# EDGAR Filing Document

**Accession Number:** 0000810573
**File Stem:** 0001410368-25-032279
**Filing Date:** 2025-11
**Character Count:** 61866
**Document Hash:** e1ac3a3f2f5d25ad49238539a39f7a14
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-032279.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001410368-25-032279

**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:** 251526222

**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 Growth VIP (Series ID: S000006260)

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

## Nport-Ex

Investment Portfolio**as of September 30, 2025 (Unaudited)** 

**DWS Small Mid Cap Growth VIP** 

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value ($)** |
| **Common Stocks 97.5%** | **Common Stocks 97.5%** |  |
| **Communication Services 1.1%** | **Communication Services 1.1%** |  |
| **Entertainment 1.1%** | **Entertainment 1.1%** |  |
| Take-Two Interactive Software, Inc.\* | 2174 | &nbsp;&nbsp; **561675** |
| **Consumer Discretionary 9.9%** | **Consumer Discretionary 9.9%** |  |
| **Automobile Components 0.5%** | **Automobile Components 0.5%** |  |
| Gentherm, Inc.\* | 7364 | &nbsp;&nbsp; **250818** |
| **Diversified Consumer Services 0.8%** | **Diversified Consumer Services 0.8%** |  |
| Bright Horizons Family Solutions, Inc.\* | 3398 | &nbsp;&nbsp; **368921** |
| **Hotels, Restaurants & Leisure 1.8%** | **Hotels, Restaurants & Leisure 1.8%** |  |
| Hilton Grand Vacations, Inc.\*  | 12491 | &nbsp;&nbsp; 522249 |
| Wingstop, Inc.  | 1500 | &nbsp;&nbsp; 377520 |
|  |  | &nbsp;&nbsp; **899769** |
| **Household Durables 2.9%** | **Household Durables 2.9%** |  |
| Helen of Troy Ltd.\*  | 1963 | &nbsp;&nbsp; 49467 |
| LGI Homes, Inc.\*  | 3089 | &nbsp;&nbsp; 159732 |
| TopBuild Corp.\*  | 3073 | &nbsp;&nbsp; 1201113 |
|  |  | &nbsp;&nbsp; **1410312** |
| **Leisure Products 1.0%** | **Leisure Products 1.0%** |  |
| YETI Holdings, Inc.\* | 15522 | &nbsp;&nbsp; **515020** |
| **Specialty Retail 2.9%** | **Specialty Retail 2.9%** |  |
| Burlington Stores, Inc.\*  | 2883 | &nbsp;&nbsp; 733723 |
| Camping World Holdings, Inc. "A"  | 21507 | &nbsp;&nbsp; 339596 |
| Valvoline, Inc.\*  | 9900 | &nbsp;&nbsp; 355509 |
|  |  | &nbsp;&nbsp; **1428828** |
| **Consumer Staples 3.5%** | **Consumer Staples 3.5%** |  |
| **Consumer Staples Distribution & Retail 3.1%** | **Consumer Staples Distribution & Retail 3.1%** |  |
| Casey's General Stores, Inc. | 2671 | &nbsp;&nbsp; **1509970** |
| **Food Products 0.4%** | **Food Products 0.4%** |  |
| Marzetti Co. | 1200 | &nbsp;&nbsp; **207348** |
| **Energy 2.2%** | **Energy 2.2%** |  |
| **Oil, Gas & Consumable Fuels 2.2%** | **Oil, Gas & Consumable Fuels 2.2%** |  |
| Core Natural Resources, Inc.  | 2519 | &nbsp;&nbsp; 210286 |
| Crescent Energy Co. "A"  | 6384 | &nbsp;&nbsp; 56945 |
| Expand Energy Corp.  | 2543 | &nbsp;&nbsp; 270169 |
| Matador Resources Co. (a) | 5100 | &nbsp;&nbsp; 229143 |
| Ovintiv, Inc.  | 7311 | &nbsp;&nbsp; 295218 |
|  |  | &nbsp;&nbsp; **1061761** |

