# EDGAR Filing Document

**Accession Number:** 0000810573
**File Stem:** 0001410368-25-032262
**Filing Date:** 2025-11
**Character Count:** 51761
**Document Hash:** ad3731ebfa8ee81f1e7b075b47b0f136
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-032262.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001410368-25-032262

**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:** 251526197

**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 International Opportunities VIP (Series ID: S000006276)

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

## Nport-Ex

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

**DWS International Opportunities VIP**

(formerly DWS International Growth VIP)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Common Stocks 97.4%** | **Common Stocks 97.4%** |  |
| **Canada 5.7%** | **Canada 5.7%** |  |
| Agnico Eagle Mines Ltd.  | 2467 | &nbsp;&nbsp; 415510 |
| Alimentation Couche-Tard, Inc.  | 2520 | &nbsp;&nbsp; 134447 |
| Brookfield Corp.  | 10344 | &nbsp;&nbsp; 709742 |
| (Cost $233,506) |  | &nbsp;&nbsp; **1259699** |
| **China 5.2%** | **China 5.2%** |  |
| ANTA Sports Products Ltd.  | 8000 | &nbsp;&nbsp; 95819 |
| BYD Co., Ltd. "H"  | 7500 | &nbsp;&nbsp; 106264 |
| Ping An Insurance Group Co. of China Ltd. "H"  | 44000 | &nbsp;&nbsp; 299182 |
| Tencent Holdings Ltd.  | 7400 | &nbsp;&nbsp; 630293 |
| (Cost $790,620) |  | &nbsp;&nbsp; **1131558** |
| **Denmark 0.9%** | **Denmark 0.9%** |  |
| Novo Nordisk A/S "B" (Cost $297,267) | 3400 | &nbsp;&nbsp; **187835** |
| **Finland 0.6%** | **Finland 0.6%** |  |
| Amer Sports, Inc.\* (a) (Cost $62,675) | 3824 | &nbsp;&nbsp; **132884** |
| **France 13.2%** | **France 13.2%** |  |
| Air Liquide SA  | 1500 | &nbsp;&nbsp; 312664 |
| Airbus SE  | 1391 | &nbsp;&nbsp; 324250 |
| Capgemini SE  | 1307 | &nbsp;&nbsp; 190255 |
| Cie de Saint-Gobain SA  | 2659 | &nbsp;&nbsp; 288155 |
| LVMH Moet Hennessy Louis Vuitton SE  | 342 | &nbsp;&nbsp; 209889 |
| Safran SA  | 450 | &nbsp;&nbsp; 159273 |
| Schneider Electric SE  | 1560 | &nbsp;&nbsp; 438828 |
| TotalEnergies SE  | 7605 | &nbsp;&nbsp; 463455 |
| Vinci SA  | 3633 | &nbsp;&nbsp; 505289 |
| (Cost $1,999,717) |  | &nbsp;&nbsp; **2892058** |
| **Germany 15.1%** | **Germany 15.1%** |  |
| adidas AG  | 783 | &nbsp;&nbsp; 165292 |
| Allianz SE (Registered)  | 1848 | &nbsp;&nbsp; 777924 |
| Auto1 Group SE\*  | 4800 | &nbsp;&nbsp; 164658 |
| BASF SE  | 2345 | &nbsp;&nbsp; 117189 |
| Brenntag SE  | 1493 | &nbsp;&nbsp; 89446 |
| Deutsche Boerse AG  | 2297 | &nbsp;&nbsp; 616268 |
| Deutsche Post AG  | 3048 | &nbsp;&nbsp; 136143 |
| Deutsche Telekom AG (Registered)  | 7863 | &nbsp;&nbsp; 268203 |
| MTU Aero Engines AG  | 300 | &nbsp;&nbsp; 138328 |
| SAP SE  | 2309 | &nbsp;&nbsp; 618742 |
| Siemens Healthineers AG 144A  | 4006 | &nbsp;&nbsp; 217030 |
| (Cost $2,071,299) |  | &nbsp;&nbsp; **3309223** |

