Warrants 0.0%** | **Warrants 0.0%** |  |
| **Materials** | **Materials** |  |
| Hercules Trust II, Expiration <br> Date 3/31/2029\* (a) <br> (Cost $30,283)<br>| 170 | &nbsp;&nbsp; **570** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal** <br>**Amount ($) (b)** | **Value ($)** |
| **Corporate Bonds 25.1%** | **Corporate Bonds 25.1%** |  |
| **Communication Services 1.1%** | **Communication Services 1.1%** |  |
| AT&T, Inc., <br> 3.55%, 9/15/2055<br>| 110000 | &nbsp;&nbsp; 74222 |
| CCO Holdings LLC, 144A, <br> 5.125%, 5/1/2027<br>| 180000 | &nbsp;&nbsp; 179421 |
| Charter Communications <br> Operating LLC, <br> 6.1%, 6/1/2029<br>| 140000 | &nbsp;&nbsp; 146572 |
| Comcast Corp., <br> 5.5%, 5/15/2064<br>| 75000 | &nbsp;&nbsp; 69847 |
| Paramount Global: |  |  |
| 4.2%, 6/1/2029 | 225000 | &nbsp;&nbsp; 218892 |
| 4.6%, 1/15/2045 | 60000 | &nbsp;&nbsp; 44384 |
| 4.95%, 1/15/2031 | 150000 | &nbsp;&nbsp; 145849 |
| T-Mobile U.S.A., Inc.: |  |  |
| 4.375%, 4/15/2040 | 60000 | &nbsp;&nbsp; 53165 |
| 6.0%, 6/15/2054 | 80000 | &nbsp;&nbsp; 81437 |
| Videotron Ltd., 144A, <br> 5.7%, 1/15/2035<br>| 115000 | &nbsp;&nbsp; 115630 |
| Warnermedia Holdings, Inc.: |  |  |
| 4.279%, 3/15/2032 | 175000 | &nbsp;&nbsp; 130156 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($) (b)** | **Value ($)** |
| 5.141%, 3/15/2052 | 14000 | &nbsp;&nbsp; 8645 |
|  |  | &nbsp;&nbsp; **1268220** |
| **Consumer Discretionary 1.3%** | **Consumer Discretionary 1.3%** |  |
| Ford Motor Credit Co. LLC: |  |  |
| 4.125%, 8/17/2027 | 200000 | &nbsp;&nbsp; 195500 |
| 6.5%, 2/7/2035 | 200000 | &nbsp;&nbsp; 199723 |
| General Motors Co.: |  |  |
| 5.625%, 4/15/2030 | 262000 | &nbsp;&nbsp; 267791 |
| 6.25%, 4/15/2035 | 100000 | &nbsp;&nbsp; 102884 |
| Las Vegas Sands Corp., <br> 5.625%, 6/15/2028<br>| 129000 | &nbsp;&nbsp; 131584 |
| Lowe's Companies, Inc., <br> 5.625%, 4/15/2053<br>| 50000 | &nbsp;&nbsp; 48087 |
| Marriott International, Inc., <br> 5.5%, 4/15/2037<br>| 210000 | &nbsp;&nbsp; 210035 |
| Mattel, Inc., 144A, <br> 5.875%, 12/15/2027<br>| 300000 | &nbsp;&nbsp; 300727 |
|  |  | &nbsp;&nbsp; **1456331** |
| **Consumer Staples 0.5%** | **Consumer Staples 0.5%** |  |
| JBS USA Holding Lux SARL, <br> 6.75%, 3/15/2034<br>| 200000 | &nbsp;&nbsp; 218333 |
| Mars, Inc.: |  |  |
| 144A, 5.2%, 3/1/2035 | 199000 | &nbsp;&nbsp; 201384 |
| 144A, 5.7%, 5/1/2055 | 117000 | &nbsp;&nbsp; 116714 |
|  |  | &nbsp;&nbsp; **536431** |
| **Energy 4.8%** | **Energy 4.8%** |  |
| BP Capital Markets PLC, <br> 6.125%, Perpetual<br>| 450000 | &nbsp;&nbsp; 449259 |
| Buckeye Partners LP, 144A, <br> 6.75%, 2/1/2030<br>| 450000 | &nbsp;&nbsp; 467117 |
| Cheniere Energy, Inc., <br> 4.625%, 10/15/2028<br>| 320000 | &nbsp;&nbsp; 319558 |
| Columbia Pipelines Holding <br> Co. LLC, 144A, <br> 5.681%, 1/15/2034<br>| 100000 | &nbsp;&nbsp; 101229 |
| DT Midstream, Inc.: |  |  |
| 144A, 4.125%, 6/15/2029 | 400000 | &nbsp;&nbsp; 386330 |
| 144A, 5.8%, 12/15/2034 | 86000 | &nbsp;&nbsp; 87583 |
| Ecopetrol SA, <br> 7.75%, 2/1/2032<br>| 300000 | &nbsp;&nbsp; 294826 |
| Energy Transfer LP: |  |  |
| 7.125%, 10/1/2054 (c) | 150000 | &nbsp;&nbsp; 153820 |
| 144A, 7.375%, 2/1/2031 | 85000 | &nbsp;&nbsp; 89067 |
| 8.0%, 5/15/2054 | 350000 | &nbsp;&nbsp; 372359 |
| EQT Corp., 5.75%, 2/1/2034 | 225000 | &nbsp;&nbsp; 232643 |
| Expand Energy Corp., <br> 5.375%, 2/1/2029<br>| 205000 | &nbsp;&nbsp; 205191 |
| HF Sinclair Corp., <br> 5.75%, 1/15/2031<br>| 156000 | &nbsp;&nbsp; 159756 |
| Kinetik Holdings LP, 144A, <br> 6.625%, 12/15/2028<br>| 179000 | &nbsp;&nbsp; 183079 |
| NuStar Logistics LP, <br> 6.375%, 10/1/2030<br>| 565000 | &nbsp;&nbsp; 585487 |
| Occidental Petroleum Corp., <br> 8.875%, 7/15/2030<br>| 300000 | &nbsp;&nbsp; 342807 |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Global Income Builder VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **5**  |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($) (b)** | **Value ($)** |
| ONEOK, Inc., 144A, <br> 6.5%, 9/1/2030<br>| 280000 | &nbsp;&nbsp; 299138 |
| Saudi Arabian Oil Co.: |  |  |
| 144A, 5.75%, 7/17/2054 | 215000 | &nbsp;&nbsp; 201004 |
| 144A, 6.375%, 6/2/2055 | 210000 | &nbsp;&nbsp; 209921 |
| Targa Resources Partners LP, <br> 5.0%, 1/15/2028<br>| 200000 | &nbsp;&nbsp; 200141 |
| Western Midstream <br> Operating LP, <br> 5.45%, 11/15/2034<br>| 92000 | &nbsp;&nbsp; 90197 |
|  |  | &nbsp;&nbsp; **5430512** |
| **Financials 9.4%** | **Financials 9.4%** |  |
| AerCap Ireland Capital DAC, <br> 6.95%, 3/10/2055<br>| 200000 | &nbsp;&nbsp; 207838 |
| Aircastle Ltd.: |  |  |
| Series A, 144A, 5.25%, <br> Perpetual<br>| 130000 | &nbsp;&nbsp; 128674 |
| 144A, 5.75%, 10/1/2031 | 150000 | &nbsp;&nbsp; 154123 |
| 144A, 6.5%, 7/18/2028 | 90000 | &nbsp;&nbsp; 93962 |
| Avolon Holdings Funding <br> Ltd., 144A, <br> 5.375%, 5/30/2030<br>| 100000 | &nbsp;&nbsp; 101866 |
| Banco Santander SA, <br> 6.033%, 1/17/2035<br>| 200000 | &nbsp;&nbsp; 210706 |
| Beacon Funding Trust, 144A, <br> 6.266%, 8/15/2054<br>| 145000 | &nbsp;&nbsp; 143538 |
| BGC Group, Inc., 144A, <br> 6.15%, 4/2/2030<br>| 200000 | &nbsp;&nbsp; 202781 |
| Blackstone Private <br> Credit Fund:<br>|  |  |
| 5.25%, 4/1/2030 | 348000 | &nbsp;&nbsp; 344897 |
| 5.6%, 11/22/2029 | 250000 | &nbsp;&nbsp; 251727 |
| 6.0%, 11/22/2034 | 150000 | &nbsp;&nbsp; 146678 |
| BNP Paribas SA, 144A, <br> 8.5%, Perpetual (c)<br>| 280000 | &nbsp;&nbsp; 296091 |
| Canadian Imperial Bank of <br> Commerce, <br> 6.95%, 1/28/2085<br>| 350000 | &nbsp;&nbsp; 350989 |
| Capital One Financial Corp., <br> Series M, <br> 3.95%, Perpetual<br>| 350000 | &nbsp;&nbsp; 341494 |
| Charles Schwab Corp.: |  |  |
| Series I, 4.0%, Perpetual | 220000 | &nbsp;&nbsp; 216696 |
| Series F, 5.0%, Perpetual | 469000 | &nbsp;&nbsp; 459191 |
| Citigroup, Inc.: |  |  |
| 5.592%, 11/19/2034 | 370000 | &nbsp;&nbsp; 375749 |
| Series EE, 6.75%, <br> Perpetual<br>| 200000 | &nbsp;&nbsp; 201473 |
| Series FF, 6.95%, <br> Perpetual<br>| 175000 | &nbsp;&nbsp; 178731 |
| Corebridge Financial, Inc., <br> 5.75%, 1/15/2034<br>| 130000 | &nbsp;&nbsp; 135060 |
| Fortitude Group Holdings <br> LLC, 144A, <br> 6.25%, 4/1/2030<br>| 206000 | &nbsp;&nbsp; 211935 |
| HSBC Holdings PLC: |  |  |
| 5.24%, 5/13/2031 | 335000 | &nbsp;&nbsp; 341093 |
| 6.95%, Perpetual | 500000 | &nbsp;&nbsp; 501890 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($) (b)** | **Value ($)** |
| JPMorgan Chase & Co.: |  |  |
| Series OO, 6.5%, <br> Perpetual<br>| 300000 | &nbsp;&nbsp; 309832 |
| 6.875%, Perpetual | 350000 | &nbsp;&nbsp; 369432 |
| M&T Bank Corp., <br> 5.385%, 1/16/2036<br>| 150000 | &nbsp;&nbsp; 149479 |
| Morgan Stanley, <br> 5.664%, 4/17/2036<br>| 140000 | &nbsp;&nbsp; 145075 |
| Navient Corp., <br> 5.5%, 3/15/2029<br>| 286000 | &nbsp;&nbsp; 280102 |
| Nordea Bank Abp, 144A, <br> 6.3%, Perpetual (c)<br>| 300000 | &nbsp;&nbsp; 292212 |
| Royal Bank of Canada, <br> 6.35%, 11/24/2084<br>| 650000 | &nbsp;&nbsp; 610994 |
| Societe Generale SA: |  |  |
| 144A, 5.512%, 5/22/2031 | 236000 | &nbsp;&nbsp; 240674 |
| 144A, 6.221%, <br> 6/15/2033 (c)<br>| 225000 | &nbsp;&nbsp; 232300 |
| State Street Corp., Series K, <br> 6.45%, Perpetual<br>| 298000 | &nbsp;&nbsp; 303186 |
| Sumitomo Mitsui Financial <br> Group, Inc., <br> 6.45%, Perpetual<br>| 400000 | &nbsp;&nbsp; 391922 |
| Synchrony Bank, <br> 5.625%, 8/23/2027<br>| 250000 | &nbsp;&nbsp; 254952 |
| The Goldman Sachs Group, <br> Inc., Series Y, <br> 6.125%, Perpetual<br>| 429000 | &nbsp;&nbsp; 429564 |
| Truist Financial Corp., <br> Series N, <br> 6.669%, Perpetual<br>| 300000 | &nbsp;&nbsp; 300420 |
| U.S. Bancorp, <br> 5.678%, 1/23/2035<br>| 180000 | &nbsp;&nbsp; 186872 |
| UBS Group AG, 144A, <br> 4.375%, Perpetual (c)<br>| 200000 | &nbsp;&nbsp; 176765 |
| Wells Fargo & Co., <br> 6.85%, Perpetual<br>| 250000 | &nbsp;&nbsp; 262702 |
|  |  | &nbsp;&nbsp; **10533665** |
| **Health Care 0.3%** | **Health Care 0.3%** |  |
| Charles River Laboratories <br> International, Inc., 144A, <br> 3.75%, 3/15/2029<br>| 150000 | &nbsp;&nbsp; 140810 |
| CVS Health Corp., <br> 6.75%, 12/10/2054<br>| 213000 | &nbsp;&nbsp; 213464 |
|  |  | &nbsp;&nbsp; **354274** |
| **Industrials 2.5%** | **Industrials 2.5%** |  |
| American Airlines, Inc., <br> 144A, 5.5%, 4/20/2026<br>| 35000 | &nbsp;&nbsp; 34920 |
| BNSF Funding Trust I, <br> 6.613%, 12/15/2055<br>| 250000 | &nbsp;&nbsp; 250827 |
| Boeing Co.: |  |  |
| 6.259%, 5/1/2027 | 130000 | &nbsp;&nbsp; 133746 |
| 6.858%, 5/1/2054 | 230000 | &nbsp;&nbsp; 251785 |
| Delta Air Lines, Inc., <br> 3.75%, 10/28/2029<br>| 135000 | &nbsp;&nbsp; 128991 |
| Keysight Technologies, Inc., <br> 5.35%, 7/30/2030<br>| 285000 | &nbsp;&nbsp; 293957 |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **6** \|  | Deutsche DWS Variable Series II —<br> DWS Global Income Builder VIP <br>|

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($) (b)** | **Value ($)** |
| Mileage Plus Holdings LLC, <br> 144A, 6.5%, 6/20/2027<br>| 240800 | &nbsp;&nbsp; 241116 |
| Paychex, Inc.: |  |  |
| 5.1%, 4/15/2030 | 82000 | &nbsp;&nbsp; 83983 |
| 5.35%, 4/15/2032 | 221000 | &nbsp;&nbsp; 226933 |
| 5.6%, 4/15/2035 | 197000 | &nbsp;&nbsp; 203631 |
| RTX Corp., 6.4%, 3/15/2054 | 130000 | &nbsp;&nbsp; 142497 |
| Stanley Black & Decker, Inc., <br> 6.707% (d), 3/15/2060<br>| 450000 | &nbsp;&nbsp; 439591 |
| United Airlines Pass-Through <br> Trust, "A", Series 2023-1, <br> 5.8%, 7/15/2037<br>| 286594 | &nbsp;&nbsp; 292328 |
| United Rentals North <br> America, Inc., 144A, <br> 6.0%, 12/15/2029<br>| 110000 | &nbsp;&nbsp; 112660 |
|  |  | &nbsp;&nbsp; **2836965** |
| **Information Technology 0.7%** | **Information Technology 0.7%** |  |
| AppLovin Corp., <br> 5.95%, 12/1/2054<br>| 83000 | &nbsp;&nbsp; 81060 |
| Broadcom, Inc., 144A, <br> 2.6%, 2/15/2033<br>| 70000 | &nbsp;&nbsp; 59873 |
| Foundry JV Holdco LLC, <br> 144A, 6.1%, 1/25/2036<br>| 200000 | &nbsp;&nbsp; 206923 |
| HP, Inc., 6.1%, 4/25/2035 | 200000 | &nbsp;&nbsp; 206944 |
| Oracle Corp.: |  |  |
| 5.375%, 9/27/2054 | 245000 | &nbsp;&nbsp; 223963 |
| 5.5%, 9/27/2064 | 75000 | &nbsp;&nbsp; 68307 |
|  |  | &nbsp;&nbsp; **847070** |
| **Materials 0.8%** | **Materials 0.8%** |  |
| Celanese U.S. Holdings LLC: |  |  |
| 6.415%–6.665%, <br> 7/15/2027 (e)<br>| 64000 | &nbsp;&nbsp; 66277 |
| 6.85%, 11/15/2028 | 50000 | &nbsp;&nbsp; 52539 |
| Chemours Co., <br> 5.375%, 5/15/2027<br>| 350000 | &nbsp;&nbsp; 346870 |
| Corp. Nacional del Cobre de <br> Chile, 144A, <br> 5.95%, 1/8/2034<br>| 200000 | &nbsp;&nbsp; 203836 |
| Olin Corp., 5.0%, 2/1/2030 | 200000 | &nbsp;&nbsp; 193007 |
|  |  | &nbsp;&nbsp; **862529** |
| **Real Estate 0.7%** | **Real Estate 0.7%** |  |
| CBRE Services, Inc.: |  |  |
| 4.8%, 6/15/2030 | 136000 | &nbsp;&nbsp; 136427 |
| 5.5%, 6/15/2035 | 90000 | &nbsp;&nbsp; 90576 |
| Iron Mountain, Inc., 144A, <br> (REIT), 6.25%, 1/15/2033<br>| 500000 | &nbsp;&nbsp; 514103 |
|  |  | &nbsp;&nbsp; **741106** |
| **Utilities 3.0%** | **Utilities 3.0%** |  |
| CMS Energy Corp., <br> 3.75%, 12/1/2050<br>| 350000 | &nbsp;&nbsp; 314604 |
| Dominion Energy, Inc., <br> 6.625%, 5/15/2055<br>| 260000 | &nbsp;&nbsp; 263867 |
| Entergy Arkansas LLC, <br> 5.75%, 6/1/2054<br>| 150000 | &nbsp;&nbsp; 148573 |
| Eversource Energy, <br> 5.5%, 1/1/2034<br>| 220000 | &nbsp;&nbsp; 224039 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($) (b)** | &nbsp;&nbsp; **Principal**<br> **Amount ($) (b)** | **Value ($)** |
| Exelon Corp., <br> 6.5%, 3/15/2055<br>|  | 133000 | &nbsp;&nbsp; 135283 |
| Nevada Power Co., <br> 6.0%, 3/15/2054<br>|  | 90000 | &nbsp;&nbsp; 91499 |
| NextEra Energy Capital <br> Holdings, Inc.:<br>|  |  |  |
| 6.375%, 8/15/2055 |  | 350000 | &nbsp;&nbsp; 357404 |
| 6.75%, 6/15/2054 |  | 98000 | &nbsp;&nbsp; 101672 |
| Pacific Gas and Electric Co.: |  |  |  |
| 3.95%, 12/1/2047 |  | 100000 | &nbsp;&nbsp; 70550 |
| 5.9%, 10/1/2054 |  | 52000 | &nbsp;&nbsp; 47146 |
| Perusahaan Perseroan <br> Persero PT Perusahaan <br> Listrik Negara, 144A, <br> 2.875%, 10/25/2025<br>| EUR | 260000 | &nbsp;&nbsp; 306534 |
| PG&E Corp., <br> 7.375%, 3/15/2055<br>|  | 100000 | &nbsp;&nbsp; 94702 |
| Sempra, 4.125%, 4/1/2052 |  | 390000 | &nbsp;&nbsp; 375004 |
| Sierra Pacific Power Co., <br> 5.9%, 3/15/2054<br>|  | 50000 | &nbsp;&nbsp; 50058 |
| Southern California Edison <br> Co., 5.9%, 3/1/2055<br>|  | 100000 | &nbsp;&nbsp; 91436 |
| Southern Co., Series 21-A, <br> 3.75%, 9/15/2051<br>|  | 215000 | &nbsp;&nbsp; 212037 |
| Southwestern Public Service <br> Co., 6.0%, 6/1/2054<br>|  | 220000 | &nbsp;&nbsp; 221817 |
| Vistra Operations Co. LLC, <br> 144A, 5.7%, 12/30/2034<br>|  | 206000 | &nbsp;&nbsp; 209770 |
|  |  |  | &nbsp;&nbsp; **3315995** |
| **Total Corporate Bonds** (Cost $27,941,152) | **Total Corporate Bonds** (Cost $27,941,152) | **Total Corporate Bonds** (Cost $27,941,152) | &nbsp;&nbsp; **28183098** |
| **Asset-Backed 9.6%** | **Asset-Backed 9.6%** | **Asset-Backed 9.6%** | **Asset-Backed 9.6%** |
| **Automobile Receivables 2.1%** | **Automobile Receivables 2.1%** | **Automobile Receivables 2.1%** |  |
| Avis Budget Rental Car <br> Funding AESOP LLC, "C", <br> Series 2022-5A, 144A, <br> 6.24%, 4/20/2027<br>|  | 200000 | &nbsp;&nbsp; 200622 |
| CPS Auto Receivables Trust, <br> "C", Series 2023-C, 144A, <br> 6.27%, 10/15/2029<br>|  | 100000 | &nbsp;&nbsp; 100868 |
| Exeter Automobile <br> Receivables Trust, "C", <br> Series 2025-3A, <br> 5.09%, 10/15/2031<br>|  | 59000 | &nbsp;&nbsp; 59613 |
| Foursight Capital Automobile <br> Receivables Trust, "C", <br> Series 2023-2, 144A, <br> 6.21%, 4/16/2029<br>|  | 250000 | &nbsp;&nbsp; 255594 |
| Hertz Vehicle Financing III <br> LLC, "C", Series 2023-1A, <br> 144A, 6.91%, 6/25/2027<br>|  | 340000 | &nbsp;&nbsp; 342627 |
| JPMorgan Chase Bank NA, <br> "G", Series 2021-3, 144A, <br> 9.812%, 2/26/2029<br>|  | 1300000 | &nbsp;&nbsp; 1302636 |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Global Income Builder VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **7**  |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($) (b)** | **Value ($)** |
| Santander Drive Auto <br> Receivables Trust, "C", <br> Series 2023-3, <br> 5.77%, 11/15/2030<br>| 100000 | &nbsp;&nbsp; 101585 |
| Securitized Term Auto <br> Receivables Trust, "C", <br> Series 2025-A, 144A, <br> 5.185%, 7/25/2031<br>| 40214 | &nbsp;&nbsp; 40477 |
|  |  | &nbsp;&nbsp; **2404022** |
| **Credit Card Receivables 0.5%** | **Credit Card Receivables 0.5%** |  |
| Brex Commercial Charge <br> Card Master Trust, "A1", <br> Series 2024-1, 144A, <br> 6.05%, 7/15/2027<br>| 100000 | &nbsp;&nbsp; 100766 |
| Mercury Financial Credit <br> Card Master Trust, "A", <br> Series 2024-2A, 144A, <br> 6.56%, 7/20/2029<br>| 200000 | &nbsp;&nbsp; 201761 |
| Mission Lane Credit Card <br> Master Trust, "A", <br> Series 2024-B, 144A, <br> 5.88%, 1/15/2030<br>| 250000 | &nbsp;&nbsp; 251987 |
|  |  | &nbsp;&nbsp; **554514** |
| **Home Equity Loans 0.1%** | **Home Equity Loans 0.1%** |  |
| Towd Point Mortgage Trust, <br> "A1", Series 2025-CRM1, <br> 144A, 5.799%, 1/25/2065<br>| 93090 | &nbsp;&nbsp; **93758** |
| **Miscellaneous 6.9%** | **Miscellaneous 6.9%** |  |
| AB BSL CLO 5 Ltd., "B", <br> Series 2024-5A, 144A, <br> 3 mo. USD Term SOFR + <br> 1.7%, 6.015% <br> (d), 1/20/2038<br>| 600000 | &nbsp;&nbsp; 602311 |
| Allegro CLO V-S Ltd., "B1", <br> Series 2024-2A, 144A, <br> 3 mo. USD Term SOFR + <br> 1.9%, 6.175% <br> (d), 7/24/2037<br>| 500000 | &nbsp;&nbsp; 501454 |
| Allegro CLO XV Ltd., "BR", <br> Series 2022-1A, 144A, <br> 3 mo. USD Term SOFR + <br> 1.62%, 5.931% <br> (d), 4/20/2038<br>| 250000 | &nbsp;&nbsp; 250272 |
| Apidos CLO XXIV Ltd., <br> "A1AL", Series 2016-24A, <br> 144A, 3 mo. USD Term <br> SOFR + 1.212%, 5.481% <br> (d), 10/20/2030<br>| 202702 | &nbsp;&nbsp; 202763 |
| ARES LXXVII CLO Ltd., "A2", <br> Series 2025-77A, 144A, <br> 3 mo. USD Term SOFR + <br> 1.6%, 5.879% (d), <br> 7/15/2038 (f)<br>| 250000 | &nbsp;&nbsp; 250000 |
| ARES XLI CLO Ltd., "BR", <br> Series 2016-41A, 144A, <br> 3 mo. USD Term SOFR + <br> 1.712%, 5.968% <br> (d), 4/15/2034<br>| 500000 | &nbsp;&nbsp; 500720 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($) (b)** | **Value ($)** |
| BlueMountain CLO XXXIV <br> Ltd., "B1", Series 2022-<br> 34A, 144A, 3 mo. USD <br> Term SOFR + 2.05%, <br> 6.319% (d), 4/20/2035<br>| 250000 | &nbsp;&nbsp; 250327 |
| Carlyle Global Market <br> Strategies CLO Ltd., <br> "A2R3", Series 2015-5A, <br> 144A, 3 mo. USD Term <br> SOFR + 1.65%, 5.919% <br> (d), 1/20/2032<br>| 430000 | &nbsp;&nbsp; 430107 |
| CF Hippolyta Issuer LLC, <br> "B1", Series 2021-1A, <br> 144A, 1.98%, 3/15/2061<br>| 520231 | &nbsp;&nbsp; 488640 |
| Cloud Capital Holdco LP, <br> "A2", Series 2024-1A, <br> 144A, <br> 5.781%, 11/22/2049<br>| 150000 | &nbsp;&nbsp; 151962 |
| CyrusOne Data Centers <br> Issuer I LLC, "A2", <br> Series 2024-2A, 144A, <br> 4.5%, 5/20/2049<br>| 250000 | &nbsp;&nbsp; 243445 |
| Elmwood CLO 43 Ltd., "B", <br> Series 2025-6A, 144A, <br> 3 mo. USD Term SOFR + <br> 1.7%, 5.979% (d), <br> 7/20/2038 (f)<br>| 250000 | &nbsp;&nbsp; 250000 |
| Frontier Issuer LLC, "A2", <br> Series 2023-1, 144A, <br> 6.6%, 8/20/2053<br>| 250000 | &nbsp;&nbsp; 253951 |
| HINNT LLC, "B", <br> Series 2024-A, 144A, <br> 5.84%, 3/15/2043<br>| 58562 | &nbsp;&nbsp; 59446 |
| Jersey Mike's Funding LLC, <br> "A2", Series 2024-1A, <br> 144A, 5.636%, 2/15/2055<br>| 119700 | &nbsp;&nbsp; 121568 |
| Madison Park Funding <br> XXXVIII Ltd., "C", <br> Series 2021-38A, 144A, <br> 3 mo. USD Term SOFR + <br> 2.162%, 6.441% <br> (d), 7/17/2034<br>| 250000 | &nbsp;&nbsp; 250245 |
| Morgan Stanley Eaton Vance <br> CLO Ltd., "A", Series 2021-<br> 1A, 144A, 3 mo. USD <br> Term SOFR + 1.422%, <br> 5.701% (d), 10/20/2034<br>| 500000 | &nbsp;&nbsp; 500204 |
| Mosaic Solar Loan Trust, "B", <br> Series 2023-1A, 144A, <br> 6.92%, 6/20/2053<br>| 271310 | &nbsp;&nbsp; 240409 |
| Octagon 63 Ltd., "A2", <br> Series 2024-2A, 144A, <br> 3 mo. USD Term SOFR + <br> 1.71%, 5.979% <br> (d), 7/20/2037<br>| 350000 | &nbsp;&nbsp; 350919 |
| Rad CLO 23 Ltd., "A1", <br> Series 2024-23A, 144A, <br> 3 mo. USD Term SOFR + <br> 1.6%, 5.869% <br> (d), 4/20/2037<br>| 500000 | &nbsp;&nbsp; 501548 |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **8** \|  | Deutsche DWS Variable Series II —<br> DWS Global Income Builder VIP <br>|

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($) (b)** | **Value ($)** |
| Regatta 34 Funding Ltd., <br> "A2", Series 2025-3A, <br> 144A, 3 mo. USD Term <br> SOFR + 1.75%, 6.044% <br> (d), 7/20/2038<br>| 250000 | &nbsp;&nbsp; 251105 |
| Sixth Street CLO XIV Ltd., <br> "A2R2", Series 2019-14A, <br> 144A, 3 mo. USD Term <br> SOFR + 1.4%, 5.717% <br> (d), 1/20/2038<br>| 400000 | &nbsp;&nbsp; 398700 |
| Switch ABS Issuer LLC: |  |  |
| "A2", Series 2024-2A, <br> 144A, 5.436%, <br> 6/25/2054<br>| 100000 | &nbsp;&nbsp; 100745 |
| "A2", Series 2024-1A, <br> 144A, 6.28%, 3/25/2054<br>| 200000 | &nbsp;&nbsp; 203984 |
| Texas Debt Capital CLO Ltd., <br> "A2R", Series 2023-1A, <br> 144A, 3 mo. USD Term <br> SOFR + 1.55%, 5.825% <br> (d), 7/20/2038<br>| 300000 | &nbsp;&nbsp; 300000 |
| Wingstop Funding LLC, "A2", <br> Series 2024-1A, 144A, <br> 5.858%, 12/5/2054<br>| 100000 | &nbsp;&nbsp; 101862 |
|  |  | &nbsp;&nbsp; **7756687** |
| **Total Asset-Backed** (Cost $10,802,902) | **Total Asset-Backed** (Cost $10,802,902) | &nbsp;&nbsp; **10808981** |
| **Mortgage-Backed Securities Pass-**<br> **Throughs 5.0%** | **Mortgage-Backed Securities Pass-**<br> **Throughs 5.0%** |  |
| Federal Home Loan <br> Mortgage Corp.: <br>6.0%, with various <br> maturities from <br> 3/1/2038 until 1/1/2055<br>| 486572 | &nbsp;&nbsp; 496547 |
| Federal National <br> Mortgage Association:<br>|  |  |
| 4.5%, 9/1/2035 | 2309 | &nbsp;&nbsp; 2318 |
| 5.0%, 7/1/2055 (f) | 400000 | &nbsp;&nbsp; 392072 |
| 5.5%, 7/1/2055 (f) | 1200000 | &nbsp;&nbsp; 1199951 |
| 6.0%, with various <br> maturities from <br> 2/1/2055 until <br> 7/1/2055 (f)<br>| 992773 | &nbsp;&nbsp; 1010861 |
| Government National <br> Mortgage Association, <br> 5.5%, 7/1/2055 (f)<br>| 2500000 | &nbsp;&nbsp; 2502925 |
| **Total Mortgage-Backed Securities** <br> **Pass-Throughs** <br> (Cost $5,560,937) | **Total Mortgage-Backed Securities** <br> **Pass-Throughs** <br> (Cost $5,560,937) | &nbsp;&nbsp; **5604674** |
| **Commercial Mortgage-Backed** <br> **Securities 3.2%** | **Commercial Mortgage-Backed** <br> **Securities 3.2%** |  |
| 20 Times Square Trust, "C", <br> Series 2018-20TS, 144A, <br> 3.203% (d), 5/15/2035<br>| 200000 | &nbsp;&nbsp; 183000 |
| 2023-MIC Trust, "B", <br> Series 2023-MIC, 144A, <br> 9.863% (d), 12/5/2038<br>| 180000 | &nbsp;&nbsp; 196347 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($) (b)** | **Value ($)** |
| BAHA Trust, "A", Series 2024-<br> MAR, 144A, 6.171% <br> (d), 12/10/2041<br>| 279000 | &nbsp;&nbsp; 288831 |
| Bank, "AS", Series 2025-<br> BNK50, <br> 5.875%, 5/15/2068<br>| 196000 | &nbsp;&nbsp; 206064 |
| Benchmark Mortgage Trust, <br> "A4", Series 2020-IG3, <br> 144A, 2.437%, 9/15/2048<br>| 100000 | &nbsp;&nbsp; 86719 |
| BPR Trust, "B", Series 2021-<br> TY, 144A, 1 mo. USD Term <br> SOFR + 1.264%, 5.576% <br> (d), 9/15/2038<br>| 100000 | &nbsp;&nbsp; 99628 |
| BX Trust, "D", Series 2019-<br> OC11, 144A, 4.075% <br> (d), 12/9/2041<br>| 150000 | &nbsp;&nbsp; 140221 |
| BXP Trust: |  |  |
| "A", Series 2021-601L, <br> 144A, 2.618%, <br> 1/15/2044<br>| 350000 | &nbsp;&nbsp; 300753 |
| "B", Series 2021-601L, <br> 144A, 2.868% (d), <br> 1/15/2044<br>| 250000 | &nbsp;&nbsp; 212592 |
| Freddie Mac Multifamily <br> Structured Credit Risk, <br> "M2", Series 2021-MN1, <br> 144A, 30 day USD SOFR <br> Average + 3.75%, 8.055% <br> (d), 1/25/2051<br>| 194000 | &nbsp;&nbsp; 198830 |
| IRV Trust, "C", Series 2025-<br> 200P, 144A, 5.921% <br> (d), 3/14/2047<br>| 127000 | &nbsp;&nbsp; 126168 |
| JPMorgan Chase <br> Commercial Mortgage <br> Securities Trust:<br>|  |  |
| "A", Series 2021-1MEM, <br> 144A, 2.516%, <br> 10/9/2042<br>| 250000 | &nbsp;&nbsp; 207625 |
| "A", Series 2016-NINE, <br> 144A, 2.949% (d), <br> 9/6/2038<br>| 187000 | &nbsp;&nbsp; 182325 |
| "A", Series 2019-OSB, <br> 144A, 3.397%, 6/5/2039<br>| 250000 | &nbsp;&nbsp; 234534 |
| "A", Series 2018-PHH, <br> 144A, 1 mo. USD Term <br> SOFR + 1.257%, <br> 5.569% (d), 6/15/2035<br>| 387634 | &nbsp;&nbsp; 333601 |
| JW Commercial Mortgage <br> Trust, "B", Series 2024-<br> MRCO, 144A, 1 mo. USD <br> Term SOFR + 1.941%, <br> 6.252% (d), 6/15/2039<br>| 190000 | &nbsp;&nbsp; 190000 |
| KIND Trust, "A", Series 2021-<br> KIND, 144A, 1 mo. USD <br> Term SOFR + 1.064%, <br> 5.38% (d), 8/15/2038<br>| 99172 | &nbsp;&nbsp; 98056 |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Global Income Builder VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **9**  |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($) (b)** | **Value ($)** |
| ROCK Trust, "A", Series 2024-<br> CNTR, 144A, <br> 5.388%, 11/13/2041<br>| 159000 | &nbsp;&nbsp; 162655 |
| SWCH Commercial <br> Mortgage Trust, "A", <br> Series 2025-DATA, 144A, <br> 1 mo. USD Term SOFR + <br> 1.443%, 5.755% <br> (d), 2/15/2042<br>| 200000 | &nbsp;&nbsp; 198520 |
| **Total Commercial Mortgage-Backed** <br> **Securities** <br> (Cost $3,503,808) | **Total Commercial Mortgage-Backed** <br> **Securities** <br> (Cost $3,503,808) | &nbsp;&nbsp; **3646469** |
| **Collateralized Mortgage Obligations 5.1%** | **Collateralized Mortgage Obligations 5.1%** | **Collateralized Mortgage Obligations 5.1%** |
| Federal National <br> Mortgage Association:<br>|  |  |
| "AO", Series 2023-53, <br> Principal Only, Zero <br> Coupon, 11/25/2053<br>| 393640 | &nbsp;&nbsp; 333462 |
| "I", Series 2003-84, <br> Interest Only, 6.0%, <br> 9/25/2033<br>| 30124 | &nbsp;&nbsp; 3798 |
| "FE", Series 2024-87, <br> 30 day USD SOFR <br> Average + 1.85%, 6.0% <br> (d), 12/25/2054<br>| 458193 | &nbsp;&nbsp; 460473 |
| "FG", Series 2023-53, <br> 30 day USD SOFR <br> Average + 1.9%, <br> 6.205% (d), 11/25/2053<br>| 2315033 | &nbsp;&nbsp; 2339248 |
| Freddie Mac Structured <br> Agency Credit Risk Debt <br> Notes, "M2", Series 2019-<br> DNA2, 144A, 30 day USD <br> SOFR Average + 2.564%, <br> 6.87% (d), 3/25/2049<br>| 136902 | &nbsp;&nbsp; 139004 |
| Government National <br> Mortgage Association:<br>|  |  |
| "QI", Series 2021-225, <br> Interest Only, 2.5%, <br> 12/20/2051<br>| 1404958 | &nbsp;&nbsp; 169111 |
| "SG", Series 2025-60, <br> 14.875% minus (2.5 x <br> 30 day USD SOFR <br> Average), 4.12% (d), <br> 4/20/2055<br>| 495760 | &nbsp;&nbsp; 469699 |
| "AZ", Series 2023-120, <br> 5.5%, 8/20/2053<br>| 228795 | &nbsp;&nbsp; 230067 |
| "UZ", Series 2025-41, <br> 6.0%, 3/20/2055<br>| 247901 | &nbsp;&nbsp; 251966 |
| JPMorgan Mortgage Trust: |  |  |
| "A11", Series 2024-6, <br> 144A, 30 day USD <br> SOFR Average + <br> 1.25%, 5.555% (d), <br> 12/25/2054<br>| 113848 | &nbsp;&nbsp; 113851 |
| "A1", Series 2025-DSC1, <br> 144A, 5.664%, <br> 9/25/2065<br>| 198464 | &nbsp;&nbsp; 199773 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($) (b)** | &nbsp;&nbsp; **Principal**<br> **Amount ($) (b)** | **Value ($)** |
| RCKT Mortgage Trust: |  |  |  |
| "A1A", Series 2024-CES7, <br> 144A, 5.158%, <br> 10/25/2044<br>|  | 212336 | &nbsp;&nbsp; 211726 |
| "A1B", Series 2024-CES9, <br> 144A, 5.683%, <br> 12/25/2044<br>|  | 92148 | &nbsp;&nbsp; 92539 |
| Sequoia Mortgage Trust, <br> "A3", Series 2024-INV1, <br> 144A, 5.5%, 10/25/2054<br>|  | 437889 | &nbsp;&nbsp; 435471 |
| Western Alliance Bank, <br> "M1", Series 2021-CL2, <br> 144A, 30 day USD SOFR <br> Average + 3.15%, 7.455% <br> (d), 7/25/2059<br>|  | 218094 | &nbsp;&nbsp; 225546 |
| **Total Collateralized Mortgage Obligations** <br> (Cost $5,625,660) | **Total Collateralized Mortgage Obligations** <br> (Cost $5,625,660) | **Total Collateralized Mortgage Obligations** <br> (Cost $5,625,660) | &nbsp;&nbsp; **5675734** |
| **Government & Agency Obligations 10.7%** | **Government & Agency Obligations 10.7%** | **Government & Agency Obligations 10.7%** | **Government & Agency Obligations 10.7%** |
| **Sovereign Bonds 1.6%** | **Sovereign Bonds 1.6%** | **Sovereign Bonds 1.6%** |  |
| Brazilian Government <br> International Bond, <br> 6.0%, 10/20/2033<br>|  | 200000 | &nbsp;&nbsp; 198279 |
| Indonesia Government <br> International Bond, <br> 4.75%, 9/10/2034<br>|  | 300000 | &nbsp;&nbsp; 294788 |
| Mexico Cetes, Zero <br> Coupon, 3/5/2026<br>| MXN | 22000000 | &nbsp;&nbsp; 1110767 |
| Mexico Government <br> International Bond, <br> 6.875%, 5/13/2037<br>|  | 200000 | &nbsp;&nbsp; 208460 |
|  |  |  | &nbsp;&nbsp; **1812294** |
| **U.S. Treasury Obligations 9.1%** | **U.S. Treasury Obligations 9.1%** | **U.S. Treasury Obligations 9.1%** |  |
| U.S. Treasury Bills, 4.119% <br> (g), 9/11/2025 (h)<br>|  | 3550000 | &nbsp;&nbsp; 3519843 |
| U.S. Treasury Bonds, <br> 4.625%, 2/15/2055<br>|  | 220600 | &nbsp;&nbsp; 214740 |
| U.S. Treasury Floating <br> Rate Notes:<br>|  |  |  |
| 3 mo. Treasury money <br> market yield + 0.182%, <br> 4.463% (d), 7/31/2026<br>|  | 3900000 | &nbsp;&nbsp; 3903922 |
| 3 mo. Treasury money <br> market yield + 0.245%, <br> 4.526% (d), <br> 1/31/2026 (i)<br>|  | 2218300 | &nbsp;&nbsp; 2220757 |
| U.S. Treasury Notes, <br> 4.0%, 3/31/2030<br>|  | 340000 | &nbsp;&nbsp; 343161 |
|  |  |  | &nbsp;&nbsp; **10202423** |
| **Total Government & Agency Obligations** <br> (Cost $11,977,997) | **Total Government & Agency Obligations** <br> (Cost $11,977,997) | **Total Government & Agency Obligations** <br> (Cost $11,977,997) | &nbsp;&nbsp; **12014717** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **10** \|  | Deutsche DWS Variable Series II —<br> DWS Global Income Builder VIP <br>|

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Exchange-Traded Funds 3.1%** | **Exchange-Traded Funds 3.1%** | **Exchange-Traded Funds 3.1%** |
| iShares Core International <br> Aggregate Bond ETF<br>| 61132 | &nbsp;&nbsp; 3123234 |
| SPDR Blackstone Senior <br> Loan ETF<br>| 10000 | &nbsp;&nbsp; 415900 |
| **Total Exchange-Traded** <br> **Funds** <br> (Cost $3,511,334)<br>|  | &nbsp;&nbsp; **3539134** |
| **Securities Lending Collateral 0.9%** | **Securities Lending Collateral 0.9%** | **Securities Lending Collateral 0.9%** |
| DWS Government & Agency <br> Securities Portfolio "DWS <br> Government Cash <br> Institutional Shares", <br> 4.25% (j) (k) <br> (Cost $996,615)<br>| 996615 | &nbsp;&nbsp; **996615** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Cash Equivalents 7.9%** | **Cash Equivalents 7.9%** | **Cash Equivalents 7.9%** |
| DWS Central Cash <br> Management Government <br> Fund, 4.37% (j) <br> (Cost $8,871,259)<br>| 8871259 | &nbsp;&nbsp; **8871259** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **% of** <br>**Net Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** <br> (Cost $111,902,529)<br>| 103.6 | &nbsp;&nbsp; **116281779** |
| **Other Assets and** <br> **Liabilities, Net**<br>| (3.6)<br>| &nbsp;&nbsp; **(4094399)**<br>|
| **Net Assets** | 100.0 | &nbsp;&nbsp; **112187380** |

---

A summary of the Fund's transactions with affiliated investments during the period ended June 30, 2025 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at** <br>**12/31/2024**<br>| **Purchases** <br>**Cost ($)**<br>| **Sales** <br>**Proceeds ($)**<br>| **Net Realized** <br>**Gain/** <br>**(Loss) ($)**<br>| **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)** <br> **($)**<br>| **Income ($)** | **Capital Gain** <br>**Distributions** <br> **($)**<br>| **Number** <br>**of Shares** <br>**at** <br>**6/30/2025**<br>| **Value ($) at** <br>**6/30/2025**<br>|
| **Securities Lending Collateral 0.9%** | **Securities Lending Collateral 0.9%** | **Securities Lending Collateral 0.9%** | **Securities Lending Collateral 0.9%** | **Securities Lending Collateral 0.9%** | **Securities Lending Collateral 0.9%** | **Securities Lending Collateral 0.9%** | **Securities Lending Collateral 0.9%** | **Securities Lending Collateral 0.9%** |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (j) (k) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (j) (k) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (j) (k) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (j) (k) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (j) (k) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (j) (k) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (j) (k) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (j) (k) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (j) (k) |
| 2815627 |  | 1,819,012 (l) |  |  | 4966 |  | 996615 | 996615 |
| **Cash Equivalents 7.9%** | **Cash Equivalents 7.9%** | **Cash Equivalents 7.9%** | **Cash Equivalents 7.9%** | **Cash Equivalents 7.9%** | **Cash Equivalents 7.9%** | **Cash Equivalents 7.9%** | **Cash Equivalents 7.9%** | **Cash Equivalents 7.9%** |
| DWS Central Cash Management Government Fund, 4.37% (j) | DWS Central Cash Management Government Fund, 4.37% (j) | DWS Central Cash Management Government Fund, 4.37% (j) | DWS Central Cash Management Government Fund, 4.37% (j) | DWS Central Cash Management Government Fund, 4.37% (j) | DWS Central Cash Management Government Fund, 4.37% (j) | DWS Central Cash Management Government Fund, 4.37% (j) | DWS Central Cash Management Government Fund, 4.37% (j) | DWS Central Cash Management Government Fund, 4.37% (j) |
| 4085757 | 47153619 | 42368117 |  |  | 101701 |  | 8871259 | 8871259 |
| **6901384** | **47153619** | **44187129** |  |  | **106667** |  | **9867874** | **9867874** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

(a) Investment was valued using significant unobservable inputs.