---

------

---

| | | |
|:---|:---|:---|
| **Financials 10.6%** | **Financials 10.6%** |  |
| **Banks 3.1%** | **Banks 3.1%** |  |
| Pinnacle Financial Partners, Inc.  | 5944 | &nbsp;&nbsp; 557488 |
| Synovus Financial Corp.  | 11493 | &nbsp;&nbsp; 564076 |
| The Bancorp, Inc.\*  | 5495 | &nbsp;&nbsp; 411521 |
|  |  | &nbsp;&nbsp; **1533085** |
| **Capital Markets 4.7%** | **Capital Markets 4.7%** |  |
| FactSet Research Systems, Inc.  | 1036 | &nbsp;&nbsp; 296804 |
| Lazard, Inc.  | 12317 | &nbsp;&nbsp; 650091 |
| LPL Financial Holdings, Inc.  | 2100 | &nbsp;&nbsp; 698649 |
| Moelis & Co. "A"  | 9136 | &nbsp;&nbsp; 651579 |
|  |  | &nbsp;&nbsp; **2297123** |
| **Financial Services 0.9%** | **Financial Services 0.9%** |  |
| WEX, Inc.\* | 2797 | &nbsp;&nbsp; **440611** |
| **Insurance 1.9%** | **Insurance 1.9%** |  |
| Kinsale Capital Group, Inc.  | 1900 | &nbsp;&nbsp; 807994 |
| Palomar Holdings, Inc.\*  | 1300 | &nbsp;&nbsp; 151775 |
|  |  | &nbsp;&nbsp; **959769** |
| **Health Care 19.8%** | **Health Care 19.8%** |  |
| **Biotechnology 8.9%** | **Biotechnology 8.9%** |  |
| Apellis Pharmaceuticals, Inc.\*  | 3951 | &nbsp;&nbsp; 89411 |
| Avidity Biosciences, Inc.\*  | 11500 | &nbsp;&nbsp; 501055 |
| Caris Life Sciences, Inc.\*  | 3928 | &nbsp;&nbsp; 118822 |
| Catalyst Pharmaceuticals, Inc.\*  | 7600 | &nbsp;&nbsp; 149720 |
| Celldex Therapeutics, Inc.\*  | 12600 | &nbsp;&nbsp; 325962 |
| CG oncology, Inc.\*  | 4100 | &nbsp;&nbsp; 165148 |
| Halozyme Therapeutics, Inc.\*  | 2800 | &nbsp;&nbsp; 205352 |
| Insmed, Inc.\*  | 5344 | &nbsp;&nbsp; 769590 |
| Kiniksa Pharmaceuticals International PLC\*  | 8769 | &nbsp;&nbsp; 340500 |
| Neurocrine Biosciences, Inc.\*  | 7085 | &nbsp;&nbsp; 994592 |
| Scholar Rock Holding Corp.\*  | 385 | &nbsp;&nbsp; 14338 |
| Travere Therapeutics, Inc.\*  | 14578 | &nbsp;&nbsp; 348414 |
| Vaxcyte, Inc.\*  | 3300 | &nbsp;&nbsp; 118866 |
| Vera Therapeutics, Inc.\*  | 7600 | &nbsp;&nbsp; 220856 |
|  |  | &nbsp;&nbsp; **4362626** |
| **Health Care Equipment & Supplies 2.0%** | **Health Care Equipment & Supplies 2.0%** |  |
| Alphatec Holdings, Inc.\*  | 9320 | &nbsp;&nbsp; 135513 |
| Globus Medical, Inc. "A"\*  | 2224 | &nbsp;&nbsp; 127368 |
| Haemonetics Corp.\*  | 1353 | &nbsp;&nbsp; 65945 |
| Inspire Medical Systems, Inc.\*  | 300 | &nbsp;&nbsp; 22260 |
| Lantheus Holdings, Inc.\*  | 3500 | &nbsp;&nbsp; 179515 |
| Masimo Corp.\*  | 727 | &nbsp;&nbsp; 107269 |
| Merit Medical Systems, Inc.\*  | 4200 | &nbsp;&nbsp; 349566 |
|  |  | &nbsp;&nbsp; **987436** |
| **Health Care Providers & Services 7.0%** | **Health Care Providers & Services 7.0%** |  |
| HealthEquity, Inc.\*  | 4529 | &nbsp;&nbsp; 429213 |
| Molina Healthcare, Inc.\*  | 2319 | &nbsp;&nbsp; 443764 |
| Option Care Health, Inc.\*  | 18864 | &nbsp;&nbsp; 523665 |
| Privia Health Group, Inc.\*  | 8600 | &nbsp;&nbsp; 214140 |
| RadNet, Inc.\*  | 23877 | &nbsp;&nbsp; 1819666 |
|  |  | &nbsp;&nbsp; **3430448** |