---

------

---

| | | |
|:---|:---|:---|
| **Hong Kong 1.5%** | **Hong Kong 1.5%** |  |
| Alibaba Group Holding Ltd.  | 5100 | &nbsp;&nbsp; 114656 |
| Techtronic Industries Co., Ltd.  | 17597 | &nbsp;&nbsp; 224815 |
| (Cost $178,962) |  | &nbsp;&nbsp; **339471** |
| **Ireland 2.4%** | **Ireland 2.4%** |  |
| Experian PLC  | 5559 | &nbsp;&nbsp; 278325 |
| Kerry Group PLC "A"  | 2687 | &nbsp;&nbsp; 242297 |
| (Cost $338,641) |  | &nbsp;&nbsp; **520622** |
| **Israel 1.8%** | **Israel 1.8%** |  |
| Cellebrite DI Ltd.\* (b) | 4555 | &nbsp;&nbsp; 84404 |
| CyberArk Software Ltd.\* (b) | 634 | &nbsp;&nbsp; 306317 |
| (Cost $216,151) |  | &nbsp;&nbsp; **390721** |
| **Italy 0.8%** | **Italy 0.8%** |  |
| Stevanato Group SpA (a) (Cost $195,909) | 6939 | &nbsp;&nbsp; **178679** |
| **Japan 4.4%** | **Japan 4.4%** |  |
| Daikin Industries Ltd.  | 1000 | &nbsp;&nbsp; 115557 |
| Fast Retailing Co., Ltd.  | 690 | &nbsp;&nbsp; 209199 |
| Hoya Corp.  | 2100 | &nbsp;&nbsp; 291119 |
| Keyence Corp.  | 700 | &nbsp;&nbsp; 260792 |
| MISUMI Group, Inc.  | 4911 | &nbsp;&nbsp; 76403 |
| (Cost $575,509) |  | &nbsp;&nbsp; **953070** |
| **Korea 0.8%** | **Korea 0.8%** |  |
| Samsung Electronics Co., Ltd. (Cost $111,381) | 2765 | &nbsp;&nbsp; **166019** |
| **Lithuania 0.1%** | **Lithuania 0.1%** |  |
| Baltic Classifieds Group PLC (Cost $21,803) | 4300 | &nbsp;&nbsp; **17914** |
| **Luxembourg 0.6%** | **Luxembourg 0.6%** |  |
| Globant SA\* (a) (Cost $172,071) | 2263 | &nbsp;&nbsp; **129851** |
| **Netherlands 6.8%** | **Netherlands 6.8%** |  |
| Adyen NV 144A\*  | 74 | &nbsp;&nbsp; 119013 |
| Argenx SE\*  | 106 | &nbsp;&nbsp; 77993 |
| ASML Holding NV  | 594 | &nbsp;&nbsp; 578647 |
| ING Groep NV  | 16367 | &nbsp;&nbsp; 427040 |
| NXP Semiconductors NV (b) | 415 | &nbsp;&nbsp; 94508 |
| Topicus.com, Inc.\* (c) | 500 | &nbsp;&nbsp; 53621 |
| Universal Music Group NV  | 4575 | &nbsp;&nbsp; 132263 |
| (Cost $695,121) |  | &nbsp;&nbsp; **1483085** |
| **Singapore 5.3%** | **Singapore 5.3%** |  |
| DBS Group Holdings Ltd.  | 20720 | &nbsp;&nbsp; 821748 |
| Sea Ltd. (ADR)\*  | 1291 | &nbsp;&nbsp; 230740 |
| Trip.com Group Ltd.  | 1350 | &nbsp;&nbsp; 102074 |
| (Cost $420,220) |  | &nbsp;&nbsp; **1154562** |
| **Sweden 3.9%** | **Sweden 3.9%** |  |
| Assa Abloy AB "B"  | 7536 | &nbsp;&nbsp; 262105 |
| Spotify Technology SA\* (a) | 862 | &nbsp;&nbsp; 601676 |
| (Cost $306,747) |  | &nbsp;&nbsp; **863781** |

