# EDGAR Filing Document

**Accession Number:** 0000810573
**File Stem:** 0001410368-26-055440
**Filing Date:** 2026-5
**Character Count:** 48819
**Document Hash:** ee00ba1f30428b249e64b75507f6045d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-055440.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0001410368-26-055440

**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:** 261034477

**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 International Opportunities VIP (Series ID: S000006276)

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

## Nport-Ex

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

**DWS International Opportunities VIP** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Common Stocks 97.7%** | **Common Stocks 97.7%** |  |
| **Canada 5.8%** | **Canada 5.8%** |  |
| Agnico Eagle Mines Ltd.  | 2505 | &nbsp;&nbsp; 508473 |
| Brookfield Corp.  | 14970 | &nbsp;&nbsp; 606612 |
| Shopify, Inc. "A"\*  | 724 | &nbsp;&nbsp; 85906 |
| (Cost $320,051) |  | &nbsp;&nbsp; **1200991** |
| **China 4.9%** | **China 4.9%** |  |
| ANTA Sports Products Ltd.  | 9200 | &nbsp;&nbsp; 90018 |
| BYD Co., Ltd. "H"  | 7700 | &nbsp;&nbsp; 105468 |
| Ping An Insurance Group Co. of China Ltd. "H"  | 45000 | &nbsp;&nbsp; 347808 |
| Tencent Holdings Ltd.  | 7300 | &nbsp;&nbsp; 459728 |
| (Cost $803,717) |  | &nbsp;&nbsp; **1003022** |
| **Denmark 0.6%** | **Denmark 0.6%** |  |
| Novo Nordisk A/S "B" (Cost $286,114) | 3374 | &nbsp;&nbsp; **124396** |
| **Finland 0.6%** | **Finland 0.6%** |  |
| Amer Sports, Inc.\* (a) (Cost $69,555) | 4025 | &nbsp;&nbsp; **132503** |
| **France 13.3%** | **France 13.3%** |  |
| Air Liquide SA  | 1488 | &nbsp;&nbsp; 307908 |
| Airbus SE  | 1418 | &nbsp;&nbsp; 268136 |
| Capgemini SE  | 885 | &nbsp;&nbsp; 104277 |
| Cie de Saint-Gobain SA  | 2713 | &nbsp;&nbsp; 224488 |
| EssilorLuxottica SA  | 267 | &nbsp;&nbsp; 62159 |
| LVMH Moet Hennessy Louis Vuitton SE  | 359 | &nbsp;&nbsp; 195527 |
| Safran SA  | 639 | &nbsp;&nbsp; 208509 |
| Schneider Electric SE  | 1567 | &nbsp;&nbsp; 424679 |
| TotalEnergies SE  | 4815 | &nbsp;&nbsp; 442766 |
| Vinci SA  | 3428 | &nbsp;&nbsp; 514112 |
| (Cost $1,937,208) |  | &nbsp;&nbsp; **2752561** |
| **Germany 10.4%** | **Germany 10.4%** |  |
| adidas AG  | 796 | &nbsp;&nbsp; 128439 |
| Allianz SE (Registered)  | 1509 | &nbsp;&nbsp; 633952 |
| Auto1 Group SE\*  | 6756 | &nbsp;&nbsp; 119492 |
| Deutsche Boerse AG  | 1435 | &nbsp;&nbsp; 418796 |
| MTU Aero Engines AG  | 503 | &nbsp;&nbsp; 183128 |
| RWE AG  | 1570 | &nbsp;&nbsp; 105703 |
| SAP SE  | 1275 | &nbsp;&nbsp; 218252 |
| Siemens Energy AG  | 1014 | &nbsp;&nbsp; 171838 |
| Siemens Healthineers AG 144A  | 4090 | &nbsp;&nbsp; 174342 |
| (Cost $1,571,198) |  | &nbsp;&nbsp; **2153942** |