---

------

---

| | | |
|:---|:---|:---|
| **Health Care Technology 0.5%** | **Health Care Technology 0.5%** |  |
| Waystar Holding Corp.\* | 6800 | &nbsp;&nbsp; **257856** |
| **Pharmaceuticals 1.4%** | **Pharmaceuticals 1.4%** |  |
| Crinetics Pharmaceuticals, Inc.\*  | 3500 | &nbsp;&nbsp; 145775 |
| EyePoint Pharmaceuticals, Inc.\*  | 5600 | &nbsp;&nbsp; 79744 |
| Ligand Pharmaceuticals, Inc.\*  | 2672 | &nbsp;&nbsp; 473318 |
|  |  | &nbsp;&nbsp; **698837** |
| **Industrials 21.6%** | **Industrials 21.6%** |  |
| **Aerospace & Defense 2.0%** | **Aerospace & Defense 2.0%** |  |
| HEICO Corp. | 2976 | &nbsp;&nbsp; **960712** |
| **Building Products 4.3%** | **Building Products 4.3%** |  |
| Allegion PLC  | 5799 | &nbsp;&nbsp; 1028453 |
| Builders FirstSource, Inc.\*  | 9106 | &nbsp;&nbsp; 1104102 |
|  |  | &nbsp;&nbsp; **2132555** |
| **Commercial Services & Supplies 4.3%** | **Commercial Services & Supplies 4.3%** |  |
| MSA Safety, Inc.  | 2092 | &nbsp;&nbsp; 359971 |
| Tetra Tech, Inc.  | 14395 | &nbsp;&nbsp; 480505 |
| The Brink's Co.  | 11036 | &nbsp;&nbsp; 1289667 |
|  |  | &nbsp;&nbsp; **2130143** |
| **Electrical Equipment 1.7%** | **Electrical Equipment 1.7%** |  |
| NEXTracker, Inc. "A"\*  | 8300 | &nbsp;&nbsp; 614117 |
| Thermon Group Holdings, Inc.\*  | 9149 | &nbsp;&nbsp; 244461 |
|  |  | &nbsp;&nbsp; **858578** |
| **Machinery 1.6%** | **Machinery 1.6%** |  |
| Chart Industries, Inc.\* (a) | 2600 | &nbsp;&nbsp; 520390 |
| IDEX Corp.  | 1502 | &nbsp;&nbsp; 244466 |
|  |  | &nbsp;&nbsp; **764856** |
| **Professional Services 3.7%** | **Professional Services 3.7%** |  |
| Broadridge Financial Solutions, Inc.  | 1782 | &nbsp;&nbsp; 424419 |
| Kforce, Inc.  | 11225 | &nbsp;&nbsp; 336525 |
| Maximus, Inc.  | 8556 | &nbsp;&nbsp; 781762 |
| Verra Mobility Corp.\*  | 10800 | &nbsp;&nbsp; 266760 |
|  |  | &nbsp;&nbsp; **1809466** |
| **Trading Companies & Distributors 4.0%** | **Trading Companies & Distributors 4.0%** |  |
| FTAI Aviation Ltd.  | 2500 | &nbsp;&nbsp; 417150 |
| Rush Enterprises, Inc. "A" (a) | 24885 | &nbsp;&nbsp; 1330601 |
| Titan Machinery, Inc.\*  | 11743 | &nbsp;&nbsp; 196578 |
|  |  | &nbsp;&nbsp; **1944329** |
| **Information Technology 23.3%** | **Information Technology 23.3%** |  |
| **Communications Equipment 1.2%** | **Communications Equipment 1.2%** |  |
| Calix, Inc.\* | 9644 | &nbsp;&nbsp; **591852** |
| **Electronic Equipment, Instruments & Components 5.2%** | **Electronic Equipment, Instruments & Components 5.2%** |  |
| Advanced Energy Industries, Inc.  | 11029 | &nbsp;&nbsp; 1876474 |
| Cognex Corp.  | 7873 | &nbsp;&nbsp; 356647 |
| Fabrinet\*  | 900 | &nbsp;&nbsp; 328158 |
|  |  | &nbsp;&nbsp; **2561279** |
| **Semiconductors & Semiconductor Equipment 8.5%** | **Semiconductors & Semiconductor Equipment 8.5%** |  |
| Credo Technology Group Holding Ltd.\*  | 3300 | &nbsp;&nbsp; 480513 |
| Entegris, Inc.  | 4821 | &nbsp;&nbsp; 445750 |
| FormFactor, Inc.\*  | 7627 | &nbsp;&nbsp; 277775 |

---

------

---

| | | |
|:---|:---|:---|
| Impinj, Inc.\*  | 2530 | &nbsp;&nbsp; 457298 |
| Monolithic Power Systems, Inc.  | 847 | &nbsp;&nbsp; 779782 |
| Semtech Corp.\*  | 7632 | &nbsp;&nbsp; 545306 |
| SiTime Corp.\*  | 3087 | &nbsp;&nbsp; 930144 |
| Ultra Clean Holdings, Inc.\*  | 10273 | &nbsp;&nbsp; 279939 |
|  |  | &nbsp;&nbsp; **4196507** |
| **Software 8.4%** | **Software 8.4%** |  |
| Clearwater Analytics Holdings, Inc. "A"\*  | 11700 | &nbsp;&nbsp; 210834 |
| Commvault Systems, Inc.\*  | 1300 | &nbsp;&nbsp; 245414 |
| Dynatrace, Inc.\*  | 7679 | &nbsp;&nbsp; 372048 |
| Five9, Inc.\*  | 9547 | &nbsp;&nbsp; 231037 |
| Tenable Holdings, Inc.\*  | 12141 | &nbsp;&nbsp; 354032 |
| Tyler Technologies, Inc.\*  | 2576 | &nbsp;&nbsp; 1347660 |
| Varonis Systems, Inc.\*  | 21577 | &nbsp;&nbsp; 1240030 |
| Workiva, Inc.\*  | 1358 | &nbsp;&nbsp; 116897 |
|  |  | &nbsp;&nbsp; **4117952** |
| **Materials 3.1%** | **Materials 3.1%** |  |
| **Construction Materials 2.3%** | **Construction Materials 2.3%** |  |
| Eagle Materials, Inc. | 4901 | &nbsp;&nbsp; **1142129** |
| **Metals & Mining 0.8%** | **Metals & Mining 0.8%** |  |
| Cleveland-Cliffs, Inc.\* | 29787 | &nbsp;&nbsp; **363401** |
| **Real Estate 2.4%** | **Real Estate 2.4%** |  |
| **Diversified REITs 1.0%** | **Diversified REITs 1.0%** |  |
| Essential Properties Realty Trust, Inc.  | 16178 | &nbsp;&nbsp; **481457** |
| **Industrial REITs 0.7%** | **Industrial REITs 0.7%** |  |
| EastGroup Properties, Inc.  | 2208 | &nbsp;&nbsp; **373726** |
| **Specialized REITs 0.7%** | **Specialized REITs 0.7%** |  |
| Four Corners Property Trust, Inc.  | 13954 | &nbsp;&nbsp; **340478** |
| **Total Common Stocks** (Cost $25,264,119) | **Total Common Stocks** (Cost $25,264,119) | &nbsp;&nbsp; **47951633** |
| **Other Investments 0.0%** | **Other Investments 0.0%** |  |
| **Health Care 0.0%** | **Health Care 0.0%** |  |
| **Life Sciences Tools & Services 0.0%** | **Life Sciences Tools & Services 0.0%** |  |
| OmniAb, Inc. $12.50 Earnout\* (b) (c) | 1013 | &nbsp;&nbsp; 0 |
| OmniAb, Inc. $15.00 Earnout\* (b) (c) | 1013 | &nbsp;&nbsp; 0 |
| **Total Other Investments** (Cost $0) | **Total Other Investments** (Cost $0) | &nbsp;&nbsp; **0** |
| **Rights 0.0%** | **Rights 0.0%** |  |
| **Health Care**  | **Health Care**  |  |
| Blueprint Medicines Corp.,\* (c) (Cost $1,603) | 3484 | &nbsp;&nbsp; **1602** |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| &nbsp;&nbsp;&nbsp; DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional <br> Shares", 4.05% (d) (e) (Cost $40,800)<br>| 40800 | &nbsp;&nbsp; **40800** |
| **Cash Equivalents 2.7%** | **Cash Equivalents 2.7%** | **Cash Equivalents 2.7%** |
| DWS Central Cash Management Government Fund, 4.18% (d) (Cost $1,315,259) | 1315259 | &nbsp;&nbsp; **1315259** |

