# EDGAR Filing Document

**Accession Number:** 0000810573
**File Stem:** 0001410368-26-055445
**Filing Date:** 2026-5
**Character Count:** 43307
**Document Hash:** e9f46beb835709df3db501bcefef274e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-055445.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0001410368-26-055445

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20261231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05002
- **FILM NUMBER:** 261034486

**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      |  |

## Nport-Ex

Investment Portfolio**as of March 31, 2026 (Unaudited)** 

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

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value ($)** |
| **Common Stocks 99.5%** | **Common Stocks 99.5%** |  |
| **Communication Services 8.1%** | **Communication Services 8.1%** |  |
| **Diversified Telecommunication Services 1.1%** | **Diversified Telecommunication Services 1.1%** |  |
| Comcast Corp. "A" | 54238 | &nbsp;&nbsp; **1557173** |
| **Entertainment 0.4%** | **Entertainment 0.4%** |  |
| Walt Disney Co. | 5396 | &nbsp;&nbsp; **520066** |
| **Interactive Media & Services 3.1%** | **Interactive Media & Services 3.1%** |  |
| Alphabet, Inc. "A" | 15016 | &nbsp;&nbsp; **4318001** |
| **Media 3.2%** | **Media 3.2%** |  |
| Fox Corp. "A" | 77635 | &nbsp;&nbsp; **4533884** |
| **Wireless Telecommunication Services 0.3%** | **Wireless Telecommunication Services 0.3%** |  |
| T-Mobile U.S., Inc. | 1793 | &nbsp;&nbsp; **376584** |
| **Consumer Discretionary 6.9%** | **Consumer Discretionary 6.9%** |  |
| **Automobile Components 1.1%** | **Automobile Components 1.1%** |  |
| Aptiv PLC\* | 21915 | &nbsp;&nbsp; **1521778** |
| **Hotels, Restaurants & Leisure 3.2%** | **Hotels, Restaurants & Leisure 3.2%** |  |
| Boyd Gaming Corp.  | 38666 | &nbsp;&nbsp; 3177572 |
| Travel & Leisure Co.  | 19534 | &nbsp;&nbsp; 1351557 |
|  |  | &nbsp;&nbsp; **4529129** |
| **Household Durables 1.6%** | **Household Durables 1.6%** |  |
| D.R. Horton, Inc. | 15758 | &nbsp;&nbsp; **2162313** |
| **Specialty Retail 1.0%** | **Specialty Retail 1.0%** |  |
| AutoNation, Inc.\* | 7475 | &nbsp;&nbsp; **1459568** |
| **Consumer Staples 10.9%** | **Consumer Staples 10.9%** |  |
| **Beverages 2.6%** | **Beverages 2.6%** |  |
| Constellation Brands, Inc. "A"  | 3609 | &nbsp;&nbsp; 541350 |
| Keurig Dr Pepper, Inc.  | 18249 | &nbsp;&nbsp; 480496 |
| Molson Coors Beverage Co. "B"  | 52644 | &nbsp;&nbsp; 2266851 |
| PepsiCo, Inc.  | 2351 | &nbsp;&nbsp; 365087 |
|  |  | &nbsp;&nbsp; **3653784** |
| **Consumer Staples Distribution & Retail 0.6%** | **Consumer Staples Distribution & Retail 0.6%** |  |
| Dollar General Corp.  | 3183 | &nbsp;&nbsp; 377918 |
| Target Corp.  | 3187 | &nbsp;&nbsp; 386264 |
|  |  | &nbsp;&nbsp; **764182** |
| **Food Products 5.6%** | **Food Products 5.6%** |  |
| Kraft Heinz Co.  | 233565 | &nbsp;&nbsp; 5252877 |
| The J.M. Smucker Co.  | 26780 | &nbsp;&nbsp; 2582663 |
|  |  | &nbsp;&nbsp; **7835540** |
| **Tobacco 2.1%** | **Tobacco 2.1%** |  |
| Altria Group, Inc. | 44882 | &nbsp;&nbsp; **2961763** |

