# EDGAR Filing Document

**Accession Number:** 0000810573
**File Stem:** 0001410368-25-032266
**Filing Date:** 2025-11
**Character Count:** 73656
**Document Hash:** 9d7bdc894d0e620d4d81e5305783399a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-032266.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001410368-25-032266

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**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:** 251526201

**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 September 30, 2025 (Unaudited)** 

**DWS Small Mid Cap Value VIP** 

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value ($)** |
| **Common Stocks 99.4%** | **Common Stocks 99.4%** |  |
| **Communication Services 3.5%** | **Communication Services 3.5%** |  |
| **Diversified Telecommunication Services 0.4%** | **Diversified Telecommunication Services 0.4%** |  |
| Liberty Global Ltd. "C"\* | 27434 | &nbsp;&nbsp; **322349** |
| **Media 3.1%** | **Media 3.1%** |  |
| EchoStar Corp. "A"\*  | 12434 | &nbsp;&nbsp; 949460 |
| Interpublic Group of Companies, Inc.  | 46093 | &nbsp;&nbsp; 1286456 |
| National CineMedia, Inc. (a) | 83759 | &nbsp;&nbsp; 377753 |
|  |  | &nbsp;&nbsp; **2613669** |
| **Consumer Discretionary 12.3%** | **Consumer Discretionary 12.3%** |  |
| **Automobile Components 0.3%** | **Automobile Components 0.3%** |  |
| Luminar Technologies, Inc.\* (a) | 124134 | &nbsp;&nbsp; **237096** |
| **Automobiles 0.7%** | **Automobiles 0.7%** |  |
| Faraday Future Intelligent Electric, Inc.\* (a) | 100518 | &nbsp;&nbsp; 130674 |
| Lucid Group, Inc.\* (a) | 11432 | &nbsp;&nbsp; 271967 |
| Rivian Automotive, Inc. "A"\* (a) | 14090 | &nbsp;&nbsp; 206841 |
|  |  | &nbsp;&nbsp; **609482** |
| **Broadline Retail 1.4%** | **Broadline Retail 1.4%** |  |
| Ollie's Bargain Outlet Holdings, Inc.\* | 9164 | &nbsp;&nbsp; **1176657** |
| **Distributors 0.7%** | **Distributors 0.7%** |  |
| A-Mark Precious Metals, Inc. | 23469 | &nbsp;&nbsp; **607143** |
| **Diversified Consumer Services 0.7%** | **Diversified Consumer Services 0.7%** |  |
| ADT, Inc.  | 23919 | &nbsp;&nbsp; 208335 |
| Mister Car Wash, Inc.\*  | 71610 | &nbsp;&nbsp; 381681 |
|  |  | &nbsp;&nbsp; **590016** |
| **Hotels, Restaurants & Leisure 2.1%** | **Hotels, Restaurants & Leisure 2.1%** |  |
| Aramark  | 13381 | &nbsp;&nbsp; 513830 |
| Dine Brands Global, Inc. (a) | 8990 | &nbsp;&nbsp; 222233 |
| Global Business Travel Group, Inc.\* (a) | 25649 | &nbsp;&nbsp; 207244 |
| Norwegian Cruise Line Holdings Ltd.\*  | 8070 | &nbsp;&nbsp; 198764 |
| Pursuit Attractions & Hospitality, Inc.\*  | 5516 | &nbsp;&nbsp; 199569 |
| Travel & Leisure Co.  | 3277 | &nbsp;&nbsp; 194949 |
| Wynn Resorts Ltd.  | 1629 | &nbsp;&nbsp; 208952 |
|  |  | &nbsp;&nbsp; **1745541** |
| **Household Durables 0.5%** | **Household Durables 0.5%** |  |
| Century Communities, Inc. | 6358 | &nbsp;&nbsp; **402906** |
| **Leisure Products 0.9%** | **Leisure Products 0.9%** |  |
| Hasbro, Inc. | 10137 | &nbsp;&nbsp; **768891** |
| **Specialty Retail 3.7%** | **Specialty Retail 3.7%** |  |
| AutoNation, Inc.\*  | 1963 | &nbsp;&nbsp; 429446 |
| Carvana Co.\*  | 1579 | &nbsp;&nbsp; 595662 |

---

------

---

| | | |
|:---|:---|:---|
| Gap, Inc.  | 37531 | &nbsp;&nbsp; 802788 |
| Group 1 Automotive, Inc.  | 832 | &nbsp;&nbsp; 364008 |
| Penske Automotive Group, Inc.  | 2257 | &nbsp;&nbsp; 392515 |
| Winmark Corp.  | 926 | &nbsp;&nbsp; 460935 |
|  |  | &nbsp;&nbsp; **3045354** |
| **Textiles, Apparel & Luxury Goods 1.3%** | **Textiles, Apparel & Luxury Goods 1.3%** |  |
| Ralph Lauren Corp. | 3387 | &nbsp;&nbsp; **1062028** |
| **Consumer Staples 2.9%** | **Consumer Staples 2.9%** |  |
| **Beverages 0.4%** | **Beverages 0.4%** |  |
| MGP Ingredients, Inc. | 12426 | &nbsp;&nbsp; **300585** |
| **Food Products 2.1%** | **Food Products 2.1%** |  |
| Cal-Maine Foods, Inc.  | 7561 | &nbsp;&nbsp; 711490 |
| Ingredion, Inc.  | 6544 | &nbsp;&nbsp; 799088 |
| Lamb Weston Holdings, Inc.  | 4782 | &nbsp;&nbsp; 277738 |
|  |  | &nbsp;&nbsp; **1788316** |
| **Personal Care Products 0.4%** | **Personal Care Products 0.4%** |  |
| Coty, Inc. "A"\* | 80265 | &nbsp;&nbsp; **324271** |
| **Energy 4.6%** | **Energy 4.6%** |  |
| **Energy Equipment & Services 1.7%** | **Energy Equipment & Services 1.7%** |  |
| Helmerich & Payne, Inc.  | 19932 | &nbsp;&nbsp; 440298 |
| Solaris Energy Infrastructure, Inc.  | 23399 | &nbsp;&nbsp; 935258 |
|  |  | &nbsp;&nbsp; **1375556** |
| **Oil, Gas & Consumable Fuels 2.9%** | **Oil, Gas & Consumable Fuels 2.9%** |  |
| Antero Midstream Corp.  | 51317 | &nbsp;&nbsp; 997602 |
| Permian Resources Corp.  | 63546 | &nbsp;&nbsp; 813389 |
| Range Resources Corp.  | 16118 | &nbsp;&nbsp; 606682 |
|  |  | &nbsp;&nbsp; **2417673** |
| **Financials 21.7%** | **Financials 21.7%** |  |
| **Banks 8.7%** | **Banks 8.7%** |  |
| BankUnited, Inc.  | 15117 | &nbsp;&nbsp; 576865 |
| BOK Financial Corp.  | 1930 | &nbsp;&nbsp; 215079 |
| Columbia Banking System, Inc.  | 8302 | &nbsp;&nbsp; 213693 |
| First BanCorp.  | 72426 | &nbsp;&nbsp; 1596993 |
| First Financial Corp.  | 10857 | &nbsp;&nbsp; 612769 |
| Hancock Whitney Corp.  | 23010 | &nbsp;&nbsp; 1440656 |
| Hilltop Holdings, Inc.  | 15444 | &nbsp;&nbsp; 516139 |
| Triumph Financial, Inc.\*  | 6942 | &nbsp;&nbsp; 347378 |
| UMB Financial Corp.  | 14074 | &nbsp;&nbsp; 1665658 |
|  |  | &nbsp;&nbsp; **7185230** |
| **Capital Markets 3.9%** | **Capital Markets 3.9%** |  |
| Affiliated Managers Group, Inc.  | 4578 | &nbsp;&nbsp; 1091532 |
| Donnelley Financial Solutions, Inc.\*  | 11855 | &nbsp;&nbsp; 609703 |
| Evercore, Inc. "A"  | 3083 | &nbsp;&nbsp; 1039958 |
| Invesco Ltd.  | 23108 | &nbsp;&nbsp; 530097 |
|  |  | &nbsp;&nbsp; **3271290** |
| **Consumer Finance 0.7%** | **Consumer Finance 0.7%** |  |
| SoFi Technologies, Inc.\* | 22633 | &nbsp;&nbsp; **597964** |
| **Financial Services 4.9%** | **Financial Services 4.9%** |  |
| Affirm Holdings, Inc.\*  | 9880 | &nbsp;&nbsp; 722030 |
| Corebridge Financial, Inc.  | 17467 | &nbsp;&nbsp; 559817 |

