# EDGAR Filing Document

**Accession Number:** 0000810573
**File Stem:** 0000088053-26-000180
**Filing Date:** 2026-2
**Character Count:** 848602
**Document Hash:** fc9a6e0f0d037ff9356f7fb1c0a64628
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000088053-26-000180.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0000088053-26-000180

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 43

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**EFFECTIVENESS DATE**: 20260227

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05002
- **FILM NUMBER:** 26693187

**BUSINESS ADDRESS:**
- **STREET 1:** 875 THIRD AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022-6225
- **BUSINESS PHONE:** 212-454-4500

**MAIL ADDRESS:**
- **STREET 1:** 875 THIRD AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022-6225

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DEUTSCHE VARIABLE SERIES II
- **DATE OF NAME CHANGE:** 20140811

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DWS VARIABLE SERIES II
- **DATE OF NAME CHANGE:** 20060303

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SCUDDER VARIABLE SERIES II
- **DATE OF NAME CHANGE:** 20010501

## Series and Classes Contracts Data

### DWS CROCI U.S. VIP (Series ID: S000006255)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-05002

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

(Exact Name of Registrant as Specified in Charter)

875 Third Avenue

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

(Address of Principal Executive Offices) (Zip Code)

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

Diane Kenneally

100 Summer Street

<u>Boston, MA 02110</u>

(Name and Address of Agent for Service)

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

---

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

---

# DWS Alternative Asset Allocation VIP

# Class A

## Annual Shareholder Report — December 31, 2025
![Image](i4d396a590786d5e047d36ecd.jpg)

This annual shareholder report contains important information about DWS Alternative Asset Allocation VIP (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund on the Fund's website at dws.com/vipreports. You can also request this information by contacting us at (800) 728-3337.

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

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $25 | 0.24% |

---

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

## How did the Fund perform last year and what affected its performance?
Class A shares of the Fund returned 10.50% for the period ended December 31, 2025. The Fund's broad-based indices, the MSCI ACWI All Cap Index and the Bloomberg Global Aggregate Index, returned 22.13% and 8.17%, respectively for the same period, while the Fund's additional, more narrowly based index, the Blended Index, returned 17.07%.

The Fund's underperformance versus the Blended Index was largely a function of the index's high weighting in global equities, which outpaced most other asset classes in 2025. Still, all segments of the Fund contributed to its absolute return.

The Fund's Real Assets portfolio was the largest contributor to Fund performance. Its allocation to commodities performed very well, especially in the second half of the year, behind sharply rising prices for precious and industrial metals. The strength in commodities, together with the rally in equities, fueled a sizable advance for global natural resource stocks. The Fund's allocation to infrastructure stocks also delivered a solid return, while real estate investment trusts finished the year with a small gain.

The Fund's Alternative Fixed Income portfolio made a strong contribution to performance, as well. Emerging market bonds performed particularly well in an environment of falling interest rates, positive global growth, and elevated investor risk appetites. Bank loans also posted a gain at a time of broader strength in credit-oriented investments, but their upside was limited somewhat since the U.S. Federal Reserve's interest rate cuts dampened demand for floating-securities.

The Fund's Alternative Equity portfolio — which holds exchange-traded funds that invest in convertible securities and preferred stocks — also contributed to Fund performance. Convertibles, while finishing the year off of their October high, nonetheless produced double-digit returns thanks to the category's elevated exposure to important growth themes such as artificial intelligence and biotechnology.

The Fund's Absolute Return portfolio benefited from its position in DWS Global Macro Fund (7.9%), which capitalized on the positive returns for stocks and precious metals, and — to a lesser extent — bonds. Cash, held through a position in Central Cash Management Government Fund (0.5%), posted only a modest gain given that yields have fallen considerably from their peak in 2024. The Fund reduced its allocation to cash throughout the year and redeployed the proceeds into other segments of the portfolio.

Percentages in parentheses are based on the Fund's net assets as of December 31, 2025.

## Fund Performance
MSCI ACWI All Cap Index captures large, mid, small and micro-cap representation across Developed Markets countries and large, mid and small cap representation across Emerging Markets countries. The index is comprehensive, covering approximately 99% of the global equity investment opportunity set.

Bloomberg Global Aggregate Index is a flagship measure of global investment grade debt from local currency markets. This multi-currency benchmark includes treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers.

The MSCI ACWI All Cap Index and the Bloomberg Global Aggregate Index are broad-based indices that represent the Fund's overall equity and debt markets, respectively.

The Blended Index consists of 70% MSCI World Index and 30% Bloomberg U.S. Aggregate Bond Index. MSCI World Index captures large and mid-cap representation across developed markets countries. The index covers approximately 85% of the free float-adjusted equity market capitalization in each country. Bloomberg U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar denominated, fixed-rate taxable bond market. The index includes Treasuries, government related and corporate securities, fixed rate agency MBS, ABS and CMBS (agency and non agency).

The Blended Index is a more narrowly based index that reflects the market sector in which the Fund invests.

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

### **Cumulative Growth of an Assumed $10,000 Investment**![Growth of 10K Chart](i5e59ae8045ec0a3b3f7bf9d2.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A** | **MSCI ACWI All Cap Index** | **Bloomberg Global Aggregate Index** | **Blended Index** |
| **'15** | $10000 | $10000 | $10000 | $10000 |
| **'16** | $9889 | $9371 | $10087 | $9623 |
| **'16** | $9873 | $9323 | $10311 | $9593 |
| **'16** | $10214 | $10029 | $10590 | $10075 |
| **'16** | $10359 | $10190 | $10731 | $10198 |
| **'16** | $10408 | $10210 | $10587 | $10239 |
| **'16** | $10635 | $10135 | $10896 | $10214 |
| **'16** | $10700 | $10587 | $10978 | $10535 |
| **'16** | $10644 | $10624 | $10925 | $10538 |
| **'16** | $10733 | $10705 | $10985 | $10575 |
| **'16** | $10587 | $10497 | $10680 | $10408 |
| **'16** | $10416 | $10611 | $10256 | $10439 |
| **'16** | $10530 | $10840 | $10209 | $10618 |
| **'17** | $10619 | $11136 | $10324 | $10803 |
| **'17** | $10741 | $11442 | $10372 | $11035 |
| **'17** | $10733 | $11577 | $10388 | $11116 |
| **'17** | $10812 | $11762 | $10506 | $11257 |
| **'17** | $10862 | $11997 | $10668 | $11449 |
| **'17** | $10862 | $12070 | $10659 | $11477 |
| **'17** | $11019 | $12401 | $10838 | $11684 |
| **'17** | $11086 | $12445 | $10945 | $11727 |
| **'17** | $11078 | $12715 | $10847 | $11894 |
| **'17** | $11128 | $12970 | $10806 | $12054 |
| **'17** | $11227 | $13224 | $10926 | $12232 |
| **'17** | $11310 | $13442 | $10964 | $12364 |
| **'18** | $11410 | $14166 | $11094 | $12779 |
| **'18** | $10712 | $13576 | $10996 | $12372 |
| **'18** | $10770 | $13323 | $11113 | $12207 |
| **'18** | $10812 | $13446 | $10935 | $12278 |
| **'18** | $10888 | $13501 | $10852 | $12358 |
| **'18** | $10871 | $13418 | $10804 | $12349 |
| **'18** | $10888 | $13786 | $10786 | $12620 |
| **'18** | $10905 | $13912 | $10797 | $12754 |
| **'18** | $10871 | $13933 | $10704 | $12779 |
| **'18** | $10549 | $12840 | $10584 | $12092 |
| **'18** | $10549 | $13018 | $10617 | $12209 |
| **'18** | $10277 | $12075 | $10832 | $11627 |
| **'19** | $10846 | $13056 | $10997 | $12297 |
| **'19** | $10990 | $13420 | $10934 | $12554 |
| **'19** | $11109 | $13556 | $11070 | $12742 |
| **'19** | $11194 | $14003 | $11038 | $13059 |
| **'19** | $11036 | $13167 | $11187 | $12601 |
| **'19** | $11274 | $14010 | $11435 | $13230 |
| **'19** | $11318 | $14051 | $11403 | $13284 |
| **'19** | $11371 | $13695 | $11635 | $13197 |
| **'19** | $11450 | $13982 | $11517 | $13373 |
| **'19** | $11556 | $14368 | $11594 | $13623 |
| **'19** | $11521 | $14725 | $11506 | $13887 |
| **'19** | $11786 | $15250 | $11573 | $14175 |
| **'20** | $11848 | $15047 | $11721 | $14196 |
| **'20** | $11433 | $13811 | $11799 | $13433 |
| **'20** | $10117 | $11818 | $11535 | $12165 |
| **'20** | $10513 | $13122 | $11762 | $13160 |
| **'20** | $10804 | $13729 | $11813 | $13626 |
| **'20** | $10931 | $14169 | $11918 | $13912 |
| **'20** | $11277 | $14903 | $12298 | $14441 |
| **'20** | $11559 | $15808 | $12279 | $15074 |
| **'20** | $11340 | $15321 | $12235 | $14711 |
| **'20** | $11268 | $14990 | $12247 | $14378 |
| **'20** | $12068 | $16893 | $12470 | $15691 |
| **'20** | $12459 | $17737 | $12637 | $16162 |
| **'21** | $12486 | $17714 | $12526 | $16017 |
| **'21** | $12750 | $18194 | $12310 | $16235 |
| **'21** | $12814 | $18663 | $12073 | $16551 |
| **'21** | $13295 | $19470 | $12226 | $17128 |
| **'21** | $13434 | $19763 | $12341 | $17319 |
| **'21** | $13601 | $19998 | $12232 | $17538 |
| **'21** | $13731 | $20094 | $12395 | $17819 |
| **'21** | $13879 | $20591 | $12343 | $18119 |
| **'21** | $13712 | $19774 | $12124 | $17545 |
| **'21** | $14047 | $20731 | $12095 | $18236 |
| **'21** | $13592 | $20169 | $12059 | $17974 |
| **'21** | $14047 | $20966 | $12042 | $18499 |
| **'22** | $13796 | $19875 | $11796 | $17696 |
| **'22** | $13712 | $19422 | $11655 | $17328 |
| **'22** | $14130 | $19817 | $11300 | $17521 |
| **'22** | $13845 | $18244 | $10681 | $16304 |
| **'22** | $13805 | $18252 | $10710 | $16355 |
| **'22** | $13074 | $16677 | $10367 | $15285 |
| **'22** | $13505 | $17865 | $10587 | $16246 |
| **'22** | $13335 | $17233 | $10169 | $15635 |
| **'22** | $12554 | $15567 | $9647 | $14415 |
| **'22** | $12714 | $16521 | $9581 | $15079 |
| **'22** | $13194 | $17776 | $10031 | $15983 |
| **'22** | $13004 | $17100 | $10086 | $15487 |
| **'23** | $13485 | $18360 | $10417 | $16397 |
| **'23** | $13154 | $17849 | $10070 | $15995 |
| **'23** | $13234 | $18281 | $10389 | $16470 |
| **'23** | $13299 | $18511 | $10435 | $16704 |
| **'23** | $13028 | $18284 | $10231 | $16536 |
| **'23** | $13321 | $19348 | $10230 | $17214 |
| **'23** | $13560 | $20088 | $10301 | $17613 |
| **'23** | $13354 | $19509 | $10160 | $17286 |
| **'23** | $13083 | $18688 | $9863 | $16633 |
| **'23** | $12953 | $18061 | $9745 | $16219 |
| **'23** | $13473 | $19728 | $10237 | $17501 |
| **'23** | $13809 | $20769 | $10662 | $18305 |
| **'24** | $13679 | $20813 | $10515 | $18444 |
| **'24** | $13755 | $21678 | $10383 | $18909 |
| **'24** | $14026 | $22363 | $10440 | $19387 |
| **'24** | $13833 | $21602 | $10176 | $18738 |
| **'24** | $14159 | $22478 | $10310 | $19418 |
| **'24** | $14103 | $22887 | $10325 | $19750 |
| **'24** | $14362 | $23365 | $10610 | $20134 |
| **'24** | $14655 | $23907 | $10861 | $20601 |
| **'24** | $14993 | $24455 | $11046 | $20951 |
| **'24** | $14745 | $23887 | $10675 | $20506 |
| **'24** | $15072 | $24817 | $10712 | $21229 |
| **'24** | $14587 | $24152 | $10482 | $20740 |
| **'25** | $14835 | $24939 | $10542 | $21285 |
| **'25** | $15004 | $24719 | $10692 | $21319 |
| **'25** | $15060 | $23764 | $10758 | $20659 |
| **'25** | $15002 | $23992 | $11074 | $20836 |
| **'25** | $15154 | $25380 | $11035 | $21649 |
| **'25** | $15389 | $26531 | $11244 | $22403 |
| **'25** | $15366 | $26885 | $11077 | $22588 |
| **'25** | $15613 | $27625 | $11238 | $23083 |
| **'25** | $15919 | $28576 | $11311 | $23678 |
| **'25** | $16001 | $29154 | $11282 | $24058 |
| **'25** | $16177 | $29192 | $11309 | $24153 |
| **'25** | $16118 | $29496 | $11338 | $24280 |

---

Yearly periods ended December 31

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index**  | **1-Year** | **5-Year** | **10-Year** |
| Class A | 10.50% | 5.29% | 4.89% |
| MSCI ACWI All Cap Index | 22.13% | 10.71% | 11.42% |
| Bloomberg Global Aggregate Index | 8.17% | -2.15% | 1.26% |
| Blended Index | 17.07% | 8.48% | 9.28% |

---

**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.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. Fund performance includes reinvestment of all distributions.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 409366671 |
| Number of Portfolio Holdings | 11 |
| Portfolio Turnover Rate (%) | 18 |
| Total Net Advisory Fees Paid ($) | 410047 |

---

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

### **Asset Allocation** 

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| **Real Assets** | 48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DWS Enhanced Commodity Strategy Fund | 17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DWS RREEF Global Infrastructure Fund | 17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DWS RREEF Real Estate Securities Fund | 9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xtrackers RREEF Global Natural Resources ETF | 5% |
| **Alternative Equity** | 22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street SPDR Bloomberg Convertible Securities ETF | 17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Preferred & Income Securities ETF | 5% |
| **Alternative Fixed Income** | 21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DWS Floating Rate Fund | 9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares JP Morgan USD Emerging Markets Bond ETF | 9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DWS Emerging Markets Fixed Income Fund | 3% |
| **Absolute Return** | 8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DWS Global Macro Fund | 8% |
| **Cash Equivalents** | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DWS Central Cash Management Government Fund | 1% |
| **Other Assets and Liabilities, Net** | 0% |
| **Total** | 100% |

---

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

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

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

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

##©2026 DWS Group GmbH&Co. KGaA. All rights reserved

## **VS2AAA** - **TSRA** - **A** 

## R-104186-2 (02/26)

# DWS Alternative Asset Allocation VIP

# Class B

## Annual Shareholder Report — December 31, 2025
![Image](i4d396a590786d5e047d36ecd.jpg)

This annual shareholder report contains important information about DWS Alternative Asset Allocation VIP (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund on the Fund's website at dws.com/vipreports. You can also request this information by contacting us at (800) 728-3337.

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

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $65 | 0.62% |

---

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

## How did the Fund perform last year and what affected its performance?
Class B shares of the Fund returned 10.03% for the period ended December 31, 2025. The Fund's broad-based indices, the MSCI ACWI All Cap Index and the Bloomberg Global Aggregate Index, returned 22.13% and 8.17%, respectively for the same period, while the Fund's additional, more narrowly based index, the Blended Index, returned 17.07%.

The Fund's underperformance versus the Blended Index was largely a function of the index's high weighting in global equities, which outpaced most other asset classes in 2025. Still, all segments of the Fund contributed to its absolute return.

The Fund's Real Assets portfolio was the largest contributor to Fund performance. Its allocation to commodities performed very well, especially in the second half of the year, behind sharply rising prices for precious and industrial metals. The strength in commodities, together with the rally in equities, fueled a sizable advance for global natural resource stocks. The Fund's allocation to infrastructure stocks also delivered a solid return, while real estate investment trusts finished the year with a small gain.

The Fund's Alternative Fixed Income portfolio made a strong contribution to performance, as well. Emerging market bonds performed particularly well in an environment of falling interest rates, positive global growth, and elevated investor risk appetites. Bank loans also posted a gain at a time of broader strength in credit-oriented investments, but their upside was limited somewhat since the U.S. Federal Reserve's interest rate cuts dampened demand for floating-securities.

The Fund's Alternative Equity portfolio — which holds exchange-traded funds that invest in convertible securities and preferred stocks — also contributed to Fund performance. Convertibles, while finishing the year off of their October high, nonetheless produced double-digit returns thanks to the category's elevated exposure to important growth themes such as artificial intelligence and biotechnology.

The Fund's Absolute Return portfolio benefited from its position in DWS Global Macro Fund (7.9%), which capitalized on the positive returns for stocks and precious metals, and — to a lesser extent — bonds. Cash, held through a position in Central Cash Management Government Fund (0.5%), posted only a modest gain given that yields have fallen considerably from their peak in 2024. The Fund reduced its allocation to cash throughout the year and redeployed the proceeds into other segments of the portfolio.

Percentages in parentheses are based on the Fund's net assets as of December 31, 2025.

## Fund Performance
MSCI ACWI All Cap Index captures large, mid, small and micro-cap representation across Developed Markets countries and large, mid and small cap representation across Emerging Markets countries. The index is comprehensive, covering approximately 99% of the global equity investment opportunity set.

Bloomberg Global Aggregate Index is a flagship measure of global investment grade debt from local currency markets. This multi-currency benchmark includes treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers.

The MSCI ACWI All Cap Index and the Bloomberg Global Aggregate Index are broad-based indices that represent the Fund's overall equity and debt markets, respectively.

The Blended Index consists of 70% MSCI World Index and 30% Bloomberg U.S. Aggregate Bond Index. MSCI World Index captures large and mid-cap representation across developed markets countries. The index covers approximately 85% of the free float-adjusted equity market capitalization in each country. Bloomberg U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar denominated, fixed-rate taxable bond market. The index includes Treasuries, government related and corporate securities, fixed rate agency MBS, ABS and CMBS (agency and non agency).

The Blended Index is a more narrowly based index that reflects the market sector in which the Fund invests.

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

### **Cumulative Growth of an Assumed $10,000 Investment**![Growth of 10K Chart](i911c88ae569efa3c9f17df62.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class B** | **MSCI ACWI All Cap Index** | **Bloomberg Global Aggregate Index** | **Blended Index** |
| **'15** | $10000 | $10000 | $10000 | $10000 |
| **'16** | $9881 | $9371 | $10087 | $9623 |
| **'16** | $9865 | $9323 | $10311 | $9593 |
| **'16** | $10207 | $10029 | $10590 | $10075 |
| **'16** | $10353 | $10190 | $10731 | $10198 |
| **'16** | $10385 | $10210 | $10587 | $10239 |
| **'16** | $10620 | $10135 | $10896 | $10214 |
| **'16** | $10685 | $10587 | $10978 | $10535 |
| **'16** | $10620 | $10624 | $10925 | $10538 |
| **'16** | $10701 | $10705 | $10985 | $10575 |
| **'16** | $10556 | $10497 | $10680 | $10408 |
| **'16** | $10385 | $10611 | $10256 | $10439 |
| **'16** | $10499 | $10840 | $10209 | $10618 |
| **'17** | $10580 | $11136 | $10324 | $10803 |
| **'17** | $10701 | $11442 | $10372 | $11035 |
| **'17** | $10693 | $11577 | $10388 | $11116 |
| **'17** | $10764 | $11762 | $10506 | $11257 |
| **'17** | $10813 | $11997 | $10668 | $11449 |
| **'17** | $10813 | $12070 | $10659 | $11477 |
| **'17** | $10962 | $12401 | $10838 | $11684 |
| **'17** | $11028 | $12445 | $10945 | $11727 |
| **'17** | $11020 | $12715 | $10847 | $11894 |
| **'17** | $11061 | $12970 | $10806 | $12054 |
| **'17** | $11160 | $13224 | $10926 | $12232 |
| **'17** | $11235 | $13442 | $10964 | $12364 |
| **'18** | $11334 | $14166 | $11094 | $12779 |
| **'18** | $10640 | $13576 | $10996 | $12372 |
| **'18** | $10697 | $13323 | $11113 | $12207 |
| **'18** | $10732 | $13446 | $10935 | $12278 |
| **'18** | $10808 | $13501 | $10852 | $12358 |
| **'18** | $10791 | $13418 | $10804 | $12349 |
| **'18** | $10808 | $13786 | $10786 | $12620 |
| **'18** | $10816 | $13912 | $10797 | $12754 |
| **'18** | $10783 | $13933 | $10704 | $12779 |
| **'18** | $10454 | $12840 | $10584 | $12092 |
| **'18** | $10454 | $13018 | $10617 | $12209 |
| **'18** | $10185 | $12075 | $10832 | $11627 |
| **'19** | $10741 | $13056 | $10997 | $12297 |
| **'19** | $10892 | $13420 | $10934 | $12554 |
| **'19** | $11002 | $13556 | $11070 | $12742 |
| **'19** | $11078 | $14003 | $11038 | $13059 |
| **'19** | $10921 | $13167 | $11187 | $12601 |
| **'19** | $11157 | $14010 | $11435 | $13230 |
| **'19** | $11201 | $14051 | $11403 | $13284 |
| **'19** | $11253 | $13695 | $11635 | $13197 |
| **'19** | $11323 | $13982 | $11517 | $13373 |
| **'19** | $11419 | $14368 | $11594 | $13623 |
| **'19** | $11393 | $14725 | $11506 | $13887 |
| **'19** | $11646 | $15250 | $11573 | $14175 |
| **'20** | $11707 | $15047 | $11721 | $14196 |
| **'20** | $11297 | $13811 | $11799 | $13433 |
| **'20** | $9987 | $11818 | $11535 | $12165 |
| **'20** | $10374 | $13122 | $11762 | $13160 |
| **'20** | $10661 | $13729 | $11813 | $13626 |
| **'20** | $10786 | $14169 | $11918 | $13912 |
| **'20** | $11118 | $14903 | $12298 | $14441 |
| **'20** | $11396 | $15808 | $12279 | $15074 |
| **'20** | $11172 | $15321 | $12235 | $14711 |
| **'20** | $11100 | $14990 | $12247 | $14378 |
| **'20** | $11880 | $16893 | $12470 | $15691 |
| **'20** | $12266 | $17737 | $12637 | $16162 |
| **'21** | $12293 | $17714 | $12526 | $16017 |
| **'21** | $12544 | $18194 | $12310 | $16235 |
| **'21** | $12606 | $18663 | $12073 | $16551 |
| **'21** | $13069 | $19470 | $12226 | $17128 |
| **'21** | $13206 | $19763 | $12341 | $17319 |
| **'21** | $13370 | $19998 | $12232 | $17538 |
| **'21** | $13488 | $20094 | $12395 | $17819 |
| **'21** | $13634 | $20591 | $12343 | $18119 |
| **'21** | $13470 | $19774 | $12124 | $17545 |
| **'21** | $13789 | $20731 | $12095 | $18236 |
| **'21** | $13342 | $20169 | $12059 | $17974 |
| **'21** | $13780 | $20966 | $12042 | $18499 |
| **'22** | $13534 | $19875 | $11796 | $17696 |
| **'22** | $13443 | $19422 | $11655 | $17328 |
| **'22** | $13853 | $19817 | $11300 | $17521 |
| **'22** | $13566 | $18244 | $10681 | $16304 |
| **'22** | $13517 | $18252 | $10710 | $16355 |
| **'22** | $12802 | $16677 | $10367 | $15285 |
| **'22** | $13213 | $17865 | $10587 | $16246 |
| **'22** | $13047 | $17233 | $10169 | $15635 |
| **'22** | $12283 | $15567 | $9647 | $14415 |
| **'22** | $12430 | $16521 | $9581 | $15079 |
| **'22** | $12890 | $17776 | $10031 | $15983 |
| **'22** | $12714 | $17100 | $10086 | $15487 |
| **'23** | $13174 | $18360 | $10417 | $16397 |
| **'23** | $12851 | $17849 | $10070 | $15995 |
| **'23** | $12919 | $18281 | $10389 | $16470 |
| **'23** | $12980 | $18511 | $10435 | $16704 |
| **'23** | $12706 | $18284 | $10231 | $16536 |
| **'23** | $12991 | $19348 | $10230 | $17214 |
| **'23** | $13223 | $20088 | $10301 | $17613 |
| **'23** | $13012 | $19509 | $10160 | $17286 |
| **'23** | $12748 | $18688 | $9863 | $16633 |
| **'23** | $12611 | $18061 | $9745 | $16219 |
| **'23** | $13128 | $19728 | $10237 | $17501 |
| **'23** | $13434 | $20769 | $10662 | $18305 |
| **'24** | $13308 | $20813 | $10515 | $18444 |
| **'24** | $13382 | $21678 | $10383 | $18909 |
| **'24** | $13635 | $22363 | $10440 | $19387 |
| **'24** | $13447 | $21602 | $10176 | $18738 |
| **'24** | $13764 | $22478 | $10310 | $19418 |
| **'24** | $13709 | $22887 | $10325 | $19750 |
| **'24** | $13950 | $23365 | $10610 | $20134 |
| **'24** | $14223 | $23907 | $10861 | $20601 |
| **'24** | $14562 | $24455 | $11046 | $20951 |
| **'24** | $14311 | $23887 | $10675 | $20506 |
| **'24** | $14628 | $24817 | $10712 | $21229 |
| **'24** | $14147 | $24152 | $10482 | $20740 |
| **'25** | $14387 | $24939 | $10542 | $21285 |
| **'25** | $14540 | $24719 | $10692 | $21319 |
| **'25** | $14595 | $23764 | $10758 | $20659 |
| **'25** | $14532 | $23992 | $11074 | $20836 |
| **'25** | $14668 | $25380 | $11035 | $21649 |
| **'25** | $14896 | $26531 | $11244 | $22403 |
| **'25** | $14861 | $26885 | $11077 | $22588 |
| **'25** | $15100 | $27625 | $11238 | $23083 |
| **'25** | $15395 | $28576 | $11311 | $23678 |
| **'25** | $15475 | $29154 | $11282 | $24058 |
| **'25** | $15634 | $29192 | $11309 | $24153 |
| **'25** | $15566 | $29496 | $11338 | $24280 |

---

Yearly periods ended December 31

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index**  | **1-Year** | **5-Year** | **10-Year** |
| Class B | 10.03% | 4.88% | 4.52% |
| MSCI ACWI All Cap Index | 22.13% | 10.71% | 11.42% |
| Bloomberg Global Aggregate Index | 8.17% | -2.15% | 1.26% |
| Blended Index | 17.07% | 8.48% | 9.28% |

---

**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.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. Fund performance includes reinvestment of all distributions.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 409366671 |
| Number of Portfolio Holdings | 11 |
| Portfolio Turnover Rate (%) | 18 |
| Total Net Advisory Fees Paid ($) | 410047 |

---

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

### **Asset Allocation** 

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| **Real Assets** | 48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DWS Enhanced Commodity Strategy Fund | 17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DWS RREEF Global Infrastructure Fund | 17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DWS RREEF Real Estate Securities Fund | 9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xtrackers RREEF Global Natural Resources ETF | 5% |
| **Alternative Equity** | 22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street SPDR Bloomberg Convertible Securities ETF | 17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Preferred & Income Securities ETF | 5% |
| **Alternative Fixed Income** | 21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DWS Floating Rate Fund | 9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares JP Morgan USD Emerging Markets Bond ETF | 9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DWS Emerging Markets Fixed Income Fund | 3% |
| **Absolute Return** | 8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DWS Global Macro Fund | 8% |
| **Cash Equivalents** | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DWS Central Cash Management Government Fund | 1% |
| **Other Assets and Liabilities, Net** | 0% |
| **Total** | 100% |

---

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

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

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

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

##©2026 DWS Group GmbH&Co. KGaA. All rights reserved

## **VS2AAA** - **TSRA** - **B** 

## R-104186-2 (02/26)

# DWS CROCI<sup>®</sup> U.S. VIP

# Class A

## Annual Shareholder Report — December 31, 2025
![Image](i4d396a590786d5e047d36ecd.jpg)

This annual shareholder report contains important information about DWS CROCI<sup>®</sup> U.S. VIP (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund on the Fund's website at dws.com/vipreports. You can also request this information by contacting us at (800) 728-3337.

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

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $77 | 0.71% |

---

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

## How did the Fund perform last year and what affected its performance?
Class A shares of the Fund returned 17.19% for the period ended December 31, 2025. The Fund's broad-based index, the Russell 1000<sup>®</sup> Index, returned 17.37% for the same period, while the Fund's additional, more narrowly based index, the Russell 1000<sup>®</sup> Value Index, returned 15.91%.

Stock selection was the primary driver of relative performance in 2025. The Fund experienced the widest margin of underperformance in the information technology sector. An overweight in Apple, Inc.,\* which lagged in the first half of the year due to its lack of AI exposure, was the largest detractor. A zero weighting in Micron Technology, Inc. further weighed on results. Positioning in consumer staples was an additional detractor, largely as a result of weakness in spirits producers and packaged food companies such as Kraft Heinz Co. (3.2%) and The J.M. Smucker Co. (1.6%). Both categories lagged considerably on worries about rising input costs and slowing sales. Selection in energy also hurt performance, primarily due to a downturn in the pipeline company ONEOK, Inc. (1.4%).

The Fund produced the best results in the health care sector, led by a zero weighting in the underperforming insurer UnitedHealth Group, Inc. and an overweight in Johnson & Johnson (3.0%). The latter stock rallied on the strength of new drug approvals and better-then-expected revenues and bottom-line earnings. Positions in the biotechnology stocks Amgen, Inc.\* and Gilead Sciences, Inc. (1.6%) also boosted performance, as did the insurance provider Tenet Healthcare, Inc. (0.9%).

Favorable selection in communication services contributed, as well. A position in Warner Bros. Discovery, Inc. (1.1%) surged late in the period after the company became the subject of a bidding war between two leading media companies. In addition, Fox Corp. (3.9%) rallied after reporting better-than-expected earnings in October. The stocks were the Fund's first- and second-largest contributors in 2025.

Outside of these two sectors, Applied Materials, Inc. (2.4%) — a beneficiary of strong AI-driven sentiment across the broader semiconductor industry — was the top contributor. The Fund further benefited from positions in State Street Corp. (2.7%), Caterpillar, Inc.,\* and the precious-metals miner Newmont Corp. (1.5%).

Percentages in parentheses are based on the Fund's net assets as of December 31, 2025.

\* Not held at December 31, 2025.

## Fund Performance
Russell 1000<sup>®</sup> Index measures the performance of the large-cap segment of the US equity universe. It is a subset of the Russell 3000<sup>®</sup> Index and includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000 represents approximately 93% of the US market. The Russell 1000<sup>®</sup> Index is constructed to provide a comprehensive and unbiased barometer for the large-cap segment and is completely reconstituted annually to ensure new and growing equities are included.

The Russell 1000<sup>®</sup> Index is a required broad-based index that represents the fund's overall equity market.

Russell 1000<sup>®</sup> Value Index measures the performance of the large-cap value segment of the US equity universe. It includes those Russell 1000 companies with relatively lower price-to-book ratios, lower I/B/E/S forecast medium term (2 year) growth and lower sales per share historical growth (5 years). The Russell 1000<sup>®</sup> Value Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. The index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.

The Russell 1000<sup>®</sup> Value Index is a more narrowly based index that reflects the market sector in which the fund invests.

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

### **Cumulative Growth of an Assumed $10,000 Investment**![Growth of 10K Chart](i92c42a1a7f438e581dd8f0cc.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A** | **Russell 1000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **'15** | $10000 | $10000 | $10000 |
| **'16** | $9019 | $9462 | $9483 |
| **'16** | $8810 | $9459 | $9481 |
| **'16** | $9248 | $10117 | $10164 |
| **'16** | $9200 | $10172 | $10377 |
| **'16** | $9339 | $10351 | $10539 |
| **'16** | $9151 | $10374 | $10630 |
| **'16** | $9520 | $10769 | $10938 |
| **'16** | $9485 | $10784 | $11023 |
| **'16** | $9408 | $10792 | $11000 |
| **'16** | $9269 | $10582 | $10829 |
| **'16** | $9436 | $10999 | $11448 |
| **'16** | $9561 | $11205 | $11734 |
| **'17** | $9777 | $11431 | $11818 |
| **'17** | $10229 | $11873 | $12242 |
| **'17** | $10312 | $11881 | $12118 |
| **'17** | $10393 | $12006 | $12095 |
| **'17** | $10584 | $12159 | $12083 |
| **'17** | $10704 | $12244 | $12281 |
| **'17** | $10852 | $12487 | $12444 |
| **'17** | $10944 | $12526 | $12299 |
| **'17** | $11205 | $12793 | $12663 |
| **'17** | $11368 | $13086 | $12755 |
| **'17** | $11777 | $13485 | $13146 |
| **'17** | $11749 | $13635 | $13337 |
| **'18** | $12264 | $14384 | $13853 |
| **'18** | $11671 | $13856 | $13192 |
| **'18** | $11530 | $13541 | $12960 |
| **'18** | $11516 | $13587 | $13002 |
| **'18** | $11461 | $13934 | $13080 |
| **'18** | $11578 | $14024 | $13112 |
| **'18** | $11969 | $14508 | $13631 |
| **'18** | $12234 | $15008 | $13832 |
| **'18** | $12117 | $15065 | $13860 |
| **'18** | $11227 | $13999 | $13142 |
| **'18** | $11703 | $14284 | $13534 |
| **'18** | $10516 | $12983 | $12235 |
| **'19** | $11711 | $14071 | $13187 |
| **'19** | $12070 | $14548 | $13608 |
| **'19** | $11859 | $14801 | $13695 |
| **'19** | $12515 | $15399 | $14181 |
| **'19** | $11544 | $14417 | $13269 |
| **'19** | $12454 | $15429 | $14221 |
| **'19** | $12663 | $15669 | $14339 |
| **'19** | $11865 | $15382 | $13918 |
| **'19** | $12524 | $15649 | $14414 |
| **'19** | $13096 | $15980 | $14616 |
| **'19** | $13634 | $16584 | $15068 |
| **'19** | $13981 | $17063 | $15482 |
| **'20** | $13174 | $17082 | $15149 |
| **'20** | $11865 | $15686 | $13682 |
| **'20** | $9540 | $13613 | $11344 |
| **'20** | $10684 | $15412 | $12619 |
| **'20** | $10827 | $16225 | $13051 |
| **'20** | $10836 | $16584 | $12965 |
| **'20** | $11150 | $17555 | $13477 |
| **'20** | $11568 | $18843 | $14035 |
| **'20** | $11197 | $18155 | $13690 |
| **'20** | $10817 | $17717 | $13510 |
| **'20** | $11996 | $19803 | $15327 |
| **'20** | $12281 | $20640 | $15915 |
| **'21** | $12395 | $20470 | $15769 |
| **'21** | $12481 | $21064 | $16722 |
| **'21** | $13574 | $21861 | $17706 |
| **'21** | $13736 | $23037 | $18414 |
| **'21** | $13998 | $23147 | $18844 |
| **'21** | $14153 | $23727 | $18628 |
| **'21** | $14434 | $24220 | $18777 |
| **'21** | $14802 | $24921 | $19150 |
| **'21** | $14066 | $23776 | $18483 |
| **'21** | $14570 | $25426 | $19422 |
| **'21** | $14415 | $25085 | $18737 |
| **'21** | $15558 | $26101 | $19919 |
| **'22** | $14860 | $24629 | $19455 |
| **'22** | $14463 | $23953 | $19229 |
| **'22** | $14705 | $24762 | $19772 |
| **'22** | $13864 | $22554 | $18657 |
| **'22** | $14165 | $22520 | $19020 |
| **'22** | $12722 | $20634 | $17358 |
| **'22** | $13524 | $22556 | $18509 |
| **'22** | $12943 | $21690 | $17957 |
| **'22** | $11901 | $19683 | $16383 |
| **'22** | $13043 | $21261 | $18063 |
| **'22** | $13944 | $22412 | $19191 |
| **'22** | $13163 | $21108 | $18418 |
| **'23** | $14285 | $22524 | $19372 |
| **'23** | $13784 | $21988 | $18689 |
| **'23** | $13884 | $22683 | $18603 |
| **'23** | $13979 | $22964 | $18883 |
| **'23** | $13816 | $23071 | $18155 |
| **'23** | $14703 | $24629 | $19361 |
| **'23** | $15121 | $25476 | $20042 |
| **'23** | $14886 | $25031 | $19501 |
| **'23** | $14295 | $23854 | $18748 |
| **'23** | $13765 | $23278 | $18087 |
| **'23** | $14805 | $25452 | $19451 |
| **'23** | $15896 | $26708 | $20529 |
| **'24** | $16079 | $27081 | $20550 |
| **'24** | $16793 | $28543 | $21308 |
| **'24** | $17650 | $29458 | $22373 |
| **'24** | $16690 | $28205 | $21418 |
| **'24** | $17280 | $29533 | $22097 |
| **'24** | $17591 | $30510 | $21889 |
| **'24** | $18243 | $30954 | $23008 |
| **'24** | $18523 | $31688 | $23625 |
| **'24** | $18626 | $32366 | $23953 |
| **'24** | $18388 | $32139 | $23689 |
| **'24** | $19247 | $34209 | $25202 |
| **'24** | $18719 | $33255 | $23478 |
| **'25** | $19579 | $34313 | $24565 |
| **'25** | $19289 | $33713 | $24665 |
| **'25** | $18233 | $31762 | $23980 |
| **'25** | $17496 | $31573 | $23249 |
| **'25** | $18079 | $33589 | $24065 |
| **'25** | $18696 | $35290 | $24888 |
| **'25** | $19069 | $36074 | $25031 |
| **'25** | $20060 | $36833 | $25829 |
| **'25** | $20352 | $38110 | $26215 |
| **'25** | $20480 | $38932 | $26330 |
| **'25** | $21459 | $39027 | $27030 |
| **'25** | $21937 | $39030 | $27213 |

---

Yearly periods ended December 31

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index**  | **1-Year** | **5-Year** | **10-Year** |
| Class A | 17.19% | 12.30% | 8.17% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

**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.**

**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.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. Fund performance includes reinvestment of all distributions.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 145582920 |
| Number of Portfolio Holdings | 71 |
| Portfolio Turnover Rate (%) | 76 |
| Total Net Advisory Fees Paid ($) | 691221 |

---

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

### **Asset Allocation** 

---

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

---

### **Sector Allocation** 

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Health Care | 25% |
| Financials | 16% |
| Information Technology | 15% |
| Communication Services | 10% |
| Consumer Staples | 9% |
| Industrials | 9% |
| Consumer Discretionary | 8% |
| Energy | 4% |
| Materials | 2% |

---

### **Ten Largest Equity Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **33.7% of Net Assets** |
| Cognizant Technology Solutions Corp. | 5.3% |
| Fox Corp. | 3.9% |
| Merck & Co., Inc. | 3.6% |
| Alphabet, Inc. | 3.3% |
| Kraft Heinz Co. | 3.2% |
| Bristol-Myers Squibb Co. | 3.1% |
| Johnson & Johnson | 3.0% |
| Synchrony Financial | 2.9% |
| State Street Corp. | 2.7% |
| Pfizer, Inc. | 2.7% |

---

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

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

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

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

##©2026 DWS Group GmbH&Co. KGaA. All rights reserved

## **VS2CUS** - **TSRA** - **A** 

## R-104187-2 (02/26)

# DWS Global Income Builder VIP

# Class A

## Annual Shareholder Report — December 31, 2025
![Image](i4d396a590786d5e047d36ecd.jpg)

This annual shareholder report contains important information about DWS Global Income Builder VIP (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund on the Fund's website at dws.com/vipreports. You can also request this information by contacting us at (800) 728-3337.

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

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $67 | 0.62% |

---

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

## How did the Fund perform last year and what affected its performance?
Class A shares of the Fund returned 15.80% for the period ended December 31, 2025. The Fund's broad-based index, the MSCI ACWI Index, returned 22.34% for the same period, while the Fund's additional, more narrowly based index, the Blended Index, returned 16.40%.

The Fund's high-level allocation contributed positively to performance relative to the Blended Index. The Fund was overweight in equities relative to bonds, which positioned it to capitalize on the strong gains for the former category in the annual period.

Overweights in Germany and Japan helped performance within the equity portfolio, as did bottom-up stock selection. On the other hand, an overweight in Europe and an underweight in the strong-performing technology sector detracted. The Fund achieved a portion of its equity allocation using index futures, a form of derivative. Index futures contributed positively. The use of futures instead of traditional equities provided cash to invest in fixed-income instruments, which generated additional yield.

An overweight in investment-grade corporate issues, particularly those rated BBB, helped performance in fixed income. An overweight in securitized securities, including commercial mortgage-backed securities, asset-backed securities, agency mortgages, and collateralized loan obligations, contributed positively. However, underweights in emerging market bonds and U.S. high yield detracted given that these asset classes outperformed. A position in an exchange-traded fund invested in convertible bonds also had an adverse effect on relative performance. The Fund used fixed-income derivatives to manage its positioning, which contributed positively to results in the aggregate.

The Fund purchased foreign-currency forward contracts to manage its currency exposure. In total, these positions had a slightly positive impact on relative performance.

## Fund Performance

### **Cumulative Growth of an Assumed $10,000 Investment** 
MSCI ACWI Index is an unmanaged equity index which captures large and mid-capitalization representation across developed markets and emerging markets countries. It covers approximately 85% of the global investable equity opportunity set.

Bloomberg U.S. Universal Index measures the performance of US 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 US corporate bonds, mortgage-backed securities, and Eurodollar bonds.

The MSCI ACWI Index and the Bloomberg U.S. Universal Index are broad-based indices that represent the Fund's overall equity and debt markets, respectively.

The Blended Index consists of an equally weighted blend of 60% MSCI ACWI Index and 40% Bloomberg U.S. Universal Index.

The Blended Index is a more narrowly based index that reflects the market sector in which the Fund invests.

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

![Growth of 10K Chart](i7c0bd3b79e715e43e90b968d.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A** | **MSCI ACWI Index** | **Bloomberg U.S. Universal Index** | **Blended Index** |
| **'15** | $10000 | $10000 | $10000 | $10000 |
| **'16** | $9695 | $9397 | $10110 | $9680 |
| **'16** | $9695 | $9332 | $10182 | $9670 |
| **'16** | $10122 | $10024 | $10307 | $10145 |
| **'16** | $10222 | $10172 | $10377 | $10264 |
| **'16** | $10245 | $10185 | $10385 | $10276 |
| **'16** | $10322 | $10123 | $10568 | $10317 |
| **'16** | $10572 | $10559 | $10655 | $10618 |
| **'16** | $10559 | $10595 | $10667 | $10644 |
| **'16** | $10586 | $10660 | $10669 | $10685 |
| **'16** | $10445 | $10479 | $10598 | $10548 |
| **'16** | $10509 | $10558 | $10360 | $10501 |
| **'16** | $10681 | $10786 | $10391 | $10650 |
| **'17** | $10849 | $11081 | $10428 | $10840 |
| **'17** | $11086 | $11392 | $10508 | $11055 |
| **'17** | $11154 | $11532 | $10505 | $11136 |
| **'17** | $11271 | $11711 | $10592 | $11277 |
| **'17** | $11478 | $11970 | $10674 | $11462 |
| **'17** | $11478 | $12024 | $10664 | $11490 |
| **'17** | $11731 | $12360 | $10718 | $11705 |
| **'17** | $11773 | $12408 | $10810 | $11773 |
| **'17** | $11965 | $12647 | $10772 | $11893 |
| **'17** | $12101 | $12910 | $10785 | $12046 |
| **'17** | $12293 | $13160 | $10769 | $12178 |
| **'17** | $12448 | $13372 | $10816 | $12318 |
| **'18** | $12841 | $14127 | $10712 | $12682 |
| **'18** | $12349 | $13533 | $10610 | $12317 |
| **'18** | $12195 | $13244 | $10664 | $12185 |
| **'18** | $12221 | $13370 | $10593 | $12223 |
| **'18** | $12200 | $13387 | $10651 | $12260 |
| **'18** | $12211 | $13314 | $10635 | $12215 |
| **'18** | $12507 | $13716 | $10657 | $12446 |
| **'18** | $12555 | $13824 | $10710 | $12530 |
| **'18** | $12642 | $13884 | $10664 | $12541 |
| **'18** | $12006 | $12843 | $10575 | $11933 |
| **'18** | $12097 | $13031 | $10622 | $12061 |
| **'18** | $11494 | $12113 | $10789 | $11621 |
| **'19** | $12259 | $13070 | $10937 | $12233 |
| **'19** | $12464 | $13419 | $10949 | $12434 |
| **'19** | $12636 | $13588 | $11147 | $12620 |
| **'19** | $12909 | $14047 | $11163 | $12881 |
| **'19** | $12584 | $13214 | $11334 | $12495 |
| **'19** | $13049 | $14079 | $11494 | $13054 |
| **'19** | $13060 | $14120 | $11528 | $13093 |
| **'19** | $13060 | $13785 | $11789 | $13027 |
| **'19** | $13256 | $14075 | $11738 | $13169 |
| **'19** | $13430 | $14460 | $11776 | $13404 |
| **'19** | $13548 | $14813 | $11773 | $13599 |
| **'19** | $13812 | $15335 | $11791 | $13893 |
| **'20** | $13744 | $15166 | $12003 | $13901 |
| **'20** | $13167 | $13941 | $12182 | $13302 |
| **'20** | $11670 | $12059 | $11944 | $12166 |
| **'20** | $12354 | $13350 | $12184 | $13050 |
| **'20** | $12718 | $13931 | $12297 | $13442 |
| **'20** | $12992 | $14376 | $12400 | $13752 |
| **'20** | $13476 | $15137 | $12618 | $14285 |
| **'20** | $13929 | $16063 | $12545 | $14770 |
| **'20** | $13660 | $15545 | $12522 | $14477 |
| **'20** | $13464 | $15167 | $12478 | $14249 |
| **'20** | $14496 | $17037 | $12640 | $15361 |
| **'20** | $14955 | $17828 | $12684 | $15808 |
| **'21** | $14907 | $17747 | $12604 | $15728 |
| **'21** | $15062 | $18158 | $12442 | $15865 |
| **'21** | $15331 | $18643 | $12297 | $16046 |
| **'21** | $15757 | $19458 | $12400 | $16519 |
| **'21** | $15980 | $19761 | $12448 | $16700 |
| **'21** | $16159 | $20021 | $12538 | $16882 |
| **'21** | $16265 | $20159 | $12664 | $17022 |
| **'21** | $16475 | $20664 | $12656 | $17273 |
| **'21** | $15998 | $19810 | $12548 | $16786 |
| **'21** | $16426 | $20821 | $12538 | $17291 |
| **'21** | $16184 | $20320 | $12553 | $17051 |
| **'21** | $16593 | $21133 | $12544 | $17457 |
| **'22** | $16128 | $20095 | $12269 | $16791 |
| **'22** | $15775 | $19576 | $12102 | $16444 |
| **'22** | $15843 | $20000 | $11777 | $16486 |
| **'22** | $14917 | $18399 | $11338 | $15449 |
| **'22** | $15028 | $18420 | $11400 | $15504 |
| **'22** | $14044 | $16868 | $11173 | $14595 |
| **'22** | $14672 | $18046 | $11453 | $15354 |
| **'22** | $14198 | $17381 | $11156 | $14857 |
| **'22** | $13137 | $15717 | $10675 | $13746 |
| **'22** | $13549 | $16666 | $10558 | $14181 |
| **'22** | $14442 | $17958 | $10952 | $15054 |
| **'22** | $14107 | $17252 | $10914 | $14679 |
| **'23** | $14861 | $18488 | $11253 | $15492 |
| **'23** | $14414 | $17958 | $10976 | $15075 |
| **'23** | $14735 | $18512 | $11234 | $15501 |
| **'23** | $14853 | $18778 | $11303 | $15674 |
| **'23** | $14666 | $18577 | $11185 | $15511 |
| **'23** | $15199 | $19656 | $11168 | $16038 |
| **'23** | $15581 | $20375 | $11179 | $16395 |
| **'23** | $15286 | $19806 | $11112 | $16081 |
| **'23** | $14789 | $18987 | $10847 | $15529 |
| **'23** | $14399 | $18416 | $10684 | $15158 |
| **'23** | $15495 | $20116 | $11165 | $16268 |
| **'23** | $16208 | $21082 | $11588 | $16984 |
| **'24** | $16280 | $21206 | $11560 | $17029 |
| **'24** | $16525 | $22116 | $11422 | $17381 |
| **'24** | $16987 | $22810 | $11534 | $17777 |
| **'24** | $16420 | $22057 | $11264 | $17261 |
| **'24** | $16876 | $22953 | $11451 | $17795 |
| **'24** | $17212 | $23464 | $11556 | $18099 |
| **'24** | $17504 | $23843 | $11818 | $18440 |
| **'24** | $17781 | $24448 | $11992 | $18837 |
| **'24** | $18117 | $25016 | $12157 | $19206 |
| **'24** | $17706 | $24455 | $11881 | $18774 |
| **'24** | $18080 | $25369 | $12006 | $19275 |
| **'24** | $17683 | $24769 | $11824 | $18886 |
| **'25** | $18140 | $25600 | $11896 | $19312 |
| **'25** | $18095 | $25446 | $12142 | $19399 |
| **'25** | $17669 | $24441 | $12139 | $18937 |
| **'25** | $17637 | $24669 | $12182 | $19070 |
| **'25** | $18379 | $26087 | $12120 | $19690 |
| **'25** | $18901 | $27258 | $12309 | $20353 |
| **'25** | $18883 | $27628 | $12291 | $20507 |
| **'25** | $19295 | $28310 | $12439 | $20910 |
| **'25** | $19909 | $29336 | $12571 | $21457 |
| **'25** | $20312 | $29992 | $12654 | $21801 |
| **'25** | $20312 | $29989 | $12730 | $21852 |
| **'25** | $20477 | $30302 | $12721 | $21983 |

---

Yearly periods ended December 31

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index**  | **1-Year** | **5-Year** | **10-Year** |
| Class A | 15.80% | 6.49% | 7.43% |
| MSCI ACWI Index | 22.34% | 11.19% | 11.72% |
| Bloomberg U.S. Universal Index | 7.58% | 0.06% | 2.44% |
| Blended Index | 16.40% | 6.82% | 8.20% |

---

**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.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. Fund performance includes reinvestment of all distributions.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 115937767 |
| Number of Portfolio Holdings | 301 |
| Portfolio Turnover Rate (%) | 165 |
| Total Net Advisory Fees Paid ($) | 413575 |

---

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

### **Asset Allocation** 

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| **Fixed Income Exposure** | 55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | 21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government & Agency Obligations | 14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed | 7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-Backed Securities Pass-Throughs | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateralized Mortgage Obligations | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Funds-Fixed Income | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities | 2% |
| **Equity Exposure** | 66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Index Futures | 29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warrants | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rights | 0% |
| **Cash Equivalents** | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash Equivalents | 10% |
| **Other Assets and Liabilities, Net** | (2%) |

---

### **Geographical Diversification** 

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| United States | 87% |
| Non US | 33% |

---

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

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

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

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

##©2026 DWS Group GmbH&Co. KGaA. All rights reserved

## **VS2GIB** - **TSRA** - **A** 

## R-104188-2 (02/26)

# DWS Government Money Market VIP

# Class A

## Annual Shareholder Report — December 31, 2025
![Image](i4d396a590786d5e047d36ecd.jpg)

This annual shareholder report contains important information about DWS Government Money Market VIP (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund on the Fund's website at dws.com/vipreports. You can also request this information by contacting us at (800) 728-3337.

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

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $41 | 0.40% |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 207744493 |
| Number of Portfolio Holdings | 77 |
| Total Net Advisory Fees Paid ($) | 497454 |
| Weighted Average Maturity | 22 days |
| 7-Day Current Yield | 3.46% |

---

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

Yields fluctuate and are not guaranteed. The 7-day current yield is the annualized net investment income per share as of December 31, 2025.

## What did the Fund invest in?

### **Asset Allocation** 

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Government & Agency Obligations | 53% |
| Repurchase Agreements | 47% |
| Other Assets and Liabilities, Net | 0% |
| Total | 100% |

---

Holdings-based data is subject to change.

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

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

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

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

##©2026 DWS Group GmbH&Co. KGaA. All rights reserved

## **VS2GMM** - **TSRA** - **A** 

## R-104189-2 (02/26)

# DWS High Income VIP

# Class A

## Annual Shareholder Report — December 31, 2025
![Image](i4d396a590786d5e047d36ecd.jpg)

This annual shareholder report contains important information about DWS High Income VIP (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund on the Fund's website at dws.com/vipreports. You can also request this information by contacting us at (800) 728-3337.

#### This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $76 | 0.73% |

---

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

## How did the Fund perform last year and what affected its performance?
Class A shares of the Fund returned 8.94% for the period ended December 31, 2025. The Fund's broad-based index, the Bloomberg U.S. Aggregate Bond Index, returned 7.30% for the same period, while the Fund's additional, more narrowly based index, the ICE BofA U.S. High Yield Index, returned 8.50%.

The Fund's relative performance (compared to the ICE BofA U.S. High Yield Index) was helped by strong security selection in the B and BB ratings categories. Weaker selection in CCCs detracted, as did an underweight in BBs.

Security selection added the most value in the midstream energy and chemical industries. On the other hand, selection in the media/entertainment and cable/satellite categories detracted. An underweight in the energy infrastructure company New Fortress Energy\* was a top contributor at the individual holding level. The bonds weakened on concerns that the proceeds of asset sales would be insufficient to meet the company's liquidity needs, resulting in downgrades to its credit rating. The Fund also benefited from an overweight in the engineered processing equipment and systems manufacturer Hillenbrand, Inc. (1.0%), which announced it was exploring strategic options and subsequently agreed to be taken over. An overweight in the specialty chemicals producer Ashland, Inc. (1.5%) was a further contributor. The bonds rose in price after the company completed a restructuring process to help streamline its operations. In addition, an activist investor took a larger position in Ashland's equity, helping the company's bond valuations by raising expectations that it would be acquired.

An overweight in the commodity chemical manufacturer Tronox, Inc. (0.1%) was a notable detractor. The company reduced full year earnings and free cash flow guidance, and it received a credit downgrade due to its continued operational challenges. A zero weighting in Medline Borrower, LP\* and an average underweight in One Main Financial\* detracted, as well.

Industry allocation was a slight detractor. While overweights in metals/mining and electric utilities contributed, the benefit was largely offset by the effect of underweights in finance companies, media/entertainment, and restaurants.

Percentages in parentheses are based on the Fund's net assets as of December 31, 2025.

\* Not held at December 31, 2025.

## Fund Performance
Bloomberg U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, fixed rate agency MBS, ABS and CMBS (agency and non-agency).

The Bloomberg U.S. Aggregate Bond Index is a required broad-based index that represents the fund's overall debt market.

ICE BofA U.S. High Yield Index tracks the performance of U.S. dollar denominated below investment grade corporate debt publicly issued in the US domestic market.

The ICE BofA U.S. High Yield Index is a more narrowly based index that reflects the market sector in which the fund invests.

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

### **Cumulative Growth of an Assumed $10,000 Investment**![Growth of 10K Chart](i4ff786743d3a43585ea11116.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA U.S. High Yield Index** |
| **'15** | $10000 | $10000 | $10000 |
| **'16** | $9848 | $10138 | $9842 |
| **'16** | $9882 | $10210 | $9888 |
| **'16** | $10152 | $10303 | $10325 |
| **'16** | $10460 | $10343 | $10737 |
| **'16** | $10514 | $10345 | $10815 |
| **'16** | $10568 | $10531 | $10932 |
| **'16** | $10837 | $10598 | $11208 |
| **'16** | $11071 | $10586 | $11458 |
| **'16** | $11143 | $10580 | $11532 |
| **'16** | $11143 | $10499 | $11568 |
| **'16** | $11125 | $10250 | $11522 |
| **'16** | $11287 | $10265 | $11749 |
| **'17** | $11430 | $10285 | $11906 |
| **'17** | $11592 | $10354 | $12092 |
| **'17** | $11556 | $10349 | $12067 |
| **'17** | $11676 | $10428 | $12203 |
| **'17** | $11790 | $10509 | $12312 |
| **'17** | $11790 | $10498 | $12325 |
| **'17** | $11924 | $10543 | $12467 |
| **'17** | $11943 | $10638 | $12464 |
| **'17** | $12057 | $10587 | $12576 |
| **'17** | $12076 | $10593 | $12625 |
| **'17** | $12115 | $10580 | $12591 |
| **'17** | $12134 | $10628 | $12628 |
| **'18** | $12191 | $10506 | $12709 |
| **'18** | $12076 | $10406 | $12590 |
| **'18** | $12000 | $10473 | $12513 |
| **'18** | $12077 | $10395 | $12596 |
| **'18** | $12098 | $10469 | $12594 |
| **'18** | $12098 | $10456 | $12638 |
| **'18** | $12222 | $10459 | $12779 |
| **'18** | $12346 | $10526 | $12871 |
| **'18** | $12409 | $10458 | $12946 |
| **'18** | $12201 | $10376 | $12734 |
| **'18** | $12098 | $10438 | $12618 |
| **'18** | $11829 | $10630 | $12342 |
| **'19** | $12388 | $10742 | $12909 |
| **'19** | $12595 | $10736 | $13127 |
| **'19** | $12719 | $10942 | $13255 |
| **'19** | $12915 | $10945 | $13441 |
| **'19** | $12762 | $11139 | $13270 |
| **'19** | $13113 | $11279 | $13595 |
| **'19** | $13201 | $11304 | $13665 |
| **'19** | $13311 | $11597 | $13718 |
| **'19** | $13377 | $11535 | $13762 |
| **'19** | $13399 | $11570 | $13794 |
| **'19** | $13465 | $11564 | $13831 |
| **'19** | $13684 | $11556 | $14120 |
| **'20** | $13618 | $11778 | $14121 |
| **'20** | $13399 | $11990 | $13902 |
| **'20** | $12103 | $11920 | $12266 |
| **'20** | $12578 | $12132 | $12732 |
| **'20** | $13161 | $12188 | $13310 |
| **'20** | $13138 | $12265 | $13436 |
| **'20** | $13838 | $12448 | $14074 |
| **'20** | $13932 | $12348 | $14215 |
| **'20** | $13745 | $12341 | $14067 |
| **'20** | $13861 | $12286 | $14131 |
| **'20** | $14305 | $12406 | $14697 |
| **'20** | $14538 | $12424 | $14978 |
| **'21** | $14515 | $12334 | $15036 |
| **'21** | $14538 | $12156 | $15087 |
| **'21** | $14585 | $12005 | $15114 |
| **'21** | $14704 | $12099 | $15280 |
| **'21** | $14753 | $12139 | $15324 |
| **'21** | $14925 | $12224 | $15532 |
| **'21** | $14949 | $12361 | $15588 |
| **'21** | $15022 | $12337 | $15675 |
| **'21** | $15022 | $12231 | $15678 |
| **'21** | $14974 | $12227 | $15649 |
| **'21** | $14827 | $12263 | $15487 |
| **'21** | $15120 | $12232 | $15779 |
| **'22** | $14729 | $11968 | $15349 |
| **'22** | $14631 | $11835 | $15216 |
| **'22** | $14533 | $11506 | $15065 |
| **'22** | $14061 | $11069 | $14522 |
| **'22** | $14138 | $11141 | $14559 |
| **'22** | $13210 | $10966 | $13569 |
| **'22** | $14009 | $11234 | $14384 |
| **'22** | $13648 | $10917 | $14033 |
| **'22** | $13184 | $10445 | $13475 |
| **'22** | $13571 | $10310 | $13858 |
| **'22** | $13880 | $10689 | $14116 |
| **'22** | $13777 | $10641 | $14010 |
| **'23** | $14216 | $10968 | $14558 |
| **'23** | $14009 | $10684 | $14371 |
| **'23** | $14216 | $10956 | $14531 |
| **'23** | $14304 | $11022 | $14673 |
| **'23** | $14141 | $10902 | $14533 |
| **'23** | $14359 | $10863 | $14769 |
| **'23** | $14549 | $10856 | $14980 |
| **'23** | $14576 | $10786 | $15025 |
| **'23** | $14413 | $10512 | $14848 |
| **'23** | $14195 | $10346 | $14663 |
| **'23** | $14822 | $10815 | $15332 |
| **'23** | $15339 | $11229 | $15898 |
| **'24** | $15339 | $11198 | $15901 |
| **'24** | $15367 | $11040 | $15948 |
| **'24** | $15530 | $11142 | $16138 |
| **'24** | $15420 | $10860 | $15977 |
| **'24** | $15594 | $11044 | $16158 |
| **'24** | $15739 | $11149 | $16314 |
| **'24** | $15971 | $11409 | $16634 |
| **'24** | $16203 | $11573 | $16899 |
| **'24** | $16434 | $11728 | $17175 |
| **'24** | $16347 | $11437 | $17080 |
| **'24** | $16521 | $11558 | $17276 |
| **'24** | $16434 | $11369 | $17202 |
| **'25** | $16637 | $11430 | $17440 |
| **'25** | $16753 | $11681 | $17553 |
| **'25** | $16550 | $11685 | $17365 |
| **'25** | $16594 | $11731 | $17365 |
| **'25** | $16874 | $11647 | $17657 |
| **'25** | $17155 | $11826 | $17985 |
| **'25** | $17217 | $11795 | $18057 |
| **'25** | $17467 | $11936 | $18277 |
| **'25** | $17592 | $12067 | $18416 |
| **'25** | $17654 | $12142 | $18452 |
| **'25** | $17748 | $12217 | $18544 |
| **'25** | $17904 | $12199 | $18665 |

---

Yearly periods ended December 31

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index**  | **1-Year** | **5-Year** | **10-Year** |
| Class A | 8.94% | 4.25% | 6.00% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| ICE BofA U.S. High Yield Index | 8.50% | 4.50% | 6.44% |

---

**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.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. Fund performance includes reinvestment of all distributions.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 43316976 |
| Number of Portfolio Holdings | 267 |
| Portfolio Turnover Rate (%) | 154 |
| Total Net Advisory Fees Paid ($) | 126889 |

---

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

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

### **Asset Allocation** 

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Corporate Bonds | 90% |
| Exchange-Traded Funds | 4% |
| Loan Participations and Assignments | 3% |
| Cash Equivalents | 1% |
| Convertible Bonds | 1% |
| Common Stocks | 0% |
| Warrants | 0% |
| Other Assets and Liabilities, Net | 1% |
| Total | 100% |

---

### **Sector Allocation** 

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Communication Services | 21% |
| Energy | 14% |
| Materials | 12% |
| Consumer Discretionary | 12% |
| Financials | 8% |
| Industrials | 6% |
| Health Care | 6% |
| Utilities | 5% |
| Real Estate | 5% |
| Information Technology | 4% |
| Consumer Staples | 2% |

---

### **Credit Quality** 

---

| | |
|:---|:---|
| **Credit Rating** | **% of Net Assets** |
| AA | 1% |
| A | 0% |
| BBB | 5% |
| BB | 56% |
| B | 30% |
| CCC | 6% |
| Not Rated | 2% |

---

## Material Fund Changes
This is a summary of certain changes of the Fund since January 1, 2025. For more information, review the Fund's current prospectus at dws.com/vipreports, or call (800) 728-3337.