(b) Principal amount stated in U.S. dollars unless otherwise noted.

(c) All or a portion of these securities were on loan. In addition, "Other Assets and Liabilities, Net" may include pending sales that are also on loan. The value of securities loaned at June 30, 2025 amounted to $961,854, which is 0.9% of net assets. 

(d) Variable or floating rate security. These securities are shown at their current rate as of June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description above. Certain variable rate securities are not based on a published reference rate and spread but adjust periodically based on current market conditions, prepayment of underlying positions and/or other variables. Securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. 

(e) Security is a "step-up" bond where the coupon increases or steps-up at a predetermined date. The range of rates shown is the current coupon rate through the final coupon rate, date shown is the final maturity date. 

(f) When-issued or delayed delivery securities included.

(g) Annualized yield at time of purchase; not a coupon rate.

(h) At June 30, 2025, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts. 

(i) At June 30, 2025, this security has been pledged, in whole or in part, to cover initial margin requirements for open centrally cleared swap contracts. 

(j) Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. 

(k) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

(l) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended June 30, 2025. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| 144A: Security exempt from registration under Rule 144A under the Securities Act of 1933. These securities may be resold in <br> transactions exempt from registration, normally to qualified institutional buyers.<br>|
| ADR: American Depositary Receipt |
| CLO: Collateralized Loan Obligation |
| FTSE: Financial Times and the London Stock Exchange |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Global Income Builder VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **11**  |

---

------

---

| |
|:---|
| GDR: Global Depositary Receipt |
| Interest Only: Interest Only (IO) bonds represent the "interest only" portion of payments on a pool of underlying mortgages or <br> mortgage-backed securities. IO securities are subject to prepayment risk of the pool of underlying mortgages.<br>|
| MSCI: Morgan Stanley Capital International |
| Perpetual: Callable security with no stated maturity date. |
| Principal Only: Principal Only (PO) bonds represent the "principal only" portion of payments on a pool of underlying mortgages or <br> mortgage-backed securities.<br>|
| REG S: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or <br> benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the <br> Securities Act of 1933.<br>|
| REIT: Real Estate Investment Trust |
| S&P: Standard & Poor's |
| SOFR: Secured Overnight Financing Rate |
| SPDR: Standard & Poor's Depositary Receipt |

---

Included in the portfolio are investments in mortgage or asset-backed securities which are interests in separate pools of mortgages or assets. Effective maturities of these investments may be shorter than stated maturities due to prepayments. Some separate investments in the Federal Home Loan Mortgage Corp. and Federal National Mortgage Association issues which have similar coupon rates have been aggregated for presentation purposes in this investment portfolio.

At June 30, 2025, open futures contracts purchased were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Futures** | **Currency** | **Expiration** <br>**Date**<br>| **Contracts** | **Notional** <br>**Amount ($)**<br>| **Notional** <br>**Value ($)**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation) ($)**<br>|
| 2 Year U.S. Treasury Note | USD | 9/30/2025 | 28 | 5801492 | 5824656 | 23164 |
| DAX Index | EUR | 9/19/2025 | 4 | 2773376 | 2832854 | 59478 |
| E-Mini S&P 500 Index | USD | 9/19/2025 | 3 | 925230 | 938063 | 12833 |
| Eurex STOXX Europe 600 Index | EUR | 9/19/2025 | 58 | 1857214 | 1853552 | (3662) |
| EURO STOXX 50 Index | EUR | 9/19/2025 | 49 | 3081994 | 3074722 | (7272) |
| FTSE 100 Index | GBP | 9/19/2025 | 21 | 2556012 | 2533630 | (22382) |
| MSCI World Index | USD | 9/19/2025 | 144 | 18210897 | 18642240 | 431343 |
| Nikkei 225 Index | JPY | 9/11/2025 | 11 | 2857951 | 3094406 | 236455 |
| **Total net unrealized appreciation** | **Total net unrealized appreciation** | **Total net unrealized appreciation** | **Total net unrealized appreciation** | **Total net unrealized appreciation** | **Total net unrealized appreciation** | **729957** |

---

At June 30, 2025, open futures contracts sold were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Futures** | **Currency** | **Expiration** <br>**Date**<br>| **Contracts** | **Notional** <br>**Amount ($)**<br>| **Notional** <br>**Value ($)**<br>| **Unrealized** <br>**Depreciation ($)**<br>|
| 5 Year U.S. Treasury Note | USD | 9/30/2025 | 38 | 4100047 | 4142000 | (41953) |
| U.S. Treasury Long Bond | USD | 9/19/2025 | 1 | 112005 | 115469 | (3464) |
| Ultra 10 Year U.S. Treasury Note | USD | 9/19/2025 | 23 | 2575935 | 2628109 | (52174) |
| Ultra Long U.S. Treasury Bond | USD | 9/19/2025 | 2 | 230682 | 238250 | (7568) |
| **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **(105159)** |

---

At June 30, 2025, open interest rate swap contracts were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Swaps** | **Centrally Cleared Swaps** | **Centrally Cleared Swaps** | **Centrally Cleared Swaps** | **Centrally Cleared Swaps** | **Centrally Cleared Swaps** | **Centrally Cleared Swaps** | **Centrally Cleared Swaps** |
| **Cash Flows** <br>**Paid by** <br>**the Fund/** <br>**Frequency**<br>| &nbsp;&nbsp; **Cash Flows** <br>**Received by** <br>**the Fund/** <br>**Frequency**<br>| &nbsp;&nbsp; **Effective/** <br>**Expiration** <br>**Date**<br>| **Notional** <br>**Amount** <br>**($)**<br>| **Currency** | **Value** <br>**($)**<br>| **Upfront** <br>**Payments** <br>**Paid/** <br>**(Received)** <br>**($)**<br>| **Unrealized** <br>**Depreciation** <br>**($)**<br>|
| Floating — 1-Day SOFR <br>Semi-Annually β<br>| Fixed 3.907% Semi-annual <br>| &nbsp;&nbsp; 8/28/2025/ <br>8/28/2045<br>| &nbsp;&nbsp; 3300000 | USD | &nbsp;&nbsp; (7032)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (7032)<br>|
| Floating — 1-Day SOFR <br>Semi-Annually β<br>| Fixed 3.757% Semi-annual <br>| &nbsp;&nbsp; 8/28/2025/ <br>8/27/2055<br>| &nbsp;&nbsp; 1050000 | USD | &nbsp;&nbsp; (20196)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (20196)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp; **(27228)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| β | 1-Day SOFR rate as of June 30, 2025 is 4.450%. |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **12** \|  | Deutsche DWS Variable Series II —<br> DWS Global Income Builder VIP <br>|

---

------

At June 30, 2025, the Fund had the following open forward foreign currency contracts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** | **In Exchange For** | **In Exchange For** | **Settlement** <br>**Date**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation ($)**<br>| **Counterparty** |
| USD | 2256252 | EUR | 1950000 | 7/23/2025 | 43936 | State Street Bank and Trust |
| USD | 728947 | GBP | 545000 | 7/23/2025 | 19216 | Citigroup, Inc. |
| USD | 623920 | CAD | 860000 | 7/23/2025 | 8286 | Toronto-Dominion Bank |
| USD | 501508 | JPY | 72664000 | 7/23/2025 | 4270 | Morgan Stanley |
| USD | 366173 | GBP | 272500 | 7/23/2025 | 7909 | Morgan Stanley |
| USD | 311402 | CAD | 430000 | 7/23/2025 | 4701 | BNP Paribas |
| USD | 1645390 | EUR | 1445000 | 7/23/2025 | 59109 | BNP Paribas |
| USD | 1013673 | EUR | 873000 | 7/23/2025 | 16104 | State Street Bank and Trust |
| **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **163531** |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** | **In Exchange For** | **In Exchange For** | **Settlement** <br>**Date**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Depreciation ($)**<br>| **Counterparty** |
| USD | 1046378 | JPY | 145500000 | 7/23/2025 | (33626) | Citigroup, Inc. |
| EUR | 1000000 | USD | 1153103 | 7/23/2025 | (26481) | Morgan Stanley |
| JPY | 145000000 | USD | 996440 | 7/23/2025 | (12833) | Toronto-Dominion Bank |
| **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **(72940)** |  |

---

**Currency Abbreviation(s)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

CAD Canadian Dollar <br> EUR Euro <br> GBP British Pound

JPY Japanese Yen <br> MXN Mexican Peso <br> USD United States Dollar

For information on the Fund's policy and additional disclosures regarding futures contracts, interest rate swap contracts and forward foreign currency contracts, please refer to the Derivatives section of Note B in the accompanying Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Global Income Builder VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **13**  |

---

------

**Fair Value Measurements**

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Communication Services | &nbsp;&nbsp; $2903524 | &nbsp;&nbsp; $19535 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2923059 |
| Consumer Discretionary | &nbsp;&nbsp; 1521679 | &nbsp;&nbsp; 2021604 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3543283 |
| Consumer Staples | &nbsp;&nbsp; 1594981 | &nbsp;&nbsp; 369166 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1964147 |
| Energy | &nbsp;&nbsp; 1192788 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1192788 |
| Financials | &nbsp;&nbsp; 4377025 | &nbsp;&nbsp; 1783445 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6160470 |
| Health Care | &nbsp;&nbsp; 1627094 | &nbsp;&nbsp; 1440445 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3067539 |
| Industrials | &nbsp;&nbsp; 1612680 | &nbsp;&nbsp; 2155732 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3768412 |
| Information Technology | &nbsp;&nbsp; 8372226 | &nbsp;&nbsp; 852384 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9224610 |
| Materials | &nbsp;&nbsp; 1241513 | &nbsp;&nbsp; 126228 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1367741 |
| Real Estate | &nbsp;&nbsp; 485761 | &nbsp;&nbsp; 148669 | &nbsp;&nbsp; — | &nbsp;&nbsp; 634430 |
| Utilities | &nbsp;&nbsp; 809249 | &nbsp;&nbsp; 90251 | &nbsp;&nbsp; — | &nbsp;&nbsp; 899500 |
| Preferred Stocks (a) | &nbsp;&nbsp; 2194345 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2194345 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 204 | &nbsp;&nbsp; 204 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 570 | &nbsp;&nbsp; 570 |
| Corporate Bonds (a) | &nbsp;&nbsp; — | &nbsp;&nbsp; 28183098 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28183098 |
| Asset-Backed (a) | &nbsp;&nbsp; — | &nbsp;&nbsp; 10808981 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10808981 |
| Mortgage-Backed Securities Pass-Throughs | &nbsp;&nbsp; — | &nbsp;&nbsp; 5604674 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5604674 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 3646469 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3646469 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 5675734 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5675734 |
| Government & Agency Obligations (a) | &nbsp;&nbsp; — | &nbsp;&nbsp; 12014717 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12014717 |
| Exchange-Traded Funds | &nbsp;&nbsp; 3539134 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3539134 |
| Short-Term Investments (a) | &nbsp;&nbsp; 9867874 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9867874 |
| Derivatives (b) |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; 763273 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 763273 |
| Forward Foreign Currency Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 163531 | &nbsp;&nbsp; — | &nbsp;&nbsp; 163531 |
| **Total** | &nbsp;&nbsp; **$42103146** | &nbsp;&nbsp; **$75104663** | &nbsp;&nbsp; **$774** | &nbsp;&nbsp; **$117208583** |
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Derivatives (b) |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(138475)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(138475)<br>|
| Interest Rate Swap Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (27228)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (27228)<br>|
| Forward Foreign Currency Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (72940)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (72940)<br>|
| **Total** | &nbsp;&nbsp; **$(138475)**<br>| &nbsp;&nbsp; **$(100168)**<br>| &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$(238643)**<br>|
| During the period ended June 30, 2025, the amount of transfers between Level 3 and Level 2 was $99,999. The investments transferred <br> from Level 3 to Level 2 due to the availability of a pricing source supported by observable inputs. Transfers between price levels are <br> recognized at the beginning of the reporting period. | During the period ended June 30, 2025, the amount of transfers between Level 3 and Level 2 was $99,999. The investments transferred <br> from Level 3 to Level 2 due to the availability of a pricing source supported by observable inputs. Transfers between price levels are <br> recognized at the beginning of the reporting period. | During the period ended June 30, 2025, the amount of transfers between Level 3 and Level 2 was $99,999. The investments transferred <br> from Level 3 to Level 2 due to the availability of a pricing source supported by observable inputs. Transfers between price levels are <br> recognized at the beginning of the reporting period. | During the period ended June 30, 2025, the amount of transfers between Level 3 and Level 2 was $99,999. The investments transferred <br> from Level 3 to Level 2 due to the availability of a pricing source supported by observable inputs. Transfers between price levels are <br> recognized at the beginning of the reporting period. | During the period ended June 30, 2025, the amount of transfers between Level 3 and Level 2 was $99,999. The investments transferred <br> from Level 3 to Level 2 due to the availability of a pricing source supported by observable inputs. Transfers between price levels are <br> recognized at the beginning of the reporting period. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) See Investment Portfolio for additional detailed categorizations.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Derivatives include unrealized appreciation (depreciation) on open futures contracts, interest rate swap contracts and forward foreign currency contracts.

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **14** \|  | Deutsche DWS Variable Series II —<br> DWS Global Income Builder VIP <br>|

---

------

**Statement of Assets and Liabilities**

as of June 30, 2025 (Unaudited)

------

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in non-affiliated securities, at value (cost $102,034,655) — including $961,854 of securities loaned | $106413905 |
| Investment in DWS Government & Agency Securities Portfolio (cost $996,615)\* <br>| 996615 |
| Investment in DWS Central Cash Management Government Fund (cost $8,871,259) | 8871259 |
| Cash | 197071 |
| Foreign currency, at value (cost $867,766) | 876568 |
| Receivable for investments sold | 256649 |
| Receivable for Fund shares sold | 10548 |
| Dividends receivable | 29945 |
| Interest receivable | 587489 |
| Affiliated securities lending income receivable | 1295 |
| Receivable for variation margin on centrally cleared swaps | 54168 |
| Unrealized appreciation on forward foreign currency contracts | 163531 |
| Foreign taxes recoverable | 91836 |
| Other assets | 986 |
| Total assets | 118551865 |
| **Liabilities** |  |
| Payable upon return of securities loaned | 996615 |
| Payable for investments purchased — when-issued/delayed-delivery securities | 500000 |
| Payable for investments purchased — TBA purchase commitments | 4574472 |
| Payable for Fund shares redeemed | 79714 |
| Payable for variation margin on futures contracts | 2693 |
| Unrealized depreciation on forward foreign currency contracts | 72940 |
| Accrued management fee | 33600 |
| Accrued Trustees' fees | 1743 |
| Other accrued expenses and payables | 102708 |
| Total liabilities | 6364485 |
| **Net assets, at value** | **$112187380** |
| **Net Assets Consist of** |  |
| Distributable earnings (loss) | 7324703 |
| Paid-in capital | 104862677 |
| **Net assets, at value** | **$112187380** |
| **Net Asset Value** |  |
| **Class A** |  |
| **Net Asset Value,** offering and redemption price per share ($112,187,380 ÷ 5,438,017 outstanding shares of beneficial <br> interest, no par value, unlimited number of shares authorized)<br>| **$20.63** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Represents collateral on securities loaned.

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Global Income Builder VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **15**  |

---

------

**Statement of Operations**

for the six months ended June 30, 2025 (Unaudited)

------

---

| | |
|:---|:---|
| **Investment Income** |  |
| Income: |  |
| Interest | $2004758 |
| Dividends (net of foreign taxes withheld of $14,286) | 364957 |
| Income distributions — DWS Central Cash Management Government Fund | 101701 |
| Affiliated securities lending income | 4966 |
| Total income | 2476382 |
| Expenses: |  |
| Management fee | 200061 |
| Administration fee | 52448 |
| Services to shareholders | 535 |
| Custodian fee | 9324 |
| Audit fee | 36251 |
| Legal fees | 7990 |
| Tax fees | 4474 |
| Reports to shareholders | 19613 |
| Trustees' fees and expenses | 2837 |
| Other | 19047 |
| Total expenses | 352580 |
| **Net investment income** | **2123802** |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) from: |  |
| Investments | (4311)<br>|
| Swap contracts | (9059)<br>|
| Futures | (1592496)<br>|
| Forward foreign currency contracts | 131699 |
| Foreign currency | 39020 |
|  | (1435147)<br>|
| Change in net unrealized appreciation (depreciation) on: |  |
| Investments | 4220185 |
| Swap contracts | 66975 |
| Futures | 2206697 |
| Forward foreign currency contracts | 103316 |
| Foreign currency | 54848 |
|  | 6652021 |
| **Net gain (loss)** | **5216874** |
| **Net increase (decrease) in net assets resulting from operations** | **$7340676** |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **16** \|  | Deutsche DWS Variable Series II —<br> DWS Global Income Builder VIP <br>|

---

------

**Statements of Changes in Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **December 31,**<br>|
| **Increase (Decrease) in Net Assets** | <br>**(Unaudited)** | **2024**<sup>\*</sup> |
| Operations: |  |  |
| Net investment income | $2123802 | $4678293 |
| Net realized gain (loss) | (1435147)<br>| 18760994 |
| Change in net unrealized appreciation <br>(depreciation)<br>| 6652021 | (13765383)<br>|
| Net increase (decrease) in net assets resulting from operations | 7340676 | 9673904 |
| Distributions to shareholders: |  |  |
| Class A | (19429219)<br>| (3884542)<br>|
| Fund share transactions: |  |  |
| **Class A** |  |  |
| Proceeds from shares sold | 1730676 | 3418389 |
| Reinvestment of distributions | 19429219 | 3884542 |
| Payments for shares redeemed | (7006387)<br>| (12523916)<br>|
| Net increase (decrease) in net assets from Class A share transactions | 14153508 | (5220985)<br>|
| **Class B** |  |  |
| Payments for shares redeemed |  | (13634)<br>|
| Net increase (decrease) in net assets from Class B share transactions |  | (13634)<br>|
| **Increase (decrease) in net assets** | 2064965 | 554743 |
| Net assets at beginning of period | 110122415 | 109567672 |
| **Net assets at end of period** | **$112187380** | **$110122415** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Other Information** |  |  |
| **Class A** |  |  |
| Shares outstanding at beginning of period | 4657291 | 4871473 |
| Shares sold | 79262 | 146800 |
| Shares issued to shareholders in reinvestment of distributions | 1016173 | 177782 |
| Shares redeemed | (314709)<br>| (538764)<br>|
| Net increase (decrease) in Class A shares | 780726 | (214182)<br>|
| Shares outstanding at end of period | **5438017** | **4657291** |
| **Class B** |  |  |
| Shares outstanding at beginning of period |  | 583 |
| Shares redeemed |  | (583)<br>|
| Net increase (decrease) in Class B shares |  | (583)<br>|
| Shares outstanding at end of period |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>\*</sup> Includes Class B for the period from January 1, 2024 to March 25, 2024 (Class B liquidation date).

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Global Income Builder VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **17**  |

---

------

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DWS Global Income Builder VIP** — **Class A** | **DWS Global Income Builder VIP** — **Class A** | **DWS Global Income Builder VIP** — **Class A** | **DWS Global Income Builder VIP** — **Class A** | **DWS Global Income Builder VIP** — **Class A** | **DWS Global Income Builder VIP** — **Class A** | **DWS Global Income Builder VIP** — **Class A** |
|  | &nbsp;&nbsp; **Six Months** <br>**Ended 6/30/25**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |
| **Net asset value, beginning of period** | &nbsp;&nbsp; **$23.65** | &nbsp;&nbsp; **$22.49** | &nbsp;&nbsp; **$20.22** | &nbsp;&nbsp; **$26.78** | &nbsp;&nbsp; **$25.07** | &nbsp;&nbsp; **$24.63** |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>a</sup> <br>| &nbsp;&nbsp; .43 | &nbsp;&nbsp; .98 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .62 | &nbsp;&nbsp; .57 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; .86 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp; (4.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp; (3.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 |
| Less distributions from: |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp; (.82)<br>| &nbsp;&nbsp; (.67)<br>| &nbsp;&nbsp; (.69)<br>| &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; (.74)<br>|
| Net realized gains | &nbsp;&nbsp; (3.19)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.01)<br>| &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; (.55)<br>|
| **Total distributions** | &nbsp;&nbsp; (4.31)<br>| &nbsp;&nbsp; (.82)<br>| &nbsp;&nbsp; (.67)<br>| &nbsp;&nbsp; (2.70)<br>| &nbsp;&nbsp; (.99)<br>| &nbsp;&nbsp; (1.29)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; **$20.63** | &nbsp;&nbsp; **$23.65** | &nbsp;&nbsp; **$22.49** | &nbsp;&nbsp; **$20.22** | &nbsp;&nbsp; **$26.78** | &nbsp;&nbsp; **$25.07** |
| Total Return (%) | &nbsp;&nbsp;&nbsp;&nbsp; 6.89 <br><sup>\*</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;9.10 | &nbsp;&nbsp;&nbsp;&nbsp;14.89 | &nbsp;&nbsp; (14.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.95 | &nbsp;&nbsp;&nbsp;&nbsp;8.28 |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp; 112 | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 103 | &nbsp;&nbsp; 131 | &nbsp;&nbsp; 127 |
| Ratio of expenses (%)<sup>b</sup> <br>| &nbsp;&nbsp; .64 <br><sup>\*\*</sup><br>| &nbsp;&nbsp; .63 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .64 |
| Ratio of net investment income (%) | &nbsp;&nbsp;&nbsp;&nbsp; 3.94 <br><sup>\*\*</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;4.20 | &nbsp;&nbsp;&nbsp;&nbsp;3.47 | &nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp;&nbsp;2.51 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 80 <br><sup>\*</sup><br>| &nbsp;&nbsp; 294 | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 104 | &nbsp;&nbsp; 137 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>a</sup> | Based on average shares outstanding during the period. |
| <sup>b</sup> | &nbsp;&nbsp; Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life <br> insurance policy or variable annuity contract for which the Fund is an investment option.<br>|
| <sup>\*</sup> | Not annualized |
| <sup>\*\*</sup> | Annualized |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **18** \|  | Deutsche DWS Variable Series II —<br> DWS Global Income Builder VIP <br>|

---

------

**Notes to Financial Statements (Unaudited)**

**A.** **Organization and Significant Accounting Policies**

DWS Global Income Builder VIP (the "Fund") is a diversified series of Deutsche DWS Variable Series II (the "Trust"), which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company organized as a Massachusetts business trust. The Fund is an underlying investment vehicle for variable annuity contracts and variable life insurance policies to be offered by the separate accounts of certain life insurance companies ("Participating Insurance Companies").

The Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") which require the use of management estimates. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements.

**Operating Segment.** The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 impacts financial statement disclosures only and does not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President and Chief Executive Officer, acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net asset (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and results of operations and significant segment expenses are listed on the accompanying Statement of Operations.

**Security Valuation.** Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading.

The Fund's Board has designated DWS Investment Management Americas, Inc. (the "Advisor") as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. The Advisor's Pricing Committee (the "Pricing Committee") typically values securities using readily available market quotations or prices supplied by independent pricing services (which are considered fair values under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

Equity securities and exchange-traded funds ("ETFs") are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Equity securities or ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities and ETFs are generally categorized as Level 1. For certain international equity securities, in order to adjust for events which may occur between the close of the foreign exchanges and the close of the New York Stock Exchange, a fair valuation model may be used. This fair valuation model takes into account comparisons to the valuation of American Depository Receipts (ADRs), exchange-traded funds, futures contracts and certain indices and these securities are categorized as Level 2.

Debt securities are valued at prices supplied by independent pricing services approved by the Pricing Committee. Such services may use various pricing techniques which take into account appropriate factors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Global Income Builder VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **19**  |

---

------

such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, prepayment speeds and other data, as well as broker quotes. If the pricing services are unable to provide valuations, debt securities are valued at the average of the most recent reliable bid quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.

Investments in open-end investment companies are valued at their net asset value each business day and are categorized as Level 1.

Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.

Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and are categorized as Level 2.

Swap contracts are valued daily based upon prices supplied by a pricing vendor approved by the Pricing Committee, if available, and otherwise are valued at the price provided by the broker-dealer with which the swap was traded. Swap contracts are generally categorized as Level 2.

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Pricing Committee and are generally categorized as Level 3. In accordance with the Fund's valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security's disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company's or issuer's financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

Disclosure about the classification of fair value measurements is included in a table following the Fund's Investment Portfolio.

**Foreign Currency Translations.** The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

**Securities Lending.** National Financial Services LLC (Fidelity Agency Lending), as securities lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the securities lending agent will use its best efforts to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the six months ended June 30, 2025, the Fund invested the cash collateral, if any, into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.13% annualized effective rate as of June 30, 2025) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a securities lending agent. Either the Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **20** \|  | Deutsche DWS Variable Series II —<br> DWS Global Income Builder VIP <br>|

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or the borrower may terminate the loan at any time, and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of June 30, 2025, the Fund had securities on loan, which were classified as corporate bonds in the Investment Portfolio. The value of the related collateral exceeded the value of the securities loaned at period end. As of period end, the remaining contractual maturity of the collateral agreements was overnight and continuous.

**When-Issued, Delayed-Delivery and Forward-Commitment Transactions.** The Fund may purchase or sell securities on a when-issued, delayed-delivery or forward- commitment basis, including To Be Announced (TBA) purchase commitments, with delivery or payment to occur at a later date beyond the normal settlement period. At the time the Fund enters into a commitment to purchase or sell a security, the transaction is recorded and the value of the transaction is reflected in the net asset value. The price of such security and the date when the security will be delivered and paid for are fixed at the time the transaction is negotiated. The value of the security may vary with market fluctuations. The Fund may sell a TBA purchase commitment before the settlement date or enter into a new commitment to extend the delivery date into the future. Additionally, the Fund or the counterparty may be required to post securities and/or cash collateral in accordance with the terms of the TBA purchase commitment.

Certain risks may arise upon entering into when-issued, delayed-delivery or forward-commitment transactions from the potential inability of counterparties to meet the terms of their contracts or if the issuer does not issue the securities due to political, economic or other factors. Such transactions may also have the effect of leverage on the Fund and may cause the Fund to be more volatile. Additionally, losses may arise due to changes in the value of the underlying securities.

**Tax Information.** The Fund is treated as a separate taxpayer as provided for in the Internal Revenue Code of 1986, as amended (the "Code"). It is the Fund's policy to comply with the requirements of the Code, which are applicable to regulated investment companies, and to distribute all of its taxable income to the separate accounts of the Participating Insurance Companies which hold its shares.

Additionally, the Fund may be subject to taxes imposed by the governments of countries in which it invests and are generally based on income and/or capital gains earned or repatriated, a portion of which may be recoverable based upon the current interpretation of the tax rules and regulations. Estimated tax liabilities and recoveries on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized gain/loss on investments. Tax liabilities realized as a result of security sales are reflected as a component of net realized gain/loss on investments.

At June 30, 2025, the aggregate cost of investments for federal income tax purposes was $111,872,354. The net unrealized appreciation for all investments based on tax cost was $4,409,425. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $5,799,275 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $1,389,850.

The Fund files tax returns with the Internal Revenue Service, the State of New York, and various other states. Specific to U.S. federal and state taxes, generally, each of the tax years in the four-year period ended December 31, 2024, remains subject to examination by taxing authorities. Specific to foreign countries in which the Fund invests, all open tax years remain subject to examination by taxing authorities in the respective jurisdictions. The open tax years vary by each jurisdiction in which the Fund invests.

**Distribution of Income and Gains.** Distributions from net investment income of the Fund, if any, are declared and distributed to shareholders annually. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes if necessary.

The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to certain securities sold at a loss, investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Global Income Builder VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **21**  |

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in derivatives, premium amortization on debt securities and additional income recognition on debt securities classified as equity. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.

The tax character of current year distributions will be determined at the end of the current fiscal year.

**Expenses.** Expenses of the Trust arising in connection with a specific fund are allocated to that fund. Other Trust expenses which cannot be directly attributed to a fund are apportioned among the funds in the Trust based upon the relative net assets or other appropriate measures.

**Contingencies.** In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.

**Other.** Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date net of foreign withholding taxes. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the Fund is informed of such dividends. Realized gains and losses from investment transactions are recorded on an identified cost basis. Proceeds from litigation payments, if any, are included in net realized gain (loss) from investments. All premiums and discounts are amortized/accreted for both tax and financial reporting purposes, with the exception of securities in default of principal.

**B.** **Derivative Instruments**

**Swaps.** A swap is a contract between two parties to exchange future cash flows at periodic intervals based on the notional amount of the swap. A bilateral swap is a transaction between the Fund and a counterparty where cash flows are exchanged between the two parties. A centrally cleared swap is a transaction executed between the Fund and a counterparty, then cleared by a clearing member through a central clearinghouse. The central clearinghouse serves as the counterparty, with whom the Fund exchanges cash flows.

The value of a swap is adjusted daily, and the change in value, if any, is recorded as unrealized appreciation or depreciation in the Statement of Assets and Liabilities. Gains or losses are realized when the swap expires or is closed. Certain risks may arise when entering into swap transactions including counterparty default; liquidity; or unfavorable changes in interest rates or the value of the underlying reference security, commodity or index. In connection with bilateral swaps, securities and/or cash may be identified as collateral in accordance with the terms of the swap agreement to provide assets of value and recourse in the event of default. The maximum counterparty credit risk is the net present value of the cash flows to be received from or paid to the counterparty over the term of the swap, to the extent that this amount is beneficial to the Fund, in addition to any related collateral posted to the counterparty by the Fund. This risk may be partially reduced by a master netting arrangement between the Fund and the counterparty. Upon entering into a centrally cleared swap, the Fund is required to deposit with a financial intermediary cash or securities ("initial margin") in an amount equal to a certain percentage of the notional amount of the swap. Subsequent payments ("variation margin") are made or received by the Fund dependent upon the daily fluctuations in the value of the swap. In a centrally cleared swap transaction, counterparty risk is minimized as the central clearinghouse acts as the counterparty.

An upfront payment, if any, made by the Fund is recorded as an asset in the Statement of Assets and Liabilities. An upfront payment, if any, received by the Fund is recorded as a liability in the Statement of Assets and Liabilities. Payments received or made at the end of the measurement period are recorded as realized gain or loss in the Statement of Operations.

Interest rate swaps are agreements in which the Fund agrees to pay to the counterparty a fixed rate payment in exchange for the counterparty agreeing to pay to the Fund a variable rate payment, or the Fund agrees to receive from the counterparty a fixed rate payment in exchange for the counterparty agreeing to receive from the Fund a variable rate payment. The payment obligations are based on the notional amount of the swap. For the six months ended June 30, 2025, the Fund entered into interest rate swap agreements to gain exposure to different parts of the yield curve while managing overall duration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **22** \|  | Deutsche DWS Variable Series II —<br> DWS Global Income Builder VIP <br>|

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------

A summary of the open interest rate swap contracts as of June 30, 2025 is included in a table following the Fund's Investment Portfolio. For the six months ended June 30, 2025, the investment in interest rate swap contracts had a total notional amount generally indicative of a range from $4,350,000 to $5,100,000.

**Futures Contracts.** A futures contract is an agreement between a buyer or seller and an established futures exchange or its clearinghouse in which the buyer or seller agrees to take or make a delivery of a specific amount of a financial instrument at a specified price on a specific date (settlement date). For the six months ended June 30, 2025, the Fund entered into interest rate futures to gain exposure to different parts of the yield curve while managing overall duration. The Fund also entered into interest rate futures contracts for non-hedging purposes to seek to enhance potential gains. In addition, the Fund entered into equity index futures as a means of gaining exposure to the equity asset class without investing directly into such asset class and to manage the risk of stock market volatility.

Upon entering into a futures contract, the Fund is required to deposit with a financial intermediary cash or securities ("initial margin") in an amount equal to a certain percentage of the face value indicated in the futures contract. Subsequent payments ("variation margin") are made or received by the Fund dependent upon the daily fluctuations in the value and are recorded for financial reporting purposes as unrealized gains or losses by the Fund. Gains or losses are realized when the contract expires or is closed. Since all futures contracts are exchange-traded, counterparty risk is minimized as the exchange's clearinghouse acts as the counterparty, and guarantees the futures against default.

Certain risks may arise upon entering into futures contracts, including the risk that an illiquid market will limit the Fund's ability to close out a futures contract prior to the settlement date and the risk that the futures contract is not well correlated with the security, index or currency to which it relates. Risk of loss may exceed amounts recognized in the Statement of Assets and Liabilities.

A summary of the open futures contracts as of June 30, 2025, is included in a table following the Fund's Investment Portfolio. For the six months ended June 30, 2025, the investment in futures contracts purchased had a total notional value generally indicative of a range from approximately $38,794,000 to $75,428,000, and the investment in futures contracts sold had a total notional value generally indicative of a range from approximately $4,048,000 to $9,384,000.

**Forward Foreign Currency Contracts.** A forward foreign currency contract ("forward currency contract") is a commitment to purchase or sell a foreign currency at the settlement date at a negotiated rate. For the six months ended June 30, 2025, the Fund entered into forward currency contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign currency denominated portfolio holdings and for non-hedging purposes to seek to enhance potential gains.

Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and unrealized gain (loss) is recorded daily. On the settlement date of the forward currency contract, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was closed. Certain risks may arise upon entering into forward currency contracts from the potential inability of counterparties to meet the terms of their contracts. The maximum counterparty credit risk to the Fund is measured by the unrealized gain on appreciated contracts. Additionally, when utilizing forward currency contracts to hedge, the Fund gives up the opportunity to profit from favorable exchange rate movements during the term of the contract.

A summary of the open forward currency contracts as of June 30, 2025, is included in the table following the Fund's Investment Portfolio. For the six months ended June 30, 2025, the investment in forward currency contracts short vs. U.S. dollars had a total contract value generally indicative of a range from $0 to approximately $2,935,000, and the investment in forward currency contracts long vs. U.S. dollars had a total contract value generally indicative of a range from approximately $4,491,000 to $8,494,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Global Income Builder VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **23**  |

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The following tables summarize the value of the Fund's derivative instruments held as of June 30, 2025 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

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| | | | |
|:---|:---|:---|:---|
| **Asset Derivatives** | **Forward** <br>**Contracts**<br>| **Futures** <br>**Contracts**<br>| **Total** |
| Equity Contracts (a) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $740109 | &nbsp;&nbsp; $740109 |
| Interest Rate Contracts (a) | &nbsp;&nbsp; — | &nbsp;&nbsp; 23164 | &nbsp;&nbsp; 23164 |
| Foreign Exchange Contracts (b) | &nbsp;&nbsp; 163531 | &nbsp;&nbsp; — | &nbsp;&nbsp; 163531 |
|  | &nbsp;&nbsp; **$163531** | &nbsp;&nbsp; **$763273** | &nbsp;&nbsp; **$926804** |
| Each of the above derivatives is located in the following Statement of Assets and Liabilities accounts: | Each of the above derivatives is located in the following Statement of Assets and Liabilities accounts: | Each of the above derivatives is located in the following Statement of Assets and Liabilities accounts: | Each of the above derivatives is located in the following Statement of Assets and Liabilities accounts: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Futures contracts are reported in the table above using cumulative appreciation of futures contracts, as reported in the futures contracts table following the Fund's Investment Portfolio; within the Statement of Assets and Liabilities, the variation margin at period end is reported as Receivable (Payable) for variation margin on futures contracts.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Unrealized appreciation on forward foreign currency contracts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **Liability Derivatives**  | **Forward** <br>**Contracts**<br>| **Swap** <br>**Contracts**<br>| **Futures** <br>**Contracts**<br>| **Total** |
| Equity Contracts (a) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(33316)<br>| &nbsp;&nbsp; $(33316)<br>|
| Interest Rate Contracts (a) (b) | &nbsp;&nbsp; — | &nbsp;&nbsp; (27228)<br>| &nbsp;&nbsp; (105159)<br>| &nbsp;&nbsp; (132387)<br>|
| Foreign Exchange Contracts (c) | &nbsp;&nbsp; (72940)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (72940)<br>|
|  | &nbsp;&nbsp; **$(72940)**<br>| &nbsp;&nbsp; **$(27228)**<br>| &nbsp;&nbsp; **$(138475)**<br>| &nbsp;&nbsp; **$(238643)**<br>|
| Each of the above derivatives is located in the following Statement of Assets and Liabilities accounts: | Each of the above derivatives is located in the following Statement of Assets and Liabilities accounts: | Each of the above derivatives is located in the following Statement of Assets and Liabilities accounts: | Each of the above derivatives is located in the following Statement of Assets and Liabilities accounts: | Each of the above derivatives is located in the following Statement of Assets and Liabilities accounts: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Futures contracts are reported in the table above using cumulative depreciation of futures contracts, as reported in the futures contracts table following the Fund's Investment Portfolio; within the Statement of Assets and Liabilities, the variation margin at period end is reported as Receivable (Payable) for variation margin on futures contracts.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Includes cumulative depreciation of centrally cleared swap contracts as disclosed in the Investment Portfolio. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Unrealized depreciation on forward foreign currency contracts

Additionally, the amount of unrealized and realized gains and losses on derivative instruments recognized in Fund earnings during the six months ended June 30, 2025 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Realized Gain (Loss)** | **Forward** <br>**Contracts**<br>| **Swap** <br>**Contracts**<br>| **Futures** <br>**Contracts**<br>| **Total** |
| Equity Contracts (a) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1761535)<br>| &nbsp;&nbsp; $(1761535)<br>|
| Interest Rate Contracts (a) | &nbsp;&nbsp; — | &nbsp;&nbsp; (9059)<br>| &nbsp;&nbsp; 169039 | &nbsp;&nbsp; 159980 |
| Foreign Exchange Contracts (a) | &nbsp;&nbsp; 131699 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 131699 |
|  | &nbsp;&nbsp; **$131699** | &nbsp;&nbsp; **$(9059)**<br>| &nbsp;&nbsp; **$(1592496)**<br>| &nbsp;&nbsp; **$(1469856)**<br>|
| Each of the above derivatives is located in the following Statement of Operations accounts: | Each of the above derivatives is located in the following Statement of Operations accounts: | Each of the above derivatives is located in the following Statement of Operations accounts: | Each of the above derivatives is located in the following Statement of Operations accounts: | Each of the above derivatives is located in the following Statement of Operations accounts: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net realized gain (loss) from forward foreign currency contracts, swap contracts and futures, respectively

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **Change in Net Unrealized Appreciation (Depreciation)** | **Forward** <br>**Contracts**<br>| **Swap** <br>**Contracts**<br>| **Futures** <br>**Contracts**<br>| **Total** |
| Equity Contracts (a) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2356128 | &nbsp;&nbsp; $2356128 |
| Interest Rate Contracts (a) | &nbsp;&nbsp; — | &nbsp;&nbsp; 66975 | &nbsp;&nbsp; (149431)<br>| &nbsp;&nbsp; (82456)<br>|
| Foreign Exchange Contracts (a) | &nbsp;&nbsp; 103316 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 103316 |
|  | &nbsp;&nbsp; **$103316** | &nbsp;&nbsp; **$66975** | &nbsp;&nbsp; **$2206697** | &nbsp;&nbsp; **$2376988** |
| Each of the above derivatives is located in the following Statement of Operations accounts: | Each of the above derivatives is located in the following Statement of Operations accounts: | Each of the above derivatives is located in the following Statement of Operations accounts: | Each of the above derivatives is located in the following Statement of Operations accounts: | Each of the above derivatives is located in the following Statement of Operations accounts: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Change in net unrealized appreciation (depreciation) on forward foreign currency contracts, swap and futures contracts, respectively

As of June 30, 2025, the Fund has transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow a Fund to close out and net total exposure to a counterparty in the event of a deterioration in the credit quality or contractual default with respect to all of the transactions with a counterparty. As defined by the master netting agreement, the Fund may have collateral agreements with

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **24** \|  | Deutsche DWS Variable Series II —<br> DWS Global Income Builder VIP <br>|

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certain counterparties to mitigate risk. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by a counterparty, including any collateral exposure, is included in the following tables:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount** <br>**of Assets** <br>**Presented** <br>**in the** <br>**Statement of** <br>**Assets and** <br>**Liabilities**<br>| **Financial** <br>**Instruments** <br>**and** <br>**Derivatives** <br>**Available** <br>**for Offset**<br>| **Collateral** <br>**Received**<br>| **Net Amount** <br>**of Derivative** <br>**Assets**<br>|
| BNP Paribas | $63810 | $— | $— | $63810 |
| Citigroup, Inc. | 19216 | (19216)<br>|  |  |
| Morgan Stanley | 12179 | (12179)<br>|  |  |
| State Street Bank and Trust | 60040 |  |  | 60040 |
| Toronto-Dominion Bank | 8286 | (8286)<br>|  |  |
|  | **$163531** | **$(39681)**<br>| **$**— | **$123850** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount** <br>**of Liabilities** <br>**Presented** <br>**in the** <br>**Statement of** <br>**Assets and** <br>**Liabilities**<br>| **Financial** <br>**Instruments** <br>**and** <br>**Derivatives** <br>**Available** <br>**for Offset**<br>| **Collateral** <br>**Pledged**<br>| **Net Amount** <br>**of Derivative** <br>**Liabilities**<br>|
| Citigroup, Inc. | $33626 | $(19216)<br>| $— | $14410 |
| Morgan Stanley | 26481 | (12179)<br>|  | 14302 |
| Toronto-Dominion Bank | 12833 | (8286)<br>|  | 4547 |
|  | **$72940** | **$(39681)**<br>| **$**— | **$33259** |

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**C.** **Purchases and Sales of Securities**

During the six months ended June 30, 2025, purchases and sales of investment securities, excluding short-term investments, were as follows:

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| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Non-U.S. Treasury Obligations | &nbsp;&nbsp; $80277736 | &nbsp;&nbsp; $69933825 |
| U.S. Treasury Obligations | &nbsp;&nbsp; $1968799 | &nbsp;&nbsp; $18444927 |

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**D.** **Related Parties**

**Management Agreement.** Under the Investment Management Agreement with DWS Investment Management Americas, Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA ("DWS Group"), the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund or delegates such responsibility to the Fund's subadvisor.

