Deutsche Variable Series Ii N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM N-CSR

Investment Company Act file number: 811-05002

Deutsche DWS Variable Series II

(Exact Name of Registrant as Specified in Charter)

875 Third Avenue

New York, NY 10022-6225

(Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, including Area Code:(212) 454-4500

Diane Kenneally

One International Place

Boston, MA 02110

(Name and Address of Agent for Service)

Date of fiscal year end:	12/31
Date of reporting period:	12/31/2019

ITEM 1. REPORT TO STOCKHOLDERS

December 31, 2019

Annual Report

Deutsche DWS Variable Series II

DWS Alternative Asset Allocation VIP

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, you may not be receiving paper copies of the Fund’s shareholder reports from the insurance company that offers your contract unless you specifically request paper copies from your insurance company or from your financial intermediary. Instead, the shareholder reports will be made available on a Web site, and your insurance company will notify you by mail each time a report is posted and provide you with a Web site link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from your insurance company electronically by following the instructions provided by your insurance company.

You may elect to receive all future reports in paper free of charge from your insurance company. If your insurance company informs you that future reports will be delivered via Web access, you can inform your insurance company that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by your insurance company.

Contents

3	Performance Summary
5	Management Summary
7	Portfolio Summary
8	Investment Portfolio
10	Statement of Assets and Liabilities
10	Statement of Operations
11	Statements of Changes in Net Assets
12	Financial Highlights
13	Notes to Financial Statements
17	Report of Independent Registered Public Accounting Firm
18	Information About Your Fund’s Expenses
19	Tax Information
19	Proxy Voting
20	Advisory Agreement Board Considerations and Fee Evaluation
23	Board Members and Officers

This report must be preceded or accompanied by a prospectus. To obtain an additional prospectus or summary prospectus, if available, call (800) 728-3337 or your financial representative. We advise you to consider the Fund’s objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the Fund. Please read the prospectus carefully before you invest.

Although allocation among different asset categories generally limits risk, portfolio management may favor an asset category that underperforms other assets or markets as a whole. The Fund expects to invest in underlying funds that emphasize alternatives or non-traditional asset categories or investment strategies, and as a result, it is subject to the risk factors of those underlying funds. Some of those risks include: stock market risk; the political, general economic, liquidity and currency risks of foreign investments, which may be particularly significant for emerging markets; credit and interest rate risk; floating rate loan risk; volatility in commodity prices, infrastructure and high-yield debt securities; market direction risk (market advances when short, market declines when long); and short sales risk. Because Exchange Traded Funds (ETFs) trade on a securities exchange, their shares may trade at a premium or discount to their net asset value. ETFs also incur fees and expenses so they may not fully match the performance of the indexes they are designed to track. The Fund may use derivatives, including as part of its currency and interest-rate strategies. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. The success of the Fund’s currency and interest-rate strategies are dependent, in part, on the effectiveness and implementation of portfolio management’s proprietary models. As part of these strategies, the Fund’s exposure to foreign currencies could cause lower returns or even losses because foreign currency rates may fluctuate significantly over short periods of time for a number of reasons. The risk of loss is heightened during periods of rapid rises in interest rates. In addition, the notional amount of the Fund’s aggregate currency and interest-rate exposure resulting from these strategies may significantly exceed the net assets of the Fund. Please read the prospectus for additional risks and specific details regarding the Fund’s risk profile.

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.

DWS Distributors, Inc., 222 South Riverside Plaza, Chicago, IL 60606, (800) 621-1148

NOT FDIC/NCUA INSURED    NO BANK GUARANTEE    MAY LOSE VALUE    NOT A DEPOSIT

NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

2 | Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP

Performance Summary December 31, 2019 (Unaudited)

Fund performance shown is historical, assumes reinvestment of all dividend and capital gain distributions and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions so that, when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Please contact your participating insurance company for the Fund’s most recent month-end performance. Performance does not reflect charges and fees (“contract charges”) associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. These charges and fees will reduce returns. While all share classes have the same underlying portfolio, their performance will differ.

The gross expense ratios of the Fund, as stated in the fee table of the prospectus supplement dated September 23, 2019 are 0.96% and 1.31% for Class A and Class B shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. These expense ratios include net expenses of the underlying funds in which the Fund invests.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

Growth of an Assumed $10,000

MSCI World Index is an unmanaged index representing large and mid-cap equity performance across 23 developed markets countries. It covers approximately 85% of the free float-adjusted market capitalization in each country.   Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index representing domestic taxable investment-grade bonds, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities with average maturities of one year or more.   TheBlended Index consists of 70% MSCI World Index and 30% Bloomberg Barclays U.S. Aggregate Bond Index.   Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

Comparative Results
DWS Alternative Asset Allocation VIP		1-Year	3-Year	5-Year	10-Year
Class A	Growth of $10,000	$11,468	$11,193	$11,044	$13,829
	Average annual total return	14.68%	3.83%	2.01%	3.29%
MSCI World Index	Growth of $10,000	$12,767	$14,266	$15,203	$24,712
	Average annual total return	27.67%	12.57%	8.74%	9.47%
Bloomberg Barclays U.S. Aggregate Bond Index	Growth of $10,000	$10,872	$11,258	$11,620	$14,445
	Average annual total return	8.72%	4.03%	3.05%	3.75%
Blended Index	Growth of $10,000	$12,192	$13,350	$14,141	$21,494
	Average annual total return	21.92%	10.11%	7.18%	7.95%

Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP | 3

DWS Alternative Asset Allocation VIP		1-Year	3-Year	5-Year	10-Year
Class B	Growth of $10,000	$11,435	$11,093	$10,884	$13,452
	Average annual total return	14.35%	3.52%	1.71%	3.01%
MSCI World Index	Growth of $10,000	$12,767	$14,266	$15,203	$24,712
	Average annual total return	27.67%	12.57%	8.74%	9.47%
Bloomberg Barclays U.S. Aggregate Bond Index	Growth of $10,000	$10,872	$11,258	$11,620	$14,445
	Average annual total return	8.72%	4.03%	3.05%	3.75%
Blended Index	Growth of $10,000	$12,192	$13,350	$14,141	$21,494
	Average annual total return	21.92%	10.11%	7.18%	7.95%

The growth of $10,000 is cumulative.

4 | Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP

Management Summary December 31, 2019 (Unaudited)

The Fund returned 14.68% (Class A shares, unadjusted for contract charges) during the12-month period ended December 31, 2019, trailing the 21.92% return of its blended benchmark.

All of the underlying holdings in the portfolio delivered gains for the year, helping the Fund post a healthy absolute return. However, the Fund lagged its benchmark due to the unusually strong performance of traditional asset classes. Stocks and bonds both rallied in 2019 in response to an environment of stronger-than-expected economic growth and the three quarter-point interest rate cuts by the U.S. Federal Reserve. The two components of the blended benchmark, the MSCI World Index and the Bloomberg Barclays U.S. Aggregate Bond Index, returned 27.67 % and 8.72%, respectively. When assessing Fund performance, it’s important to keep in mind that we structure the portfolio to provide a source of diversification rather than attempting to keep pace when traditional assets produce gains of this magnitude.

Among the various categories in which the Fund is invested, infrastructure stocks generated the strongest returns in 2019. The category benefited from the improving economy and expectations for stable earnings growth. Real estate investment trusts also registered an impressive advance thanks to the backdrop of falling interest rates, healthy global property markets, and the strength in equities more generally. Convertible bonds and preferred stocks, which offer above-average income and exposure to trends in the equity and fixed-income markets, were also robust performers for the year.

The Fund’s position in fixed-income securities added value, with the best results coming from emerging-market bonds. The category was boosted by a variety of supportive trends, including positive global growth, falling interest rates, and the downturn in the U.S. dollar late in the year. Floating-rate securities, while also posting gains, lagged the fixed-income benchmark. At a time in which the Fed was cutting rates, bonds with floating-rate features experienced weaker demand.

We maintained a position in DWS Global Macro Fund, which uses a flexible, absolute-return strategy that seeks to capitalize on favorable risk/return opportunities anywhere in the world financial markets. The Fund posted a solid, double-digit gain and made a positive contribution to performance.

The Fund’s allocation to commodities, which it achieves through a position in DWS Enhanced Commodity Strategy Fund, was the weakest performer in 2019. Commodities produced mixed returns due in part to uncertainty surrounding the U.S.-China trade dispute and weaker-than-expected economic data out of China. A small position in Invesco DB US Dollar Index Bullish Fund, while posting a narrow gain despite asell-off late in the period, was also a headwind for relative performance.

We held a higher-than-normal cash position throughout the course of the year. We saw this as a way to cushion volatility and maintain the flexibility to capitalize on any sizable drawdowns in the markets, but cash proved to be a drag on results given the broad-based strength in higher-risk assets.

We made no major changes to the Fund in 2019, as we believed the portfolio was well positioned to provide both positive returns and a source of diversification. However, we did make a number of tactical adjustments in an effort to shift the portfolio’s risk profile as market conditions warranted. We also continued to research potential additions to the Fund, but we would like to see valuations become more attractive before establishing new positions.

We believe it may prove more difficult to add value through asset allocation in traditional categories in 2020. Government bonds offer yields on the low end of the historic range, and the major stock indices finished the year close to record highs. In this environment, we see an advantage from our ability to leverage numerous sources of return potential across the full spectrum of alternative investments. Our strategy provides us with the ability to capture value and avoid risk, an active approach whose merits may become more apparent if financial-market performance cools in the year ahead.

Pankaj Bhatnagar, PhD, Managing Director (Portfolio Manager until February 1, 2020)

Dokyoung Lee, CFA, Director

Darwei Kung, Managing Director

Sophia Noisten, Associate (Portfolio Manager beginning February 1, 2020)

Portfolio Managers

The views expressed reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance is no guarantee of future results. Current and future portfolio holdings are subject to risk.

Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP | 5

Terms to Know

TheBlended Index is calculated using the performance of two unmanaged indices, representative of stocks (the Morgan Stanley Capital International (MSCI) World Index, 70%) and bonds (the Bloomberg Barclays U.S. Aggregate Bond Index, 30%). These results are summed to produce the aggregate benchmark. Index returns do not reflect fees or expenses and it is not possible to invest directly into an index.

MSCI World Index is an unmanaged index representing large and mid-cap equity performance across 23 developed markets countries. It covers approximately 85% of the free float-adjusted market capitalization in each country.

Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index representing domestic taxable investment-grade bonds, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities with average maturities of one year or more.

Convertible bonds are bonds that are issued by corporations and that can be converted to shares of the issuing company’s stock at the bondholder’s discretion.

Preferred stocks are hybrid securities that offer some of the features of both stocks and bonds.

6 | Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP

Portfolio Summary (Unaudited)

Asset Allocation* (As a % of Investment Portfolio)	12/31/19		12/31/18
Real Asset		39%		40%
DWS Enhanced Commodity Strategy Fund		12%		15%
DWS RREEF Global Infrastructure Fund		11%		5%
DWS RREEF Real Estate Securities Fund		7%		8%
iShares Global Infrastructure ETF		6%		6%
DWS RREEF Global Real Estate Securities Fund		3%		6%
Alternative Fixed Income		22%		21%
DWS Floating Rate Fund		11%		12%
iShares JP Morgan USD Emerging Markets Bond ETF		6%		2%
DWS Emerging Markets Fixed Income Fund		5%		7%
Alternative Equity		23%		19%
SPDR Bloomberg Barclays Convertible Securities ETF		15%		14%
iShares U.S. Preferred Stock ETF		8%		5%
Absolute Return		3%		4%
DWS Global Macro Fund		2%		3%
Invesco DB U.S. Dollar Index Bullish Fund		1%		1%
Cash Equivalents		13%		16%
DWS Central Cash Management Government Fund		7%		8%
DWS ESG Liquidity Fund		6%		8%
		100%		100%

* During the periods indicated, asset categories and investment strategies represented in the Fund’s portfolio fell into the following categories: Real Assets, Alternative Fixed Income, Alternative Equity, and Absolute Return. Real Asset investments have a tangible or physical aspect such as real estate or commodities. Alternative Fixed Income investments seek to offer exposure to categories generally not included in investors’ allocations and to foreign investments, many of which are not denominated in US dollars. Alternative Equity investments are investments primarily in convertible and preferred instruments that offer equity exposure. Absolute Return investments seek positive returns in all market environments or seek to increase the diversification or liquidity of the Fund’s portfolio.

Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund’s investment portfolio, see page 8.

Following the Fund’s fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-PORT. The Fund’s Form N-PORT will be available on the SEC’s Web site at sec.gov. The Fund’s portfolio holdings are also posted on dws.com from time to time. Please read the Fund’s current prospectus for more information.

Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP | 7

Investment Portfolio as of December 31, 2019

	Shares		Value ($)
Mutual Funds 50.7%
DWS Emerging Markets Fixed Income Fund “Institutional” (a)		2,064,471		19,550,537
DWS Enhanced Commodity Strategy Fund “Institutional” (a)		4,732,215		45,239,972
DWS Floating Rate Fund “Institutional” (a)		4,871,736		39,558,492
DWS Global Macro Fund “Institutional” (a)		898,644		8,887,591
DWS RREEF Global Infrastructure Fund “Institutional” (a)		2,634,366		43,335,324
DWS RREEF Global Real Estate Securities Fund “Institutional” (a)		1,247,371		11,176,441
DWS RREEF Real Estate Securities Fund “Institutional” (a)		1,169,160		26,423,025
Total Mutual Funds (Cost $192,656,129)				194,171,382
Exchange-Traded Funds 36.3%
Invesco DB U.S. Dollar Index Bullish Fund		120,520		3,129,904
iShares Global Infrastructure ETF		435,715		20,875,106
iShares JP Morgan USD Emerging Markets Bond ETF		204,060		23,377,113

	Shares		Value ($)
iShares U.S. Preferred Stock ETF		764,600		28,741,314
SPDR Bloomberg Barclays Convertible Securities ETF		1,136,132		63,055,326
Total Exchange-Traded Funds (Cost $131,359,875)				139,178,763
Cash Equivalents 12.9%
DWS Central Cash Management Government Fund, 1.62% (a) (b)		27,144,085		27,144,085
DWS ESG Liquidity Fund “Institutional Shares”, 1.76% (a) (b)		22,400,634		22,402,874
Total Cash Equivalents (Cost $49,544,823)				49,546,959
	% of Net Assets		Value ($)
Total Investment Portfolio (Cost $373,560,827)		99.9		382,897,104
Other Assets and Liabilities, Net		0.1		209,697
Net Assets		100.0		383,106,801

A summary of the Fund’s transactions with affiliated Underlying DWS Funds during the year ended December 31, 2019 are as follows:

Value ($) at 12/31/2018	Purchases Cost ($)		Sales Proceeds ($)		Net Realized Gain/ (Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 12/31/2019		Value ($) at 12/31/2019
Mutual Funds 50.7%
DWS Emerging Markets Fixed Income Fund “Institutional” (a)
17,037,469		789,223		—		—			1,723,845		789,223		—		2,064,471		19,550,537
DWS Enhanced Commodity Strategy Fund “Institutional” (a)
34,471,696		10,355,446		—		—			412,830		698,546		—		4,732,215		45,239,972
DWS Floating Rate Fund “Institutional” (a)
29,538,196		8,985,508		—		—			1,034,788		1,531,508		—		4,871,736		39,558,492
DWS Global Macro Fund “Institutional” (a)
6,302,154		1,917,034		—		—			668,403		278,034		—		898,644		8,887,591
DWS RREEF Global Infrastructure Fund “Institutional” (a)
12,746,320		25,003,621		—		—			5,585,383		783,490		—		2,634,366		43,335,324
DWS RREEF Global Real Estate Securities Fund “Institutional” (a)
13,651,660		1,599,191		5,254,000		26,045			1,153,545		1,599,190		909,270		1,247,371		11,176,441
DWS RREEF Real Estate Securities Fund “Institutional” (a)
17,837,606		15,498,782		10,763,600		278,871			3,571,366		2,003,582		1,481,884		1,169,160		26,423,025
Cash Equivalents 12.9%
DWS Central Cash Management Government Fund, 1.62% (a) (b)
17,736,862		127,708,957		118,301,734		—			—		405,020		—		27,144,085		27,144,085
DWS ESG Liquidity Fund, 1.76% (a) (b)
18,321,686		11,596,501		7,519,271		(9	)		3,967		604,802		—		22,400,634		22,402,874
167,643,649		203,454,263		141,838,605		304,907			14,154,127		8,693,395		2,391,154		67,162,682		243,718,341

(a) Affiliated fund managed by DWS Investment Management Americas, Inc.

(b) The rate shown is the annualizedseven-day yield at period end.

SPDR: Standard & Poor’s Depositary Receipt

The accompanying notes are an integral part of the financial statements.

8 | Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP

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 December 31, 2019 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Mutual Funds	$	194,171,382	$	—	$	—	$	194,171,382
Exchange-Traded Funds		139,178,763		—		—		139,178,763
Short-Term Investments		49,546,959		—		—		49,546,959
Total	$	382,897,104	$	—	$	—	$	382,897,104

The accompanying notes are an integral part of the financial statements.

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Statement of Assets and Liabilities

as of December 31, 2019
Assets
Investments in affiliated Underlying Funds, at value (cost $242,200,952)	$	243,718,341
Investments innon-affiliated securities, at value (cost $131,359,875)		139,178,763
Cash		10,000
Receivable for Fund shares sold		413,853
Interest receivable		36,332
Other assets		6,313
Total assets		383,363,602
Liabilities
Payable for Fund shares redeemed		12,749
Accrued Trustees’ fees		3,751
Other accrued expenses and payables		240,301
Total liabilities		256,801
Net assets, at value	$	383,106,801
Net Assets Consist of
Distributable earnings (loss)		7,215,871
Paid-in capital		375,890,930
Net assets, at value	$	383,106,801
Class A
Net Asset Value, offering and redemption price per share ($33,924,683 ÷ 2,541,554 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	13.35
Class B
Net Asset Value, offering and redemption price per share ($349,182,118 ÷ 26,180,029 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	13.34

     Statement of Operations

for the year ended December 31, 2019
Investment Income
Income:
Income distributions from affiliated Underlying Funds	$	8,693,395
Dividends		1,851,201
Total income		10,544,596
Expenses:
Management fee		1,224,710
Administration fee		309,457
Recordkeeping fees (Class B)		341,988
Services to shareholders		2,184
Distribution and service fees (Class B)		697,082
Custodian fee		6,330
Professional fees		77,499
Reports to shareholders		46,979
Trustees’ fees and expenses		13,790
Other		8,680
Total expenses before expense reductions		2,728,699
Expense reductions		(1,208,333	)
Total expenses after expense reductions		1,520,366
Net investment income		9,024,230
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Sale of affiliated Underlying Funds		304,907
Sale of non-affiliated Underlying Funds		(59,514	)
Capital gain distributions from affiliated Underlying Funds		2,391,154
		2,636,547
Change in net unrealized appreciation (depreciation) on:
Affiliated Underlying Funds		14,154,127
Non-affiliated Underlying Funds		12,827,527
		26,981,654
Net gain (loss)		29,618,201
Net increase (decrease) in net assets resulting from operations	$	38,642,431

The accompanying notes are an integral part of the financial statements.

10 | Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP

Statements of Changes in Net Assets

	Years Ended December 31,
Increase (Decrease) in Net Assets	2019			2018
Operations:
Net investment income (loss)	$	9,024,230		$	9,946,992
Net realized gain (loss)		2,636,547			(7,030,042	)
Change in net unrealized appreciation (depreciation)		26,981,654			(23,318,609	)
Net increase (decrease) in net assets resulting from operations		38,642,431			(20,401,659	)
Distributions to shareholders:
Class A		(1,142,148	)		(576,122	)
Class B		(9,062,974	)		(3,035,192	)
Total distributions		(10,205,122	)		(3,611,314	)
Fund share transactions:
Class A
Proceeds from shares sold		5,519,916			4,125,802
Reinvestment of distributions		1,142,148			576,122
Payments for shares redeemed		(2,018,312	)		(2,134,243	)
Net increase (decrease) in net assets from Class A share transactions		4,643,752			2,567,681
Class B
Proceeds from shares sold		118,564,810			83,793,280
Reinvestment of distributions		9,062,974			3,035,192
Payments for shares redeemed		(11,692,494	)		(15,136,874	)
Net increase (decrease) in net assets from Class B share transactions		115,935,290			71,691,598
Increase (decrease) in net assets		149,016,351			50,246,306
Net assets at beginning of period		234,090,450			183,844,144
Net assets at end of period	$	383,106,801		$	234,090,450
Other Information
Class A
Shares outstanding at beginning of period		2,180,831			1,982,448
Shares sold		428,198			319,659
Shares issued to shareholders in reinvestment of distributions		90,217			45,508
Shares redeemed		(157,692	)		(166,784	)
Net increase (decrease) in Class A shares		360,723			198,383
Shares outstanding at end of period		2,541,554			2,180,831
Class B
Shares outstanding at beginning of period		17,175,164			11,540,895
Shares sold		9,198,591			6,569,707
Shares issued to shareholders in reinvestment of distributions		715,310			239,557
Shares redeemed		(909,036	)		(1,174,995	)
Net increase (decrease) in Class B shares		9,004,865			5,634,269
Shares outstanding at end of period		26,180,029			17,175,164

The accompanying notes are an integral part of the financial statements.

Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP | 11

Financial Highlights

	Years Ended December 31,
Class A	2019			2018			2017			2016			2015
Selected Per Share Data
Net asset value, beginning of period	$	12.10		$	13.61		$	12.97		$	12.60		$	13.88
Income (loss) from investment operations:
Net investment incomea		.40			.61			.33			.35			.29
Net realized and unrealized gain (loss)		1.35			(1.84	)		.62			.31			(1.13	)
Total from investment operations		1.75			(1.23	)		.95			.66			(.84	)
Less distributions from:
Net investment income		(.50	)		(.28	)		(.31	)		(.29	)		(.41	)
Net realized gains		—			—			—			—			(.03	)
Total distributions		(.50	)		(.28	)		(.31	)		(.29	)		(.44	)
Net asset value, end of period	$	13.35		$	12.10		$	13.61		$	12.97		$	12.60
Total Return (%)b,c		14.68			(9.14	)		7.41			5.30			(6.29	)
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		34			26			27			24			21
Ratio of expenses before expense reductions (%)d,e		.56			.73			.64			.56			.53
Ratio of expenses after expense reductions (%)d,e		.23			.16			.19			.27			.33
Ratio of net investment income (%)		3.09			4.78			2.50			2.70			2.19
Portfolio turnover rate (%)		10			32			55			51			21

	Years Ended December 31,
Class B	2019			2018			2017			2016			2015
Selected Per Share Data
Net asset value, beginning of period	$	12.09		$	13.59		$	12.96		$	12.59		$	13.87
Income (loss) from investment operations:
Net investment incomea		.37			.62			.31			.31			.25
Net realized and unrealized gain (loss)		1.34			(1.88	)		.59			.31			(1.12	)
Total from investment operations		1.71			(1.26	)		.90			.62			(.87	)
Less distributions from:
Net investment income		(.46	)		(.24	)		(.27	)		(.25	)		(.38	)
Net realized gains		—			—			—			—			(.03	)
Total distributions		(.46	)		(.24	)		(.27	)		(.25	)		(.41	)
Net asset value, end of period	$	13.34		$	12.09		$	13.59		$	12.96		$	12.59
Total Return (%)b,c		14.35			(9.35	)		7.01			4.99			(6.54	)
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		349			208			157			107			88
Ratio of expenses before expense reductions (%)d,e		.92			1.08			.93			.85			.83
Ratio of expenses after expense reductions (%)d,e		.52			.45			.48			.57			.62
Ratio of net investment income (%)		2.90			4.85			2.31			2.45			1.84
Portfolio turnover rate (%)		10			32			55			51			21

^a  Based on average shares outstanding during the period.

^b  Total return would have been lower had certain expenses not been reduced.

^c  Total return would have been lower if the Advisor had not reduced some Underlying DWS Funds’ expenses.

^d  The Fund invests in other Funds and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.

^e  Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option.

The accompanying notes are an integral part of the financial statements.

12 | Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP

Notes to Financial Statements

A. Organization and Significant Accounting Policies

DWS Alternative Asset Allocation VIP (the “Fund”) is a diversified series of Deutsche DWS Variable Series II (the “Trust”), which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company organized as a Massachusetts business trust. The Fund mainly invests in other affiliated DWS funds (i.e., mutual funds, exchange-traded funds and other pooled investment vehicles managed by DWS Investment Management Americas, Inc. or one of its affiliates, together the “Underlying DWS Funds”), non-affiliated exchange-traded funds (“Non-affiliated ETFs”), non-affiliated exchange-traded notes (“Non-affiliated ETNs”) and derivative investments. Non-affiliated ETFs, Non-affiliated ETNs and Underlying DWS Funds are collectively referred to as “Underlying Funds.” During the year ended December 31, 2019, the Fund primarily invested in Underlying DWS Funds and non-affiliated ETFs. Each Underlying DWS Fund’s accounting policies and investment holdings are outlined in the Underlying DWS Funds’ financial statements and are available upon request.

Multiple Classes of Shares of Beneficial Interest. The Fund offers two classes of shares (Class A shares and Class B shares). Sales of Class B shares are subject to recordkeeping fees up to 0.15% and Rule 12b-1 fees under the 1940 Act equal to an annual rate of 0.25% of the average daily net assets of the Class B shares of the Fund. Class A shares are not subject to such fees.

Investment income, realized and unrealized gains and losses, and certain fund-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares except that each class bears certain expenses unique to that class (including the applicable Rule 12b-1 fee). Differences in class-level expenses may result in payment of different per share dividends by class. All shares have equal rights with respect to voting subject to class-specific arrangements.

The Fund’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) which require the use of management estimates. Actual results could differ from those estimates. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements.

Security Valuation. Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading.

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.

Investments in mutual funds are valued at the net asset value per share of each class of the Underlying DWS Funds and are categorized as Level 1.

ETFs and ETNs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. ETFs and ETNs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. ETFs and ETNs securities are generally categorized as Level 1.

Disclosure about the classification of fair value measurements is included in a table following the Fund’s Investment Portfolio.

Federal Income Taxes. The Fund’s policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies and to distribute all of its taxable income to its shareholders.

At December 31, 2019, the Fund had approximately $8,227,000 of tax basis capital loss carryforwards, which may be applied against realized net taxable capital gains indefinitely, including short-term losses ($6,598,000) and long-term losses ($1,629,000).

Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP | 13

The Fund has reviewed the tax positions for the open tax years as of December 31, 2019 and has determined that no provision for income tax and/or uncertain tax positions is required in the Fund’s financial statements. The Fund’s federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

Distribution of Income and Gains. Distributions from net investment income of the Fund, if any, are declared and distributed to shareholders annually. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes if necessary.

The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to certain securities sold at a loss and capital gain distributions from Underlying Funds. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.

At December 31, 2019, the Fund’s components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income*	$	9,828,228
Capital loss carryforward	$	(8,227,000	)
Net unrealized appreciation (depreciation) on investments	$	5,614,469

At December 31, 2019, the aggregate cost of investments for federal income tax purposes was $377,282,635. The net unrealized appreciation for all investments based on tax cost was $5,614,469. This consisted of aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost of $18,388,692 and aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value of $12,774,223.

In addition, the tax character of distributions paid by the Fund is summarized as follows:

	Years Ended December 31,
	2019		2018
Distributions from ordinary income*	$	10,205,122	$	3,611,314

* For tax purposes, short-term capital gain distributions are considered ordinary income distributions.

Expenses. Expenses of the Trust arising in connection with a specific fund are allocated to that fund. Other Trust expenses which cannot be directly attributed to a fund are apportioned among the funds in the Trust based upon the relative net assets or other appropriate measures.

Contingencies.In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.

Other.Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis. Dividend Income is recorded on the ex-dividend date. Distributions of income and capital gains from the Underlying Funds are recorded on the ex-dividend date. Realized gains and losses from investment transactions are recorded on an identified cost basis.

B. Purchases and Sales of Securities

During the year ended December 31, 2019, purchases and sales of affiliated Underlying Funds (excluding short-term investments) aggregated $64,088,672 and $16,017,600, respectively. Purchases and sales of Non-affiliated ETFs aggregated $73,874,915 and $13,440,376, respectively.

C. Related Parties

Management Agreement.Under the Investment Management Agreement with DWS Investment Management Americas, Inc. (“DIMA” or the “Advisor”), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”), the Advisor directs the investments of the Fund in accordance with its

14 | Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP

investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments in Underlying Funds to be purchased, sold or entered into by the Fund or delegates such responsibility to the Fund’s subadvisors.

RREEF America L.L.C. (“RREEF”), an indirect, wholly owned subsidiary of DWS Group, acts as an investment subadvisor to the Fund. As an investment subadvisor to the Fund, RREEF provides investment management services to the portions of the Fund’s portfolio allocated to direct investments in global real estate and global infrastructure securities. RREEF is paid by the Advisor for the services RREEF provides to the Fund. As of the date of this report, the Fund obtained its exposure to global real estate and global infrastructure securities indirectly through investments in other Underlying DWS Funds.

Prior to October 1, 2019, pursuant to the Investment Management Agreement with the Advisor, the Fund paid a monthly management fee based on the Fund’s average daily net assets, computed and accrued daily and payable monthly, at the following annual rates:

On assets invested in other DWS Funds	.20	%
On assets invested in all other assets not considered DWS Funds	1.20	%

Effective October 1, 2019, pursuant to the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the Fund’s average daily net assets, computed and accrued daily and payable monthly, at the following annual rates:

On assets invested in exchange-traded funds and mutual funds	.10	%
On assets invested in all other assets not considered exchange-traded funds and mutual funds	1.00	%

Accordingly, for the year ended December 31, 2019, the fee pursuant to the Investment Management Agreement was equivalent to an annual rate (exclusive of any applicable waivers/reimbursements) of 0.40% of the Fund’s average daily net assets.

In addition, the Advisor will receive management fees from managing the Underlying DWS Funds in which the Fund invests.

The Fund does not invest in the Underlying DWS Funds for the purpose of exercising management or control; however, investments within the set limits may represent 5% or more of an Underlying DWS Fund’s outstanding shares. At December 31, 2019, the Fund held approximately 25% of DWS Emerging Markets Fixed Income Fund, 19% of DWS Floating Rate Fund, 5% of DWS ESG Liquidity Fund and 5% of DWS Global Macro Fund.

For the period from January 1, 2019 through April 30, 2019, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and Underlying Funds) of each class as follows:

Class A	.23	%
Class B	.53	%

In addition, the Advisor has contractually agreed to waive its fees and/or reimburse Fund expenses for the period January 1, 2019 through September 30, 2020 to the extent necessary to maintain the total annual operating expenses (including indirect expenses of Underlying Funds and excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expenses) of each class as follows:

Class A	.86	%
Class B	1.15	%

For the period from January 1, 2019 through September 30, 2019, the Advisor had voluntarily agreed to waive 0.15% of its management fee. Effective October 1, 2019, the Advisor has terminated the 0.15% waiver of its management fee.

For the year ended December 31, 2019, fees waived and/or expenses reimbursed for each class are as follows:

Class A	$	99,790
Class B		1,108,543
	$	1,208,333

The Fund indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which it is invested.

Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP | 15

Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays DIMA an annual fee (“Administration Fee”) of 0.10% of the Fund’s average daily net assets, computed and accrued daily and payable monthly. For the year ended December 31, 2019, the Administration Fee was $309,457, of which $31,528 is unpaid.

Service Provider Fees. DWS Service Company (“DSC”), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and DST Systems, Inc. (“DST”), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the year ended December 31, 2019, the amounts charged to the Fund by DSC were as follows:

Services to Shareholders	Total Aggregated		Unpaid at December 31, 2019
Class A	$	144	$	26
Class B		260		47
	$	404	$	73

Distribution Service Agreement. Under the Fund’s Class B 12b-1 plan, DWS Distributors, Inc. (“DDI”) received a fee (“Distribution Service Fee”) of 0.25% of average daily net assets of Class B shares. For the year ended December 31, 2019, the Distribution Service Fee aggregated $697,082, of which $71,746 is unpaid.

Typesetting and Filing Service Fees. Under an agreement with the Fund, DIMA is compensated for providing certain pre-press and regulatory filing services to the Fund. For the year ended December 31, 2019, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders” aggregated $5,044, of which $3,472 is unpaid.

Trustees’ Fees and Expenses. The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.

Affiliated Cash Management Vehicles. The Fund may invest uninvested cash balances in DWS Central Cash Management Government Fund and DWS ESG Liquidity Fund, affiliated money market funds which are managed by the Advisor. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Central Cash Management Government Fund seeks to maintain a stable net asset value, and DWS ESG Liquidity Fund maintains a floating net asset value. The Fund indirectly bears its proportionate share of the expenses of each affiliated money market fund in which it invests. DWS Central Cash Management Government Fund does not pay the Advisor an investment management fee.

D. Ownership of the Fund

At December 31, 2019, two participating insurance companies were owners of record of 10% or more of the total outstanding Class A shares of the Fund, each owning 82% and 16%. Two participating insurance companies were owners of record of 10% or more of the total outstanding Class B shares of the Fund, each owning 79% and 14%, respectively.

16 | Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Deutsche DWS Variable Series II and Shareholders of DWS Alternative Asset Allocation VIP:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of DWS Alternative Asset Allocation VIP (the “Fund”) (one of the funds constituting Deutsche DWS Variable Series II) (the “Trust”), including the investment portfolio, as of December 31, 2019, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Deutsche DWS Variable Series II) at December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019, by correspondence with the custodian and others. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

Boston, Massachusetts

February 14, 2020

Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP | 17

Information About Your Fund’s Expenses (Unaudited)

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include contract charges, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In addition to the ongoing expenses which the Fund bears directly, the Fund’s shareholders indirectly bear the expense of the Underlying Funds in which the Fund invests. These expenses are not included in the Fund’s annualized expense ratios used to calculate the expense estimate in the tables. In the most recent six-month period, the Fund limited the ongoing expenses the Fund bears directly; had it not done so, expenses would have been higher. The examples in the table are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (July 1, 2019 to December 31, 2019).

The tables illustrate your Fund’s expenses in two ways:

– Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund’s actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Expenses Paid per $1,000” line under the share class you hold.

– Hypothetical 5% Fund Return. This helps you to compare your Fund’s ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund’s actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical Fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The “Expenses Paid per $1,000” line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. If these transaction costs had been included, your costs would have been higher.

Expenses and Value of a $1,000 Investment for the six months ended December 31, 2019
Actual Fund Return	Class A		Class B
Beginning Account Value 7/1/19	$	1,000.00	$	1,000.00
Ending Account Value 12/31/19	$	1,045.40	$	1,043.80
Expenses Paid per $1,000*	$	1.24	$	2.73
Hypothetical 5% Fund Return		Class A		Class B
Beginning Account Value 7/1/19	$	1,000.00	$	1,000.00
Ending Account Value 12/31/19	$	1,024.00	$	1,022.53
Expenses Paid per $1,000*	$	1.22	$	2.70

* Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recent six-month period), then divided by 365.

Annualized Expense Ratios**	Class A			Class B
Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP		.24	%		.53	%

** The Fund invests in other funds and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. These ratios do not include these indirect fees and expenses.

For more information, please refer to the Fund’s prospectus.

These tables do not reflect charges and fees (“contract charges”) associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option.

For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to the current and hypothetical expense calculators for Variable Insurance Products which can be found at dws.com/calculators.

18 | Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP

Tax Information (Unaudited)

Please consult a tax advisor if you have questions about federal or state income tax laws, or on how to prepare your tax returns. If you have specific questions about your account, please contact your insurance provider.

Proxy Voting

The Trust’s policies and procedures for voting proxies for portfolio securities and information about how the Trust voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — dws.com/en-us/resources/proxy-voting — or on the SEC’s Web site — sec.gov. To obtain a written copy of the Trust’s policies and procedures without charge, upon request, call us toll free at (800) 728-3337.

Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP | 19

Advisory Agreement Board Considerations and Fee Evaluation

The Board of Trustees (hereinafter referred to as the “Board” or “Trustees”) approved the renewal of DWS Alternative Asset Allocation VIP’s (the “Fund”) investment management agreement (the “Agreement”) with DWS Investment Management Americas, Inc. (“DIMA”) andsub-advisory agreement (the“Sub-Advisory Agreement” and together with the Agreement, the “Agreements”) between DIMA and RREEF America L.L.C. (“RREEF”), an affiliate of DIMA, in September 2019.

In terms of the process that the Board followed prior to approving the Agreements, shareholders should know that:

– During the entire process, all of the Fund’s Trustees were independent of DIMA and its affiliates (the “Independent Trustees”).

– The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board’s Contract Committee reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Trustees (the “Fee Consultant”). Based on its evaluation of the information provided, the Contract Committee presented its findings and recommendations to the Board. The Board then reviewed the Contract Committee’s findings and recommendations.

– The Board also received extensive information throughout the year regarding performance of the Fund.

– The Independent Trustees regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.

– In connection with reviewing the Agreements, the Board also reviewed the terms of the Fund’s Rule12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.

In connection with the contract review process, the Contract Committee and the Board considered the factors discussed below, among others. The Board also considered that DIMA has managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund. DIMA and RREEF are part of DWS Group GmbH & Co. KGaA (“DWS Group”). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. In 2018, approximately 20% of DWS Group’s shares were sold in an initial public offering, with Deutsche Bank AG owning the remaining shares.

As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund’s performance. In many cases, this led to the negotiation and implementation of expense caps. As part of these negotiations, the Board indicated that it would consider relaxing these caps in future years following sustained improvements in performance, among other considerations.

While shareholders may focus primarily on fund performance and fees, the Fund’s Board considers these and many other factors, including the quality and integrity of DIMA’s and RREEF’s personnel and administrative support services provided by DIMA, such as back-office operations, fund valuations, and compliance policies and procedures.

Nature, Quality and Extent of Services.The Board considered the terms of the Agreements, including the scope of advisory services provided under the Agreements. The Board noted that, under the Agreements, DIMA and RREEF provide portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. Throughout the course of the year, the Board also received information regarding DIMA’s oversight of fundsub-advisors, including RREEF. The Board reviewed the Fund’s performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied

20 | Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP

by Morningstar Direct (“Morningstar”), an independent fund data service. The Board also noted that it has put into place a process of identifying “Funds in Review” (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA’s plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for theone-,three- andfive-year periods ended December 31, 2018, the Fund’s performance (Class A shares) was in the 4th quartile, 2nd quartile and 3rd quartile, respectively, of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has underperformed its benchmark in theone-,three- andfive-year periods ended December 31, 2018. The Board noted the disappointing investment performance of the Fund in recent periods and continued to discuss with senior management of DIMA the factors contributing to such underperformance and actions being taken to improve performance. The Board considered that changes to the portfolio management team were made effective December 6, 2018. The Board observed that the Fund had experienced improved relative performance during the first eight months of 2019. The Board recognized the efforts by DIMA in recent years to enhance its investment platform and improve long-term performance across the DWS fund complex.

Fees and Expenses. The Board considered the Fund’s investment management fee schedule,sub-advisory fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. (“Broadridge”) and the Fee Consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.10% fee paid to DIMA under the Fund’s administrative services agreement, were higher than the median (3rd quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2018). The Board noted that, from inception through October 1, 2019, in connection with the 2019 contract renewal process, DIMA waived voluntarily a portion (0.15%) of the Fund’s management fee, and noted further that, effective October 1, 2019, DIMA agreed to reduce the Fund’s contractual management fee by 0.10% on assets invested in other funds and by 0.20% on assets invested in direct investments. With respect to anysub-advisory fee paid to RREEF, the Board noted that the fee is paid by DIMA out of its fee and not directly by the Fund. The Board noted the Fund’s total (net) operating expenses and noted that the expense limitations agreed to by DIMA were expected to help the Fund’s total (net) operating expenses remain competitive. The Board considered the Fund’s management fee rate as compared to fees charged by DIMA to comparable DWS U.S. registered funds (“DWS Funds”) and considered differences between the Fund and the comparable DWS Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including anysub-advised funds and accounts) and funds offered primarily to European investors (“DWS Europe Funds”) managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA and RREEF.

Profitability. The Board reviewed detailed information regarding revenues received by DIMA from advising the DWS Funds along with the estimated costs to DIMA, andpre-tax profits realized by DIMA, from advising the DWS Funds. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality. The Board did not receive profitability information with respect to the Fund, but did receive such information with respect to the DWS Funds in which the Fund invests. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that, while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates’ overall profitability with respect to the DWS Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of most comparable firms for which such data was available.

Economies of Scale. The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. In this regard, the Board observed that while the Fund’s current investment management fee schedule does not include breakpoints, the Fund’s fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

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Other Benefits to DIMA and Its Affiliates. The Board also considered the character and amount of other incidental or“fall-out” benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund, any fees received by an affiliate of DIMA for transfer agency services provided to the Fund and any fees received by an affiliate of DIMA for distribution services. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities. In addition, the Board considered the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Fund’s management fees were reasonable.

Compliance. The Board considered the significant attention and resources dedicated by DIMA to its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA’s and the Fund’s chief compliance officers and (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel.

Based on all of the information considered and the conclusions reached, the Board determined that the continuation of the Agreements is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Trustees and counsel present. It is possible that individual Independent Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreements.

22 | Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP

Board Members and Officers

The following table presents certain information regarding the Board Members and Officers of the Trust/Corporation. Each Board Member’s year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA02199-3600. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the Trust/Corporation. Because the Fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period.

The Board Members may also serve in similar capacities with other funds in the fund complex. The number of funds in DWS fund complex shown in the table below includes all registered open- and closed-end funds (including all of their portfolios) advised by the Advisor and any registered funds that have an investment advisor that is an affiliated person of the Advisor.

Independent Board Members
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen		Other Directorships Held by Board Member
Keith R. Fox, CFA (1954) Chairperson since 2017, and Board Member since 1996	Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: ICI Mutual Insurance Company; Progressive International Corporation (kitchen goods importer and distributor); former Chairman, National Association of Small Business Investment Companies; former Directorships: The Kennel Shop (retailer); BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) (2011–2012)		77	—
John W. Ballantine (1946) Board Member since 1999	Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); former Directorships: Director and Chairman of the Board, Healthways, Inc.2 (population well-being and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak Brook Bank; and Prisma Energy International. Not-for-Profit Director/Trustee: Palm Beach Civic Association; Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; former Not-for-Profit Directorships: Public Radio International		77	Portland General Electric2 (utility company) (2003– present)
Dawn-Marie Driscoll (1946) Board Member since 1987	Emeritus Executive Fellow, Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988). Directorships: Advisory Board, Center for Business Ethics, Bentley University; Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)		77	—
Richard J. Herring (1946) Board Member since 1990	Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (since July 1972); Director, The Wharton Financial Institutions Center (since 1994); formerly: Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee since 2011, member Systemic Risk Council since 2012 and member of the Advisory Board at the Yale Program on Financial Stability since 2013; Formerly Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), and Nonexecutive Director of Barclays Bank DE (2010–2018)		77	Director, Aberdeen Japan Fund (since 2007)

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Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen		Other Directorships Held by Board Member
William McClayton (1944) Board Member since 2004	Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001–2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966–2001); Trustee, Ravinia Festival		77	—
Rebecca W. Rimel (1951) Board Member since 1995	President, Chief Executive Officer and Director, The Pew Charitable Trusts (charitable organization) (1994–present); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012)		77	Director, Becton Dickinson and Company2 (medical technology company) (2012– present); Director, BioTelemetry Inc.2(health care) (2009– present)
William N. Searcy, Jr. (1946) Board Member since 1993	Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2(telecommunications) (November 1989–September 2003); Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012)		77	—

Officers4
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served5	Business Experience and Directorships During the Past Five Years
Hepsen Uzcan6(1974) President and Chief Executive Officer, 2017–present	Managing Director,3 DWS; Secretary, DWS USA Corporation (2018–present); Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–present); and Director and President, DB Investment Managers, Inc. (2018–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019)
John Millette7(1962) Vice President and Secretary, 1999–present	Director,3DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); and Assistant Secretary, DBX ETF Trust (2019–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017)
Diane Kenneally7(1966) Chief Financial Officer and Treasurer, 2018–present	Director,3 DWS; and Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); formerly: Assistant Treasurer for the DWS funds (2007–2018)
Paul Antosca7(1957) Assistant Treasurer, 2007–present	Director,3DWS; and Assistant Treasurer, DBX ETF Trust (2019–present)
Sheila Cadogan7(1966) Assistant Treasurer, 2017–present	Director,3DWS; Director and Vice President, DWS Trust Company (2018–present); and Assistant Treasurer, DBX ETF Trust (2019–present)
Scott D. Hogan7(1970) Chief Compliance Officer, 2016–present	Director,3DWS
Caroline Pearson7(1962) Chief Legal Officer, 2010–present	Managing Director,3DWS; formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); and Secretary, Deutsche AM Service Company (2010–2017)
Wayne Salit6(1967) Anti-Money Laundering Compliance Officer, 2014–present	Director,3 Deutsche Bank; and AML Officer, DWS Trust Company; formerly: Managing Director, AML Compliance Officer at BNY Mellon (2011–2014); and Director, AML Compliance Officer at Deutsche Bank (2004–2011)
Ciara Crawford8 (1984) Assistant Secretary, (2019–present)	Associate, DWS (since 2015); previously, Legal Assistant at Accelerated Tax Solutions.

24 | Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP

¹  The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board.

²  A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.

³  Executive title, not a board directorship.

⁴  As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund.

⁵  The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds.

⁶  Address: 875 Third Avenue, New York, NY 10022.

⁷  Address: One International Place, Boston, MA 02110.

⁸  Address: 5022 Gate Parkway, Suite 400, Jacksonville, FL 32256.

The Fund’s Statement of Additional Information (“SAI”) includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the followingtoll-free number:(800) 728-3337.

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Notes

Notes

VS2AAA-2 (R-025824-9 2/20)

December 31, 2019

Annual Report

Deutsche DWS Variable Series II

DWS CROCI^® U.S. VIP

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, you may not be receiving paper copies of the Fund’s shareholder reports from the insurance company that offers your contract unless you specifically request paper copies from your insurance company or from your financial intermediary. Instead, the shareholder reports will be made available on a Web site, and your insurance company will notify you by mail each time a report is posted and provide you with a Web site link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from your insurance company electronically by following the instructions provided by your insurance company.

You may elect to receive all future reports in paper free of charge from your insurance company. If your insurance company informs you that future reports will be delivered via Web access, you can inform your insurance company that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by your insurance company.

Contents

3	Performance Summary
5	Management Summary
7	Portfolio Summary
8	Investment Portfolio
10	Statement of Assets and Liabilities
10	Statement of Operations
11	Statements of Changes in Net Assets
12	Financial Highlights
13	Notes to Financial Statements
18	Report of Independent Registered Public Accounting Firm
19	Information About Your Fund’s Expenses
20	Tax Information
20	Proxy Voting
21	Advisory Agreement Board Considerations and Fee Evaluation
24	Board Members and Officers

This report must be preceded or accompanied by a prospectus. To obtain an additional prospectus or summary prospectus, if available, call (800)728-3337 or your financial representative. We advise you to consider the Fund’s objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the Fund. Please read the prospectus carefully before you invest.

The Fund will be managed using the CROCI^® Investment Process which is based on portfolio management’s belief that, over time, stocks which display more favorable financial metrics (for example, the CROCI^® Economic P/E Ratio) as generated by this process may outperform stocks which display less favorable metrics. This premise may not prove to be correct and prospective investors should evaluate this assumption prior to investing in the Fund. Stocks may decline in value. The Fund may lend securities to approved institutions. Please read the prospectus for details.

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.

DWS Distributors, Inc., 222 South Riverside Plaza, Chicago, IL 60606, (800)621-1148

NOT FDIC/NCUA INSURED     NO BANK GUARANTEE     MAY LOSE VALUE     NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

2 | Deutsche DWS Variable Series II — DWS CROCI^® U.S. VIP

Performance Summary December 31, 2019 (Unaudited)

Fund performance shown is historical, assumes reinvestment of all dividend and capital gain distributions and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions so that, when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Please contact your participating insurance company for the Fund’s most recentmonth-end performance. Performance does not reflect charges and fees (“contract charges”) associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. These charges and fees will reduce returns. While all share classes have the same underlying portfolio, their performance will differ.

The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated May 1, 2019 are 0.84% and 1.16% for Class A and Class B shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

Growth of an Assumed $10,000

Russell 1000^® Value Index is an unmanaged market capitalization-weighted index of value-oriented stocks of the largest U.S. domiciled companies that are included in the Russell 1000 Index. Value-oriented stocks tend to have lower price-to-book ratios and lower forecasted growth values. Russell 1000 Index is an unmanaged price-only index of the 1,000 largest capitalized companies that are domiciled in the U.S. and whose common stocks are traded.

Standard & Poor’s 500^® Index (S&P 500) Index is an unmanaged,capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.

Effective December 1, 2019, the Russell 1000^® Value Index has replaced the S&P 500^® Index as the fund’s primary benchmark index. The Advisor believes that the new index better represents the fund’s investment strategy and is therefore more suitable for performance comparison.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

Prior to May 1, 2017, the Fund operated with a different investment strategy. Prior to October 3, 2016, the Fund had a team that operated with a different investment strategy. Performance would have been different if the Fund’s current strategy had been in effect.

Deutsche DWS Variable Series II — DWS CROCI^® U.S. VIP | 3

Comparative Results
DWS CROCI® U.S. VIP		1-Year	3-Year	5-Year	10-Year
Class A	Growth of $10,000	$13,295	$14,623	$13,020	$22,931
	Average annual total return	32.95%	13.50%	5.42%	8.65%
Russell 1000® Value Index	Growth of $10,000	$12,654	$13,194	$14,890	$30,505
	Average annual total return	26.54%	9.68%	8.29%	11.80%
S&P 500® Index	Growth of $10,000	$13,149	$15,317	$17,386	$35,666
	Average annual total return	31.49%	15.27%	11.70%	13.56%
DWS CROCI® U.S. VIP		1-Year	3-Year	5-Year	10-Year
Class B	Growth of $10,000	$13,249	$14,486	$12,826	$22,270
	Average annual total return	32.49%	13.15%	5.10%	8.34%
Russell 1000® Value Index	Growth of $10,000	$12,654	$13,194	$14,890	$30,505
	Average annual total return	26.54%	9.68%	8.29%	11.80%
S&P 500® Index	Growth of $10,000	$13,149	$15,317	$17,386	$35,666
	Average annual total return	31.49%	15.27%	11.70%	13.56%

The growth of $10,000 is cumulative.

4 | Deutsche DWS Variable Series II — DWS CROCI^® U.S. VIP

Management Summary December 31, 2019 (Unaudited)

The Fund returned 32.95% (Class A shares, unadjusted for contract charges) in 2019 and outperformed the 26.54% return of its benchmark, the Russell 1000^® Value Index. The Russell 1000 Value Index replaced the Standard & Poor’s 500^® Index (S&P 500^®) as the Fund’s benchmark on December 1, 2019.

U.S. equities delivered a robust, double-digit gain despite the potential headwinds of slowing global growth and the ongoing U.S.-China trade dispute. The U.S. Federal Reserve’s (Fed’s) shift to a more accommodative interest-rate policy was the key driver of the rally. The Fed cut rates by a quarter point on three occasions, bringing its benchmark federal funds rate to a range of 1.50% to 1.75%. This marked an important departure from the consensus that existed in late 2018, when the markets were anticipating several additional rate increases before the Fed wrapped up its tightening cycle. Investors were also encouraged by the fact that both domestic economic growth and corporate profits remained in positive territory, calming the recession fears that pressured the market in late 2018.

In a continuation of a longstanding trend, the value style underperformed growth in the12-month period. The Russell 1000 Value Index, while producing a robust absolute return of 26.54%, nonetheless trailed the 36.39% gain of the Russell 1000^® Growth Index. At of time of slowing economic conditions across the globe, investors continued to demonstrate a preference for faster-growing companies over those with attractive valuations and/or high dividends.

Sector allocations and individual stock selection both played a role in the Fund’s strong performance in 2019. With regard to the former, the Fund was helped by having an overweight in financials and an underweight in the poor-performing energy sector. In terms of selection, the Fund’s holdings outpaced the corresponding benchmark components in eight of the ten sectors in which the Fund was invested. We generated the widest margin of outperformance in the health care, where shares of the biotechnology firm Celgene Corp.* rose sharply in January after the company received a takeover bid from Bristol-Myers Squibb Co. A position in the device/supply company Medtronic PLC* was an additional positive, as were themega-cap pharmaceutical stocks Pfizer, Inc. and Eli Lilly & Co. The financial sector proved to be a further area of strength, led by investments in Synchrony Financial and Berkshire Hathaway, Inc.* Stock selection also provided a meaningful advantage in the energy, consumer discretionary, and industrials sectors.

Conversely, the Fund lost some ground through the underperformance of its holdings in the communication services, real estate, and utilities sectors. Positions in CBS Corp.* and Viacom, Inc.* were key detractors in communication services, as their merger was viewed negatively by investors. (The merger was completed on December 4, 2019, at which point the two companies became ViacomCBS, Inc.)

The Fund’sbottom-up approach to value investing continued to result in divergent sector weightings in relation to the benchmark. At the close of the period, the portfolio had meaningful overweights in financials and utilities, together with smaller overweights in health care and communication services. Its largest underweights were in consumer staples, energy, and real estate, followed by information technology and consumer discretionary.

Although the overall market staged a sizable rally in the past year, we continued to find attractive ideas at the individual company level. This was evident in the Fund’s metrics, which demonstrated what we see as a favorable balance of compelling valuations and positive fundamentals. As of December 31, 2019, the Fund had aprice-to-earnings ratio of 11.8 based onone-year forward earnings estimates, versus 15.7 for the Russell 1000 Value Index. At the same time, the companies in the portfolio featured a return on equity of 21.7%, compared with 11.1% for the index. We believe these characteristics help create a firm foundation for longer-term results.

Di Kumble, CFA, Managing Director

John Moody, Vice President

Portfolio Managers

The views expressed reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance is no guarantee of future results. Current and future portfolio holdings are subject to risk.

Deutsche DWS Variable Series II — DWS CROCI^® U.S. VIP | 5

Terms to Know

Russell 1000 Value Index is an unmanaged market capitalization-weighted index of value-oriented stocks of the largest U.S. domiciled companies that are included in the Russell 1000 Index. Value-oriented stocks tend to have lowerprice-to-book ratios and lower forecasted growth values. Russell 1000 Index is an unmanaged price-only index of the 1,000 largest capitalized companies that are domiciled in the U.S. and whose common stocks are traded.

Standard & Poor’s 500 Index (S&P 500) is an unmanaged, capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.

Russell 1000 Growth Indexis an unmanaged index that consists of those stocks in the Russell 1000^® Index that have higherprice-to-book ratios and higher forecasted growth values. Russell 1000 Index is an unmanaged price-only index of the 1,000 largest capitalized companies that are domiciled in the U.S. and whose common stocks are traded.

Thefederal funds rate is the interest rate a borrowing bank pays to a lending bank, with the rate determined by members of the Federal Open Market Committee (FOMC) at their regular meetings. The federal funds rate sets the standard for short-term U.S. interest rates.

Contribution anddetraction incorporate both a stock’s total return and its weighting in the index.

Overweight means the fund holds a higher weighting in a given sector or security than the benchmark.Underweight means the fund holds a lower weighting.

Price-to-earnings ratio (P/E) ratio (or accounting P/E ratio) compares a company’s current share price to itsper-share earnings. The CROCI economic P/E ratio is a measure of valuation that incorporates all of the assets and liabilities of a company which are adjusted systematically by the CROCI team.

Return on equity is the amount of net income returned as a percentage of shareholders’ equity.

* Not held at December 31, 2019.

6 | Deutsche DWS Variable Series II — DWS CROCI^® U.S. VIP

Portfolio Summary (Unaudited)

Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral)	12/31/19		12/31/18
Common Stocks		99%		97%
Cash Equivalents		1%		3%
		100%		100%
Sector Diversification (As a % of Investment Portfolio excluding Cash Equivalents and Securities Lending Collateral)	12/31/19		12/31/18
Financials		38%		27%
Utilities		17%		2%
Health Care		16%		16%
Communication Services		10%		—
Industrials		10%		11%
Energy		3%		—
Materials		2%		10%
Consumer Discretionary		2%		8%
Information Technology		2%		21%
Consumer Staples		—		5%
		100%		100%

Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund’s investment portfolio, see page 8.

Following the Fund’s fiscal first and thirdquarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-PORT. The Fund’s Form N-PORT will be available on the SEC’s Web site at sec.gov. The Fund’s portfolio holdings are also posted on dws.com from time to time. Please read the Fund’s current prospectus for more information.

Deutsche DWS Variable Series II — DWS CROCI^® U.S. VIP | 7

Investment Portfolio as of December 31, 2019

	Shares		Value ($)
Common Stocks 99.4%
Communication Services 10.2%
Media
Comcast Corp. “A”		84,318		3,791,780
Discovery, Inc. “A”* (a)		121,871		3,990,057
ViacomCBS, Inc. “B”		193,293		8,112,507
				15,894,344
Consumer Discretionary 2.3%
Household Durables
D.R. Horton, Inc.		69,404		3,661,061
Energy 2.5%
Oil, Gas & Consumable Fuels
Cabot Oil & Gas Corp.		220,573		3,840,176
Financials 37.3%
Banks 25.0%
Citigroup, Inc.		50,536		4,037,321
Citizens Financial Group, Inc.		99,255		4,030,746
Comerica, Inc.		54,317		3,897,245
Huntington Bancshares, Inc.		255,901		3,859,002
JPMorgan Chase & Co.		28,920		4,031,448
M&T Bank Corp.		23,197		3,937,691
PNC Financial Services Group, Inc.		24,909		3,976,224
Truist Financial Corp.		69,098		3,891,599
U.S. Bancorp.		63,641		3,773,275
Wells Fargo & Co.		69,802		3,755,348
				39,189,899
Capital Markets 2.5%
Bank of New York Mellon Corp.		77,475		3,899,316
Consumer Finance 9.8%
American Express Co.		31,372		3,905,500
Capital One Financial Corp.		38,905		4,003,714
Discover Financial Services		44,836		3,802,989
Synchrony Financial		101,952		3,671,292
				15,383,495
Health Care 15.7%
Biotechnology 5.1%
Gilead Sciences, Inc.		58,145		3,778,262
Regeneron Pharmaceuticals, Inc.*		11,042		4,146,050
				7,924,312
Pharmaceuticals 10.6%
Bristol-Myers Squibb Co.		66,634		4,277,237
Eli Lilly & Co.		32,911		4,325,493
Merck & Co., Inc.		44,775		4,072,286
Pfizer, Inc.		100,861		3,951,734
				16,626,750
Industrials 9.5%
Airlines 2.3%
United Airlines Holdings, Inc.*		40,498		3,567,469
Machinery 4.7%
Cummins, Inc.		20,636		3,693,019
PACCAR, Inc.		47,502		3,757,408
				7,450,427

	Shares			Value ($)
Professional Services 2.5%
ManpowerGroup, Inc.		40,342			3,917,208
Information Technology 2.2%
Technology Hardware, Storage & Peripherals
Hewlett Packard Enterprise Co.		216,707			3,436,973
Materials 2.4%
Chemicals
LyondellBasell Industries NV “A”		40,287			3,806,316
Utilities 17.3%
Electric Utilities 7.5%
Duke Energy Corp.		43,289			3,948,390
Exelon Corp.		82,465			3,759,579
PPL Corp.		112,273			4,028,355
					11,736,324
Multi-Utilities 9.8%
Consolidated Edison, Inc.		43,337			3,920,698
Dominion Energy, Inc		45,761			3,789,926
DTE Energy Co.		30,512			3,962,594
Public Service Enterprise Group, Inc.		62,387			3,683,952
					15,357,170
Total Common Stocks (Cost $142,728,054)					155,691,240
Securities Lending Collateral 2.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.50% (b) (c) (Cost $3,120,056)		3,120,056			3,120,056
Cash Equivalents 0.5%
DWS Central Cash Management Government Fund, 1.62% (b) (Cost $845,193)		845,193			845,193
	% of Net Assets			Value ($)
Total Investment Portfolio (Cost $146,693,303)		101.9			159,656,489
Other Assets and Liabilities, Net		(1.9	)		(3,016,017	)
Net Assets		100.0			156,640,472

The accompanying notes are an integral part of the financial statements.

8 | Deutsche DWS Variable Series II — DWS CROCI^® U.S. VIP

A summary of the Fund’s transactions with affiliated investments during the year ended December 31, 2019 are as follows:

Value ($) at 12/31/2018	Purchases Cost ($)			Sales Proceeds ($)		Net Realized Gain/ (Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 12/31/2019		Value ($) at 12/31/2019
Securities Lending Collateral 2.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.50% (b) (c)
—		3,120,056	(d)		—		—		—		341		—		3,120,056		3,120,056
Cash Equivalents 0.5%
DWS Central Cash Management Government Fund, 1.62% (b)
3,576,006		11,132,733			13,863,546		—		—		28,191		—		845,193		845,193
3,576,006		14,252,789			13,863,546		—		—		28,532		—		3,965,249		3,965,249

* 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 December 31, 2019 amounted to $3,049,273, which is 2% of net assets.

(b) Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualizedseven-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.

(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended December 31, 2019.

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 December 31, 2019 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Common Stocks (e)	$	155,691,240	$	—	$	—	$	155,691,240
Short-Term Investment (e)		3,965,249		—		—		3,965,249
Total	$	159,656,489	$	—	$	—	$	159,656,489

(e) See Investment Portfolio for additional detailed categorizations.

The accompanying notes are an integral part of the financial statements.

Deutsche DWS Variable Series II — DWS CROCI^® U.S. VIP | 9

Statement of Assets and Liabilities

as of December 31, 2019

Assets
Investments innon-affiliated securities, at value (cost $142,728,054) — including $3,049,273 of securities loaned	$	155,691,240
Investment in DWS Government & Agency Securities Portfolio (cost $3,120,056)*		3,120,056
Investment in DWS Central Cash Management Government Fund (cost $845,193)		845,193
Cash		518
Receivable for Fund shares sold		234
Dividends receivable		387,675
Interest receivable		1,789
Other assets		3,370
Total assets		160,050,075
Liabilities
Payable upon return of securities loaned		3,120,056
Payable for Fund shares redeemed		118,504
Accrued management fee		64,719
Accrued Trustees’ fees		3,566
Other accrued expenses and payables		102,758
Total liabilities		3,409,603
Net assets, at value	$	156,640,472
Net Assets Consist of
Distributable earnings (loss)		22,212,401
Paid-in capital		134,428,071
Net assets, at value	$	156,640,472
Net Asset Value
Class A
Net Asset Value, and redemption price per share ($152,970,644 ÷ 9,489,452 outstanding shares of beneficial interest, no par value, unlimited shares authorized)	$	16.12
Class B
Net Asset Value, offering and redemption price per share ($3,669,828 ÷ 226,957 outstanding shares of beneficial interest, no par value, unlimited shares authorized)	$	16.17

* Represents collateral on securities loaned.

Statement of Operations

for the year ended December 31, 2019

Investment Income
Income:
Dividends	$	4,087,298
Income distributions — DWS Central Cash Management Government Fund		28,191
Securities lending income, net of borrower rebates		341
Total income		4,115,830
Expenses:
Management fee		943,964
Administration fee		145,225
Services to Shareholders		2,531
Recordkeeping fee (Class B)		2,344
Distribution service fee (Class B)		8,538
Custodian fee		4,453
Professional fees		76,582
Reports to shareholders		28,960
Trustees’ fees and expenses		9,962
Other		8,342
Total expenses before expense reductions		1,230,901
Expense reductions		(207,268	)
Total expenses after expense reductions		1,023,633
Net investment income		3,092,197
Realized and Unrealized gain (loss)
Net realized gain (loss) from investments		6,704,808
Change in net unrealized appreciation (depreciation) on investments		31,036,303
Net gain (loss)		37,741,111
Net increase (decrease) in net assets resulting from operations	$	40,833,308

The accompanying notes are an integral part of the financial statements.

10 | Deutsche DWS Variable Series II — DWS CROCI^® U.S. VIP

Statements of Changes in Net Assets

	Years Ended December 31,
Increase (Decrease) in Net Assets	2019			2018
Operations:
Net investment income (loss)	$	3,092,197		$	2,797,835
Net realized gain (loss)		6,704,808			12,382,135
Change in net unrealized appreciation (depreciation)		31,036,303			(30,136,434	)
Net increase (decrease) in net assets resulting from operations		40,833,308			(14,956,464	)
Distributions to shareholders:
Class A		(14,271,121	)		(14,077,923	)
Class B		(332,950	)		(318,032	)
Total distributions		(14,604,071	)		(14,395,955	)
Class A
Proceeds from shares sold		3,373,728			2,162,910
Reinvestment of distributions		14,271,121			14,077,923
Payments of shares redeemed		(15,030,273	)		(15,569,405	)
Net increase (decrease) in net assets from Class A share transactions		2,614,576			671,428
Class B
Proceeds from shares sold		146,155			1,589,334
Reinvestment of distributions		332,950			318,032
Payments of shares redeemed		(438,366	)		(1,755,739	)
Net increase (decrease) in net assets from Class B share transactions		40,739			151,627
Increase (decrease) in net assets		28,884,552			(28,529,364	)
Net assets at beginning of period		127,755,920			156,285,284
Net assets at end of period	$	156,640,472		$	127,755,920
Other Information
Class A
Shares outstanding at beginning of period		9,266,278			9,181,648
Shares sold		231,369			140,074
Shares issued to shareholders in reinvestment of distributions		1,002,890			953,143
Shares redeemed		(1,011,085	)		(1,008,587	)
Net increase (decrease) in Class A shares		223,174			84,630
Shares outstanding at end of period		9,489,452			9,266,278
Class B
Shares outstanding at beginning of period		223,302			210,410
Shares sold		9,627			104,157
Shares issued to shareholders in reinvestment of distributions		23,283			21,431
Shares redeemed		(29,255	)		(112,696	)
Net increase (decrease) in Class B shares		3,655			12,892
Shares outstanding at end of period		226,957			223,302

The accompanying notes are an integral part of the financial statements.

Deutsche DWS Variable Series II — DWS CROCI^® U.S. VIP | 11

Financial Highlights

	Years Ended December 31,
Class A	2019			2018			2017			2016			2015
Selected Per Share Data
Net asset value, beginning of period	$	13.46		$	16.64		$	13.75		$	15.29		$	17.38
Income (loss) from investment operations:
Net investment income (loss)a		.31			.29			.24			.23			.11
Net realized and unrealized gain (loss)		3.92			(1.89	)		2.88			(.93	)		(1.20	)
Total from investment operations		4.23			(1.60	)		3.12			(.70	)		(1.09	)
Less distributions from:
Net investment income		(.30	)		(.41	)		(.23	)		(.14	)		(.25	)
Net realized gains on investment transactions		(1.27	)		(1.17	)		—			(.70	)		(.75	)
Total distributions		(1.57	)		(1.58	)		(.23	)		(.84	)		(1.00	)
Net asset value, end of period	$	16.12		$	13.46		$	16.64		$	13.75		$	15.29
Total Return (%)b		32.95			(10.50	)		22.88	c		(4.39	)		(6.87	)
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		153			125			153			227			293
Ratio of expenses before expense reductions (%)d		.84			.84			.82			.81			.78
Ratio of expenses after expense reductions (%)d		.70			.72			.72			.74			.73
Ratio of net investment income (loss) (%)		2.13			1.89			1.59			1.66			.65
Portfolio turnover rate (%)		111			100			97			293			121

^a  Based on average shares outstanding during the period.

^b  Total return would have been lower had certain expenses not been reduced.

^c  The Fund’s total return includes a reimbursement by the Adviser for commission costs incurred in connection with purchases and sales of portfolio assets due to the change in investment strategy, which otherwise would have reduced total return by 0.03%.

^d  Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option.

	Years Ended December 31,
Class B	2019			2018			2017			2016			2015
Selected Per Share Data
Net asset value, beginning of period	$	13.50		$	16.67		$	13.78		$	15.31		$	17.40
Income (loss) from investment operations:
Net investment income (loss)a		.27			.24			.20			.19			.06
Net realized and unrealized gain (loss)		3.92			(1.88	)		2.87			(.92	)		(1.21	)
Total from investment operations		4.19			(1.64	)		3.07			(.73	)		(1.15	)
Less distributions from:
Net investment income		(.25	)		(.36	)		(.18	)		(.10	)		(.19	)
Net realized gains on investment transactions		(1.27	)		(1.17	)		—			(.70	)		(.75	)
Total distributions		(1.52	)		(1.53	)		(.18	)		(.80	)		(.94	)
Net asset value, end of period	$	16.17		$	13.50		$	16.67		$	13.78		$	15.31
Total Return (%)b		32.49			(10.71	)		22.45	c		(4.62	)		(7.16	)
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		4			3			4			4			4
Ratio of expenses before expense reductions (%)d		1.16			1.16			1.15			1.13			1.10
Ratio of expenses after expense reductions (%)d		1.02			1.04			1.03			1.05			1.04
Ratio of net investment income (loss) (%)		1.82			1.55			1.31			1.37			.35
Portfolio turnover rate (%)		111			100			97			293			121

^a  Based on average shares outstanding during the period.

^b  Total return would have been lower had certain expenses not been reduced.

^c  The Fund’s total return includes a reimbursement by the Adviser for commission costs incurred in connection with purchases and sales of portfolio assets due to the change in investment strategy, which otherwise would have reduced total return by 0.03%.

^d  Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option.

The accompanying notes are an integral part of the financial statements.

12 | Deutsche DWS Variable Series II — DWS CROCI^® U.S. VIP

Notes to Financial Statements

A. Organization and Significant Accounting Policies

DWS CROCI^® U.S. VIP (the “Fund”) is a diversified series of Deutsche DWS Variable Series II (the “Trust”), which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as anopen-end management investment company organized as a Massachusetts business trust.

Multiple Classes of Shares of Beneficial Interest. The Fund offers two classes of shares (Class A shares and Class B shares). Sales of Class B shares are subject to recordkeeping fees up to 0.15% and Rule12b-1 fees under the 1940 Act equal to an annual rate of 0.25% of the average daily net assets of the Class B shares of the Fund. Class A shares are not subject to such fees.

Investment income, realized and unrealized gains and losses, and certainfund-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares except that each class bears certain expenses unique to that class (including the applicable Rule12b-1 fee and recordkeeping fees). Differences inclass-level expenses may result in payment of different per share dividends by class. All shares have equal rights with respect to voting subject toclass-specific arrangements.

The Fund’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) which require the use of management estimates. Actual results could differ from those estimates. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements.

Security Valuation. Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading.

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.

Equity securities are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) orover-the-counter market on which they trade. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities are generally categorized as Level 1.

Investments inopen-end investment companies are valued at their net asset value each business day and are categorized as Level 1.

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices frombroker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (forexchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

Disclosure about the classification of fair value measurements is included in a table following the Fund’s Investment Portfolio.

Foreign Currency Translations. The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into

Deutsche DWS Variable Series II — DWS CROCI^® U.S. VIP | 13

U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign

currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

Securities Lending. Deutsche Bank AG, as lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended December 31, 2019, the Fund invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.12% annualized effective rate as of December 31, 2019) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time, and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of December 31, 2019, the Fund had securities on loan, which were classified as common stocks in the Investment Portfolio. The value of the related collateral exceeded the value of the securities loaned at period end. As of period end, the remaining contractual maturity of the collateral agreements was overnight and continuous.

Federal Income Taxes. The Fund’s policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies and to distribute all of its taxable income to its shareholders.

The Fund has reviewed the tax positions for the open tax years as of December 31, 2019 and has determined that no provision for income tax and/or uncertain tax positions is required in the Fund’s financial statements. The Fund’s federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

Distribution of Income and Gains. Distributions from net investment income of the Fund, if any, are declared and distributed to shareholders annually. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes if necessary.

The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to certain securities sold at a loss. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.

14 | Deutsche DWS Variable Series II — DWS CROCI^® U.S. VIP

At December 31, 2019, the Fund’s components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income*	$	9,621,506
Net unrealized appreciation (depreciation) on investments	$	12,590,896

At December 31, 2019, the aggregate cost of investments for federal income tax purposes was $147,065,593. The net unrealized appreciation for all investments based on tax cost was $12,590,896. This consisted of aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost of $14,741,218 and aggregate gross unrealized depreciation for all investments in which was an excess of tax cost over value of $2,150,322.

In addition, the tax character of distributions paid by the Fund is summarized as follows:

	Years Ended December 31,
	2019		2018
Distributions from ordinary income*	$	4,413,315	$	7,103,422
Distributions from long-term capital gains	$	10,190,756	$	7,292,533

* For tax purposes, short-term capital gain distributions are considered ordinary income distributions.

Expenses. Expenses of the Trust arising in connection with a specific fund are allocated to that fund. Other Trust expenses which cannot be directly attributed to a fund are apportioned among the funds in the Trust based upon the relative net assets or other appropriate measures.

Contingencies. In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.

Other. Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on theex-dividend date net of foreign withholding taxes. Realized gains and losses from investment transactions are recorded on an identified cost basis. Proceeds from litigation payments, if any, are included in net realized gain (loss) from investments.

B. Purchases and Sales of Securities

During the year ended December 31, 2019, purchases and sales of investment transactions (excludingshort-term investments) aggregated $159,560,395 and $165,409,844, respectively.

C. Related Parties

Management Agreement. Under the Investment Management Agreement with DWS Investment Management Americas, Inc. (“DIMA” or the “Advisor”), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”), the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund.

Under the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the Fund’s average daily net assets, computed and accrued daily and payable monthly, at the following annual rates:

First $250 million	.650	%
Next $750 million	.625	%
Next $1.5 billion	.600	%
Next $2.5 billion	.575	%
Next $2.5 billion	.550	%
Next $2.5 billion	.525	%
Next $2.5 billion	.500	%
Over $12.5 billion	.475	%

Accordingly, for the year ended December 31, 2019, the fee pursuant to the Investment Management Agreement was equivalent to an annual rate (exclusive of any applicable waivers/reimbursements) of 0.65% of the Fund’s average daily net assets.

Deutsche DWS Variable Series II — DWS CROCI^® U.S. VIP | 15

For the period from January 1, 2019 through September 30, 2019, the Advisor had contractually agreed to waive all or a portion of its fee and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of each class as follows:

Class A	.70	%
Class B	1.02	%

Effective October 1, 2019 through September 30, 2020, the Advisor has contractually agreed to waive all or a portion of its fee and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of each class as follows:

Class A	.69	%
Class B	1.00	%

For the year ended December 31, 2019, fees waived and/or expenses reimbursed for each class are as follows:

Class A	$	202,153
Class B		5,115
	$	207,268

Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays DIMA an annual fee (“Administration Fee”) of 0.10% of the Fund’s average daily net assets, computed and accrued daily and payable monthly. For the year ended December 31, 2019, the Administration Fee was $145,225, of which $13,192 is unpaid.

Service Provider Fees. DWS Service Company (“DSC”), an affiliate of the Advisor, is the transfer agent,dividend-paying agent and shareholder service agent for the Fund. Pursuant to asub-transfer agency agreement between DSC and DST Systems, Inc. (“DST”), DSC has delegated certain transfer agent,dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the year ended December 31, 2019, the amounts charged to the Fund by DSC were as follows:

Services to Shareholders	Total Aggregated		Unpaid at December 31, 2019
Class A	$	383	$	64
Class B		225		37
	$	608	$	101

Distribution Service Agreement. Under the Fund’s Class B12b-1 plan, DWS Distributors, Inc. (“DDI”) received a fee (“Distribution Service Fee”) of 0.25% of average daily net assets of Class B shares. For the year ended December 31, 2019, the Distribution Service Fee aggregated $8,538, of which $772 is unpaid.

Typesetting and Filing Service Fees. Under an agreement with the Fund, DIMA is compensated for providing certainpre-press and regulatory filing services to the Fund. For the year ended December 31, 2019, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders” aggregated $7,802, of which $3,290 is unpaid.

Trustees’ Fees and Expenses. The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.

Affiliated Cash Management Vehicles. The Fund may invest uninvested cash balances in DWS Central Cash Management Government Fund and DWS ESG Liquidity Fund, affiliated money market funds which are managed by the Advisor. Each affiliated money market fund is managed in accordance withRule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Central Cash Management Government Fund seeks to maintain a stable net asset value, and DWS ESG Liquidity Fund maintains a floating net asset value. The Fund indirectly bears its proportionate share of the expenses of each affiliated money market fund in which it invests. DWS Central Cash Management Government Fund does not pay the Advisor an investment management fee. To the extent that DWS ESG Liquidity Fund pays an investment management fee to the Advisor, the Advisor will waive an amount of the investment management fee payable to the Advisor by the Fund equal to the amount of the investment management fee payable on the Fund’s assets invested in DWS ESG Liquidity Fund.