Effective December 8, 2025 the Fund may invest up to 5% of net assets in common stocks, preferred shares and other equity securities.

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

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

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

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

##©2026 DWS Group GmbH&Co. KGaA. All rights reserved

## **VS2HI** - **TSRA** - **A** 

## R-104190-2 (02/26)

# DWS International Opportunities VIP

# Class A

## Annual Shareholder Report — December 31, 2025
![Image](i4d396a590786d5e047d36ecd.jpg)

This annual shareholder report contains important information about DWS International Opportunities VIP (formerly, DWS International Growth VIP) (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund on the Fund's website at dws.com/vipreports. You can also request this information by contacting us at (800) 728-3337.

#### This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $92 | 0.84% |

---

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

## How did the Fund perform last year and what affected its performance?
Class A shares of the Fund returned 18.92% for the period ended December 31, 2025. The MSCI ACWI ex USA Index returned 32.39% for the same period.

Weak stock selection across a variety of sectors was the key factor in the Fund's underperformance. The Fund experienced the largest shortfall in the information technology sector, where the IT services providers Globant SA (0.7%) and Capgemini SE (1.0%) were hurt by corporations' shift away from large digital transformation projects toward AI-related initiatives. The German software company SAP SE (2.6%) and the Japanese electronic components designer Keyence Corp. (1.1%) were further detractors, as was an underweight in the South Korean semiconductor producer SK Hynix, Inc. (0.6%). Although positioning in information technology was a net detractor, the Fund had a number of strong performing holdings in the sector. Among these were the semiconductor companies ASML Holding NV (3.0%) and NVIDIA Corp. (1.3%).

Selection in financials also detracted, with the largest adverse impact coming from a position in the insurer Marsh & McLennan Companies, Inc. (1.6%). The stock was hurt by moderating growth and tougher year-over-year comparisons. However, the sector was home to two of the Fund's largest contributors, the European financial services companies ING Groep NV (2.2%) and Allianz SE (3.1%).

The industrials sector was an additional area of relative weakness. Techtronic Industries Co., Ltd. (1.0%), a tool producer based in Hong Kong, slid due to the impact from tariffs and costs associated with relocating production facilities. In addition, the U.K. business services company Relx PLC (1.1%) lagged as a result of heightened concerns about AI disruptions. An overweight in the underperforming health care sector further weighed on results.

On the positive side, an overweight position in Agnico-Eagle Mines (1.9%), whose shares surged on the strength of a rally in precious metals prices, was the leading contributor at the individual holding level. Other key contributors included the Swiss pharmaceutical company Sandoz Group AG (1.7%), whose shares were boosted by accelerating sales growth, and the Singapore-based bank DBS Group Holdings Ltd. (3.7%), which benefited from rising market share across several business lines.

Percentages in parentheses are based on the Fund's net assets as of December 31, 2025.

## Fund Performance

### **Cumulative Growth of an Assumed $10,000 Investment** 
MSCI ACWI ex USA Index captures large and mid-cap representation across Developed Markets countries (excluding the US) and Emerging Markets countries. The index covers approximately 85% of the global equity opportunity set outside the US.

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

![Growth of 10K Chart](id9fec3ad22c841b517837def.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A** | **MSCI ACWI ex USA Index** |
| **'15** | $10000 | $10000 |
| **'16** | $9408 | $9320 |
| **'16** | $9463 | $9213 |
| **'16** | $10056 | $9962 |
| **'16** | $10185 | $10225 |
| **'16** | $10250 | $10052 |
| **'16** | $10045 | $9898 |
| **'16** | $10465 | $10388 |
| **'16** | $10502 | $10453 |
| **'16** | $10558 | $10582 |
| **'16** | $10241 | $10430 |
| **'16** | $10297 | $10189 |
| **'16** | $10372 | $10450 |
| **'17** | $10651 | $10820 |
| **'17** | $11006 | $10992 |
| **'17** | $11202 | $11271 |
| **'17** | $11515 | $11512 |
| **'17** | $11880 | $11886 |
| **'17** | $11993 | $11923 |
| **'17** | $12255 | $12362 |
| **'17** | $12348 | $12427 |
| **'17** | $12601 | $12657 |
| **'17** | $12695 | $12896 |
| **'17** | $12751 | $13000 |
| **'17** | $13013 | $13291 |
| **'18** | $13706 | $14031 |
| **'18** | $12901 | $13370 |
| **'18** | $12713 | $13134 |
| **'18** | $12836 | $13343 |
| **'18** | $12817 | $13035 |
| **'18** | $12684 | $12790 |
| **'18** | $12892 | $13096 |
| **'18** | $12892 | $12822 |
| **'18** | $12892 | $12881 |
| **'18** | $11626 | $11833 |
| **'18** | $11692 | $11945 |
| **'18** | $10841 | $11404 |
| **'19** | $11730 | $12266 |
| **'19** | $12240 | $12506 |
| **'19** | $12467 | $12580 |
| **'19** | $13070 | $12912 |
| **'19** | $12332 | $12219 |
| **'19** | $13284 | $12955 |
| **'19** | $13196 | $12798 |
| **'19** | $12973 | $12403 |
| **'19** | $13070 | $12722 |
| **'19** | $13469 | $13166 |
| **'19** | $13760 | $13282 |
| **'19** | $14227 | $13857 |
| **'20** | $14042 | $13485 |
| **'20** | $13196 | $12419 |
| **'20** | $11457 | $10621 |
| **'20** | $12480 | $11426 |
| **'20** | $13380 | $11800 |
| **'20** | $14112 | $12333 |
| **'20** | $14804 | $12883 |
| **'20** | $15536 | $13434 |
| **'20** | $15279 | $13104 |
| **'20** | $14764 | $12822 |
| **'20** | $16544 | $14547 |
| **'20** | $17454 | $15334 |
| **'21** | $17217 | $15367 |
| **'21** | $17326 | $15671 |
| **'21** | $17266 | $15869 |
| **'21** | $18007 | $16336 |
| **'21** | $18398 | $16847 |
| **'21** | $18469 | $16738 |
| **'21** | $18689 | $16462 |
| **'21** | $19452 | $16775 |
| **'21** | $18298 | $16238 |
| **'21** | $19011 | $16626 |
| **'21** | $18117 | $15877 |
| **'21** | $18870 | $16533 |
| **'22** | $17334 | $15924 |
| **'22** | $16250 | $15609 |
| **'22** | $16230 | $15634 |
| **'22** | $14662 | $14652 |
| **'22** | $14693 | $14757 |
| **'22** | $13192 | $13488 |
| **'22** | $14179 | $13949 |
| **'22** | $13459 | $13501 |
| **'22** | $11999 | $12152 |
| **'22** | $12564 | $12515 |
| **'22** | $14148 | $13992 |
| **'22** | $13490 | $13887 |
| **'23** | $14929 | $15014 |
| **'23** | $14312 | $14487 |
| **'23** | $14888 | $14841 |
| **'23** | $15063 | $15099 |
| **'23** | $14690 | $14550 |
| **'23** | $15281 | $15203 |
| **'23** | $15633 | $15821 |
| **'23** | $15074 | $15106 |
| **'23** | $14255 | $14629 |
| **'23** | $13561 | $14025 |
| **'23** | $14897 | $15288 |
| **'23** | $15654 | $16056 |
| **'24** | $15685 | $15897 |
| **'24** | $16368 | $16299 |
| **'24** | $16897 | $16808 |
| **'24** | $16207 | $16507 |
| **'24** | $16920 | $16986 |
| **'24** | $16836 | $16970 |
| **'24** | $17403 | $17363 |
| **'24** | $17938 | $17857 |
| **'24** | $18085 | $18338 |
| **'24** | $17455 | $17438 |
| **'24** | $17655 | $17280 |
| **'24** | $17120 | $16945 |
| **'25** | $18032 | $17627 |
| **'25** | $18127 | $17872 |
| **'25** | $17770 | $17831 |
| **'25** | $18261 | $18475 |
| **'25** | $19013 | $19322 |
| **'25** | $19617 | $19977 |
| **'25** | $19162 | $19920 |
| **'25** | $19723 | $20611 |
| **'25** | $20020 | $21354 |
| **'25** | $20168 | $21785 |
| **'25** | $20009 | $21780 |
| **'25** | $20358 | $22432 |

---

Yearly periods ended December 31

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index**  | **1-Year** | **5-Year** | **10-Year** |
| Class A | 18.92% | 3.13% | 7.37% |
| MSCI ACWI ex USA Index | 32.39% | 7.91% | 8.41% |

---

**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.**

**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.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. Fund performance includes reinvestment of all distributions.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 22683899 |
| Number of Portfolio Holdings | 83 |
| Portfolio Turnover Rate (%) | 21 |
| Total Net Advisory Fees Paid ($) | 36527 |

---

## What did the Fund invest in?

### **Asset Allocation** 

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Common Stocks | 101% |
| Cash Equivalents | 1% |
| Preferred Stocks | 1% |
| Other Assets and Liabilities, Net | (4%) |
| Total | 100% |

---

Holdings-based data is subject to change.

### **Sector Allocation** 

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Financials | 23% |
| Information Technology | 22% |
| Industrials | 17% |
| Health Care | 14% |
| Consumer Discretionary | 10% |
| Communication Services | 7% |
| Materials | 4% |
| Energy | 3% |
| Consumer Staples | 3% |

---

### **Geographical Diversification** 

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| Germany | 16% |
| France | 14% |
| Switzerland | 9% |
| Netherlands | 8% |
| United Kingdom | 8% |
| United States | 7% |
| Canada | 6% |
| China | 5% |
| Singapore | 5% |
| Japan | 5% |
| Other | 20% |

---

### **Ten Largest Equity Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **33.6% of Net Assets** |
| SAP SE (Germany) | 5.1% |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 4.8% |
| DBS Group Holdings Ltd. (Singapore) | 3.7% |
| Lonza Group AG (Switzerland) | 3.2% |
| Allianz SE (Germany) | 3.1% |
| Brookfield Corp. (Canada) | 3.1% |
| ASML Holding NV (Netherlands) | 3.0% |
| Deutsche Boerse AG (Germany) | 2.7% |
| Tencent Holdings Ltd. (China) | 2.6% |
| Spotify Technology SA (Sweden) | 2.3% |

---

## Material Fund Changes
This is a summary of certain changes of the Fund since January 1, 2025. For more information, review the Fund's current prospectus at dws.com/vipreports, or call (800) 728-3337.

Eﬀective May 1, 2025, the Fund changed its name from DWS International Growth VIP to DWS International Opportunities VIP.

Effective May 1, 2025, the Fund's contractual cap on total annual operating expense for Class A shares changed from 0.82% to 0.86%. The cap excludes certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses.

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

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

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

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

##©2026 DWS Group GmbH&Co. KGaA. All rights reserved

## **VS2IO** - **TSRA** - **A** 

## R-104191-2 (02/26)

# DWS Small Mid Cap Growth VIP

# Class A

## Annual Shareholder Report — December 31, 2025
![Image](i4d396a590786d5e047d36ecd.jpg)

This annual shareholder report contains important information about DWS Small Mid Cap Growth VIP (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund on the Fund's website at dws.com/vipreports. You can also request this information by contacting us at (800) 728-3337.

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

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $88 | 0.85% |

---

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

## How did the Fund perform last year and what affected its performance?
Class A shares of the Fund returned 8.11% for the period ended December 31, 2025. The Fund's broad-based index, the Russell 3000<sup>®</sup> Index, returned 17.15% for the same period, while the Fund's additional, more narrowly based index, the Russell 2500™ Growth Index, returned 10.31%.

Positive contributions to the Fund's return relative to the Russell 2500™ Index were led by selection within the information technology, consumer staples and communication services sectors. With respect to individual holdings, the top contributors included Advanced Energy Industries, Inc. (3.3%), a designer of precision power conversion, measurement and thermal control solutions used in semiconductor manufacturing and other high tech applications. Shares rallied as the company posted quarterly sales and earnings that exceeded expectations on record data center power revenue and raised guidance. H&E Equipment Services\* rents, sells, and services construction and industrial machinery across the U.S. The stock surged on a bidding war between two potential takeover candidates which ultimately led to the company being acquired in June at a premium. Avidity Biosciences, Inc. (1.5%) develops RNA-based therapeutics used in treating progressive, genetically based neuromuscular diseases. After hitting clinical and regulatory milestones for a treatment for Duchenne muscular dystrophy, the company was acquired by a multinational pharmaceutical company. Casey's General Stores, Inc. (2.5%) is a convenience store chain offering prepared foods such as pizza alongside fuel and groceries. The company reported record earnings on strong execution including higher same store sales and solid fuel margins.

In sector terms, selection within industrials, financials and materials weighed most heavily on performance relative to the Russell 2500™ Index. With respect to individual stocks, holdings that lagged included Builders FirstSource, Inc. (1.9%), the largest U.S. supplier and manufacturer of structural building products and value added components and services to professional builders. Underperformance was due to weaker single family and multifamily home starts, margin normalization, and reduced full year guidance despite decent execution. Tyler Technologies, Inc. (2.3%), a provider of mission critical cloud software and payments for the public sector, underperformed despite posting earnings that exceeded estimates throughout 2025, as the market appeared to respond to modestly slower growth in recurring revenues along with trimmed forward guidance. A lack of exposure to Rocket Lab Corp.\*, a vertically integrated space company offering launch and space navigation systems was among the leading detractors. Similarly, not holding Comfort Systems USA Inc.\* detracted as the national provider of installation and maintenance services for mechanical, electrical and plumbing systems has seen growing demand driven by data center construction.

Percentages in parentheses are based on the Fund's net assets as of December 31, 2025.

\* Not held at December 31, 2025.

## Fund Performance
Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 US companies representing approximately 96% of the investable US equity market.

The Russell 3000<sup>®</sup> Index is a required broad-based index that represents the fund's overall equity market.

Russell 2500™ Growth Index measures the performance of the small to mid-cap growth segment of the US equity universe. It includes those Russell 2500 companies with relatively higher price-to-book ratios, higher I/B/E/S forecast medium term (2 year) growth and higher sales per share historical growth (5 years). The Russell 2500™ Growth Index is constructed to provide a comprehensive and unbiased barometer of the small to midcap growth market. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small to mid-cap opportunity set and that the represented companies continue to reflect growth characteristics.

The Russell 2500™ Growth Index is a more narrowly based index that reflects the market sector in which the fund invests.

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

### **Cumulative Growth of an Assumed $10,000 Investment**![Growth of 10K Chart](ied4669548a74c9686bebb015.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A** | **Russell 3000<sup>®</sup> Index** | **Russell 2500™ Growth Index** |
| **'15** | $10000 | $10000 | $10000 |
| **'16** | $9014 | $9436 | $9011 |
| **'16** | $8967 | $9433 | $9038 |
| **'16** | $9813 | $10097 | $9734 |
| **'16** | $10039 | $10159 | $9827 |
| **'16** | $10194 | $10341 | $10071 |
| **'16** | $9970 | $10362 | $9997 |
| **'16** | $10643 | $10774 | $10591 |
| **'16** | $10603 | $10801 | $10664 |
| **'16** | $10557 | $10818 | $10695 |
| **'16** | $10137 | $10584 | $10137 |
| **'16** | $10861 | $11058 | $10876 |
| **'16** | $10908 | $11274 | $10973 |
| **'17** | $11224 | $11486 | $11233 |
| **'17** | $11517 | $11913 | $11573 |
| **'17** | $11638 | $11921 | $11659 |
| **'17** | $11845 | $12047 | $11864 |
| **'17** | $11821 | $12171 | $11869 |
| **'17** | $12124 | $12280 | $12140 |
| **'17** | $12221 | $12512 | $12301 |
| **'17** | $12306 | $12536 | $12325 |
| **'17** | $12786 | $12842 | $12841 |
| **'17** | $12877 | $13122 | $13185 |
| **'17** | $13259 | $13521 | $13619 |
| **'17** | $13320 | $13656 | $13656 |
| **'18** | $14024 | $14375 | $14338 |
| **'18** | $13363 | $13846 | $13868 |
| **'18** | $13435 | $13568 | $13981 |
| **'18** | $13316 | $13619 | $13892 |
| **'18** | $13997 | $14004 | $14631 |
| **'18** | $14097 | $14095 | $14754 |
| **'18** | $14251 | $14563 | $15030 |
| **'18** | $15087 | $15074 | $16046 |
| **'18** | $14769 | $15099 | $15811 |
| **'18** | $12863 | $13988 | $13912 |
| **'18** | $13080 | $14268 | $14175 |
| **'18** | $11510 | $12940 | $12637 |
| **'19** | $12690 | $14051 | $14141 |
| **'19** | $13189 | $14545 | $15073 |
| **'19** | $12990 | $14757 | $15036 |
| **'19** | $13450 | $15346 | $15562 |
| **'19** | $12398 | $14353 | $14528 |
| **'19** | $13316 | $15361 | $15659 |
| **'19** | $13420 | $15590 | $15903 |
| **'19** | $12863 | $15272 | $15451 |
| **'19** | $12935 | $15540 | $15161 |
| **'19** | $13285 | $15875 | $15550 |
| **'19** | $13873 | $16478 | $16609 |
| **'19** | $14090 | $16954 | $16763 |
| **'20** | $14007 | $16935 | $16781 |
| **'20** | $12893 | $15549 | $15643 |
| **'20** | $10418 | $13410 | $12871 |
| **'20** | $11954 | $15187 | $14935 |
| **'20** | $13207 | $15999 | $16494 |
| **'20** | $13491 | $16364 | $17101 |
| **'20** | $14206 | $17294 | $18037 |
| **'20** | $14996 | $18546 | $18849 |
| **'20** | $14817 | $17871 | $18704 |
| **'20** | $15175 | $17485 | $18925 |
| **'20** | $17100 | $19613 | $21682 |
| **'20** | $18342 | $20495 | $23547 |
| **'21** | $18616 | $20404 | $24205 |
| **'21** | $19163 | $21042 | $24965 |
| **'21** | $19100 | $21796 | $24133 |
| **'21** | $19575 | $22919 | $24980 |
| **'21** | $19210 | $23024 | $24286 |
| **'21** | $20117 | $23592 | $25589 |
| **'21** | $20427 | $23991 | $25035 |
| **'21** | $20682 | $24675 | $25662 |
| **'21** | $19830 | $23568 | $24685 |
| **'21** | $21146 | $25161 | $25951 |
| **'21** | $20117 | $24778 | $24614 |
| **'21** | $20881 | $25754 | $24735 |
| **'22** | $18480 | $24239 | $21471 |
| **'22** | $18380 | $23628 | $21536 |
| **'22** | $18435 | $24395 | $21691 |
| **'22** | $16675 | $22206 | $19214 |
| **'22** | $16324 | $22176 | $18748 |
| **'22** | $14842 | $20321 | $17450 |
| **'22** | $16349 | $22227 | $19441 |
| **'22** | $15796 | $21397 | $19072 |
| **'22** | $14465 | $19413 | $17429 |
| **'22** | $15382 | $21005 | $18846 |
| **'22** | $15733 | $22102 | $19406 |
| **'22** | $15030 | $20808 | $18251 |
| **'23** | $16198 | $22241 | $20078 |
| **'23** | $15972 | $21721 | $19761 |
| **'23** | $15545 | $22302 | $19446 |
| **'23** | $15240 | $22539 | $19200 |
| **'23** | $15188 | $22627 | $19179 |
| **'23** | $16739 | $24172 | $20693 |
| **'23** | $17235 | $25039 | $21384 |
| **'23** | $16700 | $24555 | $20514 |
| **'23** | $15696 | $23386 | $19278 |
| **'23** | $14627 | $22766 | $17940 |
| **'23** | $16100 | $24888 | $19530 |
| **'23** | $17860 | $26209 | $21707 |
| **'24** | $17665 | $26499 | $21215 |
| **'24** | $18460 | $27933 | $22935 |
| **'24** | $19216 | $28835 | $23553 |
| **'24** | $17767 | $27566 | $21798 |
| **'24** | $18425 | $28868 | $22682 |
| **'24** | $18214 | $29762 | $22561 |
| **'24** | $19662 | $30315 | $23935 |
| **'24** | $19399 | $30975 | $23749 |
| **'24** | $19622 | $31616 | $24137 |
| **'24** | $18991 | $31384 | $24077 |
| **'24** | $20386 | $33471 | $26942 |
| **'24** | $18780 | $32448 | $24723 |
| **'25** | $19899 | $33473 | $25669 |
| **'25** | $18701 | $32831 | $23960 |
| **'25** | $17556 | $30916 | $22053 |
| **'25** | $17013 | $30709 | $21982 |
| **'25** | $17657 | $32655 | $23422 |
| **'25** | $18601 | $34314 | $24548 |
| **'25** | $18887 | $35070 | $25123 |
| **'25** | $20061 | $35881 | $26442 |
| **'25** | $20104 | $37120 | $27182 |
| **'25** | $20104 | $37915 | $27877 |
| **'25** | $20590 | $38019 | $27498 |
| **'25** | $20304 | $38012 | $27272 |

---

Yearly periods ended December 31

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index**  | **1-Year** | **5-Year** | **10-Year** |
| Class A | 8.11% | 2.05% | 7.34% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2500™ Growth Index | 10.31% | 2.98% | 10.55% |

---

**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.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. Fund performance includes reinvestment of all distributions.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 48088383 |
| Number of Portfolio Holdings | 111 |
| Portfolio Turnover Rate (%) | 11 |
| Total Net Advisory Fees Paid ($) | 262420 |

---

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

### **Asset Allocation** 

---

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

---

### **Sector Allocation** 

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Information Technology | 22% |
| Health Care | 22% |
| Industrials | 22% |
| Financials | 11% |
| Consumer Discretionary | 10% |
| Consumer Staples | 3% |
| Materials | 3% |
| Real Estate | 2% |
| Energy | 2% |
| Communication Services | 1% |
| Utilities | 0% |

---

### **Ten Largest Equity Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **25.5% of Net Assets** |
| Advanced Energy Industries, Inc. | 3.3% |
| RadNet, Inc. | 3.2% |
| Rush Enterprises, Inc. | 2.8% |
| Casey's General Stores, Inc. | 2.5% |
| TopBuild Corp. | 2.5% |
| The Brink's Co. | 2.5% |
| Tyler Technologies, Inc. | 2.3% |
| SiTime Corp. | 2.3% |
| Neurocrine Biosciences, Inc. | 2.1% |
| HEICO Corp. | 2.0% |

---

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

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

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

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

##©2026 DWS Group GmbH&Co. KGaA. All rights reserved

## **VS2SMCG** - **TSRA** - **A** 

## R-104192-2 (02/26)

# DWS Small Mid Cap Value VIP

# Class A

## Annual Shareholder Report — December 31, 2025
![Image](i4d396a590786d5e047d36ecd.jpg)

This annual shareholder report contains important information about DWS Small Mid Cap Value VIP (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund on the Fund's website at dws.com/vipreports. You can also request this information by contacting us at (800) 728-3337.

#### This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $89 | 0.82% |

---

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

## How did the Fund perform last year and what affected its performance?
Class A shares of the Fund returned 18.21% for the period ended December 31, 2025. The Fund's broad-based index, the Russell 3000<sup>®</sup> Index, returned 17.15% for the same period, while the Fund's additional, more narrowly based index, the Russell 2500™ Value Index, returned 12.73%.

Stock selection was the primary driver of the Fund's strong performance relative to the Russell 2500™ Index. The best results occurred in the industrials sector, where a number of individual holdings delivered outsize gains. The military shipbuilder Huntington Ingalls Industries, Inc. (2.0%) rallied on expectations for increased government contracts following President Trump's announcement of a plan to expand the U.S. Navy. EnerSys (1.6%), a provider of stored energy systems for industrial applications that reported better-than-expected earnings over the second half of the year, was another key contributor, as was the general contractor Tutor Perini Corp. (1.0%) The engineering and construction firm MasTec, Inc. (1.8%) and the safety services provider API Group Corp. (1.7%) were additional contributors in industrials.

The Fund also outperformed in the health care sector. Ligand Pharmaceuticals, Inc. (1.1%), which reported consistent earnings increases, was the top contributor. Revolution Medicines, Inc. (2.3%) and Ionis Pharmaceuticals, Inc. (1.2%) also performed well thanks to an FDA drug approval and positive trial results, respectively.

Consumer discretionary was another area of strength thanks in part to a rally in the auto retailer Carvana,\* which reported record sales volumes and improved its operational efficiency. EchoStar Corp. (1.6%), a satellite communications provider that monetized some of its spectrum assets, was the leading contributor in the portfolio as a whole.

Materials was the Fund's weakest sector in terms of relative performance, largely as a result of a position in Graphic Packaging Holding Co. (0.8%). The stock fell due to weaker-than-expected earnings, profit margin pressures, and a leadership change. Information technology was also a challenging area. Although the Fund had a number of strong performers in the sector, certain holdings adversely affected results. Itron, Inc. (1.0%), a provider of technology that helps manage energy and water systems, and Verint Systems, Inc.,\* a developer of customer engagement solutions, weighed on performance. Outside of these sectors, Owens Corning (1.1%) — which lagged due to concerns about weaker home construction trends — was the most notable detractor.

Percentages in parentheses are based on the Fund's net assets as of December 31, 2025.

\* Not held at December 31, 2025.

## Fund Performance
Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 US companies representing approximately 96% of the investable US equity market.

The Russell 3000<sup>®</sup> Index is a broad-based index that represents the fund's overall equity market.

Russell 2500™ Value Index measures the performance of the small to mid-cap value segment of the US equity universe. It includes those Russell 2500 companies with relatively lower price-to-book ratios, lower I/B/E/S forecast medium term (2 year) growth and lower sales per share historical growth (5 years). The Russell 2500™ Value Index is constructed to provide a comprehensive and unbiased barometer of the small to mid-cap growth market. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small to mid-cap opportunity set and that the represented companies continue to reflect value characteristics.

The Russell 2500™ Value Index is a more narrowly based index that reflects the market sector in which the fund invests.

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

### **Cumulative Growth of an Assumed $10,000 Investment**![Growth of 10K Chart](i96496edcd7dd5bbc9a45abba.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A** | **Russell 3000<sup>®</sup> Index** | **Russell 2500™ Value Index** |
| **'15** | $10000 | $10000 | $10000 |
| **'16** | $9330 | $9436 | $9387 |
| **'16** | $9343 | $9433 | $9488 |
| **'16** | $10100 | $10097 | $10333 |
| **'16** | $10383 | $10159 | $10534 |
| **'16** | $10446 | $10341 | $10720 |
| **'16** | $10046 | $10362 | $10784 |
| **'16** | $10580 | $10774 | $11275 |
| **'16** | $10797 | $10801 | $11376 |
| **'16** | $10769 | $10818 | $11451 |
| **'16** | $10551 | $10584 | $11108 |
| **'16** | $11408 | $11058 | $12173 |
| **'16** | $11689 | $11274 | $12520 |
| **'17** | $11822 | $11486 | $12589 |
| **'17** | $11977 | $11913 | $12823 |
| **'17** | $11998 | $11921 | $12723 |
| **'17** | $12016 | $12047 | $12710 |
| **'17** | $11763 | $12171 | $12434 |
| **'17** | $11936 | $12280 | $12765 |
| **'17** | $12117 | $12512 | $12864 |
| **'17** | $11886 | $12536 | $12641 |
| **'17** | $12623 | $12842 | $13254 |
| **'17** | $12702 | $13122 | $13326 |
| **'17** | $13099 | $13521 | $13762 |
| **'17** | $12919 | $13656 | $13817 |
| **'18** | $13042 | $14375 | $13991 |
| **'18** | $12370 | $13846 | $13304 |
| **'18** | $12572 | $13568 | $13451 |
| **'18** | $12645 | $13619 | $13597 |
| **'18** | $13009 | $14004 | $14156 |
| **'18** | $12965 | $14095 | $14231 |
| **'18** | $13169 | $14563 | $14514 |
| **'18** | $13498 | $15074 | $14844 |
| **'18** | $13205 | $15099 | $14611 |
| **'18** | $12032 | $13988 | $13362 |
| **'18** | $12245 | $14268 | $13615 |
| **'18** | $10850 | $12940 | $12110 |
| **'19** | $11996 | $14051 | $13463 |
| **'19** | $12467 | $14545 | $13883 |
| **'19** | $12165 | $14757 | $13698 |
| **'19** | $12597 | $15346 | $14178 |
| **'19** | $11720 | $14353 | $13109 |
| **'19** | $12356 | $15361 | $13957 |
| **'19** | $12539 | $15590 | $14048 |
| **'19** | $11672 | $15272 | $13364 |
| **'19** | $12211 | $15540 | $13975 |
| **'19** | $12346 | $15875 | $14177 |
| **'19** | $12654 | $16478 | $14525 |
| **'19** | $13184 | $16954 | $14963 |
| **'20** | $12837 | $16935 | $14418 |
| **'20** | $11393 | $15549 | $13028 |
| **'20** | $8677 | $13410 | $9780 |
| **'20** | $9798 | $15187 | $11073 |
| **'20** | $10082 | $15999 | $11579 |
| **'20** | $10169 | $16364 | $11794 |
| **'20** | $10583 | $17294 | $12149 |
| **'20** | $10855 | $18546 | $12701 |
| **'20** | $10409 | $17871 | $12212 |
| **'20** | $10583 | $17485 | $12488 |
| **'20** | $12207 | $19613 | $14673 |
| **'20** | $13079 | $20495 | $15693 |
| **'21** | $13264 | $20404 | $16040 |
| **'21** | $14365 | $21042 | $17467 |
| **'21** | $15161 | $21796 | $18334 |
| **'21** | $15965 | $22919 | $19121 |
| **'21** | $16472 | $23024 | $19509 |
| **'21** | $16285 | $23592 | $19252 |
| **'21** | $16119 | $23991 | $18970 |
| **'21** | $16384 | $24675 | $19370 |
| **'21** | $15943 | $23568 | $18853 |
| **'21** | $16616 | $25161 | $19749 |
| **'21** | $16218 | $24778 | $19061 |
| **'21** | $17068 | $25754 | $20053 |
| **'22** | $16009 | $24239 | $19034 |
| **'22** | $16229 | $23628 | $19344 |
| **'22** | $16406 | $24395 | $19752 |
| **'22** | $15251 | $22206 | $18413 |
| **'22** | $15499 | $22176 | $18766 |
| **'22** | $13817 | $20321 | $16712 |
| **'22** | $15127 | $22227 | $18329 |
| **'22** | $14687 | $21397 | $17754 |
| **'22** | $13140 | $19413 | $15959 |
| **'22** | $14551 | $21005 | $17644 |
| **'22** | $15070 | $22102 | $18530 |
| **'22** | $14371 | $20808 | $17429 |
| **'23** | $15804 | $22241 | $19170 |
| **'23** | $15466 | $21721 | $18628 |
| **'23** | $14777 | $22302 | $17672 |
| **'23** | $14528 | $22539 | $17437 |
| **'23** | $14076 | $22627 | $16939 |
| **'23** | $15303 | $24172 | $18445 |
| **'23** | $16161 | $25039 | $19526 |
| **'23** | $15470 | $24555 | $18774 |
| **'23** | $14552 | $23386 | $17769 |
| **'23** | $13801 | $22766 | $16772 |
| **'23** | $14981 | $24888 | $18295 |
| **'23** | $16519 | $26209 | $20214 |
| **'24** | $16018 | $26499 | $19647 |
| **'24** | $16698 | $27933 | $20435 |
| **'24** | $17627 | $28835 | $21441 |
| **'24** | $16477 | $27566 | $20093 |
| **'24** | $17227 | $28868 | $20940 |
| **'24** | $16769 | $29762 | $20518 |
| **'24** | $18294 | $30315 | $22180 |
| **'24** | $17811 | $30975 | $22179 |
| **'24** | $17798 | $31616 | $22494 |
| **'24** | $17316 | $31384 | $22210 |
| **'24** | $18904 | $33471 | $24170 |
| **'24** | $17544 | $32448 | $22434 |
| **'25** | $18116 | $33473 | $23198 |
| **'25** | $17659 | $32831 | $22340 |
| **'25** | $16592 | $30916 | $21126 |
| **'25** | $16147 | $30709 | $20515 |
| **'25** | $16957 | $32655 | $21686 |
| **'25** | $17811 | $34314 | $22666 |
| **'25** | $18326 | $35070 | $23060 |
| **'25** | $19489 | $35881 | $24270 |
| **'25** | $19886 | $37120 | $24519 |
| **'25** | $19872 | $37915 | $24455 |
| **'25** | $20607 | $38019 | $25159 |
| **'25** | $20740 | $38012 | $25291 |

---

Yearly periods ended December 31

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index**  | **1-Year** | **5-Year** | **10-Year** |
| Class A | 18.21% | 9.66% | 7.57% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2500™ Value Index | 12.73% | 10.02% | 9.72% |

---

**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.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. Fund performance includes reinvestment of all distributions.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 82883840 |
| Number of Portfolio Holdings | 130 |
| Portfolio Turnover Rate (%) | 53 |
| Total Net Advisory Fees Paid ($) | 472978 |

---

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

### **Asset Allocation** 

---

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

---

### **Sector Allocation** 

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Financials | 22% |
| Industrials | 22% |
| Consumer Discretionary | 10% |
| Information Technology | 9% |
| Health Care | 9% |
| Real Estate | 8% |
| Materials | 6% |
| Energy | 4% |
| Utilities | 4% |
| Communication Services | 4% |
| Consumer Staples | 3% |

---

### **Ten Largest Equity Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **18.3% of Net Assets** |
| Revolution Medicines, Inc. | 2.3% |
| Huntington Ingalls Industries, Inc. | 2.0% |
| UMB Financial Corp. | 2.0% |
| First BanCorp. | 1.8% |
| Hancock Whitney Corp. | 1.8% |
| MasTec, Inc. | 1.8% |
| API Group Corp. | 1.7% |
| Gaming and Leisure Properties, Inc. | 1.7% |
| EnerSys | 1.6% |
| EchoStar Corp. | 1.6% |

---

## Material Fund Changes
This is a summary of certain changes of the Fund since January 1, 2025. For more information, review the Fund's current prospectus at dws.com/vipreports, or call (800) 728-3337.

Effective May 1, 2025, the Fund's contractual cap on total annual operating expense for Class A shares changed from 0.81% to 0.84%. In addition, effective October 1, 2025, the Fund's contractual cap on total annual operating expense for Class A shares changed from 0.84% to 0.80%. The caps exclude certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses.

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

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

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

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

##©2026 DWS Group GmbH&Co. KGaA. All rights reserved

## **VS2SMCV** - **TSRA** - **A** 

## R-104193-2 (02/26)

# DWS Small Mid Cap Value VIP

# Class B

## Annual Shareholder Report — December 31, 2025
![Image](i4d396a590786d5e047d36ecd.jpg)

This annual shareholder report contains important information about DWS Small Mid Cap Value VIP (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund on the Fund's website at dws.com/vipreports. You can also request this information by contacting us at (800) 728-3337.

#### This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| Fund | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $130 | 1.19% |

---

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

## How did the Fund perform last year and what affected its performance?
Class B shares of the Fund returned 17.85% for the period ended December 31, 2025. The Fund's broad-based index, the Russell 3000<sup>®</sup> Index, returned 17.15% for the same period, while the Fund's additional, more narrowly based index, the Russell 2500™ Value Index, returned 12.73%.

Stock selection was the primary driver of the Fund's strong performance relative to the Russell 2500™ Index. The best results occurred in the industrials sector, where a number of individual holdings delivered outsize gains. The military shipbuilder Huntington Ingalls Industries, Inc. (2.0%) rallied on expectations for increased government contracts following President Trump's announcement of a plan to expand the U.S. Navy. EnerSys (1.6%), a provider of stored energy systems for industrial applications that reported better-than-expected earnings over the second half of the year, was another key contributor, as was the general contractor Tutor Perini Corp. (1.0%) The engineering and construction firm MasTec, Inc. (1.8%) and the safety services provider API Group Corp. (1.7%) were additional contributors in industrials.

The Fund also outperformed in the health care sector. Ligand Pharmaceuticals, Inc. (1.1%), which reported consistent earnings increases, was the top contributor. Revolution Medicines, Inc. (2.3%) and Ionis Pharmaceuticals, Inc. (1.2%) also performed well thanks to an FDA drug approval and positive trial results, respectively.

Consumer discretionary was another area of strength thanks in part to a rally in the auto retailer Carvana,\* which reported record sales volumes and improved its operational efficiency. EchoStar Corp. (1.6%), a satellite communications provider that monetized some of its spectrum assets, was the leading contributor in the portfolio as a whole.

Materials was the Fund's weakest sector in terms of relative performance, largely as a result of a position in Graphic Packaging Holding Co. (0.8%). The stock fell due to weaker-than-expected earnings, profit margin pressures, and a leadership change. Information technology was also a challenging area. Although the Fund had a number of strong performers in the sector, certain holdings adversely affected results. Itron, Inc. (1.0%), a provider of technology that helps manage energy and water systems, and Verint Systems, Inc.,\* a developer of customer engagement solutions, weighed on performance. Outside of these sectors, Owens Corning (1.1%) — which lagged due to concerns about weaker home construction trends — was the most notable detractor.

Percentages in parentheses are based on the Fund's net assets as of December 31, 2025.

\* Not held at December 31, 2025.

## Fund Performance
Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 US companies representing approximately 96% of the investable US equity market.

The Russell 3000<sup>®</sup> Index is a broad-based index that represents the fund's overall equity market.

Russell 2500™ Value Index measures the performance of the small to mid-cap value segment of the US equity universe. It includes those Russell 2500 companies with relatively lower price-to-book ratios, lower I/B/E/S forecast medium term (2 year) growth and lower sales per share historical growth (5 years). The Russell 2500™ Value Index is constructed to provide a comprehensive and unbiased barometer of the small to mid-cap growth market. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small to mid-cap opportunity set and that the represented companies continue to reflect value characteristics.

The Russell 2500™ Value Index is a more narrowly based index that reflects the market sector in which the fund invests.

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

### **Cumulative Growth of an Assumed $10,000 Investment**![Growth of 10K Chart](i4b73b5aafb6f55b1438d0240.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class B** | **Russell 3000<sup>®</sup> Index** | **Russell 2500™ Value Index** |
| **'15** | $10000 | $10000 | $10000 |
| **'16** | $9323 | $9436 | $9387 |
| **'16** | $9335 | $9433 | $9488 |
| **'16** | $10088 | $10097 | $10333 |
| **'16** | $10372 | $10159 | $10534 |
| **'16** | $10428 | $10341 | $10720 |
| **'16** | $10029 | $10362 | $10784 |
| **'16** | $10561 | $10774 | $11275 |
| **'16** | $10765 | $10801 | $11376 |
| **'16** | $10744 | $10818 | $11451 |
| **'16** | $10519 | $10584 | $11108 |
| **'16** | $11367 | $11058 | $12173 |
| **'16** | $11647 | $11274 | $12520 |
| **'17** | $11773 | $11486 | $12589 |
| **'17** | $11927 | $11913 | $12823 |
| **'17** | $11941 | $11921 | $12723 |
| **'17** | $11951 | $12047 | $12710 |
| **'17** | $11699 | $12171 | $12434 |
| **'17** | $11872 | $12280 | $12765 |
| **'17** | $12051 | $12512 | $12864 |
| **'17** | $11814 | $12536 | $12641 |
| **'17** | $12540 | $12842 | $13254 |
| **'17** | $12619 | $13122 | $13326 |
| **'17** | $13007 | $13521 | $13762 |
| **'17** | $12827 | $13656 | $13817 |
| **'18** | $12942 | $14375 | $13991 |
| **'18** | $12274 | $13846 | $13304 |
| **'18** | $12468 | $13568 | $13451 |
| **'18** | $12537 | $13619 | $13597 |
| **'18** | $12897 | $14004 | $14156 |
| **'18** | $12853 | $14095 | $14231 |
| **'18** | $13038 | $14563 | $14514 |
| **'18** | $13372 | $15074 | $14844 |
| **'18** | $13073 | $15099 | $14611 |
| **'18** | $11903 | $13988 | $13362 |
| **'18** | $12114 | $14268 | $13615 |
| **'18** | $10733 | $12940 | $12110 |
| **'19** | $11868 | $14051 | $13463 |
| **'19** | $12325 | $14545 | $13883 |
| **'19** | $12026 | $14757 | $13698 |
| **'19** | $12444 | $15346 | $14178 |
| **'19** | $11570 | $14353 | $13109 |
| **'19** | $12197 | $15361 | $13957 |
| **'19** | $12378 | $15590 | $14048 |
| **'19** | $11523 | $15272 | $13364 |
| **'19** | $12055 | $15540 | $13975 |
| **'19** | $12178 | $15875 | $14177 |
| **'19** | $12482 | $16478 | $14525 |
| **'19** | $12986 | $16954 | $14963 |
| **'20** | $12644 | $16935 | $14418 |
| **'20** | $11219 | $15549 | $13028 |
| **'20** | $8540 | $13410 | $9780 |
| **'20** | $9650 | $15187 | $11073 |
| **'20** | $9929 | $15999 | $11579 |
| **'20** | $10015 | $16364 | $11794 |
| **'20** | $10411 | $17294 | $12149 |
| **'20** | $10679 | $18546 | $12701 |
| **'20** | $10229 | $17871 | $12212 |
| **'20** | $10400 | $17485 | $12488 |
| **'20** | $11996 | $19613 | $14673 |
| **'20** | $12842 | $20495 | $15693 |
| **'21** | $13024 | $20404 | $16040 |
| **'21** | $14095 | $21042 | $17467 |
| **'21** | $14867 | $21796 | $18334 |
| **'21** | $15663 | $22919 | $19121 |
| **'21** | $16149 | $23024 | $19509 |
| **'21** | $15966 | $23592 | $19252 |
| **'21** | $15804 | $23991 | $18970 |
| **'21** | $16052 | $24675 | $19370 |
| **'21** | $15609 | $23568 | $18853 |
| **'21** | $16268 | $25161 | $19749 |
| **'21** | $15868 | $24778 | $19061 |
| **'21** | $16700 | $25754 | $20053 |
| **'22** | $15663 | $24239 | $19034 |
| **'22** | $15868 | $23628 | $19344 |
| **'22** | $16030 | $24395 | $19752 |
| **'22** | $14897 | $22206 | $18413 |
| **'22** | $15150 | $22176 | $18766 |
| **'22** | $13499 | $20321 | $16712 |
| **'22** | $14765 | $22227 | $18329 |
| **'22** | $14335 | $21397 | $17754 |
| **'22** | $12816 | $19413 | $15959 |
| **'22** | $14192 | $21005 | $17644 |
| **'22** | $14688 | $22102 | $18530 |
| **'22** | $14005 | $20808 | $17429 |
| **'23** | $15403 | $22241 | $19170 |
| **'23** | $15073 | $21721 | $18628 |
| **'23** | $14390 | $22302 | $17672 |
| **'23** | $14137 | $22539 | $17437 |
| **'23** | $13697 | $22627 | $16939 |
| **'23** | $14890 | $24172 | $18445 |
| **'23** | $15724 | $25039 | $19526 |
| **'23** | $15041 | $24555 | $18774 |
| **'23** | $14149 | $23386 | $17769 |
| **'23** | $13408 | $22766 | $16772 |
| **'23** | $14554 | $24888 | $18295 |
| **'23** | $16048 | $26209 | $20214 |
| **'24** | $15550 | $26499 | $19647 |
| **'24** | $16210 | $27933 | $20435 |
| **'24** | $17102 | $28835 | $21441 |
| **'24** | $15982 | $27566 | $20093 |
| **'24** | $16707 | $28868 | $20940 |
| **'24** | $16252 | $29762 | $20518 |
| **'24** | $17727 | $30315 | $22180 |
| **'24** | $17260 | $30975 | $22179 |
| **'24** | $17236 | $31616 | $22494 |
| **'24** | $16769 | $31384 | $22210 |
| **'24** | $18305 | $33471 | $24170 |
| **'24** | $16978 | $32448 | $22434 |
| **'25** | $17531 | $33473 | $23198 |
| **'25** | $17088 | $32831 | $22340 |
| **'25** | $16043 | $30916 | $21126 |
| **'25** | $15601 | $30709 | $20515 |
| **'25** | $16380 | $32655 | $21686 |
| **'25** | $17216 | $34314 | $22666 |
| **'25** | $17698 | $35070 | $23060 |
| **'25** | $18817 | $35881 | $24270 |
| **'25** | $19200 | $37120 | $24519 |
| **'25** | $19171 | $37915 | $24455 |
| **'25** | $19880 | $38019 | $25159 |
| **'25** | $20007 | $38012 | $25291 |

---

Yearly periods ended December 31

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index**  | **1-Year** | **5-Year** | **10-Year** |
| Class B | 17.85% | 9.27% | 7.18% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2500™ Value Index | 12.73% | 10.02% | 9.72% |

---

**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.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. Fund performance includes reinvestment of all distributions.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 82883840 |
| Number of Portfolio Holdings | 130 |
| Portfolio Turnover Rate (%) | 53 |
| Total Net Advisory Fees Paid ($) | 472978 |

---

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

### **Asset Allocation** 

---

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

---

### **Sector Allocation** 

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Financials | 22% |
| Industrials | 22% |
| Consumer Discretionary | 10% |
| Information Technology | 9% |
| Health Care | 9% |
| Real Estate | 8% |
| Materials | 6% |
| Energy | 4% |
| Utilities | 4% |
| Communication Services | 4% |
| Consumer Staples | 3% |

---

### **Ten Largest Equity Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **18.3% of Net Assets** |
| Revolution Medicines, Inc. | 2.3% |
| Huntington Ingalls Industries, Inc. | 2.0% |
| UMB Financial Corp. | 2.0% |
| First BanCorp. | 1.8% |
| Hancock Whitney Corp. | 1.8% |
| MasTec, Inc. | 1.8% |
| API Group Corp. | 1.7% |
| Gaming and Leisure Properties, Inc. | 1.7% |
| EnerSys | 1.6% |
| EchoStar Corp. | 1.6% |

---

## Material Fund Changes
This is a summary of certain changes of the Fund since January 1, 2025. For more information, review the Fund's current prospectus at dws.com/vipreports, or call (800) 728-3337.

Effective May 1, 2025, the Fund's contractual cap on total annual operating expense for Class B shares changed from 1.17% to 1.21%. In addition, effective October 1, 2025, the Fund's contractual cap on total annual operating expense for Class B shares changed from 1.21% to 1.17%. The caps exclude certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses.

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

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

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

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

##©2026 DWS Group GmbH&Co. KGaA. All rights reserved

## **VS2SMCV** - **TSRA** - **B** 

## R-104193-2 (02/26)

---

| | |
|:---|:---|
|  | &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.** |

---

**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**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Fiscal Year 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;2025 | &nbsp;&nbsp;$398846 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$50727 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;2024 | &nbsp;&nbsp;$398846 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$50727 | &nbsp;&nbsp;$0 |

---

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.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Fiscal Year Ended<br> December 31, | &nbsp;&nbsp;Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | &nbsp;&nbsp;Tax Fees Billed to Adviser and Affiliated Fund Service Providers | &nbsp;&nbsp;All Other Fees Billed to Adviser and Affiliated Fund Service Providers |
| &nbsp;&nbsp;2025 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$1318734 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;2024 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$637276 | &nbsp;&nbsp;$0 |

---

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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Fiscal Year Ended<br> December 31, | &nbsp;&nbsp;Total 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;2025 | &nbsp;&nbsp;$50757 | &nbsp;&nbsp;$1318734 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$1369461 |
| &nbsp;&nbsp;2024 | &nbsp;&nbsp;$50757 | &nbsp;&nbsp;$637276 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$688003 |

---

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 and (i) and (j) are not applicable.

\*\*\*

In connection with the audit of the 2024 and 2025 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.

\*\*\*

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Item 5.** | &nbsp;&nbsp;**Audit Committee of Listed Registrants** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 6.** | &nbsp;&nbsp;**Investments.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 7.** | &nbsp;&nbsp;**Financial Statements and Financial Highlights for Open-End Management Investment Companies.** |
|  | &nbsp;&nbsp;(a) |

---

December 31, 2025

**Annual Financial Statements and Other Information**

Deutsche DWS Variable Series II

**DWS Alternative Asset Allocation VIP**

![](imga04686431.jpg)

------

**Contents** 

---

| | |
|:---|:---|
| **3** | [Investment Portfolio](#xx_7bff4dea-f529-41b4-8376-1dd9e10baaa2_SOI-CC-Financial-RunningFooter-341_1) |
| **5** | [Statement of Assets and Liabilities](#xx_7bff4dea-f529-41b4-8376-1dd9e10baaa2_FS-CC-Financial-RunningFooter-341_1) |
| **5** | [Statement of Operations](#xx_7bff4dea-f529-41b4-8376-1dd9e10baaa2_FS-CC-Financial-RunningFooter-341_1) |
| **6** | [Statements of Changes in Net Assets](#xx_7bff4dea-f529-41b4-8376-1dd9e10baaa2_FS-CC-Financial-RunningFooter-341_2) |
| **7** | [Financial Highlights](#xx_7bff4dea-f529-41b4-8376-1dd9e10baaa2_FIHI-CC-Financial-RunningFooter-341_1) |
| **9** | [Notes to Financial Statements](#xx_7bff4dea-f529-41b4-8376-1dd9e10baaa2_NTF-CC-Financial-RunningFooter-341_1) |
| **14** | [Report of Independent Registered Public Accounting Firm](#xx_7bff4dea-f529-41b4-8376-1dd9e10baaa2_AUD-CC-Financial-RunningFooter-341_1) |
| **15** | [Tax Information](#xx_7bff4dea-f529-41b4-8376-1dd9e10baaa2_FEXPTI-CC-Financial-RunningFooter-341_1) |
| **16** | [Advisory Agreement Board Considerations and Fee Evaluation](#xx_7bff4dea-f529-41b4-8376-1dd9e10baaa2_AABCF-CC-Financial-RunningFooter-341_1) |

---

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

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

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

---

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

---

------

**Investment Portfolioas of December 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Mutual Funds 63.9%** |  |  |
| DWS Emerging Markets <br> Fixed Income Fund <br> "Institutional" (a)<br>| 1815654 | &nbsp;&nbsp; 13944223 |
| DWS Enhanced Commodity <br> Strategy Fund <br> "Institutional" (a)<br>| 11858623 | &nbsp;&nbsp; 70677397 |
| DWS Floating Rate Fund <br> "Institutional" (a)<br>| 5238722 | &nbsp;&nbsp; 38661767 |
| DWS Global Macro Fund <br> "Institutional" (a)<br>| 2850417 | &nbsp;&nbsp; 32323726 |
| DWS RREEF Global <br> Infrastructure Fund <br> "Institutional" (a)<br>| 4420923 | &nbsp;&nbsp; 67772745 |
| DWS RREEF Real Estate <br> Securities Fund <br> "Institutional" (a)<br>| 1813108 | &nbsp;&nbsp; 38220318 |
| **Total Mutual Funds** (Cost $268,718,192) | **Total Mutual Funds** (Cost $268,718,192) | &nbsp;&nbsp; **261600176** |
| **Exchange-Traded Funds 35.7%** | **Exchange-Traded Funds 35.7%** | **Exchange-Traded Funds 35.7%** |
| iShares JP Morgan USD <br> Emerging Markets Bond <br> ETF<br>| 386003 | &nbsp;&nbsp; 37164369 |
| iShares Preferred & Income <br> Securities ETF<br>| 584595 | &nbsp;&nbsp; 18099061 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| State Street SPDR <br> Bloomberg Convertible <br> Securities ETF<br>| 797734 | &nbsp;&nbsp; 71157873 |
| Xtrackers RREEF Global <br> Natural Resources ETF (b)<br>| 679766 | &nbsp;&nbsp; 19890021 |
| **Total Exchange-Traded Funds** <br> (Cost $125,835,625) | **Total Exchange-Traded Funds** <br> (Cost $125,835,625) | &nbsp;&nbsp; **146311324** |
| **Cash Equivalents 0.5%** | **Cash Equivalents 0.5%** | **Cash Equivalents 0.5%** |
| DWS Central Cash <br> Management Government <br> Fund, 3.77% (a) (c) <br> (Cost $2,058,401)<br>| 2058401 | &nbsp;&nbsp; **2058401** |

---

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

---

| | | |
|:---|:---|:---|
|  | **% of** <br>**Net Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** <br> (Cost $396,612,218)<br>| 100.1 | &nbsp;&nbsp; **409969901** |
| **Other Assets and** <br> **Liabilities, Net**<br>| (0.1)<br>| &nbsp;&nbsp; **(603230)**<br>|
| **Net Assets** | 100.0 | &nbsp;&nbsp; **409366671** |

---

A summary of the Fund's transactions with affiliated Underlying DWS Funds during the year ended December 31, 2025 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at** <br>**12/31/2024**<br>| **Purchases** <br>**Cost ($)**<br>| **Sales** <br>**Proceeds ($)**<br>| **Net Realized** <br>**Gain/** <br>**(Loss) ($)**<br>| **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)** <br> **($)**<br>| **Income ($)** | **Capital Gain** <br>**Distributions** <br> **($)**<br>| **Number** <br>**of Shares** <br>**at** <br>**12/31/2025**<br>| **Value ($) at** <br>**12/31/2025**<br>|
| **Mutual Funds 63.9%** | **Mutual Funds 63.9%** | **Mutual Funds 63.9%** | **Mutual Funds 63.9%** | **Mutual Funds 63.9%** | **Mutual Funds 63.9%** | **Mutual Funds 63.9%** | **Mutual Funds 63.9%** | **Mutual Funds 63.9%** |
| DWS Emerging Markets Fixed Income Fund "Institutional" (a) | DWS Emerging Markets Fixed Income Fund "Institutional" (a) | DWS Emerging Markets Fixed Income Fund "Institutional" (a) | DWS Emerging Markets Fixed Income Fund "Institutional" (a) | DWS Emerging Markets Fixed Income Fund "Institutional" (a) | DWS Emerging Markets Fixed Income Fund "Institutional" (a) | DWS Emerging Markets Fixed Income Fund "Institutional" (a) | DWS Emerging Markets Fixed Income Fund "Institutional" (a) | DWS Emerging Markets Fixed Income Fund "Institutional" (a) |
| 10305949 | 3067367 |  | 41735 | 529172 | 917367 |  | 1815654 | 13944223 |
| DWS Enhanced Commodity Strategy Fund "Institutional" (a) | DWS Enhanced Commodity Strategy Fund "Institutional" (a) | DWS Enhanced Commodity Strategy Fund "Institutional" (a) | DWS Enhanced Commodity Strategy Fund "Institutional" (a) | DWS Enhanced Commodity Strategy Fund "Institutional" (a) | DWS Enhanced Commodity Strategy Fund "Institutional" (a) | DWS Enhanced Commodity Strategy Fund "Institutional" (a) | DWS Enhanced Commodity Strategy Fund "Institutional" (a) | DWS Enhanced Commodity Strategy Fund "Institutional" (a) |
| 61166450 | 5745595 |  |  | 3765352 | 3645595 |  | 11858623 | 70677397 |
| DWS Floating Rate Fund "Institutional" (a) | DWS Floating Rate Fund "Institutional" (a) | DWS Floating Rate Fund "Institutional" (a) | DWS Floating Rate Fund "Institutional" (a) | DWS Floating Rate Fund "Institutional" (a) | DWS Floating Rate Fund "Institutional" (a) | DWS Floating Rate Fund "Institutional" (a) | DWS Floating Rate Fund "Institutional" (a) | DWS Floating Rate Fund "Institutional" (a) |
| 47133092 | 3196671 | 10640000 | (1216725) | 188729 | 3196671 |  | 5238722 | 38661767 |
| DWS Global Macro Fund "Institutional" (a) | DWS Global Macro Fund "Institutional" (a) | DWS Global Macro Fund "Institutional" (a) | DWS Global Macro Fund "Institutional" (a) | DWS Global Macro Fund "Institutional" (a) | DWS Global Macro Fund "Institutional" (a) | DWS Global Macro Fund "Institutional" (a) | DWS Global Macro Fund "Institutional" (a) | DWS Global Macro Fund "Institutional" (a) |
| 35619091 | 733344 | 8200000 | 275787 | 3895504 | 733343 |  | 2850417 | 32323726 |
| DWS RREEF Global Infrastructure Fund "Institutional" (a) | DWS RREEF Global Infrastructure Fund "Institutional" (a) | DWS RREEF Global Infrastructure Fund "Institutional" (a) | DWS RREEF Global Infrastructure Fund "Institutional" (a) | DWS RREEF Global Infrastructure Fund "Institutional" (a) | DWS RREEF Global Infrastructure Fund "Institutional" (a) | DWS RREEF Global Infrastructure Fund "Institutional" (a) | DWS RREEF Global Infrastructure Fund "Institutional" (a) | DWS RREEF Global Infrastructure Fund "Institutional" (a) |
| 65900312 | 8729871 | 8300000 | 272790 | 1169772 | 1569307 | 5360563 | 4420923 | 67772745 |
| DWS RREEF Real Estate Securities Fund "Institutional" (a) | DWS RREEF Real Estate Securities Fund "Institutional" (a) | DWS RREEF Real Estate Securities Fund "Institutional" (a) | DWS RREEF Real Estate Securities Fund "Institutional" (a) | DWS RREEF Real Estate Securities Fund "Institutional" (a) | DWS RREEF Real Estate Securities Fund "Institutional" (a) | DWS RREEF Real Estate Securities Fund "Institutional" (a) | DWS RREEF Real Estate Securities Fund "Institutional" (a) | DWS RREEF Real Estate Securities Fund "Institutional" (a) |
| 38270670 | 996997 |  |  | (1047349) | 996997 |  | 1813108 | 38220318 |
| **Exchange-Traded Funds 4.9%** | **Exchange-Traded Funds 4.9%** | **Exchange-Traded Funds 4.9%** | **Exchange-Traded Funds 4.9%** | **Exchange-Traded Funds 4.9%** | **Exchange-Traded Funds 4.9%** | **Exchange-Traded Funds 4.9%** | **Exchange-Traded Funds 4.9%** | **Exchange-Traded Funds 4.9%** |
| Xtrackers RREEF Global Natural Resources ETF (b) | Xtrackers RREEF Global Natural Resources ETF (b) | Xtrackers RREEF Global Natural Resources ETF (b) | Xtrackers RREEF Global Natural Resources ETF (b) | Xtrackers RREEF Global Natural Resources ETF (b) | Xtrackers RREEF Global Natural Resources ETF (b) | Xtrackers RREEF Global Natural Resources ETF (b) | Xtrackers RREEF Global Natural Resources ETF (b) | Xtrackers RREEF Global Natural Resources ETF (b) |
| 16872876 |  | 933709 | 60824 | 3890030 | 544253 |  | 679766 | 19890021 |
| **Cash Equivalents 0.5%** | **Cash Equivalents 0.5%** | **Cash Equivalents 0.5%** | **Cash Equivalents 0.5%** | **Cash Equivalents 0.5%** | **Cash Equivalents 0.5%** | **Cash Equivalents 0.5%** | **Cash Equivalents 0.5%** | **Cash Equivalents 0.5%** |
| DWS Central Cash Management Government Fund, 3.77% (a) (c) | DWS Central Cash Management Government Fund, 3.77% (a) (c) | DWS Central Cash Management Government Fund, 3.77% (a) (c) | DWS Central Cash Management Government Fund, 3.77% (a) (c) | DWS Central Cash Management Government Fund, 3.77% (a) (c) | DWS Central Cash Management Government Fund, 3.77% (a) (c) | DWS Central Cash Management Government Fund, 3.77% (a) (c) | DWS Central Cash Management Government Fund, 3.77% (a) (c) | DWS Central Cash Management Government Fund, 3.77% (a) (c) |
| 13684056 | 50951950 | 62577605 |  |  | 462543 |  | 2058401 | 2058401 |
| **288952496** | **73421795** | **90651314** | **(565589)** | **12391210** | **12066076** | **5360563** | **30735614** | **283548598** |

---

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

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

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

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

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

---

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

---

------

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

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

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

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

**Fair Value Measurements**

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

The following is a summary of the inputs used as of December 31, 2025 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Mutual Funds | &nbsp;&nbsp; $261600176 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $261600176 |
| Exchange-Traded Funds | &nbsp;&nbsp; 146311324 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 146311324 |
| Short-Term Investments | &nbsp;&nbsp; 2058401 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2058401 |
| **Total** | &nbsp;&nbsp; **$409969901** | &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$409969901** |