Under the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the average daily net assets of the Fund, computed and accrued daily and payable monthly, at the following annual rates:

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| | |
|:---|:---|
| First $250 million of the Fund's average daily net assets | &nbsp;&nbsp; .370% |
| Next $750 million of such net assets | &nbsp;&nbsp; .345% |
| Over $1 billion of such net assets | &nbsp;&nbsp; .310% |

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Accordingly, for the six months ended June 30, 2025, the fee pursuant to the Investment Management Agreement was equivalent to an annualized rate (exclusive of any applicable waivers/reimbursements) of 0.37% of the Fund's average daily net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Global Income Builder VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **25**  |

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For the period from January 1, 2025 through September 30, 2025, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) of Class A at 0.69%.

**Administration Fee.** Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.097% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the six months ended June 30, 2025, the Administration Fee was $52,448, of which $8,809 is unpaid.

**Service Provider Fees.** DWS Service Company ("DSC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and SS&C GIDS, Inc. ("SS&C"), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to SS&C. DSC compensates SS&C out of the shareholder servicing fee it receives from the Fund. For the six months ended June 30, 2025, the amounts charged to the Fund by DSC aggregated $354, of which $129 is unpaid.

**Other Service Fees.** Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the six months ended June 30, 2025, the amount charged to the Fund by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $538, of which $236 is unpaid.

**Trustees' Fees and Expenses.** The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.

**Affiliated Cash Management Vehicles.** The Fund may invest uninvested cash balances in DWS Central Cash Management Government Fund, an affiliated money market fund which is managed by the Advisor. DWS Central Cash Management Government Fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest and seeks to maintain a stable net asset value. The Fund indirectly bears its proportionate share of the expenses of its investment in DWS Central Cash Management Government Fund. DWS Central Cash Management Government Fund does not pay the Advisor an investment management fee.

**E.** **Ownership of the Fund**

At June 30, 2025, two Participating Insurance Companies were owners of record of 10% or more of the total outstanding Class A shares of the Fund, each owning 58% and 12%, respectively.

**F.** **Line of Credit**

The Fund and other affiliated funds (the "Participants") share in a $345 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a daily fluctuating rate per annum equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **26** \|  | Deutsche DWS Variable Series II —<br> DWS Global Income Builder VIP <br>|

---

------

**Advisory Agreement Board Considerations and Fee Evaluation**

The Board of Trustees (hereinafter referred to as the "Board" or "Trustees") approved the renewal of DWS Global Income Builder VIP's (the "Fund") investment management agreement (the "Agreement") with DWS Investment Management Americas, Inc. ("DIMA") in September 2024.

In terms of the process that the Board followed prior to approving the Agreement, shareholders should know that:

—

During the entire process, all of the Fund's Trustees were independent of DIMA and its affiliates (the "Independent Trustees").

—

The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel, including materials containing information on the Fund's performance, fees and expenses, profitability, economies of scale and fall-out benefits.

—

The Board also received extensive information throughout the year regarding performance of the Fund.

—

The Independent Trustees regularly met privately with counsel to discuss contract review and other matters.

—

In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund's distribution agreement, administrative services agreement, transfer agency agreement, and certain other material service agreements.

In connection with the contract review process, the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund. DIMA is part of DWS Group GmbH & Co. KGaA ("DWS Group"). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. DWS Group is majority-owned by Deutsche Bank AG, with approximately 20% of its shares publicly traded.

As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund's performance. In many cases, this led to the negotiation and implementation of expense caps.

While shareholders may focus primarily on fund performance and fees, the Fund's Board considers these and many other factors, including the quality and integrity of DIMA's personnel and administrative support services provided by DIMA, such as back-office operations, fund valuations, and compliance policies and procedures.

**Nature, Quality and Extent of Services.** The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA's approach to addressing such risks. The Board reviewed the Fund's performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied by Morningstar Direct ("Morningstar"), an independent fund data service. The Board also noted that it has put into place a process of identifying "Funds in Review" (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA's plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for the one-, three- and five-year periods ended December 31, 2023, the Fund's performance (Class A shares) was in the 1st quartile, 1st quartile and 2nd quartile, respectively, of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has underperformed its benchmark in the one-, three- and five-year periods ended December 31, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Global Income Builder VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **27**  |

---

------

**Fees and Expenses.** The Board considered the Fund's investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. ("Broadridge") regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.097% fee paid to DIMA under the Fund's administrative services agreement, were lower than the median (1st quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2023). The Board noted that the Fund's Class A shares total (net) operating expenses were expected to be lower than the median (2nd quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2023, and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees). The Board noted that the expense limitation agreed to by DIMA was expected to help the Fund's total (net) operating expenses remain competitive. The Board considered the Fund's management fee rate as compared to fees charged by DIMA to a comparable DWS U.S. registered fund ("DWS Funds") and considered differences between the Fund and the comparable DWS Fund. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors ("DWS Europe Funds") managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA.

**Profitability.** The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs to DIMA, and pre-tax profits realized by DIMA, from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board reviewed DIMA's methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that, while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates' overall profitability with respect to the DWS Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of most comparable firms for which such data was available.

**Economies of Scale.** The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. The Board noted that the Fund's investment management fee schedule includes fee breakpoints. The Board concluded that the Fund's fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

**Other Benefits to DIMA and Its Affiliates.** The Board also considered the character and amount of other incidental or "fall-out" benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund and any fees received by an affiliate of DIMA for transfer agency services provided to the Fund. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities. In addition, the Board considered the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Fund's management fees were reasonable.

**Compliance.** The Board considered the significant attention and resources dedicated by DIMA to its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA's and the Fund's chief compliance officers; (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel; and (iii) ongoing efforts to enhance the compliance program.

Based on all of the information considered and the conclusions reached, the Board determined that the continuation of the Agreement is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above and individual Independent Trustees may

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **28** \|  | Deutsche DWS Variable Series II —<br> DWS Global Income Builder VIP <br>|

---

------

have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement. The Board considered these factors over the course of numerous meetings, certain of which

were in executive session with only the Independent Trustees and counsel present.

VS2GIB-BFE2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Global Income Builder VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **29**  |

---

------

![](imgd6220f501.jpg)

VS2GIB-NCSRS

------

June 30, 2025

**Semiannual Financial Statements and Other Information**

Deutsche DWS Variable Series II

**DWS Government Money Market VIP**

![](img219d2ab31.jpg)

------

**Contents** 

---

| | |
|:---|:---|
| **3** | [Investment Portfolio](#xx_5359a0d4-3d72-4117-ba7b-229b11c6f65e_SOI-CC-Financial-RunningFooter-345_1) |
| **6** | [Statement of Assets and Liabilities](#xx_5359a0d4-3d72-4117-ba7b-229b11c6f65e_FS-CC-Financial-RunningFooter-345_1) |
| **6** | [Statement of Operations](#xx_5359a0d4-3d72-4117-ba7b-229b11c6f65e_FS-CC-Financial-RunningFooter-345_1) |
| **7** | [Statements of Changes in Net Assets](#xx_5359a0d4-3d72-4117-ba7b-229b11c6f65e_FS-CC-Financial-RunningFooter-345_2) |
| **8** | [Financial Highlights](#xx_5359a0d4-3d72-4117-ba7b-229b11c6f65e_FIHI-CC-Financial-RunningFooter-345_1) |
| **9** | [Notes to Financial Statements](#xx_5359a0d4-3d72-4117-ba7b-229b11c6f65e_NTF-CC-Financial-RunningFooter-345_1) |
| **12** | [Advisory Agreement Board Considerations and Fee Evaluation](#xx_5359a0d4-3d72-4117-ba7b-229b11c6f65e_AABCF-CC-Financial-RunningFooter-345_1) |

---

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

DWS Distributors, Inc., 222 South Riverside Plaza, Chicago, IL 60606, (800) 621-1148

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **2** \|  | Deutsche DWS Variable Series II —<br> DWS Government Money Market VIP <br>|

---

------

**Investment Portfolioas of June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal** <br>**Amount ($)** | **Value ($)** |
| **Government & Agency Obligations 37.1%** | **Government & Agency Obligations 37.1%** | **Government & Agency Obligations 37.1%** |
| **U.S. Government Sponsored Agencies 11.9%** | **U.S. Government Sponsored Agencies 11.9%** | **U.S. Government Sponsored Agencies 11.9%** |
| Federal Farm Credit Banks <br> Funding Corp.:<br>|  |  |
| 1 day USD SOFR + 0.1%, <br> Series 1, 4.49% (a), <br> 5/27/2027<br>| 500000 | &nbsp;&nbsp; 500000 |
| 1 day USD SOFR + <br> 0.13%, 4.52% (a), <br> 2/3/2027<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| 1 day USD SOFR + <br> 0.135%, 4.525% (a), <br> 1/8/2027<br>| 1500000 | &nbsp;&nbsp; 1500000 |
| 1 day USD SOFR + <br> 0.14%, 4.53% (a), <br> 8/26/2026<br>| 500000 | &nbsp;&nbsp; 500000 |
| 1 day USD SOFR + <br> 0.145%, 4.535% (a), <br> 7/25/2025<br>| 500000 | &nbsp;&nbsp; 500000 |
| Federal Home Loan Banks: |  |  |
| 4.125%, 6/18/2026 | 1000000 | &nbsp;&nbsp; 998808 |
| 4.41%, 4/15/2026 | 5000000 | &nbsp;&nbsp; 5000000 |
| 1 day USD SOFR + <br> 0.025%, 4.415% (a), <br> 12/15/2025<br>| 1500000 | &nbsp;&nbsp; 1500000 |
| 1 day USD SOFR + <br> 0.025%, 4.415% (a), <br> 2/13/2026<br>| 1250000 | &nbsp;&nbsp; 1250000 |
| 1 day USD SOFR + <br> 0.03%, 4.42% (a), <br> 2/18/2026<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| 1 day USD SOFR + <br> 0.03%, 4.42% (a), <br> 3/3/2026<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| 1 day USD SOFR + <br> 0.12%, Series 1, 4.51% <br> (a), 4/9/2027<br>| 500000 | &nbsp;&nbsp; 500000 |
| 1 day USD SOFR + <br> 0.17%, 4.56% (a), <br> 8/20/2026<br>| 675000 | &nbsp;&nbsp; 675000 |
| 1 day USD SOFR + <br> 0.19%, 4.58% (a), <br> 10/29/2026<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Federal Home Loan <br> Mortgage Corp.:<br>|  |  |
| 1 day USD SOFR + 0.1%, <br> 4.49% (a), 2/9/2026<br>| 1500000 | &nbsp;&nbsp; 1500000 |
| 1 day USD SOFR + <br> 0.14%, 4.53% (a), <br> 9/4/2026<br>| 300000 | &nbsp;&nbsp; 300000 |
| Federal National <br> Mortgage Association:<br>|  |  |
| 1 day USD SOFR + 0.1%, <br> 4.49% (a), 6/18/2026<br>| 750000 | &nbsp;&nbsp; 750000 |
| 1 day USD SOFR + <br> 0.135%, 4.525% (a), <br> 8/21/2026<br>| 1250000 | &nbsp;&nbsp; 1250000 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($)** | **Value ($)** |
| 1 day USD SOFR + <br> 0.14%, 4.53% (a), <br> 9/11/2026<br>| 2125000 | &nbsp;&nbsp; 2125000 |
| 1 day USD SOFR + <br> 0.14%, 4.53% (a), <br> 10/23/2026<br>| 500000 | &nbsp;&nbsp; 500000 |
| 1 day USD SOFR + <br> 0.14%, 4.53% (a), <br> 12/11/2026<br>| 1000000 | &nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp; **24348808** |
| **U.S. Treasury Obligations 25.2%** | **U.S. Treasury Obligations 25.2%** | **U.S. Treasury Obligations 25.2%** |
| U.S. Treasury Bills: |  |  |
| 3.975% (b), 5/14/2026 | 1000000 | &nbsp;&nbsp; 965478 |
| 4.056% (b), 1/22/2026 | 1000000 | &nbsp;&nbsp; 977222 |
| 4.056% (b), 2/19/2026 | 1000000 | &nbsp;&nbsp; 974111 |
| 4.066% (b), 7/10/2025 | 1000000 | &nbsp;&nbsp; 998998 |
| 4.089% (b), 10/30/2025 | 1750000 | &nbsp;&nbsp; 1726281 |
| 4.107% (b), 10/2/2025 | 1500000 | &nbsp;&nbsp; 1484302 |
| 4.109% (b), 10/16/2025 | 2500000 | &nbsp;&nbsp; 2469884 |
| 4.154% (b), 11/6/2025 | 2250000 | &nbsp;&nbsp; 2217220 |
| 4.157% (b), 10/30/2025 | 500000 | &nbsp;&nbsp; 493109 |
| 4.178% (b), 7/10/2025 | 3000000 | &nbsp;&nbsp; 2996909 |
| 4.255% (b), 7/1/2025 | 4000000 | &nbsp;&nbsp; 4000000 |
| 4.26% (b), 7/29/2025 | 3000000 | &nbsp;&nbsp; 2990197 |
| 4.28% (b), 10/2/2025 | 1000000 | &nbsp;&nbsp; 989094 |
| 4.295% (b), 9/16/2025 | 2500000 | &nbsp;&nbsp; 2477349 |
| U.S. Treasury Floating <br> Rate Notes:<br>|  |  |
| 3 mo. Treasury money <br> market yield + 0.125%, <br> 4.406% (a), 7/31/2025<br>| 10000000 | &nbsp;&nbsp; 10000102 |
| 3 mo. Treasury money <br> market yield + 0.17%, <br> 4.451% (a), 10/31/2025<br>| 10000000 | &nbsp;&nbsp; 10001522 |
| 3 mo. Treasury money <br> market yield + 0.245%, <br> 4.526% (a), 1/31/2026<br>| 6000000 | &nbsp;&nbsp; 6006462 |
|  |  | &nbsp;&nbsp; **51768240** |
| **Total Government & Agency Obligations** <br> (Cost $76,117,048) | **Total Government & Agency Obligations** <br> (Cost $76,117,048) | &nbsp;&nbsp; **76117048** |
| **Repurchase Agreements 62.8%** | **Repurchase Agreements 62.8%** | **Repurchase Agreements 62.8%** |
| Citigroup Global Markets, <br> Inc., 4.38%, dated <br> 6/30/2025, to be <br> repurchased at <br> $24,502,981 on <br> 7/1/2025 (c)<br>| 24500000 | &nbsp;&nbsp; 24500000 |
| JPMorgan Securities, Inc., <br> 4.4%, dated 6/30/2025, to <br> be repurchased at <br> $27,803,398 on <br> 7/1/2025 (d)<br>| 27800000 | &nbsp;&nbsp; 27800000 |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Government Money Market VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **3**  |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($)** | **Value ($)** |
| Royal Bank of Canada: |  |  |
| 4.38%, dated 6/30/2025, <br> to be repurchased at <br> $24,903,030 on <br> 7/1/2025 (e)<br>| 24900000 | &nbsp;&nbsp; 24900000 |
| 4.39%, dated 6/30/2025, <br> to be repurchased at <br> $2,400,293 on <br> 7/1/2025 (f)<br>| 2400000 | &nbsp;&nbsp; 2400000 |
| Wells Fargo Bank: |  |  |
| 4.39%, dated 6/30/2025, <br> to be repurchased at <br> $24,302,963 on <br> 7/1/2025 (g)<br>| 24300000 | &nbsp;&nbsp; 24300000 |
| 4.4%, dated 6/30/2025, to <br> be repurchased at <br> $25,003,056 on <br> 7/1/2025 (h)<br>| 25000000 | &nbsp;&nbsp; 25000000 |
| **Total Repurchase Agreements** <br> (Cost $128,900,000) | **Total Repurchase Agreements** <br> (Cost $128,900,000) | &nbsp;&nbsp; **128900000** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **% of Net** <br>**Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** <br> (Cost $205,017,048)<br>| 99.9 | &nbsp;&nbsp; **205017048** |
| **Other Assets and** <br> **Liabilities, Net**<br>| 0.1 | &nbsp;&nbsp; **139427** |
| **Net Assets** | 100.0 | &nbsp;&nbsp; **205156475** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Floating rate security. These securities are shown at their current rate as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Annualized yield at time of purchase; not a coupon rate.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Collateralized by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Amount ($)**<br>| **Security** | **Rate (%)** | **Maturity Date** | **Collateral** <br>**Value ($)**<br>|
| 24905500 | U.S. Treasury Notes | 3.625–4.25 | 1/31/2026–5/31/2028 | 24990020 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(d) Collateralized by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Amount ($)**<br>| **Security** | **Rate (%)** | **Maturity Date** | **Collateral** <br>**Value ($)**<br>|
| 28253032 | Federal National Mortgage Association | 3.89–5.5 | 1/1/2029–11/1/2053 | 28356001 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(e) Collateralized by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Amount ($)**<br>| **Security** | **Rate (%)** | **Maturity Date** | **Collateral** <br>**Value ($)**<br>|
| 3684800 | U.S. Treasury Bonds | 1.375–4.625 | 11/15/2040–2/15/2055 | 2342887 |
| 11129500 | U.S. Treasury Notes | 0.375–4.625 | 2/28/2026–6/30/2031 | 11245726 |
| 3704200 | U.S. Treasury Strips | Zero Coupon | 11/15/2043–8/15/2050 | 1308471 |
| 9017400 | U.S. Treasury Inflation Index Bonds | 0.75–2.5 | 1/15/2029–2/15/2054 | 9287961 |
| 995700 | U.S. Treasury Inflation Index Notes | 0.125–1.25 | 4/15/2027–7/15/2030 | 1216064 |
| **Total Collateral Value** | **Total Collateral Value** | **Total Collateral Value** | **Total Collateral Value** | **25401109** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(f) Collateralized by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Amount ($)**<br>| **Security** | **Rate (%)** | **Maturity Date** | **Collateral** <br>**Value ($)**<br>|
| 497788 | Federal Home Loan Mortgage Corporation | 2.0–7.0 | 3/1/2039–1/1/2055 | 495787 |
| 2324496 | Federal National Mortgage Association | 2.5–6.0 | 10/1/2038–9/1/2054 | 1948952 |
| 3500 | U.S. Treasury Inflation Index Notes | 1.625 | 4/15/2030 | 3560 |
| **Total Collateral Value** | **Total Collateral Value** | **Total Collateral Value** | **Total Collateral Value** | **2448299** |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **4** \|  | Deutsche DWS Variable Series II —<br> DWS Government Money Market VIP <br>|

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(g) Collateralized by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Amount ($)**<br>| **Security** | **Rate (%)** | **Maturity Date** | **Collateral** <br>**Value ($)**<br>|
| 29586829 | U.S. Treasury Bonds | 1.875–6.875 | 8/15/2025–5/15/2054 | 24782890 |
| 3174 | U.S. Treasury Notes | 2.875 | 5/15/2028 | 3112 |
| **Total Collateral Value** | **Total Collateral Value** | **Total Collateral Value** | **Total Collateral Value** | **24786002** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(h) Collateralized by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Amount ($)**<br>| **Security** | **Rate (%)** | **Maturity Date** | **Collateral** <br>**Value ($)**<br>|
| 25875666 | Federal Home Loan Mortgage Corporation | 1.5–7.0 | 5/1/2027–7/1/2055 | 25500000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SOFR: Secured Overnight Financing Rate <br> STRIPS: Separate Trading of Registered Interest and Principal Securities

**Fair Value Measurements**

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Securities held by the Fund are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.

The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments in Securities (a) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $76117048 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $76117048 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 128900000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 128900000 |
| **Total** | &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$205017048** | &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$205017048** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) See Investment Portfolio for additional detailed categorizations.

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Government Money Market VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **5**  |

---

------

**Statement of** 

**Assets and Liabilities**

**Statement of Operations**

as of June 30, 2025 (Unaudited)

------

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, valued at <br> amortized cost<br>| $76117048 |
| Repurchase agreements, valued at amortized <br> cost<br>| 128900000 |
| Cash | 87203 |
| Receivable for Fund shares sold | 143334 |
| Interest receivable | 376815 |
| Other assets | 1640 |
| Total assets | 205626040 |
| **Liabilities** |  |
| Payable for Fund shares redeemed | 34611 |
| Distributions payable | 310580 |
| Accrued management fee | 39663 |
| Accrued Trustees' fees | 1535 |
| Other accrued expenses and payables | 83176 |
| Total liabilities | 469565 |
| **Net assets, at value** | **$205156475** |
| **Net Assets Consist of** |  |
| Distributable earnings (loss) | 42573 |
| Paid-in capital | 205113902 |
| **Net assets, at value** | **$205156475** |
| **Net Asset Value** |  |
| **Class A** |  |
| **Net Asset Value,** offering and redemption price <br> per share ($205,156,475 ÷ 205,178,882 <br> outstanding shares of beneficial interest, <br> no par value, unlimited number of <br> shares authorized)<br>| **$1.00** |

---

for the six months ended June 30, 2025 (Unaudited)

------

---

| | |
|:---|:---|
| **Investment Income** |  |
| Income: |  |
| Interest | $4653577 |
| Expenses: |  |
| Management fee | 248905 |
| Administration fee | 102739 |
| Services to shareholders | 1599 |
| Custodian fee | 5449 |
| Professional fees | 27074 |
| Reports to shareholders | 24141 |
| Trustees' fees and expenses | 4979 |
| Other | 28528 |
| Total expenses | 443414 |
| **Net investment income** | **4210163** |
| **Net realized gain (loss) from investments** | **12012** |
| **Net increase (decrease) in net assets resulting** <br> **from operations**<br>| **$4222175** |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **6** \|  | Deutsche DWS Variable Series II —<br> DWS Government Money Market VIP <br>|

---

------

**Statements of Changes in Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **December 31,**<br>|
| **Increase (Decrease) in Net Assets** | <br>**(Unaudited)** | **2024** |
| Operations: |  |  |
| Net investment income | $4210163 | $9952221 |
| Net realized gain (loss) | 12012 | 21770 |
| Net increase (decrease) in net assets resulting from operations | 4222175 | 9973991 |
| Distributions to shareholders: |  |  |
| Class A | (4210119)<br>| (9952265)<br>|
| Fund share transactions: |  |  |
| **Class A** |  |  |
| Proceeds from shares sold | 64374161 | 138287449 |
| Reinvestment of distributions | 4268717 | 9999653 |
| Payments for shares redeemed | (77999987)<br>| (219672004)<br>|
| Net increase (decrease) in net assets from Class A share transactions | (9357109)<br>| (71384902)<br>|
| **Increase (decrease) in net assets** | (9345053)<br>| (71363176)<br>|
| Net assets at beginning of period | 214501528 | 285864704 |
| **Net assets at end of period** | **$205156475** | **$214501528** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Other Information** |  |  |
| **Class A** |  |  |
| Shares outstanding at beginning of period | 214535991 | 285920893 |
| Shares sold | 64374161 | 138287449 |
| Shares issued to shareholders in reinvestment of distributions | 4268717 | 9999653 |
| Shares redeemed | (77999987)<br>| (219672004)<br>|
| Net increase (decrease) in Class A shares | (9357109)<br>| (71384902)<br>|
| Shares outstanding at end of period | **205178882** | **214535991** |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Government Money Market VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **7**  |

---

------

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DWS Government Money Market VIP** — **Class A** | **DWS Government Money Market VIP** — **Class A** | **DWS Government Money Market VIP** — **Class A** | **DWS Government Money Market VIP** — **Class A** | **DWS Government Money Market VIP** — **Class A** | **DWS Government Money Market VIP** — **Class A** | **DWS Government Money Market VIP** — **Class A** |
|  | &nbsp;&nbsp; **Six Months** <br>**Ended 6/30/25**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |
| **Net asset value, beginning of period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; .020 | &nbsp;&nbsp; .048 | &nbsp;&nbsp; .047 | &nbsp;&nbsp; .013 | &nbsp;&nbsp; .000 <br><sup>\*</sup><br>| &nbsp;&nbsp; .002 |
| Net realized gain (loss) | &nbsp;&nbsp; .000 <br><sup>\*</sup><br>| &nbsp;&nbsp; .000 <br><sup>\*</sup><br>| &nbsp;&nbsp; .000 <br><sup>\*</sup><br>| &nbsp;&nbsp; (.000 )<sup>\*</sup><br>| &nbsp;&nbsp; (.000 )<sup>\*</sup><br>| &nbsp;&nbsp; .000 <br><sup>\*</sup><br>|
| **Total from investment operations** | &nbsp;&nbsp; .020 | &nbsp;&nbsp; .048 | &nbsp;&nbsp; .047 | &nbsp;&nbsp; .013 | &nbsp;&nbsp; .000 <br><sup>\*</sup><br>| &nbsp;&nbsp; .002 |
| Less distributions from: |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (.020)<br>| &nbsp;&nbsp; (.048)<br>| &nbsp;&nbsp; (.047)<br>| &nbsp;&nbsp; (.013)<br>| &nbsp;&nbsp; (.000 )<sup>\*</sup><br>| &nbsp;&nbsp; (.002)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| Total Return (%) | &nbsp;&nbsp;&nbsp;&nbsp; 1.99 <br><sup>\*\*</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;4.92 | &nbsp;&nbsp;&nbsp;&nbsp;4.75 | &nbsp;&nbsp;&nbsp;&nbsp; 1.29 <br><sup>a</sup><br>| &nbsp;&nbsp; .01 <br><sup>a</sup><br>| &nbsp;&nbsp; .24 <br><sup>a</sup><br>|
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 286 | &nbsp;&nbsp; 187 | &nbsp;&nbsp; 197 | &nbsp;&nbsp; 153 |
| Ratio of expenses before expense reductions (%)<sup>b</sup> <br>| &nbsp;&nbsp; .41 <br><sup>\*\*\*</sup><br>| &nbsp;&nbsp; .40 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; .42 |
| Ratio of expenses after expense reductions (%)<sup>b</sup> <br>| &nbsp;&nbsp; .41 <br><sup>\*\*\*</sup><br>| &nbsp;&nbsp; .40 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; .06 | &nbsp;&nbsp; .23 |
| Ratio of net investment income (%) | &nbsp;&nbsp;&nbsp;&nbsp; 3.99 <br><sup>\*\*\*</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;4.80 | &nbsp;&nbsp;&nbsp;&nbsp;4.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; .20 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>a</sup> | Total return would have been lower had certain expenses not been reduced. |
| <sup>b</sup> | &nbsp;&nbsp; Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life <br> insurance policy or variable annuity contract for which the Fund is an investment option.<br>|
| <sup>\*</sup> | Amount is less than $.0005. |
| <sup>\*\*</sup> | Not annualized |
| <sup>\*\*\*</sup> | Annualized |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **8** \|  | Deutsche DWS Variable Series II —<br> DWS Government Money Market VIP <br>|

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------

**Notes to Financial Statements (Unaudited)**

**A.** **Organization and Significant Accounting Policies**

DWS Government Money Market VIP (the "Fund") is a diversified series of Deutsche DWS Variable Series II (the "Trust"), which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company organized as a Massachusetts business trust. The Fund is an underlying investment vehicle for variable annuity contracts and variable life insurance policies to be offered by the separate accounts of certain life insurance companies ("Participating Insurance Companies").

The Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") which require the use of management estimates. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements.

**Operating Segment.** The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 impacts financial statement disclosures only and does not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President and Chief Executive Officer, acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net asset (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and results of operations and significant segment expenses are listed on the accompanying Statement of Operations.

**Security Valuation.** Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The Fund values all securities utilizing the amortized cost method permitted in accordance with Rule 2a-7 under the 1940 Act and certain conditions therein. Under this method, which does not take into account unrealized capital gains or losses on securities, an instrument is initially valued at its cost and thereafter assumes a constant accretion/ amortization rate to maturity of any discount or premium. Securities held by the Fund are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.

Disclosure about the classification of fair value measurements is included in a table following the Fund's Investment Portfolio.

**Repurchase Agreements.** The Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, with certain banks and broker/dealers whereby the Fund, through its custodian or a sub-custodian bank, receives delivery of the underlying securities, the amount of which at the time of purchase and each subsequent business day is required to be maintained at such a level that the market value is equal to at least the principal amount of the repurchase price plus accrued interest. The custodian bank or another designated sub-custodian bank holds the collateral in a separate account until the agreement matures. If the value of the securities falls below the principal amount of the repurchase agreement plus accrued interest, the financial institution deposits additional collateral by the following business day. If the financial institution either fails to deposit the required additional collateral or fails to repurchase the securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Government Money Market VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **9**  |

---

------

as agreed, the Fund has the right to sell the securities and recover any resulting loss from the financial institution. If the financial institution enters into bankruptcy, the Fund's claim on the collateral may be subject to legal proceedings.

As of June 30, 2025, the Fund held repurchase agreements with a gross value of $128,900,000. The value of the related collateral exceeded the value of the repurchase agreements at period end. The detail of the related collateral is included in the footnotes following the Fund's Investment Portfolio.

**Tax Information.** The Fund is treated as a separate taxpayer as provided for in the Internal Revenue Code of 1986, as amended (the "Code"). It is the Fund's policy to comply with the requirements of the Code, which are applicable to regulated investment companies, and to distribute all of its taxable income to the separate accounts of the Participating Insurance Companies which hold its shares.

At June 30, 2025, the Fund had an aggregate cost of investments for federal income tax purposes of $205,017,048.

The Fund files tax returns with the Internal Revenue Service, the State of New York, and various other states. Each of the tax years in the four-year period ended December 31, 2024, remains subject to examination by taxing authorities.

**Distribution of Income and Gains.** Net investment income of the Fund is declared as a daily dividend and is distributed to shareholders monthly. The Fund may take into account capital gains and losses in its daily dividend declarations. The Fund may also make additional distributions for tax purposes if necessary.

Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to paid-in capital. Temporary book and tax basis differences will reverse in a subsequent period. There were no significant book-to-tax differences for the Fund.

The tax character of current year distributions will be determined at the end of the current fiscal year.

**Expenses.** Expenses of the Trust arising in connection with a specific fund are allocated to that fund. Other Trust expenses which cannot be directly attributed to a fund are apportioned among the funds in the Trust based upon the relative net assets or other appropriate measures.

**Contingencies.** In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.

**Other.** Investment transactions are accounted for on trade date. Interest income is recorded on the accrual basis. Realized gains and losses from investment transactions are recorded on an identified cost basis. All premiums and discounts are amortized/accreted for both tax and financial reporting purposes.

**B.** **Related Parties**

**Management Agreement.** Under the Investment Management Agreement with DWS Investment Management Americas, Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA ("DWS Group"), the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund.

Under the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the average daily net assets of the Fund, computed and accrued daily and payable monthly, at the following annual rates:

---

| | |
|:---|:---|
| First $500 million of the Fund's average daily net assets | &nbsp;&nbsp; .235% |
| Next $500 million of such net assets | &nbsp;&nbsp; .220% |
| Next $1.0 billion of such net assets | &nbsp;&nbsp; .205% |
| Over $2.0 billion of such net assets | &nbsp;&nbsp; .190% |

---

Accordingly, for the six months ended June 30, 2025, the fee pursuant to the Investment Management Agreement was equivalent to an annualized rate (exclusive of any applicable waivers/reimbursements) of 0.235% of the Fund's average daily net assets.

For the period from January 1, 2025 through September 30, 2025, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **10** \|  | Deutsche DWS Variable Series II —<br> DWS Government Money Market VIP <br>|

---

------

annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of Class A at 0.51%.

**Administration Fee.** Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.097% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the six months ended June 30, 2025, the Administration Fee was $102,739, of which $16,372 is unpaid.

**Service Provider Fees.** DWS Service Company ("DSC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and SS&C GIDS, Inc. ("SS&C"), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to SS&C. DSC compensates SS&C out of the shareholder servicing fee it receives from the Fund. For the six months ended June 30, 2025, the amounts charged to the Fund by DSC aggregated $1,283, of which $415 is unpaid.

**Other Service Fees.** Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the six months ended June 30, 2025, the amount charged to the Fund by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $388, of which $236 is unpaid.

**Trustees' Fees and Expenses.** The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.

**C.** **Ownership of the Fund**

At June 30, 2025, one Participating Insurance Company was owner of record of 10% or more of the total outstanding Class A shares of the Fund, owning 66%.

**D.** **Line of Credit**

The Fund and other affiliated funds (the "Participants") share in a $345 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a daily fluctuating rate per annum equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at June 30, 2025.

**E.** **Money Market Fund Investments and Yield**

Rising interest rates could cause the value of the Fund's investments — and therefore its share price as well — to decline. A rising interest rate environment may cause investors to move out of fixed-income securities and related markets on a large scale, which could adversely affect the price and liquidity of such securities and could also result in increased redemptions from the Fund. Increased redemptions from the Fund may force the Fund to sell investments at a time when it is not advantageous to do so, which could result in losses. A sharp rise in interest rates could cause the value of the Fund's investments to decline and impair the Fund's ability to maintain a stable $1.00 share price. Conversely, any decline in interest rates is likely to cause the Fund's yield to decline, and during periods of unusually low or negative interest rates, the Fund's yield may approach or fall below zero. A low or negative interest rate environment may prevent the Fund from providing a positive yield or paying Fund expenses out of current income and, at times, could impair the Fund's ability to maintain a stable $1.00 share price. Over time, the total return of a money market fund may not keep pace with inflation, which could result in a net loss of purchasing power for long-term investors. Interest rates can change in response to the supply and demand for credit, government and/or central bank monetary policy and action, inflation rates, and other factors. Recent and potential future changes in monetary policy made by central banks or governments are likely to affect the level of interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and potential illiquidity and may detract from Fund performance to the extent the Fund is exposed to such interest rates and/or volatility. Money market funds try to minimize interest rate risk by purchasing short-term securities. If there is an insufficient supply of U.S. government securities to meet investor demand, it could result in lower yields on such securities and increase interest rate risk for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Government Money Market VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **11**  |

---

------

**Advisory Agreement Board Considerations and Fee Evaluation**

The Board of Trustees (hereinafter referred to as the "Board" or "Trustees") approved the renewal of DWS Government Money Market VIP's (the "Fund") investment management agreement (the "Agreement") with DWS Investment Management Americas, Inc. ("DIMA") in September 2024.

In terms of the process that the Board followed prior to approving the Agreement, shareholders should know that:

—

During the entire process, all of the Fund's Trustees were independent of DIMA and its affiliates (the "Independent Trustees").

—

The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel, including materials containing information on the Fund's performance, fees and expenses, profitability, economies of scale and fall-out benefits.

—

The Board also received extensive information throughout the year regarding performance of the Fund.

—

The Independent Trustees regularly met privately with counsel to discuss contract review and other matters.

—

In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund's distribution agreement, administrative services agreement, transfer agency agreement, and certain other material service agreements.

In connection with the contract review process, the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund. DIMA is part of DWS Group GmbH & Co. KGaA ("DWS Group"). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. DWS Group is majority-owned by Deutsche Bank AG, with approximately 20% of its shares publicly traded.

As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund's performance. In many cases, this led to the negotiation and implementation of expense caps.

While shareholders may focus primarily on fund performance and fees, the Fund's Board considers these and many other factors, including the quality and integrity of DIMA's personnel and administrative support services provided by DIMA, such as back-office operations, fund valuations, and compliance policies and procedures.

**Nature, Quality and Extent of Services.** The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA's approach to addressing such risks. The Board reviewed the Fund's performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including a peer universe compiled using information supplied by iMoneyNet, an independent fund data service. The Board also noted that it has put into place a process of identifying "Funds in Review" (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA's plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for the one- and three-year periods ended December 31, 2023, the Fund's gross performance (Class A shares) was in the 2nd quartile and 3rd quartile, respectively, of the applicable iMoneyNet universe (the 1st quartile being the best performers and the 4th quartile being the worst performers).

**Fees and Expenses.** The Board considered the Fund's investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **12** \|  | Deutsche DWS Variable Series II —<br> DWS Government Money Market VIP <br>|

---

------

Inc. ("Broadridge") regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.097% fee paid to DIMA under the Fund's administrative services agreement, were equal to the median (2nd quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2023). Based on Broadridge data provided as of December 31, 2023, the Board noted that the Fund's Class A shares total operating expenses were higher than the median (4th quartile) of the applicable Broadridge expense universe (less any applicable 12b-1 fees). The Board noted the expense limitation agreed to by DIMA. The Board also noted the voluntary fee waivers implemented by DIMA from time to time in recent years to ensure the Fund maintained a positive yield. The Board considered the Fund's management fee rate as compared to fees charged by DIMA to comparable DWS U.S. registered funds ("DWS Funds") and considered differences between the Fund and the comparable DWS Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors ("DWS Europe Funds") managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA.

**Profitability.** The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs to DIMA, and pre-tax profits realized by DIMA, from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board reviewed DIMA's methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that, while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates' overall profitability with respect to the DWS Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of most comparable firms for which such data was available.

**Economies of Scale.** The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. The Board noted that the Fund's investment management fee schedule includes fee breakpoints. The Board concluded that the Fund's fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

**Other Benefits to DIMA and Its Affiliates.** The Board also considered the character and amount of other incidental or "fall-out" benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund and any fees received by an affiliate of DIMA for transfer agency services provided to the Fund. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities. In addition, the Board considered the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Fund's management fees were reasonable.

**Compliance.** The Board considered the significant attention and resources dedicated by DIMA to its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA's and the Fund's chief compliance officers; (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel; and (iii) ongoing efforts to enhance the compliance program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Government Money Market VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **13**  |

---

------

Based on all of the information considered and the conclusions reached, the Board determined that the continuation of the Agreement is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above and individual Independent Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement. The Board considered these factors over the course of numerous meetings, certain of which

were in executive session with only the Independent Trustees and counsel present.

