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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM N-CSR

Investment Company Act file number: 811-05002

Deutsche DWS Variable Series II

(Exact Name of Registrant as Specified in Charter)

875 Third Avenue

New York, NY 10022-6225

(Address of Principal Executive Offices) (Zip Code)

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

Diane Kenneally

100 Summer Street

Boston, MA 02110

(Name and Address of Agent for Service)

Date of fiscal year end:	12/31
Date of reporting period:	12/31/2020

ITEM 1.	REPORT TO STOCKHOLDERS
	(a)

December 31, 2020

Annual Report

Deutsche DWS Variable Series II

DWS Alternative Asset Allocation VIP

Contents

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

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

Although allocation among different asset categories generally limits risk, portfolio management may favor an asset category that underperforms other assets or markets as a whole. The Fund expects to invest in underlying funds that emphasize alternatives or non-traditional asset categories or investment strategies, and as a result, it is subject to the risk factors of those underlying funds. Some of those risks include: stock market risk; the political, general economic, liquidity and currency risks of foreign investments, which may be particularly significant for emerging markets; credit and interest rate risk; floating rate loan risk; volatility, 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

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

Performance Summary December 31, 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

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		1-Year	3-Year	5-Year	10-Year
Class A	Growth of $10,000	$10,571	$11,015	$12,459	$12,998
	Average annual total return	5.71%	3.28%	4.50%	2.66%
MSCI World Index	Growth of $10,000	$11,590	$13,508	$17,776	$25,628
	Average annual total return	15.90%	10.54%	12.19%	9.87%
Bloomberg Barclays U.S. Aggregate Bond Index	Growth of $10,000	$10,751	$11,689	$12,424	$14,576
	Average annual total return	7.51%	5.34%	4.44%	3.84%
Blended Index	Growth of $10,000	$11,402	$13,071	$16,162	$22,167
	Average annual total return	14.02%	9.34%	10.08%	8.29%

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

DWS Alternative Asset Allocation VIP		1-Year	3-Year	5-Year	10-Year
Class B	Growth of $10,000	$10,532	$10,918	$12,266	$12,633
	Average annual total return	5.32%	2.97%	4.17%	2.36%
MSCI World Index	Growth of $10,000	$11,590	$13,508	$17,776	$25,628
	Average annual total return	15.90%	10.54%	12.19%	9.87%
Bloomberg Barclays U.S. Aggregate Bond Index	Growth of $10,000	$10,751	$11,689	$12,424	$14,576
	Average annual total return	7.51%	5.34%	4.44%	3.84%
Blended Index	Growth of $10,000	$11,402	$13,071	$16,162	$22,167
	Average annual total return	14.02%	9.34%	10.08%	8.29%

The growth of $10,000 is cumulative.

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

Management Summary December 31, 2020 (Unaudited)

The Fund returned 5.71% (Class A shares, unadjusted for contract charges) during the 12-month period ended December 31, 2020, trailing the 14.02% return of the Blended Index. Since the index captures the returns of traditional asset and not alternative assets, it is primarily used for references purposes.

Alternative investments generated mixed results in 2020. All categories sold off to varying degrees in the first calendar quarter, when the spreads of COVID-19 pressured returns for all but the safest investments. The broader financial markets began to rebound in late March in the wake of unprecedented stimulus provided by governments and central banks, but the recovery was uneven. While some categories climbed back into positive territory and closed the year with gains, others were unable to recapture their previous highs.

Among the asset classes represented in the Fund, the largest rallies occurred in convertible bonds and preferred stocks. The Fund invests in these areas through SPDR Bloomberg Barclays Convertible Securities ETF and iShares U.S. Preferred Stock ETF, respectively. Both performed well in the final nine months of the year thanks to their above-average equity sensitivity and investors’ ongoing demand for income. Convertible bonds did particularly well and were the best performing segment of the Fund. Numerous issuers came to the market near the March lows in an effort to shore up their balance sheets, and the securities subsequently rebounded as risk appetites returned and investors began to look ahead to a reopening of the economy.

The Fund’s allocation to emerging-markets debt also benefited from the broader rally to finish the year with a solid, mid-single digit gain. Similarly, floating rate securities performed well from late March onward due to their above-average credit sensitivity. A position in DWS Global Macro Fund, which can seek opportunities anywhere in the financial markets in an effort to generate positive absolute returns, also delivered a narrow gain.

Conversely, a number of holdings failed to recapture their pre-COVID highs and closed the year in the red. Among these were allocations to real estate investment trusts, commodities, and infrastructure stocks. The Fund was also hurt to some extent by the underperformance of its underlying active managers versus their respective benchmarks. An above-average cash position was a further drag on absolute returns at a time of generally positive performance for most major asset classes.

Alternative assets underperformed traditional categories in 2020, but we believe they remain a vital source of longer-term portfolio diversification. The role of alternative assets may be especially important in the current environment. The major global equity indexes closed the year at or near all-time highs, and valuations were extended across broad segments of the market. Opportunities in core fixed income also appeared to be limited, with the ultra-low yields on government debt indicating lower upside potential.

We would also note that inflation expectations increased considerably in the final three months of 2020. While it has been quite some time since inflation has moved above 2%, the extremely accommodative policies of the world’s central banks suggest that the odds of rising inflation may be increasing. For example, the U.S. Federal Reserve (Fed) adopted a new policy regime under which a 2% inflation rate is no longer its ceiling, but rather its longer-term average target. This change indicates that the Fed may allow inflation to run higher than this level for an extended period before it tightens policy.

We believe these factors provide a positive foundation for alternative assets. In this environment, we see an advantage from our ability to capture numerous sources of return potential across the full spectrum of the alternative universe. Our mandate provides us with the flexibility to capitalize on value and avoid risk, an active approach whose merits may become more apparent if the returns of traditional assets begin to moderate.

Dokyoung Lee, CFA, Director

Darwei Kung, Managing Director

Sophia Noisten, Associate

Portfolio Managers

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

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

Terms to Know

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

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

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

An exchange-traded fund (ETF) is a security that tracks an index, a commodity or a basket of assets like an index fund, but trades like a stock on an exchange.

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

Portfolio Summary (Unaudited)

Asset Allocation* (As a % of Investment Portfolio)	12/31/20		12/31/19
Real Asset		41%		39%
DWS Enhanced Commodity Strategy Fund		12%		12%
DWS RREEF Global Infrastructure Fund		11%		11%
DWS RREEF Real Estate Securities Fund		10%		7%
iShares Global Infrastructure ETF		5%		6%
SPDR S&P Global Natural Resources ETF		2%		—
DWS RREEF Global Real Estate Securities Fund		1%		3%
Alternative Fixed Income		19%		22%
DWS Floating Rate Fund		9%		11%
DWS Emerging Markets Fixed Income Fund		5%		5%
iShares JP Morgan USD Emerging Markets Bond ETF		5%		6%
Alternative Equity		30%		23%
SPDR Bloomberg Barclays Convertible Securities ETF		21%		15%
iShares U.S. Preferred Stock ETF		9%		8%
Absolute Return		5%		3%
DWS Global Macro Fund		5%		2%
Invesco DB U.S. Dollar Index Bullish Fund		—		1%
Cash Equivalents		5%		13%
DWS Central Cash Management Government Fund		5%		7%
DWS ESG Liquidity Fund		—		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 8.

Following the Fund’s fiscal first and third quarter-end, a complete portfolio holdings listing is posted on dws.com, and is available free of charge by contacting your financial intermediary, or if you are a direct investor, by calling (800) 728-3337. In addition, the portfolio holdings listing is filed with the SEC on the Fund’s Form N-PORT and will be available on the SEC’s Web site at sec.gov. Additional portfolio holdings for the Fund are also posted on dws.com from time to time. Please see the Fund’s current prospectus for more information.

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

Investment Portfolio as of December 31, 2020

	Shares		Value ($)
Mutual Funds 52.7%
DWS Emerging Markets Fixed Income Fund “Institutional” (a)		2,641,114		24,932,114
DWS Enhanced Commodity Strategy Fund “Institutional” (a)		5,841,969		53,979,797
DWS Floating Rate Fund “Institutional” (a)		5,157,327		40,691,313
DWS Global Macro Fund “Institutional” (a)		2,218,432		22,250,874
DWS RREEF Global Infrastructure Fund “Institutional” (a)		3,357,839		53,154,596
DWS RREEF Global Real Estate Securities Fund “Institutional” (a)		616,779		4,792,369
DWS RREEF Real Estate Securities Fund “Institutional” (a)		2,161,192		44,650,237
Total Mutual Funds (Cost $243,460,567)				244,451,300
Exchange-Traded Funds 42.3%
iShares Global Infrastructure ETF		490,135		21,423,801

	Shares			Value ($)
iShares JP Morgan USD Emerging Markets Bond ETF		187,560			21,740,080
iShares U.S. Preferred Stock ETF		1,104,703			42,542,112
SPDR Bloomberg Barclays Convertible Securities ETF		1,198,544			99,227,457
SPDR S&P Global Natural Resources ETF		258,982			11,597,214
Total Exchange-Traded Funds (Cost $159,969,198)					196,530,664
Cash Equivalents 5.1%
DWS Central Cash Management Government Fund, 0.08% (a) (b) (Cost $23,563,848)		23,563,848			23,563,848
	% of Net Assets			Value ($)
Total Investment Portfolio (Cost $426,993,613)		100.1			464,545,812
Other Assets and Liabilities, Net		(0.1	)		(495,321	)
Net Assets		100.0			464,050,491

A summary of the Fund’s transactions with affiliated Underlying DWS Funds during the year ended December 31, 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 ($)		Number of Shares at 12/31/2020		Value ($) at 12/31/2020
Mutual Funds 52.7%
DWS Emerging Markets Fixed Income Fund “Institutional” (a)
19,550,537		5,049,336		—		—			332,241			1,024,036		—		2,641,114		24,932,114
DWS Enhanced Commodity Strategy Fund “Institutional” (a)
45,239,972		9,263,234		—		—			(523,409	)		745,935		—		5,841,969		53,979,797
DWS Floating Rate Fund “Institutional” (a)
39,558,492		9,996,192		6,650,000		(1,747,233	)		(466,138	)		1,400,691		—		5,157,327		40,691,313
DWS Global Macro Fund “Institutional” (a)
8,887,591		12,962,710		—		—			400,573			178,561		—		2,218,432		22,250,874
DWS RREEF Global Infrastructure Fund “Institutional” (a)
43,335,324		10,886,266		—		—			(1,066,994	)		809,266		155,531		3,357,839		53,154,596
DWS RREEF Global Real Estate Securities Fund “Institutional” (a)
11,176,441		4,595,000		7,995,645		(3,069,600	)		86,173			—		—		616,779		4,792,369
DWS RREEF Real Estate Securities Fund “Institutional” (a)
26,423,025		29,377,292		11,474,000		(389,114	)		713,034			1,149,651		412,042		2,161,192		44,650,237
Cash Equivalents 5.1%
DWS Central Cash Management Government Fund, 0.08% (a) (b)
27,144,085		146,117,255		149,697,492		—			—			171,301		—		23,563,848		23,563,848
DWS ESG Liquidity Fund, 0.18% (a) (b)
22,402,874		33,525,574		55,961,490		35,178			(2,136	)		208,045		—		—		—
243,718,341		261,772,859		231,778,627		(5,170,769	)		(526,656	)		5,687,486		567,573		45,558,500		268,015,148

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

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

S&P: Standard & Poor’s

SPDR: Standard & Poor’s Depositary Receipt

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

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

Fair Value Measurements

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

The following is a summary of the inputs used as of December 31, 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	$	244,451,300	$	—	$	—	$	244,451,300
Exchange-Traded Funds		196,530,664		—		—		196,530,664
Short-Term Investments		23,563,848		—		—		23,563,848
Total	$	464,545,812	$	—	$	—	$	464,545,812

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

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Statement of Assets and Liabilities

as of December 31, 2020
Assets
Investments in affiliated Underlying Funds, at value (cost $267,024,415)	$	268,015,148
Investments in non-affiliated Underlying Funds, at value (cost $159,969,198)		196,530,664
Receivable for Fund shares sold		2,470
Interest receivable		1,763
Other assets		8,682
Total assets		464,558,727
Liabilities
Payable for Fund shares redeemed		169,671
Accrued Management fee		40,966
Accrued Trustees’ fees		4,103
Other accrued expenses and payables		293,496
Total liabilities		508,236
Net assets, at value	$	464,050,491
Net Assets Consist of
Distributable earnings (loss)	$	25,276,153
Paid-in capital		438,774,338
Net assets, at value	$	464,050,491
Class A
Net Asset Value, offering and redemption price per share ($36,993,774 ÷ 2,699,800 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	13.70
Class B
Net Asset Value, offering and redemption price per share ($427,056,717 ÷ 31,208,785 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	13.68

Statement of Operations

for the year ended December 31, 2020
Investment Income
Income:
Income distributions from affiliated Underlying Funds	$	5,687,486
Dividends		4,751,339
Total income		10,438,825
Expenses:
Management fee		412,424
Administration fee		402,008
Recordkeeping fees (Class B)		494,690
Services to shareholders		1,108
Distribution and service fees (Class B)		948,590
Custodian fee		5,692
Professional fees		72,746
Reports to shareholders		46,992
Trustees’ fees and expenses		16,014
Other		9,429
Total expenses before expense reductions		2,409,693
Expense reductions		(93,545	)
Total expenses after expense reductions		2,316,148
Net investment income		8,122,677
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Sale of affiliated Underlying Funds		(5,170,769	)
Sale of non-affiliated Underlying Funds		(3,824,374	)
Capital gain distributions from affiliated Underlying Funds		567,573
		(8,427,570	)
Change in net unrealized appreciation (depreciation) on:
Affiliated Underlying Funds		(526,656	)
Non-affiliated Underlying Funds		28,742,578
		28,215,922
Net gain (loss)		19,788,352
Net increase (decrease) in net assets resulting from operations	$	27,911,029

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

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

Statements of Changes in Net Assets

	Years Ended December 31,
Increase (Decrease) in Net Assets	2020			2019
Operations:
Net investment income (loss)	$	8,122,677		$	9,024,230
Net realized gain (loss)		(8,427,570	)		2,636,547
Change in net unrealized appreciation (depreciation)		28,215,922			26,981,654
Net increase (decrease) in net assets resulting from operations		27,911,029			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		5,411,306			5,519,916
Reinvestment of distributions		873,617			1,142,148
Payments for shares redeemed		(4,249,598	)		(2,018,312	)
Net increase (decrease) in net assets from Class A share transactions		2,035,325			4,643,752
Class B
Proceeds from shares sold		73,640,815			118,564,810
Reinvestment of distributions		8,977,130			9,062,974
Payments for shares redeemed		(21,769,862	)		(11,692,494	)
Net increase (decrease) in net assets from Class B share transactions		60,848,083			115,935,290
Increase (decrease) in net assets		80,943,690			149,016,351
Net assets at beginning of period		383,106,801			234,090,450
Net assets at end of period	$	464,050,491		$	383,106,801
Other Information
Class A
Shares outstanding at beginning of period		2,541,554			2,180,831
Shares sold		433,052			428,198
Shares issued to shareholders in reinvestment of distributions		76,499			90,217
Shares redeemed		(351,305	)		(157,692	)
Net increase (decrease) in Class A shares		158,246			360,723
Shares outstanding at end of period		2,699,800			2,541,554
Class B
Shares outstanding at beginning of period		26,180,029			17,175,164
Shares sold		5,958,291			9,198,591
Shares issued to shareholders in reinvestment of distributions		785,401			715,310
Shares redeemed		(1,714,936	)		(909,036	)
Net increase (decrease) in Class B shares		5,028,756			9,004,865
Shares outstanding at end of period		31,208,785			26,180,029

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

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

Financial Highlights

DWS Alternative Asset Allocation VIP — Class A
	Years Ended December 31,
	2020			2019			2018			2017			2016
Selected Per Share Data
Net asset value, beginning of period	$	13.35		$	12.10		$	13.61		$	12.97		$	12.60
Income (loss) from investment operations:
Net investment incomea		.29			.40			.61			.33			.35
Net realized and unrealized gain (loss)		.40			1.35			(1.84	)		.62			.31
Total from investment operations		.69			1.75			(1.23	)		.95			.66
Less distributions from:
Net investment income		(.34	)		(.50	)		(.28	)		(.31	)		(.29	)
Net realized gains		—			—			—			—			—
Total distributions		(.34	)		(.50	)		(.28	)		(.31	)		(.29	)
Net asset value, end of period	$	13.70		$	13.35		$	12.10		$	13.61		$	12.97
Total Return (%)c		5.71			14.68	b		(9.14	)b		7.41	b		5.30	b
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		37			34			26			27			24
Ratio of expenses before expense reductions (%)d,e		.23			.56			.73			.64			.56
Ratio of expenses after expense reductions (%)d,e		.23			.23			.16			.19			.27
Ratio of net investment income (%)		2.29			3.09			4.78			2.50			2.70
Portfolio turnover rate (%)		18			10			32			55			51

DWS Alternative Asset Allocation VIP — Class B
	Years Ended December 31,
	2020			2019			2018			2017			2016
Selected Per Share Data
Net asset value, beginning of period	$	13.34		$	12.09		$	13.59		$	12.96		$	12.59
Income (loss) from investment operations:
Net investment incomea		.24			.37			.62			.31			.31
Net realized and unrealized gain (loss)		.41			1.34			(1.88	)		.59			.31
Total from investment operations		.65			1.71			(1.26	)		.90			.62
Less distributions from:
Net investment income		(.31	)		(.46	)		(.24	)		(.27	)		(.25	)
Net realized gains		—			—			—			—			—
Total distributions		(.31	)		(.46	)		(.24	)		(.27	)		(.25	)
Net asset value, end of period	$	13.68		$	13.34		$	12.09		$	13.59		$	12.96
Total Return (%)b,c		5.32			14.35			(9.35	)		7.01			4.99
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		427			349			208			157			107
Ratio of expenses before expense reductions (%)d,e		.61			.92			1.08			.93			.85
Ratio of expenses after expense reductions (%)d,e		.59			.52			.45			.48			.57
Ratio of net investment income (%)		1.94			2.90			4.85			2.31			2.45
Portfolio turnover rate (%)		18			10			32			55			51

^a  Based on average shares outstanding during the period.

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

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

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

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

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

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

Notes to Financial Statements

A. Organization and Significant Accounting Policies

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

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

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

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

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

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

At December 31, 2020, the Fund had a net tax basis capital loss carryforward of approximately $17,134,000, which may be applied against realized net taxable capital gains indefinitely, including short-term losses ($10,810,000) and long-term losses ($6,324,000).

The Fund has reviewed the tax positions for the open tax years as of December 31, 2020 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.

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

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

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

At December 31, 2020, the Fund’s components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income*	$	8,081,829
Capital loss carryforward	$	(17,134,000	)
Net unrealized appreciation (depreciation) on investments	$	34,328,582

At December 31, 2020, the aggregate cost of investments for federal income tax purposes was $430,217,230. The net unrealized appreciation for all investments based on tax cost was $34,328,582. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $47,896,283 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $13,567,701.

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

	Years Ended December 31,
	2020		2019
Distributions from ordinary income*	$	9,850,747	$	10,205,122	��

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

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

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

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

B. Purchases and Sales of Securities

During the year ended December 31, 2020, purchases and sales of affiliated Underlying Funds (excluding short-term investments) aggregated $82,130,030 and $26,119,645, respectively. Purchases and sales of Non-affiliated ETFs aggregated $67,786,231 and $35,352,533, 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

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

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 Funds.

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:

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

Accordingly, for the year ended December 31, 2020, the fee pursuant to the Investment Management Agreement was equivalent to an annual 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 December 31, 2020, the Fund held approximately 31% of DWS Emerging Markets Fixed Income Fund, 25% of DWS Floating Rate Fund and 12% 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 year ended December 31, 2020, fees waived and/or expenses reimbursed for Class B is $93,545.

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 the Advisor 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 year ended December 31, 2020, the Administration Fee was $402,008, of which $37,745 is unpaid.

Service Provider Fees. DWS Service Company (“DSC”), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and DST Systems, Inc. (“DST”), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the year ended December 31, 2020, the amounts charged to the Fund by DSC were as follows:

Services to Shareholders	Total Aggregated		Unpaid at December 31, 2020
Class A	$	170	$	32
Class B		284		54
	$	454	$	86

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 year ended December 31, 2020, the Distribution Service Fee aggregated $948,590, of which $89,582 is unpaid.

Other Service Fees. Under an agreement with the Fund, DIMA is compensated for providing certain pre-press and regulatory filing services to the Fund. For the year ended December 31, 2020, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders” aggregated $9,372, of which $3,292 is unpaid.

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

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

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

D. Ownership of the Fund

At December 31, 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 79% and 19%. Two participating insurance companies were owners of record of 10% or more of the total outstanding Class B shares of the Fund, each owning 84% and 11%, respectively.

E. Other — COVID-19 Pandemic

A novel coronavirus known as COVID-19, declared a pandemic by the World Health Organization, has caused significant uncertainty, market volatility, decreased economic and other activity and increased government activity. Specifically, COVID-19 has led to significant death and morbidity, and concerns about its further spread have resulted in the closing of schools and non-essential businesses, cancellations, shelter-in place orders, lower consumer spending in certain sectors, social distancing, bans on large social gatherings and travel, quarantines, government economic stimulus measures, reduced productivity, rapid increases in unemployment, increased demand for and strain on government and medical resources, border closings and global trade and supply chain interruptions, among others. The full effects, duration and costs of the COVID-19 pandemic are impossible to predict, and the circumstances surrounding the COVID-19 pandemic will continue to evolve. The pandemic may affect certain countries, industries, economic sectors, companies and investment products more than others, may exacerbate existing economic, political, or social tensions and may increase the probability of an economic recession or depression. The Fund and its investments may be adversely affected by the effects of the COVID-19 pandemic, and a prolonged pandemic may result in the Fund and its service providers experiencing operational difficulties in coordinating a remote workforce and implementing their business continuity plans, among others. 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.

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

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of DWS Alternative Asset Allocation VIP (the “Fund”) (one of the funds constituting Deutsche DWS Variable Series II) (the “Trust”), including the investment portfolio, as of December 31, 2020, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Deutsche DWS Variable Series II) at December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian and others. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

Boston, Massachusetts

February 12, 2021

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

Information About Your Fund’s Expenses (Unaudited)

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include contract charges, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In addition to the ongoing expenses which the Fund bears directly, the Fund’s shareholders indirectly bear the expense of the Underlying Funds in which the Fund invests. These expenses are not included in the Fund’s annualized expense ratios used to calculate the expense estimate in the tables. In the most recent six-month period, 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 (July 1, 2020 to December 31, 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 December 31, 2020
Actual Fund Return	Class A		Class B
Beginning Account Value 7/1/20	$	1,000.00	$	1,000.00
Ending Account Value 12/31/20	$	1,139.80	$	1,137.20
Expenses Paid per $1,000*	$	1.24	$	3.17
Hypothetical 5% Fund Return		Class A		Class B
Beginning Account Value 7/1/20	$	1,000.00	$	1,000.00
Ending Account Value 12/31/20	$	1,023.98	$	1,022.17
Expenses Paid per $1,000*	$	1.17	$	3.00

* Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recent six-month period), then divided by 366.

Annualized Expense Ratios**	Class A			Class B
Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP		.23	%		.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.

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

Tax Information (Unaudited)

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

Proxy Voting

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

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

Advisory Agreement Board Considerations and Fee Evaluation

The Board of Trustees (hereinafter referred to as the “Board” or “Trustees”) approved the renewal of DWS Alternative Asset Allocation VIP’s (the “Fund”) investment management agreement (the “Agreement”) with DWS Investment Management Americas, Inc. (“DIMA”) 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 2020.

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 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”).

– 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 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.

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. The Board also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA’s approach to addressing such risks. 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 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

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

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, 2019, the Fund’s performance (Class A shares) was in the 2nd 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 underperformed its benchmark in the one-, three- and five-year periods ended December 31, 2019.

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 equal to the median of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2019). The Board noted that, effective March 1, 2020, the fee paid to DIMA under the Fund’s administrative services agreement was reduced to 0.097%. The Board also noted that, from inception through October 1, 2019, DIMA waived voluntarily a portion (0.15%) of the Fund’s management fee, and noted further that, effective October 1, 2019, in connection with the 2019 contract renewal process, 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 that the Fund’s Class A shares total (net) operating expenses were expected to be lower than the median (1st quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2019), and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees, but inclusive of acquired fund fees and expenses) (“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 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.

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

Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP | 21

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.

The Board also considered that on September 24, 2020, the SEC granted a temporary order permitting DIMA and its affiliates to continue providing investment advisory and underwriting services to the DWS Funds notwithstanding a consent order entered into by Deutsche Bank AG on June 17, 2020 (the “Consent Order”). The Board noted that the temporary order was granted effective as of the date of the Consent Order. The Board also noted various representations by DIMA to the Board relating to the Consent Order, including that the conduct giving rise to the Consent Order (unintentional conduct that resulted from a system outage that prevented Deutsche Bank AG from reporting data in accordance with applicable CFTC requirements for five days in April 2016) did not involve any DWS Fund or services DIMA and its affiliates provide to the DWS Funds, that DIMA and its personnel had no involvement in the alleged conduct giving rise to the Consent Order, and that the DWS Funds would not bear any financial impact or costs relating to the Consent Order.

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

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

Board Members and Officers

The following table presents certain information regarding the Board Members and Officers of the Trust/Corporation. Each Board Member’s year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the Trust/Corporation. Because the Fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period.

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

Independent Board Members
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen		Other Directorships Held by Board Member
Keith R. Fox, CFA (1954) Chairperson since 2017, and Board Member since 1996	Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); former Chairman, National Association of Small Business Investment Companies; former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) (2011–2012)		73	—
John W. Ballantine (1946) Board Member since 1999	Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); former Directorships: Director and Chairman of the Board, Healthways, Inc.2 (population well-being and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak Brook Bank; and Prisma Energy International. Not-for-Profit Director/Trustee: Palm Beach Civic Association; Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; former Not-for-Profit Directorships: Public Radio International		73	Portland General Electric2 (utility company) (2003– present)
Dawn-Marie Driscoll (1946) Board Member since 1987	Emeritus Executive Fellow, Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988). Directorships: Advisory Board, Center for Business Ethics, Bentley University; Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)		73	—
Richard J. Herring (1946) Board Member since 1990	Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (since July 1972); Director, The Wharton Financial Institutions Center (since 1994); formerly: Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee since 2011, member Systemic Risk Council since 2012 and member of the Advisory Board at the Yale Program on Financial Stability since 2013; Formerly Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), and Nonexecutive Director of Barclays Bank DE (2010–2018)		73	Director, Aberdeen Japan Fund (since 2007)
William McClayton (1944) Board Member since 2004	Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001–2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966–2001); Trustee, Ravinia Festival		73	—

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Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen		Other Directorships Held by Board Member
Rebecca W. Rimel (1951) Board Member since 1995	Senior Advisor, The Pew Charitable Trusts (charitable organization) (since July 2020); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012); President, Chief Executive Officer and Director, The Pew Charitable Trusts (charitable organization) (1994–2020)		73	Director, Becton Dickinson and Company2 (medical technology company) (2012– present); Director, BioTelemetry Inc.2 (health care) (2009– present)
William N. Searcy, Jr. (1946) Board Member since 1993	Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012)		73	—

Officers4
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served5	Business Experience and Directorships During the Past Five Years
Hepsen Uzcan6 (1974) President and Chief Executive Officer, 2017–present	Managing Director3, DWS; Secretary, DWS USA Corporation (2018–present); Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–present); Director and President, DB Investment Managers, Inc. (2018–present); President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2013–2020); Directorships: Interested Director, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since June 25, 2020); ICI Mutual Insurance Company (since October 16, 2020); and Episcopalian Charities of New York (2018–present)
John Millette7 (1962) Vice President and Secretary, 1999–present	Director,3 DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX ETF Trust (2020–present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); Assistant Secretary, DBX ETF Trust (2019–2020); Assistant Secretary (July 14, 2006–December 31, 2010) and Secretary (January 31, 2006–July 13, 2006), The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc.
Ciara Crawford8 (1984) Assistant Secretary, (2019–present)	Associate, DWS (since 2015); previously, Legal Assistant at Accelerated Tax Solutions.
Diane Kenneally7 (1966) Chief Financial Officer and Treasurer, 2018–present	Director,3 DWS; Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds (2007–2018)
Paul Antosca7 (1957) Assistant Treasurer, 2007–present	Director,3 DWS; and Assistant Treasurer, DBX ETF Trust (2019–present)
Sheila Cadogan7 (1966) Assistant Treasurer, 2017–present	Director,3 DWS; Director and Vice President, DWS Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present)
Scott D. Hogan7 (1970) Chief Compliance Officer, 2016–present	Director,3 DWS; Chief Compliance Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2016–present)
Caroline Pearson7 (1962) Chief Legal Officer, 2010–present	Managing Director3, DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, DBX Advisors LLC and DBX Strategic Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); and Secretary, Deutsche AM Service Company (2010–2017)

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

Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served5	Business Experience and Directorships During the Past Five Years
Michelle Goveia-Pine6 (1970) Interim Anti-Money Laundering Compliance Officer, since July 10, 2020	Director,3 DWS; Interim AML Officer, DWS Trust Company (since July 28, 2020); Interim AML Officer, DBX ETF Trust (since July 9, 2020); Interim AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since July 24, 2020)

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

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

³  Executive title, not a board directorship.

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

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

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

⁷  Address: 100 Summer Street, Boston, MA 02110.

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

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

Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP | 25

Notes

Notes

VS2AAA-2 (R-025824-10 2/21)

December 31, 2020

Annual Report

Deutsche DWS Variable Series II

DWS CROCI^® U.S. VIP

Contents

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

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

Stocks may decline in value. 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.

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

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

Performance Summary December 31, 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 0.84% and 1.16% for Class A and Class B shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report.

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

Growth of an Assumed $10,000

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

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		1-Year		3-Year		5-Year		10-Year
Class A	Growth of $10,000		$8,784		$10,453		$12,281		$18,184
	Average annual total return		–12.16%		1.49%		4.20%		6.16%
Russell 1000® Value Index	Growth of $10,000		$10,280		$11,932		$15,915		$27,148
	Average annual total return		2.80%		6.07%		9.74%		10.50%
DWS CROCI® U.S. VIP		1-Year		3-Year		5-Year		10-Year
Class B	Growth of $10,000		$8,759		$10,362		$12,102		$17,648
	Average annual total return		–12.41%		1.19%		3.89%		5.84%
Russell 1000® Value Index	Growth of $10,000		$10,280		$11,932		$15,915		$27,148
	Average annual total return		2.80%		6.07%		9.74%		10.50%

The growth of $10,000 is cumulative.

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

Management Summary December 31, 2020 (Unaudited)

The Fund returned –12.16% (Class A shares, unadjusted for contract charges) in 2020 and underperformed the 2.80% return of its benchmark, the Russell 1000^® Value Index. After initially selling off in February and March in response to COVID-19 and the associated containment measures, stocks recovered to post solid gains over the remainder of the year. The rally reflected the combination of aggressive monetary and fiscal stimulus, hopes for a renewed economic growth in 2021, and the approval of a coronavirus vaccine in early November.

Continuing a multi-year trend, the value style underperformed growth by a wide margin. While the Russell 1000 Value Index returned 2.80%, the Russell 1000^® Growth Index surged 38.49% — a gap of more than 35 percentage points. At a time of heightened uncertainty surrounding the economic outlook, investors demonstrated an ongoing preference for a narrow group of mega-cap technology stocks seen as having the most reliable earnings. The value style strongly outperformed growth in November and December, however. Following the announcement that a vaccine for COVID-19 would soon be available, more economically sensitive market segments that had failed to keep pace over the previous seven months began to outperform.

Stock selection was the key factor in the Fund’s underperformance, with sector allocations playing a lesser role. Selection had the largest adverse effect in financials. Our shortfall in the sector was largely the result of positions in regional banks such as Comerica, Inc.*, Citizens Financial Group, Inc.*, and Huntington Bancshares, Inc.*, among others. Banking stocks, in general, lagged in the first ten months of the year due to the combination of slow economic growth and narrowing net interest margins (the difference between the rates at which banks borrow and lend). Discover Financial Services*, which was hurt by declining revenues and the potential for rising loan delinquencies, was also a notable laggard.

Communications services was another challenging area for the Fund. We held positions in ViacomCBS Inc.*, Discovery, Inc., and Fox Corp., all of which are heavily dependent on advertising revenues. When businesses cut back on ad spending in response to the pandemic, the stocks of ad-driven media companies were hit much harder than the market as a whole.

Similarly, the Fund’s performance in industrials was hurt by positions in United Airlines Holdings, Inc.* and Delta Airlines, Inc.* Both suffered steep declines once it became evident that the coronavirus would lead to a sharp reduction in air travel. We sold the stocks from the portfolio.

On the positive side, the Fund’s holdings in the energy and consumer discretionary sectors outperformed the corresponding benchmark components. At the individual stock level, key contributors included Cabot Oil & Gas Corp.*, Alexion Pharmaceuticals, Inc., and Cummins, Inc.*

With respect to sector allocations, overweight positions in financials and consumer staples had the largest adverse impact on performance. These detractors were offset, to some extent, by underweights in energy and real estate, together with an overweight in utilities.

We recognize that the Fund experienced meaningful underperformance over the past 12 months. In our view, the primary reason for the deficit was our emphasis on the deeper-value segment of the Russell 1000 Value Index. While stocks trading at valuation discounts have been a source of opportunity over time, investors have demonstrated little interest in this area of the market for several years. For our part, we remain focused on identifying undervalued stocks. We would note that the value style outperformed growth over multi-year stretches following the last two recessions and significant market downturns. This was the case both in the span from 2002 through 2006, when the market was recovering from the bursting of the technology “bubble” and the attacks of September 11, 2001, as well as in 2010-2014, in the wake of the global financial crisis. We believe our approach is well suited to capitalize on a similar recovery in value as the world economy bounces back from COVID-19 in the years ahead.

Di Kumble, CFA, Managing Director

John Moody, Vice President

Portfolio Managers

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

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

Terms to Know

Russell 1000 Value Index is an unmanaged market capitalization-weighted index of value-oriented stocks of the largest U.S. domiciled companies that are included in the Russell 1000 Index. Value-oriented stocks tend to have 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.

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

Stock selection refers to the performance of the Fund’s holdings in a given sector relative to the sector as a whole.

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

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

* Not held at December 31, 2020.

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

Portfolio Summary (Unaudited)

Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral)	12/31/20		12/31/19
Common Stocks		100%		99%
Cash Equivalents		0%		1%
		100%		100%
Sector Diversification (As a % of Investment Portfolio excluding Cash Equivalents and Securities Lending Collateral)	12/31/20		12/31/19
Health Care		25%		16%
Consumer Staples		24%		—
Information Technology		16%		2%
Consumer Discretionary		12%		2%
Communication Services		11%		10%
Industrials		7%		10%
Financials		5%		38%
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 7.

Following the Fund’s fiscal first and third quarter-end, a complete portfolio holdings listing is posted on dws.com, and is available free of charge by contacting your financial intermediary, or if you are a direct investor, by calling (800) 728-3337. In addition, the portfolio holdings listing is filed with the SEC on the Fund’s Form N-PORT and will be available on the SEC’s Web site at sec.gov. Additional portfolio holdings for the Fund are also posted on dws.com from time to time. Please see the Fund’s current prospectus for more information.

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

Investment Portfolio as of December 31, 2020

	Shares		Value ($)
Common Stocks 99.2%
Communication Services 10.2%
Diversified Telecommunication Services 4.7%
AT&T, Inc.		110,095		3,166,332
Verizon Communications, Inc.		52,704		3,096,360
				6,262,692
Media 5.5%
Discovery, Inc. “A”* (a)		132,447		3,985,331
Fox Corp. “A”		114,868		3,344,956
				7,330,287
Consumer Discretionary 12.2%
Household Durables 4.7%
D.R. Horton, Inc.		42,942		2,959,563
Garmin Ltd.		27,529		3,294,120
				6,253,683
Internet & Direct Marketing Retail 2.5%
eBay, Inc.		66,361		3,334,640
Multiline Retail 2.5%
Dollar General Corp.		15,388		3,236,096
Specialty Retail 2.5%
AutoZone, Inc.*		2,826		3,350,054
Consumer Staples 23.9%
Beverages 2.4%
Molson Coors Beverage Co. “B”		71,296		3,221,866
Food & Staples Retailing 2.4%
Kroger Co.		100,126		3,180,002
Food Products 11.9%
Campbell Soup Co. (a)		64,498		3,118,479
Conagra Brands, Inc.		89,668		3,251,362
General Mills, Inc.		52,549		3,089,881
J M Smucker Co.		27,242		3,149,175
Tyson Foods, Inc. “A”		49,721		3,204,021
				15,812,918
Household Products 2.3%
Kimberly-Clark Corp.		22,278		3,003,743
Tobacco 4.9%
Altria Group, Inc.		77,706		3,185,946
Philip Morris International, Inc.		40,621		3,363,012
				6,548,958
Financials 5.0%
Capital Markets
Bank of New York Mellon Corp.		79,963		3,393,630
State Street Corp.		45,194		3,289,219
				6,682,849
Health Care 24.9%
Biotechnology 12.5%
AbbVie, Inc.		32,073		3,436,622
Alexion Pharmaceuticals, Inc.*		25,426		3,972,558
Amgen, Inc.		13,842		3,182,553
Gilead Sciences, Inc.		52,130		3,037,094
Regeneron Pharmaceuticals, Inc.*		6,046		2,920,883
				16,549,710

	Shares			Value ($)
Pharmaceuticals 12.4%
Bristol-Myers Squibb Co.		50,113			3,108,510
Johnson & Johnson		21,519			3,386,660
Merck & Co., Inc.		39,180			3,204,924
Pfizer, Inc.		86,209			3,173,353
Viatris, Inc.*		190,468			3,569,370
					16,442,817
Industrials 7.3%
Aerospace & Defense 2.3%
Lockheed Martin Corp.		8,480			3,010,230
Air Freight & Logistics 5.0%
CH Robinson Worldwide, Inc.		34,373			3,226,593
Expeditors International of Washington, Inc.		35,714			3,396,759
					6,623,352
Information Technology 15.7%
Communications Equipment 5.0%
Cisco Systems, Inc.		76,310			3,414,873
Juniper Networks, Inc.		144,536			3,253,505
					6,668,378
IT Services 5.3%
Amdocs Ltd.		49,981			3,545,152
International Business Machines Corp.		27,113			3,412,985
					6,958,137
Semiconductors & Semiconductor Equipment 2.7%
Intel Corp.		70,933			3,533,882
Software 2.7%
Oracle Corp.		56,190			3,634,931
Total Common Stocks (Cost $124,263,969)					131,639,225
Securities Lending Collateral 3.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (b) (c) (Cost $4,309,705)		4,309,705			4,309,705
Cash Equivalents 0.5%
DWS Central Cash Management Government Fund, 0.08% (b) (Cost $621,226)		621,226			621,226
	% of Net Assets			Value ($)
Total Investment Portfolio (Cost $129,194,900)		102.9			136,570,156
Other Assets and Liabilities, Net		(2.9	)		(3,880,008	)
Net Assets		100.0			132,690,148

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

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

A summary of the Fund’s transactions with affiliated investments during the year ended December 31, 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 ($)		Number of Shares at 12/31/2020		Value ($) at 12/31/2020
Securities Lending Collateral 3.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (b) (c)
3,120,056		1,189,649	(d)		—		—		—		5,430		—		4,309,705		4,309,705
Cash Equivalents 0.5%
DWS Central Cash Management Government Fund, 0.08% (b)
845,193		11,485,882			11,709,849		—		—		4,587		—		621,226		621,226
3,965,249		12,675,531			11,709,849		—		—		10,017		—		4,930,931		4,930,931

* Non-income producing security.

(a) All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at December 31, 2020 amounted to $4,251,821, which is 3.2% 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 year ended December 31, 2020.

Fair Value Measurements

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

The following is a summary of the inputs used as of December 31, 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
Common Stocks (e)	$	131,639,225	$	—	$	—	$	131,639,225
Short-Term Investment (e)		4,930,931		—		—		4,930,931
Total	$	136,570,156	$	—	$	—	$	136,570,156

(e) See Investment Portfolio for additional detailed categorizations.

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

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

Statement of Assets and Liabilities

as of December 31, 2020

Assets
Investments in non-affiliated securities, at value (cost $124,263,969) — including $4,251,821 of securities loaned	$	131,639,225
Investment in DWS Government & Agency Securities Portfolio (cost $4,309,705)*		4,309,705
Investment in DWS Central Cash Management Government Fund (cost $621,226)		621,226
Receivable for Fund shares sold		334,068
Dividends receivable		249,644
Interest receivable		550
Other assets		2,659
Total assets		137,157,077
Liabilities
Payable upon return of securities loaned		4,309,705
Payable for Fund shares redeemed		4,763
Accrued management fee		60,138
Accrued Trustees’ fees		2,872
Other accrued expenses and payables		89,451
Total liabilities		4,466,929
Net assets, at value	$	132,690,148
Net Assets Consist of
Distributable earnings (loss)		(6,497,749	)
Paid-in capital		139,187,897
Net assets, at value	$	132,690,148
Net Asset Value
Class A
Net Asset Value, and redemption price per share ($129,565,247 ÷ 10,025,875 outstanding shares of beneficial interest, no par value, unlimited shares authorized)	$	12.92
Class B
Net Asset Value, offering and redemption price per share ($3,124,901 ÷ 240,926 outstanding shares of beneficial interest, no par value, unlimited shares authorized)	$	12.97

* Represents collateral on securities loaned.

Statement of Operations

for the year ended December 31, 2020

Investment Income
Income:
Dividends	$	3,714,961
Income distributions — DWS Central Cash Management Government Fund		4,587
Securities lending income, net of borrower rebates		5,430
Total income		3,724,978
Expenses:
Management fee		800,446
Administration fee		122,573
Services to Shareholders		5,680
Recordkeeping fee (Class B)		1,990
Distribution service fee (Class B)		7,656
Custodian fee		3,986
Professional fees		74,057
Reports to shareholders		31,173
Trustees’ fees and expenses		6,080
Other		7,993
Total expenses before expense reductions		1,061,634
Expense reductions		(185,516	)
Total expenses after expense reductions		876,118
Net investment income		2,848,860
Realized and Unrealized gain (loss)
Net realized gain (loss) from investments		(16,282,685	)
Change in net unrealized appreciation (depreciation) on investments		(5,587,930	)
Net gain (loss)		(21,870,615	)
Net increase (decrease) in net assets resulting from operations	$	(19,021,755	)

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

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

Statements of Changes in Net Assets

	Years Ended December 31,
Increase (Decrease) in Net Assets	2020			2019
Operations:
Net investment income (loss)	$	2,848,860		$	3,092,197
Net realized gain (loss)		(16,282,685	)		6,704,808
Change in net unrealized appreciation (depreciation)		(5,587,930	)		31,036,303
Net increase (decrease) in net assets resulting from operations		(19,021,755	)		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		6,978,119			3,373,728
Reinvestment of distributions		9,467,191			14,271,121
Payments of shares redeemed		(11,817,632	)		(15,030,273	)
Net increase (decrease) in net assets from Class A share transactions		4,627,678			2,614,576
Class B
Proceeds from shares sold		784,815			146,155
Reinvestment of distributions		221,204			332,950
Payments of shares redeemed		(873,871	)		(438,366	)
Net increase (decrease) in net assets from Class B share transactions		132,148			40,739
Increase (decrease) in net assets		(23,950,324	)		28,884,552
Net assets at beginning of period		156,640,472			127,755,920
Net assets at end of period	$	132,690,148		$	156,640,472
Other Information
Class A
Shares outstanding at beginning of period		9,489,452			9,266,278
Shares sold		567,975			231,369
Shares issued to shareholders in reinvestment of distributions		895,666			1,002,890
Shares redeemed		(927,218	)		(1,011,085	)
Net increase (decrease) in Class A shares		536,423			223,174
Shares outstanding at end of period		10,025,875			9,489,452
Class B
Shares outstanding at beginning of period		226,957			223,302
Shares sold		65,344			9,627
Shares issued to shareholders in reinvestment of distributions		20,809			23,283
Shares redeemed		(72,184	)		(29,255	)
Net increase (decrease) in Class B shares		13,969			3,655
Shares outstanding at end of period		240,926			226,957

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

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

Financial Highlights

DWS CROCI® U.S. VIP — Class A
	Years Ended December 31,
	2020			2019			2018			2017			2016
Selected Per Share Data
Net asset value, beginning of period	$	16.12		$	13.46		$	16.64		$	13.75		$	15.29
Income (loss) from investment operations:
Net investment income (loss)a		.28			.31			.29			.24			.23
Net realized and unrealized gain (loss)		(2.47	)		3.92			(1.89	)		2.88			(.93	)
Total from investment operations		(2.19	)		4.23			(1.60	)		3.12			(.70	)
Less distributions from:
Net investment income		(.31	)		(.30	)		(.41	)		(.23	)		(.14	)
Net realized gains on investment transactions		(.70	)		(1.27	)		(1.17	)		—			(.70	)
Total distributions		(1.01	)		(1.57	)		(1.58	)		(.23	)		(.84	)
Net asset value, end of period	$	12.92		$	16.12		$	13.46		$	16.64		$	13.75
Total Return (%)b		(12.16	)		32.95			(10.50	)		22.88	c		(4.39	)
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		130			153			125			153			227
Ratio of expenses before expense reductions (%)d		.84			.84			.84			.82			.81
Ratio of expenses after expense reductions (%)d		.69			.70			.72			.72			.74
Ratio of net investment income (loss) (%)		2.28			2.13			1.89			1.59			1.66
Portfolio turnover rate (%)		122			111			100			97			293

^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.

DWS CROCI® U.S. VIP — Class B
	Years Ended December 31,
	2020			2019			2018			2017			2016
Selected Per Share Data
Net asset value, beginning of period	$	16.17		$	13.50		$	16.67		$	13.78		$	15.31
Income (loss) from investment operations:
Net investment income (loss)a		.24			.27			.24			.20			.19
Net realized and unrealized gain (loss)		(2.47	)		3.92			(1.88	)		2.87			(.92	)
Total from investment operations		(2.23	)		4.19			(1.64	)		3.07			(.73	)
Less distributions from:
Net investment income		(.27	)		(.25	)		(.36	)		(.18	)		(.10	)
Net realized gains on investment transactions		(.70	)		(1.27	)		(1.17	)		—			(.70	)
Total distributions		(.97	)		(1.52	)		(1.53	)		(.18	)		(.80	)
Net asset value, end of period	$	12.97		$	16.17		$	13.50		$	16.67		$	13.78
Total Return (%)b		(12.41	)		32.49			(10.71	)		22.45	c		(4.62	)
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		3			4			3			4			4
Ratio of expenses before expense reductions (%)d		1.16			1.16			1.16			1.15			1.13
Ratio of expenses after expense reductions (%)d		1.00			1.02			1.04			1.03			1.05
Ratio of net investment income (loss) (%)		1.96			1.82			1.55			1.31			1.37
Portfolio turnover rate (%)		122			111			100			97			293

^a  Based on average shares outstanding during the period.

