Deutsche Variable Series Ii NCSRS/A Certified semi-annual shareholder report (management investment company) (amended)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM N-CSRS

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:	6/30/2020

ITEM 1.	REPORT TO STOCKHOLDERS

June 30, 2020

Semiannual 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.

LOGO

Contents


	3			Performance Summary
	5			Portfolio Summary
	5			Portfolio Management Team
	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
	15			Information About Your Fund’s Expenses
	16			Liquidity Risk Management
	16			Proxy Voting
	17			Advisory Agreement Board Considerations and Fee Evaluation

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, infrastructure and high-yield debt securities. 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.

War, terrorism, economic uncertainty, trade disputes, public health crises (including the recent pandemic spread of the novel coronavirus) and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on the Fund and its investments.

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

Deutsche DWS Variable Series II —

DWS Alternative Asset Allocation VIP


Performance Summary		June 30, 2020 (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, 2020 are 0.88% 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. 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

LOGO

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.

The Blended 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		6-Month^‡	1-Year	3-Year	5-Year	10-Year
Class A	Growth of $10,000	$9,275	$9,696	$10,064	$10,395	$12,873
	Average annual total return	–7.25%	–3.04%	0.21%	0.78%	2.56%
MSCI World Index	Growth of $10,000	$9,423	$10,284	$12,148	$13,959	$25,828
	Average annual total return	–5.77%	2.84%	6.70%	6.90%	9.95%
Bloomberg Barclays U.S. Aggregate Bond Index	Growth of $10,000	$10,614	$10,874	$11,683	$12,345	$14,555
Bloomberg Barclays U.S. Aggregate Bond Index	Average annual total return	6.14%	8.74%	5.32%	4.30%	3.82%
Blended Index	Growth of $10,000	$9,814	$10,516	$12,122	$13,622	$22,282
	Average annual total return	–1.86%	5.16%	6.62%	6.38%	8.34%

Deutsche DWS Variable Series II —

DWS Alternative Asset Allocation VIP



DWS Alternative Asset Allocation VIP		6-Month^‡	1-Year	3-Year	5-Year	10-Year
Class B	Growth of $10,000	$9,262	$9,668	$9,975	$10,241	$12,521
Class B	Average annual total return	–7.38%	–3.32%	–0.08%	0.48%	2.27%
MSCI World Index	Growth of $10,000	$9,423	$10,284	$12,148	$13,959	$25,828
MSCI World Index	Average annual total return	–5.77%	2.84%	6.70%	6.90%	9.95%
Bloomberg Barclays U.S. Aggregate Bond Index	Growth of $10,000	$10,614	$10,874	$11,683	$12,345	$14,555
Bloomberg Barclays U.S. Aggregate Bond Index	Average annual total return	6.14%	8.74%	5.32%	4.30%	3.82%
Blended Index	Growth of $10,000	$9,814	$10,516	$12,122	$13,622	$22,282
Blended Index	Average annual total return	–1.86%	5.16%	6.62%	6.38%	8.34%

The growth of $10,000 is cumulative.

^‡	Total returns shown for periods less than one year are not annualized.

Deutsche DWS Variable Series II —

DWS Alternative Asset Allocation VIP


Portfolio Summary		(Unaudited)


Asset Allocation* (As a % of Investment Portfolio)	6/30/20		12/31/19
Real Asset		33%		39%
DWS RREEF Global Infrastructure Fund		11%		11%
DWS Enhanced Commodity Strategy Fund		10%		12%
DWS RREEF Real Estate Securities Fund		8%		7%
iShares Global Infrastructure ETF		4%		6%
DWS RREEF Global Real Estate Securities Fund		—		3%

Alternative Fixed Income		15%		22%
DWS Floating Rate Fund		7%		11%
DWS Emerging Markets Fixed Income Fund		5%		5%
iShares JP Morgan USD Emerging Markets Bond ETF		3%		6%

Alternative Equity		21%		23%
SPDR Bloomberg Barclays Convertible Securities ETF		13%		15%
iShares U.S. Preferred Stock ETF		8%		8%

Absolute Return		4%		3%
DWS Global Macro Fund		3%		2%
Invesco DB U.S. Dollar Index Bullish Fund		1%		1%

Cash Equivalents		27%		13%
DWS Central Cash Management Government Fund		15%		7%
DWS ESG Liquidity Fund		12%		6%
		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 6.

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.

Portfolio Management Team

Dokyoung Lee, CFA, Director

Darwei Kung, Managing Director

Sophia Noisten, Associate

Portfolio Managers

Deutsche DWS Variable Series II —

DWS Alternative Asset Allocation VIP


Investment Portfolio		as of June 30, 2020 (Unaudited)


	Shares		Value ($)
Mutual Funds 47.0%

DWS Emerging Markets Fixed Income Fund “Institutional” (a)		2,578,841		22,977,477

DWS Enhanced Commodity Strategy Fund “Institutional” (a)		5,283,602		42,585,834

DWS Floating Rate Fund “Institutional” (a)		3,962,004		29,794,269

DWS Global Macro Fund “Institutional” (a)		1,300,961		12,385,153

DWS RREEF Global Infrastructure Fund “Institutional” (a)		3,180,267		47,894,825

DWS RREEF Real Estate Securities Fund “Institutional” (a)		2,037,832		37,496,117
Total Mutual Funds (Cost $211,068,405)				193,133,675

Exchange-Traded Funds 31.4%

Invesco DB U.S. Dollar Index Bullish Fund		120,520		3,172,087

iShares Global Infrastructure ETF		435,715		16,683,527

iShares JP Morgan USD Emerging Markets Bond ETF		133,560		14,587,423


	Shares			Value ($)

iShares U.S. Preferred Stock ETF		984,533			34,104,223

SPDR Bloomberg Barclays Convertible Securities ETF		1,005,174			60,813,027
Total Exchange-Traded Funds (Cost $125,952,100)					129,360,287

Cash Equivalents 29.8%

DWS Central Cash Management Government Fund, 0.12% (a) (b)		66,639,286			66,639,286

DWS ESG Liquidity Fund “Institutional Shares”, 0.34% (a) (b)		55,864,632			55,875,805
Total Cash Equivalents (Cost $122,474,037)					122,515,091

	% of Net Assets			Value ($)
Total Investment Portfolio (Cost $459,494,542)		108.2			445,009,053
Other Assets and Liabilities, Net		(8.2	)		(33,832,884	)
Net Assets		100.0			411,176,169

A summary of the Fund’s transactions with affiliated Underlying DWS Funds during the period ended June 30, 2020 are as follows:


Value ($) at 12/31/2019	Purchases Cost ($)		Sales Proceeds ($)		Net Realized Gain/ (Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 6/30/2020		Value ($) at 6/30/2020
Mutual Funds 47.0%
DWS Emerging Markets Fixed Income Fund “Institutional” (a)
19,550,537		4,478,778		—		—			(1,051,838	)		453,477		—		2,578,841		22,977,477
DWS Enhanced Commodity Strategy Fund “Institutional” (a)
45,239,972		4,379,036		—		—			(7,033,174	)		353,736		—		5,283,602		42,585,834
DWS Floating Rate Fund “Institutional” (a)
39,558,492		720,914		6,650,000		(1,747,232	)		(2,087,905	)		720,914		—		3,962,004		29,794,269
DWS Global Macro Fund “Institutional” (a)
8,887,591		4,019,150		—		—			(521,588	)		—		—		1,300,961		12,385,153
DWS RREEF Global Infrastructure Fund “Institutional” (a)
43,335,324		8,172,784		—		—			(3,613,283	)		285,785		—		3,180,267		47,894,825
DWS RREEF Global Real Estate Securities Fund “Institutional” (a)
11,176,441		—		7,995,646		(3,069,600	)		(111,195	)		—		—		—		—
DWS RREEF Real Estate Securities Fund “Institutional” (a)
26,423,025		16,104,092		—		—			(5,031,000	)		666,452		412,042		2,037,832		37,496,117
Cash Equivalents 29.8%
DWS Central Cash Management Government Fund, 0.12% (a) (b)
27,144,085		94,807,649		55,312,448		—			—			157,646		—		66,639,286		66,639,286
DWS ESG Liquidity Fund “Institutional”, 0.34% (a) (b)
22,402,874		33,434,013		—		—			38,918			173,877		—		55,864,632		55,875,805
243,718,341		166,116,416		69,958,094		(4,816,832	)		(19,411,065	)		2,811,887		412,042		140,847,425		315,648,766

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

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

SPDR: Standard & Poor’s Depositary Receipt

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

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 June 30, 2020 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	$	193,133,675	$	—	$	—	$	193,133,675
Exchange-Traded Funds		129,360,287		—		—		129,360,287
Short-Term Investments		122,515,091		—		—		122,515,091
Total	$	445,009,053	$	—	$	—	$	445,009,053

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

Deutsche DWS Variable Series II —

DWS Alternative Asset Allocation VIP

Statement of Assets and Liabilities


as of June 30, 2020 (Unaudited)

Assets
Investments in affiliated Underlying Funds, at value (cost $333,542,442)	$	315,648,766
Investments in non-affiliated securities, at value (cost $125,952,100)		129,360,287
Cash		10,000
Receivable for Fund shares sold		253,650
Interest receivable		23,582
Other assets		3,209
Total assets		445,299,494

Liabilities
Payable for investment purchased		33,774,979
Payable for Fund shares redeemed		9,747
Accrued Management fee		55,026
Accrued Trustees’ fees		537
Other accrued expenses and payables		283,036
Total liabilities		34,123,325
Net assets, at value	$	411,176,169

Net Assets Consist of
Distributable earnings (loss)	$	(31,673,292	)
Paid-in capital		442,849,461
Net assets, at value	$	411,176,169
Class A

Net Asset Value, offering and redemption price per share ($31,636,142 ÷ 2,632,060 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	12.02
Class B

Net Asset Value, offering and redemption price per share ($379,540,027 ÷ 31,562,413 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	12.03

Statement of Operations


for the six months ended June 30, 2020 (Unaudited)

Investment Income
Income:
Income distributions from affiliated Underlying Funds	$	2,811,887
Dividends		1,196,292
Total income		4,008,179
Expenses:
Management fee		191,676
Administration fee		187,883
Recordkeeping fees (Class B)		221,539
Services to shareholders		1,091
Distribution and service fees (Class B)		439,540
Custodian fee		2,676
Professional fees		38,704
Reports to shareholders		24,844
Trustees’ fees and expenses		8,064
Other		4,545
Total expenses before expense reductions		1,120,562
Expense reductions		(45,158	)
Total expenses after expense reductions		1,075,404
Net investment income		2,932,775

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Sale of affiliated Underlying Funds		(4,816,832	)
Sale of non-affiliated Underlying Funds		(3,744,636	)
Capital gain distributions from affiliated Underlying Funds		412,042
		(8,149,426	)
Change in net unrealized appreciation (depreciation) on:
Affiliated Underlying Funds		(19,411,065	)
Non-affiliated Underlying Funds		(4,410,700	)
		(23,821,765	)
Net gain (loss)		(31,971,191	)
Net increase (decrease) in net assets resulting from operations	$	(29,038,416	)

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

Deutsche DWS Variable Series II —

DWS Alternative Asset Allocation VIP

Statements of Changes in Net Assets


	Six Months Ended June 30, 2020			Year Ended December 31,
Increase (Decrease) in Net Assets	(Unaudited)			2019
Operations:
Net investment income (loss)	$	2,932,775		$	9,024,230
Net realized gain (loss)		(8,149,426	)		2,636,547
Change in net unrealized appreciation (depreciation)		(23,821,765	)		26,981,654
Net increase (decrease) in net assets resulting from operations		(29,038,416	)		38,642,431
Distributions to shareholders:
Class A		(873,617	)		(1,142,148	)
Class B		(8,977,130	)		(9,062,974	)
Total distributions		(9,850,747	)		(10,205,122	)
Fund share transactions:
Class A
Proceeds from shares sold		2,886,103			5,519,916
Reinvestment of distributions		873,617			1,142,148
Payments for shares redeemed		(2,598,221	)		(2,018,312	)
Net increase (decrease) in net assets from Class A share transactions		1,161,499			4,643,752
Class B
Proceeds from shares sold		61,809,124			118,564,810
Reinvestment of distributions		8,977,130			9,062,974
Payments for shares redeemed		(4,989,222	)		(11,692,494	)
Net increase (decrease) in net assets from Class B share transactions		65,797,032			115,935,290
Increase (decrease) in net assets		28,069,368			149,016,351
Net assets at beginning of period		383,106,801			234,090,450

Net assets at end of period	$	411,176,169		$	383,106,801

Other Information
Class A
Shares outstanding at beginning of period		2,541,554			2,180,831
Shares sold		234,831			428,198
Shares issued to shareholders in reinvestment of distributions		76,499			90,217
Shares redeemed		(220,824	)		(157,692	)
Net increase (decrease) in Class A shares		90,506			360,723

Shares outstanding at end of period		2,632,060			2,541,554
Class B
Shares outstanding at beginning of period		26,180,029			17,175,164
Shares sold		5,007,369			9,198,591
Shares issued to shareholders in reinvestment of distributions		785,401			715,310
Shares redeemed		(410,386	)		(909,036	)
Net increase (decrease) in Class B shares		5,382,384			9,004,865

Shares outstanding at end of period		31,562,413			26,180,029

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

Deutsche DWS Variable Series II —

DWS Alternative Asset Allocation VIP

Financial Highlights


	Six Months Ended 6/30/20			Years Ended December 31,
Class A	(Unaudited)			2019			2018			2017			2016			2015

Selected Per Share Data
Net asset value, beginning of period	$	13.35		$	12.10		$	13.61		$	12.97		$	12.60		$	13.88
Income (loss) from investment operations:
Net investment income^a		.11			.40			.61			.33			.35			.29
Net realized and unrealized gain (loss)		(1.10	)		1.35			(1.84	)		.62			.31			(1.13	)
Total from investment operations		(.99	)		1.75			(1.23	)		.95			.66			(.84	)
Less distributions from:
Net investment income		(.34	)		(.50	)		(.28	)		(.31	)		(.29	)		(.41	)
Net realized gains		—			—			—			—			—			(.03	)
Total distributions		(.34	)		(.50	)		(.28	)		(.31	)		(.29	)		(.44	)
Net asset value, end of period	$	12.02		$	13.35		$	12.10		$	13.61		$	12.97		$	12.60
Total Return (%)^c		(7.25	)**		14.68	^b		(9.14	)^b		7.41	^b		5.30	^b		(6.29	)^b

Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		32			34			26			27			24			21
Ratio of expenses before expense reductions (%)^d,e		.24	*		.56			.73			.64			.56			.53
Ratio of expenses after expense reductions (%)^d,e		.24	*		.23			.16			.19			.27			.33
Ratio of net investment income (%)		1.84	*		3.09			4.78			2.50			2.70			2.19
Portfolio turnover rate (%)		16	**		10			32			55			51			21


	Six Months Ended 6/30/20			Years Ended December 31,
Class B	(Unaudited)			2019			2018			2017			2016			2015

Selected Per Share Data
Net asset value, beginning of period	$	13.34		$	12.09		$	13.59		$	12.96		$	12.59		$	13.87
Income (loss) from investment operations:
Net investment income^a		.09			.37			.62			.31			.31			.25
Net realized and unrealized gain (loss)		(1.09	)		1.34			(1.88	)		.59			.31			(1.12	)
Total from investment operations		(1.00	)		1.71			(1.26	)		.90			.62			(.87	)
Less distributions from:
Net investment income		(.31	)		(.46	)		(.24	)		(.27	)		(.25	)		(.38	)
Net realized gains		—			—			—			—			—			(.03	)
Total distributions		(.31	)		(.46	)		(.24	)		(.27	)		(.25	)		(.41	)
Net asset value, end of period	$	12.03		$	13.34		$	12.09		$	13.59		$	12.96		$	12.59
Total Return (%)^b,c		(7.38	)**		14.35			(9.35	)		7.01			4.99			(6.54	)

Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		380			349			208			157			107			88
Ratio of expenses before expense reductions (%)^d,e		.62	*		.92			1.08			.93			.85			.83
Ratio of expenses after expense reductions (%)^d,e		.59	*		.52			.45			.48			.57			.62
Ratio of net investment income (%)		1.50	*		2.90			4.85			2.31			2.45			1.84
Portfolio turnover rate (%)		16	**		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.

^*	Annualized

^**	Not annualized

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

Deutsche DWS Variable Series II —

DWS Alternative Asset Allocation VIP


Notes to Financial Statements		(Unaudited)

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 six months ended June 30, 2020, 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 up to 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.

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 June 30, 2020, the aggregate cost of investments for federal income tax purposes was $463,216,350. The net unrealized depreciation for all investments based on tax cost was $18,207,297. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $13,009,506 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $31,216,803.

Deutsche DWS Variable Series II —

DWS Alternative Asset Allocation VIP

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.

The tax character of current year distributions will be determined at the end of the current fiscal year.

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.

B. Purchases and Sales of Securities

During the six months ended June 30, 2020, purchases and sales of affiliated Underlying Funds (excluding short-term investments) aggregated $37,874,754 and $14,645,646, respectively. Purchases and sales of Non-affiliated ETFs aggregated $30,659,540 and $32,322,678, 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 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.

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	%

Deutsche DWS Variable Series II —

DWS Alternative Asset Allocation VIP

Accordingly, for the six months ended June 30, 2020, the fee pursuant to the Investment Management Agreement was equivalent to an annualized rate (exclusive of any applicable waivers/reimbursements) of 0.10% 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 June 30, 2020, the Fund held approximately 30% of DWS Emerging Markets Fixed Income Fund, 18% of DWS Floating Rate Fund, 13% of DWS ESG Liquidity Fund and 7% of DWS Global Macro Fund.

The Advisor has contractually agreed to waive its fees and/or reimburse Fund expenses for the period January 1, 2020 through April 30, 2021 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 six months ended June 30, 2020, fees waived and/or expenses reimbursed for class B is $45,158.

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

Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. Prior to March 1, 2020, for all services provided under the Administrative Services Agreement, the Fund paid DIMA an annual fee (“Administration Fee”) of 0.10% of the Fund’s average daily net assets, computed and accrued daily and payable monthly. Effective March 1, 2020, for all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual Administration Fee of 0.097% of the Fund’s average daily net assets, computed and accrued daily and payable monthly. For the six months ended June 30, 2020, the Administration Fee was $187,883, of which $32,317 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 six months ended June 30, 2020, the amounts charged to the Fund by DSC were as follows:


Services to Shareholders	Total Aggregated		Unpaid at June 30, 2020
Class A	$	76	$	26
Class B		133		53
	$	209	$	79

Distribution Service Agreement. Under the Fund’s Class B 12b-1 plan, DWS Distributors, Inc. (“DDI”) received a fee (“Distribution Service Fee”) of up to 0.25% of the average daily net assets of Class B shares. For the six months ended June 30, 2020, the Distribution Service Fee aggregated $439,540, of which $76,861 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 six months ended June 30, 2020, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders” aggregated $4,824, of which $1,758 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 Alternative Asset Allocation VIP

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 June 30, 2020, two participating insurance companies were owners of record of 10% or more of the total outstanding Class A shares of the Fund, each owning 80% and 18%. Two participating insurance companies were owners of record of 10% or more of the total outstanding Class B shares of the Fund, each owning 83% and 11%, respectively.

E. Other — COVID-19 Pandemic

A novel strain of coronavirus (COVID-19) outbreak was declared a pandemic by the World Health Organization on March 11, 2020. The situation is evolving with various cities and countries around the world responding in different ways to address the pandemic. There are direct and indirect economic effects developing for various industries and individual companies throughout the world. The recent pandemic spread of the novel coronavirus and related geopolitical events could lead to increased financial market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on the Fund and its investments. A prolonged disruption may result in the Fund and its service providers experiencing operational difficulties in implementing their business continuity plans. Management will continue to monitor the impact COVID-19 has on the Fund and reflect the consequences as appropriate in the Fund’s accounting and financial reporting.

F. Other — Deutsche Bank AG Consent Order

On June 17, 2020, Deutsche Bank AG (“DB”), an affiliate of DWS Group, resolved with the Commodity Futures Trading Commission (“CFTC”) charges stemming from alleged violations of various swap data reporting requirements and corresponding supervision and other failures. The matter, which was resolved by the issuance of a federal court order (“Consent Order”), involved unintentional conduct that resulted from a system outage that prevented DB from reporting data in accordance with applicable CFTC requirements for a period of five days in April 2016.

The matter giving rise to the Consent Order did not arise out of any investment advisory, fund management activities or distribution activities of DIMA, DWS Distributors, Inc. or their advisory affiliates (the “DWS Service Providers”). DWS Group, of which the DWS Service Providers are wholly-owned subsidiaries, is a separate publicly traded company but continues to be an affiliate of DB due to, among other things, DB’s 79.49% ownership interest in DWS Group. Under the provisions of the Investment Company Act of 1940, as a result of the Consent Order, the DWS Service Providers would not be eligible to continue to provide investment advisory and underwriting services to the Fund absent an order from the Securities and Exchange Commission (the “SEC”). DB and the DWS Service Providers are seeking temporary and permanent orders from the SEC to permit the DWS Service Providers to continue to provide investment advisory and underwriting services to the Fund and other registered investment companies notwithstanding the Consent Order. While there can be no assurance that the requested exemptive orders will be granted, the SEC has granted this type of relief in the past. Consistent with their fiduciary and other relationships with the Fund, and in accordance with the desire of the Board of the Fund, the DWS Service Providers continue to provide investment advisory and distribution services to the Fund. Subject to the receipt of the temporary and permanent exemptive orders, the DWS Service Providers have informed the Fund that they do not believe the Consent Order will have any material impact on the Fund or the ability of the Service Providers to provide services for the Fund.

Deutsche DWS Variable Series II —

DWS Alternative Asset Allocation 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 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, Class B limited these expenses; 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 (January 1, 2020 to June 30, 2020).

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 June 30, 2020

Actual Fund Return	Class A		Class B
Beginning Account Value 1/1/20	$	1,000.00	$	1,000.00
Ending Account Value 6/30/20	$	927.50	$	926.20
Expenses Paid per $1,000*	$	1.15	$	2.83

Hypothetical 5% Fund Return		Class A		Class B
Beginning Account Value 1/1/20	$	1,000.00	$	1,000.00
Ending Account Value 6/30/20	$	1,023.67	$	1,021.93
Expenses Paid per $1,000*	$	1.21	$	2.97

*	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 182 (the number of days in the most recent six-month period), then divided by 366.


Annualized Expense Ratios**	Class A			Class B
Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP		.24	%		.59	%

**	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.

Deutsche DWS Variable Series II —

DWS Alternative Asset Allocation VIP

Liquidity Risk Management

In accordance with Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940 (the “1940 Act”), your Fund has adopted a liquidity risk management program (the “Program”), and the Board has designated DWS Investment Management Americas, Inc. (“DIMA”) as Program administrator. The Program is designed to assess and manage your Fund’s liquidity risk (the risk that the Fund would be unable to meet requests to redeem shares of the Fund without significant dilution of remaining investors’ interests in the Fund). DIMA has designated a committee (the “Committee”) composed of personnel from multiple departments within DIMA and its affiliates that is responsible for the implementation and ongoing administration of the Program, which includes assessing the Fund’s liquidity risk under both normal and reasonably foreseeable stressed conditions. Under the Program, every investment held by a Fund is classified on a daily basis into one of four liquidity categories based on estimations of the investment’s ability to be sold during designated timeframes in current market conditions without significantly changing the investment’s market value.

In February 2020, as required by the Program and the Liquidity Rule, DIMA provided the Board with an annual written report (the “Report”) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2018 through November 30, 2019 (the “Reporting Period”). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within three business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, the Fund did not approach the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, DIMA stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. DIMA also reported on a material change made to the Program in May 2019 to address Securities and Exchange Commission guidance relating to extended foreign market holidays.

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

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”) and sub-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 Rule 12b-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 fund sub-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

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 the one-, three- and five-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 the one-, 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 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 any sub-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 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 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, and pre-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.

Deutsche DWS Variable Series II —

DWS Alternative Asset Allocation 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 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.

Deutsche DWS Variable Series II —

DWS Alternative Asset Allocation VIP



VS2AAA-3 (R-028379-9 8/20)

June 30, 2020

Semiannual Report

Deutsche DWS Variable Series II

DWS CROCI^® U.S. VIP

LOGO

Contents


	3			Performance Summary
	4			Portfolio Summary
	4			Portfolio Management Team
	5			Investment Portfolio
	7			Statement of Assets and Liabilities
	7			Statement of Operations
	8			Statements of Changes in Net Assets
	9			Financial Highlights
	10			Notes to Financial Statements
	15			Information About Your Fund’s Expenses
	16			Liquidity Risk Management
	16			Proxy Voting
	17			Advisory Agreement Board Considerations and Fee Evaluation

Stocks may decline in value. 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. The Fund may lend securities to approved institutions. Please read the prospectus for details.

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

Deutsche DWS Variable Series II —

DWS CROCI^® U.S. VIP


Performance Summary		June 30, 2020 (Unaudited)

The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated May 1, 2020 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.

Growth of an Assumed $10,000

LOGO

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.

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.


Comparative Results

DWS CROCI^® U.S. VIP		6-Month^‡		1-Year		3-Year		5-Year		10-Year
Class A	Growth of $10,000		$7,751		$8,701		$10,123		$9,769		$19,163
	Average annual total return		–22.49%		–12.99%		0.41%		–0.47%		6.72%
Russell 1000^® Value Index	Growth of $10,000		$8,374		$9,116		$10,557		$12,546		$26,923
Russell 1000^® Value Index	Average annual total return		–16.26%		–8.84%		1.82%		4.64%		10.41%

DWS CROCI^® U.S. VIP		6-Month^‡		1-Year		3-Year		5-Year		10-Year
Class B	Growth of $10,000		$7,739		$8,672		$10,028		$9,630		$18,602
	Average annual total return		–22.61%		–13.28%		0.09%		–0.75%		6.40%
Russell 1000^® Value Index	Growth of $10,000		$8,374		$9,116		$10,557		$12,546		$26,923
Russell 1000^® Value Index	Average annual total return		–16.26%		–8.84%		1.82%		4.64%		10.41%

The growth of $10,000 is cumulative.

^‡	Total returns shown for periods less than one year are not annualized.

Deutsche DWS Variable Series II —

DWS CROCI^® U.S. VIP


Portfolio Summary		(Unaudited)


Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral)	6/30/20		12/31/19
Common Stocks		99%		99%
Cash Equivalents		1%		1%
		100%		100%

Sector Diversification (As a % of Investment Portfolio excluding Cash Equivalents and Securities Lending Collateral)	6/30/20		12/31/19
Financials		27%		38%
Health Care		26%		16%
Industrials		13%		10%
Communication Services		12%		10%
Information Technology		9%		2%
Consumer Staples		7%		—
Consumer Discretionary		6%		2%
Utilities		—		17%
Energy		—		3%
Materials		—		2%
		100%		100%

Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund’s investment portfolio, see page 5.

Portfolio Management Team

Di Kumble, CFA, Managing Director

John Moody, Vice President

Portfolio Managers

Deutsche DWS Variable Series II —

DWS CROCI^® U.S. VIP


Investment Portfolio		as of June 30, 2020 (Unaudited)


	Shares		Value ($)
Common Stocks 98.8%
Communication Services 11.8%
Diversified Telecommunication Services 4.8%

AT&T, Inc.		95,210		2,878,198

Verizon Communications, Inc.		50,512		2,784,727

				5,662,925

Media 7.0%

Comcast Corp. “A”		72,758		2,836,107

Discovery, Inc. “A”* (a)		130,351		2,750,406

Fox Corp. “A”		100,144		2,685,862

				8,272,375

Consumer Discretionary 5.6%
Auto Components 2.8%
BorgWarner, Inc. (a)		94,052		3,320,036

Household Durables 2.8%
Garmin Ltd.		33,819		3,297,352

Consumer Staples 6.8%
Beverages 2.1%
Molson Coors Beverage Co. “B”		73,006		2,508,486

Food Products 2.2%
The JM Smucker Co.		24,871		2,631,601

Tobacco 2.5%
Altria Group, Inc.		74,457		2,922,437

Financials 26.6%
Banks 18.4%

Citigroup, Inc.		61,536		3,144,490

Comerica, Inc.		83,876		3,195,676

Huntington Bancshares, Inc.		345,070		3,117,707

JPMorgan Chase & Co.		30,833		2,900,152

M&T Bank Corp.		29,975		3,116,501

U.S. Bancorp.		85,525		3,149,030

Zions Bancorp. NA		93,672		3,184,848

				21,808,404

Capital Markets 5.3%

Bank of New York Mellon Corp.		82,544		3,190,325

State Street Corp.		48,074		3,055,103

				6,245,428

Consumer Finance 2.9%
Synchrony Financial		155,042		3,435,731

Health Care 26.1%
Biotechnology 14.7%

AbbVie, Inc.		30,908		3,034,547

Alexion Pharmaceuticals, Inc.*		27,282		3,062,132

Amgen, Inc.		12,081		2,849,425

Biogen, Inc.*		8,952		2,395,108

Gilead Sciences, Inc.		37,812		2,909,255

Regeneron Pharmaceuticals, Inc.*		4,944		3,083,325

				17,333,792

Health Care Providers & Services 2.5%
McKesson Corp.		19,154		2,938,607

Pharmaceuticals 8.9%

Bristol-Myers Squibb Co.		44,435		2,612,778

Merck & Co., Inc.		35,380		2,735,935


	Shares			Value ($)

Mylan NV*		172,589			2,775,231

Pfizer, Inc.		74,184			2,425,817

					10,549,761

Industrials 12.4%
Air Freight & Logistics 2.4%
CH Robinson Worldwide, Inc.		35,606			2,815,011

Building Products 2.7%
Johnson Controls International PLC		94,338			3,220,699

Machinery 5.0%

Cummins, Inc.		17,323			3,001,383

PACCAR, Inc.		39,945			2,989,883

					5,991,266

Professional Services 2.3%
ManpowerGroup, Inc.		39,313			2,702,769

Information Technology 9.5%
IT Services 7.2%

Amdocs Ltd.		44,531			2,711,047

Cognizant Technology Solutions Corp. “A”		52,743			2,996,857

International Business Machines Corp.		22,892			2,764,667

					8,472,571

Technology Hardware, Storage & Peripherals 2.3%

Hewlett Packard Enterprise Co.		278,634			2,711,109
Total Common Stocks (Cost $123,006,415)					116,840,360

Securities Lending Collateral 4.9%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.05% (b) (c) (Cost $5,723,396)		5,723,396			5,723,396

Cash Equivalents 1.0%
DWS Central Cash Management Government Fund, 0.12% (b) (Cost $1,217,640)		1,217,640			1,217,640

	% of Net Assets			Value ($)
Total Investment Portfolio (Cost $129,947,451)		104.7			123,781,396
Other Assets and Liabilities, Net		(4.7	)		(5,513,118	)
Net Assets		100.0			118,268,278

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

Deutsche DWS Variable Series II —

DWS CROCI^® U.S. VIP

A summary of the Fund’s transactions with affiliated investments during the period ended June 30, 2020 are as follows:


Value ($) at 12/31/2019	Purchases Cost ($)			Sales Proceeds ($)		Net Realized Gain/ (Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 6/30/2020		Value ($) at 6/30/2020
Securities Lending Collateral 4.8%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.05% (b) (c)
3,120,056		2,603,340	(d)		—		—		—		2,817		—		5,723,396		5,723,396
Cash Equivalents 1.0%
DWS Central Cash Management Government Fund, 0.12% (b)
845,193		6,444,255			6,071,808		—		—		4,053		—		1,217,640		1,217,640
3,965,249		9,047,595			6,071,808		—		—		6,870		—		6,941,036		6,941,036

*	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 June 30, 2020 amounted to $5,587,702, which is 4.7% of net assets.

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

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

(d)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended June 30, 2020.

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (e)	$	116,840,360	$	—	$	—	$	116,840,360
Short-Term Investment (e)		6,941,036		—		—		6,941,036
Total	$	123,781,396	$	—	$	—	$	123,781,396

(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

Statement of Assets and Liabilities


as of June 30, 2020 (Unaudited)



Assets
Investments in non-affiliated securities, at value (cost $123,006,415) — including $5,587,702 of securities loaned	$	116,840,360
Investment in DWS Government & Agency Securities Portfolio (cost $5,723,396)*		5,723,396
Investment in DWS Central Cash Management Government Fund (cost $1,217,640)		1,217,640
Cash		10,000
Receivable for Fund shares sold		3,045
Dividends receivable		351,452
Interest receivable		571
Other assets		1,598
Total assets		124,148,062

Liabilities
Payable upon return of securities loaned		5,723,396
Payable for Fund shares redeemed		42,284
Accrued management fee		47,042
Accrued Trustees’ fees		2,475
Other accrued expenses and payables		64,587
Total liabilities		5,879,784
Net assets, at value	$	118,268,278

Net Assets Consist of
Distributable earnings (loss)		(22,193,173	)
Paid-in capital		140,461,451
Net assets, at value	$	118,268,278

Net Asset Value
Class A

Net Asset Value, and redemption price per share ($115,438,318 ÷ 10,123,663 outstanding shares of beneficial interest, no par value, unlimited shares authorized)	$	11.40
Class B

Net Asset Value, offering and redemption price per share ($2,829,960 ÷ 246,898 outstanding shares of beneficial interest, no par value, unlimited shares authorized)	$	11.46

*	Represents collateral on securities loaned.