VS2GMM-BFE2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **14** \|  | Deutsche DWS Variable Series II —<br> DWS Government Money Market VIP <br>|

---

------

![](img219d2ab31.jpg)

VS2GMM-NCSRS

------

June 30, 2025

**Semiannual Financial Statements and Other Information**

Deutsche DWS Variable Series II

**DWS High Income VIP**

![](img5e5f68b01.jpg)

------

**Contents** 

---

| | |
|:---|:---|
| **3** | [Investment Portfolio](#xx_a9f3baf4-6616-42e4-9848-0c66a93011db_SOI-CC-Financial-RunningFooter-346_1) |
| **10** | [Statement of Assets and Liabilities](#xx_a9f3baf4-6616-42e4-9848-0c66a93011db_FS-CC-Financial-RunningFooter-346_1) |
| **11** | [Statement of Operations](#xx_a9f3baf4-6616-42e4-9848-0c66a93011db_FS-CC-Financial-RunningFooter-346_2) |
| **12** | [Statements of Changes in Net Assets](#xx_a9f3baf4-6616-42e4-9848-0c66a93011db_FS-CC-Financial-RunningFooter-346_3) |
| **13** | [Financial Highlights](#xx_a9f3baf4-6616-42e4-9848-0c66a93011db_FIHI-CC-Financial-RunningFooter-346_1) |
| **14** | [Notes to Financial Statements](#xx_a9f3baf4-6616-42e4-9848-0c66a93011db_NTF-CC-Financial-RunningFooter-346_1) |
| **21** | [Advisory Agreement Board Considerations and Fee Evaluation](#xx_a9f3baf4-6616-42e4-9848-0c66a93011db_AABCF-CC-Financial-RunningFooter-346_1) |

---

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

DWS Distributors, Inc., 222 South Riverside Plaza, Chicago, IL 60606, (800) 621-1148

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **2** \|  | Deutsche DWS Variable Series II —<br> DWS High Income VIP <br>|

---

------

**Investment Portfolioas of June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal** <br>**Amount ($)(a)** | &nbsp;&nbsp; **Principal** <br>**Amount ($)(a)** | **Value ($)** |
| **Corporate Bonds 89.4%** | **Corporate Bonds 89.4%** | **Corporate Bonds 89.4%** |  |
| **Communication Services 15.4%** | **Communication Services 15.4%** | **Communication Services 15.4%** |  |
| Altice France SA: |  |  |  |
| REG S, 3.375%, 1/15/2028 | EUR | 100000 | &nbsp;&nbsp; 98712 |
| 144A, 5.5%, 1/15/2028 |  | 200000 | &nbsp;&nbsp; 168318 |
| AMC Networks, Inc., 144A, <br> 10.5%, 7/15/2032 (b)<br>|  | 125000 | &nbsp;&nbsp; 126655 |
| Arches Buyer, Inc., 144A, <br> 6.125%, 12/1/2028<br>|  | 95000 | &nbsp;&nbsp; 87373 |
| CCO Holdings LLC: |  |  |  |
| 144A, 4.5%, 8/15/2030 |  | 105000 | &nbsp;&nbsp; 100105 |
| 144A, 5.375%, 6/1/2029 |  | 570000 | &nbsp;&nbsp; 567916 |
| Clear Channel Outdoor <br> Holdings, Inc.:<br>|  |  |  |
| 144A, 7.75%, 4/15/2028 (c) |  | 100000 | &nbsp;&nbsp; 94500 |
| 144A, 7.875%, 4/1/2030 |  | 80000 | &nbsp;&nbsp; 82579 |
| CommScope LLC, 144A, <br> 4.75%, 9/1/2029<br>|  | 60000 | &nbsp;&nbsp; 58577 |
| CommScope Technologies <br> LLC, 144A, 5.0%, 3/15/2027<br>|  | 75000 | &nbsp;&nbsp; 73047 |
| Consolidated <br> Communications, Inc., <br> 144A, 6.5%, 10/1/2028<br>|  | 80000 | &nbsp;&nbsp; 81423 |
| CSC Holdings LLC, 144A, <br> 4.125%, 12/1/2030<br>|  | 720000 | &nbsp;&nbsp; 507969 |
| DirecTV Financing LLC: |  |  |  |
| 144A, 5.875%, 8/15/2027 |  | 240000 | &nbsp;&nbsp; 239217 |
| 144A, 8.875%, 2/1/2030 |  | 40000 | &nbsp;&nbsp; 39224 |
| DISH DBS Corp., 144A, <br> 5.75%, 12/1/2028<br>|  | 295000 | &nbsp;&nbsp; 255359 |
| DISH Network Corp., 144A, <br> 11.75%, 11/15/2027<br>|  | 195000 | &nbsp;&nbsp; 201011 |
| EchoStar Corp.: |  |  |  |
| 6.75%, 11/30/2030 PIK (c) |  | 171125 | &nbsp;&nbsp; 156174 |
| 10.75%, 11/30/2029 |  | 140000 | &nbsp;&nbsp; 144200 |
| Hughes Satellite Systems <br> Corp., 6.625%, 8/1/2026<br>|  | 30000 | &nbsp;&nbsp; 21362 |
| iHeartCommunications, Inc., <br> 144A, 4.75%, 1/15/2028 (c)<br>|  | 65000 | &nbsp;&nbsp; 52305 |
| Iliad Holding SASU, 144A, <br> 7.0%, 10/15/2028<br>|  | 200000 | &nbsp;&nbsp; 203655 |
| Level 3 Financing, Inc.: |  |  |  |
| 144A, 4.25%, 7/1/2028 |  | 185000 | &nbsp;&nbsp; 169639 |
| 144A, 4.875%, 6/15/2029 (c) |  | 80000 | &nbsp;&nbsp; 74700 |
| 144A, 6.875%, 6/30/2033 |  | 54000 | &nbsp;&nbsp; 54946 |
| Match Group Holdings II LLC: |  |  |  |
| 144A, 3.625%, 10/1/2031 |  | 140000 | &nbsp;&nbsp; 125264 |
| 144A, 4.625%, 6/1/2028 |  | 135000 | &nbsp;&nbsp; 131736 |
| 144A, 5.0%, 12/15/2027 |  | 150000 | &nbsp;&nbsp; 149177 |
| McGraw-Hill Education, Inc., <br> 144A, 7.375%, 9/1/2031<br>|  | 185000 | &nbsp;&nbsp; 192981 |
| Scripps Escrow II, Inc., 144A, <br> 3.875%, 1/15/2029 (c)<br>|  | 40000 | &nbsp;&nbsp; 34821 |
| TEGNA, Inc.: |  |  |  |
| 4.625%, 3/15/2028 |  | 220000 | &nbsp;&nbsp; 213805 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($)(a)** | &nbsp;&nbsp; **Principal**<br> **Amount ($)(a)** | **Value ($)** |
| 5.0%, 9/15/2029 |  | 90000 | &nbsp;&nbsp; 85967 |
| Telenet Finance Luxembourg <br> Notes SARL, 144A, 5.5%, <br> 3/1/2028<br>|  | 200000 | &nbsp;&nbsp; 197897 |
| Univision <br> Communications, Inc.:<br>|  |  |  |
| 144A, 8.0%, 8/15/2028 |  | 240000 | &nbsp;&nbsp; 243547 |
| 144A, 8.5%, 7/31/2031 |  | 40000 | &nbsp;&nbsp; 40044 |
| Viasat, Inc., 144A, 6.5%, <br> 7/15/2028<br>|  | 95000 | &nbsp;&nbsp; 89784 |
| Virgin Media Secured Finance <br> PLC, 144A, 5.5%, 5/15/2029<br>|  | 345000 | &nbsp;&nbsp; 339336 |
| Virgin Media Vendor Financing <br> Notes IV DAC, 144A, 5.0%, <br> 7/15/2028<br>|  | 200000 | &nbsp;&nbsp; 195797 |
| Vodafone Group PLC, 7.0%, <br> 4/4/2079<br>|  | 265000 | &nbsp;&nbsp; 276486 |
| VZ Vendor Financing II BV, REG <br> S, 2.875%, 1/15/2029<br>| EUR | 100000 | &nbsp;&nbsp; 106914 |
| Warnermedia Holdings, Inc., <br> Series WI, 4.054%, <br> 3/15/2029<br>|  | 90000 | &nbsp;&nbsp; 83814 |
| Windstream Services LLC, <br> 144A, 8.25%, 10/1/2031<br>|  | 148000 | &nbsp;&nbsp; 154998 |
| Zayo Group Holdings, Inc., <br> 144A, 4.0%, 3/1/2027<br>|  | 75000 | &nbsp;&nbsp; 70333 |
| Ziggo BV, 144A, 4.875%, <br> 1/15/2030<br>|  | 200000 | &nbsp;&nbsp; 186805 |
|  |  |  | &nbsp;&nbsp; **6578472** |
| **Consumer Discretionary 11.0%** | **Consumer Discretionary 11.0%** | **Consumer Discretionary 11.0%** |  |
| American Axle & <br> Manufacturing, Inc., 5.0%, <br> 10/1/2029<br>|  | 100000 | &nbsp;&nbsp; 91513 |
| Avis Budget Car Rental LLC, <br> 144A, 8.375%, 6/15/2032<br>|  | 82000 | &nbsp;&nbsp; 85790 |
| Avis Budget Finance PLC, REG <br> S, 7.0%, 2/28/2029<br>| EUR | 120000 | &nbsp;&nbsp; 143474 |
| BCPE Flavor Debt Merger Sub <br> LLC & BCPE Flavor Issuer, <br> Inc., 144A, 9.5%, <br> 7/1/2032 (b)<br>|  | 78000 | &nbsp;&nbsp; 79792 |
| Boyd Gaming Corp., 144A, <br> 4.75%, 6/15/2031<br>|  | 289000 | &nbsp;&nbsp; 276991 |
| Camelot Return Merger Sub, <br> Inc., 144A, 8.75%, 8/1/2028<br>|  | 45000 | &nbsp;&nbsp; 41499 |
| Carnival Corp.: |  |  |  |
| 144A, 5.75%, 3/15/2030 (c) |  | 209000 | &nbsp;&nbsp; 212536 |
| 144A, 5.875%, 6/15/2031 |  | 429000 | &nbsp;&nbsp; 437044 |
| Carvana Co., 144A, 9.0%, <br> 6/1/2031, PIK<br>|  | 164089 | &nbsp;&nbsp; 194379 |
| Champ Acquisition Corp., <br> 144A, 8.375%, 12/1/2031<br>|  | 90000 | &nbsp;&nbsp; 95636 |
| Garrett Motion Holdings, Inc., <br> 144A, 7.75%, 5/31/2032<br>|  | 105000 | &nbsp;&nbsp; 109319 |
| Lithia Motors, Inc., 144A, <br> 4.375%, 1/15/2031<br>|  | 200000 | &nbsp;&nbsp; 190175 |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS High Income VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **3**  |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($)(a)** | &nbsp;&nbsp; **Principal**<br> **Amount ($)(a)** | **Value ($)** |
| Michaels Companies, Inc., <br> 144A, 5.25%, 5/1/2028<br>|  | 80000 | &nbsp;&nbsp; 63960 |
| Midwest Gaming Borrower <br> LLC, 144A, 4.875%, <br> 5/1/2029<br>|  | 205000 | &nbsp;&nbsp; 197470 |
| NCL Corp., Ltd., 144A, 6.75%, <br> 2/1/2032<br>|  | 129000 | &nbsp;&nbsp; 131790 |
| Nissan Motor Acceptance Co. <br> LLC, 144A, 1.85%, <br> 9/16/2026<br>|  | 135000 | &nbsp;&nbsp; 128744 |
| Penn Entertainment, Inc., <br> 144A, 4.125%, 7/1/2029 (c)<br>|  | 45000 | &nbsp;&nbsp; 41697 |
| QXO Building Products, Inc., <br> 144A, 6.75%, 4/30/2032<br>|  | 113000 | &nbsp;&nbsp; 116413 |
| Rakuten Group, Inc.: |  |  |  |
| REG S, 4.25%, Perpetual | EUR | 200000 | &nbsp;&nbsp; 222350 |
| 144A, 5.125%, Perpetual |  | 200000 | &nbsp;&nbsp; 196259 |
| Rivers Enterprise Borrower <br> LLC, 144A, 6.625%, <br> 2/1/2033<br>|  | 161000 | &nbsp;&nbsp; 161208 |
| Specialty Building Products <br> Holdings LLC, 144A, 7.75%, <br> 10/15/2029<br>|  | 56000 | &nbsp;&nbsp; 55034 |
| Staples, Inc.: |  |  |  |
| 144A, 10.75%, 9/1/2029 |  | 196000 | &nbsp;&nbsp; 185499 |
| 144A, 12.75%, 1/15/2030 |  | 25000 | &nbsp;&nbsp; 16544 |
| Tenneco, Inc., 144A, 8.0%, <br> 11/17/2028<br>|  | 80000 | &nbsp;&nbsp; 79112 |
| Travel & Leisure Co., 144A, <br> 6.625%, 7/31/2026<br>|  | 210000 | &nbsp;&nbsp; 212308 |
| Voyager Parent LLC, 144A, <br> 9.25%, 7/1/2032<br>|  | 125000 | &nbsp;&nbsp; 130053 |
| Wayfair LLC, 144A, 7.75%, <br> 9/15/2030<br>|  | 90000 | &nbsp;&nbsp; 90559 |
| Whirlpool Corp., 6.5%, <br> 6/15/2033<br>|  | 129000 | &nbsp;&nbsp; 129413 |
| Wyndham Hotels & Resorts, <br> Inc., 144A, 4.375%, <br> 8/15/2028<br>|  | 465000 | &nbsp;&nbsp; 454893 |
| ZF North America Capital, Inc., <br> 144A, 6.875%, 4/14/2028<br>|  | 150000 | &nbsp;&nbsp; 150454 |
|  |  |  | &nbsp;&nbsp; **4721908** |
| **Consumer Staples 2.0%** | **Consumer Staples 2.0%** | **Consumer Staples 2.0%** |  |
| Fiesta Purchaser, Inc., 144A, <br> 9.625%, 9/15/2032 (c)<br>|  | 42000 | &nbsp;&nbsp; 44317 |
| KeHE Distributors LLC, 144A, <br> 9.0%, 2/15/2029<br>|  | 110000 | &nbsp;&nbsp; 113922 |
| Post Holdings, Inc., 144A, <br> 5.5%, 12/15/2029<br>|  | 125000 | &nbsp;&nbsp; 124427 |
| Simmons Foods, Inc., 144A, <br> 4.625%, 3/1/2029<br>|  | 75000 | &nbsp;&nbsp; 70813 |
| TreeHouse Foods, Inc., 4.0%, <br> 9/1/2028<br>|  | 85000 | &nbsp;&nbsp; 77503 |
| Viking Baked Goods <br> Acquisition Corp., 144A, <br> 8.625%, 11/1/2031<br>|  | 160000 | &nbsp;&nbsp; 156763 |
| Walgreens Boots Alliance, Inc.: |  |  |  |
| 2.125%, 11/20/2026 | EUR | 200000 | &nbsp;&nbsp; 231576 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($)(a)** | **Value ($)** |
| 3.2%, 4/15/2030 | 40000 | &nbsp;&nbsp; 38203 |
|  |  | &nbsp;&nbsp; **857524** |
| **Energy 16.0%** | **Energy 16.0%** |  |
| Aethon United BR LP, 144A, <br> 7.5%, 10/1/2029<br>| 295000 | &nbsp;&nbsp; 309436 |
| Ascent Resources Utica <br> Holdings LLC:<br>|  |  |
| 144A, 6.625%, 10/15/2032 | 166000 | &nbsp;&nbsp; 168945 |
| 144A, 6.625%, 7/15/2033 | 247000 | &nbsp;&nbsp; 250581 |
| Blue Racer Midstream LLC, <br> 144A, 7.25%, 7/15/2032<br>| 165000 | &nbsp;&nbsp; 174843 |
| Buckeye Partners LP: |  |  |
| 144A, 4.5%, 3/1/2028 | 80000 | &nbsp;&nbsp; 78793 |
| 144A, 6.75%, 2/1/2030 | 171000 | &nbsp;&nbsp; 177504 |
| 144A, 6.875%, 7/1/2029 | 130000 | &nbsp;&nbsp; 134683 |
| Civitas Resources, Inc.: |  |  |
| 144A, 8.625%, 11/1/2030 | 40000 | &nbsp;&nbsp; 40610 |
| 144A, 8.75%, 7/1/2031 | 65000 | &nbsp;&nbsp; 65722 |
| 144A, 9.625%, 6/15/2033 | 146000 | &nbsp;&nbsp; 149676 |
| Comstock Resources, Inc., <br> 144A, 6.75%, 3/1/2029<br>| 105000 | &nbsp;&nbsp; 105235 |
| Crescent Energy Finance LLC: |  |  |
| 144A, 7.625%, 4/1/2032 | 145000 | &nbsp;&nbsp; 141578 |
| 144A, 8.375%, 1/15/2034 (b) | 38000 | &nbsp;&nbsp; 38024 |
| Encino Acquisition Partners <br> Holdings LLC, 144A, 8.75%, <br> 5/1/2031<br>| 45000 | &nbsp;&nbsp; 49696 |
| Excelerate Energy LP, 144A, <br> 8.0%, 5/15/2030<br>| 188000 | &nbsp;&nbsp; 198182 |
| Genesis Energy LP: |  |  |
| 8.0%, 5/15/2033 | 65000 | &nbsp;&nbsp; 67959 |
| 8.25%, 1/15/2029 | 210000 | &nbsp;&nbsp; 219595 |
| Global Partners LP: |  |  |
| 144A, 7.125%, 7/1/2033 | 81000 | &nbsp;&nbsp; 82135 |
| 144A, 8.25%, 1/15/2032 | 100000 | &nbsp;&nbsp; 105168 |
| Gulfport Energy Operating <br> Corp., 144A, 6.75%, <br> 9/1/2029<br>| 73000 | &nbsp;&nbsp; 74814 |
| Harvest Midstream I LP: |  |  |
| 144A, 7.5%, 9/1/2028 | 110000 | &nbsp;&nbsp; 111874 |
| 144A, 7.5%, 5/15/2032 | 50000 | &nbsp;&nbsp; 52808 |
| Howard Midstream Energy <br> Partners LLC:<br>|  |  |
| 144A, 7.375%, 7/15/2032 | 110000 | &nbsp;&nbsp; 115687 |
| 144A, 8.875%, 7/15/2028 | 85000 | &nbsp;&nbsp; 89237 |
| Kimmeridge Texas Gas LLC, <br> 144A, 8.5%, 2/15/2030<br>| 120000 | &nbsp;&nbsp; 124193 |
| Kinetik Holdings LP: |  |  |
| 144A, 5.875%, 6/15/2030 | 85000 | &nbsp;&nbsp; 85721 |
| 144A, 6.625%, 12/15/2028 | 61000 | &nbsp;&nbsp; 62390 |
| Kodiak Gas Services LLC, <br> 144A, 7.25%, 2/15/2029<br>| 235000 | &nbsp;&nbsp; 243087 |
| Kraken Oil & Gas Partners <br> LLC, 144A, 7.625%, <br> 8/15/2029<br>| 146000 | &nbsp;&nbsp; 143434 |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **4** \|  | Deutsche DWS Variable Series II —<br> DWS High Income VIP <br>|

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($)(a)** | **Value ($)** |
| Moss Creek Resources <br> Holdings, Inc., 144A, 8.25%, <br> 9/1/2031<br>| 198000 | &nbsp;&nbsp; 192582 |
| NGL Energy Operating LLC: |  |  |
| 144A, 8.125%, 2/15/2029 | 165000 | &nbsp;&nbsp; 166700 |
| 144A, 8.375%, 2/15/2032 | 35000 | &nbsp;&nbsp; 35105 |
| NuStar Logistics LP, 6.375%, <br> 10/1/2030<br>| 370000 | &nbsp;&nbsp; 383416 |
| Seadrill Finance Ltd., 144A, <br> 8.375%, 8/1/2030<br>| 200000 | &nbsp;&nbsp; 203699 |
| SM Energy Co., 144A, 7.0%, <br> 8/1/2032 (c)<br>| 179000 | &nbsp;&nbsp; 176385 |
| Summit Midstream Holdings <br> LLC, 144A, 8.625%, <br> 10/31/2029<br>| 102000 | &nbsp;&nbsp; 104350 |
| Sunoco LP: |  |  |
| 4.5%, 5/15/2029 | 85000 | &nbsp;&nbsp; 82517 |
| 4.5%, 4/30/2030 | 230000 | &nbsp;&nbsp; 221145 |
| 144A, 6.25%, 7/1/2033 | 112000 | &nbsp;&nbsp; 113870 |
| Talos Production, Inc., 144A, <br> 9.375%, 2/1/2031<br>| 80000 | &nbsp;&nbsp; 81677 |
| TGNR Intermediate Holdings <br> LLC, 144A, 5.5%, <br> 10/15/2029<br>| 65000 | &nbsp;&nbsp; 62991 |
| TransMontaigne Partners LLC, <br> 144A, 8.5%, 6/15/2030<br>| 66000 | &nbsp;&nbsp; 68660 |
| Transocean Aquila Ltd., 144A, <br> 8.0%, 9/30/2028<br>| 69308 | &nbsp;&nbsp; 69834 |
| Transocean Titan Financing <br> Ltd., 144A, 8.375%, <br> 2/1/2028<br>| 135714 | &nbsp;&nbsp; 137853 |
| Transocean, Inc., 144A, <br> 8.75%, 2/15/2030<br>| 88000 | &nbsp;&nbsp; 90494 |
| USA Compression Partners LP, <br> 6.875%, 9/1/2027<br>| 195000 | &nbsp;&nbsp; 195392 |
| Venture Global Calcasieu Pass <br> LLC, 144A, 3.875%, <br> 11/1/2033<br>| 80000 | &nbsp;&nbsp; 69958 |
| Venture Global LNG, Inc.: |  |  |
| 144A, 7.0%, 1/15/2030 | 127000 | &nbsp;&nbsp; 128386 |
| 144A, 9.0%, Perpetual | 42000 | &nbsp;&nbsp; 40832 |
| 144A, 9.5%, 2/1/2029 | 105000 | &nbsp;&nbsp; 114385 |
| 144A, 9.875%, 2/1/2032 | 210000 | &nbsp;&nbsp; 226792 |
| Venture Global Plaquemines <br> LNG LLC:<br>|  |  |
| 6.75%, 1/15/2036 (b) | 50000 | &nbsp;&nbsp; 50000 |
| 144A, 7.75%, 5/1/2035 | 145000 | &nbsp;&nbsp; 156951 |
| Vital Energy, Inc., 9.75%, <br> 10/15/2030<br>| 45000 | &nbsp;&nbsp; 40731 |
|  |  | &nbsp;&nbsp; **6876315** |
| **Financials 7.7%** | **Financials 7.7%** |  |
| Acrisure LLC, 144A, 6.75%, <br> 7/1/2032<br>| 139000 | &nbsp;&nbsp; 140970 |
| Alliant Holdings <br> Intermediate LLC:<br>|  |  |
| 144A, 4.25%, 10/15/2027 | 135000 | &nbsp;&nbsp; 132516 |
| 144A, 5.875%, 11/1/2029 | 130000 | &nbsp;&nbsp; 128149 |
| 144A, 6.5%, 10/1/2031 | 99000 | &nbsp;&nbsp; 100841 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($)(a)** | &nbsp;&nbsp; **Principal**<br> **Amount ($)(a)** | **Value ($)** |
| Ardonagh Finco Ltd.: |  |  |  |
| REG S, 6.875%, 2/15/2031 | EUR | 145000 | &nbsp;&nbsp; 175507 |
| 144A, 6.875%, 2/15/2031 | EUR | 100000 | &nbsp;&nbsp; 121040 |
| Burford Capital Global Finance <br> LLC, 144A, 6.25%, <br> 4/15/2028<br>|  | 200000 | &nbsp;&nbsp; 198131 |
| Compass Group Diversified <br> Holdings LLC, 144A, 5.25%, <br> 4/15/2029<br>|  | 90000 | &nbsp;&nbsp; 80784 |
| EZCORP, Inc., 144A, 7.375%, <br> 4/1/2032<br>|  | 210000 | &nbsp;&nbsp; 221048 |
| FirstCash, Inc.: |  |  |  |
| 144A, 4.625%, 9/1/2028 |  | 150000 | &nbsp;&nbsp; 147274 |
| 144A, 6.875%, 3/1/2032 |  | 70000 | &nbsp;&nbsp; 72436 |
| Freedom Mortgage Corp., <br> 144A, 12.0%, 10/1/2028<br>|  | 80000 | &nbsp;&nbsp; 86034 |
| Freedom Mortgage <br> Holdings LLC:<br>|  |  |  |
| 144A, 8.375%, 4/1/2032 |  | 89000 | &nbsp;&nbsp; 89959 |
| 144A, 9.25%, 2/1/2029 |  | 70000 | &nbsp;&nbsp; 72708 |
| goeasy Ltd., 144A, 9.25%, <br> 12/1/2028<br>|  | 155000 | &nbsp;&nbsp; 163993 |
| HUB International Ltd., 144A, <br> 5.625%, 12/1/2029<br>|  | 195000 | &nbsp;&nbsp; 195026 |
| Icahn Enterprises LP: |  |  |  |
| 5.25%, 5/15/2027 |  | 135000 | &nbsp;&nbsp; 130806 |
| 9.75%, 1/15/2029 |  | 55000 | &nbsp;&nbsp; 53429 |
| Nationstar Mortgage Holdings, <br> Inc., 144A, 5.5%, 8/15/2028<br>|  | 140000 | &nbsp;&nbsp; 139079 |
| Navient Corp., 5.0%, <br> 3/15/2027<br>|  | 90000 | &nbsp;&nbsp; 89634 |
| Panther Escrow Issuer LLC, <br> 144A, 7.125%, 6/1/2031<br>|  | 220000 | &nbsp;&nbsp; 228525 |
| Rocket Mortgage LLC, 144A, <br> 4.0%, 10/15/2033<br>|  | 145000 | &nbsp;&nbsp; 129727 |
| Starwood Property Trust, Inc.: |  |  |  |
| 144A, (REIT), <br> 3.625%, 7/15/2026<br>|  | 180000 | &nbsp;&nbsp; 176941 |
| 144A, (REIT), <br> 6.0%, 4/15/2030<br>|  | 140000 | &nbsp;&nbsp; 141602 |
| 144A, (REIT), <br> 6.5%, 10/15/2030<br>|  | 71000 | &nbsp;&nbsp; 73303 |
|  |  |  | &nbsp;&nbsp; **3289462** |
| **Health Care 5.4%** | **Health Care 5.4%** | **Health Care 5.4%** |  |
| 1261229 BC Ltd., 144A, <br> 10.0%, 4/15/2032<br>|  | 200000 | &nbsp;&nbsp; 201754 |
| Acadia Healthcare Co., Inc.: |  |  |  |
| 144A, 5.5%, 7/1/2028 |  | 140000 | &nbsp;&nbsp; 139099 |
| 144A, 7.375%, 3/15/2033 (c) |  | 66000 | &nbsp;&nbsp; 67995 |
| Bausch Health Americas, Inc., <br> 144A, 8.5%, 1/31/2027<br>|  | 80000 | &nbsp;&nbsp; 76200 |
| Bausch Health <br> Companies, Inc.:<br>|  |  |  |
| 144A, 5.0%, 2/15/2029 |  | 50000 | &nbsp;&nbsp; 35000 |
| 144A, 11.0%, 9/30/2028 |  | 140000 | &nbsp;&nbsp; 138600 |
| Charles River Laboratories <br> International, Inc.:<br>|  |  |  |
| 144A, 3.75%, 3/15/2029 |  | 335000 | &nbsp;&nbsp; 314476 |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS High Income VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **5**  |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($)(a)** | **Value ($)** |
| 144A, 4.0%, 3/15/2031 | 80000 | &nbsp;&nbsp; 73304 |
| Community Health <br> Systems, Inc.:<br>|  |  |
| 144A, 4.75%, 2/15/2031 | 115000 | &nbsp;&nbsp; 98312 |
| 144A, 5.25%, 5/15/2030 | 90000 | &nbsp;&nbsp; 79807 |
| 144A, 5.625%, 3/15/2027 | 100000 | &nbsp;&nbsp; 98498 |
| 144A, 6.875%, 4/15/2029 | 100000 | &nbsp;&nbsp; 79735 |
| Embecta Corp., 144A, 5.0%, <br> 2/15/2030<br>| 105000 | &nbsp;&nbsp; 94878 |
| HLF Financing SARL LLC, <br> 144A, 4.875%, 6/1/2029<br>| 155000 | &nbsp;&nbsp; 130331 |
| LifePoint Health, Inc.: |  |  |
| 144A, 5.375%, 1/15/2029 | 45000 | &nbsp;&nbsp; 41942 |
| 144A, 8.375%, 2/15/2032 | 171000 | &nbsp;&nbsp; 182208 |
| Prime Healthcare Services, <br> Inc., 144A, 9.375%, <br> 9/1/2029<br>| 85000 | &nbsp;&nbsp; 84363 |
| Tenet Healthcare Corp., <br> 6.875%, 11/15/2031<br>| 165000 | &nbsp;&nbsp; 177387 |
| Teva Pharmaceutical Finance <br> Co. LLC, 6.15%, 2/1/2036<br>| 190000 | &nbsp;&nbsp; 195340 |
|  |  | &nbsp;&nbsp; **2309229** |
| **Industrials 8.5%** | **Industrials 8.5%** |  |
| Albion Financing 1 SARL, <br> 144A, 7.0%, 5/21/2030<br>| 200000 | &nbsp;&nbsp; 204105 |
| American Airlines, Inc., 144A, <br> 5.5%, 4/20/2026<br>| 91667 | &nbsp;&nbsp; 91456 |
| AmeriTex HoldCo Intermediate <br> LLC, 144A, 10.25%, <br> 10/15/2028<br>| 135000 | &nbsp;&nbsp; 143207 |
| ATS Corp., 144A, 4.125%, <br> 12/15/2028<br>| 220000 | &nbsp;&nbsp; 210364 |
| Enviri Corp., 144A, 5.75%, <br> 7/31/2027<br>| 80000 | &nbsp;&nbsp; 78957 |
| EquipmentShare.com, Inc.: |  |  |
| 144A, 8.0%, 3/15/2033 | 38000 | &nbsp;&nbsp; 39809 |
| 144A, 9.0%, 5/15/2028 | 45000 | &nbsp;&nbsp; 47539 |
| Fortress Transportation & <br> Infrastructure Investors LLC:<br>|  |  |
| 144A, 5.5%, 5/1/2028 | 110000 | &nbsp;&nbsp; 109408 |
| 144A, 7.0%, 5/1/2031 | 110000 | &nbsp;&nbsp; 113898 |
| Herc Holdings, Inc., 144A, <br> 7.0%, 6/15/2030<br>| 422000 | &nbsp;&nbsp; 440719 |
| Hertz Corp., 144A, 4.625%, <br> 12/1/2026<br>| 25000 | &nbsp;&nbsp; 22401 |
| Hillenbrand, Inc., 3.75%, <br> 3/1/2031<br>| 455000 | &nbsp;&nbsp; 407539 |
| Moog, Inc., 144A, 4.25%, <br> 12/15/2027<br>| 380000 | &nbsp;&nbsp; 370999 |
| Roller Bearing Company of <br> America, Inc., 144A, <br> 4.375%, 10/15/2029<br>| 180000 | &nbsp;&nbsp; 174303 |
| Signature Aviation <br> U.S. Holdings, Inc., 144A, <br> 4.0%, 3/1/2028<br>| 155000 | &nbsp;&nbsp; 135237 |
| Spirit AeroSystems, Inc., 144A, <br> 9.375%, 11/30/2029<br>| 90000 | &nbsp;&nbsp; 95491 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($)(a)** | &nbsp;&nbsp; **Principal**<br> **Amount ($)(a)** | **Value ($)** |
| Stena International SA, 144A, <br> 7.25%, 1/15/2031<br>|  | 400000 | &nbsp;&nbsp; 401239 |
| Stonepeak Nile Parent LLC, <br> 144A, 7.25%, 3/15/2032<br>|  | 103000 | &nbsp;&nbsp; 109186 |
| TransDigm, Inc., 144A, <br> 6.375%, 3/1/2029<br>|  | 30000 | &nbsp;&nbsp; 30778 |
| Velocity Vehicle Group LLC, <br> 144A, 8.0%, 6/1/2029<br>|  | 165000 | &nbsp;&nbsp; 164867 |
| Wesco Distribution, Inc., 144A, <br> 6.375%, 3/15/2033<br>|  | 93000 | &nbsp;&nbsp; 96123 |
| Williams Scotsman, Inc., <br> 144A, 4.625%, 8/15/2028<br>|  | 140000 | &nbsp;&nbsp; 137592 |
|  |  |  | &nbsp;&nbsp; **3625217** |
| **Information Technology 3.4%** | **Information Technology 3.4%** | **Information Technology 3.4%** |  |
| ams-OSRAM AG, REG S, <br> 10.5%, 3/30/2029<br>| EUR | 100000 | &nbsp;&nbsp; 123309 |
| Cloud Software Group, Inc.: |  |  |  |
| 144A, 8.25%, 6/30/2032 |  | 100000 | &nbsp;&nbsp; 106423 |
| 144A, 9.0%, 9/30/2029 |  | 290000 | &nbsp;&nbsp; 300592 |
| CoreWeave, Inc., 144A, <br> 9.25%, 6/1/2030<br>|  | 114000 | &nbsp;&nbsp; 116546 |
| McAfee Corp., 144A, 7.375%, <br> 2/15/2030<br>|  | 135000 | &nbsp;&nbsp; 127492 |
| NCR Voyix Corp., 144A, 5.0%, <br> 10/1/2028<br>|  | 95000 | &nbsp;&nbsp; 94037 |
| Neptune Bidco U.S., Inc., <br> 144A, 9.29%, 4/15/2029<br>|  | 130000 | &nbsp;&nbsp; 126579 |
| Playtika Holding Corp., 144A, <br> 4.25%, 3/15/2029<br>|  | 290000 | &nbsp;&nbsp; 263178 |
| Rocket Software, Inc., 144A, <br> 6.5%, 2/15/2029<br>|  | 85000 | &nbsp;&nbsp; 82474 |
| UKG, Inc., 144A, 6.875%, <br> 2/1/2031<br>|  | 95000 | &nbsp;&nbsp; 98570 |
|  |  |  | &nbsp;&nbsp; **1439200** |
| **Materials 14.7%** | **Materials 14.7%** | **Materials 14.7%** |  |
| Alcoa Nederland Holding BV, <br> 144A, 7.125%, 3/15/2031<br>|  | 200000 | &nbsp;&nbsp; 209898 |
| Alumina Pty. Ltd., 144A, <br> 6.375%, 9/15/2032<br>|  | 239000 | &nbsp;&nbsp; 243489 |
| Ardagh Metal Packaging <br> Finance USA LLC, REG S, <br> 3.0%, 9/1/2029<br>| EUR | 100000 | &nbsp;&nbsp; 105501 |
| Ashland, Inc., 144A, 3.375%, <br> 9/1/2031<br>|  | 695000 | &nbsp;&nbsp; 619296 |
| Avient Corp., 144A, 6.25%, <br> 11/1/2031<br>|  | 242000 | &nbsp;&nbsp; 244262 |
| Axalta Coating Systems LLC, <br> 144A, 3.375%, 2/15/2029<br>|  | 150000 | &nbsp;&nbsp; 142080 |
| Calderys Financing LLC, 144A, <br> 11.25%, 6/1/2028<br>|  | 120000 | &nbsp;&nbsp; 127216 |
| Capstone Copper Corp., 144A, <br> 6.75%, 3/31/2033<br>|  | 255000 | &nbsp;&nbsp; 261110 |
| Celanese U.S. Holdings LLC, <br> 7.2%, 11/15/2033<br>|  | 220000 | &nbsp;&nbsp; 233543 |
| Champion Iron Canada, Inc., <br> 144A, 7.875%, 7/15/2032 (b)<br>|  | 94000 | &nbsp;&nbsp; 95305 |
| Chemours Co., 144A, 5.75%, <br> 11/15/2028<br>|  | 425000 | &nbsp;&nbsp; 398355 |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **6** \|  | Deutsche DWS Variable Series II —<br> DWS High Income VIP <br>|