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

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

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

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

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

Notes to Financial Statements

A. Organization and Significant Accounting Policies

DWS CROCI^® U.S. VIP (the “Fund”) is a diversified series of Deutsche DWS Variable Series II (the “Trust”), which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as 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 of 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 and recordkeeping fees). Differences in class-level expenses may result in payment of different per share dividends by class. All shares have equal rights with respect to voting subject to class-specific arrangements.

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

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

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

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.

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.

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

12 | 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.

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

Securities Lending. Deutsche Bank AG, as lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended December 31, 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 (0.06% annualized effective rate as of December 31, 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 December 31, 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.

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

At December 31, 2020, the Fund had a net tax basis capital loss carryforward of approximately $16,383,000, which may be applied against realized net taxable capital gains indefinitely, including short-term losses ($7,570,000) and long-term losses ($8,813,000).

The Fund has reviewed the tax positions for the open tax years as of December 31, 2020 and has determined that no provision for income tax and/or uncertain tax positions is required in the Fund’s financial statements. The Fund’s federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

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

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

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

At December 31, 2020, the Fund’s components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income*	$	2,781,971
Capital loss carryforward	$	(16,383,000	)
Net unrealized appreciation (depreciation) on investments	$	7,104,018

At December 31, 2020, the aggregate cost of investments for federal income tax purposes was $129,466,138. The net unrealized appreciation for all investments based on tax cost was $7,104,018. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $10,375,870 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $3,271,852.

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

	Years Ended December 31,
	2020		2019
Distributions from ordinary income*	$	9,688,395	$	4,413,315
Distributions from long-term capital gains	$	—	$	10,190,756

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

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

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

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

B. Purchases and Sales of Securities

During the year ended December 31, 2020, purchases and sales of investment transactions (excluding short-term investments) aggregated $153,015,940 and $155,014,545, respectively.

C. Related Parties

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

Prior to October 1, 2020, under the Investment Management Agreement with the Advisor, the Fund paid a monthly management fee based on the Fund’s average daily net assets, computed and accrued daily and payable monthly, at the following annual rates:

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	%

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

Effective October 1, 2020, 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	.600	%
Next $750 million	.575	%
Next $1.5 billion	.550	%
Next $2.5 billion	.525	%
Next $2.5 billion	.500	%
Next $2.5 billion	.475	%
Next $2.5 billion	.450	%
Over $12.5 billion	.425	%

Accordingly, for the year ended December 31, 2020, the fee pursuant to the Investment Management Agreement was equivalent to an annual rate (exclusive of any applicable waivers/reimbursements) of 0.637% of the Fund’s average daily net assets.

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 year ended December 31, 2020, fees waived and/or expenses reimbursed for each class are as follows:

Class A	$	180,597
Class B		4,919
	$	185,516

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 the Advisor 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 year ended December 31, 2020, the Administration Fee was $122,573, of which $10,807 is unpaid.

Service Provider Fees. DWS Service Company (“DSC”), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and DST Systems, Inc. (“DST”), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the year ended December 31, 2020, the amounts charged to the Fund by DSC were as follows:

Services to Shareholders	Total Aggregated		Unpaid at December 31, 2020
Class A	$	432	$	80
Class B		262		48
	$	694	$	128

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 year ended December 31, 2020, the Distribution Service Fee aggregated $7,656, of which $662 is unpaid.

Other Service Fees. Under an agreement with the Fund, DIMA is compensated for providing certain pre-press and regulatory filing services to the Fund. For the year ended December 31, 2020, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders” aggregated $9,979, of which $3,397 is unpaid.

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

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 year ended December 31, 2020, the Fund incurred securities lending agent fees to Deutsche Bank AG in the amount of $408.

D. Ownership of the Fund

At December 31, 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 59% and 35%. Three participating insurance companies were owners of record of 10% or more of the total outstanding Class B shares of the Fund, each owning 54%, 16% and 10%.

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 December 31, 2020.

F. Other — COVID-19 Pandemic

A novel coronavirus known as COVID-19, declared a pandemic by the World Health Organization, has caused significant uncertainty, market volatility, decreased economic and other activity and increased government activity. Specifically, COVID-19 has led to significant death and morbidity, and concerns about its further spread have resulted in the closing of schools and non-essential businesses, cancellations, shelter-in place orders, lower consumer spending in certain sectors, social distancing, bans on large social gatherings and travel, quarantines, government economic stimulus measures, reduced productivity, rapid increases in unemployment, increased demand for and strain on government and medical resources, border closings and global trade and supply chain interruptions, among others. The full effects, duration and costs of the COVID-19 pandemic are impossible to predict, and the circumstances surrounding the COVID-19 pandemic will continue to evolve. The pandemic may affect certain countries, industries, economic sectors, companies and investment products more than others, may exacerbate existing economic, political, or social tensions and may increase the probability of an economic recession or depression. The Fund and its investments may be adversely affected by the effects of the COVID-19 pandemic, and a prolonged pandemic may result in the Fund and its service providers experiencing operational difficulties in coordinating a remote workforce and implementing their business continuity plans, among others. 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.

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

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of DWS CROCI^® U.S. VIP (the “Fund”) (one of the funds constituting Deutsche DWS Variable Series II) (the “Trust”), including the investment portfolio, as of December 31, 2020, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Deutsche DWS Variable Series II) at December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian and others. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

Boston, Massachusetts

February 12, 2021

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

Information About Your Fund’s Expenses (Unaudited)

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include contract charges, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recent six-month period, the Fund limited these expenses; had it not done so, expenses would have been higher. The example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (July 1, 2020 to December 31, 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 December 31, 2020
Actual Fund Return		Class A		Class B
Beginning Account Value 7/1/20	$	1,000.00	$	1,000.00
Ending Account Value 12/31/20	$	1,133.30	$	1,131.80
Expenses Paid per $1,000*	$	3.70	$	5.36
Hypothetical 5% Fund Return		Class A		Class B
Beginning Account Value 7/1/20	$	1,000.00	$	1,000.00
Ending Account Value 12/31/20	$	1,021.67	$	1,020.11
Expenses Paid per $1,000*	$	3.51	$	5.08

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

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

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

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

Tax Information (Unaudited)

For corporate shareholders, 35% of the ordinary dividends (i.e., income dividends plus short-term capital gains) paid during the Fund’s fiscal year ended December 31, 2020, qualified for the dividends received deduction.

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

Proxy Voting

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

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

Advisory Agreement Board Considerations and Fee Evaluation

The Board of Trustees (hereinafter referred to as the “Board” or “Trustees”) approved the renewal of DWS CROCI^® U.S. VIP’s (the “Fund”) investment management agreement (the “Agreement”) with DWS Investment Management Americas, Inc. (“DIMA”) in September 2020.

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

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

– The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board 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”).

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

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

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

As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund’s performance. In many cases, this led to the negotiation and implementation of expense caps.

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 also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA’s approach to addressing such risks. 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 the information provided, the Board noted that, for the one-, three- and

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

five-year periods ended December 31, 2019, the Fund’s performance (Class A shares) was in the 1st quartile, 1st 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 outperformed its benchmark in the one- and three-year periods and has underperformed its benchmark in the five-year period ended December 31, 2019.

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, 2019). The Board noted that, effective March 1, 2020, the fee paid to DIMA under the Fund’s administrative services agreement was reduced to 0.097%. The Board also noted that, effective October 1, 2020, in connection with the 2020 contract renewal process, DIMA agreed to reduce the Fund’s contractual management fee at each breakpoint by 0.05%. 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.

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, 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 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

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

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.

The Board also considered that on September 24, 2020, the SEC granted a temporary order permitting DIMA and its affiliates to continue providing investment advisory and underwriting services to the DWS Funds notwithstanding a consent order entered into by Deutsche Bank AG on June 17, 2020 (the “Consent Order”). The Board noted that the temporary order was granted effective as of the date of the Consent Order. The Board also noted various representations by DIMA to the Board relating to the Consent Order, including that the conduct giving rise to the Consent Order (unintentional conduct that resulted from a system outage that prevented Deutsche Bank AG from reporting data in accordance with applicable CFTC requirements for five days in April 2016) did not involve any DWS Fund or services DIMA and its affiliates provide to the DWS Funds, that DIMA and its personnel had no involvement in the alleged conduct giving rise to the Consent Order, and that the DWS Funds would not bear any financial impact or costs relating to the Consent Order.

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

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

Board Members and Officers

The following table presents certain information regarding the Board Members and Officers of the Trust/Corporation. Each Board Member’s year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the Trust/Corporation. Because the Fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period.

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

Independent Board Members
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen		Other Directorships Held by Board Member
Keith R. Fox, CFA (1954) Chairperson since 2017, and Board Member since 1996	Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); former Chairman, National Association of Small Business Investment Companies; former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) (2011–2012)		73	—
John W. Ballantine (1946) Board Member since 1999	Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); former Directorships: Director and Chairman of the Board, Healthways, Inc.2 (population well-being and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak Brook Bank; and Prisma Energy International. Not-for-Profit Director/Trustee: Palm Beach Civic Association; Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; former Not-for-Profit Directorships: Public Radio International		73	Portland General Electric2 (utility company) (2003– present)
Dawn-Marie Driscoll (1946) Board Member since 1987	Emeritus Executive Fellow, Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988). Directorships: Advisory Board, Center for Business Ethics, Bentley University; Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)		73	—
Richard J. Herring (1946) Board Member since 1990	Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (since July 1972); Director, The Wharton Financial Institutions Center (since 1994); formerly: Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee since 2011, member Systemic Risk Council since 2012 and member of the Advisory Board at the Yale Program on Financial Stability since 2013; Formerly Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), and Nonexecutive Director of Barclays Bank DE (2010–2018)		73	Director, Aberdeen Japan Fund (since 2007)
William McClayton (1944) Board Member since 2004	Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001–2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966–2001); Trustee, Ravinia Festival		73	—

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

Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen		Other Directorships Held by Board Member
Rebecca W. Rimel (1951) Board Member since 1995	Senior Advisor, The Pew Charitable Trusts (charitable organization) (since July 2020); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012); President, Chief Executive Officer and Director, The Pew Charitable Trusts (charitable organization) (1994–2020)		73	Director, Becton Dickinson and Company2 (medical technology company) (2012– present); Director, BioTelemetry Inc.2 (health care) (2009– present)
William N. Searcy, Jr. (1946) Board Member since 1993	Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012)		73	—

Officers4
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served5	Business Experience and Directorships During the Past Five Years
Hepsen Uzcan6 (1974) President and Chief Executive Officer, 2017–present	Managing Director3, DWS; Secretary, DWS USA Corporation (2018–present); Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–present); Director and President, DB Investment Managers, Inc. (2018–present); President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2013–2020); Directorships: Interested Director, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since June 25, 2020); ICI Mutual Insurance Company (since October 16, 2020); and Episcopalian Charities of New York (2018–present)
John Millette7 (1962) Vice President and Secretary, 1999–present	Director,3 DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX ETF Trust (2020–present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); Assistant Secretary, DBX ETF Trust (2019–2020); Assistant Secretary (July 14, 2006–December 31, 2010) and Secretary (January 31, 2006–July 13, 2006), The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc.
Ciara Crawford8 (1984) Assistant Secretary, (2019–present)	Associate, DWS (since 2015); previously, Legal Assistant at Accelerated Tax Solutions.
Diane Kenneally7 (1966) Chief Financial Officer and Treasurer, 2018–present	Director,3 DWS; Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds (2007–2018)
Paul Antosca7 (1957) Assistant Treasurer, 2007–present	Director,3 DWS; and Assistant Treasurer, DBX ETF Trust (2019–present)
Sheila Cadogan7 (1966) Assistant Treasurer, 2017–present	Director,3 DWS; Director and Vice President, DWS Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present)
Scott D. Hogan7 (1970) Chief Compliance Officer, 2016–present	Director,3 DWS; Chief Compliance Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2016–present)
Caroline Pearson7 (1962) Chief Legal Officer, 2010–present	Managing Director3, DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, DBX Advisors LLC and DBX Strategic Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); and Secretary, Deutsche AM Service Company (2010–2017)

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

Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served5	Business Experience and Directorships During the Past Five Years
Michelle Goveia-Pine6 (1970) Interim Anti-Money Laundering Compliance Officer, since July 10, 2020	Director,3 DWS; Interim AML Officer, DWS Trust Company (since July 28, 2020); Interim AML Officer, DBX ETF Trust (since July 9, 2020); Interim AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since July 24, 2020)

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

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

³  Executive title, not a board directorship.

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

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

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

⁷  Address: 100 Summer Street, Boston, MA 02110.

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

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

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

Notes

Notes

VS2CUS-2 (R-025833-10 2/21)

December 31, 2020

Annual Report

Deutsche DWS Variable Series II

DWS Global Equity VIP

Contents

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

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

Stocks may decline in value. 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.

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

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

Performance Summary December 31, 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.

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.

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

Growth of an Assumed $10,000 Investment

The MSCI All Country World Index is an unmanaged equity index which captures large and mid-capitalization representation across 23 developed markets and 26 emerging markets countries. It covers approximately 85% of the global investable equity opportunity set.   Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.   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		1-Year	3-Year	5-Year	10-Year
Class A	Growth of $10,000	$12,452	$15,081	$19,850	$24,281
	Average annual total return	24.52%	14.68%	14.70%	9.28%
MSCI All Country World Index	Growth of $10,000	$11,625	$13,332	$17,828	$23,956
	Average annual total return	16.25%	10.06%	12.26%	9.13%

The growth of $10,000 is cumulative.

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

Management Summary December 31, 2020 (Unaudited)

Class A shares of the Fund gained 24.52% (unadjusted for contract charges) in 2020 and strongly outperformed the 16.25% return of the MSCI All Country World Index. The Fund outpaced the index in the three-, five-, and 10-year periods that ended on December 31, 2020.

After a difficult start brought about by the emergence of COVID-19, global equities rebounded to close the year with a healthy gain. The recovery reflected optimism that the aggressive stimulus provided by world governments and central banks would sustain the economy until the virus had dissipated. The approval of multiple vaccines for COVID-19 also led to an improvement in the economic outlook, fueling an impressive rally in the major equity indexes in the final two months of the year.

Our emphasis on growth stocks was a key factor in the Fund’s outperformance in 2020. The growth style delivered a return that was well ahead of value, creating a tailwind for our strategy relative to the blended benchmark.

The Fund’s holdings outpaced the index by the widest margin in health care, led by positions in Lonza Group AG and Danaher Corp. Financials were an additional area of strength, with the largest contributions coming from Progressive Corp. and Brookfield Asset Management, Inc. We also added value through stock selection in communication services and information technology, where the top contributors were Spotify Technology SA and ServiceNow, Inc., respectively. The consumer discretionary sector was the only area where we underperformed to a meaningful extent, with the bulk of the shortfall resulting from a zero weighting in Tesla, Inc.

Amid the elevated uncertainty associated with COVID-19, we remained guided by our longstanding approach of investing in high-quality, innovative businesses that we believe can grow irrespective of the macroeconomic environment. As part of this process, we added new holdings in stocks we viewed as being especially well suited to navigate the cross-currents resulting from the pandemic. Some of these were immediate beneficiaries, such as Amazon.com, Inc. — which saw an accelerated adoption of ecommerce and cloud services — as well as Hologic, Inc. and Quidel Corp., which were quick to provide coronavirus tests in volume. We also established positions in RingCentral, Inc., which we believed would experience accelerating demand for its cloud-based, enterprise communication services, and Terminix Global Holdings, Inc., where the generally positive trends in the pest control market were augmented by corporate restructuring. Later in the year, as the likelihood of a vaccine increased, we looked for secular growth stocks that could benefit from a reopening. For instance, we added a position Match Group, Inc., an operator of several online dating sites and apps, and PPD, Inc., a contract research organization positioned to capitalize on a step-up in pharmaceutical- and biotechnology-related funding.

From a regional perspective, the Fund remained well diversified across Europe, China, and North America. Although we emphasize the developed markets, we look for growing businesses in the emerging markets (as well as companies with a large portion of their revenues from this segment) on the belief that the category features attractive long-term growth prospects. At the sector level, the Fund was overweight in technology, health care, and industrials, and its largest underweights were in energy and materials. This positioning is the result of our bottom-up stock selection process, rather than a top-down view.

We continue to see opportunities in companies that are positioned for long-term, sustainable growth as they capitalize on dynamic and widening addressable markets. We are finding this to be the case not only in growth sectors, but also in more traditional businesses (such as those in the financials, insurance, education, and health care industries) that are quickly embracing new solutions to adapt to the disrupting forces. Many companies in these areas also stand to benefit from the falling costs and increasing productivity that technology-enabled innovation provides.

With visibility remaining clouded due to renewed lockdowns and surging coronavirus cases around the world, we believe it’s essential to calibrate the portfolio’s risk-reward characteristics carefully and ensure the appropriate level of diversification across industries, regions, and stages of the corporate life cycle.

Sebastian P. Werner, PhD, Director

Portfolio Manager

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

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

Terms to Know

MSCI All Country World Index is an unmanaged equity index which captures large 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 fees or expenses and it is not possible to invest directly into an index.

Stock selection refers to the performance of the fund’s holdings in a given sector relative to the sector as a whole.

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

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

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

Portfolio Summary (Unaudited)

Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral)	12/31/20		12/31/19
Common Stocks		99%		99%
Cash Equivalent		1%		1%
		100%		100%
Sector Diversification (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents)	12/31/20		12/31/19
Information Technology		27%		21%
Health Care		17%		15%
Financials		15%		20%
Consumer Discretionary		11%		11%
Communication Services		11%		8%
Industrials		8%		10%
Consumer Staples		7%		7%
Materials		3%		4%
Energy		1%		3%
Real Estate		—		1%
		100%		100%
Geographical Diversification (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents)	12/31/20		12/31/19
United States		57%		52%
China		7%		7%
Germany		6%		9%
Canada		5%		7%
Switzerland		5%		5%
Japan		4%		4%
France		3%		4%
United Kingdom		3%		3%
Ireland		3%		3%
Sweden		2%		1%
Argentina		2%		2%
Other		3%		3%
		100%		100%

Portfolio holdings and characteristics are subject to change.

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

Following the Fund’s fiscal first and third quarter-end, a complete portfolio holdings listing is posted on dws.com, and is available free of charge by contacting your financial intermediary, or if you are a direct investor, by calling (800) 728-3337. In addition, the portfolio holdings listing is filed with the SEC on the Fund’s Form N-PORT and will be available on the SEC’s Web site at sec.gov. Additional portfolio holdings for the Fund are also posted on dws.com from time to time. Please see the Fund’s current prospectus for more information.

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

Investment Portfolio as of December 31, 2020

	Shares		Value ($)
Common Stocks 98.9%
Argentina 1.9%
Globant SA* (Cost $140,221)		2,720		591,899
Brazil 1.0%
Pagseguro Digital Ltd. “A”* (Cost $222,301)		5,800		329,904
Canada 5.1%
Agnico Eagle Mines Ltd.		4,650		327,872
Alimentation Couche-Tard, Inc. “B”		10,340		352,384
Brookfield Asset Management, Inc. “A”		22,840		944,175
(Cost $638,294)				1,624,431
China 6.8%
Alibaba Group Holding Ltd. (ADR)*		2,400		558,552
New Oriental Education & Technology Group, Inc. (ADR)*		1,490		276,857
Ping An Insurance (Group) Co. of China Ltd. “H”		41,500		509,754
Tencent Holdings Ltd.		11,200		813,563
(Cost $1,107,564)				2,158,726
France 3.4%
Cie de St-Gobain SA*		5,400		249,154
LVMH Moet Hennessy Louis Vuitton SE		275		171,674
Schneider Electric SE		971		140,956
TOTAL SE		4,000		172,590
VINCI SA		3,450		343,708
(Cost $981,501)				1,078,082
Germany 6.0%
adidas AG*		485		177,118
Allianz SE (Registered)		2,055		504,458
Deutsche Boerse AG		3,650		621,988
Evonik Industries AG		5,530		180,842
Fresenius Medical Care AG & Co. KGaA		5,055		428,291
(Cost $1,432,327)				1,912,697
Ireland 2.9%
Experian PLC		11,041		419,442
Kerry Group PLC “A” (a)		49		7,101
Kerry Group PLC “A” (a)		3,451		500,151
(Cost $484,487)				926,694
Japan 3.6%
Kao Corp.		2,800		216,126
Keyence Corp.		1,200		675,410
SMC Corp.		435		265,729
(Cost $691,434)				1,157,265
Luxembourg 0.9%
Eurofins Scientific SE* (Cost $77,647)		3,600		302,750
Singapore 0.9%
DBS Group Holdings Ltd. (Cost $279,300)		15,200		288,575

	Shares		Value ($)
Sweden 1.9%
Assa Abloy AB “B”		6,700		165,388
Spotify Technology SA* (b)		1,445		454,684
(Cost $343,592)				620,072
Switzerland 5.0%
Lonza Group AG (Registered)		1,524		982,594
Nestle SA (Registered)		5,185		611,332
(Cost $404,923)				1,593,926
United Kingdom 3.3%
Aon PLC “A” (b)		1,500		316,905
Compass Group PLC		8,360		155,666
Halma PLC		8,200		275,112
Spirax-Sarco Engineering PLC		1,950		302,324
(Cost $447,073)				1,050,007
United States 56.2%
Activision Blizzard, Inc.		6,311		585,976
Alphabet, Inc. “A”*		450		788,688
Amazon.com, Inc.*		141		459,227
AMETEK, Inc.		4,195		507,343
Amphenol Corp. “A”		5,600		732,312
Apple, Inc.		4,620		613,028
Applied Materials, Inc.		5,750		496,225
AZEK Co., Inc.*		4,300		165,335
Becton, Dickinson & Co.		1,171		293,008
Certara, Inc.*		1,408		47,478
ContextLogic, Inc. “A”* (c)		4,860		88,646
Danaher Corp.		4,980		1,106,257
DexCom, Inc.*		760		280,987
Ecolab, Inc.		2,280		493,301
EPAM Systems, Inc.*		1,800		645,030
Exact Sciences Corp.*		2,005		265,642
Fiserv, Inc.*		4,400		500,984
Hologic, Inc.*		3,500		254,905
Intuit, Inc.		1,050		398,843
Johnson & Johnson		1,700		267,546
JPMorgan Chase & Co.		4,550		578,168
LivePerson, Inc.*		1,600		99,568
MasterCard, Inc. “A”		1,740		621,076
Match Group, Inc.*		1,905		288,017
McDonald’s Corp.		1,800		386,244
Microsoft Corp.		4,640		1,032,029
Mondelez International, Inc. “A”		8,435		493,194
NVIDIA Corp.		1,130		590,086
PPD, Inc*		9,800		335,356
Progressive Corp.		9,700		959,136
Quidel Corp.*		955		171,566
RingCentral, Inc. “A”*		550		208,434
Schlumberger NV		6,700		146,261
ServiceNow, Inc.*		1,375		756,841
T-Mobile U.S., Inc.*		3,000		404,550
Terminix Global Holdings, Inc.*		8,100		413,181
TJX Companies, Inc.		4,731		323,080
Vroom, Inc.*		4,000		163,880
YETI Holdings, Inc.*		6,800		465,596
Zoetis, Inc.		3,260		539,530
(Cost $8,390,740)				17,966,554
Total Common Stocks (Cost $15,641,404)				31,601,582

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

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

	Shares			Value ($)
Securities Lending Collateral 0.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (d) (e) (Cost $117,216)		117,216			117,216
Cash Equivalents 0.9%
DWS Central Cash Management Government Fund, 0.08% (d) (Cost $302,262)		302,262			302,262
	% of Net Assets			Value ($)
Total Investment Portfolio (Cost $16,060,882)		100.2			32,021,060
Other Assets and Liabilities, Net		(0.2	)		(76,607	)
Net Assets		100.0			31,944,453

A summary of the Fund’s transactions with affiliated investments during the year ended December 31, 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 ($)		Number of Shares at 12/31/2020		Value ($) at 12/31/2020
Securities Lending Collateral 0.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (d) (e)
836,078		—		718,862	(f)		—		—		6,859		—		117,216		117,216
Cash Equivalents 0.9%
DWS Central Cash Management Government Fund, 0.08% (d)
364,206		5,341,887		5,403,831			—		—		1,093		—		302,262		302,262
1,200,284		5,341,887		6,122,693			—		—		7,952		—		419,478		419,478

* Non-income producing security.

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

(b) Listed on the New York Stock Exchange.

(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 December 31, 2020 amounted to $118,778, which is 0.4% of net assets.

(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 year ended December 31, 2020.

ADR: American Depositary Receipt

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

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

Fair Value Measurements

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

The following is a summary of the inputs used as of December 31, 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
Common Stocks
Argentina	$	591,899	$	—	$	—	$	591,899
Brazil		329,904		—		—		329,904
Canada		1,624,431		—		—		1,624,431
China		835,409		1,323,317		—		2,158,726
France		—		1,078,082		—		1,078,082
Germany		—		1,912,697		—		1,912,697
Ireland		—		926,694		—		926,694
Japan		—		1,157,265		—		1,157,265
Luxembourg		—		302,750		—		302,750
Singapore		—		288,575		—		288,575
Sweden		454,684		165,388		—		620,072
Switzerland		—		1,593,926		—		1,593,926
United Kingdom		316,905		733,102		—		1,050,007
United States		17,966,554		—		—		17,966,554
Short-Term Investments (g)		419,478		—		—		419,478
Total	$	22,539,264	$	9,481,796	$	—	$	32,021,060

(g) See Investment Portfolio for additional detailed categorizations.

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

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

Statement of Assets and Liabilities
as of December 31, 2020
Assets
Investments in non-affiliated securities, at value (cost $15,641,404) — including $118,778 of securities loaned	$	31,601,582
Investment in DWS Government & Agency Securities Portfolio (cost $117,216)*		117,216
Investment in DWS Central Cash Management Government Fund (cost $302,262)		302,262
Foreign currency, at value (cost $114,598)		116,524
Receivable for investments sold		32,435
Receivable for Fund shares sold		45
Dividends receivable		9,487
Interest receivable		327
Foreign taxes recoverable		7,375
Other assets		593
Total assets		32,187,846
Liabilities
Cash overdraft		32,435
Payable upon return of securities loaned		117,216
Payable for Fund shares redeemed		3,011
Accrued management fee		13,315
Accrued Trustees’ fees		822
Other accrued expenses and payables		76,594
Total liabilities		243,393
Net assets, at value		31,944,453
Net Assets Consist of
Distributable earnings (loss)		17,384,773
Paid-in capital		14,559,680
Net assets, at value		31,944,453
Net Asset Value
Class A
Net asset value, offering and redemption price per share ($31,944,453 ÷ 2,081,012 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	15.35

* Represents collateral on securities loaned.

Statement of Operations
for the year ended December 31, 2020
Investment Income
Income:
Dividends (net of foreign taxes withheld of $18,732)	$	341,401
Income distributions — DWS Central Cash Management Government Fund		1,093
Securities lending income, net of borrower rebates		6,859
Total income		349,353
Expenses:
Management fee		186,533
Administration fee		27,987
Services to shareholders		179
Custodian fee		6,799
Professional fees		72,955
Reports to shareholders		28,283
Trustees’ fees and expenses		2,956
Other		6,886
Total expenses before expense reductions		332,578
Expense reductions		(91,520	)
Total expenses after expense reductions		241,058
Net investment income		108,295
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		1,392,461
Foreign currency		2,207
		1,394,668
Change in net unrealized appreciation (depreciation) on:
Investments		4,804,272
Foreign currency		3,440
		4,807,712
Net gain (loss)		6,202,380
Net increase (decrease) in net assets resulting from operations	$	6,310,675

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

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

Statements of Changes in Net Assets

	Years Ended December 31,
Increase (Decrease) in Net Assets	2020			2019
Operations:
Net investment income (loss)	$	108,295		$	197,722
Net realized gain (loss)		1,394,668			987,156
Change in net unrealized appreciation (depreciation)		4,807,712			7,411,902
Net increase (decrease) in net assets resulting from operations		6,310,675			8,596,780
Distributions to shareholders:
Class A		(1,173,276	)		(2,329,682	)
		(1,173,276	)		(2,329,682	)
Fund share transactions:
Class A
Proceeds from shares sold		850,800			1,084,314
Reinvestment of distributions		1,173,276			2,329,682
Payments for shares redeemed		(5,118,359	)		(4,708,430	)
Net increase (decrease) in net assets from Class A share transactions		(3,094,283	)		(1,294,434	)
Increase (decrease) in net assets		2,043,116			4,972,664
Net assets at beginning of period		29,901,337			24,928,673
Net assets at end of period		31,944,453			29,901,337
Other Information
Class A
Shares outstanding at beginning of period		2,310,277			2,415,204
Shares sold		63,092			87,985
Shares issued to shareholders in reinvestment of distributions		107,739			200,144
Shares redeemed		(400,096	)		(393,056	)
Net increase (decrease) in Class A shares		(229,265	)		(104,927	)
Shares outstanding at end of period		2,081,012			2,310,277

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

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

Financial Highlights

DWS Global Equity VIP — Class A
	Years Ended December 31,
	2020			2019			2018			2017			2016
Selected Per Share Data
Net asset value, beginning of period		$12.94		$	10.32			$11.70			$9.48		$	9.00
Income (loss) from investment operations:
Net investment incomea		.05			.08			.06			.05			.04
Net realized and unrealized gain (loss)		2.90	��		3.55			(1.35	)		2.22			.51
Total from investment operations		2.95			3.63			(1.29	)		2.27			.55
Less distributions from:
Net investment income		(.09	)		(.06	)		(.09	)		(.05	)		(.07	)
Net realized gains		(.45	)		(.95	)		—			—			—
Total distributions		(.54	)		(1.01	)		(.09	)		(.05	)		(.07	)
Net asset value, end of period		$15.35		$	12.94			$10.32		$	11.70		$	9.48
Total Return (%)b		24.52			36.26			(11.12	)		24.04			6.11	c
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		32			30			25			31			43
Ratio of expenses before expense reductions (%)d		1.16			1.22			1.22			1.06			1.03
Ratio of expenses after expense reductions (%)d		.84			.88			.92			.95			.95
Ratio of net investment income (%)		.38			.69			.51			.49			.49
Portfolio turnover rate (%)		13			12			43			19			46

^a  Based on average shares outstanding during the period.

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

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

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

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

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

Notes to Financial Statements

A. Organization and Significant Accounting Policies

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

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

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

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

Equity securities are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) 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.

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.

Securities Lending. Deutsche Bank AG, as lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. As of period end, any securities on loan were collateralized by cash. During the year ended December 31, 2020, the Fund invested the cash collateral into a joint trading account in DWS Government &

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

Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.06% annualized effective rate as of December 31, 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 December 31, 2020, the Fund had securities on loan, which were classified as common stocks in the Investment Portfolio. Due to the increased market values of securities on loan on December 31, 2020, the value of the related collateral was less than the value of securities on loan at period end. On the next business day, additional collateral was received, and the value of collateral exceeded the value of the securities on loan. As of period end, the remaining contractual maturity of the collateral agreements was overnight and continuous.

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

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

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

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

The Fund has reviewed the tax positions for the open tax years as of December 31, 2020 and has determined that no provision for income tax and/or uncertain tax positions is required in the Fund’s financial statements. The Fund’s federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

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

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

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

At December 31, 2020, the Fund’s components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income*	$	112,997
Undistributed long-term capital gains	$	1,365,388
Net unrealized appreciation (depreciation) on investments	$	15,903,745

At December 31, 2020, the aggregate cost of investments for federal income tax purposes was $16,117,315. The net unrealized appreciation for all investments based on tax cost was $15,903,745. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $16,238,771 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $335,026.

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

	Years Ended December 31,
	2020		2019
Distributions from ordinary income*	$	483,878	$	144,985
Distributions from long-term capital gains	$	689,398	$	2,184,697

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

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

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

Other. Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on 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 year ended December 31, 2020, purchases and sales of investment transactions (excluding short-term investments) aggregated $3,602,234 and $7,808,353, respectively.

C. Related Parties

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

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

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

Accordingly, for the year ended December 31, 2020, the fee pursuant to the Investment Management Agreement was equivalent to an annual rate (exclusive of any applicable waivers/reimbursements) of 0.65% of the Fund’s average daily net assets.

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

For the period from January 1, 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 year ended December 31, 2020, fees waived and/or expenses reimbursed were $91,520.

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 year ended December 31, 2020, the Administration Fee was $27,987, of which $2,584 is unpaid.

Service Provider Fees. DWS Service Company (“DSC”), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and DST Systems, Inc. (“DST”), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the year ended December 31, 2020, the amounts charged to the Fund by DSC aggregated $91, of which $16 is unpaid.

Other Service Fees. Under an agreement with the Fund, DIMA is compensated for providing certain pre-press and regulatory filing services to the Fund. For the year ended December 31, 2020, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders” aggregated $8,945, of which $3,214 is unpaid.

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

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

Securities Lending Fees. Deutsche Bank AG serves as lending agent for the Fund. For the year ended December 31, 2020, the Fund incurred lending agent fees to Deutsche Bank AG in the amount of $517.

D. Ownership of the Fund

At December 31, 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 December 31, 2020.

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

F. Other — COVID-19 Pandemic

A novel coronavirus known as COVID-19, declared a pandemic by the World Health Organization, has caused significant uncertainty, market volatility, decreased economic and other activity and increased government activity. Specifically, COVID-19 has led to significant death and morbidity, and concerns about its further spread have resulted in the closing of schools and non-essential businesses, cancellations, shelter-in place orders, lower consumer spending in certain sectors, social distancing, bans on large social gatherings and travel, quarantines, government economic stimulus measures, reduced productivity, rapid increases in unemployment, increased demand for and strain on government and medical resources, border closings and global trade and supply chain interruptions, among others. The full effects, duration and costs of the COVID-19 pandemic are impossible to predict, and the circumstances surrounding the COVID-19 pandemic will continue to evolve. The pandemic may affect certain countries, industries, economic sectors, companies and investment products more than others, may exacerbate existing economic, political, or social tensions and may increase the probability of an economic recession or depression. The Fund and its investments may be adversely affected by the effects of the COVID-19 pandemic, and a prolonged pandemic may result in the Fund and its service providers experiencing operational difficulties in coordinating a remote workforce and implementing their business continuity plans, among others. 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.

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

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of DWS Global Equity VIP (the “Fund”) (one of the funds constituting Deutsche DWS Variable Series II) (the “Trust”), including the investment portfolio, as of December 31, 2020, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Deutsche DWS Variable Series II) at December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian and others. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

Boston, Massachusetts

February 12, 2021

18 | 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 (July 1, 2020 to December 31, 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 December 31, 2020
Actual Fund Return		Class A
Beginning Account Value 7/1/20	$	1,000.00
Ending Account Value 12/31/20	$	1,220.20
Expenses Paid per $1,000*	$	4.69
Hypothetical 5% Fund Return		Class A
Beginning Account Value 7/1/20	$	1,000.00
Ending Account Value 12/31/20	$	1,020.91
Expenses Paid per $1,000*	$	4.27

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

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

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

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

Tax Information (Unaudited)

The Fund paid distributions of $.32 per share from net long-term capital gains during its year ended December 31, 2020.

For corporate shareholders, 35% of the ordinary dividends (i.e., income dividends plus short-term capital gains) paid during the Fund’s fiscal year ended December 31, 2020 qualified for the dividends received deduction.

Pursuant to Section 852 of the Internal Revenue Code, the Fund designates $1,509,000 as capital gain dividends for its year ended December 31, 2020.

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

Proxy Voting

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

20 | 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 2020.

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

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

– The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board 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”).

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

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

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

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

As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund’s performance. In many cases, this led to the negotiation and implementation of expense caps.

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 also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA’s approach to addressing such risks. 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 the information provided, the Board noted that, for the one-, three- and

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

five-year periods ended December 31, 2019, the Fund’s performance (Class A shares) was in the 1st quartile, 2nd quartile and 2nd 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 one-, three- and five-year periods ended December 31, 2019.

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 equal to the median of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2019). The Board noted that, effective March 1, 2020, the fee paid to DIMA under the Fund’s administrative services agreement was reduced to 0.097%. 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, 2019, 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.

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

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

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

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

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

The Board also considered that on September 24, 2020, the SEC granted a temporary order permitting DIMA and its affiliates to continue providing investment advisory and underwriting services to the DWS Funds notwithstanding a consent order entered into by Deutsche Bank AG on June 17, 2020 (the “Consent Order”). The Board noted that the temporary order was granted effective as of the date of the Consent Order. The Board also noted various representations by DIMA to the Board relating to the Consent Order, including that the conduct giving rise to the Consent Order (unintentional conduct that resulted from a system outage that prevented Deutsche Bank AG from reporting data in accordance with applicable CFTC requirements for five days in April 2016) did not involve any DWS Fund or services DIMA and its affiliates provide to the DWS Funds, that DIMA and its personnel had no involvement in the alleged conduct giving rise to the Consent Order, and that the DWS Funds would not bear any financial impact or costs relating to the Consent Order.

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

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

Board Members and Officers

The following table presents certain information regarding the Board Members and Officers of the Trust/Corporation. Each Board Member’s year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the Trust/Corporation. Because the Fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period.

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

Independent Board Members
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen		Other Directorships Held by Board Member
Keith R. Fox, CFA (1954) Chairperson since 2017, and Board Member since 1996	Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); former Chairman, National Association of Small Business Investment Companies; former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) (2011–2012)		73	—
John W. Ballantine (1946) Board Member since 1999	Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); former Directorships: Director and Chairman of the Board, Healthways, Inc.2 (population well-being and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak Brook Bank; and Prisma Energy International. Not-for-Profit Director/Trustee: Palm Beach Civic Association; Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; former Not-for-Profit Directorships: Public Radio International		73	Portland General Electric2 (utility company) (2003– present)
Dawn-Marie Driscoll (1946) Board Member since 1987	Emeritus Executive Fellow, Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988). Directorships: Advisory Board, Center for Business Ethics, Bentley University; Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)		73	—
Richard J. Herring (1946) Board Member since 1990	Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (since July 1972); Director, The Wharton Financial Institutions Center (since 1994); formerly: Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee since 2011, member Systemic Risk Council since 2012 and member of the Advisory Board at the Yale Program on Financial Stability since 2013; Formerly Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), and Nonexecutive Director of Barclays Bank DE (2010–2018)		73	Director, Aberdeen Japan Fund (since 2007)
William McClayton (1944) Board Member since 2004	Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001–2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966–2001); Trustee, Ravinia Festival		73	—

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

Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen		Other Directorships Held by Board Member
Rebecca W. Rimel (1951) Board Member since 1995	Senior Advisor, The Pew Charitable Trusts (charitable organization) (since July 2020); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012); President, Chief Executive Officer and Director, The Pew Charitable Trusts (charitable organization) (1994–2020)		73	Director, Becton Dickinson and Company2 (medical technology company) (2012– present); Director, BioTelemetry Inc.2 (health care) (2009– present)
William N. Searcy, Jr. (1946) Board Member since 1993	Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012)		73	—

Officers4
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served5	Business Experience and Directorships During the Past Five Years
Hepsen Uzcan6 (1974) President and Chief Executive Officer, 2017–present	Managing Director3, DWS; Secretary, DWS USA Corporation (2018–present); Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–present); Director and President, DB Investment Managers, Inc. (2018–present); President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2013–2020); Directorships: Interested Director, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since June 25, 2020); ICI Mutual Insurance Company (since October 16, 2020); and Episcopalian Charities of New York (2018–present)
John Millette7 (1962) Vice President and Secretary, 1999–present	Director,3 DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX ETF Trust (2020–present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); Assistant Secretary, DBX ETF Trust (2019–2020); Assistant Secretary (July 14, 2006–December 31, 2010) and Secretary (January 31, 2006–July 13, 2006), The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc.
Ciara Crawford8 (1984) Assistant Secretary, (2019–present)	Associate, DWS (since 2015); previously, Legal Assistant at Accelerated Tax Solutions.
Diane Kenneally7 (1966) Chief Financial Officer and Treasurer, 2018–present	Director,3 DWS; Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds (2007–2018)
Paul Antosca7 (1957) Assistant Treasurer, 2007–present	Director,3 DWS; and Assistant Treasurer, DBX ETF Trust (2019–present)
Sheila Cadogan7 (1966) Assistant Treasurer, 2017–present	Director,3 DWS; Director and Vice President, DWS Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present)
Scott D. Hogan7 (1970) Chief Compliance Officer, 2016–present	Director,3 DWS; Chief Compliance Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2016–present)
Caroline Pearson7 (1962) Chief Legal Officer, 2010–present	Managing Director3, DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, DBX Advisors LLC and DBX Strategic Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); and Secretary, Deutsche AM Service Company (2010–2017)

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

Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served5	Business Experience and Directorships During the Past Five Years
Michelle Goveia-Pine6 (1970) Interim Anti-Money Laundering Compliance Officer, since July 10, 2020	Director,3 DWS; Interim AML Officer, DWS Trust Company (since July 28, 2020); Interim AML Officer, DBX ETF Trust (since July 9, 2020); Interim AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since July 24, 2020)

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

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

³  Executive title, not a board directorship.

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

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

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

⁷  Address: 100 Summer Street, Boston, MA 02110.

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

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

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

Notes

VS2GE-2 (R-025828-10 2/21)

December 31, 2020

Annual Report

Deutsche DWS Variable Series II

DWS Global Income Builder VIP

Contents

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

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

Although allocation among different asset categories generally limits risk, fund management may favor an asset category that underperforms other assets or markets as a whole. Stocks may decline in value. 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.

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

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

Performance Summary December 31, 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.

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.

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

Growth of an Assumed $10,000 Investment

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

The 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 | 3

Comparative Results
DWS Global Income Builder VIP		1-Year	3-Year	5-Year	10-Year
Class A	Growth of $10,000	$10,828	$12,014	$14,955	$19,878
	Average annual total return	8.28%	6.31%	8.38%	7.11%
MSCI All Country World Index	Growth of $10,000	$11,625	$13,332	$17,828	$23,956
	Average annual total return	16.25%	10.06%	12.26%	9.13%
Blended Index 60/40	Growth of $10,000	$11,378	$12,833	$15,808	$20,470
	Average annual total return	13.78%	8.67%	9.59%	7.43%
Bloomberg Barclays U.S. Universal Index	Growth of $10,000	$10,758	$11,727	$12,684	$15,036
	Average annual total return	7.58%	5.45%	4.87%	4.16%

DWS Global Income Builder VIP		1-Year	Life of Class*
Class B	Growth of $10,000	$10,790	$12,178
	Average annual total return	7.90%	7.66%
MSCI All Country World Index	Growth of $10,000	$11,625	$13,334
	Average annual total return	16.25%	11.39%
Blended Index 60/40	Growth of $10,000	$11,378	$12,932
	Average annual total return	13.78%	9.80%
Bloomberg Barclays U.S. Universal Index	Growth of $10,000	$10,758	$11,974
	Average annual total return	7.58%	6.99%

The growth of $10,000 is cumulative.

* Class B commenced operations on May 1, 2018.

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

Management Summary December 31, 2020 (Unaudited)

The Fund returned 8.28% during the 12 months ended December 31, 2020 (Class A shares, unadjusted for contract charges) and underperformed the 13.78% return of its benchmark, the Blended Index 60/40. The index consists of a blend of 60% MSCI All Country World Index and 40% Bloomberg Barclays U.S. Universal Index. The two indexes returned 16.25% and 7.58%, respectively.

The financial markets produced robust, broad-based returns in 2020. Higher-risk assets, after experiencing pronounced weakness at the start of the year due to the spread of COVID-19, began to recover in late March once world central banks and governments responded with enormous monetary and fiscal stimulus. Investors, seeing the potential for these actions to help support the economy and markets until the virus was contained, bid up stock prices across the board. The bond market’s credit sectors, while also facing challenges in early 2020, rebounded to finish the year with healthy total returns.

The Fund’s underperformance was largely the result of our emphasis on dividend-paying, value-oriented stocks within the equity portfolio. The universe of higher-yielding stocks lagged the equity benchmark by a wide margin, reflecting the category’s lower weighting in mega-cap technology stocks and larger allocations to defensive sectors that underperformed. While this aspect of our strategy detracted in the past 12 months, we believe it is consistent with the Fund’s objective of delivering income over the long term.

Our decision to devote a portion of the Fund’s bond allocation to income-producing alternative investments — including convertible bonds and preferred stocks — was a key contributor to performance. All three categories performed very well from April onward, with convertibles leading the way, while the returns for bonds were relatively muted. We maintain this allocation on the belief that these areas continue to offer better longer-term total return potential than bonds.

The fixed-income portfolio outpaced the Bloomberg Barclays U.S. Universal Index and contributed to relative performance thanks to robust security selection in both investment-grade corporates and high yield. A position in emerging-market bonds was an additional positive. Conversely, the Fund lost some relative performance through underweight positions in U.S. Treasuries and investment-grade corporate bonds.

The Fund used derivatives during the past 12 months. On the equity side, we used futures on stock indexes to achieve our desired weightings in a more efficient manner than buying and selling individual securities. In the bond portfolio, we used credit default swaps, derivatives to currency exposure, and interest-rate futures and swaps to manage duration. The use of derivatives was a net contributor in the aggregate. Derivatives are used to achieve the fund’s risk and return objectives and should be evaluated within the context of the entire portfolio rather than as a standalone strategy.

We actively adjusted the Fund’s risk profile in response to the shifting environment. We established a defensive posture in late 2019 via an underweight in stocks, as we believed expectations for both economic growth and corporate earnings were too high. Although we didn’t anticipate the emergence of COVID-19, the defensive approach proved helpful once the markets turned lower in the first quarter of 2020. We continued to reduce risk during the downturn, and then we gradually increased it over the span from early April through the end of the year. We accomplished this both by adding to the equity weighting and increasing the risk profile of the bond portfolio. The Fund finished 2020 with an equity allocation that was close to the 60% level of the benchmark.

We believe the strength in the financial markets reflects some real, positive developments occurring in the global economy. Central banks are providing ample liquidity and government spending appears poised to rise significantly both in the United States and overseas, which should provide a tailwind for economic growth and corporate fundamentals in the year ahead. With that said, we remain on the lookout for potential risk factors given the magnitude of the rally in recent months. We believe our multifaceted strategy, which seeks to capitalize on opportunities while providing the flexibility to response to market volatility, can continue to add value in this environment.

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

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

Deutsche DWS Variable Series II — DWS Global Income Builder VIP | 5

Terms to Know

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.

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.

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.

Contribution and detraction incorporate both an investment’s total return and its weighting in the Fund.

Convertible securities are bonds that can be exchanged for equity at a pre-stated price. Convertibles generally offer higher income than is available from a common stock, but more appreciation potential than bonds.

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

Derivatives are contracts whose value is based on the performance of an underlying financial asset. Derivatives afford leverage, but when used by investors who are able to handle the inherent risks, can enhance returns or protect a portfolio. Derivatives experience significant losses if the underlying security moves contrary to the investor’s expectations.