---

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

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

---

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

---

------

**Statement of** 

**Assets and Liabilities**

**Statement of Operations**

as of December 31, 2025

------

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in non-affiliated Underlying Funds, <br> at value (cost $107,495,539)<br>| $126421303 |
| Investments in affiliated Underlying Funds, at <br> value (cost $289,116,679)<br>| 283548598 |
| Receivable for Fund shares sold | 9974 |
| Due from Advisor | 90451 |
| Other assets | 5820 |
| Total assets | 410076146 |
| **Liabilities** |  |
| Payable for Fund shares redeemed | 409741 |
| Accrued management fee | 35588 |
| Accrued Trustees' fees | 3599 |
| Other accrued expenses and payables | 260547 |
| Total liabilities | 709475 |
| **Net assets, at value** | **$409366671** |
| **Net Assets Consist of** |  |
| Distributable earnings (loss) | 27511574 |
| Paid-in capital | 381855097 |
| **Net assets, at value** | **$409366671** |
| **Net Asset Value** |  |
| **Class A** |  |
| **Net Asset Value,** offering and redemption price <br> per share ($60,642,152 ÷ 4,423,346 outstanding <br> shares of beneficial interest, no par value, <br> unlimited number of shares authorized)<br>| **$13.71** |
| **Class B** |  |
| **Net Asset Value,** offering and redemption price <br> per share ($348,724,519 ÷ 25,445,682 <br> outstanding shares of beneficial interest, <br> no par value, unlimited number of <br> shares authorized)<br>| **$13.70** |

---

for the year ended December 31, 2025

------

---

| | |
|:---|:---|
| **Investment Income** |  |
| Income: |  |
| Dividends | $4601673 |
| Income distributions from affiliated <br> Underlying Funds<br>| 12066076 |
| Total income | 16667749 |
| Expenses: |  |
| Management fee | 410047 |
| Administration fee | 397746 |
| Services to shareholders | 1643 |
| Record keeping fee (Class B) | 476153 |
| Distribution service fee (Class B) | 882491 |
| Custodian fee | 5778 |
| Professional fees | 72510 |
| Reports to shareholders | 11003 |
| Registration fees | 17 |
| Trustees' fees and expenses | 13298 |
| Other | 57404 |
| Total expenses | 2328090 |
| **Net investment income** | **14339659** |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) from: |  |
| Sale of affiliated Underlying Funds | (565589)<br>|
| Sale of non-affiliated Underlying Funds | 3249992 |
| Capital gain distributions from affiliated <br> Underlying Funds<br>| 5360563 |
| Payments by affiliates (see Note E) | 90451 |
|  | 8135417 |
| Change in net unrealized appreciation <br> (depreciation) on:<br>|  |
| Affiliated Underlying Funds | 12391210 |
| Non-affiliated Underlying Funds | 4524129 |
|  | 16915339 |
| **Net gain (loss)** | **25050756** |
| **Net increase (decrease) in net assets resulting** <br> **from operations**<br>| **$39390415** |

---

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

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

---

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

---

------

**Statements of Changes in Net Assets**

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

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
| **Increase (Decrease) in Net Assets** | **2025** | **2024** |
| Operations: |  |  |
| Net investment income | $14339659 | $15536255 |
| Net realized gain (loss) | 8135417 | (3512035)<br>|
| Change in net unrealized appreciation <br>(depreciation)<br>| 16915339 | 10427863 |
| Net increase (decrease) in net assets resulting from operations | 39390415 | 22452083 |
| Distributions to shareholders: |  |  |
| Class A | (2283285)<br>| (2039349)<br>|
| Class B | (13155373)<br>| (12519630)<br>|
| Total distributions | (15438658)<br>| (14558979)<br>|
| Fund share transactions: |  |  |
| **Class A** |  |  |
| Proceeds from shares sold | 6008407 | 5683774 |
| Reinvestment of distributions | 2283285 | 2039349 |
| Payments for shares redeemed | (7383236)<br>| (3390305)<br>|
| Net increase (decrease) in net assets from Class A share transactions | 908456 | 4332818 |
| **Class B** |  |  |
| Proceeds from shares sold | 10266385 | 6600254 |
| Reinvestment of distributions | 13155373 | 12519630 |
| Payments for shares redeemed | (53068636)<br>| (38913382)<br>|
| Net increase (decrease) in net assets from Class B share transactions | (29646878)<br>| (19793498)<br>|
| **Increase (decrease) in net assets** | (4786665)<br>| (7567576)<br>|
| Net assets at beginning of period | 414153336 | 421720912 |
| **Net assets at end of period** | **$409366671** | **$414153336** |

---

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

---

| | | |
|:---|:---|:---|
| **Other Information** |  |  |
| **Class A** |  |  |
| Shares outstanding at beginning of period | 4352668 | 4006960 |
| Shares sold | 453131 | 444138 |
| Shares issued to shareholders in reinvestment of distributions | 179222 | 165532 |
| Shares redeemed | (561675)<br>| (263962)<br>|
| Net increase (decrease) in Class A shares | 70678 | 345708 |
| Shares outstanding at end of period | **4423346** | **4352668** |
| **Class B** |  |  |
| Shares outstanding at beginning of period | 27641179 | 29134598 |
| Shares sold | 770079 | 516162 |
| Shares issued to shareholders in reinvestment of distributions | 1030178 | 1013735 |
| Shares redeemed | (3995754)<br>| (3023316)<br>|
| Net increase (decrease) in Class B shares | (2195497)<br>| (1493419)<br>|
| Shares outstanding at end of period | **25445682** | **27641179** |

---

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

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

---

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

---

------

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DWS Alternative Asset Allocation VIP** — **Class A** | **DWS Alternative Asset Allocation VIP** — **Class A** | **DWS Alternative Asset Allocation VIP** — **Class A** | **DWS Alternative Asset Allocation VIP** — **Class A** | **DWS Alternative Asset Allocation VIP** — **Class A** | **DWS Alternative Asset Allocation VIP** — **Class A** |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |
| **Net asset value, beginning of period** | &nbsp;&nbsp; **$12.95** | &nbsp;&nbsp; **$12.74** | &nbsp;&nbsp; **$12.99** | &nbsp;&nbsp; **$15.13** | &nbsp;&nbsp; **$13.70** |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>a</sup> <br>| &nbsp;&nbsp; .51 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .47 | &nbsp;&nbsp; .88 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; (1.93)<br>| &nbsp;&nbsp; .69 |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .76 | &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.73 |
| Less distributions from: |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (.56)<br>| &nbsp;&nbsp; (.48)<br>| &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp; (.30)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; — |
| **Total distributions** | &nbsp;&nbsp; (.56)<br>| &nbsp;&nbsp; (.49)<br>| &nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp; (.30)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; **$13.71** | &nbsp;&nbsp; **$12.95** | &nbsp;&nbsp; **$12.74** | &nbsp;&nbsp; **$12.99** | &nbsp;&nbsp; **$15.13** |
| Total Return (%)<sup>b</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;10.50 | &nbsp;&nbsp;&nbsp;&nbsp;5.64 | &nbsp;&nbsp;&nbsp;&nbsp;6.19 | &nbsp;&nbsp; (7.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.74 |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp; 61 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 47 |
| Ratio of expenses (%)<sup>c,d</sup> <br>| &nbsp;&nbsp; .24 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; .23 |
| Ratio of net investment income (%) | &nbsp;&nbsp;&nbsp;&nbsp;3.86 | &nbsp;&nbsp;&nbsp;&nbsp;4.02 | &nbsp;&nbsp;&nbsp;&nbsp;3.76 | &nbsp;&nbsp;&nbsp;&nbsp;6.44 | &nbsp;&nbsp;&nbsp;&nbsp;7.13 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 19 |

---

&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> 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>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;

---

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

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DWS Alternative Asset Allocation VIP** — **Class B** | **DWS Alternative Asset Allocation VIP** — **Class B** | **DWS Alternative Asset Allocation VIP** — **Class B** | **DWS Alternative Asset Allocation VIP** — **Class B** | **DWS Alternative Asset Allocation VIP** — **Class B** | **DWS Alternative Asset Allocation VIP** — **Class B** |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Per Share Data** |  |  |  |  |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp; **$12.94** | &nbsp;&nbsp; **$12.72** | &nbsp;&nbsp; **$12.98** | &nbsp;&nbsp; **$15.11** | &nbsp;&nbsp; **$13.68** |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>a</sup> <br>| &nbsp;&nbsp; .46 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; .80 | &nbsp;&nbsp; .93 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; .80 | &nbsp;&nbsp; .20 | &nbsp;&nbsp; .28 | &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; .75 |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.68 |
| Less distributions from: |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (.50)<br>| &nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp; (.84)<br>| &nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp; (.25)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; — |
| **Total distributions** | &nbsp;&nbsp; (.50)<br>| &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; (.96)<br>| &nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp; (.25)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; **$13.70** | &nbsp;&nbsp; **$12.94** | &nbsp;&nbsp; **$12.72** | &nbsp;&nbsp; **$12.98** | &nbsp;&nbsp; **$15.11** |
| Total Return (%)<sup>b</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;10.03 | &nbsp;&nbsp;&nbsp;&nbsp;5.30 | &nbsp;&nbsp;&nbsp;&nbsp;5.67 | &nbsp;&nbsp; (7.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.35 <br><sup>c</sup><br>|
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp; 349 | &nbsp;&nbsp; 358 | &nbsp;&nbsp; 371 | &nbsp;&nbsp; 376 | &nbsp;&nbsp; 447 |
| Ratio of expenses before expense reductions (%)<sup>d,e</sup> <br>| &nbsp;&nbsp; .62 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .61 |
| Ratio of expenses after expense reductions (%)<sup>d,e</sup> <br>| &nbsp;&nbsp; .62 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .60 |
| Ratio of net investment income (%) | &nbsp;&nbsp;&nbsp;&nbsp;3.44 | &nbsp;&nbsp;&nbsp;&nbsp;3.60 | &nbsp;&nbsp;&nbsp;&nbsp;3.35 | &nbsp;&nbsp;&nbsp;&nbsp;5.81 | &nbsp;&nbsp;&nbsp;&nbsp;6.37 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 19 |

---

&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;

---

| | |
|:---|:---|
| **8** \|  | Deutsche DWS Variable Series II —<br> DWS Alternative Asset Allocation VIP <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 is an underlying investment vehicle for variable annuity contracts and variable life insurance policies to be offered by the separate accounts of certain life insurance companies ("Participating Insurance Companies"). The Fund mainly invests in other affiliated DWS funds (i.e., mutual funds, exchange-traded funds and other pooled investment vehicles managed by DWS Investment Management Americas, Inc. or one of its affiliates, together the "Underlying DWS Funds"), non-affiliated exchange-traded funds ("Non-affiliated ETFs"), non-affiliated exchange-traded notes ("Non-affiliated ETNs") and derivative investments. Non-affiliated ETFs, Non-affiliated ETNs and Underlying DWS Funds are collectively referred to as "Underlying Funds." During the year ended December 31, 2025, the Fund primarily invested in Underlying DWS Funds and non-affiliated ETFs. Each Underlying DWS Fund's accounting policies and investment holdings are outlined in the Underlying DWS Funds' financial statements and are available upon request.

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

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

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

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

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

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

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

---

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

---

------

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

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

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

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

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

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

The Fund files tax returns with the Internal Revenue Service, the State of New York, and various other states. Each of the tax years in the four-year period ended December 31, 2025, remains subject to examination by taxing authorities.

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

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

At December 31, 2025, the Fund's components of distributable earnings (accumulated losses) on a net tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income\* | &nbsp;&nbsp; $14281912 |
| Undistributed long-term capital gains | &nbsp;&nbsp; $7494137 |
| Net unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; $5735525 |

---

At December 31, 2025, the aggregate cost of investments for federal income tax purposes was $404,234,376. The net unrealized appreciation for all investments based on tax cost was $5,735,525. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $34,442,254 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $28,706,729.

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

---

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

---

------

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,** |
|  | **2025** | **2024** |
| Distributions from ordinary income\* | &nbsp;&nbsp; $15438658 | &nbsp;&nbsp; $14348592 |
| Distributions from long-term capital gains | &nbsp;&nbsp; $— | &nbsp;&nbsp; $210387 |

---

&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, 2025, purchases and sales of affiliated Underlying Funds (excluding short-term investments) aggregated $22,469,845 and $28,073,709, respectively. Purchases and sales of Non-affiliated ETFs aggregated $49,204,395 and $56,185,033, respectively.

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

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

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

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

---

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

---

Accordingly, for the year ended December 31, 2025, 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 and, when applicable, affiliates of the Advisor will receive management fees from managing the Underlying DWS Funds in which the Fund invests.

The Fund does not invest in the Underlying DWS Funds for the purpose of exercising management or control; however, investments within the set limits may represent 5% or more of an Underlying DWS Fund's outstanding shares. At December 31, 2025, the Fund held approximately 27% of DWS Emerging Markets Fixed Income Fund, 9% of DWS Enhanced Commodity Strategy Fund, 36% of DWS Floating Rate Fund,

&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**  |

---

------

19% of DWS Global Macro Fund, 8% of DWS RREEF Global Infrastructure Fund and 59% of Xtrackers RREEF Global Natural Resources ETF.

For the period from January 1, 2025 through September 30, 2025, 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 | &nbsp;&nbsp; 1.05% |
| Class B | &nbsp;&nbsp; 1.43% |

---

Effective October 1, 2025 through September 30, 2026, 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:

---

| | |
|:---|:---|
| Class A | &nbsp;&nbsp; 1.06% |
| Class B | &nbsp;&nbsp; 1.44% |

---

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

**Administration Fee.** Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.097% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the year ended December 31, 2025, the Administration Fee was $397,746, of which $33,924 is unpaid.

**Service Provider Fees.** DWS Service Company ("DSC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and SS&C GIDS, Inc. ("SS&C"), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to SS&C. DSC compensates SS&C out of the shareholder servicing fee it receives from the Fund. For the year ended December 31, 2025, the amounts charged to the Fund by DSC were as follows:

---

| | | |
|:---|:---|:---|
| **Services to Shareholders** | **Total** <br>**Aggregated**<br>| **Unpaid at** <br>**December 31, 2025**<br>|
| Class A | &nbsp;&nbsp; $281 | &nbsp;&nbsp; $47 |
| Class B | &nbsp;&nbsp; 409 | &nbsp;&nbsp; 69 |
|  | &nbsp;&nbsp; **$690** | &nbsp;&nbsp; **$116** |

---

**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, 2025, the Distribution Service Fee aggregated $882,491, of which $74,587 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, 2025, the amount charged to the Fund by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $834, of which $182 is unpaid.

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

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

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

---

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

---

------

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

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

At December 31, 2025, two Participating Insurance Companies were owners of record of 10% or more of the total outstanding Class A shares of the Fund, each owning 73% and 19%, respectively. Two Participating Insurance Companies were the owners of record of 10% or more of the total outstanding Class B shares of the Fund, each owning 80% and 10%, respectively.

**E.** **Payments by Affiliates**

During the year ended December 31, 2025, the Advisor agreed to reimburse the Fund $90,451 for an operation error incurred by the Fund. The amount reimbursed was 0.02% of the Fund's average net assets.

&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;\| **13**  |

---

------

**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, 2025, 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, 2025, 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, 2025, 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.

![](img1bb4d3892.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 12, 2026

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

---

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

---

------

**Tax Information (Unaudited)**

Pursuant to Section 852 of the Internal Revenue Code, the Fund designates $8,244,000 as capital gain dividends for its year ended December 31, 2025.

Please consult a tax advisor if you have questions about federal or state income tax laws, or on how to prepare your tax returns. If you have specific questions about your account, please contact your insurance provider.

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

---

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

---

------

**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 2025.

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

—

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

—

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

—

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

—

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

—

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

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

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

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

**Nature, Quality and Extent of Services.** The Board considered the terms of the Agreements, including the scope of advisory services provided under the Agreements. The Board noted that, under the Agreements, DIMA and RREEF provide portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA's approach to addressing such risks. Throughout the course of the year, the Board also received information regarding DIMA's oversight of fund sub-advisors, including RREEF. The Board reviewed the Fund's performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied by Morningstar Direct ("Morningstar"), an independent fund data service. The Board also noted that it has put into place a process of identifying "Funds in Review" (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA's plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for the one-, three- and five-year periods ended December 31, 2024, the Fund's performance (Class A shares) was equal to the median, in the 1st quartile and in the 1st quartile, respectively, of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the

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

---

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

---

------

worst performers). The Board also observed that the Fund has underperformed its benchmark in the one-, three- and five-year periods ended December 31, 2024.

**Fees and Expenses.** The Board considered the Fund's investment management fee schedule, sub-advisory fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. ("Broadridge") regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.097% fee paid to DIMA under the Fund's administrative services agreement, were lower than the median (2nd quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2024). 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, 2024, and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees, but inclusive of acquired fund fees and expenses) ("Broadridge Universe Expenses"). The Board also reviewed data comparing each other operational share class's total (net) operating expenses to the applicable Broadridge Universe Expenses. The Board noted that the expense limitations agreed to by DIMA were expected to help the Fund's total (net) operating expenses remain competitive. The Board considered the Fund's management fee rate as compared to fees charged by DIMA to comparable DWS U.S. registered funds ("DWS Funds") and considered differences between the Fund and the comparable DWS Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors ("DWS Europe Funds") managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

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

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

&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;\| **17**  |

---

------

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

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

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

VS2AAA-BFE2025

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

---

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

---

------

![](imga04686431.jpg)

VS2AAA-NCSRA

------

December 31, 2025

**Annual Financial Statements and Other Information**

Deutsche DWS Variable Series II

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

![](img110d57971.jpg)

------

**Contents** 

---

| | |
|:---|:---|
| **3** | [Investment Portfolio](#xx_adde5f87-d842-489d-9a3a-5cf900aa9d46_SOI-CC-Financial-RunningFooter-349_1) |
| **6** | [Statement of Assets and Liabilities](#xx_adde5f87-d842-489d-9a3a-5cf900aa9d46_FS-CC-Financial-RunningFooter-349_1) |
| **6** | [Statement of Operations](#xx_adde5f87-d842-489d-9a3a-5cf900aa9d46_FS-CC-Financial-RunningFooter-349_1) |
| **7** | [Statements of Changes in Net Assets](#xx_adde5f87-d842-489d-9a3a-5cf900aa9d46_FS-CC-Financial-RunningFooter-349_2) |
| **8** | [Financial Highlights](#xx_adde5f87-d842-489d-9a3a-5cf900aa9d46_FIHI-CC-Financial-RunningFooter-349_1) |
| **9** | [Notes to Financial Statements](#xx_adde5f87-d842-489d-9a3a-5cf900aa9d46_NTF-CC-Financial-RunningFooter-349_1) |
| **14** | [Report of Independent Registered Public Accounting Firm](#xx_adde5f87-d842-489d-9a3a-5cf900aa9d46_AUD-CC-Financial-RunningFooter-349_1) |
| **15** | [Tax Information](#xx_adde5f87-d842-489d-9a3a-5cf900aa9d46_FEXPTI-CC-Financial-RunningFooter-349_1) |
| **16** | [Advisory Agreement Board Considerations and Fee Evaluation](#xx_adde5f87-d842-489d-9a3a-5cf900aa9d46_AABCF-CC-Financial-RunningFooter-349_1) |

---

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

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

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

---

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

---

------

**Investment Portfolioas of December 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Common Stocks 99.2%** | **Common Stocks 99.2%** |  |
| **Communication Services 10.5%** | **Communication Services 10.5%** |  |
| **Entertainment 1.1%** | **Entertainment 1.1%** |  |
| Warner Bros Discovery, Inc.\* | 53103 | &nbsp;&nbsp; **1530428** |
| **Interactive Media & Services 5.1%** | **Interactive Media & Services 5.1%** |  |
| Alphabet, Inc. "A" | 15130 | &nbsp;&nbsp; 4735690 |
| Meta Platforms, Inc. "A" | 4061 | &nbsp;&nbsp; 2680626 |
|  |  | &nbsp;&nbsp; **7416316** |
| **Media 3.9%** | **Media 3.9%** |  |
| Fox Corp. "A" | 78592 | &nbsp;&nbsp; **5742717** |
| **Wireless Telecommunication Services 0.4%** | **Wireless Telecommunication Services 0.4%** |  |
| T-Mobile U.S., Inc. | 2894 | &nbsp;&nbsp; **587598** |
| **Consumer Discretionary 7.6%** | **Consumer Discretionary 7.6%** |  |
| **Automobile Components 0.8%** | **Automobile Components 0.8%** |  |
| Aptiv PLC\* | 15940 | &nbsp;&nbsp; **1212875** |
| **Hotels, Restaurants & Leisure 3.4%** | **Hotels, Restaurants & Leisure 3.4%** |  |
| Boyd Gaming Corp. | 40098 | &nbsp;&nbsp; 3417953 |
| Travel & Leisure Co. | 21228 | &nbsp;&nbsp; 1497211 |
|  |  | &nbsp;&nbsp; **4915164** |
| **Household Durables 2.0%** | **Household Durables 2.0%** |  |
| D.R. Horton, Inc. | 19879 | &nbsp;&nbsp; **2863172** |
| **Specialty Retail 1.4%** | **Specialty Retail 1.4%** |  |
| AutoNation, Inc.\* | 6206 | &nbsp;&nbsp; 1281415 |
| Bath & Body Works, Inc. | 38483 | &nbsp;&nbsp; 772739 |
|  |  | &nbsp;&nbsp; **2054154** |
| **Consumer Staples 9.4%** | **Consumer Staples 9.4%** |  |
| **Beverages 2.4%** | **Beverages 2.4%** |  |
| Constellation Brands, Inc. "A" | 2611 | &nbsp;&nbsp; 360213 |
| Keurig Dr Pepper, Inc. | 12564 | &nbsp;&nbsp; 351918 |
| Molson Coors Beverage Co. <br> "B" (a)<br>| 53867 | &nbsp;&nbsp; 2514511 |
| PepsiCo, Inc. | 2463 | &nbsp;&nbsp; 353490 |
|  |  | &nbsp;&nbsp; **3580132** |
| **Consumer Staples Distribution & Retail 0.3%** | **Consumer Staples Distribution & Retail 0.3%** |  |
| Dollar General Corp. | 3289 | &nbsp;&nbsp; **436681** |
| **Food Products 4.9%** | **Food Products 4.9%** |  |
| Kraft Heinz Co. | 194536 | &nbsp;&nbsp; 4717498 |
| The J.M. Smucker Co. | 24500 | &nbsp;&nbsp; 2396345 |
|  |  | &nbsp;&nbsp; **7113843** |
| **Tobacco 1.8%** | **Tobacco 1.8%** |  |
| Altria Group, Inc. | 45446 | &nbsp;&nbsp; **2620416** |
| **Energy 4.3%** | **Energy 4.3%** |  |
| **Oil, Gas & Consumable Fuels 4.3%** | **Oil, Gas & Consumable Fuels 4.3%** |  |
| Devon Energy Corp. | 95806 | &nbsp;&nbsp; 3509374 |
| EOG Resources, Inc. | 6118 | &nbsp;&nbsp; 642451 |
| ONEOK, Inc. | 27635 | &nbsp;&nbsp; 2031173 |
|  |  | &nbsp;&nbsp; **6182998** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Financials 16.3%** | **Financials 16.3%** |  |
| **Banks 6.6%** | **Banks 6.6%** |  |
| Bank of America Corp. | 24029 | &nbsp;&nbsp; 1321595 |
| Citigroup, Inc. | 3772 | &nbsp;&nbsp; 440155 |
| Fifth Third Bancorp. | 8879 | &nbsp;&nbsp; 415626 |
| JPMorgan Chase & Co. | 11243 | &nbsp;&nbsp; 3622719 |
| Regions Financial Corp. | 22635 | &nbsp;&nbsp; 613409 |
| U.S. Bancorp. | 34605 | &nbsp;&nbsp; 1846523 |
| Wells Fargo & Co. | 14892 | &nbsp;&nbsp; 1387934 |
|  |  | &nbsp;&nbsp; **9647961** |
| **Capital Markets 2.7%** | **Capital Markets 2.7%** |  |
| State Street Corp. | 30292 | &nbsp;&nbsp; **3907971** |
| **Consumer Finance 3.5%** | **Consumer Finance 3.5%** |  |
| Capital One Financial Corp. | 3856 | &nbsp;&nbsp; 934540 |
| Synchrony Financial | 50591 | &nbsp;&nbsp; 4220807 |
|  |  | &nbsp;&nbsp; **5155347** |
| **Financial Services 3.5%** | **Financial Services 3.5%** |  |
| Fiserv, Inc.\* | 19646 | &nbsp;&nbsp; 1319622 |
| Global Payments, Inc. | 20909 | &nbsp;&nbsp; 1618357 |
| PayPal Holdings, Inc. | 36259 | &nbsp;&nbsp; 2116800 |
|  |  | &nbsp;&nbsp; **5054779** |
| **Health Care 24.9%** | **Health Care 24.9%** |  |
| **Biotechnology 5.0%** | **Biotechnology 5.0%** |  |
| BioMarin Pharmaceutical, <br> Inc.\*<br>| 35519 | &nbsp;&nbsp; 2110894 |
| Gilead Sciences, Inc. | 18814 | &nbsp;&nbsp; 2309230 |
| Regeneron Pharmaceuticals, <br> Inc.<br>| 3633 | &nbsp;&nbsp; 2804204 |
|  |  | &nbsp;&nbsp; **7224328** |
| **Health Care Equipment & Supplies 4.3%** | **Health Care Equipment & Supplies 4.3%** |  |
| GE HealthCare Technologies, <br> Inc.<br>| 5741 | &nbsp;&nbsp; 470877 |
| Hologic, Inc.\* | 16138 | &nbsp;&nbsp; 1202120 |
| Medtronic PLC | 20968 | &nbsp;&nbsp; 2014186 |
| Teleflex, Inc. | 16504 | &nbsp;&nbsp; 2014148 |
| Zimmer Biomet Holdings, Inc. | 6560 | &nbsp;&nbsp; 589875 |
|  |  | &nbsp;&nbsp; **6291206** |
| **Health Care Providers & Services 1.4%** | **Health Care Providers & Services 1.4%** |  |
| HCA Healthcare, Inc. | 1574 | &nbsp;&nbsp; 734838 |
| Tenet Healthcare Corp.\* | 6492 | &nbsp;&nbsp; 1290090 |
|  |  | &nbsp;&nbsp; **2024928** |
| **Pharmaceuticals 14.2%** | **Pharmaceuticals 14.2%** |  |
| Bristol-Myers Squibb Co. | 82395 | &nbsp;&nbsp; 4444387 |
| Johnson & Johnson | 21097 | &nbsp;&nbsp; 4366024 |
| Merck & Co., Inc. | 49531 | &nbsp;&nbsp; 5213633 |
| Pfizer, Inc. | 155440 | &nbsp;&nbsp; 3870456 |
| Viatris, Inc. | 229598 | &nbsp;&nbsp; 2858495 |
|  |  | &nbsp;&nbsp; **20752995** |

---

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

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

---

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

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Industrials 9.0%** | **Industrials 9.0%** |  |
| **Aerospace & Defense 1.3%** | **Aerospace & Defense 1.3%** |  |
| Lockheed Martin Corp. | 4006 | &nbsp;&nbsp; **1937582** |
| **Building Products 1.2%** | **Building Products 1.2%** |  |
| Allegion PLC | 6644 | &nbsp;&nbsp; 1057858 |
| Masco Corp. | 10581 | &nbsp;&nbsp; 671470 |
|  |  | &nbsp;&nbsp; **1729328** |
| **Electrical Equipment 0.4%** | **Electrical Equipment 0.4%** |  |
| Acuity, Inc. | 1786 | &nbsp;&nbsp; **643031** |
| **Machinery 2.5%** | **Machinery 2.5%** |  |
| Cummins, Inc. | 3439 | &nbsp;&nbsp; 1755438 |
| PACCAR, Inc. | 16795 | &nbsp;&nbsp; 1839220 |
|  |  | &nbsp;&nbsp; **3594658** |
| **Passenger Airlines 0.6%** | **Passenger Airlines 0.6%** |  |
| Delta Air Lines, Inc. | 12589 | &nbsp;&nbsp; **873676** |
| **Professional Services 2.8%** | **Professional Services 2.8%** |  |
| Leidos Holdings, Inc. | 9405 | &nbsp;&nbsp; 1696662 |
| SS&C Technologies Holdings, <br> Inc.<br>| 26316 | &nbsp;&nbsp; 2300545 |
|  |  | &nbsp;&nbsp; **3997207** |
| **Trading Companies & Distributors 0.2%** | **Trading Companies & Distributors 0.2%** |  |
| Ferguson Enterprises, Inc. | 1563 | &nbsp;&nbsp; **347971** |
| **Information Technology 14.9%** | **Information Technology 14.9%** |  |
| **Communications Equipment 1.0%** | **Communications Equipment 1.0%** |  |
| Cisco Systems, Inc. | 20160 | &nbsp;&nbsp; **1552925** |
| **IT Services 7.0%** | **IT Services 7.0%** |  |
| Amdocs Ltd. | 30765 | &nbsp;&nbsp; 2476890 |
| Cognizant Technology <br> Solutions Corp. "A"<br>| 92592 | &nbsp;&nbsp; 7685136 |
|  |  | &nbsp;&nbsp; **10162026** |
| **Semiconductors & Semiconductor** <br> **Equipment 4.9%** | **Semiconductors & Semiconductor** <br> **Equipment 4.9%** |  |
| Applied Materials, Inc. | 13417 | &nbsp;&nbsp; 3448035 |
| QUALCOMM, Inc. | 21323 | &nbsp;&nbsp; 3647299 |
|  |  | &nbsp;&nbsp; **7095334** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Software 1.1%** | **Software 1.1%** |  |
| Gen Digital, Inc. | 58444 | &nbsp;&nbsp; **1589092** |
| **Technology Hardware, Storage &** <br> **Peripherals 0.9%** | **Technology Hardware, Storage &** <br> **Peripherals 0.9%** |  |
| Dell Technologies, Inc. "C" | 10210 | &nbsp;&nbsp; **1285235** |
| **Materials 2.3%** | **Materials 2.3%** |  |
| **Construction Materials 0.5%** | **Construction Materials 0.5%** |  |
| Amrize Ltd.\* | 13678 | &nbsp;&nbsp; **739706** |
| **Containers & Packaging 0.3%** | **Containers & Packaging 0.3%** |  |
| Smurfit WestRock PLC | 9953 | &nbsp;&nbsp; **384882** |
| **Metals & Mining 1.5%** | **Metals & Mining 1.5%** |  |
| Newmont Corp. | 22009 | &nbsp;&nbsp; **2197599** |
| **Total Common Stocks** (Cost $114,718,435) | **Total Common Stocks** (Cost $114,718,435) | &nbsp;&nbsp; **144446261** |
| **Cash Equivalents 0.9%** | **Cash Equivalents 0.9%** | **Cash Equivalents 0.9%** |
| DWS Central Cash <br> Management Government <br> Fund, 3.77% (b) <br> (Cost $1,229,241)<br>| 1229241 | &nbsp;&nbsp; **1229241** |

---

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

---

| | | |
|:---|:---|:---|
|  | **% of** <br>**Net Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** <br> (Cost $115,947,676)<br>| 100.1 | &nbsp;&nbsp; **145675502** |
| **Other Assets and** <br> **Liabilities, Net**<br>| (0.1)<br>| &nbsp;&nbsp; **(92582)**<br>|
| **Net Assets** | 100.0 | &nbsp;&nbsp; **145582920** |

---

A summary of the Fund's transactions with affiliated investments during the year ended December 31, 2025 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at** <br>**12/31/2024**<br>| **Purchases** <br>**Cost ($)**<br>| **Sales** <br>**Proceeds ($)**<br>| **Net Realized** <br>**Gain/** <br>**(Loss) ($)**<br>| **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)** <br> **($)**<br>| **Income ($)** | **Capital Gain** <br>**Distributions** <br> **($)**<br>| **Number** <br>**of Shares** <br>**at** <br>**12/31/2025**<br>| **Value ($) at** <br>**12/31/2025**<br>|
| **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (b) (c) |
|  | 0 (d) |  |  |  | 826 |  |  |  |
| **Cash Equivalents 0.9%** | **Cash Equivalents 0.9%** | **Cash Equivalents 0.9%** | **Cash Equivalents 0.9%** | **Cash Equivalents 0.9%** | **Cash Equivalents 0.9%** | **Cash Equivalents 0.9%** | **Cash Equivalents 0.9%** | **Cash Equivalents 0.9%** |
| DWS Central Cash Management Government Fund, 3.77% (b) | DWS Central Cash Management Government Fund, 3.77% (b) | DWS Central Cash Management Government Fund, 3.77% (b) | DWS Central Cash Management Government Fund, 3.77% (b) | DWS Central Cash Management Government Fund, 3.77% (b) | DWS Central Cash Management Government Fund, 3.77% (b) | DWS Central Cash Management Government Fund, 3.77% (b) | DWS Central Cash Management Government Fund, 3.77% (b) | DWS Central Cash Management Government Fund, 3.77% (b) |
| 890296 | 11910186 | 11571241 |  |  | 33028 |  | 1229241 | 1229241 |
| **890296** | **11910186** | **11571241** |  |  | **33854** |  | **1229241** | **1229241** |

---

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

\* Non-income producing security.

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

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

---

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

---

------

&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) 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, 2025 amounted to $1,913,880, which is 1.3% of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $1,957,362.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended December 31, 2025.

**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, 2025 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks (a) | &nbsp;&nbsp; $144446261 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $144446261 |
| Short-Term Investments | &nbsp;&nbsp; 1229241 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1229241 |
| **Total** | &nbsp;&nbsp; **$145675502** | &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$145675502** |

---

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

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

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

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

---

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

---

------

**Statement of** 

**Assets and Liabilities**

**Statement of Operations**

as of December 31, 2025

------

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in non-affiliated securities, at value <br> (cost $114,718,435) — including $1,913,880 of <br> securities loaned<sup>\*</sup> <br>| $144446261 |
| Investment in DWS Central Cash Management <br> Government Fund (cost $1,229,241)<br>| 1229241 |
| Cash | 3415 |
| Dividends receivable | 185202 |
| Affiliated securities lending income receivable | 185 |
| Other assets | 1695 |
| Total assets | 145865999 |
| **Liabilities** |  |
| Payable for Fund shares redeemed | 126172 |
| Accrued management fee | 70058 |
| Accrued Trustees' fees | 2350 |
| Other accrued expenses and payables | 84499 |
| Total liabilities | 283079 |
| **Net assets, at value** | **$145582920** |
| **Net Assets Consist of** |  |
| Distributable earnings (loss) | 47550149 |
| Paid-in capital | 98032771 |
| **Net assets, at value** | **$145582920** |
| **Net Asset Value** |  |
| **Class A** |  |
| **Net Asset Value,** offering and redemption price <br> per share ($145,582,920 ÷ 7,735,603 <br> outstanding shares of beneficial interest, <br> no par value, unlimited number of <br> shares authorized)<br>| **$18.82** |

---

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

\* The Fund held non-cash collateral having a value of $1,957,362. 

for the year ended December 31, 2025

------

---

| | |
|:---|:---|
| **Investment Income** |  |
| Income: |  |
| Dividends (net of foreign taxes withheld of $944) | $3158571 |
| Income distributions — DWS Central Cash <br> Management Government Fund<br>| 33028 |
| Affiliated securities lending income | 826 |
| Total income | 3192425 |
| Expenses: |  |
| Management fee | 810110 |
| Administration fee | 130968 |
| Services to shareholders | 793 |
| Custodian fee | 4361 |
| Professional fees | 72590 |
| Reports to shareholders | 24793 |
| Trustees' fees and expenses | 5153 |
| Other | 25422 |
| Total expenses before expense reductions | 1074190 |
| Expense reductions | (119444)<br>|
| Total expenses after expense reductions | 954746 |
| **Net investment income** | **2237679** |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) from investments | 15980191 |
| Change in net unrealized appreciation <br> (depreciation) on investments<br>| 3378732 |
| **Net gain (loss)** | **19358923** |
| **Net increase (decrease) in net assets resulting** <br> **from operations**<br>| **$21596602** |

---

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

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

---

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

---

------

**Statements of Changes in Net Assets**

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

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
| **Increase (Decrease) in Net Assets** | **2025** | **2024**<sup>\*</sup> |
| Operations: |  |  |
| Net investment income | $2237679 | $1823526 |
| Net realized gain (loss) | 15980191 | 14407398 |
| Change in net unrealized appreciation <br>(depreciation)<br>| 3378732 | 6444825 |
| Net increase (decrease) in net assets resulting from operations | 21596602 | 22675749 |
| Distributions to shareholders: |  |  |
| Class A | (13636482)<br>| (2052433)<br>|
| Class B |  | (30147)<br>|
| Total distributions | (13636482)<br>| (2082580)<br>|
| Fund share transactions: |  |  |
| **Class A** |  |  |
| Proceeds from shares sold | 1462377 | 1106437 |
| Reinvestment of distributions | 13636482 | 2052433 |
| Payments for shares redeemed | (15945313)<br>| (15998911)<br>|
| Net increase (decrease) in net assets from Class A share transactions | (846454)<br>| (12840041)<br>|
| **Class B** |  |  |
| Proceeds from shares sold |  | 911815 |
| Reinvestment of distributions |  | 30147 |
| Payments for shares redeemed |  | (3833035)<br>|
| Net increase (decrease) in net assets from Class B share transactions |  | (2891073)<br>|
| **Increase (decrease) in net assets** | 7113666 | 4862055 |
| Net assets at beginning of period | 138469254 | 133607199 |
| **Net assets at end of period** | **$145582920** | **$138469254** |

---

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

---

| | | |
|:---|:---|:---|
| **Other Information** |  |  |
| **Class A** |  |  |
| Shares outstanding at beginning of period | 7658923 | 8399063 |
| Shares sold | 87626 | 64796 |
| Shares issued to shareholders in reinvestment of distributions | 917664 | 125685 |
| Shares redeemed | (928610)<br>| (930621)<br>|
| Net increase (decrease) in Class A shares | 76680 | (740140)<br>|
| Shares outstanding at end of period | **7735603** | **7658923** |
| **Class B** |  |  |
| Shares outstanding at beginning of period |  | 168337 |
| Shares sold |  | 57200 |
| Shares issued to shareholders in reinvestment of distributions |  | 1835 |
| Shares redeemed |  | (227372)<br>|
| Net increase (decrease) in Class B shares |  | (168337)<br>|
| Shares outstanding at end of period |  |  |

---

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

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

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

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

---

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

---

------

**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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |
| **Net asset value, beginning of period** | &nbsp;&nbsp; **$18.08** | &nbsp;&nbsp; **$15.59** | &nbsp;&nbsp; **$13.14** | &nbsp;&nbsp; **$16.05** | &nbsp;&nbsp; **$12.92** |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>a</sup> <br>| &nbsp;&nbsp; .29 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; .24 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; .24 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp; (2.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.17 |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp;&nbsp;2.74 | &nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp; (2.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.41 |
| Less distributions from: |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; (.28)<br>|
| Net realized gains | &nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; — |
| **Total distributions** | &nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (.46)<br>| &nbsp;&nbsp; (.28)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; **$18.82** | &nbsp;&nbsp; **$18.08** | &nbsp;&nbsp; **$15.59** | &nbsp;&nbsp; **$13.14** | &nbsp;&nbsp; **$16.05** |
| Total Return (%)<sup>b</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;17.19 | &nbsp;&nbsp;&nbsp;&nbsp;17.76 | &nbsp;&nbsp;&nbsp;&nbsp;20.76 | &nbsp;&nbsp; (15.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;26.69 |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp; 146 | &nbsp;&nbsp; 138 | &nbsp;&nbsp; 131 | &nbsp;&nbsp; 116 | &nbsp;&nbsp; 149 |
| Ratio of expenses before expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp; .80 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; .78 |
| Ratio of expenses after expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp; .71 | &nbsp;&nbsp; .68 | &nbsp;&nbsp; .68 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .71 |
| Ratio of net investment income (%) | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 76 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 99 |

---

&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;

---

| | |
|:---|:---|
| **8** \|  | Deutsche DWS Variable Series II —<br> DWS CROCI<sup>®</sup> U.S. VIP <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. The Fund is an underlying investment vehicle for variable annuity contracts and variable life insurance policies to be offered by the separate accounts of certain life insurance companies ("Participating Insurance Companies").

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

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

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

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

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

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

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

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

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

---

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

---

------

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

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

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

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

**Securities Lending.** National Financial Services LLC (Fidelity Agency Lending), as securities lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the securities lending agent will use its best efforts to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended December 31, 2025, the Fund invested the cash collateral, if any, into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.14% annualized effective rate as of December 31, 2025) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a securities lending agent. Either the Fund or the borrower may terminate the loan at any time, and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

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

---

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

---

------

As of December 31, 2025, 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, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** |
| Common Stocks | &nbsp;&nbsp; $1957362 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1957362 |
| Gross amount of unrecognized liabilities related to non-cash collateral for securities lending transactions: | Gross amount of unrecognized liabilities related to non-cash collateral for securities lending transactions: | Gross amount of unrecognized liabilities related to non-cash collateral for securities lending transactions: | Gross amount of unrecognized liabilities related to non-cash collateral for securities lending transactions: | Gross amount of unrecognized liabilities related to non-cash collateral for securities lending transactions: | &nbsp;&nbsp; $1957362 |

---

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

The Fund files tax returns with the Internal Revenue Service, the State of New York, and various other states. Each of the tax years in the four-year period ended December 31, 2025, remains subject to examination by taxing authorities.

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

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

At December 31, 2025, the Fund's components of distributable earnings (accumulated losses) on a net tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income\* | &nbsp;&nbsp; $4003515 |
| Undistributed long-term capital gains | &nbsp;&nbsp; $14209896 |
| Net unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; $29336738 |

---

At December 31, 2025, the aggregate cost of investments for federal income tax purposes was $116,338,764. The net unrealized appreciation for all investments based on tax cost was $29,336,738. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $34,032,163 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $4,695,425.

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,** |
|  | **2025** | **2024** |
| Distributions from ordinary income\* | &nbsp;&nbsp; $3178076 | &nbsp;&nbsp; $2082580 |
| Distributions from long-term capital gains | &nbsp;&nbsp; $10458406 | &nbsp;&nbsp; $— |

---

&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.

&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**  |

---

------

**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, 2025, purchases and sales of investment securities (excluding short-term investments) aggregated $102,555,603 and $114,950,002, respectively.

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

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

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

---

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

---

Accordingly, for the year ended December 31, 2025, 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 January 1, 2025 through April 30, 2025, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) of Class A at 0.68%.

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

For the year ended December 31, 2025, fees waived and/or expenses reimbursed for Class A are $119,444.

**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, 2025, the Administration Fee was $130,968, of which $12,026 is unpaid.

**Service Provider Fees.** DWS Service Company ("DSC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and SS&C GIDS, Inc. ("SS&C"), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to SS&C. DSC compensates SS&C out of the shareholder servicing fee it receives from the Fund. For the year ended December 31, 2025, the amounts charged to the Fund by DSC aggregated $554, of which $93 is unpaid.

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

---

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

---

------

**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, 2025, the amount charged to the Fund by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $594, of which $267 is unpaid.

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

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

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

At December 31, 2025, one Participating Insurance Company was owner of record of 10% or more of the total outstanding Class A shares of the Fund, owning 94%.

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

The Fund and other affiliated funds (the "Participants") share in a $345 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a daily fluctuating rate per annum equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at December 31, 2025.

&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**  |

---

------

**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, 2025, 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, 2025, 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, 2025, 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.

![](img08c93d542.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 12, 2026

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

---

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

---

------

**Tax Information (Unaudited)**

The Fund paid distributions of $1.43 per share from net long-term capital gains during its year ended December 31, 2025.

Pursuant to Section 852 of the Internal Revenue Code, the Fund designates $15,664,000 as capital gain dividends for its year ended December 31, 2025.

For corporate shareholders, 89% of the ordinary dividends (i.e., income dividends plus short-term capital gains) paid during the Fund's fiscal year ended December 31, 2025, qualified for the dividends received deduction.

Please consult a tax advisor if you have questions about federal or state income tax laws, or on how to prepare your tax returns. If you have specific questions about your account, please contact your insurance provider.

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

---

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

---

------

**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 2025.

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

—

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

—

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

—

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

—

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

—

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

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

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

While shareholders may focus primarily on fund performance and fees, the 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, 2024, the Fund's performance (Class A shares) was in the 1st quartile, 2nd quartile and 4th quartile, respectively, of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has outperformed its benchmark in the one- and three-year periods and has underperformed its benchmark in the five-year period ended December 31, 2024.

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

---

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

---

------

**Fees and Expenses.** The Board considered the Fund's investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. ("Broadridge") regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.097% fee paid to DIMA under the Fund's administrative services agreement, were equal to the median (2nd quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2024). 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, 2024, and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees). The Board noted that the expense limitation agreed to by DIMA was expected to help the Fund's total (net) operating expenses remain competitive. The Board considered the Fund's management fee rate as compared to fees charged by DIMA to comparable DWS U.S. registered funds ("DWS Funds") and considered differences between the Fund and the comparable DWS Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors ("DWS Europe Funds") managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

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

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

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

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

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

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

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

---

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

---

------

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

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

VS2CUS-BFE2025

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

---

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

---

------

![](img110d57971.jpg)

VS2CUS-NCSRA

------

December 31, 2025

**Annual Financial Statements and Other Information**

Deutsche DWS Variable Series II

**DWS Global Income Builder VIP**

![](img7a14a5121.jpg)

------

**Contents** 

---

| | |
|:---|:---|
| **3** | [Investment Portfolio](#xx_0c2070bd-1813-4d52-a1f5-4ca2fe9f319b_SOI-CC-Financial-RunningFooter-357_1) |
| **14** | [Statement of Assets and Liabilities](#xx_0c2070bd-1813-4d52-a1f5-4ca2fe9f319b_FS-CC-Financial-RunningFooter-357_1) |
| **15** | [Statement of Operations](#xx_0c2070bd-1813-4d52-a1f5-4ca2fe9f319b_FS-CC-Financial-RunningFooter-357_2) |
| **16** | [Statements of Changes in Net Assets](#xx_0c2070bd-1813-4d52-a1f5-4ca2fe9f319b_FS-CC-Financial-RunningFooter-357_3) |
| **17** | [Financial Highlights](#xx_0c2070bd-1813-4d52-a1f5-4ca2fe9f319b_FIHI-CC-Financial-RunningFooter-357_1) |
| **18** | [Notes to Financial Statements](#xx_0c2070bd-1813-4d52-a1f5-4ca2fe9f319b_NTF-CC-Financial-RunningFooter-357_1) |
| **27** | [Report of Independent Registered Public Accounting Firm](#xx_0c2070bd-1813-4d52-a1f5-4ca2fe9f319b_AUD-CC-Financial-RunningFooter-357_1) |
| **28** | [Tax Information](#xx_0c2070bd-1813-4d52-a1f5-4ca2fe9f319b_FEXPTI-CC-Financial-RunningFooter-357_1) |
| **29** | [Advisory Agreement Board Considerations and Fee Evaluation](#xx_0c2070bd-1813-4d52-a1f5-4ca2fe9f319b_AABCF-CC-Financial-RunningFooter-357_1) |

---

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

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

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

---

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

---

------

**Investment Portfolioas of December 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Common Stocks 35.2%** | **Common Stocks 35.2%** |  |
| **Communication Services 3.1%** | **Communication Services 3.1%** |  |
| **Entertainment 0.9%** | **Entertainment 0.9%** |  |
| NetEase, Inc. (ADR) | 6235 | &nbsp;&nbsp; 858061 |
| Walt Disney Co. | 1300 | &nbsp;&nbsp; 147901 |
|  |  | &nbsp;&nbsp; **1005962** |
| **Interactive Media & Services 2.2%** | **Interactive Media & Services 2.2%** |  |
| Alphabet, Inc. "A" | 3426 | &nbsp;&nbsp; 1072338 |
| Alphabet, Inc. "C" | 3580 | &nbsp;&nbsp; 1123404 |
| Tencent Holdings Ltd. <br> (ADR)<br>| 4936 | &nbsp;&nbsp; 377851 |
|  |  | &nbsp;&nbsp; **2573593** |
| **Consumer Discretionary 3.7%** | **Consumer Discretionary 3.7%** |  |
| **Automobile Components 0.5%** | **Automobile Components 0.5%** |  |
| Aptiv PLC\* | 7200 | &nbsp;&nbsp; **547848** |
| **Automobiles 0.6%** | **Automobiles 0.6%** |  |
| Mahindra & Mahindra Ltd. <br> (GDR) REG S<br>| 16269 | &nbsp;&nbsp; **673537** |
| **Broadline Retail 0.9%** | **Broadline Retail 0.9%** |  |
| Amazon.com, Inc.\* | 4800 | &nbsp;&nbsp; **1107936** |
| **Hotels, Restaurants & Leisure 1.7%** | **Hotels, Restaurants & Leisure 1.7%** |  |
| Booking Holdings, Inc. | 170 | &nbsp;&nbsp; 910406 |
| Carnival Corp.\* | 10883 | &nbsp;&nbsp; 332367 |
| Las Vegas Sands Corp. | 10300 | &nbsp;&nbsp; 670427 |
| Trip.com Group Ltd. (ADR) | 300 | &nbsp;&nbsp; 21573 |
|  |  | &nbsp;&nbsp; **1934773** |
| **Consumer Staples 1.7%** | **Consumer Staples 1.7%** |  |
| **Consumer Staples Distribution & Retail 0.9%** | **Consumer Staples Distribution & Retail 0.9%** |  |
| Alimentation Couche-Tard, <br> Inc.<br>| 2700 | &nbsp;&nbsp; 147457 |
| Costco Wholesale Corp. | 1022 | &nbsp;&nbsp; 881311 |
|  |  | &nbsp;&nbsp; **1028768** |
| **Household Products 0.1%** | **Household Products 0.1%** |  |
| Reckitt Benckiser <br> Group PLC<br>| 1421 | &nbsp;&nbsp; **115003** |
| **Tobacco 0.7%** | **Tobacco 0.7%** |  |
| Japan Tobacco, Inc. (a) | 24500 | &nbsp;&nbsp; **882395** |
| **Energy 1.1%** | **Energy 1.1%** |  |
| **Oil, Gas & Consumable Fuels 1.1%** | **Oil, Gas & Consumable Fuels 1.1%** |  |
| Cenovus Energy, Inc. | 39800 | &nbsp;&nbsp; 673313 |
| Phillips 66 | 5100 | &nbsp;&nbsp; 658104 |
|  |  | &nbsp;&nbsp; **1331417** |
| **Financials 6.3%** | **Financials 6.3%** |  |
| **Banks 0.9%** | **Banks 0.9%** |  |
| Bank Hapoalim BM | 4491 | &nbsp;&nbsp; 101640 |
| DBS Group Holdings Ltd. | 3600 | &nbsp;&nbsp; 157797 |
| Erste Group Bank AG | 222 | &nbsp;&nbsp; 26623 |
| HSBC Holdings PLC | 22924 | &nbsp;&nbsp; 362473 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| ING Groep NV | 3637 | &nbsp;&nbsp; 102614 |
| Itau Unibanco Holding SA <br> (ADR) (Preferred)<br>| 25647 | &nbsp;&nbsp; 183633 |
| Nordea Bank Abp | 5583 | &nbsp;&nbsp; 105010 |
|  |  | &nbsp;&nbsp; **1039790** |
| **Capital Markets 0.7%** | **Capital Markets 0.7%** |  |
| Hong Kong Exchanges & <br> Clearing Ltd.<br>| 3400 | &nbsp;&nbsp; 177857 |
| UBS Group AG (Registered) | 13890 | &nbsp;&nbsp; 642085 |
|  |  | &nbsp;&nbsp; **819942** |
| **Consumer Finance 0.5%** | **Consumer Finance 0.5%** |  |
| Synchrony Financial | 6713 | &nbsp;&nbsp; **560066** |
| **Financial Services 0.3%** | **Financial Services 0.3%** |  |
| Investor AB "B" | 9377 | &nbsp;&nbsp; 334967 |
| PayPal Holdings, Inc. | 964 | &nbsp;&nbsp; 56278 |
|  |  | &nbsp;&nbsp; **391245** |
| **Insurance 3.9%** | **Insurance 3.9%** |  |
| Allstate Corp. | 4500 | &nbsp;&nbsp; 936675 |
| Chubb Ltd. | 2700 | &nbsp;&nbsp; 842724 |
| Fairfax Financial Holdings <br> Ltd.<br>| 57 | &nbsp;&nbsp; 108634 |
| Hannover Rueck SE | 915 | &nbsp;&nbsp; 285066 |
| Muenchener <br> Rueckversicherungs-<br> Gesellschaft AG in <br> Muenchen (Registered)<br>| 694 | &nbsp;&nbsp; 455896 |
| Progressive Corp. | 200 | &nbsp;&nbsp; 45544 |
| QBE Insurance Group Ltd. | 36735 | &nbsp;&nbsp; 486919 |
| Travelers Companies, Inc. | 4605 | &nbsp;&nbsp; 1335726 |
|  |  | &nbsp;&nbsp; **4497184** |
| **Health Care 3.3%** | **Health Care 3.3%** |  |
| **Biotechnology 0.1%** | **Biotechnology 0.1%** |  |
| Argenx SE\* | 110 | &nbsp;&nbsp; **92620** |
| **Health Care Equipment & Supplies 0.1%** | **Health Care Equipment & Supplies 0.1%** |  |
| Dexcom, Inc.\* | 1025 | &nbsp;&nbsp; 68030 |
| Intuitive Surgical, Inc.\* | 145 | &nbsp;&nbsp; 82122 |
|  |  | &nbsp;&nbsp; **150152** |
| **Pharmaceuticals 3.1%** | **Pharmaceuticals 3.1%** |  |
| AstraZeneca PLC | 4477 | &nbsp;&nbsp; 831882 |
| Eli Lilly & Co. | 1103 | &nbsp;&nbsp; 1185372 |
| Novartis AG (Registered) | 11151 | &nbsp;&nbsp; 1532957 |
|  |  | &nbsp;&nbsp; **3550211** |
| **Industrials 3.8%** | **Industrials 3.8%** |  |
| **Aerospace & Defense 0.7%** | **Aerospace & Defense 0.7%** |  |
| MTU Aero Engines AG | 61 | &nbsp;&nbsp; 25305 |
| Safran SA | 2253 | &nbsp;&nbsp; 787796 |
|  |  | &nbsp;&nbsp; **813101** |
| **Building Products 0.7%** | **Building Products 0.7%** |  |
| Trane Technologies PLC | 1984 | &nbsp;&nbsp; **772173** |

---

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

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

---

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

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Construction & Engineering 0.3%** | **Construction & Engineering 0.3%** |  |
| Ferrovial SE | 4999 | &nbsp;&nbsp; **324879** |
| **Electrical Equipment 0.4%** | **Electrical Equipment 0.4%** |  |
| Prysmian SpA | 2840 | &nbsp;&nbsp; 285435 |
| Siemens Energy AG\* | 233 | &nbsp;&nbsp; 32610 |
| Vestas Wind Systems A/S | 6930 | &nbsp;&nbsp; 188479 |
|  |  | &nbsp;&nbsp; **506524** |
| **Ground Transportation 0.9%** | **Ground Transportation 0.9%** |  |
| Central Japan Railway Co. | 39000 | &nbsp;&nbsp; **1078195** |
| **Machinery 0.6%** | **Machinery 0.6%** |  |
| Dover Corp. | 3549 | &nbsp;&nbsp; **692907** |
| **Passenger Airlines 0.0%** | **Passenger Airlines 0.0%** |  |
| Ryanair Holdings PLC | 1342 | &nbsp;&nbsp; **46536** |
| **Professional Services 0.1%** | **Professional Services 0.1%** |  |
| Experian PLC | 801 | &nbsp;&nbsp; 36315 |
| Wolters Kluwer NV | 192 | &nbsp;&nbsp; 19935 |
|  |  | &nbsp;&nbsp; **56250** |
| **Transportation Infrastructure 0.1%** | **Transportation Infrastructure 0.1%** |  |
| Transurban Group (Units) | 7098 | &nbsp;&nbsp; **67153** |
| **Information Technology 9.4%** | **Information Technology 9.4%** |  |
| **Communications Equipment 0.6%** | **Communications Equipment 0.6%** |  |
| Arista Networks, Inc.\* | 5513 | &nbsp;&nbsp; **722368** |
| **Electronic Equipment, Instruments &** <br> **Components 1.7%** | **Electronic Equipment, Instruments &** <br> **Components 1.7%** |  |
| Amphenol Corp. "A" | 14277 | &nbsp;&nbsp; 1929394 |
| Hon Hai Precision Industry <br> Co., Ltd. (GDR) REG S<br>| 3665 | &nbsp;&nbsp; 53857 |
|  |  | &nbsp;&nbsp; **1983251** |
| **IT Services 0.3%** | **IT Services 0.3%** |  |
| Capgemini SE | 1217 | &nbsp;&nbsp; 203565 |
| CGI, Inc. | 214 | &nbsp;&nbsp; 19767 |
| Cognizant Technology <br> Solutions Corp. "A"<br>| 1071 | &nbsp;&nbsp; 88893 |
|  |  | &nbsp;&nbsp; **312225** |
| **Semiconductors & Semiconductor** <br> **Equipment 3.0%** | **Semiconductors & Semiconductor** <br> **Equipment 3.0%** |  |
| ASML Holding NV | 305 | &nbsp;&nbsp; 330207 |
| Broadcom, Inc. | 2418 | &nbsp;&nbsp; 836870 |
| First Solar, Inc.\* | 2000 | &nbsp;&nbsp; 522460 |
| NVIDIA Corp. | 9586 | &nbsp;&nbsp; 1787789 |
|  |  | &nbsp;&nbsp; **3477326** |
| **Software 2.4%** | **Software 2.4%** |  |
| Adobe, Inc.\* | 1167 | &nbsp;&nbsp; 408438 |
| Autodesk, Inc.\* | 2388 | &nbsp;&nbsp; 706872 |
| Intuit, Inc. | 406 | &nbsp;&nbsp; 268943 |
| Microsoft Corp. | 1853 | &nbsp;&nbsp; 896148 |
| Palo Alto Networks, Inc.\* | 2300 | &nbsp;&nbsp; 423660 |
| PTC, Inc.\* | 500 | &nbsp;&nbsp; 87105 |
|  |  | &nbsp;&nbsp; **2791166** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Technology Hardware, Storage &** <br> **Peripherals 1.4%** | **Technology Hardware, Storage &** <br> **Peripherals 1.4%** |  |
| Apple, Inc. | 1000 | &nbsp;&nbsp; 271860 |
| Dell Technologies, Inc. "C" | 3700 | &nbsp;&nbsp; 465756 |
| Pure Storage, Inc. "A"\* | 3656 | &nbsp;&nbsp; 244989 |
| Samsung Electronics Co., <br> Ltd. (GDR) REG S<br>| 307 | &nbsp;&nbsp; 634262 |
|  |  | &nbsp;&nbsp; **1616867** |
| **Materials 1.3%** | **Materials 1.3%** |  |
| **Chemicals 0.2%** | **Chemicals 0.2%** |  |
| Corteva, Inc. | 2500 | &nbsp;&nbsp; **167575** |
| **Metals & Mining 1.1%** | **Metals & Mining 1.1%** |  |
| Agnico Eagle Mines Ltd. | 2300 | &nbsp;&nbsp; 390039 |
| BHP Group Ltd. | 860 | &nbsp;&nbsp; 25936 |
| Gold Fields Ltd. (ADR) | 3696 | &nbsp;&nbsp; 161367 |
| Nucor Corp. | 4040 | &nbsp;&nbsp; 658964 |
| Teck Resources Ltd. "B" | 1300 | &nbsp;&nbsp; 62237 |
|  |  | &nbsp;&nbsp; **1298543** |
| **Real Estate 0.6%** | **Real Estate 0.6%** |  |
| **Real Estate Management &** <br> **Development 0.0%** | **Real Estate Management &** <br> **Development 0.0%** |  |
| Vonovia SE | 2367 | &nbsp;&nbsp; **68163** |
| **Specialized REITs 0.6%** | **Specialized REITs 0.6%** |  |
| Equinix, Inc. | 508 | &nbsp;&nbsp; 389209 |
| VICI Properties, Inc. | 9500 | &nbsp;&nbsp; 267140 |
|  |  | &nbsp;&nbsp; **656349** |
| **Utilities 0.9%** | **Utilities 0.9%** |  |
| **Electric Utilities 0.9%** | **Electric Utilities 0.9%** |  |
| Constellation Energy Corp. | 540 | &nbsp;&nbsp; 190766 |
| Edison International | 14826 | &nbsp;&nbsp; 889856 |
|  |  | &nbsp;&nbsp; **1080622** |
| **Total Common Stocks** (Cost $35,693,759) | **Total Common Stocks** (Cost $35,693,759) | &nbsp;&nbsp; **40834615** |
| **Preferred Stocks 1.9%** | **Preferred Stocks 1.9%** |  |
| **Financials 1.3%** | **Financials 1.3%** |  |
| AGNC Investment Corp., <br> Series C (REIT), 3 mo. <br> USD Term SOFR + <br> 5.373%, 9.277% (b)<br>| 14427 | &nbsp;&nbsp; 364426 |
| Fifth Third Bancorp., <br> Series I, 3 mo. USD Term <br> SOFR + 3.972%, <br> 7.973% (b)<br>| 10000 | &nbsp;&nbsp; 255900 |
| KeyCorp., Series E, 6.125% | 10000 | &nbsp;&nbsp; 247800 |
| Morgan Stanley, Series K, <br> 5.85%<br>| 10000 | &nbsp;&nbsp; 245200 |
| Wells Fargo & Co., Series Y, <br> 5.625%<br>| 15000 | &nbsp;&nbsp; 364350 |
|  |  | &nbsp;&nbsp; **1477676** |
| **Real Estate 0.6%** | **Real Estate 0.6%** |  |
| Kimco Realty Corp., <br> Series L (REIT), 5.125%<br>| 15000 | &nbsp;&nbsp; 303000 |

