# EDGAR Filing Document

**Accession Number:** 0000810573
**File Stem:** 0000088053-23-000084
**Filing Date:** 2023-2
**Character Count:** 934711
**Document Hash:** 9f87a209128caa148f33df363f2ddcf7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000088053-23-000084.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0000088053-23-000084

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**EFFECTIVENESS DATE**: 20230224

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DEUTSCHE DWS VARIABLE SERIES II
- **CENTRAL INDEX KEY:** 0000810573
- **IRS NUMBER:** 810105002
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05002
- **FILM NUMBER:** 23664688

**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      |  |
| C000017205 | Class B      |  |

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

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

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

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

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017223 | Class A      |  |
| C000017224 | Class B      |  |

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

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

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017245 | Class A      |  |
| C000017246 | Class B      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017251 | Class A      |  |
| C000017252 | Class B      |  |

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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM N-CSR

Investment Company Act file number: 811-05002

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

(Exact Name of Registrant as Specified in Charter)

875 Third Avenue

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

(Address of Principal Executive Offices) (Zip Code)

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

Diane Kenneally

100 Summer Street

<u>Boston, MA 02110</u>

(Name and Address of Agent for Service)

Date of fiscal year end: 12/31 <br>Date of reporting period: 12/31/2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;**ITEM 1.** | &nbsp;&nbsp;**REPORT TO STOCKHOLDERS** |
|  | &nbsp;&nbsp;(a) |

---

December 31, 2022

**Annual Report**

Deutsche DWS Variable Series II

**DWS Alternative Asset Allocation VIP**

![](g464418img1e72b81c1.jpg)

------

<br>**Contents** 

---

| | |
|:---|:---|
| **3** | [Performance Summary](#xx_32155bbc-8e66-441e-8ded-80e9d527df37_perfsum-cc-financial-runningfooter-341_1) |
| **5** | [Management Summary](#xx_32155bbc-8e66-441e-8ded-80e9d527df37_perfsum-cc-financial-runningfooter-341_3) |
| **7** | [Portfolio Summary](#xx_32155bbc-8e66-441e-8ded-80e9d527df37_portsum-cc-financial-runningfooter-341_1) |
| **8** | [Investment Portfolio](#xx_32155bbc-8e66-441e-8ded-80e9d527df37_soi-cc-financial-runningfooter-341_1) |
| **10** | [Statement of Assets and Liabilities](#xx_32155bbc-8e66-441e-8ded-80e9d527df37_fs-cc-financial-runningfooter-341_1) |
| **10** | [Statement of Operations](#xx_32155bbc-8e66-441e-8ded-80e9d527df37_fs-cc-financial-runningfooter-341_1) |
| **11** | [Statements of Changes in Net Assets](#xx_32155bbc-8e66-441e-8ded-80e9d527df37_fs-cc-financial-runningfooter-341_2) |
| **12** | [Financial Highlights](#xx_32155bbc-8e66-441e-8ded-80e9d527df37_fihi-cc-financial-runningfooter-341_1) |
| **14** | [Notes to Financial Statements](#xx_32155bbc-8e66-441e-8ded-80e9d527df37_ntf-cc-financial-runningfooter-341_1) |
| **18** | [Report of Independent Registered Public Accounting Firm](#xx_32155bbc-8e66-441e-8ded-80e9d527df37_aud-cc-financial-runningfooter-341_1) |
| **19** | [Information About Your Fund's Expenses](#xx_32155bbc-8e66-441e-8ded-80e9d527df37_fexpti-cc-financial-runningfooter-341_1) |
| **20** | [Tax Information](#xx_32155bbc-8e66-441e-8ded-80e9d527df37_fexpti-cc-financial-runningfooter-341_2) |
| **20** | [Proxy Voting](#xx_32155bbc-8e66-441e-8ded-80e9d527df37_fexpti-cc-financial-runningfooter-341_2) |
| **21** | [Advisory Agreement Board Considerations and Fee Evaluation](#xx_32155bbc-8e66-441e-8ded-80e9d527df37_aabcf-cc-financial-runningfooter-341_1) |
| **24** | [Board Members and Officers](#xx_32155bbc-8e66-441e-8ded-80e9d527df37_board-cc-financial-runningfooter-341_1) |

---

**This report must be preceded or accompanied by a prospectus. To obtain an additional prospectus or summary prospectus, if available, call (800) 728-3337 or your financial representative. We advise you to consider the Fund's objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the Fund. Please read the prospectus carefully before you invest.**

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

War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises and related geopolitical events have led, and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Fund and its investments.

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. <br>DWS Distributors, Inc., 222 South Riverside Plaza, Chicago, IL 60606, (800) 621-1148 <br>NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE <br>NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

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

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

---

------

Performance Summary December 31, 2022 (Unaudited)

![](g464418img6d3bc7d32.jpg)

Yearly periods ended December 31

MSCI World Index is an unmanaged index representing large and mid-cap equity performance across 23 developed markets countries. It covers approximately 85% of the free float-adjusted market capitalization in each country.

Bloomberg U.S. Aggregate Bond Index is an unmanaged index representing domestic taxable investment-grade bonds, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities with average maturities of one year or more.

The Blended Index consists of 70% MSCI World Index and 30% Bloomberg U.S. Aggregate Bond Index.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

The Advisor believes that the MSCI World Index, Bloomberg U.S. Aggregate Bond Index, and the blend of each of these indexes, reflect the different components of the Fund's typical asset allocations.

------

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

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

---

------

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Comparative Results** | **Comparative Results** | **Comparative Results** | **Comparative Results** | **Comparative Results** | **Comparative Results** |
| **DWS Alternative Asset Allocation VIP** | **DWS Alternative Asset Allocation VIP** | **1-Year** | **3-Year** | **5-Year** | **10-Year** |
| **Class A** | Growth of $10,000 | $9258 | $11034 | $11498 | $12730 |
| **Class A** | Average annual total return | –7.42% | 3.33% | 2.83% | 2.44% |
| MSCI World Index | Growth of $10,000 | $8186 | $11558 | $13470 | $23358 |
| MSCI World Index | Average annual total return | –18.14% | 4.94% | 6.14% | 8.85% |
| Bloomberg U.S. Aggregate <br> Bond Index | Growth of $10,000 | $8699 | $9208 | $10012 | $11108 |
| Bloomberg U.S. Aggregate <br> Bond Index | Average annual total return | –13.01% | –2.71% | 0.02% | 1.06% |
| Blended Index | Growth of $10,000 | $8372 | $10926 | $12526 | $19105 |
| Blended Index | Average annual total return | –16.28% | 3.00% | 4.61% | 6.69% |
| **DWS Alternative Asset Allocation VIP** | **DWS Alternative Asset Allocation VIP** | **1-Year** | **3-Year** | **5-Year** | **10-Year** |
| **Class B** | Growth of $10,000 | $9226 | $10917 | $11316 | $12359 |
| **Class B** | Average annual total return | –7.74% | 2.97% | 2.50% | 2.14% |
| MSCI World Index | Growth of $10,000 | $8186 | $11558 | $13470 | $23358 |
| MSCI World Index | Average annual total return | –18.14% | 4.94% | 6.14% | 8.85% |
| Bloomberg U.S. Aggregate <br> Bond Index | Growth of $10,000 | $8699 | $9208 | $10012 | $11108 |
| Bloomberg U.S. Aggregate <br> Bond Index | Average annual total return | –13.01% | –2.71% | 0.02% | 1.06% |
| Blended Index | Growth of $10,000 | $8372 | $10926 | $12526 | $19105 |
| Blended Index | Average annual total return | –16.28% | 3.00% | 4.61% | 6.69% |
| The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. |

---

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

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

---

------

Management Summary December 31, 2022 (Unaudited)

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

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

---

------

**Terms to Know**

The **Blended Index** consists of 70% MSCI World Index and 30% Bloomberg U.S. Aggregate Bond Index. The **MSCI World Index** is an unmanaged index representing large and mid-cap equity performance across 23 developed markets countries. It covers approximately 85% of the free float-adjusted market capitalization in each country. **Bloomberg U.S. Aggregate Bond Index** is an unmanaged index representing domestic taxable investment-grade bonds, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities with average maturities of one year or more.

Index returns do not reflect fees or expenses and it is not possible to invest directly into an index.

**Convertible securities** are bonds that can be exchanged for equity at a pre-stated price. Convertibles generally offer higher income than is available from a common stock, but more appreciation potential than bonds.

**Preferred stocks** are hybrid securities that offer some of the features of both stocks and bonds.

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

---

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

---

------

<br>**Portfolio Summary(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Asset Allocation\*** (As a % of Investment Portfolio) | **12/31/22** | **12/31/21** |
| **Real Asset** | **38%** | **44%** |
| &nbsp;&nbsp;&nbsp; DWS RREEF Global Infrastructure Fund | 14% | 12% |
| &nbsp;&nbsp;&nbsp; DWS Enhanced Commodity Strategy Fund | 13% | 16% |
| &nbsp;&nbsp;&nbsp; DWS RREEF Real Estate Securities Fund | 8% | 11% |
| &nbsp;&nbsp;&nbsp; iShares Global Infrastructure ETF | 2% | 4% |
| &nbsp;&nbsp;&nbsp; SPDR S&P Global Natural Resources ETF | 1% |  |
| &nbsp;&nbsp;&nbsp; DWS RREEF Global Real Estate Securities Fund |  | 1% |
| **Alternative Fixed Income** | **20%** | **20%** |
| &nbsp;&nbsp;&nbsp; DWS Floating Rate Fund | 9% | 8% |
| &nbsp;&nbsp;&nbsp; iShares JP Morgan USD Emerging Markets Bond ETF | 4% | 5% |
| &nbsp;&nbsp;&nbsp; DWS Emerging Markets Fixed Income Fund | 4% | 5% |
| &nbsp;&nbsp;&nbsp; SPDR Blackstone Senior Loan ETF | 3% | 2% |
| **Alternative Equity** | **11%** | **20%** |
| &nbsp;&nbsp;&nbsp; SPDR Bloomberg Convertible Securities ETF | 8% | 14% |
| &nbsp;&nbsp;&nbsp; iShares Preferred & Income Securities ETF | 3% | 6% |
| **Absolute Return** | **20%** | **14%** |
| &nbsp;&nbsp;&nbsp; DWS Global Macro Fund | 7% | 7% |
| DWS ESG Liquidity Fund | 13% | 7% |
| **Cash** | **11%** | **2%** |
| &nbsp;&nbsp;&nbsp; DWS Central Cash Management Government Fund | 11% | 2% |
|  | 100% | 100% |

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

\* During the periods indicated, asset categories and investment strategies represented in the Fund's portfolio fell into the following categories: Real Assets, Alternative Fixed Income, Alternative Equity, and Absolute Return. Real Asset investments have a tangible or physical aspect such as real estate or commodities. Alternative Fixed Income investments seek to offer exposure to categories generally not included in investors' allocations and to foreign investments, many of which are not denominated in US dollars. Alternative Equity investments are investments primarily in convertible and preferred instruments that offer equity exposure. Absolute Return investments seek positive returns in all market environments or seek to increase the diversification or liquidity of the Fund's portfolio. 

Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund's investment portfolio, see page 8.

Following the Fund's fiscal first and third quarter-end, a complete portfolio holdings listing is posted on dws.com, and is available free of charge by contacting your financial intermediary, or if you are a direct investor, by calling (800) 728-3337. In addition, the portfolio holdings listing is filed with the SEC on the Fund's Form N-PORT and will be available on the SEC's Web site at sec.gov. Additional portfolio holdings for the Fund are also posted on dws.com from time to time. Please see the Fund's current prospectus for more information.

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

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

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<br>**Investment Portfolioas of December 31, 2022**

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

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| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Mutual Funds 54.6%** |  |  |
| &nbsp;&nbsp;&nbsp; DWS Emerging Markets <br> Fixed Income Fund <br> "Institutional" (a)<br>| 2274550 | 15307718 |
| &nbsp;&nbsp;&nbsp; DWS Enhanced Commodity <br> Strategy Fund <br> "Institutional" (a)<br>| 9065681 | 54938029 |
| &nbsp;&nbsp;&nbsp; DWS Floating Rate Fund <br> "Institutional" (a)<br>| 5247230 | 39196806 |
| &nbsp;&nbsp;&nbsp; DWS Global Macro Fund <br> "Institutional" (a)<br>| 3362731 | 31508793 |
| &nbsp;&nbsp;&nbsp; DWS RREEF Global <br> Infrastructure Fund <br> "Institutional" (a)<br>| 3859160 | 57617260 |
| &nbsp;&nbsp;&nbsp; DWS RREEF Real Estate <br> Securities Fund <br> "Institutional" (a)<br>| 1684566  | 32090988  |
| **Total Mutual Funds** (Cost $254,105,315) | **Total Mutual Funds** (Cost $254,105,315) | **230659594** |
| **Exchange-Traded Funds 21.0%** | **Exchange-Traded Funds 21.0%** | **Exchange-Traded Funds 21.0%** |
| &nbsp;&nbsp;&nbsp; iShares Global Infrastructure <br> ETF<br>| 141313 | 6477788 |
| &nbsp;&nbsp;&nbsp; iShares JP Morgan USD <br> Emerging Markets Bond <br> ETF<br>| 210018 | 17765423 |
| &nbsp;&nbsp;&nbsp; iShares Preferred & Income <br> Securities ETF<br>| 459281 | 14021849 |

---

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| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| &nbsp;&nbsp;&nbsp; SPDR Blackstone Senior <br> Loan ETF<br>| 280331 | 11465538 |
| &nbsp;&nbsp;&nbsp; SPDR Bloomberg <br> Convertible Securities ETF<br>| 541892 | 34865331 |
| &nbsp;&nbsp;&nbsp; SPDR S&P Global Natural <br> Resources ETF<br>| 73958 | 4217085  |
| &nbsp;&nbsp;&nbsp; **Total Exchange-Traded Funds** <br> (Cost $88,136,271) | &nbsp;&nbsp;&nbsp; **Total Exchange-Traded Funds** <br> (Cost $88,136,271) | **88813014** |
| **Cash Equivalents 24.4%** | **Cash Equivalents 24.4%** | **Cash Equivalents 24.4%** |
| &nbsp;&nbsp;&nbsp; DWS Central Cash <br> Management Government <br> Fund, 4.2% (a) (b)<br>| 48680508 | 48680508 |
| &nbsp;&nbsp;&nbsp; DWS ESG Liquidity Fund <br> "Institutional", <br> 4.47% (a) (b)<br>| 54531012 | 54525559  |
| **Total Cash Equivalents** (Cost $103,200,442) | **Total Cash Equivalents** (Cost $103,200,442) | **103206067** |

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

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| | | |
|:---|:---|:---|
|  | **% of** <br>**Net Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** <br> (Cost $445,442,028)<br>| 100.0 | **422678675** |
| **Other Assets and** <br> **Liabilities, Net**<br>| &nbsp;&nbsp;&nbsp; (0.0) | **(155376)** |
| **Net Assets** | 100.0 | **422523299** |

---

A summary of the Fund's transactions with affiliated Underlying DWS Funds during the year ended December 31, 2022 are as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at** <br>**12/31/2021**<br>| **Purchases** <br>**Cost ($)**<br>| **Sales** <br>**Proceeds ($)**<br>| **Net Realized** <br>**Gain/** <br>**(Loss) ($)**<br>| **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)** <br> **($)**<br>| **Income ($)** | **Capital Gain** <br>**Distributions** <br> **($)**<br>| **Number** <br>**of Shares** <br>**at** <br>**12/31/2022**<br>| **Value ($) at** <br>**12/31/2022**<br>|
| **Mutual Funds 54.6%** | **Mutual Funds 54.6%** | **Mutual Funds 54.6%** | **Mutual Funds 54.6%** | **Mutual Funds 54.6%** | **Mutual Funds 54.6%** | **Mutual Funds 54.6%** | **Mutual Funds 54.6%** | **Mutual Funds 54.6%** |
| DWS Emerging Markets Fixed Income Fund (a) | DWS Emerging Markets Fixed Income Fund (a) | DWS Emerging Markets Fixed Income Fund (a) | DWS Emerging Markets Fixed Income Fund (a) | DWS Emerging Markets Fixed Income Fund (a) | DWS Emerging Markets Fixed Income Fund (a) | DWS Emerging Markets Fixed Income Fund (a) | DWS Emerging Markets Fixed Income Fund (a) | DWS Emerging Markets Fixed Income Fund (a) |
| 24615718 | 1029311 | 4657800 | (1516194) | (4163317) | 1029311 |  | 2274550 | 15307718 |
| DWS Enhanced Commodity Strategy Fund (a) | DWS Enhanced Commodity Strategy Fund (a) | DWS Enhanced Commodity Strategy Fund (a) | DWS Enhanced Commodity Strategy Fund (a) | DWS Enhanced Commodity Strategy Fund (a) | DWS Enhanced Commodity Strategy Fund (a) | DWS Enhanced Commodity Strategy Fund (a) | DWS Enhanced Commodity Strategy Fund (a) | DWS Enhanced Commodity Strategy Fund (a) |
| 79225180 | 18594775 | 35421600 | (5136669) | (2323657) | 18594775 |  | 9065681 | 54938029 |
| DWS Floating Rate Fund (a) | DWS Floating Rate Fund (a) | DWS Floating Rate Fund (a) | DWS Floating Rate Fund (a) | DWS Floating Rate Fund (a) | DWS Floating Rate Fund (a) | DWS Floating Rate Fund (a) | DWS Floating Rate Fund (a) | DWS Floating Rate Fund (a) |
| 39810871 | 1672248 |  |  | (2286313) | 1668225 |  | 5247230 | 39196806 |
| DWS Global Macro (a) | DWS Global Macro (a) | DWS Global Macro (a) | DWS Global Macro (a) | DWS Global Macro (a) | DWS Global Macro (a) | DWS Global Macro (a) | DWS Global Macro (a) | DWS Global Macro (a) |
| 33828146 | 1449615 |  |  | (3768968) | 1100659 | 348956 | 3362731 | 31508793 |
| DWS RREEF Global Infrastructure Fund (a) | DWS RREEF Global Infrastructure Fund (a) | DWS RREEF Global Infrastructure Fund (a) | DWS RREEF Global Infrastructure Fund (a) | DWS RREEF Global Infrastructure Fund (a) | DWS RREEF Global Infrastructure Fund (a) | DWS RREEF Global Infrastructure Fund (a) | DWS RREEF Global Infrastructure Fund (a) | DWS RREEF Global Infrastructure Fund (a) |
| 61417258 | 9438730 | 3568400 | 187071 | (9857399) | 839609 | 4431245 | 3859160 | 57617260 |
| DWS RREEF Global Real Estate Securities Fund (a) | DWS RREEF Global Real Estate Securities Fund (a) | DWS RREEF Global Real Estate Securities Fund (a) | DWS RREEF Global Real Estate Securities Fund (a) | DWS RREEF Global Real Estate Securities Fund (a) | DWS RREEF Global Real Estate Securities Fund (a) | DWS RREEF Global Real Estate Securities Fund (a) | DWS RREEF Global Real Estate Securities Fund (a) | DWS RREEF Global Real Estate Securities Fund (a) |
| 5306244 |  | 4971737 | 659986 | (994493) |  |  |  |  |
| DWS RREEF Real Estate Securities Fund (a) | DWS RREEF Real Estate Securities Fund (a) | DWS RREEF Real Estate Securities Fund (a) | DWS RREEF Real Estate Securities Fund (a) | DWS RREEF Real Estate Securities Fund (a) | DWS RREEF Real Estate Securities Fund (a) | DWS RREEF Real Estate Securities Fund (a) | DWS RREEF Real Estate Securities Fund (a) | DWS RREEF Real Estate Securities Fund (a) |
| 52375661 | 8584283 | 14257000 | 93872 | (14705828) | 590535 | 777447 | 1684566 | 32090988 |
| **Cash Equivalents 24.4%** | **Cash Equivalents 24.4%** | **Cash Equivalents 24.4%** | **Cash Equivalents 24.4%** | **Cash Equivalents 24.4%** | **Cash Equivalents 24.4%** | **Cash Equivalents 24.4%** | **Cash Equivalents 24.4%** | **Cash Equivalents 24.4%** |
| DWS Central Cash Management Government Fund, 4.2% (a) (b) | DWS Central Cash Management Government Fund, 4.2% (a) (b) | DWS Central Cash Management Government Fund, 4.2% (a) (b) | DWS Central Cash Management Government Fund, 4.2% (a) (b) | DWS Central Cash Management Government Fund, 4.2% (a) (b) | DWS Central Cash Management Government Fund, 4.2% (a) (b) | DWS Central Cash Management Government Fund, 4.2% (a) (b) | DWS Central Cash Management Government Fund, 4.2% (a) (b) | DWS Central Cash Management Government Fund, 4.2% (a) (b) |
| 11467666 | 113479903 | 76267061 |  |  | 781141 |  | 48680508 | 48680508 |

---

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

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

---

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

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at**<br> **12/31/2021**<br>| **Purchases**<br> **Cost ($)**<br>| **Sales**<br> **Proceeds ($)**<br>| **Net Realized**<br> **Gain/**<br> **(Loss) ($)**<br>| **Net Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)** <br> **($)**<br>| **Income ($)** | **Capital Gain**<br> **Distributions** <br> **($)**<br>| **Number**<br> **of Shares**<br> **at**<br> **12/31/2022**<br>| **Value ($) at**<br> **12/31/2022**<br>|
| DWS ESG Liquidity Fund, 4.47% (a) (b) | DWS ESG Liquidity Fund, 4.47% (a) (b) | DWS ESG Liquidity Fund, 4.47% (a) (b) | DWS ESG Liquidity Fund, 4.47% (a) (b) | DWS ESG Liquidity Fund, 4.47% (a) (b) | DWS ESG Liquidity Fund, 4.47% (a) (b) | DWS ESG Liquidity Fund, 4.47% (a) (b) | DWS ESG Liquidity Fund, 4.47% (a) (b) | DWS ESG Liquidity Fund, 4.47% (a) (b) |
| 31709226 | 22808499 |  |  | 7834 | 926222 |  | 54531012 | 54525559 |
| **339755970** | **177057364** | **139143598** | **(5711934)** | **(38092141)** | **25530477** | **5557648** | **128705438** | **333865661** |

---

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

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

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

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

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

**Fair Value Measurements**

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

The following is a summary of the inputs used as of December 31, 2022 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Mutual Funds | $230659594 | $— | $— | $230659594 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 88813014 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 88813014 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 103206067 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 103206067 |
| **Total** | **$422678675** | &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$**— | **$422678675** |

---

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

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

---

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

---

------

**Statement of** <br>**Assets and Liabilities**

**Statement of Operations**

<br>as of December 31, 2022

------

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in non-affiliated Underlying Funds, at <br> value (cost $88,136,271)<br>| $88813014 |
| Investments in affiliated Underlying Funds, at <br> value (cost $357,305,757)<br>| &nbsp;&nbsp; 333865661 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30409 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159894 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7171 |
| Total assets | &nbsp;&nbsp; 422876149 |
| **Liabilities** |  |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21258 |
| Accrued management fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36672 |
| Accrued Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7135 |
| Other accrued expenses and payables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 287785 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 352850 |
| **Net assets, at value** | **$422523299**  |
| **Net Assets Consist of** |  |
| Distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3353956 |
| Paid-in capital | &nbsp;&nbsp; 419169343 |
| **Net assets, at value** | **$422523299**  |
| **Net Asset Value** |  |
| **Class A** |  |
| **Net Asset Value,** offering and redemption price <br> per share ($46,226,514 ÷ 3,557,543 outstanding <br> shares of beneficial interest, no par value, <br> unlimited number of shares authorized)<br>| **$12.99** |
| **Class B** |  |
| **Net Asset Value,** offering and redemption price <br> per share ($376,296,785 ÷ 28,995,732 <br> outstanding shares of beneficial interest, <br> no par value, unlimited number of <br> shares authorized)<br>| **$12.98** |

---

for the year ended December 31, 2022

------

---

| | |
|:---|:---|
| **Investment Income** |  |
| Income: |  |
| Dividends | $3501768 |
| Income distributions from affiliated <br> Underlying Funds<br>| &nbsp;&nbsp;&nbsp; 25530477 |
| Total income | &nbsp;&nbsp;&nbsp; 29032245 |
| Expenses: |  |
| Management fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450095 |
| Administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 436592 |
| Services to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1336 |
| Record keeping fee (Class B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 541391 |
| Distribution service fee (Class B) | &nbsp;&nbsp;&nbsp;&nbsp; 1009762 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6357 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79667 |
| Reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12383 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22986 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11990 |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp; 2572602 |
| **Net investment income** | **26459643** |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) from: |  |
| Sale of affiliated Underlying Funds | &nbsp;&nbsp;&nbsp;&nbsp; (5711934) |
| Sale of non-affiliated Underlying Funds | &nbsp;&nbsp;&nbsp;&nbsp; 5667678 |
| Capital gain distributions from affiliated <br> Underlying Funds<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5557648 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 5513392 |
| Change in net unrealized appreciation <br> (depreciation) on:<br>|  |
| Affiliated Underlying Funds | &nbsp;&nbsp; (38092141) |
| Non-affiliated Underlying Funds | &nbsp;&nbsp; (30756956) |
|  | &nbsp;&nbsp; (68849097) |
| **Net gain (loss)** | **(63335705)** |
| **Net increase (decrease) in net assets** <br> **resulting from operations**<br>| **$(36876062)** |

---

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

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

---

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

---

------

**Statements of Changes in Net Assets**

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

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
| **Increase (Decrease) in Net Assets** | **2022** | **2021** |
| Operations: |  |  |
| Net investment income | $26459643 | $31022107 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5513392 | &nbsp;&nbsp;&nbsp;&nbsp; 16184613 |
| Change in net unrealized appreciation <br>(depreciation)<br>| &nbsp;&nbsp;&nbsp; (68849097) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8533545 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp; (36876062) | &nbsp;&nbsp;&nbsp;&nbsp; 55740265 |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp; (3486882) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (808613) |
| &nbsp;&nbsp;&nbsp; Class B | &nbsp;&nbsp;&nbsp; (29085224) | &nbsp;&nbsp;&nbsp;&nbsp; (7405682) |
| Total distributions | &nbsp;&nbsp;&nbsp; (32572106) | &nbsp;&nbsp;&nbsp;&nbsp; (8214295) |
| Fund share transactions: |  |  |
| **Class A** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8154196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8392486 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3486882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 808613 |
| Payments for shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (5596341) | &nbsp;&nbsp;&nbsp;&nbsp; (2937240) |
| Net increase (decrease) in net assets from Class A share transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6044737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6263859 |
| **Class B** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 17581298 | &nbsp;&nbsp;&nbsp;&nbsp; 11611634 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp; 29085224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7405682 |
| Payments for shares redeemed | &nbsp;&nbsp;&nbsp; (55362431) | &nbsp;&nbsp;&nbsp; (42234997) |
| Net increase (decrease) in net assets from Class B share transactions | &nbsp;&nbsp;&nbsp;&nbsp; (8695909) | &nbsp;&nbsp;&nbsp; (23217681) |
| **Increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; (72099340) | &nbsp;&nbsp;&nbsp;&nbsp; 30572148 |
| Net assets at beginning of period | &nbsp;&nbsp; 494622639 | &nbsp;&nbsp; 464050491 |
| **Net assets at end of period** | **$422523299** | **$494622639**  |

---

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

---

| | | |
|:---|:---|:---|
| **Other Information** |  |  |
| **Class A** |  |  |
| Shares outstanding at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3126054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2699800 |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 590731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 573373 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56428 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (409736) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (203547) |
| Net increase (decrease) in Class A shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426254 |
| Shares outstanding at end of period | **3557543** | **3126054** |
| **Class B** |  |  |
| Shares outstanding at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29598447  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31208785  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1281615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 791155 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2086458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 516435 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3970788) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2917928) |
| Net increase (decrease) in Class B shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(602715) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1610338) |
| Shares outstanding at end of period | **28995732** | **29598447** |

---

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

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

---

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

---

------

<br>**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DWS Alternative Asset Allocation VIP** — **Class A** | **DWS Alternative Asset Allocation VIP** — **Class A** | **DWS Alternative Asset Allocation VIP** — **Class A** | **DWS Alternative Asset Allocation VIP** — **Class A** | **DWS Alternative Asset Allocation VIP** — **Class A** | **DWS Alternative Asset Allocation VIP** — **Class A** |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |
| **Net asset value, beginning of period** | **$15.13** | **$13.70** | **$13.35** | **$12.10** | **$13.61** |
| *Income (loss) from investment operations:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>a</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .88 | &nbsp;&nbsp;&nbsp;&nbsp; 1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .61 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (1.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .40 | &nbsp;&nbsp;&nbsp;&nbsp; 1.35 | &nbsp;&nbsp;&nbsp; (1.84) |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (1.05) | &nbsp;&nbsp;&nbsp;&nbsp; 1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .69 | &nbsp;&nbsp;&nbsp;&nbsp; 1.75 | &nbsp;&nbsp;&nbsp; (1.23) |
| *Less distributions from:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp; (1.08) | &nbsp;&nbsp;&nbsp;&nbsp; (.30) | &nbsp;&nbsp;&nbsp;&nbsp; (.34) | &nbsp;&nbsp;&nbsp;&nbsp; (.50) | &nbsp;&nbsp;&nbsp;&nbsp; (.28) |
| &nbsp;&nbsp;&nbsp; Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; (.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (1.09) | &nbsp;&nbsp;&nbsp;&nbsp; (.30) | &nbsp;&nbsp;&nbsp;&nbsp; (.34) | &nbsp;&nbsp;&nbsp;&nbsp; (.50) | &nbsp;&nbsp;&nbsp;&nbsp; (.28) |
| **Net asset value, end of period** | **$12.99** | **$15.13** | **$13.70** | **$13.35** | **$12.10** |
| Total Return (%)<sup>b</sup> <br>| &nbsp;&nbsp;&nbsp; (7.42) | &nbsp;&nbsp; 12.74 | &nbsp;&nbsp;&nbsp;&nbsp; 5.71 | &nbsp;&nbsp; 14.68<sup>c</sup> <br>| &nbsp;&nbsp;&nbsp; (9.14)<sup>c</sup> <br>|
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| Ratio of expenses before expense reductions (%)<sup>d,e</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .73 |
| Ratio of expenses after expense reductions (%)<sup>d,e</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .16 |
| Ratio of net investment income (%) | &nbsp;&nbsp;&nbsp;&nbsp; 6.44 | &nbsp;&nbsp;&nbsp;&nbsp; 7.13 | &nbsp;&nbsp;&nbsp;&nbsp; 2.29 | &nbsp;&nbsp;&nbsp;&nbsp; 3.09 | &nbsp;&nbsp;&nbsp;&nbsp; 4.78 |
| Portfolio turnover rate (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |

---

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

<sup>a</sup> Based on average shares outstanding during the period.

<sup>b</sup> Total return would have been lower if the Advisor had not reduced some Underlying DWS Funds' expenses.

<sup>c</sup> Total return would have been lower had certain expenses not been reduced.

<sup>d</sup> The Fund invests in other Funds and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses. 

<sup>e</sup> Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. 

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

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

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

---

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

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DWS Alternative Asset Allocation VIP** — **Class B** | **DWS Alternative Asset Allocation VIP** — **Class B** | **DWS Alternative Asset Allocation VIP** — **Class B** | **DWS Alternative Asset Allocation VIP** — **Class B** | **DWS Alternative Asset Allocation VIP** — **Class B** | **DWS Alternative Asset Allocation VIP** — **Class B** |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Selected Per Share Data** |  |  |  |  |  |
| **Net asset value, beginning of period** | **$15.11** | **$13.68** | **$13.34** | **$12.09** | **$13.59** |
| *Income (loss) from investment operations:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>a</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .62 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (1.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .41 | &nbsp;&nbsp;&nbsp;&nbsp; 1.34 | &nbsp;&nbsp;&nbsp; (1.88) |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (1.10) | &nbsp;&nbsp;&nbsp;&nbsp; 1.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .65 | &nbsp;&nbsp;&nbsp;&nbsp; 1.71 | &nbsp;&nbsp;&nbsp; (1.26) |
| *Less distributions from:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp; (1.02) | &nbsp;&nbsp;&nbsp;&nbsp; (.25) | &nbsp;&nbsp;&nbsp;&nbsp; (.31) | &nbsp;&nbsp;&nbsp;&nbsp; (.46) | &nbsp;&nbsp;&nbsp;&nbsp; (.24) |
| &nbsp;&nbsp;&nbsp; Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; (.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (1.03) | &nbsp;&nbsp;&nbsp;&nbsp; (.25) | &nbsp;&nbsp;&nbsp;&nbsp; (.31) | &nbsp;&nbsp;&nbsp;&nbsp; (.46) | &nbsp;&nbsp;&nbsp;&nbsp; (.24) |
| **Net asset value, end of period** | **$12.98** | **$15.11** | **$13.68** | **$13.34** | **$12.09** |
| Total Return (%)<sup>b</sup> <br>| &nbsp;&nbsp;&nbsp; (7.74) | &nbsp;&nbsp; 12.35<sup>c</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.32<sup>c</sup> <br>| &nbsp;&nbsp; 14.35<sup>c</sup> <br>| &nbsp;&nbsp;&nbsp; (9.35)<sup>c</sup> <br>|
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp;&nbsp;&nbsp; 376 | &nbsp;&nbsp;&nbsp;&nbsp; 447 | &nbsp;&nbsp;&nbsp;&nbsp; 427 | &nbsp;&nbsp;&nbsp;&nbsp; 349 | &nbsp;&nbsp;&nbsp;&nbsp; 208 |
| Ratio of expenses before expense reductions (%)<sup>d,e</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .92 | &nbsp;&nbsp;&nbsp;&nbsp; 1.08 |
| Ratio of expenses after expense reductions (%)<sup>d,e</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .45 |
| Ratio of net investment income (%) | &nbsp;&nbsp;&nbsp;&nbsp; 5.81 | &nbsp;&nbsp;&nbsp;&nbsp; 6.37 | &nbsp;&nbsp;&nbsp;&nbsp; 1.94 | &nbsp;&nbsp;&nbsp;&nbsp; 2.90 | &nbsp;&nbsp;&nbsp;&nbsp; 4.85 |
| Portfolio turnover rate (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |

---

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

<sup>a</sup> Based on average shares outstanding during the period.

<sup>b</sup> Total return would have been lower if the Advisor had not reduced some Underlying DWS Funds' expenses.

<sup>c</sup> Total return would have been lower had certain expenses not been reduced.

<sup>d</sup> The Fund invests in other Funds and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses. 

<sup>e</sup> Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. 

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

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

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

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<br>**Notes to Financial Statements** 

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

DWS Alternative Asset Allocation VIP (the "Fund") is a diversified series of Deutsche DWS Variable Series II (the "Trust"), which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company organized as a Massachusetts business trust. The Fund mainly invests in other affiliated DWS funds (i.e., mutual funds, exchange-traded funds and other pooled investment vehicles managed by DWS Investment Management Americas, Inc. or one of its affiliates, together the "Underlying DWS Funds"), non-affiliated exchange-traded funds ("Non-affiliated ETFs"), non-affiliated exchange-traded notes ("Non-affiliated ETNs") and derivative investments. Non-affiliated ETFs, Non-affiliated ETNs and Underlying DWS Funds are collectively referred to as "Underlying Funds." During the year ended December 31, 2022, the Fund primarily invested in Underlying DWS Funds and non-affiliated ETFs. Each Underlying DWS Fund's accounting policies and investment holdings are outlined in the Underlying DWS Funds' financial statements and are available upon request.

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

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

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

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

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

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

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

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

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

**Federal Income Taxes.** The Fund's policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders.

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

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

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The Fund has reviewed the tax positions for the open tax years as of December 31, 2022 and has determined that no provision for income tax and/or uncertain tax positions is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

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

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

At December 31, 2022, the Fund's components of distributable earnings (accumulated losses) on a net tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income\* | $27069978 |
| Undistributed long-term capital gains | $3802233 |
| Net unrealized appreciation (depreciation) on investments | $(27518255)  |

---

At December 31, 2022, the aggregate cost of investments for federal income tax purposes was $450,196,930. The net unrealized depreciation for all investments based on tax cost was $27,518,255. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $13,398,366 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $40,916,621.

In addition, the tax character of distributions paid to shareholders by the Fund is summarized as follows:

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2022** | **2021** |
| Distributions from ordinary income\* | $32107445 | $8214295 |
| Distributions from long-term capital gains | $464661 | $— |

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

\* For tax purposes, short-term capital gain distributions are considered ordinary income distributions.

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

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

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

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

During the year ended December 31, 2022, purchases and sales of affiliated Underlying Funds (excluding short-term investments) aggregated $40,768,962 and $62,876,537, respectively. Purchases and sales of Non-affiliated ETFs aggregated $4,252,585 and $45,622,849, respectively.

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

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

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

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

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

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

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

---

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

---

Accordingly, for the year ended December 31, 2022, the fee pursuant to the Investment Management Agreement was equivalent to an annual rate (exclusive of any applicable waivers/reimbursements) of 0.10% of the Fund's average daily net assets.

In addition, the Advisor will receive management fees from managing the Underlying DWS Funds in which the Fund invests.

The Fund does not invest in the Underlying DWS Funds for the purpose of exercising management or control; however, investments within the set limits may represent 5% or more of an Underlying DWS Fund's outstanding shares. At December 31, 2022, the Fund held approximately 6% of DWS Central Cash Management Government Fund, 32% of DWS Emerging Markets Fixed Income Fund, 11% of DWS ESG Liquidity Fund, 30% of DWS Floating Rate Fund, 16% of DWS Global Macro Fund and 5% of DWS RREEF Global Infrastructure Fund.

For the period from January 1, 2022 through September 30, 2022, the Advisor had contractually agreed to waive its fees and/or reimburse Fund expenses to the extent necessary to maintain the total annual operating expenses (including indirect expenses of Underlying Funds and excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of each class as follows:

---

| | |
|:---|:---|
| Class A | 1.03% |
| Class B | 1.41% |

---

Effective October 1, 2022 through September 30, 2023, the Advisor has contractually agreed to waive its fees and/or reimburse Fund expenses to the extent necessary to maintain the total annual operating expenses (including indirect expenses of Underlying Funds and excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of each class as follows:

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| | |
|:---|:---|
| Class A | 1.00% |
| Class B | 1.39% |

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

**Administration Fee.** Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.097% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the year ended December 31, 2022, the Administration Fee was $436,592, of which $34,975 is unpaid.

**Service Provider Fees.** DWS Service Company ("DSC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency

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

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| | |
|:---|:---|
| **16** \|  | Deutsche DWS Variable Series II —<br> DWS Alternative Asset Allocation VIP <br>|

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agreement between DSC and SS&C GIDS, Inc. ("SS&C") (name changed from DST Systems, Inc. effective January 1, 2023), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to SS&C. DSC compensates SS&C out of the shareholder servicing fee it receives from the Fund. For the year ended December 31, 2022, the amounts charged to the Fund by DSC were as follows:

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| | | |
|:---|:---|:---|
| **Services to Shareholders** | **Total** <br>**Aggregated**<br>| **Unpaid at** <br>**December 31, 2022**<br>|
| Class A | $231 | $37 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp; 68 |
|  | **$606** | **$105** |

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**Distribution Service Agreement.** Under the Fund's Class B 12b-1 plan, DWS Distributors, Inc. ("DDI") received a fee ("Distribution Service Fee") of up to 0.25% of the average daily net assets of Class B shares. For the year ended December 31, 2022, the Distribution Service Fee aggregated $1,009,762, of which $80,320 is unpaid.

**Other Service Fees.** Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the year ended December 31, 2022, the amount charged to the Fund by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $1,132, of which $30 is unpaid.

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

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

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

At December 31, 2022, two participating insurance companies were owners of record of 10% or more of the total outstanding Class A shares of the Fund, each owning 77% and 19%, respectively. Two participating insurance companies were the owners of record of 10% or more of the total outstanding Class B shares of the Fund, each owning 81% and 11%, respectively.

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

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| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Alternative Asset Allocation VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **17**  |

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<br>**Report of Independent Registered Public Accounting Firm**

**To the Board of Trustees of Deutsche DWS Variable Series II and Shareholders of DWS Alternative Asset Allocation VIP:**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of DWS Alternative Asset Allocation VIP (the "Fund") (one of the funds constituting Deutsche DWS Variable Series II) (the "Trust"), including the investment portfolio, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Deutsche DWS Variable Series II) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. <br> ![](g464418imgb2cb09bf3.jpg)

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

Boston, Massachusetts

February 13, 2023

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

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| | |
|:---|:---|
| **18** \|  | Deutsche DWS Variable Series II —<br> DWS Alternative Asset Allocation VIP <br>|

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Information About Your Fund's Expenses (Unaudited)

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

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| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Alternative Asset Allocation VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **19**  |

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Tax Information (Unaudited)

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

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| | |
|:---|:---|
| **20** \|  | Deutsche DWS Variable Series II —<br> DWS Alternative Asset Allocation VIP <br>|

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<br>**Advisory Agreement Board Considerations and Fee Evaluation**

The Board of Trustees (hereinafter referred to as the "Board" or "Trustees") approved the renewal of DWS Alternative Asset Allocation VIP's (the "Fund") investment management agreement (the "Agreement") with DWS Investment Management Americas, Inc. ("DIMA") and sub-advisory agreement (the "Sub-Advisory Agreement" and together with the Agreement, the "Agreements") between DIMA and RREEF America L.L.C. ("RREEF"), an affiliate of DIMA, in September 2022.

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

—

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

—

The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund's performance, fees and expenses, and profitability from a fee consultant retained by the Fund's Independent Trustees (the "Fee Consultant").

—

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

—

The Independent Trustees regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund's contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.

—

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

In connection with the contract review process, the Board considered the factors discussed below, among others. The Board also considered that DIMA has managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund. DIMA and RREEF are part of DWS Group GmbH & Co. KGaA ("DWS Group"). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. In 2018, approximately 20% of DWS Group's shares were sold in an initial public offering, with Deutsche Bank AG owning the remaining shares.

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

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

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

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

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| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Alternative Asset Allocation VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **21**  |

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noted that, for the one-, three- and five-year periods ended December 31, 2021, the Fund's performance (Class A shares) was in the 1st quartile of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has underperformed its benchmark in the one-, three- and five-year periods ended December 31, 2021.

**Fees and Expenses.** The Board considered the Fund's investment management fee schedule, sub-advisory fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. ("Broadridge") and the Fee Consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.097% fee paid to DIMA under the Fund's administrative services agreement, were equal to the median of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2021). With respect to any sub-advisory fee paid to RREEF, the Board noted that the fee is paid by DIMA out of its fee and not directly by the Fund. The Board noted that the Fund's Class A shares total (net) operating expenses were expected to be lower than the median (1st quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2021), and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees, but inclusive of acquired fund fees and expenses) ("Broadridge Universe Expenses"). The Board also reviewed data comparing each other operational share class's total (net) operating expenses to the applicable Broadridge Universe Expenses. The Board noted that the expense limitations agreed to by DIMA were expected to help the Fund's total (net) operating expenses remain competitive. The Board considered the Fund's management fee rate as compared to fees charged by DIMA to comparable DWS U.S. registered funds ("DWS Funds") and considered differences between the Fund and the comparable DWS Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors ("DWS Europe Funds") managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

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

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

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

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

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

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|:---|:---|
| **22** \|  | Deutsche DWS Variable Series II —<br> DWS Alternative Asset Allocation VIP <br>|

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

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

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

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| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Alternative Asset Allocation VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **23**  |

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<br>**Board Members and Officers**

The following table presents certain information regarding the Board Members and Officers of the Trust/Corporation. Each Board Member's year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is c/o Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the Trust/Corporation. Because the Fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period.

The Board Members may also serve in similar capacities with other funds in the fund complex. The number of funds in the DWS fund complex shown in the table below includes all registered open- and closed-end funds (including all of their portfolios) advised by the Advisor and any registered funds that have an investment advisor that is an affiliated person of the Advisor.

**Independent Board Members/Independent Advisory Board Members**

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| | | | |
|:---|:---|:---|:---|
| **Name, Year of** <br>**Birth, Position** <br>**with the Trust/** <br>**Corporation** <br>**and Length of** <br>**Time Served**<sup>1</sup> <br>| **Business Experience and Directorships** <br>**During the Past Five Years**<br>| **Number of** <br>**Funds in** <br>**DWS Fund** <br>**Complex** <br>**Overseen**<br>| **Other** <br>**Directorships** <br>**Held by Board** <br>**Member**<br>|
| Keith R. Fox, CFA (1954)<br> Chairperson since 2017, and <br> Board Member since 1996<br>| Managing General Partner, Exeter Capital Partners (a series of private <br> investment funds) (since 1986). Directorships: Progressive International <br> Corporation (kitchen goods designer and distributor); former Chairman, <br> National Association of Small Business Investment Companies; Former <br> Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. <br> (advertising); Sun Capital Advisers Trust (mutual funds)<br>| 69 |  |
| John W. Ballantine (1946)<br> Board Member since 1999<br>| Retired; formerly, Executive Vice President and Chief Risk Management <br> Officer, First Chicago NBD Corporation/The First National Bank of Chicago <br> (1996–1998); Executive Vice President and Head of International Banking <br> (1995–1996); Not-for-Profit Directorships: Window to the World <br> Communications (public media); Life Director of Harris Theater for Music <br> and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; <br> Former Directorships: Director and Chairman of the Board, Healthways, <br> Inc.<sup>2</sup> (population wellbeing and wellness services) (2003–2014); Stockwell <br> Capital Investments PLC (private equity); Enron Corporation; FNB <br> Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak <br> Brook Bank; Portland General Electric<sup>2</sup> (utility company (2003–2021); and <br> Prisma Energy International; Former Not-for-Profit Directorships: Public <br> Radio International; Palm Beach Civic Assn.<br>| 69 |  |
| Dawn-Marie Driscoll (1946)<br> Board Member since 1987<br>| Advisory Board and former Executive Fellow, Hoffman Center for Business <br> Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) <br> (1988–1990); Vice President of Corporate Affairs and General Counsel, <br> Filene's (retail) (1978–1988); Directorships: Trustee and former Chairman of <br> the Board, Southwest Florida Community Foundation (charitable <br> organization); Former Directorships: ICI Mutual Insurance Company <br> (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), <br> Investment Company Institute (audit, executive, nominating committees) <br> and Independent Directors Council (governance, executive committees)<br>| 69 |  |
| Richard J. Herring (1946)<br> Board Member since 1990<br>| Jacob Safra Professor of International Banking and Professor of Finance, <br> The Wharton School, University of Pennsylvania (since July 1972); <br> formerly: Director, The Wharton Financial Institutions Center (1994–2020); <br> Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and <br> Director, The Lauder Institute of International Management Studies <br> (2000–2006); Member FDIC Systemic Risk Advisory Committee since <br> 2011, member Systemic Risk Council since 2012 and member of the <br> Advisory Board at the Yale Program on Financial Stability since 2013; <br> Former Directorships: Co-Chair of the Shadow Financial Regulatory <br> Committee (2003–2015), Executive Director of The Financial Economists <br> Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), <br> Director of The Aberdeen Singapore Fund (2007–2018), Director, The <br> Aberdeen Japan Fund (2007-2021) and Nonexecutive Director of Barclays <br> Bank DE (2010–2018)<br>| 69 |  |

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|:---|:---|
| **24** \|  | Deutsche DWS Variable Series II —<br> DWS Alternative Asset Allocation VIP <br>|

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| | | | |
|:---|:---|:---|:---|
| **Name, Year of**<br> **Birth, Position**<br> **with the Trust/**<br> **Corporation**<br> **and Length of**<br> **Time Served**<sup>1</sup><br>| **Business Experience and Directorships**<br> **During the Past Five Years**<br>| **Number of**<br> **Funds in**<br> **DWS Fund**<br> **Complex**<br> **Overseen**<br>| **Other**<br> **Directorships**<br> **Held by Board**<br> **Member**<br>|
| Chad D. Perry (1972)<br> Board Member or Advisory <br> Board Member since 2021<sup>3</sup> <br>| Executive Vice President, General Counsel and Secretary, Tanger Factory <br> Outlet Centers, Inc.<sup>2</sup> (since 2011); formerly Executive Vice President and <br> Deputy General Counsel, LPL Financial Holdings Inc.<sup>2</sup> (2006–2011); Senior <br> Corporate Counsel, EMC Corporation (2005–2006); Associate, Ropes & <br> Gray LLP (1997–2005)<br>| 21<sup>4</sup> <br>| Director - Great <br> Elm Capital <br> Corp. (business <br> development <br> company) <br> (since 2022)<br>|
| Rebecca W. Rimel (1951)<br> Board Member since 1995<br>| Director, The Bridgespan Group (nonprofit organization) (since October <br> 2020); formerly: Executive Vice President, The Glenmede Trust Company <br> (investment trust and wealth management) (1983–2004); Board Member, <br> Investor Education (charitable organization) (2004–2005); Former <br> Directorships: Trustee, Executive Committee, Philadelphia Chamber of <br> Commerce (2001–2007); Director, Viasys Health Care<sup>2</sup> (January 2007–June <br> 2007); Trustee, Thomas Jefferson Foundation (charitable organization) <br> (1994–2012); President, Chief Executive Officer and Director (1994–2020) <br> and Senior Advisor (2020-2021), The Pew Charitable Trusts (charitable <br> organization); Director, BioTelemetry Inc.<sup>2</sup> (acquired by Royal Philips in <br> 2021) (healthcare) (2009–2021); Director, Becton Dickinson and Company<sup>2</sup> <br> (medical technology company) (2012-2022)<br>| 69 |  |
| Catherine Schrand (1964)<br> Board Member since 2021\*<br>| Celia Z. Moh Professor of Accounting (since 2016) and Professor of <br> Accounting (since 1994), The Wharton School, University of Pennsylvania; <br> formerly Vice Dean, Wharton Doctoral Programs (2016–2019)<br>| 69 |  |
| William N. Searcy, Jr. (1946)<br> Board Member since 1993<br>| Private investor since October 2003; formerly: Pension & Savings Trust <br> Officer, Sprint Corporation<sup>2</sup> (telecommunications) (November <br> 1989–September 2003); Former Directorships: Trustee, Sun Capital <br> Advisers Trust (mutual funds) (1998–2012)<br>| 69 |  |

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**Officers**<sup>5</sup>

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| | |
|:---|:---|
| **Name, Year of Birth, Position** <br>**with the Trust/Corporation** <br>**and Length of Time Served**<sup>6</sup> <br>| **Business Experience and Directorships During the** <br>**Past Five Years**<br>|
| Hepsen Uzcan<sup>7</sup> (1974)<br> President and Chief Executive <br> Officer, 2017–present<br>| Fund Administration (Head since 2017), DWS; Secretary, DWS USA Corporation (2018–present); <br> Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service <br> Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. <br> (2018–present); Director and President, DB Investment Managers, Inc. (2018–present); President and <br> Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central <br> and Eastern Europe Fund, Inc. (2017–present); formerly: Vice President for the Deutsche funds <br> (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Assistant Secretary, The European <br> Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. <br> (2013–2020); Directorships: Interested Director, The European Equity Fund, Inc., The New Germany Fund, <br> Inc. and The Central and Eastern Europe Fund, Inc. (since June 25, 2020); ICI Mutual Insurance Company <br> (since October 16, 2020); and Episcopalian Charities of New York (2018–present)<br>|
| John Millette<sup>8</sup> (1962)<br> Vice President and <br> Secretary, 1999–present<br>| Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas, <br> Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX <br> ETF Trust (2020–present); Vice President, DBX Advisors LLC (2021–present); Secretary, The European <br> Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. <br> 2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and <br> Assistant Secretary, DBX ETF Trust (2019–2020)<br>|
| Ciara Crawford<sup>9</sup> (1984)<br> Assistant <br> Secretary, 2019–present<br>| Fund Administration (Specialist), DWS (2015–present); formerly, Legal Assistant at Accelerated <br> Tax Solutions<br>|
| Diane Kenneally<sup>8</sup> (1966)<br> Chief Financial Officer and <br> Treasurer, 2018–present<br>| Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Treasurer, Chief Financial Officer and <br> Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity <br> Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); <br> formerly: Assistant Treasurer for the DWS funds (2007–2018)<br>|
| Paul Antosca<sup>8</sup> (1957)<br> Assistant <br> Treasurer, 2007–present<br>| Fund Administration Tax (Head), DWS; and Assistant Treasurer, DBX ETF Trust (2019–present) |
| Sheila Cadogan<sup>8</sup> (1966)<br> Assistant <br> Treasurer, 2017–present<br>| Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Director and Vice President, DWS <br> Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, <br> The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, <br> Inc. (2018–present)<br>|
| Scott D. Hogan<sup>8</sup> (1970)<br> Chief Compliance <br> Officer, 2016–present<br>| Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The <br> European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, <br> Inc. (2016–present)<br>|

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| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Alternative Asset Allocation VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **25**  |

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| | |
|:---|:---|
| **Name, Year of Birth, Position**<br> **with the Trust/Corporation**<br> **and Length of Time Served**<sup>6</sup><br>| **Business Experience and Directorships During the**<br> **Past Five Years**<br>|
| Caroline Pearson<sup>8</sup> (1962)<br> Chief Legal <br> Officer, 2010–present<br>| Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, <br> DBX Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New <br> Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, <br> Deutsche AM Distributors, Inc. (2002–2017); Secretary, Deutsche AM Service Company (2010–2017); <br> and Chief Legal Officer, DBX Strategic Advisors LLC (2020–2021)<br>|
| Christian Rijs<sup>7</sup> (1980)<br> Anti-Money Laundering <br>Compliance Officer, <br>since October 6, 2021<br>| Senior Team Lead Anti-Financial Crime and Compliance, DWS; AML Officer, DWS Trust Company (since <br> November 2, 2021); AML Officer, DBX ETF Trust (since October 21, 2021); AML Officer, The European <br> Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since <br> November 12, 2021); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO<br>|

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

<sup>\*</sup> Ms. Schrand was an Advisory Board Member for certain funds in the DWS Fund Complex for the period from November 18, 2021 to December 31, 2022 and was elected as a Full Board Member as of January 1, 2023 for all funds in the DWS Fund Complex. 

<sup>1</sup> The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board. 

<sup>2</sup> A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.

<sup>3</sup> Mr. Perry is an Advisory Board Member of Deutsche DWS Asset Allocation Trust, Deutsche DWS Equity 500 Index Portfolio, Deutsche DWS Global/International Fund, Inc., Deutsche DWS Income Trust, Deutsche DWS Institutional Funds, Deutsche DWS International Fund, Inc., Deutsche DWS Investment Trust, Deutsche DWS Investments VIT Funds, Deutsche DWS Money Market Trust, Deutsche DWS Municipal Trust, Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust, Deutsche DWS Tax Free Trust, Deutsche DWS Variable Series I and Government Cash Management Portfolio. Mr. Perry is a Board Member of each other Trust. 

<sup>4</sup> Mr. Perry oversees 21 funds in the DWS Fund Complex as a Board Member of various Trusts. Mr. Perry is an Advisory Board Member of various Trusts/Corporations comprised of 48 funds in the DWS Fund Complex. 

<sup>5</sup> As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered "interested persons" of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund. 

<sup>6</sup> The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds.

<sup>7</sup> Address: 875 Third Avenue, New York, NY 10022.

<sup>8</sup> Address: 100 Summer Street, Boston, MA 02110.

<sup>9</sup> Address: 5201 Gate Parkway, Jacksonville, FL 32256.

Certain officers hold similar positions for other investment companies for which DIMA or an affiliate serves as the Advisor.

The Fund's Statement of Additional Information ("SAI") includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the following toll-free number: (800) 728-3337.

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

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|:---|:---|
| **26** \|  | Deutsche DWS Variable Series II —<br> DWS Alternative Asset Allocation VIP <br>|

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**Notes**

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![](g464418img1e72b81c1.jpg)

VS2AAA-2 (R-025824-12 2/23)

------

December 31, 2022

**Annual Report**

Deutsche DWS Variable Series II

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

![](g464418imgfb2903b81.jpg)

------

<br>**Contents** 

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| | |
|:---|:---|
| **3** | [Performance Summary](#xx_ec3f4e6c-3510-4b50-b32a-cf83e1504729_perfsum-cc-financial-runningfooter-349_1) |
| **4** | [Management Summary](#xx_ec3f4e6c-3510-4b50-b32a-cf83e1504729_perfsum-cc-financial-runningfooter-349_2) |
| **6** | [Portfolio Summary](#xx_ec3f4e6c-3510-4b50-b32a-cf83e1504729_portsum-cc-financial-runningfooter-349_1) |
| **7** | [Investment Portfolio](#xx_ec3f4e6c-3510-4b50-b32a-cf83e1504729_soi-cc-financial-runningfooter-349_1) |
| **10** | [Statement of Assets and Liabilities](#xx_ec3f4e6c-3510-4b50-b32a-cf83e1504729_fs-cc-financial-runningfooter-349_1) |
| **10** | [Statement of Operations](#xx_ec3f4e6c-3510-4b50-b32a-cf83e1504729_fs-cc-financial-runningfooter-349_1) |
| **11** | [Statements of Changes in Net Assets](#xx_ec3f4e6c-3510-4b50-b32a-cf83e1504729_fs-cc-financial-runningfooter-349_2) |
| **12** | [Financial Highlights](#xx_ec3f4e6c-3510-4b50-b32a-cf83e1504729_fihi-cc-financial-runningfooter-349_1) |
| **14** | [Notes to Financial Statements](#xx_ec3f4e6c-3510-4b50-b32a-cf83e1504729_ntf-cc-financial-runningfooter-349_1) |
| **19** | [Report of Independent Registered Public Accounting Firm](#xx_ec3f4e6c-3510-4b50-b32a-cf83e1504729_aud-cc-financial-runningfooter-349_1) |
| **20** | [Information About Your Fund's Expenses](#xx_ec3f4e6c-3510-4b50-b32a-cf83e1504729_fexpti-cc-financial-runningfooter-349_1) |
| **21** | [Tax Information](#xx_ec3f4e6c-3510-4b50-b32a-cf83e1504729_fexpti-cc-financial-runningfooter-349_2) |
| **21** | [Proxy Voting](#xx_ec3f4e6c-3510-4b50-b32a-cf83e1504729_fexpti-cc-financial-runningfooter-349_2) |
| **22** | [Advisory Agreement Board Considerations and Fee Evaluation](#xx_ec3f4e6c-3510-4b50-b32a-cf83e1504729_aabcf-cc-financial-runningfooter-349_1) |
| **25** | [Board Members and Officers](#xx_ec3f4e6c-3510-4b50-b32a-cf83e1504729_board-cc-financial-runningfooter-349_1) |

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**This report must be preceded or accompanied by a prospectus. To obtain an additional prospectus or summary prospectus, if available, call (800) 728-3337 or your financial representative. We advise you to consider the Fund's objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the Fund. Please read the prospectus carefully before you invest.**

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

War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises and related geopolitical events have led, and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Fund and its investments.

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. <br>DWS Distributors, Inc., 222 South Riverside Plaza, Chicago, IL 60606, (800) 621-1148 <br>NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE <br>NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

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

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

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Performance Summary December 31, 2022 (Unaudited)

![](g464418img02b0778d2.jpg)

Yearly periods ended December 31

Russell 1000<sup>®</sup> Value Index is an unmanaged market capitalization-weighted index of value-oriented stocks of the largest U.S. domiciled companies that are included in the Russell 1000 Index. Value-oriented stocks tend to have lower price-to-book ratios and lower forecasted growth values. Russell 1000 Index is an unmanaged price-only index of the 1,000 largest capitalized companies that are domiciled in the U.S. and whose common stocks are traded.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

Prior to May 1, 2017, the Fund operated with a different investment strategy. Prior to October 3, 2016, the Fund had a team that operated with a different investment strategy. Performance would have been different if the Fund's current strategy had been in effect.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Comparative Results** | **Comparative Results** | **Comparative Results** | **Comparative Results** | **Comparative Results** | **Comparative Results** |
| **DWS CROCI**<sup>®</sup> **U.S. VIP** | **DWS CROCI**<sup>®</sup> **U.S. VIP** | **1-Year** | **3-Year** | **5-Year** | **10-Year** |
| **Class A** | Growth of $10,000 | $8460 | $9415 | $11203 | $17765 |
| **Class A** | Average annual total return | –15.40% | –1.99% | 2.30% | 5.91% |
| Russell 1000<sup>®</sup> Value Index | Growth of $10,000 | $9246 | $11896 | $13809 | $26632 |
| Russell 1000<sup>®</sup> Value Index | Average annual total return | –7.54% | 5.96% | 6.67% | 10.29% |
| **DWS CROCI**<sup>®</sup> **U.S. VIP** | **DWS CROCI**<sup>®</sup> **U.S. VIP** | **1-Year** | **3-Year** | **5-Year** | **10-Year** |
| **Class B** | Growth of $10,000 | $8433 | $9327 | $11033 | $17233 |
| **Class B** | Average annual total return | –15.67% | –2.30% | 1.99% | 5.59% |
| Russell 1000<sup>®</sup> Value Index | Growth of $10,000 | $9246 | $11896 | $13809 | $26632 |
| Russell 1000<sup>®</sup> Value Index | Average annual total return | –7.54% | 5.96% | 6.67% | 10.29% |
| The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. |

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

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

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Management Summary December 31, 2022 (Unaudited)

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

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**Terms to Know**

**Russell 1000 Value Index** is an unmanaged market capitalization-weighted index of value-oriented stocks of the largest U.S. domiciled companies that are included in the Russell 1000<sup>®</sup> Index. Value-oriented stocks tend to have lower price-to-book ratios and lower forecasted growth values. Russell 1000 Index is an unmanaged price-only index of the 1,000 largest capitalized companies that are domiciled in the U.S. and whose common stocks are traded.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

**Stock selection** refers to the performance of the Fund's holdings in a given sector relative to the sector as a whole.

**Contribution** and **detraction** incorporate both an investment's total return and its weighting in the Fund.

**Overweight** means that a fund holds a higher weighting in a given sector or security than its benchmark index. **Underweight** means that a fund holds a lower weighting.

\*

Not held at December 31, 2022.

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

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

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<br>**Portfolio Summary(Unaudited)** 

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| | | |
|:---|:---|:---|
| **Asset Allocation** (As a % of Investment Portfolio excluding Securities Lending Collateral) | **12/31/22** | **12/31/21** |
| Common Stocks | 99% | 100% |
| Cash Equivalents | 1% | 0% |
|  | 100% | 100% |

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

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| | | |
|:---|:---|:---|
| **Sector Diversification** <br>(As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents)<br>| **12/31/22** | **12/31/21** |
| Information Technology | 28% | 30% |
| Health Care | 23% | 23% |
| Financials | 11% | 12% |
| Consumer Discretionary | 10% | 10% |
| Communication Services | 8% | 8% |
| Materials | 6% | 2% |
| Energy | 5% | 1% |
| Industrials | 5% | 5% |
| Consumer Staples | 4% | 9% |
|  | 100% | 100% |

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Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund's investment portfolio, see page 7.

Following the Fund's fiscal first and third quarter-end, a complete portfolio holdings listing is posted on dws.com, and is available free of charge by contacting your financial intermediary, or if you are a direct investor, by calling (800) 728-3337. In addition, the portfolio holdings listing is filed with the SEC on the Fund's Form N-PORT and will be available on the SEC's Web site at sec.gov. Additional portfolio holdings for the Fund are also posted on dws.com from time to time. Please see the Fund's current prospectus for more information.

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

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

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<br>**Investment Portfolioas of December 31, 2022**

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

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| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Common Stocks 99.2%** | **Common Stocks 99.2%** |  |
| **Communication Services 8.1%** | **Communication Services 8.1%** |  |
| **Interactive Media & Services 4.6%** | **Interactive Media & Services 4.6%** |  |
| Alphabet, Inc. "A"\* | 61641 | **5438585** |
| **Media 3.5%** | **Media 3.5%** |  |
| Fox Corp. "A" | 110454 | 3354488 |
| TEGNA, Inc. | 38242 | 810348 |
|  |  | **4164836** |
| **Consumer Discretionary 10.3%** | **Consumer Discretionary 10.3%** |  |
| **Hotels, Restaurants & Leisure 1.1%** | **Hotels, Restaurants & Leisure 1.1%** |  |
| Boyd Gaming Corp. | 24908 | **1358233** |
| **Household Durables 5.3%** | **Household Durables 5.3%** |  |
| D.R. Horton, Inc. | 50557 | 4506651 |
| Garmin Ltd. | 19321 | 1783135  |
|  |  | **6289786** |
| **Specialty Retail 2.5%** | **Specialty Retail 2.5%** |  |
| AutoNation, Inc.\* | 10451 | 1121392 |
| Lowe's Companies, Inc. | 4662 | 928857 |
| Signet Jewelers Ltd. | 13258 | 901544 |
|  |  | **2951793** |
| **Textiles, Apparel & Luxury Goods 1.4%** | **Textiles, Apparel & Luxury Goods 1.4%** |  |
| Capri Holdings Ltd.\* | 16007 | 917521 |
| Tapestry, Inc. | 19892 | 757488 |
|  |  | **1675009** |
| **Consumer Staples 4.4%** | **Consumer Staples 4.4%** |  |
| **Food & Staples Retailing 0.5%** | **Food & Staples Retailing 0.5%** |  |
| Kroger Co. | 13450 | **599601** |
| **Food Products 2.9%** | **Food Products 2.9%** |  |
| Tyson Foods, Inc. "A" | 55044 | **3426489** |
| **Tobacco 1.0%** | **Tobacco 1.0%** |  |
| Altria Group, Inc. | 25912 | **1184438** |
| **Energy 5.2%** | **Energy 5.2%** |  |
| **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** |  |
| ConocoPhillips | 5007 | 590826 |
| Coterra Energy, Inc. | 38185 | 938206 |
| Exxon Mobil Corp. | 3446 | 380094 |
| Marathon Petroleum Corp. | 11082 | 1289834 |
| &nbsp;&nbsp;&nbsp; Pioneer Natural Resources <br> Co.<br>| 8836 | 2018054 |
| Valero Energy Corp. | 7655 | 971113 |
|  |  | **6188127** |
| **Financials 11.1%** | **Financials 11.1%** |  |
| **Banks 4.0%** | **Banks 4.0%** |  |
| Bank of America Corp. | 9504 | 314772 |
| Citigroup, Inc. | 14654 | 662800 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| JPMorgan Chase & Co. | 17459 | 2341252 |
| U.S. Bancorp. | 34519 | 1505374  |
|  |  | **4824198** |
| **Capital Markets 0.7%** | **Capital Markets 0.7%** |  |
| State Street Corp. | 10201 | **791292** |
| **Consumer Finance 6.4%** | **Consumer Finance 6.4%** |  |
| Capital One Financial Corp. | 33140 | 3080694 |
| Discover Financial Services | 28284 | 2767024 |
| Synchrony Financial | 54052 | 1776149  |
|  |  | **7623867** |
| **Health Care 22.4%** | **Health Care 22.4%** |  |
| **Biotechnology 5.9%** | **Biotechnology 5.9%** |  |
| AbbVie, Inc. | 5965 | 964004 |
| Gilead Sciences, Inc. | 30850 | 2648472 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, <br> Inc.\*<br>| 3673 | 2650033 |
| Vertex Pharmaceuticals, Inc.\* | 2641 | 762668 |
|  |  | **7025177** |
| **Health Care Equipment & Supplies 2.9%** | **Health Care Equipment & Supplies 2.9%** |  |
| Hologic, Inc.\* | 29499 | 2206820 |
| Medtronic PLC | 15571 | 1210178  |
|  |  | **3416998** |
| **Health Care Providers & Services 2.2%** | **Health Care Providers & Services 2.2%** |  |
| HCA Healthcare, Inc. | 1848 | 443446 |
| &nbsp;&nbsp;&nbsp; Laboratory Corp. of America <br> Holdings<br>| 7871 | 1853463 |
| Tenet Healthcare Corp.\* | 7142 | 348459 |
|  |  | **2645368** |
| **Pharmaceuticals 11.4%** | **Pharmaceuticals 11.4%** |  |
| Bristol-Myers Squibb Co. | 74084 | 5330344 |
| Johnson & Johnson | 14308 | 2527508 |
| Merck & Co., Inc. | 13959 | 1548751 |
| Pfizer, Inc. | 75216 | 3854068 |
| Viatris, Inc. | 27364 | 304561 |
|  |  | **13565232** |
| **Industrials 4.6%** | **Industrials 4.6%** |  |
| **Air Freight & Logistics 2.8%** | **Air Freight & Logistics 2.8%** |  |
| &nbsp;&nbsp;&nbsp; C.H. Robinson Worldwide, <br> Inc.<br>| 3794 | 347379 |
| &nbsp;&nbsp;&nbsp; Expeditors International of <br> Washington, Inc.<br>| 28170 | 2927426  |
|  |  | **3274805** |
| **Professional Services 1.8%** | **Professional Services 1.8%** |  |
| ManpowerGroup, Inc. | 10075 | 838341 |
| Robert Half International, Inc. | 17791 | 1313509  |
|  |  | **2151850** |

---

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

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

---

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

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Information Technology 27.6%** | **Information Technology 27.6%** |  |
| **Communications Equipment 2.6%** | **Communications Equipment 2.6%** |  |
| Cisco Systems, Inc. | 65521 | **3121420** |
| **Electronic Equipment, Instruments &** <br> **Components 1.6%** | **Electronic Equipment, Instruments &** <br> **Components 1.6%** |  |
| Flex Ltd.\* | 18598 | 399113 |
| Jabil, Inc. | 21968 | 1498218  |
|  |  | **1897331** |
| **IT Services 9.0%** | **IT Services 9.0%** |  |
| Amdocs Ltd. | 24139 | 2194235 |
| &nbsp;&nbsp;&nbsp; Cognizant Technology <br> Solutions Corp. "A"<br>| 90072 | 5151218 |
| &nbsp;&nbsp;&nbsp; Fidelity National Information <br> Services, Inc.<br>| 7370 | 500055 |
| Global Payments, Inc. | 11672 | 1159263 |
| &nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, <br> Inc.<br>| 33458 | 1741823  |
|  |  | **10746594** |
| **Semiconductors & Semiconductor** <br> **Equipment 5.8%** | **Semiconductors & Semiconductor** <br> **Equipment 5.8%** |  |
| Broadcom, Inc. | 1811 | 1012585 |
| KLA Corp. | 5366 | 2023143 |
| QUALCOMM, Inc. | 35028 | 3850978  |
|  |  | **6886706** |
| **Software 4.7%** | **Software 4.7%** |  |
| Microsoft Corp. | 21023 | 5041736 |
| Oracle Corp. | 5874 | 480140 |
|  |  | **5521876** |
| **Technology Hardware, Storage &** <br> **Peripherals 3.9%** | **Technology Hardware, Storage &** <br> **Peripherals 3.9%** |  |
| Apple, Inc. | 30216 | 3925965 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise <br> Co.<br>| 23089 | 368500 |
| HP, Inc. | 12403 | 333269 |
|  |  | **4627734** |
| **Materials 5.5%** | **Materials 5.5%** |  |
| **Chemicals 3.8%** | **Chemicals 3.8%** |  |
| &nbsp;&nbsp;&nbsp; LyondellBasell Industries NV <br> "A"<br>| 32557 | 2703207 |
| Olin Corp. | 24136 | 1277760 |
| The Mosaic Co. | 13517 | 592991 |
|  |  | **4573958** |
| **Containers & Packaging 0.3%** | **Containers & Packaging 0.3%** |  |
| Westrock Co. | 8359 | **293902** |
| **Metals & Mining 1.4%** | **Metals & Mining 1.4%** |  |
| Nucor Corp. | 13054 | **1720648** |
| **Total Common Stocks** (Cost $121,153,793) | **Total Common Stocks** (Cost $121,153,793) | **117985853** |
| **Cash Equivalents 1.0%** | **Cash Equivalents 1.0%** | **Cash Equivalents 1.0%** |
| &nbsp;&nbsp;&nbsp; DWS Central Cash <br> Management Government <br> Fund, 4.2% (a) <br> (Cost $1,132,870)<br>| 1132870 | **1132870** |

---

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

---

| | | |
|:---|:---|:---|
|  | **% of** <br>**Net Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** <br> (Cost $122,286,663)<br>| 100.2 | **119118723** |
| **Other Assets and** <br> **Liabilities, Net**<br>| &nbsp;&nbsp;&nbsp; (0.2) | **(186724)** |
| **Net Assets** | 100.0 | **118931999** |

---

A summary of the Fund's transactions with affiliated investments during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at** <br>**12/31/2021**<br>| **Purchases** <br>**Cost ($)**<br>| **Sales** <br>**Proceeds ($)**<br>| **Net Realized** <br>**Gain/** <br>**(Loss) ($)**<br>| **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)** <br> **($)**<br>| **Income ($)** | **Capital Gain** <br>**Distributions** <br> **($)**<br>| **Number** <br>**of Shares** <br>**at** <br>**12/31/2022**<br>| **Value ($) at** <br>**12/31/2022**<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", 4.07% (a) (b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (a) (b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (a) (b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (a) (b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (a) (b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (a) (b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (a) (b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (a) (b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (a) (b) |
| 763000 |  | 763,000 (c) |  |  | 97 |  |  |  |
| **Cash Equivalents 1.0%** | **Cash Equivalents 1.0%** | **Cash Equivalents 1.0%** | **Cash Equivalents 1.0%** | **Cash Equivalents 1.0%** | **Cash Equivalents 1.0%** | **Cash Equivalents 1.0%** | **Cash Equivalents 1.0%** | **Cash Equivalents 1.0%** |
| DWS Central Cash Management Government Fund, 4.2% (a) | DWS Central Cash Management Government Fund, 4.2% (a) | DWS Central Cash Management Government Fund, 4.2% (a) | DWS Central Cash Management Government Fund, 4.2% (a) | DWS Central Cash Management Government Fund, 4.2% (a) | DWS Central Cash Management Government Fund, 4.2% (a) | DWS Central Cash Management Government Fund, 4.2% (a) | DWS Central Cash Management Government Fund, 4.2% (a) | DWS Central Cash Management Government Fund, 4.2% (a) |
| 572173 | 9666238 | 9105541 |  |  | 11086 |  | 1132870 | 1132870 |
| **1335173** | **9666238** | **9868541** |  |  | **11183** |  | **1132870** | **1132870** |

---

&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 year ended December 31, 2022. 