Securities Lending Agent Fees. Deutsche Bank AG serves as securities lending agent for the Fund. For the year ended December 31, 2019, the Fund incurred securities lending agent fees to Deutsche Bank AG in the amount of $26.

16 | Deutsche DWS Variable Series II — DWS CROCI^® U.S. VIP

D. Ownership of the Fund

At December 31, 2019, two participating insurance companies were owners of record of 10% or more of the total outstanding Class A shares of the Fund, each owning 62% and 31%. Two participating insurance companies were owners of record of 10% or more of the total outstanding Class B shares of the Fund, each owning 62% and 15%.

E. Line of Credit

The Fund and other affiliated funds (the “Participants”) share in a $400 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus if theone-month LIBOR exceeds the Federal Funds Rate, the amount of such excess. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at December 31, 2019.

Deutsche DWS Variable Series II — DWS CROCI^® U.S. VIP | 17

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Deutsche DWS Variable Series II and Shareholders of DWS CROCI U.S. VIP:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of DWS CROCI U.S. VIP (the “Fund”) (one of the funds constituting Deutsche DWS Variable Series II) (the “Trust”), including the investment portfolio, as of December 31, 2019, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Deutsche DWS Variable Series II) at December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019, by correspondence with the custodian and others. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

Boston, Massachusetts

February 14, 2020

18 | Deutsche DWS Variable Series II — DWS CROCI^® U.S. VIP

Information About Your Fund’s Expenses (Unaudited)

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service(12b-1) fees and other Fund expenses. Examples of transaction costs include contract charges, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recentsix-month period, the Fund limited these expenses; had it not done so, expenses would have been higher. The example in the table is based on an investment of $1,000 invested at the beginning of thesix-month period and held for the entire period (July 1, 2019 to December 31, 2019).

The tables illustrate your Fund’s expenses in two ways:

– Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund’s actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Expenses Paid per $1,000” line under the share class you hold.

– Hypothetical 5% Fund Return. This helps you to compare your Fund’s ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund’s actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical Fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The “Expenses Paid per $1,000” line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. If these transaction costs had been included, your costs would have been higher.

Expenses and Value of a $1,000 Investment for the six months ended December 31, 2019
Actual Fund Return		Class A		Class B
Beginning Account Value 7/1/19	$	1,000.00	$	1,000.00
Ending Account Value 12/31/19	$	1,122.60	$	1,120.60
Expenses Paid per $1,000*	$	3.69	$	5.40
Hypothetical 5% Fund Return		Class A		Class B
Beginning Account Value 7/1/19	$	1,000.00	$	1,000.00
Ending Account Value 12/31/19	$	1,021.73	$	1,020.11
Expenses Paid per $1,000*	$	3.52	$	5.14

* Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recentsix-month period), then divided by 365.

Annualized Expense Ratios	Class A			Class B
Deutsche DWS Variable Series II — DWS CROCI®U.S. VIP		.69	%		1.01	%

For more information, please refer to the Fund’s prospectus.

These tables do not reflect charges and fees (“contract charges”) associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option.

For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to the current and hypothetical expense calculators for Variable Insurance Products which can be found at dws.com/calculators.

Deutsche DWS Variable Series II — DWS CROCI^® U.S. VIP | 19

Tax Information (Unaudited)

The Fund paid distributions of $1.10 per share from net long-term capital gains during its year ended December 31, 2019.

For corporate shareholders, 76% of the ordinary dividends (i.e., income dividends plus short-term capital gains) paid during the Fund’s fiscal year ended December 31, 2019, qualified for the dividends received deduction.

Please consult a tax advisor if you have questions about federal or state income tax laws, or on how to prepare your tax returns. If you have specific questions about your account, please contact your insurance provider.

Proxy Voting

The Trust’s policies and procedures for voting proxies for portfolio securities and information about how the Trust voted proxies related to its portfolio securities during the most recent12-month period ended June 30 are available on our Web site — dws.com/en-us/resources/proxy-voting — or on the SEC’s Web site — sec.gov. To obtain a written copy of the Trust’s policies and procedures without charge, upon request, call us toll free at (800)728-3337.

20 | Deutsche DWS Variable Series II — DWS CROCI^® U.S. VIP

Advisory Agreement Board Considerations and Fee Evaluation

The Board of Trustees (hereinafter referred to as the “Board” or “Trustees”) approved the renewal of DWS CROCI^® U.S. VIP’s (the “Fund”) investment management agreement (the “Agreement”) with DWS Investment Management Americas, Inc. (“DIMA”) in September 2019.

In terms of the process that the Board followed prior to approving the Agreement, shareholders should know that:

– During the entire process, all of the Fund’s Trustees were independent of DIMA and its affiliates (the “Independent Trustees”).

– The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board’s Contract Committee reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Trustees (the “Fee Consultant”). Based on its evaluation of the information provided, the Contract Committee presented its findings and recommendations to the Board. The Board then reviewed the Contract Committee’s findings and recommendations.

– The Board also received extensive information throughout the year regarding performance of the Fund.

– The Independent Trustees regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.

– In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund’s Rule12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.

In connection with the contract review process, the Contract Committee and the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund. DIMA is part of DWS Group GmbH & Co. KGaA (“DWS Group”). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. In 2018, approximately 20% of DWS Group’s shares were sold in an initial public offering, with Deutsche Bank AG owning the remaining shares.

As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund’s performance. In many cases, this led to the negotiation and implementation of expense caps. As part of these negotiations, the Board indicated that it would consider relaxing these caps in future years following sustained improvements in performance, among other considerations.

While shareholders may focus primarily on fund performance and fees, the Fund’s Board considers these and many other factors, including the quality and integrity of DIMA’s personnel and administrative support services provided by DIMA, such as back-office operations, fund valuations, and compliance policies and procedures.

Nature, Quality and Extent of Services. The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board reviewed the Fund’s performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied by Morningstar Direct (“Morningstar”), an independent fund data service. The Board also noted that it has put into place a process of identifying “Funds in Review” (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA’s plans to address underperformance. The Board

Deutsche DWS Variable Series II — DWS CROCI^® U.S. VIP | 21

believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for theone-, three- and five-year periods ended December 31, 2018, the Fund’s performance (Class A shares) was in the 3rd quartile, 4th quartile and 4th quartile, respectively, of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has underperformed its benchmark in theone-, three- and five-year periods ended December 31, 2018. The Board noted the disappointing investment performance of the Fund in recent periods and continued to discuss with senior management of DIMA the factors contributing to such underperformance and actions being taken to improve performance. The Board considered that, effective October 3, 2016, the Fund changed its investment strategy and portfolio management team, and noted that the Fund further changed its investment strategy, effective May 1, 2017. The Board recognized the efforts by DIMA in recent years to enhance its investment platform and improve long-term performance across the DWS fund complex.

Fees and Expenses. The Board considered the Fund’s investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. (“Broadridge”) and the Fee Consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.10% fee paid to DIMA under the Fund’s administrative services agreement, were higher than the median (3rd quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2018). The Board noted that the Fund’s Class A shares total (net) operating expenses were expected to be lower than the median (2nd quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2018, and analyzing Broadridge expense universe Class A (net) expenses less any applicable12b-1 fees) (“Broadridge Universe Expenses”). The Board also reviewed data comparing each other operational share class’s total (net) operating expenses to the applicable Broadridge Universe Expenses. The Board noted that the expense limitations agreed to by DIMA were expected to help the Fund’s total (net) operating expenses remain competitive. The Board considered the Fund’s management fee rate as compared to fees charged by DIMA to comparable DWS U.S. registered funds (“DWS Funds”) and considered differences between the Fund and the comparable DWS Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including anysub-advised funds and accounts) and funds offered primarily to European investors (“DWS Europe Funds”) managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA.

Profitability. The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs to DIMA, andpre-tax profits realized by DIMA, from advising the DWS Funds, as well as estimates of thepre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board and the Fee Consultant reviewed DIMA’s methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that thepre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that, while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates’ overall profitability with respect to the DWS Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of most comparable firms for which such data was available.

Economies of Scale. The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. The Board noted that the Fund’s investment management fee schedule includes fee breakpoints. The Board concluded that the Fund’s fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

Other Benefits to DIMA and Its Affiliates. The Board also considered the character and amount of other incidental or“fall-out” benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund, any fees received by an affiliate of DIMA for transfer agency

22 | Deutsche DWS Variable Series II — DWS CROCI^® U.S. VIP

services provided to the Fund and any fees received by an affiliate of DIMA for distribution services. The Board noted that DIMA pays a licensing fee to an affiliate related to the Fund’s use of the CROCI^® strategy. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities. In addition, the Board considered the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Fund’s management fees were reasonable.

Compliance. The Board considered the significant attention and resources dedicated by DIMA to its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA’s and the Fund’s chief compliance officers and (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel.

Based on all of the information considered and the conclusions reached, the Board determined that the continuation of the Agreement is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Trustees and counsel present. It is possible that individual Independent Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement.

Deutsche DWS Variable Series II — DWS CROCI^® U.S. VIP | 23

Board Members and Officers

The following table presents certain information regarding the Board Members and Officers of the Trust/Corporation. Each Board Member’s year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA02199-3600. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the Trust/Corporation. Because the Fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period.

The Board Members may also serve in similar capacities with other funds in the fund complex. The number of funds in DWS fund complex shown in the table below includes all registered open- and closed-end funds (including all of their portfolios) advised by the Advisor and any registered funds that have an investment advisor that is an affiliated person of the Advisor.

Independent Board Members
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen		Other Directorships Held by Board Member
Keith R. Fox, CFA (1954) Chairperson since 2017, and Board Member since 1996	Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: ICI Mutual Insurance Company; Progressive International Corporation (kitchen goods importer and distributor); former Chairman, National Association of Small Business Investment Companies; former Directorships: The Kennel Shop (retailer); BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) (2011–2012)		77	—
John W. Ballantine (1946) Board Member since 1999	Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); former Directorships: Director and Chairman of the Board, Healthways, Inc.2 (population well-being and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak Brook Bank; and Prisma Energy International. Not-for-Profit Director/Trustee: Palm Beach Civic Association; Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; former Not-for-Profit Directorships: Public Radio International		77	Portland General Electric2 (utility company) (2003– present)
Dawn-Marie Driscoll (1946) Board Member since 1987	Emeritus Executive Fellow, Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988). Directorships: Advisory Board, Center for Business Ethics, Bentley University; Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)		77	—
Richard J. Herring (1946) Board Member since 1990	Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (since July 1972); Director, The Wharton Financial Institutions Center (since 1994); formerly: Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee since 2011, member Systemic Risk Council since 2012 and member of the Advisory Board at the Yale Program on Financial Stability since 2013; Formerly Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), and Nonexecutive Director of Barclays Bank DE (2010–2018)		77	Director, Aberdeen Japan Fund (since 2007)

24 | Deutsche DWS Variable Series II — DWS CROCI^® U.S. VIP

Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen		Other Directorships Held by Board Member
William McClayton (1944) Board Member since 2004	Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001–2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966–2001); Trustee, Ravinia Festival		77	—
Rebecca W. Rimel (1951) Board Member since 1995	President, Chief Executive Officer and Director, The Pew Charitable Trusts (charitable organization) (1994–present); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012)		77	Director, Becton Dickinson and Company2 (medical technology company) (2012– present); Director, BioTelemetry Inc.2(health care) (2009– present)
William N. Searcy, Jr. (1946) Board Member since 1993	Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2(telecommunications) (November 1989–September 2003); Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012)		77	—

Officers4
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served5	Business Experience and Directorships During the Past Five Years
Hepsen Uzcan6(1974) President and Chief Executive Officer, 2017–present	Managing Director,3 DWS; Secretary, DWS USA Corporation (2018–present); Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–present); and Director and President, DB Investment Managers, Inc. (2018–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019)
John Millette7(1962) Vice President and Secretary, 1999–present	Director,3DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); and Assistant Secretary, DBX ETF Trust (2019–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017)
Diane Kenneally7(1966) Chief Financial Officer and Treasurer, 2018–present	Director,3 DWS; and Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); formerly: Assistant Treasurer for the DWS funds (2007–2018)
Paul Antosca7(1957) Assistant Treasurer, 2007–present	Director,3DWS; and Assistant Treasurer, DBX ETF Trust (2019–present)
Sheila Cadogan7(1966) Assistant Treasurer, 2017–present	Director,3DWS; Director and Vice President, DWS Trust Company (2018–present); and Assistant Treasurer, DBX ETF Trust (2019–present)
Scott D. Hogan7(1970) Chief Compliance Officer, 2016–present	Director,3DWS
Caroline Pearson7(1962) Chief Legal Officer, 2010–present	Managing Director,3DWS; formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); and Secretary, Deutsche AM Service Company (2010–2017)
Wayne Salit6(1967) Anti-Money Laundering Compliance Officer, 2014–present	Director,3 Deutsche Bank; and AML Officer, DWS Trust Company; formerly: Managing Director, AML Compliance Officer at BNY Mellon (2011–2014); and Director, AML Compliance Officer at Deutsche Bank (2004–2011)
Ciara Crawford8 (1984) Assistant Secretary, (2019–present)	Associate, DWS (since 2015); previously, Legal Assistant at Accelerated Tax Solutions.

Deutsche DWS Variable Series II — DWS CROCI^® U.S. VIP | 25

¹  The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board.

²  A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.

³  Executive title, not a board directorship.

⁴  As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund.

⁵  The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds.

⁶  Address: 875 Third Avenue, New York, NY 10022.

⁷  Address: One International Place, Boston, MA 02110.

⁸  Address: 5022 Gate Parkway, Suite 400, Jacksonville, FL 32256.

The Fund’s Statement of Additional Information (“SAI”) includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the followingtoll-free number:(800) 728-3337.

26 | Deutsche DWS Variable Series II — DWS CROCI^® U.S. VIP

Notes

VS2CUS-2 (R-025833-9 2/20)

December 31, 2019

Annual Report

Deutsche DWS Variable Series II

DWS Government & Agency Securities VIP

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, you may not be receiving paper copies of the Fund’s shareholder reports from the insurance company that offers your contract unless you specifically request paper copies from your insurance company or from your financial intermediary. Instead, the shareholder reports will be made available on a Web site, and your insurance company will notify you by mail each time a report is posted and provide you with a Web site link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from your insurance company electronically by following the instructions provided by your insurance company.

You may elect to receive all future reports in paper free of charge from your insurance company. If your insurance company informs you that future reports will be delivered via Web access, you can inform your insurance company that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by your insurance company.

Contents

3	Performance Summary
4	Management Summary
6	Portfolio Summary
7	Investment Portfolio
11	Statement of Assets and Liabilities
11	Statement of Operations
12	Statements of Changes in Net Assets
13	Financial Highlights
14	Notes to Financial Statements
22	Report of Independent Registered Public Accounting Firm
23	Information About Your Fund’s Expenses
24	Tax Information
24	Proxy Voting
25	Advisory Agreement Board Considerations and Fee Evaluation
28	Board Members and Officers

This report must be preceded or accompanied by a prospectus. To obtain an additional prospectus or summary prospectus, if available, call (800) 728-3337 or your financial representative. We advise you to consider the Fund’s objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the Fund. Please read the prospectus carefully before you invest.

Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Bond investments are subject to interest-rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. The “full faith and credit” guarantee of the US government applies to the timely repayment of interest, and does not eliminate market risk. Because of the rising US government debt burden, it is possible that the US government may not be able to meet its financial obligations or that securities issued by the US government may experience credit downgrades. The Fund may lend securities to approved institutions. See the prospectus for details.

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.

DWS Distributors, Inc., 222 South Riverside Plaza, Chicago, IL 60606, (800) 621-1148

NOT FDIC/NCUA INSURED     NO BANK GUARANTEE     MAY LOSE VALUE     NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

2 | Deutsche DWS Variable Series II — DWS Government & Agency Securities VIP

Performance Summary December 31, 2019 (Unaudited)

Fund performance shown is historical, assumes reinvestment of all dividend and capital gain distributions and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions so that, when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Please contact your participating insurance company for the Fund’s most recent month-end performance. Performance does not reflect charges and fees (“contract charges”) associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. These charges and fees will reduce returns. While all share classes have the same underlying portfolio, their performance will differ.

The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated May 1, 2019 are 0.93% and 1.28% for Class A and Class B shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

Growth of an Assumed $10,000 Investment

The Bloomberg Barclays GNMA Index is an unmanaged, market-value-weighted measure of all fixed-rate securities backed by mortgage pools of the Government National Mortgage Association.   Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

Comparative Results
DWS Government & Agency Securities VIP		1-Year	3-Year	5-Year	10-Year
Class A	Growth of $10,000	$10,643	$10,880	$11,002	$13,245
	Average annual total return	6.43%	2.85%	1.93%	2.85%
Bloomberg Barclays GNMA Index	Growth of $10,000	$10,585	$10,892	$11,216	$13,715
	Average annual total return	5.85%	2.89%	2.32%	3.21%
DWS Government & Agency Securities VIP		1-Year	3-Year	5-Year	10-Year
Class B	Growth of $10,000	$10,605	$10,764	$10,809	$12,805
	Average annual total return	6.05%	2.49%	1.57%	2.50%
Bloomberg Barclays GNMA Index	Growth of $10,000	$10,585	$10,892	$11,216	$13,715
	Average annual total return	5.85%	2.89%	2.32%	3.21%

The growth of $10,000 is cumulative.

Deutsche DWS Variable Series II — DWS Government & Agency Securities VIP | 3

Management Summary December 31, 2019 (Unaudited)

During the12-month period ended December 31, 2019, the portfolio provided a total return of 6.43% (Class A shares, unadjusted for contract charges) compared with the 5.85% return of its benchmark, the Bloomberg Barclays GNMA Index.

The fixed income markets broadly produced exceptionally strong returns in 2019. A backdrop of moderate economic growth and low inflation led the U.S. Federal Reserve (the Fed) to lower its benchmark lending rate by a quarter point on three occasions between the end of July and the end of October. Other major central banks globally also moved to ease monetary policy. U.S. Treasuries performed well in this environment, as yields fell (and prices rose) for bonds of all maturities. For the 12 months ended December 31, 2019, the yield on the10-year note fell from 2.69% to 1.92% while thetwo-year yield fell from 2.48% to 1.58%, resulting in a steepening of the curve. Treasury yields bottomed out around late August, when the market began to factor in improving economic data and the reduced outlook for further Fed rate cuts. Investment-grade corporate bonds led performance within the U.S. bond market for the year, benefiting from the decline in Treasury yields and continued corporate profit growth, followed closely by lower-rated, high yield corporates. Securitized assets including mortgage backed securities, asset backed securities, and commercial mortgage backed securities were also comfortably in positive territory, while lagging securities more sensitive to credit and interest rate conditions.

Performance for some sectors of the GNMA universe was challenged in 2019 as Treasury yields moved notably lower. Discount coupons and specified pools led performance within GNMAs as longer duration assets with greater interest rate sensitivity were favored in a declining rate environment. The portfolio maintained an underweight to GNMAs in favor of conventional mortgage-backed securities (MBS) across liquid coupons, while overweighting specified pools within GNMAs due to favorable prepayment behavior. As interest rates rallied in the first half of 2019, we reduced exposure to high coupon pass-throughs and increased duration via U.S. Treasury exposure. The portfolio’s overweight stance with respect to duration was shifted to neutral late in the year while initiating a steepening bias with respect to the yield curve. For the period, GNMA security selection, in particular a bias toward seasoned collateral, added to relative performance, as didoff-benchmark exposures to other securitized categories including commercial mortgage-backed securities and asset-backed securities. The portfolio’s overweight stance with respect to duration for much of the period also benefited performance. The portfolio continues to utilize derivatives for both hedging and active management of duration and yield curve positioning.

The Fund is scheduled to liquidate on or about February 27, 2020.

Gregory M. Staples, CFA, Managing Director

Scott Agi, CFA, Director

Portfolio Managers

The views expressed reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance is no guarantee of future results. Current and future portfolio holdings are subject to risk.

4 | Deutsche DWS Variable Series II — DWS Government & Agency Securities VIP

Terms to Know

Theyield curve is a graphical representation of how yields on bonds of different maturities compare. Normally, yield curves slant up, as bonds with longer maturities typically offer higher yields than short-term bonds.

Credit spread is the additional yield provided by bonds rated AA and below vs. comparable maturity bonds rated AAA.

Mortgage-backed securities are securities made up of a bundle of home loans bought from the banks that issued them. Investors receive periodic payments similar to coupon payments on bonds.Commercial mortgage-backed securities are secured by loans on commercial properties.Asset-backed securities are secured by loans, credit or receivables, exclusive of mortgage debt.

TheBloomberg Barclays GNMA Index tracks the performance of fixed-rate securities backed by mortgage pools of the Government National Mortgage Association (GNMA). Index returns, unlike fund returns, do not reflect any fees or expenses. It is not possible to invest directly into an index.

Duration is a gauge of price sensitivity to changes in interest rates.

Overweight means the fund holds a higher weighting in a given sector or security than the benchmark.Underweight means the fund holds a lower weighting.

Contributors and detractors incorporate both a holding’s return and its weight. If two holdings have the same return but one has a larger weighting in the fund, it will have a larger contribution to return in the period.

Deutsche DWS Variable Series II — DWS Government & Agency Securities VIP | 5

Portfolio Summary (Unaudited)

Asset Allocation (As a % of Net Assets)	12/31/19		12/31/18
Mortgage-Backed Securities Pass-Throughs		74%		82%
Collateralized Mortgage Obligations		14%		10%
Commercial Mortgage-Backed Securities		6%		4%
Asset-Backed		6%		3%
Government & Agency Obligations		4%		4%
Cash Equivalents and Other Assets and Liabilities, net		–4%		–3%
		100%		100%
Coupons*	12/31/19		12/31/18
Less than 3.5%		46%		25%
3.5%–4.49%		41%		52%
4.5%–5.49%		8%		17%
5.5%–6.49%		3%		3%
6.5%–7.49%		2%		3%
7.5% and Greater		0%		0%
		100%		100%
Interest Rate Sensitivity	12/31/19		12/31/18
Effective Maturity		5.3 years		8.1 years
Effective Duration		3.4 years		4.7 years

* Excludes Cash Equivalents and U.S. Treasury Bills.

Effective maturity is the weighted average of the maturity date of bonds held by the Fund taking into consideration any available maturity shortening features.

Effective duration is an approximate measure of the Fund’s sensitivity to interest rate changes taking into consideration any maturity shortening features.

Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund’s investment portfolio, see page 7.

Following the Fund’s fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-PORT. The Fund’s Form N-PORT will be available on the SEC’s Web site at sec.gov. The Fund’s portfolio holdings are also posted on dws.com from time to time. Please read the Fund’s current prospectus for more information.

6 | Deutsche DWS Variable Series II — DWS Government & Agency Securities VIP

Investment Portfolio as of December 31, 2019

	Principal Amount ($)		Value ($)
Mortgage-Backed SecuritiesPass-Throughs 74.5%
Federal Home Loan Mortgage Corp.:
3.0%, with various maturities from 9/1/2047 until 11/1/2049		1,163,183		1,180,276
3.5%, 9/1/2047		572,809		594,950
4.0%, with various maturities from 1/1/2045 until 12/1/2045		481,357		516,456
Federal National Mortgage Association:
3.0%, with various maturities from 3/1/2047 until 10/1/2047		1,150,666		1,174,763
3.5%, with various maturities from 8/1/2047 until 1/1/2048		1,724,102		1,796,579
4.0%, 8/1/2047		836,625		882,322
Government National Mortgage Association:
3.0%, with various maturities from 5/20/2045 until 1/1/2050 (a)		7,270,368		7,464,889
3.5%, with various maturities from 4/15/2042 until 9/20/2049		8,921,483		9,293,812
4.0%, 6/20/2047		341,978		361,732
4.5%, with various maturities from 4/20/2035 until 4/15/2041		866,485		941,292
4.55%, 1/15/2041		78,677		84,962
4.625%, 5/15/2041		95,125		98,190
5.0%, with various maturities from 12/15/2032 until 8/15/2040		127,722		140,494
5.5%, with various maturities from 1/15/2034 until 6/15/2042		470,944		537,891
6.0%, with various maturities from 5/20/2034 until 1/15/2038		234,433		271,386
6.5%, with various maturities from 9/15/2036 until 2/15/2039		187,447		217,851
7.0%, with various maturities from 2/20/2027 until 2/15/2038		58,346		61,966
7.5%, 10/20/2031		2,948		3,460
Total Mortgage-Backed SecuritiesPass-Throughs (Cost $25,228,457)				25,623,271
Asset-Backed 5.5%
Automobile Receivables 2.9%
AmeriCredit Automobile Receivables Trust:
“A3”, Series2017-1, 1.87%, 8/18/2021		6,251		6,250
“C”, Series2019-2, 2.74%, 4/18/2025		330,000		332,919
“D”, Series2017-3, 3.18%, 7/18/2023		210,000		213,305
Hertz Vehicle Financing II LP, “A”, Series2018-1A, 144A, 3.29%, 2/25/2024		350,000		358,202

	Principal Amount ($)		Value ($)
United Auto Credit Securitization Trust, “A”, Series2019-1, 144A, 2.82%, 7/12/2021		84,876		85,016
				995,692
Miscellaneous 2.6%
GMF Floorplan Owner Revolving Trust, “B”, Series2019-2, 144A, 3.1%, 4/15/2026		440,000		448,282
MVW Owner Trust, “A”, Series2019-1A, 144A, 2.89%, 11/20/2036		294,163		297,860
NRZ Excess Spread-Collateralized Notes, “B”, Series 2018-PLS1, 144A, 3.588%, 1/25/2023		167,045		167,831
				913,973
Total Asset-Backed (Cost $1,885,251)				1,909,665
Collateralized Mortgage Obligations 14.2%
Federal Home Loan Mortgage Corp.:
“OA”, Series 3179, Principal Only, Zero Coupon, 7/15/2036		60,884		53,260
“CZ”, Series 4113, 3.0%, 9/15/2042		334,073		325,481
“PI”, Series 3940, Interest Only, 4.0%, 2/15/2041		207,778		24,942
“UA”, Series 4298, 4.0%, 2/15/2054		53,835		55,598
“C32”, Series 303, Interest Only, 4.5%, 12/15/2042		627,591		137,796
“MI”, Series 3871, Interest Only, 6.0%, 4/15/2040		15,926		555
“IJ”, Series 4472, Interest Only, 6.0%, 11/15/2043		237,588		52,917
“A”, Series 172, Interest Only, 6.5%, 1/1/2024		3,804		359
“C22”, Series 324, Interest Only, 6.5%, 4/15/2039		344,750		87,720
Federal National Mortgage Association:
“FE”, Series2018-94,1-monthUSD-LIBOR + 0.400%, 2.192%*, 1/25/2049		285,565		284,127
“Z”, Series2013-44, 3.0%, 5/25/2043		102,397		94,888
“4”, Series 406, Interest Only, 4.0%, 9/25/2040		158,652		24,905
“DZ”, Series2019-9, 4.0%, 3/25/2049		310,151		333,656
“IO”, Series2016-26, Interest Only, 5.0%, 5/25/2046		672,507		122,901
“UI”, Series2010-126, Interest Only, 5.5%, 10/25/2040		255,419		44,383
“IO”, Series2014-70, Interest Only, 5.5%, 10/25/2044		356,383		73,640
“BI”, Series2015-97, Interest Only, 5.5%, 1/25/2046		292,042		58,762
“WI”, Series2011-59, Interest Only, 6.0%, 5/25/2040		9,533		91
“YT”, Series2013-35, 6.5%, 9/25/2032		386,571		442,736

The accompanying notes are an integral part of the financial statements.

Deutsche DWS Variable Series II — DWS Government & Agency Securities VIP | 7

	Principal Amount ($)		Value ($)
Government National Mortgage Association:
“JZ”, Series110-2017, 3.0%, 7/20/2047		261,248		245,474
“JI”, Series2013-10, Interest Only, 3.5%, 1/20/2043		395,294		69,648
“IP”, Series2015-50, Interest Only, 4.0%, 9/20/2040		508,640		23,159
“PI”, Series2015-40, Interest Only, 4.0%, 4/20/2044		162,942		11,711
“GZ”, Series2005-24, 5.0%, 3/20/2035		699,313		822,589
“AZ”, Series2019-31, 5.0%, 3/20/2049		299,335		337,252
“IA”, Series2012-64, Interest Only, 5.5%, 5/16/2042		141,172		30,713
“DI”, Series2009-10, Interest Only, 6.0%, 4/16/2038		68,847		6,382
“IP”, Series2009-118, Interest Only, 6.5%, 12/16/2039		25,049		5,305
“IC”, Series1997-4, Interest Only, 7.5%, 3/16/2027		171,948		25,496
JP Morgan Mortgage Trust:
“A6”, Series2017-2, 144A, 3.0%, 5/25/2047		398,228		400,835
“A5”, Series2017-4, 144A, 3.5%, 11/25/2048		231,759		234,240
New Residential Mortgage Loan:
“A1”, Series 2019-NQM3, 144A, 2.802%, 7/25/2049		270,201		270,546
“A1”, Series 2019-NQM2, 144A, 3.6%, 4/25/2049		181,596		182,989
Total Collateralized Mortgage Obligations (Cost $4,691,378)				4,885,056
Commercial Mortgage-Backed Securities 6.0%
BANK, “A3”, Series 2019-BN20, 3.011%, 9/15/2061		350,000		360,434
Benchmark Mortgage Trust, “A4” Series2019-B13, 2.952%, 8/15/2057		413,045		422,936
FHLMC Multifamily Structured Pass-Through Certificates, “X1P”, Series KL05, Interest Only, 0.892%, 6/25/2029		1,400,000		101,712

	Principal Amount ($)			Value ($)
Morgan Stanley Capital I Trust, “A4” Series2019-L3, 3.127%, 11/15/2029		400,000			412,789
Wells Fargo Commercial Mortgage Trust, “A4”, Series 2016-NXS6, 2.918%, 11/15/2049		750,000			769,012
Total Commercial Mortgage-Backed Securities (Cost $2,027,726)					2,066,883
Government & Agency Obligations 1.5%
U.S. Treasury Obligation
U.S. Treasury Notes, 2.125%, 7/31/2024 (Cost $509,692)		500,000			509,726
Short-Term U.S. Treasury Obligations 2.5%
U.S. Treasury Bills:
1.495%**, 7/16/2020		100,000			99,163
1.598%**, 9/10/2020 (c)		400,000			395,744
1.802%**, 7/16/2020 (b)		380,000			376,822
Total Short-Term U.S. Treasury Obligations (Cost $870,944)					871,729
	Shares			Value ($)
Cash Equivalents 7.3%
DWS Central Cash Management Government Fund, 1.62% (d)		1,400,632			1,400,632
DWS ESG Liquidity Fund “Capital Shares”, 1.76% (d)		1,123,733			1,123,845
Total Cash Equivalents (Cost $2,524,259)					2,524,477
	% of Net Assets			Value ($)
Total Investment Portfolio (Cost $37,737,707)		111.5			38,390,807
Other Assets and Liabilities, Net		(11.5	)		(3,969,180	)
Net Assets		100.0			34,421,627

A summary of the Fund’s transactions with affiliated investments during the year ended December 31, 2019 are as follows:

Value ($) at 12/31/2018	Purchases Cost ($)		Sales Proceeds ($)		Net Realized Gain/ (Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 12/31/2019		Value ($) at 12/31/2019
Cash Equivalents 7.3%
DWS Central Cash Management Government Fund, 1.62% (d)
3,485,215		33,127,069		35,211,652		—		—			53,547		—		1,400,632		1,400,632
DWS ESG Liquidity Fund “Capital Shares”, 1.76% (d)
3,784,362		39,374		2,700,540		810		(161	)		22,058		—		1,123,733		1,123,845
7,269,577		33,166,443		37,912,192		810		(161	)		75,605		—		2,524,365		2,524,477

* Variable or floating rate security. These securities are shown at their current rate as of December 31, 2019. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description above. Certain variable rate securities are not based on a published reference rate and spread but adjust periodically based on current market conditions, prepayment of underlying positions and/or other variables.

The accompanying notes are an integral part of the financial statements.

8 | Deutsche DWS Variable Series II — DWS Government & Agency Securities VIP

** Annualized yield at time of purchase; not a coupon rate.

(a) When-issued, delayed delivery or forward commitment securities included.

(b) At December 31, 2019, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts.

(c) At December 31, 2019, this security has been pledged, in whole or in part, to cover initial margin requirements for open centrally cleared swap contracts.

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

144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

Interest Only: Interest Only (IO) bonds represent the “interest only” portion of payments on a pool of underlying mortgages or mortgage-backed securities. IO securities are subject to prepayment risk of the pool of underlying mortgages.

LIBOR: London Interbank Offered Rate

Principal Only: Principal Only (PO) bonds represent the “principal only” portion of payments on a pool of underlying mortgages or mortgage-backed securities.

Included in the portfolio are investments in mortgage or asset-backed securities which are interests in separate pools of mortgages or assets. Effective maturities of these investments may be shorter than stated maturities due to prepayments. Some separate investments in the Federal Home Loan Mortgage Corp., Federal National Mortgage Association and Government National Mortgage Association issues which have similar coupon rates have been aggregated for presentation purposes in this investment portfolio.

At December 31, 2019, open futures contracts sold were as follows:

Futures

Currency

Expiration Date

Contracts

Notional Amount ($)

Notional Value ($)

Unrealized Appreciation ($)

10 Year U.S. Treasury Note

USD

3/20/2020

6

771,641

770,531

1,110

U.S. Treasury Long Bond

USD

3/20/2020

6

944,312

935,438

8,874

Total unrealized appreciation

9,984

At December 31, 2019, open interest rate swap contracts were as follows:

Centrally Cleared Swaps
Cash Flows Paid by the Fund/ Frequency	Cash Flows Received by the Fund/ Frequency	Effective/ Expiration Date	Notional Amount ($)		Currency	Value ($)			Upfront Payments Paid/ (Received) ($)		Unrealized Appreciation/ (Depreciation) ($)
Floating — 3-Month LIBOR Quarterly	Fixed — 1.62% Semi-Annually	11/8/2019 11/8/2021		4,400,000	USD		(7,057	)		—		(7,057	)
Floating —3-Month LIBOR Quarterly	Fixed — 1.652% Semi-Annually	11/26/2019 11/26/2029		300,000	USD		(6,320	)		—		(6,320	)
Floating —3-Month LIBOR Quarterly	Fixed — 1.659% Semi-Annually	10/15/2019 10/15/2021		13,400,000	USD		(17,876	)		—		(17,876	)
Fixed — 2.724% Semi-Annually	Floating — 3-Month LIBOR Quarterly	3/4/2019 3/5/2029		700,000	USD		(56,985	)		—		(56,985	)
Fixed — 2.179% Semi-Annually	Floating — 3-Month LIBOR Quarterly	5/21/2019 2/21/2023		300,000	USD		(6,385	)		—		(6,385	)
Fixed — 1.756% Semi-Annually	Floating —3-Month LIBOR Quarterly	9/17/2019 9/17/2029		400,000	USD		2,508			—		2,508
Fixed — 2.085% Semi-Annually	Floating —3-Month LIBOR Quarterly	5/30/2019 5/31/2022		200,000	USD		(1,986	)		—		(1,986	)
Fixed — 2.45% Semi-Annually	Floating —3-Month LIBOR Quarterly	12/20/2017 12/20/2032		500,000	USD		(27,790	)		—		(27,790	)
Fixed — 1.537% Semi-Annually	Floating —3-Month LIBOR Quarterly	11/26/2019 11/26/2024		3,200,000	USD		27,994			—		27,994
Fixed — 1.961% Semi-Annually	Floating —3-Month LIBOR Quarterly	6/28/2019 6/28/2029		300,000	USD		(2,437	)		—		(2,437	)
Fixed — 1.565% Semi-Annually	Floating —3-Month LIBOR Quarterly	9/27/2019 9/27/2029		400,000	USD		9,690			—		9,690
Total net unrealized depreciation												(86,644	)

LIBOR: London Interbank Offered Rate;3-Month LIBOR rate at December 30, 2019 is 1.908%.

Currency Abbreviations

USD United States Dollar

The accompanying notes are an integral part of the financial statements.

Deutsche DWS Variable Series II — DWS Government & Agency Securities VIP | 9

For information on the Fund’s policy and additional disclosures regarding futures contracts, interest rate swap contracts, total return swap contracts and forward foreign currency contracts, please refer to the Derivatives section of Note B in the accompanying Notes to Financial Statements.

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 December 31, 2019 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2			Level 3		Total
Fixed Income Investments (e)
Mortgage-Backed Securities Pass-Throughs	$	—	$	25,623,271		$	—	$	25,623,271
Asset-Backed		—		1,909,665			—		1,909,665
Collateralized Mortgage Obligations		—		4,885,056			—		4,885,056
Commercial Mortgage-Backed Securities		—		2,066,883			—		2,066,883
Government & Agency Obligations		—		509,726			—		509,726
Short-Term U.S. Treasury Obligations		—		871,729			—		871,729
Short-Term Investments (e)		2,524,477		—			—		2,524,477
Derivatives (f)
Futures Contracts		9,984		—			—		9,984
Interest Rate Swap Contracts		—		40,192			—		40,192
Total	$	2,534,461	$	35,906,522		$	—	$	38,440,983
Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (f)
Interest Rate Swap Contracts	$	—	$	(126,836	)	$	—	$	(126,836	)
Total	$	—	$	(126,836	)	$	—	$	(126,836	)

(e) See Investment Portfolio for additional detailed categorizations.

(f) Derivatives include unrealized appreciation (depreciation) on open futures contracts and interest rate swap contracts.

The accompanying notes are an integral part of the financial statements.

10 | Deutsche DWS Variable Series II — DWS Government & Agency Securities VIP

Statement of Assets and Liabilities

as of December 31, 2019
Assets
Investments innon-affiliated securities, at value (cost $35,213,448)	$	35,866,330
Investment in affiliated securities, at value (cost $2,524,259)		2,524,477
Foreign currency, at value		17
Receivable for investments sold — forward commitments		1,033,898
Receivable for Fund shares sold		12,307
Interest receivable		118,026
Receivable for variation margin on futures contracts		2,703
Receivable for variation margin on centrally cleared swaps		4,561
Other assets		1,073
Total assets		39,563,392
Liabilities
Cash overdraft		2,650
Payable for investments purchased — forward commitments		5,042,081
Payable for Fund shares redeemed		9,138
Accrued management fee		6,611
Accrued Trustees’ fees		1,902
Other accrued expenses and payables		79,383
Total liabilities		5,141,765
Net assets, at value	$	34,421,627
Net Assets Consist of
Distributable earnings (loss)		1,654,579
Paid-in capital		32,767,048
Net assets, at value	$	34,421,627
Net Asset Value
Class A
Net Asset Value, offering and redemption price per share ($33,073,826 ÷ 2,926,799 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	11.30
Class B
Net Asset Value, offering and redemption price per share ($1,347,801 ÷ 119,399 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	11.29

Statement of Operations

for the year ended December 31, 2019
Investment Income
Income:
Interest	$	1,077,129
Income distributions from affiliated securities		75,605
Total income		1,152,734
Expenses:
Management fee		160,744
Administration fee		35,721
Services to Shareholders		656
Record keeping fee (Class B)		1,386
Distribution service fees (Class B)		3,711
Custodian fee		13,541
Professional fees		52,651
Reports to shareholders		37,315
Trustees’ fees and expenses		4,464
Other		8,502
Total expenses before expense reductions		318,691
Expense reductions		(124,218	)
Total expenses after expense reductions		194,473
Net investment income		958,261
Realized and Unrealized Gain/(Loss)
Net realized gain (loss) from:
Non-Affiliated investments		145,531
Affiliated investments		810
Swap contracts		(53,187	)
Futures		568,103
Forward foreign currency contracts		12,444
Foreign currency		(1,514	)
		672,187
Change in net unrealized appreciation (depreciation) on:
Non-Affiliated investments		772,720
Affiliated investments		(161	)
Swap contracts		(47,390	)
Futures		(106,570	)
Forward foreign currency contracts		(5,304	)
Foreign currency		(461	)
		612,834
Net gain (loss)		1,285,021
Net increase (decrease) in net assets resulting from operations	$	2,243,282

The accompanying notes are an integral part of the financial statements.

Deutsche DWS Variable Series II — DWS Government & Agency Securities VIP | 11

Statements of Changes in Net Assets

	Years Ended December 31,
Increase (Decrease) in Net Assets	2019			2018
Operations:
Net investment income	$	958,261		$	1,004,300
Net realized gain (loss)		672,187			(489,745	)
Change in net unrealized appreciation (depreciation)		612,834			(391,353	)
Net increase (decrease) in net assets resulting from operations		2,243,282			123,202
Distributions to shareholders
Class A		(931,223	)		(1,045,563	)
Class B		(36,052	)		(40,012	)
Total distributions		(967,275	)		(1,085,575	)
Fund share transactions:
Class A
Proceeds from shares sold		3,483,018			2,638,856
Reinvestment of distributions		931,223			1,045,563
Payments for shares redeemed		(7,472,223	)		(8,226,521	)
Net increase (decrease) in net assets from Class A share transactions		(3,057,982	)		(4,542,102	)
Class B
Proceeds from shares sold		111,055			54,842
Reinvestment of distributions		36,052			40,012
Payments for shares redeemed		(459,912	)		(296,226	)
Net increase (decrease) in net assets from Class B share transactions		(312,805	)		(201,372	)
Increase (decrease) in net assets		(2,094,780	)		(5,705,847	)
Net assets at beginning of period		36,516,407			42,222,254
Net assets at end of period	$	34,421,627		$	36,516,407
Other Information
Class A
Shares outstanding at beginning of period		3,199,776			3,619,812
Shares sold		314,630			242,507
Shares issued to shareholders in reinvestment of distributions		85,985			97,716
Shares redeemed		(673,592	)		(760,259	)
Net increase (decrease) in Class A shares		(272,977	)		(420,036	)
Shares outstanding at end of period		2,926,799			3,199,776
Class B
Shares outstanding at beginning of period		147,546			165,975
Shares sold		9,978			5,073
Shares issued to shareholders in reinvestment of distributions		3,326			3,736
Shares redeemed		(41,451	)		(27,238	)
Net increase (decrease) in Class B shares		(28,147	)		(18,429	)
Shares outstanding at end of period		119,399			147,546

The accompanying notes are an integral part of the financial statements.

12 | Deutsche DWS Variable Series II — DWS Government & Agency Securities VIP

Financial Highlights

	Years Ended December 31,
Class A	2019			2018			2017			2016			2015
Selected Per Share Data
Net asset value, beginning of period	$	10.91		$	11.15		$	11.25		$	11.48		$	11.80
Income (loss) from investment operations:
Net investment incomea		.30			.28			.23			.25			.27
Net realized and unrealized gain (loss)		.39			(.22	)		(.04	)		(.13	)		(.26	)
Total from investment operations		.69			.06			.19			.12			.01
Less distributions from:
Net investment income		(.30	)		(.30	)		(.29	)		(.35	)		(.33	)
Net asset value, end of period	$	11.30		$	10.91		$	11.15		$	11.25		$	11.48
Total Return (%)b		6.43			.55			1.67			1.06			.06
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		33			35			40			52			66
Ratio of expenses before expense reductions (%)c		.88			.93			.87			.86			.74
Ratio of expenses after expense reductions (%)c		.53			.55			.61			.58			.68
Ratio of net investment income (%)		2.70			2.58			2.03			2.22			2.33
Portfolio turnover rate (%)		334			448			588			521			376

^a  Based on average shares outstanding during the period.

^b  Total return would have been lower had certain expenses not been reduced.

^c  Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option.

	Years Ended December 31,
Class B	2019			2018			2017			2016			2015
Selected Per Share Data
Net asset value, beginning of period	$	10.90		$	11.14		$	11.24		$	11.46		$	11.79
Income (loss) from investment operations:
Net investment incomea		.26			.24			.19			.21			.23
Net realized and unrealized gain (loss)		.39			(.22	)		(.04	)		(.12	)		(.27	)
Total from investment operations		.65			.02			.15			.09			(.04	)
Less distributions from:
Net investment income		(.26	)		(.26	)		(.25	)		(.31	)		(.29	)
Net asset value, end of period	$	11.29		$	10.90		$	11.14		$	11.24		$	11.46
Total Return (%)b		6.05			.19			1.31			.79			(.36	)
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		1			2			2			2			3
Ratio of expenses before expense reductions (%)c		1.23			1.28			1.21			1.21			1.09
Ratio of expenses after expense reductions (%)c		.88			.90			.95			.93			1.03
Ratio of net investment income (%)		2.35			2.23			1.69			1.88			1.99
Portfolio turnover rate (%)		334			448			588			521			376

^a  Based on average shares outstanding during the period.

^b  Total return would have been lower had certain expenses not been reduced.

^c  Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option.

The accompanying notes are an integral part of the financial statements.

Deutsche DWS Variable Series II — DWS Government & Agency Securities VIP | 13

Notes to Financial Statements

A. Organization and Significant Accounting Policies

DWS Government & Agency Securities VIP (the “Fund”) is a diversified series of Deutsche DWS Variable Series II (the “Trust”), which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company organized as a Massachusetts business trust.

Multiple Classes of Shares of Beneficial Interest. The Fund offers two classes of shares (Class A shares and Class B shares). Sales of Class B shares are subject to recordkeeping fees up to 0.15% and Rule 12b-1 fees under the 1940 Act equal to an annual rate of 0.25% of the average daily net assets of the Class B shares of the Fund. Class A shares are not subject to such fees.

Investment income, realized and unrealized gains and losses, and certain fund-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares except that each class bears certain expenses unique to that class (including the applicable Rule 12b-1 fee and recordkeeping fees). Differences in class-level expenses may result in payment of different per share dividends by class. All shares have equal rights with respect to voting subject to class-specific arrangements.

The Fund’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) which require the use of management estimates. Actual results could differ from those estimates. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements.

Security Valuation. Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading.

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.

Debt securities are valued at prices supplied by independent pricing services approved by the Fund’s Board. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, prepayment speeds and other data, as well as broker quotes. If the pricing services are unable to provide valuations, debt securities are valued at the average of the most recent reliable bid quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.

Investments in open-end investment companies are valued at their net asset value each business day and are categorized as Level 1.

Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.

Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and are categorized as Level 2.

Swap contracts are valued daily based upon prices supplied by a Board approved pricing vendor, if available, and otherwise are valued at the price provided by the broker-dealer. Swap contracts are generally categorized as Level 2.

Exchange-traded options are valued at the last sale price or, in the absence of a sale, the mean between the closing bid and asked prices or at the most recent asked price (bid for purchased options) if no bid or asked price are available. Exchange-traded options are generally categorized as Level 1. Over-the-counter written or purchased options are valued at prices supplied by a Board approved pricing vendor, if available, and otherwise are valued at the price provided by the broker-dealer with which the option was traded. Over-the-counter written or purchased options are generally categorized as Level 2.

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally

14 | Deutsche DWS Variable Series II — DWS Government & Agency Securities VIP

categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

Disclosure about the classification of fair value measurements is included in a table following the Fund’s Investment Portfolio.

Foreign Currency Translations. The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

Securities Lending. Deutsche Bank AG, as lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended December 31, 2019, the Fund invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.12% annualized effective rate as of December 31, 2019) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time, and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

During the year ended December 31, 2019, the Fund had no securities on loan.

Forward Commitments. The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis with delivery or payment to occur at a later date beyond the normal settlement period. At the time the Fund enters into a commitment to purchase or sell a security, the transaction is recorded and the value of the transaction is reflected in the net asset value. The price of such security and the date when the security will be delivered and paid for are fixed at the time the transaction is negotiated. The Fund may sell the forward commitment security before the settlement date or enter into a new commitment to extend the delivery date into the future. The value of the security may vary with market fluctuations. At the time the Fund enters into a purchase transaction it is required to segregate cash or other liquid assets at least equal to the amount of the commitment. Additionally, the Fund or the counterparty may be required to post securities and/or cash collateral in accordance with the terms of the commitment.

Deutsche DWS Variable Series II — DWS Government & Agency Securities VIP | 15

Certain risks may arise upon entering into when-issued, delayed delivery or forward commitment transactions from the potential inability of counterparties to meet the terms of their contracts or if the issuer does not issue the securities due to political, economic or other factors. Such transactions may also have the effect of leverage on the Fund and may cause the Fund to be more volatile. Additionally, losses may arise due to changes in the value of the underlying securities.

Federal Income Taxes. The Fund’s policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies and to distribute all of its taxable income to its shareholders.

The Fund has reviewed the tax positions for the open tax years as of December 31, 2019 and has determined that no provision for income tax and/or uncertain tax positions is required in the Fund’s financial statements. The Fund’s federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

Distribution of Income and Gains. Distributions from net investment income of the Fund, if any, are declared and distributed to shareholders annually. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes if necessary.

The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to investments in futures contracts, investments in swap contracts and certain securities sold at a loss. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.

At December 31, 2019, the Fund’s components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income*	$	1,066,070
Net unrealized appreciation (depreciation) on investments	$	588,603

At December 31, 2019, the aggregate cost of investments for federal income tax purposes was $37,737,707. The net unrealized appreciation for all investments based on tax cost was $588,603. This consisted of aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost of $824,381 and aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value of $235,778.

In addition, the tax character of distributions paid by the Fund is summarized as follows:

	Years Ended December 31,
	2019		2018
Distributions from ordinary income*	$	967,275	$	1,085,575

* For tax purposes, short-term capital gain distributions are considered ordinary income distributions.

Expenses. Expenses of the Trust arising in connection with a specific fund are allocated to that fund. Other Trust expenses which cannot be directly attributed to a fund are apportioned among the funds in the Trust based upon the relative net assets or other appropriate measures.

Contingencies. In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.

Other. Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis. Realized gains and losses from investment transactions are recorded on an identified cost basis. All discounts and premiums are accreted/amortized for both tax and financial reporting purposes for the Fund.

16 | Deutsche DWS Variable Series II — DWS Government & Agency Securities VIP

B. Derivative Instruments

Swaps. A swap is a contract between two parties to exchange future cash flows at periodic intervals based on the notional amount of the swap. A bilateral swap is a transaction between the Fund and a counterparty where cash flows are exchanged between the two parties. A centrally cleared swap is a transaction executed between the Fund and a counterparty, then cleared by a clearing member through a central clearinghouse. The central clearinghouse serves as the counterparty, with whom the Fund exchanges cash flows.

The value of a swap is adjusted daily, and the change in value, if any, is recorded as unrealized appreciation or depreciation in the Statement of Assets and Liabilities. Gains or losses are realized when the swap expires or is closed. Certain risks may arise when entering into swap transactions including counterparty default; liquidity; or unfavorable changes in interest rates or the value of the underlying reference security, commodity or index. In connection with bilateral swaps, securities and/or cash may be identified as collateral in accordance with the terms of the swap agreement to provide assets of value and recourse in the event of default. The maximum counterparty credit risk is the net present value of the cash flows to be received from or paid to the counterparty over the term of the swap, to the extent that this amount is beneficial to the Fund, in addition to any related collateral posted to the counterparty by the Fund. This risk may be partially reduced by a master netting arrangement between the Fund and the counterparty. Upon entering into a centrally cleared swap, the Fund is required to deposit with a financial intermediary cash or securities (“initial margin”) in an amount equal to a certain percentage of the notional amount of the swap. Subsequent payments (“variation margin”) are made or received by the Fund dependent upon the daily fluctuations in the value of the swap. In a cleared swap transaction, counterparty risk is minimized as the central clearinghouse acts as the counterparty.

An upfront payment, if any, made by the Fund is recorded as an asset in the Statement of Assets and Liabilities. An upfront payment, if any, received by the Fund is recorded as a liability in the Statement of Assets and Liabilities. Payments received or made at the end of the measurement period are recorded as realized gain or loss in the Statement of Operations.

Total Return Swap Contracts. Total return swaps involve commitments to pay interest in exchange for a market-linked return based on a notional amount. One counterparty pays out the total return of the reference security or index underlying the total return swap, and in return receives a fixed or variable rate. As a receiver, the Fund would receive payments based on any positive total return and would owe payments in the event of a negative total return. As the payer, the Fund would owe payments on any net positive total return, and would receive payments in the event of a negative total return. For the year ended December 31, 2019, the Fund entered into total return swap transactions as a means of gaining exposure to a particular asset class without investing directly in such asset class.

There were no open total return swap contracts as of December 31, 2019. For the year ended December 31, 2019, the investment in total return swap contracts had a total notional amount generally indicative of a range from $0 to approximately $348,000.

Interest Rate Swaps. Interest rate swaps are agreements in which the Fund agrees to pay to the counterparty a fixed rate payment in exchange for the counterparty agreeing to pay to the Fund a variable rate payment, or the Fund agrees to receive from the counterparty a fixed rate payment in exchange for the counterparty agreeing to receive from the Fund a variable rate payment. The payment obligations are based on the notional amount of the swap. For the year ended December 31, 2019, the Fund entered into interest rate swap agreements to gain exposure to different parts of the yield curve while managing overall duration and for non-hedging purposes to seek to enhance potential gains.

A summary of the open interest rate swap contracts as of December 31, 2019 is included in a table following the Fund’s Investment Portfolio. For the year ended December 31, 2019, the investment in interest rate swap contracts had a total USD equivalent notional amount generally indicative of a range from $1,600,000 to $24,100,000.

Futures Contracts. A futures contract is an agreement between a buyer or seller and an established futures exchange or its clearinghouse in which the buyer or seller agrees to take or make a delivery of a specific amount of a financial instrument at a specified price on a specific date (settlement date). For the year ended December 31, 2019, the Fund entered into interest rate futures to gain exposure to different parts of the yield curve while managing overall duration and for non-hedging purposes to seek to enhance potential gains.

Upon entering into a futures contract, the Fund is required to deposit with a financial intermediary cash or securities (“initial margin”) in an amount equal to a certain percentage of the face value indicated in the futures contract. Subsequent payments (“variation margin”) are made or received by the Fund dependent

Deutsche DWS Variable Series II — DWS Government & Agency Securities VIP | 17

upon the daily fluctuations in the value and are recorded for financial reporting purposes as unrealized gains or losses by the Fund. Gains or losses are realized when the contract expires or is closed. Since all futures contracts are exchange-traded, counterparty risk is minimized as the exchange’s clearinghouse acts as the counterparty, and guarantees the futures against default.

Certain risks may arise upon entering into futures contracts, including the risk that an illiquid market will limit the Fund’s ability to close out a futures contract prior to the settlement date and the risk that the futures contract is not well correlated with the security, index or currency to which it relates. Risk of loss may exceed amounts disclosed in the Statement of Assets and Liabilities.

A summary of the open futures contracts as of December 31, 2019, is included in a table following the Fund’s Investment Portfolio. For the year ended December 31, 2019, the investment in futures contracts purchased had a total notional value generally indicative of a range from $0 to approximately $13,329,000 and the investment in futures contracts sold had a total notional value generally indicative of a range from approximately $579,000 to $4,963,000.

Options.An option contract is a contract in which the writer (seller) of the option grants the buyer of the option, upon payment of a premium, the right to purchase from (call option), or sell to (put option), the writer a designated instrument at a specified price within a specified period of time. The Fund may write or purchase interest rate swaption agreements which are options to enter into a pre-defined swap agreement. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise. Certain options, including options on indices and interest rate options, will require cash settlement by the Fund if exercised. For the year ended December 31, 2019, the Fund entered into options on interest rate swaps in order to hedge against potential adverse interest rate movements of portfolio assets.

If the Fund writes a covered call option, the Fund foregoes, in exchange for the premium, the opportunity to profit during the option period from an increase in the market value of the underlying security above the exercise price. If the Fund writes a put option it accepts the risk of a decline in the value of the underlying security below the exercise price. Over-the-counter options have the risk of the potential inability of counterparties to meet the terms of their contracts. The Fund’s maximum exposure to purchased options is limited to the premium initially paid. In addition, certain risks may arise upon entering into option contracts including the risk that an illiquid secondary market will limit the Fund’s ability to close out an option contract prior to the expiration date and that a change in the value of the option contract may not correlate exactly with changes in the value of the securities hedged.

There were no open option contracts as of December 31, 2019. For the year ended December 31, 2019, the investment in purchased option contracts had a total value generally indicative of a range from $0 to approximately $3,000.

Forward Foreign Currency Contracts. A forward foreign currency contract (“forward currency contract”) is a commitment to purchase or sell a foreign currency at the settlement date at a negotiated rate. For the year ended December 31, 2019, the Fund entered into forward currency contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign currency denominated portfolio holdings and for non-hedging purposes to seek to enhance potential gains.

Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and unrealized gain (loss) is recorded daily. On the settlement date of the forward currency contract, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was closed. Certain risks may arise upon entering into forward currency contracts from the potential inability of counterparties to meet the terms of their contracts. The maximum counterparty credit risk to the Fund is measured by the unrealized gain on appreciated contracts. Additionally, when utilizing forward currency contracts to hedge, the Fund gives up the opportunity to profit from favorable exchange rate movements during the term of the contract.

There were no open forward currency contracts as of December 31, 2019. For the year ended December 31, 2019, the investment in forward currency contracts short vs. U.S. dollars had a total contract value generally indicative of a range from $0 to approximately $785,000 and the investment in forward currency contracts long vs. U.S. dollars had a total contract value generally indicative of a range from $0 to approximately $780,000. The investment in forward currency contracts long vs. other foreign currencies sold had a total contract value generally indicative of a range from $0 to approximately $720,000.

18 | Deutsche DWS Variable Series II — DWS Government & Agency Securities VIP

The following tables summarize the value of the Fund’s derivative instruments held as of December 31, 2019 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

Asset Derivatives	Swap Contracts		Futures Contracts		Total
Interest Rate Contracts (a)	$	40,192	$	9,984	$	50,176

Each of the above derivatives is located in the following Statement of Assets and Liabilities accounts:

(a) Includes cumulative appreciation of swap contracts and futures contracts as disclosed in the Investment Portfolio. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities.

Liability Derivatives	Swap Contracts
Interest Rate Contracts (b)	$	(126,836	)

The above derivative is located in the following Statement of Assets and Liabilities accounts:

(b) Includes cumulative depreciation of swap contracts as disclosed in the Investment Portfolio. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities.

Additionally, the amount of unrealized and realized gains and losses on derivative instruments recognized in Fund earnings during the year ended December 31, 2019 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

Realized Gain (Loss)	Purchased Options			Forward Contracts		Swap Contracts			Futures Contracts		Total
Interest Rate Contracts (c)	$	(150	)	$	—	$	(53,187	)	$	568,103	$	514,766
Foreign Exchange Contracts (d)		—			12,444		—			—		12,444
	$	(150	)	$	12,444	$	(53,187	)	$	568,103	$	527,210

Each of the above derivatives is located in the following Statement of Operations accounts:

(c) Net realized gain (loss) from investments (includes purchased options), swap contracts and futures, respectively

(d) Net realized gain (loss) from forward foreign currency contracts

Change in Net Unrealized Appreciation (Depreciation)	Forward Contracts			Swap Contracts			Futures Contracts			Total
Interest Rate Contracts (e)	$	—		$	(47,390	)	$	(106,570	)	$	(153,960	)
Foreign Exchange Contracts (f)		(5,304	)		—			—			(5,304	)
	$	(5,304	)	$	(47,390	)	$	(106,570	)	$	(159,264	)

Each of the above derivatives is located in the following Statement of Operations accounts:

(e) Change in net unrealized appreciation (depreciation) from swap contracts and futures, respectively

(f) Change in net unrealized appreciation (depreciation) on forward foreign currency contracts

C. Purchases and Sales of Securities

During the year ended December 31, 2019, purchases and sales of investment securities, excluding short-term investments, were as follows:

	Purchases		Sales
Non-U.S. Treasury Obligations	$	126,446,654	$	128,703,642
U.S. Treasury Obligations	$	1,609,820	$	1,819,417

D. Related Parties

Management Agreement. Under the Investment Management Agreement with DWS Investment Management Americas, Inc. (“DIMA” or the “Advisor”), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”), the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund.

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Pursuant to the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the Fund’s average daily net assets, computed and accrued daily and payable monthly, at the following annual rates:

First $250 million	.450	%
Next $750 million	.430	%
Next $1.5 billion	.410	%
Next $2.5 billion	.400	%
Next $2.5 billion	.380	%
Next $2.5 billion	.360	%
Next $2.5 billion	.340	%
Over $12.5 billion	.320	%

Accordingly, for the year ended December 31, 2019, the fee pursuant to the Investment Management Agreement was equivalent to an annual rate (exclusive of any applicable waivers/reimbursements) of 0.45% of the Fund’s average daily net assets.

For the period from January 1, 2019 through September 30, 2019, the Advisor had contractually agreed to waive all or a portion of its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) of each class as follows:

Class A	.53	%
Class B	.88	%

Effective October 1, 2019 through February 27, 2020 (see Note G), the Advisor has contractually agreed to waive all or a portion of its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) of each class as follows:

Class A	.53	%
Class B	.87	%

For the year ended December 31, 2019, fees waived and/or expenses reimbursed for each class are as follows:

Class A	$	119,044
Class B		5,174
	$	124,218

Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays DIMA an annual fee (“Administration Fee”) of 0.10% of the Fund’s average daily net assets, computed and accrued daily and payable monthly. For the year ended December 31, 2019, the Administration Fee was $35,721, of which $2,939 is unpaid.

Service Provider Fees. DWS Service Company (“DSC”), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and DST Systems, Inc. (“DST”), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the year ended December 31, 2019, the amounts charged to the Fund by DSC were as follows:

	Total Aggregated		Unpaid at December 31, 2019
Class A	$	253	$	39
Class B		38		6
	$	291	$	45

Distribution Service Agreement. Under the Fund’s Class B 12b-1 plan, DWS Distributors, Inc. (“DDI”) received a fee (“Distribution Service Fee”) of 0.25% of average daily net assets of Class B shares. For the year ended December 31, 2019, the Distribution Service Fee aggregated $3,711, of which $294 is unpaid.

20 | Deutsche DWS Variable Series II — DWS Government & Agency Securities VIP

Typesetting and Filing Service Fees. Under an agreement with the Fund, DIMA is compensated for providing certain pre-press and regulatory filing services to the Fund. For the year ended December 31, 2019, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders” aggregated $9,724, of which $4,281 is unpaid.

Trustees’ Fees and Expenses. The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.

Affiliated Cash Management Vehicles. The Fund may invest uninvested cash balances in DWS Central Cash Management Government Fund and DWS ESG Liquidity Fund, affiliated money market funds which are managed by the Advisor. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Central Cash Management Government Fund seeks to maintain a stable net asset value, and DWS ESG Liquidity Fund maintains a floating net asset value. The Fund indirectly bears its proportionate share of the expenses of each affiliated money market fund in which it invests. DWS Central Cash Management Government Fund does not pay the Advisor an investment management fee. To the extent that DWS ESG Liquidity Fund pays an investment management fee to the Advisor, the Advisor will waive an amount of the investment management fee payable to the Advisor by the Fund equal to the amount of the investment management fee payable on the Fund’s assets invested in DWS ESG Liquidity Fund.

Security Lending Fees. Deutsche Bank AG serves as securities lending agent for the Fund. For the year ended December 31, 2019, the Fund did not incur securities lending agent fees to Deutsche Bank AG.

E. Ownership of the Fund

At December 31, 2019, three participating insurance companies were owners of record of 10% or more of the total outstanding Class A shares of the Fund, each owning 50%, 32% and 15%. One participating insurance company was the owner of record of 10% or more of the total outstanding Class B shares of the Fund, owning 92%.

F. Line of Credit

The Fund and other affiliated funds (the “Participants”) share in a $400 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus if the one-month LIBOR exceeds the Federal Funds Rate, the amount of such excess. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at December 31, 2019.

G. Fund Liquidation

Upon the recommendation of the Advisor, the Fund’s Board of Trustees has authorized the Fund’s termination and liquidation, effective on or about February 27, 2020 (the “Liquidation Date”). Accordingly, the Fund will involuntarily redeem the shares of any shareholder (i.e. participating insurance company that offers the Fund) outstanding on the Liquidation Date. Existing participating insurance company investors that currently offer the Fund as an investment option may continue to offer it to their contract owners until the Liquidation Date.

Deutsche DWS Variable Series II — DWS Government & Agency Securities VIP | 21

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Deutsche DWS Variable Series II and Shareholders of DWS Government & Agency Securities VIP:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of DWS Government & Agency Securities VIP (the “Fund”) (one of the funds constituting Deutsche DWS Variable Series II) (the “Trust”), including the investment portfolio, as of December 31, 2019, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Deutsche DWS Variable Series II) at December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

Boston, Massachusetts

February 14, 2020

22 | Deutsche DWS Variable Series II — DWS Government & Agency Securities VIP

Information About Your Fund’s Expenses (Unaudited)

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include contract charges, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recent six-month period, the Fund limited these expenses; had it not done so, expenses would have been higher. The example in the table is based on an investment of $1,000 invested at the beginning of thesix-month period and held for the entire period (July 1, 2019 to December 31, 2019).

The tables illustrate your Fund’s expenses in two ways:

– Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund’s actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Expenses Paid per $1,000” line under the share class you hold.

– Hypothetical 5% Fund Return. This helps you to compare your Fund’s ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund’s actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical Fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The “Expenses Paid per $1,000” line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. If these transaction costs had been included, your costs would have been higher.

Expenses and Value of a $1,000 Investment for the six months ended December 31, 2019
Actual Fund Return	Class A		Class B
Beginning Account Value 7/1/19	$	1,000.00	$	1,000.00
Ending Account Value 12/31/19	$	1,018.90	$	1,018.00
Expenses Paid per $1,000*	$	2.70	$	4.48
Hypothetical 5% Fund Return	Class A		Class B
Beginning Account Value 7/1/19	$	1,000.00	$	1,000.00
Ending Account Value 12/31/19	$	1,022.53	$	1,020.77
Expenses Paid per $1,000*	$	2.70	$	4.48

* Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recent six-month period), then divided by 365.

Annualized Expense Ratios	Class A			Class B
Deutsche DWS Variable Series II — DWS Government & Agency Securities VIP		.53	%		.88	%

For more information, please refer to the Fund’s prospectus.

These tables do not reflect charges and fees (“contract charges”) associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option.

For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to the current and hypothetical expense calculators for Variable Insurance Products which can be found at dws.com/calculators.

Deutsche DWS Variable Series II — DWS Government & Agency Securities VIP | 23

Tax Information (Unaudited)

Please consult a tax advisor if you have questions about federal or state income tax laws, or on how to prepare your tax returns. If you have specific questions about your account, please contact your insurance provider.

Proxy Voting

The Trust’s policies and procedures for voting proxies for portfolio securities and information about how the Trust voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — dws.com/en-us/resources/proxy-voting — or on the SEC’s Web site — sec.gov. To obtain a written copy of the Trust’s policies and procedures without charge, upon request, call us toll free at(800) 728-3337.

24 | Deutsche DWS Variable Series II — DWS Government & Agency Securities VIP

Advisory Agreement Board Considerations and Fee Evaluation

The Board of Trustees (hereinafter referred to as the “Board” or “Trustees”) approved the renewal of DWS Government & Agency Securities VIP’s (the “Fund”) investment management agreement (the “Agreement”) with DWS Investment Management Americas, Inc. (“DIMA”) in September 2019.

In terms of the process that the Board followed prior to approving the Agreement, shareholders should know that:

– During the entire process, all of the Fund’s Trustees were independent of DIMA and its affiliates (the “Independent Trustees”).

– The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board’s Contract Committee reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Trustees (the “Fee Consultant”). Based on its evaluation of the information provided, the Contract Committee presented its findings and recommendations to the Board. The Board then reviewed the Contract Committee’s findings and recommendations.

– The Board also received extensive information throughout the year regarding performance of the Fund.

– The Independent Trustees regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.

– In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund’s Rule12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.

In connection with the contract review process, the Contract Committee and the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund. DIMA is part of DWS Group GmbH & Co. KGaA (“DWS Group”). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. In 2018, approximately 20% of DWS Group’s shares were sold in an initial public offering, with Deutsche Bank AG owning the remaining shares.

As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund’s performance. In many cases, this led to the negotiation and implementation of expense caps. As part of these negotiations, the Board indicated that it would consider relaxing these caps in future years following sustained improvements in performance, among other considerations.

While shareholders may focus primarily on fund performance and fees, the Fund’s Board considers these and many other factors, including the quality and integrity of DIMA’s personnel and administrative support services provided by DIMA, such as back-office operations, fund valuations, and compliance policies and procedures.

Nature, Quality and Extent of Services.The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board reviewed the Fund’s performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied by Morningstar Direct (“Morningstar”), an independent fund data service. The Board also noted that it has put into place a process of identifying “Funds in Review” (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA’s plans to address underperformance. The Board

Deutsche DWS Variable Series II — DWS Government & Agency Securities VIP | 25

believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for theone-, three- and five-year periods ended December 31, 2018, the Fund’s performance (Class A shares) was in the 2nd quartile, 3rd quartile and 3rd quartile, respectively, of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has underperformed its benchmark in theone-, three- and five-year periods ended December 31, 2018.

Fees and Expenses. The Board considered the Fund’s investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. (“Broadridge”) and the Fee Consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.10% fee paid to DIMA under the Fund’s administrative services agreement, were higher than the median (4th quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2018). The Board noted that the Fund’s Class A shares total (net) operating expenses were expected to be higher than the median (3rd quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2018, and analyzing Broadridge expense universe Class A (net) expenses less any applicable12b-1 fees) (“Broadridge Universe Expenses”). The Board also reviewed data comparing each other operational share class’s total (net) operating expenses to the applicable Broadridge Universe Expenses. The Board noted that the expense limitations agreed to by DIMA were expected to help the Fund’s total (net) operating expenses remain competitive. The Board considered the Fund’s management fee rate as compared to fees charged by DIMA to comparable DWS U.S. registered funds (“DWS Funds”), noting that DIMA indicated that it does not provide services to any other comparable DWS Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including anysub-advised funds and accounts) and funds offered primarily to European investors (“DWS Europe Funds”) managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA.

Profitability. The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs to DIMA, andpre-tax profits realized by DIMA, from advising the DWS Funds, as well as estimates of thepre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board and the Fee Consultant reviewed DIMA’s methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that thepre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that, while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates’ overall profitability with respect to the DWS Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of most comparable firms for which such data was available.

Economies of Scale. The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. The Board noted that the Fund’s investment management fee schedule includes fee breakpoints. The Board concluded that the Fund’s fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

Other Benefits to DIMA and Its Affiliates. The Board also considered the character and amount of other incidental or“fall-out” benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund, any fees received by an affiliate of DIMA for transfer agency services provided to the Fund and any fees received by an affiliate of DIMA for distribution services. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities. In addition, the Board considered the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Fund’s management fees were reasonable.

26 | Deutsche DWS Variable Series II — DWS Government & Agency Securities VIP

Compliance. The Board considered the significant attention and resources dedicated by DIMA to its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA’s and the Fund’s chief compliance officers and (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel.

Based on all of the information considered and the conclusions reached, the Board determined that the continuation of the Agreement is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Trustees and counsel present. It is possible that individual Independent Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement.

Deutsche DWS Variable Series II — DWS Government & Agency Securities VIP | 27

Board Members and Officers

The following table presents certain information regarding the Board Members and Officers of the Trust/Corporation. Each Board Member’s year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA02199-3600. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the Trust/Corporation. Because the Fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period.

The Board Members may also serve in similar capacities with other funds in the fund complex. The number of funds in DWS fund complex shown in the table below includes all registered open- and closed-end funds (including all of their portfolios) advised by the Advisor and any registered funds that have an investment advisor that is an affiliated person of the Advisor.

Independent Board Members
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen		Other Directorships Held by Board Member
Keith R. Fox, CFA (1954) Chairperson since 2017, and Board Member since 1996	Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: ICI Mutual Insurance Company; Progressive International Corporation (kitchen goods importer and distributor); former Chairman, National Association of Small Business Investment Companies; former Directorships: The Kennel Shop (retailer); BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) (2011–2012)		77	—
John W. Ballantine (1946) Board Member since 1999	Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); former Directorships: Director and Chairman of the Board, Healthways, Inc.2 (population well-being and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak Brook Bank; and Prisma Energy International. Not-for-Profit Director/Trustee: Palm Beach Civic Association; Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; former Not-for-Profit Directorships: Public Radio International		77	Portland General Electric2 (utility company) (2003– present)
Dawn-Marie Driscoll (1946) Board Member since 1987	Emeritus Executive Fellow, Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988). Directorships: Advisory Board, Center for Business Ethics, Bentley University; Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)		77	—
Richard J. Herring (1946) Board Member since 1990	Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (since July 1972); Director, The Wharton Financial Institutions Center (since 1994); formerly: Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee since 2011, member Systemic Risk Council since 2012 and member of the Advisory Board at the Yale Program on Financial Stability since 2013; Formerly Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), and Nonexecutive Director of Barclays Bank DE (2010–2018)		77	Director, Aberdeen Japan Fund (since 2007)

28 | Deutsche DWS Variable Series II — DWS Government & Agency Securities VIP

Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen		Other Directorships Held by Board Member
William McClayton (1944) Board Member since 2004	Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001–2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966–2001); Trustee, Ravinia Festival		77	—
Rebecca W. Rimel (1951) Board Member since 1995	President, Chief Executive Officer and Director, The Pew Charitable Trusts (charitable organization) (1994–present); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012)		77	Director, Becton Dickinson and Company2 (medical technology company) (2012– present); Director, BioTelemetry Inc.2(health care) (2009– present)
William N. Searcy, Jr. (1946) Board Member since 1993	Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2(telecommunications) (November 1989–September 2003); Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012)		77	—

Officers4
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served5	Business Experience and Directorships During the Past Five Years
Hepsen Uzcan6(1974) President and Chief Executive Officer, 2017–present	Managing Director,3 DWS; Secretary, DWS USA Corporation (2018–present); Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–present); and Director and President, DB Investment Managers, Inc. (2018–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019)
John Millette7(1962) Vice President and Secretary, 1999–present	Director,3DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); and Assistant Secretary, DBX ETF Trust (2019–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017)
Diane Kenneally7(1966) Chief Financial Officer and Treasurer, 2018–present	Director,3 DWS; and Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); formerly: Assistant Treasurer for the DWS funds (2007–2018)
Paul Antosca7(1957) Assistant Treasurer, 2007–present	Director,3DWS; and Assistant Treasurer, DBX ETF Trust (2019–present)
Sheila Cadogan7(1966) Assistant Treasurer, 2017–present	Director,3DWS; Director and Vice President, DWS Trust Company (2018–present); and Assistant Treasurer, DBX ETF Trust (2019–present)
Scott D. Hogan7(1970) Chief Compliance Officer, 2016–present	Director,3DWS
Caroline Pearson7(1962) Chief Legal Officer, 2010–present	Managing Director,3DWS; formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); and Secretary, Deutsche AM Service Company (2010–2017)
Wayne Salit6(1967) Anti-Money Laundering Compliance Officer, 2014–present	Director,3 Deutsche Bank; and AML Officer, DWS Trust Company; formerly: Managing Director, AML Compliance Officer at BNY Mellon (2011–2014); and Director, AML Compliance Officer at Deutsche Bank (2004–2011)
Ciara Crawford8 (1984) Assistant Secretary, (2019–present)	Associate, DWS (since 2015); previously, Legal Assistant at Accelerated Tax Solutions.

Deutsche DWS Variable Series II — DWS Government & Agency Securities VIP | 29

¹  The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board.

²  A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.

³  Executive title, not a board directorship.

⁴  As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund.

⁵  The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds.

⁶  Address: 875 Third Avenue, New York, NY 10022.

⁷  Address: One International Place, Boston, MA 02110.

⁸  Address: 5022 Gate Parkway, Suite 400, Jacksonville, FL 32256.

The Fund’s Statement of Additional Information (“SAI”) includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the followingtoll-free number:(800) 728-3337.

30 | Deutsche DWS Variable Series II — DWS Government & Agency Securities VIP

Notes

VS2GAS-2 (R-025831-9 2/20)

December 31, 2019

Annual Report

Deutsche DWS Variable Series II

DWS Global Equity VIP

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, you may not be receiving paper copies of the Fund’s shareholder reports from the insurance company that offers your contract unless you specifically request paper copies from your insurance company or from your financial intermediary. Instead, the shareholder reports will be made available on a Web site, and your insurance company will notify you by mail each time a report is posted and provide you with a Web site link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from your insurance company electronically by following the instructions provided by your insurance company.

