# EDGAR Filing Document

**Accession Number:** 0000810573
**File Stem:** 0001410368-26-055431
**Filing Date:** 2026-5
**Character Count:** 71417
**Document Hash:** 6690b340ccdb1a1ffa1cc48865e22f2e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-055431.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0001410368-26-055431

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20261231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05002
- **FILM NUMBER:** 261034457

**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 Small Mid Cap Value VIP (Series ID: S000006269)

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

## Nport-Ex

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

**DWS Small Mid Cap Value VIP** 

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value ($)** |
| **Common Stocks 98.7%** | **Common Stocks 98.7%** |  |
| **Communication Services 2.9%** | **Communication Services 2.9%** |  |
| **Diversified Telecommunication Services 1.7%** | **Diversified Telecommunication Services 1.7%** |  |
| Bandwidth, Inc. "A"\*  | 22852 | &nbsp;&nbsp; 407223 |
| Liberty Global Ltd. "C"\*  | 27347 | &nbsp;&nbsp; 320780 |
| Liberty Latin America Ltd. "A"\*  | 46197 | &nbsp;&nbsp; 399142 |
| Uniti Group, Inc.  | 24923 | &nbsp;&nbsp; 233778 |
|  |  | &nbsp;&nbsp; **1360923** |
| **Media 1.2%** | **Media 1.2%** |  |
| EchoStar Corp. "A"\* | 8719 | &nbsp;&nbsp; **1020733** |
| **Consumer Discretionary 10.4%** | **Consumer Discretionary 10.4%** |  |
| **Broadline Retail 1.0%** | **Broadline Retail 1.0%** |  |
| Ollie's Bargain Outlet Holdings, Inc.\* | 9135 | &nbsp;&nbsp; **840785** |
| **Distributors 1.1%** | **Distributors 1.1%** |  |
| Gold.com, Inc. | 23394 | &nbsp;&nbsp; **937632** |
| **Diversified Consumer Services 1.3%** | **Diversified Consumer Services 1.3%** |  |
| Laureate Education, Inc.\*  | 6033 | &nbsp;&nbsp; 210190 |
| McGraw Hill, Inc.\*  | 45847 | &nbsp;&nbsp; 628104 |
| Phoenix Education Partners, Inc. (a) | 7873 | &nbsp;&nbsp; 247684 |
|  |  | &nbsp;&nbsp; **1085978** |
| **Hotels, Restaurants & Leisure 2.1%** | **Hotels, Restaurants & Leisure 2.1%** |  |
| Dine Brands Global, Inc.  | 12254 | &nbsp;&nbsp; 321545 |
| El Pollo Loco Holdings, Inc.\*  | 15065 | &nbsp;&nbsp; 208801 |
| Navan, Inc. "A"\* (a) | 35526 | &nbsp;&nbsp; 470364 |
| Travel & Leisure Co.  | 10326 | &nbsp;&nbsp; 714456 |
|  |  | &nbsp;&nbsp; **1715166** |
| **Leisure Products 1.1%** | **Leisure Products 1.1%** |  |
| Hasbro, Inc. | 10105 | &nbsp;&nbsp; **945828** |
| **Specialty Retail 2.4%** | **Specialty Retail 2.4%** |  |
| AutoNation, Inc.\*  | 1957 | &nbsp;&nbsp; 382124 |
| Gap, Inc.  | 37411 | &nbsp;&nbsp; 905346 |
| Group 1 Automotive, Inc.  | 829 | &nbsp;&nbsp; 274092 |
| Winmark Corp.  | 923 | &nbsp;&nbsp; 394629 |
|  |  | &nbsp;&nbsp; **1956191** |
| **Textiles, Apparel & Luxury Goods 1.4%** | **Textiles, Apparel & Luxury Goods 1.4%** |  |
| Ralph Lauren Corp. | 3376 | &nbsp;&nbsp; **1161310** |
| **Consumer Staples 3.1%** | **Consumer Staples 3.1%** |  |
| **Beverages 0.2%** | **Beverages 0.2%** |  |
| Primo Brands Corp. | 11148 | &nbsp;&nbsp; **209917** |
| **Food Products 2.6%** | **Food Products 2.6%** |  |
| B&G Foods, Inc. (a) | 123245 | &nbsp;&nbsp; 592808 |
| Freshpet, Inc.\*  | 5321 | &nbsp;&nbsp; 313726 |