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

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

---

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

---

------

**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 December 31, 2022 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks (a) | $117985853 | $— | $— | $117985853 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1132870 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1132870 |
| **Total** | **$119118723** | &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$**— | **$119118723** |

---

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

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

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

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

---

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

---

------

**Statement of** <br>**Assets and Liabilities**

**Statement of Operations**

<br>as of December 31, 2022

------

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in non-affiliated securities, at value <br> (cost $121,153,793)<br>| $117985853 |
| Investment in DWS Central Cash Management <br> Government Fund (cost $1,132,870)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1132870 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158 |
| Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103853 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2219 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2328 |
| Total assets | &nbsp;&nbsp;&nbsp;&nbsp; 119237281 |
| **Liabilities** |  |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163751 |
| Accrued management fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50535 |
| Accrued Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3156 |
| Other accrued expenses and payables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87840 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305282 |
| **Net assets, at value** | **$118931999** |
| **Net Assets Consist of** |  |
| Distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2671728) |
| Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp; 121603727 |
| **Net assets, at value** | **$118931999** |
| **Net Asset Value** |  |
| **Class A** |  |
| **Net Asset Value,** offering and redemption price <br> per share ($116,471,284 ÷ 8,866,757 <br> outstanding shares of beneficial interest, <br> no par value, unlimited number of <br> shares authorized)<br>| **$13.14** |
| **Class B** |  |
| **Net Asset Value,** offering and redemption price <br> per share ($2,460,715 ÷ 186,623 outstanding <br> shares of beneficial interest, no par value, <br> unlimited number of shares authorized)<br>| **$13.19** |

---

for the year ended December 31, 2022

------

---

| | |
|:---|:---|
| **Investment Income** |  |
| Income: |  |
| Dividends | $2967866 |
| Income distributions — DWS Central Cash <br> Management Government Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11086 |
| Securities lending income, net of <br> borrower rebates<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97 |
| Total income | &nbsp;&nbsp;&nbsp;&nbsp; 2979049 |
| Expenses: |  |
| Management fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 775124 |
| Administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125312 |
| Services to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1177 |
| Record keeping fee (Class B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1810 |
| Distribution service fee (Class B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6905 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4457 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77464 |
| Reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25743 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8340 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6681 |
| Total expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp; 1033013 |
| Expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (184439) |
| Total expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 848574 |
| **Net investment income** | **2130475** |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) from investments | &nbsp;&nbsp;&nbsp;&nbsp; (1438266) |
| Change in net unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp; (23764440) |
| **Net gain (loss)** | **(25202706)** |
| **Net increase (decrease) in net assets** <br> **resulting from operations**<br>| **$(23072231)** |

---

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

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

---

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

---

------

**Statements of Changes in Net Assets**

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

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
| **Increase (Decrease) in Net Assets** | **2022** | **2021** |
| Operations: |  |  |
| Net investment income | $2130475 | $2352177 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (1438266) | &nbsp;&nbsp;&nbsp;&nbsp; 18442647 |
| Change in net unrealized appreciation <br>(depreciation)<br>| &nbsp;&nbsp;&nbsp; (23764440) | &nbsp;&nbsp;&nbsp;&nbsp; 13221244 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp; (23072231) | &nbsp;&nbsp;&nbsp;&nbsp; 34016068 |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp; (4211106) | &nbsp;&nbsp;&nbsp;&nbsp; (2764720) |
| &nbsp;&nbsp;&nbsp; Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (84944) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (57047) |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (4296050) | &nbsp;&nbsp;&nbsp;&nbsp; (2821767) |
| Fund share transactions: |  |  |
| **Class A** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2424947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2809896 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4211106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2764720 |
| Payments for shares redeemed | &nbsp;&nbsp;&nbsp; (12164638) | &nbsp;&nbsp;&nbsp; (16851304) |
| Net increase (decrease) in net assets from Class A share transactions | &nbsp;&nbsp;&nbsp;&nbsp; (5528585) | &nbsp;&nbsp;&nbsp; (11276688) |
| **Class B** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275751 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57047 |
| Payments for shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (429240) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (927960) |
| Net increase (decrease) in net assets from Class B share transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (183734) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (595162) |
| **Increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; (33080600) | &nbsp;&nbsp;&nbsp;&nbsp; 19322451 |
| Net assets at beginning of period | &nbsp;&nbsp; 152012599 | &nbsp;&nbsp; 132690148 |
| **Net assets at end of period** | **$118931999** | **$152012599**  |

---

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

---

| | | |
|:---|:---|:---|
| **Other Information** |  |  |
| **Class A** |  |  |
| Shares outstanding at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9269906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10025875  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195672 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 301655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194562 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (880056) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1146203) |
| Net increase (decrease) in Class A shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(403149) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(755969) |
| Shares outstanding at end of period | **8866757** | **9269906** |
| **Class B** |  |  |
| Shares outstanding at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240926 |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19004 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3989 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31111) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (62677) |
| Net increase (decrease) in Class B shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14619) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39684) |
| Shares outstanding at end of period | **186623** | **201242** |

---

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

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

---

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

---

------

<br>**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DWS CROCI**<sup>®</sup> **U.S. VIP** — **Class A** | **DWS CROCI**<sup>®</sup> **U.S. VIP** — **Class A** | **DWS CROCI**<sup>®</sup> **U.S. VIP** — **Class A** | **DWS CROCI**<sup>®</sup> **U.S. VIP** — **Class A** | **DWS CROCI**<sup>®</sup> **U.S. VIP** — **Class A** | **DWS CROCI**<sup>®</sup> **U.S. VIP** — **Class A** |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |
| **Net asset value, beginning of period** | **$16.05** | **$12.92** | **$16.12** | **$13.46** | **$16.64** |
| *Income (loss) from investment operations:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>a</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .29 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (2.68) | &nbsp;&nbsp;&nbsp;&nbsp; 3.17 | &nbsp;&nbsp;&nbsp; (2.47) | &nbsp;&nbsp;&nbsp;&nbsp; 3.92 | &nbsp;&nbsp;&nbsp; (1.89) |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (2.45) | &nbsp;&nbsp;&nbsp;&nbsp; 3.41 | &nbsp;&nbsp;&nbsp; (2.19) | &nbsp;&nbsp;&nbsp;&nbsp; 4.23 | &nbsp;&nbsp;&nbsp; (1.60) |
| *Less distributions from:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.25) | &nbsp;&nbsp;&nbsp;&nbsp; (.28) | &nbsp;&nbsp;&nbsp;&nbsp; (.31) | &nbsp;&nbsp;&nbsp;&nbsp; (.30) | &nbsp;&nbsp;&nbsp;&nbsp; (.41) |
| &nbsp;&nbsp;&nbsp; Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; (.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (.70) | &nbsp;&nbsp;&nbsp; (1.27) | &nbsp;&nbsp;&nbsp; (1.17) |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (.46) | &nbsp;&nbsp;&nbsp;&nbsp; (.28) | &nbsp;&nbsp;&nbsp; (1.01) | &nbsp;&nbsp;&nbsp; (1.57) | &nbsp;&nbsp;&nbsp; (1.58) |
| **Net asset value, end of period** | **$13.14** | **$16.05** | **$12.92** | **$16.12** | **$13.46** |
| Total Return (%)<sup>b</sup> <br>| (15.40) | &nbsp;&nbsp; 26.69 | (12.16) | &nbsp;&nbsp; 32.95 | (10.50) |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp; 153 | &nbsp;&nbsp;&nbsp;&nbsp; 125 |
| Ratio of expenses before expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .84 |
| Ratio of expenses after expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .72 |
| Ratio of net investment income (%) | &nbsp;&nbsp;&nbsp;&nbsp; 1.66 | &nbsp;&nbsp;&nbsp;&nbsp; 1.62 | &nbsp;&nbsp;&nbsp;&nbsp; 2.28 | &nbsp;&nbsp;&nbsp;&nbsp; 2.13 | &nbsp;&nbsp;&nbsp;&nbsp; 1.89 |
| Portfolio turnover rate (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99 | &nbsp;&nbsp;&nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp; 100 |

---

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

<sup>a</sup> Based on average shares outstanding during the period.

<sup>b</sup> Total return would have been lower had certain expenses not been reduced.

<sup>c</sup> Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. 

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

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

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

---

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

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DWS CROCI**<sup>®</sup> **U.S. VIP** — **Class B** | **DWS CROCI**<sup>®</sup> **U.S. VIP** — **Class B** | **DWS CROCI**<sup>®</sup> **U.S. VIP** — **Class B** | **DWS CROCI**<sup>®</sup> **U.S. VIP** — **Class B** | **DWS CROCI**<sup>®</sup> **U.S. VIP** — **Class B** | **DWS CROCI**<sup>®</sup> **U.S. VIP** — **Class B** |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Selected Per Share Data** |  |  |  |  |  |
| **Net asset value, beginning of period** | **$16.11** | **$12.97** | **$16.17** | **$13.50** | **$16.67** |
| *Income (loss) from investment operations:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>a</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .24 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (2.69) | &nbsp;&nbsp;&nbsp;&nbsp; 3.19 | &nbsp;&nbsp;&nbsp; (2.47) | &nbsp;&nbsp;&nbsp;&nbsp; 3.92 | &nbsp;&nbsp;&nbsp; (1.88) |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (2.50) | &nbsp;&nbsp;&nbsp;&nbsp; 3.38 | &nbsp;&nbsp;&nbsp; (2.23) | &nbsp;&nbsp;&nbsp;&nbsp; 4.19 | &nbsp;&nbsp;&nbsp; (1.64) |
| *Less distributions from:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.21) | &nbsp;&nbsp;&nbsp;&nbsp; (.24) | &nbsp;&nbsp;&nbsp;&nbsp; (.27) | &nbsp;&nbsp;&nbsp;&nbsp; (.25) | &nbsp;&nbsp;&nbsp;&nbsp; (.36) |
| &nbsp;&nbsp;&nbsp; Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; (.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (.70) | &nbsp;&nbsp;&nbsp; (1.27) | &nbsp;&nbsp;&nbsp; (1.17) |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (.42) | &nbsp;&nbsp;&nbsp;&nbsp; (.24) | &nbsp;&nbsp;&nbsp;&nbsp; (.97) | &nbsp;&nbsp;&nbsp; (1.52) | &nbsp;&nbsp;&nbsp; (1.53) |
| **Net asset value, end of period** | **$13.19** | **$16.11** | **$12.97** | **$16.17** | **$13.50** |
| Total Return (%)<sup>b</sup> <br>| (15.67) | &nbsp;&nbsp; 26.27 | (12.41) | &nbsp;&nbsp; 32.49 | (10.71) |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| Ratio of expenses before expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12 | &nbsp;&nbsp;&nbsp;&nbsp; 1.10 | &nbsp;&nbsp;&nbsp;&nbsp; 1.16 | &nbsp;&nbsp;&nbsp;&nbsp; 1.16 | &nbsp;&nbsp;&nbsp;&nbsp; 1.16 |
| Ratio of expenses after expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .97 | &nbsp;&nbsp;&nbsp;&nbsp; 1.02 | &nbsp;&nbsp;&nbsp;&nbsp; 1.00 | &nbsp;&nbsp;&nbsp;&nbsp; 1.02 | &nbsp;&nbsp;&nbsp;&nbsp; 1.04 |
| Ratio of net investment income (%) | &nbsp;&nbsp;&nbsp;&nbsp; 1.33 | &nbsp;&nbsp;&nbsp;&nbsp; 1.33 | &nbsp;&nbsp;&nbsp;&nbsp; 1.96 | &nbsp;&nbsp;&nbsp;&nbsp; 1.82 | &nbsp;&nbsp;&nbsp;&nbsp; 1.55 |
| Portfolio turnover rate (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99 | &nbsp;&nbsp;&nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp; 100 |

---

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

<sup>a</sup> Based on average shares outstanding during the period.

<sup>b</sup> Total return would have been lower had certain expenses not been reduced.

<sup>c</sup> Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. 

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

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

---

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

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------

<br>**Notes to Financial Statements** 

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

DWS CROCI<sup>®</sup> U.S. VIP (the "Fund") is a diversified series of Deutsche DWS Variable Series II (the "Trust"), which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company organized as a Massachusetts business trust.

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

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

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

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

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

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

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

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

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

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

---

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

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------

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

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

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

**Securities Lending.** Deutsche Bank AG, as lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best efforts to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. As of period end, any securities on loan were collateralized by cash. During the year ended December 31, 2022, the Fund invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.07% annualized effective rate as of December 31, 2022) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time, and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of December 31, 2022, the Fund had no securities on loan.

**Federal Income Taxes.** The Fund's policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders.

At December 31, 2022, the Fund had net tax basis capital loss carryforwards of approximately $1,311,000 of short-term losses, which may be applied against realized net taxable capital gains indefinitely.

The Fund has reviewed the tax positions for the open tax years as of December 31, 2022 and has determined that no provision for income tax and/or uncertain tax positions is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

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

The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to certain securities sold at a loss. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period

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

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

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------

may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.

At December 31, 2022, the Fund's components of distributable earnings (accumulated losses) on a net tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income\* | $2070015 |
| Capital loss carryforwards | $(1311000) |
| Net unrealized appreciation (depreciation) on investments | $(3430841)  |

---

At December 31, 2022, the aggregate cost of investments for federal income tax purposes was $122,549,564. The net unrealized depreciation for all investments based on tax cost was $3,430,841. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $8,848,959 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $12,279,800.

In addition, the tax character of distributions paid to shareholders by the Fund is summarized as follows:

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2022** | **2021** |
| Distributions from ordinary income\* | $2878028 | $2821767 |
| Distributions from long-term capital gains | $1418022 | $— |

---

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

\* For tax purposes, short-term capital gain distributions are considered ordinary income distributions.

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

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

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

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

During the year ended December 31, 2022, purchases and sales of investment securities (excluding short-term investments) aggregated $76,919,066 and $85,213,999, respectively.

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

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

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

---

| | |
|:---|:---|
| **16** \|  | Deutsche DWS Variable Series II —<br> DWS CROCI<sup>®</sup> U.S. VIP <br>|

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------

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

---

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

---

Accordingly, for the year ended December 31, 2022, the fee pursuant to the Investment Management Agreement was equivalent to an annual rate (exclusive of any applicable waivers/reimbursements) of 0.60% of the Fund's average daily net assets.

For the period from January 1, 2022 through April 30, 2023, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of each class as follows:

---

| | |
|:---|:---|
| Class A | .65% |
| Class B | .97% |

---

For the year ended December 31, 2022, fees waived and/or expenses reimbursed for each class are as follows:

---

| | |
|:---|:---|
| Class A | $180317 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4122 |
|  | **$184439** |

---

**Administration Fee.** Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.097% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the year ended December 31, 2022, the Administration Fee was $125,312, of which $10,012 is unpaid.

**Service Provider Fees.** DWS Service Company ("DSC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and SS&C GIDS, Inc. ("SS&C") (name changed from DST Systems, Inc. effective January 1, 2023), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to SS&C. DSC compensates SS&C out of the shareholder servicing fee it receives from the Fund. For the year ended December 31, 2022, the amounts charged to the Fund by DSC were as follows:

---

| | | |
|:---|:---|:---|
| **Services to Shareholders** | **Total** <br>**Aggregated**<br>| **Unpaid at** <br>**December 31, 2022**<br>|
| Class A | $510 | $83 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp; 317 | &nbsp;&nbsp;&nbsp;&nbsp; 58 |
|  | **$827** | **$141** |

---

**Distribution Service Agreement.** Under the Fund's Class B 12b-1 plan, DWS Distributors, Inc. ("DDI") received a fee ("Distribution Service Fee") of up to 0.25% of average daily net assets of Class B shares. For the year ended December 31, 2022, the Distribution Service Fee aggregated $6,905, of which $536 is unpaid.

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

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| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS CROCI<sup>®</sup> U.S. VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **17**  |

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------

**Other Service Fees.** Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the year ended December 31, 2022, the amount charged to the Fund by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $1,214, of which $108 is unpaid.

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

**Affiliated Cash Management Vehicles.** The Fund may invest uninvested cash balances in DWS Central Cash Management Government Fund and DWS ESG Liquidity Fund, affiliated money market funds which are managed by the Advisor. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Central Cash Management Government Fund seeks to maintain a stable net asset value, and DWS ESG Liquidity Fund maintains a floating net asset value. The Fund indirectly bears its proportionate share of the expenses of each affiliated money market fund in which it invests. DWS Central Cash Management Government Fund does not pay the Advisor an investment management fee. To the extent that DWS ESG Liquidity Fund pays an investment management fee to the Advisor, the Advisor will waive an amount of the investment management fee payable to the Advisor by the Fund equal to the amount of the investment management fee payable on the Fund's assets invested in DWS ESG Liquidity Fund.

**Securities Lending Agent Fees.** Deutsche Bank AG serves as securities lending agent for the Fund. For the year ended December 31, 2022, the Fund incurred securities lending agent fees to Deutsche Bank AG in the amount of $7.

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

At December 31, 2022, one participating insurance company was owner of record of 10% or more of the

total outstanding Class A shares of the Fund, owning 95%. Two participating insurance companies were owners of record of 10% or more of the total outstanding Class B shares of the Fund, each owning 60% and 18%, respectively.

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

The Fund and other affiliated funds (the "Participants") share in a $375 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a daily fluctuating rate per annum equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at December 31, 2022.

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|:---|:---|
| **18** \|  | Deutsche DWS Variable Series II —<br> DWS CROCI<sup>®</sup> U.S. VIP <br>|

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<br>**Report of Independent Registered Public Accounting Firm**

**To the Board of Trustees of Deutsche DWS Variable Series II and Shareholders of DWS CROCI**<sup>®</sup> **U.S. VIP:**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of DWS CROCI<sup>®</sup> U.S. VIP (the "Fund") (one of the funds constituting Deutsche DWS Variable Series II) (the "Trust"), including the investment portfolio, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Deutsche DWS Variable Series II) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. <br> ![](g464418imgc3d50c113.jpg)

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

Boston, Massachusetts

February 13, 2023

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|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS CROCI<sup>®</sup> U.S. VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **19**  |

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Information About Your Fund's Expenses (Unaudited)

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| | |
|:---|:---|
| **20** \|  | Deutsche DWS Variable Series II —<br> DWS CROCI<sup>®</sup> U.S. VIP <br>|

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Tax Information (Unaudited)

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|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS CROCI<sup>®</sup> U.S. VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **21**  |

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<br>**Advisory Agreement Board Considerations and Fee Evaluation**

The Board of Trustees (hereinafter referred to as the "Board" or "Trustees") approved the renewal of DWS CROCI<sup>®</sup> U.S. VIP's (the "Fund") investment management agreement (the "Agreement") with DWS Investment Management Americas, Inc. ("DIMA") in September 2022.

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

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

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The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund's performance, fees and expenses, and profitability from a fee consultant retained by the Fund's Independent Trustees (the "Fee Consultant").

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

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The Independent Trustees regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund's contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.

—

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

In connection with the contract review process, the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund. DIMA is part of DWS Group GmbH & Co. KGaA ("DWS Group"). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. In 2018, approximately 20% of DWS Group's shares were sold in an initial public offering, with Deutsche Bank AG owning the remaining shares.

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

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

**Nature, Quality and Extent of Services.** The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA's approach to addressing such risks. The Board reviewed the Fund's performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied by Morningstar Direct ("Morningstar"), an independent fund data service. The Board also noted that it has put into place a process of identifying "Funds in Review" (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA's plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for the one-, three- and five-year periods ended December 31, 2021, the Fund's performance (Class A shares) was in the 2nd quartile, 4th quartile and 4th quartile, respectively, of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the

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|:---|:---|
| **22** \|  | Deutsche DWS Variable Series II —<br> DWS CROCI<sup>®</sup> U.S. VIP <br>|

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Fund has outperformed its benchmark in the one-year period and has underperformed its benchmark in the three- and five-year periods ended December 31, 2021.

**Fees and Expenses.** The Board considered the Fund's investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. ("Broadridge") and the Fee Consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.097% fee paid to DIMA under the Fund's administrative services agreement, were equal to the median of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2021). The Board noted that, effective October 1, 2020, in connection with the 2020 contract renewal process, DIMA agreed to reduce the Fund's contractual management fee at each breakpoint by 0.05%. The Board noted that the Fund's Class A shares total (net) operating expenses were expected to be higher than the median (3rd quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2021, and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees) ("Broadridge Universe Expenses"). The Board also reviewed data comparing each other operational share class's total (net) operating expenses to the applicable Broadridge Universe Expenses. The Board noted that the expense limitations agreed to by DIMA were expected to help the Fund's total (net) operating expenses remain competitive. The Board considered the Fund's management fee rate as compared to fees charged by DIMA to comparable DWS U.S. registered funds ("DWS Funds") and considered differences between the Fund and the comparable DWS Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors ("DWS Europe Funds") managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

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

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

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

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

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|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS CROCI<sup>®</sup> U.S. VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **23**  |

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

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

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|:---|:---|
| **24** \|  | Deutsche DWS Variable Series II —<br> DWS CROCI<sup>®</sup> U.S. VIP <br>|

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<br>**Board Members and Officers**

The following table presents certain information regarding the Board Members and Officers of the Trust/Corporation. Each Board Member's year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is c/o Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the Trust/Corporation. Because the Fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period.

The Board Members may also serve in similar capacities with other funds in the fund complex. The number of funds in the DWS fund complex shown in the table below includes all registered open- and closed-end funds (including all of their portfolios) advised by the Advisor and any registered funds that have an investment advisor that is an affiliated person of the Advisor.

**Independent Board Members/Independent Advisory Board Members**

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|:---|:---|:---|:---|
| **Name, Year of** <br>**Birth, Position** <br>**with the Trust/** <br>**Corporation** <br>**and Length of** <br>**Time Served**<sup>1</sup> <br>| **Business Experience and Directorships** <br>**During the Past Five Years**<br>| **Number of** <br>**Funds in** <br>**DWS Fund** <br>**Complex** <br>**Overseen**<br>| **Other** <br>**Directorships** <br>**Held by Board** <br>**Member**<br>|
| Keith R. Fox, CFA (1954)<br> Chairperson since 2017, and <br> Board Member since 1996<br>| Managing General Partner, Exeter Capital Partners (a series of private <br> investment funds) (since 1986). Directorships: Progressive International <br> Corporation (kitchen goods designer and distributor); former Chairman, <br> National Association of Small Business Investment Companies; Former <br> Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. <br> (advertising); Sun Capital Advisers Trust (mutual funds)<br>| 69 |  |
| John W. Ballantine (1946)<br> Board Member since 1999<br>| Retired; formerly, Executive Vice President and Chief Risk Management <br> Officer, First Chicago NBD Corporation/The First National Bank of Chicago <br> (1996–1998); Executive Vice President and Head of International Banking <br> (1995–1996); Not-for-Profit Directorships: Window to the World <br> Communications (public media); Life Director of Harris Theater for Music <br> and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; <br> Former Directorships: Director and Chairman of the Board, Healthways, <br> Inc.<sup>2</sup> (population wellbeing and wellness services) (2003–2014); Stockwell <br> Capital Investments PLC (private equity); Enron Corporation; FNB <br> Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak <br> Brook Bank; Portland General Electric<sup>2</sup> (utility company (2003–2021); and <br> Prisma Energy International; Former Not-for-Profit Directorships: Public <br> Radio International; Palm Beach Civic Assn.<br>| 69 |  |
| Dawn-Marie Driscoll (1946)<br> Board Member since 1987<br>| Advisory Board and former Executive Fellow, Hoffman Center for Business <br> Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) <br> (1988–1990); Vice President of Corporate Affairs and General Counsel, <br> Filene's (retail) (1978–1988); Directorships: Trustee and former Chairman of <br> the Board, Southwest Florida Community Foundation (charitable <br> organization); Former Directorships: ICI Mutual Insurance Company <br> (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), <br> Investment Company Institute (audit, executive, nominating committees) <br> and Independent Directors Council (governance, executive committees)<br>| 69 |  |
| Richard J. Herring (1946)<br> Board Member since 1990<br>| Jacob Safra Professor of International Banking and Professor of Finance, <br> The Wharton School, University of Pennsylvania (since July 1972); <br> formerly: Director, The Wharton Financial Institutions Center (1994–2020); <br> Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and <br> Director, The Lauder Institute of International Management Studies <br> (2000–2006); Member FDIC Systemic Risk Advisory Committee since <br> 2011, member Systemic Risk Council since 2012 and member of the <br> Advisory Board at the Yale Program on Financial Stability since 2013; <br> Former Directorships: Co-Chair of the Shadow Financial Regulatory <br> Committee (2003–2015), Executive Director of The Financial Economists <br> Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), <br> Director of The Aberdeen Singapore Fund (2007–2018), Director, The <br> Aberdeen Japan Fund (2007-2021) and Nonexecutive Director of Barclays <br> Bank DE (2010–2018)<br>| 69 |  |

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| Deutsche DWS Variable Series II —<br> DWS CROCI<sup>®</sup> U.S. VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **25**  |

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|:---|:---|:---|:---|
| **Name, Year of**<br> **Birth, Position**<br> **with the Trust/**<br> **Corporation**<br> **and Length of**<br> **Time Served**<sup>1</sup><br>| **Business Experience and Directorships**<br> **During the Past Five Years**<br>| **Number of**<br> **Funds in**<br> **DWS Fund**<br> **Complex**<br> **Overseen**<br>| **Other**<br> **Directorships**<br> **Held by Board**<br> **Member**<br>|
| Chad D. Perry (1972)<br> Board Member or Advisory <br> Board Member since 2021<sup>3</sup> <br>| Executive Vice President, General Counsel and Secretary, Tanger Factory <br> Outlet Centers, Inc.<sup>2</sup> (since 2011); formerly Executive Vice President and <br> Deputy General Counsel, LPL Financial Holdings Inc.<sup>2</sup> (2006–2011); Senior <br> Corporate Counsel, EMC Corporation (2005–2006); Associate, Ropes & <br> Gray LLP (1997–2005)<br>| 21<sup>4</sup> <br>| Director - Great <br> Elm Capital <br> Corp. (business <br> development <br> company) <br> (since 2022)<br>|
| Rebecca W. Rimel (1951)<br> Board Member since 1995<br>| Director, The Bridgespan Group (nonprofit organization) (since October <br> 2020); formerly: Executive Vice President, The Glenmede Trust Company <br> (investment trust and wealth management) (1983–2004); Board Member, <br> Investor Education (charitable organization) (2004–2005); Former <br> Directorships: Trustee, Executive Committee, Philadelphia Chamber of <br> Commerce (2001–2007); Director, Viasys Health Care<sup>2</sup> (January 2007–June <br> 2007); Trustee, Thomas Jefferson Foundation (charitable organization) <br> (1994–2012); President, Chief Executive Officer and Director (1994–2020) <br> and Senior Advisor (2020-2021), The Pew Charitable Trusts (charitable <br> organization); Director, BioTelemetry Inc.<sup>2</sup> (acquired by Royal Philips in <br> 2021) (healthcare) (2009–2021); Director, Becton Dickinson and Company<sup>2</sup> <br> (medical technology company) (2012-2022)<br>| 69 |  |
| Catherine Schrand (1964)<br> Board Member since 2021\*<br>| Celia Z. Moh Professor of Accounting (since 2016) and Professor of <br> Accounting (since 1994), The Wharton School, University of Pennsylvania; <br> formerly Vice Dean, Wharton Doctoral Programs (2016–2019)<br>| 69 |  |
| William N. Searcy, Jr. (1946)<br> Board Member since 1993<br>| Private investor since October 2003; formerly: Pension & Savings Trust <br> Officer, Sprint Corporation<sup>2</sup> (telecommunications) (November <br> 1989–September 2003); Former Directorships: Trustee, Sun Capital <br> Advisers Trust (mutual funds) (1998–2012)<br>| 69 |  |

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**Officers**<sup>5</sup>

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|:---|:---|
| **Name, Year of Birth, Position** <br>**with the Trust/Corporation** <br>**and Length of Time Served**<sup>6</sup> <br>| **Business Experience and Directorships During the** <br>**Past Five Years**<br>|
| Hepsen Uzcan<sup>7</sup> (1974)<br> President and Chief Executive <br> Officer, 2017–present<br>| Fund Administration (Head since 2017), DWS; Secretary, DWS USA Corporation (2018–present); <br> Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service <br> Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. <br> (2018–present); Director and President, DB Investment Managers, Inc. (2018–present); President and <br> Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central <br> and Eastern Europe Fund, Inc. (2017–present); formerly: Vice President for the Deutsche funds <br> (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Assistant Secretary, The European <br> Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. <br> (2013–2020); Directorships: Interested Director, The European Equity Fund, Inc., The New Germany Fund, <br> Inc. and The Central and Eastern Europe Fund, Inc. (since June 25, 2020); ICI Mutual Insurance Company <br> (since October 16, 2020); and Episcopalian Charities of New York (2018–present)<br>|
| John Millette<sup>8</sup> (1962)<br> Vice President and <br> Secretary, 1999–present<br>| Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas, <br> Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX <br> ETF Trust (2020–present); Vice President, DBX Advisors LLC (2021–present); Secretary, The European <br> Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. <br> 2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and <br> Assistant Secretary, DBX ETF Trust (2019–2020)<br>|
| Ciara Crawford<sup>9</sup> (1984)<br> Assistant <br> Secretary, 2019–present<br>| Fund Administration (Specialist), DWS (2015–present); formerly, Legal Assistant at Accelerated <br> Tax Solutions<br>|
| Diane Kenneally<sup>8</sup> (1966)<br> Chief Financial Officer and <br> Treasurer, 2018–present<br>| Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Treasurer, Chief Financial Officer and <br> Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity <br> Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); <br> formerly: Assistant Treasurer for the DWS funds (2007–2018)<br>|
| Paul Antosca<sup>8</sup> (1957)<br> Assistant <br> Treasurer, 2007–present<br>| Fund Administration Tax (Head), DWS; and Assistant Treasurer, DBX ETF Trust (2019–present) |
| Sheila Cadogan<sup>8</sup> (1966)<br> Assistant <br> Treasurer, 2017–present<br>| Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Director and Vice President, DWS <br> Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, <br> The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, <br> Inc. (2018–present)<br>|
| Scott D. Hogan<sup>8</sup> (1970)<br> Chief Compliance <br> Officer, 2016–present<br>| Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The <br> European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, <br> Inc. (2016–present)<br>|

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|:---|:---|
| **26** \|  | Deutsche DWS Variable Series II —<br> DWS CROCI<sup>®</sup> U.S. VIP <br>|

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|:---|:---|
| **Name, Year of Birth, Position**<br> **with the Trust/Corporation**<br> **and Length of Time Served**<sup>6</sup><br>| **Business Experience and Directorships During the**<br> **Past Five Years**<br>|
| Caroline Pearson<sup>8</sup> (1962)<br> Chief Legal <br> Officer, 2010–present<br>| Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, <br> DBX Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New <br> Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, <br> Deutsche AM Distributors, Inc. (2002–2017); Secretary, Deutsche AM Service Company (2010–2017); <br> and Chief Legal Officer, DBX Strategic Advisors LLC (2020–2021)<br>|
| Christian Rijs<sup>7</sup> (1980)<br> Anti-Money Laundering <br>Compliance Officer, <br>since October 6, 2021<br>| Senior Team Lead Anti-Financial Crime and Compliance, DWS; AML Officer, DWS Trust Company (since <br> November 2, 2021); AML Officer, DBX ETF Trust (since October 21, 2021); AML Officer, The European <br> Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since <br> November 12, 2021); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO<br>|

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<sup>\*</sup> Ms. Schrand was an Advisory Board Member for certain funds in the DWS Fund Complex for the period from November 18, 2021 to December 31, 2022 and was elected as a Full Board Member as of January 1, 2023 for all funds in the DWS Fund Complex. 

<sup>1</sup> The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board. 

<sup>2</sup> A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.

<sup>3</sup> Mr. Perry is an Advisory Board Member of Deutsche DWS Asset Allocation Trust, Deutsche DWS Equity 500 Index Portfolio, Deutsche DWS Global/International Fund, Inc., Deutsche DWS Income Trust, Deutsche DWS Institutional Funds, Deutsche DWS International Fund, Inc., Deutsche DWS Investment Trust, Deutsche DWS Investments VIT Funds, Deutsche DWS Money Market Trust, Deutsche DWS Municipal Trust, Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust, Deutsche DWS Tax Free Trust, Deutsche DWS Variable Series I and Government Cash Management Portfolio. Mr. Perry is a Board Member of each other Trust. 

<sup>4</sup> Mr. Perry oversees 21 funds in the DWS Fund Complex as a Board Member of various Trusts. Mr. Perry is an Advisory Board Member of various Trusts/Corporations comprised of 48 funds in the DWS Fund Complex. 

<sup>5</sup> As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered "interested persons" of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund. 

<sup>6</sup> The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds.

<sup>7</sup> Address: 875 Third Avenue, New York, NY 10022.

<sup>8</sup> Address: 100 Summer Street, Boston, MA 02110.

<sup>9</sup> Address: 5201 Gate Parkway, Jacksonville, FL 32256.

Certain officers hold similar positions for other investment companies for which DIMA or an affiliate serves as the Advisor.

The Fund's Statement of Additional Information ("SAI") includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the following toll-free number: (800) 728-3337.

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

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS CROCI<sup>®</sup> U.S. VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **27**  |

---

------

![](g464418imgfb2903b81.jpg)

VS2CUS-2 (R-025833-12 2/23)

------

December 31, 2022

**Annual Report**

Deutsche DWS Variable Series II

**DWS Global Income Builder VIP**

![](g464418imga01a84241.jpg)

------

<br>**Contents** 

---

| | |
|:---|:---|
| **3** | [Performance Summary](#xx_c95831ff-0191-4cf2-8c3f-bcd1972a4823_perfsum-cc-financial-runningfooter-357_1) |
| **5** | [Management Summary](#xx_c95831ff-0191-4cf2-8c3f-bcd1972a4823_perfsum-cc-financial-runningfooter-357_3) |
| **7** | [Portfolio Summary](#xx_c95831ff-0191-4cf2-8c3f-bcd1972a4823_portsum-cc-financial-runningfooter-357_1) |
| **8** | [Investment Portfolio](#xx_c95831ff-0191-4cf2-8c3f-bcd1972a4823_soi-cc-financial-runningfooter-357_1) |
| **20** | [Statement of Assets and Liabilities](#xx_c95831ff-0191-4cf2-8c3f-bcd1972a4823_fs-cc-financial-runningfooter-357_1) |
| **21** | [Statement of Operations](#xx_c95831ff-0191-4cf2-8c3f-bcd1972a4823_fs-cc-financial-runningfooter-357_2) |
| **22** | [Statements of Changes in Net Assets](#xx_c95831ff-0191-4cf2-8c3f-bcd1972a4823_fs-cc-financial-runningfooter-357_3) |
| **23** | [Financial Highlights](#xx_c95831ff-0191-4cf2-8c3f-bcd1972a4823_fihi-cc-financial-runningfooter-357_1) |
| **25** | [Notes to Financial Statements](#xx_c95831ff-0191-4cf2-8c3f-bcd1972a4823_ntf-cc-financial-runningfooter-357_1) |
| **34** | [Report of Independent Registered Public Accounting Firm](#xx_c95831ff-0191-4cf2-8c3f-bcd1972a4823_aud-cc-financial-runningfooter-357_1) |
| **35** | [Information About Your Fund's Expenses](#xx_c95831ff-0191-4cf2-8c3f-bcd1972a4823_fexpti-cc-financial-runningfooter-357_1) |
| **36** | [Tax Information](#xx_c95831ff-0191-4cf2-8c3f-bcd1972a4823_fexpti-cc-financial-runningfooter-357_2) |
| **36** | [Proxy Voting](#xx_c95831ff-0191-4cf2-8c3f-bcd1972a4823_fexpti-cc-financial-runningfooter-357_2) |
| **37** | [Advisory Agreement Board Considerations and Fee Evaluation](#xx_c95831ff-0191-4cf2-8c3f-bcd1972a4823_aabcf-cc-financial-runningfooter-357_1) |
| **40** | [Board Members and Officers](#xx_c95831ff-0191-4cf2-8c3f-bcd1972a4823_board-cc-financial-runningfooter-357_1) |

---

**This report must be preceded or accompanied by a prospectus. To obtain an additional prospectus or summary prospectus, if available, call (800) 728-3337 or your financial representative. We advise you to consider the Fund's objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the Fund. Please read the prospectus carefully before you invest.**

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

War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises and related geopolitical events have led, and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Fund and its investments.

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. <br>DWS Distributors, Inc., 222 South Riverside Plaza, Chicago, IL 60606, (800) 621-1148 <br>NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE <br>NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

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

---

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

---

------

Performance Summary December 31, 2022 (Unaudited)

![](g464418imga845f0522.jpg)

Yearly periods ended December 31

MSCI All Country World Index is an unmanaged equity index which captures large and mid-capitalization representation across 23 developed markets and 24 emerging markets countries. It covers approximately 85% of the global investable equity opportunity set.

The Blended Index 60/40 consists of a blend of 60% MSCI All Country World Index and 40% Bloomberg U.S. Universal Index.

Bloomberg U.S. Universal Index measures the performance of U.S. dollar-denominated taxable bonds that are rated either investment grade or high yield. The index includes U.S. Treasury bonds, investment-grade and high yield U.S. corporate bonds, mortgage-backed securities, and Eurodollar bonds.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

The Advisor believes the additional Blended Index 60/40 and Bloomberg U.S. Universal Index, collectively, reflect the Fund's asset allocations and generally represent the Fund's overall investment process.

------

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

---

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

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Comparative Results** | **Comparative Results** | **Comparative Results** | **Comparative Results** | **Comparative Results** | **Comparative Results** |
| **DWS Global Income Builder VIP** | **DWS Global Income Builder VIP** | **1-Year** | **3-Year** | **5-Year** | **10-Year** |
| **Class A** | Growth of $10,000 | $8502 | $10214 | $11333 | $16837 |
| **Class A** | Average annual total return | –14.98% | 0.71% | 2.53% | 5.35% |
| MSCI All Country World Index | Growth of $10,000 | $8164 | $11250 | $12901 | $21545 |
| MSCI All Country World Index | Average annual total return | –18.36% | 4.00% | 5.23% | 7.98% |
| Blended Index 60/40 | Growth of $10,000 | $8409 | $10566 | $11917 | $17157 |
| Blended Index 60/40 | Average annual total return | –15.91% | 1.85% | 3.57% | 5.55% |
| Bloomberg U.S. Universal Index | Growth of $10,000 | $8701 | $9257 | $10091 | $11415 |
| Bloomberg U.S. Universal Index | Average annual total return | –12.99% | –2.54% | 0.18% | 1.33% |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Comparative Results** | **Comparative Results** | **Comparative Results** | **Comparative Results** | **Comparative Results** |
| **DWS Global Income Builder VIP** | **DWS Global Income Builder VIP** | **1-Year** | **3-Year** | **Life of Class\*** |
| **Class B** | Growth of $10,000 | $8476 | $10111 | $11412 |
| **Class B** | Average annual total return | –15.24% | 0.37% | 2.87% |
| MSCI All Country World Index | Growth of $10,000 | $8164 | $11250 | $12903 |
| MSCI All Country World Index | Average annual total return | –18.36% | 4.00% | 5.61% |
| Blended Index 60/40 | Growth of $10,000 | $8409 | $10566 | $12009 |
| Blended Index 60/40 | Average annual total return | –15.91% | 1.85% | 6.88% |
| Bloomberg U.S. Universal Index | Growth of $10,000 | $8701 | $9257 | $10304 |
| Bloomberg U.S. Universal Index | Average annual total return | –12.99% | –2.54% | 0.64% |
| The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. |

---

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

\* Class B commenced operations on May 1, 2018.

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

---

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

---

------

Management Summary December 31, 2022 (Unaudited)

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

---

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

---

------

**Terms to Know**

**Blended Index 60/40** consists of a blend of 60% MSCI All Country World Index and 40% Bloomberg Barclays U.S. Universal Index.

**MSCI All Country World Index** is an unmanaged equity index which captures large and mid-capitalization representation across 23 developed markets and 24 emerging markets countries. It covers approximately 85% of the global investable equity opportunity set.

**Bloomberg U.S. Universal Index** measures the performance of U.S. dollar-denominated taxable bonds that are rated either investment grade or high yield. The index includes U.S. Treasury bonds, investment-grade and high yield U.S. corporate bonds, mortgage-backed securities, and Eurodollar bonds.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

**Contribution** and **detraction** incorporate both an investment's total return and its weighting in the Fund.

**Overweight** means that a fund holds a higher weighting in a given sector or security than its benchmark index. **Underweight** means that a fund holds a lower weighting.

**Derivatives** are contracts whose values can be based on a variety of instruments including indices, currencies or securities. They can be utilized for a variety of reasons including for hedging purposes; for risk management; for non-hedging purposes to seek to enhance potential gains; or as a substitute for direct investment in a particular asset class or to keep cash on hand to meet shareholder redemptions. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility.

**Duration**, which is expressed in years, measures the sensitivity of the price of a bond or bond fund to a change in interest rates.

**Convertible securities** are bonds that can be exchanged for equity at a pre-stated price. Convertibles generally offer higher income than is available from a common stock, but more appreciation potential than bonds.

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

---

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

---

------

<br>**Portfolio Summary(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Asset Allocation** (As a % of Investment Portfolio excluding Securities Lending Collateral) | **12/31/22** | **12/31/21** |
| **Equity** | **65%** | **65%** |
| &nbsp;&nbsp;&nbsp; Common Stocks | 59% | 60% |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | 3% | 3% |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | 3% | 2% |
| &nbsp;&nbsp;&nbsp; Warrants | 0% | 0% |
| **Fixed Income** | **34%** | **32%** |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | 20% | 23% |
| &nbsp;&nbsp;&nbsp; Government & Agency Obligations | 5% | 1% |
| &nbsp;&nbsp;&nbsp; Asset-Backed | 5% | 3% |
| &nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities | 2% | 2% |
| &nbsp;&nbsp;&nbsp; Short-Term U.S. Treasury Obligation | 1% | 1% |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | 1% | 2% |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities Pass-Throughs | 0% | 0% |
| **Cash Equivalents** | **1%** | **3%** |
| &nbsp;&nbsp;&nbsp; Cash Equivalents | 1% | 3% |
|  | 100% | 100% |

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

---

| | | |
|:---|:---|:---|
| **Sector Diversification** (As a % of Equities, Preferred Securities, Warrants and Corporate Bonds) | **12/31/22** | **12/31/21** |
| Financials | 22% | 23% |
| Information Technology | 17% | 20% |
| Health Care | 10% | 9% |
| Industrials | 8% | 6% |
| Communication Services | 8% | 10% |
| Consumer Staples | 8% | 5% |
| Energy | 8% | 6% |
| Consumer Discretionary | 7% | 8% |
| Utilities | 4% | 5% |
| Real Estate | 4% | 4% |
| Materials | 4% | 4% |
|  | 100% | 100% |

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

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| | | |
|:---|:---|:---|
| **Geographical Diversification** (As a % of Investment Portfolio excluding Securities Lending Collateral <br> and Cash Equivalents)<br>| **12/31/22** | **12/31/21** |
| United States | 64% | 63% |
| Japan | 4% | 5% |
| Cayman Islands | 3% | 1% |
| Canada | 3% | 4% |
| United Kingdom | 3% | 4% |
| Switzerland | 3% | 3% |
| France | 2% | 2% |
| Netherlands | 2% | 2% |
| Mexico | 2% | 1% |
| Germany | 1% | 2% |
| Australia | 1% | 1% |
| Indonesia | 1% | 1% |
| Other | 11% | 11% |
|  | 100% | 100% |

---

Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund's investment portfolio, see page 8.

Following the Fund's fiscal first and third quarter-end, a complete portfolio holdings listing is posted on dws.com, and is available free of charge by contacting your financial intermediary, or if you are a direct investor, by calling (800) 728-3337. In addition, the portfolio holdings listing is filed with the SEC on the Fund's Form N-PORT and will be available on the SEC's Web site at sec.gov. Additional portfolio holdings for the Fund are also posted on dws.com from time to time. Please see the Fund's current prospectus for more information.

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

---

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

---

------

<br>**Investment Portfolioas of December 31, 2022**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Common Stocks 59.0%** | **Common Stocks 59.0%** |  |
| **Communication Services 5.0%** | **Communication Services 5.0%** |  |
| **Diversified Telecommunication Services 1.4%** | **Diversified Telecommunication Services 1.4%** |  |
| AT&T, Inc. | 13900 | 255899 |
| BCE, Inc. | 5150 | 226273 |
| &nbsp;&nbsp;&nbsp; Deutsche Telekom AG <br> (Registered)<br>| 4903 | 97950 |
| Spark New Zealand Ltd. | 26602 | 91251 |
| Swisscom AG (Registered) | 71 | 38954 |
| &nbsp;&nbsp;&nbsp; Telkom Indonesia Persero Tbk <br> PT (ADR)<br>| 1300 | 31005 |
| Telstra Corp., Ltd. | 63371 | 172159 |
| TELUS Corp. | 7878 | 152033 |
| Verizon Communications, Inc. | 11294 | 444983 |
|  |  | **1510507** |
| **Entertainment 0.4%** | **Entertainment 0.4%** |  |
| Capcom Co., Ltd. | 1100 | 35133 |
| Netflix, Inc.\* | 400 | 117952 |
| Nintendo Co., Ltd. | 3560 | 149240 |
| Sea Ltd. (ADR)\* | 1200 | 62436 |
| &nbsp;&nbsp;&nbsp; Tencent Music Entertainment <br> Group (ADR)\*<br>| 4500 | 37260 |
|  |  | **402021** |
| **Interactive Media & Services 1.5%** | **Interactive Media & Services 1.5%** |  |
| Alphabet, Inc. "A"\* | 6000 | 529380 |
| Alphabet, Inc. "C"\* | 5780 | 512859 |
| Autohome, Inc. ADR | 1300 | 39780 |
| Baidu, Inc. (ADR)\* | 300 | 34314 |
| Kakaku.com, Inc. | 2000 | 32256 |
| Kanzhun Ltd. (ADR)\* | 3800 | 77406 |
| Meta Platforms, Inc. "A"\* | 2100 | 252714 |
| ZoomInfo Technologies, Inc.\* | 1200 | 36132 |
|  |  | **1514841** |
| **Media 0.7%** | **Media 0.7%** |  |
| Comcast Corp. "A" | 5538 | 193664 |
| &nbsp;&nbsp;&nbsp; Interpublic Group of <br> Companies, Inc.<br>| 4292 | 142967 |
| Omnicom Group, Inc. | 1700 | 138669 |
| Publicis Groupe SA | 2021 | 128907 |
| Trade Desk, Inc. "A"\* | 1950 | 87418 |
|  |  | **691625** |
| **Wireless Telecommunication Services 1.0%** | **Wireless Telecommunication Services 1.0%** |  |
| &nbsp;&nbsp;&nbsp; America Movil SAB de CV "L" <br> (ADR)<br>| 9200 | 167440 |
| SoftBank Corp. | 73401 | 829829 |
| Tele2 AB "B" | 3865 | 31526 |
|  |  | **1028795** |
| **Consumer Discretionary 4.6%** | **Consumer Discretionary 4.6%** |  |
| **Automobiles 0.8%** | **Automobiles 0.8%** |  |
| &nbsp;&nbsp;&nbsp; Bayerische Motoren Werke <br> AG<br>| 2115 | 189819 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Ford Motor Co. | 4800 | 55824 |
| Rivian Automotive, Inc.\* | 1100 | 20273 |
| Tesla, Inc.\* | 2654 | 326920 |
| Volkswagen AG (Preference) | 433 | 54162 |
| Yamaha Motor Co., Ltd. | 6800 | 153778 |
|  |  | **800776** |
| **Hotels, Restaurants & Leisure 0.7%** | **Hotels, Restaurants & Leisure 0.7%** |  |
| Airbnb, Inc. "A"\* | 300 | 25650 |
| Darden Restaurants, Inc. | 2300 | 318159 |
| &nbsp;&nbsp;&nbsp; La Francaise des Jeux SAEM <br> 144A<br>| 2807 | 113205 |
| &nbsp;&nbsp;&nbsp; Restaurant Brands <br> International, Inc.<br>| 1812 | 117191 |
| Starbucks Corp. | 989 | 98109 |
| Vail Resorts, Inc. | 100 | 23835 |
|  |  | **696149** |
| **Household Durables 0.1%** | **Household Durables 0.1%** |  |
| Garmin Ltd. | 942 | **86937** |
| **Internet & Direct Marketing Retail 1.2%** | **Internet & Direct Marketing Retail 1.2%** |  |
| Amazon.com, Inc.\* | 9220 | 774480 |
| JD.com, Inc. (ADR) | 2900 | 162777 |
| Meituan (ADR)\* | 1500 | 66360 |
| Pinduoduo, Inc. (ADR)\* | 2300 | 187565 |
| ZOZO, Inc. | 1500 | 37053 |
|  |  | **1228235** |
| **Multiline Retail 0.3%** | **Multiline Retail 0.3%** |  |
| Next PLC | 1143 | 80437 |
| Target Corp. | 441 | 65726 |
| Wesfarmers Ltd. | 5791 | 181020 |
|  |  | **327183** |
| **Specialty Retail 1.2%** | **Specialty Retail 1.2%** |  |
| Best Buy Co., Inc. | 3100 | 248651 |
| &nbsp;&nbsp;&nbsp; Chow Tai Fook Jewellery <br> Group Ltd.<br>| 74800 | 151949 |
| Home Depot, Inc. | 1612 | 509166 |
| Industria de Diseno Textil SA | 2796 | 74716 |
| Lowe's Companies, Inc. | 839 | 167162 |
| TJX Companies, Inc. | 2000 | 159200 |
|  |  | **1310844** |
| **Textiles, Apparel & Luxury Goods 0.3%** | **Textiles, Apparel & Luxury Goods 0.3%** |  |
| Kering SA | 76 | 38846 |
| &nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis <br> Vuitton SE<br>| 204 | 148884 |
| NIKE, Inc. "B" | 300 | 35103 |
| VF Corp. | 3200 | 88352 |
|  |  | **311185** |
| **Consumer Staples 5.8%** | **Consumer Staples 5.8%** |  |
| **Beverages 1.5%** | **Beverages 1.5%** |  |
| Ambev SA (ADR) | 133700 | 363664 |
| Coca-Cola Co. | 5382 | 342349 |

---

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

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

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

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Europacific <br> Partners PLC<br>| 6200 | 342984 |
| &nbsp;&nbsp;&nbsp; Coca-Cola Femsa SAB de CV <br> (ADR)<br>| 4600 | 312248 |
| PepsiCo, Inc. | 1206 | 217876 |
|  |  | **1579121** |
| **Food & Staples Retailing 1.1%** | **Food & Staples Retailing 1.1%** |  |
| Costco Wholesale Corp. | 300 | 136950 |
| Jeronimo Martins SGPS SA | 9242 | 199944 |
| Kesko Oyj "B" | 6456 | 142943 |
| Koninklijke Ahold Delhaize NV | 6985 | 201170 |
| Kroger Co. | 800 | 35664 |
| Sysco Corp. | 500 | 38225 |
| &nbsp;&nbsp;&nbsp; Walgreens Boots Alliance, <br> Inc.<br>| 3920 | 146451 |
| Walmart, Inc. | 1643 | 232961 |
|  |  | **1134308** |
| **Food Products 0.3%** | **Food Products 0.3%** |  |
| Nestle SA (Registered) | 2487 | **288035** |
| **Household Products 0.6%** | **Household Products 0.6%** |  |
| Clorox Co. | 200 | 28066 |
| Kimberly-Clark Corp. | 855 | 116066 |
| Procter & Gamble Co. | 3340 | 506211 |
|  |  | **650343** |
| **Personal Products 0.3%** | **Personal Products 0.3%** |  |
| Unilever PLC | 5482 | **277227** |
| **Tobacco 2.0%** | **Tobacco 2.0%** |  |
| British American Tobacco PLC | 11191 | 444394 |
| Imperial Brands PLC | 5865 | 147490 |
| Japan Tobacco, Inc. | 48400 | 977143 |
| &nbsp;&nbsp;&nbsp; Philip Morris International, <br> Inc.<br>| 5002 | 506253 |
|  |  | **2075280** |
| **Energy 4.1%** | **Energy 4.1%** |  |
| **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** |  |
| Aker BP ASA | 6178 | 192356 |
| &nbsp;&nbsp;&nbsp; Canadian Natural Resources <br> Ltd.<br>| 500 | 27766 |
| Chevron Corp. | 3153 | 565932 |
| Coterra Energy, Inc. | 1800 | 44226 |
| Enbridge, Inc. | 14200 | 554996 |
| EOG Resources, Inc. | 300 | 38856 |
| Exxon Mobil Corp. | 7900 | 871370 |
| Kinder Morgan, Inc. | 6600 | 119328 |
| OMV AG | 2396 | 123531 |
| ONEOK, Inc. | 11900 | 781830 |
| Phillips 66 | 300 | 31224 |
| TC Energy Corp. | 3095 | 123388 |
| TotalEnergies SE | 5473 | 344194 |
| &nbsp;&nbsp;&nbsp; Ultrapar Participacoes SA <br> (ADR)<br>| 24200 | 58564 |
| Williams Companies, Inc. | 9100 | 299390 |
|  |  | **4176951** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Financials 9.4%** | **Financials 9.4%** |  |
| **Banks 4.7%** | **Banks 4.7%** |  |
| Anz Group Holdings Ltd. | 8689 | 139801 |
| &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya <br> Argentaria SA<br>| 37504 | 226663 |
| Banco de Chile (ADR) | 2900 | 60378 |
| Banco Santander Chile (ADR) | 5900 | 93456 |
| Bank Leumi Le-Israel BM | 38268 | 319091 |
| Bank of America Corp. | 1600 | 52992 |
| Bank of Nova Scotia | 5515 | 270211 |
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of <br> Commerce<br>| 3340 | 135105 |
| Citigroup, Inc. | 700 | 31661 |
| Citizens Financial Group, Inc. | 1100 | 43307 |
| &nbsp;&nbsp;&nbsp; Commonwealth Bank of <br> Australia<br>| 819 | 57227 |
| DBS Group Holdings Ltd. | 1800 | 45464 |
| &nbsp;&nbsp;&nbsp; FinecoBank Banca Fineco <br> SpA<br>| 9307 | 154978 |
| Huntington Bancshares, Inc. | 41976 | 591862 |
| JPMorgan Chase & Co. | 4145 | 555844 |
| M&T Bank Corp. | 200 | 29012 |
| Mizrahi Tefahot Bank Ltd. | 1123 | 36389 |
| Nordea Bank Abp | 35740 | 383590 |
| &nbsp;&nbsp;&nbsp; Oversea-Chinese Banking <br> Corp., Ltd.<br>| 8200 | 74401 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services <br> Group, Inc.<br>| 899 | 141988 |
| Regions Financial Corp. | 8400 | 181104 |
| Royal Bank of Canada | 1800 | 169232 |
| &nbsp;&nbsp;&nbsp; Shinhan Financial Group Co., <br> Ltd. (ADR)<br>| 2800 | 78204 |
| &nbsp;&nbsp;&nbsp; Skandinaviska Enskilda <br> Banken AB "A"<br>| 9474 | 109327 |
| Societe Generale SA | 3506 | 88471 |
| Swedbank AB "A" | 3348 | 56991 |
| Toronto-Dominion Bank | 6410 | 415040 |
| Truist Financial Corp. | 2980 | 128229 |
| U.S. Bancorp. | 2120 | 92453 |
| UniCredit SpA | 2354 | 33571 |
| Westpac Banking Corp. | 3609 | 57421 |
|  |  | **4853463** |
| **Capital Markets 2.4%** | **Capital Markets 2.4%** |  |
| BlackRock, Inc. | 337 | 238808 |
| Blackstone, Inc. | 4733 | 351141 |
| Charles Schwab Corp. | 1000 | 83260 |
| CME Group, Inc. | 1500 | 252240 |
| Franklin Resources, Inc. | 1700 | 44846 |
| Hargreaves Lansdown PLC | 18522 | 193173 |
| Julius Baer Group Ltd. | 6935 | 405667 |
| Morgan Stanley | 1500 | 127530 |
| Partners Group Holding AG | 337 | 299039 |
| T. Rowe Price Group, Inc. | 4200 | 458052 |
|  |  | **2453756** |

---

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

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

---

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

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Consumer Finance 0.1%** | **Consumer Finance 0.1%** |  |
| 360 DigiTech, Inc. | 4400 | **89584** |
| **Diversified Financial Services 0.3%** | **Diversified Financial Services 0.3%** |  |
| &nbsp;&nbsp;&nbsp; Apollo Global Management, <br> Inc.<br>| 4856 | 309764 |
| Investor AB "B" | 2078 | 37690 |
|  |  | **347454** |
| **Insurance 1.9%** | **Insurance 1.9%** |  |
| Allianz SE (Registered) | 669 | 144351 |
| AXA SA | 8763 | 244671 |
| Hannover Rueck SE | 1843 | 366715 |
| Medibank Private Ltd. | 60860 | 122260 |
| &nbsp;&nbsp;&nbsp; Ping An Insurance Group Co. <br> of China Ltd. (ADR)<br>| 6900 | 90735 |
| Poste Italiane SpA 144A | 46009 | 450698 |
| Zurich Insurance Group AG | 1097 | 525500 |
|  |  | **1944930** |
| **Health Care 6.9%** | **Health Care 6.9%** |  |
| **Biotechnology 1.6%** | **Biotechnology 1.6%** |  |
| AbbVie, Inc. | 3460 | 559171 |
| Amgen, Inc. | 1392 | 365595 |
| BeiGene Ltd. (ADR)\* | 300 | 65982 |
| Contra Abiomed, Inc.\* (a) | 200 | 204 |
| Gilead Sciences, Inc. | 6200 | 532270 |
| Moderna, Inc.\* | 300 | 53886 |
| Zai Lab Ltd. (ADR)\* | 1800 | 55260 |
|  |  | **1632368** |
| **Health Care Equipment & Supplies 0.6%** | **Health Care Equipment & Supplies 0.6%** |  |
| Abbott Laboratories | 2058 | 225948 |
| Coloplast AS "B" | 829 | 96854 |
| DexCom, Inc.\* | 800 | 90592 |
| DiaSorin SpA | 267 | 37342 |
| Intuitive Surgical, Inc.\* | 400 | 106140 |
| Masimo Corp.\* | 300 | 44385 |
|  |  | **601261** |
| **Health Care Providers & Services 0.9%** | **Health Care Providers & Services 0.9%** |  |
| Cigna Corp. | 500 | 165670 |
| CVS Health Corp. | 2169 | 202129 |
| Elevance Health, Inc. | 100 | 51297 |
| UnitedHealth Group, Inc. | 894 | 473981 |
|  |  | **893077** |
| **Health Care Technology 0.0%** | **Health Care Technology 0.0%** |  |
| M3, Inc. | 2300 | **62410** |
| **Life Sciences Tools & Services 0.1%** | **Life Sciences Tools & Services 0.1%** |  |
| Danaher Corp. | 300 | **79626** |
| **Pharmaceuticals 3.7%** | **Pharmaceuticals 3.7%** |  |
| Bristol-Myers Squibb Co. | 639 | 45976 |
| &nbsp;&nbsp;&nbsp; Chugai Pharmaceutical Co., <br> Ltd.<br>| 2017 | 51482 |
| Eisai Co., Ltd. | 600 | 39616 |
| Eli Lilly & Co. | 579 | 211821 |
| GSK PLC | 25793 | 449577 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Hikma Pharmaceuticals PLC | 4233 | 79931 |
| Johnson & Johnson | 2556 | 451518 |
| Merck & Co., Inc. | 5286 | 586482 |
| Novartis AG (Registered) | 4937 | 446744 |
| Novo Nordisk AS "B" | 2186 | 295451 |
| Pfizer, Inc. | 9867 | 505585 |
| &nbsp;&nbsp;&nbsp; Recordati Industria Chimica E <br> Farmaceutica SpA<br>| 1965 | 81661 |
| &nbsp;&nbsp;&nbsp; Roche Holding AG <br> (Genusschein)<br>| 708 | 222339 |
| Sanofi | 1247 | 120177 |
| &nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co., <br> Ltd.<br>| 6973 | 217669 |
|  |  | **3806029** |
| **Industrials 5.4%** | **Industrials 5.4%** |  |
| **Aerospace & Defense 0.2%** | **Aerospace & Defense 0.2%** |  |
| BAE Systems PLC | 3782 | 39177 |
| Lockheed Martin Corp. | 300 | 145947 |
|  |  | **185124** |
| **Air Freight & Logistics 0.7%** | **Air Freight & Logistics 0.7%** |  |
| &nbsp;&nbsp;&nbsp; Deutsche Post AG <br> (Registered)<br>| 7264 | 274858 |
| United Parcel Service, Inc. "B" | 2702 | 469716 |
|  |  | **744574** |
| **Commercial Services & Supplies 0.0%** | **Commercial Services & Supplies 0.0%** |  |
| Quad Graphics, Inc.\* | 2 | **8** |
| **Construction & Engineering 0.0%** | **Construction & Engineering 0.0%** |  |
| Bouygues SA | 1059 | **31830** |
| **Electrical Equipment 0.4%** | **Electrical Equipment 0.4%** |  |
| Eaton Corp. PLC | 1016 | 159461 |
| Emerson Electric Co. | 1726 | 165800 |
| Rockwell Automation, Inc. | 100 | 25757 |
|  |  | **351018** |
| **Industrial Conglomerates 0.8%** | **Industrial Conglomerates 0.8%** |  |
| 3M Co. | 4104 | 492152 |
| CK Hutchison Holdings Ltd. | 7000 | 42381 |
| Honeywell International, Inc. | 699 | 149796 |
| Siemens AG (Registered) | 840 | 117213 |
|  |  | **801542** |
| **Machinery 1.9%** | **Machinery 1.9%** |  |
| Atlas Copco AB "A" | 37956 | 449992 |
| Atlas Copco AB "B" | 22358 | 238984 |
| Caterpillar, Inc. | 1300 | 311428 |
| Cummins, Inc. | 1579 | 382576 |
| Deere & Co. | 100 | 42876 |
| Illinois Tool Works, Inc. | 300 | 66090 |
| PACCAR, Inc. | 4000 | 395880 |
| Techtronic Industries Co., Ltd. | 7000 | 77721 |
|  |  | **1965547** |
| **Marine 0.3%** | **Marine 0.3%** |  |
| &nbsp;&nbsp;&nbsp; Kuehne & Nagel International <br> AG (Registered)<br>| 1168 | **272425** |

---

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

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

---

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

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Professional Services 0.2%** | **Professional Services 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Nihon M&A Center Holdings, <br> Inc.<br>| 4600 | 56943 |
| SGS SA (Registered) | 29 | 67535 |
| Thomson Reuters Corp. | 473 | 53958 |
|  |  | **178436** |
| **Road & Rail 0.4%** | **Road & Rail 0.4%** |  |
| Aurizon Holdings Ltd. | 13739 | 34900 |
| Canadian National Railway Co. | 1000 | 118789 |
| CSX Corp. | 1000 | 30980 |
| &nbsp;&nbsp;&nbsp; Old Dominion Freight Line, <br> Inc.<br>| 200 | 56756 |
| Union Pacific Corp. | 941 | 194853 |
|  |  | **436278** |
| **Trading Companies & Distributors 0.5%** | **Trading Companies & Distributors 0.5%** |  |
| Fastenal Co. | 4618 | 218524 |
| ITOCHU Corp. | 2100 | 66063 |
| Marubeni Corp. | 5100 | 58506 |
| Mitsui & Co., Ltd. | 1100 | 32050 |
| Sumitomo Corp. | 8300 | 138401 |
| Toyota Tsusho Corp. | 900 | 33090 |
|  |  | **546634** |
| **Information Technology 12.6%** | **Information Technology 12.6%** |  |
| **Communications Equipment 0.7%** | **Communications Equipment 0.7%** |  |
| Cisco Systems, Inc. | 15524 | **739563** |
| **Electronic Equipment, Instruments &** <br> **Components 0.2%** | **Electronic Equipment, Instruments &** <br> **Components 0.2%** |  |
| Venture Corp., Ltd. | 16200 | **206271** |
| **IT Services 3.2%** | **IT Services 3.2%** |  |
| Accenture PLC "A" | 500 | 133420 |
| Adyen NV 144A\* | 53 | 73543 |
| &nbsp;&nbsp;&nbsp; Automatic Data Processing, <br> Inc.<br>| 841 | 200881 |
| Block, Inc.\* | 1358 | 85337 |
| Cloudflare, Inc. "A"\* | 1400 | 63294 |
| EPAM Systems, Inc.\* | 200 | 65548 |
| Infosys Ltd. (ADR) | 20900 | 376409 |
| &nbsp;&nbsp;&nbsp; International Business <br> Machines Corp.<br>| 3702 | 521575 |
| Mastercard, Inc. "A" | 676 | 235066 |
| MongoDB, Inc.\* | 500 | 98420 |
| Obic Co., Ltd. | 300 | 44077 |
| Otsuka Corp. | 2900 | 91198 |
| Paychex, Inc. | 3695 | 426994 |
| PayPal Holdings, Inc.\* | 1365 | 97215 |
| Shopify, Inc. "A"\* | 3420 | 118740 |
| Snowflake, Inc. "A"\* | 700 | 100478 |
| Twilio, Inc. "A"\* | 1207 | 59095 |
| Visa, Inc. "A" | 1400 | 290864 |
| Western Union Co. | 15100 | 207927 |
|  |  | **3290081** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Semiconductors & Semiconductor** <br> **Equipment 3.3%** | **Semiconductors & Semiconductor** <br> **Equipment 3.3%** |  |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, <br> Inc.\*<br>| 700 | 45339 |
| Analog Devices, Inc. | 1244 | 204053 |
| ASML Holding NV | 173 | 93999 |
| Broadcom, Inc. | 749 | 418788 |
| Enphase Energy, Inc.\* | 255 | 67565 |
| Intel Corp. | 4171 | 110240 |
| KLA Corp. | 379 | 142894 |
| Lam Research Corp. | 156 | 65567 |
| Lasertec Corp. | 200 | 32579 |
| Microchip Technology, Inc. | 500 | 35125 |
| &nbsp;&nbsp;&nbsp; Monolithic Power Systems, <br> Inc.<br>| 500 | 176805 |
| NVIDIA Corp. | 2248 | 328523 |
| QUALCOMM, Inc. | 2384 | 262097 |
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor <br> Manufacturing Co., Ltd. <br> (ADR)<br>| 9500 | 707655 |
| Texas Instruments, Inc. | 3004 | 496321 |
| Tokyo Electron Ltd. | 626 | 184308 |
|  |  | **3371858** |
| **Software 3.0%** | **Software 3.0%** |  |
| Adobe, Inc.\* | 600 | 201918 |
| Bill.com Holdings, Inc.\* | 500 | 54480 |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems, <br> Inc.\*<br>| 200 | 32128 |
| &nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc. <br> "A"\*<br>| 361 | 38010 |
| Fortinet, Inc.\* | 1200 | 58668 |
| Intuit, Inc. | 830 | 323053 |
| Microsoft Corp. | 7966 | 1910406 |
| Oracle Corp. | 414 | 33840 |
| Paycom Software, Inc.\* | 200 | 62062 |
| Salesforce, Inc.\* | 300 | 39777 |
| ServiceNow, Inc.\* | 558 | 216655 |
| Trend Micro, Inc. | 1300 | 60622 |
| Zscaler, Inc.\* | 300 | 33570 |
|  |  | **3065189** |
| **Technology Hardware, Storage &** <br> **Peripherals 2.2%** | **Technology Hardware, Storage &** <br> **Peripherals 2.2%** |  |
| Apple, Inc. | 17009 | 2209979 |
| NetApp, Inc. | 600 | 36036 |
|  |  | **2246015** |
| **Materials 1.9%** | **Materials 1.9%** |  |
| **Chemicals 0.7%** | **Chemicals 0.7%** |  |
| &nbsp;&nbsp;&nbsp; Air Products & Chemicals, <br> Inc.<br>| 488 | 150431 |
| Albemarle Corp. | 100 | 21686 |
| Dow, Inc. | 5734 | 288936 |
| &nbsp;&nbsp;&nbsp; LyondellBasell Industries NV <br> "A"<br>| 500 | 41515 |