---

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

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

---

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

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Prologis, Inc., Series Q <br> (REIT), 8.54%<br>| 164 | &nbsp;&nbsp; 9308 |
| Simon Property Group, <br> Inc., Series J (REIT), <br> 8.375%<br>| 8000 | &nbsp;&nbsp; 425572 |
|  |  | &nbsp;&nbsp; **737880** |
| **Total Preferred Stocks** (Cost $2,574,353) | **Total Preferred Stocks** (Cost $2,574,353) | &nbsp;&nbsp; **2215556** |
| **Rights 0.0%** | **Rights 0.0%** |  |
| **Health Care** | **Health Care** |  |
| ABIOMED, Inc.,\* (c) <br> (Cost $204)<br>| 200 | &nbsp;&nbsp; **204** |
| **Warrants 0.0%** | **Warrants 0.0%** |  |
| **Materials** | **Materials** |  |
| Hercules Trust II, Expiration <br> Date 3/31/2029\* (c) <br> (Cost $30,283)<br>| 170 | &nbsp;&nbsp; **1812** |

---

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal** <br>**Amount ($) (d)** | **Value ($)** |
| **Corporate Bonds 21.0%** | **Corporate Bonds 21.0%** |  |
| **Communication Services 1.0%** | **Communication Services 1.0%** |  |
| AT&T, Inc., <br> 3.55%, 9/15/2055<br>| 110000 | &nbsp;&nbsp; 73221 |
| Charter Communications <br> Operating LLC:<br>|  |  |
| 5.85%, 12/1/2035 (a) | 186000 | &nbsp;&nbsp; 185549 |
| 6.384%, 10/23/2035 | 100000 | &nbsp;&nbsp; 103205 |
| Paramount Global: |  |  |
| 4.2%, 6/1/2029 | 225000 | &nbsp;&nbsp; 219210 |
| 4.6%, 1/15/2045 | 60000 | &nbsp;&nbsp; 41608 |
| 4.95%, 1/15/2031 | 150000 | &nbsp;&nbsp; 144244 |
| T-Mobile U.S.A., Inc., <br> 6.0%, 6/15/2054<br>| 80000 | &nbsp;&nbsp; 81343 |
| Videotron Ltd., 144A, <br> 5.7%, 1/15/2035<br>| 185000 | &nbsp;&nbsp; 189121 |
| Warnermedia Holdings, <br> Inc., 4.279%, 3/15/2032<br>| 175000 | &nbsp;&nbsp; 153618 |
|  |  | &nbsp;&nbsp; **1191119** |
| **Consumer Discretionary 0.8%** | **Consumer Discretionary 0.8%** |  |
| Ford Motor Credit Co. LLC: |  |  |
| 4.125%, 8/17/2027 | 200000 | &nbsp;&nbsp; 198338 |
| 7.35%, 3/6/2030 | 200000 | &nbsp;&nbsp; 214645 |
| General Motors Co.: |  |  |
| 5.625%, 4/15/2030 | 212000 | &nbsp;&nbsp; 220888 |
| 6.25%, 4/15/2035 (a) | 100000 | &nbsp;&nbsp; 106040 |
| Marriott International, Inc., <br> 5.5%, 4/15/2037<br>| 210000 | &nbsp;&nbsp; 214973 |
|  |  | &nbsp;&nbsp; **954884** |
| **Consumer Staples 0.2%** | **Consumer Staples 0.2%** |  |
| JBS USA Holding Lux <br> SARL, 6.75%, 3/15/2034<br>| 200000 | &nbsp;&nbsp; **220960** |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($) (d)** | **Value ($)** |
| **Energy 5.6%** | **Energy 5.6%** |  |
| BP Capital Markets PLC, <br> 6.125%, Perpetual<br>| 300000 | &nbsp;&nbsp; 309362 |
| Buckeye Partners LP, 144A, <br> 6.75%, 2/1/2030<br>| 450000 | &nbsp;&nbsp; 472388 |
| Cheniere Energy, Inc., <br> 4.625%, 10/15/2028<br>| 320000 | &nbsp;&nbsp; 319458 |
| Columbia Pipelines Holding <br> Co. LLC, 144A, <br> 5.681%, 1/15/2034<br>| 100000 | &nbsp;&nbsp; 103033 |
| DT Midstream, Inc.: |  |  |
| 144A, 4.125%, <br> 6/15/2029<br>| 400000 | &nbsp;&nbsp; 394727 |
| 144A, 5.8%, 12/15/2034 | 86000 | &nbsp;&nbsp; 89250 |
| Ecopetrol SA, <br> 7.75%, 2/1/2032<br>| 300000 | &nbsp;&nbsp; 308727 |
| Enbridge, Inc., Series 20-A, <br> 5.75%, 7/15/2080<br>| 200000 | &nbsp;&nbsp; 201900 |
| Energy Transfer LP: |  |  |
| 6.5%, 2/15/2056 | 270000 | &nbsp;&nbsp; 269107 |
| 7.125%, 10/1/2054 | 150000 | &nbsp;&nbsp; 153905 |
| 144A, 7.375%, 2/1/2031 | 85000 | &nbsp;&nbsp; 88312 |
| 8.0%, 5/15/2054 | 175000 | &nbsp;&nbsp; 186805 |
| EQT Corp., <br> 5.75%, 2/1/2034<br>| 225000 | &nbsp;&nbsp; 235045 |
| Expand Energy Corp., <br> 5.375%, 2/1/2029<br>| 205000 | &nbsp;&nbsp; 205004 |
| HF Sinclair Corp.: |  |  |
| 5.5%, 9/1/2032 | 156000 | &nbsp;&nbsp; 158117 |
| 5.75%, 1/15/2031 | 156000 | &nbsp;&nbsp; 161206 |
| Kinetik Holdings LP, 144A, <br> 6.625%, 12/15/2028<br>| 179000 | &nbsp;&nbsp; 184312 |
| NuStar Logistics LP, <br> 6.375%, 10/1/2030<br>| 565000 | &nbsp;&nbsp; 594661 |
| Occidental Petroleum <br> Corp., <br> 8.875%, 7/15/2030<br>| 300000 | &nbsp;&nbsp; 346891 |
| ONEOK, Inc., 144A, <br> 6.5%, 9/1/2030<br>| 280000 | &nbsp;&nbsp; 300191 |
| Petrobras Global <br> Finance BV:<br>|  |  |
| 5.125%, 9/10/2030 | 225000 | &nbsp;&nbsp; 220484 |
| 6.25%, 1/10/2036 | 169000 | &nbsp;&nbsp; 165820 |
| Phillips 66 Co.: |  |  |
| Series A, 5.875%, <br> 3/15/2056<br>| 200000 | &nbsp;&nbsp; 197860 |
| Series B, 6.2%, <br> 3/15/2056<br>| 63000 | &nbsp;&nbsp; 62742 |
| Plains All American Pipeline <br> LP, 4.7%, 1/15/2031<br>| 65000 | &nbsp;&nbsp; 65367 |
| Saudi Arabian Oil Co., <br> 144A, 6.375%, 6/2/2055<br>| 210000 | &nbsp;&nbsp; 219588 |
| Targa Resources Partners <br> LP, 5.0%, 1/15/2028<br>| 200000 | &nbsp;&nbsp; 200050 |

---

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

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

---

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

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($) (d)** | **Value ($)** |
| Venture Global Calcasieu <br> Pass LLC, 144A, <br> 3.875%, 11/1/2033<br>| 180000 | &nbsp;&nbsp; 154334 |
| Western Midstream <br> Operating LP, <br> 5.45%, 11/15/2034<br>| 92000 | &nbsp;&nbsp; 92659 |
|  |  | &nbsp;&nbsp; **6461305** |
| **Financials 7.3%** | **Financials 7.3%** |  |
| Acrisure LLC, 144A, <br> 6.75%, 7/1/2032<br>| 358000 | &nbsp;&nbsp; 368779 |
| AerCap Ireland Capital DAC, <br> 6.95%, 3/10/2055<br>| 200000 | &nbsp;&nbsp; 209567 |
| Aircastle Ltd.: |  |  |
| Series A, 144A, 5.25%, <br> Perpetual<br>| 130000 | &nbsp;&nbsp; 129354 |
| 144A, 5.75%, 10/1/2031 | 150000 | &nbsp;&nbsp; 156346 |
| Bank of Montreal, Series 6, <br> 6.875%, 11/26/2085<br>| 200000 | &nbsp;&nbsp; 205789 |
| Beacon Funding Trust, <br> 144A, <br> 6.266%, 8/15/2054<br>| 145000 | &nbsp;&nbsp; 147208 |
| Blackstone Private <br> Credit Fund:<br>|  |  |
| 5.25%, 4/1/2030 | 98000 | &nbsp;&nbsp; 97270 |
| 6.0%, 11/22/2034 | 150000 | &nbsp;&nbsp; 151476 |
| Block, Inc., 144A, <br> 6.0%, 8/15/2033<br>| 23000 | &nbsp;&nbsp; 23612 |
| BNP Paribas SA, 144A, <br> 8.5%, Perpetual<br>| 280000 | &nbsp;&nbsp; 297136 |
| Capital One Financial Corp., <br> Series M, 3.95%, <br> Perpetual (a)<br>| 350000 | &nbsp;&nbsp; 345793 |
| Charles Schwab Corp.: |  |  |
| Series H, 4.0%, <br> Perpetual<br>| 200000 | &nbsp;&nbsp; 186717 |
| Series F, 5.0%, Perpetual | 469000 | &nbsp;&nbsp; 460209 |
| Citigroup, Inc.: |  |  |
| 6.02%, 1/24/2036 | 190000 | &nbsp;&nbsp; 199004 |
| Series EE, 6.75%, <br> Perpetual<br>| 200000 | &nbsp;&nbsp; 203586 |
| Series FF, 6.95%, <br> Perpetual<br>| 175000 | &nbsp;&nbsp; 180421 |
| First Citizens BancShares, <br> Inc., 5.6%, 9/5/2035<br>| 240000 | &nbsp;&nbsp; 239583 |
| Goldman Sachs BDC, Inc., <br> 5.65%, 9/9/2030<br>| 170000 | &nbsp;&nbsp; 170605 |
| HSBC Holdings PLC, <br> 6.95%, Perpetual<br>| 300000 | &nbsp;&nbsp; 311396 |
| JPMorgan Chase & Co.: |  |  |
| Series OO, 6.5%, <br> Perpetual (a)<br>| 300000 | &nbsp;&nbsp; 311733 |
| Series NN, 6.875%, <br> Perpetual (a)<br>| 350000 | &nbsp;&nbsp; 371180 |
| Liberty Mutual Group, Inc., <br> 144A, <br> 4.125%, 12/15/2051<br>| 270000 | &nbsp;&nbsp; 266232 |
| M&T Bank Corp., <br> 5.385%, 1/16/2036<br>| 230000 | &nbsp;&nbsp; 233715 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($) (d)** | **Value ($)** |
| Morgan Stanley, <br> 5.664%, 4/17/2036<br>| 140000 | &nbsp;&nbsp; 146953 |
| Navient Corp., 5.5%, <br> 3/15/2029 (a)<br>| 286000 | &nbsp;&nbsp; 283900 |
| Nordea Bank Abp, 144A, <br> 6.3%, Perpetual<br>| 300000 | &nbsp;&nbsp; 306424 |
| Royal Bank of Canada, <br> 6.35%, 11/24/2084<br>| 450000 | &nbsp;&nbsp; 439755 |
| Societe Generale SA, 144A, <br> 6.221%, 6/15/2033 (a)<br>| 225000 | &nbsp;&nbsp; 235957 |
| State Street Corp., <br> Series K, <br> 6.45%, Perpetual<br>| 298000 | &nbsp;&nbsp; 308737 |
| Sumitomo Mitsui Financial <br> Group, Inc., <br> 6.45%, Perpetual<br>| 200000 | &nbsp;&nbsp; 203614 |
| Synchrony Financial, <br> 5.45%, 3/6/2031<br>| 200000 | &nbsp;&nbsp; 205060 |
| The Goldman Sachs Group, <br> Inc., Series Y, 6.125%, <br> Perpetual (a)<br>| 329000 | &nbsp;&nbsp; 333590 |
| Truist Financial Corp., <br> Series N, <br> 6.669%, Perpetual<br>| 300000 | &nbsp;&nbsp; 300820 |
| UBS Group AG, 144A, <br> 4.375%, Perpetual<br>| 200000 | &nbsp;&nbsp; 183413 |
| Wells Fargo & Co., <br> 6.85%, Perpetual<br>| 250000 | &nbsp;&nbsp; 261253 |
|  |  | &nbsp;&nbsp; **8476187** |
| **Health Care 0.3%** | **Health Care 0.3%** |  |
| Charles River Laboratories <br> International, Inc., 144A, <br> 3.75%, 3/15/2029<br>| 150000 | &nbsp;&nbsp; 144830 |
| CVS Health Corp.: |  |  |
| 5.45%, 9/15/2035 | 100000 | &nbsp;&nbsp; 102361 |
| 6.2%, 9/15/2055 | 170000 | &nbsp;&nbsp; 172608 |
|  |  | &nbsp;&nbsp; **419799** |
| **Industrials 1.3%** | **Industrials 1.3%** |  |
| BNSF Funding Trust I, <br> 6.613%, 12/15/2055<br>| 250000 | &nbsp;&nbsp; 250120 |
| Boeing Co., <br> 6.858%, 5/1/2054<br>| 230000 | &nbsp;&nbsp; 258322 |
| Delta Air Lines, Inc., <br> 3.75%, 10/28/2029<br>| 135000 | &nbsp;&nbsp; 131996 |
| Stanley Black & Decker, <br> Inc., 6.707%, 3/15/2060<br>| 450000 | &nbsp;&nbsp; 450721 |
| United Airlines Pass-<br> Through Trust, "A", <br> Series 2023-1, <br> 5.8%, 7/15/2037<br>| 279891 | &nbsp;&nbsp; 292374 |
| United Rentals North <br> America, Inc., 144A, <br> 6.0%, 12/15/2029<br>| 110000 | &nbsp;&nbsp; 113010 |
|  |  | &nbsp;&nbsp; **1496543** |
| **Information Technology 0.9%** | **Information Technology 0.9%** |  |
| AppLovin Corp., <br> 5.95%, 12/1/2054<br>| 83000 | &nbsp;&nbsp; 82203 |

---

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

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

---

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

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($) (d)** | **Value ($)** |
| Foundry JV Holdco LLC, <br> 144A, 6.1%, 1/25/2036<br>| 200000 | &nbsp;&nbsp; 209087 |
| Global Payments, Inc., <br> 5.55%, 11/15/2035<br>| 210000 | &nbsp;&nbsp; 208726 |
| HP, Inc., 6.1%, <br> 4/25/2035 (a)<br>| 160000 | &nbsp;&nbsp; 169002 |
| Oracle Corp.: |  |  |
| 5.375%, 9/27/2054 | 245000 | &nbsp;&nbsp; 198150 |
| 5.5%, 9/27/2064 (a) | 75000 | &nbsp;&nbsp; 59854 |
| 5.95%, 9/26/2055 | 96000 | &nbsp;&nbsp; 85057 |
|  |  | &nbsp;&nbsp; **1012079** |
| **Materials 0.8%** | **Materials 0.8%** |  |
| Celanese U.S. Holdings <br> LLC, 6.85%, 11/15/2028<br>| 32000 | &nbsp;&nbsp; 33477 |
| Chemours Co., <br> 5.375%, 5/15/2027<br>| 350000 | &nbsp;&nbsp; 350850 |
| Corp. Nacional del Cobre <br> de Chile, 144A, <br> 5.95%, 1/8/2034<br>| 200000 | &nbsp;&nbsp; 209122 |
| Dow Chemical Co., 5.65%, <br> 3/15/2036 (a)<br>| 160000 | &nbsp;&nbsp; 159293 |
| Olin Corp., 5.0%, <br> 2/1/2030 (a)<br>| 200000 | &nbsp;&nbsp; 196654 |
|  |  | &nbsp;&nbsp; **949396** |
| **Real Estate 0.5%** | **Real Estate 0.5%** |  |
| CBRE Services, Inc., <br> 5.5%, 6/15/2035<br>| 90000 | &nbsp;&nbsp; 92911 |
| Iron Mountain, Inc., 144A, <br> (REIT), 6.25%, 1/15/2033<br>| 500000 | &nbsp;&nbsp; 504183 |
|  |  | &nbsp;&nbsp; **597094** |
| **Utilities 2.3%** | **Utilities 2.3%** |  |
| Alpha Generation LLC, <br> 144A, 6.25%, 1/15/2034<br>| 429000 | &nbsp;&nbsp; 432851 |
| CMS Energy Corp., <br> 3.75%, 12/1/2050<br>| 350000 | &nbsp;&nbsp; 322734 |
| Dominion Energy, Inc., <br> 6.625%, 5/15/2055<br>| 187000 | &nbsp;&nbsp; 192696 |
| Exelon Corp., <br> 6.5%, 3/15/2055<br>| 133000 | &nbsp;&nbsp; 138392 |
| NextEra Energy Capital <br> Holdings, Inc.:<br>|  |  |
| 6.375%, 8/15/2055 | 350000 | &nbsp;&nbsp; 361286 |
| 6.75%, 6/15/2054 | 98000 | &nbsp;&nbsp; 104623 |
| NRG Energy, Inc., 144A, <br> 5.407%, 10/15/2035<br>| 101000 | &nbsp;&nbsp; 100893 |
| Pacific Gas and Electric <br> Co., 5.9%, 10/1/2054<br>| 52000 | &nbsp;&nbsp; 49837 |
| PG&E Corp., <br> 7.375%, 3/15/2055<br>| 100000 | &nbsp;&nbsp; 104149 |
| Sempra, 4.125%, 4/1/2052 | 390000 | &nbsp;&nbsp; 382074 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($) (d)** | **Value ($)** |
| Southern Co., Series 21-A, <br> 3.75%, 9/15/2051<br>| 215000 | &nbsp;&nbsp; 211956 |
| Southwestern Public <br> Service Co., <br> 6.0%, 6/1/2054<br>| 220000 | &nbsp;&nbsp; 224757 |
|  |  | &nbsp;&nbsp; **2626248** |
| **Total Corporate Bonds** (Cost $23,974,148) | **Total Corporate Bonds** (Cost $23,974,148) | &nbsp;&nbsp; **24405614** |
| **Asset-Backed 6.6%** | **Asset-Backed 6.6%** | **Asset-Backed 6.6%** |
| **Automobile Receivables 0.9%** | **Automobile Receivables 0.9%** |  |
| Avis Budget Rental Car <br> Funding AESOP LLC, "C", <br> Series 2022-5A, 144A, <br> 6.24%, 4/20/2027<br>| 133333 | &nbsp;&nbsp; 133701 |
| CPS Auto Receivables <br> Trust, "C", Series 2023-C, <br> 144A, <br> 6.27%, 10/15/2029<br>| 85747 | &nbsp;&nbsp; 86318 |
| Exeter Automobile <br> Receivables Trust, "C", <br> Series 2025-3A, <br> 5.09%, 10/15/2031<br>| 59000 | &nbsp;&nbsp; 59914 |
| Foursight Capital <br> Automobile Receivables <br> Trust, "C", Series 2023-2, <br> 144A, 6.21%, 4/16/2029<br>| 250000 | &nbsp;&nbsp; 254866 |
| Hertz Vehicle Financing III <br> LLC, "C", Series 2023-1A, <br> 144A, 6.91%, 6/25/2027<br>| 340000 | &nbsp;&nbsp; 341654 |
| Santander Drive Auto <br> Receivables Trust, "C", <br> Series 2023-3, <br> 5.77%, 11/15/2030<br>| 100000 | &nbsp;&nbsp; 101856 |
| Securitized Term Auto <br> Receivables Trust, "C", <br> Series 2025-A, 144A, <br> 5.185%, 7/25/2031<br>| 31121 | &nbsp;&nbsp; 31418 |
|  |  | &nbsp;&nbsp; **1009727** |
| **Credit Card Receivables 0.5%** | **Credit Card Receivables 0.5%** |  |
| Brex Commercial Charge <br> Card Master Trust, "A1", <br> Series 2024-1, 144A, <br> 6.05%, 7/15/2027<br>| 100000 | &nbsp;&nbsp; 100302 |
| Mercury Financial Credit <br> Card Master Trust, "A", <br> Series 2024-2A, 144A, <br> 6.56%, 7/20/2029<br>| 200000 | &nbsp;&nbsp; 201093 |
| Mission Lane Credit Card <br> Master Trust, "A", <br> Series 2024-B, 144A, <br> 5.88%, 1/15/2030<br>| 250000 | &nbsp;&nbsp; 251733 |
|  |  | &nbsp;&nbsp; **553128** |
| **Home Equity Loans 0.3%** | **Home Equity Loans 0.3%** |  |
| RCKT Mortgage Trust: |  |  |
| "A1A", Series 2024-CES7, <br> 144A, 5.158%, <br> 10/25/2044<br>| 170188 | &nbsp;&nbsp; 170726 |

---

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

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

---

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

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($) (d)** | **Value ($)** |
| "A1B", Series 2024-CES9, <br> 144A, 5.683%, <br> 12/25/2044<br>| 78782 | &nbsp;&nbsp; 79480 |
| Towd Point Mortgage Trust, <br> "A1", Series 2025-CRM1, <br> 144A, <br> 5.799%, 1/25/2065<br>| 80792 | &nbsp;&nbsp; 81467 |
|  |  | &nbsp;&nbsp; **331673** |
| **Miscellaneous 4.9%** | **Miscellaneous 4.9%** |  |
| Allegro CLO V-S Ltd., "B1", <br> Series 2024-2A, 144A, <br> 3 mo. USD Term SOFR + <br> 1.9%, 5.765% <br> (b), 7/24/2037<br>| 500000 | &nbsp;&nbsp; 501062 |
| Apidos CLO XXIV Ltd., <br> "A1AL", Series 2016-24A, <br> 144A, 3 mo. USD Term <br> SOFR + 1.212%, <br> 5.096% (b), 10/20/2030<br>| 113495 | &nbsp;&nbsp; 113509 |
| ARES LXXVII CLO Ltd., <br> "A2", Series 2025-77A, <br> 144A, 3 mo. USD Term <br> SOFR + 1.6%, 5.494% <br> (b), 7/15/2038<br>| 250000 | &nbsp;&nbsp; 250670 |
| ARES XLI CLO Ltd., "BR", <br> Series 2016-41A, 144A, <br> 3 mo. USD Term SOFR + <br> 1.712%, 5.616% <br> (b), 4/15/2034<br>| 500000 | &nbsp;&nbsp; 501447 |
| Cloud Capital Holdco LP, <br> "A2", Series 2024-1A, <br> 144A, <br> 5.781%, 11/22/2049<br>| 150000 | &nbsp;&nbsp; 151092 |
| Compass Datacenters <br> Issuer III LLC, "A2", <br> Series 2025-3A, 144A, <br> 5.286%, 7/25/2050<br>| 84000 | &nbsp;&nbsp; 84505 |
| Elmwood CLO 43 Ltd., "B", <br> Series 2025-6A, 144A, <br> 3 mo. USD Term SOFR + <br> 1.7%, 6.019% <br> (b), 7/20/2038<br>| 250000 | &nbsp;&nbsp; 251046 |
| Frontier Issuer LLC, "A2", <br> Series 2023-1, 144A, <br> 6.6%, 8/20/2053<br>| 250000 | &nbsp;&nbsp; 252290 |
| HINNT LLC: |  |  |
| "B", Series 2025-B, 144A, <br> 4.75%, 5/15/2045<br>| 242743 | &nbsp;&nbsp; 243397 |
| "B", Series 2024-A, <br> 144A, 5.84%, <br> 3/15/2043<br>| 46243 | &nbsp;&nbsp; 47207 |
| HPEFS Equipment Trust, <br> "C", Series 2025-2A, <br> 144A, <br> 4.41%, 11/22/2032<br>| 100000 | &nbsp;&nbsp; 99997 |
| Jersey Mike's Funding LLC, <br> "A2", Series 2024-1A, <br> 144A, <br> 5.636%, 2/15/2055<br>| 119100 | &nbsp;&nbsp; 121494 |
| Mosaic Solar Loan Trust, <br> "B", Series 2023-1A, <br> 144A, 6.92%, 6/20/2053<br>| 257960 | &nbsp;&nbsp; 201773 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($) (d)** | **Value ($)** |
| MVW LLC, "B", <br> Series 2025-2A, 144A, <br> 4.72%, 10/20/2044<br>| 148113 | &nbsp;&nbsp; 148296 |
| Octagon 63 Ltd., "A2", <br> Series 2024-2A, 144A, <br> 3 mo. USD Term SOFR + <br> 1.71%, 5.594% <br> (b), 7/20/2037<br>| 350000 | &nbsp;&nbsp; 350488 |
| Rad CLO 23 Ltd., "A1", <br> Series 2024-23A, 144A, <br> 3 mo. USD Term SOFR + <br> 1.6%, 5.484% <br> (b), 4/20/2037<br>| 500000 | &nbsp;&nbsp; 501225 |
| Regatta 34 Funding Ltd., <br> "A2", Series 2025-3A, <br> 144A, 3 mo. USD Term <br> SOFR + 1.75%, 5.868% <br> (b), 7/20/2038<br>| 250000 | &nbsp;&nbsp; 250874 |
| SERVPRO Master Issuer <br> LLC, "A2", Series 2025-<br> 1A, 144A, <br> 5.525%, 10/25/2055<br>| 250000 | &nbsp;&nbsp; 248804 |
| Sixth Street CLO XIV Ltd., <br> "A2R2", Series 2019-14A, <br> 144A, 3 mo. USD Term <br> SOFR + 1.4%, 5.27% <br> (b), 1/20/2038<br>| 400000 | &nbsp;&nbsp; 398794 |
| Switch ABS Issuer LLC: |  |  |
| "A2", Series 2024-2A, <br> 144A, 5.436%, <br> 6/25/2054<br>| 100000 | &nbsp;&nbsp; 100292 |
| "A2", Series 2024-1A, <br> 144A, 6.28%, <br> 3/25/2054<br>| 200000 | &nbsp;&nbsp; 201984 |
| Taco Bell Funding LLC, <br> "A2II", Series 2025-1A, <br> 144A, <br> 5.049%, 8/25/2055<br>| 62000 | &nbsp;&nbsp; 61765 |
| Texas Debt Capital CLO <br> Ltd., "A2R", Series 2023-<br> 1A, 144A, 3 mo. USD <br> Term SOFR + 1.55%, <br> 5.434% (b), 7/20/2038<br>| 300000 | &nbsp;&nbsp; 301153 |
| Wendy's Funding LLC, <br> "A2I", Series 2025-1A, <br> 144A, <br> 5.422%, 12/15/2055<br>| 250000 | &nbsp;&nbsp; 249261 |
| Wingstop Funding LLC, <br> "A2", Series 2024-1A, <br> 144A, <br> 5.858%, 12/5/2054<br>| 100000 | &nbsp;&nbsp; 102749 |
|  |  | &nbsp;&nbsp; **5735174** |
| **Total Asset-Backed** (Cost $7,635,378) | **Total Asset-Backed** (Cost $7,635,378) | &nbsp;&nbsp; **7629702** |
| **Mortgage-Backed Securities Pass-**<br> **Throughs 4.0%** | **Mortgage-Backed Securities Pass-**<br> **Throughs 4.0%** |  |
| Federal Home Loan <br> Mortgage Corp.: <br>6.0%, with various <br> maturities from <br> 3/1/2038 until 1/1/2055<br>| 472263 | &nbsp;&nbsp; 488916 |

---

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

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

---

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

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($) (d)** | **Value ($)** |
| Federal National <br> Mortgage Association:<br>|  |  |
| 4.5%, 9/1/2035 | 2202 | &nbsp;&nbsp; 2218 |
| 5.0%, 1/1/2056, TBA | 400000 | &nbsp;&nbsp; 398930 |
| 5.5%, 1/1/2056, TBA | 700000 | &nbsp;&nbsp; 709730 |
| 6.0%, 2/1/2055 | 469086 | &nbsp;&nbsp; 484789 |
| Government National <br> Mortgage Association, <br> 5.5%, 1/1/2056, TBA<br>| 2500000 | &nbsp;&nbsp; 2523500 |
| **Total Mortgage-Backed Securities** <br> **Pass-Throughs** <br> (Cost $4,580,401) | **Total Mortgage-Backed Securities** <br> **Pass-Throughs** <br> (Cost $4,580,401) | &nbsp;&nbsp; **4608083** |
| **Commercial Mortgage-Backed** <br> **Securities 2.3%** | **Commercial Mortgage-Backed** <br> **Securities 2.3%** |  |
| 20 Times Square Trust, "C", <br> Series 2018-20TS, 144A, <br> 3.1% (b), 5/15/2035<br>| 200000 | &nbsp;&nbsp; 187500 |
| BAHA Trust, "A", <br> Series 2024-MAR, 144A, <br> 5.972% (b), 12/10/2041<br>| 169000 | &nbsp;&nbsp; 174920 |
| BPR Trust, "B", Series 2021-<br> TY, 144A, 1 mo. USD <br> Term SOFR + 1.264%, <br> 5.015% (b), 9/15/2038<br>| 100000 | &nbsp;&nbsp; 99879 |
| BX Trust: |  |  |
| "D", Series 2019-OC11, <br> 144A, 3.944% (b), <br> 12/9/2041<br>| 150000 | &nbsp;&nbsp; 142881 |
| "B", Series 2025-ARIA, <br> 144A, 5.177%, <br> 12/13/2042<br>| 100000 | &nbsp;&nbsp; 100644 |
| BXP Trust, "B", Series 2021-<br> 601L, 144A, 2.775% <br> (b), 1/15/2044<br>| 250000 | &nbsp;&nbsp; 218437 |
| IRV Trust, "C", Series 2025-<br> 200P, 144A, 5.73% <br> (b), 3/14/2047<br>| 127000 | &nbsp;&nbsp; 128886 |
| JPMorgan Chase <br> Commercial Mortgage <br> Securities Trust:<br>|  |  |
| "A", Series 2021-1MEM, <br> 144A, 2.516%, <br> 10/9/2042<br>| 250000 | &nbsp;&nbsp; 210787 |
| "A", Series 2016-NINE, <br> 144A, 2.854% (b), <br> 9/6/2038<br>| 187000 | &nbsp;&nbsp; 184933 |
| "A", Series 2019-OSB, <br> 144A, 3.397%, <br> 6/5/2039<br>| 250000 | &nbsp;&nbsp; 236677 |
| "A", Series 2018-PHH, <br> 144A, 1 mo. USD Term <br> SOFR + 1.257%, <br> 5.007% (b), 6/15/2035<br>| 387634 | &nbsp;&nbsp; 326083 |
| JW Commercial Mortgage <br> Trust, "B", Series 2024-<br> MRCO, 144A, 1 mo. <br> USD Term SOFR + <br> 1.941%, 5.691% <br> (b), 6/15/2039<br>| 190000 | &nbsp;&nbsp; 190411 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($) (d)** | **Value ($)** |
| KIND Trust, "A", Series 2021-<br> KIND, 144A, 1 mo. USD <br> Term SOFR + 1.064%, <br> 4.82% (b), 8/15/2038<br>| 99172 | &nbsp;&nbsp; 98763 |
| ROCK Trust, "A", <br> Series 2024-CNTR, <br> 144A, <br> 5.388%, 11/13/2041<br>| 159000 | &nbsp;&nbsp; 163353 |
| SWCH Commercial <br> Mortgage Trust, "A", <br> Series 2025-DATA, 144A, <br> 1 mo. USD Term SOFR + <br> 1.443%, 5.193% <br> (b), 2/15/2042<br>| 200000 | &nbsp;&nbsp; 198138 |
| **Total Commercial Mortgage-Backed** <br> **Securities** <br> (Cost $2,544,262) | **Total Commercial Mortgage-Backed** <br> **Securities** <br> (Cost $2,544,262) | &nbsp;&nbsp; **2662292** |
| **Collateralized Mortgage Obligations 3.8%** | **Collateralized Mortgage Obligations 3.8%** | **Collateralized Mortgage Obligations 3.8%** |
| Federal National <br> Mortgage Association:<br>|  |  |
| "AO", Series 2023-53, <br> Principal Only, Zero <br> Coupon, 11/25/2053<br>| 321291 | &nbsp;&nbsp; 286693 |
| "FE", Series 2024-87, <br> 30 day USD SOFR <br> Average + 1.85%, <br> 5.724% (b), <br> 12/25/2054<br>| 398878 | &nbsp;&nbsp; 404396 |
| "FG", Series 2023-53, <br> 30 day USD SOFR <br> Average + 1.9%, <br> 5.774% (b), <br> 11/25/2053<br>| 1889545 | &nbsp;&nbsp; 1921232 |
| "I", Series 2003-84, <br> Interest Only, 6.0%, <br> 9/25/2033<br>| 27423 | &nbsp;&nbsp; 3808 |
| Freddie Mac Structured <br> Agency Credit Risk Debt <br> Notes, "M2", <br> Series 2019-DNA2, <br> 144A, 30 day USD SOFR <br> Average + 2.564%, <br> 6.439% (b), 3/25/2049<br>| 114258 | &nbsp;&nbsp; 115731 |
| Government National <br> Mortgage Association:<br>|  |  |
| "QI", Series 2021-225, <br> Interest Only, 2.5%, <br> 12/20/2051<br>| 1346352 | &nbsp;&nbsp; 184436 |
| "SG", Series 2025-60, <br> 14.875% minus (2.5 x <br> 30 day USD SOFR <br> Average), 5.081% (b), <br> 4/20/2055<br>| 434865 | &nbsp;&nbsp; 431813 |
| "AZ", Series 2023-120, <br> 5.5%, 8/20/2053<br>| 235160 | &nbsp;&nbsp; 235703 |

---

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

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

---

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

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($) (d)** | &nbsp;&nbsp; **Principal**<br> **Amount ($) (d)** | **Value ($)** |
| JPMorgan Mortgage Trust: |  |  |  |
| "A11", Series 2024-6, <br> 144A, 30 day USD <br> SOFR Average + <br> 1.25%, 5.124% (b), <br> 12/25/2054<br>|  | 82302 | &nbsp;&nbsp; 82134 |
| "A1", Series 2025-DSC1, <br> 144A, 5.577% (b), <br> 9/25/2065<br>|  | 187715 | &nbsp;&nbsp; 189570 |
| Sequoia Mortgage Trust, <br> "A3", Series 2024-INV1, <br> 144A, 5.5%, 10/25/2054<br>|  | 348120 | &nbsp;&nbsp; 350337 |
| Western Alliance Bank, <br> "M1", Series 2021-CL2, <br> 144A, 30 day USD SOFR <br> Average + 3.15%, <br> 7.024% (b), 7/25/2059<br>|  | 209013 | &nbsp;&nbsp; 219838 |
| **Total Collateralized Mortgage Obligations** <br> (Cost $4,303,657) | **Total Collateralized Mortgage Obligations** <br> (Cost $4,303,657) | **Total Collateralized Mortgage Obligations** <br> (Cost $4,303,657) | &nbsp;&nbsp; **4425691** |
| **Government & Agency Obligations 14.3%** | **Government & Agency Obligations 14.3%** | **Government & Agency Obligations 14.3%** | **Government & Agency Obligations 14.3%** |
| **Sovereign Bonds 3.4%** | **Sovereign Bonds 3.4%** | **Sovereign Bonds 3.4%** |  |
| African Development Bank, <br> 5.875%, Perpetual<br>|  | 200000 | &nbsp;&nbsp; 199555 |
| Brazilian Government <br> International Bond, <br> 6.0%, 10/20/2033<br>|  | 200000 | &nbsp;&nbsp; 202100 |
| Colombia Government <br> International Bond, <br> 5.0%, 9/19/2032<br>| EUR | 755000 | &nbsp;&nbsp; 849360 |
| Eagle Funding Luxco SARL, <br> 144A, 5.5%, 8/17/2030<br>|  | 400000 | &nbsp;&nbsp; 407436 |
| Hungary Government <br> Bond, 1.5%, 8/26/2026<br>| HUF | 204000000 | &nbsp;&nbsp; 607041 |
| Indonesia Government <br> International Bond, <br> 4.75%, 9/10/2034<br>|  | 300000 | &nbsp;&nbsp; 299484 |
| Mexico Cetes, Zero <br> Coupon, 3/5/2026<br>| MXN | 22000000 | &nbsp;&nbsp; 1206766 |
| Mexico Government <br> International Bond, <br> 6.875%, 5/13/2037<br>|  | 200000 | &nbsp;&nbsp; 213400 |
|  |  |  | &nbsp;&nbsp; **3985142** |
| **U.S. Treasury Obligations 10.9%** | **U.S. Treasury Obligations 10.9%** | **U.S. Treasury Obligations 10.9%** |  |
| U.S. Treasury Bills, 3.613% <br> (e), 8/6/2026 (f)<br>|  | 3900000 | &nbsp;&nbsp; 3820312 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($) (d)** | **Value ($)** |
| U.S. Treasury Bonds, <br> 4.625%, 2/15/2055<br>| 513700 | &nbsp;&nbsp; 494818 |
| U.S. Treasury Notes: |  |  |
| 3.875%, 7/31/2027 | 5976900 | &nbsp;&nbsp; 6011687 |
| 3.875%, 8/31/2032 | 250000 | &nbsp;&nbsp; 249346 |
| 4.0%, 3/31/2030 | 875600 | &nbsp;&nbsp; 886750 |
| 4.25%, 8/15/2035 | 1104100 | &nbsp;&nbsp; 1112036 |
|  |  | &nbsp;&nbsp; **12574949** |
| **Total Government & Agency Obligations** <br> (Cost $16,467,678) | **Total Government & Agency Obligations** <br> (Cost $16,467,678) | &nbsp;&nbsp; **16560091** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Exchange-Traded Funds 2.7%** | **Exchange-Traded Funds 2.7%** | **Exchange-Traded Funds 2.7%** |
| VanEck JP Morgan EM <br> Local Currency Bond ETF <br> (a) (Cost $3,080,690)<br>| 119225 | &nbsp;&nbsp; **3078390** |
| **Securities Lending Collateral 4.6%** | **Securities Lending Collateral 4.6%** | **Securities Lending Collateral 4.6%** |
| DWS Government & <br> Agency Securities <br> Portfolio "DWS <br> Government Cash <br> Institutional Shares", <br> 3.66% (g) (h) <br> (Cost $5,395,304)<br>| 5395304 | &nbsp;&nbsp; **5395304** |
| **Cash Equivalents 10.4%** | **Cash Equivalents 10.4%** | **Cash Equivalents 10.4%** |
| DWS Central Cash <br> Management <br> Government Fund, <br> 3.77% (g) <br> (Cost $12,060,994)<br>| 12060994 | &nbsp;&nbsp; **12060994** |

---

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

---

| | | |
|:---|:---|:---|
|  | **% of** <br>**Net Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** <br> (Cost $118,341,111)<br>| 106.8 | &nbsp;&nbsp; **123878348** |
| **Other Assets and** <br> **Liabilities, Net**<br>| (6.8)<br>| &nbsp;&nbsp; **(7940581)**<br>|
| **Net Assets** | 100.0 | &nbsp;&nbsp; **115937767** |

---

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>|

---

------

A summary of the Fund's transactions with affiliated investments during the year ended December 31, 2025 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at** <br>**12/31/2024**<br>| **Purchases** <br>**Cost ($)**<br>| **Sales** <br>**Proceeds ($)**<br>| **Net Realized** <br>**Gain/** <br>**(Loss) ($)**<br>| **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)** <br> **($)**<br>| **Income ($)** | **Capital Gain** <br>**Distributions** <br> **($)**<br>| **Number** <br>**of Shares** <br>**at** <br>**12/31/2025**<br>| **Value ($) at** <br>**12/31/2025**<br>|
| **Securities Lending Collateral 4.6%** | **Securities Lending Collateral 4.6%** | **Securities Lending Collateral 4.6%** | **Securities Lending Collateral 4.6%** | **Securities Lending Collateral 4.6%** | **Securities Lending Collateral 4.6%** | **Securities Lending Collateral 4.6%** | **Securities Lending Collateral 4.6%** | **Securities Lending Collateral 4.6%** |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (g) (h) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (g) (h) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (g) (h) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (g) (h) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (g) (h) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (g) (h) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (g) (h) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (g) (h) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (g) (h) |
| 2815627 | 2,579,677 (i) |  |  |  | 11931 |  | 5395304 | 5395304 |
| **Cash Equivalents 10.4%** | **Cash Equivalents 10.4%** | **Cash Equivalents 10.4%** | **Cash Equivalents 10.4%** | **Cash Equivalents 10.4%** | **Cash Equivalents 10.4%** | **Cash Equivalents 10.4%** | **Cash Equivalents 10.4%** | **Cash Equivalents 10.4%** |
| DWS Central Cash Management Government Fund, 3.77% (g) | DWS Central Cash Management Government Fund, 3.77% (g) | DWS Central Cash Management Government Fund, 3.77% (g) | DWS Central Cash Management Government Fund, 3.77% (g) | DWS Central Cash Management Government Fund, 3.77% (g) | DWS Central Cash Management Government Fund, 3.77% (g) | DWS Central Cash Management Government Fund, 3.77% (g) | DWS Central Cash Management Government Fund, 3.77% (g) | DWS Central Cash Management Government Fund, 3.77% (g) |
| 4085757 | 78042512 | 70067275 |  |  | 299461 |  | 12060994 | 12060994 |
| **6901384** | **80622189** | **70067275** |  |  | **311392** |  | **17456298** | **17456298** |

---

&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, 2025 amounted to $5,219,958, which is 4.5% of net assets. 

(b) Variable or floating rate security. These securities are shown at their current rate as of December 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description above. Certain variable rate securities are not based on a published reference rate and spread but adjust periodically based on current market conditions, prepayment of underlying positions and/or other variables. Securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. 

(c) Investment was valued using significant unobservable inputs.

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

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

(f) At December 31, 2025, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts. 

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

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

(i) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended December 31, 2025. 

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

---

| |
|:---|
| 144A: Security exempt from registration under Rule 144A under the Securities Act of 1933. These securities may be resold in <br> transactions exempt from registration, normally to qualified institutional buyers.<br>|
| ADR: American Depositary Receipt |
| CLO: Collateralized Loan Obligation |
| FTSE: Financial Times and the London Stock Exchange |
| GDR: Global Depositary Receipt |
| Interest Only: Interest Only (IO) bonds represent the "interest only" portion of payments on a pool of underlying mortgages or <br> mortgage-backed securities. IO securities are subject to prepayment risk of the pool of underlying mortgages.<br>|
| MSCI: Morgan Stanley Capital International |
| Perpetual: Callable security with no stated maturity date. |
| Principal Only: Principal Only (PO) bonds represent the "principal only" portion of payments on a pool of underlying mortgages or <br> mortgage-backed securities.<br>|
| REG S: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or <br> benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the <br> Securities Act of 1933.<br>|
| REIT: Real Estate Investment Trust |
| S&P: Standard & Poor's |
| SOFR: Secured Overnight Financing Rate |
| TBA: To Be Announced |

---

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

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**  |

---

------

At December 31, 2025, open futures contracts purchased were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Futures** | **Currency** | **Expiration** <br>**Date**<br>| **Contracts** | **Notional** <br>**Amount ($)**<br>| **Notional** <br>**Value ($)**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation) ($)**<br>|
| 5 Year U.S. Treasury Note | USD | 3/31/2026 | 53 | 5797781 | 5793148 | (4633) |
| DAX Index | EUR | 3/20/2026 | 4 | 2860468 | 2901569 | 41101 |
| E-mini S&P 500 Index | USD | 3/20/2026 | 11 | 3831725 | 3790875 | (40850) |
| Eurex 10 Year Euro BUND | EUR | 3/6/2026 | 15 | 2278222 | 2248804 | (29418) |
| Eurex STOXX Europe 600 Index | EUR | 3/20/2026 | 58 | 1990804 | 2027808 | 37004 |
| EURO STOXX 50 Index | EUR | 3/20/2026 | 49 | 3334241 | 3363528 | 29287 |
| FTSE 100 Index | GBP | 3/20/2026 | 16 | 2104560 | 2143996 | 39436 |
| MSCI Emerging Markets Index | USD | 3/20/2026 | 45 | 3134399 | 3175650 | 41251 |
| MSCI World Index | USD | 3/20/2026 | 96 | 13789136 | 13881600 | 92464 |
| Russell E-Mini 2000 Index | USD | 3/20/2026 | 20 | 2554420 | 2498000 | (56420) |
| Ultra 10 Year U.S. Treasury Note | USD | 3/20/2026 | 12 | 1384406 | 1380188 | (4218) |
| Ultra Long U.S. Treasury Bond | USD | 3/20/2026 | 12 | 1447440 | 1416000 | (31440) |
| **Total net unrealized appreciation** | **Total net unrealized appreciation** | **Total net unrealized appreciation** | **Total net unrealized appreciation** | **Total net unrealized appreciation** | **Total net unrealized appreciation** | **113564** |

---

At December 31, 2025, open futures contracts sold were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Futures** | **Currency** | **Expiration** <br>**Date**<br>| **Contracts** | **Notional** <br>**Amount ($)**<br>| **Notional** <br>**Value ($)**<br>| **Unrealized** <br>**Appreciation ($)**<br>|
| U.S. Treasury Long Bond | USD | 3/20/2026 | 1 | 117208 | 115594 | **1614** |

---

At December 31, 2025, the Fund had the following open forward foreign currency contracts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** | **In Exchange For** | **In Exchange For** | **Settlement** <br>**Date**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation ($)**<br>| **Counterparty** |
| USD | 1093639 | GBP | 817500 | 1/9/2026 | 8307 | State Street Bank and Trust |
| JPY | 139164000 | USD | 909106 | 1/9/2026 | 20426 | Morgan Stanley |
| USD | 2567420 | SEK | 24150000 | 2/11/2026 | 60874 | Citigroup, Inc. |
| USD | 1515903 | GBP | 1130000 | 3/17/2026 | 7008 | Citigroup, Inc. |
| JPY | 232500000 | USD | 1513424 | 3/17/2026 | 20039 | State Street Bank and Trust |
| JPY | 350000000 | USD | 2278270 | 3/17/2026 | 30164 | BNP Paribas |
| **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **146818** |  |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** | **In Exchange For** | **In Exchange For** | **Settlement** <br>**Date**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Depreciation ($)**<br>| **Counterparty** |
| USD | 919137 | JPY | 139164000 | 1/9/2026 | (30458) | State Street Bank and Trust |
| SEK | 24150000 | USD | 2609085 | 2/11/2026 | (19209) | Morgan Stanley |
| USD | 2270878 | EUR | 1920000 | 3/17/2026 | (6988) | Morgan Stanley |
| **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **(56655)** |  |

---

**Currency Abbreviation(s)**

------

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

---

| | |
|:---|:---|
| EUR | Euro |
| GBP | British Pound |
| HUF | Hungarian Forint |
| JPY | Japanese Yen |

---

MXN Mexican Peso <br> SEK Swedish Krona <br> USD United States Dollar

For information on the Fund's policy and additional disclosures regarding futures 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;

---

| | |
|:---|:---|
| **12** \|  | 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, 2025 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Communication Services | &nbsp;&nbsp; $3579555 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3579555 |
| Consumer Discretionary | &nbsp;&nbsp; 4264094 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4264094 |
| Consumer Staples | &nbsp;&nbsp; 1028768 | &nbsp;&nbsp; 997398 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2026166 |
| Energy | &nbsp;&nbsp; 1331417 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1331417 |
| Financials | &nbsp;&nbsp; 4069280 | &nbsp;&nbsp; 3238947 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7308227 |
| Health Care | &nbsp;&nbsp; 1335524 | &nbsp;&nbsp; 2457459 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3792983 |
| Industrials | &nbsp;&nbsp; 1465080 | &nbsp;&nbsp; 2892638 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4357718 |
| Information Technology | &nbsp;&nbsp; 10369431 | &nbsp;&nbsp; 533772 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10903203 |
| Materials | &nbsp;&nbsp; 1440182 | &nbsp;&nbsp; 25936 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1466118 |
| Real Estate | &nbsp;&nbsp; 656349 | &nbsp;&nbsp; 68163 | &nbsp;&nbsp; — | &nbsp;&nbsp; 724512 |
| Utilities | &nbsp;&nbsp; 1080622 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1080622 |
| Preferred Stocks (a) | &nbsp;&nbsp; 2215556 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2215556 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 204 | &nbsp;&nbsp; 204 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1812 | &nbsp;&nbsp; 1812 |
| Corporate Bonds (a) | &nbsp;&nbsp; — | &nbsp;&nbsp; 24405614 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24405614 |
| Asset-Backed (a) | &nbsp;&nbsp; — | &nbsp;&nbsp; 7629702 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7629702 |
| Mortgage-Backed Securities Pass-Throughs | &nbsp;&nbsp; — | &nbsp;&nbsp; 4608083 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4608083 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 2662292 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2662292 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 4425691 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4425691 |
| Government & Agency Obligations (a) | &nbsp;&nbsp; — | &nbsp;&nbsp; 16560091 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16560091 |
| Exchange-Traded Funds | &nbsp;&nbsp; 3078390 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3078390 |
| Short-Term Investments (a) | &nbsp;&nbsp; 17456298 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17456298 |
| Derivatives (b) |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; 282157 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 282157 |
| Forward Foreign Currency Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 146818 | &nbsp;&nbsp; — | &nbsp;&nbsp; 146818 |
| **Total** | &nbsp;&nbsp; **$53652703** | &nbsp;&nbsp; **$70652604** | &nbsp;&nbsp; **$2016** | &nbsp;&nbsp; **$124307323** |
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Derivatives (b) |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(166979)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(166979)<br>|
| Forward Foreign Currency Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (56655)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (56655)<br>|
| **Total** | &nbsp;&nbsp; **$(166979)**<br>| &nbsp;&nbsp; **$(56655)**<br>| &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$(223634)**<br>|
| During the year ended December 31, 2025, the amount of transfers between Level 3 and Level 2 was $99,999. The investments <br> transferred from Level 3 to Level 2 due to the availability of a pricing source supported by observable inputs.Transfers between price <br> levels are recognized at the beginning of the reporting period. | During the year ended December 31, 2025, the amount of transfers between Level 3 and Level 2 was $99,999. The investments <br> transferred from Level 3 to Level 2 due to the availability of a pricing source supported by observable inputs.Transfers between price <br> levels are recognized at the beginning of the reporting period. | During the year ended December 31, 2025, the amount of transfers between Level 3 and Level 2 was $99,999. The investments <br> transferred from Level 3 to Level 2 due to the availability of a pricing source supported by observable inputs.Transfers between price <br> levels are recognized at the beginning of the reporting period. | During the year ended December 31, 2025, the amount of transfers between Level 3 and Level 2 was $99,999. The investments <br> transferred from Level 3 to Level 2 due to the availability of a pricing source supported by observable inputs.Transfers between price <br> levels are recognized at the beginning of the reporting period. | During the year ended December 31, 2025, the amount of transfers between Level 3 and Level 2 was $99,999. The investments <br> transferred from Level 3 to Level 2 due to the availability of a pricing source supported by observable inputs.Transfers between price <br> levels are recognized at the beginning of the reporting period. |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Derivatives include unrealized appreciation (depreciation) on open futures contracts 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;\| **13**  |

---

------

**Statement of Assets and Liabilities**

as of December 31, 2025

------

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in non-affiliated securities, at value (cost $100,884,813) — including $5,219,958 of securities loaned | $106422050 |
| Investment in DWS Government & Agency Securities Portfolio (cost $5,395,304)\* <br>| 5395304 |
| Investment in DWS Central Cash Management Government Fund (cost $12,060,994) | 12060994 |
| Cash | 20000 |
| Foreign currency, at value (cost $382,494) | 387416 |
| Receivable for Fund shares sold | 80070 |
| Dividends receivable | 51169 |
| Interest receivable | 640444 |
| Affiliated securities lending income receivable | 2434 |
| Unrealized appreciation on forward foreign currency contracts | 146818 |
| Foreign taxes recoverable | 91206 |
| Other assets | 1782 |
| Total assets | 125299687 |
| **Liabilities** |  |
| Payable upon return of securities loaned | 5395304 |
| Payable for investments purchased — TBA purchase commitments | 3631047 |
| Payable for Fund shares redeemed | 34429 |
| Payable for variation margin on futures contracts | 80455 |
| Unrealized depreciation on forward foreign currency contracts | 56655 |
| Accrued management fee | 36365 |
| Accrued Trustees' fees | 2034 |
| Other accrued expenses and payables | 125631 |
| Total liabilities | 9361920 |
| **Net assets, at value** | **$115937767** |
| **Net Assets Consist of** |  |
| Distributable earnings (loss) | 16482858 |
| Paid-in capital | 99454909 |
| **Net assets, at value** | **$115937767** |
| **Net Asset Value** |  |
| **Class A** |  |
| **Net Asset Value,** offering and redemption price per share ($115,937,767 ÷ 5,187,163 outstanding shares of beneficial <br> interest, no par value, unlimited number of shares authorized)<br>| **$22.35** |

---

&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;

---

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

---

------

**Statement of Operations**

for the year ended December 31, 2025

------

---

| | |
|:---|:---|
| **Investment Income** |  |
| Income: |  |
| Interest (net of foreign taxes withheld of $627) | $3646214 |
| Dividends (net of foreign taxes withheld of $25,292) | 716281 |
| Income distributions — DWS Central Cash Management Government Fund | 299461 |
| Affiliated securities lending income | 11931 |
| Total income | 4673887 |
| Expenses: |  |
| Management fee | 413575 |
| Administration fee | 108424 |
| Services to shareholders | 1172 |
| Custodian fee | 19075 |
| Audit fee | 73208 |
| Legal fees | 15225 |
| Tax fees | 8948 |
| Reports to shareholders | 28561 |
| Trustees' fees and expenses | 4487 |
| Other | 24657 |
| Total expenses | 697332 |
| **Net investment income** | **3976555** |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) from: |  |
| Investments | 2604433 |
| Swap contracts | (148035)<br>|
| Futures | 2702255 |
| Forward foreign currency contracts | 34805 |
| Foreign currency | 25883 |
|  | 5219341 |
| Change in net unrealized appreciation (depreciation) on: |  |
| Investments | 5378172 |
| Swap contracts | 94203 |
| Futures | 1697077 |
| Forward foreign currency contracts | 102888 |
| Foreign currency | 30595 |
|  | 7302935 |
| **Net gain (loss)** | **12522276** |
| **Net increase (decrease) in net assets resulting from operations** | **$16498831** |

---

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**  |

---

------

**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** | **2025** | **2024**<sup>\*</sup> |
| Operations: |  |  |
| Net investment income | $3976555 | $4678293 |
| Net realized gain (loss) | 5219341 | 18760994 |
| Change in net unrealized appreciation <br>(depreciation)<br>| 7302935 | (13765383)<br>|
| Net increase (decrease) in net assets resulting from operations | 16498831 | 9673904 |
| Distributions to shareholders: |  |  |
| Class A | (19429219)<br>| (3884542)<br>|
| Fund share transactions: |  |  |
| **Class A** |  |  |
| Proceeds from shares sold | 3651563 | 3418389 |
| Reinvestment of distributions | 19429219 | 3884542 |
| Payments for shares redeemed | (14335042)<br>| (12523916)<br>|
| Net increase (decrease) in net assets from Class A share transactions | 8745740 | (5220985)<br>|
| **Class B** |  |  |
| Payments for shares redeemed |  | (13634)<br>|
| Net increase (decrease) in net assets from Class B share transactions |  | (13634)<br>|
| **Increase (decrease) in net assets** | 5815352 | 554743 |
| Net assets at beginning of period | 110122415 | 109567672 |
| **Net assets at end of period** | **$115937767** | **$110122415** |

---

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

---

| | | |
|:---|:---|:---|
| **Other Information** |  |  |
| **Class A** |  |  |
| Shares outstanding at beginning of period | 4657291 | 4871473 |
| Shares sold | 168129 | 146800 |
| Shares issued to shareholders in reinvestment of distributions | 1016173 | 177782 |
| Shares redeemed | (654430)<br>| (538764)<br>|
| Net increase (decrease) in Class A shares | 529872 | (214182)<br>|
| Shares outstanding at end of period | **5187163** | **4657291** |
| **Class B** |  |  |
| Shares outstanding at beginning of period |  | 583 |
| Shares redeemed |  | (583)<br>|
| Net increase (decrease) in Class B shares |  | (583)<br>|
| Shares outstanding at end of period |  |  |

---

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

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

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

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

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

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------

**Financial Highlights** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |
| **Net asset value, beginning of period** | &nbsp;&nbsp; **$23.65** | &nbsp;&nbsp; **$22.49** | &nbsp;&nbsp; **$20.22** | &nbsp;&nbsp; **$26.78** | &nbsp;&nbsp; **$25.07** |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>a</sup> <br>| &nbsp;&nbsp; .78 | &nbsp;&nbsp; .98 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .62 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp; (4.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.08 |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;3.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp; (3.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.70 |
| Less distributions from: |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp; (.82)<br>| &nbsp;&nbsp; (.67)<br>| &nbsp;&nbsp; (.69)<br>| &nbsp;&nbsp; (.62)<br>|
| Net realized gains | &nbsp;&nbsp; (3.19)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.01)<br>| &nbsp;&nbsp; (.37)<br>|
| **Total distributions** | &nbsp;&nbsp; (4.31)<br>| &nbsp;&nbsp; (.82)<br>| &nbsp;&nbsp; (.67)<br>| &nbsp;&nbsp; (2.70)<br>| &nbsp;&nbsp; (.99)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; **$22.35** | &nbsp;&nbsp; **$23.65** | &nbsp;&nbsp; **$22.49** | &nbsp;&nbsp; **$20.22** | &nbsp;&nbsp; **$26.78** |
| Total Return (%) | &nbsp;&nbsp;&nbsp;&nbsp;15.80 | &nbsp;&nbsp;&nbsp;&nbsp;9.10 | &nbsp;&nbsp;&nbsp;&nbsp;14.89 | &nbsp;&nbsp; (14.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.95 |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp; 116 | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 103 | &nbsp;&nbsp; 131 |
| Ratio of expenses (%)<sup>b</sup> <br>| &nbsp;&nbsp; .62 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .61 |
| Ratio of net investment income (%) | &nbsp;&nbsp;&nbsp;&nbsp;3.56 | &nbsp;&nbsp;&nbsp;&nbsp;4.20 | &nbsp;&nbsp;&nbsp;&nbsp;3.47 | &nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp;&nbsp;2.36 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 294 | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 104 |

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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> 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 Global Income Builder VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **17**  |

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**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. The Fund is an underlying investment vehicle for variable annuity contracts and variable life insurance policies to be offered by the separate accounts of certain life insurance companies ("Participating Insurance Companies").

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

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

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

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

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

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

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

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

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

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------

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

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

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

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

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

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

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

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

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

**Securities Lending.** National Financial Services LLC (Fidelity Agency Lending), as securities lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the securities lending agent will use its best efforts to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended December 31, 2025, the Fund invested the cash collateral, if any, into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.14% annualized effective rate as of December 31, 2025) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a securities lending agent. Either the Fund

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

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

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

As of December 31, 2025, 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, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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**  |
| Common Stocks | &nbsp;&nbsp; $836000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $836000 |
| Corporate Bonds | &nbsp;&nbsp; 2113354 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2113354 |
| Exchange-Traded Funds | &nbsp;&nbsp; 2445950 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2445950 |
| **Total Borrowings** | &nbsp;&nbsp; **$5395304** | &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$5395304** |
| Gross amount of recognized liabilities and cash collateral for securities lending transactions: | Gross amount of recognized liabilities and cash collateral for securities lending transactions: | Gross amount of recognized liabilities and cash collateral for securities lending transactions: | Gross amount of recognized liabilities and cash collateral for securities lending transactions: | Gross amount of recognized liabilities and cash collateral for securities lending transactions: | &nbsp;&nbsp; $5395304 |

---

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

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

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

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

The Fund files tax returns with the Internal Revenue Service, the State of New York, and various other states. Specific to U.S. federal and state taxes, generally, each of the tax years in the four-year period ended December 31, 2025, remains subject to examination by taxing authorities. Specific to foreign countries in which the Fund invests, all open tax years remain subject to examination by taxing authorities in the respective jurisdictions. The open tax years vary by each jurisdiction in which the Fund invests.

**Distribution of Income and Gains.** Distributions from net investment income of the Fund, if any, are declared and distributed to shareholders annually. Net realized gains from investment transactions, in excess of

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

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

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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 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, 2025, the Fund's components of distributable earnings (accumulated losses) on a net tax basis were as follows:

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| | |
|:---|:---|
| Undistributed ordinary income\* | &nbsp;&nbsp; $8461099 |
| Undistributed long-term capital gains | &nbsp;&nbsp; $2500928 |
| Net unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; $5524497 |

---

At December 31, 2025, the aggregate cost of investments for federal income tax purposes was $118,353,851. The net unrealized appreciation for all investments based on tax cost was $5,524,497. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $7,586,399 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $2,061,902.

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

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| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** |
| Distributions from ordinary income\* | &nbsp;&nbsp; $7540527 | &nbsp;&nbsp; $3884542 |
| Distributions from long-term capital gains | &nbsp;&nbsp; $11888692 | &nbsp;&nbsp; $— |

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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. 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.

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

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

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

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

Interest rate swaps are agreements in which the Fund agrees to pay to the counterparty a fixed rate payment in exchange for the counterparty agreeing to pay to the Fund a variable rate payment, or the Fund agrees to receive from the counterparty a fixed rate payment in exchange for the counterparty agreeing to receive from the Fund a variable rate payment. The payment obligations are based on the notional amount of the swap. For the year ended December 31, 2025, the Fund entered into interest rate swap agreements to gain exposure to different parts of the yield curve while managing overall duration.

There were no open interest rate swap contracts as of December 31, 2025. For the year ended December 31, 2025, the investment in interest rate swap contracts had a total notional amount generally indicative of a range from $0 to $5,100,000.