---

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

------

---

| | | |
|:---|:---|:---|
|  | **% of** <br>**Net Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** (Cost $26,621,781) | 100.3 | &nbsp;&nbsp; **49309294** |
| **Other Assets and Liabilities, Net**  | (0.3)<br>| &nbsp;&nbsp; **(127630)**<br>|
| **Net Assets** | 100.0 | &nbsp;&nbsp; **49181664** |

---

*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 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (d) (e) |
| 456225  | —  | 415,425 (f) | —  | —  | 1842  | —  | 40800  | 40800  |
| **Cash Equivalents 2.7%** | **Cash Equivalents 2.7%** | **Cash Equivalents 2.7%** | **Cash Equivalents 2.7%** | **Cash Equivalents 2.7%** | **Cash Equivalents 2.7%** | **Cash Equivalents 2.7%** | **Cash Equivalents 2.7%** | **Cash Equivalents 2.7%** |
| DWS Central Cash Management Government Fund, 4.18% (d) | DWS Central Cash Management Government Fund, 4.18% (d) | DWS Central Cash Management Government Fund, 4.18% (d) | DWS Central Cash Management Government Fund, 4.18% (d) | DWS Central Cash Management Government Fund, 4.18% (d) | DWS Central Cash Management Government Fund, 4.18% (d) | DWS Central Cash Management Government Fund, 4.18% (d) | DWS Central Cash Management Government Fund, 4.18% (d) | DWS Central Cash Management Government Fund, 4.18% (d) |
| 1096015  | 4507485  | 4288241  | —  | —  | 40083  | —  | 1315259  | 1315259  |
| **1552240** | **4507485** | **4703666** | **—** | **—** | **41925** | **—** | **1356059** | **1356059** |

---

&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 $1,590,736, which is 3.2% of net assets.* 

*(b)* *Earnout Shares: Will vest based upon the achievement of certain volume-weighted average trading prices (VWAP) for shares of* *OmniAb Inc. Earnout Shares are not transferrable until the vesting condition for the applicable tranche of Earnout Shares has* *been achieved.* 

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

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

*(e)* *Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In* *addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $1,596,192.* 

*(f)* *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) | $47951633 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $47951633 |
| Other Investments  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Rights  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 1602 | &nbsp;&nbsp; 1602 |
| Short-Term Investments (a) | 1356059 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1356059 |
| **Total** | **$49307692** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1602** | &nbsp;&nbsp; **$49309294** |

---

&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.