Statement of Operations


for the six months ended June 30, 2020 (Unaudited)



Investment Income
Income:
Dividends	$	2,016,515
Income distributions — DWS Central Cash Management Government Fund		4,053
Securities lending income, net of borrower rebates		2,817
Total income		2,023,385
Expenses:
Management fee		409,257
Administration fee		61,816
Services to Shareholders		3,450
Recordkeeping fee (Class B)		984
Distribution service fee (Class B)		3,755
Custodian fee		2,962
Professional fees		37,860
Reports to shareholders		16,172
Trustees’ fees and expenses		4,068
Other		4,469
Total expenses before expense reductions		544,793
Expense reductions		(105,696	)
Total expenses after expense reductions		439,097
Net investment income		1,584,288

Realized and Unrealized gain (loss)
Net realized gain (loss) from investments		(17,172,226	)
Change in net unrealized appreciation (depreciation) on investments		(19,129,241	)
Net gain (loss)		(36,301,467	)
Net increase (decrease) in net assets resulting from operations	$	(34,717,179	)

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

Deutsche DWS Variable Series II —

DWS CROCI^® U.S. VIP

Statements of Changes in Net Assets


Increase (Decrease) in Net Assets	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
Operations:
Net investment income (loss)	$	1,584,288		$	3,092,197
Net realized gain (loss)		(17,172,226	)		6,704,808
Change in net unrealized appreciation (depreciation)		(19,129,241	)		31,036,303
Net increase (decrease) in net assets resulting from operations		(34,717,179	)		40,833,308
Distributions to shareholders:
Class A		(9,467,191	)		(14,271,121	)
Class B		(221,204	)		(332,950	)
Total distributions		(9,688,395	)		(14,604,071	)
Class A
Proceeds from shares sold		3,488,605			3,373,728
Reinvestment of distributions		9,467,191			14,271,121
Payments of shares redeemed		(7,143,940	)		(15,030,273	)
Net increase (decrease) in net assets from Class A share transactions		5,811,856			2,614,576
Class B
Proceeds from shares sold		205,448			146,155
Reinvestment of distributions		221,204			332,950
Payments of shares redeemed		(205,128	)		(438,366	)
Net increase (decrease) in net assets from Class B share transactions		221,524			40,739
Increase (decrease) in net assets		(38,372,194	)		28,884,552
Net assets at beginning of period		156,640,472			127,755,920

Net assets at end of period	$	118,268,278		$	156,640,472

Other Information
Class A
Shares outstanding at beginning of period		9,489,452			9,266,278
Shares sold		280,725			231,369
Shares issued to shareholders in reinvestment of distributions		895,666			1,002,890
Shares redeemed		(542,180	)		(1,011,085	)
Net increase (decrease) in Class A shares		634,211			223,174

Shares outstanding at end of period		10,123,663			9,489,452
Class B
Shares outstanding at beginning of period		226,957			223,302
Shares sold		15,885			9,627
Shares issued to shareholders in reinvestment of distributions		20,809			23,283
Shares redeemed		(16,753	)		(29,255	)
Net increase (decrease) in Class B shares		19,941			3,655

Shares outstanding at end of period		246,898			226,957

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

Deutsche DWS Variable Series II —

DWS CROCI^® U.S. VIP

Financial Highlights


	Six Months Ended 6/30/20			Years Ended December 31,
Class A	(Unaudited)			2019			2018			2017			2016			2015

Selected Per Share Data
Net asset value, beginning of period	$	16.12		$	13.46		$	16.64		$	13.75		$	15.29		$	17.38
Income (loss) from investment operations:

Net investment income (loss)^a		.16			.31			.29			.24			.23			.11
Net realized and unrealized gain (loss)		(3.87	)		3.92			(1.89	)		2.88			(.93	)		(1.20	)
Total from investment operations		(3.71	)		4.23			(1.60	)		3.12			(.70	)		(1.09	)
Less distributions from:

Net investment income		(.31	)		(.30	)		(.41	)		(.23	)		(.14	)		(.25	)
Net realized gains on investment transactions		(.70	)		(1.27	)		(1.17	)		—			(.70	)		(.75	)
Total distributions		(1.01	)		(1.57	)		(1.58	)		(.23	)		(.84	)		(1.00	)
Net asset value, end of period	$	11.40		$	16.12		$	13.46		$	16.64		$	13.75		$	15.29
Total Return (%)^b		(22.49	)**		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)		115			153			125			153			227			293
Ratio of expenses before expense reductions (%)^d		.86	*		.84			.84			.82			.81			.78
Ratio of expenses after expense reductions (%)^d		.69	*		.70			.72			.72			.74			.73
Ratio of net investment income (loss) (%)		2.52	*		2.13			1.89			1.59			1.66			.65
Portfolio turnover rate (%)		63	**		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.

^*	Annualized

^**	Not annualized


	Six Months Ended 6/30/20			Years Ended December 31,
Class B	(Unaudited)			2019			2018			2017			2016			2015

Selected Per Share Data
Net asset value, beginning of period	$	16.17		$	13.50		$	16.67		$	13.78		$	15.31		$	17.40
Income (loss) from investment operations:

Net investment income (loss)^a		.14			.27			.24			.20			.19			.06
Net realized and unrealized gain (loss)		(3.88	)		3.92			(1.88	)		2.87			(.92	)		(1.21	)
Total from investment operations		(3.74	)		4.19			(1.64	)		3.07			(.73	)		(1.15	)
Less distributions from:

Net investment income		(.27	)		(.25	)		(.36	)		(.18	)		(.10	)		(.19	)
Net realized gains on investment transactions		(.70	)		(1.27	)		(1.17	)		—			(.70	)		(.75	)
Total distributions		(.97	)		(1.52	)		(1.53	)		(.18	)		(.80	)		(.94	)
Net asset value, end of period	$	11.46		$	16.17		$	13.50		$	16.67		$	13.78		$	15.31
Total Return (%)^b		(22.61	)**		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)		3			4			3			4			4			4
Ratio of expenses before expense reductions (%)^d		1.18	*		1.16			1.16			1.15			1.13			1.10
Ratio of expenses after expense reductions (%)^d		1.00	*		1.02			1.04			1.03			1.05			1.04
Ratio of net investment income (loss) (%)		2.21	*		1.82			1.55			1.31			1.37			.35
Portfolio turnover rate (%)		63	**		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.

^*	Annualized

^**	Not annualized

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

Deutsche DWS Variable Series II —

DWS CROCI^® U.S. VIP


Notes to Financial Statements		(Unaudited)

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 an open-end management investment company organized as a Massachusetts business trust.

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.

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.

Investments in open-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 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.

Deutsche DWS Variable Series II —

DWS CROCI^® U.S. VIP

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.

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 six months ended June 30, 2020, 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 (0.11% annualized effective rate as of June 30, 2020) 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 June 30, 2020, 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.

At June 30, 2020, the aggregate cost of investments for federal income tax purposes was $130,319,741. The net unrealized depreciation for all investments based on tax cost was $6,538,345. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $6,714,538 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $13,252,883.

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.

Deutsche DWS Variable Series II —

DWS CROCI^® U.S. VIP

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.

The tax character of current year distributions will be determined at the end of the current fiscal year.

B. Purchases and Sales of Securities

During the six months ended June 30, 2020, purchases and sales of investment transactions (excluding short-term investments) aggregated $79,559,843 and $81,996,733, respectively.

C. Related Parties

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	%

For the period from January 1, 2020 through April 30, 2021, 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 six months ended June 30, 2020, fees waived and/or expenses reimbursed for each class are as follows:


Class A	$	102,988
Class B		2,708

	$	105,696

Deutsche DWS Variable Series II —

DWS CROCI^® U.S. VIP


Services to Shareholders	Total Aggregated		Unpaid at June 30, 2020
Class A	$	191	$	62
Class B		113		34

	$	304	$	96

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.

Securities Lending Agent Fees. Deutsche Bank AG serves as securities lending agent for the Fund. For the six months ended June 30, 2020, the Fund incurred securities lending agent fees to Deutsche Bank AG in the amount of $212.

D. Ownership of the Fund

At June 30, 2020, two participating insurance companies were owners of record of 10% or more of the total outstanding Class A shares of the Fund, each owning 60% and 33%. 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

Deutsche DWS Variable Series II —

DWS CROCI^® U.S. VIP

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 June 30, 2020.

F. Other — COVID-19 Pandemic

G. Other — Deutsche Bank AG Consent Order

system outage that prevented DB from reporting data in accordance with applicable CFTC requirements for a period of five days in April 2016.

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 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 (January 1, 2020 to June 30, 2020).

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

–


Expenses and Value of a $1,000 Investment for the six months ended June 30, 2020

Actual Fund Return		Class A		Class B
Beginning Account Value 1/1/20	$	1,000.00	$	1,000.00
Ending Account Value 6/30/20	$	775.10	$	773.90
Expenses Paid per $1,000*	$	3.05	$	4.41

Hypothetical 5% Fund Return		Class A		Class B
Beginning Account Value 1/1/20	$	1,000.00	$	1,000.00
Ending Account Value 6/30/20	$	1,021.43	$	1,019.89
Expenses Paid per $1,000^*	$	3.47	$	5.02

*	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 182 (the number of days in the most recent six-month period), then divided by 366.


Annualized Expense Ratios	Class A			Class B
Deutsche DWS Variable Series II — DWS CROCI^®U.S. VIP		.69	%		1.00	%

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

Deutsche DWS Variable Series II —

DWS CROCI^® U.S. VIP

Liquidity Risk Management

Proxy Voting

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

–

In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund’s Rule 12b-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.

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

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, 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 the one-, 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 applicable 12b-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 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.

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.

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



VS2CUS-3 (R-028386-9 8/20)

June 30, 2020

Semiannual Report

Deutsche DWS Variable Series II

DWS Global Equity VIP

LOGO

Contents


	3			Performance Summary
	4			Portfolio Summary
	4			Portfolio Manager
	5			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
	16			Information About Your Fund’s Expenses
	17			Liquidity Risk Management
	17			Proxy Voting
	18			Advisory Agreement Board Considerations and Fee Evaluation

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. The Fund may lend securities to approved institutions. Please read the prospectus for details.

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

Deutsche DWS Variable Series II —

DWS Global Equity VIP


Performance Summary		June 30, 2020 (Unaudited)

The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated May 1, 2020 is 1.22% for Class A shares and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

Growth of an Assumed $10,000 Investment

LOGO

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.

Prior to July 12, 2013, the Fund was named DWS Diversified International Equity VIP and had a subadvisor and a different investment management team that operated with a different investment strategy. Performance would have been different if the fund’s current investment strategy had been in effect.


Comparative Results

DWS Global Equity VIP		6-Month^‡	1-Year	3-Year	5-Year	10-Year
Class A	Growth of $10,000	$10,205	$11,023	$13,439	$15,331	$24,775
	Average annual total return	2.05%	10.23%	10.35%	8.92%	9.50%
MSCI All Country World Index	Growth of $10,000	$9,375	$10,211	$11,956	$13,672	$24,016
MSCI All Country World Index	Average annual total return	–6.25%	2.11%	6.14%	6.46%	9.16%

The growth of $10,000 is cumulative.

^‡	Total returns shown for periods less than one year are not annualized.

Deutsche DWS Variable Series II —

DWS Global Equity VIP


Portfolio Summary		(Unaudited)


Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral)	6/30/20		12/31/19
Common Stocks		100%		99%
Cash Equivalent		0%		1%
Rights		0%		—
		100%		100%

Sector Diversification (As a % of Investment Portfolio excluding Cash Equivalent and Securities Lending Collateral)	6/30/20		12/31/19
Information Technology		23%		21%
Health Care		18%		15%
Financials		17%		20%
Consumer Discretionary		11%		11%
Communication Services		10%		8%
Industrials		8%		10%
Consumer Staples		7%		7%
Materials		4%		4%
Energy		2%		3%
Real Estate		0%		1%
		100%		100%

Geographical Diversification (As a % of Investment Portfolio excluding Cash Equivalent and Securities Lending Collateral)	6/30/20		12/31/19
United States		55%		52%
Germany		7%		9%
China		7%		7%
Switzerland		6%		5%
Canada		5%		7%
France		4%		4%
Japan		4%		4%
United Kingdom		3%		3%
Ireland		3%		3%
Sweden		2%		1%
Argentina		1%		2%
Others		3%		3%
		100%		100%

Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund’s investment portfolio, see page 5.

Portfolio Manager

Sebastian P. Werner, PhD, Director

Deutsche DWS Variable Series II —

DWS Global Equity VIP


Investment Portfolio		as of June 30, 2020 (Unaudited)


	Shares		Value ($)
Common Stocks 99.4%
Argentina 1.5%
Globant SA* (Cost $140,221)		2,720		407,592

Brazil 0.6%
Pagseguro Digital Ltd. “A”* (Cost $157,458)		4,600		162,564

Canada 5.3%

Agnico Eagle Mines Ltd.		4,650		297,879

Alimentation Couche-Tard, Inc. “B”		10,340		324,229

Brookfield Asset Management, Inc. “A”		26,400		868,851

(Cost $696,999)				1,490,959

China 6.9%

Alibaba Group Holding Ltd. (ADR)*		2,400		517,680

China Literature Ltd. 144A*		14		95

Momo, Inc. (ADR)		4,200		73,416

New Oriental Education & Technology Group, Inc. (ADR)*		1,490		194,043

Ping An Insurance (Group) Co. of China Ltd. “H”		41,500		416,623

Tencent Holdings Ltd.		11,200		722,193

(Cost $1,275,025)				1,924,050

France 3.8%

Cie de St-Gobain SA*		5,400		195,944

LVMH Moet Hennessy Louis Vuitton SE		275		122,291

Schneider Electric SE		971		108,674

TOTAL SA (a)		6,060		234,187

VINCI SA		4,400		406,312

(Cost $1,203,561)				1,067,408

Germany 7.0%

adidas AG*		485		128,157

Allianz SE (Registered)		2,055		422,177

BASF SE		2,200		123,858

Deutsche Boerse AG		3,650		663,245

Evonik Industries AG		7,800		199,459

Fresenius Medical Care AG & Co. KGaA		4,700		405,502

(Cost $1,580,447)				1,942,398

Ireland 3.0%

Experian PLC		11,041		388,935

Kerry Group PLC “A” (b)		49		6,087

Kerry Group PLC “A” (b)		3,451		429,336

(Cost $484,487)				824,358

Japan 3.7%

Kao Corp.		2,800		221,792

Keyence Corp.		1,200		501,747

SMC Corp.		600		307,384

(Cost $751,300)				1,030,923

Luxembourg 1.0%
Eurofins Scientific SE* (Cost $121,487)		460		290,282


	Shares		Value ($)

Malaysia 0.3%
IHH Healthcare Bhd. (Cost $83,204)		63,900		82,120

Norway 0.5%
Mowi ASA (Cost $82,231)		7,200		137,014

Singapore 0.8%
DBS Group Holdings Ltd. (Cost $279,300)		15,200		227,902

Sweden 1.8%

Assa Abloy AB “B”		6,700		137,395

Spotify Technology SA* (c)		1,445		373,085

(Cost $343,592)				510,480

Switzerland 5.7%

Lonza Group AG (Registered)		1,930		1,022,910

Nestle SA (Registered)		5,185		575,031

(Cost $459,542)				1,597,941

United Kingdom 3.2%

Aon PLC (c)		1,500		288,900

Compass Group PLC		8,360		115,784

Halma PLC		8,200		234,478

Spirax-Sarco Engineering PLC		1,950		241,828

(Cost $447,072)				880,990

United States 54.3%

Activision Blizzard, Inc.		6,961		528,340

Alphabet, Inc. “A”*		450		638,122

Amazon.com, Inc.*		141		388,994

American Express Co.		2,166		206,203

AMETEK, Inc.		4,195		374,907

Amphenol Corp. “A”		6,000		574,860

Apple, Inc.		1,155		421,344

Applied Materials, Inc.		5,750		347,588

AZEK Co., Inc.*		728		23,194

Becton, Dickinson & Co.		1,171		280,185

CBRE Group, Inc. “A”*		2,850		128,877

Danaher Corp.		5,500		972,565

DexCom, Inc.*		760		308,104

Ecolab, Inc.		2,280		453,606

EOG Resources., Inc.		3,300		167,178

EPAM Systems, Inc.*		1,900		478,819

Evolent Health, Inc. “A”*		13,500		96,120

Exact Sciences Corp.*		2,005		174,315

Fiserv, Inc.*		3,475		339,230

Hologic, Inc.*		3,000		171,000

Intuit, Inc.		1,200		355,428

Johnson & Johnson		1,700		239,071

JPMorgan Chase & Co.		5,300		498,518

Las Vegas Sands Corp.		2,460		112,028

Livongo Health, Inc.* (a)		1,650		124,064

MasterCard, Inc. “A”		1,740		514,518

McDonald’s Corp.		2,285		421,514

Microsoft Corp.		4,860		989,059

Mondelez International, Inc. “A”		7,320		374,272

NVIDIA Corp.		1,130		429,298

PPD, Inc*		9,800		262,640

Progressive Corp.		12,800		1,025,408

Quidel Corp.*		830		185,704

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

Deutsche DWS Variable Series II —

DWS Global Equity VIP


	Shares		Value ($)

Schlumberger Ltd.		3,960		72,824

ServiceMaster Global Holdings, Inc.*		8,100		289,089

ServiceNow, Inc.*		1,375		556,957

T-Mobile U.S., Inc.*		3,950		411,393

TJX Companies, Inc.		5,491		277,625

Vroom, Inc.*		1,332		69,450

YETI Holdings, Inc.* (a)		8,300		354,659

Zoetis, Inc.		3,720		509,789	��

(Cost $8,710,685)				15,146,859
Total Common Stocks (Cost $16,816,611)				27,723,840

Rights 0.0%
United States
T-Mobile U.S., Inc., Expiration Date 07/27/2020* (Cost $1,462)		3,950		664


	Shares			Value ($)

Securities Lending Collateral 2.3%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.05% (d) (e) (Cost $635,058)		635,058			635,058

Cash Equivalents 0.4%
DWS Central Cash Management Government Fund, 0.12% (d) (Cost $111,130)		111,130			111,130

	% of Net Assets			Value ($)
Total Investment Portfolio (Cost $17,564,261)		102.1			28,470,692
Other Assets and Liabilities, Net		(2.1	)		(573,907	)
Net Assets		100.0			27,896,785

A summary of the Fund’s transactions with affiliated investments during the period ended June 30, 2020 are as follows:


Value ($) at 12/31/2019	Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/ (Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 6/30/2020		Value ($) at 6/30/2020
Securities Lending Collateral 2.3%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.05% (d) (e)
836,078		—		201,020	(f)		—		—		6,052		—		635,058		635,058
Cash Equivalents 0.4%
DWS Central Cash Management Government Fund, 0.12% (d)
364,206		2,705,998		2,959,074			—		—		975		—		111,130		111,130
1,200,284		2,705,998		3,160,094			—		—		7,027		—		746,188		746,188

*	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 June 30, 2020 amounted to $620,553, which is 2.2% 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 annualized seven-day yield at period end.

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

(f)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended June 30, 2020.

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.

Deutsche DWS Variable Series II —

DWS Global Equity VIP

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Common Stocks
Argentina	$	407,592	$	—	$	—	$	407,592
Brazil		162,564		—		—		162,564
Canada		1,490,959		—		—		1,490,959
China		785,139		1,138,911		—		1,924,050
France		—		1,067,408		—		1,067,408
Germany		—		1,942,398		—		1,942,398
Ireland		—		824,358		—		824,358
Japan		—		1,030,923		—		1,030,923
Luxembourg		—		290,282		—		290,282
Malaysia		—		82,120		—		82,120
Norway		—		137,014		—		137,014
Singapore		—		227,902		—		227,902
Sweden		373,085		137,395		—		510,480
Switzerland		—		1,597,941		—		1,597,941
United Kingdom		288,900		592,090		—		880,990
United States		15,146,859		—		—		15,146,859
Rights		664		—		—		664
Short-Term Investments (g)		746,188		—		—		746,188
Total	$	19,401,950	$	9,068,742	$	—	$	28,470,692

(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


Statement of Assets and Liabilities
as of June 30, 2020 (Unaudited)

Assets
Investments in non-affiliated securities, at value (cost $16,818,073) — including $620,553 of securities loaned	$	27,724,504
Investment in DWS Government & Agency Securities Portfolio (cost $635,058)*		635,058
Investment in DWS Central Cash Management Government Fund (cost $111,130)		111,130
Foreign currency, at value (cost $77,134)		75,099
Receivable for investments sold		26,410
Receivable for Fund shares sold		108
Dividends receivable		19,051
Interest receivable		651
Foreign taxes recoverable		16,910
Other assets		289
Total assets		28,609,210

Liabilities
Payable upon return of securities loaned		635,058
Payable for Fund shares redeemed		16,409
Accrued management fee		7,492
Accrued Trustees’ fees		301
Other accrued expenses and payables		53,165
Total liabilities		712,425
Net assets, at value	$	27,896,785

Net Assets Consist of
Distributable earnings (loss)		11,444,493
Paid-in capital		16,452,292
Net assets, at value	$	27,896,785

Net Asset Value
Class A

Net asset value, offering and redemption price per share ($27,896,785 ÷ 2,217,150 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	12.58

*	Represents collateral on securities loaned.


Statement of Operations
for the six months ended June 30, 2020 (Unaudited)

Investment Income
Income:
Dividends (net of foreign taxes withheld of $13,164)	$	246,724
Income distributions — DWS Central Cash Management Government Fund		975
Securities lending income, net of borrower rebates		6,052
Total income		253,751
Expenses:
Management fee		88,259
Administration fee		13,322
Services to shareholders		114
Custodian fee		5,718
Professional fees		37,554
Reports to shareholders		13,862
Trustees’ fees and expenses		1,668
Other		5,178
Total expenses before expense reductions		165,675
Expense reductions		(51,617	)
Total expenses after expense reductions		114,058
Net investment income		139,693

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		483,270
Foreign currency		(1,404	)
		481,866
Change in net unrealized appreciation (depreciation) on:
Investments		(249,475	)
Foreign currency		(1,689	)
		(251,164	)
Net gain (loss)		230,702
Net increase (decrease) in net assets resulting from operations	$	370,395

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

Deutsche DWS Variable Series II —

DWS Global Equity VIP


Statements of Changes in Net Assets


Increase (Decrease) in Net Assets	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
Operations:
Net investment income (loss)	$	139,693		$	197,722
Net realized gain (loss)		481,866			987,156
Change in net unrealized appreciation (depreciation)		(251,164	)		7,411,902
Net increase (decrease) in net assets resulting from operations		370,395			8,596,780
Distributions to shareholders:
Class A		(1,173,276	)		(2,329,682	)
Fund share transactions:
Class A
Proceeds from shares sold		383,392			1,084,314
Reinvestment of distributions		1,173,276			2,329,682
Payments for shares redeemed		(2,758,339	)		(4,708,430	)
Net increase (decrease) in net assets from Class A share transactions		(1,201,671	)		(1,294,434	)
Increase (decrease) in net assets		(2,004,552	)		4,972,664
Net assets at beginning of period		29,901,337			24,928,673

Net assets at end of period		27,896,785			29,901,337

Other Information
Class A
Shares outstanding at beginning of period		2,310,277			2,415,204
Shares sold		30,576			87,985
Shares issued to shareholders in reinvestment of distributions		107,739			200,144
Shares redeemed		(231,442	)		(393,056	)
Net increase (decrease) in Class A shares		(93,127	)		(104,927	)

Shares outstanding at end of period		2,217,150			2,310,277

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

Deutsche DWS Variable Series II —

DWS Global Equity VIP

Financial Highlights


	Six Months Ended 6/30/20			Years Ended December 31,
Class A	(Unaudited)			2019			2018			2017			2016			2015

Selected Per Share Data
Net asset value, beginning of period		$12.94		$	10.32			$11.70			$9.48		$	9.00			$9.21
Income (loss) from investment operations:

Net investment income^a		.06			.08			.06			.05			.04			.05
Net realized and unrealized gain (loss)		.12			3.55			(1.35	)		2.22			.51			(.21	)
Total from investment operations		.18			3.63			(1.29	)		2.27			.55			(.16	)
Less distributions from:

Net investment income		(.09	)		(.06	)		(.09	)		(.05	)		(.07	)		(.05	)
Net realized gains		(.45	)		(.95	)		—			—			—			—
Total distributions		(.54	)		(1.01	)		(.09	)		(.05	)		(.07	)		(.05	)
Net asset value, end of period		$12.58		$	12.94			$10.32		$	11.70		$	9.48			$9.00
Total Return (%)^b		2.05	**		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)		28			30			25			31			43			49
Ratio of expenses before expense reductions (%)^d		1.22	*		1.22			1.22			1.06			1.03			1.00
Ratio of expenses after expense reductions (%)^d		.84	*		.88			.92			.95			.95			.91
Ratio of net investment income (%)		1.03	*		.69			.51			.49			.49			.58
Portfolio turnover rate (%)		7	**		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.

^*	Annualized

^**	Not annualized

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

Deutsche DWS Variable Series II —

DWS Global Equity VIP


Notes to Financial Statements		(Unaudited)

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 an open-end management investment company organized as a Massachusetts business trust.

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.

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

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 Global Equity VIP

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 (0.11% annualized effective rate as of June 30, 2020) 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.

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.

At June 30, 2020, the aggregate cost of investments for federal income tax purposes was $17,622,972. The net unrealized appreciation for all investments based on tax cost was $10,847,720. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $11,943,751 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $1,096,031.

Deutsche DWS Variable Series II —

DWS Global Equity VIP

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.

The tax character of current year distributions will be determined at the end of the current fiscal year.

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.

B. Purchases and Sales of Securities

During the six months ended June 30, 2020, purchases and sales of investment transactions (excluding short-term investments) aggregated $1,858,827 and $3,979,754, respectively.

C. Related Parties


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

For the period from January 1, 2020 through April 30, 2021, 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 six months ended June 30, 2020, fees waived and/or expenses reimbursed were $51,617.

Deutsche DWS Variable Series II —

DWS Global Equity VIP

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 six months ended June 30, 2020, the amounts charged to the Fund by DSC aggregated $40, of which $13 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.

Securities Lending Fees. Deutsche Bank AG serves as lending agent for the Fund. For the six months ended June 30, 2020, the Fund incurred lending agent fees to Deutsche Bank AG in the amount of $454.

D. Ownership of the Fund

At June 30, 2020, 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 $350 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 June 30, 2020.

F. Other — COVID-19 Pandemic

G. Other — Deutsche Bank AG Consent Order

On June 17, 2020, Deutsche Bank AG (“DB”), an affiliate of DWS Group, resolved with the Commodity

Futures Trading Commission (“CFTC”) charges stemming from alleged violations of various swap data

Deutsche DWS Variable Series II —

DWS Global Equity VIP

reporting requirements and corresponding supervision and other failures. The matter, which was resolved by the issuance of a federal court order (“Consent Order”), involved unintentional conduct that resulted from a system outage that prevented DB from reporting data in accordance with applicable CFTC requirements for a period of five days in April 2016.

Deutsche DWS Variable Series II —

DWS Global Equity 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 the six-month period and held for the entire period (January 1, 2020 to June 30, 2020).

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

–


Expenses and Value of a $1,000 Investment for the six months ended June 30, 2020

Actual Fund Return		Class A
Beginning Account Value 1/1/20	$	1,000.00
Ending Account Value 6/30/20	$	1,020.50
Expenses Paid per $1,000*	$	4.22

Hypothetical 5% Fund Return		Class A
Beginning Account Value 1/1/20	$	1,000.00
Ending Account Value 6/30/20	$	1,020.69
Expenses Paid per $1,000*	$	4.22

*	Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 (the number of days in the most recent six-month period), then divided by 366.


Annualized Expense Ratio	Class A
Deutsche DWS Variable Series II — DWS Global Equity VIP		.84	%

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

Deutsche DWS Variable Series II —

DWS Global Equity VIP

Liquidity Risk Management

Proxy Voting

Deutsche DWS Variable Series II —

DWS Global Equity 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 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 also received extensive information throughout the year regarding performance of the Fund.

–

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.

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 Equity VIP

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 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 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 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.

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

Deutsche DWS Variable Series II —

DWS Global Equity VIP

Notes



VS2GE-3 (R-028380-9 8/20)

June 30, 2020

Semiannual Report

Deutsche DWS Variable Series II

DWS Global Income Builder VIP

LOGO

Contents


	3			Performance Summary
	5			Portfolio Summary
	5			Portfolio Management Team
	6			Investment Portfolio
	18			Statement of Assets and Liabilities
	19			Statement of Operations
	20			Statements of Changes in Net Assets
	21			Financial Highlights
	22			Notes to Financial Statements
	31			Information About Your Fund’s Expenses
	32			Liquidity Risk Management
	32			Proxy Voting
	33			Advisory Agreement Board Considerations and Fee Evaluation

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. 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. Please read the prospectus for details.

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

Deutsche DWS Variable Series II —

DWS Global Income Builder VIP


Performance Summary		June 30, 2020 (Unaudited)

The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated May 1, 2020 are 0.68% and 1.10% for Class A and Class B shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report.

Growth of an Assumed $10,000 Investment

LOGO

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 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.

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


Comparative Results

DWS Global Income Builder VIP		6-Month^‡	1-Year	3-Year	5-Year	10-Year
Class A	Growth of $10,000	$9,407	$9,957	$11,320	$12,481	$19,791
	Average annual total return	–5.93%	–0.43%	4.22%	4.53%	7.06%
MSCI All Country World Index	Growth of $10,000	$9,375	$10,211	$11,956	$13,672	$24,016
	Average annual total return	–6.25%	2.11%	6.14%	6.46%	9.16%
Blended Index 60/40	Growth of $10,000	$9,898	$10,534	$11,969	$13,372	$20,467
	Average annual total return	–1.02%	5.34%	6.17%	5.98%	7.43%
Bloomberg Barclays U.S. Universal Index	Growth of $10,000	$10,517	$10,788	$11,627	$12,416	$14,967
Bloomberg Barclays U.S. Universal Index	Average annual total return	5.17%	7.88%	5.15%	4.42%	4.12%



DWS Global Income Builder VIP		6-Month^‡	1-Year	Life of Class*
Class B	Growth of $10,000	$9,393	$9.938	$10,600
	Average annual total return	–6.07%	–0.62%	2.73%
MSCI All Country World Index	Growth of $10,000	$9,375	$10,211	$10,753
	Average annual total return	–6.25%	2.11%	3.41%
Blended Index 60/40	Growth of $10,000	$9,898	$10,534	$11,250
	Average annual total return	–1.02%	5.34%	5.60%
Bloomberg Barclays U.S. Universal Index	Growth of $10,000	$10,517	$10,788	$11,706
Bloomberg Barclays U.S. Universal Index	Average annual total return	5.17%	7.88%	7.54%

The growth of $10,000 is cumulative.

*	Class B commenced operations on May 1, 2018.

^‡	Total returns shown for periods less than one year are not annualized.

Deutsche DWS Variable Series II —

DWS Global Income Builder VIP


Portfolio Summary		(Unaudited)


Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral)	6/30/20		12/31/19
Equity		56%		64%
Common Stocks		52%		60%
Preferred Stocks		4%		4%

Fixed Income		42%		35%
Corporate Bonds		14%		9%
Asset-Backed		6%		6%
Collateralized Mortgage Obligations		6%		8%
Commercial Mortgage-Backed Securities		5%		5%
Exchange-Traded Funds		3%		3%
Mortgage-Backed Securities Pass-Throughs		3%		1%
Short-Term U.S. Treasury Obligations		3%		2%
Government & Agency Obligations		2%		1%

Cash Equivalents		2%		1%
		100%		100%

Sector Diversification (As a % of Equities, Corporate Bonds and Preferred Securities)	6/30/20		12/31/19
Information Technology		18%		15%
Financials		14%		19%
Health Care		13%		9%
Communication Services		12%		10%
Consumer Discretionary		9%		9%
Industrials		8%		7%
Utilities		8%		8%
Consumer Staples		7%		6%
Real Estate		5%		6%
Energy		3%		7%
Materials		3%		4%
		100%		100%

Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund’s investment portfolio, see page 6.