---

------

---

| | | |
|:---|:---|:---|
| **Hong Kong 2.1%** | **Hong Kong 2.1%** |  |
| Alibaba Group Holding Ltd.  | 11400 | &nbsp;&nbsp; 177296 |
| Techtronic Industries Co., Ltd.  | 18597 | &nbsp;&nbsp; 246165 |
| (Cost $315,944) |  | &nbsp;&nbsp; **423461** |
| **Ireland 2.1%** | **Ireland 2.1%** |  |
| CRH PLC (a) | 908 | &nbsp;&nbsp; 95449 |
| Experian PLC  | 3667 | &nbsp;&nbsp; 127047 |
| Kerry Group PLC "A"  | 2742 | &nbsp;&nbsp; 217464 |
| (Cost $404,937) |  | &nbsp;&nbsp; **439960** |
| **Israel 0.6%** | **Israel 0.6%** |  |
| Cellebrite DI Ltd.\* (b) | 4519 | &nbsp;&nbsp; 62272 |
| Check Point Software Technologies Ltd.\* (b) | 416 | &nbsp;&nbsp; 59425 |
| (Cost $174,877) |  | &nbsp;&nbsp; **121697** |
| **Italy 0.5%** | **Italy 0.5%** |  |
| Stevanato Group SpA (a) (Cost $201,407) | 7348 | &nbsp;&nbsp; **101035** |
| **Japan 5.2%** | **Japan 5.2%** |  |
| Fast Retailing Co., Ltd.  | 790 | &nbsp;&nbsp; 312416 |
| Hoya Corp.  | 2200 | &nbsp;&nbsp; 386201 |
| Keyence Corp.  | 700 | &nbsp;&nbsp; 247711 |
| SoftBank Group Corp.  | 5300 | &nbsp;&nbsp; 128349 |
| (Cost $582,795) |  | &nbsp;&nbsp; **1074677** |
| **Korea 2.9%** | **Korea 2.9%** |  |
| Samsung Electronics Co., Ltd.  | 3730 | &nbsp;&nbsp; 438132 |
| SK Hynix, Inc.  | 294 | &nbsp;&nbsp; 167970 |
| (Cost $323,121) |  | &nbsp;&nbsp; **606102** |
| **Luxembourg 0.5%** | **Luxembourg 0.5%** |  |
| Globant SA\* (a) (Cost $166,573) | 2391 | &nbsp;&nbsp; **110249** |
| **Netherlands 9.2%** | **Netherlands 9.2%** |  |
| ABN AMRO Bank NV REG S  | 3629 | &nbsp;&nbsp; 115655 |
| Adyen NV 144A\*  | 83 | &nbsp;&nbsp; 83410 |
| Argenx SE\*  | 125 | &nbsp;&nbsp; 91011 |
| ASML Holding NV  | 608 | &nbsp;&nbsp; 807548 |
| BE Semiconductor Industries NV  | 463 | &nbsp;&nbsp; 99239 |
| ING Groep NV  | 18619 | &nbsp;&nbsp; 484962 |
| NXP Semiconductors NV (b) | 667 | &nbsp;&nbsp; 131306 |
| Universal Music Group NV  | 4809 | &nbsp;&nbsp; 93326 |
| (Cost $992,344) |  | &nbsp;&nbsp; **1906457** |
| **Singapore 4.6%** | **Singapore 4.6%** |  |
| DBS Group Holdings Ltd.  | 17220 | &nbsp;&nbsp; 766264 |
| Sea Ltd. (ADR)\*  | 1280 | &nbsp;&nbsp; 105997 |
| Trip.com Group Ltd.\*  | 1500 | &nbsp;&nbsp; 73976 |
| (Cost $372,380) |  | &nbsp;&nbsp; **946237** |
| **Sweden 4.0%** | **Sweden 4.0%** |  |
| Assa Abloy AB "B"  | 7931 | &nbsp;&nbsp; 285435 |

