UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
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: | 6/30/2024 |
ITEM 1. | REPORT TO STOCKHOLDERS |
(a) | |
DWS CROCI U.S. VIP
Class A
Semi-Annual Shareholder Report—June 30, 2024
This semi-annual shareholder report contains important information about DWS CROCI U.S. VIP ("the Fund") for the period January 1, 2024 to June 30, 2024. You can find additional information about the Fund on the Fund's website at dws.com/vipreports. You can also request this information by contacting us at (800) 728-3337.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
---|---|---|
Class A | $36 | 0.68% |
Gross expense ratio as of the latest prospectus: 0.79%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher. Fund costs do not reflect any fees or sales charges imposed by a variable contract for which the Fund is an investment option.
Key Fund Statistics
Net Assets ($) | 137,647,288 |
Number of Portfolio Holdings | 68 |
Portfolio Turnover Rate (%) | 31 |
Total Net Advisory Fees Paid ($) | 342,164 |
What did the Fund invest in?
Top Ten Holdings
Holdings | 41.1% of Net Assets |
---|---|
Alphabet, Inc. | 5.1% |
Merck & Co., Inc. | 4.7% |
PACCAR, Inc. | 4.4% |
Fox Corp. | 4.1% |
Meta Platforms, Inc. | 4.1% |
Cognizant Technology Solutions Corp. | 4.0% |
Gilead Sciences, Inc. | 3.9% |
DR Horton, Inc. | 3.7% |
Johnson & Johnson | 3.7% |
Hewlett Packard Enterprise Co. | 3.4% |
Holdings-based data is subject to change.
Asset Allocation
Asset Type | % of Net Assets |
Common Stocks | 99% |
Cash Equivalents | 1% |
Other Assets and Liabilities, Net | 0% |
Total | 100% |
Sector Allocation
Sector | % of Net Assets |
Information Technology | 25% |
Health Care | 22% |
Communication Services | 14% |
Financials | 11% |
Consumer Discretionary | 10% |
Industrials | 7% |
Energy | 4% |
Consumer Staples | 3% |
Materials | 3% |
Total | 99% |
Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, Board fee evaluation reports, and financial statements and other information, please visit dws.com/vipreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 728-3337.
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.
This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's objectives, risks, charges, and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (800) 728-3337, contacting your financial representative, or visit dws.com/vipreports to view or download a prospectus. Please read the prospectus carefully before you invest.
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.
©2024 DWS Group GmbH&Co. KGaA. All rights reserved
VS2CUS-TSRS-A
R-101791-1 (8/24)
DWS Global Income Builder VIP
Class A
Semi-Annual Shareholder Report—June 30, 2024
This semi-annual shareholder report contains important information about DWS Global Income Builder VIP ("the Fund") for the period January 1, 2024 to June 30, 2024. You can find additional information about the Fund on the Fund's website at dws.com/vipreports. You can also request this information by contacting us at (800) 728-3337.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
---|---|---|
Class A | $33 | 0.65% |
Gross expense ratio as of the latest prospectus: 0.65%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher. Fund costs do not reflect any fees or sales charges imposed by a variable contract for which the Fund is an investment option.
Key Fund Statistics
Net Assets ($) | 111,805,648 |
Number of Portfolio Holdings | 281 |
Portfolio Turnover Rate (%) | 192 |
Total Net Advisory Fees Paid ($) | 202,393 |
What did the Fund invest in?
Asset Allocation
Asset Type | % of Net Assets | |
Fixed Income | 72% | |
Government & Agency Obligations | 34% | |
Corporate Bonds | 21% | |
Collateralized Mortgage Obligations | 6% | |
Asset-Backed | 5% | |
Mortgage-Backed Securities Pass-Throughs | 3% | |
Commercial Mortgage-Backed Securities | 3% | |
Equity | 28% | |
Common Stocks | 21% | |
Exchange-Traded Funds | 5% | |
Preferred Stocks | 2% | |
Warrants | 0% | |
Rights | 0% | |
Cash Equivalents | 4% | |
Cash Equivalents | 4% | |
Other Assets and Liabilities, Net | (4%) | |
Total | 100% |
Sector Allocation
Sector | % of Net Assets |
Financials | 12% |
Information Technology | 5% |
Energy | 5% |
Industrials | 4% |
Communication Services | 4% |
Utilities | 3% |
Consumer Discretionary | 3% |
Health Care | 3% |
Materials | 2% |
Consumer Staples | 2% |
Real Estate | 1% |
Total | 100% |
Geographical Diversification
Country | % of Net Assets |
United States | 84% |
Cayman Islands | 3% |
France | 2% |
Canada | 1% |
Japan | 1% |
United Kingdom | 1% |
China | 1% |
Sweden | 1% |
Switzerland | 1% |
Spain | 1% |
Other | 4% |
Total | 99% |
Holdings-based data is subject to change.
Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, Board fee evaluation reports, and financial statements and other information, please visit dws.com/vipreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 728-3337.
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.
This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's objectives, risks, charges, and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (800) 728-3337, contacting your financial representative, or visit dws.com/vipreports to view or download a prospectus. Please read the prospectus carefully before you invest.
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.
©2024 DWS Group GmbH&Co. KGaA. All rights reserved
VS2GIB-TSRS-A
R-102124-1 (8/24)
DWS High Income VIP
Class A
Semi-Annual Shareholder Report—June 30, 2024
This semi-annual shareholder report contains important information about DWS High Income VIP ("the Fund") for the period January 1, 2024 to June 30, 2024. You can find additional information about the Fund on the Fund's website at dws.com/vipreports. You can also request this information by contacting us at (800) 728-3337.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
---|---|---|
Class A | $35 | 0.69% |
Gross expense ratio as of the latest prospectus: 0.91%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher. Fund costs do not reflect any fees or sales charges imposed by a variable contract for which the Fund is an investment option.
Key Fund Statistics
Net Assets ($) | 42,503,525 |
Number of Portfolio Holdings | 338 |
Portfolio Turnover Rate (%) | 64 |
Total Net Advisory Fees Paid ($) | 66,717 |
What did the Fund invest in?
Holdings-based data is subject to change.
Asset Allocation
Asset Type | % of Net Assets |
Corporate Bonds | 93% |
Cash Equivalents | 4% |
Exchange-Traded Funds | 3% |
Loan Participations and Assignments | 0% |
Warrants | 0% |
Common Stocks | 0% |
Other Assets and Liabilities, Net | 0% |
Total | 100% |
Sector Allocation
Sector | % of Net Assets |
Energy | 18% |
Consumer Discretionary | 14% |
Materials | 14% |
Industrials | 12% |
Communication Services | 12% |
Health Care | 6% |
Utilities | 5% |
Financials | 4% |
Information Technology | 4% |
Consumer Staples | 2% |
Real Estate | 2% |
Total | 93% |
Credit Quality
Credit Rating | % of Net Assets |
BBB | 5% |
BB | 63% |
B | 21% |
CCC | 7% |
Not Rated | 0% |
Total | 96% |
Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, Board fee evaluation reports, and financial statements and other information, please visit dws.com/vipreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 728-3337.
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.
This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's objectives, risks, charges, and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (800) 728-3337, contacting your financial representative, or visit dws.com/vipreports to view or download a prospectus. Please read the prospectus carefully before you invest.
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.
©2024 DWS Group GmbH&Co. KGaA. All rights reserved
VS2HI-TSRS-A
R-101790-1 (8/24)
DWS International Growth VIP
Class A
Semi-Annual Shareholder Report—June 30, 2024
This semi-annual shareholder report contains important information about DWS International Growth VIP ("the Fund") for the period January 1, 2024 to June 30, 2024. You can find additional information about the Fund on the Fund's website at dws.com/vipreports. You can also request this information by contacting us at (800) 728-3337.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
---|---|---|
Class A | $42 | 0.82% |
Gross expense ratio as of the latest prospectus: 1.35%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher. Fund costs do not reflect any fees or sales charges imposed by a variable contract for which the Fund is an investment option.
Key Fund Statistics
Net Assets ($) | 19,909,949 |
Number of Portfolio Holdings | 85 |
Portfolio Turnover Rate (%) | 2 |
Total Net Advisory Fees Paid ($) | 8,061 |
What did the Fund invest in?
Asset Allocation
Asset Type | % of Net Assets |
Common Stocks | 98% |
Cash Equivalents | 2% |
Preferred Stocks | 0% |
Other Assets and Liabilities, Net | 0% |
Total | 100% |
Sector Allocation
Sector | % of Net Assets |
Information Technology | 23% |
Financials | 20% |
Health Care | 15% |
Industrials | 14% |
Consumer Discretionary | 8% |
Communication Services | 6% |
Consumer Staples | 6% |
Energy | 4% |
Materials | 2% |
Total | 98% |
Geographical Diversification
Country | % of Net Assets |
Germany | 14% |
France | 12% |
United States | 9% |
Canada | 8% |
Netherlands | 8% |
Switzerland | 7% |
Japan | 6% |
United Kingdom | 5% |
China | 4% |
Ireland | 4% |
Other | 21% |
Total | 98% |
Top Ten Holdings
Holdings | 29.7% of Net Assets |
---|---|
DBS Group Holdings Ltd. | 3.4% |
NVIDIA Corp. | 3.3% |
ASML Holding NV | 3.2% |
Brookfield Corp. | 3.1% |
Taiwan Semiconductor Manufacturing Co., Ltd. | 3.0% |
Lonza Group AG | 2.8% |
TotalEnergies SE | 2.8% |
Allianz SE | 2.8% |
Deutsche Boerse AG | 2.7% |
SAP SE | 2.6% |
Holdings-based data is subject to change.
Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, Board fee evaluation reports, and financial statements and other information, please visit dws.com/vipreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 728-3337.
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.
This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's objectives, risks, charges, and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (800) 728-3337, contacting your financial representative, or visit dws.com/vipreports to view or download a prospectus. Please read the prospectus carefully before you invest.
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.