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($)(a)** | **Value ($)** |
| Cleveland-Cliffs, Inc., 144A, <br> 4.875%, 3/1/2031<br>| 46000 | &nbsp;&nbsp; 39348 |
| Compass Minerals <br> International, Inc., 144A, <br> 8.0%, 7/1/2030<br>| 90000 | &nbsp;&nbsp; 92983 |
| Consolidated Energy Finance <br> SA, 144A, 5.625%, <br> 10/15/2028 (c)<br>| 150000 | &nbsp;&nbsp; 128590 |
| Element Solutions, Inc., 144A, <br> 3.875%, 9/1/2028<br>| 480000 | &nbsp;&nbsp; 465502 |
| First Quantum Minerals Ltd., <br> 144A, 8.0%, 3/1/2033<br>| 200000 | &nbsp;&nbsp; 205138 |
| FMG Resources August <br> 2006 Pty. Ltd., 144A, <br> 4.375%, 4/1/2031<br>| 80000 | &nbsp;&nbsp; 74752 |
| IAMGOLD Corp., 144A, <br> 5.75%, 10/15/2028<br>| 225000 | &nbsp;&nbsp; 223132 |
| Iris Holding, Inc., 144A, <br> 10.0%, 12/15/2028<br>| 35000 | &nbsp;&nbsp; 32096 |
| Kaiser Aluminum Corp., 144A, <br> 4.5%, 6/1/2031<br>| 135000 | &nbsp;&nbsp; 126294 |
| LABL, Inc., 144A, 9.5%, <br> 11/1/2028<br>| 130000 | &nbsp;&nbsp; 120169 |
| Mauser Packaging Solutions <br> Holding Co., 144A, 7.875%, <br> 8/15/2026<br>| 115000 | &nbsp;&nbsp; 114834 |
| Mineral Resources Ltd.: |  |  |
| 144A, 8.0%, 11/1/2027 | 65000 | &nbsp;&nbsp; 65303 |
| 144A, 8.125%, 5/1/2027 | 60000 | &nbsp;&nbsp; 59968 |
| 144A, 9.25%, 10/1/2028 | 60000 | &nbsp;&nbsp; 61404 |
| New Gold, Inc., 144A, 6.875%, <br> 4/1/2032<br>| 218000 | &nbsp;&nbsp; 224666 |
| Novelis Corp., 144A, 4.75%, <br> 1/30/2030<br>| 245000 | &nbsp;&nbsp; 234756 |
| Olin Corp.: |  |  |
| 5.0%, 2/1/2030 | 190000 | &nbsp;&nbsp; 183357 |
| 144A, 6.625%, 4/1/2033 | 92000 | &nbsp;&nbsp; 90548 |
| Olympus Water U.S. Holding <br> Corp., 144A, 4.25%, <br> 10/1/2028<br>| 225000 | &nbsp;&nbsp; 213967 |
| SCIH Salt Holdings, Inc., 144A, <br> 4.875%, 5/1/2028<br>| 145000 | &nbsp;&nbsp; 141272 |
| SCIL IV LLC, 144A, 5.375%, <br> 11/1/2026<br>| 200000 | &nbsp;&nbsp; 198703 |
| Taseko Mines Ltd., 144A, <br> 8.25%, 5/1/2030<br>| 185000 | &nbsp;&nbsp; 193672 |
| Trident TPI Holdings, Inc., <br> 144A, 12.75%, 12/31/2028<br>| 60000 | &nbsp;&nbsp; 63647 |
| Tronox, Inc., 144A, 4.625%, <br> 3/15/2029<br>| 325000 | &nbsp;&nbsp; 280445 |
|  |  | &nbsp;&nbsp; **6314601** |
| **Real Estate 1.8%** | **Real Estate 1.8%** |  |
| Iron Mountain, Inc., 144A, <br> (REIT), 5.25%, 7/15/2030<br>| 245000 | &nbsp;&nbsp; 241649 |
| MPT Operating Partnership LP: |  |  |
| (REIT), 5.0%, 10/15/2027 (c) | 100000 | &nbsp;&nbsp; 92369 |
| 144A, (REIT), <br> 8.5%, 2/15/2032<br>| 135000 | &nbsp;&nbsp; 141285 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($)(a)** | **Value ($)** |
| Rithm Capital Corp., 144A, <br> (REIT), 8.0%, 7/15/2030<br>| 129000 | &nbsp;&nbsp; 129645 |
| Uniti Group LP: |  |  |
| 144A, (REIT), <br> 6.5%, 2/15/2029<br>| 140000 | &nbsp;&nbsp; 135314 |
| 144A, (REIT), <br> 8.625%, 6/15/2032<br>| 43000 | &nbsp;&nbsp; 43436 |
|  |  | &nbsp;&nbsp; **783698** |
| **Utilities 3.5%** | **Utilities 3.5%** |  |
| Edison International, 8.125%, <br> 6/15/2053 (c)<br>| 75000 | &nbsp;&nbsp; 72442 |
| Electricite de France SA, 144A, <br> 9.125%, Perpetual<br>| 200000 | &nbsp;&nbsp; 225585 |
| Lightning Power LLC, 144A, <br> 7.25%, 8/15/2032<br>| 412000 | &nbsp;&nbsp; 433610 |
| NRG Energy, Inc.: |  |  |
| 144A, 3.625%, 2/15/2031 | 70000 | &nbsp;&nbsp; 64421 |
| 144A, 3.875%, 2/15/2032 | 130000 | &nbsp;&nbsp; 119381 |
| Pattern Energy Operations LP, <br> 144A, 4.5%, 8/15/2028<br>| 205000 | &nbsp;&nbsp; 198617 |
| Talen Energy Supply LLC, <br> 144A, 8.625%, 6/1/2030<br>| 70000 | &nbsp;&nbsp; 75017 |
| TerraForm Power Operating <br> LLC, 144A, 5.0%, 1/31/2028<br>| 65000 | &nbsp;&nbsp; 64338 |
| Vistra Corp., 144A, 7.0%, <br> Perpetual<br>| 240000 | &nbsp;&nbsp; 242888 |
|  |  | &nbsp;&nbsp; **1496299** |
| **Total Corporate Bonds** (Cost $37,765,439) | **Total Corporate Bonds** (Cost $37,765,439) | &nbsp;&nbsp; **38291925** |
| **Convertible Bonds 1.1%** | **Convertible Bonds 1.1%** |  |
| **Utilities** | **Utilities** |  |
| XPLR Infrastructure LP, 144A, <br> 2.5%, 6/15/2026 (c) <br> (Cost $449,284)<br>| 465000 | &nbsp;&nbsp; **444074** |
| **Loan Participations and** <br> **Assignments 2.6%** | **Loan Participations and** <br> **Assignments 2.6%** |  |
| **Senior Loans (d)** | **Senior Loans (d)** |  |
| Altice Financing SA, Term <br> Loan, 3 mo. USD Term <br> SOFR + 5.0%, <br> 9.256%, 10/31/2027<br>| 203717 | &nbsp;&nbsp; 164925 |
| Cablevision Lightpath LLC, <br> Term Loan, 1 mo. USD Term <br> SOFR + 3.0%, <br> 7.312%, 11/30/2027<br>| 214138 | &nbsp;&nbsp; 215029 |
| EW Scripps Co., Term Loan B2, <br> 6/30/2028 (e)<br>| 40000 | &nbsp;&nbsp; 38867 |
| Garda World Security Corp., <br> Term Loan B, 1 mo. USD <br> Term SOFR + 3.0%, <br> 7.314%, 2/1/2029<br>| 106582 | &nbsp;&nbsp; 106907 |
| Gray Television, Inc., Term Loan <br> D, 1 mo. USD Term SOFR + <br> 3.0%, 7.439%, 12/1/2028<br>| 143550 | &nbsp;&nbsp; 139357 |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS High Income VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **7**  |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($)(a)** | **Value ($)** |
| Lumen Technologies, Inc., Term <br> Loan B1, 1 mo. USD Term <br> SOFR + 2.35%, <br> 6.791%, 4/16/2029<br>| 214835 | &nbsp;&nbsp; 212554 |
| Windsor Holdings III LLC, Term <br> Loan B, 1 mo. USD Term <br> SOFR + 2.75%, <br> 7.072%, 8/1/2030<br>| 246981 | &nbsp;&nbsp; 247331 |
| **Total Loan Participations and Assignments** <br> (Cost $1,141,550) | **Total Loan Participations and Assignments** <br> (Cost $1,141,550) | &nbsp;&nbsp; **1124970** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Exchange-Traded Funds 3.5%** | **Exchange-Traded Funds 3.5%** |  |
| BondBloxx CCC-Rated USD <br> High Yield Corporate Bond <br> ETF<br>| 5000 | &nbsp;&nbsp; 194100 |
| SPDR Portfolio High Yield Bond <br> ETF<br>| 55000 | &nbsp;&nbsp; 1309000 |
| **Total Exchange-Traded Funds** <br> (Cost $1,487,022) | **Total Exchange-Traded Funds** <br> (Cost $1,487,022) | &nbsp;&nbsp; **1503100** |
| **Common Stocks 0.0%** | **Common Stocks 0.0%** |  |
| **Industrials** | **Industrials** |  |
| Quad Graphics, Inc. (Cost $0) | 287 | &nbsp;&nbsp; **1622** |
| **Warrants 0.0%** | **Warrants 0.0%** |  |
| **Materials** | **Materials** |  |
| Hercules Trust II, Expiration <br> Date 3/31/2029\* (f) <br> (Cost $244,286)<br>| 1100 | &nbsp;&nbsp; **3688** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Securities Lending Collateral 3.6%** | **Securities Lending Collateral 3.6%** |  |
| DWS Government & Agency <br> Securities Portfolio "DWS <br> Government Cash <br> Institutional Shares", 4.25% <br> (g) (h) (Cost $1,534,239)<br>| 1534239 | &nbsp;&nbsp; **1534239** |
| **Cash Equivalents 2.6%** | **Cash Equivalents 2.6%** |  |
| DWS Central Cash <br> Management Government <br> Fund, 4.37% (g) <br> (Cost $1,106,857)<br>| 1106857 | &nbsp;&nbsp; **1106857** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **% of Net**<br> **Assets** | &nbsp;&nbsp; **% of Net**<br> **Assets** | **Value ($)** |
| **Total Investment Portfolio** <br> (Cost $43,728,677) | 102.8 | &nbsp;&nbsp; **44010475** |
| **Other Assets and Liabilities, Net** | (2.8)<br>| &nbsp;&nbsp; **(1190882)**<br>|
| **Net Assets** | 100.0 | &nbsp;&nbsp; **42819593** |

---

A summary of the Fund's transactions with affiliated investments during the period ended June 30, 2025 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at** <br>**12/31/2024**<br>| **Purchases** <br>**Cost ($)**<br>| **Sales** <br>**Proceeds ($)**<br>| **Net Realized** <br>**Gain/** <br>**(Loss) ($)**<br>| **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)** <br> **($)**<br>| **Income ($)** | **Capital Gain** <br>**Distributions** <br> **($)**<br>| **Number** <br>**of Shares** <br>**at** <br>**6/30/2025**<br>| **Value ($) at** <br>**6/30/2025**<br>|
| **Securities Lending Collateral 3.6%** | **Securities Lending Collateral 3.6%** | **Securities Lending Collateral 3.6%** | **Securities Lending Collateral 3.6%** | **Securities Lending Collateral 3.6%** | **Securities Lending Collateral 3.6%** | **Securities Lending Collateral 3.6%** | **Securities Lending Collateral 3.6%** | **Securities Lending Collateral 3.6%** |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (g) (h) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (g) (h) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (g) (h) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (g) (h) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (g) (h) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (g) (h) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (g) (h) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (g) (h) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (g) (h) |
| 3309210 |  | 1,774,971 (i) |  |  | 10115 |  | 1534239 | 1534239 |
| **Cash Equivalents 2.6%** | **Cash Equivalents 2.6%** | **Cash Equivalents 2.6%** | **Cash Equivalents 2.6%** | **Cash Equivalents 2.6%** | **Cash Equivalents 2.6%** | **Cash Equivalents 2.6%** | **Cash Equivalents 2.6%** | **Cash Equivalents 2.6%** |
| DWS Central Cash Management Government Fund, 4.37% (g) | DWS Central Cash Management Government Fund, 4.37% (g) | DWS Central Cash Management Government Fund, 4.37% (g) | DWS Central Cash Management Government Fund, 4.37% (g) | DWS Central Cash Management Government Fund, 4.37% (g) | DWS Central Cash Management Government Fund, 4.37% (g) | DWS Central Cash Management Government Fund, 4.37% (g) | DWS Central Cash Management Government Fund, 4.37% (g) | DWS Central Cash Management Government Fund, 4.37% (g) |
| 813571 | 14028878 | 13735592 |  |  | 22076 |  | 1106857 | 1106857 |
| **4122781** | **14028878** | **15510563** |  |  | **32191** |  | **2641096** | **2641096** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

(a) Principal amount stated in U.S. dollars unless otherwise noted.

(b) When-issued security.

(c) All or a portion of these securities were on loan. In addition, "Other Assets and Liabilities, Net" may include pending sales that are also on loan. The value of securities loaned at June 30, 2025 amounted to $1,486,303, which is 3.5% of net assets. 

(d) Variable or floating rate security. These securities are shown at their current rate as of June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description above. Certain variable rate securities are not based on a published reference rate and spread but adjust periodically based on current market conditions, prepayment of underlying positions and/or other variables. Securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. 

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **8** \|  | Deutsche DWS Variable Series II —<br> DWS High Income VIP <br>|

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(e) All or a portion of the security represents unsettled loan commitments at June 30, 2025 where the rate will be determined at the time of settlement.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Investment was valued using significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| 144A: Security exempt from registration under Rule 144A under the Securities Act of 1933. These securities may be resold in <br> transactions exempt from registration, normally to qualified institutional buyers.<br>|
| AG: Assured Guaranty, Inc. |
| Perpetual: Callable security with no stated maturity date. |
| PIK: Denotes that all or a portion of the income is paid in-kind in the form of additional principal. |
| REG S: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or <br> benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the <br> Securities Act of 1933.<br>|
| REIT: Real Estate Investment Trust |
| SOFR: Secured Overnight Financing Rate |
| SPDR: Standard & Poor's Depositary Receipt |

---

At June 30, 2025, the Fund had the following open forward foreign currency contracts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** | **In Exchange For** | **In Exchange For** | **Settlement** <br>**Date**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Depreciation ($)**<br>| **Counterparty** |
| EUR | 1150848 | USD | 1352300 | 7/31/2025 | **(6300)** | State Street Bank and Trust |

---

**Currency Abbreviation(s)**

------

EUR Euro <br> USD United States Dollar

For information on the Fund's policy and additional disclosures regarding forward foreign currency contracts, please refer to the Derivatives section of Note B in the accompanying Notes to Financial Statements.

**Fair Value Measurements**

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Corporate Bonds (a) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $38291925 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $38291925 |
| Convertible Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 444074 | &nbsp;&nbsp; — | &nbsp;&nbsp; 444074 |
| Loan Participations and Assignments | &nbsp;&nbsp; — | &nbsp;&nbsp; 1124970 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1124970 |
| Exchange-Traded Funds | &nbsp;&nbsp; 1503100 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1503100 |
| Common Stocks | &nbsp;&nbsp; 1622 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1622 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3688 | &nbsp;&nbsp; 3688 |
| Short-Term Investments (a) | &nbsp;&nbsp; 2641096 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2641096 |
| **Total** | &nbsp;&nbsp; **$4145818** | &nbsp;&nbsp; **$39860969** | &nbsp;&nbsp; **$3688** | &nbsp;&nbsp; **$44010475** |
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Derivatives (b) |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(6300)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(6300)<br>|
| **Total** | &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$(6300)**<br>| &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$(6300)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) See Investment Portfolio for additional detailed categorizations.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Derivatives include unrealized appreciation (depreciation) on open forward foreign currency contracts.

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS High Income VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **9**  |

---

------

**Statement of Assets and Liabilities**

as of June 30, 2025 (Unaudited)

------

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in non-affiliated securities, at value (cost $41,087,581) — including $1,486,303 of securities loaned | $41369379 |
| Investment in DWS Government & Agency Securities Portfolio (cost $1,534,239)\* <br>| 1534239 |
| Investment in DWS Central Cash Management Government Fund (cost $1,106,857) | 1106857 |
| Cash | 8965 |
| Foreign currency, at value (cost $8,639) | 9082 |
| Receivable for investments sold | 635896 |
| Receivable for investments sold — when-issued securities | 84894 |
| Receivable for Fund shares sold | 5472 |
| Interest receivable | 630134 |
| Affiliated securities lending income receivable | 1156 |
| Other assets | 435 |
| Total assets | 45386509 |
| **Liabilities** |  |
| Payable upon return of securities loaned | 1534239 |
| Payable for investments purchased | 458323 |
| Payable for investments purchased — when-issued securities | 471203 |
| Payable for Fund shares redeemed | 15431 |
| Unrealized depreciation on forward foreign currency contracts | 6300 |
| Accrued management fee | 9135 |
| Accrued Trustees' fees | 1055 |
| Other accrued expenses and payables | 71230 |
| Total liabilities | 2566916 |
| **Net assets, at value** | **$42819593** |
| **Net Assets Consist of** |  |
| Distributable earnings (loss) | (7787671)<br>|
| Paid-in capital | 50607264 |
| **Net assets, at value** | **$42819593** |
| **Net Asset Value** |  |
| **Class A** |  |
| **Net Asset Value,** offering and redemption price per share ($42,819,593 ÷ 7,779,421 outstanding shares of beneficial <br> interest, no par value, unlimited number of shares authorized)<br>| **$5.50** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Represents collateral on securities loaned.

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **10** \|  | Deutsche DWS Variable Series II —<br> DWS High Income VIP <br>|

---

------

**Statement of Operations**

for the six months ended June 30, 2025 (Unaudited)

------

---

| | |
|:---|:---|
| **Investment Income** |  |
| Income: |  |
| Interest | $1407411 |
| Dividends | 51616 |
| Income distributions — DWS Central Cash Management Government Fund | 22076 |
| Affiliated securities lending income | 10115 |
| Total income | 1491218 |
| Expenses: |  |
| Management fee | 105554 |
| Administration fee | 20478 |
| Services to shareholders | 340 |
| Custodian fee | 3620 |
| Audit fee | 33940 |
| Legal fees | 8111 |
| Tax fees | 2984 |
| Reports to shareholders | 14449 |
| Trustees' fees and expenses | 1660 |
| Proxy fees | 15547 |
| Other | 4409 |
| Total expenses before expense reductions | 211092 |
| Expense reductions | (48637)<br>|
| Total expenses after expense reductions | 162455 |
| **Net investment income** | **1328763** |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) from: |  |
| Investments | (224758)<br>|
| Forward foreign currency contracts | (87539)<br>|
| Foreign currency | 2645 |
|  | (309652)<br>|
| Change in net unrealized appreciation (depreciation) on: |  |
| Investments | 877368 |
| Forward foreign currency contracts | (67905)<br>|
| Foreign currency | 2880 |
|  | 812343 |
| **Net gain (loss)** | **502691** |
| **Net increase (decrease) in net assets resulting from operations** | **$1831454** |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS High Income VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **11**  |

---

------

**Statements of Changes in Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **December 31,**<br>|
| **Increase (Decrease) in Net Assets** | <br>**(Unaudited)** | **2024**<sup>\*</sup> |
| Operations: |  |  |
| Net investment income | $1328763 | $2702570 |
| Net realized gain (loss) | (309652)<br>| 337163 |
| Change in net unrealized appreciation <br>(depreciation)<br>| 812343 | (94950)<br>|
| Net increase (decrease) in net assets resulting from operations | 1831454 | 2944783 |
| Distributions to shareholders: |  |  |
| Class A | (2966588)<br>| (2534195)<br>|
| Class B |  | (30889)<br>|
| Total distributions | (2966588)<br>| (2565084)<br>|
| Fund share transactions: |  |  |
| **Class A** |  |  |
| Proceeds from shares sold | 1558024 | 2141979 |
| Reinvestment of distributions | 2966588 | 2534195 |
| Payments for shares redeemed | (3344643)<br>| (5481571)<br>|
| Net increase (decrease) in net assets from Class A share transactions | 1179969 | (805397)<br>|
| **Class B** |  |  |
| Proceeds from shares sold |  | 56014 |
| Reinvestment of distributions |  | 30889 |
| Payments for shares redeemed |  | (864919)<br>|
| Net increase (decrease) in net assets from Class B share transactions |  | (778016)<br>|
| **Increase (decrease) in net assets** | 44835 | (1203714)<br>|
| Net assets at beginning of period | 42774758 | 43978472 |
| **Net assets at end of period** | **$42819593** | **$42774758** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Other Information** |  |  |
| **Class A** |  |  |
| Shares outstanding at beginning of period | 7542140 | 7664032 |
| Shares sold | 276942 | 382038 |
| Shares issued to shareholders in reinvestment of distributions | 556583 | 478150 |
| Shares redeemed | (596244)<br>| (982080)<br>|
| Net increase (decrease) in Class A shares | 237281 | (121892)<br>|
| Shares outstanding at end of period | **7779421** | **7542140** |
| **Class B** |  |  |
| Shares outstanding at beginning of period |  | 141411 |
| Shares sold |  | 9924 |
| Shares issued to shareholders in reinvestment of distributions |  | 5795 |
| Shares redeemed |  | (157130)<br>|
| Net increase (decrease) in Class B shares |  | (141411)<br>|
| Shares outstanding at end of period |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>\*</sup> Includes Class B for the period from January 1, 2024 to June 17, 2024 (Class B liquidation date).

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **12** \|  | Deutsche DWS Variable Series II —<br> DWS High Income VIP <br>|

---

------

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DWS High Income VIP** — **Class A** | **DWS High Income VIP** — **Class A** | **DWS High Income VIP** — **Class A** | **DWS High Income VIP** — **Class A** | **DWS High Income VIP** — **Class A** | **DWS High Income VIP** — **Class A** | **DWS High Income VIP** — **Class A** |
|  | &nbsp;&nbsp; **Six Months** <br>**Ended 6/30/25**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |
| **Net asset value, beginning of period** | &nbsp;&nbsp; **$5.67** | &nbsp;&nbsp; **$5.63** | &nbsp;&nbsp; **$5.34** | &nbsp;&nbsp; **$6.18** | &nbsp;&nbsp; **$6.23** | &nbsp;&nbsp; **$6.23** |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>a</sup> <br>| &nbsp;&nbsp; .17 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .27 | &nbsp;&nbsp; .27 | &nbsp;&nbsp; .29 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; .07 | &nbsp;&nbsp; .03 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; (.81)<br>| &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; .04 |
| **Total from investment operations** | &nbsp;&nbsp; .24 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; .24 | &nbsp;&nbsp; .33 |
| Less distributions from: |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.33)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; **$5.50** | &nbsp;&nbsp; **$5.67** | &nbsp;&nbsp; **$5.63** | &nbsp;&nbsp; **$5.34** | &nbsp;&nbsp; **$6.18** | &nbsp;&nbsp; **$6.23** |
| Total Return (%)<sup>b</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.39 <br><sup>\*</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;7.14 | &nbsp;&nbsp;&nbsp;&nbsp;11.34 | &nbsp;&nbsp; (8.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.00 | &nbsp;&nbsp;&nbsp;&nbsp;6.24 |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 54 |
| Ratio of expenses before expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp; .96 <br><sup>\*\*</sup><br>| &nbsp;&nbsp; .91 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; .87 |
| Ratio of expenses after expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp; .73 <br><sup>\*\*</sup><br>| &nbsp;&nbsp; .70 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; .70 |
| Ratio of net investment income (%) | &nbsp;&nbsp;&nbsp;&nbsp; 6.33 <br><sup>\*\*</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;6.27 | &nbsp;&nbsp;&nbsp;&nbsp;6.07 | &nbsp;&nbsp;&nbsp;&nbsp;4.82 | &nbsp;&nbsp;&nbsp;&nbsp;4.32 | &nbsp;&nbsp;&nbsp;&nbsp;4.86 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 89 <br><sup>\*</sup><br>| &nbsp;&nbsp; 143 | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 94 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>a</sup> | Based on average shares outstanding during the period. |
| <sup>b</sup> | Total return would have been lower had certain expenses not been reduced. |
| <sup>c</sup> | &nbsp;&nbsp; Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life <br> insurance policy or variable annuity contract for which the Fund is an investment option.<br>|
| <sup>\*</sup> | Not annualized |
| <sup>\*\*</sup> | Annualized |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS High Income VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **13**  |

---

------

**Notes to Financial Statements (Unaudited)**

**A.** **Organization and Significant Accounting Policies**

DWS High Income VIP (the "Fund") is a diversified series of Deutsche DWS Variable Series II (the "Trust"), which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company organized as a Massachusetts business trust. The Fund is an underlying investment vehicle for variable annuity contracts and variable life insurance policies to be offered by the separate accounts of certain life insurance companies ("Participating Insurance Companies").

The Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") which require the use of management estimates. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements.

**Operating Segment.** The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 impacts financial statement disclosures only and does not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President and Chief Executive Officer, acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net asset (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and results of operations and significant segment expenses are listed on the accompanying Statement of Operations.

**Security Valuation.** Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading.

The Fund's Board has designated DWS Investment Management Americas, Inc. (the "Advisor") as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. The Advisor's Pricing Committee (the "Pricing Committee") typically values securities using readily available market quotations or prices supplied by independent pricing services (which are considered fair values under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

Debt securities are valued at prices supplied by independent pricing services approved by the Pricing Committee. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, prepayment speeds and other data, as well as broker quotes. If the pricing services are unable to provide valuations, debt securities are valued at the average of the most recent reliable bid quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.

Senior loans are valued by independent pricing services approved by the Pricing Committee, whose valuations are intended to reflect the average of broker supplied quotes representing mean between the bid and asked prices. If the pricing services are unable to provide valuations, the securities are valued at the mean of the most recent bid and asked quotations or evaluated price, as applicable, obtained from one or more broker-dealers. Certain securities may be valued on the basis of a price provided by a single source or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **14** \|  | Deutsche DWS Variable Series II —<br> DWS High Income VIP <br>|

---

------

broker-dealer. No active trading market may exist for some senior loans, and they may be subject to restrictions on resale. The inability to dispose of senior loans in a timely fashion could result in losses. Senior loans are generally categorized as Level 2.

Equity securities and exchange-traded funds ("ETFs") are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Equity securities or ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities and ETFs are generally categorized as Level 1.

Investments in open-end investment companies are valued at their net asset value each business day and are categorized as Level 1.

Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and are categorized as Level 2.

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Pricing Committee and are generally categorized as Level 3. In accordance with the Fund's valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security's disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company's or issuer's financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

Disclosure about the classification of fair value measurements is included in a table following the Fund's Investment Portfolio.

**Foreign Currency Translations.** The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

**Securities Lending.** National Financial Services LLC (Fidelity Agency Lending), as securities lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the securities lending agent will use its best efforts to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the six months ended June 30, 2025, the Fund invested the cash collateral, if any, into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.13% annualized effective rate as of June 30, 2025) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a securities lending agent. Either the Fund or the borrower may terminate the loan at any time, and the borrower, after notice, is required to return

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS High Income VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **15**  |

---

------

borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of June 30, 2025, the Fund had securities on loan, which were classified as corporate bonds in the Investment Portfolio. The value of the related collateral exceeded the value of the securities loaned at period end. As of period end, the remaining contractual maturity of the collateral agreements was overnight and continuous.

**When-Issued, Delayed-Delivery Securities.** The Fund may purchase or sell securities with delivery or payment to occur at a later date beyond the normal settlement period. At the time the Fund enters into a commitment to purchase or sell a security, the transaction is recorded and the value of the transaction is reflected in the net asset value. The price of such security and the date when the security will be delivered and paid for are fixed at the time the transaction is negotiated. The value of the security may vary with market fluctuations.

Certain risks may arise upon entering into when-issued, delayed-delivery transactions from the potential inability of counterparties to meet the terms of their contracts or if the issuer does not issue the securities due to political, economic or other factors. Additionally, losses may arise due to changes in the value of the underlying securities.

**Tax Information.** The Fund is treated as a separate taxpayer as provided for in the Internal Revenue Code of 1986, as amended (the "Code"). It is the Fund's policy to comply with the requirements of the Code, which are applicable to regulated investment companies, and to distribute all of its taxable income to the separate accounts of the Participating Insurance Companies which hold its shares.

At December 31, 2024, the Fund had net tax basis capital loss carryforwards of $8,956,562, including short-term losses ($723,574) and long-term losses ($8,232,988), which may be applied against realized net taxable capital gains indefinitely.

At June 30, 2025, the aggregate cost of investments for federal income tax purposes was $43,757,429. The net unrealized appreciation for all investments based on tax cost was $253,046. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $802,086 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $549,040.

The Fund files tax returns with the Internal Revenue Service, the State of New York, and various other states. Specific to U.S. federal and state taxes, generally, each of the tax years in the four-year period ended December 31, 2024, remains subject to examination by taxing authorities. Specific to foreign countries in which the Fund invests, all open tax years remain subject to examination by taxing authorities in the respective jurisdictions. The open tax years vary by each jurisdiction in which the Fund invests.

**Distribution of Income and Gains.** Distributions from net investment income of the Fund, if any, are declared and distributed to shareholders annually. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes if necessary.

The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to certain securities sold at a loss, investments in derivatives and premium amortization on debt securities. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.

The tax character of current year distributions will be determined at the end of the current fiscal year.

**Expenses.** Expenses of the Trust arising in connection with a specific fund are allocated to that fund. Other Trust expenses which cannot be directly attributed to a fund are apportioned among the funds in the Trust based upon the relative net assets or other appropriate measures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **16** \|  | Deutsche DWS Variable Series II —<br> DWS High Income VIP <br>|

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------

**Contingencies.** In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.

**Other.** Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date. Realized gains and losses from investment transactions are recorded on an identified cost basis. Proceeds from litigation payments, if any, are included in net realized gain (loss) from investments. All premiums and discounts are amortized/accreted for both tax and financial reporting purposes for the Fund, with the exception of securities in default of principal.

**B.** **Derivative Instruments**

A forward foreign currency contract ("forward currency contract") is a commitment to purchase or sell a foreign currency at the settlement date at a negotiated rate. For the six months ended June 30, 2025, the Fund entered into forward currency contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign currency denominated portfolio holdings.

Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and unrealized gain (loss) is recorded daily. On the settlement date of the forward currency contract, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was closed. Certain risks may arise upon entering into forward currency contracts from the potential inability of counterparties to meet the terms of their contracts. The maximum counterparty credit risk to the Fund is measured by the unrealized gain on appreciated contracts. Additionally, when utilizing forward currency contracts to hedge, the Fund gives up the opportunity to profit from favorable exchange rate movements during the term of the contract.

A summary of the open forward currency contracts as of June 30, 2025, is included in the table following the Fund's Investment Portfolio. For the six months ended June 30, 2025, the investment in forward currency contracts short vs. U.S. dollars had a total contract value generally indicative of a range from approximately $951,000 to $3,487,000, and the investment in forward currency contracts long vs. U.S. dollars had a total contract value generally indicative of a range from $0 to approximately $505,000.

The following table summarizes the value of the Fund's derivative instruments held as of June 30, 2025 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

---

| | |
|:---|:---|
| **Liability Derivatives**  | **Forward** <br>**Contracts**<br>|
| Foreign Exchange Contracts (a) | &nbsp;&nbsp; $(6300)<br>|
| The above derivative is located in the following Statement of Assets and Liabilities account: | The above derivative is located in the following Statement of Assets and Liabilities account: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Unrealized depreciation on forward foreign currency contracts

Additionally, the amount of unrealized and realized gains and losses on derivative instruments recognized in Fund earnings during the six months ended June 30, 2025 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

---

| | |
|:---|:---|
| **Realized Gain (Loss)** | **Forward** <br>**Contracts**<br>|
| Foreign Exchange Contracts (a) | &nbsp;&nbsp; $(87539)<br>|
| The above derivative is located in the following Statement of Operations account: | The above derivative is located in the following Statement of Operations account: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net realized gain (loss) from forward foreign currency contracts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Change in Net Unrealized Appreciation (Depreciation)** | **Forward** <br>**Contracts**<br>|
| Foreign Exchange Contracts (a) | &nbsp;&nbsp; $(67905)<br>|
| The above derivative is located in the following Statement of Operations account: | The above derivative is located in the following Statement of Operations account: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Change in net unrealized appreciation (depreciation) on forward foreign currency contracts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS High Income VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **17**  |

---

------

As of June 30, 2025, the Fund has transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow a Fund to close out and net total exposure to a counterparty in the event of a deterioration in the credit quality or contractual default with respect to all of the transactions with a counterparty. As defined by the master netting agreement, the Fund may have collateral agreements with certain counterparties to mitigate risk. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by a counterparty, including any collateral exposure, is included in the following table:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount** <br>**of Liabilities** <br>**Presented** <br>**in the** <br>**Statement of** <br>**Assets and** <br>**Liabilities**<br>| **Financial** <br>**Instruments** <br>**and** <br>**Derivatives** <br>**Available** <br>**for Offset**<br>| **Collateral** <br>**Pledged**<br>| **Net Amount** <br>**of Derivative** <br>**Liabilities**<br>|
| State Street Bank and Trust | $6300 | $— | $— | $6300 |

---

**C.** **Purchases and Sales of Securities**

During the six months ended June 30, 2025, purchases and sales of investment securities, excluding short-term investments, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Non-U.S. Treasury Obligations | &nbsp;&nbsp; $37322624 | &nbsp;&nbsp; $38871214 |
| U.S. Treasury Obligations | &nbsp;&nbsp; $— | &nbsp;&nbsp; $38011 |

---

**D.** **Related Parties**

**Management Agreement.** Under the Investment Management Agreement with DWS Investment Management Americas, Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA ("DWS Group"), the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund.

Under the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the average daily net assets of the Fund, computed and accrued daily and payable monthly, at the following annual rates:

---

| | |
|:---|:---|
| First $250 million of the Fund's average daily net assets | &nbsp;&nbsp; .500% |
| Next $750 million of such net assets | &nbsp;&nbsp; .470% |
| Next $1.5 billion of such net assets | &nbsp;&nbsp; .450% |
| Next $2.5 billion of such net assets | &nbsp;&nbsp; .430% |
| Next $2.5 billion of such net assets | &nbsp;&nbsp; .400% |
| Next $2.5 billion of such net assets | &nbsp;&nbsp; .380% |
| Next $2.5 billion of such net assets | &nbsp;&nbsp; .360% |
| Over $12.5 billion of such net assets | &nbsp;&nbsp; .340% |

---

Accordingly, for the six months ended June 30, 2025, the fee pursuant to the Investment Management Agreement was equivalent to an annualized rate (exclusive of any applicable waivers/reimbursements) of 0.50% of the Fund's average daily net assets.

For the period from January 1, 2025 through April 30, 2025, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) of Class A shares at 0.69%.

Effective May 1, 2025 through April 30, 2026, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **18** \|  | Deutsche DWS Variable Series II —<br> DWS High Income VIP <br>|

---

------

expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage,interest expense and acquired fund fees and expenses) of Class A shares at 0.70%.

For the six months ended June 30, 2025, fees waived and/or expenses reimbursed for Class A are $48,637.

**Administration Fee.** Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.097% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the six months ended June 30, 2025, the Administration Fee was $20,478, of which $3,383 is unpaid.

**Service Provider Fees.** DWS Service Company ("DSC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and SS&C GIDS, Inc. ("SS&C"), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to SS&C. DSC compensates SS&C out of the shareholder servicing fee it receives from the Fund. For the six months ended June 30, 2025, the amounts charged to the Fund by DSC aggregated $186, of which $53 is unpaid.

**Other Service Fees.** Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the six months ended June 30, 2025, the amount charged to the Fund by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $438, of which $236 is unpaid.

**Trustees' Fees and Expenses.** The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.

**Affiliated Cash Management Vehicles.** The Fund may invest uninvested cash balances in DWS Central Cash Management Government Fund, an affiliated money market fund which is managed by the Advisor. DWS Central Cash Management Government Fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest and seeks to maintain a stable net asset value. The Fund indirectly bears its proportionate share of the expenses of its investment in DWS Central Cash Management Government Fund. DWS Central Cash Management Government Fund does not pay the Advisor an investment management fee.

**E.** **Investing in High-Yield Debt Securities**

High-yield debt securities or junk bonds are generally regarded as speculative with respect to the issuer's continuing ability to meet principal and interest payments. The Fund's performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in the issuer not making timely payments of interest or principal, a security downgrade or an inability to meet a financial obligation. High-yield debt securities' total return and yield may generally be expected to fluctuate more than the total return and yield of investment-grade debt securities. A real or perceived economic downturn or an increase in market interest rates could cause a decline in the value of high-yield debt securities, result in increased redemptions and/or result in increased portfolio turnover, which could result in a decline in net asset value of the Fund, reduce liquidity for certain investments and/or increase costs. High-yield debt securities are often thinly traded and can be more difficult to sell and value accurately than investment-grade debt securities as there may be no established secondary market. Investments in high yield debt securities could increase liquidity risk for the Fund. In addition, the market for high-yield debt securities can experience sudden and sharp volatility which is generally associated more with investments in stocks.

**F.** **Ownership of the Fund**

At June 30, 2025, two Participating Insurance Companies were owners of record of 10% or more of the total outstanding Class A shares of the Fund, each owning 88% and 10%, respectively.

**G.** **Line of Credit**

The Fund and other affiliated funds (the "Participants") share in a $345 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a daily fluctuating rate per annum equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS High Income VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **19**  |

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------

may borrow up to a maximum of 20 percent of its net assets under the agreement. The Fund had no outstanding loans at June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **20** \|  | Deutsche DWS Variable Series II —<br> DWS High Income VIP <br>|

---

------

**Advisory Agreement Board Considerations and Fee Evaluation**

The Board of Trustees (hereinafter referred to as the "Board" or "Trustees") approved the renewal of DWS High Income VIP's (the "Fund") investment management agreement (the "Agreement") with DWS Investment Management Americas, Inc. ("DIMA") in September 2024.

In terms of the process that the Board followed prior to approving the Agreement, shareholders should know that:

—

During the entire process, all of the Fund's Trustees were independent of DIMA and its affiliates (the "Independent Trustees").

—

The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel, including materials containing information on the Fund's performance, fees and expenses, profitability, economies of scale and fall-out benefits.

—

The Board also received extensive information throughout the year regarding performance of the Fund.

—

The Independent Trustees regularly met privately with counsel to discuss contract review and other matters.

—

In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund's distribution agreement, administrative services agreement, transfer agency agreement, and certain other material service agreements.

In connection with the contract review process, the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund. DIMA is part of DWS Group GmbH & Co. KGaA ("DWS Group"). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. DWS Group is majority-owned by Deutsche Bank AG, with approximately 20% of its shares publicly traded.

As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund's performance. In many cases, this led to the negotiation and implementation of expense caps.

While shareholders may focus primarily on fund performance and fees, the Fund's Board considers these and many other factors, including the quality and integrity of DIMA's personnel and administrative support services provided by DIMA, such as back-office operations, fund valuations, and compliance policies and procedures.

**Nature, Quality and Extent of Services.** The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA's approach to addressing such risks. The Board reviewed the Fund's performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied by Morningstar Direct ("Morningstar"), an independent fund data service. The Board also noted that it has put into place a process of identifying "Funds in Review" (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA's plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for the one-, three- and five-year periods ended December 31, 2023, the Fund's performance (Class A shares) was in the 4th quartile, 2nd quartile and 1st quartile, respectively, of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has outperformed its benchmark in the five-year period and has underperformed its benchmark in the one- and three-year periods ended December 31, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS High Income VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **21**  |

---

------

**Fees and Expenses.** The Board considered the Fund's investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. ("Broadridge") regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.097% fee paid to DIMA under the Fund's administrative services agreement, were lower than the median (1st quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2023). The Board noted that the Fund's Class A shares total (net) operating expenses were expected to be higher than the median (3rd quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2023, and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees). The Board noted that the expense limitation agreed to by DIMA was expected to help the Fund's total (net) operating expenses remain competitive. The Board considered the Fund's management fee rate as compared to fees charged by DIMA to comparable DWS U.S. registered funds ("DWS Funds") and considered differences between the Fund and the comparable DWS Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors ("DWS Europe Funds") managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA.

**Profitability.** The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs to DIMA, and pre-tax profits realized by DIMA, from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board reviewed DIMA's methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that, while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates' overall profitability with respect to the DWS Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of most comparable firms for which such data was available.

**Economies of Scale.** The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. The Board noted that the Fund's investment management fee schedule includes fee breakpoints. The Board concluded that the Fund's fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

**Other Benefits to DIMA and Its Affiliates.** The Board also considered the character and amount of other incidental or "fall-out" benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund and any fees received by an affiliate of DIMA for transfer agency services provided to the Fund. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities. In addition, the Board considered the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Fund's management fees were reasonable.

**Compliance.** The Board considered the significant attention and resources dedicated by DIMA to its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA's and the Fund's chief compliance officers; (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel; and (iii) ongoing efforts to enhance the compliance program.

Based on all of the information considered and the conclusions reached, the Board determined that the continuation of the Agreement is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above and individual Independent Trustees may

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **22** \|  | Deutsche DWS Variable Series II —<br> DWS High Income VIP <br>|

---

------

have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement. The Board considered these factors over the course of numerous meetings, certain of which

were in executive session with only the Independent Trustees and counsel present.