Duration is a measure of bond price volatility. Duration can be defined as the approximate percentage change in price for a 100 basis point (one single percentage point) change in market interest rate levels. A duration of 5, for example, means that the price of a bond should rise by approximately 5% for a one percentage point drop in interest rates, and fall by 5% for a one percentage point rise in interest rates.

Futures contracts are contractual agreements to buy or sell a particular commodity or financial instrument at a pre-determined price in the future.

A swap is a derivative in which two counterparties exchange cash flows of one party’s financial instrument for those of the other party’s financial instrument for a set period of time. The prices of credit default swaps, which are designed to offset credit risk, typically move in the opposite direction of the index or security they track.

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

Portfolio Summary (Unaudited)

Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral)	12/31/20		12/31/19
Equity		61%		64%
Common Stocks		57%		60%
Preferred Stocks		4%		4%
Fixed Income		37%		35%
Corporate Bonds		15%		9%
Asset-Backed		5%		6%
Commercial Mortgage-Backed Securities		4%		5%
Mortgage-Backed Securities Pass-Throughs		4%		1%
Collateralized Mortgage Obligations		3%		8%
Exchange-Traded Funds		3%		3%
Short-Term U.S. Treasury Obligations		2%		2%
Government & Agency Obligations		1%		1%
Cash Equivalents		2%		1%
		100%		100%
Sector Diversification (As a % of Equities, Corporate Bonds and Preferred Securities)	12/31/20		12/31/19
Information Technology		20%		15%
Financials		19%		19%
Communication Services		10%		10%
Consumer Discretionary		9%		9%
Health Care		9%		9%
Industrials		7%		7%
Utilities		6%		8%
Consumer Staples		6%		6%
Energy		5%		7%
Materials		5%		4%
Real Estate		4%		6%
		100%		100%
Geographical Diversification (As a % of Investment Portfolio excluding Cash Equivalents, Exchange- Traded Funds and Securities Lending Collateral)	12/31/2020		12/31/2019
United States		63%		68%
Japan		5%		4%
Canada		3%		2%
United Kingdom		3%		3%
Switzerland		3%		4%
Australia		2%		2%
Germany		2%		2%
Hong Kong		2%		1%
Ireland		2%		1%
France		1%		2%
Other		14%		11%
		100%		100%

Portfolio holdings and characteristics are subject to change.

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

Following the Fund’s fiscal first and third quarter-end, a complete portfolio holdings listing is posted on dws.com, and is available free of charge by contacting your financial intermediary, or if you are a direct investor, by calling (800) 728-3337. In addition, the portfolio holdings listing is filed with the SEC on the Fund’s Form N-PORT and will be available on the SEC’s Web site at sec.gov. Additional portfolio holdings for the Fund are also posted on dws.com from time to time. Please see the Fund’s current prospectus for more information.

Deutsche DWS Variable Series II — DWS Global Income Builder VIP | 7

Investment Portfolio as of December 31, 2020

	Shares		Value ($)
Common Stocks 59.4%
Communication Services 5.2%
Diversified Telecommunication Services 2.4%
AT&T, Inc.		14,200		408,392
BCE, Inc.		7,850		335,671
Deutsche Telekom AG (Registered)		13,448		247,003
Elisa Oyj		3,058		167,806
Koninklijke KPN NV		51,725		157,450
Nippon Telegraph & Telephone Corp.		9,683		247,421
Orange SA		13,001		154,738
Swisscom AG (Registered)		292		157,724
Telenor ASA		13,038		222,782
Telia Co. AB		47,053		194,650
Telstra Corp., Ltd.		69,261		159,627
TELUS Corp.		9,921		196,487
Verizon Communications, Inc.		6,371		374,296
				3,024,047
Entertainment 0.6%
Activision Blizzard, Inc.		1,150		106,777
NetEase, Inc. (ADR)		2,191		209,832
Netflix, Inc.*		427		230,892
Nintendo Co., Ltd.		360		229,713
				777,214
Interactive Media & Services 1.0%
Alphabet, Inc. “A”*		69		120,932
Alphabet, Inc. “C”*		79		138,399
Facebook, Inc. “A”*		1,826		498,790
Pinterest, Inc. “A”*		2,135		140,697
Tencent Holdings Ltd. (ADR)		4,761		342,268
				1,241,086
Media 0.5%
Charter Communications, Inc. “A”*		308		203,757
Comcast Corp. “A”		5,405		283,222
Interpublic Group of Companies, Inc.		6,572		154,574
				641,553
Wireless Telecommunication Services 0.7%
China Mobile Ltd. (ADR) (a)		10,165		290,109
KDDI Corp.		6,520		193,819
SoftBank Corp.		18,300		229,160
Vodafone Group PLC		86,146		142,498
				855,586
Consumer Discretionary 6.0%
Auto Components 0.1%
Denso Corp.		3,163		188,292
Automobiles 1.4%
Bayerische Motoren Werke AG		2,053		183,845
NIO, Inc. (ADR)*		5,689		277,282
Porsche Automobil Holding SE (Preference)		3,462		243,742
Tesla, Inc.*		821		579,355
Toyota Motor Corp.		3,279		252,913
Volkswagen AG (Preference)		1,025		191,991
				1,729,128

	Shares		Value ($)
Diversified Consumer Services 0.2%
GSX Techedu, Inc. (ADR)*		996		51,503
TAL Education Group (ADR)*		2,016		144,164
				195,667
Hotels, Restaurants & Leisure 0.6%
Evolution Gaming Group AB 144A		1,429		145,734
McDonald’s Corp.		606		130,035
Restaurant Brands International, Inc.		1,734		106,023
Starbucks Corp.		2,324		248,622
Yum! Brands, Inc.		1,064		115,508
				745,922
Household Durables 0.6%
Electrolux AB “B”		12,046		280,325
Garmin Ltd.		1,460		174,704
Newell Brands, Inc.		10,658		226,269
Sekisui House Ltd.		6,606		134,450
				815,748
Internet & Direct Marketing Retail 2.2%
Alibaba Group Holding Ltd. (ADR)*		1,040		242,039
Amazon.com, Inc.*		534		1,739,201
JD.com, Inc. (ADR)*		3,874		340,525
MercadoLibre, Inc.*		100		167,522
Pinduoduo, Inc. (ADR)*		1,347		239,321
Wayfair, Inc. “A”* (a)		378		85,356
				2,813,964
Multiline Retail 0.4%
Target Corp.		1,357		239,551
Wesfarmers Ltd.		5,530		215,428
				454,979
Specialty Retail 0.5%
Best Buy Co., Inc.		1,497		149,386
Home Depot, Inc.		1,227		325,916
Lowe’s Companies, Inc.		1,344		215,725
				691,027
Consumer Staples 3.9%
Beverages 0.6%
Coca-Cola Co.		6,663		365,399
PepsiCo, Inc.		2,334		346,132
				711,531
Food & Staples Retailing 0.7%
Koninklijke Ahold Delhaize NV		5,854		165,536
Tesco PLC		69,159		219,200
Walgreens Boots Alliance, Inc.		4,223		168,413
Walmart, Inc.		1,563		225,307
Woolworths Group Ltd.		5,073		153,795
				932,251
Food Products 1.0%
Bunge Ltd.		2,214		145,194
General Mills, Inc.		2,696		158,525
Kellogg Co.		2,197		136,720
Kraft Heinz Co.		5,955		206,400
Nestle SA (Registered)		2,689		317,044
WH Group Ltd. 144A		163,697		137,552
Wilmar International Ltd.		61,200		216,004
				1,317,439

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

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

	Shares		Value ($)
Household Products 0.6%
Colgate-Palmolive Co.		1,270		108,598
Kimberly-Clark Corp.		1,068		143,998
Procter & Gamble Co.		2,572		357,868
Reckitt Benckiser Group PLC		1,954		175,272
				785,736
Personal Products 0.3%
Unilever PLC		5,335		322,283
Tobacco 0.7%
Japan Tobacco, Inc.		16,200		329,994
Philip Morris International, Inc.		6,561		543,185
				873,179
Energy 1.2%
Energy Equipment & Services 0.1%
Baker Hughes Co.		6,231		129,917
Oil, Gas & Consumable Fuels 1.1%
Chevron Corp.		1,600		135,120
ENEOS Holdings, Inc.		48,000		171,965
Kinder Morgan, Inc.		11,800		161,306
TC Energy Corp.		5,753		233,889
TOTAL SE		5,583		240,892
Valero Energy Corp.		2,564		145,046
Williams Companies, Inc.		17,100		342,855
				1,431,073
Financials 9.0%
Banks 4.6%
Bank of America Corp.		5,218		158,158
Bank of Montreal		3,034		230,678
Bank of Nova Scotia		2,951		159,501
BOC Hong Kong Holdings Ltd.		94,457		286,734
Canadian Imperial Bank of Commerce		1,741		148,701
Citizens Financial Group, Inc.		5,812		207,837
Commonwealth Bank of Australia		4,518		287,359
DBS Group Holdings Ltd.		18,836		357,605
Fifth Third Bancorp.		4,961		136,775
Hang Seng Bank Ltd.		11,607		200,357
Huntington Bancshares, Inc.		10,606		133,954
JPMorgan Chase & Co.		1,969		250,201
KeyCorp.		10,832		177,753
Mitsubishi UFJ Financial Group, Inc.		48,803		215,726
Mizuho Financial Group, Inc.		24,488		311,023
National Australia Bank Ltd.		10,112		177,584
Nordea Bank Abp*		16,599		136,406
Oversea-Chinese Banking Corp., Ltd.		28,981		220,645
PNC Financial Services Group, Inc.		910		135,590
Regions Financial Corp.		11,637		187,588
Royal Bank of Canada		3,680		302,373
Sberbank of Russia PJSC (ADR)		13,114		190,153
Sumitomo Mitsui Financial Group, Inc.		9,398		289,973
Toronto-Dominion Bank		5,779		326,519
Truist Financial Corp.		2,919		139,908
U.S. Bancorp.		4,238		197,448
United Overseas Bank Ltd.		16,928		289,491
				5,856,040

	Shares		Value ($)
Capital Markets 1.4%
3i Group PLC		8,237		131,008
Apollo Global Management, Inc.		5,323		260,721
BlackRock, Inc.		236		170,283
Blackstone Group, Inc. “A”		1,957		126,833
Franklin Resources., Inc.		7,101		177,454
Hong Kong Exchanges & Clearing Ltd.		2,026		111,470
Magellan Financial Group Ltd.		4,652		193,805
Partners Group Holding AG		203		241,856
Standard Life Aberdeen PLC		48,288		186,585
T. Rowe Price Group, Inc.		1,275		193,022
				1,793,037
Diversified Financial Services 0.2%
ORIX Corp.		11,400		175,267
Insurance 2.8%
Admiral Group PLC		4,476		177,837
Allianz SE (Registered)		1,232		302,429
Fidelity National Financial, Inc.		3,007		117,544
Legal & General Group PLC		47,095		173,084
Manulife Financial Corp.		17,433		310,203
Medibank Private Ltd.		65,592		151,079
MetLife, Inc.		3,034		142,446
MS&AD Insurance Group Holdings, Inc.		3,845		117,145
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		503		152,001
NN Group NV		4,040		174,914
Phoenix Group Holdings PLC		24,498		236,263
Poste Italiane SpA 144A		15,516		158,193
Prudential Financial, Inc.		3,826		298,696
Sampo Oyj “A”		5,877		248,731
Sompo Holdings, Inc.		2,918		118,015
Swiss Re AG		3,297		312,529
Zurich Insurance Group AG		828		351,046
				3,542,155
Health Care 6.1%
Biotechnology 1.1%
AbbVie, Inc.		5,609		601,005
Amgen, Inc.		1,309		300,965
BeiGene Ltd. (ADR)*		525		135,655
Gilead Sciences, Inc.		4,685		272,948
				1,310,573
Health Care Equipment & Supplies 0.6%
Abbott Laboratories		2,588		283,360
Coloplast AS “B”		607		92,282
DexCom, Inc.*		223		82,447
Medtronic PLC		2,419		283,362
				741,451
Health Care Providers & Services 0.5%
Cardinal Health, Inc.		2,960		158,538
CVS Health Corp.		3,105		212,071
UnitedHealth Group, Inc.		804		281,947
				652,556
Health Care Technology 0.2%
M3, Inc.		1,600		151,312
Veeva Systems, Inc. “A”*		360		98,010
				249,322

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

Deutsche DWS Variable Series II — DWS Global Income Builder VIP | 9

	Shares		Value ($)
Pharmaceuticals 3.7%
Astellas Pharma, Inc.		8,615		133,100
AstraZeneca PLC		2,347		237,536
Bayer AG (Registered)		5,218		308,403
Bristol-Myers Squibb Co.		4,798		297,620
Chugai Pharmaceutical Co., Ltd.		5,059		270,328
Eli Lilly & Co.		1,700		287,028
GlaxoSmithKline PLC		13,595		250,019
Hikma Pharmaceuticals PLC		4,677		161,393
Johnson & Johnson		2,585		406,827
Merck & Co., Inc.		4,636		379,225
Novartis AG (Registered)		4,231		400,229
Novo Nordisk AS ‘‘B”		2,939		204,060
Orion Oyj “B”		3,045		139,800
Pfizer, Inc.		11,203		412,382
Roche Holding AG (Genusschein)		1,160		406,010
Sanofi		2,477		239,615
Takeda Pharmaceutical Co., Ltd.		5,339		194,505
				4,728,080
Industrials 4.3%
Aerospace & Defense 0.4%
BAE Systems PLC		31,969		213,413
Lockheed Martin Corp.		405		143,767
Raytheon Technologies Corp.		2,592		185,354
				542,534
Air Freight & Logistics 0.6%
Deutsche Post AG (Registered)		4,566		230,100
FedEx Corp.		739		191,859
United Parcel Service, Inc. “B”		2,230		375,532
				797,491
Building Products 0.1%
Johnson Controls International PLC		3,410		158,872
Commercial Services & Supplies 0.1%
Quad Graphics, Inc.		2		8
Waste Management, Inc.		1,165		137,388
				137,396
Construction & Engineering 0.3%
Bouygues SA		3,870		159,207
HOCHTIEF AG		1,536		152,216
				311,423
Electrical Equipment 0.4%
ABB Ltd. (Registered)		6,455		183,064
Eaton Corp. PLC		1,737		208,683
Emerson Electric Co.		1,748		140,487
				532,234
Industrial Conglomerates 0.8%
3M Co.		1,116		195,066
CK Hutchison Holdings Ltd.		32,373		225,810
Honeywell International, Inc.		910		193,557
Jardine Matheson Holdings Ltd.		2,558		143,167
Siemens AG (Registered)		1,364		199,417
				957,017
Machinery 0.2%
Cummins, Inc.		586		133,081
Kone Oyj “B”		1,266		102,830
				235,911

	Shares		Value ($)
Professional Services 0.2%
Adecco Group AG (Registered)		2,528		169,634
Thomson Reuters Corp.		1,390		113,764
				283,398
Road & Rail 0.3%
Uber Technologies, Inc.*		3,182		162,282
Union Pacific Corp.		952		198,225
				360,507
Trading Companies & Distributors 0.9%
Fastenal Co.		2,043		99,760
ITOCHU Corp.		8,271		237,982
Mitsubishi Corp.		12,498		308,302
Mitsui & Co., Ltd.		14,263		261,570
Sumitomo Corp.		17,301		229,716
				1,137,330
Information Technology 15.4%
Communications Equipment 0.4%
Cisco Systems, Inc.		8,635		386,416
Telefonaktiebolaget LM Ericsson “B”		11,870		141,303
				527,719
Electronic Equipment, Instruments & Components 0.9%
Amphenol Corp. “A”		910		119,001
CDW Corp.		824		108,595
Cognex Corp.		1,528		122,676
Corning, Inc.		4,865		175,140
Keyence Corp.		257		144,650
Murata Manufacturing Co., Ltd.		2,455		221,831
TE Connectivity Ltd.		1,517		183,663
				1,075,556
IT Services 3.1%
Accenture PLC “A”		1,226		320,244
Afterpay Ltd.*		2,005		184,339
Automatic Data Processing, Inc.		1,155		203,511
Broadridge Financial Solutions, Inc.		706		108,159
Fujitsu Ltd.		1,355		196,072
GDS Holdings Ltd. (ADR)*		1,202		112,555
Infosys Ltd. (ADR)		16,239		275,251
International Business Machines Corp.		3,341		420,565
MasterCard, Inc. “A”		573		204,527
Okta, Inc.*		601		152,810
Paychex, Inc.		2,628		244,877
PayPal Holdings, Inc.*		1,382		323,664
Shopify, Inc. “A”*		356		401,984
Square, Inc. “A”*		1,983		431,580
Twilio, Inc. “A”* (a)		412		139,462
Visa, Inc. “A”		505		110,459
Western Union Co.		4,014		88,067
				3,918,126
Semiconductors & Semiconductor Equipment 3.5%
Advanced Micro Devices, Inc.*		2,163		198,369
Analog Devices, Inc.		1,158		171,071
Applied Materials, Inc.		1,528		131,866
Broadcom, Inc.		1,163		509,220
Enphase Energy, Inc.*		1,300		228,111
Intel Corp.		4,527		225,535
KLA Corp.		890		230,430

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

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

	Shares		Value ($)
Lam Research Corp.		462		218,189
Marvell Technology Group Ltd.		2,609		124,032
NVIDIA Corp.		721		376,506
QUALCOMM, Inc.		3,006		457,934
Skyworks Solutions, Inc.		721		110,227
SolarEdge Technologies, Inc.*		600		191,472
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		5,383		586,962
Texas Instruments, Inc.		2,255		370,113
Tokyo Electron Ltd.		395		147,521
United Microelectronics Corp. (ADR) (a)		20,100		169,443
				4,447,001
Software 3.9%
Adobe, Inc.*		695		347,583
Autodesk, Inc.*		429		130,991
DocuSign, Inc.*		755		167,836
Intuit, Inc.		537		203,979
Microsoft Corp.		9,314		2,071,620
Oracle Corp.		4,489		290,393
Paycom Software, Inc.*		392		177,282
salesforce.com, Inc.*		940		209,178
SAP SE		1,038		137,653
ServiceNow, Inc.*		564		310,443
Splunk, Inc.*		532		90,381
Trade Desk, Inc. “A”*		323		258,723
Workday, Inc. “A”*		532		127,473
Zoom Video Communications, Inc. “A”*		599		202,055
Zscaler, Inc.*		1,356		270,807
				4,996,397
Technology Hardware, Storage & Peripherals 3.6%
Apple, Inc.		22,039		2,924,355
Hewlett Packard Enterprise Co.		11,595		137,401
HP, Inc.		7,832		192,589
Logitech International SA (Registered)		1,567		153,825
NetApp, Inc.		3,746		248,135
Samsung Electronics Co., Ltd. (GDR) (Registered)		191		348,575
Seagate Technology PLC		5,761		358,104
Seiko Epson Corp.		15,586		231,382
				4,594,366
Materials 3.2%
Chemicals 1.1%
Air Products & Chemicals, Inc.		597		163,112
BASF SE		1,981		156,463
Dow, Inc.		6,085		337,717
Linde PLC		411		108,303
LyondellBasell Industries NV “A”		2,383		218,426
Nutrien Ltd.		5,133		246,952
Sociedad Quimica y Minera de Chile SA (ADR)		3,210		157,579
				1,388,552
Construction Materials 0.2%
LafargeHolcim Ltd. (Registered)		4,939		273,727
Containers & Packaging 0.3%
Amcor PLC		15,179		178,657
International Paper Co.		3,575		177,749
				356,406

	Shares		Value ($)
Metals & Mining 1.5%
Anglo American PLC		3,930		130,893
B2Gold Corp.		25,136		140,796
BHP Group Ltd.		11,105		362,908
BHP Group PLC		9,788		257,989
Rio Tinto Ltd.		3,603		317,763
Rio Tinto PLC		6,321		474,139
Vale SA (ADR)		13,248		222,037
				1,906,525
Paper & Forest Products 0.1%
UPM-Kymmene Oyj		3,838		143,270
Real Estate 1.8%
Equity Real Estate Investment Trusts (REITs) 1.4%
Ascendas Real Estate Investment Trust		39,043		88,332
CapitaLand Integrated Commercial Trust		103,306		169,259
Crown Castle International Corp.		883		140,565
Link REIT		17,400		158,387
Medical Properties Trust, Inc.		12,525		272,920
Omega Healthcare Investors, Inc.		6,700		243,344
Prologis, Inc.		929		92,584
Public Storage		495		114,310
Realty Income Corp.		1,642		102,083
VICI Properties, Inc.		10,592		270,096
WP Carey, Inc.		1,819		128,385
				1,780,265
Real Estate Management & Development 0.4%
New World Development Co., Ltd.		34,474		160,657
Sun Hung Kai Properties Ltd.		11,235		145,052
Wharf Real Estate Investment Co., Ltd.		32,000		166,798
				472,507
Utilities 3.3%
Electric Utilities 2.4%
American Electric Power Co., Inc.		1,587		132,149
CLP Holdings Ltd.		10,214		94,471
Duke Energy Corp.		2,108		193,008
EDP — Energias de Portugal SA		35,803		225,635
Endesa SA		10,334		282,902
Enel SpA		27,939		283,293
Entergy Corp.		1,301		129,892
Exelon Corp.		3,174		134,006
Fortum Oyj		13,314		321,874
Iberdrola SA		10,698		152,876
NextEra Energy, Inc.		2,584		199,356
OGE Energy Corp.		3,065		97,651
PPL Corp.		7,426		209,413
Red Electrica Corp. SA		8,578		176,027
Southern Co.		3,513		215,804
SSE PLC		11,570		237,205
				3,085,562
Gas Utilities 0.2%
Snam SpA		44,224		249,621
Multi-Utilities 0.7%
Consolidated Edison, Inc.		1,633		118,017
Dominion Energy, Inc		2,838		213,418
DTE Energy Co.		1,161		140,957
National Grid PLC		13,523		160,427

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

Deutsche DWS Variable Series II — DWS Global Income Builder VIP | 11

	Shares		Value ($)
Public Service Enterprise Group, Inc.		2,398		139,803
Sempra Energy		971		123,715
				896,337
Total Common Stocks (Cost $56,074,014)				75,292,153
Preferred Stocks 4.2%
Financials 2.7%
AGNC Investment Corp. Series C, 7.0%		14,427		367,744
Capital One Financial Corp. Series G, 5.2%		10,000		265,200
Citigroup, Inc. Series S, 6.3%		15,000		383,400
Fifth Third Bancorp. Series I, 6.625%		10,000		291,200
JPMorgan Chase & Co. Series AA, 6.1%		15,000		386,250
KeyCorp. Series E, 6.125%		10,000		292,700
Morgan Stanley Series K, 5.85%		10,000		288,500
The Goldman Sachs Group, Inc. Series J, 5.5%		17,000		464,610
Truist Financial Corp. Series H, 5.625%		10,000		259,900
Wells Fargo & Co. Series Y, 5.625%		15,000		401,100
				3,400,604
Real Estate 0.9%
Kimco Realty Corp. Series L, 5.125%		15,000		394,050
Prologis, Inc. Series Q, 8.54%		164		11,316
Simon Property Group, Inc. Series J, 8.375%		8,000		564,400
VEREIT, Inc. Series F, 6.7%		5,203		130,856
				1,100,622
Utilities 0.6%
Dominion Energy, Inc. Series A, 5.25%		30,000		785,400
Total Preferred Stocks (Cost $5,298,828)				5,286,626
Warrants 0.0%
Materials
Hercules Trust II, Expiration Date 3/31/2029* (b) (Cost $30,283)		170		8,109
	Principal Amount ($)(c)		Value ($)
Corporate Bonds 15.2%
Communication Services 2.7%
Arches Buyer, Inc., 144A, 4.25%, 6/1/2028		30,000		30,381
AT&T, Inc.:
1.65%, 2/1/2028		50,000		51,015
2.25%, 2/1/2032		95,000		96,370
2.75%, 6/1/2031		135,000		144,264
3.65%, 6/1/2051		100,000		104,709
CCO Holdings LLC:
144A, 4.75%, 3/1/2030		100,000		107,900
144A, 5.875%, 5/1/2027		250,000		259,687

	Principal Amount ($)(c)		Value ($)
Charter Communications Operating LLC:
3.7%, 4/1/2051		140,000		145,384
5.05%, 3/30/2029		100,000		121,586
CSC Holdings LLC:
144A, 3.375%, 2/15/2031		200,000		196,250
144A, 4.125%, 12/1/2030		200,000		209,120
Discovery Communications LLC, 144A, 4.0%, 9/15/2055		50,000		55,965
Netflix, Inc.:
4.375%, 11/15/2026		100,000		110,875
5.5%, 2/15/2022		175,000		183,094
5.875%, 11/15/2028		140,000		167,825
NortonLifeLock, Inc., 3.95%, 6/15/2022		275,000		280,844
T-Mobile U.S.A., Inc.:
144A, 2.05%, 2/15/2028		30,000		31,205
144A, 2.25%, 11/15/2031		115,000		118,029
144A, 3.3%, 2/15/2051		50,000		51,441
144A, 3.6%, 11/15/2060		25,000		26,536
144A, 4.375%, 4/15/2040		60,000		73,222
144A, 4.5%, 4/15/2050		80,000		98,671
VeriSign, Inc.:
4.625%, 5/1/2023		300,000		302,625
5.25%, 4/1/2025		300,000		340,875
Verizon Communications, Inc., 2.65%, 11/20/2040		40,000		40,391
ViacomCBS, Inc., 4.2%, 5/19/2032		55,000		66,283
				3,414,547
Consumer Discretionary 1.4%
1011778 BC Unlimited Liability Co., 144A, 4.375%, 1/15/2028		225,000		231,750
Carnival Corp., 144A, 7.625%, 3/1/2026		97,000		105,681
Dollar General Corp., 4.125%, 4/3/2050		20,000		25,311
Ford Motor Credit Co. LLC:
3.37%, 11/17/2023		350,000		356,926
3.375%, 11/13/2025		261,000		268,141
Hilton Domestic Operating Co., Inc., 144A, 4.0%, 5/1/2031		125,000		131,889
Nissan Motor Co., Ltd., 144A, 4.345%, 9/17/2027		395,000		436,288
QVC, Inc., 4.75%, 2/15/2027		185,000		198,413
				1,754,399
Consumer Staples 0.4%
Albertsons Companies, Inc.:
144A, 3.25%, 3/15/2026		100,000		101,500
144A, 3.5%, 3/15/2029		50,000		50,593
Altria Group, Inc.:
3.875%, 9/16/2046		20,000		21,126
4.45%, 5/6/2050		40,000		47,289
Anheuser-Busch InBev Worldwide, Inc.:
4.439%, 10/6/2048		50,000		62,236
5.55%, 1/23/2049		121,000		172,047
BAT Capital Corp., 2.726%, 3/25/2031		60,000		62,144
Keurig Dr Pepper, Inc., 3.8%, 5/1/2050		15,000		17,966
Smithfield Foods, Inc., 144A, 3.0%, 10/15/2030		40,000		42,323
				577,224

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

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

	Principal Amount ($)(c)		Value ($)
Energy 2.4%
BP Capital Markets America, Inc., 2.939%, 6/4/2051		75,000		76,615
Cheniere Corpus Christi Holdings LLC, 5.875%, 3/31/2025		200,000		232,755
Devon Energy Corp., 5.0%, 6/15/2045		60,000		70,672
Energy Transfer Operating LP, 5.5%, 6/1/2027		100,000		117,700
Enterprise Products Operating LLC, 4.2%, 1/31/2050		172,000		202,066
Hess Corp., 5.8%, 4/1/2047		70,000		89,066
Marathon Petroleum Corp., 4.7%, 5/1/2025		110,000		126,011
MPLX LP, 2.65%, 8/15/2030		35,000		36,680
Occidental Petroleum Corp.:
5.5%, 12/1/2025		10,000		10,426
6.125%, 1/1/2031		15,000		16,053
Petrobras Global Finance BV, 5.093%, 1/15/2030		625,000		698,437
Petroleos Mexicanos, 6.84%, 1/23/2030		625,000		654,238
Plains All American Pipeline LP, 3.8%, 9/15/2030		50,000		53,753
Saudi Arabian Oil Co., 144A, 2.25%, 11/24/2030		625,000		636,465
				3,020,937
Financials 3.1%
AerCap Ireland Capital DAC:
3.15%, 2/15/2024		300,000		314,479
4.625%, 10/15/2027		300,000		339,720
Air Lease Corp., 3.0%, 2/1/2030		125,000		128,325
Avolon Holdings Funding Ltd., 144A, 4.25%, 4/15/2026		40,000		43,095
Banco Nacional de Panama, 144A, 2.5%, 8/11/2030		200,000		200,000
Bank of America Corp.:
2.676%, 6/19/2041		60,000		62,514
4.3%, Perpetual (d)		102,000		105,168
Barclays PLC, 2.852%, 5/7/2026		200,000		214,788
Blackstone Secured Lending Fund, 144A, 3.625%, 1/15/2026		155,000		159,429
BPCE SA, 144A, 4.875%, 4/1/2026		300,000		352,798
Charles Schwab Corp., 4.0%, Perpetual (d)		125,000		131,562
Citigroup, Inc.:
2.572%, 6/3/2031		130,000		138,562
4.0%, Perpetual (d)		300,000		307,875
HSBC Holdings PLC, 4.6%, Perpetual (d)		250,000		254,405
JPMorgan Chase & Co., 2.956%, 5/13/2031		55,000		60,313
Morgan Stanley, 1.794%, 2/13/2032		45,000		45,322
OneMain Finance Corp., 4.0%, 9/15/2030		25,000		25,940
Park Aerospace Holdings Ltd., 144A, 5.25%, 8/15/2022		12,000		12,594
REC Ltd., 144A, 4.75%, 5/19/2023		200,000		213,312
Societe Generale SA, 144A, 5.375%, Perpetual (d)		250,000		265,092
The Goldman Sachs Group, Inc., 4.4%, Perpetual (a) (d)		31,000		31,698

	Principal Amount ($)(c)		Value ($)
Truist Financial Corp., 4.8%, Perpetual (d)		300,000		316,868
Westpac Banking Corp., 5.0%, Perpetual (d)		200,000		211,325
				3,935,184
Health Care 1.3%
AbbVie, Inc., 4.875%, 11/14/2048		75,000		101,435
Bausch Health Companies, Inc., 144A, 5.25%, 2/15/2031		50,000		52,236
Biogen, Inc., 3.15%, 5/1/2050		50,000		51,846
CVS Health Corp., 5.05%, 3/25/2048		175,000		237,174
Fresenius Medical Care U.S. Finance III, Inc., 144A, 2.375%, 2/16/2031		150,000		152,453
Gilead Sciences, Inc., 2.8%, 10/1/2050		50,000		49,621
HCA, Inc., 5.25%, 6/15/2026		300,000		355,051
Hologic, Inc., 144A, 3.25%, 2/15/2029		60,000		61,050
Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/1/2026		625,000		600,788
				1,661,654
Industrials 1.5%
Adani Ports & Special Economic Zone Ltd., 144A, 4.2%, 8/4/2027		200,000		214,637
Boeing Co.:
1.95%, 2/1/2024		105,000		108,137
2.7%, 5/1/2022		135,000		138,796
2.75%, 2/1/2026		145,000		152,475
4.508%, 5/1/2023		140,000		151,317
4.875%, 5/1/2025		98,000		111,711
5.04%, 5/1/2027		60,000		70,144
Delta Air Lines, Inc., 144A, 4.5%, 10/20/2025		30,000		32,066
Gartner, Inc., 144A, 3.75%, 10/1/2030		60,000		63,226
General Electric Co.:
3.45%, 5/1/2027		50,000		56,552
3.625%, 5/1/2030		40,000		45,715
GFL Environmental, Inc.:
144A, 3.75%, 8/1/2025		100,000		102,500
144A, 4.0%, 8/1/2028		150,000		151,125
Nielsen Finance LLC, 144A, 5.625%, 10/1/2028		110,000		119,521
Prime Security Services Borrower LLC:
144A, 5.25%, 4/15/2024		255,000		272,212
144A, 6.25%, 1/15/2028		70,000		75,151
				1,865,285
Information Technology 0.4%
Booz Allen Hamilton, Inc., 144A, 3.875%, 9/1/2028		40,000		41,200
Broadcom, Inc., 5.0%, 4/15/2030		70,000		85,093
Dell International LLC, 144A, 8.35%, 7/15/2046		60,000		90,769
Open Text Corp., 144A, 3.875%, 2/15/2028		175,000		182,000
Oracle Corp., 3.6%, 4/1/2050		25,000		29,127

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

Deutsche DWS Variable Series II — DWS Global Income Builder VIP | 13

	Principal Amount ($)(c)		Value ($)
Qorvo, Inc., 144A, 3.375%, 4/1/2031		50,000		51,625
Seagate HDD Cayman:
144A, 3.125%, 7/15/2029		35,000		35,004
144A, 3.375%, 7/15/2031		25,000		25,135
				539,953
Materials 0.4%
LYB International Finance III LLC, 3.625%, 4/1/2051		30,000		32,782
MEGlobal Canada ULC, 144A, 5.0%, 5/18/2025		256,000		288,000
Nutrition & Biosciences, Inc., 144A, 3.468%, 12/1/2050		57,000		61,918
Reynolds Group Issuer, Inc, 144A, 4.0%, 10/15/2027		40,000		41,000
Valvoline, Inc., 144A, 3.625%, 6/15/2031 (e)		20,000		20,525
WRKCo., Inc., 3.0%, 6/15/2033		30,000		32,960
				477,185
Real Estate 0.7%
American Tower Corp.:
(REIT), 2.95%, 1/15/2051		35,000		35,084
(REIT), 3.8%, 8/15/2029		165,000		191,835
Equinix, Inc., (REIT), 2.15%, 7/15/2030		34,000		34,583
Iron Mountain, Inc.:
144A, (REIT), 5.0%, 7/15/2028		55,000		58,430
144A, (REIT), 5.25%, 7/15/2030		105,000		113,400
MPT Operating Partnership LP, (REIT), 3.5%, 3/15/2031		195,000		201,338
Office Properties Income Trust, (REIT), 4.15%, 2/1/2022		60,000		61,088
Omega Healthcare Investors, Inc.:
(REIT), 4.5%, 4/1/2027		50,000		56,238
(REIT), 4.75%, 1/15/2028		60,000		68,357
VEREIT Operating Partnership LP, (REIT), 2.85%, 12/15/2032		30,000		31,369
Welltower, Inc., (REIT), 2.75%, 1/15/2031		40,000		42,325
				894,047
Utilities 0.9%
ENN Energy Holdings, Ltd., 144A, 2.625%, 9/17/2030		200,000		201,112
NextEra Energy Operating Partners LP:
144A, 3.875%, 10/15/2026		190,000		202,825
144A, 4.25%, 7/15/2024		275,000		294,250
Pacific Gas and Electric Co.:
2.5%, 2/1/2031		20,000		20,073
3.3%, 8/1/2040		70,000		69,864
3.5%, 8/1/2050		25,000		24,848
Perusahaan Listrik Negara PT, 144A, 2.875%, 10/25/2025		EUR 260,000		342,458
				1,155,430
Total Corporate Bonds (Cost $18,134,382)				19,295,845

	Principal Amount ($)(c)		Value ($)
Asset-Backed 5.6%
Automobile Receivables 3.0%
AmeriCredit Automobile Receivables Trust, “C”, Series 2019-2, 2.74%, 4/18/2025		720,000		749,917
Avis Budget Rental Car Funding AESOP LLC, “C”, Series 2019-1A, 144A, 4.53%, 3/20/2023		100,000		101,686
CPS Auto Receivables Trust, “E”, Series 2015-C, 144A, 6.54%, 8/16/2021		500,000		501,014
Flagship Credit Auto Trust, “C”, Series 2019-4, 144A, 2.77%, 12/15/2025		1,100,000		1,144,751
GMF Floorplan Owner Revolving Trust, “C”, Series 2019-1, 144A, 3.06%, 4/15/2024		260,000		266,666
Hertz Vehicle Financing II LP, “B”, Series 2017-2A, 144A, 4.2%, 10/25/2023		500,000		501,363
Hyundai Auto Receivables Trust, “C”, Series 2019-B, 2.4%, 6/15/2026		500,000		522,243
				3,787,640
Credit Card Receivables 0.6%
Fair Square Issuance Trust, “A”, Series 2020-AA, 144A, 2.9%, 9/20/2024		800,000		808,927
Miscellaneous 2.0%
DB Master Finance LLC, “A2I”, Series 2019-1A, 144A, 3.787%, 5/20/2049		217,250		222,625
Domino’s Pizza Master Issuer LLC, “A23”, Series 2017-1A, 144A, 4.118%, 7/25/2047		329,800		353,315
MVW Owner Trust, “A”, Series 2019-1A, 144A, 2.89%, 11/20/2036		321,537		333,653
RR 8 Ltd., “A1B”, Series 2020-8A, 144A, 3-month USD-LIBOR + 1.450%, 1.687%**, 4/15/2033		490,000		491,517
Sierra Timeshare Receivables Funding LLC, “A”, Series 2020-2A, 144A, 1.33%, 7/20/2037		497,991		500,316
Taco Bell Funding LLC, “A2I”, Series 2018-1A, 144A, 4.318%, 11/25/2048		490,000		497,002
Wendy’s Funding LLC, “A2I”, Series 2018-1A, 144A, 3.573%, 3/15/2048		155,200		159,986
				2,558,414
Total Asset-Backed (Cost $7,021,431)				7,154,981
Mortgage-Backed Securities Pass-Throughs 3.8%
Federal Home Loan Mortgage Corp., 6.0%, 3/1/2038		2,072		2,433

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

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

	Principal Amount ($)(c)		Value ($)
Federal National Mortgage Association:
2.0%, 1/1/2051 (e)		2,300,000		2,388,826
4.5%, 9/1/2035		3,147		3,526
6.0%, 1/1/2024		3,838		4,030
Government National Mortgage Association, 2.0%, 1/1/2051 (e)		2,300,000		2,404,029
Total Mortgage-Backed Securities Pass-Throughs (Cost $4,778,652)				4,802,844
Commercial Mortgage-Backed Securities 3.9%
BX Commercial Mortgage Trust, “D”, Series 2018-IND, 144A, 1-month USD-LIBOR + 1.300%, 1.459%**, 11/15/2035		175,000		174,561
CFK Trust, “A”, Series 2020-MF2, 144A, 2.387%, 3/15/2039		750,000		781,479
Citigroup Commercial Mortgage Trust:
“A”, Series 2020-555, 144A, 2.647%, 12/10/2041		700,000		736,572
“D”, Series 2019-PRM, 144A, 4.35%, 5/10/2036		500,000		520,119
Credit Suisse Commercial Mortgage Trust, “B”, Series 2020-TMIC, 144A, 1-month USD-LIBOR + 5.000%, 5.25%**, 12/15/2035		700,000		701,357
FHLMC Multifamily Structured Pass-Through Certificates:
“X1”, Series K043, Interest Only, 0.528%**, 12/25/2024		4,797,953		89,866
“X1P”, Series KL05, Interest Only, 0.892%**, 6/25/2029		4,800,000		320,019
“X1”, Series K110, Interest Only, 1.698%**, 4/25/2030		3,497,690		463,175
GMAC Commercial Mortgage Securities, Inc., “G”, Series 2004-C1, 144A, 5.455%, 3/10/2038		394,448		248,023
MTRO Commercial Mortgage Trust, “C”, Series 2019-TECH, 144A, 1-month USD-LIBOR + 1.300%, 1.459%**, 12/15/2033		250,000		242,780
Multifamily Connecticut Avenue Securities Trust, “M7”, Series 2019-01, 144A, 1-month USD-LIBOR + 1.700%, 1.848%**, 10/15/2049		366,604		356,358
NYT Mortgage Trust, “B”, Series 2019-NYT, 144A, 1-month USD-LIBOR + 1.400%, 1.559%**, 12/15/2035		350,000		348,051
Total Commercial Mortgage-Backed Securities (Cost $5,081,623)				4,982,360
Collateralized Mortgage Obligations 3.1%
Connecticut Avenue Securities Trust:
“1M2”, Series 2019-R03, 144A, 1-month USD-LIBOR + 2.150%, 2.298%**, 9/25/2031		97,755		97,636

	Principal Amount ($)(c)		Value ($)
“1M2”, Series 2019-R02, 144A, 1-month USD-LIBOR + 2.300%, 2.448%**, 8/25/2031		137,774		137,598
Fannie Mae Connecticut Avenue Securities:
“1M2”, Series 2018-C06, 1-month USD-LIBOR + 2.000%, 2.148%**, 3/25/2031		105,735		105,054
“1M2”, Series 2018-C01, 1-month USD-LIBOR + 2.250%, 2.398%**, 7/25/2030		125,384		124,755
“1M2”, Series 2018-C05, 1-month USD-LIBOR + 2.350%, 2.498%**, 1/25/2031		393,628		394,128
Federal Home Loan Mortgage Corp., “H”, Series 2278, 6.5%, 1/15/2031		98		109
Federal National Mortgage Association:
“4”, Series 406, Interest Only, 4.0%, 9/25/2040		274,043		37,521
“I”, Series 2003-84, Interest Only, 6.0%, 9/25/2033		79,014		15,649
Freddie Mac Structured Agency Credit Risk Debt Notes:
“M2”, Series 2020-DNA2, 144A, 1-month USD-LIBOR + 1.850%, 1.998%**, 2/25/2050		1,000,000		993,863
“M2”, Series 2019-DNA3, 144A, 1-month USD-LIBOR + 2.050%, 2.198%**, 7/25/2049		260,254		258,800
“M2”, Series 2019-DNA2, 144A, 1-month USD-LIBOR + 2.450%, 2.598%**, 3/25/2049		367,855		366,920
“M2”, Series 2019-DNA1, 144A, 1-month USD-LIBOR + 2.650%, 2.798%**, 1/25/2049		53,202		53,067
Government National Mortgage Association:
“PI”, Series 2015-40, Interest Only, 4.0%, 4/20/2044		102,791		5,130
“IV”, Series 2009-69, Interest Only, 5.5%, 8/20/2039		103,013		16,622
“IN”, Series 2009-69, Interest Only, 5.5%, 8/20/2039		109,248		17,869
“IJ”, Series 2009-75, Interest Only, 6.0%, 8/16/2039		71,420		11,918
JPMorgan Mortgage Trust:
“A11”, Series 2019-9, 144A, 1-month USD-LIBOR + 0.900%, 1.05%**, 5/25/2050		192,811		193,041
“AM”, Series 2016-3, 144A, 3.35%**, 10/25/2046		395,988		401,169
New Residential Mortgage Loan Trust:
“A1”, Series 2019-NQM3, 144A, 2.802%**, 7/25/2049		297,879		301,572
“A1”, Series 2019-NQM2, 144A, 3.6%, 4/25/2049		105,752		106,561

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

Deutsche DWS Variable Series II — DWS Global Income Builder VIP | 15

	Principal Amount ($)(c)		Value ($)
STACR Trust, “M2”, Series 2018-DNA3, 144A, 1-month USD-LIBOR + 2.100%, 2.248%**, 9/25/2048		324,324		320,636
Total Collateralized Mortgage Obligations (Cost $3,901,934)				3,959,618
Government & Agency Obligations 1.7%
Sovereign Bonds
Federative Republic of Brazil, 3.875%, 6/12/2030		200,000		211,000
Perusahaan Penerbit SBSN Indonesia III, 144A, 2.8%, 6/23/2030		200,000		212,126
Republic of Indonesia, 2.85%, 2/14/2030		625,000		674,306
Republic of Kazakhstan, 144A, 1.55%, 11/9/2023		EUR 270,000		341,101
Republic of Philippines, 2.457%, 5/5/2030		625,000		673,688
Total Government & Agency Obligations (Cost $2,068,536)				2,112,221
Short-Term U.S. Treasury Obligations 1.7%
U.S. Treasury Bills:
0.101%***, 8/12/2021 (f)		175,000		174,907
0.125%***, 8/12/2021		250,000		249,868
0.142%***, 6/17/2021 (g)		1,700,000		1,699,361
Total Short-Term U.S. Treasury Obligations (Cost $2,123,578)				2,124,136

	Shares			Value ($)
Exchange-Traded Funds 3.0%
SPDR Bloomberg Barclays Convertible Securities ETF (Cost $2,468,571)		46,280			3,831,521
Securities Lending Collateral 0.6%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (h) (i) (Cost $693,562)		693,562			693,562
Cash Equivalents 1.9%
DWS Central Cash Management Government Fund, 0.08% (h) (Cost $2,394,743)		2,394,743			2,394,743
	% of Net Assets			Value ($)
Total Investment Portfolio (Cost $110,070,137)		104.1			131,938,719
Other Assets and Liabilities, Net		(4.1	)		(5,184,255	)
Net Assets		100.0			126,754,464

A summary of the Fund’s transactions with affiliated investments during the year ended December 31, 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 ($)		Number of Shares at 12/31/2020		Value ($) at 12/31/2020
Securities Lending Collateral 0.6%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (h) (i)
1,105,478		—		411,916	(j)		—		—		12,173		—		693,562		693,562
Cash Equivalents 1.9%
DWS Central Cash Management Government Fund, 0.08% (h)
1,544,128		63,175,398		62,324,783			—		—		15,583		—		2,394,743		2,394,743
2,649,606		63,175,398		62,736,699			—		—		27,756		—		3,088,305		3,088,305

* Non-income producing security.

** Variable or floating rate security. These securities are shown at their current rate as of December 31, 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 December 31, 2020 amounted to $666,666, which is 0.5% of net assets.

(b) Investment was valued using significant unobservable inputs.

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

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

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

(f) At December 31, 2020, this security has been pledged, in whole or in part, to cover initial margin requirements for open centrally cleared swap contracts.

(g) At December 31, 2020, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts.

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

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

(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 year ended December 31, 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

ASX: Australian Securities Exchange

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 December 31, 2020, open futures contracts purchased were as follows:

Futures	Currency		Expiration Date		Contracts		Notional Amount ($)		Notional Value ($)		Unrealized Appreciation (Depreciation) ($)
3 Month Euro Euribor Interest Rate		EUR		12/13/2021		2		614,158		614,216		58
3 Month Euro Swiss Franc (Euroswiss) Interest Rate		CHF		12/13/2021		2		569,131		569,129		(2	)
3 Month Euroyen		JPY		12/13/2021		2		484,463		484,480		17
3 Month Sterling (Short Sterling) Interest Rate		GBP		12/15/2021		3		512,790		513,146		356
90 Day Eurodollar Time Deposit		USD		12/13/2021		2		498,700		498,950		250
ASX 90 Day Bank Accepted Bills		AUD		12/9/2021		3		2,312,347		2,312,508		161
MSCI E-Mini Emerging Market Index		USD		3/19/2021		81		5,150,977		5,217,210		66,233
Ultra Long U.S. Treasury Bond		USD		3/22/2021		10		2,164,714		2,135,625		(29,089	)
Total net unrealized appreciation												37,984

At December 31, 2020, open futures contracts sold were as follows:

Futures	Currency		Expiration Date		Contracts		Notional Amount ($)		Notional Value ($)		Unrealized Depreciation ($)
5 Year U.S. Treasury Note		USD		3/31/2021		19		2,391,281		2,397,117		(5,836	)
S&P 500 E-Mini Index		USD		3/19/2021		12		2,215,735		2,249,280		(33,545	)
TOPIX Index		JPY		3/11/2021		17		2,890,185		2,970,946		(80,761	)
Total unrealized depreciation												(120,142	)

At December 31, 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 — 2.0% Semi-Annually		Floating — 3-Month LIBOR Quarterly	1/21/2020 1/21/2030	1,800,000	USD		(200,558)		(40,434)		(160,124)

LIBOR: London Interbank Offered Rate; 3-month LIBOR rate as of December 31, 2020 is 0.238%.