---

------

---

| | | |
|:---|:---|:---|
| Enact Holdings, Inc.  | 15455 | &nbsp;&nbsp; 592545 |
| Essent Group Ltd.  | 7068 | &nbsp;&nbsp; 449242 |
| MGIC Investment Corp.  | 23061 | &nbsp;&nbsp; 654241 |
| NMI Holdings, Inc.\*  | 5790 | &nbsp;&nbsp; 221989 |
| Radian Group, Inc.  | 23252 | &nbsp;&nbsp; 842187 |
|  |  | &nbsp;&nbsp; **4042051** |
| **Insurance 2.5%** | **Insurance 2.5%** |  |
| Assurant, Inc.  | 2930 | &nbsp;&nbsp; 634638 |
| Everest Group Ltd.  | 1816 | &nbsp;&nbsp; 636018 |
| Globe Life, Inc.  | 1906 | &nbsp;&nbsp; 272501 |
| RLI Corp.  | 7756 | &nbsp;&nbsp; 505846 |
|  |  | &nbsp;&nbsp; **2049003** |
| **Mortgage Real Estate Investment Trusts (REITs) 1.0%** | **Mortgage Real Estate Investment Trusts (REITs) 1.0%** |  |
| Rithm Capital Corp.  | 73386 | &nbsp;&nbsp; **835867** |
| **Health Care 7.6%** | **Health Care 7.6%** |  |
| **Biotechnology 4.2%** | **Biotechnology 4.2%** |  |
| Exact Sciences Corp.\*  | 7576 | &nbsp;&nbsp; 414483 |
| Exelixis, Inc.\*  | 8966 | &nbsp;&nbsp; 370296 |
| Ionis Pharmaceuticals, Inc.\*  | 12640 | &nbsp;&nbsp; 826909 |
| Revolution Medicines, Inc.\*  | 23715 | &nbsp;&nbsp; 1107491 |
| United Therapeutics Corp.\*  | 1892 | &nbsp;&nbsp; 793145 |
|  |  | &nbsp;&nbsp; **3512324** |
| **Pharmaceuticals 3.4%** | **Pharmaceuticals 3.4%** |  |
| Jazz Pharmaceuticals PLC\*  | 7695 | &nbsp;&nbsp; 1014201 |
| Ligand Pharmaceuticals, Inc.\*  | 10166 | &nbsp;&nbsp; 1800805 |
|  |  | &nbsp;&nbsp; **2815006** |
| **Industrials 18.8%** | **Industrials 18.8%** |  |
| **Aerospace & Defense 1.8%** | **Aerospace & Defense 1.8%** |  |
| Huntington Ingalls Industries, Inc. | 5182 | &nbsp;&nbsp; **1491950** |
| **Air Freight & Logistics 0.2%** | **Air Freight & Logistics 0.2%** |  |
| Forward Air Corp.\* | 7278 | &nbsp;&nbsp; **186608** |
| **Building Products 3.1%** | **Building Products 3.1%** |  |
| Advanced Drainage Systems, Inc. (a) | 4704 | &nbsp;&nbsp; 652444 |
| Armstrong World Industries, Inc.  | 4128 | &nbsp;&nbsp; 809129 |
| Owens Corning  | 7852 | &nbsp;&nbsp; 1110744 |
|  |  | &nbsp;&nbsp; **2572317** |
| **Construction & Engineering 4.2%** | **Construction & Engineering 4.2%** |  |
| API Group Corp.\*  | 37248 | &nbsp;&nbsp; 1280214 |
| MasTec, Inc.\*  | 6701 | &nbsp;&nbsp; 1426040 |
| Tutor Perini Corp.\*  | 12023 | &nbsp;&nbsp; 788588 |
|  |  | &nbsp;&nbsp; **3494842** |
| **Electrical Equipment 5.8%** | **Electrical Equipment 5.8%** |  |
| Acuity, Inc.  | 3629 | &nbsp;&nbsp; 1249791 |
| EnerSys  | 14839 | &nbsp;&nbsp; 1676214 |
| nVent Electric PLC  | 7788 | &nbsp;&nbsp; 768208 |
| Sensata Technologies Holding PLC  | 35731 | &nbsp;&nbsp; 1091582 |
|  |  | &nbsp;&nbsp; **4785795** |
| **Ground Transportation 1.0%** | **Ground Transportation 1.0%** |  |
| RXO, Inc.\*  | 24703 | &nbsp;&nbsp; 379932 |
| U-Haul Holding Co.\* (a) | 8310 | &nbsp;&nbsp; 474252 |
|  |  | &nbsp;&nbsp; **854184** |