Portfolio Management Team

Dokyoung Lee, CFA, Director

Di Kumble, CFA, Managing Director

Thomas M. Farina, CFA, Managing Director

Scott Agi, CFA, Director

Darwei Kung, Managing Director

Portfolio Managers

Deutsche DWS Variable Series II —

DWS Global Income Builder VIP


Investment Portfolio		as of June 30, 2020 (Unaudited)


	Shares		Value ($)
Common Stocks 53.1%
Communication Services 5.8%
Diversified Telecommunication Services 2.6%

AT&T, Inc.		18,226		550,972

BCE, Inc.		3,851		160,609

Deutsche Telekom AG (Registered)		10,645		180,081

HKT Trust & HKT Ltd. “SS”, (Units)		55,817		81,989

Koninklijke KPN NV		51,475		136,866

Nippon Telegraph & Telephone Corp.		6,492		151,297

Orange SA		12,938		155,044

Singapore Telecommunications Ltd.		58,599		104,203

Spark New Zealand Ltd.		24,010		71,052

Swisscom AG (Registered)		290		152,341

Telefonica Brasil SA (ADR) (Preferred)		14,238		126,149

Telefonica Deutschland Holding AG		26,046		77,324

Telenor ASA		11,293		164,717

Telia Co. AB		62,452		234,303

TELUS Corp.		10,607		177,903

Verizon Communications, Inc.		8,576		472,795

				2,997,645

Entertainment 0.4%

iQIYI, Inc. (ADR)*		3,572		82,835

NetEase, Inc. (ADR)		874		375,278

				458,113

Interactive Media & Services 0.5%

Alphabet, Inc. “C”*		79		111,675

Facebook, Inc. “A”*		756		171,665

Tencent Holdings Ltd. (ADR)		4,763		304,832

				588,172

Media 0.8%

Charter Communications, Inc. “A”*		721		367,739

Comcast Corp. “A”		5,408		210,804

Interpublic Group of Companies, Inc.		6,475		111,111

ITV PLC		82,971		77,221

Omnicom Group, Inc.		1,813		98,990

Shaw Communications, Inc. “B”		6,402		104,405

				970,270

Wireless Telecommunication Services 1.5%

China Mobile Ltd. (ADR)		12,057		405,597

KDDI Corp.		6,423		192,594

Mobile TeleSystems PJSC (ADR)		9,429		86,653

NTT DoCoMo, Inc.		32,133		855,197

Vodafone Group PLC		133,622		213,209

				1,753,250

Consumer Discretionary 4.8%
Auto Components 0.1%
Bridgestone Corp. (a)		3,366		108,207

Automobiles 0.9%

Bayerische Motoren Werke AG		2,043		130,472


	Shares		Value ($)

Honda Motor Co., Ltd.		4,757		121,541

NIO, Inc. (ADR)*		28,424		219,433

Subaru Corp.		10,253		213,232

Tesla, Inc.*		120		129,577

Toyota Motor Corp.		3,280		205,666

				1,019,921

Diversified Consumer Services 0.1%
Tal Education Group (ADR)*		2,104		143,871

Hotels, Restaurants & Leisure 0.7%

Crown Resorts Ltd.		19,445		131,056

Genting Singapore Ltd.		136,348		74,918

Las Vegas Sands Corp.		3,603		164,080

Restaurant Brands International, Inc.		1,065		57,965

Sands China Ltd.		43,348		171,077

Wynn Macau Ltd.		87,521		151,271

Yum! Brands, Inc.		670		58,230

				808,597

Household Durables 0.5%

Barratt Developments PLC		12,120		75,009

Garmin Ltd.		1,461		142,448

Newell Brands, Inc.		13,241		210,267

Sekisui House Ltd.		6,509		123,877

				551,601

Internet & Direct Marketing Retail 1.7%

Alibaba Group Holding Ltd. (ADR)*		617		133,087

Amazon.com, Inc.*		552		1,522,869

JD.com, Inc. (ADR)*		4,173		251,131

Pinduoduo, Inc. (ADR)*		910		78,114

Wayfair, Inc. “A”*		378		74,697

				2,059,898

Multiline Retail 0.3%

Target Corp.		1,358		162,865

Wesfarmers Ltd.		5,503		171,568

				334,433

Specialty Retail 0.5%

Hennes & Mauritz AB “B”		7,940		116,050

Home Depot, Inc.		1,228		307,626

TJX Companies, Inc.		2,509		126,855

				550,531

Consumer Staples 4.6%
Beverages 0.5%

Coca-Cola Co.		6,566		293,369

PepsiCo, Inc.		2,335		308,827

				602,196

Food & Staples Retailing 1.7%

Casino Guichard Perrachon SA		3,152		116,684

Colruyt SA		2,282		125,783

Walgreens Boots Alliance, Inc.		15,027		636,995

Walmart, Inc.		6,956		833,190

Wm Morrison Supermarkets PLC		82,388		195,401

				1,908,053

Food Products 1.3%

Bunge Ltd.		1,546		63,587

General Mills, Inc.		2,697		166,270

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

Deutsche DWS Variable Series II —

DWS Global Income Builder VIP


	Shares		Value ($)

Hormel Foods Corp.		7,677		370,569

Kellogg Co.		2,198		145,200

Kraft Heinz Co.		4,960		158,174

Mowi ASA		5,970		113,607

Nestle SA (Registered)		3,317		367,865

The JM Smucker Co.		1,333		141,045

				1,526,317

Household Products 0.4%

Kimberly-Clark Corp.		1,069		151,103

Procter & Gamble Co.		2,761		330,133

				481,236

Personal Products 0.1%
Pola Orbis Holdings, Inc. (a)		7,248		126,057

Tobacco 0.6%

British American Tobacco PLC		7,869		303,676

Philip Morris International, Inc.		5,301		371,388

				675,064

Energy 1.5%
Energy Equipment & Services 0.7%

Baker Hughes Co.		8,192		126,075

Halliburton Co.		50,991		661,863

				787,938

Oil, Gas & Consumable Fuels 0.8%

Canadian Natural Resources Ltd.		3,297		57,192

Chevron Corp.		2,463		219,773

Galp Energia, SGPS, SA		5,500		64,063

Kinder Morgan, Inc.		6,994		106,099

Marathon Petroleum Corp.		9,583		358,213

Valero Energy Corp.		2,868		168,696

				974,036

Financials 5.3%
Banks 2.4%

Australia & New Zealand Banking Group Ltd.		8,090		105,096

Bank of Nova Scotia		2,952		122,159

BOC Hong Kong Holdings Ltd.		40,360		129,015

Canadian Imperial Bank of Commerce		1,742		116,433

Citizens Financial Group, Inc.		2,439		61,560

DBS Group Holdings Ltd.		12,091		181,287

Erste Group Bank AG*		8,325		197,045

Hang Seng Bank Ltd.		4,225		71,397

Huntington Bancshares, Inc.		45,220		408,563

JPMorgan Chase & Co.		1,970		185,298

Mitsubishi UFJ Financial Group, Inc.		27,823		109,096

Mizuho Financial Group, Inc.		92,364		113,178

Nordea Bank Abp*		8,560		59,506

Oversea-Chinese Banking Corp., Ltd.		15,646		101,625

People’s United Financial, Inc.		9,120		105,518

Royal Bank of Canada		2,844		192,959

Sumitomo Mitsui Financial Group, Inc.		4,122		115,935

Svenska Handelsbanken AB “A”*		7,709		73,496

Toronto-Dominion Bank		3,552		158,527

Truist Financial Corp.		2,763		103,751

United Overseas Bank Ltd.		5,290		77,024

				2,788,468


	Shares			Value ($)
Capital Markets 0.5%

3i Group PLC		5,701			59,056

Amundi SA 144A*		1,013			79,684

Apollo Global Management, Inc.		1,237			61,751

Blackstone Group, Inc. “A”		1,958			110,940

CME Group, Inc.		691			112,315

Magellan Financial Group Ltd.		3,842			157,087

					580,833

Insurance 2.4%

Admiral Group PLC		2,995			85,208

Ageas		2,603			92,593

Allianz SE (Registered)		781			160,448

American Financial Group, Inc.		1,017			64,539

Assicurazioni Generali SpA		9,746			147,982

Baloise Holding AG (Registered)		750			112,954

Chubb Ltd.		637			80,657

Everest Re Group Ltd.		754			155,475

Fidelity National Financial, Inc.		3,008			92,225

Manulife Financial Corp.		23,546			320,341

MetLife, Inc.		3,035			110,838

MS&AD Insurance Group Holdings, Inc.		3,315			90,886

Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		500			130,402

Poste Italiane SpA 144A		13,013			113,732

QBE Insurance Group Ltd.		28,719			176,540

Sampo Oyj “A”		11,055			382,336

SCOR SE*		2,596			71,504

Sompo Holdings, Inc.		2,456			84,424

Zurich Insurance Group AG		824			291,856

					2,764,940

Health Care 7.3%
Biotechnology 2.1%

AbbVie, Inc.		6,200			608,716

Amgen, Inc.		1,429			337,044

BeiGene Ltd. (ADR)*		618			116,431

Gilead Sciences, Inc.		8,756			673,687

Regeneron Pharmaceuticals, Inc.*		1,048			653,585

Zai Lab Ltd. (ADR)*		1,048			86,072

					2,475,535

Health Care Equipment & Supplies 0.5%

Abbott Laboratories		2,660			243,204

DexCom, Inc.*		155			62,837

Medtronic PLC		2,420			221,914

					527,955

Health Care Providers & Services 0.4%

Cardinal Health, Inc.		2,961			154,535

CVS Health Corp.		1,151			74,780

UnitedHealth Group, Inc.		804			237,140
			��
					466,455

Pharmaceuticals 4.3%

Astellas Pharma, Inc.		8,519			142,156

AstraZeneca PLC		2,335			245,033

Bayer AG (Registered)		2,184			162,663

Bristol-Myers Squibb Co.		4,800			282,240

Canopy Growth Corp.* (a)		3,796			61,486

Chugai Pharmaceutical Co., Ltd.		13,242			708,801

Eli Lilly & Co.		1,701			279,270

GlaxoSmithKline PLC		13,529			275,309

H. Lundbeck AS		2,484			93,773

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

Deutsche DWS Variable Series II —

DWS Global Income Builder VIP


	Shares		Value ($)

Hikma Pharmaceuticals PLC		2,017		55,582

Johnson & Johnson		2,881		405,155

Merck & Co., Inc.		5,229		404,359

Novartis AG (Registered)		4,210		368,541

Novo Nordisk AS ‘‘B”		2,925		190,676

Pfizer, Inc.		11,109		363,264

Roche Holding AG (Genusschein)		1,423		495,660

Sanofi		2,465		252,682

Takeda Pharmaceutical Co., Ltd.		5,341		191,541

				4,978,191

Industrials 4.9%
Aerospace & Defense 0.6%

BAE Systems PLC		20,037		120,446

General Dynamics Corp.		802		119,867

Lockheed Martin Corp.		405		147,792

Raytheon Technologies Corp.		2,694		166,004

Singapore Technologies Engineering Ltd.		42,026		100,245

				654,354

Air Freight & Logistics 0.1%
United Parcel Service, Inc. “B”		1,338		148,759

Airlines 0.1%
Deutsche Lufthansa AG (Registered)*		8,594		86,726

Building Products 0.1%
Johnson Controls International PLC		3,412		116,486

Commercial Services & Supplies 0.1%

Quad Graphics, Inc.		2		7

Waste Management, Inc.		1,165		123,385

				123,392

Construction & Engineering 0.4%

Bouygues SA*		3,271		112,760

HOCHTIEF AG		1,912		171,051

Kajima Corp.		11,284		133,083

				416,894

Electrical Equipment 0.6%

ABB Ltd. (Registered)		6,423		145,676

Eaton Corp. PLC		1,738		152,040

Emerson Electric Co.		1,542		95,650

Prysmian SpA		12,226		284,288

				677,654

Industrial Conglomerates 0.4%

3M Co.		878		136,959

Honeywell International, Inc.		910		131,577

Siemens AG (Registered)		1,358		161,137

				429,673

Machinery 0.6%

Cummins, Inc.		586		101,530

Komatsu Ltd.		3,555		72,765

Metso Oyj		1,831		60,232

PACCAR, Inc.		3,071		229,864

Wartsila OYJ Abp		8,930		74,302

Yangzijiang Shipbuilding Holdings Ltd.		167,210		112,168

				650,861

Professional Services 0.1%
Adecco Group AG (Registered)		2,516		119,048


	Shares		Value ($)
Road & Rail 0.5%

Aurizon Holdings Ltd.		105,978		361,681

Uber Technologies, Inc.*		3,744		116,363

Union Pacific Corp.		953		161,124

				639,168

Trading Companies & Distributors 0.9%

ITOCHU Corp.		8,175		176,053

Marubeni Corp.		18,772		84,926

Mitsubishi Corp.		28,355		596,369

Mitsui & Co., Ltd.		8,467		125,167

Sumitomo Corp.		9,205		105,366

				1,087,881

Transportation Infrastructure 0.4%

Aena SME SA 144A*		513		68,742

Transurban Group (Units)		46,711		460,085

				528,827

Information Technology 12.1%
Communications Equipment 0.8%

Cisco Systems, Inc.		8,739		407,587

Juniper Networks, Inc.		5,866		134,097

Motorola Solutions, Inc.		876		122,754

Nokia Oyj		39,748		174,832

Telefonaktiebolaget LM Ericsson “B”		14,837		137,595

				976,865

Electronic Equipment, Instruments & Components 0.6%

Cognex Corp.		1,340		80,025

Corning, Inc.		4,867		126,055

Kyocera Corp.		1,632		88,830

Murata Manufacturing Co., Ltd.		2,456		143,998

TE Connectivity Ltd.		1,518		123,793

Venture Corp., Ltd.		12,417		144,921

				707,622

IT Services 3.8%

Accenture PLC “A”		1,226		263,247

Afterpay Ltd.*		1,800		76,871

Automatic Data Processing, Inc.		1,156		172,117

Broadridge Financial Solutions, Inc.		1,205		152,059

Fujitsu Ltd.		1,632		191,203

GDS Holdings Ltd. (ADR)*		1,030		82,050

International Business Machines Corp.		3,276		395,642

Leidos Holdings, Inc.		1,576		147,624

MasterCard, Inc. “A”		1,391		411,319

NEC Corp.		4,208		201,660

Okta, Inc.*		601		120,338

Paychex, Inc.		2,629		199,147

PayPal Holdings, Inc.*		1,382		240,786

Shopify, Inc. “A”*		460		437,017

Square, Inc. “A”*		5,092		534,354

Twilio, Inc. “A”* (a)		412		90,401

Visa, Inc. “A” (a)		2,257		435,985

Western Union Co.		10,851		234,598

Wirecard AG		596		4,121

				4,390,539

Semiconductors & Semiconductor Equipment 2.5%

Advanced Micro Devices, Inc.*		2,164		113,848

Analog Devices, Inc.		1,159		142,140

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

Deutsche DWS Variable Series II —

DWS Global Income Builder VIP


	Shares		Value ($)

Applied Materials, Inc.		1,529		92,428

Broadcom, Inc.		1,886		595,240

Intel Corp.		4,529		270,970

KLA Corp.		890		173,087

Lam Research Corp.		462		149,439

Maxim Integrated Products, Inc.		2,934		177,830

NVIDIA Corp.		223		84,720

QUALCOMM., Inc.		2,027		184,883

Skyworks Solutions, Inc.		721		92,187

Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		9,053		513,939

Texas Instruments, Inc.		2,256		286,444

Tokyo Electron Ltd.		343		84,660

				2,961,815

Software 2.5%

Adobe, Inc.*		695		302,540

Autodesk, Inc.*		378		90,414

DocuSign, Inc.*		756		130,191

Intuit, Inc.		537		159,054

Microsoft Corp.		3,602		733,043

Oracle Corp.		4,591		253,745

Paycom Software, Inc.*		429		132,874

salesforce.com, Inc.*		940		176,090

SAP SE		1,033		145,177

ServiceNow, Inc.*		565		228,859

Splunk, Inc.*		532		105,708

Trade Desk, Inc. “A”* (a)		189		76,829

Trend Micro, Inc.		2,817		158,403

WiseTech Global Ltd.		6,524		88,534

Workday, Inc. “A”*		429		80,377

				2,861,838

Technology Hardware, Storage & Peripherals 1.9%

Apple, Inc.		1,931		704,429

Brother Industries Ltd.		4,139		74,697

Canon, Inc. (a)		18,840		373,597

FUJIFILM Holdings Corp.		1,374		58,761

Hewlett Packard Enterprise Co.		9,576		93,174

HP, Inc.		7,736		134,839

NetApp, Inc.		3,748		166,299

Samsung Electronics Co., Ltd. (GDR) (Registered)		190		209,570

Seagate Technology PLC		5,763		278,987

Seiko Epson Corp.		9,669		110,793

				2,205,146

Materials 1.5%
Chemicals 0.8%

Air Products & Chemicals, Inc.		597		144,152

BASF SE		1,232		69,361

Dow, Inc.		8,209		334,599

Linde PLC		411		87,177

Mitsubishi Chemical Holdings Corp.		19,424		113,023

Nutrien Ltd.		5,135		164,989

Sociedad Quimica y Minera de Chile SA (ADR)		2,336		60,899

				974,200

Construction Materials 0.1%
LafargeHolcim Ltd. (Registered)		2,945		130,701

Containers & Packaging 0.3%

Amcor PLC		15,086		154,028


	Shares		Value ($)

International Paper Co.		3,576		125,911

Westrock Co.		4,015		113,464

				393,403

Metals & Mining 0.3%

Anglo American PLC		2,780		65,097

Mitsubishi Materials Corp.		4,397		92,991

Polyus PJSC (GDR)		995		83,729

Rio Tinto PLC		1,101		62,491

				304,308

Real Estate 1.8%
Equity Real Estate Investment Trusts (REITs)

Ascendas Real Estate Investment Trust		132,702		305,218

CapitaLand Commercial Trust		77,096		94,118

CapitaLand Mall Trust		88,568		125,205

Crown Castle International Corp.		884		147,937

Host Hotels & Resorts, Inc.		30,796		332,289

Mid-America Apartment Communities, Inc.		706		80,957

National Retail Properties, Inc.		2,450		86,926

Prologis, Inc.		1,531		142,888

Public Storage		289		55,456

Realty Income Corp.		1,986		118,167

Suntec Real Estate Investment Trust		88,603		90,187

VICI Properties, Inc.		18,414		371,779

WP Carey, Inc.		1,820		123,123

				2,074,250

Utilities 3.5%
Electric Utilities 2.3%

American Electric Power Co., Inc.		1,587		126,389

Duke Energy Corp.		2,109		168,488

EDP — Energias de Portugal SA		35,630		170,287

Endesa SA		8,045		198,733

Enel Americas SA (ADR)		7,952		59,720

Enel SpA		20,810		180,243

Entergy Corp.		1,301		122,047

Evergy, Inc.		2,228		132,098

Exelon Corp.		3,175		115,221

Fortum Oyj		22,365		427,820

NextEra Energy, Inc.		751		180,368

OGE Energy Corp.		3,067		93,114

Power Assets Holdings Ltd.		26,792		145,674

PPL Corp.		7,329		189,381

Red Electrica Corp. SA		8,536		159,777

Southern Co.		3,514		182,201

				2,651,561

Gas Utilities 0.2%

Naturgy Energy Group SA		6,532		121,578

Snam SpA		28,043		136,992

				258,570

Multi-Utilities 1.0%

Consolidated Edison, Inc.		1,634		117,534

Dominion Energy, Inc		2,840		230,551

DTE Energy Co.		1,162		124,915

Engie SA*		9,043		112,259

National Grid PLC (a)		13,458		165,426

Public Service Enterprise Group, Inc.		2,400		117,984

Sempra Energy		971		113,830

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

Deutsche DWS Variable Series II —

DWS Global Income Builder VIP


	Shares		Value ($)

WEC Energy Group, Inc.		1,605		140,678

				1,123,177
Total Common Stocks (Cost $53,310,270)				61,701,501

Preferred Stocks 4.4%
Financials 2.7%

AGNC Investment Corp. Series C, 7.0%		14,427		327,349

Capital One Financial Corp. Series G, 5.2%		10,000		243,100

Citigroup, Inc. Series S, 6.3%		15,000		384,150

Fifth Third Bancorp. Series I, 6.625%		10,000		264,100

JPMorgan Chase & Co. Series AA, 6.1%		15,000		381,150

KeyCorp. Series E, 6.125%		10,000		254,200

Morgan Stanley Series K, 5.85%		10,000		257,400

The Goldman Sachs Group, Inc. Series J, 5.5%		17,000		431,800

Truist Financial Corp., Series H, 5.625%		10,000		252,800

Wells Fargo & Co. Series Y, 5.625%		15,000		380,400

				3,176,449

Real Estate 1.0%

Kimco Realty Corp. Series L, 5.125%		15,000		351,600

Prologis, Inc. Series Q, 8.54%		164		11,808

Simon Property Group, Inc. Series J, 8.375%		8,000		483,200

VEREIT, Inc. Series F, 6.7%		10,801		270,241

				1,116,849

Utilities 0.7%
Dominion Energy, Inc. Series A, 5.25%		30,000		763,500
Total Preferred Stocks (Cost $5,443,902)				5,056,798

Warrants 0.0%
Materials
Hercules Trust II, Expiration Date 3/31/2029* (b) (Cost $30,284)		170		9,099

	Principal Amount ($) (c)		Value ($)
Corporate Bonds 13.7%
Communication Services 2.9%

Amazon.com, Inc., 2.5%, 6/3/2050		20,000		20,532

AT&T, Inc.:

2.75%, 6/1/2031		135,000		140,561

3.65%, 6/1/2051		100,000		104,702

CCO Holdings LLC:

144A, 4.5%, 8/15/2030		250,000		255,000

144A, 4.75%, 3/1/2030		100,000		102,319

144A, 5.875%, 5/1/2027		250,000		260,862

Charter Communications Operating LLC:

3.7%, 4/1/2051		35,000		34,329



	Principal Amount ($) (c)		Value ($)

5.05%, 3/30/2029		100,000		118,041

Comcast Corp.:

1.95%, 1/15/2031		45,000		45,511

2.8%, 1/15/2051		50,000		51,274

CSC Holdings LLC, 144A, 4.125%, 12/1/2030		200,000		198,250

Lamar Media Corp., 144A, 3.75%, 2/15/2028		110,000		103,708

Netflix, Inc.:

4.375%, 11/15/2026		100,000		104,017

5.5%, 2/15/2022		175,000		182,481

5.875%, 11/15/2028		140,000		159,425

NortonLifeLock, Inc., 3.95%, 6/15/2022		275,000		278,781

Sirius XM Radio, Inc., 144A, 4.125%, 7/1/2030		145,000		143,399

T-Mobile U.S.A., Inc.:

144A, 3.875%, 4/15/2030		80,000		89,037

144A, 4.375%, 4/15/2040		60,000		69,403

144A, 4.5%, 4/15/2050		130,000		154,730

VeriSign, Inc.:

4.625%, 5/1/2023		300,000		301,875

5.25%, 4/1/2025		300,000		332,250

ViacomCBS, Inc., 4.2%, 5/19/2032		55,000		61,842

Walt Disney Co., 3.6%, 1/13/2051		50,000		55,697

				3,368,026

Consumer Discretionary 1.7%

1011778 BC Unlimited Liability Co., 144A, 4.375%, 1/15/2028		225,000		220,543

Dollar General Corp., 4.125%, 4/3/2050		20,000		23,932

Ford Motor Co.:

8.5%, 4/21/2023		70,000		74,025

9.0%, 4/22/2025		110,000		119,042

Ford Motor Credit Co. LLC:

4.271%, 1/9/2027		200,000		186,437

4.542%, 8/1/2026		202,000		191,395

General Motors Co., 5.4%, 10/2/2023		35,000		37,844

General Motors Financial Co., Inc.:

3.95%, 4/13/2024		180,000		186,210

5.2%, 3/20/2023		45,000		48,092

Home Depot, Inc.:

3.125%, 12/15/2049		85,000		93,309

3.35%, 4/15/2050		50,000		57,127

Lowe’s Companies, Inc.:

5.0%, 4/15/2040		35,000		45,635

5.125%, 4/15/2050		25,000		34,119

McDonald’s Corp., 4.2%, 4/1/2050		50,000		60,622

O’Reilly Automotive, Inc., 4.2%, 4/1/2030		35,000		40,987

Prime Security Services Borrower LLC:

144A, 5.25%, 4/15/2024		255,000		260,737

144A, 6.25%, 1/15/2028		70,000		65,975

QVC, Inc., 4.75%, 2/15/2027		185,000		178,895

Ralph Lauren Corp., 2.95%, 6/15/2030		20,000		20,537

RELX Capital, Inc., 3.0%, 5/22/2030		15,000		16,167

William Carter Co, 144A, 5.5%, 5/15/2025		40,000		41,250

				2,002,880

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

Deutsche DWS Variable Series II —

DWS Global Income Builder VIP


	Principal Amount ($) (c)		Value ($)
Consumer Staples 0.4%

Anheuser-Busch InBev Worldwide, Inc.:

4.35%, 6/1/2040		50,000		56,957

5.55%, 1/23/2049		121,000		161,316

BAT Capital Corp., 4.906%, 4/2/2030		55,000		64,323

Constellation Brands, Inc., 2.875%, 5/1/2030		45,000		47,679

General Mills, Inc., 2.875%, 4/15/2030		70,000		76,215

Keurig Dr Pepper, Inc.:

3.2%, 5/1/2030		25,000		27,812

3.8%, 5/1/2050		15,000		16,949

Philip Morris International, Inc., 2.1%, 5/1/2030		65,000		66,976

				518,227

Energy 1.0%

Cheniere Corpus Christi Holdings LLC, 5.875%, 3/31/2025		200,000		224,154

Devon Energy Corp., 5.0%, 6/15/2045		110,000		97,815

Energy Transfer Operating LP, 5.5%, 6/1/2027		100,000		111,460

Enterprise Products Operating LLC, 4.2%, 1/31/2050		172,000		191,910

Exxon Mobil Corp., 3.482%, 3/19/2030		110,000		125,187

Hess Corp., 5.8%, 4/1/2047		70,000		76,081

Marathon Petroleum Corp.:

4.5%, 5/1/2023		125,000		134,714

4.7%, 5/1/2025		110,000		123,140

Plains All American Pipeline LP, 3.8%, 9/15/2030		50,000		48,989

Total Capital International SA, 3.127%, 5/29/2050		60,000		61,558

				1,195,008

Financials 2.2%

Air Lease Corp., 3.0%, 2/1/2030		125,000		115,862

Avolon Holdings Funding Ltd., 144A, 3.25%, 2/15/2027		64,000		51,694

Banco De Credito Del Peru, 144A, 3.125%, 7/1/2030 (d)		100,000		99,150

Bank of America Corp.:

2.676%, 6/19/2041		60,000		61,619

4.3%, Perpetual (e)		102,000		91,535

Barclays PLC, 2.852%, 5/7/2026		200,000		208,973

BPCE SA, 144A, 4.875%, 4/1/2026		500,000		566,732

Citigroup, Inc., 2.572%, 6/3/2031		130,000		134,454

Equinix, Inc., (REIT), 2.15%, 7/15/2030		34,000		33,702

Intercontinental Exchange, Inc.:

2.1%, 6/15/2030		52,000		52,837

3.0%, 6/15/2050		33,000		34,136

JPMorgan Chase & Co, 2.956%, 5/13/2031		55,000		58,332

Park Aerospace Holdings Ltd., 144A, 5.25%, 8/15/2022		175,000		164,268

PayPal Holdings, Inc., 2.85%, 10/1/2029		150,000		163,164

REC Ltd., 144A, 4.75%, 5/19/2023		200,000		205,362


	Principal Amount ($) (c)		Value ($)

The Goldman Sachs Group, Inc., 4.4%, Perpetual (e)		31,000		27,590

Truist Financial Corp., 4.8%, Perpetual (e)		300,000		276,324

Westpac Banking Corp., 5.0%, Perpetual (a) (e)		200,000		197,654

				2,543,388

Health Care 1.8%

AbbVie, Inc., 4.875%, 11/14/2048		75,000		98,493

Anthem, Inc., 2.25%, 5/15/2030		85,000		87,201

Biogen, Inc., 3.15%, 5/1/2050		50,000		48,143

Centene Corp.:

3.375%, 2/15/2030		65,000		65,631

4.25%, 12/15/2027		90,000		92,872

Cigna Corp.:

2.4%, 3/15/2030		30,000		31,128

3.2%, 3/15/2040		15,000		15,890

CVS Health Corp.:

4.25%, 4/1/2050		20,000		23,899

5.05%, 3/25/2048		285,000		373,319

HCA, Inc.:

3.5%, 9/1/2030		405,000		390,085

5.25%, 6/15/2026		500,000		577,661

Molina Healthcare, Inc., 144A, 4.375%, 6/15/2028		90,000		89,888

Stryker Corp., 2.9%, 6/15/2050		60,000		60,161

Teleflex, Inc., 144A, 4.25%, 6/1/2028		25,000		25,625

UnitedHealth Group, Inc., 2.9%, 5/15/2050		50,000		52,801

				2,032,797

Industrials 1.0%

Agilent Technologies, Inc., 2.1%, 6/4/2030		45,000		46,114

Boeing Co.:

2.7%, 5/1/2022		135,000		136,688

4.508%, 5/1/2023		140,000		147,900

4.875%, 5/1/2025		98,000		106,801

5.04%, 5/1/2027		130,000		143,365

Empresa de Transporte de Pasajeros Metro SA, 144A, 3.65%, 5/7/2030		200,000		215,750

General Electric Co.:

3.45%, 5/1/2027		50,000		51,176

3.625%, 5/1/2030		40,000		40,045

Mileage Plus Holdings LLC, 144A, 6.5%, 6/20/2027 (d)		39,000		39,098

Otis Worldwide Corp., 144A, 3.112%, 2/15/2040		80,000		81,522

Roper Technologies, Inc., 2.0%, 6/30/2030		40,000		40,030

Westinghouse Air Brake Technologies Corp., 3.2%, 6/15/2025		70,000		71,330

WRKCo., Inc., 3.0%, 6/15/2033		30,000		31,247

				1,151,066

Information Technology 0.6%

Broadcom, Inc., 144A, 5.0%, 4/15/2030		70,000		80,456

HP, Inc., 2.2%, 6/17/2025		140,000		144,503

KLA Corp., 3.3%, 3/1/2050		31,000		32,019

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

Deutsche DWS Variable Series II —

DWS Global Income Builder VIP


	Principal Amount ($) (c)		Value ($)

Lam Research Corp., 2.875%, 6/15/2050		24,000		24,725

Microchip Technology, Inc., 144A, 2.67%, 9/1/2023		55,000		56,611

Micron Technology, Inc., 2.497%, 4/24/2023		70,000		72,748

NVIDIA Corp.:

3.5%, 4/1/2040		14,000		16,329

3.5%, 4/1/2050		22,000		25,136

NXP BV, 144A, 2.7%, 5/1/2025		15,000		15,724

Open Text Corp., 144A, 3.875%, 2/15/2028		175,000		168,492

Oracle Corp., 3.6%, 4/1/2050		25,000		27,822

				664,565

Materials 0.3%

MEGlobal Canada ULC, 144A, 5.0%, 5/18/2025		256,000		275,310

Newmont Corp., 2.25%, 10/1/2030		45,000		45,606

Nucor Corp., 2.7%, 6/1/2030		15,000		15,748

				336,664

Real Estate 0.5%

American Tower Corp.:

(REIT), 2.1%, 6/15/2030		55,000		55,135

(REIT), 3.8%, 8/15/2029		165,000		186,743

Iron Mountain, Inc.:

144A, 5.0%, 7/15/2028		55,000		53,883

144A, 5.25%, 7/15/2030		105,000		103,425

Office Properties Income Trust, (REIT), 4.15%, 2/1/2022		60,000		59,639

Omega Healthcare Investors, Inc.:

(REIT), 4.5%, 4/1/2027		50,000		52,384

(REIT), 4.75%, 1/15/2028		60,000		63,508

Welltower, Inc., (REIT), 2.75%, 1/15/2031		40,000		39,954

				614,671

Utilities 1.3%

Calpine Corp., 144A, 4.5%, 2/15/2028		225,000		219,375

Duke Energy Indiana LLC, 2.75%, 4/1/2050		60,000		60,390

Edison International, 5.75%, 6/15/2027		300,000		344,464

NextEra Energy Operating Partners LP:

144A, 3.875%, 10/15/2026		190,000		189,724

144A, 4.25%, 7/15/2024		275,000		278,094

Pacific Gas and Electric Co.:

2.5%, 2/1/2031		20,000		19,567

3.3%, 8/1/2040		70,000		68,226

3.5%, 8/1/2050		50,000		48,324

Perusahaan Listrik Negara PT, 144A, 2.875%, 10/25/2025		EUR 260,000		303,794

				1,531,958
Total Corporate Bonds (Cost $15,352,095)				15,959,250


	Principal Amount ($) (c)		Value ($)
Asset-Backed 6.3%
Automobile Receivables 3.2%

AmeriCredit Automobile Receivables Trust, “C”, Series 2019-2, 2.74%, 4/18/2025		720,000		741,137

Avis Budget Rental Car Funding AESOP LLC, “C”, Series 2019-1A, 144A, 4.53%, 3/20/2023		100,000		93,913

CPS Auto Receivables Trust, “E”, Series 2015-C, 144A, 6.54%, 8/16/2021		500,000		504,827

Flagship Credit Auto Trust, “C”, Series 2019-4, 144A, 2.77%, 12/15/2025		1,100,000		1,114,831

GMF Floorplan Owner Revolving Trust, “C”, Series 2019-1, 144A, 3.06%, 4/15/2024		260,000		257,822

Hertz Vehicle Financing II LP, “B”, Series 2017-2A, 144A, 4.2%, 10/25/2023		500,000		477,990

Hyundai Auto Receivables Trust, “C”, Series 2019-B, 2.4%, 6/15/2026		500,000		509,964

				3,700,484

Credit Card Receivables 0.7%
Fair Square Issuance Trust, “A”, Series 2020-AA, 144A, 2.9%, 9/20/2024		800,000		797,420

Miscellaneous 2.4%

Ares XXXIV CLO Ltd., “AR2”, Series 2015-2A, 144A, 3-month USD-LIBOR + 1.250%, 2.026%**, 4/17/2033		640,000		623,328

DB Master Finance LLC, “A2I”, Series 2019-1A, 144A, 3.787%, 5/20/2049		218,350		225,335