---

------

---

| | | |
|:---|:---|:---|
| Atlas Copco AB "A"  | 5788 | &nbsp;&nbsp; 102274 |
| Spotify Technology SA\* (a) | 884 | &nbsp;&nbsp; 428660 |
| (Cost $453,563) |  | &nbsp;&nbsp; **816369** |
| **Switzerland 8.8%** | **Switzerland 8.8%** |  |
| Galderma Group AG  | 238 | &nbsp;&nbsp; 46369 |
| Lonza Group AG (Registered)  | 1025 | &nbsp;&nbsp; 654749 |
| Nestle SA (Registered)  | 3033 | &nbsp;&nbsp; 298947 |
| Roche Holding AG  | 799 | &nbsp;&nbsp; 315663 |
| Sandoz Group AG  | 5234 | &nbsp;&nbsp; 408000 |
| Sportradar Group AG "A"\* (b) | 5341 | &nbsp;&nbsp; 89408 |
| (Cost $1,054,863) |  | &nbsp;&nbsp; **1813136** |
| **Taiwan 5.8%** | **Taiwan 5.8%** |  |
| Taiwan Semiconductor Manufacturing Co., Ltd. (Cost $211,642) | 21000 | &nbsp;&nbsp; **1203540** |
| **United Kingdom 7.3%** | **United Kingdom 7.3%** |  |
| AstraZeneca PLC  | 2361 | &nbsp;&nbsp; 458155 |
| Birkenstock Holding PLC\* (a) | 1815 | &nbsp;&nbsp; 65032 |
| Halma PLC  | 4822 | &nbsp;&nbsp; 244658 |
| HSBC Holdings PLC  | 21053 | &nbsp;&nbsp; 343521 |
| RELX PLC  | 2165 | &nbsp;&nbsp; 71110 |
| Rentokil Initial PLC  | 40063 | &nbsp;&nbsp; 249372 |
| Verisure PLC\*  | 7143 | &nbsp;&nbsp; 73812 |
| (Cost $1,209,582) |  | &nbsp;&nbsp; **1505660** |
| **United States 7.6%** | **United States 7.6%** |  |
| Brookfield Asset Management Ltd. "A"  | 3518 | &nbsp;&nbsp; 156415 |
| Ferguson Enterprises, Inc.  | 919 | &nbsp;&nbsp; 214366 |
| Flutter Entertainment PLC "DI"\* (c) | 482 | &nbsp;&nbsp; 49563 |
| Johnson Controls International PLC  | 598 | &nbsp;&nbsp; 78308 |
| Marsh & McLennan Companies, Inc.  | 1884 | &nbsp;&nbsp; 326780 |
| Mastercard, Inc. "A"  | 379 | &nbsp;&nbsp; 189371 |
| NVIDIA Corp.  | 1405 | &nbsp;&nbsp; 245032 |
| SLB Ltd.  | 4380 | &nbsp;&nbsp; 225088 |
| Sunbelt Rentals Holdings, Inc. (c) | 1257 | &nbsp;&nbsp; 80140 |
| (Cost $804,056) |  | &nbsp;&nbsp; **1565063** |
| **Uruguay 0.9%** | **Uruguay 0.9%** |  |
| MercadoLibre, Inc.\* (Cost $160,452) | 106 | &nbsp;&nbsp; **183276** |
| **Total Common Stocks** (Cost $12,416,379) |  | &nbsp;&nbsp; **20184334** |
| **Preferred Stocks 0.5%** | **Preferred Stocks 0.5%** |  |
| **Germany**  | **Germany**  |  |
| Sartorius AG (Cost $100,943) | 424 | &nbsp;&nbsp; **106000** |
| **Cash Equivalents 1.7%** | **Cash Equivalents 1.7%** |  |
| DWS Central Cash Management Government Fund, 3.66% (d) (Cost $353,176) | 353176 | &nbsp;&nbsp; **353176** |

---

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

---

| | | |
|:---|:---|:---|
|  | **% of** <br>**Net Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** (Cost $12,870,498) | 99.9 | &nbsp;&nbsp; **20643510** |
| **Other Assets and Liabilities, Net** | 0.1 | &nbsp;&nbsp; **30325** |
| **Net Assets** | 100.0 | &nbsp;&nbsp; **20673835** |

---

------

*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% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.55% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.55% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.55% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.55% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.55% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.55% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.55% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.55% (d) (e) |
| 76313  | —  | 76,313 (f) | —  | —  | 119  | —  | —  | —  |
| **Cash Equivalents 1.7%** | **Cash Equivalents 1.7%** | **Cash Equivalents 1.7%** | **Cash Equivalents 1.7%** | **Cash Equivalents 1.7%** | **Cash Equivalents 1.7%** | **Cash Equivalents 1.7%** | **Cash Equivalents 1.7%** | **Cash Equivalents 1.7%** |
| DWS Central Cash Management Government Fund, 3.66% (d) | DWS Central Cash Management Government Fund, 3.66% (d) | DWS Central Cash Management Government Fund, 3.66% (d) | DWS Central Cash Management Government Fund, 3.66% (d) | DWS Central Cash Management Government Fund, 3.66% (d) | DWS Central Cash Management Government Fund, 3.66% (d) | DWS Central Cash Management Government Fund, 3.66% (d) | DWS Central Cash Management Government Fund, 3.66% (d) | DWS Central Cash Management Government Fund, 3.66% (d) |
| 236725  | 1655536  | 1539085  | —  | —  | 1847  | —  | 353176  | 353176  |
| **313038** | **1655536** | **1615398** | **—** | **—** | **1966** | **—** | **353176** | **353176** |