---

------

---

| | | |
|:---|:---|:---|
| Lamb Weston Holdings, Inc.  | 8133 | &nbsp;&nbsp; 343701 |
| Seaboard Corp.  | 119 | &nbsp;&nbsp; 672828 |
| Utz Brands, Inc.  | 27154 | &nbsp;&nbsp; 215060 |
|  |  | &nbsp;&nbsp; **2138123** |
| **Tobacco 0.3%** | **Tobacco 0.3%** |  |
| Universal Corp. | 4119 | &nbsp;&nbsp; **217071** |
| **Energy 6.8%** | **Energy 6.8%** |  |
| **Energy Equipment & Services 0.7%** | **Energy Equipment & Services 0.7%** |  |
| Nabors Industries Ltd.\*  | 2334 | &nbsp;&nbsp; 200864 |
| Transocean Ltd.\*  | 30667 | &nbsp;&nbsp; 203322 |
| Valaris Ltd.\*  | 2072 | &nbsp;&nbsp; 203139 |
|  |  | &nbsp;&nbsp; **607325** |
| **Oil, Gas & Consumable Fuels 6.1%** | **Oil, Gas & Consumable Fuels 6.1%** |  |
| Antero Midstream Corp.  | 51152 | &nbsp;&nbsp; 1166266 |
| APA Corp.  | 20329 | &nbsp;&nbsp; 862763 |
| California Resources Corp.  | 8628 | &nbsp;&nbsp; 597230 |
| CNX Resources Corp.\*  | 5192 | &nbsp;&nbsp; 200152 |
| Permian Resources Corp. "A"  | 63340 | &nbsp;&nbsp; 1350409 |
| Talos Energy, Inc.\*  | 25708 | &nbsp;&nbsp; 405158 |
| W&T Offshore, Inc. (a) | 140916 | &nbsp;&nbsp; 480523 |
|  |  | &nbsp;&nbsp; **5062501** |
| **Financials 18.6%** | **Financials 18.6%** |  |
| **Banks 7.5%** | **Banks 7.5%** |  |
| First BanCorp.  | 72190 | &nbsp;&nbsp; 1541979 |
| First Financial Corp.  | 10822 | &nbsp;&nbsp; 683950 |
| Hancock Whitney Corp.  | 22937 | &nbsp;&nbsp; 1458564 |
| Hilltop Holdings, Inc.  | 15395 | &nbsp;&nbsp; 551449 |
| Triumph Financial, Inc.\*  | 6920 | &nbsp;&nbsp; 412847 |
| UMB Financial Corp.  | 14029 | &nbsp;&nbsp; 1582331 |
|  |  | &nbsp;&nbsp; **6231120** |
| **Capital Markets 4.0%** | **Capital Markets 4.0%** |  |
| Affiliated Managers Group, Inc.  | 4563 | &nbsp;&nbsp; 1262582 |
| Donnelley Financial Solutions, Inc.\*  | 11817 | &nbsp;&nbsp; 557053 |
| Evercore, Inc. "A"  | 3073 | &nbsp;&nbsp; 917321 |
| Invesco Ltd.  | 23034 | &nbsp;&nbsp; 559496 |
|  |  | &nbsp;&nbsp; **3296452** |
| **Consumer Finance 0.4%** | **Consumer Finance 0.4%** |  |
| SoFi Technologies, Inc.\* | 22561 | &nbsp;&nbsp; **358269** |
| **Financial Services 4.0%** | **Financial Services 4.0%** |  |
| Affirm Holdings, Inc.\*  | 6608 | &nbsp;&nbsp; 302779 |
| Corebridge Financial, Inc.  | 17411 | &nbsp;&nbsp; 415426 |
| Enact Holdings, Inc.  | 15406 | &nbsp;&nbsp; 628719 |
| Essent Group Ltd.  | 7046 | &nbsp;&nbsp; 411768 |
| MGIC Investment Corp.  | 22988 | &nbsp;&nbsp; 603435 |
| NMI Holdings, Inc.\*  | 5772 | &nbsp;&nbsp; 216508 |
| Radian Group, Inc.  | 23178 | &nbsp;&nbsp; 766728 |
|  |  | &nbsp;&nbsp; **3345363** |
| **Insurance 1.9%** | **Insurance 1.9%** |  |
| Assurant, Inc.  | 1392 | &nbsp;&nbsp; 303192 |
| Everest Group Ltd.  | 1810 | &nbsp;&nbsp; 591598 |

---

------

---

| | | |
|:---|:---|:---|
| Globe Life, Inc.  | 1900 | &nbsp;&nbsp; 264423 |
| RLI Corp.  | 7731 | &nbsp;&nbsp; 440976 |
|  |  | &nbsp;&nbsp; **1600189** |
| **Mortgage Real Estate Investment Trusts (REITs) 0.8%** | **Mortgage Real Estate Investment Trusts (REITs) 0.8%** |  |
| Rithm Capital Corp.  | 73146 | &nbsp;&nbsp; **693424** |
| **Health Care 7.7%** | **Health Care 7.7%** |  |
| **Biotechnology 4.8%** | **Biotechnology 4.8%** |  |
| Exelixis, Inc.\*  | 8937 | &nbsp;&nbsp; 383308 |
| Ionis Pharmaceuticals, Inc.\*  | 12600 | &nbsp;&nbsp; 946134 |
| Revolution Medicines, Inc.\*  | 19994 | &nbsp;&nbsp; 1944416 |
| United Therapeutics Corp.\*  | 1253 | &nbsp;&nbsp; 743004 |
|  |  | &nbsp;&nbsp; **4016862** |
| **Pharmaceuticals 2.9%** | **Pharmaceuticals 2.9%** |  |
| Jazz Pharmaceuticals PLC\*  | 7671 | &nbsp;&nbsp; 1450203 |
| Ligand Pharmaceuticals, Inc.\*  | 4631 | &nbsp;&nbsp; 924579 |
|  |  | &nbsp;&nbsp; **2374782** |
| **Industrials 19.2%** | **Industrials 19.2%** |  |
| **Aerospace & Defense 2.1%** | **Aerospace & Defense 2.1%** |  |
| Huntington Ingalls Industries, Inc. | 4609 | &nbsp;&nbsp; **1750959** |
| **Building Products 2.6%** | **Building Products 2.6%** |  |
| Advanced Drainage Systems, Inc.  | 4689 | &nbsp;&nbsp; 643003 |
| Armstrong World Industries, Inc.  | 4115 | &nbsp;&nbsp; 678152 |
| Owens Corning  | 7827 | &nbsp;&nbsp; 847038 |
|  |  | &nbsp;&nbsp; **2168193** |
| **Construction & Engineering 2.9%** | **Construction & Engineering 2.9%** |  |
| API Group Corp.\*  | 37128 | &nbsp;&nbsp; 1504427 |
| MasTec, Inc.\*  | 2752 | &nbsp;&nbsp; 885428 |
|  |  | &nbsp;&nbsp; **2389855** |
| **Electrical Equipment 4.5%** | **Electrical Equipment 4.5%** |  |
| EnerSys  | 9281 | &nbsp;&nbsp; 1612295 |
| nVent Electric PLC  | 7763 | &nbsp;&nbsp; 918208 |
| Sensata Technologies Holding PLC  | 35616 | &nbsp;&nbsp; 1254395 |
|  |  | &nbsp;&nbsp; **3784898** |
| **Ground Transportation 0.9%** | **Ground Transportation 0.9%** |  |
| Landstar System, Inc.  | 2321 | &nbsp;&nbsp; 372079 |
| RXO, Inc.\*  | 24624 | &nbsp;&nbsp; 360003 |
|  |  | &nbsp;&nbsp; **732082** |
| **Machinery 0.8%** | **Machinery 0.8%** |  |
| Worthington Enterprises, Inc. | 13482 | &nbsp;&nbsp; **702951** |
| **Marine Transportation 0.6%** | **Marine Transportation 0.6%** |  |
| Kirby Corp.\* | 3779 | &nbsp;&nbsp; **502154** |
| **Passenger Airlines 1.0%** | **Passenger Airlines 1.0%** |  |
| Frontier Group Holdings, Inc.\*  | 105439 | &nbsp;&nbsp; 372200 |
| SkyWest, Inc.\*  | 4557 | &nbsp;&nbsp; 418469 |
|  |  | &nbsp;&nbsp; **790669** |
| **Professional Services 3.5%** | **Professional Services 3.5%** |  |
| FTI Consulting, Inc.\*  | 2448 | &nbsp;&nbsp; 432733 |
| ICF International, Inc.  | 5904 | &nbsp;&nbsp; 385472 |
| Korn Ferry  | 14428 | &nbsp;&nbsp; 908243 |