VS2SMCG-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 Growth VIP

- **b. EDGAR series identifier (if any):** S000006260

- **c. LEI of Series:** 0OZ934O2UM8WQZ3ZKH96

**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:** $49334624.55

**Total Liabilities:** $123782.16

**Net Assets:** $49210842.39

**Cash Not Reported:** $2957.49

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000017214 | 1.54%                | 6.21%                | 0.21%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $574164.28               | $195337.30                                 |
| Month 2  | $302917.01               | $2609581.63                                |
| Month 3  | $-1206350.85             | $1297478.62                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Thermon Group Holdings Inc                | Thermon Group Holdings Inc                                                            | CUSIP: 88362T103<br>LEI: 529900ZNZBBLDE77MZ38 | Long             | EC               | CORP              | US        |      9149 | NS      | $244461.28    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Ligand Pharmaceuticals Inc                | Ligand Pharmaceuticals Inc                                                            | CUSIP: 53220K504<br>LEI: 5493008K7TB0IKP37H79 | Long             | EC               | CORP              | US        |      2672 | NS      | $473318.08    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynatrace Inc                             | Dynatrace Inc                                                                         | CUSIP: 268150109<br>LEI: 6488T0Z33CE9L61EX904 | Long             | EC               | CORP              | US        |      7679 | NS      | $372047.55    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Camping World Holdings Inc                | Camping World Holdings Inc                                                            | CUSIP: 13462K109<br>LEI: 549300E828QQI7MWI432 | Long             | EC               | CORP              | US        |     21507 | NS      | $339595.53    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Kforce Inc                                | Kforce Inc                                                                            | CUSIP: 493732101<br>LEI: 5493003RDQQDVXY2SK46 | Long             | EC               | CORP              | US        |     11225 | NS      | $336525.50    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Waystar Holding Corp                      | Waystar Holding Corp                                                                  | CUSIP: 946784105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6800 | NS      | $257856.00    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Vera Therapeutics Inc                     | Vera Therapeutics Inc                                                                 | CUSIP: 92337R101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7600 | NS      | $220856.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Marzetti Company/The                      | Marzetti Company/The                                                                  | CUSIP: 513847103<br>LEI: 529900X4O13HED1ZAS58 | Long             | EC               | CORP              | US        |      1200 | NS      | $207348.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Workiva Inc                               | Workiva Inc                                                                           | CUSIP: 98139A105<br>LEI: 529900RTOQ8GRWHY1O58 | Long             | EC               | CORP              | US        |      1358 | NS      | $116896.64    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Natural Resources Inc                | Core Natural Resources Inc                                                            | CUSIP: 218937100<br>LEI: 549300YJCTPJBTK7IJ81 | Long             | EC               | CORP              | US        |      2519 | NS      | $210286.12    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Properties Realty Trust Inc     | Essential Properties Realty Trust Inc                                                 | CUSIP: 29670E107<br>LEI: 2549009LXQLVYCGLZO50 | Long             | EC               |  | US        |     16178 | NS      | $481457.28    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Valvoline Inc                             | Valvoline Inc                                                                         | CUSIP: 92047W101<br>LEI: 549300CMHPBEY6VPOT75 | Long             | EC               | CORP              | US        |      9900 | NS      | $355509.00    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Four Corners Property Trust Inc           | Four Corners Property Trust Inc                                                       | CUSIP: 35086T109<br>LEI: 549300SVTPZPBDVNER42 | Long             | EC               |  | US        |     13954 | NS      | $340477.60    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Semtech Corp                              | Semtech Corp                                                                          | CUSIP: 816850101<br>LEI: 549300J7WUY317SW6O61 | Long             | EC               | CORP              | US        |      7632 | NS      | $545306.40    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Catalyst Pharmaceuticals Inc              | Catalyst Pharmaceuticals Inc                                                          | CUSIP: 14888U101<br>LEI: 5299004O0R5XXLA5H544 | Long             | EC               | CORP              | US        |      7600 | NS      | $149720.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA BLUEPRINT MEDIC                    | CONTRA BLUEPRINT MEDIC                                                                | CUSIP: 096CVR048<br>LEI: 5299004CC60O9T5HVM83 | Long             |  |  | US        |      3484 | NS      | $1602.64      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Crescent Energy Co                        | Crescent Energy Co                                                                    | CUSIP: 44952J104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6384 | NS      | $56945.28     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Burlington Stores Inc                     | Burlington Stores Inc                                                                 | CUSIP: 122017106<br>LEI: 5299003Z37DVGKKC1W09 | Long             | EC               | CORP              | US        |      2883 | NS      | $733723.50    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Merit Medical Systems Inc                 | Merit Medical Systems Inc                                                             | CUSIP: 589889104<br>LEI: 549300OYTY138SP2CE83 | Long             | EC               | CORP              | US        |      4200 | NS      | $349566.00    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Gentherm Inc                              | Gentherm Inc                                                                          | CUSIP: 37253A103<br>LEI: HKM6YX1U5JS60TCUB219 | Long             | EC               | CORP              | US        |      7364 | NS      | $250817.84    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| OMNIAB INC                                | OMNIAB INC                                                                            | CUSIP: 68218J301<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1013 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Helen of Troy Ltd                         | Helen of Troy Ltd                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |      1963 | NS      | $49467.60     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Travere Therapeutics Inc                  | Travere Therapeutics Inc                                                              | CUSIP: 89422G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14578 | NS      | $348414.20    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegion plc                              | Allegion plc                                                                          | CUSIP: 000000000<br>LEI: 984500560CAC2E6FB757 | Long             | EC               | CORP              | IE        |      5799 | NS      | $1028452.65   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Casey's General Stores Inc                | Casey's General Stores Inc                                                            | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |      2671 | NS      | $1509969.72   | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Tetra Tech Inc                            | Tetra Tech Inc                                                                        | CUSIP: 88162G103<br>LEI: 549300UJ1LP7JGJC5P32 | Long             | EC               | CORP              | US        |     14395 | NS      | $480505.10    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Energy Industries Inc            | Advanced Energy Industries Inc                                                        | CUSIP: 007973100<br>LEI: 549300756XI3QLFT2U27 | Long             | EC               | CORP              | US        |     11029 | NS      | $1876474.06   | 3.