**Futures Contracts.** A futures contract is an agreement between a buyer or seller and an established futures exchange or its clearinghouse in which the buyer or seller agrees to take or make a delivery of a specific amount of a financial instrument at a specified price on a specific date (settlement date). For the year ended December 31, 2025, the Fund entered into interest rate futures to gain exposure to different parts of the yield curve while managing overall duration. The Fund also entered into interest rate futures contracts for non-hedging purposes to seek to enhance potential gains. In addition, the Fund entered into equity index futures as a means of gaining exposure to the equity asset class without investing directly into such asset class and to manage the risk of stock market volatility.

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

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

A summary of the open futures contracts as of December 31, 2025, is included in a table following the Fund's Investment Portfolio. For the year ended December 31, 2025, the investment in futures contracts purchased had a total notional value generally indicative of a range from approximately $38,794,000 to $75,428,000, and the investment in futures contracts sold had a total notional value generally indicative of a range from approximately $116,000 to $9,384,000.

**Forward Foreign Currency Contracts.** A forward foreign currency contract ("forward currency contract") is a commitment to purchase or sell a foreign currency at the settlement date at a negotiated rate. For the year ended December 31, 2025, the Fund entered into forward currency contracts in order to hedge its exposure

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

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

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to changes in foreign currency exchange rates on its foreign currency denominated portfolio holdings and for non-hedging purposes to seek to enhance potential gains.

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

A summary of the open forward currency contracts as of December 31, 2025, is included in the table following the Fund's Investment Portfolio. For the year ended December 31, 2025, the investment in forward currency contracts short vs. U.S. dollars had a total contract value generally indicative of a range from $0 to approximately $7,310,000, and the investment in forward currency contracts long vs. U.S. dollars had a total contract value generally indicative of a range from approximately $4,491,000 to $10,105,000.

The following tables summarize the value of the Fund's derivative instruments held as of December 31, 2025 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

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| | | | |
|:---|:---|:---|:---|
| **Asset Derivatives** | **Forward** <br>**Contracts**<br>| **Futures** <br>**Contracts**<br>| **Total** |
| Equity Contracts (a) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $280543 | &nbsp;&nbsp; $280543 |
| Interest Rate Contracts (a) | &nbsp;&nbsp; — | &nbsp;&nbsp; 1614 | &nbsp;&nbsp; 1614 |
| Foreign Exchange Contracts (b) | &nbsp;&nbsp; 146818 | &nbsp;&nbsp; — | &nbsp;&nbsp; 146818 |
|  | &nbsp;&nbsp; **$146818** | &nbsp;&nbsp; **$282157** | &nbsp;&nbsp; **$428975** |
| 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) Futures contracts are reported in the table above using cumulative appreciation of futures contracts, as reported in the futures contracts table following the Fund's Investment Portfolio; within the Statement of Assets and Liabilities, the variation margin at period end is reported as Receivable (Payable) for variation margin on futures contracts.

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Liability Derivatives**  | **Forward** <br>**Contracts**<br>| **Futures** <br>**Contracts**<br>| **Total** |
| Equity Contracts (a) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(97270)<br>| &nbsp;&nbsp; $(97270)<br>|
| Interest Rate Contracts (a) | &nbsp;&nbsp; — | &nbsp;&nbsp; (69709)<br>| &nbsp;&nbsp; (69709)<br>|
| Foreign Exchange Contracts (b) | &nbsp;&nbsp; (56655)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (56655)<br>|
|  | &nbsp;&nbsp; **$(56655)**<br>| &nbsp;&nbsp; **$(166979)**<br>| &nbsp;&nbsp; **$(223634)**<br>|
| Each of the above derivatives is located in the following Statement of Assets and Liabilities accounts: | Each of the above derivatives is located in the following Statement of Assets and Liabilities accounts: | Each of the above derivatives is located in the following Statement of Assets and Liabilities accounts: | Each of the above derivatives is located in the following Statement of Assets and Liabilities accounts: |

---

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

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

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

Additionally, the amount of unrealized and realized gains and losses on derivative instruments recognized in Fund earnings during the year ended December 31, 2025 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Realized Gain (Loss)** | **Forward** <br>**Contracts**<br>| **Swap** <br>**Contracts**<br>| **Futures** <br>**Contracts**<br>| **Total** |
| Equity Contracts (a) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2592031 | &nbsp;&nbsp; $2592031 |
| Interest Rate Contracts (a) | &nbsp;&nbsp; — | &nbsp;&nbsp; (148035)<br>| &nbsp;&nbsp; 110224 | &nbsp;&nbsp; (37811)<br>|
| Foreign Exchange Contracts (a) | &nbsp;&nbsp; 34805 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 34805 |
|  | &nbsp;&nbsp; **$34805** | &nbsp;&nbsp; **$(148035)**<br>| &nbsp;&nbsp; **$2702255** | &nbsp;&nbsp; **$2589025** |
| 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 contracts and futures, respectively

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

&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**  |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Change in Net Unrealized Appreciation (Depreciation)** | **Forward** <br>**Contracts**<br>| **Swap** <br>**Contracts**<br>| **Futures** <br>**Contracts**<br>| **Total** |
| Equity Contracts (a) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1832608 | &nbsp;&nbsp; $1832608 |
| Interest Rate Contracts (a) | &nbsp;&nbsp; — | &nbsp;&nbsp; 94203 | &nbsp;&nbsp; (135531)<br>| &nbsp;&nbsp; (41328)<br>|
| Foreign Exchange Contracts (a) | &nbsp;&nbsp; 102888 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 102888 |
|  | &nbsp;&nbsp; **$102888** | &nbsp;&nbsp; **$94203** | &nbsp;&nbsp; **$1697077** | &nbsp;&nbsp; **$1894168** |
| 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) Change in net unrealized appreciation (depreciation) on forward foreign currency contracts, swap and futures contracts, respectively

As of December 31, 2025, the Fund has transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow a Fund to close out and net total exposure to a counterparty in the event of a deterioration in the credit quality or contractual default with respect to all of the transactions with a counterparty. As defined by the master netting agreement, the Fund may have collateral agreements with certain counterparties to mitigate risk. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by a counterparty, including any collateral exposure, is included in the following 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 | $30164 | $— | $— | $30164 |
| Citigroup, Inc. | 67882 |  |  | 67882 |
| Morgan Stanley | 20426 | (20426)<br>|  |  |
| State Street Bank and Trust | 28346 | (28346)<br>|  |  |
|  | **$146818** | **$(48772)**<br>| **$**— | **$98046** |

---

&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>|
| Morgan Stanley | $26197 | $(20426)<br>| $— | $5771 |
| State Street Bank and Trust | 30458 | (28346)<br>|  | 2112 |
|  | **$56655** | **$(48772)**<br>| **$**— | **$7883** |

---

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

During the year ended December 31, 2025, purchases and sales of investment securities, excluding short-term investments, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Non-U.S. Treasury Obligations | &nbsp;&nbsp; $160004741 | &nbsp;&nbsp; $156407387 |
| U.S. Treasury Obligations | &nbsp;&nbsp; $10538923 | &nbsp;&nbsp; $24927907 |

---

**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

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

---

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

---

------

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:

---

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

---

Accordingly, for the year ended December 31, 2025, 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, 2025 through September 30, 2025, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) of Class A at 0.69%.

Effective October 1, 2025 through September 30, 2026, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) of Class A at 0.67%.

**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, 2025, the Administration Fee was $108,424, of which $9,533 is unpaid.

**Service Provider Fees.** DWS Service Company ("DSC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and SS&C GIDS, Inc. ("SS&C"), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to SS&C. DSC compensates SS&C out of the shareholder servicing fee it receives from the Fund. For the year ended December 31, 2025, the amounts charged to the Fund by DSC aggregated $682, of which $115 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, 2025, the amount charged to the Fund by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $1,094, of which $767 is unpaid.

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

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

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

At December 31, 2025, two Participating Insurance Companies were owners of record of 10% or more of the total outstanding Class A shares of the Fund, each owning 56% and 13%, respectively.

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

The Fund and other affiliated funds (the "Participants") share in a $345 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of

&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**  |

---

------

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, 2025.

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

---

| | |
|:---|:---|
| **26** \|  | Deutsche DWS Variable Series II —<br> DWS Global Income Builder VIP <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, 2025, 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, 2025, 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, 2025, 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.

![](img0580601b2.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 12, 2026

&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**  |

---

------

**Tax Information (Unaudited)**

The Fund paid distributions of $2.64 per share from net long-term capital gains during its year ended December 31, 2025.

Pursuant to Section 852 of the Internal Revenue Code, the Fund designates $2,784,000 as capital gain dividends for its year ended December 31, 2025.

For corporate shareholders, 4% of the ordinary dividends (i.e., income dividends plus short-term capital gains) paid during the Fund's fiscal year ended December 31, 2025, qualified for the dividends received deduction.

Please consult a tax advisor if you have questions about federal or state income tax laws, or on how to prepare your tax returns. If you have specific questions about your account, please contact your insurance provider.

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

---

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

---

------

**Advisory Agreement Board Considerations and Fee Evaluation**

The Board of Trustees (hereinafter referred to as the "Board" or "Trustees") approved the renewal of DWS Global Income Builder VIP's (the "Fund") investment management agreement (the "Agreement") with DWS Investment Management Americas, Inc. ("DIMA") in September 2025.

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

—

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

—

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

—

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

—

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

—

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

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

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

While shareholders may focus primarily on fund performance and fees, the 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, 2024, the Fund's performance (Class A shares) was in the 2nd quartile, 1st quartile and 2nd quartile, respectively, of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has underperformed its benchmark in the one-, three- and five-year periods ended December 31, 2024.

**Fees and Expenses.** The Board considered the Fund's investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions,

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

---

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

---

------

Inc. ("Broadridge") regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.097% fee paid to DIMA under the Fund's administrative services agreement, were lower than the median (1st quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2024). 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, 2024, and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees). The Board noted that the expense limitation agreed to by DIMA was expected to help the Fund's total (net) operating expenses remain competitive. The Board considered the Fund's management fee rate as compared to fees charged by DIMA to a comparable DWS U.S. registered fund ("DWS Funds") and considered differences between the Fund and the comparable DWS Fund. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors ("DWS Europe Funds") managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

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

**Profitability.** The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs to DIMA, and pre-tax profits realized by DIMA, from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board reviewed DIMA's methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that, while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates' overall profitability with respect to the DWS Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was in line with 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. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA's and the Fund's chief compliance officers; (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters; and (iii) ongoing efforts to enhance the compliance program.

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

---

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

---

------

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

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

VS2GIB-BFE2025

&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;\| **31**  |

---

------

![](img7a14a5121.jpg)

VS2GIB-NCSRA

------

December 31, 2025

**Annual Financial Statements and Other Information**

Deutsche DWS Variable Series II

**DWS Government Money Market VIP**

![](imgac2516bc1.jpg)

------

**Contents** 

---

| | |
|:---|:---|
| **3** | [Investment Portfolio](#xx_b5759825-0872-4faa-9a2d-13f4e039212a_SOI-CC-Financial-RunningFooter-345_1) |
| **7** | [Statement of Assets and Liabilities](#xx_b5759825-0872-4faa-9a2d-13f4e039212a_FS-CC-Financial-RunningFooter-345_1) |
| **7** | [Statement of Operations](#xx_b5759825-0872-4faa-9a2d-13f4e039212a_FS-CC-Financial-RunningFooter-345_1) |
| **8** | [Statements of Changes in Net Assets](#xx_b5759825-0872-4faa-9a2d-13f4e039212a_FS-CC-Financial-RunningFooter-345_2) |
| **9** | [Financial Highlights](#xx_b5759825-0872-4faa-9a2d-13f4e039212a_FIHI-CC-Financial-RunningFooter-345_1) |
| **10** | [Notes to Financial Statements](#xx_b5759825-0872-4faa-9a2d-13f4e039212a_NTF-CC-Financial-RunningFooter-345_1) |
| **14** | [Report of Independent Registered Public Accounting Firm](#xx_b5759825-0872-4faa-9a2d-13f4e039212a_AUD-CC-Financial-RunningFooter-345_1) |
| **15** | [Tax Information](#xx_b5759825-0872-4faa-9a2d-13f4e039212a_FEXPTI-CC-Financial-RunningFooter-345_1) |
| **16** | [Advisory Agreement Board Considerations and Fee Evaluation](#xx_b5759825-0872-4faa-9a2d-13f4e039212a_AABCF-CC-Financial-RunningFooter-345_1) |

---

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

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

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

---

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

---

------

**Investment Portfolioas of December 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal** <br>**Amount ($)** | **Value ($)** |
| **Government & Agency Obligations 53.3%** | **Government & Agency Obligations 53.3%** | **Government & Agency Obligations 53.3%** |
| **U.S. Government Sponsored Agencies 28.5%** | **U.S. Government Sponsored Agencies 28.5%** | **U.S. Government Sponsored Agencies 28.5%** |
| Federal Farm Credit Banks <br> Funding Corp.:<br>|  |  |
| 1 day USD SOFR + <br> 0.025%, 3.735% (a), <br> 12/1/2026<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| 1 day USD SOFR + <br> 0.04%, 3.75% (a), <br> 3/1/2027<br>| 750000 | &nbsp;&nbsp; 750000 |
| 1 day USD SOFR + <br> 0.06%, 3.77% (a), <br> 10/6/2026<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| 1 day USD SOFR + <br> 0.065%, 3.775% (a), <br> 7/30/2026<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| 1 day USD SOFR + <br> 0.07%, 3.78% (a), <br> 8/4/2026<br>| 500000 | &nbsp;&nbsp; 500000 |
| 1 day USD SOFR + <br> 0.07%, 3.78% (a), <br> 8/26/2026<br>| 1500000 | &nbsp;&nbsp; 1500000 |
| 1 day USD SOFR + 0.1%, <br> 3.81% (a), 1/8/2027<br>| 500000 | &nbsp;&nbsp; 500000 |
| 1 day USD SOFR + 0.1%, <br> 3.81% (a), 5/27/2027<br>| 500000 | &nbsp;&nbsp; 500000 |
| 1 day USD SOFR + 0.1%, <br> 3.81% (a), 7/9/2027<br>| 750000 | &nbsp;&nbsp; 750000 |
| 1 day USD SOFR + <br> 0.115%, 3.825% (a), <br> 7/30/2027<br>| 500000 | &nbsp;&nbsp; 500000 |
| 1 day USD SOFR + <br> 0.125%, 3.835% (a), <br> 8/18/2027<br>| 750000 | &nbsp;&nbsp; 750000 |
| 1 day USD SOFR + <br> 0.13%, 3.84% (a), <br> 2/3/2027<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| 1 day USD SOFR + <br> 0.135%, 3.845% (a), <br> 1/8/2027<br>| 1500000 | &nbsp;&nbsp; 1500000 |
| 1 day USD SOFR + <br> 0.135%, 3.845% (a), <br> 10/1/2027<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| 1 day USD SOFR + <br> 0.14%, 3.85% (a), <br> 8/26/2026<br>| 500000 | &nbsp;&nbsp; 500000 |
| 1 day USD SOFR + <br> 0.145%, 3.855% (a), <br> 9/3/2027<br>| 1500000 | &nbsp;&nbsp; 1500000 |
| Federal Farm Credit <br> Discount Notes:<br>|  |  |
| 3.66% (b), 4/13/2026 | 500000 | &nbsp;&nbsp; 494886 |
| 3.66% (b), 4/29/2026 | 500000 | &nbsp;&nbsp; 494084 |
| 3.67% (b), 2/4/2026 | 500000 | &nbsp;&nbsp; 498290 |
| 3.873% (b), 1/20/2026 | 1250000 | &nbsp;&nbsp; 1247480 |
| Federal Home Loan Banks: |  |  |
| 3.589% (b), 5/11/2026 | 1500000 | &nbsp;&nbsp; 1480825 |
| 3.593% (b), 4/15/2026 | 800000 | &nbsp;&nbsp; 791809 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($)** | **Value ($)** |
| 3.615% (b), 3/18/2026 | 800000 | &nbsp;&nbsp; 793979 |
| 3.63% (b), 3/2/2026 | 1500000 | &nbsp;&nbsp; 1491050 |
| 3.71% (a), 6/23/2026 | 1500000 | &nbsp;&nbsp; 1500000 |
| 1 day USD SOFR + <br> 0.01%, 3.72% (a), <br> 5/20/2026<br>| 750000 | &nbsp;&nbsp; 750000 |
| 1 day USD SOFR + <br> 0.01%, 3.72% (a), <br> 6/15/2026<br>| 750000 | &nbsp;&nbsp; 750000 |
| 1 day USD SOFR + <br> 0.015%, 3.725% (a), <br> 5/1/2026<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| 1 day USD SOFR + <br> 0.015%, 3.725% (a), <br> 6/18/2026<br>| 3500000 | &nbsp;&nbsp; 3500000 |
| 1 day USD SOFR + <br> 0.025%, 3.735% (a), <br> 2/13/2026<br>| 1250000 | &nbsp;&nbsp; 1250000 |
| 1 day USD SOFR + <br> 0.025%, 3.735% (a), <br> 11/25/2026<br>| 1500000 | &nbsp;&nbsp; 1500000 |
| 1 day USD SOFR + <br> 0.03%, 3.74% (a), <br> 2/18/2026<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| 1 day USD SOFR + <br> 0.03%, 3.74% (a), <br> 3/3/2026<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| 1 day USD SOFR + <br> 0.065%, 3.775% (a), <br> 8/12/2026<br>| 750000 | &nbsp;&nbsp; 750000 |
| 1 day USD SOFR + <br> 0.09%, 3.8% (a), <br> 3/30/2027<br>| 1250000 | &nbsp;&nbsp; 1250000 |
| 1 day USD SOFR + <br> 0.12%, 3.83% (a), <br> 4/9/2027<br>| 500000 | &nbsp;&nbsp; 500000 |
| 1 day USD SOFR + <br> 0.17%, 3.88% (a), <br> 9/22/2027<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| 4.01% (b), 1/6/2026 | 2500000 | &nbsp;&nbsp; 2498627 |
| Federal Home Loan <br> Mortgage Corp.:<br>|  |  |
| 3.731% (b), 1/30/2026 | 3000000 | &nbsp;&nbsp; 2991107 |
| 1 day USD SOFR + <br> 0.095%, 3.805% (a), <br> 5/5/2027<br>| 500000 | &nbsp;&nbsp; 500000 |
| 1 day USD SOFR + 0.1%, <br> 3.81% (a), 2/9/2026<br>| 1500000 | &nbsp;&nbsp; 1500000 |
| 1 day USD SOFR + <br> 0.14%, 3.85% (a), <br> 9/4/2026<br>| 300000 | &nbsp;&nbsp; 300000 |
| 1 day USD SOFR + <br> 0.14%, 3.85% (a), <br> 10/6/2027<br>| 1500000 | &nbsp;&nbsp; 1500000 |
| 4.01% (b), 1/12/2026 | 3000000 | &nbsp;&nbsp; 2996374 |

---

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

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

---

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

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($)** | **Value ($)** |
| Federal National <br> Mortgage Association:<br>|  |  |
| 1 day USD SOFR + 0.1%, <br> 3.81% (a), 6/18/2026<br>| 750000 | &nbsp;&nbsp; 750000 |
| 1 day USD SOFR + <br> 0.135%, 3.845% (a), <br> 8/21/2026<br>| 1250000 | &nbsp;&nbsp; 1250000 |
| 1 day USD SOFR + <br> 0.14%, 3.85% (a), <br> 9/11/2026<br>| 2125000 | &nbsp;&nbsp; 2125000 |
| 1 day USD SOFR + <br> 0.14%, 3.85% (a), <br> 10/23/2026<br>| 500000 | &nbsp;&nbsp; 500000 |
| 1 day USD SOFR + <br> 0.14%, 3.85% (a), <br> 12/11/2026<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| 3.873% (b), 1/16/2026 | 2000000 | &nbsp;&nbsp; 1996817 |
|  |  | &nbsp;&nbsp; **59200328** |
| **U.S. Treasury Obligations 24.8%** | **U.S. Treasury Obligations 24.8%** | **U.S. Treasury Obligations 24.8%** |
| U.S. Treasury Bills: |  |  |
| 3.514% (b), 6/25/2026 | 2000000 | &nbsp;&nbsp; 1966308 |
| 3.544% (b), 6/18/2026 | 2250000 | &nbsp;&nbsp; 2213297 |
| 3.594% (b), 6/11/2026 | 2000000 | &nbsp;&nbsp; 1968292 |
| 3.605% (b), 4/28/2026 | 2000000 | &nbsp;&nbsp; 1976886 |
| 3.675% (b), 3/12/2026 | 2500000 | &nbsp;&nbsp; 2482378 |
| 3.676% (b), 4/23/2026 | 2250000 | &nbsp;&nbsp; 2224618 |
| 3.716% (b), 5/21/2026 | 2500000 | &nbsp;&nbsp; 2464368 |
| 3.722% (b), 5/14/2026 | 2500000 | &nbsp;&nbsp; 2466094 |
| 3.753% (b), 4/2/2026 | 2000000 | &nbsp;&nbsp; 1981287 |
| 3.754% (b), 4/16/2026 | 2250000 | &nbsp;&nbsp; 2225699 |
| 3.756% (b), 3/26/2026 | 3500000 | &nbsp;&nbsp; 3469742 |
| 3.775% (b), 2/24/2026 | 2000000 | &nbsp;&nbsp; 1988831 |
| 3.823% (b), 1/22/2026 | 1000000 | &nbsp;&nbsp; 997797 |
| 3.863% (b), 1/20/2026 | 3000000 | &nbsp;&nbsp; 2993967 |
| 3.911% (b), 1/15/2026 | 3000000 | &nbsp;&nbsp; 2995500 |
| 4.004% (b), 1/2/2026 | 3000000 | &nbsp;&nbsp; 2999671 |
| 4.035% (b), 3/19/2026 | 1000000 | &nbsp;&nbsp; 991487 |
| 4.056% (b), 1/22/2026 | 1000000 | &nbsp;&nbsp; 997670 |
| 4.056% (b), 2/19/2026 | 1000000 | &nbsp;&nbsp; 994556 |
| U.S. Treasury Floating <br> Rate Notes:<br>|  |  |
| 3 mo. Treasury money <br> market yield + 0.15%, <br> 3.752% (a), 4/30/2026<br>| 5022000 | &nbsp;&nbsp; 5021912 |
| 3 mo. Treasury money <br> market yield + 0.245%, <br> 3.847% (a), 1/31/2026<br>| 6000000 | &nbsp;&nbsp; 6000906 |
|  |  | &nbsp;&nbsp; **51421266** |
| **Total Government & Agency Obligations** <br> (Cost $110,621,594) | **Total Government & Agency Obligations** <br> (Cost $110,621,594) | &nbsp;&nbsp; **110621594** |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($)** | **Value ($)** |
| **Repurchase Agreements 46.8%** | **Repurchase Agreements 46.8%** | **Repurchase Agreements 46.8%** |
| Citigroup Global Markets, <br> Inc., 3.82%, dated <br> 12/31/2025, to be <br> repurchased at <br> $25,005,306 on <br> 1/2/2026 (c)<br>| 25000000 | &nbsp;&nbsp; 25000000 |
| JPMorgan Securities, Inc., <br> 3.83%, dated 12/31/2025, <br> to be repurchased at <br> $24,005,107 on <br> 1/2/2026 (d)<br>| 24000000 | &nbsp;&nbsp; 24000000 |
| Royal Bank of Canada: |  |  |
| 3.82%, dated 12/31/2025, <br> to be repurchased at <br> $25,005,306 on <br> 1/2/2026 (e)<br>| 25000000 | &nbsp;&nbsp; 25000000 |
| 3.83%, dated 12/31/2025, <br> to be repurchased at <br> $3,000,638 on <br> 1/2/2026 (f)<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Wells Fargo Bank: |  |  |
| 3.82%, dated 12/31/2025, <br> to be repurchased at <br> $9,301,974 on <br> 1/2/2026 (g)<br>| 9300000 | &nbsp;&nbsp; 9300000 |
| 3.83%, dated 12/31/2025, <br> to be repurchased at <br> $11,002,341 on <br> 1/2/2026 (h)<br>| 11000000 | &nbsp;&nbsp; 11000000 |
| **Total Repurchase Agreements** <br> (Cost $97,300,000) | **Total Repurchase Agreements** <br> (Cost $97,300,000) | &nbsp;&nbsp; **97300000** |

---

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

---

| | | |
|:---|:---|:---|
|  | **% of Net** <br>**Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** <br> (Cost $207,921,594)<br>| 100.1 | &nbsp;&nbsp; **207921594** |
| **Other Assets and** <br> **Liabilities, Net**<br>| (0.1)<br>| &nbsp;&nbsp; **(177101)**<br>|
| **Net Assets** | 100.0 | &nbsp;&nbsp; **207744493** |

---

&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, 2025.

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

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

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

---

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

---

------

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

&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>|
| 25390500 | U.S. Treasury Notes | 2.375–3.75 | 4/15/2026–4/30/2026 | 25500052 |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Amount ($)**<br>| **Security** | **Rate (%)** | **Maturity Date** | **Collateral** <br>**Value ($)**<br>|
| 1588000 | Federal Home Loan Mortgage Corporation | 4.608 | 12/1/2065 | 1591176 |
| 23438447 | Federal National Mortgage Association | 1.5–7.0 | 11/1/2029–12/1/2055 | 22888825 |
| **Total Collateral Value** | **Total Collateral Value** | **Total Collateral Value** | **Total Collateral Value** | **24480001** |

---

&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>|
| 65400 | U.S. Treasury Bills | Zero Coupon | 2/19/2026–10/29/2026 | 65089 |
| 2400 | U.S. Treasury Bonds | 2.75–4.5 | 11/15/2039–11/15/2054 | 1918 |
| 5333000 | U.S. Treasury Inflation Index Bonds | 1.375–2.125 | 2/15/2041–2/15/2054 | 5156795 |
| 89400 | U.S. Treasury Inflation Index Notes | 0.5–2.125 | 1/15/2028–7/15/2034 | 95972 |
| 15977800 | U.S. Treasury Notes | 3.5–4.5 | 2/28/2027–8/31/2032 | 16322959 |
| 10462300 | U.S. Treasury Strips | Zero Coupon | 2/15/2046–8/15/2048 | 3862683 |
| **Total Collateral Value** | **Total Collateral Value** | **Total Collateral Value** | **Total Collateral Value** | **25505416** |

---

&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>|
| 8500 | U.S. Treasury Bonds | 2.25–3.0 | 5/15/2041–5/15/2049 | 6351 |
| 177700 | U.S. Treasury Notes | 1.625 | 10/31/2026 | 175359 |
| 340246 | Federal Home Loan Mortgage Corporation | 2.5–7.0 | 2/1/2050–12/1/2055 | 360281 |
| 25107 | Federal National Mortgage Association | 1.5–7.0 | 5/1/2031–10/1/2055 | 24053 |
| 2477551 | Government National Mortgage Association | 2.0–6.5 | 11/20/2038–12/15/2060 | 2494632 |
| **Total Collateral Value** | **Total Collateral Value** | **Total Collateral Value** | **Total Collateral Value** | **3060676** |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Amount ($)**<br>| **Security** | **Rate (%)** | **Maturity Date** | **Collateral** <br>**Value ($)**<br>|
| 13154788 | U.S. Treasury Bonds | 1.75–6.75 | 8/15/2026–11/15/2053 | 9486000 |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Amount ($)**<br>| **Security** | **Rate (%)** | **Maturity Date** | **Collateral** <br>**Value ($)**<br>|
| 11207190 | Federal National Mortgage Association | 2.0–7.5 | 8/1/2026–12/1/2055 | 11220000 |

---

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

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

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

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

---

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

---

------

**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, 2025 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments in Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $110621594 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $110621594 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 97300000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 97300000 |
| **Total** | &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$207921594** | &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$207921594** |

---

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>|

---

------

**Statement of** 

**Assets and Liabilities**

**Statement of Operations**

as of December 31, 2025

------

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, valued at <br> amortized cost<br>| $110621594 |
| Repurchase agreements, valued at amortized <br> cost<br>| 97300000 |
| Cash | 21121 |
| Receivable for Fund shares sold | 100383 |
| Interest receivable | 284595 |
| Other assets | 2989 |
| Total assets | 208330682 |
| **Liabilities** |  |
| Payable for Fund shares redeemed | 144082 |
| Distributions payable | 310050 |
| Accrued management fee | 41206 |
| Accrued Trustees' fees | 2713 |
| Other accrued expenses and payables | 88138 |
| Total liabilities | 586189 |
| **Net assets, at value** | **$207744493** |
| **Net Assets Consist of** |  |
| Distributable earnings (loss) | 50065 |
| Paid-in capital | 207694428 |
| **Net assets, at value** | **$207744493** |
| **Net Asset Value** |  |
| **Class A** |  |
| **Net Asset Value,** offering and redemption price <br> per share ($207,744,493 ÷ 207,759,408 <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, 2025

------

---

| | |
|:---|:---|
| **Investment Income** |  |
| Income: |  |
| Interest | $9082520 |
| Expenses: |  |
| Management fee | 497454 |
| Administration fee | 205332 |
| Services to shareholders | 3215 |
| Custodian fee | 8910 |
| Professional fees | 52648 |
| Reports to shareholders | 41842 |
| Trustees' fees and expenses | 8404 |
| Other | 33668 |
| Total expenses | 851473 |
| **Net investment income** | **8231047** |
| **Net realized gain (loss) from investments** | **19474** |
| **Net increase (decrease) in net assets resulting** <br> **from operations**<br>| **$8250521** |

---

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**  |

---

------

**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** | **2025** | **2024** |
| Operations: |  |  |
| Net investment income | $8231047 | $9952221 |
| Net realized gain (loss) | 19474 | 21770 |
| Net increase (decrease) in net assets resulting from operations | 8250521 | 9973991 |
| Distributions to shareholders: |  |  |
| Class A | (8230973)<br>| (9952265)<br>|
| Fund share transactions: |  |  |
| **Class A** |  |  |
| Proceeds from shares sold | 103931188 | 138287449 |
| Reinvestment of distributions | 8290101 | 9999653 |
| Payments for shares redeemed | (118997872)<br>| (219672004)<br>|
| Net increase (decrease) in net assets from Class A share transactions | (6776583)<br>| (71384902)<br>|
| **Increase (decrease) in net assets** | (6757035)<br>| (71363176)<br>|
| Net assets at beginning of period | 214501528 | 285864704 |
| **Net assets at end of period** | **$207744493** | **$214501528** |

---

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

---

| | | |
|:---|:---|:---|
| **Other Information** |  |  |
| **Class A** |  |  |
| Shares outstanding at beginning of period | 214535991 | 285920893 |
| Shares sold | 103931188 | 138287449 |
| Shares issued to shareholders in reinvestment of distributions | 8290101 | 9999653 |
| Shares redeemed | (118997872)<br>| (219672004)<br>|
| Net increase (decrease) in Class A shares | (6776583)<br>| (71384902)<br>|
| Shares outstanding at end of period | **207759408** | **214535991** |

---

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>|

---

------

**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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |
| **Net asset value, beginning of period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; .039 | &nbsp;&nbsp; .048 | &nbsp;&nbsp; .047 | &nbsp;&nbsp; .013 | &nbsp;&nbsp; .000 <br><sup>\*</sup><br>|
| Net realized gain (loss) | &nbsp;&nbsp; .000 <br><sup>\*</sup><br>| &nbsp;&nbsp; .000 <br><sup>\*</sup><br>| &nbsp;&nbsp; .000 <br><sup>\*</sup><br>| &nbsp;&nbsp; (.000 )<sup>\*</sup><br>| &nbsp;&nbsp; (.000 )<sup>\*</sup><br>|
| **Total from investment operations** | &nbsp;&nbsp; .039 | &nbsp;&nbsp; .048 | &nbsp;&nbsp; .047 | &nbsp;&nbsp; .013 | &nbsp;&nbsp; .000 <br><sup>\*</sup><br>|
| Less distributions from: |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (.039)<br>| &nbsp;&nbsp; (.048)<br>| &nbsp;&nbsp; (.047)<br>| &nbsp;&nbsp; (.013)<br>| &nbsp;&nbsp; (.000 )<sup>\*</sup><br>|
| **Net asset value, end of period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| Total Return (%) | &nbsp;&nbsp;&nbsp;&nbsp;3.96 | &nbsp;&nbsp;&nbsp;&nbsp;4.92 | &nbsp;&nbsp;&nbsp;&nbsp;4.75 | &nbsp;&nbsp;&nbsp;&nbsp; 1.29 <br><sup>a</sup><br>| &nbsp;&nbsp; .01 <br><sup>a</sup><br>|
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp; 208 | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 286 | &nbsp;&nbsp; 187 | &nbsp;&nbsp; 197 |
| Ratio of expenses before expense reductions (%)<sup>b</sup> <br>| &nbsp;&nbsp; .40 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; .42 |
| Ratio of expenses after expense reductions (%)<sup>b</sup> <br>| &nbsp;&nbsp; .40 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; .06 |
| Ratio of net investment income (%) | &nbsp;&nbsp;&nbsp;&nbsp;3.89 | &nbsp;&nbsp;&nbsp;&nbsp;4.80 | &nbsp;&nbsp;&nbsp;&nbsp;4.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp; .01 |

---

&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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| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Government Money Market VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **9**  |

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------

**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 is an underlying investment vehicle for variable annuity contracts and variable life insurance policies to be offered by the separate accounts of certain life insurance companies ("Participating Insurance Companies").

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

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

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

The Fund values all securities utilizing the amortized cost method permitted in accordance with Rule 2a-7 under the 1940 Act and certain conditions therein. Under this method, which does not take into account unrealized capital gains or losses on securities, an instrument is initially valued at its cost and thereafter assumes a constant accretion/ amortization rate to maturity of any discount or premium. Securities held by the Fund are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.

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

**Repurchase Agreements.** The Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, with certain banks and broker/dealers whereby the Fund, through its custodian or a sub-custodian bank, receives delivery of the underlying securities, the amount of which at the time of purchase and each subsequent business day is required to be maintained at such a level that the market value is equal to at least the principal amount of the repurchase price plus accrued interest. The custodian bank or another designated sub-custodian bank holds the collateral in a separate account until the agreement matures. If the value of the securities falls below the principal amount of the repurchase agreement plus accrued interest, the financial institution deposits additional collateral by the following business day. If the financial institution either fails to deposit the required additional collateral or fails to repurchase the securities

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

---

| | |
|:---|:---|
| **10** \|  | Deutsche DWS Variable Series II —<br> DWS Government Money Market VIP <br>|

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------

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, 2025, the Fund held repurchase agreements with a gross value of $97,300,000. The value of the related collateral exceeded the value of the repurchase agreements at period end. The detail of the related collateral is included in the footnotes following the Fund's Investment Portfolio.

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

The Fund files tax returns with the Internal Revenue Service, the State of New York, and various other states. Each of the tax years in the four-year period ended December 31, 2025, remains subject to examination by taxing authorities.

**Distribution of Income and Gains.** Net investment income of the Fund is declared as a daily dividend and is distributed to shareholders monthly. The Fund may take into account capital gains and losses in its daily dividend declarations. The Fund may also make additional distributions for tax purposes if necessary.

Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to paid-in capital. Temporary book and tax basis differences will reverse in a subsequent period. There were no significant book-to-tax differences for the Fund.

At December 31, 2025, the Fund's components of distributable earnings (accumulated losses) on a net tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $50032 |

---

At December 31, 2025, the Fund had an aggregate cost of investments for federal income tax purposes of $207,921,594.

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,** |
|  | **2025** | **2024** |
| Distributions from ordinary income | &nbsp;&nbsp; $8230973 | &nbsp;&nbsp; $9952265 |

---

**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.

&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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------

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

---

| | |
|:---|:---|
| First $500 million of the Fund's average daily net assets | &nbsp;&nbsp; .235% |
| Next $500 million of such net assets | &nbsp;&nbsp; .220% |
| Next $1.0 billion of such net assets | &nbsp;&nbsp; .205% |
| Over $2.0 billion of such net assets | &nbsp;&nbsp; .190% |

---

Accordingly, for the year ended December 31, 2025, 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, 2025 through September 30, 2026, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of Class A at 0.51%.

**Administration Fee.** Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.097% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the year ended December 31, 2025, the Administration Fee was $205,332, of which $17,009 is unpaid.

**Service Provider Fees.** DWS Service Company ("DSC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and SS&C GIDS, Inc. ("SS&C"), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to SS&C. DSC compensates SS&C out of the shareholder servicing fee it receives from the Fund. For the year ended December 31, 2025, the amounts charged to the Fund by DSC aggregated $2,546, of which $422 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, 2025, the amount charged to the Fund by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $494, of which $167 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, 2025, one Participating Insurance Company was owner of record of 10% or more of the total outstanding Class A shares of the Fund, owning 68%.

**D.** **Line of Credit**

The Fund and other affiliated funds (the "Participants") share in a $345 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a daily fluctuating rate per annum equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at December 31, 2025.

**E.** **Money Market Fund Investments and Yield**

Rising interest rates could cause the value of the Fund's investments — and therefore its share price as well — to decline. A rising interest rate environment may cause investors to move out of fixed-income securities and related markets on a large scale, which could adversely affect the price and liquidity of such securities and could also result in increased redemptions from the Fund. Increased redemptions from the Fund may force the Fund to sell investments at a time when it is not advantageous to do so, which could result in losses. A sharp rise in interest rates could cause the value of the Fund's investments to decline and impair

&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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------

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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------

**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, 2025, 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, 2025, 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, 2025, 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.

![](imgf05703592.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 12, 2026

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

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| | |
|:---|:---|
| **14** \|  | Deutsche DWS Variable Series II —<br> DWS Government Money Market VIP <br>|

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**Tax Information (Unaudited)**

Please consult a tax advisor if you have questions about federal or state income tax laws, or on how to prepare your tax returns. If you have specific questions about your account, please contact your insurance provider.

&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**  |

---

------

**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 2025.

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

—

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

—

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

—

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

—

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

—

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

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

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

While shareholders may focus primarily on fund performance and fees, the 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, 2024, the Fund's gross performance (Class A shares) was in the 3rd quartile of the applicable iMoneyNet universe (the 1st quartile being the best performers and the 4th quartile being the worst performers).

**Fees and Expenses.** The Board considered the Fund's investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. ("Broadridge") regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to

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

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| | |
|:---|:---|
| **16** \|  | Deutsche DWS Variable Series II —<br> DWS Government Money Market VIP <br>|

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------

management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.097% fee paid to DIMA under the Fund's administrative services agreement, were equal to the median (2nd quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2024). Based on Broadridge data provided as of December 31, 2024, the Board noted that the Fund's Class A shares total operating expenses were higher than the median (3rd quartile) of the applicable Broadridge expense universe (less any applicable 12b-1 fees). The Board noted the expense limitation agreed to by DIMA. The Board also noted the voluntary fee waivers implemented by DIMA from time to time in recent years to ensure the Fund maintained a positive yield. The Board considered the Fund's management fee rate as compared to fees charged by DIMA to comparable DWS U.S. registered funds ("DWS Funds") and considered differences between the Fund and the comparable DWS Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors ("DWS Europe Funds") managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

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

**Profitability.** The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs to DIMA, and pre-tax profits realized by DIMA, from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board reviewed DIMA's methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that, while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates' overall profitability with respect to the DWS Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was in line with 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. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA's and the Fund's chief compliance officers; (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters; and (iii) ongoing efforts to enhance the compliance program.

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

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

VS2GMM-BFE2025

&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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------

![](imgac2516bc1.jpg)

VS2GMM-NCSRA

------

December 31, 2025

**Annual Financial Statements and Other Information**

Deutsche DWS Variable Series II

**DWS High Income VIP**

![](imgd3690a491.jpg)

------

**Contents** 

---

| | |
|:---|:---|
| **3** | [Investment Portfolio](#xx_29d373a3-2525-4ca7-acc8-ecb580b612f7_SOI-CC-Financial-RunningFooter-346_1) |
| **11** | [Statement of Assets and Liabilities](#xx_29d373a3-2525-4ca7-acc8-ecb580b612f7_FS-CC-Financial-RunningFooter-346_1) |
| **12** | [Statement of Operations](#xx_29d373a3-2525-4ca7-acc8-ecb580b612f7_FS-CC-Financial-RunningFooter-346_2) |
| **13** | [Statements of Changes in Net Assets](#xx_29d373a3-2525-4ca7-acc8-ecb580b612f7_FS-CC-Financial-RunningFooter-346_3) |
| **14** | [Financial Highlights](#xx_29d373a3-2525-4ca7-acc8-ecb580b612f7_FIHI-CC-Financial-RunningFooter-346_1) |
| **15** | [Notes to Financial Statements](#xx_29d373a3-2525-4ca7-acc8-ecb580b612f7_NTF-CC-Financial-RunningFooter-346_1) |
| **22** | [Report of Independent Registered Public Accounting Firm](#xx_29d373a3-2525-4ca7-acc8-ecb580b612f7_AUD-CC-Financial-RunningFooter-346_1) |
| **23** | [Tax Information](#xx_29d373a3-2525-4ca7-acc8-ecb580b612f7_FEXPTI-CC-Financial-RunningFooter-346_1) |
| **24** | [Advisory Agreement Board Considerations and Fee Evaluation](#xx_29d373a3-2525-4ca7-acc8-ecb580b612f7_AABCF-CC-Financial-RunningFooter-346_1) |

---

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

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

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

---

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

---

------

**Investment Portfolioas of December 31, 2025**

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal** <br>**Amount ($)(a)** | &nbsp;&nbsp; **Principal** <br>**Amount ($)(a)** | **Value ($)** |
| **Corporate Bonds 90.2%** | **Corporate Bonds 90.2%** | **Corporate Bonds 90.2%** |  |
| **Communication Services 19.4%** | **Communication Services 19.4%** | **Communication Services 19.4%** |  |
| Altice Financing SA, REG S, <br> 3.0%, 1/15/2028<br>| EUR | 100000 | &nbsp;&nbsp; 80756 |
| Altice France SA: |  |  |  |
| 144A, 4.75%, 10/15/2030 | EUR | 154020 | &nbsp;&nbsp; 170194 |
| 144A, 6.875%, 10/15/2030 |  | 154020 | &nbsp;&nbsp; 149367 |
| AMC Networks, Inc.: |  |  |  |
| 144A, 10.25%, 1/15/2029 |  | 35000 | &nbsp;&nbsp; 36701 |
| 144A, 10.5%, 7/15/2032 (b) |  | 125000 | &nbsp;&nbsp; 138093 |
| Arches Buyer, Inc., 144A, <br> 6.125%, 12/1/2028<br>|  | 95000 | &nbsp;&nbsp; 92672 |
| CCO Holdings LLC: |  |  |  |
| 144A, 4.25%, 2/1/2031 |  | 165000 | &nbsp;&nbsp; 151610 |
| 144A, 4.5%, 8/15/2030 |  | 290000 | &nbsp;&nbsp; 273038 |
| 144A, 5.375%, 6/1/2029 |  | 548000 | &nbsp;&nbsp; 541818 |
| 144A, 6.375%, 9/1/2029 |  | 205000 | &nbsp;&nbsp; 207818 |
| Clear Channel Outdoor <br> Holdings, Inc., 144A, 7.75%, <br> 4/15/2028 (b)<br>|  | 85000 | &nbsp;&nbsp; 85063 |
| Cogent Communications <br> Group LLC, 144A, 7.0%, <br> 6/15/2027<br>|  | 215000 | &nbsp;&nbsp; 214921 |
| CommScope LLC, 144A, <br> 4.75%, 9/1/2029<br>|  | 60000 | &nbsp;&nbsp; 59915 |
| CommScope Technologies <br> LLC, 144A, 5.0%, 3/15/2027<br>|  | 120000 | &nbsp;&nbsp; 119730 |
| CSC Holdings LLC, 144A, <br> 4.125%, 12/1/2030<br>|  | 520000 | &nbsp;&nbsp; 318866 |
| DirecTV Financing LLC, 144A, <br> 8.875%, 2/1/2030<br>|  | 250000 | &nbsp;&nbsp; 253138 |
| Discovery Communications <br> LLC, 4.125%, 5/15/2029<br>|  | 225000 | &nbsp;&nbsp; 217438 |
| DISH DBS Corp., 144A, <br> 5.75%, 12/1/2028<br>|  | 190000 | &nbsp;&nbsp; 186533 |
| DISH Network Corp., 144A, <br> 11.75%, 11/15/2027<br>|  | 395000 | &nbsp;&nbsp; 411108 |
| EchoStar Corp.: |  |  |  |
| 6.75%, 11/30/2030, PIK |  | 171125 | &nbsp;&nbsp; 175312 |
| 10.75%, 11/30/2029 |  | 170000 | &nbsp;&nbsp; 187986 |
| Flash Compute LLC, 144A, <br> 7.25%, 12/31/2030<br>|  | 140000 | &nbsp;&nbsp; 138707 |
| Getty Images, Inc., 144A, <br> 10.5%, 11/15/2030<br>|  | 40000 | &nbsp;&nbsp; 40331 |
| Gray Media, Inc., 144A, <br> 7.25%, 8/15/2033<br>|  | 65000 | &nbsp;&nbsp; 66419 |
| iHeartCommunications, Inc., <br> 144A, 4.75%, 1/15/2028<br>|  | 50000 | &nbsp;&nbsp; 45750 |
| Iliad Holding SAS, 144A, 7.0%, <br> 10/15/2028<br>|  | 200000 | &nbsp;&nbsp; 202487 |
| Level 3 Financing, Inc., 144A, <br> 4.25%, 7/1/2028<br>|  | 185000 | &nbsp;&nbsp; 176675 |
| Match Group Holdings II LLC: |  |  |  |
| 144A, 3.625%, 10/1/2031 |  | 240000 | &nbsp;&nbsp; 220222 |
| 144A, 4.625%, 6/1/2028 |  | 135000 | &nbsp;&nbsp; 133792 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($)(a)** | &nbsp;&nbsp; **Principal**<br> **Amount ($)(a)** | **Value ($)** |
| McGraw-Hill Education, Inc., <br> 144A, 7.375%, 9/1/2031<br>|  | 185000 | &nbsp;&nbsp; 195186 |
| Neptune Bidco U.S., Inc., <br> 144A, 9.29%, 4/15/2029<br>|  | 175000 | &nbsp;&nbsp; 175299 |
| Scripps Escrow II, Inc., 144A, <br> 3.875%, 1/15/2029 (b)<br>|  | 85000 | &nbsp;&nbsp; 78212 |
| Snap, Inc., 144A, 6.875%, <br> 3/1/2033<br>|  | 85000 | &nbsp;&nbsp; 88081 |
| TEGNA, Inc., 4.625%, <br> 3/15/2028<br>|  | 150000 | &nbsp;&nbsp; 148458 |
| Telenet Finance Luxembourg <br> Notes SARL, 144A, 5.5%, <br> 3/1/2028<br>|  | 200000 | &nbsp;&nbsp; 198854 |
| Univision <br> Communications, Inc.:<br>|  |  |  |
| 144A, 8.0%, 8/15/2028 |  | 240000 | &nbsp;&nbsp; 248562 |
| 144A, 9.375%, 8/1/2032 |  | 41000 | &nbsp;&nbsp; 44067 |
| Versant Media Group, Inc., <br> 144A, 7.25%, 1/30/2031<br>|  | 169000 | &nbsp;&nbsp; 174356 |
| Virgin Media Secured Finance <br> PLC, 144A, 5.5%, 5/15/2029<br>|  | 345000 | &nbsp;&nbsp; 339879 |
| Virgin Media Vendor Financing <br> Notes IV DAC, 144A, 5.0%, <br> 7/15/2028<br>|  | 200000 | &nbsp;&nbsp; 196223 |
| Vodafone Group PLC, 7.0%, <br> 4/4/2079<br>|  | 490000 | &nbsp;&nbsp; 519063 |
| Warnermedia Holdings, Inc.: |  |  |  |
| Series WI, <br> 4.054%, 3/15/2029<br>|  | 90000 | &nbsp;&nbsp; 87102 |
| 5.05%, 3/15/2042 |  | 115000 | &nbsp;&nbsp; 80931 |
| Windstream Services LLC: |  |  |  |
| 144A, 7.5%, 10/15/2033 |  | 154000 | &nbsp;&nbsp; 157867 |
| 144A, 8.25%, 10/1/2031 |  | 148000 | &nbsp;&nbsp; 155366 |
| WULF Compute LLC, 144A, <br> 7.75%, 10/15/2030<br>|  | 211000 | &nbsp;&nbsp; 217382 |
| Ziggo BV, 144A, 4.875%, <br> 1/15/2030<br>|  | 200000 | &nbsp;&nbsp; 189046 |
|  |  |  | &nbsp;&nbsp; **8390394** |
| **Consumer Discretionary 11.7%** | **Consumer Discretionary 11.7%** | **Consumer Discretionary 11.7%** |  |
| American Axle & <br> Manufacturing, Inc., 144A, <br> 7.75%, 10/15/2033<br>|  | 130000 | &nbsp;&nbsp; 132415 |
| Avis Budget Car Rental LLC, <br> 144A, 8.375%, 6/15/2032<br>|  | 82000 | &nbsp;&nbsp; 84673 |
| Avis Budget Finance PLC, REG <br> S, 7.0%, 2/28/2029<br>| EUR | 120000 | &nbsp;&nbsp; 144928 |
| BCPE Flavor Debt Merger Sub <br> LLC & BCPE Flavor Issuer, <br> Inc., 144A, 9.5%, 7/1/2032<br>|  | 123000 | &nbsp;&nbsp; 117545 |
| Boyd Gaming Corp., 144A, <br> 4.75%, 6/15/2031<br>|  | 89000 | &nbsp;&nbsp; 86952 |
| Carnival Corp.: |  |  |  |
| 144A, 5.75%, 8/1/2032 |  | 210000 | &nbsp;&nbsp; 215519 |
| 144A, 5.875%, 6/15/2031 |  | 524000 | &nbsp;&nbsp; 541242 |
| Crocs, Inc.: |  |  |  |
| 144A, 4.125%, 8/15/2031 |  | 45000 | &nbsp;&nbsp; 41572 |

---

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

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

---

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

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($)(a)** | &nbsp;&nbsp; **Principal**<br> **Amount ($)(a)** | **Value ($)** |
| 144A, 4.25%, 3/15/2029 |  | 110000 | &nbsp;&nbsp; 106455 |
| Global Auto Holdings Ltd., <br> 144A, 8.375%, 1/15/2029<br>|  | 200000 | &nbsp;&nbsp; 196500 |
| Lindblad Expeditions LLC, <br> 144A, 7.0%, 9/15/2030<br>|  | 187000 | &nbsp;&nbsp; 195075 |
| Lithia Motors, Inc., 144A, <br> 4.375%, 1/15/2031<br>|  | 200000 | &nbsp;&nbsp; 192216 |
| Michaels Companies, Inc., <br> 144A, 5.25%, 5/1/2028<br>|  | 89000 | &nbsp;&nbsp; 85561 |
| Mohegan Tribal Gaming <br> Authority, 144A, 8.25%, <br> 4/15/2030<br>|  | 125000 | &nbsp;&nbsp; 130300 |
| NCL Corp., Ltd.: |  |  |  |
| 144A, 6.25%, 9/15/2033 |  | 209000 | &nbsp;&nbsp; 208912 |
| 144A, 6.75%, 2/1/2032 |  | 129000 | &nbsp;&nbsp; 132086 |
| Nissan Motor Acceptance <br> Co. LLC:<br>|  |  |  |
| 144A, 1.85%, 9/16/2026 |  | 135000 | &nbsp;&nbsp; 131728 |
| 144A, 2.75%, 3/9/2028 |  | 140000 | &nbsp;&nbsp; 133023 |
| 144A, 5.55%, 9/13/2029 |  | 110000 | &nbsp;&nbsp; 109611 |
| 144A, 6.125%, 9/30/2030 |  | 50000 | &nbsp;&nbsp; 50007 |
| Papa John's International, Inc., <br> 144A, 3.875%, 9/15/2029<br>|  | 103000 | &nbsp;&nbsp; 97690 |
| Rakuten Group, Inc.: |  |  |  |
| REG S, 4.25%, Perpetual | EUR | 200000 | &nbsp;&nbsp; 227983 |
| 144A, 5.125%, Perpetual (b) |  | 200000 | &nbsp;&nbsp; 198967 |
| Rivers Enterprise Borrower <br> LLC, 144A, 6.625%, <br> 2/1/2033<br>|  | 161000 | &nbsp;&nbsp; 164597 |
| Specialty Building Products <br> Holdings LLC, 144A, 7.75%, <br> 10/15/2029<br>|  | 56000 | &nbsp;&nbsp; 54638 |
| Staples, Inc.: |  |  |  |
| 144A, 10.75%, 9/1/2029 |  | 186000 | &nbsp;&nbsp; 184918 |
| 144A, 12.75%, 1/15/2030 |  | 25000 | &nbsp;&nbsp; 20976 |
| Travel & Leisure Co., 144A, <br> 6.625%, 7/31/2026<br>|  | 210000 | &nbsp;&nbsp; 211470 |
| Voyager Parent LLC, 144A, <br> 9.25%, 7/1/2032<br>|  | 170000 | &nbsp;&nbsp; 180390 |
| Wolverine World Wide, Inc., <br> 144A, 4.0%, 8/15/2029<br>|  | 85000 | &nbsp;&nbsp; 78570 |
| Wyndham Hotels & Resorts, <br> Inc., 144A, 4.375%, <br> 8/15/2028<br>|  | 465000 | &nbsp;&nbsp; 458555 |
| ZF North America Capital, Inc., <br> 144A, 6.875%, 4/14/2028<br>|  | 150000 | &nbsp;&nbsp; 153061 |
|  |  |  | &nbsp;&nbsp; **5068135** |
| **Consumer Staples 1.6%** | **Consumer Staples 1.6%** | **Consumer Staples 1.6%** |  |
| C&S Group Enterprises LLC, <br> 144A, 5.0%, 12/15/2028<br>|  | 85000 | &nbsp;&nbsp; 78673 |
| Coty, Inc., 144A, 5.6%, <br> 1/15/2031<br>|  | 85000 | &nbsp;&nbsp; 85773 |
| Fiesta Purchaser, Inc., 144A, <br> 9.625%, 9/15/2032<br>|  | 67000 | &nbsp;&nbsp; 70217 |
| HLF Financing SARL LLC, <br> 144A, 4.875%, 6/1/2029 (b)<br>|  | 205000 | &nbsp;&nbsp; 192521 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($)(a)** | **Value ($)** |
| KeHE Distributors LLC, 144A, <br> 9.0%, 2/15/2029<br>| 110000 | &nbsp;&nbsp; 115467 |
| Viking Baked Goods <br> Acquisition Corp., 144A, <br> 8.625%, 11/1/2031<br>| 160000 | &nbsp;&nbsp; 160514 |
|  |  | &nbsp;&nbsp; **703165** |
| **Energy 13.8%** | **Energy 13.8%** |  |
| Aethon United BR LP, 144A, <br> 7.5%, 10/1/2029<br>| 295000 | &nbsp;&nbsp; 309064 |
| Ascent Resources Utica <br> Holdings LLC:<br>|  |  |
| 144A, 6.625%, 10/15/2032 | 316000 | &nbsp;&nbsp; 326305 |
| 144A, 6.625%, 7/15/2033 | 372000 | &nbsp;&nbsp; 385036 |
| Blue Racer Midstream LLC, <br> 144A, 7.25%, 7/15/2032<br>| 165000 | &nbsp;&nbsp; 175110 |
| Caturus Energy LLC, 144A, <br> 8.5%, 2/15/2030<br>| 80000 | &nbsp;&nbsp; 83316 |
| Civitas Resources, Inc.: |  |  |
| 144A, 8.625%, 11/1/2030 | 40000 | &nbsp;&nbsp; 41922 |
| 144A, 8.75%, 7/1/2031 | 65000 | &nbsp;&nbsp; 67431 |
| 144A, 9.625%, 6/15/2033 | 146000 | &nbsp;&nbsp; 157624 |
| Crescent Energy Finance LLC: |  |  |
| 144A, 7.375%, 1/15/2033 | 90000 | &nbsp;&nbsp; 85406 |
| 144A, 7.625%, 4/1/2032 | 145000 | &nbsp;&nbsp; 140581 |
| Excelerate Energy LP, 144A, <br> 8.0%, 5/15/2030<br>| 223000 | &nbsp;&nbsp; 235653 |
| Genesis Energy LP: |  |  |
| 8.0%, 5/15/2033 | 65000 | &nbsp;&nbsp; 67477 |
| 8.25%, 1/15/2029 | 210000 | &nbsp;&nbsp; 219215 |
| Gulfport Energy Operating <br> Corp., 144A, 6.75%, <br> 9/1/2029<br>| 186000 | &nbsp;&nbsp; 192079 |
| Harvest Midstream I LP, 144A, <br> 7.5%, 9/1/2028<br>| 110000 | &nbsp;&nbsp; 111645 |
| Howard Midstream Energy <br> Partners LLC, 144A, <br> 7.375%, 7/15/2032<br>| 185000 | &nbsp;&nbsp; 195207 |
| Kinetik Holdings LP, 144A, <br> 6.625%, 12/15/2028<br>| 61000 | &nbsp;&nbsp; 62810 |
| Kodiak Gas Services LLC, <br> 144A, 7.25%, 2/15/2029<br>| 235000 | &nbsp;&nbsp; 244483 |
| Kraken Oil & Gas Partners <br> LLC, 144A, 7.625%, <br> 8/15/2029<br>| 81000 | &nbsp;&nbsp; 79970 |
| Moss Creek Resources <br> Holdings, Inc., 144A, 8.25%, <br> 9/1/2031<br>| 68000 | &nbsp;&nbsp; 65110 |
| NGL Energy Operating LLC, <br> 144A, 8.125%, 2/15/2029<br>| 110000 | &nbsp;&nbsp; 114176 |
| NuStar Logistics LP, 6.375%, <br> 10/1/2030<br>| 370000 | &nbsp;&nbsp; 389424 |
| Seadrill Finance Ltd., 144A, <br> 8.375%, 8/1/2030<br>| 200000 | &nbsp;&nbsp; 207991 |
| SM Energy Co., 144A, 7.0%, <br> 8/1/2032<br>| 174000 | &nbsp;&nbsp; 171054 |
| Summit Midstream Holdings <br> LLC, 144A, 8.625%, <br> 10/31/2029<br>| 102000 | &nbsp;&nbsp; 105769 |