You may elect to receive all future reports in paper free of charge from your insurance company. If your insurance company informs you that future reports will be delivered via Web access, you can inform your insurance company that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by your insurance company.

Contents

3	Performance Summary
4	Management Summary
6	Portfolio Summary
7	Investment Portfolio
10	Statement of Assets and Liabilities
10	Statement of Operations
11	Statements of Changes in Net Assets
12	Financial Highlights
13	Notes to Financial Statements
17	Report of Independent Registered Public Accounting Firm
18	Information About Your Fund’s Expenses
19	Tax Information
19	Proxy Voting
20	Advisory Agreement Board Considerations and Fee Evaluation
23	Board Members and Officers

This report must be preceded or accompanied by a prospectus. To obtain an additional prospectus or summary prospectus, if available, call (800)728-3337 or your financial representative. We advise you to consider the Fund’s objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the Fund. Please read the prospectus carefully before you invest.

Stocks may decline in value. Investing in foreign securities, particularly those of emerging markets, presents certain risks, such as currency fluctuations, political and economic changes, and market risks. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. The Fund may lend securities to approved institutions. Please read the prospectus for details.

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.

DWS Distributors, Inc., 222 South Riverside Plaza, Chicago, IL 60606, (800)621-1148

NOT FDIC/NCUA INSURED     NO BANK GUARANTEE     MAY LOSE VALUE     NOT A DEPOSIT

NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

2 | Deutsche DWS Variable Series II — DWS Global Equity VIP

Performance Summary December 31, 2019 (Unaudited)

Fund performance shown is historical, assumes reinvestment of all dividend and capital gain distributions and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions so that, when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Please contact your participating insurance company for the Fund’s most recentmonth-end performance. Performance does not reflect charges and fees (“contract charges”) associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. These charges and fees will reduce returns.

The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated May 1, 2019 is 1.22% for Class A shares and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

Growth of an Assumed $10,000 Investment

The MSCI All Country World Index is an unmanaged equity index which captures large and mid-capitalization representation across 23 developed markets and 26 emerging markets countries. It covers approximately 85% of the global investable equity opportunity set.   Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

Comparative Results
DWS Global Equity VIP		1-Year	3-Year	5-Year	10-Year
Class A	Growth of $10,000	$13,626	$15,023	$15,662	$21,631
	Average annual total return	36.26%	14.53%	9.39%	8.02%
MSCI All Country World Index	Growth of $10,000	$12,660	$14,217	$14,973	$23,217
	Average annual total return	26.60%	12.44%	8.41%	8.79%

The growth of $10,000 is cumulative.

Deutsche DWS Variable Series II — DWS Global Equity VIP | 3

Management Summary December 31, 2019 (Unaudited)

Class A shares of the Fund gained 36.26% (unadjusted for contract charges) in 2019, outperforming the 26.60% return of the MSCI All Country World Index. The Fund’s average annual return for the five-year period ended December 31, 2019 was 9.39%, versus 8.41% for the index in the same span.

Our emphasis on growth stocks was a key factor driving performance in 2019. Stock selection also played a large role in the Fund’s strong showing. The Fund outpaced the corresponding index components in nine of the ten sectors in which it was invested, led by consumer discretionary, information technology, financials, and health care. Energy was the only area in which the Fund lagged, but we made up for the shortfall by having an underweight allocation to this underperforming sector.

Our performance advantage in the consumer discretionary sector was led by a position in YETI Holdings, Inc. (United States). We participated in the initial public offering (IPO) in the second half of 2018 on the belief that the company’s potential for expansion both domestically and overseas would fuel robust growth. After some initial weakness following the IPO, the stock rallied on the combination of improved inventory management, positive earnings results, and continued brand momentum. Brookfield Asset Management, Inc. (Canada) which reported steady growth, was another key contributor in both the financial sector and the Fund as a whole. Globant SA, a software company based in Argentina, was the top performer in technology. The company beat earnings estimates and raised its guidance thanks to a favorable demand environment. A number of health care stocks also finished among the Fund’s top contributors for the year, including the U.S. companies TransMedics Group, Inc.*, Zoetis, Inc., and Danaher Corp.

At a time of robust relative performance, few aspects of the Fund’s positioning stood out as negatives. Evolent Health, Inc., which we purchased on the belief that the company was well positioned for the U.S. health care industry’s transition to value-based payment models, was the largest individual detractor. The stock was hit by concerns about contract losses and an acquisition that was poorly received by the markets. SmileDirectClub Inc. (U.S.) and Canada Goose Holdings, Inc. were also key detractors, as were underweights in the domesticmega-cap stocks Apple, Inc. and Facebook, Inc.*

The strong performance of the global markets led to a significant increase in valuations in 2019, resulting in a narrower set of investment opportunities. We therefore became increasingly selective in identifying investment candidates for the Fund. The companies held in the portfolio continue to have robust drivers of growth, however, and in general are maintaining their competitive leadership positions by leveraging advanced technologies and executing well. We found a number of higher-conviction ideas in the technology sector over the course of the year, and we increased the portfolio’s weightings in Microsoft Corp. (U.S.), EPAM Systems, Inc. (U.S.), Alibaba Group Holding, Ltd. (China), and Globant SA. We also incrementally added to the Fund’s weighting in higher-growth companies, including DexCom, Inc. (U.S), and we built positions in high-quality firms that we believe offer cyclical upside and reasonable valuations, such as Cie de Saint-Gobain SA (France) and 3M Co. (U.S.). Conversely, we either sold or reduced stocks with deteriorating fundamentals, including China Life Insurance Co. Ltd.*, A.O. Smith Corp.* (U.S.), Komatsu Ltd.* (Japan), and Mitsubishi UFJ Financial Group, Inc.* (Japan).

From a regional perspective, we held a relatively neutral stance with the largest absolute weighting in the United States. On a longer-term basis, we think the emerging markets offer the most compelling growth prospects — particularly in areas that are sensitive to domestic consumption trends.

The Fund ended the year with a cash weighting of about 1.2%, which we think provides us with the flexibility to add to positions in our favored companies if macro-related headlines begin to fuel market volatility in the months ahead. We would welcome such disruptions, as they can provide an opportunity to build positions in attractive, higher-growth stocks at more reasonable valuations.

Sebastian P. Werner, PhD, Director

Portfolio Manager

The views expressed reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance is no guarantee of future results. Current and future portfolio holdings are subject to risk.

4 | Deutsche DWS Variable Series II — DWS Global Equity VIP

Terms to Know

MSCI All Country World Index is an unmanaged equity index which captures large andmid-capitalization representation across 23 developed markets and 26 emerging markets countries. It covers approximately 85% of the global investable equity opportunity set.

Index returns do not reflect fees or expenses and it is not possible to invest directly into an index.

Underweightmeans the Fund holds a lower weighting in a given sector or security than the benchmark.Overweightmeans it holds a higher weighting.

Contributionincorporates both a stock’s total return and its weighting in the Fund.

* Not held at December 31, 2019.

Deutsche DWS Variable Series II — DWS Global Equity VIP | 5

Portfolio Summary (Unaudited)

Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral)	12/31/19		12/31/18
Common Stocks		99%		99%
Cash Equivalent		1%		1%
		100%		100%
Sector Diversification (As a % of Investment Portfolio excluding Cash Equivalent and Securities Lending Collateral)	12/31/19		12/31/18
Information Technology		21%		18%
Financials		20%		20%
Health Care		15%		15%
Consumer Discretionary		11%		11%
Industrials		10%		11%
Communication Services		8%		9%
Consumer Staples		7%		8%
Materials		4%		4%
Energy		3%		3%
Real Estate		1%		1%
		100%		100%
Geographical Diversification (As a % of Investment Portfolio excluding Cash Equivalent and Securities Lending Collateral)	12/31/19		12/31/18
United States		52%		51%
Germany		9%		10%
China		7%		7%
Canada		7%		7%
Switzerland		5%		4%
France		4%		3%
Japan		4%		5%
United Kingdom		3%		5%
Ireland		3%		2%
Argentina		2%		2%
Sweden		1%		2%
Others		3%		2%
		100%		100%

Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund’s investment portfolio, see page 7.

Following the Fund’s fiscal first and thirdquarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-PORT. The Fund’s Form N-PORT will be available on the SEC’s Web site at sec.gov. The Fund’s portfolio holdings are also posted on dws.com from time to time. Please read the Fund’s current prospectus for more information.

6 | Deutsche DWS Variable Series II — DWS Global Equity VIP

Investment Portfolio as of December 31, 2019

	Shares		Value ($)
Common Stocks 99.1%
Argentina 1.9%
Globant SA* (Cost $274,381)		5,300		562,065
Brazil 0.4%
Pagseguro Digital Ltd. “A”* (Cost $102,067)		3,000		102,480
Canada 6.8%
Agnico Eagle Mines Ltd.		4,650		286,486
Alimentation Couche-Tard, Inc. “B”		10,340		328,144
Brookfield Asset Management, Inc. “A”		18,200		1,051,593
Canada Goose Holdings, Inc.* (a)		4,200		152,048
Toronto-Dominion Bank		3,860		216,491
(Cost $998,712)				2,034,762
China 6.9%
Alibaba Group Holding Ltd. (ADR)*		2,650		562,065
China Literature Ltd. 144A*		14		58
Luckin Coffee, Inc. (ADR)* (a)		2,480		97,613
Momo, Inc. (ADR)		4,200		140,700
New Oriental Education & Technology Group, Inc. (ADR)*		1,840		223,100
Ping An Insurance (Group) Co. of China Ltd. “H”		41,500		492,609
Tencent Holdings Ltd.		11,200		539,098
(Cost $1,390,507)				2,055,243
France 3.9%
Cie deSt-Gobain SA		5,400		221,283
LVMH Moet Hennessy Louis Vuitton SE		275		128,049
TOTAL SA		6,060		335,554
VINCI SA		4,400		489,725
(Cost $1,124,085)				1,174,611
Germany 8.6%
adidas AG		485		158,410
Allianz SE (Registered)		2,525		618,844
BASF SE		2,930		222,238
Deutsche Boerse AG		3,650		575,480
Evonik Industries AG		7,800		239,985
Fresenius Medical Care AG & Co. KGaA		6,107		453,453
Siemens AG (Registered)		2,400		314,494
(Cost $2,168,450)				2,582,904
Ireland 2.9%
Experian PLC		12,350		417,602
Kerry Group PLC “A” (b)		49		6,048
Kerry Group PLC “A” (b)		3,451		430,289
(Cost $514,472)				853,939
Japan 3.6%
Kao Corp.		2,800		231,124
Keyence Corp.		1,200		422,498
SMC Corp.		900		410,655
(Cost $876,459)				1,064,277

	Shares		Value ($)
Luxembourg 0.7%
Eurofins Scientific SE (a) (Cost $84,118)		390		216,301
Malaysia 0.6%
IHH Healthcare Bhd. (Cost $177,866)		136,600		182,699
Norway 0.6%
Mowi ASA (Cost $82,231)		7,200		186,918
Singapore 1.0%
DBS Group Holdings Ltd. (Cost $279,300)		15,200		292,744
Sweden 1.3%
Assa Abloy AB “B”		6,700		156,592
Spotify Technology SA* (c)		1,445		216,100
(Cost $343,591)				372,692
Switzerland 4.4%
Lonza Group AG (Registered)*		2,200		802,772
Nestle SA (Registered)		4,834		523,297
(Cost $476,148)				1,326,069
United Kingdom 3.4%
Aon PLC (c)		1,500		312,435
Compass Group PLC		8,360		209,763
Halma PLC		8,200		231,143
Spirax-Sarco Engineering PLC		2,300		270,949
(Cost $464,520)				1,024,290
United States 52.1%
3M Co.		850		149,957
Activision Blizzard, Inc.		7,600		451,592
Alphabet, Inc. “A”*		450		602,726
American Express Co.		3,040		378,450
AMETEK, Inc.		4,445		443,344
Amphenol Corp. “A”		6,000		649,380
Apple, Inc.		1,155		339,166
Applied Materials, Inc.		5,750		350,980
Becton, Dickinson & Co.		2,820		766,955
Boeing Co.		590		192,198
CBRE Group, Inc. “A”*		4,500		275,805
Danaher Corp.		6,000		920,880
DexCom, Inc.*		760		166,242
Ecolab, Inc.		2,060		397,559
EOG Resources., Inc.		3,800		318,288
EPAM Systems, Inc.*		2,460		521,914
Eventbrite, Inc. “A”*		4,675		94,295
Evolent Health, Inc. “A”*		17,000		153,850
Fiserv, Inc.*		4,200		485,646
Intuit, Inc.		1,600		419,088
JPMorgan Chase & Co.		5,300		738,820
Las Vegas Sands Corp.		2,460		169,838
MasterCard, Inc. “A”		2,950		880,841
McDonald’s Corp.		2,285		451,539
Microsoft Corp.		4,620		728,574
Mondelez International, Inc. “A”		6,590		362,977
NVIDIA Corp.		1,130		265,889
Progressive Corp.		15,200		1,100,328
Schlumberger Ltd.		3,960		159,192

The accompanying notes are an integral part of the financial statements.

Deutsche DWS Variable Series II — DWS Global Equity VIP | 7

	Shares		Value ($)
ServiceMaster Global Holdings, Inc.*		9,400		363,404
ServiceNow, Inc.*		1,530		431,950
SmileDirectClub, Inc.* (a)		9,484		82,890
T-Mobile U.S., Inc.*		4,300		337,206
TJX Companies, Inc.		5,491		335,280
YETI Holdings, Inc.* (a)		12,000		417,360
Zoetis, Inc.		5,140		680,279
(Cost $9,103,863)				15,584,682
Total Common Stocks (Cost $18,460,770)				29,616,676
Securities Lending Collateral 2.8%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.50% (d) (e) (Cost $836,078)		836,078		836,078

	Shares			Value ($)
Cash Equivalents 1.2%
DWS Central Cash Management Government Fund, 1.62% (d) (Cost $364,206)		364,206			364,206
	% of Net Assets			Value ($)
Total Investment Portfolio (Cost $19,661,054)		103.1			30,816,960
Other Assets and Liabilities, Net		(3.1	)		(915,623	)
Net Assets		100.0			29,901,337

A summary of the Fund’s transactions with affiliated investments during the year ended December 31, 2019 are as follows:

Value ($) at 12/31/2018	Purchases Cost ($)			Sales Proceeds ($)		Net Realized Gain/ (Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 12/31/2019		Value ($) at 12/31/2019
Securities Lending Collateral 2.8%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.50% (d) (e)
111,625		724,453	(f)		—		—		—		37,844		—		836,078		836,078
Cash Equivalents 1.2%
DWS Central Cash Management Government Fund, 1.62% (d)
238,530		5,659,501			5,533,825		—		—		6,061		—		364,206		364,206
350,155		6,383,954			5,533,825		—		—		43,905		—		1,200,284		1,200,284

* 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 December 31, 2019 amounted to $818,832, which is 2.7% of net assets.

(b) Securities with the same description are the same corporate entity but trade on different stock exchanges.

(c) Listed on the New York Stock Exchange.

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

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

(f) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended December 31, 2019.

144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

ADR: American Depositary Receipt

The accompanying notes are an integral part of the financial statements.

8 | Deutsche DWS Variable Series II — DWS Global Equity VIP

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 December 31, 2019 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Common Stocks
Argentina	$	562,065	$	—	$	—	$	562,065
Brazil		102,480		—		—		102,480
Canada		2,034,762		—		—		2,034,762
China		1,023,478		1,031,765		—		2,055,243
France		—		1,174,611		—		1,174,611
Germany		—		2,582,904		—		2,582,904
Ireland		—		853,939		—		853,939
Japan		—		1,064,277		—		1,064,277
Luxembourg		—		216,301		—		216,301
Malaysia		—		182,699		—		182,699
Norway		—		186,918		—		186,918
Singapore		—		292,744		—		292,744
Sweden		216,100		156,592		—		372,692
Switzerland		—		1,326,069		—		1,326,069
United Kingdom		312,435		711,855		—		1,024,290
United States		15,584,682		—		—		15,584,682
Short-Term Investments (g)		1,200,284		—		—		1,200,284
Total	$	21,036,286	$	9,780,674	$	—	$	30,816,960

(g) See Investment Portfolio for additional detailed categorizations.

The accompanying notes are an integral part of the financial statements.

Deutsche DWS Variable Series II — DWS Global Equity VIP | 9

Statement of Assets and Liabilities
as of December 31, 2019
Assets
Investments innon-affiliated securities, at value (cost $18,460,770) — including $818,832 of securities loaned	$	29,616,676
Investment in DWS Government & Agency Securities Portfolio (cost $836,078)*		836,078
Investment in DWS Central Cash Management Government Fund (cost $364,206)		364,206
Foreign currency, at value (cost $81,880)		81,354
Receivable for investments sold		174,925
Dividends receivable		11,984
Interest receivable		873
Foreign taxes recoverable		26,189
Other assets		804
Total assets		31,113,089
Liabilities
Payable upon return of securities loaned		836,078
Payable for investments purchased		240,942
Payable for Fund shares redeemed		45,052
Accrued Trustees’ fees		875
Other accrued expenses and payables		88,805
Total liabilities		1,211,752
Net assets, at value	$	29,901,337
Net Assets Consist of
Distributable earnings (loss)		12,247,374
Paid-in capital		17,653,963
Net assets, at value	$	29,901,337
Net Asset Value
Class A
Net asset value, offering and redemption price per share ($29,901,337 ÷ 2,310,277 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	12.94

* Represents collateral on securities loaned.

Statement of Operations
for the year ended December 31, 2019
Investment Income
Income:
Dividends (net of foreign taxes withheld of $29,066)	$	403,860
Income distributions — DWS Central Cash Management Government Fund		6,061
Securities lending income, net of borrower rebates		37,844
Total income		447,765
Expenses:
Management fee		185,282
Administration fee		28,505
Services to shareholders		230
Custodian fee		17,673
Professional fees		75,133
Reports to shareholders		28,736
Trustees’ fees and expenses		3,382
Other		9,276
Total expenses before expense reductions		348,217
Expense reductions		(98,174	)
Total expenses after expense reductions		250,043
Net investment income		197,722
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		988,479
Foreign currency		(1,323	)
		987,156
Change in net unrealized appreciation (depreciation) on:
Investments		7,406,735
Foreign currency		5,167
		7,411,902
Net gain (loss)		8,399,058
Net increase (decrease) in net assets resulting from operations	$	8,596,780

The accompanying notes are an integral part of the financial statements.

10 | Deutsche DWS Variable Series II — DWS Global Equity VIP

Statements of Changes in Net Assets

	Years Ended December 31,
Increase (Decrease) in Net Assets	2019			2018
Operations:
Net investment income (loss)	$	197,722		$	149,728
Net realized gain (loss)		987,156			2,189,088
Change in net unrealized appreciation (depreciation)		7,411,902			(5,431,199	)
Net increase (decrease) in net assets resulting from operations		8,596,780			(3,092,383	)
Distributions to shareholders:
Class A		(2,329,682	)		(219,217	)
Fund share transactions:
Class A
Proceeds from shares sold		1,084,314			730,055
Reinvestment of distributions		2,329,682			219,217
Payments for shares redeemed		(4,708,430	)		(3,317,394	)
Net increase (decrease) in net assets from Class A share transactions		(1,294,434	)		(2,368,122	)
Increase (decrease) in net assets		4,972,664			(5,679,722	)
Net assets at beginning of period		24,928,673			30,608,395
Net assets at end of period		29,901,337			24,928,673
Other Information
Class A
Shares outstanding at beginning of period		2,415,204			2,616,821
Shares sold		87,985			62,443
Shares issued to shareholders in reinvestment of distributions		200,144			19,281
Shares redeemed		(393,056	)		(283,341	)
Net increase (decrease) in Class A shares		(104,927	)		(201,617	)
Shares outstanding at end of period		2,310,277			2,415,204

The accompanying notes are an integral part of the financial statements.

Deutsche DWS Variable Series II — DWS Global Equity VIP | 11

Financial Highlights

	Years Ended December 31,
Class A	2019			2018			2017			2016			2015
Selected Per Share Data
Net asset value, beginning of period	$	10.32		$	11.70		$	9.48		$	9.00		$	9.21
Income (loss) from investment operations:
Net investment incomea		.08			.06			.05			.04			.05
Net realized and unrealized gain (loss)		3.55			(1.35	)		2.22			.51			(.21	)
Total from investment operations		3.63			(1.29	)		2.27			.55			(.16	)
Less distributions from:
Net investment income		(.06	)		(.09	)		(.05	)		(.07	)		(.05	)
Net realized gains		(.95	)		—			—			—			—
Total distributions		(1.01	)		(.09	)		(.05	)		(.07	)		(.05	)
Net asset value, end of period	$	12.94		$	10.32		$	11.70		$	9.48		$	9.00
Total Return (%)b		36.26			(11.12	)		24.04			6.11	c		(1.75	)
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		30			25			31			43			49
Ratio of expenses before expense reductions (%)d		1.22			1.22			1.06			1.03			1.00
Ratio of expenses after expense reductions (%)d		.88			.92			.95			.95			.91
Ratio of net investment income (%)		.69			.51			.49			.49			.58
Portfolio turnover rate (%)		12			43			19			46			79

^a  Based on average shares outstanding during the period.

^b  Total return would have been lower had certain expenses not been reimbursed.

^c  Includes a reimbursement by the Advisor for a realized loss on a trade executed incorrectly, which otherwise would have reduced total return by 0.31%.

^d  Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option.

The accompanying notes are an integral part of the financial statements.

12 | Deutsche DWS Variable Series II — DWS Global Equity VIP

Notes to Financial Statements

A. Organization and Significant Accounting Policies

DWS Global Equity VIP (the “Fund”) is a diversified series of Deutsche DWS Variable Series II (the “Trust”), which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as anopen-end management investment company organized as a Massachusetts business trust.

The Fund’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) which require the use of management estimates. Actual results could differ from those estimates. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements.

Security Valuation. Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading.

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.

Equity securities are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) orover-the-counter market on which they trade. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities are generally categorized as Level 1. For certain international equity securities, in order to adjust for events which may occur between the close of the foreign exchanges and the close of the New York Stock Exchange, a fair valuation model may be used. This fair valuation model takes into account comparisons to the valuation of American Depository Receipts (ADRs), futures contracts and certain indices and these securities are categorized as Level 2.

Investments inopen-end investment companies are valued at their net asset value each business day and are categorized as Level 1.

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices frombroker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (forexchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

Disclosure about the classification of fair value measurements is included in a table following the Fund’s Investment Portfolio.

Securities Lending. Deutsche Bank AG, as lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. As of period end, any securities on loan were collateralized by cash. During the year ended December 31, 2019, the Fund invested the cash collateral into a joint trading account in DWS Government &

Deutsche DWS Variable Series II — DWS Global Equity VIP | 13

Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.12% annualized effective rate as of December 31, 2019) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time, and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of December 31, 2019, the Fund had securities on loan, which were classified as common stocks in the Investment Portfolio. The value of the related collateral exceeded the value of the securities loaned at period end. As of period end, the remaining contractual maturity of the collateral agreements were overnight and continuous.

Foreign Currency Translations. The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

Taxes. The Fund’s policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders.

Additionally, the Fund may be subject to taxes imposed by the governments of countries in which it invests and are generally based on income and/or capital gains earned or repatriated, a portion of which may be recoverable. Based upon the current interpretation of the tax rules and regulations, estimated tax liabilities and recoveries on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized gain/loss on investments. Tax liabilities realized as a result of security sales are reflected as a component of net realized gain/loss on investments.

The Fund has reviewed the tax positions for the open tax years as of December 31, 2019 and has determined that no provision for income tax and/or uncertain tax positions is required in the Fund’s financial statements. The Fund’s federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

Distribution of Income and Gains. Distributions from net investment income of the Fund, if any, are declared and distributed to shareholders annually. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes if necessary.

The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to investments in foreign denominated investments and certain securities sold at a loss. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.

14 | Deutsche DWS Variable Series II — DWS Global Equity VIP

At December 31, 2019, the Fund’s components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income*	$	468,101
Undistributed long-term capital gains	$	682,875
Net unrealized appreciation (depreciation) on investments	$	11,097,195

At December 31, 2019, the aggregate cost of investments for federal income tax purposes was $19,719,765. The net unrealized appreciation for all investments based on tax cost was $11,097,195. This consisted of aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost of $11,707,039 and aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value of $609,844.

In addition, the tax character of distributions paid by the Fund is summarized as follows:

	Years Ended December 31,
	2019		2018
Distributions from ordinary income*	$	144,985	$	219,217
Distributions from long-term capital gains	$	2,184,697	$	—

* For tax purposes, short-term capital gain distributions are considered ordinary income distributions.

Expenses. Expenses of the Trust arising in connection with a specific fund are allocated to that fund. Other Trust expenses which cannot be directly attributed to a fund are apportioned among the funds in the Trust based upon the relative net assets or other appropriate measures.

Contingencies. In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.

Other. Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on theex-dividend date net of foreign withholding taxes. Certain dividends from foreign securities may be recorded subsequent to theex-dividend date as soon as the Fund is informed of such dividends. Realized gains and losses from investment transactions are recorded on an identified cost basis. Proceeds from litigation payments, if any, are included in net realized gain (loss) from investments.

B. Purchases and Sales of Securities

During the year ended December 31, 2019, purchases and sales of investment transactions (excludingshort-term investments) aggregated $3,317,739 and $6,688,990, respectively.

C. Related Parties

Management Agreement. Under the Investment Management Agreement with DWS Investment Management Americas, Inc. (“DIMA” or the “Advisor”), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”), the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund.

Pursuant to the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the Fund’s average daily net assets, computed and accrued daily and payable monthly, at the following annual rates:

First $1.5 billion	.650	%
Next $1.75 billion	.635	%
Next $1.75 billion	.620	%
Over $5 billion	.605	%

Accordingly, for the year ended December 31, 2019, the fee pursuant to the Investment Management Agreement was equivalent to an annual rate (exclusive of any applicable waivers/reimbursements) of 0.65% of the Fund’s average daily net assets.

Deutsche DWS Variable Series II — DWS Global Equity VIP | 15

For the period from January 1, 2019 through September 30, 2019, the Advisor had contractually agreed to waive its fee and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of Class A shares at 0.89%.

Effective from October 1, 2019 through September 30, 2020, the Advisor has contractually agreed to waive its fee and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of Class A shares at 0.84%.

For the year ended December 31, 2019, fees waived and/or expenses reimbursed were $98,174.

Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays DIMA an annual fee (“Administration Fee”) of 0.10% of the Fund’s average daily net assets, computed and accrued daily and payable monthly. For the year ended December 31, 2019 the Administration Fee was $28,505, of which $2,506 is unpaid.

Service Provider Fees. DWS Service Company (“DSC”), an affiliate of the Advisor, is the transfer agent,dividend-paying agent and shareholder service agent for the Fund. Pursuant to asub-transfer agency agreement between DSC and DST Systems, Inc. (“DST”), DSC has delegated certain transfer agent,dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the year ended December 31, 2019, the amounts charged to the Fund by DSC aggregated $81, of which $13 is unpaid.

Typesetting and Filing Service Fees. Under an agreement with the Fund, DIMA is compensated for providing certainpre-press and regulatory filing services to the Fund. For the year ended December 31, 2019, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders” aggregated $9,090, of which $3,141 is unpaid.

Trustees’ Fees and Expenses. The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.

Affiliated Cash Management Vehicles. The Fund may invest uninvested cash balances in DWS Central Cash Management Government Fund and DWS ESG Liquidity Fund, affiliated money market funds which are managed by the Advisor. Each affiliated money market fund is managed in accordance withRule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Central Cash Management Government Fund seeks to maintain a stable net asset value, and DWS ESG Liquidity Fund maintains a floating net asset value. The Fund indirectly bears its proportionate share of the expenses of each affiliated money market fund in which it invests. DWS Central Cash Management Government Fund does not pay the Advisor an investment management fee. To the extent that DWS ESG Liquidity Fund pays an investment management fee to the Advisor, the Advisor will waive an amount of the investment management fee payable to the Advisor by the Fund equal to the amount of the investment management fee payable on the Fund’s assets invested in DWS ESG Liquidity Fund.

Securities Lending Fees. Deutsche Bank AG serves as lending agent for the Fund. For the year ended December 31, 2019, the Fund incurred lending agent fees to Deutsche Bank AG in the amount of $2,860.

D. Ownership of the Fund

At December 31, 2019, one participating insurance company was owner of record of 10% or more of the total outstanding Class A shares of the Fund, owning 99%.

E. Line of Credit

The Fund and other affiliated funds (the “Participants”) share in a $400 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus if theone-month LIBOR exceeds the Federal Funds Rate, the amount of such excess. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at December 31, 2019.

16 | Deutsche DWS Variable Series II — DWS Global Equity VIP

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Deutsche DWS Variable Series II and Shareholders of DWS Global Equity VIP:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of DWS Global Equity VIP (the “Fund”) (one of the funds constituting Deutsche DWS Variable Series II) (the “Trust”), including the investment portfolio, as of December 31, 2019, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Deutsche DWS Variable Series II) at December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

Boston, Massachusetts

February 14, 2020

Deutsche DWS Variable Series II — DWS Global Equity VIP | 17

Information About Your Fund’s Expenses (Unaudited)

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees and other Fund expenses. Examples of transaction costs include contract charges, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recentsix-month period, the Fund limited these expenses; had it not done so, expenses would have been higher. The example in the table is based on an investment of $1,000 invested at the beginning of thesix-month period and held for the entire period (July 1, 2019 to December 31, 2019).

The tables illustrate your Fund’s expenses in two ways:

– Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund’s actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Expenses Paid per $1,000” line under the share class you hold.

– Hypothetical 5% Fund Return. This helps you to compare your Fund’s ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund’s actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical Fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The “Expenses Paid per $1,000” line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. If these transaction costs had been included, your costs would have been higher.

Expenses and Value of a $1,000 Investment for the six months ended December 31, 2019
Actual Fund Return		Class A
Beginning Account Value 7/1/19	$	1,000.00
Ending Account Value 12/31/19	$	1,080.10
Expenses Paid per $1,000*	$	4.56
Hypothetical 5% Fund Return		Class A	��
Beginning Account Value 7/1/19	$	1,000.00
Ending Account Value 12/31/19	$	1,020.82
Expenses Paid per $1,000*	$	4.43

* Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recentsix-month period), then divided by 365.

Annualized Expense Ratio	Class A
Deutsche DWS Variable Series II — DWS Global Equity VIP		.87	%

For more information, please refer to the Fund’s prospectus.

These tables do not reflect charges and fees (“contract charges”) associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option.

For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to the current and hypothetical expense calculators for Variable Insurance Products which can be found at dws.com/calculators.

18 | Deutsche DWS Variable Series II — DWS Global Equity VIP

Tax Information (Unaudited)

The Fund paid distributions of $.95 per share from net long-term capital gains during its year ended December 31, 2019.

For corporate shareholders, 100% of the ordinary dividends (i.e., income dividends plus short-term capital gains) paid during the Fund’s fiscal year ended December 31, 2019 qualified for the dividends received deduction.

Pursuant to Section 852 of the Internal Revenue Code, the Fund designates $771,000 as capital gain dividends for its year ended December 31, 2019.

Please consult a tax advisor if you have questions about federal or state income tax laws, or on how to prepare your tax returns. If you have specific questions about your account, please contact your insurance provider.

Proxy Voting

The Trust’s policies and procedures for voting proxies for portfolio securities and information about how the Trust voted proxies related to its portfolio securities during the most recent12-month period ended June 30 are available on our Web site — dws.com/en-us/resources/proxy-voting — or on the SEC’s Web site — sec.gov. To obtain a written copy of the Trust’s policies and procedures without charge, upon request, call us toll free at(800) 728-3337.

Deutsche DWS Variable Series II — DWS Global Equity VIP | 19

Advisory Agreement Board Considerations and Fee Evaluation

The Board of Trustees (hereinafter referred to as the “Board” or “Trustees”) approved the renewal of DWS Global Equity VIP’s (the “Fund”) investment management agreement (the “Agreement”) with DWS Investment Management Americas, Inc. (“DIMA”) in September 2019.

In terms of the process that the Board followed prior to approving the Agreement, shareholders should know that:

– During the entire process, all of the Fund’s Trustees were independent of DIMA and its affiliates (the “Independent Trustees”).

– The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board’s Contract Committee reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Trustees (the “Fee Consultant”). Based on its evaluation of the information provided, the Contract Committee presented its findings and recommendations to the Board. The Board then reviewed the Contract Committee’s findings and recommendations.

– The Board also received extensive information throughout the year regarding performance of the Fund.

– The Independent Trustees regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.

– In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund’s distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.

In connection with the contract review process, the Contract Committee and the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund. DIMA is part of DWS Group GmbH & Co. KGaA (“DWS Group”). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. In 2018, approximately 20% of DWS Group’s shares were sold in an initial public offering, with Deutsche Bank AG owning the remaining shares.

As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund’s performance. In many cases, this led to the negotiation and implementation of expense caps. As part of these negotiations, the Board indicated that it would consider relaxing these caps in future years following sustained improvements in performance, among other considerations.

While shareholders may focus primarily on fund performance and fees, the Fund’s Board considers these and many other factors, including the quality and integrity of DIMA’s personnel and administrative support services provided by DIMA, such as back-office operations, fund valuations, and compliance policies and procedures.

Nature, Quality and Extent of Services.The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board reviewed the Fund’s performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied by Morningstar Direct (“Morningstar”), an independent fund data service. The Board also noted that it has put into place a process of identifying “Funds in Review” (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA’s plans to address underperformance. The Board

20 | Deutsche DWS Variable Series II — DWS Global Equity VIP

believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for theone-,three- and five-year periods ended December 31, 2018, the Fund’s performance (Class A shares) was in the 3rd quartile of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has underperformed its benchmark in theone-,three- and five-year periods ended December 31, 2018.

Fees and Expenses. The Board considered the Fund’s investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. (“Broadridge”) and the Fee Consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.10% fee paid to DIMA under the Fund’s administrative services agreement, were lower than the median (2nd quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2018). The Board noted that the Fund’s Class A shares total (net) operating expenses were expected to be higher than the median (3rd quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2018, and analyzing Broadridge expense universe Class A (net) expenses less any applicable12b-1 fees) (“Broadridge Universe Expenses”). The Board noted that the expense limitation agreed to by DIMA was expected to help the Fund’s total (net) operating expenses remain competitive. The Board considered the Fund’s management fee rate as compared to fees charged by DIMA to comparable DWS U.S. registered funds (“DWS Funds”) and considered differences between the Fund and the comparable DWS Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including anysub-advised funds and accounts) and funds offered primarily to European investors (“DWS Europe Funds”) managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA.

Profitability. The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs to DIMA, andpre-tax profits realized by DIMA, from advising the DWS Funds, as well as estimates of thepre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board and the Fee Consultant reviewed DIMA’s methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that thepre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that, while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates’ overall profitability with respect to the DWS Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of most comparable firms for which such data was available.

Economies of Scale. The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. The Board noted that the Fund’s investment management fee schedule includes fee breakpoints. The Board concluded that the Fund’s fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

Other Benefits to DIMA and Its Affiliates. The Board also considered the character and amount of other incidental or“fall-out” benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund and any fees received by an affiliate of DIMA for transfer agency services provided to the Fund. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities. In addition, the Board considered the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Fund’s management fees were reasonable.

Deutsche DWS Variable Series II — DWS Global Equity VIP | 21

Compliance. The Board considered the significant attention and resources dedicated by DIMA to its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA’s and the Fund’s chief compliance officers and (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel.

Based on all of the information considered and the conclusions reached, the Board determined that the continuation of the Agreement is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Trustees and counsel present. It is possible that individual Independent Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement.

22 | Deutsche DWS Variable Series II — DWS Global Equity VIP

Board Members and Officers

The following table presents certain information regarding the Board Members and Officers of the Trust/Corporation. Each Board Member’s year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA02199-3600. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the Trust/Corporation. Because the Fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period.

The Board Members may also serve in similar capacities with other funds in the fund complex. The number of funds in DWS fund complex shown in the table below includes all registered open- and closed-end funds (including all of their portfolios) advised by the Advisor and any registered funds that have an investment advisor that is an affiliated person of the Advisor.

Independent Board Members
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen		Other Directorships Held by Board Member
Keith R. Fox, CFA (1954) Chairperson since 2017, and Board Member since 1996	Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: ICI Mutual Insurance Company; Progressive International Corporation (kitchen goods importer and distributor); former Chairman, National Association of Small Business Investment Companies; former Directorships: The Kennel Shop (retailer); BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) (2011–2012)		77	—
John W. Ballantine (1946) Board Member since 1999	Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); former Directorships: Director and Chairman of the Board, Healthways, Inc.2 (population well-being and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak Brook Bank; and Prisma Energy International. Not-for-Profit Director/Trustee: Palm Beach Civic Association; Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; former Not-for-Profit Directorships: Public Radio International		77	Portland General Electric2 (utility company) (2003– present)
Dawn-Marie Driscoll (1946) Board Member since 1987	Emeritus Executive Fellow, Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988). Directorships: Advisory Board, Center for Business Ethics, Bentley University; Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)		77	—
Richard J. Herring (1946) Board Member since 1990	Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (since July 1972); Director, The Wharton Financial Institutions Center (since 1994); formerly: Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee since 2011, member Systemic Risk Council since 2012 and member of the Advisory Board at the Yale Program on Financial Stability since 2013; Formerly Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), and Nonexecutive Director of Barclays Bank DE (2010–2018)		77	Director, Aberdeen Japan Fund (since 2007)

Deutsche DWS Variable Series II — DWS Global Equity VIP | 23

Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen		Other Directorships Held by Board Member
William McClayton (1944) Board Member since 2004	Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001–2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966–2001); Trustee, Ravinia Festival		77	—
Rebecca W. Rimel (1951) Board Member since 1995	President, Chief Executive Officer and Director, The Pew Charitable Trusts (charitable organization) (1994–present); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012)		77	Director, Becton Dickinson and Company2 (medical technology company) (2012– present); Director, BioTelemetry Inc.2(health care) (2009– present)
William N. Searcy, Jr. (1946) Board Member since 1993	Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2(telecommunications) (November 1989–September 2003); Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012)		77	—

Officers4
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served5	Business Experience and Directorships During the Past Five Years
Hepsen Uzcan6(1974) President and Chief Executive Officer, 2017–present	Managing Director,3 DWS; Secretary, DWS USA Corporation (2018–present); Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–present); and Director and President, DB Investment Managers, Inc. (2018–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019)
John Millette7(1962) Vice President and Secretary, 1999–present	Director,3DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); and Assistant Secretary, DBX ETF Trust (2019–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017)
Diane Kenneally7(1966) Chief Financial Officer and Treasurer, 2018–present	Director,3 DWS; and Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); formerly: Assistant Treasurer for the DWS funds (2007–2018)
Paul Antosca7(1957) Assistant Treasurer, 2007–present	Director,3DWS; and Assistant Treasurer, DBX ETF Trust (2019–present)
Sheila Cadogan7(1966) Assistant Treasurer, 2017–present	Director,3DWS; Director and Vice President, DWS Trust Company (2018–present); and Assistant Treasurer, DBX ETF Trust (2019–present)
Scott D. Hogan7(1970) Chief Compliance Officer, 2016–present	Director,3DWS
Caroline Pearson7(1962) Chief Legal Officer, 2010–present	Managing Director,3DWS; formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); and Secretary, Deutsche AM Service Company (2010–2017)
Wayne Salit6(1967) Anti-Money Laundering Compliance Officer, 2014–present	Director,3 Deutsche Bank; and AML Officer, DWS Trust Company; formerly: Managing Director, AML Compliance Officer at BNY Mellon (2011–2014); and Director, AML Compliance Officer at Deutsche Bank (2004–2011)
Ciara Crawford8 (1984) Assistant Secretary, (2019–present)	Associate, DWS (since 2015); previously, Legal Assistant at Accelerated Tax Solutions.

24 | Deutsche DWS Variable Series II — DWS Global Equity VIP

¹  The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board.

²  A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.

³  Executive title, not a board directorship.

⁴  As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund.

⁵  The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds.

⁶  Address: 875 Third Avenue, New York, NY 10022.

⁷  Address: One International Place, Boston, MA 02110.

⁸  Address: 5022 Gate Parkway, Suite 400, Jacksonville, FL 32256.

The Fund’s Statement of Additional Information (“SAI”) includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the followingtoll-free number:(800) 728-3337.

Deutsche DWS Variable Series II — DWS Global Equity VIP | 25

Notes

Notes

  VS2GE-2 (R-025828-9 2/20)

December 31, 2019

Annual Report

Deutsche DWS Variable Series II

DWS Global Income Builder VIP

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, you may not be receiving paper copies of the Fund’s shareholder reports from the insurance company that offers your contract unless you specifically request paper copies from your insurance company or from your financial intermediary. Instead, the shareholder reports will be made available on a Web site, and your insurance company will notify you by mail each time a report is posted and provide you with a Web site link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from your insurance company electronically by following the instructions provided by your insurance company.

You may elect to receive all future reports in paper free of charge from your insurance company. If your insurance company informs you that future reports will be delivered via Web access, you can inform your insurance company that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by your insurance company.

Contents

3	Performance Summary
5	Management Summary
7	Portfolio Summary
8	Investment Portfolio
19	Statement of Assets and Liabilities
20	Statement of Operations
21	Statements of Changes in Net Assets
22	Financial Highlights
23	Notes to Financial Statements
32	Report of Independent Registered Public Accounting Firm
33	Information About Your Fund’s Expenses
34	Tax Information
34	Proxy Voting
35	Advisory Agreement Board Considerations and Fee Evaluation
38	Board Members and Officers

This report must be preceded or accompanied by a prospectus. To obtain an additional prospectus or summary prospectus, if available, call (800) 728-3337 or your financial representative. We advise you to consider the Fund’s objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the Fund. Please read the prospectus carefully before you invest.

Although allocation among different asset categories generally limits risk, fund management may favor an asset category that underperforms other assets or markets as a whole. Stocks may decline in value. Smaller company stocks tend to be more volatile than medium-sized or large company stocks. Dividends are not guaranteed. If the dividend-paying stocks held by the Fund reduce or stop paying dividends, the Fund’s ability to generate income may be adversely affected. Preferred stocks, a type of dividend-paying stock, present certain additional risks. Investing in foreign securities, particularly those of emerging markets, presents certain risks, such as currency fluctuations, political and economic changes, and market risks. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Bond investments are subject to interest-rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Because Exchange Traded Funds (ETFs) trade on a securities exchange, their shares may trade at a premium or discount to their net asset value. ETFs also incur fees and expenses so they may not fully match the performance of the indexes they are designed to track. The Fund may lend securities to approved institutions. Any fund that focuses in a particular segment of the market or region of the world will generally be more volatile than a fund that invests more broadly. Please read the prospectus for details.

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.

DWS Distributors, Inc., 222 South Riverside Plaza, Chicago, IL 60606, (800) 621-1148

NOT FDIC/NCUA INSURED     NO BANK GUARANTEE     MAY LOSE VALUE     NOT A DEPOSIT

NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

2 | Deutsche DWS Variable Series II — DWS Global Income Builder VIP

Performance Summary December 31, 2019 (Unaudited)

Fund performance shown is historical, assumes reinvestment of all dividend and capital gain distributions and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions so that, when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Please contact your participating insurance company for the Fund’s most recent month-end performance. Performance does not reflect charges and fees (“contract charges”) associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. These charges and fees will reduce returns.

The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated May 1, 2019 are 0.69% and 1.15% for Class A and Class B shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

Growth of an Assumed $10,000 Investment

MSCI All Country World Index is an unmanaged equity index which captures large and mid-capitalization representation across 23 developed markets and 26 emerging markets countries. It covers approximately 85% of the global investable equity opportunity set.

The S&P^® Target Risk Moderate Index offers significant exposure to fixed income, while also increasing opportunities for higher returns through equities.

The Blended Index 60/40 consists of an equally weighted blend of 60% MSCI All Country World Index and 40% Bloomberg Barclays U.S. Universal Index.

Bloomberg Barclays U.S. Universal Index measures the performance of U.S. dollar-denominated taxable bonds that are rated either investment grade or high yield. The index includes U.S. Treasury bonds, investment-grade and high yield U.S. corporate bonds, mortgage-backed securities, and Eurodollar bonds.

Effective December 1, 2019, the MSCI All Country World Index has replaced the S&P Target Risk Moderate Index as the fund’s primary comparative broad-based securities market index. The Blended Index 60/40 and the Bloomberg Barclays U.S. Universal Index have replaced the Blended Index 50/50 as the additional secondary and tertiary comparative indexes, respectively. The Advisor believes that the new indexes collectively better represent the fund’s investment strategy and overall strategic asset allocations and are therefore more suitable for performance comparison.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

Deutsche DWS Variable Series II — DWS Global Income Builder VIP | 3

Comparative Results
DWS Global Income Builder VIP		1-Year	3-Year	5-Year	10-Year
Class A	Growth of $10,000	$12,016	$12,931	$13,612	$20,419
	Average annual total return	20.16%	8.94%	6.36%	7.40%
MSCI All Country World Index	Growth of $10,000	$12,660	$14,217	$14,973	$23,217
	Average annual total return	26.60%	12.44%	8.41%	8.79%
Blended Index 60/40	Growth of $10,000	$11,956	$13,045	$13,752	$19,942
	Average annual total return	19.56%	9.27%	6.58%	7.15%
S&P®Target Risk Moderate Index	Growth of $10,000	$11,571	$12,452	$13,032	$18,076
	Average annual total return	15.71%	7.58%	5.44%	6.10%

The growth of $10,000 is cumulative.

DWS Global Income Builder VIP		1-Year	Life of Class*
Class B	Growth of $10,000	$12,001	$11,286
	Average annual total return	20.01%	7.52%
MSCI All Country World Index	Growth of $10,000	$12,660	$11,470
	Average annual total return	26.60%	8.58%
Blended Index 60/40	Growth of $10,000	$11,956	$11,366
	Average annual total return	19.56%	7.99%
S&P®Target Risk Moderate Index	Growth of $10,000	$11,571	$11,259
	Average annual total return	15.71%	7.37%

The growth of $10,000 is cumulative.

* Class B commenced operations on May 1, 2018.

4 | Deutsche DWS Variable Series II — DWS Global Income Builder VIP

Management Summary December 31, 2019 (Unaudited)

The Fund returned 20.16% during the 12 months ended December 31, 2019 (Class A shares, unadjusted for contract charges). In comparison, the MSCI All-Country World Index (which is allocated entirely to equities) returned 26.60%. Its other benchmark — the Blended Index 60/40 — returned 19.56%. The Blended Index 60/40 is a 60%/40% blend of the MSCI All Country World Index and the Bloomberg Barclays U.S. Universal Index. The latter index rose 9.29%.*

Stock selection made a positive contribution to 12-month performance, led by our strong showing in the information technology, consumer discretionary, and energy sectors. However, some of the benefit was offset by selection in financials and an underweight position in consumer staples. An overweight position in the United States aided results. Conversely, the Fund’s allocation to the emerging markets — while positive on an absolute basis — was somewhat detrimental to relative performance.

The Fund’s broader allocation strategy slightly detracted from performance against the Blended Index 60%/40%. The Fund had an average weighting in stocks below 60%, which prevented it from gaining the full benefit of equities’ outperformance.

The bond portfolio performed in line with the fixed-income benchmark. An overweight in credit-sensitive investments contributed, as did security selection. Duration and yield curve management was a further plus, as we positioned the portfolio to take advantage of both falling yields and the outperformance of longer-term bonds. Conversely, we lost some relative performance through an underweight in investment-grade corporates — the best-performing segment of the market.

The Fund benefited from our decision to allocate a portion of the fixed-income position to a portfolio of alternative investments that includes real estate investment trusts (REITs), convertible bonds, and preferred stocks. All three categories outpaced the Blended Index 60%/40% for the year. We reduced the portfolio’s weighting in REITs in the fourth quarter, as the strong run in the category throughout 2019 caused valuations to reach levels that we viewed as being less attractive.

The Fund used derivatives during the past 12 months. On the equity side, we used futures on equity indexes to achieve our desired weightings in a more efficient manner than buying and selling individual securities. In the fixed-income portfolio, we used credit default swaps to facilitate or to hedge exposure to the high-yield market, along with derivatives to manage the currency exposure of certain positions in foreign bonds. We also used interest-rate futures and swaps to manage the Fund’s duration (interest-rate sensitivity). In the aggregate, our use of derivatives was a net contributor. Derivatives are used to achieve the Fund’s risk and return objectives and should be evaluated within the context of the entire portfolio rather than as a standalone strategy.

The Fund closed the year with a moderately defensive posture. This aspect of our positioning had three elements: the narrow underweight in equities, a continued emphasis on dividend-paying stocks, and lower weightings in the bond market’s credit sectors. We believe this approach is warranted given the rising risks across the investment landscape as we move into 2020. Expectations for both economic growth and corporate earnings appear elevated, setting the stage for a potential disappointment. The markets also face ongoing uncertainty from issues such as trade, geopolitical factors, and the approaching U.S. elections. We therefore don’t see this as being an appropriate time to take on excessive portfolio risk, especially with most asset categories coming off a year of such robust performance. With that said, we did not reduce risk to such a low level that the Fund would be unable to participate in continued gains for the markets. We think this balanced strategy is well suited for the current environment, but we remain alert for opportunities to use market volatility as an opportunity to shift the Fund’s risk profile.

Darwei Kung, Managing Director

Di Kumble, CFA, Managing Director

Thomas M. Farina, CFA, Managing Director

Dokyoung Lee, CFA, Director

Scott Agi, CFA, Director

Portfolio Managers

The views expressed reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance is no guarantee of future results. Current and future portfolio holdings are subject to risk.

Deutsche DWS Variable Series II — DWS Global Income Builder VIP | 5

Terms to Know

MSCIAllCountryWorldIndexis an unmanaged equity index which captures large and mid-capitalization representation across 23 developed markets and 26 emerging markets countries. It covers approximately 85% of the global investable equity opportunity set.

Blended Index 60/40 consists of an equally weighted blend of 60% MSCI All Country World Index and 40% Bloomberg Barclays U.S. Universal Index.

Bloomberg Barclays U.S. Universal Index measures the performance of U.S. dollar-denominated taxable bonds that are rated either investment grade or high yield. The index includes U.S. Treasury bonds, investment-grade and high yield U.S. corporate bonds, mortgage-backed securities, and Eurodollar bonds.

S&P Target Risk Moderate Index offers significant exposure to fixed income, while also increasing opportunities for higher returns through equities.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

Contribution anddetraction incorporate both an investment’s total return and its weighting in the Fund.

Overweight means the Fund holds a higher weighting in a given sector or security than the benchmark.Underweightmeans the Fund holds a lower weighting.

Duration is a measure of bond price volatility. Duration can be defined as the approximate percentage change in price for a 100 basis point (one single percentage point) change in market interest rate levels. A duration of 5, for example, means that the price of a bond should rise by approximately 5% for a one percentage point drop in interest rates, and fall by 5% for a one percentage point rise in interest rates.

Derivativesare contracts whose value is based on the performance of an underlying financial asset. Derivatives afford leverage, but when used by investors who are able to handle the inherent risks, can enhance returns or protect a portfolio. Derivatives experience significant losses if the underlying security moves contrary to the investor’s expectations.

Futures contracts are contractual agreements to buy or sell a particular commodity or financial instrument at a pre-determined price in the future.

Aswap is a derivative in which two counterparties exchange cash flows of one party’s financial instrument for those of the other party’s financial instrument for a set period of time.

* The MSCI All Country World Index replaced the S&P Target Risk Moderate Index as the Fund’s primary benchmark on December 1, 2019. The Blended Index 60/40 and the Bloomberg Barclays U.S. Universal Index replaced the Blended Index 50/50 as the additional secondary and tertiary comparative indexes, respectively. The Advisor believes that the new indexes collectively better represent the Fund’s investment strategy and overall strategic asset allocations and are therefore more suitable for performance comparison.

6 | Deutsche DWS Variable Series II — DWS Global Income Builder VIP

Portfolio Summary (Unaudited)

Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral)	12/31/19		12/31/18
Equity		64%		61%
Common Stocks		60%		55%
Preferred Stocks		4%		6%
Fixed Income		35%		37%
Corporate Bonds		9%		13%
Collateralized Mortgage Obligations		8%		2%
Asset-Backed		6%		6%
Commercial Mortgage-Backed Securities		5%		1%
Short-Term U.S. Treasury Obligations		2%		3%
Mortgage-Backed Securities Pass-Throughs		1%		0%
Government & Agency Obligations		1%		9%
Exchange-Traded Funds		3%		3%
Convertible Bonds		—		0%
Cash Equivalents		1%		2%
		100%		100%
Sector Diversification (As a % of Equities, Corporate Bonds, Preferred Securities and Convertible Bonds)	12/31/19		12/31/18
Financials		19%		17%
Information Technology		15%		12%
Communication Services		10%		12%
Health Care		9%		9%
Consumer Discretionary		9%		9%
Utilities		8%		5%
Industrials		7%		8%
Energy		7%		13%
Real Estate		6%		6%
Consumer Staples		6%		6%
Materials		4%		3%
		100%		100%

Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund’s investment portfolio, see page 8.

Following the Fund’s fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-PORT. The Fund’s Form N-PORT will be available on the SEC’s Web site at sec.gov. The Fund’s portfolio holdings are also posted on dws.com from time to time. Please read the Fund’s current prospectus for more information.

Deutsche DWS Variable Series II — DWS Global Income Builder VIP | 7

Investment Portfolio as of December 31, 2019

	Shares		Value ($)
Common Stocks 59.2%
Communication Services 5.8%
Diversified Telecommunication Services 2.6%
AT&T, Inc.		19,434		759,481
BCE, Inc.		3,319		153,765
Deutsche Telekom AG (Registered)		9,131		149,162
HKT Trust & HKT Ltd. “SS”, (Units)		52,000		73,339
Koninklijke KPN NV		54,892		162,050
Nippon Telegraph & Telephone Corp.		6,914		175,532
Orange SA		10,811		159,063
Proximus SADP		5,303		151,646
Singapore Telecommunications Ltd.		62,487		154,437
Swisscom AG (Registered)		309		163,583
Telefonica SA		21,807		152,487
Telenor ASA		8,314		148,935
Telia Co. AB		41,044		176,460
TELUS Corp.		5,930		229,610
Verizon Communications, Inc.		9,144		561,442
				3,370,992
Entertainment 0.5%
NetEase, Inc. (ADR)		932		285,789
Walt Disney Co.		2,467		356,802
				642,591
Interactive Media & Services 1.2%
Alphabet, Inc. “A”*		270		361,635
Alphabet, Inc. “C”*		294		393,084
Facebook, Inc. “A”*		2,674		548,838
Tencent Holdings Ltd. (ADR)		5,079		243,843
				1,547,400
Media 1.0%
Comcast Corp. “A”		6,682		300,489
Interpublic Group of Companies, Inc.		6,904		159,482
ITV PLC		94,486		189,617
Omnicom Group, Inc.		1,933		156,612
Shaw Communications, Inc. “B”		7,631		154,847
Singapore Press Holdings Ltd.		49,600		80,509
WPP PLC		12,409		175,879
				1,217,435
Wireless Telecommunication Services 0.5%
China Mobile Ltd. (ADR)		3,200		135,264
KDDI Corp.		6,846		204,331
NTT DoCoMo, Inc.		7,548		210,235
Vodafone Group PLC		74,608		145,473
				695,303
Consumer Discretionary 6.0%
Auto Components 0.2%
Bridgestone Corp.		3,594		133,505
Nokian Renkaat Oyj		4,963		142,765
				276,270
Automobiles 1.3%
Bayerische Motoren Werke AG		2,179		179,159
Daimler AG (Registered)		5,810		322,399

	Shares		Value ($)
Fiat Chrysler Automobiles NV		5,154		75,632
Ford Motor Co.		45,863		426,526
General Motors Co.		4,502		164,773
Honda Motor Co., Ltd.		5,066		143,399
Subaru Corp.		7,188		177,721
Toyota Motor Corp.		3,491		246,080
				1,735,689
Diversified Consumer Services 0.5%
H&R Block, Inc.		6,238		146,468
New Oriental Education & Technology Group, Inc. (ADR)*		1,819		220,554
Tal Education Group (ADR)*		4,276		206,103
				573,125
Hotels, Restaurants & Leisure 1.1%
Carnival Corp.		3,493		177,549
Darden Restaurants, Inc.		1,364		148,690
Las Vegas Sands Corp.		3,842		265,252
McDonald’s Corp.		1,406		277,840
Sands China Ltd.		46,096		246,739
Starbucks Corp.		1,962		172,499
Wynn Macau Ltd.		70,761		172,744
				1,461,313
Household Durables 0.5%
Garmin Ltd.		1,558		151,998
Leggett & Platt, Inc.		2,760		140,291
Newell Brands, Inc.		10,808		207,730
Sekisui House Ltd.		6,949		148,749
				648,768
Internet & Direct Marketing Retail 1.0%
Alibaba Group Holding Ltd. (ADR)*		804		170,528
Amazon.com, Inc.*		411		759,462
JD.com, Inc. (ADR)*		4,450		156,774
Naspers Ltd. ADR		4,286		139,552
				1,226,316
Multiline Retail 0.4%
Kohl’s Corp.		4,026		205,125
Target Corp.		1,448		185,648
Wesfarmers Ltd.		5,868		170,413
				561,186
Specialty Retail 0.9%
Dufry AG (Registered)		762		75,647
Hennes & Mauritz AB “B”		8,467		172,319
Home Depot, Inc.		2,023		441,783
Lowe’s Companies, Inc.		1,321		158,203
The Gap, Inc.		10,517		185,940
TJX Companies, Inc.		2,676		163,397
				1,197,289
Textiles, Apparel & Luxury Goods 0.1%
Tapestry, Inc.		6,323		170,531
Consumer Staples 3.9%
Beverages 0.7%
Ambev SA (ADR)		41,427		193,050
Coca-Cola Co.		7,751		429,018
PepsiCo, Inc.		2,490		340,308
				962,376

The accompanying notes are an integral part of the financial statements.

8 | Deutsche DWS Variable Series II — DWS Global Income Builder VIP

	Shares		Value ($)
Food & Staples Retailing 0.4%
Casino Guichard-Perrachon SA (a)		3,546		165,740
Walgreens Boots Alliance, Inc.		2,380		140,325
Walmart, Inc.		2,019		239,938
				546,003
Food Products 1.3%
Archer-Daniels-Midland Co.		3,455		160,139
General Mills, Inc.		2,876		154,039
Kellogg Co.		2,344		162,111
Kraft Heinz Co.		5,289		169,936
Mondelez International, Inc. “A”		2,882		158,740
Mowi ASA		6,366		165,267
Nestle SA (Registered)		5,134		555,773
The JM Smucker Co.		1,422		148,073
				1,674,078
Household Products 0.7%
Colgate-Palmolive Co.		2,243		154,408
Kimberly-Clark Corp.		1,139		156,669
Procter & Gamble Co.		4,300		537,070
				848,147
Personal Products 0.2%
Coty, Inc. “A”		12,049		135,551
Unilever NV (CVA)		2,519		145,059
				280,610
Tobacco 0.6%
Japan Tobacco, Inc.		13,863		308,968
Philip Morris International, Inc.		5,652		480,929
				789,897
Energy 3.1%
Energy Equipment & Services 0.2%
Schlumberger Ltd.		6,834		274,727
Oil, Gas & Consumable Fuels 2.9%
BP PLC		47,376		297,100
Chevron Corp.		2,627		316,580
CNOOC Ltd. (ADR)		600		100,002
Enbridge, Inc.		5,968		237,291
Eni SpA		12,570		195,108
Equinor ASA		8,402		167,764
Exxon Mobil Corp.		7,225		504,160
Keyera Corp.		4,000		104,794
Kinder Morgan, Inc.		7,457		157,865
ONEOK, Inc.		2,135		161,555
Petroleo Brasileiro SA (ADR)		9,558		152,354
Repsol SA		10,070		157,891
Royal Dutch Shell PLC “A”		10,964		325,583
Royal Dutch Shell PLC “B”		8,749		260,412
Suncor Energy, Inc.		2,900		95,047
Total SA		3,086		170,878
Williams Companies, Inc.		10,488		248,775
Woodside Petroleum Ltd.		5,250		127,480
				3,780,639
Financials 9.3%
Banks 5.6%
AIB Group PLC		21,189		74,052
Australia & New Zealand Banking Group Ltd.		8,627		149,181
Banco Bradesco SA (ADR)		29,102		260,463
Banco Santander SA		40,407		169,468
Bank of America Corp.		9,402		331,138

	Shares		Value ($)
Bank of Nova Scotia		3,148		177,818
Bankia SA		43,510		93,009
Bendigo & Adelaide Bank Ltd.		19,617		134,744
BNP Paribas SA		4,869		289,456
BOC Hong Kong Holdings Ltd.		24,500		85,149
CaixaBank SA		38,400		120,791
Canadian Imperial Bank of Commerce		1,857		154,532
Citigroup, Inc.		2,184		174,480
Commonwealth Bank of Australia		3,928		220,114
Credit Agricole SA		13,879		201,594
DBS Group Holdings Ltd.		6,900		132,891
DNB ASA		4,420		82,624
Hang Seng Bank Ltd.		3,700		76,477
HSBC Holdings PLC		73,814		579,769
ICICI Bank Ltd. (ADR)		10,988		165,809
ING Groep NV		23,044		276,900
JPMorgan Chase & Co.		4,426		616,984
Lloyds Banking Group PLC		237,568		197,220
Mitsubishi UFJ Financial Group, Inc.		29,660		160,433
Mizuho Financial Group, Inc.		98,479		151,459
National Australia Bank Ltd.		12,766		220,567
Oversea-Chinese Banking Corp., Ltd.		10,100		82,645
People’s United Financial, Inc.		9,725		164,352
Royal Bank of Canada		3,032		239,912
Skandinaviska Enskilda Banken AB “A”		22,272		209,531
Sumitomo Mitsui Financial Group, Inc.		4,399		162,064
Svenska Handelsbanken AB “A”		8,221		88,492
Toronto-Dominion Bank		3,787		212,396
Truist Financial Corp.		2,946		165,919
Wells Fargo & Co.		6,916		372,081
Westpac Banking Corp.		14,187		241,614
				7,236,128
Capital Markets 0.4%
Amundi SA 144A		981		77,112
CME Group, Inc.		736		147,730
UBS Group AG (Registered)		21,495		271,410
				496,252
Diversified Financial Services 0.1%
Berkshire Hathaway, Inc. “B”*		685		155,153
Insurance 3.2%
Ageas		2,776		164,225
Allianz SE (Registered)		833		204,157
American Financial Group, Inc.		1,478		162,063
Assicurazioni Generali SpA		10,393		214,560
AXA SA		9,687		272,950
Baloise Holding AG (Registered)		800		144,665
Chubb Ltd.		990		154,103
Fidelity National Financial, Inc.		3,207		145,437
Great-West Lifeco, Inc.		7,717		197,657
Legal & General Group PLC		74,938		303,126
Mapfre SA		26,112		69,191
MetLife, Inc.		3,237		164,990
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		533		157,231
NN Group NV		4,404		167,198
Poste Italiane SpA 144A		13,876		157,330
Power Corp. of Canada		8,269		213,005
Power Financial Corp.		8,299		223,301

The accompanying notes are an integral part of the financial statements.

Deutsche DWS Variable Series II — DWS Global Income Builder VIP | 9

	Shares		Value ($)
Prudential Financial, Inc.		1,609		150,828
Swiss Life Holding AG (Registered)		308		154,682
Swiss Re AG		3,029		340,124
Zurich Insurance Group AG		879		360,574
				4,121,397
Health Care 5.7%
Biotechnology 0.9%
AbbVie, Inc.		6,611		585,338
Amgen, Inc.		1,524		367,391
Gilead Sciences, Inc.		4,099		266,353
				1,219,082
Health Care Equipment & Supplies 0.4%
Abbott Laboratories		2,836		246,335
Medtronic PLC		2,580		292,701
				539,036
Health Care Providers & Services 0.6%
Cardinal Health, Inc.		3,157		159,681
CVS Health Corp.		2,668		198,206
UnitedHealth Group, Inc.		1,315		386,583
				744,470
Pharmaceuticals 3.8%
Astellas Pharma, Inc.		9,088		155,291
AstraZeneca PLC		2,490		251,259
Bayer AG (Registered)		2,328		190,045
Bristol-Myers Squibb Co.		5,118		328,524
Eli Lilly & Co.		1,814		238,414
GlaxoSmithKline PLC		14,427		340,303
H. Lundbeck AS		2,649		101,164
Johnson & Johnson		5,379		784,635
Merck & Co., Inc.		5,576		507,137
Novartis AG (Registered)		4,490		425,901
Novo Nordisk AS “B”		3,119		181,102
Pfizer, Inc.		11,845		464,087
Roche Holding AG (Genusschein)		1,518		492,592
Sanofi		2,629		264,584
Takeda Pharmaceutical Co., Ltd.		5,699		225,649
				4,950,687
Industrials 4.9%
Aerospace & Defense 0.8%
BAE Systems PLC		21,367		159,908
Boeing Co.		744		242,365
General Dynamics Corp.		855		150,779
Lockheed Martin Corp.		432		168,212
Raytheon Co.		777		170,738
United Technologies Corp.		1,114		166,833
				1,058,835
Air Freight & Logistics 0.1%
United Parcel Service, Inc. “B”		1,427		167,045
Airlines 0.3%
Deutsche Lufthansa AG (Registered)		9,164		169,196
easyJet PLC		11,838		223,293
				392,489
Building Products 0.1%
Johnson Controls International PLC		3,638		148,103

	Shares		Value ($)
Commercial Services & Supplies 0.1%
Quad Graphics, Inc.		2		9
Waste Management, Inc.		1,371		156,239
				156,248
Construction & Engineering 0.4%
ACS Actividades de Construccion y Servicios SA		3,834		153,680
Bouygues SA		3,488		148,438
Kajima Corp.		12,032		159,971
				462,089
Electrical Equipment 0.4%
ABB Ltd. (Registered)		6,850		165,728
Eaton Corp. PLC		1,853		175,516
Emerson Electric Co.		2,029		154,732
				495,976
Industrial Conglomerates 0.4%
3M Co.		936		165,129
Honeywell International, Inc.		1,081		191,337
Siemens AG (Registered)		1,448		189,745
				546,211
Machinery 0.8%
Caterpillar, Inc.		1,227		181,203
Cummins, Inc.		808		144,600
Illinois Tool Works, Inc.		968		173,882
Komatsu Ltd.		3,800		91,452
PACCAR, Inc.		3,274		258,973
Yangzijiang Shipbuilding Holdings Ltd.		154,500		129,187
				979,297
Marine 0.1%
Kuehne + Nagel International AG (Registered)		1,016		171,365
Professional Services 0.5%
Adecco Group AG (Registered)		2,683		169,577
Nielsen Holdings PLC		20,249		411,055
				580,632
Road & Rail 0.3%
Aurizon Holdings Ltd.		39,211		144,250
Union Pacific Corp.		1,016		183,683
				327,933
Trading Companies & Distributors 0.6%
ITOCHU Corp.		8,712		202,293
Marubeni Corp.		20,007		147,757
Mitsubishi Corp.		5,939		157,268
Mitsui & Co., Ltd.		9,020		160,109
Sumitomo Corp.		9,824		145,660
				813,087
Information Technology 10.9%
Communications Equipment 0.7%
Cisco Systems, Inc.		9,318		446,891
Juniper Networks, Inc.		6,255		154,061
Motorola Solutions, Inc.		934		150,505
Nokia Oyj		42,386		157,230
				908,687
Electronic Equipment, Instruments & Components 0.4%
Corning, Inc.		5,190		151,081
Murata Manufacturing Co., Ltd.		1,600		98,190

The accompanying notes are an integral part of the financial statements.

10 | Deutsche DWS Variable Series II — DWS Global Income Builder VIP

	Shares		Value ($)
TE Connectivity Ltd.		1,618		155,069
Venture Corp., Ltd.		10,000		120,930
				525,270
IT Services 3.2%
Accenture PLC “A”		1,307		275,215
Automatic Data Processing, Inc.		1,232		210,056
Broadridge Financial Solutions, Inc.		1,284		158,625
Cognizant Technology Solutions Corp. “A”		2,442		151,453
DXC Technology Co.		3,300		124,047
Fidelity National Information Services, Inc.		1,142		158,841
Fujitsu Ltd.		1,746		164,196
Infosys Ltd. (ADR)		37,892		391,045
International Business Machines Corp.		3,493		468,202
Leidos Holdings, Inc.		1,680		164,455
MasterCard, Inc. “A”		1,483		442,809
Paychex, Inc.		2,803		238,423
PayPal Holdings, Inc.*		1,474		159,443
Sabre Corp.		6,967		156,339
Shopify, Inc.*		300		119,279
Visa, Inc. “A”		2,883		541,716
Western Union Co.		11,570		309,845
				4,233,989
Semiconductors & Semiconductor Equipment 2.3%
Analog Devices, Inc.		1,382		164,237
Broadcom, Inc.		1,095		346,042
Intel Corp.		7,576		453,424
KLA Corp.		949		169,083
Lam Research Corp.		300		87,720
Maxim Integrated Products, Inc.		3,128		192,403
QUALCOMM., Inc.		2,864		252,691
SUMCO Corp.		4,700		77,738
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		12,932		751,349
Texas Instruments, Inc.		2,405		308,537
Tokyo Electron Ltd.		770		167,749
				2,970,973
Software 1.9%
Adobe, Inc.*		741		244,389
Intuit, Inc.		573		150,086
Microsoft Corp.		7,382		1,164,142
Oracle Corp.		4,896		259,390
salesforce.com, Inc.*		1,002		162,965
SAP SE		1,101		149,385
ServiceNow, Inc.*		602		169,957
Trend Micro, Inc.*		2,858		146,154
				2,446,468
Technology Hardware, Storage & Peripherals 2.4%
Apple, Inc.		4,261		1,251,243
Brother Industries Ltd.		3,600		74,111
Canon, Inc. (a)		10,267		280,591
Hewlett Packard Enterprise Co.		7,200		114,192
HP, Inc.		8,266		169,866
NetApp, Inc.		3,100		192,975
Samsung Electronics Co., Ltd. (GDR)		119		141,967
Seagate Technology PLC		5,282		314,279
Seiko Epson Corp.		10,303		155,767

	Shares		Value ($)
Western Digital Corp.		4,953		314,367
Xerox Holding Corp.*		2,600		95,862
				3,105,220
Materials 2.7%
Chemicals 1.1%
Air Products & Chemicals, Inc.		637		149,689
BASF SE		2,246		170,357
Covestro AG 144A		2,872		134,381
Dow, Inc.*		5,416		296,418
Evonik Industries AG		2,540		78,149
Linde PLC		768		163,507
LyondellBasell Industries NV “A”		1,838		173,654
Mitsubishi Chemical Holdings Corp.		20,709		154,803
Showa Denko KK (a)		2,700		71,119
				1,392,077
Construction Materials 0.2%
Boral Ltd.		24,030		75,595
LafargeHolcim Ltd. (Registered)		3,141		174,396
				249,991
Containers & Packaging 0.4%
Amcor PLC*		21,666		234,859
International Paper Co.		3,813		175,589
Westrock Co.		4,281		183,698
				594,146
Metals & Mining 0.9%
BHP Group Ltd.		6,951		190,132
Fortescue Metals Group Ltd.		24,193		182,020
Glencore PLC		49,551		154,676
JFE Holdings, Inc.		12,032		154,659
Rio Tinto Ltd.		1,704		120,326
Rio Tinto PLC		2,811		168,240
Vale SA (ADR)		13,002		171,627
				1,141,680
Paper & Forest Products 0.1%
UPM-Kymmene Oyj		4,912		170,272
Real Estate 2.9%
Equity Real Estate Investment Trusts (REITs)
Ascendas Real Estate Investment Trust		90,550		199,985
British Land Co. PLC		22,425		190,849
Crown Castle International Corp.		1,180		167,737
Host Hotels & Resorts, Inc.		9,031		167,525
Kimco Realty Corp.		10,107		209,316
Klepierre SA		4,944		187,825
Mid-America Apartment Communities, Inc.		1,156		152,430
National Retail Properties, Inc.		2,749		147,401
Omega Healthcare Investors, Inc.		1,900		80,465
Prologis, Inc.		1,778		158,491
Public Storage		711		151,415
Realty Income Corp.		2,118		155,948
RioCan Real Estate Investment Trust		7,821		161,172
Scentre Group		57,038		153,903
Simon Property Group, Inc.		1,236		184,115
Stockland (a)		62,655		203,090
Ventas, Inc.		2,556		147,583
VEREIT, Inc.		27,363		252,834
Vicinity Centres (a)		87,688		153,473

The accompanying notes are an integral part of the financial statements.

Deutsche DWS Variable Series II — DWS Global Income Builder VIP | 11

	Shares		Value ($)
Welltower, Inc.		1,937		158,408
Weyerhaeuser Co.		5,863		177,063
WP Carey, Inc.		2,522		201,861
				3,762,889
Utilities 4.0%
Electric Utilities 2.3%
American Electric Power Co., Inc.		1,692		159,911
Duke Energy Corp.		2,248		205,040
EDP — Energias de Portugal SA		37,995		164,658
Endesa SA		8,101		216,449
Enel SpA		22,192		176,246
Entergy Corp.		1,388		166,282
Evergy, Inc.		2,375		154,589
Exelon Corp.		3,386		154,368
FirstEnergy Corp.		3,245		157,707
Fortum Oyj		7,469		184,342
NextEra Energy, Inc.		801		193,970
OGE Energy Corp.		3,612		160,625
Power Assets Holdings Ltd.		20,966		153,409
PPL Corp.		7,815		280,402
Red Electrica Corp. SA		9,103		183,310
Southern Co.		3,747		238,684
				2,949,992
Gas Utilities 0.4%
Enagas SA		6,750		172,210
Naturgy Energy Group SA		6,966		175,622
Snam SpA		29,905		157,354
				505,186
Multi-Utilities 1.3%
AGL Energy Ltd.		11,595		166,895
CenterPoint Energy, Inc.		5,541		151,103
Consolidated Edison, Inc.		1,742		157,599
Dominion Energy, Inc		3,028		250,779
DTE Energy Co.		1,239		160,909
Engie SA		9,643		155,887
National Grid PLC		14,351		180,003
Public Service Enterprise Group, Inc.		2,559		151,109
Sempra Energy		1,036		156,933
WEC Energy Group, Inc.		1,712		157,898
				1,689,115
Total Common Stocks (Cost $60,525,502)				76,888,155
Preferred Stocks 4.5%
Financials 2.9%
AGNC Investment Corp. Series C, 7.0%		14,427		374,381
Bank of America Corp. Series Y, 6.5%		15,000		374,700
Capital One Financial Corp. Series G, 5.2%		10,000		257,200
Citigroup, Inc. Series S, 6.3%		15,000		393,150
Fifth Third Bancorp. Series I, 6.625%		10,000		287,100
JPMorgan Chase & Co. Series AA, 6.1%		15,000		386,100
KeyCorp Series E, 6.125%		10,000		284,800
Morgan Stanley Series K, 5.85%		10,000		283,600
The Goldman Sachs Group, Inc. Series J, 5.5%		17,000		455,940

	Shares		Value ($)
Truist Financial Corp., Series H, 5.625%		10,000		268,800
Wells Fargo & Co. Series Y, 5.625%		15,000		400,350
				3,766,121
Real Estate 1.0%
Kimco Realty Corp. Series L, 5.125%		15,000		386,100
Prologis, Inc. Series Q, 8.54%		164		12,251
Simon Property Group, Inc. Series J, 8.375%		8,000		579,200
VEREIT, Inc. Series F, 6.7%		10,801		275,425
				1,252,976
Utilities 0.6%
Dominion Energy, Inc. Series A, 5.25%		30,000		785,400
Total Preferred Stocks (Cost $5,853,027)				5,804,497
Warrants 0.0%
Materials
Hercules Trust II, Expiration Date 3/31/2029* (d) (Cost $30,283)		170		6,499
	Principal Amount ($)(b)		Value ($)
Corporate Bonds 9.3%
Communication Services 1.7%
Cablevision Systems Corp., 5.875%, 9/15/2022		200,000		215,500
CCO Holdings LLC:
144A, 4.75%, 3/1/2030		100,000		101,803
144A, 5.875%, 5/1/2027		250,000		264,375
Netflix, Inc.:
4.375%, 11/15/2026		100,000		102,500
5.5%, 2/15/2022		365,000		386,444
5.875%, 11/15/2028		140,000		155,198
NortonLifeLock, Inc., 3.95%, 6/15/2022		275,000		281,955
VeriSign, Inc.:
4.625%, 5/1/2023		300,000		304,800
5.25%, 4/1/2025		300,000		330,693
Verizon Communications, Inc., 4.016%, 12/3/2029		100,000		111,475
				2,254,743
Consumer Discretionary 0.6%
1011778 B.C. Unlimited Liability Co., 144A, 4.375%, 1/15/2028		225,000		225,562
Boyd Gaming Corp., 144A, 4.75%, 12/1/2027		60,000		62,325
Ford Motor Credit Co. LLC, 4.542%, 8/1/2026		202,000		206,709
Las Vegas Sands Corp., 3.9%, 8/8/2029		45,000		46,987
NCL Corp. Ltd., 144A, 3.625%, 12/15/2024		200,000		202,750
				744,333
Consumer Staples 0.2%
Altria Group, Inc., 5.95%, 2/14/2049		70,000		84,873

The accompanying notes are an integral part of the financial statements.