---

------

---

| | | |
|:---|:---|:---|
| Resolute Holdings Management, Inc.\* (a) | 1450 | &nbsp;&nbsp; 235335 |
| Willdan Group, Inc.\*  | 12404 | &nbsp;&nbsp; 949650 |
|  |  | &nbsp;&nbsp; **2911433** |
| **Trading Companies & Distributors 0.3%** | **Trading Companies & Distributors 0.3%** |  |
| DNOW, Inc.\* | 23639 | &nbsp;&nbsp; **281541** |
| **Information Technology 11.4%** | **Information Technology 11.4%** |  |
| **Communications Equipment 3.6%** | **Communications Equipment 3.6%** |  |
| Applied Optoelectronics, Inc.\*  | 8161 | &nbsp;&nbsp; 690339 |
| Ciena Corp.\*  | 5287 | &nbsp;&nbsp; 2052572 |
| Viasat, Inc.\*  | 6206 | &nbsp;&nbsp; 284235 |
|  |  | &nbsp;&nbsp; **3027146** |
| **Electronic Equipment, Instruments & Components 4.7%** | **Electronic Equipment, Instruments & Components 4.7%** |  |
| Avnet, Inc.  | 21824 | &nbsp;&nbsp; 1344795 |
| Coherent Corp.\*  | 3133 | &nbsp;&nbsp; 746312 |
| Itron, Inc.\*  | 9251 | &nbsp;&nbsp; 829167 |
| Powerfleet, Inc. NJ\*  | 107822 | &nbsp;&nbsp; 332092 |
| TD SYNNEX Corp.  | 3778 | &nbsp;&nbsp; 637386 |
|  |  | &nbsp;&nbsp; **3889752** |
| **Semiconductors & Semiconductor Equipment 0.4%** | **Semiconductors & Semiconductor Equipment 0.4%** |  |
| Onto Innovation, Inc.\* | 1733 | &nbsp;&nbsp; **355386** |
| **Software 2.7%** | **Software 2.7%** |  |
| Bit Digital, Inc.\* (a) | 166162 | &nbsp;&nbsp; 217672 |
| Core Scientific, Inc.\*  | 24060 | &nbsp;&nbsp; 359938 |
| Hut 8 Corp.\*  | 15629 | &nbsp;&nbsp; 733157 |
| MARA Holdings, Inc.\* (a) | 28577 | &nbsp;&nbsp; 233188 |
| Riot Platforms, Inc.\*  | 36499 | &nbsp;&nbsp; 451128 |
| SailPoint, Inc.\* (a) | 16414 | &nbsp;&nbsp; 217321 |
|  |  | &nbsp;&nbsp; **2212404** |
| **Materials 6.3%** | **Materials 6.3%** |  |
| **Chemicals 1.1%** | **Chemicals 1.1%** |  |
| Avient Corp.  | 7767 | &nbsp;&nbsp; 281942 |
| RPM International, Inc.  | 6512 | &nbsp;&nbsp; 647293 |
|  |  | &nbsp;&nbsp; **929235** |
| **Containers & Packaging 1.1%** | **Containers & Packaging 1.1%** |  |
| Ranpak Holdings Corp.\*  | 84652 | &nbsp;&nbsp; 302207 |
| Silgan Holdings, Inc.  | 16150 | &nbsp;&nbsp; 626620 |
|  |  | &nbsp;&nbsp; **928827** |
| **Metals & Mining 4.1%** | **Metals & Mining 4.1%** |  |
| Alpha Metallurgical Resources, Inc.\*  | 2452 | &nbsp;&nbsp; 503322 |
| Constellium SE\*  | 30767 | &nbsp;&nbsp; 756253 |
| Reliance, Inc.  | 3259 | &nbsp;&nbsp; 990475 |
| Royal Gold, Inc.  | 2441 | &nbsp;&nbsp; 621210 |
| Worthington Steel, Inc.  | 17467 | &nbsp;&nbsp; 530124 |
|  |  | &nbsp;&nbsp; **3401384** |
| **Real Estate 8.0%** | **Real Estate 8.0%** |  |
| **Diversified REITs 1.3%** | **Diversified REITs 1.3%** |  |
| Alpine Income Property Trust, Inc.  | 16277 | &nbsp;&nbsp; 292986 |
| Global Net Lease, Inc.  | 85680 | &nbsp;&nbsp; 801965 |
|  |  | &nbsp;&nbsp; **1094951** |

---

------

---

| | | |
|:---|:---|:---|
| **Health Care REITs 1.9%** | **Health Care REITs 1.9%** |  |
| Healthcare Realty Trust, Inc.  | 32819 | &nbsp;&nbsp; 557595 |
| Omega Healthcare Investors, Inc.  | 23952 | &nbsp;&nbsp; 1049577 |
|  |  | &nbsp;&nbsp; **1607172** |
| **Industrial REITs 1.5%** | **Industrial REITs 1.5%** |  |
| STAG Industrial, Inc.  | 33727 | &nbsp;&nbsp; **1216196** |
| **Office REITs 0.3%** | **Office REITs 0.3%** |  |
| BXP, Inc.  | 4739 | &nbsp;&nbsp; **245954** |
| **Specialized REITs 3.0%** | **Specialized REITs 3.0%** |  |
| Gaming and Leisure Properties, Inc.  | 31688 | &nbsp;&nbsp; 1405996 |
| Gladstone Land Corp.  | 33319 | &nbsp;&nbsp; 339854 |
| Rayonier, Inc.  | 18006 | &nbsp;&nbsp; 371284 |
| Safehold, Inc.  | 28878 | &nbsp;&nbsp; 390719 |
|  |  | &nbsp;&nbsp; **2507853** |
| **Utilities 4.3%** | **Utilities 4.3%** |  |
| **Electric Utilities 2.7%** | **Electric Utilities 2.7%** |  |
| IDACORP, Inc.  | 8688 | &nbsp;&nbsp; 1242123 |
| Otter Tail Corp.  | 5243 | &nbsp;&nbsp; 460178 |
| Portland General Electric Co.  | 9901 | &nbsp;&nbsp; 522476 |
|  |  | &nbsp;&nbsp; **2224777** |
| **Gas Utilities 1.6%** | **Gas Utilities 1.6%** |  |
| ONE Gas, Inc.  | 5421 | &nbsp;&nbsp; 466911 |
| UGI Corp.  | 25316 | &nbsp;&nbsp; 922009 |
|  |  | &nbsp;&nbsp; **1388920** |
| **Total Common Stocks** (Cost $61,640,518) | **Total Common Stocks** (Cost $61,640,518) | &nbsp;&nbsp; **82220636** |
| **Rights 0.1%** | **Rights 0.1%** |  |
| **Consumer Staples**  | **Consumer Staples**  |  |
| TreeHouse Foods, Inc.,\* (b) (Cost $71,597) | 37097 | &nbsp;&nbsp; **71597** |
| **Securities Lending Collateral 3.5%** | **Securities Lending Collateral 3.5%** | **Securities Lending Collateral 3.5%** |
| &nbsp;&nbsp;&nbsp; DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional <br> Shares", 3.55% (c) (d) (Cost $2,903,925)<br>| 2903925 | &nbsp;&nbsp; **2903925** |
| **Cash Equivalents 0.6%** | **Cash Equivalents 0.6%** | **Cash Equivalents 0.6%** |
| DWS Central Cash Management Government Fund, 3.66% (c) (Cost $465,292) | 465292 | &nbsp;&nbsp; **465292** |