---

------

---

| | | |
|:---|:---|:---|
| **Machinery 1.3%** | **Machinery 1.3%** |  |
| Hillenbrand, Inc.  | 12072 | &nbsp;&nbsp; 326427 |
| Worthington Enterprises, Inc.  | 13525 | &nbsp;&nbsp; 750502 |
|  |  | &nbsp;&nbsp; **1076929** |
| **Marine Transportation 0.4%** | **Marine Transportation 0.4%** |  |
| Kirby Corp.\* | 3791 | &nbsp;&nbsp; **316359** |
| **Passenger Airlines 0.6%** | **Passenger Airlines 0.6%** |  |
| Frontier Group Holdings, Inc.\*  | 51645 | &nbsp;&nbsp; 228013 |
| JetBlue Airways Corp.\*  | 45127 | &nbsp;&nbsp; 222025 |
|  |  | &nbsp;&nbsp; **450038** |
| **Trading Companies & Distributors 0.4%** | **Trading Companies & Distributors 0.4%** |  |
| DNOW, Inc.\* | 23714 | &nbsp;&nbsp; **361638** |
| **Information Technology 9.4%** | **Information Technology 9.4%** |  |
| **Communications Equipment 1.0%** | **Communications Equipment 1.0%** |  |
| Ciena Corp.\* | 5304 | &nbsp;&nbsp; **772634** |
| **Electronic Equipment, Instruments & Components 3.8%** | **Electronic Equipment, Instruments & Components 3.8%** |  |
| Avnet, Inc.  | 21894 | &nbsp;&nbsp; 1144618 |
| Itron, Inc.\*  | 9281 | &nbsp;&nbsp; 1156041 |
| Powerfleet, Inc. NJ\*  | 46358 | &nbsp;&nbsp; 242916 |
| TD SYNNEX Corp.  | 3790 | &nbsp;&nbsp; 620613 |
|  |  | &nbsp;&nbsp; **3164188** |
| **Semiconductors & Semiconductor Equipment 0.3%** | **Semiconductors & Semiconductor Equipment 0.3%** |  |
| Cohu, Inc.\* | 13301 | &nbsp;&nbsp; **270409** |
| **Software 4.3%** | **Software 4.3%** |  |
| Bit Digital, Inc.\* (a) | 166705 | &nbsp;&nbsp; 500115 |
| Core Scientific, Inc.\*  | 24137 | &nbsp;&nbsp; 433018 |
| Hut 8 Corp.\*  | 15679 | &nbsp;&nbsp; 545786 |
| MARA Holdings, Inc.\* (a) | 28668 | &nbsp;&nbsp; 523478 |
| Riot Platforms, Inc.\*  | 36617 | &nbsp;&nbsp; 696821 |
| SailPoint, Inc.\* (a) | 16466 | &nbsp;&nbsp; 363569 |
| Verint Systems, Inc.\*  | 25964 | &nbsp;&nbsp; 525771 |
|  |  | &nbsp;&nbsp; **3588558** |
| **Materials 5.7%** | **Materials 5.7%** |  |
| **Chemicals 1.2%** | **Chemicals 1.2%** |  |
| Avient Corp.  | 7792 | &nbsp;&nbsp; 256747 |
| RPM International, Inc.  | 6533 | &nbsp;&nbsp; 770110 |
|  |  | &nbsp;&nbsp; **1026857** |
| **Containers & Packaging 1.0%** | **Containers & Packaging 1.0%** |  |
| Graphic Packaging Holding Co. | 41499 | &nbsp;&nbsp; **812135** |
| **Metals & Mining 3.5%** | **Metals & Mining 3.5%** |  |
| Commercial Metals Co.  | 6535 | &nbsp;&nbsp; 374325 |
| Materion Corp.  | 5107 | &nbsp;&nbsp; 616977 |
| Reliance, Inc.  | 3269 | &nbsp;&nbsp; 918033 |
| Royal Gold, Inc.  | 2449 | &nbsp;&nbsp; 491220 |
| Worthington Steel, Inc.  | 17523 | &nbsp;&nbsp; 532524 |
|  |  | &nbsp;&nbsp; **2933079** |

---

------

---

| | | |
|:---|:---|:---|
| **Real Estate 8.6%** | **Real Estate 8.6%** |  |
| **Diversified REITs 1.1%** | **Diversified REITs 1.1%** |  |
| Alpine Income Property Trust, Inc.  | 16329 | &nbsp;&nbsp; 231382 |
| Global Net Lease, Inc.  | 85963 | &nbsp;&nbsp; 698879 |
|  |  | &nbsp;&nbsp; **930261** |
| **Health Care REITs 1.9%** | **Health Care REITs 1.9%** |  |
| Healthcare Realty Trust, Inc.  | 32924 | &nbsp;&nbsp; 593620 |
| Omega Healthcare Investors, Inc.  | 24028 | &nbsp;&nbsp; 1014462 |
|  |  | &nbsp;&nbsp; **1608082** |
| **Industrial REITs 1.5%** | **Industrial REITs 1.5%** |  |
| STAG Industrial, Inc.  | 33835 | &nbsp;&nbsp; **1194037** |
| **Office REITs 0.4%** | **Office REITs 0.4%** |  |
| BXP, Inc.  | 4754 | &nbsp;&nbsp; **353412** |
| **Real Estate Management & Development 0.8%** | **Real Estate Management & Development 0.8%** |  |
| Douglas Elliman, Inc.\*  | 86931 | &nbsp;&nbsp; 248623 |
| The RMR Group, Inc. "A"  | 23215 | &nbsp;&nbsp; 365172 |
|  |  | &nbsp;&nbsp; **613795** |
| **Specialized REITs 2.9%** | **Specialized REITs 2.9%** |  |
| Gaming and Leisure Properties, Inc.  | 31789 | &nbsp;&nbsp; 1481685 |
| Gladstone Land Corp. (a) | 33425 | &nbsp;&nbsp; 306173 |
| PotlatchDeltic Corp.  | 9934 | &nbsp;&nbsp; 404810 |
| Safehold, Inc.  | 13895 | &nbsp;&nbsp; 215234 |
|  |  | &nbsp;&nbsp; **2407902** |
| **Utilities 4.3%** | **Utilities 4.3%** |  |
| **Electric Utilities 2.7%** | **Electric Utilities 2.7%** |  |
| IDACORP, Inc. (a) | 10663 | &nbsp;&nbsp; 1409116 |
| Otter Tail Corp. (a) | 5260 | &nbsp;&nbsp; 431162 |
| Portland General Electric Co.  | 9933 | &nbsp;&nbsp; 437052 |
|  |  | &nbsp;&nbsp; **2277330** |
| **Gas Utilities 1.6%** | **Gas Utilities 1.6%** |  |
| ONE Gas, Inc.  | 5438 | &nbsp;&nbsp; 440152 |
| UGI Corp.  | 25397 | &nbsp;&nbsp; 844704 |
|  |  | &nbsp;&nbsp; **1284856** |
| **Total Common Stocks** (Cost $63,829,961) | **Total Common Stocks** (Cost $63,829,961) | &nbsp;&nbsp; **82524463** |
| **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 Shares)\* (b) (Cost $0) | 3095 | &nbsp;&nbsp; **0** |
| **Securities Lending Collateral 3.1%** | **Securities Lending Collateral 3.1%** | **Securities Lending Collateral 3.1%** |
| &nbsp;&nbsp;&nbsp; DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional <br> Shares", 4.05% (c) (d) (Cost $2,600,015)<br>| 2600015 | &nbsp;&nbsp; **2600015** |
| **Cash Equivalents 0.8%** | **Cash Equivalents 0.8%** | **Cash Equivalents 0.8%** |
| DWS Central Cash Management Government Fund, 4.18% (c) (Cost $634,159) | 634159 | &nbsp;&nbsp; **634159** |