---

------

---

| | | |
|:---|:---|:---|
| **Switzerland 8.1%** | **Switzerland 8.1%** |  |
| Alcon AG  | 1635 | &nbsp;&nbsp; 122176 |
| Lonza Group AG (Registered)  | 1003 | &nbsp;&nbsp; 668875 |
| Nestle SA (Registered)  | 3000 | &nbsp;&nbsp; 275680 |
| Roche Holding AG (Genusschein)  | 776 | &nbsp;&nbsp; 257275 |
| Sandoz Group AG  | 5130 | &nbsp;&nbsp; 305441 |
| Sportradar Group AG "A"\* (b) | 5384 | &nbsp;&nbsp; 144830 |
| (Cost $1,075,693) |  | &nbsp;&nbsp; **1774277** |
| **Taiwan 3.7%** | **Taiwan 3.7%** |  |
| Taiwan Semiconductor Manufacturing Co., Ltd. (Cost $115,005) | 19000 | &nbsp;&nbsp; **820946** |
| **United Kingdom 6.5%** | **United Kingdom 6.5%** |  |
| AstraZeneca PLC  | 2320 | &nbsp;&nbsp; 354993 |
| Birkenstock Holding PLC\* (a) | 1830 | &nbsp;&nbsp; 82808 |
| Halma PLC  | 4744 | &nbsp;&nbsp; 220838 |
| HSBC Holdings PLC  | 21000 | &nbsp;&nbsp; 296324 |
| Klarna Group PLC\* (a) (d) | 1369 | &nbsp;&nbsp; 50174 |
| RELX PLC  | 4700 | &nbsp;&nbsp; 224560 |
| Rentokil Initial PLC  | 39613 | &nbsp;&nbsp; 200541 |
| (Cost $1,279,417) |  | &nbsp;&nbsp; **1430238** |
| **United States 9.1%** | **United States 9.1%** |  |
| Brookfield Asset Management Ltd. "A"  | 3646 | &nbsp;&nbsp; 207490 |
| Ferguson Enterprises, Inc.  | 756 | &nbsp;&nbsp; 169783 |
| Flutter Entertainment PLC\* (e) | 386 | &nbsp;&nbsp; 100628 |
| Marsh & McLennan Companies, Inc.  | 1782 | &nbsp;&nbsp; 359126 |
| Mastercard, Inc. "A"  | 541 | &nbsp;&nbsp; 307726 |
| NVIDIA Corp.  | 2942 | &nbsp;&nbsp; 548918 |
| Schlumberger NV  | 4300 | &nbsp;&nbsp; 147791 |
| Thermo Fisher Scientific, Inc.  | 304 | &nbsp;&nbsp; 147446 |
| (Cost $640,058) |  | &nbsp;&nbsp; **1988908** |
| **Uruguay 0.9%** | **Uruguay 0.9%** |  |
| MercadoLibre, Inc.\* (Cost $122,915) | 88 | &nbsp;&nbsp; **205651** |
| **Total Common Stocks** (Cost $11,920,687) |  | &nbsp;&nbsp; **21331052** |
| **Preferred Stocks 0.4%** | **Preferred Stocks 0.4%** |  |
| **Germany**  | **Germany**  |  |
| Sartorius AG (Cost $94,183) | 399 | &nbsp;&nbsp; **93166** |
| **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** |  |
| &nbsp;&nbsp;&nbsp; DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional <br> Shares", 4.05% (f) (g) (Cost $51,025)<br>| 51025 | &nbsp;&nbsp; **51025** |
| **Cash Equivalents 2.0%** | **Cash Equivalents 2.0%** |  |
| DWS Central Cash Management Government Fund, 4.18% (f) (Cost $433,585) | 433585 | &nbsp;&nbsp; **433585** |

---

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

---

| | | |
|:---|:---|:---|
|  | **% of** <br>**Net Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** (Cost $12,499,480) | 100.0 | &nbsp;&nbsp; **21908828** |
| **Other Assets and Liabilities, Net** | (0.0)<br>| &nbsp;&nbsp; **(1994)**<br>|
| **Net Assets** | 100.0 | &nbsp;&nbsp; **21906834** |

---

------

*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 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (f) (g) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (f) (g) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (f) (g) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (f) (g) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (f) (g) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (f) (g) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (f) (g) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (f) (g) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (f) (g) |
| —  | 51,025 (h) | —  | —  | —  | 346  | —  | 51025  | 51025  |
| **Cash Equivalents 2.0%** | **Cash Equivalents 2.0%** | **Cash Equivalents 2.0%** | **Cash Equivalents 2.0%** | **Cash Equivalents 2.0%** | **Cash Equivalents 2.0%** | **Cash Equivalents 2.0%** | **Cash Equivalents 2.0%** | **Cash Equivalents 2.0%** |
| DWS Central Cash Management Government Fund, 4.18% (f) | DWS Central Cash Management Government Fund, 4.18% (f) | DWS Central Cash Management Government Fund, 4.18% (f) | DWS Central Cash Management Government Fund, 4.18% (f) | DWS Central Cash Management Government Fund, 4.18% (f) | DWS Central Cash Management Government Fund, 4.18% (f) | DWS Central Cash Management Government Fund, 4.18% (f) | DWS Central Cash Management Government Fund, 4.18% (f) | DWS Central Cash Management Government Fund, 4.18% (f) |
| 528472  | 4110019  | 4204906  | —  | —  | 19058  | —  | 433585  | 433585  |
| **528472** | **4161044** | **4204906** | **—** | **—** | **19404** | **—** | **484610** | **484610** |