---

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

---

| | | |
|:---|:---|:---|
|  | **% of** <br>**Net Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** (Cost $65,081,332) | 102.9 | &nbsp;&nbsp; **85661450** |
| **Other Assets and Liabilities, Net**  | (2.9)<br>| &nbsp;&nbsp; **(2381167)**<br>|
| **Net Assets** | 100.0 | &nbsp;&nbsp; **83280283** |

---

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

------

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at** <br>**12/31/2025**<br>| &nbsp;&nbsp; **Purchases** <br>**Cost ($)**<br>| &nbsp;&nbsp; **Sales** <br>**Proceeds ($)**<br>| &nbsp;&nbsp; **Net Realized** <br>**Gain/** <br>**(Loss) ($)**<br>| &nbsp;&nbsp; **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation) ($)**<br>| **Income ($)** | &nbsp;&nbsp; **Capital Gain** <br>**Distributions ($)**<br>| &nbsp;&nbsp; **Number** <br>**of Shares** <br>**at** <br>**3/31/2026**<br>| &nbsp;&nbsp; **Value ($) at** <br>**3/31/2026**<br>|
| **Securities Lending Collateral 3.5%** | **Securities Lending Collateral 3.5%** | **Securities Lending Collateral 3.5%** | **Securities Lending Collateral 3.5%** | **Securities Lending Collateral 3.5%** | **Securities Lending Collateral 3.5%** | **Securities Lending Collateral 3.5%** | **Securities Lending Collateral 3.5%** | **Securities Lending Collateral 3.5%** |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.55% (c) (d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.55% (c) (d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.55% (c) (d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.55% (c) (d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.55% (c) (d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.55% (c) (d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.55% (c) (d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.55% (c) (d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.55% (c) (d) |
| 2623645  | 280,280 (e) | —  | —  | —  | 1045  | —  | 2903925  | 2903925  |
| **Cash Equivalents 0.6%** | **Cash Equivalents 0.6%** | **Cash Equivalents 0.6%** | **Cash Equivalents 0.6%** | **Cash Equivalents 0.6%** | **Cash Equivalents 0.6%** | **Cash Equivalents 0.6%** | **Cash Equivalents 0.6%** | **Cash Equivalents 0.6%** |
| DWS Central Cash Management Government Fund, 3.66% (c) | DWS Central Cash Management Government Fund, 3.66% (c) | DWS Central Cash Management Government Fund, 3.66% (c) | DWS Central Cash Management Government Fund, 3.66% (c) | DWS Central Cash Management Government Fund, 3.66% (c) | DWS Central Cash Management Government Fund, 3.66% (c) | DWS Central Cash Management Government Fund, 3.66% (c) | DWS Central Cash Management Government Fund, 3.66% (c) | DWS Central Cash Management Government Fund, 3.66% (c) |
| 338547  | 3639599  | 3512854  | —  | —  | 9941  | —  | 465292  | 465292  |
| **2962192** | **3919879** | **3512854** | **—** | **—** | **10986** | **—** | **3369217** | **3369217** |

---

&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 March 31, 2026 amounted to $2,554,695, which is 3.1% of net assets.* 

*(b)* *Investment was valued using significant unobservable inputs.*

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks (a) | $82220636 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $82220636 |
| Rights  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 71597 | &nbsp;&nbsp; 71597 |
| Short-Term Investments (a) | 3369217 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3369217 |
| **Total** | **$85589853** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$71597** | &nbsp;&nbsp; **$85661450** |

---

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

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

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

VS2SMCV-PH1

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

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

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

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

- **a. Name of Series:** DWS Small Mid Cap Value VIP

- **b. EDGAR series identifier (if any):** S000006269

- **c. LEI of Series:** 8HN4E3XMYOF3YJY3GN33

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $86298706.54

**Total Liabilities:** $3036067.07

**Net Assets:** $83262639.47

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000017231 | 6.39%                | 1.87%                | -3.99%               |
| Class ID C000017232 | 6.30%                | 1.87%                | -4.05%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1577185.73              | $3690708.20                                |
| Month 2  | $-155764.35              | $1732832.06                                |
| Month 3  | $926693.05               | $-4591261.39                               |