As of December 31, 2020, the Fund had the following open forward foreign currency contracts:

Contracts to Deliver		In Exchange For			Settlement Date		Unrealized Depreciation ($)			Counterparty
EUR	800,000		USD	939,411		2/5/2021		(38,637	)	Bank of America

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

Deutsche DWS Variable Series II — DWS Global Income Builder VIP | 17

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.

Fair Value Measurements

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

The following is a summary of the inputs used as of December 31, 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
Common Stocks
Communication Services	$	4,035,095		$	2,504,391		$	—	$	6,539,486
Consumer Discretionary		5,798,007			1,836,720			—		7,634,727
Consumer Staples		2,905,739			2,036,680			—		4,942,419
Energy		1,148,133			412,857			—		1,560,990
Financials		4,880,339			6,486,160			—		11,366,499
Health Care		4,493,390			3,188,592			—		7,681,982
Industrials		2,637,685			2,816,428			—		5,454,113
Information Technology		18,000,589			1,558,576			—		19,559,165
Materials		1,951,328			2,117,152			—		4,068,480
Real Estate		1,364,287			888,485			—		2,252,772
Utilities		2,047,189			2,184,331			—		4,231,520
Preferred Stocks (k)		5,286,626			—			—		5,286,626
Warrants		—			—			8,109		8,109
Fixed Income Investments (k)
Corporate Bonds		—			19,295,845			—		19,295,845
Asset-Backed		—			7,154,981			—		7,154,981
Mortgage-Backed Securities Pass-Throughs		—			4,802,844			—		4,802,844
Commercial Mortgage-Backed Securities		—			4,982,360			—		4,982,360
Collateralized Mortgage Obligations		—			3,959,618			—		3,959,618
Government & Agency Obligations		—			2,112,221			—		2,112,221
Short-Term U.S. Treasury Obligations		—			2,124,136			—		2,124,136
Exchange-Traded Funds		3,831,521			—			—		3,831,521
Short-Term Investments (k)		3,088,305			—			—		3,088,305
Derivatives (l)
Futures Contracts		67,075			—			—		67,075
Total	$	61,535,308		$	70,462,377		$	8,109	$	132,005,794
Liabilities	Level 1			Level 2			Level 3		Total
Derivatives (l)
Futures Contracts	$	(149,233	)	$	—		$	—	$	(149,233	)
Interest Rate Swap Contracts		—			(160,124	)		—		(160,124	)
Forward Foreign Currency Contracts		—			(38,637	)		—		(38,637	)
Total	$	(149,233	)	$	(198,761	)	$	—	$	(347,994	)

(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.

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

Statement of Assets and Liabilities

as of December 31, 2020
Assets
Investments in non-affiliated securities, at value (cost $106,981,832) — including $666,666 of securities loaned	$	128,850,414
Investment in DWS Government & Agency Securities Portfolio (cost $693,562)*		693,562
Investment in DWS Central Cash Management Government Fund (cost $2,394,743)		2,394,743
Cash		20,000
Foreign currency, at value (cost $101,917)		86,829
Receivable for investments sold		35,000
Receivable for Fund shares sold		1,327
Dividends receivable		124,218
Interest receivable		233,394
Receivable for variation margin on centrally cleared swaps		3,641
Foreign taxes recoverable		77,381
Other assets		2,607
Total assets		132,523,116
Liabilities
Payable upon return of securities loaned		693,562
Payable for investments purchased — when-issued/delayed delivery securities		4,793,802
Payable for Fund shares redeemed		37,152
Payable for variation margin on futures contracts		15,338
Unrealized depreciation on forward foreign currency contracts		38,637
Accrued management fee		39,367
Accrued Trustees’ fees		2,683
Other accrued expenses and payables		148,111
Total liabilities		5,768,652
Net assets, at value	$	126,754,464
Net Assets Consist of
Distributable earnings (loss)		25,919,499
Paid-in capital		100,834,965
Net assets, at value	$	126,754,464
Net Asset Value
Class A
Net Asset Value, offering and redemption price per share ($126,742,285 ÷ 5,056,269 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	25.07
Class B
Net Asset Value, offering and redemption price per share ($12,179 ÷ 487 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	25.01

* Represents collateral on securities loaned.

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

Deutsche DWS Variable Series II — DWS Global Income Builder VIP | 19

Statement of Operations

for the year ended December 31, 2020
Investment Income
Income:
Dividends (net of foreign taxes withheld of $107,329)	$	2,462,134
Interest		1,271,929
Income distributions — DWS Central Cash Management Government Fund		15,583
Securities lending income, net of borrower rebates		12,173
Total income		3,761,819
Expenses:
Management fee		442,071
Administration fee		116,532
Services to Shareholders		685
Distribution service fees (Class B)		28
Custodian fee		21,373
Professional fees		97,135
Reports to shareholders		54,184
Trustees’ fees and expenses		5,726
Other		28,733
Total expenses before expense reductions		766,467
Expense reductions		(18	)
Total expenses after expense reductions		766,449
Net investment income		2,995,370
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(253,441	)
Swap contracts		477,028
Futures		1,538,385
Forward foreign currency contracts		(42,436	)
Foreign currency		69,705
		1,789,241
Change in net unrealized appreciation (depreciation) on:
Investments		4,642,313
Swap contracts		(137,505	)
Futures		(28,164	)
Forward foreign currency contracts		(32,854	)
Foreign currency		(12,136	)
		4,431,654
Net gain (loss)		6,220,895
Net increase (decrease) in net assets resulting from operations	$	9,216,265

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

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

Statements of Changes in Net Assets

	Years Ended December 31,
Increase (Decrease) in Net Assets	2020			2019
Operations:
Net investment income	$	2,995,370		$	3,775,658
Net realized gain (loss)		1,789,241			2,358,917
Change in net unrealized appreciation (depreciation)		4,431,654			17,107,421
Net increase (decrease) in net assets resulting from operations		9,216,265			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		2,458,485			3,126,739
Reinvestment of distributions		6,579,884			5,055,619
Payments for shares redeemed		(14,768,561	)		(16,140,970	)
Net increase (decrease) in net assets from Class A share transactions		(5,730,192	)		(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		(3,093,811	)		10,227,765
Net assets at beginning of period		129,848,275			119,620,510
Net assets at end of period	$	126,754,464		$	129,848,275
Other Information
Class A
Shares outstanding at beginning of period		5,271,275			5,608,755
Shares sold		106,312			133,321
Shares issued to shareholders in reinvestment of distributions		324,451			220,866
Shares redeemed		(645,769	)		(691,667	)
Net increase (decrease) in Class A shares		(215,006	)		(337,480	)
Shares outstanding at end of period		5,056,269			5,271,275
Class B
Shares outstanding at beginning of period		458.6			441.5
Shares issued to shareholders in reinvestment of distributions		28.4			17.1
Net increase (decrease) in Class B shares		28.4			17.1
Shares outstanding at end of period		487			458.6

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

Deutsche DWS Variable Series II — DWS Global Income Builder VIP | 21

Financial Highlights

DWS Global Income Builder VIP — Class A
	Years Ended December 31,
	2020			2019			2018			2017			2016
Selected Per Share Data
Net asset value, beginning of period	$	24.63		$	21.33		$	26.56		$	23.50		$	22.93
Income (loss) from investment operations:
Net investment incomea		.57			.69			.80			.71			.61
Net realized and unrealized gain (loss)		1.16			3.54			(2.67	)		3.10			.91
Total from investment operations		1.73			4.23			(1.87	)		3.81			1.52
Less distributions from:
Net investment income		(.74	)		(.90	)		(.98	)		(.75	)		(.95	)
Net realized gains		(.55	)		(.03	)		(2.38	)		—			—
Total distributions		(1.29	)		(.93	)		(3.36	)		(.75	)		(.95	)
Net asset value, end of period	$	25.07		$	24.63		$	21.33		$	26.56		$	23.50
Total Return (%)		8.28			20.16			(7.66	)b		16.54			6.81
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		127			130			120			147			185
Ratio of expenses before expense reductions (%)c		.64			.68			.69			.63			.62
Ratio of expenses after expense reductions (%)c		.64			.68			.68			.63			.62
Ratio of net investment income (loss) (%)		2.51			2.96			3.34			2.85			2.66
Portfolio turnover rate (%)		137			182			70			122			135

^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.

DWS Global Income Builder VIP — Class B
	Years Ended December 31,						Period Ended 12/31/18a
	2020			2019
Selected Per Share Data
Net asset value, beginning of period	$	24.61		$	21.30		$	22.65
Income (loss) from investment operations:
Net investment incomeb		.50			.65			.50
Net realized and unrealized gain (loss)		1.15			3.55			(1.85	)
Total from investment operations		1.65			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	$	25.01		$	24.61		$	21.30
Total Return (%)c		7.90			20.01			(5.96	)**
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ thousands)		12			11			9
Ratio of expenses before expense reductions (%)d		1.10			1.10			1.15	*
Ratio of expenses after expense reductions (%)d		.93			.86			.86	*
Ratio of net investment income (loss) (%)		2.20			2.77			3.30	*
Portfolio turnover rate (%)		137			182			70	e

^a  For the period from May 1, 2018 (commencement of operations) to December 31, 2018.

^b  Based on average shares outstanding during the period.

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

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

^e  Represents the Fund’s portfolio turnover rate for the year ended December 31, 2018.

^*  Annualized

^**  Not annualized

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

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

Notes to Financial Statements

A. Organization and Significant Accounting Policies

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

Multiple Classes of Shares of Beneficial Interest. The Fund offers two classes of shares (Class A shares and Class B shares). Sales of Class B shares are subject to recordkeeping fees of 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 distribution fees). Differences in class-level expenses may result in payment of different per share dividends by class. All shares have equal rights with respect to voting subject to class-specific arrangements.

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

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

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

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

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

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

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

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

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

Deutsche DWS Variable Series II — DWS Global Income Builder VIP | 23

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

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

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

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

Securities Lending. Deutsche Bank AG, as lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. As of period end, any securities on loan were collateralized by cash. During the year ended December 31, 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 (0.06% annualized effective rate as of December 31, 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.

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As of December 31, 2020, the Fund had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.

Remaining Contractual Maturity of the Agreements as of December 31, 2020
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	663,602	$	—	$	—	$	—	$	663,602
Corporate Bonds		29,960		—		—		—		29,960
Total Borrowings	$	693,562	$	—	$	—	$	—	$	693,562
Gross amount of recognized liabilities for securities lending transactions									$	693,562

When-Issued/Delayed Delivery Securities. The Fund may purchase or sell securities with delivery or payment to occur at a later date beyond the normal settlement period. At the time the Fund enters into a commitment to purchase or sell a security, the transaction is recorded and the value of the transaction is reflected in the net asset value. The price of such security and the date when the security will be delivered and paid for are fixed at the time the transaction is negotiated. The value of the security may vary with market fluctuations. At the time the Fund enters into a purchase transaction it is required to segregate cash or other liquid assets at least equal to the amount of the commitment. Additionally, the Fund may be required to post securities and/or cash collateral in accordance with the terms of the commitment.

Certain risks may arise upon entering into when-issued or delayed delivery transactions from the potential inability of counterparties to meet the terms of their contracts or if the issuer does not issue the securities due to political, economic or other factors. Additionally, losses may arise due to changes in the value of the underlying securities.

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

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

The Fund has reviewed the tax positions for the open tax years as of December 31, 2020 and has determined that no provision for income tax and/or uncertain tax positions is required in the Fund’s financial statements. The Fund’s federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

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

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

At December 31, 2020, the Fund’s components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income*	$	3,031,181
Undistributed long-term capital gains	$	1,789,328
Net unrealized appreciation (depreciation) on investments	$	21,085,539

Deutsche DWS Variable Series II — DWS Global Income Builder VIP | 25

At December 31, 2020, the aggregate cost of investments for federal income tax purposes was $110,627,722. The net unrealized appreciation for all investments based on tax cost was $21,085,539. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $22,865,547 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $1,780,008.

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

	Years Ended December 31,
	2020		2019
Distributions from ordinary income*	$	4,875,936	$	4,909,285
Distributions from long-term capital gains	$	1,704,523	$	146,725

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

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

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

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

B. Derivative Instruments

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

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

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

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Interest Rate Swaps. Interest rate swaps are agreements in which the Fund agrees to pay to the counterparty a fixed rate payment in exchange for the counterparty agreeing to pay to the Fund a variable rate payment, or the Fund agrees to receive from the counterparty a fixed rate payment in exchange for the counterparty agreeing to receive from the Fund a variable rate payment. The payment obligations are based on the notional amount of the swap. For the year ended December 31, 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 December 31, 2020 is included in a table following the Fund’s Investment Portfolio. For the year ended December 31, 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 to hedge against the risk of a credit event on debt securities. As a seller of a credit default swap, the Fund is required to pay the par (or other agreed-upon) value of the referenced entity to the counterparty with the occurrence of a credit event by a third party, such as a U.S. or foreign corporate issuer, on the reference entity, which would likely result in a loss to the Fund. In return, the Fund receives from the counterparty a periodic stream of payments over the term of the swap provided that no credit event has occurred. If no credit event occurs, the Fund keeps the stream of payments with no payment obligations. The Fund may also buy credit default swaps, in which case the Fund functions as the counterparty referenced above. This involves the risk that the swap may expire worthless. It also involves counterparty risk that the seller may fail to satisfy its payment obligations to the Fund with the occurrence of a credit event. When the Fund sells a credit default swap, it will cover its commitment. This may be achieved by, among other methods, maintaining cash or liquid assets equal to the aggregate notional value of the reference entities for all outstanding credit default swaps sold by the Fund. For the year ended December 31, 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 December 31, 2020. For the year ended December 31, 2020, the investment in credit default swap contracts sold had a total notional value generally indicative of a range from $0 to $2,576,000.

Futures Contracts. A futures contract is an agreement between a buyer or seller and an established futures exchange or its clearinghouse in which the buyer or seller agrees to take or make a delivery of a specific amount of a financial instrument at a specified price on a specific date (settlement date). For the year ended December 31, 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 December 31, 2020 is included in a table following the Fund’s Investment Portfolio. For the year ended December 31, 2020, the investment in futures contracts purchased had a total notional value generally indicative of a range from approximately $12,345,000 to $42,318,000, and

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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 year ended December 31, 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.

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

A summary of the open forward currency contracts as of December 31, 2020 is included in a table following the Fund’s Investment Portfolio. For the year ended December 31, 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 December 31, 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)	$	66,233
Interest Rate Contracts (a)		842
	$	67,075

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)	$	—		$	—		$	(114,306	)	$	(114,306	)
Interest Rate Contracts (b)		—			(160,124	)		(34,927	)		(195,051	)
Foreign Exchange Contracts (c)		(38,637	)		—			`—			(38,637	)
	$	(38,637	)	$	(160,124	)	$	(149,233	)	$	(347,994	)

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 year ended December 31, 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)	$	—		$	—		$	251,402	$	251,402
Credit Contracts (d)		—			970,253			—		970,253
Interest Rate Contracts (d)		—			(493,225	)		1,286,983		793,758
Foreign Exchange Contracts (d)		(42,436	)		—			—		(42,436	)
	$	(42,436	)	$	477,028		$	1,538,385	$	1,972,977

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

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

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Change in Net Unrealized Appreciation (Depreciation)	Forward Contracts			Swap Contracts			Futures Contracts			Total
Equity Contracts (e)	$	—		$	—		$	(100,076	)	$	(100,076	)
Credit Contracts (e)		—			(13,370	)		—			(13,370	)
Interest Rate Contracts (e)		—			(124,135	)		71,912			(52,223	)
Foreign Exchange Contracts (e)		(32,854	)		—			—			(32,854	)
	$	(32,854	)	$	(137,505	)	$	(28,164	)	$	(198,523	)

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

(e) Change in net unrealized appreciation (depreciation) on forward foreign currency contracts, swap contracts and futures, respectively

As of December 31, 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
Bank of America	$	38,637	$	—	$	—	$	38,637

C. Purchases and Sales of Securities

During the year ended December 31, 2020, purchases and sales of investment transactions, excluding short-term investments, were as follows:

	Purchases		Sales
Non-U.S. Treasury Obligations	$	153,938,303	$	155,711,395
U.S. Treasury Obligations	$	5,785,426	$	5,869,052

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 year ended December 31, 2020, the fee pursuant to the Investment Management Agreement was equivalent to an annual rate (exclusive of any applicable waiver/reimbursements) of 0.37% of the Fund’s average daily net assets.

For the period from January 1, 2020 through September 30, 2021 (and through April 30, 2020 for Class B shares), the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses

Deutsche DWS Variable Series II — DWS Global Income Builder VIP | 29

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 September 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 Class B shares at 0.96%.

For the year ended December 31, 2020, fees waived and/or expenses reimbursed for Class B are $18.

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 year ended December 31, 2020, the Administration Fee was $116,532, of which $10,321 is unpaid.

Distribution Service Agreement. DWS Distributors, Inc. (“DDI”), an affiliate of the Advisor, is the Fund’s distributor. In accordance with the Distribution Plan, DDI receives 12b-1 fees of up to 0.25% of average daily net assets of Class B shares. For the year ended December 31, 2020, the Distribution Service Fee was as follows:

Distribution Fee	Total Aggregated		Unpaid at December 31, 2020
Class B	$	28	$	2

Service Provider Fees. DWS Service Company (“DSC”), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and DST Systems, Inc. (“DST”), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the year ended December 31, 2020, the amounts charged to the Fund by DSC were as follows:

Services to Shareholders	Total Aggregated		Unpaid at December 31 , 2020
Class A	$	480	$	89
Class B		22		4
	$	502	$	93

Other Service Fees. Under an agreement with the Fund, DIMA is compensated for providing certain pre-press and regulatory filing services to the Fund. For the year ended December 31, 2020, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders” aggregated $13,086, of which $5,495 is unpaid.

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

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

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Securities Lending Agent Fees. Deutsche Bank AG serves as securities lending agent for the Fund. For the year ended December 31, 2020, the Fund incurred securities lending agent fees to Deutsche Bank AG in the amount of $1,099.

E. Ownership of the Fund

At December 31, 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%.

F. 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 December 31, 2020.

G. Other — COVID-19 Pandemic

A novel coronavirus known as COVID-19, declared a pandemic by the World Health Organization, has caused significant uncertainty, market volatility, decreased economic and other activity and increased government activity. Specifically, COVID-19 has led to significant death and morbidity, and concerns about its further spread have resulted in the closing of schools and non-essential businesses, cancellations, shelter-in place orders, lower consumer spending in certain sectors, social distancing, bans on large social gatherings and travel, quarantines, government economic stimulus measures, reduced productivity, rapid increases in unemployment, increased demand for and strain on government and medical resources, border closings and global trade and supply chain interruptions, among others. The full effects, duration and costs of the COVID-19 pandemic are impossible to predict, and the circumstances surrounding the COVID-19 pandemic will continue to evolve. The pandemic may affect certain countries, industries, economic sectors, companies and investment products more than others, may exacerbate existing economic, political, or social tensions and may increase the probability of an economic recession or depression. The Fund and its investments may be adversely affected by the effects of the COVID-19 pandemic, and a prolonged pandemic may result in the Fund and its service providers experiencing operational difficulties in coordinating a remote workforce and implementing their business continuity plans, among others. 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.

Deutsche DWS Variable Series II — DWS Global Income Builder VIP | 31

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of DWS Global Income Builder VIP (the “Fund”) (one of the funds constituting Deutsche DWS Variable Series II) (the “Trust”), including the investment portfolio, as of December 31, 2020, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Deutsche DWS Variable Series II) at December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

Boston, Massachusetts

February 12, 2021

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

Information About Your Fund’s Expenses (Unaudited)

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees and other Fund expenses. Examples of transaction costs include contract charges, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recent six-month period, Class B limited these expenses; had it not done so, expenses would have been higher. The example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (July 1, 2020 to December 31, 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 December 31, 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	$	1,151.10	$	1,148.80
Expenses Paid per $1,000*	$	3.35	$	5.19
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	$	1,022.02	$	1,020.31
Expenses Paid per $1,000*	$	3.15	$	4.88

* Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recent six-month period), then divided by 366.

Annualized Expense Ratio	Class A			Class B
Deutsche DWS Variable Series II — DWS Global Income Builder VIP		.62	%		.96	%

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

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

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

Deutsche DWS Variable Series II — DWS Global Income Builder VIP | 33

Tax Information (Unaudited)

The Fund paid distributions of $0.34 per share from net long-term capital gains during its year ended December 31, 2020.

Pursuant to Section 852 of the Internal Revenue Code, the Fund designates $1,987,000 as capital gain dividends for its year ended December 31, 2020.

For corporate shareholders, 26% of the ordinary dividends (i.e., income dividends plus short-term capital gains) paid during the Fund’s fiscal year ended December 31, 2020 qualified for the dividends received deduction.

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

Proxy Voting

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

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

Advisory Agreement Board Considerations and Fee Evaluation

The Board of Trustees (hereinafter referred to as the “Board” or “Trustees”) approved the renewal of DWS Global Income Builder VIP’s (the “Fund”) investment management agreement (the “Agreement”) with DWS Investment Management Americas, Inc. (“DIMA”) in September 2020.

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

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

– The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board 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”).

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

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

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

As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund’s performance. In many cases, this led to the negotiation and implementation of expense caps.

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 also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA’s approach to addressing such risks. 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 the information provided, the Board noted that, for the one-, three- and five-year periods ended December 31, 2019, the Fund’s performance (Class A shares) was in the 2nd

Deutsche DWS Variable Series II — DWS Global Income Builder VIP | 35

quartile, 1st 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 underperformed its benchmark in the one-, three- and five-year periods ended December 31, 2019.

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, 2019). The Board noted that, effective March 1, 2020, the fee paid to DIMA under the Fund’s administrative services agreement was reduced to 0.097%. 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, 2019, 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.

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, 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.

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

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

The Board also considered that on September 24, 2020, the SEC granted a temporary order permitting DIMA and its affiliates to continue providing investment advisory and underwriting services to the DWS Funds notwithstanding a consent order entered into by Deutsche Bank AG on June 17, 2020 (the “Consent Order”). The Board noted that the temporary order was granted effective as of the date of the Consent Order. The Board also noted various representations by DIMA to the Board relating to the Consent Order, including that the conduct giving rise to the Consent Order (unintentional conduct that resulted from a system outage that prevented Deutsche Bank AG from reporting data in accordance with applicable CFTC requirements for five days in April 2016) did not involve any DWS Fund or services DIMA and its affiliates provide to the DWS Funds, that DIMA and its personnel had no involvement in the alleged conduct giving rise to the Consent Order, and that the DWS Funds would not bear any financial impact or costs relating to the Consent Order.

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

Deutsche DWS Variable Series II — DWS Global Income Builder VIP | 37

Board Members and Officers

The following table presents certain information regarding the Board Members and Officers of the Trust/Corporation. Each Board Member’s year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the Trust/Corporation. Because the Fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period.

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

Independent Board Members
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen		Other Directorships Held by Board Member
Keith R. Fox, CFA (1954) Chairperson since 2017, and Board Member since 1996	Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); former Chairman, National Association of Small Business Investment Companies; former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) (2011–2012)		73	—
John W. Ballantine (1946) Board Member since 1999	Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); former Directorships: Director and Chairman of the Board, Healthways, Inc.2 (population well-being and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak Brook Bank; and Prisma Energy International. Not-for-Profit Director/Trustee: Palm Beach Civic Association; Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; former Not-for-Profit Directorships: Public Radio International		73	Portland General Electric2 (utility company) (2003– present)
Dawn-Marie Driscoll (1946) Board Member since 1987	Emeritus Executive Fellow, Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988). Directorships: Advisory Board, Center for Business Ethics, Bentley University; Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)		73	—
Richard J. Herring (1946) Board Member since 1990	Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (since July 1972); Director, The Wharton Financial Institutions Center (since 1994); formerly: Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee since 2011, member Systemic Risk Council since 2012 and member of the Advisory Board at the Yale Program on Financial Stability since 2013; Formerly Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), and Nonexecutive Director of Barclays Bank DE (2010–2018)		73	Director, Aberdeen Japan Fund (since 2007)
William McClayton (1944) Board Member since 2004	Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001–2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966–2001); Trustee, Ravinia Festival		73	—

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

Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen		Other Directorships Held by Board Member
Rebecca W. Rimel (1951) Board Member since 1995	Senior Advisor, The Pew Charitable Trusts (charitable organization) (since July 2020); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012); President, Chief Executive Officer and Director, The Pew Charitable Trusts (charitable organization) (1994–2020)		73	Director, Becton Dickinson and Company2 (medical technology company) (2012– present); Director, BioTelemetry Inc.2 (health care) (2009– present)
William N. Searcy, Jr. (1946) Board Member since 1993	Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012)		73	—

Officers4
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served5	Business Experience and Directorships During the Past Five Years
Hepsen Uzcan6 (1974) President and Chief Executive Officer, 2017–present	Managing Director3, DWS; Secretary, DWS USA Corporation (2018–present); Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–present); Director and President, DB Investment Managers, Inc. (2018–present); President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2013–2020); Directorships: Interested Director, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since June 25, 2020); ICI Mutual Insurance Company (since October 16, 2020); and Episcopalian Charities of New York (2018–present)
John Millette7 (1962) Vice President and Secretary, 1999–present	Director,3 DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX ETF Trust (2020–present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); Assistant Secretary, DBX ETF Trust (2019–2020); Assistant Secretary (July 14, 2006–December 31, 2010) and Secretary (January 31, 2006–July 13, 2006), The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc.
Ciara Crawford8 (1984) Assistant Secretary, (2019–present)	Associate, DWS (since 2015); previously, Legal Assistant at Accelerated Tax Solutions.
Diane Kenneally7 (1966) Chief Financial Officer and Treasurer, 2018–present	Director,3 DWS; Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds (2007–2018)
Paul Antosca7 (1957) Assistant Treasurer, 2007–present	Director,3 DWS; and Assistant Treasurer, DBX ETF Trust (2019–present)
Sheila Cadogan7 (1966) Assistant Treasurer, 2017–present	Director,3 DWS; Director and Vice President, DWS Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present)
Scott D. Hogan7 (1970) Chief Compliance Officer, 2016–present	Director,3 DWS; Chief Compliance Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2016–present)
Caroline Pearson7 (1962) Chief Legal Officer, 2010–present	Managing Director3, DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, DBX Advisors LLC and DBX Strategic Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); and Secretary, Deutsche AM Service Company (2010–2017)

Deutsche DWS Variable Series II — DWS Global Income Builder VIP | 39

Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served5	Business Experience and Directorships During the Past Five Years
Michelle Goveia-Pine6 (1970) Interim Anti-Money Laundering Compliance Officer, since July 10, 2020	Director,3 DWS; Interim AML Officer, DWS Trust Company (since July 28, 2020); Interim AML Officer, DBX ETF Trust (since July 9, 2020); Interim AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since July 24, 2020)

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

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

³  Executive title, not a board directorship.

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

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

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

⁷  Address: 100 Summer Street, Boston, MA 02110.

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

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

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

Notes

Notes

Notes

VS2GIB-2 (R-025825-10 2/21)

December 31, 2020

Annual Report

Deutsche DWS Variable Series II

DWS Government Money Market VIP

Contents

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

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

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. 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.

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

2 | Deutsche DWS Variable Series II — DWS Government Money Market VIP

Management Summary December 31, 2020 (Unaudited)

During the 12-month period ended December 31, 2020, the Fund provided a total return of 0.24% (Class A shares, unadjusted for contract charges). All performance is historical and does not guarantee future results. Yields fluctuate and are not guaranteed.

Over the past 12 months ended December 31, 2020, yields across the money market yield curve fluctuated based on the status of the U.S. economy, evolving U.S. Federal Reserve (Fed) statements and actions, federal, state and local responses to the coronavirus pandemic, and investor sentiment regarding U.S. political uncertainty and U.S./China trade tensions. In January, the first news of the coronavirus outbreak in China reached the rest of the world, and by February and March, the virus had already spread dramatically in some parts of Europe and the United States. As worries about the outbreak grew, the U.S. financial system endured severe shocks as state and local governments imposed ever-increasing restrictions on public gatherings while significant portions of the U.S. economy were shut down, and the country instantly saw massive job losses and depressed economic activity. In response, the Fed almost immediately enacted a series of measures to gradually restore liquidity to the money markets and boost confidence in financial markets overall. The Fed cut short-term rates by 1.5 percentage points, re-initiated quantitative easing through significant purchases of Treasury, agency, mortgage and high yield securities, restarted liquidity facilities that had been effective in boosting market liquidity during the 2008 financial crisis, and added new facilities. On the fiscal side, Congress and the Administration enacted a $2.3 trillion aid package that included direct payments to individuals, enhanced unemployment benefits and loans to small businesses. These actions helped to stabilize equity markets and boosted investor confidence. Liquidity within the money markets, which had all but disappeared in early March, was restored to a tremendous degree in April due to the above-mentioned monetary and fiscal measures. As a result, by the end of April money markets had largely normalized, in our view.

During the early fall through the end of 2020, investors largely looked past the Administration’s evident pullback from a full-scale national effort to combat the coronavirus. Market watchers then anxiously awaited the outcome of the U.S. election, witnessed significant political disruptions, and waited to see whether Congress and the Administration could agree on another financial relief package for citizens, states and cities, and small businesses. A relief package, though smaller than anticipated, finally was approved near the end of the year.

We were able to maintain what we believe to be a competitive yield for the Fund during the annual period ended December 31, 2020. During the period, the Fund held a large percentage of portfolio assets in agency and Treasury floating-rate securities to take advantage of incremental rises in SOFR (the Secured Overnight Financing Rate) and Treasury bill rates. At the same time, the Fund invested in overnight agency repurchase agreements for liquidity and looked for yield opportunities from three- to six-month agency and Treasury securities.

While significant U.S. political uncertainty has persisted through the end of 2020 and beyond, given the results of the election we believe that the prospects for additional fiscal stimulus in early 2021 have measurably increased. With that, we look for higher short-term Treasury issuance, which should relieve some downward pressure on money market yields and help yields to pick up marginally. Our strategy over the coming weeks will be to shorten duration now in preparation for continued steepening in the money market yield curve in 2021 that we believe may occur, and take advantage of higher yields when possible.

A group of investment professionals is responsible for the day-to-day management of the Fund. These investment professionals have a broad range of experience managing money market funds.

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

Deutsche DWS Variable Series II — DWS Government Money Market VIP | 3

Fund Performance (as of December 31, 2020)

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

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

	7-Day Current Yield
December 31, 2020	0.01%*

* The 7-Day Current Yield would have been -.35% had certain expenses not been reduced.

Yields are historical, will fluctuate and do not guarantee future performance. The 7-day current yield refers to the income paid by the portfolio over a 7-day period expressed as an annual percentage rate of the fund’s shares outstanding. Please visit our Web site at liquidity.dws.com/US/index.jsp for the product’s most recent month-end performance.

Terms to Know

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

A repurchase agreement, or “overnight repo,” is an agreement between a seller and a buyer, usually of government securities, where the seller agrees to repurchase the securities at a given price and usually at a stated time. Repos are widely used money market instruments that serve as an interest-bearing, short-term “parking place” for large sums of money.

Floating-rate securities are debt instruments with floating-rate coupons that generally reset every 30 to 90 days. While floating-rate securities are senior to equity and fixed- income securities, there is no guaranteed return of principal in case of default. Floating- rate issues often have less interest-rate risk than other fixed-income investments.

Floating-rate securities are most often secured assets, generally senior to a company’s secured debt, and can be transferred to debt holders, resulting in potential downside risk.

SOFR, or the Secured Overnight Financing Rate, is a benchmark interest rate for short-term U.S. dollar-denominated loans that has been recommended to replace the London Interbank Offered Rate (LIBOR). SOFR is based on transactions in the Treasury repurchase market where investors offer banks overnight loans backed by their bond assets.

Duration is a measure of price volatility for fixed-income instruments. Duration can be defined as the approximate percentage change in price for a 100 basis point (one single percentage point) change in market interest rate levels.

4 | Deutsche DWS Variable Series II — DWS Government Money Market VIP

Portfolio Summary (Unaudited)

Asset Allocation (As a % of Investment Portfolio)	12/31/20		12/31/19
Government & Agency Obligations		77%		79%
Repurchase Agreements		23%		21%
		100%		100%
Weighted Average Maturity	12/31/20		12/31/19
Deutsche DWS Variable Series II — DWS Government Money Market VIP		26 days		29 days
iMoneyNet Money Fund AverageTM — Gov’t & Agency Retail*		37 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 6.

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.

Deutsche DWS Variable Series II — DWS Government Money Market VIP | 5

Investment Portfolio as of December 31, 2020

	Principal Amount ($)		Value ($)
Government & Agency Obligations 77.1%
U.S. Government Sponsored Agencies 32.6%
Federal Farm Credit Bank:
1-month LIBOR minus 0.055%, 0.093%*, 2/3/2021		1,000,000		999,991
0.112%**, 4/16/2021		1,500,000		1,499,519
SOFR plus 0.070%, 0.16%*, 8/11/2022		500,000		500,041
0.35%, 5/7/2021		1,250,000		1,249,764
Federal Home Loan Bank:
3-month LIBOR minus 0.155%, 0.061%*, 1/29/2021		1,000,000		1,000,000
0.09%**, 3/24/2021		1,500,000		1,499,696
1-month LIBOR minus 0.050%, 0.098%*, 1/27/2021		1,000,000		1,000,000
0.1%**, 1/29/2021		2,500,000		2,499,809
SOFR plus 0.010%, 0.1%*, 5/3/2021		4,000,000		4,000,000
0.11%, 4/26/2021		1,000,000		999,980
SOFR plus 0.030%, 0.12%*, 1/28/2021		1,500,000		1,500,000
SOFR plus 0.040%, 0.13%*, 2/9/2021		1,000,000		1,000,000
SOFR plus 0.040%, 0.13%*, 2/26/2021		2,750,000		2,750,000
1-month LIBOR minus 0.010%, 0.138%*, 5/3/2021		750,000		749,974
SOFR plus 0.050%, 0.14%*, 1/22/2021		300,000		300,000
SOFR plus 0.050%, 0.14%*, 1/28/2021		2,500,000		2,500,000
0.15%, 11/22/2021		1,000,000		1,000,000
SOFR plus 0.065%, 0.155%*, 2/26/2021		1,500,000		1,500,000
SOFR plus 0.120%, 0.21%*, 2/28/2022		1,000,000		1,000,000
0.458%**, 3/8/2021		2,500,000		2,497,938
0.529%**, 3/9/2021		1,000,000		999,032
Federal Home Loan Mortgage Corp.:
SOFR plus 0.030%, 0.12%*, 1/22/2021		1,200,000		1,200,000
SOFR plus 0.030%, 0.12%*, 2/24/2021		1,500,000		1,500,000
SOFR plus 0.070%, 0.16%*, 2/25/2022		3,000,000		3,000,000
SOFR plus 0.950%, 0.185%*, 8/19/2022		1,500,000		1,500,000
SOFR plus 0.150%, 0.24%*, 3/4/2022		1,750,000		1,747,189
Federal National Mortgage Association:
SOFR plus 0.040%, 0.13%*, 1/29/2021		1,500,000		1,500,000
SOFR plus 0.050%, 0.14%*, 3/4/2021		3,500,000		3,500,000
SOFR plus 0.075%, 0.165%*, 6/4/2021		2,000,000		2,000,000
SOFR plus 0.300%, 0.39%*, 1/7/2022		1,500,000		1,500,000
SOFR plus 0.310%, 0.4%*, 10/25/2021		1,500,000		1,500,000
				49,992,933

	Principal Amount ($)		Value ($)
U.S. Treasury Obligations 44.5%
U.S. Treasury Bills:
0.082%**, 2/16/2021		5,000,000		4,999,483
0.086%**, 2/25/2021		8,250,000		8,248,911
0.092%**, 5/27/2021		5,000,000		4,998,175
0.097%**, 1/7/2021		5,000,000		4,999,921
0.102%**, 1/28/2021		5,000,000		4,999,594
0.102%**, 3/2/2021		1,000,000		999,833
0.105%**, 1/14/2021		2,500,000		2,499,859
0.107%**, 3/25/2021		5,000,000		4,998,790
0.12%**, 2/25/2021		1,750,000		1,749,702
0.122%**, 2/11/2021		2,000,000		1,999,727
0.125%**, 1/28/2021		3,000,000		2,999,755
0.147%**, 1/14/2021		4,000,000		3,999,839
U.S. Treasury Floating Rate Notes:
3-month U.S. Treasury Bill Money Market Yield plus 0.055%, 0.15%*, 7/31/2022		1,000,000		999,976
3-month U.S. Treasury Bill Money Market Yield plus 0.114%, 0.209%*, 4/30/2022		3,500,000		3,503,472
3-month U.S. Treasury Bill Money Market Yield plus 0.115%, 0.21%*, 1/31/2021		9,000,000		9,000,760
3-month U.S. Treasury Bill Money Market Yield plus 0.139%, 0.234%*, 4/30/2021		5,700,000		5,702,708
3-month U.S. Treasury Bill Money Market Yield plus 0.220%, 0.315%*, 7/31/2021		500,000		500,644
3-month U.S. Treasury Bill Money Market Yield plus 0.300%, 0.395%*, 10/31/2021		1,000,000		1,002,502
				68,203,651
Total Government & Agency Obligations (Cost $118,196,584)				118,196,584
Repurchase Agreements 22.8%
Citigroup Global Markets, Inc., 0.05%, dated 12/31/2020, to be repurchased at $19,608,109 on 1/4/2021 (a)		19,608,000		19,608,000
Wells Fargo Bank, 0.08%, dated 12/31/2020, to be repurchased at $15,300,136 on 1/4/2021 (b)		15,300,000		15,300,000
Total Repurchase Agreements (Cost $34,908,000)				34,908,000
	% of Net Assets		Value ($)
Total Investment Portfolio (Cost $153,104,584)		99.9		153,104,584
Other Assets and Liabilities, Net		0.1		152,630
Net Assets		100.0		153,257,214

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

6 | Deutsche DWS Variable Series II — DWS Government Money Market VIP

* Floating rate security. These securities are shown at their current rate as of December 31, 2020.

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

(a) Collateralized by:

Principal Amount ($)	Security	Rate (%)	Maturity Date	Collateral Value ($)
311,300	U.S. Treasury Bond	2.25-2.875	8/15/2045-8/15/2047		392,332
17,065,700	U.S. Treasury Note	0.25	7/15/2029		19,607,912
Total Collateral Value					20,000,244

(b) Collateralized by $14,534,886 Federal National Mortgage Association, with the various coupon rates from 1.865-6%, with various maturity dates of 4/1/2023-12/1/2050 with a value of $15,606,000.

LIBOR: London Interbank Offered Rate

SOFR: Secured Overnight Financing Rate

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Securities held by the Fund are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.

The following is a summary of the inputs used as of December 31, 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
Government & Agency Obligations (c)	$	—	$	118,196,584	$	—	$	118,196,584
Repurchase Agreements		—		34,908,000		—		34,908,000
Total	$	—	$	153,104,584	$	—	$	153,104,584

(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 | 7

Statement of

Assets and Liabilities

as of December 31, 2020
Assets
Investments in securities, valued at amortized cost	$	118,196,584
Repurchase Agreements, valued at amortized cost		34,908,000
Cash		50,208
Receivable for Fund shares sold		195,940
Interest receivable		16,314
Other assets		3,532
Total assets		153,370,578
Liabilities
Payable for Fund shares redeemed		9,344
Distributions payable		684
Accrued Trustees’ fees		2,505
Other accrued expenses and payables		100,831
Total liabilities		113,364
Net assets, at value	$	153,257,214
Net Assets Consist of
Distributable earnings (loss)		15,013
Paid-in capital		153,242,201
Net assets, at value	$	153,257,214
Net Asset Value
Class A
Net asset value, offering and redemption price per share ($153,257,214 ÷ 153,325,917 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	1.00

Statement of Operations

for the year ended December 31, 2020
Investment Income
Income:
Interest	$	666,741
Expenses:
Management fee		369,116
Administration fee		152,957
Services to Shareholders		2,759
Custodian fee		4,789
Professional fees		51,913
Reports to shareholders		62,650
Trustees’ fees and expenses		4,954
Other		12,071
Total expenses before expense reductions		661,209
Expense reductions		(303,046	)
Total expenses after expense reductions		358,163
Net investment income		308,578
Net realized gain (loss) from investments		144
Net increase (decrease) in net assets resulting from operations	$	308,722

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

8 | Deutsche DWS Variable Series II — DWS Government Money Market VIP

Statements of Changes in Net Assets

	Years Ended December 31,
Increase (Decrease) in Net Assets	2020			2019
Operations:
Net investment income (loss)	$	308,578		$	1,929,658
Net realized gain (loss)		144			42
Net increase (decrease) in net assets resulting from operations		308,722			1,929,700
Distributions to shareholders :
Class A		(308,575	)		(1,929,596	)
Fund share transactions:
Class A
Proceeds from shares sold		180,940,347			121,681,165
Reinvestment of distributions		366,986			1,949,598
Payments for shares redeemed		(150,319,848	)		(108,541,061	)
Net increase (decrease) in net assets from Class A share transactions		30,987,485			15,089,702
Increase (decrease) in net assets		30,987,632			15,089,806
Net assets at beginning of period		122,269,582			107,179,776
Net assets at end of period	$	153,257,214		$	122,269,582
Other Information:
Class A
Shares outstanding at beginning of period		122,338,432			107,248,730
Shares sold		180,940,347			121,681,165
Shares issued to shareholders in reinvestment of distributions		366,986			1,949,598
Shares redeemed		(150,319,848	)		(108,541,061	)
Net increase (decrease) in Fund shares		30,987,485			15,089,702
Shares outstanding at end of period		153,325,917			122,338,432

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

Deutsche DWS Variable Series II — DWS Government Money Market VIP | 9

Financial Highlights

DWS Government Money Market VIP — Class A
	Years Ended December 31,
	2020			2019			2018			2017			2016
Selected Per Share Data
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00
Income from investment operations:
Net investment income		.002			.018			.014			.005			.001	b
Net realized gain (loss)		.000	*		.000	*		(.000	)*		.000	*		.000	*
Total from investment operations		.002			.018			.014			.005			.001
Less distributions from:
Net investment income		(.002	)		(.018	)		(.014	)		(.005	)		(.001	)
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00
Total Return (%)		.24	a		1.77	a		1.39	a		.45			.05	a,b
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		153			122			107			111			122
Ratio of expenses before expense reductions (%)c		.42			.47			.50			.48			.51
Ratio of expenses after expense reductions (%)c		.23			.47			.50			.48			.44
Ratio of net investment income (%)		.20			1.74			1.37			.45			.05	b

^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.

^*  Amount is less than $.0005.

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

10 | Deutsche DWS Variable Series II — DWS Government Money Market VIP

Notes to Financial Statements

A. Organization and Significant Accounting Policies

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

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

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

The Fund values all securities utilizing the amortized cost method permitted in accordance with 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 December 31, 2020, the Fund held repurchase agreements with a gross value of $34,908,000. The value of the related collateral exceeded the value of the repurchase agreements at period end. The detail of the related collateral is included in the footnotes following the Fund’s Investment Portfolio.

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

The Fund has reviewed the tax positions for the open tax years as of December 31, 2020 and has determined that no provision for income tax and/or uncertain tax positions is required in the Fund’s financial statements. The Fund’s federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

Distribution of Income and Gains. Net investment income of the Fund is declared as a daily dividend and is distributed to shareholders monthly. The Fund may take into account capital gains and losses in its daily dividend declarations. The Fund may also make additional distributions for tax purposes if necessary.

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.

Deutsche DWS Variable Series II — DWS Government Money Market VIP | 11

At December 31, 2020, the Fund’s components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income $ 15,013

At December 31, 2020, the aggregate cost of investments for federal income tax purposes was $153,104,584.

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

	Years Ended December 31,
	2020		2019
Distributions from ordinary income	$	308,575	$	1,929,596

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

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

Other. Investment transactions are accounted for on a trade date. Interest income is recorded on the accrual basis. Realized gains and losses from investment transactions are recorded on an identified cost basis. All discounts and premiums are accreted/amortized for both tax and financial reporting purposes.

B. Related Parties

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

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

First $500 million	.235	%
Next $500 million	.220	%
Next $1.0 billion	.205	%
Over $2.0 billion	.190	%

Accordingly, for the year ended December 31, 2020, the fee pursuant to the Investment Management Agreement was equivalent to an annual rate (exclusive of any applicable waivers/reimbursements) of 0.235% of the Fund’s average daily net assets.

For the period from January 1, 2020 through September 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) 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 year ended December 31, 2020, fees waived and/or expenses reimbursed amounted to $303,046.

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 the Advisor 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 year ended December 31, 2020, the Administration Fee was $152,957, of which $12,835 is unpaid.

12 | Deutsche DWS Variable Series II — DWS Government Money Market VIP

Service Provider Fees. DWS Service Company (“DSC”), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and DST Systems, Inc. (“DST”), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the year ended December 31, 2020, the amounts charged to the Fund by DSC aggregated $2,325, of which $393 is unpaid.

Other Service Fees. Under an agreement with the Fund, DIMA is compensated for providing certain pre-press and regulatory filing services to the Fund. For the year ended December 31, 2020, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders” aggregated $7,608, of which $2,910 is unpaid.

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

C. Ownership of the Fund

At December 31, 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 58%, 15% 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 December 31, 2020.

E. Money Market Fund Investments and Yield

Rising interest rates could cause the value of the Fund’s investments — and therefore its share price as well — to decline. Conversely, any decline in interest rates is likely to cause the Fund’s yield to decline, and during periods of unusually low interest rates, the Fund’s yield may approach zero. A low interest rate environment may prevent the fund from providing a positive yield or paying fund expenses out of current income and, at times, could impair the fund’s ability to maintain a stable $1.00 share price. Over time, the total return of a money market fund may not keep pace with inflation, which could result in a net loss of purchasing power for long-term investors. Recent and potential future changes in monetary policy made by central banks or governments are likely to affect the level of interest rates. Money market funds try to minimize this risk by purchasing short-term securities.

If there is an insufficient supply of US government securities to meet investor demand, it could result in lower yields on such securities and increase interest rate risk for the fund.