©2024 DWS Group GmbH&Co. KGaA. All rights reserved
VS2IG-TSRS-A
R-101788-1 (8/24)
DWS Alternative Asset Allocation VIP
Class A
Semi-Annual Shareholder Report—June 30, 2024
This semi-annual shareholder report contains important information about DWS Alternative Asset Allocation VIP ("the Fund") for the period January 1, 2024 to June 30, 2024. You can find additional information about the Fund on the Fund's website at dws.com/vipreports. You can also request this information by contacting us at (800) 728-3337.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
---|---|---|
Class A | $12 | 0.23% |
Gross expense ratio as of the latest prospectus: 0.83%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher. Fund costs do not reflect any fees or sales charges imposed by a variable contract for which the Fund is an investment option, or expenses of the underlying funds in which the Fund invests.
Key Fund Statistics
Net Assets ($) | 421,436,247 |
Number of Portfolio Holdings | 14 |
Portfolio Turnover Rate (%) | 0 |
Total Net Advisory Fees Paid ($) | 210,258 |
What did the Fund invest in?
Asset Allocation
Asset Type | % of Net Assets | |
Real Asset | 40% | |
DWS Enhanced Commodity Strategy Fund | 15% | |
DWS RREEF Global Infrastructure Fund | 14% | |
DWS RREEF Real Estate Securities Fund | 8% | |
iShares Global Infrastructure ETF | 2% | |
SPDR S&P Global Natural Resources ETF | 1% | |
Alternative Fixed Income | 23% | |
DWS Floating Rate Fund | 11% | |
iShares JP Morgan USD Emerging Markets Bond ETF | 5% | |
DWS Emerging Markets Fixed Income Fund | 4% | |
SPDR Blackstone Senior Loan ETF | 3% | |
Absolute Return | 18% | |
DWS ESG Liquidity Fund | 10% | |
DWS Global Macro Fund | 8% | |
Alternative Equity | 14% | |
SPDR Bloomberg Convertible Securities ETF | 11% | |
iShares Preferred & Income Securities ETF | 3% | |
Cash Equivalents | 5% | |
DWS Central Cash Management Government Fund | 5% | |
Other Assets and Liabilities, Net | 0% | |
Total | 100% |
Holdings-based data is subject to change.
Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, Board fee evaluation reports, and financial statements and other information, please visit dws.com/vipreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 728-3337.
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.
This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's objectives, risks, charges, and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (800) 728-3337, contacting your financial representative, or visit dws.com/vipreports to view or download a prospectus. Please read the prospectus carefully before you invest.
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.
©2024 DWS Group GmbH&Co. KGaA. All rights reserved
VS2AAA-TSRS-A
R-101787-1 (8/24)
DWS Alternative Asset Allocation VIP
Class B
Semi-Annual Shareholder Report—June 30, 2024
This semi-annual shareholder report contains important information about DWS Alternative Asset Allocation VIP ("the Fund") for the period January 1, 2024 to June 30, 2024. You can find additional information about the Fund on the Fund's website at dws.com/vipreports. You can also request this information by contacting us at (800) 728-3337.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
---|---|---|
Class B | $31 | 0.61% |
Gross expense ratio as of the latest prospectus: 1.21%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher. Fund costs do not reflect any fees or sales charges imposed by a variable contract for which the Fund is an investment option, or expenses of the underlying funds in which the Fund invests.
Key Fund Statistics
Net Assets ($) | 421,436,247 |
Number of Portfolio Holdings | 14 |
Portfolio Turnover Rate (%) | 0 |
Total Net Advisory Fees Paid ($) | 210,258 |
What did the Fund invest in?
Asset Allocation
Asset Type | % of Net Assets | |
Real Asset | 40% | |
DWS Enhanced Commodity Strategy Fund | 15% | |
DWS RREEF Global Infrastructure Fund | 14% | |
DWS RREEF Real Estate Securities Fund | 8% | |
iShares Global Infrastructure ETF | 2% | |
SPDR S&P Global Natural Resources ETF | 1% | |
Alternative Fixed Income | 23% | |
DWS Floating Rate Fund | 11% | |
iShares JP Morgan USD Emerging Markets Bond ETF | 5% | |
DWS Emerging Markets Fixed Income Fund | 4% | |
SPDR Blackstone Senior Loan ETF | 3% | |
Absolute Return | 18% | |
DWS ESG Liquidity Fund | 10% | |
DWS Global Macro Fund | 8% | |
Alternative Equity | 14% | |
SPDR Bloomberg Convertible Securities ETF | 11% | |
iShares Preferred & Income Securities ETF | 3% | |
Cash Equivalents | 5% | |
DWS Central Cash Management Government Fund | 5% | |
Other Assets and Liabilities, Net | 0% | |
Total | 100% |
Holdings-based data is subject to change.
Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, Board fee evaluation reports, and financial statements and other information, please visit dws.com/vipreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 728-3337.
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.
This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's objectives, risks, charges, and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (800) 728-3337, contacting your financial representative, or visit dws.com/vipreports to view or download a prospectus. Please read the prospectus carefully before you invest.
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.
©2024 DWS Group GmbH&Co. KGaA. All rights reserved
VS2AAA-TSRS-B
R-101787-1 (8/24)
DWS Government Money Market VIP
Class A
Semi-Annual Shareholder Report—June 30, 2024
This semi-annual shareholder report contains important information about DWS Government Money Market VIP ("the Fund") for the period January 1, 2024 to June 30, 2024. You can find additional information about the Fund on the Fund's website at dws.com/vipreports. You can also request this information by contacting us at (800) 728-3337.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
---|---|---|
Class A | $20 | 0.40% |
Gross expense ratio as of the latest prospectus: 0.39%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher. Fund costs do not reflect any fees or sales charges imposed by a variable contract for which the Fund is an investment option.
Key Fund Statistics
Net Assets ($) | 198,299,438 |
Number of Portfolio Holdings | 57 |
Total Net Advisory Fees Paid ($) | 243,453 |
Weighted Average Maturity | 34 days |
7 Day Current Yield | 4.94% |
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.
Yields fluctuate and are not guaranteed. The 7-day current yield is the annualized net investment income per share as of June 30, 2024.
What did the Fund invest in?
Asset Allocation
Asset Type | % of Net Assets |
Government & Agency Obligations | 58% |
Repurchase Agreements | 42% |
Other Assets and Liabilities, Net | 0% |
Total | 100% |
Holdings-based data is subject to change.
Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, Board fee evaluation reports, and financial statements and other information, please visit dws.com/vipreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 728-3337.
An investment in this Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. The share price of money market funds can fall below the $1.00 share price. You should not rely on or expect the Advisor to enter into support agreements or take other actions to maintain the Fund’s $1.00 share price. The credit quality of the Fund’s holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the Fund’s share price. The Fund’s share price can also be negatively affected during periods of high redemption pressures and/or illiquid markets. Please read the prospectus for specific details regarding the Fund’s risk profile.
This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's objectives, risks, charges, and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (800) 728-3337, contacting your financial representative, or visit dws.com/vipreports to view or download a prospectus. Please read the prospectus carefully before you invest.
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.
©2024 DWS Group GmbH&Co. KGaA. All rights reserved
VS2GMM-TSRS-A
R-101789-1 (8/24)
DWS Small Mid Cap Growth VIP
Class A
Semi-Annual Shareholder Report—June 30, 2024
This semi-annual shareholder report contains important information about DWS Small Mid Cap Growth VIP ("the Fund") for the period January 1, 2024 to June 30, 2024. You can find additional information about the Fund on the Fund's website at dws.com/vipreports. You can also request this information by contacting us at (800) 728-3337.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
---|---|---|
Class A | $42 | 0.84% |
Gross expense ratio as of the latest prospectus: 0.85%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher. Fund costs do not reflect any fees or sales charges imposed by a variable contract for which the Fund is an investment option.
Key Fund Statistics
Net Assets ($) | 51,033,978 |
Number of Portfolio Holdings | 112 |
Portfolio Turnover Rate (%) | 1 |
Total Net Advisory Fees Paid ($) | 143,737 |
What did the Fund invest in?
Top Ten Holdings
Holdings | 26.0% of Net Assets |
---|---|
RadNet, Inc. | 3.2% |
Varonis Systems, Inc. | 3.0% |
Casey's General Stores, Inc. | 2.7% |
Builders FirstSource, Inc. | 2.7% |
Advanced Energy Industries, Inc. | 2.7% |
Tyler Technologies, Inc. | 2.6% |
TopBuild Corp. | 2.6% |
Eagle Materials, Inc. | 2.3% |
The Brink's Co. | 2.2% |
Rush Enterprises, Inc. | 2.0% |
Holdings-based data is subject to change.
Asset Allocation
Asset Type | % of Net Assets |
Common Stocks | 97% |
Cash Equivalents | 3% |
Other Investments | 0% |
Other Assets and Liabilities, Net | 0% |
Total | 100% |
Sector Allocation
Sector | % of Net Assets |
Information Technology | 25% |
Industrials | 20% |
Health Care | 19% |
Consumer Discretionary | 11% |
Financials | 9% |
Materials | 4% |
Energy | 3% |
Consumer Staples | 3% |
Real Estate | 2% |
Communication Services | 1% |
Total | 97% |
Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, Board fee evaluation reports, and financial statements and other information, please visit dws.com/vipreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 728-3337.
Stocks may decline in value. Smaller and medium company stocks tend to be more volatile than large company stocks. 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.
This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's objectives, risks, charges, and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (800) 728-3337, contacting your financial representative, or visit dws.com/vipreports to view or download a prospectus. Please read the prospectus carefully before you invest.
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.
©2024 DWS Group GmbH&Co. KGaA. All rights reserved
VS2SMCG-TSRS-A
R-101792-1 (8/24)
DWS Small Mid Cap Value VIP
Class A
Semi-Annual Shareholder Report—June 30, 2024
This semi-annual shareholder report contains important information about DWS Small Mid Cap Value VIP ("the Fund") for the period January 1, 2024 to June 30, 2024. You can find additional information about the Fund on the Fund's website at dws.com/vipreports. You can also request this information by contacting us at (800) 728-3337.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
---|---|---|
Class A | $41 | 0.81% |
Gross expense ratio as of the latest prospectus: 0.87%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher. Fund costs do not reflect any fees or sales charges imposed by a variable contract for which the Fund is an investment option.