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Maximus Inc                               | Maximus Inc                                                                           | CUSIP: 577933104<br>LEI: 549300DQCDS8HJ7QF202 | Long             | EC               | CORP              | US        |      8556 | NS      | $781761.72    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Synovus Financial Corp                    | Synovus Financial Corp                                                                | CUSIP: 87161C501<br>LEI: 549300EIUS8UN5JTLE54 | Long             | EC               | CORP              | US        |     11493 | NS      | $564076.44    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Halozyme Therapeutics Inc                 | Halozyme Therapeutics Inc                                                             | CUSIP: 40637H109<br>LEI: 529900242I3SV9AGM753 | Long             | EC               | CORP              | US        |      2800 | NS      | $205352.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Brink's Co/The                            | Brink's Co/The                                                                        | CUSIP: 109696104<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | EC               | CORP              | US        |     11036 | NS      | $1289666.96   | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Apellis Pharmaceuticals Inc               | Apellis Pharmaceuticals Inc                                                           | CUSIP: 03753U106<br>LEI: 254900HS0ZFRXXSB9D42 | Long             | EC               | CORP              | US        |      3951 | NS      | $89411.13     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Inspire Medical Systems Inc               | Inspire Medical Systems Inc                                                           | CUSIP: 457730109<br>LEI: 549300XQQCQ7HCJKTW25 | Long             | EC               | CORP              | US        |       300 | NS      | $22260.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| EyePoint Pharmaceuticals Inc              | EyePoint Pharmaceuticals Inc                                                          | CUSIP: 30233G209<br>LEI: 549300QE1RU34T50MR69 | Long             | EC               | CORP              | US        |      5600 | NS      | $79744.00     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEX Corp                                 | IDEX Corp                                                                             | CUSIP: 45167R104<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | EC               | CORP              | US        |      1502 | NS      | $244465.52    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyler Technologies Inc                    | Tyler Technologies Inc                                                                | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |      2576 | NS      | $1347660.16   | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Grand Vacations Inc                | Hilton Grand Vacations Inc                                                            | CUSIP: 43283X105<br>LEI: 549300O9K6MFD8D07574 | Long             | EC               | CORP              | US        |     12491 | NS      | $522248.71    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Wingstop Inc                              | Wingstop Inc                                                                          | CUSIP: 974155103<br>LEI: 549300SSH3F8HPIM3Q47 | Long             | EC               | CORP              | US        |      1500 | NS      | $377520.00    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphatec Holdings Inc                     | Alphatec Holdings Inc                                                                 | CUSIP: 02081G201<br>LEI: 549300EZE8CQ8K65FS24 | Long             | EC               | CORP              | US        |      9320 | NS      | $135512.80    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Take-Two Interactive Software Inc         | Take-Two Interactive Software Inc                                                     | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |      2174 | NS      | $561674.64    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Celldex Therapeutics Inc                  | Celldex Therapeutics Inc                                                              | CUSIP: 15117B202<br>LEI: 529900F018DMYWH38923 | Long             | EC               | CORP              | US        |     12600 | NS      | $325962.00    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultra Clean Holdings Inc                  | Ultra Clean Holdings Inc                                                              | CUSIP: 90385V107<br>LEI: 5493007L6LS7QX18PE75 | Long             | EC               | CORP              | US        |     10273 | NS      | $279939.25    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Bancorp Inc/The                           | Bancorp Inc/The                                                                       | CUSIP: 05969A105<br>LEI: 894500FP2ICT1B019Y71 | Long             | EC               | CORP              | US        |      5495 | NS      | $411520.55    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Varonis Systems Inc                       | Varonis Systems Inc                                                                   | CUSIP: 922280102<br>LEI: 549300SHIVNRRH7STS26 | Long             | EC               | CORP              | US        |     21577 | NS      | $1240030.19   | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Calix Inc                                 | Calix Inc                                                                             | CUSIP: 13100M509<br>LEI: 5299002RQRZ4SXSCSJ58 | Long             | EC               | CORP              | US        |      9644 | NS      | $591852.28    | 1.20%             |  |  |  | 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        |     40800 | NS      | $40800.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc                       | Eagle Materials Inc                                                                   | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |      4901 | NS      | $1142129.04   | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Globus Medical Inc                        | Globus Medical Inc                                                                    | CUSIP: 379577208<br>LEI: 5299003M2P4CIK0RF205 | Long             | EC               | CORP              | US        |      2224 | NS      | $127368.48    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Caris Life Sciences Inc                   | Caris Life Sciences Inc                                                               | CUSIP: 142152107<br>LEI: 549300LX5LO78M5VPY43 | Long             | EC               | CORP              | US        |      3928 | NS      | $118822.