### Schedule of Portfolio Investments

| Name                                | Title                                                                                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Gold.com Inc                        | Gold.com Inc                                                                          | CUSIP: 00181T107<br>LEI: XP6XYFDZQGKLUMOFGT37 | Long             | EC               | CORP              | US        |     23394 | NS      | $937631.52    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| API Group Corp                      | API Group Corp                                                                        | CUSIP: 00187Y100<br>LEI: 213800NZT1VX6PZ7BT53 | Long             | EC               | CORP              | US        |     37128 | NS      | $1504426.56   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Drainage Systems Inc       | Advanced Drainage Systems Inc                                                         | CUSIP: 00790R104<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | EC               | CORP              | US        |      4689 | NS      | $643002.57    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Affiliated Managers Group Inc       | Affiliated Managers Group Inc                                                         | CUSIP: 008252108<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EC               | CORP              | US        |      4563 | NS      | $1262582.10   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Affirm Holdings Inc                 | Affirm Holdings Inc                                                                   | CUSIP: 00827B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6608 | NS      | $302778.56    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Alpha Metallurgical Resources Inc   | Alpha Metallurgical Resources Inc                                                     | CUSIP: 020764106<br>LEI: 254900VEBGZO2PY8R678 | Long             | EC               | CORP              | US        |      2452 | NS      | $503322.04    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Alpine Income Property Trust Inc    | Alpine Income Property Trust Inc                                                      | CUSIP: 02083X103<br>LEI: 254900VQGUBS1J4C4N33 | Long             | EC               |  | US        |     16277 | NS      | $292986.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Midstream Corp               | Antero Midstream Corp                                                                 | CUSIP: 03676B102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51152 | NS      | $1166265.60   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp                            | APA Corp                                                                              | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |     20329 | NS      | $862762.76    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Optoelectronics Inc         | Applied Optoelectronics Inc                                                           | CUSIP: 03823U102<br>LEI: 529900I8U6Q5SYDNLT48 | Long             | EC               | CORP              | US        |      8161 | NS      | $690338.99    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Aramark                             | Aramark                                                                               | CUSIP: 03852U106<br>LEI: 549300MR6PG2DWZUIL39 | Long             | EC               | CORP              | US        |      6387 | NS      | $258928.98    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Armstrong World Industries Inc      | Armstrong World Industries Inc                                                        | CUSIP: 04247X102<br>LEI: KXMRXXOJ88Q45Y45MG74 | Long             | EC               | CORP              | US        |      4115 | NS      | $678152.00    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Assurant Inc                        | Assurant Inc                                                                          | CUSIP: 04621X108<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EC               | CORP              | US        |      1392 | NS      | $303191.52    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoNation Inc                      | AutoNation Inc                                                                        | CUSIP: 05329W102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1957 | NS      | $382123.82    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Avient Corp                         | Avient Corp                                                                           | CUSIP: 05368V106<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | EC               | CORP              | US        |      7767 | NS      | $281942.10    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Avnet Inc                           | Avnet Inc                                                                             | CUSIP: 053807103<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | EC               | CORP              | US        |     21824 | NS      | $1344794.88   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| B&G Foods Inc                       | B&G Foods Inc                                                                         | CUSIP: 05508R106<br>LEI: 549300TRW1LZMDJZAQ78 | Long             | EC               | CORP              | US        |    123245 | NS      | $592808.45    | 0.71%             |  |  |  | No            |                  1 | On Loan: —       |
| Bandwidth Inc                       | Bandwidth Inc                                                                         | CUSIP: 05988J103<br>LEI: 549300QC70JB7MUGXM66 | Long             | EC               | CORP              | US        |     22852 | NS      | $407222.64    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| BXP Inc                             | BXP Inc                                                                               | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               |  | US        |      4739 | NS      | $245954.10    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| CNX Resources Corp                  | CNX Resources Corp                                                                    | CUSIP: 12653C108<br>LEI: 549300JK3KH8PWM3B226 | Long             | EC               | CORP              | US        |      5192 | NS      | $200151.60    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| California Resources Corp           | California Resources Corp                                                             | CUSIP: 13057Q305<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | EC               | CORP              | US        |      8628 | NS      | $597230.16    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                 | DWS Government & Agency Securities Portfolio DWS Government Cash Institutional Shares | CUSIP: 147539670<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   2903925 | NS      | $2903925.00   | 3.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Ciena Corp                          | Ciena Corp                                                                            | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | EC               | CORP              | US        |      5287 | NS      | $2052572.01   | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Coherent Corp                       | Coherent Corp                                                                         | CUSIP: 19247G107<br>LEI: 549300O5C25A0MMHHU33 | Long             | EC               | CORP              | US        |      3133 | NS      | $746311.93    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohu Inc                            | Cohu Inc                                                                              | CUSIP: 192576106<br>LEI: 529900FJPORJ3JJ2XS33 | Long             | EC               | CORP              | US        |     13259 | NS      | $405990.58    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Corebridge Financial Inc            | Corebridge Financial Inc                                                              | CUSIP: 21871X109<br>LEI: 549300XY1661QCIA7J65 | Long             | EC               | CORP              | US        |     17411 | NS      | $415426.46    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Scientific Inc                 | Core Scientific Inc                                                                   | CUSIP: 21874A106<br>LEI: 5299003RGB2LAZ65RK73 | Long             | EC               | CORP              | US        |     24060 | NS      | $359937.60    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Dine Brands Global Inc              | Dine Brands Global Inc                                                                | CUSIP: 254423106<br>LEI: 529900HKM8OWSHLKJY75 | Long             | EC               | CORP              | US        |     12254 | NS      | $321544.96    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Donnelley Financial Solutions Inc   | Donnelley Financial Solutions Inc                                                     | CUSIP: 25787G100<br>LEI: 549300O1NPY4J56QCU04 | Long             | EC               | CORP              | US        |     11817 | NS      | $557053.38    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| EchoStar Corp                       | EchoStar Corp                                                                         | CUSIP: 278768106<br>LEI: 549300EE20907QZ9GT38 | Long             | EC               | CORP              | US        |      8719 | NS      | $1020733.33   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Enact Holdings Inc                  | Enact Holdings Inc                                                                    | CUSIP: 29249E109<br>LEI: 9845003CA5664B741N19 | Long             | EC               | CORP              | US        |     15406 | NS      | $628718.86    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| EnerSys                             | EnerSys                                                                               | CUSIP: 29275Y102<br>LEI: 7ZS3DE5PN30BYUJFWP05 | Long             | EC               | CORP              | US        |      9281 | NS      | $1612295.32   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Evercore