F. Other — COVID-19 Pandemic

A novel coronavirus known as COVID-19, declared a pandemic by the World Health Organization, has caused significant uncertainty, market volatility, decreased economic and other activity and increased government activity. Specifically, COVID-19 has led to significant death and morbidity, and concerns about its further spread have resulted in the closing of schools and non-essential businesses, cancellations, shelter-in place orders, lower consumer spending in certain sectors, social distancing, bans on large social gatherings and travel, quarantines, government economic stimulus measures, reduced productivity, rapid increases in unemployment, increased demand for and strain on government and medical resources, border closings and global trade and supply chain interruptions, among others. The full effects, duration and costs of the COVID-19 pandemic are impossible to predict, and the circumstances surrounding the COVID-19 pandemic will continue to evolve. The pandemic may affect certain countries, industries, economic sectors, companies and investment products more than others, may exacerbate existing economic, political, or social tensions and may increase the probability of an economic recession or depression. The Fund and its investments may be adversely affected by the effects of the COVID-19 pandemic, and a prolonged pandemic may result in the Fund and its service providers experiencing operational difficulties in coordinating a remote workforce and implementing their business continuity plans, among others. 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.

Deutsche DWS Variable Series II — DWS Government Money Market VIP | 13

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Deutsche DWS Variable Series II and Shareholders of DWS Government Money Market VIP:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of DWS Government Money Market VIP (the “Fund”) (one of the funds constituting Deutsche DWS Variable Series II) (the “Trust”), including the investment portfolio, as of December 31, 2020, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Deutsche DWS Variable Series II) at December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

Boston, Massachusetts

February 12, 2021

14 | Deutsche DWS Variable Series II — DWS Government Money Market VIP

Information About Your Fund’s Expenses (Unaudited)

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees and other Fund expenses. Examples of transaction costs include contract charges, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recent six-month period the Fund limited these expenses; had it not done so, expenses would have been higher. The example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (July 1, 2020 to December 31, 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 December 31, 2020
Actual Fund Return		Class A
Beginning Account Value 7/1/20	$	1,000.00
Ending Account Value 12/31/20	$	1,000.10
Expenses Paid per $1,000*	$	.65
Hypothetical 5% Fund Return		Class A
Beginning Account Value 7/1/20	$	1,000.00
Ending Account Value 12/31/20	$	1,024.48
Expenses Paid per $1,000*	$	.66

* Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recent six-month period), then divided by 366.

Annualized Expense Ratio	Class A
Deutsche DWS Variable Series II — DWS Government Money Market VIP		.13	%

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

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

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

Deutsche DWS Variable Series II — DWS Government Money Market VIP | 15

Tax Information (Unaudited)

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

Proxy Voting

The Trust’s policies and procedures for voting proxies for portfolio securities and information about how the Trust voted proxies related to its portfolio securities during the most 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.

16 | Deutsche DWS Variable Series II — DWS Government Money Market VIP

Advisory Agreement Board Considerations and Fee Evaluation

The Board of Trustees (hereinafter referred to as the “Board” or “Trustees”) approved the renewal of DWS Government Money Market VIP’s (the “Fund”) investment management agreement (the “Agreement”) with DWS Investment Management Americas, Inc. (“DIMA”) in September 2020.

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

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

– The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board 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”).

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

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

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

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

As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund’s performance. In many cases, this led to the negotiation and implementation of expense caps.

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 also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA’s approach to addressing such risks. 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

Deutsche DWS Variable Series II — DWS Government Money Market VIP | 17

effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for the one- and three-year periods ended December 31, 2019, the Fund’s performance (Class A shares) was in the 2nd quartile and 1st quartile, respectively, 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 (1st quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2019). The Board noted that, effective March 1, 2020, the fee paid to DIMA under the Fund’s administrative services agreement was reduced to 0.097%. Based on Broadridge data provided as of December 31, 2019, the Board noted that the Fund’s Class A shares total operating expenses were higher than the median (3rd 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 from time to time in recent years 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.

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

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

Other Benefits to DIMA and Its Affiliates. The Board also considered the character and amount of other incidental or “fall-out” benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund and any fees received by an affiliate of DIMA for transfer agency services provided to the Fund. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities. In addition, the Board

18 | Deutsche DWS Variable Series II — DWS Government Money Market VIP

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.

The Board also considered that on September 24, 2020, the SEC granted a temporary order permitting DIMA and its affiliates to continue providing investment advisory and underwriting services to the DWS Funds notwithstanding a consent order entered into by Deutsche Bank AG on June 17, 2020 (the “Consent Order”). The Board noted that the temporary order was granted effective as of the date of the Consent Order. The Board also noted various representations by DIMA to the Board relating to the Consent Order, including that the conduct giving rise to the Consent Order (unintentional conduct that resulted from a system outage that prevented Deutsche Bank AG from reporting data in accordance with applicable CFTC requirements for five days in April 2016) did not involve any DWS Fund or services DIMA and its affiliates provide to the DWS Funds, that DIMA and its personnel had no involvement in the alleged conduct giving rise to the Consent Order, and that the DWS Funds would not bear any financial impact or costs relating to the Consent Order.

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

Deutsche DWS Variable Series II — DWS Government Money Market VIP | 19

Board Members and Officers

The following table presents certain information regarding the Board Members and Officers of the Trust/Corporation. Each Board Member’s year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the Trust/Corporation. Because the Fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period.

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

Independent Board Members
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen		Other Directorships Held by Board Member
Keith R. Fox, CFA (1954) Chairperson since 2017, and Board Member since 1996	Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); former Chairman, National Association of Small Business Investment Companies; former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) (2011–2012)		73	—
John W. Ballantine (1946) Board Member since 1999	Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); former Directorships: Director and Chairman of the Board, Healthways, Inc.2 (population well-being and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak Brook Bank; and Prisma Energy International. Not-for-Profit Director/Trustee: Palm Beach Civic Association; Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; former Not-for-Profit Directorships: Public Radio International		73	Portland General Electric2 (utility company) (2003– present)
Dawn-Marie Driscoll (1946) Board Member since 1987	Emeritus Executive Fellow, Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988). Directorships: Advisory Board, Center for Business Ethics, Bentley University; Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)		73	—
Richard J. Herring (1946) Board Member since 1990	Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (since July 1972); Director, The Wharton Financial Institutions Center (since 1994); formerly: Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee since 2011, member Systemic Risk Council since 2012 and member of the Advisory Board at the Yale Program on Financial Stability since 2013; Formerly Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), and Nonexecutive Director of Barclays Bank DE (2010–2018)		73	Director, Aberdeen Japan Fund (since 2007)
William McClayton (1944) Board Member since 2004	Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001–2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966–2001); Trustee, Ravinia Festival		73	—

20 | Deutsche DWS Variable Series II — DWS Government Money Market VIP

Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen		Other Directorships Held by Board Member
Rebecca W. Rimel (1951) Board Member since 1995	Senior Advisor, The Pew Charitable Trusts (charitable organization) (since July 2020); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012); President, Chief Executive Officer and Director, The Pew Charitable Trusts (charitable organization) (1994–2020)		73	Director, Becton Dickinson and Company2 (medical technology company) (2012– present); Director, BioTelemetry Inc.2 (health care) (2009– present)
William N. Searcy, Jr. (1946) Board Member since 1993	Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012)		73	—

Officers4
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served5	Business Experience and Directorships During the Past Five Years
Hepsen Uzcan6 (1974) President and Chief Executive Officer, 2017–present	Managing Director3, DWS; Secretary, DWS USA Corporation (2018–present); Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–present); Director and President, DB Investment Managers, Inc. (2018–present); President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2013–2020); Directorships: Interested Director, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since June 25, 2020); ICI Mutual Insurance Company (since October 16, 2020); and Episcopalian Charities of New York (2018–present)
John Millette7 (1962) Vice President and Secretary, 1999–present	Director,3 DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX ETF Trust (2020–present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); Assistant Secretary, DBX ETF Trust (2019–2020); Assistant Secretary (July 14, 2006–December 31, 2010) and Secretary (January 31, 2006–July 13, 2006), The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc.
Ciara Crawford8 (1984) Assistant Secretary, (2019–present)	Associate, DWS (since 2015); previously, Legal Assistant at Accelerated Tax Solutions.
Diane Kenneally7 (1966) Chief Financial Officer and Treasurer, 2018–present	Director,3 DWS; Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds (2007–2018)
Paul Antosca7 (1957) Assistant Treasurer, 2007–present	Director,3 DWS; and Assistant Treasurer, DBX ETF Trust (2019–present)
Sheila Cadogan7 (1966) Assistant Treasurer, 2017–present	Director,3 DWS; Director and Vice President, DWS Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present)
Scott D. Hogan7 (1970) Chief Compliance Officer, 2016–present	Director,3 DWS; Chief Compliance Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2016–present)
Caroline Pearson7 (1962) Chief Legal Officer, 2010–present	Managing Director3, DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, DBX Advisors LLC and DBX Strategic Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); and Secretary, Deutsche AM Service Company (2010–2017)

Deutsche DWS Variable Series II — DWS Government Money Market VIP | 21

Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served5	Business Experience and Directorships During the Past Five Years
Michelle Goveia-Pine6 (1970) Interim Anti-Money Laundering Compliance Officer, since July 10, 2020	Director,3 DWS; Interim AML Officer, DWS Trust Company (since July 28, 2020); Interim AML Officer, DBX ETF Trust (since July 9, 2020); Interim AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since July 24, 2020)

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

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

³  Executive title, not a board directorship.

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

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

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

⁷  Address: 100 Summer Street, Boston, MA 02110.

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

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

22 | Deutsche DWS Variable Series II — DWS Government Money Market VIP

Notes

VS2GMM-2 (R-025834-10 2/21)

December 31, 2020

Annual Report

Deutsche DWS Variable Series II

DWS High Income VIP

Contents

3	Performance Summary
4	Management Summary
6	Portfolio Summary
7	Investment Portfolio
15	Statement of Assets and Liabilities
15	Statement of Operations
16	Statements of Changes in Net Assets
17	Financial Highlights
18	Notes to Financial Statements
25	Report of Independent Registered Public Accounting Firm
26	Information About Your Fund’s Expenses
27	Tax Information
27	Proxy Voting
28	Advisory Agreement Board Considerations and Fee Evaluation
31	Board Members and Officers

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

Bond investments are subject to interest-rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Investments in lower-quality (“junk bonds”) and non-rated securities present greater risk of loss than investments in higher-quality securities. Investing in 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.

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

2 | Deutsche DWS Variable Series II — DWS High Income VIP

Performance Summary December 31, 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 0.96% 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.

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

Growth of an Assumed $10,000 Investment

ICE BofA 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		1-Year	3-Year	5-Year	10-Year
Class A	Growth of $10,000	$10,624	$11,982	$14,538	$18,153
	Average annual total return	6.24%	6.21%	7.77%	6.14%
ICE BofA US High Yield Index	Growth of $10,000	$10,607	$11,861	$14,978	$18,972
	Average annual total return	6.07%	5.85%	8.42%	6.61%
DWS High Income VIP		1-Year	3-Year	5-Year	10-Year
Class B	Growth of $10,000	$10,577	$11,862	$14,329	$17,595
	Average annual total return	5.77%	5.86%	7.46%	5.81%
ICE BofA US High Yield Index	Growth of $10,000	$10,607	$11,861	$14,978	$18,972
	Average annual total return	6.07%	5.85%	8.42%	6.61%

The growth of $10,000 is cumulative.

Deutsche DWS Variable Series II — DWS High Income VIP | 3

Management Summary December 31, 2020 (Unaudited)

The Fund returned 6.24% in 2020 (Class A shares, unadjusted for contract charges), outperforming the 6.07% return of its benchmark, the ICE BofA US High Yield Index.

The year began with elevated market volatility, as the emergence of COVID-19 led to a sharp sell-off in higher-risk assets. The index fell 13.13% in the first quarter of 2020, its worst showing in a calendar quarter since the last three months of 2008. The U.S. government responded to the pandemic by implementing unprecedented fiscal and monetary relief designed to avoid a prolonged recession. In addition, the U.S. Federal Reserve (Fed) announced it would intervene directly in the high-yield market by purchasing exchange-traded funds and individual securities. The ensuing rally lasted through year-end, reflecting growing investor confidence in the economic outlook for 2021.

Consistent with the high level of market volatility, yield spreads experienced a series of large moves throughout the period. The ICE BofA US High Yield Master II Option-Adjusted Spread — which measures the difference between yields on high-yield bonds and equivalent Treasuries — began 2020 at 402 basis points (4.02 percentage points) and fell to a low of 338 on January 20, 2020. Spreads surged in the subsequent sell-off, reaching a peak of 1087 basis points on March 23. As liquidity conditions improved and the markets regained confidence, the yield spread gradually declined to finish the year at 386. The spread movements occurred against a backdrop of sharply declining U.S. Treasury yields. The Fed’s decision to reduce short-term interest rates to near zero and restart of a number of quantitative easing measures caused yields to fall dramatically.

BB rated bonds were the strongest performers among three major credit tiers represented in the index, followed by B rated issues. The relative strength in BBs reflected investors’ preference for higher-rated bonds in the first-quarter downturn. On the other end of the spectrum, lower-rated CCC securities — while finishing 2020 in positive territory — lagged other ratings categories due to the extent of their sell-off in February and March.

Security selection, particularly in the cable and satellite industry, helped Fund performance. Industry allocation was an additional contributor, with an underweight in oil field services having the largest positive effect. In terms of credit quality positioning, an underweight in CCCs aided results. The Fund used derivatives to hedge its modest euro exposure back into U.S. dollars, which did not have a material effect on performance. While we use derivatives periodically for specific purposes, they are not a core aspect of our strategy.

We retain a constructive view on U.S. high yield, as we anticipate the U.S. economy will continue to recover from the impact of COVID-19 as the inoculation program accelerates and virus infection rates begin to trend lower. Nevertheless, there is still the potential for renewed market volatility. The recent emergence of new, more highly transmissible strain of the virus, as well as an uptick in infection rates in certain parts of the United States, has necessitated the imposition of expanded control measures. Ultimately, we believe that volatility could remain elevated until the vaccine successfully brings coronavirus transmission and infection rates under control.

We expect that the U.S. government and the Fed will continue to take steps to blunt the economic impact of the virus-containment measures. We anticipate the Fed will keep interest rates at historically low levels and pursue asset purchases to support market liquidity. In addition, the pandemic relief legislation passed in December 2020 is expected to pump approximately $900 million into the U.S. economy in the first part of 2021.

We are still finding ample opportunities to invest in securities with attractive total return potential relative to the underlying risks, even after the rally in the final nine months of the year. We continue to view fundamental credit analysis as critical, and we seek to identify companies with strong market positions, solid business fundamentals, and improving credit metrics.

Gary Russell, CFA, Managing Director

Thomas R. Bouchard, Director

Lonnie Fox, Director

Portfolio Managers

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

4 | Deutsche DWS Variable Series II — DWS High Income VIP

Terms to Know

ICE BofA US High Yield Index tracks the performance of U.S. dollar denominated below investment grade corporate debt publicly issued in the US domestic market.

Yield spread refers to differences between yields on differing debt instruments, calculated by deducting the yield of one instrument from another. The higher the yield spread, the greater the difference between the yields offered by each instrument.

The ICE BofA US High Yield Option—Adjusted Spread (OAS) calculates the spread between a computed OAS index of bonds that are below investment grade (those rated BB or below) and a spot Treasury curve.

Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner. Rating agencies assign letter designations, such as AAA, AA and so forth. The lower the rating, the higher the probability of default. Credit quality does not remove market risk and is subject to change.

Overweight means a fund holds a higher weighting in a given sector or individual security compared with its benchmark index; underweight means a fund holds a lower weighting.

Contribution and detraction incorporate both an investment’s total return and its weighting in the fund.

Derivatives are contracts whose values can be based on a variety of instruments, including indices, currencies or securities. They can be utilized for a variety of reasons, including for hedging purposes, for risk management, for non-hedging purposes to seek to enhance potential gains, as a substitute for direct investment in a particular asset class or to keep cash on hand to meet shareholder redemptions. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility.

Deutsche DWS Variable Series II — DWS High Income VIP | 5

Portfolio Summary (Unaudited)

Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral)	12/31/20		12/31/19
Corporate Bonds		98%		96%
Loan Participations and Assignments		1%		0%
Cash Equivalents		1%		4%
Warrants		0%		0%
Common Stocks		0%		0%
Convertible Bonds		—		0%
		100%		100%
Sector Diversification (As a % of Investment Portfolio excluding Cash Equivalents and Securities Lending Collateral)	12/31/20		12/31/19
Consumer Discretionary		22%		14%
Communication Services		19%		24%
Energy		13%		13%
Materials		11%		12%
Industrials		10%		9%
Health Care		8%		9%
Real Estate		5%		3%
Utilities		4%		6%
Consumer Staples		4%		4%
Information Technology		2%		3%
Financials		2%		3%
		100%		100%
Quality (As a % of Investment Portfolio excluding Cash Equivalent and Securities Lending Collateral)	12/31/20		12/31/19
BBB		4%		5%
BB		61%		61%
B		30%		32%
CCC		5%		2%
Not Rated		0%		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 7.

Following the Fund’s fiscal first and third quarter-end, a complete portfolio holdings listing is posted on dws.com, and is available free of charge by contacting your financial intermediary, or if you are a direct investor, by calling (800) 728-3337. In addition, the portfolio holdings listing is filed with the SEC on the Fund’s Form N-PORT and will be available on the SEC’s Web site at sec.gov. Additional portfolio holdings for the Fund are also posted on dws.com from time to time. Please see the Fund’s current prospectus for more information.

6 | Deutsche DWS Variable Series II — DWS High Income VIP

Investment Portfolio as of December 31, 2020

	Principal Amount ($)(a)		Value ($)
Corporate Bonds 96.9%
Communication Services 18.3%
Altice France Holding SA:
144A, 6.0%, 2/15/2028		200,000		202,500
144A, 10.5%, 5/15/2027		200,000		224,500
Altice France SA:
144A, 5.5%, 1/15/2028		200,000		209,102
144A, 7.375%, 5/1/2026		710,000		747,275
144A, 8.125%, 2/1/2027		200,000		220,502
Arches Buyer, Inc.:
144A, 4.25%, 6/1/2028		30,000		30,381
144A, 6.125%, 12/1/2028		15,000		15,491
Avaya, Inc., 144A, 6.125%, 9/15/2028		130,000		138,874
Cable One, Inc., 144A, 4.0%, 11/15/2030		28,000		29,085
CCO Holdings LLC:
144A, 4.75%, 3/1/2030		140,000		151,060
144A, 5.0%, 2/1/2028		150,000		158,625
144A, 5.125%, 5/1/2027		125,000		132,649
CenturyLink, Inc.:
5.625%, 4/1/2025		50,000		53,938
Series W, 6.75%, 12/1/2023		45,000		50,119
Clear Channel Worldwide Holdings, Inc.:
144A, 5.125%, 8/15/2027		320,000		323,200
9.25%, 2/15/2024		67,000		67,838
CommScope Technologies LLC, 144A, 6.0%, 6/15/2025		93,000		95,092
CommScope, Inc.:
144A, 5.5%, 3/1/2024		130,000		134,030
144A, 7.125%, 7/1/2028		75,000		79,875
144A, 8.25%, 3/1/2027		130,000		138,775
Consolidated Communications, Inc., 144A, 6.5%, 10/1/2028		155,000		165,850
CSC Holdings LLC:
144A, 4.125%, 12/1/2030		200,000		209,120
144A, 4.625%, 12/1/2030		300,000		313,125
144A, 5.5%, 4/15/2027		345,000		365,700
144A, 5.75%, 1/15/2030		200,000		219,250
144A, 6.5%, 2/1/2029		200,000		225,810
Diamond Sports Group LLC, 144A, 5.375%, 8/15/2026		45,000		36,563
DISH DBS Corp.:
5.875%, 11/15/2024		96,000		100,659
7.375%, 7/1/2028		50,000		53,250
7.75%, 7/1/2026 (b)		90,000		100,801
Frontier Communications Corp.:
144A, 5.0%, 5/1/2028		165,000		172,012
144A, 5.875%, 10/15/2027		75,000		81,094
144A, 6.75%, 5/1/2029		90,000		96,300
Gray Television, Inc., 144A, 4.75%, 10/15/2030		55,000		56,031
Lamar Media Corp., 4.875%, 1/15/2029		80,000		85,000
LCPR Senior Secured Financing DAC, 144A, 6.75%, 10/15/2027		210,000		226,012
Netflix, Inc.:
4.625%, 5/15/2029		EUR 230,000		339,493
5.875%, 11/15/2028		71,000		85,111
Outfront Media Capital LLC, 144A, 5.0%, 8/15/2027		140,000		142,450

	Principal Amount ($)(a)		Value ($)
QualityTech LP, 144A, 3.875%, 10/1/2028		140,000		142,800
Radiate Holdco LLC:
144A, 4.5%, 9/15/2026		55,000		56,719
144A, 6.5%, 9/15/2028		210,000		221,287
Sable International Finance Ltd., 144A, 5.75%, 9/7/2027		200,000		212,750
Scripps Escrow II, Inc.:
144A, 3.875%, 1/15/2029		25,000		25,982
144A, 5.375%, 1/15/2031		30,000		31,275
Sprint Capital Corp., 6.875%, 11/15/2028		395,000		520,800
Telecom Italia Capital SA, 6.375%, 11/15/2033		155,000		190,650
Uber Technologies, Inc.:
144A, 6.25%, 1/15/2028		25,000		27,188
144A, 7.5%, 5/15/2025		120,000		129,626
144A, 7.5%, 9/15/2027		50,000		55,000
ViaSat, Inc.:
144A, 5.625%, 9/15/2025		135,000		138,078
144A, 5.625%, 4/15/2027		120,000		126,000
144A, 6.5%, 7/15/2028		105,000		113,632
Virgin Media Secured Finance PLC:
144A, 5.5%, 8/15/2026		215,000		223,331
144A, 5.5%, 5/15/2029		345,000		373,894
Vodafone Group PLC, 7.0%, 4/4/2079		185,000		230,146
Windstream Escrow LLC, 144A, 7.75%, 8/15/2028		50,000		50,350
Ziggo Bond Co. BV, 144A, 3.375%, 2/28/2030		EUR 370,000		454,158
Ziggo BV, 144A, 4.875%, 1/15/2030		290,000		304,862
				9,905,070
Consumer Discretionary 21.3%
1011778 BC Unlimited Liability Co., 144A, 3.5%, 2/15/2029		55,000		54,931
Adient U.S. LLC, 144A, 9.0%, 4/15/2025		30,000		33,450
Allison Transmission, Inc., 144A, 3.75%, 1/30/2031		105,000		107,428
Asbury Automotive Group, Inc.:
4.5%, 3/1/2028		25,000		26,063
4.75%, 3/1/2030		25,000		26,813
Beacon Roofing Supply, Inc., 144A, 4.875%, 11/1/2025		100,000		102,375
Beazer Homes U.S.A., Inc., 5.875%, 10/15/2027		35,000		36,838
Boyd Gaming Corp.:
4.75%, 12/1/2027		130,000		135,037
6.375%, 4/1/2026		100,000		103,881
144A, 8.625%, 6/1/2025		120,000		133,463
Caesars Entertainment, Inc.:
144A, 6.25%, 7/1/2025		270,000		287,550
144A, 8.125%, 7/1/2027		310,000		343,177
Caesars Resort Collection LLC, 144A, 5.75%, 7/1/2025		20,000		21,192
Carnival Corp.:
144A, 7.625%, 3/1/2026		98,000		106,770
144A, 9.875%, 8/1/2027		130,000		149,500
144A, 10.5%, 2/1/2026		80,000		93,200
144A, 11.5%, 4/1/2023		145,000		167,724

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

Deutsche DWS Variable Series II — DWS High Income VIP | 7

	Principal Amount ($)(a)		Value ($)
Carvana Co., 144A, 5.625%, 10/1/2025		150,000		153,937
Clarios Global LP:
REG S, 4.375%, 5/15/2026		EUR 200,000		253,101
144A, 4.375%, 5/15/2026		EUR 100,000		126,551
144A, 6.25%, 5/15/2026		55,000		58,988
144A, 6.75%, 5/15/2025		80,000		86,200
144A, 8.5%, 5/15/2027		55,000		59,753
Dana Financing Luxembourg Sarl, 144A, 6.5%, 6/1/2026		110,000		115,087
Dana, Inc.:
5.375%, 11/15/2027		55,000		58,300
5.625%, 6/15/2028		25,000		26,918
Empire Communities Corp., 144A, 7.0%, 12/15/2025		55,000		57,962
Ford Motor Co.:
5.291%, 12/8/2046		60,000		62,700
7.45%, 7/16/2031		85,000		109,012
8.5%, 4/21/2023		90,000		101,296
9.0%, 4/22/2025		285,000		349,413
9.625%, 4/22/2030		170,000		239,912
Ford Motor Credit Co. LLC:
3.219%, 1/9/2022		200,000		201,855
3.375%, 11/13/2025		209,000		214,718
4.0%, 11/13/2030		200,000		210,000
4.14%, 2/15/2023		200,000		206,000
5.113%, 5/3/2029		200,000		222,740
5.125%, 6/16/2025		230,000		250,079
Group 1 Automotive, Inc., 144A, 4.0%, 8/15/2028		100,000		103,078
Hilton Domestic Operating Co., Inc.:
144A, 3.75%, 5/1/2029		240,000		250,246
144A, 4.0%, 5/1/2031		30,000		31,653
4.875%, 1/15/2030		139,000		151,857
144A, 5.375%, 5/1/2025		30,000		31,875
IAA, Inc., 144A, 5.5%, 6/15/2027		75,000		79,500
Jaguar Land Rover Automotive PLC, 144A, 5.875%, 1/15/2028		200,000		201,520
Kronos Acquisition Holdings, Inc.:
144A, 5.0%, 12/31/2026		20,000		20,864
144A, 7.0%, 12/31/2027		45,000		47,116
L Brands, Inc.:
144A, 6.625%, 10/1/2030		70,000		77,875
144A, 6.875%, 7/1/2025		110,000		119,436
6.875%, 11/1/2035		80,000		89,800
144A, 9.375%, 7/1/2025		60,000		73,800
Lithia Motors, Inc., 144A, 4.625%, 12/15/2027		140,000		147,700
M/I Homes, Inc., 4.95%, 2/1/2028		130,000		137,611
Marriott Ownership Resorts, Inc., 144A, 6.125%, 9/15/2025		150,000		159,750
Mattel, Inc., 144A, 6.75%, 12/31/2025		145,000		153,043
Meritor, Inc.:
144A, 4.5%, 12/15/2028		15,000		15,375
6.25%, 2/15/2024		29,000		29,595
144A, 6.25%, 6/1/2025		40,000		43,200
NCL Corp Ltd., 144A, 5.875%, 3/15/2026		90,000		94,664
NCL Corp., Ltd., 144A, 3.625%, 12/15/2024		100,000		95,000
Newell Brands, Inc., 4.7%, 4/1/2026		440,000		484,660
Penske Automotive Group, Inc., 3.5%, 9/1/2025		80,000		81,300

	Principal Amount ($)(a)		Value ($)
PetSmart, Inc., 144A, 7.125%, 3/15/2023		103,000		103,000
Picasso Finance Sub, Inc., 144A, 6.125%, 6/15/2025		120,000		128,400
Prestige Brands, Inc., 144A, 5.125%, 1/15/2028		60,000		63,975
Royal Caribbean Cruises Ltd.:
144A, 9.125%, 6/15/2023		140,000		151,900
144A, 10.875%, 6/1/2023		110,000		125,167
144A, 11.5%, 6/1/2025		50,000		58,453
Scientific Games International, Inc.:
144A, 7.0%, 5/15/2028		175,000		188,162
144A, 7.25%, 11/15/2029		125,000		137,187
SeaWorld Parks & Entertainment, Inc., 144A, 9.5%, 8/1/2025		100,000		108,563
Sonic Automotive, Inc., 6.125%, 3/15/2027		55,000		57,956
Spectrum Brands, Inc., 144A, 5.0%, 10/1/2029		30,000		32,217
Staples, Inc., 144A, 7.5%, 4/15/2026		210,000		219,297
Stars Group Holdings BV, 144A, 7.0%, 7/15/2026		105,000		110,512
Suburban Propane Partners LP, 5.75%, 3/1/2025		105,000		107,100
Taylor Morrison Communities, Inc.:
144A, 5.125%, 8/1/2030		145,000		162,400
144A, 5.75%, 1/15/2028		170,000		192,525
Tenneco, Inc., 144A, 7.875%, 1/15/2029		13,000		14,596
TRI Pointe Group, Inc.:
5.25%, 6/1/2027		55,000		59,813
5.7%, 6/15/2028		80,000		90,320
United Rentals North America, Inc., 5.25%, 1/15/2030		80,000		88,800
Univar Solutions U.S.A., Inc., 144A, 5.125%, 12/1/2027		160,000		169,000
Vail Resorts, Inc., 144A, 6.25%, 5/15/2025		100,000		106,750
Viking Cruises Ltd., 144A, 5.875%, 9/15/2027		205,000		200,486
White Cap Buyer LLC, 144A, 6.875%, 10/15/2028		60,000		63,975
Williams Scotsman International, Inc., 144A, 4.625%, 8/15/2028		60,000		62,100
Wolverine World Wide, Inc., 144A, 6.375%, 5/15/2025		150,000		159,750
Wyndham Destinations, Inc.:
5.65%, 4/1/2024		105,000		113,400
6.6%, 10/1/2025		59,000		66,670
144A, 6.625%, 7/31/2026		20,000		22,900
Wyndham Hotels & Resorts, Inc., 144A, 4.375%, 8/15/2028		50,000		51,953
Wynn Macau Ltd.:
144A, 5.5%, 1/15/2026		200,000		208,000
144A, 5.625%, 8/26/2028		200,000		210,500
Wynn Resorts Finance LLC, 144A, 5.125%, 10/1/2029		70,000		73,325
				11,523,584
Consumer Staples 4.0%
Albertsons Companies, Inc.:
144A, 3.5%, 3/15/2029		35,000		35,415
144A, 4.625%, 1/15/2027		200,000		212,750
144A, 5.875%, 2/15/2028		60,000		65,291

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

8 | Deutsche DWS Variable Series II — DWS High Income VIP

	Principal Amount ($)(a)		Value ($)
Chobani LLC, 144A, 4.625%, 11/15/2028		30,000		30,450
Edgewell Personal Care Co., 144A, 5.5%, 6/1/2028		70,000		75,229
JBS U.S.A. LUX SA:
144A, 5.5%, 1/15/2030		60,000		68,926
144A, 5.75%, 6/15/2025		210,000		216,825
144A, 6.5%, 4/15/2029		132,000		153,661
144A, 6.75%, 2/15/2028		235,000		264,022
Kraft Heinz Foods Co.:
144A, 4.25%, 3/1/2031		260,000		289,915
4.625%, 1/30/2029		70,000		80,097
Pilgrim’s Pride Corp.:
144A, 5.75%, 3/15/2025		50,000		51,330
144A, 5.875%, 9/30/2027		230,000		249,460
Post Holdings, Inc.:
144A, 5.0%, 8/15/2026		165,000		170,363
144A, 5.5%, 12/15/2029		110,000		120,038
TreeHouse Foods, Inc., 4.0%, 9/1/2028		60,000		62,063
				2,145,835
Energy 12.5%
Antero Midstream Partners LP:
5.375%, 9/15/2024		95,000		92,625
144A, 5.75%, 3/1/2027		80,000		78,600
144A, 5.75%, 1/15/2028		90,000		86,418
Antero Resources Corp., 144A, 8.375%, 7/15/2026 (c)		65,000		66,345
Apache Corp.:
4.625%, 11/15/2025		37,000		39,110
4.875%, 11/15/2027		55,000		58,300
5.1%, 9/1/2040		57,000		60,776
Archrock Partners LP:
144A, 6.25%, 4/1/2028		220,000		229,011
144A, 6.875%, 4/1/2027		110,000		118,387
Ascent Resources Utica Holdings LLC, 144A, 8.25%, 12/31/2028		15,000		14,963
Blue Racer Midstream LLC, 144A, 7.625%, 12/15/2025		40,000		42,600
Buckeye Partners LP, 144A, 4.5%, 3/1/2028		80,000		82,400
Cheniere Energy Partners LP:
4.5%, 10/1/2029		272,000		287,716
5.625%, 10/1/2026		80,000		83,200
Cheniere Energy, Inc., 144A, 4.625%, 10/15/2028		25,000		26,250
CNX Resources Corp.:
144A, 6.0%, 1/15/2029		135,000		138,305
144A, 7.25%, 3/14/2027		100,000		107,000
Comstock Resources, Inc., 9.75%, 8/15/2026		119,000		128,222
Continental Resources, Inc., 144A, 5.75%, 1/15/2031		65,000		72,149
DCP Midstream Operating LP:
5.125%, 5/15/2029		80,000		88,730
5.375%, 7/15/2025		367,000		403,267
5.625%, 7/15/2027		50,000		55,500
Endeavor Energy Resources LP:
144A, 5.5%, 1/30/2026		155,000		159,053
144A, 5.75%, 1/30/2028		35,000		37,755
144A, 6.625%, 7/15/2025		35,000		37,450
EQM Midstream Partners LP:
5.5%, 7/15/2028		55,000		60,107
144A, 6.0%, 7/1/2025		140,000		153,300
144A, 6.5%, 7/1/2027		80,000		90,083

	Principal Amount ($)(a)		Value ($)
EQT Corp.:
5.0%, 1/15/2029		85,000		89,617
7.875%, 2/1/2025		105,000		119,569
8.75%, 2/1/2030		135,000		165,375
Genesis Energy LP, 6.25%, 5/15/2026		55,000		51,660
Harvest Midstream I LP, 144A, 7.5%, 9/1/2028		130,000		138,287
Hilcorp Energy I LP:
144A, 5.0%, 12/1/2024		155,000		154,290
144A, 5.75%, 10/1/2025		60,000		60,675
144A, 6.25%, 11/1/2028		35,000		35,744
Murphy Oil U.S.A., Inc.:
4.75%, 9/15/2029		115,000		122,331
5.625%, 5/1/2027		65,000		68,737
NuStar Logistics LP:
5.75%, 10/1/2025		80,000		85,200
6.375%, 10/1/2030		55,000		62,304
Occidental Petroleum Corp.:
2.7%, 2/15/2023		126,000		125,880
5.5%, 12/1/2025		135,000		140,752
5.55%, 3/15/2026		105,000		109,614
6.125%, 1/1/2031		255,000		272,901
8.0%, 7/15/2025 (b)		175,000		199,325
8.5%, 7/15/2027		100,000		115,405
Parkland Corp., 144A, 5.875%, 7/15/2027		80,000		86,498
Range Resources Corp., 9.25%, 2/1/2026		50,000		52,250
Rattler Midstream LP, 144A, 5.625%, 7/15/2025		75,000		79,219
Southwestern Energy Co.:
6.45%, 1/23/2025		140,000		145,600
7.75%, 10/1/2027		100,000		107,970
8.375%, 9/15/2028		50,000		54,250
Sunoco LP:
144A, 4.5%, 5/15/2029		56,000		58,240
5.875%, 3/15/2028		35,000		37,800
6.0%, 4/15/2027		52,000		55,277
Tallgrass Energy Partners LP:
144A, 6.0%, 12/31/2030		30,000		30,872
144A, 7.5%, 10/1/2025		15,000		16,194
Targa Resources Partners LP:
144A, 4.875%, 2/1/2031		30,000		32,688
5.0%, 1/15/2028		215,000		226,945
5.5%, 3/1/2030		90,000		97,713
TerraForm Power Operating LLC:
144A, 4.75%, 1/15/2030		65,000		69,550
144A, 5.0%, 1/31/2028		100,000		112,365
USA Compression Partners LP:
6.875%, 4/1/2026		142,000		148,390
6.875%, 9/1/2027		100,000		106,758
Western Midstream Operating LP:
4.1%, 2/1/2025		80,000		82,446
5.05%, 2/1/2030		155,000		173,571
				6,789,884
Financials 1.7%
AG Issuer LLC, 144A, 6.25%, 3/1/2028		95,000		96,069
AmWINS Group, Inc., 144A, 7.75%, 7/1/2026		70,000		75,173
Cardtronics, Inc., 144A, 5.5%, 5/1/2025 (b)		95,000		98,206

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

Deutsche DWS Variable Series II — DWS High Income VIP | 9

	Principal Amount ($)(a)		Value ($)
Intesa Sanpaolo SpA, 144A, 5.71%, 1/15/2026		200,000		228,918
LD Holdings Group LLC, 144A, 6.5%, 11/1/2025		61,000		64,202
LPL Holdings, Inc., 144A, 4.625%, 11/15/2027		30,000		31,050
OneMain Finance Corp.:
5.375%, 11/15/2029		80,000		90,000
8.875%, 6/1/2025		50,000		56,563
Quicken Loans LLC, 144A, 3.625%, 3/1/2029		120,000		122,400
Sabre GLBL, Inc., 144A, 7.375%, 9/1/2025		30,000		32,550
Shift4 Payments LLC, 144A, 4.625%, 11/1/2026		10,000		10,400
				905,531
Health Care 7.8%
Acadia Healthcare Co., Inc., 144A, 5.0%, 4/15/2029		50,000		53,375
AdaptHealth LLC:
144A, 4.625%, 8/1/2029 (c)		55,000		56,513
144A, 6.125%, 8/1/2028		80,000		85,900
Avantor Funding, Inc., 144A, 4.625%, 7/15/2028		25,000		26,438
Bausch Health Americas, Inc.:
144A, 8.5%, 1/31/2027		195,000		216,873
144A, 9.25%, 4/1/2026		135,000		150,525
Bausch Health Companies, Inc.:
144A, 5.25%, 2/15/2031		50,000		52,236
144A, 6.125%, 4/15/2025		150,000		154,599
Catalent Pharma Solutions, Inc., 144A, 5.0%, 7/15/2027		125,000		132,017
Centene Corp., 4.625%, 12/15/2029		475,000		527,350
CHS/Community Health Systems, Inc.:
144A, 5.625%, 3/15/2027		60,000		64,515
144A, 6.0%, 1/15/2029		65,000		70,217
Community Health Systems, Inc., 144A, 8.125%, 6/30/2024 (b)		180,000		186,300
Emergent BioSolutions, Inc., 144A, 3.875%, 8/15/2028		35,000		36,243
Encompass Health Corp.:
4.5%, 2/1/2028		45,000		47,025
4.75%, 2/1/2030		37,000		39,636
HCA, Inc.:
5.375%, 9/1/2026		140,000		160,916
5.625%, 9/1/2028		150,000		177,000
5.875%, 2/15/2026		90,000		103,500
5.875%, 2/1/2029		90,000		108,313
Hill-Rom Holdings, Inc., 144A, 4.375%, 9/15/2027		85,000		89,798
IQVIA, Inc., 144A, 5.0%, 5/15/2027		220,000		233,865
Legacy LifePoint Health LLC, 144A, 6.75%, 4/15/2025		135,000		144,964
LifePoint Health, Inc., 144A, 5.375%, 1/15/2029		150,000		149,677
Molina Healthcare, Inc., 144A, 4.375%, 6/15/2028		100,000		105,250
Prime Healthcare Services, Inc., 144A, 7.25%, 11/1/2025		50,000		53,125
RegionalCare Hospital Partners Holdings, Inc., 144A, 9.75%, 12/1/2026		60,000		66,000

	Principal Amount ($)(a)		Value ($)
RP Escrow Issuer LLC, 144A, 5.25%, 12/15/2025		45,000		47,028
Select Medical Corp., 144A, 6.25%, 8/15/2026		125,000		134,615
Syneos Health, Inc., 144A, 3.625%, 1/15/2029		100,000		100,277
Tenet Healthcare Corp.:
4.625%, 7/15/2024		50,000		51,251
144A, 4.875%, 1/1/2026		190,000		198,761
144A, 5.125%, 11/1/2027		150,000		158,812
144A, 6.125%, 10/1/2028		85,000		88,568
144A, 6.25%, 2/1/2027		75,000		79,500
144A, 7.5%, 4/1/2025		50,000		54,625
				4,205,607
Industrials 9.7%
ATS Automation Tooling Systems Inc, 144A, 4.125%, 12/15/2028		30,000		30,525
Bombardier, Inc.:
144A, 5.75%, 3/15/2022		159,000		162,223
144A, 6.0%, 10/15/2022		73,000		71,660
144A, 7.5%, 3/15/2025		190,000		176,225
BWX Technologies, Inc., 144A, 5.375%, 7/15/2026		30,000		31,163
Cargo Aircraft Management, Inc., 144A, 4.75%, 2/1/2028		100,000		103,125
Cimpress PLC, 144A, 7.0%, 6/15/2026		150,000		157,687
Clark Equipment Co., 144A, 5.875%, 6/1/2025		55,000		58,025
Colfax Corp., 144A, 6.375%, 2/15/2026		95,000		101,412
Covanta Holding Corp., 5.0%, 9/1/2030		70,000		74,896
CP Atlas Buyer, Inc., 144A, 7.0%, 12/1/2028		13,000		13,520
Delta Air Lines, Inc.:
144A, 4.5%, 10/20/2025		80,000		85,509
144A, 4.75%, 10/20/2028		180,000		196,472
144A, 7.0%, 5/1/2025		120,000		138,546
Energizer Holdings, Inc.:
144A, 4.75%, 6/15/2028		60,000		63,150
144A, 7.75%, 1/15/2027		105,000		116,707
EnerSys, 144A, 4.375%, 12/15/2027		90,000		95,175
Forterra Finance LLC, 144A, 6.5%, 7/15/2025		30,000		32,250
Fortress Transportation and Infrastructure Investors LLC, 144A, 9.75%, 8/1/2027		30,000		34,388
GFL Environmental, Inc.:
144A, 3.75%, 8/1/2025		80,000		82,000
144A, 4.25%, 6/1/2025		40,000		41,500
144A, 5.125%, 12/15/2026		50,000		53,188
Hillenbrand, Inc., 5.75%, 6/15/2025		160,000		172,800
Howmet Aerospace, Inc., 6.875%, 5/1/2025		140,000		163,800
Itron, Inc., 144A, 5.0%, 1/15/2026		140,000		142,975
Jaguar Holding Co. II:
144A, 4.625%, 6/15/2025		55,000		58,004
144A, 5.0%, 6/15/2028		45,000		48,038
Masonite International Corp., 144A, 5.375%, 2/1/2028		74,000		79,457
MasTec, Inc., 144A, 4.5%, 8/15/2028		60,000		63,000

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

10 | Deutsche DWS Variable Series II — DWS High Income VIP

	Principal Amount ($)(a)		Value ($)
Mileage Plus Holdings LLC, 144A, 6.5%, 6/20/2027		130,000		139,750
Moog, Inc., 144A, 4.25%, 12/15/2027		160,000		166,000
Nielsen Finance LLC, 144A, 5.625%, 10/1/2028		165,000		179,281
Prime Security Services Borrower LLC:
144A, 3.375%, 8/31/2027		70,000		69,475
144A, 5.75%, 4/15/2026		135,000		147,825
144A, 6.25%, 1/15/2028		275,000		295,237
Sensata Technologies, Inc., 144A, 3.75%, 2/15/2031		50,000		51,829
Signature Aviation U.S. Holdings, Inc., 144A, 4.0%, 3/1/2028		155,000		156,031
Spirit AeroSystems, Inc., 144A, 7.5%, 4/15/2025		50,000		53,625
Spirit Loyalty Cayman Ltd., 144A, 8.0%, 9/20/2025		190,000		212,800
Stericycle, Inc., 144A, 3.875%, 1/15/2029		16,000		16,440
Summit Materials LLC, 144A, 5.25%, 1/15/2029		30,000		31,500
Tennant Co., 5.625%, 5/1/2025		30,000		31,238
TransDigm, Inc.:
5.5%, 11/15/2027		115,000		120,899
144A, 6.25%, 3/15/2026		335,000		356,775
144A, 8.0%, 12/15/2025		60,000		66,318
Triumph Group, Inc., 144A, 6.25%, 9/15/2024		42,000		41,580
U.S. Concrete, Inc., 144A, 5.125%, 3/1/2029		30,000		30,900
Vertical U.S. Newco, Inc., 144A, 5.25%, 7/15/2027		200,000		212,000
WESCO Distribution, Inc.:
144A, 7.125%, 6/15/2025		40,000		43,993
144A, 7.25%, 6/15/2028		105,000		119,415
XPO Logistics, Inc., 144A, 6.25%, 5/1/2025		65,000		69,949
				5,260,280
Information Technology 2.2%
Austin BidCo, Inc., 144A, 7.125%, 12/15/2028		30,000		31,313
Banff Merger Sub, Inc., 144A, 9.75%, 9/1/2026		75,000		81,011
Boxer Parent Co., Inc., 144A, 7.125%, 10/2/2025		60,000		65,127
Camelot Finance SA, 144A, 4.5%, 11/1/2026		55,000		57,406
Change Healthcare Holdings LLC, 144A, 5.75%, 3/1/2025		210,000		214,200
Microchip Technology, Inc., 144A, 4.25%, 9/1/2025		140,000		148,112
MTS Systems Corp., 144A, 5.75%, 8/15/2027		32,000		34,726
Presidio Holdings, Inc.:
144A, 4.875%, 2/1/2027		50,000		53,039
144A, 8.25%, 2/1/2028		30,000		33,075
Rackspace Technology Global, Inc., 144A, 5.375%, 12/1/2028		110,000		115,247
Science Applications International Corp., 144A, 4.875%, 4/1/2028		30,000		31,800
Seagate HDD Cayman:
144A, 3.125%, 7/15/2029		35,000		35,004
144A, 3.375%, 7/15/2031		15,000		15,081

