# EDGAR Filing Document

**Accession Number:** 0000810573
**File Stem:** 0001410368-25-032283
**Filing Date:** 2025-11
**Character Count:** 41935
**Document Hash:** e82035366a0182decd0ff392da7afa44
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-032283.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001410368-25-032283

**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:** 251526226

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

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

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value ($)** |
| **Common Stocks 99.8%** | **Common Stocks 99.8%** |  |
| **Communication Services 11.5%** | **Communication Services 11.5%** |  |
| **Entertainment 2.4%** | **Entertainment 2.4%** |  |
| Warner Bros Discovery, Inc.\* | 168777 | &nbsp;&nbsp; **3296215** |
| **Interactive Media & Services 4.1%** | **Interactive Media & Services 4.1%** |  |
| Alphabet, Inc. "A"  | 20359 | &nbsp;&nbsp; 4949273 |
| Meta Platforms, Inc. "A"  | 1090 | &nbsp;&nbsp; 800474 |
|  |  | &nbsp;&nbsp; **5749747** |
| **Media 4.5%** | **Media 4.5%** |  |
| Comcast Corp. "A"  | 34845 | &nbsp;&nbsp; 1094830 |
| Fox Corp. "A"  | 80576 | &nbsp;&nbsp; 5081123 |
|  |  | &nbsp;&nbsp; **6175953** |
| **Wireless Telecommunication Services 0.5%** | **Wireless Telecommunication Services 0.5%** |  |
| T-Mobile U.S., Inc. | 3040 | &nbsp;&nbsp; **727715** |
| **Consumer Discretionary 8.0%** | **Consumer Discretionary 8.0%** |  |
| **Automobile Components 0.7%** | **Automobile Components 0.7%** |  |
| Aptiv PLC\* | 11656 | &nbsp;&nbsp; **1004981** |
| **Hotels, Restaurants & Leisure 3.5%** | **Hotels, Restaurants & Leisure 3.5%** |  |
| Boyd Gaming Corp.  | 41582 | &nbsp;&nbsp; 3594764 |
| Travel & Leisure Co.  | 21866 | &nbsp;&nbsp; 1300808 |
|  |  | &nbsp;&nbsp; **4895572** |
| **Household Durables 2.0%** | **Household Durables 2.0%** |  |
| D.R. Horton, Inc. | 16707 | &nbsp;&nbsp; **2831335** |
| **Specialty Retail 1.5%** | **Specialty Retail 1.5%** |  |
| AutoNation, Inc.\*  | 6357 | &nbsp;&nbsp; 1390721 |
| Bath & Body Works, Inc.  | 25815 | &nbsp;&nbsp; 664994 |
|  |  | &nbsp;&nbsp; **2055715** |
| **Textiles, Apparel & Luxury Goods 0.3%** | **Textiles, Apparel & Luxury Goods 0.3%** |  |
| Tapestry, Inc. | 3481 | &nbsp;&nbsp; **394119** |
| **Consumer Staples 9.4%** | **Consumer Staples 9.4%** |  |
| **Beverages 1.5%** | **Beverages 1.5%** |  |
| Constellation Brands, Inc. "A"  | 2049 | &nbsp;&nbsp; 275939 |
| Molson Coors Beverage Co. "B" (a) | 42004 | &nbsp;&nbsp; 1900681 |
|  |  | &nbsp;&nbsp; **2176620** |
| **Food Products 5.6%** | **Food Products 5.6%** |  |
| Kraft Heinz Co.  | 195833 | &nbsp;&nbsp; 5099491 |
| The J.M. Smucker Co.  | 24889 | &nbsp;&nbsp; 2702946 |
|  |  | &nbsp;&nbsp; **7802437** |
| **Tobacco 2.3%** | **Tobacco 2.3%** |  |
| Altria Group, Inc. | 47751 | &nbsp;&nbsp; **3154431** |