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| MSA Safety Inc                            | MSA Safety Inc                                                                        | CUSIP: 553498106<br>LEI: 529900DVA3258XK11O39 | Long             | EC               | CORP              | US        |      2092 | NS      | $359970.44    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| LGI Homes Inc                             | LGI Homes Inc                                                                         | CUSIP: 50187T106<br>LEI: 549300W02B4WNV8CV109 | Long             | EC               | CORP              | US        |      3089 | NS      | $159732.19    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| HEICO Corp                                | HEICO Corp                                                                            | CUSIP: 422806109<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |      2976 | NS      | $960712.32    | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Avidity Biosciences Inc                   | Avidity Biosciences Inc                                                               | CUSIP: 05370A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11500 | NS      | $501055.00    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Entegris Inc                              | Entegris Inc                                                                          | CUSIP: 29362U104<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | EC               | CORP              | US        |      4821 | NS      | $445749.66    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Titan Machinery Inc                       | Titan Machinery Inc                                                                   | CUSIP: 88830R101<br>LEI: 549300835ZM8G0BT5C94 | Long             | EC               | CORP              | US        |     11743 | NS      | $196577.82    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Bright Horizons Family Solutions Inc      | Bright Horizons Family Solutions Inc                                                  | CUSIP: 109194100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3398 | NS      | $368920.86    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Lazard Inc                                | Lazard Inc                                                                            | CUSIP: 52110M109<br>LEI: 254900RIBCDJSUFG1A11 | Long             | EC               | CORP              | US        |     12317 | NS      | $650091.26    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Rush Enterprises Inc                      | Rush Enterprises Inc                                                                  | CUSIP: 781846209<br>LEI: 529900V3XHTN7A6DFT17 | Long             | EC               | CORP              | US        |     24885 | NS      | $1330600.95   | 2.70%             |  |  |  | No            |                  1 | On Loan: —       |
| Pinnacle Financial Partners Inc           | Pinnacle Financial Partners Inc                                                       | CUSIP: 72346Q104<br>LEI: 54930098EZ8JMSAZGS24 | Long             | EC               | CORP              | US        |      5944 | NS      | $557487.76    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Privia Health Group Inc                   | Privia Health Group Inc                                                               | CUSIP: 74276R102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8600 | NS      | $214140.00    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Vaxcyte Inc                               | Vaxcyte Inc                                                                           | CUSIP: 92243G108<br>LEI: 254900M7NMHTGASX8D95 | Long             | EC               | CORP              | US        |      3300 | NS      | $118866.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognex Corp                               | Cognex Corp                                                                           | CUSIP: 192422103<br>LEI: 549300JQTYZCLC43S226 | Long             | EC               | CORP              | US        |      7873 | NS      | $356646.90    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Verra Mobility Corp                       | Verra Mobility Corp                                                                   | CUSIP: 92511U102<br>LEI: 549300XX5EKGLR0M4152 | Long             | EC               | CORP              | US        |     10800 | NS      | $266760.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| FormFactor Inc                            | FormFactor Inc                                                                        | CUSIP: 346375108<br>LEI: 549300YCEEO6SZD1ZR61 | Long             | EC               | CORP              | US        |      7627 | NS      | $277775.34    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| FactSet Research Systems Inc              | FactSet Research Systems Inc                                                          | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |      1036 | NS      | $296803.64    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Fabrinet                                  | Fabrinet                                                                              | CUSIP: 000000000<br>LEI: 5493004TETZ6IYF7CV44 | Long             | EC               | CORP              | KY        |       900 | NS      | $328158.00    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| YETI Holdings Inc                         | YETI Holdings Inc                                                                     | CUSIP: 98585X104<br>LEI: 549300DSQICIGNT5GO63 | Long             | EC               | CORP              | US        |     15522 | NS      | $515019.96    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Credo Technology Group Holding Ltd        | Credo Technology Group Holding Ltd                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      3300 | NS      | $480513.00    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Molina Healthcare Inc                     | Molina Healthcare Inc                                                                 | CUSIP: 60855R100<br>LEI: 549300NQQCEQ46YHZ591 | Long             | EC               | CORP              | US        |      2319 | NS      | $443763.84    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| WEX Inc                                   | WEX Inc                                                                               | CUSIP: 96208T104<br>LEI: T9M5IGROL1TL1G5OV478 | Long             | EC               | CORP              | US        |      2797 | NS      | $440611.41    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Palomar Holdings Inc                      | Palomar Holdings Inc                                                                  | CUSIP: 69753M105<br>LEI: 549300DOI1MUW11BLX74 | Long             | EC               | CORP              | US        |      1300 | NS      | $151775.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Option Care Health Inc                    | Option Care Health Inc                                                                | CUSIP: 68404L201<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | EC               | CORP              | US        |     18864 | NS      | $523664.64    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| LPL Financial Holdings Inc                | LPL Financial Holdings Inc                                                            | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |      2100 | NS      | $698649.00    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleveland-Cliffs Inc                      | Cleveland-Cliffs Inc                                                                  | CUSIP: 185899101<br>LEI: 549300TM2WLI2BJMDD86 | Long             | EC               | CORP              | US        |     29787 | NS      | $363401.40    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| OMNIAB INC                                | OMNIAB INC                                                                            | CUSIP: 68218J202<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1013 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Impinj Inc                                | Impinj Inc                                                                            | CUSIP: 453204109<br>LEI: 549300M26VGKSMMWWN17 | Long             | EC               | CORP              | US        |      2530 | NS      | $457297.50    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Insmed Inc                                | Insmed Inc                                                                            | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |      5344 | NS      | $769589.44    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                       | DWS Central Cash Management Government Fund                                           | CUSIP: 25160K306<br>LEI: 5493003GD84DGSXJ7618 | Long             | STIV             | RF                | US        |   1311871 | NS      | $1311871.29   | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearwater Analytics Holdings Inc         | Clearwater Analytics Holdings Inc                                                     | CUSIP: 185123106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11700 | NS      | $210834.