---

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

------

---

| | | |
|:---|:---|:---|
|  | **% of** <br>**Net Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** (Cost $67,064,135) | 103.3 | &nbsp;&nbsp; **85758637** |
| **Other Assets and Liabilities, Net**  | (3.3)<br>| &nbsp;&nbsp; **(2729374)**<br>|
| **Net Assets** | 100.0 | &nbsp;&nbsp; **83029263** |

---

*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 September 30, 2025 are as follows:* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at** <br>**12/31/2024**<br>| &nbsp;&nbsp; **Purchases** <br>**Cost ($)**<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 ($)**<br>| &nbsp;&nbsp; **Number** <br>**of Shares** <br>**at** <br>**9/30/2025**<br>| &nbsp;&nbsp; **Value ($) at** <br>**9/30/2025**<br>|
| **Securities Lending Collateral 3.1%** | **Securities Lending Collateral 3.1%** | **Securities Lending Collateral 3.1%** | **Securities Lending Collateral 3.1%** | **Securities Lending Collateral 3.1%** | **Securities Lending Collateral 3.1%** | **Securities Lending Collateral 3.1%** | **Securities Lending Collateral 3.1%** | **Securities Lending Collateral 3.1%** |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (c) (d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (c) (d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (c) (d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (c) (d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (c) (d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (c) (d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (c) (d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (c) (d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (c) (d) |
| 248795  | 2,351,220 (e) | —  | —  | —  | 10355  | —  | 2600015  | 2600015  |
| **Cash Equivalents 0.8%** | **Cash Equivalents 0.8%** | **Cash Equivalents 0.8%** | **Cash Equivalents 0.8%** | **Cash Equivalents 0.8%** | **Cash Equivalents 0.8%** | **Cash Equivalents 0.8%** | **Cash Equivalents 0.8%** | **Cash Equivalents 0.8%** |
| DWS Central Cash Management Government Fund, 4.18% (c) | DWS Central Cash Management Government Fund, 4.18% (c) | DWS Central Cash Management Government Fund, 4.18% (c) | DWS Central Cash Management Government Fund, 4.18% (c) | DWS Central Cash Management Government Fund, 4.18% (c) | DWS Central Cash Management Government Fund, 4.18% (c) | DWS Central Cash Management Government Fund, 4.18% (c) | DWS Central Cash Management Government Fund, 4.18% (c) | DWS Central Cash Management Government Fund, 4.18% (c) |
| 969558  | 6567250  | 6902649  | —  | —  | 30612  | —  | 634159  | 634159  |
| **1218353** | **8918470** | **6902649** | **—** | **—** | **40967** | **—** | **3234174** | **3234174** |

---

&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 September 30, 2025 amounted to $5,245,294, which is 6.3% 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. In* *addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $2,898,776.* 

*(e)* *Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period* *ended September 30, 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 September 30, 2025 in valuing the Fund's investments.* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks (a) | $82524463 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $82524463 |
| Other Investments  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Short-Term Investments (a) | 3234174 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3234174 |
| **Total** | **$85758637** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp; **$85758637** |

---

&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-PH3

------

## 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:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**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:** $85823879.58