---

------

---

| | | |
|:---|:---|:---|
| **Energy 5.8%** | **Energy 5.8%** |  |
| **Oil, Gas & Consumable Fuels 5.8%** | **Oil, Gas & Consumable Fuels 5.8%** |  |
| Devon Energy Corp.  | 92452 | &nbsp;&nbsp; 4652185 |
| ONEOK, Inc.  | 38806 | &nbsp;&nbsp; 3507674 |
|  |  | &nbsp;&nbsp; **8159859** |
| **Financials 13.9%** | **Financials 13.9%** |  |
| **Banks 6.2%** | **Banks 6.2%** |  |
| Bank of America Corp.  | 23890 | &nbsp;&nbsp; 1164638 |
| Citigroup, Inc.  | 6727 | &nbsp;&nbsp; 762909 |
| JPMorgan Chase & Co.  | 11052 | &nbsp;&nbsp; 3251056 |
| Regions Financial Corp.  | 22240 | &nbsp;&nbsp; 580909 |
| U.S. Bancorp.  | 34125 | &nbsp;&nbsp; 1774841 |
| Wells Fargo & Co.  | 14719 | &nbsp;&nbsp; 1171780 |
|  |  | &nbsp;&nbsp; **8706133** |
| **Capital Markets 2.4%** | **Capital Markets 2.4%** |  |
| State Street Corp. | 26154 | &nbsp;&nbsp; **3310050** |
| **Consumer Finance 2.9%** | **Consumer Finance 2.9%** |  |
| Capital One Financial Corp.  | 3802 | &nbsp;&nbsp; 693599 |
| Synchrony Financial  | 49672 | &nbsp;&nbsp; 3378689 |
|  |  | &nbsp;&nbsp; **4072288** |
| **Financial Services 2.4%** | **Financial Services 2.4%** |  |
| Fiserv, Inc.\*  | 26376 | &nbsp;&nbsp; 1471781 |
| PayPal Holdings, Inc.  | 40615 | &nbsp;&nbsp; 1837016 |
|  |  | &nbsp;&nbsp; **3308797** |
| **Health Care 23.5%** | **Health Care 23.5%** |  |
| **Biotechnology 4.6%** | **Biotechnology 4.6%** |  |
| BioMarin Pharmaceutical, Inc.\*  | 35839 | &nbsp;&nbsp; 2024545 |
| Gilead Sciences, Inc.  | 11498 | &nbsp;&nbsp; 1602476 |
| Regeneron Pharmaceuticals, Inc.  | 3561 | &nbsp;&nbsp; 2751371 |
|  |  | &nbsp;&nbsp; **6378392** |
| **Health Care Equipment & Supplies 4.2%** | **Health Care Equipment & Supplies 4.2%** |  |
| GE HealthCare Technologies, Inc.  | 5572 | &nbsp;&nbsp; 396615 |
| Hologic, Inc.\*  | 16172 | &nbsp;&nbsp; 1222442 |
| Medtronic PLC  | 20791 | &nbsp;&nbsp; 1801540 |
| Teleflex, Inc.  | 15299 | &nbsp;&nbsp; 1829913 |
| Zimmer Biomet Holdings, Inc.  | 6490 | &nbsp;&nbsp; 586826 |
|  |  | &nbsp;&nbsp; **5837336** |
| **Health Care Providers & Services 1.3%** | **Health Care Providers & Services 1.3%** |  |
| HCA Healthcare, Inc.  | 1447 | &nbsp;&nbsp; 684778 |
| Tenet Healthcare Corp.\*  | 6046 | &nbsp;&nbsp; 1140941 |
|  |  | &nbsp;&nbsp; **1825719** |
| **Pharmaceuticals 13.4%** | **Pharmaceuticals 13.4%** |  |
| Bristol-Myers Squibb Co.  | 82990 | &nbsp;&nbsp; 5033343 |
| Johnson & Johnson  | 11122 | &nbsp;&nbsp; 2718662 |
| Merck & Co., Inc.  | 35755 | &nbsp;&nbsp; 4300969 |
| Pfizer, Inc.  | 153682 | &nbsp;&nbsp; 4315390 |
| Viatris, Inc.  | 177760 | &nbsp;&nbsp; 2401538 |
|  |  | &nbsp;&nbsp; **18769902** |