	Principal Amount ($)(a)		Value ($)
SS&C Technologies, Inc., 144A, 5.5%, 9/30/2027		85,000		90,782
TTM Technologies, Inc., 144A, 5.625%, 10/1/2025		155,000		158,681
Unisys Corp., 144A, 6.875%, 11/1/2027		41,000		44,793
				1,209,397
Materials 10.3%
Arconic Corp., 144A, 6.125%, 2/15/2028		150,000		161,719
Berry Global, Inc., 144A, 5.625%, 7/15/2027		15,000		16,130
Cascades, Inc.:
144A, 5.125%, 1/15/2026		10,000		10,563
144A, 5.375%, 1/15/2028		45,000		47,827
CF Industries, Inc., 5.15%, 3/15/2034		30,000		36,864
Chemours Co.:
5.375%, 5/15/2027 (b)		95,000		101,175
144A, 5.75%, 11/15/2028		290,000		295,800
Clearwater Paper Corp.:
144A, 4.75%, 8/15/2028		80,000		82,800
144A, 5.375%, 2/1/2025		110,000		119,212
Cleveland-Cliffs, Inc., 144A, 6.75%, 3/15/2026		125,000		135,000
Constellium SE:
144A, 5.75%, 5/15/2024		250,000		255,105
144A, 6.625%, 3/1/2025		250,000		255,312
Element Solutions, Inc., 144A, 3.875%, 9/1/2028		50,000		51,438
First Quantum Minerals Ltd.:
144A, 6.875%, 3/1/2026		200,000		208,500
144A, 6.875%, 10/15/2027		300,000		325,500
Freeport-McMoRan, Inc.:
4.125%, 3/1/2028		270,000		283,162
4.25%, 3/1/2030		150,000		161,625
4.375%, 8/1/2028		90,000		95,625
4.625%, 8/1/2030		90,000		98,775
5.0%, 9/1/2027		105,000		111,300
5.4%, 11/14/2034		70,000		87,587
HB Fuller Co., 4.25%, 10/15/2028		50,000		51,250
Hudbay Minerals, Inc.:
144A, 6.125%, 4/1/2029		100,000		107,750
144A, 7.625%, 1/15/2025		220,000		228,525
Illuminate Buyer LLC, 144A, 9.0%, 7/1/2028		20,000		22,000
Ingevity Corp., 144A, 3.875%, 11/1/2028		70,000		70,525
Kaiser Aluminum Corp., 144A, 4.625%, 3/1/2028		70,000		72,625
Kraton Polymers LLC, 144A, 4.25%, 12/15/2025		65,000		66,306
LABL Escrow Issuer LLC, 144A, 6.75%, 7/15/2026		100,000		108,297
Mauser Packaging Solutions Holding Co., 144A, 7.25%, 4/15/2025		105,000		106,050
Mercer International, Inc., 7.375%, 1/15/2025		175,000		182,112
Methanex Corp.:
5.125%, 10/15/2027		180,000		195,638
5.25%, 12/15/2029		50,000		54,186
Nouryon Holding BV, 144A, 8.0%, 10/1/2026		150,000		159,375
Novelis Corp.:
144A, 4.75%, 1/30/2030		375,000		404,012
144A, 5.875%, 9/30/2026		230,000		240,350

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

Deutsche DWS Variable Series II — DWS High Income VIP | 11

	Principal Amount ($)(a)		Value ($)
Rayonier AM Products, Inc., 144A, 7.625%, 1/15/2026		30,000		31,283
Tronox Finance PLC, 144A, 5.75%, 10/1/2025		266,000		275,975
Tronox, Inc.:
144A, 6.5%, 5/1/2025		30,000		32,100
144A, 6.5%, 4/15/2026		192,000		199,920
				5,549,298
Real Estate 4.7%
Cushman & Wakefield U.S. Borrower LLC, 144A, 6.75%, 5/15/2028		120,000		132,300
Iron Mountain, Inc.:
144A, (REIT), 4.875%, 9/15/2029		60,000		63,300
144A, (REIT), 5.0%, 7/15/2028		75,000		79,678
144A, (REIT), 5.25%, 7/15/2030		100,000		108,000
iStar, Inc.:
(REIT), 4.25%, 8/1/2025		100,000		98,750
(REIT), 4.75%, 10/1/2024		170,000		172,125
MGM Growth Properties Operating Partnership LP:
144A, (REIT), 3.875%, 2/15/2029		90,000		92,025
144A, (REIT), 4.625%, 6/15/2025		233,000		249,543
(REIT), 5.75%, 2/1/2027		310,000		347,780
MPT Operating Partnership LP:
(REIT), 3.5%, 3/15/2031		105,000		108,412
(REIT), 4.625%, 8/1/2029		140,000		149,625
Realogy Group LLC, 144A, 7.625%, 6/15/2025		185,000		200,858
Service Properties Trust:
(REIT), 5.5%, 12/15/2027		135,000		147,603
(REIT), 7.5%, 9/15/2025		160,000		184,371
Uniti Group LP:
144A, (REIT), 6.0%, 4/15/2023		60,000		61,200
144A, (REIT), 7.875%, 2/15/2025		110,000		118,163
VICI Properties LP:
144A, (REIT), 3.5%, 2/15/2025		10,000		10,228
144A, (REIT), 3.75%, 2/15/2027		30,000		30,675
144A, (REIT), 4.125%, 8/15/2030		155,000		163,623
144A, (REIT), 4.625%, 12/1/2029		16,000		17,120
				2,535,379
Utilities 4.4%
AmeriGas Partners LP:
5.5%, 5/20/2025		205,000		227,037
5.75%, 5/20/2027		110,000		125,146
Calpine Corp.:
144A, 4.5%, 2/15/2028		155,000		161,200
144A, 4.625%, 2/1/2029		30,000		30,848
144A, 5.0%, 2/1/2031		45,000		47,025
Clearway Energy Operating LLC, 144A, 4.75%, 3/15/2028		165,000		176,963
NextEra Energy Operating Partners LP, 144A, 4.25%, 7/15/2024		210,000		224,700
NRG Energy, Inc.:
144A, 3.375%, 2/15/2029		30,000		30,714
144A, 3.625%, 2/15/2031		145,000		149,176
144A, 5.25%, 6/15/2029		157,000		172,700
5.75%, 1/15/2028		200,000		218,500
Pattern Energy Operations LP, 144A, 4.5%, 8/15/2028		90,000		94,950

	Principal Amount ($)(a)			Value ($)
PG&E Corp., 5.0%, 7/1/2028		125,000			133,125
Pike Corp., 144A, 5.5%, 9/1/2028		30,000			31,688
Talen Energy Supply LLC:
144A, 7.25%, 5/15/2027		190,000			202,350
144A, 7.625%, 6/1/2028		60,000			64,650
Vistra Operations Co. LLC:
144A, 5.0%, 7/31/2027		220,000			233,200
144A, 5.625%, 2/15/2027		55,000			58,500
					2,382,472
Total Corporate Bonds (Cost $49,187,240)					52,412,337
Loan Participations and Assignments 0.8%
Senior Loans **
Brand Energy & Infrastructure Services, Inc., Term Loan, 3-month USD-LIBOR + 4.250%, 5.25%, 6/21/2024		169,561			165,714
Endo Luxembourg Finance Company I S.a r.l., Term Loan B, 3-month USD-LIBOR + 4.250%, 5.0%, 4/29/2024		177,698			175,477
Flex Acquisition Co., Inc., Frist Lien Term Loan, 3-month USD-LIBOR + 3.000%, 4.0%, 12/29/2023		80,931			80,679
Total Loan Participations and Assignments (Cost $414,717)					421,870
	Shares			Value ($)
Common Stocks 0.0%
Industrials
Quad Graphics, Inc. (Cost $0)		287			1,096
Warrants 0.1%
Materials
Hercules Trust II, Expiration Date 3/31/2029* (d) (Cost $244,286)		1,100			52,471
Securities Lending Collateral 1.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (e) (f) (Cost $633,205)		633,205			633,205
Cash Equivalents 1.5%
DWS Central Cash Management Government Fund, 0.080% (e) (Cost $843,071)		843,071			843,071
	% of Net Assets			Value ($)
Total Investment Portfolio (Cost $51,322,519)		100.5			54,364,050
Other Assets and Liabilities, Net		(0.5	)		(257,085	)
Net Assets		100.0			54,106,965

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

12 | Deutsche DWS Variable Series II — DWS High Income VIP

A summary of the Fund’s transactions with affiliated investments during the year ended December 31, 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 ($)		Number of Shares at 12/31/2020		Value ($) at 12/31/2020
Securities Lending Collateral 1.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (e) (f)
361,289		271,916	(g)		—		—		—		1,821		—		633,205		633,205
Cash Equivalents 1.5%
DWS Central Cash Management Government Fund, 0.08% (e)
2,187,480		27,038,416			28,382,825		—		—		7,012		—		843,071		843,071
2,548,769		27,310,332			28,382,825		—		—		8,833		—		1,476,276		1,476,276

** Variable or floating rate security. These securities are shown at their current rate as of December 31, 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.

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

(b) All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at December 31, 2020 amounted to $604,414, which is 1.1% of net assets.

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

(d) Investment was valued using significant unobservable inputs.

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

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

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

LIBOR: London Interbank Offered Rate

REG S: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.

REIT: Real Estate Investment Trust

As of December 31, 2020, the Fund had the following open forward foreign currency contracts:

Contracts to Deliver		In Exchange For		Settlement Date	Unrealized Appreciation ($)		Counterparty
EUR	978,534	USD	1,196,511	1/29/2021		223	BNP Paribas SA

Currency Abbreviations

EUR Euro

USD United States Dollar

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

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

Deutsche DWS Variable Series II — DWS High Income VIP | 13

Fair Value Measurements

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

The following is a summary of the inputs used as of December 31, 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
Fixed Income Investments
Corporate Bonds (h)	$	—	$	52,412,337	$	—	$	52,412,337
Loan Participations and Assignments		—		421,870		—		421,870
Common Stocks		1,096		—		—		1,096
Warrants		—		—		52,471		52,471
Short-Term Investments (h)		1,476,276		—		—		1,476,276
Derivatives (i)
Forward Foreign Currency Contracts		—		223		—		223
Total	$	1,477,372	$	52,834,430	$	52,471	$	54,364,273

(h) See Investment Portfolio for additional detailed categorizations.

(i) Derivatives include unrealized appreciation (depreciation) on open forward foreign currency contracts.

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

14 | Deutsche DWS Variable Series II — DWS High Income VIP

Statement of Assets and Liabilities

as of December 31, 2020
Assets
Investments in non-affiliated securities, at value (cost $49,846,243) — including $604,414 of securities loaned	$	52,887,774
Investment in DWS Government & Agency Securities Portfolio (cost $633,205)*		633,205
Investment in DWS Central Cash Management Government Fund (cost $843,071)		843,071
Cash		2,737
Foreign currency, at value (cost $10,298)		10,287
Receivable for investments sold — when-issued/delayed delivery securities		35,729
Receivable for Fund shares sold		20,676
Interest receivable		776,526
Unrealized appreciation on forward foreign currency contracts		223
Other assets		1,129
Total assets		55,211,357
Liabilities
Payable upon return of securities loaned		633,205
Payable for investments purchased		166,593
Payable for investments purchased — when-issued/delayed delivery securities		155,000
Payable for Fund shares redeemed		11,415
Accrued management fee		29,234
Accrued Trustees’ fees		1,628
Other accrued expenses and payables		107,317
Total liabilities		1,104,392
Net assets, at value	$	54,106,965
Net Assets Consist of
Distributable earnings (loss)		(2,082,822	)
Paid-in capital		56,189,787
Net assets, at value	$	54,106,965
Net Asset Value
Class A
Net Asset Value, offering and redemption price per share ($53,959,166 ÷ 8,668,128 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	6.23
Class B
Net Asset Value, offering and redemption price per share ($147,799 ÷ 23,669 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	6.24

* Represents collateral on securities loaned.

Statement of Operations

for the year ended December 31, 2020
Investment Income
Income:
Interest	$	2,890,941
Income distributions — DWS Central Cash Management Government Fund		7,012
Securities lending income, net of borrower rebates		1,821
Total income		2,899,774
Expenses:
Management fee		260,892
Administration fee		50,888
Services to Shareholders		895
Record keeping fee (Class B)		214
Distribution service fees (Class B)		371
Custodian fee		7,841
Professional fees		89,150
Reports to shareholders		36,343
Trustees’ fees and expenses		3,595
Other		3,995
Total expenses before expense reductions		454,184
Expense reductions		(88,318	)
Total expenses after expense reductions		365,866
Net investment income		2,533,908
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(743,582	)
Forward foreign currency contracts		(216,701	)
Foreign currency		68,229
		(892,054	)
Change in net unrealized appreciation (depreciation) on:
Investments		1,331,238
Forward foreign currency contracts		9,850
Foreign currency		177
		1,341,265
Net gain (loss)		449,211
Net increase (decrease) in net assets resulting from operations	$	2,983,119

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

Deutsche DWS Variable Series II — DWS High Income VIP | 15

Statements of Changes in Net Assets

	Years Ended December 31,
Increase (Decrease) in Net Assets	2020			2019
Operations:
Net investment income (loss)	$	2,533,908		$	2,819,135
Net realized gain (loss)		(892,054	)		(118,561	)
Change in net unrealized appreciation (depreciation)		1,341,265			5,181,906
Net increase (decrease) in net assets resulting from operations		2,983,119			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		6,977,525			5,665,153
Reinvestment of distributions		2,873,076			3,177,995
Payments for shares redeemed		(11,869,783	)		(9,540,349	)
Net increase (decrease) in net assets from Class A share transactions		(2,019,182	)		(697,201	)
Class B
Proceeds from shares sold		9,694			16,476
Reinvestment of distributions		8,104			7,539
Payments for shares redeemed		(29,136	)		(11,195	)
Net increase (decrease) in net assets from Class B share transactions		(11,338	)		12,820
Increase (decrease) in net assets		(1,928,581	)		4,012,565
Net assets at beginning of period		56,035,546			52,022,981
Net assets at end of period	$	54,106,965		$	56,035,546
Other Information
Class A
Shares outstanding at beginning of period		8,976,023			9,081,584
Shares sold		1,182,798			944,540
Shares issued to shareholders in reinvestment of distributions		536,022			543,247
Shares redeemed		(2,026,715	)		(1,593,348	)
Net increase (decrease) in Class A shares		(307,895	)		(105,561	)
Shares outstanding at end of period		8,668,128			8,976,023
Class B
Shares outstanding at beginning of period		25,470			23,418
Shares sold		1,573			2,669
Shares issued to shareholders in reinvestment of distributions		1,501			1,282
Shares redeemed		(4,875	)		(1,899	)
Net increase (decrease) in Class B shares		(1,801	)		2,052
Shares outstanding at end of period		23,669			25,470

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

16 | Deutsche DWS Variable Series II — DWS High Income VIP

Financial Highlights

DWS High Income VIP — Class A

	Years Ended December 31,
	2020			2019			2018			2017			2016
Selected Per Share Data
Net asset value, beginning of period	$	6.23			$5.71			$6.36			$6.28			$5.93
Income (loss) from investment operations:
Net investment incomea		.29			.31			.33			.31			.32
Net realized and unrealized gain (loss)		.04			.56			(.48	)		.15			.41
Total from investment operations		.33			.87			(.15	)		.46			.73
Less distributions from:
Net investment income		(.33	)		(.35	)		(.50	)		(.38	)		(.38	)
Net asset value, end of period	$	6.23			$6.23			$5.71			$6.36			$6.28
Total Return (%)b		6.24			15.69			(2.52	)		7.51			12.87
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		54			56			52			61			100
Ratio of expenses before expense reductions (%)c		.87			.96			.94			.78			.80
Ratio of expenses after expense reductions (%)c		.70			.68			.69			.72			.72
Ratio of net investment income (%)		4.86			5.09			5.41			4.98			5.38
Portfolio turnover rate (%)		94			82			62			71			77

^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.

DWS High Income VIP — Class B

	Years Ended December 31,
	2020			2019			2018			2017			2016
Selected Per Share Data
Net asset value, beginning of period	$	6.25			$5.73			$6.38			$6.30			$5.94
Income (loss) from investment operations:
Net investment incomea		.27			.29			.31			.31			.31
Net realized and unrealized gain (loss)		.04			.57			(.48	)		.13			.41
Total from investment operations		.31			.86			(.17	)		.44			.72
Less distributions from:
Net investment income		(.32	)		(.34	)		(.48	)		(.36	)		(.36	)
Net asset value, end of period	$	6.24			$6.25			$5.73			$6.38			$6.30
Total Return (%)b		5.77			15.33			(2.76	)		7.21			12.67
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		.1			.2			.1			.1			2
Ratio of expenses before expense reductions (%)c		1.30			1.40			1.34			1.15			1.21
Ratio of expenses after expense reductions (%)c		1.05			.94			.96			.98			.98
Ratio of net investment income (%)		4.52			4.82			5.14			4.88			5.15
Portfolio turnover rate (%)		94			82			62			71			77

^a  Based on average shares outstanding during the period.

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

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

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

Deutsche DWS Variable Series II — DWS High Income VIP | 17

Notes to Financial Statements

A. Organization and Significant Accounting Policies

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

Multiple Classes of Shares of Beneficial Interest. The Fund offers two classes of shares (Class A shares and Class B shares). Sales of Class B shares are subject to recordkeeping fees of 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 and recordkeeping fees). Differences in class-level expenses may result in payment of different per share dividends by class. All shares have equal rights with respect to voting subject to class-specific arrangements.

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

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

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

Debt securities and loan participations and assignments are valued at prices supplied by independent pricing services approved by the Fund’s Board. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, prepayment speeds and other data, as well as broker quotes. If the pricing services are unable to provide valuations, debt securities are valued at the average of the most recent reliable bid quotations or evaluated prices, as applicable, obtained from broker-dealers and loan participations and assignments are valued at the mean of the most recent bid and ask quotations or evaluated prices, as applicable, obtained from broker-dealers. Certain securities may be valued on the basis of a price provided by a single source or broker-dealer. No active trading market may exist for some senior loans and they may be subject to restrictions on resale. The inability to dispose of senior loans in a timely fashion could result in losses. These securities are generally categorized as Level 2.

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

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

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

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price

18 | 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 year ended December 31, 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 (0.06% annualized effective rate as of December 31, 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 December 31, 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.

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

At December 31, 2020, the Fund had a net tax basis capital loss carryforward of approximately $7,538,000, which may be applied against realized net taxable capital gains indefinitely, including short-term losses ($1,009,000) and long-term losses ($6,529,000).

The Fund has reviewed the tax positions for the open tax years as of December 31, 2020 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.

Deutsche DWS Variable Series II — DWS High Income VIP | 19

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 foreign denominated investments. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.

At December 31, 2020, the Fund’s components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income*	$	2,428,599
Capital loss carryforwards	$	(7,538,000	)
Net unrealized appreciation (depreciation) on investments	$	3,026,544

At December 31, 2020, the aggregate cost of investments for federal income tax purposes was $51,337,506. The net unrealized appreciation for all investments based on tax cost was $3,026,544. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $3,262,983 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $236,439.

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

	Years Ended December 31,
	2020		2019
Distributions from ordinary income*	$	2,881,180	$	3,185,534

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

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

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

Other. Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on ex-dividend date. Realized gains and losses from investment transactions are recorded on an identified cost basis. Proceeds from litigation payments, if any, are included in net realized gain (loss) from investments. All discounts and premiums are accreted/amortized for both tax and financial reporting purposes for the Fund, with the exception of securities in default of principal.

B. Derivative Instruments

Forward Foreign Currency Exchange Contracts. A forward foreign currency exchange contract (“forward currency contract”) is a commitment to purchase or sell a foreign currency at the settlement date at a negotiated rate. For the year ended December 31, 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

20 | Deutsche DWS Variable Series II — DWS High Income VIP

contracts. The maximum counterparty credit risk to the Fund is measured by the unrealized gain on appreciated contracts. Additionally, when utilizing forward currency contracts to hedge, the Fund gives up the opportunity to profit from favorable exchange rate movements during the term of the contract.

A summary of the open forward currency contracts as of December 31, 2020 is included in a table following the Fund’s Investment Portfolio. For the year ended December 31, 2020, the investment in forward currency contracts short vs. U.S. dollars had a total contract value generally indicative of a range from approximately $880,000 to $1,866,000, 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 $142,000.

The following table summarizes the value of the Fund’s derivative instruments held as of December 31, 2020 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

Asset Derivative	Forward Contract
Foreign Exchange contracts (a)	$	223

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

(a) Unrealized appreciation on forward foreign currency contracts.

Additionally, the amount of unrealized and realized gains and losses on derivative instruments recognized in Fund earnings during the year ended December 31, 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)	$	(216,701	)

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)	$	9,850

The above derivative is located in the following Statement of Operations accounts:

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

As of December 31, 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 table:

Counterparty	Gross Amounts of Assets Presented in the Statement of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset		Collateral Received		Net Amount of Derivative Assets
BNP Paribas SA	$	223	$	—	$	—	$	223

C. Purchases and Sales of Securities

During the year ended December 31, 2020, purchases and sales of investment transactions (excluding short-term investments and U.S. Treasury securities) aggregated $47,976,841 and $48,794,547, respectively.

D. Related Parties

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

Deutsche DWS Variable Series II — DWS High Income VIP | 21

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	.500	%
Next $750 million	.470	%
Next $1.5 billion	.450	%
Next $2.5 billion	.430	%
Next $2.5 billion	.400	%
Next $2.5 billion	.380	%
Next $2.5 billion	.360	%
Over $12.5 billion	.340	%

Accordingly, for the year ended December 31, 2020, the fee pursuant to the Investment Management Agreement was equivalent to an annual rate (exclusive of any applicable waivers/reimbursements) of 0.50% of the Fund’s average daily net assets.

For the period from January 1, 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 September 30, 2021 (through April 30, 2021 for Class B shares), 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 year ended December 31, 2020, fees waived and/or expenses reimbursed for each class were as follows:

Class A	$	87,938
Class B		380
	$	88,318

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 the Advisor 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 year ended December 31, 2020, the Administration Fee was $50,888, of which $4,426 is unpaid.

Service Provider Fees. DWS Service Company (“DSC”), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and DST Systems, Inc. (“DST”), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the year ended December 31, 2020, the amounts charged to the Fund by DSC were as follows:

Services to Shareholders	Total Aggregated		Unpaid at December 31, 2020
Class A	$	285	$	53
Class B		58		11
	$	343	$	64

22 | 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 year ended December 31, 2020, the Distribution Service Fee was $371, of which $29 is unpaid.

Other Service Fees. Under an agreement with the Fund, DIMA is compensated for providing certain pre-press and regulatory filing services to the Fund. For the year ended December 31, 2020, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders” aggregated $9,789, of which $4,164 is unpaid.

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

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

Security Lending Fees. Deutsche Bank AG serves as lending agent for the Fund. For the year ended December 31, 2020, the Fund incurred lending agent fees to Deutsche Bank AG for the amount of $137.

E. Investing in High-Yield Debt Securities

High-yield debt securities or junk bonds are generally regarded as speculative with respect to the issuer’s continuing ability to meet principal and interest payments. The Fund’s performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in the issuer not making timely payments of interest or principal, a security downgrade or an inability to meet a financial obligation. High-yield debt securities’ total return and yield may generally be expected to fluctuate more than the total return and yield of investment-grade debt securities. A real or perceived economic downturn or an increase in market interest rates could cause a decline in the value of high-yield debt securities, result in increased redemptions and/or result in increased portfolio turnover, which could result in a decline in net asset value of the fund, reduce liquidity for certain investments and/or increase costs. High-yield debt securities are often thinly traded and can be more difficult to sell and value accurately than investment-grade debt securities as there may be no established secondary market. Investments in high yield debt securities could increase liquidity risk for the fund. In addition, the market for high-yield debt securities can experience sudden and sharp volatility which is generally associated more with investments in stocks.

F. Ownership of the Fund

At December 31, 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 69% and 21%. One participating insurance company was owner of record of 10% or more of the total outstanding Class B shares of the Fund, owning 81%.

G. 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 December 31, 2020.

Deutsche DWS Variable Series II — DWS High Income VIP | 23

H. Other — COVID-19 Pandemic

A novel coronavirus known as COVID-19, declared a pandemic by the World Health Organization, has caused significant uncertainty, market volatility, decreased economic and other activity and increased government activity. Specifically, COVID-19 has led to significant death and morbidity, and concerns about its further spread have resulted in the closing of schools and non-essential businesses, cancellations, shelter-in place orders, lower consumer spending in certain sectors, social distancing, bans on large social gatherings and travel, quarantines, government economic stimulus measures, reduced productivity, rapid increases in unemployment, increased demand for and strain on government and medical resources, border closings and global trade and supply chain interruptions, among others. The full effects, duration and costs of the COVID-19 pandemic are impossible to predict, and the circumstances surrounding the COVID-19 pandemic will continue to evolve. The pandemic may affect certain countries, industries, economic sectors, companies and investment products more than others, may exacerbate existing economic, political, or social tensions and may increase the probability of an economic recession or depression. The Fund and its investments may be adversely affected by the effects of the COVID-19 pandemic, and a prolonged pandemic may result in the Fund and its service providers experiencing operational difficulties in coordinating a remote workforce and implementing their business continuity plans, among others. 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.

24 | Deutsche DWS Variable Series II — DWS High Income VIP

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Deutsche DWS Variable Series II and Shareholders of DWS High Income VIP:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of DWS High Income VIP (the “Fund”) (one of the funds constituting Deutsche DWS Variable Series II) (the “Trust”), including the investment portfolio, as of December 31, 2020, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Deutsche DWS Variable Series II) at December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

Boston, Massachusetts

February 12, 2021

Deutsche DWS Variable Series II — DWS High Income VIP | 25

Information About Your Fund’s Expenses (Unaudited)

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include contract charges, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recent six-month period, the Fund limited these expenses; had it not done so, expenses would have been higher. The example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (July 1, 2020 to December 31, 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 December 31, 2020
Actual Fund Return	Class A		Class B
Beginning Account Value 7/1/20	$	1,000.00	$	1,000.00
Ending Account Value 12/31/20	$	1,106.60	$	1,102.50
Expenses Paid per $1,000*	$	3.76	$	5.81
Hypothetical 5% Fund Return	Class A		Class B
Beginning Account Value 7/1/20	$	1,000.00	$	1,000.00
Ending Account Value 12/31/20	$	1,021.57	$	1,019.61
Expenses Paid per $1,000*	$	3.61	$	5.58

* Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recent six-month period), then divided by 366.

Annualized Expense Ratios	Class A			Class B
Deutsche DWS Variable Series II — DWS High Income VIP		.71	%		1.10	%

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.

26 | Deutsche DWS Variable Series II — DWS High Income VIP

Tax Information (Unaudited)

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

Proxy Voting

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

Deutsche DWS Variable Series II — DWS High Income VIP | 27

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 2020.

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

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

– The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board 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”).

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

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

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

As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund’s performance. In many cases, this led to the negotiation and implementation of expense caps.

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 also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential impact to DIMA from such risks and DIMA’s approach to addressing such risks. 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 the information provided, the Board noted that, for the one-, three- and five-year periods ended December 31, 2019, the Fund’s performance (Class A shares) was in the 1st quartile, 1st quartile and

28 | Deutsche DWS Variable Series II — DWS High Income VIP

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 outperformed its benchmark in the one- and three-year periods and has underperformed its benchmark in the five-year period ended December 31, 2019.

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, 2019). The Board noted that, effective March 1, 2020, the fee paid to DIMA under the Fund’s administrative services agreement was reduced to 0.097%. 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, 2019, 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.

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.

Deutsche DWS Variable Series II — DWS High Income VIP | 29

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.

The Board also considered that on September 24, 2020, the SEC granted a temporary order permitting DIMA and its affiliates to continue providing investment advisory and underwriting services to the DWS Funds notwithstanding a consent order entered into by Deutsche Bank AG on June 17, 2020 (the “Consent Order”). The Board noted that the temporary order was granted effective as of the date of the Consent Order. The Board also noted various representations by DIMA to the Board relating to the Consent Order, including that the conduct giving rise to the Consent Order (unintentional conduct that resulted from a system outage that prevented Deutsche Bank AG from reporting data in accordance with applicable CFTC requirements for five days in April 2016) did not involve any DWS Fund or services DIMA and its affiliates provide to the DWS Funds, that DIMA and its personnel had no involvement in the alleged conduct giving rise to the Consent Order, and that the DWS Funds would not bear any financial impact or costs relating to the Consent Order.

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.

30 | Deutsche DWS Variable Series II — DWS High Income VIP

Board Members and Officers

The following table presents certain information regarding the Board Members and Officers of the Trust/Corporation. Each Board Member’s year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the Trust/Corporation. Because the Fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period.

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

Independent Board Members
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen		Other Directorships Held by Board Member
Keith R. Fox, CFA (1954) Chairperson since 2017, and Board Member since 1996	Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); former Chairman, National Association of Small Business Investment Companies; former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) (2011–2012)		73	—
John W. Ballantine (1946) Board Member since 1999	Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); former Directorships: Director and Chairman of the Board, Healthways, Inc.2 (population well-being and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak Brook Bank; and Prisma Energy International. Not-for-Profit Director/Trustee: Palm Beach Civic Association; Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; former Not-for-Profit Directorships: Public Radio International		73	Portland General Electric2 (utility company) (2003– present)
Dawn-Marie Driscoll (1946) Board Member since 1987	Emeritus Executive Fellow, Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988). Directorships: Advisory Board, Center for Business Ethics, Bentley University; Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)		73	—
Richard J. Herring (1946) Board Member since 1990	Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (since July 1972); Director, The Wharton Financial Institutions Center (since 1994); formerly: Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee since 2011, member Systemic Risk Council since 2012 and member of the Advisory Board at the Yale Program on Financial Stability since 2013; Formerly Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), and Nonexecutive Director of Barclays Bank DE (2010–2018)		73	Director, Aberdeen Japan Fund (since 2007)
William McClayton (1944) Board Member since 2004	Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001–2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966–2001); Trustee, Ravinia Festival		73	—

Deutsche DWS Variable Series II — DWS High Income VIP | 31

Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen		Other Directorships Held by Board Member
Rebecca W. Rimel (1951) Board Member since 1995	Senior Advisor, The Pew Charitable Trusts (charitable organization) (since July 2020); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012); President, Chief Executive Officer and Director, The Pew Charitable Trusts (charitable organization) (1994–2020)		73	Director, Becton Dickinson and Company2 (medical technology company) (2012– present); Director, BioTelemetry Inc.2 (health care) (2009– present)
William N. Searcy, Jr. (1946) Board Member since 1993	Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012)		73	—

Officers4
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served5	Business Experience and Directorships During the Past Five Years
Hepsen Uzcan6 (1974) President and Chief Executive Officer, 2017–present	Managing Director3, DWS; Secretary, DWS USA Corporation (2018–present); Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–present); Director and President, DB Investment Managers, Inc. (2018–present); President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2013–2020); Directorships: Interested Director, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since June 25, 2020); ICI Mutual Insurance Company (since October 16, 2020); and Episcopalian Charities of New York (2018–present)
John Millette7 (1962) Vice President and Secretary, 1999–present	Director,3 DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX ETF Trust (2020–present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); Assistant Secretary, DBX ETF Trust (2019–2020); Assistant Secretary (July 14, 2006–December 31, 2010) and Secretary (January 31, 2006–July 13, 2006), The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc.
Ciara Crawford8 (1984) Assistant Secretary, (2019–present)	Associate, DWS (since 2015); previously, Legal Assistant at Accelerated Tax Solutions.
Diane Kenneally7 (1966) Chief Financial Officer and Treasurer, 2018–present	Director,3 DWS; Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds (2007–2018)
Paul Antosca7 (1957) Assistant Treasurer, 2007–present	Director,3 DWS; and Assistant Treasurer, DBX ETF Trust (2019–present)
Sheila Cadogan7 (1966) Assistant Treasurer, 2017–present	Director,3 DWS; Director and Vice President, DWS Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present)
Scott D. Hogan7 (1970) Chief Compliance Officer, 2016–present	Director,3 DWS; Chief Compliance Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2016–present)
Caroline Pearson7 (1962) Chief Legal Officer, 2010–present	Managing Director3, DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, DBX Advisors LLC and DBX Strategic Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); and Secretary, Deutsche AM Service Company (2010–2017)

32 | Deutsche DWS Variable Series II — DWS High Income VIP

Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served5	Business Experience and Directorships During the Past Five Years
Michelle Goveia-Pine6 (1970) Interim Anti-Money Laundering Compliance Officer, since July 10, 2020	Director,3 DWS; Interim AML Officer, DWS Trust Company (since July 28, 2020); Interim AML Officer, DBX ETF Trust (since July 9, 2020); Interim AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since July 24, 2020)

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

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

³  Executive title, not a board directorship.

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

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

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

⁷  Address: 100 Summer Street, Boston, MA 02110.

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

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

Deutsche DWS Variable Series II — DWS High Income VIP | 33

Notes

Notes

VS2HI-2 (R-025832-10 2/21)

December 31, 2020

Annual Report

Deutsche DWS Variable Series II

DWS International Growth VIP

Contents

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

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

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.

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

2 | Deutsche DWS Variable Series II — DWS International Growth VIP

Performance Summary December 31, 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 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.

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

Growth of an Assumed $10,000 Investment

MSCI All Country World ex-USA Index is an unmanaged equity index which captures large and mid-capitalization representation across 22 of 23 developed markets countries excluding the U.S. and 26 emerging markets countries. It covers approximately 85% of the global equity opportunity set outside of the U.S.   Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.   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		1-Year	3-Year	5-Year	10-Year
Class A	Growth of $10,000	$12,269	$13,413	$17,454	$21,393
	Average annual total return	22.69%	10.28%	11.78%	7.90%
MSCI All Country World ex-USA Index	Growth of $10,000	$11,065	$11,537	$15,334	$16,163
	Average annual total return	10.65%	4.88%	8.93%	4.92%
DWS International Growth VIP		1-Year	3-Year	5-Year	10-Year
Class B	Growth of $10,000	$12,229	$13,293	$17,214	$20,731
	Average annual total return	22.29%	9.95%	11.47%	7.56%
MSCI All Country World ex-USA Index	Growth of $10,000	$11,065	$11,537	$15,334	$16,163
	Average annual total return	10.65%	4.88%	8.93%	4.92%

The growth of $10,000 is cumulative.

Deutsche DWS Variable Series II — DWS International Growth VIP | 3

Management Summary December 31, 2020 (Unaudited)

The Fund’s Class A shares returned 22.69% in 2020 (unadjusted for contract charges), outperforming the 10.65% return of the MSCI All-Country World ex-USA Index by a comfortable margin. The Fund outpaced the index in the three-, five-, and 10-year periods that ended on December 31, 2020.

Our emphasis on growing, innovative companies was a key factor in the Fund’s strong showing in 2020. Growth stocks, in general, delivered returns that were well ahead of their value counterparts, creating a tailwind for our strategy relative to the blended benchmark. Our growth-oriented approach also led us to hold an underweight position in energy, the worst performer among the eleven major sectors, as well as an overweight in information technology, the top performer. Stock selection was also a sizable contributor, with the best results occurring in the health care, industrial, and financials sectors. The growth-oriented communication services and information technology sectors were additional areas of strength.

Lonza Group AG (Switzerland) was the leading contributor at the company level. The stock was boosted by robust demand in its core business and expectations that it will be a preferred manufacturer of COVID-19 vaccines and treatments. Farfetch Ltd. (United Kingdom), which operates a marketplace for luxury goods, was another top performer. The social media company Momo, Inc. (China) and the food-services provider Compass Group PLC (United Kingdom), both of which were adversely affected by the lockdowns, were the largest detractors.

Amid the elevated uncertainty associated with COVID-19, we remained guided by our longstanding approach of investing in high-quality, innovative businesses that we believe can grow irrespective of the macroeconomic environment. As part of this process, we added new holdings in stocks we viewed as being especially well suited to navigate the cross-currents resulting from the pandemic. For example, we established positions in the German health care companies Sartorius AG and Evotec SE. Both benefited from accelerating demand for their products and services, as well as increased funding for drug development related to the coronavirus and other conditions. We also added a position in Zur Rose Group AG (Switzerland), the operator of Germany’s leading online pharmacy. Later in the year, as the likelihood of a vaccine increased, we looked for secular growth stocks that stood to benefit from a reopening. Among these were Rentokil Initial PLC, a global business services company focused on hygiene, sanitation, and pest control, and the industrial semiconductor designer NXP Semiconductors NV (Netherlands). Conversely, we sold several holdings where the long-term outlook had deteriorated or where the positions had grown beyond their target portfolio weightings.

From a regional perspective, the Fund remained well diversified across Europe, China, Japan, Brazil, and North America. Although we emphasize the developed markets, we look for growth businesses in the emerging markets (as well as companies with a large portion of their revenues from this segment) on the belief that the category features attractive long-term growth prospects. At the sector level, the Fund was overweight in technology, health care, and industrials, and its largest underweights were in financials, utilities, energy, materials, and real estate. This positioning is the result of our bottom-up stock selection process, rather than a top-down view.

We continue to see opportunities in companies that are positioned for long-term, sustainable growth as they capitalize on dynamic and widening addressable markets. We are finding this to be the case not only in growth sectors, but also in more traditional businesses (such as those in the financials, insurance, education, and health care industries) that are quickly embracing new solutions to adapt to the disrupting forces. Many companies in these areas also stand to benefit from the falling costs and increasing productivity that technology-enabled innovation provides.

With visibility remaining clouded due to renewed lockdowns and surging coronavirus cases around the world, we believe it’s essential to calibrate the portfolio’s risk-reward characteristics carefully and ensure the appropriate level of diversification across industries, regions, and stages of the corporate life cycle.

4 | Deutsche DWS Variable Series II — DWS International Growth VIP

Sebastian P. Werner, PhD, Director

Julia A. Merz, PhD, Assistant Vice President

Portfolio Managers

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

Terms to Know

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.

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

Stock selection refers to the performance of the fund’s holdings in a given sector relative to the sector as a whole.

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

Deutsche DWS Variable Series II — DWS International Growth VIP | 5

Portfolio Summary (Unaudited)

Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral)	12/31/20		12/31/19
Common Stocks		96%		97%
Cash Equivalents		2%		1%
Preferred Stocks		1%		0%
Exchange-Traded Funds		1%		2%
		100%		100%
Sector Diversification (As a % of Investment Portfolio excluding Exchange-Traded Funds, Securities Lending Collateral and Cash Equivalents)	12/31/20		12/31/19
Information Technology		24%		18%
Health Care		16%		15%
Industrials		15%		15%
Financials		13%		19%
Consumer Discretionary		13%		14%
Consumer Staples		7%		7%
Communication Services		6%		5%
Materials		5%		5%
Energy		1%		2%
		100%		100%
Geographical Diversification (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents)	12/31/20		12/31/19
Germany		15%		13%
France		12%		13%
Japan		10%		10%
Switzerland		9%		9%
China		8%		8%
United States		8%		8%
Canada		7%		9%
Netherlands		6%		4%
United Kingdom		4%		4%
Ireland		4%		4%
Sweden		3%		3%
Korea		2%		2%
Argentina		2%		2%
Taiwan		2%		1%
Brazil		2%		2%
Singapore		2%		2%
Other		4%		6%
		100%		100%

Portfolio holdings and characteristics are subject to change.

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

Following the Fund’s fiscal first and third quarter-end, a complete portfolio holdings listing is posted on dws.com, and is available free of charge by contacting your financial intermediary, or if you are a direct investor, by calling (800) 728-3337. In addition, the portfolio holdings listing is filed with the SEC on the Fund’s Form N-PORT and will be available on the SEC’s Web site at sec.gov. Additional portfolio holdings for the Fund are also posted on dws.com from time to time. Please see the Fund’s current prospectus for more information.

6 | Deutsche DWS Variable Series II — DWS International Growth VIP

Investment Portfolio as of December 31, 2020

	Shares		Value ($)
Common Stocks 96.2%
Argentina 2.1%
Globant SA* (a) (Cost $103,492)		1,860		404,755
Australia 0.3%
Appen Ltd. (Cost $74,288)		3,459		66,143
Brazil 1.8%
Magazine Luiza SA		22,116		106,164
Pagseguro Digital Ltd. “A”* (a)		4,379		249,078
(Cost $176,084)				355,242
Canada 6.5%
Agnico Eagle Mines Ltd.		3,500		246,339
Alimentation Couche-Tard, Inc. “B”		5,515		187,949
Brookfield Asset Management, Inc. “A”		14,194		586,761
Canadian National Railway Co.		2,180		239,665
(Cost $582,363)				1,260,714
China 8.1%
Alibaba Group Holding Ltd. (ADR)*		1,693		394,012
Dada Nexus Ltd. (ADR)*		544		19,856
Minth Group Ltd.		16,870		89,322
Momo, Inc. (ADR)		3,293		45,970
New Oriental Education & Technology Group, Inc. (ADR)*		939		174,476
Ping An Healthcare and Technology Co., Ltd. 144A*		2,100		25,663
Ping An Insurance (Group) Co. of China Ltd. “H”		31,000		380,780
Tencent Holdings Ltd.		6,000		435,837
(Cost $881,540)				1,565,916
France 11.3%
Airbus SE*		1,055		115,927
Capgemini SE		1,239		192,938
Cie de Saint-Gobain*		3,000		138,419
LVMH Moet Hennessy Louis Vuitton SE		795		496,295
Orpea SA*		1,070		141,056
Schneider Electric SE		475		68,954
SMCP SA 144A*		6,128		37,549
Teleperformance		1,001		334,319
TOTAL SE		5,614		242,230
VINCI SA		2,670		266,000
Vivendi SA		5,110		164,890
(Cost $1,719,453)				2,198,577
Germany 13.6%
adidas AG*		327		119,417
Allianz SE (Registered)		1,322		324,522
BASF SE		1,978		156,227
Deutsche Boerse AG		2,634		448,854
Evonik Industries AG		6,335		207,167
Evotec SE*		5,569		206,573
Fresenius Medical Care AG & Co. KGaA		3,825		324,078
LANXESS AG		2,210		170,120
SAP SE		1,621		214,967

	Shares		Value ($)
TeamViewer AG 144A*		6,482		348,836
Wacker Chemie AG		750		107,440
(Cost $2,099,436)				2,628,201
Hong Kong 1.2%
Techtronic Industries Co., Ltd. (Cost $38,072)		16,097		230,502
Ireland 3.5%
Experian PLC		10,233		388,746
Kerry Group PLC “A”		1,977		286,525
(Cost $364,469)				675,271
Japan 10.2%
Daikin Industries Ltd.		1,700		378,268
Fast Retailing Co., Ltd.		300		269,381
Hoya Corp.		2,500		346,190
Kao Corp.		1,100		84,907
Keyence Corp.		800		450,273
MISUMI Group, Inc.		3,911		128,302
Pigeon Corp.		3,900		160,912
Shimadzu Corp.		4,200		163,416
(Cost $1,071,371)				1,981,649
Korea 2.1%
Samsung Electronics Co., Ltd. (Cost $229,761)		5,423		406,183
Luxembourg 1.0%
Eurofins Scientific SE* (Cost $51,777)		2,380		200,151
Macau 0.5%
Sands China Ltd. (Cost $116,661)		22,800		100,729
Netherlands 5.5%
Adyen NV 144A*		59		138,025
ASML Holding NV		513		251,532
ING Groep NV*		16,200		152,107
Koninklijke Philips NV*		4,819		258,448
NXP Semiconductors NV (a)		965		153,445
Prosus NV		1,035		112,604
(Cost $753,689)				1,066,161
Singapore 1.8%
DBS Group Holdings Ltd. (Cost $289,679)		18,300		347,429
South Africa 1.1%
Naspers Ltd. “N” (Cost $235,856)		1,035		213,756
Sweden 3.4%
Assa Abloy AB “B”		3,900		96,271
Hexagon AB “B”		1,068		97,553
Nobina AB 144A*		22,904		193,360
Spotify Technology SA* (a)		866		272,496
(Cost $391,626)				659,680
Switzerland 8.8%
Alcon, Inc.*		632		42,053
Julius Baer Group Ltd.		1,388		79,805
Lonza Group AG (Registered)		823		530,626

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

Deutsche DWS Variable Series II — DWS International Growth VIP | 7

	Shares		Value ($)
Nestle SA (Registered)		3,470		409,127
Novartis AG (Registered)		2,550		241,216
Roche Holding AG (Genusschein)		761		266,357
Zur Rose Group AG*		405		130,009
(Cost $900,558)				1,699,193
Taiwan 2.1%
Taiwan Semiconductor Manufacturing Co., Ltd. (Cost $137,146)		21,000		396,689
United Kingdom 4.1%
Clarivate PLC* (a)		4,760		141,420
Clinigen Group PLC		9,352		86,427
Compass Group PLC		6,985		130,063
Farfetch Ltd. “A”* (a)		2,310		147,401
Halma PLC		4,667		156,579
Rentokil Initial PLC*		19,720		137,620
(Cost $578,465)				799,510
United States 7.2%
Activision Blizzard, Inc.		1,966		182,543
EPAM Systems, Inc.*		1,080		387,018
Marsh & McLennan Companies, Inc.		1,677		196,209
MasterCard, Inc. “A”		594		212,022
NVIDIA Corp.		329		171,804
Schlumberger NV		2,572		56,147
Thermo Fisher Scientific, Inc.		415		193,299
(Cost $537,383)				1,399,042
Total Common Stocks (Cost $11,333,169)				18,655,493

	Shares		Value ($)
Preferred Stocks 0.7%
Germany
Sartorius AG (Cost $84,410)		350		147,633
Exchange-Traded Funds 0.5%
United States
iShares MSCI Japan ETF (Cost $84,057)		1,408		95,124
Cash Equivalents 2.4%
DWS Central Cash Management Government Fund, 0.08% (b) (Cost $458,187)		458,187		458,187
	% of Net Assets		Value ($)
Total Investment Portfolio (Cost $11,959,823)		99.8		19,356,437
Other Assets and Liabilities, Net		0.2		42,498
Net Assets		100.0		19,398,935

A summary of the Fund’s transactions with affiliated investments during the year ended December 31, 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 ($)		Number of Shares at 12/31/2020		Value ($) at 12/31/2020
Securities Lending Collateral —%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (b) (c)
290,624		—		290,624	(d)		—		—		2,173		—		—		—
Cash Equivalents 2.4%
DWS Central Cash Management Government Fund, 0.08% (b)
241,211		4,047,899		3,830,923			—		—		1,241		—		458,187		458,187
531,835		4,047,899		4,121,547			—		—		3,414		—		458,187		458,187

* Non-income producing security.

(a) Listed on the New York Stock Exchange.