---

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

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

*(a)* *Listed on the New York Stock Exchange.*

*(b)* *Listed on the NASDAQ Stock Market, Inc.*

*(c)* *Listed on the London Stock Exchange.*

*(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 March 31, 2026.* 

&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* |
| *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>|

---

*At March 31, 2026 the DWS International Opportunities VIP had the following sector diversification:* 

---

| | | |
|:---|:---|:---|
| **Sector Diversification** | **Market Value ($)** | **(As a % of Net Assets)** |
| Financials | 4473546<br>| &nbsp;&nbsp; 22%<br>|
| Information Technology | 4225517<br>| &nbsp;&nbsp; 20%<br>|
| Industrials | 3522918<br>| &nbsp;&nbsp; 17%<br>|
| Health Care | 2928079<br>| &nbsp;&nbsp; 14%<br>|
| Consumer Discretionary | 1828411<br>| &nbsp;&nbsp; 9%<br>|
| Communication Services | 1110063<br>| &nbsp;&nbsp; 5%<br>|
| Materials | 911830<br>| &nbsp;&nbsp; 4%<br>|
| Energy | 667855<br>| &nbsp;&nbsp; 3%<br>|
| Consumer Staples | 516412<br>| &nbsp;&nbsp; 3%<br>|
| Utilities | 105703<br>| &nbsp;&nbsp; 1%<br>|
| **Total** | **20290334** | &nbsp;&nbsp; **98%** |

---

*Sector diversification is subject to change.*

------

***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  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada  | $1200991 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1200991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China  |  | &nbsp;&nbsp; 1003022 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1003022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark  |  | &nbsp;&nbsp; 124396 | &nbsp;&nbsp; — | &nbsp;&nbsp; 124396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland  | 132503 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 132503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France  |  | &nbsp;&nbsp; 2752561 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2752561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany  |  | &nbsp;&nbsp; 2153942 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2153942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong  |  | &nbsp;&nbsp; 423461 | &nbsp;&nbsp; — | &nbsp;&nbsp; 423461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland  | 95449 | &nbsp;&nbsp; 344511 | &nbsp;&nbsp; — | &nbsp;&nbsp; 439960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel  | 121697 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 121697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy  | 101035 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 101035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan  |  | &nbsp;&nbsp; 1074677 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1074677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korea  |  | &nbsp;&nbsp; 606102 | &nbsp;&nbsp; — | &nbsp;&nbsp; 606102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luxembourg  | 110249 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 110249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands  | 131306 | &nbsp;&nbsp; 1775151 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1906457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore  | 105997 | &nbsp;&nbsp; 840240 | &nbsp;&nbsp; — | &nbsp;&nbsp; 946237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden  | 428660 | &nbsp;&nbsp; 387709 | &nbsp;&nbsp; — | &nbsp;&nbsp; 816369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland  | 89408 | &nbsp;&nbsp; 1723728 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1813136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan  |  | &nbsp;&nbsp; 1203540 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1203540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom  | 65032 | &nbsp;&nbsp; 1440628 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1505660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States  | 1435360 | &nbsp;&nbsp; 129703 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1565063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uruguay  | 183276 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 183276 |
| Preferred Stocks  |  | &nbsp;&nbsp; 106000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 106000 |
| Short-Term Investments  | 353176 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 353176 |
| **Total** | **$4554139** | &nbsp;&nbsp; **$16089371** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$20643510** |

---

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.