12 | Deutsche DWS Variable Series II — DWS Global Income Builder VIP

	Principal Amount ($)(b)		Value ($)
Anheuser-Busch InBev Worldwide, Inc., 5.55%, 1/23/2049		121,000		157,217
PepsiCo, Inc., 3.375%, 7/29/2049		55,000		57,695
				299,785
Energy 1.7%
Apache Corp., 4.25%, 1/15/2030 (a)		211,000		218,853
Cheniere Corpus Christi Holdings LLC, 5.875%, 3/31/2025		200,000		224,892
Cheniere Energy Partners LP, 5.625%, 10/1/2026		350,000		370,125
Devon Energy Corp., 5.0%, 6/15/2045		110,000		127,674
Empresa Nacional del Petroleo, 144A, 5.25%, 11/6/2029		200,000		224,162
Energy Transfer Operating LP, 5.5%, 6/1/2027		100,000		112,425
Enterprise Products Operating LLC, 4.2%, 1/31/2050		332,000		356,379
Hess Corp., 5.8%, 4/1/2047		70,000		85,732
Kinder Morgan, Inc., 5.2%, 3/1/2048		65,000		75,481
MPLX LP, 5.5%, 2/15/2049		70,000		79,526
Occidental Petroleum Corp., 3.5%, 8/15/2029		87,000		88,816
Plains All American Pipeline LP, 2.85%, 1/31/2023		55,000		55,549
Range Resources Corp., 5.0%, 8/15/2022		200,000		196,000
				2,215,614
Financials 1.6%
BPCE SA, 144A, 4.875%, 4/1/2026		500,000		550,304
Citigroup, Inc., 3.98%, 3/20/2030		120,000		131,377
Hartford Financial Services Group, Inc., 2.8%, 8/19/2029		40,000		40,468
Morgan Stanley, 4.431%, 1/23/2030		94,000		106,321
Park Aerospace Holdings Ltd., 144A, 5.25%, 8/15/2022		175,000		186,445
PayPal Holdings, Inc.:
2.65%, 10/1/2026		101,000		102,419
2.85%, 10/1/2029		150,000		151,393
REC Ltd., 144A, 5.25%, 11/13/2023		200,000		213,945
Truist Financial Corp., 4.8%, Perpetual (c)		300,000		309,750
Wells Fargo & Co., 3.196%, 6/17/2027		100,000		103,767
Westpac Banking Corp., 5.0%, Perpetual (c)		200,000		201,414
				2,097,603
Health Care 1.4%
AbbVie, Inc., 4.875%, 11/14/2048		75,000		86,650
Bausch Health Companies, Inc., 144A, 5.25%, 1/30/2030		40,000		41,480
Bristol-Myers Squibb Co., 144A, 4.25%, 10/26/2049		100,000		118,728
Centene Corp.:
144A, 4.25%, 12/15/2027		90,000		92,587
144A, 4.625%, 12/15/2029		60,000		63,081

	Principal Amount ($)(b)		Value ($)
CVS Health Corp., 5.05%, 3/25/2048		285,000		337,732
HCA, Inc.:
4.125%, 6/15/2029		110,000		116,719
5.25%, 6/15/2026		500,000		560,166
7.5%, 2/15/2022		100,000		110,500
Select Medical Corp., 144A, 6.25%, 8/15/2026		160,000		173,203
UnitedHealth Group, Inc., 2.875%, 8/15/2029		54,000		55,582
				1,756,428
Industrials 0.4%
Prime Security Services Borrower LLC, 144A, 5.25%, 4/15/2024		255,000		269,790
Signature Aviation US Holdings Inc, 144A, 4.0%, 3/1/2028		200,000		197,260
				467,050
Information Technology 0.2%
Fiserv, Inc., 3.5%, 7/1/2029		140,000		147,151
MSCI, Inc., 144A, 4.0%, 11/15/2029		70,000		70,962
				218,113
Real Estate 0.4%
American Tower Corp., (REIT), 3.8%, 8/15/2029		165,000		176,406
Office Properties Income Trust:
(REIT), 4.15%, 2/1/2022		60,000		61,452
(REIT), 4.25%, 5/15/2024		45,000		46,775
Omega Healthcare Investors, Inc.:
(REIT), 4.5%, 4/1/2027		50,000		53,981
(REIT), 4.75%, 1/15/2028	��	60,000		65,351
VICI Properties LP:
144A (REIT), 4.25%, 12/1/2026		62,000		63,860
144A (REIT), 4.625%, 12/1/2029		34,000		35,445
				503,270
Utilities 1.1%
Calpine Corp.:
144A, 4.5%, 2/15/2028		225,000		226,996
144A, 5.125%, 3/15/2028		100,000		102,070
Edison International, 5.75%, 6/15/2027		300,000		336,841
NextEra Energy Operating Partners LP:
144A, 3.875%, 10/15/2026		190,000		190,712
144A, 4.25%, 7/15/2024		275,000		286,344
Perusahaan Listrik Negara PT, 144A, 2.875%, 10/25/2025		EUR 260,000		320,514
				1,463,477
Total Corporate Bonds (Cost $11,560,529)				12,020,416
Asset-Backed 5.6%
Automobile Receivables 3.8%
AmeriCredit Automobile Receivables Trust, “C”, Series2019-2, 2.74%, 4/18/2025		720,000		726,368
Avis Budget Rental Car Funding AESOP LLC, “C”, Series2019-1A, 144A, 4.53%, 3/20/2023		100,000		102,541

The accompanying notes are an integral part of the financial statements.

Deutsche DWS Variable Series II — DWS Global Income Builder VIP | 13

	Principal Amount ($)(b)		Value ($)
CPS Auto Receivables Trust, “E”, Series2015-C, 144A, 6.54%, 8/16/2021		500,000		513,192
Flagship Credit Auto Trust, “C”, Series2019-4, 144A, 2.77%, 12/15/2025		1,100,000		1,098,945
Ford Credit Floorplan Master Owner Trust A, “A”, Series2019-4, 2.44%, 9/15/2026		720,000		721,877
Hertz Vehicle Financing II LP:
“A”, Series2018-1A, 144A, 3.29%, 2/25/2024		500,000		511,717
“B”, Series2017-2A, 144A, 4.2%, 10/25/2023		500,000		517,168
Hyundai Auto Receivables Trust, “C”, Series2019-B, 2.4%, 6/15/2026		500,000		498,958
Santander Drive Auto Receivables Trust, “C”, Series2019-1, 3.42%, 4/15/2025		250,000		254,050
				4,944,816
Miscellaneous 1.8%
DB Master Finance LLC, “A2I”, Series2019-1A, 144A, 3.787%, 5/20/2049		218,900		223,573
Dell Equipment Finance Trust, “D”, Series2017-1, 144A, 3.44%, 4/24/2023		280,000		280,361
Domino’s Pizza Master Issuer LLC, “A23”, Series2017-1A, 144A, 4.118%, 7/25/2047		333,200		345,142
GMF Floorplan Owner Revolving Trust, “C”, Series2019-1, 144A, 3.06%, 4/15/2024		260,000		263,930
Hilton Grand Vacations Trust, “B”, Series2014-AA, 144A, 2.07%, 11/25/2026		65,395		65,122
MVW Owner Trust, “A”, Series2019-1A, 144A, 2.89%, 11/20/2036		472,444		478,381
Taco Bell Funding LLC, “A2I”, Series2018-1A, 144A, 4.318%, 11/25/2048		495,000		506,474
Wendy’s Funding LLC, “A2I”, Series2018-1A, 144A, 3.573%, 3/15/2048		156,800		158,438
				2,321,421
Total Asset-Backed (Cost $7,213,563)				7,266,237
Mortgage-Backed SecuritiesPass-Throughs 0.9%
Federal Home Loan Mortgage Corp., 6.0%, 3/1/2038		2,755		3,171
Federal National Mortgage Association:
3.5%, 10/1/2049		1,180,037		1,213,979
4.5%, 9/1/2035		4,928		5,280
6.0%, 1/1/2024		6,344		6,700
Total Mortgage-Backed Securities Pass-Throughs (Cost $1,225,687)				1,229,130

	Principal Amount ($)(b)		Value ($)
Commercial Mortgage-Backed Securities 5.2%
Barclays Commercial Mortgage Trust, “A4”, Series2019-C5, 3.063%, 11/15/2052		800,000		826,029
Benchmark Mortgage Trust, “A4” Series2019-B13, 2.952%, 8/15/2057		1,400,000		1,433,526
BX Commercial Mortgage Trust, “D”, Series2018-IND, 144A,1-monthUSD-LIBOR + 1.300%, 3.04%**, 11/15/2035		175,000		175,052
Citigroup Commercial Mortgage Trust, “D”, Series2019-PRM, 144A, 4.35%, 5/10/2036		500,000		519,722
CSAIL Commercial Mortgage Trust, “B”, Series2019-C15, 4.476%, 3/15/2052		500,000		546,925
DBWF Mortgage Trust, “C”, Series 2018-GLKS, 144A,1-monthUSD-LIBOR + 1.750%, 3.514%**, 11/19/2035		250,000		250,008
FHLMC Multifamily Structured Pass-Through Certificates:
“X1”, Series K043, Interest Only, 0.537%, 12/25/2024		4,873,062		114,459
“X1P”, Series KL05, Interest Only, 0.892%, 6/25/2029		4,800,000		348,726
GMAC Commercial Mortgage Securities, Inc., “G”, Series2004-C1, 144A, 5.455%, 3/10/2038		394,448		376,387
Morgan Stanley Capital I Trust, “A4” Series2019-L3, 3.127%, 11/15/2029		1,100,000		1,135,169
MTRO Commercial Mortgage Trust, “C”, Series 2019-TECH, 144A,1-monthUSD-LIBOR + 1.300%, 3.04%**, 12/15/2033		250,000		249,374
Multifamily Connecticut Avenue Securities Trust, “M7”, Series2019-01, 144A,1-monthUSD-LIBOR + 1.700%, 3.492%**, 10/15/2049		399,366		400,878
NYT Mortgage Trust, “B”, Series2019-NYT, 144A,1-monthUSD-LIBOR + 1.400%, 3.14%**, 11/15/2035		350,000		350,434
Total Commercial Mortgage-Backed Securities (Cost $6,716,746)				6,726,689
Collateralized Mortgage Obligations 7.9%
Connecticut Avenue Securities Trust:
“1M2”, Series2019-R05, 144A,1-monthUSD-LIBOR + 2.000%, 3.792%**, 7/25/2039		850,000		854,290
“1M2”, Series2019-R03, 144A,1-monthUSD-LIBOR + 2.150%, 3.942%**, 9/25/2031		168,000		169,265
“1M2”, Series2019-R02, 144A,1-monthUSD-LIBOR + 2.300%, 4.092%**, 8/25/2031		256,667		259,037

The accompanying notes are an integral part of the financial statements.

14 | Deutsche DWS Variable Series II — DWS Global Income Builder VIP

	Principal Amount ($)(b)		Value ($)
Fannie Mae Connecticut Avenue Securities:
“1M2”, Series2018-C06,1-monthUSD-LIBOR + 2.000%, 3.792%**, 3/25/2031		177,945		178,692
“1M2”, Series2018-C01,1-monthUSD-LIBOR + 2.250%, 4.042%**, 7/25/2030		172,000		174,262
“1M2”, Series2018-C05,1-monthUSD-LIBOR + 2.350%, 4.142%**, 1/25/2031		500,000		507,125
Federal Home Loan Mortgage Corp.:
“GV”, Series 4827, 4.0%, 7/15/2031		678,945		708,716
“AS”, Series 4885, Interest Only, 6.050% minus 1-month USD LIBOR 4.31%**, 6/15/2049		1,378,614		289,447
“PI”, Series 3843, Interest Only, 4.5%, 5/15/2038		85,909		2,549
“C31”, Series 303, Interest Only, 4.5%, 12/15/2042		902,642		145,359
“H”, Series 2278, 6.5%, 1/15/2031		106		114
Federal National Mortgage Association:
“WO”, Series2013-27, Principal Only, Zero Coupon, 12/25/2042		220,000		143,402
“4”, Series 406, Interest Only, 4.0%, 9/25/2040		396,629		62,261
“I”, Series2003-84, Interest Only, 6.0%, 9/25/2033		92,391		16,616
Freddie Mac Structured Agency Credit Risk Debt Notes:
“M2”, Series 2019-DNA3, 144A,1-monthUSD-LIBOR + 2.050%, 3.842%**, 7/25/2049		400,000		401,853
“M2”, Series 2019-DNA2, 144A,1-monthUSD-LIBOR + 2.450%, 4.242%**, 3/25/2049		636,020		641,606
“M2”, Series 2019-DNA1, 144A,1-monthUSD-LIBOR + 2.650%, 4.442%**, 1/25/2049		60,000		61,089
Government National Mortgage Association:
“PI”, Series2015-40, Interest Only, 4.0%, 4/20/2044		162,942		11,711
“IN”, Series2009-69, Interest Only, 5.5%, 8/20/2039		143,861		24,832
“IV”, Series2009-69, Interest Only, 5.5%, 8/20/2039		138,245		23,852
“IJ”, Series2009-75, Interest Only, 6.0%, 8/16/2039		95,721		16,487
JPMorgan Mortgage Trust:
“A11”, Series2019-9, 144A,1-monthUSD-LIBOR + 0.900%, 2.603%**, 5/25/2050		295,909		294,570
“AM”, Series2016-3, 144A, 3.374%, 10/25/2046		633,950		642,128

	Principal Amount ($)(b)		Value ($)
“A3”, Series 2019-INV3, 144A, 3.5%, 5/25/2050		1,200,000		1,223,063
“A4”, Series2019-2, 144A, 4.0%, 8/25/2049		1,075,630		1,081,470
New Residential Mortgage Loan:
“A1”, Series 2019-NQM3, 144A, 2.802%, 7/25/2049		450,336		450,910
“A1”, Series 2019-NQM2, 144A, 3.6%, 4/25/2049		161,418		162,657
Sequoia Mortgage Trust:
“A4”, Series2018-7, 144A, 4.0%, 9/25/2048		662,114		665,957
“A4”, Series2018-8, 144A, 4.0%, 11/25/2048		215,307		217,014
STACR Trust, “M2”, Series 2018-DNA3, 144A,1-monthUSD-LIBOR + 2.100%, 3.892%**, 9/25/2048		324,324		326,912
Verus Securitization Trust, “A1”, Series 2019-INV1, 144A, 3.402%, 12/25/2059		484,221		487,149
Total Collateralized Mortgage Obligations (Cost $10,005,527)				10,244,395
Government & Agency Obligations 0.6%
Sovereign Bonds
Republic of Indonesia, 4.45%, 2/11/2024		225,000		242,262
Republic of Kazakhstan, 144A, 1.55%, 11/9/2023		EUR 270,000		316,749
Republic of South Africa, 4.875%, 4/14/2026		200,000		208,076
Total Government & Agency Obligations (Cost $742,205)				767,087
Short-Term U.S. Treasury Obligations 2.2%
U.S. Treasury Bills:
1.598%***, 9/10/2020 (e)		1,200,000		1,187,232
1.806%***, 7/16/2020 (f)		1,723,000		1,708,589
Total Short-Term U.S. Treasury Obligations (Cost $2,892,500)				2,895,821
	Shares		Value ($)
Exchange-Traded Funds 2.8%
SPDR Bloomberg Barclays Convertible Securities ETF (Cost $3,528,968)		66,160		3,671,880
Securities Lending Collateral 0.8%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.50% (g) (h) (Cost $1,105,478)		1,105,478		1,105,478

The accompanying notes are an integral part of the financial statements.

Deutsche DWS Variable Series II — DWS Global Income Builder VIP | 15

	Shares			Value ($)
Cash Equivalents 1.2%
DWS Central Cash Management Government Fund, 1.62% (g) (Cost $1,544,128)		1,544,128			1,544,128
	% of Net Assets			Value ($)
Total Investment Portfolio (Cost $112,944,143)		100.2			130,170,412
Other Assets and Liabilities, Net		(0.2	)		(322,137	)
Net Assets		100.0			129,848,275

A summary of the Fund’s transactions with affiliated investments during the year ended December 31, 2019 are as follows:

Value ($) at 12/31/2018	Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/ (Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 12/31/2019		Value ($) at 12/31/2019
Securities Lending Collateral 0.8%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.50% (g) (h)
2,070,696		—		965,218	(i)		—		—		18,414		—		1,105,478		1,105,478
Cash Equivalents 1.2%
DWS Central Cash Management Government Fund, 1.62% (g)
2,297,660		71,962,781		72,716,313			—		—		84,222		—		1,544,128		1,544,128
4,368,356		71,962,781		73,681,531			—		—		102,636		—		2,649,606		2,649,606

* Non-income producing security.

** Variable or floating rate security. These securities are shown at their current rate as of December 31, 2019. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description above. Certain variable rate securities are not based on a published reference rate and spread but adjust periodically based on current market conditions, prepayment of underlying positions and/or other variables.

*** Annualized yield at time of purchase; not a coupon rate.

(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 December 31, 2019 amounted to $1,047,048, which is 0.8% of net assets.

(b) Principal amount stated in U.S. dollars unless otherwise noted.

(c) Perpetual, callable security with no stated maturity date.

(d) Investment was valued using significant unobservable inputs.

(e) At December 31, 2019, this security has been pledged, in whole or in part, to cover initial margin requirements for open centrally cleared swap contracts.

(f) At December 31, 2019, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts.

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

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

(i) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended December 31, 2019.

144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

ADR: American Depositary Receipt

ASX: Australian Securities Exchange

CVA: Certificaten Van Aandelen (Certificate of Stock)

GDR: Global Depositary Receipt

Interest Only: Interest Only (IO) bonds represent the “interest only” portion of payments on a pool of underlying mortgages or mortgage-backed securities. IO securities are subject to prepayment risk of the pool of underlying mortgages.

LIBOR: London Interbank Offered Rate

MSCI: Morgan Stanley Capital International

Principal Only: Principal Only (PO) bonds represent the “principal only” portion of payments on a pool of underlying mortgages or mortgage-backed securities.

REIT: Real Estate Investment Trust

S&P: Standard & Poor’s

SPDR: Standard & Poor’s Depositary Receipt

The accompanying notes are an integral part of the financial statements.

16 | Deutsche DWS Variable Series II — DWS Global Income Builder VIP

Included in the portfolio are investments in mortgage or asset-backed securities which are interests in separate pools of mortgages or assets. Effective maturities of these investments may be shorter than stated maturities due to prepayments.

At December 31, 2019, open futures contracts purchased were as follows:

Futures	Currency		Expiration Date		Contracts		Notional Amount ($)		Notional Value ($)		Unrealized Appreciation (Depreciation) ($)
10 Year U.S. Treasury Note		USD		3/20/2020		32		4,152,083		4,109,500		(42,583	)
2 Year U.S. Treasury Note		USD		3/31/2020		117		25,230,236		25,213,500		(16,736	)
3 Month Euro Euribor Interest Rate		EUR		12/14/2020		2		563,181		562,897		(284	)
3 Month Euro Swiss Franc (Euroswiss) Interest Rate		CHF		12/14/2020		2		520,670		520,200		(470	)
3 Month Euroyen		JPY		12/14/2020		2		460,110		460,034		(76	)
3 Month Sterling (Short Sterling) Interest Rate		GBP		12/16/2020		3		493,054		493,223		169
5 Year U.S. Treasury Note		USD		3/31/2020		21		2,502,497		2,490,797		(11,700	)
90 Day Eurodollar Time Deposit		USD		12/14/2020		2		492,781		491,900		(881	)
ASX 90 Day Bank Accepted Bills		AUD		12/10/2020		3		2,101,784		2,100,795		(989	)
MSCI Mini Emerging Market Index		USD		3/20/2020		53		2,914,630		2,968,530		53,900
Ultra Long U.S. Treasury Bond		USD		3/20/2020		16		2,993,173		2,906,500		(86,673	)
Total net unrealized depreciation												(106,323	)

At December 31, 2019, open futures contracts sold were as follows:

Futures	Currency		Expiration Date		Contracts		Notional Amount ($)		Notional Value ($)		Unrealized Appreciation (Depreciation) ($)
Euro Stoxx 50 Index		EUR		3/20/2020		101		4,256,180		4,224,647		31,533
S&P 500E-Mini Index		USD		3/20/2020		11		1,746,552		1,777,105		(30,553	)
TOPIX Index		JPY		3/12/2020		5		789,079		791,956		(2,877	)
Ultra 10 Year U.S. Treasury Note		USD		3/20/2020		39		5,541,648		5,487,422		54,226
Total net unrealized appreciation												52,329

At December 31, 2019, open credit default swap contracts sold were as follows:

Bilateral Swaps

Underlying Reference Obligation

Fixed Cash Flows Received/ Frequency

Counterparty/ Expiration Date

Notional Amount (j)

Currency

Value ($)

Upfront Payments Received ($)

Unrealized Appreciation ($)

Markit Commercial Mortgage Backed Securities Index Series 12

2.0%/Monthly

Morgan Stanley 8/17/2061

500,000

USD

(1,837)

(15,207)

13,370

(j) The maximum potential amount of future undiscounted payments that the Fund could be required to make under a credit default swap contract would be the notional amount of the contract. These potential amounts would be partially offset by any recovery values of the referenced debt obligation or net amounts received from the settlement of buy protection credit default swap contracts entered into by the Fund for the same referenced debt obligation, if any.

At December 31, 2019, open interest rate swap contracts were as follows:

Centrally Cleared Swaps
Cash Flows Paid by the Fund/ Frequency	Cash Flows Received by the Fund/ Frequency	Effective/ Expiration Date	Notional Amount ($)	Currency	Value ($)		Upfront Payments Paid/ (Received) ($)		Unrealized Depreciation ($)
Fixed — 1.961% Semi-Annually	Floating — 3-Month LIBOR Quarterly	6/28/2019 6/28/2029	400,000	USD		(3,250)		—		(3,250)
Fixed —2.729% Semi-Annually	Floating —3-Month LIBOR Quarterly	3/4/2019 3/5/2029	400,000	USD		(32,739)		—		(32,739)
Total unrealized depreciation										(35,989)

LIBOR: London Interbank Offered Rate;3-Month LIBOR rate at December 30, 2019 is 1.908%.

The accompanying notes are an integral part of the financial statements.

Deutsche DWS Variable Series II — DWS Global Income Builder VIP | 17

As of December 31, 2019, the Fund had the following open forward foreign currency contracts:

Contracts to Deliver		In Exchange For			Settlement Date		Unrealized Depreciation ($)			Counterparty
EUR	567,000		USD	632,083		2/19/2020		(5,783	)	Bank of America

Currency Abbreviations

AUD    Australian Dollar

CHF    Swiss Franc

EUR    Euro

GBP    British Pound

JPY    Japanese Yen

USD    United States Dollar

For information on the Fund’s policy and additional disclosures regarding futures contracts, credit default swap contracts, interest rate swap contracts and forward foreign currency contracts, please refer to the Derivatives section of Note B in the accompanying Notes to Financial Statements.

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 December 31, 2019 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

Assets	Level 1			Level 2			Level 3		Total
Common Stocks (k)
Communication Services	$	4,800,983		$	2,672,738		$	—	$	7,473,721
Consumer Discretionary		5,443,216			2,407,271			—		7,850,487
Consumer Staples		3,760,304			1,340,807			—		5,101,111
Energy		2,353,150			1,702,216			—		4,055,366
Financials		4,750,151			7,258,779			—		12,008,930
Health Care		4,825,385			2,627,890			—		7,453,275
Industrials		3,410,433			2,888,877			—		6,299,310
Information Technology		12,598,566			1,592,041			—		14,190,607
Materials		1,549,041			1,999,125			—		3,548,166
Real Estate		2,673,764			1,089,125			—		3,762,889
Utilities		3,057,908			2,086,385			—		5,144,293
Preferred Stocks (k)		5,804,497			—			—		5,804,497
Warrants		—			—			6,499		6,499
Fixed Income Investments (k)
Corporate Bonds		—			12,020,416			—		12,020,416
Asset-Backed		—			7,266,237			—		7,266,237
Mortgage-Backed Securities Pass-Throughs		—			1,229,130			—		1,229,130
Commercial Mortgage-Backed Securities		—			6,726,689			—		6,726,689
Collateralized Mortgage Obligations		—			10,244,395			—		10,244,395
Government & Agency Obligations		—			767,087			—		767,087
Short-Term U.S. Treasury Obligations		—			2,895,821			—		2,895,821
Exchange-Traded Funds		3,671,880			—			—		3,671,880
Short-Term Investments (k)		2,649,606			—			—		2,649,606
Derivatives (l)
Futures Contracts		139,828			—			—		139,828
Credit Default Swap Contracts		—			13,370			—		13,370
Total	$	61,488,712		$	68,828,399		$	6,499	$	130,323,610
Liabilities	Level 1			Level 2			Level 3		Total
Derivatives (l)
Futures Contracts	$	(193,822	)	$	—		$	—	$	(193,822	)
Interest Rate Swap Contracts		—			(35,989	)		—		(35,989	)
Forward Foreign Currency Contracts		—			(5,783	)		—		(5,783	)
Total	$	(193,822	)	$	(41,772	)	$	—	$	(235,594	)

(k) See Investment Portfolio for additional detailed categorizations.

(l) Derivatives include unrealized appreciation (depreciation) on open futures contracts, credit default swap contracts, interest rate swap contracts and forward foreign currency contracts.

The accompanying notes are an integral part of the financial statements.

18 | Deutsche DWS Variable Series II — DWS Global Income Builder VIP

Statement of Assets and Liabilities

as of December 31, 2019
Assets
Investments innon-affiliated securities, at value (cost $110,294,537) — including $1,047,048 of securities loaned	$	127,520,806
Investment in DWS Government & Agency Securities Portfolio (cost $1,105,478)*		1,105,478
Investment in DWS Central Cash Management Government Fund (cost $1,544,128)		1,544,128
Cash		98,271
Foreign currency, at value (cost $506,646)		509,124
Receivable for Fund shares sold		701
Dividends receivable		178,375
Interest receivable		203,956
Receivable for variation margin on centrally cleared swaps		8,597
Unrealized appreciation on bilateral swap contracts		13,370
Foreign taxes recoverable		76,644
Other assets		3,077
Total assets		131,262,527
Liabilities
Payable upon return of securities loaned		1,105,478
Payable for Fund shares redeemed		53,571
Payable for variation margin on futures contracts		2,140
Unrealized depreciation on forward foreign currency contracts		5,783
Upfront payments received on swap contracts		15,207
Accrued management fee		40,592
Accrued Trustees’ fees		3,242
Other accrued expenses and payables		188,239
Total liabilities		1,414,252
Net assets, at value	$	129,848,275
Net Assets Consist of
Distributable earnings (loss)		23,283,542
Paid-in capital		106,564,733
Net assets, at value	$	129,848,275
Net Asset Value
Class A
Net Asset Value,offering and redemption price per share ($129,836,991 ÷ 5,271,275 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	24.63
Class B
Net Asset Value,offering and redemption price per share ($11,284 ÷ 458.6 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	24.61

* Represents collateral on securities loaned.

The accompanying notes are an integral part of the financial statements.

Deutsche DWS Variable Series II — DWS Global Income Builder VIP | 19

Statement of Operations

for the year ended December 31, 2019
Investment Income
Income:
Dividends (net of foreign taxes withheld of $142,000)	$	2,928,492
Interest		1,617,231
Income distributions — DWS Central Cash Management Government Fund		84,222
Securities lending income, net of borrower rebates		18,414
Total income		4,648,359
Expenses:
Management fee		473,154
Administration fee		127,880
Services to Shareholders		782
Distribution service fees (Class B)		26
Custodian fee		61,136
Professional fees		103,122
Reports to shareholders		55,368
Trustees’ fees and expenses		7,095
Other		44,163
Total expenses before expense reductions		872,726
Expense reductions		(25	)
Total expenses after expense reductions		872,701
Net investment income		3,775,658
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		1,209,759
Swap contracts		(143,938	)
Futures		1,274,090
Forward foreign currency contracts		17,110
Foreign currency		385
Payments by affiliates (see Note G)		1,511
		2,358,917
Change in net unrealized appreciation (depreciation) on:
Investments		16,839,481
Swap contracts		85,781
Futures		140,970
Forward foreign currency contracts		33,823
Foreign currency		7,366
		17,107,421
Net gain (loss)		19,466,338
Net increase (decrease) in net assets resulting from operations	$	23,241,996

The accompanying notes are an integral part of the financial statements.

20 | Deutsche DWS Variable Series II — DWS Global Income Builder VIP

Statements of Changes in Net Assets

	Years Ended December 31,
Increase (Decrease) in Net Assets	2019			2018
Operations:
Net investment income	$	3,775,658		$	4,562,853
Net realized gain (loss)		2,358,917			2,201,335
Change in net unrealized appreciation (depreciation)		17,107,421			(16,929,613	)
Net increase (decrease) in net assets resulting from operations		23,241,996			(10,165,425	)
Distributions to shareholders:
Class A		(5,055,619	)		(17,909,607	)
Class B		(391	)		—
Total distributions		(5,056,010	)		(17,909,607	)
Fund share transactions:
Class A
Proceeds from shares sold		3,126,739			2,336,008
Reinvestment of distributions		5,055,619			17,909,607
Payments for shares redeemed		(16,140,970	)		(19,079,316	)
Net increase (decrease) in net assets from Class A share transactions		(7,958,612	)		1,166,299
Class B
Reinvestment of distributions		391			10,000	*
Net increase (decrease) in net assets from Class B share transactions		391			10,000	*
Increase (decrease) in net assets		10,227,765			(26,898,733	)
Net assets at beginning of period		119,620,510			146,519,243
Net assets at end of period	$	129,848,275		$	119,620,510
Other Information
Class A
Shares outstanding at beginning of period		5,608,755			5,517,134
Shares sold		133,321			97,250
Shares issued to shareholders in reinvestment of distributions		220,866			796,691
Shares redeemed		(691,667	)		(802,320	)
Net increase (decrease) in Class A shares		(337,480	)		91,621
Shares outstanding at end of period		5,271,275			5,608,755
Class B
Shares outstanding at beginning of period		441.5			—
Shares sold		17.1			441.5	*
Net increase (decrease) in Class B shares		17.1			441.5	*
Shares outstanding at end of period		458.6			441.5	*

* For the period from May 1, 2018 (commencement of operations of Class B) to December 31, 2018.

The accompanying notes are an integral part of the financial statements.

Deutsche DWS Variable Series II — DWS Global Income Builder VIP | 21

Financial Highlights

	Years Ended December 31,
Class A	2019			2018			2017			2016			2015
Selected Per Share Data
Net asset value, beginning of period	$	21.33		$	26.56		$	23.50		$	22.93		$	24.62
Income (loss) from investment operations:
Net investment incomea		.69			.80			.71			.61			.68
Net realized and unrealized gain (loss)		3.54			(2.67	)		3.10			.91			(.97	)
Total from investment operations		4.23			(1.87	)		3.81			1.52			(.29	)
Less distributions from:
Net investment income		(.90	)		(.98	)		(.75	)		(.95	)		(.76	)
Net realized gains		(.03	)		(2.38	)		—			—			(.64	)
Total distributions		(.93	)		(3.36	)		(.75	)		(.95	)		(1.40	)
Net asset value, end of period	$	24.63		$	21.33		$	26.56		$	23.50		$	22.93
Total Return (%)		20.16			(7.66	)b		16.54			6.81			(1.44	)b
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		130			120			147			185			202
Ratio of expenses before expense reductions (%)c		.68			.69			.63			.62			.60
Ratio of expenses after expense reductions (%)c		.68			.68			.63			.62			.58
Ratio of net investment income (loss) (%)		2.96			3.34			2.85			2.66			2.85
Portfolio turnover rate (%)		182			70			122			135			92

^a  Based on average shares outstanding during the period.

^b  Total return would have been lower had certain expenses not been reduced.

^c  Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option.

Class B	Year Ended December 31, 2019			Period Ended 12/31/18a
Selected Per Share Data
Net asset value, beginning of period	$	21.30		$	22.65
Income (loss) from investment operations:
Net investment incomeb		.65			.50
Net realized and unrealized gain (loss)		3.55			(1.85	)
Total from investment operations		4.20			(1.35	)
Less distributions from:
Net investment income		(.86	)		—
Net realized gains		(.03	)		—
Total distributions		(.89	)		—
Net asset value, end of period	$	24.61		$	21.30
Total Return (%)c		20.01			(5.96	)**
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ thousands)		11			9
Ratio of expenses before expense reductions (%)d		1.10			1.15	*
Ratio of expenses after expense reductions (%)d		.86			.86	*
Ratio of net investment income (loss) (%)		2.77			3.30	*
Portfolio turnover rate (%)		182			70	e

^a  For the period from May 1, 2018 (commencement of operations) to December 31, 2018.

^b  Based on average shares outstanding during the period.

^c  Total return would have been lower had certain expenses not been reduced.

^d  Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option.

^e  Represents the Fund’s portfolio turnover rate for the year ended December 31, 2018.

* Annualized

** Not annualized

The accompanying notes are an integral part of the financial statements.

22 | Deutsche DWS Variable Series II — DWS Global Income Builder VIP

Notes to Financial Statements

A. Organization and Significant Accounting Policies

DWS Global Income Builder VIP (the “Fund”) is a diversified series of Deutsche DWS Variable Series II (the “Trust”), which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company organized as a Massachusetts business trust.

Multiple Classes of Shares of Beneficial Interest.The Fund offers two classes of shares (Class A shares and Class B shares). Sales of Class B shares are subject to recordkeeping fees up to 0.15% and Rule 12b-1 fees under the 1940 Act equal to an annual rate of 0.25% of the average daily net assets of the Class B shares of the Fund. Class A shares are not subject to such fees.

Investment income, realized and unrealized gains and losses, and certain fund-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares, except that each class bears certain expenses unique to that class (including the applicable Rule12b-1 distribution fees). Differences in class-level expenses may result in payment of different per share dividends by class. All shares have equal rights with respect to voting subject to class-specific arrangements.

The Fund’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) which require the use of management estimates. Actual results could differ from those estimates. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements.

Security Valuation. Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading.

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.

Equity securities and Exchange-Traded Funds (“ETFs”) are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Equity securities or ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities and ETFs are generally categorized as Level 1. For certain international equity securities, in order to adjust for events which may occur between the close of the foreign exchanges and the close of the New York Stock Exchange, a fair valuation model may be used. This fair valuation model takes into account comparisons to the valuation of American Depository Receipts (ADRs), exchange-traded funds, futures contracts and certain indices and these securities are categorized as Level 2.

Debt securities are valued at prices supplied by independent pricing services approved by the Fund’s Board. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, prepayment speeds and other data, as well as broker quotes. If the pricing services are unable to provide valuations, debt securities are valued at the average of the most recent reliable bid quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.

Investments in open-end investment companies are valued at their net asset value each business day and are categorized as Level 1.

Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.

Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and are categorized as Level 2.

Swap contracts are valued daily based upon prices supplied by a Board approved pricing vendor, if available, and otherwise are valued at the price provided by the broker-dealer. Swap contracts are generally categorized as Level 2.

Deutsche DWS Variable Series II — DWS Global Income Builder VIP | 23

Exchange-traded options are valued at the last sale price or, in the absence of a sale, the mean between the closing bid and asked prices or at the most recent asked price (bid for purchased options) if no bid or asked price are available. Exchange-traded options are categorized as Level 1. Over-the-counter written or purchased options are valued at prices supplied by a Board approved pricing vendor, if available, and otherwise are valued at the price provided by the broker-dealer with which the option was traded. Over-the-counter written or purchased options are generally categorized as Level 2.

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

Disclosure about the classification of fair value measurements is included in a table following the Fund’s Investment Portfolio.

Foreign Currency Translations. The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

Securities Lending. Deutsche Bank AG, as lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. As of period end, any securities on loan were collateralized by cash. During the year ended December 31, 2019, the Fund invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.12% annualized effective rate as of December 31, 2019) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time, and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

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As of December 31, 2019, the Fund had securities on loan, which were classified as common stocks and corporate bonds in the Investment Portfolio. The value of the related collateral exceeded the value of the securities loaned at period end.

Remaining Contractual Maturity of the Agreementsas of December 31, 2019
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	879,235	$	—	$	—	$	—	$	879,235
Corporate Bonds		226,243		—		—		—		226,243
Total Borrowings	$	1,105,478	$	—	$	—	$	—	$	1,105,478
Gross amount of recognized liabilities for securities lending transactions:									$	1,105,478

When-Issued/Delayed Delivery Securities. The Fund may purchase or sell securities with delivery or payment to occur at a later date beyond the normal settlement period. At the time the Fund enters into a commitment to purchase or sell a security, the transaction is recorded and the value of the transaction is reflected in the net asset value. The price of such security and the date when the security will be delivered and paid for are fixed at the time the transaction is negotiated. The value of the security may vary with market fluctuations. At the time the Fund enters into a purchase transaction it is required to segregate cash or other liquid assets at least equal to the amount of the commitment. Additionally, the Fund may be required to post securities and/or cash collateral in accordance with the terms of the commitment.

Certain risks may arise upon entering into when-issued or delayed delivery transactions from the potential inability of counterparties to meet the terms of their contracts or if the issuer does not issue the securities due to political, economic or other factors. Additionally, losses may arise due to changes in the value of the underlying securities.

Taxes. The Fund’s policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies and to distribute all of its taxable income to its shareholders.

Additionally, the Fund may be subject to taxes imposed by the governments of countries in which it invests and are generally based on income and/or capital gains earned or repatriated, a portion of which may be recoverable based upon the current interpretation of the tax rules and regulations. Estimated tax liabilities and recoveries on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized gain/loss on investments. Tax liabilities realized as a result of security sales are reflected as a component of net realized gain/loss on investments.

The Fund has reviewed the tax positions for the open tax years as of December 31, 2019 and has determined that no provision for income tax and/or uncertain tax positions is required in the Fund’s financial statements. The Fund’s federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

Distribution of Income and Gains. Distributions from net investment income of the Fund, if any, are declared and distributed to shareholders annually. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes if necessary.

The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to investments in foreign denominated investments, forward currency contracts, futures contracts, swap contracts and certain securities sold at a loss. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.

At December 31, 2019, the Fund’s components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income*	$	4,845,598
Undistributed long-term capital gains	$	1,686,663
Net unrealized appreciation (depreciation) on investments	$	16,729,561

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At December 31, 2019, the aggregate cost of investments for federal income tax purposes was $113,404,844. The net unrealized appreciation for all investments based on tax cost was $16,729,561. This consisted of aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost of $18,234,031 and aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value of $1,504,470.

In addition, the tax character of distributions paid by the Fund is summarized as follows:

	Years Ended December 31,
	2019		2018
Distributions from ordinary income*	$	4,909,285	$	9,573,430
Distributions from long-term capital gains	$	146,725	$	8,336,177

* For tax purposes, short-term capital gain distributions are considered ordinary income distributions.

Expenses. Expenses of the Trust arising in connection with a specific fund are allocated to that fund. Other Trust expenses which cannot be directly attributed to a fund are apportioned among the funds in the Trust based upon the relative net assets or other appropriate measures.

Contingencies. In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.

Other. Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date net of foreign withholding taxes. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the Fund is informed of such dividends. Realized gains and losses from investment transactions are recorded on an identified cost basis. Proceeds from litigation payments, if any, are included in net realized gain (loss) from investments. All discounts and premiums are accreted/amortized for both tax and financial reporting purposes, with the exception of securities in default of principal.

B. Derivative Instruments

Swaps. A swap is a contract between two parties to exchange future cash flows at periodic intervals based on the notional amount of the swap. A bilateral swap is a transaction between the fund and a counterparty where cash flows are exchanged between the two parties. A centrally cleared swap is a transaction executed between the fund and a counterparty, then cleared by a clearing member through a central clearinghouse. The central clearinghouse serves as the counterparty, with whom the fund exchanges cash flows.

The value of a swap is adjusted daily, and the change in value, if any, is recorded as unrealized appreciation or depreciation in the Statement of Assets and Liabilities. Gains or losses are realized when the swap expires or is closed. Certain risks may arise when entering into swap transactions including counterparty default; liquidity; or unfavorable changes in interest rates or the value of the underlying reference security, commodity or index. In connection with bilateral swaps, securities and/or cash may be identified as collateral in accordance with the terms of the swap agreement to provide assets of value and recourse in the event of default. The maximum counterparty credit risk is the net present value of the cash flows to be received from or paid to the counterparty over the term of the swap, to the extent that this amount is beneficial to the Fund, in addition to any related collateral posted to the counterparty by the Fund. This risk may be partially reduced by a master netting arrangement between the Fund and the counterparty. Upon entering into a centrally cleared swap, the Fund is required to deposit with a financial intermediary cash or securities (“initial margin”) in an amount equal to a certain percentage of the notional amount of the swap. Subsequent payments (“variation margin”) are made or received by the Fund dependent upon the daily fluctuations in the value of the swap. In a cleared swap transaction, counterparty risk is minimized as the central clearinghouse acts as the counterparty.

An upfront payment, if any, made by the Fund is recorded as an asset in the Statement of Assets and Liabilities. An upfront payment, if any, received by the Fund is recorded as a liability in the Statement of Assets and Liabilities. Payments received or made at the end of the measurement period are recorded as realized gain or loss in the Statement of Operations.

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Interest Rate Swaps. Interest rate swaps are agreements in which the Fund agrees to pay to the counterparty a fixed rate payment in exchange for the counterparty agreeing to pay to the Fund a variable rate payment, or the Fund agrees to receive from the counterparty a fixed rate payment in exchange for the counterparty agreeing to receive from the Fund a variable rate payment. The payment obligations are based on the notional amount of the swap. For the year ended December 31, 2019, the Fund entered into interest rate swap agreements to gain exposure to different parts of the yield curve while managing overall duration.

A summary of the open interest rate swap contracts as of December 31, 2019 is included in a table following the Fund’s Investment Portfolio. For the year ended December 31, 2019, the investment in interest rate swap contracts had a total notional amount generally indicative of a range from $800,000 to $26,400,000.

Credit Default Swaps. Credit default swaps are agreements between a buyer and a seller of protection against predefined credit events for the reference entity. The Fund may enter into credit default swaps to gain exposure to an underlying issuer’s credit quality characteristics without directly investing in that issuer or to hedge against the risk of a credit event on debt securities. As a seller of a credit default swap, the Fund is required to pay the par (or other agreed-upon) value of the referenced entity to the counterparty with the occurrence of a credit event by a third party, such as a U.S. or foreign corporate issuer, on the reference entity, which would likely result in a loss to the Fund. In return, the Fund receives from the counterparty a periodic stream of payments over the term of the swap provided that no credit event has occurred. If no credit event occurs, the Fund keeps the stream of payments with no payment obligations. The Fund may also buy credit default swaps, in which case the Fund functions as the counterparty referenced above. This involves the risk that the swap may expire worthless. It also involves counterparty risk that the seller may fail to satisfy its payment obligations to the Fund with the occurrence of a credit event. When the Fund sells a credit default swap, it will cover its commitment. This may be achieved by, among other methods, maintaining cash or liquid assets equal to the aggregate notional value of the reference entities for all outstanding credit default swaps sold by the Fund. For the year ended December 31, 2019, the Fund entered into credit default swap agreements to gain exposure to the underlying issuer’s credit quality characteristics and to hedge the risk of default or other specified credit events on portfolio assets.

Under the terms of a credit default swap, the Fund receives or makes periodic payments based on a specified interest rate on a fixed notional amount. These payments are recorded as a realized gain or loss in the Statement of Operations. Payments received or made as a result of a credit event or termination of the swap are recognized, net of a proportional amount of the upfront payment, as realized gains or losses in the Statement of Operations.

A summary of the open credit default swap contracts as of December 31, 2019 is included in a table following the Fund’s Investment Portfolio. For the year ended December 31, 2019, the investment in credit default swap contracts purchased had a total USD equivalent notional value generally indicative of a range from $0 to approximately $6,437,000 and the investment in credit default swap contracts sold had a total USD equivalent notional value generally indicative of a range from $0 to approximately $10,819,000.

Futures Contracts. A futures contract is an agreement between a buyer or seller and an established futures exchange or its clearinghouse in which the buyer or seller agrees to take or make a delivery of a specific amount of a financial instrument at a specified price on a specific date (settlement date). For the year ended December 31, 2019, the Fund entered into interest rate futures to gain exposure to different parts of the yield curve while managing overall duration. The Fund also entered into interest rate futures contracts for non-hedging purposes to seek to enhance potential gains. In addition, the Fund entered into equity index futures as a means of gaining exposure to the equity asset class without investing directly into such asset class and to manage the risk of stock market volatility.

Upon entering into a futures contract, the Fund is required to deposit with a financial intermediary cash or securities (“initial margin”) in an amount equal to a certain percentage of the face value indicated in the futures contract. Subsequent payments (“variation margin”) are made or received by the Fund dependent upon the daily fluctuations in the value and are recorded for financial reporting purposes as unrealized gains or losses by the Fund. Gains or losses are realized when the contract expires or is closed. Since all futures contracts are exchange-traded, counterparty risk is minimized as the exchange’s clearinghouse acts as the counterparty, and guarantees the futures against default.

Certain risks may arise upon entering into futures contracts, including the risk that an illiquid market will limit the Fund’s ability to close out a futures contract prior to the settlement date and the risk that the futures contract is not well correlated with the security, index or currency to which it relates. Risk of loss may exceed amounts disclosed in the Statement of Assets and Liabilities.

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A summary of the open futures contracts as of December 31, 2019 is included in a table following the Fund’s Investment Portfolio. For the year ended December 31, 2019, the investment in futures contracts purchased had a total notional value generally indicative of a range from approximately $23,383,000 to $46,132,000, and the investment in futures contracts sold had a total notional value generally indicative of a range from approximately $5,178,000 to $31,596,000.

Forward Foreign Currency Contracts. A forward foreign currency contract (“forward currency contract”) is a commitment to purchase or sell a foreign currency at the settlement date at a negotiated rate. For the year ended December 31, 2019, the Fund entered into forward currency contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign currency denominated portfolio holdings, to facilitate transactions in foreign currency denominated securities and for non-hedging purposes to seek to enhance potential gains.

Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and unrealized gain (loss) is recorded daily. On the settlement date of the forward currency contract, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was closed. Certain risks may arise upon entering into forward currency contracts from the potential inability of counterparties to meet the terms of their contracts. The maximum counterparty credit risk to the Fund is measured by the unrealized gain on appreciated contracts. Additionally, when utilizing forward currency contracts to hedge, the Fund gives up the opportunity to profit from favorable exchange rate movements during the term of the contract.

A summary of the open forward currency contracts as of December 31, 2019 is included in a table following the Fund’s Investment Portfolio. For the year ended December 31, 2019, the investment in forward currency contracts short vs. U.S. dollars had a total contract value generally indicative of a range from approximately $632,000 to $19,036,000, and the investment in forward currency contracts long vs. U.S. dollars had a total contract value generally indicative of a range from $0 to approximately $7,786,000. The investment in forward currency contracts long vs. other foreign currencies sold had a total contract value generally indicative of a range from $0 to approximately $2,222,000.

The following tables summarize the value of the Fund’s derivative instruments held as of December 31, 2019 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

Asset Derivatives	Swap Contracts		Futures Contracts		Total
Equity Contracts (a)	$	—	$	85,433	$	85,433
Interest Rate Contracts (a)		—		54,395		54,395
Credit Contracts (b)		13,370		—		13,370
	$	13,370	$	139,828	$	153,198

Each of the above derivatives is located in the following Statement of Assets and Liabilities accounts:

(a) Includes cumulative appreciation of futures contracts as disclosed in the Investment Portfolio. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities.

(b) Unrealized appreciation on bilateral swap contracts

Liability Derivatives	Forward Contracts			Swap Contracts			Futures Contracts			Total
Equity Contracts (c)	$	—		$	—		$	(33,430	)	$	(33,430	)
Interest Rate Contracts (c)		—			(35,989	)		(160,392	)		(196,381	)
Foreign Exchange Contracts (d)		(5,783	)		—			—			(5,783	)
	$	(5,783	)	$	(35,989	)	$	(193,822	)	$	(235,594	)

Each of the above derivatives is located in the following Statement of Assets and Liabilities accounts:

(c) Includes cumulative depreciation of futures and centrally cleared swap contracts as disclosed in the Investment Portfolio. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities.

(d) Unrealized depreciation on forward foreign currency contracts

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Additionally, the amount of unrealized and realized gains and losses on derivative instruments recognized in Fund earnings during the year ended December 31, 2019, and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

Realized Gain (Loss)	Forward Contracts		Swap Contracts			Futures Contracts		Total
Equity Contracts (e)	$	—	$	—		$	120,575	$	120,575
Credit Contracts (e)		—		(252,351	)		—		(252,351	)
Interest Rate Contracts (e)		—		108,413			1,153,515		1,261,928
Foreign Exchange Contracts (f)		17,110		—			—		17,110
	$	17,110	$	(143,938	)	$	1,274,090	$	1,147,262

Each of the above derivatives is located in the following Statement of Operations accounts:

(e) Net realized gain (loss) from swap contracts and futures, respectively

(f) Net realized gain (loss) from forward foreign currency contracts

Change in Net Unrealized Appreciation (Depreciation)	Forward Contracts		Swap Contracts			Futures Contracts			Total
Equity Contracts (g)	$	—	$	—		$	294,104		$	294,104
Credit Contracts (g)		—		320,727			—			320,727
Interest Rate Contracts (g)		—		(234,946	)		(153,134	)		(388,080	)
Foreign Exchange Contracts (h)		33,823		—			—			33,823
	$	33,823	$	85,781		$	140,970		$	260,574

Each of the above derivatives is located in the following Statement of Operations accounts:

(g) Change in net unrealized appreciation (depreciation) on swap contracts and futures, respectively

(h) Change in net unrealized appreciation (depreciation) on forward foreign currency contracts

As of December 31, 2019, the Fund has transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow a Fund to close out and net total exposure to a counterparty in the event of a deterioration in the credit quality or contractual default with respect to all of the transactions with a counterparty. As defined by the master netting agreement, the Fund may have collateral agreements with certain counterparties to mitigate risk. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by a counterparty, including any collateral exposure, is included in the following tables:

Counterparty	Gross Amounts of Assets Presented in the Statement of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset		Collateral Received		Net Amount of Derivative Assets
Morgan Stanley	$	13,370	$	—	$	—	$	13,370

Counterparty	Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset		Collateral Pledged		Net Amount of Derivative Liabilities
Bank of America	$	5,783	$	—	$	—	$	5,783

C. Purchases and Sales of Securities

During the year ended December 31, 2019, purchases and sales of investment transactions, excluding short-term investments, were as follows:

	Purchases		Sales
Non-U.S. Treasury Obligations	$	206,380,459	$	209,379,797
U.S. Treasury Obligations	$	14,301,823	$	17,036,822

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D. Related Parties

Management Agreement. Under the Investment Management Agreement with DWS Investment Management Americas, Inc. (“DIMA” or the “Advisor”), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”), the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund or delegates such responsibility to the Fund’s subadvisor.

Effective May 16, 2019, DWS Alternatives Global Limited, also an indirect, wholly owned subsidiary of DWS Group, no longer serves as subadvisor for the Fund. DWS Alternatives Global Limited provided portfolio manager services to the Fund and pursuant to a sub-advisory agreement between DIMA and DWS Alternatives Global Limited, DIMA, not the Fund, compensated DWS Alternatives Global Limited for the services it provided to the Fund.

Under the Investment Management Agreement, the Fund pays a monthly management fee based on the Fund’s average daily net assets, computed and accrued daily and payable monthly, at the following annual rates:

First $250 million	.370	%
Next $750 million	.345	%
Over $1 billion	.310	%

Accordingly, for the year ended December 31, 2019, the fee pursuant to the Investment Management Agreement was equivalent to an annual rate (exclusive of any applicable waiver/reimbursements) of 0.37% of the Fund’s average daily net assets.

For the period from January 1, 2019 through September 30, 2019 the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of each class as follows:

Class A	.73	%
Class B	.86	%

Effective October 1, 2019 through September 30, 2020 (and through April 30, 2020 for Class B shares), the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of each class as follows:

Class A	.71	%
Class B	.86	%

For the year ended December 31, 2019, fees waived and/or expenses reimbursed for Class B are $25.

Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays DIMA an annual fee (“Administration Fee”) of 0.10% of the Fund’s average daily net assets, computed and accrued daily and payable monthly. For the year ended December 31, 2019, the Administration Fee was $127,880, of which $10,972 is unpaid.

Distribution Service Agreement.DWS Distributors, Inc. (“DDI”), an affiliate of the Advisor, is the Fund’s distributor. In accordance with the Distribution Plan, DDI receives 12b-1 fees of 0.25% of average daily net assets of Class B shares. For the year ended December 31, 2019, the Distribution Service Fee was as follows:

Distribution Fee	Total Aggregated		Unpaid at December 31, 2019
Class B	$	26	$	2

Service Provider Fees. DWS Service Company (“DSC”), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and DST Systems, Inc. (“DST”), DSC has delegated certain transfer agent,

30 | Deutsche DWS Variable Series II — DWS Global Income Builder VIP

dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the year ended December 31, 2019, the amounts charged to the Fund by DSC were as follows:

Services to Shareholders	Total Aggregated		Unpaid at December 31, 2019
Class A	$	319	$	71
Class B		18		3
	$	337	$	74

Typesetting and Filing Service Fees. Under an agreement with the Fund, DIMA is compensated for providing certain pre-press and regulatory filing services to the Fund. For the year ended December 31, 2019, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders” aggregated $17,964, of which $5,660 unpaid.

Trustees’ Fees and Expenses. The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.

Affiliated Cash Management Vehicles. The Fund may invest uninvested cash balances in DWS Central Cash Management Government Fund and DWS ESG Liquidity Fund, affiliated money market funds which are managed by the Advisor. Each affiliated money market fund is managed in accordance withRule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Central Cash Management Government Fund seeks to maintain a stable net asset value, and DWS ESG Liquidity Fund maintains a floating net asset value. The Fund indirectly bears its proportionate share of the expenses of each affiliated money market fund in which it invests. DWS Central Cash Management Government Fund does not pay the Advisor an investment management fee. To the extent that DWS ESG Liquidity Fund pays an investment management fee to the Advisor, the Advisor will waive an amount of the investment management fee payable to the Advisor by the Fund equal to the amount of the investment management fee payable on the Fund’s assets invested in DWS ESG Liquidity Fund.

Securities Lending Agent Fees. Deutsche Bank AG serves as securities lending agent for the Fund. For the year ended December 31, 2019, the Fund incurred securities lending agent fees to Deutsche Bank AG in the amount of $1,400.

E. Ownership of the Fund

At December 31, 2019, one participating insurance company was owner of record of 10% or more of the total outstanding Class A shares of the Fund, owning 69%.

F. Line of Credit

The Fund and other affiliated funds (the “Participants”) share in a $400 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus if the one-month LIBOR exceeds the Federal Funds Rate, the amount of such excess. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at December 31, 2019.

G. Payments by Affiliates

During the year ended December 31, 2019, the Advisor agreed to reimburse the Fund $1,511 for losses incurred on trades executed incorrectly. The amount reimbursed was less than 0.01% of the Fund’s average net assets, thus having no impact on the Fund’s total return.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Deutsche DWS Variable Series II and Shareholders of DWS Global Income Builder VIP:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of DWS Global Income Builder VIP (the “Fund”) (one of the funds constituting Deutsche DWS Variable Series II) (the “Trust”), including the investment portfolio, as of December 31, 2019, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Deutsche DWS Variable Series II) at December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019, by correspondence with the custodian and others. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

Boston, Massachusetts

February 14, 2020

32 | Deutsche DWS Variable Series II — DWS Global Income Builder VIP

Information About Your Fund’s Expenses (Unaudited)

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees and other Fund expenses. Examples of transaction costs include contract charges, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recent six-month period, Class B limited these expenses; had it not done so, expenses would have been higher. The example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (July 1, 2019 to December 31, 2019).

The tables illustrate your Fund’s expenses in two ways:

– Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund’s actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Expenses Paid per $1,000” line under the share class you hold.

– Hypothetical 5% Fund Return. This helps you to compare your Fund’s ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund’s actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical Fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The “Expenses Paid per $1,000” line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. If these transaction costs had been included, your costs would have been higher.

Expenses and Value of a $1,000 Investment for the six months ended December 31, 2019
Actual Fund Return	Class A		Class B
Beginning Account Value 7/1/19	$	1,000.00	$	1,000.00
Ending Account Value 12/31/19	$	1,058.40	$	1,058.00
Expenses Paid per $1,000*	$	3.53	$	4.46
Hypothetical 5% Fund Return	Class A		Class B
Beginning Account Value 7/1/19	$	1,000.00	$	1,000.00
Ending Account Value 12/31/19	$	1,021.78	$	1,020.87
Expenses Paid per $1,000*	$	3.47	$	4.38

* Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recent six-month period), then divided by 365.

Annualized Expense Ratio	Class A			Class B
Deutsche DWS Variable Series II — DWS Global Income Builder VIP		.68	%		.86	%

For more information, please refer to the Fund’s prospectus.

These tables do not reflect charges and fees (“contract charges”) associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option.

For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to the current and hypothetical expense calculators for Variable Insurance Products which can be found at dws.com/calculators.

Deutsche DWS Variable Series II — DWS Global Income Builder VIP | 33

Tax Information (Unaudited)

The Fund paid distributions of $0.03 per share from net long-term capital gains during its year ended December 31, 2019.

Pursuant to Section 852 of the Internal Revenue Code, the Fund designates $1,903,000 as capital gain dividends for its year ended December 31, 2019.

For corporate shareholders, 24% of the ordinary dividends (i.e., income dividends plus short-term capital gains) paid during the Fund’s fiscal year ended December 31, 2019 qualified for the dividends received deduction.

Please consult a tax advisor if you have questions about federal or state income tax laws, or on how to prepare your tax returns. If you have specific questions about your account, please contact your insurance provider.

Proxy Voting

The Trust’s policies and procedures for voting proxies for portfolio securities and information about how the Trust voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — dws.com/en-us/resources/proxy-voting — or on the SEC’s Web site — sec.gov. To obtain a written copy of the Trust’s policies and procedures without charge, upon request, call us toll free at(800) 728-3337.

34 | Deutsche DWS Variable Series II — DWS Global Income Builder VIP

Advisory Agreement Board Considerations and Fee Evaluation

The Board of Trustees (hereinafter referred to as the “Board” or “Trustees”) approved the renewal of DWS Global Income Builder VIP’s (the “Fund”) investment management agreement (the “Agreement”) with DWS Investment Management Americas, Inc. (“DIMA”) in September 2019.

In terms of the process that the Board followed prior to approving the Agreement, shareholders should know that:

– During the entire process, all of the Fund’s Trustees were independent of DIMA and its affiliates (the “Independent Trustees”).

– The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board’s Contract Committee reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Trustees (the “Fee Consultant”). Based on its evaluation of the information provided, the Contract Committee presented its findings and recommendations to the Board. The Board then reviewed the Contract Committee’s findings and recommendations.

– The Board also received extensive information throughout the year regarding performance of the Fund.

– The Independent Trustees regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.

– In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund’s Rule12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.

In connection with the contract review process, the Contract Committee and the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund. DIMA is part of DWS Group GmbH & Co. KGaA (“DWS Group”). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. In 2018, approximately 20% of DWS Group’s shares were sold in an initial public offering, with Deutsche Bank AG owning the remaining shares.

As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund’s performance. In many cases, this led to the negotiation and implementation of expense caps. As part of these negotiations, the Board indicated that it would consider relaxing these caps in future years following sustained improvements in performance, among other considerations.

While shareholders may focus primarily on fund performance and fees, the Fund’s Board considers these and many other factors, including the quality and integrity of DIMA’s personnel and administrative support services provided by DIMA, such as back-office operations, fund valuations, and compliance policies and procedures.

Nature, Quality and Extent of Services. The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board reviewed the Fund’s performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied by Morningstar Direct (“Morningstar”), an independent fund data service. The Board also noted that it has put into place a process of identifying “Funds in Review” (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA’s plans to address underperformance. The Board

Deutsche DWS Variable Series II — DWS Global Income Builder VIP | 35

believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for theone-,three- andfive-year periods ended December 31, 2018, the Fund’s performance (Class A shares) was in the 4th quartile, 2nd quartile and 1st quartile, respectively, of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has outperformed its benchmark in the three-year period and has underperformed its benchmark in theone- and five-year periods ended December 31, 2018. The Board noted the disappointing investment performance of the Fund in recent periods and continued to discuss with senior management of DIMA the factors contributing to such underperformance and actions being taken to improve performance. The Board noted a change in the Fund’s portfolio management team, effective December 6, 2018, and that certain additional changes to the portfolio management team were made effective April 10, 2019 and May 17, 2019. The Board observed that the Fund had experienced improved relative performance during the first eight months of 2019. The Board recognized the efforts by DIMA in recent years to enhance its investment platform and improve long-term performance across the DWS fund complex.

Fees and Expenses. The Board considered the Fund’s investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. (“Broadridge”) and the Fee Consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.10% fee paid to DIMA under the Fund’s administrative services agreement, were lower than the median (1st quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2018). The Board noted that the Fund’s Class A shares total (net) operating expenses were expected to be equal to the median of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2018, and analyzing Broadridge expense universe Class A (net) expenses less any applicable12b-1 fees) (“Broadridge Universe Expenses”). The Board also reviewed data comparing each other operational share class’s total (net) operating expenses to the applicable Broadridge Universe Expenses. The Board noted that the expense limitations agreed to by DIMA were expected to help the Fund’s total (net) operating expenses remain competitive. The Board considered the Fund’s management fee rate as compared to fees charged by DIMA to a comparable DWS U.S. registered fund (“DWS Funds”) and considered differences between the Fund and the comparable DWS Fund. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including anysub-advised funds and accounts) and funds offered primarily to European investors (“DWS Europe Funds”) managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA.

Profitability. The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs to DIMA, andpre-tax profits realized by DIMA, from advising the DWS Funds, as well as estimates of thepre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board and the Fee Consultant reviewed DIMA’s methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that thepre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that, while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates’ overall profitability with respect to the DWS Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of most comparable firms for which such data was available.

Economies of Scale. The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. The Board noted that the Fund’s investment management fee schedule includes fee breakpoints. The Board concluded that the Fund’s fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

36 | Deutsche DWS Variable Series II — DWS Global Income Builder VIP

Other Benefits to DIMA and Its Affiliates. The Board also considered the character and amount of other incidental or“fall-out” benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund, any fees received by an affiliate of DIMA for transfer agency services provided to the Fund and any fees received by an affiliate of DIMA for distribution services. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities. In addition, the Board considered the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Fund’s management fees were reasonable.

Compliance. The Board considered the significant attention and resources dedicated by DIMA to its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA’s and the Fund’s chief compliance officers and (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel.

Based on all of the information considered and the conclusions reached, the Board determined that the continuation of the Agreement is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Trustees and counsel present. It is possible that individual Independent Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement.

Deutsche DWS Variable Series II — DWS Global Income Builder VIP | 37

Board Members and Officers

The following table presents certain information regarding the Board Members and Officers of the Trust/Corporation. Each Board Member’s year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA02199-3600. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the Trust/Corporation. Because the Fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period.

The Board Members may also serve in similar capacities with other funds in the fund complex. The number of funds in DWS fund complex shown in the table below includes all registered open- and closed-end funds (including all of their portfolios) advised by the Advisor and any registered funds that have an investment advisor that is an affiliated person of the Advisor.

Independent Board Members
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen		Other Directorships Held by Board Member
Keith R. Fox, CFA (1954) Chairperson since 2017, and Board Member since 1996	Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: ICI Mutual Insurance Company; Progressive International Corporation (kitchen goods importer and distributor); former Chairman, National Association of Small Business Investment Companies; former Directorships: The Kennel Shop (retailer); BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) (2011–2012)		77	—
John W. Ballantine (1946) Board Member since 1999	Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); former Directorships: Director and Chairman of the Board, Healthways, Inc.2 (population well-being and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak Brook Bank; and Prisma Energy International. Not-for-Profit Director/Trustee: Palm Beach Civic Association; Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; former Not-for-Profit Directorships: Public Radio International		77	Portland General Electric2 (utility company) (2003– present)
Dawn-Marie Driscoll (1946) Board Member since 1987	Emeritus Executive Fellow, Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988). Directorships: Advisory Board, Center for Business Ethics, Bentley University; Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)		77	—
Richard J. Herring (1946) Board Member since 1990	Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (since July 1972); Director, The Wharton Financial Institutions Center (since 1994); formerly: Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee since 2011, member Systemic Risk Council since 2012 and member of the Advisory Board at the Yale Program on Financial Stability since 2013; Formerly Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), and Nonexecutive Director of Barclays Bank DE (2010–2018)		77	Director, Aberdeen Japan Fund (since 2007)

38 | Deutsche DWS Variable Series II — DWS Global Income Builder VIP

Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen		Other Directorships Held by Board Member
William McClayton (1944) Board Member since 2004	Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001–2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966–2001); Trustee, Ravinia Festival		77	—
Rebecca W. Rimel (1951) Board Member since 1995	President, Chief Executive Officer and Director, The Pew Charitable Trusts (charitable organization) (1994–present); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012)		77	Director, Becton Dickinson and Company2 (medical technology company) (2012– present); Director, BioTelemetry Inc.2(health care) (2009– present)
William N. Searcy, Jr. (1946) Board Member since 1993	Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2(telecommunications) (November 1989–September 2003); Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012)		77	—

Officers4
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served5	Business Experience and Directorships During the Past Five Years
Hepsen Uzcan6(1974) President and Chief Executive Officer, 2017–present	Managing Director,3 DWS; Secretary, DWS USA Corporation (2018–present); Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–present); and Director and President, DB Investment Managers, Inc. (2018–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019)
John Millette7(1962) Vice President and Secretary, 1999–present	Director,3DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); and Assistant Secretary, DBX ETF Trust (2019–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017)
Diane Kenneally7(1966) Chief Financial Officer and Treasurer, 2018–present	Director,3 DWS; and Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); formerly: Assistant Treasurer for the DWS funds (2007–2018)
Paul Antosca7(1957) Assistant Treasurer, 2007–present	Director,3DWS; and Assistant Treasurer, DBX ETF Trust (2019–present)
Sheila Cadogan7(1966) Assistant Treasurer, 2017–present	Director,3DWS; Director and Vice President, DWS Trust Company (2018–present); and Assistant Treasurer, DBX ETF Trust (2019–present)
Scott D. Hogan7(1970) Chief Compliance Officer, 2016–present	Director,3DWS
Caroline Pearson7(1962) Chief Legal Officer, 2010–present	Managing Director,3DWS; formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); and Secretary, Deutsche AM Service Company (2010–2017)
Wayne Salit6(1967) Anti-Money Laundering Compliance Officer, 2014–present	Director,3 Deutsche Bank; and AML Officer, DWS Trust Company; formerly: Managing Director, AML Compliance Officer at BNY Mellon (2011–2014); and Director, AML Compliance Officer at Deutsche Bank (2004–2011)
Ciara Crawford8 (1984) Assistant Secretary, (2019–present)	Associate, DWS (since 2015); previously, Legal Assistant at Accelerated Tax Solutions.

Deutsche DWS Variable Series II — DWS Global Income Builder VIP | 39

¹  The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board.

²  A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.

³  Executive title, not a board directorship.

⁴  As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund.

⁵  The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds.

⁶  Address: 875 Third Avenue, New York, NY 10022.

⁷  Address: One International Place, Boston, MA 02110.

⁸  Address: 5022 Gate Parkway, Suite 400, Jacksonville, FL 32256.

The Fund’s Statement of Additional Information (“SAI”) includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the followingtoll-free number:(800) 728-3337.

40 | Deutsche DWS Variable Series II — DWS Global Income Builder VIP

Notes

Notes

Notes

VS2GIB-2 (R-025825-9 2/20)

December 31, 2019

Annual Report

Deutsche DWS Variable Series II

DWS Government Money Market VIP

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, you may not be receiving paper copies of the Fund’s shareholder reports from the insurance company that offers your contract unless you specifically request paper copies from your insurance company or from your financial intermediary. Instead, the shareholder reports will be made available on a Web site, and your insurance company will notify you by mail each time a report is posted and provide you with a Web site link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from your insurance company electronically by following the instructions provided by your insurance company.

You may elect to receive all future reports in paper free of charge from your insurance company. If your insurance company informs you that future reports will be delivered via Web access, you can inform your insurance company that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by your insurance company.

Contents

3	Management Summary
5	Portfolio Summary
6	Investment Portfolio
8	Statement of Assets and Liabilities
8	Statement of Operations
9	Statements of Changes in Net Assets
10	Financial Highlights
11	Notes to Financial Statements
14	Report of Independent Registered Public Accounting Firm
15	Information About Your Fund’s Expenses
16	Tax Information
16	Proxy Voting
17	Advisory Agreement Board Considerations and Fee Evaluation
20	Board Members and Officers

This report must be preceded or accompanied by a prospectus. To obtain an additional prospectus or summary prospectus, if available, call (800)728-3337 or your financial representative. We advise you to consider the Fund’s objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the Fund. Please read the prospectus carefully before you invest.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.You should not rely on or expect the Advisor to enter into support agreements or take other actions to maintain the Fund’s $1.00 share price. The credit quality of the Fund’s holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the Fund’s share price. The Fund’s share price can also be negatively affected during periods of high redemption pressures and/or illiquid markets. The actions of a few large investors in the Fund may have a significant adverse effect on the share price of the Fund. Please read the prospectus for specific details regarding the Fund’s risk profile.

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.

DWS Distributors, Inc., 222 South Riverside Plaza, Chicago, IL 60606, (800)621-1148

NOT FDIC/NCUA INSURED     NO BANK GUARANTEE     MAY LOSE VALUE     NOT A DEPOSIT

NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

2 | Deutsche DWS Variable Series II — DWS Government Money Market VIP

Management Summary December 31, 2019 (Unaudited)

During the 12-month period ended December 31, 2019, the Fund provided a total return of 1.77% (Class A shares, unadjusted for contract charges). All performance is historical and does not guarantee future results. Yields fluctuate and are not guaranteed.

Over the past 12 months ended December 31, 2019, yields across the money market yield curve fluctuated based on the still-expanding U.S. economy and evolving U.S. Federal Reserve (the Fed) statements and actions. In January 2019, the Fed pivoted dramatically, changing from a hawkish to a dovish monetary policy stance. The Fed not only walked backed its prior projections of federal funds rate increases, but also lowered its U.S. economic growth estimates. In June, a breakdown in the trade negotiations between the United States and China and some signs of a slight U.S. economic slowdown (amid an abruptly decelerating global economy) disrupted financial markets and sent interest rates significantly lower. Though the Federal Open Market Committee (FOMC) did not cut interest rates at its June meeting, the Fed implied that it would now be more “data dependent” in determining its rate policy. Driven by economic uncertainty resulting from the trade war, the FOMC reduced short-term rates to 2.0%–2.25% at its July 2019 meeting. On the following day, the U.S. administration rattled equity markets and again sent fixed-income yields significantly lower by threatening to impose tariffs on the remaining $300 billion in Chinese imports not yet subject to tariffs. As a way of managing the attendant risks to the U.S. economy, the Fed cut short-term rates at the September and October FOMC meetings. Also in September, the money markets suddenly experienced a sharp spike in overnight repurchase agreement (overnight repo) rates caused by a supply/demand imbalance and regulatory constraints within the repo market. The Fed was forced to step in immediately and inject a large amount of liquidity in order to ensure an orderly repo market through year end 2019. The Fed’s efforts — performed through open market operations and a Treasury bill purchase program — were successful, but they also pushed Treasury bill rates to artificially low levels. During the remainder of the fourth quarter, many nagging concerns for financial market participants such as U.S./China trade tensions, Brexit uncertainty and global economic weakness receded, and most markets ended the year very strongly. The Fed shifted back from a policy of economic risk management to a more data dependent, “wait and see” stance as U.S. third quarter GDP came in higher than anticipated at 2.1%.

During the first half of the year, the Fund held a large percentage of portfolio assets in agency and Treasury floating-rate securities to take advantage of incremental rises in LIBOR and Treasury bill rates. At the same time, the Fund invested in overnight agency repurchase agreements for liquidity and looked for yield opportunities from three- to six-month agency and Treasury securities. During the second half of 2019, when the Fed was engaged in lowering short-term rates, we slightly extended duration at times and purchased longer-term fixed-rate instruments to capture additional yield.

With presidential primaries and the U.S. general election due this year, we believe that the Fed will remain “on hold” for much of 2020 if not the entire year, and will not act unless there is an unforeseen catalyst or crisis that would force a change in the federal funds rate. With the economy and markets in favorable shape at year end, the money market yield curve has become relatively flat, meaning that there is less incentive to purchase longer money market instruments that currently do not offer significantly higher yields.

A group of investment professionals is responsible for the day-to-day management of the Fund. These investment professionals have a broad range of experience managing money market funds.

The views expressed reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance is no guarantee of future results. Current and future portfolio holdings are subject to risk.

Deutsche DWS Variable Series II — DWS Government Money Market VIP | 3

Fund Performance(as of December 31, 2019)

All performance shown is historical, assumes reinvestment of all dividend and capital gain distributions and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions so that, when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Please contact your participating insurance company for the Fund’s most recentmonth-end performance. Performance does not reflect charges and fees (“contract charges”) associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. These charges and fees will reduce returns. The yield quotation more closely reflects the current earnings of the Fund than the total return quotation.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

	7-Day Current Yield
December 31, 2019	1.16%

Yields are historical, will fluctuate and do not guarantee future performance. The7-day current yield refers to the income paid by the Fund over a7-day period expressed as an annual percentage rate of the Fund’s shares outstanding.

Terms to Know

Theyield curveis a graphical representation of how yields on bonds of different maturities compare. Normally, yield curves slant up, as bonds with longer maturities typically offer higher yields than short-term bonds.

Thefederal funds rateis the interest rate a borrowing bank pays to a lending bank, with the rate determined by members of the Federal Open Market Committee (FOMC) at their regular meetings. The federal funds rate sets the standard for short-term U.S. interest rates.

Arepurchase agreement, or “overnight repo,” is an agreement between a seller and a buyer, usually of government securities, where the seller agrees to repurchase the securities at a given price and usually at a stated time. Repos are widely used money market instruments that serve as an interest-bearing, short-term “parking place” for large sums of money.

Gross domestic product (GDP)is the monetary value of goods and services produced within a country’s borders in a specific time frame.

Floating-ratesecuritiesare debt instruments with floating-rate coupons that generally reset every 30 to 90 days. While floating-rate securities are senior to equity and fixed- income securities, there is no guaranteed return of principal in case of default. Floating- rate issues often have less interest-rate risk than other fixed-income investments.

Floating-rate securities are most often secured assets, generally senior to a company’s secured debt, and can be transferred to debt holders, resulting in potential downside risk.

Duration is a measure of price volatility for fixed-income instruments. Duration can be defined as the approximate percentage change in price for a 100 basis point (one single percentage point) change in market interest rate levels.

4 | Deutsche DWS Variable Series II — DWS Government Money Market VIP

Portfolio Summary (Unaudited)

Asset Allocation (As a % of Investment Portfolio)	12/31/19		12/31/18
Government & Agency Obligations		79%		62%
Repurchase Agreements		21%		38%
		100%		100%
Weighted Average Maturity	12/31/19		12/31/18
Deutsche DWS Variable Series II — DWS Government Money Market VIP		29 days		25 days
iMoneyNet Money Fund AverageTM — Gov’t & Agency Retail*		29 days		28 days

* The Fund is compared to its respective iMoneyNet Money Fund Average category: Gov’t & Agency Retail — Category includes the most broadly based of the government retail funds. These funds may invest in U.S. Treasury securities, securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities.