**Total Liabilities:** $2715972.51

**Net Assets:** $83107907.07

**Cash Not Reported:** $10000.00

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000017231 | 2.89%                | 6.35%                | 2.04%                |
| Class ID C000017232 | 2.80%                | 6.33%                | 2.03%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $624099.68               | $1526752.71                                |
| Month 2  | $771512.55               | $4056134.32                                |
| Month 3  | $713210.74               | $852854.09                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Ionis Pharmaceuticals Inc               | Ionis Pharmaceuticals Inc                                                             | CUSIP: 462222100<br>LEI: 549300SI4ZGLG0BLUZ92 | Long             | EC               | CORP              | US        |     12640 | NS      | $826908.80    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Ligand Pharmaceuticals Inc              | Ligand Pharmaceuticals Inc                                                            | CUSIP: 53220K504<br>LEI: 5493008K7TB0IKP37H79 | Long             | EC               | CORP              | US        |     10166 | NS      | $1800805.24   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| First BanCorp/Puerto Rico               | First BanCorp/Puerto Rico                                                             | CUSIP: 318672706<br>LEI: N/A                  | Long             | EC               | CORP              | PR        |     72426 | NS      | $1596993.30   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Assurant Inc                            | Assurant Inc                                                                          | CUSIP: 04621X108<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EC               | CORP              | US        |      2930 | NS      | $634638.00    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Omega Healthcare Investors Inc          | Omega Healthcare Investors Inc                                                        | CUSIP: 681936100<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | EC               |  | US        |     24028 | NS      | $1014462.16   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Pursuit Attractions and Hospitality Inc | Pursuit Attractions and Hospitality Inc                                               | CUSIP: 92552R406<br>LEI: 549300PXU4ZW7LPO5Y40 | Long             | EC               | CORP              | US        |      5516 | NS      | $199568.88    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Hut 8 Corp                              | Hut 8 Corp                                                                            | CUSIP: 44812J104<br>LEI: 98450066FEF9C1D3FC20 | Long             | EC               | CORP              | US        |     15679 | NS      | $545785.99    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Bit Digital Inc                         | Bit Digital Inc                                                                       | CUSIP: 000000000<br>LEI: 2549005XLPRWS7HWCM31 | Long             | EC               | CORP              | KY        |    166705 | NS      | $500115.00    | 0.60%             |  |  |  | No            |                  1 | On Loan: —       |
| EchoStar Corp                           | EchoStar Corp                                                                         | CUSIP: 278768106<br>LEI: 549300EE20907QZ9GT38 | Long             | EC               | CORP              | US        |     12434 | NS      | $949460.24    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Evercore Inc                            | Evercore Inc                                                                          | CUSIP: 29977A105<br>LEI: 529900P6KLPT95DW3W58 | Long             | EC               | CORP              | US        |      3083 | NS      | $1039957.56   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| EnerSys                                 | EnerSys                                                                               | CUSIP: 29275Y102<br>LEI: 7ZS3DE5PN30BYUJFWP05 | Long             | EC               | CORP              | US        |     14839 | NS      | $1676213.44   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Sensata Technologies Holding PLC        | Sensata Technologies Holding PLC                                                      | CUSIP: 000000000<br>LEI: 529900MS7KFYCY9MS037 | Long             | EC               | CORP              | GB        |     35731 | NS      | $1091582.05   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Exact Sciences Corp                     | Exact Sciences Corp                                                                   | CUSIP: 30063P105<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | EC               | CORP              | US        |      7576 | NS      | $414482.96    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Avient Corp                             | Avient Corp                                                                           | CUSIP: 05368V106<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | EC               | CORP              | US        |      7792 | NS      | $256746.40    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Drainage Systems Inc           | Advanced Drainage Systems Inc                                                         | CUSIP: 00790R104<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | EC               | CORP              | US        |      4704 | NS      | $652444.80    | 0.79%             |  |  |  | No            |                  1 | On Loan: —       |
| Royal Gold Inc                          | Royal Gold Inc                                                                        | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |      2449 | NS      | $491220.42    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| RXO Inc                                 | RXO Inc                                                                               | CUSIP: 74982T103<br>LEI: 549300KL8CA6GP8XPM30 | Long             | EC               | CORP              | US        |     24703 | NS      | $379932.14    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| SailPoint Inc                           | SailPoint Inc                                                                         | CUSIP: 78781J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16466 | NS      | $363569.28    | 0.44%             |  |  |  | No            |                  1 | On Loan: —       |
| JetBlue Airways Corp                    | JetBlue Airways Corp                                                                  | CUSIP: 477143101<br>LEI: 54930070J9H97ZO93T57 | Long             | EC               | CORP              | US        |     45127 | NS      | $222024.84    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Faraday Future Intelligent Electric Inc | Faraday Future Intelligent Electric Inc                                               | CUSIP: 307359885<br>LEI: 529900523LWWEU2Z9V55 | Long             | EC               | CORP              | US        |    100518 | NS      | $130673.40    | 0.16%             |  |  |  | No            |                  1 | On Loan: —       |
| nVent Electric PLC                      | nVent Electric PLC                                                                    | CUSIP: 000000000<br>LEI: 254900LK60A9DK5W5N81 | Long             | EC               | CORP              | IE        |      7788 | NS      | $768208.32    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Resources Corp                  | Permian Resources Corp                                                                | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |     63546 | NS      | $813388.80    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Powerfleet Inc NJ                       | Powerfleet Inc NJ                                                                     | CUSIP: 73931J109<br>LEI: 2549007NKEFPYEH4MF81 | Long             | EC               | CORP              | US        |     46358 | NS      | $242915.92    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Group Ltd                       | Everest Group Ltd                                                                     | CUSIP: 000000000<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | BM        |      1816 | NS      | $636017.68    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Banking System Inc             | Columbia Banking System Inc                                                           | CUSIP: 197236102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8302 | NS      | $213693.48    | 0.26%             |  |  |  | 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        |      9164 | NS      | $1176657.60   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Owens Corning                           | Owens Corning                                                                         | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |      7852 | NS      | $1110743.92   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Aramark                                 | Aramark                                                                               | CUSIP: 03852U106<br>LEI: 549300MR6PG2DWZUIL39 | Long             | EC               | CORP              | US        |     13381 | NS      | $513830.40    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| API Group Corp                          | API Group Corp                                                                        | CUSIP: 00187Y100<br>LEI: 213800NZT1VX6PZ7BT53 | Long             | EC               | CORP              | US        |     37248 | NS      | $1280213.76   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Affiliated Managers Group Inc           | Affiliated Managers Group Inc                                                         | CUSIP: 008252108<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EC               | CORP              | US        |      4578 | NS      | $1091532.54   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Net Lease Inc                    | Global Net Lease Inc                                                                  | CUSIP: 379378201<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EC               |  | US        |     85963 | NS      | $698879.19    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohu Inc                                | Cohu Inc                                                                              | CUSIP: 192576106<br>LEI: 529900FJPORJ3JJ2XS33 | Long             | EC               | CORP              | US        |     13301 | NS      | $270409.33    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Coty Inc                                | Coty Inc                                                                              | CUSIP: 222070203<br>LEI: 549300BO9IWPF3S48F93 | Long             | EC               | CORP              | US        |     80265 | NS      | $324270.60    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Ltd                             | Invesco Ltd                                                                           | CUSIP: 000000000<br>LEI: ECPGFXU8A2SHKVVGJI15 | Long             | EC               | CORP              | BM        |     23108 | NS      | $530097.52    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Worthington Enterprises Inc             | Worthington Enterprises Inc                                                           | CUSIP: 981811102<br>LEI: 1WRCIANKYOIK6KYE5E82 | Long             | EC               | CORP              | US        |     13525 | NS      | $750502.25    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| TD SYNNEX Corp                          | TD SYNNEX Corp                                                                        | CUSIP: 87162W100<br>LEI: 5493004HI6PFLF46NS53 | Long             | EC               | CORP              | US        |      3790 | NS      | $620612.50    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Carvana Co                              | Carvana Co                                                                            | CUSIP: 146869102<br>LEI: 5493003WEAK2PJ5WS063 | Long             | EC               | CORP              | US        |      1579 | NS      | $595661.96    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Graphic Packaging Holding Co            | Graphic Packaging Holding Co                                                          | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41499 | NS      | $812135.43    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Triumph Financial Inc                   | Triumph Financial Inc                                                                 | CUSIP: 89679E300<br>LEI: 5493003RNRMEVYDZ1Q52 | Long             | EC               | CORP              | US        |      6942 | NS      | $347377.68    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp                    | MGIC Investment Corp                                                                  | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |     23061 | NS      | $654240.57    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| BXP Inc                                 | BXP Inc                                                                               | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               |  | US        |      4754 | NS      | $353412.36    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| MGP Ingredients Inc                     | MGP Ingredients Inc                                                                   | CUSIP: 55303J106<br>LEI: 2549006OMHFVZ4MS8538 | Long             | EC               | CORP              | US        |     12426 | NS      | $300584.94    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Range Resources Corp                    | Range Resources Corp                                                                  | CUSIP: 75281A109<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | EC               | CORP              | US        |     16118 | NS      | $606681.52    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Group 1 Automotive Inc                  | Group 1 Automotive Inc                                                                | CUSIP: 398905109<br>LEI: 549300US8QAZJLWYAF63 | Long             | EC               | CORP              | US        |       832 | NS      | $364008.32    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties Inc       | Gaming and Leisure Properties Inc                                                     | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               |  | US        |     31789 | NS      | $1481685.29   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| MasTec Inc                              | MasTec Inc                                                                            | CUSIP: 576323109<br>LEI: 549300TMDIT8WREDOF45 | Long             | EC               | CORP              | US        |      6701 | NS      | $1426039.81   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Solaris Energy Infrastructure Inc       | Solaris Energy Infrastructure Inc                                                     | CUSIP: 83418M103<br>LEI: 529900MTK3C8Y8TIIC10 | Long             | EC               | CORP              | US        |     23399 | NS      | $935258.03    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Safehold Inc                            | Safehold Inc                                                                          | CUSIP: 78646V107<br>LEI: QFFLKWYYS3UPWD86E794 | Long             | EC               |  | US        |     13895 | NS      | $215233.55    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| United Therapeutics Corp                | United Therapeutics Corp                                                              | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |      1892 | NS      | $793145.32    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| MARA Holdings Inc                       | MARA Holdings Inc                                                                     | CUSIP: 565788106<br>LEI: 549300M8ISKPTX2W7F94 | Long             | EC               | CORP              | US        |     28668 | NS      | $523477.68    | 0.63%             |  |  |  | No            |                  1 | On Loan: —       |
| Armstrong World Industries Inc          | Armstrong World Industries Inc                                                        | CUSIP: 04247X102<br>LEI: KXMRXXOJ88Q45Y45MG74 | Long             | EC               | CORP              | US        |      4128 | NS      | $809129.28    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Hasbro Inc                              | Hasbro Inc                                                                            | CUSIP: 418056107<br>LEI: 549300NUB6D2R1ITYR45 | Long             | EC               | CORP              | US        |     10137 | NS      | $768891.45    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Ralph Lauren Corp                       | Ralph Lauren Corp                                                                     | CUSIP: 751212101<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | EC               | CORP              | US        |      3387 | NS      | $1062027.72   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingredion Inc                           | Ingredion Inc                                                                         | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |      6544 | NS      | $799087.84    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Revolution Medicines Inc                | Revolution Medicines Inc                                                              | CUSIP: 76155X100<br>LEI: 549300JU3X0LBCQ65892 | Long             | EC               | CORP              | US        |     23715 | NS      | $1107490.50   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Century Communities Inc                 | Century Communities Inc                                                               | CUSIP: 156504300<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | EC               | CORP              | US        |      6358 | NS      | $402906.46    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB Financial Corp                      | UMB Financial Corp                                                                    | CUSIP: 902788108<br>LEI: 549300MGEH3N3CUCV828 | Long             | EC               | CORP              | US        |     14074 | NS      | $1665657.90   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Worthington Steel Inc                   | Worthington Steel Inc                                                                 | CUSIP: 982104101<br>LEI: 2549009ZUUWL3QLK6G24 | Long             | EC               | CORP              | US        |     17523 | NS      | $532523.97    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Ingalls Industries Inc       | Huntington Ingalls Industries Inc                                                     | CUSIP: 446413106<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | EC               | CORP              | US        |      5182 | NS      | $1491949.62   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Materion Corp                           | Materion Corp                                                                         | CUSIP: 576690101<br>LEI: 549300CJ5RI351SUYT02 | Long             | EC               | CORP              | US        |      5107 | NS      | $616976.67    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| National CineMedia Inc                  | National CineMedia Inc                                                                | CUSIP: 635309206<br>LEI: 5493000MOLIVSOGKEB48 | Long             | EC               | CORP              | US        |     83759 | NS      | $377753.09    | 0.45%             |  |  |  | No            |                  1 | On Loan: —       |