Key Fund Statistics
Net Assets ($) | 80,970,152 |
Number of Portfolio Holdings | 119 |
Portfolio Turnover Rate (%) | 16 |
Total Net Advisory Fees Paid ($) | 242,373 |
What did the Fund invest in?
Top Ten Holdings
Holdings | 21.0% of Net Assets |
---|---|
PulteGroup, Inc. | 2.5% |
Huntington Ingalls Industries, Inc. | 2.3% |
Robinhood Markets, Inc. | 2.3% |
Carlisle Companies, Inc. | 2.2% |
Owens Corning | 2.2% |
EnerSys | 2.0% |
Wynn Resorts Ltd. | 1.9% |
Cirrus Logic, Inc. | 1.9% |
Assurant, Inc. | 1.9% |
Everest Group Ltd. | 1.8% |
Holdings-based data is subject to change.
Asset Allocation
Asset Type | % of Net Assets |
Common Stocks | 99% |
Cash Equivalents | 1% |
Other Investments | 0% |
Other Assets and Liabilities, Net | 0% |
Total | 100% |
Sector Allocation
Sector | % of Net Assets |
Financials | 21% |
Industrials | 19% |
Consumer Discretionary | 13% |
Information Technology | 9% |
Real Estate | 9% |
Health Care | 7% |
Materials | 6% |
Energy | 6% |
Utilities | 3% |
Communication Services | 3% |
Consumer Staples | 3% |
Total | 99% |
Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, Board fee evaluation reports, and financial statements and other information, please visit dws.com/vipreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 728-3337.
Stocks may decline in value. Smaller and medium company stocks tend to be more volatile than large company stocks. 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.
This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's objectives, risks, charges, and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (800) 728-3337, contacting your financial representative, or visit dws.com/vipreports to view or download a prospectus. Please read the prospectus carefully before you invest.
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.
©2024 DWS Group GmbH&Co. KGaA. All rights reserved
VS2SMCV-TSRS-A
R-101793-1 (8/24)
DWS Small Mid Cap Value VIP
Class B
Semi-Annual Shareholder Report—June 30, 2024
This semi-annual shareholder report contains important information about DWS Small Mid Cap Value VIP ("the Fund") for the period January 1, 2024 to June 30, 2024. You can find additional information about the Fund on the Fund's website at dws.com/vipreports. You can also request this information by contacting us at (800) 728-3337.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
---|---|---|
Class B | $59 | 1.17% |
Gross expense ratio as of the latest prospectus: 1.24%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher. Fund costs do not reflect any fees or sales charges imposed by a variable contract for which the Fund is an investment option.
Key Fund Statistics
Net Assets ($) | 80,970,152 |
Number of Portfolio Holdings | 119 |
Portfolio Turnover Rate (%) | 16 |
Total Net Advisory Fees Paid ($) | 242,373 |
What did the Fund invest in?
Top Ten Holdings
Holdings | 21.0% of Net Assets |
---|---|
PulteGroup, Inc. | 2.5% |
Huntington Ingalls Industries, Inc. | 2.3% |
Robinhood Markets, Inc. | 2.3% |
Carlisle Companies, Inc. | 2.2% |
Owens Corning | 2.2% |
EnerSys | 2.0% |
Wynn Resorts Ltd. | 1.9% |
Cirrus Logic, Inc. | 1.9% |
Assurant, Inc. | 1.9% |
Everest Group Ltd. | 1.8% |
Holdings-based data is subject to change.
Asset Allocation
Asset Type | % of Net Assets |
Common Stocks | 99% |
Cash Equivalents | 1% |
Other Investments | 0% |
Other Assets and Liabilities, Net | 0% |
Total | 100% |
Sector Allocation
Sector | % of Net Assets |
Financials | 21% |
Industrials | 19% |
Consumer Discretionary | 13% |
Information Technology | 9% |
Real Estate | 9% |
Health Care | 7% |
Materials | 6% |
Energy | 6% |
Utilities | 3% |
Communication Services | 3% |
Consumer Staples | 3% |
Total | 99% |
Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, Board fee evaluation reports, and financial statements and other information, please visit dws.com/vipreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 728-3337.
Stocks may decline in value. Smaller and medium company stocks tend to be more volatile than large company stocks. 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.
This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's objectives, risks, charges, and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (800) 728-3337, contacting your financial representative, or visit dws.com/vipreports to view or download a prospectus. Please read the prospectus carefully before you invest.
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.
©2024 DWS Group GmbH&Co. KGaA. All rights reserved
VS2SMCV-TSRS-B
R-101793-1 (8/24)
(b) Not applicable | |
Item 2. | Code of Ethics. |
Not applicable | |
Item 3. | Audit Committee Financial Expert. |
Not applicable | |
Item 4. | Principal Accountant Fees and Services. |
Not applicable | |
Item 5. | Audit Committee of Listed Registrants. |
Not applicable | |
Item 6. | Investments. |
Not applicable | |
Item 7. | Financial Statements and Financial Highlights for Open-End Management Investment Companies. |
Contents
2 | | Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP |
Investment Portfolioas of June 30, 2024 (Unaudited)
Shares | Value ($) | ||
Mutual Funds 60.7% | |||
DWS Emerging Markets Fixed Income Fund "Institutional" (a) | 2,505,377 | 17,813,234 | |
DWS Enhanced Commodity Strategy Fund "Institutional" (a) | 10,703,183 | 62,078,462 | |
DWS Floating Rate Fund "Institutional" (a) | 5,967,288 | 45,351,387 | |
DWS Global Macro Fund "Institutional" (a) | 3,479,658 | 35,353,323 | |
DWS RREEF Global Infrastructure Fund "Institutional" (a) | 4,065,670 | 59,399,437 | |
DWS RREEF Real Estate Securities Fund "Institutional" (a) | 1,738,357 | 35,653,697 | |
Total Mutual Funds (Cost $275,826,565) | 255,649,540 | ||
Exchange-Traded Funds 24.7% | |||
iShares Global Infrastructure ETF | 141,313 | 6,771,719 | |
iShares JP Morgan USD Emerging Markets Bond ETF | 238,293 | 21,084,165 | |
iShares Preferred & Income Securities ETF | 459,281 | 14,490,315 |
Shares | Value ($) | ||
SPDR Blackstone Senior Loan ETF | 280,331 | 11,717,836 | |
SPDR Bloomberg Convertible Securities ETF | 635,878 | 45,821,369 | |
SPDR S&P Global Natural Resources ETF | 73,958 | 4,130,554 | |
Total Exchange-Traded Funds (Cost $97,007,957) | 104,015,958 | ||
Cash Equivalents 14.7% | |||
DWS Central Cash Management Government Fund, 5.36% (a) (b) | 21,424,713 | 21,424,713 | |
DWS ESG Liquidity Fund "Institutional", 5.35% (a) (b) | 40,774,173 | 40,770,095 | |
Total Cash Equivalents (Cost $62,189,107) | 62,194,808 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $435,023,629) | 100.1 | 421,860,306 | |
Other Assets and Liabilities, Net | (0.1 ) | (424,059 ) | |
Net Assets | 100.0 | 421,436,247 |
Value ($) at 12/31/2023 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 6/30/2024 | Value ($) at 6/30/2024 |
Mutual Funds 60.7% | ||||||||
DWS Emerging Markets Fixed Income Fund "Institutional" (a) | ||||||||
16,984,587 | 538,201 | — | — | 290,446 | 538,201 | — | 2,505,377 | 17,813,234 |
DWS Enhanced Commodity Strategy Fund "Institutional" (a) | ||||||||
59,589,066 | 794,995 | — | — | 1,694,401 | 794,995 | — | 10,703,183 | 62,078,462 |
DWS Floating Rate Fund "Institutional" (a) | ||||||||
43,718,798 | 1,981,046 | — | — | (348,457) | 1,981,046 | — | 5,967,288 | 45,351,387 |
DWS Global Macro Fund "Institutional" (a) | ||||||||
34,395,150 | 161,550 | — | — | 796,623 | 161,550 | — | 3,479,658 | 35,353,323 |
DWS RREEF Global Infrastructure Fund "Institutional" (a) | ||||||||
58,739,124 | 1,453,795 | — | — | (793,482) | 795,821 | 657,974 | 4,065,670 | 59,399,437 |
DWS RREEF Real Estate Securities Fund "Institutional" (a) | ||||||||
36,053,065 | 407,229 | — | — | (806,597) | 407,229 | — | 1,738,357 | 35,653,697 |
Cash Equivalents 14.7% | ||||||||
DWS Central Cash Management Government Fund, 5.36% (a) (b) | ||||||||