VS2IO-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 International Opportunities VIP

- **b. EDGAR series identifier (if any):** S000006276

- **c. LEI of Series:** OVVS3LTQ3YWJVLCDXM58

**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:** $20861387.60

**Total Liabilities:** $179067.99

**Net Assets:** $20682319.61

**Cash Not Reported:** $136558.21

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000017245 | 2.29%                | 2.59%                | -9.07%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $218846.27               | $320043.33                                 |
| Month 2  | $35501.36                | $549578.56                                 |
| Month 3  | $16702.09                | $-2118266.93                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Agnico Eagle Mines Ltd                    | Agnico Eagle Mines Ltd                      | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |      2505 | NS      | $508473.04    | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Halma PLC                                 | Halma PLC                                   | CUSIP: 000000000<br>LEI: 2138007FRGLUR9KGBT40 | Long             | EC               | CORP              | GB        |      4822 | NS      | $244658.16    | 1.18%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                         | HSBC Holdings PLC                           | CUSIP: 000000000<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | EC               | CORP              | GB        |     21053 | NS      | $343521.15    | 1.66%             |  |  |  | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                           | AstraZeneca PLC                             | CUSIP: 000000000<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |      2361 | NS      | $458154.76    | 2.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Brookfield Corp                           | Brookfield Corp                             | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |     14970 | NS      | $606612.68    | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Asset Management Ltd           | Brookfield Asset Management Ltd             | CUSIP: 113004105<br>LEI: 549300CZ84WPNJZKY093 | Long             | EC               | CORP              | CA        |      3518 | NS      | $156414.56    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferguson Enterprises Inc                  | Ferguson Enterprises Inc                    | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |       919 | NS      | $214365.94    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbus SE                                 | Airbus SE                                   | CUSIP: 000000000<br>LEI: MINO79WLOO247M1IL051 | Long             | EC               | CORP              | NL        |      1418 | NS      | $268135.63    | 1.30%             |  |  |  | No            |                  2 | On Loan: No      |
| adidas AG                                 | adidas AG                                   | CUSIP: 000000000<br>LEI: 549300JSX0Z4CW0V5023 | Long             | EC               | CORP              | DE        |       796 | NS      | $128439.30    | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitton SE       | LVMH Moet Hennessy Louis Vuitton SE         | CUSIP: 000000000<br>LEI: IOG4E947OATN0KJYSD45 | Long             | EC               | CORP              | FR        |       359 | NS      | $195527.28    | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Capgemini SE                              | Capgemini SE                                | CUSIP: 000000000<br>LEI: 96950077L0TN7BAROX36 | Long             | EC               | CORP              | FR        |       885 | NS      | $104276.47    | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Kerry Group PLC                           | Kerry Group PLC                             | CUSIP: 000000000<br>LEI: 635400TLVVBNXLFHWC59 | Long             | EC               | CORP              | IE        |      2742 | NS      | $217464.50    | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| RWE AG                                    | RWE AG                                      | CUSIP: 000000000<br>LEI: 529900GB7KCA94ACC940 | Long             | EC               | CORP              | DE        |      1570 | NS      | $105703.18    | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Schneider Electric SE                     | Schneider Electric SE                       | CUSIP: 000000000<br>LEI: 969500A1YF1XUYYXS284 | Long             | EC               | CORP              | FR        |      1567 | NS      | $424678.80    | 2.05%             |  |  |  | No            |                  2 | On Loan: No      |
| SAP SE                                    | SAP SE                                      | CUSIP: 000000000<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |      1275 | NS      | $218251.58    | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Allianz SE                                | Allianz SE                                  | CUSIP: 000000000<br>LEI: 529900K9B0N5BT694847 | Long             | EC               | CORP              | DE        |      1509 | NS      | $633952.05    | 3.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Marsh & McLennan Cos Inc                  | Marsh & McLennan Cos Inc                    | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |      1884 | NS      | $326779.80    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                            | Mastercard Inc                              | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |       379 | NS      | $189371.14    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Sartorius AG                              | Sartorius AG                                | CUSIP: 000000000<br>LEI: 529900EQV2DY4FOAMU38 | Long             | EP               | CORP              | DE        |       424 | NS      | $106000.31    | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| MercadoLibre Inc                          | MercadoLibre Inc                            | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |       106 | NS      | $183276.12    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| DBS Group Holdings Ltd                    | DBS Group Holdings Ltd                      | CUSIP: 000000000<br>LEI: 5493007FKT78NKPM5V55 | Long             | EC               | CORP              | SG        |     17220 | NS      | $766263.86    | 3.