---

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

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

---

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

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($)(a)** | &nbsp;&nbsp; **Principal**<br> **Amount ($)(a)** | **Value ($)** |
| Sunoco LP: |  |  |  |
| 4.5%, 5/15/2029 |  | 85000 | &nbsp;&nbsp; 83450 |
| 4.5%, 4/30/2030 |  | 230000 | &nbsp;&nbsp; 224601 |
| 144A, 7.875%, Perpetual |  | 87000 | &nbsp;&nbsp; 89373 |
| Transocean Aquila Ltd., 144A, <br> 8.0%, 9/30/2028<br>|  | 61462 | &nbsp;&nbsp; 62954 |
| Transocean International Ltd.: |  |  |  |
| 144A, 7.875%, 10/15/2032 |  | 152000 | &nbsp;&nbsp; 158749 |
| 144A, 8.75%, 2/15/2030 |  | 82500 | &nbsp;&nbsp; 86205 |
| Transocean Titan Financing <br> Ltd., 144A, 8.375%, <br> 2/1/2028<br>|  | 16190 | &nbsp;&nbsp; 16535 |
| Venture Global LNG, Inc.: |  |  |  |
| 144A, 7.0%, 1/15/2030 (b) |  | 42000 | &nbsp;&nbsp; 40422 |
| 144A, 9.0%, Perpetual |  | 52000 | &nbsp;&nbsp; 41066 |
| 144A, 9.5%, 2/1/2029 |  | 65000 | &nbsp;&nbsp; 67371 |
| 144A, 9.875%, 2/1/2032 |  | 210000 | &nbsp;&nbsp; 216945 |
| Venture Global Plaquemines <br> LNG LLC:<br>|  |  |  |
| 144A, 6.5%, 6/15/2034 |  | 166000 | &nbsp;&nbsp; 169616 |
| 144A, 7.75%, 5/1/2035 |  | 340000 | &nbsp;&nbsp; 372284 |
| Vital Energy, Inc.: |  |  |  |
| 144A, 7.875%, 4/15/2032 (b) |  | 85000 | &nbsp;&nbsp; 83749 |
| 9.75%, 10/15/2030 |  | 45000 | &nbsp;&nbsp; 47224 |
|  |  |  | &nbsp;&nbsp; **5994402** |
| **Financials 8.4%** | **Financials 8.4%** | **Financials 8.4%** |  |
| Acrisure LLC, 144A, 6.75%, <br> 7/1/2032<br>|  | 214000 | &nbsp;&nbsp; 220443 |
| Alliant Holdings <br> Intermediate LLC:<br>|  |  |  |
| 144A, 4.25%, 10/15/2027 |  | 135000 | &nbsp;&nbsp; 134142 |
| 144A, 6.5%, 10/1/2031 |  | 99000 | &nbsp;&nbsp; 102038 |
| Ardonagh Finco Ltd.: |  |  |  |
| REG S, 6.875%, 2/15/2031 | EUR | 145000 | &nbsp;&nbsp; 175631 |
| 144A, 6.875%, 2/15/2031 | EUR | 100000 | &nbsp;&nbsp; 121125 |
| Asurion LLC & Asurion Co-<br> Issuer, Inc., 144A, 8.0%, <br> 12/31/2032<br>|  | 110000 | &nbsp;&nbsp; 114137 |
| Burford Capital Global Finance <br> LLC, 144A, 6.25%, <br> 4/15/2028<br>|  | 200000 | &nbsp;&nbsp; 198916 |
| CrossCountry Intermediate <br> HoldCo LLC:<br>|  |  |  |
| 144A, 6.5%, 10/1/2030 |  | 164000 | &nbsp;&nbsp; 167279 |
| 144A, 6.75%, 12/1/2032 |  | 99000 | &nbsp;&nbsp; 100606 |
| EZCORP, Inc., 144A, 7.375%, <br> 4/1/2032<br>|  | 405000 | &nbsp;&nbsp; 429688 |
| FirstCash, Inc.: |  |  |  |
| 144A, 4.625%, 9/1/2028 |  | 150000 | &nbsp;&nbsp; 149038 |
| 144A, 6.875%, 3/1/2032 |  | 70000 | &nbsp;&nbsp; 72814 |
| Freedom Mortgage <br> Holdings LLC:<br>|  |  |  |
| 144A, 6.875%, 5/1/2031 |  | 162000 | &nbsp;&nbsp; 162097 |
| 144A, 8.375%, 4/1/2032 |  | 39000 | &nbsp;&nbsp; 41054 |
| 144A, 9.25%, 2/1/2029 |  | 70000 | &nbsp;&nbsp; 73419 |
| goeasy Ltd., 144A, 9.25%, <br> 12/1/2028<br>|  | 115000 | &nbsp;&nbsp; 118247 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($)(a)** | **Value ($)** |
| Howden U.K. Refinance PLC, <br> 144A, 7.25%, 2/15/2031<br>| 200000 | &nbsp;&nbsp; 205961 |
| Icahn Enterprises LP, 9.75%, <br> 1/15/2029<br>| 55000 | &nbsp;&nbsp; 54832 |
| Navient Corp.: |  |  |
| 4.875%, 3/15/2028 | 20000 | &nbsp;&nbsp; 19776 |
| 5.0%, 3/15/2027 | 90000 | &nbsp;&nbsp; 90195 |
| Panther Escrow Issuer LLC, <br> 144A, 7.125%, 6/1/2031<br>| 220000 | &nbsp;&nbsp; 227975 |
| PennyMac Financial Services, <br> Inc., 144A, 7.125%, <br> 11/15/2030<br>| 165000 | &nbsp;&nbsp; 173453 |
| Starwood Property Trust, Inc.: |  |  |
| 144A, (REIT), <br> 5.25%, 10/15/2028<br>| 120000 | &nbsp;&nbsp; 120873 |
| 144A, (REIT), <br> 6.0%, 4/15/2030<br>| 140000 | &nbsp;&nbsp; 143696 |
| 144A, (REIT), 6.5%, <br> 10/15/2030 (b)<br>| 196000 | &nbsp;&nbsp; 204348 |
|  |  | &nbsp;&nbsp; **3621783** |
| **Health Care 6.2%** | **Health Care 6.2%** |  |
| 1261229 BC Ltd., 144A, <br> 10.0%, 4/15/2032<br>| 200000 | &nbsp;&nbsp; 208003 |
| Acadia Healthcare Co., Inc., <br> 144A, 5.0%, 4/15/2029<br>| 180000 | &nbsp;&nbsp; 173311 |
| Avantor Funding, Inc., 144A, <br> 3.875%, 11/1/2029<br>| 110000 | &nbsp;&nbsp; 105188 |
| Bausch Health Americas, Inc., <br> 144A, 8.5%, 1/31/2027<br>| 80000 | &nbsp;&nbsp; 79203 |
| Bausch Health <br> Companies, Inc.:<br>|  |  |
| 144A, 5.0%, 2/15/2029 | 50000 | &nbsp;&nbsp; 38500 |
| 144A, 11.0%, 9/30/2028 | 140000 | &nbsp;&nbsp; 145018 |
| Charles River Laboratories <br> International, Inc.:<br>|  |  |
| 144A, 3.75%, 3/15/2029 | 590000 | &nbsp;&nbsp; 569664 |
| 144A, 4.0%, 3/15/2031 | 80000 | &nbsp;&nbsp; 75800 |
| Community Health <br> Systems, Inc.:<br>|  |  |
| 144A, 4.75%, 2/15/2031 | 115000 | &nbsp;&nbsp; 102452 |
| 144A, 5.25%, 5/15/2030 | 225000 | &nbsp;&nbsp; 211318 |
| 144A, 6.0%, 1/15/2029 | 65000 | &nbsp;&nbsp; 64982 |
| 144A, 6.875%, 4/15/2029 | 70000 | &nbsp;&nbsp; 62300 |
| Embecta Corp., 144A, 5.0%, <br> 2/15/2030 (b)<br>| 85000 | &nbsp;&nbsp; 81236 |
| Genmab A/S, 144A, 6.25%, <br> 12/15/2032<br>| 200000 | &nbsp;&nbsp; 204969 |
| LifePoint Health, Inc.: |  |  |
| 144A, 5.375%, 1/15/2029 | 45000 | &nbsp;&nbsp; 44120 |
| 144A, 8.375%, 2/15/2032 | 171000 | &nbsp;&nbsp; 185614 |
| Molina Healthcare, Inc., 144A, <br> 4.375%, 6/15/2028<br>| 175000 | &nbsp;&nbsp; 172103 |
| Prime Healthcare Services, <br> Inc., 144A, 9.375%, <br> 9/1/2029<br>| 170000 | &nbsp;&nbsp; 178500 |
|  |  | &nbsp;&nbsp; **2702281** |

---

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

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

---

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

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($)(a)** | &nbsp;&nbsp; **Principal**<br> **Amount ($)(a)** | **Value ($)** |
| **Industrials 5.4%** | **Industrials 5.4%** | **Industrials 5.4%** |  |
| American Airlines, Inc., 144A, <br> 5.5%, 4/20/2026<br>|  | 45834 | &nbsp;&nbsp; 45899 |
| ATS Corp., 144A, 4.125%, <br> 12/15/2028<br>|  | 220000 | &nbsp;&nbsp; 214595 |
| Enviri Corp., 144A, 5.75%, <br> 7/31/2027<br>|  | 145000 | &nbsp;&nbsp; 145078 |
| FTAI Aviation Investors LLC, <br> 144A, 7.0%, 5/1/2031<br>|  | 110000 | &nbsp;&nbsp; 115840 |
| Hillenbrand, Inc., 3.75%, <br> 3/1/2031<br>|  | 455000 | &nbsp;&nbsp; 455807 |
| JetBlue Airways Corp., 144A, <br> 9.875%, 9/20/2031<br>|  | 60000 | &nbsp;&nbsp; 60448 |
| Signature Aviation <br> U.S. Holdings, Inc., 144A, <br> 4.0%, 3/1/2028<br>|  | 155000 | &nbsp;&nbsp; 142600 |
| Stena International SA, 144A, <br> 7.25%, 1/15/2031<br>|  | 400000 | &nbsp;&nbsp; 407762 |
| Synergy Infrastructure <br> Holdings LLC, 144A, <br> 7.875%, 12/1/2030<br>|  | 107000 | &nbsp;&nbsp; 110929 |
| TransDigm, Inc., 144A, <br> 6.375%, 5/31/2033<br>|  | 405000 | &nbsp;&nbsp; 415581 |
| Velocity Vehicle Group LLC, <br> 144A, 8.0%, 6/1/2029<br>|  | 45000 | &nbsp;&nbsp; 42752 |
| Wabash National Corp., 144A, <br> 4.5%, 10/15/2028<br>|  | 60000 | &nbsp;&nbsp; 56118 |
| Williams Scotsman, Inc., <br> 144A, 4.625%, 8/15/2028<br>|  | 140000 | &nbsp;&nbsp; 139571 |
|  |  |  | &nbsp;&nbsp; **2352980** |
| **Information Technology 3.7%** | **Information Technology 3.7%** | **Information Technology 3.7%** |  |
| ams-OSRAM AG, REG S, <br> 10.5%, 3/30/2029<br>| EUR | 100000 | &nbsp;&nbsp; 122373 |
| Cloud Software Group, Inc.: |  |  |  |
| 144A, 8.25%, 6/30/2032 |  | 100000 | &nbsp;&nbsp; 104504 |
| 144A, 9.0%, 9/30/2029 |  | 315000 | &nbsp;&nbsp; 328076 |
| CoreWeave, Inc., 144A, <br> 9.25%, 6/1/2030<br>|  | 104000 | &nbsp;&nbsp; 96696 |
| EquipmentShare.com, Inc.: |  |  |  |
| 144A, 8.0%, 3/15/2033 |  | 85000 | &nbsp;&nbsp; 89164 |
| 144A, 8.625%, 5/15/2032 |  | 100000 | &nbsp;&nbsp; 105627 |
| Insight Enterprises, Inc., 144A, <br> 6.625%, 5/15/2032<br>|  | 142000 | &nbsp;&nbsp; 145976 |
| McAfee Corp., 144A, 7.375%, <br> 2/15/2030 (b)<br>|  | 135000 | &nbsp;&nbsp; 117731 |
| Playtika Holding Corp., 144A, <br> 4.25%, 3/15/2029<br>|  | 155000 | &nbsp;&nbsp; 138998 |
| Rocket Software, Inc., 144A, <br> 6.5%, 2/15/2029<br>|  | 85000 | &nbsp;&nbsp; 83298 |
| UKG, Inc., 144A, 6.875%, <br> 2/1/2031<br>|  | 95000 | &nbsp;&nbsp; 97585 |
| Unisys Corp., 144A, 10.625%, <br> 1/15/2031 (b)<br>|  | 70000 | &nbsp;&nbsp; 71591 |
| Viasat, Inc., 144A, 6.5%, <br> 7/15/2028<br>|  | 120000 | &nbsp;&nbsp; 116670 |
|  |  |  | &nbsp;&nbsp; **1618289** |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($)(a)** | **Value ($)** |
| **Materials 11.4%** | **Materials 11.4%** |  |
| Alumina Pty. Ltd., 144A, <br> 6.375%, 9/15/2032<br>| 239000 | &nbsp;&nbsp; 248184 |
| Ashland, Inc., 144A, 3.375%, <br> 9/1/2031<br>| 706000 | &nbsp;&nbsp; 645779 |
| Avient Corp., 144A, 6.25%, <br> 11/1/2031<br>| 242000 | &nbsp;&nbsp; 248741 |
| Axalta Coating Systems LLC, <br> 144A, 3.375%, 2/15/2029<br>| 150000 | &nbsp;&nbsp; 144190 |
| Calderys Financing LLC, 144A, <br> 11.25%, 6/1/2028<br>| 120000 | &nbsp;&nbsp; 127422 |
| Celanese U.S. Holdings LLC, <br> 6.85%, 11/15/2028<br>| 128000 | &nbsp;&nbsp; 133907 |
| Champion Iron Canada, Inc., <br> 144A, 7.875%, 7/15/2032<br>| 179000 | &nbsp;&nbsp; 190035 |
| Cleveland-Cliffs, Inc.: |  |  |
| 144A, 4.875%, 3/1/2031 | 46000 | &nbsp;&nbsp; 44137 |
| 144A, 6.875%, 11/1/2029 | 60000 | &nbsp;&nbsp; 62143 |
| Element Solutions, Inc., 144A, <br> 3.875%, 9/1/2028<br>| 480000 | &nbsp;&nbsp; 469175 |
| First Quantum Minerals Ltd.: |  |  |
| 144A, 7.25%, 2/15/2034 | 200000 | &nbsp;&nbsp; 210261 |
| 144A, 8.0%, 3/1/2033 | 200000 | &nbsp;&nbsp; 213589 |
| FMC Corp., 8.45%, 11/1/2055 | 55000 | &nbsp;&nbsp; 43533 |
| Fortescue Treasury Pty. Ltd., <br> 144A, 4.375%, 4/1/2031<br>| 45000 | &nbsp;&nbsp; 43521 |
| HB Fuller Co., 4.25%, <br> 10/15/2028<br>| 32000 | &nbsp;&nbsp; 31662 |
| IAMGOLD Corp., 144A, <br> 5.75%, 10/15/2028<br>| 335000 | &nbsp;&nbsp; 333142 |
| Iris Holding, Inc., 144A, <br> 10.0%, 12/15/2028<br>| 60000 | &nbsp;&nbsp; 54238 |
| Kaiser Aluminum Corp., 144A, <br> 4.5%, 6/1/2031<br>| 135000 | &nbsp;&nbsp; 130427 |
| LABL, Inc., 144A, 9.5%, <br> 11/1/2028<br>| 80000 | &nbsp;&nbsp; 50478 |
| Mineral Resources Ltd.: |  |  |
| 144A, 7.0%, 4/1/2031 | 155000 | &nbsp;&nbsp; 161635 |
| 144A, 8.0%, 11/1/2027 | 65000 | &nbsp;&nbsp; 66384 |
| New Gold, Inc., 144A, 6.875%, <br> 4/1/2032<br>| 103000 | &nbsp;&nbsp; 109308 |
| Novelis Corp., 144A, 4.75%, <br> 1/30/2030<br>| 245000 | &nbsp;&nbsp; 236670 |
| Olin Corp.: |  |  |
| 5.0%, 2/1/2030 (b) | 190000 | &nbsp;&nbsp; 186821 |
| 144A, 6.625%, 4/1/2033 | 92000 | &nbsp;&nbsp; 91307 |
| Olympus Water U.S. Holding <br> Corp., 144A, 7.25%, <br> 2/15/2033<br>| 384000 | &nbsp;&nbsp; 385897 |
| SCIH Salt Holdings, Inc., 144A, <br> 4.875%, 5/1/2028<br>| 145000 | &nbsp;&nbsp; 145035 |
| Trident TPI Holdings, Inc., <br> 144A, 12.75%, 12/31/2028<br>| 60000 | &nbsp;&nbsp; 61477 |
| Tronox, Inc., 144A, 4.625%, <br> 3/15/2029 (b)<br>| 70000 | &nbsp;&nbsp; 49004 |
|  |  | &nbsp;&nbsp; **4918102** |

---

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

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

---

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

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($)(a)** | **Value ($)** |
| **Real Estate 4.7%** | **Real Estate 4.7%** |  |
| Iron Mountain, Inc.: |  |  |
| 144A, (REIT), <br> 4.5%, 2/15/2031<br>| 115000 | &nbsp;&nbsp; 109625 |
| 144A, (REIT), <br> 5.25%, 7/15/2030<br>| 245000 | &nbsp;&nbsp; 242037 |
| MPT Operating Partnership LP: |  |  |
| (REIT), 4.625%, 8/1/2029 | 50000 | &nbsp;&nbsp; 41889 |
| 144A, (REIT), <br> 8.5%, 2/15/2032<br>| 135000 | &nbsp;&nbsp; 144171 |
| Park Intermediate Holdings <br> LLC, 144A, (REIT), 4.875%, <br> 5/15/2029<br>| 435000 | &nbsp;&nbsp; 424770 |
| Rithm Capital Corp.: |  |  |
| 144A, (REIT), <br> 8.0%, 4/1/2029<br>| 75000 | &nbsp;&nbsp; 77003 |
| 144A, (REIT), <br> 8.0%, 7/15/2030<br>| 129000 | &nbsp;&nbsp; 131923 |
| Service Properties Trust, 144A, <br> (REIT), Zero Coupon , <br> 9/30/2028<br>| 248000 | &nbsp;&nbsp; 224107 |
| Uniti Group LP, 144A, (REIT), <br> 6.5%, 2/15/2029<br>| 95000 | &nbsp;&nbsp; 91230 |
| XHR LP, 144A, (REIT), 4.875%, <br> 6/1/2029<br>| 530000 | &nbsp;&nbsp; 522549 |
|  |  | &nbsp;&nbsp; **2009304** |
| **Utilities 3.9%** | **Utilities 3.9%** |  |
| Alpha Generation LLC, 144A, <br> 6.25%, 1/15/2034<br>| 691000 | &nbsp;&nbsp; 697203 |
| Electricite de France SA, 144A, <br> 9.125%, Perpetual<br>| 200000 | &nbsp;&nbsp; 232591 |
| NRG Energy, Inc., 144A, <br> 3.625%, 2/15/2031<br>| 70000 | &nbsp;&nbsp; 65414 |
| Pattern Energy Operations LP, <br> 144A, 4.5%, 8/15/2028<br>| 205000 | &nbsp;&nbsp; 202188 |
| TransAlta Corp., 5.875%, <br> 2/1/2034<br>| 125000 | &nbsp;&nbsp; 125864 |
| Vistra Corp., 144A, 7.0%, <br> Perpetual<br>| 240000 | &nbsp;&nbsp; 244191 |
| VoltaGrid LLC, 144A, 7.375%, <br> 11/1/2030<br>| 119000 | &nbsp;&nbsp; 117899 |
|  |  | &nbsp;&nbsp; **1685350** |
| **Total Corporate Bonds** (Cost $38,413,824) | **Total Corporate Bonds** (Cost $38,413,824) | &nbsp;&nbsp; **39064185** |
| **Convertible Bonds 1.1%** | **Convertible Bonds 1.1%** |  |
| **Utilities** | **Utilities** |  |
| XPLR Infrastructure LP, 144A, <br> 2.5%, 6/15/2026 (b) <br> (Cost $457,442)<br>| 465000 | &nbsp;&nbsp; **456304** |
| **Loan Participations and** <br> **Assignments 3.2%** | **Loan Participations and** <br> **Assignments 3.2%** |  |
| **Senior Loans (c)** | **Senior Loans (c)** |  |
| Asurion LLC, Term Loan B3, <br> 1/31/2028 (d)<br>| 45000 | &nbsp;&nbsp; 44923 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount ($)(a)** | **Value ($)** |
| Connect Finco SARL, Term <br> Loan B, 1 mo. USD Term <br> SOFR + 4.5%, <br> 8.172%, 9/27/2029<br>| 129670 | &nbsp;&nbsp; 129652 |
| CP Atlas Buyer, Inc., Term <br> Loan, 1 mo. USD Term <br> SOFR + 5.25%, <br> 8.966%, 7/8/2030<br>| 44887 | &nbsp;&nbsp; 43541 |
| EW Scripps Co., Term Loan B2, <br> 1 mo. USD Term SOFR + <br> 5.75%, 9.6%, 6/30/2028<br>| 20625 | &nbsp;&nbsp; 20912 |
| Garda World Security Corp., <br> Term Loan B, 1 mo. USD <br> Term SOFR + 3.0%, <br> 6.75%, 2/1/2029<br>| 106048 | &nbsp;&nbsp; 106632 |
| Lumen Technologies, Inc., Term <br> Loan B1, 1 mo. USD Term <br> SOFR + 2.35%, <br> 4.35%, 4/16/2029<br>| 566985 | &nbsp;&nbsp; 564824 |
| TransDigm, Inc., Term Loan J, <br> 1 mo. USD Term SOFR + <br> 2.5%, 6.216%, 2/28/2031<br>| 214456 | &nbsp;&nbsp; 215503 |
| Windsor Holdings III LLC, Term <br> Loan B, 1 mo. USD Term <br> SOFR + 2.75%, <br> 6.466%, 8/1/2030<br>| 245740 | &nbsp;&nbsp; 246624 |
| **Total Loan Participations and Assignments** <br> (Cost $1,365,240) | **Total Loan Participations and Assignments** <br> (Cost $1,365,240) | &nbsp;&nbsp; **1372611** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Exchange-Traded Funds 3.5%** | **Exchange-Traded Funds 3.5%** |  |
| BondBloxx CCC-Rated USD <br> High Yield Corporate Bond <br> ETF<br>| 5000 | &nbsp;&nbsp; 190125 |
| iShares Broad USD High Yield <br> Corporate Bond ETF<br>| 17500 | &nbsp;&nbsp; 654412 |
| iShares Core S&P 500 ETF | 315 | &nbsp;&nbsp; 215756 |
| State Street SPDR Portfolio <br> High Yield Bond ETF<br>| 10000 | &nbsp;&nbsp; 236700 |
| Xtrackers USD High Yield <br> Corporate Bond ETF (e)<br>| 6000 | &nbsp;&nbsp; 220980 |
| **Total Exchange-Traded Funds** <br> (Cost $1,525,500) | **Total Exchange-Traded Funds** <br> (Cost $1,525,500) | &nbsp;&nbsp; **1517973** |
| **Common Stocks 0.4%** | **Common Stocks 0.4%** |  |
| **Industrials 0.1%** | **Industrials 0.1%** |  |
| Quad Graphics, Inc. | 287 | &nbsp;&nbsp; 1800 |
| Luxco Co., Ltd.\* (f) | 1810 | &nbsp;&nbsp; 31428 |
|  |  | &nbsp;&nbsp; **33228** |
| **Real Estate 0.2%** | **Real Estate 0.2%** |  |
| Crown Castle, Inc. (REIT) | 250 | &nbsp;&nbsp; 22217 |
| Equity Residential (REIT) | 350 | &nbsp;&nbsp; 22064 |
| Lamar Advertising Co. A (REIT) | 150 | &nbsp;&nbsp; 18987 |

---

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**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Mid-America Apartment <br> Communities, Inc. (REIT)<br>| 150 | &nbsp;&nbsp; 20837 |
| Simon Property Group, <br> Inc. (REIT)<br>| 120 | &nbsp;&nbsp; 22213 |
|  |  | &nbsp;&nbsp; **106318** |
| **Utilities 0.1%** | **Utilities 0.1%** |  |
| Eversource Energy | 350 | &nbsp;&nbsp; 23565 |
| Pinnacle West Capital Corp. | 250 | &nbsp;&nbsp; 22175 |
|  |  | &nbsp;&nbsp; **45740** |
| **Total Common Stocks** (Cost $183,168) | **Total Common Stocks** (Cost $183,168) | &nbsp;&nbsp; **185286** |
| **Warrants 0.0%** | **Warrants 0.0%** |  |
| **Materials** | **Materials** |  |
| Hercules Trust II, Expiration <br> Date 3/31/2029\* (f) <br> (Cost $244,286)<br>| 1100 | &nbsp;&nbsp; **11728** |
| **Securities Lending Collateral 3.8%** | **Securities Lending Collateral 3.8%** |  |
| DWS Government & Agency <br> Securities Portfolio "DWS <br> Government Cash <br> Institutional Shares", 3.66% <br> (g) (h) (Cost $1,651,806)<br>| 1651806 | &nbsp;&nbsp; **1651806** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Cash Equivalents 1.4%** | **Cash Equivalents 1.4%** |  |
| DWS Central Cash <br> Management Government <br> Fund, 3.77% (g) <br> (Cost $609,984)<br>| 609984 | &nbsp;&nbsp; **609984** |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **% of Net**<br> **Assets** | &nbsp;&nbsp; **% of Net**<br> **Assets** | **Value ($)** |
| **Total Investment Portfolio** <br> (Cost $44,451,250) | 103.6 | &nbsp;&nbsp; **44869877** |
| **Other Assets and Liabilities, Net** | (3.6)<br>| &nbsp;&nbsp; **(1552901)**<br>|
| **Net Assets** | 100.0 | &nbsp;&nbsp; **43316976** |

---

A summary of the Fund's transactions with affiliated investments during the year ended December 31, 2025 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at** <br>**12/31/2024**<br>| **Purchases** <br>**Cost ($)**<br>| **Sales** <br>**Proceeds ($)**<br>| **Net Realized** <br>**Gain/** <br>**(Loss) ($)**<br>| **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)** <br> **($)**<br>| **Income ($)** | **Capital Gain** <br>**Distributions** <br> **($)**<br>| **Number** <br>**of Shares** <br>**at** <br>**12/31/2025**<br>| **Value ($) at** <br>**12/31/2025**<br>|
| **Exchange-Traded Funds 0.5%** | **Exchange-Traded Funds 0.5%** | **Exchange-Traded Funds 0.5%** | **Exchange-Traded Funds 0.5%** | **Exchange-Traded Funds 0.5%** | **Exchange-Traded Funds 0.5%** | **Exchange-Traded Funds 0.5%** | **Exchange-Traded Funds 0.5%** | **Exchange-Traded Funds 0.5%** |
| Xtrackers USD High Yield Corporate Bond ETF (e) | Xtrackers USD High Yield Corporate Bond ETF (e) | Xtrackers USD High Yield Corporate Bond ETF (e) | Xtrackers USD High Yield Corporate Bond ETF (e) | Xtrackers USD High Yield Corporate Bond ETF (e) | Xtrackers USD High Yield Corporate Bond ETF (e) | Xtrackers USD High Yield Corporate Bond ETF (e) | Xtrackers USD High Yield Corporate Bond ETF (e) | Xtrackers USD High Yield Corporate Bond ETF (e) |
|  | 633441 | 413767 | 1186 | 120 | 949 |  | 6000 | 220980 |
| **Securities Lending Collateral 3.8%** | **Securities Lending Collateral 3.8%** | **Securities Lending Collateral 3.8%** | **Securities Lending Collateral 3.8%** | **Securities Lending Collateral 3.8%** | **Securities Lending Collateral 3.8%** | **Securities Lending Collateral 3.8%** | **Securities Lending Collateral 3.8%** | **Securities Lending Collateral 3.8%** |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (g) (h) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (g) (h) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (g) (h) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (g) (h) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (g) (h) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (g) (h) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (g) (h) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (g) (h) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (g) (h) |
| 3309210 |  | 1,657,404 (i) |  |  | 19319 |  | 1651806 | 1651806 |
| **Cash Equivalents 1.4%** | **Cash Equivalents 1.4%** | **Cash Equivalents 1.4%** | **Cash Equivalents 1.4%** | **Cash Equivalents 1.4%** | **Cash Equivalents 1.4%** | **Cash Equivalents 1.4%** | **Cash Equivalents 1.4%** | **Cash Equivalents 1.4%** |
| DWS Central Cash Management Government Fund, 3.77% (g) | DWS Central Cash Management Government Fund, 3.77% (g) | DWS Central Cash Management Government Fund, 3.77% (g) | DWS Central Cash Management Government Fund, 3.77% (g) | DWS Central Cash Management Government Fund, 3.77% (g) | DWS Central Cash Management Government Fund, 3.77% (g) | DWS Central Cash Management Government Fund, 3.77% (g) | DWS Central Cash Management Government Fund, 3.77% (g) | DWS Central Cash Management Government Fund, 3.77% (g) |
| 813571 | 22387317 | 22590904 |  |  | 36318 |  | 609984 | 609984 |
| **4122781** | **23020758** | **24662075** | **1186** | **120** | **56586** |  | **2267790** | **2482770** |

---

&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, 2025 amounted to $1,593,359, which is 3.7% of net assets. 

(c) Variable or floating rate security. These securities are shown at their current rate as of December 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description above. Certain variable rate securities are not based on a published reference rate and spread but adjust periodically based on current market conditions, prepayment of underlying positions and/or other variables. Securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. 

(d) All or a portion of the security represents unsettled loan commitments at December 31, 2025 where the rate will be determined at the time of settlement. 

(e) Affiliated fund managed by DBX Advisors LLC.

(f) Investment was valued using significant unobservable inputs.

(g) 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 High Income VIP <br>|

---

------

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(i) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended December 31, 2025.

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

---

| |
|:---|
| 144A: Security exempt from registration under Rule 144A under the Securities Act of 1933. These securities may be resold in <br> transactions exempt from registration, normally to qualified institutional buyers.<br>|
| Perpetual: Callable security with no stated maturity date. |
| PIK: Denotes that all or a portion of the income is paid in-kind in the form of additional principal. |
| REG S: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or <br> benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the <br> Securities Act of 1933.<br>|
| REIT: Real Estate Investment Trust |
| S&P: Standard & Poor's |
| SOFR: Secured Overnight Financing Rate |
| SPDR: Standard & Poor's Depositary Receipt |

---

At December 31, 2025, the Fund had the following open forward foreign currency contracts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** | **In Exchange For** | **In Exchange For** | **Settlement** <br>**Date**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation ($)**<br>| **Counterparty** |
| USD | 115969 | EUR | 99658 | 1/30/2026 | 1321 | State Street Bank and Trust |
| EUR | 65706 | USD | 77360 | 1/30/2026 | 29 | State Street Bank and Trust |
| **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **1350** |  |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** | **In Exchange For** | **In Exchange For** | **Settlement** <br>**Date**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Depreciation ($)**<br>| **Counterparty** |
| EUR | 870079 | USD | 1006685 | 1/30/2026 | (17335) | State Street Bank and Trust |
| EUR | 100815 | USD | 117028 | 1/30/2026 | (1623) | State Street Bank and Trust |
| **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **(18958)** |  |

---

**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.

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**  |

---

------

**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, 2025 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Corporate Bonds (a) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $39064185 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $39064185 |
| Convertible Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 456304 | &nbsp;&nbsp; — | &nbsp;&nbsp; 456304 |
| Loan Participations and Assignments | &nbsp;&nbsp; — | &nbsp;&nbsp; 1372611 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1372611 |
| Exchange-Traded Funds | &nbsp;&nbsp; 1517973 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1517973 |
| Common Stocks |  |  |  |  |
| Industrials | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31428 | &nbsp;&nbsp; 33228 |
| Real Estate | &nbsp;&nbsp; 106318 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 106318 |
| Utilities | &nbsp;&nbsp; 45740 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 45740 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11728 | &nbsp;&nbsp; 11728 |
| Short-Term Investments (a) | &nbsp;&nbsp; 2261790 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2261790 |
| Derivatives (b) |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 1350 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1350 |
| **Total** | &nbsp;&nbsp; **$3933621** | &nbsp;&nbsp; **$40894450** | &nbsp;&nbsp; **$43156** | &nbsp;&nbsp; **$44871227** |
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Derivatives (b) |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(18958)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(18958)<br>|
| **Total** | &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$(18958)**<br>| &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$(18958)**<br>|

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Derivatives include unrealized appreciation (depreciation) on open forward foreign currency contracts.

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

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

---

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

---

------

**Statement of Assets and Liabilities**

as of December 31, 2025

------

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in non-affiliated securities, at value (cost $41,968,600) — including $1,593,359 of securities loaned | $42387107 |
| Investment in DWS Government & Agency Securities Portfolio (cost $1,651,806)\* <br>| 1651806 |
| Investment in affiliated securities, at value (cost $830,844) | 830964 |
| Cash | 2724 |
| Foreign currency, at value (cost $8,600) | 8957 |
| Receivable for investments sold | 341949 |
| Receivable for investments sold — when-issued securities | 274656 |
| Receivable for Fund shares sold | 816 |
| Dividends receivable | 1844 |
| Interest receivable | 669203 |
| Affiliated securities lending income receivable | 1434 |
| Unrealized appreciation on forward foreign currency contracts | 1350 |
| Other assets | 654 |
| Total assets | 46173464 |
| **Liabilities** |  |
| Payable upon return of securities loaned | 1651806 |
| Payable for investments purchased | 619354 |
| Payable for investments purchased — when-issued securities | 275000 |
| Payable for Fund shares redeemed | 172188 |
| Unrealized depreciation on forward foreign currency contracts | 18958 |
| Accrued management fee | 19261 |
| Accrued Trustees' fees | 1190 |
| Other accrued expenses and payables | 98731 |
| Total liabilities | 2856488 |
| **Net assets, at value** | **$43316976** |
| **Net Assets Consist of** |  |
| Distributable earnings (loss) | (6014931)<br>|
| Paid-in capital | 49331907 |
| **Net assets, at value** | **$43316976** |
| **Net Asset Value** |  |
| **Class A** |  |
| **Net Asset Value,** offering and redemption price per share ($43,316,976 ÷ 7,552,543 outstanding shares of beneficial <br> interest, no par value, unlimited number of shares authorized)<br>| **$5.74** |

---

&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;\| **11**  |

---

------

**Statement of Operations**

for the year ended December 31, 2025

------

---

| | |
|:---|:---|
| **Investment Income** |  |
| Income: |  |
| Interest | $2823251 |
| Dividends | 123844 |
| Income distributions from affiliated securities | 37267 |
| Affiliated securities lending income | 19319 |
| Total income | 3003681 |
| Expenses: |  |
| Management fee | 214102 |
| Administration fee | 41536 |
| Services to shareholders | 557 |
| Custodian fee | 6531 |
| Audit fee | 68429 |
| Legal fees | 12725 |
| Tax fees | 5969 |
| Reports to shareholders | 26747 |
| Trustees' fees and expenses | 2545 |
| Proxy fees | 15547 |
| Other | 7478 |
| Total expenses before expense reductions | 402166 |
| Expense reductions | (87617)<br>|
| Total expenses after expense reductions | 314549 |
| **Net investment income** | **2689132** |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) from: |  |
| Sale of affiliated investments | 1186 |
| Sale of non-affiliated investments | 30089 |
| Forward foreign currency contracts | (57117)<br>|
| Foreign currency | 3806 |
|  | (22036)<br>|
| Change in net unrealized appreciation (depreciation) on: |  |
| Affiliated investments | 120 |
| Non-affiliated investments | 1014077 |
| Forward foreign currency contracts | (79213)<br>|
| Foreign currency | 2114 |
|  | 937098 |
| **Net gain (loss)** | **915062** |
| **Net increase (decrease) in net assets resulting from operations** | **$3604194** |

---

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>|

---

------

**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** | **2025** | **2024**<sup>\*</sup> |
| Operations: |  |  |
| Net investment income | $2689132 | $2702570 |
| Net realized gain (loss) | (22036)<br>| 337163 |
| Change in net unrealized appreciation <br>(depreciation)<br>| 937098 | (94950)<br>|
| Net increase (decrease) in net assets resulting from operations | 3604194 | 2944783 |
| Distributions to shareholders: |  |  |
| Class A | (2966588)<br>| (2534195)<br>|
| Class B |  | (30889)<br>|
| Total distributions | (2966588)<br>| (2565084)<br>|
| Fund share transactions: |  |  |
| **Class A** |  |  |
| Proceeds from shares sold | 3049520 | 2141979 |
| Reinvestment of distributions | 2966588 | 2534195 |
| Payments for shares redeemed | (6111496)<br>| (5481571)<br>|
| Net increase (decrease) in net assets from Class A share transactions | (95388)<br>| (805397)<br>|
| **Class B** |  |  |
| Proceeds from shares sold |  | 56014 |
| Reinvestment of distributions |  | 30889 |
| Payments for shares redeemed |  | (864919)<br>|
| Net increase (decrease) in net assets from Class B share transactions |  | (778016)<br>|
| **Increase (decrease) in net assets** | 542218 | (1203714)<br>|
| Net assets at beginning of period | 42774758 | 43978472 |
| **Net assets at end of period** | **$43316976** | **$42774758** |

---

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

---

| | | |
|:---|:---|:---|
| **Other Information** |  |  |
| **Class A** |  |  |
| Shares outstanding at beginning of period | 7542140 | 7664032 |
| Shares sold | 541241 | 382038 |
| Shares issued to shareholders in reinvestment of distributions | 556583 | 478150 |
| Shares redeemed | (1087421)<br>| (982080)<br>|
| Net increase (decrease) in Class A shares | 10403 | (121892)<br>|
| Shares outstanding at end of period | **7552543** | **7542140** |
| **Class B** |  |  |
| Shares outstanding at beginning of period |  | 141411 |
| Shares sold |  | 9924 |
| Shares issued to shareholders in reinvestment of distributions |  | 5795 |
| Shares redeemed |  | (157130)<br>|
| Net increase (decrease) in Class B shares |  | (141411)<br>|
| Shares outstanding at end of period |  |  |

---

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

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

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

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

---

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

---

------

**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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |
| **Net asset value, beginning of period** | &nbsp;&nbsp; **$5.67** | &nbsp;&nbsp; **$5.63** | &nbsp;&nbsp; **$5.34** | &nbsp;&nbsp; **$6.18** | &nbsp;&nbsp; **$6.23** |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>a</sup> <br>| &nbsp;&nbsp; .35 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .27 | &nbsp;&nbsp; .27 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; .13 | &nbsp;&nbsp; .03 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; (.81)<br>| &nbsp;&nbsp; (.03)<br>|
| **Total from investment operations** | &nbsp;&nbsp; .48 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; .24 |
| Less distributions from: |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; (.29)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; **$5.74** | &nbsp;&nbsp; **$5.67** | &nbsp;&nbsp; **$5.63** | &nbsp;&nbsp; **$5.34** | &nbsp;&nbsp; **$6.18** |
| Total Return (%)<sup>b</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;8.94 | &nbsp;&nbsp;&nbsp;&nbsp;7.14 | &nbsp;&nbsp;&nbsp;&nbsp;11.34 | &nbsp;&nbsp; (8.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.00 |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 51 |
| Ratio of expenses before expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp; .94 | &nbsp;&nbsp; .91 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .84 |
| Ratio of expenses after expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp; .73 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; .71 |
| Ratio of net investment income (%) | &nbsp;&nbsp;&nbsp;&nbsp;6.28 | &nbsp;&nbsp;&nbsp;&nbsp;6.27 | &nbsp;&nbsp;&nbsp;&nbsp;6.07 | &nbsp;&nbsp;&nbsp;&nbsp;4.82 | &nbsp;&nbsp;&nbsp;&nbsp;4.32 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 154 | &nbsp;&nbsp; 143 | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 56 |

---

&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;

---

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

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------

**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. The Fund is an underlying investment vehicle for variable annuity contracts and variable life insurance policies to be offered by the separate accounts of certain life insurance companies ("Participating Insurance Companies").

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

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

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

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

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

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

Senior loans are valued by independent pricing services approved by the Pricing Committee, whose valuations are intended to reflect the average of broker supplied quotes representing mean between the bid and asked prices. If the pricing services are unable to provide valuations, the securities are valued at the mean of the most recent bid and asked quotations or evaluated price, as applicable, obtained from one or more broker-dealers. Certain securities may be valued on the basis of a price provided by a single source or

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

---

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

---

------

broker-dealer. No active trading market may exist for some senior loans, and they may be subject to restrictions on resale. The inability to dispose of senior loans in a timely fashion could result in losses. Senior loans are generally categorized as Level 2.

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

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

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

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

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

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

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

**Securities Lending.** National Financial Services LLC (Fidelity Agency Lending), as securities lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the securities lending agent will use its best efforts to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended December 31, 2025, the Fund invested the cash collateral, if any, into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.14% annualized effective rate as of December 31, 2025) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a securities lending agent. Either the Fund or the borrower may terminate the loan at any time, and the borrower, after notice, is required to return

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

---

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

---

------

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, 2025, 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, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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 | &nbsp;&nbsp; $1232761 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1232761 |
| Convertible Bonds | &nbsp;&nbsp; 419045 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 419045 |
| **Total Borrowings** | &nbsp;&nbsp; **$1651806** | &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$1651806** |
| Gross amount of recognized liabilities and cash collateral for securities lending transactions: | Gross amount of recognized liabilities and cash collateral for securities lending transactions: | Gross amount of recognized liabilities and cash collateral for securities lending transactions: | Gross amount of recognized liabilities and cash collateral for securities lending transactions: | Gross amount of recognized liabilities and cash collateral for securities lending transactions: | &nbsp;&nbsp; $1651806 |

---

**When-Issued and Delayed-Delivery Securities.** The Fund may purchase or sell securities with delivery or payment to occur at a later date beyond the normal settlement period. At the time the Fund enters into a commitment to purchase or sell a security, the transaction is recorded and the value of the transaction is reflected in the net asset value. The price of such security and the date when the security will be delivered and paid for are fixed at the time the transaction is negotiated. The value of the security may vary with market fluctuations.

Certain risks may arise upon entering into when-issued and delayed-delivery transactions from the potential inability of counterparties to meet the terms of their contracts or if the issuer does not issue the securities due to political, economic or other factors. Additionally, losses may arise due to changes in the value of the underlying securities.

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

At December 31, 2025, the Fund had net tax basis capital loss carryforwards of $8,939,720, including short-term losses ($719,871) and long-term losses ($8,219,849), which may be applied against realized net taxable capital gains indefinitely.

The Fund files tax returns with the Internal Revenue Service, the State of New York, and various other states. Specific to U.S. federal and state taxes, generally, each of the tax years in the four-year period ended December 31, 2025, remains subject to examination by taxing authorities. Specific to foreign countries in which the Fund invests, all open tax years remain subject to examination by taxing authorities in the respective jurisdictions. The open tax years vary by each jurisdiction in which the Fund invests.

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

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

&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**  |

---

------

At December 31, 2025, the Fund's components of distributable earnings (accumulated losses) on a net tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income\* | &nbsp;&nbsp; $2544055 |
| Capital loss carryforwards | &nbsp;&nbsp; $(8939720)<br>|
| Net unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; $380128 |

---

At December 31, 2025, the aggregate cost of investments for federal income tax purposes was $44,489,749. The net unrealized appreciation for all investments based on tax cost was $380,128. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $980,938 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $600,810.

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,** |
|  | **2025** | **2024** |
| Distributions from ordinary income\* | &nbsp;&nbsp; $2966588 | &nbsp;&nbsp; $2565084 |

---

&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. 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, 2025, the Fund entered into forward currency contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign currency denominated portfolio holdings.

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

A summary of the open forward currency contracts as of December 31, 2025, is included in the table following the Fund's Investment Portfolio. For the year ended December 31, 2025, the investment in forward currency contracts short vs. U.S. dollars had a total contract value generally indicative of a range from approximately $951,000 to $3,487,000, and the investment in forward currency contracts long vs. U.S. dollars had a total contract value generally indicative of a range from $0 to approximately $505,000.

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

---

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

---

------

The following tables summarize the value of the Fund's derivative instruments held as of December 31, 2025 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

---

| | |
|:---|:---|
| **Asset Derivatives** | **Forward** <br>**Contracts**<br>|
| Foreign Exchange Contracts (a) | &nbsp;&nbsp; $1350 |
| 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 Derivatives**  | **Forward** <br>**Contracts**<br>|
| Foreign Exchange Contracts (a) | &nbsp;&nbsp; $(18958)<br>|
| The above derivative is located in the following Statement of Assets and Liabilities account: | The above derivative is located in the following Statement of Assets and Liabilities account: |

---

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

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

Additionally, the amount of unrealized and realized gains and losses on derivative instruments recognized in Fund earnings during the year ended December 31, 2025 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

---

| | |
|:---|:---|
| **Realized Gain (Loss)** | **Forward** <br>**Contracts**<br>|
| Foreign Exchange Contracts (a) | &nbsp;&nbsp; $(57117)<br>|
| The above derivative is located in the following Statement of Operations account: | The above derivative is located in the following Statement of Operations account: |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net realized gain (loss) from forward foreign currency contracts

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

---

| | |
|:---|:---|
| **Change in Net Unrealized Appreciation (Depreciation)** | **Forward** <br>**Contracts**<br>|
| Foreign Exchange Contracts (a) | &nbsp;&nbsp; $(79213)<br>|
| The above derivative is located in the following Statement of Operations account: | The above derivative is located in the following Statement of Operations account: |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Change in net unrealized appreciation (depreciation) on forward foreign currency contracts

As of December 31, 2025, the Fund has transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow a Fund to close out and net total exposure to a counterparty in the event of a deterioration in the credit quality or contractual default with respect to all of the transactions with a counterparty. As defined by the master netting agreement, the Fund may have collateral agreements with certain counterparties to mitigate risk. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by a counterparty, including any collateral exposure, is included in the following 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>|
| State Street Bank and Trust | $1350 | $(1350)<br>| $— | $— |

---

&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>|
| State Street Bank and Trust | $18958 | $(1350)<br>| $— | $17608 |

---

&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**  |

---

------

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

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

During the year ended December 31, 2025, purchases and sales of investment securities, excluding short-term investments, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Non-U.S. Treasury Obligations | &nbsp;&nbsp; $65020449 | &nbsp;&nbsp; $65792812 |
| U.S. Treasury Obligations | &nbsp;&nbsp; $— | &nbsp;&nbsp; $38011 |

---

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

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

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

---

| | |
|:---|:---|
| First $250 million of the Fund's average daily net assets | &nbsp;&nbsp; .500% |
| Next $750 million of such net assets | &nbsp;&nbsp; .470% |
| Next $1.5 billion of such net assets | &nbsp;&nbsp; .450% |
| Next $2.5 billion of such net assets | &nbsp;&nbsp; .430% |
| Next $2.5 billion of such net assets | &nbsp;&nbsp; .400% |
| Next $2.5 billion of such net assets | &nbsp;&nbsp; .380% |
| Next $2.5 billion of such net assets | &nbsp;&nbsp; .360% |
| Over $12.5 billion of such net assets | &nbsp;&nbsp; .340% |

---

Accordingly, for the year ended December 31, 2025, 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, 2025 through April 30, 2025, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) of Class A shares at 0.69%.

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

For the year ended December 31, 2025, fees waived and/or expenses reimbursed for Class A are $87,617.

**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, 2025, the Administration Fee was $41,536, of which $3,552 is unpaid.

**Service Provider Fees.** DWS Service Company ("DSC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and SS&C GIDS, Inc. ("SS&C"), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to SS&C. DSC compensates SS&C out of the shareholder servicing fee it receives from the Fund. For the year ended December 31, 2025, the amounts charged to the Fund by DSC aggregated $403, of which $68 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, 2025, the amount charged to the Fund by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $794, of which $301 is unpaid.

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

---

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

---

------

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

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

**E.** **Investing in High-Yield Debt Securities**

High-yield debt securities or junk bonds are generally regarded as speculative with respect to the issuer's continuing ability to meet principal and interest payments. The Fund's performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in the issuer not making timely payments of interest or principal, a security downgrade or an inability to meet a financial obligation. High-yield debt securities' total return and yield may generally be expected to fluctuate more than the total return and yield of investment-grade debt securities. A real or perceived economic downturn or an increase in market interest rates could cause a decline in the value of high-yield debt securities, result in increased redemptions and/or result in increased portfolio turnover, which could result in a decline in net asset value of the Fund, reduce liquidity for certain investments and/or increase costs. High-yield debt securities are often thinly traded and can be more difficult to sell and value accurately than investment-grade debt securities as there may be no established secondary market. Investments in high yield debt securities could increase liquidity risk for the Fund. In addition, the market for high-yield debt securities can experience sudden and sharp volatility which is generally associated more with investments in stocks.

**F.** **Ownership of the Fund**

At December 31, 2025, two Participating Insurance Companies were owners of record of 10% or more of the total outstanding Class A shares of the Fund, each owning 89% and 10%, respectively.

**G.** **Line of Credit**

The Fund and other affiliated funds (the "Participants") share in a $345 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a daily fluctuating rate per annum equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Fund 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, 2025.

&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**  |

---

------

**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, 2025, 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, 2025, 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, 2025, 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.

![](imgdc891afc2.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 12, 2026

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

---

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

---

------

**Tax Information (Unaudited)**

Please consult a tax advisor if you have questions about federal or state income tax laws, or on how to prepare your tax returns. If you have specific questions about your account, please contact your insurance provider.

&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**  |

---

------

**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 2025.

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

—

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

—

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

—

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

—

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

—

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

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

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

While shareholders may focus primarily on fund performance and fees, the 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, 2024, the Fund's performance (Class A shares) was in the 3rd quartile, 2nd quartile and 2nd quartile, respectively, of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has underperformed its benchmark in the one-, three- and five-year periods ended December 31, 2024.

**Fees and Expenses.** The Board considered the Fund's investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions,

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

---

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

---

------

Inc. ("Broadridge") regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.097% fee paid to DIMA under the Fund's administrative services agreement, were lower than the median (1st quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2024). 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, 2024, and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees). The Board noted that the expense limitation agreed to by DIMA was expected to help the Fund's total (net) operating expenses remain competitive. The Board considered the Fund's management fee rate as compared to fees charged by DIMA to comparable DWS U.S. registered funds ("DWS Funds") and considered differences between the Fund and the comparable DWS Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors ("DWS Europe Funds") managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

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

**Profitability.** The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs to DIMA, and pre-tax profits realized by DIMA, from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board reviewed DIMA's methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that, while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates' overall profitability with respect to the DWS Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was in line with 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. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA's and the Fund's chief compliance officers; (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters; and (iii) ongoing efforts to enhance the compliance program.

&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**  |

---

------

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

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

VS2HI-BFE2025

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

---

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

---

------

![](imgd3690a491.jpg)

VS2HI-NCSRA

------

December 31, 2025

**Annual Financial Statements and Other Information**

Deutsche DWS Variable Series II

**DWS International Opportunities VIP**

(formerly DWS International Growth VIP)

![](img22f18b091.jpg)

------

**Contents** 

---

| | |
|:---|:---|
| **3** | [Investment Portfolio](#xx_c351d58d-f581-475c-aac0-68f773bd5e8d_SOI-CC-Financial-RunningFooter-361_1) |
| **6** | [Statement of Assets and Liabilities](#xx_c351d58d-f581-475c-aac0-68f773bd5e8d_FS-CC-Financial-RunningFooter-361_1) |
| **6** | [Statement of Operations](#xx_c351d58d-f581-475c-aac0-68f773bd5e8d_FS-CC-Financial-RunningFooter-361_1) |
| **7** | [Statements of Changes in Net Assets](#xx_c351d58d-f581-475c-aac0-68f773bd5e8d_FS-CC-Financial-RunningFooter-361_2) |
| **8** | [Financial Highlights](#xx_c351d58d-f581-475c-aac0-68f773bd5e8d_FIHI-CC-Financial-RunningFooter-361_1) |
| **9** | [Notes to Financial Statements](#xx_c351d58d-f581-475c-aac0-68f773bd5e8d_NTF-CC-Financial-RunningFooter-361_1) |
| **14** | [Report of Independent Registered Public Accounting Firm](#xx_c351d58d-f581-475c-aac0-68f773bd5e8d_AUD-CC-Financial-RunningFooter-361_1) |
| **15** | [Tax Information](#xx_c351d58d-f581-475c-aac0-68f773bd5e8d_FEXPTI-CC-Financial-RunningFooter-361_1) |
| **16** | [Advisory Agreement Board Considerations and Fee Evaluation](#xx_c351d58d-f581-475c-aac0-68f773bd5e8d_AABCF-CC-Financial-RunningFooter-361_1) |

---

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

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

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

---

| | |
|:---|:---|
| **2** \|  | Deutsche DWS Variable Series II —<br> DWS International Opportunities VIP <br>|

---

------

**Investment Portfolioas of December 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Common Stocks 98.7%** | **Common Stocks 98.7%** |  |
| **Canada 5.6%** | **Canada 5.6%** |  |
| Agnico Eagle Mines Ltd. | 2596 | &nbsp;&nbsp; 440236 |
| Brookfield Corp. | 15516 | &nbsp;&nbsp; 712410 |
| Shopify, Inc. "A"\* | 750 | &nbsp;&nbsp; 120760 |
| (Cost $345,352) |  | &nbsp;&nbsp; **1273406** |
| **China 5.1%** | **China 5.1%** |  |
| ANTA Sports Products Ltd. | 9400 | &nbsp;&nbsp; 97150 |
| BYD Co., Ltd. "H" | 8000 | &nbsp;&nbsp; 96679 |
| Ping An Insurance Group Co. of <br> China Ltd. "H"<br>| 46500 | &nbsp;&nbsp; 388518 |
| Tencent Holdings Ltd. | 7600 | &nbsp;&nbsp; 584465 |
| (Cost $847,954) |  | &nbsp;&nbsp; **1166812** |
| **Denmark 0.8%** | **Denmark 0.8%** |  |
| Novo Nordisk A/S "B" <br> (Cost $302,822)<br>| 3496 | &nbsp;&nbsp; **177998** |
| **Finland 0.7%** | **Finland 0.7%** |  |
| Amer Sports, Inc.\* (a) <br> (Cost $75,114)<br>| 4171 | &nbsp;&nbsp; **155787** |
| **France 13.7%** | **France 13.7%** |  |
| Air Liquide SA | 1542 | &nbsp;&nbsp; 290373 |
| Airbus SE | 1469 | &nbsp;&nbsp; 342224 |
| Capgemini SE | 1423 | &nbsp;&nbsp; 238022 |
| Cie de Saint-Gobain SA | 2813 | &nbsp;&nbsp; 287360 |
| LVMH Moet Hennessy Louis <br> Vuitton SE<br>| 372 | &nbsp;&nbsp; 281497 |
| Safran SA | 663 | &nbsp;&nbsp; 231828 |
| Schneider Electric SE | 1624 | &nbsp;&nbsp; 448845 |
| TotalEnergies SE | 7111 | &nbsp;&nbsp; 466142 |
| Vinci SA | 3735 | &nbsp;&nbsp; 527023 |
| (Cost $2,160,726) |  | &nbsp;&nbsp; **3113314** |
| **Germany 13.1%** | **Germany 13.1%** |  |
| adidas AG | 824 | &nbsp;&nbsp; 162492 |
| Allianz SE (Registered) | 1564 | &nbsp;&nbsp; 714347 |
| Auto1 Group SE\* | 5684 | &nbsp;&nbsp; 180400 |
| Brenntag SE | 1534 | &nbsp;&nbsp; 88645 |
| Deutsche Boerse AG | 2362 | &nbsp;&nbsp; 619008 |
| Deutsche Telekom AG <br> (Registered)<br>| 8085 | &nbsp;&nbsp; 262847 |
| MTU Aero Engines AG | 309 | &nbsp;&nbsp; 128184 |
| SAP SE | 2475 | &nbsp;&nbsp; 598640 |
| Siemens Healthineers AG 144A | 4239 | &nbsp;&nbsp; 222073 |
| (Cost $1,827,052) |  | &nbsp;&nbsp; **2976636** |
| **Hong Kong 1.9%** | **Hong Kong 1.9%** |  |
| Alibaba Group Holding Ltd. | 11800 | &nbsp;&nbsp; 216822 |
| Techtronic Industries Co., Ltd. | 19097 | &nbsp;&nbsp; 219932 |
| (Cost $333,592) |  | &nbsp;&nbsp; **436754** |
| **Ireland 2.8%** | **Ireland 2.8%** |  |
| CRH PLC (a) | 940 | &nbsp;&nbsp; 117312 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Experian PLC | 5874 | &nbsp;&nbsp; 266311 |
| Kerry Group PLC "A" | 2842 | &nbsp;&nbsp; 260144 |
| (Cost $480,939) |  | &nbsp;&nbsp; **643767** |
| **Israel 0.9%** | **Israel 0.9%** |  |
| Cellebrite DI Ltd.\* (b) | 4683 | &nbsp;&nbsp; 84434 |
| Check Point Software <br> Technologies Ltd.\* (b)<br>| 600 | &nbsp;&nbsp; 111336 |
| (Cost $213,985) |  | &nbsp;&nbsp; **195770** |
| **Italy 0.7%** | **Italy 0.7%** |  |
| Stevanato Group SpA (a) <br> (Cost $210,469)<br>| 7615 | &nbsp;&nbsp; **153214** |
| **Japan 4.9%** | **Japan 4.9%** |  |
| Daikin Industries Ltd. | 1000 | &nbsp;&nbsp; 128353 |
| Fast Retailing Co., Ltd. | 790 | &nbsp;&nbsp; 288307 |
| Hoya Corp. | 2300 | &nbsp;&nbsp; 348920 |
| Keyence Corp. | 700 | &nbsp;&nbsp; 253381 |
| MISUMI Group, Inc. | 5511 | &nbsp;&nbsp; 86175 |
| (Cost $650,206) |  | &nbsp;&nbsp; **1105136** |
| **Korea 1.6%** | **Korea 1.6%** |  |
| Samsung Electronics Co., Ltd. | 2843 | &nbsp;&nbsp; 235236 |
| SK Hynix, Inc. | 305 | &nbsp;&nbsp; 136938 |
| (Cost $231,414) |  | &nbsp;&nbsp; **372174** |
| **Luxembourg 0.7%** | **Luxembourg 0.7%** |  |
| Globant SA\* (a) (Cost $185,958) | 2477 | &nbsp;&nbsp; **161921** |
| **Netherlands 8.0%** | **Netherlands 8.0%** |  |
| ABN AMRO Bank NV 144A | 2400 | &nbsp;&nbsp; 84028 |
| Adyen NV 144A\* | 86 | &nbsp;&nbsp; 138759 |
| Argenx SE\*  | 129 | &nbsp;&nbsp; 108618 |
| ASML Holding NV | 631 | &nbsp;&nbsp; 683151 |
| BE Semiconductor Industries NV | 481 | &nbsp;&nbsp; 75367 |
| ING Groep NV | 17623 | &nbsp;&nbsp; 497213 |
| NXP Semiconductors NV (b) | 457 | &nbsp;&nbsp; 99197 |
| Universal Music Group NV | 4983 | &nbsp;&nbsp; 130087 |
| (Cost $924,625) |  | &nbsp;&nbsp; **1816420** |
| **Singapore 4.9%** | **Singapore 4.9%** |  |
| DBS Group Holdings Ltd. | 19120 | &nbsp;&nbsp; 838077 |
| Sea Ltd. (ADR)\* | 1327 | &nbsp;&nbsp; 169285 |
| Trip.com Group Ltd. | 1550 | &nbsp;&nbsp; 110490 |
| (Cost $413,056) |  | &nbsp;&nbsp; **1117852** |
| **Sweden 3.8%** | **Sweden 3.8%** |  |
| Assa Abloy AB "B" | 8219 | &nbsp;&nbsp; 318408 |
| Spotify Technology SA\* (a) | 916 | &nbsp;&nbsp; 531930 |
| (Cost $366,479) |  | &nbsp;&nbsp; **850338** |
| **Switzerland 9.0%** | **Switzerland 9.0%** |  |
| Alcon AG | 1791 | &nbsp;&nbsp; 140981 |
| Lonza Group AG (Registered) | 1061 | &nbsp;&nbsp; 715627 |
| Nestle SA (Registered) | 3144 | &nbsp;&nbsp; 311617 |
| Roche Holding AG (Genusschein) | 827 | &nbsp;&nbsp; 339715 |

---

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

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

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS International Opportunities VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **3**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Sandoz Group AG | 5424 | &nbsp;&nbsp; 393286 |
| Sportradar Group AG "A"\* (b) | 5535 | &nbsp;&nbsp; 131567 |
| (Cost $1,184,097) |  | &nbsp;&nbsp; **2032793** |
| **Taiwan 4.8%** | **Taiwan 4.8%** |  |
| Taiwan Semiconductor <br> Manufacturing Co., Ltd. <br> (Cost $259,961)<br>| 22000 | &nbsp;&nbsp; **1085396** |
| **United Kingdom 7.9%** | **United Kingdom 7.9%** |  |
| AstraZeneca PLC | 2446 | &nbsp;&nbsp; 454497 |
| Birkenstock Holding PLC\* (a) | 1881 | &nbsp;&nbsp; 76933 |
| Halma PLC | 4997 | &nbsp;&nbsp; 237968 |
| HSBC Holdings PLC | 21817 | &nbsp;&nbsp; 344969 |
| Klarna Group PLC\* (a) | 1407 | &nbsp;&nbsp; 40676 |
| RELX PLC | 6390 | &nbsp;&nbsp; 259128 |
| Rentokil Initial PLC | 41519 | &nbsp;&nbsp; 249725 |
| Verisure PLC\* | 7403 | &nbsp;&nbsp; 122323 |
| (Cost $1,543,519) |  | &nbsp;&nbsp; **1786219** |
| **United States 6.8%** | **United States 6.8%** |  |
| Brookfield Asset Management <br> Ltd. "A"<br>| 3646 | &nbsp;&nbsp; 190993 |
| Ferguson Enterprises, Inc. | 827 | &nbsp;&nbsp; 184115 |
| Flutter Entertainment PLC\* (c) | 500 | &nbsp;&nbsp; 108559 |
| Marsh & McLennan Companies, <br> Inc.<br>| 1952 | &nbsp;&nbsp; 362135 |
| Mastercard, Inc. "A" | 393 | &nbsp;&nbsp; 224356 |
| NVIDIA Corp. | 1571 | &nbsp;&nbsp; 292992 |
| SLB Ltd. | 4540 | &nbsp;&nbsp; 174245 |
| (Cost $653,866) |  | &nbsp;&nbsp; **1537395** |
| **Uruguay 1.0%** | **Uruguay 1.0%** |  |
| MercadoLibre, Inc.\* <br> (Cost $168,961)<br>| 110 | &nbsp;&nbsp; **221569** |
| **Total Common Stocks** <br> (Cost $13,380,147)<br>|  | &nbsp;&nbsp; **22380671** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Preferred Stocks 0.6%** | **Preferred Stocks 0.6%** |  |
| **Germany** | **Germany** |  |
| Sartorius AG (d) (Cost $105,554) | 440 | &nbsp;&nbsp; **126687** |
| **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** |  |
| DWS Government & Agency <br> Securities Portfolio "DWS <br> Government Cash Institutional <br> Shares", 3.66% (e) (f) <br> (Cost $76,313)<br>| 76313 | &nbsp;&nbsp; **76313** |
| **Cash Equivalents 1.0%** | **Cash Equivalents 1.0%** |  |
| DWS Central Cash Management <br> Government Fund, 3.77% (e) <br> (Cost $236,725)<br>| 236725 | &nbsp;&nbsp; **236725** |

---

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

---

| | | |
|:---|:---|:---|
|  | **% of** <br>**Net Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** <br> (Cost $13,798,739)<br>| 100.6 | &nbsp;&nbsp; **22820396** |
| **Other Assets and** <br> **Liabilities, Net**<br>| (0.6)<br>| &nbsp;&nbsp; **(136497)**<br>|
| **Net Assets** | 100.0 | &nbsp;&nbsp; **22683899** |

---

A summary of the Fund's transactions with affiliated investments during the year ended December 31, 2025 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at** <br>**12/31/2024**<br>| **Purchases** <br>**Cost ($)**<br>| **Sales** <br>**Proceeds ($)**<br>| **Net Realized** <br>**Gain/** <br>**(Loss) ($)**<br>| **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)** <br> **($)**<br>| **Income ($)** | **Capital Gain** <br>**Distributions** <br> **($)**<br>| **Number** <br>**of Shares** <br>**at** <br>**12/31/2025**<br>| **Value ($) at** <br>**12/31/2025**<br>|
| **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (e) (f) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (e) (f) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (e) (f) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (e) (f) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (e) (f) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (e) (f) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (e) (f) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (e) (f) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (e) (f) |
|  | 76,313 (g) |  |  |  | 543 |  | 76313 | 76313 |
| **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, 3.77% (e) | DWS Central Cash Management Government Fund, 3.77% (e) | DWS Central Cash Management Government Fund, 3.77% (e) | DWS Central Cash Management Government Fund, 3.77% (e) | DWS Central Cash Management Government Fund, 3.77% (e) | DWS Central Cash Management Government Fund, 3.77% (e) | DWS Central Cash Management Government Fund, 3.77% (e) | DWS Central Cash Management Government Fund, 3.77% (e) | DWS Central Cash Management Government Fund, 3.77% (e) |
| 528472 | 6113834 | 6405581 |  |  | 23591 |  | 236725 | 236725 |
| **528472** | **6190147** | **6405581** |  |  | **24134** |  | **313038** | **313038** |

---

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

\* Non-income producing security.