---

------

---

| | | |
|:---|:---|:---|
| **Energy 4.7%** | **Energy 4.7%** |  |
| **Oil, Gas & Consumable Fuels 4.7%** | **Oil, Gas & Consumable Fuels 4.7%** |  |
| Coterra Energy, Inc.  | 49775 | &nbsp;&nbsp; 1177179 |
| Devon Energy Corp.  | 27789 | &nbsp;&nbsp; 974282 |
| EOG Resources, Inc.  | 10879 | &nbsp;&nbsp; 1219753 |
| ONEOK, Inc.  | 43034 | &nbsp;&nbsp; 3140191 |
|  |  | &nbsp;&nbsp; **6511405** |
| **Financials 16.4%** | **Financials 16.4%** |  |
| **Banks 7.4%** | **Banks 7.4%** |  |
| Bank of America Corp.  | 28374 | &nbsp;&nbsp; 1463815 |
| Citigroup, Inc.  | 5093 | &nbsp;&nbsp; 516940 |
| Fifth Third Bancorp.  | 9891 | &nbsp;&nbsp; 440644 |
| JPMorgan Chase & Co.  | 13084 | &nbsp;&nbsp; 4127086 |
| Regions Financial Corp.  | 23290 | &nbsp;&nbsp; 614157 |
| U.S. Bancorp.  | 35718 | &nbsp;&nbsp; 1726251 |
| Wells Fargo & Co.  | 17304 | &nbsp;&nbsp; 1450421 |
|  |  | &nbsp;&nbsp; **10339314** |
| **Capital Markets 2.6%** | **Capital Markets 2.6%** |  |
| State Street Corp. | 31386 | &nbsp;&nbsp; **3641090** |
| **Consumer Finance 2.6%** | **Consumer Finance 2.6%** |  |
| Synchrony Financial | 50447 | &nbsp;&nbsp; **3584259** |
| **Financial Services 3.8%** | **Financial Services 3.8%** |  |
| Fiserv, Inc.\*  | 14162 | &nbsp;&nbsp; 1825907 |
| Global Payments, Inc.  | 24303 | &nbsp;&nbsp; 2019093 |
| PayPal Holdings, Inc.\*  | 20821 | &nbsp;&nbsp; 1396256 |
|  |  | &nbsp;&nbsp; **5241256** |
| **Health Care 22.8%** | **Health Care 22.8%** |  |
| **Biotechnology 4.1%** | **Biotechnology 4.1%** |  |
| Amgen, Inc.  | 2600 | &nbsp;&nbsp; 733720 |
| Gilead Sciences, Inc.  | 23964 | &nbsp;&nbsp; 2660004 |
| Regeneron Pharmaceuticals, Inc.  | 3156 | &nbsp;&nbsp; 1774524 |
| Vertex Pharmaceuticals, Inc.\*  | 1322 | &nbsp;&nbsp; 517748 |
|  |  | &nbsp;&nbsp; **5685996** |
| **Health Care Equipment & Supplies 4.2%** | **Health Care Equipment & Supplies 4.2%** |  |
| GE HealthCare Technologies, Inc.  | 5968 | &nbsp;&nbsp; 448197 |
| Hologic, Inc.\*  | 26684 | &nbsp;&nbsp; 1800903 |
| Medtronic PLC  | 23047 | &nbsp;&nbsp; 2194996 |
| Teleflex, Inc.  | 7426 | &nbsp;&nbsp; 908645 |
| Zimmer Biomet Holdings, Inc.  | 4593 | &nbsp;&nbsp; 452411 |
|  |  | &nbsp;&nbsp; **5805152** |
| **Health Care Providers & Services 1.3%** | **Health Care Providers & Services 1.3%** |  |
| HCA Healthcare, Inc.  | 1628 | &nbsp;&nbsp; 693854 |
| Tenet Healthcare Corp.\*  | 5388 | &nbsp;&nbsp; 1093979 |
|  |  | &nbsp;&nbsp; **1787833** |
| **Pharmaceuticals 13.2%** | **Pharmaceuticals 13.2%** |  |
| Bristol-Myers Squibb Co.  | 85226 | &nbsp;&nbsp; 3843693 |
| Johnson & Johnson  | 29274 | &nbsp;&nbsp; 5427985 |
| Merck & Co., Inc.  | 32029 | &nbsp;&nbsp; 2688194 |