---

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

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

---

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

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Shin-Etsu Chemical Co., Ltd. | 700 | 85510 |
| &nbsp;&nbsp;&nbsp; Sociedad Quimica y Minera <br> de Chile SA (ADR)<br>| 2200 | 175648 |
|  |  | **763726** |
| **Containers & Packaging 0.2%** | **Containers & Packaging 0.2%** |  |
| Amcor PLC | 15593 | 185713 |
| International Paper Co. | 1031 | 35703 |
|  |  | **221416** |
| **Metals & Mining 0.9%** | **Metals & Mining 0.9%** |  |
| Mineral Resources Ltd. | 3136 | 165647 |
| Newmont Corp. | 1300 | 61360 |
| Norsk Hydro ASA | 13275 | 99820 |
| Nucor Corp. | 600 | 79086 |
| POSCO Holdings, Inc. (ADR) | 4400 | 239668 |
| Steel Dynamics, Inc. | 800 | 78160 |
| &nbsp;&nbsp;&nbsp; Sumitomo Metal Mining Co., <br> Ltd.<br>| 4100 | 144696 |
|  |  | **868437** |
| **Paper & Forest Products 0.1%** | **Paper & Forest Products 0.1%** |  |
| UPM-Kymmene Oyj | 1381 | **51756** |
| **Real Estate 2.2%** | **Real Estate 2.2%** |  |
| **Equity Real Estate Investment Trusts** <br> **(REITs) 1.9%** | **Equity Real Estate Investment Trusts** <br> **(REITs) 1.9%** |  |
| &nbsp;&nbsp;&nbsp; Ascendas Real Estate <br> Investment Trust<br>| 40165 | 82299 |
| Crown Castle, Inc. | 573 | 77722 |
| &nbsp;&nbsp;&nbsp; Gaming and Leisure <br> Properties, Inc.<br>| 8300 | 432347 |
| Iron Mountain, Inc. | 5600 | 279160 |
| Link REIT | 10500 | 76896 |
| Simon Property Group, Inc. | 5700 | 669636 |
| VICI Properties, Inc. | 8562 | 277409 |
|  |  | **1895469** |
| **Real Estate Management &** <br> **Development 0.3%** | **Real Estate Management &** <br> **Development 0.3%** |  |
| &nbsp;&nbsp;&nbsp; Daito Trust Construction Co., <br> Ltd.<br>| 500 | 51223 |
| Sino Land Co., Ltd. | 26000 | 32474 |
| Swire Pacific Ltd. "A" | 13500 | 118397 |
| Swire Properties Ltd. | 53400 | 135289 |
|  |  | **337383** |
| **Utilities 1.1%** | **Utilities 1.1%** |  |
| **Electric Utilities 0.7%** | **Electric Utilities 0.7%** |  |
| &nbsp;&nbsp;&nbsp; American Electric Power Co., <br> Inc.<br>| 767 | 72827 |
| Red Electrica Corp. SA | 7381 | 128527 |
| Southern Co. | 3669 | 262003 |
| SSE PLC | 9131 | 189702 |
|  |  | **653059** |
| **Gas Utilities 0.1%** | **Gas Utilities 0.1%** |  |
| Snam SpA | 26187 | **127012** |
| **Multi-Utilities 0.3%** | **Multi-Utilities 0.3%** |  |
| E.ON SE | 20209 | 202523 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Engie SA | 5421 | 77789 |
| Sempra Energy | 259 | 40026 |
|  |  | **320338** |
| **Total Common Stocks** (Cost $53,580,483) | **Total Common Stocks** (Cost $53,580,483) | **60525310** |
| **Preferred Stocks 2.5%** | **Preferred Stocks 2.5%** |  |
| **Financials 1.8%** | **Financials 1.8%** |  |
| &nbsp;&nbsp;&nbsp; AGNC Investment Corp., <br> Series C, 7.0%<br>| 14427 | 364570 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp., Series I, <br> 6.625%<br>| 10000 | 245200 |
| KeyCorp., Series E, 6.125% | 10000 | 231800 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Series K, <br> 5.85%<br>| 10000 | 230100 |
| &nbsp;&nbsp;&nbsp; The Goldman Sachs Group, <br> Inc., Series J, 5.5%<br>| 17000 | 419050 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Series Y, <br> 5.625%<br>| 15000 | 326850 |
|  |  | **1817570** |
| **Real Estate 0.7%** | **Real Estate 0.7%** |  |
| &nbsp;&nbsp;&nbsp; Kimco Realty Corp., Series L, <br> 5.125%<br>| 15000 | 297300 |
| &nbsp;&nbsp;&nbsp; Prologis, Inc., Series Q, <br> 8.54%<br>| 164 | 9156 |
| &nbsp;&nbsp;&nbsp; Simon Property Group, Inc., <br> Series J, 8.375%<br>| 8000 | 483280 |
|  |  | **789736** |
| **Total Preferred Stocks** (Cost $3,039,895) | **Total Preferred Stocks** (Cost $3,039,895) | **2607306** |
| **Warrants 0.0%** | **Warrants 0.0%** |  |
| **Materials** | **Materials** |  |
| &nbsp;&nbsp;&nbsp; Hercules Trust II, Expiration <br> Date 3/31/2029\* (a) <br> (Cost $30,283)<br>| 170 | **16944** |

---

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal** <br>**Amount ($) (b)** | **Value ($)** |
| **Corporate Bonds 20.1%** | **Corporate Bonds 20.1%** |  |
| **Communication Services 1.8%** | **Communication Services 1.8%** |  |
| &nbsp;&nbsp;&nbsp; America Movil SAB de CV, <br> 4.375%, 4/22/2049<br>| 300000 | 256233 |
| AT&T, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 2/1/2032 | 80000 | 62706 |
| &nbsp;&nbsp;&nbsp; 3.65%, 6/1/2051 | 100000 | 70431 |
| &nbsp;&nbsp;&nbsp; Charter Communications <br> Operating LLC:<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 1/15/2029 | 120000 | 96585 |
| &nbsp;&nbsp;&nbsp; 3.5%, 3/1/2042 | 57000 | 36523 |
| &nbsp;&nbsp;&nbsp; 3.7%, 4/1/2051 | 34000 | 20674 |
| &nbsp;&nbsp;&nbsp; Discovery Communications <br> LLC, 4.0%, 9/15/2055<br>| 40000 | 24035 |
| &nbsp;&nbsp;&nbsp; Grupo Televisa SAB, <br> 5.25%, 5/24/2049<br>| 300000 | 264878 |

---

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

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

---

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

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($) (b)** | **Value ($)** |
| &nbsp;&nbsp;&nbsp; Netflix, Inc., <br> 5.875%, 11/15/2028<br>| 140000 | 141894 |
| &nbsp;&nbsp;&nbsp; Rogers Communications, <br> Inc., 144A, <br> 3.8%, 3/15/2032<br>| 145000 | 125128 |
| &nbsp;&nbsp;&nbsp; Tencent Holdings Ltd., REG <br> S, 2.39%, 6/3/2030<br>| 300000 | 244279 |
| T-Mobile U.S.A., Inc.: |  |  |
| &nbsp;&nbsp;&nbsp; 2.625%, 4/15/2026 | 90000 | 82477 |
| &nbsp;&nbsp;&nbsp; 3.3%, 2/15/2051 | 125000 | 83418 |
| &nbsp;&nbsp;&nbsp; 3.375%, 4/15/2029 | 115000 | 101289 |
| &nbsp;&nbsp;&nbsp; 3.6%, 11/15/2060 | 25000 | 16507 |
| &nbsp;&nbsp;&nbsp; 4.375%, 4/15/2040 | 60000 | 51204 |
| &nbsp;&nbsp;&nbsp; 5.65%, 1/15/2053 | 50000 | 48395 |
| &nbsp;&nbsp;&nbsp; Verizon <br> Communications, Inc.:<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.65%, 11/20/2040 | 40000 | 26999 |
| &nbsp;&nbsp;&nbsp; 3.7%, 3/22/2061 | 100000 | 69749 |
|  |  | **1823404** |
| **Consumer Discretionary 1.0%** | **Consumer Discretionary 1.0%** |  |
| &nbsp;&nbsp;&nbsp; Ford Motor Co., <br> 3.25%, 2/12/2032<br>| 210000 | 157488 |
| Ford Motor Credit Co. LLC: |  |  |
| &nbsp;&nbsp;&nbsp; 2.7%, 8/10/2026 | 230000 | 199732 |
| &nbsp;&nbsp;&nbsp; 2.9%, 2/16/2028 | 200000 | 165184 |
| &nbsp;&nbsp;&nbsp; General Motors Co., <br> 5.6%, 10/15/2032<br>| 275000 | 255474 |
| &nbsp;&nbsp;&nbsp; General Motors Financial <br> Co., Inc.:<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.35%, 1/8/2031 | 80000 | 60321 |
| &nbsp;&nbsp;&nbsp; 3.1%, 1/12/2032 | 90000 | 70519 |
| &nbsp;&nbsp;&nbsp; Newell Brands, Inc., <br> 6.375%, 9/15/2027<br>| 70000 | 69475 |
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings, Inc., <br> 144A, 5.05%, 3/15/2042<br>| 50000 | 38254 |
|  |  | **1016447** |
| **Consumer Staples 0.5%** | **Consumer Staples 0.5%** |  |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch Companies <br> LLC, 4.9%, 2/1/2046<br>| 28000 | 25454 |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch InBev <br> Worldwide, Inc., <br> 5.55%, 1/23/2049<br>| 121000 | 119620 |
| JBS U.S.A. Lux SA: |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 2.5%, 1/15/2027 | 260000 | 227427 |
| &nbsp;&nbsp;&nbsp; 144A, 5.75%, 4/1/2033 | 180000 | 171681 |
|  |  | **544182** |
| **Energy 2.2%** | **Energy 2.2%** |  |
| &nbsp;&nbsp;&nbsp; Cheniere Corpus Christi <br> Holdings LLC, <br> 5.875%, 3/31/2025<br>| 200000 | 201215 |
| &nbsp;&nbsp;&nbsp; Cheniere Energy Partners LP, <br> 4.5%, 10/1/2029<br>| 175000 | 157364 |
| &nbsp;&nbsp;&nbsp; Ecopetrol SA, <br> 6.875%, 4/29/2030<br>| 300000 | 272050 |
| Energy Transfer LP: |  |  |
| &nbsp;&nbsp;&nbsp; 5.0%, 5/15/2050 | 208000 | 166177 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($) (b)** | **Value ($)** |
| &nbsp;&nbsp;&nbsp; 5.75%, 2/15/2033 | 80000 | 78269 |
| &nbsp;&nbsp;&nbsp; Enterprise Products <br> Operating LLC:<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.3%, 2/15/2053 | 90000 | 59866 |
| &nbsp;&nbsp;&nbsp; 4.2%, 1/31/2050 | 144000 | 113223 |
| &nbsp;&nbsp;&nbsp; Oneok, Inc., <br> 6.1%, 11/15/2032<br>| 40000 | 39998 |
| &nbsp;&nbsp;&nbsp; Petroleos Mexicanos, <br> 6.7%, 2/16/2032<br>| 622000 | 488424 |
| &nbsp;&nbsp;&nbsp; Plains All American Pipeline <br> LP, 3.8%, 9/15/2030<br>| 50000 | 43454 |
| &nbsp;&nbsp;&nbsp; Saudi Arabian Oil Co., 144A, <br> 2.25%, 11/24/2030<br>| 625000 | 513950 |
| &nbsp;&nbsp;&nbsp; Williams Companies, Inc., <br> 4.65%, 8/15/2032<br>| 120000 | 111708 |
|  |  | **2245698** |
| **Financials 6.4%** | **Financials 6.4%** |  |
| AerCap Ireland Capital DAC: |  |  |
| &nbsp;&nbsp;&nbsp; 1.75%, 1/30/2026 | 150000 | 131967 |
| &nbsp;&nbsp;&nbsp; 3.4%, 10/29/2033 | 150000 | 113729 |
| &nbsp;&nbsp;&nbsp; Air Lease Corp., 4.125%, <br> Perpetual (c)<br>| 200000 | 137000 |
| &nbsp;&nbsp;&nbsp; Aircastle Ltd., 144A, 5.25%, <br> Perpetual (c)<br>| 130000 | 100100 |
| &nbsp;&nbsp;&nbsp; Ally Financial, Inc., 4.7%, <br> Perpetual (c)<br>| 500000 | 334375 |
| &nbsp;&nbsp;&nbsp; Ares Capital Corp., <br> 2.875%, 6/15/2027<br>| 150000 | 127128 |
| &nbsp;&nbsp;&nbsp; Banco Nacional de Panama, <br> 144A, 2.5%, 8/11/2030<br>| 200000 | 160300 |
| &nbsp;&nbsp;&nbsp; Banco Santander SA, <br> 5.294%, 8/18/2027<br>| 400000 | 390543 |
| Bank of America Corp.: |  |  |
| &nbsp;&nbsp;&nbsp; 2.972%, 2/4/2033 | 200000 | 161124 |
| &nbsp;&nbsp;&nbsp; 4.375%, Perpetual (c) | 530000 | 448873 |
| &nbsp;&nbsp;&nbsp; Bank of New York <br> Mellon Corp.:<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.7%, Perpetual (c) | 180000 | 160091 |
| &nbsp;&nbsp;&nbsp; 3.75%, Perpetual (c) | 345000 | 277883 |
| &nbsp;&nbsp;&nbsp; Blackstone Secured <br> Lending Fund:<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.85%, 9/30/2028 | 110000 | 85407 |
| &nbsp;&nbsp;&nbsp; 3.625%, 1/15/2026 | 155000 | 142578 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp., <br> 3.95% (d), Perpetual (c)<br>| 350000 | 274883 |
| Citigroup, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp; 2.561%, 5/1/2032 | 40000 | 31579 |
| &nbsp;&nbsp;&nbsp; 3.057%, 1/25/2033 | 70000 | 56491 |
| &nbsp;&nbsp;&nbsp; Enstar Finance LLC, <br> 5.5%, 1/15/2042<br>| 200000 | 159858 |
| &nbsp;&nbsp;&nbsp; HSBC Holdings PLC, <br> 7.39%, 11/3/2028<br>| 200000 | 210190 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., <br> 3.328%, 4/22/2052<br>| 27000 | 18247 |
| &nbsp;&nbsp;&nbsp; KKR Group Finance Co., XII <br> LLC, 144A, <br> 4.85%, 5/17/2032<br>| 130000 | 121373 |

---

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

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

---

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

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($) (b)** | **Value ($)** |
| &nbsp;&nbsp;&nbsp; Liberty Mutual Group, Inc., <br> 144A, 5.5%, 6/15/2052<br>| 50000 | 44860 |
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, <br> 4.716%, 8/11/2026<br>| 200000 | 195687 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley, <br> 2.484%, 9/16/2036<br>| 141000 | 102244 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services <br> Group, Inc., 3.4%, <br> Perpetual (c)<br>| 320000 | 253600 |
| &nbsp;&nbsp;&nbsp; REC Ltd., 144A, <br> 4.75%, 5/19/2023<br>| 200000 | 199072 |
| &nbsp;&nbsp;&nbsp; Societe Generale, 144A, <br> 9.375%, 11/22/2027<br>| 260000 | 266815 |
| Societe Generale SA: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A, 5.375%, <br> Perpetual (c)<br>| 250000 | 202534 |
| &nbsp;&nbsp;&nbsp; 144A, 6.221%, 6/15/2033 | 225000 | 210439 |
| &nbsp;&nbsp;&nbsp; State Street Corp., <br> 4.164%, 8/4/2033<br>| 130000 | 120085 |
| &nbsp;&nbsp;&nbsp; Synchrony Bank, <br> 5.625%, 8/23/2027<br>| 250000 | 243608 |
| &nbsp;&nbsp;&nbsp; The Charles Schwab Corp., <br> Series I, 4.0%, <br> Perpetual (c)<br>| 265000 | 229887 |
| &nbsp;&nbsp;&nbsp; The Goldman Sachs <br> Group, Inc.:<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.908%, 7/21/2042 | 80000 | 54402 |
| &nbsp;&nbsp;&nbsp; 3.8%, Perpetual (c) | 170000 | 138499 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp., 4.8%, <br> Perpetual (c)<br>| 300000 | 270076 |
| &nbsp;&nbsp;&nbsp; U.S. Bancorp., <br> 5.85%, 10/21/2033<br>| 60000 | 62288 |
| &nbsp;&nbsp;&nbsp; UBS Group AG, 144A, <br> 4.375%, Perpetual (c)<br>| 200000 | 151952 |
| &nbsp;&nbsp;&nbsp; Westpac Banking Corp., <br> 5.0%, Perpetual (c)<br>| 200000 | 174000 |
|  |  | **6563767** |
| **Health Care 1.7%** | **Health Care 1.7%** |  |
| Centene Corp.: |  |  |
| &nbsp;&nbsp;&nbsp; 2.45%, 7/15/2028 | 60000 | 50643 |
| &nbsp;&nbsp;&nbsp; 2.625%, 8/1/2031 | 130000 | 102154 |
| &nbsp;&nbsp;&nbsp; Charles River Laboratories <br> International, Inc., 144A, <br> 3.75%, 3/15/2029<br>| 300000 | 265320 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp., <br> 5.05%, 3/25/2048<br>| 175000 | 157070 |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc., <br> 6.1%, 10/15/2052<br>| 30000 | 31982 |
| HCA, Inc., 5.25%, 6/15/2026 | 300000 | 296379 |
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance <br> Netherlands III BV, <br> 3.15%, 10/1/2026<br>| 925000 | 808913 |
|  |  | **1712461** |
| **Industrials 1.7%** | **Industrials 1.7%** |  |
| &nbsp;&nbsp;&nbsp; Adani Ports & Special <br> Economic Zone Ltd., <br> 144A, 4.2%, 8/4/2027<br>| 200000 | 175555 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($) (b)** | **Value ($)** |
| &nbsp;&nbsp;&nbsp; American Airlines, Inc., <br> 144A, 5.5%, 4/20/2026<br>| 105000 | 100973 |
| Block, Inc., 2.75%, 6/1/2026 | 30000 | 26802 |
| &nbsp;&nbsp;&nbsp; Boeing Co., <br> 2.196%, 2/4/2026<br>| 237000 | 215329 |
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc., <br> 3.75%, 10/28/2029<br>| 135000 | 112215 |
| &nbsp;&nbsp;&nbsp; Eaton Corp., <br> 4.15%, 3/15/2033<br>| 80000 | 74369 |
| &nbsp;&nbsp;&nbsp; Humana, Inc, <br> 5.875%, 3/1/2033<br>| 40000 | 41292 |
| &nbsp;&nbsp;&nbsp; Kraft Heinz Foods Co., <br> 4.375%, 6/1/2046<br>| 200000 | 162521 |
| &nbsp;&nbsp;&nbsp; Mileage Plus Holdings LLC, <br> 144A, 6.5%, 6/20/2027<br>| 180012 | 178968 |
| &nbsp;&nbsp;&nbsp; Oracle Corp., <br> 6.9%, 11/9/2052<br>| 40000 | 42793 |
| &nbsp;&nbsp;&nbsp; Pacificorp., <br> 5.35%, 12/1/2053<br>| 115000 | 113815 |
| &nbsp;&nbsp;&nbsp; Philip Morris <br> International, Inc.:<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.625%, 11/17/2029 | 60000 | 60869 |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/17/2032 | 50000 | 50971 |
| &nbsp;&nbsp;&nbsp; Prime Security Services <br> Borrower LLC, 144A, <br> 5.25%, 4/15/2024<br>| 250000 | 245577 |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, <br> 4.95%, 11/21/2032<br>| 60000 | 60846 |
| &nbsp;&nbsp;&nbsp; United Rentals North <br> America, Inc., 144A, <br> 6.0%, 12/15/2029<br>| 110000 | 109313 |
|  |  | **1772208** |
| **Information Technology 1.2%** | **Information Technology 1.2%** |  |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc., 144A, <br> 2.6%, 2/15/2033<br>| 70000 | 52542 |
| &nbsp;&nbsp;&nbsp; Dell International LLC, <br> 5.3%, 10/1/2029<br>| 85000 | 83130 |
| HP, Inc., 5.5%, 1/15/2033 | 200000 | 187890 |
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc., <br> 6.75%, 11/1/2029<br>| 210000 | 213313 |
| MSCI, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 3.25%, 8/15/2033 | 40000 | 30890 |
| &nbsp;&nbsp;&nbsp; 144A, 3.625%, 9/1/2030 | 90000 | 74812 |
| NXP BV: |  |  |
| &nbsp;&nbsp;&nbsp; 2.65%, 2/15/2032 | 58000 | 45393 |
| &nbsp;&nbsp;&nbsp; 3.125%, 2/15/2042 | 60000 | 40668 |
| Open Text Corp.: |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 3.875%, 2/15/2028 | 175000 | 150173 |
| &nbsp;&nbsp;&nbsp; 144A, 6.9%, 12/1/2027 | 50000 | 50000 |
| Oracle Corp.: |  |  |
| &nbsp;&nbsp;&nbsp; 3.6%, 4/1/2050 | 7000 | 4713 |
| &nbsp;&nbsp;&nbsp; 3.65%, 3/25/2041 | 118000 | 87107 |
| &nbsp;&nbsp;&nbsp; SK Hynix, Inc., 144A, <br> 1.5%, 1/19/2026<br>| 200000 | 173321 |
|  |  | **1193952** |

---

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

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

---

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

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($) (b)** | &nbsp;&nbsp; **Principal**<br> **Amount ($) (b)** | **Value ($)** |
| **Materials 1.2%** | **Materials 1.2%** | **Materials 1.2%** |  |
| &nbsp;&nbsp;&nbsp; AngloGold Ashanti Holdings <br> PLC, 3.75%, 10/1/2030<br>|  | 200000 | 173467 |
| &nbsp;&nbsp;&nbsp; Berry Global, Inc., <br> 1.65%, 1/15/2027<br>|  | 300000 | 256581 |
| Celanese U.S. Holdings LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.9%, 7/5/2024 |  | 225000 | 224927 |
| &nbsp;&nbsp;&nbsp; 6.165%, 7/15/2027 |  | 290000 | 286035 |
| &nbsp;&nbsp;&nbsp; MEGlobal Canada ULC, <br> 144A, 5.0%, 5/18/2025<br>|  | 256000 | 251392 |
| &nbsp;&nbsp;&nbsp; Suzano Austria GmbH, <br> 2.5%, 9/15/2028<br>|  | 80000 | 67310 |
|  |  |  | **1259712** |
| **Real Estate 0.2%** | **Real Estate 0.2%** | **Real Estate 0.2%** |  |
| Boston Properties LP: |  |  |  |
| &nbsp;&nbsp;&nbsp; (REIT), 2.55%, 4/1/2032 |  | 75000 | 57019 |
| &nbsp;&nbsp;&nbsp; 6.75%, 12/1/2027 |  | 90000 | 92799 |
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership <br> LP, (REIT), <br> 3.5%, 3/15/2031<br>|  | 80000 | 54839 |
|  |  |  | **204657** |
| **Utilities 2.2%** | **Utilities 2.2%** | **Utilities 2.2%** |  |
| &nbsp;&nbsp;&nbsp; CMS Energy Corp., <br> 3.75%, 12/1/2050<br>|  | 400000 | 301226 |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp., <br> 3.25%, 1/15/2082<br>|  | 250000 | 182601 |
| &nbsp;&nbsp;&nbsp; Duke Energy Florida LLC, <br> 5.95%, 11/15/2052<br>|  | 50000 | 53215 |
| &nbsp;&nbsp;&nbsp; Enel Finance International <br> NV, 144A, <br> 5.0%, 6/15/2032<br>|  | 210000 | 189131 |
| &nbsp;&nbsp;&nbsp; Eskom Holdings SOC Ltd., <br> REG S, 6.35%, 8/10/2028<br>|  | 200000 | 184500 |
| &nbsp;&nbsp;&nbsp; New England Power Co., <br> 144A, <br> 5.936%, 11/25/2052<br>|  | 50000 | 51414 |
| &nbsp;&nbsp;&nbsp; NextEra Energy Operating <br> Partners LP:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A, 3.875%, <br> 10/15/2026<br>|  | 190000 | 173854 |
| &nbsp;&nbsp;&nbsp; 144A, 4.25%, 7/15/2024 |  | 275000 | 266750 |
| Pacific Gas and Electric Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.5%, 2/1/2031 |  | 20000 | 15518 |
| &nbsp;&nbsp;&nbsp; 3.25%, 6/1/2031 |  | 80000 | 65028 |
| &nbsp;&nbsp;&nbsp; 3.3%, 8/1/2040 |  | 70000 | 47395 |
| &nbsp;&nbsp;&nbsp; 5.45%, 6/15/2027 |  | 90000 | 88750 |
| &nbsp;&nbsp;&nbsp; Perusahaan Listrik Negara <br> PT, 144A, <br> 2.875%, 10/25/2025<br>| EUR | 260000 | 268025 |
| &nbsp;&nbsp;&nbsp; Sempra Energy, <br> 4.125%, 4/1/2052<br>|  | 310000 | 240044 |
| &nbsp;&nbsp;&nbsp; Southern Co., <br> 3.75%, 9/15/2051<br>|  | 215000 | 173602 |
|  |  |  | **2301053** |
| **Total Corporate Bonds** (Cost $24,083,024) | **Total Corporate Bonds** (Cost $24,083,024) | **Total Corporate Bonds** (Cost $24,083,024) | **20637541** |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($) (b)** | **Value ($)** |
| **Asset-Backed 4.6%** | **Asset-Backed 4.6%** | **Asset-Backed 4.6%** |
| **Automobile Receivables 0.2%** | **Automobile Receivables 0.2%** |  |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Bank NA, <br> "E", Series 2021-1, 144A, <br> 2.365%, 9/25/2028<br>| 199667 | **192543** |
| **Miscellaneous 4.4%** | **Miscellaneous 4.4%** |  |
| &nbsp;&nbsp;&nbsp; CF Hippolyta Issuer LLC, <br> "B1", Series 2021-1A, <br> 144A, 1.98%, 3/15/2061<br>| 525350 | 438009 |
| &nbsp;&nbsp;&nbsp; DB Master Finance LLC, <br> "A23", Series 2021-1A, <br> 144A, <br> 2.791%, 11/20/2051<br>| 1113750 | 857973 |
| &nbsp;&nbsp;&nbsp; Domino's Pizza Master <br> Issuer LLC, "A23", <br> Series 2017-1A, 144A, <br> 4.118%, 7/25/2047<br>| 323850 | 296784 |
| &nbsp;&nbsp;&nbsp; Madison Park Funding XXVI <br> Ltd., "AR", Series 2007-4A, <br> 144A, 3-month USD-<br> LIBOR + 1.2%, 5.615% <br> (e), 7/29/2030<br>| 1100000 | 1089537 |
| &nbsp;&nbsp;&nbsp; Octagon Investment <br> Partners Ltd., "A1R", <br> Series 2019-4A, 144A, <br> 3-month USD-LIBOR + <br> 1.15%, 5.8% <br> (e), 5/12/2031<br>| 750000 | 737482 |
| &nbsp;&nbsp;&nbsp; Venture 37 CLO Ltd., "A1R", <br> Series 2019-37A, 144A, <br> 3-month USD-LIBOR + <br> 1.15%, 5.229% <br> (e), 7/15/2032<br>| 800000 | 778693 |
| &nbsp;&nbsp;&nbsp; Wendy's Funding LLC, "A2II", <br> Series 2021-1A, 144A, <br> 2.775%, 6/15/2051<br>| 415670 | 323860 |
|  |  | **4522338** |
| **Total Asset-Backed** (Cost $5,224,468) | **Total Asset-Backed** (Cost $5,224,468) | **4714881** |
| **Mortgage-Backed Securities Pass-**<br> **Throughs 0.0%** | **Mortgage-Backed Securities Pass-**<br> **Throughs 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Federal Home Loan <br> Mortgage Corp., <br> 6.0%, 3/1/2038<br>| 924 | 970 |
| &nbsp;&nbsp;&nbsp; Federal National <br> Mortgage Association:<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.5%, 9/1/2035 | 2796 | 2757 |
| &nbsp;&nbsp;&nbsp; 6.0%, 1/1/2024 | 806 | 803 |
| &nbsp;&nbsp;&nbsp; **Total Mortgage-Backed Securities Pass-**<br> **Throughs** <br> (Cost $4,380) | &nbsp;&nbsp;&nbsp; **Total Mortgage-Backed Securities Pass-**<br> **Throughs** <br> (Cost $4,380) | **4530** |
| **Commercial Mortgage-Backed** <br> **Securities 2.0%** | **Commercial Mortgage-Backed** <br> **Securities 2.0%** |  |
| &nbsp;&nbsp;&nbsp; Citigroup Commercial <br> Mortgage Trust, "D", <br> Series 2019-PRM, 144A, <br> 4.35%, 5/10/2036<br>| 500000 | 494667 |

---

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

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

---

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

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($) (b)** | **Value ($)** |
| &nbsp;&nbsp;&nbsp; Credit Suisse Commercial <br> Mortgage Trust, "B", <br> Series 2020-TMIC, 144A, <br> 1-month USD-LIBOR + <br> 5.0%, 9.818% <br> (e), 12/15/2035<br>| 700000 | 694420 |
| &nbsp;&nbsp;&nbsp; Credit Suisse Mortgage <br> Trust, "A", Series 2020-<br> TMIC, 144A, 1-month <br> USD-LIBOR + 3.0%, <br> 7.818% (e), 12/15/2035<br>| 700000 | 697355 |
| &nbsp;&nbsp;&nbsp; Freddie Mac Multifamily <br> Structured Credit Risk, <br> "M2", Series 2021-MN1, <br> 144A, 30-day average <br> SOFR + 3.75%, 7.678% <br> (e), 1/25/2051<br>| 194000  | 173256 |
| &nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-Backed** <br> **Securities** <br> (Cost $2,110,968) | &nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-Backed** <br> **Securities** <br> (Cost $2,110,968) | **2059698** |
| **Collateralized Mortgage Obligations 0.8%** | **Collateralized Mortgage Obligations 0.8%** | **Collateralized Mortgage Obligations 0.8%** |
| &nbsp;&nbsp;&nbsp; Connecticut Avenue <br> Securities Trust:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "1M2", Series 2019-R03, <br> 144A, 1-month USD-<br> LIBOR + 2.15%, <br> 6.539% (e), 9/25/2031<br>| 6887 | 6870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "1M2", Series 2019-R02, <br> 144A, 1-month USD-<br> LIBOR + 2.3%, 6.689% <br> (e), 8/25/2031<br>| 8594 | 8583 |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage <br> Association, "I", <br> Series 2003-84, Interest <br> Only, 6.0%, 9/25/2033<br>| 46286 | 9060 |
| &nbsp;&nbsp;&nbsp; Freddie Mac Structured <br> Agency Credit Risk <br> Debt Notes:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "M2", Series 2020-DNA2, <br> 144A, 1-month USD-<br> LIBOR + 1.85%, <br> 6.239% (e), 2/25/2050<br>| 429247 | 428301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "M2", Series 2019-DNA2, <br> 144A, 1-month USD-<br> LIBOR + 2.45%, <br> 6.839% (e), 3/25/2049<br>| 256499 | 253928 |
| &nbsp;&nbsp;&nbsp; JPMorgan Mortgage Trust, <br> "AM", Series 2016-3, <br> 144A, <br> 3.241%, 10/25/2046<br>| 130459  | 114907 |
| &nbsp;&nbsp;&nbsp; **Total Collateralized Mortgage Obligations** <br> (Cost $837,883) | &nbsp;&nbsp;&nbsp; **Total Collateralized Mortgage Obligations** <br> (Cost $837,883) | **821649** |
| **Government & Agency Obligations 5.2%** | **Government & Agency Obligations 5.2%** | **Government & Agency Obligations 5.2%** |
| **Sovereign Bonds 0.9%** | **Sovereign Bonds 0.9%** |  |
| &nbsp;&nbsp;&nbsp; Brazilian Government <br> International Bond, <br> 3.875%, 6/12/2030<br>| 200000 | 173567 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($) (b)** | **Value ($)** |
| &nbsp;&nbsp;&nbsp; Indonesia Government <br> International Bond:<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.85%, 2/14/2030 | 312000 | 276938 |
| &nbsp;&nbsp;&nbsp; 3.85%, 10/15/2030 | 300000 | 280554 |
| &nbsp;&nbsp;&nbsp; Perusahaan Penerbit SBSN <br> Indonesia III, 144A, <br> 2.8%, 6/23/2030<br>| 200000 | 175000 |
|  |  | **906059** |
| **U.S. Treasury Obligations 4.3%** | **U.S. Treasury Obligations 4.3%** |  |
| U.S. Treasury Bonds: |  |  |
| &nbsp;&nbsp;&nbsp; 1.875%, 11/15/2051 | 277400 | 175694 |
| &nbsp;&nbsp;&nbsp; 2.0%, 11/15/2041 | 163100 | 116457 |
| U.S. Treasury Notes: |  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 5/31/2029 | 2326900 | 2161836 |
| &nbsp;&nbsp;&nbsp; 2.875%, 5/15/2032 | 2171700 | 2001357  |
|  |  | **4455344** |
| &nbsp;&nbsp;&nbsp; **Total Government & Agency Obligations** <br> (Cost $5,825,677) | &nbsp;&nbsp;&nbsp; **Total Government & Agency Obligations** <br> (Cost $5,825,677) | **5361403** |
| **Short-Term U.S. Treasury Obligation 1.4%** | **Short-Term U.S. Treasury Obligation 1.4%** | **Short-Term U.S. Treasury Obligation 1.4%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills, 1.998% <br> (f), 4/20/2023 (g) (h) <br> (Cost $1,490,926)<br>| 1500000 | **1480443** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Exchange-Traded Funds 2.8%** | **Exchange-Traded Funds 2.8%** | **Exchange-Traded Funds 2.8%** |
| &nbsp;&nbsp;&nbsp; SPDR Bloomberg Convertible <br> Securities ETF <br> (Cost $2,340,555)<br>| 43880 | **2823239** |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| &nbsp;&nbsp;&nbsp; DWS Government & Agency <br> Securities Portfolio "DWS <br> Government Cash <br> Institutional Shares", 4.07% <br> (i) (j) <br>(Cost $82,000)<br>| 82000 | **82000** |
| **Cash Equivalents 1.1%** | **Cash Equivalents 1.1%** | **Cash Equivalents 1.1%** |
| &nbsp;&nbsp;&nbsp; DWS Central Cash <br> Management Government <br> Fund, 4.2% (i) <br> (Cost $1,133,981)<br>| 1133981 | **1133981** |

---

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

---

| | | |
|:---|:---|:---|
|  | **% of** <br>**Net Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** <br> (Cost $99,784,523)<br>| &nbsp;&nbsp; 99.6 | **102268925** |
| **Other Assets and** <br> **Liabilities, Net**<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.4 | **400057** |
| **Net Assets** | 100.0 | **102668982** |

---

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

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

---

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

---

------

A summary of the Fund's transactions with affiliated investments during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at** <br>**12/31/2021**<br>| **Purchases** <br>**Cost ($)**<br>| **Sales** <br>**Proceeds ($)**<br>| **Net Realized** <br>**Gain/** <br>**(Loss) ($)**<br>| **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)** <br> **($)**<br>| **Income ($)** | **Capital Gain** <br>**Distributions** <br> **($)**<br>| **Number** <br>**of Shares** <br>**at** <br>**12/31/2022**<br>| **Value ($) at** <br>**12/31/2022**<br>|
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (i) (j) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (i) (j) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (i) (j) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (i) (j) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (i) (j) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (i) (j) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (i) (j) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (i) (j) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (i) (j) |
| 4062127 |  | 3,980,127 (k) |  |  | 20958 |  | 82000 | 82000 |
| **Cash Equivalents 1.1%** | **Cash Equivalents 1.1%** | **Cash Equivalents 1.1%** | **Cash Equivalents 1.1%** | **Cash Equivalents 1.1%** | **Cash Equivalents 1.1%** | **Cash Equivalents 1.1%** | **Cash Equivalents 1.1%** | **Cash Equivalents 1.1%** |
| DWS Central Cash Management Government Fund, 4.2% (i) | DWS Central Cash Management Government Fund, 4.2% (i) | DWS Central Cash Management Government Fund, 4.2% (i) | DWS Central Cash Management Government Fund, 4.2% (i) | DWS Central Cash Management Government Fund, 4.2% (i) | DWS Central Cash Management Government Fund, 4.2% (i) | DWS Central Cash Management Government Fund, 4.2% (i) | DWS Central Cash Management Government Fund, 4.2% (i) | DWS Central Cash Management Government Fund, 4.2% (i) |
| 1914561 | 43112263 | 43892843 |  |  | 30109 |  | 1133981 | 1133981 |
| **5976688** | **43112263** | **47872970** |  |  | **51067** |  | **1215981** | **1215981** |

---

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

\* Non-income producing security.

(a) Investment was valued using significant unobservable inputs.

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

(c) Perpetual, callable security with no stated maturity date.

(d) All or a portion of these securities were on loan. In addition, "Other Assets and Liabilities, Net" may include pending sales that are also on loan. The value of securities loaned at December 31, 2022 amounted to $78,540, which is 0.1% of net assets. 

(e) Variable or floating rate security. These securities are shown at their current rate as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description above. Certain variable rate securities are not based on a published reference rate and spread but adjust periodically based on current market conditions, prepayment of underlying positions and/or other variables. Securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. 

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

(g) At December 31, 2022, this security has been pledged, in whole or in part, to cover initial margin requirements for open centrally cleared swap contracts. 

(h) At December 31, 2022, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts. 

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

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

(k) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended December 31, 2022. 

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

---

| |
|:---|
| 144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions <br> exempt from registration, normally to qualified institutional buyers.<br>|
| ADR: American Depositary Receipt |
| CLO: Collateralized Loan Obligation |
| Interest Only: Interest Only (IO) bonds represent the "interest only" portion of payments on a pool of underlying mortgages or <br> mortgage-backed securities. IO securities are subject to prepayment risk of the pool of underlying mortgages.<br>|
| MSCI: Morgan Stanley Capital International |
| REG S: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or <br> benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the <br> Securities Act of 1933.<br>|
| REIT: Real Estate Investment Trust |
| S&P: Standard & Poor's |
| SBSN: Surat Berharga Syariah Negara (Islamic Based Government Securities) |
| SOC: State Owned Company |
| SOFR: Secured Overnight Financing Rate |
| SPDR: Standard & Poor's Depositary Receipt |

---

LIBOR: London Interbank Offered Rate, the benchmark rate for certain floating rate securities, has been phased out as of the end of 2021 for most maturities and currencies, although certain widely used US Dollar LIBOR rates are expected to continue to be published through June 2023 to assist with the transition. The transition process from LIBOR towards its expected replacement reference rate with the Secured Overnight Financing Rate (SOFR) for US Dollar LIBOR rates has become increasingly well defined, especially following the signing of the federal Adjustable Interest Rate (LIBOR) Act in March 2022 , and the adoption of implementing regulations in December 2022, which will replace LIBOR-based benchmark rates in instruments with no, or insufficient, alternative rate-setting provisions with a SOFR-based rate following the cessation of LIBOR. However, the Fund or the instruments in which the Fund invests may be adversely affected by the phase out by, among other things, increased volatility or illiquidity.

Included in the portfolio are investments in mortgage or asset-backed securities which are interests in separate pools of mortgages or assets. Effective maturities of these investments may be shorter than stated maturities due to prepayments.

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

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

---

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

---

------

At December 31, 2022, open futures contracts purchased were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Futures** | **Currency** | **Expiration** <br>**Date**<br>| **Contracts** | **Notional** <br>**Amount ($)**<br>| **Notional** <br>**Value ($)**<br>| **Unrealized** <br>**Depreciation ($)**<br>|
| 10 Year U.S. Treasury Note | USD | 3/22/2023 | 16 | 1813405 | 1796750 | (16655) |
| MSCI Emerging Market Index | USD | 3/17/2023 | 53 | 2579391 | 2542410 | (36981) |
| Ultra 10 Year U.S. Treasury Note | USD | 3/22/2023 | 9 | 1073976 | 1064531 | (9445) |
| Ultra Long U.S. Treasury Bond | USD | 3/22/2023 | 32 | 4356994 | 4298000 | (58994) |
| **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **(122075)** |

---

At December 31, 2022, open futures contracts sold were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Futures** | **Currency** | **Expiration** <br>**Date**<br>| **Contracts** | **Notional** <br>**Amount ($)**<br>| **Notional** <br>**Value ($)**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation) ($)**<br>|
| 5 Year U.S. Treasury Note | USD | 3/31/2023 | 18 | 1941360 | 1942734 | (1374) |
| Euro Stoxx 50 Index | EUR | 3/17/2023 | 15 | 637019 | 607748 | 29271 |
| Euro-Schatz | EUR | 3/8/2023 | 27 | 3079625 | 3046863 | 32762 |
| S&P 500 E-Mini Index | USD | 3/17/2023 | 36 | 7245993 | 6949800 | 296193 |
| TOPIX Index | JPY | 3/9/2023 | 1 | 148215 | 144125 | 4090 |
| **Total net unrealized appreciation** | **Total net unrealized appreciation** | **Total net unrealized appreciation** | **Total net unrealized appreciation** | **Total net unrealized appreciation** | **Total net unrealized appreciation** | **360942** |

---

At December 31, 2022, open interest rate swap contracts were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Swaps** | **Centrally Cleared Swaps** | **Centrally Cleared Swaps** | **Centrally Cleared Swaps** | **Centrally Cleared Swaps** | **Centrally Cleared Swaps** | **Centrally Cleared Swaps** | **Centrally Cleared Swaps** |
| **Cash Flows** <br>**Paid by** <br>**the Fund/** <br>**Frequency**<br>| &nbsp;&nbsp;&nbsp; **Cash Flows** <br>**Received by** <br>**the Fund/** <br>**Frequency**<br>| &nbsp;&nbsp;&nbsp; **Effective/** <br>**Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Notional** <br>**Amount** <br>**($)**<br>| **Currency** | &nbsp;&nbsp; **Value** <br>**($)**<br>| &nbsp;&nbsp; **Upfront** <br>**Payments** <br>**Paid/** <br>**(Received)** <br>**($)**<br>| &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>**($)**<br>|
| Fixed — 0.25%<br> Semi-Annually<br>| &nbsp;&nbsp;&nbsp; Floating — 3-Month LIBOR<br> Quarterly β<br>| &nbsp;&nbsp;&nbsp; 3/16/2021/<br> 3/16/2023<br>| 3200000 | USD | &nbsp;&nbsp; 34390 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 34359 |
| Fixed — 0.45%<br> Semi-Annually<br>| &nbsp;&nbsp;&nbsp; Floating — 3-Month LIBOR<br> Quarterly β<br>| &nbsp;&nbsp;&nbsp; 3/16/2021/<br> 3/16/2024<br>| 2100000 | USD | 115192 | (20) | 115212 |
| Fixed — 1.3%<br> Semi-Annually<br>| &nbsp;&nbsp;&nbsp; Floating — 3-Month LIBOR<br> Quarterly β<br>| &nbsp;&nbsp;&nbsp; 3/16/2021/<br> 3/16/2028<br>| &nbsp;&nbsp;&nbsp; 400000 | USD | &nbsp;&nbsp; 49136 | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 49066 |
| Fixed — 1.63%<br> Semi-Annually<br>| &nbsp;&nbsp;&nbsp; Floating — 3-Month LIBOR<br> Quarterly β<br>| &nbsp;&nbsp;&nbsp; 3/16/2021/<br> 3/16/2031<br>| &nbsp;&nbsp;&nbsp; 300000 | USD | &nbsp;&nbsp; 45205 | 293 | &nbsp;&nbsp; 44912 |
| **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **243549** |

---

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

---

| | |
|:---|:---|
| β | 3-month LIBOR rate as of December 31, 2022 is 4.767%. |

---

At December 31, 2022, the Fund had the following open forward foreign currency contracts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** | **In Exchange For** | **In Exchange For** | **Settlement** <br>**Date**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation ($)**<br>| **Counterparty** |
| USD | 3670786 | EUR | 3465804 | 3/8/2023 | **55084** | Bank of America |

---

**Currency Abbreviation(s)**

------

EUR Euro <br> JPY Japanese Yen <br> USD United States Dollar

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

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

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

---

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

---

------

**Fair Value Measurements**

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

The following is a summary of the inputs used as of December 31, 2022 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Communication Services | $3540584 | $1607205 | $— | $5147789 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | &nbsp;&nbsp; 3537440 | &nbsp;&nbsp; 1223869 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4761309 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | &nbsp;&nbsp; 3325968 | &nbsp;&nbsp; 2678346 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6004314 |
| &nbsp;&nbsp;&nbsp; Energy | &nbsp;&nbsp; 3516870 | &nbsp;&nbsp; 660081 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4176951 |
| &nbsp;&nbsp;&nbsp; Financials | &nbsp;&nbsp; 5116038 | &nbsp;&nbsp; 4573149 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9689187 |
| &nbsp;&nbsp;&nbsp; Health Care | &nbsp;&nbsp; 4873314 | &nbsp;&nbsp; 2201253 | &nbsp;&nbsp; 204 | &nbsp;&nbsp; 7074771 |
| &nbsp;&nbsp;&nbsp; Industrials | &nbsp;&nbsp; 3481347 | &nbsp;&nbsp; 2032069 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5513416 |
| &nbsp;&nbsp;&nbsp; Information Technology | &nbsp;&nbsp; 12132380 | &nbsp;&nbsp; 786597 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12918977 |
| &nbsp;&nbsp;&nbsp; Materials | &nbsp;&nbsp; 1357906 | &nbsp;&nbsp; 547429 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1905335 |
| &nbsp;&nbsp;&nbsp; Real Estate | &nbsp;&nbsp; 1736274 | &nbsp;&nbsp; 496578 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2232852 |
| &nbsp;&nbsp;&nbsp; Utilities | &nbsp;&nbsp; 374856 | &nbsp;&nbsp; 725553 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1100409 |
| Preferred Stocks (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2607306 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2607306 |
| Warrants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16944 | &nbsp;&nbsp; 16944 |
| Corporate Bonds (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 20637541 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20637541 |
| Asset-Backed (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 4714881 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4714881 |
| Mortgage-Backed Securities Pass-Throughs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 4530 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4530 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 2059698 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2059698 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 821649 | &nbsp;&nbsp; — | &nbsp;&nbsp; 821649 |
| Government & Agency Obligations (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 5361403 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5361403 |
| Short-Term U.S. Treasury Obligation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 1480443 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1480443 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 2823239 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2823239 |
| Short-Term Investments (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1215981 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1215981 |
| Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; 362316 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 362316 |
| &nbsp;&nbsp;&nbsp; Interest Rate Swap Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 243549 | &nbsp;&nbsp; — | &nbsp;&nbsp; 243549 |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 55084 | &nbsp;&nbsp; — | &nbsp;&nbsp; 55084 |
| **Total** | **$50001819** | **$52910907** | **$17148**  | **$102929874** |
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $(123449) | $—  | $—  | $(123449) |
| **Total** | **$(123449)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$**— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$**— | **$(123449)** |

---

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

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

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

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

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

---

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

---

------

**Statement of Assets and Liabilities**

<br>as of December 31, 2022

------

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in non-affiliated securities, at value (cost $98,568,542) — including $78,540 of securities loaned | $101052944 |
| Investment in DWS Government & Agency Securities Portfolio (cost $82,000)\* <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82000 |
| Investment in DWS Central Cash Management Government Fund (cost $1,133,981) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1133981 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15790 |
| Foreign currency, at value (cost $109,258) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110872 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3720 |
| Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170561 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 319705 |
| Receivable for variation margin on centrally cleared swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1877 |
| Unrealized appreciation on forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55084 |
| Foreign taxes recoverable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92412 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1725 |
| Total assets | &nbsp;&nbsp;&nbsp;&nbsp; 103040671 |
| **Liabilities** |  |
| Payable upon return of securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82000 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84878 |
| Payable for variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31948 |
| Accrued management fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32845 |
| Accrued Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2311 |
| Other accrued expenses and payables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137707 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 371689 |
| **Net assets, at value** | **$102668982** |
| **Net Assets Consist of** |  |
| Distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2263453 |
| Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp; 100405529 |
| **Net assets, at value** | **$102668982** |
| **Net Asset Value** |  |
| **Class A** |  |
| **Net Asset Value,** offering and redemption price per share ($102,657,572 ÷ 5,077,917 outstanding shares of beneficial <br> interest, no par value, unlimited number of shares authorized)<br>| **$20.22** |
| **Class B** |  |
| **Net Asset Value,** offering and redemption price per share ($11,410 ÷ 566 outstanding shares of beneficial interest, <br> no par value, unlimited number of shares authorized)\*\* <br>| **$20.17** |

---

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

\* Represents collateral on securities loaned. <br> \*\* Net asset value and redemption price per share may not recalculate due to rounding of net assets and/or shares outstanding.

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

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

---

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

---

------

**Statement of Operations**

for the year ended December 31, 2022

------

---

| | |
|:---|:---|
| **Investment Income** |  |
| Income: |  |
| Dividends (net of foreign taxes withheld of $146,656) | $2330458 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp; 1492548 |
| Income distributions — DWS Central Cash Management Government Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30109 |
| Securities lending income, net of borrower rebates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20958 |
| Total income | &nbsp;&nbsp;&nbsp;&nbsp; 3874073 |
| Expenses: |  |
| Management fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415967 |
| Administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109051 |
| Services to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 919 |
| Distribution service fee (Class B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25769 |
| Audit fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71361 |
| Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22233 |
| Tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9692 |
| Reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44767 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7778 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20033 |
| Total expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 727600 |
| Expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19) |
| Total expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 727581 |
| **Net investment income** | **3146492** |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) from: |  |
| Investments | &nbsp;&nbsp;&nbsp;&nbsp; (2610606) |
| Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111285 |
| Futures | &nbsp;&nbsp;&nbsp;&nbsp; (1095742) |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127088 |
| Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11059) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (3479034) |
| Change in net unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; (19540683) |
| Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212536 |
| Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 224783 |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51974 |
| Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76862 |
|  | &nbsp;&nbsp; (18974528) |
| **Net gain (loss)** | **(22453562)** |
| **Net increase (decrease) in net assets resulting from operations** | **$(19307070)** |

---

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

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

---

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

---

------

**Statements of Changes in Net Assets**

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

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
| **Increase (Decrease) in Net Assets** | **2022** | **2021** |
| Operations: |  |  |
| Net investment income | $3146492 | $3073408 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (3479034) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9810558 |
| Change in net unrealized appreciation <br>(depreciation)<br>| &nbsp;&nbsp;&nbsp; (18974528) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 554839 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp; (19307070) | &nbsp;&nbsp;&nbsp;&nbsp; 13438805 |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp; (12945935) | &nbsp;&nbsp;&nbsp;&nbsp; (4841632) |
| &nbsp;&nbsp;&nbsp; Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1320) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (443) |
| Total distributions | &nbsp;&nbsp;&nbsp; (12947255) | &nbsp;&nbsp;&nbsp;&nbsp; (4842075) |
| Fund share transactions: |  |  |
| **Class A** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4686710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7428971 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp; 12945935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4841632 |
| Payments for shares redeemed | &nbsp;&nbsp;&nbsp; (14102685) | &nbsp;&nbsp;&nbsp; (16230213) |
| Net increase (decrease) in net assets from Class A share transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3529960 | &nbsp;&nbsp;&nbsp;&nbsp; (3959610) |
| **Class B** |  |  |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 443 |
| Net increase (decrease) in net assets from Class B share transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 443 |
| **Increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; (28723045) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4637563 |
| Net assets at beginning of period | &nbsp;&nbsp; 131392027 | &nbsp;&nbsp; 126754464 |
| **Net assets at end of period** | **$102668982** | **$131392027**  |

---

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

---

| | | |
|:---|:---|:---|
| **Other Information** |  |  |
| **Class A** |  |  |
| Shares outstanding at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4905426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5056269 |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 282829 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 602697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189422 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (645929) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (623094) |
| Net increase (decrease) in Class A shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150843) |
| Shares outstanding at end of period | **5077917** | **4905426** |
| **Class B** |  |  |
| Shares outstanding at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| Net increase (decrease) in Class B shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| Shares outstanding at end of period | **566** | **504** |

---

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

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

---

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

---

------

<br>**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DWS Global Income Builder VIP** — **Class A** | **DWS Global Income Builder VIP** — **Class A** | **DWS Global Income Builder VIP** — **Class A** | **DWS Global Income Builder VIP** — **Class A** | **DWS Global Income Builder VIP** — **Class A** | **DWS Global Income Builder VIP** — **Class A** |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |
| **Net asset value, beginning of period** | **$26.78** | **$25.07** | **$24.63** | **$21.33** | **$26.56** |
| *Income (loss) from investment operations:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>a</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .80 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (4.47) | &nbsp;&nbsp;&nbsp;&nbsp; 2.08 | &nbsp;&nbsp;&nbsp;&nbsp; 1.16 | &nbsp;&nbsp;&nbsp;&nbsp; 3.54 | &nbsp;&nbsp;&nbsp; (2.67) |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (3.86) | &nbsp;&nbsp;&nbsp;&nbsp; 2.70 | &nbsp;&nbsp;&nbsp;&nbsp; 1.73 | &nbsp;&nbsp;&nbsp;&nbsp; 4.23 | &nbsp;&nbsp;&nbsp; (1.87) |
| *Less distributions from:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.69) | &nbsp;&nbsp;&nbsp;&nbsp; (.62) | &nbsp;&nbsp;&nbsp;&nbsp; (.74) | &nbsp;&nbsp;&nbsp;&nbsp; (.90) | &nbsp;&nbsp;&nbsp;&nbsp; (.98) |
| &nbsp;&nbsp;&nbsp; Net realized gains | &nbsp;&nbsp;&nbsp; (2.01) | &nbsp;&nbsp;&nbsp;&nbsp; (.37) | &nbsp;&nbsp;&nbsp;&nbsp; (.55) | &nbsp;&nbsp;&nbsp;&nbsp; (.03) | &nbsp;&nbsp;&nbsp; (2.38) |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (2.70) | &nbsp;&nbsp;&nbsp;&nbsp; (.99) | &nbsp;&nbsp;&nbsp; (1.29) | &nbsp;&nbsp;&nbsp;&nbsp; (.93) | &nbsp;&nbsp;&nbsp; (3.36) |
| **Net asset value, end of period** | **$20.22** | **$26.78** | **$25.07** | **$24.63** | **$21.33** |
| Total Return (%) | (14.98) | &nbsp;&nbsp; 10.95 | &nbsp;&nbsp;&nbsp;&nbsp; 8.28 | &nbsp;&nbsp; 20.16 | &nbsp;&nbsp;&nbsp; (7.66)<sup>b</sup> <br>|
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp;&nbsp; 127 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp; 120 |
| Ratio of expenses before expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .69 |
| Ratio of expenses after expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .68 |
| Ratio of net investment income (%) | &nbsp;&nbsp;&nbsp;&nbsp; 2.80 | &nbsp;&nbsp;&nbsp;&nbsp; 2.36 | &nbsp;&nbsp;&nbsp;&nbsp; 2.51 | &nbsp;&nbsp;&nbsp;&nbsp; 2.96 | &nbsp;&nbsp;&nbsp;&nbsp; 3.34 |
| Portfolio turnover rate (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp;&nbsp; 137 | &nbsp;&nbsp;&nbsp;&nbsp; 182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 |

---

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

<sup>a</sup> Based on average shares outstanding during the period.

<sup>b</sup> Total return would have been lower had certain expenses not been reduced.

<sup>c</sup> Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. 

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

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

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

---

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

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DWS Global Income Builder VIP** — **Class B** | **DWS Global Income Builder VIP** — **Class B** | **DWS Global Income Builder VIP** — **Class B** | **DWS Global Income Builder VIP** — **Class B** | **DWS Global Income Builder VIP** — **Class B** | **DWS Global Income Builder VIP** — **Class B** |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | &nbsp;&nbsp; **Period** <br>**Ended**<br>|
|  | **2022** | **2021** | **2020** | **2019** | **12/31/18**<sup>a</sup> <br>|
| **Selected Per Share Data** |  |  |  |  |  |
| **Net asset value, beginning of period** | **$26.70** | **$25.01** | **$24.61** | **$21.30** | **$22.65** |
| *Income (loss) from investment operations:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>b</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .50 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (4.46) | &nbsp;&nbsp;&nbsp;&nbsp; 2.08 | &nbsp;&nbsp;&nbsp;&nbsp; 1.15 | &nbsp;&nbsp;&nbsp;&nbsp; 3.55 | &nbsp;&nbsp;&nbsp; (1.85) |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (3.91) | &nbsp;&nbsp;&nbsp;&nbsp; 2.60 | &nbsp;&nbsp;&nbsp;&nbsp; 1.65 | &nbsp;&nbsp;&nbsp;&nbsp; 4.20 | &nbsp;&nbsp;&nbsp; (1.35) |
| *Less distributions from:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.61) | &nbsp;&nbsp;&nbsp;&nbsp; (.54) | &nbsp;&nbsp;&nbsp;&nbsp; (.70) | &nbsp;&nbsp;&nbsp;&nbsp; (.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Net realized gains | &nbsp;&nbsp;&nbsp; (2.01) | &nbsp;&nbsp;&nbsp;&nbsp; (.37) | &nbsp;&nbsp;&nbsp;&nbsp; (.55) | &nbsp;&nbsp;&nbsp;&nbsp; (.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (2.62) | &nbsp;&nbsp;&nbsp;&nbsp; (.91) | &nbsp;&nbsp;&nbsp; (1.25) | &nbsp;&nbsp;&nbsp;&nbsp; (.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Net asset value, end of period** | **$20.17** | **$26.70** | **$25.01** | **$24.61** | **$21.30** |
| Total Return (%)<sup>c</sup> <br>| (15.24) | &nbsp;&nbsp; 10.56 | &nbsp;&nbsp;&nbsp;&nbsp; 7.90 | &nbsp;&nbsp; 20.01 | &nbsp;&nbsp;&nbsp; (5.96)<sup>\*</sup> <br>|
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| Ratio of expenses before expense reductions (%)<sup>d</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12 | &nbsp;&nbsp;&nbsp;&nbsp; 1.05 | &nbsp;&nbsp;&nbsp;&nbsp; 1.10 | &nbsp;&nbsp;&nbsp;&nbsp; 1.10 | &nbsp;&nbsp;&nbsp;&nbsp; 1.15<sup>\*\*</sup> <br>|
| Ratio of expenses after expense reductions (%)<sup>d</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .86<sup>\*\*</sup> <br>|
| Ratio of net investment income (%) | &nbsp;&nbsp;&nbsp;&nbsp; 2.49 | &nbsp;&nbsp;&nbsp;&nbsp; 1.99 | &nbsp;&nbsp;&nbsp;&nbsp; 2.20 | &nbsp;&nbsp;&nbsp;&nbsp; 2.77 | &nbsp;&nbsp;&nbsp;&nbsp; 3.30<sup>\*\*</sup> <br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp;&nbsp; 137 | &nbsp;&nbsp;&nbsp;&nbsp; 182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70<sup>e</sup> <br>|

---

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

---

| | |
|:---|:---|
| <sup>a</sup> | For the period from May 1, 2018 (commencement of operations) to December 31, 2018. |
| <sup>b</sup> | Based on average shares outstanding during the period. |
| <sup>c</sup> | Total return would have been lower had certain expenses not been reduced. |
| <sup>d</sup> | &nbsp;&nbsp; Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life <br> insurance policy or variable annuity contract for which the Fund is an investment option.<br>|
| <sup>e</sup> | Represents the Fund's portfolio turnover rate for the year ended December 31, 2018. |
| <sup>\*</sup> | Not annualized |
| <sup>\*\*</sup> | Annualized |

---

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

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

---

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

---

------

<br>**Notes to Financial Statements** 

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

DWS Global Income Builder VIP (the "Fund") is a diversified series of Deutsche DWS Variable Series II (the "Trust"), which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company organized as a Massachusetts business trust.

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

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

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

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

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

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

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

Debt securities are valued at prices supplied by independent pricing services approved by the Pricing Committee. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, prepayment speeds and other data, as well as broker quotes. If the pricing services are unable to provide valuations, debt securities are valued at the average of the most recent reliable bid quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.

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

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

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

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

---

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

---

------

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

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

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

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

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

**Securities Lending.** Deutsche Bank AG, as lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. As of period end, any securities on loan were collateralized by cash. During the year ended December 31, 2022, the Fund invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.07% annualized effective rate as of December 31, 2022) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time, and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of December 31, 2022, the Fund had securities on loan, which were classified as Corporate Bonds in the Investment Portfolio. The value of the related collateral exceeded the value of the securities loaned at period end. As of period end, the remaining contractual maturity of the collateral agreements was overnight and continuous.

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

---

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

---

------

**Taxes.** The Fund's policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies and to distribute all of its taxable income to its shareholders.

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

At December 31, 2022, the Fund had net tax basis capital loss carryforwards of approximately $3,559,000 of short-term losses, which may be applied against realized net taxable capital gains indefinitely.

The Fund has reviewed the tax positions for the open tax years as of December 31, 2022 and has determined that no provision for income tax and/or uncertain tax positions is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

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

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

At December 31, 2022, the Fund's components of distributable earnings (accumulated losses) on a net tax basis were as follows:

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| | |
|:---|:---|
| Undistributed ordinary income\* | $3257182 |
| Capital loss carryforwards | $(3559000) |
| Net unrealized appreciation (depreciation) on investments | $2393740  |

---

At December 31, 2022, the aggregate cost of investments for federal income tax purposes was $100,118,826. The net unrealized appreciation for all investments based on tax cost was $2,393,740. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $11,586,651 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $9,192,911.

In addition, the tax character of distributions paid by the Fund is summarized as follows:

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2022** | **2021** |
| Distributions from ordinary income\* | $6588183 | $3017227 |
| Distributions from long-term capital gains | $6359072 | $1824848 |

---

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

\* For tax purposes, short-term capital gain distributions are considered ordinary income distributions.

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

**Contingencies.** In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is

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

---

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

---

------

unknown, as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.

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

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

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

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

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

**Interest Rate Swaps.** Interest rate swaps are agreements in which the Fund agrees to pay to the counterparty a fixed rate payment in exchange for the counterparty agreeing to pay to the Fund a variable rate payment, or the Fund agrees to receive from the counterparty a fixed rate payment in exchange for the counterparty agreeing to receive from the Fund a variable rate payment. The payment obligations are based on the notional amount of the swap. For the year ended December 31, 2022, the Fund entered into interest rate swap agreements to gain exposure to different parts of the yield curve while managing overall duration.

A summary of the open interest rate swap contracts as of December 31, 2022 is included in a table following the Fund's Investment Portfolio. For the year ended December 31, 2022, the investment in interest rate swap contracts had a total notional amount of $6,000,000.

**Credit Default Swaps.** Credit default swaps are agreements between a buyer and a seller of protection against predefined credit events for the reference entity. The Fund may enter into credit default swaps to gain exposure to an underlying issuer's credit quality characteristics without directly investing in that issuer or to hedge against the risk of a credit event on debt securities. As a seller of a credit default swap, the Fund is required to pay the par (or other agreed-upon) value of the referenced entity to the counterparty with the occurrence of a credit event by a third party, such as a U.S. or foreign corporate issuer, on the reference entity, which would likely result in a loss to the Fund. In return, the Fund receives from the counterparty a periodic stream of payments over the term of the swap provided that no credit event has occurred. If no credit event occurs, the Fund keeps the stream of payments with no payment obligations. The Fund may also buy credit default swaps, in which case the Fund functions as the counterparty referenced above. This

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

---

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

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involves the risk that the swap may expire worthless. It also involves counterparty risk that the seller may fail to satisfy its payment obligations to the Fund with the occurrence of a credit event. When the Fund sells a credit default swap, it will cover its commitment. This may be achieved by, among other methods, maintaining cash or liquid assets equal to the aggregate notional value of the reference entities for all outstanding credit default swaps sold by the Fund. For the year ended December 31, 2022, the Fund entered into credit default swap agreements to gain exposure to the underlying issuer's credit quality characteristics and to hedge the risk of default or other specified credit events on portfolio assets.

Under the terms of a credit default swap, the Fund receives or makes periodic payments based on a specified interest rate on a fixed notional amount. These payments are recorded as a realized gain or loss in the Statement of Operations. Payments received or made as a result of a credit event or termination of the swap are recognized, net of a proportional amount of the upfront payment, as realized gains or losses in the Statement of Operations.

There were no open credit default swap contracts as of December 31, 2022. For the year ended December 31, 2022, the investment in credit default swap contracts purchased had a total notional amount generally indicative of a range from $0 to $4,690,000.

**Futures Contracts.** A futures contract is an agreement between a buyer or seller and an established futures exchange or its clearinghouse in which the buyer or seller agrees to take or make a delivery of a specific amount of a financial instrument at a specified price on a specific date (settlement date). For the year ended December 31, 2022, the Fund entered into interest rate futures to gain exposure to different parts of the yield curve while managing overall duration. The Fund also entered into interest rate futures contracts for non-hedging purposes to seek to enhance potential gains. In addition, the Fund entered into equity index futures as a means of gaining exposure to the equity asset class without investing directly into such asset class and to manage the risk of stock market volatility.

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

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

A summary of the open futures contracts as of December 31, 2022, is included in a table following the Fund's Investment Portfolio. For the year ended December 31, 2022, the investment in futures contracts purchased had a total notional value generally indicative of a range from approximately $9,016,000 to $12,691,000, and the investment in futures contracts sold had a total notional value generally indicative of a range from approximately $9,702,000 to $19,366,000.

**Forward Foreign Currency Contracts.** A forward foreign currency contract ("forward currency contract") is a commitment to purchase or sell a foreign currency at the settlement date at a negotiated rate. For the year ended December 31, 2022, the Fund entered into forward currency contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign currency denominated portfolio holdings, to facilitate transactions in foreign currency denominated securities and for non-hedging purposes to seek to enhance potential gains.

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

A summary of the open forward currency contracts as of December 31, 2022, is included in the table following the Fund's Investment Portfolio. For the year ended December 31, 2022, the investment in forward

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

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

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------

currency contracts short vs. U.S. dollars had a total contract value generally indicative of a range from $0 to approximately $446,000, and the investment in forward currency contracts long vs. U.S. dollars had a total contract value generally indicative of a range from $0 to approximately $3,879,000.

The following tables summarize the value of the Fund's derivative instruments held as of December 31, 2022 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets Derivative** | **Forward** <br>**Contracts**<br>| **Swap** <br>**Contracts**<br>| **Futures** <br>**Contracts**<br>| **Total** |
| Equity Contracts (a) | $— | $— | $329554 | $329554 |
| Interest Rate Contracts (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 243549 | &nbsp;&nbsp;&nbsp;&nbsp; 32762 | &nbsp;&nbsp;&nbsp;&nbsp; 276311 |
| Foreign Exchange Contracts (b) | &nbsp;&nbsp;&nbsp;&nbsp; 55084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55084 |
|  | **$55084** | **$243549** | **$362316** | **$660949** |
| Each of the above derivatives is located in the following Statement of Assets and Liabilities accounts: | Each of the above derivatives is located in the following Statement of Assets and Liabilities accounts: | Each of the above derivatives is located in the following Statement of Assets and Liabilities accounts: | Each of the above derivatives is located in the following Statement of Assets and Liabilities accounts: | Each of the above derivatives is located in the following Statement of Assets and Liabilities accounts: |

---

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

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

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

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

---

| | |
|:---|:---|
| **Liability Derivative** | **Futures** <br>**Contracts**<br>|
| Equity Contracts (a) | $(36981) |
| Interest Rate Contracts (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (86468) |
|  | **$(123449)** |
| The above derivative is located in the following Statement of Assets and Liabilities account: | The above derivative is located in the following Statement of Assets and Liabilities account: |

---

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

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

Additionally, the amount of unrealized and realized gains and losses on derivative instruments recognized in Fund earnings during the year ended December 31, 2022 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Realized Gain (Loss)** | **Forward** <br>**Contracts**<br>| **Swap** <br>**Contracts**<br>| **Futures** <br>**Contracts**<br>| **Total** |
| Equity Contracts (a) | $— | $— | $258976 | $258976 |
| Interest Rate Contracts (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 71996 | &nbsp;&nbsp; (1354718) | &nbsp;&nbsp; (1282722) |
| Credit Contracts (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39289 |
| Foreign Exchange Contracts (a) | &nbsp;&nbsp; 127088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127088 |
|  | **$127088** | **$111285** | **$(1095742)** | **$(857369)** |
| Each of the above derivatives is located in the following Statement of Operations accounts: | Each of the above derivatives is located in the following Statement of Operations accounts: | Each of the above derivatives is located in the following Statement of Operations accounts: | Each of the above derivatives is located in the following Statement of Operations accounts: | Each of the above derivatives is located in the following Statement of Operations accounts: |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Change in Net Unrealized Appreciation (Depreciation)** | **Forward** <br>**Contracts**<br>| **Swap** <br>**Contracts**<br>| **Futures** <br>**Contracts**<br>| **Total** |
| Equity Contracts (a) | $— | $— | $384503 | $384503 |
| Interest Rate Contracts (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 212536 | &nbsp;&nbsp;&nbsp; (159720) | &nbsp;&nbsp;&nbsp;&nbsp; 52816 |
| Foreign Exchange Contracts (a) | &nbsp;&nbsp; 51974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51974 |
|  | **$51974** | **$212536** | **$224783** | **$489293** |
| Each of the above derivatives is located in the following Statement of Operations accounts: | Each of the above derivatives is located in the following Statement of Operations accounts: | Each of the above derivatives is located in the following Statement of Operations accounts: | Each of the above derivatives is located in the following Statement of Operations accounts: | Each of the above derivatives is located in the following Statement of Operations accounts: |

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

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

As of December 31, 2022, the Fund has transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow a Fund to close out and net total exposure to a counterparty in the event of a deterioration in the credit quality or contractual default with respect to all of the transactions with a counterparty. As defined by the master netting agreement, the Fund may have collateral agreements with certain counterparties to mitigate risk. For financial reporting purposes the Statement of Assets and

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

---

| | |
|:---|:---|
| **30** \|  | Deutsche DWS Variable Series II —<br> DWS Global Income Builder VIP <br>|

---

------

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount** <br>**of Assets** <br>**Presented** <br>**in the** <br>**Statement of** <br>**Assets and** <br>**Liabilities**<br>| **Financial** <br>**Instruments** <br>**and** <br>**Derivatives** <br>**Available** <br>**for Offset**<br>| **Collateral** <br>**Received**<br>| **Net Amount** <br>**of Derivative** <br>**Assets**<br>|
| Bank of America | $55084 | $— | $— | $55084 |

---

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

During the year ended December 31, 2022, purchases and sales of investment securities, excluding short-term investments, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Non-U.S. Treasury Obligations | $91477199 | $101811833 |
| U.S. Treasury Obligations | $10661278 | $5685107  |

---

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

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

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

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

---

Accordingly, for the year ended December 31, 2022, the fee pursuant to the Investment Management Agreement was equivalent to an annual rate (exclusive of any applicable waivers/reimbursements) of 0.37% of the Fund's average daily net assets.

For the period from January 1, 2022 through September 30, 2023 (through April 30, 2022 for Class B shares), the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of each class as follows:

---

| | |
|:---|:---|
| Class A | .71% |
| Class B | .96% |

---

For the period from May 1, 2022 through September 30, 2022, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses of Class B shares to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) at 0.97%.

Effective October 1, 2022 through September 30, 2023, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of Class B shares to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) at 0.96%.

For the year ended December 31, 2022, fees waived and/or expenses reimbursed for Class B are $19.

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

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| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Global Income Builder VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **31**  |

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**Administration Fee.** Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.097% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the year ended December 31, 2022, the Administration Fee was $109,051, of which $8,611 is unpaid.

**Distribution Service Agreement.** DWS Distributors, Inc. ("DDI"), an affiliate of the Advisor, is the Fund's distributor. In accordance with the Distribution Plan, DDI receives 12b-1 fees of up to 0.25% of the average daily net assets of Class B shares. For the year ended December 31, 2022, the Distribution Service Fee was as follows:

---

| | | |
|:---|:---|:---|
| **Distribution Fee** | **Total** <br>**Aggregated**<br>| **Unpaid at** <br>**December 31, 2022**<br>|
| Class B | $30 | $2 |

---

**Service Provider Fees.** DWS Service Company ("DSC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and SS&C GIDS, Inc. ("SS&C") (name changed from DST Systems, Inc. effective January 1, 2023), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to SS&C. DSC compensates SS&C out of the shareholder servicing fee it receives from the Fund. For the year ended December 31, 2022, the amounts charged to the Fund by DSC were as follows:

---

| | | |
|:---|:---|:---|
| **Services to Shareholders** | **Total** <br>**Aggregated**<br>| **Unpaid at** <br>**December 31, 2022**<br>|
| Class A | $612 | $103 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
|  | **$639** | **$108** |

---

**Other Service Fees.** Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the year ended December 31, 2022, the amount charged to the Fund by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $1,391, of which $59 is unpaid.