(a) Listed on the New York Stock Exchange.

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

(c) Listed on the London Stock Exchange.

(d) 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, 2025 amounted to $71,982, which is 0.3% of net assets. 

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

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

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

---

| | |
|:---|:---|
| **4** \|  | Deutsche DWS Variable Series II —<br> DWS International Opportunities VIP <br>|

---

------

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended December 31, 2025.

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

144A: Security exempt from registration under Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. <br> ADR: American Depositary Receipt

**Fair Value Measurements**

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

The following is a summary of the inputs used as of December 31, 2025 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Canada | &nbsp;&nbsp; $1273406 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1273406 |
| China | &nbsp;&nbsp; — | &nbsp;&nbsp; 1166812 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1166812 |
| Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp; 177998 | &nbsp;&nbsp; — | &nbsp;&nbsp; 177998 |
| Finland | &nbsp;&nbsp; 155787 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 155787 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp; 3113314 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3113314 |
| Germany | &nbsp;&nbsp; — | &nbsp;&nbsp; 2976636 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2976636 |
| Hong Kong | &nbsp;&nbsp; — | &nbsp;&nbsp; 436754 | &nbsp;&nbsp; — | &nbsp;&nbsp; 436754 |
| Ireland | &nbsp;&nbsp; 117312 | &nbsp;&nbsp; 526455 | &nbsp;&nbsp; — | &nbsp;&nbsp; 643767 |
| Israel | &nbsp;&nbsp; 195770 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 195770 |
| Italy | &nbsp;&nbsp; 153214 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 153214 |
| Japan | &nbsp;&nbsp; — | &nbsp;&nbsp; 1105136 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1105136 |
| Korea | &nbsp;&nbsp; — | &nbsp;&nbsp; 372174 | &nbsp;&nbsp; — | &nbsp;&nbsp; 372174 |
| Luxembourg | &nbsp;&nbsp; 161921 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 161921 |
| Netherlands | &nbsp;&nbsp; 99197 | &nbsp;&nbsp; 1717223 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1816420 |
| Singapore | &nbsp;&nbsp; 169285 | &nbsp;&nbsp; 948567 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1117852 |
| Sweden | &nbsp;&nbsp; 531930 | &nbsp;&nbsp; 318408 | &nbsp;&nbsp; — | &nbsp;&nbsp; 850338 |
| Switzerland | &nbsp;&nbsp; 131567 | &nbsp;&nbsp; 1901226 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2032793 |
| Taiwan | &nbsp;&nbsp; — | &nbsp;&nbsp; 1085396 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1085396 |
| United Kingdom | &nbsp;&nbsp; 117609 | &nbsp;&nbsp; 1668610 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1786219 |
| United States | &nbsp;&nbsp; 1428836 | &nbsp;&nbsp; 108559 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1537395 |
| Uruguay | &nbsp;&nbsp; 221569 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 221569 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 126687 | &nbsp;&nbsp; — | &nbsp;&nbsp; 126687 |
| Short-Term Investments (a) | &nbsp;&nbsp; 313038 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 313038 |
| **Total** | &nbsp;&nbsp; **$5070441** | &nbsp;&nbsp; **$17749955** | &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$22820396** |

---

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

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

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

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

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS International Opportunities VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **5**  |

---

------

**Statement of** 

**Assets and Liabilities**

**Statement of Operations**

as of December 31, 2025

------

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in non-affiliated securities, at value <br> (cost $13,485,701) — including $71,982 of <br> securities loaned<br>| $22507358 |
| Investment in DWS Government & Agency <br> Securities Portfolio (cost $76,313)\* <br>| 76313 |
| Investment in DWS Central Cash Management <br> Government Fund (cost $236,725)<br>| 236725 |
| Cash | 7 |
| Foreign currency, at value (cost $279,502) | 278434 |
| Dividends receivable | 10060 |
| Affiliated securities lending income receivable | 23 |
| Foreign taxes recoverable | 43302 |
| Other assets | 35 |
| Total assets | 23152257 |
| **Liabilities** |  |
| Payable upon return of securities loaned | 76313 |
| Payable for investments purchased | 298700 |
| Payable for Fund shares redeemed | 6841 |
| Accrued management fee | 5586 |
| Accrued Trustees' fees | 887 |
| Other accrued expenses and payables | 80031 |
| Total liabilities | 468358 |
| **Net assets, at value** | **$22683899** |
| **Net Assets Consist of** |  |
| Distributable earnings (loss) | 7785473 |
| Paid-in capital | 14898426 |
| **Net assets, at value** | **$22683899** |
| **Net Asset Value** |  |
| **Class A** |  |
| **Net Asset Value,** offering and redemption price <br> per share ($22,683,899 ÷ 1,180,314 outstanding <br> shares of beneficial interest, no par value, <br> unlimited number of shares authorized)<br>| **$19.22** |

---

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

\* Represents collateral on securities loaned.

for the year ended December 31, 2025

------

---

| | |
|:---|:---|
| **Investment Income** |  |
| Income: |  |
| Dividends (net of foreign taxes withheld <br> of $42,899)<br>| $363268 |
| Income distributions — DWS Central Cash <br> Management Government Fund<br>| 23591 |
| Affiliated securities lending income | 543 |
| Total income | 387402 |
| Expenses: |  |
| Management fee | 131168 |
| Administration fee | 20522 |
| Services to shareholders | 594 |
| Custodian fee | 10383 |
| Audit fee | 57541 |
| Legal fees | 13281 |
| Tax fees | 5969 |
| Reports to shareholders | 20832 |
| Trustees' fees and expenses | 1908 |
| Other | 10685 |
| Total expenses before expense reductions | 272883 |
| Expense reductions | (94999)<br>|
| Total expenses after expense reductions | 177884 |
| **Net investment income** | **209518** |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) from: |  |
| Investments | 677899 |
| Foreign currency | 8400 |
|  | 686299 |
| Change in net unrealized appreciation <br> (depreciation) on:<br>|  |
| Investments | 2618707 |
| Foreign currency | 9989 |
|  | 2628696 |
| **Net gain (loss)** | **3314995** |
| **Net increase (decrease) in net assets resulting** <br> **from operations**<br>| **$3524513** |

---

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

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

---

| | |
|:---|:---|
| **6** \|  | Deutsche DWS Variable Series II —<br> DWS International Opportunities VIP <br>|

---

------

**Statements of Changes in Net Assets**

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

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
| **Increase (Decrease) in Net Assets** | **2025** | **2024**<sup>\*</sup> |
| Operations: |  |  |
| Net investment income | $209518 | $191623 |
| Net realized gain (loss) | 686299 | 339156 |
| Change in net unrealized appreciation <br>(depreciation)<br>| 2628696 | 1261926 |
| Net increase (decrease) in net assets resulting from operations | 3524513 | 1792705 |
| Distributions to shareholders: |  |  |
| Class A | (189418)<br>| (246763)<br>|
| Class B |  | (289)<br>|
| Total distributions | (189418)<br>| (247052)<br>|
| Fund share transactions: |  |  |
| **Class A** |  |  |
| Proceeds from shares sold | 3086166 | 1445199 |
| Reinvestment of distributions | 189418 | 246763 |
| Payments for shares redeemed | (4100775)<br>| (3411031)<br>|
| Net increase (decrease) in net assets from Class A share transactions | (825191)<br>| (1719069)<br>|
| **Class B** |  |  |
| Proceeds from shares sold |  | 461 |
| Reinvestment of distributions |  | 289 |
| Payments for shares redeemed |  | (31413)<br>|
| Net increase (decrease) in net assets from Class B share transactions |  | (30663)<br>|
| **Increase (decrease) in net assets** | 2509904 | (204079)<br>|
| Net assets at beginning of period | 20173995 | 20378074 |
| **Net assets at end of period** | **$22683899** | **$20173995** |

---

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

---

| | | |
|:---|:---|:---|
| **Other Information** |  |  |
| **Class A** |  |  |
| Shares outstanding at beginning of period | 1236421 | 1346396 |
| Shares sold | 168134 | 88804 |
| Shares issued to shareholders in reinvestment of distributions | 11077 | 15930 |
| Shares redeemed | (235318)<br>| (214709)<br>|
| Net increase (decrease) in Class A shares | (56107)<br>| (109975)<br>|
| Shares outstanding at end of period | **1180314** | **1236421** |
| **Class B** |  |  |
| Shares outstanding at beginning of period |  | 1903 |
| Shares sold |  | 29 |
| Shares issued to shareholders in reinvestment of distributions |  | 19 |
| Shares redeemed |  | (1951)<br>|
| Net increase (decrease) in Class B shares |  | (1903)<br>|
| Shares outstanding at end of period |  |  |

---

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

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

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

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

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS International Opportunities VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **7**  |

---

------

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DWS International Opportunities VIP** — **Class A** | **DWS International Opportunities VIP** — **Class A** | **DWS International Opportunities VIP** — **Class A** | **DWS International Opportunities VIP** — **Class A** | **DWS International Opportunities VIP** — **Class A** | **DWS International Opportunities VIP** — **Class A** |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |
| **Net asset value, beginning of period** | &nbsp;&nbsp; **$16.32** | &nbsp;&nbsp; **$15.11** | &nbsp;&nbsp; **$13.12** | &nbsp;&nbsp; **$18.80** | &nbsp;&nbsp; **$17.65** |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>a</sup> <br>| &nbsp;&nbsp; .18 | &nbsp;&nbsp; .15 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; .11 | &nbsp;&nbsp; .08 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;2.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp; (5.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.34 |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp; (5.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.42 |
| Less distributions from: |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (.06)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.21)<br>|
| **Total distributions** | &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; (.27)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; **$19.22** | &nbsp;&nbsp; **$16.32** | &nbsp;&nbsp; **$15.11** | &nbsp;&nbsp; **$13.12** | &nbsp;&nbsp; **$18.80** |
| Total Return (%)<sup>b</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;18.92 | &nbsp;&nbsp;&nbsp;&nbsp;9.37 | &nbsp;&nbsp;&nbsp;&nbsp;16.04 | &nbsp;&nbsp; (28.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.11 |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 22 |
| Ratio of expenses before expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 |
| Ratio of expenses after expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp; .84 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .92 | &nbsp;&nbsp; .90 |
| Ratio of net investment income (%) | &nbsp;&nbsp; .99 | &nbsp;&nbsp; .94 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .41 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 20 |

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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;

---

| | |
|:---|:---|
| **8** \|  | Deutsche DWS Variable Series II —<br> DWS International Opportunities VIP <br>|

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------

**Notes to Financial Statements** 

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

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

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

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

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

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

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

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

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

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| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS International Opportunities VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **9**  |

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------

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

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

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

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

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

**Securities Lending.** National Financial Services LLC (Fidelity Agency Lending), as securities lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the securities lending agent will use its best efforts to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended December 31, 2025, the Fund invested the cash collateral, if any, into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.14% annualized effective rate as of December 31, 2025) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a securities lending agent. Either the Fund or the borrower may terminate the loan at any time, and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

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

---

| | |
|:---|:---|
| **10** \|  | Deutsche DWS Variable Series II —<br> DWS International Opportunities VIP <br>|

---

------

As of December 31, 2025, 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, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** |
| Preferred Stocks | &nbsp;&nbsp; $76313 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $76313 |
| Gross amount of recognized liabilities and cash collateral for securities lending transactions: | Gross amount of recognized liabilities and cash collateral for securities lending transactions: | Gross amount of recognized liabilities and cash collateral for securities lending transactions: | Gross amount of recognized liabilities and cash collateral for securities lending transactions: | Gross amount of recognized liabilities and cash collateral for securities lending transactions: | &nbsp;&nbsp; $76313 |

---

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

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

At December 31, 2025, the Fund had net tax basis capital loss carryforwards of $1,410,008, including short-term losses ($1,085,012) and long-term losses ($324,996), which may be applied against realized net taxable capital gains indefinitely.

The Fund files tax returns with the Internal Revenue Service, the State of New York, and various other states. Specific to U.S. federal and state taxes, generally, each of the tax years in the four-year period ended December 31, 2025, remains subject to examination by taxing authorities. Specific to foreign countries in which the Fund invests, all open tax years remain subject to examination by taxing authorities in the respective jurisdictions. The open tax years vary by each jurisdiction in which the Fund invests.

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

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

At December 31, 2025, the Fund's components of distributable earnings (accumulated losses) on a net tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income\* | &nbsp;&nbsp; $207850 |
| Capital loss carryforwards | &nbsp;&nbsp; $(1410008)<br>|
| Net unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; $8984894 |

---

At December 31, 2025, the aggregate cost of investments for federal income tax purposes was $13,835,733. The net unrealized appreciation for all investments based on tax cost was $8,984,894. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $9,534,162 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $549,268.

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

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| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS International Opportunities VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **11**  |

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------

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,** |
|  | **2025** | **2024** |
| Distributions from ordinary income\* | &nbsp;&nbsp; $189418 | &nbsp;&nbsp; $247052 |

---

&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, 2025, purchases and sales of investment securities (excluding short-term investments) aggregated $4,370,559 and $4,736,226, 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 annual rate (exclusive of any applicable waivers/reimbursements) of 0.62%.

For the period from January 1, 2025 through April 30, 2025, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) Class A at 0.82%.

Effective May 1, 2025 through September 30, 2026, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) of Class A at 0.86%.

For the year ended December 31, 2025, fees waived and/or expenses reimbursed for Class A are $94,999.

**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, 2025, the Administration Fee was $20,522, of which $1,854 is unpaid.

**Service Provider Fees.** DWS Service Company ("DSC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and SS&C GIDS, Inc. ("SS&C"), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to SS&C. DSC compensates SS&C out of the shareholder servicing fee it receives from the Fund. For the year ended December 31, 2025, the amounts charged to the Fund by DSC aggregated $358, of which $60 is unpaid.

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

---

| | |
|:---|:---|
| **12** \|  | Deutsche DWS Variable Series II —<br> DWS International Opportunities VIP <br>|

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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, 2025, the amount charged to the Fund by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $694, of which $117 is unpaid.

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

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

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

At December 31, 2025, two Participating Insurance Companies were owners of record of 10% or more of the total outstanding Class A shares of the Fund, each owning 60% and 30%, respectively.

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

The Fund and other affiliated funds (the "Participants") share in a $345 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a daily fluctuating rate per annum equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at December 31, 2025.

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

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS International Opportunities VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **13**  |

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------

**Report of Independent Registered Public Accounting Firm**

**To the Board of Trustees of Deutsche DWS Variable Series II and Shareholders of DWS International Opportunities VIP (formerly DWS International Growth VIP):**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of DWS International Opportunities VIP (formerly 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, 2025, 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, 2025, 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, 2025, 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.

![](imge36fea092.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 12, 2026

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

---

| | |
|:---|:---|
| **14** \|  | Deutsche DWS Variable Series II —<br> DWS International Opportunities VIP <br>|

---

------

**Tax Information (Unaudited)**

For corporate shareholders, 5% of the ordinary dividends (i.e., income dividends plus short-term capital gains) paid during the Fund's fiscal year ended December 31, 2025, qualified for the dividends received deduction.

The Fund paid foreign taxes of $28,004 and earned $219,453 of foreign source income during the year ended December 31, 2025. Pursuant to Section 853 of the Internal Revenue Code, the Fund designates $0.02 per share as foreign taxes paid and $0.19 per share as income earned from foreign sources for the year ended December 31, 2025.

Please consult a tax advisor if you have questions about federal or state income tax laws, or on how to prepare your tax returns. If you have specific questions about your account, please contact your insurance provider.

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

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS International Opportunities VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **15**  |

---

------

**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 Opportunities VIP's (formerly, DWS International Growth VIP) (the "Fund") investment management agreement (the "Agreement") with DWS Investment Management Americas, Inc. ("DIMA") in September 2025.

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

—

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

—

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

—

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

—

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

—

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

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

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

While shareholders may focus primarily on fund performance and fees, the 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, 2024, the Fund's performance (Class A shares) was in the 1st quartile, 3rd quartile and 3rd quartile, respectively, of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has outperformed its benchmark in the one-period and has underperformed its benchmark in the three- and five-year periods ended December 31, 2024.

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

---

| | |
|:---|:---|
| **16** \|  | Deutsche DWS Variable Series II —<br> DWS International Opportunities VIP <br>|

---

------

**Fees and Expenses.** The Board considered the Fund's investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. ("Broadridge") regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.097% fee paid to DIMA under the Fund's administrative services agreement, were lower than the median (1st quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2024). 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, 2024, and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees). The Board noted that the expense limitation agreed to by DIMA was expected to help the Fund's total (net) operating expenses remain competitive. The Board considered the Fund's management fee rate as compared to fees charged by DIMA to a comparable DWS U.S. registered fund ("DWS Funds") and considered differences between the Fund and the comparable DWS Fund. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors ("DWS Europe Funds") managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS International Opportunities VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **17**  |

---

------

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

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

VS2IO-BFE2025

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

---

| | |
|:---|:---|
| **18** \|  | Deutsche DWS Variable Series II —<br> DWS International Opportunities VIP <br>|

---

------

![](img22f18b091.jpg)

VS2IO-NCSRA

------

December 31, 2025

**Annual Financial Statements and Other Information**

Deutsche DWS Variable Series II

**DWS Small Mid Cap Growth VIP**

![](img4f1587411.jpg)

------

**Contents** 

---

| | |
|:---|:---|
| **3** | [Investment Portfolio](#xx_9f648621-1dd0-4b69-95d5-96bcf3c357d3_SOI-CC-Financial-RunningFooter-347_1) |
| **7** | [Statement of Assets and Liabilities](#xx_9f648621-1dd0-4b69-95d5-96bcf3c357d3_FS-CC-Financial-RunningFooter-347_1) |
| **7** | [Statement of Operations](#xx_9f648621-1dd0-4b69-95d5-96bcf3c357d3_FS-CC-Financial-RunningFooter-347_1) |
| **8** | [Statements of Changes in Net Assets](#xx_9f648621-1dd0-4b69-95d5-96bcf3c357d3_FS-CC-Financial-RunningFooter-347_2) |
| **9** | [Financial Highlights](#xx_9f648621-1dd0-4b69-95d5-96bcf3c357d3_FIHI-CC-Financial-RunningFooter-347_1) |
| **10** | [Notes to Financial Statements](#xx_9f648621-1dd0-4b69-95d5-96bcf3c357d3_NTF-CC-Financial-RunningFooter-347_1) |
| **15** | [Report of Independent Registered Public Accounting Firm](#xx_9f648621-1dd0-4b69-95d5-96bcf3c357d3_AUD-CC-Financial-RunningFooter-347_1) |
| **16** | [Tax Information](#xx_9f648621-1dd0-4b69-95d5-96bcf3c357d3_FEXPTI-CC-Financial-RunningFooter-347_1) |
| **17** | [Advisory Agreement Board Considerations and Fee Evaluation](#xx_9f648621-1dd0-4b69-95d5-96bcf3c357d3_AABCF-CC-Financial-RunningFooter-347_1) |

---

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

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

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

---

| | |
|:---|:---|
| **2** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Growth VIP <br>|

---

------

**Investment Portfolioas of December 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Common Stocks 99.2%** | **Common Stocks 99.2%** |  |
| **Communication Services 1.2%** | **Communication Services 1.2%** |  |
| **Entertainment 1.2%** | **Entertainment 1.2%** |  |
| Take-Two Interactive <br> Software, Inc.\*<br>| 2174 | &nbsp;&nbsp; **556609** |
| **Consumer Discretionary 10.2%** | **Consumer Discretionary 10.2%** |  |
| **Automobile Components 0.6%** | **Automobile Components 0.6%** |  |
| Gentherm, Inc.\* | 7364 | &nbsp;&nbsp; **267829** |
| **Diversified Consumer Services 0.7%** | **Diversified Consumer Services 0.7%** |  |
| Bright Horizons Family <br> Solutions, Inc.\*<br>| 3398 | &nbsp;&nbsp; **344557** |
| **Hotels, Restaurants & Leisure 1.9%** | **Hotels, Restaurants & Leisure 1.9%** |  |
| Hilton Grand Vacations, Inc.\* | 12491 | &nbsp;&nbsp; 558972 |
| Wingstop, Inc. (a) | 1500 | &nbsp;&nbsp; 357735 |
|  |  | &nbsp;&nbsp; **916707** |
| **Household Durables 2.8%** | **Household Durables 2.8%** |  |
| Helen of Troy Ltd.\* | 1963 | &nbsp;&nbsp; 41714 |
| LGI Homes, Inc.\* | 3089 | &nbsp;&nbsp; 132703 |
| TopBuild Corp.\* | 2873 | &nbsp;&nbsp; 1198587 |
|  |  | &nbsp;&nbsp; **1373004** |
| **Leisure Products 1.4%** | **Leisure Products 1.4%** |  |
| YETI Holdings, Inc.\* | 15522 | &nbsp;&nbsp; **685607** |
| **Specialty Retail 2.8%** | **Specialty Retail 2.8%** |  |
| Burlington Stores, Inc.\* | 2883 | &nbsp;&nbsp; 832755 |
| Camping World Holdings, Inc. "A" | 21507 | &nbsp;&nbsp; 209263 |
| Valvoline, Inc.\* | 9900 | &nbsp;&nbsp; 287694 |
|  |  | &nbsp;&nbsp; **1329712** |
| **Consumer Staples 2.9%** | **Consumer Staples 2.9%** |  |
| **Consumer Staples Distribution & Retail 2.5%** | **Consumer Staples Distribution & Retail 2.5%** |  |
| Casey's General Stores, Inc. | 2171 | &nbsp;&nbsp; **1199933** |
| **Food Products 0.4%** | **Food Products 0.4%** |  |
| Marzetti Co. | 1200 | &nbsp;&nbsp; **197304** |
| **Energy 2.2%** | **Energy 2.2%** |  |
| **Oil, Gas & Consumable Fuels 2.2%** | **Oil, Gas & Consumable Fuels 2.2%** |  |
| Core Natural Resources, Inc. | 2519 | &nbsp;&nbsp; 222957 |
| Crescent Energy Co. "A" | 6384 | &nbsp;&nbsp; 53562 |
| Expand Energy Corp. | 2543 | &nbsp;&nbsp; 280645 |
| Matador Resources Co. | 5100 | &nbsp;&nbsp; 216444 |
| Ovintiv, Inc. | 7311 | &nbsp;&nbsp; 286518 |
|  |  | &nbsp;&nbsp; **1060126** |
| **Financials 10.7%** | **Financials 10.7%** |  |
| **Banks 3.2%** | **Banks 3.2%** |  |
| Pinnacle Financial Partners, Inc. | 5944 | &nbsp;&nbsp; 567117 |
| Synovus Financial Corp. | 11493 | &nbsp;&nbsp; 575225 |
| The Bancorp, Inc.\* | 5495 | &nbsp;&nbsp; 371022 |
|  |  | &nbsp;&nbsp; **1513364** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Capital Markets 4.7%** | **Capital Markets 4.7%** |  |
| FactSet Research Systems, Inc. | 1036 | &nbsp;&nbsp; 300637 |
| Lazard, Inc. | 12317 | &nbsp;&nbsp; 598113 |
| LPL Financial Holdings, Inc. | 2100 | &nbsp;&nbsp; 750057 |
| Moelis & Co. "A" | 9136 | &nbsp;&nbsp; 628009 |
|  |  | &nbsp;&nbsp; **2276816** |
| **Financial Services 0.9%** | **Financial Services 0.9%** |  |
| WEX, Inc.\* | 2797 | &nbsp;&nbsp; **416697** |
| **Insurance 1.9%** | **Insurance 1.9%** |  |
| Kinsale Capital Group, Inc. | 1900 | &nbsp;&nbsp; 743128 |
| Palomar Holdings, Inc.\* | 1300 | &nbsp;&nbsp; 175188 |
|  |  | &nbsp;&nbsp; **918316** |
| **Health Care 22.4%** | **Health Care 22.4%** |  |
| **Biotechnology 11.3%** | **Biotechnology 11.3%** |  |
| Apellis Pharmaceuticals, Inc.\* | 3951 | &nbsp;&nbsp; 99249 |
| Avidity Biosciences, Inc.\* | 9700 | &nbsp;&nbsp; 699661 |
| Caris Life Sciences, Inc.\* | 3928 | &nbsp;&nbsp; 105977 |
| Catalyst Pharmaceuticals, Inc.\* | 7600 | &nbsp;&nbsp; 177384 |
| Celldex Therapeutics, Inc.\* | 12600 | &nbsp;&nbsp; 342216 |
| CG oncology, Inc.\* | 4100 | &nbsp;&nbsp; 170232 |
| Halozyme Therapeutics, Inc.\* | 2800 | &nbsp;&nbsp; 188440 |
| Insmed, Inc.\* | 5344 | &nbsp;&nbsp; 930070 |
| Kiniksa Pharmaceuticals <br> International PLC\*<br>| 8769 | &nbsp;&nbsp; 361721 |
| Neurocrine Biosciences, Inc.\* | 7085 | &nbsp;&nbsp; 1004866 |
| Rhythm Pharmaceuticals, Inc.\* | 1200 | &nbsp;&nbsp; 128448 |
| Scholar Rock Holding Corp.\* | 3500 | &nbsp;&nbsp; 154175 |
| Travere Therapeutics, Inc.\* | 14578 | &nbsp;&nbsp; 557025 |
| Vaxcyte, Inc.\* | 3300 | &nbsp;&nbsp; 152262 |
| Vera Therapeutics, Inc.\* | 7600 | &nbsp;&nbsp; 384864 |
|  |  | &nbsp;&nbsp; **5456590** |
| **Health Care Equipment & Supplies 2.4%** | **Health Care Equipment & Supplies 2.4%** |  |
| Alphatec Holdings, Inc.\* | 9320 | &nbsp;&nbsp; 196093 |
| Globus Medical, Inc. "A"\* | 1424 | &nbsp;&nbsp; 124329 |
| Haemonetics Corp.\* | 1353 | &nbsp;&nbsp; 108443 |
| Inspire Medical Systems, Inc.\* | 300 | &nbsp;&nbsp; 27669 |
| Lantheus Holdings, Inc.\* | 3500 | &nbsp;&nbsp; 232925 |
| Masimo Corp.\* | 727 | &nbsp;&nbsp; 94554 |
| Merit Medical Systems, Inc.\* | 4200 | &nbsp;&nbsp; 370188 |
|  |  | &nbsp;&nbsp; **1154201** |
| **Health Care Providers & Services 6.6%** | **Health Care Providers & Services 6.6%** |  |
| HealthEquity, Inc.\* | 4529 | &nbsp;&nbsp; 414902 |
| Molina Healthcare, Inc.\* | 2319 | &nbsp;&nbsp; 402439 |
| Option Care Health, Inc.\* | 18864 | &nbsp;&nbsp; 601007 |
| Privia Health Group, Inc.\* | 8600 | &nbsp;&nbsp; 203906 |
| RadNet, Inc.\* | 21477 | &nbsp;&nbsp; 1532384 |
|  |  | &nbsp;&nbsp; **3154638** |
| **Health Care Technology 0.5%** | **Health Care Technology 0.5%** |  |
| Waystar Holding Corp.\* | 6800 | &nbsp;&nbsp; **222700** |

---

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

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

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Growth VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **3**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Pharmaceuticals 1.6%** | **Pharmaceuticals 1.6%** |  |
| Crinetics Pharmaceuticals, <br> Inc.\* (a)<br>| 3500 | &nbsp;&nbsp; 162925 |
| EyePoint, Inc.\* | 5600 | &nbsp;&nbsp; 102312 |
| Ligand Pharmaceuticals, Inc.\* | 2672 | &nbsp;&nbsp; 505195 |
|  |  | &nbsp;&nbsp; **770432** |
| **Industrials 21.8%** | **Industrials 21.8%** |  |
| **Aerospace & Defense 2.0%** | **Aerospace & Defense 2.0%** |  |
| HEICO Corp. | 2976 | &nbsp;&nbsp; **963004** |
| **Building Products 3.8%** | **Building Products 3.8%** |  |
| Allegion PLC | 5799 | &nbsp;&nbsp; 923317 |
| Builders FirstSource, Inc.\* | 9106 | &nbsp;&nbsp; 936916 |
|  |  | &nbsp;&nbsp; **1860233** |
| **Commercial Services & Supplies 4.2%** | **Commercial Services & Supplies 4.2%** |  |
| MSA Safety, Inc. | 2092 | &nbsp;&nbsp; 335013 |
| Tetra Tech, Inc. | 14395 | &nbsp;&nbsp; 482808 |
| The Brink's Co. | 10236 | &nbsp;&nbsp; 1194848 |
|  |  | &nbsp;&nbsp; **2012669** |
| **Electrical Equipment 2.7%** | **Electrical Equipment 2.7%** |  |
| Bloom Energy Corp. "A"\* | 2600 | &nbsp;&nbsp; 225914 |
| Nextpower, Inc. "A"\* | 8300 | &nbsp;&nbsp; 723013 |
| Thermon Group Holdings, Inc.\* | 9149 | &nbsp;&nbsp; 339977 |
|  |  | &nbsp;&nbsp; **1288904** |
| **Machinery 1.3%** | **Machinery 1.3%** |  |
| Chart Industries, Inc.\* | 1700 | &nbsp;&nbsp; 350591 |
| IDEX Corp. | 1502 | &nbsp;&nbsp; 267266 |
|  |  | &nbsp;&nbsp; **617857** |
| **Professional Services 3.6%** | **Professional Services 3.6%** |  |
| Broadridge Financial Solutions, <br> Inc.<br>| 1782 | &nbsp;&nbsp; 397689 |
| Kforce, Inc. | 11225 | &nbsp;&nbsp; 347077 |
| Maximus, Inc. | 8556 | &nbsp;&nbsp; 738554 |
| Verra Mobility Corp.\* | 10800 | &nbsp;&nbsp; 242028 |
|  |  | &nbsp;&nbsp; **1725348** |
| **Trading Companies & Distributors 4.2%** | **Trading Companies & Distributors 4.2%** |  |
| FTAI Aviation Ltd. | 2500 | &nbsp;&nbsp; 492125 |
| Rush Enterprises, Inc. "A" | 24885 | &nbsp;&nbsp; 1342297 |
| Titan Machinery, Inc.\* | 11743 | &nbsp;&nbsp; 176615 |
|  |  | &nbsp;&nbsp; **2011037** |
| **Information Technology 22.4%** | **Information Technology 22.4%** |  |
| **Communications Equipment 1.0%** | **Communications Equipment 1.0%** |  |
| Calix, Inc.\* | 9644 | &nbsp;&nbsp; **510457** |
| **Electronic Equipment, Instruments &** <br> **Components 4.8%** | **Electronic Equipment, Instruments &** <br> **Components 4.8%** |  |
| Advanced Energy Industries, Inc. | 7629 | &nbsp;&nbsp; 1597284 |
| Cognex Corp. | 7873 | &nbsp;&nbsp; 283271 |
| Fabrinet\* | 900 | &nbsp;&nbsp; 409752 |
|  |  | &nbsp;&nbsp; **2290307** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Semiconductors & Semiconductor** <br> **Equipment 9.1%** | **Semiconductors & Semiconductor** <br> **Equipment 9.1%** |  |
| Credo Technology Group Holding <br> Ltd.\*<br>| 3300 | &nbsp;&nbsp; 474837 |
| Entegris, Inc. | 4821 | &nbsp;&nbsp; 406169 |
| FormFactor, Inc.\* | 7627 | &nbsp;&nbsp; 425434 |
| Impinj, Inc.\* | 2530 | &nbsp;&nbsp; 440245 |
| Monolithic Power Systems, Inc. | 847 | &nbsp;&nbsp; 767687 |
| Semtech Corp.\* | 7632 | &nbsp;&nbsp; 562402 |
| SiTime Corp.\* | 3087 | &nbsp;&nbsp; 1090298 |
| Ultra Clean Holdings, Inc.\* | 8673 | &nbsp;&nbsp; 219687 |
|  |  | &nbsp;&nbsp; **4386759** |
| **Software 6.7%** | **Software 6.7%** |  |
| Clearwater Analytics Holdings, <br> Inc. "A"\*<br>| 11700 | &nbsp;&nbsp; 282204 |
| Commvault Systems, Inc.\* | 1300 | &nbsp;&nbsp; 162968 |
| Dynatrace, Inc.\* | 7679 | &nbsp;&nbsp; 332808 |
| Five9, Inc.\* | 9547 | &nbsp;&nbsp; 191417 |
| Tenable Holdings, Inc.\* | 12141 | &nbsp;&nbsp; 285678 |
| Tyler Technologies, Inc.\* | 2476 | &nbsp;&nbsp; 1123980 |
| Varonis Systems, Inc.\* | 21577 | &nbsp;&nbsp; 707726 |
| Workiva, Inc.\* | 1358 | &nbsp;&nbsp; 117127 |
|  |  | &nbsp;&nbsp; **3203908** |
| **Technology Hardware, Storage &** <br> **Peripherals 0.8%** | **Technology Hardware, Storage &** <br> **Peripherals 0.8%** |  |
| IonQ, Inc.\* (a) | 2400 | &nbsp;&nbsp; 107688 |
| Pure Storage, Inc. "A"\* | 4000 | &nbsp;&nbsp; 268040 |
|  |  | &nbsp;&nbsp; **375728** |
| **Materials 2.7%** | **Materials 2.7%** |  |
| **Construction Materials 1.9%** | **Construction Materials 1.9%** |  |
| Eagle Materials, Inc. | 4401 | &nbsp;&nbsp; **909599** |
| **Metals & Mining 0.8%** | **Metals & Mining 0.8%** |  |
| Cleveland-Cliffs, Inc.\* | 29787 | &nbsp;&nbsp; **395571** |
| **Real Estate 2.3%** | **Real Estate 2.3%** |  |
| **Diversified REITs 1.0%** | **Diversified REITs 1.0%** |  |
| Essential Properties Realty Trust, <br> Inc.<br>| 16178 | &nbsp;&nbsp; **479840** |
| **Industrial REITs 0.7%** | **Industrial REITs 0.7%** |  |
| EastGroup Properties, Inc. | 1808 | &nbsp;&nbsp; **322077** |
| **Specialized REITs 0.6%** | **Specialized REITs 0.6%** |  |
| Four Corners Property Trust, Inc. | 13954 | &nbsp;&nbsp; **321779** |
| **Utilities 0.4%** | **Utilities 0.4%** |  |
| **Independent Power & Renewable Electricity** <br> **Producers 0.4%** | **Independent Power & Renewable Electricity** <br> **Producers 0.4%** |  |
| Hallador Energy Co.\* | 10300 | &nbsp;&nbsp; **196112** |
| **Total Common Stocks** (Cost $25,893,686) | **Total Common Stocks** (Cost $25,893,686) | &nbsp;&nbsp; **47686331** |

---

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

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

---

| | |
|:---|:---|
| **4** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Growth VIP <br>|

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Other Investments 0.0%** | **Other Investments 0.0%** |  |
| **Health Care 0.0%** | **Health Care 0.0%** |  |
| **Life Sciences Tools & Services 0.0%** | **Life Sciences Tools & Services 0.0%** |  |
| OmniAb, Inc. <br> $12.50 Earnout\* (b) (c)<br>| 1013 | &nbsp;&nbsp; 0 |
| OmniAb, Inc. <br> $15.00 Earnout\* (b) (c)<br>| 1013 | &nbsp;&nbsp; 0 |
| **Total Other Investments** (Cost $0) | **Total Other Investments** (Cost $0) | &nbsp;&nbsp; **0** |
| **Rights 0.0%** | **Rights 0.0%** |  |
| **Health Care** | **Health Care** |  |
| Blueprint Medicines Corp.,\* (c) <br> (Cost $1,603)<br>| 3484 | &nbsp;&nbsp; **1603** |
| **Securities Lending Collateral 0.9%** | **Securities Lending Collateral 0.9%** | **Securities Lending Collateral 0.9%** |
| DWS Government & Agency <br> Securities Portfolio "DWS <br> Government Cash Institutional <br> Shares", 3.66% (d) (e) <br> (Cost $459,425)<br>| 459425 | &nbsp;&nbsp; **459425** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Cash Equivalents 1.1%** | **Cash Equivalents 1.1%** | **Cash Equivalents 1.1%** |
| DWS Central Cash Management <br> Government Fund, 3.77% (d) <br> (Cost $540,492)<br>| 540492 | &nbsp;&nbsp; **540492** |

---

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

---

| | | |
|:---|:---|:---|
|  | **% of** <br>**Net Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** <br> (Cost $26,895,206)<br>| 101.2 | &nbsp;&nbsp; **48687851** |
| **Other Assets and Liabilities,** <br> **Net**<br>| (1.2)<br>| &nbsp;&nbsp; **(599468)**<br>|
| **Net Assets** | 100.0 | &nbsp;&nbsp; **48088383** |

---

A summary of the Fund's transactions with affiliated investments during the year ended December 31, 2025 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at** <br>**12/31/2024**<br>| **Purchases** <br>**Cost ($)**<br>| **Sales** <br>**Proceeds ($)**<br>| **Net Realized** <br>**Gain/** <br>**(Loss) ($)**<br>| **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)** <br> **($)**<br>| **Income ($)** | **Capital Gain** <br>**Distributions** <br> **($)**<br>| **Number** <br>**of Shares** <br>**at** <br>**12/31/2025**<br>| **Value ($) at** <br>**12/31/2025**<br>|
| **Securities Lending Collateral 0.9%** | **Securities Lending Collateral 0.9%** | **Securities Lending Collateral 0.9%** | **Securities Lending Collateral 0.9%** | **Securities Lending Collateral 0.9%** | **Securities Lending Collateral 0.9%** | **Securities Lending Collateral 0.9%** | **Securities Lending Collateral 0.9%** | **Securities Lending Collateral 0.9%** |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (d) (e) |
| 456225 | 3,200 (f) |  |  |  | 2476 |  | 459425 | 459425 |
| **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, 3.77% (d) | DWS Central Cash Management Government Fund, 3.77% (d) | DWS Central Cash Management Government Fund, 3.77% (d) | DWS Central Cash Management Government Fund, 3.77% (d) | DWS Central Cash Management Government Fund, 3.77% (d) | DWS Central Cash Management Government Fund, 3.77% (d) | DWS Central Cash Management Government Fund, 3.77% (d) | DWS Central Cash Management Government Fund, 3.77% (d) | DWS Central Cash Management Government Fund, 3.77% (d) |
| 1096015 | 5104734 | 5660257 |  |  | 49617 |  | 540492 | 540492 |
| **1552240** | **5107934** | **5660257** |  |  | **52093** |  | **999917** | **999917** |

---

&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, 2025 amounted to $446,397, which is 0.9% 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, 2025. 

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

REIT: Real Estate Investment Trust<br>

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

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

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Growth VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **5**  |

---

------

**Fair Value Measurements**

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

The following is a summary of the inputs used as of December 31, 2025 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks (a) | &nbsp;&nbsp; $47686331 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $47686331 |
| Other Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1603 | &nbsp;&nbsp; 1603 |
| Short-Term Investments (a) | &nbsp;&nbsp; 999917 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 999917 |
| **Total** | &nbsp;&nbsp; **$48686248** | &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$1603** | &nbsp;&nbsp; **$48687851** |

---

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

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

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

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

---

| | |
|:---|:---|
| **6** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Growth VIP <br>|

---

------

**Statement of** 

**Assets and Liabilities**

**Statement of Operations**

as of December 31, 2025

------

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in non-affiliated securities, at value <br> (cost $25,895,289) — including $446,397 of <br> securities loaned<br>| $47687934 |
| Investment in DWS Government & Agency <br> Securities Portfolio (cost $459,425)\* <br>| 459425 |
| Investment in DWS Central Cash Management <br> Government Fund (cost $540,492)<br>| 540492 |
| Cash | 2960 |
| Receivable for Fund shares sold | 147 |
| Dividends receivable | 17091 |
| Affiliated securities lending income receivable | 73 |
| Other assets | 690 |
| Total assets | 48708812 |
| **Liabilities** |  |
| Payable upon return of securities loaned | 459425 |
| Payable for Fund shares redeemed | 68193 |
| Accrued management fee | 22990 |
| Accrued Trustees' fees | 760 |
| Other accrued expenses and payables | 69061 |
| Total liabilities | 620429 |
| **Net assets, at value** | **$48088383** |
| **Net Assets Consist of** |  |
| Distributable earnings (loss) | 25137531 |
| Paid-in capital | 22950852 |
| **Net assets, at value** | **$48088383** |
| **Net Asset Value** |  |
| **Class A** |  |
| **Net Asset Value,** offering and redemption price <br> per share ($48,088,383 ÷ 3,388,903 outstanding <br> shares of beneficial interest, no par value, <br> unlimited number of shares authorized)<br>| **$14.19** |

---

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

\* Represents collateral on securities loaned.

for the year ended December 31, 2025

------

---

| | |
|:---|:---|
| **Investment Income** |  |
| Income: |  |
| Dividends | $316483 |
| Income distributions — DWS Central Cash <br> Management Government Fund<br>| 49617 |
| Affiliated securities lending income | 2476 |
| Total income | 368576 |
| Expenses: |  |
| Management fee | 262420 |
| Administration fee | 46281 |
| Services to shareholders | 908 |
| Custodian fee | 1887 |
| Audit fee | 37618 |
| Legal fees | 12890 |
| Tax fees | 5969 |
| Reports to shareholders | 28156 |
| Trustees' fees and expenses | 2753 |
| Other | 7132 |
| Total expenses | 406014 |
| **Net investment income (loss)** | **(37438)**<br>|
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) from investments | 3466628 |
| Change in net unrealized appreciation <br> (depreciation) on investments<br>| 318529 |
| **Net gain (loss)** | **3785157** |
| **Net increase (decrease) in net assets resulting** <br> **from operations**<br>| **$3747719** |

---

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**  |

---

------

**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** | **2025** | **2024** |
| Operations: |  |  |
| Net investment income (loss) | $(37438)<br>| $(116562)<br>|
| Net realized gain (loss) | 3466628 | 3507784 |
| Change in net unrealized appreciation <br>(depreciation)<br>| 318529 | (682013)<br>|
| Net increase (decrease) in net assets resulting from operations | 3747719 | 2709209 |
| Distributions to shareholders: |  |  |
| Class A | (3463980)<br>| (483065)<br>|
| Fund share transactions: |  |  |
| **Class A** |  |  |
| Proceeds from shares sold | 975083 | 1304763 |
| Reinvestment of distributions | 3463980 | 483065 |
| Payments for shares redeemed | (5832744)<br>| (7856023)<br>|
| Net increase (decrease) in net assets from Class A share transactions | (1393681)<br>| (6068195)<br>|
| **Increase (decrease) in net assets** | (1109942)<br>| (3842051)<br>|
| Net assets at beginning of period | 49198325 | 53040376 |
| **Net assets at end of period** | **$48088383** | **$49198325** |

---

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

---

| | | |
|:---|:---|:---|
| **Other Information** |  |  |
| **Class A** |  |  |
| Shares outstanding at beginning of period | 3448681 | 3872116 |
| Shares sold | 72200 | 92503 |
| Shares issued to shareholders in reinvestment of distributions | 293309 | 35389 |
| Shares redeemed | (425287)<br>| (551327)<br>|
| Net increase (decrease) in Class A shares | (59778)<br>| (423435)<br>|
| Shares outstanding at end of period | **3388903** | **3448681** |

---

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>|

---

------

**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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |
| **Net asset value, beginning of period** | &nbsp;&nbsp; **$14.27** | &nbsp;&nbsp; **$13.70** | &nbsp;&nbsp; **$11.97** | &nbsp;&nbsp; **$18.87** | &nbsp;&nbsp; **$17.43** |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>a</sup> <br>| &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; .00 <br><sup>\*</sup><br>| &nbsp;&nbsp; (.00 )<sup>\*</sup><br>| &nbsp;&nbsp; (.06)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; .96 | &nbsp;&nbsp; .73 | &nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp; (5.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.43 |
| **Total from investment operations** | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .70 | &nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp; (5.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.37 |
| Less distributions from: |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (.00 )<sup>\*</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.01)<br>|
| Net realized gains | &nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (.92)<br>|
| **Total distributions** | &nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (.93)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; **$14.19** | &nbsp;&nbsp; **$14.27** | &nbsp;&nbsp; **$13.70** | &nbsp;&nbsp; **$11.97** | &nbsp;&nbsp; **$18.87** |
| Total Return (%) | &nbsp;&nbsp;&nbsp;&nbsp;8.11 | &nbsp;&nbsp;&nbsp;&nbsp;5.15 | &nbsp;&nbsp;&nbsp;&nbsp; 18.83 <br><sup>b</sup><br>| &nbsp;&nbsp; (28.02 )<sup>b</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;13.84 |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 75 |
| Ratio of expenses before expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp; .85 | &nbsp;&nbsp; .83 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; .83 | &nbsp;&nbsp; .78 |
| Ratio of expenses after expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp; .85 | &nbsp;&nbsp; .83 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .78 |
| Ratio of net investment income (loss) (%) | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; .02 | &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.33)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 16 |

---

&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;\| **9**  |

---

------

**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 is an underlying investment vehicle for variable annuity contracts and variable life insurance policies to be offered by the separate accounts of certain life insurance companies ("Participating Insurance Companies").

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| **10** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Growth VIP <br>|

---

------

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

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

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

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

**Securities Lending.** National Financial Services LLC (Fidelity Agency Lending), as securities lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the securities lending agent will use its best efforts to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended December 31, 2025, the Fund invested the cash collateral, if any, into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.14% annualized effective rate as of December 31, 2025) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a securities lending agent. Either the Fund or the borrower may terminate the loan at any time, and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

&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**  |

---

------

As of December 31, 2025, 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, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** |
| Common Stocks | &nbsp;&nbsp; $459425 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $459425 |
| Gross amount of recognized liabilities and cash collateral for securities lending transactions: | Gross amount of recognized liabilities and cash collateral for securities lending transactions: | Gross amount of recognized liabilities and cash collateral for securities lending transactions: | Gross amount of recognized liabilities and cash collateral for securities lending transactions: | Gross amount of recognized liabilities and cash collateral for securities lending transactions: | &nbsp;&nbsp; $459425 |

---

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

The Fund files tax returns with the Internal Revenue Service, the State of New York, and various other states. Each of the tax years in the four-year period ended December 31, 2025, remains subject to examination by taxing authorities.

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

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

At December 31, 2025, the Fund's components of distributable earnings (accumulated losses) on a net tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed long-term capital gains | &nbsp;&nbsp; $3429512 |
| Net unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; $21708020 |

---

At December 31, 2025, the aggregate cost of investments for federal income tax purposes was $26,979,831. The net unrealized appreciation for all investments based on tax cost was $21,708,020. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $24,564,857 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $2,856,837.

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,** |
|  | **2025** | **2024** |
| Distributions from long-term capital gains | &nbsp;&nbsp; $3463980 | &nbsp;&nbsp; $483065 |

---

**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

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

---

| | |
|:---|:---|
| **12** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Growth VIP <br>|

---

------

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, 2025, purchases and sales of investment securities (excluding short-term investments) aggregated $5,029,923 and $8,826,637, respectively.

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

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

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

---

| | |
|:---|:---|
| First $250 million of the Fund's average daily net assets | &nbsp;&nbsp; .550% |
| Next $750 million of such net assets | &nbsp;&nbsp; .525% |
| Over $1 billion of such net assets | &nbsp;&nbsp; .500% |

---

Accordingly, for the year ended December 31, 2025, 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 January 1, 2025 through September 30, 2025, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) of Class A at 0.87%.

Effective October 1, 2025 through September 30, 2026, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) of Class A at 0.85%.

**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, 2025, the Administration Fee was $46,281, of which $4,055 is unpaid.

**Service Provider Fees.** DWS Service Company ("DSC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and SS&C GIDS, Inc. ("SS&C"), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to SS&C. DSC compensates SS&C out of the shareholder servicing fee it receives from the Fund. For the year ended December 31, 2025, the amounts charged to the Fund by DSC aggregated $543, of which $91 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, 2025, the amount charged to the Fund by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $401, of which $106 is unpaid.

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

**Affiliated Cash Management Vehicles.** The Fund may invest uninvested cash balances in DWS Central Cash Management Government Fund, an affiliated money market fund which is managed by the Advisor. DWS Central Cash Management Government Fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest and seeks to maintain a stable net asset value. The Fund indirectly bears its proportionate share of the

&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**  |

---

------

expenses of its investment in DWS Central Cash Management Government Fund. DWS Central Cash Management Government Fund does not pay the Advisor an investment management fee.

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

At December 31, 2025, one Participating Insurance Company was owner of record of 10% or more of the total outstanding Class A shares of the Fund, owning 92%.

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

The Fund and other affiliated funds (the "Participants") share in a $345 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a daily fluctuating rate per annum equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at December 31, 2025.

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

---

| | |
|:---|:---|
| **14** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Growth VIP <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, 2025, 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, 2025, 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, 2025, 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.

![](img9bc18ba72.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 12, 2026

&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**  |

---

------

**Tax Information (Unaudited)**

The Fund paid distributions of $1.03 per share from net long-term capital gains during its year ended December 31, 2025.

Pursuant to Section 852 of the Internal Revenue Code, the Fund designates $3,800,000 as capital gain dividends for its year ended December 31, 2025.

Please consult a tax advisor if you have questions about federal or state income tax laws, or on how to prepare your tax returns. If you have specific questions about your account, please contact your insurance provider.

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

---

| | |
|:---|:---|
| **16** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Growth VIP <br>|

---

------

**Advisory Agreement Board Considerations and Fee Evaluation**

The Board of Trustees (hereinafter referred to as the "Board" or "Trustees") approved the renewal of DWS Small Mid Cap Growth VIP's (the "Fund") investment management agreement (the "Agreement") with DWS Investment Management Americas, Inc. ("DIMA") in September 2025.

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

—

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

—

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

—

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

—

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

—

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

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

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

While shareholders may focus primarily on fund performance and fees, the 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, 2024, the Fund's performance (Class A shares) was in the 4th 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 underperformed its benchmark in the one-, three- and five-year periods ended December 31, 2024. The Board noted the underperformance of the Fund in recent periods and continued to discuss with senior management of DIMA the factors contributing to such underperformance and, where needed, the actions being taken to improve performance. The Board observed that the Fund had experienced improved relative

&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;\| **17**  |

---

------

performance during the first eight months of 2025. 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") 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, 2024). 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, 2024, and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees). The Board noted that the expense limitation agreed to by DIMA was expected to help the Fund's total (net) operating expenses remain competitive. The Board considered the Fund's management fee rate as compared to fees charged by DIMA to a comparable DWS U.S. registered fund ("DWS Funds") and considered differences between the Fund and the comparable DWS Fund. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors ("DWS Europe Funds") managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

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

**Profitability.** The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs to DIMA, and pre-tax profits realized by DIMA, from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board reviewed DIMA's methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that, while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates' overall profitability with respect to the DWS Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was in line with 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. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA's and the Fund's chief compliance officers; (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters; and (iii) ongoing efforts to enhance the compliance program.

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

---

| | |
|:---|:---|
| **18** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Growth VIP <br>|

---

------

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

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

VS2SMCG-BFE2025

&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;\| **19**  |

---

------

![](img4f1587411.jpg)

VS2SMCG-NCSRA

------

December 31, 2025

**Annual Financial Statements and Other Information**

Deutsche DWS Variable Series II

**DWS Small Mid Cap Value VIP**

![](img204e5ecc1.jpg)

------

**Contents** 

---

| | |
|:---|:---|
| **3** | [Investment Portfolio](#xx_355526e4-5031-4252-ad57-5964ea139b71_SOI-CC-Financial-RunningFooter-348_1) |
| **7** | [Statement of Assets and Liabilities](#xx_355526e4-5031-4252-ad57-5964ea139b71_FS-CC-Financial-RunningFooter-348_1) |
| **7** | [Statement of Operations](#xx_355526e4-5031-4252-ad57-5964ea139b71_FS-CC-Financial-RunningFooter-348_1) |
| **8** | [Statements of Changes in Net Assets](#xx_355526e4-5031-4252-ad57-5964ea139b71_FS-CC-Financial-RunningFooter-348_2) |
| **9** | [Financial Highlights](#xx_355526e4-5031-4252-ad57-5964ea139b71_FIHI-CC-Financial-RunningFooter-348_1) |
| **11** | [Notes to Financial Statements](#xx_355526e4-5031-4252-ad57-5964ea139b71_NTF-CC-Financial-RunningFooter-348_1) |
| **17** | [Report of Independent Registered Public Accounting Firm](#xx_355526e4-5031-4252-ad57-5964ea139b71_AUD-CC-Financial-RunningFooter-348_1) |
| **18** | [Tax Information](#xx_355526e4-5031-4252-ad57-5964ea139b71_FEXPTI-CC-Financial-RunningFooter-348_1) |
| **19** | [Advisory Agreement Board Considerations and Fee Evaluation](#xx_355526e4-5031-4252-ad57-5964ea139b71_AABCF-CC-Financial-RunningFooter-348_1) |

---

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

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

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

---

| | |
|:---|:---|
| **2** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>|

---

------

**Investment Portfolioas of December 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Common Stocks 100.0%** | **Common Stocks 100.0%** |  |
| **Communication Services 3.6%** | **Communication Services 3.6%** |  |
| **Diversified Telecommunication Services 0.4%** | **Diversified Telecommunication Services 0.4%** |  |
| Liberty Global Ltd. "C"\* | 27434 | &nbsp;&nbsp; **302872** |
| **Media 3.2%** | **Media 3.2%** |  |
| EchoStar Corp. "A"\* | 12434 | &nbsp;&nbsp; 1351576 |
| National CineMedia, Inc. (a) | 83759 | &nbsp;&nbsp; 325822 |
| Omnicom Group, Inc. | 12468 | &nbsp;&nbsp; 1006791 |
|  |  | &nbsp;&nbsp; **2684189** |
| **Consumer Discretionary 10.3%** | **Consumer Discretionary 10.3%** |  |
| **Broadline Retail 1.2%** | **Broadline Retail 1.2%** |  |
| Ollie's Bargain Outlet <br> Holdings, Inc.\*<br>| 9164 | &nbsp;&nbsp; **1004466** |
| **Distributors 1.0%** | **Distributors 1.0%** |  |
| Gold.com, Inc. | 23469 | &nbsp;&nbsp; **799119** |
| **Diversified Consumer Services 0.5%** | **Diversified Consumer Services 0.5%** |  |
| ADT, Inc. | 49321 | &nbsp;&nbsp; **398021** |
| **Hotels, Restaurants & Leisure 2.2%** | **Hotels, Restaurants & Leisure 2.2%** |  |
| Aramark | 5587 | &nbsp;&nbsp; 205937 |
| Global Business Travel Group, <br> Inc.\* (a)<br>| 52036 | &nbsp;&nbsp; 398075 |
| Norwegian Cruise Line <br> Holdings Ltd.\*<br>| 16899 | &nbsp;&nbsp; 377186 |
| Travel & Leisure Co. | 6682 | &nbsp;&nbsp; 471281 |
| Wynn Resorts Ltd. | 3323 | &nbsp;&nbsp; 399857 |
|  |  | &nbsp;&nbsp; **1852336** |
| **Leisure Products 1.0%** | **Leisure Products 1.0%** |  |
| Hasbro, Inc. | 10137 | &nbsp;&nbsp; **831234** |
| **Specialty Retail 2.9%** | **Specialty Retail 2.9%** |  |
| AutoNation, Inc.\* | 1963 | &nbsp;&nbsp; 405320 |
| Gap, Inc. | 37531 | &nbsp;&nbsp; 960794 |
| Group 1 Automotive, Inc. | 832 | &nbsp;&nbsp; 327226 |
| Penske Automotive Group, Inc. | 2257 | &nbsp;&nbsp; 357260 |
| Winmark Corp. | 926 | &nbsp;&nbsp; 374974 |
|  |  | &nbsp;&nbsp; **2425574** |
| **Textiles, Apparel & Luxury Goods 1.5%** | **Textiles, Apparel & Luxury Goods 1.5%** |  |
| Ralph Lauren Corp. | 3387 | &nbsp;&nbsp; **1197677** |
| **Consumer Staples 2.8%** | **Consumer Staples 2.8%** |  |
| **Beverages 0.3%** | **Beverages 0.3%** |  |
| MGP Ingredients, Inc. | 8857 | &nbsp;&nbsp; **215225** |
| **Food Products 2.2%** | **Food Products 2.2%** |  |
| B&G Foods, Inc. (a) | 49704 | &nbsp;&nbsp; 213727 |
| Lamb Weston Holdings, Inc. | 8159 | &nbsp;&nbsp; 341780 |
| Seaboard Corp. | 119 | &nbsp;&nbsp; 528934 |
| Simply Good Foods Co.\* | 11012 | &nbsp;&nbsp; 221121 |
| TreeHouse Foods, Inc.\* | 22447 | &nbsp;&nbsp; 529525 |
|  |  | &nbsp;&nbsp; **1835087** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Personal Care Products 0.3%** | **Personal Care Products 0.3%** |  |
| Coty, Inc. "A"\* | 80265 | &nbsp;&nbsp; **247216** |
| **Energy 4.2%** | **Energy 4.2%** |  |
| **Energy Equipment & Services 1.3%** | **Energy Equipment & Services 1.3%** |  |
| Bristow Group, Inc.\* | 10447 | &nbsp;&nbsp; 382569 |
| Innovex International, Inc.\* | 17003 | &nbsp;&nbsp; 371856 |
| Solaris Energy Infrastructure, <br> Inc.<br>| 4189 | &nbsp;&nbsp; 192568 |
| Valaris Ltd.\* | 3479 | &nbsp;&nbsp; 175342 |
|  |  | &nbsp;&nbsp; **1122335** |
| **Oil, Gas & Consumable Fuels 2.9%** | **Oil, Gas & Consumable Fuels 2.9%** |  |
| Antero Midstream Corp. | 51317 | &nbsp;&nbsp; 912929 |
| Permian Resources Corp. | 63546 | &nbsp;&nbsp; 891550 |
| Range Resources Corp. | 16118 | &nbsp;&nbsp; 568321 |
|  |  | &nbsp;&nbsp; **2372800** |
| **Financials 21.7%** | **Financials 21.7%** |  |
| **Banks 8.3%** | **Banks 8.3%** |  |
| BankUnited, Inc. | 15117 | &nbsp;&nbsp; 673765 |
| First BanCorp. | 72426 | &nbsp;&nbsp; 1501391 |
| First Financial Corp. | 10857 | &nbsp;&nbsp; 655980 |
| Hancock Whitney Corp. | 23010 | &nbsp;&nbsp; 1465277 |
| Hilltop Holdings, Inc. | 15444 | &nbsp;&nbsp; 524169 |
| Triumph Financial, Inc.\* | 6942 | &nbsp;&nbsp; 434777 |
| UMB Financial Corp. | 14074 | &nbsp;&nbsp; 1619073 |
|  |  | &nbsp;&nbsp; **6874432** |
| **Capital Markets 4.3%** | **Capital Markets 4.3%** |  |
| Affiliated Managers Group, Inc. | 4578 | &nbsp;&nbsp; 1319746 |
| Donnelley Financial Solutions, <br> Inc.\*<br>| 11855 | &nbsp;&nbsp; 553510 |
| Evercore, Inc. "A" | 3083 | &nbsp;&nbsp; 1048991 |
| Invesco Ltd. | 23108 | &nbsp;&nbsp; 607047 |
|  |  | &nbsp;&nbsp; **3529294** |
| **Consumer Finance 0.7%** | **Consumer Finance 0.7%** |  |
| SoFi Technologies, Inc.\* | 22633 | &nbsp;&nbsp; **592532** |
| **Financial Services 4.9%** | **Financial Services 4.9%** |  |
| Affirm Holdings, Inc.\* | 9880 | &nbsp;&nbsp; 735368 |
| Corebridge Financial, Inc. | 17467 | &nbsp;&nbsp; 526979 |
| Enact Holdings, Inc. | 15455 | &nbsp;&nbsp; 612636 |
| Essent Group Ltd. | 7068 | &nbsp;&nbsp; 459491 |
| MGIC Investment Corp. | 23061 | &nbsp;&nbsp; 673843 |
| NMI Holdings, Inc.\* | 5790 | &nbsp;&nbsp; 236174 |
| Radian Group, Inc. | 23252 | &nbsp;&nbsp; 836840 |
|  |  | &nbsp;&nbsp; **4081331** |
| **Insurance 2.5%** | **Insurance 2.5%** |  |
| Assurant, Inc. | 2930 | &nbsp;&nbsp; 705690 |
| Everest Group Ltd. | 1816 | &nbsp;&nbsp; 616260 |
| Globe Life, Inc. | 1906 | &nbsp;&nbsp; 266573 |
| RLI Corp. | 7756 | &nbsp;&nbsp; 496229 |
|  |  | &nbsp;&nbsp; **2084752** |