(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 year ended December 31, 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

MSCI: Morgan Stanley Capital International

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

8 | Deutsche DWS Variable Series II — DWS International Growth VIP

Fair Value Measurements

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

The following is a summary of the inputs used as of December 31, 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
Common Stocks
Argentina	$	404,755	$	—	$	—	$	404,755
Australia		—		66,143		—		66,143
Brazil		249,078		106,164		—		355,242
Canada		1,260,714		—		—		1,260,714
China		634,314		931,602		—		1,565,916
France		—		2,198,577		—		2,198,577
Germany		—		2,628,201		—		2,628,201
Hong Kong		—		230,502		—		230,502
Ireland		—		675,271		—		675,271
Japan		—		1,981,649		—		1,981,649
Korea		—		406,183		—		406,183
Luxembourg		—		200,151		—		200,151
Macau		—		100,729		—		100,729
Netherlands		153,445		912,716		—		1,066,161
Singapore		—		347,429		—		347,429
South Africa		—		213,756		—		213,756
Sweden		272,496		387,184		—		659,680
Switzerland		—		1,699,193		—		1,699,193
Taiwan		—		396,689		—		396,689
United Kingdom		288,821		510,689		—		799,510
United States		1,399,042		—		—		1,399,042
Preferred Stocks		—		147,633		—		147,633
Exchange-Traded Funds		95,124		—		—		95,124
Short-Term Investments		458,187		—		—		458,187
Total	$	5,215,976	$	14,140,461	$	—	$	19,356,437

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

Deutsche DWS Variable Series II — DWS International Growth VIP | 9

Statement of Assets and Liabilities

as of December 31, 2020
Assets
Investments in non-affiliated securities, at value (cost $11,501,636)	$	18,898,250
Investment in DWS Central Cash Management Government Fund (cost $458,187)		458,187
Foreign currency, at value (cost $143,723)		146,071
Receivable for investments sold		8,945
Receivable for Fund shares sold		25
Dividends receivable		4,513
Interest receivable		270
Foreign taxes recoverable		13,305
Other assets		367
Total assets		19,529,933
Liabilities
Payable for investments purchased		35,668
Payable for Fund shares redeemed		13,517
Accrued Management fee		910
Accrued Trustees’ fees		1,074
Other accrued expenses and payables		79,829
Total liabilities		130,998
Net assets, at value	$	19,398,935
Net Assets Consist of
Distributable earnings (loss)		7,664,379
Paid-in capital		11,734,556
Net assets, at value	$	19,398,935
Net Asset Value
Class A
Net Asset Value, offering and redemption price per share ($19,292,461 ÷ 1,093,246 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	17.65
Class B
Net Asset Value, offering and redemption price per share ($106,474 ÷ 6,025 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	17.67

Statement of Operations

for the year ended December 31, 2020
Investment Income
Income:
Dividends (net of foreign taxes withheld of $28,050)	$	210,603
Income distributions — DWS Central Cash Management Government Fund		1,241
Securities lending income, net of borrower rebates		2,173
Total income		214,017
Expenses:
Management fee		103,177
Administration fee		16,230
Services to Shareholders		814
Distribution service fee (Class B)		246
Custodian fee		12,888
Professional fees		78,486
Reports to shareholders		26,317
Trustees’ fees and expenses		2,527
Other		9,832
Total expenses before expense reductions		250,517
Expense reductions		(105,431	)
Total expenses after expense reductions		145,086
Net investment income (loss)		68,931
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		266,348
Foreign currency		(61	)
		266,287
Change in net unrealized appreciation (depreciation) on:
Investments		3,132,926
Foreign currency		3,965
		3,136,891
Net gain (loss)		3,403,178
Net increase (decrease) in net assets resulting from operations	$	3,472,109

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

10 | Deutsche DWS Variable Series II — DWS International Growth VIP

Statements of Changes in Net Assets

	Years Ended December 31,
Increase (Decrease) in Net Assets	2020			2019
Operations:
Net investment income (loss)	$	68,931		$	265,032
Net realized gain (loss)		266,287			(38,995	)
Change in net unrealized appreciation (depreciation)		3,136,891			4,100,804
Net increase (decrease) in net assets resulting from operations		3,472,109			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		1,646,537			1,652,668
Reinvestment of distributions		248,933			445,123
Payments for shares redeemed		(3,319,251	)		(2,520,782	)
Net increase (decrease) in net assets from Class A share transactions		(1,423,781	)		(422,991	)
Class B
Proceeds from shares sold		1,708			16,855
Reinvestment of distributions		1,082			3,307
Payments for shares redeemed		(73,265	)		(112,320	)
Net increase (decrease) in net assets from Class B share transactions		(70,475	)		(92,158	)
Increase (decrease) in net assets		1,727,838			3,363,262
Net assets at beginning of period		17,671,097			14,307,835
Net assets at end of period	$	19,398,935		$	17,671,097
Other Information
Class A
Shares outstanding at beginning of period		1,196,084			1,228,635
Shares sold		111,439			122,990
Shares issued to shareholders in reinvestment of distributions		20,388			33,594
Shares redeemed		(234,665	)		(189,135	)
Net increase (decrease) in Class A shares		(102,838	)		(32,551	)
Shares outstanding at end of period		1,093,246			1,196,084
Class B
Shares outstanding at beginning of period		10,737			19,045
Shares sold		134			1,204
Shares issued to shareholders in reinvestment of distributions		88			249
Shares redeemed		(4,934	)		(9,761	)
Net increase (decrease) in Class B shares		(4,712	)		(8,308	)
Shares outstanding at end of period		6,025			10,737

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

Deutsche DWS Variable Series II — DWS International Growth VIP | 11

Financial Highlights

DWS International Growth VIP — Class A
	Years Ended December 31,
	2020			2019			2018			2017			2016
Selected Per Share Data
Net asset value, beginning of period	$	14.64		$	11.47			$13.90		$	11.12		$	10.81
Income (loss) from investment operations:
Net investment incomea		.06			.22			.16			.08			.06
Net realized and unrealized gain (loss)		3.17			3.32			(2.46	)		2.75			.34
Total from investment operations		3.23			3.54			(2.30	)		2.83			.40
Less distribution from:
Net investment income		(.22	)		(.17	)		(.13	)		(.05	)		(.09	)
Net realized gain		—			(.20	)		—			—			—
Total distributions		(.22	)		(.37	)		(.13	)		(.05	)		(.09	)
Net asset value, end of period	$	17.65		$	14.64			$11.47		$	13.90		$	11.12
Total Return (%)b		22.69			31.22			(16.69	)		25.47			3.72
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		19			18			14			19			27
Ratio of expenses before expense reductions (%)c		1.50			1.64			1.72			1.56			1.66
Ratio of expenses after expense reductions (%)c		.87			.86			.81			.92			.95
Ratio of net investment income (%)		.42			1.63			1.21			.61			.51
Portfolio turnover rate (%)		10			16			38			62			70

^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.

DWS International Growth VIP — Class B
	Years Ended December 31,
	2020			2019			2018			2017			2016
Selected Per Share Data
Net asset value, beginning of period	$	14.66		$	11.49			$13.93		$	11.13		$	10.82
Income (loss) from investment operations:
Net investment incomea		.01			.18			.12			.02			.02
Net realized and unrealized gain (loss)		3.18			3.33			(2.46	)		2.79			.35
Total from investment operations		3.19			3.51			(2.34	)		2.81			.37
Less distribution from:
Net investment income		(.18	)		(.14	)		(.10	)		(.01	)		(.06	)
Net realized gain		—			(.20	)		—			—			—
Total distributions		(.18	)		(.34	)		(.10	)		(.01	)		(.06	)
Net asset value, end of period	$	17.67		$	14.66			$11.49		$	13.93		$	11.13
Total Return (%)b		22.29			30.84			(16.92	)		25.26			3.38
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		.1			.2			.2			.2			.07
Ratio of expenses before expense reductions (%)c		1.81			1.95			2.07			1.90			1.98
Ratio of expenses after expense reductions (%)c		1.18			1.16			1.06			1.15			1.24
Ratio of net investment income (%)		.07			1.31			.92			.12			.17
Portfolio turnover rate (%)		10			16			38			62			70

^a  Based on average shares outstanding during the period.

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

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

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

12 | Deutsche DWS Variable Series II — DWS International Growth VIP

Notes to Financial Statements

A. Organization and Significant Accounting Policies

DWS International Growth VIP (the “Fund”) is a diversified series of Deutsche DWS Variable Series II (the “Trust”), which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as 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 of 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.

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

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

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

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

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 International Growth VIP | 13

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

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

Securities Lending. Brown Brothers Harriman & Co., as lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either cash and/or U.S. Treasury Securities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended December 31, 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 (0.06% annualized effective rate as of December 31, 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 December 31, 2020, the Fund had no securities on loan.

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

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

The Fund has reviewed the tax positions for the open tax years as of December 31, 2020 and has determined that no provision for income tax and/or uncertain tax positions is required in the Fund’s financial statements. The Fund’s federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

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

The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to investments in foreign denominated investments and certain securities sold at a loss. As a result, net investment income (loss) and net realized

14 | Deutsche DWS Variable Series II — DWS International Growth 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.

At December 31, 2020, the Fund’s components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income*	$	66,127
Undistributed long-term capital gains	$	227,261
Net unrealized appreciation (depreciation) on investments	$	7,367,492

At December 31, 2020, the aggregate cost of investments for federal income tax purposes was $11,988,945. The net unrealized appreciation for all investments based on tax cost was $7,367,492. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $7,940,739 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $573,247.

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

	Years Ended December 31,
	2020		2019
Distributions from ordinary income*	$	250,015	$	213,752
Distributions from long-term capital gains	$	—	$	234,678

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

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

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

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

B. Purchases and Sales of Securities

During the year ended December 31, 2020, purchases and sales of investment transactions (excluding short-term investments) aggregated $1,609,431 and $3,472,105, respectively.

C. Related Parties

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

Under 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(through September 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	.87	%
Class B	1.19	%

Deutsche DWS Variable Series II — DWS International Growth VIP | 15

Effective October 1, 2020 through September 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 Class B as 1.17%

For the year ended December 31, 2020, fees waived and/or expenses reimbursed for each class are as follows:

Class A	$	104,808
Class B		623
	$	105,431

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 the Advisor 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 year ended December 31, 2020, the Administration Fee was $16,230, of which $1,559 is unpaid.

Service Provider Fees. DWS Service Company (“DSC”), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and DST Systems, Inc. (“DST”), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the year ended December 31, 2020, the amounts charged to the Fund by DSC were as follows:

Services to Shareholders	Total Aggregated		Unpaid at December 31, 2020
Class A	$	246	$	46
Class B		58		11
	$	304	$	57

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 year ended December 31, 2020, the Distribution Service Fee aggregated $246, of which $22 is unpaid.

Other Service Fees. Under an agreement with the Fund, DIMA is compensated for providing certain pre-press and regulatory filing services to the Fund. For the year ended December 31, 2020, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders” aggregated $9,487, of which $3,568 is unpaid.

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

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

D. Ownership of the Fund

At December 31, 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 85% and 15%.

16 | Deutsche DWS Variable Series II — DWS International Growth VIP

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 December 31, 2020.

F. Other — COVID-19 Pandemic

A novel coronavirus known as COVID-19, declared a pandemic by the World Health Organization, has caused significant uncertainty, market volatility, decreased economic and other activity and increased government activity. Specifically, COVID-19 has led to significant death and morbidity, and concerns about its further spread have resulted in the closing of schools and non-essential businesses, cancellations, shelter-in place orders, lower consumer spending in certain sectors, social distancing, bans on large social gatherings and travel, quarantines, government economic stimulus measures, reduced productivity, rapid increases in unemployment, increased demand for and strain on government and medical resources, border closings and global trade and supply chain interruptions, among others. The full effects, duration and costs of the COVID-19 pandemic are impossible to predict, and the circumstances surrounding the COVID-19 pandemic will continue to evolve. The pandemic may affect certain countries, industries, economic sectors, companies and investment products more than others, may exacerbate existing economic, political, or social tensions and may increase the probability of an economic recession or depression. The Fund and its investments may be adversely affected by the effects of the COVID-19 pandemic, and a prolonged pandemic may result in the Fund and its service providers experiencing operational difficulties in coordinating a remote workforce and implementing their business continuity plans, among others. 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.

Deutsche DWS Variable Series II — DWS International Growth VIP | 17

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Deutsche DWS Variable Series II and Shareholders of DWS International Growth VIP:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of DWS International Growth VIP (the “Fund”) (one of the funds constituting Deutsche DWS Variable Series II) (the “Trust”), including the investment portfolio, as of December 31, 2020, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Deutsche DWS Variable Series II) at December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.                

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

Boston, Massachusetts

February 12, 2021

18 | Deutsche DWS Variable Series II — DWS International Growth VIP

Information About Your Fund’s Expenses (Unaudited)

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include contract charges, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recent six-month period, the Fund limited these expenses; had it not done so, expenses would have been higher. The example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (July 1, 2020 to December 31, 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 December 31, 2020
Actual Fund Return		Class A		Class B
Beginning Account Value 7/1/20	$	1,000.00	$	1,000.00
Ending Account Value 12/31/20	$	1,236.90	$	1,233.90
Expenses Paid per $1,000*	$	4.89	$	6.68
Hypothetical 5% Fund Return
Beginning Account Value 7/1/20	$	1,000.00	$	1,000.00
Ending Account Value 12/31/20	$	1,020.76	$	1,019.15
Expenses Paid per $1,000*	$	4.42	$	6.04

* Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recent six-month period), then divided by 366.

Annualized Expense Ratios	Class A			Class B
Deutsche DWS Variable Series II — DWS International Growth VIP		.87	%		1.19	%

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

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

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

Deutsche DWS Variable Series II — DWS International Growth VIP | 19

Tax Information (Unaudited)

Pursuant to Section 852 of the Internal Revenue Code, the Fund designates $250,000 as capital gain

dividends for its year ended December 31, 2020.

For corporate shareholders, 3% of the ordinary dividends (i.e., income dividends plus short-term capital gains) paid during the Fund’s fiscal year ended December 31, 2020, qualified for the dividends received deduction.

The Fund paid foreign taxes of $22,737 and earned $80,616 of foreign source income during the year ended December 31, 2020. Pursuant to Section 853 of the Internal Revenue Code, the Fund designates $0.02 per share as foreign taxes paid and $0.07 per share as income earned from foreign sources for the year ended December 31, 2020.

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

Proxy Voting

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

20 | Deutsche DWS Variable Series II — DWS International Growth VIP

Advisory Agreement Board Considerations and Fee Evaluation

The Board of Trustees (hereinafter referred to as the “Board” or “Trustees”) approved the renewal of DWS International Growth VIP’s (the “Fund”) investment management agreement (the “Agreement”) with DWS Investment Management Americas, Inc. (“DIMA”) in September 2020.

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

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

– The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board 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”).

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

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

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

As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund’s performance. In many cases, this led to the negotiation and implementation of expense caps.

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 also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA’s approach to addressing such risks. 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 the information provided, the Board noted that, for the one-, three- and five-year periods ended December 31, 2019, the Fund’s performance (Class A shares) was in the 1st quartile, 4th quartile and 3rd quartile, respectively, of the applicable Morningstar universe (the 1st quartile being the

Deutsche DWS Variable Series II — DWS International Growth VIP | 21

best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has outperformed its benchmark in the one-, three- and five-year periods ended December 31, 2019.

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, 2019). The Board noted that, effective March 1, 2020, the fee paid to DIMA under the Fund’s administrative services agreement was reduced to 0.097%. 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, 2019, 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.

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. 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.

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

22 | Deutsche DWS Variable Series II — DWS International Growth VIP

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.

The Board also considered that on September 24, 2020, the SEC granted a temporary order permitting DIMA and its affiliates to continue providing investment advisory and underwriting services to the DWS Funds notwithstanding a consent order entered into by Deutsche Bank AG on June 17, 2020 (the “Consent Order”). The Board noted that the temporary order was granted effective as of the date of the Consent Order. The Board also noted various representations by DIMA to the Board relating to the Consent Order, including that the conduct giving rise to the Consent Order (unintentional conduct that resulted from a system outage that prevented Deutsche Bank AG from reporting data in accordance with applicable CFTC requirements for five days in April 2016) did not involve any DWS Fund or services DIMA and its affiliates provide to the DWS Funds, that DIMA and its personnel had no involvement in the alleged conduct giving rise to the Consent Order, and that the DWS Funds would not bear any financial impact or costs relating to the Consent Order.

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

Deutsche DWS Variable Series II — DWS International Growth VIP | 23

Board Members and Officers

The following table presents certain information regarding the Board Members and Officers of the Trust/Corporation. Each Board Member’s year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the Trust/Corporation. Because the Fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period.

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

Independent Board Members
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen		Other Directorships Held by Board Member
Keith R. Fox, CFA (1954) Chairperson since 2017, and Board Member since 1996	Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); former Chairman, National Association of Small Business Investment Companies; former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) (2011–2012)		73	—
John W. Ballantine (1946) Board Member since 1999	Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); former Directorships: Director and Chairman of the Board, Healthways, Inc.2 (population well-being and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak Brook Bank; and Prisma Energy International. Not-for-Profit Director/Trustee: Palm Beach Civic Association; Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; former Not-for-Profit Directorships: Public Radio International		73	Portland General Electric2 (utility company) (2003– present)
Dawn-Marie Driscoll (1946) Board Member since 1987	Emeritus Executive Fellow, Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988). Directorships: Advisory Board, Center for Business Ethics, Bentley University; Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)		73	—
Richard J. Herring (1946) Board Member since 1990	Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (since July 1972); Director, The Wharton Financial Institutions Center (since 1994); formerly: Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee since 2011, member Systemic Risk Council since 2012 and member of the Advisory Board at the Yale Program on Financial Stability since 2013; Formerly Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), and Nonexecutive Director of Barclays Bank DE (2010–2018)		73	Director, Aberdeen Japan Fund (since 2007)
William McClayton (1944) Board Member since 2004	Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001–2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966–2001); Trustee, Ravinia Festival		73	—

24 | Deutsche DWS Variable Series II — DWS International Growth VIP

Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen		Other Directorships Held by Board Member
Rebecca W. Rimel (1951) Board Member since 1995	Senior Advisor, The Pew Charitable Trusts (charitable organization) (since July 2020); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012); President, Chief Executive Officer and Director, The Pew Charitable Trusts (charitable organization) (1994–2020)		73	Director, Becton Dickinson and Company2 (medical technology company) (2012– present); Director, BioTelemetry Inc.2 (health care) (2009– present)
William N. Searcy, Jr. (1946) Board Member since 1993	Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012)		73	—

Officers4
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served5	Business Experience and Directorships During the Past Five Years
Hepsen Uzcan6 (1974) President and Chief Executive Officer, 2017–present	Managing Director3, DWS; Secretary, DWS USA Corporation (2018–present); Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–present); Director and President, DB Investment Managers, Inc. (2018–present); President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2013–2020); Directorships: Interested Director, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since June 25, 2020); ICI Mutual Insurance Company (since October 16, 2020); and Episcopalian Charities of New York (2018–present)
John Millette7 (1962) Vice President and Secretary, 1999–present	Director,3 DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX ETF Trust (2020–present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); Assistant Secretary, DBX ETF Trust (2019–2020); Assistant Secretary (July 14, 2006–December 31, 2010) and Secretary (January 31, 2006–July 13, 2006), The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc.
Ciara Crawford8 (1984) Assistant Secretary, (2019–present)	Associate, DWS (since 2015); previously, Legal Assistant at Accelerated Tax Solutions.
Diane Kenneally7 (1966) Chief Financial Officer and Treasurer, 2018–present	Director,3 DWS; Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds (2007–2018)
Paul Antosca7 (1957) Assistant Treasurer, 2007–present	Director,3 DWS; and Assistant Treasurer, DBX ETF Trust (2019–present)
Sheila Cadogan7 (1966) Assistant Treasurer, 2017–present	Director,3 DWS; Director and Vice President, DWS Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present)
Scott D. Hogan7 (1970) Chief Compliance Officer, 2016–present	Director,3 DWS; Chief Compliance Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2016–present)
Caroline Pearson7 (1962) Chief Legal Officer, 2010–present	Managing Director3, DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, DBX Advisors LLC and DBX Strategic Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); and Secretary, Deutsche AM Service Company (2010–2017)

Deutsche DWS Variable Series II — DWS International Growth VIP | 25

Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served5	Business Experience and Directorships During the Past Five Years
Michelle Goveia-Pine6 (1970) Interim Anti-Money Laundering Compliance Officer, since July 10, 2020	Director,3 DWS; Interim AML Officer, DWS Trust Company (since July 28, 2020); Interim AML Officer, DBX ETF Trust (since July 9, 2020); Interim AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since July 24, 2020)

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

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

³  Executive title, not a board directorship.

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

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

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

⁷  Address: 100 Summer Street, Boston, MA 02110.

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

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

26 | Deutsche DWS Variable Series II — DWS International Growth VIP

Notes

  VS2IG-2 (R-025830-11 2/21)

December 31, 2020

Annual Report

Deutsche DWS Variable Series II

DWS Small Mid Cap Growth VIP

Contents

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

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

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

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

2 | Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP

Performance Summary December 31, 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.

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.

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

Growth of an Assumed $10,000 Investment

The Russell 2500^TM Growth Index is an unmanaged index that measures the performance of the small to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values.   Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

Comparative Results
DWS Small Mid Cap Growth VIP		1-Year	3-Year	5-Year	10-Year
Class A	Growth of $10,000	$13,018	$13,770	$18,342	$30,145
	Average annual total return	30.18%	11.25%	12.90%	11.67%
Russell 2500 Growth Index	Growth of $10,000	$14,047	$17,242	$23,547	$40,450
	Average annual total return	40.47%	19.91%	18.68%	15.00%

The growth of $10,000 is cumulative.

Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP | 3

Management Summary December 31, 2020 (Unaudited)

For the 12-month period ended December 31, 2020, the Fund returned 30.18% (Class A shares, unadjusted for contract charges), compared with the 40.47% return of the Russell 2500^™ Growth Index.

Following a benign start to 2020, equities moved sharply lower in mid-February amid mounting concerns regarding the potential impact of the COVID-19 outbreak on the global economy. The market downturn proved relatively short in duration, however, as central banks slashed interest rates and announced a number of measures to promote growth and liquidity. Governments worldwide augmented the monetary stimulus with fiscal spending packages. Taken together, these actions helped to foster investor confidence that government support would help to keep the economy afloat until the pandemic dissipates, sparking a market rally that lasted from late March until the end of August. Although the market’s advance paused in the fall due to a second wave of coronavirus cases and uncertainty surrounding the U.S. election, the rally resumed in late 2020 following the approval of two vaccines. Small- and mid-cap stocks performed particularly well during this time, as investors began to look for opportunities outside the U.S. mega-cap technology segment.

The portfolio’s underperformance during the 12-month period was primarily concentrated within the information technology and health care sectors. Within information technology, the portfolio’s positioning in the software and IT services industries did not keep pace with the benchmark, as companies positioned to benefit from work-from-home spending saw their shares soar during this period. In terms of individual securities, the portfolio’s holdings in the cloud contact software firm Five9, Inc., recreational vehicle (RV) company Camping World Holdings, Inc. and health care services firm ModivCare Inc.* (formerly Providence Service Corp.) contributed to performance during the period. Five9, which enables businesses to better utilize, analyze and adapt their workforce in the cloud, enjoyed favorable financial results. Camping World experienced a significant increase in sales over the period, as RVs were viewed by many as the safest means for travel/vacation during the pandemic. ModivCare, the largest provider of non-emergency medical transportation services in the United States, has been able to deliver consistent revenue in line with strong Medicaid enrollment growth. Conversely, holdings in industrial process heating solutions company Thermon Group Holdings, Inc., private security firm The Brink’s Co. and health care staffing company AMN Healthcare Services, Inc. detracted from performance. In the case of Thermon Group, the company was negatively impacted by reduced energy demand, trimmed-down capital spending plans and delayed project completions. Shares of Brink’s suffered as the company announced the poorly timed acquisition of British security firm G4S plc* in late February, taking on additional leverage just as many of Brink’s “non-essential business” retail clients were shutting down due to quarantine orders. Lastly, AMN Healthcare saw strong demand for nurses but also was temporarily pressured by elevated costs during the period.

Going forward, we believe that the investment backdrop remains favorable for small- and mid-cap stocks, as growth appears set to improve in 2021, which would create supportive conditions for these companies. Inflationary pressures also appear to be mounting, which could represent a tailwind given that rising inflation has been correlated with outperformance for small caps over time. In this environment, we believe that the investment universe provides highly fertile territory for bottom-up investors to identify growing, undervalued and undiscovered companies.

Peter Barsa, Director

Michael A. Sesser, CFA, Director

Portfolio Managers

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

4 | Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP

Terms to Know

The Russell 2500^TM Growth Index is an unmanaged index that measures the performance of the small- to midcap 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.

Contribution and detraction incorporate both a stock’s total return and its weighting in the Fund.

* Not held at December 31, 2020.

Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP | 5

Portfolio Summary (Unaudited)

Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral)	12/31/20		12/31/19
Common Stocks		97%		98%
Cash Equivalents		2%		1%
Exchange-Traded Funds		1%		—
Convertible Preferred Stock		—		1%
		100%		100%
Sector Diversification (As a % of Investment Portfolio excluding Cash Equivalents, Exchange-Traded Funds and Securities Lending Collateral)	12/31/20		12/31/19
Information Technology		29%		24%
Health Care		29%		24%
Industrials		14%		20%
Consumer Discretionary		13%		15%
Financials		5%		6%
Materials		4%		3%
Real Estate		3%		4%
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 7.

Following the Fund’s fiscal first and third quarter-end, a complete portfolio holdings listing is posted on dws.com, and is available free of charge by contacting your financial intermediary, or if you are a direct investor, by calling (800) 728-3337. In addition, the portfolio holdings listing is filed with the SEC on the Fund’s Form N-PORT and will be available on the SEC’s Web site at sec.gov. Additional portfolio holdings for the Fund are also posted on dws.com from time to time. Please see the Fund’s current prospectus for more information.

6 | Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP

Investment Portfolio as of December 31, 2020

	Shares		Value ($)
Common Stocks 97.4%
Communication Services 0.9%
Diversified Telecommunication Services 0.3%
Bandwidth, Inc. “A”*		1,484		228,046
Entertainment 0.6%
Take-Two Interactive Software, Inc.*		2,174		451,736
Consumer Discretionary 13.1%
Auto Components 0.9%
Gentherm, Inc.*		7,364		480,280
Tenneco, Inc. “A”*		18,953		200,902
				681,182
Diversified Consumer Services 1.8%
Bright Horizons Family Solutions, Inc.*		5,598		968,398
Terminix Global Holdings, Inc.*		6,718		342,685
				1,311,083
Hotels, Restaurants & Leisure 1.8%
Hilton Grand Vacations, Inc.*		12,491		391,593
Jack in the Box, Inc.		7,892		732,377
Penn National Gaming, Inc.*		2,400		207,288
				1,331,258
Household Durables 4.0%
Helen of Troy Ltd.*		3,647		810,327
iRobot Corp.* (a)		6,773		543,804
LGI Homes, Inc.*		2,689		284,631
TopBuild Corp.*		6,707		1,234,624
				2,873,386
Internet & Direct Marketing Retail 0.4%
Grubhub, Inc.*		3,663		272,051
Leisure Products 1.5%
YETI Holdings, Inc.*		16,312		1,116,883
Specialty Retail 2.7%
Burlington Stores, Inc.*		3,382		884,562
Camping World Holdings, Inc. “A” (a)		24,907		648,828
Leslie’s, Inc.*		2,799		77,672
The Children’s Place, Inc.		6,488		325,049
Vroom, Inc.*		999		40,929
				1,977,040
Consumer Staples 1.8%
Food & Staples Retailing 1.1%
Casey’s General Stores, Inc.		4,371		780,748
Household Products 0.7%
Spectrum Brands Holdings, Inc.		6,982		551,438
Energy 0.1%
Oil, Gas & Consumable Fuels
Contango Oil & Gas Co.* (a)		39,242		89,864
Financials 4.6%
Banks 2.4%
Pinnacle Financial Partners, Inc.		7,304		470,378
South State Corp.		4,704		340,099
SVB Financial Group*		1,234		478,582
Synovus Financial Corp.		13,385		433,273
				1,722,332

	Shares		Value ($)
Capital Markets 1.4%
Lazard Ltd. “A”		13,717		580,229
Moelis & Co. “A”		9,136		427,199
				1,007,428
Consumer Finance 0.5%
Green Dot Corp. “A”*		6,162		343,840
Diversified Financial Services 0.3%
Social Capital Hedosophia Holdings Corp. III “A”* (a)		15,307		256,698
Health Care 28.5%
Biotechnology 13.5%
Acceleron Pharma, Inc.*		3,899		498,838
Amicus Therapeutics, Inc.*		17,294		399,318
Apellis Pharmaceuticals, Inc.*		9,281		530,873
Arena Pharmaceuticals, Inc.*		7,158		549,949
Biohaven Pharmaceutical Holding Co., Ltd.*		7,887		675,995
Blueprint Medicines Corp.*		4,684		525,311
ChemoCentryx, Inc.*		5,580		345,514
Deciphera Pharmaceuticals, Inc.*		4,133		235,870
Emergent BioSolutions, Inc.*		10,674		956,390
Global Blood Therapeutics, Inc.*		4,524		195,934
Heron Therapeutics, Inc.*		22,719		480,848
Insmed, Inc.*		4,677		155,697
Invitae Corp.*		5,038		210,639
Iovance Biotherapeutics, Inc.*		5,250		243,600
Ligand Pharmaceuticals, Inc.* (a)		3,112		309,488
Mirati Therapeutics, Inc.*		2,178		478,376
Natera, Inc.*		4,935		491,131
Neurocrine Biosciences, Inc.*		10,195		977,191
TG Therapeutics, Inc.*		1,400		72,828
Translate Bio, Inc.*		7,829		144,289
Travere Therapeutics, Inc.*		23,478		639,893
Turning Point Therapeutics, Inc.*		2,679		326,436
Ultragenyx Pharmaceutical, Inc.*		3,057		423,181
				9,867,589
Health Care Equipment & Supplies 5.3%
Cardiovascular Systems, Inc.*		6,014		263,173
Globus Medical, Inc. “A”*		4,024		262,445
Haemonetics Corp.*		1,353		160,669
iRhythm Technologies, Inc.*		3,258		772,830
Masimo Corp.*		4,040		1,084,255
Natus Medical, Inc.*		9,520		190,781
Nevro Corp.*		2,328		402,977
Outset Medical, Inc.*		736		41,834
Quidel Corp.*		1,635		293,728
Tandem Diabetes Care, Inc.*		4,219		403,674
				3,876,366
Health Care Providers & Services 7.4%
AMN Healthcare Services, Inc.*		15,169		1,035,284
HealthEquity, Inc.*		1,929		134,471
Molina Healthcare, Inc.*		4,458		948,127
Option Care Health, Inc.*		27,764		434,229
Providence Service Corp.*		12,193		1,690,315
RadNet, Inc.*		55,477		1,085,685
Tivity Health, Inc.*		4,464		87,450
				5,415,561

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

Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP | 7

	Shares		Value ($)
Health Care Technology 0.6%
HMS Holdings Corp.*		10,589		389,146
Life Sciences Tools & Services 0.2%
Avantor, Inc.*		4,849		136,499
Pharmaceuticals 1.5%
ANI Pharmaceuticals, Inc.*		8,521		247,450
Avadel Pharmaceuticals PLC (ADR)* (a)		18,916		126,359
Pacira BioSciences, Inc.* (a)		11,807		706,531
				1,080,340
Industrials 13.2%
Aerospace & Defense 0.9%
HEICO Corp.		5,006		662,795
Building Products 3.7%
Advanced Drainage Systems, Inc.		3,825		319,693
Allegion PLC		7,499		872,734
AZEK Co., Inc.*		2,261		86,935
Builders FirstSource, Inc.* (a)		18,923		772,248
Masonite International Corp.*		6,705		659,370
				2,710,980
Commercial Services & Supplies 1.9%
MSA Safety, Inc.		3,375		504,191
The Brink’s Co.		12,428		894,816
				1,399,007
Construction & Engineering 0.6%
MasTec, Inc.* (a)		6,416		437,443
Electrical Equipment 1.5%
Generac Holdings, Inc.*		1,478		336,112
Plug Power, Inc.*		11,183		379,216
Thermon Group Holdings, Inc.*		26,199		409,490
				1,124,818
Machinery 0.7%
IDEX Corp.		2,502		498,398
Professional Services 1.2%
Kforce, Inc.		21,425		901,778
Trading Companies & Distributors 2.7%
H&E Equipment Services, Inc.		16,406		489,063
Rush Enterprises, Inc. “A”		25,190		1,043,370
Titan Machinery, Inc.*		20,663		403,961
				1,936,394
Information Technology 28.6%
Communications Equipment 1.4%
Calix, Inc.*		8,844		263,197
Lumentum Holdings, Inc.*		8,417		797,932
				1,061,129
Electronic Equipment, Instruments & Components 1.4%
Cognex Corp.		7,873		632,084
IPG Photonics Corp.*		1,883		421,396
				1,053,480
IT Services 3.7%
Broadridge Financial Solutions, Inc.		6,371		976,037
MAXIMUS, Inc.		8,556		626,214
WEX, Inc.*		2,932		596,750
WNS Holdings Ltd. (ADR)*		6,641		478,484
				2,677,485

	Shares		Value ($)
Semiconductors & Semiconductor Equipment 5.2%
Advanced Energy Industries, Inc.*		12,629		1,224,634
Advanced Micro Devices, Inc.*		10,476		960,754
CMC Materials, Inc.		3,131		473,720
Entegris, Inc.		8,229		790,807
Semtech Corp.*		4,743		341,923
				3,791,838
Software 16.9%
Aspen Technology, Inc.*		9,339		1,216,405
Cornerstone OnDemand, Inc.*		11,656		513,330
DocuSign, Inc.*		2,091		464,829
Envestnet, Inc.*		9,852		810,721
Five9, Inc.*		15,581		2,717,326
LivePerson, Inc.*		7,263		451,977
Proofpoint, Inc.*		7,005		955,552
QAD, Inc. “A”		14,773		933,358
Tyler Technologies, Inc.*		4,558		1,989,658
Varonis Systems, Inc.*		13,732		2,246,693
				12,299,849
Materials 3.7%
Construction Materials 1.3%
Eagle Materials, Inc.		9,476		960,393
Containers & Packaging 0.6%
Berry Global Group, Inc.*		7,728		434,236
Metals & Mining 1.8%
Cleveland-Cliffs, Inc. (a)		67,277		979,553
First Quantum Minerals Ltd.		17,207		308,885
				1,288,438
Real Estate 2.9%
Real Estate Investment Trusts (REITs)
Americold Realty Trust		10,299		384,462
EastGroup Properties, Inc.		2,708		373,866
Essential Properties Realty Trust, Inc.		21,678		459,574
Four Corners Property Trust, Inc.		13,954		415,411
QTS Realty Trust, Inc. “A” (a)		7,598		470,164
				2,103,477
Total Common Stocks (Cost $37,590,615)				71,102,452
Exchange-Traded Funds 0.5%
SPDR S&P Biotech ETF (a) (Cost $247,240)		2,719		382,782
Securities Lending Collateral 7.5%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (b) (c) (Cost $5,457,727)		5,457,727		5,457,727
Cash Equivalents 2.4%
DWS Central Cash Management Government Fund, 0.08% (b) (Cost $1,738,142)		1,738,142		1,738,142

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

8 | Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP

	% of Net Assets			Value ($)
Total Investment Portfolio (Cost $45,033,724)		107.8			78,681,103
Other Assets and Liabilities, Net		(7.8	)		(5,711,938	)
Net Assets		100.0			72,969,165

A summary of the Fund’s transactions with affiliated investments during the year ended December 31, 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 ($)		Number of Shares at 12/31/2020		Value ($) at 12/31/2020
Securities Lending Collateral 7.5%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (b) (c)
2,086,238		3,371,489	(d)		—		—		—		27,589		—		5,457,727		5,457,727
Cash Equivalents 2.4%
DWS Central Cash Management Government Fund, 0.08% (b)
955,515		8,932,767			8,150,140		—		—		4,936		—		1,738,142		1,738,142
3,041,753		12,304,256			8,150,140		—		—		32,525		—		7,195,869		7,195,869

* Non-income producing security.

(a) All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at December 31, 2020 amounted to $5,243,423, which is 7.2% 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 year ended December 31, 2020.

ADR: American Depositary Receipt

S&P: Standard & Poor’s

SPDR: Standard & Poor’s Depositary Receipt

Fair Value Measurements

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

The following is a summary of the inputs used as of December 31, 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
Common Stocks (e)	$	71,102,452	$	—	$	—	$	71,102,452
Exchange-Traded Funds		382,782		—		—		382,782
Short-Term Investments (e)		7,195,869		—		—		7,195,869
Total	$	78,681,103	$	—	$	—	$	78,681,103

(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 Growth VIP | 9

Statement of Assets and Liabilities

as of December 31, 2020
Assets
Investments in non-affiliated securities, at value (cost $37,837,855) — including $5,243,423 of securities loaned	$	71,485,234
Investment in DWS Government & Agency Securities Portfolio (cost $5,457,727)*		5,457,727
Investment in DWS Central Cash Management Government Fund (cost $1,738,142)		1,738,142
Foreign currency, at value (cost $107)		115
Dividends receivable		28,028
Interest receivable		1,599
Other assets		1,208
Total assets		78,712,053
Liabilities
Payable upon return of securities loaned		5,457,727
Payable for investments purchased		72,971
Payable for Fund shares redeemed		105,670
Accrued management fee		35,858
Accrued Trustees’ fees		1,018
Other accrued expenses and payables		69,644
Total liabilities		5,742,888
Net assets, at value	$	72,969,165
Net Assets Consist of
Distributable earnings (loss)		37,257,815
Paid-in capital		35,711,350
Net assets, at value	$	72,969,165
Net Asset Value
Net Asset Value, offering and redemption price per share ($72,969,165 ÷ 4,186,167 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	17.43

* Represents collateral on securities loaned.

Statement of Operations

for the year ended December 31, 2020
Investment Income
Income:
Dividends (net of foreign taxes withheld of $656)	$	420,832
Income distributions — DWS Central Cash Management Government Fund		4,936
Securities lending income, net of borrower rebates		27,589
Total income		453,357
Expenses:
Management fee		327,098
Administration fee		58,007
Services to Shareholders		818
Custodian fee		2,008
Professional fees		58,742
Reports to shareholders		35,556
Trustees’ fees and expenses		3,598
Other		3,985
Total expenses before expense reductions		489,812
Expense reductions		(8,086	)
Total expenses after expense reductions		481,726
Net investment income (loss)		(28,369	)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		3,757,625
Foreign Currency		(1	)
		3,757,624
Change in net unrealized appreciation (depreciation) on:
Investments		12,517,956
Foreign currency		8
		12,517,964
Net gain (loss)		16,275,588
Net increase (decrease) in net assets resulting from operations	$	16,247,219

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

10 | Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP

Statements of Changes in Net Assets

	Years Ended December 31,
Increase (Decrease) in Net Assets	2020			2019
Operations:
Net investment income (loss)	$	(28,369	)	$	71,165
Net realized gain (loss)		3,757,624			1,092,162
Change in net unrealized appreciation (depreciation)		12,517,964			12,312,200
Net increase (decrease) in net assets resulting from operations		16,247,219			13,475,527
Distributions to shareholders:
Class A		(959,731	)		(8,788,523	)
Fund share transactions:
Class A
Proceeds from shares sold		3,372,258			2,374,360
Reinvestment of distributions		959,731			8,788,523
Payments for shares redeemed		(10,851,170	)		(16,023,146	)
Net increase (decrease) in net assets from Class A share transactions		(6,519,181	)		(4,860,263	)
Increase (decrease) in net assets		8,768,307			(173,259	)
Net assets at beginning of period		64,200,858			64,374,117
Net assets at end of period	$	72,969,165		$	64,200,858
Other Information
Class A
Shares outstanding at beginning of period		4,698,629			5,077,014
Shares sold		244,143			179,399
Shares issued to shareholders in reinvestment of distributions		90,115			680,753
Shares redeemed		(846,720	)		(1,238,537	)
Net increase (decrease) in Class A shares		(512,462	)		(378,385	)
Shares outstanding at end of period		4,186,167			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 | 11

Financial Highlights

DWS Small Mid Cap Growth VIP — Class A
	Years Ended December 31,
	2020			2019			2018			2017			2016
Selected Per Share Data
Net asset value, beginning of period		$13.66			$12.68			$21.94			$18.96			$20.90
Income (loss) from investment operations:
Net investment income (loss)a		(.01	)		.01			(.01	)		(.02	)		.02
Net realized and unrealized gain (loss)		4.00			2.73			(1.92	)		4.08			1.64
Total from investment operations		3.99			2.74			(1.93	)		4.06			1.66
Less distributions from:
Net investment income		(.01	)		—			—			(.02	)		—
Net realized gains		(.21	)		(1.76	)		(7.33	)		(1.06	)		(3.60	)
Total distributions		(.22	)		(1.76	)		(7.33	)		(1.08	)		(3.60	)
Net asset value, end of period		$17.43			$13.66			$12.68			$21.94			$18.96
Total Return (%)		30.18	b		22.41	b		(13.59	)b		22.12			9.08
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		73			64			64			77			118
Ratio of expenses before expense reductions (%)c		.82			.82			.81			.75			.75
Ratio of expenses after expense reductions (%)c		.81			.81			.80			.75			.75
Ratio of net investment income (loss) (%)		(.05	)		.11			(.06	)		(.08	)		.11
Portfolio turnover rate (%)		12			10			32			32			28

^a  Based on average shares outstanding during the period.

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

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

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

12 | Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP

Notes to Financial Statements

A. Organization and Significant Accounting Policies

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

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

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

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

Equity securities 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.

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

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

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

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

Securities Lending. Deutsche Bank AG, as lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund

Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP | 13

continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. As of period end, any securities on loan were collateralized by cash. During the year ended December 31, 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 (0.06% annualized effective rate as of December 31, 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 December 31, 2020, the Fund had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.

Remaining Contractual Maturity of the Agreements as of December 31, 2020
	Overnight and Continuous		<30 Days		Between 30 & 90 Days		>90 Days		Total
Securities Lending Transactions
Common Stocks	$	5,060,827	$	—	$	—	$	—	$	5,060,827
Exchange-Traded Funds		396,900		—		—		—		396,900
Total Borrowings	$	5,457,727	$	—	$	—	$	—	$	5,457,727
Gross amount of recognized liabilities for securities lending transactions:									$	5,457,727

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

The Fund has reviewed the tax positions for the open tax years as of December 31, 2020 and has determined that no provision for income tax and/or uncertain tax positions is required in the Fund’s financial statements. The Fund’s federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

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

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

At December 31, 2020, the Fund’s components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income*	$	786,931
Undistributed long-term capital gains	$	3,015,494
Net unrealized appreciation (depreciation) on investments	$	33,444,144

14 | Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP

At December 31, 2020, the aggregate cost of investments for federal income tax purposes was $45,236,959. The net unrealized appreciation for all investments based on tax cost was $33,444,144. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $36,810,605 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $3,366,461.

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

	Years Ended December 31,
	2020		2019
Distributions from ordinary income*	$	27,637	$	—
Distributions from long-term capital gains	$	932,094	$	8,788,523

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

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

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

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

B. Purchases and Sales of Securities

During the year ended December 31, 2020, purchases and sales of investment transactions (excluding short-term investments) aggregated $7,334,911 and $15,372,087, respectively.

C. Related Parties

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

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

First $250 million	.550	%
Next $750 million	.525	%
Over $1 billion	.500	%

Accordingly, for the year ended December 31, 2020, the fee pursuant to the Investment Management Agreement was equivalent to an annual rate (exclusive of any applicable waivers/reimbursements) of 0.55% of the Fund’s average daily net assets.

For the period from January 1, 2020 through September 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 Class A at 0.81%.

For the year ended December 31, 2020, fees waived and/or expenses reimbursed were $8,086.

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 the Advisor an annual fee (“Administration Fee”) of 0.10% of the Fund’s average

Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP | 15

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 year ended December 31, 2020, the Administration Fee was $58,007, of which $5,868 is unpaid.

Service Provider Fees. DWS Service Company (“DSC”), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and DST Systems, Inc. (“DST”), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the year ended December 31, 2020, the amounts charged to the Fund by DSC aggregated $424, of which $78 is unpaid.

Other Service Fees. Under an agreement with the Fund, DIMA is compensated for providing certain pre-press and regulatory filing services to the Fund. For the year ended December 31, 2020, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders” aggregated $8,422, of which $3,025 is unpaid.

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

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

Securities Lending Agent Fees. Deutsche Bank AG serves as securities lending agent for the Fund. For the year ended December 31, 2020, the Fund incurred securities lending agent fees to Deutsche Bank AG in the amount of $2,077.

D. Ownership of the Fund

At December 31, 2020, one participating insurance company was owner of record of 10% or more of the total outstanding Class A shares of the Fund, owning 92%.

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 December 31, 2020.

F. Other — COVID-19 Pandemic

A novel coronavirus known as COVID-19, declared a pandemic by the World Health Organization, has caused significant uncertainty, market volatility, decreased economic and other activity and increased government activity. Specifically, COVID-19 has led to significant death and morbidity, and concerns about its further spread have resulted in the closing of schools and non-essential businesses, cancellations, shelter-in place orders, lower consumer spending in certain sectors, social distancing, bans on large social gatherings and travel, quarantines, government economic stimulus measures, reduced productivity, rapid increases in unemployment, increased demand for and strain on government and medical resources, border closings and global trade and supply chain interruptions, among others. The full effects, duration and costs of the

16 | Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP

COVID-19 pandemic are impossible to predict, and the circumstances surrounding the COVID-19 pandemic will continue to evolve. The pandemic may affect certain countries, industries, economic sectors, companies and investment products more than others, may exacerbate existing economic, political, or social tensions and may increase the probability of an economic recession or depression. The Fund and its investments may be adversely affected by the effects of the COVID-19 pandemic, and a prolonged pandemic may result in the Fund and its service providers experiencing operational difficulties in coordinating a remote workforce and implementing their business continuity plans, among others. 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.

Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP | 17

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Deutsche DWS Variable Series II and Shareholders of DWS Small Mid Cap Growth VIP:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of DWS Small Mid Cap Growth VIP (the “Fund”) (one of the funds constituting Deutsche DWS Variable Series II) (the “Trust”), including the investment portfolio, as of December 31, 2020, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Deutsche DWS Variable Series II) at December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

Boston, Massachusetts

February 12, 2021

18 | Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP

Information About Your Fund’s Expenses (Unaudited)

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees and other Fund expenses. Examples of transaction costs include contract charges, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. The example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (July 1, 2020 to December 31, 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 December 31, 2020
Actual Fund Return	Class A
Beginning Account Value 7/1/20	$	1,000.00
Ending Account Value 12/31/20	$	1,359.60
Expenses Paid per $1,000*	$	4.80
Hypothetical 5% Fund Return	Class A
Beginning Account Value 7/1/20	$	1,000.00
Ending Account Value 12/31/20	$	1,021.06
Expenses Paid per $1,000*	$	4.12

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

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

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

Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP | 19

Tax Information (Unaudited)

The Fund paid distributions of $0.21 per share from net long-term capital gains during its year ended December 31, 2020.

Pursuant to Section 852 of the Internal Revenue Code, the Fund designates $3,333,000 as capital gain dividends for its year ended December 31, 2020.

For corporate shareholders, 100% of the ordinary dividends (i.e., income dividends plus short-term capital gains) paid during the Fund’s fiscal year ended December 31, 2020, qualified for the dividends received deduction.

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

Proxy Voting

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

20 | 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 2020.

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

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

– The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board 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”).

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

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

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

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

As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund’s performance. In many cases, this led to the negotiation and implementation of expense caps.

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 also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA’s approach to addressing such risks. 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 the information provided, the Board noted that, for the one-, three- and five-year periods ended December 31, 2019, 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

Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP | 21

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, 2019. 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, 2019). The Board noted that, effective March 1, 2020, the fee paid to DIMA under the Fund’s administrative services agreement was reduced to 0.097%. 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, 2019, 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 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-

22 | Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP

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.

The Board also considered that on September 24, 2020, the SEC granted a temporary order permitting DIMA and its affiliates to continue providing investment advisory and underwriting services to the DWS Funds notwithstanding a consent order entered into by Deutsche Bank AG on June 17, 2020 (the “Consent Order”). The Board noted that the temporary order was granted effective as of the date of the Consent Order. The Board also noted various representations by DIMA to the Board relating to the Consent Order, including that the conduct giving rise to the Consent Order (unintentional conduct that resulted from a system outage that prevented Deutsche Bank AG from reporting data in accordance with applicable CFTC requirements for five days in April 2016) did not involve any DWS Fund or services DIMA and its affiliates provide to the DWS Funds, that DIMA and its personnel had no involvement in the alleged conduct giving rise to the Consent Order, and that the DWS Funds would not bear any financial impact or costs relating to the Consent Order.