---

------

---

| | | |
|:---|:---|:---|
| Pfizer, Inc.  | 161803 | &nbsp;&nbsp; 4122740 |
| Viatris, Inc.  | 237825 | &nbsp;&nbsp; 2354468 |
|  |  | &nbsp;&nbsp; **18437080** |
| **Industrials 10.8%** | **Industrials 10.8%** |  |
| **Aerospace & Defense 1.5%** | **Aerospace & Defense 1.5%** |  |
| Lockheed Martin Corp. | 4140 | &nbsp;&nbsp; **2066729** |
| **Building Products 1.1%** | **Building Products 1.1%** |  |
| Allegion PLC  | 6846 | &nbsp;&nbsp; 1214138 |
| Masco Corp.  | 4739 | &nbsp;&nbsp; 333578 |
|  |  | &nbsp;&nbsp; **1547716** |
| **Machinery 4.9%** | **Machinery 4.9%** |  |
| Caterpillar, Inc.  | 4299 | &nbsp;&nbsp; 2051268 |
| Cummins, Inc.  | 3500 | &nbsp;&nbsp; 1478295 |
| PACCAR, Inc.  | 33162 | &nbsp;&nbsp; 3260488 |
|  |  | &nbsp;&nbsp; **6790051** |
| **Professional Services 3.0%** | **Professional Services 3.0%** |  |
| Leidos Holdings, Inc.  | 9698 | &nbsp;&nbsp; 1832534 |
| SS&C Technologies Holdings, Inc.  | 27091 | &nbsp;&nbsp; 2404597 |
|  |  | &nbsp;&nbsp; **4237131** |
| **Trading Companies & Distributors 0.3%** | **Trading Companies & Distributors 0.3%** |  |
| Ferguson Enterprises, Inc. | 1575 | &nbsp;&nbsp; **353714** |
| **Information Technology 14.7%** | **Information Technology 14.7%** |  |
| **Communications Equipment 1.2%** | **Communications Equipment 1.2%** |  |
| Cisco Systems, Inc. | 25048 | &nbsp;&nbsp; **1713784** |
| **IT Services 6.9%** | **IT Services 6.9%** |  |
| Accenture PLC "A"  | 5919 | &nbsp;&nbsp; 1459626 |
| Amdocs Ltd.  | 20504 | &nbsp;&nbsp; 1682353 |
| Cognizant Technology Solutions Corp. "A"  | 95839 | &nbsp;&nbsp; 6427922 |
|  |  | &nbsp;&nbsp; **9569901** |
| **Semiconductors & Semiconductor Equipment 5.3%** | **Semiconductors & Semiconductor Equipment 5.3%** |  |
| Applied Materials, Inc.  | 17256 | &nbsp;&nbsp; 3532993 |
| Lam Research Corp.  | 3421 | &nbsp;&nbsp; 458072 |
| QUALCOMM, Inc.  | 20372 | &nbsp;&nbsp; 3389086 |
|  |  | &nbsp;&nbsp; **7380151** |
| **Software 0.6%** | **Software 0.6%** |  |
| Gen Digital, Inc. | 27447 | &nbsp;&nbsp; **779220** |
| **Technology Hardware, Storage & Peripherals 0.7%** | **Technology Hardware, Storage & Peripherals 0.7%** |  |
| Dell Technologies, Inc. "C"  | 4504 | &nbsp;&nbsp; 638532 |
| Hewlett Packard Enterprise Co.  | 15886 | &nbsp;&nbsp; 390160 |
|  |  | &nbsp;&nbsp; **1028692** |
| **Materials 1.5%** | **Materials 1.5%** |  |
| **Containers & Packaging 0.3%** | **Containers & Packaging 0.3%** |  |
| Smurfit WestRock PLC | 7885 | &nbsp;&nbsp; **335664** |
| **Metals & Mining 1.2%** | **Metals & Mining 1.2%** |  |
| Newmont Corp. | 20395 | &nbsp;&nbsp; **1719503** |
| **Total Common Stocks** (Cost $114,057,133) | **Total Common Stocks** (Cost $114,057,133) | &nbsp;&nbsp; **138820481** |