---

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

*\** *Non-income producing security.* 

*(a)* *Listed on the New York Stock Exchange.*

*(b)* *Listed on the NASDAQ Stock Market, Inc.*

*(c)* *Listed on the TSX Venture Exchange.*

*(d)* *All or a portion of these securities were on loan. In addition, "Other Assets and Liabilities, Net" may include pending sales that* *are also on loan. The value of securities loaned at September 30, 2025 amounted to $47,645, which is 0.2% of net assets.* 

*(e)* *Listed on the London Stock Exchange.*

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

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

*(h)* *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;

---

| |
|:---|
| *144A: Security exempt from registration under Rule 144A under the Securities Act of 1933. These securities may be resold in* <br> *transactions exempt from registration, normally to qualified institutional buyers.*<br>|
| *ADR: American Depositary Receipt* |

---

*At September 30, 2025 the DWS International Opportunities VIP had the following sector diversification:* 

---

| | | |
|:---|:---|:---|
| **Sector Diversification** | **Market Value ($)** | **(As a % of Net Assets)** |
| Financials | 4991758<br>| &nbsp;&nbsp; 23%<br>|
| Information Technology | 4073858<br>| &nbsp;&nbsp; 19%<br>|
| Industrials | 3631800<br>| &nbsp;&nbsp; 17%<br>|
| Health Care | 2902030<br>| &nbsp;&nbsp; 13%<br>|
| Consumer Discretionary | 2065391<br>| &nbsp;&nbsp; 9%<br>|
| Communication Services | 1650349<br>| &nbsp;&nbsp; 7%<br>|
| Materials | 845362<br>| &nbsp;&nbsp; 4%<br>|
| Consumer Staples | 652424<br>| &nbsp;&nbsp; 3%<br>|
| Energy | 611246<br>| &nbsp;&nbsp; 3%<br>|
| **Total** | **21424218** | &nbsp;&nbsp; **98%** |

---

*Sector diversification is subject to change.*

------

***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  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada  | $1259699 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1259699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China  |  | &nbsp;&nbsp; 1131558 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1131558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark  |  | &nbsp;&nbsp; 187835 | &nbsp;&nbsp; — | &nbsp;&nbsp; 187835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland  | 132884 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 132884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France  |  | &nbsp;&nbsp; 2892058 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2892058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany  |  | &nbsp;&nbsp; 3309223 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3309223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong  |  | &nbsp;&nbsp; 339471 | &nbsp;&nbsp; — | &nbsp;&nbsp; 339471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland  |  | &nbsp;&nbsp; 520622 | &nbsp;&nbsp; — | &nbsp;&nbsp; 520622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel  | 390721 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 390721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy  | 178679 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 178679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan  |  | &nbsp;&nbsp; 953070 | &nbsp;&nbsp; — | &nbsp;&nbsp; 953070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korea  |  | &nbsp;&nbsp; 166019 | &nbsp;&nbsp; — | &nbsp;&nbsp; 166019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lithuania  |  | &nbsp;&nbsp; 17914 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luxembourg  | 129851 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 129851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands  | 148129 | &nbsp;&nbsp; 1334956 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1483085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore  | 230740 | &nbsp;&nbsp; 923822 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1154562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden  | 601676 | &nbsp;&nbsp; 262105 | &nbsp;&nbsp; — | &nbsp;&nbsp; 863781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland  | 144830 | &nbsp;&nbsp; 1629447 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1774277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan  |  | &nbsp;&nbsp; 820946 | &nbsp;&nbsp; — | &nbsp;&nbsp; 820946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom  | 132982 | &nbsp;&nbsp; 1297256 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1430238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States  | 1888280 | &nbsp;&nbsp; 100628 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1988908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uruguay  | 205651 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 205651 |
| Preferred Stocks  |  | &nbsp;&nbsp; 93166 | &nbsp;&nbsp; — | &nbsp;&nbsp; 93166 |
| Short-Term Investments (a) | 484610 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 484610 |
| **Total** | **$5928732** | &nbsp;&nbsp; **$15980096** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$21908828** |

---

&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.