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

**Affiliated Cash Management Vehicles.** The Fund may invest uninvested cash balances in DWS Central Cash Management Government Fund and DWS ESG Liquidity Fund, affiliated money market funds which are managed by the Advisor. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Central Cash Management Government Fund seeks to maintain a stable net asset value, and DWS ESG Liquidity Fund maintains a floating net asset value. The Fund indirectly bears its proportionate share of the expenses of each affiliated money market fund in which it invests. DWS Central Cash Management Government Fund does not pay the Advisor an investment management fee. To the extent that DWS ESG Liquidity Fund pays an investment management fee to the Advisor, the Advisor will waive an amount of the investment management fee payable to the Advisor by the Fund equal to the amount of the investment management fee payable on the Fund's assets invested in DWS ESG Liquidity Fund.

**Securities Lending Agent Fees.** Deutsche Bank AG serves as securities lending agent for the Fund. For the year ended December 31, 2022, the Fund incurred securities lending agent fees to Deutsche Bank AG in the amount of $1,578.

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

At December 31, 2022, one participating insurance company was owner of record of 10% or more of the total outstanding Class A shares of the Fund, owning 64%.

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

The Fund and other affiliated funds (the "Participants") share in a $375 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of

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

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| | |
|:---|:---|
| **32** \|  | Deutsche DWS Variable Series II —<br> DWS Global Income Builder VIP <br>|

---

------

the Participants. Interest is calculated at a daily fluctuating rate per annum equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at December 31, 2022.

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

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Global Income Builder VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **33**  |

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------

<br>**Report of Independent Registered Public Accounting Firm**

**To the Board of Trustees of Deutsche DWS Variable Series II and Shareholders of DWS Global Income Builder VIP:**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of DWS Global Income Builder VIP (the "Fund") (one of the funds constituting Deutsche DWS Variable Series II) (the "Trust"), including the investment portfolio, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Deutsche DWS Variable Series II) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. <br> ![](g464418img67093acd3.jpg)

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

Boston, Massachusetts

February 13, 2023

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

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| | |
|:---|:---|
| **34** \|  | Deutsche DWS Variable Series II —<br> DWS Global Income Builder VIP <br>|

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Information About Your Fund's Expenses (Unaudited)

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

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| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Global Income Builder VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **35**  |

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Tax Information (Unaudited)

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

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|:---|:---|
| **36** \|  | Deutsche DWS Variable Series II —<br> DWS Global Income Builder VIP <br>|

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<br>**Advisory Agreement Board Considerations and Fee Evaluation**

The Board of Trustees (hereinafter referred to as the "Board" or "Trustees") approved the renewal of DWS Global Income Builder VIP's (the "Fund") investment management agreement (the "Agreement") with DWS Investment Management Americas, Inc. ("DIMA") in September 2022.

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

—

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

—

The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund's performance, fees and expenses, and profitability from a fee consultant retained by the Fund's Independent Trustees (the "Fee Consultant").

—

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

—

The Independent Trustees regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund's contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.

—

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

In connection with the contract review process, the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund. DIMA is part of DWS Group GmbH & Co. KGaA ("DWS Group"). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. In 2018, approximately 20% of DWS Group's shares were sold in an initial public offering, with Deutsche Bank AG owning the remaining shares.

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

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

**Nature, Quality and Extent of Services.** The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA's approach to addressing such risks. The Board reviewed the Fund's performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied by Morningstar Direct ("Morningstar"), an independent fund data service. The Board also noted that it has put into place a process of identifying "Funds in Review" (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA's plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for the one-, three- and five-year periods ended December 31, 2021, the Fund's performance (Class A shares) was in the 2nd quartile of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being

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| Deutsche DWS Variable Series II —<br> DWS Global Income Builder VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **37**  |

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the worst performers). The Board also observed that the Fund has underperformed its benchmark in the one-, three- and five-year periods ended December 31, 2021.

**Fees and Expenses.** The Board considered the Fund's investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. ("Broadridge") and the Fee Consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.097% fee paid to DIMA under the Fund's administrative services agreement, were lower than the median (1st quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2021). The Board noted that the Fund's Class A shares total (net) operating expenses were expected to be lower than the median (2nd quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2021, and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees) ("Broadridge Universe Expenses"). The Board also reviewed data comparing each other operational share class's total (net) operating expenses to the applicable Broadridge Universe Expenses. The Board noted that the expense limitations agreed to by DIMA were expected to help the Fund's total (net) operating expenses remain competitive. The Board considered the Fund's management fee rate as compared to fees charged by DIMA to a comparable DWS U.S. registered fund ("DWS Funds") and considered differences between the Fund and the comparable DWS Fund. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors ("DWS Europe Funds") managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

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

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

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

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

**Compliance.** The Board considered the significant attention and resources dedicated by DIMA to its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA's and the Fund's chief compliance officers and (ii) the

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| **38** \|  | Deutsche DWS Variable Series II —<br> DWS Global Income Builder VIP <br>|

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substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel.

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

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|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Global Income Builder VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **39**  |

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<br>**Board Members and Officers**

The following table presents certain information regarding the Board Members and Officers of the Trust/Corporation. Each Board Member's year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is c/o Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the Trust/Corporation. Because the Fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period.

The Board Members may also serve in similar capacities with other funds in the fund complex. The number of funds in the DWS fund complex shown in the table below includes all registered open- and closed-end funds (including all of their portfolios) advised by the Advisor and any registered funds that have an investment advisor that is an affiliated person of the Advisor.

**Independent Board Members/Independent Advisory Board Members**

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| | | | |
|:---|:---|:---|:---|
| **Name, Year of** <br>**Birth, Position** <br>**with the Trust/** <br>**Corporation** <br>**and Length of** <br>**Time Served**<sup>1</sup> <br>| **Business Experience and Directorships** <br>**During the Past Five Years**<br>| **Number of** <br>**Funds in** <br>**DWS Fund** <br>**Complex** <br>**Overseen**<br>| **Other** <br>**Directorships** <br>**Held by Board** <br>**Member**<br>|
| Keith R. Fox, CFA (1954)<br> Chairperson since 2017, and <br> Board Member since 1996<br>| Managing General Partner, Exeter Capital Partners (a series of private <br> investment funds) (since 1986). Directorships: Progressive International <br> Corporation (kitchen goods designer and distributor); former Chairman, <br> National Association of Small Business Investment Companies; Former <br> Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. <br> (advertising); Sun Capital Advisers Trust (mutual funds)<br>| 69 |  |
| John W. Ballantine (1946)<br> Board Member since 1999<br>| Retired; formerly, Executive Vice President and Chief Risk Management <br> Officer, First Chicago NBD Corporation/The First National Bank of Chicago <br> (1996–1998); Executive Vice President and Head of International Banking <br> (1995–1996); Not-for-Profit Directorships: Window to the World <br> Communications (public media); Life Director of Harris Theater for Music <br> and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; <br> Former Directorships: Director and Chairman of the Board, Healthways, <br> Inc.<sup>2</sup> (population wellbeing and wellness services) (2003–2014); Stockwell <br> Capital Investments PLC (private equity); Enron Corporation; FNB <br> Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak <br> Brook Bank; Portland General Electric<sup>2</sup> (utility company (2003–2021); and <br> Prisma Energy International; Former Not-for-Profit Directorships: Public <br> Radio International; Palm Beach Civic Assn.<br>| 69 |  |
| Dawn-Marie Driscoll (1946)<br> Board Member since 1987<br>| Advisory Board and former Executive Fellow, Hoffman Center for Business <br> Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) <br> (1988–1990); Vice President of Corporate Affairs and General Counsel, <br> Filene's (retail) (1978–1988); Directorships: Trustee and former Chairman of <br> the Board, Southwest Florida Community Foundation (charitable <br> organization); Former Directorships: ICI Mutual Insurance Company <br> (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), <br> Investment Company Institute (audit, executive, nominating committees) <br> and Independent Directors Council (governance, executive committees)<br>| 69 |  |
| Richard J. Herring (1946)<br> Board Member since 1990<br>| Jacob Safra Professor of International Banking and Professor of Finance, <br> The Wharton School, University of Pennsylvania (since July 1972); <br> formerly: Director, The Wharton Financial Institutions Center (1994–2020); <br> Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and <br> Director, The Lauder Institute of International Management Studies <br> (2000–2006); Member FDIC Systemic Risk Advisory Committee since <br> 2011, member Systemic Risk Council since 2012 and member of the <br> Advisory Board at the Yale Program on Financial Stability since 2013; <br> Former Directorships: Co-Chair of the Shadow Financial Regulatory <br> Committee (2003–2015), Executive Director of The Financial Economists <br> Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), <br> Director of The Aberdeen Singapore Fund (2007–2018), Director, The <br> Aberdeen Japan Fund (2007-2021) and Nonexecutive Director of Barclays <br> Bank DE (2010–2018)<br>| 69 |  |

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| **40** \|  | Deutsche DWS Variable Series II —<br> DWS Global Income Builder VIP <br>|

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|:---|:---|:---|:---|
| **Name, Year of**<br> **Birth, Position**<br> **with the Trust/**<br> **Corporation**<br> **and Length of**<br> **Time Served**<sup>1</sup><br>| **Business Experience and Directorships**<br> **During the Past Five Years**<br>| **Number of**<br> **Funds in**<br> **DWS Fund**<br> **Complex**<br> **Overseen**<br>| **Other**<br> **Directorships**<br> **Held by Board**<br> **Member**<br>|
| Chad D. Perry (1972)<br> Board Member or Advisory <br> Board Member since 2021<sup>3</sup> <br>| Executive Vice President, General Counsel and Secretary, Tanger Factory <br> Outlet Centers, Inc.<sup>2</sup> (since 2011); formerly Executive Vice President and <br> Deputy General Counsel, LPL Financial Holdings Inc.<sup>2</sup> (2006–2011); Senior <br> Corporate Counsel, EMC Corporation (2005–2006); Associate, Ropes & <br> Gray LLP (1997–2005)<br>| 21<sup>4</sup> <br>| Director - Great <br> Elm Capital <br> Corp. (business <br> development <br> company) <br> (since 2022)<br>|
| Rebecca W. Rimel (1951)<br> Board Member since 1995<br>| Director, The Bridgespan Group (nonprofit organization) (since October <br> 2020); formerly: Executive Vice President, The Glenmede Trust Company <br> (investment trust and wealth management) (1983–2004); Board Member, <br> Investor Education (charitable organization) (2004–2005); Former <br> Directorships: Trustee, Executive Committee, Philadelphia Chamber of <br> Commerce (2001–2007); Director, Viasys Health Care<sup>2</sup> (January 2007–June <br> 2007); Trustee, Thomas Jefferson Foundation (charitable organization) <br> (1994–2012); President, Chief Executive Officer and Director (1994–2020) <br> and Senior Advisor (2020-2021), The Pew Charitable Trusts (charitable <br> organization); Director, BioTelemetry Inc.<sup>2</sup> (acquired by Royal Philips in <br> 2021) (healthcare) (2009–2021); Director, Becton Dickinson and Company<sup>2</sup> <br> (medical technology company) (2012-2022)<br>| 69 |  |
| Catherine Schrand (1964)<br> Board Member since 2021\*<br>| Celia Z. Moh Professor of Accounting (since 2016) and Professor of <br> Accounting (since 1994), The Wharton School, University of Pennsylvania; <br> formerly Vice Dean, Wharton Doctoral Programs (2016–2019)<br>| 69 |  |
| William N. Searcy, Jr. (1946)<br> Board Member since 1993<br>| Private investor since October 2003; formerly: Pension & Savings Trust <br> Officer, Sprint Corporation<sup>2</sup> (telecommunications) (November <br> 1989–September 2003); Former Directorships: Trustee, Sun Capital <br> Advisers Trust (mutual funds) (1998–2012)<br>| 69 |  |

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**Officers**<sup>5</sup>

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| | |
|:---|:---|
| **Name, Year of Birth, Position** <br>**with the Trust/Corporation** <br>**and Length of Time Served**<sup>6</sup> <br>| **Business Experience and Directorships During the** <br>**Past Five Years**<br>|
| Hepsen Uzcan<sup>7</sup> (1974)<br> President and Chief Executive <br> Officer, 2017–present<br>| Fund Administration (Head since 2017), DWS; Secretary, DWS USA Corporation (2018–present); <br> Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service <br> Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. <br> (2018–present); Director and President, DB Investment Managers, Inc. (2018–present); President and <br> Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central <br> and Eastern Europe Fund, Inc. (2017–present); formerly: Vice President for the Deutsche funds <br> (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Assistant Secretary, The European <br> Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. <br> (2013–2020); Directorships: Interested Director, The European Equity Fund, Inc., The New Germany Fund, <br> Inc. and The Central and Eastern Europe Fund, Inc. (since June 25, 2020); ICI Mutual Insurance Company <br> (since October 16, 2020); and Episcopalian Charities of New York (2018–present)<br>|
| John Millette<sup>8</sup> (1962)<br> Vice President and <br> Secretary, 1999–present<br>| Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas, <br> Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX <br> ETF Trust (2020–present); Vice President, DBX Advisors LLC (2021–present); Secretary, The European <br> Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. <br> 2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and <br> Assistant Secretary, DBX ETF Trust (2019–2020)<br>|
| Ciara Crawford<sup>9</sup> (1984)<br> Assistant <br> Secretary, 2019–present<br>| Fund Administration (Specialist), DWS (2015–present); formerly, Legal Assistant at Accelerated <br> Tax Solutions<br>|
| Diane Kenneally<sup>8</sup> (1966)<br> Chief Financial Officer and <br> Treasurer, 2018–present<br>| Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Treasurer, Chief Financial Officer and <br> Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity <br> Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); <br> formerly: Assistant Treasurer for the DWS funds (2007–2018)<br>|
| Paul Antosca<sup>8</sup> (1957)<br> Assistant <br> Treasurer, 2007–present<br>| Fund Administration Tax (Head), DWS; and Assistant Treasurer, DBX ETF Trust (2019–present) |
| Sheila Cadogan<sup>8</sup> (1966)<br> Assistant <br> Treasurer, 2017–present<br>| Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Director and Vice President, DWS <br> Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, <br> The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, <br> Inc. (2018–present)<br>|
| Scott D. Hogan<sup>8</sup> (1970)<br> Chief Compliance <br> Officer, 2016–present<br>| Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The <br> European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, <br> Inc. (2016–present)<br>|

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| Deutsche DWS Variable Series II —<br> DWS Global Income Builder VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **41**  |

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| | |
|:---|:---|
| **Name, Year of Birth, Position**<br> **with the Trust/Corporation**<br> **and Length of Time Served**<sup>6</sup><br>| **Business Experience and Directorships During the**<br> **Past Five Years**<br>|
| Caroline Pearson<sup>8</sup> (1962)<br> Chief Legal <br> Officer, 2010–present<br>| Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, <br> DBX Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New <br> Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, <br> Deutsche AM Distributors, Inc. (2002–2017); Secretary, Deutsche AM Service Company (2010–2017); <br> and Chief Legal Officer, DBX Strategic Advisors LLC (2020–2021)<br>|
| Christian Rijs<sup>7</sup> (1980)<br> Anti-Money Laundering <br>Compliance Officer, <br>since October 6, 2021<br>| Senior Team Lead Anti-Financial Crime and Compliance, DWS; AML Officer, DWS Trust Company (since <br> November 2, 2021); AML Officer, DBX ETF Trust (since October 21, 2021); AML Officer, The European <br> Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since <br> November 12, 2021); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO<br>|

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

<sup>\*</sup> Ms. Schrand was an Advisory Board Member for certain funds in the DWS Fund Complex for the period from November 18, 2021 to December 31, 2022 and was elected as a Full Board Member as of January 1, 2023 for all funds in the DWS Fund Complex. 

<sup>1</sup> The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board. 

<sup>2</sup> A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.

<sup>3</sup> Mr. Perry is an Advisory Board Member of Deutsche DWS Asset Allocation Trust, Deutsche DWS Equity 500 Index Portfolio, Deutsche DWS Global/International Fund, Inc., Deutsche DWS Income Trust, Deutsche DWS Institutional Funds, Deutsche DWS International Fund, Inc., Deutsche DWS Investment Trust, Deutsche DWS Investments VIT Funds, Deutsche DWS Money Market Trust, Deutsche DWS Municipal Trust, Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust, Deutsche DWS Tax Free Trust, Deutsche DWS Variable Series I and Government Cash Management Portfolio. Mr. Perry is a Board Member of each other Trust. 

<sup>4</sup> Mr. Perry oversees 21 funds in the DWS Fund Complex as a Board Member of various Trusts. Mr. Perry is an Advisory Board Member of various Trusts/Corporations comprised of 48 funds in the DWS Fund Complex. 

<sup>5</sup> As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered "interested persons" of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund. 

<sup>6</sup> The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds.

<sup>7</sup> Address: 875 Third Avenue, New York, NY 10022.

<sup>8</sup> Address: 100 Summer Street, Boston, MA 02110.

<sup>9</sup> Address: 5201 Gate Parkway, Jacksonville, FL 32256.

Certain officers hold similar positions for other investment companies for which DIMA or an affiliate serves as the Advisor.

The Fund's Statement of Additional Information ("SAI") includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the following toll-free number: (800) 728-3337.

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| **42** \|  | Deutsche DWS Variable Series II —<br> DWS Global Income Builder VIP <br>|

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**Notes**

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![](g464418imga01a84241.jpg)

VS2GIB-2 (R-025825-12 2/23)

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December 31, 2022

**Annual Report**

Deutsche DWS Variable Series II

**DWS Government Money Market VIP**

![](g464418imgf680e97d1.jpg)

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<br>**Contents** 

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| | |
|:---|:---|
| **3** | [Management Summary](#xx_3e2b06d3-6f4c-442e-abfe-f65c82a539f5_mda-cc-financial-runningfooter-345_1) |
| **5** | [Portfolio Summary](#xx_3e2b06d3-6f4c-442e-abfe-f65c82a539f5_portsum-cc-financial-runningfooter-345_1) |
| **6** | [Investment Portfolio](#xx_3e2b06d3-6f4c-442e-abfe-f65c82a539f5_soi-cc-financial-runningfooter-345_1) |
| **8** | [Statement of Assets and Liabilities](#xx_3e2b06d3-6f4c-442e-abfe-f65c82a539f5_fs-cc-financial-runningfooter-345_1) |
| **8** | [Statement of Operations](#xx_3e2b06d3-6f4c-442e-abfe-f65c82a539f5_fs-cc-financial-runningfooter-345_1) |
| **9** | [Statements of Changes in Net Assets](#xx_3e2b06d3-6f4c-442e-abfe-f65c82a539f5_fs-cc-financial-runningfooter-345_2) |
| **10** | [Financial Highlights](#xx_3e2b06d3-6f4c-442e-abfe-f65c82a539f5_fihi-cc-financial-runningfooter-345_1) |
| **11** | [Notes to Financial Statements](#xx_3e2b06d3-6f4c-442e-abfe-f65c82a539f5_ntf-cc-financial-runningfooter-345_1) |
| **14** | [Report of Independent Registered Public Accounting Firm](#xx_3e2b06d3-6f4c-442e-abfe-f65c82a539f5_aud-cc-financial-runningfooter-345_1) |
| **15** | [Information About Your Fund's Expenses](#xx_3e2b06d3-6f4c-442e-abfe-f65c82a539f5_fexpti-cc-financial-runningfooter-345_1) |
| **16** | [Tax Information](#xx_3e2b06d3-6f4c-442e-abfe-f65c82a539f5_fexpti-cc-financial-runningfooter-345_2) |
| **16** | [Proxy Voting](#xx_3e2b06d3-6f4c-442e-abfe-f65c82a539f5_fexpti-cc-financial-runningfooter-345_2) |
| **17** | [Advisory Agreement Board Considerations and Fee Evaluation](#xx_3e2b06d3-6f4c-442e-abfe-f65c82a539f5_aabcf-cc-financial-runningfooter-345_1) |
| **20** | [Board Members and Officers](#xx_3e2b06d3-6f4c-442e-abfe-f65c82a539f5_board-cc-financial-runningfooter-345_1) |

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**This report must be preceded or accompanied by a prospectus. To obtain an additional prospectus or summary prospectus, if available, call (800) 728-3337 or your financial representative. We advise you to consider the Fund's objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the Fund. Please read the prospectus carefully before you invest.**

**You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.** The credit quality of the Fund's holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the Fund's share price. The Fund's share price can also be negatively affected during periods of high redemption pressures and/or illiquid markets. The actions of a few large investors in the Fund may have a significant adverse effect on the share price of the Fund. Please read the prospectus for specific details regarding the Fund's risk profile.

War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises and related geopolitical events have led, and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Fund and its investments.

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. <br>DWS Distributors, Inc., 222 South Riverside Plaza, Chicago, IL 60606, (800) 621-1148 <br>NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE <br>NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

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

---

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

---

------

Management Summary December 31, 2022 (Unaudited)

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

---

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

---

------

**Fund Performance** (as of December 31, 2022)

**All performance shown is historical, assumes reinvestment of all dividend and capital gain distributions and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions so that, when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Please contact your participating insurance company for the Fund's most recent month-end performance. Performance does not reflect charges and fees ("contract charges") associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. These charges and fees will reduce returns. The yield quotation more closely reflects the current earnings of the Fund than the total return quotation.**

**You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.** 

---

| | |
|:---|:---|
|  | **7-Day Current Yield** |
| DWS Government Money Market VIP — Class A | 3.85% |

---

**Yields are historical, will fluctuate and do not guarantee future performance. The 7-day current yield refers to the income paid by the portfolio over a 7-day period expressed as an annual percentage rate of the fund's shares outstanding. Please visit our Web site at liquidity.dws.com/US/index.jsp for the product's most recent month-end performance.**

**Terms to Know**

The **yield curve** is a graphical representation of how yields on bonds of different maturities compare. Normally, yield curves slant upward, as bonds with longer maturities typically offer higher yields than short-term bonds.

**Floating-rate securities** are investments with interest payments that adjust periodically based upon a predetermined benchmark interest rate.

**Repurchase Agreements (Repos)** are agreements between a seller and a buyer, usually of government securities, where the seller agrees to repurchase the securities at a given price and usually at a stated time. Repos are widely used money market instruments.

**Duration**, which is expressed in years, measures the sensitivity of the price of a bond or bond fund to a change in interest rates.

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

---

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

---

------

<br>**Portfolio Summary(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Asset Allocation** (As a % of Investment Portfolio) | **12/31/22** | **12/31/21** |
| Repurchase Agreements | 68% | 17% |
| Government & Agency Obligations | 32% | 83% |
|  | 100% | 100% |

---

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

---

| | | |
|:---|:---|:---|
| **Weighted Average Maturity** | **12/31/22** | **12/31/21** |
| Deutsche DWS Variable Series II —DWS Government Money Market VIP | 8 days | 33 days |
| iMoneyNet Money Fund Average<sup>TM</sup>— Gov't & Agency Retail\* | 15 days | 35 days |

---

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

<sup>\*</sup> The Fund is compared to its respective iMoneyNet Money Fund Average category: Gov't & Agency Retail — Category includes the most broadly based of the government retail funds. These funds may invest in U.S. Treasury securities, securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities. 

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

Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund's investment portfolio, see page 6.

Each month, information about the Fund and its portfolio holdings is filed with the SEC on Form N-MFP. The SEC delays the public availability of the information filed on Form N-MFP for 60 days after the end of the reporting period included in the filing. These forms will be available on the SEC's Web site at sec.gov. The Fund's portfolio holdings are also posted on dws.com as of each month-end. Please see the Fund's current prospectus for more information.

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

---

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

---

------

<br>**Investment Portfolioas of December 31, 2022**

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal** <br>**Amount ($)** | **Value ($)** |
| **Government & Agency Obligations 31.6%** | **Government & Agency Obligations 31.6%** | **Government & Agency Obligations 31.6%** |
| **U.S. Government Sponsored Agencies 22.2%** | **U.S. Government Sponsored Agencies 22.2%** | **U.S. Government Sponsored Agencies 22.2%** |
| Federal Home Loan Bank: |  |  |
| &nbsp;&nbsp;&nbsp; 2.01%, 3/30/2023 | 3000000 | 3000000 |
| &nbsp;&nbsp;&nbsp; 2.5%, 4/28/2023 | 2500000 | 2500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.03%, 4.33% <br> (a), 1/13/2023<br>| 2000000 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.04%, 4.34% <br> (a), 1/26/2023<br>| 7000000 | 7000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.04%, 4.34% <br> (a), 2/10/2023<br>| 5000000 | 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.055%, 4.355% <br> (a), 3/9/2023<br>| 4000000 | 4000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.06%, 4.36% <br> (a), 5/1/2023<br>| 9000000 | 9000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.07%, 4.37% <br> (a), 4/3/2023<br>| 7000000 | 7000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.09%, 4.39% <br> (a), 5/23/2023<br>| 2000000 | 2000000  |
|  |  | **41500000** |
| **U.S. Treasury Obligations 9.4%** | **U.S. Treasury Obligations 9.4%** | **U.S. Treasury Obligations 9.4%** |
| U.S. Treasury Bills: |  |  |
| &nbsp;&nbsp;&nbsp; 1.184% (b), 2/23/2023 | 1000000 | 998273 |
| &nbsp;&nbsp;&nbsp; 1.187% (b), 2/23/2023 | 1000000 | 998283 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Floating <br> Rate Notes:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3-month U.S. Treasury Bill <br> Money Market Yield <br> minus 0.015%, 4.383% <br> (a), 1/31/2024<br>| 3000000 | 3002194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3-month U.S. Treasury Bill <br> Money Market Yield + <br> 0.029%, 4.427% (a), <br> 7/31/2023<br>| 4500000 | 4503958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3-month U.S. Treasury Bill <br> Money Market Yield + <br> 0.034%, 4.432% (a), <br> 4/30/2023<br>| 8000000 | 8005898  |
|  |  | **17508606** |
| &nbsp;&nbsp;&nbsp; **Total Government & Agency Obligations** <br> (Cost $59,008,606) | &nbsp;&nbsp;&nbsp; **Total Government & Agency Obligations** <br> (Cost $59,008,606) | **59008606** |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($)** | **Value ($)** |
| **Repurchase Agreements 68.5%** | **Repurchase Agreements 68.5%** | **Repurchase Agreements 68.5%** |
| &nbsp;&nbsp;&nbsp; BNP Paribas, 4.25%, dated <br> 12/30/2022, to be <br> repurchased at <br> $28,813,600 on <br> 1/3/2023 (c)<br>| 28800000 | 28800000 |
| &nbsp;&nbsp;&nbsp; Citigroup Global Markets, <br> Inc., 4.25%, dated <br> 12/30/2022, to be <br> repurchased at <br> $32,215,206 on <br> 1/3/2023 (d)<br>| 32200000 | 32200000 |
| &nbsp;&nbsp;&nbsp; JPMorgan Securities, Inc., <br> 4.26%, dated 12/30/2022, <br> to be repurchased at <br> $33,996,084 on <br> 1/3/2023 (e)<br>| 33980000 | 33980000 |
| &nbsp;&nbsp;&nbsp; Wells Fargo Bank, 4.31%, <br> dated 12/30/2022, to be <br> repurchased at <br> $32,785,693 on <br> 1/3/2023 (f)<br>| 32770000 | 32770000  |
| &nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** <br> (Cost $127,750,000) | &nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** <br> (Cost $127,750,000) | **127750000** |

---

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

---

| | | |
|:---|:---|:---|
|  | **% of Net** <br>**Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** <br> (Cost $186,758,606)<br>| 100.1 | **186758606** |
| **Other Assets and** <br> **Liabilities, Net**<br>| &nbsp;&nbsp;&nbsp; (0.1) | **(211836)** |
| **Net Assets** | 100.0 | **186546770** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Floating rate security. These securities are shown at their current rate as of December 31, 2022.

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Amount ($)**<br>| **Security** | **Rate (%)** | **Maturity Date** | **Collateral** <br>**Value ($)**<br>|
| 29526200 | U.S. Treasury Bills | Zero Coupon | 2/14/2023 | 29376089 |

---

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

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

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

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

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

---

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

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Amount ($)**<br>| **Security** | **Rate (%)** | **Maturity Date** | **Collateral** <br>**Value ($)**<br>|
| 300 | U.S. Treasury Notes | 1.625–2.625 | 7/31/2029–8/15/2029 | 269 |
| 34983700 | U.S. Treasury Inflation-Indexed Notes | 0.125–0.625 | 7/15/2031–7/15/2032 | 33005164 |
| **Total Collateral Value** | **Total Collateral Value** | **Total Collateral Value** | **Total Collateral Value** | **33005433** |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Amount ($)**<br>| **Security** | **Rate (%)** | **Maturity Date** | **Collateral** <br>**Value ($)**<br>|
| 36662300 | U.S. Treasury Notes | 1.375 | 1/31/2025 | 34659635 |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Amount ($)**<br>| **Security** | **Rate (%)** | **Maturity Date** | **Collateral** <br>**Value ($)**<br>|
| 35325605 | Federal National Mortgage Association | 2.0–7.0 | 9/1/2025–12/1/2052 | 33425400 |

---

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

SOFR: Secured Overnight Financing Rate<br>

**Fair Value Measurements**

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

The following is a summary of the inputs used as of December 31, 2022 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments in Securities (a) | $— | $59008606  | $— | $59008606 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 127750000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 127750000 |
| **Total** | &nbsp;&nbsp; **$**— | **$186758606** | &nbsp;&nbsp; **$**— | **$186758606** |

---

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

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

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

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

---

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

---

------

**Statement of** <br>**Assets and Liabilities**

**Statement of Operations**

<br>as of December 31, 2022

------

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, valued at amortized <br> cost<br>| $59008606 |
| Repurchase agreements, valued at amortized <br> cost<br>| &nbsp;&nbsp; 127750000 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62957 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19674 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370145 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3923 |
| Total assets | &nbsp;&nbsp; 187215305 |
| **Liabilities** |  |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205587 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 314143 |
| Accrued management fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37000 |
| Accrued Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4005 |
| Other accrued expenses and payables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107800 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 668535 |
| **Net assets, at value** | **$186546770**  |
| **Net Assets Consist of** |  |
| Distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6364 |
| Paid-in capital | &nbsp;&nbsp; 186540406 |
| **Net assets, at value** | **$186546770**  |
| **Net Asset Value** |  |
| **Class A** |  |
| **Net Asset Value,** offering and redemption price <br> per share ($186,546,770 ÷ 186,606,016 <br> outstanding shares of beneficial interest, <br> no par value, unlimited number of <br> shares authorized)<br>| **$1.00** |

---

for the year ended December 31, 2022

------

---

| | |
|:---|:---|
| **Investment Income** |  |
| Income: |  |
| Interest | $2998145 |
| Expenses: |  |
| Management fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 449704 |
| Administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185623 |
| Services to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3195 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5603 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60132 |
| Reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40152 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11784 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8356 |
| Total expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 764549 |
| Expense reductions | &nbsp;&nbsp;&nbsp;&nbsp; (151993) |
| Total expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 612556 |
| **Net investment income** | **2385589** |
| **Net realized gain (loss) from investments** | **(119)** |
| **Net increase (decrease) in net assets resulting** <br> **from operations**<br>| **$2385470** |

---

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

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

---

| | |
|:---|:---|
| **8** \|  | Deutsche DWS Variable Series II —<br> DWS Government Money Market VIP <br>|

---

------

**Statements of Changes in Net Assets**

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

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
| **Increase (Decrease) in Net Assets** | **2022** | **2021** |
| Operations: |  |  |
| Net investment income | $2385589 | $15954 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (119) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29) |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2385470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15925 |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2385590) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15954) |
| Fund share transactions: |  |  |
| **Class A** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp;&nbsp; 174719180 | &nbsp;&nbsp;&nbsp; 187035970 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2068026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15781 |
| Payments for shares redeemed | &nbsp;&nbsp; (186972657) | &nbsp;&nbsp; (143576595) |
| Net increase (decrease) in net assets from Class A share transactions | &nbsp;&nbsp;&nbsp;&nbsp; (10185451) | &nbsp;&nbsp;&nbsp;&nbsp; 43475156 |
| **Increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp; (10185571) | &nbsp;&nbsp;&nbsp;&nbsp; 43475127 |
| Net assets at beginning of period | &nbsp;&nbsp;&nbsp; 196732341 | &nbsp;&nbsp;&nbsp; 153257214 |
| **Net assets at end of period** | **$186546770** | **$196732341** |

---

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

---

| | | |
|:---|:---|:---|
| **Other Information** |  |  |
| **Class A** |  |  |
| Shares outstanding at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196801073  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153325917  |
| Shares sold | &nbsp;&nbsp;&nbsp; 174709574 | &nbsp;&nbsp;&nbsp; 187035970 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2068026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15781 |
| Shares redeemed | &nbsp;&nbsp; (186972657) | &nbsp;&nbsp; (143576595) |
| Net increase (decrease) in Class A shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10195057) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43475156  |
| Shares outstanding at end of period | **186606016** | **196801073** |

---

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

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

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Government Money Market VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **9**  |

---

------

<br>**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DWS Government Money Market VIP** — **Class A** | **DWS Government Money Market VIP** — **Class A** | **DWS Government Money Market VIP** — **Class A** | **DWS Government Money Market VIP** — **Class A** | **DWS Government Money Market VIP** — **Class A** | **DWS Government Money Market VIP** — **Class A** |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |
| **Net asset value, beginning of period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00**  |
| *Income (loss) from investment operations:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp; .013 | &nbsp;&nbsp; .000<sup>\*</sup> <br>| &nbsp;&nbsp; .002 | &nbsp;&nbsp; .018 | &nbsp;&nbsp; .014 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (.000)<sup>\*</sup> <br>| (.000)<sup>\*</sup> <br>| &nbsp;&nbsp; .000<sup>\*</sup> <br>| &nbsp;&nbsp; .000<sup>\*</sup> <br>| (.000)<sup>\*</sup> <br>|
| **Total from investment operations** | &nbsp;&nbsp; .013 | &nbsp;&nbsp; .000<sup>\*</sup> <br>| &nbsp;&nbsp; .002 | &nbsp;&nbsp; .018 | &nbsp;&nbsp; .014 |
| *Less distributions from:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | (.013) | (.000)<sup>\*</sup> <br>| (.002) | (.018) | (.014) |
| **Net asset value, end of period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00**  |
| Total Return (%)<sup>a</sup> <br>| &nbsp;&nbsp; 1.29 | &nbsp;&nbsp;&nbsp;&nbsp; .01 | &nbsp;&nbsp;&nbsp;&nbsp; .24 | &nbsp;&nbsp; 1.77 | &nbsp;&nbsp; 1.39 |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp;&nbsp; 187 | &nbsp;&nbsp;&nbsp; 197 | &nbsp;&nbsp;&nbsp; 153 | &nbsp;&nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp; 107 |
| Ratio of expenses before expense reductions (%)<sup>b</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .40 | &nbsp;&nbsp;&nbsp;&nbsp; .42 | &nbsp;&nbsp;&nbsp;&nbsp; .42 | &nbsp;&nbsp;&nbsp;&nbsp; .47 | &nbsp;&nbsp;&nbsp;&nbsp; .50 |
| Ratio of expenses after expense reductions (%)<sup>b</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .32 | &nbsp;&nbsp;&nbsp;&nbsp; .06 | &nbsp;&nbsp;&nbsp;&nbsp; .23 | &nbsp;&nbsp;&nbsp;&nbsp; .47 | &nbsp;&nbsp;&nbsp;&nbsp; .50 |
| Ratio of net investment income (%) | &nbsp;&nbsp; 1.25 | &nbsp;&nbsp;&nbsp;&nbsp; .01 | &nbsp;&nbsp;&nbsp;&nbsp; .20 | &nbsp;&nbsp; 1.74 | &nbsp;&nbsp; 1.37 |

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

<sup>a</sup> Total return would have been lower had certain expenses not been reduced.

<sup>b</sup> Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. 

<sup>\*</sup> Amount is less than $.0005.

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

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

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|:---|:---|
| **10** \|  | Deutsche DWS Variable Series II —<br> DWS Government Money Market VIP <br>|

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<br>**Notes to Financial Statements** 

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

DWS Government Money Market VIP (the "Fund") is a diversified series of Deutsche DWS Variable Series II (the "Trust"), which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company organized as a Massachusetts business trust.

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

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

The Fund values all securities utilizing the amortized cost method permitted in accordance with Rule 2a-7 under the 1940 Act and certain conditions therein. Under this method, which does not take into account unrealized capital gains or losses on securities, an instrument is initially valued at its cost and thereafter assumes a constant accretion/ amortization rate to maturity of any discount or premium. Securities held by the Fund are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.

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

**Repurchase Agreements.** The Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, with certain banks and broker/dealers whereby the Fund, through its custodian or a sub-custodian bank, receives delivery of the underlying securities, the amount of which at the time of purchase and each subsequent business day is required to be maintained at such a level that the market value is equal to at least the principal amount of the repurchase price plus accrued interest. The custodian bank or another designated sub-custodian bank holds the collateral in a separate account until the agreement matures. If the value of the securities falls below the principal amount of the repurchase agreement plus accrued interest, the financial institution deposits additional collateral by the following business day. If the financial institution either fails to deposit the required additional collateral or fails to repurchase the securities as agreed, the Fund has the right to sell the securities and recover any resulting loss from the financial institution. If the financial institution enters into bankruptcy, the Fund's claim on the collateral may be subject to legal proceedings.

As of December 31, 2022, the Fund held repurchase agreements with a gross value of $127,750,000. The value of the related collateral exceeded the value of the repurchase agreements at period end. The detail of the related collateral is included in the footnotes following the Fund's Investment Portfolio.

**Federal Income Taxes.** The Fund's policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders.

At December 31, 2022, the Fund had net tax basis capital loss carryforwards of approximately $148 of short-term losses, which may be applied against realized net taxable capital gains indefinitely.

The Fund has reviewed the tax positions for the open tax years as of December 31, 2022 and has determined that no provision for income tax and/or uncertain tax positions is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

**Distribution of Income and Gains.** Net investment income of the Fund is declared as a daily dividend and is distributed to shareholders monthly. The Fund may take into account capital gains and losses in its daily dividend declarations. The Fund may also make additional distributions for tax purposes if necessary.

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

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|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Government Money Market VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **11**  |

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Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to paid-in capital. Temporary book and tax basis differences will reverse in a subsequent period. There were no significant book-to-tax differences for the Fund.

At December 31, 2022, the Fund's components of distributable earnings (accumulated losses) on a net tax basis were as follows:

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| | |
|:---|:---|
| Undistributed ordinary income | $6512 |
| Capital loss carryforwards | $(148) |

---

At December 31, 2022, the Fund had an aggregate cost of investments for federal income tax purposes of $186,758,606.

In addition, the tax character of distributions paid to shareholders by the Fund is summarized as follows:

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| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2022** | **2021** |
| Distributions from ordinary income | $2385590 | $15954 |

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

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

**Other.** Investment transactions are accounted for on trade date. Interest income is recorded on the accrual basis. Realized gains and losses from investment transactions are recorded on an identified cost basis. All premiums and discounts are amortized/accreted for both tax and financial reporting purposes.

**B.** **Related Parties**

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

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

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| | |
|:---|:---|
| First $500 million of the Fund's average daily net assets | .235% |
| Next $500 million of such net assets | .220% |
| Next $1.0 billion of such net assets | .205% |
| Over $2.0 billion of such net assets | .190% |

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Accordingly, for the year ended December 31, 2022, the fee pursuant to the Investment Management Agreement was equivalent to an annual rate (exclusive of any applicable waivers/reimbursements) of 0.235% of the Fund's average daily net assets.

For the period from January 1, 2022 through September 30, 2023, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of Class A at 0.51%.

In addition, the Advisor agreed to voluntarily waive additional expenses. This voluntary waiver may be changed or terminated at any time without notice. Under these arrangements, the Advisor waived certain expenses of Class A.

For the year ended December 31, 2022, fees waived and/or expenses reimbursed for Class A were $151,993.

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

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| | |
|:---|:---|
| **12** \|  | Deutsche DWS Variable Series II —<br> DWS Government Money Market VIP <br>|

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**Administration Fee.** Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.097% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the year ended December 31, 2022, the Administration Fee was $185,623, of which $15,273 is unpaid.

**Service Provider Fees.** DWS Service Company ("DSC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and SS&C GIDS, Inc. ("SS&C") (name changed from DST Systems, Inc. effective January 1, 2023), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to SS&C. DSC compensates SS&C out of the shareholder servicing fee it receives from the Fund. For the year ended December 31, 2022, the amounts charged to the Fund by DSC aggregated $2,671, of which $448 is unpaid.

**Other Service Fees.** Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the year ended December 31, 2022, the amount charged to the Fund by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $1,114, of which $206 is unpaid.

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

**C.** **Ownership of the Fund**

At December 31, 2022, one participating insurance company was owner of record of 10% or more of the total outstanding Class A shares of the Fund, owning 71%.

**D.** **Line of Credit**

The Fund and other affiliated funds (the "Participants") share in a $375 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a daily fluctuating rate per annum equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at December 31, 2022.

**E.** **Money Market Fund Investments and Yield**

Rising interest rates could cause the value of the Fund's investments — and therefore its share price as well — to decline. A rising interest rate environment may cause investors to move out of fixed-income securities and related markets on a large scale, which could adversely affect the price and liquidity of such securities and could also result in increased redemptions from the Fund. Increased redemptions from the Fund may force the Fund to sell investments at a time when it is not advantageous to do so, which could result in losses. Recently, there have been signs of inflationary price movements. As such, fixed-income and related markets may experience heightened levels of interest rate volatility and liquidity risk. A sharp rise in interest rates could cause the value of the Fund's investments to decline and impair the Fund's ability to maintain a stable $1.00 share price. Conversely, any decline in interest rates is likely to cause the Fund's yield to decline, and during periods of unusually low or negative interest rates, the Fund's yield may approach or fall below zero. A low or negative interest rate environment may prevent the Fund from providing a positive yield or paying fund expenses out of current income and, at times, could impair the Fund's ability to maintain a stable $1.00 share price. Over time, the total return of a money market fund may not keep pace with inflation, which could result in a net loss of purchasing power for long-term investors. Interest rates can change in response to the supply and demand for credit, government and/or central bank monetary policy and action, inflation rates, and other factors. Recent and potential future changes in monetary policy made by central banks or governments are likely to affect the level of interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and potential illiquidity and may detract from Fund performance to the extent the Fund is exposed to such interest rates and/or volatility. Money market funds try to minimize interest rate risk by purchasing short-term securities. If there is an insufficient supply of U.S. government securities to meet investor demand, it could result in lower yields on such securities and increase interest rate risk for the Fund.

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

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|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Government Money Market VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **13**  |

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<br>**Report of Independent Registered Public Accounting Firm**

**To the Board of Trustees of Deutsche DWS Variable Series II and Shareholders of DWS Government Money Market VIP:**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of DWS Government Money Market VIP (the "Fund") (one of the funds constituting Deutsche DWS Variable Series II) (the "Trust"), including the investment portfolio, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Deutsche DWS Variable Series II) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others ; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. <br> ![](g464418imgf827df292.jpg)

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

Boston, Massachusetts

February 13, 2023

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|:---|:---|
| **14** \|  | Deutsche DWS Variable Series II —<br> DWS Government Money Market VIP <br>|

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Information About Your Fund's Expenses (Unaudited)

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

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|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Government Money Market VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **15**  |

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Tax Information (Unaudited)

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|:---|:---|
| **16** \|  | Deutsche DWS Variable Series II —<br> DWS Government Money Market VIP <br>|

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<br>**Advisory Agreement Board Considerations and Fee Evaluation**

The Board of Trustees (hereinafter referred to as the "Board" or "Trustees") approved the renewal of DWS Government Money Market VIP's (the "Fund") investment management agreement (the "Agreement") with DWS Investment Management Americas, Inc. ("DIMA") in September 2022.

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

—

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

—

The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund's performance, fees and expenses, and profitability from a fee consultant retained by the Fund's Independent Trustees (the "Fee Consultant").

—

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

—

The Independent Trustees regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund's contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.

—

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

In connection with the contract review process, the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund. DIMA is part of DWS Group GmbH & Co. KGaA ("DWS Group"). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. In 2018, approximately 20% of DWS Group's shares were sold in an initial public offering, with Deutsche Bank AG owning the remaining shares.

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

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

**Nature, Quality and Extent of Services.** The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA's approach to addressing such risks. The Board reviewed the Fund's performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including a peer universe compiled using information supplied by iMoneyNet, an independent fund data service. The Board also noted that it has put into place a process of identifying "Funds in Review" (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA's plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for the one- and three-year periods ended December 31, 2021, the Fund's gross performance (Class A shares) was in the 3rd quartile and 4th quartile, respectively, of the applicable iMoneyNet universe (the 1st quartile being the best performers and the 4th quartile being the worst performers).

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

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|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Government Money Market VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **17**  |

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**Fees and Expenses.** The Board considered the Fund's investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. ("Broadridge") and the Fee Consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.097% fee paid to DIMA under the Fund's administrative services agreement, were lower than the median (2nd quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2021). Based on Broadridge data provided as of December 31, 2021, the Board noted that the Fund's Class A shares total (net) operating expenses were lower than the median (2nd quartile) of the applicable Broadridge expense universe (less any applicable 12b-1 fees). The Board noted the expense limitation agreed to by DIMA. The Board also noted the voluntary fee waivers implemented by DIMA from time to time in recent years to ensure the Fund maintained a positive yield. The Board considered the Fund's management fee rate as compared to fees charged by DIMA to comparable DWS U.S. registered funds ("DWS Funds") and considered differences between the Fund and the comparable DWS Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors ("DWS Europe Funds") managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

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

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

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

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

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

Based on all of the information considered and the conclusions reached, the Board determined that the continuation of the Agreement is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent

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|:---|:---|
| **18** \|  | Deutsche DWS Variable Series II —<br> DWS Government Money Market VIP <br>|

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Trustees and counsel present. It is possible that individual Independent Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement.

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

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|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Government Money Market VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **19**  |

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<br>**Board Members and Officers**

The following table presents certain information regarding the Board Members and Officers of the Trust/Corporation. Each Board Member's year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is c/o Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the Trust/Corporation. Because the Fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period.

The Board Members may also serve in similar capacities with other funds in the fund complex. The number of funds in the DWS fund complex shown in the table below includes all registered open- and closed-end funds (including all of their portfolios) advised by the Advisor and any registered funds that have an investment advisor that is an affiliated person of the Advisor.

**Independent Board Members/Independent Advisory Board Members**

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| | | | |
|:---|:---|:---|:---|
| **Name, Year of** <br>**Birth, Position** <br>**with the Trust/** <br>**Corporation** <br>**and Length of** <br>**Time Served**<sup>1</sup> <br>| **Business Experience and Directorships** <br>**During the Past Five Years**<br>| **Number of** <br>**Funds in** <br>**DWS Fund** <br>**Complex** <br>**Overseen**<br>| **Other** <br>**Directorships** <br>**Held by Board** <br>**Member**<br>|
| Keith R. Fox, CFA (1954)<br> Chairperson since 2017, and <br> Board Member since 1996<br>| Managing General Partner, Exeter Capital Partners (a series of private <br> investment funds) (since 1986). Directorships: Progressive International <br> Corporation (kitchen goods designer and distributor); former Chairman, <br> National Association of Small Business Investment Companies; Former <br> Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. <br> (advertising); Sun Capital Advisers Trust (mutual funds)<br>| 69 |  |
| John W. Ballantine (1946)<br> Board Member since 1999<br>| Retired; formerly, Executive Vice President and Chief Risk Management <br> Officer, First Chicago NBD Corporation/The First National Bank of Chicago <br> (1996–1998); Executive Vice President and Head of International Banking <br> (1995–1996); Not-for-Profit Directorships: Window to the World <br> Communications (public media); Life Director of Harris Theater for Music <br> and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; <br> Former Directorships: Director and Chairman of the Board, Healthways, <br> Inc.<sup>2</sup> (population wellbeing and wellness services) (2003–2014); Stockwell <br> Capital Investments PLC (private equity); Enron Corporation; FNB <br> Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak <br> Brook Bank; Portland General Electric<sup>2</sup> (utility company (2003–2021); and <br> Prisma Energy International; Former Not-for-Profit Directorships: Public <br> Radio International; Palm Beach Civic Assn.<br>| 69 |  |
| Dawn-Marie Driscoll (1946)<br> Board Member since 1987<br>| Advisory Board and former Executive Fellow, Hoffman Center for Business <br> Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) <br> (1988–1990); Vice President of Corporate Affairs and General Counsel, <br> Filene's (retail) (1978–1988); Directorships: Trustee and former Chairman of <br> the Board, Southwest Florida Community Foundation (charitable <br> organization); Former Directorships: ICI Mutual Insurance Company <br> (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), <br> Investment Company Institute (audit, executive, nominating committees) <br> and Independent Directors Council (governance, executive committees)<br>| 69 |  |
| Richard J. Herring (1946)<br> Board Member since 1990<br>| Jacob Safra Professor of International Banking and Professor of Finance, <br> The Wharton School, University of Pennsylvania (since July 1972); <br> formerly: Director, The Wharton Financial Institutions Center (1994–2020); <br> Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and <br> Director, The Lauder Institute of International Management Studies <br> (2000–2006); Member FDIC Systemic Risk Advisory Committee since <br> 2011, member Systemic Risk Council since 2012 and member of the <br> Advisory Board at the Yale Program on Financial Stability since 2013; <br> Former Directorships: Co-Chair of the Shadow Financial Regulatory <br> Committee (2003–2015), Executive Director of The Financial Economists <br> Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), <br> Director of The Aberdeen Singapore Fund (2007–2018), Director, The <br> Aberdeen Japan Fund (2007-2021) and Nonexecutive Director of Barclays <br> Bank DE (2010–2018)<br>| 69 |  |

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

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| | |
|:---|:---|
| **20** \|  | Deutsche DWS Variable Series II —<br> DWS Government Money Market VIP <br>|

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| | | | |
|:---|:---|:---|:---|
| **Name, Year of**<br> **Birth, Position**<br> **with the Trust/**<br> **Corporation**<br> **and Length of**<br> **Time Served**<sup>1</sup><br>| **Business Experience and Directorships**<br> **During the Past Five Years**<br>| **Number of**<br> **Funds in**<br> **DWS Fund**<br> **Complex**<br> **Overseen**<br>| **Other**<br> **Directorships**<br> **Held by Board**<br> **Member**<br>|
| Chad D. Perry (1972)<br> Board Member or Advisory <br> Board Member since 2021<sup>3</sup> <br>| Executive Vice President, General Counsel and Secretary, Tanger Factory <br> Outlet Centers, Inc.<sup>2</sup> (since 2011); formerly Executive Vice President and <br> Deputy General Counsel, LPL Financial Holdings Inc.<sup>2</sup> (2006–2011); Senior <br> Corporate Counsel, EMC Corporation (2005–2006); Associate, Ropes & <br> Gray LLP (1997–2005)<br>| 21<sup>4</sup> <br>| Director - Great <br> Elm Capital <br> Corp. (business <br> development <br> company) <br> (since 2022)<br>|
| Rebecca W. Rimel (1951)<br> Board Member since 1995<br>| Director, The Bridgespan Group (nonprofit organization) (since October <br> 2020); formerly: Executive Vice President, The Glenmede Trust Company <br> (investment trust and wealth management) (1983–2004); Board Member, <br> Investor Education (charitable organization) (2004–2005); Former <br> Directorships: Trustee, Executive Committee, Philadelphia Chamber of <br> Commerce (2001–2007); Director, Viasys Health Care<sup>2</sup> (January 2007–June <br> 2007); Trustee, Thomas Jefferson Foundation (charitable organization) <br> (1994–2012); President, Chief Executive Officer and Director (1994–2020) <br> and Senior Advisor (2020-2021), The Pew Charitable Trusts (charitable <br> organization); Director, BioTelemetry Inc.<sup>2</sup> (acquired by Royal Philips in <br> 2021) (healthcare) (2009–2021); Director, Becton Dickinson and Company<sup>2</sup> <br> (medical technology company) (2012-2022)<br>| 69 |  |
| Catherine Schrand (1964)<br> Board Member since 2021\*<br>| Celia Z. Moh Professor of Accounting (since 2016) and Professor of <br> Accounting (since 1994), The Wharton School, University of Pennsylvania; <br> formerly Vice Dean, Wharton Doctoral Programs (2016–2019)<br>| 69 |  |
| William N. Searcy, Jr. (1946)<br> Board Member since 1993<br>| Private investor since October 2003; formerly: Pension & Savings Trust <br> Officer, Sprint Corporation<sup>2</sup> (telecommunications) (November <br> 1989–September 2003); Former Directorships: Trustee, Sun Capital <br> Advisers Trust (mutual funds) (1998–2012)<br>| 69 |  |

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**Officers**<sup>5</sup>

------

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| | |
|:---|:---|
| **Name, Year of Birth, Position** <br>**with the Trust/Corporation** <br>**and Length of Time Served**<sup>6</sup> <br>| **Business Experience and Directorships During the** <br>**Past Five Years**<br>|
| Hepsen Uzcan<sup>7</sup> (1974)<br> President and Chief Executive <br> Officer, 2017–present<br>| Fund Administration (Head since 2017), DWS; Secretary, DWS USA Corporation (2018–present); <br> Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service <br> Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. <br> (2018–present); Director and President, DB Investment Managers, Inc. (2018–present); President and <br> Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central <br> and Eastern Europe Fund, Inc. (2017–present); formerly: Vice President for the Deutsche funds <br> (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Assistant Secretary, The European <br> Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. <br> (2013–2020); Directorships: Interested Director, The European Equity Fund, Inc., The New Germany Fund, <br> Inc. and The Central and Eastern Europe Fund, Inc. (since June 25, 2020); ICI Mutual Insurance Company <br> (since October 16, 2020); and Episcopalian Charities of New York (2018–present)<br>|
| John Millette<sup>8</sup> (1962)<br> Vice President and <br> Secretary, 1999–present<br>| Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas, <br> Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX <br> ETF Trust (2020–present); Vice President, DBX Advisors LLC (2021–present); Secretary, The European <br> Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. <br> 2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and <br> Assistant Secretary, DBX ETF Trust (2019–2020)<br>|
| Ciara Crawford<sup>9</sup> (1984)<br> Assistant <br> Secretary, 2019–present<br>| Fund Administration (Specialist), DWS (2015–present); formerly, Legal Assistant at Accelerated <br> Tax Solutions<br>|
| Diane Kenneally<sup>8</sup> (1966)<br> Chief Financial Officer and <br> Treasurer, 2018–present<br>| Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Treasurer, Chief Financial Officer and <br> Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity <br> Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); <br> formerly: Assistant Treasurer for the DWS funds (2007–2018)<br>|
| Paul Antosca<sup>8</sup> (1957)<br> Assistant <br> Treasurer, 2007–present<br>| Fund Administration Tax (Head), DWS; and Assistant Treasurer, DBX ETF Trust (2019–present) |
| Sheila Cadogan<sup>8</sup> (1966)<br> Assistant <br> Treasurer, 2017–present<br>| Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Director and Vice President, DWS <br> Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, <br> The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, <br> Inc. (2018–present)<br>|
| Scott D. Hogan<sup>8</sup> (1970)<br> Chief Compliance <br> Officer, 2016–present<br>| Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The <br> European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, <br> Inc. (2016–present)<br>|

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

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| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Government Money Market VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **21**  |

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| | |
|:---|:---|
| **Name, Year of Birth, Position**<br> **with the Trust/Corporation**<br> **and Length of Time Served**<sup>6</sup><br>| **Business Experience and Directorships During the**<br> **Past Five Years**<br>|
| Caroline Pearson<sup>8</sup> (1962)<br> Chief Legal <br> Officer, 2010–present<br>| Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, <br> DBX Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New <br> Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, <br> Deutsche AM Distributors, Inc. (2002–2017); Secretary, Deutsche AM Service Company (2010–2017); <br> and Chief Legal Officer, DBX Strategic Advisors LLC (2020–2021)<br>|
| Christian Rijs<sup>7</sup> (1980)<br> Anti-Money Laundering <br>Compliance Officer, <br>since October 6, 2021<br>| Senior Team Lead Anti-Financial Crime and Compliance, DWS; AML Officer, DWS Trust Company (since <br> November 2, 2021); AML Officer, DBX ETF Trust (since October 21, 2021); AML Officer, The European <br> Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since <br> November 12, 2021); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO<br>|

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

<sup>\*</sup> Ms. Schrand was an Advisory Board Member for certain funds in the DWS Fund Complex for the period from November 18, 2021 to December 31, 2022 and was elected as a Full Board Member as of January 1, 2023 for all funds in the DWS Fund Complex. 

<sup>1</sup> The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board. 

<sup>2</sup> A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.

<sup>3</sup> Mr. Perry is an Advisory Board Member of Deutsche DWS Asset Allocation Trust, Deutsche DWS Equity 500 Index Portfolio, Deutsche DWS Global/International Fund, Inc., Deutsche DWS Income Trust, Deutsche DWS Institutional Funds, Deutsche DWS International Fund, Inc., Deutsche DWS Investment Trust, Deutsche DWS Investments VIT Funds, Deutsche DWS Money Market Trust, Deutsche DWS Municipal Trust, Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust, Deutsche DWS Tax Free Trust, Deutsche DWS Variable Series I and Government Cash Management Portfolio. Mr. Perry is a Board Member of each other Trust. 

<sup>4</sup> Mr. Perry oversees 21 funds in the DWS Fund Complex as a Board Member of various Trusts. Mr. Perry is an Advisory Board Member of various Trusts/Corporations comprised of 48 funds in the DWS Fund Complex. 

<sup>5</sup> As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered "interested persons" of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund. 

<sup>6</sup> The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds.

<sup>7</sup> Address: 875 Third Avenue, New York, NY 10022.

<sup>8</sup> Address: 100 Summer Street, Boston, MA 02110.

<sup>9</sup> Address: 5201 Gate Parkway, Jacksonville, FL 32256.

Certain officers hold similar positions for other investment companies for which DIMA or an affiliate serves as the Advisor.

The Fund's Statement of Additional Information ("SAI") includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the following toll-free number: (800) 728-3337.

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

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| | |
|:---|:---|
| **22** \|  | Deutsche DWS Variable Series II —<br> DWS Government Money Market VIP <br>|

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------

**Notes**

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![](g464418imgf680e97d1.jpg)

VS2GMM-2 (R-025834-12 2/23)

------

December 31, 2022

**Annual Report**

Deutsche DWS Variable Series II

**DWS High Income VIP**

![](g464418imge32c542c1.jpg)

------

<br>**Contents** 

---

| | |
|:---|:---|
| **3** | [Performance Summary](#xx_8ceef9e6-e882-47a3-a042-636b7970bde9_perfsum-cc-financial-runningfooter-346_1) |
| **4** | [Management Summary](#xx_8ceef9e6-e882-47a3-a042-636b7970bde9_perfsum-cc-financial-runningfooter-346_2) |
| **6** | [Portfolio Summary](#xx_8ceef9e6-e882-47a3-a042-636b7970bde9_portsum-cc-financial-runningfooter-346_1) |
| **7** | [Investment Portfolio](#xx_8ceef9e6-e882-47a3-a042-636b7970bde9_soi-cc-financial-runningfooter-346_1) |
| **15** | [Statement of Assets and Liabilities](#xx_8ceef9e6-e882-47a3-a042-636b7970bde9_fs-cc-financial-runningfooter-346_1) |
| **16** | [Statement of Operations](#xx_8ceef9e6-e882-47a3-a042-636b7970bde9_fs-cc-financial-runningfooter-346_2) |
| **17** | [Statements of Changes in Net Assets](#xx_8ceef9e6-e882-47a3-a042-636b7970bde9_fs-cc-financial-runningfooter-346_3) |
| **18** | [Financial Highlights](#xx_8ceef9e6-e882-47a3-a042-636b7970bde9_fihi-cc-financial-runningfooter-346_1) |
| **20** | [Notes to Financial Statements](#xx_8ceef9e6-e882-47a3-a042-636b7970bde9_ntf-cc-financial-runningfooter-346_1) |
| **27** | [Report of Independent Registered Public Accounting Firm](#xx_8ceef9e6-e882-47a3-a042-636b7970bde9_aud-cc-financial-runningfooter-346_1) |
| **28** | [Information About Your Fund's Expenses](#xx_8ceef9e6-e882-47a3-a042-636b7970bde9_fexpti-cc-financial-runningfooter-346_1) |
| **29** | [Tax Information](#xx_8ceef9e6-e882-47a3-a042-636b7970bde9_fexpti-cc-financial-runningfooter-346_2) |
| **29** | [Proxy Voting](#xx_8ceef9e6-e882-47a3-a042-636b7970bde9_fexpti-cc-financial-runningfooter-346_2) |
| **30** | [Advisory Agreement Board Considerations and Fee Evaluation](#xx_8ceef9e6-e882-47a3-a042-636b7970bde9_aabcf-cc-financial-runningfooter-346_1) |
| **33** | [Board Members and Officers](#xx_8ceef9e6-e882-47a3-a042-636b7970bde9_board-cc-financial-runningfooter-346_1) |

---

**This report must be preceded or accompanied by a prospectus. To obtain an additional prospectus or summary prospectus, if available, call (800) 728-3337 or your financial representative. We advise you to consider the Fund's objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the Fund. Please read the prospectus carefully before you invest.**

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

War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises and related geopolitical events have led, and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Fund and its investments.

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. <br>DWS Distributors, Inc., 222 South Riverside Plaza, Chicago, IL 60606, (800) 621-1148 <br>NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE <br>NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

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

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

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------

Performance Summary December 31, 2022 (Unaudited)

![](g464418imgb5b730e42.jpg)

Yearly periods ended December 31

ICE BofA US High Yield Index tracks the performance of US dollar denominated below investment grade corporate debt publicly issued in the US domestic market.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

------

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Comparative Results** | **Comparative Results** | **Comparative Results** | **Comparative Results** | **Comparative Results** | **Comparative Results** |
| **DWS High Income VIP** | **DWS High Income VIP** | **1-Year** | **3-Year** | **5-Year** | **10-Year** |
| **Class A** | Growth of $10,000 | $9112 | $10068 | $11355 | $14417 |
| **Class A** | Average annual total return | –8.88% | 0.23% | 2.57% | 3.73% |
| ICE BofA US High Yield Index | Growth of $10,000 | $8879 | $9922 | $11095 | $14715 |
| ICE BofA US High Yield Index | Average annual total return | –11.21% | –0.26% | 2.10% | 3.94% |
| **DWS High Income VIP** | **DWS High Income VIP** | **1-Year** | **3-Year** | **5-Year** | **10-Year** |
| **Class B** | Growth of $10,000 | $9062 | $9949 | $11157 | $13933 |
| **Class B** | Average annual total return | –9.38% | –0.17% | 2.21% | 3.37% |
| ICE BofA US High Yield Index | Growth of $10,000 | $8879 | $9922 | $11095 | $14715 |
| ICE BofA US High Yield Index | Average annual total return | –11.21% | –0.26% | 2.10% | 3.94% |
| The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. |

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

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

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------

Management Summary December 31, 2022 (Unaudited)

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

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

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------

**Terms to Know**

The **ICE BofA US High Yield Index** tracks the performance of U.S. dollar denominated below investment grade corporate debt publicly issued in the US domestic market.

Index returns do not reflect fees or expenses and it is not possible to invest directly into an index.

**Yield spread** refers to differences between yields on differing debt instruments, calculated by deducting the yield of one instrument from another. The higher the yield spread, the greater the difference between the yields offered by each instrument.

The **ICE BofA Merrill Lynch US High Yield Option-Adjusted Spread** (OAS) calculates the spread between a computed OAS index of bonds that are below investment grade (those rated BB or below) and a spot Treasury curve.

**Credit ratings** are assessments of the creditworthiness of a borrower such as a corporation, a municipality or a sovereign country by a credit ratings agency (i.e., Standard & Poor's, Moody's, Fitch). Ratings agencies are paid to make such credit assessments by the entity that is seeking a rating for itself. Letter grades of "BBB" and above indicate that the rated borrower is considered "investment grade" by a particular ratings agency.

**Contribution** and **detraction** incorporate both an investment's total return and its weighting in the Fund.

**Overweight** means that a fund holds a higher weighting in a given sector compared with its benchmark index. **Underweight** means that a fund holds a lower weighting.

**Derivatives** are contracts whose values can be based on a variety of instruments, including indices, currencies or securities. They can be utilized for a variety of reasons, including for hedging purposes, for risk management, for non-hedging purposes to seek to enhance potential gains, as a substitute for direct investment in a particular asset class or to keep cash on hand to meet shareholder redemptions. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility.

A **default** occurs when an issuer fails to make an interest or principal payment on a bond. The **default rate** is the percentage of issuers that default in a given year.

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

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

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<br>**Portfolio Summary(Unaudited)** 

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| | | |
|:---|:---|:---|
| **Asset Allocation** (As a % of Investment Portfolio excluding Securities Lending Collateral) | **12/31/22** | **12/31/21** |
| Corporate Bonds | 91% | 93% |
| Cash Equivalents | 4% | 6% |
| Loan Participations and Assignments | 3% | 1% |
| Exchange-Traded Funds | 2% |  |
| Warrants | 0% | 0% |
| Common Stocks | 0% | 0% |
|  | 100% | 100% |

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

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| | | |
|:---|:---|:---|
| **Sector Diversification** (As a % of Investment Portfolio excluding Exchange-Traded Funds, Securities <br> Lending Collateral and Cash Equivalents)<br>| **12/31/22** | **12/31/21** |
| Energy | 19% | 19% |
| Communication Services | 19% | 14% |
| Consumer Discretionary | 18% | 20% |
| Industrials | 14% | 14% |
| Materials | 9% | 9% |
| Health Care | 8% | 10% |
| Utilities | 4% | 4% |
| Real Estate | 4% | 5% |
| Consumer Staples | 3% | 2% |
| Information Technology | 1% | 1% |
| Financials | 1% | 2% |
|  | 100% | 100% |

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

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| | | |
|:---|:---|:---|
| **Quality** (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents) | **12/31/22** | **12/31/21** |
| AA |  | 0% |
| BBB | 10% | 7% |
| BB | 61% | 56% |
| B | 25% | 30% |
| CCC | 2% | 7% |
| C |  | 0% |
| Not Rated | 2% | 0% |
|  | 100% | 100% |

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

Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund's investment portfolio, see page 7.

Following the Fund's fiscal first and third quarter-end, a complete portfolio holdings listing is posted on dws.com, and is available free of charge by contacting your financial intermediary, or if you are a direct investor, by calling (800) 728-3337. In addition, the portfolio holdings listing is filed with the SEC on the Fund's Form N-PORT and will be available on the SEC's Web site at sec.gov. Additional portfolio holdings for the Fund are also posted on dws.com from time to time. Please see the Fund's current prospectus for more information.