Domino’s Pizza Master Issuer LLC, “A23”, Series 2017-1A, 144A, 4.118%, 7/25/2047		331,500		357,523

Hilton Grand Vacations Trust, “B”, Series 2014-AA, 144A, 2.07%, 11/25/2026		49,137		48,837

MVW Owner Trust, “A”, Series 2019-1A, 144A, 2.89%, 11/20/2036		420,812		428,051

RR 8 Ltd., “A1B”, Series 2020-8A, 144A, 3-month USD-LIBOR + 1.450%, 2.259%**, 4/15/2033		490,000		479,486

Taco Bell Funding LLC, “A2I”, Series 2018-1A, 144A, 4.318%, 11/25/2048		492,500		502,980

Wendy’s Funding LLC, “A2I”, Series 2018-1A, 144A, 3.573%, 3/15/2048		156,000		161,686

				2,827,226
Total Asset-Backed (Cost $7,318,014)				7,325,130

Mortgage-Backed Securities Pass-Throughs 2.9%

Federal Home Loan Mortgage Corp., 6.0%, 3/1/2038		2,711		3,210

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

Deutsche DWS Variable Series II —

DWS Global Income Builder VIP


	Principal Amount ($) (c)		Value ($)

Federal National Mortgage Association:

2.5%, 7/1/2050 (d)		3,200,000		3,335,872

4.5%, 9/1/2035		4,817		5,351

6.0%, 1/1/2024		4,960		5,264
Total Mortgage-Backed Securities Pass-Throughs (Cost $3,329,897)				3,349,697

Commercial Mortgage-Backed Securities 5.2%

Benchmark Mortgage Trust, “A4” Series 2019-B13, 2.952%, 8/15/2057		1,400,000		1,540,154

BX Commercial Mortgage Trust, “D”, Series 2018-IND, 144A, 1-month USD-LIBOR + 1.300%, 1.485%**, 11/15/2035		175,000		172,591

CFK Trust, “A”, Series 2020-MF2, 144A, 2.387%, 3/15/2039		750,000		753,329

Citigroup Commercial Mortgage Trust:

“A”, Series 2020-555, 144A, 2.647%, 12/10/2041		700,000		720,359

“D”, Series 2019-PRM, 144A, 4.35%, 5/10/2036		500,000		505,817

DBWF Mortgage Trust, “C”, Series 2018-GLKS, 144A, 1-month USD-LIBOR + 1.750%, 1.944%**, 12/19/2030		250,000		223,715

FHLMC Multifamily Structured Pass-Through Certificates:

“X1”, Series K043, Interest Only, 0.661%, 12/25/2024		4,835,965		101,361

“X1P”, Series KL05, Interest Only, 1.024%, 6/25/2029		4,800,000		320,987

Freddie Mac Multifamily Structured Pass Through Certificates, “X1”, Series K110, Interest Only, 1.698%, 4/25/2030		3,500,000		471,385

GMAC Commercial Mortgage Securities, Inc., “G”, Series 2004-C1, 144A, 5.455%, 3/10/2038		394,448		265,137

MTRO Commercial Mortgage Trust, “C”, Series 2019-TECH, 144A, 1-month USD-LIBOR + 1.300%, 1.485%**, 12/15/2033		250,000		235,469

Multifamily Connecticut Avenue Securities Trust, “M7”, Series 2019-01, 144A, 1-month USD-LIBOR + 1.700%, 1.885%**, 10/15/2049		379,128		350,645

NYT Mortgage Trust, “B”, Series 2019-NYT, 144A, 1-month USD-LIBOR + 1.400%, 1.585%**, 12/15/2035		350,000		339,514
Total Commercial Mortgage-Backed Securities (Cost $6,148,668)				6,000,463


	Principal Amount ($) (c)		Value ($)

Collateralized Mortgage Obligations 6.3%

Connecticut Avenue Securities Trust:

“1M2”, Series 2019-R03, 144A, 1-month USD-LIBOR + 2.150%, 2.335%**, 9/25/2031		123,851		122,299

“1M2”, Series 2019-R02, 144A, 1-month USD-LIBOR + 2.300%, 2.485%**, 8/25/2031		176,438		173,784

Fannie Mae Connecticut Avenue Securities:

“1M2”, Series 2018-C06, 1-month USD-LIBOR + 2.000%, 2.185%**, 3/25/2031		130,490		125,255

“1M2”, Series 2018-C01, 1-month USD-LIBOR + 2.250%, 2.435%**, 7/25/2030		163,988		160,010

“1M2”, Series 2018-C05, 1-month USD-LIBOR + 2.350%, 2.535%**, 1/25/2031		458,216		448,009

Federal Home Loan Mortgage Corp.:

“GV”, Series 4827, 4.0%, 7/15/2031		655,587		697,794

“PI”, Series 3843, Interest Only, 4.5%, 5/15/2038		49,624		475

“C31”, Series 303, Interest Only, 4.5%, 12/15/2042		815,060		132,433

“H”, Series 2278, 6.5%, 1/15/2031		102		113

Federal National Mortgage Association:

“4”, Series 406, Interest Only, 4.0%, 9/25/2040		353,253		36,427

“I”, Series 2003-84, Interest Only, 6.0%, 9/25/2033		82,008		17,552

Freddie Mac Structured Agency Credit Risk Debt Notes:

“M2”, Series 2020-DNA2, 144A, 1-month USD-LIBOR + 1.850%, 2.035%**, 2/25/2050		1,000,000		948,104

“M2”, Series 2019-DNA3, 144A, 1-month USD-LIBOR + 2.050%, 2.235%**, 7/25/2049		293,123		286,555

“M2”, Series 2019-DNA2, 144A, 1-month USD-LIBOR + 2.450%, 2.635%**, 3/25/2049		415,322		409,360

“M2”, Series 2019-DNA1, 144A, 1-month USD-LIBOR + 2.650%, 2.835%**, 1/25/2049		53,202		52,423

Government National Mortgage Association:

“PI”, Series 2015-40, Interest Only, 4.0%, 4/20/2044		138,952		7,432

“IN”, Series 2009-69, Interest Only, 5.5%, 8/20/2039		130,821		13,495

“IV”, Series 2009-69, Interest Only, 5.5%, 8/20/2039		125,568		12,423

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

Deutsche DWS Variable Series II —

DWS Global Income Builder VIP


	Principal Amount ($) (c)		Value ($)

“IJ”, Series 2009-75, Interest Only, 6.0%, 8/16/2039		85,269		14,107

JPMorgan Mortgage Trust:

“A11”, Series 2020-2, 144A, 1-month USD-LIBOR + 0.800%, 0.968%**, 7/25/2050		455,957		450,854

“A11”, Series 2019-9, 144A, 1-month USD-LIBOR + 0.900%, 1.068%**, 5/25/2050		252,540		250,647

“AM”, Series 2016-3, 144A, 3.365%, 10/25/2046		539,497		556,876

“A3”, Series 2019-INV3, 144A, 3.5%, 5/25/2050		1,037,527		1,058,603

“A3”, Series 2020-INV1, 144A, 3.5%, 8/25/2050		472,022		490,113

New Residential Mortgage Loan:

“A1”, Series 2019-NQM3, 144A, 2.802%, 7/25/2049		379,067		384,607

“A1”, Series 2019-NQM2, 144A, 3.6%, 4/25/2049		131,723		134,320

STACR Trust, “M2”, Series 2018-DNA3, 144A, 1-month USD-LIBOR + 2.100%, 2.268%**, 9/25/2048		324,324		312,130
Total Collateralized Mortgage Obligations (Cost $7,211,464)				7,296,200

Government & Agency Obligations 2.5%
Sovereign Bonds 0.9%

Abu Dhabi Government International Bond, 144A, 3.125%, 4/16/2030		207,000		227,558

Perusahaan Penerbit SBSN Indonesia III, 144A, 2.8%, 6/23/2030		200,000		200,250

Republic of Kazakhstan, 144A, 1.55%, 11/9/2023		EUR 270,000		306,152

Republic of Philippines, 2.457%, 5/5/2030		200,000		209,510

Uruguay Government International Bond, 4.375%, 1/23/2031		49,383		57,717

				1,001,187

U.S. Treasury Obligation 1.6%
U.S. Treasury Note, 0.25%, 6/15/2023		1,900,000		1,904,008
Total Government & Agency Obligations (Cost $2,897,693)				2,905,195


	Principal Amount ($) (c)			Value ($)
Short-Term U.S. Treasury Obligations 2.6%

U.S. Treasury Bills:

(0.021%)***, 9/10/2020		250,000			249,933

0.215%***, 9/10/2020		250,000			249,933

0.391%***, 9/10/2020		100,000			99,973

1.131%***, 9/10/2020		100,000			99,973

1.484%***, 9/10/2020		140,000			139,963

1.511%***, 9/10/2020 (f)		400,000			399,894

1.806%***, 7/16/2020 (g)		1,723,000			1,722,909
Total Short-Term U.S. Treasury Obligations (Cost $2,959,733)					2,962,578

	Shares			Value ($)
Exchange-Traded Funds 3.4%
SPDR Bloomberg Barclays Convertible Securities ETF (Cost $3,528,968)		66,160			4,002,680

Securities Lending Collateral 1.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.05% (h) (i) (Cost $1,390,944)		1,390,944			1,390,944

Cash Equivalents 1.7%
DWS Central Cash Management Government Fund, 0.12% (h) (Cost $1,955,058)		1,955,058			1,955,058

	% of Net Assets			Value ($)
Total Investment Portfolio (Cost $110,876,990)		103.3			119,914,593
Other Assets and Liabilities, Net		(3.3	)		(3,784,819	)
Net Assets		100.0			116,129,774

A summary of the Fund’s transactions with affiliated investments during the period ended June 30, 2020 are as follows:


Value ($) at 12/31/2019	Purchases Cost ($)			Sales Proceeds ($)		Net Realized Gain/ (Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 6/30/2020		Value ($) at 6/30/2020
Securities Lending Collateral 1.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.05% (h) (i)
1,105,478		285,466	(j)		—		—		—		8,938		—		1,390,944		1,390,944
Cash Equivalents 1.7%
DWS Central Cash Management Government Fund, 0.12% (h)
1,544,128		40,202,618			39,791,688		—		—		14,268		—		1,955,058		1,955,058
2,649,606		40,488,084			39,791,688		—		—		23,206		—		3,346,002		3,346,002

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

Deutsche DWS Variable Series II —

DWS Global Income Builder VIP

*	Non-income producing security.

Variable or floating rate security. These securities are shown at their current rate as of June 30, 2020. 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 June 30, 2020 amounted to $1,348,280, which is 1.2% of net assets.

(b)	Investment was valued using significant unobservable inputs.

(c)	Principal amount stated in U.S. dollars unless otherwise noted.

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

(e)	Perpetual, callable security with no stated maturity date.

(f)	At June 30, 2020, this security has been pledged, in whole or in part, to cover initial margin requirements for open centrally cleared swap contracts.

(g)	At June 30, 2020, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts.

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

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

(j)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended June 30, 2020.

ADR: American Depositary Receipt

ASX: Australian Securities Exchange

CLO: Collateralized Loan Obligation

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

PJSC: Public Joint Stock Company

REIT: Real Estate Investment Trust

SBSN: Surat Berharga Syariah Negara (Islamic Based Government Securities)

S&P: Standard & Poor’s

SPDR: Standard & Poor’s Depositary Receipt

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 June 30, 2020, 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		9/21/2020		25		3,467,252		3,479,297		12,045
3 Month Euro Euribor Interest Rate		EUR		6/14/2021		2		564,108		564,530		422
3 Month Euro Swiss Franc (Euroswiss) Interest Rate		CHF		6/14/2021		2		531,630		531,532		(98	)
3 Month Euroyen		JPY		6/14/2021		2		463,147		463,047		(100	)
3 Month Sterling (Short Sterling) Interest Rate		GBP		6/16/2021		3		464,030		464,337		307
90 Day Eurodollar Time Deposit		USD		6/14/2021		2		498,906		499,100		194
ASX 90 Day Bank Accepted Bills		AUD		6/10/2021		3		2,069,083		2,069,331		248
MSCI Mini Emerging Market Index		USD		9/18/2020		86		4,124,674		4,238,510		113,836
U.S. Treasury Long Bond		USD		9/21/2020		5		887,005		892,814		5,809
Ultra 10 Year U.S. Treasury Note		USD		9/21/2020		20		3,118,848		3,149,688		30,840
Ultra Long U.S. Treasury Bond		USD		9/21/2020		11		2,389,006		2,399,719		10,713
Total net unrealized appreciation												174,216

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

Deutsche DWS Variable Series II —

DWS Global Income Builder VIP

At June 30, 2020, open futures contracts sold were as follows:


Futures	Currency		Expiration Date		Contracts		Notional Amount ($)		Notional Value ($)		Unrealized Appreciation (Depreciation) ($)
5 Year U.S. Treasury Note		USD		9/30/2020		21		2,632,987		2,640,586		(7,599	)
Euro Stoxx 50 Index		EUR		9/18/2020		53		1,840,440		1,919,151		(78,711	)
S&P 500 E-Mini Index		USD		9/18/2020		9		1,360,661		1,390,590		(29,929	)
TOPIX Index		JPY		9/10/2020		13		1,963,271		1,876,407		86,864
Total net unrealized depreciation												(29,375	)

At June 30, 2020, 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 — 1.741%
Semi-Annually

Floating — 3-Month LIBOR Quarterly

1/23/2020
1/23/2030

2,200,000

USD

(246,211)

—

(246,211)

Fixed — 1.961%
Semi-Annually

Floating — 3-Month LIBOR Quarterly

6/28/2019
6/28/2029

400,000

USD

(51,605)

—

(51,605)

Fixed — 2.00%
Semi-Annually

Floating — 3-Month LIBOR Quarterly

1/21/2020
1/21/2030

2,600,000

USD

(357,384)

(61,654)

(295,730)

Fixed — 2.729%
Semi-Annually

Floating — 3-Month LIBOR Quarterly

3/4/2019
3/5/2029

400,000

USD

(77,898)

—

(77,898)

Total unrealized depreciation

(671,444)

LIBOR: London Interbank Offered Rate; 3-month LIBOR rate as of June 30, 2020 is 0.302%.

As of June 30, 2020, the Fund had the following open forward foreign currency contracts:

Contracts to Deliver

In Exchange For

Settlement
Date

Unrealized
Depreciation ($)

Counterparty

EUR

570,000

USD

617,085

8/18/2020

(23,965

)

State Street Bank and Trust

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, 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.

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

Deutsche DWS Variable Series II —

DWS Global Income Builder VIP

Fair Value Measurements


Assets	Level 1			Level 2			Level 3		Total
Common Stocks (k)
Communication Services	$	3,920,012		$	2,847,438		$	—	$	6,767,450
Consumer Discretionary		3,783,115			1,793,944			—		5,577,059
Consumer Staples		3,969,850			1,349,073			—		5,318,923
Energy		1,697,911			64,063			—		1,761,974
Financials		2,563,849			3,570,392			—		6,134,241
Health Care		5,265,719			3,182,417			—		8,448,136
Industrials		1,947,407			3,732,316			—		5,679,723
Information Technology		11,845,172			2,258,653			—		14,103,825
Materials		1,268,948			533,664			—		1,802,612
Real Estate		1,459,522			614,728			—		2,074,250
Utilities		2,214,519			1,818,789			—		4,033,308
Preferred Stocks (k)		5,056,798			—			—		5,056,798
Warrants		—			—			9,099		9,099
Fixed Income Investments (k)
Corporate Bonds		—			15,959,250			—		15,959,250
Asset-Backed		—			7,325,130			—		7,325,130
Mortgage-Backed Securities Pass-Throughs		—			3,349,697			—		3,349,697
Commercial Mortgage-Backed Securities		—			6,000,463			—		6,000,463
Collateralized Mortgage Obligations		—			7,296,200			—		7,296,200
Government & Agency Obligations		—			2,905,195			—		2,905,195
Short-Term U.S. Treasury Obligations		—			2,962,578			—		2,962,578
Exchange-Traded Funds		4,002,680			—			—		4,002,680
Short-Term Investments (k)		3,346,002			—			—		3,346,002
Derivatives (l)
Futures Contracts		261,278			—			—		261,278
Total	$	52,602,782		$	67,563,990		$	9,099	$	120,175,871

Liabilities	Level 1			Level 2			Level 3		Total
Derivatives (l)
Futures Contracts	$	(116,437	)	$	—		$	—	$	(116,437	)
Interest Rate Swap Contracts		—			(671,444	)		—		(671,444	)
Forward Foreign Currency Contracts		—			(23,965	)		—		(23,965	)
Total	$	(116,437	)	$	(695,409	)	$	—	$	(811,846	)

(k)	See Investment Portfolio for additional detailed categorizations.

(l)	Derivatives include unrealized appreciation (depreciation) on open futures contracts, interest rate swap contracts and forward foreign currency contracts.

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

Deutsche DWS Variable Series II —

DWS Global Income Builder VIP

Statement of Assets and Liabilities


as of June 30, 2020 (Unaudited)

Assets
Investments in non-affiliated securities, at value (cost $107,530,988) — including $1,348,280 of securities loaned	$	116,568,591
Investment in DWS Government & Agency Securities Portfolio (cost $1,390,944)*		1,390,944
Investment in DWS Central Cash Management Government Fund (cost $1,955,058)		1,955,058
Cash		10,993
Foreign currency, at value (cost $527,887)		542,212
Receivable for investments sold		475,225
Receivable for investments sold — delayed delivery securities		3,258,561
Receivable for Fund shares sold		4,285
Dividends receivable		142,890
Interest receivable		225,554
Receivable for variation margin on centrally cleared swaps		13,320
Foreign taxes recoverable		102,023
Other assets		1,476
Total assets		124,691,132

Liabilities
Payable upon return of securities loaned		1,390,944
Payable for investments purchased		58,166
Payable for investments purchased — when-issued/delayed delivery securities		6,704,967
Payable for Fund shares redeemed		160,512
Payable for variation margin on futures contracts		65,095
Unrealized depreciation on forward foreign currency contracts		23,965
Accrued management fee		35,289
Accrued Trustees’ fees		2,250
Other accrued expenses and payables		120,170
Total liabilities		8,561,358
Net assets, at value	$	116,129,774

Net Assets Consist of
Distributable earnings (loss)		8,865,620
Paid-in capital		107,264,154
Net assets, at value	$	116,129,774

Net Asset Value
Class A

Net Asset Value, offering and redemption price per share ($116,119,173 ÷ 5,331,876 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	21.78
Class B

Net Asset Value, offering and redemption price per share ($10,601 ÷ 486.9 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	21.77

*	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

Statement of Operations


for the six months ended June 30, 2020 (Unaudited)

Investment Income
Income:
Dividends (net of foreign taxes withheld of $72,743)	$	1,310,402
Interest (net of foreign taxes withheld of $69)		699,599
Income distributions — DWS Central Cash Management Government Fund		14,268
Securities lending income, net of borrower rebates		8,938
Total income		2,033,207
Expenses:
Management fee		216,783
Administration fee		57,470
Services to Shareholders		374
Distribution service fees (Class B)		13
Custodian fee		13,190
Professional fees		51,634
Reports to shareholders		28,062
Trustees’ fees and expenses		3,704
Other		19,994
Total expenses before expense reductions		391,224
Expense reductions		(12	)
Total expenses after expense reductions		391,212
Net investment income		1,641,995

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(2,927,493	)
Swap contracts		1,024,691
Futures		1,053,062
Forward foreign currency contracts		6,897
Foreign currency		7,867
		(834,976	)
Change in net unrealized appreciation (depreciation) on:
Investments		(8,188,666	)
Swap contracts		(648,825	)
Futures		198,835
Forward foreign currency contracts		(18,182	)
Foreign currency		12,356
		(8,644,482	)
Net gain (loss)		(9,479,458	)
Net increase (decrease) in net assets resulting from operations	$	(7,837,463	)

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

Deutsche DWS Variable Series II —

DWS Global Income Builder VIP

Statements of Changes in Net Assets


Increase (Decrease) in Net Assets	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
Operations:
Net investment income	$	1,641,995		$	3,775,658
Net realized gain (loss)		(834,976	)		2,358,917
Change in net unrealized appreciation (depreciation)		(8,644,482	)		17,107,421
Net increase (decrease) in net assets resulting from operations		(7,837,463	)		23,241,996
Distributions to shareholders:
Class A		(6,579,884	)		(5,055,619	)
Class B		(575	)		(391	)
Total distributions		(6,580,459	)		(5,056,010	)
Fund share transactions:
Class A
Proceeds from shares sold		1,187,214			3,126,739
Reinvestment of distributions		6,579,883			5,055,619
Payments for shares redeemed		(7,068,251	)		(16,140,970	)
Net increase (decrease) in net assets from Class A share transactions		698,846			(7,958,612	)
Class B
Reinvestment of distributions		575			391
Net increase (decrease) in net assets from Class B share transactions		575			391
Increase (decrease) in net assets		(13,718,501	)		10,227,765
Net assets at beginning of period		129,848,275			119,620,510

Net assets at end of period	$	116,129,774		$	129,848,275

Other Information
Class A
Shares outstanding at beginning of period		5,271,275			5,608,755
Shares sold		51,882			133,321
Shares issued to shareholders in reinvestment of distributions		324,451			220,866
Shares redeemed		(315,732	)		(691,667	)
Net increase (decrease) in Class A shares		60,601			(337,480	)

Shares outstanding at end of period		5,331,876			5,271,275
Class B
Shares outstanding at beginning of period		458.6			441.5
Shares issued to shareholders in reinvestment of distributions		28.3			17.1
Net increase (decrease) in Class B shares		28.3			17.1

Shares outstanding at end of period		486.9			458.6

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

Deutsche DWS Variable Series II —

DWS Global Income Builder VIP

Financial Highlights


	Six Months Ended 6/30/20			Years Ended December 31,
Class A	(Unaudited)			2019			2018			2017			2016			2015

Selected Per Share Data
Net asset value, beginning of period	$	24.63		$	21.33		$	26.56		$	23.50		$	22.93		$	24.62
Income (loss) from investment operations:

Net investment income^a		.31			.69			.80			.71			.61			.68
Net realized and unrealized gain (loss)		(1.87	)		3.54			(2.67	)		3.10			.91			(.97	)
Total from investment operations		(1.56	)		4.23			(1.87	)		3.81			1.52			(.29	)
Less distributions from:

Net investment income		(.74	)		(.90	)		(.98	)		(.75	)		(.95	)		(.76	)
Net realized gains		(.55	)		(.03	)		(2.38	)		—			—			(.64	)
Total distributions		(1.29	)		(.93	)		(3.36	)		(.75	)		(.95	)		(1.40	)
Net asset value, end of period	$	21.78		$	24.63		$	21.33		$	26.56		$	23.50		$	22.93
Total Return (%)		(5.93	)**		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)		116			130			120			147			185			202
Ratio of expenses before expense reductions (%)^c		.67	*		.68			.69			.63			.62			.60
Ratio of expenses after expense reductions (%)^c		.67	*		.68			.68			.63			.62			.58
Ratio of net investment income (loss) (%)		2.80	*		2.96			3.34			2.85			2.66			2.85
Portfolio turnover rate (%)		65	**		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.

^*	Annualized

^**	Not annualized


Class B	Six Months Ended 6/30/20 (Unaudited)			Year Ended December 31, 2019			Period Ended 12/31/18^a

Selected Per Share Data
Net asset value, beginning of period	$	24.61		$	21.30		$	22.65
Income (loss) from investment operations:

Net investment income^b		.29			.65			.50
Net realized and unrealized gain (loss)		(1.88	)		3.55			(1.85	)
Total from investment operations		(1.59	)		4.20			(1.35	)
Less distributions from:

Net investment income		(.70	)		(.86	)		—
Net realized gains		(.55	)		(.03	)		—
Total distributions		(1.25	)		(.89	)		—
Net asset value, end of period	$	21.77		$	24.61		$	21.30
Total Return (%)^c		(6.07	)**		20.01			(5.96	)^**

Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ thousands)		11			11			9
Ratio of expenses before expense reductions (%)^d		1.12	*		1.10			1.15	^*
Ratio of expenses after expense reductions (%)^d		.89	*		.86			.86	^*
Ratio of net investment income (loss) (%)		2.58	*		2.77			3.30	^*
Portfolio turnover rate (%)		65	**		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.

Deutsche DWS Variable Series II —

DWS Global Income Builder VIP


Notes to Financial Statements		(Unaudited)

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.

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 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.

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.

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

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 six months ended June 30, 2020, 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 (0.11% annualized effective rate as of June 30, 2020) 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.

Deutsche DWS Variable Series II —

DWS Global Income Builder VIP

As of June 30, 2020, 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 Agreements as of June 30, 2020
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	1,288,944	$	—	$	—	$	—	$	1,288,944
Corporate Bonds		102,000		—		—		—		102,000
Total Borrowings	$	1,390,944	$	—	$	—	$	—	$	1,390,944

Gross amount of recognized liabilities for securities lending transactions:									$	1,390,944

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.

At June 30, 2020, the aggregate cost of investments for federal income tax purposes was $111,318,530. The net unrealized appreciation for all investments based on tax cost was $8,596,063. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $13,571,964 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $4,975,901.

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.

Deutsche DWS Variable Series II —

DWS Global Income Builder VIP

The tax character of current year distributions will be determined at the end of the current fiscal year.

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.

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 six months ended June 30, 2020, 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 June 30, 2020 is included in a table following the Fund’s Investment Portfolio. For the six months ended June 30, 2020, the investment in interest rate swap contracts had a total notional amount generally indicative of a range from $800,000 to $5,600,000.

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

Deutsche DWS Variable Series II —

DWS Global Income Builder VIP

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 six months ended June 30, 2020, 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 June 30, 2020. For the six months ended June 30, 2020, the investment in credit default swap contracts sold had a total notional value generally indicative of a range from $0 to $500,000

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 six months ended June 30, 2020, 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.

A summary of the open futures contracts as of June 30, 2020 is included in a table following the Fund’s Investment Portfolio. For the six months ended June 30, 2020, the investment in futures contracts purchased had a total notional value generally indicative of a range from approximately $16,646,000 to $42,318,000, and the investment in futures contracts sold had a total notional value generally indicative of a range from approximately $6,988,000 to $12,281,000.

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 six months ended June 30, 2020, 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.

Deutsche DWS Variable Series II —

DWS Global Income Builder VIP

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 June 30, 2020 is included in a table following the Fund’s Investment Portfolio. For the six months ended June 30, 2020, the investment in forward currency contracts short vs. U.S. dollars had a total contract value generally indicative of a range from approximately $617,000 to $1,175,000, 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 $567,000.

The following tables summarize the value of the Fund’s derivative instruments held as of June 30, 2020 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:


Asset Derivatives	Futures Contracts
Equity Contracts (a)	$	200,700
Interest Rate Contracts (a)		60,578
	$	261,278

The above derivative 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.


Liability Derivatives	Forward Contracts			Swap Contracts			Futures Contracts			Total
Equity Contracts (b)	$	—		$	—		$	(108,640	)	$	(108,640	)
Interest Rate Contracts (b)		—			(671,444	)		(7,797	)		(679,241	)
Foreign Exchange Contracts (c)		(23,965	)		—			—			(23,965	)
	$	(23,965	)	$	(671,444	)	$	(116,437	)	$	(811,846	)

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

(b)	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.

(c)	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 six months ended June 30, 2020, 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 (d)	$	—	$	—	$	(275,180	)	$	(275,180	)
Credit Contracts (d)		—		1,022,280		1,328,242			2,350,522
Interest Rate Contracts (d)		—		2,411		—			2,411
Foreign Exchange Contracts (e)		6,897		—		—			6,897
	$	6,897	$	1,024,691	$	1,053,062		$	2,084,650

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

(d)	Net realized gain (loss) from swap contracts and futures, respectively

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


Change in Net Unrealized Appreciation (Depreciation)	Forward Contracts			Swap Contracts			Futures Contracts		Total
Equity Contracts (f)	$	—		$	—		$	40,057	$	40,057
Credit Contracts (f)		—			(13,370	)		158,778		145,408
Interest Rate Contracts (f)		—			(635,455	)		—		(635,455	)
Foreign Exchange Contracts (g)		(18,182	)		—			—		(18,182	)
	$	(18,182	)	$	(648,825	)	$	198,835	$	(468,172	)

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

(f)	Change in net unrealized appreciation (depreciation) on swap contracts and futures, respectively

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

Deutsche DWS Variable Series II —

DWS Global Income Builder VIP

As of June 30, 2020, 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 Liabilities
Presented in the
Statement of
Assets and
Liabilities

Financial
Instruments
and
Derivatives
Available
for Offset

Collateral

Pledged

Net Amount of
Derivative
Liabilities

State Street Bank and Trust

23,965

—

23,965

C. Purchases and Sales of Securities

During the six months ended June 30, 2020, purchases and sales of investment transactions, excluding short-term investments, were as follows:


	Purchases		Sales
Non-U.S. Treasury Obligations	$	68,689,970	$	70,201,150
U.S. Treasury Obligations	$	5,644,185	$	3,825,904

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.

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 six months ended June 30, 2020, the fee pursuant to the Investment Management Agreement was equivalent to an annualized rate (exclusive of any applicable waiver/reimbursements) of 0.37% of the Fund’s average daily net assets.

For the period from January 1, 2020 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	%

Effective May 1, 2020 through April 31, 2021, 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 B shares at 0.96%.

For the six months ended June 30, 2020, fees waived and/or expenses reimbursed for Class B are $12.

Deutsche DWS Variable Series II —

DWS Global Income Builder VIP

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 up to 0.25% of average daily net assets of Class B shares. For the six months ended June 30, 2020, the Distribution Service Fee was as follows:


Distribution Fee	Total Aggregated		Unpaid at June 30, 2020
Class B	$	13	$	2


Services to Shareholders	Total Aggregated		Unpaid at June 30, 2020
Class A	$	211	$	69
Class B		11		4
	$	222	$	73

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.

E. Ownership of the Fund

At June 30, 2020, one participating insurance company was owner of record of 10% or more of the total outstanding Class A shares of the Fund, owning 69%.

Deutsche DWS Variable Series II —

DWS Global Income Builder VIP

F. Line of Credit

G. Other — COVID-19 Pandemic

G. Other — Deutsche Bank AG Consent Order

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 (January 1, 2020 to June 30, 2020).

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

–


Expenses and Value of a $1,000 Investment for the six months ended June 30, 2020

Actual Fund Return	Class A		Class B
Beginning Account Value 1/1/20	$	1,000.00	$	1,000.00
Ending Account Value 6/30/20	$	940.70	$	939.30
Expenses Paid per $1,000*	$	3.23	$	4.29

Hypothetical 5% Fund Return	Class A		Class B
Beginning Account Value 1/1/20	$	1,000.00	$	1,000.00
Ending Account Value 6/30/20	$	1,021.53	$	1,020.44
Expenses Paid per $1,000*	$	3.37	$	4.47

*	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 182 (the number of days in the most recent six-month period), then divided by 366.


Annualized Expense Ratio	Class A			Class B
Deutsche DWS Variable Series II — DWS Global Income Builder VIP		.67	%		.89	%

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

Deutsche DWS Variable Series II —

DWS Global Income Builder VIP

Liquidity Risk Management

Proxy Voting

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

–

Deutsche DWS Variable Series II —

DWS Global Income Builder 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 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 the one- 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 applicable 12b-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 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.

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.

Deutsche DWS Variable Series II —

DWS Global Income Builder VIP

Deutsche DWS Variable Series II —

DWS Global Income Builder VIP



VS2GIB-3 (R-028382-9 8/20)

June 30, 2020

Semiannual Report

Deutsche DWS Variable Series II

DWS Government Money Market VIP

LOGO

Contents


	3			Portfolio Summary
	3			Portfolio Management Team
	4			Investment Portfolio
	6			Statement of Assets and Liabilities
	6			Statement of Operations
	7			Statements of Changes in Net Assets
	8			Financial Highlights
	9			Notes to Financial Statements
	12			Information About Your Fund’s Expenses
	13			Proxy Voting
	14			Advisory Agreement Board Considerations and Fee Evaluation

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. 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.

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

Deutsche DWS Variable Series II —

DWS Government Money Market VIP


Portfolio Summary		(Unaudited)


Asset Allocation (As a % of Investment Portfolio)	6/30/20		12/31/19
Government & Agency Obligations		72%		79%
Repurchase Agreements		28%		21%
		100%		100%

Weighted Average Maturity	6/30/20		12/31/19
Deutsche DWS Variable Series II — DWS Government Money Market VIP		26 days		29 days
iMoneyNet Money Fund Average^TM — Gov’t & Agency Retail*		36 days		29 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 4.

Each month, information about the Fund and its portfolio holdings is filed with the SEC on Form N-MFP. The SEC delays the public availability of the information filed on Form N-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.

Portfolio Management Team

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.