VS2IO-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 International Opportunities VIP

- **b. EDGAR series identifier (if any):** S000006276

- **c. LEI of Series:** OVVS3LTQ3YWJVLCDXM58

**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:** $22045029.57

**Total Liabilities:** $127362.65

**Net Assets:** $21917666.92

**Cash Not Reported:** $116050.44

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000017245 | -2.32%               | 2.93%                | 1.50%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $74554.89                | $-552501.07                                |
| Month 2  | $-314728.57              | $906047.30                                 |
| Month 3  | $4205.24                 | $318413.42                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Ping An Insurance Group Co of China Ltd   | Ping An Insurance Group Co of China Ltd                                               | CUSIP: 000000000<br>LEI: 529900M9MC28JLN35U89 | Long             | EC               | CORP              | CN        |     44000 | NS      | $299181.45    | 1.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Universal Music Group NV                  | Universal Music Group NV                                                              | CUSIP: 000000000<br>LEI: 724500GJBUL3D9TW9Y18 | Long             | EC               | CORP              | NL        |      4575 | NS      | $132262.85    | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitton SE       | LVMH Moet Hennessy Louis Vuitton SE                                                   | CUSIP: 000000000<br>LEI: IOG4E947OATN0KJYSD45 | Long             | EC               | CORP              | FR        |       342 | NS      | $209889.26    | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Flutter Entertainment PLC                 | Flutter Entertainment PLC                                                             | CUSIP: 000000000<br>LEI: 635400EG4YIJLJMZJ782 | Long             | EC               | CORP              | IE        |       386 | NS      | $100628.08    | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Argenx SE                                 | Argenx SE                                                                             | CUSIP: 000000000<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |       106 | NS      | $77992.95     | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| ASML Holding NV                           | ASML Holding NV                                                                       | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |       594 | NS      | $578646.58    | 2.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Brookfield Corp                           | Brookfield Corp                                                                       | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |     10344 | NS      | $709742.44    | 3.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger NV                           | Schlumberger NV                                                                       | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |      4300 | NS      | $147791.00    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                                    | SAP SE                                                                                | CUSIP: 000000000<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |      2309 | NS      | $618741.89    | 2.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Thermo Fisher Scientific Inc              | Thermo Fisher Scientific Inc                                                          | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |       304 | NS      | $147446.08    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbus SE                                 | Airbus SE                                                                             | CUSIP: 000000000<br>LEI: MINO79WLOO247M1IL051 | Long             | EC               | CORP              | NL        |      1391 | NS      | $324250.08    | 1.48%             |  |  |  | No            |                  2 | On Loan: No      |
| MISUMI Group Inc                          | MISUMI Group Inc                                                                      | CUSIP: 000000000<br>LEI: 353800SJWGE5BEK2V032 | Long             | EC               | CORP              | JP        |      4911 | NS      | $76403.00     | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Boerse AG                        | Deutsche Boerse AG                                                                    | CUSIP: 000000000<br>LEI: 529900G3SW56SHYNPR95 | Long             | EC               | CORP              | DE        |      2297 | NS      | $616268.19    | 2.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Sea Ltd                                   | Sea Ltd                                                                               | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |      1291 | NS      | $230740.43    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd                | Samsung Electronics Co Ltd                                                            | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |      2765 | NS      | $166019.04    | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Spotify Technology SA                     | Spotify Technology SA                                                                 | CUSIP: 000000000<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | LU        |       862 | NS      | $601676.00    | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| DBS Group Holdings Ltd                    | DBS Group Holdings Ltd                                                                | CUSIP: 000000000<br>LEI: 5493007FKT78NKPM5V55 | Long             | EC               | CORP              | SG        |     21920 | NS      | $869340.14    | 3.