---

------

---

| | | |
|:---|:---|:---|
| **Cash Equivalents 0.2%** | **Cash Equivalents 0.2%** | **Cash Equivalents 0.2%** |
| DWS Central Cash Management Government Fund, 4.18% (b) (Cost $242,476) | 242476 | &nbsp;&nbsp; **242476** |

---

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

---

| | | |
|:---|:---|:---|
|  | **% of** <br>**Net Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** (Cost $114,299,609) | 100.0 | &nbsp;&nbsp; **139062957** |
| **Other Assets and Liabilities, Net**  | (0.0)<br>| &nbsp;&nbsp; **(55253)**<br>|
| **Net Assets** | 100.0 | &nbsp;&nbsp; **139007704** |

---

*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 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (b) (c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (b) (c) |
| —  | 0 (d) | —  | —  | —  | 254  | —  | —  | —  |
| **Cash Equivalents 0.2%** | **Cash Equivalents 0.2%** | **Cash Equivalents 0.2%** | **Cash Equivalents 0.2%** | **Cash Equivalents 0.2%** | **Cash Equivalents 0.2%** | **Cash Equivalents 0.2%** | **Cash Equivalents 0.2%** | **Cash Equivalents 0.2%** |
| DWS Central Cash Management Government Fund, 4.18% (b) | DWS Central Cash Management Government Fund, 4.18% (b) | DWS Central Cash Management Government Fund, 4.18% (b) | DWS Central Cash Management Government Fund, 4.18% (b) | DWS Central Cash Management Government Fund, 4.18% (b) | DWS Central Cash Management Government Fund, 4.18% (b) | DWS Central Cash Management Government Fund, 4.18% (b) | DWS Central Cash Management Government Fund, 4.18% (b) | DWS Central Cash Management Government Fund, 4.18% (b) |
| 890296  | 7711345  | 8359165  | —  | —  | 25129  | —  | 242476  | 242476  |
| **890296** | **7711345** | **8359165** | **—** | **—** | **25383** | **—** | **242476** | **242476** |

---

&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 $1,900,500, which is 1.4% of net assets.* 

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

*(c)* *Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In* *addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $1,960,388.* 

*(d)* *Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period* *ended September 30, 2025.* 

------

***Fair Value Measurements***

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

*The following is a summary of the inputs used as of September 30, 2025 in valuing the Fund's investments.* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks (a) | $138820481 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $138820481 |
| Short-Term Investments  | 242476 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 242476 |
| **Total** | **$139062957** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$139062957** |

---

&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.