Deutsche DWS Variable Series II —

DWS Government Money Market VIP


Investment Portfolio		as of June 30, 2020 (Unaudited)


	Principal Amount ($)		Value ($)
Government & Agency Obligations 72.1%
U.S. Government Sponsored Agencies 50.8%

Federal Farm Credit Bank:

1-month LIBOR minus 0.055%, 0.123%*, 2/3/2021		1,000,000		999,943

1-month LIBOR minus 0.035%, 0.155%*, 8/20/2020		1,500,000		1,500,000

0.35%**, 5/7/2021		1,250,000		1,249,420

Federal Home Loan Bank:

SOFR plus 0.030%, 0.11%*, 9/4/2020		2,000,000		2,000,000

SOFR plus 0.030%, 0.11%*, 11/6/2020		1,750,000		1,750,000

SOFR plus 0.040%, 0.12%*, 2/9/2021		1,000,000		1,000,000

0.122%**, 7/22/2020		1,200,000		1,199,916

SOFR plus 0.045%, 0.125%*, 8/14/2020		1,000,000		1,000,000

0.128%**, 7/29/2020		1,000,000		999,902

SOFR plus 0.050%, 0.13%*, 1/22/2021		300,000		300,000

SOFR plus 0.050%, 0.13%*, 1/28/2021		2,500,000		2,500,000

0.132%**, 9/17/2020		3,000,000		2,999,155

1-month LIBOR minus 0.050%, 0.134%*, 1/27/2021		1,000,000		1,000,000

0.142%**, 7/31/2020		1,000,000		999,883

0.142%**, 8/3/2020		1,500,000		1,499,808

0.142%**, 10/30/2020		2,000,000		1,999,059

SOFR plus 0.065%, 0.145%*, 2/26/2021		1,500,000		1,500,000

SOFR plus 0.080%, 0.16%*, 9/25/2020		5,000,000		5,000,000

1-month LIBOR minus 0.010%, 0.161%*, 9/1/2020		650,000		650,000

1-month LIBOR minus 0.010%, 0.168%*, 5/3/2021		750,000		749,935

0.173%**, 9/30/2020		1,994,000		1,993,143

SOFR plus 0.100%, 0.18%*, 9/15/2020		500,000		500,000

SOFR plus 0.100%, 0.18%*, 10/8/2020		1,000,000		1,000,000

SOFR plus 0.105%, 0.185%*, 10/1/2020		500,000		500,000

SOFR plus 0.120%, 0.2%*, 12/11/2020		1,000,000		1,000,000

SOFR plus 0.120%, 0.2%*, 2/28/2022		1,000,000		1,000,000

0.203%**, 10/13/2020		1,350,000		1,349,220

0.295%**, 9/25/2020		1,000,000		999,307

0.305%**, 11/17/2020		1,000,000		998,842

3-month LIBOR minus 0.155%, 0.401% *, 1/29/2021		1,000,000		1,000,000

0.458%**, 3/8/2021		2,500,000		2,492,188

0.528%**, 8/13/2020		5,000,000		4,996,894

0.53%**, 3/9/2021		1,000,000		996,374

0.691%**, 7/17/2020		2,000,000		1,999,396

3-month LIBOR minus 0.175%, 0.712% *, 10/28/2020		1,000,000		1,000,000


	Principal Amount ($)		Value ($)

Federal Home Loan Mortgage Corp.:

SOFR plus 0.010%, 0.09%*, 8/5/2020		1,000,000		1,000,000

SOFR plus 0.010%, 0.09%*, 8/25/2020		2,250,000		2,250,000

SOFR plus 0.030%, 0.11%*, 8/21/2020		2,250,000		2,250,000

SOFR plus 0.030%, 0.11%*, 1/22/2021		1,200,000		1,200,000

SOFR plus 0.030%, 0.11%*, 2/24/2021		1,500,000		1,500,000

SOFR plus 0.040%, 0.12%*, 9/10/2020		1,000,000		1,000,000

SOFR plus 0.040%, 0.12%*, 12/4/2020		2,000,000		2,000,000

SOFR plus 0.150%, 0.23%*, 3/4/2022		1,750,000		1,745,977

SOFR plus 0.400%, 0.48%*, 10/21/2021		800,000		800,000

Federal National Mortgage Association:

SOFR plus 0.040%, 0.12%*, 1/29/2021		1,500,000		1,500,000

SOFR plus 0.050%, 0.13%*, 3/4/2021		3,500,000		3,500,000

SOFR plus 0.060%, 0.14%*, 7/30/2020		400,000		400,000

SOFR plus 0.075%, 0.155%*, 10/30/2020		750,000		750,000

SOFR plus 0.075%, 0.155%*, 6/4/2021		2,000,000		2,000,000

SOFR plus 0.300%, 0.38%*, 1/7/2022		1,500,000		1,500,000

SOFR plus 0.310%, 0.39%*, 10/25/2021		1,500,000		1,500,000

0.691%**, 7/15/2020		2,000,000		1,999,471

				79,617,833

U.S. Treasury Obligations 21.3%

U.S. Treasury Bills:

0.112%**, 8/6/2020		1,500,000		1,499,835

0.129%**, 8/25/2020		5,000,000		4,999,026

0.152%**, 9/8/2020		2,250,000		2,249,353

0.158%**, 12/1/2020		2,500,000		2,498,343

0.162%**, 10/20/2020		2,000,000		1,999,013

0.203%**, 7/21/2020		2,000,000		1,999,778

U.S. Treasury Floating Rate Notes:

3-month U.S. Treasury Bill Money Market Yield minus 0.043%, 0.193% *, 7/31/2020		3,750,000		3,749,994

3-month U.S. Treasury Bill Money Market Yield minus 0.045%, 0.195% *, 10/31/2020		8,500,000		8,499,709

3-month U.S. Treasury Bill Money Market Yield plus 0.115%, 0.265% *, 1/31/2021		5,000,000		5,002,904

3-month U.S. Treasury Bill Money Market Yield plus 0.139%, 0.289% *, 4/30/2021		1,000,000		1,001,085

				33,499,040
Total Government & Agency Obligations (Cost $113,116,873)				113,116,873

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

Deutsche DWS Variable Series II —

DWS Government Money Market VIP


	Principal Amount ($)		Value ($)

Repurchase Agreements 27.9%

Citigroup Global Markets, Inc., 0.07%, dated 6/30/2020, to be repurchased at $21,680,042 on 7/1/2020 (a)		21,680,000		21,680,000

Wells Fargo Bank, 0.07%, dated 6/30/2020, to be repurchased at $22,100,055 on 7/1/2020 (b)		22,100,000		22,100,000
Total Repurchase Agreements (Cost $43,780,000)				43,780,000

	% of Net Assets		Value ($)
Total Investment Portfolio (Cost $156,896,873)		100.0		156,896,873
Other Assets and Liabilities, Net		0.0		(62,705	)
Net Assets		100.0		156,834,168

*	Floating rate security. These securities are shown at their current rate as of June 30, 2020.

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

(a)	Collateralized by:

Principal
Amount ($)

Security

Rate (%)

Maturity
Date

Collateral
Value ($)

434,400

U.S. Treasury Bills

Zero Coupon

12/31/2020 – 06/17/2021

433,722

21,696,900

U.S. Treasury Note

0.125

06/30/2022

21,679,976

Total Collateral Value

22,113,698

(b)	Collateralized by:

Principal
Amount ($)

Security

Rate (%)

Maturity Date

Collateral
Value ($)

203,381

Federal Home Loan Mortgage Corp.

3.5 – 4.5

9/1/2042 – 08/1/2048

222,463

20,401,955

Federal National Mortgage Association

2.5 – 7.00

10/1/2022 – 9/1/2049

22,319,538

Total Collateral Value

22,542,001

LIBOR: London Interbank Offered Rate

SOFR: SOFR: Secured Overnight Financing Rate

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Investments in Securities (c)	$	—	$	113,116,873	$	—	$	113,116,873
Repurchase Agreements		—		43,780,000		—		43,780,000
Total	$	—	$	156,896,873	$	—	$	156,896,873

(c)	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

Statement of

Assets and Liabilities


as of June 30, 2020 (Unaudited)

Assets
Investments in securities, valued at amortized cost	$	113,116,873
Repurchase Agreements, valued at amortized cost		43,780,000
Cash		34,163
Receivable for Fund shares sold		276,511
Interest receivable		18,401
Other assets		1,317
Total assets		157,227,265

Liabilities
Payable for Fund shares redeemed		299,314
Distributions payable		1,959
Accrued management fee		197
Accrued Trustees’ fees		1,042
Other accrued expenses and payables		90,585
Total liabilities		393,097
Net assets, at value	$	156,834,168

Net Assets Consist of
Distributable earnings (loss)		14,969
Paid-in capital		156,819,199
Net assets, at value	$	156,834,168
Class A Net Asset Value

Net asset value, offering and redemption price per share ($156,834,168 ÷ 156,902,915 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	1.00

Statement of Operations


for the six months ended June 30, 2020 (Unaudited)

Investment Income
Income:
Interest	$	554,131
Expenses:
Management fee		180,900
Administration fee		75,268
Services to Shareholders		1,315
Custodian fee		3,032
Professional fees		26,114
Reports to shareholders		38,675
Trustees’ fees and expenses		3,337
Other		4,546
Total expenses before expense reductions		333,187
Expense reductions		(80,910	)
Total expenses after expense reductions		252,277
Net investment income		301,854
Net realized gain (loss) from investments		100
Net increase (decrease) in net assets resulting from operations	$	301,954

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

Deutsche DWS Variable Series II —

DWS Government Money Market VIP

Statements of Changes in Net Assets


	Six Months Ended June 30, 2020			Year Ended December 31,
Increase (Decrease) in Net Assets	(Unaudited)			2019
Operations:
Net investment income (loss)	$	301,854		$	1,929,658
Net realized gain (loss)		100			42
Net increase (decrease) in net assets resulting from operations		301,954			1,929,700
Distributions to shareholders :
Class A		(301,851	)		(1,929,596	)
Fund share transactions:
Class A
Proceeds from shares sold		124,549,537			121,681,165
Reinvestment of distributions		358,987			1,949,598
Payments for shares redeemed		(90,344,041	)		(108,541,061	)
Net increase (decrease) in net assets from Class A share transactions		34,564,483			15,089,702
Increase (decrease) in net assets		34,564,586			15,089,806
Net assets at beginning of period		122,269,582			107,179,776

Net assets at end of period	$	156,834,168		$	122,269,582

Other Information:
Class A
Shares outstanding at beginning of period		122,338,432			107,248,730
Shares sold		124,549,537			121,681,165
Shares issued to shareholders in reinvestment of distributions		358,987			1,949,598
Shares redeemed		(90,344,041	)		(108,541,061	)
Net increase (decrease) in Fund shares		34,564,483			15,089,702

Shares outstanding at end of period		156,902,915			122,338,432

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

Deutsche DWS Variable Series II —

DWS Government Money Market VIP

Financial Highlights


	Six Months Ended 6/30/20			Years Ended December 31,
Class A	(Unaudited)			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			$1.00
Income from investment operations:

Net investment income		.002			.018			.014			.005			.001	^b		.000	^***
Net realized gain (loss)		.000	^***		.000	^***		(.000	)^***		.000	^***		.000	^***		(.000	)^***
Total from investment operations		.002			.018			.014			.005			.001			.000	^***
Less distributions from:
Net investment income		(.002	)		(.018	)		(.014	)		(.005	)		(.001	)		(.000	)^***
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total Return (%)		.23	^a**		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)		157			122			107			111			122			134
Ratio of expenses before expense reductions (%)^c		.43	^*		.47			.50			.48			.51			.49
Ratio of expenses after expense reductions (%)^c		.33	^*		.47			.50			.48			.44			.25
Ratio of net investment income (%)		.39	^*		1.74			1.37			.45			.05	^b		.01

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

^b	Includes a non-recurring payment for overbilling of prior years’ custodian out-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.

^*	Annualized

^**	Not annualized

^***	Amount is less than $.0005.

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

Deutsche DWS Variable Series II —

DWS Government Money Market VIP


Notes to Financial Statements		(Unaudited)

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 an open-end management investment company organized as a Massachusetts business trust.

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 Rule 2a-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 a sub-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 designated sub-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 June 30, 2020, the Fund held repurchase agreements with a gross value of $43,780,000. 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.

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.

At June 30, 2020, the aggregate cost of investments for federal income tax purposes was $156,896,873.

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

Permanent book and tax differences relating to shareholder distributions will result in reclassifications to paid-in capital. Temporary book and tax differences will reverse in a subsequent period. There were no significant book to tax differences for the Fund.

The tax character of current year distributions will be determined at the end of the current fiscal year.

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

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	%

For the period from January 1, 2020 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%.

In addition, the Advisor has agreed to voluntarily waive additional expenses. This voluntary waiver may be changed or terminated at any time without notice. Under these arrangements, the Advisor waived certain expenses of the Fund.

For the six months ended June 30, 2020, fees waived and/or expenses reimbursed amounted to $80,910.

Deutsche DWS Variable Series II —

DWS Government Money Market 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.

C. Ownership of the Fund

At June 30, 2020, three participating insurance companies were owners of record of 10% or more of the total outstanding Class A shares of the Fund, each owning 53%, 17% and 11%.

D. Line of Credit

The Fund and other affiliated funds (the “Participants”) share in a $350 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 June 30, 2020.

E. Other — COVID-19 Pandemic

F. Other — Deutsche Bank AG Consent Order

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. 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 (January 1, 2020 to June 30, 2020).

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

–


Expenses and Value of a $1,000 Investment for the six months ended June 30, 2020

Actual Fund Return		Class A
Beginning Account Value 1/1/20	$	1,000.00
Ending Account Value 6/30/20	$	1,002.30
Expenses Paid per $1,000*	$	1.64

Hypothetical 5% Fund Return		Class A
Beginning Account Value 1/1/20	$	1,000.00
Ending Account Value 6/30/20	$	1,023.22
Expenses Paid per $1,000*	$	1.66

*	Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 (the number of days in the most recent six-month period), then divided by 366.


Annualized Expense Ratio	Class A
Deutsche DWS Variable Series II — DWS Government Money Market VIP		.33	%

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

Deutsche DWS Variable Series II —

DWS Government Money Market VIP

Proxy Voting

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

–

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 the one-

Deutsche DWS Variable Series II —

DWS Government Money Market VIP

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 applicable 12b-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 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.

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 Government Money Market VIP

Deutsche DWS Variable Series II —

DWS Government Money Market VIP

Notes



VS2GMM-3 (R-028387-9 8/20)

June 30, 2020

Semiannual Report

Deutsche DWS Variable Series II

DWS High Income VIP

LOGO

Contents


	3			Performance Summary
	4			Portfolio Summary
	4			Portfolio Management Team
	5			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
	22			Information About Your Fund’s Expenses
	23			Liquidity Risk Management
	23			Proxy Voting
	24			Advisory Agreement Board Considerations and Fee Evaluation

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 foreign securities presents certain risks, such as currency fluctuations, political and economic changes, and market risks. 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.

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

Deutsche DWS Variable Series II —

DWS High Income VIP


Performance Summary		June 30, 2020 (Unaudited)

The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated May 1, 2020 are 0.96% and 1.40% for Class A and Class B shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report.

Growth of an Assumed $10,000 Investment

LOGO

ICE BofAML US High Yield 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		6-Month^‡	1-Year	3-Year	5-Year	10-Year
Class A	Growth of $10,000	$9,601	$10,019	$11,143	$12,327	$18,025
	Average annual total return	-3.99%	0.19%	3.67%	4.27%	6.07%
ICE BofAML US High Yield Index	Growth of $10,000	$9,516	$9,883	$10,902	$12,505	$18,702
ICE BofAML US High Yield Index	Average annual total return	-4.84%	-1.17%	2.92%	4.57%	6.46%

DWS High Income VIP		6-Month^‡	1-Year	3-Year	5-Year	10-Year
Class B	Growth of $10,000	$9,594	$9,994	$11,072	$12,158	$17,528
	Average annual total return	-4.06%	-0.06%	3.45%	3.99%	5.77%
ICE BofAML US High Yield Index	Growth of $10,000	$9,516	$9,883	$10,902	$12,505	$18,702
ICE BofAML US High Yield Index	Average annual total return	-4.84%	-1.17%	2.92%	4.57%	6.46%

The growth of $10,000 is cumulative.

^‡	Total returns shown for periods less than one year are not annualized.

Deutsche DWS Variable Series II —

DWS High Income VIP


Portfolio Summary		(Unaudited)


Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral)	6/30/20		12/31/19
Corporate Bonds		98%		96%
Convertible Bonds		1%		0%
Loan Participations and Assignments		1%		0%
Cash Equivalents		0%		4%
Warrants		0%		0%
Common Stocks		0%		0%
		100%		100%

Sector Diversification (As a % of Investment Portfolio excluding Cash Equivalents and Securities Lending Collateral)	6/30/20		12/31/19
Communication Services		21%		24%
Consumer Discretionary		18%		14%
Energy		14%		13%
Materials		11%		12%
Health Care		9%		9%
Industrials		8%		9%
Real Estate		5%		3%
Utilities		5%		6%
Consumer Staples		4%		4%
Information Technology		3%		3%
Financials		2%		3%
		100%		100%

Quality (As a % of Investment Portfolio excluding Cash Equivalent and Securities Lending Collateral)	6/30/20		12/31/19
BBB		6%		5%
BB		58%		61%
B		32%		32%
CCC		3%		2%
Not Rated		1%		0%
		100%		100%

The quality ratings represent the higher of Moody’s Investors Service, Inc. (“Moody’s”), Fitch Ratings, Inc. (“Fitch”) or S&P Global Ratings (“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 5.

Portfolio Management Team

Gary Russell, CFA, Managing Director

Thomas R. Bouchard, Director

Lonnie Fox, Director

Portfolio Managers

Deutsche DWS Variable Series II —

DWS High Income VIP


Investment Portfolio		as of June 30, 2020 (Unaudited)


	Principal Amount ($)(a)		Value ($)
Corporate Bonds 97.9%
Communication Services 21.3%

Altice Financing SA, 144A, 5.0%, 1/15/2028		310,000		307,942

Altice France Holding SA, 144A, 10.5%, 5/15/2027		200,000		220,310

Altice France SA:

144A, 5.5%, 1/15/2028		200,000		202,000

144A, 7.375%, 5/1/2026		710,000		740,388

144A, 8.125%, 2/1/2027		200,000		218,750

CCO Holdings LLC:

144A, 4.5%, 8/15/2030		40,000		40,800

144A, 4.5%, 5/1/2032		35,000		35,438

144A, 4.75%, 3/1/2030		140,000		143,247

144A, 5.0%, 2/1/2028		150,000		154,875

144A, 5.125%, 5/1/2027		125,000		129,325

144A, 5.5%, 5/1/2026		210,000		217,415

144A, 5.75%, 2/15/2026		530,000		548,200

144A, 5.875%, 5/1/2027		200,000		208,690

CenturyLink, Inc.:

5.625%, 4/1/2025		50,000		51,700

Series W, 6.75%, 12/1/2023		45,000		48,366

Clear Channel Worldwide Holdings, Inc.:

144A, 5.125%, 8/15/2027		320,000		307,200

9.25%, 2/15/2024		217,000		201,289

CommScope, Inc.:

144A, 5.5%, 3/1/2024		130,000		131,300

144A, 5.5%, 6/15/2024		110,000		112,016

144A, 7.125%, 7/1/2028 (b)		75,000		74,820

144A, 8.25%, 3/1/2027 (c)		130,000		133,601

CSC Holdings LLC:

144A, 4.125%, 12/1/2030		200,000		198,250

144A, 5.5%, 4/15/2027		345,000		358,972

144A, 5.75%, 1/15/2030		200,000		208,300

144A, 6.5%, 2/1/2029		200,000		218,750

144A, 7.5%, 4/1/2028		200,000		218,250

Diamond Sports Group LLC, 144A, 5.375%, 8/15/2026		90,000		65,138

DISH DBS Corp.:

5.875%, 11/15/2024		96,000		95,520

144A, 7.375%, 7/1/2028 (b)		50,000		49,688

7.75%, 7/1/2026		90,000		95,400

Frontier Communications Corp., 144A, 8.0%, 4/1/2027		240,000		243,394

Lamar Media Corp., 144A, 4.875%, 1/15/2029		80,000		80,400

LCPR Senior Secured Financing DAC, 144A, 6.75%, 10/15/2027		210,000		214,200

Level 3 Financing, Inc.:

144A, 4.625%, 9/15/2027		239,000		240,792

5.25%, 3/15/2026		110,000		113,025

Netflix, Inc.:

REG S, 3.625%, 6/15/2030		EUR 100,000		115,440

4.625%, 5/15/2029		EUR 230,000		286,387

5.875%, 11/15/2028		71,000		80,851

Outfront Media Capital LLC, 144A, 5.0%, 8/15/2027		140,000		126,000

Sable International Finance Ltd., 144A, 5.75%, 9/7/2027		200,000		203,576

Sprint Capital Corp., 6.875%, 11/15/2028		395,000		480,912


	Principal Amount ($)(a)		Value ($)

Sprint Corp.:

7.125%, 6/15/2024		165,000		186,308

7.625%, 3/1/2026		230,000		271,485

T-Mobile U.S.A., Inc., 4.75%, 2/1/2028		215,000		227,126

Telecom Italia Capital SA, 6.375%, 11/15/2033		155,000		174,762

Telefonica Europe BV, REG S, 5.875%, Perpetual (d)		EUR 100,000		121,066

ViaSat, Inc.:

144A, 5.625%, 9/15/2025		135,000		129,262

144A, 5.625%, 4/15/2027 (c)		120,000		122,850

144A, 6.5%, 7/15/2028		105,000		105,022

Virgin Media Secured Finance PLC:

144A, 5.5%, 8/15/2026		215,000		219,932

144A, 5.5%, 5/15/2029		345,000		360,525

Vodafone Group PLC, 7.0%, 4/4/2079		185,000		216,738

Ziggo Bond Co. BV, 144A, 3.375%, 2/28/2030		EUR 370,000		390,753

Ziggo BV, 144A, 4.875%, 1/15/2030		290,000		291,572

				10,738,318

Consumer Discretionary 17.6%

Adient U.S. LLC, 144A, 9.0%, 4/15/2025		30,000		32,316

Ahern Rentals, Inc., 144A, 7.375%, 5/15/2023		35,000		16,800

American Axle & Manufacturing, Inc.:

6.25%, 4/1/2025 (c)		135,000		132,637

6.25%, 3/15/2026		75,000		72,188

Beazer Homes U.S.A., Inc., 5.875%, 10/15/2027		35,000		33,425

Boyd Gaming Corp.:

144A, 4.75%, 12/1/2027		60,000		51,600

6.375%, 4/1/2026		100,000		95,000

144A, 8.625%, 6/1/2025		120,000		125,400

Carnival Corp., 144A, 11.5%, 4/1/2023		145,000		157,325

Clarios Global LP:

REG S, 4.375%, 5/15/2026		EUR 200,000		221,435

144A, 4.375%, 5/15/2026		EUR 100,000		110,718

144A, 6.25%, 5/15/2026		55,000		56,719

144A, 6.75%, 5/15/2025		80,000		83,200

144A, 8.5%, 5/15/2027		55,000		55,272

Colt Merger Sub, Inc.:

144A, 5.75%, 7/1/2025 (b)		20,000		20,114

144A, 6.25%, 7/1/2025 (b)		220,000		218,625

144A, 8.125%, 7/1/2027 (b)		110,000		106,287

Dana Financing Luxembourg Sarl:

144A, 5.75%, 4/15/2025		80,000		81,200

144A, 6.5%, 6/1/2026		110,000		113,850

Dana, Inc.:

5.375%, 11/15/2027		55,000		54,896

5.625%, 6/15/2028		25,000		24,818

Eldorado Resorts, Inc., 6.0%, 9/15/2026		91,000		98,309

FCE Bank PLC, REG S, 1.528%, 11/9/2020		EUR 220,000		244,718

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

Deutsche DWS Variable Series II —

DWS High Income VIP


	Principal Amount ($)(a)		Value ($)

Ford Motor Co.:

8.5%, 4/21/2023		90,000		95,175

9.0%, 4/22/2025		285,000		308,427

9.625%, 4/22/2030 (c)		40,000		47,372

Ford Motor Credit Co. LLC:

1.514%, 2/17/2023		EUR 110,000		115,687

3.219%, 1/9/2022		200,000		194,542

4.14%, 2/15/2023		200,000		195,690

5.113%, 5/3/2029		200,000		194,366

5.125%, 6/16/2025		230,000		230,092

HD Supply, Inc., 144A, 5.375%, 10/15/2026		100,000		102,125

Hilton Domestic Operating Co., Inc.:

4.875%, 1/15/2030		139,000		136,915

144A, 5.375%, 5/1/2025		30,000		30,000

IAA, Inc., 144A, 5.5%, 6/15/2027		75,000		77,372

IRB Holding Corp, 144A, 7.0%, 6/15/2025		50,000		51,535

L Brands, Inc.:

5.625%, 2/15/2022		55,000		53,763

6.625%, 4/1/2021		50,000		51,500

144A, 6.875%, 7/1/2025		110,000		113,575

144A, 9.375%, 7/1/2025		60,000		60,072

Lennar Corp., 5.0%, 6/15/2027		50,000		54,000

Lithia Motors, Inc., 144A, 4.625%, 12/15/2027		140,000		138,600

M/I Homes, Inc., 4.95%, 2/1/2028		130,000		129,187

Marriott Ownership Resorts, Inc., 144A, 6.125%, 9/15/2025		150,000		153,375

Mattel, Inc., 144A, 6.75%, 12/31/2025		145,000		150,437

Meritor, Inc.:

6.25%, 2/15/2024		75,000		75,563

144A, 6.25%, 6/1/2025		40,000		40,400

Navistar International Corp., 144A, 9.5%, 5/1/2025 (c)		100,000		107,155

NCL Corp., Ltd., 144A, 3.625%, 12/15/2024		200,000		122,250

Newell Brands, Inc., 4.7%, 4/1/2026		440,000		461,740

PetSmart, Inc.:

144A, 7.125%, 3/15/2023		103,000		101,546

144A, 8.875%, 6/1/2025		90,000		90,221

Picasso Finance Sub, Inc., 144A, 6.125%, 6/15/2025		120,000		122,700

Prestige Brands, Inc., 144A, 5.125%, 1/15/2028		60,000		59,100

Prime Security Services Borrower LLC, 144A, 6.25%, 1/15/2028		145,000		136,662

PulteGroup, Inc., 6.375%, 5/15/2033		100,000		117,000

Royal Caribbean Cruises Ltd.:

144A, 10.875%, 6/1/2023		50,000		51,378

144A, 11.5%, 6/1/2025		50,000		52,173

Sabre GLBL, Inc., 144A, 9.25%, 4/15/2025		10,000		10,538

Scientific Games International, Inc., 144A, 8.625%, 7/1/2025 (b)		110,000		102,817

Sonic Automotive, Inc., 6.125%, 3/15/2027		55,000		54,450

Spectrum Brands, Inc., 144A, 5.0%, 10/1/2029		30,000		29,625

Staples, Inc., 144A, 7.5%, 4/15/2026		210,000		165,007


	Principal Amount ($)(a)		Value ($)

Stars Group Holdings BV, 144A, 7.0%, 7/15/2026		105,000		110,683

Suburban Propane Partners LP, 5.75%, 3/1/2025		105,000		105,000

Taylor Morrison Communities, Inc., 144A, 5.75%, 1/15/2028		170,000		175,100

Tesla, Inc., 144A, 5.3%, 8/15/2025		270,000		270,000

TRI Pointe Group, Inc.:

5.25%, 6/1/2027		55,000		54,725

5.7%, 6/15/2028		80,000		81,200

United Rentals North America, Inc.:

4.625%, 10/15/2025		200,000		201,000

5.25%, 1/15/2030		80,000		82,600

6.5%, 12/15/2026		220,000		231,000

Univar Solutions U.S.A., Inc., 144A, 5.125%, 12/1/2027		160,000		161,859

Vail Resorts, Inc., 144A, 6.25%, 5/15/2025		100,000		104,625

Viking Cruises Ltd., 144A, 5.875%, 9/15/2027		205,000		122,051

William Carter Co, 144A, 5.5%, 5/15/2025		60,000		61,875

Wolverine World Wide, Inc., 144A, 6.375%, 5/15/2025		150,000		157,125

Wynn Las Vegas LLC, 144A, 5.5%, 3/1/2025		145,000		132,675

Wynn Resorts Finance LLC, 144A, 7.75%, 4/15/2025		20,000		20,144

Yum! Brands, Inc., 144A, 7.75%, 4/1/2025		15,000		16,181

				8,878,827

Consumer Staples 3.8%

Albertsons Companies, Inc.:

144A, 4.625%, 1/15/2027		200,000		200,000

144A, 5.875%, 2/15/2028		60,000		61,906

Edgewell Personal Care Co., 144A, 5.5%, 6/1/2028		70,000		71,925

JBS U.S.A. LUX SA:

144A, 5.5%, 1/15/2030		60,000		61,500

144A, 5.75%, 6/15/2025		210,000		212,625

144A, 6.5%, 4/15/2029		132,000		140,085

144A, 6.75%, 2/15/2028		235,000		248,221

Kraft Heinz Foods Co.:

144A, 4.25%, 3/1/2031		260,000		275,676

4.625%, 1/30/2029		70,000		75,460

Lamb Weston Holdings, Inc., 144A, 4.875%, 5/15/2028		30,000		31,786

Pilgrim’s Pride Corp.:

144A, 5.75%, 3/15/2025		50,000		49,854

144A, 5.875%, 9/30/2027		230,000		230,046

Post Holdings, Inc.:

144A, 5.0%, 8/15/2026		165,000		165,619

144A, 5.5%, 12/15/2029		110,000		113,753

				1,938,456

Energy 13.4%

Antero Midstream Partners LP:

5.375%, 9/15/2024		95,000		80,939

144A, 5.75%, 3/1/2027		80,000		63,200

144A, 5.75%, 1/15/2028		90,000		71,100

Archrock Partners LP:

144A, 6.25%, 4/1/2028		160,000		145,600

144A, 6.875%, 4/1/2027		110,000		103,620

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

Deutsche DWS Variable Series II —

DWS High Income VIP


	Principal Amount ($)(a)		Value ($)

Ascent Resources Utica Holdings LLC, 144A, 10.0%, 4/1/2022		80,000		68,200

Buckeye Partners LP, 144A, 4.5%, 3/1/2028		80,000		74,800

Cheniere Energy Partners LP, 5.625%, 10/1/2026		80,000		79,600

Crestwood Midstream Partners LP, 144A, 5.625%, 5/1/2027		150,000		125,053

DCP Midstream Operating LP:

5.125%, 5/15/2029		80,000		76,750

5.375%, 7/15/2025		367,000		364,247

5.625%, 7/15/2027		50,000		50,313

Endeavor Energy Resources LP:

144A, 5.5%, 1/30/2026		155,000		148,412

144A, 5.75%, 1/30/2028		35,000		33,600

144A, 6.625%, 7/15/2025		35,000		35,274

EnLink Midstream Partners LP, 4.4%, 4/1/2024		280,000		232,540

EQM Midstream Partners LP:

144A, 6.0%, 7/1/2025		140,000		141,809

144A, 6.5%, 7/1/2027		80,000		81,938

EQT Corp.:

6.125%, 2/1/2025 (c)		105,000		104,635

7.0%, 2/1/2030		135,000		139,054

Genesis Energy LP:

6.25%, 5/15/2026		115,000		98,656

6.5%, 10/1/2025		85,000		72,675

Hilcorp Energy I LP:

144A, 5.0%, 12/1/2024		155,000		133,300

144A, 5.75%, 10/1/2025		60,000		51,000

Matador Resources Co., 5.875%, 9/15/2026		134,000		99,160

MEG Energy Corp.:

144A, 6.5%, 1/15/2025		195,000		181,958

144A, 7.125%, 2/1/2027		95,000		78,969

Murphy Oil U.S.A., Inc.:

4.75%, 9/15/2029		115,000		117,588

5.625%, 5/1/2027		65,000		67,113

Occidental Petroleum Corp.:

2.6%, 4/15/2022		170,000		161,976

2.7%, 8/15/2022		195,000		181,535

2.7%, 2/15/2023		460,000		419,175

3.125%, 2/15/2022		35,000		33,520

5.55%, 3/15/2026		105,000		95,835

8.0%, 7/15/2025 (b)		175,000		175,656

8.875%, 7/15/2030 (b)		75,000		74,906

Parkland Corp., 144A, 5.875%, 7/15/2027		80,000		83,000

Parsley Energy LLC:

144A, 4.125%, 2/15/2028		50,000		45,250

144A, 5.25%, 8/15/2025		55,000		52,819

144A, 5.375%, 1/15/2025		185,000		179,968

PBF Holding Co. LLC:

144A, 6.0%, 2/15/2028		65,000		53,950

144A, 9.25%, 5/15/2025		35,000		37,363

Range Resources Corp., 5.0%, 8/15/2022 (c)		185,000		168,350

Shelf Drilling Holdings Ltd., 144A, 8.25%, 2/15/2025		75,000		33,750

SM Energy Co., 6.625%, 1/15/2027		120,000		58,800

Southwestern Energy Co.:

6.2%, 1/23/2025 (c)		140,000		119,875

7.75%, 10/1/2027		30,000		26,100


	Principal Amount ($)(a)		Value ($)

Sunoco LP:

5.5%, 2/15/2026		65,000		63,050

5.875%, 3/15/2028		35,000		34,743

6.0%, 4/15/2027		52,000		51,480

Targa Resources Partners LP:

5.0%, 1/15/2028		215,000		202,182

5.375%, 2/1/2027		235,000		226,775

144A, 5.5%, 3/1/2030		90,000		86,906

TerraForm Power Operating LLC, 144A, 4.75%, 1/15/2030		135,000		137,025

Transocean Poseidon Ltd., 144A, 6.875%, 2/1/2027		160,000		136,000

USA Compression Partners LP:

6.875%, 4/1/2026		142,000		137,207

6.875%, 9/1/2027		100,000		96,000

Western Midstream Operating LP, 4.05%, 2/1/2030		60,000		57,755

WPX Energy, Inc.:

4.5%, 1/15/2030		130,000		114,400

5.25%, 9/15/2024		145,000		142,825

5.25%, 10/15/2027		105,000		98,090

5.875%, 6/15/2028		25,000		24,024

				6,731,393

Financials 1.6%

AG Issuer LLC, 144A, 6.25%, 3/1/2028		95,000		88,350

AmWINS Group, Inc., 144A, 7.75%, 7/1/2026		70,000		73,500

Intesa Sanpaolo SpA, 144A, 5.71%, 1/15/2026		200,000		210,751

Lions Gate Capital Holdings LLC, 144A, 6.375%, 2/1/2024		80,000		78,000

LPL Holdings, Inc., 144A, 4.625%, 11/15/2027		30,000		29,625

Navient Corp., 6.5%, 6/15/2022		100,000		98,250

Springleaf Finance Corp.:

5.375%, 11/15/2029		160,000		149,600

6.625%, 1/15/2028		35,000		34,650

8.875%, 6/1/2025		50,000		53,453

				816,179

Health Care 8.4%

Bausch Health Americas, Inc.:

144A, 8.5%, 1/31/2027		385,000		408,581

144A, 9.25%, 4/1/2026		85,000		92,216

Bausch Health Companies, Inc.:

144A, 5.0%, 1/30/2028		110,000		103,564

144A, 5.25%, 1/30/2030		80,000		75,900

144A, 5.75%, 8/15/2027		115,000		121,900

144A, 5.875%, 5/15/2023		9,000		8,978

144A, 6.125%, 4/15/2025		150,000		152,140

144A, 6.25%, 2/15/2029		130,000		130,650

144A, 7.0%, 1/15/2028		40,000		41,200

144A, 7.25%, 5/30/2029		20,000		21,000

Catalent Pharma Solutions, Inc., 144A, 5.0%, 7/15/2027		125,000		129,766

Centene Corp.:

3.375%, 2/15/2030		143,000		144,389

4.625%, 12/15/2029		205,000		216,275

144A, 5.375%, 8/15/2026		130,000		135,227

Charles River Laboratories International, Inc., 144A, 4.25%, 5/1/2028		100,000		99,949

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

Deutsche DWS Variable Series II —

DWS High Income VIP


	Principal Amount ($)(a)		Value ($)

Community Health Systems, Inc.:

6.25%, 3/31/2023		415,000		390,619

144A, 8.125%, 6/30/2024 (c)		120,000		80,400

Encompass Health Corp.:

4.5%, 2/1/2028		45,000		43,160

4.75%, 2/1/2030		37,000		35,335

HCA, Inc.:

5.625%, 9/1/2028		50,000		55,813

5.875%, 2/1/2029		90,000		101,843

Hill-Rom Holdings, Inc., 144A, 4.375%, 9/15/2027		85,000		87,019

LifePoint Health, Inc., 144A, 6.75%, 4/15/2025		135,000		139,387

Molina Healthcare, Inc., 4.375%, 6/15/2028		100,000		99,875

Ortho-Clinical Diagnostics, Inc., 144A, 7.25%, 2/1/2028		135,000		137,225

RegionalCare Hospital Partners Holdings, Inc., 144A, 9.75%, 12/1/2026		60,000		61,800

Select Medical Corp., 144A, 6.25%, 8/15/2026		275,000		278,011

Tenet Healthcare Corp.:

144A, 4.625%, 6/15/2028		65,000		63,323

144A, 4.875%, 1/1/2026		190,000		185,012

144A, 5.125%, 11/1/2027		220,000		217,074

144A, 7.5%, 4/1/2025		50,000		53,188

Teva Pharmaceutical Finance Netherlands II BV, 4.5%, 3/1/2025		EUR 100,000		111,492

Teva Pharmaceutical Finance Netherlands III BV, 144A, 7.125%, 1/31/2025		200,000		212,898

				4,235,209

Industrials 8%

Bombardier, Inc.:

144A, 5.75%, 3/15/2022		159,000		117,350

144A, 6.0%, 10/15/2022		143,000		100,100

BWX Technologies, Inc., 144A, 5.375%, 7/15/2026		30,000		30,911

Cargo Aircraft Management, Inc., 144A, 4.75%, 2/1/2028		100,000		99,125

Cimpress PLC, 144A, 7.0%, 6/15/2026		150,000		138,375

Clark Equipment Co., 144A, 5.875%, 6/1/2025		55,000		56,238

Clean Harbors, Inc., 144A, 5.125%, 7/15/2029		30,000		31,115

Colfax Corp., 144A, 6.375%, 2/15/2026		95,000		99,275

Delta Air Lines, Inc., 144A, 7.0%, 5/1/2025		120,000		123,872

Energizer Holdings, Inc.:

144A, 4.75%, 6/15/2028 (b)		60,000		58,858

144A, 6.375%, 7/15/2026		120,000		124,075

144A, 7.75%, 1/15/2027		105,000		111,958

EnerSys, 144A, 4.375%, 12/15/2027		90,000		89,100

GFL Environmental, Inc.:

144A, 4.25%, 6/1/2025		40,000		40,350

144A, 5.125%, 12/15/2026		50,000		51,750

Hillenbrand, Inc., 5.75%, 6/15/2025		160,000		165,600

Howmet Aerospace, Inc., 6.875%, 5/1/2025		240,000		260,367

Itron, Inc., 144A, 5.0%, 1/15/2026		140,000		139,475


	Principal Amount ($)(a)		Value ($)

Jaguar Holding Co. II:

144A, 4.625%, 6/15/2025		55,000		55,974

144A, 5.0%, 6/15/2028		45,000		46,069

JELD-WEN, Inc., 144A, 6.25%, 5/15/2025		25,000		25,938

Korn Ferry, 144A, 4.625%, 12/15/2027		30,000		29,100

Masonite International Corp., 144A, 5.375%, 2/1/2028		74,000		75,665

Mileage Plus Holdings LLC, 144A, 6.5%, 6/20/2027 (b)		75,000		75,188

Moog, Inc., 144A, 4.25%, 12/15/2027		160,000		155,200

Prime Security Services Borrower LLC, 144A, 5.75%, 4/15/2026		135,000		139,995

Signature Aviation U.S. Holdings, Inc., 144A, 4.0%, 3/1/2028		155,000		140,081

Spirit AeroSystems, Inc., 144A, 7.5%, 4/15/2025		50,000		49,313

Summit Materials LLC, 6.125%, 7/15/2023		200,000		199,110

Tennant Co., 5.625%, 5/1/2025		30,000		30,300

TransDigm, Inc.:

5.5%, 11/15/2027		335,000		292,354

144A, 6.25%, 3/15/2026		335,000		334,169

144A, 8.0%, 12/15/2025		60,000		63,059

Triumph Group, Inc., 144A, 6.25%, 9/15/2024		64,000		54,400

Vertical U.S. Newco Inc.,144A, 4.977%, 07/15/2027 (b)		200,000		200,000

WESCO Distribution, Inc.:

7.125%, 6/15/2025		40,000		42,125

7.25%, 6/15/2028		105,000		111,037

XPO Logistics, Inc., 144A, 6.25%, 5/1/2025		65,000		68,088

				4,025,059

Information Technology 3.1%

Boxer Parent Co., Inc., 144A, 7.125%, 10/2/2025		60,000		62,910

Camelot Finance SA, 144A, 4.5%, 11/1/2026		55,000		55,000

Cardtronics, Inc., 144A, 5.5%, 5/1/2025		95,000		92,150

CDW LLC, 4.125%, 5/1/2025		120,000		120,150

Change Healthcare Holdings LLC, 144A, 5.75%, 3/1/2025		210,000		207,375

Fair Isaac Corp., 144A, 5.25%, 5/15/2026		130,000		141,700

IQVIA, Inc., 144A, 5.0%, 5/15/2027		220,000		225,431

Microchip Technology, Inc., 144A, 4.25%, 9/1/2025		140,000		140,891

MTS Systems Corp., 144A, 5.75%, 8/15/2027		32,000		29,360

Presidio Holdings, Inc.:

144A, 4.875%, 2/1/2027		20,000		19,550

144A, 8.25%, 2/1/2028		30,000		30,000

Science Applications International Corp., 144A, 4.875%, 4/1/2028		30,000		29,822

SS&C Technologies, Inc., 144A, 5.5%, 9/30/2027		85,000		86,244

TTM Technologies, Inc., 144A, 5.625%, 10/1/2025		155,000		153,742

Uber Technologies, Inc.:

144A, 7.5%, 5/15/2025		120,000		120,900

144A, 7.5%, 9/15/2027		50,000		50,125

				1,565,350

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

Deutsche DWS Variable Series II —

DWS High Income VIP


	Principal Amount ($)(a)		Value ($)

Materials 10.8%

Arconic Corp.:

144A, 6.0%, 5/15/2025		20,000		20,675

144A, 6.125%, 2/15/2028		215,000		214,946

Axalta Coating Systems LLC, 144A, 4.875%, 8/15/2024		175,000		177,188

Berry Global, Inc.:

144A, 4.875%, 7/15/2026		105,000		106,575

144A, 5.625%, 7/15/2027		15,000		15,375

Cascades, Inc.:

144A, 5.125%, 1/15/2026		10,000		10,150

144A, 5.375%, 1/15/2028		15,000		15,225

CF Industries, Inc., 5.15%, 3/15/2034		55,000		58,812

Chemours Co.:

5.375%, 5/15/2027		35,000		31,629

7.0%, 5/15/2025 (c)		80,000		76,474

Clearwater Paper Corp., 144A, 5.375%, 2/1/2025		110,000		110,825

Cleveland-Cliffs, Inc., 144A, 6.75%, 3/15/2026		20,000		19,300

Constellium SE:

144A, 4.625%, 5/15/2021		EUR100,000		112,327

144A, 5.75%, 5/15/2024		250,000		250,000

144A, 6.625%, 3/1/2025		250,000		252,818

Element Solutions, Inc., 144A, 5.875%, 12/1/2025		85,000		85,823

First Quantum Minerals Ltd.:

144A, 6.5%, 3/1/2024		245,000		231,219

144A, 6.875%, 3/1/2026		200,000		189,500

144A, 7.25%, 4/1/2023		200,000		191,000

144A, 7.5%, 4/1/2025		200,000		191,500

Freeport-McMoRan, Inc.:

4.125%, 3/1/2028		270,000		261,900

4.25%, 3/1/2030		150,000		145,500

5.0%, 9/1/2027		105,000		105,492

Hudbay Minerals, Inc.:

144A, 7.25%, 1/15/2023		95,000		93,575

144A, 7.625%, 1/15/2025		220,000		209,000

Illuminate Buyer LLC, 144A, 9.0%, 7/1/2028		20,000		20,850

Kaiser Aluminum Corp., 144A, 4.625%, 3/1/2028		70,000		66,942

LABL Escrow Issuer LLC, 144A, 6.75%, 7/15/2026		100,000		104,031

Mauser Packaging Solutions Holding Co.:

144A, 5.5%, 4/15/2024		175,000		171,883

144A, 7.25%, 4/15/2025		205,000		185,888

Mercer International, Inc., 7.375%, 1/15/2025		175,000		174,125

Novelis Corp.:

144A, 4.75%, 1/30/2030		330,000		315,150

144A, 5.875%, 9/30/2026		230,000		229,713

Reynolds Group Issuer, Inc.:

144A, 5.125%, 7/15/2023		290,000		292,201

144A, 7.0%, 7/15/2024		35,000		35,098

Starfruit Finco BV, 144A, 8.0%, 10/1/2026		150,000		153,554

Tronox Finance PLC, 144A, 5.75%, 10/1/2025		266,000		246,050

Tronox, Inc.:

144A, 6.5%, 5/1/2025		30,000		30,300

144A, 6.5%, 4/15/2026 (c)		192,000		179,520


	Principal Amount ($)(a)		Value ($)

United States Steel Corp., 144A, 12.0%, 6/1/2025		40,000		41,000

				5,423,133

Real Estate 5.2%

Cushman & Wakefield U.S. Borrower LLC, 144A, 6.75%, 5/15/2028		120,000		125,100
Iron Mountain, Inc.:

144A, (REIT), 4.875%, 9/15/2029		60,000		58,350

144A, 5.0%, 7/15/2028		75,000		73,478

144A, 5.25%, 7/15/2030		265,000		261,025

144A, 5.625%, 7/15/2032		70,000		69,853

(REIT), 5.75%, 8/15/2024		320,000		323,072

iStar, Inc.:

(REIT), 4.25%, 8/1/2025		100,000		90,500

(REIT), 4.75%, 10/1/2024		170,000		158,737

(REIT), 5.25%, 9/15/2022		55,000		53,350

MGM Growth Properties Operating Partnership LP:

144A, 4.625%, 6/15/2025		233,000		227,846

(REIT), 5.75%, 2/1/2027		310,000		317,750

MPT Operating Partnership LP, (REIT), 4.625%, 8/1/2029		140,000		140,700

Park Intermediate Holdings LLC, 144A, 7.5%, 6/1/2025		120,000		122,700

Realogy Group LLC, 144A, 7.625%, 6/15/2025		185,000		185,037

Ryman Hospitality Properties, Inc., 144A, (REIT), 4.75%, 10/15/2027		5,000		4,450

Service Properties Trust, 7.5%, 9/15/2025		160,000		168,565

Uniti Group LP:

144A, 6.0%, 4/15/2023		60,000		58,500

144A, (REIT), 7.875%, 2/15/2025		110,000		111,460

VICI Properties LP:

144A, (REIT), 3.5%, 2/15/2025		10,000		9,400

144A, (REIT), 3.75%, 2/15/2027		30,000		28,200

144A, (REIT), 4.125%, 8/15/2030		20,000		19,075

144A (REIT), 4.625%, 12/1/2029		16,000		15,600

				2,622,748

Utilities 4.7%

AmeriGas Partners LP:

5.5%, 5/20/2025		205,000		211,150

5.75%, 5/20/2027		110,000		116,325

Calpine Corp.:

144A, 4.5%, 2/15/2028		155,000		151,125

144A, 5.25%, 6/1/2026		260,000		262,525

Clearway Energy Operating LLC, 144A, 4.75%, 3/15/2028		165,000		168,290

NextEra Energy Operating Partners LP, 144A, 4.25%, 7/15/2024		210,000		212,362

NRG Energy, Inc.:

144A, 5.25%, 6/15/2029		157,000		164,850

5.75%, 1/15/2028		200,000		211,000

7.25%, 5/15/2026		75,000		79,125

PG&E Corp., 5.0%, 7/1/2028		125,000		124,963

Talen Energy Supply LLC:

144A, 7.25%, 5/15/2027		190,000		189,050

144A, 7.625%, 6/1/2028		60,000		60,000

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

Deutsche DWS Variable Series II —

DWS High Income VIP


	Principal Amount ($)(a)		Value ($)

Vistra Operations Co. LLC:

144A, 5.0%, 7/31/2027		220,000		222,475

144A, 5.5%, 9/1/2026		150,000		153,066

144A, 5.625%, 2/15/2027		55,000		56,449

				2,382,755
Total Corporate Bonds (Cost $49,838,954)				49,357,427

Loan Participations and Assignments 0.5%
Senior Loans **

Endo Luxembourg Finance Company I S.a r.l., Term Loan B, 1-month USD LIBOR + 4.250%, 5.0%, 4/29/2024		178,619		169,492

Flex Acquisition Company, Inc., Frist Lien Term Loan, 3-month USD LIBOR + 3.000%, 4.433%, 12/29/2023		85,000		81,463
Total Loan Participations and Assignments (Cost $251,443)				250,955

Convertible Bonds 0.6%
Consumer Discretionary 0.1%
Royal Caribbean Cruises Ltd. 144A, 4.25%, 6/15/2023 (Cost $60,000)		60,000		55,800

Energy 0.5%

Cheniere Energy, Inc., 144A, 4.875%, 5/28/2021 (PIK) (Cost $277,269)		272,000		274,638
Total Convertible Bonds (Cost $337,269)				330,438


	Shares			Value ($)
Common Stocks 0.0%
Industrials

Quad Graphics, Inc. (Cost $0)		287			933

Warrants 0.1%
Materials

Hercules Trust II, Expiration Date 3/31/2029* (e) (Cost $244,286)		1,100			58,876

Securities Lending Collateral 1.8%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.05% (f) (g) (Cost $934,830)		934,830			934,830

Cash Equivalents 0.3%
DWS Central Cash Management Government Fund, 0.12% (f) (Cost $128,762)		128,762			128,762

	% of Net Assets			Value ($)
Total Investment Portfolio (Cost $51,735,544)		101.2			51,062,221
Other Assets and Liabilities, Net		(1.2	)		(626,426	)
Net Assets		100.0			50,435,795

A summary of the Fund’s transactions with affiliated investments during the period ended June 30, 2020 are as follows:


Value ($) at 12/31/2019	Purchases Cost ($)			Sales Proceeds ($)		Net Realized Gain/ (Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 6/30/2020		Value ($) at 6/30/2020
Securities Lending Collateral 1.8%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.05% (f) (g)
361,289		573,541	(h)		—		—		—		1,339		—		934,830		934,830
Cash Equivalents 0.3%
DWS Central Cash Management Government Fund, 0.12% (f)
2,187,480		14,894,935			16,953,653		—		—		6,484		—		128,762		128,762
2,548,769		15,468,476			16,953,653		—		—		7,823		—		1,063,592		1,063,592

*	Non-income producing security.

(a)	Principal amount stated in U.S. dollars unless otherwise noted.

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

(c)	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 June 30, 2020 amounted to $894,178, which is 1.8% of net assets.

(d)	Perpetual, callable security with no stated maturity date.

(e)	Investment was valued using significant unobservable inputs.

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

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

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

Deutsche DWS Variable Series II —

DWS High Income VIP

(h)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended June 30, 2020.

LIBOR: London Interbank Offered Rate

PIK: Denotes that all or a portion of the income paid in-kind in the form of additional principal.

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 June 30, 2020, the Fund had the following open forward foreign currency contracts:

Contracts to Deliver

In Exchange For

Settlement
Date

Unrealized
Depreciation ($)

Counterparty

EUR

1,663,412

USD

1,866,338

7/31/2020

(3,802)

State Street Bank and Trust

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.

Fair Value Measurements


Assets	Level 1			Level 2		Level 3		Total
Fixed Income Investments
Corporate Bonds(i)	$	—		$	49,357,427	$	—	$	49,357,427
Loan Participations and Assignments		—			250,955		—		250,955
Convertible Bonds (i)		—			330,438		—		330,438
Common Stocks		933			—		—		933
Warrants		—			—		58,876		58,876
Short-Term Investments (i)		1,063,592			—		—		1,063,592
Total	$	1,064,525		$	49,938,820	$	58,876	$	51,062,221

Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (j)
Forward Foreign Currency Contracts	$	(3,802	)	$	—	$	—	$	(3,802	)
Total	$	(3,802	)	$	—		—	$	(3,802	)

(i)	See Investment Portfolio for additional detailed categorizations.

(j)	Derivatives include unrealized appreciation (depreciation) on open forward foreign currency contracts.

Deutsche DWS Variable Series II —

DWS High Income VIP

Statement of Assets and Liabilities


as of June 30, 2020 (Unaudited)

Assets
Investments in non-affiliated securities, at value (cost $50,671,952) — including $894,178 of securities loaned	$	49,998,629
Investment in DWS Government & Agency Securities Portfolio (cost $934,830)*		934,830
Investment in DWS Central Cash Management Government Fund (cost $128,762)		128,762
Cash		11,600
Foreign currency, at value (cost $12,498)		12,498
Receivable for investments sold		1,313,654
Receivable for investments sold — when-issued/delayed delivery securities		236,038
Receivable for Fund shares sold		46,353
Interest receivable		775,068
Other assets		670
Total assets		53,458,102

Liabilities
Payable upon return of securities loaned		934,830
Payable for investments purchased		560,658
Payable for investments purchased — when-issued/delayed delivery securities		1,404,063
Payable for Fund shares redeemed		12,574
Unrealized depreciation on forward foreign currency contracts		3,802
Accrued management fee		15,434
Accrued Trustees’ fees		1,234
Other accrued expenses and payables		89,712
Total liabilities		3,022,307
Net assets, at value	$	50,435,795

Net Assets Consist of
Distributable earnings (loss)		(7,303,821	)
Paid-in capital		57,739,616
Net assets, at value	$	50,435,795

Net Asset Value
Class A

Net Asset Value, offering and redemption price per share ($50,283,339 ÷ 8,923,659 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	5.63
Class B

Net Asset Value, offering and redemption price per share ($152,456 ÷ 26,918 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	5.66

*	Represents collateral on securities loaned.

Statement of Operations


for the six months ended June 30, 2020 (Unaudited)

Investment Income
Income:

Interest	$	1,456,711
Income distributions — DWS Central Cash Management Government Fund		6,484
Securities lending income, net of borrower rebates		1,339
Total income		1,464,534
Expenses:

Management fee		127,667
Administration fee		25,042
Services to Shareholders		465
Record keeping fee (Class B)		110
Distribution service fees (Class B)		187
Custodian fee		8,700
Professional fees		51,247
Reports to shareholders		19,510
Trustees’ fees and expenses		2,216
Other		7,123
Total expenses before expense reductions		242,267
Expense reductions		(65,866	)
Total expenses after expense reductions		176,401
Net investment income		1,288,133

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(1,122,881	)
Forward foreign currency contracts		(61,860	)
Foreign currency		36,307
		(1,148,434	)
Change in net unrealized appreciation (depreciation) on:

Investments		(2,383,616	)
Forward foreign currency contracts		5,825
Foreign currency		212
		(2,377,579	)
Net gain (loss)		(3,526,013	)
Net increase (decrease) in net assets resulting from operations	$	(2,237,880	)

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

Deutsche DWS Variable Series II —

DWS High Income VIP

Statements of Changes in Net Assets


Increase (Decrease) in Net Assets	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
Operations:
Net investment income (loss)	$	1,288,133		$	2,819,135
Net realized gain (loss)		(1,148,434	)		(118,561	)
Change in net unrealized appreciation (depreciation)		(2,377,579	)		5,181,906
Net increase (decrease) in net assets resulting from operations		(2,237,880	)		7,882,480
Distributions to shareholders:
Class A		(2,873,076	)		(3,177,995	)
Class B		(8,104	)		(7,539	)
Total distributions		(2,881,180	)		(3,185,534	)
Fund share transactions:
Class A
Proceeds from shares sold		4,025,148			5,665,153
Reinvestment of distributions		2,873,076			3,177,995
Payments for shares redeemed		(7,386,719	)		(9,540,349	)
Net increase (decrease) in net assets from Class A share transactions		(488,495	)		(697,201	)
Class B
Proceeds from shares sold		1,140			16,476
Reinvestment of distributions		8,104			7,539
Payments for shares redeemed		(1,440	)		(11,195	)
Net increase (decrease) in net assets from Class B share transactions		7,804			12,820
Increase (decrease) in net assets		(5,599,751	)		4,012,565
Net assets at beginning of period		56,035,546			52,022,981

Net assets at end of period	$	50,435,795		$	56,035,546

Other Information
Class A
Shares outstanding at beginning of period		8,976,023			9,081,584
Shares sold		685,954			944,540
Shares issued to shareholders in reinvestment of distributions		536,022			543,247
Shares redeemed		(1,274,340	)		(1,593,348	)
Net increase (decrease) in Class A shares		(52,364	)		(105,561	)

Shares outstanding at end of period		8,923,659			8,976,023
Class B
Shares outstanding at beginning of period		25,470			23,418
Shares sold		201			2,669
Shares issued to shareholders in reinvestment of distributions		1,501			1,282
Shares redeemed		(254	)		(1,899	)
Net increase (decrease) in Class B shares		1,448			2,052

Shares outstanding at end of period		26,918			25,470

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

Deutsche DWS Variable Series II —

DWS High Income VIP

Financial Highlights


	Six Months Ended 6/30/20			Years Ended December 31,
Class A	(Unaudited)			2019			2018			2017			2016			2015

Selected Per Share Data
Net asset value, beginning of period		$6.23			$5.71			$6.36			$6.28			$5.93			$6.60
Income (loss) from investment operations:

Net investment income^a		.15			.31			.33			.31			.32			.32
Net realized and unrealized gain (loss)		(.42	)		.56			(.48	)		.15			.41			(.58	)
Total from investment operations		(.27	)		.87			(.15	)		.46			.73			(.26	)
Less distributions from:
Net investment income		(.33	)		(.35	)		(.50	)		(.38	)		(.38	)		(.41	)
Net asset value, end of period		$5.63			$6.23			$5.71			$6.36			$6.28			$5.93
Total Return (%)^b		(3.99	)^**		15.69			(2.52	)		7.51			12.87			(4.44	)

Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		50			56			52			61			100			101
Ratio of expenses before expense reductions (%)^c		.95	^*		.96			.94			.78			.80			.75
Ratio of expenses after expense reductions (%)^c		.69	^*		.68			.69			.72			.72			.72
Ratio of net investment income (%)		5.05	^*		5.09			5.41			4.98			5.38			5.09
Portfolio turnover rate (%)		51	^**		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.

^*	Annualized

^**	Not annualized


	Six Months Ended 6/30/20			Years Ended December 31,
Class B	(Unaudited)			2019			2018			2017			2016			2015

Selected Per Share Data
Net asset value, beginning of period		$6.25			$5.73			$6.38			$6.30			$5.94			$6.63
Income (loss) from investment operations:

Net investment income^a		.14			.29			.31			.31			.31			.32
Net realized and unrealized gain (loss)		(.41	)		.57			(.48	)		.13			.41			(.61	)
Total from investment operations		(.27	)		.86			(.17	)		.44			.72			(.29	)
Less distributions from:
Net investment income		(.32	)		(.34	)		(.48	)		(.36	)		(.36	)		(.40	)
Net asset value, end of period		$5.66			$6.25			$5.73			$6.38			$6.30			$5.94
Total Return (%)^b		(4.06	)^**		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			.2			.1			.1			2			3
Ratio of expenses before expense reductions (%)^c		1.38	^*		1.40			1.34			1.15			1.21			1.14
Ratio of expenses after expense reductions (%)^c		.99	^*		.94			.96			.98			.98			1.02
Ratio of net investment income (%)		4.75	^*		4.82			5.14			4.88			5.15			4.86
Portfolio turnover rate (%)		51	^**		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.

^*	Annualized

^**	Not annualized

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

Deutsche DWS Variable Series II —

DWS High Income VIP


Notes to Financial Statements		(Unaudited)

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.

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.

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.

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.

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.

Deutsche DWS Variable Series II —

DWS High Income VIP

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 six months ended June 30, 2020, 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 (0.11% annualized effective rate as of June 30, 2020) 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 June 30, 2020, 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.

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).

At June 30, 2020, the aggregate cost of investments for federal income tax purposes was $51,754,896. The net unrealized depreciation for all investments based on tax cost was $692,675. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $1,045,199 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $1,737,874.

Deutsche DWS Variable Series II —

DWS High Income VIP

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.

The tax character of current year distributions will be determined at the end of the current fiscal year.

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 six months ended June 30, 2020, 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 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.

Deutsche DWS Variable Series II —

DWS High Income VIP

The following table summarizes the value of the Fund’s derivative instruments held as of June 30, 2020 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)	$	(3,802	)

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 six months ended June 30, 2020 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)	$	(61,860	)

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)	$	5,825

The above derivative is located in the following Statement of Operations accounts:

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


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
State Street Bank and Trust	$	3,802	$	—	$	—	$	3,802

C. Purchases and Sales of Securities

During the six months ended June 30, 2020, purchases and sales of investment transactions (excluding short-term investments and U.S. Treasury securities) aggregated $25,470,443 and $25,392,846, respectively.

D. Related Parties

Deutsche DWS Variable Series II —

DWS High Income VIP


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	%

For the period from January 1, 2020 through April 30, 2020, 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 expense) of each class as follows:


Class A	.68	%
Class B	.94	%

Effective May 1, 2020 through April 30, 2021, 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	.71	%
Class B	1.10	%

For the six months ended June 30, 2020, fees waived and/or expenses reimbursed for each class were as follows:


Class A	$	65,578
Class B		288
	$	65,866


Services to Shareholders	Total Aggregated		Unpaid at June 30, 2020
Class A	$	126	$	41
Class B		25		9
	$	151	$	50

Deutsche DWS Variable Series II —

DWS High Income VIP

Distribution Service Agreement. Under the Fund’s Class B 12b-1 plan, DWS Distributors, Inc. (“DDI”) received a fee (“Distribution Service Fee”) of up to 0.25% of the average daily net assets of Class B shares. For the six months ended June 30, 2020, the Distribution Service Fee was $187, of which $31 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.

Security Lending Fees. Deutsche Bank AG serves as lending agent for the Fund. For the six months ended June 30, 2020, the Fund incurred lending agent fees to Deutsche Bank AG for the amount of $101.

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 June 30, 2020, two participating insurance companies were owners of record of 10% or more of the total outstanding Class A shares of the Fund, each owning 70% 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 87%.

G. Line of Credit

Deutsche DWS Variable Series II —

DWS High Income VIP

H. Other — COVID-19 Pandemic

I. Other — Deutsche Bank AG Consent Order

Deutsche DWS Variable Series II —

DWS High Income 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 the six-month period and held for the entire period (January 1, 2020 to June 30, 2020).

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

–


Expenses and Value of a $1,000 Investment for the six months ended June 30, 2020

Actual Fund Return	Class A		Class B
Beginning Account Value 1/1/20	$	1,000.00	$	1,000.00
Ending Account Value 6/30/20	$	960.10	$	959.40
Expenses Paid per $1,000*	$	3.36	$	4.82

Hypothetical 5% Fund Return	Class A		Class B
Beginning Account Value 1/1/20	$	1,000.00	$	1,000.00
Ending Account Value 6/30/20	$	1,021.43	$	1,019.94
Expenses Paid per $1,000^*	$	3.47	$	4.97

*	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 182 (the number of days in the most recent six-month period), then divided by 366.


Annualized Expense Ratios	Class A			Class B
Deutsche DWS Variable Series II — DWS High Income VIP		.69	%		.99	%

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

Deutsche DWS Variable Series II —

DWS High Income VIP

Liquidity Risk Management


Proxy Voting

Deutsche DWS Variable Series II —

DWS High Income 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 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 also received extensive information throughout the year regarding performance of the Fund.

–

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 High Income VIP

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 applicable 12b-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 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.

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.

Deutsche DWS Variable Series II —

DWS High Income VIP

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 High Income VIP

Notes

VS2HI-3 (R-028385-9 8/20)

June 30, 2020

Semiannual Report

Deutsche DWS Variable Series II

DWS International Growth VIP

LOGO

Contents


	3			Performance Summary
	4			Portfolio Summary
	4			Portfolio Management Team
	5			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
	16			Information About Your Fund’s Expenses
	17			Liquidity Risk Management
	17			Proxy Voting
	18			Advisory Agreement Board Considerations and Fee Evaluation

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. Stocks may decline in value. Smaller company stocks tend to be more volatile than medium-sized or large company stocks. The Fund may lend securities to approved institutions. Please read the prospectus for details.

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

Deutsche DWS Variable Series II —

DWS International Growth VIP


Performance Summary		June 30, 2020 (Unaudited)

The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated May 1, 2020 are 1.64% and 1.95% for Class A and Class B shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report.

Growth of an Assumed $10,000 Investment

LOGO

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.

Prior to October 1, 2017, the fund was named Deutsche Global Growth VIP and operated with a different investment strategy. Performance would have been different if the fund’s current investment strategy had been in effect.


Comparative Results

DWS International Growth VIP		6-Month^‡	1-Year	3-Year	5-Year	10-Year
Class A	Growth of $10,000	$9,919	$10,623	$11,767	$13,393	$21,545
	Average annual total return	–0.81%	6.23%	5.57%	6.02%	7.98%
MSCI All Country World ex-USA Index	Growth of $10,000	$8,900	$9,520	$10,344	$11,183	$16,247
MSCI All Country World ex-USA Index	Average annual total return	–11.00%	–4.80%	1.13%	2.26%	4.97%

DWS International Growth VIP		6-Month^‡	1-Year	3-Year	5-Year	10-Year
Class B	Growth of $10,000	$9,910	$10,597	$11,669	$13,217	$20,894
	Average annual total return	–0.90%	5.97%	5.28%	5.74%	7.65%
MSCI All Country World ex-USA Index	Growth of $10,000	$8,900	$9,520	$10,344	$11,183	$16,247
MSCI All Country World ex-USA Index	Average annual total return	–11.00%	–4.80%	1.13%	2.26%	4.97%

The growth of $10,000 is cumulative.

^‡	Total returns shown for periods less than one year are not annualized.