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Sportradar Group AG                       | Sportradar Group AG                                                                   | CUSIP: 000000000<br>LEI: 549300H1P33YOAT7Z533 | Long             | EC               | CORP              | CH        |      5384 | NS      | $144829.60    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Globant SA                                | Globant SA                                                                            | CUSIP: 000000000<br>LEI: 2221008DCMSPYS42DS88 | Long             | EC               | CORP              | LU        |      2263 | NS      | $129850.94    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG                          | Roche Holding AG                                                                      | CUSIP: 000000000<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |       776 | NS      | $257275.35    | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens Healthineers AG                   | Siemens Healthineers AG                                                               | CUSIP: 000000000<br>LEI: 529900QBVWXMWANH7H45 | Long             | EC               | CORP              | DE        |      4006 | NS      | $217030.20    | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Daikin Industries Ltd                     | Daikin Industries Ltd                                                                 | CUSIP: 000000000<br>LEI: 549300Y7FWSTSHMW5Y57 | Long             | EC               | CORP              | JP        |      1000 | NS      | $115556.71    | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| NXP Semiconductors NV                     | NXP Semiconductors NV                                                                 | CUSIP: 000000000<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | NL        |       415 | NS      | $94507.95     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Brenntag SE                               | Brenntag SE                                                                           | CUSIP: 000000000<br>LEI: NNROIXVWJ7CPSR27SV97 | Long             | EC               | CORP              | DE        |      1493 | NS      | $89445.92     | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| TotalEnergies SE                          | TotalEnergies SE                                                                      | CUSIP: 000000000<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |      7605 | NS      | $463454.81    | 2.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Novo Nordisk A/S                          | Novo Nordisk A/S                                                                      | CUSIP: 000000000<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |      3400 | NS      | $187834.98    | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Baltic Classifieds Group PLC              | Baltic Classifieds Group PLC                                                          | CUSIP: 000000000<br>LEI: 213800I1RPHCFSSQS969 | Long             | EC               | CORP              | GB        |      4300 | NS      | $17914.09     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| RELX PLC                                  | RELX PLC                                                                              | CUSIP: 000000000<br>LEI: 549300WSX3VBUFFJOO66 | Long             | EC               | CORP              | GB        |      4700 | NS      | $224559.92    | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Alimentation Couche-Tard Inc              | Alimentation Couche-Tard Inc                                                          | CUSIP: 01626P148<br>LEI: 549300OSW32RVX8CCZ87 | Long             | EC               | CORP              | CA        |      2520 | NS      | $134447.08    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Sartorius AG                              | Sartorius AG                                                                          | CUSIP: 000000000<br>LEI: 529900EQV2DY4FOAMU38 | Long             | EP               | CORP              | DE        |       399 | NS      | $93166.25     | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Cellebrite DI Ltd                         | Cellebrite DI Ltd                                                                     | CUSIP: 000000000<br>LEI: 254900G03462YGP1IO36 | Long             | EC               | CORP              | IL        |      4555 | NS      | $84404.15     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Adyen NV                                  | Adyen NV                                                                              | CUSIP: 000000000<br>LEI: 724500973ODKK3IFQ447 | Long             | EC               | CORP              | NL        |        74 | NS      | $119013.16    | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Kerry Group PLC                           | Kerry Group PLC                                                                       | CUSIP: 000000000<br>LEI: 635400TLVVBNXLFHWC59 | Long             | EC               | CORP              | IE        |      2687 | NS      | $242297.26    | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| NVIDIA Corp                               | NVIDIA Corp                                                                           | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |      2942 | NS      | $548918.36    | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| adidas AG                                 | adidas AG                                                                             | CUSIP: 000000000<br>LEI: 549300JSX0Z4CW0V5023 | Long             | EC               | CORP              | DE        |       783 | NS      | $165291.85    | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| MTU Aero Engines AG                       | MTU Aero Engines AG                                                                   | CUSIP: 000000000<br>LEI: 529900807L67JY81RD65 | Long             | EC               | CORP              | DE        |       300 | NS      | $138327.88    | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| CyberArk Software Ltd                     | CyberArk Software Ltd                                                                 | CUSIP: 000000000<br>LEI: 529900YEXNDM894PWS93 | Long             | EC               | CORP              | IL        |       634 | NS      | $306317.10    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc                  | Marsh & McLennan Cos Inc                                                              | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |      1782 | NS      | $359126.46    | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Rentokil Initial PLC                      | Rentokil Initial PLC                                                                  | CUSIP: 000000000<br>LEI: 549300VN4WV7Z6T14K68 | Long             | EC               | CORP              | GB        |     39613 | NS      | $200540.88    | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Techtronic Industries Co Ltd              | Techtronic Industries Co Ltd                                                          | CUSIP: 000000000<br>LEI: 549300HZW2SBE758OK89 | Long             | EC               | CORP              | HK        |     17597 | NS      | $224814.96    | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Air