Inc                        | Evercore Inc                                                                          | CUSIP: 29977A105<br>LEI: 529900P6KLPT95DW3W58 | Long             | EC               | CORP              | US        |      3073 | NS      | $917321.23    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelixis Inc                        | Exelixis Inc                                                                          | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               | CORP              | US        |      8937 | NS      | $383307.93    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| FTI Consulting Inc                  | FTI Consulting Inc                                                                    | CUSIP: 302941109<br>LEI: 549300K17GM8EQD0FQ48 | Long             | EC               | CORP              | US        |      2448 | NS      | $432732.96    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| First BanCorp/Puerto Rico           | First BanCorp/Puerto Rico                                                             | CUSIP: 318672706<br>LEI: N/A                  | Long             | EC               | CORP              | PR        |     72190 | NS      | $1541978.40   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Corp                | First Financial Corp                                                                  | CUSIP: 320218100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10822 | NS      | $683950.40    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Covey Co                   | Franklin Covey Co                                                                     | CUSIP: 353469109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19290 | NS      | $304589.10    | 0.37%             |  |  |  | No            |                  1 | On Loan: —       |
| Freshpet Inc                        | Freshpet Inc                                                                          | CUSIP: 358039105<br>LEI: 549300S4ZK8ZQ6HNPN59 | Long             | EC               | CORP              | US        |      5321 | NS      | $313726.16    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Frontier Group Holdings Inc         | Frontier Group Holdings Inc                                                           | CUSIP: 35909R108<br>LEI: 549300DT3Y2BHO6G7T02 | Long             | EC               | CORP              | US        |    105439 | NS      | $372199.67    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties Inc   | Gaming and Leisure Properties Inc                                                     | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               |  | US        |     31688 | NS      | $1405996.56   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Gap Inc/The                         | Gap Inc/The                                                                           | CUSIP: 364760108<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | EC               | CORP              | US        |     37411 | NS      | $905346.20    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Gladstone Land Corp                 | Gladstone Land Corp                                                                   | CUSIP: 376549101<br>LEI: 54930002B3Q17H38FG74 | Long             | EC               |  | US        |     33319 | NS      | $339853.80    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Net Lease Inc                | Global Net Lease Inc                                                                  | CUSIP: 379378201<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EC               |  | US        |     85680 | NS      | $801964.80    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Globe Life Inc                      | Globe Life Inc                                                                        | CUSIP: 37959E102<br>LEI: 5493001JFHKQOPP6XA71 | Long             | EC               | CORP              | US        |      1900 | NS      | $264423.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Group 1 Automotive Inc              | Group 1 Automotive Inc                                                                | CUSIP: 398905109<br>LEI: 549300US8QAZJLWYAF63 | Long             | EC               | CORP              | US        |       829 | NS      | $274092.27    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Hancock Whitney Corp                | Hancock Whitney Corp                                                                  | CUSIP: 410120109<br>LEI: 549300GRNBWY8HIICT41 | Long             | EC               | CORP              | US        |     22937 | NS      | $1458563.83   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Hasbro Inc                          | Hasbro Inc                                                                            | CUSIP: 418056107<br>LEI: 549300NUB6D2R1ITYR45 | Long             | EC               | CORP              | US        |     10105 | NS      | $945828.00    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Realty Trust Inc         | Healthcare Realty Trust Inc                                                           | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Long             | EC               |  | US        |     32819 | NS      | $557594.81    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilltop Holdings Inc                | Hilltop Holdings Inc                                                                  | CUSIP: 432748101<br>LEI: 54930010TA543US0PM65 | Long             | EC               | CORP              | US        |     15395 | NS      | $551448.90    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Ingalls Industries Inc   | Huntington Ingalls Industries Inc                                                     | CUSIP: 446413106<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | EC               | CORP              | US        |      4609 | NS      | $1750959.10   | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Hut 8 Corp                          | Hut 8 Corp                                                                            | CUSIP: 44812J104<br>LEI: 98450066FEF9C1D3FC20 | Long             | EC               | CORP              | US        |     15629 | NS      | $733156.39    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| ICF International Inc               | ICF International Inc                                                                 | CUSIP: 44925C103<br>LEI: 5493003KYFDDC5B3WY64 | Long             | EC               | CORP              | US        |      5904 | NS      | $385472.16    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| IDACORP Inc                         | IDACORP Inc                                                                           | CUSIP: 451107106<br>LEI: N134NUJDWN8UEFA8B673 | Long             | EC               | CORP              | US        |      8688 | NS      | $1242123.36   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Innovex International Inc           | Innovex International Inc                                                             | CUSIP: 457651107<br>LEI: 5299007REICYIJNMW197 | Long             | EC               | CORP              | US        |     16949 | NS      | $413386.11    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Ionis Pharmaceuticals Inc           | Ionis Pharmaceuticals Inc                                                             | CUSIP: 462222100<br>LEI: 549300SI4ZGLG0BLUZ92 | Long             | EC               | CORP              | US        |     12600 | NS      | $946134.00    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Itron Inc                           | Itron Inc                                                                             | CUSIP: 465741106<br>LEI: 24F6LSZD18II6ICG6S41 | Long             | EC               | CORP              | US        |      9251 | NS      | $829167.13    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Kirby Corp                          | Kirby Corp                                                                            | CUSIP: 497266106<br>LEI: I7NO6FZO5GUCG585T325 | Long             | EC               | CORP              | US        |      3779 | NS      | $502153.52    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Korn Ferry                          | Korn Ferry                                                                            | CUSIP: 500643200<br>LEI: 549300FOD20OM0GT5G40 | Long             | EC               | CORP              | US        |     10974 | NS      | $690813.30    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamb Weston Holdings Inc            | Lamb Weston Holdings Inc                                                              | CUSIP: 513272104<br>LEI: 5493005SMYID1D2OY946 | Long             | EC               | CORP              | US        |      8133 | NS      | $343700.58    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Landstar System Inc                 | Landstar System Inc                                                                   | CUSIP: 515098101<br>LEI: 254900CUQXQRL09MEI52 | Long             | EC               | CORP              | US        |      2321 | NS      | $372079.51    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Ligand Pharmaceuticals Inc          | Ligand Pharmaceuticals Inc                                                            | CUSIP: 53220K504<br>LEI: 5493008K7TB0IKP37H79 | Long             | EC               | CORP              | US        |      4631 | NS      | $924579.15    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp                | MGIC Investment Corp                                                                  | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |     22988 | NS      | $603435.00    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| MGP Ingredients Inc                 | MGP Ingredients Inc                                                                   | CUSIP: 55303J106<br>LEI: 2549006OMHFVZ4MS8538 | Long             | EC               | CORP              | US        |     20364 | NS      | $374493.96    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| MARA Holdings Inc                   | MARA Holdings Inc                                                                     | CUSIP: 565788106<br>LEI: 549300M8ISKPTX2W7F94 | Long             | EC               | CORP              | US        |     28577 | NS      | $233188.32    | 0.28%             |  |  |  | No            |                  1 | On Loan: —       |