Deutsche DWS Variable Series II —

DWS International Growth VIP


Portfolio Summary		(Unaudited)


Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral)	6/30/20		12/31/19
Common Stocks		98%		97%
Preferred Stocks		1%		—
Exchange-Traded Funds		1%		2%
Cash Equivalents		0%		1%
Convertible Preferred Stocks		0%		0%
		100%		100%

Sector Diversification (As a % of Investment Portfolio excluding Cash Equivalents, Securities Lending Collateral and Exchange-Traded Funds)	6/30/20		12/31/19
Information Technology		20%		18%
Health Care		19%		15%
Financials		15%		19%
Industrials		14%		15%
Consumer Discretionary		12%		14%
Consumer Staples		8%		7%
Communication Services		6%		5%
Materials		4%		5%
Energy		2%		2%
		100%		100%

Geographical Diversification (As a % of Investment Portfolio excluding Cash Equivalents and Securities Lending Collateral)	6/30/20		12/31/19
Germany		15%		13%
France		12%		13%
Switzerland		11%		9%
Japan		11%		10%
China		8%		8%
Canada		8%		9%
United States		7%		8%
Netherlands		5%		4%
Ireland		4%		4%
Sweden		3%		3%
United Kingdom		3%		4%
Singapore		2%		2%
Argentina		2%		2%
Korea		2%		2%
Brazil		1%		2%
Other		6%		7%
		100%		100%

Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund’s investment portfolio, see page 5.

Portfolio Management Team

Sebastian P. Werner, PhD, Director

Julia A. Merz, PhD, Assistant Vice President

Portfolio Managers

Deutsche DWS Variable Series II —

DWS International Growth VIP


Investment Portfolio		as of June 30, 2020 (Unaudited)


	Shares		Value ($)
Common Stocks 97.0%
Argentina 1.8%
Globant SA* (a) (Cost $99,841)		1,920		287,712

Brazil 1.4%

Magazine Luiza SA		5,529		72,848

Pagseguro Digital Ltd. “A”* (a)		4,379		154,754

(Cost $176,085)				227,602

Canada 7.5%

Agnico Eagle Mines Ltd.		4,121		263,876

Alimentation Couche-Tard, Inc. “B”		5,515		172,933

Brookfield Asset Management, Inc. “A”		14,484		476,683

Canada Goose Holdings, Inc.*		2,570		59,669

Canadian National Railway Co.		2,580		228,259

(Cost $691,513)				1,201,420

China 8.3%

Alibaba Group Holding Ltd. (ADR)*		1,542		332,609

Dada Nexus Ltd. (ADR)* (b)		544		12,131

Minth Group Ltd.		16,870		48,203

Momo, Inc. (ADR)		3,293		57,562

New Oriental Education & Technology Group, Inc. (ADR)*		939		122,286

Ping An Healthcare and Technology Co., Ltd. 144A*		2,100		32,361

Ping An Insurance (Group) Co. of China Ltd. “H”		32,500		326,271

Tencent Holdings Ltd.		6,300		406,234

(Cost $862,424)				1,337,657

Finland 0.3%
Sampo Oyj “A” (Cost $59,448)		1,248		43,162

France 11.5%

Airbus SE*		1,055		75,582

BNP Paribas SA*		1,836		73,405

Capgemini SE		1,314		151,644

Cie de Saint-Gobain*		2,669		96,847

LVMH Moet Hennessy Louis Vuitton SE		804		357,533

Orpea		1,070		124,148

Schneider Electric SE		475		53,162

SMCP SA 144A*		8,128		39,973

Teleperformance		1,001		255,256

TOTAL SA (b)		5,934		229,318

VINCI SA		2,705		249,790

Vivendi SA		5,360		138,005

(Cost $1,885,409)				1,844,663

Germany 14.4%

adidas AG*		327		86,407

Allianz SE (Registered)		1,392		285,971

BASF SE		1,978		111,360

Deutsche Boerse AG		2,770		503,339

Evonik Industries AG		6,335		161,997

Evotec SE*		3,869		105,835

Fresenius Medical Care AG & Co. KGaA		3,755		323,970

LANXESS AG		2,210		117,311


	Shares		Value ($)

SAP SE		1,681		236,246

TeamViewer AG*		6,852		377,155

(Cost $2,020,726)				2,309,591

Hong Kong 1.0%
Techtronic Industries Co., Ltd. (Cost $38,072)		16,097		158,803

Ireland 3.7%

Experian PLC		9,703		341,802

Kerry Group PLC1 “A”		2,012		250,311

(Cost $338,293)				592,113

Japan 9.9%

Daikin Industries Ltd.		2,500		402,475

Fast Retailing Co., Ltd.		300		171,852

Hoya Corp.		2,600		247,604

Kao Corp.		1,100		87,132

Keyence Corp.		800		334,498

MISUMI Group, Inc.		3,911		97,910

Pigeon Corp.		3,900		150,785

Shimadzu Corp.		3,500		93,288

(Cost $1,154,299)				1,585,544

Korea 1.6%
Samsung Electronics Co., Ltd. (Cost $244,788)		5,733		254,324

Luxembourg 0.9%
Eurofins Scientific* (Cost $52,647)		242		152,714

Macau 0.8%
Sands China Ltd. (Cost $166,938)		31,600		124,712

Malaysia 0.5%
IHH Healthcare Bhd. (Cost $80,714)		59,600		76,594

Netherlands 4.5%

Adyen NV 144A*		59		86,274

ASML Holding NV		543		200,636

ING Groep NV		16,200		113,338

Koninklijke Philips NV*		4,919		230,747

Prosus NV*		1,035		96,533

(Cost $650,608)				727,528

Norway 0.5%
Mowi ASA (Cost $49,692)		4,181		79,563

Singapore 1.8%
DBS Group Holdings Ltd. (Cost $306,584)		19,200		287,877

South Africa 1.2%
Naspers Ltd. “N” (Cost $235,856)		1,035		189,658

Sweden 3.1%

Assa Abloy AB “B”		2,965		60,802

Hexagon AB “B”*		1,068		62,833

Nobina AB 144A*		22,904		137,467

Spotify Technology SA* (a)		926		239,084

(Cost $377,067)				500,186

Switzerland 10.9%

Alcon, Inc.*		632		36,591

Julius Baer Group Ltd.		1,388		58,745

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

Deutsche DWS Variable Series II —

DWS International Growth VIP


	Shares		Value ($)

Lonza Group AG (Registered)		1,271		673,636

Nestle SA (Registered)		3,490		387,051

Novartis AG (Registered)		2,685		235,044

Roche Holding AG (Genusschein)		806		280,746

Zur Rose Group AG* (b)		312		85,492

(Cost $958,731)				1,757,305

Taiwan 1.4%
Taiwan Semiconductor Manufacturing Co., Ltd. (Cost $127,111)		21,000		223,655

United Kingdom 3.0%

Clinigen Group PLC		9,352		94,116

Compass Group PLC		6,985		96,741

Farfetch Ltd. “A”* (a)		3,982		68,769

Halma PLC		4,887		139,743

Prudential PLC		5,535		83,981

(Cost $459,606)				483,350

United States 7.0%

Activision Blizzard, Inc.		2,076		157,568

EPAM Systems, Inc.*		1,101		277,463

Marsh & McLennan Companies, Inc.		1,677		180,060

MasterCard, Inc. “A”		624		184,517

NVIDIA Corp.		329		124,990

Schlumberger Ltd.		2,572		47,299

Thermo Fisher Scientific, Inc.		440		159,430

(Cost $530,321)				1,131,327
Total Common Stocks (Cost $11,566,773)				15,577,060

Convertible Preferred Stocks 0.2%
United States
Providence Service Corp. (c) (Cost $13,600)		136		26,910


	Shares			Value ($)

Preferred Stocks 0.6%
Germany
Sartorius AG (Cost $72,596)		322			106,584

Exchange-Traded Funds 0.5%
United States
iShares MSCI Japan ETF (Cost $84,057)		1,408			77,327

Securities Lending Collateral 1.6%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.05% (d) (e) (Cost $254,068)		254,068			254,068

Cash Equivalents 0.2%
DWS Central Cash Management Government Fund, 0.12% (d) (Cost $36,606)		36,606			36,606

	% of Net Assets			Value ($)
Total Investment Portfolio (Cost $12,027,700)		100.1			16,078,555
Other Assets and Liabilities, Net		(0.1	)		(18,603	)
Net Assets		100.0			16,059,952

A summary of the Fund’s transactions with affiliated investments during the period ended June 30, 2020 are as follows:


Value ($) at 12/31/2019	Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/ (Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 6/30/2020		Value ($) at 6/30/2020
Securities Lending Collateral 1.6%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.05% (d) (e)
290,624		—		36,556	(f)		—		—		1,182		—		254,068		254,068
Cash Equivalents 0.2%
DWS Central Cash Management Government Fund, 0.12% (d)
241,211		1,990,338		2,194,943			—		—		1,094		—		36,606		36,606
531,835		1,990,338		2,231,499			—		—		2,276		—		290,674		290,674

*	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 June 30, 2020 amounted to $326,881, which is 2.0% 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 annualized seven-day yield at period end.

(e)	Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $89,042.

(f)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended June 30, 2020.

ADR: American Depositary Receipt

MSCI: Morgan Stanley Capital International

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

Deutsche DWS Variable Series II —

DWS International Growth VIP

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Common Stocks
Argentina	$	287,712	$	—	$	—	$	287,712
Brazil		227,602		—		—		227,602
Canada		1,201,420		—		—		1,201,420
China		524,588		813,069		—		1,337,657
Finland		—		43,162		—		43,162
France		—		1,844,663		—		1,844,663
Germany		—		2,309,591		—		2,309,591
Hong Kong		—		158,803		—		158,803
Ireland		—		592,113		—		592,113
Japan		—		1,585,544		—		1,585,544
Korea		—		254,324		—		254,324
Luxembourg		—		152,714		—		152,714
Macau		—		124,712		—		124,712
Malaysia		—		76,594		—		76,594
Netherlands		—		727,528		—		727,528
Norway		—		79,563		—		79,563
Singapore		—		287,877		—		287,877
South Africa		—		189,658		—		189,658
Sweden		239,084		261,102		—		500,186
Switzerland		—		1,757,305		—		1,757,305
Taiwan		—		223,655		—		223,655
United Kingdom		68,769		414,581		—		483,350
United States		1,131,327		—		—		1,131,327
Convertible Preferred Stocks		—		—		26,910		26,910
Preferred Stocks		—		106,584		—		106,584
Exchange-Traded Funds		77,327		—		—		77,327
Short-Term Investments (g)		290,674		—		—		290,674
Total	$	4,048,503	$	12,003,142	$	26,910	$	16,078,555

(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

Statement of Assets and Liabilities


as of June 30, 2020 (Unaudited)

Assets
Investments in non-affiliated securities, at value (cost $11,737,026) — including $326,881 of securities loaned	$	15,787,881
Investment in DWS Government & Agency Securities Portfolio (cost $254,068)*		254,068
Investment in DWS Central Cash Management Government Fund (cost $36,606)		36,606
Foreign currency, at value (cost $146,527)		142,353
Receivable for investments sold		134,440
Receivable for Fund shares sold		174
Dividends receivable		17,717
Interest receivable		148
Foreign taxes recoverable		13,526
Other assets		229
Total assets		16,387,142

Liabilities
Payable upon return of securities loaned		254,068
Payable for Fund shares redeemed		10,339
Accrued Management fee		7,922
Accrued Trustees’ fees		594
Other accrued expenses and payables		54,267
Total liabilities		327,190
Net assets, at value	$	16,059,952

Net Assets Consist of
Distributable earnings (loss)		3,939,356
Paid-in capital		12,120,596
Net assets, at value	$	16,059,952

Net Asset Value
Class A

Net Asset Value, offering and redemption price per share ($15,972,352 ÷ 1,119,224 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	14.27
Class B

Net Asset Value, offering and redemption price per share ($87,600 ÷ 6,120 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	14.31

*	Represents collateral on securities loaned. In addition, the Fund held non-cash collateral having a value of $89,042.

Statement of Operations


for the six months ended June 30, 2020 (Unaudited)

Investment Income
Income:
Dividends (net of foreign taxes withheld of $$19,636)	$	157,736
Income distributions — DWS Central Cash Management Government Fund		1,094
Securities lending income, net of borrower rebates		1,182
Total income		160,012
Expenses:
Management fee		49,008
Administration fee		7,755
Services to Shareholders		435
Distribution service fee (Class B)		125
Custodian fee		5,318
Professional fees		40,350
Reports to shareholders		13,896
Trustees’ fees and expenses		1,396
Other		6,532
Total expenses before expense reductions		124,815
Expense reductions		(55,893	)
Total expenses after expense reductions		68,922
Net investment income (loss)		91,090

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(123,644	)
Foreign currency		(3,584	)
		(127,228	)
Change in net unrealized appreciation (depreciation) on:
Investments		(212,833	)
Foreign currency		(3,943	)
		(216,776	)
Net gain (loss)		(344,004	)
Net increase (decrease) in net assets resulting from operations	$	(252,914	)

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

Deutsche DWS Variable Series II —

DWS International Growth VIP

Statements of Changes in Net Assets


Increase (Decrease) in Net Assets	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
Operations:
Net investment income (loss)	$	91,090		$	265,032
Net realized gain (loss)		(127,228	)		(38,995	)
Change in net unrealized appreciation (depreciation)		(216,776	)		4,100,804
Net increase (decrease) in net assets resulting from operations		(252,914	)		4,326,841
Distributions to shareholders:
Class A		(248,933	)		(445,123	)
Class B		(1,082	)		(3,307	)
Total distributions		(250,015	)		(448,430	)
Fund share transactions:
Class A
Proceeds from shares sold		816,843			1,652,668
Reinvestment of distributions		248,933			445,123
Payments for shares redeemed		(2,105,035	)		(2,520,782	)
Net increase (decrease) in net assets from Class A share transactions		(1,039,259	)		(422,991	)
Class B
Proceeds from shares sold		1,242			16,855
Reinvestment of distributions		1,082			3,307
Payments for shares redeemed		(71,281	)		(112,320	)
Net increase (decrease) in net assets from Class B share transactions		(68,957	)		(92,158	)
Increase (decrease) in net assets		(1,611,145	)		3,363,262
Net assets at beginning of period		17,671,097			14,307,835

Net assets at end of period	$	16,059,952		$	17,671,097

Other Information
Class A
Shares outstanding at beginning of period		1,196,084			1,228,635
Shares sold		60,302			122,990
Shares issued to shareholders in reinvestment of distributions		20,388			33,594
Shares redeemed		(157,550	)		(189,135	)
Net increase (decrease) in Class A shares		(76,860	)		(32,551	)

Shares outstanding at end of period		1,119,224			1,196,084
Class B
Shares outstanding at beginning of period		10,737			19,045
Shares sold		104			1,204
Shares issued to shareholders in reinvestment of distributions		88			249
Shares redeemed		(4,809	)		(9,761	)
Net increase (decrease) in Class B shares		(4,617	)		(8,308	)

Shares outstanding at end of period		6,120			10,737

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

Deutsche DWS Variable Series II —

DWS International Growth VIP

Financial Highlights


	Six Months Ended 6/30/20			Years Ended December 31,
Class A	(Unaudited)			2019			2018			2017			2016			2015

Selected Per Share Data
Net asset value, beginning of period	$	14.64		$	11.47			$13.90		$	11.12		$	10.81		$	11.04
Income (loss) from investment operations:
Net investment income^a		.08			.22			.16			.08			.06			.07
Net realized and unrealized gain (loss)		(.23	)		3.32			(2.46	)		2.75			.34			(.21	)
Total from investment operations		(.15	)		3.54			(2.30	)		2.83			.40			(.14	)
Less distribution from:
Net investment income		(.22	)		(.17	)		(.13	)		(.05	)		(.09	)		(.09	)
Net realized gain		—			(.20	)		—			—			—			—
Total distributions		(.22	)		(.37	)		(.13	)		(.05	)		(.09	)		(.09	)
Net asset value, end of period	$	14.27		$	14.64			$11.47		$	13.90		$	11.12		$	10.81
Total Return (%)^b		(.81	)^**		31.22			(16.69	)		25.47			3.72			(1.32	)

Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		16			18			14			19			27			34
Ratio of expenses before expense reductions (%)^c		1.58	^*		1.64			1.72			1.56			1.66			1.44
Ratio of expenses after expense reductions (%)^c		.87	^*		.86			.81			.92			.95			.90
Ratio of net investment income (%)		1.16	^*		1.63			1.21			.61			.51			.65
Portfolio turnover rate (%)		4	^**		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.

^*	Annualized

^**	Not annualized


	Six Months Ended 6/30/20			Years Ended December 31,
Class B	(Unaudited)			2019			2018			2017			2016			2015

Selected Per Share Data
Net asset value, beginning of period	$	14.66		$	11.49			$13.93		$	11.13		$	10.82		$	11.05
Income (loss) from investment operations:
Net investment income^a		.05			.18			.12			.02			.02			.05
Net realized and unrealized gain (loss)		(.22	)		3.33			(2.46	)		2.79			.35			(.23	)
Total from investment operations		(.17	)		3.51			(2.34	)		2.81			.37			(.18	)
Less distribution from:
Net investment income		(.18	)		(.14	)		(.10	)		(.01	)		(.06	)		(.05	)
Net realized gain		—			(.20	)		—			—			—			—
Total distributions		(.18	)		(.34	)		(.10	)		(.01	)		(.06	)		(.05	)
Net asset value, end of period	$	14.31		$	14.66			$11.49		$	13.93		$	11.13		$	10.82
Total Return (%)^b		(.90	)^**		30.84			(16.92	)		25.26			3.38			(1.64	)

Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		.1			.2			.2			.2			.07			.1
Ratio of expenses before expense reductions (%)^c		1.88	^*		1.95			2.07			1.90			1.98			1.76
Ratio of expenses after expense reductions (%)^c		1.18	^*		1.16			1.06			1.15			1.24			1.22
Ratio of net investment income (%)		.68	^*		1.31			.92			.12			.17			.40
Portfolio turnover rate (%)		4	^**		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.

^*	Annualized

^**	Not annualized

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

Deutsche DWS Variable Series II —

DWS International Growth VIP


Notes to Financial Statements		(Unaudited)

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 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 up to 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 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.

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.

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

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

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 six months ended June 30, 2020, 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 (0.11% annualized effective rate as of June 30, 2020) 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 June 30, 2020, the Fund had securities on loan, which were classified as common stock 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 Agreements as of June 30, 2020
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	254,068	$	—	$	—	$	89,042	$	343,110

Gross amount of recognized liabilities for securities lending transactions:									$	343,110

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.

At June 30, 2020, the aggregate cost of investments for federal income tax purposes was $12,064,972. The net unrealized appreciation for all investments based on tax cost was $4,013,583. This consisted of aggregate

Deutsche DWS Variable Series II —

DWS International Growth VIP

gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $5,159,977 aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $1,146,394.

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.

The tax character of current year distributions will be determined at the end of the current fiscal year.

B. Purchases and Sales of Securities

During the six months ended June 30, 2020, purchases and sales of investment transactions (excluding short-term investments) aggregated $638,624 and $1,875,916, respectively.

C. Related Parties

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, 2020 through April 30, 2021, 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	%

Deutsche DWS Variable Series II —

DWS International Growth VIP

For the six months ended June 30, 2020, fees waived and/or expenses reimbursed for each class are as follows:


Class A	$	55,540
Class B		353
	$	55,893


Services to Shareholders	Total Aggregated		Unpaid at June 30, 2020
Class A	$	106	$	33
Class B		25		9
	$	131	$	42

Distribution Service Agreement. Under the Fund’s Class B 12b-1 plan, DWS Distributors, Inc. (“DDI”) received a fee (“Distribution Service Fee”) of up to 0.25% of average daily net assets of Class B shares. For the six months ended June 30, 2020, the Distribution Service Fee aggregated $125, of which $18 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.

D. Ownership of the Fund

At June 30, 2020, one participating insurance company was owner of record of 10% or more of the total outstanding Class A shares of the Fund, owning 85%. Two participating insurance companies were owners of record of 10% or more of the total outstanding Class B shares of the Fund, owning 84% and 16%.

E. Line of Credit

Deutsche DWS Variable Series II —

DWS International Growth VIP

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 June 30, 2020.

F. Other — COVID-19 Pandemic

G. Other — Deutsche Bank AG Consent Order

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 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 (January 1, 2020 to June 30, 2020).

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

–


Expenses and Value of a $1,000 Investment for the six months ended June 30, 2020

Actual Fund Return		Class A		Class B
Beginning Account Value 1/1/20	$	1,000.00	$	1,000.00
Ending Account Value 6/30/20	$	991.90	$	991.00
Expenses Paid per $1,000*	$	4.31	$	5.84

Hypothetical 5% Fund Return
Beginning Account Value 1/1/20	$	1,000.00	$	1,000.00
Ending Account Value 6/30/20	$	1,020.54	$	1,019
Expenses Paid per $1,000*	$	4.37	$	5.92

*	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 182 (the number of days in the most recent six-month period), then divided by 366.


Annualized Expense Ratios	Class A			Class B
Deutsche DWS Variable Series II — DWS International Growth VIP		.87	%		1.18	%

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

Deutsche DWS Variable Series II —

DWS International Growth VIP


Liquidity Risk Management		(Unaudited)

Proxy Voting

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

–

Deutsche DWS Variable Series II —

DWS International Growth 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 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 the one- 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 applicable 12b-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 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.

Deutsche DWS Variable Series II —

DWS International Growth VIP

Deutsche DWS Variable Series II —

DWS International Growth VIP

Notes



VS2IG-3 (R-028383-9 8/20)

June 30, 2020

Semiannual Report

Deutsche DWS Variable Series II

DWS Small Mid Cap Growth VIP

LOGO

Contents


	3			Performance Summary
	4			Portfolio Summary
	4			Portfolio Management Team
	5			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
	16			Information About Your Fund’s Expenses
	17			Liquidity Risk Management
	17			Proxy Voting
	18			Advisory Agreement Board Considerations and Fee Evaluation

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

Deutsche DWS Variable Series II —

DWS Small Mid Cap Growth VIP


Performance Summary		June 30, 2020 (Unaudited)

The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated May 1, 2020 is 0.82% for Class A shares and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

Growth of an Assumed $10,000 Investment

LOGO

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		6-Month^‡	1-Year	3-Year	5-Year	10-Year
Class A	Growth of $10,000	$9,575	$10,131	$11,127	$12,143	$29,556
	Average annual total return	-4.25%	1.31%	3.62%	3.96%	11.45%
Russell 2500 Growth Index	Growth of $10,000	$10,202	$10,921	$14,087	$15,791	$38,559
	Average annual total return	2.02%	9.21%	12.10%	9.57%	14.45%

The growth of $10,000 is cumulative.

^‡	Total returns shown for periods less than one year are not annualized.

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)	6/30/20		12/31/19
Common Stocks		97%		98%
Cash Equivalents		1%		1%
Convertible Preferred Stock		1%		1%
Exchange-Traded Funds		1%		—
		100%		100%

Sector Diversification (As a % of Investment Portfolio excluding Cash Equivalents, Exchange-Traded Funds and Securities Lending Collateral)	6/30/20		12/31/19
Health Care		30%		24%
Information Technology		27%		24%
Industrials		15%		20%
Consumer Discretionary		14%		15%
Financials		4%		6%
Real Estate		4%		4%
Materials		3%		3%
Consumer Staples		2%		2%
Communication Services		1%		1%
Energy		0%		1%
		100%		100%

Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund’s investment portfolio, see page 5.

Portfolio Management Team

Peter Barsa, Director

Michael A. Sesser, CFA, Director

Portfolio Managers

Deutsche DWS Variable Series II —

DWS Small Mid Cap Growth VIP


Investment Portfolio		as of June 30, 2020 (Unaudited)


	Shares		Value ($)
Common Stocks 97.0%
Communication Services 0.8%
Entertainment

Cinemark Holdings, Inc.		12,290		141,950

Take-Two Interactive Software, Inc.*		2,174		303,425

				445,375

Consumer Discretionary 13.9%
Auto Components 0.8%

Gentherm, Inc.*		7,364		286,459

Tenneco, Inc. “A”*		18,953		143,285

				429,744

Diversified Consumer Services 1.8%

Bright Horizons Family Solutions, Inc.*		5,898		691,246

ServiceMaster Global Holdings, Inc.*		9,448		337,199

				1,028,445

Hotels, Restaurants & Leisure 1.5%

Hilton Grand Vacations, Inc.*		12,491		244,199

Jack in the Box, Inc.		7,892		584,718

				828,917

Household Durables 3.8%

Helen of Troy Ltd.*		3,800		716,528

iRobot Corp.* (a)		7,651		641,919

TopBuild Corp.*		7,103		808,108

				2,166,555

Internet & Direct Marketing Retail 0.5%
Grubhub, Inc.*		3,663		257,509

Leisure Products 1.2%
YETI Holdings, Inc.* (a)		16,312		697,012

Specialty Retail 4.0%

Burlington Stores, Inc.*		4,412		868,855

Camping World Holdings, Inc. “A” (a)		39,100		1,061,956

The Children’s Place, Inc. (a)		6,488		242,781

Vroom, Inc.*		999		52,088

				2,225,680

Textiles, Apparel & Luxury Goods 0.3%
Carter’s, Inc.		2,269		183,108

Consumer Staples 1.8%
Food & Staples Retailing 1.2%
Casey’s General Stores, Inc.		4,552		680,615

Household Products 0.6%
Spectrum Brands Holdings, Inc.		6,982		320,474

Energy 0.2%
Oil, Gas & Consumable Fuels
Contango Oil & Gas Co.* (a)		39,242		89,864

Financials 4.4%
Banks 2.7%

Pinnacle Financial Partners, Inc.		7,304		306,695

South State Corp.		8,024		382,424


	Shares		Value ($)

SVB Financial Group*		2,455		529,126

Synovus Financial Corp.		14,926		306,431

				1,524,676

Capital Markets 1.2%

Lazard Ltd. “A”		13,717		392,717

Moelis & Co. “A”		9,136		284,678

				677,395

Consumer Finance 0.5%
Green Dot Corp. “A”*		6,162		302,431

Health Care 28.4%
Biotechnology 12.7%

Acceleron Pharma, Inc.*		3,899		371,458

Amicus Therapeutics, Inc.*		17,294		260,794

Apellis Pharmaceuticals, Inc.*		7,424		242,468

Arena Pharmaceuticals, Inc.*		7,158		450,596

Biohaven Pharmaceutical Holding Co., Ltd.*		7,887		576,619

Bluebird Bio, Inc.*		2,317		141,430

Blueprint Medicines Corp.*		4,684		365,352

ChemoCentryx, Inc.*		2,371		136,427

Emergent BioSolutions, Inc.*		11,619		918,831

Global Blood Therapeutics, Inc.*		3,700		233,581

Heron Therapeutics, Inc.*		22,719		334,196

Immunomedics, Inc.*		3,351		118,759

Iovance Biotherapeutics, Inc.*		5,250		144,112

Ligand Pharmaceuticals, Inc.* (a)		3,112		348,077

Mirati Therapeutics, Inc.*		2,878		328,581

Momenta Pharmaceuticals, Inc.*		6,333		210,699

Neurocrine Biosciences, Inc.*		10,195		1,243,790

Retrophin, Inc.*		23,478		479,186

Ultragenyx Pharmaceutical, Inc.*		3,057		239,119

				7,144,075

Health Care Equipment & Supplies 6.3%

Cardiovascular Systems, Inc.*		11,951		377,054

Globus Medical, Inc. “A”*		4,024		191,985

Haemonetics Corp.*		1,353		121,175

iRhythm Technologies, Inc.*		3,858		447,104

Masimo Corp.*		5,052		1,151,805

Natus Medical, Inc.*		12,922		281,958

Nevro Corp.*		1,413		168,811

Quidel Corp.*		1,635		365,815

Tandem Diabetes Care, Inc.*		4,219		417,343

				3,523,050

Health Care Providers & Services 6.3%

AMN Healthcare Services, Inc.*		15,169		686,246

HealthEquity, Inc.*		1,929		113,175

Molina Healthcare, Inc.*		5,092		906,274

Option Care Health, Inc.*		27,764		385,364

Providence Service Corp.*		6,946		548,109

RadNet, Inc.*		55,477		880,420

Tivity Health, Inc.*		4,464		50,577

				3,570,165

Health Care Technology 1.2%
HMS Holdings Corp.*		21,178		685,955

Pharmaceuticals 1.9%

ANI Pharmaceuticals, Inc.*		8,521		275,569

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

Deutsche DWS Variable Series II —

DWS Small Mid Cap Growth VIP


	Shares		Value ($)

Avadel Pharmaceuticals PLC (ADR)* (a)		18,916		152,841

Pacira BioSciences, Inc.*		11,807		619,514

				1,047,924

Industrials 14.3%
Aerospace & Defense 0.9%
HEICO Corp.		5,006		498,848

Building Products 4.1%

A.O. Smith Corp. (a)		9,887		465,875

Allegion PLC		7,499		766,548

AZEK Co., Inc.*		2,261		72,035

Fortune Brands Home & Security, Inc.		7,235		462,534

Masonite International Corp.*		6,705		521,515

				2,288,507

Commercial Services & Supplies 1.8%

MSA Safety, Inc.		3,599		411,870

The Brink’s Co.		12,428		565,598

				977,468

Construction & Engineering 0.7%
MasTec, Inc.*		8,966		402,304

Electrical Equipment 1.1%

Generac Holdings, Inc.*		1,478		180,213

Thermon Group Holdings, Inc.*		31,558		459,800

				640,013

Machinery 1.1%

Hillenbrand, Inc.		8,406		227,550

IDEX Corp.		2,502		395,416

				622,966

Professional Services 1.2%

Kforce, Inc.		22,466		657,131

Mistras Group, Inc.*		2,353		9,294

				666,425

Trading Companies & Distributors 3.4%

H&E Equipment Services, Inc.		22,784		421,048

Rush Enterprises, Inc. “A”		27,435		1,137,455

Titan Machinery, Inc.*		33,344		362,116

				1,920,619

Information Technology 26.6%
Communications Equipment 1.2%
Lumentum Holdings, Inc.*		8,417		685,396

Electronic Equipment, Instruments & Components 1.4%

Cognex Corp.		7,873		470,176

IPG Photonics Corp.*		1,883		302,014

				772,190

IT Services 4.1%

Broadridge Financial Solutions, Inc.		6,371		803,957

MAXIMUS, Inc.		8,556		602,770

WEX, Inc.*		2,932		483,809

WNS Holdings Ltd. (ADR)*		7,095		390,083

				2,280,619

Semiconductors & Semiconductor Equipment 4.4%

Advanced Energy Industries, Inc.*		12,629		856,120

Advanced Micro Devices, Inc.*		11,189		588,653

Cabot Microelectronics Corp.		3,131		436,900


	Shares		Value ($)

Entegris, Inc.		8,229		485,922

Semtech Corp.*		2,154		112,482

				2,480,077

Software 15.5%

Aspen Technology, Inc.*		9,895		1,025,221

Cornerstone OnDemand, Inc.*		11,656		449,455

DocuSign, Inc.*		2,091		360,091

Envestnet, Inc.*		9,852		724,516

Five9, Inc.*		16,541		1,830,593

Proofpoint, Inc.*		7,005		778,396

QAD, Inc. “A”		15,977		659,531

Tyler Technologies, Inc.*		4,758		1,650,455

Varonis Systems, Inc.*		13,732		1,215,007

				8,693,265

Materials 2.9%
Chemicals 0.2%
Trinseo SA		5,309		117,647

Construction Materials 1.2%
Eagle Materials, Inc.		9,476		665,405

Containers & Packaging 0.6%
Berry Global Group, Inc.*		7,728		342,505

Metals & Mining 0.9%

Cleveland-Cliffs, Inc. (a)		67,277		371,369

First Quantum Minerals Ltd.		17,207		137,139

				508,508

Real Estate 3.7%
Equity Real Estate Investment Trusts (REITs)

Americold Realty Trust		12,475		452,842

EastGroup Properties, Inc.		2,708		321,196

Essential Properties Realty Trust, Inc.		23,274		345,386

Four Corners Property Trust, Inc.		13,954		340,478

National Storage Affiliates Trust		5,162		147,943

QTS Realty Trust, Inc. “A” (a)		7,598		486,956

				2,094,801
Total Common Stocks (Cost $38,313,243)				54,486,532

Exchange-Traded Funds 0.5%
SPDR S&P Biotech ETF (a) (Cost $247,239)		2,719		304,392

Convertible Preferred Stocks 1.0%
Health Care
Providence Service Corp., 5.5% (b) (Cost $283,300)		2,833		560,562

Securities Lending Collateral 7.8%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.05% (c) (d) (Cost $4,413,350)		4,413,350		4,413,350

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

Deutsche DWS Variable Series II —

DWS Small Mid Cap Growth VIP


	Shares			Value ($)

Cash Equivalents 1.5%
DWS Central Cash Management Government Fund, 0.12% (c) (Cost $846,766)		846,766			846,766

	% of Net Assets			Value ($)
Total Investment Portfolio (Cost $44,103,898)		107.8			60,611,602
Other Assets and Liabilities, Net		(7.8	)		(4,387,311	)
Net Assets		100.0			56,224,291

A summary of the Fund’s transactions with affiliated investments during the period ended June 30, 2020 are as follows:


Value ($) at 12/31/2019	Purchases Cost ($)			Sales Proceeds ($)		Net Realized Gain/ (Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 6/30/2020		Value ($) at 6/30/2020
Securities Lending Collateral 7.8%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.05% (c) (d)
2,086,238		2,327,112	(e)		—		—		—		21,291		—		4,413,350		4,413,350
Cash Equivalents 1.5%
DWS Central Cash Management Government Fund, 0.12% (c)
955,515		4,128,153			4,236,902		—		—		4,492		—		846,766		846,766
3,041,753		6,455,265			4,236,902		—		—		25,783		—		5,260,116		5,260,116

*	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 June 30, 2020 amounted to $4,309,907, which is 7.7% of net assets.