Liquide SA                            | Air Liquide SA                                                                        | CUSIP: 000000000<br>LEI: 969500MMPQVHK671GT54 | Long             | EC               | CORP              | FR        |      1500 | NS      | $312664.28    | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Nestle SA                                 | Nestle SA                                                                             | CUSIP: 000000000<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |      3000 | NS      | $275679.47    | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| DWS                                       | DWS Government & Agency Securities Portfolio DWS Government Cash Institutional Shares | CUSIP: 147539670<br>LEI: N/A                  | Long             | STIV             | RF                | US        |     51025 | NS      | $51025.00     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Keyence Corp                              | Keyence Corp                                                                          | CUSIP: 000000000<br>LEI: 529900M7PQBS7A89DZ11 | Long             | EC               | CORP              | JP        |       700 | NS      | $260791.65    | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Agnico Eagle Mines Ltd                    | Agnico Eagle Mines Ltd                                                                | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |      2467 | NS      | $415509.66    | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Assa Abloy AB                             | Assa Abloy AB                                                                         | CUSIP: 000000000<br>LEI: 549300YECS8HKCIMMB67 | Long             | EC               | CORP              | SE        |      7536 | NS      | $262105.22    | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |
| ANTA Sports Products Ltd                  | ANTA Sports Products Ltd                                                              | CUSIP: 000000000<br>LEI: 529900291XG0CTK4LF95 | Long             | EC               | CORP              | KY        |      8000 | NS      | $95819.40     | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                           | AstraZeneca PLC                                                                       | CUSIP: 000000000<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |      2320 | NS      | $354993.33    | 1.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Mastercard Inc                            | Mastercard Inc                                                                        | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |       541 | NS      | $307726.21    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Amer Sports Inc                           | Amer Sports Inc                                                                       | CUSIP: 000000000<br>LEI: 391200YCSWTRD1J21867 | Long             | EC               | CORP              | KY        |      3824 | NS      | $132884.00    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcon AG                                  | Alcon AG                                                                              | CUSIP: 000000000<br>LEI: 549300LDT5AP8S0NBM78 | Long             | EC               | CORP              | CH        |      1635 | NS      | $122176.22    | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Telekom AG                       | Deutsche Telekom AG                                                                   | CUSIP: 000000000<br>LEI: 549300V9QSIG4WX4GJ96 | Long             | EC               | CORP              | DE        |      7863 | NS      | $268202.58    | 1.22%             |  |  |  | No            |                  2 | On Loan: No      |
| ING Groep NV                              | ING Groep NV                                                                          | CUSIP: 000000000<br>LEI: 549300NYKK9MWM7GGW15 | Long             | EC               | CORP              | NL        |     16367 | NS      | $427039.78    | 1.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Auto1 Group SE                            | Auto1 Group SE                                                                        | CUSIP: 000000000<br>LEI: 391200S2LPXG5ZD5G304 | Long             | EC               | CORP              | DE        |      4800 | NS      | $164657.98    | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Topicus.com Inc                           | Topicus.com Inc                                                                       | CUSIP: 89072T102<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |       500 | NS      | $53621.47     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Trip.com Group Ltd                        | Trip.com Group Ltd                                                                    | CUSIP: 000000000<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               | CORP              | KY        |      1350 | NS      | $102073.60    | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| BASF SE                                   | BASF SE                                                                               | CUSIP: 000000000<br>LEI: 529900PM64WH8AF1E917 | Long             | EC               | CORP              | DE        |      2345 | NS      | $117188.68    | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Lonza Group AG                            | Lonza Group AG                                                                        | CUSIP: 000000000<br>LEI: 549300EFW4H2TCZ71055 | Long             | EC               | CORP              | CH        |      1003 | NS      | $668874.68    | 3.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Brookfield Asset Management Ltd           | Brookfield Asset Management Ltd                                                       | CUSIP: 113004105<br>LEI: 549300CZ84WPNJZKY093 | Long             | EC               | CORP              | CA        |      3646 | NS      | $207489.55    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Sandoz Group AG                           | Sandoz Group AG                                                                       | CUSIP: 000000000<br>LEI: 5493000JWK6XWFEUD320 | Long             | EC               | CORP              | CH        |      5130 | NS      | $305441.27    | 1.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Allianz SE                                | Allianz SE                                                                            | CUSIP: 000000000<br>LEI: 529900K9B0N5BT694847 | Long             | EC               | CORP              | DE        |      1848 | NS      | $777924.36    | 3.