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

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

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------

<br>**Investment Portfolioas of December 31, 2022**

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal** <br>**Amount ($)(a)** | **Value ($)** |
| **Corporate Bonds 89.4%** | **Corporate Bonds 89.4%** |  |
| **Communication Services 15.9%** | **Communication Services 15.9%** |  |
| Altice France Holding SA: |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 6.0%, 2/15/2028 (b) | 200000 | 118058 |
| &nbsp;&nbsp;&nbsp; 144A, 10.5%, 5/15/2027 | 200000 | 152500 |
| &nbsp;&nbsp;&nbsp; Altice France SA, 144A, 5.5%, <br> 1/15/2028<br>| 200000 | 156624 |
| CCO Holdings LLC: |  |  |
| &nbsp;&nbsp;&nbsp; 4.5%, 5/1/2032 | 10000 | 7960 |
| &nbsp;&nbsp;&nbsp; 144A, 4.75%, 3/1/2030 | 140000 | 120738 |
| &nbsp;&nbsp;&nbsp; 144A, 5.0%, 2/1/2028 | 250000 | 226998 |
| &nbsp;&nbsp;&nbsp; 144A, 5.125%, 5/1/2027 | 375000 | 349526 |
| &nbsp;&nbsp;&nbsp; 144A, 5.375%, 6/1/2029 | 350000 | 316494 |
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor <br> Holdings, Inc., 144A, <br> 5.125%, 8/15/2027<br>| 320000 | 277280 |
| &nbsp;&nbsp;&nbsp; CommScope <br> Technologies LLC:<br>|  |  |
| &nbsp;&nbsp;&nbsp; 144A, 5.0%, 3/15/2027 | 65000 | 44148 |
| &nbsp;&nbsp;&nbsp; 144A, 6.0%, 6/15/2025 | 75000 | 68250 |
| CSC Holdings LLC: |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 4.125%, 12/1/2030 | 200000 | 141166 |
| &nbsp;&nbsp;&nbsp; 144A, 6.5%, 2/1/2029 | 200000 | 163500 |
| &nbsp;&nbsp;&nbsp; DirecTV Financing LLC, 144A, <br> 5.875%, 8/15/2027<br>| 45000 | 40260 |
| DISH DBS Corp.: |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 5.25%, 12/1/2026 | 140000 | 117927 |
| &nbsp;&nbsp;&nbsp; 144A, 5.75%, 12/1/2028 | 125000 | 99766 |
| &nbsp;&nbsp;&nbsp; 5.875%, 11/15/2024 | 221000 | 205361 |
| &nbsp;&nbsp;&nbsp; DISH Network Corp., 144A, <br> 11.75%, 11/15/2027<br>| 75000 | 77243 |
| &nbsp;&nbsp;&nbsp; Frontier Communications <br> Holdings LLC:<br>|  |  |
| &nbsp;&nbsp;&nbsp; 144A, 5.0%, 5/1/2028 | 265000 | 231085 |
| &nbsp;&nbsp;&nbsp; 144A, 6.0%, 1/15/2030 | 110000 | 86413 |
| Gen Digital, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 6.75%, 9/30/2027 | 100000 | 98000 |
| &nbsp;&nbsp;&nbsp; 144A, 7.125%, 9/30/2030 | 70000 | 68775 |
| &nbsp;&nbsp;&nbsp; Iliad Holding SASU, 144A, <br> 6.5%, 10/15/2026<br>| 200000 | 185491 |
| &nbsp;&nbsp;&nbsp; Lamar Media Corp., 4.875%, <br> 1/15/2029<br>| 80000 | 73454 |
| &nbsp;&nbsp;&nbsp; LCPR Senior Secured <br> Financing DAC, 144A, <br> 6.75%, 10/15/2027<br>| 189000 | 176715 |
| &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc., <br> 144A, 5.125%, <br> 12/15/2026 (b)<br>| 400000 | 347720 |
| Outfront Media Capital LLC: |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 4.25%, 1/15/2029 | 70000 | 58081 |
| &nbsp;&nbsp;&nbsp; 144A, 5.0%, 8/15/2027 | 140000 | 126035 |
| Sirius XM Radio, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 3.125%, 9/1/2026 | 110000 | 97673 |
| &nbsp;&nbsp;&nbsp; 144A, 4.0%, 7/15/2028 | 75000 | 65273 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($)(a)** | &nbsp;&nbsp; **Principal**<br> **Amount ($)(a)** | **Value ($)** |
| &nbsp;&nbsp;&nbsp; Sprint Capital Corp., 6.875%, <br> 11/15/2028<br>|  | 100000 | 103794 |
| Sprint LLC, 7.625%, 3/1/2026 |  | 245000 | 257815 |
| &nbsp;&nbsp;&nbsp; Telecom Italia Capital SA, <br> 6.375%, 11/15/2033<br>|  | 305000 | 249517 |
| &nbsp;&nbsp;&nbsp; Telenet Finance Luxembourg <br> Notes Sarl, 144A, 5.5%, <br> 3/1/2028<br>|  | 200000 | 180000 |
| Uber Technologies, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 4.5%, 8/15/2029 |  | 20000 | 17425 |
| &nbsp;&nbsp;&nbsp; 144A, 6.25%, 1/15/2028 |  | 25000 | 24000 |
| &nbsp;&nbsp;&nbsp; 144A, 7.5%, 5/15/2025 |  | 160000 | 159883 |
| &nbsp;&nbsp;&nbsp; 144A, 7.5%, 9/15/2027 |  | 50000 | 50035 |
| &nbsp;&nbsp;&nbsp; ViaSat, Inc., 144A, 5.625%, <br> 9/15/2025<br>|  | 136000 | 126179 |
| &nbsp;&nbsp;&nbsp; Virgin Media Finance PLC, <br> 144A, 5.0%, 7/15/2030<br>|  | 200000 | 160412 |
| &nbsp;&nbsp;&nbsp; Virgin Media Secured Finance <br> PLC, 144A, 5.5%, 5/15/2029<br>|  | 345000 | 309044 |
| &nbsp;&nbsp;&nbsp; Vodafone Group PLC, 7.0%, <br> 4/4/2079<br>|  | 265000 | 266439 |
| &nbsp;&nbsp;&nbsp; Ziggo Bond Co. BV, 144A, <br> 3.375%, 2/28/2030<br>| EUR | 270000 | 207431 |
| &nbsp;&nbsp;&nbsp; Ziggo BV, 144A, 4.875%, <br> 1/15/2030<br>|  | 290000 | 242663 |
|  |  |  | **6653151** |
| **Consumer Discretionary 17.1%** | **Consumer Discretionary 17.1%** | **Consumer Discretionary 17.1%** |  |
| &nbsp;&nbsp;&nbsp; Affinity Gaming, 144A, <br> 6.875%, 12/15/2027<br>|  | 160000 | 135654 |
| &nbsp;&nbsp;&nbsp; Arko Corp., 144A, 5.125%, <br> 11/15/2029<br>|  | 60000 | 47112 |
| Avis Budget Car Rental LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 5.375%, 3/1/2029 (b) |  | 100000 | 85544 |
| &nbsp;&nbsp;&nbsp; 144A, 5.75%, 7/15/2027 |  | 90000 | 81630 |
| Bath & Body Works, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 6.625%, 10/1/2030 |  | 70000 | 65688 |
| &nbsp;&nbsp;&nbsp; 6.875%, 11/1/2035 |  | 100000 | 88890 |
| &nbsp;&nbsp;&nbsp; 144A, 9.375%, 7/1/2025 |  | 35000 | 37282 |
| &nbsp;&nbsp;&nbsp; Beacon Roofing Supply, Inc., <br> 144A, 4.125%, 5/15/2029<br>|  | 100000 | 83099 |
| Boyd Gaming Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 12/1/2027 |  | 130000 | 121079 |
| &nbsp;&nbsp;&nbsp; 144A, 4.75%, 6/15/2031 |  | 100000 | 87000 |
| Caesars Entertainment, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 4.625%, 10/15/2029 |  | 210000 | 170900 |
| &nbsp;&nbsp;&nbsp; 144A, 6.25%, 7/1/2025 |  | 270000 | 262352 |
| &nbsp;&nbsp;&nbsp; 144A, 8.125%, 7/1/2027 |  | 410000 | 402846 |
| Carnival Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 5.75%, 3/1/2027 |  | 170000 | 121387 |
| &nbsp;&nbsp;&nbsp; 144A, 6.0%, 5/1/2029 |  | 30000 | 19991 |
| &nbsp;&nbsp;&nbsp; 144A, 9.875%, 8/1/2027 |  | 130000 | 122850 |
| &nbsp;&nbsp;&nbsp; REG S, 10.125%, 2/1/2026 | EUR | 100000 | 105829 |
| &nbsp;&nbsp;&nbsp; 144A, 10.5%, 2/1/2026 |  | 80000 | 80381 |

---

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

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

---

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

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($)(a)** | &nbsp;&nbsp; **Principal**<br> **Amount ($)(a)** | **Value ($)** |
| Clarios Global LP: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 4.375%, 5/15/2026 | EUR | 100000 | 98784 |
| &nbsp;&nbsp;&nbsp; REG S, 4.375%, 5/15/2026 | EUR | 200000 | 197569 |
| Ford Motor Credit Co. LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.375%, 11/13/2025 |  | 209000 | 188939 |
| &nbsp;&nbsp;&nbsp; 3.625%, 6/17/2031 |  | 240000 | 188534 |
| &nbsp;&nbsp;&nbsp; 4.95%, 5/28/2027 |  | 200000 | 186580 |
| &nbsp;&nbsp;&nbsp; 5.113%, 5/3/2029 |  | 200000 | 181109 |
| &nbsp;&nbsp;&nbsp; 5.125%, 6/16/2025 |  | 230000 | 221109 |
| &nbsp;&nbsp;&nbsp; 5.584%, 3/18/2024 |  | 200000 | 197370 |
| &nbsp;&nbsp;&nbsp; Hilton Grand Vacations <br> Borrower Escrow LLC:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 4.875%, 7/1/2031 |  | 30000 | 24485 |
| &nbsp;&nbsp;&nbsp; 144A, 5.0%, 6/1/2029 |  | 90000 | 77400 |
| &nbsp;&nbsp;&nbsp; Jaguar Land Rover Automotive <br> PLC, 144A, 5.875%, <br> 1/15/2028<br>|  | 200000 | 152090 |
| Las Vegas Sands Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.9%, 6/25/2025 |  | 100000 | 91897 |
| &nbsp;&nbsp;&nbsp; 3.5%, 8/18/2026 |  | 150000 | 135420 |
| &nbsp;&nbsp;&nbsp; Macy's Retail Holdings LLC, <br> 144A, 5.875%, 3/15/2030<br>|  | 76000 | 65948 |
| &nbsp;&nbsp;&nbsp; Marriott Ownership Resorts, <br> Inc., 144A, 4.5%, 6/15/2029<br>|  | 125000 | 103703 |
| &nbsp;&nbsp;&nbsp; Melco Resorts Finance Ltd., <br> 144A, 5.375%, 12/4/2029<br>|  | 200000 | 159918 |
| &nbsp;&nbsp;&nbsp; Meritage Homes Corp., 6.0%, <br> 6/1/2025<br>|  | 90000 | 89567 |
| &nbsp;&nbsp;&nbsp; Midwest Gaming Borrower <br> LLC, 144A, 4.875%, <br> 5/1/2029<br>|  | 100000 | 85086 |
| NCL Corp. Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 3.625%, 12/15/2024 |  | 100000 | 85436 |
| &nbsp;&nbsp;&nbsp; 144A, 5.875%, 3/15/2026 |  | 130000 | 102111 |
| &nbsp;&nbsp;&nbsp; NCL Finance Ltd., 144A, <br> 6.125%, 3/15/2028<br>|  | 60000 | 44293 |
| &nbsp;&nbsp;&nbsp; Newell Brands, Inc., 5.75%, <br> 4/1/2046<br>|  | 60000 | 47824 |
| &nbsp;&nbsp;&nbsp; Raptor Acquisition Corp., <br> 144A, 4.875%, 11/1/2026<br>|  | 170000 | 151028 |
| Royal Caribbean Cruises Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 9.25%, 1/15/2029 |  | 340000 | 349384 |
| &nbsp;&nbsp;&nbsp; 144A, 11.5%, 6/1/2025 |  | 30000 | 32175 |
| &nbsp;&nbsp;&nbsp; 144A, 11.625%, 8/15/2027 |  | 110000 | 110465 |
| &nbsp;&nbsp;&nbsp; Sands China Ltd., 4.875%, <br> 6/18/2030<br>|  | 200000 | 175756 |
| &nbsp;&nbsp;&nbsp; Scientific Games <br> International, Inc.:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 7.0%, 5/15/2028 |  | 235000 | 224169 |
| &nbsp;&nbsp;&nbsp; 144A, 8.625%, 7/1/2025 |  | 50000 | 51010 |
| SRS Distribution, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 4.625%, 7/1/2028 |  | 50000 | 44324 |
| &nbsp;&nbsp;&nbsp; 144A, 6.0%, 12/1/2029 |  | 60000 | 47751 |
| &nbsp;&nbsp;&nbsp; Staples, Inc., 144A, 7.5%, <br> 4/15/2026<br>|  | 240000 | 206563 |
| Travel & Leisure Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 4.5%, 12/1/2029 |  | 100000 | 81483 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($)(a)** | &nbsp;&nbsp; **Principal**<br> **Amount ($)(a)** | **Value ($)** |
| &nbsp;&nbsp;&nbsp; 144A, 6.625%, 7/31/2026 |  | 120000 | 117391 |
| &nbsp;&nbsp;&nbsp; Vail Resorts, Inc., 144A, <br> 6.25%, 5/15/2025<br>|  | 100000 | 100000 |
| Viking Cruises Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 5.875%, 9/15/2027 |  | 105000 | 85592 |
| &nbsp;&nbsp;&nbsp; 144A, 7.0%, 2/15/2029 |  | 90000 | 74475 |
| &nbsp;&nbsp;&nbsp; Viking Ocean Cruises Ship VII <br> Ltd., 144A, 5.625%, <br> 2/15/2029<br>|  | 15000 | 12075 |
| &nbsp;&nbsp;&nbsp; Williams Scotsman <br> International, Inc., 144A, <br> 6.125%, 6/15/2025<br>|  | 122000 | 120780 |
| &nbsp;&nbsp;&nbsp; Wynn Macau Ltd., 144A, <br> 5.125%, 12/15/2029<br>|  | 200000 | 161818 |
| &nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC, <br> 144A, 5.125%, 10/1/2029<br>|  | 105000 | 89999 |
| &nbsp;&nbsp;&nbsp; Yum Brands, Inc., 5.375%, <br> 4/1/2032<br>|  | 100000 | 92625 |
|  |  |  | **7173549** |
| **Consumer Staples 2.1%** | **Consumer Staples 2.1%** | **Consumer Staples 2.1%** |  |
| &nbsp;&nbsp;&nbsp; Albertsons Companies, Inc., <br> 144A, 3.25%, 3/15/2026<br>|  | 150000 | 136808 |
| &nbsp;&nbsp;&nbsp; Coty, Inc., REG S, 3.875%, <br> 4/15/2026<br>| EUR | 100000 | 99390 |
| &nbsp;&nbsp;&nbsp; Darling Ingredients, Inc., 144A, <br> 6.0%, 6/15/2030<br>|  | 30000 | 29325 |
| Pilgrim's Pride Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 4.25%, 4/15/2031 |  | 245000 | 208386 |
| &nbsp;&nbsp;&nbsp; 144A, 5.875%, 9/30/2027 |  | 230000 | 223094 |
| Post Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 5.625%, 1/15/2028 |  | 75000 | 70601 |
| &nbsp;&nbsp;&nbsp; 144A, 5.75%, 3/1/2027 |  | 110000 | 106379 |
|  |  |  | **873983** |
| **Energy 17.4%** | **Energy 17.4%** | **Energy 17.4%** |  |
| Antero Midstream Partners LP: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 5.375%, 6/15/2029 |  | 70000 | 63997 |
| &nbsp;&nbsp;&nbsp; 144A, 5.75%, 3/1/2027 |  | 130000 | 122896 |
| &nbsp;&nbsp;&nbsp; 144A, 5.75%, 1/15/2028 |  | 90000 | 83485 |
| &nbsp;&nbsp;&nbsp; 144A, 7.875%, 5/15/2026 |  | 156000 | 157914 |
| Antero Resources Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 5.375%, 3/1/2030 |  | 50000 | 46356 |
| &nbsp;&nbsp;&nbsp; 144A, 7.625%, 2/1/2029 |  | 138000 | 138760 |
| Apache Corp., 5.1%, 9/1/2040 |  | 57000 | 47237 |
| Archrock Partners LP: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 6.25%, 4/1/2028 |  | 220000 | 201303 |
| &nbsp;&nbsp;&nbsp; 144A, 6.875%, 4/1/2027 |  | 110000 | 105013 |
| &nbsp;&nbsp;&nbsp; Ascent Resources Utica <br> Holdings LLC:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 5.875%, 6/30/2029 |  | 130000 | 115912 |
| &nbsp;&nbsp;&nbsp; 144A, 8.25%, 12/31/2028 |  | 65000 | 63713 |
| &nbsp;&nbsp;&nbsp; Buckeye Partners LP, 144A, <br> 4.5%, 3/1/2028<br>|  | 80000 | 70320 |
| Cheniere Energy Partners LP: |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 1/31/2032 |  | 30000 | 23841 |
| &nbsp;&nbsp;&nbsp; 4.5%, 10/1/2029 |  | 272000 | 244588 |

---

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

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

---

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

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($)(a)** | **Value ($)** |
| Chesapeake Energy Corp.: |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 5.875%, 2/1/2029 | 75000 | 71061 |
| &nbsp;&nbsp;&nbsp; 144A, 6.75%, 4/15/2029 | 330000 | 321288 |
| &nbsp;&nbsp;&nbsp; Chord Energy Corp., 144A, <br> 6.375%, 6/1/2026<br>| 40000 | 38957 |
| CNX Resources Corp.: |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 6.0%, 1/15/2029 | 135000 | 124219 |
| &nbsp;&nbsp;&nbsp; 144A, 7.25%, 3/14/2027 | 10000 | 9925 |
| &nbsp;&nbsp;&nbsp; 144A, 7.375%, 1/15/2031 | 70000 | 67094 |
| &nbsp;&nbsp;&nbsp; Colgate Energy Partners III <br> LLC, 144A, 5.875%, <br> 7/1/2029<br>| 225000 | 193244 |
| Comstock Resources, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 5.875%, 1/15/2030 | 30000 | 25791 |
| &nbsp;&nbsp;&nbsp; 144A, 6.75%, 3/1/2029 | 155000 | 139888 |
| &nbsp;&nbsp;&nbsp; DCP Midstream Operating LP, <br> 5.375%, 7/15/2025<br>| 527000 | 522099 |
| DT Midstream, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 4.125%, 6/15/2029 | 155000 | 133162 |
| &nbsp;&nbsp;&nbsp; 144A, 4.375%, 6/15/2031 | 30000 | 25167 |
| &nbsp;&nbsp;&nbsp; Endeavor Energy Resources <br> LP, 144A, 5.75%, 1/30/2028<br>| 145000 | 138840 |
| &nbsp;&nbsp;&nbsp; EnLink Midstream LLC, 144A, <br> 6.5%, 9/1/2030<br>| 30000 | 29691 |
| EQM Midstream Partners LP: |  |  |
| &nbsp;&nbsp;&nbsp; 4.125%, 12/1/2026 | 100000 | 88944 |
| &nbsp;&nbsp;&nbsp; 144A, 4.5%, 1/15/2029 | 50000 | 41996 |
| &nbsp;&nbsp;&nbsp; 5.5%, 7/15/2028 | 55000 | 49179 |
| &nbsp;&nbsp;&nbsp; 144A, 6.0%, 7/1/2025 | 52000 | 50180 |
| &nbsp;&nbsp;&nbsp; 144A, 6.5%, 7/1/2027 | 80000 | 76460 |
| &nbsp;&nbsp;&nbsp; 144A, 7.5%, 6/1/2027 | 45000 | 44067 |
| Genesis Energy LP: |  |  |
| &nbsp;&nbsp;&nbsp; 5.625%, 6/15/2024 | 85000 | 82025 |
| &nbsp;&nbsp;&nbsp; 6.5%, 10/1/2025 | 90000 | 86014 |
| &nbsp;&nbsp;&nbsp; 7.75%, 2/1/2028 | 75000 | 69036 |
| &nbsp;&nbsp;&nbsp; Harvest Midstream I LP, 144A, <br> 7.5%, 9/1/2028<br>| 155000 | 147938 |
| &nbsp;&nbsp;&nbsp; Hess Midstream <br> Operations LP:<br>|  |  |
| &nbsp;&nbsp;&nbsp; 144A, 4.25%, 2/15/2030 | 110000 | 94041 |
| &nbsp;&nbsp;&nbsp; 144A, 5.125%, 6/15/2028 | 75000 | 69352 |
| Hilcorp Energy I LP: |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 5.75%, 2/1/2029 | 155000 | 137960 |
| &nbsp;&nbsp;&nbsp; 144A, 6.0%, 2/1/2031 | 110000 | 94881 |
| &nbsp;&nbsp;&nbsp; 144A, 6.25%, 11/1/2028 | 35000 | 31675 |
| &nbsp;&nbsp;&nbsp; Howard Midstream Energy <br> Partners LLC, 144A, 6.75%, <br> 1/15/2027<br>| 40000 | 38342 |
| &nbsp;&nbsp;&nbsp; Murphy Oil U.S.A., Inc., <br> 4.75%, 9/15/2029<br>| 55000 | 50327 |
| Nabors Industries, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 2/1/2025 | 105000 | 100129 |
| &nbsp;&nbsp;&nbsp; 144A, 7.375%, 5/15/2027 | 105000 | 101713 |
| &nbsp;&nbsp;&nbsp; NuStar Logistics LP, 5.75%, <br> 10/1/2025<br>| 80000 | 76907 |
| Occidental Petroleum Corp.: |  |  |
| &nbsp;&nbsp;&nbsp; 6.125%, 1/1/2031 | 255000 | 257343 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($)(a)** | &nbsp;&nbsp; **Principal**<br> **Amount ($)(a)** | **Value ($)** |
| &nbsp;&nbsp;&nbsp; 6.625%, 9/1/2030 |  | 200000 | 206676 |
| &nbsp;&nbsp;&nbsp; 8.5%, 7/15/2027 |  | 100000 | 107681 |
| &nbsp;&nbsp;&nbsp; Parkland Corp., 144A, 5.875%, <br> 7/15/2027<br>|  | 80000 | 75960 |
| &nbsp;&nbsp;&nbsp; Precision Drilling Corp., 144A, <br> 6.875%, 1/15/2029<br>|  | 30000 | 27930 |
| Range Resources Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 4.75%, 2/15/2030 |  | 10000 | 8811 |
| &nbsp;&nbsp;&nbsp; 8.25%, 1/15/2029 |  | 280000 | 288525 |
| &nbsp;&nbsp;&nbsp; Rockcliff Energy II LLC, 144A, <br> 5.5%, 10/15/2029<br>|  | 30000 | 27449 |
| &nbsp;&nbsp;&nbsp; SM Energy Co., 6.5%, <br> 7/15/2028<br>|  | 80000 | 76702 |
| Southwestern Energy Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 2/1/2032 |  | 70000 | 59821 |
| &nbsp;&nbsp;&nbsp; 5.375%, 2/1/2029 |  | 155000 | 143694 |
| &nbsp;&nbsp;&nbsp; 5.7%, 1/23/2025 |  | 36000 | 35370 |
| &nbsp;&nbsp;&nbsp; 7.75%, 10/1/2027 |  | 200000 | 203824 |
| &nbsp;&nbsp;&nbsp; 8.375%, 9/15/2028 |  | 50000 | 51547 |
| Sunoco LP: |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.5%, 5/15/2029 |  | 56000 | 48983 |
| &nbsp;&nbsp;&nbsp; 5.875%, 3/15/2028 |  | 35000 | 33146 |
| &nbsp;&nbsp;&nbsp; TransAlta Corp., 7.75%, <br> 11/15/2029<br>|  | 85000 | 86809 |
| &nbsp;&nbsp;&nbsp; Transocean Poseidon Ltd., <br> 144A, 6.875%, 2/1/2027<br>|  | 179375 | 174553 |
| &nbsp;&nbsp;&nbsp; Transocean, Inc., 144A, 7.5%, <br> 1/15/2026<br>|  | 50000 | 42092 |
| &nbsp;&nbsp;&nbsp; USA Compression <br> Partners LP:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.875%, 4/1/2026 |  | 142000 | 136219 |
| &nbsp;&nbsp;&nbsp; 6.875%, 9/1/2027 |  | 100000 | 93500 |
| &nbsp;&nbsp;&nbsp; Venture Global Calcasieu Pass <br> LLC, 144A, 4.125%, <br> 8/15/2031<br>|  | 30000 | 25560 |
| &nbsp;&nbsp;&nbsp; Weatherford International Ltd., <br> 144A, 8.625%, 4/30/2030<br>|  | 222000 | 213188 |
|  |  |  | **7282310** |
| **Financials 0.9%** | **Financials 0.9%** | **Financials 0.9%** |  |
| &nbsp;&nbsp;&nbsp; Navient Corp., 6.125%, <br> 3/25/2024<br>|  | 393000 | **384990** |
| **Health Care 7.6%** | **Health Care 7.6%** | **Health Care 7.6%** |  |
| &nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc., <br> 144A, 5.0%, 4/15/2029<br>|  | 250000 | 229925 |
| &nbsp;&nbsp;&nbsp; Avantor Funding, Inc., REG S, <br> 3.875%, 7/15/2028<br>| EUR | 100000 | 98321 |
| &nbsp;&nbsp;&nbsp; Bausch Health <br> Companies, Inc.:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 5.5%, 11/1/2025 (b) |  | 51000 | 43325 |
| &nbsp;&nbsp;&nbsp; 144A, 6.125%, 2/1/2027 |  | 125000 | 86204 |
| &nbsp;&nbsp;&nbsp; Catalent Pharma <br> Solutions, Inc.:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; REG S, 2.375%, 3/1/2028 | EUR | 100000 | 86552 |
| &nbsp;&nbsp;&nbsp; 144A, 5.0%, 7/15/2027 |  | 125000 | 116315 |
| &nbsp;&nbsp;&nbsp; Charles River Laboratories <br> International, Inc., 144A, <br> 3.75%, 3/15/2029<br>|  | 65000 | 57486 |

---

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

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

---

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

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($)(a)** | &nbsp;&nbsp; **Principal**<br> **Amount ($)(a)** | **Value ($)** |
| &nbsp;&nbsp;&nbsp; Community Health <br> Systems, Inc.:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 4.75%, 2/15/2031 |  | 115000 | 83492 |
| &nbsp;&nbsp;&nbsp; 144A, 5.25%, 5/15/2030 |  | 90000 | 67863 |
| &nbsp;&nbsp;&nbsp; 144A, 5.625%, 3/15/2027 |  | 135000 | 115757 |
| &nbsp;&nbsp;&nbsp; 144A, 6.0%, 1/15/2029 |  | 65000 | 54371 |
| &nbsp;&nbsp;&nbsp; 144A, 6.125%, 4/1/2030 (b) |  | 50000 | 24759 |
| Encompass Health Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.5%, 2/1/2028 |  | 45000 | 40878 |
| &nbsp;&nbsp;&nbsp; 4.75%, 2/1/2030 |  | 137000 | 120305 |
| &nbsp;&nbsp;&nbsp; IQVIA, Inc., 144A, 5.0%, <br> 5/15/2027<br>|  | 220000 | 209726 |
| &nbsp;&nbsp;&nbsp; Legacy LifePoint Health LLC, <br> 144A, 4.375%, 2/15/2027<br>|  | 75000 | 63437 |
| &nbsp;&nbsp;&nbsp; LifePoint Health, Inc., 144A, <br> 5.375%, 1/15/2029<br>|  | 115000 | 64987 |
| &nbsp;&nbsp;&nbsp; Molina Healthcare, Inc., 144A, <br> 3.875%, 11/15/2030<br>|  | 100000 | 84744 |
| &nbsp;&nbsp;&nbsp; Organon & Co, 144A, 4.125%, <br> 4/30/2028<br>|  | 200000 | 177080 |
| Owens & Minor, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 4.5%, 3/31/2029 |  | 55000 | 43852 |
| &nbsp;&nbsp;&nbsp; 144A, 6.625%, 4/1/2030 |  | 50000 | 42970 |
| &nbsp;&nbsp;&nbsp; Select Medical Corp., 144A, <br> 6.25%, 8/15/2026<br>|  | 125000 | 118854 |
| Tenet Healthcare Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 4.875%, 1/1/2026 |  | 250000 | 236411 |
| &nbsp;&nbsp;&nbsp; 144A, 5.125%, 11/1/2027 |  | 150000 | 139536 |
| &nbsp;&nbsp;&nbsp; 144A, 6.125%, 6/15/2030 |  | 215000 | 204852 |
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance <br> Netherlands II BV:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.375%, 5/9/2030 | EUR | 100000 | 88086 |
| &nbsp;&nbsp;&nbsp; 4.5%, 3/1/2025 | EUR | 100000 | 102474 |
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance <br> Netherlands III BV:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.125%, 5/9/2029 (b) |  | 200000 | 178109 |
| &nbsp;&nbsp;&nbsp; 6.0%, 4/15/2024 |  | 200000 | 196017 |
|  |  |  | **3176688** |
| **Industrials 12.7%** | **Industrials 12.7%** | **Industrials 12.7%** |  |
| &nbsp;&nbsp;&nbsp; ADT Security Corp., 144A, <br> 4.875%, 7/15/2032<br>|  | 50000 | 42491 |
| &nbsp;&nbsp;&nbsp; Advanced Drainage Systems, <br> Inc., 144A, 6.375%, <br> 6/15/2030<br>|  | 90000 | 87449 |
| American Airlines, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 5.5%, 4/20/2026 |  | 275000 | 264453 |
| &nbsp;&nbsp;&nbsp; 144A, 5.75%, 4/20/2029 |  | 135000 | 123384 |
| &nbsp;&nbsp;&nbsp; 144A, 11.75%, 7/15/2025 |  | 120000 | 128712 |
| &nbsp;&nbsp;&nbsp; ATS Corp., 144A, 4.125%, <br> 12/15/2028<br>|  | 30000 | 25883 |
| &nbsp;&nbsp;&nbsp; Avient Corp., 144A, 7.125%, <br> 8/1/2030<br>|  | 30000 | 29326 |
| Bombardier, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 6.0%, 2/15/2028 |  | 200000 | 184944 |
| &nbsp;&nbsp;&nbsp; 144A, 7.5%, 3/15/2025 |  | 82000 | 81206 |
| &nbsp;&nbsp;&nbsp; Builders FirstSource, Inc., <br> 144A, 4.25%, 2/1/2032<br>|  | 105000 | 85126 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($)(a)** | **Value ($)** |
| &nbsp;&nbsp;&nbsp; Cargo Aircraft Management, <br> Inc., 144A, 4.75%, 2/1/2028<br>| 100000 | 90761 |
| Chart Industries, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 7.5%, 1/1/2030 | 110000 | 110582 |
| &nbsp;&nbsp;&nbsp; 144A, 9.5%, 1/1/2031 | 40000 | 41024 |
| &nbsp;&nbsp;&nbsp; Clean Harbors, Inc., 144A, <br> 5.125%, 7/15/2029<br>| 90000 | 83471 |
| Delta Air Lines, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 10/28/2029 | 51000 | 42392 |
| &nbsp;&nbsp;&nbsp; 144A, 7.0%, 5/1/2025 | 71000 | 72558 |
| GFL Environmental, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 3.75%, 8/1/2025 | 80000 | 75600 |
| &nbsp;&nbsp;&nbsp; 144A, 4.0%, 8/1/2028 | 100000 | 85500 |
| &nbsp;&nbsp;&nbsp; 144A, 4.25%, 6/1/2025 | 40000 | 38208 |
| &nbsp;&nbsp;&nbsp; 144A, 5.125%, 12/15/2026 | 50000 | 47815 |
| &nbsp;&nbsp;&nbsp; Hawaiian Brand Intellectual <br> Property Ltd., 144A, 5.75%, <br> 1/20/2026<br>| 200000 | 181000 |
| &nbsp;&nbsp;&nbsp; Hertz Corp., 144A, 4.625%, <br> 12/1/2026<br>| 270000 | 226125 |
| &nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc., <br> 6.875%, 5/1/2025<br>| 140000 | 143664 |
| &nbsp;&nbsp;&nbsp; Imola Merger Corp., 144A, <br> 4.75%, 5/15/2029<br>| 105000 | 91099 |
| &nbsp;&nbsp;&nbsp; Masonite International Corp., <br> 144A, 5.375%, 2/1/2028<br>| 74000 | 68421 |
| &nbsp;&nbsp;&nbsp; Mileage Plus Holdings LLC, <br> 144A, 6.5%, 6/20/2027<br>| 117008 | 116329 |
| &nbsp;&nbsp;&nbsp; Moog, Inc., 144A, 4.25%, <br> 12/15/2027<br>| 160000 | 148000 |
| &nbsp;&nbsp;&nbsp; NESCO Holdings II, Inc., 144A, <br> 5.5%, 4/15/2029<br>| 95000 | 83125 |
| &nbsp;&nbsp;&nbsp; Prime Security Services <br> Borrower LLC:<br>|  |  |
| &nbsp;&nbsp;&nbsp; 144A, 3.375%, 8/31/2027 | 65000 | 56107 |
| &nbsp;&nbsp;&nbsp; 144A, 5.75%, 4/15/2026 | 135000 | 129938 |
| &nbsp;&nbsp;&nbsp; 144A, 6.25%, 1/15/2028 | 135000 | 122872 |
| &nbsp;&nbsp;&nbsp; Sabre GLBL, Inc., 144A, <br> 11.25%, 12/15/2027<br>| 65000 | 66932 |
| &nbsp;&nbsp;&nbsp; Signature Aviation <br> U.S. Holdings, Inc., 144A, <br> 4.0%, 3/1/2028<br>| 155000 | 146853 |
| &nbsp;&nbsp;&nbsp; Spirit Loyalty Cayman Ltd., <br> 144A, 8.0%, 9/20/2025<br>| 219000 | 219763 |
| &nbsp;&nbsp;&nbsp; Summit Materials LLC, 144A, <br> 5.25%, 1/15/2029<br>| 54000 | 50275 |
| &nbsp;&nbsp;&nbsp; TK Elevator U.S. Newco, Inc., <br> 144A, 5.25%, 7/15/2027<br>| 200000 | 177508 |
| TransDigm, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp; 4.625%, 1/15/2029 | 205000 | 180250 |
| &nbsp;&nbsp;&nbsp; 5.5%, 11/15/2027 | 115000 | 107991 |
| &nbsp;&nbsp;&nbsp; 144A, 6.25%, 3/15/2026 | 535000 | 527612 |
| &nbsp;&nbsp;&nbsp; United Airlines, Inc., 144A, <br> 4.375%, 4/15/2026<br>| 160000 | 148308 |
| &nbsp;&nbsp;&nbsp; United Rentals North <br> America, Inc.:<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.875%, 1/15/2028 | 330000 | 312725 |
| &nbsp;&nbsp;&nbsp; 5.25%, 1/15/2030 | 80000 | 75166 |

---

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

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

---

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

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($)(a)** | &nbsp;&nbsp; **Principal**<br> **Amount ($)(a)** | **Value ($)** |
| &nbsp;&nbsp;&nbsp; 144A, 6.0%, 12/15/2029 |  | 200000 | 198750 |
|  |  |  | **5319698** |
| **Information Technology 0.7%** | **Information Technology 0.7%** | **Information Technology 0.7%** |  |
| NCR Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 5.0%, 10/1/2028 |  | 100000 | 85253 |
| &nbsp;&nbsp;&nbsp; 144A, 5.125%, 4/15/2029 |  | 110000 | 91996 |
| &nbsp;&nbsp;&nbsp; 144A, 5.25%, 10/1/2030 |  | 25000 | 20625 |
| &nbsp;&nbsp;&nbsp; Open Text Corp., 144A, 6.9%, <br> 12/1/2027<br>|  | 30000 | 30000 |
| &nbsp;&nbsp;&nbsp; Playtika Holding Corp., 144A, <br> 4.25%, 3/15/2029<br>|  | 110000 | 86345 |
|  |  |  | **314219** |
| **Materials 7.7%** | **Materials 7.7%** | **Materials 7.7%** |  |
| &nbsp;&nbsp;&nbsp; Arconic Corp., 144A, 6.125%, <br> 2/15/2028<br>|  | 245000 | 229875 |
| Chemours Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.0%, 5/15/2026 | EUR | 100000 | 95554 |
| &nbsp;&nbsp;&nbsp; 144A, 4.625%, 11/15/2029 |  | 100000 | 81750 |
| &nbsp;&nbsp;&nbsp; 5.375%, 5/15/2027 |  | 95000 | 87727 |
| &nbsp;&nbsp;&nbsp; 144A, 5.75%, 11/15/2028 |  | 290000 | 260487 |
| Clearwater Paper Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 4.75%, 8/15/2028 |  | 155000 | 136195 |
| &nbsp;&nbsp;&nbsp; 144A, 5.375%, 2/1/2025 |  | 110000 | 106881 |
| Cleveland-Cliffs, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 4.625%, 3/1/2029 |  | 31000 | 27513 |
| &nbsp;&nbsp;&nbsp; 144A, 4.875%, 3/1/2031 |  | 101000 | 89182 |
| &nbsp;&nbsp;&nbsp; 144A, 6.75%, 3/15/2026 |  | 175000 | 175437 |
| &nbsp;&nbsp;&nbsp; Consolidated Energy Finance <br> SA, 144A, 5.625%, <br> 10/15/2028<br>|  | 150000 | 127452 |
| &nbsp;&nbsp;&nbsp; Constellium SE, 144A, 3.75%, <br> 4/15/2029<br>|  | 250000 | 203109 |
| First Quantum Minerals Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 6.875%, 3/1/2026 |  | 200000 | 189404 |
| &nbsp;&nbsp;&nbsp; 144A, 6.875%, 10/15/2027 |  | 300000 | 281467 |
| Hudbay Minerals, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 4.5%, 4/1/2026 |  | 60000 | 54500 |
| &nbsp;&nbsp;&nbsp; 144A, 6.125%, 4/1/2029 |  | 100000 | 90555 |
| &nbsp;&nbsp;&nbsp; Methanex Corp., 5.25%, <br> 12/15/2029<br>|  | 120000 | 106471 |
| Novelis Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 3.25%, 11/15/2026 |  | 195000 | 174819 |
| &nbsp;&nbsp;&nbsp; 144A, 4.75%, 1/30/2030 |  | 375000 | 332462 |
| &nbsp;&nbsp;&nbsp; Roller Bearing Co. of America, <br> Inc., 144A, 4.375%, <br> 10/15/2029<br>|  | 80000 | 69176 |
| &nbsp;&nbsp;&nbsp; SK Invictus Intermediate II <br> Sarl, 144A, 5.0%, <br> 10/30/2029<br>|  | 45000 | 36900 |
| &nbsp;&nbsp;&nbsp; Taseko Mines Ltd., 144A, <br> 7.0%, 2/15/2026<br>|  | 125000 | 109917 |
| &nbsp;&nbsp;&nbsp; Tronox, Inc., 144A, 4.625%, <br> 3/15/2029<br>|  | 205000 | 170406 |
|  |  |  | **3237239** |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($)(a)** | **Value ($)** |
| **Real Estate 3.7%** | **Real Estate 3.7%** |  |
| &nbsp;&nbsp;&nbsp; Iron Mountain Information <br> Management Services, Inc., <br> 144A, (REIT), 5.0%, <br> 7/15/2032<br>| 40000 | 33228 |
| Iron Mountain, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A, (REIT), <br> 4.875%, 9/15/2027<br>| 100000 | 91960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A, (REIT), <br> 4.875%, 9/15/2029<br>| 60000 | 52332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A, (REIT), <br> 5.0%, 7/15/2028<br>| 75000 | 67364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A, (REIT), <br> 5.25%, 3/15/2028<br>| 145000 | 133381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A, (REIT), <br> 5.25%, 7/15/2030<br>| 100000 | 86900 |
| iStar, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp; (REIT), 4.25%, 8/1/2025 | 100000 | 97992 |
| &nbsp;&nbsp;&nbsp; (REIT), 4.75%, 10/1/2024 | 170000 | 168723 |
| MPT Operating Partnership LP: |  |  |
| &nbsp;&nbsp;&nbsp; (REIT), 3.5%, 3/15/2031 | 105000 | 71976 |
| &nbsp;&nbsp;&nbsp; (REIT), 4.625%, 8/1/2029 | 140000 | 106762 |
| &nbsp;&nbsp;&nbsp; SBA Communications Corp., <br> (REIT), 3.125%, 2/1/2029<br>| 60000 | 49889 |
| &nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc., <br> 144A, (REIT), 3.625%, <br> 7/15/2026<br>| 50000 | 43750 |
| &nbsp;&nbsp;&nbsp; Uniti Group LP, 144A, (REIT), <br> 6.0%, 1/15/2030 (b)<br>| 40000 | 25311 |
| VICI Properties LP: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A, (REIT), <br> 4.625%, 6/15/2025<br>| 233000 | 223389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A, (REIT), <br> 5.75%, 2/1/2027<br>| 310000 | 302176 |
|  |  | **1555133** |
| **Utilities 3.6%** | **Utilities 3.6%** |  |
| AmeriGas Partners LP: |  |  |
| &nbsp;&nbsp;&nbsp; 5.5%, 5/20/2025 | 205000 | 196969 |
| &nbsp;&nbsp;&nbsp; 5.75%, 5/20/2027 | 110000 | 102230 |
| Calpine Corp.: |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 4.5%, 2/15/2028 | 200000 | 178396 |
| &nbsp;&nbsp;&nbsp; 144A, 4.625%, 2/1/2029 | 30000 | 25742 |
| &nbsp;&nbsp;&nbsp; 144A, 5.125%, 3/15/2028 | 50000 | 44615 |
| &nbsp;&nbsp;&nbsp; Clearway Energy Operating <br> LLC, 144A, 4.75%, <br> 3/15/2028<br>| 115000 | 106139 |
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp., 4.4%, <br> 7/15/2027<br>| 90000 | 83722 |
| NRG Energy, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 3.625%, 2/15/2031 | 145000 | 110229 |
| &nbsp;&nbsp;&nbsp; 144A, 5.25%, 6/15/2029 | 157000 | 138590 |
| &nbsp;&nbsp;&nbsp; 5.75%, 1/15/2028 | 200000 | 187734 |
| &nbsp;&nbsp;&nbsp; Pattern Energy Operations LP, <br> 144A, 4.5%, 8/15/2028<br>| 90000 | 80697 |

---

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

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

---

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

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($)(a)** | **Value ($)** |
| PG&E Corp., 5.25%, 7/1/2030 | 135000 | 122850 |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, <br> 144A, 4.375%, 5/1/2029<br>| 135000 | 116318 |
|  |  | **1494231** |
| **Total Corporate Bonds** (Cost $40,866,954) | **Total Corporate Bonds** (Cost $40,866,954) | **37465191** |
| **Loan Participations and** <br> **Assignments 3.3%** | **Loan Participations and** <br> **Assignments 3.3%** |  |
| **Senior Loans (c)** | **Senior Loans (c)** |  |
| &nbsp;&nbsp;&nbsp; Athenahealth, Inc., Term Loan <br> B, 30-day average SOFR + <br> 3.5%, 7.821%, 2/15/2029<br>| 63810 | 57771 |
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor <br> Holdings, Inc., Term Loan B, <br> 3-month USD-LIBOR + <br> 3.5%, 7.915%, 8/21/2026<br>| 197954 | 180757 |
| &nbsp;&nbsp;&nbsp; CommScope, Inc., Term Loan <br> B, 1-month USD-LIBOR + <br> 3.25%, 7.634%, 4/6/2026<br>| 149421 | 141240 |
| &nbsp;&nbsp;&nbsp; DirecTV Financing LLC, Term <br> Loan, 1-month USD-LIBOR <br> + 5.0%, 9.384%, 8/2/2027<br>| 270432 | 263869 |
| &nbsp;&nbsp;&nbsp; Frontier Communications <br> Corp., First Lien Term Loan, <br> 3-month USD-LIBOR + <br> 3.75%, 8.5%, 5/1/2028<br>| 148489 | 142191 |
| &nbsp;&nbsp;&nbsp; Gray Television, Inc., Term Loan <br> B, 1-month USD-LIBOR + <br> 2.5%, 6.62% - <br> 6.884%, 2/7/2024<br>| 61977 | 61999 |
| &nbsp;&nbsp;&nbsp; Naked Juice LLC, Term Loan, <br> 90-day average SOFR + <br> 3.25%, 7.93%, 1/24/2029<br>| 22885 | 20581 |
| &nbsp;&nbsp;&nbsp; Option Care Health, Inc., Term <br> Loan B, 1-month USD-<br> LIBOR + 2.75%, <br> 7.134%, 10/27/2028<br>| 128700 | 127976 |
| &nbsp;&nbsp;&nbsp; Pacific Gas & Electric Co., <br> Term Loan, 1-month USD-<br> LIBOR + 3.0%, <br> 7.438%, 6/23/2025<br>| 197969 | 196732 |
| &nbsp;&nbsp;&nbsp; Tronox Finance LLC, Term Loan <br> B, 1-month USD-LIBOR + <br> 2.25%, 6.634%, 3/11/2028<br>| 200000  | 194103 |
| &nbsp;&nbsp;&nbsp; **Total Loan Participations and Assignments** <br> (Cost $1,432,902) | &nbsp;&nbsp;&nbsp; **Total Loan Participations and Assignments** <br> (Cost $1,432,902) | **1387219** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Exchange-Traded Funds 2.2%** | **Exchange-Traded Funds 2.2%** |  |
| &nbsp;&nbsp;&nbsp; iShares iBoxx High Yield <br> Corporate Bond ETF (b)<br>| 4800 | 353424 |
| &nbsp;&nbsp;&nbsp; SPDR Bloomberg High Yield <br> Bond ETF<br>| 6600 | 594000 |
| &nbsp;&nbsp;&nbsp; **Total Exchange-Traded Funds** <br> (Cost $1,073,795) | &nbsp;&nbsp;&nbsp; **Total Exchange-Traded Funds** <br> (Cost $1,073,795) | **947424** |
| **Common Stocks 0.0%** | **Common Stocks 0.0%** |  |
| **Industrials** | **Industrials** |  |
| Quad Graphics, Inc.\* (Cost $0) | 287 | **1171** |
| **Warrants 0.3%** | **Warrants 0.3%** |  |
| **Materials** | **Materials** |  |
| &nbsp;&nbsp;&nbsp; Hercules Trust II, Expiration <br> Date 3/31/2029\* (d) <br> (Cost $244,286)<br>| 1100 | **109636** |
| **Securities Lending Collateral 2.9%** | **Securities Lending Collateral 2.9%** |  |
| &nbsp;&nbsp;&nbsp; DWS Government & Agency <br> Securities Portfolio "DWS <br> Government Cash <br> Institutional Shares", 4.07% <br> (e) (f) (Cost $1,212,645)<br>| 1212645 | **1212645** |
| **Cash Equivalents 3.5%** | **Cash Equivalents 3.5%** |  |
| &nbsp;&nbsp;&nbsp; DWS Central Cash <br> Management Government <br> Fund, 4.2% (e) <br> (Cost $1,468,062)<br>| 1468062 | **1468062** |

---

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

---

| | | |
|:---|:---|:---|
|  | **% of Net**<br> **Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** <br> (Cost $46,298,644) | 101.6 | **42591348** |
| **Other Assets and Liabilities, Net** | &nbsp;&nbsp;&nbsp; (1.6) | **(679202)** |
| **Net Assets** | 100.0 | **41912146** |

---

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

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

---

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

---

------

A summary of the Fund's transactions with affiliated investments during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at** <br>**12/31/2021**<br>| **Purchases** <br>**Cost ($)**<br>| **Sales** <br>**Proceeds ($)**<br>| **Net Realized** <br>**Gain/** <br>**(Loss) ($)**<br>| **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)** <br> **($)**<br>| **Income ($)** | **Capital Gain** <br>**Distributions** <br> **($)**<br>| **Number** <br>**of Shares** <br>**at** <br>**12/31/2022**<br>| **Value ($) at** <br>**12/31/2022**<br>|
| **Securities Lending Collateral 2.9%** | **Securities Lending Collateral 2.9%** | **Securities Lending Collateral 2.9%** | **Securities Lending Collateral 2.9%** | **Securities Lending Collateral 2.9%** | **Securities Lending Collateral 2.9%** | **Securities Lending Collateral 2.9%** | **Securities Lending Collateral 2.9%** | **Securities Lending Collateral 2.9%** |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (e) (f) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (e) (f) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (e) (f) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (e) (f) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (e) (f) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (e) (f) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (e) (f) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (e) (f) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (e) (f) |
| 1857630 |  | 644,985 (g) |  |  | 21341 |  | 1212645 | 1212645 |
| **Cash Equivalents 3.5%** | **Cash Equivalents 3.5%** | **Cash Equivalents 3.5%** | **Cash Equivalents 3.5%** | **Cash Equivalents 3.5%** | **Cash Equivalents 3.5%** | **Cash Equivalents 3.5%** | **Cash Equivalents 3.5%** | **Cash Equivalents 3.5%** |
| DWS Central Cash Management Government Fund, 4.2% (e) | DWS Central Cash Management Government Fund, 4.2% (e) | DWS Central Cash Management Government Fund, 4.2% (e) | DWS Central Cash Management Government Fund, 4.2% (e) | DWS Central Cash Management Government Fund, 4.2% (e) | DWS Central Cash Management Government Fund, 4.2% (e) | DWS Central Cash Management Government Fund, 4.2% (e) | DWS Central Cash Management Government Fund, 4.2% (e) | DWS Central Cash Management Government Fund, 4.2% (e) |
| 2785992 | 15700502 | 17018432 |  |  | 30053 |  | 1468062 | 1468062 |
| **4643622** | **15700502** | **17663417** |  |  | **51394** |  | **2680707** | **2680707** |

---

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

\* Non-income producing security.

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

(b) All or a portion of these securities were on loan. In addition, "Other Assets and Liabilities, Net" may include pending sales that are also on loan. The value of securities loaned at December 31, 2022 amounted to $1,165,801, which is 2.8% of net assets. 

(c) Variable or floating rate security. These securities are shown at their current rate as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description above. Certain variable rate securities are not based on a published reference rate and spread but adjust periodically based on current market conditions, prepayment of underlying positions and/or other variables. Securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. 

(d) Investment was valued using significant unobservable inputs.

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

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

(g) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended December 31, 2022. 

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

---

| |
|:---|
| 144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions <br> exempt from registration, normally to qualified institutional buyers.<br>|
| REG S: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or <br> benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the <br> Securities Act of 1933.<br>|
| REIT: Real Estate Investment Trust |
| SOFR: Secured Overnight Financing Rate |
| SPDR: Standard & Poor's Depositary Receipt |

---

LIBOR: London Interbank Offered Rate, the benchmark rate for certain floating rate securities, has been phased out as of the end of 2021 for most maturities and currencies, although certain widely used US Dollar LIBOR rates are expected to continue to be published through June 2023 to assist with the transition. The transition process from LIBOR towards its expected replacement reference rate with the Secured Overnight Financing Rate (SOFR) for US Dollar LIBOR rates has become increasingly well defined, especially following the signing of the federal Adjustable Interest Rate (LIBOR) Act in March 2022 , and the adoption of implementing regulations in December 2022, which will replace LIBOR-based benchmark rates in instruments with no, or insufficient, alternative rate-setting provisions with a SOFR-based rate following the cessation of LIBOR. However, the Fund or the instruments in which the Fund invests may be adversely affected by the phase out by, among other things, increased volatility or illiquidity.

At December 31, 2022, the Fund had an unfunded loan commitments of $10,434, which could be extended at the option of the borrower, pursuant to the following loan agreements:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower** | &nbsp;&nbsp; **Unfunded Loan**<br> **Commitments ($)**<br>| **Value ($)** | &nbsp;&nbsp; **Unrealized**<br> **Depreciation ($)**<br>|
| Athenahealth, Inc.,<br> Delayed Draw Term Loan, 2/15/2029<br>| 10434 | 9841 | (593) |

---

At December 31, 2022, the Fund had the following open forward foreign currency contracts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** | **In Exchange For** | **In Exchange For** | **Settlement** <br>**Date**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation ($)**<br>| **Counterparty** |
| USD | 14044 | EUR | 13142 | 1/31/2023 | 54 | BNP Paribas SA |
| USD | 16111 | EUR | 15143 | 1/31/2023 | 134 | JPMorgan Chase Bank N.A. |
| **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **188** |  |

---

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

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

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

---

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

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** | **In Exchange For** | **In Exchange For** | **Settlement** <br>**Date**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Depreciation ($)**<br>| **Counterparty** |
| EUR | 1174039 | USD | 1234994 | 1/31/2023 | **(24498)** | Barclays Bank PLC |

---

**Currency Abbreviation(s)**

------

EUR Euro <br> USD United States Dollar

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

**Fair Value Measurements**

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

The following is a summary of the inputs used as of December 31, 2022 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Corporate Bonds (a) | $— | $37465191 | $—  | $37465191 |
| Loan Participations and Assignments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1387219 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1387219 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 947424 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 947424 |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1171 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1171 |
| Warrants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 109636 | &nbsp;&nbsp;&nbsp;&nbsp; 109636 |
| Short-Term Investments (a) | &nbsp;&nbsp; 2680707 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2680707 |
| Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 188 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 188 |
| **Total** | **$3629302** | **$38852598** | **$109636** | **$42591536** |
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Unfunded Loan Commitment (c) | $— | $(593) | $—  | $(593) |
| Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (24498) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (24498) |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$**— | **$(25091)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$**— | **$(25091)** |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Derivatives include unrealized appreciation (depreciation) on open forward foreign currency contracts.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes depreciation on unfunded loan commitments.

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

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

---

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

---

------

**Statement of Assets and Liabilities**

<br>as of December 31, 2022

------

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in non-affiliated securities, at value (cost $43,617,937) — including $1,165,801 of securities loaned | $39910641 |
| Investment in DWS Government & Agency Securities Portfolio (cost $1,212,645)\* <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1212645 |
| Investment in DWS Central Cash Management Government Fund (cost $1,468,062) | &nbsp;&nbsp;&nbsp;&nbsp; 1468062 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19791 |
| Foreign currency, at value (cost $23,612) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24486 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7524 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 661241 |
| Unrealized appreciation on forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 851 |
| Total assets | &nbsp;&nbsp;&nbsp;&nbsp; 43305774 |
| **Liabilities** |  |
| Payable upon return of securities loaned | &nbsp;&nbsp;&nbsp;&nbsp; 1212645 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33802 |
| Unrealized depreciation on forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24498 |
| Unrealized depreciation on unfunded commitments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 593 |
| Accrued management fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14839 |
| Accrued Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1668 |
| Other accrued expenses and payables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105583 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp; 1393628 |
| **Net assets, at value** | **$41912146** |
| **Net Assets Consist of** |  |
| Distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (9401413) |
| Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp; 51313559 |
| **Net assets, at value** | **$41912146** |
| **Net Asset Value** |  |
| **Class A** |  |
| **Net Asset Value,** offering and redemption price per share ($41,237,977 ÷ 7,728,847 outstanding shares of beneficial <br> interest, no par value, unlimited number of shares authorized)<br>| **$5.34** |
| **Class B** |  |
| **Net Asset Value,** offering and redemption price per share ($674,169 ÷ 125,968 outstanding shares of beneficial interest, <br> no par value, unlimited number of shares authorized)<br>| **$5.35** |

---

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

\* Represents collateral on securities loaned.

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

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

---

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

---

------

**Statement of Operations**

for the year ended December 31, 2022

------

---

| | |
|:---|:---|
| **Investment Income** |  |
| Income: |  |
| Interest | $2380773 |
| Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61550 |
| Income distributions — DWS Central Cash Management Government Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30053 |
| Securities lending income, net of borrower rebates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21341 |
| Total income | &nbsp;&nbsp;&nbsp;&nbsp; 2493717 |
| Expenses: |  |
| Management fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225488 |
| Administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43745 |
| Services to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 985 |
| Record keeping fee (Class B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 954 |
| Distribution service fee (Class B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1609 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5652 |
| Audit fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66733 |
| Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19236 |
| Tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7206 |
| Reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28476 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4703 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2461 |
| Total expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 407248 |
| Expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (85584) |
| Total expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321664 |
| **Net investment income** | **2172053** |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) from: |  |
| Investments | &nbsp;&nbsp;&nbsp; (1581723) |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79077 |
| Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5050) |
|  | &nbsp;&nbsp;&nbsp; (1507696) |
| Change in net unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp;&nbsp; (5207128) |
| Unfunded loan commitments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (593) |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19230) |
| Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1829 |
|  | &nbsp;&nbsp;&nbsp; (5225122) |
| **Net gain (loss)** | **(6732818)** |
| **Net increase (decrease) in net assets resulting from operations** | **$(4560765)** |

---

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

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

---

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

---

------

**Statements of Changes in Net Assets**

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

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
| **Increase (Decrease) in Net Assets** | **2022** | **2021** |
| Operations: |  |  |
| Net investment income | $2172053 | $2284536 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (1507696) | &nbsp;&nbsp;&nbsp;&nbsp; 1370374 |
| Change in net unrealized appreciation <br>(depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5225122) | &nbsp;&nbsp;&nbsp;&nbsp; (1547405) |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp; (4560765) | &nbsp;&nbsp;&nbsp;&nbsp; 2107505 |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp; (2374887) | &nbsp;&nbsp;&nbsp;&nbsp; (2455814) |
| &nbsp;&nbsp;&nbsp; Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28302) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6327) |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (2403189) | &nbsp;&nbsp;&nbsp;&nbsp; (2462141) |
| Fund share transactions: |  |  |
| **Class A** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 2744738 | &nbsp;&nbsp;&nbsp;&nbsp; 6500206 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp; 2374887 | &nbsp;&nbsp;&nbsp;&nbsp; 2455814 |
| Payments for shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (8372146) | &nbsp;&nbsp; (11190770) |
| Net increase (decrease) in net assets from Class A share transactions | &nbsp;&nbsp;&nbsp;&nbsp; (3252521) | &nbsp;&nbsp;&nbsp;&nbsp; (2234750) |
| **Class B** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 385798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 481262 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6327 |
| Payments for shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (269273) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21374) |
| Net increase (decrease) in net assets from Class B share transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 466215 |
| **Increase (decrease) in net assets** | &nbsp;&nbsp; (10071648) | &nbsp;&nbsp;&nbsp;&nbsp; (2123171) |
| Net assets at beginning of period | &nbsp;&nbsp;&nbsp; 51983794 | &nbsp;&nbsp;&nbsp; 54106965 |
| **Net assets at end of period** | **$41912146** | **$51983794** |

---

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

---

| | | |
|:---|:---|:---|
| **Other Information** |  |  |
| **Class A** |  |  |
| Shares outstanding at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8311044  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8668128  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 498999 | &nbsp;&nbsp;&nbsp;&nbsp; 1055087 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 431798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 408621 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (1512994) | &nbsp;&nbsp;&nbsp;&nbsp; (1820792) |
| Net increase (decrease) in Class A shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(582197) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(357084) |
| Shares outstanding at end of period | **7728847** | **8311044** |
| **Class B** |  |  |
| Shares outstanding at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23669 |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78794 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1048 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (49002) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3476) |
| Net increase (decrease) in Class B shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76366 |
| Shares outstanding at end of period | **125968** | **100035** |

---

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

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

---

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

---

------

<br>**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DWS High Income VIP** — **Class A** | **DWS High Income VIP** — **Class A** | **DWS High Income VIP** — **Class A** | **DWS High Income VIP** — **Class A** | **DWS High Income VIP** — **Class A** | **DWS High Income VIP** — **Class A** |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |
| **Net asset value, beginning of period** | **$6.18** | **$6.23** | **$6.23** | **$5.71** | **$6.36** |
| *Income (loss) from investment operations:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>a</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .27 | &nbsp;&nbsp;&nbsp;&nbsp; .27 | &nbsp;&nbsp;&nbsp;&nbsp; .29 | &nbsp;&nbsp;&nbsp;&nbsp; .31 | &nbsp;&nbsp;&nbsp;&nbsp; .33 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (.81) | &nbsp;&nbsp;&nbsp; (.03) | &nbsp;&nbsp;&nbsp;&nbsp; .04 | &nbsp;&nbsp;&nbsp;&nbsp; .56 | &nbsp;&nbsp;&nbsp; (.48) |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (.54) | &nbsp;&nbsp;&nbsp;&nbsp; .24 | &nbsp;&nbsp;&nbsp;&nbsp; .33 | &nbsp;&nbsp;&nbsp;&nbsp; .87 | &nbsp;&nbsp;&nbsp; (.15) |
| *Less distributions from:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp; (.30) | &nbsp;&nbsp;&nbsp; (.29) | &nbsp;&nbsp;&nbsp; (.33) | &nbsp;&nbsp;&nbsp; (.35) | &nbsp;&nbsp;&nbsp; (.50) |
| **Net asset value, end of period** | **$5.34** | **$6.18** | **$6.23** | **$6.23** | **$5.71** |
| Total Return (%)<sup>b</sup> <br>| (8.88) | &nbsp;&nbsp; 4.00 | &nbsp;&nbsp; 6.24 | 15.69 | (2.52) |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp; 52 |
| Ratio of expenses before expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .90 | &nbsp;&nbsp;&nbsp;&nbsp; .84 | &nbsp;&nbsp;&nbsp;&nbsp; .87 | &nbsp;&nbsp;&nbsp;&nbsp; .96 | &nbsp;&nbsp;&nbsp;&nbsp; .94 |
| Ratio of expenses after expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .71 | &nbsp;&nbsp;&nbsp;&nbsp; .71 | &nbsp;&nbsp;&nbsp;&nbsp; .70 | &nbsp;&nbsp;&nbsp;&nbsp; .68 | &nbsp;&nbsp;&nbsp;&nbsp; .69 |
| Ratio of net investment income (%) | &nbsp;&nbsp; 4.82 | &nbsp;&nbsp; 4.32 | &nbsp;&nbsp; 4.86 | &nbsp;&nbsp; 5.09 | &nbsp;&nbsp; 5.41 |
| Portfolio turnover rate (%) | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp;&nbsp; 62 |

---

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

<sup>a</sup> Based on average shares outstanding during the period.

<sup>b</sup> Total return would have been lower had certain expenses not been reduced.

<sup>c</sup> Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. 

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

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

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

---

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

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DWS High Income VIP** — **Class B** | **DWS High Income VIP** — **Class B** | **DWS High Income VIP** — **Class B** | **DWS High Income VIP** — **Class B** | **DWS High Income VIP** — **Class B** | **DWS High Income VIP** — **Class B** |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Selected Per Share Data** |  |  |  |  |  |
| **Net asset value, beginning of period** | **$6.20** | **$6.24** | **$6.25** | **$5.73** | **$6.38** |
| *Income (loss) from investment operations:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>a</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; .25 | &nbsp;&nbsp;&nbsp;&nbsp; .24 | &nbsp;&nbsp;&nbsp;&nbsp; .27 | &nbsp;&nbsp;&nbsp;&nbsp; .29 | &nbsp;&nbsp;&nbsp;&nbsp; .31 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (.82) | &nbsp;&nbsp;&nbsp; (.01) | &nbsp;&nbsp;&nbsp;&nbsp; .04 | &nbsp;&nbsp;&nbsp;&nbsp; .57 | &nbsp;&nbsp;&nbsp; (.48) |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (.57) | &nbsp;&nbsp;&nbsp;&nbsp; .23 | &nbsp;&nbsp;&nbsp;&nbsp; .31 | &nbsp;&nbsp;&nbsp;&nbsp; .86 | &nbsp;&nbsp;&nbsp; (.17) |
| *Less distributions from:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp; (.28) | &nbsp;&nbsp;&nbsp; (.27) | &nbsp;&nbsp;&nbsp; (.32) | &nbsp;&nbsp;&nbsp; (.34) | &nbsp;&nbsp;&nbsp; (.48) |
| **Net asset value, end of period** | **$5.35** | **$6.20** | **$6.24** | **$6.25** | **$5.73** |
| Total Return (%)<sup>b</sup> <br>| (9.38) | &nbsp;&nbsp; 3.79 | &nbsp;&nbsp; 5.77 | 15.33 | (2.76) |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .1 |
| Ratio of expenses before expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp; 1.31 | &nbsp;&nbsp; 1.27 | &nbsp;&nbsp; 1.30 | &nbsp;&nbsp; 1.40 | &nbsp;&nbsp; 1.34 |
| Ratio of expenses after expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp; 1.10 | &nbsp;&nbsp; 1.10 | &nbsp;&nbsp; 1.05 | &nbsp;&nbsp;&nbsp;&nbsp; .94 | &nbsp;&nbsp;&nbsp;&nbsp; .96 |
| Ratio of net investment income (%) | &nbsp;&nbsp; 4.47 | &nbsp;&nbsp; 3.86 | &nbsp;&nbsp; 4.52 | &nbsp;&nbsp; 4.82 | &nbsp;&nbsp; 5.14 |
| Portfolio turnover rate (%) | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp;&nbsp; 62 |

---

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

<sup>a</sup> Based on average shares outstanding during the period.

<sup>b</sup> Total return would have been lower had certain expenses not been reduced.

<sup>c</sup> Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. 

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

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

---

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

---

------

<br>**Notes to Financial Statements** 

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

DWS High Income VIP (the "Fund") is a diversified series of Deutsche DWS Variable Series II (the "Trust"), which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company organized as a Massachusetts business trust.

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

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

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

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

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

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

Debt securities are valued at prices supplied by independent pricing services approved by the Pricing Committee. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, prepayment speeds and other data, as well as broker quotes. If the pricing services are unable to provide valuations, debt securities are valued at the average of the most recent reliable bid quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.

Senior loans are valued by independent pricing services approved by the Pricing Committee, whose valuations are intended to reflect the average of broker supplied quotes representing mean between the bid and asked prices. If the pricing services are unable to provide valuations, the securities are valued at the mean of the most recent bid and asked quotations or evaluated price, as applicable, obtained from one or more broker-dealers. Certain securities may be valued on the basis of a price provided by a single source or broker-dealer. No active trading market may exist for some senior loans, and they may be subject to restrictions on resale. The inability to dispose of senior loans in a timely fashion could result in losses. Senior loans are generally categorized as Level 2.

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

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

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

---

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

---

------

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

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

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

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

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

**Securities Lending.** Deutsche Bank AG, as lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best efforts to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. As of period end, any securities on loan were collateralized by cash. During the year ended December 31, 2022, the Fund invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.07% annualized effective rate as of December 31, 2022) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time, and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

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

---

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

---

------

As of December 31, 2022, the Fund had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.

**Remaining Contractual Maturity of the Agreements** as of December 31, 2022

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Overnight** <br>**and** <br>**Continuous**<br>| **˂30 days** | **Between 30** <br>**& 90 days**<br>| **˃90 days** | **Total** |
| **Securities Lending Transactions**  | **Securities Lending Transactions**  | **Securities Lending Transactions**  | **Securities Lending Transactions**  | **Securities Lending Transactions**  | **Securities Lending Transactions**  |
| Corporate Bonds | $851520 | $— | $— | $— | $851520 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 361125 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 361125 |
| **Total Borrowings** | **$1212645** | **$** — | **$** — | **$** — | **$1212645** |
| Gross amount of recognized liabilities for securities lending transactions: | Gross amount of recognized liabilities for securities lending transactions: | Gross amount of recognized liabilities for securities lending transactions: | Gross amount of recognized liabilities for securities lending transactions: | Gross amount of recognized liabilities for securities lending transactions: | $1212645 |

---

**Taxes.** The Fund's policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders.

At December 31, 2022, the Fund had net tax basis capital loss carryforwards of approximately $7,865,000, including short-term losses ($1,237,000) and long-term losses ($6,628,000), which may be applied against realized net taxable capital gains indefinitely.

The Fund has reviewed the tax positions for the open tax years as of December 31, 2022 and has determined that no provision for income tax and/or uncertain tax positions is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

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

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

At December 31, 2022, the Fund's components of distributable earnings (accumulated losses) on a net tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income\* | $2221114 |
| Capital loss carryforwards | $(7865000) |
| Net unrealized appreciation (depreciation) on investments | $(3759099)  |

---

At December 31, 2022, the aggregate cost of investments for federal income tax purposes was $46,352,907. The net unrealized depreciation for all investments based on tax cost was $3,759,099. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $131,925 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $3,891,024.

In addition, the tax character of distributions paid to shareholders by the Fund is summarized as follows:

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2022** | **2021** |
| Distributions from ordinary income\* | $2403189 | $2462141 |

---

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

\* For tax purposes, short-term capital gain distributions are considered ordinary income distributions.

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

---

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

---

------

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

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

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

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

A forward foreign currency contract ("forward currency contract") is a commitment to purchase or sell a foreign currency at the settlement date at a negotiated rate. For the year ended December 31, 2022, the Fund entered into forward currency contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign currency denominated portfolio holdings and to facilitate transactions in foreign currency denominated securities.

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

A summary of the open forward currency contracts as of December 31, 2022, is included in the table following the Fund's Investment Portfolio. For the year ended December 31, 2022, the investment in forward currency contracts short vs. U.S. dollars had a total contract value generally indicative of a range from approximately $846,000 to $1,235,000, and the investment in forward currency contracts long vs. U.S. dollars had a total contract value generally indicative of a range from $0 to approximately $30,000.

The following tables summarize the value of the Fund's derivative instruments held as of December 31, 2022 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

---

| | |
|:---|:---|
| **Assets Derivative** | **Forward** <br>**Contracts**<br>|
| Foreign Exchange Contracts (a) | $188 |
| The above derivative is located in the following Statement of Assets and Liabilities account: | The above derivative is located in the following Statement of Assets and Liabilities account: |

---

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

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

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

---

| | |
|:---|:---|
| **Liability Derivative** | **Forward** <br>**Contracts**<br>|
| Foreign Exchange Contracts (a) | $(24498) |
| The above derivative is located in the following Statement of Assets and Liabilities account: | The above derivative is located in the following Statement of Assets and Liabilities account: |

---

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

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

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

---

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

---

------

Additionally, the amount of unrealized and realized gains and losses on derivative instruments recognized in Fund earnings during the year ended December 31, 2022 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

---

| | |
|:---|:---|
| **Realized Gain (Loss)** | **Forward** <br>**Contracts**<br>|
| Foreign Exchange Contracts (a) | $79077 |
| The above derivative is located in the following Statement of Operations account: | The above derivative is located in the following Statement of Operations account: |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net
realized gain (loss) from forward foreign currency contracts

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

---

| | |
|:---|:---|
| **Change in Net Unrealized Appreciation (Depreciation)** | **Forward** <br>**Contracts**<br>|
| Foreign Exchange Contracts (a) | $(19230) |
| The above derivative is located in the following Statement of Operations account: | The above derivative is located in the following Statement of Operations account: |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Change
in net unrealized appreciation (depreciation) on forward foreign currency contracts

As of December 31, 2022, the Fund has transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow a Fund to close out and net total exposure to a counterparty in the event of a deterioration in the credit quality or contractual default with respect to all of the transactions with a counterparty. As defined by the master netting agreement, the Fund may have collateral agreements with certain counterparties to mitigate risk. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by a counterparty, including any collateral exposure, is included in the following tables:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount** <br>**of Assets** <br>**Presented** <br>**in the** <br>**Statement of** <br>**Assets and** <br>**Liabilities**<br>| **Financial** <br>**Instruments** <br>**and** <br>**Derivatives** <br>**Available** <br>**for Offset**<br>| **Collateral** <br>**Received**<br>| **Net Amount** <br>**of Derivative** <br>**Assets**<br>|
| BNP Paribas SA | $54 | $— | $— | $54 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 134 |
|  | **188** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | **188** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount** <br>**of Liabilities** <br>**Presented** <br>**in the** <br>**Statement of** <br>**Assets and** <br>**Liabilities**<br>| **Financial** <br>**Instruments** <br>**and** <br>**Derivatives** <br>**Available** <br>**for Offset**<br>| **Collateral** <br>**Pledged**<br>| **Net Amount** <br>**of Derivative** <br>**Liabilities**<br>|
| Barclays Bank PLC | $24498 | $— | $— | $24498 |

---

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

During the year ended December 31, 2022, purchases and sales of investment securities (excluding short-term investments and U.S. Treasury securities) aggregated $19,481,949 and $21,438,444, respectively.

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

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

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

---

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

---

------

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

---

| | |
|:---|:---|
| First $250 million of the Fund's average daily net assets | .500% |
| Next $750 million of such net assets | .470% |
| Next $1.5 billion of such net assets | .450% |
| Next $2.5 billion of such net assets | .430% |
| Next $2.5 billion of such net assets | .400% |
| Next $2.5 billion of such net assets | .380% |
| Next $2.5 billion of such net assets | .360% |
| Over $12.5 billion of such net assets | .340% |

---

Accordingly, for the year ended December 31, 2022, the fee pursuant to the Investment Management Agreement was equivalent to an annual rate (exclusive of any applicable waivers/reimbursements) of 0.50% of the Fund's average daily net assets.

For the period from January 1, 2022 through September 30, 2022, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of each class as follows:

---

| | |
|:---|:---|
| Class A | &nbsp;&nbsp; .71% |
| Class B | 1.10% |

---

Effective October 1, 2022 through September 30, 2023, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of each class as follows:

---

| | |
|:---|:---|
| Class A | &nbsp;&nbsp; .70% |
| Class B | 1.09% |

---

For the year ended December 31, 2022, fees waived and/or expenses reimbursed for each class are as follows:

---

| | |
|:---|:---|
| Class A | $84214 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp; 1370 |
|  | **$85584** |

---

**Administration Fee.** Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.097% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the year ended December 31, 2022, the Administration Fee was $43,745, of which $3,493 is unpaid.

**Service Provider Fees.** DWS Service Company ("DSC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and SS&C GIDS, Inc. ("SS&C") (name changed from DST Systems, Inc. effective January 1, 2023), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to SS&C. DSC compensates SS&C out of the shareholder servicing fee it receives from the Fund. For the year ended December 31, 2022, the amounts charged to the Fund by DSC were as follows:

---

| | | |
|:---|:---|:---|
| **Services to Shareholders** | **Total** <br>**Aggregated**<br>| **Unpaid at** <br>**December 31, 2022**<br>|
| Class A | $371 | $59 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp; 23 |
|  | **$476** | **$82** |

---

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

---

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

---

------

**Distribution Service Agreement.** Under the Fund's Class B 12b-1 plan, DWS Distributors, Inc. ("DDI") received a fee ("Distribution Service Fee") of up to 0.25% of average daily net assets of Class B shares. For the year ended December 31, 2022, the Distribution Service Fee aggregated $1,609, of which $147 is unpaid.

**Other Service Fees.** Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the year ended December 31, 2022, the amount charged to the Fund by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $1,214, of which $111 is unpaid.

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

**Affiliated Cash Management Vehicles.** The Fund may invest uninvested cash balances in DWS Central Cash Management Government Fund and DWS ESG Liquidity Fund, affiliated money market funds which are managed by the Advisor. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Central Cash Management Government Fund seeks to maintain a stable net asset value, and DWS ESG Liquidity Fund maintains a floating net asset value. The Fund indirectly bears its proportionate share of the expenses of each affiliated money market fund in which it invests. DWS Central Cash Management Government Fund does not pay the Advisor an investment management fee. To the extent that DWS ESG Liquidity Fund pays an investment management fee to the Advisor, the Advisor will waive an amount of the investment management fee payable to the Advisor by the Fund equal to the amount of the investment management fee payable on the Fund's assets invested in DWS ESG Liquidity Fund.

**Securities Lending Agent Fees.** Deutsche Bank AG serves as securities lending agent for the Fund. For the year ended December 31, 2022, the Fund incurred securities lending agent fees to Deutsche Bank AG in the amount of $1,613.