Weighted average maturity, also known as effective maturity, is the weighted average of the maturity date of bonds held by the Fund taking into consideration any available maturity shortening features.

Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund’s investment portfolio, see page 6.

Following the Fund’s fiscal first and thirdquarter-end, a complete portfolio holdings listing was filed with the SEC on FormN-Q. Effective from and after the Fund’s third fiscal quarter-end of 2019, Form N-Q is rescinded and will not be filed with the SEC. In addition, each month, information about the Fund and its portfolio holdings is filed with the SEC on FormN-MFP. The SEC delays the public availability of the information filed on FormN-MFP for 60 days after the end of the reporting period included in the filing. These forms will be available on the SEC’s Web site at sec.gov. The Fund’s portfolio holdings are also posted on dws.com as of each month-end. Please see the Fund’s current prospectus for more information.

Deutsche DWS Variable Series II — DWS Government Money Market VIP | 5

Investment Portfolio as of December 31, 2019

	Principal Amount ($)		Value ($)
Government & Agency Obligations 79.0%
U.S. Government Sponsored Agencies 58.8%
Federal Farm Credit Bank:
1-month LIBOR minus 0.050%, 1.644%*, 2/4/2020		1,180,000		1,180,000
1-month LIBOR minus 0.035%, 1.73%*, 8/20/2020		1,500,000		1,500,000
1-month LIBOR minus 0.050%, 1.742%*, 2/25/2020		500,000		499,996
1-month LIBOR minus 0.025%, 1.78%*, 5/29/2020		500,000		499,990
1-month LIBOR minus 0.020%, 1.785%*, 4/30/2020		2,000,000		2,000,000
Federal Home Loan Bank:
SOFR plus 0.025%, 1.565%*, 4/22/2020		1,000,000		1,000,000
SOFR plus 0.030%, 1.57%*, 11/6/2020		1,750,000		1,750,000
SOFR plus 0.035%, 1.575%*, 2/21/2020		1,000,000		1,000,000
SOFR plus 0.035%, 1.575%*, 5/8/2020		1,000,000		1,000,000
SOFR plus 0.035%, 1.575%*, 6/19/2020		1,250,000		1,250,000
SOFR plus 0.040%, 1.58%*, 2/9/2021		1,000,000		1,000,000
SOFR plus 0.050%, 1.59%*, 1/22/2021		300,000		300,000
SOFR plus 0.050%, 1.59%*, 1/28/2021		2,500,000		2,500,000
1.591%**, 2/19/2020		2,500,000		2,494,661
SOFR plus 0.065%, 1.605%*, 2/26/2021		1,500,000		1,500,000
1.618%**, 2/26/2020		1,500,000		1,496,276
SOFR plus 0.105%, 1.645%*, 10/1/2020		500,000		500,000
1-month LIBOR minus 0.010%, 1.681%*, 9/1/2020		650,000		650,000
1-month LIBOR minus 0.055%, 1.685%*, 1/14/2020		500,000		500,000
3-month LIBOR minus 0.195%, 1.714%*, 2/14/2020		1,000,000		1,000,000
1-month LIBOR minus 0.020%, 1.716%*, 5/12/2020		750,000		750,000
1-month LIBOR minus 0.025%, 1.74%*, 4/20/2020		1,250,000		1,250,000
3-month LIBOR minus 0.200%, 1.801%*, 1/16/2020		1,000,000		1,000,000
3-month LIBOR minus 0.200%, 1.81%*, 1/10/2020		1,000,000		1,000,000
1.813%**, 4/1/2020		2,500,000		2,488,701
Federal Home Loan Bank Discount Notes:
SOFR plus 0.040%, 1.58%*, 9/10/2020		1,000,000		1,000,000
1.59%**, 5/22/2020		3,250,000		3,229,899
1.591%**, 5/20/2020		3,000,000		2,981,695
1.593%**, 2/21/2020		2,000,000		1,995,549
1.602%**, 3/10/2020		2,000,000		1,993,943
1.621%**, 5/29/2020		3,000,000		2,980,146
1.663%**, 1/31/2020		1,500,000		1,497,950
1.678%**, 1/21/2020		1,500,000		1,498,621
1.916%**, 3/20/2020		1,250,000		1,244,816

	Principal Amount ($)		Value ($)
Federal Home Loan Mortgage Corp.:
SOFR, 1.54%*, 2/12/2020		3,750,000		3,750,000
SOFR plus 0.005%, 1.545%*, 5/13/2020		1,000,000		1,000,000
SOFR plus 0.010%, 1.55%*, 2/21/2020		1,500,000		1,500,000
SOFR plus 0.020%, 1.56%*, 2/28/2020		1,000,000		1,000,000
SOFR plus 0.030%, 1.57%*, 5/8/2020		750,000		750,000
SOFR plus 0.030%, 1.57%*, 6/2/2020		1,500,000		1,500,000
SOFR plus 0.030%, 1.57%*, 6/4/2020		3,500,000		3,500,000
SOFR plus 0.030%, 1.57%*, 8/21/2020		2,250,000		2,250,000
SOFR plus 0.030%, 1.57%*, 1/22/2021		1,200,000		1,200,000
1.592%**, 4/17/2020		2,500,000		2,488,334
1.713%**, 2/20/2020		1,500,000		1,496,479
Federal National Mortgage Association:
SOFR plus 0.040%, 1.58%*, 1/29/2021		1,500,000		1,500,000
SOFR plus 0.060%, 1.6%*, 7/30/2020		400,000		400,000
SOFR plus 0.075%, 1.615%*, 10/30/2020		750,000		750,000
SOFR plus 0.100%, 1.64%*, 4/30/2020		250,000		250,000
				71,867,056
U.S. Treasury Obligations 20.2%
U.S. Treasury Bills:
1.65%**, 4/16/2020		1,000,000		995,209
1.659%**, 1/30/2020		3,000,000		2,996,046
1.678%**, 1/9/2020		500,000		499,816
1.695%**, 4/9/2020		500,000		497,700
1.713%**, 4/9/2020		500,000		497,677
1.81%**, 4/2/2020		1,000,000		995,437
1.866%**, 1/2/2020		1,000,000		999,949
1.886%**, 3/26/2020		500,000		497,804
U.S. Treasury Floating Rate Notes:
3-month U.S. Treasury Bill Money Market Yield, 1.526%*, 1/31/2020		4,500,000		4,499,613
3-month U.S. Treasury Bill Money Market Yield plus 0.033%, 1.559%*, 4/30/2020		4,750,000		4,748,880
3-month U.S. Treasury Bill Money Market Yield plus 0.043%, 1.569%*, 7/31/2020		2,500,000		2,499,482
3-month U.S. Treasury Bill Money Market Yield plus 0.045%, 1.571%*, 10/31/2020		3,500,000		3,497,816
U.S. Treasury Notes:
1.125%, 4/30/2020		500,000		499,209
1.375%, 4/30/2020		1,000,000		999,238
				24,723,876
Total Government & Agency Obligations (Cost $96,590,932)				96,590,932

The accompanying notes are an integral part of the financial statements.

6 | Deutsche DWS Variable Series II — DWS Government Money Market VIP

	Principal Amount ($)		Value ($)
Repurchase Agreements 20.9%
Wells Fargo Bank, 1.57%, dated 12/31/2019, to be repurchased at $25,502,224 on 1/2/2020 (a) (Cost $25,500,000)		25,500,000		25,500,000
	% of Net Assets		Value ($)
Total Investment Portfolio (Cost $122,090,932)		99.9		122,090,932
Other Assets and Liabilities, Net		0.1		178,650
Net Assets		100.0		122,269,582

* Floating rate security. These securities are shown at their current rate as of December 31, 2019.

** Annualized yield at time of purchase; not a coupon rate.

(a) Collateralized by:

Principal Amount ($)		Security	Rate (%)	Maturity Date	Collateral Value ($)
	1,416	Federal Home Loan Mortgage Corp.	4	2/1/2049		1,483
	25,358,460	Federal National Mortgage Association	2 – 5	1/1/2029 – 11/1/2049		26,008,517
	Total Collateral Value					26,010,000

LIBOR: London Interbank Offered Rate

SOFR: Secured Overnight Financing Rate

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. Securities held by the Fund are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.

The following is a summary of the inputs used as of December 31, 2019 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Investments in Securities (b)	$	—	$	96,590,932	$	—	$	96,590,932
Repurchase Agreements		—		25,500,000		—		25,500,000
Total	$	—	$	122,090,932	$	—	$	122,090,932

(b) See Investment Portfolio for additional detailed categorizations.

The accompanying notes are an integral part of the financial statements.

Deutsche DWS Variable Series II — DWS Government Money Market VIP | 7

Statement of Assets and Liabilities

as of December 31, 2019
Assets
Investments in securities, valued at amortized cost	$	96,590,932
Repurchase Agreements, valued at amortized cost		25,500,000
Cash		41,532
Receivable for Fund shares sold		206,884
Interest receivable		129,408
Other assets		2,797
Total assets		122,471,553
Liabilities
Payable for Fund shares redeemed		4,009
Distributions payable		59,137
Accrued management fee		25,065
Accrued Trustees’ fees		2,796
Other accrued expenses and payables		110,964
Total liabilities		201,971
Net assets, at value	$	122,269,582
Net Assets Consist of
Distributable earnings (loss)		14,866
Paid-in capital		122,254,716
Net assets, at value	$	122,269,582
Class A Net Asset Value
Net asset value, offering and redemption price per share ($122,269,582 ÷ 122,338,432 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	1.00

Statement of Operations

for the year ended December 31, 2019
Investment Income
Income:
Interest	$	2,457,147
Expenses:
Management fee		261,153
Administration fee		111,129
Services to Shareholders		2,693
Custodian fee		8,434
Professional fees		50,463
Reports to shareholders		74,009
Trustees’ fees and expenses		7,651
Other		12,077
Total expenses before expense reductions		527,609
Expense reductions		(120	)
Total expenses after expense reductions		527,489
Net investment income		1,929,658
Net realized gain (loss) from investments		42
Net increase (decrease) in net assets resulting from operations	$	1,929,700

The accompanying notes are an integral part of the financial statements.

8 | Deutsche DWS Variable Series II — DWS Government Money Market VIP

Statements of Changes in Net Assets

	Years Ended December 31,
Increase (Decrease) in Net Assets	2019			2018
Operations:
Net investment income (loss)	$	1,929,658		$	1,437,915
Net realized gain (loss)		42			(141	)
Net increase (decrease) in net assets resulting from operations		1,929,700			1,437,774
Distributions to shareholders :
Class A		(1,929,596	)		(1,437,977	)
Fund share transactions:
Class A
Proceeds from shares sold		121,681,165			122,763,991
Reinvestment of distributions		1,949,598			1,393,905
Payments for shares redeemed		(108,541,061	)		(128,197,879	)
Net increase (decrease) in net assets from Class A share transactions		15,089,702			(4,039,983	)
Increase (decrease) in net assets		15,089,806			(4,040,186	)
Net assets at beginning of period		107,179,776			111,219,962
Net assets at end of period	$	122,269,582		$	107,179,776
Other Information:
Class A
Shares outstanding at beginning of period		107,248,730			111,288,713
Shares sold		121,681,165			122,763,991
Shares issued to shareholders in reinvestment of distributions		1,949,598			1,393,905
Shares redeemed		(108,541,061	)		(128,197,879	)
Net increase (decrease) in Fund shares		15,089,702			(4,039,983	)
Shares outstanding at end of period		122,338,432			107,248,730

The accompanying notes are an integral part of the financial statements.

Deutsche DWS Variable Series II — DWS Government Money Market VIP | 9

Financial Highlights

	Years Ended December 31,
Class A	2019			2018			2017			2016			2015
Selected Per Share Data
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from investment operations:
Net investment income		.018			.014			.005			.001	b		.000	*
Net realized gain (loss)		.000	*		(.000	)*		.000	*		.000	*		(.000	)*
Total from investment operations		.018			.014			.005			.001			.000	*
Less distributions from:
Net investment income		(.018	)		(.014	)		(.005	)		(.001	)		(.000	)*
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return (%)		1.77	a		1.39	a		.45			.05	a,b		.01	a
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		122			107			111			122			134
Ratio of expenses before expense reductions (%)c		.47			.50			.48			.51			.49
Ratio of expenses after expense reductions (%)c		.47			.50			.48			.44			.25
Ratio of net investment income (%)		1.74			1.37			.45			.05	b		.01

^a  Total return would have been lower had certain expenses not been reduced.

^b  Includes anon-recurring payment for overbilling of prior years’ custodianout-of-pocket fees. Excluding this payment, net investment income per share, total return, and ratio of net investment income to average net assets would have been reduced by $0.0004, 0.04%, and 0.04%, respectively.

^c  Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option.

^*  Amount is less than $.0005.

The accompanying notes are an integral part of the financial statements.

10 | Deutsche DWS Variable Series II — DWS Government Money Market VIP

Notes to Financial Statements

A. Organization and Significant Accounting Policies

DWS Government Money Market VIP (the “Fund”) is a diversified series of Deutsche DWS Variable Series II (the “Trust”), which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as anopen-end management investment company organized as a Massachusetts business trust.

The Fund’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) which require the use of management estimates. Actual results could differ from those estimates. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements.

Security Valuation. 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 Fund values all securities utilizing the amortized cost method permitted in accordance with Rule2a-7 under the 1940 Act and certain conditions therein. Under this method, which does not take into account unrealized capital gains or losses on securities, an instrument is initially valued at its cost and thereafter assumes a constant accretion/amortization rate to maturity of any discount or premium. Securities held by the Fund are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.

Disclosure about the classification of fair value measurements is included in a table following the Fund’s Investment Portfolio.

Repurchase Agreements. The Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, with certain banks and broker/dealers whereby the Fund, through its custodian or asub-custodian bank, receives delivery of the underlying securities, the amount of which at the time of purchase and each subsequent business day is required to be maintained at such a level that the value is equal to at least the principal amount of the repurchase price plus accrued interest. The custodian bank or another designatedsub-custodian holds the collateral in a separate account until the agreement matures. If the value of the securities falls below the principal amount of the repurchase agreement plus accrued interest, the financial institution deposits additional collateral by the following business day. If the financial institution either fails to deposit the required additional collateral or fails to repurchase the securities as agreed, the Fund has the right to sell the securities and recover any resulting loss from the financial institution. If the financial institution enters into bankruptcy, the Fund’s claim on the collateral may be subject to legal proceedings.

As of December 31, 2019, the Fund held repurchase agreements with a gross value of $25,500,000. The value of the related collateral exceeded the value of the repurchase agreements at period end. The detail of the related collateral is included in the footnotes following the Fund’s Investment Portfolio.

Federal Income Taxes. The Fund’s policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies and to distribute all of its taxable income to its shareholders.

At December 31, 2019, the Fund had $99 of short-term tax basis capital loss carryforwards, which may be applied against realized net taxable capital gains indefinitely.

The Fund has reviewed the tax positions for the open tax years as of December 31, 2019 and has determined that no provision for income tax and/or uncertain tax positions is required in the Fund’s financial statements. The Fund’s federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

Distribution of Income and Gains. Net investment income of the Fund is declared as a daily dividend and is distributed to shareholders monthly. The Fund may take into account capital gains and losses in its daily dividend declarations. The Fund may also make additional distributions for tax purposes if necessary.

Deutsche DWS Variable Series II — DWS Government Money Market VIP | 11

Permanent book and tax differences relating to shareholder distributions will result in reclassifications topaid-in capital. Temporary book and tax differences will reverse in a subsequent period. There were no significant book to tax differences for the Fund.

At December 31, 2019, the Fund’s components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$	14,965
Capital loss carryforwards	$	(99	)

At December 31, 2019, the aggregate cost of investments for federal income tax purposes was $122,090,932.

In addition, the tax character of distributions paid by the Fund is summarized as follows:

	Years Ended December 31,
	2019		2018
Distributions from ordinary income	$	1,929,596	$	1,437,977

Expenses. Expenses of the Trust arising in connection with a specific fund are allocated to that fund. Other Trust expenses which cannot be directly attributed to a fund are apportioned among the funds in the Trust based upon the relative net assets or other appropriate measures.

Contingencies. In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.

Other. Investment transactions are accounted for on a trade date. Interest income is recorded on the accrual basis. Realized gains and losses from investment transactions are recorded on an identified cost basis. All discounts and premiums are accreted/amortized for both tax and financial reporting purposes.

B. Related Parties

Management Agreement. Under the Investment Management Agreement with DWS Investment Management Americas, Inc. (“DIMA” or the “Advisor”), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”), the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund.

Pursuant to the Investment Management Agreement with the Advisor, the Fund pays the Advisor a monthly management fee based on its average daily net assets, computed and accrued daily and payable monthly, at the following annual rates:

First $500 million	.235	%
Next $500 million	.220	%
Next $1.0 billion	.205	%
Over $2.0 billion	.190	%

Accordingly, for the year ended December 31, 2019, the fee pursuant to the Investment Management Agreement was equivalent to an annual rate (exclusive of any applicable waivers/reimbursements) of 0.235% of the Fund’s average daily net assets.

For the period from January 1, 2019 through September 30, 2020, the Advisor has contractually agreed to waive its fee and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) at 0.51%.

For the year ended December 31, 2019, fees waived and/or expenses reimbursed amounted to $120.

Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays DIMA an annual fee (“Administration Fee”) of 0.10% of the Fund’s average daily net assets, computed and accrued daily and payable monthly. For the year ended December 31, 2019 the Administration Fee was $111,129, of which $10,666 is unpaid.

12 | Deutsche DWS Variable Series II — DWS Government Money Market VIP

Service Provider Fees. DWS Service Company (“DSC”), an affiliate of the Advisor, is the transfer agent,dividend-paying agent and shareholder service agent for the Fund. Pursuant to asub-transfer agency agreement between DSC and DST Systems, Inc. (“DST”), DSC has delegated certain transfer agent,dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the year ended December 31, 2019, the amounts charged to the Fund by DSC aggregated $2,237, of which $414 is unpaid.

Typesetting and Filing Service Fees. Under an agreement with the Fund, DIMA is compensated for providing certainpre-press and regulatory filing services to the Fund. For the year ended December 31, 2019, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders” aggregated $7,946, of which $3,040 is unpaid.

Trustees’ Fees and Expenses. The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.

C. Ownership of the Fund

At December 31, 2019, four participating insurance companies were owners of record of 10% or more of the total outstanding Class A shares of the Fund, each owning 37%, 16%,15% and 13%.

D. Line of Credit

The Fund and other affiliated funds (the “Participants”) share in a $400 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a rate per annum equal to the sum of the Federal Funds Rate, plus 1.25 percent plus if theone-month LIBOR exceeds the Federal Funds Rate, the amount of such excess. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at December 31, 2019.

Deutsche DWS Variable Series II — DWS Government Money Market VIP | 13

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Deutsche DWS Variable Series II and Shareholders of DWS Government Money Market VIP:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of DWS Government Money Market VIP (the “Fund”) (one of the funds constituting Deutsche DWS Variable Series II) (the “Trust”), including the investment portfolio, as of December 31, 2019, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Deutsche DWS Variable Series II) at December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

Boston, Massachusetts

February 14, 2020

14 | Deutsche DWS Variable Series II — DWS Government Money Market VIP

Information About Your Fund’s Expenses (Unaudited)

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees and other Fund expenses. Examples of transaction costs include contract charges, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. The example in the table is based on an investment of $1,000 invested at the beginning of thesix-month period and held for the entire period (July 1, 2019 to December 31, 2019).

The tables illustrate your Fund’s expenses in two ways:

– Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund’s actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Expenses Paid per $1,000” line under the share class you hold.

– Hypothetical 5% Fund Return. This helps you to compare your Fund’s ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund’s actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical Fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The “Expenses Paid per $1,000” line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. If these transaction costs had been included, your costs would have been higher.

Expenses and Value of a $1,000 Investment for the six months ended December 31, 2019
Actual Fund Return		Class A
Beginning Account Value 7/1/19	$	1,000.00
Ending Account Value 12/31/19	$	1,007.90
Expenses Paid per $1,000*	$	2.28
Hypothetical 5% Fund Return		Class A
Beginning Account Value 7/1/19	$	1,000.00
Ending Account Value 12/31/19	$	1,022.94
Expenses Paid per $1,000*	$	2.29

* Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recentsix-month period), then divided by 365.

Annualized Expense Ratio	Class A
Deutsche DWS Variable Series II — DWS Government Money Market VIP		.45	%

For more information, please refer to the Fund’s prospectus.

These tables do not reflect charges and fees (“contract charges”) associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option.

For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to the current and hypothetical expense calculators for Variable Insurance Products which can be found at dws.com/calculators.

Deutsche DWS Variable Series II — DWS Government Money Market VIP | 15

Tax Information (Unaudited)

Please consult a tax advisor if you have questions about federal or state income tax laws, or on how to prepare your tax returns. If you have specific questions about your account, please contact your insurance provider.

Proxy Voting

The Trust’s policies and procedures for voting proxies for portfolio securities and information about how the Trust voted proxies related to its portfolio securities during the most recent12-month period ended June 30 are available on our Web site — dws.com/en-us/resources/proxy-voting — or on the SEC’s Web site — sec.gov. To obtain a written copy of the Trust’s policies and procedures without charge, upon request, call us toll free at(800) 728-3337.

16 | Deutsche DWS Variable Series II — DWS Government Money Market VIP

Advisory Agreement Board Considerations and Fee Evaluation

The Board of Trustees (hereinafter referred to as the “Board” or “Trustees”) approved the renewal of DWS Government Money Market VIP’s (the “Fund”) investment management agreement (the “Agreement”) with DWS Investment Management Americas, Inc. (“DIMA”) in September 2019.

In terms of the process that the Board followed prior to approving the Agreement, shareholders should know that:

– During the entire process, all of the Fund’s Trustees were independent of DIMA and its affiliates (the “Independent Trustees”).

– The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board’s Contract Committee reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Trustees (the “Fee Consultant”). Based on its evaluation of the information provided, the Contract Committee presented its findings and recommendations to the Board. The Board then reviewed the Contract Committee’s findings and recommendations.

– The Board also received extensive information throughout the year regarding performance of the Fund.

– The Independent Trustees regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.

– In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund’s distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.

In connection with the contract review process, the Contract Committee and the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund. DIMA is part of DWS Group GmbH & Co. KGaA (“DWS Group”). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. In 2018, approximately 20% of DWS Group’s shares were sold in an initial public offering, with Deutsche Bank AG owning the remaining shares.

As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund’s performance. In many cases, this led to the negotiation and implementation of expense caps. As part of these negotiations, the Board indicated that it would consider relaxing these caps in future years following sustained improvements in performance, among other considerations.

While shareholders may focus primarily on fund performance and fees, the Fund’s Board considers these and many other factors, including the quality and integrity of DIMA’s personnel and administrative support services provided by DIMA, such as back-office operations, fund valuations, and compliance policies and procedures.

Nature, Quality and Extent of Services. The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board reviewed the Fund’s performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including a peer universe compiled using information supplied by iMoneyNet, an independent fund data service. The Board also noted that it has put into place a process of identifying “Funds in Review” (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA’s plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for theone-

Deutsche DWS Variable Series II — DWS Government Money Market VIP | 17

and three-year periods ended December 31, 2018, the Fund’s gross performance (Class A shares) was in the 1st quartile of the applicable iMoneyNet universe (the 1st quartile being the best performers and the 4th quartile being the worst performers).

Fees and Expenses. The Board considered the Fund’s investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. (“Broadridge”) and the Fee Consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.10% fee paid to DIMA under the Fund’s administrative services agreement, were lower than the median (2nd quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2018). Based on Broadridge data provided as of December 31, 2018, the Board noted that the Fund’s Class A shares total operating expenses were higher than the median (4th quartile) of the applicable Broadridge expense universe (less any applicable12b-1 fees). The Board noted the expense limitation agreed to by DIMA. The Board also noted the voluntary fee waivers implemented by DIMA prior to December 31, 2017 to ensure the Fund maintained a positive yield. The Board considered the Fund’s management fee rate as compared to fees charged by DIMA to comparable DWS U.S. registered funds (“DWS Funds”) and considered differences between the Fund and the comparable DWS Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including anysub-advised funds and accounts) and funds offered primarily to European investors (“DWS Europe Funds”) managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA.

Profitability. The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs to DIMA, andpre-tax profits realized by DIMA, from advising the DWS Funds, as well as estimates of thepre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board and the Fee Consultant reviewed DIMA’s methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that thepre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that, while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates’ overall profitability with respect to the DWS Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of most comparable firms for which such data was available.

Economies of Scale. The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. The Board noted that the Fund’s investment management fee schedule includes fee breakpoints. The Board concluded that the Fund’s fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

Other Benefits to DIMA and Its Affiliates. The Board also considered the character and amount of other incidental or“fall-out” benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund and any fees received by an affiliate of DIMA for transfer agency services provided to the Fund. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities. In addition, the Board considered the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Fund’s management fees were reasonable.

Compliance. The Board considered the significant attention and resources dedicated by DIMA to its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA’s and the Fund’s chief compliance officers and (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel.

18 | Deutsche DWS Variable Series II — DWS Government Money Market VIP

Based on all of the information considered and the conclusions reached, the Board determined that the continuation of the Agreement is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Trustees and counsel present. It is possible that individual Independent Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement.

Deutsche DWS Variable Series II — DWS Government Money Market VIP | 19

Board Members and Officers

The following table presents certain information regarding the Board Members and Officers of the Trust/Corporation. Each Board Member’s year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA02199-3600. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the Trust/Corporation. Because the Fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period.

The Board Members may also serve in similar capacities with other funds in the fund complex. The number of funds in DWS fund complex shown in the table below includes all registered open- and closed-end funds (including all of their portfolios) advised by the Advisor and any registered funds that have an investment advisor that is an affiliated person of the Advisor.

Independent Board Members
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen		Other Directorships Held by Board Member
Keith R. Fox, CFA (1954) Chairperson since 2017, and Board Member since 1996	Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: ICI Mutual Insurance Company; Progressive International Corporation (kitchen goods importer and distributor); former Chairman, National Association of Small Business Investment Companies; former Directorships: The Kennel Shop (retailer); BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) (2011–2012)		77	—
John W. Ballantine (1946) Board Member since 1999	Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); former Directorships: Director and Chairman of the Board, Healthways, Inc.2 (population well-being and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak Brook Bank; and Prisma Energy International. Not-for-Profit Director/Trustee: Palm Beach Civic Association; Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; former Not-for-Profit Directorships: Public Radio International		77	Portland General Electric2 (utility company) (2003– present)
Dawn-Marie Driscoll (1946) Board Member since 1987	Emeritus Executive Fellow, Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988). Directorships: Advisory Board, Center for Business Ethics, Bentley University; Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)		77	—
Richard J. Herring (1946) Board Member since 1990	Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (since July 1972); Director, The Wharton Financial Institutions Center (since 1994); formerly: Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee since 2011, member Systemic Risk Council since 2012 and member of the Advisory Board at the Yale Program on Financial Stability since 2013; Formerly Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), and Nonexecutive Director of Barclays Bank DE (2010–2018)		77	Director, Aberdeen Japan Fund (since 2007)

20 | Deutsche DWS Variable Series II — DWS Government Money Market VIP

Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen		Other Directorships Held by Board Member
William McClayton (1944) Board Member since 2004	Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001–2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966–2001); Trustee, Ravinia Festival		77	—
Rebecca W. Rimel (1951) Board Member since 1995	President, Chief Executive Officer and Director, The Pew Charitable Trusts (charitable organization) (1994–present); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012)		77	Director, Becton Dickinson and Company2 (medical technology company) (2012– present); Director, BioTelemetry Inc.2(health care) (2009– present)
William N. Searcy, Jr. (1946) Board Member since 1993	Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2(telecommunications) (November 1989–September 2003); Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012)		77	—

Officers4
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served5	Business Experience and Directorships During the Past Five Years
Hepsen Uzcan6(1974) President and Chief Executive Officer, 2017–present	Managing Director,3 DWS; Secretary, DWS USA Corporation (2018–present); Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–present); and Director and President, DB Investment Managers, Inc. (2018–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019)
John Millette7(1962) Vice President and Secretary, 1999–present	Director,3DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); and Assistant Secretary, DBX ETF Trust (2019–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017)
Diane Kenneally7(1966) Chief Financial Officer and Treasurer, 2018–present	Director,3 DWS; and Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); formerly: Assistant Treasurer for the DWS funds (2007–2018)
Paul Antosca7(1957) Assistant Treasurer, 2007–present	Director,3DWS; and Assistant Treasurer, DBX ETF Trust (2019–present)
Sheila Cadogan7(1966) Assistant Treasurer, 2017–present	Director,3DWS; Director and Vice President, DWS Trust Company (2018–present); and Assistant Treasurer, DBX ETF Trust (2019–present)
Scott D. Hogan7(1970) Chief Compliance Officer, 2016–present	Director,3DWS
Caroline Pearson7(1962) Chief Legal Officer, 2010–present	Managing Director,3DWS; formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); and Secretary, Deutsche AM Service Company (2010–2017)
Wayne Salit6(1967) Anti-Money Laundering Compliance Officer, 2014–present	Director,3 Deutsche Bank; and AML Officer, DWS Trust Company; formerly: Managing Director, AML Compliance Officer at BNY Mellon (2011–2014); and Director, AML Compliance Officer at Deutsche Bank (2004–2011)
Ciara Crawford8 (1984) Assistant Secretary, (2019–present)	Associate, DWS (since 2015); previously, Legal Assistant at Accelerated Tax Solutions.

Deutsche DWS Variable Series II — DWS Government Money Market VIP | 21

¹  The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board.

²  A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.

³  Executive title, not a board directorship.

⁴  As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund.

⁵  The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds.

⁶  Address: 875 Third Avenue, New York, NY 10022.

⁷  Address: One International Place, Boston, MA 02110.

⁸  Address: 5022 Gate Parkway, Suite 400, Jacksonville, FL 32256.

The Fund’s Statement of Additional Information (“SAI”) includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the followingtoll-free number:(800) 728-3337.

22 | Deutsche DWS Variable Series II — DWS Government Money Market VIP

Notes

VS2GMM-2 (R-025834-9 2/20)

December 31, 2019

Annual Report

Deutsche DWS Variable Series II

DWS High Income VIP

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, you may not be receiving paper copies of the Fund’s shareholder reports from the insurance company that offers your contract unless you specifically request paper copies from your insurance company or from your financial intermediary. Instead, the shareholder reports will be made available on a Web site, and your insurance company will notify you by mail each time a report is posted and provide you with a Web site link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from your insurance company electronically by following the instructions provided by your insurance company.

You may elect to receive all future reports in paper free of charge from your insurance company. If your insurance company informs you that future reports will be delivered via Web access, you can inform your insurance company that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by your insurance company.

Contents

3	Performance Summary
4	Management Summary
6	Portfolio Summary
7	Investment Portfolio
14	Statement of Assets and Liabilities
14	Statement of Operations
15	Statements of Changes in Net Assets
16	Financial Highlights
17	Notes to Financial Statements
23	Report of Independent Registered Public Accounting Firm
24	Information About Your Fund’s Expenses
25	Tax Information
25	Proxy Voting
26	Advisory Agreement Board Considerations and Fee Evaluation
29	Board Members and Officers

This report must be preceded or accompanied by a prospectus. To obtain an additional prospectus or summary prospectus, if available, call (800) 728-3337 or your financial representative. We advise you to consider the Fund’s objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the Fund. Please read the prospectus carefully before you invest.

Bond investments are subject to interest-rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Investments in lower-quality (“junk bonds”) and non-rated securities present greater risk of loss than investments in higher-quality securities. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. The Fund may lend securities to approved institutions. Please read the prospectus for details.

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.

DWS Distributors, Inc., 222 South Riverside Plaza, Chicago, IL 60606, (800) 621-1148

NOT FDIC/NCUA INSURED     NO BANK GUARANTEE     MAY LOSE VALUE     NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

2 | Deutsche DWS Variable Series II — DWS High Income VIP

Performance Summary December 31, 2019 (Unaudited)

Fund performance shown is historical, assumes reinvestment of all dividend and capital gain distributions and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions so that, when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Please contact your participating insurance company for the Fund’s most recent month-end performance. Performance does not reflect charges and fees (“contract charges”) associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. These charges and fees will reduce returns. While all share classes have the same underlying portfolio, their performance will differ.

The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated May 1, 2019 are 0.94% and 1.34% for Class A and Class B shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

Growth of an Assumed $10,000 Investment

ICE BofAML US High Yield Index (formerly BofAML US High Yield Master II Constrained Index) tracks the performance of US dollar denominated below investment grade corporate debt publicly issued in the US domestic market.   Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

Comparative Results
DWS High Income VIP		1-Year	3-Year	5-Year	10-Year
Class A	Growth of $10,000	$11,569	$12,124	$13,077	$19,479
	Average annual total return	15.69%	6.63%	5.51%	6.89%
ICE BofAML US High Yield Index (formerly BofAML US High Yield Master II Constrained Index)	Growth of $10,000	$11,441	$12,019	$13,469	$20,580
	Average annual total return	14.41%	6.32%	6.14%	7.48%
DWS High Income VIP		1-Year	3-Year	5-Year	10-Year
Class B	Growth of $10,000	$11,533	$12,023	$12,877	$18,904
	Average annual total return	15.33%	6.33%	5.19%	6.57%
ICE BofAML US High Yield Index (formerly BofAML US High Yield Master II Constrained Index)	Growth of $10,000	$11,441	$12,019	$13,469	$20,580
	Average annual total return	14.41%	6.32%	6.14%	7.48%

The growth of $10,000 is cumulative.

Deutsche DWS Variable Series II — DWS High Income VIP | 3

Management Summary December 31, 2019 (Unaudited)

The Fund returned 15.69% in 2019 (Class A shares, unadjusted for contract charges), outperforming the 14.41% return of its benchmark, the ICE BofA ML U.S. High Yield Index. Much of the gain for high yield occurred in the first calendar quarter, when the market strongly rebounded from pronounced weakness in late 2018. The positive market sentiment was driven by a number of factors, including a shift to more dovish stance by global central banks and expectations for a resolution to global trade conflicts.

In terms of the Fund’s broad positioning, an overweight in the outperforming cable and satellite industry contributed to performance, as did an overweight in wireless communications. However, an underweight in technology, which outperformed the index, detracted. From a ratings perspective, an overweight in BB rated securities aided results despite their relative weakness in the “risk on” market of the fourth quarter.

At the individual security level, an overweight position in the telecommunications company Altice France SA was a key contributor performance. The bonds moved higher after the company posted solid results and issued new bonds to repay near-term maturities. An overweight in Vistra Operations Co. LLC, a power generation firm whose bonds outperformed as its improving credit profile resulted in multiple upgrades to its credit rating, also contributed. An overweight in the healthcare firm HCA, Inc. further benefited performance. The bonds traded higher as the company reported better results and was upgraded to an investment-grade rating.

An underweight in the health care services provider Community Health Systems, Inc., whose bonds rallied as the company divested hospitals and used the proceeds to strengthen its balance sheet, detracted. Underweights in the finance companies Springleaf Finance Corp. and Navient Corp. also hurt Fund performance. The outstanding bonds of the two issuers performed well after the companies refinanced near-term maturities by issuing new debt with favorable terms.

The Fund used derivatives to hedge its modest euro exposure back into U.S. dollars, which had no impact on relative performance. While we use derivatives periodically for specific purposes, they are not a core aspect of our strategy.

We retained a constructive view on the high-yield market atyear-end. U.S. economic growth remained slow, but we saw a low probability of recession in the near term. Credit fundamentals for high-yield issuers were largely positive, and we did not anticipate an increase in default rates. The use of proceeds from new issuance was focused on refinancing, diminishing refinancing risk for high-yield issuers and alleviating concerns about a large wall of near-term maturities. This trend further contributed to expectations for low defaults.

An expansion of geopolitical risks, including the possibility of a broader conflict in the Middle East, represents a potential disruption to this view. Additionally, are-escalation of trade tensions between the United States and China or the failure to reach a“phase-two” agreement could dampen the outlook for global economic growth. While we believe the U.S. Federal Reserve is likely to remain accommodative at least through the 2020 election, the possibility of poorly communicated Fed policy could provide a headwind for risk assets, including high yield. We continue to monitor the overall credit quality and covenant terms ofnew-issue bonds, as we view an increase in the equity-friendly use of proceeds as a possible source of market disruption once the business cycle turns and credit conditions tighten.

We believe the fourth-quarter strength in high yield, which drove the category’s yield spread over U.S. Treasuries to12-month lows in December, created more challenging conditions in which to find investments with the potential for favorable risk-adjusted total returns. In this environment, we believe fundamental credit analysis remains necessary to identify securities with attractive total return potential relative to the underlying risks. In addition, we seek to recognize broader investment themes that can translate to opportunities from sector allocation.

Gary Russell, CFA, Managing Director

Thomas R. Bouchard, Director

Lonnie Fox, Director

Portfolio Managers

The views expressed reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance is no guarantee of future results. Current and future portfolio holdings are subject to risk.

4 | Deutsche DWS Variable Series II — DWS High Income VIP

Terms to Know

ICE BofA Merrill Lynch US High Yield Index tracks the performance of U.S. dollar denominated below investment grade corporate debt publicly issued in the US domestic market.

Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner. Rating agencies assign letter designations, such as AAA, AA and so forth. The lower the rating, the higher the probability of default. Credit quality does not remove market risk and is subject to change.

Overweightmeans a fund holds a higher weighting in a given sector or individual security compared with its benchmark index;underweightmeans a fund holds a lower weighting.

Contribution anddetraction incorporate both an investment’s total return and its weighting in the Fund.

Derivatives are contracts whose values can be based on a variety of instruments, including indices, currencies or securities. They can be utilized for a variety of reasons, including for hedging purposes, for risk management, fornon-hedging purposes to seek to enhance potential gains, as a substitute for direct investment in a particular asset class or to keep cash on hand to meet shareholder redemptions. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility.

Deutsche DWS Variable Series II — DWS High Income VIP | 5

Portfolio Summary (Unaudited)

Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral)	12/31/19		12/31/18
Corporate Bonds		96%		83%
Cash Equivalent		4%		8%
Convertible Bonds		0%		3%
Loan Participations and Assignments		0%		6%
Common Stocks		0%		0%
Warrants		0%		0%
		100%		100%
Sector Diversification (As a % of Investment Portfolio excluding Cash Equivalent and Securities Lending Collateral)	12/31/19		12/31/18
Communication Services		24%		23%
Consumer Discretionary		14%		10%
Energy		13%		22%
Materials		12%		17%
Health Care		9%		10%
Industrials		9%		7%
Utilities		6%		3%
Consumer Staples		4%		2%
Real Estate		3%		3%
Information Technology		3%		2%
Financials		3%		1%
		100%		100%
Quality (As a % of Investment Portfolio excluding Cash Equivalent and Securities Lending Collateral)	12/31/19		12/31/18
BBB		5%		10%
BB		61%		56%
B		32%		28%
CCC		2%		2%
Not Rated		0%		4%
		100%		100%

The quality ratings represent the higher of Moody’s Investors Service, Inc. (“Moody’s”), Fitch Ratings, Inc. (“Fitch”) or Standard & Poor’s Corporation (“S&P”) credit ratings. The ratings of Moody’s, Fitch and S&P represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.

Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund’s investment portfolio, see page 7.

Following the Fund’s fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-PORT. The Fund’s Form N-PORT will be available on the SEC’s Web site at sec.gov. The Fund’s portfolio holdings are also posted on dws.com from time to time. Please read the Fund’s current prospectus for more information.

6 | Deutsche DWS Variable Series II — DWS High Income VIP

Investment Portfolio as of December 31, 2019

	Principal Amount ($)(a)		Value ($)
Corporate Bonds 94.4%
Communication Services 23.1%
Altice France SA:
144A, 5.5%, 1/15/2028		200,000		205,510
144A, 7.375%, 5/1/2026		910,000		977,012
144A, 8.125%, 2/1/2027		200,000		225,250
Altice Luxembourg SA, 144A, 10.5%, 5/15/2027		200,000		228,010
AMC Networks, Inc., 4.75%, 8/1/2025		220,000		220,825
CCO Holdings LLC:
144A, 4.75%, 3/1/2030		135,000		137,434
144A, 5.0%, 2/1/2028		150,000		157,398
144A, 5.125%, 5/1/2027		125,000		131,875
144A, 5.375%, 6/1/2029		130,000		139,100
144A, 5.5%, 5/1/2026		210,000		221,288
144A, 5.75%, 2/15/2026		530,000		559,161
144A, 5.875%, 4/1/2024		170,000		175,738
144A, 5.875%, 5/1/2027		200,000		211,500
CenturyLink, Inc.:
144A, 5.125%, 12/15/2026		246,000		250,337
5.625%, 4/1/2025		225,000		239,074
Series W, 6.75%, 12/1/2023		45,000		50,231
Clear Channel Worldwide Holdings, Inc.:
144A, 5.125%, 8/15/2027		320,000		333,216
144A, 9.25%, 2/15/2024		217,000		240,328
CommScope, Inc.:
144A, 5.5%, 3/1/2024		130,000		135,525
144A, 8.25%, 3/1/2027		130,000		136,825
CSC Holdings LLC:
144A, 5.5%, 4/15/2027		345,000		370,478
144A, 5.75%, 1/15/2030		200,000		213,500
144A, 6.5%, 2/1/2029		200,000		223,000
144A, 7.5%, 4/1/2028		200,000		226,000
144A, 10.875%, 10/15/2025		230,000		257,025
Diamond Sports Group LLC:
144A, 5.375%, 8/15/2026		279,000		282,223
144A, 6.625%, 8/15/2027 (b)		50,000		48,625
DISH DBS Corp.:
5.875%, 11/15/2024		231,000		236,053
7.75%, 7/1/2026		160,000		169,502
Entercom Media Corp.:
144A, 6.5%, 5/1/2027		96,000		102,720
144A, 7.25%, 11/1/2024		80,000		84,200
Frontier Communications Corp., 144A, 8.0%, 4/1/2027		240,000		250,800
Intelsat Connect Finance SA, 144A, 9.5%, 2/15/2023		90,000		62,973
Intelsat Jackson Holdings SA:
144A, 8.5%, 10/15/2024		251,000		228,618
144A, 9.75%, 7/15/2025		95,000		87,875
Lamar Media Corp., 5.75%, 2/1/2026		140,000		148,386
LCPR Senior Secured Financing DAC, 144A, 6.75%, 10/15/2027		210,000		222,600
Level 3 Financing, Inc.:
144A, 4.625%, 9/15/2027		339,000		347,068
5.25%, 3/15/2026		110,000		114,400
5.375%, 5/1/2025		100,000		103,500

	Principal Amount ($)(a)		Value ($)
Netflix, Inc.:
REG S, 3.625%, 6/15/2030	EUR	100,000		115,255
4.375%, 11/15/2026		330,000		338,250
4.625%, 5/15/2029	EUR	230,000		287,531
4.875%, 4/15/2028		210,000		218,127
5.875%, 2/15/2025		60,000		66,900
5.875%, 11/15/2028		71,000		78,708
Nexstar Broadcasting, Inc., 144A, 5.625%, 7/15/2027		55,000		57,959
Sprint Capital Corp.:
6.875%, 11/15/2028		365,000		393,287
8.75%, 3/15/2032		115,000		139,581
Sprint Corp.:
7.125%, 6/15/2024		165,000		177,994
7.625%, 3/1/2026		135,000		148,878
T-Mobile U.S.A., Inc., 4.75%, 2/1/2028		215,000		225,279
Telecom Italia Capital SA, 6.375%, 11/15/2033		155,000		172,050
Telecom Italia SpA, 144A, 5.303%, 5/30/2024		200,000		215,000
Telefonica Europe BV, REG S, 7.625%, Perpetual (c)	EUR	100,000		125,490
Telesat Canada:
144A, 4.875%, 6/1/2027		110,000		111,925
144A, 6.5%, 10/15/2027		160,000		166,800
ViaSat, Inc.:
144A, 5.625%, 9/15/2025		55,000		56,650
144A, 5.625%, 4/15/2027		120,000		128,400
Virgin Media Secured Finance PLC:
144A, 5.5%, 8/15/2026		215,000		225,750
144A, 5.5%, 5/15/2029		345,000		365,269
Vodafone Group PLC, 7.0%, 4/4/2079		70,000		82,240
Ziggo BV, 144A, 4.875%, 1/15/2030		290,000		299,370
				12,951,876
Consumer Discretionary 13.1%
1011778 B.C. Unlimited Liability Co., 144A, 4.375%, 1/15/2028		90,000		90,225
American Axle & Manufacturing, Inc.:
6.25%, 4/1/2025		135,000		140,569
6.25%, 3/15/2026		75,000		76,781
American Builders & Contractors Supply Co., Inc., 144A, 4.0%, 1/15/2028		164,000		166,460
Asbury Automotive Group, Inc., 6.0%, 12/15/2024		219,000		226,117
Beacon Roofing Supply, Inc., 144A, 4.5%, 11/15/2026		30,000		30,900
Beazer Homes USA, Inc., 5.875%, 10/15/2027		170,000		171,700
Boyd Gaming Corp.:
144A, 4.75%, 12/1/2027		60,000		62,325
6.0%, 8/15/2026		160,000		171,600
Dana Financing Luxembourg Sarl:
144A, 5.75%, 4/15/2025		155,000		161,975
144A, 6.5%, 6/1/2026		160,000		171,000
Dana, Inc.:
5.375%, 11/15/2027		55,000		56,650
5.5%, 12/15/2024		65,000		66,815

The accompanying notes are an integral part of the financial statements.

Deutsche DWS Variable Series II — DWS High Income VIP | 7

	Principal Amount ($)(a)		Value ($)
Eldorado Resorts, Inc., 6.0%, 9/15/2026		173,000		190,516
Fiat Chrysler Automobiles NV, 5.25%, 4/15/2023		245,000		261,844
HD Supply, Inc., 144A, 5.375%, 10/15/2026		100,000		106,000
Hilton Domestic Operating Co., Inc., 4.875%, 1/15/2030		139,000		147,257
IAA, Inc., 144A, 5.5%, 6/15/2027		75,000		79,687
Korn Ferry, 144A, 4.625%, 12/15/2027		30,000		30,150
Lennar Corp., 5.0%, 6/15/2027		50,000		54,250
Lithia Motors, Inc., 144A, 4.625%, 12/15/2027		140,000		143,900
Mattel, Inc., 144A, 6.75%, 12/31/2025		325,000		349,310
Meritor, Inc., 6.25%, 2/15/2024		75,000		76,852
MGM Resorts International:
5.5%, 4/15/2027		100,000		111,000
5.75%, 6/15/2025		190,000		212,800
NCL Corp. Ltd., 144A, 3.625%, 12/15/2024		200,000		202,750
Newell Brands, Inc., 4.2%, 4/1/2026		640,000		667,363
Outfront Media Capital LLC:
144A, 4.625%, 3/15/2030		30,000		30,525
144A, 5.0%, 8/15/2027		140,000		146,650
Panther BF Aggregator 2 LP:
144A, 4.375%, 5/15/2026	EUR	100,000		117,577
REG S, 4.375%, 5/15/2026	EUR	100,000		117,577
144A, 6.25%, 5/15/2026		55,000		59,263
Penn National Gaming, Inc., 144A, 5.625%, 1/15/2027		80,000		84,544
PetSmart, Inc.:
144A, 7.125%, 3/15/2023		270,000		264,600
144A, 8.875%, 6/1/2025		90,000		88,875
Prestige Brands, Inc., 144A, 5.125%, 1/15/2028		60,000		62,850
PulteGroup, Inc., 6.375%, 5/15/2033		100,000		116,750
Scientific Games International, Inc., 144A, 7.0%, 5/15/2028		165,000		176,962
Sonic Automotive, Inc., 6.125%, 3/15/2027		55,000		57,338
Spectrum Brands, Inc., 144A, 5.0%, 10/1/2029		30,000		30,975
Staples, Inc.:
144A, 7.5%, 4/15/2026		210,000		217,875
144A, 10.75%, 4/15/2027		160,000		162,400
Stars Group Holdings BV, 144A, 7.0%, 7/15/2026		105,000		113,662
Suburban Propane Partners LP, 5.75%, 3/1/2025		105,000		107,887
Taylor Morrison Communities, Inc., 144A, 5.75%, 1/15/2028		170,000		185,300
Tesla, Inc., 144A, 5.3%, 8/15/2025		135,000		130,950
Toll Brothers Finance Corp., 4.35%, 2/15/2028		67,000		69,848
TRI Pointe Group, Inc., 5.25%, 6/1/2027		55,000		57,475
United Rentals North America, Inc., 5.25%, 1/15/2030		80,000		86,104
Viking Cruises Ltd., 144A, 5.875%, 9/15/2027		205,000		219,094

	Principal Amount ($)(a)		Value ($)
WMG Acquisition Corp., 144A, 5.0%, 8/1/2023		75,000		76,688
Wynn Las Vegas LLC, 144A, 5.5%, 3/1/2025		285,000		304,950
Wynn Resorts Finance LLC, 144A, 5.125%, 10/1/2029		5,000		5,363
Yum! Brands, Inc., 144A, 4.75%, 1/15/2030		35,000		36,663
				7,355,541
Consumer Staples 3.4%
Albertsons Companies, Inc.:
144A, 4.625%, 1/15/2027		140,000		139,832
144A, 5.875%, 2/15/2028		60,000		63,750
Cott Holdings, Inc., 144A, 5.5%, 4/1/2025		325,000		339,625
Darling Ingredients, Inc., 144A, 5.25%, 4/15/2027		30,000		31,913
JBS U.S.A. LUX SA:
144A, 5.5%, 1/15/2030		60,000		64,446
144A, 5.75%, 6/15/2025		210,000		217,350
144A, 6.5%, 4/15/2029		132,000		146,689
144A, 6.75%, 2/15/2028		235,000		259,677
Pilgrim’s Pride Corp.:
144A, 5.75%, 3/15/2025		50,000		51,682
144A, 5.875%, 9/30/2027		150,000		162,187
Post Holdings, Inc.:
144A, 5.0%, 8/15/2026		65,000		68,656
144A, 5.5%, 3/1/2025		250,000		261,875
144A, 5.5%, 12/15/2029		110,000		117,293
				1,924,975
Energy 12.8%
Antero Midstream Partners LP:
5.375%, 9/15/2024		95,000		88,113
144A, 5.75%, 3/1/2027		80,000		70,350
144A, 5.75%, 1/15/2028		90,000		78,300
Archrock Partners LP:
144A, 6.25%, 4/1/2028		30,000		30,900
144A, 6.875%, 4/1/2027		110,000		116,325
Cheniere Energy Partners LP:
144A, 4.5%, 10/1/2029		217,000		222,989
5.625%, 10/1/2026		80,000		84,600
Chesapeake Energy Corp., 144A, 11.5%, 1/1/2025 (b)		115,500		109,148
Crestwood Midstream Partners LP:
144A, 5.625%, 5/1/2027		150,000		152,062
6.25%, 4/1/2023		245,000		249,900
DCP Midstream Operating LP, 5.375%, 7/15/2025		387,000		420,862
Endeavor Energy Resources LP:
144A, 5.5%, 1/30/2026		35,000		36,138
144A, 5.75%, 1/30/2028		35,000		36,794
EnLink Midstream Partners LP, 4.4%, 4/1/2024		280,000		271,628
Genesis Energy LP:
6.25%, 5/15/2026		115,000		109,825
6.5%, 10/1/2025		85,000		82,238
Hilcorp Energy I LP:
144A, 5.0%, 12/1/2024		105,000		101,532
144A, 5.75%, 10/1/2025		145,000		141,381
144A, 6.25%, 11/1/2028		105,000		99,750
Holly Energy Partners LP, 144A, 6.0%, 8/1/2024		225,000		234,562

The accompanying notes are an integral part of the financial statements.

8 | Deutsche DWS Variable Series II — DWS High Income VIP

	Principal Amount ($)(a)		Value ($)
Matador Resources Co., 5.875%, 9/15/2026		134,000		134,335
MEG Energy Corp., 144A, 6.5%, 1/15/2025		234,000		243,383
Murphy Oil U.S.A., Inc.:
4.75%, 9/15/2029		115,000		121,448
5.625%, 5/1/2027		65,000		69,713
Nabors Industries, Inc., 5.75%, 2/1/2025		80,000		72,000
NuStar Logistics LP:
5.625%, 4/28/2027		236,000		242,490
6.0%, 6/1/2026		160,000		169,200
Oasis Petroleum, Inc.:
6.875%, 3/15/2022		373,000		359,012
6.875%, 1/15/2023 (b)		60,000		58,650
Parkland Fuel Corp., 144A, 5.875%, 7/15/2027		170,000		182,811
Parsley Energy LLC:
144A, 5.25%, 8/15/2025		55,000		56,513
144A, 5.375%, 1/15/2025		185,000		190,550
144A, 5.625%, 10/15/2027		175,000		185,062
Precision Drilling Corp., 144A, 7.125%, 1/15/2026		110,000		104,500
Range Resources Corp., 5.0%, 8/15/2022		185,000		181,300
Shelf Drilling Holdings Ltd., 144A, 8.25%, 2/15/2025		180,000		171,450
Southwestern Energy Co.:
6.2%, 1/23/2025		60,000		55,032
7.75%, 10/1/2027 (b)		30,000		27,786
Sunoco LP:
5.5%, 2/15/2026		130,000		134,875
5.875%, 3/15/2028		35,000		37,163
6.0%, 4/15/2027		52,000		55,510	��
Targa Resources Partners LP:
5.0%, 1/15/2028		235,000		239,700
5.375%, 2/1/2027		260,000		269,750
144A, 5.5%, 3/1/2030		90,000		92,475
TerraForm Power Operating LLC, 144A, 4.75%, 1/15/2030		135,000		137,363
Transocean Poseidon Ltd., 144A, 6.875%, 2/1/2027		105,000		111,300
USA Compression Partners LP, 6.875%, 4/1/2026		142,000		149,100
Whiting Petroleum Corp.:
5.75%, 3/15/2021		160,000		151,360
6.625%, 1/15/2026		75,000		51,111
WPX Energy, Inc.:
5.25%, 9/15/2024		145,000		154,062
5.25%, 10/15/2027		105,000		110,775
8.25%, 8/1/2023		105,000		120,750
				7,177,926
Financials 2.4%
AmWINS Group, Inc., 144A, 7.75%, 7/1/2026		70,000		77,359
Hertz Corp., 144A, 6.0%, 1/15/2028		220,000		220,000
Intesa Sanpaolo SpA, 144A, 5.71%, 1/15/2026		200,000		216,489
Lions Gate Capital Holdings LLC, 144A, 6.375%, 2/1/2024		80,000		83,602
LPL Holdings, Inc., 144A, 4.625%, 11/15/2027		30,000		30,600

	Principal Amount ($)(a)		Value ($)
Navient Corp.:
5.5%, 1/25/2023		235,000		250,862
6.5%, 6/15/2022		100,000		108,375
6.75%, 6/25/2025		80,000		88,320
Springleaf Finance Corp.:
5.375%, 11/15/2029		160,000		167,008
6.625%, 1/15/2028		35,000		39,508
Tempo Acquisition LLC, 144A, 6.75%, 6/1/2025		75,000		77,438
				1,359,561
Health Care 8.3%
Avantor, Inc.:
144A, 6.0%, 10/1/2024		130,000		138,610
144A, 9.0%, 10/1/2025		125,000		139,691
Bausch Health Americas, Inc.:
144A, 8.5%, 1/31/2027		385,000		438,438
144A, 9.25%, 4/1/2026		85,000		97,631
Bausch Health Companies, Inc.:
144A, 5.0%, 1/30/2028		110,000		112,903
144A, 5.25%, 1/30/2030		80,000		82,960
144A, 5.75%, 8/15/2027		115,000		124,775
144A, 5.875%, 5/15/2023		9,000		9,079
144A, 6.125%, 4/15/2025		150,000		154,984
144A, 6.5%, 3/15/2022		105,000		107,362
144A, 7.0%, 3/15/2024		255,000		265,200
144A, 7.0%, 1/15/2028		40,000		44,152
144A, 7.25%, 5/30/2029		20,000		22,850
Catalent Pharma Solutions, Inc., 144A, 5.0%, 7/15/2027		125,000		130,937
Centene Corp.:
144A, 4.25%, 12/15/2027		90,000		92,588
144A, 4.625%, 12/15/2029		135,000		141,932
144A, 5.375%, 6/1/2026		95,000		100,819
Charles River Laboratories International, Inc.:
144A, 4.25%, 5/1/2028		275,000		280,156
144A, 5.5%, 4/1/2026		20,000		21,500
Community Health Systems, Inc.:
6.25%, 3/31/2023		280,000		284,200
144A, 8.0%, 3/15/2026		95,000		97,850
Encompass Health Corp.:
4.5%, 2/1/2028		45,000		46,631
4.75%, 2/1/2030		37,000		38,388
HCA, Inc.:
5.375%, 9/1/2026		90,000		100,238
5.875%, 2/15/2026		100,000		113,713
Hill-Rom Holdings, Inc., 144A, 4.375%, 9/15/2027		85,000		87,444
Select Medical Corp., 144A, 6.25%, 8/15/2026		275,000		297,693
Tenet Healthcare Corp.:
144A, 4.875%, 1/1/2026		190,000		199,006
5.125%, 5/1/2025		215,000		221,450
144A, 5.125%, 11/1/2027		220,000		232,375
144A, 6.25%, 2/1/2027		60,000		64,575
6.75%, 6/15/2023		85,000		93,390
7.0%, 8/1/2025 (b)		55,000		58,094
Teva Pharmaceutical Finance Netherlands III BV, 2.2%, 7/21/2021		46,000		44,549
WellCare Health Plans, Inc., 144A, 5.375%, 8/15/2026		130,000		138,450
				4,624,613

The accompanying notes are an integral part of the financial statements.

Deutsche DWS Variable Series II — DWS High Income VIP | 9

	Principal Amount ($)(a)		Value ($)
Industrials 8.3%
Bombardier, Inc.:
144A, 5.75%, 3/15/2022		179,000		184,873
144A, 6.0%, 10/15/2022		143,000		142,957
144A, 7.875%, 4/15/2027		244,000		251,015
Builders Firstsource, Inc., 144A, 6.75%, 6/1/2027		15,000		16,444
BWX Technologies, Inc., 144A, 5.375%, 7/15/2026		30,000		31,800
Clean Harbors, Inc.:
144A, 4.875%, 7/15/2027		65,000		68,412
144A, 5.125%, 7/15/2029		30,000		32,178
Colfax Corp.:
144A, 6.0%, 2/15/2024		25,000		26,563
144A, 6.375%, 2/15/2026		95,000		103,550
Covanta Holding Corp., 5.875%, 7/1/2025		205,000		216,275
DAE Funding LLC:
144A, 4.5%, 8/1/2022		8,000		8,120
144A, 5.0%, 8/1/2024		25,000		26,249
144A, 5.75%, 11/15/2023		115,000		120,606
Energizer Holdings, Inc.:
144A, 5.5%, 6/15/2025		115,000		119,312
144A, 6.375%, 7/15/2026		120,000		127,800
144A, 7.75%, 1/15/2027		105,000		117,343
EnerSys, 144A, 4.375%, 12/15/2027		90,000		88,884
GFL Environmental, Inc.:
144A, 5.125%, 12/15/2026		50,000		52,569
144A, 7.0%, 6/1/2026		160,000		169,024
Graphic Packaging International LLC, 144A, 4.75%, 7/15/2027		30,000		32,100
Itron, Inc., 144A, 5.0%, 1/15/2026		140,000		145,075
Masonite International Corp., 144A, 5.375%, 2/1/2028		74,000		78,162
Moog, Inc.:
144A, 4.25%, 12/15/2027		160,000		162,816
144A, 5.25%, 12/1/2022		120,000		121,644
Prime Security Services Borrower LLC:
144A, 5.75%, 4/15/2026		135,000		146,729
144A, 9.25%, 5/15/2023		2,000		2,098
Sensata Technologies, Inc., 144A, 4.375%, 2/15/2030		30,000		30,583
Signature Aviation US Holdings Inc, 144A, 4.0%, 3/1/2028		155,000		152,876
Summit Materials LLC, 6.125%, 7/15/2023		200,000		203,250
Tennant Co., 5.625%, 5/1/2025		30,000		31,350
TransDigm, Inc.:
144A, 5.5%, 11/15/2027		170,000		171,909
144A, 6.25%, 3/15/2026		315,000		341,022
Triumph Group, Inc., 144A, 6.25%, 9/15/2024		64,000		67,280
United Rentals North America, Inc.:
4.625%, 10/15/2025		800,000		822,480
6.5%, 12/15/2026		220,000		241,794
				4,655,142
Information Technology 2.6%
Camelot Finance SA, 144A, 4.5%, 11/1/2026		55,000		56,513
Cardtronics, Inc., 144A, 5.5%, 5/1/2025		95,000		98,562

	Principal Amount ($)(a)		Value ($)
CDK Global, Inc., 144A, 5.25%, 5/15/2029		85,000		91,162
Change Healthcare Holdings LLC, 144A, 5.75%, 3/1/2025		210,000		215,775
Fair Isaac Corp., 144A, 5.25%, 5/15/2026		130,000		143,000
Go Daddy Operating Co. LLC, 144A, 5.25%, 12/1/2027		165,000		173,662
IQVIA, Inc., 144A, 5.0%, 5/15/2027		220,000		232,728
MTS Systems Corp., 144A, 5.75%, 8/15/2027		32,000		33,440
Qorvo, Inc., 144A, 4.375%, 10/15/2029		55,000		57,613
Refinitiv U.S. Holdings, Inc., 144A, 8.25%, 11/15/2026		85,000		95,731
SS&C Technologies, Inc., 144A, 5.5%, 9/30/2027		85,000		90,738
TTM Technologies, Inc., 144A, 5.625%, 10/1/2025		155,000		160,231
				1,449,155
Materials 11.2%
AK Steel Corp., 7.5%, 7/15/2023		85,000		88,400
Ardagh Packaging Finance PLC, 144A, 6.0%, 2/15/2025		220,000		230,725
Axalta Coating Systems LLC, 144A, 4.875%, 8/15/2024		175,000		181,125
Berry Global, Inc.:
144A, 4.875%, 7/15/2026		105,000		110,744
5.5%, 5/15/2022		315,000		318,544
144A, 5.625%, 7/15/2027		15,000		16,088
Cascades, Inc.:
144A, 5.125%, 1/15/2026		10,000		10,275
144A, 5.375%, 1/15/2028		15,000		15,413
CF Industries, Inc., 5.15%, 3/15/2034		105,000		117,338
Chemours Co.:
5.375%, 5/15/2027		115,000		101,775
7.0%, 5/15/2025 (b)		60,000		60,450
Clearwater Paper Corp., 144A, 5.375%, 2/1/2025		110,000		109,175
Constellium SE:
144A, 4.625%, 5/15/2021		EUR 100,000		112,432
144A, 5.75%, 5/15/2024		250,000		256,875
144A, 6.625%, 3/1/2025		250,000		259,400
Element Solutions, Inc., 144A, 5.875%, 12/1/2025		85,000		88,931
First Quantum Minerals Ltd.:
144A, 6.5%, 3/1/2024		245,000		245,612
144A, 6.875%, 3/1/2026		200,000		202,500
Freeport-McMoRan, Inc.:
3.875%, 3/15/2023		100,000		101,823
5.0%, 9/1/2027		240,000		252,000
5.25%, 9/1/2029		280,000		299,964
Hudbay Minerals, Inc.:
144A, 7.25%, 1/15/2023		95,000		98,503
144A, 7.625%, 1/15/2025		220,000		232,210
Kaiser Aluminum Corp., 144A, 4.625%, 3/1/2028		70,000		71,820
LABL Escrow Issuer LLC, 144A, 6.75%, 7/15/2026		100,000		106,250

The accompanying notes are an integral part of the financial statements.

10 | Deutsche DWS Variable Series II — DWS High Income VIP

	Principal Amount ($)(a)		Value ($)
Mauser Packaging Solutions Holding Co.:
144A, 5.5%, 4/15/2024		175,000		180,268
144A, 7.25%, 4/15/2025		205,000		202,437
Mercer International, Inc.:
6.5%, 2/1/2024		110,000		114,125
7.375%, 1/15/2025		175,000		188,379
NOVA Chemicals Corp.:
144A, 4.875%, 6/1/2024		185,000		191,013
144A, 5.25%, 6/1/2027		140,000		143,850
Novelis Corp., 144A, 5.875%, 9/30/2026		230,000		244,744
Olin Corp., 5.625%, 8/1/2029		314,000		331,647
Reynolds Group Issuer, Inc.:
144A, 5.125%, 7/15/2023		290,000		296,887
144A, 7.0%, 7/15/2024		35,000		36,181
Tronox Finance PLC, 144A, 5.75%, 10/1/2025		266,000		270,980
Tronox, Inc., 144A, 6.5%, 4/15/2026		192,000		197,798
United States Steel Corp., 6.25%, 3/15/2026		124,000		106,032
Univar Solutions USA, Inc., 144A, 5.125%, 12/1/2027		80,000		83,502
				6,276,215
Real Estate 3.2%
Iron Mountain, Inc.:
144A, (REIT), 4.875%, 9/15/2029		125,000		126,975
144A, (REIT), 5.25%, 3/15/2028		50,000		52,000
(REIT), 5.75%, 8/15/2024		320,000		323,600
(REIT), 6.0%, 8/15/2023		300,000		306,375
iStar, Inc.:
(REIT), 4.25%, 8/1/2025		100,000		101,096
(REIT), 4.75%, 10/1/2024		170,000		176,162
MGM Growth Properties Operating Partnership LP, 144A, (REIT), 5.75%, 2/1/2027		310,000		345,650
MPT Operating Partnership LP:
(REIT), 4.625%, 8/1/2029		140,000		144,200
(REIT), 6.375%, 3/1/2024		170,000		176,795
Ryman Hospitality Properties, Inc., 144A, (REIT), 4.75%, 10/15/2027		5,000		5,163
VICI Properties LP, 144A (REIT), 4.625%, 12/1/2029		16,000		16,680
				1,774,696
Utilities 6.0%
AES Corp., 4.875%, 5/15/2023		94,000		95,410
AmeriGas Partners LP:
5.5%, 5/20/2025		205,000		221,400
5.75%, 5/20/2027		110,000		120,725
Calpine Corp.:
144A, 4.5%, 2/15/2028		155,000		156,375
144A, 5.125%, 3/15/2028		160,000		163,312
144A, 5.25%, 6/1/2026		260,000		270,725
5.75%, 1/15/2025		125,000		128,281
Clearway Energy Operating LLC, 144A, 4.75%, 3/15/2028		165,000		167,269
NextEra Energy Operating Partners LP, 144A, 4.25%, 7/15/2024		210,000		218,662

	Principal Amount ($)(a)		Value ($)
NRG Energy, Inc.:
144A, 5.25%, 6/15/2029		157,000		169,756
5.75%, 1/15/2028		200,000		217,000
7.25%, 5/15/2026		75,000		81,938
Talen Energy Supply LLC, 144A, 7.25%, 5/15/2027		190,000		199,918
Vistra Energy Corp., 5.875%, 6/1/2023		70,000		71,613
Vistra Operations Co. LLC:
144A, 5.0%, 7/31/2027		220,000		229,896
144A, 5.5%, 9/1/2026		315,000		333,900
144A, 5.625%, 2/15/2027		495,000		521,606
				3,367,786
Total Corporate Bonds (Cost $51,007,698)				52,917,486
Loan Participations and Assignments 0.3%
Senior Loan**
Endo Luxembourg Finance Company I S.a r.l., Term Loan B,1-month USD LIBOR + 4.250%, 6.063%, 4/29/2024 (Cost $166,021)		179,540		172,386
Convertible Bonds 0.1%
Communication Services
DISH Network Corp., 2.375%, 3/15/2024 (Cost $36,925)		35,000		31,959
	Shares		Value ($)
Common Stocks 0.0%
Industrials
Quad Graphics, Inc. (Cost $0)		287		1,340
Warrants 0.1%
Materials
Hercules Trust II, Expiration Date 3/31/2029* (d) (Cost $244,285)		1,100		42,051
Securities Lending Collateral 0.6%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.50% (e) (f) (Cost $361,289)		361,289		361,289
Cash Equivalents 3.9%
DWS Central Cash Management Government Fund, 1.62% (e) (Cost $2,187,480)		2,187,480		2,187,480

The accompanying notes are an integral part of the financial statements.

Deutsche DWS Variable Series II — DWS High Income VIP | 11

	% of Net Assets		Value ($)
Total Investment Portfolio (Cost $54,003,698)		99.4		55,713,991
Other Assets and Liabilities, Net		0.6		321,555
Net Assets		100.0		56,035,546

A summary of the Fund’s transactions with affiliated investments during the year ended December 31, 2019 are as follows:

Value ($) at 12/31/2018	Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/ (Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 12/31/2019		Value ($) at 12/31/2019
Securities Lending Collateral 0.6%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.50% (e) (f)
1,464,490		—		1,103,201	(g)		—		—		6,051		—		361,289		361,289
Cash Equivalents 3.9%
DWS Central Cash Management Government Fund, 1.62% (e)
4,341,875		29,948,464		32,102,859			—		—		60,892		—		2,187,480		2,187,480
5,806,365		29,948,464		33,206,060			—		—		66,943		—		2,548,769		2,548,769

* Non-income producing security.

** Variable or floating rate security. These securities are shown at their current rate as of December 31, 2019. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description above. Certain variable rate securities are not based on a published reference rate and spread but adjust periodically based on current market conditions, prepayment of underlying positions and/or other variables.

(a) Principal amount stated in U.S. dollars unless otherwise noted.

(b) 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 December 31, 2019 amounted to $350,511, which is 0.6% of net assets.

(c) Perpetual, callable security with no stated maturity date.

(d) Investment was valued using significant unobservable inputs.

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

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

(g) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended December 31, 2019.

144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

LIBOR: London Interbank Offered Rate

REG S: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.

REIT: Real Estate Investment Trust

As of December 31, 2019, the Fund had the following open forward foreign currency contracts:

Contracts to Deliver		In Exchange For			Settlement Date		Unrealized Depreciation ($)			Counterparty
EUR	791,230		USD	879,605		1/31/2020		(9,627	)	BNP Paribas SA

Currency Abbreviations

EUR Euro

USD United States Dollar

For information on the Fund’s policy and additional disclosures regarding forward foreign currency contracts, please refer to the Derivatives section of Note B in the accompanying Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

12 | Deutsche DWS Variable Series II — DWS High Income VIP

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 December 31, 2019 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2			Level 3		Total
Fixed Income Investments
Corporate Bonds(h)	$	—	$	52,917,486		$	—	$	52,917,486
Loan Participations and Assignments		—		172,386			—		172,386
Convertible Bonds		—		31,959			—		31,959
Common Stocks		1,340		—			—		1,340
Warrants		—		—			42,051		42,051
Short-Term Investments (h)		2,548,769		—			—		2,548,769
Total	$	2,550,109	$	53,121,831		$	42,051	$	55,713,991
Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (i)
Forward Foreign Currency Contracts	$	—	$	(9,627	)	$	—	$	(9,627	)
Total	$	—	$	(9,627	)	$	—	$	(9,627	)

(h) See Investment Portfolio for additional detailed categorizations.

(i) Derivatives include unrealized appreciation (depreciation) on open forward foreign currency contracts.

Level 3 Reconciliation

The following is a reconciliation of the Fund’s Level 3 investments for which significant unobservable inputs were used in determining value:

	Convertible Bond			Common Stocks			Warrant		Total
Balance as of December 31, 2018	$	1,710,710		$	116,277		$	27,119	$	1,854,106
Realized gains (loss)		—			(30,915	)		—		(30,915	)
Change in unrealized appreciation (depreciation)		(135,355	)		386,695			14,932		266,272
Amortization of premium/accretion of discount		174			—			—		174
Purchases/PIK		110,092			1,781,183			—		1,891,275
(Sales)		(1,685,621	)		(2,253,240	)		—		(3,938,861	)
Transfer into Level 3		—			—			—		—
Transfer (out) of Level 3		—			—			—		—
Balance as of December 31, 2019	$	—		$	—		$	42,051	$	42,051
Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2019	$	—		$	—		$	14,932	$	14,932

The accompanying notes are an integral part of the financial statements.

Deutsche DWS Variable Series II — DWS High Income VIP | 13

Statement of Assets and Liabilities

as of December 31, 2019
Assets
Investments innon-affiliated securities, at value (cost $51,454,929) — including $350,511 of securities loaned	$	53,165,222
Investment in DWS Government & Agency Securities Portfolio (cost $361,289)*		361,289
Investment in DWS Central Cash Management Government Fund (cost $2,187,480)		2,187,480
Cash		10,000
Foreign currency, at value (cost $124,910)		124,902
Receivable for investments sold		58,405
Receivable for Fund shares sold		27,969
Interest receivable		821,193
Other assets		1,536
Total assets		56,757,996
Liabilities
Payable upon return of securities loaned		361,289
Payable for investments purchased		198,817
Payable for Fund shares redeemed		11,056
Unrealized depreciation on forward foreign currency contracts		9,627
Accrued management fee		5,242
Accrued Trustees’ fees		1,885
Other accrued expenses and payables		134,534
Total liabilities		722,450
Net assets, at value	$	56,035,546
Net Assets Consist of
Distributable earnings (loss)		(2,184,761	)
Paid-in capital		58,220,307
Net assets, at value	$	56,035,546
Net Asset Value
Class A
Net Asset Value, offering and redemption price per share ($55,876,386 ÷ 8,976,023 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	6.23
Class B
Net Asset Value, offering and redemption price per share ($159,160 ÷ 25,470 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	6.25

* Represents collateral on securities loaned.

     Statement of Operations

for the year ended December 31, 2019
Investment Income
Income:
Interest	$	3,129,488
Income distributions — DWS Central Cash Management Government Fund		60,892
Securities lending income, net of borrower rebates		6,051
Total income		3,196,431
Expenses:
Management fee		277,093
Administration fee		55,419
Services to Shareholders		768
Record keeping fee (Class B)		208
Distribution service fees (Class B)		353
Custodian fee		23,037
Professional fees		93,081
Reports to shareholders		37,370
Trustees’ fees and expenses		4,840
Pricing service fee		37,913
Other		3,217
Total expenses before expense reductions		533,299
Expense reductions		(156,003	)
Total expenses after expense reductions		377,296
Net investment income		2,819,135
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(168,942	)
Forward foreign currency contracts		52,518
Foreign currency		(2,137	)
		(118,561	)
Change in net unrealized appreciation (depreciation) on:
Investments		5,190,057
Forward foreign currency contracts		(8,191	)
Foreign currency		40
		5,181,906
Net gain (loss)		5,063,345
Net increase (decrease) in net assets resulting from operations	$	7,882,480

The accompanying notes are an integral part of the financial statements.

14 | Deutsche DWS Variable Series II — DWS High Income VIP

Statements of Changes in Net Assets

	Years Ended December 31,
Increase (Decrease) in Net Assets	2019			2018
Operations:
Net investment income (loss)	$	2,819,135		$	3,142,998
Net realized gain (loss)		(118,561	)		(176,656	)
Change in net unrealized appreciation (depreciation)		5,181,906			(4,256,326	)
Net increase (decrease) in net assets resulting from operations		7,882,480			(1,289,984	)
Distributions to shareholders:
Class A		(3,177,995	)		(4,670,013	)
Class B		(7,539	)		(14,079	)
Total distributions		(3,185,534	)		(4,684,092	)
Fund share transactions:
Class A
Proceeds from shares sold		5,665,153			4,796,087
Reinvestment of distributions		3,177,995			4,670,013
Payments for shares redeemed		(9,540,349	)		(12,180,108	)
Net increase (decrease) in net assets from Class A share transactions		(697,201	)		(2,714,008	)
Class B
Proceeds from shares sold		16,476			63,056
Reinvestment of distributions		7,539			14,079
Payments for shares redeemed		(11,195	)		(64,199	)
Net increase (decrease) in net assets from Class B share transactions		12,820			12,936
Increase (decrease) in net assets		4,012,565			(8,675,148	)
Net assets at beginning of period		52,022,981			60,698,129
Net assets at end of period	$	56,035,546		$	52,022,981
Other Information
Class A
Shares outstanding at beginning of period		9,081,584			9,527,083
Shares sold		944,540			775,176
Shares issued to shareholders in reinvestment of distributions		543,247			803,789
Shares redeemed		(1,593,348	)		(2,024,464	)
Net increase (decrease) in Class A shares		(105,561	)		(445,499	)
Shares outstanding at end of period		8,976,023			9,081,584
Class B
Shares outstanding at beginning of period		23,418			21,761
Shares sold		2,669			9,962
Shares issued to shareholders in reinvestment of distributions		1,282			2,411
Shares redeemed		(1,899	)		(10,716	)
Net increase (decrease) in Class B shares		2,052			1,657
Shares outstanding at end of period		25,470			23,418

The accompanying notes are an integral part of the financial statements.