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Hoya Corp                                 | Hoya Corp                                                                             | CUSIP: 000000000<br>LEI: 353800X4VR3BHEUCJB42 | Long             | EC               | CORP              | JP        |      2100 | NS      | $291119.11    | 1.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Experian PLC                              | Experian PLC                                                                          | CUSIP: 000000000<br>LEI: 635400RXXHHYT1JTSZ26 | Long             | EC               | CORP              | JE        |      5559 | NS      | $278324.79    | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Capgemini SE                              | Capgemini SE                                                                          | CUSIP: 000000000<br>LEI: 96950077L0TN7BAROX36 | Long             | EC               | CORP              | FR        |      1307 | NS      | $190254.76    | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Vinci SA                                  | Vinci SA                                                                              | CUSIP: 000000000<br>LEI: 213800WFQ334R8UXUG83 | Long             | EC               | CORP              | FR        |      3633 | NS      | $505288.70    | 2.31%             |  |  |  | No            |                  2 | On Loan: No      |
| DWS                                       | DWS Central Cash Management Government Fund                                           | CUSIP: 25160K306<br>LEI: 5493003GD84DGSXJ7618 | Long             | STIV             | RF                | US        |    431995 | NS      | $431995.27    | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferguson Enterprises Inc                  | Ferguson Enterprises Inc                                                              | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |       756 | NS      | $169782.48    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Post AG                          | Deutsche Post AG                                                                      | CUSIP: 000000000<br>LEI: 8ER8GIG7CSMVD8VUFE78 | Long             | EC               | CORP              | DE        |      3048 | NS      | $136143.26    | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Birkenstock Holding Plc                   | Birkenstock Holding Plc                                                               | CUSIP: 000000000<br>LEI: 529900CQ8LQKQ7LIT631 | Long             | EC               | CORP              | JE        |      1830 | NS      | $82807.50     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Cie de Saint-Gobain SA                    | Cie de Saint-Gobain SA                                                                | CUSIP: 000000000<br>LEI: NFONVGN05Z0FMN5PEC35 | Long             | EC               | CORP              | FR        |      2659 | NS      | $288154.99    | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd | Taiwan Semiconductor Manufacturing Co Ltd                                             | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     19000 | NS      | $820946.52    | 3.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Klarna Group PLC                          | Klarna Group PLC                                                                      | CUSIP: 000000000<br>LEI: 636700HER4JIK7GZUN17 | Long             | EC               | CORP              | GB        |      1369 | NS      | $50173.85     | 0.23%             |  |  |  | No            |                  1 | On Loan: —       |
| MercadoLibre Inc                          | MercadoLibre Inc                                                                      | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |        88 | NS      | $205650.72    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Stevanato Group SpA                       | Stevanato Group SpA                                                                   | CUSIP: 000000000<br>LEI: 81560033F7E1CD477507 | Long             | EC               | CORP              | IT        |      6939 | NS      | $178679.25    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd                      | Tencent Holdings Ltd                                                                  | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |      7400 | NS      | $630293.14    | 2.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Safran SA                                 | Safran SA                                                                             | CUSIP: 000000000<br>LEI: 969500UIC89GT3UL7L24 | Long             | EC               | CORP              | FR        |       450 | NS      | $159272.66    | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Schneider Electric SE                     | Schneider Electric SE                                                                 | CUSIP: 000000000<br>LEI: 969500A1YF1XUYYXS284 | Long             | EC               | CORP              | FR        |      1400 | NS      | $393820.23    | 1.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Fast Retailing Co Ltd                     | Fast Retailing Co Ltd                                                                 | CUSIP: 000000000<br>LEI: 353800ZCXKHDPY0N5218 | Long             | EC               | CORP              | JP        |       890 | NS      | $269836.52    | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| BYD Co Ltd                                | BYD Co Ltd                                                                            | CUSIP: 000000000<br>LEI: 5299005557VL7ULJ7A69 | Long             | EC               | CORP              | CN        |      7500 | NS      | $106263.82    | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Halma PLC                                 | Halma PLC                                                                             | CUSIP: 000000000<br>LEI: 2138007FRGLUR9KGBT40 | Long             | EC               | CORP              | GB        |      4744 | NS      | $220838.11    | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                         | HSBC Holdings PLC                                                                     | CUSIP: 000000000<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | EC               | CORP              | GB        |     21000 | NS      | $296324.05    | 1.35%             |  |  |  | No            |                  2 | 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