VS2HI-BFE2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS High Income VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **23**  |

---

------

![](img5e5f68b01.jpg)

VS2HI-NCSRS

------

June 30, 2025

**Semiannual Financial Statements and Other Information**

Deutsche DWS Variable Series II

**DWS International Opportunities VIP**

(formerly DWS International Growth VIP)

![](imgc7e13d8d1.jpg)

------

**Contents** 

---

| | |
|:---|:---|
| **3** | [Investment Portfolio](#xx_4815694a-f43b-47c6-9aaa-967752a4069a_SOI-CC-Financial-RunningFooter-361_1) |
| **6** | [Statement of Assets and Liabilities](#xx_4815694a-f43b-47c6-9aaa-967752a4069a_FS-CC-Financial-RunningFooter-361_1) |
| **6** | [Statement of Operations](#xx_4815694a-f43b-47c6-9aaa-967752a4069a_FS-CC-Financial-RunningFooter-361_1) |
| **7** | [Statements of Changes in Net Assets](#xx_4815694a-f43b-47c6-9aaa-967752a4069a_FS-CC-Financial-RunningFooter-361_2) |
| **8** | [Financial Highlights](#xx_4815694a-f43b-47c6-9aaa-967752a4069a_FIHI-CC-Financial-RunningFooter-361_1) |
| **9** | [Notes to Financial Statements](#xx_4815694a-f43b-47c6-9aaa-967752a4069a_NTF-CC-Financial-RunningFooter-361_1) |
| **14** | [Advisory Agreement Board Considerations and Fee Evaluation](#xx_4815694a-f43b-47c6-9aaa-967752a4069a_AABCF-CC-Financial-RunningFooter-361_1) |

---

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

DWS Distributors, Inc., 222 South Riverside Plaza, Chicago, IL 60606, (800) 621-1148

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **2** \|  | Deutsche DWS Variable Series II —<br> DWS International Opportunities VIP <br>|

---

------

**Investment Portfolioas of June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Common Stocks 97.7%** | **Common Stocks 97.7%** |  |
| **Canada 6.0%** | **Canada 6.0%** |  |
| Agnico Eagle Mines Ltd. | 2467 | &nbsp;&nbsp; 293920 |
| Alimentation Couche-Tard, Inc. | 2520 | &nbsp;&nbsp; 125264 |
| Brookfield Corp. | 11750 | &nbsp;&nbsp; 727219 |
| Canadian National Railway Co. | 1437 | &nbsp;&nbsp; 149731 |
| (Cost $369,251) |  | &nbsp;&nbsp; **1296134** |
| **China 4.7%** | **China 4.7%** |  |
| ANTA Sports Products Ltd. | 8000 | &nbsp;&nbsp; 96763 |
| BYD Co., Ltd. "H" | 7500 | &nbsp;&nbsp; 116658 |
| Ping An Insurance Group Co. of <br> China Ltd. "H"<br>| 48500 | &nbsp;&nbsp; 309233 |
| Tencent Holdings Ltd. | 7400 | &nbsp;&nbsp; 476448 |
| (Cost $831,543) |  | &nbsp;&nbsp; **999102** |
| **Denmark 1.2%** | **Denmark 1.2%** |  |
| Novo Nordisk A/S "B" <br> (Cost $358,758)<br>| 3849 | &nbsp;&nbsp; **265948** |
| **Finland 0.7%** | **Finland 0.7%** |  |
| Amer Sports, Inc.\* (a) <br> (Cost $62,675)<br>| 3824 | &nbsp;&nbsp; **148218** |
| **France 11.6%** | **France 11.6%** |  |
| Air Liquide SA | 712 | &nbsp;&nbsp; 146973 |
| Airbus SE | 1391 | &nbsp;&nbsp; 290866 |
| Capgemini SE | 1307 | &nbsp;&nbsp; 223214 |
| Cie de Saint-Gobain SA | 2659 | &nbsp;&nbsp; 311949 |
| LVMH Moet Hennessy Louis <br> Vuitton SE<br>| 342 | &nbsp;&nbsp; 179069 |
| Schneider Electric SE | 1214 | &nbsp;&nbsp; 324596 |
| TotalEnergies SE | 7605 | &nbsp;&nbsp; 465804 |
| Vinci SA | 3633 | &nbsp;&nbsp; 535977 |
| (Cost $1,590,023) |  | &nbsp;&nbsp; **2478448** |
| **Germany 17.6%** | **Germany 17.6%** |  |
| adidas AG | 783 | &nbsp;&nbsp; 182576 |
| Allianz SE (Registered) | 1848 | &nbsp;&nbsp; 749513 |
| Auto1 Group SE 144A\* | 4800 | &nbsp;&nbsp; 155097 |
| BASF SE | 2345 | &nbsp;&nbsp; 115672 |
| Brenntag SE | 1493 | &nbsp;&nbsp; 98819 |
| Deutsche Boerse AG | 2297 | &nbsp;&nbsp; 750673 |
| Deutsche Post AG | 3048 | &nbsp;&nbsp; 140815 |
| Deutsche Telekom AG <br> (Registered)<br>| 7863 | &nbsp;&nbsp; 287092 |
| MTU Aero Engines AG | 300 | &nbsp;&nbsp; 133654 |
| SAP SE | 2309 | &nbsp;&nbsp; 705223 |
| Siemens Healthineers AG 144A | 4006 | &nbsp;&nbsp; 222455 |
| TeamViewer SE 144A\* | 5856 | &nbsp;&nbsp; 66174 |
| Wacker Chemie AG (b) | 899 | &nbsp;&nbsp; 65888 |
| Zalando SE 144A\* | 2705 | &nbsp;&nbsp; 89166 |
| (Cost $2,441,689) |  | &nbsp;&nbsp; **3762817** |
| **Hong Kong 0.9%** | **Hong Kong 0.9%** |  |
| Techtronic Industries Co., Ltd. <br> (Cost $63,209)<br>| 17597 | &nbsp;&nbsp; **193659** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Ireland 2.7%** | **Ireland 2.7%** |  |
| Experian PLC | 5559 | &nbsp;&nbsp; 286420 |
| Kerry Group PLC "A" | 2687 | &nbsp;&nbsp; 296831 |
| (Cost $338,641) |  | &nbsp;&nbsp; **583251** |
| **Israel 2.2%** | **Israel 2.2%** |  |
| Cellebrite DI Ltd.\* (c) | 3725 | &nbsp;&nbsp; 59600 |
| CyberArk Software Ltd.\* (c) | 634 | &nbsp;&nbsp; 257962 |
| Monday.com Ltd.\* (c) | 290 | &nbsp;&nbsp; 91199 |
| Wix.com Ltd.\* (c) | 433 | &nbsp;&nbsp; 68613 |
| (Cost $370,378) |  | &nbsp;&nbsp; **477374** |
| **Italy 0.8%** | **Italy 0.8%** |  |
| Stevanato Group SpA (a) (b) <br> (Cost $195,909)<br>| 6939 | &nbsp;&nbsp; **169520** |
| **Japan 4.9%** | **Japan 4.9%** |  |
| Daikin Industries Ltd. | 1000 | &nbsp;&nbsp; 117896 |
| Fast Retailing Co., Ltd. | 890 | &nbsp;&nbsp; 304192 |
| Hoya Corp. | 2100 | &nbsp;&nbsp; 249098 |
| Keyence Corp. | 700 | &nbsp;&nbsp; 280088 |
| MISUMI Group, Inc. | 4911 | &nbsp;&nbsp; 65469 |
| Shiseido Co., Ltd. | 2500 | &nbsp;&nbsp; 44520 |
| (Cost $773,210) |  | &nbsp;&nbsp; **1061263** |
| **Korea 0.6%** | **Korea 0.6%** |  |
| Samsung Electronics Co., Ltd. <br> (Cost $111,381)<br>| 2765 | &nbsp;&nbsp; **122300** |
| **Lithuania 0.1%** | **Lithuania 0.1%** |  |
| Baltic Classifieds Group PLC <br> (Cost $21,804)<br>| 4300 | &nbsp;&nbsp; **21984** |
| **Luxembourg 1.0%** | **Luxembourg 1.0%** |  |
| Globant SA\* (a) (Cost $172,071) | 2263 | &nbsp;&nbsp; **205571** |
| **Netherlands 6.7%** | **Netherlands 6.7%** |  |
| Adyen NV 144A\* | 74 | &nbsp;&nbsp; 136083 |
| Argenx SE\* | 106 | &nbsp;&nbsp; 58276 |
| ASML Holding NV | 594 | &nbsp;&nbsp; 475982 |
| ING Groep NV | 16367 | &nbsp;&nbsp; 359046 |
| Just Eat Takeaway.com NV <br> 144A\*<br>| 5000 | &nbsp;&nbsp; 114564 |
| NXP Semiconductors NV (c) | 415 | &nbsp;&nbsp; 90673 |
| Topicus.com, Inc.\* (d) | 500 | &nbsp;&nbsp; 62644 |
| Universal Music Group NV | 4575 | &nbsp;&nbsp; 148284 |
| (Cost $757,823) |  | &nbsp;&nbsp; **1445552** |
| **Singapore 4.9%** | **Singapore 4.9%** |  |
| DBS Group Holdings Ltd. | 21920 | &nbsp;&nbsp; 774866 |
| Sea Ltd. (ADR)\* | 1291 | &nbsp;&nbsp; 206483 |
| Trip.com Group Ltd. | 1350 | &nbsp;&nbsp; 79032 |
| (Cost $449,831) |  | &nbsp;&nbsp; **1060381** |
| **Sweden 4.2%** | **Sweden 4.2%** |  |
| Assa Abloy AB "B" | 7536 | &nbsp;&nbsp; 235212 |
| Spotify Technology SA\* (a) | 862 | &nbsp;&nbsp; 661447 |
| (Cost $306,747) |  | &nbsp;&nbsp; **896659** |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS International Opportunities VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **3**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Switzerland 8.9%** | **Switzerland 8.9%** |  |
| Alcon AG | 1635 | &nbsp;&nbsp; 144918 |
| Lonza Group AG (Registered) | 1003 | &nbsp;&nbsp; 714759 |
| Nestle SA (Registered) | 3724 | &nbsp;&nbsp; 370385 |
| Roche Holding AG (Genusschein) | 776 | &nbsp;&nbsp; 252373 |
| Sandoz Group AG | 5130 | &nbsp;&nbsp; 281210 |
| Sportradar Group AG "A"\* (a) | 5384 | &nbsp;&nbsp; 151183 |
| (Cost $1,145,529) |  | &nbsp;&nbsp; **1914828** |
| **Taiwan 3.2%** | **Taiwan 3.2%** |  |
| Taiwan Semiconductor <br> Manufacturing Co., Ltd. <br> (Cost $115,005)<br>| 19000 | &nbsp;&nbsp; **688070** |
| **United Kingdom 4.6%** | **United Kingdom 4.6%** |  |
| AstraZeneca PLC | 2320 | &nbsp;&nbsp; 323211 |
| Birkenstock Holding PLC\* (a) | 1830 | &nbsp;&nbsp; 90000 |
| Halma PLC | 4744 | &nbsp;&nbsp; 208382 |
| HSBC Holdings PLC | 13700 | &nbsp;&nbsp; 165807 |
| Rentokil Initial PLC | 39613 | &nbsp;&nbsp; 191323 |
| (Cost $882,658) |  | &nbsp;&nbsp; **978723** |
| **United States 9.1%** | **United States 9.1%** |  |
| Brookfield Asset Management <br> Ltd. "A"<br>| 3940 | &nbsp;&nbsp; 218071 |
| Ferguson Enterprises, Inc. | 756 | &nbsp;&nbsp; 164619 |
| Flutter Entertainment PLC\* (e) | 386 | &nbsp;&nbsp; 109397 |
| Marsh & McLennan Companies, <br> Inc.<br>| 1782 | &nbsp;&nbsp; 389616 |
| Mastercard, Inc. "A" | 541 | &nbsp;&nbsp; 304010 |
| NVIDIA Corp. | 2942 | &nbsp;&nbsp; 464807 |
| Schlumberger NV | 5195 | &nbsp;&nbsp; 175591 |
| Thermo Fisher Scientific, Inc. | 304 | &nbsp;&nbsp; 123260 |
| (Cost $697,771) |  | &nbsp;&nbsp; **1949371** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Uruguay 1.1%** | **Uruguay 1.1%** |  |
| MercadoLibre, Inc.\* <br> (Cost $122,915)<br>| 88 | &nbsp;&nbsp; **229999** |
| **Total Common Stocks** <br> (Cost $12,178,821)<br>|  | &nbsp;&nbsp; **20949172** |
| **Preferred Stocks 0.5%** | **Preferred Stocks 0.5%** |  |
| **Germany** | **Germany** |  |
| Sartorius AG (Cost $94,183) | 399 | &nbsp;&nbsp; **101731** |
| **Securities Lending Collateral 1.1%** | **Securities Lending Collateral 1.1%** |  |
| DWS Government & Agency <br> Securities Portfolio "DWS <br> Government Cash Institutional <br> Shares", 4.25% (f) (g) <br> (Cost $244,920)<br>| 244920 | &nbsp;&nbsp; **244920** |
| **Cash Equivalents 0.7%** | **Cash Equivalents 0.7%** |  |
| DWS Central Cash Management <br> Government Fund, 4.37% (f) <br> (Cost $146,495)<br>| 146495 | &nbsp;&nbsp; **146495** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **% of** <br>**Net Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** <br> (Cost $12,664,419)<br>| 100.0 | &nbsp;&nbsp; **21442318** |
| **Other Assets and** <br> **Liabilities, Net**<br>| (0.0)<br>| &nbsp;&nbsp; **(4825)**<br>|
| **Net Assets** | 100.0 | &nbsp;&nbsp; **21437493** |

---

A summary of the Fund's transactions with affiliated investments during the period ended June 30, 2025 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at** <br>**12/31/2024**<br>| **Purchases** <br>**Cost ($)**<br>| **Sales** <br>**Proceeds ($)**<br>| **Net Realized** <br>**Gain/** <br>**(Loss) ($)**<br>| **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)** <br> **($)**<br>| **Income ($)** | **Capital Gain** <br>**Distributions** <br> **($)**<br>| **Number** <br>**of Shares** <br>**at** <br>**6/30/2025**<br>| **Value ($) at** <br>**6/30/2025**<br>|
| **Securities Lending Collateral 1.1%** | **Securities Lending Collateral 1.1%** | **Securities Lending Collateral 1.1%** | **Securities Lending Collateral 1.1%** | **Securities Lending Collateral 1.1%** | **Securities Lending Collateral 1.1%** | **Securities Lending Collateral 1.1%** | **Securities Lending Collateral 1.1%** | **Securities Lending Collateral 1.1%** |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (f) (g) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (f) (g) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (f) (g) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (f) (g) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (f) (g) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (f) (g) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (f) (g) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (f) (g) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (f) (g) |
|  | 244,920 (h) |  |  |  | 133 |  | 244920 | 244920 |
| **Cash Equivalents 0.7%** | **Cash Equivalents 0.7%** | **Cash Equivalents 0.7%** | **Cash Equivalents 0.7%** | **Cash Equivalents 0.7%** | **Cash Equivalents 0.7%** | **Cash Equivalents 0.7%** | **Cash Equivalents 0.7%** | **Cash Equivalents 0.7%** |
| DWS Central Cash Management Government Fund, 4.37% (f) | DWS Central Cash Management Government Fund, 4.37% (f) | DWS Central Cash Management Government Fund, 4.37% (f) | DWS Central Cash Management Government Fund, 4.37% (f) | DWS Central Cash Management Government Fund, 4.37% (f) | DWS Central Cash Management Government Fund, 4.37% (f) | DWS Central Cash Management Government Fund, 4.37% (f) | DWS Central Cash Management Government Fund, 4.37% (f) | DWS Central Cash Management Government Fund, 4.37% (f) |
| 528472 | 3092416 | 3474393 |  |  | 14513 |  | 146495 | 146495 |
| **528472** | **3337336** | **3474393** |  |  | **14646** |  | **391415** | **391415** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

(a) Listed on the New York Stock Exchange.

(b) All or a portion of these securities were on loan. In addition, "Other Assets and Liabilities, Net" may include pending sales that are also on loan. The value of securities loaned at June 30, 2025 amounted to $234,235, which is 1.1% of net assets. 

(c) Listed on the NASDAQ Stock Market, Inc.

(d) Listed on the TSX Venture Exchange.

(e) Listed on the London Stock Exchange.

(f) Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. 

(g) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **4** \|  | Deutsche DWS Variable Series II —<br> DWS International Opportunities VIP <br>|

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(h) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

144A: Security exempt from registration under Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. <br> ADR: American Depositary Receipt

**Fair Value Measurements**

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Canada | &nbsp;&nbsp; $1296134 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1296134 |
| China | &nbsp;&nbsp; — | &nbsp;&nbsp; 999102 | &nbsp;&nbsp; — | &nbsp;&nbsp; 999102 |
| Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp; 265948 | &nbsp;&nbsp; — | &nbsp;&nbsp; 265948 |
| Finland | &nbsp;&nbsp; 148218 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 148218 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp; 2478448 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2478448 |
| Germany | &nbsp;&nbsp; — | &nbsp;&nbsp; 3762817 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3762817 |
| Hong Kong | &nbsp;&nbsp; — | &nbsp;&nbsp; 193659 | &nbsp;&nbsp; — | &nbsp;&nbsp; 193659 |
| Ireland | &nbsp;&nbsp; — | &nbsp;&nbsp; 583251 | &nbsp;&nbsp; — | &nbsp;&nbsp; 583251 |
| Israel | &nbsp;&nbsp; 477374 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 477374 |
| Italy | &nbsp;&nbsp; 169520 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 169520 |
| Japan | &nbsp;&nbsp; — | &nbsp;&nbsp; 1061263 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1061263 |
| Korea | &nbsp;&nbsp; — | &nbsp;&nbsp; 122300 | &nbsp;&nbsp; — | &nbsp;&nbsp; 122300 |
| Lithuania | &nbsp;&nbsp; — | &nbsp;&nbsp; 21984 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21984 |
| Luxembourg | &nbsp;&nbsp; 205571 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 205571 |
| Netherlands | &nbsp;&nbsp; 153317 | &nbsp;&nbsp; 1292235 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1445552 |
| Singapore | &nbsp;&nbsp; 206483 | &nbsp;&nbsp; 853898 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1060381 |
| Sweden | &nbsp;&nbsp; 661447 | &nbsp;&nbsp; 235212 | &nbsp;&nbsp; — | &nbsp;&nbsp; 896659 |
| Switzerland | &nbsp;&nbsp; 151183 | &nbsp;&nbsp; 1763645 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1914828 |
| Taiwan | &nbsp;&nbsp; — | &nbsp;&nbsp; 688070 | &nbsp;&nbsp; — | &nbsp;&nbsp; 688070 |
| United Kingdom | &nbsp;&nbsp; 90000 | &nbsp;&nbsp; 888723 | &nbsp;&nbsp; — | &nbsp;&nbsp; 978723 |
| United States | &nbsp;&nbsp; 1839974 | &nbsp;&nbsp; 109397 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1949371 |
| Uruguay | &nbsp;&nbsp; 229999 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 229999 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 101731 | &nbsp;&nbsp; — | &nbsp;&nbsp; 101731 |
| Short-Term Investments (a) | &nbsp;&nbsp; 391415 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 391415 |
| **Total** | &nbsp;&nbsp; **$6020635** | &nbsp;&nbsp; **$15421683** | &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$21442318** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) See Investment Portfolio for additional detailed categorizations.

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS International Opportunities VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **5**  |

---

------

**Statement of** 

**Assets and Liabilities**

**Statement of Operations**

as of June 30, 2025 (Unaudited)

------

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in non-affiliated securities, at value <br> (cost $12,273,004) — including $234,235 of <br> securities loaned<br>| $21050903 |
| Investment in DWS Government & Agency <br> Securities Portfolio (cost $244,920)\* <br>| 244920 |
| Investment in DWS Central Cash Management <br> Government Fund (cost $146,495)<br>| 146495 |
| Foreign currency, at value (cost $193,510) | 203202 |
| Receivable for Fund shares sold | 34930 |
| Dividends receivable | 14814 |
| Affiliated securities lending income receivable | 47 |
| Foreign taxes recoverable | 49889 |
| Other assets | 259 |
| Total assets | 21745459 |
| **Liabilities** |  |
| Payable upon return of securities loaned | 244920 |
| Payable for Fund shares redeemed | 4225 |
| Accrued management fee | 1663 |
| Accrued Trustees' fees | 840 |
| Other accrued expenses and payables | 56318 |
| Total liabilities | 307966 |
| **Net assets, at value** | **$21437493** |
| **Net Assets Consist of** |  |
| Distributable earnings (loss) | 6978903 |
| Paid-in capital | 14458590 |
| **Net assets, at value** | **$21437493** |
| **Net Asset Value** |  |
| **Class A** |  |
| **Net Asset Value,** offering and redemption price <br> per share ($21,437,493 ÷ 1,157,664 outstanding <br> shares of beneficial interest, no par value, <br> unlimited number of shares authorized)<br>| **$18.52** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Represents collateral on securities loaned.

for the six months ended June 30, 2025 (Unaudited)

------

---

| | |
|:---|:---|
| **Investment Income** |  |
| Income: |  |
| Dividends (net of foreign taxes withheld <br> of $33,149)<br>| $259482 |
| Income distributions — DWS Central Cash <br> Management Government Fund<br>| 14513 |
| Affiliated securities lending income | 133 |
| Total income | 274128 |
| Expenses: |  |
| Management fee | 62361 |
| Administration fee | 9757 |
| Services to shareholders | 344 |
| Custodian fee | 4886 |
| Audit fee | 28510 |
| Legal fees | 7055 |
| Tax fees | 2984 |
| Reports to shareholders | 11558 |
| Trustees' fees and expenses | 1298 |
| Other | 5725 |
| Total expenses before expense reductions | 134478 |
| Expense reductions | (52041)<br>|
| Total expenses after expense reductions | 82437 |
| **Net investment income** | **191691** |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) from: |  |
| Investments | 128056 |
| Foreign currency | 1596 |
|  | 129652 |
| Change in net unrealized appreciation <br> (depreciation) on:<br>|  |
| Investments | 2374949 |
| Foreign currency | 21651 |
|  | 2396600 |
| **Net gain (loss)** | **2526252** |
| **Net increase (decrease) in net assets resulting** <br> **from operations**<br>| **$2717943** |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **6** \|  | Deutsche DWS Variable Series II —<br> DWS International Opportunities VIP <br>|

---

------

**Statements of Changes in Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **December 31,**<br>|
| **Increase (Decrease) in Net Assets** | <br>**(Unaudited)** | **2024**<sup>\*</sup> |
| Operations: |  |  |
| Net investment income | $191691 | $191623 |
| Net realized gain (loss) | 129652 | 339156 |
| Change in net unrealized appreciation <br>(depreciation)<br>| 2396600 | 1261926 |
| Net increase (decrease) in net assets resulting from operations | 2717943 | 1792705 |
| Distributions to shareholders: |  |  |
| Class A | (189418)<br>| (246763)<br>|
| Class B |  | (289)<br>|
| Total distributions | (189418)<br>| (247052)<br>|
| Fund share transactions: |  |  |
| **Class A** |  |  |
| Proceeds from shares sold | 1277891 | 1445199 |
| Reinvestment of distributions | 189418 | 246763 |
| Payments for shares redeemed | (2732336)<br>| (3411031)<br>|
| Net increase (decrease) in net assets from Class A share transactions | (1265027)<br>| (1719069)<br>|
| **Class B** |  |  |
| Proceeds from shares sold |  | 461 |
| Reinvestment of distributions |  | 289 |
| Payments for shares redeemed |  | (31413)<br>|
| Net increase (decrease) in net assets from Class B share transactions |  | (30663)<br>|
| **Increase (decrease) in net assets** | 1263498 | (204079)<br>|
| Net assets at beginning of period | 20173995 | 20378074 |
| **Net assets at end of period** | **$21437493** | **$20173995** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| **Other Information** |  |  |
| **Class A** |  |  |
| Shares outstanding at beginning of period | 1236421 | 1346396 |
| Shares sold | 72705 | 88804 |
| Shares issued to shareholders in reinvestment of distributions | 11077 | 15930 |
| Shares redeemed | (162539)<br>| (214709)<br>|
| Net increase (decrease) in Class A shares | (78757)<br>| (109975)<br>|
| Shares outstanding at end of period | **1157664** | **1236421** |
| **Class B** |  |  |
| Shares outstanding at beginning of period |  | 1903 |
| Shares sold |  | 29 |
| Shares issued to shareholders in reinvestment of distributions |  | 19 |
| Shares redeemed |  | (1951)<br>|
| Net increase (decrease) in Class B shares |  | (1903)<br>|
| Shares outstanding at end of period |  |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>\*</sup> Includes Class B for the period from January 1, 2024 to June 17, 2024 (Class B liquidation date).

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS International Opportunities VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **7**  |

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**Financial Highlights** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DWS International Opportunities VIP** — **Class A** | **DWS International Opportunities VIP** — **Class A** | **DWS International Opportunities VIP** — **Class A** | **DWS International Opportunities VIP** — **Class A** | **DWS International Opportunities VIP** — **Class A** | **DWS International Opportunities VIP** — **Class A** | **DWS International Opportunities VIP** — **Class A** |
|  | &nbsp;&nbsp; **Six Months** <br>**Ended 6/30/25**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |
| **Net asset value, beginning of period** | &nbsp;&nbsp; **$16.32** | &nbsp;&nbsp; **$15.11** | &nbsp;&nbsp; **$13.12** | &nbsp;&nbsp; **$18.80** | &nbsp;&nbsp; **$17.65** | &nbsp;&nbsp; **$14.64** |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>a</sup> <br>| &nbsp;&nbsp; .16 | &nbsp;&nbsp; .15 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; .11 | &nbsp;&nbsp; .08 | &nbsp;&nbsp; .06 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp; (5.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;3.17 |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp; (5.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;3.23 |
| Less distributions from: |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; (.22)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; — |
| **Total distributions** | &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.22)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; **$18.52** | &nbsp;&nbsp; **$16.32** | &nbsp;&nbsp; **$15.11** | &nbsp;&nbsp; **$13.12** | &nbsp;&nbsp; **$18.80** | &nbsp;&nbsp; **$17.65** |
| Total Return (%)<sup>b</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.59 <br><sup>\*</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;9.37 | &nbsp;&nbsp;&nbsp;&nbsp;16.04 | &nbsp;&nbsp; (28.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.11 | &nbsp;&nbsp;&nbsp;&nbsp;22.69 |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 19 |
| Ratio of expenses before expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34 <br><sup>\*\*</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 |
| Ratio of expenses after expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp; .83 <br><sup>\*\*</sup><br>| &nbsp;&nbsp; .84 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .92 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .87 |
| Ratio of net investment income (%) | &nbsp;&nbsp;&nbsp;&nbsp; 1.90 <br><sup>\*\*</sup><br>| &nbsp;&nbsp; .94 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .42 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 6 <br><sup>\*</sup><br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 10 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| <sup>a</sup> | Based on average shares outstanding during the period. |
| <sup>b</sup> | Total return would have been lower had certain expenses not been reduced. |
| <sup>c</sup> | &nbsp;&nbsp; Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life <br> insurance policy or variable annuity contract for which the Fund is an investment option.<br>|
| <sup>\*</sup> | Not annualized |
| <sup>\*\*</sup> | Annualized |

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The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **8** \|  | Deutsche DWS Variable Series II —<br> DWS International Opportunities VIP <br>|

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**Notes to Financial Statements (Unaudited)**

**A.** **Organization and Significant Accounting Policies**

DWS International Opportunities VIP (formerly DWS International Growth VIP) (the "Fund") is a diversified series of Deutsche DWS Variable Series II (the "Trust"), which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company organized as a Massachusetts business trust. The Fund is an underlying investment vehicle for variable annuity contracts and variable life insurance policies to be offered by the separate accounts of certain life insurance companies ("Participating Insurance Companies").

The Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") which require the use of management estimates. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements.

**Operating Segment.** The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 impacts financial statement disclosures only and does not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President and Chief Executive Officer, acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net asset (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and results of operations and significant segment expenses are listed on the accompanying Statement of Operations.

**Security Valuation.** Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading.

The Fund's Board has designated DWS Investment Management Americas, Inc. (the "Advisor") as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. The Advisor's Pricing Committee (the "Pricing Committee") typically values securities using readily available market quotations or prices supplied by independent pricing services (which are considered fair values under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

Equity securities and exchange-traded funds ("ETFs") are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Equity securities or ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities and ETFs are generally categorized as Level 1. For certain international equity securities, in order to adjust for events which may occur between the close of the foreign exchanges and the close of the New York Stock Exchange, a fair valuation model may be used. This fair valuation model takes into account comparisons to the valuation of American Depository Receipts (ADRs), exchange-traded funds, futures contracts and certain indices and these securities are categorized as Level 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS International Opportunities VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **9**  |

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Investments in open-end investment companies are valued at their net asset value each business day and are categorized as Level 1.

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Pricing Committee and are generally categorized as Level 3. In accordance with the Fund's valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security's disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company's or issuer's financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

Disclosure about the classification of fair value measurements is included in a table following the Fund's Investment Portfolio.

**Foreign Currency Translations.** The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

**Securities Lending.** National Financial Services LLC (Fidelity Agency Lending), as securities lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the securities lending agent will use its best efforts to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the six months ended June 30, 2025, the Fund invested the cash collateral, if any, into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.13% annualized effective rate as of June 30, 2025) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a securities lending agent. Either the Fund or the borrower may terminate the loan at any time, and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of June 30, 2025, the Fund had securities on loan, which were classified as common stocks in the Investment Portfolio. The value of the related collateral exceeded the value of the securities loaned at period end. As of period end, the remaining contractual maturity of the collateral agreements were overnight and continuous.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **10** \|  | Deutsche DWS Variable Series II —<br> DWS International Opportunities VIP <br>|

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**Tax Information.** The Fund is treated as a separate taxpayer as provided for in the Internal Revenue Code of 1986, as amended (the "Code"). It is the Fund's policy to comply with the requirements of the Code, which are applicable to regulated investment companies, and to distribute all of its taxable income to the separate accounts of the Participating Insurance Companies which hold its shares.

Additionally, the Fund may be subject to taxes imposed by the governments of countries in which it invests and are generally based on income and/or capital gains earned or repatriated, a portion of which may be recoverable. Based upon the current interpretation of the tax rules and regulations, estimated tax liabilities and recoveries on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized gain/loss on investments. Tax liabilities realized as a result of security sales are reflected as a component of net realized gain/loss on investments.

At December 31, 2024, the Fund had net tax basis capital loss carryforwards of $2,066,981, including short-term losses ($1,015,958) and long-term losses ($1,051,023), which may be applied against realized net taxable capital gains indefinitely.

At June 30, 2025, the aggregate cost of investments for federal income tax purposes was $12,722,196. The net unrealized appreciation for all investments based on tax cost was $8,720,122. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $9,486,588 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $766,466.

The Fund files tax returns with the Internal Revenue Service, the State of New York, and various other states. Specific to U.S. federal and state taxes, generally, each of the tax years in the four-year period ended December 31, 2024, remains subject to examination by taxing authorities. Specific to foreign countries in which the Fund invests, all open tax years remain subject to examination by taxing authorities in the respective jurisdictions. The open tax years vary by each jurisdiction in which the Fund invests.

**Distribution of Income and Gains.** Distributions from net investment income of the Fund, if any, are declared and distributed to shareholders annually. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes if necessary.

The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to certain securities sold at a loss and the realized tax character on distributions from certain securities. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.

The tax character of current year distributions will be determined at the end of the current fiscal year.

**Expenses.** Expenses of the Trust arising in connection with a specific fund are allocated to that fund. Other Trust expenses which cannot be directly attributed to a fund are apportioned among the funds in the Trust based upon the relative net assets or other appropriate measures.

**Contingencies.** In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.

**Other.** Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date net of foreign withholding taxes. Realized gains and losses from investment transactions are recorded on an identified cost basis. Proceeds from litigation payments, if any, are included in net realized gain (loss) from investments.

**B.** **Purchases and Sales of Securities**

During the six months ended June 30, 2025, purchases and sales of investment securities (excluding short-term investments) aggregated $1,133,934 and $2,162,798, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS International Opportunities VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **11**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**C.** **Related Parties**

**Management Agreement.** Under the Investment Management Agreement with DWS Investment Management Americas, Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA ("DWS Group"), the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund.

Under the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the average daily net assets of the Fund, computed and accrued daily and payable monthly at the annual rate (exclusive of any applicable waivers/reimbursements) of 0.62%.

For the period from January 1, 2025 through April 30, 2025, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) Class A at 0.82%.

Effective May 1, 2025 through April 30, 2026, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) of Class A at 0.86%.

For the six months ended June 30, 2025, fees waived and/or expenses reimbursed for Class A are $52,041.

**Administration Fee.** Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.097% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the six months ended June 30, 2025, the Administration Fee was $9,757, of which $1,679 is unpaid.

**Service Provider Fees.** DWS Service Company ("DSC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and SS&C GIDS, Inc. ("SS&C"), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to SS&C. DSC compensates SS&C out of the shareholder servicing fee it receives from the Fund. For the six months ended June 30, 2025, the amounts charged to the Fund by DSC aggregated $179, of which $61 is unpaid.

**Other Service Fees.** Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the six months ended June 30, 2025, the amount charged to the Fund by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $338, of which $236 is unpaid.

**Trustees' Fees and Expenses.** The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.

**Affiliated Cash Management Vehicles.** The Fund may invest uninvested cash balances in DWS Central Cash Management Government Fund, an affiliated money market fund which is managed by the Advisor. DWS Central Cash Management Government Fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest and seeks to maintain a stable net asset value. The Fund indirectly bears its proportionate share of the expenses of its investment in DWS Central Cash Management Government Fund. DWS Central Cash Management Government Fund does not pay the Advisor an investment management fee.

**D.** **Ownership of the Fund**

At June 30, 2025, two Participating Insurance Companies were owners of record of 10% or more of the total outstanding Class A shares of the Fund, each owning 61% and 28%, respectively.

**E.** **Line of Credit**

The Fund and other affiliated funds (the "Participants") share in a $345 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a daily fluctuating rate per annum equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **12** \|  | Deutsche DWS Variable Series II —<br> DWS International Opportunities VIP <br>|

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may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS International Opportunities VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **13**  |

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**Advisory Agreement Board Considerations and Fee Evaluation**

The Board of Trustees (hereinafter referred to as the "Board" or "Trustees") approved the renewal of DWS International Growth VIP's (now known as DWS International Opportunities VIP) (the "Fund") investment management agreement (the "Agreement") with DWS Investment Management Americas, Inc. ("DIMA") in September 2024.

In terms of the process that the Board followed prior to approving the Agreement, shareholders should know that:

—

During the entire process, all of the Fund's Trustees were independent of DIMA and its affiliates (the "Independent Trustees").

—

The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel, including materials containing information on the Fund's performance, fees and expenses, profitability, economies of scale and fall-out benefits.

—

The Board also received extensive information throughout the year regarding performance of the Fund.

—

The Independent Trustees regularly met privately with counsel to discuss contract review and other matters.

—

In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund's distribution agreement, administrative services agreement, transfer agency agreement, and certain other material service agreements.

In connection with the contract review process, the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund. DIMA is part of DWS Group GmbH & Co. KGaA ("DWS Group"). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. DWS Group is majority-owned by Deutsche Bank AG, with approximately 20% of its shares publicly traded.

As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund's performance. In many cases, this led to the negotiation and implementation of expense caps.

While shareholders may focus primarily on fund performance and fees, the Fund's Board considers these and many other factors, including the quality and integrity of DIMA's personnel and administrative support services provided by DIMA, such as back-office operations, fund valuations, and compliance policies and procedures.

**Nature, Quality and Extent of Services.** The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA's approach to addressing such risks. The Board reviewed the Fund's performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied by Morningstar Direct ("Morningstar"), an independent fund data service. The Board also noted that it has put into place a process of identifying "Funds in Review" (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA's plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for the one-, three- and five-year periods ended December 31, 2023, the Fund's performance (Class A shares) was in the 3rd quartile of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has outperformed its benchmark in the one- and five-year periods and has underperformed its benchmark in the three-year period ended December 31, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **14** \|  | Deutsche DWS Variable Series II —<br> DWS International Opportunities VIP <br>|

---

------

**Fees and Expenses.** The Board considered the Fund's investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. ("Broadridge") regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.097% fee paid to DIMA under the Fund's administrative services agreement, were lower than the median (1st quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2023). The Board noted that the Fund's Class A shares total (net) operating expenses were expected to be higher than the median (3rd quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2023, and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees). The Board noted that the expense limitation agreed to by DIMA was expected to help the Fund's total (net) operating expenses remain competitive. The Board considered the Fund's management fee rate as compared to fees charged by DIMA to a comparable DWS U.S. registered fund ("DWS Funds") and considered differences between the Fund and the comparable DWS Fund. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors ("DWS Europe Funds") managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA.

**Profitability.** The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs to DIMA, and pre-tax profits realized by DIMA, from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board reviewed DIMA's methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that, while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates' overall profitability with respect to the DWS Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of most comparable firms for which such data was available.

**Economies of Scale.** The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. In this regard, the Board observed that while the Fund's current investment management fee schedule does not include breakpoints, the Fund's fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

**Other Benefits to DIMA and Its Affiliates.** The Board also considered the character and amount of other incidental or "fall-out" benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund and any fees received by an affiliate of DIMA for transfer agency services provided to the Fund. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities. In addition, the Board considered the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Fund's management fees were reasonable.

**Compliance.** The Board considered the significant attention and resources dedicated by DIMA to its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA's and the Fund's chief compliance officers; (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel; and (iii) ongoing efforts to enhance the compliance program.

Based on all of the information considered and the conclusions reached, the Board determined that the continuation of the Agreement is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above and individual Independent Trustees may

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS International Opportunities VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **15**  |

---

------

have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement. The Board considered these factors over the course of numerous meetings, certain of which

were in executive session with only the Independent Trustees and counsel present.

VS2IO-BFE2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **16** \|  | Deutsche DWS Variable Series II —<br> DWS International Opportunities VIP <br>|

---

------

![](imgc7e13d8d1.jpg)

VS2IO-NCSRS

------

June 30, 2025

**Semiannual Financial Statements and Other Information**

Deutsche DWS Variable Series II

**DWS Small Mid Cap Growth VIP**

![](img5e4ad5c31.jpg)

------

**Contents** 

---

| | |
|:---|:---|
| **3** | [Investment Portfolio](#xx_ee0d7e20-71c6-49b6-8e20-c04d59fa5d7f_SOI-CC-Financial-RunningFooter-347_1) |
| **6** | [Statement of Assets and Liabilities](#xx_ee0d7e20-71c6-49b6-8e20-c04d59fa5d7f_FS-CC-Financial-RunningFooter-347_1) |
| **6** | [Statement of Operations](#xx_ee0d7e20-71c6-49b6-8e20-c04d59fa5d7f_FS-CC-Financial-RunningFooter-347_1) |
| **7** | [Statements of Changes in Net Assets](#xx_ee0d7e20-71c6-49b6-8e20-c04d59fa5d7f_FS-CC-Financial-RunningFooter-347_2) |
| **8** | [Financial Highlights](#xx_ee0d7e20-71c6-49b6-8e20-c04d59fa5d7f_FIHI-CC-Financial-RunningFooter-347_1) |
| **9** | [Notes to Financial Statements](#xx_ee0d7e20-71c6-49b6-8e20-c04d59fa5d7f_NTF-CC-Financial-RunningFooter-347_1) |
| **13** | [Advisory Agreement Board Considerations and Fee Evaluation](#xx_ee0d7e20-71c6-49b6-8e20-c04d59fa5d7f_AABCF-CC-Financial-RunningFooter-347_1) |

---

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

DWS Distributors, Inc., 222 South Riverside Plaza, Chicago, IL 60606, (800) 621-1148

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **2** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Growth VIP <br>|