| MasTec Inc                          | MasTec Inc                                                                            | CUSIP: 576323109<br>LEI: 549300TMDIT8WREDOF45 | Long             | EC               | CORP              | US        |      3468 | NS      | $1115794.32   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Mister Car Wash Inc                 | Mister Car Wash Inc                                                                   | CUSIP: 60646V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     54189 | NS      | $377697.33    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| NMI Holdings Inc                    | NMI Holdings Inc                                                                      | CUSIP: 629209305<br>LEI: 529900KNNGFXJX1C3Z08 | Long             | EC               | CORP              | US        |      5772 | NS      | $216507.72    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Navan Inc                           | Navan Inc                                                                             | CUSIP: 639193101<br>LEI: 254900RHRK35UPHTGY05 | Long             | EC               | CORP              | US        |     35526 | NS      | $470364.24    | 0.56%             |  |  |  | No            |                  1 | On Loan: —       |
| Rithm Capital Corp                  | Rithm Capital Corp                                                                    | CUSIP: 64828T201<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EC               |  | US        |     73146 | NS      | $693424.08    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| DNOW Inc                            | DNOW Inc                                                                              | CUSIP: 67011P100<br>LEI: 549300AVH5SOCFVVDW91 | Long             | EC               | CORP              | US        |     23639 | NS      | $281540.49    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Ollie's Bargain Outlet Holdings Inc | Ollie's Bargain Outlet Holdings Inc                                                   | CUSIP: 681116109<br>LEI: 529900YO5DSQCPEFDZ05 | Long             | EC               | CORP              | US        |      9135 | NS      | $840785.40    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Omega Healthcare Investors Inc      | Omega Healthcare Investors Inc                                                        | CUSIP: 681936100<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | EC               |  | US        |     23952 | NS      | $1049576.64   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| ONE Gas Inc                         | ONE Gas Inc                                                                           | CUSIP: 68235P108<br>LEI: 549300HXDWI0LATTX840 | Long             | EC               | CORP              | US        |      5421 | NS      | $466910.73    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Onto Innovation Inc                 | Onto Innovation Inc                                                                   | CUSIP: 683344105<br>LEI: 254900RXZVN73CHOO062 | Long             | EC               | CORP              | US        |      1733 | NS      | $355386.31    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Otter Tail Corp                     | Otter Tail Corp                                                                       | CUSIP: 689648103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5243 | NS      | $460178.11    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Owens Corning                       | Owens Corning                                                                         | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |      7827 | NS      | $847037.94    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Resources Corp              | Permian Resources Corp                                                                | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |     63340 | NS      | $1350408.80   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Phoenix Education Partners Inc      | Phoenix Education Partners Inc                                                        | CUSIP: 718968100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7873 | NS      | $247684.58    | 0.30%             |  |  |  | No            |                  1 | On Loan: —       |
| Portland General Electric Co        | Portland General Electric Co                                                          | CUSIP: 736508847<br>LEI: GJOUP9M7C39GLSK9R870 | Long             | EC               | CORP              | US        |      9901 | NS      | $522475.77    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Powerfleet Inc NJ                   | Powerfleet Inc NJ                                                                     | CUSIP: 73931J109<br>LEI: 2549007NKEFPYEH4MF81 | Long             | EC               | CORP              | US        |    107822 | NS      | $332091.76    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| RLI Corp                            | RLI Corp                                                                              | CUSIP: 749607107<br>LEI: 529900AMTJE5ECN9PS55 | Long             | EC               | CORP              | US        |      7731 | NS      | $440976.24    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| RPM International Inc               | RPM International Inc                                                                 | CUSIP: 749685103<br>LEI: 549300TJCKW4BRXPJ474 | Long             | EC               | CORP              | US        |      6512 | NS      | $647292.80    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| RXO Inc                             | RXO Inc                                                                               | CUSIP: 74982T103<br>LEI: 549300KL8CA6GP8XPM30 | Long             | EC               | CORP              | US        |     24624 | NS      | $360002.88    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Radian Group Inc                    | Radian Group Inc                                                                      | CUSIP: 750236101<br>LEI: 54930005OUP720S5U385 | Long             | EC               | CORP              | US        |     23178 | NS      | $766728.24    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Ralph Lauren Corp                   | Ralph Lauren Corp                                                                     | CUSIP: 751212101<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | EC               | CORP              | US        |      3376 | NS      | $1161310.24   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Ranpak Holdings Corp                | Ranpak Holdings Corp                                                                  | CUSIP: 75321W103<br>LEI: 5493000Z9EZR9DCYOO86 | Long             | EC               | CORP              | US        |     84652 | NS      | $302207.64    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Rayonier Inc                        | Rayonier Inc                                                                          | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               |  | US        |     18006 | NS      | $371283.72    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Inc                        | Reliance Inc                                                                          | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |      3259 | NS      | $990475.28    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Resolute Holdings Management Inc    | Resolute Holdings Management Inc                                                      | CUSIP: 76134H101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1450 | NS      | $235335.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: —       |
| Revolution Medicines Inc            | Revolution Medicines Inc                                                              | CUSIP: 76155X100<br>LEI: 549300JU3X0LBCQ65892 | Long             | EC               | CORP              | US        |     19994 | NS      | $1944416.50   | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Riot Platforms Inc                  | Riot Platforms Inc                                                                    | CUSIP: 767292105<br>LEI: 5299005LKZAJQDQZDF73 | Long             | EC               | CORP              | US        |     36499 | NS      | $451127.64    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Gold Inc                      | Royal Gold Inc                                                                        | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |      2441 | NS      | $621210.09    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Safehold Inc                        | Safehold Inc                                                                          | CUSIP: 78646V107<br>LEI: QFFLKWYYS3UPWD86E794 | Long             | EC               |  | US        |     28878 | NS      | $390719.34    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| SailPoint Inc                       | SailPoint Inc                                                                         | CUSIP: 78781J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16414 | NS      | $217321.36    | 0.26%             |  |  |  | No            |                  1 | On Loan: —       |