---

------

---

| | | |
|:---|:---|:---|
| **Industrials 8.8%** | **Industrials 8.8%** |  |
| **Aerospace & Defense 1.7%** | **Aerospace & Defense 1.7%** |  |
| Lockheed Martin Corp. | 3962 | &nbsp;&nbsp; **2394593** |
| **Building Products 1.6%** | **Building Products 1.6%** |  |
| Allegion PLC  | 10796 | &nbsp;&nbsp; 1568551 |
| Masco Corp.  | 10346 | &nbsp;&nbsp; 624588 |
|  |  | &nbsp;&nbsp; **2193139** |
| **Electrical Equipment 1.1%** | **Electrical Equipment 1.1%** |  |
| Acuity, Inc. | 5516 | &nbsp;&nbsp; **1545694** |
| **Machinery 0.9%** | **Machinery 0.9%** |  |
| Cummins, Inc. | 2479 | &nbsp;&nbsp; **1333752** |
| **Passenger Airlines 0.6%** | **Passenger Airlines 0.6%** |  |
| Delta Air Lines, Inc. | 12265 | &nbsp;&nbsp; **815377** |
| **Professional Services 2.6%** | **Professional Services 2.6%** |  |
| Leidos Holdings, Inc.  | 11695 | &nbsp;&nbsp; 1818806 |
| SS&C Technologies Holdings, Inc.  | 26082 | &nbsp;&nbsp; 1762361 |
|  |  | &nbsp;&nbsp; **3581167** |
| **Trading Companies & Distributors 0.3%** | **Trading Companies & Distributors 0.3%** |  |
| Ferguson Enterprises, Inc. | 1531 | &nbsp;&nbsp; **357121** |
| **Information Technology 18.1%** | **Information Technology 18.1%** |  |
| **Communications Equipment 1.2%** | **Communications Equipment 1.2%** |  |
| Cisco Systems, Inc. | 21785 | &nbsp;&nbsp; **1690298** |
| **Electronic Equipment, Instruments & Components 0.2%** | **Electronic Equipment, Instruments & Components 0.2%** |  |
| Zebra Technologies Corp. "A"\* | 1452 | &nbsp;&nbsp; **303584** |
| **IT Services 7.2%** | **IT Services 7.2%** |  |
| Accenture PLC "A"  | 5889 | &nbsp;&nbsp; 1167730 |
| Amdocs Ltd.  | 40486 | &nbsp;&nbsp; 2642116 |
| Cognizant Technology Solutions Corp. "A"  | 94670 | &nbsp;&nbsp; 5808005 |
| International Business Machines Corp.  | 1421 | &nbsp;&nbsp; 344436 |
|  |  | &nbsp;&nbsp; **9962287** |
| **Semiconductors & Semiconductor Equipment 4.9%** | **Semiconductors & Semiconductor Equipment 4.9%** |  |
| Applied Materials, Inc.  | 3794 | &nbsp;&nbsp; 1296751 |
| Micron Technology, Inc.  | 6375 | &nbsp;&nbsp; 2153730 |
| QUALCOMM, Inc.  | 26120 | &nbsp;&nbsp; 3363734 |
|  |  | &nbsp;&nbsp; **6814215** |
| **Software 1.1%** | **Software 1.1%** |  |
| Gen Digital, Inc. | 82996 | &nbsp;&nbsp; **1562815** |
| **Technology Hardware, Storage & Peripherals 3.5%** | **Technology Hardware, Storage & Peripherals 3.5%** |  |
| Dell Technologies, Inc. "C"  | 17241 | &nbsp;&nbsp; 2829765 |
| Hewlett Packard Enterprise Co.  | 60231 | &nbsp;&nbsp; 1434100 |
| HP, Inc.  | 32001 | &nbsp;&nbsp; 614739 |
|  |  | &nbsp;&nbsp; **4878604** |
| **Materials 2.2%** | **Materials 2.2%** |  |
| **Construction Materials 0.5%** | **Construction Materials 0.5%** |  |
| Amrize Ltd.\* | 11649 | &nbsp;&nbsp; **652577** |

---

------

---

| | | |
|:---|:---|:---|
| **Containers & Packaging 0.3%** | **Containers & Packaging 0.3%** |  |
| Amcor PLC | 9829 | &nbsp;&nbsp; **390703** |
| **Metals & Mining 1.4%** | **Metals & Mining 1.4%** |  |
| Newmont Corp. | 18779 | &nbsp;&nbsp; **2032827** |
| **Utilities 1.3%** | **Utilities 1.3%** |  |
| **Electric Utilities 1.3%** | **Electric Utilities 1.3%** |  |
| Constellation Energy Corp.  | 1339 | &nbsp;&nbsp; 373916 |
| Duke Energy Corp.  | 10764 | &nbsp;&nbsp; 1409438 |
|  |  | &nbsp;&nbsp; **1783354** |
| **Total Common Stocks** (Cost $118,861,003) | **Total Common Stocks** (Cost $118,861,003) | &nbsp;&nbsp; **138854348** |
| **Cash Equivalents 0.6%** | **Cash Equivalents 0.6%** | **Cash Equivalents 0.6%** |
| DWS Central Cash Management Government Fund, 3.66% (a) (Cost $853,955) | 853955 | &nbsp;&nbsp; **853955** |