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Fast Retailing Co Ltd                     | Fast Retailing Co Ltd                       | CUSIP: 000000000<br>LEI: 353800ZCXKHDPY0N5218 | Long             | EC               | CORP              | JP        |       790 | NS      | $312415.78    | 1.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Hoya Corp                                 | Hoya Corp                                   | CUSIP: 000000000<br>LEI: 353800X4VR3BHEUCJB42 | Long             | EC               | CORP              | JP        |      2200 | NS      | $386200.49    | 1.87%             |  |  |  | No            |                  2 | On Loan: No      |
| SK hynix Inc                              | SK hynix Inc                                | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |       294 | NS      | $167969.65    | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Keyence Corp                              | Keyence Corp                                | CUSIP: 000000000<br>LEI: 529900M7PQBS7A89DZ11 | Long             | EC               | CORP              | JP        |       700 | NS      | $247711.47    | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |
| BYD Co Ltd                                | BYD Co Ltd                                  | CUSIP: 000000000<br>LEI: 5299005557VL7ULJ7A69 | Long             | EC               | CORP              | CN        |      7700 | NS      | $105467.88    | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| NVIDIA Corp                               | NVIDIA Corp                                 | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |      1405 | NS      | $245032.00    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| SoftBank Group Corp                       | SoftBank Group Corp                         | CUSIP: 000000000<br>LEI: 5493003BZYYYCDIO0R13 | Long             | EC               | CORP              | JP        |      5300 | NS      | $128348.72    | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd                | Samsung Electronics Co Ltd                  | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |      3730 | NS      | $438132.13    | 2.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd | Taiwan Semiconductor Manufacturing Co Ltd   | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     21000 | NS      | $1203539.91   | 5.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Boerse AG                        | Deutsche Boerse AG                          | CUSIP: 000000000<br>LEI: 529900G3SW56SHYNPR95 | Long             | EC               | CORP              | DE        |      1435 | NS      | $418796.02    | 2.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Nestle SA                                 | Nestle SA                                   | CUSIP: 000000000<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |      3033 | NS      | $298947.34    | 1.45%             |  |  |  | No            |                  2 | On Loan: No      |
| EssilorLuxottica SA                       | EssilorLuxottica SA                         | CUSIP: 000000000<br>LEI: 549300M3VH1A3ER1TB49 | Long             | EC               | CORP              | FR        |       267 | NS      | $62158.99     | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Lonza Group AG                            | Lonza Group AG                              | CUSIP: 000000000<br>LEI: 549300EFW4H2TCZ71055 | Long             | EC               | CORP              | CH        |      1025 | NS      | $654749.20    | 3.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Cie de Saint-Gobain SA                    | Cie de Saint-Gobain SA                      | CUSIP: 000000000<br>LEI: NFONVGN05Z0FMN5PEC35 | Long             | EC               | CORP              | FR        |      2713 | NS      | $224487.89    | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| SLB Ltd                                   | SLB Ltd                                     | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |      4380 | NS      | $225088.20    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Sea Ltd                                   | Sea Ltd                                     | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |      1280 | NS      | $105996.80    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Shopify Inc                               | Shopify Inc                                 | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |       724 | NS      | $85905.71     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                       | DWS Central Cash Management Government Fund | CUSIP: 25160K306<br>LEI: 5493003GD84DGSXJ7618 | Long             | STIV             | RF                | US        |    352530 | NS      | $352529.76    | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                           | ASML Holding NV                             | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |       608 | NS      | $807547.82    | 3.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Flutter Entertainment PLC                 | Flutter Entertainment PLC                   | CUSIP: 000000000<br>LEI: 635400EG4YIJLJMZJ782 | Long             | EC               | CORP              | IE        |       482 | NS      | $49562.42     | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Assa Abloy AB                             | Assa Abloy AB                               | CUSIP: 000000000<br>LEI: 549300YECS8HKCIMMB67 | Long             | EC               | CORP              | SE        |      7931 | NS      | $285434.58    | 1.38%             |  |  |  | No            |                  2 | On Loan: No      |