| Seaboard Corp                       | Seaboard Corp                                                                         | CUSIP: 811543107<br>LEI: 87Q3KOXT29OW9W9YPT70 | Long             | EC               | CORP              | US        |       119 | NS      | $672828.38    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Simply Good Foods Co/The            | Simply Good Foods Co/The                                                              | CUSIP: 82900L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23349 | NS      | $335058.15    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| SkyWest Inc                         | SkyWest Inc                                                                           | CUSIP: 830879102<br>LEI: 529900UYS2KGS6Z42P09 | Long             | EC               | CORP              | US        |      2175 | NS      | $199730.25    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| SoFi Technologies Inc               | SoFi Technologies Inc                                                                 | CUSIP: 83406F102<br>LEI: 549300SW81JCMVZDDY09 | Long             | EC               | CORP              | US        |     22561 | NS      | $358268.68    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonoco Products Co                  | Sonoco Products Co                                                                    | CUSIP: 835495102<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | EC               | CORP              | US        |      5051 | NS      | $273208.59    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| STAG Industrial Inc                 | STAG Industrial Inc                                                                   | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               |  | US        |     33727 | NS      | $1216195.62   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| TD SYNNEX Corp                      | TD SYNNEX Corp                                                                        | CUSIP: 87162W100<br>LEI: 5493004HI6PFLF46NS53 | Long             | EC               | CORP              | US        |      3778 | NS      | $637386.38    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Talos Energy Inc                    | Talos Energy Inc                                                                      | CUSIP: 87484T108<br>LEI: 549300OKFHZ84SFJFT95 | Long             | EC               | CORP              | US        |     25708 | NS      | $405158.08    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Travel + Leisure Co                 | Travel + Leisure Co                                                                   | CUSIP: 894164102<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | EC               | CORP              | US        |     10326 | NS      | $714455.94    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA TREEHOUSE FOODS              | CONTRA TREEHOUSE FOODS                                                                | CUSIP: 894CVR018<br>LEI: 5493007M7EVHE470Q576 | Long             |  |  | US        |     37097 | NS      | $71597.21     | 0.09%             |  |  |  | No            |                  3 | On Loan: No      |
| Triumph Financial Inc               | Triumph Financial Inc                                                                 | CUSIP: 89679E300<br>LEI: 5493003RNRMEVYDZ1Q52 | Long             | EC               | CORP              | US        |      6920 | NS      | $412847.20    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Tutor Perini Corp                   | Tutor Perini Corp                                                                     | CUSIP: 901109108<br>LEI: 549300FHXYVPW8LJ6D98 | Long             | EC               | CORP              | US        |      6148 | NS      | $474564.12    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| UGI Corp                            | UGI Corp                                                                              | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |     25316 | NS      | $922008.72    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB Financial Corp                  | UMB Financial Corp                                                                    | CUSIP: 902788108<br>LEI: 549300MGEH3N3CUCV828 | Long             | EC               | CORP              | US        |     14029 | NS      | $1582330.91   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| United Therapeutics Corp            | United Therapeutics Corp                                                              | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |      1253 | NS      | $743003.94    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Corp/VA                   | Universal Corp/VA                                                                     | CUSIP: 913456109<br>LEI: 549300BZXZ66F6DTIF20 | Long             | EC               | CORP              | US        |      4119 | NS      | $217071.30    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Viasat Inc                          | Viasat Inc                                                                            | CUSIP: 92552V100<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | EC               | CORP              | US        |      6206 | NS      | $284234.80    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| W&T Offshore Inc                    | W&T Offshore Inc                                                                      | CUSIP: 92922P106<br>LEI: 549300Q7EOY2YIO3YK85 | Long             | EC               | CORP              | US        |    140916 | NS      | $480523.56    | 0.58%             |  |  |  | No            |                  1 | On Loan: —       |
| Willdan Group Inc                   | Willdan Group Inc                                                                     | CUSIP: 96924N100<br>LEI: 529900YQO0LF5VAEKN05 | Long             | EC               | CORP              | US        |      4632 | NS      | $354625.92    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Winmark Corp                        | Winmark Corp                                                                          | CUSIP: 974250102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       923 | NS      | $394628.65    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Worthington Enterprises Inc         | Worthington Enterprises Inc                                                           | CUSIP: 981811102<br>LEI: 1WRCIANKYOIK6KYE5E82 | Long             | EC               | CORP              | US        |     13482 | NS      | $702951.48    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                 | DWS Central Cash Management Government Fund                                           | CUSIP: 25160K306<br>LEI: 5493003GD84DGSXJ7618 | Long             | STIV             | RF                | US        |    462497 | NS      | $462496.55    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Worthington Steel Inc               | Worthington Steel Inc                                                                 | CUSIP: 982104101<br>LEI: 2549009ZUUWL3QLK6G24 | Long             | EC               | CORP              | US        |     17467 | NS      | $530123.45    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Wynn Resorts Ltd                    | Wynn Resorts Ltd                                                                      | CUSIP: 983134107<br>LEI: 254900CEKKWIHTEAB172 | Long             | EC               | CORP              | US        |      6154 | NS      | $624938.70    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellium SE                      | Constellium SE                                                                        | CUSIP: 000000000<br>LEI: 724500KRJEMC79KAAU28 | Long             | EC               | CORP              | FR        |     30767 | NS      | $756252.86    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Bit Digital Inc                     | Bit Digital Inc                                                                       | CUSIP: 000000000<br>LEI: 2549005XLPRWS7HWCM31 | Long             | EC               | CORP              | KY        |    166162 | NS      | $217672.22    | 0.26%             |  |  |  | No            |                  1 | On Loan: —       |
| Essent Group Ltd                    | Essent Group Ltd                                                                      | CUSIP: 000000000<br>LEI: 254900QUO860OUT6ZF83 | Long             | EC               | CORP              | BM        |      7046 | NS      | $411768.24    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Group Ltd                   | Everest Group Ltd                                                                     | CUSIP: 000000000<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | BM        |      1810 | NS      | $591598.50    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Weatherford International PLC       | Weatherford International PLC                                                         | CUSIP: 000000000<br>LEI: 529900LPBDSCQDJKHQ39 | Long             | EC               | CORP              | IE        |      4685 | NS      | $443107.30    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Ltd                         | Invesco Ltd                                                                           | CUSIP: 000000000<br>LEI: ECPGFXU8A2SHKVVGJI15 | Long             | EC               | CORP              | BM        |     23034 | NS      | $559495.86    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Jazz Pharmaceuticals PLC            | Jazz Pharmaceuticals PLC                                                              | CUSIP: 000000000<br>LEI: 635400GAUMJCLEZRRV50 | Long             | EC               | CORP              | IE        |      7671 | NS      | $1450202.55   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Global Ltd                  | Liberty Global Ltd                                                                    | CUSIP: 000000000<br>LEI: 213800HRMKKTYH7SKA24 | Long             | EC               | CORP              | BM        |     27347 | NS      | $320780.31    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| nVent Electric PLC                  | nVent Electric PLC                                                                    | CUSIP: 000000000<br>LEI: 254900LK60A9DK5W5N81 | Long             | EC               | CORP              | IE        |      7763 | NS      | $918207.64    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Sensata Technologies Holding PLC    | Sensata Technologies Holding PLC                                                      | CUSIP: 000000000<br>LEI: 529900MS7KFYCY9MS037 | Long             | EC               | CORP              | GB        |     35616 | NS      | $1254395.52   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Latin America Ltd           | Liberty Latin America Ltd                                                             | CUSIP: 000000000<br>LEI: 213800YWQHEAX7CAVO83 | Long             | EC               | CORP              | BM        |     46197 | NS      | $399142.08    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Diane Kenneally

**Name of Signer:** Diane Kenneally

**Title:** Treasurer and Chief Financial Officer