---

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

---

| | | |
|:---|:---|:---|
|  | **% of** <br>**Net Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** (Cost $119,714,958) | 100.1 | &nbsp;&nbsp; **139708303** |
| **Other Assets and Liabilities, Net**  | (0.1)<br>| &nbsp;&nbsp; **(70661)**<br>|
| **Net Assets** | 100.0 | &nbsp;&nbsp; **139637642** |

---

*For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.*

*A summary of the Fund's transactions with affiliated investments during the period ended March 31, 2026 are as follows:* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at** <br>**12/31/2025**<br>| &nbsp;&nbsp; **Purchases** <br>**Cost ($)**<br>| &nbsp;&nbsp; **Sales** <br>**Proceeds ($)**<br>| &nbsp;&nbsp; **Net Realized** <br>**Gain/** <br>**(Loss) ($)**<br>| &nbsp;&nbsp; **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation) ($)**<br>| **Income ($)** | &nbsp;&nbsp; **Capital Gain** <br>**Distributions ($)**<br>| &nbsp;&nbsp; **Number** <br>**of Shares** <br>**at** <br>**3/31/2026**<br>| &nbsp;&nbsp; **Value ($) at** <br>**3/31/2026**<br>|
| **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.55% (a) (b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.55% (a) (b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.55% (a) (b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.55% (a) (b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.55% (a) (b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.55% (a) (b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.55% (a) (b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.55% (a) (b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.55% (a) (b) |
| —  | 0 (c) | —  | —  | —  | 126  | —  | —  | —  |
| **Cash Equivalents 0.6%** | **Cash Equivalents 0.6%** | **Cash Equivalents 0.6%** | **Cash Equivalents 0.6%** | **Cash Equivalents 0.6%** | **Cash Equivalents 0.6%** | **Cash Equivalents 0.6%** | **Cash Equivalents 0.6%** | **Cash Equivalents 0.6%** |
| DWS Central Cash Management Government Fund, 3.66% (a) | DWS Central Cash Management Government Fund, 3.66% (a) | DWS Central Cash Management Government Fund, 3.66% (a) | DWS Central Cash Management Government Fund, 3.66% (a) | DWS Central Cash Management Government Fund, 3.66% (a) | DWS Central Cash Management Government Fund, 3.66% (a) | DWS Central Cash Management Government Fund, 3.66% (a) | DWS Central Cash Management Government Fund, 3.66% (a) | DWS Central Cash Management Government Fund, 3.66% (a) |
| 1229241  | 3076539  | 3451825  | —  | —  | 6793  | —  | 853955  | 853955  |
| **1229241** | **3076539** | **3451825** | **—** | **—** | **6919** | **—** | **853955** | **853955** |

---

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

*\** *Non-income producing security.* 

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

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

*(c)* *Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period* *ended March 31, 2026.* 

------

***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 March 31, 2026 in valuing the Fund's investments.* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks (a) | $138854348 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $138854348 |
| Short-Term Investments  | 853955 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 853955 |
| **Total** | **$139708303** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$139708303** |

---

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

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

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.

VS2CUS-PH1

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

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

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

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

- **a. Name of Series:** DWS CROCI(R) U.S. VIP

- **b. EDGAR series identifier (if any):** S000006255

- **c. LEI of Series:** ESXHT0DJX0R3G9LR0N72

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $139901013.78

**Total Liabilities:** $175813.64

**Net Assets:** $139725200.14

**Cash Not Reported:** $8522.26

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000017204 | 2.13%                | 1.25%                | -4.68%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $2996596.52                                |
| Month 2  | $7195012.05              | $-5451846.65                               |
| Month 3  | $-8561.83                | $-7279230.76                               |