| BankUnited Inc                          | BankUnited Inc                                                                        | CUSIP: 06652K103<br>LEI: 96OVUWEW5D4YX6PFXD91 | Long             | EC               | CORP              | US        |     15117 | NS      | $576864.72    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Helmerich & Payne Inc                   | Helmerich & Payne Inc                                                                 | CUSIP: 423452101<br>LEI: 254900NAOGHJ88RZ4C73 | Long             | EC               | CORP              | US        |     19932 | NS      | $440297.88    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Mister Car Wash Inc                     | Mister Car Wash Inc                                                                   | CUSIP: 60646V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     71610 | NS      | $381681.30    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| BOK Financial Corp                      | BOK Financial Corp                                                                    | CUSIP: 05561Q201<br>LEI: GRI2NT5QHYW751NMR949 | Long             | EC               | CORP              | US        |      1930 | NS      | $215079.20    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| DNOW Inc                                | DNOW Inc                                                                              | CUSIP: 67011P100<br>LEI: 549300AVH5SOCFVVDW91 | Long             | EC               | CORP              | US        |     23714 | NS      | $361638.50    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| RMR Group Inc/The                       | RMR Group Inc/The                                                                     | CUSIP: 74967R106<br>LEI: 549300JP4L34E48UJM16 | Long             | EC               | CORP              | US        |     23215 | NS      | $365171.95    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Rithm Capital Corp                      | Rithm Capital Corp                                                                    | CUSIP: 64828T201<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EC               |  | US        |     73386 | NS      | $835866.54    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Verint Systems Inc                      | Verint Systems Inc                                                                    | CUSIP: 92343X100<br>LEI: 549300KEQJS5FRVUCO94 | Long             | EC               | CORP              | US        |     25964 | NS      | $525771.00    | 0.63%             |  |  |  | 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        |   2600015 | NS      | $2600015.00   | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilltop Holdings Inc                    | Hilltop Holdings Inc                                                                  | CUSIP: 432748101<br>LEI: 54930010TA543US0PM65 | Long             | EC               | CORP              | US        |     15444 | NS      | $516138.48    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Portland General Electric Co            | Portland General Electric Co                                                          | CUSIP: 736508847<br>LEI: GJOUP9M7C39GLSK9R870 | Long             | EC               | CORP              | US        |      9933 | NS      | $437052.00    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Riot Platforms Inc                      | Riot Platforms Inc                                                                    | CUSIP: 767292105<br>LEI: 5299005LKZAJQDQZDF73 | Long             | EC               | CORP              | US        |     36617 | NS      | $696821.51    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| RLI Corp                                | RLI Corp                                                                              | CUSIP: 749607107<br>LEI: 529900AMTJE5ECN9PS55 | Long             | EC               | CORP              | US        |      7756 | NS      | $505846.32    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamb Weston Holdings Inc                | Lamb Weston Holdings Inc                                                              | CUSIP: 513272104<br>LEI: 5493005SMYID1D2OY946 | Long             | EC               | CORP              | US        |      4782 | NS      | $277738.56    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Kirby Corp                              | Kirby Corp                                                                            | CUSIP: 497266106<br>LEI: I7NO6FZO5GUCG585T325 | Long             | EC               | CORP              | US        |      3791 | NS      | $316358.95    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Essent Group Ltd                        | Essent Group Ltd                                                                      | CUSIP: 000000000<br>LEI: 254900QUO860OUT6ZF83 | Long             | EC               | CORP              | BM        |      7068 | NS      | $449242.08    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Forward Air Corp                        | Forward Air Corp                                                                      | CUSIP: 34986A104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7278 | NS      | $186607.92    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| SoFi Technologies Inc                   | SoFi Technologies Inc                                                                 | CUSIP: 83406F102<br>LEI: 549300SW81JCMVZDDY09 | Long             | EC               | CORP              | US        |     22633 | NS      | $597963.86    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Norwegian Cruise Line Holdings Ltd      | Norwegian Cruise Line Holdings Ltd                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |      8070 | NS      | $198764.10    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| NMI Holdings Inc                        | NMI Holdings Inc                                                                      | CUSIP: 629209305<br>LEI: 529900KNNGFXJX1C3Z08 | Long             | EC               | CORP              | US        |      5790 | NS      | $221988.60    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Winmark Corp                            | Winmark Corp                                                                          | CUSIP: 974250102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       926 | NS      | $460935.02    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Corebridge Financial Inc                | Corebridge Financial Inc                                                              | CUSIP: 21871X109<br>LEI: 549300XY1661QCIA7J65 | Long             | EC               | CORP              | US        |     17467 | NS      | $559817.35    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Radian Group Inc                        | Radian Group Inc                                                                      | CUSIP: 750236101<br>LEI: 54930005OUP720S5U385 | Long             | EC               | CORP              | US        |     23252 | NS      | $842187.44    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoNation Inc                          | AutoNation Inc                                                                        | CUSIP: 05329W102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1963 | NS      | $429445.51    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Alpine Income Property Trust Inc        | Alpine Income Property Trust Inc                                                      | CUSIP: 02083X103<br>LEI: 254900VQGUBS1J4C4N33 | Long             | EC               |  | US        |     16329 | NS      | $231381.93    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Midstream Corp                   | Antero Midstream Corp                                                                 | CUSIP: 03676B102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51317 | NS      | $997602.48    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Hillenbrand Inc                         | Hillenbrand Inc                                                                       | CUSIP: 431571108<br>LEI: U246OE781574J2BUD366 | Long             | EC               | CORP              | US        |     12072 | NS      | $326426.88    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Cal-Maine Foods Inc                     | Cal-Maine Foods Inc                                                                   | CUSIP: 128030202<br>LEI: 549300NHE5WMIEIEMF53 | Long             | EC               | CORP              | US        |      7561 | NS      | $711490.10    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Wynn Resorts Ltd                        | Wynn Resorts Ltd                                                                      | CUSIP: 983134107<br>LEI: 254900CEKKWIHTEAB172 | Long             | EC               | CORP              | US        |      1629 | NS      | $208951.83    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Ciena Corp                              | Ciena Corp                                                                            | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | EC               | CORP              | US        |      5304 | NS      | $772633.68    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Acuity Inc                              | Acuity Inc                                                                            | CUSIP: 00508Y102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3629 | NS      | $1249791.31   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Douglas Elliman Inc                     | Douglas Elliman Inc                                                                   | CUSIP: 25961D105<br>LEI: 549300BXICHPOXA1NO93 | Long             | EC               | CORP              | US        |     86931 | NS      | $248622.66    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Affirm Holdings Inc                     | Affirm Holdings Inc                                                                   | CUSIP: 00827B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9880 | NS      | $722030.40    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| PotlatchDeltic Corp                     | PotlatchDeltic Corp                                                                   | CUSIP: 737630103<br>LEI: 54930084YA8UJOTXDM59 | Long             | EC               |  | US        |      9934 | NS      | $404810.50    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Jazz Pharmaceuticals PLC                | Jazz Pharmaceuticals PLC                                                              | CUSIP: 000000000<br>LEI: 635400GAUMJCLEZRRV50 | Long             | EC               | CORP              | IE        |      7695 | NS      | $1014201.00   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Avnet Inc                               | Avnet Inc                                                                             | CUSIP: 053807103<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | EC               | CORP              | US        |     21894 | NS      | $1144618.32   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| ONE Gas Inc                             | ONE Gas Inc                                                                           | CUSIP: 68235P108<br>LEI: 549300HXDWI0LATTX840 | Long             | EC               | CORP              | US        |      5438 | NS      | $440151.72    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Globe Life Inc                          | Globe Life Inc                                                                        | CUSIP: 37959E102<br>LEI: 5493001JFHKQOPP6XA71 | Long             | EC               | CORP              | US        |      1906 | NS      | $272500.82    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| ESC GCI LIBERTY INC SR                  | ESC GCI LIBERTY INC SR                                                                | CUSIP: 361ESC049<br>LEI: 5493003JDENERRDYFN86 | Long             | EC               | CORP              | US        |      3095 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Hancock Whitney Corp                    | Hancock Whitney Corp                                                                  | CUSIP: 410120109<br>LEI: 549300GRNBWY8HIICT41 | Long             | EC               | CORP              | US        |     23010 | NS      | $1440656.10   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Penske Automotive Group Inc             | Penske Automotive Group Inc                                                           | CUSIP: 70959W103<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | EC               | CORP              | US        |      2257 | NS      | $392514.87    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Business Travel Group I          | Global Business Travel Group I                                                        | CUSIP: 37890B100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25649 | NS      | $207243.92    | 0.25%             |  |  |  | No            |                  1 | On Loan: —       |