VS2CUS-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 CROCI(R) U.S. VIP

- **b. EDGAR series identifier (if any):** S000006255

- **c. LEI of Series:** ESXHT0DJX0R3G9LR0N72

**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:** $139222124.83

**Total Liabilities:** $142967.16

**Net Assets:** $139079157.67

**Cash Not Reported:** $3491.46

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000017204 | 2.00%                | 5.20%                | 1.45%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $28222.29                | $2448894.26                                |
| Month 2  | $2720674.36              | $3839297.94                                |
| Month 3  | $0.00                    | $1755801.46                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Cisco Systems Inc                   | Cisco Systems Inc                           | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     25048 | NS      | $1713784.16   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Warner Bros Discovery Inc           | Warner Bros Discovery Inc                   | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |    168777 | NS      | $3296214.81   | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                       | Accenture PLC                               | CUSIP: 000000000<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |      5919 | NS      | $1459625.40   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Viatris Inc                         | Viatris Inc                                 | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |    237825 | NS      | $2354467.50   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Inc          | Vertex Pharmaceuticals Inc                  | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |      1322 | NS      | $517748.08    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                   | Johnson & Johnson                           | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     29274 | NS      | $5427985.08   | 3.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Molson Coors Beverage Co            | Molson Coors Beverage Co                    | CUSIP: 60871R209<br>LEI: 54930073LBBH6ZCBE225 | Long             | EC               | CORP              | US        |     42004 | NS      | $1900681.00   | 1.37%             |  |  |  | No            |                  1 | On Loan: —       |
| Wells Fargo & Co                    | Wells Fargo & Co                            | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     17304 | NS      | $1450421.28   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| DR Horton Inc                       | DR Horton Inc                               | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |     16707 | NS      | $2831335.29   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions Corp | Cognizant Technology Solutions Corp         | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |     95839 | NS      | $6427921.73   | 4.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Masco Corp                          | Masco Corp                                  | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               | CORP              | US        |      4739 | NS      | $333578.21    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc                   | EOG Resources Inc                           | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     10879 | NS      | $1219753.48   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                       | Citigroup Inc                               | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |      5093 | NS      | $516939.50    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegion plc                        | Allegion plc                                | CUSIP: 000000000<br>LEI: 984500560CAC2E6FB757 | Long             | EC               | CORP              | IE        |      6846 | NS      | $1214138.10   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                        | Comcast Corp                                | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     34845 | NS      | $1094829.90   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Amdocs Ltd                          | Amdocs Ltd                                  | CUSIP: 000000000<br>LEI: 549300HQV672RJ7RQV66 | Long             | EC               | CORP              | GG        |     20504 | NS      | $1682353.20   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Corp                            | Fox Corp                                    | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |     80576 | NS      | $5081122.56   | 3.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                       | Medtronic PLC                               | CUSIP: 000000000<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |     23047 | NS      | $2194996.28   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc                  | Coterra Energy Inc                          | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |     49775 | NS      | $1177178.75   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| PayPal Holdings Inc                 | PayPal Holdings Inc                         | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |     20821 | NS      | $1396256.26   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Dell Technologies Inc               | Dell Technologies Inc                       | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |      4504 | NS      | $638532.08    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                        | Alphabet Inc                                | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     20359 | NS      | $4949272.90   | 3.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Hewlett Packard Enterprise Co       | Hewlett Packard Enterprise Co               | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |     15886 | NS      | $390160.16    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings Inc          | Zimmer Biomet Holdings Inc                  | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |      4593 | NS      | $452410.50    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp                   | Lam Research Corp                           | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |      3421 | NS      | $458071.90    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| J M Smucker Co/The                  | J M Smucker Co/The                          | CUSIP: 832696405<br>LEI: 5493000WDH6A0LHDJD55 | Long             | EC               | CORP              | US        |     24889 | NS      | $2702945.40   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Leidos Holdings Inc                 | Leidos Holdings Inc                         | CUSIP: 525327102<br>LEI: 549300IUTGTP6EJP8124 | Long             | EC               | CORP              | US        |      9698 | NS      | $1832534.08   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc                          | Fiserv Inc                                  | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |     14162 | NS      | $1825906.66   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp                   | State Street Corp                           | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |     31386 | NS      | $3641089.86   | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp                | Lockheed Martin Corp                        | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      4140 | NS      | $2066729.40   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Cummins Inc                         | Cummins Inc                                 | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |      3500 | NS      | $1478295.00   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc               | Applied Materials Inc                       | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |     17256 | NS      | $3532993.44   | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptiv PLC                           | Aptiv PLC                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JE        |     11656 | NS      | $1004980.32   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp                        | Newmont Corp                                | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     20395 | NS      | $1719502.45   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Brands Inc            | Constellation Brands Inc                    | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               | CORP              | US        |      2049 | NS      | $275938.83    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| PACCAR