(b)	Investment was valued using significant unobservable inputs.

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

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

(e)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended June 30, 2020.

ADR: American Depositary Receipt

S&P: Standard & Poor’s

SPDR: Standard & Poor’s Depositary Receipt

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (f)	$	54,486,532	$	—	$	—	$	54,486,532
Exchange-Traded Funds		304,392		—		—		304,392
Convertible Preferred Stocks		—		—		560,562		560,562
Short-Term Investments (f)		5,260,116		—		—		5,260,116
Total	$	60,051,040	$	—	$	560,562	$	60,611,602

(f)	See Investment Portfolio for additional detailed categorizations.

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

Deutsche DWS Variable Series II —

DWS Small Mid Cap Growth VIP

Statement of Assets and Liabilities


as of June 30, 2020 (Unaudited)

Assets
Investments in non-affiliated securities, at value (cost $38,843,782) — including $4,309,907 of securities loaned	$	55,351,486
Investment in DWS Government & Agency Securities Portfolio (cost $4,413,350)*		4,413,350
Investment in DWS Central Cash Management Government Fund (cost $846,766)		846,766
Cash		10,000
Foreign currency, at value (cost $52)		54
Receivable for investments sold		420,965
Receivable for Fund shares sold		10,363
Dividends receivable		30,039
Interest receivable		1,922
Other assets		491
Total assets		61,085,436

Liabilities
Payable upon return of securities loaned		4,413,350
Payable for investments purchased		342,318
Payable for Fund shares redeemed		32,318
Accrued management fee		24,238
Accrued Trustees’ fees		1,062
Other accrued expenses and payables		47,859
Total liabilities		4,861,145
Net assets, at value	$	56,224,291

Net Assets Consist of
Distributable earnings (loss)		17,600,481
Paid-in capital		38,623,810
Net assets, at value	$	56,224,291

Net Asset Value

Net Asset Value, offering and redemption price per share ($56,224,291 ÷ 4,385,720 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	12.82

*	Represents collateral on securities loaned.

Statement of Operations


for the six months ended June 30, 2020 (Unaudited)

Investment Income
Income:
Dividends (net of foreign taxes withheld of $328)	$	226,299
Income distributions — DWS Central Cash Management Government Fund		4,492
Securities lending income, net of borrower rebates		21,291
Total income		252,082
Expenses:
Management fee		152,553
Administration fee		27,223
Services to Shareholders		376
Custodian fee		764
Professional fees		30,610
Reports to shareholders		16,680
Trustees’ fees and expenses		2,610
Other		3,094
Total expenses before expense reductions		233,910
Expense reductions		(9,241	)
Total expenses after expense reductions		224,669
Net investment income (loss)		27,413

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments		1,184,189
Change in net unrealized appreciation (depreciation) on:
Investments		(4,621,719	)
Foreign currency		2
		(4,621,717	)
Net gain (loss)		(3,437,528	)
Net increase (decrease) in net assets resulting from operations	$	(3,410,115	)

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

Deutsche DWS Variable Series II —

DWS Small Mid Cap Growth VIP

Statements of Changes in Net Assets


Increase (Decrease) in Net Assets	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
Operations:
Net investment income (loss)	$	27,413		$	71,165
Net realized gain (loss)		1,184,189			1,092,162
Change in net unrealized appreciation (depreciation)		(4,621,717	)		12,312,200
Net increase (decrease) in net assets resulting from operations		(3,410,115	)		13,475,527
Distributions to shareholders:
Class A		(959,731	)		(8,788,523	)
Fund share transactions:
Class A
Proceeds from shares sold		1,891,615			2,374,360
Reinvestment of distributions		959,731			8,788,523
Payments for shares redeemed		(6,458,067	)		(16,023,146	)
Net increase (decrease) in net assets from Class A share transactions		(3,606,721	)		(4,860,263	)
Increase (decrease) in net assets		(7,976,567	)		(173,259	)
Net assets at beginning of period		64,200,858			64,374,117

Net assets at end of period	$	56,224,291		$	64,200,858

Other Information
Class A
Shares outstanding at beginning of period		4,698,629			5,077,014
Shares sold		149,317			179,399
Shares issued to shareholders in reinvestment of distributions		90,115			680,753
Shares redeemed		(552,341	)		(1,238,537	)
Net increase (decrease) in Class A shares		(312,909	)		(378,385	)

Shares outstanding at end of period		4,385,720			4,698,629

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

Deutsche DWS Variable Series II —

DWS Small Mid Cap Growth VIP

Financial Highlights


	Six Months Ended 6/30/20			Years Ended December 31,
Class A	(Unaudited)			2019			2018			2017			2016			2015

Selected Per Share Data
Net asset value, beginning of period		$13.66			$12.68			$21.94			$18.96			$20.90			$22.83
Income (loss) from investment operations:

Net investment income (loss)^a		.01			.01			(.01	)		(.02	)		.02			(.04	)
Net realized and unrealized gain (loss)		(.63	)		2.73			(1.92	)		4.08			1.64			(.00	)
Total from investment operations		(.62	)		2.74			(1.93	)		4.06			1.66			(.04	)
Less distributions from:

Net investment income		(.01	)		—			—			(.02	)		—			—
Net realized gains		(.21	)		(1.76	)		(7.33	)		(1.06	)		(3.60	)		(1.89	)
Total distributions		(.22	)		(1.76	)		(7.33	)		(1.08	)		(3.60	)		(1.89	)
Net asset value, end of period		$12.82			$13.66			$12.68			$21.94			$18.96			$20.90
Total Return (%)		(4.25	)^b**		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)		56			64			64			77			118			135
Ratio of expenses before expense reductions (%)^c		.84	^*		.82			.81			.75			.75			.72
Ratio of expenses after expense reductions (%)^c		.81	^*		.81			.80			.75			.75			.72
Ratio of net investment income (loss) (%)		.10	^*		.11			(.06	)		(.08	)		.11			(.19	)
Portfolio turnover rate (%)		5	^**		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.

^*	Annualized

^**	Not annualized

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

Deutsche DWS Variable Series II —

DWS Small Mid Cap Growth VIP


Notes to Financial Statements		(Unaudited)

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 an open-end management investment company organized as a Massachusetts business trust.

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.

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 or ETFs are generally categorized as Level 1.

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

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 Small Mid Cap Growth VIP

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 six months ended June 30, 2020, 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 (0.11% annualized effective rate as of June 30, 2020) 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 June 30, 2020, the Fund had securities on loan, which were classified as common stocks and exchange-traded funds 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 Agreements as of June 30, 2020
	Overnight and Continuous		<30 Days		Between 30 & 90 Days		>90 Days		Total
Securities Lending Transactions
Common Stocks	$	4,108,925	$	—	$	—	$	—	$	4,108,925
Exchange-Traded Funds		304,425		—		—		—		304,425
Total Borrowings	$	4,413,350	$	—	$	—	$	—	$	4,413,350

Gross amount of recognized liabilities for securities lending transactions:									$	4,413,350

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 June 30, 2020, the aggregate cost of investments for federal income tax purposes was $44,215,985. The net unrealized appreciation for all investments based on tax cost was $16,395,617. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $21,546,978 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $5,151,361.

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.

Deutsche DWS Variable Series II —

DWS Small Mid Cap Growth VIP

The tax character of current year distributions will be determined at the end of the current fiscal year.

B. Purchases and Sales of Securities

During the six months ended June 30, 2020, purchases and sales of investment transactions (excluding short-term investments) aggregated $2,746,667 and $7,235,861, respectively.

C. Related Parties


First $250 million	.550	%
Next $750 million	.525	%
Over $1 billion	.500	%

For the six months ended June 30, 2020, fees waived and/or expenses reimbursed were $9,241.

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.

D. Ownership of the Fund

At June 30, 2020, one participating insurance company was owner of record of 10% or more of the total outstanding Class A shares of the Fund, owning 91%.

E. Line of Credit

The Fund and other affiliated funds (the “Participants”) share in a $350 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 June 30, 2020.

F. Other — COVID-19 Pandemic

G. Other — Deutsche Bank AG Consent Order

Deutsche DWS Variable Series II —

DWS Small Mid Cap Growth VIP

Deutsche DWS Variable Series II —

DWS Small Mid Cap Growth VIP


Information About Your Fund’s Expenses		(Unaudited)

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

–


Expenses and Value of a $1,000 Investment for the six months ended June 30, 2020

Actual Fund Return	Class A
Beginning Account Value 1/1/20	$	1,000.00
Ending Account Value 6/30/20	$	957.50
Expenses Paid per $1,000*	$	3.94

Hypothetical 5% Fund Return	Class A
Beginning Account Value 1/1/20	$	1,000.00
Ending Account Value 6/30/20	$	1,020.84
Expenses Paid per $1,000*	$	4.07

*	Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 (the number of days in the most recent six-month period), then divided by 366.


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.

Deutsche DWS Variable Series II —

DWS Small Mid Cap Growth VIP

Liquidity Risk Management


Proxy Voting

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

–

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

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 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 the one-, 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 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 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 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

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.

Deutsche DWS Variable Series II —

DWS Small Mid Cap Growth VIP

Notes



VS2SMCG-3 (R-028388-9 8/20)

June 30, 2020

Semiannual Report

Deutsche DWS Variable Series II

DWS Small Mid Cap Value VIP

LOGO

Contents


	3			Performance Summary
	4			Portfolio Summary
	4			Portfolio Management Team
	5			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
	16			Information About Your Fund’s Expenses
	17			Liquidity Risk Management
	17			Proxy Voting
	18			Advisory Agreement Board Considerations and Fee Evaluation

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. Investing in foreign securities presents certain risks, such as currency fluctuations, political and economic changes, and market risks. The impact of the use of quantitative models and the analysis of specific metrics on a stock’s performance can be difficult to predict, and stocks that previously possessed certain desirable quantitative characteristics may not continue to demonstrate those same characteristics in the future. Quantitative models also entail the risk that the models themselves may be limited or incorrect. Investing in foreign securities presents certain risks, such as currency fluctuations, political and economic changes, and market risks. The Fund may lend securities to approved institutions. Please read the prospectus for details.

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

Deutsche DWS Variable Series II —

DWS Small Mid Cap Value VIP


Performance Summary		June 30, 2020 (Unaudited)

The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated May 1, 2020 are 0.88% and 1.25% for Class A and Class B shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report.

Growth of an Assumed $10,000 Investment

LOGO

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		6-Month^‡	1-Year	3-Year	5-Year	10-Year
Class A	Growth of $10,000	$7,713	$8,230	$8,519	$9,175	$19,467
	Average annual total return	–22.87%	–17.70%	–5.20%	–1.71%	6.89%
Russell 2500 Value Index	Growth of $10,000	$7,882	$8,450	$9,240	$10,960	$23,256
	Average annual total return	–21.18%	–15.50%	–2.60%	1.85%	8.81%

DWS Small Mid Cap Value VIP		6-Month^‡	1-Year	3-Year	5-Year	10-Year
Class B	Growth of $10,000	$7,712	$8,210	$8,436	$9,019	$18,808
	Average annual total return	–22.88%	–17.90%	–5.51%	–2.04%	6.52%
Russell 2500 Value Index	Growth of $10,000	$7,882	$8,450	$9,240	$10,960	$23,256
	Average annual total return	–21.18%	–15.50%	–2.60%	1.85%	8.81%

The growth of $10,000 is cumulative.

^‡	Total returns shown for periods less than one year are not annualized.

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)	6/30/20		12/31/19
Common Stocks		98%		99%
Cash Equivalents		2%		1%
		100%		100%

Sector Diversification (As a % of Investment Portfolio excluding Cash Equivalents and Securities Lending Collateral)	6/30/20		12/31/19
Financials		21%		23%
Real Estate		15%		14%
Industrials		14%		14%
Consumer Discretionary		10%		10%
Information Technology		10%		9%
Health Care		8%		6%
Utilities		6%		6%
Materials		6%		7%
Consumer Staples		4%		3%
Communication Services		3%		3%
Energy		3%		5%
		100%		100%

Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund’s investment portfolio, see page 5.

Portfolio Management Team

Pankaj Bhatnagar, PhD, Managing Director

Arno V. Puskar, Director

Portfolio Managers

Deutsche DWS Variable Series II —

DWS Small Mid Cap Value VIP


Investment Portfolio		as of June 30, 2020 (Unaudited)


	Shares		Value ($)
Common Stocks 98.5%
Communication Services 3.2%
Diversified Telecommunication Services 0.3%
GCI Liberty, Inc. “A”*		3,121		221,965

Entertainment 0.4%
Lions Gate Entertainment Corp. “A”*		45,119		334,332

Media 1.9%
Interpublic Group of Companies, Inc.		78,123		1,340,591

Wireless Telecommunication Services 0.6%
Telephone & Data Systems, Inc.		21,583		429,070

Consumer Discretionary 10.1%
Automobiles 1.5%
Winnebago Industries, Inc.		16,677		1,111,022

Diversified Consumer Services 1.6%

Regis Corp.* (a)		74,377		608,404

WW International, Inc.*		21,998		558,309

				1,166,713

Hotels, Restaurants & Leisure 1.3%
Aramark		42,196		952,364

Household Durables 1.2%
PulteGroup, Inc.		24,524		834,552

Internet & Direct Marketing Retail 1.2%
Qurate Retail, Inc. “A”*		91,337		867,701

Leisure Products 1.3%
Brunswick Corp.		14,307		915,791

Textiles, Apparel & Luxury Goods 2.0%
Columbia Sportswear Co.		17,354		1,398,385

Consumer Staples 3.8%
Food Products 1.2%

Conagra Brands, Inc.		17,736		623,775

Darling Ingredients, Inc.*		11,282		277,763

				901,538

Household Products 2.1%

Central Garden & Pet Co.*		35,631		1,282,360

Spectrum Brands Holdings, Inc.		4,499		206,504

				1,488,864

Tobacco 0.5%
Vector Group Ltd.		35,608		358,216

Energy 2.7%
Oil, Gas & Consumable Fuels

Equitrans Midstream Corp.		85,903		713,854

Peabody Energy Corp.		141,966		408,862

Renewable Energy Group, Inc.*		14,002		346,969

Targa Resources Corp.		22,695		455,489

				1,925,174

Financials 21.0%
Banks 8.3%

BankUnited, Inc.		43,125		873,281

Eagle Bancorp., Inc.		23,396		766,219

Flushing Financial Corp.		31,150		358,848

Hancock Whitney Corp.		21,607		458,068


	Shares		Value ($)

Hilltop Holdings, Inc.		18,694		344,904

Pacific Premier Bancorp., Inc.		47,264		1,024,684

Simmons First National Corp. “A”		32,511		556,263

UMB Financial Corp.		18,452		951,201

Valley National Bancorp.		78,627		614,863

				5,948,331

Capital Markets 0.5%
Donnelley Financial Solutions, Inc.*		44,097		370,415

Consumer Finance 1.9%

Credit Acceptance Corp.*		2,029		850,171

EZCORP, Inc. “A”*		84,871		534,688

				1,384,859

Insurance 6.1%

American Equity Investment Life Holding Co.		15,529		383,722

American Financial Group, Inc.		5,290		335,703

Assurant, Inc.		11,251		1,162,116

Brown & Brown, Inc.		38,507		1,569,545

Everest Re Group Ltd.		3,509		723,556

Globe Life, Inc.		2,844		211,110

				4,385,752

Mortgage Real Estate Investment Trusts (REITs) 2.3%

Blackstone Mortgage Trust, Inc., “A”		24,538		591,120

Ellington Financial, Inc.		25,520		300,626

PennyMac Mortgage Investment Trust		41,713		731,229

				1,622,975

Thrifts & Mortgage Finance 1.9%
Walker & Dunlop, Inc.		26,373		1,340,012

Health Care 7.3%
Biotechnology 0.8%

Myriad Genetics, Inc.*		22,504		255,195

Novavax, Inc.*		3,423		285,307

				540,502

Health Care Equipment & Supplies 1.8%

ICU Medical, Inc.*		1,607		296,186

Invacare Corp.		156,715		998,275

				1,294,461

Life Sciences Tools & Services 3.9%

Bruker Corp.		26,564		1,080,624

PerkinElmer, Inc.		14,247		1,397,488

Syneos Health, Inc.*		5,638		328,413

				2,806,525

Pharmaceuticals 0.8%

Endo International PLC*		57,658		197,767

Mallinckrodt PLC* (a)		152,940		409,879

				607,646

Industrials 13.9%
Aerospace & Defense 2.2%
Teledyne Technologies, Inc.*		5,099		1,585,534

Air Freight & Logistics 0.7%
Atlas Air Worldwide Holdings, Inc.*		11,578		498,201

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

Deutsche DWS Variable Series II —

DWS Small Mid Cap Value VIP


	Shares		Value ($)

Building Products 1.3%
Simpson Manufacturing Co., Inc. (a)		10,773		908,810

Commercial Services & Supplies 1.4%

IAA, Inc.*		13,027		502,451

Interface, Inc.		65,603		534,009

				1,036,460

Construction & Engineering 2.0%

Great Lakes Dredge & Dock Corp.*		52,901		489,863

Jacobs Engineering Group, Inc.		10,840		919,232

				1,409,095

Electrical Equipment 1.9%
EnerSys		20,622		1,327,645

Industrial Conglomerates 0.6%
Carlisle Companies, Inc.		3,720		445,173

Machinery 3.8%

Federal Signal Corp.		46,249		1,374,983

Hillenbrand, Inc.		34,641		937,732

Manitowoc Co Inc/The*		39,796		432,980

				2,745,695

Information Technology 10.1%
Communications Equipment 1.4%

Ciena Corp.*		3,898		211,116

CommScope Holding Co., Inc.*		93,804		781,387

				992,503

Electronic Equipment, Instruments & Components 2.0%

Avnet, Inc.		21,836		608,897

Insight Enterprises, Inc.*		16,961		834,481

				1,443,378

IT Services 2.3%

Alliance Data Systems Corp.		6,708		302,665

Leidos Holdings, Inc.		14,265		1,336,203

				1,638,868

Semiconductors & Semiconductor Equipment 2.5%

Cirrus Logic, Inc.*		10,772		665,494

Marvell Technology Group Ltd.		26,388		925,163

ON Semiconductor Corp.*		10,647		211,024

				1,801,681

Software 1.9%

Avaya Holdings Corp.*		29,998		370,775

Verint Systems, Inc.* (a)		21,871		988,132

				1,358,907

Materials 6.0%
Chemicals 2.2%

H.B. Fuller Co.		6,577		293,334

Kraton Corp.* (a)		37,554		648,933

PolyOne Corp.		11,594		304,111

PQ Group Holdings, Inc.*		22,332		295,676

				1,542,054


	Shares			Value ($)

Metals & Mining 3.8%

Cleveland-Cliffs, Inc. (a)		57,702			318,515

Coeur Mining, Inc.*		119,548			607,304

Steel Dynamics, Inc.		53,326			1,391,275

SunCoke Energy, Inc.		87,242			258,236

Warrior Met Coal, Inc.		9,877			152,007

					2,727,337

Real Estate 14.2%
Equity Real Estate Investment Trusts (REITs)

Agree Realty Corp.		18,341			1,205,187

Alexander & Baldwin, Inc.		19,251			234,670

Duke Realty Corp.		35,999			1,274,005

Easterly Government Properties, Inc.		32,619			754,151

Gaming and Leisure Properties, Inc.		28,409			982,951

Highwoods Properties, Inc.		28,870			1,077,717

Iron Mountain, Inc.		8,536			222,790

Lexington Realty Trust		87,674			924,961

SITE Centers Corp.		71,120			576,072

STAG Industrial, Inc.		43,423			1,273,162

Urban Edge Properties		49,877			592,040

WP Carey, Inc.		15,846			1,071,982

					10,189,688

Utilities 6.2%
Electric Utilities 3.5%

IDACORP, Inc.		16,313			1,425,267

NRG Energy, Inc.		5,796			188,718

Pinnacle West Capital Corp.		12,092			886,222

					2,500,207

Gas Utilities 2.7%

ONE Gas, Inc.		18,958			1,460,714

UGI Corp.		15,072			479,290

					1,940,004
Total Common Stocks (Cost $77,631,301)					70,638,996

Securities Lending Collateral 2.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.05% (b) (c) (Cost $1,971,464)		1,971,464			1,971,464

Cash Equivalents 1.5%
DWS Central Cash Management Government Fund, 0.12% (b) (Cost $1,090,683)		1,090,683			1,090,683

	% of Net Assets			Value ($)
Total Investment Portfolio (Cost $80,693,448)		102.7			73,701,143
Other Assets and Liabilities, Net		(2.7	)		(1,953,096	)
Net Assets		100.0			71,748,047

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

Deutsche DWS Variable Series II —

DWS Small Mid Cap Value VIP

A summary of the Fund’s transactions with affiliated investments during the period ended June 30, 2020 are as follows:


Value ($) at 12/31/2019	Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/ (Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 6/30/2020		Value ($) at 6/30/2020		��
Securities Lending Collateral 2.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.05% (b) (c)
1,984,280		—		12,816	(d)		—		—		81,182		—		1,971,464		1,971,464
Cash Equivalents 1.5%
DWS Central Cash Management Government Fund, 0.12% (b)
487,000		5,741,027		5,137,344			—		—		4,237		—		1,090,683		1,090,683
2,471,280		5,741,027		5,150,160			—		—		85,419		—		3,062,147		3,062,147

*	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 June 30, 2020 amounted to $2,825,738, which is 3.9% of net assets.

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

(c)	Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $938,985.

(d)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended June 30, 2020.

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (e)	$	70,638,996	$	—	$	—	$	70,638,996
Short-Term Investments (e)		3,062,147		—		—		3,062,147
Total	$	73,701,143	$	—	$	—	$	73,701,143

(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 Small Mid Cap Value VIP

Statement of

Assets and Liabilities


as of June 30, 2020 (Unaudited)

Assets
Investments in non-affiliated securities, at value (cost $77,631,301) — including $2,825,738 of securities loaned	$	70,638,996
Investment in DWS Government & Agency Securities Portfolio (cost $1,971,464)*		1,971,464
Investment in DWS Central Cash Management Government Fund (cost $1,090,683)		1,090,683
Cash		10,000
Receivable for investments sold		643,416
Receivable for Fund shares sold		18,161
Dividends receivable		103,674
Interest receivable		9,725
Other assets		1,021
Total assets		74,487,140

Liabilities
Payable upon return of securities loaned		1,971,464
Payable for investments purchased		646,657
Payable for Fund shares redeemed		21,095
Accrued management fee		35,703
Accrued Trustees’ fees		1,908
Other accrued expenses and payables		62,266
Total liabilities		2,739,093
Net assets, at value	$	71,748,047

Net Assets Consist of
Distributable earnings (loss)		(12,907,858	)
Paid-in capital		84,655,905
Net assets, at value	$	71,748,047

Net Asset Value
Class A

Net Asset Value, offering and redemption price per share ($57,748,984 ÷ 6,186,786 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	9.33
Class B

Net Asset Value, offering and redemption price per share ($13,999,063 ÷ 1,498,069 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	9.34

*	Represents collateral on securities loaned. In addition, the Fund held non-cash collateral having a value of $938,985.

Statement of Operations


for the six months ended June 30, 2020 (Unaudited)

Investment Income
Income:
Dividends	$	872,985
Income distributions — DWS Cash Management Government Fund		4,237
Securities lending income, net of borrower rebates		81,182
Total income		958,404
Expenses:
Management fee		246,701
Administration fee		37,275
Services to Shareholders		1,200
Record keeping fee (Class B)		8,835
Distribution service fees (Class B)		18,013
Custodian fee		1,838
Professional fees		27,856
Reports to shareholders		18,110
Trustees’ fees and expenses		3,006
Other		3,869
Total expenses before expense reductions		366,703
Expense reductions		(28,821	)
Total expenses after expense reductions		337,882
Net investment income		620,522

Realized and Unrealized gain (loss)
Net realized gain (loss) from investments		(6,419,951	)
Change in net unrealized appreciation (depreciation) on investments		(16,572,371	)
Net gain (loss)		(22,992,322	)
Net increase (decrease) in net assets resulting from operations	$	(22,371,800	)

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

Deutsche DWS Variable Series II —

DWS Small Mid Cap Value VIP

Statements of Changes in Net Assets


Increase (Decrease) in Net Assets	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
Operations:
Net investment income (loss)	$	620,522		$	1,188,003
Net realized gain (loss)		(6,419,951	)		6,244,068
Change in net unrealized appreciation (depreciation)		(16,572,371	)		11,215,454
Net increase (decrease) in net assets resulting from operations		(22,371,800	)		18,647,525
Distributions to shareholders:
Class A		(6,015,690	)		(6,073,443	)
Class B		(1,399,898	)		(1,252,920	)
Total distributions		(7,415,588	)		(7,326,363	)
Fund share transactions:
Class A
Proceeds from shares sold		2,952,995			3,385,798
Reinvestment of distributions		6,015,690			6,073,443
Payments for shares redeemed		(5,315,544	)		(10,531,345	)
Net increase (decrease) in net assets from Class A share transactions		3,653,141			(1,072,104	)
Class B
Proceeds from shares sold		2,764,357			1,581,613
Reinvestment of distributions		1,399,898			1,252,920
Payments for shares redeemed		(1,449,775	)		(3,209,519	)
Net increase (decrease) in net assets from Class B share transactions		2,714,480			(374,986	)
Increase (decrease) in net assets		(23,419,767	)		9,874,072
Net assets at beginning of period		95,167,814			85,293,742

Net assets at end of period	$	71,748,047		$	95,167,814

Other Information
Class A
Shares outstanding at beginning of period		5,666,170			5,742,711
Shares sold		299,632			261,390
Shares issued to shareholders in reinvestment of distributions		725,656			468,268
Shares redeemed		(504,672	)		(806,199	)
Net increase (decrease) in Class A shares		520,616			(76,541	)

Shares outstanding at end of period		6,186,786			5,666,170
Class B
Shares outstanding at beginning of period		1,216,620			1,243,269
Shares sold		249,770			121,577
Shares issued to shareholders in reinvestment of distributions		168,662			96,453
Shares redeemed		(136,983	)		(244,679	)
Net increase (decrease) in Class B shares		281,449			(26,649	)

Shares outstanding at end of period		1,498,069			1,216,620

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

Deutsche DWS Variable Series II —

DWS Small Mid Cap Value VIP

Financial Highlights


	Six Months Ended 6/30/20			Years Ended December 31,
Class A	(Unaudited)			2019			2018			2017			2016			2015

Selected Per Share Data
Net asset value, beginning of period		$13.83			$12.21			$17.88			$16.65			$15.97			$17.79
Income (loss) from investment operations:

Net investment income^a		.09			.18			.10			.17			.15			.09
Net realized and unrealized gain (loss)		(3.50	)		2.53	^d		(2.47	)		1.55			2.34			(.31	)
Total from investment operations		(3.41	)		2.71			(2.37	)		1.72			2.49			(.22	)
Less distributions from:

Net investment income		(.16	)		(.10	)		(.24	)		(.12	)		(.10	)		(.05	)
Net realized gains		(.93	)		(.99	)		(3.06	)		(.37	)		(1.71	)		(1.55	)
Total distributions		(1.09	)		(1.09	)		(3.30	)		(.49	)		(1.81	)		(1.60	)
Net asset value, end of period		$9.33			$13.83			$12.21			$17.88			$16.65			$15.97
Total Return (%)		(23.65	)^b**		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)		58			78			70			96			153			161
Ratio of expenses before expense reductions (%)^c		.89	^*		.88			.87			.83			.83			.80
Ratio of expenses after expense reductions (%)^c		.82	^*		.83			.81			.83			.82			.80
Ratio of net investment income (%)		1.70	^*		1.35			.65			.98			.99			.51
Portfolio turnover rate (%)		21	^**		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.

^*	Annualized

^**	Not annualized


	Six Months Ended 6/30/20			Years Ended December 31,
Class B	(Unaudited)			2019			2018			2017			2016			2015

Selected Per Share Data
Net asset value, beginning of period		$13.82			$12.20			$17.86			$16.63			$15.95			$17.77
Income (loss) from investment operations:

Net investment income^a		.07			.13			.05			.11			.09			.02
Net realized and unrealized gain (loss)		(3.49	)		2.53	^d		(2.48	)		1.55			2.34			(.29	)
Total from investment operations		(3.42	)		2.66			(2.43	)		1.66			2.43			(.27	)
Less distributions from:

Net investment income		(.13	)		(.05	)		(.17	)		(.06	)		(.04	)		—
Net realized gains		(.93	)		(.99	)		(3.06	)		(.37	)		(1.71	)		(1.55	)
Total distributions		(1.06	)		(1.04	)		(3.23	)		(.43	)		(1.75	)		(1.55	)
Net asset value, end of period		$9.34			$13.82			$12.20			$17.86			$16.63			$15.95
Total Return (%)		(23.80	)^b**		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)		14			17			15			19			15			14
Ratio of expenses before expense reductions (%)^c		1.27	^*		1.25			1.24			1.19			1.19			1.16
Ratio of expenses after expense reductions (%)^c		1.19	^*		1.19			1.16			1.19			1.18			1.16
Ratio of net investment income (loss) (%)		1.35	^*		.99			.30			.65			.57			.14
Portfolio turnover rate (%)		21	^**		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.

^*	Annualized

^**	Not annualized

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

Deutsche DWS Variable Series II —

DWS Small Mid Cap Value VIP


Notes to Financial Statements		(Unaudited)

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 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.

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.

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

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 Small Mid Cap Value VIP

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 six months ended June 30, 2020, 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 (0.11% annualized effective rate as of June 30, 2020) 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.


Remaining Contractual Maturity of the Agreements as of June 30, 2020
	Overnight and Continuous		<30 Days		Between 30 & 90 Days		>90 Days		Total
Securities Lending Transactions
Common Stocks	$	1,971,464	$	—	$	—	$	938,985	$	2,910,449

Gross amount of recognized liabilities for securities lending transactions:									$	2,910,449

At June 30, 2020, the aggregate cost of investments for federal income tax purposes was $80,810,392. The net unrealized depreciation for all investments based on tax cost was $7,109,249. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $7,828,621 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $14,937,870.

Deutsche DWS Variable Series II —

DWS Small Mid Cap Value VIP

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.

The tax character of current year distributions will be determined at the end of the current fiscal year.

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 and short-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.

B. Purchases and Sales of Securities

During the six months ended June 30, 2020, purchases and sales of investment transactions (excluding short-term investments) aggregated $16,022,815 and $16,072,192, respectively.

C. Related Parties


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	%

Deutsche DWS Variable Series II —

DWS Small Mid Cap Value VIP

For the period from January 1, 2020 through April 30, 2021, 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 six months ended June 30, 2020, fees waived and/or expenses reimbursed for each class were as follows:


Class A	$	23,048
Class B		5,773
	$	28,821


Service to Shareholders	Total Aggregated		Unpaid at June 30, 2020
Class A	$	323	$	105
Class B		239		88
	$	562	$	193

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

D. Ownership of the Fund

At June 30, 2020, one participating insurance company was owner of record of 10% or more of the total outstanding Class A shares of the Fund, owning 68%. Four participating insurance companies were owners of record of 10% or more of the total outstanding Class B shares of the Fund, each owning 29%, 19%, 17% and 11%.

E. Line of Credit

F. Other — COVID-19 Pandemic

G. Other — Deutsche Bank AG Consent Order

Deutsche DWS Variable Series II —

DWS Small Mid Cap Value 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 the six-month period and held for the entire period (January 1, 2020 to June 30, 2020).

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

–


Expenses and Value of a $1,000 Investment for the six months ended June 30, 2020

Actual Fund Return		Class A		Class B
Beginning Account Value 1/1/20	$	1,000.00	$	1,000.00
Ending Account Value 6/30/20	$	771.30	$	771.20
Expenses Paid per $1,000*	$	3.61	$	5.24

Hypothetical 5% Fund Return		Class A		Class B
Beginning Account Value 1/1/20	$	1,000.00	$	1,000.00
Ending Account Value 6/30/20	$	1,020.79	$	1,018.95
Expenses Paid per $1,000*	$	4.12	$	5.97

*	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 182 (the number of days in the most recent six-month period), then divided by 366.


Annualized Expense Ratios	Class A			Class B
Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP		.82	%		1.19	%

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

Deutsche DWS Variable Series II —

DWS Small Mid Cap Value VIP


Liquidity Risk Management

Proxy Voting

Deutsche DWS Variable Series II —

DWS Small Mid Cap Value 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 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 also received extensive information throughout the year regarding performance of the Fund.

–

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

Deutsche DWS Variable Series II —

DWS Small Mid Cap Value VIP

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 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 the one-, 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 applicable 12b-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 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.

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.

Deutsche DWS Variable Series II —

DWS Small Mid Cap Value VIP

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 Small Mid Cap Value VIP

Notes



VS2SMCV-3 (R-028381-9 8/20)


ITEM 2.	CODE OF ETHICS

	Not applicable.

ITEM 3.	AUDIT COMMITTEE FINANCIAL EXPERT

	Not applicable

ITEM 4.	PRINCIPAL ACCOUNTANT FEES AND SERVICES

	Not applicable

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)	Not applicable

	(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:	9/3/2020

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:	9/3/2020



By:	/s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer

Date:	9/3/2020

Deutsche Variable Series Ii N-CSRS/ACertified semi-annual shareholder report (management investment company) (amended)