28,907,178 | 6,277,000 | 13,759,465 | — | — | 740,896 | — | 21,424,713 | 21,424,713 |
DWS ESG Liquidity Fund "Institutional", 5.35% (a) (b) | ||||||||
39,701,601 | 1,076,468 | — | — | (7,974) | 1,082,400 | — | 40,774,173 | 40,770,095 |
318,088,569 | 12,690,284 | 13,759,465 | — | 824,960 | 6,502,138 | 657,974 | 90,658,419 | 317,844,348 |
(a) | Affiliated fund managed by DWS Investment Management Americas, Inc. |
Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP | | 3 |
(b) | The rate shown is the annualized seven-day yield at period end. |
S&P: Standard & Poor's |
SPDR: Standard & Poor's Depositary Receipt |
Assets | Level 1 | Level 2 | Level 3 | Total |
Mutual Funds | $255,649,540 | $— | $— | $255,649,540 |
Exchange-Traded Funds | 104,015,958 | — | — | 104,015,958 |
Short-Term Investments | 62,194,808 | — | — | 62,194,808 |
Total | $421,860,306 | $— | $— | $421,860,306 |
4 | | Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP |
as of June 30, 2024 (Unaudited)
Assets | |
Investments in non-affiliated Underlying Funds, at value (cost $97,007,957) | $104,015,958 |
Investments in affiliated Underlying Funds, at value (cost $338,015,672) | 317,844,348 |
Receivable for Fund shares sold | 18,400 |
Other assets | 5,791 |
Total assets | 421,884,497 |
Liabilities | |
Payable for Fund shares redeemed | 128,132 |
Accrued management fee | 35,402 |
Accrued Trustees' fees | 3,474 |
Other accrued expenses and payables | 281,242 |
Total liabilities | 448,250 |
Net assets, at value | $421,436,247 |
Net Assets Consist of | |
Distributable earnings (loss) | (10,317,791 ) |
Paid-in capital | 431,754,038 |
Net assets, at value | $421,436,247 |
Net Asset Value | |
Class A | |
Net Asset Value, offering and redemption price per share ($54,491,487 ÷ 4,350,737 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $12.52 |
Class B | |
Net Asset Value, offering and redemption price per share ($366,944,760 ÷ 29,264,767 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $12.54 |
Investment Income | |
Income: | |
Dividends | $1,778,160 |
Income distributions from affiliated Underlying Funds | 6,502,138 |
Total income | 8,280,298 |
Expenses: | |
Management fee | 210,258 |
Administration fee | 203,950 |
Services to shareholders | 700 |
Record keeping fee (Class B) | 242,058 |
Distribution service fee (Class B) | 459,437 |
Custodian fee | 2,912 |
Professional fees | 36,744 |
Reports to shareholders | 13,020 |
Registration fees | 46 |
Trustees' fees and expenses | 10,924 |
Other | 5,944 |
Total expenses | 1,185,993 |
Net investment income | 7,094,305 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from: | |
Capital gain distributions from affiliated Underlying Funds | 657,974 |
Change in net unrealized appreciation (depreciation) on: | |
Affiliated Underlying Funds | 824,960 |
Non-affiliated Underlying Funds | (2,764 ) |
822,196 | |
Net gain (loss) | 1,480,170 |
Net increase (decrease) in net assets resulting from operations | $8,574,475 |
Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP | | 5 |
Six Months Ended June 30, 2024 | Year Ended December 31, | |
Increase (Decrease) in Net Assets | (Unaudited) | 2023 |
Operations: | ||
Net investment income | $7,094,305 | $14,313,849 |
Net realized gain (loss) | 657,974 | 235,407 |
Change in net unrealized appreciation (depreciation) | 822,196 | 8,777,834 |
Net increase (decrease) in net assets resulting from operations | 8,574,475 | 23,327,090 |
Distributions to shareholders: | ||
Class A | (2,039,349 ) | (3,667,936 ) |
Class B | (12,519,630 ) | (27,346,396 ) |
Total distributions | (14,558,979 ) | (31,014,332 ) |
Fund share transactions: | ||
Class A | ||
Proceeds from shares sold | 3,842,154 | 4,314,432 |
Reinvestment of distributions | 2,039,349 | 3,667,936 |
Payments for shares redeemed | (1,572,225 ) | (2,401,585 ) |
Net increase (decrease) in net assets from Class A share transactions | 4,309,278 | 5,580,783 |
Class B | ||
Proceeds from shares sold | 4,871,181 | 7,854,171 |
Reinvestment of distributions | 12,519,630 | 27,346,396 |
Payments for shares redeemed | (16,000,250 ) | (33,896,495 ) |
Net increase (decrease) in net assets from Class B share transactions | 1,390,561 | 1,304,072 |
Increase (decrease) in net assets | (284,665 ) | (802,387 ) |
Net assets at beginning of period | 421,720,912 | 422,523,299 |
Net assets at end of period | $421,436,247 | $421,720,912 |
Other Information | ||
Class A | ||
Shares outstanding at beginning of period | 4,006,960 | 3,557,543 |
Shares sold | 302,745 | 341,343 |
Shares issued to shareholders in reinvestment of distributions | 165,532 | 300,404 |
Shares redeemed | (124,500 ) | (192,330 ) |
Net increase (decrease) in Class A shares | 343,777 | 449,417 |
Shares outstanding at end of period | 4,350,737 | 4,006,960 |
Class B | ||
Shares outstanding at beginning of period | 29,134,598 | 28,995,732 |
Shares sold | 383,919 | 625,239 |
Shares issued to shareholders in reinvestment of distributions | 1,013,735 | 2,236,010 |
Shares redeemed | (1,267,485 ) | (2,722,383 ) |
Net increase (decrease) in Class B shares | 130,169 | 138,866 |
Shares outstanding at end of period | 29,264,767 | 29,134,598 |
6 | | Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP |
Financial Highlights
DWS Alternative Asset Allocation VIP — Class A | ||||||
Six Months Ended 6/30/24 | Years Ended December 31, | |||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $12.74 | $12.99 | $15.13 | $13.70 | $13.35 | $12.10 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .23 | .47 | .88 | 1.04 | .29 | .40 |
Net realized and unrealized gain (loss) | .04 | .29 | (1.93 ) | .69 | .40 | 1.35 |
Total from investment operations | .27 | .76 | (1.05 ) | 1.73 | .69 | 1.75 |
Less distributions from: | ||||||
Net investment income | (.48 ) | (.89 ) | (1.08 ) | (.30 ) | (.34 ) | (.50 ) |
Net realized gains | (.01 ) | (.12 ) | (.01 ) | — | — | — |
Total distributions | (.49 ) | (1.01 ) | (1.09 ) | (.30 ) | (.34 ) | (.50 ) |
Net asset value, end of period | $12.52 | $12.74 | $12.99 | $15.13 | $13.70 | $13.35 |
Total Return (%)b | 2.13 * | 6.19 | (7.42 ) | 12.74 | 5.71 | 14.68 c |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 54 | 51 | 46 | 47 | 37 | 34 |
Ratio of expenses before expense reductions (%)d,e | .23 ** | .23 | .23 | .23 | .23 | .56 |
Ratio of expenses after expense reductions (%)d,e | .23 ** | .23 | .23 | .23 | .23 | .23 |
Ratio of net investment income (%) | 3.73 ** | 3.76 | 6.44 | 7.13 | 2.29 | 3.09 |
Portfolio turnover rate (%) | 0 | 0 | 12 | 19 | 18 | 10 |
a | Based on average shares outstanding during the period. |
b | Total return would have been lower if the Advisor had not reduced some Underlying DWS Funds’ expenses. |
c | Total return would have been lower had certain expenses not been reduced. |
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. |
* | Not annualized |
** | Annualized |
Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP | | 7 |
DWS Alternative Asset Allocation VIP — Class B | ||||||
Six Months Ended 6/30/24 | Years Ended December 31, | |||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $12.72 | $12.98 | $15.11 | $13.68 | $13.34 | $12.09 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .21 | .42 | .80 | .93 | .24 | .37 |
Net realized and unrealized gain (loss) | .05 | .28 | (1.90 ) | .75 | .41 | 1.34 |
Total from investment operations | .26 | .70 | (1.10 ) | 1.68 | .65 | 1.71 |
Less distributions from: | ||||||
Net investment income | (.43 ) | (.84 ) | (1.02 ) | (.25 ) | (.31 ) | (.46 ) |
Net realized gains | (.01 ) | (.12 ) | (.01 ) | — | — | — |
Total distributions | (.44 ) | (.96 ) | (1.03 ) | (.25 ) | (.31 ) | (.46 ) |
Net asset value, end of period | $12.54 | $12.72 | $12.98 | $15.11 | $13.68 | $13.34 |