| Travel + Leisure Co                     | Travel + Leisure Co                                                                   | CUSIP: 894164102<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | EC               | CORP              | US        |      3277 | NS      | $194948.73    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Itron Inc                               | Itron Inc                                                                             | CUSIP: 465741106<br>LEI: 24F6LSZD18II6ICG6S41 | Long             | EC               | CORP              | US        |      9281 | NS      | $1156041.36   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                     | DWS Central Cash Management Government Fund                                           | CUSIP: 25160K306<br>LEI: 5493003GD84DGSXJ7618 | Long             | STIV             | RF                | US        |    630703 | NS      | $630702.67    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Scientific Inc                     | Core Scientific Inc                                                                   | CUSIP: 21874A106<br>LEI: 5299003RGB2LAZ65RK73 | Long             | EC               | CORP              | US        |     24137 | NS      | $433017.78    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| IDACORP Inc                             | IDACORP Inc                                                                           | CUSIP: 451107106<br>LEI: N134NUJDWN8UEFA8B673 | Long             | EC               | CORP              | US        |     10663 | NS      | $1409115.45   | 1.70%             |  |  |  | No            |                  1 | On Loan: —       |
| UGI Corp                                | UGI Corp                                                                              | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |     25397 | NS      | $844704.22    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelixis Inc                            | Exelixis Inc                                                                          | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               | CORP              | US        |      8966 | NS      | $370295.80    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Dine Brands Global Inc                  | Dine Brands Global Inc                                                                | CUSIP: 254423106<br>LEI: 529900HKM8OWSHLKJY75 | Long             | EC               | CORP              | US        |      8990 | NS      | $222232.80    | 0.27%             |  |  |  | No            |                  1 | On Loan: —       |
| ADT Inc                                 | ADT Inc                                                                               | CUSIP: 00090Q103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23919 | NS      | $208334.49    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Commercial Metals Co                    | Commercial Metals Co                                                                  | CUSIP: 201723103<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | EC               | CORP              | US        |      6535 | NS      | $374324.80    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| RPM International Inc                   | RPM International Inc                                                                 | CUSIP: 749685103<br>LEI: 549300TJCKW4BRXPJ474 | Long             | EC               | CORP              | US        |      6533 | NS      | $770110.04    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Donnelley Financial Solutions Inc       | Donnelley Financial Solutions Inc                                                     | CUSIP: 25787G100<br>LEI: 549300O1NPY4J56QCU04 | Long             | EC               | CORP              | US        |     11855 | NS      | $609702.65    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| U-Haul Holding Co                       | U-Haul Holding Co                                                                     | CUSIP: 023586100<br>LEI: 5493003WIDMLDHYC6Y24 | Long             | EC               | CORP              | US        |      8310 | NS      | $474251.70    | 0.57%             |  |  |  | No            |                  1 | On Loan: —       |
| First Financial Corp                    | First Financial Corp                                                                  | CUSIP: 320218100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10857 | NS      | $612769.08    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Rivian Automotive Inc                   | Rivian Automotive Inc                                                                 | CUSIP: 76954A103<br>LEI: 25490004LNKJ84MFYY24 | Long             | EC               | CORP              | US        |     14090 | NS      | $206841.20    | 0.25%             |  |  |  | No            |                  1 | On Loan: —       |
| STAG Industrial Inc                     | STAG Industrial Inc                                                                   | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               |  | US        |     33835 | NS      | $1194037.15   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Gap Inc/The                             | Gap Inc/The                                                                           | CUSIP: 364760108<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | EC               | CORP              | US        |     37531 | NS      | $802788.09    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Interpublic Group of Cos Inc/The        | Interpublic Group of Cos Inc/The                                                      | CUSIP: 460690100<br>LEI: 5493008IUOJ5VWTRC333 | Long             | EC               | CORP              | US        |     46093 | NS      | $1286455.63   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Enact Holdings Inc                      | Enact Holdings Inc                                                                    | CUSIP: 29249E109<br>LEI: 9845003CA5664B741N19 | Long             | EC               | CORP              | US        |     15455 | NS      | $592544.70    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Tutor Perini Corp                       | Tutor Perini Corp                                                                     | CUSIP: 901109108<br>LEI: 549300FHXYVPW8LJ6D98 | Long             | EC               | CORP              | US        |     12023 | NS      | $788588.57    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Gladstone Land Corp                     | Gladstone Land Corp                                                                   | CUSIP: 376549101<br>LEI: 54930002B3Q17H38FG74 | Long             | EC               |  | US        |     33425 | NS      | $306173.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: —       |
| Healthcare Realty Trust Inc             | Healthcare Realty Trust Inc                                                           | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Long             | EC               |  | US        |     32924 | NS      | $593619.72    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Frontier Group Holdings Inc             | Frontier Group Holdings Inc                                                           | CUSIP: 35909R108<br>LEI: 549300DT3Y2BHO6G7T02 | Long             | EC               | CORP              | US        |     51645 | NS      | $228012.68    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| A-Mark Precious Metals Inc              | A-Mark Precious Metals Inc                                                            | CUSIP: 00181T107<br>LEI: XP6XYFDZQGKLUMOFGT37 | Long             | EC               | CORP              | US        |     23469 | NS      | $607143.03    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Lucid Group Inc                         | Lucid Group Inc                                                                       | CUSIP: 549498202<br>LEI: 529900MRL9Z13ZCRVD74 | Long             | EC               | CORP              | US        |     11432 | NS      | $271967.28    | 0.33%             |  |  |  | No            |                  1 | On Loan: —       |
| Reliance Inc                            | Reliance Inc                                                                          | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |      3269 | NS      | $918033.27    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Luminar Technologies Inc                | Luminar Technologies Inc                                                              | CUSIP: 550424303<br>LEI: 549300AVGXLDWYMI4298 | Long             | EC               | CORP              | US        |    124134 | NS      | $237095.94    | 0.29%             |  |  |  | No            |                  1 | On Loan: —       |
| Otter Tail Corp                         | Otter Tail Corp                                                                       | CUSIP: 689648103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5260 | NS      | $431162.20    | 0.52%             |  |  |  | No            |                  1 | On Loan: —       |
| Liberty Global Ltd                      | Liberty Global Ltd                                                                    | CUSIP: 000000000<br>LEI: 213800HRMKKTYH7SKA24 | Long             | EC               | CORP              | BM        |     27434 | NS      | $322349.50    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-29

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

**Signature:** Diane Kenneally

**Name of Signer:** Diane Kenneally

**Title:** Treasurer and Chief Financial Officer