### Schedule of Portfolio Investments

| Name                                 | Title                                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Acuity Inc                           | Acuity Inc                                  | CUSIP: 00508Y102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5516 | NS      | $1545693.52   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                         | Alphabet Inc                                | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     15016 | NS      | $4318000.96   | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc                     | Altria Group Inc                            | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     44882 | NS      | $2961763.18   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc                | Applied Materials Inc                       | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      3794 | NS      | $1296751.26   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoNation Inc                       | AutoNation Inc                              | CUSIP: 05329W102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7475 | NS      | $1459568.50   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp                 | Bank of America Corp                        | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     23890 | NS      | $1164637.50   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| BioMarin Pharmaceutical Inc          | BioMarin Pharmaceutical Inc                 | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | EC               | CORP              | US        |     35839 | NS      | $2024545.11   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Boyd Gaming Corp                     | Boyd Gaming Corp                            | CUSIP: 103304101<br>LEI: 254900787YGRYS2A1Z35 | Long             | EC               | CORP              | US        |     38666 | NS      | $3177571.88   | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co              | Bristol-Myers Squibb Co                     | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |     82990 | NS      | $5033343.50   | 3.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp           | Capital One Financial Corp                  | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |      3802 | NS      | $693598.86    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc                    | Cisco Systems Inc                           | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     21785 | NS      | $1690298.15   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                        | Citigroup Inc                               | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |      6727 | NS      | $762909.07    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions Corp  | Cognizant Technology Solutions Corp         | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |     94670 | NS      | $5808004.50   | 4.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                         | Comcast Corp                                | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     54238 | NS      | $1557172.98   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Brands Inc             | Constellation Brands Inc                    | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               | CORP              | US        |      3609 | NS      | $541350.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Corp            | Constellation Energy Corp                   | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |      1339 | NS      | $373915.75    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Cummins Inc                          | Cummins Inc                                 | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |      2479 | NS      | $1333751.58   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| DR Horton Inc                        | DR Horton Inc                               | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |     15758 | NS      | $2162312.76   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Dell Technologies Inc                | Dell Technologies Inc                       | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |     17241 | NS      | $2829765.33   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Air Lines Inc                  | Delta Air Lines Inc                         | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |     12265 | NS      | $815377.20    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corp                    | Devon Energy Corp                           | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |     92452 | NS      | $4652184.64   | 3.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co/The                   | Walt Disney Co/The                          | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |      5396 | NS      | $520066.48    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar General Corp                  | Dollar General Corp                         | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |      3183 | NS      | $377917.59    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                     | Duke Energy Corp                            | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |     10764 | NS      | $1409438.16   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferguson Enterprises Inc             | Ferguson Enterprises Inc                    | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |      1531 | NS      | $357121.06    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc                           | Fiserv Inc                                  | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |     26376 | NS      | $1471780.80   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Corp                             | Fox Corp                                    | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |     77635 | NS      | $4533884.00   | 3.24%             |  |  |  | No            |                  1 | On Loan: No      |
| GE HealthCare Technologies Inc       | GE HealthCare Technologies Inc              | CUSIP: 36266G107<br>LEI: 549300OI9J7XOWZMUN85 | Long             | EC               | CORP              | US        |      5572 | NS      | $396614.96    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc                  | Gilead Sciences Inc                         | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     11498 | NS      | $1602476.26   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc                   | HCA Healthcare Inc                          | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |      1447 | NS      | $684778.28    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| HP Inc                               | HP Inc                                      | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |     32001 | NS      | $614739.21    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Hewlett Packard Enterprise Co        | Hewlett Packard Enterprise Co               | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |     60231 | NS      | $1434100.11   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Hologic Inc                          | Hologic Inc                                 | CUSIP: 436440101<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | EC               | CORP              | US        |     16172 | NS      | $1222441.48   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corp | International Business Machines Corp        | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |      1421 | NS      | $344436.19    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                  | JPMorgan Chase & Co                         | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     11052 | NS      | $3251056.32   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                    | Johnson & Johnson                           | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     11122 | NS      | $2718661.68   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Keurig Dr Pepper Inc                 | Keurig Dr Pepper Inc                        | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |     18249 | NS      | $480496.17    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Kraft Heinz Co/The                   | Kraft Heinz Co/The                          | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Long             | EC               | CORP              | US        |    233565 | NS      | $5252876.85   | 3.