**E.** **Investing in High-Yield Debt Securities**

High-yield debt securities or junk bonds are generally regarded as speculative with respect to the issuer's continuing ability to meet principal and interest payments. The Fund's performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in the issuer not making timely payments of interest or principal, a security downgrade or an inability to meet a financial obligation. High-yield debt securities' total return and yield may generally be expected to fluctuate more than the total return and yield of investment-grade debt securities. A real or perceived economic downturn or an increase in market interest rates could cause a decline in the value of high-yield debt securities, result in increased redemptions and/or result in increased portfolio turnover, which could result in a decline in net asset value of the Fund, reduce liquidity for certain investments and/or increase costs. High-yield debt securities are often thinly traded and can be more difficult to sell and value accurately than investment-grade debt securities as there may be no established secondary market. Investments in high yield debt securities could increase liquidity risk for the Fund. In addition, the market for high-yield debt securities can experience sudden and sharp volatility which is generally associated more with investments in stocks.

**F.** **Ownership of the Fund**

At December 31, 2022, one participating insurance company was owner of record of 10% or more of the

total outstanding Class A shares of the Fund, owning 89%. Three participating insurance companies were owners of record of 10% or more of the total outstanding Class B shares of the Fund, each owning 50%, 32% and 17%, respectively.

**G.** **Line of Credit**

The Fund and other affiliated funds (the "Participants") share in a $375 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a daily fluctuating rate per annum equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Fund may borrow up to a maximum of 20 percent of its net assets under the agreement. The Fund had no outstanding loans at December 31, 2022.

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| **26** \|  | Deutsche DWS Variable Series II —<br> DWS High Income VIP <br>|

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<br>**Report of Independent Registered Public Accounting Firm**

**To the Board of Trustees of Deutsche DWS Variable Series II and Shareholders of DWS High Income VIP:**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of DWS High Income VIP (the "Fund") (one of the funds constituting Deutsche DWS Variable Series II) (the "Trust"), including the investment portfolio, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Deutsche DWS Variable Series II) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others: when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. <br> ![](g464418img67d2b79f3.jpg)

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

Boston, Massachusetts

February 13, 2023

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| Deutsche DWS Variable Series II —<br> DWS High Income VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **27**  |

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Information About Your Fund's Expenses (Unaudited)

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| **28** \|  | Deutsche DWS Variable Series II —<br> DWS High Income VIP <br>|

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Tax Information (Unaudited)

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| Deutsche DWS Variable Series II —<br> DWS High Income VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **29**  |

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<br>**Advisory Agreement Board Considerations and Fee Evaluation**

The Board of Trustees (hereinafter referred to as the "Board" or "Trustees") approved the renewal of DWS High Income VIP's (the "Fund") investment management agreement (the "Agreement") with DWS Investment Management Americas, Inc. ("DIMA") in September 2022.

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

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

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The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund's performance, fees and expenses, and profitability from a fee consultant retained by the Fund's Independent Trustees (the "Fee Consultant").

—

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

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The Independent Trustees regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund's contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.

—

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

In connection with the contract review process, the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund. DIMA is part of DWS Group GmbH & Co. KGaA ("DWS Group"). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. In 2018, approximately 20% of DWS Group's shares were sold in an initial public offering, with Deutsche Bank AG owning the remaining shares.

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

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

**Nature, Quality and Extent of Services.** The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA's approach to addressing such risks. The Board reviewed the Fund's performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied by Morningstar Direct ("Morningstar"), an independent fund data service. The Board also noted that it has put into place a process of identifying "Funds in Review" (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA's plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for the one-, three- and five-year periods ended December 31, 2021, the Fund's performance (Class A shares) was in the 4th quartile, 2nd quartile and 2nd quartile, respectively, of the applicable Morningstar universe (the 1st quartile being the

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| **30** \|  | Deutsche DWS Variable Series II —<br> DWS High Income VIP <br>|

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best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has underperformed its benchmark in the one-, three- and five-year periods ended December 31, 2021.

**Fees and Expenses.** The Board considered the Fund's investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. ("Broadridge") and the Fee Consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.097% fee paid to DIMA under the Fund's administrative services agreement, were lower than the median (1st quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2021). The Board noted that the Fund's Class A shares total (net) operating expenses were expected to be higher than the median (3rd quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2021, and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees) ("Broadridge Universe Expenses"). The Board also reviewed data comparing each other operational share class's total (net) operating expenses to the applicable Broadridge Universe Expenses. The Board noted that the expense limitations agreed to by DIMA were expected to help the Fund's total (net) operating expenses remain competitive. The Board considered the Fund's management fee rate as compared to fees charged by DIMA to comparable DWS U.S. registered funds ("DWS Funds") and considered differences between the Fund and the comparable DWS Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors ("DWS Europe Funds") managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

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

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

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

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

**Compliance.** The Board considered the significant attention and resources dedicated by DIMA to its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA's and the Fund's chief compliance officers and (ii) the

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| Deutsche DWS Variable Series II —<br> DWS High Income VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **31**  |

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substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel.

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

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| **32** \|  | Deutsche DWS Variable Series II —<br> DWS High Income VIP <br>|

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<br>**Board Members and Officers**

The following table presents certain information regarding the Board Members and Officers of the Trust/Corporation. Each Board Member's year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is c/o Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the Trust/Corporation. Because the Fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period.

The Board Members may also serve in similar capacities with other funds in the fund complex. The number of funds in the DWS fund complex shown in the table below includes all registered open- and closed-end funds (including all of their portfolios) advised by the Advisor and any registered funds that have an investment advisor that is an affiliated person of the Advisor.

**Independent Board Members/Independent Advisory Board Members**

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|:---|:---|:---|:---|
| **Name, Year of** <br>**Birth, Position** <br>**with the Trust/** <br>**Corporation** <br>**and Length of** <br>**Time Served**<sup>1</sup> <br>| **Business Experience and Directorships** <br>**During the Past Five Years**<br>| **Number of** <br>**Funds in** <br>**DWS Fund** <br>**Complex** <br>**Overseen**<br>| **Other** <br>**Directorships** <br>**Held by Board** <br>**Member**<br>|
| Keith R. Fox, CFA (1954)<br> Chairperson since 2017, and <br> Board Member since 1996<br>| Managing General Partner, Exeter Capital Partners (a series of private <br> investment funds) (since 1986). Directorships: Progressive International <br> Corporation (kitchen goods designer and distributor); former Chairman, <br> National Association of Small Business Investment Companies; Former <br> Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. <br> (advertising); Sun Capital Advisers Trust (mutual funds)<br>| 69 |  |
| John W. Ballantine (1946)<br> Board Member since 1999<br>| Retired; formerly, Executive Vice President and Chief Risk Management <br> Officer, First Chicago NBD Corporation/The First National Bank of Chicago <br> (1996–1998); Executive Vice President and Head of International Banking <br> (1995–1996); Not-for-Profit Directorships: Window to the World <br> Communications (public media); Life Director of Harris Theater for Music <br> and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; <br> Former Directorships: Director and Chairman of the Board, Healthways, <br> Inc.<sup>2</sup> (population wellbeing and wellness services) (2003–2014); Stockwell <br> Capital Investments PLC (private equity); Enron Corporation; FNB <br> Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak <br> Brook Bank; Portland General Electric<sup>2</sup> (utility company (2003–2021); and <br> Prisma Energy International; Former Not-for-Profit Directorships: Public <br> Radio International; Palm Beach Civic Assn.<br>| 69 |  |
| Dawn-Marie Driscoll (1946)<br> Board Member since 1987<br>| Advisory Board and former Executive Fellow, Hoffman Center for Business <br> Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) <br> (1988–1990); Vice President of Corporate Affairs and General Counsel, <br> Filene's (retail) (1978–1988); Directorships: Trustee and former Chairman of <br> the Board, Southwest Florida Community Foundation (charitable <br> organization); Former Directorships: ICI Mutual Insurance Company <br> (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), <br> Investment Company Institute (audit, executive, nominating committees) <br> and Independent Directors Council (governance, executive committees)<br>| 69 |  |
| Richard J. Herring (1946)<br> Board Member since 1990<br>| Jacob Safra Professor of International Banking and Professor of Finance, <br> The Wharton School, University of Pennsylvania (since July 1972); <br> formerly: Director, The Wharton Financial Institutions Center (1994–2020); <br> Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and <br> Director, The Lauder Institute of International Management Studies <br> (2000–2006); Member FDIC Systemic Risk Advisory Committee since <br> 2011, member Systemic Risk Council since 2012 and member of the <br> Advisory Board at the Yale Program on Financial Stability since 2013; <br> Former Directorships: Co-Chair of the Shadow Financial Regulatory <br> Committee (2003–2015), Executive Director of The Financial Economists <br> Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), <br> Director of The Aberdeen Singapore Fund (2007–2018), Director, The <br> Aberdeen Japan Fund (2007-2021) and Nonexecutive Director of Barclays <br> Bank DE (2010–2018)<br>| 69 |  |

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| Deutsche DWS Variable Series II —<br> DWS High Income VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **33**  |

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|:---|:---|:---|:---|
| **Name, Year of**<br> **Birth, Position**<br> **with the Trust/**<br> **Corporation**<br> **and Length of**<br> **Time Served**<sup>1</sup><br>| **Business Experience and Directorships**<br> **During the Past Five Years**<br>| **Number of**<br> **Funds in**<br> **DWS Fund**<br> **Complex**<br> **Overseen**<br>| **Other**<br> **Directorships**<br> **Held by Board**<br> **Member**<br>|
| Chad D. Perry (1972)<br> Board Member or Advisory <br> Board Member since 2021<sup>3</sup> <br>| Executive Vice President, General Counsel and Secretary, Tanger Factory <br> Outlet Centers, Inc.<sup>2</sup> (since 2011); formerly Executive Vice President and <br> Deputy General Counsel, LPL Financial Holdings Inc.<sup>2</sup> (2006–2011); Senior <br> Corporate Counsel, EMC Corporation (2005–2006); Associate, Ropes & <br> Gray LLP (1997–2005)<br>| 21<sup>4</sup> <br>| Director - Great <br> Elm Capital <br> Corp. (business <br> development <br> company) <br> (since 2022)<br>|
| Rebecca W. Rimel (1951)<br> Board Member since 1995<br>| Director, The Bridgespan Group (nonprofit organization) (since October <br> 2020); formerly: Executive Vice President, The Glenmede Trust Company <br> (investment trust and wealth management) (1983–2004); Board Member, <br> Investor Education (charitable organization) (2004–2005); Former <br> Directorships: Trustee, Executive Committee, Philadelphia Chamber of <br> Commerce (2001–2007); Director, Viasys Health Care<sup>2</sup> (January 2007–June <br> 2007); Trustee, Thomas Jefferson Foundation (charitable organization) <br> (1994–2012); President, Chief Executive Officer and Director (1994–2020) <br> and Senior Advisor (2020-2021), The Pew Charitable Trusts (charitable <br> organization); Director, BioTelemetry Inc.<sup>2</sup> (acquired by Royal Philips in <br> 2021) (healthcare) (2009–2021); Director, Becton Dickinson and Company<sup>2</sup> <br> (medical technology company) (2012-2022)<br>| 69 |  |
| Catherine Schrand (1964)<br> Board Member since 2021\*<br>| Celia Z. Moh Professor of Accounting (since 2016) and Professor of <br> Accounting (since 1994), The Wharton School, University of Pennsylvania; <br> formerly Vice Dean, Wharton Doctoral Programs (2016–2019)<br>| 69 |  |
| William N. Searcy, Jr. (1946)<br> Board Member since 1993<br>| Private investor since October 2003; formerly: Pension & Savings Trust <br> Officer, Sprint Corporation<sup>2</sup> (telecommunications) (November <br> 1989–September 2003); Former Directorships: Trustee, Sun Capital <br> Advisers Trust (mutual funds) (1998–2012)<br>| 69 |  |

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**Officers**<sup>5</sup>

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|:---|:---|
| **Name, Year of Birth, Position** <br>**with the Trust/Corporation** <br>**and Length of Time Served**<sup>6</sup> <br>| **Business Experience and Directorships During the** <br>**Past Five Years**<br>|
| Hepsen Uzcan<sup>7</sup> (1974)<br> President and Chief Executive <br> Officer, 2017–present<br>| Fund Administration (Head since 2017), DWS; Secretary, DWS USA Corporation (2018–present); <br> Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service <br> Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. <br> (2018–present); Director and President, DB Investment Managers, Inc. (2018–present); President and <br> Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central <br> and Eastern Europe Fund, Inc. (2017–present); formerly: Vice President for the Deutsche funds <br> (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Assistant Secretary, The European <br> Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. <br> (2013–2020); Directorships: Interested Director, The European Equity Fund, Inc., The New Germany Fund, <br> Inc. and The Central and Eastern Europe Fund, Inc. (since June 25, 2020); ICI Mutual Insurance Company <br> (since October 16, 2020); and Episcopalian Charities of New York (2018–present)<br>|
| John Millette<sup>8</sup> (1962)<br> Vice President and <br> Secretary, 1999–present<br>| Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas, <br> Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX <br> ETF Trust (2020–present); Vice President, DBX Advisors LLC (2021–present); Secretary, The European <br> Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. <br> 2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and <br> Assistant Secretary, DBX ETF Trust (2019–2020)<br>|
| Ciara Crawford<sup>9</sup> (1984)<br> Assistant <br> Secretary, 2019–present<br>| Fund Administration (Specialist), DWS (2015–present); formerly, Legal Assistant at Accelerated <br> Tax Solutions<br>|
| Diane Kenneally<sup>8</sup> (1966)<br> Chief Financial Officer and <br> Treasurer, 2018–present<br>| Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Treasurer, Chief Financial Officer and <br> Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity <br> Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); <br> formerly: Assistant Treasurer for the DWS funds (2007–2018)<br>|
| Paul Antosca<sup>8</sup> (1957)<br> Assistant <br> Treasurer, 2007–present<br>| Fund Administration Tax (Head), DWS; and Assistant Treasurer, DBX ETF Trust (2019–present) |
| Sheila Cadogan<sup>8</sup> (1966)<br> Assistant <br> Treasurer, 2017–present<br>| Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Director and Vice President, DWS <br> Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, <br> The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, <br> Inc. (2018–present)<br>|
| Scott D. Hogan<sup>8</sup> (1970)<br> Chief Compliance <br> Officer, 2016–present<br>| Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The <br> European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, <br> Inc. (2016–present)<br>|

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| **34** \|  | Deutsche DWS Variable Series II —<br> DWS High Income VIP <br>|

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|:---|:---|
| **Name, Year of Birth, Position**<br> **with the Trust/Corporation**<br> **and Length of Time Served**<sup>6</sup><br>| **Business Experience and Directorships During the**<br> **Past Five Years**<br>|
| Caroline Pearson<sup>8</sup> (1962)<br> Chief Legal <br> Officer, 2010–present<br>| Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, <br> DBX Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New <br> Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, <br> Deutsche AM Distributors, Inc. (2002–2017); Secretary, Deutsche AM Service Company (2010–2017); <br> and Chief Legal Officer, DBX Strategic Advisors LLC (2020–2021)<br>|
| Christian Rijs<sup>7</sup> (1980)<br> Anti-Money Laundering <br>Compliance Officer, <br>since October 6, 2021<br>| Senior Team Lead Anti-Financial Crime and Compliance, DWS; AML Officer, DWS Trust Company (since <br> November 2, 2021); AML Officer, DBX ETF Trust (since October 21, 2021); AML Officer, The European <br> Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since <br> November 12, 2021); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO<br>|

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

<sup>\*</sup> Ms. Schrand was an Advisory Board Member for certain funds in the DWS Fund Complex for the period from November 18, 2021 to December 31, 2022 and was elected as a Full Board Member as of January 1, 2023 for all funds in the DWS Fund Complex. 

<sup>1</sup> The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board. 

<sup>2</sup> A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.

<sup>3</sup> Mr. Perry is an Advisory Board Member of Deutsche DWS Asset Allocation Trust, Deutsche DWS Equity 500 Index Portfolio, Deutsche DWS Global/International Fund, Inc., Deutsche DWS Income Trust, Deutsche DWS Institutional Funds, Deutsche DWS International Fund, Inc., Deutsche DWS Investment Trust, Deutsche DWS Investments VIT Funds, Deutsche DWS Money Market Trust, Deutsche DWS Municipal Trust, Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust, Deutsche DWS Tax Free Trust, Deutsche DWS Variable Series I and Government Cash Management Portfolio. Mr. Perry is a Board Member of each other Trust. 

<sup>4</sup> Mr. Perry oversees 21 funds in the DWS Fund Complex as a Board Member of various Trusts. Mr. Perry is an Advisory Board Member of various Trusts/Corporations comprised of 48 funds in the DWS Fund Complex. 

<sup>5</sup> As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered "interested persons" of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund. 

<sup>6</sup> The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds.

<sup>7</sup> Address: 875 Third Avenue, New York, NY 10022.

<sup>8</sup> Address: 100 Summer Street, Boston, MA 02110.

<sup>9</sup> Address: 5201 Gate Parkway, Jacksonville, FL 32256.

Certain officers hold similar positions for other investment companies for which DIMA or an affiliate serves as the Advisor.

The Fund's Statement of Additional Information ("SAI") includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the following toll-free number: (800) 728-3337.

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

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS High Income VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **35**  |

---

------

![](g464418imge32c542c1.jpg)

VS2HI-2 (R-025832-12 2/23)

------

December 31, 2022

**Annual Report**

Deutsche DWS Variable Series II

**DWS International Growth VIP**

![](g464418img6e1a8b341.jpg)

------

<br>**Contents** 

---

| | |
|:---|:---|
| **3** | [Performance Summary](#xx_5eff5e12-168e-42ac-ac6b-ec569bf8788f_perfsum-cc-financial-runningfooter-361_1) |
| **4** | [Management Summary](#xx_5eff5e12-168e-42ac-ac6b-ec569bf8788f_perfsum-cc-financial-runningfooter-361_2) |
| **6** | [Portfolio Summary](#xx_5eff5e12-168e-42ac-ac6b-ec569bf8788f_portsum-cc-financial-runningfooter-361_1) |
| **7** | [Investment Portfolio](#xx_5eff5e12-168e-42ac-ac6b-ec569bf8788f_soi-cc-financial-runningfooter-361_1) |
| **10** | [Statement of Assets and Liabilities](#xx_5eff5e12-168e-42ac-ac6b-ec569bf8788f_fs-cc-financial-runningfooter-361_1) |
| **10** | [Statement of Operations](#xx_5eff5e12-168e-42ac-ac6b-ec569bf8788f_fs-cc-financial-runningfooter-361_1) |
| **11** | [Statements of Changes in Net Assets](#xx_5eff5e12-168e-42ac-ac6b-ec569bf8788f_fs-cc-financial-runningfooter-361_2) |
| **12** | [Financial Highlights](#xx_5eff5e12-168e-42ac-ac6b-ec569bf8788f_fihi-cc-financial-runningfooter-361_1) |
| **14** | [Notes to Financial Statements](#xx_5eff5e12-168e-42ac-ac6b-ec569bf8788f_ntf-cc-financial-runningfooter-361_1) |
| **19** | [Report of Independent Registered Public Accounting Firm](#xx_5eff5e12-168e-42ac-ac6b-ec569bf8788f_aud-cc-financial-runningfooter-361_1) |
| **20** | [Information About Your Fund's Expenses](#xx_5eff5e12-168e-42ac-ac6b-ec569bf8788f_fexpti-cc-financial-runningfooter-361_1) |
| **21** | [Tax Information](#xx_5eff5e12-168e-42ac-ac6b-ec569bf8788f_fexpti-cc-financial-runningfooter-361_2) |
| **21** | [Proxy Voting](#xx_5eff5e12-168e-42ac-ac6b-ec569bf8788f_fexpti-cc-financial-runningfooter-361_2) |
| **22** | [Advisory Agreement Board Considerations and Fee Evaluation](#xx_5eff5e12-168e-42ac-ac6b-ec569bf8788f_aabcf-cc-financial-runningfooter-361_1) |
| **25** | [Board Members and Officers](#xx_5eff5e12-168e-42ac-ac6b-ec569bf8788f_board-cc-financial-runningfooter-361_1) |

---

**This report must be preceded or accompanied by a prospectus. To obtain an additional prospectus or summary prospectus, if available, call (800) 728-3337 or your financial representative. We advise you to consider the Fund's objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the Fund. Please read the prospectus carefully before you invest.**

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

War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises and related geopolitical events have led, and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Fund and its investments.

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. <br>DWS Distributors, Inc., 222 South Riverside Plaza, Chicago, IL 60606, (800) 621-1148 <br>NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE <br>NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

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

---

| | |
|:---|:---|
| **2** \|  | Deutsche DWS Variable Series II —<br> DWS International Growth VIP <br>|

---

------

Performance Summary December 31, 2022 (Unaudited)

![](g464418img23a7ac9c2.jpg)

Yearly periods ended December 31

MSCI All Country World ex-USA Index is an unmanaged equity index which captures large and mid-capitalization representation across 22 of 23 developed markets countries excluding the U.S. and 24 emerging markets countries. It covers approximately 85% of the global equity opportunity set outside of the U.S.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

Prior to October 1, 2017, the fund was named Deutsche Global Growth VIP and operated with a different investment strategy. Performance would have been different if the fund's current investment strategy had been in effect.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Comparative Results** | **Comparative Results** | **Comparative Results** | **Comparative Results** | **Comparative Results** | **Comparative Results** |
| **DWS International Growth VIP** | **DWS International Growth VIP** | **1-Year** | **3-Year** | **5-Year** | **10-Year** |
| **Class A** | Growth of $10,000 | $7149 | $9482 | $10366 | $16284 |
| **Class A** | Average annual total return | –28.51% | –1.76% | 0.72% | 5.00% |
| MSCI All <br>Country World <br>ex-USA Index | Growth of $10,000 | $8400 | $10022 | $10449 | $14520 |
| MSCI All <br>Country World <br>ex-USA Index | Average annual total return | –16.00% | 0.07% | 0.88% | 3.80% |
| **DWS International Growth VIP** | **DWS International Growth VIP** | **1-Year** | **3-Year** | **5-Year** | **10-Year** |
| **Class B** | Growth of $10,000 | $7129 | $9405 | $10224 | $15814 |
| **Class B** | Average annual total return | –28.71% | –2.02% | 0.44% | 4.69% |
| MSCI All <br>Country World <br>ex-USA Index | Growth of $10,000 | $8400 | $10022 | $10449 | $14520 |
| MSCI All <br>Country World <br>ex-USA Index | Average annual total return | –16.00% | 0.07% | 0.88% | 3.80% |
| The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. |

---

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

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS International Growth VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **3**  |

---

------

Management Summary December 31, 2022 (Unaudited)

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

---

| | |
|:---|:---|
| **4** \|  | Deutsche DWS Variable Series II —<br> DWS International Growth VIP <br>|

---

------

**Terms to Know**

**MSCI All Country World ex USA Index** is an unmanaged equity index which captures large and mid-capitalization representation across 22 of 23 developed markets countries excluding the U.S. and 24 emerging markets countries. It covers approximately 85% of the global equity opportunity set outside of the U.S.

**Overweight** means that a fund holds a higher weighting in a given sector or security than its benchmark index. **Underweight** means that a fund holds a lower weighting.

**Stock selection** refers to the performance of the Fund's holdings in a given sector relative to the sector as a whole.

**Contribution** and **detraction** incorporate both an investment's total return and its weighting in the Fund.

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

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS International Growth VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **5**  |

---

------

<br>**Portfolio Summary(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Asset Allocation** (As a % of Investment Portfolio excluding Securities Lending Collateral) | **12/31/22** | **12/31/21** |
| Common Stocks | 97% | 98% |
| Cash Equivalents | 2% | 1% |
| Preferred Stocks | 1% | 1% |
|  | 100% | 100% |

---

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

---

| | | |
|:---|:---|:---|
| **Sector Diversification** (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash <br> Equivalents)<br>| **12/31/22** | **12/31/21** |
| Information Technology | 21% | 25% |
| Industrials | 19% | 22% |
| Financials | 18% | 14% |
| Health Care | 13% | 14% |
| Consumer Discretionary | 8% | 8% |
| Consumer Staples | 7% | 6% |
| Communication Services | 5% | 4% |
| Energy | 5% | 2% |
| Materials | 4% | 5% |
|  | 100% | 100% |

---

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

---

| | | |
|:---|:---|:---|
| **Geographical Diversification** (As a % of Investment Portfolio excluding Securities Lending Collateral <br> and Cash Equivalents)<br>| **12/31/22** | **12/31/21** |
| Germany | 15% | 13% |
| France | 14% | 12% |
| Switzerland | 9% | 8% |
| Canada | 9% | 8% |
| Japan | 9% | 9% |
| United States | 8% | 8% |
| Netherlands | 6% | 10% |
| China | 6% | 4% |
| United Kingdom | 4% | 4% |
| Ireland | 4% | 5% |
| Singapore | 4% | 2% |
| Uruguay | 3% |  |
| Taiwan | 2% | 2% |
| Sweden | 2% | 4% |
| Hong Kong | 2% |  |
| Korea | 1% | 2% |
| Argentina |  | 4% |
| Other | 2% | 5% |
|  | 100% | 100% |

---

Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund's investment portfolio, see page 7.

Following the Fund's fiscal first and third quarter-end, a complete portfolio holdings listing is posted on dws.com, and is available free of charge by contacting your financial intermediary, or if you are a direct investor, by calling (800) 728-3337. In addition, the portfolio holdings listing is filed with the SEC on the Fund's Form N-PORT and will be available on the SEC's Web site at sec.gov. Additional portfolio holdings for the Fund are also posted on dws.com from time to time. Please see the Fund's current prospectus for more information.

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

---

| | |
|:---|:---|
| **6** \|  | Deutsche DWS Variable Series II —<br> DWS International Growth VIP <br>|

---

------

<br>**Investment Portfolioas of December 31, 2022**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Common Stocks 97.4%** | **Common Stocks 97.4%** |  |
| **Brazil 0.4%** | **Brazil 0.4%** |  |
| Pagseguro Digital Ltd. "A"\* <br> (Cost $261,752)<br>| 8599 | **75155** |
| **Canada 8.7%** | **Canada 8.7%** |  |
| Agnico Eagle Mines Ltd. | 3110 | 161610 |
| Alimentation Couche-Tard, Inc. | 6861 | 301499 |
| &nbsp;&nbsp;&nbsp; Brookfield Asset Management <br> Ltd. "A"\*<br>| 5014 | 143569 |
| Brookfield Corp. | 19226 | 604611 |
| Canadian National Railway Co. | 3660 | 434767 |
| Nuvei Corp. 144A\* | 1023 | 25998 |
| (Cost $1,155,509) |  | **1672054** |
| **China 5.4%** | **China 5.4%** |  |
| &nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. <br> (ADR)\*<br>| 1932 | 170190 |
| ANTA Sports Products Ltd. | 6800 | 88430 |
| JD.com, Inc. "A" | 295 | 8221 |
| Minth Group Ltd. | 22870 | 61718 |
| &nbsp;&nbsp;&nbsp; Ping An Insurance Group Co. of <br> China Ltd. "H"<br>| 55000 | 360929 |
| Tencent Holdings Ltd. | 8300 | 352677 |
| (Cost $1,170,699) |  | **1042165** |
| **Denmark 0.6%** | **Denmark 0.6%** |  |
| Novo Nordisk AS "B" <br> (Cost $101,279)<br>| 830 | **112179** |
| **France 13.5%** | **France 13.5%** |  |
| Airbus SE | 1760 | 209915 |
| Capgemini SE | 1744 | 291982 |
| Cie de Saint-Gobain | 2530 | 124153 |
| &nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis <br> Vuitton SE<br>| 590 | 430594 |
| Schneider Electric SE | 1385 | 194703 |
| Teleperformance | 1275 | 304663 |
| TotalEnergies SE | 9591 | 603172 |
| Vinci SA | 4168 | 416826 |
| (Cost $2,102,744) |  | **2576008** |
| **Germany 14.3%** | **Germany 14.3%** |  |
| adidas AG | 580 | 79433 |
| Allianz SE (Registered) | 2062 | 444922 |
| Auto1 Group SE 144A\* | 3181 | 26634 |
| BASF SE | 1980 | 98776 |
| &nbsp;&nbsp;&nbsp; BNP Paribas Emissions- und <br> Handelsgesellschaft mbH<br>| 23770 | 290128 |
| Brenntag SE | 2428 | 156061 |
| Deutsche Boerse AG | 2770 | 479187 |
| Deutsche Post AG (Registered) | 3410 | 129029 |
| &nbsp;&nbsp;&nbsp; Deutsche Telekom AG <br> (Registered)<br>| 12900 | 257710 |
| Evonik Industries AG | 3170 | 61024 |
| Evotec SE\* | 6090 | 99981 |
| SAP SE | 2200 | 227768 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Siemens Healthineers AG 144A | 1930 | 96804 |
| TeamViewer AG 144A\* | 8860 | 114790 |
| Wacker Chemie AG | 865 | 110830 |
| Zalando SE 144A\* | 1700 | 60413 |
| (Cost $3,362,023) |  | **2733490** |
| **Hong Kong 1.5%** | **Hong Kong 1.5%** |  |
| Techtronic Industries Co., Ltd. <br> (Cost $216,384)<br>| 26097 | **289755** |
| **Ireland 4.0%** | **Ireland 4.0%** |  |
| Experian PLC | 8517 | 291741 |
| ICON PLC\* (a) | 993 | 192890 |
| Kerry Group PLC "A" | 3086 | 278363 |
| (Cost $685,675) |  | **762994** |
| **Israel 0.3%** | **Israel 0.3%** |  |
| &nbsp;&nbsp;&nbsp; Kornit Digital Ltd.\* (a) <br> (Cost $239,759)<br>| 2234 | **51315** |
| **Japan 8.4%** | **Japan 8.4%** |  |
| Daikin Industries Ltd. | 2100 | 319365 |
| Fast Retailing Co., Ltd. | 330 | 201448 |
| Hoya Corp. | 2600 | 249868 |
| Keyence Corp. | 800 | 311304 |
| Lasertec Corp. | 400 | 65159 |
| MISUMI Group, Inc. | 6011 | 128228 |
| Shimadzu Corp. | 6600 | 186845 |
| Shiseido Co., Ltd. | 3100 | 151607 |
| (Cost $1,381,578) |  | **1613824** |
| **Korea 1.4%** | **Korea 1.4%** |  |
| Samsung Electronics Co., Ltd. <br> (Cost $262,946)<br>| 5942 | **260600** |
| **Luxembourg 0.5%** | **Luxembourg 0.5%** |  |
| Eurofins Scientific SE <br> (Cost $57,184)<br>| 1434 | **103100** |
| **Netherlands 6.4%** | **Netherlands 6.4%** |  |
| Adyen NV 144A\* | 90 | 124885 |
| ASML Holding NV | 771 | 418920 |
| Koninklijke DSM NV | 1842 | 225953 |
| NXP Semiconductors NV (a) | 615 | 97188 |
| Prosus NV | 2066 | 142810 |
| Universal Music Group NV | 8800 | 212660 |
| (Cost $1,222,969) |  | **1222416** |
| **Norway 0.4%** | **Norway 0.4%** |  |
| Mowi ASA (Cost $110,025) | 4800 | **82102** |
| **Singapore 3.6%** | **Singapore 3.6%** |  |
| DBS Group Holdings Ltd. <br> (Cost $523,815)<br>| 27600 | **697117** |
| **Sweden 2.0%** | **Sweden 2.0%** |  |
| Assa Abloy AB "B" | 6090 | 131000 |
| Hexagon AB "B" | 13100 | 137485 |
| Spotify Technology SA\* (b) | 1352 | 106741 |
| (Cost $525,637) |  | **375226** |

---

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

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

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS International Growth VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **7**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Switzerland 9.0%** | **Switzerland 9.0%** |  |
| Alcon, Inc. | 2160 | 148009 |
| Lonza Group AG (Registered) | 1180 | 580310 |
| Nestle SA (Registered) | 5000 | 579082 |
| Roche Holding AG (Genusschein) | 1150 | 361144 |
| Sportradar Holding AG "A"\* (a) (c) | 6100 | 60756 |
| (Cost $1,424,207) |  | **1729301** |
| **Taiwan 2.1%** | **Taiwan 2.1%** |  |
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor <br> Manufacturing Co., Ltd. <br> (Cost $274,548)<br>| 27000 | **392626** |
| **United Kingdom 4.3%** | **United Kingdom 4.3%** |  |
| AstraZeneca PLC | 1480 | 201823 |
| Farfetch Ltd. "A"\* (b) | 6800 | 32164 |
| Halma PLC | 5341 | 128278 |
| Rentokil Initial PLC | 72600 | 446980 |
| VTEX "A"\* (b) | 3204 | 12015 |
| (Cost $976,573) |  | **821260** |
| **United States 7.8%** | **United States 7.8%** |  |
| EPAM Systems, Inc.\* | 760 | 249082 |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Companies, <br> Inc.<br>| 2318 | 383583 |
| Mastercard, Inc. "A" | 520 | 180820 |
| NVIDIA Corp. | 1224 | 178875 |
| Schlumberger Ltd. | 5620 | 300445 |
| Thermo Fisher Scientific, Inc. | 370 | 203755 |
| (Cost $681,092) |  | **1496560** |
| **Uruguay 2.8%** | **Uruguay 2.8%** |  |
| Globant SA\* | 2660 | 447306 |
| MercadoLibre, Inc.\* | 106 | 89701 |
| (Cost $445,646) |  | **537007** |
| &nbsp;&nbsp;&nbsp; **Total Common Stocks** <br> (Cost $17,182,044)<br>|  | **18646254** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Preferred Stocks 0.7%** | **Preferred Stocks 0.7%** |  |
| **Germany** | **Germany** |  |
| Sartorius AG (Cost $88,635) | 360 | **142954** |
| **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** |  |
| &nbsp;&nbsp;&nbsp; DWS Government & Agency <br> Securities Portfolio "DWS <br> Government Cash Institutional <br> Shares", 4.07% (d) (e) <br> (Cost $58,500)<br>| 58500 | **58500** |
| **Cash Equivalents 1.7%** | **Cash Equivalents 1.7%** |  |
| &nbsp;&nbsp;&nbsp; DWS Central Cash Management <br> Government Fund, 4.2% (d) <br> (Cost $328,851)<br>| 328851 | **328851** |

---

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

---

| | | |
|:---|:---|:---|
|  | **% of** <br>**Net Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** <br> (Cost $17,658,030)<br>| 100.1 | **19176559** |
| **Other Assets and** <br> **Liabilities, Net**<br>| &nbsp;&nbsp;&nbsp; (0.1) | **(23100)** |
| **Net Assets** | 100.0 | **19153459** |

---

A summary of the Fund's transactions with affiliated investments during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at** <br>**12/31/2021**<br>| **Purchases** <br>**Cost ($)**<br>| **Sales** <br>**Proceeds ($)**<br>| **Net Realized** <br>**Gain/** <br>**(Loss) ($)**<br>| **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)** <br> **($)**<br>| **Income ($)** | **Capital Gain** <br>**Distributions** <br> **($)**<br>| **Number** <br>**of Shares** <br>**at** <br>**12/31/2022**<br>| **Value ($) at** <br>**12/31/2022**<br>|
| **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (d) (e) |
| 631412 |  | 572,912 (f) |  |  | 2208 |  | 58500 | 58500 |
| **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, 4.2% (d) | DWS Central Cash Management Government Fund, 4.2% (d) | DWS Central Cash Management Government Fund, 4.2% (d) | DWS Central Cash Management Government Fund, 4.2% (d) | DWS Central Cash Management Government Fund, 4.2% (d) | DWS Central Cash Management Government Fund, 4.2% (d) | DWS Central Cash Management Government Fund, 4.2% (d) | DWS Central Cash Management Government Fund, 4.2% (d) | DWS Central Cash Management Government Fund, 4.2% (d) |
| 236102 | 11450754 | 11358005 |  |  | 6469 |  | 328851 | 328851 |
| **867514** | **11450754** | **11930917** |  |  | **8677** |  | **387351** | **387351** |

---

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

\* Non-income producing security.

(a) Listed on the NASDAQ Stock Market, Inc.

(b) Listed on the New York Stock Exchange.

(c) All or a portion of these securities were on loan. In addition, "Other Assets and Liabilities, Net" may include pending sales that are also on loan. The value of securities loaned at December 31, 2022 amounted to $59,760, which is 0.3% of net assets. 

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

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

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

---

| | |
|:---|:---|
| **8** \|  | Deutsche DWS Variable Series II —<br> DWS International Growth VIP <br>|

---

------

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended December 31, 2022.

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

144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. <br> ADR: American Depositary Receipt

**Fair Value Measurements**

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

The following is a summary of the inputs used as of December 31, 2022 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Brazil | $75155 | $— | $— | $75155 |
| &nbsp;&nbsp;&nbsp; Canada | &nbsp;&nbsp; 1672054 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 1672054 |
| &nbsp;&nbsp;&nbsp; China | &nbsp;&nbsp; 170190 | &nbsp;&nbsp; 871975 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 1042165 |
| &nbsp;&nbsp;&nbsp; Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp; 112179 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 112179 |
| &nbsp;&nbsp;&nbsp; France | &nbsp;&nbsp; — | &nbsp;&nbsp; 2576008 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 2576008 |
| &nbsp;&nbsp;&nbsp; Germany | &nbsp;&nbsp; — | &nbsp;&nbsp; 2733490 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 2733490 |
| &nbsp;&nbsp;&nbsp; Hong Kong | &nbsp;&nbsp; — | &nbsp;&nbsp; 289755 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 289755 |
| &nbsp;&nbsp;&nbsp; Ireland | &nbsp;&nbsp; 192890 | &nbsp;&nbsp; 570104 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 762994 |
| &nbsp;&nbsp;&nbsp; Israel | &nbsp;&nbsp; 51315 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 51315 |
| &nbsp;&nbsp;&nbsp; Japan | &nbsp;&nbsp; — | &nbsp;&nbsp; 1613824 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 1613824 |
| &nbsp;&nbsp;&nbsp; Korea | &nbsp;&nbsp; — | &nbsp;&nbsp; 260600 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 260600 |
| &nbsp;&nbsp;&nbsp; Luxembourg | &nbsp;&nbsp; — | &nbsp;&nbsp; 103100 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 103100 |
| &nbsp;&nbsp;&nbsp; Netherlands | &nbsp;&nbsp; 97188 | &nbsp;&nbsp; 1125228 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 1222416 |
| &nbsp;&nbsp;&nbsp; Norway | &nbsp;&nbsp; — | &nbsp;&nbsp; 82102 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 82102 |
| &nbsp;&nbsp;&nbsp; Singapore | &nbsp;&nbsp; — | &nbsp;&nbsp; 697117 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 697117 |
| &nbsp;&nbsp;&nbsp; Sweden | &nbsp;&nbsp; 106741 | &nbsp;&nbsp; 268485 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 375226 |
| &nbsp;&nbsp;&nbsp; Switzerland | &nbsp;&nbsp; 60756 | &nbsp;&nbsp; 1668545 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 1729301 |
| &nbsp;&nbsp;&nbsp; Taiwan | &nbsp;&nbsp; — | &nbsp;&nbsp; 392626 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 392626 |
| &nbsp;&nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; 44179 | &nbsp;&nbsp; 777081 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 821260 |
| &nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp; 1496560 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 1496560 |
| &nbsp;&nbsp;&nbsp; Uruguay | &nbsp;&nbsp; 537007 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 537007 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 142954 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 142954 |
| Short-Term Investments (a) | &nbsp;&nbsp;&nbsp;&nbsp; 387351 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 387351 |
| **Total** | **$4891386** | **$14285173** | &nbsp;&nbsp; **$**— | **$19176559** |

---

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

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

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

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

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS International Growth VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **9**  |

---

------

**Statement of** <br>**Assets and Liabilities**

**Statement of Operations**

<br>as of December 31, 2022

------

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in non-affiliated securities, at value <br> (cost $17,270,679) — including $59,760 of <br> securities loaned<br>| $18789208 |
| Investment in DWS Government & Agency <br> Securities Portfolio (cost $58,500)\* <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58500 |
| Investment in DWS Central Cash Management <br> Government Fund (cost $328,851)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 328851 |
| Foreign currency, at value (cost $93,537) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91100 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 465 |
| Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5627 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1341 |
| Foreign taxes recoverable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33040 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380 |
| Total assets | &nbsp;&nbsp;&nbsp;&nbsp; 19308512 |
| **Liabilities** |  |
| Payable upon return of securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58500 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9598 |
| Accrued management fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5249 |
| Accrued Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1259 |
| Other accrued expenses and payables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80447 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155053 |
| **Net assets, at value** | **$19153459** |
| **Net Assets Consist of** |  |
| Distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147349 |
| Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp; 19006110 |
| **Net assets, at value** | **$19153459** |
| **Net Asset Value** |  |
| **Class A** |  |
| **Net Asset Value,** offering and redemption price <br> per share ($19,127,667 ÷ 1,457,916 outstanding <br> shares of beneficial interest, no par value, <br> unlimited number of shares authorized)<br>| **$13.12** |
| **Class B** |  |
| **Net Asset Value,** offering and redemption price <br> per share ($25,792 ÷ 1,962 outstanding shares of <br> beneficial interest, no par value, unlimited <br> number of shares authorized)<br>| **$13.15** |

---

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

\* Represents collateral on securities loaned.

for the year ended December 31, 2022

------

---

| | |
|:---|:---|
| **Investment Income** |  |
| Income: |  |
| Dividends (net of foreign taxes withheld <br> of $51,100)<br>| $370915 |
| Income distributions — DWS Central Cash <br> Management Government Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6469 |
| Securities lending income, net of <br> borrower rebates<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2208 |
| Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 379592 |
| Expenses: |  |
| Management fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137950 |
| Administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21583 |
| Services to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 723 |
| Record keeping fee (Class B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| Distribution service fee (Class B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11061 |
| Audit fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56127 |
| Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18907 |
| Tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7206 |
| Reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25166 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3669 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10779 |
| Total expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 293342 |
| Expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (88069) |
| Total expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205273 |
| **Net investment income** | **174319** |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) from: |  |
| Investments | &nbsp;&nbsp; (1476176) |
| Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17198) |
|  | &nbsp;&nbsp; (1493374) |
| Change in net unrealized appreciation <br> (depreciation) on:<br>|  |
| Investments | &nbsp;&nbsp; (6871790) |
| Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (913) |
|  | &nbsp;&nbsp; (6872703) |
| **Net gain (loss)** | **(8366077)** |
| **Net increase (decrease) in net assets resulting** <br> **from operations**<br>| **$(8191758)** |

---

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

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

---

| | |
|:---|:---|
| **10** \|  | Deutsche DWS Variable Series II —<br> DWS International Growth VIP <br>|

---

------

**Statements of Changes in Net Assets**

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

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
| **Increase (Decrease) in Net Assets** | **2022** | **2021** |
| Operations: |  |  |
| Net investment income | $174319 | $85743 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (1493374) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 453819 |
| Change in net unrealized appreciation <br>(depreciation)<br>| &nbsp;&nbsp;&nbsp; (6872703) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 987523 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp; (8191758) | &nbsp;&nbsp;&nbsp;&nbsp; 1527085 |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (549151) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (300260) |
| &nbsp;&nbsp;&nbsp; Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1661) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1284) |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (550812) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (301544) |
| Fund share transactions: |  |  |
| **Class A** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 9085996 | &nbsp;&nbsp;&nbsp;&nbsp; 3858747 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 549151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300260 |
| Payments for shares redeemed | &nbsp;&nbsp;&nbsp; (4239328) | &nbsp;&nbsp;&nbsp; (2223148) |
| Net increase (decrease) in net assets from Class A share transactions | &nbsp;&nbsp;&nbsp;&nbsp; 5395819 | &nbsp;&nbsp;&nbsp;&nbsp; 1935859 |
| **Class B** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69880 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1284 |
| Payments for shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (63096) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (79732) |
| Net increase (decrease) in net assets from Class B share transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (51557) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8568) |
| **Increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; (3398308) | &nbsp;&nbsp;&nbsp;&nbsp; 3152832 |
| Net assets at beginning of period | &nbsp;&nbsp; 22551767 | &nbsp;&nbsp; 19398935 |
| **Net assets at end of period** | **$19153459** | **$22551767**  |

---

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

---

| | | |
|:---|:---|:---|
| **Other Information** |  |  |
| **Class A** |  |  |
| Shares outstanding at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193724  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093246  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 536046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205692 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16498 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (310718) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (121712) |
| Net increase (decrease) in Class A shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100478 |
| Shares outstanding at end of period | **1457916** | **1193724** |
| **Class B** |  |  |
| Shares outstanding at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6025 |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3808 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4443) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4327) |
| Net increase (decrease) in Class B shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3614) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(449) |
| Shares outstanding at end of period | **1962** | **5576** |

---

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

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

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS International Growth VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **11**  |

---

------

<br>**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DWS International Growth VIP** — **Class A** | **DWS International Growth VIP** — **Class A** | **DWS International Growth VIP** — **Class A** | **DWS International Growth VIP** — **Class A** | **DWS International Growth VIP** — **Class A** | **DWS International Growth VIP** — **Class A** |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |
| **Net asset value, beginning of period** | **$18.80** | **$17.65** | **$14.64** | **$11.47** | **$13.90** |
| *Income (loss) from investment operations:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>a</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .16 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (5.45) | &nbsp;&nbsp;&nbsp;&nbsp; 1.34 | &nbsp;&nbsp;&nbsp;&nbsp; 3.17 | &nbsp;&nbsp;&nbsp;&nbsp; 3.32 | &nbsp;&nbsp;&nbsp; (2.46) |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (5.34) | &nbsp;&nbsp;&nbsp;&nbsp; 1.42 | &nbsp;&nbsp;&nbsp;&nbsp; 3.23 | &nbsp;&nbsp;&nbsp;&nbsp; 3.54 | &nbsp;&nbsp;&nbsp; (2.30) |
| *Less distributions from:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.15) | &nbsp;&nbsp;&nbsp;&nbsp; (.06) | &nbsp;&nbsp;&nbsp;&nbsp; (.22) | &nbsp;&nbsp;&nbsp;&nbsp; (.17) | &nbsp;&nbsp;&nbsp;&nbsp; (.13) |
| &nbsp;&nbsp;&nbsp; Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; (.19) | &nbsp;&nbsp;&nbsp;&nbsp; (.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (.34) | &nbsp;&nbsp;&nbsp;&nbsp; (.27) | &nbsp;&nbsp;&nbsp;&nbsp; (.22) | &nbsp;&nbsp;&nbsp;&nbsp; (.37) | &nbsp;&nbsp;&nbsp;&nbsp; (.13) |
| **Net asset value, end of period** | **$13.12** | **$18.80** | **$17.65** | **$14.64** | **$11.47** |
| Total Return (%)<sup>b</sup> <br>| (28.51) | &nbsp;&nbsp;&nbsp;&nbsp; 8.11 | &nbsp;&nbsp; 22.69 | &nbsp;&nbsp; 31.22 | (16.69) |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| Ratio of expenses before expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32 | &nbsp;&nbsp;&nbsp;&nbsp; 1.33 | &nbsp;&nbsp;&nbsp;&nbsp; 1.50 | &nbsp;&nbsp;&nbsp;&nbsp; 1.64 | &nbsp;&nbsp;&nbsp;&nbsp; 1.72 |
| Ratio of expenses after expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .81 |
| Ratio of net investment income (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .42 | &nbsp;&nbsp;&nbsp;&nbsp; 1.63 | &nbsp;&nbsp;&nbsp;&nbsp; 1.21 |
| Portfolio turnover rate (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |

---

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

<sup>a</sup> Based on average shares outstanding during the period.

<sup>b</sup> Total return would have been lower had certain expenses not been reduced.

<sup>c</sup> Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. 

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

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

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

---

| | |
|:---|:---|
| **12** \|  | Deutsche DWS Variable Series II —<br> DWS International Growth VIP <br>|

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DWS International Growth VIP** — **Class B** | **DWS International Growth VIP** — **Class B** | **DWS International Growth VIP** — **Class B** | **DWS International Growth VIP** — **Class B** | **DWS International Growth VIP** — **Class B** | **DWS International Growth VIP** — **Class B** |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Selected Per Share Data** |  |  |  |  |  |
| **Net asset value, beginning of period** | **$18.84** | **$17.67** | **$14.66** | **$11.49** | **$13.93** |
| *Income (loss) from investment operations:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>a</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .12 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (5.48) | &nbsp;&nbsp;&nbsp;&nbsp; 1.36 | &nbsp;&nbsp;&nbsp;&nbsp; 3.18 | &nbsp;&nbsp;&nbsp;&nbsp; 3.33 | &nbsp;&nbsp;&nbsp; (2.46) |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (5.39) | &nbsp;&nbsp;&nbsp;&nbsp; 1.39 | &nbsp;&nbsp;&nbsp;&nbsp; 3.19 | &nbsp;&nbsp;&nbsp;&nbsp; 3.51 | &nbsp;&nbsp;&nbsp; (2.34) |
| *Less distributions from:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.11) | &nbsp;&nbsp;&nbsp;&nbsp; (.01) | &nbsp;&nbsp;&nbsp;&nbsp; (.18) | &nbsp;&nbsp;&nbsp;&nbsp; (.14) | &nbsp;&nbsp;&nbsp;&nbsp; (.10) |
| &nbsp;&nbsp;&nbsp; Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; (.19) | &nbsp;&nbsp;&nbsp;&nbsp; (.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (.30) | &nbsp;&nbsp;&nbsp;&nbsp; (.22) | &nbsp;&nbsp;&nbsp;&nbsp; (.18) | &nbsp;&nbsp;&nbsp;&nbsp; (.34) | &nbsp;&nbsp;&nbsp;&nbsp; (.10) |
| **Net asset value, end of period** | **$13.15** | **$18.84** | **$17.67** | **$14.66** | **$11.49** |
| Total Return (%)<sup>b</sup> <br>| (28.71) | &nbsp;&nbsp;&nbsp;&nbsp; 7.88 | &nbsp;&nbsp; 22.29 | &nbsp;&nbsp; 30.84 | (16.92) |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .2 |
| Ratio of expenses before expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.66 | &nbsp;&nbsp;&nbsp;&nbsp; 1.62 | &nbsp;&nbsp;&nbsp;&nbsp; 1.81 | &nbsp;&nbsp;&nbsp;&nbsp; 1.95 | &nbsp;&nbsp;&nbsp;&nbsp; 2.07 |
| Ratio of expenses after expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18 | &nbsp;&nbsp;&nbsp;&nbsp; 1.17 | &nbsp;&nbsp;&nbsp;&nbsp; 1.18 | &nbsp;&nbsp;&nbsp;&nbsp; 1.16 | &nbsp;&nbsp;&nbsp;&nbsp; 1.06 |
| Ratio of net investment income (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .07 | &nbsp;&nbsp;&nbsp;&nbsp; 1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .92 |
| Portfolio turnover rate (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |

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

<sup>a</sup> Based on average shares outstanding during the period.

<sup>b</sup> Total return would have been lower had certain expenses not been reduced.

<sup>c</sup> Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. 

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

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

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| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS International Growth VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **13**  |

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<br>**Notes to Financial Statements** 

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

DWS International Growth VIP (the "Fund") is a diversified series of Deutsche DWS Variable Series II (the "Trust"), which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company organized as a Massachusetts business trust.

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| **14** \|  | Deutsche DWS Variable Series II —<br> DWS International Growth VIP <br>|

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the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

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

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

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

**Securities Lending.** Brown Brothers Harriman & Co., as lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either cash and/or U.S. Treasury Securities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best efforts to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended December 31, 2022, the Fund invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.07% annualized effective rate as of December 31, 2022) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time, and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of December 31, 2022, the Fund had securities on loan, which were classified as common stocks in the Investment Portfolio. Due to the increased market values of securities on loan on December 31, 2022, the value of the related collateral was less than the value of securities on loan at period end. On the next business day, additional collateral was received, and the value of collateral exceeded the value of the securities on loan. As of period end, the remaining contractual maturity of the collateral agreements was overnight and continuous.

**Taxes.** The Fund's policy to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders.

At December 31, 2022, the Fund had net tax basis capital loss carryforwards of approximately $1,481,000, including short-term losses ($839,000) and long-term losses ($642,000), which may be applied against realized net taxable capital gains indefinitely.

Additionally, the Fund may be subject to taxes imposed by the governments of countries in which it invests and are generally based on income and/or capital gains earned or repatriated, a portion of which may be recoverable. Based upon the current interpretation of the tax rules and regulations, estimated tax liabilities and recoveries on certain foreign securities are recorded on an accrual basis and are reflected as

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

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| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS International Growth VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **15**  |

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components of interest income or net change in unrealized gain/loss on investments. Tax liabilities realized as a result of security sales are reflected as a component of net realized gain/loss on investments.

The Fund has reviewed the tax positions for the open tax years as of December 31, 2022 and has determined that no provision for income tax and/or uncertain tax positions is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

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

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

At December 31, 2022, the Fund's components of distributable earnings (accumulated losses) on a net tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income\* | $143929 |
| Capital loss carryforwards | $(1481000) |
| Net unrealized appreciation (depreciation) on investments | $1487505  |

---

At December 31, 2022, the aggregate cost of investments for federal income tax purposes was $17,689,054. The net unrealized appreciation for all investments based on tax cost was $1,487,505. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $3,734,544 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $2,247,039.

In addition, the tax character of distributions paid to shareholders by the Fund is summarized as follows:

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2022** | **2021** |
| Distributions from ordinary income\* | $246866 | $69290 |
| Distributions from long-term capital gains | $303946 | $232254 |

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

\* For tax purposes, short-term capital gain distributions are considered ordinary income distributions.

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

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

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

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

During the year ended December 31, 2022, purchases and sales of investment securities (excluding short-term investments) aggregated $8,471,841 and $3,627,708, respectively.

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

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| | |
|:---|:---|
| **16** \|  | Deutsche DWS Variable Series II —<br> DWS International Growth VIP <br>|

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

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

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

Under the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the average daily net assets of the Fund, computed and accrued daily and payable monthly at the annual rate (exclusive of any applicable waivers/reimbursements) of 0.62%.

For the period from January 1, 2022 through April 30, 2022, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of each class as follows:

---

| | |
|:---|:---|
| Class A | &nbsp;&nbsp; .92% |
| Class B | 1.17% |

---

For the period from May 1, 2022 through September 30, 2022, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of each class as follows:

---

| | |
|:---|:---|
| Class A | &nbsp;&nbsp; .93% |
| Class B | 1.20% |

---

Effective October 1, 2022 through September 30, 2023, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of each class as follows:

---

| | |
|:---|:---|
| Class A | &nbsp;&nbsp; .91% |
| Class B | 1.17% |

---

For the year ended December 31, 2022, fees waived and/or expenses reimbursed for each class are as follows:

---

| | |
|:---|:---|
| Class A | $87772 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 297 |
|  | **$88069** |

---

**Administration Fee.** Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.097% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the year ended December 31, 2022, the Administration Fee was $21,583, of which $1,634 is unpaid.

**Service Provider Fees.** DWS Service Company ("DSC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and SS&C GIDS, Inc. ("SS&C") (name changed from DST Systems, Inc. effective January 1, 2023), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service

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

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| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS International Growth VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **17**  |

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agent functions to SS&C. DSC compensates SS&C out of the shareholder servicing fee it receives from the Fund. For the year ended December 31, 2022, the amounts charged to the Fund by DSC were as follows:

---

| | | |
|:---|:---|:---|
| **Services to Shareholders** | **Total** <br>**Aggregated**<br>| **Unpaid at** <br>**December 31, 2022**<br>|
| Class A | $299 | $48 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; 7 |
|  | **$342** | **$55** |

---

**Distribution Service Agreement.** Under the Fund's Class B 12b-1 plan, DWS Distributors, Inc. ("DDI") received a fee ("Distribution Service Fee") of up to 0.25% of the average daily net assets of Class B shares. For the year ended December 31, 2022, the Distribution Service Fee aggregated $156, of which $6 is unpaid.

**Other Service Fees.** Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the year ended December 31, 2022, the amount charged to the Fund by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $1,514, of which $164 is unpaid.

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

**Affiliated Cash Management Vehicles.** The Fund may invest uninvested cash balances in DWS Central Cash Management Government Fund and DWS ESG Liquidity Fund, affiliated money market funds which are managed by the Advisor. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Central Cash Management Government Fund seeks to maintain a stable net asset value, and DWS ESG Liquidity Fund maintains a floating net asset value. The Fund indirectly bears its proportionate share of the expenses of each affiliated money market fund in which it invests. DWS Central Cash Management Government Fund does not pay the Advisor an investment management fee. To the extent that DWS ESG Liquidity Fund pays an investment management fee to the Advisor, the Advisor will waive an amount of the investment management fee payable to the Advisor by the Fund equal to the amount of the investment management fee payable on the Fund's assets invested in DWS ESG Liquidity Fund.

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

At December 31, 2022, two participating insurance companies were owners of record of 10% or more of the

total outstanding Class A shares of the Fund, each owning 59% and 28%, respectively. Two participating insurance companies were owners of record of 10% or more of the total outstanding Class B shares of the Fund, each owning 65% and 35%, respectively.

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

The Fund and other affiliated funds (the "Participants") share in a $375 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a daily fluctuating rate per annum equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at December 31, 2022.

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

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| | |
|:---|:---|
| **18** \|  | Deutsche DWS Variable Series II —<br> DWS International Growth VIP <br>|

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<br>**Report of Independent Registered Public Accounting Firm**

**To the Board of Trustees of Deutsche DWS Variable Series II and Shareholders of DWS International Growth VIP:**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of DWS International Growth VIP (the "Fund") (one of the funds constituting Deutsche DWS Variable Series II) (the "Trust"), including the investment portfolio, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Deutsche DWS Variable Series II) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. <br> ![](g464418img2938e9393.jpg)

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

Boston, Massachusetts

February 13, 2023

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

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| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS International Growth VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **19**  |

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Information About Your Fund's Expenses (Unaudited)

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

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| | |
|:---|:---|
| **20** \|  | Deutsche DWS Variable Series II —<br> DWS International Growth VIP <br>|

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Tax Information (Unaudited)

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

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| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS International Growth VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **21**  |

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<br>**Advisory Agreement Board Considerations and Fee Evaluation**

The Board of Trustees (hereinafter referred to as the "Board" or "Trustees") approved the renewal of DWS International Growth VIP's (the "Fund") investment management agreement (the "Agreement") with DWS Investment Management Americas, Inc. ("DIMA") in September 2022.

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

—

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

—

The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund's performance, fees and expenses, and profitability from a fee consultant retained by the Fund's Independent Trustees (the "Fee Consultant").

—

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

—

The Independent Trustees regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund's contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.

—

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

In connection with the contract review process, the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund. DIMA is part of DWS Group GmbH & Co. KGaA ("DWS Group"). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. In 2018, approximately 20% of DWS Group's shares were sold in an initial public offering, with Deutsche Bank AG owning the remaining shares.

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

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

**Nature, Quality and Extent of Services.** The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA's approach to addressing such risks. The Board reviewed the Fund's performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied by Morningstar Direct ("Morningstar"), an independent fund data service. The Board also noted that it has put into place a process of identifying "Funds in Review" (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA's plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for the one-, three- and five-year periods ended December 31, 2021, the Fund's performance (Class A shares) was in the 3rd quartile, 2nd quartile and 3rd quartile, respectively, of the applicable Morningstar universe (the 1st quartile being the

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|:---|:---|
| **22** \|  | Deutsche DWS Variable Series II —<br> DWS International Growth VIP <br>|

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best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has outperformed its benchmark in the one-, three- and five-year periods ended December 31, 2021.

**Fees and Expenses.** The Board considered the Fund's investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. ("Broadridge") and the Fee Consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.097% fee paid to DIMA under the Fund's administrative services agreement, were lower than the median (1st quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2021). The Board noted that the Fund's Class A shares total (net) operating expenses were expected to be higher than the median (3rd quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2021, and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees) ("Broadridge Universe Expenses"). The Board also reviewed data comparing each other operational share class's total (net) operating expenses to the applicable Broadridge Universe Expenses. The Board noted that the expense limitations agreed to by DIMA were expected to help the Fund's total (net) operating expenses remain competitive. The Board considered the Fund's management fee rate as compared to fees charged by DIMA to a comparable DWS U.S. registered fund ("DWS Funds") and considered differences between the Fund and the comparable DWS Fund. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors ("DWS Europe Funds") managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

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

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

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

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

**Compliance.** The Board considered the significant attention and resources dedicated by DIMA to its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA's and the Fund's chief compliance officers and (ii) the

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| Deutsche DWS Variable Series II —<br> DWS International Growth VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **23**  |

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substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel.

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

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

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|:---|:---|
| **24** \|  | Deutsche DWS Variable Series II —<br> DWS International Growth VIP <br>|

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<br>**Board Members and Officers**

The following table presents certain information regarding the Board Members and Officers of the Trust/Corporation. Each Board Member's year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is c/o Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the Trust/Corporation. Because the Fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period.

The Board Members may also serve in similar capacities with other funds in the fund complex. The number of funds in the DWS fund complex shown in the table below includes all registered open- and closed-end funds (including all of their portfolios) advised by the Advisor and any registered funds that have an investment advisor that is an affiliated person of the Advisor.

**Independent Board Members/Independent Advisory Board Members**

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| | | | |
|:---|:---|:---|:---|
| **Name, Year of** <br>**Birth, Position** <br>**with the Trust/** <br>**Corporation** <br>**and Length of** <br>**Time Served**<sup>1</sup> <br>| **Business Experience and Directorships** <br>**During the Past Five Years**<br>| **Number of** <br>**Funds in** <br>**DWS Fund** <br>**Complex** <br>**Overseen**<br>| **Other** <br>**Directorships** <br>**Held by Board** <br>**Member**<br>|
| Keith R. Fox, CFA (1954)<br> Chairperson since 2017, and <br> Board Member since 1996<br>| Managing General Partner, Exeter Capital Partners (a series of private <br> investment funds) (since 1986). Directorships: Progressive International <br> Corporation (kitchen goods designer and distributor); former Chairman, <br> National Association of Small Business Investment Companies; Former <br> Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. <br> (advertising); Sun Capital Advisers Trust (mutual funds)<br>| 69 |  |
| John W. Ballantine (1946)<br> Board Member since 1999<br>| Retired; formerly, Executive Vice President and Chief Risk Management <br> Officer, First Chicago NBD Corporation/The First National Bank of Chicago <br> (1996–1998); Executive Vice President and Head of International Banking <br> (1995–1996); Not-for-Profit Directorships: Window to the World <br> Communications (public media); Life Director of Harris Theater for Music <br> and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; <br> Former Directorships: Director and Chairman of the Board, Healthways, <br> Inc.<sup>2</sup> (population wellbeing and wellness services) (2003–2014); Stockwell <br> Capital Investments PLC (private equity); Enron Corporation; FNB <br> Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak <br> Brook Bank; Portland General Electric<sup>2</sup> (utility company (2003–2021); and <br> Prisma Energy International; Former Not-for-Profit Directorships: Public <br> Radio International; Palm Beach Civic Assn.<br>| 69 |  |
| Dawn-Marie Driscoll (1946)<br> Board Member since 1987<br>| Advisory Board and former Executive Fellow, Hoffman Center for Business <br> Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) <br> (1988–1990); Vice President of Corporate Affairs and General Counsel, <br> Filene's (retail) (1978–1988); Directorships: Trustee and former Chairman of <br> the Board, Southwest Florida Community Foundation (charitable <br> organization); Former Directorships: ICI Mutual Insurance Company <br> (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), <br> Investment Company Institute (audit, executive, nominating committees) <br> and Independent Directors Council (governance, executive committees)<br>| 69 |  |
| Richard J. Herring (1946)<br> Board Member since 1990<br>| Jacob Safra Professor of International Banking and Professor of Finance, <br> The Wharton School, University of Pennsylvania (since July 1972); <br> formerly: Director, The Wharton Financial Institutions Center (1994–2020); <br> Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and <br> Director, The Lauder Institute of International Management Studies <br> (2000–2006); Member FDIC Systemic Risk Advisory Committee since <br> 2011, member Systemic Risk Council since 2012 and member of the <br> Advisory Board at the Yale Program on Financial Stability since 2013; <br> Former Directorships: Co-Chair of the Shadow Financial Regulatory <br> Committee (2003–2015), Executive Director of The Financial Economists <br> Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), <br> Director of The Aberdeen Singapore Fund (2007–2018), Director, The <br> Aberdeen Japan Fund (2007-2021) and Nonexecutive Director of Barclays <br> Bank DE (2010–2018)<br>| 69 |  |

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| Deutsche DWS Variable Series II —<br> DWS International Growth VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **25**  |

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| | | | |
|:---|:---|:---|:---|
| **Name, Year of**<br> **Birth, Position**<br> **with the Trust/**<br> **Corporation**<br> **and Length of**<br> **Time Served**<sup>1</sup><br>| **Business Experience and Directorships**<br> **During the Past Five Years**<br>| **Number of**<br> **Funds in**<br> **DWS Fund**<br> **Complex**<br> **Overseen**<br>| **Other**<br> **Directorships**<br> **Held by Board**<br> **Member**<br>|
| Chad D. Perry (1972)<br> Board Member or Advisory <br> Board Member since 2021<sup>3</sup> <br>| Executive Vice President, General Counsel and Secretary, Tanger Factory <br> Outlet Centers, Inc.<sup>2</sup> (since 2011); formerly Executive Vice President and <br> Deputy General Counsel, LPL Financial Holdings Inc.<sup>2</sup> (2006–2011); Senior <br> Corporate Counsel, EMC Corporation (2005–2006); Associate, Ropes & <br> Gray LLP (1997–2005)<br>| 21<sup>4</sup> <br>| Director - Great <br> Elm Capital <br> Corp. (business <br> development <br> company) <br> (since 2022)<br>|
| Rebecca W. Rimel (1951)<br> Board Member since 1995<br>| Director, The Bridgespan Group (nonprofit organization) (since October <br> 2020); formerly: Executive Vice President, The Glenmede Trust Company <br> (investment trust and wealth management) (1983–2004); Board Member, <br> Investor Education (charitable organization) (2004–2005); Former <br> Directorships: Trustee, Executive Committee, Philadelphia Chamber of <br> Commerce (2001–2007); Director, Viasys Health Care<sup>2</sup> (January 2007–June <br> 2007); Trustee, Thomas Jefferson Foundation (charitable organization) <br> (1994–2012); President, Chief Executive Officer and Director (1994–2020) <br> and Senior Advisor (2020-2021), The Pew Charitable Trusts (charitable <br> organization); Director, BioTelemetry Inc.<sup>2</sup> (acquired by Royal Philips in <br> 2021) (healthcare) (2009–2021); Director, Becton Dickinson and Company<sup>2</sup> <br> (medical technology company) (2012-2022)<br>| 69 |  |
| Catherine Schrand (1964)<br> Board Member since 2021\*<br>| Celia Z. Moh Professor of Accounting (since 2016) and Professor of <br> Accounting (since 1994), The Wharton School, University of Pennsylvania; <br> formerly Vice Dean, Wharton Doctoral Programs (2016–2019)<br>| 69 |  |
| William N. Searcy, Jr. (1946)<br> Board Member since 1993<br>| Private investor since October 2003; formerly: Pension & Savings Trust <br> Officer, Sprint Corporation<sup>2</sup> (telecommunications) (November <br> 1989–September 2003); Former Directorships: Trustee, Sun Capital <br> Advisers Trust (mutual funds) (1998–2012)<br>| 69 |  |

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**Officers**<sup>5</sup>

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| | |
|:---|:---|
| **Name, Year of Birth, Position** <br>**with the Trust/Corporation** <br>**and Length of Time Served**<sup>6</sup> <br>| **Business Experience and Directorships During the** <br>**Past Five Years**<br>|
| Hepsen Uzcan<sup>7</sup> (1974)<br> President and Chief Executive <br> Officer, 2017–present<br>| Fund Administration (Head since 2017), DWS; Secretary, DWS USA Corporation (2018–present); <br> Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service <br> Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. <br> (2018–present); Director and President, DB Investment Managers, Inc. (2018–present); President and <br> Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central <br> and Eastern Europe Fund, Inc. (2017–present); formerly: Vice President for the Deutsche funds <br> (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Assistant Secretary, The European <br> Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. <br> (2013–2020); Directorships: Interested Director, The European Equity Fund, Inc., The New Germany Fund, <br> Inc. and The Central and Eastern Europe Fund, Inc. (since June 25, 2020); ICI Mutual Insurance Company <br> (since October 16, 2020); and Episcopalian Charities of New York (2018–present)<br>|
| John Millette<sup>8</sup> (1962)<br> Vice President and <br> Secretary, 1999–present<br>| Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas, <br> Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX <br> ETF Trust (2020–present); Vice President, DBX Advisors LLC (2021–present); Secretary, The European <br> Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. <br> 2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and <br> Assistant Secretary, DBX ETF Trust (2019–2020)<br>|
| Ciara Crawford<sup>9</sup> (1984)<br> Assistant <br> Secretary, 2019–present<br>| Fund Administration (Specialist), DWS (2015–present); formerly, Legal Assistant at Accelerated <br> Tax Solutions<br>|
| Diane Kenneally<sup>8</sup> (1966)<br> Chief Financial Officer and <br> Treasurer, 2018–present<br>| Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Treasurer, Chief Financial Officer and <br> Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity <br> Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); <br> formerly: Assistant Treasurer for the DWS funds (2007–2018)<br>|
| Paul Antosca<sup>8</sup> (1957)<br> Assistant <br> Treasurer, 2007–present<br>| Fund Administration Tax (Head), DWS; and Assistant Treasurer, DBX ETF Trust (2019–present) |
| Sheila Cadogan<sup>8</sup> (1966)<br> Assistant <br> Treasurer, 2017–present<br>| Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Director and Vice President, DWS <br> Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, <br> The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, <br> Inc. (2018–present)<br>|
| Scott D. Hogan<sup>8</sup> (1970)<br> Chief Compliance <br> Officer, 2016–present<br>| Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The <br> European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, <br> Inc. (2016–present)<br>|

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|:---|:---|
| **26** \|  | Deutsche DWS Variable Series II —<br> DWS International Growth VIP <br>|

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| | |
|:---|:---|
| **Name, Year of Birth, Position**<br> **with the Trust/Corporation**<br> **and Length of Time Served**<sup>6</sup><br>| **Business Experience and Directorships During the**<br> **Past Five Years**<br>|
| Caroline Pearson<sup>8</sup> (1962)<br> Chief Legal <br> Officer, 2010–present<br>| Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, <br> DBX Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New <br> Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, <br> Deutsche AM Distributors, Inc. (2002–2017); Secretary, Deutsche AM Service Company (2010–2017); <br> and Chief Legal Officer, DBX Strategic Advisors LLC (2020–2021)<br>|
| Christian Rijs<sup>7</sup> (1980)<br> Anti-Money Laundering <br>Compliance Officer, <br>since October 6, 2021<br>| Senior Team Lead Anti-Financial Crime and Compliance, DWS; AML Officer, DWS Trust Company (since <br> November 2, 2021); AML Officer, DBX ETF Trust (since October 21, 2021); AML Officer, The European <br> Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since <br> November 12, 2021); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO<br>|

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

<sup>\*</sup> Ms. Schrand was an Advisory Board Member for certain funds in the DWS Fund Complex for the period from November 18, 2021 to December 31, 2022 and was elected as a Full Board Member as of January 1, 2023 for all funds in the DWS Fund Complex. 

<sup>1</sup> The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board. 

<sup>2</sup> A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.

<sup>3</sup> Mr. Perry is an Advisory Board Member of Deutsche DWS Asset Allocation Trust, Deutsche DWS Equity 500 Index Portfolio, Deutsche DWS Global/International Fund, Inc., Deutsche DWS Income Trust, Deutsche DWS Institutional Funds, Deutsche DWS International Fund, Inc., Deutsche DWS Investment Trust, Deutsche DWS Investments VIT Funds, Deutsche DWS Money Market Trust, Deutsche DWS Municipal Trust, Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust, Deutsche DWS Tax Free Trust, Deutsche DWS Variable Series I and Government Cash Management Portfolio. Mr. Perry is a Board Member of each other Trust. 