Total Return (%)b | 2.05 * | 5.67 | (7.74 ) | 12.35 c | 5.32 c | 14.35 c |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 367 | 371 | 376 | 447 | 427 | 349 |
Ratio of expenses before expense reductions (%)d,e | .61 ** | .61 | .61 | .61 | .61 | .92 |
Ratio of expenses after expense reductions (%)d,e | .61 ** | .61 | .61 | .60 | .59 | .52 |
Ratio of net investment income (%) | 3.32 ** | 3.35 | 5.81 | 6.37 | 1.94 | 2.90 |
Portfolio turnover rate (%) | 0 | 0 | 12 | 19 | 18 | 10 |
a | Based on average shares outstanding during the period. |
b | Total return would have been lower if the Advisor had not reduced some Underlying DWS Funds’ expenses. |
c | Total return would have been lower had certain expenses not been reduced. |
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. |
* | Not annualized |
** | Annualized |
8 | | Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP |
Notes to Financial Statements (Unaudited)
Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP | | 9 |
10 | | Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP |
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% |
Class A | 1.02% | |
Class B | 1.40% |
Services to Shareholders | Total Aggregated | Unpaid at June 30, 2024 |
Class A | $143 | $45 |
Class B | 193 | 70 |
$336 | $115 |
Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP | | 11 |
12 | | Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP |
Advisory Agreement Board Considerations and Fee Evaluation
Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP | | 13 |
14 | | Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP |
Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP | | 15 |
Contents
2 | | Deutsche DWS Variable Series II — DWS CROCI® U.S. VIP |
Investment Portfolioas of June 30, 2024 (Unaudited)
Shares | Value ($) | ||
Common Stocks 99.1% | |||
Communication Services 13.6% | |||
Interactive Media & Services 9.2% | |||
Alphabet, Inc. "A" | 38,535 | 7,019,150 | |
Meta Platforms, Inc. "A" | 11,120 | 5,606,927 | |
12,626,077 | |||
Media 4.4% | |||
Fox Corp. "A" | 164,468 | 5,652,765 | |
Interpublic Group of Companies, Inc. | 13,919 | 404,904 | |
6,057,669 | |||
Consumer Discretionary 9.9% | |||
Hotels, Restaurants & Leisure 3.0% | |||
Boyd Gaming Corp. | 66,660 | 3,672,966 | |
Expedia Group, Inc.* | 3,281 | 413,373 | |
4,086,339 | |||
Household Durables 3.7% | |||
D.R. Horton, Inc. | 36,373 | 5,126,047 | |
Specialty Retail 2.4% | |||
AutoNation, Inc.* | 9,836 | 1,567,662 | |
Lowe's Companies, Inc. | 3,666 | 808,206 | |
Signet Jewelers Ltd. | 3,482 | 311,918 | |
Ulta Beauty, Inc.* | 1,731 | 667,941 | |
3,355,727 | |||
Textiles, Apparel & Luxury Goods 0.8% | |||
Tapestry, Inc. | 24,757 | 1,059,352 | |
Consumer Staples 3.5% | |||
Beverages 0.9% | |||
Molson Coors Beverage Co. "B" | 23,230 | 1,180,781 | |
Consumer Staples Distribution & Retail 0.4% | |||
Target Corp. | 4,119 | 609,777 | |
Food Products 0.9% | |||
Conagra Brands, Inc. | 11,692 | 332,287 | |
Kraft Heinz Co. | 26,791 | 863,206 | |
1,195,493 | |||
Tobacco 1.3% | |||
Altria Group, Inc. | 31,707 | 1,444,254 | |
Philip Morris International, Inc. | 3,720 | 376,947 | |
1,821,201 | |||
Energy 4.4% | |||
Oil, Gas & Consumable Fuels 4.4% | |||
Devon Energy Corp. | 31,734 | 1,504,192 | |
Marathon Petroleum Corp. | 11,292 | 1,958,936 | |
Phillips 66 | 5,626 | 794,222 | |
Valero Energy Corp. | 11,749 | 1,841,773 | |
6,099,123 |
Shares | Value ($) | ||
Financials 11.4% | |||
Banks 6.2% | |||
Bank of America Corp. | 45,562 | 1,812,001 | |
JPMorgan Chase & Co. | 23,141 | 4,680,498 | |
PNC Financial Services Group, Inc. | 4,587 | 713,187 | |
Regions Financial Corp. | 26,720 | 535,469 | |
Wells Fargo & Co. | 14,370 | 853,434 | |
8,594,589 | |||
Capital Markets 1.1% | |||
State Street Corp. | 19,689 | 1,456,986 | |
Consumer Finance 3.9% | |||
Discover Financial Services | 13,411 | 1,754,293 | |
Synchrony Financial | 75,757 | 3,574,973 | |
5,329,266 | |||
Financial Services 0.2% | |||
Global Payments, Inc. | 3,313 | 320,367 | |
Health Care 22.1% | |||
Biotechnology 8.8% | |||
AbbVie, Inc. | 4,839 | 829,985 | |
Amgen, Inc. | 1,318 | 411,809 | |
Gilead Sciences, Inc. | 77,456 | 5,314,256 | |
Regeneron Pharmaceuticals, Inc.* | 3,922 | 4,122,140 | |
Vertex Pharmaceuticals, Inc.* | 2,964 | 1,389,286 | |
12,067,476 | |||
Health Care Equipment & Supplies 3.1% | |||
Edwards Lifesciences Corp.* | 6,296 | 581,561 | |
Hologic, Inc.* | 18,474 | 1,371,694 | |
Medtronic PLC | 22,121 | 1,741,144 | |
Teleflex, Inc. | 2,626 | 552,327 | |
4,246,726 | |||
Health Care Providers & Services 0.2% | |||
Tenet Healthcare Corp.* | 2,667 | 354,791 | |
Pharmaceuticals 10.0% | |||
Johnson & Johnson | 34,846 | 5,093,092 | |
Merck & Co., Inc. | 51,755 | 6,407,269 | |
Viatris, Inc. | 213,283 | 2,267,198 | |
13,767,559 | |||
Industrials 6.6% | |||
Machinery 5.6% | |||
Caterpillar, Inc. | 3,643 | 1,213,483 | |
Cummins, Inc. | 1,252 | 346,716 | |
PACCAR, Inc. | 59,190 | 6,093,019 | |
7,653,218 |
Deutsche DWS Variable Series II — DWS CROCI® U.S. VIP | | 3 |
Shares | Value ($) | ||
Professional Services 1.0% | |||
ManpowerGroup, Inc. | 7,949 | 554,840 | |
SS&C Technologies Holdings, Inc. | 14,284 | 895,179 | |
1,450,019 | |||
Information Technology 24.9% | |||
Communications Equipment 1.8% | |||
Cisco Systems, Inc. | 52,741 | 2,505,725 | |
Electronic Equipment, Instruments & Components 0.5% | |||
Flex Ltd.* | 11,459 | 337,926 | |
Jabil, Inc. | 2,825 | 307,332 | |
645,258 | |||
IT Services 5.5% | |||
Accenture PLC "A" | 1,715 | 520,348 | |
Amdocs Ltd. | 19,251 | 1,519,289 | |
Cognizant Technology Solutions Corp. "A" | 81,151 | 5,518,268 | |
7,557,905 | |||
Semiconductors & Semiconductor Equipment 10.1% | |||
Applied Materials, Inc. | 16,218 | 3,827,286 | |
Broadcom, Inc. | 333 | 534,641 | |
KLA Corp. | 823 | 678,572 | |
Microchip Technology, Inc. | 23,767 | 2,174,681 | |
NXP Semiconductors NV | 10,010 | 2,693,591 | |
QUALCOMM, Inc. | 13,319 | 2,652,878 | |
Skyworks Solutions, Inc. | 11,840 | 1,261,907 | |
13,823,556 |
Shares | Value ($) | ||
Technology Hardware, Storage & Peripherals 7.0% | |||
Apple, Inc. | 21,794 | 4,590,252 | |
Dell Technologies, Inc. "C" | 2,514 | 346,706 | |
Hewlett Packard Enterprise Co. | 223,388 | 4,729,124 | |
9,666,082 | |||
Materials 2.7% | |||
Construction Materials 1.0% | |||
CRH PLC | 17,735 | 1,329,770 | |
Metals & Mining 1.7% | |||
Nucor Corp. | 15,315 | 2,420,995 | |
Total Common Stocks (Cost $112,149,989) | 136,407,874 | ||
Cash Equivalents 0.9% | |||
DWS Central Cash Management Government Fund, 5.36% (a) (Cost $1,255,174) | 1,255,174 | 1,255,174 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $113,405,163) | 100.0 | 137,663,048 | |
Other Assets and Liabilities, Net | (0.0 ) | (15,760 ) | |
Net Assets | 100.0 | 137,647,288 |
Value ($) at 12/31/2023 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 6/30/2024 | Value ($) at 6/30/2024 |
Securities Lending Collateral 0.0% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.24% (a) (b) | ||||||||
— | 0 (c) | — | — | — | 8,367 | — | — | — |
Cash Equivalents 0.9% | ||||||||
DWS Central Cash Management Government Fund, 5.36% (a) | ||||||||
748,795 | 8,384,431 | 7,878,052 | — | — | 20,318 | — | 1,255,174 | 1,255,174 |
748,795 | 8,384,431 | 7,878,052 | — | — | 28,685 | — | 1,255,174 | 1,255,174 |
* | Non-income producing security. |
(a) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(b) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(c) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended June 30, 2024. |
4 | | Deutsche DWS Variable Series II — DWS CROCI® U.S. VIP |
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks (a) | $136,407,874 | $— | $— | $136,407,874 |
Short-Term Investments | 1,255,174 | — | — | 1,255,174 |
Total | $137,663,048 | $— | $— | $137,663,048 |
(a) | See Investment Portfolio for additional detailed categorizations. |
Deutsche DWS Variable Series II — DWS CROCI® U.S. VIP | | 5 |