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Leidos Holdings Inc                  | Leidos Holdings Inc                         | CUSIP: 525327102<br>LEI: 549300IUTGTP6EJP8124 | Long             | EC               | CORP              | US        |     11695 | NS      | $1818806.40   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp                 | Lockheed Martin Corp                        | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      3962 | NS      | $2394593.18   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Masco Corp                           | Masco Corp                                  | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               | CORP              | US        |     10346 | NS      | $624588.02    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                       | Merck & Co Inc                              | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     35755 | NS      | $4300968.95   | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc                | Micron Technology Inc                       | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |      6375 | NS      | $2153730.00   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Molson Coors Beverage Co             | Molson Coors Beverage Co                    | CUSIP: 60871R209<br>LEI: 54930073LBBH6ZCBE225 | Long             | EC               | CORP              | US        |     52644 | NS      | $2266850.64   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp                         | Newmont Corp                                | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     18779 | NS      | $2032826.75   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Gen Digital Inc                      | Gen Digital Inc                             | CUSIP: 668771108<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               | CORP              | US        |     82996 | NS      | $1562814.68   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK Inc                            | ONEOK Inc                                   | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |     38806 | NS      | $3507674.34   | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| PayPal Holdings Inc                  | PayPal Holdings Inc                         | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |     40615 | NS      | $1837016.45   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                          | PepsiCo Inc                                 | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      2351 | NS      | $365086.79    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                           | Pfizer Inc                                  | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    153682 | NS      | $4315390.56   | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                         | QUALCOMM Inc                                | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     26120 | NS      | $3363733.60   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals Inc        | Regeneron Pharmaceuticals Inc               | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |      3561 | NS      | $2751371.04   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Regions Financial Corp               | Regions Financial Corp                      | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |     22240 | NS      | $580908.80    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| SS&C Technologies Holdings Inc       | SS&C Technologies Holdings Inc              | CUSIP: 78467J100<br>LEI: 529900POY8H7NPPNKK71 | Long             | EC               | CORP              | US        |     26082 | NS      | $1762360.74   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| J M Smucker Co/The                   | J M Smucker Co/The                          | CUSIP: 832696405<br>LEI: 5493000WDH6A0LHDJD55 | Long             | EC               | CORP              | US        |     26780 | NS      | $2582663.20   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp                    | State Street Corp                           | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |     26154 | NS      | $3310050.24   | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Synchrony Financial                  | Synchrony Financial                         | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |     49672 | NS      | $3378689.44   | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                      | T-Mobile US Inc                             | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |      1793 | NS      | $376583.79    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp                          | Target Corp                                 | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |      3187 | NS      | $386264.40    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Teleflex Inc                         | Teleflex Inc                                | CUSIP: 879369106<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | EC               | CORP              | US        |     15299 | NS      | $1829913.39   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenet Healthcare Corp                | Tenet Healthcare Corp                       | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |      6046 | NS      | $1140940.66   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Travel + Leisure Co                  | Travel + Leisure Co                         | CUSIP: 894164102<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | EC               | CORP              | US        |     19534 | NS      | $1351557.46   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| US Bancorp                           | US Bancorp                                  | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |     34125 | NS      | $1774841.25   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Viatris Inc                          | Viatris Inc                                 | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |    177760 | NS      | $2401537.60   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co                     | Wells Fargo & Co                            | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     14719 | NS      | $1171779.59   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                  | DWS Central Cash Management Government Fund | CUSIP: 25160K306<br>LEI: 5493003GD84DGSXJ7618 | Long             | STIV             | RF                | US        |    851920 | NS      | $851919.96    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Zebra Technologies Corp              | Zebra Technologies Corp                     | CUSIP: 989207105<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | EC               | CORP              | US        |      1452 | NS      | $303584.16    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings Inc           | Zimmer Biomet Holdings Inc                  | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |      6490 | NS      | $586825.80    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegion plc                         | Allegion plc                                | CUSIP: 000000000<br>LEI: 984500560CAC2E6FB757 | Long             | EC               | CORP              | IE        |     10796 | NS      | $1568550.84   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Amcor PLC                            | Amcor PLC                                   | CUSIP: 000000000<br>LEI: 549300GSODGFCDQ3DI89 | Long             | EC               | CORP              | JE        |      9829 | NS      | $390702.75    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Amdocs Ltd                           | Amdocs Ltd                                  | CUSIP: 000000000<br>LEI: 549300HQV672RJ7RQV66 | Long             | EC               | CORP              | GG        |     40486 | NS      | $2642116.36   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                        | Accenture PLC                               | CUSIP: 000000000<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |      5889 | NS      | $1167729.81   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptiv PLC                            | Aptiv PLC                                   | CUSIP: 000000000<br>LEI: 254900HTTDFIJZ32GX53 | Long             | EC               | CORP              | JE        |     21915 | NS      | $1521777.60   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                        | Medtronic PLC                               | CUSIP: 000000000<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |     20791 | NS      | $1801540.15   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Amrize Ltd                           | Amrize Ltd                                  | CUSIP: 000000000<br>LEI: 529900SLCCO6K43P8146 | Long             | EC               | CORP              | CH        |     11649 | NS      | $652576.98    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-30

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

**Signature:** Diane Kenneally

**Name of Signer:** Diane Kenneally

**Title:** Treasurer and Chief Financial Officer