---

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

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

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **3**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Mortgage Real Estate Investment Trusts** <br> **(REITs) 1.0%** | **Mortgage Real Estate Investment Trusts** <br> **(REITs) 1.0%** |  |
| Rithm Capital Corp. | 73386 | &nbsp;&nbsp; **799907** |
| **Health Care 8.6%** | **Health Care 8.6%** |  |
| **Biotechnology 6.0%** | **Biotechnology 6.0%** |  |
| Exact Sciences Corp.\* | 7576 | &nbsp;&nbsp; 769419 |
| Exelixis, Inc.\* | 8966 | &nbsp;&nbsp; 392980 |
| Ionis Pharmaceuticals, Inc.\* | 12640 | &nbsp;&nbsp; 999950 |
| Revolution Medicines, Inc.\* | 23715 | &nbsp;&nbsp; 1888900 |
| United Therapeutics Corp.\* | 1892 | &nbsp;&nbsp; 921877 |
|  |  | &nbsp;&nbsp; **4973126** |
| **Pharmaceuticals 2.6%** | **Pharmaceuticals 2.6%** |  |
| Jazz Pharmaceuticals PLC\* | 7695 | &nbsp;&nbsp; 1308150 |
| Ligand Pharmaceuticals, Inc.\* | 4646 | &nbsp;&nbsp; 878419 |
|  |  | &nbsp;&nbsp; **2186569** |
| **Industrials 21.5%** | **Industrials 21.5%** |  |
| **Aerospace & Defense 2.0%** | **Aerospace & Defense 2.0%** |  |
| Huntington Ingalls <br> Industries, Inc.<br>| 4827 | &nbsp;&nbsp; **1641518** |
| **Air Freight & Logistics 0.5%** | **Air Freight & Logistics 0.5%** |  |
| Forward Air Corp.\* | 16205 | &nbsp;&nbsp; **405125** |
| **Building Products 2.8%** | **Building Products 2.8%** |  |
| Advanced Drainage Systems, <br> Inc.<br>| 4704 | &nbsp;&nbsp; 681280 |
| Armstrong World Industries, <br> Inc.<br>| 4128 | &nbsp;&nbsp; 788861 |
| Owens Corning | 7852 | &nbsp;&nbsp; 878718 |
|  |  | &nbsp;&nbsp; **2348859** |
| **Construction & Engineering 4.5%** | **Construction & Engineering 4.5%** |  |
| API Group Corp.\* | 37248 | &nbsp;&nbsp; 1425109 |
| MasTec, Inc.\* | 6701 | &nbsp;&nbsp; 1456596 |
| Tutor Perini Corp. | 12023 | &nbsp;&nbsp; 805781 |
|  |  | &nbsp;&nbsp; **3687486** |
| **Electrical Equipment 5.6%** | **Electrical Equipment 5.6%** |  |
| Acuity, Inc. | 3629 | &nbsp;&nbsp; 1306585 |
| EnerSys | 9311 | &nbsp;&nbsp; 1366389 |
| nVent Electric PLC | 7788 | &nbsp;&nbsp; 794143 |
| Sensata Technologies Holding <br> PLC<br>| 35731 | &nbsp;&nbsp; 1189485 |
|  |  | &nbsp;&nbsp; **4656602** |
| **Ground Transportation 0.9%** | **Ground Transportation 0.9%** |  |
| RXO, Inc.\* | 24703 | &nbsp;&nbsp; 312246 |
| U-Haul Holding Co.\* (a) | 8310 | &nbsp;&nbsp; 418907 |
|  |  | &nbsp;&nbsp; **731153** |
| **Machinery 0.8%** | **Machinery 0.8%** |  |
| Worthington Enterprises, Inc. | 13525 | &nbsp;&nbsp; **697484** |
| **Marine Transportation 0.5%** | **Marine Transportation 0.5%** |  |
| Kirby Corp.\* | 3791 | &nbsp;&nbsp; **417692** |
| **Passenger Airlines 0.6%** | **Passenger Airlines 0.6%** |  |
| Frontier Group Holdings, <br> Inc.\* (a)<br>| 105785 | &nbsp;&nbsp; **498247** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Professional Services 2.9%** | **Professional Services 2.9%** |  |
| Franklin Covey Co.\* (a) | 15929 | &nbsp;&nbsp; 267289 |
| FTI Consulting, Inc.\* | 2456 | &nbsp;&nbsp; 419558 |
| ICF International, Inc. | 5923 | &nbsp;&nbsp; 505232 |
| Korn Ferry | 11009 | &nbsp;&nbsp; 726814 |
| Resolute Holdings <br> Management, Inc.\*<br>| 1455 | &nbsp;&nbsp; 300356 |
| Willdan Group, Inc.\* | 2166 | &nbsp;&nbsp; 224527 |
|  |  | &nbsp;&nbsp; **2443776** |
| **Trading Companies & Distributors 0.4%** | **Trading Companies & Distributors 0.4%** |  |
| DNOW, Inc.\* | 23714 | &nbsp;&nbsp; **314211** |
| **Information Technology 9.4%** | **Information Technology 9.4%** |  |
| **Communications Equipment 2.1%** | **Communications Equipment 2.1%** |  |
| Applied Optoelectronics, Inc.\* | 8187 | &nbsp;&nbsp; 285399 |
| Ciena Corp.\* | 5304 | &nbsp;&nbsp; 1240446 |
| Viasat, Inc.\* | 6226 | &nbsp;&nbsp; 214548 |
|  |  | &nbsp;&nbsp; **1740393** |
| **Electronic Equipment, Instruments &** <br> **Components 4.0%** | **Electronic Equipment, Instruments &** <br> **Components 4.0%** |  |
| Avnet, Inc. | 21894 | &nbsp;&nbsp; 1052663 |
| Coherent Corp.\* | 3143 | &nbsp;&nbsp; 580103 |
| Itron, Inc.\* | 9281 | &nbsp;&nbsp; 861834 |
| Powerfleet, Inc. NJ\* (a) | 46358 | &nbsp;&nbsp; 246625 |
| TD SYNNEX Corp. | 3790 | &nbsp;&nbsp; 569372 |
|  |  | &nbsp;&nbsp; **3310597** |
| **Semiconductors & Semiconductor** <br> **Equipment 0.4%** | **Semiconductors & Semiconductor** <br> **Equipment 0.4%** |  |
| Cohu, Inc.\* | 13301 | &nbsp;&nbsp; **309514** |
| **Software 2.9%** | **Software 2.9%** |  |
| Bit Digital, Inc.\* (a) | 166705 | &nbsp;&nbsp; 315073 |
| Core Scientific, Inc.\* (a) | 24137 | &nbsp;&nbsp; 351435 |
| Hut 8 Corp.\* | 15679 | &nbsp;&nbsp; 720293 |
| MARA Holdings, Inc.\* (a) | 28668 | &nbsp;&nbsp; 257439 |
| Riot Platforms, Inc.\* | 36617 | &nbsp;&nbsp; 463937 |
| SailPoint, Inc.\* (a) | 16466 | &nbsp;&nbsp; 333107 |
|  |  | &nbsp;&nbsp; **2441284** |
| **Materials 5.7%** | **Materials 5.7%** |  |
| **Chemicals 1.1%** | **Chemicals 1.1%** |  |
| Avient Corp. | 7792 | &nbsp;&nbsp; 243422 |
| RPM International, Inc. | 6533 | &nbsp;&nbsp; 679432 |
|  |  | &nbsp;&nbsp; **922854** |
| **Containers & Packaging 0.7%** | **Containers & Packaging 0.7%** |  |
| Graphic Packaging Holding Co. | 41499 | &nbsp;&nbsp; **624975** |
| **Metals & Mining 3.9%** | **Metals & Mining 3.9%** |  |
| Alpha Metallurgical Resources, <br> Inc.\*<br>| 1157 | &nbsp;&nbsp; 231261 |
| Constellium SE\* | 30865 | &nbsp;&nbsp; 581805 |
| Ferroglobe PLC | 62091 | &nbsp;&nbsp; 288102 |
| Reliance, Inc. | 3269 | &nbsp;&nbsp; 944316 |
| Royal Gold, Inc. | 2449 | &nbsp;&nbsp; 544388 |
| Worthington Steel, Inc. | 17523 | &nbsp;&nbsp; 606647 |
|  |  | &nbsp;&nbsp; **3196519** |

---

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

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

---

| | |
|:---|:---|
| **4** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>|

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Real Estate 8.1%** | **Real Estate 8.1%** |  |
| **Diversified REITs 1.2%** | **Diversified REITs 1.2%** |  |
| Alpine Income Property Trust, <br> Inc.<br>| 16329 | &nbsp;&nbsp; 273021 |
| Global Net Lease, Inc. | 85963 | &nbsp;&nbsp; 739282 |
|  |  | &nbsp;&nbsp; **1012303** |
| **Health Care REITs 2.0%** | **Health Care REITs 2.0%** |  |
| Healthcare Realty Trust, Inc. | 32924 | &nbsp;&nbsp; 558062 |
| Omega Healthcare Investors, <br> Inc.<br>| 24028 | &nbsp;&nbsp; 1065401 |
|  |  | &nbsp;&nbsp; **1623463** |
| **Industrial REITs 1.5%** | **Industrial REITs 1.5%** |  |
| STAG Industrial, Inc. | 33835 | &nbsp;&nbsp; **1243775** |
| **Office REITs 0.4%** | **Office REITs 0.4%** |  |
| BXP, Inc. | 4754 | &nbsp;&nbsp; **320800** |
| **Specialized REITs 3.0%** | **Specialized REITs 3.0%** |  |
| Gaming and Leisure Properties, <br> Inc.<br>| 31789 | &nbsp;&nbsp; 1420650 |
| Gladstone Land Corp. | 33425 | &nbsp;&nbsp; 305839 |
| PotlatchDeltic Corp. | 9934 | &nbsp;&nbsp; 395175 |
| Safehold, Inc. | 28970 | &nbsp;&nbsp; 396599 |
|  |  | &nbsp;&nbsp; **2518263** |
| **Utilities 4.1%** | **Utilities 4.1%** |  |
| **Electric Utilities 2.4%** | **Electric Utilities 2.4%** |  |
| IDACORP, Inc. | 8716 | &nbsp;&nbsp; 1103097 |
| Otter Tail Corp. (a) | 5260 | &nbsp;&nbsp; 425061 |
| Portland General Electric Co. | 9933 | &nbsp;&nbsp; 476685 |
|  |  | &nbsp;&nbsp; **2004843** |
| **Gas Utilities 1.7%** | **Gas Utilities 1.7%** |  |
| ONE Gas, Inc. | 5438 | &nbsp;&nbsp; 420085 |
| UGI Corp. | 25397 | &nbsp;&nbsp; 950610 |
|  |  | &nbsp;&nbsp; **1370695** |
| **Total Common Stocks** (Cost $62,626,962) | **Total Common Stocks** (Cost $62,626,962) | &nbsp;&nbsp; **82892525** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Other Investments 0.0%** | **Other Investments 0.0%** |  |
| **Communication Services 0.0%** | **Communication Services 0.0%** |  |
| **Diversified Telecommunication Services 0.0%** | **Diversified Telecommunication Services 0.0%** |  |
| GCI Liberty, Inc. (Escrow <br> Shares)\* (b) (Cost $0)<br>| 3095 | &nbsp;&nbsp; **0** |
| **Securities Lending Collateral 3.2%** | **Securities Lending Collateral 3.2%** | **Securities Lending Collateral 3.2%** |
| DWS Government & Agency <br> Securities Portfolio "DWS <br> Government Cash <br> Institutional Shares", 3.66% <br> (c) (d) (Cost $2,623,645)<br>| 2623645 | &nbsp;&nbsp; **2623645** |
| **Cash Equivalents 0.4%** | **Cash Equivalents 0.4%** | **Cash Equivalents 0.4%** |
| DWS Central Cash <br> Management Government <br> Fund, 3.77% (c) <br> (Cost $338,547)<br>| 338547 | &nbsp;&nbsp; **338547** |

---

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

---

| | | |
|:---|:---|:---|
|  | **% of** <br>**Net Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** <br> (Cost $65,589,154)<br>| 103.6 | &nbsp;&nbsp; **85854717** |
| **Other Assets and Liabilities,** <br> **Net**<br>| (3.6)<br>| &nbsp;&nbsp; **(2970877)**<br>|
| **Net Assets** | 100.0 | &nbsp;&nbsp; **82883840** |

---

A summary of the Fund's transactions with affiliated investments during the year ended December 31, 2025 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at** <br>**12/31/2024**<br>| **Purchases** <br>**Cost ($)**<br>| **Sales** <br>**Proceeds ($)**<br>| **Net Realized** <br>**Gain/** <br>**(Loss) ($)**<br>| **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)** <br> **($)**<br>| **Income ($)** | **Capital Gain** <br>**Distributions** <br> **($)**<br>| **Number** <br>**of Shares** <br>**at** <br>**12/31/2025**<br>| **Value ($) at** <br>**12/31/2025**<br>|
| **Securities Lending Collateral 3.2%** | **Securities Lending Collateral 3.2%** | **Securities Lending Collateral 3.2%** | **Securities Lending Collateral 3.2%** | **Securities Lending Collateral 3.2%** | **Securities Lending Collateral 3.2%** | **Securities Lending Collateral 3.2%** | **Securities Lending Collateral 3.2%** | **Securities Lending Collateral 3.2%** |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (c) (d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (c) (d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (c) (d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (c) (d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (c) (d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (c) (d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (c) (d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (c) (d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.66% (c) (d) |
| 248795 | 2,374,850 (e) |  |  |  | 16655 |  | 2623645 | 2623645 |
| **Cash Equivalents 0.4%** | **Cash Equivalents 0.4%** | **Cash Equivalents 0.4%** | **Cash Equivalents 0.4%** | **Cash Equivalents 0.4%** | **Cash Equivalents 0.4%** | **Cash Equivalents 0.4%** | **Cash Equivalents 0.4%** | **Cash Equivalents 0.4%** |
| DWS Central Cash Management Government Fund, 3.77% (c) | DWS Central Cash Management Government Fund, 3.77% (c) | DWS Central Cash Management Government Fund, 3.77% (c) | DWS Central Cash Management Government Fund, 3.77% (c) | DWS Central Cash Management Government Fund, 3.77% (c) | DWS Central Cash Management Government Fund, 3.77% (c) | DWS Central Cash Management Government Fund, 3.77% (c) | DWS Central Cash Management Government Fund, 3.77% (c) | DWS Central Cash Management Government Fund, 3.77% (c) |
| 969558 | 9257142 | 9888153 |  |  | 37938 |  | 338547 | 338547 |
| **1218353** | **11631992** | **9888153** |  |  | **54593** |  | **2962192** | **2962192** |

---

&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, 2025 amounted to $3,476,275, which is 4.2% of net assets. 

(b) Investment was valued using significant unobservable inputs.

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

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

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **5**  |

---

------

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $1,019,291.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended December 31, 2025.

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

REIT: Real Estate Investment Trust<br>

**Fair Value Measurements**

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

The following is a summary of the inputs used as of December 31, 2025 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks (a) | &nbsp;&nbsp; $82892525 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $82892525 |
| Other Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Short-Term Investments (a) | &nbsp;&nbsp; 2962192 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2962192 |
| **Total** | &nbsp;&nbsp; **$85854717** | &nbsp;&nbsp; **$**— | &nbsp;&nbsp; **$0** | &nbsp;&nbsp; **$85854717** |

---

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

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

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

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

---

| | |
|:---|:---|
| **6** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>|

---

------

**Statement of** 

**Assets and Liabilities**

**Statement of Operations**

as of December 31, 2025

------

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in non-affiliated securities, at value <br> (cost $62,626,962) — including $3,476,275 of <br> securities loaned<br>| $82892525 |
| Investment in DWS Government & Agency <br> Securities Portfolio (cost $2,623,645)\* <br>| 2623645 |
| Investment in DWS Central Cash Management <br> Government Fund (cost $338,547)<br>| 338547 |
| Cash | 8837 |
| Receivable for Fund shares sold | 81 |
| Dividends receivable | 89836 |
| Affiliated securities lending income receivable | 567 |
| Other assets | 1253 |
| Total assets | 85955291 |
| **Liabilities** |  |
| Payable upon return of securities loaned | 2623645 |
| Payable for Fund shares redeemed | 324956 |
| Accrued management fee | 49387 |
| Accrued Trustees' fees | 1643 |
| Other accrued expenses and payables | 71820 |
| Total liabilities | 3071451 |
| **Net assets, at value** | **$82883840** |
| **Net Assets Consist of** |  |
| Distributable earnings (loss) | 23601532 |
| Paid-in capital | 59282308 |
| **Net assets, at value** | **$82883840** |
| **Net Asset Value** |  |
| **Class A** |  |
| **Net Asset Value,** offering and redemption price <br> per share ($68,068,449 ÷ 4,829,874 outstanding <br> shares of beneficial interest, no par value, <br> unlimited number of shares authorized)<br>| **$14.09** |
| **Class B** |  |
| **Net Asset Value,** offering and redemption price <br> per share ($14,815,391 ÷ 1,049,529 outstanding <br> shares of beneficial interest, no par value, <br> unlimited number of shares authorized)<br>| **$14.12** |

---

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

\* Represents collateral on securities loaned. In addition, the Fund held non-cash collateral having a value of $1,019,291. 

for the year ended December 31, 2025

------

---

| | |
|:---|:---|
| **Investment Income** |  |
| Income: |  |
| Dividends (net of foreign taxes withheld <br> of $5,215)<br>| $1065713 |
| Income distributions — DWS Central Cash <br> Management Government Fund<br>| 37938 |
| Affiliated securities lending income | 16655 |
| Total income | 1120306 |
| Expenses: |  |
| Management fee | 509611 |
| Administration fee | 76050 |
| Services to shareholders | 2554 |
| Record keeping fee (Class B) | 17256 |
| Distribution service fee (Class B) | 36004 |
| Custodian fee | 2727 |
| Professional fees | 51999 |
| Reports to shareholders | 26206 |
| Trustees' fees and expenses | 3488 |
| Other | 8882 |
| Total expenses before expense reductions | 734777 |
| Expense reductions | (38933)<br>|
| Total expenses after expense reductions | 695844 |
| **Net investment income** | **424462** |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) from investments | 3061283 |
| Change in net unrealized appreciation <br> (depreciation) on investments<br>| 9801946 |
| **Net gain (loss)** | **12863229** |
| **Net increase (decrease) in net assets resulting** <br> **from operations**<br>| **$13287691** |

---

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

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

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **7**  |

---

------

**Statements of Changes in Net Assets**

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

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
| **Increase (Decrease) in Net Assets** | **2025** | **2024** |
| Operations: |  |  |
| Net investment income | $424462 | $754691 |
| Net realized gain (loss) | 3061283 | 8842504 |
| Change in net unrealized appreciation <br>(depreciation)<br>| 9801946 | (4617377)<br>|
| Net increase (decrease) in net assets resulting from operations | 13287691 | 4979818 |
| Distributions to shareholders: |  |  |
| Class A | (7805150)<br>| (4075969)<br>|
| Class B | (1742422)<br>| (924859)<br>|
| Total distributions | (9547572)<br>| (5000828)<br>|
| Fund share transactions: |  |  |
| **Class A** |  |  |
| Proceeds from shares sold | 2691143 | 3734367 |
| Reinvestment of distributions | 7805150 | 4075969 |
| Payments for shares redeemed | (10358290)<br>| (9883240)<br>|
| Net increase (decrease) in net assets from Class A share transactions | 138003 | (2072904)<br>|
| **Class B** |  |  |
| Proceeds from shares sold | 1421311 | 974781 |
| Reinvestment of distributions | 1742422 | 924859 |
| Payments for shares redeemed | (3637769)<br>| (4069428)<br>|
| Net increase (decrease) in net assets from Class B share transactions | (474036)<br>| (2169788)<br>|
| **Increase (decrease) in net assets** | 3404086 | (4263702)<br>|
| Net assets at beginning of period | 79479754 | 83743456 |
| **Net assets at end of period** | **$82883840** | **$79479754** |

---

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

---

| | | |
|:---|:---|:---|
| **Other Information** |  |  |
| **Class A** |  |  |
| Shares outstanding at beginning of period | 4696628 | 4830766 |
| Shares sold | 205932 | 269018 |
| Shares issued to shareholders in reinvestment of distributions | 714757 | 311143 |
| Shares redeemed | (787443)<br>| (714299)<br>|
| Net increase (decrease) in Class A shares | 133246 | (134138)<br>|
| Shares outstanding at end of period | **4829874** | **4696628** |
| **Class B** |  |  |
| Shares outstanding at beginning of period | 1059258 | 1210975 |
| Shares sold | 109529 | 70947 |
| Shares issued to shareholders in reinvestment of distributions | 158980 | 70385 |
| Shares redeemed | (278238)<br>| (293049)<br>|
| Net increase (decrease) in Class B shares | (9729)<br>| (151717)<br>|
| Shares outstanding at end of period | **1049529** | **1059258** |

---

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

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

---

| | |
|:---|:---|
| **8** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>|

---

------

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DWS Small Mid Cap Value VIP** — **Class A** | **DWS Small Mid Cap Value VIP** — **Class A** | **DWS Small Mid Cap Value VIP** — **Class A** | **DWS Small Mid Cap Value VIP** — **Class A** | **DWS Small Mid Cap Value VIP** — **Class A** | **DWS Small Mid Cap Value VIP** — **Class A** |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |
| **Net asset value, beginning of period** | &nbsp;&nbsp; **$13.81** | &nbsp;&nbsp; **$13.86** | &nbsp;&nbsp; **$12.73** | &nbsp;&nbsp; **$15.47** | &nbsp;&nbsp; **$12.00** |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>a</sup> <br>| &nbsp;&nbsp; .08 | &nbsp;&nbsp; .14 | &nbsp;&nbsp; .15 | &nbsp;&nbsp; .15 | &nbsp;&nbsp; .11 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp; .68 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp; (2.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.54 |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp; .82 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp; (2.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.65 |
| Less distributions from: |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.18)<br>|
| Net realized gains | &nbsp;&nbsp; (1.59)<br>| &nbsp;&nbsp; (.70)<br>| &nbsp;&nbsp; (.51)<br>| &nbsp;&nbsp; (.20)<br>| &nbsp;&nbsp; — |
| **Total distributions** | &nbsp;&nbsp; (1.73)<br>| &nbsp;&nbsp; (.87)<br>| &nbsp;&nbsp; (.66)<br>| &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; (.18)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; **$14.09** | &nbsp;&nbsp; **$13.81** | &nbsp;&nbsp; **$13.86** | &nbsp;&nbsp; **$12.73** | &nbsp;&nbsp; **$15.47** |
| Total Return (%)<sup>b</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;18.21 | &nbsp;&nbsp;&nbsp;&nbsp;6.21 | &nbsp;&nbsp;&nbsp;&nbsp;14.95 | &nbsp;&nbsp; (15.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;30.50 |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 67 | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 82 |
| Ratio of expenses before expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp; .87 | &nbsp;&nbsp; .87 | &nbsp;&nbsp; .87 | &nbsp;&nbsp; .87 | &nbsp;&nbsp; .85 |
| Ratio of expenses after expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp; .82 | &nbsp;&nbsp; .82 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .83 | &nbsp;&nbsp; .83 |
| Ratio of net investment income (%) | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .98 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp; .76 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 33 | &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. 

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

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

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

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **9**  |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DWS Small Mid Cap Value VIP** — **Class B** | **DWS Small Mid Cap Value VIP** — **Class B** | **DWS Small Mid Cap Value VIP** — **Class B** | **DWS Small Mid Cap Value VIP** — **Class B** | **DWS Small Mid Cap Value VIP** — **Class B** | **DWS Small Mid Cap Value VIP** — **Class B** |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Per Share Data** |  |  |  |  |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp; **$13.81** | &nbsp;&nbsp; **$13.86** | &nbsp;&nbsp; **$12.72** | &nbsp;&nbsp; **$15.46** | &nbsp;&nbsp; **$11.99** |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income<sup>a</sup> <br>| &nbsp;&nbsp; .03 | &nbsp;&nbsp; .08 | &nbsp;&nbsp; .10 | &nbsp;&nbsp; .10 | &nbsp;&nbsp; .06 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp; .69 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp; (2.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.53 |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp; .77 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp; (2.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.59 |
| Less distributions from: |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; (.12)<br>|
| Net realized gains | &nbsp;&nbsp; (1.59)<br>| &nbsp;&nbsp; (.70)<br>| &nbsp;&nbsp; (.51)<br>| &nbsp;&nbsp; (.20)<br>| &nbsp;&nbsp; — |
| **Total distributions** | &nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp; (.82)<br>| &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.12)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; **$14.12** | &nbsp;&nbsp; **$13.81** | &nbsp;&nbsp; **$13.86** | &nbsp;&nbsp; **$12.72** | &nbsp;&nbsp; **$15.46** |
| Total Return (%)<sup>b</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;17.85 | &nbsp;&nbsp;&nbsp;&nbsp;5.79 | &nbsp;&nbsp;&nbsp;&nbsp;14.59 | &nbsp;&nbsp; (16.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;30.04 |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 21 |
| Ratio of expenses before expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 |
| Ratio of expenses after expense reductions (%)<sup>c</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 |
| Ratio of net investment income (%) | &nbsp;&nbsp; .23 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .40 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 33 | &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. 

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>|

---

------

**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. The Fund is an underlying investment vehicle for variable annuity contracts and variable life insurance policies to be offered by the separate accounts of certain life insurance companies ("Participating Insurance Companies").

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **11**  |

---

------

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

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

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

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

**Securities Lending.** National Financial Services LLC (Fidelity Agency Lending), as securities lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the securities lending agent will use its best efforts to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended December 31, 2025, the Fund invested the cash collateral, if any, into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.14% annualized effective rate as of December 31, 2025) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a securities lending agent. Either the Fund or the borrower may terminate the loan at any time, and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

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

---

| | |
|:---|:---|
| **12** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>|

---

------

As of December 31, 2025, 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, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** |
| Common Stocks | &nbsp;&nbsp; $3642936 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3642936 |
| Gross amount of recognized liabilities and cash collateral for securities lending transactions: | Gross amount of recognized liabilities and cash collateral for securities lending transactions: | Gross amount of recognized liabilities and cash collateral for securities lending transactions: | Gross amount of recognized liabilities and cash collateral for securities lending transactions: | Gross amount of recognized liabilities and cash collateral for securities lending transactions: | &nbsp;&nbsp; $2623645 |
| Gross amount of unrecognized liabilities related to non-cash collateral for securities lending transactions: | Gross amount of unrecognized liabilities related to non-cash collateral for securities lending transactions: | Gross amount of unrecognized liabilities related to non-cash collateral for securities lending transactions: | Gross amount of unrecognized liabilities related to non-cash collateral for securities lending transactions: | Gross amount of unrecognized liabilities related to non-cash collateral for securities lending transactions: | &nbsp;&nbsp; $1019291 |

---

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

The Fund files tax returns with the Internal Revenue Service, the State of New York, and various other states. Each of the tax years in the four-year period ended December 31, 2025, remains subject to examination by taxing authorities.

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

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

At December 31, 2025, the Fund's components of distributable earnings (accumulated losses) on a net tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income\* | &nbsp;&nbsp; $1358721 |
| Undistributed long-term capital gains | &nbsp;&nbsp; $2053607 |
| Net unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; $20189204 |

---

At December 31, 2025, the aggregate cost of investments for federal income tax purposes was $65,665,513. The net unrealized appreciation for all investments based on tax cost was $20,189,204. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $22,394,393 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $2,205,189.

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,** |
|  | **2025** | **2024** |
| Distributions from ordinary income\* | &nbsp;&nbsp; $1041238 | &nbsp;&nbsp; $1747975 |
| Distributions from long-term capital gains | &nbsp;&nbsp; $8506334 | &nbsp;&nbsp; $3252853 |

---

&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 Small Mid Cap Value VIP <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| **13**  |

---

------

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, 2025, purchases and sales of investment securities (excluding short-term investments) aggregated $41,137,394 and $48,931,379, 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 | &nbsp;&nbsp; .650% |
| Next $750 million of such net assets | &nbsp;&nbsp; .620% |
| Next $1.5 billion of such net assets | &nbsp;&nbsp; .600% |
| Next $2.5 billion of such net assets | &nbsp;&nbsp; .580% |
| Next $2.5 billion of such net assets | &nbsp;&nbsp; .550% |
| Next $2.5 billion of such net assets | &nbsp;&nbsp; .540% |
| Next $2.5 billion of such net assets | &nbsp;&nbsp; .530% |
| Over $12.5 billion of such net assets | &nbsp;&nbsp; .520% |

---

Accordingly, for the year ended December 31, 2025, 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, 2025 through April 30, 2025, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) of each class as follows:

---

| | |
|:---|:---|
| Class A | &nbsp;&nbsp; .81% |
| Class B | &nbsp;&nbsp; 1.17% |

---

For the period from May 1, 2025 through September 30, 2025, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the

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

---

| | |
|:---|:---|
| **14** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>|

---

------

total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) of each class as follows:

---

| | |
|:---|:---|
| Class A | &nbsp;&nbsp; .84% |
| Class B | &nbsp;&nbsp; 1.21% |

---

Effective October 1, 2025 through September 30, 2026, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) of each class as follows:

---

| | |
|:---|:---|
| Class A | &nbsp;&nbsp; .80% |
| Class B | &nbsp;&nbsp; 1.17% |

---

For the year ended December 31, 2025, fees waived and/or expenses reimbursed for each class are as follows:

---

| | |
|:---|:---|
| Class A | &nbsp;&nbsp; $30895 |
| Class B | &nbsp;&nbsp; 8038 |
|  | &nbsp;&nbsp; **$38933** |

---

**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, 2025, the Administration Fee was $76,050, of which $6,957 is unpaid.

**Service Provider Fees.** DWS Service Company ("DSC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and SS&C GIDS, Inc. ("SS&C"), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to SS&C. DSC compensates SS&C out of the shareholder servicing fee it receives from the Fund. For the year ended December 31, 2025, the amounts charged to the Fund by DSC were as follows:

---

| | | |
|:---|:---|:---|
| **Services to Shareholders** | **Total** <br>**Aggregated**<br>| **Unpaid at** <br>**December 31, 2025**<br>|
| Class A | &nbsp;&nbsp; $991 | &nbsp;&nbsp; $167 |
| Class B | &nbsp;&nbsp; 833 | &nbsp;&nbsp; 140 |
|  | &nbsp;&nbsp; **$1824** | &nbsp;&nbsp; **$307** |

---

**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, 2025, the Distribution Service Fee aggregated $36,004, of which $3,192 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, 2025, the amount charged to the Fund by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $930, of which $321 is unpaid.

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

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

&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;\| **15**  |

---

------

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

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

At December 31, 2025, two Participating Insurance Companies were owners of record of 10% or more of

the total outstanding Class A shares of the Fund, each owning 63% and 12%, respectively. Four Participating Insurance Companies were owners of record of 10% or more of the total outstanding Class B shares of the Fund, each owning 25%, 19%, 18% and 16%, respectively.

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

The Fund and other affiliated funds (the "Participants") share in a $345 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a daily fluctuating rate per annum equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at December 31, 2025.

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

---

| | |
|:---|:---|
| **16** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <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, 2025, 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, 2025, 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, 2025, 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.

![](imgaa95d8e22.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 12, 2026

&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;\| **17**  |

---

------

**Tax Information (Unaudited)**

The Fund paid distributions of $1.53 per share from net long-term capital gains during its year ended December 31, 2025.

Pursuant to Section 852 of the Internal Revenue Code, the Fund designates $2,286,000 as capital gain dividends for its year ended December 31, 2025.

For corporate shareholders, 94% of the ordinary dividends (i.e., income dividends plus short-term capital gains) paid during the Fund's fiscal year ended December 31, 2025, qualified for the dividends received deduction.

Please consult a tax advisor if you have questions about federal or state income tax laws, or on how to prepare your tax returns. If you have specific questions about your account, please contact your insurance provider.

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

---

| | |
|:---|:---|
| **18** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>|

---

------

**Advisory Agreement Board Considerations and Fee Evaluation**

The Board of Trustees (hereinafter referred to as the "Board" or "Trustees") approved the renewal of DWS Small Mid Cap Value VIP's (the "Fund") investment management agreement (the "Agreement") with DWS Investment Management Americas, Inc. ("DIMA") in September 2025.

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

—

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

—

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

—

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

—

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

—

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

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

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

While shareholders may focus primarily on fund performance and fees, the 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, 2024, the Fund's performance (Class A shares) was in the 4th 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, 2024. The Board noted the underperformance of the Fund in recent periods and continued to discuss with senior management of DIMA the factors contributing to such underperformance and, where needed, the actions being taken to improve performance. The Board observed that the Fund had experienced improved relative performance during the first eight months of

&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;\| **19**  |

---

------

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

2025. 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") regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.097% fee paid to DIMA under the Fund's administrative services agreement, were equal to the median (2nd quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2024). 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, 2024, and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees) ("Broadridge Universe Expenses"). The Board also reviewed data comparing each other operational share class's total (net) operating expenses to the applicable Broadridge Universe Expenses. The Board noted that the expense limitations agreed to by DIMA were expected to help the Fund's total (net) operating expenses remain competitive. The Board considered the Fund's management fee rate as compared to fees charged by DIMA to comparable DWS U.S. registered funds ("DWS Funds"), noting that DIMA indicated that it does not provide services to any other comparable DWS Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors ("DWS Europe Funds") managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

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

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

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

---

| | |
|:---|:---|
| **20** \|  | Deutsche DWS Variable Series II —<br> DWS Small Mid Cap Value VIP <br>|

---

------

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

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

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

VS2SMCV-BFE2025

&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;\| **21**  |

---

------

![](img204e5ecc1.jpg)

VS2SMCV-NCSRA

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;(b) The Financial Highlights are included with the Financial Statements under Item 7(a). |
| &nbsp;&nbsp;**Item 8.** | &nbsp;&nbsp;**Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 9.** | &nbsp;&nbsp;**Proxy Disclosures for Open-End Management Investment Companies.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 10.** | &nbsp;&nbsp;**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** |
|  | &nbsp;&nbsp;See Item 7(a) |
| &nbsp;&nbsp;**Item 11.** | &nbsp;&nbsp;**Statement Regarding Basis for Approval of Investment Advisory Contract.** |
|  | &nbsp;&nbsp;See Item 7(a) |
| &nbsp;&nbsp;**Item 12.** | &nbsp;&nbsp;**Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 13.** | &nbsp;&nbsp;**Portfolio Managers of Closed-End Management Investment Companies.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 14.** | &nbsp;&nbsp;**Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 15.** | &nbsp;&nbsp;**Submission of Matters to a Vote of Security Holders.** |
|  | &nbsp;&nbsp;There were no material changes to the procedures by which shareholders may recommend nominees to the Fund's Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. |
| &nbsp;&nbsp;**Item 16.** | &nbsp;&nbsp;**Controls and Procedures.** |
| &nbsp;&nbsp; &nbsp;&nbsp;(a) | &nbsp;&nbsp;The Chief Executive and Financial Officers concluded that the Registrant's Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report. |
| &nbsp;&nbsp; &nbsp;&nbsp;(b) | &nbsp;&nbsp;There have been no changes in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal controls over financial reporting. |
| &nbsp;&nbsp;**Item 17.** | &nbsp;&nbsp;**Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 18.** | &nbsp;&nbsp;**Recovery of Erroneously Awarded Compensation.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 19.** | &nbsp;&nbsp;**Exhibits** |
| &nbsp;&nbsp; &nbsp;&nbsp;(a)(1) | &nbsp;&nbsp;[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> Principal Executive Officer |
| &nbsp;&nbsp;Date: | &nbsp;&nbsp;2/17/2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| &nbsp;&nbsp;By: | &nbsp;&nbsp; <u>/s/Hepsen Uzcan</u><br> Hepsen Uzcan<br> Principal Executive Officer |
| &nbsp;&nbsp;Date: | &nbsp;&nbsp;2/17/2026 |
| &nbsp;&nbsp;By: | &nbsp;&nbsp; <u>/s/Diane Kenneally</u><br> Diane Kenneally<br> Principal Financial Officer |
| &nbsp;&nbsp;Date: | &nbsp;&nbsp;2/17/2026 |

---

## Ex-99.Code

**DWS Funds and Germany Funds** 

**Code of Ethics**

**Last reviewed April 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.**  **<u>General</u>** 

While affirming its confidence in the integrity and good faith of all of its officers and directors (references to a "director" apply to a trustee if the Fund is a business trust), the Fund recognizes that the knowledge of present or future portfolio transactions and/or, in certain instances, the power to influence portfolio transactions which may be possessed by certain of its officers or directors, could place such individuals, if they engage in personal securities transactions, in a position where their personal interests may conflict with that of the Fund. In view of this and of the provisions of Rule 17j-1(b) under the Investment Company Act of 1940, as amended ("1940 Act"), the Fund has determined to adopt this Code of Ethics (the "Code") to specify and prohibit certain types of personal securities transactions that may create conflicts of interest and to establish reporting requirements and enforcement procedures.

This Code is divided into six parts. The first part contains definitions. The second part contains provisions applicable to any officer, director, trustee or employee of the Funds, Adviser, Sub-Advisers or Distributor. The third part contains provisions applicable to any officer, director, trustee or employee of the Funds, Adviser, Sub-Advisers or Distributor, but excluding Distributor employees and other employees who do not make investment recommendations. The fourth part contains provisions applicable to the Adviser, Sub-Adviser, and Distributor. The fifth part contains provisions relating to the review of reports. The final part contains record-keeping and other provisions.

The Adviser imposes stringent reporting requirements and restrictions on the personal securities transactions of its personnel. The Fund has determined that the high standards established by the Adviser may be appropriately applied by the Fund to its officers and those of its directors who are affiliated with the Adviser and, accordingly, may have frequent opportunities for knowledge of and, in some cases, influence over Fund portfolio transactions.

All parts of the Code of Ethics – DWS Group (U.S. Registered Entities) are hereby incorporated by reference as the "Adviser's Code of Ethics" applicable to officers and directors of the Fund who are officers, directors or employees of DWS or an affiliate thereof.

Rule 17j-1 (c)(1)(ii) requires that a majority of the board of directors, including a majority of the independent directors, must approve the written Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.**  **<u>Definitions</u>** 

For purposes of this Code, the following terms have the meanings set forth as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. " <u>Access Person</u> " means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. All of a Fund's directors, officers, and general partners, and any Advisory Person of a Fund or of a Fund's Adviser or Sub-Adviser. If an investment adviser's primary business is advising Funds or other advisory clients, all of the investment adviser's directors, officers, and general partners are presumed to be Access Persons of any Fund advised by the investment adviser.

&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) If an investment adviser is primarily engaged in a business or businesses other than advising Funds or other advisory clients, the term Access Person means any director, officer, general partner or Advisory Person of the investment adviser who, with respect to any Fund, makes any recommendation, participates in the determination of which recommendation will be made, or whose principal function or duties relate to the determination of which recommendation will be made, or who, in connection with his or her duties, obtains any information concerning recommendations on Covered Securities being made by the investment adviser to any Fund.

&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) An investment adviser is "primarily engaged in a business or businesses other than advising Funds or other advisory clients" if, for each of its most recent three fiscal years or for the period of time since its organization, whichever is less, the investment adviser derived, on an unconsolidated basis, more than 50 percent of its total sales and revenues and more than 50 percent of its income (or loss), before income taxes and extraordinary items, from the other business or businesses.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any director, officer or general partner of a principal underwriter who, in the ordinary course of business, makes, participates in or obtains information regarding, the purchase or sale of Securities by the Fund for which the principal underwriter acts, or whose functions or duties in the ordinary course of business relate to the making of any recommendation to the Fund regarding the purchase or sale of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. " <u>Adviser</u> " means DWS Investment Management Americas, Inc. or, in the case of the Germany Funds, DWS International GmbH.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. " <u>Advisory Person</u> " is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. any employee, director, general partner, (or any company in a controlled relationship to the Fund or Adviser or Sub-Adviser), trustee or officer of a Fund, Adviser or Sub-Adviser who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the Purchase or Sale of a Security by a Fund, or whose functions relate to the making of any recommendations with respect to such purchases or sales; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. any natural person in a Control relationship to a Fund, Adviser or Sub-Adviser who obtains information concerning recommendations made to the Fund with regard to the Purchase or Sale of a Security by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. " <u>Automatic Investment Plan</u> " means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. " <u>Beneficial Ownership</u> " of a Security is to be determined in the same manner as it is for purposes of Rule 16a-1(a)(2) of the Securities Exchange Act of 1934. This means that a person should generally consider himself or herself the beneficial owner of any securities of which he or she shares in the profits, even if he or she has no influence on voting or disposition of the securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. " <u>Control</u> " shall have the same meaning as that set forth in Section 2(a)(9) of the 1940 Act. Section 2(a)(9) defines "control" as the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company. Ownership of 25% or more of a company's outstanding voting securities is presumed to give the holder thereof control over the company. Such presumption may be countered by the facts and circumstances of a given situation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. " <u>Covered Persons</u> " means any officer, director, trustee or employee of the Funds, Adviser, Sub-Advisers or Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. " <u>Derivative</u> " means options, futures contracts, options on futures contracts, swaps, caps and the like, where the underlying instrument is a Security, a securities index, a financial indicator, or a precious metal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. " <u>Distributor</u> " means DWS Distributors, Inc. for the DWS Funds (excluding closed-end funds) only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. " <u>DWS</u> " means the Advisor and the Distributor, which are indirect subsidiaries of DWS Group GmbH & Co. KGaA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. " <u>Compliance Department</u> " means the DWS Compliance Department and/or Deutsche Bank's Employee Compliance Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. " <u>Fund</u> " means any fund overseen by any of the Board of Directors for any DWS Fund or Germany Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. " <u>Independent Director</u> " means a director or trustee of a Fund who is not an "interested person" of the Fund within the meaning of Section 2 (a)(19) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N. " <u>Investment Personnel</u> " means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. any employee of the Fund or Adviser or Sub-Adviser (or of any company in a control relationship to the Fund or Adviser or Sub-Adviser) who, in connection with his or her regular functions or duties, makes or participates in making recommendations regarding the Purchase or Sale of Securities by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. any natural person who controls the Fund or Adviser and who obtains information concerning recommendations made to the Fund regarding the Purchase or Sale of Securities by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O. " <u>Initial Public Offering</u> " or " <u>IPO</u> " means an offering of securities registered under the Securities Act of 1933 [15 U.S.C. 77a], the issuer of which, immediately before the registration, was not subject to the reporting requirements of sections 13 or 15(d) of the Securities Exchange Act of 1934 [15 U.S.C. 78m or 78o(d)].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P. " <u>Limited Offering</u> " means an offering that is exempt from registration under the Securities Act of 1933 pursuant to section 4(2) or section 4(6) [15 U.S.C. 77d (2) or 77d(6)] or pursuant to rule 504, rule 505, or rule 506 [ 17 CFR 230.504 , 230.505 , or 230.506 ] under the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q. " <u>Purchase or Sale of a Security</u> " means obtaining or disposing of "Beneficial Ownership" of that Security and includes, among other things, the writing of an option to purchase or sell a Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R. " <u>Review Officer</u> " means the person responsible for receiving and reviewing quarterly and annual reports submitted by the Independent Directors as designated on  **<u>Appendices A, B and C</u>** , respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S. " <u>Security</u> " shall have the same meaning as that set forth in Section 2(a)(36) of the 1940 Act, except that it shall not include direct obligations of the Government of the United States, bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments (including repurchase agreements) and shares issued by registered, open-end investment companies not advised by DWS or its affiliates. The term "Security" includes any separate security which is convertible into, exchangeable for or which carries a right to purchase a security and also includes derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. " <u>Sub-Adviser</u> " means any registered investment adviser to any of the DWS Funds, to whom the Adviser delegates certain investment management responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.**  **<u>General Principles Applicable to Covered Persons</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Introduction</u>.

Although certain provisions of this Code apply only to Access Persons, all Covered Persons are subject to the prohibitions of Rule 17j-1 against fraudulent, deceptive and manipulative practices and to the general fiduciary principles as set forth in III.B., III.C., and III.D. below.

Every Covered Person should appreciate the need to behave in an ethical manner with respect to the Funds. In particular, all Covered Persons who are involved in any way with the activities of a Fund should be wary of any potential conflicts between their duty of loyalty to a Fund and their own financial interests, particularly with respect to their own securities trading activities. Covered Persons should take care to preserve the confidentiality of the Funds' business affairs. Covered Persons who are not "Access Persons" but who become aware of proposed fund securities transactions should not engage in transactions in those same securities without the permission of the Chief Compliance Officer of the Fund (or his designee). Otherwise, Covered Persons who are not Access Persons are not limited in their personal securities transactions by this Code, but such Covered Persons are encouraged to consult with the Compliance Department if they have any doubts about the applicability of the Code to any proposed transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The provisions of this Code applies to Independent Directors or other Covered Persons who are not subject to the Adviser's Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Statement of General Fiduciary Principles</u>.

The following principles are the policy of the Fund and are the obligations of all Covered Persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. It is the duty of all Covered Persons at all times to place the interests of Fund shareholders first.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All personal securities transactions must be conducted in such manner as to avoid any actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Covered Persons must not take inappropriate advantage of their positions or the information they acquire, with or on behalf of a Fund, Adviser, Sub-Adviser and/or Distributor, to the detriment of shareholders of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Fraudulent Practices</u>.

Rule 17j-1(b) makes it unlawful for any Covered Person, in connection with the purchase or sale, directly or indirectly, by the person of a Security held or to be acquired by the Fund, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. employ any device, scheme or artifice to defraud a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. make to a Fund any untrue statement of a material fact or omit to state to the Fund a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. engage in any act, practice or course of business which operates or would operate as a fraud or deceit upon a Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. engage in any manipulative practice with respect to a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.**  **<u>Reporting Requirement for All Access Persons</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Unless exempted by paragraph B of this section, every Access Person (other than a person covered by a code of ethics pursuant to Section V below) of a Fund (other than a money market fund or a Fund that does not invest in Securities), must file the reports detailed in paragraphs C, D, and E of this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Investments in IPOs and Limited Offerings (i.e., Private Placements)</u>.

Investment Personnel of a Fund or its Adviser are prohibited from purchasing or subscribing for Securities pursuant to an initial public offering. Prior to effecting a transaction in Limited Offerings (i.e., Securities not requiring registration with the Securities and Exchange Commission and sold directly to the investor), all employees must first, in accordance with DWS policy, obtain the approval of his/her supervisor and then pre-clear the transaction with Employee Compliance, including completing the Conflicts Questionnaire. Any person who has previously purchased Limited Offerings must disclose such purchases to the Compliance Department before he or she participates in a fund's or an advisory client's subsequent consideration of an investment in the Securities of the same or a related issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Exemptions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A person need not make a report under paragraph A of this section with respect to transactions effected for, and Securities held in, any account over which the person has no direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. An Independent Director of the Fund who would be required to make a report solely by reason of being a Fund director, need not make:

&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) An Initial Holdings Report under paragraph C of this section and an Annual Holdings Report under paragraph D of this section; and

&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) A Quarterly Transaction Report under paragraph E of this section, unless the director knew or, in the ordinary course of fulfilling his or her official duties as a Fund director, should have known that during the 15-day period immediately before or after the director's transaction in a Security, the Fund purchased or sold the Security, or the Fund or its investment adviser considered purchasing or selling the Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All Access Persons shall not be required to make a quarterly transaction report under paragraph D of this section with respect to purchases that are part of an Automatic Investment Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Initial Holdings Reports</u>. Within ten (10) days of commencing service as an Access Person, each Access Person must report all holdings of securities in which he/she has beneficial ownership (use **Appendix B**). These Access Persons must file such reports even if they have no holdings. The information in the initial holding report must be current to forty-five (45) days of the date the person becomes an Access Person. The initial holding report must include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The title, number of shares and principal amount of each Security in which the Access Person had any direct or indirect beneficial ownership when the person became an Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The name of any broker, dealer or bank with whom the Access Person maintained an account in which any securities were held for the direct or indirect benefit of the Access Person as of the date the person became an Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Annual Holdings Reports</u>. Annually, all Access Persons shall also submit an Annual Holdings Report which includes an acknowledgement of obligations under the Code (use **Appendix C**) within forty-five (45) days of such report being requested from an Access Person by the Review Officer or his/her alternate. The Annual Holdings Report must include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The title, number of shares and principal amount of each covered Security in which the Access Person had any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The name of any broker, dealer or bank with whom the Access Person maintains an account in which any securities are held for the direct or indirect benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Quarterly Transaction Reports</u>. Every quarterly transaction report shall indicate the date it was submitted and be made not later than thirty (30) days after the end of the calendar quarter in which the transaction to which the report relates was effected. **Appendix A** shall be used to report transactions required to be reported pursuant hereto. The quarterly transaction report must include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. With respect to any transaction during the quarter in a covered Security in which the Access Person had any direct or indirect beneficial ownership:

&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) The date of the transaction, the title, the interest rate and maturity date (if applicable), the number of shares and the principal amount of each covered Security involved;

&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) The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) The price of the covered Security at which the transaction was effected;

&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) The name of the broker, dealer or bank with or through which the transaction was effected; and

&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) The date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. With respect to any account established by the Access Person in which any securities were held during the quarter for the direct or indirect benefit of the Access Person:

&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) The name of the broker, dealer or bank with whom the Access Person established the account;

&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) The date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) The date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.**  **<u>Requirements Applicable to Adviser, Sub-Adviser, and Distributor</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The requirements of this Code are not applicable to any Covered Person or Access Person to the Fund who is subject to a code of ethics adopted by an Adviser, Sub-Adviser, or Distributor of the Fund (as such terms are defined in **Section II**), provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such code of ethics complies with the requirements of Rule 17j-1 and has been approved by the Board of Directors/Trustees of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. such Adviser, Sub-Adviser, or Distributor has certified to the Board of Directors/Trustees of the Fund that it has adopted procedures reasonably necessary to prevent Access Persons from violating such code of ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Each Adviser, Sub-Adviser, and Distributor shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. submit to the Fund a copy of the code of ethics adopted pursuant to Rule 17j-1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. promptly report to the Fund in writing any material amendments to such code of ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. furnish to the Fund upon request (and in any event no less than quarterly) written reports which:

&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) describe any issues arising under the code of ethics or procedures during the period specified including (but not limited to) information about material violations of the code of ethics or procedures and sanctions imposed in response to material violations; and

&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) certify that it has adopted procedures reasonably necessary to prevent an Access Persons from violating the code of ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Exception for Distributor</u>.

Pursuant to Rule 17j-1; the requirements set forth in V.A. and V.B. do not apply to the Distributor unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Distributor is an affiliated person of the Fund or of the Fund's investment adviser; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. an officer, director or general partner of the Distributor serves as an officer, director or general partner of the Fund or of the Fund's investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.**  **<u>Review of Reports and Sanctions</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Review</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Review Officer shall compare the reported personal holdings and personal securities transactions with completed and contemplated portfolio transactions of the Fund to determine whether a violation of this Code may have occurred. Before making any determination that a violation has been committed by any person, the Review Officer shall give such person an opportunity to supply additional explanatory material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If the Review Officer determines that a violation of this Code has or may have occurred, he/she shall submit his/her written determination, together with the reports and any additional explanatory material provided by the individual to the Compliance Department, who shall make an independent determination of whether a violation has occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Review Officer may appoint an alternate to act as Review Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Sanctions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Directors. If the Compliance Department determines that a violation of this Code has occurred by a Director, the Compliance Department shall so advise a committee consisting of the Independent Directors, other than the person whose transaction is under consideration, and shall provide the committee with the report, the record of pertinent actual or contemplated portfolio transactions of the Fund and any additional material supplied by such person. The committee, at its option, shall either impose such sanction as it deems appropriate or refer the matter to the entire Board of Directors, which shall impose such sanctions as are deemed appropriate. The sanctions that may be imposed hereunder include, without limitation, reversing the improper personal securities transaction and/or disgorging any profit realized, censure, imposition of restrictions on personal trading and fines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Non-Directors. If the Compliance Department determines that a violation of this Code has occurred by any Access Person other than a Director, the procedures of the Adviser's Code of Ethics or the relevant Sub-Adviser's code of ethics should be used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.**  **<u>Miscellaneous</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Annual Report</u>.

The Review Officer or the Review Officer's alternate shall report annually to the Board of Directors concerning issues arising under this Code or existing procedures and any material changes to those procedures, as well as any material violations and sanctions imposed during the past year which related to the Fund. Such report shall be in writing and include any certification required by law. Such report may be made jointly with the report provided by the Adviser pursuant to the Adviser's Code of Ethics or, if made separately, need not duplicate information provided in the Adviser's report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Records</u>.

The Fund shall maintain records in the manner and to the extent set forth below, which records may be maintained on microfilm or such other medium permitted under Rule 31a-2(f) of the 1940 Act and shall be made available for examination by representatives of the Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A copy of this Code and any other Code which is, or at any time within the past five years has been, in effect shall be preserved in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A record of any violation of such Code(s) and of any action taken as a result of such violation shall be preserved in an easily accessible place for a period of not less than five years following the end of the fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A copy of each report made by an Access Person pursuant to such Code(s), including any information provided in lieu of such reports, shall be preserved for a period of not less than five years from the end of the fiscal year in which it is made or the information is provided, the first two years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A list of all persons who are, or within the past five years have been, required to make reports pursuant to such Code(s) shall be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A list of names of all persons who are, or within the past five years, have been responsible for reviewing any transaction or holdings reports filed pursuant to such code(s) shall be maintained in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. A copy of each report made to the Board of Directors pursuant to such Code(s) shall be maintained for at least five (5) years after the end of the fiscal year in which it was made, the first two (2) years in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Amendments to the Code</u>.

Any material amendments to this Code shall be approved by the Board of Directors of the Fund, including a majority of Independent Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Confidentiality</u>.

All reports of securities transactions and any other information filed with the Fund pursuant to this Code shall be treated as confidential, except as otherwise provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Interpretation of Provisions</u>.

The Board of Directors may from time to time adopt such interpretations of this Code as it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. <u>Reports Are Not Admissions</u>.

Any transaction or holdings report may contain a statement that the report shall not be construed as an admission by the person making such report that he/she has any direct or indirect beneficial ownership in the security to which the report relates.

**<u>APPENDIX A</u>**

**QUARTERLY PERSONAL SECURTIES TRANSACTIONS REPORT FOR INDEPENDENT DIRECTORS**

*An Independent Director is required to complete this report ONLY if the Director knew or, in the ordinary course of fulfilling his/her official duties as a Fund Director or Trustee should have known, that during the 15-day period immediately before or after the director's or trustee's transaction, such Security is or was Purchased or Sold, or considered for Purchase or Sale, by a Fund. Reports are due within 30 calendar days after the end of the calendar quarter.* 

Name of Reporting Person:

Calendar Quarter Ended:

<u>Securities Transactions</u>

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Date of Transaction | &nbsp;&nbsp;Name of Issuer and Title of Security | &nbsp;&nbsp;CUSIP / Ticker Symbol | &nbsp;&nbsp;Number of Shares, Principal Amount, Maturity Date and Interest Rate (if applicable) | &nbsp;&nbsp;Type of Transaction | &nbsp;&nbsp;Price | &nbsp;&nbsp;Principal Amount | &nbsp;&nbsp;Name of Broker, Dealer or Bank Effecting Transaction | &nbsp;&nbsp;Disclaim Beneficial Ownership? (indicate by "X")<sup>\*</sup> | &nbsp;&nbsp; <br>Broker Who Established Account | &nbsp;&nbsp; <br>Date Account Established |

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**I certify that I have included on this report all securities transactions required to be reported pursuant to the Code of Ethics.**

**Signature Date**

Please return this form to: Scott Hogan or Eddie Chenea via email at scott-d.hogan@dws.com or eddie.chenea@dws.com or mail at DWS Compliance, 100 Summer Street, 8<sup>th</sup> Floor, Boston, MA 02110, USA.

Questions should be directed to Scott Hogan at (617) 295-3986 or Eddie Chenea at (617) 295-1714.

**NOTE:** Use additional forms if necessary to report all transactions.

**SALES OR OTHER DISPOSITIONS**

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Security Type | &nbsp;&nbsp;Units | &nbsp;&nbsp; Ticker/<br> Cusip | &nbsp;&nbsp;Issuer/ Company | &nbsp;&nbsp;Trade Date | &nbsp;&nbsp;Price | &nbsp;&nbsp; Principal<br> Amount | &nbsp;&nbsp; Broker/<br> Dealer/Bank(1) | &nbsp;&nbsp;Acct # | &nbsp;&nbsp; Interest<br> Rate(2) | &nbsp;&nbsp;Maturity<br> Date(2) | &nbsp;&nbsp; Gift/<br> AIP/NBI(3) |

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**PURCHASES OR OTHER ACQUISITIONS**

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Security Type | &nbsp;&nbsp;Units | &nbsp;&nbsp; Ticker/<br> Cusip | &nbsp;&nbsp; Issuer/<br> Company | &nbsp;&nbsp;Trade Date | &nbsp;&nbsp;Price | &nbsp;&nbsp; Principal<br> Amount | &nbsp;&nbsp; Broker/<br> Dealer/Bank(1) | &nbsp;&nbsp;Acct # | &nbsp;&nbsp; Interest<br> Rate(2) | &nbsp;&nbsp;Maturity<br> Date(2) | &nbsp;&nbsp; Gift/<br> AIP/NBI(3) |

---

**DID YOU ESTABLISH ANY INVESTMENT ACCOUNTS (I.E., BROKER/DEALER/BANK) THIS QUARTER? IF SO INSERT THE FOLLOWING** 

**INFORMATION BELOW:**

**Name of Broker, Dealer or Bank where account was established** 

**Account Number** 

**Date Account was opened** 

FOOTNOTES

<sup>(</sup>1<sup>)</sup> If you have made a direct issuer trade (i.e. traded directly with the company) enter N/A in this column.

<sup>(</sup>2<sup>)</sup> For Fixed Income securities only.

<sup>(</sup>3<sup>)</sup> Indicate here if transaction is a Gift, Automatic Investment Plan (AIP), or No Beneficial Ownership (NBI-you claim that you do not have any direct or indirect beneficial ownership in such transactions).

**APPENDIX B**

**PERSONAL SECURITIES HOLDINGS REPORT** 

**Return To:** 

**Scott Hogan or Eddie Chenea via email at scott-d.hogan@dws.com or eddie.chenea@dws.com or mail at DWS Compliance, 100 Summer Street, 8<sup>th</sup> Floor, Boston, MA 02110, USA**

&nbsp;&nbsp;&nbsp; <br> Name____________________________________________ <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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(print) <br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Symbol**<br> **(or CUSIP)** | &nbsp;&nbsp;**Issuer/Company** | &nbsp;&nbsp;**Security Type** | &nbsp;&nbsp;**Principal Amt.** | &nbsp;&nbsp; **Number of**<br> **Shares** <br>| &nbsp;&nbsp; **Name of**<br> **Broker/Dealer**<br> **or Bank** | &nbsp;&nbsp;**Account Number** | &nbsp;&nbsp; **Name in which**<br> **Security/Acct.**<br> **is held** |

---

The undersigned does not by this report admit that he/she has any direct or indirect beneficial ownership in the securities listed.

□ I certify that the securities listed above and/or the holdings statements attached reflect <u>all</u> my reportable securities holdings as of a date not earlier than 45 days prior to the date of my submission of this Report.

□ I currently have no reportable securities holdings to report.

Not all securities are required to be reported. Please see Section II.R. for a definition of securities.

 **__________________________ _____________**

**Signature Date**

**APPENDIX C**

**Return Completed Form to: Scott Hogan or Eddie Chenea via email at scott-d.hogan@dws.com or eddie.chenea@dws.com or mail at DWS Compliance, 100 Summer Street, 8<sup>th</sup> Floor, Boston, MA 02110, USA.**

**Annual Holdings Under the Code**

___________________________________________

Name (print clearly)

**I.CODE OF ETHICS**

I understand that my signature below means that I *have read/reread* and understand the Code. Further, I have reported all personal holdings and transactions required to be reported pursuant to the requirements of the Code and have complied with the provisions of the Code applicable to me over the past year and will continue to comply with such provisions.

**II.CHECK THE APPROPRIATE STATEMENTS:**

(a) [ ] I am an Affiliated Director:

(b) [ ] I am an Unaffiliated but not an Independent Director:

(1) The following is a complete list of all broker, dealer or bank accounts that contain holdings wherein I have beneficial ownership:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Account Number** | &nbsp;&nbsp;**Broker Name** |

---

*and*

(2) [ ] I have arranged for provision of a complete report of all my holdings information in the form of duplicate account statements for all of my covered accounts. (Only those securities meeting the definition set in Section II.R. need to be reported); *or*

(3) [ ] I have not arranged for provision of all of my holdings, so I have submitted a supplemental report of all current holdings concurrently herewith (Use Appendix B to list additional holdings not on file).

Signature Date

------

<sup>\*</sup> If you do not want this report to be construed as an admission that you have Beneficial Ownership of a particular security, please indicate this by marking an "X" in the box.

## Ex-99.Cert

**Principal Executive Officer**

**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days of the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| &nbsp;&nbsp;2/17/2026 | &nbsp;&nbsp;<u>/s/Hepsen Uzcan</u> |
|  | &nbsp;&nbsp;Hepsen Uzcan |
|  | &nbsp;&nbsp;Principal Executive Officer |

---

**Principal Financial Officer**

**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days of the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| &nbsp;&nbsp;2/17/2026 | &nbsp;&nbsp;<u>/s/ Diane Kenneally</u> |
|  | &nbsp;&nbsp;Diane Kenneally |
|  | &nbsp;&nbsp;Principal Financial Officer |

---

## Exhibit 99.906

**Principal Executive Officer**

**Section 906 Certification under Sarbanes Oxley Act**

I, Hepsen Uzcan, certify that:

1. I have reviewed this report, filed on behalf of Deutsche DWS Variable Series II, on Form N-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;2/17/2026 | &nbsp;&nbsp;<u>/s/Hepsen Uzcan</u> |
|  | &nbsp;&nbsp;Hepsen Uzcan |
|  | &nbsp;&nbsp;Principal Executive Officer |

---

**Principal Financial Officer**

**Section 906 Certification under Sarbanes Oxley Act**

I, Diane Kenneally, certify that:

1. I have reviewed this report, filed on behalf of Deutsche DWS Variable Series II, on Form N-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;2/17/2026 | &nbsp;&nbsp;<u>/s/Diane Kenneally</u> |
|  | &nbsp;&nbsp;Diane Kenneally |
|  | &nbsp;&nbsp;Principal Financial Officer |

---