Inc                          | PACCAR Inc                                  | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |     33162 | NS      | $3260487.84   | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                           | Amgen Inc                                   | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      2600 | NS      | $733720.00    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp                | Bank of America Corp                        | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     28374 | NS      | $1463814.66   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| US Bancorp                          | US Bancorp                                  | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |     35718 | NS      | $1726250.94   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| SS&C Technologies Holdings Inc      | SS&C Technologies Holdings Inc              | CUSIP: 78467J100<br>LEI: 529900POY8H7NPPNKK71 | Long             | EC               | CORP              | US        |     27091 | NS      | $2404597.16   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoNation Inc                      | AutoNation Inc                              | CUSIP: 05329W102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6357 | NS      | $1390720.89   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Synchrony Financial                 | Synchrony Financial                         | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |     50447 | NS      | $3584259.35   | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| GE HealthCare Technologies Inc      | GE HealthCare Technologies Inc              | CUSIP: 36266G107<br>LEI: 549300OI9J7XOWZMUN85 | Long             | EC               | CORP              | US        |      5968 | NS      | $448196.80    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                  | Meta Platforms Inc                          | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      1090 | NS      | $800474.20    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                          | Pfizer Inc                                  | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    161803 | NS      | $4122740.44   | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Bath & Body Works Inc               | Bath & Body Works Inc                       | CUSIP: 070830104<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | EC               | CORP              | US        |     25815 | NS      | $664994.40    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Gen Digital Inc                     | Gen Digital Inc                             | CUSIP: 668771108<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               | CORP              | US        |     27447 | NS      | $779220.33    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Boyd Gaming Corp                    | Boyd Gaming Corp                            | CUSIP: 103304101<br>LEI: 254900787YGRYS2A1Z35 | Long             | EC               | CORP              | US        |     41582 | NS      | $3594763.90   | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corp                   | Devon Energy Corp                           | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |     27789 | NS      | $974282.34    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc                    | Altria Group Inc                            | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     47751 | NS      | $3154431.06   | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Travel + Leisure Co                 | Travel + Leisure Co                         | CUSIP: 894164102<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | EC               | CORP              | US        |     21866 | NS      | $1300808.34   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                 | DWS Central Cash Management Government Fund | CUSIP: 25160K306<br>LEI: 5493003GD84DGSXJ7618 | Long             | STIV             | RF                | US        |    240223 | NS      | $240223.18    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferguson Enterprises Inc            | Ferguson Enterprises Inc                    | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |      1575 | NS      | $353713.50    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                     | Caterpillar Inc                             | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |      4299 | NS      | $2051267.85   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenet Healthcare Corp               | Tenet Healthcare Corp                       | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |      5388 | NS      | $1093979.52   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                        | QUALCOMM Inc                                | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     20372 | NS      | $3389085.92   | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc                  | HCA Healthcare Inc                          | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |      1628 | NS      | $693853.60    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Regions Financial Corp              | Regions Financial Corp                      | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |     23290 | NS      | $614157.30    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Tapestry Inc                        | Tapestry Inc                                | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               | CORP              | US        |      3481 | NS      | $394118.82    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Smurfit WestRock PLC                | Smurfit WestRock PLC                        | CUSIP: 000000000<br>LEI: 635400EGSEOPDW2EXS14 | Long             | EC               | CORP              | IE        |      7885 | NS      | $335664.45    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals Inc       | Regeneron Pharmaceuticals Inc               | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |      3156 | NS      | $1774524.12   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Teleflex Inc                        | Teleflex Inc                                | CUSIP: 879369106<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | EC               | CORP              | US        |      7426 | NS      | $908645.36    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Fifth Third Bancorp                 | Fifth Third Bancorp                         | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |      9891 | NS      | $440644.05    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                     | T-Mobile US Inc                             | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |      3040 | NS      | $727715.20    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Kraft Heinz Co/The                  | Kraft Heinz Co/The                          | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Long             | EC               | CORP              | US        |    195833 | NS      | $5099491.32   | 3.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                      | Merck & Co Inc                              | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     32029 | NS      | $2688193.97   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Payments Inc                 | Global Payments Inc                         | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |     24303 | NS      | $2019093.24   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                 | JPMorgan Chase & Co                         | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     13084 | NS      | $4127086.12   | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK Inc                           | ONEOK Inc                                   | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |     43034 | NS      | $3140190.98   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Hologic Inc                         | Hologic Inc                                 | CUSIP: 436440101<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | EC               | CORP              | US        |     26684 | NS      | $1800903.16   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co             | Bristol-Myers Squibb Co                     | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |     85226 | NS      | $3843692.60   | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc                 | Gilead Sciences Inc                         | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     23964 | NS      | $2660004.00   | 1.91%             |  |  |  | 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