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| RadNet Inc                                | RadNet Inc                                                                            | CUSIP: 750491102<br>LEI: 529900RECG94V2IZJ970 | Long             | EC               | CORP              | US        |     23877 | NS      | $1819666.17   | 3.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Monolithic Power Systems Inc              | Monolithic Power Systems Inc                                                          | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |       847 | NS      | $779782.08    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Neurocrine Biosciences Inc                | Neurocrine Biosciences Inc                                                            | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |      7085 | NS      | $994592.30    | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTracker Inc                            | NEXTracker Inc                                                                        | CUSIP: 65290E101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8300 | NS      | $614117.00    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthEquity Inc                          | HealthEquity Inc                                                                      | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |      4529 | NS      | $429213.33    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Crinetics Pharmaceuticals Inc             | Crinetics Pharmaceuticals Inc                                                         | CUSIP: 22663K107<br>LEI: 549300Q1CNFXK5P31D28 | Long             | EC               | CORP              | US        |      3500 | NS      | $145775.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Masimo Corp                               | Masimo Corp                                                                           | CUSIP: 574795100<br>LEI: 549300Q4A8JK0PIYCU29 | Long             | EC               | CORP              | US        |       727 | NS      | $107268.85    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinsale Capital Group Inc                 | Kinsale Capital Group Inc                                                             | CUSIP: 49714P108<br>LEI: 529900QTUQHNZ6HOA508 | Long             | EC               | CORP              | US        |      1900 | NS      | $807994.00    | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| SiTime Corp                               | SiTime Corp                                                                           | CUSIP: 82982T106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3087 | NS      | $930143.97    | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Matador Resources Co                      | Matador Resources Co                                                                  | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |      5100 | NS      | $229143.00    | 0.47%             |  |  |  | No            |                  1 | On Loan: —       |
| CG oncology Inc                           | CG oncology Inc                                                                       | CUSIP: 156944100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4100 | NS      | $165148.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Ovintiv Inc                               | Ovintiv Inc                                                                           | CUSIP: 69047Q102<br>LEI: 2549003MEX7YMKLGI239 | Long             | EC               | CORP              | US        |      7311 | NS      | $295218.18    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Lantheus Holdings Inc                     | Lantheus Holdings Inc                                                                 | CUSIP: 516544103<br>LEI: 5299005HUB5IOJGO7S39 | Long             | EC               | CORP              | US        |      3500 | NS      | $179515.00    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| EastGroup Properties Inc                  | EastGroup Properties Inc                                                              | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               |  | US        |      2208 | NS      | $373726.08    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Moelis & Co                               | Moelis & Co                                                                           | CUSIP: 60786M105<br>LEI: 549300891QNU7VTQUR83 | Long             | EC               | CORP              | US        |      9136 | NS      | $651579.52    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Haemonetics Corp                          | Haemonetics Corp                                                                      | CUSIP: 405024100<br>LEI: 549300ZEL6TXZS6F5F95 | Long             | EC               | CORP              | US        |      1353 | NS      | $65945.22     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Builders FirstSource Inc                  | Builders FirstSource Inc                                                              | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |      9106 | NS      | $1104102.50   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Kiniksa Pharmaceuticals International Plc | Kiniksa Pharmaceuticals International Plc                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |      8769 | NS      | $340500.27    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Commvault Systems Inc                     | Commvault Systems Inc                                                                 | CUSIP: 204166102<br>LEI: 65T5VRP62VXG39YFML83 | Long             | EC               | CORP              | US        |      1300 | NS      | $245414.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Aviation Ltd                         | FTAI Aviation Ltd                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      2500 | NS      | $417150.00    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Five9 Inc                                 | Five9 Inc                                                                             | CUSIP: 338307101<br>LEI: 254900MXP6EWY0SFFR59 | Long             | EC               | CORP              | US        |      9547 | NS      | $231037.40    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Chart Industries Inc                      | Chart Industries Inc                                                                  | CUSIP: 16115Q308<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | EC               | CORP              | US        |      2600 | NS      | $520390.00    | 1.06%             |  |  |  | No            |                  1 | On Loan: —       |
| Expand Energy Corp                        | Expand Energy Corp                                                                    | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |      2543 | NS      | $270168.32    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadridge Financial Solutions Inc        | Broadridge Financial Solutions Inc                                                    | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |      1782 | NS      | $424418.94    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Scholar Rock Holding Corp                 | Scholar Rock Holding Corp                                                             | CUSIP: 80706P103<br>LEI: 549300Z1FLPGL4OWJ459 | Long             | EC               | CORP              | US        |       385 | NS      | $14337.40     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| TopBuild Corp                             | TopBuild Corp                                                                         | CUSIP: 89055F103<br>LEI: 5493007YSKHOL4RWII46 | Long             | EC               | CORP              | US        |      3073 | NS      | $1201112.78   | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenable Holdings Inc                      | Tenable Holdings Inc                                                                  | CUSIP: 88025T102<br>LEI: 5493004S5OMPESF0EF83 | Long             | EC               | CORP              | US        |     12141 | NS      | $354031.56    | 0.72%             |  |  |  | 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