as of June 30, 2024 (Unaudited)
Assets | |
Investments in non-affiliated securities, at value (cost $112,149,989) | $136,407,874 |
Investment in DWS Central Cash Management Government Fund (cost $1,255,174) | 1,255,174 |
Receivable for Fund shares sold | 812 |
Dividends receivable | 166,983 |
Other assets | 1,303 |
Total assets | 137,832,146 |
Liabilities | |
Payable for Fund shares redeemed | 61,630 |
Accrued management fee | 56,196 |
Accrued Trustees' fees | 616 |
Other accrued expenses and payables | 66,416 |
Total liabilities | 184,858 |
Net assets, at value | $137,647,288 |
Net Assets Consist of | |
Distributable earnings (loss) | 30,834,758 |
Paid-in capital | 106,812,530 |
Net assets, at value | $137,647,288 |
Net Asset Value | |
Class A | |
Net Asset Value, offering and redemption price per share ($137,647,288 ÷ 8,102,512 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $16.99 |
Investment Income | |
Income: | |
Dividends (net of foreign taxes withheld of $2,460) | $1,388,179 |
Income distributions — DWS Central Cash Management Government Fund | 20,318 |
Affiliated securities lending income | 8,367 |
Total income | 1,416,864 |
Expenses: | |
Management fee | 413,193 |
Administration fee | 66,800 |
Services to shareholders | 561 |
Record keeping fee (Class B) | 1,331 * |
Distribution service fee (Class B) | 3,471 * |
Custodian fee | 1,970 |
Professional fees | 36,432 |
Reports to shareholders | 13,410 |
Trustees' fees and expenses | 3,518 |
Other | 4,550 |
Total expenses before expense reductions | 545,236 |
Expense reductions | (71,811 ) |
Total expenses after expense reductions | 473,425 |
Net investment income | 943,439 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from investments | 8,623,423 |
Change in net unrealized appreciation (depreciation) on investments | 4,353,616 |
Net gain (loss) | 12,977,039 |
Net increase (decrease) in net assets resulting from operations | $13,920,478 |
* | For the period from January 1, 2024 to June 17, 2024 (Class B liquidation date). |
6 | | Deutsche DWS Variable Series II — DWS CROCI® U.S. VIP |
Six Months Ended June 30, 2024* | Year Ended December 31, | |
Increase (Decrease) in Net Assets | (Unaudited) | 2023 |
Operations: | ||
Net investment income | $943,439 | $2,101,022 |
Net realized gain (loss) | 8,623,423 | (1,384,818 ) |
Change in net unrealized appreciation (depreciation) | 4,353,616 | 23,072,209 |
Net increase (decrease) in net assets resulting from operations | 13,920,478 | 23,788,413 |
Distributions to shareholders: | ||
Class A | (2,052,433 ) | (2,083,297 ) |
Class B | (30,147 ) | (36,527 ) |
Total distributions | (2,082,580 ) | (2,119,824 ) |
Fund share transactions: | ||
Class A | ||
Proceeds from shares sold | 561,811 | 1,654,934 |
Reinvestment of distributions | 2,052,433 | 2,083,297 |
Payments for shares redeemed | (7,520,980 ) | (10,456,836 ) |
Net increase (decrease) in net assets from Class A share transactions | (4,906,736 ) | (6,718,605 ) |
Class B | ||
Proceeds from shares sold | 911,815 | 52,175 |
Reinvestment of distributions | 30,147 | 36,527 |
Payments for shares redeemed | (3,833,035 ) | (363,486 ) |
Net increase (decrease) in net assets from Class B share transactions | (2,891,073 ) | (274,784 ) |
Increase (decrease) in net assets | 4,040,089 | 14,675,200 |
Net assets at beginning of period | 133,607,199 | 118,931,999 |
Net assets at end of period | $137,647,288 | $133,607,199 |
Other Information | ||
Class A | ||
Shares outstanding at beginning of period | 8,399,063 | 8,866,757 |
Shares sold | 34,293 | 117,364 |
Shares issued to shareholders in reinvestment of distributions | 125,685 | 154,777 |
Shares redeemed | (456,529 ) | (739,835 ) |
Net increase (decrease) in Class A shares | (296,551 ) | (467,694 ) |
Shares outstanding at end of period | 8,102,512 | 8,399,063 |
Class B | ||
Shares outstanding at beginning of period | 168,337 | 186,623 |
Shares sold | 57,200 | 3,815 |
Shares issued to shareholders in reinvestment of distributions | 1,835 | 2,698 |
Shares redeemed | (227,372 ) | (24,799 ) |
Net increase (decrease) in Class B shares | (168,337 ) | (18,286 ) |
Shares outstanding at end of period | — | 168,337 |
* | Includes Class B for the period from January 1, 2024 to June 17, 2024 (Class B liquidation date). |
Deutsche DWS Variable Series II — DWS CROCI® U.S. VIP | | 7 |
Financial Highlights
DWS CROCI® U.S. VIP — Class A | ||||||
Six Months Ended 6/30/24 | Years Ended December 31, | |||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $15.59 | $13.14 | $16.05 | $12.92 | $16.12 | $13.46 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .11 | .24 | .23 | .24 | .28 | .31 |
Net realized and unrealized gain (loss) | 1.54 | 2.45 | (2.68 ) | 3.17 | (2.47 ) | 3.92 |
Total from investment operations | 1.65 | 2.69 | (2.45 ) | 3.41 | (2.19 ) | 4.23 |
Less distributions from: | ||||||
Net investment income | (.25 ) | (.24 ) | (.25 ) | (.28 ) | (.31 ) | (.30 ) |
Net realized gains | — | — | (.21 ) | — | (.70 ) | (1.27 ) |
Total distributions | (.25 ) | (.24 ) | (.46 ) | (.28 ) | (1.01 ) | (1.57 ) |
Net asset value, end of period | $16.99 | $15.59 | $13.14 | $16.05 | $12.92 | $16.12 |
Total Return (%)b | 10.66 * | 20.76 | (15.40 ) | 26.69 | (12.16 ) | 32.95 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 138 | 131 | 116 | 149 | 130 | 153 |
Ratio of expenses before expense reductions (%)c | .78 ** | .79 | .79 | .78 | .84 | .84 |
Ratio of expenses after expense reductions (%)c | .68 ** | .68 | .65 | .71 | .69 | .70 |
Ratio of net investment income (%) | 1.38 ** | 1.69 | 1.66 | 1.62 | 2.28 | 2.13 |
Portfolio turnover rate (%) | 31 * | 60 | 60 | 99 | 122 | 111 |
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. |
* | Not annualized |
** | Annualized |
8 | | Deutsche DWS Variable Series II — DWS CROCI® U.S. VIP |
Notes to Financial Statements (Unaudited)
Deutsche DWS Variable Series II — DWS CROCI® U.S. VIP | | 9 |
10 | | Deutsche DWS Variable Series II — DWS CROCI® U.S. VIP |
First $250 million of the Fund’s average daily net assets | .600% |
Next $750 million of such net assets | .575% |
Next $1.5 billion of such net assets | .550% |
Next $2.5 billion of such net assets | .525% |
Next $2.5 billion of such net assets | .500% |
Next $2.5 billion of such net assets | .475% |
Next $2.5 billion of such net assets | .450% |
Over $12.5 billion of such net assets | .425% |
Deutsche DWS Variable Series II — DWS CROCI® U.S. VIP | | 11 |
Class A | .68% |
Class B | 1.00% |
Class A | $69,854 |
Class B | 1,957 |
$71,811 |
Services to Shareholders | Total Aggregated | Unpaid at June 30, 2024 |
Class A | $256 | $82 |
Class B | 167 | 55 |
$423 | $137 |
12 | | Deutsche DWS Variable Series II — DWS CROCI® U.S. VIP |
Deutsche DWS Variable Series II — DWS CROCI® U.S. VIP | | 13 |
Advisory Agreement Board Considerations and Fee Evaluation
14 | | Deutsche DWS Variable Series II — DWS CROCI® U.S. VIP |
Deutsche DWS Variable Series II — DWS CROCI® U.S. VIP | | 15 |
16 | | Deutsche DWS Variable Series II — DWS CROCI® U.S. VIP |
Contents
2 | | Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
Investment Portfolioas of June 30, 2024 (Unaudited)
Shares | Value ($) | ||
Common Stocks 20.9% | |||
Communication Services 2.1% | |||
Entertainment 0.4% | |||
Netflix, Inc.* | 600 | 404,928 | |
Nintendo Co., Ltd. | 1,200 | 64,054 | |
468,982 | |||
Interactive Media & Services 1.2% | |||
Alphabet, Inc. "A" | 1,900 | 346,085 | |
Alphabet, Inc. "C" | 1,700 | 311,814 | |
Baidu, Inc. (ADR)* | 4,000 | 345,920 | |
Meta Platforms, Inc. "A" | 600 | 302,532 | |
1,306,351 | |||
Wireless Telecommunication Services 0.5% | |||
SoftBank Corp. | 46,001 | 562,764 | |
Consumer Discretionary 2.2% | |||
Automobiles 0.5% | |||
Ford Motor Co. | 9,603 | 120,422 | |
Mahindra & Mahindra Ltd. (GDR) REG S | 2,443 | 83,550 | |