Deutsche DWS Variable Series II — DWS High Income VIP | 15

Financial Highlights

	Years Ended December 31,
Class A	2019			2018			2017			2016			2015
Selected Per Share Data
Net asset value, beginning of period	$	5.71		$	6.36		$	6.28		$	5.93		$	6.60
Income (loss) from investment operations:
Net investment incomea		.31			.33			.31			.32			.32
Net realized and unrealized gain (loss)		.56			(.48	)		.15			.41			(.58	)
Total from investment operations		.87			(.15	)		.46			.73			(.26	)
Less distributions from:
Net investment income		(.35	)		(.50	)		(.38	)		(.38	)		(.41	)
Net asset value, end of period	$	6.23		$	5.71		$	6.36		$	6.28		$	5.93
Total Return (%)b		15.69			(2.52	)		7.51			12.87			(4.44	)
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		56			52			61			100			101
Ratio of expenses before expense reductions (%)c		.96			.94			.78			.80			.75
Ratio of expenses after expense reductions (%)c		.68			.69			.72			.72			.72
Ratio of net investment income (%)		5.09			5.41			4.98			5.38			5.09
Portfolio turnover rate (%)		82			62			71			77			47

^a  Based on average shares outstanding during the period.

^b  Total return would have been lower had certain expenses not been reduced.

^c  Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option.

	Years Ended December 31,
Class B	2019			2018			2017			2016			2015
Selected Per Share Data
Net asset value, beginning of period	$	5.73		$	6.38		$	6.30		$	5.94		$	6.63
Income (loss) from investment operations:
Net investment incomea		.29			.31			.31			.31			.32
Net realized and unrealized gain (loss)		.57			(.48	)		.13			.41			(.61	)
Total from investment operations		.86			(.17	)		.44			.72			(.29	)
Less distributions from:
Net investment income		(.34	)		(.48	)		(.36	)		(.36	)		(.40	)
Net asset value, end of period	$	6.25		$	5.73		$	6.38		$	6.30		$	5.94
Total Return (%)b		15.33			(2.76	)		7.21			12.67			(4.95	)
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		.2			.1			.1			2			3
Ratio of expenses before expense reductions (%)c		1.40			1.34			1.15			1.21			1.14
Ratio of expenses after expense reductions (%)c		.94			.96			.98			.98			1.02
Ratio of net investment income (%)		4.82			5.14			4.88			5.15			4.86
Portfolio turnover rate (%)		82			62			71			77			47

^a  Based on average shares outstanding during the period.

^b  Total return would have been lower had certain expenses not been reduced.

^c  Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option.

The accompanying notes are an integral part of the financial statements.

16 | Deutsche DWS Variable Series II — DWS High Income VIP

Notes to Financial Statements

A. Organization and Significant Accounting Policies

DWS High Income VIP (the “Fund”) is a diversified series of Deutsche DWS Variable Series II (the “Trust”), which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company organized as a Massachusetts business trust.

Multiple Classes of Shares of Beneficial Interest. The Fund offers two classes of shares (Class A shares and Class B shares). Sales of Class B shares are subject to recordkeeping fees up to 0.15% and Rule 12b-1 fees under the 1940 Act equal to an annual rate of 0.25% of the average daily net assets of the Class B shares of the Fund. Class A shares are not subject to such fees.

Investment income, realized and unrealized gains and losses, and certain fund-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares except that each class bears certain expenses unique to that class (including the applicable Rule 12b-1 fee and recordkeeping fees). Differences in class-level expenses may result in payment of different per share dividends by class. All shares have equal rights with respect to voting subject to class-specific arrangements.

The Fund’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) which require the use of management estimates. Actual results could differ from those estimates. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements.

Security Valuation. Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading.

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.

Debt securities and loan participations and assignments are valued at prices supplied by independent pricing services approved by the Fund’s Board. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, prepayment speeds and other data, as well as broker quotes. If the pricing services are unable to provide valuations, debt securities are valued at the average of the most recent reliable bid quotations or evaluated prices, as applicable, obtained from broker-dealers and loan participations and assignments are valued at the mean of the most recent bid and ask quotations or evaluated prices, as applicable, obtained from broker-dealers. Certain securities may be valued on the basis of a price provided by a single source or broker-dealer. No active trading market may exist for some senior loans and they may be subject to restrictions on resale. The inability to dispose of senior loans in a timely fashion could result in losses. These securities are generally categorized as Level 2.

Equity securities are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities are generally categorized as Level 1 securities.

Investments in open-end investment companies are valued at their net asset value each business day and are categorized as Level 1.

Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and are categorized as Level 2.

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price

Deutsche DWS Variable Series II — DWS High Income VIP | 17

and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

Disclosure about the classification of fair value measurements is included in a table following the Fund’s Investment Portfolio.

Foreign Currency Translations. The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. That portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

Securities Lending. Deutsche Bank AG, as lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. As of period end, any securities on loan were collateralized by cash. During the year ended December 31, 2019, the Fund invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.12% annualized effective rate as of December 31, 2019) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time, and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of December 31, 2019, the Fund had securities on loan, which were classified as corporate bonds in the Investment Portfolio. The value of the related collateral exceeded the value of the securities loaned at period end. As of period end, the remaining contractual maturity of the collateral agreements were overnight and continuous.

Taxes. The Fund’s policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies and to distribute all of its taxable income to its shareholders.

At December 31, 2019, the Fund had a net tax basis capital loss carryforward of approximately $6,728,000, which may be applied against realized net taxable capital gains indefinitely, including short-term losses ($531,000) and long-term losses ($6,197,000).

The Fund has reviewed the tax positions for the open tax years as of December 31, 2019 and has determined that no provision for income tax and/or uncertain tax positions is required in the Fund’s financial statements. The Fund’s federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

18 | Deutsche DWS Variable Series II — DWS High Income VIP

Distribution of Income and Gains. Distributions from net investment income of the Fund, if any, are declared and distributed to shareholders annually. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes if necessary.

The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to certain securities sold at a loss. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.

At December 31, 2019, the Fund’s components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income*	$	2,847,071
Capital loss carryforwards	$	(6,728,000	)
Net unrealized appreciation (depreciation) on investments	$	1,696,201

At December 31, 2019, the aggregate cost of investments for federal income tax purposes was $54,017,790. The net unrealized appreciation for all investments based on tax cost was $1,696,201. This consisted of aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost of $2,174,743 and aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value of $478,542.

In addition, the tax character of distributions paid by the Fund is summarized as follows:

	Years Ended December 31,
	2019		2018
Distributions from ordinary income*	$	3,185,534	$	4,684,092

* For tax purposes, short-term capital gain distributions are considered ordinary income distributions.

Expenses. Expenses of the Trust arising in connection with a specific fund are allocated to that fund. Other Trust expenses which cannot be directly attributed to a fund are apportioned among the funds in the Trust based upon the relative net assets or other appropriate measures.

Contingencies. In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.

Other. Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on ex-dividend date. Realized gains and losses from investment transactions are recorded on an identified cost basis. Proceeds from litigation payments, if any, are included in net realized gain (loss) from investments. All discounts and premiums are accreted/amortized for both tax and financial reporting purposes for the Fund, with the exception of securities in default of principal.

B. Derivative Instruments

Forward Foreign Currency Exchange Contracts. A forward foreign currency exchange contract (“forward currency contract”) is a commitment to purchase or sell a foreign currency at the settlement date at a negotiated rate. For the year ended December 31, 2019, the Fund entered into forward currency contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign currency denominated portfolio holdings and to facilitate transactions in foreign currency denominated securities.

Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and unrealized gain (loss) is recorded daily. On the settlement date of the forward currency contract, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was closed. Certain risks may arise upon entering into forward currency contracts from the potential inability of counterparties to meet the terms of their contracts. The maximum counterparty credit risk to the Fund is measured by the unrealized gain on

Deutsche DWS Variable Series II — DWS High Income VIP | 19

appreciated contracts. Additionally, when utilizing forward currency contracts to hedge, the Fund gives up the opportunity to profit from favorable exchange rate movements during the term of the contract.

A summary of the open forward currency contracts as of December 31, 2019 is included in a table following the Fund’s Investment Portfolio. For the year ended December 31, 2019, the investment in forward currency contracts short vs. U.S. dollars had a total contract value generally indicative of a range from approximately $719,000 to $1,151,000.

The following table summarizes the value of the Fund’s derivative instruments held as of December 31, 2019 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

Liability Derivative	Forward Contract
Foreign Exchange contracts (a)	$	(9,627	)

The above derivative is located in the following Statement of Assets and Liabilities account:

(a) Unrealized depreciation on forward foreign currency contracts.

Additionally, the amount of unrealized and realized gains and losses on derivative instruments recognized in Fund earnings during the year ended December 31, 2019 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

Realized Gain (Loss)	Forward Contract
Foreign Exchange Contracts (b)	$	52,518

The above derivative is located in the following Statement of Operations accounts:

(b) Net realized gain (loss) from forward foreign currency contracts

Change in Net Unrealized Appreciation (Depreciation)	Forward Contract
Foreign Exchange contracts (c)	$	(8,191	)

The above derivative is located in the following Statement of Operations accounts:

(c) Change in net unrealized appreciation (depreciation) on forward foreign currency contracts

As of December 31, 2019, the Fund has transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow a Fund to close out and net total exposure to a counterparty in the event of a deterioration in the credit quality or contractual default with respect to all of the transactions with a counterparty. As defined by the master netting agreement, the Fund may have collateral agreements with certain counterparties to mitigate risk. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by a counterparty, including any collateral exposure, is included in the following table:

Counterparty	Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset		Collateral Pledged		Net Amount of Derivative Liabilities
BNP Paribas SA	$	9,627	$	—	$	—	$	9,627

C. Purchases and Sales of Securities

During the year ended December 31, 2019, purchases and sales of investment transactions (excluding short-term investments and U.S. Treasury securities) aggregated $45,069,571 and $42,800,355, respectively.

D. Related Parties

Management Agreement. Under the Investment Management Agreement with DWS Investment Management Americas, Inc. (“DIMA” or the “Advisor”), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”), the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund.

20 | Deutsche DWS Variable Series II — DWS High Income VIP

Pursuant to the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the Fund’s average daily net assets, computed and accrued daily and payable monthly, at the following annual rates:

First $250 million	.500	%
Next $750 million	.470	%
Next $1.5 billion	.450	%
Next $2.5 billion	.430	%
Next $2.5 billion	.400	%
Next $2.5 billion	.380	%
Next $2.5 billion	.360	%
Over $12.5 billion	.340	%

Accordingly, for the year ended December 31, 2019, the fee pursuant to the Investment Management Agreement was equivalent to an annual rate (exclusive of any applicable waivers/reimbursements) of 0.50% of the Fund’s average daily net assets.

For the period from January 1, 2019 through April 30, 2020, the Advisor has contractually agreed to waive all or a portion of its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of each class as follows:

Class A	.68	%
Class B	.94	%

For the year ended December 31, 2019, fees waived and/or expenses reimbursed for each class were as follows:

Class A	$	155,358
Class B		645
	$	156,003

Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays DIMA an annual fee (“Administration Fee”) of 0.10% of the Fund’s average daily net assets, computed and accrued daily and payable monthly. For the year ended December 31, 2019, the Administration Fee was $55,419, of which $4,740 is unpaid.

Service Provider Fees. DWS Service Company (“DSC”), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and DST Systems, Inc. (“DST”), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the year ended December 31, 2019, the amounts charged to the Fund by DSC were as follows:

Services to Shareholders	Total Aggregated		Unpaid at December 31, 2019
Class A	$	257	$	42
Class B		54		9
	$	311	$	51

Distribution Service Agreement. Under the Fund’s Class B 12b-1 plan, DWS Distributors, Inc. (“DDI”) received a fee (“Distribution Service Fee”) of 0.25% of average daily net assets of Class B shares. For the year ended December 31, 2019, the Distribution Service Fee was $353, of which $32 is unpaid.

Typesetting and Filing Service Fees. Under an agreement with the Fund, DIMA is compensated for providing certain pre-press and regulatory filing services to the Fund. For the year ended December 31, 2019, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders” aggregated $11,003, all of which $4,906 is unpaid.

Deutsche DWS Variable Series II — DWS High Income VIP | 21

Trustees’ Fees and Expenses. The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.

Affiliated Cash Management Vehicles. The Fund may invest uninvested cash balances in DWS Central Cash Management Government Fund and DWS ESG Liquidity Fund, affiliated money market funds which are managed by the Advisor. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Central Cash Management Government Fund seeks to maintain a stable net asset value, and DWS ESG Liquidity Fund maintains a floating net asset value. The Fund indirectly bears its proportionate share of the expenses of each affiliated money market fund in which it invests. DWS Central Cash Management Government Fund does not pay the Advisor an investment management fee. To the extent that DWS ESG Liquidity Fund pays an investment management fee to the Advisor, the Advisor will waive an amount of the investment management fee payable to the Advisor by the Fund equal to the amount of the investment management fee payable on the Fund’s assets invested in DWS ESG Liquidity Fund.

Security Lending Fees. Deutsche Bank AG serves as lending agent for the Fund. For the year ended December 31, 2019, the Fund incurred lending agent fees to Deutsche Bank AG for the amount of $455.

E. Investing in High-Yield Debt Securities

High-yield debt securities or junk bonds are generally regarded as speculative with respect to the issuer’s continuing ability to meet principal and interest payments. The Fund’s performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in the issuer not making timely payments of interest or principal, a security downgrade or an inability to meet a financial obligation. High-yield debt securities’ total return and yield may generally be expected to fluctuate more than the total return and yield of investment-grade debt securities. A real or perceived economic downturn or an increase in market interest rates could cause a decline in the value of high-yield debt securities, result in increased redemptions and/or result in increased portfolio turnover, which could result in a decline in net asset value of the fund, reduce liquidity for certain investments and/or increase costs. High-yield debt securities are often thinly traded and can be more difficult to sell and value accurately than investment-grade debt securities as there may be no established secondary market. Investments in high yield debt securities could increase liquidity risk for the fund. In addition, the market for high-yield debt securities can experience sudden and sharp volatility which is generally associated more with investments in stocks.

F. Ownership of the Fund

At December 31, 2019, two participating insurance companies were owners of record of 10% or more of the total outstanding Class A shares of the Fund, each owning 71% and 20%. One participating insurance company was owner of record of 10% or more of the total outstanding Class B shares of the Fund, owning 85%.

G. Line of Credit

The Fund and other affiliated funds (the “Participants”) share in a $400 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee which is allocated based on net assets, among each of the Participants. Interest is calculated at a rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus if the one-month LIBOR exceeds the Federal Funds Rate, the amount of such excess. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at December 31, 2019.

22 | Deutsche DWS Variable Series II — DWS High Income VIP

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Deutsche DWS Variable Series II and Shareholders of DWS High Income VIP:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of DWS High Income VIP (the “Fund”) (one of the funds constituting Deutsche DWS Variable Series II) (the “Trust”), including the investment portfolio, as of December 31, 2019, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Deutsche DWS Variable Series II) at December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

Boston, Massachusetts

February 14, 2020

Deutsche DWS Variable Series II — DWS High Income VIP | 23

Information About Your Fund’s Expenses (Unaudited)

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include contract charges, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recent six-month period, the Fund limited these expenses; had it not done so, expenses would have been higher. The example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (July 1, 2019 to December 31, 2019).

The tables illustrate your Fund’s expenses in two ways:

– Actual Fund Return.This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund’s actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Expenses Paid per $1,000” line under the share class you hold.

– Hypothetical 5% Fund Return.This helps you to compare your Fund’s ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund’s actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical Fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The “Expenses Paid per $1,000” line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. If these transaction costs had been included, your costs would have been higher.

Expenses and Value of a $1,000 Investment for the six months ended December 31, 2019
Actual Fund Return	Class A		Class B
Beginning Account Value 7/1/19	$	1,000.00	$	1,000.00
Ending Account Value 12/31/19	$	1,043.60	$	1,041.70
Expenses Paid per $1,000*	$	3.50	$	4.84
Hypothetical 5% Fund Return	Class A		Class B
Beginning Account Value 7/1/19	$	1,000.00	$	1,000.00
Ending Account Value 12/31/19	$	1,021.78	$	1,020.47
Expenses Paid per $1,000*	$	3.47	$	4.79

* Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recent six-month period), then divided by 365.

Annualized Expense Ratios	Class A			Class B
Deutsche DWS Variable Series II — DWS High Income VIP		.68	%		.94	%

For more information, please refer to the Fund’s prospectus.

These tables do not reflect charges and fees (“contract charges”) associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option.

For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to the current and hypothetical expense calculators for Variable Insurance Products which can be found at dws.com/calculators.

24 | Deutsche DWS Variable Series II — DWS High Income VIP

Tax Information (Unaudited)

Please consult a tax advisor if you have questions about federal or state income tax laws, or on how to prepare your tax returns. If you have specific questions about your account, please contact your insurance provider.

Proxy Voting

The Trust’s policies and procedures for voting proxies for portfolio securities and information about how the Trust voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — dws.com/en-us/resources/proxy-voting — or on the SEC’s Web site — sec.gov. To obtain a written copy of the Trust’s policies and procedures without charge, upon request, call us toll free at (800) 728-3337.

Deutsche DWS Variable Series II — DWS High Income VIP | 25

Advisory Agreement Board Considerations and Fee Evaluation

The Board of Trustees (hereinafter referred to as the “Board” or “Trustees”) approved the renewal of DWS High Income VIP’s (the “Fund”) investment management agreement (the “Agreement”) with DWS Investment Management Americas, Inc. (“DIMA”) in September 2019.

In terms of the process that the Board followed prior to approving the Agreement, shareholders should know that:

– During the entire process, all of the Fund’s Trustees were independent of DIMA and its affiliates (the “Independent Trustees”).

– The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board’s Contract Committee reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Trustees (the “Fee Consultant”). Based on its evaluation of the information provided, the Contract Committee presented its findings and recommendations to the Board. The Board then reviewed the Contract Committee’s findings and recommendations.

– The Board also received extensive information throughout the year regarding performance of the Fund.

– The Independent Trustees regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.

– In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund’s Rule12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.

In connection with the contract review process, the Contract Committee and the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund. DIMA is part of DWS Group GmbH & Co. KGaA (“DWS Group”). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. In 2018, approximately 20% of DWS Group’s shares were sold in an initial public offering, with Deutsche Bank AG owning the remaining shares.

As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund’s performance. In many cases, this led to the negotiation and implementation of expense caps. As part of these negotiations, the Board indicated that it would consider relaxing these caps in future years following sustained improvements in performance, among other considerations.

While shareholders may focus primarily on fund performance and fees, the Fund’s Board considers these and many other factors, including the quality and integrity of DIMA’s personnel and administrative support services provided by DIMA, such as back-office operations, fund valuations, and compliance policies and procedures.

Nature, Quality and Extent of Services. The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board reviewed the Fund’s performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied by Morningstar Direct (“Morningstar”), an independent fund data service. The Board also noted that it has put into place a process of identifying “Funds in Review” (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA’s plans to address underperformance. The Board

26 | Deutsche DWS Variable Series II — DWS High Income VIP

believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for theone-, three- and five-year periods ended December 31, 2018, the Fund’s performance (Class A shares) was in the 2nd quartile, 3rd quartile and 4th quartile, respectively, of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has underperformed its benchmark in theone-, three- and five-year periods ended December 31, 2018.

Fees and Expenses. The Board considered the Fund’s investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. (“Broadridge”) and the Fee Consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.10% fee paid to DIMA under the Fund’s administrative services agreement, were lower than the median (1st quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2018). The Board noted that the Fund’s Class A shares total (net) operating expenses were expected to be higher than the median (3rd quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2018, and analyzing Broadridge expense universe Class A (net) expenses less any applicable12b-1 fees) (“Broadridge Universe Expenses”). The Board also reviewed data comparing each other operational share class’s total (net) operating expenses to the applicable Broadridge Universe Expenses. The Board noted that the expense limitations agreed to by DIMA were expected to help the Fund’s total (net) operating expenses remain competitive. The Board considered the Fund’s management fee rate as compared to fees charged by DIMA to comparable DWS U.S. registered funds (“DWS Funds”) and considered differences between the Fund and the comparable DWS Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including anysub-advised funds and accounts) and funds offered primarily to European investors (“DWS Europe Funds”) managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA.

Profitability. The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs to DIMA, andpre-tax profits realized by DIMA, from advising the DWS Funds, as well as estimates of thepre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board and the Fee Consultant reviewed DIMA’s methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that thepre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that, while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates’ overall profitability with respect to the DWS Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of most comparable firms for which such data was available.

Economies of Scale. The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. The Board noted that the Fund’s investment management fee schedule includes fee breakpoints. The Board concluded that the Fund’s fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

Other Benefits to DIMA and Its Affiliates. The Board also considered the character and amount of other incidental or“fall-out” benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund, any fees received by an affiliate of DIMA for transfer agency services provided to the Fund and any fees received by an affiliate of DIMA for distribution services. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities. In addition, the Board considered the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among DIMA

Deutsche DWS Variable Series II — DWS High Income VIP | 27

products and services. The Board considered these benefits in reaching its conclusion that the Fund’s management fees were reasonable.

Compliance. The Board considered the significant attention and resources dedicated by DIMA to its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA’s and the Fund’s chief compliance officers and (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel.

Based on all of the information considered and the conclusions reached, the Board determined that the continuation of the Agreement is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Trustees and counsel present. It is possible that individual Independent Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement.

28 | Deutsche DWS Variable Series II — DWS High Income VIP

Board Members and Officers

The following table presents certain information regarding the Board Members and Officers of the Trust/Corporation. Each Board Member’s year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA02199-3600. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the Trust/Corporation. Because the Fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period.

The Board Members may also serve in similar capacities with other funds in the fund complex. The number of funds in DWS fund complex shown in the table below includes all registered open- and closed-end funds (including all of their portfolios) advised by the Advisor and any registered funds that have an investment advisor that is an affiliated person of the Advisor.

Independent Board Members
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen		Other Directorships Held by Board Member
Keith R. Fox, CFA (1954) Chairperson since 2017, and Board Member since 1996	Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: ICI Mutual Insurance Company; Progressive International Corporation (kitchen goods importer and distributor); former Chairman, National Association of Small Business Investment Companies; former Directorships: The Kennel Shop (retailer); BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) (2011–2012)		77	—
John W. Ballantine (1946) Board Member since 1999	Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); former Directorships: Director and Chairman of the Board, Healthways, Inc.2 (population well-being and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak Brook Bank; and Prisma Energy International. Not-for-Profit Director/Trustee: Palm Beach Civic Association; Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; former Not-for-Profit Directorships: Public Radio International		77	Portland General Electric2 (utility company) (2003– present)
Dawn-Marie Driscoll (1946) Board Member since 1987	Emeritus Executive Fellow, Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988). Directorships: Advisory Board, Center for Business Ethics, Bentley University; Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)		77	—
Richard J. Herring (1946) Board Member since 1990	Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (since July 1972); Director, The Wharton Financial Institutions Center (since 1994); formerly: Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee since 2011, member Systemic Risk Council since 2012 and member of the Advisory Board at the Yale Program on Financial Stability since 2013; Formerly Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), and Nonexecutive Director of Barclays Bank DE (2010–2018)		77	Director, Aberdeen Japan Fund (since 2007)

Deutsche DWS Variable Series II — DWS High Income VIP | 29

Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen		Other Directorships Held by Board Member
William McClayton (1944) Board Member since 2004	Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001–2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966–2001); Trustee, Ravinia Festival		77	—
Rebecca W. Rimel (1951) Board Member since 1995	President, Chief Executive Officer and Director, The Pew Charitable Trusts (charitable organization) (1994–present); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012)		77	Director, Becton Dickinson and Company2 (medical technology company) (2012– present); Director, BioTelemetry Inc.2(health care) (2009– present)
William N. Searcy, Jr. (1946) Board Member since 1993	Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2(telecommunications) (November 1989–September 2003); Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012)		77	—

Officers4
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served5	Business Experience and Directorships During the Past Five Years
Hepsen Uzcan6(1974) President and Chief Executive Officer, 2017–present	Managing Director,3 DWS; Secretary, DWS USA Corporation (2018–present); Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–present); and Director and President, DB Investment Managers, Inc. (2018–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019)
John Millette7(1962) Vice President and Secretary, 1999–present	Director,3DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); and Assistant Secretary, DBX ETF Trust (2019–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017)
Diane Kenneally7(1966) Chief Financial Officer and Treasurer, 2018–present	Director,3 DWS; and Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); formerly: Assistant Treasurer for the DWS funds (2007–2018)
Paul Antosca7(1957) Assistant Treasurer, 2007–present	Director,3DWS; and Assistant Treasurer, DBX ETF Trust (2019–present)
Sheila Cadogan7(1966) Assistant Treasurer, 2017–present	Director,3DWS; Director and Vice President, DWS Trust Company (2018–present); and Assistant Treasurer, DBX ETF Trust (2019–present)
Scott D. Hogan7(1970) Chief Compliance Officer, 2016–present	Director,3DWS
Caroline Pearson7(1962) Chief Legal Officer, 2010–present	Managing Director,3DWS; formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); and Secretary, Deutsche AM Service Company (2010–2017)
Wayne Salit6(1967) Anti-Money Laundering Compliance Officer, 2014–present	Director,3 Deutsche Bank; and AML Officer, DWS Trust Company; formerly: Managing Director, AML Compliance Officer at BNY Mellon (2011–2014); and Director, AML Compliance Officer at Deutsche Bank (2004–2011)
Ciara Crawford8 (1984) Assistant Secretary, (2019–present)	Associate, DWS (since 2015); previously, Legal Assistant at Accelerated Tax Solutions.

30 | Deutsche DWS Variable Series II — DWS High Income VIP

¹  The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board.

²  A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.

³  Executive title, not a board directorship.

⁴  As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund.

⁵  The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds.

⁶  Address: 875 Third Avenue, New York, NY 10022.

⁷  Address: One International Place, Boston, MA 02110.

⁸  Address: 5022 Gate Parkway, Suite 400, Jacksonville, FL 32256.

The Fund’s Statement of Additional Information (“SAI”) includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the followingtoll-free number:(800) 728-3337.

Deutsche DWS Variable Series II — DWS High Income VIP | 31

  VS2HI-2 (R-025832-9 2/20)

December 31, 2019

Annual Report

Deutsche DWS Variable Series II

DWS International Growth VIP

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, you may not be receiving paper copies of the Fund’s shareholder reports from the insurance company that offers your contract unless you specifically request paper copies from your insurance company or from your financial intermediary. Instead, the shareholder reports will be made available on a Web site, and your insurance company will notify you by mail each time a report is posted and provide you with a Web site link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from your insurance company electronically by following the instructions provided by your insurance company.

You may elect to receive all future reports in paper free of charge from your insurance company. If your insurance company informs you that future reports will be delivered via Web access, you can inform your insurance company that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by your insurance company.

Contents

3	Performance Summary
4	Management Summary
6	Portfolio Summary
7	Investment Portfolio
10	Statement of Assets and Liabilities
10	Statement of Operations
11	Statements of Changes in Net Assets
12	Financial Highlights
13	Notes to Financial Statements
18	Report of Independent Registered Public Accounting Firm
19	Information About Your Fund’s Expenses
20	Tax Information
20	Proxy Voting
21	Advisory Agreement Board Considerations and Fee Evaluation
24	Board Members and Officers

This report must be preceded or accompanied by a prospectus. To obtain an additional prospectus or summary prospectus, if available, call (800)728-3337 or your financial representative. We advise you to consider the Fund’s objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the Fund. Please read the prospectus carefully before you invest.

Stocks may decline in value. Smaller company stocks tend to be more volatile thanmedium-sized or large company stocks. Investing in foreign securities, particularly those of emerging markets, presents certain risks, such as currency fluctuations, political and economic changes, and market risks. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. The Fund may lend securities to approved institutions. Please read prospectus for details.

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.

DWS Distributors, Inc., 222 South Riverside Plaza, Chicago, IL 60606, (800)621-1148

NOT FDIC/NCUA INSURED     NO BANK GUARANTEE     MAY LOSE VALUE     NOT A DEPOSIT

NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

2 | Deutsche DWS Variable Series II — DWS International Growth VIP

Performance Summary December 31, 2019 (Unaudited)

Fund performance shown is historical, assumes reinvestment of all dividend and capital gain distributions and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions so that, when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Please contact your participating insurance company for the Fund’s most recentmonth-end performance. Performance does not reflect charges and fees (“contract charges”) associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. These charges and fees will reduce returns. While all share classes have the same underlying portfolio, their performance will differ.

The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated May 1, 2019 are 1.72% and 2.07% for Class A and Class B shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

Growth of an Assumed $10,000 Investment

MSCI All Country World ex-USA Index is an unmanaged equity index which captures large and mid-capitalization representation across 22 of 23 developed markets countries excluding the U.S. and 26 emerging markets countries. It covers approximately 85% of the global equity opportunity set outside of the U.S.   Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

Comparative Results
DWS International Growth VIP		1-Year	3-Year	5-Year	10-Year
Class A	Growth of $10,000	$13,122	$13,717	$14,052	$19,818
	Average annual total return	31.22%	11.11%	7.04%	7.08%
MSCI All Country World ex-USA Index	Growth of $10,000	$12,151	$13,261	$13,073	$16,236
	Average annual total return	21.51%	9.87%	5.51%	4.97%
DWS International Growth VIP		1-Year	3-Year	5-Year	10-Year
Class B	Growth of $10,000	$13,084	$13,616	$13,858	$19,198
	Average annual total return	30.84%	10.84%	6.74%	6.74%
MSCI All Country World ex-USA Index	Growth of $10,000	$12,151	$13,261	$13,073	$16,236
	Average annual total return	21.51%	9.87%	5.51%	4.97%

The growth of $10,000 is cumulative.

Deutsche DWS Variable Series II — DWS International Growth VIP | 3

Management Summary December 31, 2019 (Unaudited)

The Fund’s Class A shares returned 31.22% during the 12 months ended December 31, 2019 (unadjusted for contract charges), strongly outperforming the 21.51% return of the MSCIAll-Country Worldex-USA Index.

Our emphasis on growth stocks was a key factor driving performance in 2019. Stock selection also played a large role in the Fund’s strong showing. The Fund’s holdings outpaced the corresponding index components in ten of the eleven major sectors, led by financials, information technology, industrials, and health care. Energy was the only area in which the Fund lagged, but we made up for the shortfall by having an underweight allocation to this underperforming sector.

Brookfield Asset Management, Inc. (Canada), which reported steady growth, was the leading contributor in both the financial sector and the Fund as a whole. Globant SA, a software company based in Argentina, also rallied on the strength of better-than-expected earnings and forward guidance, as well as a generally favorable demand environment. New Oriental Education & Technology Group, Inc. (China), Agnico Eagle Mines Ltd. (Canada), and LVMH Moet Hennessy Louis Vuitton SE (France) were additional contributors of note.

Although we use abottom-up approach, sector allocations had a positive effect on performance. Most notably, the Fund was helped by having a meaningful overweight in information technology. The sector was the top performer for the year, with a gain nearly twice that of the broader index.

At a time of robust relative performance, few aspects of the Fund’s positioning stood out as negatives. The apparel designer SMCP SA (France) was the leading detractor. Protests in France disrupted sales in its home market, and uncertainty surrounding trade policy dampened enthusiasm for the company’s expansion in China. Shares of Canada Goose Holdings, Inc. (Canada) also lost ground due to weaker-than-expected results and soft forward guidance. A position in cash, while limited, further hurt results given the strength in the broader market.

The strong performance of the global markets led to a significant increase in valuations in 2019, resulting in a narrower set of investment opportunities. We therefore became increasingly selective in identifying investment candidates for the Fund. For example, we built positions in a number of companies that we believe are supported by the long-term tailwinds of secular change. In the emerging markets, this included Pagseguro Digital Ltd. (Brazil), Luckin Coffee, Inc. (China), and Magazine Luiza SA (Brazil). In the developed markets, we added companies such as TeamViewer AG (Germany), Shimadzu Corp. (Japan), and Orpea (France). We also invested in high-quality franchises with cyclical upside and reasonable valuations, including Cie de Saint-Gobain (France), BASF SE (Germany) and Evonik Industries AG (Germany). On the other hand, we either sold or reduced stocks with deteriorating fundamentals, including China Life Insurance Co., Ltd.* (China), Continental AG* (Germany), Komatsu Ltd.* (Japan), and Chr Hansen Holding AS* (Denmark).

We held a relatively neutral stance from a regional perspective, with the largest absolute weightings in Continental Europe, China/Hong Kong, Japan, and Canada. On a longer-term basis, we think the emerging markets offer the most compelling growth prospects — particularly in areas that are sensitive to domestic consumption trends. Japan has also captured our attention as a source of innovative companies that drive market-leading solutions and place a growing emphasis on shareholder return.

At the sector level, the Fund was overweight in technology, health care, industrials, and consumer discretionary. Conversely, it was underweight in energy, consumer staples, materials, financials, and communication services. These weightings are the result of ourbottom-up stock selection process, rather than atop-down view. The Fund ended the year with a cash weighting of about 1%, which we think provides us with flexibility to add to positions in our favored companies if macro-related headlines fuel additional market volatility in the months ahead. We would welcome such disruptions, as they can provide an opportunity to build positions in attractive, higher-growth stocks at more reasonable valuations.

Sebastian P. Werner, PhD, Director

Julia A. Merz, PhD, Assistant Vice President

Portfolio Managers

The views expressed reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance is no guarantee of future results. Current and future portfolio holdings are subject to risk.

4 | Deutsche DWS Variable Series II — DWS International Growth VIP

Terms to Know

MSCI All Country World ex USA Indexis an unmanaged equity index which captures large andmid-capitalization representation across 22 of 23 developed markets countries excluding the U.S. and 26 emerging markets countries. It covers approximately 85% of the global equity opportunity set outside of the U.S.

Contribution anddetractionincorporate both a stock’s total return and its weighting in the fund.

Overweightmeans that a Fund holds a higher weighting in a given sector compared with its benchmark index. Underweightmeans that a Fund holds a lower weighting.

* Not held at December 31, 2019.

Deutsche DWS Variable Series II — DWS International Growth VIP | 5

Portfolio Summary (Unaudited)

Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral)	12/31/19		12/31/18
Common Stocks		97%		99%
Exchange-Traded Funds		2%		—
Cash Equivalents		1%		1%
Preferred Stocks		0%		0%
Warrants		—		0%
		100%		100%
Sector Diversification (As a % of Investment Portfolio excluding Cash Equivalents, Securities Lending Collateral and Exchange-Traded Funds)	12/31/19		12/31/18
Financials		19%		20%
Information Technology		18%		14%
Industrials		15%		15%
Health Care		15%		14%
Consumer Discretionary		14%		15%
Consumer Staples		7%		7%
Communication Services		5%		7%
Materials		5%		6%
Energy		2%		2%
		100%		100%
Geographical Diversification (As a % of Investment Portfolio excluding Cash Equivalents, Securities Lending Collateral and Exchange-Traded Funds)	12/31/19		12/31/18
France		13%		11%
Germany		13%		13%
Japan		10%		12%
Canada		9%		10%
United States		8%		7%
Switzerland		9%		9%
China		8%		8%
Netherlands		4%		4%
United Kingdom		4%		7%
Ireland		4%		1%
Sweden		3%		3%
Singapore		2%		2%
Argentina		2%		2%
Brazil		2%		0%
Korea		2%		2%
Other		7%		9%
		100%		100%

Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund’s investment portfolio, see page 7.

Following the Fund’s fiscal first and thirdquarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-PORT. The Fund’s Form N-PORT will be available on the SEC’s Web site at sec.gov. The Fund’s portfolio holdings are also posted on dws.com from time to time. Please read the Fund’s current prospectus for more information.

6 | Deutsche DWS Variable Series II — DWS International Growth VIP

Investment Portfolio as of December 31, 2019

	Shares		Value ($)
Common Stocks 96.2%
Argentina 2.1%
Globant SA* (a)		3,331		353,253
Grupo Supervielle SA (ADR) (b)		3,968		14,602
(Cost $240,383)				367,855
Brazil 1.8%
Magazine Luiza SA		12,960		153,436
Pagseguro Digital Ltd. “A”* (a)		4,756		162,465
(Cost $271,746)				315,901
Canada 9.3%
Agnico Eagle Mines Ltd.		5,048		310,915
Alimentation Couche-Tard, Inc. “B”		5,580		177,084
Brookfield Asset Management, Inc. “A”		9,774		564,740
Canada Goose Holdings, Inc.* (b)		3,715		134,490
Canadian National Railway Co.		2,610		236,107
Toronto-Dominion Bank		3,902		218,846
(Cost $979,618)				1,642,182
China 8.2%
Alibaba Group Holding Ltd. (ADR)*		1,560		330,876
Luckin Coffee, Inc. (ADR)* (b)		2,265		89,150
Minth Group Ltd.		16,870		59,599
Momo, Inc. (ADR)		3,331		111,589
New Oriental Education & Technology Group, Inc. (ADR)*		1,120		135,800
Ping An Healthcare and Technology Co., Ltd. 144A*		2,100		15,388
Ping An Insurance (Group) Co. of China Ltd. “H”		33,000		391,713
Tencent Holdings Ltd.		6,400		308,056
(Cost $920,012)				1,442,171
Finland 0.3%
Sampo Oyj “A” (Cost $60,170)		1,263		55,145
France 13.0%
Airbus SE		1,067		156,415
BNP Paribas SA		1,857		110,396
Capgemini SE		1,600		195,492
Cie de Saint-Gobain		2,354		96,463
LVMH Moet Hennessy Louis Vuitton SE		890		414,413
Orpea		1,082		138,840
SMCP SA 144A* (b)		8,225		87,460
Teleperformance		1,222		298,044
Total SA		6,004		332,453
VINCI SA		2,736		304,520
Vivendi SA		5,423		157,003
(Cost $1,952,004)				2,291,499
Germany 12.9%
adidas AG		145		47,360
Allianz SE (Registered)		1,308		320,573
BASF SE		2,532		192,050
Deutsche Boerse AG		2,802		441,779
Deutsche Post AG (Registered)		2,693		103,137
Evonik Industries AG		6,411		197,249
Fresenius Medical Care AG & Co. KGaA		3,122		231,813

	Shares		Value ($)
LANXESS AG		2,236		150,931
SAP SE		1,685		228,623
Siemens AG (Registered)		915		119,901
TeamViewer AG*		6,933		251,717
(Cost $2,086,126)				2,285,133
Hong Kong 1.0%
Techtronic Industries Co., Ltd. (Cost $58,450)		22,597		185,060
Ireland 3.7%
Experian PLC		11,889		402,014
Kerry Group PLC1 “A”		2,035		253,734
(Cost $391,644)				655,748
Japan 9.5%
Daikin Industries Ltd.		2,500		352,507
Fast Retailing Co., Ltd.		500		298,204
Hoya Corp.		2,600		248,642
Kao Corp.		1,100		90,799
Keyence Corp.		800		281,666
MISUMI Group, Inc.		3,911		96,919
Mitsubishi UFJ Financial Group, Inc.		10,300		55,713
Pigeon Corp.		3,900		143,283
Shimadzu Corp.		3,500		109,918
(Cost $1,331,458)				1,677,651
Korea 1.6%
Samsung Electronics Co., Ltd. (Cost $248,084)		5,801		279,195
Luxembourg 1.0%
Eurofins Scientific (Cost $75,208)		332		184,133
Macau 1.0%
Sands China Ltd. (Cost $169,235)		32,000		171,287
Malaysia 0.9%
IHH Healthcare Bhd. (Cost $160,964)		116,000		155,147
Netherlands 3.9%
Adyen NV 144A*		11		9,025
ASML Holding NV		662		196,897
ING Groep NV		16,397		197,029
Koninklijke Philips NV		4,455		217,865
Prosus NV*		1,047		78,293
(Cost $617,646)				699,109
Norway 0.6%
Mowi ASA (Cost $50,908)		4,230		109,814
Singapore 2.1%
DBS Group Holdings Ltd. (Cost $310,391)		19,400		373,634
South Africa 1.0%
Naspers Ltd. “N” (Cost $238,774)		1,047		171,415
Sweden 2.4%
Assa Abloy AB “B”		3,000		70,116
Hexagon AB “B”		1,080		60,467
Nobina AB 144A		22,904		157,922
Spotify Technology SA* (a)		937		140,128
(Cost $380,388)				428,633

The accompanying notes are an integral part of the financial statements.

Deutsche DWS Variable Series II — DWS International Growth VIP | 7

	Shares		Value ($)
Switzerland 8.3%
Alcon, Inc.*		640		36,204
Julius Baer Group Ltd.*		1,404		72,437
Lonza Group AG (Registered)*		1,307		476,920
Nestle SA (Registered)		3,312		358,535
Novartis AG (Registered)		2,716		257,627
Roche Holding AG (Genusschein)		815		264,468
(Cost $906,510)				1,466,191
Taiwan 1.3%
Taiwan Semiconductor Manufacturing Co., Ltd. (Cost $127,110)		21,000		233,139
United Kingdom 3.8%
Clinigen Healthcare Ltd.*		9,466		115,886
Compass Group PLC		7,068		177,345
Farfetch Ltd. “A”* (a)		4,029		41,700
Halma PLC		4,945		139,391
Prudential PLC		10,000		192,454
(Cost $556,388)				666,776
United States 6.5%
Activision Blizzard, Inc.		2,582		153,423
EPAM Systems, Inc.*		1,363		289,174
Marsh & McLennan Companies, Inc.		1,696		188,951
MasterCard, Inc. “A”		631		188,410
NVIDIA Corp.		332		78,120
Schlumberger Ltd.		2,602		104,600
Thermo Fisher Scientific, Inc.		446		144,892
(Cost $610,622)				1,147,570
Total Common Stocks (Cost $12,743,839)				17,004,388

	Shares			Value ($)
Convertible Preferred Stocks 0.1%
United States
Providence Service Corp. (c) (Cost $13,600)		136			20,182
Exchange-Traded Funds 1.9%
United States
iShares MSCI Japan ETF (Cost $341,111)		5,700			337,668
Securities Lending Collateral 1.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.50% (d) (e) (Cost $290,624)		290,624			290,624
Cash Equivalents 1.4%
DWS Central Cash Management Government Fund, 1.62% (d) (Cost $241,211)		241,211			241,211
	% of Net Assets			Value ($)
Total Investment Portfolio (Cost $13,630,385)		101.3			17,894,073
Other Assets and Liabilities, Net		(1.3	)		(222,976	)
Net Assets		100.0			17,671,097

A summary of the Fund’s transactions with affiliated investments during the year ended December 31, 2019 are as follows:

Value ($) at 12/31/2018	Purchases Cost ($)			Sales Proceeds ($)		Net Realized Gain/ (Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 12/31/2019		Value ($) at 12/31/2019
Securities Lending Collateral 1.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.50% (d) (e)
156,436		134,188	(f)		—		—		—		11,826		—		290,624		290,624
Cash Equivalents 1.4%
DWS Central Cash Management Government Fund, 1.62% (d)
148,953		4,160,183			4,067,925		—		—		8,243		—		241,211		241,211
305,389		4,294,371			4,067,925		—		—		20,069		—		531,835		531,835

* Non-income producing security.

(a) Listed on the New York Stock Exchange.

(b) 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 December 31, 2019 amounted to $283,155, which is 1.6% of net assets.

(c) Investment was valued using significant unobservable inputs.

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

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

(f) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended December 31, 2019.

144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

ADR: American Depositary Receipt

MSCI: Morgan Stanley Capital International

The accompanying notes are an integral part of the financial statements.

8 | Deutsche DWS Variable Series II — DWS International Growth VIP

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 December 31, 2019 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Common Stocks
Argentina	$	367,855	$	—	$	—	$	367,855
Brazil		162,465		153,436		—		315,901
Canada		1,642,182		—		—		1,642,182
China		667,415		774,756		—		1,442,171
Finland		—		55,145		—		55,145
France		—		2,291,499		—		2,291,499
Germany		—		2,285,133		—		2,285,133
Hong Kong		—		185,060		—		185,060
Ireland		—		655,748		—		655,748
Japan		—		1,677,651		—		1,677,651
Korea		—		279,195		—		279,195
Luxembourg		—		184,133		—		184,133
Macau		—		171,287		—		171,287
Malaysia		—		155,147		—		155,147
Netherlands		—		699,109		—		699,109
Norway		—		109,814		—		109,814
Singapore		—		373,634		—		373,634
South Africa		—		171,415		—		171,415
Sweden		140,128		288,505		—		428,633
Switzerland		—		1,466,191		—		1,466,191
Taiwan		—		233,139		—		233,139
United Kingdom		41,700		625,076		—		666,776
United States		1,147,570		—		—		1,147,570
Convertible Preferred Stocks		—		—		20,182		20,182
Exchange-Traded Funds		337,668		—		—		337,668
Short-Term Investments (g)		531,835		—		—		531,835
Total	$	5,038,818	$	12,835,073	$	20,182	$	17,894,073

(g) See Investment Portfolio for additional detailed categorizations.

The accompanying notes are an integral part of the financial statements.

Deutsche DWS Variable Series II — DWS International Growth VIP | 9

Statement of Assets and Liabilities

as of December 31, 2019
Assets
Investments innon-affiliated securities, at value (cost $13,098,550) — including $283,155 of securities loaned	$	17,362,238
Investment in DWS Government & Agency Securities Portfolio (cost $290,624)*		290,624
Investment in DWS Central Cash Management Government Fund (cost $241,211)		241,211
Foreign currency, at value (cost $145,600)		144,789
Receivable for Fund shares sold		51
Dividends receivable		4,819
Interest receivable		779
Foreign taxes recoverable		24,608
Due from Advisor		3,892
Other assets		569
Total assets		18,073,580
Liabilities
Payable upon return of securities loaned		290,624
Payable for Fund shares redeemed		13,589
Accrued Trustees’ fees		1,131
Other accrued expenses and payables		97,139
Total liabilities		402,483
Net assets, at value	$	17,671,097
Net Assets Consist of
Distributable earnings (loss)		4,442,285
Paid-in capital		13,228,812
Net assets, at value	$	17,671,097
Net Asset Value
Class A
Net Asset Value, offering and redemption price per share ($17,513,656 ÷ 1,196,084 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	14.64
Class B
Net Asset Value, offering and redemption price per share ($157,441 ÷ 10,737 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	14.66

* Represents collateral on securities loaned.

Statement of Operations

for the year ended December 31, 2019
Investment Income
Income:
Dividends (net of foreign taxes withheld of $37,203)	$	385,021
Income distributions — DWS Central Cash Management Government Fund		8,243
Securities lending income, net of borrower rebates		11,826
Total income		405,090
Expenses:
Management fee		100,737
Administration fee		16,248
Services to Shareholders		906
Record keeping fee (Class B)		34
Distribution service fee (Class B)		334
Custodian fee		24,728
Professional fees		81,624
Reports to shareholders		24,063
Trustees’ fees and expenses		2,264
Other		15,335
Total expenses before expense reductions		266,273
Expense reductions		(126,215	)
Total expenses after expense reductions		140,058
Net investment income (loss)		265,032
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(34,791	)
Foreign currency		(4,204	)
		(38,995	)
Change in net unrealized appreciation (depreciation) on:
Investments		4,098,050
Foreign currency		2,754
		4,100,804
Net gain (loss)		4,061,809
Net increase (decrease) in net assets resulting from operations	$	4,326,841

The accompanying notes are an integral part of the financial statements.

10 | Deutsche DWS Variable Series II — DWS International Growth VIP

Statements of Changes in Net Assets

	Years Ended December 31,
Increase (Decrease) in Net Assets	2019			2018
Operations:
Net investment income (loss)	$	265,032		$	210,075
Net realized gain (loss)		(38,995	)		228,637
Change in net unrealized appreciation (depreciation)		4,100,804			(3,352,382	)
Net increase (decrease) in net assets resulting from operations		4,326,841			(2,913,670	)
Distributions to shareholders:
Class A		(445,123	)		(169,762	)
Class B		(3,307	)		(1,806	)
Total distributions		(448,430	)		(171,568	)
Fund share transactions:
Class A
Proceeds from shares sold		1,652,668			1,452,220
Reinvestment of distributions		445,123			169,762
Payments for shares redeemed		(2,520,782	)		(3,127,727	)
Net increase (decrease) in net assets from Class A share transactions		(422,991	)		(1,505,745	)
Class B
Proceeds from shares sold		16,855			82,846
Reinvestment of distributions		3,307			1,806
Payments for shares redeemed		(112,320	)		(28,351	)
Net increase (decrease) in net assets from Class B share transactions		(92,158	)		56,301
Increase (decrease) in net assets		3,363,262			(4,534,682	)
Net assets at beginning of period		14,307,835			18,842,517
Net assets at end of period	$	17,671,097		$	14,307,835
Other Information
Class A
Shares outstanding at beginning of period		1,228,635			1,340,522
Shares sold		122,990			108,093
Shares issued to shareholders in reinvestment of distributions		33,594			12,631
Shares redeemed		(189,135	)		(232,611	)
Net increase (decrease) in Class A shares		(32,551	)		(111,887	)
Shares outstanding at end of period		1,196,084			1,228,635
Class B
Shares outstanding at beginning of period		19,045			14,862
Shares sold		1,204			6,136
Shares issued to shareholders in reinvestment of distributions		249			134
Shares redeemed		(9,761	)		(2,087	)
Net increase (decrease) in Class B shares		(8,308	)		4,183
Shares outstanding at end of period		10,737			19,045

The accompanying notes are an integral part of the financial statements.

Deutsche DWS Variable Series II — DWS International Growth VIP | 11

Financial Highlights

	Years Ended December 31,
Class A	2019			2018			2017			2016			2015
Selected Per Share Data
Net asset value, beginning of period	$	11.47		$	13.90		$	11.12		$	10.81		$	11.04
Income (loss) from investment operations:
Net investment incomea		.22			.16			.08			.06			.07
Net realized and unrealized gain (loss)		3.32			(2.46	)		2.75			.34			(.21	)
Total from investment operations		3.54			(2.30	)		2.83			.40			(.14	)
Less distribution from:
Net investment income		(.17	)		(.13	)		(.05	)		(.09	)		(.09	)
Net realized gain		(.20	)		—			—			—			—
Total distributions		(.37	)		(.13	)		(.05	)		(.09	)		(.09	)
Net asset value, end of period	$	14.64		$	11.47		$	13.90		$	11.12		$	10.81
Total Return (%)b		31.22			(16.69	)		25.47			3.72			(1.32	)
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		18			14			19			27			34
Ratio of expenses before expense reductions (%)c		1.64			1.72			1.56			1.66			1.44
Ratio of expenses after expense reductions (%)c		.86			.81			.92			.95			.90
Ratio of net investment income (%)		1.63			1.21			.61			.51			.65
Portfolio turnover rate (%)		16			38			62			70			64

^a  Based on average shares outstanding during the period.

^b  Total return would have been lower had certain expenses not been reduced.

^c  Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option.

				Years Ended December 31,
Class B	2019			2018			2017			2016			2015
Selected Per Share Data
Net asset value, beginning of period	$	11.49		$	13.93		$	11.13		$	10.82		$	11.05
Income (loss) from investment operations:
Net investment incomea		.18			.12			.02			.02			.05
Net realized and unrealized gain (loss)		3.33			(2.46	)		2.79			.35			(.23	)
Total from investment operations		3.51			(2.34	)		2.81			.37			(.18	)
Less distribution from:
Net investment income		(.14	)		(.10	)		(.01	)		(.06	)		(.05	)
Net realized gain		(.20	)		—			—			—			—
Total distributions		(.34	)		(.10	)		(.01	)		(.06	)		(.05	)
Net asset value, end of period	$	14.66		$	11.49		$	13.93		$	11.13		$	10.82
Total Return (%)b		30.84			(16.92	)		25.26			3.38			(1.64	)
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		.2			.2			.2			.07			.1
Ratio of expenses before expense reductions (%)c		1.95			2.07			1.90			1.98			1.76
Ratio of expenses after expense reductions (%)c		1.16			1.06			1.15			1.24			1.22
Ratio of net investment income (%)		1.31			.92			.12			.17			.40
Portfolio turnover rate (%)		16			38			62			70			64

^a  Based on average shares outstanding during the period.

^b  Total return would have been lower had certain expenses not been reduced.

^c  Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option.

The accompanying notes are an integral part of the financial statements.

12 | Deutsche DWS Variable Series II — DWS International Growth VIP

Notes to Financial Statements

A. Organization and Significant Accounting Policies

DWS International Growth VIP (the “Fund”) is a diversified series of Deutsche DWS Variable Series II (the “Trust”), which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as anopen-end management investment company organized as a Massachusetts business trust.

Multiple Classes of Shares of Beneficial Interest. The Fund offers two classes of shares (Class A shares and Class B shares). Sales of Class B shares are subject to recordkeeping fees up to 0.15% and Rule12b-1 fees under the 1940 Act equal to an annual rate of 0.25% of the average daily net assets for Class B shares of the Fund. Class A shares are not subject to such fees.

Investment income, realized and unrealized gains and losses, and certainfund-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares except that each class bears certain expenses unique to that class (including the applicable Rule12b-1 fee and recordkeeping fees). Differences inclass-level expenses may result in payment of different per share dividends by class. All shares have equal rights with respect to voting subject toclass-specific arrangements.

The Fund’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) which require the use of management estimates. Actual results could differ from those estimates. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements.

Security Valuation. Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading.

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.

Equity securities and Exchange-Traded Funds (“ETFs”) are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) orover-the-counter market on which they trade. Equity securities or ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities and ETFs are generally categorized as Level 1. For certain international equity securities, in order to adjust for events which may occur between the close of the foreign exchanges and the close of the New York Stock Exchange, a fair valuation model may be used. This fair valuation model takes into account comparisons to the valuation of American Depository Receipts (ADRs),exchange-traded funds, futures contracts and certain indices and these securities are categorized as Level 2.

Investments inopen-end investment companies are valued at their net asset value each business day and are categorized as Level 1.

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices frombroker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (forexchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

Disclosure about the classification of fair value measurements is included in a table following the Fund’s Investment Portfolio.

Deutsche DWS Variable Series II — DWS International Growth VIP | 13

Foreign Currency Translations. The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

Securities Lending. Brown Brothers Harriman & Co., as lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either cash and/or U.S. Treasury Securities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended December 31, 2019, the Fund invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.12% annualized effective rate as of December 31, 2019) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time, and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of December 31, 2019, the Fund had securities on loan, which were classified as common stocks in the Investment Portfolio. The value of the related collateral exceeded the value of the securities loaned at period end. As of period end, the remaining contractual maturity of the collateral agreements was overnight and continuous.

Taxes. The Fund’s policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies and to distribute all of its taxable income to its shareholders.

Additionally, the Fund may be subject to taxes imposed by the governments of countries in which it invests and are generally based on income and/or capital gains earned or repatriated, a portion of which may be recoverable. Based upon the current interpretation of the tax rules and regulations, estimated tax liabilities and recoveries on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized gain/loss on investments. Tax liabilities realized as a result of security sales are reflected as a component of net realized gain/loss on investments.

At December 31, 2019, the Fund had a net tax basis capital loss carryforward of approximately $30,000 of long-term losses, which may be applied against realized net taxable capital gains indefinitely.

The Fund has reviewed the tax positions for the open tax years as of December 31, 2019 and has determined that no provision for income tax and/or uncertain tax positions is required in the Fund’s financial statements. The Fund’s federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

Distribution of Income and Gains. Distributions from net investment income of the Fund, if any, are declared and distributed to shareholders annually. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes if necessary.

The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the

14 | Deutsche DWS Variable Series II — DWS International Growth VIP

United States of America. These differences primarily relate to investments in foreign denominated investments and certain securities sold at a loss. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.

At December 31, 2019, the Fund’s components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income*	$	246,272
Capital loss carryforward	$	(30,000	)
Net unrealized appreciation (depreciation) on investments	$	4,226,416

At December 31, 2019, the aggregate cost of investments for federal income tax purposes was $13,667,657. The net unrealized appreciation for all investments based on tax cost was $4,226,416. This consisted of aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost of $4,878,811 aggregate gross unrealized depreciation for all investments in which was an excess of tax cost over value of $652,395.

In addition, the tax character of distributions paid by the Fund is summarized as follows:

	Years Ended December 31,
	2019		2018
Distributions from ordinary income*	$	213,752	$	171,568
Distributions from long-term capital gains	$	234,678	$	—

* For tax purposes, short-term capital gain distributions are considered ordinary income distributions.

Expenses. Expenses of the Trust arising in connection with a specific fund are allocated to that fund. Other Trust expenses which cannot be directly attributed to a fund are apportioned among the funds in the Trust based upon the relative net assets or other appropriate measures.

Contingencies. In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.

Other. Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on theex-dividend date net of foreign withholding taxes. Realized gains and losses from investment transactions are recorded on an identified cost basis. Proceeds from litigation payments, if any, are included in net realized gain (loss) from investments.

B. Purchases and Sales of Securities

During the year ended December 31, 2019, purchases and sales of investment transactions (excludingshort-term investments) aggregated $2,478,337 and $3,164,488, respectively.

C. Related Parties

Management Agreement. Under the Investment Management Agreement with DWS Investment Management Americas, Inc. (“DIMA” or the “Advisor”), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”), the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund.

Pursuant to the Investment Management Agreement with the Advisor, the Fund pays the Advisor an annual fee based on its average daily net assets, computed and accrued daily and payable monthly at the annual rate (exclusive of any applicable waivers/reimbursements) of 0.62%.

For the period from January 1, 2019 through April 30, 2019, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of each class as follows:

Class A	.81	%
Class B	1.06	%

Deutsche DWS Variable Series II — DWS International Growth VIP | 15

For the period from May 1, 2019 through September 30, 2019, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of each class as follows:

Class A	.89	%
Class B	1.21	%

Effective October 1, 2019 through September 30, 2020, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of each class as follows:

Class A	.87	%
Class B	1.19	%

For the year ended December 31, 2019, fees waived and/or expenses reimbursed for each class are as follows:

Class A	$	125,158
Class B		1,057
	$	126,215

Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays DIMA an annual fee (“Administration Fee”) of 0.10% of the Fund’s average daily net assets, computed and accrued daily and payable monthly. For the year ended December 31, 2019, the Administration Fee was $16,248, of which $1,485 is unpaid.

Service Provider Fees. DWS Service Company (“DSC”), an affiliate of the Advisor, is the transfer agent,dividend-paying agent and shareholder service agent for the Fund. Pursuant to asub-transfer agency agreement between DSC and DST Systems, Inc. (“DST”), DSC has delegated certain transfer agent,dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the year ended December 31, 2019, the amounts charged to the Fund by DSC were as follows:

Services to Shareholders	Total Aggregated		Unpaid at December 31, 2019
Class A	$	214	$	35
Class B		53		9
	$	267	$	44

Distribution Service Agreement. Under the Fund’s Class B12b-1 plan, DWS Distributors, Inc. (“DDI”) received a fee (“Distribution Service Fee”) of 0.25% of average daily net assets of Class B shares. For the year ended December 31, 2019, the Distribution Service Fee aggregated $334, of which $33 is unpaid.

Typesetting and Filing Service Fees. Under an agreement with the Fund, DIMA is compensated for providing certainpre-press and regulatory filing services to the Fund. For the year ended December 31, 2019, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders” aggregated $8,891, of which $3,563 is unpaid.

Trustees’ Fees and Expenses. The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.

Affiliated Cash Management Vehicles. The Fund may invest uninvested cash balances in DWS Central Cash Management Government Fund and DWS ESG Liquidity Fund, affiliated money market funds which are managed by the Advisor. Each affiliated money market fund is managed in accordance with Rule2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Central Cash Management Government Fund seeks to maintain a stable net asset value, and DWS ESG Liquidity Fund maintains a floating net asset value. The Fund indirectly bears its proportionate share of the expenses of each affiliated money market fund in which it invests. DWS Central Cash Management Government Fund does not pay the Advisor an investment management fee. To the extent that DWS ESG Liquidity Fund pays an investment management fee to the Advisor, the Advisor will waive an

16 | Deutsche DWS Variable Series II — DWS International Growth VIP

amount of the investment management fee payable to the Advisor by the Fund equal to the amount of the investment management fee payable on the Fund’s assets invested in DWS ESG Liquidity Fund.

D. Ownership of the Fund

At December 31, 2019, one participating insurance company was owner of record of 10% or more of the total outstanding Class A shares of the Fund, owning 85%. Three participating insurance companies were owners of record of 10% or more of the total outstanding Class B shares of the Fund, owning 47%, 43%, and 10%.

E. Line of Credit

The Fund and other affiliated funds (the “Participants”) share in a $400 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus if theone-month LIBOR exceeds the Federal Funds Rate, the amount of such excess. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at December 31, 2019.

Deutsche DWS Variable Series II — DWS International Growth VIP | 17

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Deutsche DWS Variable Series II and Shareholders of DWS International Growth VIP:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of DWS International Growth VIP (the “Fund”) (one of the funds constituting Deutsche DWS Variable Series II) (the “Trust”), including the investment portfolio, as of December 31, 2019, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Deutsche DWS Variable Series II) at December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019, by correspondence with the custodian and others. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

Boston, Massachusetts

February 14, 2020

18 | Deutsche DWS Variable Series II — DWS International Growth VIP

Information About Your Fund’s Expenses (Unaudited)

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service(12b-1) fees and other Fund expenses. Examples of transaction costs include contract charges, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recentsix-month period, the Fund limited these expenses; had it not done so, expenses would have been higher. The example in the table is based on an investment of $1,000 invested at the beginning of thesix-month period and held for the entire period (July 1, 2019 to December 31, 2019).

The tables illustrate your Fund’s expenses in two ways:

– Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund’s actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Expenses Paid per $1,000” line under the share class you hold.

– Hypothetical 5% Fund Return. This helps you to compare your Fund’s ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund’s actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical Fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The “Expenses Paid per $1,000” line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. If these transaction costs had been included, your costs would have been higher.

Expenses and Value of a $1,000 Investment for the six months ended December 31, 2019
Actual Fund Return		Class A		Class B
Beginning Account Value 7/1/19	$	1,000.00	$	1,000.00
Ending Account Value 12/31/19	$	1,071.00	$	1,069.30
Expenses Paid per $1,000*	$	4.59	$	6.26
Hypothetical 5% Fund Return
Beginning Account Value 7/1/19	$	1,000.00	$	1,000.00
Ending Account Value 12/31/19	$	1,020.77	$	1,019.16
Expenses Paid per $1,000*	$	4.48	$	6.11

* Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recentsix-month period), then divided by 365.

Annualized Expense Ratios	Class A			Class B
Deutsche DWS Variable Series II — DWS International Growth VIP		.88	%		1.20	%

For more information, please refer to the Fund’s prospectus.

These tables do not reflect charges and fees (“contract charges”) associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option.

For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to the current and hypothetical expense calculators for Variable Insurance Products which can be found at dws.com/calculators.

Deutsche DWS Variable Series II — DWS International Growth VIP | 19

Tax Information (Unaudited)

The Fund paid distributions of $0.20 per share from net long-term capital gains during its year ended December 31, 2019.

For corporate shareholders, 4% of the ordinary dividends (i.e., income dividends plus short-term capital gains) paid during the Fund’s fiscal year ended December 31, 2019, qualified for the dividends received deduction.

The Fund paid foreign taxes of $30,998 and earned $252,697 of foreign source income during the year ended December 31, 2019. Pursuant to Section 853 of the Internal Revenue Code, the Fund designates $0.03 per share as foreign taxes paid and $0.21 per share as income earned from foreign sources for the year ended December 31, 2019.

Please consult a tax advisor if you have questions about federal or state income tax laws, or on how to prepare your tax returns. If you have specific questions about your account, please contact your insurance provider.

Proxy Voting

The Trust’s policies and procedures for voting proxies for portfolio securities and information about how the Trust voted proxies related to its portfolio securities during the most recent12-month period ended June 30 are available on our Web site — dws.com/en-us/resources/proxy-voting — or on the SEC’s Web site — sec.gov. To obtain a written copy of the Trust’s policies and procedures without charge, upon request, call us toll free at(800) 728-3337.

20 | Deutsche DWS Variable Series II — DWS International Growth VIP

Advisory Agreement Board Considerations and Fee Evaluation

The Board of Trustees (hereinafter referred to as the “Board” or “Trustees”) approved the renewal of DWS International Growth VIP’s (the “Fund”) investment management agreement (the “Agreement”) with DWS Investment Management Americas, Inc. (“DIMA”) in September 2019.

In terms of the process that the Board followed prior to approving the Agreement, shareholders should know that:

– During the entire process, all of the Fund’s Trustees were independent of DIMA and its affiliates (the “Independent Trustees”).

– The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board’s Contract Committee reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Trustees (the “Fee Consultant”). Based on its evaluation of the information provided, the Contract Committee presented its findings and recommendations to the Board. The Board then reviewed the Contract Committee’s findings and recommendations.

– The Board also received extensive information throughout the year regarding performance of the Fund.

– The Independent Trustees regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.

– In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund’s Rule12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.

In connection with the contract review process, the Contract Committee and the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund. DIMA is part of DWS Group GmbH & Co. KGaA (“DWS Group”). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. In 2018, approximately 20% of DWS Group’s shares were sold in an initial public offering, with Deutsche Bank AG owning the remaining shares.

As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund’s performance. In many cases, this led to the negotiation and implementation of expense caps. As part of these negotiations, the Board indicated that it would consider relaxing these caps in future years following sustained improvements in performance, among other considerations.

While shareholders may focus primarily on fund performance and fees, the Fund’s Board considers these and many other factors, including the quality and integrity of DIMA’s personnel and administrative support services provided by DIMA, such as back-office operations, fund valuations, and compliance policies and procedures.

Nature, Quality and Extent of Services. The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board reviewed the Fund’s performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied by Morningstar Direct (“Morningstar”), an independent fund data service. The Board also noted that it has put into place a process of identifying “Funds in Review” (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA’s plans to address underperformance. The Board

Deutsche DWS Variable Series II — DWS International Growth VIP | 21

believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for theone-, three- and five-year periods ended December 31, 2018, the Fund’s performance (Class A shares) was in the 4th quartile of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has outperformed its benchmark in the five-year period and underperformed its benchmark in theone- and three-year periods ended December 31, 2018. The Board noted the disappointing investment performance of the Fund in recent periods and continued to discuss with senior management of DIMA the factors contributing to such underperformance and actions being taken to improve performance. The Board considered that, effective October 3, 2016, the Fund’s investment strategy and certain members of the portfolio management team were changed, and that, effective October 1, 2017, the Fund further changed its investment strategy. The Board observed that the Fund had experienced improved relative performance during the first eight months of 2019. The Board recognized the efforts by DIMA in recent years to enhance its investment platform and improve long-term performance across the DWS fund complex.

Fees and Expenses. The Board considered the Fund’s investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. (“Broadridge”) and the Fee Consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.10% fee paid to DIMA under the Fund’s administrative services agreement, were lower than the median (1st quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2018). The Board noted that, effective October 1, 2017, DIMA agreed to reduce the Fund’s contractual management fee rate to an annual rate of 0.62% in connection with changes to the Fund’s investment strategy. The Board noted that the Fund’s Class A shares total (net) operating expenses were expected to be lower than the median (2nd quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2018, and analyzing Broadridge expense universe Class A (net) expenses less any applicable12b-1 fees) (“Broadridge Universe Expenses”). The Board also reviewed data comparing each other operational share class’s total (net) operating expenses to the applicable Broadridge Universe Expenses. The Board noted that the expense limitations agreed to by DIMA were expected to help the Fund’s total (net) operating expenses remain competitive. The Board considered the Fund’s management fee rate as compared to fees charged by DIMA to a comparable DWS U.S. registered fund (“DWS Funds”) and considered differences between the Fund and the comparable DWS Fund. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including anysub-advised funds and accounts) and funds offered primarily to European investors (“DWS Europe Funds”) managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA.

Profitability. The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs to DIMA, andpre-tax profits realized by DIMA, from advising the DWS Funds, as well as estimates of thepre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board and the Fee Consultant reviewed DIMA’s methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that thepre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that, while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates’ overall profitability with respect to the DWS Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of most comparable firms for which such data was available.

Economies of Scale. The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. In this regard, the Board observed that while the Fund’s current investment management fee schedule does not include breakpoints, the Fund’s fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

22 | Deutsche DWS Variable Series II — DWS International Growth VIP

Other Benefits to DIMA and Its Affiliates. The Board also considered the character and amount of other incidental or“fall-out” benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund, any fees received by an affiliate of DIMA for transfer agency services provided to the Fund and any fees received by an affiliate of DIMA for distribution services. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities. In addition, the Board considered the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Fund’s management fees were reasonable.

Compliance. The Board considered the significant attention and resources dedicated by DIMA to its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA’s and the Fund’s chief compliance officers and (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel.

Based on all of the information considered and the conclusions reached, the Board determined that the continuation of the Agreement is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Trustees and counsel present. It is possible that individual Independent Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement.

Deutsche DWS Variable Series II — DWS International Growth VIP | 23

Board Members and Officers

The following table presents certain information regarding the Board Members and Officers of the Trust/Corporation. Each Board Member’s year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA02199-3600. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the Trust/Corporation. Because the Fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period.

The Board Members may also serve in similar capacities with other funds in the fund complex. The number of funds in DWS fund complex shown in the table below includes all registered open- and closed-end funds (including all of their portfolios) advised by the Advisor and any registered funds that have an investment advisor that is an affiliated person of the Advisor.

Independent Board Members
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen		Other Directorships Held by Board Member
Keith R. Fox, CFA (1954) Chairperson since 2017, and Board Member since 1996	Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: ICI Mutual Insurance Company; Progressive International Corporation (kitchen goods importer and distributor); former Chairman, National Association of Small Business Investment Companies; former Directorships: The Kennel Shop (retailer); BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) (2011–2012)		77	—
John W. Ballantine (1946) Board Member since 1999	Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); former Directorships: Director and Chairman of the Board, Healthways, Inc.2 (population well-being and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak Brook Bank; and Prisma Energy International. Not-for-Profit Director/Trustee: Palm Beach Civic Association; Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; former Not-for-Profit Directorships: Public Radio International		77	Portland General Electric2 (utility company) (2003– present)
Dawn-Marie Driscoll (1946) Board Member since 1987	Emeritus Executive Fellow, Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988). Directorships: Advisory Board, Center for Business Ethics, Bentley University; Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)		77	—
Richard J. Herring (1946) Board Member since 1990	Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (since July 1972); Director, The Wharton Financial Institutions Center (since 1994); formerly: Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee since 2011, member Systemic Risk Council since 2012 and member of the Advisory Board at the Yale Program on Financial Stability since 2013; Formerly Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), and Nonexecutive Director of Barclays Bank DE (2010–2018)		77	Director, Aberdeen Japan Fund (since 2007)

24 | Deutsche DWS Variable Series II — DWS International Growth VIP

Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen		Other Directorships Held by Board Member
William McClayton (1944) Board Member since 2004	Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001–2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966–2001); Trustee, Ravinia Festival		77	—
Rebecca W. Rimel (1951) Board Member since 1995	President, Chief Executive Officer and Director, The Pew Charitable Trusts (charitable organization) (1994–present); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012)		77	Director, Becton Dickinson and Company2 (medical technology company) (2012– present); Director, BioTelemetry Inc.2(health care) (2009– present)
William N. Searcy, Jr. (1946) Board Member since 1993	Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2(telecommunications) (November 1989–September 2003); Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012)		77	—

Officers4
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served5	Business Experience and Directorships During the Past Five Years
Hepsen Uzcan6(1974) President and Chief Executive Officer, 2017–present	Managing Director,3 DWS; Secretary, DWS USA Corporation (2018–present); Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–present); and Director and President, DB Investment Managers, Inc. (2018–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019)
John Millette7(1962) Vice President and Secretary, 1999–present	Director,3DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); and Assistant Secretary, DBX ETF Trust (2019–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017)
Diane Kenneally7(1966) Chief Financial Officer and Treasurer, 2018–present	Director,3 DWS; and Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); formerly: Assistant Treasurer for the DWS funds (2007–2018)
Paul Antosca7(1957) Assistant Treasurer, 2007–present	Director,3DWS; and Assistant Treasurer, DBX ETF Trust (2019–present)
Sheila Cadogan7(1966) Assistant Treasurer, 2017–present	Director,3DWS; Director and Vice President, DWS Trust Company (2018–present); and Assistant Treasurer, DBX ETF Trust (2019–present)
Scott D. Hogan7(1970) Chief Compliance Officer, 2016–present	Director,3DWS
Caroline Pearson7(1962) Chief Legal Officer, 2010–present	Managing Director,3DWS; formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); and Secretary, Deutsche AM Service Company (2010–2017)
Wayne Salit6(1967) Anti-Money Laundering Compliance Officer, 2014–present	Director,3 Deutsche Bank; and AML Officer, DWS Trust Company; formerly: Managing Director, AML Compliance Officer at BNY Mellon (2011–2014); and Director, AML Compliance Officer at Deutsche Bank (2004–2011)
Ciara Crawford8 (1984) Assistant Secretary, (2019–present)	Associate, DWS (since 2015); previously, Legal Assistant at Accelerated Tax Solutions.

Deutsche DWS Variable Series II — DWS International Growth VIP | 25

¹  The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board.

²  A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.

³  Executive title, not a board directorship.

⁴  As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund.

⁵  The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds.

⁶  Address: 875 Third Avenue, New York, NY 10022.

⁷  Address: One International Place, Boston, MA 02110.

⁸  Address: 5022 Gate Parkway, Suite 400, Jacksonville, FL 32256.

The Fund’s Statement of Additional Information (“SAI”) includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the followingtoll-free number:(800) 728-3337.

26 | Deutsche DWS Variable Series II — DWS International Growth VIP

Notes

  VS2IG-2 (R-025830-10 2/20)

December 31, 2019

Annual Report

Deutsche DWS Variable Series II

DWS Multisector Income VIP

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, you may not be receiving paper copies of the Fund’s shareholder reports from the insurance company that offers your contract unless you specifically request paper copies from your insurance company or from your financial intermediary. Instead, the shareholder reports will be made available on a Web site, and your insurance company will notify you by mail each time a report is posted and provide you with a Web site link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from your insurance company electronically by following the instructions provided by your insurance company.

You may elect to receive all future reports in paper free of charge from your insurance company. If your insurance company informs you that future reports will be delivered via Web access, you can inform your insurance company that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by your insurance company.

Contents

3	Performance Summary
4	Management Summary
6	Portfolio Summary
7	Investment Portfolio
12	Statement of Assets and Liabilities
12	Statement of Operations
13	Statements of Changes in Net Assets
14	Financial Highlights
15	Notes to Financial Statements
23	Report of Independent Registered Public Accounting Firm
24	Information About Your Fund’s Expenses
25	Tax Information
25	Proxy Voting
26	Advisory Agreement Board Considerations and Fee Evaluation
29	Board Members and Officers

This report must be preceded or accompanied by a prospectus. To obtain an additional prospectus or summary prospectus, if available, call (800)728-3337 or your financial representative. We advise you to consider the Fund’s objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the Fund. Please read the prospectus carefully before you invest.

Bond investments are subject tointerest-rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Investments inlower-quality (“junk bonds”) andnon-rated securities present greater risk of loss than investments inhigher-quality securities. Investing in foreign securities, particularly those of emerging markets, presents certain risks, such as currency fluctuations, political and economic changes, and market risks. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. The Fund may lend securities to approved institutions. See the prospectus for details.

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.

DWS Distributors, Inc., 222 South Riverside Plaza, Chicago, IL 60606, (800)621-1148

NOT FDIC/NCUA INSURED     NO BANK GUARANTEE     MAY LOSE VALUE     NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

2 | Deutsche DWS Variable Series II — DWS Multisector Income VIP

Performance Summary December 31, 2019 (Unaudited)

Fund performance shown is historical, assumes reinvestment of all dividend and capital gain distributions and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions so that, when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Please contact your participating insurance company for the Fund’s most recentmonth-end performance. Performance does not reflect charges and fees (“contract charges”) associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. These charges and fees will reduce returns.