---

------

**Investment Portfolioas of June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Common Stocks 98.3%** | **Common Stocks 98.3%** |  |
| **Communication Services 1.1%** | **Communication Services 1.1%** |  |
| **Entertainment 1.1%** | **Entertainment 1.1%** |  |
| Take-Two Interactive <br> Software, Inc.\*<br>| 2174 | &nbsp;&nbsp; **527956** |
| **Consumer Discretionary 9.9%** | **Consumer Discretionary 9.9%** |  |
| **Automobile Components 0.5%** | **Automobile Components 0.5%** |  |
| Gentherm, Inc.\* | 7364 | &nbsp;&nbsp; **208328** |
| **Diversified Consumer Services 0.9%** | **Diversified Consumer Services 0.9%** |  |
| Bright Horizons Family <br> Solutions, Inc.\*<br>| 3398 | &nbsp;&nbsp; **419959** |
| **Hotels, Restaurants & Leisure 1.6%** | **Hotels, Restaurants & Leisure 1.6%** |  |
| Hilton Grand Vacations, Inc.\* | 12491 | &nbsp;&nbsp; 518751 |
| Wingstop, Inc. | 700 | &nbsp;&nbsp; 235718 |
|  |  | &nbsp;&nbsp; **754469** |
| **Household Durables 2.9%** | **Household Durables 2.9%** |  |
| Helen of Troy Ltd.\* | 1963 | &nbsp;&nbsp; 55710 |
| LGI Homes, Inc.\* | 3089 | &nbsp;&nbsp; 159145 |
| TopBuild Corp.\* | 3473 | &nbsp;&nbsp; 1124349 |
|  |  | &nbsp;&nbsp; **1339204** |
| **Leisure Products 1.0%** | **Leisure Products 1.0%** |  |
| YETI Holdings, Inc.\* | 15522 | &nbsp;&nbsp; **489253** |
| **Specialty Retail 3.0%** | **Specialty Retail 3.0%** |  |
| Burlington Stores, Inc.\* | 2883 | &nbsp;&nbsp; 670701 |
| Camping World Holdings, Inc. "A" | 21507 | &nbsp;&nbsp; 369706 |
| Valvoline, Inc.\* | 9900 | &nbsp;&nbsp; 374913 |
|  |  | &nbsp;&nbsp; **1415320** |
| **Consumer Staples 3.7%** | **Consumer Staples 3.7%** |  |
| **Consumer Staples Distribution & Retail 3.1%** | **Consumer Staples Distribution & Retail 3.1%** |  |
| Casey's General Stores, Inc. | 2871 | &nbsp;&nbsp; **1464985** |
| **Food Products 0.3%** | **Food Products 0.3%** |  |
| Lancaster Colony Corp. | 800 | &nbsp;&nbsp; **138216** |
| **Household Products 0.3%** | **Household Products 0.3%** |  |
| Spectrum Brands Holdings, Inc. | 2282 | &nbsp;&nbsp; **120946** |
| **Energy 3.0%** | **Energy 3.0%** |  |
| **Oil, Gas & Consumable Fuels 3.0%** | **Oil, Gas & Consumable Fuels 3.0%** |  |
| Core Natural Resources, Inc. | 2519 | &nbsp;&nbsp; 175675 |
| Crescent Energy Co. "A" | 6384 | &nbsp;&nbsp; 54902 |
| Expand Energy Corp. | 2943 | &nbsp;&nbsp; 344154 |
| Kosmos Energy Ltd.\* | 48000 | &nbsp;&nbsp; 82560 |
| Matador Resources Co. | 8300 | &nbsp;&nbsp; 396076 |
| Ovintiv, Inc. | 9711 | &nbsp;&nbsp; 369504 |
|  |  | &nbsp;&nbsp; **1422871** |
| **Financials 11.3%** | **Financials 11.3%** |  |
| **Banks 3.3%** | **Banks 3.3%** |  |
| Pinnacle Financial Partners, Inc. | 5944 | &nbsp;&nbsp; 656277 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Synovus Financial Corp. | 11493 | &nbsp;&nbsp; 594763 |
| The Bancorp, Inc.\* | 5495 | &nbsp;&nbsp; 313050 |
|  |  | &nbsp;&nbsp; **1564090** |
| **Capital Markets 5.1%** | **Capital Markets 5.1%** |  |
| FactSet Research Systems, Inc. | 1036 | &nbsp;&nbsp; 463382 |
| Lazard, Inc. | 12317 | &nbsp;&nbsp; 590970 |
| LPL Financial Holdings, Inc. | 2100 | &nbsp;&nbsp; 787437 |
| Moelis & Co. "A" | 9136 | &nbsp;&nbsp; 569355 |
|  |  | &nbsp;&nbsp; **2411144** |
| **Financial Services 0.9%** | **Financial Services 0.9%** |  |
| WEX, Inc.\* | 2797 | &nbsp;&nbsp; **410852** |
| **Insurance 2.0%** | **Insurance 2.0%** |  |
| Kinsale Capital Group, Inc. | 1900 | &nbsp;&nbsp; **919410** |
| **Health Care 19.9%** | **Health Care 19.9%** |  |
| **Biotechnology 8.2%** | **Biotechnology 8.2%** |  |
| Apellis Pharmaceuticals, Inc.\* | 3951 | &nbsp;&nbsp; 68392 |
| Avidity Biosciences, Inc.\* | 8600 | &nbsp;&nbsp; 244240 |
| Biohaven Ltd.\* | 6687 | &nbsp;&nbsp; 94354 |
| Blueprint Medicines Corp.\* | 3484 | &nbsp;&nbsp; 446579 |
| Caris Life Sciences, Inc.\* | 3928 | &nbsp;&nbsp; 104956 |
| Catalyst Pharmaceuticals, Inc.\* | 7600 | &nbsp;&nbsp; 164920 |
| Celldex Therapeutics, Inc.\* | 12600 | &nbsp;&nbsp; 256410 |
| Halozyme Therapeutics, Inc.\* | 2800 | &nbsp;&nbsp; 145656 |
| Insmed, Inc.\* | 5344 | &nbsp;&nbsp; 537820 |
| Kiniksa Pharmaceuticals <br> International PLC\*<br>| 8769 | &nbsp;&nbsp; 242638 |
| Neurocrine Biosciences, Inc.\* | 7085 | &nbsp;&nbsp; 890514 |
| Travere Therapeutics, Inc.\* | 14578 | &nbsp;&nbsp; 215754 |
| Ultragenyx Pharmaceutical, Inc.\* | 3057 | &nbsp;&nbsp; 111153 |
| Vaxcyte, Inc.\* | 4900 | &nbsp;&nbsp; 159299 |
| Vera Therapeutics, Inc.\* | 7600 | &nbsp;&nbsp; 179056 |
|  |  | &nbsp;&nbsp; **3861741** |
| **Health Care Equipment & Supplies 2.9%** | **Health Care Equipment & Supplies 2.9%** |  |
| Alphatec Holdings, Inc.\* | 9320 | &nbsp;&nbsp; 103452 |
| Ceribell, Inc.\* (a) | 9880 | &nbsp;&nbsp; 185052 |
| Globus Medical, Inc. "A"\* | 2224 | &nbsp;&nbsp; 131261 |
| Haemonetics Corp.\* | 1353 | &nbsp;&nbsp; 100947 |
| Inspire Medical Systems, Inc.\* | 300 | &nbsp;&nbsp; 38931 |
| Lantheus Holdings, Inc.\* | 3500 | &nbsp;&nbsp; 286510 |
| Masimo Corp.\* | 727 | &nbsp;&nbsp; 122296 |
| Merit Medical Systems, Inc.\* | 4200 | &nbsp;&nbsp; 392616 |
|  |  | &nbsp;&nbsp; **1361065** |
| **Health Care Providers & Services 7.5%** | **Health Care Providers & Services 7.5%** |  |
| AMN Healthcare Services, Inc.\* | 9041 | &nbsp;&nbsp; 186877 |
| HealthEquity, Inc.\* | 4529 | &nbsp;&nbsp; 474458 |
| Molina Healthcare, Inc.\* | 2319 | &nbsp;&nbsp; 690830 |
| Option Care Health, Inc.\* | 18864 | &nbsp;&nbsp; 612703 |
| Privia Health Group, Inc.\* | 8600 | &nbsp;&nbsp; 197800 |
| RadNet, Inc.\* | 23877 | &nbsp;&nbsp; 1358840 |
|  |  | &nbsp;&nbsp; **3521508** |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Growth VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **3**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Health Care Technology 0.4%** | **Health Care Technology 0.4%** |  |
| Waystar Holding Corp.\* | 4200 | &nbsp;&nbsp; **171654** |
| **Life Sciences Tools & Services 0.1%** | **Life Sciences Tools & Services 0.1%** |  |
| OmniAb, Inc.\* | 13092 | &nbsp;&nbsp; **22780** |
| **Pharmaceuticals 0.8%** | **Pharmaceuticals 0.8%** |  |
| Arvinas, Inc.\* | 2000 | &nbsp;&nbsp; 14720 |
| EyePoint Pharmaceuticals, Inc.\* | 5600 | &nbsp;&nbsp; 52696 |
| Ligand Pharmaceuticals, Inc.\* | 2672 | &nbsp;&nbsp; 303753 |
|  |  | &nbsp;&nbsp; **371169** |
| **Industrials 21.8%** | **Industrials 21.8%** |  |
| **Aerospace & Defense 2.4%** | **Aerospace & Defense 2.4%** |  |
| HEICO Corp. | 3376 | &nbsp;&nbsp; **1107328** |
| **Building Products 4.4%** | **Building Products 4.4%** |  |
| Allegion PLC | 7099 | &nbsp;&nbsp; 1023108 |
| Builders FirstSource, Inc.\* | 9106 | &nbsp;&nbsp; 1062579 |
|  |  | &nbsp;&nbsp; **2085687** |
| **Commercial Services & Supplies 4.3%** | **Commercial Services & Supplies 4.3%** |  |
| MSA Safety, Inc. | 2392 | &nbsp;&nbsp; 400732 |
| Tetra Tech, Inc. | 17595 | &nbsp;&nbsp; 632716 |
| The Brink's Co. | 11036 | &nbsp;&nbsp; 985405 |
|  |  | &nbsp;&nbsp; **2018853** |
| **Electrical Equipment 1.5%** | **Electrical Equipment 1.5%** |  |
| NEXTracker, Inc. "A"\* | 8300 | &nbsp;&nbsp; 451271 |
| Thermon Group Holdings, Inc.\* | 9149 | &nbsp;&nbsp; 256904 |
|  |  | &nbsp;&nbsp; **708175** |
| **Machinery 1.6%** | **Machinery 1.6%** |  |
| Chart Industries, Inc.\* | 2600 | &nbsp;&nbsp; 428090 |
| IDEX Corp. | 1802 | &nbsp;&nbsp; 316377 |
|  |  | &nbsp;&nbsp; **744467** |
| **Professional Services 3.8%** | **Professional Services 3.8%** |  |
| Broadridge Financial Solutions, <br> Inc.<br>| 1782 | &nbsp;&nbsp; 433080 |
| Kforce, Inc. | 11225 | &nbsp;&nbsp; 461684 |
| Maximus, Inc. | 8556 | &nbsp;&nbsp; 600631 |
| Verra Mobility Corp.\* | 10800 | &nbsp;&nbsp; 274212 |
|  |  | &nbsp;&nbsp; **1769607** |
| **Trading Companies & Distributors 3.8%** | **Trading Companies & Distributors 3.8%** |  |
| FTAI Aviation Ltd. | 2500 | &nbsp;&nbsp; 287600 |
| Rush Enterprises, Inc. "A" | 24885 | &nbsp;&nbsp; 1281826 |
| Titan Machinery, Inc.\* | 11743 | &nbsp;&nbsp; 232629 |
|  |  | &nbsp;&nbsp; **1802055** |
| **Information Technology 21.7%** | **Information Technology 21.7%** |  |
| **Communications Equipment 1.1%** | **Communications Equipment 1.1%** |  |
| Calix, Inc.\* | 9644 | &nbsp;&nbsp; **512964** |
| **Electronic Equipment, Instruments &** <br> **Components 4.7%** | **Electronic Equipment, Instruments &** <br> **Components 4.7%** |  |
| Advanced Energy Industries, Inc. | 12629 | &nbsp;&nbsp; 1673342 |
| Cognex Corp. | 7873 | &nbsp;&nbsp; 249732 |
| Fabrinet\* | 900 | &nbsp;&nbsp; 265212 |
|  |  | &nbsp;&nbsp; **2188286** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Semiconductors & Semiconductor** <br> **Equipment 6.4%** | **Semiconductors & Semiconductor** <br> **Equipment 6.4%** |  |
| Entegris, Inc. | 4821 | &nbsp;&nbsp; 388814 |
| FormFactor, Inc.\* | 7627 | &nbsp;&nbsp; 262445 |
| Impinj, Inc.\* | 2530 | &nbsp;&nbsp; 281007 |
| Monolithic Power Systems, Inc. | 847 | &nbsp;&nbsp; 619479 |
| Semtech Corp.\* | 7632 | &nbsp;&nbsp; 344508 |
| SiTime Corp.\* | 4087 | &nbsp;&nbsp; 870858 |
| Ultra Clean Holdings, Inc.\* | 10873 | &nbsp;&nbsp; 245404 |
|  |  | &nbsp;&nbsp; **3012515** |
| **Software 9.5%** | **Software 9.5%** |  |
| Clearwater Analytics Holdings, <br> Inc. "A"\*<br>| 11700 | &nbsp;&nbsp; 256581 |
| Commvault Systems, Inc.\* | 1100 | &nbsp;&nbsp; 191763 |
| Dynatrace, Inc.\* | 7679 | &nbsp;&nbsp; 423958 |
| Five9, Inc.\* | 9547 | &nbsp;&nbsp; 252804 |
| Tenable Holdings, Inc.\* | 12141 | &nbsp;&nbsp; 410123 |
| Tyler Technologies, Inc.\* | 2576 | &nbsp;&nbsp; 1527156 |
| Varonis Systems, Inc.\* | 22977 | &nbsp;&nbsp; 1166083 |
| Workiva, Inc.\* | 3058 | &nbsp;&nbsp; 209320 |
|  |  | &nbsp;&nbsp; **4437788** |
| **Materials 3.2%** | **Materials 3.2%** |  |
| **Construction Materials 2.1%** | **Construction Materials 2.1%** |  |
| Eagle Materials, Inc. | 4901 | &nbsp;&nbsp; **990541** |
| **Containers & Packaging 0.6%** | **Containers & Packaging 0.6%** |  |
| Amcor PLC | 27753 | &nbsp;&nbsp; **255050** |
| **Metals & Mining 0.5%** | **Metals & Mining 0.5%** |  |
| Cleveland-Cliffs, Inc.\* | 29787 | &nbsp;&nbsp; **226381** |
| **Paper & Forest Products 0.0%** | **Paper & Forest Products 0.0%** |  |
| Magnera Corp.\* | 1057 | &nbsp;&nbsp; **12769** |
| **Real Estate 2.7%** | **Real Estate 2.7%** |  |
| **Diversified REITs 1.1%** | **Diversified REITs 1.1%** |  |
| Essential Properties Realty Trust, <br> Inc.<br>| 16178 | &nbsp;&nbsp; **516240** |
| **Industrial REITs 0.8%** | **Industrial REITs 0.8%** |  |
| EastGroup Properties, Inc. | 2208 | &nbsp;&nbsp; **369001** |
| **Specialized REITs 0.8%** | **Specialized REITs 0.8%** |  |
| Four Corners Property Trust, Inc. | 13954 | &nbsp;&nbsp; **375502** |
| **Total Common Stocks** (Cost $27,458,612) | **Total Common Stocks** (Cost $27,458,612) | &nbsp;&nbsp; **46050129** |
| **Other Investments 0.0%** | **Other Investments 0.0%** |  |
| **Health Care 0.0%** | **Health Care 0.0%** |  |
| **Life Sciences Tools & Services 0.0%** | **Life Sciences Tools & Services 0.0%** |  |
| OmniAb, Inc. <br> $12.50 Earnout\* (b) (c)<br>| 1013 | &nbsp;&nbsp; 0 |
| OmniAb, Inc. <br> $15.00 Earnout\* (b) (c)<br>| 1013 | &nbsp;&nbsp; 0 |
| **Total Other Investments** (Cost $0) | **Total Other Investments** (Cost $0) | &nbsp;&nbsp; **0** |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **4** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Growth VIP <br>|

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** |
| DWS Government & Agency <br> Securities Portfolio "DWS <br> Government Cash Institutional <br> Shares", 4.25% (d) (e) <br> (Cost $113,100)<br>| 113100 | &nbsp;&nbsp; **113100** |
| **Cash Equivalents 1.8%** | **Cash Equivalents 1.8%** | **Cash Equivalents 1.8%** |
| DWS Central Cash Management <br> Government Fund, 4.37% (d) <br> (Cost $862,438)<br>| 862438 | &nbsp;&nbsp; **862438** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **% of** <br>**Net Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** <br> (Cost $28,434,150)<br>| 100.4 | &nbsp;&nbsp; **47025667** |
| **Other Assets and Liabilities,** <br> **Net**<br>| (0.4)<br>| &nbsp;&nbsp; **(180631)**<br>|
| **Net Assets** | 100.0 | &nbsp;&nbsp; **46845036** |

---

A summary of the Fund's transactions with affiliated investments during the period ended June 30, 2025 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at** <br>**12/31/2024**<br>| **Purchases** <br>**Cost ($)**<br>| **Sales** <br>**Proceeds ($)**<br>| **Net Realized** <br>**Gain/** <br>**(Loss) ($)**<br>| **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)** <br> **($)**<br>| **Income ($)** | **Capital Gain** <br>**Distributions** <br> **($)**<br>| **Number** <br>**of Shares** <br>**at** <br>**6/30/2025**<br>| **Value ($) at** <br>**6/30/2025**<br>|
| **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (d) (e) |
| 456225 |  | 343,125 (f) |  |  | 1657 |  | 113100 | 113100 |
| **Cash Equivalents 1.8%** | **Cash Equivalents 1.8%** | **Cash Equivalents 1.8%** | **Cash Equivalents 1.8%** | **Cash Equivalents 1.8%** | **Cash Equivalents 1.8%** | **Cash Equivalents 1.8%** | **Cash Equivalents 1.8%** | **Cash Equivalents 1.8%** |
| DWS Central Cash Management Government Fund, 4.37% (d) | DWS Central Cash Management Government Fund, 4.37% (d) | DWS Central Cash Management Government Fund, 4.37% (d) | DWS Central Cash Management Government Fund, 4.37% (d) | DWS Central Cash Management Government Fund, 4.37% (d) | DWS Central Cash Management Government Fund, 4.37% (d) | DWS Central Cash Management Government Fund, 4.37% (d) | DWS Central Cash Management Government Fund, 4.37% (d) | DWS Central Cash Management Government Fund, 4.37% (d) |
| 1096015 | 2494131 | 2727708 |  |  | 29000 |  | 862438 | 862438 |
| **1552240** | **2494131** | **3070833** |  |  | **30657** |  | **975538** | **975538** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

(a) All or a portion of these securities were on loan. In addition, "Other Assets and Liabilities, Net" may include pending sales that are also on loan. The value of securities loaned at June 30, 2025 amounted to $108,634, which is 0.2% of net assets. 

(b) Earnout Shares: Will vest based upon the achievement of certain volume-weighted average trading prices (VWAP) for shares of OmniAb Inc. Earnout Shares are not transferrable until the vesting condition for the applicable tranche of Earnout Shares has been achieved. 

(c) Investment was valued using significant unobservable inputs.

(d) Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. 

(e) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

(f) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended June 30, 2025. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

REIT: Real Estate Investment Trust<br>

**Fair Value Measurements**

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks (a) | &nbsp;&nbsp; $46050129 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $46050129 |
| Other Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Short-Term Investments (a) | &nbsp;&nbsp; 975538 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 975538 |
| **Total** | &nbsp;&nbsp; **$47025667** | &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$0** | &nbsp;&nbsp; **$47025667** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) See Investment Portfolio for additional detailed categorizations.

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Growth VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **5**  |

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------

**Statement of** 

**Assets and Liabilities**

**Statement of Operations**

as of June 30, 2025 (Unaudited)

------

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in non-affiliated securities, at value <br> (cost $27,458,612) — including $108,634 of <br> securities loaned<br>| $46050129 |
| Investment in DWS Government & Agency <br> Securities Portfolio (cost $113,100)\* <br>| 113100 |
| Investment in DWS Central Cash Management <br> Government Fund (cost $862,438)<br>| 862438 |
| Cash | 3620 |
| Receivable for Fund shares sold | 335 |
| Dividends receivable | 21495 |
| Affiliated securities lending income receivable | 16 |
| Other assets | 408 |
| Total assets | 47051541 |
| **Liabilities** |  |
| Payable upon return of securities loaned | 113100 |
| Payable for Fund shares redeemed | 18098 |
| Accrued management fee | 20818 |
| Accrued Trustees' fees | 701 |
| Other accrued expenses and payables | 53788 |
| Total liabilities | 206505 |
| **Net assets, at value** | **$46845036** |
| **Net Assets Consist of** |  |
| Distributable earnings (loss) | 20861225 |
| Paid-in capital | 25983811 |
| **Net assets, at value** | **$46845036** |
| **Net Asset Value** |  |
| **Class A** |  |
| **Net Asset Value,** offering and redemption price <br> per share ($46,845,036 ÷ 3,604,748 outstanding <br> shares of beneficial interest, no par value, <br> unlimited number of shares authorized)<br>| **$13.00** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Represents collateral on securities loaned.

for the six months ended June 30, 2025 (Unaudited)

------

---

| | |
|:---|:---|
| **Investment Income** |  |
| Income: |  |
| Dividends | $168057 |
| Income distributions — DWS Central Cash <br> Management Government Fund<br>| 29000 |
| Affiliated securities lending income | 1657 |
| Total income | 198714 |
| Expenses: |  |
| Management fee | 127356 |
| Administration fee | 22461 |
| Services to shareholders | 443 |
| Custodian fee | 905 |
| Audit fee | 18585 |
| Legal fees | 6513 |
| Tax fees | 2984 |
| Reports to shareholders | 14935 |
| Trustees' fees and expenses | 1901 |
| Other | 4549 |
| Total expenses | 200632 |
| **Net investment income (loss)** | **(1918)**<br>|
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) from investments | 2381320 |
| Change in net unrealized appreciation <br> (depreciation) on investments<br>| (2882599)<br>|
| **Net gain (loss)** | **(501279)**<br>|
| **Net increase (decrease) in net assets resulting** <br> **from operations**<br>| **$(503197)**<br>|

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **6** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Growth VIP <br>|

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------

**Statements of Changes in Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **December 31,**<br>|
| **Increase (Decrease) in Net Assets** | <br>**(Unaudited)** | **2024** |
| Operations: |  |  |
| Net investment income (loss) | $(1918)<br>| $(116562)<br>|
| Net realized gain (loss) | 2381320 | 3507784 |
| Change in net unrealized appreciation <br>(depreciation)<br>| (2882599)<br>| (682013)<br>|
| Net increase (decrease) in net assets resulting from operations | (503197)<br>| 2709209 |
| Distributions to shareholders: |  |  |
| Class A | (3463980)<br>| (483065)<br>|
| Fund share transactions: |  |  |
| **Class A** |  |  |
| Proceeds from shares sold | 573763 | 1304763 |
| Reinvestment of distributions | 3463980 | 483065 |
| Payments for shares redeemed | (2423855)<br>| (7856023)<br>|
| Net increase (decrease) in net assets from Class A share transactions | 1613888 | (6068195)<br>|
| **Increase (decrease) in net assets** | (2353289)<br>| (3842051)<br>|
| Net assets at beginning of period | 49198325 | 53040376 |
| **Net assets at end of period** | **$46845036** | **$49198325** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Other Information** |  |  |
| **Class A** |  |  |
| Shares outstanding at beginning of period | 3448681 | 3872116 |
| Shares sold | 43183 | 92503 |
| Shares issued to shareholders in reinvestment of distributions | 293309 | 35389 |
| Shares redeemed | (180425)<br>| (551327)<br>|
| Net increase (decrease) in Class A shares | 156067 | (423435)<br>|
| Shares outstanding at end of period | **3604748** | **3448681** |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Growth VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **7**  |

---

------

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DWS Small Mid Cap Growth VIP** — **Class A** | **DWS Small Mid Cap Growth VIP** — **Class A** | **DWS Small Mid Cap Growth VIP** — **Class A** | **DWS Small Mid Cap Growth VIP** — **Class A** | **DWS Small Mid Cap Growth VIP** — **Class A** | **DWS Small Mid Cap Growth VIP** — **Class A** | **DWS Small Mid Cap Growth VIP** — **Class A** |
|  | &nbsp;&nbsp; **Six Months** <br>**Ended 6/30/25**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |
| **Net asset value, beginning of period** | &nbsp;&nbsp; **$14.27** | &nbsp;&nbsp; **$13.70** | &nbsp;&nbsp; **$11.97** | &nbsp;&nbsp; **$18.87** | &nbsp;&nbsp; **$17.43** | &nbsp;&nbsp; **$13.66** |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>a</sup> <br>| &nbsp;&nbsp; (.00 )<sup>\*</sup><br>| &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; .00 <br><sup>\*</sup><br>| &nbsp;&nbsp; (.00 )<sup>\*</sup><br>| &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; (.01)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; .73 | &nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp; (5.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;&nbsp;4.00 |
| **Total from investment operations** | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; .70 | &nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp; (5.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp;&nbsp;3.99 |
| Less distributions from: |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (.00 )<sup>\*</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; (.01)<br>|
| Net realized gains | &nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (.92)<br>| &nbsp;&nbsp; (.21)<br>|
| **Total distributions** | &nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (.93)<br>| &nbsp;&nbsp; (.22)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; **$13.00** | &nbsp;&nbsp; **$14.27** | &nbsp;&nbsp; **$13.70** | &nbsp;&nbsp; **$11.97** | &nbsp;&nbsp; **$18.87** | &nbsp;&nbsp; **$17.43** |
| Total Return (%) | &nbsp;&nbsp; (.95 )<sup>\*\*</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;5.15 | &nbsp;&nbsp;&nbsp;&nbsp; 18.83 <br><sup>b</sup><br>| &nbsp;&nbsp; (28.02 )<sup>b</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;13.84 | &nbsp;&nbsp;&nbsp;&nbsp; 30.18 <br><sup>b</sup><br>|
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 73 |
| Ratio of expenses before expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp; .87 <br><sup>\*\*\*</sup><br>| &nbsp;&nbsp; .83 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; .83 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .82 |
| Ratio of expenses after expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp; .87 <br><sup>\*\*\*</sup><br>| &nbsp;&nbsp; .83 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .81 |
| Ratio of net investment income (loss) (%) | &nbsp;&nbsp; (.01 )<sup>\*\*\*</sup><br>| &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; .02 | &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp; (.05)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 5 <br><sup>\*\*</sup><br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 12 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>a</sup> | Based on average shares outstanding during the period. |
| <sup>b</sup> | Total return would have been lower had certain expenses not been reduced. |
| <sup>c</sup> | &nbsp;&nbsp; Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life <br> insurance policy or variable annuity contract for which the Fund is an investment option.<br>|
| <sup>\*</sup> | Amount is less than $.005. |
| <sup>\*\*</sup> | Not annualized |
| <sup>\*\*\*</sup> | Annualized |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **8** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Growth VIP <br>|

---

------

**Notes to Financial Statements (Unaudited)**

**A.** **Organization and Significant Accounting Policies**

DWS Small Mid Cap Growth VIP (the "Fund") is a diversified series of Deutsche DWS Variable Series II (the "Trust"), which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company organized as a Massachusetts business trust. The Fund is an underlying investment vehicle for variable annuity contracts and variable life insurance policies to be offered by the separate accounts of certain life insurance companies ("Participating Insurance Companies").

The Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") which require the use of management estimates. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements.

**Operating Segment.** The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 impacts financial statement disclosures only and does not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President and Chief Executive Officer, acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net asset (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and results of operations and significant segment expenses are listed on the accompanying Statement of Operations.

**Security Valuation.** Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading.

The Fund's Board has designated DWS Investment Management Americas, Inc. (the "Advisor") as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. The Advisor's Pricing Committee (the "Pricing Committee") typically values securities using readily available market quotations or prices supplied by independent pricing services (which are considered fair values under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

Equity securities and exchange-traded funds ("ETFs") are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Equity securities or ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities and ETFs are generally categorized as Level 1.

Investments in open-end investment companies are valued at their net asset value each business day and are categorized as Level 1.

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Pricing Committee and are

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Growth VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **9**  |

---

------

generally categorized as Level 3. In accordance with the Fund's valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security's disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company's or issuer's financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

Disclosure about the classification of fair value measurements is included in a table following the Fund's Investment Portfolio.

**Foreign Currency Translations.** The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

**Securities Lending.** National Financial Services LLC (Fidelity Agency Lending), as securities lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the securities lending agent will use its best efforts to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the six months ended June 30, 2025, the Fund invested the cash collateral, if any, into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.13% annualized effective rate as of June 30, 2025) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a securities lending agent. Either the Fund or the borrower may terminate the loan at any time, and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of June 30, 2025, the Fund had securities on loan, which were classified as common stocks in the Investment Portfolio. The value of the related collateral exceeded the value of the security loaned at period end. As of period end, the remaining contractual maturity of the collateral agreements was overnight and continuous.

**Tax Information.** The Fund is treated as a separate taxpayer as provided for in the Internal Revenue Code of 1986, as amended (the "Code"). It is the Fund's policy to comply with the requirements of the Code, which are applicable to regulated investment companies, and to distribute all of its taxable income to the separate accounts of the Participating Insurance Companies which hold its shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **10** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Growth VIP <br>|

---

------

At June 30, 2025, the aggregate cost of investments for federal income tax purposes was $28,518,783. The net unrealized appreciation for all investments based on tax cost was $18,506,884. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $22,363,640 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $3,856,756.

The Fund files tax returns with the Internal Revenue Service, the State of New York, and various other states. Each of the tax years in the four-year period ended December 31, 2024, remains subject to examination by taxing authorities.

**Distribution of Income and Gains.** Distributions from net investment income of the Fund, if any, are declared and distributed to shareholders annually. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes if necessary.

The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to certain securities sold at a loss, investments in limited partnerships and the realized tax character on distributions from certain securities. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.

The tax character of current year distributions will be determined at the end of the current fiscal year.

**Expenses.** Expenses of the Trust arising in connection with a specific fund are allocated to that fund. Other Trust expenses which cannot be directly attributed to a fund are apportioned among the funds in the Trust based upon the relative net assets or other appropriate measures.

**Contingencies.** In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.

**Other.** Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date net of foreign withholding taxes. Realized gains and losses from investment transactions are recorded on an identified cost basis. Proceeds from litigation payments, if any, are included in net realized gain (loss) from investments.

**B.** **Purchases and Sales of Securities**

During the six months ended June 30, 2025, purchases and sales of investment securities (excluding short-term investments) aggregated $2,429,004 and $4,035,718, respectively.

**C.** **Related Parties**

**Management Agreement.** Under the Investment Management Agreement with DWS Investment Management Americas, Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA ("DWS Group"), the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund.

Under the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the average daily net assets of the Fund, computed and accrued daily and payable monthly, at the following annual rates:

---

| | |
|:---|:---|
| First $250 million of the Fund's average daily net assets | &nbsp;&nbsp; .550% |
| Next $750 million of such net assets | &nbsp;&nbsp; .525% |
| Over $1 billion of such net assets | &nbsp;&nbsp; .500% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Growth VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **11**  |

---

------

Accordingly, for the six months ended June 30, 2025, the fee pursuant to the Investment Management Agreement was equivalent to an annualized rate (exclusive of any applicable waivers/reimbursements) of 0.55% of the Fund's average daily net assets.

For the period January 1, 2025 through September 30, 2025, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) of Class A at 0.87%.

**Administration Fee.** Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.097% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the six months ended June 30, 2025, the Administration Fee was $22,461, of which $3,672 is unpaid.

**Service Provider Fees.** DWS Service Company ("DSC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and SS&C GIDS, Inc. ("SS&C"), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to SS&C. DSC compensates SS&C out of the shareholder servicing fee it receives from the Fund. For the six months ended June 30, 2025, the amounts charged to the Fund by DSC aggregated $262, of which $83 is unpaid.

**Other Service Fees.** Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the six months ended June 30, 2025, the amount charged to the Fund by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $190, of which $123 is unpaid.

**Trustees' Fees and Expenses.** The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.

**Affiliated Cash Management Vehicles.** The Fund may invest uninvested cash balances in DWS Central Cash Management Government Fund, an affiliated money market fund which is managed by the Advisor. DWS Central Cash Management Government Fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest and seeks to maintain a stable net asset value. The Fund indirectly bears its proportionate share of the expenses of its investment in DWS Central Cash Management Government Fund. DWS Central Cash Management Government Fund does not pay the Advisor an investment management fee.

**D.** **Ownership of the Fund**

At June 30, 2025, one Participating Insurance Company was owner of record of 10% or more of the total outstanding Class A shares of the Fund, owning 92%.

**E.** **Line of Credit**

The Fund and other affiliated funds (the "Participants") share in a $345 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a daily fluctuating rate per annum equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **12** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Growth VIP <br>|

---

------

**Advisory Agreement Board Considerations and Fee Evaluation**

The Board of Trustees (hereinafter referred to as the "Board" or "Trustees") approved the renewal of DWS Small Mid Cap Growth VIP's (the "Fund") investment management agreement (the "Agreement") with DWS Investment Management Americas, Inc. ("DIMA") in September 2024.

In terms of the process that the Board followed prior to approving the Agreement, shareholders should know that:

—

During the entire process, all of the Fund's Trustees were independent of DIMA and its affiliates (the "Independent Trustees").

—

The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel, including materials containing information on the Fund's performance, fees and expenses, profitability, economies of scale and fall-out benefits.

—

The Board also received extensive information throughout the year regarding performance of the Fund.

—

The Independent Trustees regularly met privately with counsel to discuss contract review and other matters.

—

In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund's distribution agreement, administrative services agreement, transfer agency agreement, and certain other material service agreements.

In connection with the contract review process, the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund. DIMA is part of DWS Group GmbH & Co. KGaA ("DWS Group"). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. DWS Group is majority-owned by Deutsche Bank AG, with approximately 20% of its shares publicly traded.

As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund's performance. In many cases, this led to the negotiation and implementation of expense caps.

While shareholders may focus primarily on fund performance and fees, the Fund's Board considers these and many other factors, including the quality and integrity of DIMA's personnel and administrative support services provided by DIMA, such as back-office operations, fund valuations, and compliance policies and procedures.

**Nature, Quality and Extent of Services.** The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA's approach to addressing such risks. The Board reviewed the Fund's performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied by Morningstar Direct ("Morningstar"), an independent fund data service. The Board also noted that it has put into place a process of identifying "Funds in Review" (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA's plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for the one-, three- and five-year periods ended December 31, 2023, the Fund's performance (Class A shares) was in the 2nd quartile, 2nd quartile and 4th quartile, respectively, of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has outperformed its benchmark in the three-year period and has underperformed its benchmark in the one- and five-year periods ended December 31, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Growth VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **13**  |

---

------

**Fees and Expenses.** The Board considered the Fund's investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. ("Broadridge") regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.097% fee paid to DIMA under the Fund's administrative services agreement, were lower than the median (1st quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2023). The Board noted that the Fund's Class A shares total (net) operating expenses were expected to be lower than the median (2nd quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2023, and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees). The Board noted that the expense limitation agreed to by DIMA was expected to help the Fund's total (net) operating expenses remain competitive. The Board considered the Fund's management fee rate as compared to fees charged by DIMA to a comparable DWS U.S. registered fund ("DWS Funds") and considered differences between the Fund and the comparable DWS Fund. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors ("DWS Europe Funds") managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA.

**Profitability.** The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs to DIMA, and pre-tax profits realized by DIMA, from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board reviewed DIMA's methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that, while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates' overall profitability with respect to the DWS Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of most comparable firms for which such data was available.

**Economies of Scale.** The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. The Board noted that the Fund's investment management fee schedule includes fee breakpoints. The Board concluded that the Fund's fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

**Other Benefits to DIMA and Its Affiliates.** The Board also considered the character and amount of other incidental or "fall-out" benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund and any fees received by an affiliate of DIMA for transfer agency services provided to the Fund. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities. In addition, the Board considered the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Fund's management fees were reasonable.

**Compliance.** The Board considered the significant attention and resources dedicated by DIMA to its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA's and the Fund's chief compliance officers; (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel; and (iii) ongoing efforts to enhance the compliance program.

Based on all of the information considered and the conclusions reached, the Board determined that the continuation of the Agreement is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above and individual Independent Trustees may

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **14** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Growth VIP <br>|

---

------

have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement. The Board considered these factors over the course of numerous meetings, certain of which

were in executive session with only the Independent Trustees and counsel present.

VS2SMCG-BFE2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Growth VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **15**  |

---

------

![](img5e4ad5c31.jpg)

VS2SMCG-NCSRS

------

June 30, 2025

**Semiannual Financial Statements and Other Information**

Deutsche DWS Variable Series II

**DWS Small Mid Cap Value VIP**

![](img96fb27611.jpg)

------

**Contents** 

---

| | |
|:---|:---|
| **3** | [Investment Portfolio](#xx_c5eddf96-f28e-41e8-b39a-c4ca080786fb_SOI-CC-Financial-RunningFooter-348_1) |
| **7** | [Statement of Assets and Liabilities](#xx_c5eddf96-f28e-41e8-b39a-c4ca080786fb_FS-CC-Financial-RunningFooter-348_1) |
| **7** | [Statement of Operations](#xx_c5eddf96-f28e-41e8-b39a-c4ca080786fb_FS-CC-Financial-RunningFooter-348_1) |
| **8** | [Statements of Changes in Net Assets](#xx_c5eddf96-f28e-41e8-b39a-c4ca080786fb_FS-CC-Financial-RunningFooter-348_2) |
| **9** | [Financial Highlights](#xx_c5eddf96-f28e-41e8-b39a-c4ca080786fb_FIHI-CC-Financial-RunningFooter-348_1) |
| **11** | [Notes to Financial Statements](#xx_c5eddf96-f28e-41e8-b39a-c4ca080786fb_NTF-CC-Financial-RunningFooter-348_1) |
| **16** | [Advisory Agreement Board Considerations and Fee Evaluation](#xx_c5eddf96-f28e-41e8-b39a-c4ca080786fb_AABCF-CC-Financial-RunningFooter-348_1) |

---

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

DWS Distributors, Inc., 222 South Riverside Plaza, Chicago, IL 60606, (800) 621-1148

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **2** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>|

---

------

**Investment Portfolioas of June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Common Stocks 98.6%** | **Common Stocks 98.6%** |  |
| **Communication Services 3.5%** | **Communication Services 3.5%** |  |
| **Diversified Telecommunication Services 0.4%** | **Diversified Telecommunication Services 0.4%** |  |
| Liberty Global Ltd. "C"\* | 27434 | &nbsp;&nbsp; **282845** |
| **Media 3.1%** | **Media 3.1%** |  |
| EchoStar Corp. "A"\* | 22462 | &nbsp;&nbsp; 622197 |
| Interpublic Group of <br> Companies, Inc.<br>| 46093 | &nbsp;&nbsp; 1128357 |
| National CineMedia, Inc. | 83759 | &nbsp;&nbsp; 405812 |
| WideOpenWest, Inc.\* | 64583 | &nbsp;&nbsp; 262207 |
|  |  | &nbsp;&nbsp; **2418573** |
| **Consumer Discretionary 10.1%** | **Consumer Discretionary 10.1%** |  |
| **Broadline Retail 1.6%** | **Broadline Retail 1.6%** |  |
| Ollie's Bargain Outlet <br> Holdings, Inc.\*<br>| 9164 | &nbsp;&nbsp; **1207632** |
| **Distributors 0.7%** | **Distributors 0.7%** |  |
| A-Mark Precious Metals, Inc. | 23469 | &nbsp;&nbsp; **520543** |
| **Hotels, Restaurants & Leisure 0.7%** | **Hotels, Restaurants & Leisure 0.7%** |  |
| Aramark | 13381 | &nbsp;&nbsp; **560263** |
| **Household Durables 0.4%** | **Household Durables 0.4%** |  |
| Green Brick Partners, Inc.\* | 4925 | &nbsp;&nbsp; **309684** |
| **Leisure Products 1.0%** | **Leisure Products 1.0%** |  |
| Hasbro, Inc. | 10137 | &nbsp;&nbsp; **748313** |
| **Specialty Retail 4.5%** | **Specialty Retail 4.5%** |  |
| AutoNation, Inc.\* | 998 | &nbsp;&nbsp; 198253 |
| Carvana Co.\* | 3985 | &nbsp;&nbsp; 1342785 |
| Gap, Inc. | 37531 | &nbsp;&nbsp; 818551 |
| Group 1 Automotive, Inc. | 832 | &nbsp;&nbsp; 363343 |
| Penske Automotive Group, Inc. | 2257 | &nbsp;&nbsp; 387775 |
| Winmark Corp. | 926 | &nbsp;&nbsp; 349667 |
|  |  | &nbsp;&nbsp; **3460374** |
| **Textiles, Apparel & Luxury Goods 1.2%** | **Textiles, Apparel & Luxury Goods 1.2%** |  |
| Ralph Lauren Corp. | 3387 | &nbsp;&nbsp; **928986** |
| **Consumer Staples 3.3%** | **Consumer Staples 3.3%** |  |
| **Food Products 3.3%** | **Food Products 3.3%** |  |
| Cal-Maine Foods, Inc. | 14551 | &nbsp;&nbsp; 1449716 |
| Freshpet, Inc.\* | 2832 | &nbsp;&nbsp; 192463 |
| Ingredion, Inc. | 6544 | &nbsp;&nbsp; 887497 |
|  |  | &nbsp;&nbsp; **2529676** |
| **Energy 5.6%** | **Energy 5.6%** |  |
| **Energy Equipment & Services 2.3%** | **Energy Equipment & Services 2.3%** |  |
| Helmerich & Payne, Inc. | 19932 | &nbsp;&nbsp; 302169 |
| Solaris Energy Infrastructure, <br> Inc.<br>| 52336 | &nbsp;&nbsp; 1480585 |
|  |  | &nbsp;&nbsp; **1782754** |
| **Oil, Gas & Consumable Fuels 3.3%** | **Oil, Gas & Consumable Fuels 3.3%** |  |
| Antero Midstream Corp. | 51317 | &nbsp;&nbsp; 972457 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Permian Resources Corp. | 63546 | &nbsp;&nbsp; 865497 |
| Range Resources Corp. | 16118 | &nbsp;&nbsp; 655519 |
|  |  | &nbsp;&nbsp; **2493473** |
| **Financials 24.5%** | **Financials 24.5%** |  |
| **Banks 9.7%** | **Banks 9.7%** |  |
| Associated Banc-Corp. | 50191 | &nbsp;&nbsp; 1224158 |
| BankUnited, Inc. | 15117 | &nbsp;&nbsp; 538014 |
| Columbia Banking System, Inc. | 13519 | &nbsp;&nbsp; 316074 |
| First BanCorp. | 72426 | &nbsp;&nbsp; 1508634 |
| First Financial Corp. | 10857 | &nbsp;&nbsp; 588341 |
| Hancock Whitney Corp. | 23010 | &nbsp;&nbsp; 1320774 |
| Hilltop Holdings, Inc. | 15444 | &nbsp;&nbsp; 468725 |
| UMB Financial Corp. | 14074 | &nbsp;&nbsp; 1480022 |
|  |  | &nbsp;&nbsp; **7444742** |
| **Capital Markets 4.2%** | **Capital Markets 4.2%** |  |
| Affiliated Managers Group, Inc. | 4578 | &nbsp;&nbsp; 900813 |
| BGC Group, Inc. "A" | 34990 | &nbsp;&nbsp; 357948 |
| Donnelley Financial Solutions, <br> Inc.\*<br>| 11855 | &nbsp;&nbsp; 730861 |
| Evercore, Inc. "A" | 3083 | &nbsp;&nbsp; 832471 |
| Invesco Ltd. | 23108 | &nbsp;&nbsp; 364413 |
|  |  | &nbsp;&nbsp; **3186506** |
| **Consumer Finance 0.5%** | **Consumer Finance 0.5%** |  |
| SoFi Technologies, Inc.\* | 22633 | &nbsp;&nbsp; **412147** |
| **Financial Services 5.3%** | **Financial Services 5.3%** |  |
| Affirm Holdings, Inc.\* | 9880 | &nbsp;&nbsp; 683103 |
| Corebridge Financial, Inc. | 17467 | &nbsp;&nbsp; 620079 |
| Enact Holdings, Inc. | 15455 | &nbsp;&nbsp; 574153 |
| Essent Group Ltd. | 7068 | &nbsp;&nbsp; 429240 |
| MGIC Investment Corp. | 23061 | &nbsp;&nbsp; 642018 |
| NMI Holdings, Inc.\* | 5790 | &nbsp;&nbsp; 244280 |
| Radian Group, Inc. | 23252 | &nbsp;&nbsp; 837537 |
|  |  | &nbsp;&nbsp; **4030410** |
| **Insurance 3.7%** | **Insurance 3.7%** |  |
| Assurant, Inc. | 2930 | &nbsp;&nbsp; 578646 |
| Everest Group Ltd. | 3801 | &nbsp;&nbsp; 1291770 |
| Globe Life, Inc. | 3327 | &nbsp;&nbsp; 413513 |
| RLI Corp. | 7756 | &nbsp;&nbsp; 560138 |
|  |  | &nbsp;&nbsp; **2844067** |
| **Mortgage Real Estate Investment Trusts** <br> **(REITs) 1.1%** | **Mortgage Real Estate Investment Trusts** <br> **(REITs) 1.1%** |  |
| Rithm Capital Corp. | 73386 | &nbsp;&nbsp; **828528** |
| **Health Care 7.2%** | **Health Care 7.2%** |  |
| **Biotechnology 3.6%** | **Biotechnology 3.6%** |  |
| Exact Sciences Corp.\* | 7576 | &nbsp;&nbsp; 402589 |
| Exelixis, Inc.\* | 8966 | &nbsp;&nbsp; 395177 |
| Ionis Pharmaceuticals, Inc.\* | 12640 | &nbsp;&nbsp; 499406 |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **3**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Revolution Medicines, Inc.\* | 23715 | &nbsp;&nbsp; 872475 |
| United Therapeutics Corp.\* | 1892 | &nbsp;&nbsp; 543666 |
|  |  | &nbsp;&nbsp; **2713313** |
| **Health Care Equipment & Supplies 0.5%** | **Health Care Equipment & Supplies 0.5%** |  |
| Neogen Corp.\* | 47314 | &nbsp;&nbsp; 226161 |
| OraSure Technologies, Inc.\* | 63952 | &nbsp;&nbsp; 191856 |
|  |  | &nbsp;&nbsp; **418017** |
| **Health Care Technology 0.2%** | **Health Care Technology 0.2%** |  |
| Health Catalyst, Inc.\* | 48650 | &nbsp;&nbsp; **183410** |
| **Pharmaceuticals 2.9%** | **Pharmaceuticals 2.9%** |  |
| Jazz Pharmaceuticals PLC\* | 7695 | &nbsp;&nbsp; 816593 |
| Ligand Pharmaceuticals, Inc.\* | 12147 | &nbsp;&nbsp; 1380871 |
|  |  | &nbsp;&nbsp; **2197464** |
| **Industrials 16.8%** | **Industrials 16.8%** |  |
| **Aerospace & Defense 1.6%** | **Aerospace & Defense 1.6%** |  |
| Huntington Ingalls <br> Industries, Inc.<br>| 5182 | &nbsp;&nbsp; **1251246** |
| **Building Products 3.0%** | **Building Products 3.0%** |  |
| Advanced Drainage Systems, <br> Inc.<br>| 4704 | &nbsp;&nbsp; 540302 |
| Armstrong World Industries, <br> Inc.<br>| 4128 | &nbsp;&nbsp; 670552 |
| Owens Corning | 7852 | &nbsp;&nbsp; 1079807 |
|  |  | &nbsp;&nbsp; **2290661** |
| **Construction & Engineering 3.9%** | **Construction & Engineering 3.9%** |  |
| API Group Corp.\* | 24832 | &nbsp;&nbsp; 1267674 |
| MasTec, Inc.\* | 6701 | &nbsp;&nbsp; 1142051 |
| Tutor Perini Corp.\* | 12023 | &nbsp;&nbsp; 562436 |
|  |  | &nbsp;&nbsp; **2972161** |
| **Electrical Equipment 5.5%** | **Electrical Equipment 5.5%** |  |
| Acuity, Inc. | 3629 | &nbsp;&nbsp; 1082676 |
| EnerSys | 14839 | &nbsp;&nbsp; 1272741 |
| LSI Industries, Inc. | 12710 | &nbsp;&nbsp; 216197 |
| nVent Electric PLC | 7788 | &nbsp;&nbsp; 570471 |
| Sensata Technologies Holding <br> PLC<br>| 35731 | &nbsp;&nbsp; 1075860 |
|  |  | &nbsp;&nbsp; **4217945** |
| **Machinery 1.7%** | **Machinery 1.7%** |  |
| Hillenbrand, Inc. | 23148 | &nbsp;&nbsp; 464580 |
| Worthington Enterprises, Inc. | 13525 | &nbsp;&nbsp; 860731 |
|  |  | &nbsp;&nbsp; **1325311** |
| **Marine Transportation 0.6%** | **Marine Transportation 0.6%** |  |
| Kirby Corp.\* | 3791 | &nbsp;&nbsp; **429937** |
| **Trading Companies & Distributors 0.5%** | **Trading Companies & Distributors 0.5%** |  |
| DNOW, Inc.\* | 23714 | &nbsp;&nbsp; **351679** |
| **Information Technology 9.5%** | **Information Technology 9.5%** |  |
| **Communications Equipment 0.5%** | **Communications Equipment 0.5%** |  |
| Ciena Corp.\* | 5304 | &nbsp;&nbsp; **431374** |
| **Electronic Equipment, Instruments &** <br> **Components 3.8%** | **Electronic Equipment, Instruments &** <br> **Components 3.8%** |  |
| Avnet, Inc. | 21894 | &nbsp;&nbsp; 1162134 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Itron, Inc.\* | 9281 | &nbsp;&nbsp; 1221658 |
| TD SYNNEX Corp. | 3790 | &nbsp;&nbsp; 514303 |
|  |  | &nbsp;&nbsp; **2898095** |
| **Semiconductors & Semiconductor** <br> **Equipment 1.0%** | **Semiconductors & Semiconductor** <br> **Equipment 1.0%** |  |
| Astera Labs, Inc.\* | 5435 | &nbsp;&nbsp; 491433 |
| Cohu, Inc.\* | 13301 | &nbsp;&nbsp; 255911 |
|  |  | &nbsp;&nbsp; **747344** |
| **Software 4.2%** | **Software 4.2%** |  |
| Bit Digital, Inc.\* (a) | 166705 | &nbsp;&nbsp; 365084 |
| Core Scientific, Inc.\* | 24137 | &nbsp;&nbsp; 412019 |
| Hut 8 Corp.\* (a) | 15679 | &nbsp;&nbsp; 291629 |
| MARA Holdings, Inc.\* (a) | 28668 | &nbsp;&nbsp; 449514 |
| Pagaya Technologies Ltd. <br> "A"\* (a)<br>| 25074 | &nbsp;&nbsp; 534578 |
| Rekor Systems, Inc.\* (a) | 184802 | &nbsp;&nbsp; 214370 |
| Riot Platforms, Inc.\* | 36617 | &nbsp;&nbsp; 413772 |
| Verint Systems, Inc.\* | 25964 | &nbsp;&nbsp; 510712 |
|  |  | &nbsp;&nbsp; **3191678** |
| **Materials 5.6%** | **Materials 5.6%** |  |
| **Chemicals 1.9%** | **Chemicals 1.9%** |  |
| Avient Corp. | 7792 | &nbsp;&nbsp; 251759 |
| Chemours Co. | 39655 | &nbsp;&nbsp; 454050 |
| RPM International, Inc. | 6533 | &nbsp;&nbsp; 717585 |
|  |  | &nbsp;&nbsp; **1423394** |
| **Containers & Packaging 0.9%** | **Containers & Packaging 0.9%** |  |
| Graphic Packaging Holding Co. | 33543 | &nbsp;&nbsp; **706751** |
| **Metals & Mining 2.8%** | **Metals & Mining 2.8%** |  |
| Commercial Metals Co. | 6535 | &nbsp;&nbsp; 319627 |
| Reliance, Inc. | 3269 | &nbsp;&nbsp; 1026139 |
| Royal Gold, Inc. | 2449 | &nbsp;&nbsp; 435530 |
| Worthington Steel, Inc. | 11065 | &nbsp;&nbsp; 330069 |
|  |  | &nbsp;&nbsp; **2111365** |
| **Real Estate 8.9%** | **Real Estate 8.9%** |  |
| **Diversified REITs 1.2%** | **Diversified REITs 1.2%** |  |
| Alpine Income Property Trust, <br> Inc.<br>| 16329 | &nbsp;&nbsp; 240199 |
| Global Net Lease, Inc. | 85963 | &nbsp;&nbsp; 649021 |
|  |  | &nbsp;&nbsp; **889220** |
| **Health Care REITs 1.8%** | **Health Care REITs 1.8%** |  |
| Healthcare Realty Trust, Inc. | 32924 | &nbsp;&nbsp; 522175 |
| Omega Healthcare Investors, <br> Inc.<br>| 24028 | &nbsp;&nbsp; 880626 |
|  |  | &nbsp;&nbsp; **1402801** |
| **Industrial REITs 1.6%** | **Industrial REITs 1.6%** |  |
| STAG Industrial, Inc. | 33835 | &nbsp;&nbsp; **1227534** |
| **Office REITs 0.2%** | **Office REITs 0.2%** |  |
| BXP, Inc. | 2552 | &nbsp;&nbsp; **172184** |
| **Retail REITs 1.1%** | **Retail REITs 1.1%** |  |
| Kite Realty Group Trust | 36625 | &nbsp;&nbsp; **829556** |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **4** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>|