<sup>4</sup> Mr. Perry oversees 21 funds in the DWS Fund Complex as a Board Member of various Trusts. Mr. Perry is an Advisory Board Member of various Trusts/Corporations comprised of 48 funds in the DWS Fund Complex. 

<sup>5</sup> As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered "interested persons" of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund. 

<sup>6</sup> The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds.

<sup>7</sup> Address: 875 Third Avenue, New York, NY 10022.

<sup>8</sup> Address: 100 Summer Street, Boston, MA 02110.

<sup>9</sup> Address: 5201 Gate Parkway, Jacksonville, FL 32256.

Certain officers hold similar positions for other investment companies for which DIMA or an affiliate serves as the Advisor.

The Fund's Statement of Additional Information ("SAI") includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the following toll-free number: (800) 728-3337.

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

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| Deutsche DWS Variable Series II —<br> DWS International Growth VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **27**  |

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![](g464418img6e1a8b341.jpg)

VS2IG-2 (R-025830-13 2/23)

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December 31, 2022

**Annual Report**

Deutsche DWS Variable Series II

**DWS Small Mid Cap Growth VIP**

![](g464418img98c239191.jpg)

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<br>**Contents** 

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| | |
|:---|:---|
| **3** | [Performance Summary](#xx_b5f31306-28f9-49e3-b660-418b785a6c30_perfsum-cc-financial-runningfooter-347_1) |
| **4** | [Management Summary](#xx_b5f31306-28f9-49e3-b660-418b785a6c30_perfsum-cc-financial-runningfooter-347_2) |
| **6** | [Portfolio Summary](#xx_b5f31306-28f9-49e3-b660-418b785a6c30_portsum-cc-financial-runningfooter-347_1) |
| **7** | [Investment Portfolio](#xx_b5f31306-28f9-49e3-b660-418b785a6c30_soi-cc-financial-runningfooter-347_1) |
| **11** | [Statement of Assets and Liabilities](#xx_b5f31306-28f9-49e3-b660-418b785a6c30_fs-cc-financial-runningfooter-347_1) |
| **11** | [Statement of Operations](#xx_b5f31306-28f9-49e3-b660-418b785a6c30_fs-cc-financial-runningfooter-347_1) |
| **12** | [Statements of Changes in Net Assets](#xx_b5f31306-28f9-49e3-b660-418b785a6c30_fs-cc-financial-runningfooter-347_2) |
| **13** | [Financial Highlights](#xx_b5f31306-28f9-49e3-b660-418b785a6c30_fihi-cc-financial-runningfooter-347_1) |
| **14** | [Notes to Financial Statements](#xx_b5f31306-28f9-49e3-b660-418b785a6c30_ntf-cc-financial-runningfooter-347_1) |
| **18** | [Report of Independent Registered Public Accounting Firm](#xx_b5f31306-28f9-49e3-b660-418b785a6c30_aud-cc-financial-runningfooter-347_1) |
| **19** | [Information About Your Fund's Expenses](#xx_b5f31306-28f9-49e3-b660-418b785a6c30_fexpti-cc-financial-runningfooter-347_1) |
| **20** | [Tax Information](#xx_b5f31306-28f9-49e3-b660-418b785a6c30_fexpti-cc-financial-runningfooter-347_2) |
| **20** | [Proxy Voting](#xx_b5f31306-28f9-49e3-b660-418b785a6c30_fexpti-cc-financial-runningfooter-347_2) |
| **21** | [Advisory Agreement Board Considerations and Fee Evaluation](#xx_b5f31306-28f9-49e3-b660-418b785a6c30_aabcf-cc-financial-runningfooter-347_1) |
| **24** | [Board Members and Officers](#xx_b5f31306-28f9-49e3-b660-418b785a6c30_board-cc-financial-runningfooter-347_1) |

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**This report must be preceded or accompanied by a prospectus. To obtain an additional prospectus or summary prospectus, if available, call (800) 728-3337 or your financial representative. We advise you to consider the Fund's objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the Fund. Please read the prospectus carefully before you invest.**

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

War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises and related geopolitical events have led, and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Fund and its investments.

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. <br>DWS Distributors, Inc., 222 South Riverside Plaza, Chicago, IL 60606, (800) 621-1148 <br>NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE <br>NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

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| **2** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Growth VIP <br>|

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Performance Summary December 31, 2022 (Unaudited)

![](g464418img5352438d2.jpg)

Yearly periods ended December 31

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The Russell 2500<sup>TM</sup> Growth Index is an unmanaged index that measures the performance of the small to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Comparative Results** | **Comparative Results** | **Comparative Results** | **Comparative Results** | **Comparative Results** | **Comparative Results** |
| **DWS Small Mid Cap Growth VIP** | **DWS Small Mid Cap Growth VIP** | **1-Year** | **3-Year** | **5-Year** | **10-Year** |
| **Class A** | Growth of $10,000 | $7198 | $10667 | $11284 | $22480 |
| **Class A** | Average annual total return | –28.02% | 2.18% | 2.45% | 8.44% |
| Russell 2500 Growth Index | Growth of $10,000 | $7379 | $10888 | $13365 | $27430 |
| Russell 2500 Growth Index | Average annual total return | –26.21% | 2.88% | 5.97% | 10.62% |
| The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. |

---

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

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Growth VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **3**  |

---

------

Management Summary December 31, 2022 (Unaudited)

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

---

| | |
|:---|:---|
| **4** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Growth VIP <br>|

---

------

**Terms to Know**

**Russell 2500™ Growth Index** is an unmanaged index that measures the performance of the small to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values.

**Contribution** and **detraction** incorporate both an investment's total return and its weighting in the Fund.

\*

Not held at December 31, 2022.

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

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Growth VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **5**  |

---

------

<br>**Portfolio Summary(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Asset Allocation** (As a % of Investment Portfolio excluding Securities Lending Collateral) | **12/31/22** | **12/31/21** |
| Common Stocks | 96% | 99% |
| Cash Equivalents | 4% | 1% |
| Other Investments | 0% |  |
| Exchange-Traded Funds |  | 0% |
|  | 100% | 100% |

---

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

---

| | | |
|:---|:---|:---|
| **Sector Diversification** (As a % of Investment Portfolio excluding Exchange-Traded Funds, Cash <br> Equivalents and Securities Lending Collateral)<br>| **12/31/22** | **12/31/21** |
| Information Technology | 24% | 28% |
| Health Care | 22% | 26% |
| Industrials | 19% | 16% |
| Consumer Discretionary | 12% | 14% |
| Financials | 7% | 5% |
| Energy | 6% | 1% |
| Materials | 4% | 4% |
| Real Estate | 3% | 3% |
| Consumer Staples | 2% | 2% |
| Communication Services | 1% | 1% |
|  | 100% | 100% |

---

Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund's investment portfolio, see page 7.

Following the Fund's fiscal first and third quarter-end, a complete portfolio holdings listing is posted on dws.com, and is available free of charge by contacting your financial intermediary, or if you are a direct investor, by calling (800) 728-3337. In addition, the portfolio holdings listing is filed with the SEC on the Fund's Form N-PORT and will be available on the SEC's Web site at sec.gov. Additional portfolio holdings for the Fund are also posted on dws.com from time to time. Please see the Fund's current prospectus for more information.

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

---

| | |
|:---|:---|
| **6** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Growth VIP <br>|

---

------

<br>**Investment Portfolioas of December 31, 2022**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Common Stocks 96.2%** | **Common Stocks 96.2%** |  |
| **Communication Services 1.1%** | **Communication Services 1.1%** |  |
| **Diversified Telecommunication Services 0.7%** | **Diversified Telecommunication Services 0.7%** |  |
| Iridium Communications, Inc.\* | 6600 | **339240** |
| **Entertainment 0.4%** | **Entertainment 0.4%** |  |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive <br> Software, Inc.\*<br>| 2174 | **226379** |
| **Consumer Discretionary 10.9%** | **Consumer Discretionary 10.9%** |  |
| **Auto Components 1.0%** | **Auto Components 1.0%** |  |
| Gentherm, Inc.\* | 7364 | **480795** |
| **Diversified Consumer Services 0.4%** | **Diversified Consumer Services 0.4%** |  |
| &nbsp;&nbsp;&nbsp; Bright Horizons Family <br> Solutions, Inc.\*<br>| 3398 | **214414** |
| **Hotels, Restaurants & Leisure 1.9%** | **Hotels, Restaurants & Leisure 1.9%** |  |
| Hilton Grand Vacations, Inc.\* | 12491 | 481403 |
| Jack in the Box, Inc. | 7229 | 493235 |
|  |  | **974638** |
| **Household Durables 3.2%** | **Household Durables 3.2%** |  |
| Helen of Troy Ltd.\* | 2963 | 328626 |
| iRobot Corp.\* (a) | 4373 | 210473 |
| LGI Homes, Inc.\* | 3489 | 323081 |
| TopBuild Corp.\* | 4573 | 715629 |
|  |  | **1577809** |
| **Leisure Products 1.3%** | **Leisure Products 1.3%** |  |
| YETI Holdings, Inc.\* | 15522 | **641214** |
| **Specialty Retail 3.1%** | **Specialty Retail 3.1%** |  |
| Burlington Stores, Inc.\* | 2883 | 584557 |
| &nbsp;&nbsp;&nbsp; Camping World Holdings, Inc. <br> "A" (a)<br>| 22907 | 511284 |
| National Vision Holdings, Inc.\* | 7865 | 304848 |
| The Children's Place, Inc.\* | 4788 | 174379 |
|  |  | **1575068** |
| **Consumer Staples 2.2%** | **Consumer Staples 2.2%** |  |
| **Food & Staples Retailing 1.9%** | **Food & Staples Retailing 1.9%** |  |
| Casey's General Stores, Inc. | 4371 | **980634** |
| **Household Products 0.3%** | **Household Products 0.3%** |  |
| &nbsp;&nbsp;&nbsp; Spectrum Brands <br> Holdings, Inc.<br>| 2282 | **139019** |
| **Energy 5.4%** | **Energy 5.4%** |  |
| **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** |  |
| Arch Resources, Inc. | 2200 | 314138 |
| Crescent Energy Co. "A" | 6384 | 76544 |
| Denbury, Inc.\* | 7100 | 617842 |
| Kosmos Energy Ltd.\* | 48000 | 305280 |
| Matador Resources Co. | 8300 | 475092 |
| Ovintiv, Inc. | 9711 | 492445 |
| Southwestern Energy Co.\* | 67176 | 392980 |
|  |  | **2674321** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Financials 7.0%** | **Financials 7.0%** |  |
| **Banks 2.7%** | **Banks 2.7%** |  |
| Pinnacle Financial Partners, Inc. | 5944 | 436290 |
| South State Corp. | 4704 | 359197 |
| SVB Financial Group\* | 542 | 124736 |
| Synovus Financial Corp. | 11493 | 431562 |
|  |  | **1351785** |
| **Capital Markets 3.3%** | **Capital Markets 3.3%** |  |
| &nbsp;&nbsp;&nbsp; FactSet Research Systems, <br> Inc.<br>| 1036 | 415654 |
| Lazard Ltd. "A" | 12317 | 427030 |
| LPL Financial Holdings, Inc. | 2100 | 453957 |
| Moelis & Co. "A" | 9136 | 350548 |
|  |  | **1647189** |
| **Insurance 1.0%** | **Insurance 1.0%** |  |
| Kinsale Capital Group, Inc. | 1900 | **496888** |
| **Health Care 21.3%** | **Health Care 21.3%** |  |
| **Biotechnology 5.2%** | **Biotechnology 5.2%** |  |
| Apellis Pharmaceuticals, Inc.\* | 4251 | 219819 |
| Beam Therapeutics, Inc.\* | 1593 | 62302 |
| Biohaven Ltd.\* | 1787 | 24804 |
| Blueprint Medicines Corp.\* | 4684 | 205206 |
| Fate Therapeutics, Inc.\* | 2646 | 26698 |
| Halozyme Therapeutics, Inc.\* | 7000 | 398300 |
| Insmed, Inc.\* | 6610 | 132068 |
| &nbsp;&nbsp;&nbsp; Kiniksa Pharmaceuticals Ltd. <br> "A"\*<br>| 8769 | 131360 |
| Neurocrine Biosciences, Inc.\* | 7085 | 846232 |
| Travere Therapeutics, Inc.\* | 18778 | 394901 |
| &nbsp;&nbsp;&nbsp; Ultragenyx Pharmaceutical, <br> Inc.\*<br>| 3057 | 141631 |
|  |  | **2583321** |
| **Health Care Equipment & Supplies 3.7%** | **Health Care Equipment & Supplies 3.7%** |  |
| Axonics, Inc.\* | 5613 | 350981 |
| Globus Medical, Inc. "A"\* | 4424 | 328570 |
| Haemonetics Corp.\* | 1353 | 106413 |
| Masimo Corp.\* | 1627 | 240715 |
| Nevro Corp.\* | 2428 | 96149 |
| Omnicell, Inc.\* | 2300 | 115966 |
| Outset Medical, Inc.\* | 8674 | 223963 |
| Shockwave Medical, Inc.\* | 500 | 102805 |
| STAAR Surgical Co.\* | 975 | 47327 |
| Tandem Diabetes Care, Inc.\* | 5419 | 243584 |
|  |  | **1856473** |
| **Health Care Providers & Services 9.4%** | **Health Care Providers & Services 9.4%** |  |
| &nbsp;&nbsp;&nbsp; AMN Healthcare Services, <br> Inc.\*<br>| 13141 | 1351158 |
| HealthEquity, Inc.\* | 4129 | 254511 |
| ModivCare, Inc.\* | 5696 | 511102 |
| Molina Healthcare, Inc.\* | 2819 | 930890 |

---

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

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

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Growth VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **7**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Option Care Health, Inc.\* | 21064 | 633816 |
| Privia Health Group, Inc.\* | 8600 | 195306 |
| RadNet, Inc.\* | 44177 | 831853 |
|  |  | **4708636** |
| **Life Sciences Tools & Services 0.4%** | **Life Sciences Tools & Services 0.4%** |  |
| BioLife Solutions, Inc.\* | 8451 | 153808 |
| OmniAb, Inc.\* | 13092 | 47131 |
|  |  | **200939** |
| **Pharmaceuticals 2.6%** | **Pharmaceuticals 2.6%** |  |
| Aclaris Therapeutics, Inc.\* | 12953 | 204010 |
| Arvinas, Inc.\* | 2000 | 68420 |
| Intra-Cellular Therapies, Inc.\* | 7000 | 370440 |
| Ligand Pharmaceuticals, Inc.\* | 2672 | 178490 |
| Pacira BioSciences, Inc.\* | 11807 | 455868 |
|  |  | **1277228** |
| **Industrials 18.3%** | **Industrials 18.3%** |  |
| **Aerospace & Defense 1.4%** | **Aerospace & Defense 1.4%** |  |
| HEICO Corp. | 4476 | **687692** |
| **Building Products 5.5%** | **Building Products 5.5%** |  |
| &nbsp;&nbsp;&nbsp; Advanced Drainage Systems, <br> Inc.<br>| 3260 | 267222 |
| Allegion PLC | 7499 | 789345 |
| Builders FirstSource, Inc.\* | 17596 | 1141628 |
| Masonite International Corp.\* | 6705 | 540490 |
|  |  | **2738685** |
| **Commercial Services & Supplies 3.2%** | **Commercial Services & Supplies 3.2%** |  |
| MSA Safety, Inc. | 2392 | 344902 |
| Tetra Tech, Inc. | 4419 | 641595 |
| The Brink's Co. | 11036 | 592744 |
|  |  | **1579241** |
| **Construction & Engineering 0.5%** | **Construction & Engineering 0.5%** |  |
| MasTec, Inc.\* | 3160 | **269643** |
| **Electrical Equipment 0.8%** | **Electrical Equipment 0.8%** |  |
| Generac Holdings, Inc.\* | 1478 | 148775 |
| Plug Power, Inc.\* | 4018 | 49703 |
| Thermon Group Holdings, Inc.\* | 9149 | 183712 |
|  |  | **382190** |
| **Machinery 1.0%** | **Machinery 1.0%** |  |
| IDEX Corp. | 2202 | **502783** |
| **Professional Services 1.8%** | **Professional Services 1.8%** |  |
| Kforce, Inc. | 16725 | **917032** |
| **Trading Companies & Distributors 4.1%** | **Trading Companies & Distributors 4.1%** |  |
| H&E Equipment Services, Inc. | 16406 | 744833 |
| Rush Enterprises, Inc. "A" | 16590 | 867325 |
| Titan Machinery, Inc.\* | 11743 | 466549 |
|  |  | **2078707** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Information Technology 22.9%** | **Information Technology 22.9%** |  |
| **Communications Equipment 1.7%** | **Communications Equipment 1.7%** |  |
| Calix, Inc.\* | 8844 | 605195 |
| Lumentum Holdings, Inc.\* | 4772 | 248955 |
|  |  | **854150** |
| **Electronic Equipment, Instruments &** <br> **Components 2.9%** | **Electronic Equipment, Instruments &** <br> **Components 2.9%** |  |
| &nbsp;&nbsp;&nbsp; Advanced Energy Industries, <br> Inc.<br>| 12629 | 1083316 |
| Cognex Corp. | 7873 | 370897 |
|  |  | **1454213** |
| **IT Services 3.7%** | **IT Services 3.7%** |  |
| &nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, <br> Inc.<br>| 5482 | 735301 |
| Maximus, Inc. | 8556 | 627411 |
| WEX, Inc.\* | 2932 | 479822 |
|  |  | **1842534** |
| **Semiconductors & Semiconductor** <br> **Equipment 4.3%** | **Semiconductors & Semiconductor** <br> **Equipment 4.3%** |  |
| Entegris, Inc. | 7076 | 464115 |
| FormFactor, Inc.\* | 7627 | 169548 |
| &nbsp;&nbsp;&nbsp; Monolithic Power Systems, <br> Inc.<br>| 1447 | 511674 |
| Semtech Corp.\* | 7632 | 218962 |
| SiTime Corp.\* | 4087 | 415321 |
| Ultra Clean Holdings, Inc.\* | 10873 | 360440 |
|  |  | **2140060** |
| **Software 10.3%** | **Software 10.3%** |  |
| Aspen Technology, Inc.\* | 3737 | 767580 |
| Dynatrace, Inc.\* | 7679 | 294106 |
| Envestnet, Inc.\* | 9852 | 607868 |
| Five9, Inc.\* | 9547 | 647860 |
| Rapid7, Inc.\* | 6849 | 232729 |
| Tenable Holdings, Inc.\* | 12141 | 463179 |
| Tyler Technologies, Inc.\* | 3276 | 1056215 |
| Varonis Systems, Inc.\* | 35677 | 854107 |
| Workiva, Inc.\* | 3058 | 256780 |
|  |  | **5180424** |
| **Materials 4.0%** | **Materials 4.0%** |  |
| **Chemicals 0.5%** | **Chemicals 0.5%** |  |
| Valvoline, Inc. | 6900 | **225285** |
| **Construction Materials 1.6%** | **Construction Materials 1.6%** |  |
| Eagle Materials, Inc. | 5901 | **783948** |
| **Containers & Packaging 0.8%** | **Containers & Packaging 0.8%** |  |
| Berry Global Group, Inc. | 6828 | **412616** |
| **Metals & Mining 1.1%** | **Metals & Mining 1.1%** |  |
| Cleveland-Cliffs, Inc.\* | 34787 | **560418** |
| **Real Estate 3.1%** | **Real Estate 3.1%** |  |
| **Equity Real Estate Investment Trusts** <br> **(REITs) 2.9%** | **Equity Real Estate Investment Trusts** <br> **(REITs) 2.9%** |  |
| Americold Realty Trust, Inc. | 5999 | 169832 |
| EastGroup Properties, Inc. | 2708 | 400946 |

---

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

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

---

| | |
|:---|:---|
| **8** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Growth VIP <br>|

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| &nbsp;&nbsp;&nbsp; Essential Properties Realty <br> Trust, Inc.<br>| 21678 | 508783 |
| &nbsp;&nbsp;&nbsp; Four Corners Property Trust, <br> Inc.<br>| 13954 | 361827 |
|  |  | **1441388** |
| **Real Estate Management &** <br> **Development 0.2%** | **Real Estate Management &** <br> **Development 0.2%** |  |
| Newmark Group, Inc. "A" | 11392 | **90794** |
| **Total Common Stocks** (Cost $34,067,725) | **Total Common Stocks** (Cost $34,067,725) | **48087793** |
| **Other Investments 0.0%** | **Other Investments 0.0%** |  |
| &nbsp;&nbsp;&nbsp; OmniAb, Inc. <br> $12.50 Earnout\* (b) (c)<br>| 1013 | 0 |
| &nbsp;&nbsp;&nbsp; OmniAb, Inc. <br> $15.00 Earnout\* (b) (c)<br>| 1013 | 0 |
| **Total Other Investments** (Cost $0) | **Total Other Investments** (Cost $0) | **0** |
| **Securities Lending Collateral 1.5%** | **Securities Lending Collateral 1.5%** | **Securities Lending Collateral 1.5%** |
| &nbsp;&nbsp;&nbsp; DWS Government & Agency <br> Securities Portfolio "DWS <br> Government Cash <br> Institutional Shares", 4.07% <br> (d) (e) <br>(Cost $735,203)<br>| 735203 | **735203** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Cash Equivalents 3.9%** | **Cash Equivalents 3.9%** | **Cash Equivalents 3.9%** |
| &nbsp;&nbsp;&nbsp; DWS Central Cash <br> Management Government <br> Fund, 4.2% (d) <br> (Cost $1,969,280)<br>| 1969280 | **1969280** |

---

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

---

| | | |
|:---|:---|:---|
|  | **% of** <br>**Net Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** <br> (Cost $36,772,208)<br>| 101.6 | **50792276** |
| **Other Assets and Liabilities,** <br> **Net**<br>| &nbsp;&nbsp;&nbsp; (1.6) | **(791999)** |
| **Net Assets** | 100.0 | **50000277** |

---

A summary of the Fund's transactions with affiliated investments during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at** <br>**12/31/2021**<br>| **Purchases** <br>**Cost ($)**<br>| **Sales** <br>**Proceeds ($)**<br>| **Net Realized** <br>**Gain/** <br>**(Loss) ($)**<br>| **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)** <br> **($)**<br>| **Income ($)** | **Capital Gain** <br>**Distributions** <br> **($)**<br>| **Number** <br>**of Shares** <br>**at** <br>**12/31/2022**<br>| **Value ($) at** <br>**12/31/2022**<br>|
| **Securities Lending Collateral 1.5%** | **Securities Lending Collateral 1.5%** | **Securities Lending Collateral 1.5%** | **Securities Lending Collateral 1.5%** | **Securities Lending Collateral 1.5%** | **Securities Lending Collateral 1.5%** | **Securities Lending Collateral 1.5%** | **Securities Lending Collateral 1.5%** | **Securities Lending Collateral 1.5%** |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (d) (e) |
| 2874385 |  | 2,139,182 (f) |  |  | 34591 |  | 735203 | 735203 |
| **Cash Equivalents 3.9%** | **Cash Equivalents 3.9%** | **Cash Equivalents 3.9%** | **Cash Equivalents 3.9%** | **Cash Equivalents 3.9%** | **Cash Equivalents 3.9%** | **Cash Equivalents 3.9%** | **Cash Equivalents 3.9%** | **Cash Equivalents 3.9%** |
| DWS Central Cash Management Government Fund, 4.2% (d) | DWS Central Cash Management Government Fund, 4.2% (d) | DWS Central Cash Management Government Fund, 4.2% (d) | DWS Central Cash Management Government Fund, 4.2% (d) | DWS Central Cash Management Government Fund, 4.2% (d) | DWS Central Cash Management Government Fund, 4.2% (d) | DWS Central Cash Management Government Fund, 4.2% (d) | DWS Central Cash Management Government Fund, 4.2% (d) | DWS Central Cash Management Government Fund, 4.2% (d) |
| 950292 | 8061648 | 7042660 |  |  | 40856 |  | 1969280 | 1969280 |
| **3824677** | **8061648** | **9181842** |  |  | **75447** |  | **2704483** | **2704483** |

---

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

\* Non-income producing security.

(a) All or a portion of these securities were on loan. In addition, "Other Assets and Liabilities, Net" may include pending sales that are also on loan. The value of securities loaned at December 31, 2022 amounted to $721,552, which is 1.4% of net assets. 

(b) Earnout Shares: Will vest based upon the achievement of certain volume-weighted average trading prices (VWAP) for shares of OmniAb Inc. Earnout Shares are not transferrable until the vesting condition for the applicable tranche of Earnout Shares has been achieved. 

(c) Investment was valued using significant unobservable inputs.

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

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

(f) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended December 31, 2022. 

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

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

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Growth VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **9**  |

---

------

**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 December 31, 2022 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks (a) | $48087793 | $— | $— | $48087793 |
| Other Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| Short-Term Investments (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2704483 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2704483 |
| **Total** | **$50792276** | &nbsp;&nbsp; **$**— | **$0** | **$50792276** |

---

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

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

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

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

---

| | |
|:---|:---|
| **10** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Growth VIP <br>|

---

------

**Statement of** <br>**Assets and Liabilities**

**Statement of Operations**

<br>as of December 31, 2022

------

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in non-affiliated securities, at value <br> (cost $34,067,725) — including $721,552 of <br> securities loaned<br>| $48087793 |
| Investment in DWS Government & Agency <br> Securities Portfolio (cost $735,203)\* <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 735203 |
| Investment in DWS Central Cash Management <br> Government Fund (cost $1,969,280)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1969280 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9106 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2802 |
| Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25853 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9180 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 849 |
| Total assets | &nbsp;&nbsp;&nbsp;&nbsp; 50840066 |
| **Liabilities** |  |
| Payable upon return of securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 735203 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5858 |
| Accrued management fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26630 |
| Accrued Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100 |
| Other accrued expenses and payables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70998 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 839789 |
| **Net assets, at value** | **$50000277** |
| **Net Assets Consist of** |  |
| Distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 15704054 |
| Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp; 34296223 |
| **Net assets, at value** | **$50000277** |
| **Net Asset Value** |  |
| **Class A** |  |
| **Net Asset Value,** offering and redemption price <br> per share ($50,000,277 ÷ 4,175,946 outstanding <br> shares of beneficial interest, no par value, <br> unlimited number of shares authorized)<br>| **$11.97** |

---

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

\* Represents collateral on securities loaned.

for the year ended December 31, 2022

------

---

| | |
|:---|:---|
| **Investment Income** |  |
| Income: |  |
| Dividends | $381281 |
| Income distributions — DWS Central Cash <br> Management Government Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40856 |
| Securities lending income, net of <br> borrower rebates<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34591 |
| Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 456728 |
| Expenses: |  |
| Management fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 314818 |
| Administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55523 |
| Services to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 693 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2046 |
| Audit fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36511 |
| Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19142 |
| Tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8316 |
| Reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30693 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4420 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3335 |
| Total expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 475497 |
| Expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9104) |
| Total expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 466393 |
| **Net investment income (loss)** | **(9665)** |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) from: |  |
| Investments | &nbsp;&nbsp;&nbsp;&nbsp; 1791043 |
| Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3943) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 1787100 |
| Change in net unrealized appreciation <br> (depreciation) on:<br>|  |
| Investments | &nbsp;&nbsp; (22497718) |
| Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8) |
|  | &nbsp;&nbsp; (22497726) |
| **Net gain (loss)** | **(20710626)** |
| **Net increase (decrease) in net assets** <br> **resulting from operations**<br>| **$(20720291)** |

---

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

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

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Growth VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **11**  |

---

------

**Statements of Changes in Net Assets**

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

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
| **Increase (Decrease) in Net Assets** | **2022** | **2021** |
| Operations: |  |  |
| Net investment income (loss) | $(9665) | $(246837) |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 1787100 | &nbsp;&nbsp;&nbsp;&nbsp; 7087492 |
| Change in net unrealized appreciation <br>(depreciation)<br>| &nbsp;&nbsp; (22497726) | &nbsp;&nbsp;&nbsp;&nbsp; 2870407 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (20720291) | &nbsp;&nbsp;&nbsp;&nbsp; 9711062 |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp; (7059397) | &nbsp;&nbsp;&nbsp;&nbsp; (3804844) |
| Fund share transactions: |  |  |
| **Class A** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 1256254 | &nbsp;&nbsp;&nbsp;&nbsp; 2680334 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp; 7059397 | &nbsp;&nbsp;&nbsp;&nbsp; 3804844 |
| Payments for shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (5846309) | &nbsp;&nbsp; (10049938) |
| Net increase (decrease) in net assets from Class A share transactions | &nbsp;&nbsp;&nbsp;&nbsp; 2469342 | &nbsp;&nbsp;&nbsp;&nbsp; (3564760) |
| **Increase (decrease) in net assets** | &nbsp;&nbsp; (25310346) | &nbsp;&nbsp;&nbsp;&nbsp; 2341458 |
| Net assets at beginning of period | &nbsp;&nbsp;&nbsp; 75310623 | &nbsp;&nbsp;&nbsp; 72969165 |
| **Net assets at end of period** | **$50000277** | **$75310623** |

---

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

---

| | | |
|:---|:---|:---|
| **Other Information** |  |  |
| **Class A** |  |  |
| Shares outstanding at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3990886  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4186167  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144423 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 527214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211028 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (425579) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (550732) |
| Net increase (decrease) in Class A shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(195281) |
| Shares outstanding at end of period | **4175946** | **3990886** |

---

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

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

---

| | |
|:---|:---|
| **12** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Growth VIP <br>|

---

------

<br>**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DWS Small Mid Cap Growth VIP** — **Class A** | **DWS Small Mid Cap Growth VIP** — **Class A** | **DWS Small Mid Cap Growth VIP** — **Class A** | **DWS Small Mid Cap Growth VIP** — **Class A** | **DWS Small Mid Cap Growth VIP** — **Class A** | **DWS Small Mid Cap Growth VIP** — **Class A** |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |
| **Net asset value, beginning of period** | **$18.87** | **$17.43** | **$13.66** | **$12.68** | **$21.94**  |
| *Income (loss) from investment operations:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>a</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (.00)<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (.06) | &nbsp;&nbsp;&nbsp;&nbsp; (.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .01 | &nbsp;&nbsp;&nbsp;&nbsp; (.01) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (5.10) | &nbsp;&nbsp;&nbsp;&nbsp; 2.43 | &nbsp;&nbsp;&nbsp;&nbsp; 4.00 | &nbsp;&nbsp;&nbsp;&nbsp; 2.73 | &nbsp;&nbsp;&nbsp; (1.92) |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (5.10) | &nbsp;&nbsp;&nbsp;&nbsp; 2.37 | &nbsp;&nbsp;&nbsp;&nbsp; 3.99 | &nbsp;&nbsp;&nbsp;&nbsp; 2.74 | &nbsp;&nbsp;&nbsp; (1.93) |
| *Less distributions from:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (.01) | &nbsp;&nbsp;&nbsp;&nbsp; (.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Net realized gains | &nbsp;&nbsp;&nbsp; (1.80) | &nbsp;&nbsp;&nbsp;&nbsp; (.92) | &nbsp;&nbsp;&nbsp;&nbsp; (.21) | &nbsp;&nbsp;&nbsp; (1.76) | &nbsp;&nbsp;&nbsp; (7.33) |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (1.80) | &nbsp;&nbsp;&nbsp;&nbsp; (.93) | &nbsp;&nbsp;&nbsp;&nbsp; (.22) | &nbsp;&nbsp;&nbsp; (1.76) | &nbsp;&nbsp;&nbsp; (7.33) |
| **Net asset value, end of period** | **$11.97** | **$18.87** | **$17.43** | **$13.66** | **$12.68**  |
| Total Return (%) | (28.02)<sup>b</sup> <br>| &nbsp;&nbsp; 13.84 | &nbsp;&nbsp; 30.18<sup>b</sup> <br>| &nbsp;&nbsp; 22.41<sup>b</sup> <br>| (13.59)<sup>b</sup> <br>|
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |
| Ratio of expenses before expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .81 |
| Ratio of expenses after expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .80 |
| Ratio of net investment income (loss) (%) | &nbsp;&nbsp;&nbsp;&nbsp; (.02) | &nbsp;&nbsp;&nbsp;&nbsp; (.33) | &nbsp;&nbsp;&nbsp;&nbsp; (.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .11 | &nbsp;&nbsp;&nbsp;&nbsp; (.06) |
| Portfolio turnover rate (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |

---

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

<sup>a</sup> Based on average shares outstanding during the period.

<sup>b</sup> Total return would have been lower had certain expenses not been reduced.

<sup>c</sup> Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. 

<sup>\*</sup> Amount is less than $.005.

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

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

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Growth VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **13**  |

---

------

<br>**Notes to Financial Statements** 

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

DWS Small Mid Cap Growth VIP (the "Fund") is a diversified series of Deutsche DWS Variable Series II (the "Trust"), which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company organized as a Massachusetts business trust.

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

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

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

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

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

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

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

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

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

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar

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

---

| | |
|:---|:---|
| **14** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Growth VIP <br>|

---

------

amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

**Securities Lending.** Deutsche Bank AG, as lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best efforts to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. As of period end, any securities on loan were collateralized by cash. During the year ended December 31, 2022, the Fund invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.07% annualized effective rate as of December 31, 2022) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time, and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of December 31, 2022, the Fund had securities on loan, which were classified as common stocks in the Investment Portfolio. The value of the related collateral exceeded the value of the securities loaned at period end. As of period end, the remaining contractual maturity of the collateral agreements was overnight and continuous.

**Federal Income Taxes.** The Fund's policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders.

The Fund has reviewed the tax positions for the open tax years as of December 31, 2022 and has determined that no provision for income tax and/or uncertain tax positions is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

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

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

At December 31, 2022, the Fund's components of distributable earnings (accumulated losses) on a net tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income\* | $22507 |
| Undistributed long-term capital gains | $1735522 |
| Net unrealized appreciation (depreciation) on investments | $13939679 |

---

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

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Growth VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **15**  |

---

------

At December 31, 2022, the aggregate cost of investments for federal income tax purposes was $36,852,597. The net unrealized appreciation for all investments based on tax cost was $13,939,679. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $18,374,593 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $4,434,914.

In addition, the tax character of distributions paid to shareholders by the Fund is summarized as follows:

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2022** | **2021** |
| Distributions from ordinary income\* | $— | $753322 |
| Distributions from long-term capital gains | $7059397 | $3051522 |

---

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

\* For tax purposes, short-term capital gain distributions are considered ordinary income distributions.

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

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

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

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

During the year ended December 31, 2022, purchases and sales of investment securities (excluding short-term investments) aggregated $6,195,789 and $10,820,111, respectively.

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

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

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

---

| | |
|:---|:---|
| First $250 million of the Fund's average daily net assets | .550% |
| Next $750 million of such net assets | .525% |
| Over $1 billion of such net assets | .500% |

---

Accordingly, for the year ended December 31, 2022, the fee pursuant to the Investment Management Agreement was equivalent to an annual rate (exclusive of any applicable waivers/reimbursements) of 0.55% of the Fund's average daily net assets.

For the period from January 1, 2022 through April 30, 2022, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of Class A at 0.81%.

For the period from May 1, 2022 through September 30, 2022, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual

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

---

| | |
|:---|:---|
| **16** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Growth VIP <br>|

---

------

operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of Class A at 0.82%.

Effective October 1, 2022 through September 30, 2023, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of Class A at 0.85%.

For the year ended December 31, 2022, fees waived and/or expenses reimbursed for Class A are $9,104.

**Administration Fee.** Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.097% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the year ended December 31, 2022, the Administration Fee was $55,523, of which $4,191 is unpaid.

**Service Provider Fees.** DWS Service Company ("DSC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and SS&C GIDS, Inc. ("SS&C") (name changed from DST Systems, Inc. effective January 1, 2023), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to SS&C. DSC compensates SS&C out of the shareholder servicing fee it receives from the Fund. For the year ended December 31, 2022, the amounts charged to the Fund by DSC aggregated $499, of which $84 is unpaid.

**Other Service Fees.** Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the year ended December 31, 2022, the amount charged to the Fund by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $932, of which $30 is unpaid.

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

**Affiliated Cash Management Vehicles.** The Fund may invest uninvested cash balances in DWS Central Cash Management Government Fund and DWS ESG Liquidity Fund, affiliated money market funds which are managed by the Advisor. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Central Cash Management Government Fund seeks to maintain a stable net asset value, and DWS ESG Liquidity Fund maintains a floating net asset value. The Fund indirectly bears its proportionate share of the expenses of each affiliated money market fund in which it invests. DWS Central Cash Management Government Fund does not pay the Advisor an investment management fee. To the extent that DWS ESG Liquidity Fund pays an investment management fee to the Advisor, the Advisor will waive an amount of the investment management fee payable to the Advisor by the Fund equal to the amount of the investment management fee payable on the Fund's assets invested in DWS ESG Liquidity Fund.

**Securities Lending Agent Fees.** Deutsche Bank AG serves as securities lending agent for the Fund. For the year ended December 31, 2022, the Fund incurred securities lending agent fees to Deutsche Bank AG in the amount of $2,611.

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

At December 31, 2022, one participating insurance company was owner of record of 10% or more of the total outstanding Class A shares of the Fund, owning 92%.

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

The Fund and other affiliated funds (the "Participants") share in a $375 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a daily fluctuating rate per annum equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at December 31, 2022.

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|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Growth VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **17**  |

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<br>**Report of Independent Registered Public Accounting Firm**

**To the Board of Trustees of Deutsche DWS Variable Series II and Shareholders of DWS Small Mid Cap Growth VIP:**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of DWS Small Mid Cap Growth VIP (the "Fund") (one of the funds constituting Deutsche DWS Variable Series II) (the "Trust"), including the investment portfolio, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Deutsche DWS Variable Series II) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. <br> ![](g464418imgd89e9a113.jpg)

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

Boston, Massachusetts

February 13, 2023

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| **18** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Growth VIP <br>|

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Information About Your Fund's Expenses (Unaudited)

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| Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Growth VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **19**  |

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Tax Information (Unaudited)

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|:---|:---|
| **20** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Growth VIP <br>|

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<br>**Advisory Agreement Board Considerations and Fee Evaluation**

The Board of Trustees (hereinafter referred to as the "Board" or "Trustees") approved the renewal of DWS Small Mid Cap Growth VIP's (the "Fund") investment management agreement (the "Agreement") with DWS Investment Management Americas, Inc. ("DIMA") in September 2022.

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

—

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

—

The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund's performance, fees and expenses, and profitability from a fee consultant retained by the Fund's Independent Trustees (the "Fee Consultant").

—

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

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The Independent Trustees regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund's contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.

—

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

In connection with the contract review process, the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund. DIMA is part of DWS Group GmbH & Co. KGaA ("DWS Group"). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. In 2018, approximately 20% of DWS Group's shares were sold in an initial public offering, with Deutsche Bank AG owning the remaining shares.

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

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

**Nature, Quality and Extent of Services.** The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA's approach to addressing such risks. The Board reviewed the Fund's performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied by Morningstar Direct ("Morningstar"), an independent fund data service. The Board also noted that it has put into place a process of identifying "Funds in Review" (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA's plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for the one-, three- and five-year periods ended December 31, 2021, the Fund's performance (Class A shares) was in the 1st quartile, 3rd quartile and 4th quartile, respectively, of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has

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| Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Growth VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **21**  |

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outperformed its benchmark in the one-year period and has underperformed its benchmark in the three- and five-year periods ended December 31, 2021.

**Fees and Expenses.** The Board considered the Fund's investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. ("Broadridge") and the Fee Consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.097% fee paid to DIMA under the Fund's administrative services agreement, were lower than the median (1st quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2021). The Board noted that the Fund's Class A shares total (net) operating expenses were expected to be lower than the median (1st quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2021, and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees). The Board noted that the expense limitation agreed to by DIMA was expected to help the Fund's total (net) operating expenses remain competitive. The Board considered the Fund's management fee rate as compared to fees charged by DIMA to a comparable DWS U.S. registered fund ("DWS Funds") and considered differences between the Fund and the comparable DWS Fund. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors ("DWS Europe Funds") managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

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

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

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

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

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

Based on all of the information considered and the conclusions reached, the Board determined that the continuation of the Agreement is in the best interests of the Fund. In making this determination, the Board

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| **22** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Growth VIP <br>|

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did not give particular weight to any single factor identified above. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Trustees and counsel present. It is possible that individual Independent Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement.

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| Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Growth VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **23**  |

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<br>**Board Members and Officers**

The following table presents certain information regarding the Board Members and Officers of the Trust/Corporation. Each Board Member's year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is c/o Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the Trust/Corporation. Because the Fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period.

The Board Members may also serve in similar capacities with other funds in the fund complex. The number of funds in the DWS fund complex shown in the table below includes all registered open- and closed-end funds (including all of their portfolios) advised by the Advisor and any registered funds that have an investment advisor that is an affiliated person of the Advisor.

**Independent Board Members/Independent Advisory Board Members**

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|:---|:---|:---|:---|
| **Name, Year of** <br>**Birth, Position** <br>**with the Trust/** <br>**Corporation** <br>**and Length of** <br>**Time Served**<sup>1</sup> <br>| **Business Experience and Directorships** <br>**During the Past Five Years**<br>| **Number of** <br>**Funds in** <br>**DWS Fund** <br>**Complex** <br>**Overseen**<br>| **Other** <br>**Directorships** <br>**Held by Board** <br>**Member**<br>|
| Keith R. Fox, CFA (1954)<br> Chairperson since 2017, and <br> Board Member since 1996<br>| Managing General Partner, Exeter Capital Partners (a series of private <br> investment funds) (since 1986). Directorships: Progressive International <br> Corporation (kitchen goods designer and distributor); former Chairman, <br> National Association of Small Business Investment Companies; Former <br> Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. <br> (advertising); Sun Capital Advisers Trust (mutual funds)<br>| 69 |  |
| John W. Ballantine (1946)<br> Board Member since 1999<br>| Retired; formerly, Executive Vice President and Chief Risk Management <br> Officer, First Chicago NBD Corporation/The First National Bank of Chicago <br> (1996–1998); Executive Vice President and Head of International Banking <br> (1995–1996); Not-for-Profit Directorships: Window to the World <br> Communications (public media); Life Director of Harris Theater for Music <br> and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; <br> Former Directorships: Director and Chairman of the Board, Healthways, <br> Inc.<sup>2</sup> (population wellbeing and wellness services) (2003–2014); Stockwell <br> Capital Investments PLC (private equity); Enron Corporation; FNB <br> Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak <br> Brook Bank; Portland General Electric<sup>2</sup> (utility company (2003–2021); and <br> Prisma Energy International; Former Not-for-Profit Directorships: Public <br> Radio International; Palm Beach Civic Assn.<br>| 69 |  |
| Dawn-Marie Driscoll (1946)<br> Board Member since 1987<br>| Advisory Board and former Executive Fellow, Hoffman Center for Business <br> Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) <br> (1988–1990); Vice President of Corporate Affairs and General Counsel, <br> Filene's (retail) (1978–1988); Directorships: Trustee and former Chairman of <br> the Board, Southwest Florida Community Foundation (charitable <br> organization); Former Directorships: ICI Mutual Insurance Company <br> (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), <br> Investment Company Institute (audit, executive, nominating committees) <br> and Independent Directors Council (governance, executive committees)<br>| 69 |  |
| Richard J. Herring (1946)<br> Board Member since 1990<br>| Jacob Safra Professor of International Banking and Professor of Finance, <br> The Wharton School, University of Pennsylvania (since July 1972); <br> formerly: Director, The Wharton Financial Institutions Center (1994–2020); <br> Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and <br> Director, The Lauder Institute of International Management Studies <br> (2000–2006); Member FDIC Systemic Risk Advisory Committee since <br> 2011, member Systemic Risk Council since 2012 and member of the <br> Advisory Board at the Yale Program on Financial Stability since 2013; <br> Former Directorships: Co-Chair of the Shadow Financial Regulatory <br> Committee (2003–2015), Executive Director of The Financial Economists <br> Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), <br> Director of The Aberdeen Singapore Fund (2007–2018), Director, The <br> Aberdeen Japan Fund (2007-2021) and Nonexecutive Director of Barclays <br> Bank DE (2010–2018)<br>| 69 |  |

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| **24** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Growth VIP <br>|

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| | | | |
|:---|:---|:---|:---|
| **Name, Year of**<br> **Birth, Position**<br> **with the Trust/**<br> **Corporation**<br> **and Length of**<br> **Time Served**<sup>1</sup><br>| **Business Experience and Directorships**<br> **During the Past Five Years**<br>| **Number of**<br> **Funds in**<br> **DWS Fund**<br> **Complex**<br> **Overseen**<br>| **Other**<br> **Directorships**<br> **Held by Board**<br> **Member**<br>|
| Chad D. Perry (1972)<br> Board Member or Advisory <br> Board Member since 2021<sup>3</sup> <br>| Executive Vice President, General Counsel and Secretary, Tanger Factory <br> Outlet Centers, Inc.<sup>2</sup> (since 2011); formerly Executive Vice President and <br> Deputy General Counsel, LPL Financial Holdings Inc.<sup>2</sup> (2006–2011); Senior <br> Corporate Counsel, EMC Corporation (2005–2006); Associate, Ropes & <br> Gray LLP (1997–2005)<br>| 21<sup>4</sup> <br>| Director - Great <br> Elm Capital <br> Corp. (business <br> development <br> company) <br> (since 2022)<br>|
| Rebecca W. Rimel (1951)<br> Board Member since 1995<br>| Director, The Bridgespan Group (nonprofit organization) (since October <br> 2020); formerly: Executive Vice President, The Glenmede Trust Company <br> (investment trust and wealth management) (1983–2004); Board Member, <br> Investor Education (charitable organization) (2004–2005); Former <br> Directorships: Trustee, Executive Committee, Philadelphia Chamber of <br> Commerce (2001–2007); Director, Viasys Health Care<sup>2</sup> (January 2007–June <br> 2007); Trustee, Thomas Jefferson Foundation (charitable organization) <br> (1994–2012); President, Chief Executive Officer and Director (1994–2020) <br> and Senior Advisor (2020-2021), The Pew Charitable Trusts (charitable <br> organization); Director, BioTelemetry Inc.<sup>2</sup> (acquired by Royal Philips in <br> 2021) (healthcare) (2009–2021); Director, Becton Dickinson and Company<sup>2</sup> <br> (medical technology company) (2012-2022)<br>| 69 |  |
| Catherine Schrand (1964)<br> Board Member since 2021\*<br>| Celia Z. Moh Professor of Accounting (since 2016) and Professor of <br> Accounting (since 1994), The Wharton School, University of Pennsylvania; <br> formerly Vice Dean, Wharton Doctoral Programs (2016–2019)<br>| 69 |  |
| William N. Searcy, Jr. (1946)<br> Board Member since 1993<br>| Private investor since October 2003; formerly: Pension & Savings Trust <br> Officer, Sprint Corporation<sup>2</sup> (telecommunications) (November <br> 1989–September 2003); Former Directorships: Trustee, Sun Capital <br> Advisers Trust (mutual funds) (1998–2012)<br>| 69 |  |

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**Officers**<sup>5</sup>

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|:---|:---|
| **Name, Year of Birth, Position** <br>**with the Trust/Corporation** <br>**and Length of Time Served**<sup>6</sup> <br>| **Business Experience and Directorships During the** <br>**Past Five Years**<br>|
| Hepsen Uzcan<sup>7</sup> (1974)<br> President and Chief Executive <br> Officer, 2017–present<br>| Fund Administration (Head since 2017), DWS; Secretary, DWS USA Corporation (2018–present); <br> Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service <br> Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. <br> (2018–present); Director and President, DB Investment Managers, Inc. (2018–present); President and <br> Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central <br> and Eastern Europe Fund, Inc. (2017–present); formerly: Vice President for the Deutsche funds <br> (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Assistant Secretary, The European <br> Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. <br> (2013–2020); Directorships: Interested Director, The European Equity Fund, Inc., The New Germany Fund, <br> Inc. and The Central and Eastern Europe Fund, Inc. (since June 25, 2020); ICI Mutual Insurance Company <br> (since October 16, 2020); and Episcopalian Charities of New York (2018–present)<br>|
| John Millette<sup>8</sup> (1962)<br> Vice President and <br> Secretary, 1999–present<br>| Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas, <br> Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX <br> ETF Trust (2020–present); Vice President, DBX Advisors LLC (2021–present); Secretary, The European <br> Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. <br> 2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and <br> Assistant Secretary, DBX ETF Trust (2019–2020)<br>|
| Ciara Crawford<sup>9</sup> (1984)<br> Assistant <br> Secretary, 2019–present<br>| Fund Administration (Specialist), DWS (2015–present); formerly, Legal Assistant at Accelerated <br> Tax Solutions<br>|
| Diane Kenneally<sup>8</sup> (1966)<br> Chief Financial Officer and <br> Treasurer, 2018–present<br>| Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Treasurer, Chief Financial Officer and <br> Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity <br> Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); <br> formerly: Assistant Treasurer for the DWS funds (2007–2018)<br>|
| Paul Antosca<sup>8</sup> (1957)<br> Assistant <br> Treasurer, 2007–present<br>| Fund Administration Tax (Head), DWS; and Assistant Treasurer, DBX ETF Trust (2019–present) |
| Sheila Cadogan<sup>8</sup> (1966)<br> Assistant <br> Treasurer, 2017–present<br>| Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Director and Vice President, DWS <br> Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, <br> The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, <br> Inc. (2018–present)<br>|
| Scott D. Hogan<sup>8</sup> (1970)<br> Chief Compliance <br> Officer, 2016–present<br>| Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The <br> European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, <br> Inc. (2016–present)<br>|

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| Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Growth VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **25**  |

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| | |
|:---|:---|
| **Name, Year of Birth, Position**<br> **with the Trust/Corporation**<br> **and Length of Time Served**<sup>6</sup><br>| **Business Experience and Directorships During the**<br> **Past Five Years**<br>|
| Caroline Pearson<sup>8</sup> (1962)<br> Chief Legal <br> Officer, 2010–present<br>| Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, <br> DBX Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New <br> Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, <br> Deutsche AM Distributors, Inc. (2002–2017); Secretary, Deutsche AM Service Company (2010–2017); <br> and Chief Legal Officer, DBX Strategic Advisors LLC (2020–2021)<br>|
| Christian Rijs<sup>7</sup> (1980)<br> Anti-Money Laundering <br>Compliance Officer, <br>since October 6, 2021<br>| Senior Team Lead Anti-Financial Crime and Compliance, DWS; AML Officer, DWS Trust Company (since <br> November 2, 2021); AML Officer, DBX ETF Trust (since October 21, 2021); AML Officer, The European <br> Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since <br> November 12, 2021); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO<br>|

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<sup>\*</sup> Ms. Schrand was an Advisory Board Member for certain funds in the DWS Fund Complex for the period from November 18, 2021 to December 31, 2022 and was elected as a Full Board Member as of January 1, 2023 for all funds in the DWS Fund Complex. 

<sup>1</sup> The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board. 

<sup>2</sup> A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.

<sup>3</sup> Mr. Perry is an Advisory Board Member of Deutsche DWS Asset Allocation Trust, Deutsche DWS Equity 500 Index Portfolio, Deutsche DWS Global/International Fund, Inc., Deutsche DWS Income Trust, Deutsche DWS Institutional Funds, Deutsche DWS International Fund, Inc., Deutsche DWS Investment Trust, Deutsche DWS Investments VIT Funds, Deutsche DWS Money Market Trust, Deutsche DWS Municipal Trust, Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust, Deutsche DWS Tax Free Trust, Deutsche DWS Variable Series I and Government Cash Management Portfolio. Mr. Perry is a Board Member of each other Trust. 

<sup>4</sup> Mr. Perry oversees 21 funds in the DWS Fund Complex as a Board Member of various Trusts. Mr. Perry is an Advisory Board Member of various Trusts/Corporations comprised of 48 funds in the DWS Fund Complex. 

<sup>5</sup> As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered "interested persons" of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund. 

<sup>6</sup> The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds.

<sup>7</sup> Address: 875 Third Avenue, New York, NY 10022.

<sup>8</sup> Address: 100 Summer Street, Boston, MA 02110.

<sup>9</sup> Address: 5201 Gate Parkway, Jacksonville, FL 32256.

Certain officers hold similar positions for other investment companies for which DIMA or an affiliate serves as the Advisor.

The Fund's Statement of Additional Information ("SAI") includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the following toll-free number: (800) 728-3337.

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

---

| | |
|:---|:---|
| **26** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Growth VIP <br>|

---

------

**Notes**

------

![](g464418img98c239191.jpg)

VS2SMCG-2 (R-025835-12 2/23)

------

December 31, 2022

**Annual Report**

Deutsche DWS Variable Series II

**DWS Small Mid Cap Value VIP**

![](g464418img659833941.jpg)

------

<br>**Contents** 

---

| | |
|:---|:---|
| **3** | [Performance Summary](#xx_c5267442-87f0-44eb-b333-cbf7424551e3_perfsum-cc-financial-runningfooter-348_1) |
| **4** | [Management Summary](#xx_c5267442-87f0-44eb-b333-cbf7424551e3_perfsum-cc-financial-runningfooter-348_2) |
| **5** | [Portfolio Summary](#xx_c5267442-87f0-44eb-b333-cbf7424551e3_portsum-cc-financial-runningfooter-348_1) |
| **6** | [Investment Portfolio](#xx_c5267442-87f0-44eb-b333-cbf7424551e3_soi-cc-financial-runningfooter-348_1) |
| **10** | [Statement of Assets and Liabilities](#xx_c5267442-87f0-44eb-b333-cbf7424551e3_fs-cc-financial-runningfooter-348_1) |
| **10** | [Statement of Operations](#xx_c5267442-87f0-44eb-b333-cbf7424551e3_fs-cc-financial-runningfooter-348_1) |
| **11** | [Statements of Changes in Net Assets](#xx_c5267442-87f0-44eb-b333-cbf7424551e3_fs-cc-financial-runningfooter-348_2) |
| **12** | [Financial Highlights](#xx_c5267442-87f0-44eb-b333-cbf7424551e3_fihi-cc-financial-runningfooter-348_1) |
| **14** | [Notes to Financial Statements](#xx_c5267442-87f0-44eb-b333-cbf7424551e3_ntf-cc-financial-runningfooter-348_1) |
| **19** | [Report of Independent Registered Public Accounting Firm](#xx_c5267442-87f0-44eb-b333-cbf7424551e3_aud-cc-financial-runningfooter-348_1) |
| **20** | [Information About Your Fund's Expenses](#xx_c5267442-87f0-44eb-b333-cbf7424551e3_fexpti-cc-financial-runningfooter-348_1) |
| **21** | [Tax Information](#xx_c5267442-87f0-44eb-b333-cbf7424551e3_fexpti-cc-financial-runningfooter-348_2) |
| **21** | [Proxy Voting](#xx_c5267442-87f0-44eb-b333-cbf7424551e3_fexpti-cc-financial-runningfooter-348_2) |
| **22** | [Advisory Agreement Board Considerations and Fee Evaluation](#xx_c5267442-87f0-44eb-b333-cbf7424551e3_aabcf-cc-financial-runningfooter-348_1) |
| **25** | [Board Members and Officers](#xx_c5267442-87f0-44eb-b333-cbf7424551e3_board-cc-financial-runningfooter-348_1) |

---

**This report must be preceded or accompanied by a prospectus. To obtain an additional prospectus or summary prospectus, if available, call (800) 728-3337 or your financial representative. We advise you to consider the Fund's objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the Fund. Please read the prospectus carefully before you invest.**

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

War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises and related geopolitical events have led, and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Fund and its investments.

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. <br>DWS Distributors, Inc., 222 South Riverside Plaza, Chicago, IL 60606, (800) 621-1148 <br>NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE <br>NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

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

---

| | |
|:---|:---|
| **2** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>|

---

------

Performance Summary December 31, 2022 (Unaudited)

![](g464418img62ec703f2.jpg)

Yearly periods ended December 31

------

Russell 2500™ Value Index is an unmanaged index measuring the small- to mid-cap U.S. equity value market.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Comparative Results** | **Comparative Results** | **Comparative Results** | **Comparative Results** | **Comparative Results** | **Comparative Results** |
| **DWS Small Mid Cap Value VIP** | **DWS Small Mid Cap Value VIP** | **1-Year** | **3-Year** | **5-Year** | **10-Year** |
| **Class A** | Growth of $10,000 | $8420 | $10900 | $11124 | $20117 |
| **Class A** | Average annual total return | –15.80% | 2.91% | 2.15% | 7.24% |
| Russell 2500 Value Index | Growth of $10,000 | $8692 | $11648 | $12614 | $23523 |
| Russell 2500 Value Index | Average annual total return | –13.08% | 5.22% | 4.75% | 8.93% |
| **DWS Small Mid Cap Value VIP** | **DWS Small Mid Cap Value VIP** | **1-Year** | **3-Year** | **5-Year** | **10-Year** |
| **Class B** | Growth of $10,000 | $8386 | $10785 | $10918 | $19386 |
| **Class B** | Average annual total return | –16.14% | 2.55% | 1.77% | 6.84% |
| Russell 2500 Value Index | Growth of $10,000 | $8692 | $11648 | $12614 | $23523 |
| Russell 2500 Value Index | Average annual total return | –13.08% | 5.22% | 4.75% | 8.93% |
| The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. | The growth of $10,000 is cumulative. |

---

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

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **3**  |

---

------

Management Summary December 31, 2022 (Unaudited)

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

---

| | |
|:---|:---|
| **4** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>|

---

------

<br>**Portfolio Summary(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Asset Allocation** (As a % of Investment Portfolio excluding Securities Lending Collateral) | **12/31/22** | **12/31/21** |
| Common Stocks | 100% | 99% |
| Cash Equivalents |  | 1% |
|  | 100% | 100% |

---

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

---

| | | |
|:---|:---|:---|
| **Sector Diversification** (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash <br> Equivalents)<br>| **12/31/22** | **12/31/21** |
| Financials | 21% | 22% |
| Industrials | 17% | 16% |
| Consumer Discretionary | 12% | 10% |
| Real Estate | 12% | 13% |
| Information Technology | 8% | 10% |
| Health Care | 7% | 8% |
| Materials | 6% | 6% |
| Energy | 5% | 5% |
| Utilities | 5% | 4% |
| Communication Services | 4% | 3% |
| Consumer Staples | 3% | 3% |
|  | 100% | 100% |

---

Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund's investment portfolio, see page 6.

Following the Fund's fiscal first and third quarter-end, a complete portfolio holdings listing is posted on dws.com, and is available free of charge by contacting your financial intermediary, or if you are a direct investor, by calling (800) 728-3337. In addition, the portfolio holdings listing is filed with the SEC on the Fund's Form N-PORT and will be available on the SEC's Web site at sec.gov. Additional portfolio holdings for the Fund are also posted on dws.com from time to time. Please see the Fund's current prospectus for more information.

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

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **5**  |

---

------

<br>**Investment Portfolioas of December 31, 2022**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Common Stocks 99.3%** | **Common Stocks 99.3%** |  |
| **Communication Services 3.4%** | **Communication Services 3.4%** |  |
| **Diversified Telecommunication Services 0.8%** | **Diversified Telecommunication Services 0.8%** |  |
| Liberty Latin America Ltd. "A"\* | 83215 | **626609** |
| **Entertainment 0.4%** | **Entertainment 0.4%** |  |
| &nbsp;&nbsp;&nbsp; Madison Square Garden <br> Sports Corp.<br>| 1859 | **340811** |
| **Media 1.9%** | **Media 1.9%** |  |
| &nbsp;&nbsp;&nbsp; Interpublic Group of <br> Companies, Inc.<br>| 39760 | 1324405 |
| Nexstar Media Group, Inc. | 1224 | 214237 |
|  |  | **1538642** |
| **Wireless Telecommunication Services 0.3%** | **Wireless Telecommunication Services 0.3%** |  |
| &nbsp;&nbsp;&nbsp; Telephone & Data <br> Systems, Inc.<br>| 20294 | **212884** |
| **Consumer Discretionary 12.3%** | **Consumer Discretionary 12.3%** |  |
| **Auto Components 1.8%** | **Auto Components 1.8%** |  |
| &nbsp;&nbsp;&nbsp; American Axle & <br> Manufacturing Holdings, <br> Inc.\*<br>| 43873 | 343087 |
| Lear Corp. | 8664 | 1074509  |
|  |  | **1417596** |
| **Automobiles 0.5%** | **Automobiles 0.5%** |  |
| Winnebago Industries, Inc. | 6930 | **365211** |
| **Diversified Consumer Services 2.8%** | **Diversified Consumer Services 2.8%** |  |
| Vivint Smart Home, Inc.\* | 169008 | 2011195 |
| WW International, Inc.\* | 57688 | 222676 |
|  |  | **2233871** |
| **Hotels, Restaurants & Leisure 0.6%** | **Hotels, Restaurants & Leisure 0.6%** |  |
| &nbsp;&nbsp;&nbsp; International Game <br> Technology PLC<br>| 19871 | **450674** |
| **Household Durables 2.7%** | **Household Durables 2.7%** |  |
| Beazer Homes U.S.A., Inc.\* | 25089 | 320136 |
| Mohawk Industries, Inc.\* | 5001 | 511202 |
| PulteGroup, Inc. | 29095 | 1324695  |
|  |  | **2156033** |
| **Internet & Direct Marketing Retail 0.5%** | **Internet & Direct Marketing Retail 0.5%** |  |
| Porch Group, Inc.\* (a) | 191004 | **359088** |
| **Specialty Retail 1.6%** | **Specialty Retail 1.6%** |  |
| Foot Locker, Inc. | 10718 | 405033 |
| RH\* | 1451 | 387693 |
| TravelCenters of America, Inc.\* | 11339 | 507760 |
|  |  | **1300486** |
| **Textiles, Apparel & Luxury Goods 1.8%** | **Textiles, Apparel & Luxury Goods 1.8%** |  |
| Columbia Sportswear Co. | 16694 | **1462061** |
| **Consumer Staples 2.9%** | **Consumer Staples 2.9%** |  |
| **Food & Staples Retailing 0.5%** | **Food & Staples Retailing 0.5%** |  |
| Performance Food Group Co.\* | 6533 | **381462** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Food Products 1.8%** | **Food Products 1.8%** |  |
| B&G Foods, Inc. (a) | 33158 | 369712 |
| Cal-Maine Foods, Inc. | 6988 | 380496 |
| Darling Ingredients, Inc.\* | 10608 | 663955 |
|  |  | **1414163** |
| **Household Products 0.4%** | **Household Products 0.4%** |  |
| Central Garden & Pet Co.\* | 7995 | **299413** |
| **Personal Products 0.2%** | **Personal Products 0.2%** |  |
| Herbalife Nutrition Ltd.\* | 13836 | **205879** |
| **Energy 4.7%** | **Energy 4.7%** |  |
| **Energy Equipment & Services 1.1%** | **Energy Equipment & Services 1.1%** |  |
| Nabors Industries Ltd.\* | 2550 | 394919 |
| NexTier Oilfield Solutions, Inc.\* | 52206 | 482383 |
|  |  | **877302** |
| **Oil, Gas & Consumable Fuels 3.6%** | **Oil, Gas & Consumable Fuels 3.6%** |  |
| Devon Energy Corp. | 9797 | 602614 |
| HF Sinclair Corp. | 12253 | 635808 |
| Kinetik Holdings, Inc. (a) | 7128 | 235794 |
| PDC Energy, Inc. | 7559 | 479845 |
| Targa Resources Corp. | 9153 | 672746 |
| Vertex Energy, Inc.\* (a) | 30725 | 190495 |
|  |  | **2817302** |
| **Financials 21.0%** | **Financials 21.0%** |  |
| **Banks 12.0%** | **Banks 12.0%** |  |
| Associated Banc-Corp. | 50702 | 1170709 |
| BankUnited, Inc. | 35094 | 1192143 |
| Columbia Banking System, Inc. | 13657 | 411485 |
| Eagle Bancorp., Inc. | 21907 | 965442 |
| Eastern Bankshares, Inc. | 19265 | 332321 |
| First BanCorp. | 26138 | 332475 |
| First Financial Corp. | 6410 | 295373 |
| First Horizon Corp. | 29685 | 727283 |
| Fulton Financial Corp. | 21539 | 362501 |
| Hancock Whitney Corp. | 23244 | 1124777 |
| Hilltop Holdings, Inc. | 25784 | 773778 |
| &nbsp;&nbsp;&nbsp; Simmons First National Corp. <br> "A"<br>| 30569 | 659679 |
| UMB Financial Corp. | 14217 | 1187404  |
|  |  | **9535370** |
| **Capital Markets 0.4%** | **Capital Markets 0.4%** |  |
| Evercore, Inc. "A" | 3114 | **339675** |
| **Consumer Finance 0.8%** | **Consumer Finance 0.8%** |  |
| Credit Acceptance Corp.\* (a) | 1410 | **668904** |
| **Diversified Financial Services 2.2%** | **Diversified Financial Services 2.2%** |  |
| A-Mark Precious Metals, Inc. | 11136 | 386754 |
| &nbsp;&nbsp;&nbsp; Apollo Global Management, <br> Inc.<br>| 5624 | 358755 |
| Voya Financial, Inc. | 15823 | 972956 |
|  |  | **1718465** |

---

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

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

---

| | |
|:---|:---|
| **6** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>|

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Insurance 4.8%** | **Insurance 4.8%** |  |
| Assurant, Inc. | 9089 | 1136670 |
| Brown & Brown, Inc. | 23705 | 1350474 |
| Everest Re Group Ltd. | 3840 | 1272077  |
|  |  | **3759221** |
| **Mortgage Real Estate Investment Trusts** <br> **(REITs) 0.8%** | **Mortgage Real Estate Investment Trusts** <br> **(REITs) 0.8%** |  |
| Rithm Capital Corp. | 74134 | **605675** |
| **Health Care 7.4%** | **Health Care 7.4%** |  |
| **Biotechnology 2.8%** | **Biotechnology 2.8%** |  |
| EQRx, Inc.\* (a) | 76345 | 187809 |
| Myriad Genetics, Inc.\* | 28066 | 407238 |
| Sage Therapeutics, Inc.\* | 20690 | 789117 |
| Sana Biotechnology, Inc.\* (a) | 76915 | 303814 |
| Twist Bioscience Corp.\* | 22683 | 540082 |
|  |  | **2228060** |
| **Health Care Equipment & Supplies 0.6%** | **Health Care Equipment & Supplies 0.6%** |  |
| Cue Health, Inc.\* (a) | 81996 | 169732 |
| ICU Medical, Inc.\* | 1845 | 290550 |
|  |  | **460282** |
| **Health Care Providers & Services 2.2%** | **Health Care Providers & Services 2.2%** |  |
| Chemed Corp. | 1231 | 628339 |
| Molina Healthcare, Inc.\* | 2804 | 925937 |
| Owens & Minor, Inc.\* | 10228 | 199753 |
|  |  | **1754029** |
| **Health Care Technology 0.1%** | **Health Care Technology 0.1%** |  |
| Multiplan Corp.\* | 71151 | **81824** |
| **Life Sciences Tools & Services 1.1%** | **Life Sciences Tools & Services 1.1%** |  |
| PerkinElmer, Inc. | 6269 | **879039** |
| **Pharmaceuticals 0.6%** | **Pharmaceuticals 0.6%** |  |
| &nbsp;&nbsp;&nbsp; Reata Pharmaceuticals, Inc. <br> "A"\* (a)<br>| 11894 | **451853** |
| **Industrials 16.9%** | **Industrials 16.9%** |  |
| **Aerospace & Defense 0.7%** | **Aerospace & Defense 0.7%** |  |
| &nbsp;&nbsp;&nbsp; Huntington Ingalls <br> Industries, Inc.<br>| 2537 | **585235** |
| **Air Freight & Logistics 0.7%** | **Air Freight & Logistics 0.7%** |  |
| &nbsp;&nbsp;&nbsp; Atlas Air Worldwide Holdings, <br> Inc.\*<br>| 3480 | 350784 |
| GXO Logistics, Inc.\* | 5515 | 235435 |
|  |  | **586219** |
| **Building Products 2.8%** | **Building Products 2.8%** |  |
| Carlisle Companies, Inc. | 6936 | 1634469 |
| Owens Corning | 6801 | 580125 |
|  |  | **2214594** |
| **Electrical Equipment 3.0%** | **Electrical Equipment 3.0%** |  |
| Encore Wire Corp. | 6753 | 928943 |
| EnerSys | 19390 | 1431757  |
|  |  | **2360700** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Machinery 3.3%** | **Machinery 3.3%** |  |
| Hillenbrand, Inc. | 51641 | 2203522 |
| The Manitowoc Co., Inc.\* | 42427 | 388631 |
|  |  | **2592153** |
| **Professional Services 2.9%** | **Professional Services 2.9%** |  |
| Jacobs Solutions, Inc. | 10424 | 1251610 |
| ManpowerGroup, Inc. | 3398 | 282747 |
| &nbsp;&nbsp;&nbsp; Science Applications <br> International Corp.<br>| 6673 | 740236 |
|  |  | **2274593** |
| **Road & Rail 1.3%** | **Road & Rail 1.3%** |  |
| &nbsp;&nbsp;&nbsp; Knight-Swift Transportation <br> Holdings, Inc.<br>| 10885 | 570483 |
| RXO, Inc.\* | 18131 | 311853 |
| XPO, Inc.\* | 5515 | 183595 |
|  |  | **1065931** |
| **Trading Companies & Distributors 2.2%** | **Trading Companies & Distributors 2.2%** |  |
| MRC Global, Inc.\* | 47506 | 550119 |
| NOW, Inc.\* | 92675 | 1176973  |
|  |  | **1727092** |
| **Information Technology 8.3%** | **Information Technology 8.3%** |  |
| **Communications Equipment 0.5%** | **Communications Equipment 0.5%** |  |
| Ciena Corp.\* | 7945 | **405036** |
| **Electronic Equipment, Instruments &** <br> **Components 2.8%** | **Electronic Equipment, Instruments &** <br> **Components 2.8%** |  |
| Avnet, Inc. | 33437 | 1390310 |
| Itron, Inc.\* | 9376 | 474894 |
| TD SYNNEX Corp. | 3829 | 362645 |
|  |  | **2227849** |
| **IT Services 0.9%** | **IT Services 0.9%** |  |
| AvidXchange Holdings, Inc.\* | 71323 | **708951** |
| **Semiconductors & Semiconductor** <br> **Equipment 2.0%** | **Semiconductors & Semiconductor** <br> **Equipment 2.0%** |  |
| Cirrus Logic, Inc.\* | 11969 | 891451 |
| Ichor Holdings Ltd.\* | 8469 | 227139 |
| Photronics, Inc.\* | 26946 | 453501 |
|  |  | **1572091** |
| **Software 2.1%** | **Software 2.1%** |  |
| Adeia, Inc. | 33819 | 320604 |
| NCR Corp.\* | 12880 | 301521 |
| Verint Systems, Inc.\* | 26229 | 951588 |
| Xperi, Inc.\* | 13527 | 116467 |
|  |  | **1690180** |
| **Materials 6.4%** | **Materials 6.4%** |  |
| **Chemicals 1.9%** | **Chemicals 1.9%** |  |
| Amyris, Inc.\* (a) | 165272 | 252866 |
| Avient Corp. | 7871 | 265725 |
| Chemours Co. | 20651 | 632334 |
| Huntsman Corp. | 12248 | 336575 |
|  |  | **1487500** |

---

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

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

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **7**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Containers & Packaging 0.9%** | **Containers & Packaging 0.9%** |  |
| Graphic Packaging Holding Co. | 33885 | **753941** |
| **Metals & Mining 3.6%** | **Metals & Mining 3.6%** |  |
| Cleveland-Cliffs, Inc.\* | 22180 | 357320 |
| Steel Dynamics, Inc. | 25274 | 2469269  |
|  |  | **2826589** |
| **Real Estate 11.5%** | **Real Estate 11.5%** |  |
| **Equity Real Estate Investment Trusts** <br> **(REITs) 10.9%** | **Equity Real Estate Investment Trusts** <br> **(REITs) 10.9%** |  |
| BRT Apartments Corp. | 38543 | 756985 |
| &nbsp;&nbsp;&nbsp; Gaming and Leisure Properties, <br> Inc.<br>| 32113 | 1672766 |
| Highwoods Properties, Inc. | 27146 | 759545 |
| Iron Mountain, Inc. | 8026 | 400096 |
| iStar, Inc. | 54698 | 417346 |
| LXP Industrial Trust | 155012 | 1553220 |
| Prologis, Inc. | 7624 | 859454 |
| SITE Centers Corp. | 38592 | 527167 |
| STAG Industrial, Inc. | 52479 | 1695596  |
|  |  | **8642175** |
| **Real Estate Management &** <br> **Development 0.6%** | **Real Estate Management &** <br> **Development 0.6%** |  |
| Kennedy-Wilson Holdings, Inc. | 28877 | **454235** |
| **Utilities 4.5%** | **Utilities 4.5%** |  |
| **Electric Utilities 3.0%** | **Electric Utilities 3.0%** |  |
| IDACORP, Inc. | 15434 | 1664557 |
| Otter Tail Corp. | 12371 | 726301 |
|  |  | **2390858** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Gas Utilities 1.5%** | **Gas Utilities 1.5%** |  |
| Northwest Natural Holding Co. | 9452 | 449821 |
| UGI Corp. | 20014 | 741919 |
|  |  | **1191740** |
| **Total Common Stocks** (Cost $69,776,646) | **Total Common Stocks** (Cost $69,776,646) | **78699546** |
| **Securities Lending Collateral 3.3%** | **Securities Lending Collateral 3.3%** | **Securities Lending Collateral 3.3%** |
| &nbsp;&nbsp;&nbsp; DWS Government & Agency <br> Securities Portfolio "DWS <br> Government Cash <br> Institutional Shares", 4.07% <br> (b) (c) <br>(Cost $2,566,790)<br>| 2566790 | **2566790** |

---

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

---

| | | |
|:---|:---|:---|
|  | **% of** <br>**Net Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** <br> (Cost $72,343,436)<br>| 102.6 | **81266336** |
| **Other Assets and Liabilities,** <br> **Net**<br>| &nbsp;&nbsp;&nbsp; (2.6) | **(2028878)** |
| **Net Assets** | 100.0 | **79237458** |

---

A summary of the Fund's transactions with affiliated investments during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at** <br>**12/31/2021**<br>| **Purchases** <br>**Cost ($)**<br>| **Sales** <br>**Proceeds ($)**<br>| **Net Realized** <br>**Gain/** <br>**(Loss) ($)**<br>| **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)** <br> **($)**<br>| **Income ($)** | **Capital Gain** <br>**Distributions** <br> **($)**<br>| **Number** <br>**of Shares** <br>**at** <br>**12/31/2022**<br>| **Value ($) at** <br>**12/31/2022**<br>|
| **Securities Lending Collateral 3.3%** | **Securities Lending Collateral 3.3%** | **Securities Lending Collateral 3.3%** | **Securities Lending Collateral 3.3%** | **Securities Lending Collateral 3.3%** | **Securities Lending Collateral 3.3%** | **Securities Lending Collateral 3.3%** | **Securities Lending Collateral 3.3%** | **Securities Lending Collateral 3.3%** |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.07% (b) (c) |
| 6453827 |  | 3,887,037 (d) |  |  | 75455 |  | 2566790 | 2566790 |
| **Cash Equivalents 0.0%** | **Cash Equivalents 0.0%** | **Cash Equivalents 0.0%** | **Cash Equivalents 0.0%** | **Cash Equivalents 0.0%** | **Cash Equivalents 0.0%** | **Cash Equivalents 0.0%** | **Cash Equivalents 0.0%** | **Cash Equivalents 0.0%** |
| DWS Central Cash Management Government Fund, 4.2% (b) | DWS Central Cash Management Government Fund, 4.2% (b) | DWS Central Cash Management Government Fund, 4.2% (b) | DWS Central Cash Management Government Fund, 4.2% (b) | DWS Central Cash Management Government Fund, 4.2% (b) | DWS Central Cash Management Government Fund, 4.2% (b) | DWS Central Cash Management Government Fund, 4.2% (b) | DWS Central Cash Management Government Fund, 4.2% (b) | DWS Central Cash Management Government Fund, 4.2% (b) |
| 663321 | 7745124 | 8408445 |  |  | 11194 |  |  |  |
| **7117148** | **7745124** | **12295482** |  |  | **86649** |  | **2566790** | **2566790** |

---

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

\* Non-income producing security.