Mercedes-Benz Group AG | 1,218 | 84,140 | |
Toyota Motor Corp. | 11,300 | 232,059 | |
520,171 | |||
Broadline Retail 1.1% | |||
Amazon.com, Inc.* | 3,700 | 715,025 | |
JD.com, Inc. (ADR) | 8,200 | 211,888 | |
Prosus NV | 7,259 | 258,571 | |
1,185,484 | |||
Hotels, Restaurants & Leisure 0.2% | |||
Evolution AB 144A | 2,290 | 237,965 | |
Textiles, Apparel & Luxury Goods 0.4% | |||
LVMH Moet Hennessy Louis Vuitton SE | 542 | 414,611 | |
Moncler SpA | 1,352 | 82,495 | |
497,106 | |||
Consumer Staples 1.0% | |||
Beverages 0.1% | |||
Anheuser-Busch InBev SA | 813 | 47,119 | |
Consumer Staples Distribution & Retail 0.2% | |||
Coles Group Ltd. | 21,715 | 246,338 | |
Food Products 0.7% | |||
Kerry Group PLC "A" | 235 | 19,026 | |
Lamb Weston Holdings, Inc. | 6,100 | 512,888 | |
Tyson Foods, Inc. "A" | 4,500 | 257,130 | |
789,044 | |||
Energy 1.2% | |||
Energy Equipment & Services 0.0% | |||
Halliburton Co. | 1,200 | 40,536 |
Shares | Value ($) | ||
Oil, Gas & Consumable Fuels 1.2% | |||
Exxon Mobil Corp. | 1,600 | 184,192 | |
ONEOK, Inc. | 6,495 | 529,667 | |
Repsol SA | 23,218 | 367,049 | |
Shell PLC | 6,002 | 214,941 | |
1,295,849 | |||
Financials 3.2% | |||
Banks 1.2% | |||
DBS Group Holdings Ltd. | 2,800 | 73,842 | |
Erste Group Bank AG | 236 | 11,139 | |
Fifth Third Bancorp. | 33,381 | 1,218,073 | |
ICICI Bank Ltd. (ADR) | 700 | 20,167 | |
Intesa Sanpaolo SpA | 15,328 | 57,004 | |
1,380,225 | |||
Capital Markets 0.1% | |||
Hong Kong Exchanges & Clearing Ltd. | 1,200 | 38,273 | |
T. Rowe Price Group, Inc. | 365 | 42,088 | |
80,361 | |||
Consumer Finance 0.4% | |||
American Express Co. | 2,000 | 463,100 | |
Financial Services 0.0% | |||
Adyen NV 144A* | 11 | 13,089 | |
Insurance 1.5% | |||
AXA SA | 4,059 | 132,780 | |
Power Corp. of Canada (a) | 12,300 | 341,834 | |
Progressive Corp. | 3,100 | 643,901 | |
Travelers Companies, Inc. | 1,600 | 325,344 | |
Zurich Insurance Group AG | 454 | 241,703 | |
1,685,562 | |||
Health Care 2.2% | |||
Biotechnology 0.2% | |||
CSL Ltd. | 813 | 159,634 | |
Health Care Equipment & Supplies 0.0% | |||
ResMed, Inc. | 100 | 19,142 | |
Pharmaceuticals 2.0% | |||
Merck & Co., Inc. | 12,200 | 1,510,360 | |
Novartis AG (Registered) | 113 | 12,042 | |
Novo Nordisk AS "B" | 1,514 | 216,365 | |
Pfizer, Inc. | 18,500 | 517,630 | |
2,256,397 | |||
Industrials 2.3% | |||
Aerospace & Defense 1.1% | |||
Northrop Grumman Corp. | 2,600 | 1,133,470 | |
Rolls-Royce Holdings PLC* | 13,606 | 78,143 | |
1,211,613 | |||
Commercial Services & Supplies 0.3% | |||
Rentokil Initial PLC | 65,511 | 380,615 |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP | | 3 |
Shares | Value ($) | ||
Machinery 0.8% | |||
Daimler Truck Holding AG | 8,827 | 351,581 | |
Kubota Corp. | 1,500 | 21,081 | |
VAT Group AG 144A | 497 | 280,064 | |
Volvo AB "B" | 9,239 | 235,853 | |
888,579 | |||
Professional Services 0.1% | |||
Recruit Holdings Co., Ltd. | 1,800 | 96,922 | |
Information Technology 5.0% | |||
Communications Equipment 0.1% | |||
Arista Networks, Inc.* | 100 | 35,048 | |
Nokia Oyj | 14,311 | 54,345 | |
89,393 | |||
IT Services 0.3% | |||
Infosys Ltd. (ADR) (a) | 19,500 | 363,090 | |
Semiconductors & Semiconductor Equipment 3.3% | |||
Broadcom, Inc. | 667 | 1,070,889 | |
NVIDIA Corp. | 10,460 | 1,292,228 | |
QUALCOMM, Inc. | 3,300 | 657,294 | |
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) | 2,700 | 469,287 | |
Tokyo Electron Ltd. | 1,100 | 240,858 | |
3,730,556 | |||
Software 1.0% | |||
Check Point Software Technologies Ltd.* | 200 | 33,000 | |
Dassault Systemes SE | 1,681 | 63,352 | |
Microsoft Corp. | 2,300 | 1,027,985 | |
1,124,337 | |||
Technology Hardware, Storage & Peripherals 0.3% | |||
Samsung Electronics Co., Ltd. (GDR) REG S | 199 | 294,520 | |
Materials 1.2% | |||
Chemicals 0.8% | |||
Dow, Inc. | 17,000 | 901,850 | |
Construction Materials 0.1% | |||
CRH PLC | 1,402 | 105,104 | |
Metals & Mining 0.3% | |||
Barrick Gold Corp. | 16,100 | 268,559 | |
Gold Fields Ltd. (ADR) | 4,200 | 62,580 | |
331,139 | |||
Real Estate 0.4% | |||
Retail REITs 0.4% | |||
Kimco Realty Corp. | 23,000 | 447,580 |
Shares | Value ($) | ||
Utilities 0.1% | |||
Electric Utilities 0.0% | |||
CLP Holdings Ltd. | 8,000 | 64,601 | |
EDP - Energias de Portugal SA | 2,858 | 10,700 | |
75,301 | |||
Multi-Utilities 0.1% | |||
National Grid PLC | 6,764 | 75,590 | |
Total Common Stocks (Cost $22,167,146) | 23,371,408 | ||
Preferred Stocks 2.0% | |||
Financials 1.3% | |||
AGNC Investment Corp., Series C, 10.701% | 14,427 | 374,958 | |
Fifth Third Bancorp., Series I, 9.302% | 10,000 | 253,600 | |
KeyCorp., Series E, 6.125% | 10,000 | 229,100 | |
Morgan Stanley, Series K, 5.85% | 10,000 | 248,400 | |
Wells Fargo & Co., Series A, 5.625% | 15,000 | 351,900 | |
1,457,958 | |||
Real Estate 0.7% | |||
Kimco Realty Corp., Series L, 5.125% | 15,000 | 306,750 | |
Prologis, Inc., Series Q, 8.54% | 164 | 9,098 | |
Simon Property Group, Inc., Series A, 8.375% | 8,000 | 495,280 | |
811,128 | |||
Total Preferred Stocks (Cost $2,574,794) | 2,269,086 | ||
Rights 0.0% | |||
Health Care | |||
Contra Abiomed, Inc.,* (b) (Cost $204) | 200 | 204 | |
Warrants 0.0% | |||
Materials | |||
Hercules Trust II, Expiration Date 3/31/2029* (b) (Cost $30,283) | 170 | 6,551 |
Principal Amount ($) (c) | Value ($) | ||
Corporate Bonds 21.5% | |||
Communication Services 1.8% | |||
AT&T, Inc., 3.65%, 6/1/2051 | 100,000 | 70,633 | |
CCO Holdings LLC, 144A, 5.125%, 5/1/2027 | 180,000 | 172,826 |
4 | | Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
Principal Amount ($) (c) | Value ($) | ||
Charter Communications Operating LLC: | |||
2.25%, 1/15/2029 | 120,000 | 102,562 | |
6.1%, 6/1/2029 | 140,000 | 140,458 | |
Comcast Corp., 5.5%, 5/15/2064 | 75,000 | 72,162 | |
Paramount Global: | |||
4.2%, 6/1/2029 | 275,000 | 244,883 | |
4.6%, 1/15/2045 | 60,000 | 40,062 | |
4.95%, 1/15/2031 | 250,000 | 219,948 | |
Rogers Communications, Inc., 3.8%, 3/15/2032 | 102,000 | 91,137 | |
Tencent Holdings Ltd., REG S, 2.39%, 6/3/2030 | 300,000 | 257,709 | |
T-Mobile U.S.A., Inc.: | |||
3.3%, 2/15/2051 | 125,000 | 84,390 | |
3.6%, 11/15/2060 | 25,000 | 16,898 | |
4.375%, 4/15/2040 | 60,000 | 51,994 | |
5.15%, 4/15/2034 | 110,000 | 108,115 | |
Warnermedia Holdings, Inc.: | |||
4.279%, 3/15/2032 | 300,000 | 261,848 | |
5.05%, 3/15/2042 | 50,000 | 40,670 | |
5.141%, 3/15/2052 | 100,000 | 77,861 | |
2,054,156 | |||
Consumer Discretionary 1.1% | |||
Choice Hotels International, Inc., 5.85%, 8/1/2034 (d) | 104,000 | 102,503 | |
Ford Motor Credit Co. LLC, 4.125%, 8/17/2027 | 200,000 | 190,039 | |
General Motors Financial Co., Inc.: | |||
5.55%, 7/15/2029 | 470,000 | 469,983 | |
5.95%, 4/4/2034 | 140,000 | 140,120 | |
Lowe's Companies, Inc., 5.625%, 4/15/2053 | 50,000 | 48,414 | |
Melco Resorts Finance Ltd., 144A, 4.875%, 6/6/2025 | 300,000 | 293,830 | |
1,244,889 | |||
Consumer Staples 0.8% | |||
Imperial Brands Finance PLC, 144A, 5.875%, 7/1/2034 (d) | 330,000 | 323,480 | |
JBS USA Holding Lux SARL: | |||
2.5%, 1/15/2027 | 260,000 | 241,916 | |
144A, 6.75%, 3/15/2034 | 200,000 | 212,021 | |
The J M Smucker Co.: | |||
6.5%, 11/15/2043 | 80,000 | 84,182 | |
6.5%, 11/15/2053 | 50,000 | 53,730 | |
915,329 | |||
Energy 3.2% | |||
Cheniere Energy Partners LP, 4.0%, 3/1/2031 | 250,000 | 227,350 | |
Cheniere Energy, Inc.: | |||
4.625%, 10/15/2028 | 320,000 | 310,561 | |
144A, 5.65%, 4/15/2034 | 100,000 | 100,079 |
Principal Amount ($) (c) | Value ($) | ||
Columbia Pipelines Holding Co. LLC, 144A, 5.681%, 1/15/2034 | 100,000 | 98,390 | |
Columbia Pipelines Operating Co. LLC, 144A, 5.927%, 8/15/2030 | 80,000 | 81,716 | |
Ecopetrol SA: | |||
6.875%, 4/29/2030 | 300,000 | 288,139 | |
8.375%, 1/19/2036 | 250,000 | 245,562 | |
Energy Transfer LP: | |||
5.0%, 5/15/2050 | 208,000 | 176,554 | |
7.125%, 10/1/2054 | 430,000 | 424,232 | |