The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated May 1, 2019 is 2.19% for Class A shares and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

Growth of an Assumed $10,000 Investment

  The unmanaged Bloomberg Barclays U.S. Universal Index represents the union of the U.S. Aggregate Index, the U.S.High-Yield Corporate Index, the 144A Index, the Eurodollar Index, the Emerging Markets Index and thenon-ERISA portion of the CMBS Index.   Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

Comparative Results
DWS Multisector Income VIP		1-Year	3-Year	5-Year	10-Year
Class A	Growth of $10,000	$10,922	$11,470	$11,179	$14,820
	Average annual total return	9.22%	4.68%	2.25%	4.01%
Bloomberg Barclays U.S. Universal Index	Growth of $10,000	$10,929	$11,347	$11,842	$14,978
	Average annual total return	9.29%	4.30%	3.44%	4.12%

The growth of $10,000 is cumulative.

Deutsche DWS Variable Series II — DWS Multisector Income VIP | 3

Management Summary December 31, 2019 (Unaudited)

The Class A shares of the Fund returned 9.22% (unadjusted for contract charges) in the 12-month period ended December 31, 2019, slightly below the 9.29% gain of the Bloomberg Barclays U.S. Universal Index.

The world bond markets generated strong, broad-based returns in 2019. The U.S. Federal Reserve (Fed), after raising interest rates nine times in the 2015-2018 interval, moved to a more accommodative posture in the past year. In addition to enacting three quarter-point rate cuts, the Fed injected daily liquidity into the financial system frommid-September onward. In combination with the backdrop of low inflation and slow global growth, the shift in Fed policy fueled a rally in U.S. Treasuries and other rate-sensitive areas of the bond market. Investment-grade corporates, which benefited from steady corporate profit growth and investors’ thirst for yield, outperformed government issues. High-yield bonds and emerging-markets debt, which were boosted by robust investor sentiment and elevated demand for higher-risk assets, posted double-digit gains and outpaced investment-grade bonds.

Several aspects of the Fund’s positioning contributed to its strong relative performance in 2019. First, our decision to maintain a lower-quality tilt to the portfolio through the first nine months of the year helped the Fund capitalize on the“risk-on” market. This aspect of our positioning included overweight in high-yield and emerging-market bonds, as well as an underweight in U.S. Treasuries. The Fund’s performance was further aided by our preference for higher-yielding, lower-quality securities within each of the major categories. In the investment-grade corporate space, for instance, we emphasized BBB rated debt (the lowest credit tier in the category). Additionally, the Fund’s allocation to the emerging markets favored higher-yielding countries in the Middle East and Africa. Both regions outperformed the broader category by a wide margin in 2019, and the portfolio was well positioned to capitalize on this trend.

Our duration positioning was an additional contributor of note. The Fund’s duration (interest-rate sensitivity) was above that of the benchmark untilmid-way through the third quarter, augmenting the effect of falling yields.

Few aspects of the Fund’s positioning stood out as meaningful detractors. We lost some ground from foreign-currency positioning and an underweight in investment-grade corporate issues, as well as from a position in Mexico in the emerging-market portfolio.

We used derivatives to shift the Fund’s weightings in specific asset classes, adjust foreign-currency exposure, and manage duration. In the aggregate, our use of derivatives was a small net contributor. Derivatives are used to achieve the Fund’s risk and return objectives and should therefore be evaluated within the context of the entire portfolio rather than as a standalone strategy.

We began to reposition the portfolio in the autumn, with a focus on reducing overall risk exposure. While an emphasis on lower-quality issues served the Fund well through the first half of the year and into the third quarter, we believed the rally had made the credit sectors more vulnerable to issues such as trade policy, geopolitical uncertainty, and instability in the repurchase agreement market. We therefore sought tode-risk the portfolio by decreasing its weightings in high-yield bonds and lower-rated emerging-markets debt. In turn, we redeployed the proceeds into higher-quality investment-grade corporates and U.S. Treasuries. We also moved duration more closely in line with the benchmark, as we saw little additional benefit to maintaining a long duration with the10-year U.S. Treasury yield having fallen below 1.5% in late August. Although these moves caused the Fund to miss some of the continued rally in risk assets in the fourth quarter, we believed they were appropriate given the combination of lower total return potential and rising risks.

The Fund is scheduled to liquidate on or about February 27, 2020.

Thomas M. Farina, CFA, Managing Director

Kelly L. Beam, CFA, Director

Portfolio Managers

The views expressed reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance is no guarantee of future results. Current and future portfolio holdings are subject to risk.

4 | Deutsche DWS Variable Series II — DWS Multisector Income VIP

Terms to Know

Bloomberg Barclays U.S. Universal Index represents the union of the U.S. Aggregate Index, the U.S. High-Yield Corporate Index, the 144A Index, the Eurodollar Index, the Emerging Markets Index and the non-ERISA portion of the CMBS Index.

Contribution anddetraction incorporate both a stock’s total return and its weighting in the index.

Credit quality is the ability of an issuer of fixed-income securities to repay interest and principal in a timely manner. Credit quality is measured using credit ratings, i.e., assessments of the creditworthiness of a borrower such as a corporation, a municipality or a sovereign country by a credit ratings agency. Letter grades of “BBB” and above indicate that the rated borrower is considered “investment grade” by a particular ratings agency.

Overweight means the fund holds a higher weighting in a given sector or security than the benchmark.Underweightmeans the fund holds a lower weighting.

Duration, which is expressed in years, measures the sensitivity of the price of a bond or bond fund to a change in interest rates.

Derivativesare contracts whose values can be based on a variety of instruments, including indices, currencies or securities. They can be utilized for a variety of reasons, including for hedging purposes, for risk management; fornon-hedging purposes to seek to enhance potential gains, or as a substitute for direct investment in a particular asset class or to keep cash on hand to meet shareholder redemptions. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility.

Repurchase Agreements (Repos) are an agreement between a seller and a buyer, usually of government securities, where the seller agrees to repurchase the securities at a given price and usually at a stated time. Repos are widely used money market instruments that serve as an interest-bearing, short-term “parking places” for large sums of money.

Deutsche DWS Variable Series II — DWS Multisector Income VIP | 5

Portfolio Summary (Unaudited)

Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral)	12/31/19		12/31/18
Government & Agency Obligations		40%		44%
Corporate Bonds		34%		11%
Collateralized Mortgage Obligations		12%		17%
Commercial Mortgage-Backed Securities		5%		5%
Mortgage-Backed Securities Pass-Throughs		5%		6%
Short-Term U.S. Treasury Obligations		2%		3%
Cash Equivalents		1%		5%
Asset-Backed		1%		2%
Common Stocks		0%		0%
Warrants		0%		0%
Loan Participations and Assignments		—		5%
Convertible Bonds		—		2%
		100%		100%
Quality (Excludes Cash Equivalents and Securities Lending Collateral)	12/31/19		12/31/18
AAA		50%		38%
AA		1%		0%
A		8%		8%
BBB		19%		12%
BB		11%		22%
B		7%		11%
CCC or Below		0%		2%
Non Rated		4%		7%
		100%		100%
Interest Rate Sensitivity	12/31/19		12/31/18
Effective Maturity		8.5 years		4.8 years
Effective Duration		5.9 years		3.6 years

The quality ratings represent the higher of Moody’s Investors Service, Inc. (“Moody’s”), Fitch Ratings, Inc. (“Fitch”) or Standard & Poor’s Corporation (“S&P”) credit ratings. The ratings of Moody’s, Fitch and S&P represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.

Effective maturity is the weighted average of the maturity date of bonds held by the Fund taking into consideration any available maturity shortening features.

Effective duration is an approximate measure of the Fund’s sensitivity to interest rate changes taking into consideration any maturity shortening features.

Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund’s investment portfolio, see page 7.

Following the Fund’s fiscal first and thirdquarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-PORT. The Fund’s Form N-PORT will be available on the SEC’s Web site at sec.gov. The Fund’s portfolio holdings are also posted on dws.com from time to time. Please read the Fund’s current prospectus for more information.

6 | Deutsche DWS Variable Series II — DWS Multisector Income VIP

Investment Portfolio as of December 31, 2019

	Principal Amount ($)(a)		Value ($)
Corporate Bonds 33.7%
Communication Services 5.2%
AT&T, Inc., 4.35%, 3/1/2029		20,000		22,250
CCO Holdings LLC, 144A, 4.75%, 3/1/2030		20,000		20,360
Charter Communications Operating LLC:
4.8%, 3/1/2050		10,000		10,545
5.75%, 4/1/2048		30,000		35,038
Comcast Corp.:
2.65%, 2/1/2030		21,000		21,090
4.6%, 10/15/2038		20,000		23,845
4.95%, 10/15/2058		12,000		15,639
Discovery Communications LLC, 5.3%, 5/15/2049		10,000		11,854
Netflix, Inc.:
5.5%, 2/15/2022		60,000		63,525
5.875%, 11/15/2028		25,000		27,714
NortonLifeLock, Inc., 3.95%, 6/15/2022		50,000		51,265
VeriSign, Inc.:
4.625%, 5/1/2023		50,000		50,800
5.25%, 4/1/2025		50,000		55,116
Verizon Communications, Inc.:
4.016%, 12/3/2029		30,000		33,442
4.329%, 9/21/2028		20,000		22,699
				465,182
Consumer Discretionary 5.5%
1011778 B.C. Unlimited Liability Co., 144A, 4.375%, 1/15/2028		45,000		45,113
Boyd Gaming Corp., 144A, 4.75%, 12/1/2027		10,000		10,388
Ford Motor Credit Co. LLC, 5.584%, 3/18/2024		200,000		216,508
General Motors Co., 5.95%, 4/1/2049		12,000		13,303
Hasbro, Inc., 3.55%, 11/19/2026		13,000		13,091
Las Vegas Sands Corp.:
3.5%, 8/18/2026		20,000		20,576
3.9%, 8/8/2029		9,000		9,397
Lowe’s Companies, Inc.:
2.5%, 4/15/2026		75,000		75,506
4.05%, 5/3/2047		10,000		10,803
NCL Corp. Ltd., 144A, 3.625%, 12/15/2024		40,000		40,550
Nordstrom, Inc., 4.375%, 4/1/2030		10,000		10,199
Starbucks Corp., 4.5%, 11/15/2048		18,000		20,972
				486,406
Consumer Staples 1.3%
Altria Group, Inc., 5.95%, 2/14/2049		20,000		24,249
Anheuser-Busch InBev Worldwide, Inc.:
4.75%, 4/15/2058		10,000		11,696
5.45%, 1/23/2039		12,000		15,101
5.55%, 1/23/2049		20,000		25,986
Estee Lauder Companies, Inc.:
2.375%, 12/1/2029		7,000		6,998
3.125%, 12/1/2049		7,000		7,005

	Principal Amount ($)(a)		Value ($)
Keurig Dr Pepper, Inc., 4.597%, 5/25/2028		11,000		12,353
PepsiCo, Inc., 3.375%, 7/29/2049		11,000		11,539
				114,927
Energy 3.5%
Apache Corp.:
4.25%, 1/15/2030		34,000		35,265
4.75%, 4/15/2043		10,000		9,662
Cenovus Energy, Inc., 5.4%, 6/15/2047		10,000		11,623
Cheniere Energy Partners LP, 5.625%, 10/1/2026		100,000		105,750
Devon Energy Corp., 5.0%, 6/15/2045		15,000		17,410
Enterprise Products Operating LP, 4.2%, 1/31/2050		20,000		21,469
Hess Corp., 5.8%, 4/1/2047		20,000		24,495
Kinder Morgan, Inc., 5.2%, 3/1/2048		11,000		12,774
MPLX LP, 5.5%, 2/15/2049		30,000		34,082
Occidental Petroleum Corp.:
3.5%, 8/15/2029		17,000		17,355
4.2%, 3/15/2048		10,000		9,934
Plains All American Pipeline LP, 3.55%, 12/15/2029		10,000		9,865
				309,684
Financials 6.0%
Bank of America Corp.:
2.884%, 10/22/2030		20,000		20,176
3.974%, 2/7/2030		40,000		43,915
Citigroup, Inc., 3.98%, 3/20/2030		58,000		63,499
Global Payments, Inc., 3.2%, 8/15/2029		30,000		30,576
Hartford Financial Services Group, Inc., 2.8%, 8/19/2029		10,000		10,117
JPMorgan Chase & Co.:
2.739%, 10/15/2030		20,000		20,003
3.782%, 2/1/2028		35,000		37,743
Morgan Stanley, 4.431%, 1/23/2030		60,000		67,865
Park Aerospace Holdings Ltd., 144A, 5.25%, 8/15/2022		60,000		63,924
PayPal Holdings, Inc.:
2.65%, 10/1/2026		25,000		25,351
2.85%, 10/1/2029		40,000		40,372
Synchrony Financial, 4.375%, 3/19/2024		20,000		21,340
The Allstate Corp., 3.85%, 8/10/2049		10,000		11,076
Truist Financial Corp., 4.8%, Perpetual (b)		60,000		61,950
Wells Fargo & Co., 3.196%, 6/17/2027		20,000		20,753
				538,660
Health Care 3.9%
AbbVie, Inc.:
144A, 3.2%, 11/21/2029		10,000		10,174
144A, 4.25%, 11/21/2049		10,000		10,618
4.875%, 11/14/2048		15,000		17,330

The accompanying notes are an integral part of the financial statements.

Deutsche DWS Variable Series II — DWS Multisector Income VIP | 7

	Principal Amount ($)(a)		Value ($)
Amgen, Inc., 4.563%, 6/15/2048		10,000		11,625
Anthem, Inc., 2.875%, 9/15/2029		10,000		9,962
Bausch Health Companies, Inc., 144A, 5.25%, 1/30/2030		10,000		10,370
Bristol-Myers Squibb Co., 144A, 4.25%, 10/26/2049		40,000		47,491
Centene Corp.:
144A, 4.25%, 12/15/2027		15,000		15,431
144A, 4.625%, 12/15/2029		10,000		10,513
CVS Health Corp., 5.05%, 3/25/2048		20,000		23,700
Eli Lilly & Co., 4.15%, 3/15/2059		9,000		10,630
HCA, Inc.:
4.125%, 6/15/2029		20,000		21,222
7.5%, 2/15/2022		60,000		66,300
Select Medical Corp., 144A, 6.25%, 8/15/2026		30,000		32,476
Thermo Fisher Scientific, Inc., 2.6%, 10/1/2029		50,000		49,462
				347,304
Industrials 1.7%
CSX Corp., 3.35%, 9/15/2049		10,000		9,864
FedEx Corp., 4.05%, 2/15/2048		10,000		9,662
Parker-Hannifin Corp., 3.25%, 6/14/2029		10,000		10,448
Prime Security Services Borrower LLC, 144A, 5.25%, 4/15/2024		50,000		52,900
Signature Aviation US Holdings Inc, 144A, 4.0%, 3/1/2028		35,000		34,520
United Technologies Corp., 4.625%, 11/16/2048		25,000		31,329
				148,723
Information Technology 0.8%
Broadcom, Inc., 144A, 4.75%, 4/15/2029		11,000		12,028
Fiserv, Inc., 3.5%, 7/1/2029		30,000		31,533
MSCI, Inc., 144A, 4.0%, 11/15/2029		15,000		15,206
Oracle Corp., 4.0%, 11/15/2047		10,000		11,188
				69,955
Real Estate 2.6%
American Tower Corp., (REIT), 3.8%, 8/15/2029		50,000		53,456
Equinix, Inc.:
(REIT), 2.625%, 11/18/2024		17,000		17,032
(REIT), 3.2%, 11/18/2029		16,000		16,060
Office Properties Income Trust:
(REIT), 4.0%, 7/15/2022		25,000		25,592
(REIT), 4.15%, 2/1/2022		30,000		30,726
(REIT), 4.25%, 5/15/2024		10,000		10,394
Omega Healthcare Investors, Inc.:
(REIT), 4.5%, 4/1/2027		15,000		16,194
(REIT), 4.75%, 1/15/2028		20,000		21,784
VICI Properties LP:
144A (REIT), 4.25%, 12/1/2026		10,000		10,300
144A (REIT), 4.625%, 12/1/2029		6,000		6,255
Welltower, Inc., (REIT), 3.1%, 1/15/2030		20,000		20,254
				228,047

	Principal Amount ($)(a)		Value ($)
Utilities 3.2%
American Electric Power Co., Inc.:
3.2%, 11/13/2027		10,000		10,320
4.3%, 12/1/2028		5,000		5,565
Calpine Corp.:
144A, 4.5%, 2/15/2028		40,000		40,355
144A, 5.125%, 3/15/2028		20,000		20,414
Duke Energy Corp.:
3.4%, 6/15/2029		10,000		10,453
4.2%, 6/15/2049		10,000		11,057
Edison International, 5.75%, 6/15/2027		90,000		101,052
NextEra Energy Operating Partners LP:
144A, 3.875%, 10/15/2026		30,000		30,112
144A, 4.25%, 7/15/2024		45,000		46,856
Southern California Edison Co., 4.875%, 3/1/2049		10,000		11,864
				288,048
Total Corporate Bonds (Cost $2,894,111)				2,996,936
Mortgage-Backed Securities Pass-Throughs 5.1%
Federal National Mortgage Association, 4.0%, 9/1/2048 (Cost $430,134)		429,933		454,750
Asset-Backed 0.6%
Home Equity Loans 0.1%
CIT Home Equity Loan Trust, “AF6”, Series2002-1, 6.2%, 2/25/2030		10,165		10,252
Miscellaneous 0.5%
Hilton Grand Vacations Trust, “B”, Series2014-AA, 144A, 2.07%, 11/25/2026		39,237		39,073
Total Asset-Backed (Cost $49,158)				49,325
Commercial Mortgage-Backed Securities 5.4%
GMAC Commercial Mortgage Securities, Inc., “G”,Series 2004-C1, 144A, 5.455%, 3/10/2038		394,448		376,387
Morgan Stanley Capital I Trust, “A4” Series2019-L3, 3.127%, 11/15/2029		100,000		103,197
Total Commercial Mortgage-Backed Securities (Cost $499,908)				479,584
Collateralized Mortgage Obligations 12.3%
Banc of America Mortgage Trust, “2A2”, Series2004-A, 4.781%**, 2/25/2034		19,612		19,817
Bear Stearns Adjustable Rate Mortgage Trust, “2A1”,Series 2005-11, 5.111%**, 12/25/2035		22,496		23,194

The accompanying notes are an integral part of the financial statements.

8 | Deutsche DWS Variable Series II — DWS Multisector Income VIP

	Principal Amount ($)(a)		Value ($)
CHL Mortgage Pass Through Trust, “2A5”, Series2004-13, 5.75%, 8/25/2034		22,774		22,862
Fannie Mae Connecticut Avenue Securities:
“1M2”, Series2018-C06,1-monthUSD-LIBOR + 2.000%, 3.792%**, 3/25/2031		59,315		59,564
“1M2”, Series2018-C01,1-monthUSD-LIBOR + 2.250%, 4.042%**, 7/25/2030		250,000		253,288
“1M2”, Series2019-R02, 144A,1-monthUSD-LIBOR + 2.300%, 4.092%**, 8/25/2031		70,000		70,646
“1M2”, Series2018-C05,1-monthUSD-LIBOR + 2.350%, 4.142%**, 1/25/2031		100,000		101,425
Federal Home Loan Mortgage Corp.:
“PI”, Series 3843, Interest Only, 4.5%, 5/15/2038		54,448		1,616
“C31”, Series 303, Interest Only, 4.5%, 12/15/2042		342,381		55,136
Federal National Mortgage Association, “4”, Series 406, Interest Only, 4.0%, 9/25/2040		79,326		12,452
Freddie Mac Structured Agency Credit Risk Debt Notes, “M2”, Series 2019-DNA2, 144A,1-monthUSD-LIBOR + 2.450%, 4.242%**, 3/25/2049		106,003		106,934
Government National Mortgage Association:
“GI”, Series2014-146, Interest Only, 3.5%, 9/20/2029		656,463		62,714
“PI”, Series2015-40, Interest Only, 4.0%, 4/20/2044		81,471		5,856
“HI”, Series2015-77, Interest Only, 4.0%, 5/20/2045		184,318		34,716
“IN”, Series2009-69, Interest Only, 5.5%, 8/20/2039		95,908		16,555
“IV”, Series2009-69, Interest Only, 5.5%, 8/20/2039		92,163		15,901
“IJ”, Series2009-75, Interest Only, 6.0%, 8/16/2039		80,167		13,808
JPMorgan Mortgage Trust, “2A1”, Series2006-A2, 4.187%**, 4/25/2036		90,569		88,778
Merrill Lynch Mortgage Investors Trust, “2A”, Series2003-A6, 4.16%**, 10/25/2033		20,520		20,797
STACR Trust, “M2”, Series 2018-DNA3, 144A,1-monthUSD-LIBOR + 2.100%, 3.892%**, 9/25/2048		108,108		108,971
Total Collateralized Mortgage Obligations (Cost $878,066)				1,095,030

	Principal Amount ($)(a)			Value ($)
Government & Agency Obligations 40.3%
Sovereign Bonds 1.3%
Republic of Argentina-Inflation Linked Bond, 5.83%, 12/31/2033		ARS 476			69
Republic of Slovenia, 144A, 5.5%, 10/26/2022		100,000			109,693
					109,762
U.S. Treasury Obligations 39.0%
U.S. Treasury Bond, 2.25%, 8/15/2049		543,000			528,237
U.S. Treasury Inflation Indexed Note, 0.625%, 4/15/2023		284,892			289,301
U.S. Treasury Notes:
1.5%, 10/31/2024		171,000			169,577
1.75%, 11/15/2029		1,625,000			1,601,768
2.125%, 5/31/2026		272,000			277,493
2.625%, 8/31/2020		600,000			603,844
					3,470,220
Total Government & Agency Obligations (Cost $3,582,030)					3,579,982
Short-Term U.S. Treasury Obligations 2.2%
U.S. Treasury Bills:
1.595%***, 9/10/2020		20,000			19,787
1.763%***, 7/16/2020		180,000			178,495
Total Short-Term U.S. Treasury Obligations (Cost $198,040)					198,282
	Shares			Value ($)
Common Stocks 0.0%
Industrials
Quad Graphics, Inc. (Cost $0)		4			19
Warrants 0.0%
Materials
Hercules Trust II, Expiration Date 3/31/2029* (c) (Cost $17,432)		85			3,249
Cash Equivalents 0.7%
DWS Central Cash Management Government Fund, 1.62% (d) (Cost $62,647)		62,647			62,647
	% of Net Assets			Value ($)
Total Investment Portfolio (Cost $8,611,526)		100.3			8,919,804
Other Assets and Liabilities, Net		(0.3	)		(28,746	)
Net Assets		100.0			8,891,058

The accompanying notes are an integral part of the financial statements.

Deutsche DWS Variable Series II — DWS Multisector Income VIP | 9

A summary of the Fund’s transactions with affiliated investments during the year ended December 31, 2019 are as follows:

Value ($) at 12/31/2018	Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/ (Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 12/31/2019		Value ($) at 12/31/2019
Securities Lending Collateral 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.50% (d) (e)
302,310		—		302,310	(f)		—		—		3,514		—		—		—
Cash Equivalents 0.7%
DWS Central Cash Management Government Fund, 1.62% (d)
395,710		6,671,477		7,004,540			—		—		14,939		—		62,647		62,647
698,020		6,671,477		7,306,850			—		—		18,453		—		62,647		62,647

* Non-income producing security.

** Variable or floating rate security. These securities are shown at their current rate as of December 31, 2019. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description above. Certain variable rate securities are not based on a published reference rate and spread but adjust periodically based on current market conditions, prepayment of underlying positions and/or other variables.

*** Annualized yield at time of purchase; not a coupon rate.

(a) Principal amount stated in U.S. dollars unless otherwise noted.

(b) Perpetual, callable security with no stated maturity date.

(c) Investment was valued using significant unobservable inputs.

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

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

(f) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended December 31, 2019.

144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

Interest Only: Interest Only (IO) bonds represent the “interest only” portion of payments on a pool of underlying mortgages or mortgage-backed securities. IO securities are subject to prepayment risk of the pool of underlying mortgages.

LIBOR: London Interbank Offered Rate

PIK: Denotes that all or a portion of the income is paid in-kind in the form of additional principal.

REIT: Real Estate Investment Trust

Included in the portfolio are investments in mortgage or asset-backed securities which are interests in separate pools of mortgages or assets. Effective maturities of these investments may be shorter than stated maturities due to prepayments.

Currency Abbreviations

ARS Argentine Peso

USD United States Dollar

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 December 31, 2019 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Fixed Income Investments (g)
Corporate Bonds	$	—	$	2,996,936	$	—	$	2,996,936
Mortgage-Backed Securities Pass-Throughs		—		454,750		—		454,750
Asset-Backed		—		49,325		—		49,325
Commercial Mortgage-Backed Securities		—		479,584		—		479,584
Collateralized Mortgage Obligations		—		1,095,030		—		1,095,030
Government & Agency Obligations		—		3,579,982		—		3,579,982
Short-Term U.S. Treasury Obligations		—		198,282		—		198,282
Common Stocks		19		—		—		19
Warrants		—		—		3,249		3,249
Short-Term Investments		62,647		—		—		62,647
Total	$	62,666	$	8,853,889	$	3,249	$	8,919,804

(g) See Investment Portfolio for additional detailed categorizations.

The accompanying notes are an integral part of the financial statements.

10 | Deutsche DWS Variable Series II — DWS Multisector Income VIP

Level 3 Reconciliation

The following is a reconciliation of the Fund’s Level 3 investments for which significant unobservable inputs were used in determining value:

	Bank Loans			Convertible Bond			Common Stocks			Warrants		Total
Balance as of December 31, 2018	$	56,865		$	158,403		$	10,724		$	2,096	$	228,088
Realized gains (loss)		(6	)		—			4,080			—		4,074
Change in unrealized appreciation (depreciation)		328			(12,457	)		28,732			1,153		17,756
Amortization premium/discount		0			15			—			—		15
Purchases/PIK		—			10,194			165,000			—		175,194
(Sales)		(57,187	)		(156,155	)		(208,536	)		—		(421,878	)
Transfers into Level 3		—			—			—			—		—
Transfers (out) of Level 3		—			—			—			—		—
Balance as of December 31, 2019	$	—		$	—		$	—		$	3,249	$	3,249
Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2019	$	—		$	—		$	—		$	1,153	$	1,153

The accompanying notes are an integral part of the financial statements.

Deutsche DWS Variable Series II — DWS Multisector Income VIP | 11

Statement of Assets and Liabilities

as of December 31, 2019
Assets
Investments innon-affiliated securities, at value (cost $8,548,879)	$	8,857,157
Investment in DWS Central Cash Management Government Fund (cost $62,647)		62,647
Cash		10,000
Receivable for Fund shares sold		13,344
Interest receivable		59,751
Foreign taxes recoverable		617
Due from Advisor		9,171
Other assets		871
Total assets		9,013,558
Liabilities
Foreign cash overdraft, at value		3
Payable for investments purchased		21,577
Payable for Fund shares redeemed		16
Accrued Audit fees		72,769
Accrued Trustees’ fees		989
Other accrued expenses and payables		27,146
Total liabilities		122,500
Net assets, at value	$	8,891,058
Net Assets Consist of
Distributable earnings (loss)		(3,987,930	)
Paid-in capital		12,878,988
Net assets, at value	$	8,891,058
Net Asset Value
Class A
Net asset value, offering and redemption price per share ($8,891,058 ÷ 908,826 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	9.78

Statement of Operations

for the year ended December 31, 2019
Investment Income
Income:
Interest	$	308,797
Income distributions — DWS Central Cash Management Government Fund		14,939
Securities lending income, net of borrower rebates		2,507
Total income		326,243
Expenses:
Management fee		47,793
Administration fee		8,690
Services to Shareholders		267
Custodian fee		14,060
Professional fees		91,513
Reports to shareholders		30,165
Trustees’ fees and expenses		2,652
Pricing service fee		10,968
Other		2,413
Total expenses before expense reductions		208,521
Expense reductions		(151,444	)
Total expenses after expense reductions		57,077
Net investment income		269,166
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		4,139
Swap contracts		(25,964	)
Futures		150,877
Forward foreign currency contracts		2,307
Foreign currency		354
		131,713
Change in net unrealized appreciation (depreciation) on:
Investments		410,275
Futures		(40,004	)
Forward foreign currency contracts		(9,774	)
Foreign currency		450
		360,947
Net gain (loss)		492,660
Net increase (decrease) in net assets resulting from operations	$	761,826

The accompanying notes are an integral part of the financial statements.

12 | Deutsche DWS Variable Series II — DWS Multisector Income VIP

Statements of Changes in Net Assets

	Years Ended December 31,
Increase (Decrease) in Net Assets	2019			2018
Operations:
Net investment income	$	269,166		$	309,384
Net realized gain (loss)		131,713			(106,781	)
Change in net unrealized appreciation (depreciation)		360,947			(345,745	)
Net increase (decrease) in net assets resulting from operations		761,826			(143,142	)
Distributions to shareholders:
Class A		(339,978	)		(641,992	)
Fund share transactions:
Class A
Proceeds from shares sold		846,845			612,918
Reinvestment of distributions		339,978			641,992
Payments for shares redeemed		(1,009,448	)		(1,895,400	)
Net increase (decrease) in net assets from Class A share transactions		177,375			(640,490	)
Increase (decrease) in net assets		599,223			(1,425,624	)
Net assets at beginning of period		8,291,835			9,717,459
Net assets at end of period	$	8,891,058		$	8,291,835
Other Information
Class A
Shares outstanding at beginning of period		888,694			951,249
Shares sold		89,042			64,660
Shares issued to shareholders in reinvestment of distributions		36,596			68,080
Shares redeemed		(105,506	)		(195,295	)
Net increase (decrease) in Class A shares		20,132			(62,555	)
Shares outstanding at end of period		908,826			888,694

The accompanying notes are an integral part of the financial statements.

Deutsche DWS Variable Series II — DWS Multisector Income VIP | 13

Financial Highlights

	Years Ended December 31,
Class A	2019			2018			2017			2016			2015
Selected Per Share Data
Net asset value, beginning of period	$	9.33		$	10.22		$	9.65		$	10.43		$	11.20
Income (loss) from investment operations:
Net investment incomea		.30			.34			.28			.22			.40
Net realized and unrealized gain (loss)		.54			(.50	)		.37			(.17	)		(.72	)
Total from investment operations		.84			(.16	)		.65			.05			(.32	)
Less distributions from:
Net investment income		(.39	)		(.73	)		(.08	)		(.83	)		(.45	)
Net asset value, end of period	$	9.78		$	9.33		$	10.22		$	9.65		$	10.43
Total Return (%)b		9.22			(1.65	)		6.78			.50			(3.02	)
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		9			8			10			25			33
Ratio of expenses before expense reductions (%)c		2.40			2.19			1.37			1.31			1.15
Ratio of expenses after expense reductions (%)c		.66			.65			.67			.68			.70
Ratio of net investment income (%)		3.10			3.50			2.81			2.19			3.67
Portfolio turnover rate (%)		199			85			96			159			185

^a  Based on average shares outstanding during the period.

^b  Total return would have been lower had certain expenses not been reduced.

^c  Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option.

The accompanying notes are an integral part of the financial statements.

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Notes to Financial Statements

A. Organization and Significant Accounting Policies

DWS Multisector Income VIP (the “Fund”) is a diversified series of Deutsche DWS Variable Series II (the “Trust”), which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as anopen-end management investment company organized as a Massachusetts business trust.

The Fund’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) which require the use of management estimates. Actual results could differ from those estimates. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements.

Security Valuation. Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading.

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.

Debt securities and loan participations and assignments are valued at prices supplied by independent pricing services approved by the Fund’s Board. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, prepayment speeds and other data, as well as broker quotes. If the pricing services are unable to provide valuations, debt securities are valued at the average of the most recent reliable bid quotations or evaluated prices, as applicable, obtained frombroker-dealers and loan participations and assignments are valued at the mean of the most recent bid and ask quotations or evaluated prices, as applicable, obtained from one or morebroker-dealers. Certain securities may be valued on the basis of a price provided by a single source orbroker-dealer. No active trading market may exist for some senior loans and they may be subject to restrictions on resale. The inability to dispose of senior loans in a timely fashion could result in losses. These securities are generally categorized as Level 2. Certain securities may be valued on the basis of a price provided by a single source or broker-dealer. No active trading market may exist for some senior loans and they may be subject to restrictions on resale. The inability to dispose of senior loans in a timely fashion could result in losses. These securities are generally categorized as Level 3.

Equity securities are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities are generally categorized as Level 1.

Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.

Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and are categorized as Level 2.

Swap contracts are valued daily based upon prices supplied by a Board approved pricing vendor, if available, and otherwise are valued at the price provided by the broker-dealer. Swap contracts are generally categorized as Level 2.

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices frombroker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (forexchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with

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respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

Disclosure about the classification of fair value measurements is included in a table following the Fund’s Investment Portfolio.

Foreign Currency Translations. The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

Securities Lending. Deutsche Bank AG, as lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. As of period end, any securities on loan were collateralized by cash. During the year ended December 31, 2019, the Fund invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.12% annualized effective rate as of December 31, 2019) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time, and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of December 31, 2019, the Fund had no securities on loan.

Loan Participations and Assignments. Loan Participations and Assignments are portions of loans originated by banks and sold in pieces to investors. Thesefloating-rate loans (“Loans”) in which the Fund invests are arranged between the borrower and one or more financial institutions (“Lenders”). These Loans may take the form of Senior Loans, which are corporate obligations often issued in connection with recapitalizations, acquisitions, leveraged buy outs and refinancing. The Fund invests in such Loans in the form of participations in Loans (“Participations”) or assignments of all or a portion of Loans from third parties (“Assignments”). Participations typically result in the Fund having a contractual relationship with only the Lender, not with the borrower. The Fund has the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participation and only upon receipt by the Lender of the payments from the borrower. In connection with purchasing Participations, the Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement relating to the Loan, or any rights of set off against the borrower, and the Fund will not benefit directly from any collateral supporting the Loan in which it has purchased the Participation. As a result, the Fund assumes the credit risk of both the borrower and the Lender that is selling the Participation. Assignments typically result in the Fund having a direct contractual relationship with the borrower, and the Fund may enforce compliance by the borrower with the terms of the loan agreement. Loans held by the Fund are generally in the form of Assignments, but the Fund may also invest in Participations. If affiliates of the Advisor participate in the primary and secondary

16 | Deutsche DWS Variable Series II — DWS Multisector Income VIP

market for senior loans, legal limitations may restrict the Fund’s ability to participate in restructuring or acquiring some senior loans. All Loans involve interest rate risk, liquidity risk and credit risk, including the potential default or insolvency of the borrower.

Taxes. The Fund’s policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies and to distribute all of its taxable income to its shareholders.

Additionally, the Fund may be subject to taxes imposed by the governments of countries in which it invests and are generally based on income and/or capital gains earned or repatriated, a portion of which may be recoverable. Based upon the current interpretation of the tax rules and regulations, estimated tax liabilities and recoveries on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized gain/loss on investments. Tax liabilities realized as a result of security sales are reflected as a component of net realized gain/loss on investments.

At December 31, 2019, the Fund had net tax basis capital loss carryforwards of approximately $4,509,000, which may be applied against realized net taxable capital gains indefinitely, includingshort-term losses ($1,825,000) andlong-term losses ($2,684,000).

The Fund has reviewed the tax positions for the open tax years as of December 31, 2019 and has determined that no provision for income tax and/or uncertain tax provisions is required in the Fund’s financial statements. The Fund’s federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

Distribution of Income and Gains. Distributions from net investment income of the Fund, if any, are declared and distributed to shareholders annually. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes if necessary.

The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to investments in foreign denominated currencies, futures contracts and certain securities sold at a loss. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.

At December 31, 2019, the Fund’s components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income*	$	212,315
Capital loss carryforwards	$	(4,509,000	)
Net unrealized appreciation (depreciation) on investments	$	308,818

At December 31, 2019, the aggregate cost of investments for federal income tax purposes was $8,610,986. The net unrealized appreciation for all investments based on tax cost was $308,818. This consisted of aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost of $369,046 and aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value of $60,228.

In addition, the tax character of distributions paid by the Fund is summarized as follows:

	Years Ended December 31,
	2019		2018
Distributions from ordinary income*	$	339,978	$	641,992

* For tax purposes, short-term capital gain distributions are considered ordinary income distributions.

Expenses. Expenses of the Trust arising in connection with a specific fund are allocated to that fund. Other Trust expenses which cannot be directly attributed to a fund are apportioned among the funds in the Trust based upon the relative net assets or other appropriate measures.

Contingencies. In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.

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Other. Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on theex-dividend date net of foreign withholding taxes. Realized gains and losses from investment transactions are recorded on an identified cost basis. Proceeds from litigation payments, if any, are included in net realized gain (loss) from investments. All discounts and premiums are accreted/amortized for both tax and financial reporting purposes for the Fund, with the exception of securities in default of principal.

B. Derivative Instruments

Futures Contracts. A futures contract is an agreement between a buyer or seller and an established futures exchange or its clearinghouse in which the buyer or seller agrees to take or make a delivery of a specific amount of a financial instrument at a specified price on a specific date (settlement date). For the year ended December 31, 2019, the Fund entered into interest rate futures to gain exposure to different parts of the yield curve while managing overall duration and fornon-hedging purposes to seek to enhance potential gains.

Upon entering into a futures contract, the Fund is required to deposit with a financial intermediary cash or securities (“initial margin”) in an amount equal to a certain percentage of the face value indicated in the futures contract. Subsequent payments (“variation margin”) are made or received by the Fund dependent upon the daily fluctuations in the value and are recorded for financial reporting purposes as unrealized gains or losses by the Fund. Gains or losses are realized when the contract expires or is closed. Since all futures contracts areexchange-traded, counterparty risk is minimized as the exchange’s clearinghouse acts as the counterparty, and guarantees the futures against default.

Certain risks may arise upon entering into futures contracts, including the risk that an illiquid market will limit the Fund’s ability to close out a futures contract prior to the settlement date and the risk that the futures contract is not well correlated with the security, index or currency to which it relates. Risk of loss may exceed amounts disclosed in the Statement of Assets and Liabilities.

There were no open futures contracts as of December 31, 2019. For the year ended December 31, 2019, the investment in futures contracts purchased had a total notional value generally indicative of a range from $0 to approximately $3,769,000, and the investment in futures contracts sold had a total notional value generally indicative of a range from $0 to approximately $1,301,000.

Forward Foreign Currency Contracts. A forward foreign currency contract (“forward currency contract”) is a commitment to purchase or sell a foreign currency at the settlement date at a negotiated rate. For the year ended December 31, 2019, the Fund entered into forward currency contracts in order to hedge against anticipated currency market changes and fornon-hedging purposes to seek to enhance potential gains.

Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and unrealized gain (loss) is recorded daily. On the settlement date of the forward currency contract, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was closed. Certain risks may arise upon entering into forward currency contracts from the potential inability of counterparties to meet the terms of their contracts. The maximum counterparty credit risk to the Fund is measured by the unrealized gain on appreciated contracts. Additionally, when utilizing forward currency contracts to hedge, the Fund gives up the opportunity to profit from favorable exchange rate movements during the term of the contract.

There were no open forward currency contracts as of December 31, 2019. For the year ended December 31, 2019, the investment in forward currency contracts short vs. U.S. dollars had a total contract value generally indicative of a range from $0 to approximately $785,000, and the investment in forward currency contracts long vs. U.S. dollars had a total contract value generally indicative of a range from $0 to approximately $212,000. The investment in forward currency contracts long vs. other foreign currencies sold had a total contract value generally indicative of a range from $0 to approximately $342,000.

Swaps. A swap is a contract between two parties to exchange future cash flows at periodic intervals based on the notional amount of the swap. A bilateral swap is a transaction between the fund and a counterparty where cash flows are exchanged between the two parties. A centrally cleared swap is a transaction executed between the fund and a counterparty, then cleared by a clearing member through a central clearinghouse. The central clearinghouse serves as the counterparty, with whom the fund exchanges cash flows.

The value of a swap is adjusted daily, and the change in value, if any, is recorded as unrealized appreciation or depreciation in the Statement of Assets and Liabilities. Gains or losses are realized when the swap expires

18 | Deutsche DWS Variable Series II — DWS Multisector Income VIP

or is closed. Certain risks may arise when entering into swap transactions including counterparty default; liquidity; or unfavorable changes in interest rates or the value of the underlying reference security, commodity or index. In connection with bilateral swaps, securities and/or cash may be identified as collateral in accordance with the terms of the swap agreement to provide assets of value and recourse in the event of default. The maximum counterparty credit risk is the net present value of the cash flows to be received from or paid to the counterparty over the term of the swap, to the extent that this amount is beneficial to the Fund, in addition to any related collateral posted to the counterparty by the Fund. This risk may be partially reduced by a master netting arrangement between the Fund and the counterparty. Upon entering into a centrally cleared swap, the Fund is required to deposit with a financial intermediary cash or securities (“initial margin”) in an amount equal to a certain percentage of the notional amount of the swap. Subsequent payments (“variation margin”) are made or received by the Fund dependent upon the daily fluctuations in the value of the swap. In a cleared swap transaction, counterparty risk is minimized as the central clearinghouse acts as the counterparty.

An upfront payment, if any, made by the Fund is recorded as an asset in the Statement of Assets and Liabilities. An upfront payment, if any, received by the Fund is recorded as a liability in the Statement of Assets and Liabilities. Payments received or made at the end of the measurement period are recorded as realized gain or loss in the Statement of Operations.

Credit default swaps are agreements between a buyer and a seller of protection against predefined credit events for the reference entity. The Fund may enter into credit default swaps to gain exposure to an underlying issuer’s credit quality characteristics without directly investing in that issuer or to hedge against the risk of a credit event on debt securities. As a seller of a credit default swap, the Fund is required to pay the par (or other agreed-upon) value of the referenced entity to the counterparty with the occurrence of a credit event by a third party, such as a U.S. or foreign corporate issuer, on the reference entity, which would likely result in a loss to the Fund. In return, the Fund receives from the counterparty a periodic stream of payments over the term of the swap provided that no credit event has occurred. If no credit event occurs, the Fund keeps the stream of payments with no payment obligations. The Fund may also buy credit default swaps, in which case the Fund functions as the counterparty referenced above. This involves the risk that the swap may expire worthless. It also involves counterparty risk that the seller may fail to satisfy its payment obligations to the Fund with the occurrence of a credit event. When the Fund sells a credit default swap, it will cover its commitment. This may be achieved by, among other methods, maintaining cash or liquid assets equal to the aggregate notional value of the reference entities for all outstanding credit default swaps sold by the Fund. For the year ended December 31, 2018, the Fund entered into credit default swap agreements to gain exposure to the underlying issuer’s credit quality characteristics and to hedge the risk of default or other specified credit events on portfolio assets.

Under the terms of a credit default swap, the Fund receives or makes periodic payments based on a specified interest rate on a fixed notional amount. These payments are recorded as a realized gain or loss in the Statement of Operations. Payments received or made as a result of a credit event or termination of the swap are recognized, net of a proportional amount of the upfront payment, as realized gains or losses in the Statement of Operations.

There were no open credit default swap contracts as of December 31, 2019. For the year ended December 31, 2019, the investment in credit default swap contracts purchased had a total notional amount generally indicative of a range from $0 to approximately $921,000.

The amount of unrealized and realized gains and losses on derivative instruments recognized in Fund earnings during the year ended December 31, 2019 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

Realized Gain (Loss)	Forward Contracts		Futures Contracts		Swap Contracts			Total
Interest Rate Contracts (a)	$	—	$	150,877	$	—		$	150,877
Foreign Exchange Contracts (b)		2,307		—		—			2,307
Credit Contracts (c)		—		—		(25,964	)		(25,964	)
	$	2,307	$	150,877	$	(25,964	)	$	127,220

Each of the above derivatives is located in the following Statement of Operations accounts:

(a) Net realized gain (loss) from futures contracts

(b) Net realized gain (loss) from forward foreign currency contracts

(c) Net realized gain (loss) from swap contracts

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Change in Net Unrealized Appreciation (Depreciation)	Forward Contracts			Futures Contracts			Total
Interest Rate Contracts (d)	$	—		$	(40,004	)	$	(40,004	)
Foreign Exchange Contracts (e)		(9,774	)		—			(9,774	)
	$	(9,774	)	$	(40,004	)	$	(49,778	)

Each of the above derivatives is located in the following Statement of Operations accounts:

(d) Change in net unrealized appreciation (depreciation) on futures

(e) Change in net unrealized appreciation (depreciation) on forward foreign currency contracts

C. Purchases and Sales of Securities

During the year ended December 31, 2019, purchases and sales of investment securities, excluding short-term investments, were as follows:

	Purchases		Sales
Non-U.S. Treasury Obligations	$	9,524,448	$	10,259,927
U.S. Treasury Obligations	$	7,066,631	$	5,474,215

D. Related Parties

Management Agreement. Under the Investment Management Agreement with DWS Investment Management Americas, Inc. (“DIMA” or the “Advisor”), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”), the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund or delegates such responsibility to the Fund’s subadvisor.

Effective May 16, 2019, DWS Alternatives Global Limited, also an indirect, wholly owned subsidiary of DWS Group, no longer serves as subadvisor for the Fund. DWS Alternatives Global Limited provided portfolio manager services to the Fund and pursuant to a sub-advisory agreement between DIMA and DWS Alternatives Global Limited, DIMA, not the Fund, compensated DWS Alternatives Global Limited for the services it provided to the Fund.

Pursuant to the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the Fund’s average daily net assets, computed and accrued daily and payable monthly, at the following annual rates:

First $250 million	.550	%
Next $750 million	.520	%
Next $1.5 billion	.500	%
Next $2.5 billion	.480	%
Next $2.5 billion	.450	%
Next $2.5 billion	.430	%
Next $2.5 billion	.410	%
Over $12.5 billion	.390	%

Accordingly, for the year ended December 31, 2019, the fee pursuant to the Investment Management Agreement was equivalent to an annual rate (exclusive of any applicable waivers/reimbursements) of 0.55% of the Fund’s average daily net assets.

For the period from January 1, 2019 through April 30, 2019, the Advisor had contractually agreed to waive its fee and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) at 0.65%.

Effective May 1, 2019 through February 27, 2020 (See Note I), the Advisor has contractually agreed to waive its fee and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) at 0.66%.

For the year ended December 31, 2019, fees waived and/or expenses reimbursed amounted to $151,444.

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Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays DIMA an annual fee (“Administration Fee”) of 0.10% of the Fund’s average daily net assets, computed and accrued daily and payable monthly. For the year ended December 31, 2019, the Administration Fee was $8,690, of which $754 is unpaid.

Service Provider Fees. DWS Service Company (“DSC”), an affiliate of the Advisor, is the transfer agent,dividend-paying agent and shareholder service agent for the Fund. Pursuant to asub-transfer agency agreement between DSC and DST Systems, Inc. (“DST”), DSC has delegated certain transfer agent,dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the year ended December 31, 2019, the amounts charged to the Fund by DSC aggregated $111, of which $18 is unpaid.

Typesetting and Filing Service Fees. Under an agreement with the Fund, DIMA is compensated for providing typesetting and certain regulatory filing services to the Fund. For the year ended December 31, 2019, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders” aggregated $9,590, of which $4,433 is unpaid.

Trustees’ Fees and Expenses. The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.

Affiliated Cash Management Vehicles. The Fund may invest uninvested cash balances in DWS Central Cash Management Government Fund and DWS ESG Liquidity Fund, affiliated money market funds which are managed by the Advisor. Each affiliated money market fund is managed in accordance withRule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Central Cash Management Government Fund seeks to maintain a stable net asset value, and DWS ESG Liquidity Fund maintains a floating net asset value. The Fund indirectly bears its proportionate share of the expenses of each affiliated money market fund in which it invests. DWS Central Cash Management Government Fund does not pay the Advisor an investment management fee. To the extent that DWS ESG Liquidity Fund pays an investment management fee to the Advisor, the Advisor will waive an amount of the investment management fee payable to the Advisor by the Fund equal to the amount of the investment management fee payable on the Fund’s assets invested in DWS ESG Liquidity Fund.

Security Lending Fees. Deutsche Bank AG serves as securities lending agent for the Fund. For the year ended December 31, 2019, the Fund incurred securities lending agent fees to Deutsche Bank AG in the amount of $189.

E. Line of Credit

The Fund and other affiliated funds (the “Participants”) share in a $400 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee which is allocated based on net assets, among each of the Participants. Interest is calculated at a rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus if theone-month LIBOR exceeds the Federal Funds Rate, the amount of such excess. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at December 31, 2019.

F. Investing inHigh-Yield Securities

High-yield debt securities or junk bonds are generally regarded as speculative with respect to the issuer’s continuing ability to meet principal and interest payments. The Fund’s performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in the issuer not making timely payments of interest or principal, a security downgrade or an inability to meet a financial obligation.High-yield debt securities’ total return and yield may generally be expected to fluctuate more than the total return and yield ofinvestment-grade debt securities. A real or perceived economic downturn or an increase in market interest rates could cause a decline in the value ofhigh-yield debt securities, result in increased redemptions and/or result in increased portfolio turnover, which could result in a decline in net asset value of the Fund, reduce liquidity for certain investments and/or increase costs.High-yield debt securities are often thinly traded and can be more difficult to sell and value accurately thaninvestment-grade debt securities as there may be no established secondary market. Investments in high yield debt securities could increase liquidity

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risk for the Fund. In addition, the market forhigh-yield debt securities can experience sudden and sharp volatility which is generally associated more with investments in stocks.

G. Investing in Emerging Markets

Investing in emerging markets may involve special risks and considerations not typically associated with investing in developed markets. These risks include revaluation of currencies, high rates of inflation or deflation, repatriation restrictions on income and capital, and future adverse political, social and economic developments. Moreover, securities issued in these markets may be less liquid, subject to government ownership controls or delayed settlements, and may have prices that are more volatile or less easily assessed than those of comparable securities of issuers in developed markets.

H. Ownership of the Fund

At December 31, 2019, one participating insurance company was the owner of record of 10% or more of the total outstanding Class A shares of the Fund, owning 97%.

I. Fund Liquidation

Upon the recommendation of the Advisor, the Fund’s Board of Trustees has authorized the Fund’s termination and liquidation, effective on or about February 27, 2020 (the “Liquidation Date”). Accordingly, the Fund will involuntarily redeem the shares of any shareholder (i.e. participating insurance company that offers the Fund) outstanding on the Liquidation Date. Existing participating insurance company investors that currently offer the Fund as an investment option may continue to offer it to their contract owners until the Liquidation Date.

22 | Deutsche DWS Variable Series II — DWS Multisector Income VIP

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Deutsche DWS Variable Series II and Shareholders of DWS Multisector Income VIP:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of DWS Multisector Income VIP (the “Fund”) (one of the funds constituting Deutsche DWS Variable Series II) (the “Trust”), including the investment portfolio, as of December 31, 2019, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Deutsche DWS Variable Series II) at December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

Boston, Massachusetts

February 14, 2020

Deutsche DWS Variable Series II — DWS Multisector Income VIP | 23

Information About Your Fund’s Expenses (Unaudited)

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees and other Fund expenses. Examples of transaction costs include contract charges, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recentsix-month period, the Fund limited these expenses; had it not done so, expenses would have been higher. The example in the table is based on an investment of $1,000 invested at the beginning of thesix-month period and held for the entire period (July 1, 2019 to December 31, 2019).

The tables illustrate your Fund’s expenses in two ways:

– Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund’s actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Expenses Paid per $1,000” line under the share class you hold.

– Hypothetical 5% Fund Return. This helps you to compare your Fund’s ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund’s actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical Fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The “Expenses Paid per $1,000” line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. If these transaction costs had been included, your costs would have been higher.

Expenses and Value of a $1,000 Investmentfor the six months ended December 31, 2019
Actual Fund Return		Class A
Beginning Account Value 7/1/19	$	1,000.00
Ending Account Value 12/31/19	$	1,020.90
Expenses Paid per $1,000*	$	3.36
Hypothetical 5% Fund Return		Class A
Beginning Account Value 7/1/19	$	1,000.00
Ending Account Value 12/31/19	$	1,021.88
Expenses Paid per $1,000*	$	3.36

* Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recentsix-month period), then divided by 365.

Annualized Expense Ratio	Class A
Deutsche DWS Variable Series II — DWS Multisector Income VIP		.66	%

For more information, please refer to the Fund’s prospectus.

These tables do not reflect charges and fees (“contract charges”) associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option.

For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to the current and hypothetical expense calculators for Variable Insurance Products which can be found at dws.com/calculators.

24 | Deutsche DWS Variable Series II — DWS Multisector Income VIP

Tax Information (Unaudited)

Please consult a tax advisor if you have questions about federal or state income tax laws, or on how to prepare your tax returns. If you have specific questions about your account, please contact your insurance provider.

Proxy Voting

The Trust’s policies and procedures for voting proxies for portfolio securities and information about how the Trust voted proxies related to its portfolio securities during the most recent12-month period ended June 30 are available on our Web site — dws.com/en-us/resources/proxy-voting — or on the SEC’s Web site — sec.gov. To obtain a written copy of the Trust’s policies and procedures without charge, upon request, call us toll free at (800)728-3337.

Deutsche DWS Variable Series II — DWS Multisector Income VIP | 25

Advisory Agreement Board Considerations and Fee Evaluation

The Board of Trustees (hereinafter referred to as the “Board” or “Trustees”) approved the renewal of DWS Multisector Income VIP’s (the “Fund”) investment management agreement (the “Agreement”) with DWS Investment Management Americas, Inc. (“DIMA”) in September 2019.

In terms of the process that the Board followed prior to approving the Agreement, shareholders should know that:

– During the entire process, all of the Fund’s Trustees were independent of DIMA and its affiliates (the “Independent Trustees”).

– The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board’s Contract Committee reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Trustees (the “Fee Consultant”). Based on its evaluation of the information provided, the Contract Committee presented its findings and recommendations to the Board. The Board then reviewed the Contract Committee’s findings and recommendations.

– The Board also received extensive information throughout the year regarding performance of the Fund.

– The Independent Trustees regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.

– In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund’s distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.

In connection with the contract review process, the Contract Committee and the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund. DIMA is part of DWS Group GmbH & Co. KGaA (“DWS Group”). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. In 2018, approximately 20% of DWS Group’s shares were sold in an initial public offering, with Deutsche Bank AG owning the remaining shares.

As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund’s performance. In many cases, this led to the negotiation and implementation of expense caps. As part of these negotiations, the Board indicated that it would consider relaxing these caps in future years following sustained improvements in performance, among other considerations.

While shareholders may focus primarily on fund performance and fees, the Fund’s Board considers these and many other factors, including the quality and integrity of DIMA’s personnel and administrative support services provided by DIMA, such as back-office operations, fund valuations, and compliance policies and procedures.

Nature, Quality and Extent of Services. The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board reviewed the Fund’s performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied by Morningstar Direct (“Morningstar”), an independent fund data service. The Board also noted that it has put into place a process of identifying “Funds in Review” (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA’s plans to address underperformance. The Board

26 | Deutsche DWS Variable Series II — DWS Multisector Income VIP

believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for the one-, three- and five-year periods ended December 31, 2018, the Fund’s performance (Class A shares) was in the 3rd quartile, 3rd quartile and 4th quartile, respectively, of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has underperformed its benchmark in the one-, three- and five-year periods ended December 31, 2018.

Fees and Expenses. The Board considered the Fund’s investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. (“Broadridge”) and the Fee Consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.10% fee paid to DIMA under the Fund’s administrative services agreement, were higher than the median (3rd quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2018). The Board noted that the Fund’s Class A shares total (net) operating expenses were expected to be higher than the median (3rd quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2018, and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees) (“Broadridge Universe Expenses”). The Board noted that the expense limitation agreed to by DIMA was expected to help the Fund’s total (net) operating expenses remain competitive. The Board considered the Fund’s management fee rate as compared to fees charged by DIMA to a comparable DWS U.S. registered fund (“DWS Funds”) and considered differences between the Fund and the comparable DWS Fund. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors (“DWS Europe Funds”) managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA.

Profitability. The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs to DIMA, and pre-tax profits realized by DIMA, from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board and the Fee Consultant reviewed DIMA’s methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that, while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates’ overall profitability with respect to the DWS Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of most comparable firms for which such data was available.

Economies of Scale. The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. The Board noted that the Fund’s investment management fee schedule includes fee breakpoints. The Board concluded that the Fund’s fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

Other Benefits to DIMA and Its Affiliates. The Board also considered the character and amount of other incidental or “fall-out” benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund and any fees received by an affiliate of DIMA for transfer agency services provided to the Fund. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities. In addition, the Board considered the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Fund’s management fees were reasonable.

Deutsche DWS Variable Series II — DWS Multisector Income VIP | 27

Compliance. The Board considered the significant attention and resources dedicated by DIMA to its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA’s and the Fund’s chief compliance officers and (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel.

Based on all of the information considered and the conclusions reached, the Board determined that the continuation of the Agreement is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Trustees and counsel present. It is possible that individual Independent Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement.

28 | Deutsche DWS Variable Series II — DWS Multisector Income VIP

Board Members and Officers

The following table presents certain information regarding the Board Members and Officers of the Trust/Corporation. Each Board Member’s year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA02199-3600. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the Trust/Corporation. Because the Fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period.

The Board Members may also serve in similar capacities with other funds in the fund complex. The number of funds in DWS fund complex shown in the table below includes all registered open- and closed-end funds (including all of their portfolios) advised by the Advisor and any registered funds that have an investment advisor that is an affiliated person of the Advisor.

Independent Board Members
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen		Other Directorships Held by Board Member
Keith R. Fox, CFA (1954) Chairperson since 2017, and Board Member since 1996	Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: ICI Mutual Insurance Company; Progressive International Corporation (kitchen goods importer and distributor); former Chairman, National Association of Small Business Investment Companies; former Directorships: The Kennel Shop (retailer); BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) (2011–2012)		77	—
John W. Ballantine (1946) Board Member since 1999	Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); former Directorships: Director and Chairman of the Board, Healthways, Inc.2 (population well-being and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak Brook Bank; and Prisma Energy International. Not-for-Profit Director/Trustee: Palm Beach Civic Association; Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; former Not-for-Profit Directorships: Public Radio International		77	Portland General Electric2 (utility company) (2003– present)
Dawn-Marie Driscoll (1946) Board Member since 1987	Emeritus Executive Fellow, Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988). Directorships: Advisory Board, Center for Business Ethics, Bentley University; Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)		77	—
Richard J. Herring (1946) Board Member since 1990	Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (since July 1972); Director, The Wharton Financial Institutions Center (since 1994); formerly: Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee since 2011, member Systemic Risk Council since 2012 and member of the Advisory Board at the Yale Program on Financial Stability since 2013; Formerly Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), and Nonexecutive Director of Barclays Bank DE (2010–2018)		77	Director, Aberdeen Japan Fund (since 2007)

Deutsche DWS Variable Series II — DWS Multisector Income VIP | 29

Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen		Other Directorships Held by Board Member
William McClayton (1944) Board Member since 2004	Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001–2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966–2001); Trustee, Ravinia Festival		77	—
Rebecca W. Rimel (1951) Board Member since 1995	President, Chief Executive Officer and Director, The Pew Charitable Trusts (charitable organization) (1994–present); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012)		77	Director, Becton Dickinson and Company2 (medical technology company) (2012– present); Director, BioTelemetry Inc.2(health care) (2009– present)
William N. Searcy, Jr. (1946) Board Member since 1993	Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2(telecommunications) (November 1989–September 2003); Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012)		77	—

Officers4
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served5	Business Experience and Directorships During the Past Five Years
Hepsen Uzcan6(1974) President and Chief Executive Officer, 2017–present	Managing Director,3 DWS; Secretary, DWS USA Corporation (2018–present); Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–present); and Director and President, DB Investment Managers, Inc. (2018–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019)
John Millette7(1962) Vice President and Secretary, 1999–present	Director,3DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); and Assistant Secretary, DBX ETF Trust (2019–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017)
Diane Kenneally7(1966) Chief Financial Officer and Treasurer, 2018–present	Director,3 DWS; and Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); formerly: Assistant Treasurer for the DWS funds (2007–2018)
Paul Antosca7(1957) Assistant Treasurer, 2007–present	Director,3DWS; and Assistant Treasurer, DBX ETF Trust (2019–present)
Sheila Cadogan7(1966) Assistant Treasurer, 2017–present	Director,3DWS; Director and Vice President, DWS Trust Company (2018–present); and Assistant Treasurer, DBX ETF Trust (2019–present)
Scott D. Hogan7(1970) Chief Compliance Officer, 2016–present	Director,3DWS
Caroline Pearson7(1962) Chief Legal Officer, 2010–present	Managing Director,3DWS; formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); and Secretary, Deutsche AM Service Company (2010–2017)
Wayne Salit6(1967) Anti-Money Laundering Compliance Officer, 2014–present	Director,3 Deutsche Bank; and AML Officer, DWS Trust Company; formerly: Managing Director, AML Compliance Officer at BNY Mellon (2011–2014); and Director, AML Compliance Officer at Deutsche Bank (2004–2011)
Ciara Crawford8 (1984) Assistant Secretary, (2019–present)	Associate, DWS (since 2015); previously, Legal Assistant at Accelerated Tax Solutions.

30 | Deutsche DWS Variable Series II — DWS Multisector Income VIP

¹  The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board.

²  A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.

³  Executive title, not a board directorship.

⁴  As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund.

⁵  The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds.

⁶  Address: 875 Third Avenue, New York, NY 10022.

⁷  Address: One International Place, Boston, MA 02110.

⁸  Address: 5022 Gate Parkway, Suite 400, Jacksonville, FL 32256.

The Fund’s Statement of Additional Information (“SAI”) includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the followingtoll-free number:(800) 728-3337.

Deutsche DWS Variable Series II — DWS Multisector Income VIP | 31

  VS2MSI-2 (R-025836-9 2/20)

December 31, 2019

Annual Report

Deutsche DWS Variable Series II

DWS Small Mid Cap Growth VIP

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, you may not be receiving paper copies of the Fund’s shareholder reports from the insurance company that offers your contract unless you specifically request paper copies from your insurance company or from your financial intermediary. Instead, the shareholder reports will be made available on a Web site, and your insurance company will notify you by mail each time a report is posted and provide you with a Web site link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from your insurance company electronically by following the instructions provided by your insurance company.

You may elect to receive all future reports in paper free of charge from your insurance company. If your insurance company informs you that future reports will be delivered via Web access, you can inform your insurance company that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by your insurance company.

Contents

3	Performance Summary
4	Management Summary
5	Portfolio Summary
6	Investment Portfolio
9	Statement of Assets and Liabilities
9	Statement of Operations
10	Statements of Changes in Net Assets
11	Financial Highlights
12	Notes to Financial Statements
16	Report of Independent Registered Public Accounting Firm
17	Information About Your Fund’s Expenses
18	Tax Information
18	Proxy Voting
19	Advisory Agreement Board Considerations and Fee Evaluation
22	Board Members and Officers

This report must be preceded or accompanied by a prospectus. To obtain an additional prospectus or summary prospectus, if available, call (800)728-3337 or your financial representative. We advise you to consider the Fund’s objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the Fund. Please read the prospectus carefully before you invest.

Stocks may decline in value. Smaller and medium company stocks tend to be more volatile than large company stocks. Any fund that focuses in a particular segment of the market or region of the world will generally be more volatile than a fund that invests more broadly. The fund may lend securities to approved institutions. Please read the prospectus for details.

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.

DWS Distributors, Inc., 222 South Riverside Plaza, Chicago, IL 60606, (800)621-1148

NOT FDIC/NCUA INSURED      NO BANK GUARANTEE      MAY LOSE VALUE      NOT A DEPOSIT

NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

2 | Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP

Performance Summary December 31, 2019 (Unaudited)

Fund performance shown is historical, assumes reinvestment of all dividend and capital gain distributions and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions so that, when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Please contact your participating insurance company for the Fund’s most recentmonth-end performance. Performance does not reflect charges and fees (“contract charges”) associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. These charges and fees will reduce returns.

The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated May 1, 2019 is 0.81% for Class A shares and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

Growth of an Assumed $10,000 Investment

The Russell 2500^TM Growth Index is an unmanaged index that measures the performance of the small- to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values.   Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

Comparative Results
DWS Small Mid Cap Growth VIP		1-Year	3-Year	5-Year	10-Year
Class A	Growth of $10,000	$12,241	$12,918	$13,964	$29,974
	Average annual total return	22.41%	8.91%	6.91%	11.60%
Russell 2500 Growth Index	Growth of $10,000	$13,265	$15,277	$16,732	$37,108
	Average annual total return	32.65%	15.17%	10.84%	14.01%

The growth of $10,000 is cumulative.

Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP | 3

Management Summary December 31, 2019 (Unaudited)

For the12-month period ended December 31, 2019, the Fund returned 22.41% (Class A shares, unadjusted for contract charges), compared with the 32.65% return of the Russell 2500^™ Growth Index.

Global equities performed very well in 2019, reflecting the shift by the U.S. Federal Reserve and other major central banks toward more accommodative policies. In combination with a slow but positive economic expansion and continued growth in corporate earnings, the move to a lower interest-rate regime boosted investors’ appetite for risk assets including stocks.

The portfolio’s underperformance derived in part from sector allocation, as an underweight in information technology and a slight overweight within energy detracted from returns. In addition, stock selection within health care, consumer discretionary and financials weighed on performance. Stock selection within industrials, consumer staples, information technology and energy was positive. The top individual contributors to performance were outpatient diagnostic imaging company Radnet, Inc., homebuilding products and insulation installer TopBuild Corp. and enterprise software company Tyler Technologies, Inc. Radnet’s favorable results demonstrated that patients are moving from higher cost hospital imaging to Radnet’s lower cost outpatient centers, resulting in strong performance. TopBuild, a commercial and residential distributor and installer of insulation products, reported financial results that were consistently higher than expected, as low interest rates aided housing starts and strong pricing power boosted margins. Tyler Technologies, which provides software services to municipal and county governments, contributed positively as the company’s pipeline of new business continued to be strong, leading to better bookings and higher subscription revenue growth. Stock selection within health care, consumer discretionary and financials was negative. The Fund struggled within the biotechnology industry, as stock selection there was negative amid an active merger & acquisition environment, and with drug approvals and product failures receiving outsized reactions by investors. The largest individual detractors from performance were Retrophin, Inc., iRobot Corp. and Green Dot Corp. The Fund’s cash position also detracted amid a strong equity market environment. The biopharmaceutical company Retrophin was the most notable detractor as one of the company’s key drugs failed to meet expectations, causing the stock to fall sharply inmid-August. In addition, iRobot’s shares were negatively impacted after the company reported its first revenue disappointment in several years, higher product prices due to tariffs, and uncertainty regarding new competition. The financial sector also proved to be a challenging area for the Fund during the12-month period, due in part to its position in the U.S firm Green Dot Corp. The company’s shares fell after Green Dot announced that additional capital expenditures were required to stave off new competition in its core reloadable debit-card business, and for new product launches.

We continue to position the Fund for sustained economic recovery and remain focused on ourbottom-up stock selection process. We maintain a long-term perspective, investing in quality small- andmid-cap growth companies whose shares trade at attractive valuations, with strong management teams that align shareholders’ interests with their own. The past year brought outperformance for fast-growing and momentum-oriented equities on one hand, and defensive stocks on the other. This environment worked against the Fund, as the steady growth companies that we emphasize lagged during the rally.

Peter Barsa, Director

Michael A. Sesser, CFA, Director

Portfolio Managers

The views expressed reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance is no guarantee of future results. Current and future portfolio holdings are subject to risk.

Terms to Know

The Russell 2500 Growth Indexis an unmanaged index that measures the performance of the small- to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higherprice-to-book ratios and higher forecasted growth values. Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

Overweightmeans that the Fund holds a higher weighting in a given sector or security than the benchmark.Underweightmeans that the Fund holds a lower weighting.

Contribution anddetractionincorporate both a stock’s total return and its weighting in the Fund.

4 | Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP

Portfolio Summary (Unaudited)

Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral)	12/31/19		12/31/18
Common Stocks		98%		93%
Cash Equivalents		1%		6%
Convertible Preferred Stock		1%		1%
		100%		100%
Sector Diversification (As a % of Investment Portfolio excluding Cash Equivalents and Securities Lending Collateral)	12/31/19		12/31/18
Information Technology		24%		22%
Health Care		24%		25%
Industrials		20%		18%
Consumer Discretionary		15%		16%
Financials		6%		7%
Real Estate		4%		3%
Materials		3%		4%
Consumer Staples		2%		2%
Communication Services		1%		1%
Energy		1%		2%
		100%		100%

Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund’s investment portfolio, see page 6.

Following the Fund’s fiscal first and thirdquarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-PORT. The Fund’s Form N-PORT will be available on the SEC’s Web site at sec.gov. The Fund’s portfolio holdings are also posted on dws.com from time to time. Please read the Fund’s current prospectus for more information.

Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP | 5

Investment Portfolio as of December 31, 2019

	Shares		Value ($)
Common Stocks 98.0%
Communication Services 1.1%
Entertainment
Cinemark Holdings, Inc.		12,290		416,016
Take-Two Interactive Software, Inc.*		2,174		266,163
				682,179
Consumer Discretionary 14.3%
Auto Components 0.9%
Gentherm, Inc.*		7,364		326,888
Tenneco, Inc. “A”		18,953		248,284
				575,172
Diversified Consumer Services 2.2%
Bright Horizons Family Solutions, Inc.*		7,023		1,055,487
ServiceMaster Global Holdings, Inc.*		9,448		365,260
				1,420,747
Hotels, Restaurants & Leisure 1.7%
Hilton Grand Vacations, Inc.*		14,583		501,509
Jack in the Box, Inc.		7,892		615,813
				1,117,322
Household Durables 3.7%
Helen of Troy Ltd.*		6,092		1,095,281
iRobot Corp.* (a)		10,403		526,704
TopBuild Corp.*		7,103		732,177
				2,354,162
Internet & Direct Marketing Retail 0.3%
Grubhub, Inc.*		3,663		178,168
Leisure Products 0.9%
YETI Holdings, Inc.* (a)		16,312		567,332
Specialty Retail 3.6%
Burlington Stores, Inc.*		5,895		1,344,237
Camping World Holdings, Inc. “A”		36,664		540,427
The Children’s Place, Inc. (a)		7,128		445,643
				2,330,307
Textiles, Apparel & Luxury Goods 1.0%
Carter’s, Inc.		5,951		650,682
Consumer Staples 2.0%
Food & Staples Retailing 1.3%
Casey’s General Stores, Inc.		5,089		809,100
Household Products 0.7%
Spectrum Brands Holdings, Inc.		6,982		448,873
Energy 0.9%
Energy Equipment & Services 0.4%
Dril-Quip, Inc.*		5,773		270,811
Oil, Gas & Consumable Fuels 0.5%
California Resources Corp.* (a)		20,788		187,716
Contango Oil & Gas Co.*		39,242		144,018
				331,734
Financials 6.0%
Banks 4.5%
Eagle Bancorp., Inc.		4,767		231,819
Pinnacle Financial Partners, Inc.		7,304		467,456

	Shares		Value ($)
South State Corp.		8,024		696,082
SVB Financial Group*		2,996		752,116
Synovus Financial Corp.		17,695		693,644
				2,841,117
Capital Markets 1.3%
Lazard Ltd. “A”		13,717		548,131
Moelis & Co. “A”		9,136		291,621
				839,752
Consumer Finance 0.2%
Green Dot Corp. “A”*		6,162		143,575
Health Care 22.9%
Biotechnology 7.9%
Acceleron Pharma, Inc.*		3,899		206,725
Alkermes PLC*		10,757		219,443
Amicus Therapeutics, Inc.*		17,294		168,444
Arena Pharmaceuticals, Inc.*		7,158		325,116
Biohaven Pharmaceutical Holding Co., Ltd.*		6,937		377,650
Bluebird Bio, Inc.*		2,317		203,317
Blueprint Medicines Corp.*		4,684		375,235
Emergent BioSolutions, Inc.*		11,619		626,845
Global Blood Therapeutics, Inc.*		3,700		294,113
Heron Therapeutics, Inc.*		22,719		533,896
Ligand Pharmaceuticals, Inc.*		3,112		324,550
Neurocrine Biosciences, Inc.*		10,195		1,095,861
Retrophin, Inc.*		23,478		333,388
				5,084,583
Health Care Equipment & Supplies 4.1%
Cardiovascular Systems, Inc.*		11,951		580,699
Globus Medical, Inc. “A”*		6,168		363,172
iRhythm Technologies, Inc.*		3,325		226,399
Masimo Corp.*		5,052		798,519
Natus Medical, Inc.*		12,922		426,297
Tandem Diabetes Care, Inc.*		4,219		251,494
				2,646,580
Health Care Providers & Services 8.0%
AMN Healthcare Services, Inc.*		15,169		945,180
HealthEquity, Inc.*		1,929		142,881
Molina Healthcare, Inc.*		7,851		1,065,302
Option Care Health, Inc.*		197,723		737,507
Providence Service Corp.*		13,693		810,352
RadNet, Inc.*		55,477		1,126,183
Tivity Health, Inc.*		13,396		272,542
				5,099,947
Health Care Technology 1.0%
HMS Holdings Corp.*		21,178		626,869
Pharmaceuticals 1.9%
ANI Pharmaceuticals, Inc.*		8,521		525,490
Avadel Pharmaceuticals PLC (ADR)* (a)		23,243		175,485
Pacira BioSciences, Inc.*		11,807		534,857
				1,235,832
Industrials 19.2%
Aerospace & Defense 1.1%
HEICO Corp.		6,086		694,717

The accompanying notes are an integral part of the financial statements.

6 | Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP

	Shares		Value ($)
Building Products 4.7%
A.O. Smith Corp.		11,719		558,293
Allegion PLC		9,959		1,240,294
Fortune Brands Home & Security, Inc.		11,751		767,810
Masonite International Corp.*		6,705		484,168
				3,050,565
Commercial Services & Supplies 2.5%
MSA Safety, Inc.		3,599		454,770
The Brink’s Co.		12,428		1,126,971
				1,581,741
Construction & Engineering 0.9%
MasTec, Inc.*		8,966		575,258
Electrical Equipment 1.9%
Generac Holdings, Inc.*		1,993		200,476
Thermon Group Holdings, Inc.*		39,309		1,053,481
				1,253,957
Machinery 2.1%
Chart Industries, Inc.*		8,727		588,985
Hillenbrand, Inc.		10,483		349,189
IDEX Corp.		2,502		430,344
				1,368,518
Professional Services 1.6%
Kforce, Inc.		22,466		891,900
Mistras Group, Inc.*		7,831		111,749
				1,003,649
Trading Companies & Distributors 4.4%
H&E Equipment Services, Inc.		22,784		761,669
Rush Enterprises, Inc. “A”		32,955		1,532,408
Titan Machinery, Inc.*		36,290		536,366
				2,830,443
Information Technology 23.9%
Communications Equipment 1.1%
Lumentum Holdings, Inc.*		8,768		695,302
Electronic Equipment, Instruments & Components 1.1%
Cognex Corp.		7,873		441,203
IPG Photonics Corp.*		1,883		272,884
				714,087
IT Services 5.0%
Broadridge Financial Solutions, Inc.		6,371		787,073
MAXIMUS, Inc.		8,556		636,481
WEX, Inc.*		4,266		893,557
WNS Holdings Ltd. (ADR)*		13,113		867,425
				3,184,536
Semiconductors & Semiconductor Equipment 3.5%
Advanced Energy Industries, Inc.*		12,629		899,185
Advanced Micro Devices, Inc.*		11,189		513,127
Cabot Microelectronics Corp.		3,131		451,866
Entegris, Inc.		8,229		412,191
				2,276,369
Software 13.2%
Aspen Technology, Inc.*		9,895		1,196,602
Bill.Com Holdings, Inc.*		624		23,743
Cornerstone OnDemand, Inc.*		11,656		682,459
Envestnet, Inc.*		9,852		685,995

	Shares			Value ($)
Five9, Inc.*		18,703			1,226,543
New Relic, Inc.*		1,634			107,370
Proofpoint, Inc.*		7,005			804,034
QAD, Inc. “A”		15,977			813,708
Tyler Technologies, Inc.*		5,381			1,614,408
Varonis Systems, Inc.*		16,810			1,306,305
					8,461,167
Materials 3.4%
Chemicals 0.3%
Trinseo SA		5,309			197,548
Construction Materials 1.3%
Eagle Materials, Inc.		9,476			859,094
Containers & Packaging 0.6%
Berry Global Group, Inc.*		7,728			367,003
Metals & Mining 1.2%
Cleveland-Cliffs, Inc. (a)		67,277			565,127
First Quantum Minerals Ltd.		17,207			174,515
					739,642
Real Estate 4.3%
Equity Real Estate Investment Trusts (REITs)
Americold Realty Trust		12,475			437,373
EastGroup Properties, Inc.		2,708			359,270
Essential Properties Realty Trust, Inc.		23,274			577,428
Four Corners Property Trust, Inc.		13,954			393,363
National Storage Affiliates Trust		19,930			670,047
QTS Realty Trust, Inc. “A”		6,380			346,243
					2,783,724
Total Common Stocks(Cost $41,899,845)					62,892,164
Convertible Preferred Stocks 0.7%
Health Care
Providence Service Corp., 5.5% (b) (Cost $283,300)		2,833			420,404
Securities Lending Collateral 3.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.50% (c) (d) (Cost $2,086,238)		2,086,238			2,086,238
Cash Equivalents 1.5%
DWS Central Cash Management Government Fund, 1.62% (c) (Cost $955,515)		955,515			955,515
	% of Net Assets			Value ($)
Total Investment Portfolio (Cost $45,224,898)		103.4			66,354,321
Other Assets and Liabilities, Net		(3.4	)		(2,153,463	)
Net Assets		100.0			64,200,858

The accompanying notes are an integral part of the financial statements.

Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP | 7

A summary of the Fund’s transactions with affiliated investments during the year ended December 31, 2019 are as follows:

Value ($) at 12/31/2018	Purchases Cost ($)			Sales Proceeds ($)		Net Realized Gain/ (Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 12/31/2019		Value ($) at 12/31/2019
Securities Lending Collateral 3.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.50% (c) (d)
2,032,950		53,288	(e)		—		—		—		57,317		—		2,086,238		2,086,238
Cash Equivalents 1.5%
DWS Central Cash Management Government Fund, 1.62% (c)
3,874,651		10,857,060			13,776,196		—		—		57,797		—		955,515		955,515
5,907,601		10,910,348			13,776,196		—		—		115,114		—		3,041,753		3,041,753

* 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 December 31, 2019 amounted to $2,049,043, which is 3.2% of net assets.

(b) Investment was valued using significant unobservable inputs.

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

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

(e) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended December 31, 2019.

ADR: American Depositary Receipt

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 December 31, 2019 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Common Stocks (f)	$	62,892,164	$	—	$	—	$	62,892,164
Convertible Preferred Stocks		—		—		420,404		420,404
Short-Term Investments (f)		3,041,753		—		—		3,041,753
Total	$	65,933,917	$	—	$	420,404	$	66,354,321

(f) See Investment Portfolio for additional detailed categorizations.

The accompanying notes are an integral part of the financial statements.

8 | Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP

Statement of Assets and Liabilities

as of December 31, 2019
Assets
Investments in non-affiliated securities, at value (cost $42,183,145) — including $2,049,043 of securities loaned	$	63,312,568
Investment in DWS Government & Agency Securities Portfolio (cost $2,086,238)*		2,086,238
Investment in DWS Central Cash Management Government Fund (cost $955,515)		955,515
Receivable for investments sold		5,310
Receivable for Fund shares sold		29,409
Dividends receivable		24,848
Interest receivable		7,003
Other assets		1,489
Total assets		66,422,380
Liabilities
Payable upon return of securities loaned		2,086,238
Payable for Fund shares redeemed		30,095
Accrued management fee		24,715
Accrued Trustees’ fees		1,514
Other accrued expenses and payables		78,960
Total liabilities		2,221,522
Net assets, at value	$	64,200,858
Net Assets Consist of
Distributable earnings (loss)		21,970,327
Paid-in capital		42,230,531
Net assets, at value	$	64,200,858
Net Asset Value
Net Asset Value, offering and redemption price per share ($64,200,858 ÷ 4,698,629 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	13.66

* Represents collateral on securities loaned.

     Statement of Operations

for the year ended December 31, 2019
Investment Income
Income:
Dividends (net of foreign taxes withheld of $25)	$	500,825
Income distributions — DWS Central Cash Management Government Fund		57,797
Securities lending income, net of borrower rebates		57,317
Total income		615,939
Expenses:
Management fee		369,908
Administration fee		67,256
Services to Shareholders		770
Custodian fee		3,782
Professional fees		61,252
Reports to shareholders		34,094
Trustees’ fees and expenses		5,424
Other		7,315
Total expenses before expense reductions		549,801
Expense reductions		(5,027	)
Total expenses after expense reductions		544,774
Net investment income (loss)		71,165
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		1,091,843
Foreign currency		319
		1,092,162
Change in net unrealized appreciation (depreciation) on:
Investments		12,312,196
Foreign currency		4
		12,312,200
Net gain (loss)		13,404,362
Net increase (decrease) in net assets resulting from operations	$	13,475,527

The accompanying notes are an integral part of the financial statements.

Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP | 9

Statements of Changes in Net Assets

	Years Ended December 31,
Increase (Decrease) in Net Assets	2019			2018
Operations:
Net investment income (loss)	$	71,165		$	(48,368	)
Net realized gain (loss)		1,092,162			8,989,403
Change in net unrealized appreciation (depreciation)		12,312,200			(19,054,040	)
Net increase (decrease) in net assets resulting from operations		13,475,527			(10,113,005	)
Distributions to shareholders:
Class A		(8,788,523	)		(25,334,744	)
Fund share transactions:
Class A
Proceeds from shares sold		2,374,360			6,446,792
Reinvestment of distributions		8,788,523			25,334,744
Payments for shares redeemed		(16,023,146	)		(9,303,196	)
Net increase (decrease) in net assets from Class A share transactions		(4,860,263	)		22,478,340
Increase (decrease) in net assets		(173,259	)		(12,969,409	)
Net assets at beginning of period		64,374,117			77,343,526
Net assets at end of period	$	64,200,858		$	64,374,117
Other Information
Class A
Shares outstanding at beginning of period		5,077,014			3,525,232
Shares sold		179,399			381,309
Shares issued to shareholders in reinvestment of distributions		680,753			1,711,807
Shares redeemed		(1,238,537	)		(541,334	)
Net increase (decrease) in Class A shares		(378,385	)		1,551,782
Shares outstanding at end of period		4,698,629			5,077,014

The accompanying notes are an integral part of the financial statements.

10 | Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP

Financial Highlights

	Years Ended December 31,
Class A	2019			2018			2017			2016			2015
Selected Per Share Data
Net asset value, beginning of period	$	12.68		$	21.94		$	18.96		$	20.90		$	22.83
Income (loss) from investment operations:
Net investment income (loss)a		.01			(.01	)		(.02	)		.02			(.04	)
Net realized and unrealized gain (loss)		2.73			(1.92	)		4.08			1.64			(.00	)
Total from investment operations		2.74			(1.93	)		4.06			1.66			(.04	)
Less distributions from:
Net investment income		—			—			(.02	)		—			—
Net realized gains		(1.76	)		(7.33	)		(1.06	)		(3.60	)		(1.89	)
Total distributions		(1.76	)		(7.33	)		(1.08	)		(3.60	)		(1.89	)
Net asset value, end of period	$	13.66		$	12.68		$	21.94		$	18.96		$	20.90
Total Return (%)		22.41	b		(13.59	)b		22.12			9.08			(.90	)
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		64			64			77			118			135
Ratio of expenses before expense reductions (%)c		.82			.81			.75			.75			.72
Ratio of expenses after expense reductions (%)c		.81			.80			.75			.75			.72
Ratio of net investment income (loss) (%)		.11			(.06	)		(.08	)		.11			(.19	)
Portfolio turnover rate (%)		10			32			32			28			42

^a  Based on average shares outstanding during the period.

^b  Total return would have been lower had certain expenses not been reduced.

^c  Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option.

The accompanying notes are an integral part of the financial statements.

Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP | 11

Notes to Financial Statements

A. Organization and Significant Accounting Policies

DWS Small Mid Cap Growth VIP (the “Fund”) is a diversified series of Deutsche DWS Variable Series II (the “Trust”), which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as anopen-end management investment company organized as a Massachusetts business trust.

The Fund’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) which require the use of management estimates. Actual results could differ from those estimates. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements.

Security Valuation. Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading.

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.

Equity securities are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) orover-the-counter market on which they trade. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities are generally categorized as Level 1.

Investments inopen-end investment companies are valued at their net asset value each business day and are categorized as Level 1.

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices frombroker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (forexchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

Disclosure about the classification of fair value measurements is included in a table following the Fund’s Investment Portfolio.

Foreign Currency Translations. The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

Securities Lending. Deutsche Bank AG, as lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in

12 | Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP

their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. As of period end, any securities on loan were collateralized by cash. During the year ended December 31, 2019, the Fund invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.12% annualized effective rate as of December 31, 2019) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time, and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of December 31, 2019, the Fund had securities on loan, which were classified as common stocks in the Investment Portfolio. The value of the related collateral exceeded the value of the securities loaned at period end. As of period end, the remaining contractual maturity of the collateral agreements were overnight and continuous.

Federal Income Taxes. The Fund’s policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders.

The Fund has reviewed the tax positions for the open tax years as of December 31, 2019 and has determined that no provision for income tax and/or uncertain tax positions is required in the Fund’s financial statements. The Fund’s federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

Distribution of Income and Gains. Distributions from net investment income of the Fund, if any, are declared and distributed to shareholders annually. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes if necessary.

The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to certain securities sold at a loss. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.

At December 31, 2019, the Fund’s components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income*	$	31,323
Undistributed long-term capital gainzs	$	914,739
Net unrealized appreciation (depreciation) on investments	$	21,017,336

At December 31, 2019, the aggregate cost of investments for federal income tax purposes was $45,336,985. The net unrealized appreciation for all investments based on tax cost was $21,017,336. This consisted of aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost of $24,291,092 aggregate gross unrealized depreciation for all investments in which was an excess of tax cost over value of $3,273,756.

In addition, the tax character of distributions paid by the Fund is summarized as follows:

	Years Ended December 31,
	2019		2018
Distributions from ordinary income*	$	—	$	1,616,576
Distributions from long-term capital gains	$	8,788,523	$	23,718,168

* For tax purposes, short-term capital gain distributions are considered ordinary income distributions.

Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP | 13

Expenses. Expenses of the Trust arising in connection with a specific fund are allocated to that fund. Other Trust expenses which cannot be directly attributed to a fund are apportioned among the funds in the Trust based upon the relative net assets or other appropriate measures.

Contingencies. In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.

Other. Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on theex-dividend date net of foreign withholding taxes. Realized gains and losses from investment transactions are recorded on an identified cost basis. Proceeds from litigation payments, if any, are included in net realized gain (loss) from investments.

B. Purchases and Sales of Securities

During the year ended December 31, 2019, purchases and sales of investment transactions (excludingshort-term investments) aggregated $6,601,955 and $17,143,395, respectively.

C. Related Parties

Management Agreement. Under the Investment Management Agreement with DWS Investment Management Americas, Inc. (“DIMA” or the “Advisor”), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”), the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund.

Pursuant to the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the Fund’s average daily net assets, computed and accrued daily and payable monthly, at the following annual rates:

First $250 million	.550	%
Next $750 million	.525	%
Over $1 billion	.500	%

Accordingly, for the year ended December 31, 2019, the fee pursuant to the Investment Management Agreement was equivalent to an annual rate (exclusive of any applicable waivers/reimbursements) of 0.55% of the Fund’s average daily net assets.

For the period from January 1, 2019 through September 30, 2020, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of Class A at 0.81%.

For the year ended December 31, 2019, fees waived and/or expenses reimbursed were $5,027.

Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays DIMA an annual fee (“Administration Fee”) of 0.10% of the Fund’s average daily net assets, computed and accrued daily and payable monthly. For the year ended December 31, 2019, the Administration Fee was $67,256, of which $5,408 is unpaid.

Service Provider Fees. DWS Service Company (“DSC”), an affiliate of the Advisor, is the transfer agent,dividend-paying agent and shareholder service agent for the Fund. Pursuant to asub-transfer agency agreement between DSC and DST Systems, Inc. (“DST”), DSC has delegated certain transfer agent,dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the year ended December 31, 2019, the amounts charged to the Fund by DSC aggregated $396, of which $66 is unpaid.

Typesetting and Filing Service Fees. Under an agreement with the Fund, DIMA is compensated for providing certainpre-press and regulatory filing services to the Fund. For the year ended December 31, 2019, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders” aggregated $8,464, of which $3,174 is unpaid.

14 | Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP

Trustees’ Fees and Expenses. The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.

Affiliated Cash Management Vehicles. The Fund may invest uninvested cash balances in DWS Central Cash Management Government Fund and DWS ESG Liquidity Fund, affiliated money market funds which are managed by the Advisor. Each affiliated money market fund is managed in accordance withRule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Central Cash Management Government Fund seeks to maintain a stable net asset value, and DWS ESG Liquidity Fund maintains a floating net asset value. The Fund indirectly bears its proportionate share of the expenses of each affiliated money market fund in which it invests. DWS Central Cash Management Government Fund does not pay the Advisor an investment management fee. To the extent that DWS ESG Liquidity Fund pays an investment management fee to the Advisor, the Advisor will waive an amount of the investment management fee payable to the Advisor by the Fund equal to the amount of the investment management fee payable on the Fund’s assets invested in DWS ESG Liquidity Fund.

Securities Lending Agent Fees. Deutsche Bank AG serves as securities lending agent for the Fund. For the year ended December 31, 2019, the Fund incurred securities lending agent fees to Deutsche Bank AG in the amount of $4,313.

D. Ownership of the Fund

At December 31, 2019, one participating insurance company was owner of record of 10% or more of the total outstanding Class A shares of the Fund, owning 90%.

E. Line of Credit

The Fund and other affiliated funds (the “Participants”) share in a $400 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus if theone-month LIBOR exceeds the Federal Funds Rate the amount of such excess. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at December 31, 2019.

Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP | 15

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Deutsche DWS Variable Series II and Shareholders of DWS Small Mid Cap Growth VIP:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of DWS Small Mid Cap Growth VIP (the “Fund”) (one of the funds constituting Deutsche DWS Variable Series II) (the “Trust”), including the investment portfolio, as of December 31, 2019, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Deutsche DWS Variable Series II) at December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019, by correspondence with the custodian and others. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

Boston, Massachusetts

February 14, 2020

16 | Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP

Information About Your Fund’s Expenses (Unaudited)

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees and other Fund expenses. Examples of transaction costs include contract charges, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recent six-month period, the Fund limited these expenses; had it not done so, expenses would have been higher. The example in the table is based on an investment of $1,000 invested at the beginning of thesix-month period and held for the entire period (July 1, 2019 to December 31, 2019).

The tables illustrate your Fund’s expenses in two ways:

– Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund’s actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Expenses Paid per $1,000” line under the share class you hold.

– Hypothetical 5% Fund Return. This helps you to compare your Fund’s ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund’s actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical Fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The “Expenses Paid per $1,000” line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. If these transaction costs had been included, your costs would have been higher.

Expenses and Value of a $1,000 Investment for the six months ended December 31, 2019
Actual Fund Return	Class A
Beginning Account Value 7/1/19	$	1,000.00
Ending Account Value 12/31/19	$	1,058.10
Expenses Paid per $1,000*	$	4.20
Hypothetical 5% Fund Return	Class A
Beginning Account Value 7/1/19	$	1,000.00
Ending Account Value 12/31/19	$	1,021.12
Expenses Paid per $1,000*	$	4.13

* Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recentsix-month period), then divided by 365.

Annualized Expense Ratio	Class A
Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP		.81	%

For more information, please refer to the Fund’s prospectus.

These tables do not reflect charges and fees (“contract charges”) associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option.

For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to the current and hypothetical expense calculators for Variable Insurance Products which can be found at dws.com/calculators.

Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP | 17

Tax Information (Unaudited)

The Fund paid distributions of $1.76 per share from net long-term capital gains during its year ended December 31, 2019.

Pursuant to Section 852 of the Internal Revenue Code, the Fund designates $1,050,000 as capital gain dividends for its year ended December 31, 2019.

Please consult a tax advisor if you have questions about federal or state income tax laws, or on how to prepare your tax returns. If you have specific questions about your account, please contact your insurance provider.

Proxy Voting

The Trust’s policies and procedures for voting proxies for portfolio securities and information about how the Trust voted proxies related to its portfolio securities during the most recent12-month period ended June 30 are available on our Web site — dws.com/en-us/resources/proxy-voting — or on the SEC’s Web site — sec.gov. To obtain a written copy of the Trust’s policies and procedures without charge, upon request, call us toll free at (800)728-3337.

18 | Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP

Advisory Agreement Board Considerations and Fee Evaluation

The Board of Trustees (hereinafter referred to as the “Board” or “Trustees”) approved the renewal of DWS Small Mid Cap Growth VIP’s (the “Fund”) investment management agreement (the “Agreement”) with DWS Investment Management Americas, Inc. (“DIMA”) in September 2019.

In terms of the process that the Board followed prior to approving the Agreement, shareholders should know that:

– During the entire process, all of the Fund’s Trustees were independent of DIMA and its affiliates (the “Independent Trustees”).

– The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board’s Contract Committee reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Trustees (the “Fee Consultant”). Based on its evaluation of the information provided, the Contract Committee presented its findings and recommendations to the Board. The Board then reviewed the Contract Committee’s findings and recommendations.

– The Board also received extensive information throughout the year regarding performance of the Fund.

– The Independent Trustees regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.

– In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund’s distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.

In connection with the contract review process, the Contract Committee and the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund. DIMA is part of DWS Group GmbH & Co. KGaA (“DWS Group”). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. In 2018, approximately 20% of DWS Group’s shares were sold in an initial public offering, with Deutsche Bank AG owning the remaining shares.

As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund’s performance. In many cases, this led to the negotiation and implementation of expense caps. As part of these negotiations, the Board indicated that it would consider relaxing these caps in future years following sustained improvements in performance, among other considerations.

While shareholders may focus primarily on fund performance and fees, the Fund’s Board considers these and many other factors, including the quality and integrity of DIMA’s personnel and administrative support services provided by DIMA, such as back-office operations, fund valuations, and compliance policies and procedures.

Nature, Quality and Extent of Services.The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board reviewed the Fund’s performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied by Morningstar Direct (“Morningstar”), an independent fund data service. The Board also noted that it has put into place a process of identifying “Funds in Review” (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA’s plans to address underperformance. The Board

Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP | 19

believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for theone-, three- and five-year periods ended December 31, 2018, the Fund’s performance (Class A shares) was in the 4th quartile of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has underperformed its benchmark in theone-, three- and five-year periods ended December 31, 2018. The Board noted the disappointing investment performance of the Fund in recent periods and continued to discuss with senior management of DIMA the factors contributing to such underperformance and actions being taken to improve performance. The Board noted changes in the portfolio management team, effective April 19, 2018. The Board recognized the efforts by DIMA in recent years to enhance its investment platform and improve long-term performance across the DWS fund complex.

Fees and Expenses. The Board considered the Fund’s investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. (“Broadridge”) and the Fee Consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.10% fee paid to DIMA under the Fund’s administrative services agreement, were lower than the median (1st quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2018). The Board noted that the Fund’s Class A shares total (net) operating expenses were expected to be lower than the median (2nd quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2018, and analyzing Broadridge expense universe Class A (net) expenses less any applicable12b-1 fees) (“Broadridge Universe Expenses”). The Board noted that the expense limitation agreed to by DIMA was expected to help the Fund’s total (net) operating expenses remain competitive. The Board considered the Fund’s management fee rate as compared to fees charged by DIMA to comparable DWS U.S. registered funds (“DWS Funds”), noting that DIMA indicated that it does not provide services to any other comparable DWS Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including anysub-advised funds and accounts) and funds offered primarily to European investors (“DWS Europe Funds”) managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA.

Profitability. The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs to DIMA, andpre-tax profits realized by DIMA, from advising the DWS Funds, as well as estimates of thepre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board and the Fee Consultant reviewed DIMA’s methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that thepre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that, while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates’ overall profitability with respect to the DWS Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of most comparable firms for which such data was available.

Economies of Scale. The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. The Board noted that the Fund’s investment management fee schedule includes fee breakpoints. The Board concluded that the Fund’s fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

Other Benefits to DIMA and Its Affiliates. The Board also considered the character and amount of other incidental or “fall-out”benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund and any fees received by an affiliate of DIMA for transfer agency services provided to the Fund. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the

20 | Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP

executing broker dealers, which pertain primarily to funds investing in equity securities. In addition, the Board considered the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Fund’s management fees were reasonable.

Compliance. The Board considered the significant attention and resources dedicated by DIMA to its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA’s and the Fund’s chief compliance officers and (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel.

Based on all of the information considered and the conclusions reached, the Board determined that the continuation of the Agreement is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Trustees and counsel present. It is possible that individual Independent Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement.

Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP | 21

Board Members and Officers

The following table presents certain information regarding the Board Members and Officers of the Trust/Corporation. Each Board Member’s year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA02199-3600. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the Trust/Corporation. Because the Fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period.

The Board Members may also serve in similar capacities with other funds in the fund complex. The number of funds in DWS fund complex shown in the table below includes all registered open- and closed-end funds (including all of their portfolios) advised by the Advisor and any registered funds that have an investment advisor that is an affiliated person of the Advisor.

Independent Board Members
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen		Other Directorships Held by Board Member
Keith R. Fox, CFA (1954) Chairperson since 2017, and Board Member since 1996	Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: ICI Mutual Insurance Company; Progressive International Corporation (kitchen goods importer and distributor); former Chairman, National Association of Small Business Investment Companies; former Directorships: The Kennel Shop (retailer); BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) (2011–2012)		77	—
John W. Ballantine (1946) Board Member since 1999	Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); former Directorships: Director and Chairman of the Board, Healthways, Inc.2 (population well-being and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak Brook Bank; and Prisma Energy International. Not-for-Profit Director/Trustee: Palm Beach Civic Association; Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; former Not-for-Profit Directorships: Public Radio International		77	Portland General Electric2 (utility company) (2003– present)
Dawn-Marie Driscoll (1946) Board Member since 1987	Emeritus Executive Fellow, Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988). Directorships: Advisory Board, Center for Business Ethics, Bentley University; Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)		77	—
Richard J. Herring (1946) Board Member since 1990	Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (since July 1972); Director, The Wharton Financial Institutions Center (since 1994); formerly: Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee since 2011, member Systemic Risk Council since 2012 and member of the Advisory Board at the Yale Program on Financial Stability since 2013; Formerly Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), and Nonexecutive Director of Barclays Bank DE (2010–2018)		77	Director, Aberdeen Japan Fund (since 2007)

22 | Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP

Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen		Other Directorships Held by Board Member
William McClayton (1944) Board Member since 2004	Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001–2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966–2001); Trustee, Ravinia Festival		77	—
Rebecca W. Rimel (1951) Board Member since 1995	President, Chief Executive Officer and Director, The Pew Charitable Trusts (charitable organization) (1994–present); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012)		77	Director, Becton Dickinson and Company2 (medical technology company) (2012– present); Director, BioTelemetry Inc.2(health care) (2009– present)
William N. Searcy, Jr. (1946) Board Member since 1993	Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2(telecommunications) (November 1989–September 2003); Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012)		77	—

Officers4
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served5	Business Experience and Directorships During the Past Five Years
Hepsen Uzcan6(1974) President and Chief Executive Officer, 2017–present	Managing Director,3 DWS; Secretary, DWS USA Corporation (2018–present); Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–present); and Director and President, DB Investment Managers, Inc. (2018–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019)
John Millette7(1962) Vice President and Secretary, 1999–present	Director,3DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); and Assistant Secretary, DBX ETF Trust (2019–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017)
Diane Kenneally7(1966) Chief Financial Officer and Treasurer, 2018–present	Director,3 DWS; and Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); formerly: Assistant Treasurer for the DWS funds (2007–2018)
Paul Antosca7(1957) Assistant Treasurer, 2007–present	Director,3DWS; and Assistant Treasurer, DBX ETF Trust (2019–present)
Sheila Cadogan7(1966) Assistant Treasurer, 2017–present	Director,3DWS; Director and Vice President, DWS Trust Company (2018–present); and Assistant Treasurer, DBX ETF Trust (2019–present)
Scott D. Hogan7(1970) Chief Compliance Officer, 2016–present	Director,3DWS
Caroline Pearson7(1962) Chief Legal Officer, 2010–present	Managing Director,3DWS; formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); and Secretary, Deutsche AM Service Company (2010–2017)
Wayne Salit6(1967) Anti-Money Laundering Compliance Officer, 2014–present	Director,3 Deutsche Bank; and AML Officer, DWS Trust Company; formerly: Managing Director, AML Compliance Officer at BNY Mellon (2011–2014); and Director, AML Compliance Officer at Deutsche Bank (2004–2011)
Ciara Crawford8 (1984) Assistant Secretary, (2019–present)	Associate, DWS (since 2015); previously, Legal Assistant at Accelerated Tax Solutions.

Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP | 23

¹  The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board.

²  A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.

³  Executive title, not a board directorship.

⁴  As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund.

⁵  The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds.

⁶  Address: 875 Third Avenue, New York, NY 10022.

⁷  Address: One International Place, Boston, MA 02110.

⁸  Address: 5022 Gate Parkway, Suite 400, Jacksonville, FL 32256.

The Fund’s Statement of Additional Information (“SAI”) includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the followingtoll-free number:(800) 728-3337.

24 | Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP

Notes

Notes

Notes

VS2SMCG-2 (R-025835-9 2/20)

December 31, 2019

Annual Report

Deutsche DWS Variable Series II

DWS Small Mid Cap Value VIP

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, you may not be receiving paper copies of the Fund’s shareholder reports from the insurance company that offers your contract unless you specifically request paper copies from your insurance company or from your financial intermediary. Instead, the shareholder reports will be made available on a Web site, and your insurance company will notify you by mail each time a report is posted and provide you with a Web site link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from your insurance company electronically by following the instructions provided by your insurance company.

You may elect to receive all future reports in paper free of charge from your insurance company. If your insurance company informs you that future reports will be delivered via Web access, you can inform your insurance company that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by your insurance company.

Contents

3	Performance Summary
4	Management Summary
5	Portfolio Summary
6	Investment Portfolio
9	Statement of Assets and Liabilities
9	Statement of Operations
10	Statements of Changes in Net Assets
11	Financial Highlights
12	Notes to Financial Statements
17	Report of Independent Registered Public Accounting Firm
18	Information About Your Fund’s Expenses
19	Tax Information
19	Proxy Voting
20	Advisory Agreement Board Considerations and Fee Evaluation
23	Board Members and Officers

This report must be preceded or accompanied by a prospectus. To obtain an additional prospectus or summary prospectus, if available, call (800)728-3337 or your financial representative. We advise you to consider the Fund’s objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the Fund. Please read the prospectus carefully before you invest.

Stocks may decline in value. Smaller and medium company stocks tend to be more volatile than large company stocks. Any fund that focuses in a particular segment of the market or region of the world will generally be more volatile than a fund that invests more broadly. The Fund may lend securities to approved institutions. Please read the prospectus for details.

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.

DWS Distributors, Inc., 222 South Riverside Plaza, Chicago, IL 60606, (800)621-1148

NOT FDIC/NCUA INSURED     NO BANK GUARANTEE     MAY LOSE VALUE     NOT A DEPOSIT

NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

2 | Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP

Performance Summary December 31, 2019 (Unaudited)

Fund performance shown is historical, assumes reinvestment of all dividend and capital gain distributions and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions so that, when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Please contact your participating insurance company for the Fund’s most recentmonth-end performance. Performance does not reflect charges and fees (“contract charges”) associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. These charges and fees will reduce returns. While all share classes have the same underlying portfolio, their performance will differ.

The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated May 1, 2019 are 0.87% and 1.24% for Class A and Class B shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

Growth of an Assumed $10,000 Investment

Russell 2500^™ Value Index is an unmanaged index measuring the small to mid-cap U.S. equity value market.   Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

Comparative Results
DWS Small Mid Cap Value VIP		1-Year	3-Year	5-Year	10-Year
Class A	Growth of $10,000	$12,151	$11,279	$12,932	$24,269
	Average annual total return	21.51%	4.09%	5.28%	9.27%
Russell 2500 Value Index	Growth of $10,000	$12,356	$11,951	$14,142	$29,042
	Average annual total return	23.56%	6.12%	7.18%	11.25%
DWS Small Mid Cap Value VIP		1-Year	3-Year	5-Year	10-Year
Class B	Growth of $10,000	$12,099	$11,150	$12,699	$23,417
	Average annual total return	20.99%	3.69%	4.89%	8.88%
Russell 2500 Value Index	Growth of $10,000	$12,356	$11,951	$14,142	$29,042
	Average annual total return	23.56%	6.12%	7.18%	11.25%

The growth of $10,000 is cumulative.

Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP | 3

Management Summary December 31, 2019 (Unaudited)

Class A shares of DWS Small Mid Cap Value VIP returned 21.51% in 2019 (unadjusted for contract charges) and underperformed the 23.56% return of the Russell 2500^™ Value Index.

Small- andmid-cap U.S. equities performed very well in the12-month period, thanks in large part to the increasingly accommodative monetary policy of the U.S. Federal Reserve (Fed). The Fed cut rates three times from August to October 2019, and it began to inject liquidity into the markets on a daily basis in the fourth quarter. These actions, together with steady economic conditions and continued corporate earnings growth, boosted investors’ appetite for risk and led to a strong gain for domestic equities. The value style underperformed the broader market, however, as investors displayed a clear preference companies with the ability to deliver above-average profit growth despite the sluggish global economy.

The Fund’s management team changed in February 2019, leading to the adoption of a new stock-picking methodology. As a result, our primary portfolio activity involved shifting the Fund’s holdings to be consistent with the new strategy. We accomplished this changeover in a gradual fashion as the year progressed. Consistent with ourbottom-up approach, we shifted the portfolio so its sector weightings are very close to those of the benchmark. Allocation therefore had a minimal impact on performance in the second half of the year.

Stock selection, which incorporated the results of two management teams, was a net detractor from performance. Much of the weakness in occurred in communications services, where the Fund’s investments posted a loss even as the broader sector delivered a double-digit gain. The movie theatre operator AMC Entertainment Holdings, Inc. was the largest individual detractor, followed by the Indian movie-production company Eros International Media, Ltd.* The industrials sector was also an area of weakness, due largely to positions in the conglomerate Hillenbrand, Inc. and the battery producer EnerSys. A position in cash, while limited, further detracted from results given the robust return for the index.

On the plus side, we added value through the outperformance of our stock picks in the consumer discretionary space. Winnebago Industries, Inc. was the top contributor in both the sector and the Fund as a whole. The stock produced a triple-digit gain due to a healthy third quarter earnings report and the market’s rotation to cyclical stocks in the late summer/early fall period. WW International, Inc. (formerly Weight Watchers International), also advanced as a better-than-expected earnings report in August set the stage for a rally in the second half of the year. Real estate was an additional area of strength, led by holdings in Community Healthcare Trust, Inc.* and Easterly Government Properties, Inc.

The outlook for economic growth, trade, and global central bank policy remained murky at year end, but equities nonetheless closed out 2019 on a high note behind continued ebullience in investor sentiment. For our part, we choose to look beyond the headlines to focus on selecting the best individual stocks for the Fund by using a quantitative strategy.

Pankaj Bhatnagar, PhD, Managing Director

Arno V. Puskar, Director

Portfolio Managers

The views expressed reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance is no guarantee of future results. Current and future portfolio holdings are subject to risk.

Terms to Know

Russell 2500 Value Index is an unmanaged index measuring the small- tomid-cap U.S. equity value market.

Contribution anddetraction incorporate both a stock’s total return and its weighting in the fund.

* Not held at December 31, 2019.

4 | Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP

Portfolio Summary (Unaudited)

Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral)	12/31/19		12/31/18
Common Stocks		99%		97%
Cash Equivalents		1%		3%
		100%		100%
Sector Diversification (As a % of Investment Portfolio excluding Cash Equivalents and Securities Lending Collateral)	12/31/19		12/31/18
Financials		23%		22%
Real Estate		14%		13%
Industrials		14%		16%
Consumer Discretionary		10%		12%
Information Technology		9%		11%
Materials		7%		5%
Utilities		6%		6%
Health Care		6%		6%
Energy		5%		4%
Consumer Staples		3%		3%
Communication Services		3%		2%
		100%		100%

Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund’s investment portfolio, see page 6.

Following the Fund’s fiscal first and thirdquarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-PORT. The Fund’s Form N-PORT will be available on the SEC’s Web site at sec.gov. The Fund’s portfolio holdings are also posted on dws.com from time to time. Please read the Fund’s current prospectus for more information.

Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP | 5

Investment Portfolio as of December 31, 2019

	Shares		Value ($)
Common Stocks 98.5%
Communication Services 2.8%
Entertainment 0.4%
AMC Entertainment Holdings, Inc. “A” (a)		55,055		398,598
Media 1.9%
Interpublic Group of Companies, Inc.		78,123		1,804,641
Wireless Telecommunication Services 0.5%
Telephone & Data Systems, Inc.		19,087		485,383
Consumer Discretionary 9.5%
Automobiles 0.9%
Winnebago Industries, Inc.		16,677		883,547
Diversified Consumer Services 2.3%
Regis Corp.*		74,377		1,329,117
WW International, Inc.*		21,998		840,544
				2,169,661
Hotels, Restaurants & Leisure 1.9%
Aramark		42,196		1,831,306
Household Durables 0.5%
PulteGroup, Inc.		12,282		476,542
Leisure Products 0.9%
Brunswick Corp.		14,307		858,134
Multiline Retail 0.4%
Kohl’s Corp.		8,100		412,695
Specialty Retail 0.8%
The Michaels Companies, Inc.*		98,280		795,085
Textiles, Apparel & Luxury Goods 1.8%
Columbia Sportswear Co.		17,354		1,738,697
Consumer Staples 3.0%
Food Products 0.6%
Conagra Brands, Inc.		17,736		607,281
Household Products 1.9%
Central Garden & Pet Co.*		58,597		1,820,609
Tobacco 0.5%
Vector Group Ltd.		35,608		476,791
Energy 4.6%
Energy Equipment & Services 1.1%
NexTier Oilfield Solutions, Inc.*		70,248		470,662
Patterson-UTI Energy, Inc.		54,471		571,945
				1,042,607
Oil, Gas & Consumable Fuels 3.5%
Equitrans Midstream Corp.		38,708		517,139
Gulfport Energy Corp.*		177,539		539,719
HollyFrontier Corp.		8,348		423,327
Murphy Oil Corp.		15,131		405,511
Peabody Energy Corp.		60,187		548,905
Targa Resources Corp.		22,695		926,637
				3,361,238
Financials 22.5%
Banks 9.7%
Bank of America Corp.		12,884		453,775
BankUnited, Inc.		12,677		463,471

	Shares			Value ($)
Eagle Bancorp., Inc.		23,396			1,137,748
Hancock Whitney Corp.		46,301			2,031,688
Hilltop Holdings, Inc.		18,694			466,041
JPMorgan Chase & Co.		3,495			487,203
Pacific Premier Bancorp., Inc.		33,715			1,099,278
Simmons First National Corp. “A”		17,474			468,128
Sterling Bancorp.		66,324			1,398,110
UMB Financial Corp.		18,452			1,266,545
					9,271,987
Consumer Finance 1.0%
Credit Acceptance Corp.*		947			418,887
EZCORP, Inc. “A”*		84,871			578,820
					997,707
Insurance 7.3%
American Equity Investment Life Holding Co.		15,529			464,783
American Financial Group, Inc.		5,290			580,048
Assurant, Inc.		9,527			1,248,799
Brown & Brown, Inc.		50,612			1,998,162
Everest Re Group Ltd.		2,634			729,196
Globe Life, Inc.		9,200			968,300
MBIA, Inc.*		99,772			927,880
					6,917,168
Mortgage Real Estate Investment Trusts (REITs) 2.5%
Blackstone Mortgage Trust, Inc. ,“A”		24,538			913,304
Ellington Financial, Inc.		25,520			467,782
PennyMac Mortgage Investment Trust		41,713			929,783
					2,310,869
Thrifts & Mortgage Finance 2.0%
Walker & Dunlop, Inc.		29,822			1,928,887
Health Care 6.1%
Health Care Equipment & Supplies 1.0%
Invacare Corp.		109,769			990,117
Health Care Providers & Services 1.1%
Premier, Inc. “A”*		26,798			1,015,108
Life Sciences Tools & Services 3.6%
Bruker Corp.		42,574			2,169,997
PerkinElmer, Inc.		12,605	��		1,223,945
					3,393,942
Pharmaceuticals 0.4%
Mallinckrodt PLC* (a)		113,663			396,684
Industrials 13.4%
Aerospace & Defense 1.9%
Teledyne Technologies, Inc.*		5,099			1,767,007
Building Products 1.2%
Simpson Manufacturing Co., Inc.		14,345			1,150,899
Commercial Services & Supplies 1.3%
IAA, Inc.*		9,289			437,141
Interface, Inc.		47,907			794,777
					1,231,918

The accompanying notes are an integral part of the financial statements.

6 | Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP

	Shares		Value ($)
Construction & Engineering 1.5%
Great Lakes Dredge & Dock Corp.*		45,105		511,040
Jacobs Engineering Group, Inc.		9,994		897,761
				1,408,801
Electrical Equipment 2.1%
EnerSys		26,151		1,956,879
Industrial Conglomerates 0.5%
Carlisle Companies, Inc.		3,124		505,588
Machinery 3.2%
Federal Signal Corp.		57,319		1,848,538
Hillenbrand, Inc.		34,641		1,153,891
				3,002,429
Professional Services 0.8%
ICF International, Inc.		8,417		771,166
Road & Rail 0.9%
Hertz Global Holdings, Inc.*		55,813		879,055
Information Technology 9.3%
Communications Equipment 1.0%
CommScope Holding Co., Inc.*		67,304		955,044
Electronic Equipment, Instruments & Components 2.2%
Insight Enterprises, Inc.*		29,427		2,068,424
IT Services 2.0%
Alliance Data Systems Corp.		3,213		360,498
Leidos Holdings, Inc.		15,800		1,546,662
				1,907,160
Semiconductors & Semiconductor Equipment 2.1%
Cirrus Logic, Inc.*		5,821		479,709
Marvell Technology Group Ltd.		36,100		958,816
ON Semiconductor Corp.*		24,024		585,705
				2,024,230
Software 2.0%
Verint Systems, Inc.*		34,980		1,936,493
Materials 6.9%
Chemicals 0.6%
Kraton Corp.*		24,688		625,100
Metals & Mining 6.3%
Cleveland-Cliffs, Inc. (a)		142,611		1,197,932
Coeur Mining, Inc.*		134,562		1,087,261
Steel Dynamics, Inc.		62,445		2,125,628
SunCoke Energy, Inc.		87,242		543,518
Warrior Met Coal, Inc.		45,896		969,782
				5,924,121
Real Estate 14.1%
Equity Real Estate Investment Trusts (REITs)
Agree Realty Corp.		18,341		1,286,988
Alexander & Baldwin, Inc.*		19,251		403,501

	Shares			Value ($)
Colony Capital, Inc.		82,585			392,279
Duke Realty Corp.		35,999			1,248,085
Easterly Government Properties, Inc.		71,737			1,702,319
Gaming and Leisure Properties, Inc.		28,066			1,208,241
Highwoods Properties, Inc.		28,870			1,412,032
Lexington Realty Trust		44,373			471,241
Pebblebrook Hotel Trust		39,087			1,047,923
SITE Centers Corp.		71,120			997,102
STAG Industrial, Inc.		43,423			1,370,864
Urban Edge Properties		24,690			473,554
WP Carey, Inc.		15,846			1,268,314
					13,282,443
Utilities 6.3%
Electric Utilities 4.0%
Alliant Energy Corp.		12,910			706,435
IDACORP, Inc.		18,329			1,957,537
Pinnacle West Capital Corp.		12,092			1,087,434
					3,751,406
Gas Utilities 2.3%
ONE Gas, Inc.		18,958			1,773,900
UGI Corp.		9,057			409,014
					2,182,914
Total Common Stocks(Cost $84,136,295)					93,716,361
Securities Lending Collateral 2.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.50% (b) (c) (Cost $1,984,280)		1,984,280			1,984,280
Cash Equivalents 0.5%
DWS Central Cash Management Government Fund, 1.62% (b) (Cost $487,000)		487,000			487,000
	% of Net Assets			Value ($)
Total Investment Portfolio (Cost $86,607,575)		101.1			96,187,641
Other Assets and Liabilities, Net		(1.1	)		(1,019,827	)
Net Assets		100.0			95,167,814

The accompanying notes are an integral part of the financial statements.

Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP | 7

A summary of the Fund’s transactions with affiliated investments during the year ended December 31, 2019 are as follows:

Value ($) at 12/31/2018	Purchases Cost ($)			Sales Proceeds ($)		Net Realized Gain/ (Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 12/31/2019		Value ($) at 12/31/2019
Securities Lending Collateral 2.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.50% (b) (c)
—		1,984,280	(d)		—		—		—		33,113		—		1,984,280		1,984,280
Cash Equivalents 0.5%
DWS Central Cash Management Government Fund, 1.62% (b)
2,497,809		12,067,941			14,078,750		—		—		34,862		—		487,000		487,000
2,497,809		14,052,221			14,078,750		—		—		67,975		—		2,471,280		2,471,280

* 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 December 31, 2019 amounted to $1,955,693, which is 2.1% of net assets.

(b) Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualizedseven-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.

(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended December 31, 2019.

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 December 31, 2019 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Common Stocks (e)	$	93,716,361	$	—	$	—	$	93,716,361
Short-Term Investments (e)		2,471,280		—		—		2,471,280
Total	$	96,187,641	$	—	$	—	$	96,187,641

(e) See Investment Portfolio for additional detailed categorizations.

The accompanying notes are an integral part of the financial statements.

8 | Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP

Statement of Assets and Liabilities

as of December 31, 2019
Assets
Investments innon-affiliated securities, at value (cost $84,136,295) — including $1,955,693 of securities loaned	$	93,716,361
Investment in DWS Government & Agency Securities Portfolio (cost $1,984,280)*		1,984,280
Investment in DWS Central Cash Management Government Fund (cost $487,000)		487,000
Receivable for Fund shares sold		8,194
Dividends receivable		148,287
Interest receivable		5,907
Other assets		991,803
Total assets		97,341,832
Liabilities
Payable upon return of securities loaned		1,984,280
Payable for Fund shares redeemed		39,673
Accrued management fee		59,930
Accrued Trustees’ fees		2,618
Other accrued expenses and payables		87,517
Total liabilities		2,174,018
Net assets, at value	$	95,167,814
Net Assets Consist of
Distributable earnings (loss)		16,879,530
Paid-in capital		78,288,284
Net assets, at value	$	95,167,814
Net Asset Value
Class A
Net Asset Value, offering and redemption price per share ($78,356,454 ÷ 5,666,170 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	13.83
Class B
Net Asset Value, offering and redemption price per share ($16,811,360 ÷ 1,216,620 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	13.82

* Represents collateral on securities loaned.

     Statement of Operations

for the year ended December 31, 2019
Investment Income
Income:
Dividends	$	1,941,948
Income distributions — DWS Cash Management Government Fund		34,862
Securities lending income, net of borrower rebates		33,113
Total income		2,009,923
Expenses:
Management fee		598,567
Administration fee		92,087
Services to Shareholders		2,286
Record keeping fee (Class B)		19,966
Distribution service fees (Class B)		40,665
Custodian fee		3,724
Professional fees		57,901
Reports to shareholders		40,904
Trustees’ fees and expenses		6,999
Other		7,409
Total expenses before expense reductions		870,508
Expense reductions		(48,588	)
Total expenses after expense reductions		821,920
Net investment income		1,188,003
Realized and Unrealized gain (loss)
Net realized gain (loss) from investments		6,244,068
Change in net unrealized appreciation (depreciation) on investments		11,215,454
Net gain (loss)		17,459,522
Net increase (decrease) in net assets resulting from operations	$	18,647,525

The accompanying notes are an integral part of the financial statements.

Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP | 9

Statements of Changes in Net Assets

	Years Ended December 31,
Increase (Decrease) in Net Assets	2019			2018
Operations:
Net investment income (loss)	$	1,188,003		$	620,637
Net realized gain (loss)		6,244,068			6,571,650
Change in net unrealized appreciation (depreciation)		11,215,454			(23,519,638	)
Net increase (decrease) in net assets resulting from operations		18,647,525			(16,327,351	)
Distributions to shareholders:
Class A		(6,073,443	)		(17,037,935	)
Class B		(1,252,920	)		(3,363,724	)
Total distributions		(7,326,363	)		(20,401,659	)
Fund share transactions:
Class A
Proceeds from shares sold		3,385,798			4,320,688
Reinvestment of distributions		6,073,443			17,037,935
Payments for shares redeemed		(10,531,345	)		(16,960,024	)
Net increase (decrease) in net assets from Class A share transactions		(1,072,104	)		4,398,599
Class B
Proceeds from shares sold		1,581,613			2,796,123
Reinvestment of distributions		1,252,920			3,363,724
Payments for shares redeemed		(3,209,519	)		(3,194,564	)
Net increase (decrease) in net assets from Class B share transactions		(374,986	)		2,965,283
Increase (decrease) in net assets		9,874,072			(29,365,128	)
Net assets at beginning of period		85,293,742			114,658,870
Net assets at end of period	$	95,167,814		$	85,293,742
Other Information
Class A
Shares outstanding at beginning of period		5,742,711			5,375,574
Shares sold		261,390			286,538
Shares issued to shareholders in reinvestment of distributions		468,268			1,188,970
Shares redeemed		(806,199	)		(1,108,371	)
Net increase (decrease) in Class A shares		(76,541	)		367,137
Shares outstanding at end of period		5,666,170			5,742,711
Class B
Shares outstanding at beginning of period		1,243,269			1,037,183
Shares sold		121,577			183,198
Shares issued to shareholders in reinvestment of distributions		96,453			234,243
Shares redeemed		(244,679	)		(211,355	)
Net increase (decrease) in Class B shares		(26,649	)		206,086
Shares outstanding at end of period		1,216,620			1,243,269

The accompanying notes are an integral part of the financial statements.

10 | Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP

Financial Highlights

	Years Ended December 31,
Class A	2019			2018			2017			2016			2015
Selected Per Share Data
Net asset value, beginning of period		$12.21			$17.88			$16.65			$15.97			$17.79
Income (loss) from investment operations:
Net investment incomea		.18			.10			.17			.15			.09
Net realized and unrealized gain (loss)		2.53	d		(2.47	)		1.55			2.34			(.31	)
Total from investment operations		2.71			(2.37	)		1.72			2.49			(.22	)
Less distributions from:
Net investment income		(.10	)		(.24	)		(.12	)		(.10	)		(.05	)
Net realized gains		(.99	)		(3.06	)		(.37	)		(1.71	)		(1.55	)
Total distributions		(1.09	)		(3.30	)		(.49	)		(1.81	)		(1.60	)
Net asset value, end of period		$13.83			$12.21			$17.88			$16.65			$15.97
Total Return (%)		22.76	b,d		(16.01	)b		10.52	b		16.89	b		(1.91	)
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		78			70			96			153			161
Ratio of expenses before expense reductions (%)c		.88			.87			.83			.83			.80
Ratio of expenses after expense reductions (%)c		.83			.81			.83			.82			.80
Ratio of net investment income (%)		1.35			.65			.98			.99			.51
Portfolio turnover rate (%)		55			64			35			53			25

^a  Based on average shares outstanding during the period.

^b  Total return would have been lower had certain expenses not been reduced.

^c  Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option.

^d  Includes proceeds from a non-recurring litigation payment amounting to $0.14 per share and 1.07% of average daily net assets, for the year ended December 31, 2019.

	Years Ended December 31,
Class B	2019			2018			2017			2016			2015
Selected Per Share Data
Net asset value, beginning of period		$12.20			$17.86			$16.63			$15.95			$17.77
Income (loss) from investment operations:
Net investment incomea		.13			.05			.11			.09			.02
Net realized and unrealized gain (loss)		2.53	d		(2.48	)		1.55			2.34			(.29	)
Total from investment operations		2.66			(2.43	)		1.66			2.43			(.27	)
Less distributions from:
Net investment income		(.05	)		(.17	)		(.06	)		(.04	)		—
Net realized gains		(.99	)		(3.06	)		(.37	)		(1.71	)		(1.55	)
Total distributions		(1.04	)		(3.23	)		(.43	)		(1.75	)		(1.55	)
Net asset value, end of period		$13.82			$12.20			$17.86			$16.63			$15.95
Total Return (%)		22.32	b,d		(16.32	)b		10.13	b		16.47	b		(2.21	)
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		17			15			19			15			14
Ratio of expenses before expense reductions (%)c		1.25			1.24			1.19			1.19			1.16
Ratio of expenses after expense reductions (%)c		1.19			1.16			1.19			1.18			1.16
Ratio of net investment income (loss) (%)		.99			.30			.65			.57			.14
Portfolio turnover rate (%)		55			64			35			53			25

^a  Based on average shares outstanding during the period.

^b  Total return would have been lower had certain expenses not been reduced.

^c  Expense ratio does not reflect charges and fees associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option.

^d  Includes proceeds from a non-recurring litigation payment amounting to $0.14 per share and 1.07% of average daily net assets, for the year ended December 31, 2019.

The accompanying notes are an integral part of the financial statements.

Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP | 11

Notes to Financial Statements

A. Organization and Significant Accounting Policies

DWS Small Mid Cap Value VIP (the “Fund”) is a diversified series of Deutsche DWS Variable Series II (the “Trust”), which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as anopen-end management investment company organized as a Massachusetts business trust.

Multiple Classes of Shares of Beneficial Interest. The Fund offers two classes of shares (Class A shares and Class B shares). Sales of Class B shares are subject to recordkeeping fees up to 0.15% and Rule12b-1 fees under the 1940 Act equal to an annual rate of 0.25% of the average daily net assets of the Class B shares of the Fund. Class A shares are not subject to such fees.

Investment income, realized and unrealized gains and losses, and certainfund-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares except that each class bears certain expenses unique to that class (including the applicable Rule12b-1 fee and recordkeeping fees). Differences inclass-level expenses may result in payment of different per share dividends by class. All shares have equal rights with respect to voting subject toclass-specific arrangements.

The Fund’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) which require the use of management estimates. Actual results could differ from those estimates. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements.

Security Valuation. Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading.

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.

Equity securities are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) orover-the-counter market on which they trade. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities are generally categorized as Level 1.

Investments inopen-end investment companies are valued at their net asset value each business day and are categorized as Level 1.

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices frombroker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (forexchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

Disclosure about the classification of fair value measurements is included in a table following the Fund’s Investment Portfolio.

Foreign Currency Translations. The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.

12 | Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

Securities Lending. Brown Brothers Harriman & Co., as lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either cash and/or U.S. Treasury Securities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended December 31, 2019, the Fund invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas Inc. receives a management/administration fee (0.12% annualized effective rate as of December 31, 2019) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time, and the borrower, after notice, is required to return borrowed securities within a standard time period There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of December 31, 2019, the Fund had securities on loan, which were classified as common stocks in the Investment Portfolio. The value of the related collateral exceeded the value of the securities loaned at period end. As of period end, the remaining contractual maturity of the collateral agreements was overnight and continuous.

Taxes. The Fund’s policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies and to distribute all of its taxable income to its shareholders.

The Fund has reviewed the tax positions for the open tax years as of December 31, 2019 and has determined that no provision for income tax and/or uncertain tax positions is required in the Fund’s financial statements. The Fund’s federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

Distribution of Income and Gains. Distributions from net investment income of the Fund, if any, are declared and distributed to shareholders annually. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes if necessary.

The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to certain securities sold at a loss. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.

At December 31, 2019, the Fund’s components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income*	$	1,257,590
Undistributed long-term capital gains	$	6,075,704
Unrealized appreciation (depreciation) on investments	$	9,463,122

Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP | 13

At December 31, 2019, the aggregate cost of investments for federal income tax purposes was $86,724,519. The net unrealized appreciation for all investments based on tax cost was $9,463,122. This consisted of aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost of $15,256,045 aggregate gross unrealized depreciation for all investments in which was an excess of tax cost over value of $5,792,923.

In addition, the tax character of distributions paid by the Fund is summarized as follows:

	Years Ended December 31,
	2019		2018
Distributions from ordinary income*	$	615,525	$	1,404,457
Distributions from long-term capital gains	$	6,710,838	$	18,997,202

* For tax purposes, short-term capital gain distributions are considered ordinary income distributions.

Expenses. Expenses of the Trust arising in connection with a specific fund are allocated to that fund. Other Trust expenses which cannot be directly attributed to a fund are apportioned among the funds in the Trust based upon the relative net assets or other appropriate measures.

Contingencies. In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.

Real Estate Investment Trusts.The Fund at its fiscal year end recharacterizes distributions received from a Real Estate Investment Trust (“REIT”) investment based on information provided by the REIT into the following categories: ordinary income,long-term andshort-term capital gains, and return of capital. If information is not available timely from a REIT, the recharacterization will be estimated for financial reporting purposes and a recharacterization will be made to the accounting records in the following year when such information becomes available. Distributions received from REITs in excess of income are recorded as either a reduction of cost of investments or realized gains.

Other. Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on theex-dividend date net of foreign withholding taxes. Realized gains and losses from investment transactions are recorded on an identified cost basis. Proceeds from litigation payments, if any, are included in net realized gain (loss) from investments.

B. Purchases and Sales of Securities

During the year ended December 31, 2019, purchases and sales of investment transactions (excludingshort-term investments) aggregated $49,564,762 and $54,887,640, respectively.

C. Related Parties

Management Agreement. Under the Investment Management Agreement with DWS Investment Management Americas, Inc. (“DIMA” or the “Advisor”), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”), the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund.

Pursuant to the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the Fund’s average daily net assets, computed and accrued daily and payable monthly, at the following annual rates:

First $250 million	.650	%
Next $750 million	.620	%
Next $1.5 billion	.600	%
Next $2.5 billion	.580	%
Next $2.5 billion	.550	%
Next $2.5 billion	.540	%
Next $2.5 billion	.530	%
Over $12.5 billion	.520	%

14 | Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP

Accordingly, for the year ended December 31, 2019, the fee pursuant to the Investment Management Agreement was equivalent to an annual rate (exclusive of any applicable waivers/reimbursements) of 0.65% of the Fund’s average daily net assets.

For the period from January 1, 2019 through April 30, 2019, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of each class as follows:

Class A	.81	%
Class B	1.16	%

For the period from May 1, 2019 through September 30, 2019, the Advisor had contractually agreed to waive all or a portion of its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) of certain classes as follows:

Class A	.85	%
Class B	1.21	%

Effective October 1, 2019 through September 30, 2020, the Advisor has contractually agreed to waive all or a portion of its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) of certain classes as follows:

Class A	.82	%
Class B	1.19	%

For the year ended December 31, 2019, fees waived and/or expenses reimbursed for each class were as follows:

Class A	$	37,897
Class B		10,691
	$	48,588

Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays DIMA an annual fee (“Administration Fee”) of 0.10% of the Fund’s average daily net assets, computed and accrued daily and payable monthly. For the year ended December 31, 2019, the Administration Fee was $92,087, of which $7,882 is unpaid.

Service Provider Fees. DWS Service Company (“DSC”), an affiliate of the Advisor, is the transfer agent,dividend-paying agent and shareholder service agent for the Fund. Pursuant to asub-transfer agency agreement between DSC and DST Systems, Inc. (“DST”), DSC has delegated certain transfer agent,dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the year ended December 31, 2019, the amounts charged to the Fund by DSC were as follows:

Service to Shareholders	Total Aggregated		Unpaid at December 31, 2019
Class A	$	654	$	108
Class B		476		83
	$	1,130	$	191

Distribution Service Agreement. Under the Fund’s Class B12b-1 plan, DWS Distributors, Inc. (“DDI”) received a fee (“Distribution Service Fee”) of 0.25% of average daily net assets of Class B shares. For the year ended December 31, 2019, the Distribution Service Fee aggregated $40,665, of which $3,484 is unpaid.

Typesetting and Filing Service Fees. Under an agreement with the Fund, DIMA is compensated for providing certainpre-press and regulatory filing services to the Fund. For the year ended December 31, 2019, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders” aggregated $9,216, of which $3,343 is unpaid.

Trustees’ Fees and Expenses. The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.

Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP | 15

Affiliated Cash Management Vehicles. The Fund may invest uninvested cash balances in DWS Central Cash Management Government Fund and DWS ESG Liquidity Fund, affiliated money market funds which are managed by the Advisor. Each affiliated money market fund is managed in accordance withRule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Central Cash Management Government Fund seeks to maintain a stable net asset value, and DWS ESG Liquidity Fund maintains a floating net asset value. The Fund indirectly bears its proportionate share of the expenses of each affiliated money market fund in which it invests. DWS Central Cash Management Government Fund does not pay the Advisor an investment management fee. To the extent that DWS ESG Liquidity Fund pays an investment management fee to the Advisor, the Advisor will waive an amount of the investment management fee payable to the Advisor by the Fund equal to the amount of the investment management fee payable on the Fund’s assets invested in DWS ESG Liquidity Fund.

D. Ownership of the Fund

At December 31, 2019, one participating insurance company was owner of record of 10% or more of the total outstanding Class A shares of the Fund, owning 69%. Three participating insurance companies were owners of record of 10% or more of the total outstanding Class B shares of the Fund, each owning 32%, 21% and 18%.

E. Line of Credit

The Fund and other affiliated funds (the “Participants”) share in a $400 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus if theone-month LIBOR exceeds the Federal Funds Rate, the amount of such excess. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at December 31, 2019.

16 | Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Deutsche DWS Variable Series II and Shareholders of DWS Small Mid Cap Value VIP:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of DWS Small Mid Cap Value VIP (the “Fund”) (one of the funds constituting Deutsche DWS Variable Series II) (the “Trust”), including the investment portfolio, as of December 31, 2019, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Deutsche DWS Variable Series II) at December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019, by correspondence with the custodian and others. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

Boston, Massachusetts

February 14, 2020

Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP | 17

Information About Your Fund’s Expenses (Unaudited)

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service(12b-1) fees and other Fund expenses. Examples of transaction costs include contract charges, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recent six-month period, the Fund limited these expenses; had it not done so, expenses would have been higher. The example in the table is based on an investment of $1,000 invested at the beginning of thesix-month period and held for the entire period (July 1, 2019 to December 31, 2019).

The tables illustrate your Fund’s expenses in two ways:

– Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund’s actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Expenses Paid per $1,000” line under the share class you hold.

– Hypothetical 5% Fund Return.This helps you to compare your Fund’s ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund’s actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical Fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The “Expenses Paid per $1,000” line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. If these transaction costs had been included, your costs would have been higher.

Expenses and Value of a $1,000 Investment for the six months ended December 31, 2019
Actual Fund Return		Class A		Class B
Beginning Account Value 7/1/19	$	1,000.00	$	1,000.00
Ending Account Value 12/31/19	$	1,067.00	$	1,064.60
Expenses Paid per $1,000*	$	4.32	$	6.24
Hypothetical 5% Fund Return		Class A		Class B
Beginning Account Value 7/1/19	$	1,000.00	$	1,000.00
Ending Account Value 12/31/19	$	1,021.02	$	1,019.16
Expenses Paid per $1,000*	$	4.23	$	6.11

* Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recentsix-month period), then divided by 365.

Annualized Expense Ratios	Class A			Class B
Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP		.83	%		1.20	%

For more information, please refer to the Fund’s prospectus.

These tables do not reflect charges and fees (“contract charges”) associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option.

For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to the current and hypothetical expense calculators for Variable Insurance Products which can be found at dws.com/calculators.

18 | Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP

Tax Information (Unaudited)

The Fund paid distributions of $0.99 per share from net long-term capital gains during its year ended December 31, 2019.

Pursuant to Section 852 of the Internal Revenue Code, the Fund designates $6,737,000 as capital gain dividends for its year ended December 31, 2019.

For corporate shareholders, 100% of the ordinary dividends (i.e., income dividends plus short-term capital gains) paid during the Fund’s fiscal year ended December 31, 2019, qualified for the dividends received deduction.

Please consult a tax advisor if you have questions about federal or state income tax laws, or on how to prepare your tax returns. If you have specific questions about your account, please contact your insurance provider.

Proxy Voting (Unaudited)

The Trust’s policies and procedures for voting proxies for portfolio securities and information about how the Trust voted proxies related to its portfolio securities during the most recent12-month period ended June 30 are available on our Web site — dws.com/en-us/resources/proxy-voting — or on the SEC’s Web site — sec.gov. To obtain a written copy of the Trust’s policies and procedures without charge, upon request, call us toll free at (800)728-3337.

Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP | 19

Advisory Agreement Board Considerations and Fee Evaluation

The Board of Trustees (hereinafter referred to as the “Board” or “Trustees”) approved the renewal of DWS Small Mid Cap Value VIP’s (the “Fund”) investment management agreement (the “Agreement”) with DWS Investment Management Americas, Inc. (“DIMA”) in September 2019.

In terms of the process that the Board followed prior to approving the Agreement, shareholders should know that:

– During the entire process, all of the Fund’s Trustees were independent of DIMA and its affiliates (the “Independent Trustees”).

– The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board’s Contract Committee reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Trustees (the “Fee Consultant”). Based on its evaluation of the information provided, the Contract Committee presented its findings and recommendations to the Board. The Board then reviewed the Contract Committee’s findings and recommendations.

– The Board also received extensive information throughout the year regarding performance of the Fund.

– The Independent Trustees regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.

– In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund’s Rule12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.

In connection with the contract review process, the Contract Committee and the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund. DIMA is part of DWS Group GmbH & Co. KGaA (“DWS Group”). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. In 2018, approximately 20% of DWS Group’s shares were sold in an initial public offering, with Deutsche Bank AG owning the remaining shares.

As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund’s performance. In many cases, this led to the negotiation and implementation of expense caps. As part of these negotiations, the Board indicated that it would consider relaxing these caps in future years following sustained improvements in performance, among other considerations.

While shareholders may focus primarily on fund performance and fees, the Fund’s Board considers these and many other factors, including the quality and integrity of DIMA’s personnel and administrative support services provided by DIMA, such as back-office operations, fund valuations, and compliance policies and procedures.

Nature, Quality and Extent of Services.The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board reviewed the Fund’s performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied by Morningstar Direct (“Morningstar”), an independent fund data service. The Board also noted that it has put into place a process of identifying “Funds in Review” (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA’s plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on

20 | Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP

the information provided, the Board noted that, for theone-, three- and five-year periods ended December 31, 2018, the Fund’s performance (Class A shares) was in the 4th quartile, of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has underperformed its benchmark in theone-, three- and five-year periods ended December 31, 2018. The Board noted the disappointing investment performance of the Fund in recent periods and continued to discuss with senior management of DIMA the factors contributing to such underperformance and actions being taken to improve performance. The Board noted certain changes in the Fund’s portfolio management team that were made effective February 14, 2019. The Board recognized the efforts by DIMA in recent years to enhance its investment platform and improve long-term performance across the DWS fund complex.

Fees and Expenses. The Board considered the Fund’s investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. (“Broadridge”) and the Fee Consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.10% fee paid to DIMA under the Fund’s administrative services agreement, were lower than the median (1st quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2018). The Board noted that the Fund’s Class A shares total (net) operating expenses were expected to be lower than the median (2nd quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2018, and analyzing Broadridge expense universe Class A (net) expenses less any applicable12b-1 fees) (“Broadridge Universe Expenses”). The Board also reviewed data comparing each other operational share class’s total (net) operating expenses to the applicable Broadridge Universe Expenses. The Board noted that the expense limitations agreed to by DIMA were expected to help the Fund’s total (net) operating expenses remain competitive. The Board considered the Fund’s management fee rate as compared to fees charged by DIMA to a comparable DWS U.S. registered fund (“DWS Funds”) and considered differences between the Fund and the comparable DWS Fund. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including anysub-advised funds and accounts) and funds offered primarily to European investors (“DWS Europe Funds”) managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA.

Profitability. The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs to DIMA, andpre-tax profits realized by DIMA, from advising the DWS Funds, as well as estimates of thepre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board and the Fee Consultant reviewed DIMA’s methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that thepre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that, while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates’ overall profitability with respect to the DWS Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of most comparable firms for which such data was available.

Economies of Scale. The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. The Board noted that the Fund’s investment management fee schedule includes fee breakpoints. The Board concluded that the Fund’s fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

Other Benefits to DIMA and Its Affiliates. The Board also considered the character and amount of other incidental or“fall-out” benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund, any fees received by an affiliate of DIMA for transfer agency services provided to the Fund and any fees received by an affiliate of DIMA for distribution services. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating

Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP | 21

brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities. In addition, the Board considered the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Fund’s management fees were reasonable.

Compliance. The Board considered the significant attention and resources dedicated by DIMA to its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA’s and the Fund’s chief compliance officers and (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel.

Based on all of the information considered and the conclusions reached, the Board determined that the continuation of the Agreement is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Trustees and counsel present. It is possible that individual Independent Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement.

22 | Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP

Board Members and Officers

The following table presents certain information regarding the Board Members and Officers of the Trust/Corporation. Each Board Member’s year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA02199-3600. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the Trust/Corporation. Because the Fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period.

The Board Members may also serve in similar capacities with other funds in the fund complex. The number of funds in DWS fund complex shown in the table below includes all registered open- and closed-end funds (including all of their portfolios) advised by the Advisor and any registered funds that have an investment advisor that is an affiliated person of the Advisor.

Independent Board Members
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen		Other Directorships Held by Board Member
Keith R. Fox, CFA (1954) Chairperson since 2017, and Board Member since 1996	Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: ICI Mutual Insurance Company; Progressive International Corporation (kitchen goods importer and distributor); former Chairman, National Association of Small Business Investment Companies; former Directorships: The Kennel Shop (retailer); BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) (2011–2012)		77	—
John W. Ballantine (1946) Board Member since 1999	Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); former Directorships: Director and Chairman of the Board, Healthways, Inc.2 (population well-being and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak Brook Bank; and Prisma Energy International. Not-for-Profit Director/Trustee: Palm Beach Civic Association; Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; former Not-for-Profit Directorships: Public Radio International		77	Portland General Electric2 (utility company) (2003– present)
Dawn-Marie Driscoll (1946) Board Member since 1987	Emeritus Executive Fellow, Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988). Directorships: Advisory Board, Center for Business Ethics, Bentley University; Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)		77	—
Richard J. Herring (1946) Board Member since 1990	Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (since July 1972); Director, The Wharton Financial Institutions Center (since 1994); formerly: Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee since 2011, member Systemic Risk Council since 2012 and member of the Advisory Board at the Yale Program on Financial Stability since 2013; Formerly Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), and Nonexecutive Director of Barclays Bank DE (2010–2018)		77	Director, Aberdeen Japan Fund (since 2007)

Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP | 23

Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen		Other Directorships Held by Board Member
William McClayton (1944) Board Member since 2004	Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001–2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966–2001); Trustee, Ravinia Festival		77	—
Rebecca W. Rimel (1951) Board Member since 1995	President, Chief Executive Officer and Director, The Pew Charitable Trusts (charitable organization) (1994–present); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012)		77	Director, Becton Dickinson and Company2 (medical technology company) (2012– present); Director, BioTelemetry Inc.2(health care) (2009– present)
William N. Searcy, Jr. (1946) Board Member since 1993	Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2(telecommunications) (November 1989–September 2003); Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012)		77	—

Officers4
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served5	Business Experience and Directorships During the Past Five Years
Hepsen Uzcan6(1974) President and Chief Executive Officer, 2017–present	Managing Director,3 DWS; Secretary, DWS USA Corporation (2018–present); Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–present); and Director and President, DB Investment Managers, Inc. (2018–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019)
John Millette7(1962) Vice President and Secretary, 1999–present	Director,3DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); and Assistant Secretary, DBX ETF Trust (2019–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017)
Diane Kenneally7(1966) Chief Financial Officer and Treasurer, 2018–present	Director,3 DWS; and Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); formerly: Assistant Treasurer for the DWS funds (2007–2018)
Paul Antosca7(1957) Assistant Treasurer, 2007–present	Director,3DWS; and Assistant Treasurer, DBX ETF Trust (2019–present)
Sheila Cadogan7(1966) Assistant Treasurer, 2017–present	Director,3DWS; Director and Vice President, DWS Trust Company (2018–present); and Assistant Treasurer, DBX ETF Trust (2019–present)
Scott D. Hogan7(1970) Chief Compliance Officer, 2016–present	Director,3DWS
Caroline Pearson7(1962) Chief Legal Officer, 2010–present	Managing Director,3DWS; formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); and Secretary, Deutsche AM Service Company (2010–2017)
Wayne Salit6(1967) Anti-Money Laundering Compliance Officer, 2014–present	Director,3 Deutsche Bank; and AML Officer, DWS Trust Company; formerly: Managing Director, AML Compliance Officer at BNY Mellon (2011–2014); and Director, AML Compliance Officer at Deutsche Bank (2004–2011)
Ciara Crawford8 (1984) Assistant Secretary, (2019–present)	Associate, DWS (since 2015); previously, Legal Assistant at Accelerated Tax Solutions.

24 | Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP

¹  The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board.

²  A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.

³  Executive title, not a board directorship.

⁴  As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund.

⁵  The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds.

⁶  Address: 875 Third Avenue, New York, NY 10022.

⁷  Address: One International Place, Boston, MA 02110.

⁸  Address: 5022 Gate Parkway, Suite 400, Jacksonville, FL 32256.

The Fund’s Statement of Additional Information (“SAI”) includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the followingtoll-free number:(800) 728-3337.

Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP | 25

Notes

Notes

VS2SMCV-2 (R-025829-9 2/20)

ITEM 2.	CODE OF ETHICS
	As of the end of the period covered by this report, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR that applies to its Principal Executive Officer and Principal Financial Officer. There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
ITEM 3.	AUDIT COMMITTEE FINANCIAL EXPERT
	The fund’s audit committee is comprised solely of trustees who are "independent" (as such term has been defined by the Securities and Exchange Commission ("SEC") in regulations implementing Section 407 of the Sarbanes-Oxley Act (the "Regulations")). The fund’s Board of Trustees has determined that there are several "audit committee financial experts" (as such term has been defined by the Regulations) serving on the fund’s audit committee including Mr. William McClayton, the chair of the fund’s audit committee.  An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an “audit committee financial expert” does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.
ITEM 4.	PRINCIPAL ACCOUNTANT FEES AND SERVICES

Deutsche DWS variable series II

form n-csr disclosure re: AUDIT FEES

The following table shows the amount of fees that Ernst & Young LLP (“EY”), the Fund’s Independent Registered Public Accounting Firm, billed to the Fund during the Fund’s last two fiscal years. The Audit Committee approved in advance all audit services and non-audit services that EY provided to the Fund.

Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Fund

Fiscal Year Ended December 31,	Audit Fees Billed to Fund	Audit-Related Fees Billed to Fund	Tax Fees Billed to Fund	All Other Fees Billed to Fund
2019	$554,948	$0	$92,483	$0
2018	$631,694	$0	$71,823	$1,639

The above “Tax Fees” were billed for professional services rendered for tax return preparation. “All Other Fees Billed to the Fund” were billed for services associated with foreign tax filings.

Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers

The following table shows the amount of fees billed by EY to DWS Investment Management Americas, Inc. (“DIMA” or the “Adviser”), and any entity controlling, controlled by or under common control with DIMA (“Control Affiliate”) that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two fiscal years.

Fiscal Year Ended December 31,	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers	Tax Fees Billed to Adviser and Affiliated Fund Service Providers	All Other Fees Billed to Adviser and Affiliated Fund Service Providers
2019	$0	$740,482	$0
2018	$0	$470,936	$0

The above “Tax Fees” were billed in connection with tax compliance services and agreed upon procedures.

Non-Audit Services

The following table shows the amount of fees that EY billed during the Fund’s last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that EY provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund’s operations and financial reporting. The Audit Committee requested and received information from EY about any non-audit services that EY rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating EY’s independence.

Fiscal Year Ended December 31,	Total Non-Audit Fees Billed to Fund (A)	Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund) (B)	Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) (C)	Total of (A), (B) and (C)
2019	$92,483	$740,482	$0	$832,965
2018	$73,462	$470,936	$513,130	$1,057,528

All other engagement fees were billed for services in connection with agreed upon procedures and tax compliance for DIMA and other related entities.

Audit Committee Pre-Approval Policies and Procedures. Generally, each Fund’s Audit Committee must pre approve (i) all services to be performed for a Fund by a Fund’s Independent Registered Public Accounting Firm and (ii) all non-audit services to be performed by a Fund’s Independent Registered Public Accounting Firm for the DIMA Entities with respect to operations and financial reporting of the Fund, except that the Chairperson or Vice Chairperson of each Fund’s Audit Committee may grant the pre-approval for non-audit services described in items (i) and (ii) above for non-prohibited services for engagements of less than $100,000. All such delegated pre approvals shall be presented to each Fund’s Audit Committee no later than the next Audit Committee meeting.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.

According to the registrant’s principal Independent Registered Public Accounting Firm, substantially all of the principal Independent Registered Public Accounting Firm's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent Registered Public Accounting Firm.

***

In connection with the audit of the 2018 and 2019 financial statements, the Fund entered into an engagement letter with EY. The terms of the engagement letter required by EY, and agreed to by the Audit Committee, include a provision mandating the use of mediation and arbitration to resolve any controversy or claim between the parties arising out of or relating to the engagement letter or services provided thereunder.

***

Pursuant to PCAOB Rule 3526, EY is required to describe in writing to the Fund’s Audit Committee, on at least an annual basis, all relationships between EY, or any of its affiliates, and the DWS Funds, including the Fund, or persons in financial reporting oversight roles at the DWS Funds that, as of the date of the communication, may reasonably be thought to bear on EY’s independence. Pursuant to PCAOB Rule 3526, EY has reported the matters set forth below that may reasonably be thought to bear on EY’s independence. With respect to each reported matter, individually and in the aggregate, EY advised the Audit Committee that, after careful consideration of the facts and circumstances and the applicable independence rules, it concluded that the matters do not and will not impair EY’s ability to exercise objective and impartial judgement in connection with the audits of the financial statements for the Fund and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that EY has been and is capable of exercising objective and impartial judgment on all issues encompassed within EY’s audit engagements. EY also confirmed to the Audit Committee that it can continue act as the Independent Registered Public Accounting Firm for the Fund.

· EY advised the Fund’s Audit Committee that various covered persons within EY’s affiliates held investments in, or had other financial relationships with, entities within the DWS Funds “investment company complex” (as defined in Regulation S-X) (the “DWS Funds Complex”). EY informed the Audit Committee that these investments and financial relationships were inconsistent with Rule 2-01(c)(1) of Regulation S-X. EY reported that all breaches have been resolved and that none of the breaches involved any investments in the Fund or any professionals who were part of the audit engagement team for the Fund or in a position to influence the audit engagement team. In addition, EY noted that the independence breaches did not (i) create a mutual or conflicting interest with the Fund, (ii) place EY in the position of auditing its own work, (iii) result in EY acting as management or an employee of the Fund, or (iv) place EY in a position of being an advocate of the Fund.

EY stated its belief that, in each lending relationship, the lender is or was not able to impact the impartiality of EY or assert any influence over the investment companies in the DWS Funds Complex whose shares the lender owns or owned, or the applicable investment company’s investment adviser. In addition, on June 20, 2016, the SEC Staff issued a “no-action” letter to another mutual fund complex, Fidelity Management & Research Company et al., SEC Staff No-Action Letter (June 20, 2016) (the “Fidelity Letter”), related to similar Loan Rule issues as those described above. In the Fidelity Letter, the SEC Staff confirmed that it would not recommend enforcement action against an investment company that relied on the audit services performed by an audit firm that was not in compliance with the Loan Rule in certain specified circumstances. With respect to each lending relationship identified by EY, the circumstances described in the Fidelity Letter appear to be substantially similar to the circumstances that affected EY’s independence under the Loan Rule with respect to the Fund, and, in each case, EY confirmed to the Audit Committee that it meets the conditions of the Fidelity Letter.

ITEM 5.	AUDIT COMMITTEE OF LISTED REGISTRANTS
	Not applicable
ITEM 6.	SCHEDULE OF INVESTMENTS
	Not applicable
ITEM 7.	DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
	Not applicable
ITEM 8.	PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
	Not applicable
ITEM 9.	PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
	Not applicable
ITEM 10.	SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
	There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board.  The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600.
ITEM 11.	CONTROLS AND PROCEDURES
	(a)	The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
	(b)	There have been no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.
ITEM 12.	Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
	Not applicable
ITEM 13.	EXHIBITS
	(a)(1)	Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.
	(a)(2)	Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
	(b)	Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant:	Deutsche DWS Variable Series II
By:	/s/Hepsen Uzcan Hepsen Uzcan President
Date:	2/14/2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/Hepsen Uzcan Hepsen Uzcan President
Date:	2/14/2020
By:	/s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer
Date:	2/14/2020