(a) All or a portion of these securities were on loan. In addition, "Other Assets and Liabilities, Net" may include pending sales that are also on loan. The value of securities loaned at December 31, 2022 amounted to $2,484,956, which is 3.1% of net assets. 

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

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

(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended December 31, 2022. 

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

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

---

| | |
|:---|:---|
| **8** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>|

---

------

**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 December 31, 2022 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks (a) | $78699546 | $— | $— | $78699546 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 2566790 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2566790 |
| **Total** | **$81266336** | &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$**— | **$81266336** |

---

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

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

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

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

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **9**  |

---

------

**Statement of** <br>**Assets and Liabilities**

**Statement of Operations**

<br>as of December 31, 2022

------

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in non-affiliated securities, at value <br> (cost $69,776,646) — including $2,484,956 of <br> securities loaned<br>| $78699546 |
| Investment in DWS Government & Agency <br> Securities Portfolio (cost $2,566,790)\* <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2566790 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 581817 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2039 |
| Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121826 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4010 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1567 |
| Total assets | &nbsp;&nbsp;&nbsp;&nbsp; 81977595 |
| **Liabilities** |  |
| Cash overdraft | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11861 |
| Payable upon return of securities loaned | &nbsp;&nbsp;&nbsp;&nbsp; 2566790 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40783 |
| Accrued management fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40332 |
| Accrued Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2418 |
| Other accrued expenses and payables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77953 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp; 2740137 |
| **Net assets, at value** | **$79237458** |
| **Net Assets Consist of** |  |
| Distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 12793645 |
| Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp; 66443813 |
| **Net assets, at value** | **$79237458** |
| **Net Asset Value** |  |
| **Class A** |  |
| **Net Asset Value,** offering and redemption price <br> per share ($63,631,797 ÷ 5,000,004 outstanding <br> shares of beneficial interest, no par value, <br> unlimited number of shares authorized)<br>| **$12.73** |
| **Class B** |  |
| **Net Asset Value,** offering and redemption price <br> per share ($15,605,661 ÷ 1,226,929 outstanding <br> shares of beneficial interest, no par value, <br> unlimited number of shares authorized)<br>| **$12.72** |

---

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

\* Represents collateral on securities loaned.

for the year ended December 31, 2022

------

---

| | |
|:---|:---|
| **Investment Income** |  |
| Income: |  |
| Dividends (net of foreign taxes withheld <br> of $314)<br>| $1639874 |
| Income distributions — DWS Central Cash <br> Management Government Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11194 |
| Securities lending income, net of <br> borrower rebates<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75455 |
| Total income | &nbsp;&nbsp;&nbsp;&nbsp; 1726523 |
| Expenses: |  |
| Management fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 570321 |
| Administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85109 |
| Services to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2380 |
| Record keeping fee (Class B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20750 |
| Distribution service fee (Class B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44294 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2795 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59136 |
| Reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28901 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6855 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4850 |
| Total expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 825391 |
| Expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (35543) |
| Total expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 789848 |
| **Net investment income** | **936675** |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) from investments | &nbsp;&nbsp;&nbsp;&nbsp; 3139256 |
| Change in net unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp; (20152339) |
| **Net gain (loss)** | **(17013083)** |
| **Net increase (decrease) in net assets** <br> **resulting from operations**<br>| **$(16076408)** |

---

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

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

---

| | |
|:---|:---|
| **10** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>|

---

------

**Statements of Changes in Net Assets**

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

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
| **Increase (Decrease) in Net Assets** | **2022** | **2021** |
| Operations: |  |  |
| Net investment income | $936675 | $679104 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3139256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9995060 |
| Change in net unrealized appreciation <br>(depreciation)<br>| &nbsp;&nbsp;&nbsp; (20152339) | &nbsp;&nbsp;&nbsp;&nbsp; 14423979 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp; (16076408) | &nbsp;&nbsp;&nbsp;&nbsp; 25098143 |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp; (1631110) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (986559) |
| &nbsp;&nbsp;&nbsp; Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (353137) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (171519) |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (1984247) | &nbsp;&nbsp;&nbsp;&nbsp; (1158078) |
| Fund share transactions: |  |  |
| **Class A** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3556679 | &nbsp;&nbsp;&nbsp;&nbsp; 10833180 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1631110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 986559 |
| Payments for shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (8973908) | &nbsp;&nbsp;&nbsp; (19477705) |
| Net increase (decrease) in net assets from Class A share transactions | &nbsp;&nbsp;&nbsp;&nbsp; (3786119) | &nbsp;&nbsp;&nbsp;&nbsp; (7657966) |
| **Class B** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1142137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3370266 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 353137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171519 |
| Payments for shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (3381561) | &nbsp;&nbsp;&nbsp;&nbsp; (4132281) |
| Net increase (decrease) in net assets from Class B share transactions | &nbsp;&nbsp;&nbsp;&nbsp; (1886287) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (590496) |
| **Increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; (23733061) | &nbsp;&nbsp;&nbsp;&nbsp; 15691603 |
| Net assets at beginning of period | &nbsp;&nbsp; 102970519 | &nbsp;&nbsp;&nbsp;&nbsp; 87278916 |
| **Net assets at end of period** | **$79237458** | **$102970519**  |

---

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

---

| | | |
|:---|:---|:---|
| **Other Information** |  |  |
| **Class A** |  |  |
| Shares outstanding at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5282801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5853631 |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 758092 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67758 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (663027) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1396680) |
| Net increase (decrease) in Class A shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(282797) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(570830) |
| Shares outstanding at end of period | **5000004** | **5282801** |
| **Class B** |  |  |
| Shares outstanding at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1372395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1418467 |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230525 |
| Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11756 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (254545) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (288353) |
| Net increase (decrease) in Class B shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(145466) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46072) |
| Shares outstanding at end of period | **1226929** | **1372395** |

---

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

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

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **11**  |

---

------

<br>**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DWS Small Mid Cap Value VIP** — **Class A** | **DWS Small Mid Cap Value VIP** — **Class A** | **DWS Small Mid Cap Value VIP** — **Class A** | **DWS Small Mid Cap Value VIP** — **Class A** | **DWS Small Mid Cap Value VIP** — **Class A** | **DWS Small Mid Cap Value VIP** — **Class A** |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |
| **Net asset value, beginning of period** | **$15.47** | **$12.00** | **$13.83** | **$12.21** | **$17.88** |
| *Income (loss) from investment operations:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>a</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .10 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (2.57) | &nbsp;&nbsp;&nbsp;&nbsp; 3.54 | &nbsp;&nbsp;&nbsp;&nbsp; (.90) | &nbsp;&nbsp;&nbsp;&nbsp; 2.53<sup>b</sup> <br>| &nbsp;&nbsp;&nbsp; (2.47) |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (2.42) | &nbsp;&nbsp;&nbsp;&nbsp; 3.65 | &nbsp;&nbsp;&nbsp;&nbsp; (.74) | &nbsp;&nbsp;&nbsp;&nbsp; 2.71 | &nbsp;&nbsp;&nbsp; (2.37) |
| *Less distributions from:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.12) | &nbsp;&nbsp;&nbsp;&nbsp; (.18) | &nbsp;&nbsp;&nbsp;&nbsp; (.16) | &nbsp;&nbsp;&nbsp;&nbsp; (.10) | &nbsp;&nbsp;&nbsp;&nbsp; (.24) |
| &nbsp;&nbsp;&nbsp; Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; (.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (.93) | &nbsp;&nbsp;&nbsp;&nbsp; (.99) | &nbsp;&nbsp;&nbsp; (3.06) |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (.32) | &nbsp;&nbsp;&nbsp;&nbsp; (.18) | &nbsp;&nbsp;&nbsp; (1.09) | &nbsp;&nbsp;&nbsp; (1.09) | &nbsp;&nbsp;&nbsp; (3.30) |
| **Net asset value, end of period** | **$12.73** | **$15.47** | **$12.00** | **$13.83** | **$12.21** |
| Total Return (%)<sup>c</sup> <br>| (15.80) | &nbsp;&nbsp; 30.50 | &nbsp;&nbsp;&nbsp; (1.80) | &nbsp;&nbsp; 22.76<sup>b</sup> <br>| (16.01) |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 |
| Ratio of expenses before expense reductions (%)<sup>d</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .87 |
| Ratio of expenses after expense reductions (%)<sup>d</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .81 |
| Ratio of net investment income (%) | &nbsp;&nbsp;&nbsp;&nbsp; 1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .76 | &nbsp;&nbsp;&nbsp;&nbsp; 1.57 | &nbsp;&nbsp;&nbsp;&nbsp; 1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .65 |
| Portfolio turnover rate (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |

---

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

<sup>a</sup> Based on average shares outstanding during the period.

<sup>b</sup> Includes proceeds from a non-recurring litigation payment amounting to $0.14 per share and 1.07% of average daily net assets, for the year ended December 31, 2019. 

<sup>c</sup> Total return would have been lower had certain expenses not been reduced.

<sup>d</sup> Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. 

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

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

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

---

| | |
|:---|:---|
| **12** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>|

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DWS Small Mid Cap Value VIP** — **Class B** | **DWS Small Mid Cap Value VIP** — **Class B** | **DWS Small Mid Cap Value VIP** — **Class B** | **DWS Small Mid Cap Value VIP** — **Class B** | **DWS Small Mid Cap Value VIP** — **Class B** | **DWS Small Mid Cap Value VIP** — **Class B** |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Selected Per Share Data** |  |  |  |  |  |
| **Net asset value, beginning of period** | **$15.46** | **$11.99** | **$13.82** | **$12.20** | **$17.86** |
| *Income (loss) from investment operations:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>a</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .05 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (2.58) | &nbsp;&nbsp;&nbsp;&nbsp; 3.53 | &nbsp;&nbsp;&nbsp;&nbsp; (.90) | &nbsp;&nbsp;&nbsp;&nbsp; 2.53<sup>b</sup> <br>| &nbsp;&nbsp;&nbsp; (2.48) |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (2.48) | &nbsp;&nbsp;&nbsp;&nbsp; 3.59 | &nbsp;&nbsp;&nbsp;&nbsp; (.77) | &nbsp;&nbsp;&nbsp;&nbsp; 2.66 | &nbsp;&nbsp;&nbsp; (2.43) |
| *Less distributions from:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.06) | &nbsp;&nbsp;&nbsp;&nbsp; (.12) | &nbsp;&nbsp;&nbsp;&nbsp; (.13) | &nbsp;&nbsp;&nbsp;&nbsp; (.05) | &nbsp;&nbsp;&nbsp;&nbsp; (.17) |
| &nbsp;&nbsp;&nbsp; Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; (.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (.93) | &nbsp;&nbsp;&nbsp;&nbsp; (.99) | &nbsp;&nbsp;&nbsp; (3.06) |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (.26) | &nbsp;&nbsp;&nbsp;&nbsp; (.12) | &nbsp;&nbsp;&nbsp; (1.06) | &nbsp;&nbsp;&nbsp; (1.04) | &nbsp;&nbsp;&nbsp; (3.23) |
| **Net asset value, end of period** | **$12.72** | **$15.46** | **$11.99** | **$13.82** | **$12.20** |
| Total Return (%)<sup>c</sup> <br>| (16.14) | &nbsp;&nbsp; 30.04 | &nbsp;&nbsp;&nbsp; (2.18) | &nbsp;&nbsp; 22.32<sup>b</sup> <br>| (16.32) |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| Ratio of expenses before expense reductions (%)<sup>d</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24 | &nbsp;&nbsp;&nbsp;&nbsp; 1.22 | &nbsp;&nbsp;&nbsp;&nbsp; 1.25 | &nbsp;&nbsp;&nbsp;&nbsp; 1.25 | &nbsp;&nbsp;&nbsp;&nbsp; 1.24 |
| Ratio of expenses after expense reductions (%)<sup>d</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20 | &nbsp;&nbsp;&nbsp;&nbsp; 1.20 | &nbsp;&nbsp;&nbsp;&nbsp; 1.19 | &nbsp;&nbsp;&nbsp;&nbsp; 1.19 | &nbsp;&nbsp;&nbsp;&nbsp; 1.16 |
| Ratio of net investment income (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .40 | &nbsp;&nbsp;&nbsp;&nbsp; 1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .30 |
| Portfolio turnover rate (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |

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

<sup>a</sup> Based on average shares outstanding during the period.

<sup>b</sup> Includes proceeds from a non-recurring litigation payment amounting to $0.14 per share and 1.07% of average daily net assets, for the year ended December 31, 2019. 

<sup>c</sup> Total return would have been lower had certain expenses not been reduced.

<sup>d</sup> Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. 

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

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

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| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **13**  |

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<br>**Notes to Financial Statements** 

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

DWS Small Mid Cap Value VIP (the "Fund") is a diversified series of Deutsche DWS Variable Series II (the "Trust"), which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company organized as a Massachusetts business trust.

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

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

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

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

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

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

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

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

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

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

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| | |
|:---|:---|
| **14** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>|

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

**Securities Lending.** Brown Brothers Harriman & Co., as lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either cash and/or U.S. Treasury Securities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best efforts to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended December 31, 2022, the Fund invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.07% annualized effective rate as of December 31, 2022) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time, and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of December 31, 2022, the Fund had securities on loan, which were classified as common stocks in the Investment Portfolio. The value of the related collateral exceeded the value of the securities loaned at period end. As of period end, the remaining contractual maturity of the collateral agreements was overnight and continuous.

**Taxes.** The Fund's policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders.

The Fund has reviewed the tax positions for the open tax years as of December 31, 2022 and has determined that no provision for income tax and/or uncertain tax positions is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

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

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

At December 31, 2022, the Fund's components of distributable earnings (accumulated losses) on a net tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income\* | $864635 |
| Undistributed long-term capital gains | $3077774 |
| Net unrealized appreciation (depreciation) on investments | $8796959 |

---

At December 31, 2022, the aggregate cost of investments for federal income tax purposes was $72,469,377. The net unrealized appreciation for all investments based on tax cost was $8,796,959. This

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

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| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **15**  |

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------

consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $15,731,206 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $6,934,247.

In addition, the tax character of distributions paid to shareholders by the Fund is summarized as follows:

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2022** | **2021** |
| Distributions from ordinary income\* | $684433 | $1158078 |
| Distributions from long-term capital gains | $1299814 | $— |

---

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

\* For tax purposes, short-term capital gain distributions are considered ordinary income distributions.

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

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

**Real Estate Investment Trusts.** The Fund at its fiscal year end recharacterizes distributions received from a Real Estate Investment Trust ("REIT") investment based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available timely from a REIT, the recharacterization will be estimated for financial reporting purposes and a recharacterization will be made to the accounting records in the following year when such information becomes available. Distributions received from REITs in excess of income are recorded as either a reduction of cost of investments or realized gains.

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

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

During the year ended December 31, 2022, purchases and sales of investment securities (excluding short-term investments) aggregated $28,945,499 and $35,480,096, respectively.

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

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

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

---

| | |
|:---|:---|
| First $250 million of the Fund's average daily net assets | .650% |
| Next $750 million of such net assets | .620% |
| Next $1.5 billion of such net assets | .600% |
| Next $2.5 billion of such net assets | .580% |
| Next $2.5 billion of such net assets | .550% |
| Next $2.5 billion of such net assets | .540% |
| Next $2.5 billion of such net assets | .530% |
| Over $12.5 billion of such net assets | .520% |

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

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| | |
|:---|:---|
| **16** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>|

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Accordingly, for the year ended December 31, 2022, the fee pursuant to the Investment Management Agreement was equivalent to an annual rate (exclusive of any applicable waivers/reimbursements) of 0.65% of the Fund's average daily net assets.

For the period from January 1, 2022 through September 30, 2022, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of each class as follows:

---

| | |
|:---|:---|
| Class A | &nbsp;&nbsp; .83% |
| Class B | 1.20% |

---

Effective October 1, 2022 through September 30, 2023, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of each class as follows:

---

| | |
|:---|:---|
| Class A | &nbsp;&nbsp; .81% |
| Class B | 1.18% |

---

For the year ended December 31, 2022, fees waived and/or expenses reimbursed for each class are as follows:

---

| | |
|:---|:---|
| Class A | $28404 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp; 7139 |
|  | **$35543** |

---

**Administration Fee.** Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.097% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the year ended December 31, 2022, the Administration Fee was $85,109, of which $6,715 is unpaid.

**Service Provider Fees.** DWS Service Company ("DSC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and SS&C GIDS, Inc. ("SS&C") (name changed from DST Systems, Inc. effective January 1, 2023), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to SS&C. DSC compensates SS&C out of the shareholder servicing fee it receives from the Fund. For the year ended December 31, 2022, the amounts charged to the Fund by DSC were as follows:

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| | | |
|:---|:---|:---|
| **Services to Shareholders** | **Total** <br>**Aggregated**<br>| **Unpaid at** <br>**December 31, 2022**<br>|
| Class A | $873 | $142 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 716 | &nbsp;&nbsp;&nbsp;&nbsp; 125 |
|  | **$1589** | **$267** |

---

**Distribution Service Agreement.** Under the Fund's Class B 12b-1 plan, DWS Distributors, Inc. ("DDI") received a fee ("Distribution Service Fee") of up to 0.25% of average daily net assets of Class B shares. For the year ended December 31, 2022, the Distribution Service Fee aggregated $44,294, of which $3,402 is unpaid.

**Other Service Fees.** Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the year ended December 31, 2022, the amount charged to the Fund by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $1,414, of which $91 is unpaid.

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

**Affiliated Cash Management Vehicles.** The Fund may invest uninvested cash balances in DWS Central Cash Management Government Fund and DWS ESG Liquidity Fund, affiliated money market funds which are managed by the Advisor. Each affiliated money market fund is managed in accordance with Rule 2a-7 under

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

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| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **17**  |

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the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Central Cash Management Government Fund seeks to maintain a stable net asset value, and DWS ESG Liquidity Fund maintains a floating net asset value. The Fund indirectly bears its proportionate share of the expenses of each affiliated money market fund in which it invests. DWS Central Cash Management Government Fund does not pay the Advisor an investment management fee. To the extent that DWS ESG Liquidity Fund pays an investment management fee to the Advisor, the Advisor will waive an amount of the investment management fee payable to the Advisor by the Fund equal to the amount of the investment management fee payable on the Fund's assets invested in DWS ESG Liquidity Fund.

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

At December 31, 2022, two participating insurance companies were owners of record of 10% or more of the

total outstanding Class A shares of the Fund, each owning 66% and 10%, respectively. Four participating insurance companies were owners of record of 10% or more of the total outstanding Class B shares of the Fund, each owning 25%, 18%, 17% and 16%, respectively.

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

The Fund and other affiliated funds (the "Participants") share in a $375 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a daily fluctuating rate per annum equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at December 31, 2022.

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

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| | |
|:---|:---|
| **18** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>|

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<br>**Report of Independent Registered Public Accounting Firm**

**To the Board of Trustees of Deutsche DWS Variable Series II and Shareholders of DWS Small Mid Cap Value VIP:**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of DWS Small Mid Cap Value VIP (the "Fund") (one of the funds constituting Deutsche DWS Variable Series II) (the "Trust"), including the investment portfolio, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Deutsche DWS Variable Series II) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. <br> ![](g464418img2ccd3fbd3.jpg)

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

Boston, Massachusetts

February 13, 2023

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

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| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **19**  |

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Information About Your Fund's Expenses (Unaudited)

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

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| | |
|:---|:---|
| **20** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>|

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Tax Information (Unaudited)

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

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| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **21**  |

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<br>**Advisory Agreement Board Considerations and Fee Evaluation**

The Board of Trustees (hereinafter referred to as the "Board" or "Trustees") approved the renewal of DWS Small Mid Cap Value VIP's (the "Fund") investment management agreement (the "Agreement") with DWS Investment Management Americas, Inc. ("DIMA") in September 2022.

In terms of the process that the Board followed prior to approving the Agreement, shareholders should know that:

—

During the entire process, all of the Fund's Trustees were independent of DIMA and its affiliates (the "Independent Trustees").

—

The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund's performance, fees and expenses, and profitability from a fee consultant retained by the Fund's Independent Trustees (the "Fee Consultant").

—

The Board also received extensive information throughout the year regarding performance of the Fund.

—

The Independent Trustees regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund's contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.

—

In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund's Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.

In connection with the contract review process, the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund. DIMA is part of DWS Group GmbH & Co. KGaA ("DWS Group"). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. In 2018, approximately 20% of DWS Group's shares were sold in an initial public offering, with Deutsche Bank AG owning the remaining shares.

As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund's performance. In many cases, this led to the negotiation and implementation of expense caps.

While shareholders may focus primarily on fund performance and fees, the Fund's Board considers these and many other factors, including the quality and integrity of DIMA's personnel and administrative support services provided by DIMA, such as back-office operations, fund valuations, and compliance policies and procedures.

**Nature, Quality and Extent of Services.** The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA's approach to addressing such risks. The Board reviewed the Fund's performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied by Morningstar Direct ("Morningstar"), an independent fund data service. The Board also noted that it has put into place a process of identifying "Funds in Review" (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA's plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for the one-, three- and five-year periods ended December 31, 2021, the Fund's performance (Class A shares) was in the 3rd quartile, 4th quartile and 4th quartile, respectively, of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **22** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>|

---

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outperformed its benchmark in the one-year period and has underperformed its benchmark in the three- and five-year periods ended December 31, 2021. The Board noted the disappointing investment performance of the Fund in recent periods and continued to discuss with senior management of DIMA the factors contributing to such underperformance and actions being taken to improve performance. The Board noted certain changes to the Fund's strategy to permit the expanded use of derivatives. The Board recognized the efforts by DIMA in recent years to enhance its investment platform and improve long-term performance across the DWS fund complex.

**Fees and Expenses.** The Board considered the Fund's investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. ("Broadridge") and the Fee Consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.097% fee paid to DIMA under the Fund's administrative services agreement, were lower than the median (2nd quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2021). The Board noted that the Fund's Class A shares total (net) operating expenses were expected to be lower than the median (2nd quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2021, and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees) ("Broadridge Universe Expenses"). The Board also reviewed data comparing each other operational share class's total (net) operating expenses to the applicable Broadridge Universe Expenses. The Board noted that the expense limitations agreed to by DIMA were expected to help the Fund's total (net) operating expenses remain competitive. The Board considered the Fund's management fee rate as compared to fees charged by DIMA to comparable DWS U.S. registered funds ("DWS Funds"), noting that DIMA indicated that it does not provide services to any other comparable DWS Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors ("DWS Europe Funds") managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA.

**Profitability.** The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs to DIMA, and pre-tax profits realized by DIMA, from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board and the Fee Consultant reviewed DIMA's methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that, while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates' overall profitability with respect to the DWS Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of most comparable firms for which such data was available.

**Economies of Scale.** The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. The Board noted that the Fund's investment management fee schedule includes fee breakpoints. The Board concluded that the Fund's fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

**Other Benefits to DIMA and Its Affiliates.** The Board also considered the character and amount of other incidental or "fall-out" benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund, any fees received by an affiliate of DIMA for transfer agency services provided to the Fund and any fees received by an affiliate of DIMA for distribution services. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities. In addition, the Board considered the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among DIMA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **23**  |

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products and services. The Board considered these benefits in reaching its conclusion that the Fund's management fees were reasonable.

**Compliance.** The Board considered the significant attention and resources dedicated by DIMA to its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA's and the Fund's chief compliance officers and (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel.

Based on all of the information considered and the conclusions reached, the Board determined that the continuation of the Agreement is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Trustees and counsel present. It is possible that individual Independent Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **24** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>|

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<br>**Board Members and Officers**

The following table presents certain information regarding the Board Members and Officers of the Trust/Corporation. Each Board Member's year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is c/o Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the Trust/Corporation. Because the Fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period.

The Board Members may also serve in similar capacities with other funds in the fund complex. The number of funds in the DWS fund complex shown in the table below includes all registered open- and closed-end funds (including all of their portfolios) advised by the Advisor and any registered funds that have an investment advisor that is an affiliated person of the Advisor.

**Independent Board Members/Independent Advisory Board Members**

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| | | | |
|:---|:---|:---|:---|
| **Name, Year of** <br>**Birth, Position** <br>**with the Trust/** <br>**Corporation** <br>**and Length of** <br>**Time Served**<sup>1</sup> <br>| **Business Experience and Directorships** <br>**During the Past Five Years**<br>| **Number of** <br>**Funds in** <br>**DWS Fund** <br>**Complex** <br>**Overseen**<br>| **Other** <br>**Directorships** <br>**Held by Board** <br>**Member**<br>|
| Keith R. Fox, CFA (1954)<br> Chairperson since 2017, and <br> Board Member since 1996<br>| Managing General Partner, Exeter Capital Partners (a series of private <br> investment funds) (since 1986). Directorships: Progressive International <br> Corporation (kitchen goods designer and distributor); former Chairman, <br> National Association of Small Business Investment Companies; Former <br> Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. <br> (advertising); Sun Capital Advisers Trust (mutual funds)<br>| 69 |  |
| John W. Ballantine (1946)<br> Board Member since 1999<br>| Retired; formerly, Executive Vice President and Chief Risk Management <br> Officer, First Chicago NBD Corporation/The First National Bank of Chicago <br> (1996–1998); Executive Vice President and Head of International Banking <br> (1995–1996); Not-for-Profit Directorships: Window to the World <br> Communications (public media); Life Director of Harris Theater for Music <br> and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; <br> Former Directorships: Director and Chairman of the Board, Healthways, <br> Inc.<sup>2</sup> (population wellbeing and wellness services) (2003–2014); Stockwell <br> Capital Investments PLC (private equity); Enron Corporation; FNB <br> Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak <br> Brook Bank; Portland General Electric<sup>2</sup> (utility company (2003–2021); and <br> Prisma Energy International; Former Not-for-Profit Directorships: Public <br> Radio International; Palm Beach Civic Assn.<br>| 69 |  |
| Dawn-Marie Driscoll (1946)<br> Board Member since 1987<br>| Advisory Board and former Executive Fellow, Hoffman Center for Business <br> Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) <br> (1988–1990); Vice President of Corporate Affairs and General Counsel, <br> Filene's (retail) (1978–1988); Directorships: Trustee and former Chairman of <br> the Board, Southwest Florida Community Foundation (charitable <br> organization); Former Directorships: ICI Mutual Insurance Company <br> (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), <br> Investment Company Institute (audit, executive, nominating committees) <br> and Independent Directors Council (governance, executive committees)<br>| 69 |  |
| Richard J. Herring (1946)<br> Board Member since 1990<br>| Jacob Safra Professor of International Banking and Professor of Finance, <br> The Wharton School, University of Pennsylvania (since July 1972); <br> formerly: Director, The Wharton Financial Institutions Center (1994–2020); <br> Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and <br> Director, The Lauder Institute of International Management Studies <br> (2000–2006); Member FDIC Systemic Risk Advisory Committee since <br> 2011, member Systemic Risk Council since 2012 and member of the <br> Advisory Board at the Yale Program on Financial Stability since 2013; <br> Former Directorships: Co-Chair of the Shadow Financial Regulatory <br> Committee (2003–2015), Executive Director of The Financial Economists <br> Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), <br> Director of The Aberdeen Singapore Fund (2007–2018), Director, The <br> Aberdeen Japan Fund (2007-2021) and Nonexecutive Director of Barclays <br> Bank DE (2010–2018)<br>| 69 |  |

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| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **25**  |

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| | | | |
|:---|:---|:---|:---|
| **Name, Year of**<br> **Birth, Position**<br> **with the Trust/**<br> **Corporation**<br> **and Length of**<br> **Time Served**<sup>1</sup><br>| **Business Experience and Directorships**<br> **During the Past Five Years**<br>| **Number of**<br> **Funds in**<br> **DWS Fund**<br> **Complex**<br> **Overseen**<br>| **Other**<br> **Directorships**<br> **Held by Board**<br> **Member**<br>|
| Chad D. Perry (1972)<br> Board Member or Advisory <br> Board Member since 2021<sup>3</sup> <br>| Executive Vice President, General Counsel and Secretary, Tanger Factory <br> Outlet Centers, Inc.<sup>2</sup> (since 2011); formerly Executive Vice President and <br> Deputy General Counsel, LPL Financial Holdings Inc.<sup>2</sup> (2006–2011); Senior <br> Corporate Counsel, EMC Corporation (2005–2006); Associate, Ropes & <br> Gray LLP (1997–2005)<br>| 21<sup>4</sup> <br>| Director - Great <br> Elm Capital <br> Corp. (business <br> development <br> company) <br> (since 2022)<br>|
| Rebecca W. Rimel (1951)<br> Board Member since 1995<br>| Director, The Bridgespan Group (nonprofit organization) (since October <br> 2020); formerly: Executive Vice President, The Glenmede Trust Company <br> (investment trust and wealth management) (1983–2004); Board Member, <br> Investor Education (charitable organization) (2004–2005); Former <br> Directorships: Trustee, Executive Committee, Philadelphia Chamber of <br> Commerce (2001–2007); Director, Viasys Health Care<sup>2</sup> (January 2007–June <br> 2007); Trustee, Thomas Jefferson Foundation (charitable organization) <br> (1994–2012); President, Chief Executive Officer and Director (1994–2020) <br> and Senior Advisor (2020-2021), The Pew Charitable Trusts (charitable <br> organization); Director, BioTelemetry Inc.<sup>2</sup> (acquired by Royal Philips in <br> 2021) (healthcare) (2009–2021); Director, Becton Dickinson and Company<sup>2</sup> <br> (medical technology company) (2012-2022)<br>| 69 |  |
| Catherine Schrand (1964)<br> Board Member since 2021\*<br>| Celia Z. Moh Professor of Accounting (since 2016) and Professor of <br> Accounting (since 1994), The Wharton School, University of Pennsylvania; <br> formerly Vice Dean, Wharton Doctoral Programs (2016–2019)<br>| 69 |  |
| William N. Searcy, Jr. (1946)<br> Board Member since 1993<br>| Private investor since October 2003; formerly: Pension & Savings Trust <br> Officer, Sprint Corporation<sup>2</sup> (telecommunications) (November <br> 1989–September 2003); Former Directorships: Trustee, Sun Capital <br> Advisers Trust (mutual funds) (1998–2012)<br>| 69 |  |

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**Officers**<sup>5</sup>

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| | |
|:---|:---|
| **Name, Year of Birth, Position** <br>**with the Trust/Corporation** <br>**and Length of Time Served**<sup>6</sup> <br>| **Business Experience and Directorships During the** <br>**Past Five Years**<br>|
| Hepsen Uzcan<sup>7</sup> (1974)<br> President and Chief Executive <br> Officer, 2017–present<br>| Fund Administration (Head since 2017), DWS; Secretary, DWS USA Corporation (2018–present); <br> Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service <br> Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. <br> (2018–present); Director and President, DB Investment Managers, Inc. (2018–present); President and <br> Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central <br> and Eastern Europe Fund, Inc. (2017–present); formerly: Vice President for the Deutsche funds <br> (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Assistant Secretary, The European <br> Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. <br> (2013–2020); Directorships: Interested Director, The European Equity Fund, Inc., The New Germany Fund, <br> Inc. and The Central and Eastern Europe Fund, Inc. (since June 25, 2020); ICI Mutual Insurance Company <br> (since October 16, 2020); and Episcopalian Charities of New York (2018–present)<br>|
| John Millette<sup>8</sup> (1962)<br> Vice President and <br> Secretary, 1999–present<br>| Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas, <br> Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX <br> ETF Trust (2020–present); Vice President, DBX Advisors LLC (2021–present); Secretary, The European <br> Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. <br> 2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and <br> Assistant Secretary, DBX ETF Trust (2019–2020)<br>|
| Ciara Crawford<sup>9</sup> (1984)<br> Assistant <br> Secretary, 2019–present<br>| Fund Administration (Specialist), DWS (2015–present); formerly, Legal Assistant at Accelerated <br> Tax Solutions<br>|
| Diane Kenneally<sup>8</sup> (1966)<br> Chief Financial Officer and <br> Treasurer, 2018–present<br>| Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Treasurer, Chief Financial Officer and <br> Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity <br> Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); <br> formerly: Assistant Treasurer for the DWS funds (2007–2018)<br>|
| Paul Antosca<sup>8</sup> (1957)<br> Assistant <br> Treasurer, 2007–present<br>| Fund Administration Tax (Head), DWS; and Assistant Treasurer, DBX ETF Trust (2019–present) |
| Sheila Cadogan<sup>8</sup> (1966)<br> Assistant <br> Treasurer, 2017–present<br>| Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Director and Vice President, DWS <br> Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, <br> The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, <br> Inc. (2018–present)<br>|
| Scott D. Hogan<sup>8</sup> (1970)<br> Chief Compliance <br> Officer, 2016–present<br>| Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The <br> European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, <br> Inc. (2016–present)<br>|

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| | |
|:---|:---|
| **26** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>|

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| | |
|:---|:---|
| **Name, Year of Birth, Position**<br> **with the Trust/Corporation**<br> **and Length of Time Served**<sup>6</sup><br>| **Business Experience and Directorships During the**<br> **Past Five Years**<br>|
| Caroline Pearson<sup>8</sup> (1962)<br> Chief Legal <br> Officer, 2010–present<br>| Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, <br> DBX Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New <br> Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, <br> Deutsche AM Distributors, Inc. (2002–2017); Secretary, Deutsche AM Service Company (2010–2017); <br> and Chief Legal Officer, DBX Strategic Advisors LLC (2020–2021)<br>|
| Christian Rijs<sup>7</sup> (1980)<br> Anti-Money Laundering <br>Compliance Officer, <br>since October 6, 2021<br>| Senior Team Lead Anti-Financial Crime and Compliance, DWS; AML Officer, DWS Trust Company (since <br> November 2, 2021); AML Officer, DBX ETF Trust (since October 21, 2021); AML Officer, The European <br> Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since <br> November 12, 2021); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>\*</sup> Ms. Schrand was an Advisory Board Member for certain funds in the DWS Fund Complex for the period from November 18, 2021 to December 31, 2022 and was elected as a Full Board Member as of January 1, 2023 for all funds in the DWS Fund Complex. 

<sup>1</sup> The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board. 

<sup>2</sup> A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.

<sup>3</sup> Mr. Perry is an Advisory Board Member of Deutsche DWS Asset Allocation Trust, Deutsche DWS Equity 500 Index Portfolio, Deutsche DWS Global/International Fund, Inc., Deutsche DWS Income Trust, Deutsche DWS Institutional Funds, Deutsche DWS International Fund, Inc., Deutsche DWS Investment Trust, Deutsche DWS Investments VIT Funds, Deutsche DWS Money Market Trust, Deutsche DWS Municipal Trust, Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust, Deutsche DWS Tax Free Trust, Deutsche DWS Variable Series I and Government Cash Management Portfolio. Mr. Perry is a Board Member of each other Trust. 

<sup>4</sup> Mr. Perry oversees 21 funds in the DWS Fund Complex as a Board Member of various Trusts. Mr. Perry is an Advisory Board Member of various Trusts/Corporations comprised of 48 funds in the DWS Fund Complex. 

<sup>5</sup> As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered "interested persons" of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund. 

<sup>6</sup> The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds.

<sup>7</sup> Address: 875 Third Avenue, New York, NY 10022.

<sup>8</sup> Address: 100 Summer Street, Boston, MA 02110.

<sup>9</sup> Address: 5201 Gate Parkway, Jacksonville, FL 32256.

Certain officers hold similar positions for other investment companies for which DIMA or an affiliate serves as the Advisor.

The Fund's Statement of Additional Information ("SAI") includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the following toll-free number: (800) 728-3337.

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|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **27**  |

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![](g464418img659833941.jpg)

VS2SMCV-2 (R-025829-12 2/23)

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| | |
|:---|:---|
|  | &nbsp;&nbsp;(b) Not applicable |
| &nbsp;&nbsp;**ITEM 2.** | &nbsp;&nbsp;**CODE OF ETHICS** |
|  | &nbsp;&nbsp; As of the end of the period covered by this report, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR that applies to its Principal Executive Officer and Principal Financial Officer.<br>There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2.<br>A copy of the code of ethics is filed as an exhibit to this Form N-CSR. |
| &nbsp;&nbsp;**ITEM 3.** | &nbsp;&nbsp;**AUDIT COMMITTEE FINANCIAL EXPERT** |
|  | &nbsp;&nbsp;The fund's audit committee is comprised solely of trustees who are "independent" (as such term has been defined by the Securities and Exchange Commission ("SEC") in regulations implementing Section 407 of the Sarbanes-Oxley Act (the "Regulations")). The fund's Board of Trustees has determined that there are several "audit committee financial experts" (as such term has been defined by the Regulations) serving on the fund's audit committee including Ms. Catherine Schrand, the chair of the fund's audit committee. An "audit committee financial expert" is not an "expert" for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an "audit committee financial expert" does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. |
| &nbsp;&nbsp;**ITEM 4.** | &nbsp;&nbsp;**PRINCIPAL ACCOUNTANT FEES AND SERVICES** |

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**Deutsche DWS Variable Series II**

**form n-csr disclosure re: AUDIT FEES**

The following table shows the amount of fees that Ernst & Young LLP ("EY"), the Fund's Independent Registered Public Accounting Firm, billed to the Fund during the Fund's last two fiscal years. The Audit Committee approved in advance all audit services and non-audit services that EY provided to the Fund.

**Services that the Fund's Independent Registered Public Accounting Firm Billed to the Fund**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Fiscal Year<br> Ended<br> December 31, | &nbsp;&nbsp;Audit Fees Billed to Fund | &nbsp;&nbsp;Audit-Related<br> Fees Billed to Fund | &nbsp;&nbsp;Tax Fees Billed to Fund | &nbsp;&nbsp;All<br> Other Fees Billed to Fund |
| &nbsp;&nbsp;2022 | &nbsp;&nbsp;$387811 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$61246 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;2021 | &nbsp;&nbsp;$408222 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$67461 | &nbsp;&nbsp;$0 |

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The above "Tax Fees" were billed for professional services rendered for tax preparation.

**Services that the Fund's Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers**

The following table shows the amount of fees billed by EY to DWS Investment Management Americas, Inc. ("DIMA" or the "Adviser"), and any entity controlling, controlled by or under common control with DIMA ("Control Affiliate") that provides ongoing services to the Fund ("Affiliated Fund Service Provider"), for engagements directly related to the Fund's operations and financial reporting, during the Fund's last two fiscal years.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Fiscal Year<br> Ended<br> December 31, | &nbsp;&nbsp;Audit-Related<br> Fees Billed to Adviser and Affiliated Fund Service Providers | &nbsp;&nbsp;Tax Fees Billed to Adviser and Affiliated Fund Service Providers | &nbsp;&nbsp;All<br> Other Fees Billed to Adviser and Affiliated Fund Service Providers |
| &nbsp;&nbsp;2022 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$148212 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;2021 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$461717 | &nbsp;&nbsp;$0 |

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The above "Tax Fees" were billed in connection with tax compliance services and agreed upon procedures.

**Non-Audit Services**

The following table shows the amount of fees that EY billed during the Fund's last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that EY provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund's operations and financial reporting. The Audit Committee requested and received information from EY about any non-audit services that EY rendered during the Fund's last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating EY's independence.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Fiscal Year<br> Ended<br> December 31, | &nbsp;&nbsp;Total <br> Non-Audit Fees Billed to Fund<br> (A) | &nbsp;&nbsp;Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund)<br> (B) | &nbsp;&nbsp;Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)<br> (C) | &nbsp;&nbsp;Total of <br> (A), (B) and (C) |
| &nbsp;&nbsp;2022 | &nbsp;&nbsp;$61246 | &nbsp;&nbsp;$148212 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$209458 |
| &nbsp;&nbsp;2021 | &nbsp;&nbsp;$67461 | &nbsp;&nbsp;$461717 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$529178 |

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All other engagement fees were billed for services in connection with agreed upon procedures and tax compliance for DIMA and other related entities.

Audit Committee Pre-Approval Policies and Procedures. Generally, each Fund's Audit Committee must pre approve (i) all services to be performed for a Fund by a Fund's Independent Registered Public Accounting Firm and (ii) all non-audit services to be performed by a Fund's Independent Registered Public Accounting Firm for the DIMA Entities with respect to operations and financial reporting of the Fund, except that the Chairperson or Vice Chairperson of each Fund's Audit Committee may grant the pre-approval for non-audit services described in items (i) and (ii) above for non-prohibited services for engagements of less than $100,000. All such delegated pre approvals shall be presented to each Fund's Audit Committee no later than the next Audit Committee meeting.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.

According to the registrant's principal Independent Registered Public Accounting Firm, substantially all of the principal Independent Registered Public Accounting Firm's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent Registered Public Accounting Firm.

\*\*\*

In connection with the audit of the 2021 and 2022 financial statements, the Fund entered into an engagement letter with EY. The terms of the engagement letter required by EY, and agreed to by the Audit Committee, include a provision mandating the use of mediation and arbitration to resolve any controversy or claim between the parties arising out of or relating to the engagement letter or services provided thereunder.

\*\*\*

Pursuant to PCAOB Rule 3526, EY is required to describe in writing to the Fund's Audit Committee, on at least an annual basis, all relationships between EY, or any of its affiliates, and the DWS Funds, including the Fund, or persons in financial reporting oversight roles at the DWS Funds that, as of the date of the communication, may reasonably be thought to bear on EY's independence. Pursuant to PCAOB Rule 3526, EY has reported the matters set forth below that may reasonably be thought to bear on EY's independence. With respect to each reported matter in the aggregate, EY advised the Audit Committee that, after careful consideration of the facts and circumstances and the applicable independence rules, it concluded that the matters do not and will not impair EY's ability to exercise objective and impartial judgement in connection with the audits of the financial statements for the Fund and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that EY has been and is capable of exercising objective and impartial judgment on all issues encompassed within EY's audit engagements. EY also confirmed to the Audit Committee that it can continue to act as the Independent Registered Public Accounting Firm for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· EY advised the Fund's Audit Committee that various covered persons
within EY and EY's affiliates held investments in, or had other financial relationships with, entities
within the DWS Funds "investment company complex" (as defined in Regulation S-X) (the "DWS
Funds Complex"). EY informed the Audit Committee that these investments and financial relationships
were inconsistent with Rule 2-01(c)(1) of Regulation S-X. EY reported that all breaches have been resolved
and that none of the breaches involved any professionals who were part of the audit engagement team for
the Fund or in the position to influence the audit engagement team for the Fund.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**ITEM 5.** | &nbsp;&nbsp;**AUDIT COMMITTEE OF LISTED REGISTRANTS** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**ITEM 6.** | &nbsp;&nbsp;**SCHEDULE OF INVESTMENTS** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**ITEM 7.** | &nbsp;&nbsp;**DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**ITEM 8.** | &nbsp;&nbsp;**PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**ITEM 9.** | &nbsp;&nbsp;**PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**ITEM 10.** | &nbsp;&nbsp;**SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS** |
|  | &nbsp;&nbsp;There were no material changes to the procedures by which shareholders may recommend nominees to the Fund's Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. |
| &nbsp;&nbsp;**ITEM 11.** | &nbsp;&nbsp;**CONTROLS AND PROCEDURES** |
| &nbsp;&nbsp; &nbsp;&nbsp;(a) | &nbsp;&nbsp;The Chief Executive and Financial Officers concluded that the Registrant's Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report. |
| &nbsp;&nbsp; &nbsp;&nbsp;(b) | &nbsp;&nbsp;There have been no changes in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal controls over financial reporting. |
| &nbsp;&nbsp;**ITEM 12.** | &nbsp;&nbsp;**Disclosure of Securities Lending Activities for Closed-End Management Investment Companies** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**ITEM 13.** | &nbsp;&nbsp;**EXHIBITS** |
| &nbsp;&nbsp; &nbsp;&nbsp;(a)(1) | &nbsp;&nbsp;[Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.](codeofethics.htm) |
| &nbsp;&nbsp; &nbsp;&nbsp;(a)(2) | &nbsp;&nbsp;[Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.](ex99cert.htm) |
| &nbsp;&nbsp; &nbsp;&nbsp;(b) | &nbsp;&nbsp;[Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.](ex99906cert.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Registrant: | &nbsp;&nbsp;Deutsche DWS Variable Series II |
| &nbsp;&nbsp;By: | &nbsp;&nbsp; <u>/s/Hepsen Uzcan</u><br> Hepsen Uzcan<br> President |
| &nbsp;&nbsp;Date: | &nbsp;&nbsp;2/15/2023 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| &nbsp;&nbsp;By: | &nbsp;&nbsp; <u>/s/Hepsen Uzcan</u><br> Hepsen Uzcan<br> President |
| &nbsp;&nbsp;Date: | &nbsp;&nbsp;2/15/2023 |
| &nbsp;&nbsp;By: | &nbsp;&nbsp; <u>/s/Diane Kenneally</u><br> Diane Kenneally<br> Chief Financial Officer and Treasurer |
| &nbsp;&nbsp;Date: | &nbsp;&nbsp;2/15/2023 |

---

## Ex-99.Code

**DWS**

**Principal Executive and Principal Financial Officer Code of Ethics**

**For the Registered Management Investment Companies Listed on Appendix A**

**Effective Date**

**January 31, 2005**

**Date Last Reviewed**

**April 25, 2022**

**Table of Contents**

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;I. Overview |
| &nbsp;&nbsp;&nbsp;&nbsp;II. Purposes of the Officer Code |
| &nbsp;&nbsp;&nbsp;&nbsp;III. Responsibilities of Covered Officers |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Honest and Ethical Conduct |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Conflicts of Interest |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Use of Personal Fund Shareholder Information |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Public Communications |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Compliance with Applicable Laws, Rules and Regulations |
| &nbsp;&nbsp;&nbsp;&nbsp;IV. Violation Reporting |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Overview |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. How to Report |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Process for Violation Reporting to the Fund Board |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Sanctions for Code Violations |
| &nbsp;&nbsp;&nbsp;&nbsp;V. Waivers from the Officer Code |
| &nbsp;&nbsp;&nbsp;&nbsp;VI. Amendments to the Code |
| &nbsp;&nbsp;&nbsp;&nbsp;VII. Acknowledgement and Certification of Adherence to the Officer Code |
| &nbsp;&nbsp;&nbsp;&nbsp;VIII. Scope of Responsibilities |
| &nbsp;&nbsp;&nbsp;&nbsp;IX. Recordkeeping |
| &nbsp;&nbsp;&nbsp;&nbsp;X. Confidentiality |
| &nbsp;&nbsp;&nbsp;&nbsp;Appendices |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appendix A: List of Officers Covered under the Code, by Board |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appendix B: Acknowledgement and Certification |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appendix C: Definitions |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Overview

This Principal Executive Officer and Principal Financial Officer Code of Ethics ("Officer Code") sets forth the policies, practices, and values expected to be exhibited in the conduct of the Principal Executive Officers and Principal Financial Officers of the investment companies (each a "Fund" and together, the "Funds") they serve ("Covered Officers"). A list of Covered Officers and Funds is included on Appendix A.

The Boards of the Funds listed on Appendix A have elected to implement the Officer Code, pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 and the SEC's rules thereunder, to promote and demonstrate honest and ethical conduct in their Covered Officers.

DWS represents the asset management activities conducted by DWS Investment Management Americas, Inc., DWS International GmbH or their affiliates that may serve as investment adviser to each Fund. All Covered Officers are also employees of DWS. Thus, in addition to adhering to the Officer Code, these individuals must comply with DWS policies and procedures, such as the DWS Code of Ethics governing personal trading activities, as adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940.<sup>[1]</sup> In addition, such individuals also must comply with other applicable Fund policies and procedures.

The DWS Compliance Officer, who shall not be a Covered Officer and who shall serve as such subject to the approval of the Fund's Board (or committee thereof), is primarily responsible for implementing and enforcing this Code. The DWS Compliance Officer has the authority to interpret this Officer Code and its applicability to particular circumstances. Any questions about the Officer Code should be directed to the DWS Compliance Officer.

The DWS Compliance Officer and his or her contact information can be found in Appendix A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Purposes of the Officer Code

The purposes of the Officer Code are to deter wrongdoing and to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· promote
honest and ethical conduct among Covered Officers, including the ethical handling of actual or apparent
conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· promote
full, fair, accurate, timely and understandable disclosures in reports and documents that the Funds file
with or submit to the SEC (and in other public communications from the Funds) and that are within the
Covered Officer's responsibilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· promote
compliance with applicable laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· encourage
the prompt internal reporting of violations of the Officer Code to the DWS Compliance Officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· establish
accountability for adherence to the Officer Code.

Any questions about the Officer Code should be referred to the DWS Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Responsibilities of Covered Officers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Honest and Ethical Conduct

It is the duty of every Covered Officer to encourage and demonstrate honest and ethical conduct, as well as adhere to and require adherence to the Officer Code and any other applicable policies and procedures designed to promote this behavior. Covered Officers must at all times conduct themselves with integrity and distinction, putting first the interests of the Fund(s) they serve. Covered Officers must be honest and candid while maintaining confidentiality of information where required by law, DWS policy or Fund policy.

Covered Officers also must, at all times, act in good faith, responsibly and with due care, competence and diligence, without misrepresenting or being misleading about material facts or allowing their independent judgment to be subordinated. Covered Officers also should maintain skills appropriate and necessary for the performance of their duties for the Fund(s). Covered Officers also must responsibly use and control all Fund assets and resources entrusted to them.

Covered Officers may not retaliate against others for, or otherwise discourage the reporting of, actual or apparent violations of the Officer Code or applicable laws or regulations. Covered Officers should create an environment that encourages the exchange of information, including concerns of the type that this Code is designed to address.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Conflicts of Interest

A "conflict of interest" occurs when a Covered Officer's personal interests interfere with the interests of the Fund for which he or she serves as an officer. Covered Officers may not improperly use their position with a Fund for personal or private gain to themselves, their family, or any other person. Similarly, Covered Officers may not use their personal influence or personal relationships to influence decisions or other Fund business or operational matters where they would benefit personally at the Fund's expense or to the Fund's detriment. Covered Officers may not cause the Fund to take action, or refrain from taking action, for their personal benefit at the Fund's expense or to the Fund's detriment. Some examples of conflicts of interest follow (this is not an all-inclusive list): being in the position of supervising, reviewing or having any influence on the job evaluation, pay or benefit of any immediate family member who is an employee of a Fund service provider or is otherwise associated with the Fund; or having an ownership interest in, or having any consulting or employment relationship with, any Fund service provider other than DWS or its affiliates.

Certain conflicts of interest covered by this Code arise out of the relationships between Covered Officers and the Fund that already are subject to conflict of interest provisions in the Investment Company Act and the Investment Advisers Act. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as "affiliated persons" of the Fund. Covered Officers must comply with applicable laws and regulations. Therefore, any violations of existing statutory and regulatory prohibitions on individual behavior could be considered a violation of this Code.

As to conflicts arising from, or as a result of the advisory relationship (or any other relationships) between the Fund and DWS, of which the Covered Officers are also officers or employees, it is recognized by the Board that, subject to DWS's fiduciary duties to the Fund, the Covered Officers will in the normal course of their duties (whether formally for the Fund or for DWS, or for both) be involved in establishing policies and implementing decisions which will have different effects on DWS and the Fund. The Board recognizes that the participation of the Covered Officers in such activities is inherent in the contract relationship between the Fund and DWS, and is consistent with the expectation of the Board of the performance by the Covered Officers of their duties as officers of the Fund.

Covered Officers should avoid actual conflicts of interest, and appearances of conflicts of interest, between the Covered Officer's duties to the Fund and his or her personal interests beyond those contemplated or anticipated by applicable regulatory schemes. If a Covered Officer suspects or knows of a conflict or an appearance of one, the Covered Officer must immediately report the matter to the DWS Compliance Officer. If a Covered Officer, in lieu of reporting such a matter to the DWS Compliance Officer, may report the matter directly to the Fund's Board (or committee thereof), as appropriate (e.g., if the conflict involves the DWS Compliance Officer or the Covered Officer reasonably believes it would be futile to report the matter to the DWS Compliance Officer).

When actual, apparent or suspected conflicts of interest arise in connection with a Covered Officer, DWS personnel aware of the matter should promptly contact the DWS Compliance Officer. There will be no reprisal or retaliation against the person reporting the matter.

Upon receipt of a report of a possible conflict, the DWS Compliance Officer will take steps to determine whether a conflict exists. In so doing, the DWS Compliance Officer may take any actions he or she determines to be appropriate in his or her sole discretion and may use all reasonable resources, including retaining or engaging legal counsel, accounting firms or other consultants, subject to applicable law.<sup>[2]</sup> The costs associated with such actions may be borne by the Fund, if appropriate, after consultation with the Fund's Board (or committee thereof). Otherwise, such costs will be borne by DWS or other appropriate Fund service provider.

After full review of a report of a possible conflict of interest, the DWS Compliance Officer may determine that no conflict or reasonable appearance of a conflict exists. If, however, the DWS Compliance Officer determines that an actual conflict exists, the Compliance Officer will resolve the conflict solely in the interests of the Fund, and will report the conflict and its resolution to the Fund's Board (or committee thereof). If the DWS Compliance Officer determines that the appearance of a conflict exists, the DWS Compliance Officer will take appropriate steps to remedy such appearance. In lieu of determining whether a conflict exists and/or resolving a conflict, the DWS Compliance Officer instead may refer the matter to the Fund's Board (or committee thereof), as appropriate. However, the DWS Compliance Officer must refer the matter to the Fund's Board (or committee thereof) if the DWS Compliance Officer is directly involved in the conflict or under similar appropriate circumstances.

After responding to a report of a possible conflict of interest, the DWS Compliance Officer will discuss the matter with the person reporting it (and with the Covered Officer at issue, if different) for purposes of educating those involved on conflicts of interests (including how to detect and avoid them, if appropriate).

Appropriate resolution of conflicts may restrict the personal activities of the Covered Officer and/or his family, friends or other persons.

Solely because a conflict is disclosed to the DWS Compliance Officer (and/or the Board or Committee thereof) and/or resolved by the DWS Compliance Officer does not mean that the conflict or its resolution constitutes a waiver from the Code's requirements.

Any questions about conflicts of interests, including whether a particular situation might be a conflict or an appearance of one, should be directed to the DWS Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Use of Personal Fund Shareholder Information

A Covered Officer may not use or disclose personal information about Fund shareholders, except in the performance of his or her duties for the Fund. Each Covered Officer also must abide by the Funds' and DWS's privacy policies under SEC Regulation S-P.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Public Communications

In connection with his or her responsibilities for or involvement with a Fund's public communications and disclosure documents (e.g., shareholder reports, registration statements, press releases), each Covered Officer must provide information to Fund service providers (within the DWS organization or otherwise) and to the Fund's Board (and any committees thereof), independent auditors, government regulators and self-regulatory organizations that is fair, accurate, complete, objective, relevant, timely and understandable.

Further, within the scope of their duties, Covered Officers having direct or supervisory authority over Fund disclosure documents or other public Fund communications will, to the extent appropriate within their area of responsibility, endeavor to ensure full, fair, timely, accurate and understandable disclosure in Fund disclosure documents. Such Covered Officers will oversee, or appoint others to oversee, processes for the timely and accurate creation and review of all public reports and regulatory filings. Within the scope of his or her responsibilities as a Covered Officer, each Covered Officer also will familiarize himself or herself with the disclosure requirements applicable to the Fund, as well as the business and financial operations of the Fund. Each Covered Officer also will adhere to, and will promote adherence to, applicable disclosure controls, processes and procedures, including DWS's Disclosure Controls and Procedures, which govern the process by which Fund disclosure documents are created and reviewed.

To the extent that Covered Officers participate in the creation of a Fund's books or records, they must do so in a way that promotes the accuracy, fairness and timeliness of those records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Compliance with Applicable Laws, Rules and Regulations

In connection with his or her duties and within the scope of his or her responsibilities as a Covered Officer, each Covered Officer must comply with governmental laws, rules and regulations, accounting standards, and Fund policies/procedures that apply to his or her role, responsibilities and duties with respect to the Funds ("Applicable Laws"). These requirements do not impose on Covered Officers any additional substantive duties. Additionally, Covered Officers should promote compliance with Applicable Laws.

If a Covered Officer knows of any material violations of Applicable Laws or suspects that such a violation may have occurred, the Covered Officer is expected to promptly report the matter to the DWS Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Violation Reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Overview

Each Covered Officer must promptly report to the DWS Compliance Officer, and promote the reporting of, any known or suspected violations of the Officer Code. Failure to report a violation may be a violation of the Officer Code.

Examples of violations of the Officer Code include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Unethical or dishonest behavior

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Obvious lack of adherence
to policies surrounding review and approval of public communications and regulatory filings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Failure to report violations
of the Officer Code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Known or obvious deviations
from Applicable Laws

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Failure to acknowledge and
certify adherence to the Officer Code

The DWS Compliance Officer has the authority to take any and all action he or she considers appropriate in his or her sole discretion to investigate known or suspected Code violations, including consulting with the Fund's Board, the independent Board members, a Board committee, the Fund's legal counsel and/or counsel to the independent Board members. The Compliance Officer also has the authority to use all reasonable resources to investigate violations, including retaining or engaging legal counsel, accounting firms or other consultants, subject to applicable law.<sup>[3]</sup> The costs associated with such actions may be borne by the Fund, if appropriate, after consultation with the Fund's Board (or committee thereof). Otherwise, such costs will be borne by DWS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. How to Report

Any known or suspected violations of the Officer Code must be promptly reported to the DWS Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Process for Violation Reporting to the Fund
Board

The DWS Compliance Officer will promptly report any violations of the Code to the Fund's Board (or committee thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Sanctions for Code Violations

Violations of the Code will be taken seriously. In response to reported or otherwise known violations, DWS and the relevant Fund's Board may impose sanctions within the scope of their respective authority over the Covered Officer at issue. Sanctions imposed by DWS could include termination of employment. Sanctions imposed by a Fund's Board could include termination of association with the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Waivers from the Officer Code

A Covered Officer may request a waiver from the Officer Code by transmitting a written request for a waiver to the DWS Compliance Officer.<sup>[4]</sup> The request must include the rationale for the request and must explain how the waiver would be in furtherance of the standards of conduct described in and underlying purposes of the Officer Code. The DWS Compliance Officer will present this information to the Fund's Board (or committee thereof). The Board (or committee) will determine whether to grant the requested waiver. If the Board (or committee) grants the requested waiver, the DWS Compliance Officer thereafter will monitor the activities subject to the waiver, as appropriate, and will promptly report to the Fund's Board (or committee thereof) regarding such activities, as appropriate.

The DWS Compliance Officer will coordinate and facilitate any required public disclosures of any waivers granted or any implicit waivers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Amendments to the Code

The DWS Compliance Officer will review the Officer Code from time to time for its continued appropriateness and will propose any amendments to the Fund's Board (or committee thereof) on a timely basis. In addition, the Board (or committee thereof) will review the Officer Code at least annually for its continued appropriateness and may amend the Code as necessary or appropriate.

The DWS Compliance Officer will coordinate and facilitate any required public disclosures of Code amendments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Acknowledgement and Certification of Adherence to the Officer Code

Each Covered Officer must sign a statement upon appointment as a Covered Officer and annually thereafter acknowledging that he or she has received and read the Officer Code, as amended or updated, and confirming that he or she has complied with it (see Appendix B: Acknowledgement and Certification of Obligations Under the Officer Code).

Understanding and complying with the Officer Code and truthfully completing the Acknowledgement and Certification Form is each Covered Officer's obligation.

The DWS Compliance Officer will maintain such Acknowledgements in the Fund's books and records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Scope of Responsibilities

A Covered Officer's responsibilities under the Officer Code are limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Fund
matters over which the Officer has direct responsibility or control, matters in which the Officer routinely
participates, and matters with which the Officer is otherwise involved (*i.e.*, matters within the
scope of the Covered Officer's responsibilities as a Fund officer); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Fund
matters of which the Officer has actual knowledge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Recordkeeping

The DWS Compliance Officer will create and maintain appropriate records regarding the implementation and operation of the Officer Code, including records relating to conflicts of interest determinations and investigations of possible Code violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Confidentiality

All reports and records prepared or maintained pursuant to this Officer Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Officer Code, such matters shall not be disclosed to anyone other than the DWS Compliance Officer, the Fund's Board (or committee thereof), legal counsel, independent auditors, and any consultants engaged by the Compliance Officer.

**Appendices**

**Appendix A: List of Officers Covered under the Code, by Board**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund Board** | &nbsp;&nbsp;**Principal Executive Officer** | &nbsp;&nbsp;**Principal Financial Officer** | &nbsp;&nbsp;**Treasurer** |
| &nbsp;&nbsp;DWS Funds | &nbsp;&nbsp;Hepsen Uzcan | &nbsp;&nbsp;Diane Kenneally | &nbsp;&nbsp;Diane Kenneally |
| &nbsp;&nbsp;Germany Funds\* | &nbsp;&nbsp;Hepsen Uzcan | &nbsp;&nbsp;Diane Kenneally | &nbsp;&nbsp;Diane Kenneally |

---

\* The Central and Eastern Europe Fund, Inc., The European Equity Fund, Inc. and

The New Germany Fund, Inc.

 

**DWS Compliance Officer:**

Scott Hogan

Chief Compliance Officer of the DWS Funds/Germany Funds

Phone: (617) 295-3986

Email: scott-d.hogan@dws.com

**As of: April 25, 2022**

**Appendix B: Acknowledgement and Certification**

Initial Acknowledgement and Certification

of Obligations Under the Officer Code

Print Name Department Location Telephone

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I acknowledge and certify
that I am a Covered Officer under the DWS Principal Executive and Financial Officer Code of Ethics ("Officer
Code"), and therefore subject to all of its requirements and provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I have received and read
the Officer Code and I understand the requirements and provisions set forth in the Officer Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I have disclosed any conflicts
of interest of which I am aware to the DWS Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. I will act in the best interest
of the Funds for which I serve as an officer and have maintained the confidentiality of personal information
about Fund shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. I will report any known or
suspected violations of the Officer Code in a timely manner to the DWS Compliance Officer.

______________________________ ____________________

Signature Date

Annual Acknowledgement and Certification

of Obligations Under the Officer Code

Print Name Department Location Telephone

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I acknowledge and certify
that I am a Covered Officer under the DWS Principal Executive and Financial Officer Code of Ethics ("Officer
Code"), and therefore subject to all of its requirements and provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I have received and read
the Officer Code, and I understand the requirements and provisions set forth in the Officer Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I have adhered to the Officer
Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. I have not knowingly been
a party to any conflict of interest, nor have I had actual knowledge about actual or apparent conflicts
of interest that I did not report to the DWS Compliance Officer in accordance with the Officer Code's
requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. I have acted in the best
interest of the Funds for which I serve as an officer and have maintained the confidentiality of personal
information about Fund shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. With respect to the duties
I perform for the Fund as a Fund officer, I believe that effective processes are in place to create and
file public reports and documents in accordance with applicable regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. With respect to the duties
I perform for the Fund as a Fund officer, I have complied to the best of my knowledge with all Applicable
Laws (as that term is defined in the Officer Code) and have appropriately monitored those persons under
my supervision for compliance with Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. I have reported any known
or suspected violations of the Officer Code in a timely manner to the DWS Compliance Officer.

______________________________ ____________________

Signature Date

**Appendix C: Definitions**

**Principal Executive Officer**

Individual holding the office of President of the Fund or series of Funds, or a person performing a similar function.

**Principal Financial Officer**

Individual holding the office of Treasurer of the Fund or series of Funds, or a person performing a similar function.

**Registered Investment Management Investment Company**

Registered investment companies other than a face-amount certificate company or a unit investment trust.

**Waiver**

A waiver is an approval of an exemption from a Code requirement.

**Implicit Waiver**

An implicit waiver is the failure to take action within a reasonable period of time regarding a material departure from a requirement or provision of the Officer Code that has been made known to the DWS Compliance Officer or the Fund's Board (or committee thereof).

------

<sup>[1]</sup> The obligations imposed by the Officer Code are separate from, and in addition to, any obligations imposed under codes of ethics adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, and any other code of conduct applicable to Covered Officers in whatever capacity they serve. The Officer Code does not incorporate any of those other codes and, accordingly, violations of those codes will not necessarily be considered violations of the Officer Code and waivers granted under those codes would not necessarily require a waiver to be granted under this Code. Sanctions imposed under those codes may be considered in determining appropriate sanctions for any violation of this Code.

<sup>[2]</sup> For example, retaining a Fund's independent accounting firm may require pre-approval by the Fund's audit committee.

<sup>[3]</sup> For example, retaining a Fund's independent accounting firm may require pre-approval by the Fund's audit committee.

<sup>[4]</sup> Of course, it is not a waiver of the Officer Code if the Fund's Board (or committee thereof) determines that a matter is not a deviation from the Officer Code's requirements or is otherwise not covered by the Code.

## Ex-99.Cert

**President**

**Form N-CSR Certification under Sarbanes Oxley Act**

I, Hepsen Uzcan, certify that:

1) I have reviewed this report, filed on behalf of Deutsche DWS Variable Series II, on Form N-CSR;

2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4) The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5) The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

 b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting

---

| | |
|:---|:---|
| &nbsp;&nbsp;2/15/2023 | &nbsp;&nbsp;<u>/s/Hepsen Uzcan</u> |
|  | &nbsp;&nbsp;Hepsen Uzcan |
|  | &nbsp;&nbsp;President |

---

**Chief Financial Officer and Treasurer**

**Form N-CSR Certification under Sarbanes Oxley Act**

I, Diane Kenneally, certify that:

1) I have reviewed this report, filed on behalf of Deutsche DWS Variable Series II, on Form N-CSR;

2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4) The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5) The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

 b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting

---

| | |
|:---|:---|
| &nbsp;&nbsp;2/15/2023 | &nbsp;&nbsp;<u>/s/Diane Kenneally</u> |
|  | &nbsp;&nbsp;Diane Kenneally |
|  | &nbsp;&nbsp;Chief Financial Officer and Treasurer |

---

## Exhibit 99.906

**President**

**Section 906 Certification under Sarbanes Oxley Act**

I, Hepsen Uzcan, certify that:

1. I have reviewed this report, filed on behalf of Deutsche DWS Variable Series II, on Form N-CSR;

2. Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSR (the "Report") fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| &nbsp;&nbsp;2/15/2023 | &nbsp;&nbsp;<u>/s/Hepsen Uzcan</u> |
|  | &nbsp;&nbsp;Hepsen Uzcan |
|  | &nbsp;&nbsp;President |

---

**Chief Financial Officer and Treasurer**

**Section 906 Certification under Sarbanes Oxley Act**

I, Diane Kenneally, certify that:

1. I have reviewed this report, filed on behalf of Deutsche DWS Variable Series II, on Form N-CSR;

2. Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSR (the "Report") fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| &nbsp;&nbsp;2/15/2023 | &nbsp;&nbsp;<u>/s/Diane Kenneally</u> |
|  | &nbsp;&nbsp;Diane Kenneally |
|  | &nbsp;&nbsp;Chief Financial Officer and Treasurer |

---