| BE Semiconductor Industries NV            | BE Semiconductor Industries NV              | CUSIP: 000000000<br>LEI: 7245007A1YFLI2GNYX06 | Long             | EC               | CORP              | NL        |       463 | NS      | $99239.61     | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens Energy AG                         | Siemens Energy AG                           | CUSIP: 000000000<br>LEI: 5299005CHJZ14D4FDJ62 | Long             | EC               | CORP              | DE        |      1014 | NS      | $171837.42    | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Auto1 Group SE                            | Auto1 Group SE                              | CUSIP: 000000000<br>LEI: 391200S2LPXG5ZD5G304 | Long             | EC               | CORP              | DE        |      6756 | NS      | $119491.76    | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Sandoz Group AG                           | Sandoz Group AG                             | CUSIP: 000000000<br>LEI: 5493000JWK6XWFEUD320 | Long             | EC               | CORP              | CH        |      5234 | NS      | $407999.96    | 1.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Galderma Group AG                         | Galderma Group AG                           | CUSIP: 000000000<br>LEI: 89450001OK6O8ELQ4584 | Long             | EC               | CORP              | CH        |       238 | NS      | $46368.56     | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG                          | Roche Holding AG                            | CUSIP: 000000000<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |       799 | NS      | $315662.91    | 1.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Techtronic Industries Co Ltd              | Techtronic Industries Co Ltd                | CUSIP: 000000000<br>LEI: 549300HZW2SBE758OK89 | Long             | EC               | CORP              | HK        |     18597 | NS      | $246164.80    | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Ping An Insurance Group Co of China Ltd   | Ping An Insurance Group Co of China Ltd     | CUSIP: 000000000<br>LEI: 529900M9MC28JLN35U89 | Long             | EC               | CORP              | CN        |     45000 | NS      | $347807.74    | 1.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Safran SA                                 | Safran SA                                   | CUSIP: 000000000<br>LEI: 969500UIC89GT3UL7L24 | Long             | EC               | CORP              | FR        |       639 | NS      | $208509.38    | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Rentokil Initial PLC                      | Rentokil Initial PLC                        | CUSIP: 000000000<br>LEI: 549300VN4WV7Z6T14K68 | Long             | EC               | CORP              | GB        |     40063 | NS      | $249372.40    | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| MTU Aero Engines AG                       | MTU Aero Engines AG                         | CUSIP: 000000000<br>LEI: 529900807L67JY81RD65 | Long             | EC               | CORP              | DE        |       503 | NS      | $183128.41    | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| TotalEnergies SE                          | TotalEnergies SE                            | CUSIP: 000000000<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |      4815 | NS      | $442766.35    | 2.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Experian PLC                              | Experian PLC                                | CUSIP: 000000000<br>LEI: 635400RXXHHYT1JTSZ26 | Long             | EC               | CORP              | JE        |      3667 | NS      | $127046.65    | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Vinci SA                                  | Vinci SA                                    | CUSIP: 000000000<br>LEI: 213800WFQ334R8UXUG83 | Long             | EC               | CORP              | FR        |      3428 | NS      | $514111.84    | 2.49%             |  |  |  | No            |                  2 | On Loan: No      |
| ANTA Sports Products Ltd                  | ANTA Sports Products Ltd                    | CUSIP: 000000000<br>LEI: 529900291XG0CTK4LF95 | Long             | EC               | CORP              | KY        |      9200 | NS      | $90018.41     | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Air Liquide SA                            | Air Liquide SA                              | CUSIP: 000000000<br>LEI: 969500MMPQVHK671GT54 | Long             | EC               | CORP              | FR        |      1488 | NS      | $307908.26    | 1.49%             |  |  |  | No            |                  2 | On Loan: No      |
| RELX PLC                                  | RELX PLC                                    | CUSIP: 000000000<br>LEI: 549300WSX3VBUFFJOO66 | Long             | EC               | CORP              | GB        |      2165 | NS      | $71110.36     | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens Healthineers AG                   | Siemens Healthineers AG                     | CUSIP: 000000000<br>LEI: 529900QBVWXMWANH7H45 | Long             | EC               | CORP              | DE        |      4090 | NS      | $174341.86    | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Argenx SE                                 | Argenx SE                                   | CUSIP: 000000000<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |        19 | NS      | $13833.72     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd                 | Alibaba Group Holding Ltd                   | CUSIP: 000000000<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |     11400 | NS      | $177296.57    | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Atlas Copco AB                            | Atlas Copco AB                              | CUSIP: 000000000<br>LEI: 213800T8PC8Q4FYJZR07 | Long             | EC               | CORP              | SE        |      5788 | NS      | $102273.68    | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd                      | Tencent Holdings Ltd                        | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |      7300 | NS      | $459727.84    | 2.