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

Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP | 23

Board Members and Officers

The following table presents certain information regarding the Board Members and Officers of the Trust/Corporation. Each Board Member’s year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the Trust/Corporation. Because the Fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period.

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

Independent Board Members
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen		Other Directorships Held by Board Member
Keith R. Fox, CFA (1954) Chairperson since 2017, and Board Member since 1996	Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); former Chairman, National Association of Small Business Investment Companies; former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) (2011–2012)		73	—
John W. Ballantine (1946) Board Member since 1999	Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); former Directorships: Director and Chairman of the Board, Healthways, Inc.2 (population well-being and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak Brook Bank; and Prisma Energy International. Not-for-Profit Director/Trustee: Palm Beach Civic Association; Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; former Not-for-Profit Directorships: Public Radio International		73	Portland General Electric2 (utility company) (2003– present)
Dawn-Marie Driscoll (1946) Board Member since 1987	Emeritus Executive Fellow, Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988). Directorships: Advisory Board, Center for Business Ethics, Bentley University; Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)		73	—
Richard J. Herring (1946) Board Member since 1990	Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (since July 1972); Director, The Wharton Financial Institutions Center (since 1994); formerly: Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee since 2011, member Systemic Risk Council since 2012 and member of the Advisory Board at the Yale Program on Financial Stability since 2013; Formerly Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), and Nonexecutive Director of Barclays Bank DE (2010–2018)		73	Director, Aberdeen Japan Fund (since 2007)
William McClayton (1944) Board Member since 2004	Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001–2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966–2001); Trustee, Ravinia Festival		73	—

24 | Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP

Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen		Other Directorships Held by Board Member
Rebecca W. Rimel (1951) Board Member since 1995	Senior Advisor, The Pew Charitable Trusts (charitable organization) (since July 2020); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012); President, Chief Executive Officer and Director, The Pew Charitable Trusts (charitable organization) (1994–2020)		73	Director, Becton Dickinson and Company2 (medical technology company) (2012– present); Director, BioTelemetry Inc.2 (health care) (2009– present)
William N. Searcy, Jr. (1946) Board Member since 1993	Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012)		73	—

Officers4
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served5	Business Experience and Directorships During the Past Five Years
Hepsen Uzcan6 (1974) President and Chief Executive Officer, 2017–present	Managing Director3, DWS; Secretary, DWS USA Corporation (2018–present); Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–present); Director and President, DB Investment Managers, Inc. (2018–present); President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2013–2020); Directorships: Interested Director, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since June 25, 2020); ICI Mutual Insurance Company (since October 16, 2020); and Episcopalian Charities of New York (2018–present)
John Millette7 (1962) Vice President and Secretary, 1999–present	Director,3 DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX ETF Trust (2020–present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); Assistant Secretary, DBX ETF Trust (2019–2020); Assistant Secretary (July 14, 2006–December 31, 2010) and Secretary (January 31, 2006–July 13, 2006), The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc.
Ciara Crawford8 (1984) Assistant Secretary, (2019–present)	Associate, DWS (since 2015); previously, Legal Assistant at Accelerated Tax Solutions.
Diane Kenneally7 (1966) Chief Financial Officer and Treasurer, 2018–present	Director,3 DWS; Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds (2007–2018)
Paul Antosca7 (1957) Assistant Treasurer, 2007–present	Director,3 DWS; and Assistant Treasurer, DBX ETF Trust (2019–present)
Sheila Cadogan7 (1966) Assistant Treasurer, 2017–present	Director,3 DWS; Director and Vice President, DWS Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present)
Scott D. Hogan7 (1970) Chief Compliance Officer, 2016–present	Director,3 DWS; Chief Compliance Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2016–present)
Caroline Pearson7 (1962) Chief Legal Officer, 2010–present	Managing Director3, DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, DBX Advisors LLC and DBX Strategic Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); and Secretary, Deutsche AM Service Company (2010–2017)

Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP | 25

Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served5	Business Experience and Directorships During the Past Five Years
Michelle Goveia-Pine6 (1970) Interim Anti-Money Laundering Compliance Officer, since July 10, 2020	Director,3 DWS; Interim AML Officer, DWS Trust Company (since July 28, 2020); Interim AML Officer, DBX ETF Trust (since July 9, 2020); Interim AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since July 24, 2020)

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

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

³  Executive title, not a board directorship.

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

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

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

⁷  Address: 100 Summer Street, Boston, MA 02110.

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

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

26 | Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP

Notes

VS2SMCG-2 (R-025835-10 2/21)

December 31, 2020

Annual Report

Deutsche DWS Variable Series II

DWS Small Mid Cap Value VIP

Contents

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

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

Stocks may decline in value. Smaller 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.

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

2 | Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP

Performance Summary December 31, 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 1.25% for Class A and Class B shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report.

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

Growth of an Assumed $10,000 Investment

Russell 2500^™ Value Index is an unmanaged index measuring the small- to mid-cap U.S. equity value market.   Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

Comparative Results
DWS Small Mid Cap Value VIP		1-Year	3-Year	5-Year	10-Year
Class A	Growth of $10,000	$9,920	$10,124	$13,079	$19,563
	Average annual total return	–0.80%	0.41%	5.51%	6.94%
Russell 2500 Value Index	Growth of $10,000	$10,488	$11,358	$15,693	$24,402
	Average annual total return	4.88%	4.34%	9.43%	9.33%
DWS Small Mid Cap Value VIP		1-Year	3-Year	5-Year	10-Year
Class B	Growth of $10,000	$9,889	$10,012	$12,842	$18,880
	Average annual total return	–1.11%	0.04%	5.13%	6.56%
Russell 2500 Value Index	Growth of $10,000	$10,488	$11,358	$15,693	$24,402
	Average annual total return	4.88%	4.34%	9.43%	9.33%

The growth of $10,000 is cumulative.

Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP | 3

Management Summary December 31, 2020 (Unaudited)

Class A shares of DWS Small Mid Cap Value VIP returned –0.80% in 2020 (unadjusted for contract charges) and underperformed the 4.88% gain of the Russell 2500^™ Value Index.

Small-cap value stocks struggled for most of the 2020, but a late rally enabled the category to finish the year with a positive total return. After a strong start, stocks collapsed in mid-February once it became evident that COVID-19 would have a significant impact on economic growth and corporate earnings. The markets stabilized in late March after world governments and central banks stepped in with an unprecedented level of fiscal and monetary stimulus. Investors concluded that these measures would help bridge the gap until the virus was contained, sparking a rally that continued until year-end. However, the gains were primarily focused on mega-cap growth stocks for the majority of 2020. Only in November, when a vaccine for COVID-19 was finally approved, did investors feel comfortable moving into more economically sensitive areas such as smaller companies and the value style. This trend helped Russell 2500 Value Index climb back into positive territory on a year-to-date basis in early December, and it held on to the gain through the end of the year.

The Fund uses proprietary quantitative models that seek to identify the most attractive stocks in the index based on fundamental factors that have been effective sources of return over time, such as valuation, momentum, profitability, earnings, and sales growth. The models are dynamic and use specific factor weights for separate industry groups. The goal of this strategy is to maximize return potential while maintaining a risk profile similar to that of the index. Our process did not work as well as intended in 2020, largely due to modest deviations in factor exposures relative to the benchmark. In an effort to counter this issue, we tightened our factor constraints to minimize, if not eliminate, any biases. As always, we continue to revise and update our industry models to adapt to changes in the market.

The Fund lagged its benchmark by the widest margin in the consumer discretionary sector. Regis Corp.*, which operates a wide range of hair-salon chains, was the largest detractor due to extended closures stemming from COVID-19. Positions in Columbia Sportswear Co. and Michaels Companies, Inc.* further weighed on results. Health care also proved to be a challenging area for the Fund, as a handful of holdings — including Mallinckrodt PLC*, Bruker Corp., and Invacare Corp. — failed to keep pace with the broader sector. Outside of these two areas, Hertz Global Holdings, Inc.* and Peabody Energy Corp. were among the most notable detractors.

On the positive side, our strategy generated strong outperformance in the real estate sector. Easterly Government Properties, Inc.*, which proved largely immune to coronavirus-induced slowdown given that it primarily leases its properties to government agencies, was the top contributor. Consumer staples and financials were additional areas of strength, thanks to positions in Central Garden & Pet Co. and the commercial real estate financing company Walker & Dunlop, Inc. Qurate Retail Inc., a media company that owns a variety of home shopping networks, also performed well as investors were compelled to change their shopping patterns due to COVID-related lockdowns.

Stocks performed remarkably well in the time since the March lows, which was quite impressive given how dire the investment outlook appeared in the early days of COVID-19. Although it remains to be seen whether the rollout of the vaccine will indeed lead to improving growth, investors have clearly “looked past the valley” in anticipation of stronger economic conditions in 2021. Broader-market valuations increased considerably in the second half of the year as a result. While valuations don’t necessarily correlate with near-term performance, stocks could become more volatile in the year ahead if the economic recovery isn’t as smooth as the November-December rally would indicate. With this as the backdrop, we believe our steady, rules-based strategy — which strives to evaluate companies in a disciplined and dispassionate manner — is well suited for a time characterized by both continued opportunity and potentially increased risk.

Pankaj Bhatnagar, PhD, Managing Director

Arno V. Puskar, Director

Portfolio Managers

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

4 | Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP

Terms to Know

Russell 2500 Value Index is an unmanaged index measuring the small- to mid-cap U.S. equity value market.

Contribution and detraction incorporate both a stock’s total return and its weighting in the fund.

* Not held at December 31, 2020.

Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP | 5

Portfolio Summary (Unaudited)

Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral)	12/31/20		12/31/19
Common Stocks		100%		99%
Cash Equivalents		0%		1%
		100%		100%
Sector Diversification (As a % of Investment Portfolio excluding Cash Equivalents and Securities Lending Collateral)	12/31/20		12/31/19
Financials		20%		23%
Industrials		17%		14%
Consumer Discretionary		14%		10%
Real Estate		12%		14%
Information Technology		9%		9%
Health Care		7%		6%
Materials		7%		7%
Utilities		4%		6%
Energy		4%		5%
Communication Services		3%		3%
Consumer Staples		3%		3%
		100%		100%

Portfolio holdings and characteristics are subject to change.

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

Following the Fund’s fiscal first and third quarter-end, a complete portfolio holdings listing is posted on dws.com, and is available free of charge by contacting your financial intermediary, or if you are a direct investor, by calling (800) 728-3337. In addition, the portfolio holdings listing is filed with the SEC on the Fund’s Form N-PORT and will be available on the SEC’s Web site at sec.gov. Additional portfolio holdings for the Fund are also posted on dws.com from time to time. Please see the Fund’s current prospectus for more information.

6 | Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP

Investment Portfolio as of December 31, 2020

	Shares		Value ($)
Common Stocks 99.7%
Communication Services 3.4%
Entertainment 0.9%
Lions Gate Entertainment Corp. “A”* (a)		66,768		759,152
Media 2.1%
Interpublic Group of Companies, Inc.		77,473		1,822,165
Wireless Telecommunication Services 0.4%
Telephone & Data Systems, Inc.		21,403		397,454
Consumer Discretionary 13.6%
Auto Components 0.3%
Goodyear Tire & Rubber Co.		27,451		299,490
Automobiles 1.4%
Winnebago Industries, Inc.		20,175		1,209,290
Distributors 0.3%
Core-Mark Holding Co., Inc.		8,219		241,392
Hotels, Restaurants & Leisure 4.0%
Aramark		50,036		1,925,385
Boyd Gaming Corp.		11,289		484,524
Choice Hotels International, Inc.		2,637		281,447
International Game Technology PLC		21,168		358,586
Red Rock Resorts, Inc. “A”		17,585		440,329
				3,490,271
Household Durables 1.5%
PulteGroup, Inc.		30,685		1,323,137
Internet & Direct Marketing Retail 1.7%
Overstock.com, Inc.* (a)		9,912		475,478
Qurate Retail, Inc. “A”		90,577		993,630
				1,469,108
Leisure Products 1.7%
Brunswick Corp.		17,166		1,308,736
Nautilus, Inc.* (a)		9,884		179,296
				1,488,032
Specialty Retail 0.4%
Boot Barn Holdings, Inc.*		7,546		327,195
Textiles, Apparel & Luxury Goods 2.3%
Columbia Sportswear Co.		16,082		1,405,245
Under Armour, Inc. “A”*		36,419		625,314
				2,030,559
Consumer Staples 3.2%
Food & Staples Retailing 0.5%
The Andersons, Inc.		18,649		457,087
Food Products 0.7%
Darling Ingredients, Inc.*		11,188		645,324
Household Products 2.0%
Central Garden & Pet Co.*		20,865		805,598
Spectrum Brands Holdings, Inc.		11,587		915,141
				1,720,739

	Shares		Value ($)
Energy 3.8%
Oil, Gas & Consumable Fuels
Devon Energy Corp.		40,830		645,522
Equitrans Midstream Corp.		111,906		899,724
Peabody Energy Corp.*		148,020		356,728
Renewable Energy Group, Inc.*		3,491		247,233
Targa Resources Corp.		43,415		1,145,288
				3,294,495
Financials 20.3%
Banks 8.4%
BankUnited, Inc.		42,766		1,487,402
Commerce Bancshares, Inc.		3,421		224,760
ConnectOne Bancorp., Inc.		11,504		227,664
Eagle Bancorp., Inc.		29,648		1,224,462
Flushing Financial Corp.		14,310		238,118
Hancock Whitney Corp.		21,427		728,947
Hilltop Holdings, Inc.		18,538		509,980
Simmons First National Corp. “A”		32,240		696,062
UMB Financial Corp.		18,298		1,262,379
Valley National Bancorp.		77,972		760,227
				7,360,001
Capital Markets 0.9%
Donnelley Financial Solutions, Inc.*		43,730		742,098
Consumer Finance 0.8%
Credit Acceptance Corp.* (a)		2,012		696,434
Diversified Financial Services 0.7%
Voya Financial, Inc.		10,464		615,388
Insurance 5.8%
American Equity Investment Life Holding Co.		15,400		425,964
Assurant, Inc.		11,157		1,519,807
Athene Holding Ltd. “A”*		5,162		222,689
Brown & Brown, Inc.		38,186		1,810,398
Everest Re Group Ltd.		3,480		814,633
Globe Life, Inc.		2,820		267,787
				5,061,278
Mortgage Real Estate Investment Trusts (REITs) 2.0%
Blackstone Mortgage Trust, Inc., “A”		30,794		847,759
Ellington Financial, Inc.		25,308		375,570
PennyMac Mortgage Investment Trust		18,527		325,890
Redwood Trust, Inc.		27,145		238,333
				1,787,552
Thrifts & Mortgage Finance 1.7%
Walker & Dunlop, Inc.		16,128		1,484,098
Health Care 7.1%
Biotechnology 2.2%
Agios Pharmaceuticals, Inc.*		7,532		326,361
Bluebird Bio, Inc.*		7,969		344,819
Myriad Genetics, Inc.*		35,679		705,552
Novavax, Inc.* (a)		2,643		294,721
Sage Therapeutics, Inc.*		2,615		226,224
				1,897,677

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

Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP | 7

	Shares		Value ($)
Health Care Equipment & Supplies 0.9%
ICU Medical, Inc.*		1,594		341,897
Invacare Corp.		50,340		450,543
				792,440
Health Care Providers & Services 0.3%
Molina Healthcare, Inc.*		1,203		255,854
Life Sciences Tools & Services 3.2%
Bruker Corp.		20,724		1,121,790
PerkinElmer, Inc.		9,197		1,319,770
Syneos Health, Inc.*		5,591		380,915
				2,822,475
Pharmaceuticals 0.5%
Endo International PLC* (a)		57,178		410,538
Industrials 17.0%
Aerospace & Defense 1.9%
Teledyne Technologies, Inc.*		4,200		1,646,316
Air Freight & Logistics 0.7%
Atlas Air Worldwide Holdings, Inc.*		11,482		626,228
Building Products 1.5%
Resideo Technologies, Inc.*		14,020		298,065
Simpson Manufacturing Co., Inc.		10,683		998,327
				1,296,392
Commercial Services & Supplies 2.3%
IAA, Inc.*		20,112		1,306,878
Interface, Inc.		65,057		683,098
				1,989,976
Construction & Engineering 1.6%
Jacobs Engineering Group, Inc.		12,823		1,397,194
Electrical Equipment 1.9%
EnerSys		20,450		1,698,577
Industrial Conglomerates 1.1%
Carlisle Companies, Inc.		6,002		937,392
Machinery 4.8%
Federal Signal Corp.		37,993		1,260,228
Hillenbrand, Inc.		40,909		1,628,178
The Manitowoc Co., Inc.*		68,765		915,262
Pentair PLC		7,157		379,965
				4,183,633
Road & Rail 0.2%
Knight-Swift Transportation Holdings, Inc.		5,170		216,210
Trading Companies & Distributors 1.0%
NOW, Inc.*		115,938		832,435
Information Technology 8.8%
Communications Equipment 1.4%
Ciena Corp.*		8,379		442,830
CommScope Holding Co., Inc.*		57,699		773,167
				1,215,997
Electronic Equipment, Instruments & Components 2.0%
Avnet, Inc.		24,965		876,521
Insight Enterprises, Inc.*		7,720		587,415
SYNNEX Corp.		4,038		328,854
				1,792,790

	Shares		Value ($)
IT Services 2.0%
Alliance Data Systems Corp.		9,391		695,873
Concentrix Corp.*		3,625		357,788
Leidos Holdings, Inc.		6,243		656,264
				1,709,925
Semiconductors & Semiconductor Equipment 1.3%
Cirrus Logic, Inc.*		9,449		776,708
ON Semiconductor Corp.*		10,558		345,563
				1,122,271
Software 2.1%
Cloudera, Inc.*		24,944		346,971
Verint Systems, Inc.*		21,689		1,457,067
				1,804,038
Materials 6.7%
Chemicals 3.3%
Albemarle Corp.		2,026		298,876
Avient Corp.		11,497		463,099
H.B. Fuller Co.		6,522		338,361
Kraton Corp.*		55,450		1,540,955
The Mosaic Co.		9,850		226,649
				2,867,940
Containers & Packaging 0.5%
Graphic Packaging Holding Co.		25,865		438,153
Metals & Mining 2.9%
Coeur Mining, Inc.*		118,553		1,227,023
Steel Dynamics, Inc.		36,117		1,331,634
				2,558,657
Real Estate 11.9%
Equity Real Estate Investment Trusts (REITs)
Agree Realty Corp.		21,068		1,402,708
Alexander & Baldwin, Inc. (a)		19,091		327,984
Duke Realty Corp.		26,566		1,061,843
Gaming and Leisure Properties, Inc.		33,868		1,436,003
Highwoods Properties, Inc.		28,630		1,134,607
Iron Mountain, Inc. (a)		8,465		249,548
Lexington Realty Trust		86,944		923,345
SITE Centers Corp.		70,528		713,743
STAG Industrial, Inc.		43,062		1,348,702
Urban Edge Properties		49,462		640,038
WP Carey, Inc.		15,714		1,109,094
				10,347,615
Utilities 3.9%
Electric Utilities 2.6%
IDACORP, Inc.		12,283		1,179,536
PG&E Corp.*		20,106		250,521
Pinnacle West Capital Corp.		11,000		879,450
				2,309,507
Gas Utilities 1.3%
ONE Gas, Inc.		7,459		572,628
UGI Corp.		14,947		522,547
				1,095,175
Total Common Stocks (Cost $72,335,884)				86,987,144

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

8 | Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP

	Shares		Value ($)
Securities Lending Collateral 2.8%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (b) (c) (Cost $2,438,401)		2,438,401		2,438,401
Cash Equivalents 0.3%
DWS Central Cash Management Government Fund, 0.08% (b) (Cost $259,282)		259,282		259,282

	% of Net Assets			Value ($)
Total Investment Portfolio (Cost $75,033,567)		102.8			89,684,827
Other Assets and Liabilities, Net		(2.8	)		(2,405,911	)
Net Assets		100.0			87,278,916

A summary of the Fund’s transactions with affiliated investments during the year ended December 31, 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 ($)		Number of Shares at 12/31/2020		Value ($) at 12/31/2020
Securities Lending Collateral 2.8%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (b) (c)
1,984,280		454,121	(d)		—		—		—		93,629		—		2,438,401		2,438,401
Cash Equivalents 0.3%
DWS Central Cash Management Government Fund, 0.08% (b)
487,000		9,898,169			10,125,887		—		—		4,566		—		259,282		259,282
2,471,280		10,352,290			10,125,887		—		—		98,195		—		2,697,683		2,697,683

* Non-income producing security.

(a) All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at December 31, 2020 amounted to $2,435,784, which is 2.8% 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 $81,945.

(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended December 31, 2020.

Fair Value Measurements

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

The following is a summary of the inputs used as of December 31, 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
Common Stocks (e)	$	86,987,144	$	—	$	—	$	86,987,144
Short-Term Investments (e)		2,697,683		—		—		2,697,683
Total	$	89,684,827	$	—	$	—	$	89,684,827

(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 | 9

Statement of

Assets and Liabilities

as of December 31, 2020
Assets
Investments in non-affiliated securities, at value (cost $72,335,884) — including $2,435,784 of securities loaned	$	86,987,144
Investment in DWS Government & Agency Securities Portfolio (cost $2,438,401)*		2,438,401
Investment in DWS Central Cash Management Government Fund (cost $259,282)		259,282
Receivable for Fund shares sold		8,446
Dividends receivable		155,364
Interest receivable		278
Other assets		1,568
Total assets		89,850,483
Liabilities
Payable upon return of securities loaned		2,438,401
Payable for Fund shares redeemed		11,285
Accrued management fee		45,579
Accrued Trustees’ fees		2,082
Other accrued expenses and payables		74,220
Total liabilities		2,571,567
Net assets, at value	$	87,278,916
Net Assets Consist of
Distributable earnings (loss)		7,029,341
Paid-in capital		80,249,575
Net assets, at value	$	87,278,916
Net Asset Value
Class A
Net Asset Value, offering and redemption price per share ($70,264,803 ÷ 5,853,631 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	12.00
Class B
Net Asset Value, offering and redemption price per share ($17,014,113 ÷ 1,418,467 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$	11.99

* Represents collateral on securities loaned. In addition, the Fund held non-cash collateral having a value of $81,945.

Statement of Operations

for the year ended December 31, 2020
Investment Income
Income:
Dividends	$	1,737,184
Income distributions — DWS Cash Management Government Fund		4,566
Securities lending income, net of borrower rebates		93,629
Total income	$	1,835,379
Expenses:
Management fee		498,541
Administration fee		74,858
Services to Shareholders		2,109
Record keeping fee (Class B)		17,901
Distribution service fees (Class B)		37,021
Custodian fee		3,153
Professional fees		51,408
Reports to shareholders		36,640
Trustees’ fees and expenses		4,352
Other		5,298
Total expenses before expense reductions		731,281
Expense reductions		(47,561	)
Total expenses after expense reductions		683,720
Net investment income		1,151,659
Realized and Unrealized gain (loss)
Net realized gain (loss) from investments		(8,657,454	)
Change in net unrealized appreciation (depreciation) on investments		5,071,194
Net gain (loss)		(3,586,260	)
Net increase (decrease) in net assets resulting from operations	$	(2,434,601	)

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

10 | Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP

Statements of Changes in Net Assets

	Years Ended December 31,
Increase (Decrease) in Net Assets	2020			2019
Operations:
Net investment income (loss)	$	1,151,659		$	1,188,003
Net realized gain (loss)		(8,657,454	)		6,244,068
Change in net unrealized appreciation (depreciation)		5,071,194			11,215,454
Net increase (decrease) in net assets resulting from operations		(2,434,601	)		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		5,262,531			3,385,798
Reinvestment of distributions		6,015,690			6,073,443
Payments for shares redeemed		(11,188,291	)		(10,531,345	)
Net increase (decrease) in net assets from Class A share transactions		89,930			(1,072,104	)
Class B
Proceeds from shares sold		3,507,387			1,581,613
Reinvestment of distributions		1,399,898			1,252,920
Payments for shares redeemed		(3,035,924	)		(3,209,519	)
Net increase (decrease) in net assets from Class B share transactions		1,871,361			(374,986	)
Increase (decrease) in net assets		(7,888,898	)		9,874,072
Net assets at beginning of period		95,167,814			85,293,742
Net assets at end of period	$	87,278,916		$	95,167,814
Other Information
Class A
Shares outstanding at beginning of period		5,666,170			5,742,711
Shares sold		527,815			261,390
Shares issued to shareholders in reinvestment of distributions		725,656			468,268
Shares redeemed		(1,066,010	)		(806,199	)
Net increase (decrease) in Class A shares		187,461			(76,541	)
Shares outstanding at end of period		5,853,631			5,666,170
Class B
Shares outstanding at beginning of period		1,216,620			1,243,269
Shares sold		321,995			121,577
Shares issued to shareholders in reinvestment of distributions		168,662			96,453
Shares redeemed		(288,810	)		(244,679	)
Net increase (decrease) in Class B shares		201,847			(26,649	)
Shares outstanding at end of period		1,418,467			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 | 11

Financial Highlights

DWS Small Mid Cap Value VIP — Class A
	Years Ended December 31,
	2020			2019			2018			2017			2016
Selected Per Share Data
Net asset value, beginning of period		$13.83			$12.21			$17.88			$16.65			$15.97
Income (loss) from investment operations:
Net investment incomea		.16			.18			.10			.17			.15
Net realized and unrealized gain (loss)		(.90	)		2.53	d		(2.47	)		1.55			2.34
Total from investment operations		(.74	)		2.71			(2.37	)		1.72			2.49
Less distributions from:
Net investment income		(.16	)		(.10	)		(.24	)		(.12	)		(.10	)
Net realized gains		(.93	)		(.99	)		(3.06	)		(.37	)		(1.71	)
Total distributions		(1.09	)		(1.09	)		(3.30	)		(.49	)		(1.81	)
Net asset value, end of period		$12.00			$13.83			$12.21			$17.88			$16.65
Total Return (%)b		(1.80	)		22.76	d		(16.01	)		10.52			16.89
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		70			78			70			96			153
Ratio of expenses before expense reductions (%)c		.88			.88			.87			.83			.83
Ratio of expenses after expense reductions (%)c		.82			.83			.81			.83			.82
Ratio of net investment income (%)		1.57			1.35			.65			.98			.99
Portfolio turnover rate (%)		43			55			64			35			53

^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.

DWS Small Mid Cap Value VIP — Class B
	Years Ended December 31,
	2020			2019			2018			2017			2016
Selected Per Share Data
Net asset value, beginning of period		$13.82			$12.20			$17.86			$16.63			$15.95
Income (loss) from investment operations:
Net investment incomea		.13			.13			.05			.11			.09
Net realized and unrealized gain (loss)		(.90	)		2.53	d		(2.48	)		1.55			2.34
Total from investment operations		(.77	)		2.66			(2.43	)		1.66			2.43
Less distributions from:
Net investment income		(.13	)		(.05	)		(.17	)		(.06	)		(.04	)
Net realized gains		(.93	)		(.99	)		(3.06	)		(.37	)		(1.71	)
Total distributions		(1.06	)		(1.04	)		(3.23	)		(.43	)		(1.75	)
Net asset value, end of period		$11.99			$13.82			$12.20			$17.86			$16.63
Total Return (%)b		(2.18	)		22.32	d		(16.32	)		10.13			16.47
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		17			17			15			19			15
Ratio of expenses before expense reductions (%)c		1.25			1.25			1.24			1.19			1.19
Ratio of expenses after expense reductions (%)c		1.19			1.19			1.16			1.19			1.18
Ratio of net investment income (loss) (%)		1.21			.99			.30			.65			.57
Portfolio turnover rate (%)		43			55			64			35			53

^a  Based on average shares outstanding during the period.

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

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

^d  Includes proceeds from a non-recurring litigation payment amounting to $0.14 per share and 1.07% of average daily net assets, for the year ended December 31, 2019.

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

12 | Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP

Notes to Financial Statements

A. Organization and Significant Accounting Policies

DWS Small Mid Cap Value VIP (the “Fund”) is a diversified series of Deutsche DWS Variable Series II (the “Trust”), which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as 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 of 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 and recordkeeping fees). Differences in class-level expenses may result in payment of different per share dividends by class. All shares have equal rights with respect to voting subject to class-specific arrangements.

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

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

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

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.

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.

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.

Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP | 13

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

Securities Lending. Brown Brothers Harriman & Co., as lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either cash and/or U.S. Treasury Securities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended December 31, 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 (0.06% annualized effective rate as of December 31, 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 December 31, 2020, the Fund had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.

Remaining Contractual Maturity of the Agreements as of December 31, 2020
	Overnight and Continuous		<30 Days		Between 30 & 90 Days		>90 Days		Total
Securities Lending Transactions
Common Stocks	$	2,438,401	$	—	$	—	$	81,945	$	2,520,346
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions:									$	2,520,346

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

At December 31, 2020, the Fund had a net tax basis capital loss carryforward of approximately $8,694,000, which may be applied against realized net taxable capital gains indefinitely, including short-term losses ($2,621,000) and long-term losses ($6,073,000).

The Fund has reviewed the tax positions for the open tax years as of December 31, 2020 and has determined that no provision for income tax and/or uncertain tax positions is required in the Fund’s financial statements. The Fund’s federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

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

The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to certain securities sold at a loss. As a

14 | Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP

result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.

At December 31, 2020, the Fund’s components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income*	$	1,114,910
Capital loss carryforwards	$	(8,694,000	)
Unrealized appreciation (depreciation) on investments	$	14,554,540

At December 31, 2020, the aggregate cost of investments for federal income tax purposes was $75,130,287. The net unrealized appreciation for all investments based on tax cost was $14,554,540. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $18,320,630 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $3,766,090.

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

	Years Ended December 31,
	2020		2019
Distributions from ordinary income*	$	1,300,909	$	615,525
Distributions from long-term capital gains	$	6,114,679	$	6,710,838

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

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

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

Real Estate Investment Trusts. The Fund at its fiscal year end recharacterizes distributions received from a Real Estate Investment Trust (“REIT”) investment based on information provided by the REIT into the following categories: ordinary income, long-term 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.

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. Realized gains and losses from investment transactions are recorded on an identified cost basis. Proceeds from litigation payments, if any, are included in net realized gain (loss) from investments.

B. Purchases and Sales of Securities

During the year ended December 31, 2020, purchases and sales of investment transactions (excluding short-term investments) aggregated $33,047,853 and $35,940,867, respectively.

C. Related Parties

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

Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP | 15

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

First $250 million	.650	%
Next $750 million	.620	%
Next $1.5 billion	.600	%
Next $2.5 billion	.580	%
Next $2.5 billion	.550	%
Next $2.5 billion	.540	%
Next $2.5 billion	.530	%
Over $12.5 billion	.520	%

Accordingly, for the year ended December 31, 2020, the fee pursuant to the Investment Management Agreement was equivalent to an annual rate (exclusive of any applicable waivers/reimbursements) of 0.65% of the Fund’s average daily net assets.

For the period from January 1, 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 each class as follows:

Class A	.82	%
Class B	1.19	%

For the year ended December 31, 2020, fees waived and/or expenses reimbursed for each class were as follows:

Class A	$	37,989
Class B		9,572
	$	47,561

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 the Advisor 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 year ended December 31, 2020, the Administration Fee was $74,858, of which $7,079 is unpaid.

Service Provider Fees. DWS Service Company (“DSC”), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and DST Systems, Inc. (“DST”), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the year ended December 31, 2020, the amounts charged to the Fund by DSC were as follows:

Service to Shareholders	Total Aggregated		Unpaid at December 31, 2020
Class A	$	742	$	138
Class B		545		106
	$	1,287	$	244

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 year ended December 31, 2020, the Distribution Service Fee aggregated $37,021, of which $3,560 is unpaid.

Other Service Fees. Under an agreement with the Fund, DIMA is compensated for providing certain pre-press and regulatory filing services to the Fund. For the year ended December 31, 2020, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders” aggregated $9,175, of which $3,527 is unpaid.

16 | Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP

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

Affiliated Cash Management Vehicles. The Fund may invest uninvested cash balances in DWS Central Cash Management Government Fund and DWS ESG Liquidity Fund, affiliated money market funds which are managed by the Advisor. Each affiliated money market fund is managed in accordance 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.

D. Ownership of the Fund

At December 31, 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%. 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%, 18% and 12%.

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 December 31, 2020.

F. Other — COVID-19 Pandemic

A novel coronavirus known as COVID-19, declared a pandemic by the World Health Organization, has caused significant uncertainty, market volatility, decreased economic and other activity and increased government activity. Specifically, COVID-19 has led to significant death and morbidity, and concerns about its further spread have resulted in the closing of schools and non-essential businesses, cancellations, shelter-in place orders, lower consumer spending in certain sectors, social distancing, bans on large social gatherings and travel, quarantines, government economic stimulus measures, reduced productivity, rapid increases in unemployment, increased demand for and strain on government and medical resources, border closings and global trade and supply chain interruptions, among others. The full effects, duration and costs of the COVID-19 pandemic are impossible to predict, and the circumstances surrounding the COVID-19 pandemic will continue to evolve. The pandemic may affect certain countries, industries, economic sectors, companies and investment products more than others, may exacerbate existing economic, political, or social tensions and may increase the probability of an economic recession or depression. The Fund and its investments may be adversely affected by the effects of the COVID-19 pandemic, and a prolonged pandemic may result in the Fund and its service providers experiencing operational difficulties in coordinating a remote workforce and implementing their business continuity plans, among others. 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.

Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP | 17

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Deutsche DWS Variable Series II and Shareholders of DWS Small Mid Cap Value VIP:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of DWS Small Mid Cap Value VIP (the “Fund”) (one of the funds constituting Deutsche DWS Variable Series II) (the “Trust”), including the investment portfolio, as of December 31, 2020, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Deutsche DWS Variable Series II) at December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian and others. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

Boston, Massachusetts

February 12, 2021

18 | 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 (July 1, 2020 to December 31, 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 December 31, 2020
Actual Fund Return		Class A		Class B
Beginning Account Value 7/1/20	$	1,000.00	$	1,000.00
Ending Account Value 12/31/20	$	1,286.20	$	1,282.40
Expenses Paid per $1,000*	$	4.71	$	6.83
Hypothetical 5% Fund Return		Class A		Class B
Beginning Account Value 7/1/20	$	1,000.00	$	1,000.00
Ending Account Value 12/31/20	$	1,021.01	$	1,019.15
Expenses Paid per $1,000*	$	4.17	$	6.04

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

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

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

Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP | 19

Tax Information (Unaudited)

The Fund paid distributions of $0.90 per share from net long-term capital gains during its year ended December 31, 2020.

For corporate shareholders, 96% of the ordinary dividends (i.e., income dividends plus short-term capital gains) paid during the Fund’s fiscal year ended December 31, 2020, qualified for the dividends received deduction.

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

Proxy Voting

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

20 | 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 2020.

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

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

– The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board 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”).

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

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

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

As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund’s performance. In many cases, this led to the negotiation and implementation of expense caps.

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 also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA’s approach to addressing such risks. 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 the information provided, the Board noted that, for the one-, three- and five-year periods ended December 31, 2019, the Fund’s performance (Class A shares) was in the 4th quartile

Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP | 21

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, 2019. 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 (2nd quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2019). The Board noted that, effective March 1, 2020, the fee paid to DIMA under the Fund’s administrative services agreement was reduced to 0.097%. 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, 2019, 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.

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, 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

22 | Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP

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.

The Board also considered that on September 24, 2020, the SEC granted a temporary order permitting DIMA and its affiliates to continue providing investment advisory and underwriting services to the DWS Funds notwithstanding a consent order entered into by Deutsche Bank AG on June 17, 2020 (the “Consent Order”). The Board noted that the temporary order was granted effective as of the date of the Consent Order. The Board also noted various representations by DIMA to the Board relating to the Consent Order, including that the conduct giving rise to the Consent Order (unintentional conduct that resulted from a system outage that prevented Deutsche Bank AG from reporting data in accordance with applicable CFTC requirements for five days in April 2016) did not involve any DWS Fund or services DIMA and its affiliates provide to the DWS Funds, that DIMA and its personnel had no involvement in the alleged conduct giving rise to the Consent Order, and that the DWS Funds would not bear any financial impact or costs relating to the Consent Order.

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

Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP | 23

Board Members and Officers

The following table presents certain information regarding the Board Members and Officers of the Trust/Corporation. Each Board Member’s year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the Trust/Corporation. Because the Fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period.

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

Independent Board Members
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen		Other Directorships Held by Board Member
Keith R. Fox, CFA (1954) Chairperson since 2017, and Board Member since 1996	Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); former Chairman, National Association of Small Business Investment Companies; former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) (2011–2012)		73	—
John W. Ballantine (1946) Board Member since 1999	Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); former Directorships: Director and Chairman of the Board, Healthways, Inc.2 (population well-being and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak Brook Bank; and Prisma Energy International. Not-for-Profit Director/Trustee: Palm Beach Civic Association; Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; former Not-for-Profit Directorships: Public Radio International		73	Portland General Electric2 (utility company) (2003– present)
Dawn-Marie Driscoll (1946) Board Member since 1987	Emeritus Executive Fellow, Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988). Directorships: Advisory Board, Center for Business Ethics, Bentley University; Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)		73	—
Richard J. Herring (1946) Board Member since 1990	Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (since July 1972); Director, The Wharton Financial Institutions Center (since 1994); formerly: Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee since 2011, member Systemic Risk Council since 2012 and member of the Advisory Board at the Yale Program on Financial Stability since 2013; Formerly Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), and Nonexecutive Director of Barclays Bank DE (2010–2018)		73	Director, Aberdeen Japan Fund (since 2007)
William McClayton (1944) Board Member since 2004	Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001–2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966–2001); Trustee, Ravinia Festival		73	—

24 | Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP

Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen		Other Directorships Held by Board Member
Rebecca W. Rimel (1951) Board Member since 1995	Senior Advisor, The Pew Charitable Trusts (charitable organization) (since July 2020); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012); President, Chief Executive Officer and Director, The Pew Charitable Trusts (charitable organization) (1994–2020)		73	Director, Becton Dickinson and Company2 (medical technology company) (2012– present); Director, BioTelemetry Inc.2 (health care) (2009– present)
William N. Searcy, Jr. (1946) Board Member since 1993	Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012)		73	—

Officers4
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served5	Business Experience and Directorships During the Past Five Years
Hepsen Uzcan6 (1974) President and Chief Executive Officer, 2017–present	Managing Director3, DWS; Secretary, DWS USA Corporation (2018–present); Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–present); Director and President, DB Investment Managers, Inc. (2018–present); President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2013–2020); Directorships: Interested Director, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since June 25, 2020); ICI Mutual Insurance Company (since October 16, 2020); and Episcopalian Charities of New York (2018–present)
John Millette7 (1962) Vice President and Secretary, 1999–present	Director,3 DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX ETF Trust (2020–present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); Assistant Secretary, DBX ETF Trust (2019–2020); Assistant Secretary (July 14, 2006–December 31, 2010) and Secretary (January 31, 2006–July 13, 2006), The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc.
Ciara Crawford8 (1984) Assistant Secretary, (2019–present)	Associate, DWS (since 2015); previously, Legal Assistant at Accelerated Tax Solutions.
Diane Kenneally7 (1966) Chief Financial Officer and Treasurer, 2018–present	Director,3 DWS; Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds (2007–2018)
Paul Antosca7 (1957) Assistant Treasurer, 2007–present	Director,3 DWS; and Assistant Treasurer, DBX ETF Trust (2019–present)
Sheila Cadogan7 (1966) Assistant Treasurer, 2017–present	Director,3 DWS; Director and Vice President, DWS Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present)
Scott D. Hogan7 (1970) Chief Compliance Officer, 2016–present	Director,3 DWS; Chief Compliance Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2016–present)
Caroline Pearson7 (1962) Chief Legal Officer, 2010–present	Managing Director3, DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, DBX Advisors LLC and DBX Strategic Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); and Secretary, Deutsche AM Service Company (2010–2017)

Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP | 25

Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served5	Business Experience and Directorships During the Past Five Years
Michelle Goveia-Pine6 (1970) Interim Anti-Money Laundering Compliance Officer, since July 10, 2020	Director,3 DWS; Interim AML Officer, DWS Trust Company (since July 28, 2020); Interim AML Officer, DBX ETF Trust (since July 9, 2020); Interim AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since July 24, 2020)

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

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

³  Executive title, not a board directorship.

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

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

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

⁷  Address: 100 Summer Street, Boston, MA 02110.

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

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

26 | Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP

Notes

VS2SMCV-2 (R-025829-10 2/21)

	(b) Not applicable
ITEM 2.	CODE OF ETHICS
	As of the end of the period covered by this report, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR that applies to its Principal Executive Officer and Principal Financial Officer. There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
ITEM 3.	AUDIT COMMITTEE FINANCIAL EXPERT
	The fund’s audit committee is comprised solely of trustees who are "independent" (as such term has been defined by the Securities and Exchange Commission ("SEC") in regulations implementing Section 407 of the Sarbanes-Oxley Act (the "Regulations")). The fund’s Board of Trustees has determined that there are several "audit committee financial experts" (as such term has been defined by the Regulations) serving on the fund’s audit committee including Mr. William McClayton, the chair of the fund’s audit committee.  An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an “audit committee financial expert” does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.
ITEM 4.	PRINCIPAL ACCOUNTANT FEES AND SERVICES

Deutsche DWS Variable Series II

form n-csr disclosure re: AUDIT FEES

The following table shows the amount of fees that Ernst & Young LLP (“EY”), the Fund’s Independent Registered Public Accounting Firm, billed to the Fund during the Fund’s last two fiscal years. The Audit Committee approved in advance all audit services and non-audit services that EY provided to the Fund.

Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Fund

Fiscal Year Ended December 31,	Audit Fees Billed to Fund	Audit-Related Fees Billed to Fund	Tax Fees Billed to Fund	All Other Fees Billed to Fund
2020	$462,792	$0	$68,453	$0
2019	$554,948	$0	$92,483	$0

The above “Tax Fees” were billed for professional services rendered for tax preparation.

Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers

The following table shows the amount of fees billed by EY to DWS Investment Management Americas, Inc. (“DIMA” or the “Adviser”), and any entity controlling, controlled by or under common control with DIMA (“Control Affiliate”) that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two fiscal years.

Fiscal Year Ended December 31,	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers	Tax Fees Billed to Adviser and Affiliated Fund Service Providers	All Other Fees Billed to Adviser and Affiliated Fund Service Providers
2020	$0	$650,763	$0
2019	$0	$740,482	$0

The above “Tax Fees” were billed in connection with tax compliance services and agreed upon procedures.

Non-Audit Services

The following table shows the amount of fees that EY billed during the Fund’s last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that EY provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund’s operations and financial reporting. The Audit Committee requested and received information from EY about any non-audit services that EY rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating EY’s independence.

Fiscal Year Ended December 31,	Total Non-Audit Fees Billed to Fund (A)	Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund) (B)	Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) (C)	Total of (A), (B) and (C)
2020	$68,453	$650,763	$0	$719,216
2019	$92,483	$740,482	$0	$832,965

All other engagement fees were billed for services in connection with agreed upon procedures and tax compliance for DIMA and other related entities.

Audit Committee Pre-Approval Policies and Procedures. Generally, each Fund’s Audit Committee must pre approve (i) all services to be performed for a Fund by a Fund’s Independent Registered Public Accounting Firm and (ii) all non-audit services to be performed by a Fund’s Independent Registered Public Accounting Firm for the DIMA Entities with respect to operations and financial reporting of the Fund, except that the Chairperson or Vice Chairperson of each Fund’s Audit Committee may grant the pre-approval for non-audit services described in items (i) and (ii) above for non-prohibited services for engagements of less than $100,000. All such delegated pre approvals shall be presented to each Fund’s Audit Committee no later than the next Audit Committee meeting.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.

According to the registrant’s principal Independent Registered Public Accounting Firm, substantially all of the principal Independent Registered Public Accounting Firm's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent Registered Public Accounting Firm.

***

In connection with the audit of the 2019 and 2020 financial statements, the Fund entered into an engagement letter with EY. The terms of the engagement letter required by EY, and agreed to by the Audit Committee, include a provision mandating the use of mediation and arbitration to resolve any controversy or claim between the parties arising out of or relating to the engagement letter or services provided thereunder.

***

Pursuant to PCAOB Rule 3526, EY is required to describe in writing to the Fund’s Audit Committee, on at least an annual basis, all relationships between EY, or any of its affiliates, and the DWS Funds, including the Fund, or persons in financial reporting oversight roles at the DWS Funds that, as of the date of the communication, may reasonably be thought to bear on EY’s independence. Pursuant to PCAOB Rule 3526, EY has reported the matters set forth below that may reasonably be thought to bear on EY’s independence. With respect to each reported matter, individually and in the aggregate, EY advised the Audit Committee that, after careful consideration of the facts and circumstances and the applicable independence rules, it concluded that the matters do not and will not impair EY’s ability to exercise objective and impartial judgement in connection with the audits of the financial statements for the Fund and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that EY has been and is capable of exercising objective and impartial judgment on all issues encompassed within EY’s audit engagements. EY also confirmed to the Audit Committee that it can continue act as the Independent Registered Public Accounting Firm for the Fund.

· EY advised the Fund’s Audit Committee that various covered persons within EY’s affiliates held investments in, or had other financial relationships with, entities within the DWS Funds “investment company complex” (as defined in Regulation S-X) (the “DWS Funds Complex”). EY informed the Audit Committee that these investments and financial relationships were inconsistent with Rule 2-01(c)(1) of Regulation S-X. EY reported that all breaches have been resolved and that none of the breaches involved any investments in the Fund or any professionals who were part of the audit engagement team for the Fund. In addition, EY noted that the independence breaches did not (i) create a mutual or conflicting interest with the Fund, (ii) place EY in the position of auditing its own work, (iii) result in EY acting as management or an employee of the Fund, or (iv) place EY in a position of being an advocate of the Fund.

ITEM 5.	AUDIT COMMITTEE OF LISTED REGISTRANTS
	Not applicable
ITEM 6.	SCHEDULE OF INVESTMENTS
	Not applicable
ITEM 7.	DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
	Not applicable
ITEM 8.	PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
	Not applicable
ITEM 9.	PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
	Not applicable
ITEM 10.	SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
	There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board.  The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600.
ITEM 11.	CONTROLS AND PROCEDURES
	(a)	The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
	(b)	There have been no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.
ITEM 12.	Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
	Not applicable
ITEM 13.	EXHIBITS
	(a)(1)	Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.
	(a)(2)	Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
	(b)	Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant:	Deutsche DWS Variable Series II
By:	/s/Hepsen Uzcan Hepsen Uzcan President
Date:	2/12/2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/Hepsen Uzcan Hepsen Uzcan President
Date:	2/12/2021
By:	/s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer
Date:	2/12/2021