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Specialized REITs 3.0%** | **Specialized REITs 3.0%** |  |
| Gaming and Leisure Properties, <br> Inc.<br>| 31789 | &nbsp;&nbsp; 1483910 |
| Gladstone Land Corp. | 18375 | &nbsp;&nbsp; 186874 |
| PotlatchDeltic Corp. | 9934 | &nbsp;&nbsp; 381168 |
| Safehold, Inc. | 13895 | &nbsp;&nbsp; 216206 |
|  |  | &nbsp;&nbsp; **2268158** |
| **Utilities 3.6%** | **Utilities 3.6%** |  |
| **Electric Utilities 2.7%** | **Electric Utilities 2.7%** |  |
| IDACORP, Inc. | 10663 | &nbsp;&nbsp; 1231043 |
| Otter Tail Corp. | 5260 | &nbsp;&nbsp; 405494 |
| Portland General Electric Co. | 9933 | &nbsp;&nbsp; 403578 |
|  |  | &nbsp;&nbsp; **2040115** |
| **Gas Utilities 0.9%** | **Gas Utilities 0.9%** |  |
| UGI Corp. | 19812 | &nbsp;&nbsp; **721553** |
| **Total Common Stocks** (Cost $63,077,861) | **Total Common Stocks** (Cost $63,077,861) | &nbsp;&nbsp; **75401782** |
| **Other Investments 0.0%** | **Other Investments 0.0%** |  |
| **Communication Services 0.0%** | **Communication Services 0.0%** |  |
| **Diversified Telecommunication Services 0.0%** | **Diversified Telecommunication Services 0.0%** |  |
| GCI Liberty, Inc. (Escrow <br> Shares)\* (b) (Cost $0)<br>| 3095 | &nbsp;&nbsp; **0** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Securities Lending Collateral 1.6%** | **Securities Lending Collateral 1.6%** | **Securities Lending Collateral 1.6%** |
| DWS Government & Agency <br> Securities Portfolio "DWS <br> Government Cash <br> Institutional Shares", 4.25% <br> (c) (d) (Cost $1,246,700)<br>| 1246700 | &nbsp;&nbsp; **1246700** |
| **Cash Equivalents 1.5%** | **Cash Equivalents 1.5%** | **Cash Equivalents 1.5%** |
| DWS Central Cash <br> Management Government <br> Fund, 4.37% (c) <br> (Cost $1,135,468)<br>| 1135468 | &nbsp;&nbsp; **1135468** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **% of** <br>**Net Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** <br> (Cost $65,460,029)<br>| 101.7 | &nbsp;&nbsp; **77783950** |
| **Other Assets and Liabilities,** <br> **Net**<br>| (1.7)<br>| &nbsp;&nbsp; **(1312690)**<br>|
| **Net Assets** | 100.0 | &nbsp;&nbsp; **76471260** |

---

A summary of the Fund's transactions with affiliated investments during the period ended June 30, 2025 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at** <br>**12/31/2024**<br>| **Purchases** <br>**Cost ($)**<br>| **Sales** <br>**Proceeds ($)**<br>| **Net Realized** <br>**Gain/** <br>**(Loss) ($)**<br>| **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)** <br> **($)**<br>| **Income ($)** | **Capital Gain** <br>**Distributions** <br> **($)**<br>| **Number** <br>**of Shares** <br>**at** <br>**6/30/2025**<br>| **Value ($) at** <br>**6/30/2025**<br>|
| **Securities Lending Collateral 1.6%** | **Securities Lending Collateral 1.6%** | **Securities Lending Collateral 1.6%** | **Securities Lending Collateral 1.6%** | **Securities Lending Collateral 1.6%** | **Securities Lending Collateral 1.6%** | **Securities Lending Collateral 1.6%** | **Securities Lending Collateral 1.6%** | **Securities Lending Collateral 1.6%** |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (c) (d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (c) (d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (c) (d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (c) (d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (c) (d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (c) (d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (c) (d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (c) (d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.25% (c) (d) |
| 248795 | 997,905 (e) |  |  |  | 2483 |  | 1246700 | 1246700 |
| **Cash Equivalents 1.5%** | **Cash Equivalents 1.5%** | **Cash Equivalents 1.5%** | **Cash Equivalents 1.5%** | **Cash Equivalents 1.5%** | **Cash Equivalents 1.5%** | **Cash Equivalents 1.5%** | **Cash Equivalents 1.5%** | **Cash Equivalents 1.5%** |
| DWS Central Cash Management Government Fund, 4.37% (c) | DWS Central Cash Management Government Fund, 4.37% (c) | DWS Central Cash Management Government Fund, 4.37% (c) | DWS Central Cash Management Government Fund, 4.37% (c) | DWS Central Cash Management Government Fund, 4.37% (c) | DWS Central Cash Management Government Fund, 4.37% (c) | DWS Central Cash Management Government Fund, 4.37% (c) | DWS Central Cash Management Government Fund, 4.37% (c) | DWS Central Cash Management Government Fund, 4.37% (c) |
| 969558 | 4413990 | 4248080 |  |  | 19614 |  | 1135468 | 1135468 |
| **1218353** | **5411895** | **4248080** |  |  | **22097** |  | **2382168** | **2382168** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

(a) All or a portion of these securities were on loan. In addition, "Other Assets and Liabilities, Net" may include pending sales that are also on loan. The value of securities loaned at June 30, 2025 amounted to $1,235,713, which is 1.6% of net assets. 

(b) Investment was valued using significant unobservable inputs.

(c) Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. 

(d) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

(e) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended June 30, 2025. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

REIT: Real Estate Investment Trust<br>

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **5**  |

---

------

**Fair Value Measurements**

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks (a) | &nbsp;&nbsp; $75401782 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $75401782 |
| Other Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Short-Term Investments (a) | &nbsp;&nbsp; 2382168 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2382168 |
| **Total** | &nbsp;&nbsp; **$77783950** | &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$0** | &nbsp;&nbsp; **$77783950** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) See Investment Portfolio for additional detailed categorizations.

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **6** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>|

---

------

**Statement of** 

**Assets and Liabilities**

**Statement of Operations**

as of June 30, 2025 (Unaudited)

------

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in non-affiliated securities, at value <br> (cost $63,077,861) — including $1,235,713 of <br> securities loaned<br>| $75401782 |
| Investment in DWS Government & Agency <br> Securities Portfolio (cost $1,246,700)\* <br>| 1246700 |
| Investment in DWS Central Cash Management <br> Government Fund (cost $1,135,468)<br>| 1135468 |
| Receivable for Fund shares sold | 9523 |
| Dividends receivable | 55843 |
| Affiliated securities lending income receivable | 993 |
| Other assets | 786 |
| Total assets | 77851095 |
| **Liabilities** |  |
| Payable upon return of securities loaned | 1246700 |
| Payable for Fund shares redeemed | 32094 |
| Accrued management fee | 37063 |
| Accrued Trustees' fees | 1548 |
| Other accrued expenses and payables | 62430 |
| Total liabilities | 1379835 |
| **Net assets, at value** | **$76471260** |
| **Net Assets Consist of** |  |
| Distributable earnings (loss) | 11347322 |
| Paid-in capital | 65123938 |
| **Net assets, at value** | **$76471260** |
| **Net Asset Value** |  |
| **Class A** |  |
| **Net Asset Value,** offering and redemption price <br> per share ($62,234,740 ÷ 5,141,671 outstanding <br> shares of beneficial interest, no par value, <br> unlimited number of shares authorized)<br>| **$12.10** |
| **Class B** |  |
| **Net Asset Value,** offering and redemption price <br> per share ($14,236,520 ÷ 1,172,083 outstanding <br> shares of beneficial interest, no par value, <br> unlimited number of shares authorized)<br>| **$12.15** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Represents collateral on securities loaned.

for the six months ended June 30, 2025 (Unaudited)

------

---

| | |
|:---|:---|
| **Investment Income** |  |
| Income: |  |
| Dividends (net of foreign taxes withheld <br> of $2,607)<br>| $438264 |
| Income distributions — DWS Central Cash <br> Management Government Fund<br>| 19614 |
| Affiliated securities lending income | 2483 |
| Total income | 460361 |
| Expenses: |  |
| Management fee | 242355 |
| Administration fee | 36167 |
| Services to shareholders | 1263 |
| Record keeping fee (Class B) | 8136 |
| Distribution service fee (Class B) | 17363 |
| Custodian fee | 1327 |
| Professional fees | 26603 |
| Reports to shareholders | 14905 |
| Trustees' fees and expenses | 2324 |
| Other | 5193 |
| Total expenses before expense reductions | 355636 |
| Expense reductions | (24418)<br>|
| Total expenses after expense reductions | 331218 |
| **Net investment income** | **129143** |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) from investments | (955966)<br>|
| Change in net unrealized appreciation <br> (depreciation) on investments<br>| 1860304 |
| **Net gain (loss)** | **904338** |
| **Net increase (decrease) in net assets resulting** <br> **from operations**<br>| **$1033481** |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **7**  |

---

------

**Statements of Changes in Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> **June 30, 2025**<br>| **Year Ended**<br> **December 31,**<br>|
| **Increase (Decrease) in Net Assets** | <br>**(Unaudited)** | **2024** |
| Operations: |  |  |
| Net investment income | $129143 | $754691 |
| Net realized gain (loss) | (955966)<br>| 8842504 |
| Change in net unrealized appreciation <br>(depreciation)<br>| 1860304 | (4617377)<br>|
| Net increase (decrease) in net assets resulting from operations | 1033481 | 4979818 |
| Distributions to shareholders: |  |  |
| Class A | (7805150)<br>| (4075969)<br>|
| Class B | (1742422)<br>| (924859)<br>|
| Total distributions | (9547572)<br>| (5000828)<br>|
| Fund share transactions: |  |  |
| **Class A** |  |  |
| Proceeds from shares sold | 1533074 | 3734367 |
| Reinvestment of distributions | 7805150 | 4075969 |
| Payments for shares redeemed | (4999138)<br>| (9883240)<br>|
| Net increase (decrease) in net assets from Class A share transactions | 4339086 | (2072904)<br>|
| **Class B** |  |  |
| Proceeds from shares sold | 669798 | 974781 |
| Reinvestment of distributions | 1742422 | 924859 |
| Payments for shares redeemed | (1245709)<br>| (4069428)<br>|
| Net increase (decrease) in net assets from Class B share transactions | 1166511 | (2169788)<br>|
| **Increase (decrease) in net assets** | (3008494)<br>| (4263702)<br>|
| Net assets at beginning of period | 79479754 | 83743456 |
| **Net assets at end of period** | **$76471260** | **$79479754** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Other Information** |  |  |
| **Class A** |  |  |
| Shares outstanding at beginning of period | 4696628 | 4830766 |
| Shares sold | 117987 | 269018 |
| Shares issued to shareholders in reinvestment of distributions | 714757 | 311143 |
| Shares redeemed | (387701)<br>| (714299)<br>|
| Net increase (decrease) in Class A shares | 445043 | (134138)<br>|
| Shares outstanding at end of period | **5141671** | **4696628** |
| **Class B** |  |  |
| Shares outstanding at beginning of period | 1059258 | 1210975 |
| Shares sold | 51762 | 70947 |
| Shares issued to shareholders in reinvestment of distributions | 158980 | 70385 |
| Shares redeemed | (97917)<br>| (293049)<br>|
| Net increase (decrease) in Class B shares | 112825 | (151717)<br>|
| Shares outstanding at end of period | **1172083** | **1059258** |

---

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **8** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>|

---

------

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DWS Small Mid Cap Value VIP** — **Class A** | **DWS Small Mid Cap Value VIP** — **Class A** | **DWS Small Mid Cap Value VIP** — **Class A** | **DWS Small Mid Cap Value VIP** — **Class A** | **DWS Small Mid Cap Value VIP** — **Class A** | **DWS Small Mid Cap Value VIP** — **Class A** | **DWS Small Mid Cap Value VIP** — **Class A** |
|  | &nbsp;&nbsp; **Six Months** <br>**Ended 6/30/25**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |
| **Net asset value, beginning of period** | &nbsp;&nbsp; **$13.81** | &nbsp;&nbsp; **$13.86** | &nbsp;&nbsp; **$12.73** | &nbsp;&nbsp; **$15.47** | &nbsp;&nbsp; **$12.00** | &nbsp;&nbsp; **$13.83** |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>a</sup> <br>| &nbsp;&nbsp; .03 | &nbsp;&nbsp; .14 | &nbsp;&nbsp; .15 | &nbsp;&nbsp; .15 | &nbsp;&nbsp; .11 | &nbsp;&nbsp; .16 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (.01 )<sup>b</sup><br>| &nbsp;&nbsp; .68 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp; (2.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.54 | &nbsp;&nbsp; (.90)<br>|
| **Total from investment operations** | &nbsp;&nbsp; .02 | &nbsp;&nbsp; .82 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp; (2.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.65 | &nbsp;&nbsp; (.74)<br>|
| Less distributions from: |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; (.16)<br>|
| Net realized gains | &nbsp;&nbsp; (1.59)<br>| &nbsp;&nbsp; (.70)<br>| &nbsp;&nbsp; (.51)<br>| &nbsp;&nbsp; (.20)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.93)<br>|
| **Total distributions** | &nbsp;&nbsp; (1.73)<br>| &nbsp;&nbsp; (.87)<br>| &nbsp;&nbsp; (.66)<br>| &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; (1.09)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; **$12.10** | &nbsp;&nbsp; **$13.81** | &nbsp;&nbsp; **$13.86** | &nbsp;&nbsp; **$12.73** | &nbsp;&nbsp; **$15.47** | &nbsp;&nbsp; **$12.00** |
| Total Return (%)<sup>c</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.52 <br><sup>\*</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;6.21 | &nbsp;&nbsp;&nbsp;&nbsp;14.95 | &nbsp;&nbsp; (15.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;30.50 | &nbsp;&nbsp; (1.80)<br>|
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 67 | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 82 | &nbsp;&nbsp; 70 |
| Ratio of expenses before expense reductions (%)<sup>d</sup> <br>| &nbsp;&nbsp; .88 <br><sup>\*\*</sup><br>| &nbsp;&nbsp; .87 | &nbsp;&nbsp; .87 | &nbsp;&nbsp; .87 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; .88 |
| Ratio of expenses after expense reductions (%)<sup>d</sup> <br>| &nbsp;&nbsp; .82 <br><sup>\*\*</sup><br>| &nbsp;&nbsp; .82 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .83 | &nbsp;&nbsp; .83 | &nbsp;&nbsp; .82 |
| Ratio of net investment income (%) | &nbsp;&nbsp; .42 <br><sup>\*\*</sup><br>| &nbsp;&nbsp; .98 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp; .76 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 26 <br><sup>\*</sup><br>| &nbsp;&nbsp; 41 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 43 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>a</sup> | Based on average shares outstanding during the period. |
| <sup>b</sup> | &nbsp;&nbsp; Because of the timing of subscriptions and redemptions in relation to fluctuating markets at value, the amount shown may not <br> agree with the change in aggregate gains and losses.<br>|
| <sup>c</sup> | Total return would have been lower had certain expenses not been reduced. |
| <sup>d</sup> | &nbsp;&nbsp; Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life <br> insurance policy or variable annuity contract for which the Fund is an investment option.<br>|
| <sup>\*</sup> | Not annualized |
| <sup>\*\*</sup> | Annualized |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **9**  |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DWS Small Mid Cap Value VIP** — **Class B** | **DWS Small Mid Cap Value VIP** — **Class B** | **DWS Small Mid Cap Value VIP** — **Class B** | **DWS Small Mid Cap Value VIP** — **Class B** | **DWS Small Mid Cap Value VIP** — **Class B** | **DWS Small Mid Cap Value VIP** — **Class B** | **DWS Small Mid Cap Value VIP** — **Class B** |
|  | &nbsp;&nbsp; **Six Months** <br>**Ended 6/30/25**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Selected Per Share Data** |  |  |  |  |  |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp; **$13.81** | &nbsp;&nbsp; **$13.86** | &nbsp;&nbsp; **$12.72** | &nbsp;&nbsp; **$15.46** | &nbsp;&nbsp; **$11.99** | &nbsp;&nbsp; **$13.82** |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>a</sup> <br>| &nbsp;&nbsp; .00 <br><sup>\*</sup><br>| &nbsp;&nbsp; .08 | &nbsp;&nbsp; .10 | &nbsp;&nbsp; .10 | &nbsp;&nbsp; .06 | &nbsp;&nbsp; .13 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; .01 | &nbsp;&nbsp; .69 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp; (2.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.53 | &nbsp;&nbsp; (.90)<br>|
| **Total from investment operations** | &nbsp;&nbsp; .01 | &nbsp;&nbsp; .77 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp; (2.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.59 | &nbsp;&nbsp; (.77)<br>|
| Less distributions from: |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.13)<br>|
| Net realized gains | &nbsp;&nbsp; (1.59)<br>| &nbsp;&nbsp; (.70)<br>| &nbsp;&nbsp; (.51)<br>| &nbsp;&nbsp; (.20)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.93)<br>|
| **Total distributions** | &nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp; (.82)<br>| &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (1.06)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; **$12.15** | &nbsp;&nbsp; **$13.81** | &nbsp;&nbsp; **$13.86** | &nbsp;&nbsp; **$12.72** | &nbsp;&nbsp; **$15.46** | &nbsp;&nbsp; **$11.99** |
| Total Return (%)<sup>b</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40 <br><sup>\*\*</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;5.79 | &nbsp;&nbsp;&nbsp;&nbsp;14.59 | &nbsp;&nbsp; (16.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;30.04 | &nbsp;&nbsp; (2.18)<br>|
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 17 |
| Ratio of expenses before expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26 <br><sup>\*\*\*</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 |
| Ratio of expenses after expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18 <br><sup>\*\*\*</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 |
| Ratio of net investment income (%) | &nbsp;&nbsp; .04 <br><sup>\*\*\*</sup><br>| &nbsp;&nbsp; .61 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .40 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 26 <br><sup>\*\*</sup><br>| &nbsp;&nbsp; 41 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 43 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| <sup>a</sup> | Based on average shares outstanding during the period. |
| <sup>b</sup> | Total return would have been lower had certain expenses not been reduced. |
| <sup>c</sup> | &nbsp;&nbsp; Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life <br> insurance policy or variable annuity contract for which the Fund is an investment option.<br>|
| <sup>\*</sup> | Amount is less than $.005. |
| <sup>\*\*</sup> | Not annualized |
| <sup>\*\*\*</sup> | Annualized |

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The accompanying notes are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **10** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>|

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**Notes to Financial Statements (Unaudited)**

**A.** **Organization and Significant Accounting Policies**

DWS Small Mid Cap Value VIP (the "Fund") is a diversified series of Deutsche DWS Variable Series II (the "Trust"), which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company organized as a Massachusetts business trust. The Fund is an underlying investment vehicle for variable annuity contracts and variable life insurance policies to be offered by the separate accounts of certain life insurance companies ("Participating Insurance Companies").

**Multiple Classes of Shares of Beneficial Interest.** The Fund offers two classes of shares (Class A shares and Class B shares). Class B shares are subject to Rule 12b-1 distribution fees under the 1940 Act and recordkeeping fees equal to annual rates of up to 0.25% and of up to 0.15%, respectively, of the average daily net assets of the Class B shares of the Fund. Class A shares are not subject to such fees.

Investment income, realized and unrealized gains and losses, and certain fund-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares, except that each class bears certain expenses unique to that class (including the applicable 12b-1 distribution fees and recordkeeping fees). Differences in class-level expenses may result in payment of different per share dividends by class. All shares have equal rights with respect to voting subject to class-specific arrangements.

The Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") which require the use of management estimates. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements.

**Operating Segment.** The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 impacts financial statement disclosures only and does not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President and Chief Executive Officer, acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net asset (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and results of operations and significant segment expenses are listed on the accompanying Statement of Operations.

**Security Valuation.** Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading.

The Fund's Board has designated DWS Investment Management Americas, Inc. (the "Advisor") as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. The Advisor's Pricing Committee (the "Pricing Committee") typically values securities using readily available market quotations or prices supplied by independent pricing services (which are considered fair values under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **11**  |

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Equity securities are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities are generally categorized as Level 1.

Investments in open-end investment companies are valued at their net asset value each business day and are categorized as Level 1.

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Pricing Committee and are generally categorized as Level 3. In accordance with the Fund's valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security's disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company's or issuer's financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

Disclosure about the classification of fair value measurements is included in a table following the Fund's Investment Portfolio.

**Securities Lending.** National Financial Services LLC (Fidelity Agency Lending), as securities lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the securities lending agent will use its best efforts to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the six months ended June 30, 2025, the Fund invested the cash collateral, if any, into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.13% annualized effective rate as of June 30, 2025) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a securities lending agent. Either the Fund or the borrower may terminate the loan at any time, and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of June 30, 2025, the Fund had securities on loan, which were classified as common stocks in the Investment Portfolio. The value of the related collateral exceeded the value of the securities loaned at period end. As of period end, the remaining contractual maturity of the collateral agreements was overnight and continuous.

**Tax Information.** The Fund is treated as a separate taxpayer as provided for in the Internal Revenue Code of 1986, as amended (the "Code"). It is the Fund's policy to comply with the requirements of the Code, which are applicable to regulated investment companies, and to distribute all of its taxable income to the separate accounts of the Participating Insurance Companies which hold its shares.

At June 30, 2025, the aggregate cost of investments for federal income tax purposes was $65,572,104. The net unrealized appreciation for all investments based on tax cost was $12,211,846. This consisted of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **12** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>|

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aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $15,893,635 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $3,681,789.

The Fund files tax returns with the Internal Revenue Service, the State of New York, and various other states. Each of the tax years in the four-year period ended December 31, 2024, remains subject to examination by taxing authorities.

**Distribution of Income and Gains.** Distributions from net investment income of the Fund, if any, are declared and distributed to shareholders annually. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes if necessary.

The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to certain securities sold at a loss. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.

The tax character of current year distributions will be determined at the end of the current fiscal year.

**Expenses.** Expenses of the Trust arising in connection with a specific fund are allocated to that fund. Other Trust expenses which cannot be directly attributed to a fund are apportioned among the funds in the Trust based upon the relative net assets or other appropriate measures.

**Contingencies.** In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.

**Real Estate Investment Trusts.** The Fund at its fiscal year end recharacterizes distributions received from a Real Estate Investment Trust ("REIT") investment based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available timely from a REIT, the recharacterization will be estimated for financial reporting purposes and a recharacterization will be made to the accounting records in the following year when such information becomes available. Distributions received from REITs in excess of income are recorded as either a reduction of cost of investments or realized gains.

**Other.** Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date net of foreign withholding taxes. Realized gains and losses from investment transactions are recorded on an identified cost basis. Proceeds from litigation payments, if any, are included in net realized gain (loss) from investments.

**B.** **Purchases and Sales of Securities**

During the six months ended June 30, 2025, purchases and sales of investment securities (excluding short-term investments) aggregated $19,646,379 and $23,186,055, respectively.

**C.** **Related Parties**

**Management Agreement.** Under the Investment Management Agreement with DWS Investment Management Americas, Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA ("DWS Group"), the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **13**  |

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Pursuant to the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the Fund's average daily net assets, computed and accrued daily and payable monthly, at the following annual rates:

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| | |
|:---|:---|
| First $250 million of the Fund's average daily net assets | &nbsp;&nbsp; .650% |
| Next $750 million of such net assets | &nbsp;&nbsp; .620% |
| Next $1.5 billion of such net assets | &nbsp;&nbsp; .600% |
| Next $2.5 billion of such net assets | &nbsp;&nbsp; .580% |
| Next $2.5 billion of such net assets | &nbsp;&nbsp; .550% |
| Next $2.5 billion of such net assets | &nbsp;&nbsp; .540% |
| Next $2.5 billion of such net assets | &nbsp;&nbsp; .530% |
| Over $12.5 billion of such net assets | &nbsp;&nbsp; .520% |

---

Accordingly, for the six months ended June 30, 2025, the fee pursuant to the Investment Management Agreement was equivalent to an annualized rate (exclusive of any applicable waivers/reimbursements) of 0.65% of the Fund's average daily net assets.

For the period from January 1, 2025 through April 30, 2025, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) of each class as follows:

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| | |
|:---|:---|
| Class A | &nbsp;&nbsp; .81% |
| Class B | &nbsp;&nbsp; 1.17% |

---

Effective May 1, 2025 through April 30, 2026, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) of each class as follows:

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| | |
|:---|:---|
| Class A | &nbsp;&nbsp; .84% |
| Class B | &nbsp;&nbsp; 1.21% |

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For the six months ended June 30, 2025, fees waived and/or expenses reimbursed for each class are as follows:

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| | |
|:---|:---|
| Class A | &nbsp;&nbsp; $19449 |
| Class B | &nbsp;&nbsp; 4969 |
|  | &nbsp;&nbsp; **$24418** |

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**Administration Fee.** Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.097% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the six months ended June 30, 2025, the Administration Fee was $36,167, of which $5,951 is unpaid.

**Service Provider Fees.** DWS Service Company ("DSC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and SS&C GIDS, Inc. ("SS&C"), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to SS&C. DSC compensates SS&C out of the shareholder servicing fee it receives from the Fund. For the six months ended June 30, 2025, the amounts charged to the Fund by DSC were as follows:

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| | | |
|:---|:---|:---|
| **Services to Shareholders** | **Total** <br>**Aggregated**<br>| **Unpaid at** <br>**June 30, 2025**<br>|
| Class A | &nbsp;&nbsp; $526 | &nbsp;&nbsp; $200 |
| Class B | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 100 |
|  | &nbsp;&nbsp; **$901** | &nbsp;&nbsp; **$300** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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|:---|:---|
| **14** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>|

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**Distribution Service Agreement.** Under the Fund's Class B 12b-1 plan, DWS Distributors, Inc. ("DDI") received a fee ("Distribution Service Fee") of up to 0.25% of average daily net assets of Class B shares. For the six months ended June 30, 2025, the Distribution Service Fee aggregated $17,363, of which $2,875 is unpaid.

**Other Service Fees.** Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the six months ended June 30, 2025, the amount charged to the Fund by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $507, of which $361 is unpaid.

**Trustees' Fees and Expenses.** The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.

**Affiliated Cash Management Vehicles.** The Fund may invest uninvested cash balances in DWS Central Cash Management Government Fund, an affiliated money market fund which is managed by the Advisor. DWS Central Cash Management Government Fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest and seeks to maintain a stable net asset value. The Fund indirectly bears its proportionate share of the expenses of its investment in DWS Central Cash Management Government Fund. DWS Central Cash Management Government Fund does not pay the Advisor an investment management fee.

**D.** **Ownership of the Fund**

At June 30, 2025, two Participating Insurance Companies were owners of record of 10% or more of the total

outstanding Class A shares of the Fund, each owning 64% and 12%, respectively. Four Participating Insurance Companies were owners of record of 10% or more of the total outstanding Class B shares of the Fund, each owning 23%, 20%, 18% and 16%, respectively.

**E.** **Line of Credit**

The Fund and other affiliated funds (the "Participants") share in a $345 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a daily fluctuating rate per annum equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **15**  |

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**Advisory Agreement Board Considerations and Fee Evaluation**

The Board of Trustees (hereinafter referred to as the "Board" or "Trustees") approved the renewal of DWS Small Mid Cap Value VIP's (the "Fund") investment management agreement (the "Agreement") with DWS Investment Management Americas, Inc. ("DIMA") in September 2024.

In terms of the process that the Board followed prior to approving the Agreement, shareholders should know that:

—

During the entire process, all of the Fund's Trustees were independent of DIMA and its affiliates (the "Independent Trustees").

—

The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel, including materials containing information on the Fund's performance, fees and expenses, profitability, economies of scale and fall-out benefits.

—

The Board also received extensive information throughout the year regarding performance of the Fund.

—

The Independent Trustees regularly met privately with counsel to discuss contract review and other matters.

—

In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund's Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement, and certain other material service agreements.

In connection with the contract review process, the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund. DIMA is part of DWS Group GmbH & Co. KGaA ("DWS Group"). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. DWS Group is majority-owned by Deutsche Bank AG, with approximately 20% of its shares publicly traded.

As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund's performance. In many cases, this led to the negotiation and implementation of expense caps.

While shareholders may focus primarily on fund performance and fees, the Fund's Board considers these and many other factors, including the quality and integrity of DIMA's personnel and administrative support services provided by DIMA, such as back-office operations, fund valuations, and compliance policies and procedures.

**Nature, Quality and Extent of Services.** The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA's approach to addressing such risks. The Board reviewed the Fund's performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied by Morningstar Direct ("Morningstar"), an independent fund data service. The Board also noted that it has put into place a process of identifying "Funds in Review" (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA's plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for the one-, three- and five-year periods ended December 31, 2023, the Fund's performance (Class A shares) was equal to the median, in the 4th quartile and in the 4th quartile, respectively, of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has underperformed its benchmark in the one-, three- and five-year periods ended December 31, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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|:---|:---|
| **16** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>|

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**Fees and Expenses.** The Board considered the Fund's investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. ("Broadridge") regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.097% fee paid to DIMA under the Fund's administrative services agreement, were equal to the median (2nd quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2023). The Board noted that the Fund's Class A shares total (net) operating expenses were expected to be higher than the median (3rd quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2023, and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees) ("Broadridge Universe Expenses"). The Board also reviewed data comparing each other operational share class's total (net) operating expenses to the applicable Broadridge Universe Expenses. The Board noted that the expense limitations agreed to by DIMA were expected to help the Fund's total (net) operating expenses remain competitive. The Board considered the Fund's management fee rate as compared to fees charged by DIMA to comparable DWS U.S. registered funds ("DWS Funds"), noting that DIMA indicated that it does not provide services to any other comparable DWS Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors ("DWS Europe Funds") managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA.

**Profitability.** The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs to DIMA, and pre-tax profits realized by DIMA, from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board reviewed DIMA's methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that, while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates' overall profitability with respect to the DWS Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of most comparable firms for which such data was available.

**Economies of Scale.** The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. The Board noted that the Fund's investment management fee schedule includes fee breakpoints. The Board concluded that the Fund's fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

**Other Benefits to DIMA and Its Affiliates.** The Board also considered the character and amount of other incidental or "fall-out" benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund, any fees received by an affiliate of DIMA for transfer agency services provided to the Fund and any fees received by an affiliate of DIMA for distribution services. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities. In addition, the Board considered the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Fund's management fees were reasonable.

**Compliance.** The Board considered the significant attention and resources dedicated by DIMA to its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA's and the Fund's chief compliance officers; (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel; and (iii) ongoing efforts to enhance the compliance program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **17**  |

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Based on all of the information considered and the conclusions reached, the Board determined that the continuation of the Agreement is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above and individual Independent Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement. The Board considered these factors over the course of numerous meetings, certain of which

were in executive session with only the Independent Trustees and counsel present.

VS2SMCV-BFE2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **18** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>|

---

------

![](img96fb27611.jpg)

VS2SMCV-NCSRS

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;(b) The Financial Highlights are included with the Financial Statements under Item 7(a). |
| &nbsp;&nbsp;**Item 8.** | &nbsp;&nbsp;**Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 9.** | &nbsp;&nbsp;**Proxy Disclosures for Open-End Management Investment Companies.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 10.** | &nbsp;&nbsp;**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** |
|  | &nbsp;&nbsp;See Item 7(a) |
| &nbsp;&nbsp;**Item 11.** | &nbsp;&nbsp;**Statement Regarding Basis for Approval of Investment Advisory Contract.** |
|  | &nbsp;&nbsp;See Item 7(a) |
| &nbsp;&nbsp;**Item 12.** | &nbsp;&nbsp;**Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 13.** | &nbsp;&nbsp;**Portfolio Managers of Closed-End Management Investment Companies.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 14.** | &nbsp;&nbsp;**Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 15.** | &nbsp;&nbsp;**Submission of Matters to a Vote of Security Holders.** |
|  | &nbsp;&nbsp;There were no material changes to the procedures by which shareholders may recommend nominees to the Fund's Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. |
| &nbsp;&nbsp;**Item 16.** | &nbsp;&nbsp;**Controls and Procedures.** |
| &nbsp;&nbsp; &nbsp;&nbsp;(a) | &nbsp;&nbsp;The Chief Executive and Financial Officers concluded that the Registrant's Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report. |
| &nbsp;&nbsp; &nbsp;&nbsp;(b) | &nbsp;&nbsp;There have been no changes in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal controls over financial reporting. |
| &nbsp;&nbsp;**Item 17.** | &nbsp;&nbsp;**Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 18.** | &nbsp;&nbsp;**Recovery of Erroneously Awarded Compensation.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 19.** | &nbsp;&nbsp;**Exhibits** |
| &nbsp;&nbsp; &nbsp;&nbsp;(a)(1) | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp; &nbsp;&nbsp;(a)(2) | &nbsp;&nbsp;[Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.](ex99cert.htm) |
| &nbsp;&nbsp; &nbsp;&nbsp;(b) | &nbsp;&nbsp;[Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.](ex99906cert.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Registrant: | &nbsp;&nbsp;Deutsche DWS Variable Series II |
| &nbsp;&nbsp;By: | &nbsp;&nbsp; <u>/s/Hepsen Uzcan</u><br> Hepsen Uzcan<br> Principal Executive Officer |
| &nbsp;&nbsp;Date: | &nbsp;&nbsp;8/14/2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| &nbsp;&nbsp;By: | &nbsp;&nbsp; <u>/s/Hepsen Uzcan</u><br> Hepsen Uzcan<br> Principal Executive Officer |
| &nbsp;&nbsp;Date: | &nbsp;&nbsp;8/14/2025 |
| &nbsp;&nbsp;By: | &nbsp;&nbsp; <u>/s/Diane Kenneally</u><br> Diane Kenneally<br> Principal Financial Officer |
| &nbsp;&nbsp;Date: | &nbsp;&nbsp;8/14/2025 |

---

## Ex-99.Cert

**Principal Executive Officer**

**Form N-CSRS Certification under Sarbanes Oxley Act**

I, Hepsen Uzcan, certify that:

1. I have reviewed this report, filed on behalf of Deutsche DWS Variable Series II, on Form N-CSRS;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days of the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

8/14/2025   <br> Hepsen Uzcan <br> Principal Executive Officer

**Principal Financial Officer**

**Form N-CSRS Certification under Sarbanes Oxley Act**

I, Diane Kenneally, certify that:

1. I have reviewed this report, filed on behalf of Deutsche DWS Variable Series II, on Form N-CSRS;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days of the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

8/14/2025   <br> Diane Kenneally <br> Principal Financial Officer

## Exhibit 99.906

**Principal Executive Officer**

**Section 906 Certification under Sarbanes Oxley Act**

I, Hepsen Uzcan, certify that:

1. I have reviewed this report, filed on behalf of Deutsche DWS Variable Series II, on Form N-CSRS;

2. Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSRS (the "Report") fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

8/14/2025   <br> Hepsen Uzcan <br> Principal Executive Officer

**Principal Financial Officer**

**Section 906 Certification under Sarbanes Oxley Act**

I, Diane Kenneally, certify that:

1. I have reviewed this report, filed on behalf of Deutsche DWS Variable Series II, on Form N-CSRS;

2. Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSRS (the "Report") fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

8/14/2025   <br> Diane Kenneally <br> Principal Financial Officer