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Argenx SE                                 | Argenx SE                                   | CUSIP: 000000000<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |       106 | NS      | $77177.60     | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Trip.com Group Ltd                        | Trip.com Group Ltd                          | CUSIP: 000000000<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               | CORP              | KY        |      1500 | NS      | $73976.13     | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Universal Music Group NV                  | Universal Music Group NV                    | CUSIP: 000000000<br>LEI: 724500GJBUL3D9TW9Y18 | Long             | EC               | CORP              | NL        |      4809 | NS      | $93326.13     | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Novo Nordisk A/S                          | Novo Nordisk A/S                            | CUSIP: 000000000<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |      3374 | NS      | $124395.64    | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Verisure PLC                              | Verisure PLC                                | CUSIP: 000000000<br>LEI: 636700ZY9PP0NGXTA943 | Long             | EC               | CORP              | GB        |      7143 | NS      | $73812.14     | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Sunbelt Rentals Holdings Inc              | Sunbelt Rentals Holdings Inc                | CUSIP: 866966104<br>LEI: 529900W4BQDNMAOSRA49 | Long             | EC               | CORP              | US        |      1257 | NS      | $80140.34     | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| ABN AMRO Bank NV                          | ABN AMRO Bank NV                            | CUSIP: 000000000<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | EC               | CORP              | NL        |      3629 | NS      | $115655.17    | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Adyen NV                                  | Adyen NV                                    | CUSIP: 000000000<br>LEI: 724500973ODKK3IFQ447 | Long             | EC               | CORP              | NL        |        83 | NS      | $83409.97     | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| ING Groep NV                              | ING Groep NV                                | CUSIP: 000000000<br>LEI: 549300NYKK9MWM7GGW15 | Long             | EC               | CORP              | NL        |     18619 | NS      | $484961.80    | 2.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Amer Sports Inc                           | Amer Sports Inc                             | CUSIP: 000000000<br>LEI: 391200YCSWTRD1J21867 | Long             | EC               | CORP              | KY        |      4025 | NS      | $132503.00    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PLC                                   | CRH PLC                                     | CUSIP: 000000000<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | IE        |       908 | NS      | $95448.96     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Controls International plc        | Johnson Controls International plc          | CUSIP: 000000000<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | IE        |       598 | NS      | $78308.10     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Sportradar Group AG                       | Sportradar Group AG                         | CUSIP: 000000000<br>LEI: 549300H1P33YOAT7Z533 | Long             | EC               | CORP              | CH        |      5341 | NS      | $89408.34     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Globant SA                                | Globant SA                                  | CUSIP: 000000000<br>LEI: 2221008DCMSPYS42DS88 | Long             | EC               | CORP              | LU        |      2391 | NS      | $110249.01    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology SA                     | Spotify Technology SA                       | CUSIP: 000000000<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | LU        |       884 | NS      | $428660.44    | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Birkenstock Holding Plc                   | Birkenstock Holding Plc                     | CUSIP: 000000000<br>LEI: 529900CQ8LQKQ7LIT631 | Long             | EC               | CORP              | JE        |      1815 | NS      | $65031.45     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Cellebrite DI Ltd                         | Cellebrite DI Ltd                           | CUSIP: 000000000<br>LEI: 254900G03462YGP1IO36 | Long             | EC               | CORP              | IL        |      4519 | NS      | $62271.82     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Check Point Software Technologies Ltd     | Check Point Software Technologies Ltd       | CUSIP: 000000000<br>LEI: 2549003ZVBH73EPNS513 | Long             | EC               | CORP              | IL        |       416 | NS      | $59425.60     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors NV                     | NXP Semiconductors NV                       | CUSIP: 000000000<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | NL        |       667 | NS      | $131305.62    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Stevanato Group SpA                       | Stevanato Group SpA                         | CUSIP: 000000000<br>LEI: 81560033F7E1CD477507 | Long             | EC               | CORP              | IT        |      7348 | NS      | $101035.00    | 0.49%             |  |  |  | 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