144A, 7.375%, 2/1/2031 | 85,000 | 88,696 | |
EnLink Midstream LLC, 144A, 6.5%, 9/1/2030 | 280,000 | 286,596 | |
EQT Corp., 5.75%, 2/1/2034 | 210,000 | 208,157 | |
Occidental Petroleum Corp., 8.875%, 7/15/2030 | 300,000 | 345,479 | |
Targa Resources Corp., 6.5%, 2/15/2053 | 80,000 | 84,045 | |
Targa Resources Partners LP, 5.0%, 1/15/2028 | 200,000 | 195,894 | |
Western Midstream Operating LP: | |||
5.3%, 3/1/2048 | 165,000 | 142,464 | |
6.15%, 4/1/2033 | 110,000 | 112,762 | |
Williams Companies, Inc.: | |||
4.65%, 8/15/2032 | 120,000 | 113,981 | |
5.65%, 3/15/2033 | 90,000 | 90,821 | |
3,621,478 | |||
Financials 7.4% | |||
AerCap Ireland Capital DAC, 3.4%, 10/29/2033 | 150,000 | 125,818 | |
Aircastle Ltd.: | |||
Series A, 144A, 5.25%, Perpetual | 130,000 | 125,338 | |
144A, 6.5%, 7/18/2028 | 90,000 | 91,687 | |
Ally Financial, Inc., Series B, 4.7%, Perpetual | 500,000 | 439,995 | |
Ares Capital Corp., 5.95%, 7/15/2029 | 100,000 | 98,306 | |
Banco Santander SA, 5.538%, 3/14/2030 | 200,000 | 198,500 | |
Bank of America Corp.: | |||
2.972%, 2/4/2033 | 200,000 | 169,255 | |
Series RR, 4.375%, Perpetual | 530,000 | 501,239 | |
Bank of New York Mellon Corp., Series I, 3.75%, Perpetual | 345,000 | 318,362 | |
BNP Paribas SA, 144A, 8.5%, Perpetual | 280,000 | 286,780 | |
BPCE SA, 144A, 5.936%, 5/30/2035 | 250,000 | 249,005 | |
Brookfield Finance, Inc., 5.675%, 1/15/2035 | 300,000 | 296,789 |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP | | 5 |
Principal Amount ($) (c) | Value ($) | ||
Capital One Financial Corp.: | |||
Series M, 3.95%, Perpetual | 350,000 | 322,090 | |
7.149%, 10/29/2027 | 150,000 | 155,017 | |
Charles Schwab Corp.: | |||
Series I, 4.0%, Perpetual | 220,000 | 206,416 | |
5.853%, 5/19/2034 | 150,000 | 152,928 | |
Citigroup, Inc.: | |||
Series Y, 4.15%, Perpetual (a) | 300,000 | 280,013 | |
Series CC, 7.125%, Perpetual | 200,000 | 199,553 | |
Corebridge Financial, Inc., 5.75%, 1/15/2034 | 130,000 | 130,863 | |
Hannon Armstrong Sustainable Infrastructure Capital, Inc., 144A, 6.375%, 7/1/2034 (d) | 205,000 | 200,685 | |
HSBC Holdings PLC, 5.546%, 3/4/2030 | 400,000 | 400,755 | |
Jefferies Financial Group, Inc., 6.2%, 4/14/2034 | 90,000 | 91,154 | |
JPMorgan Chase & Co.: | |||
5.766%, 4/22/2035 | 170,000 | 174,421 | |
6.875%, Perpetual | 350,000 | 361,502 | |
KKR Group Finance Co., XII LLC, 144A, 4.85%, 5/17/2032 | 130,000 | 124,800 | |
Morgan Stanley, 5.466%, 1/18/2035 | 140,000 | 139,635 | |
PNC Financial Services Group, Inc.: | |||
5.676%, 1/22/2035 | 130,000 | 130,697 | |
Series W, 6.25%, Perpetual | 230,000 | 224,128 | |
Societe Generale SA: | |||
144A, 5.375%, Perpetual | 250,000 | 201,414 | |
144A, 6.221%, 6/15/2033 | 225,000 | 221,535 | |
State Street Corp., Series I, 6.7%, Perpetual | 110,000 | 110,656 | |
Synchrony Bank, 5.625%, 8/23/2027 | 250,000 | 247,660 | |
The Goldman Sachs Group, Inc.: | |||
Series T, 3.8%, Perpetual | 170,000 | 160,222 | |
5.727%, 4/25/2030 | 175,000 | 178,107 | |
Series W, 7.5%, Perpetual | 225,000 | 235,736 | |
Truist Financial Corp.: | |||
Series N, 4.8%, Perpetual | 300,000 | 294,769 | |
5.711%, 1/24/2035 | 90,000 | 89,607 | |
U.S. Bancorp, 5.678%, 1/23/2035 | 180,000 | 180,690 | |
UBS Group AG, 144A, 4.375%, Perpetual | 200,000 | 162,211 | |
8,278,338 |
Principal Amount ($) (c) | Value ($) | ||
Health Care 0.5% | |||
Charles River Laboratories International, Inc., 144A, 3.75%, 3/15/2029 | 150,000 | 136,875 | |
CVS Health Corp., 5.05%, 3/25/2048 | 175,000 | 150,781 | |
HCA, Inc., 5.5%, 6/15/2047 | 55,000 | 50,846 | |
Humana, Inc., 5.875%, 3/1/2033 | 40,000 | 40,690 | |
Teva Pharmaceutical Finance Netherlands II BV, 4.375%, 5/9/2030 | EUR | 205,000 | 212,513 |
591,705 | |||
Industrials 2.0% | |||
AGCO Corp., 5.8%, 3/21/2034 | 70,000 | 69,727 | |
American Airlines, Inc., 144A, 5.5%, 4/20/2026 | 70,000 | 69,378 | |
Boeing Co.: | |||
5.805%, 5/1/2050 | 115,000 | 103,638 | |
144A, 6.259%, 5/1/2027 | 130,000 | 130,879 | |
144A, 6.858%, 5/1/2054 | 230,000 | 236,019 | |
Delta Air Lines, Inc.: | |||
3.75%, 10/28/2029 | 135,000 | 124,410 | |
144A, 7.0%, 5/1/2025 | 420,000 | 423,177 | |
Mileage Plus Holdings LLC, 144A, 6.5%, 6/20/2027 | 361,200 | 361,921 | |
Owens Corning, 5.7%, 6/15/2034 | 117,000 | 118,077 | |
RTX Corp., 6.1%, 3/15/2034 | 135,000 | 142,102 | |
United Airlines Pass-Through Trust, “A”, Series 2023-1, 5.8%, 7/15/2037 | 300,000 | 304,547 | |
United Rentals North America, Inc., 144A, 6.0%, 12/15/2029 | 110,000 | 110,486 | |
2,194,361 | |||
Information Technology 0.2% | |||
Broadcom, Inc., 144A, 2.6%, 2/15/2033 | 70,000 | 56,728 | |
Global Payments, Inc., 5.95%, 8/15/2052 | 30,000 | 28,899 | |
Oracle Corp.: | |||
3.65%, 3/25/2041 | 118,000 | 90,273 | |
5.55%, 2/6/2053 | 50,000 | 47,308 | |
223,208 | |||
Materials 1.2% | |||
Celanese U.S. Holdings LLC: | |||
6.165%, 7/15/2027 | 100,000 | 101,492 | |
6.35%, 11/15/2028 | 50,000 | 51,374 | |
Corp. Nacional del Cobre de Chile, 144A, 5.95%, 1/8/2034 | 200,000 | 199,983 | |
Dow Chemical Co.: | |||
5.15%, 2/15/2034 | 160,000 | 156,512 | |
5.6%, 2/15/2054 | 160,000 | 153,817 |
6 | | Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
Principal Amount ($) (c) | Value ($) | ||
MEGlobal Canada ULC, 144A, 5.0%, 5/18/2025 | 256,000 | 253,344 | |
Olin Corp., 5.0%, 2/1/2030 | 200,000 | 188,976 | |
Vale Overseas Ltd., 6.4%, 6/28/2054 | 215,000 | 212,570 | |
1,318,068 | |||
Real Estate 0.1% | |||
Kimco Realty OP LLC, 6.4%, 3/1/2034 | 70,000 | 73,997 | |
Utilities 3.2% | |||
CMS Energy Corp., 3.75%, 12/1/2050 | 400,000 | 334,392 | |
Constellation Energy Generation LLC, 5.75%, 3/15/2054 | 120,000 | 116,295 | |
Duke Energy Corp., 3.25%, 1/15/2082 | 250,000 | 223,925 | |
Entergy Arkansas LLC, 5.75%, 6/1/2054 | 150,000 | 148,834 | |
Eversource Energy, 5.5%, 1/1/2034 | 220,000 | 215,839 | |
Nevada Power Co., 6.0%, 3/15/2054 | 90,000 | 91,446 | |
NextEra Energy Capital Holdings, Inc., 6.75%, 6/15/2054 | 98,000 | 98,562 | |
NextEra Energy Operating Partners LP, 144A, 3.875%, 10/15/2026 | 100,000 | 95,093 | |
NRG Energy, Inc., 144A, 2.45%, 12/2/2027 | 250,000 | 225,617 | |
Pacific Gas and Electric Co.: | |||
3.3%, 8/1/2040 | 70,000 | 49,850 | |
5.45%, 6/15/2027 | 90,000 | 90,046 | |
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 144A, 2.875%, 10/25/2025 | EUR | 260,000 | 273,840 |
RWE Finance U.S. LLC, 144A, 5.875%, 4/16/2034 | 300,000 | 300,335 | |
Sempra, 4.125%, 4/1/2052 | 510,000 | 469,430 | |
Sierra Pacific Power Co., 5.9%, 3/15/2054 | 50,000 | 49,739 | |
Southern Co., Series 21-A, 3.75%, 9/15/2051 | 215,000 | 201,885 | |
Southwestern Public Service Co., 6.0%, 6/1/2054 | 220,000 | 219,357 | |
Vistra Operations Co. LLC, 144A, 6.95%, 10/15/2033 | 200,000 | 214,057 | |
Xcel Energy, Inc., 4.6%, 6/1/2032 | 140,000 | 130,908 | |
3,549,450 | |||
Total Corporate Bonds (Cost $24,876,355) | 24,064,979 |
Principal Amount ($) (c) | Value ($) | ||
Asset-Backed 5.5% | |||
Automobile Receivables 0.7% | |||
CPS Auto Receivables Trust, “C”, Series 2023-C, 144A, 6.27%, 10/15/2029 | 100,000 | 100,554 | |
Foursight Capital Automobile Receivables Trust, “C”, Series 2023-2, 144A, 6.21%, 4/16/2029 | 250,000 | 251,526 | |
Hertz Vehicle Financing III LLC, “C”, Series 2023-1A, 144A, 6.91%, 6/25/2027 | 340,000 | 338,883 | |
JPMorgan Chase Bank NA, “E”, Series 2021-1, 144A, 2.365%, 9/25/2028 | 8,889 | 8,861 | |
Santander Drive Auto Receivables Trust, “C”, Series 2023-3, 5.77%, 11/15/2030 | 100,000 | 100,648 | |
800,472 | |||
Credit Card Receivables 0.3% | |||
Brex Commercial Charge Card Master Trust, “A1”, Series 2024-1, 144A, 6.05%, 7/15/2027 | 100,000 | 99,882 | |
Mercury Financial Credit Card Master Trust, “A”, Series 2024-2A, 144A, 6.56%, 7/20/2029 | 200,000 | 200,750 | |
300,632 | |||
Miscellaneous 4.5% | |||
AGL Core CLO 8 Ltd., “AR”, Series 2020-8A, 144A, 90-day average SOFR + 1.352%, 6.676% (e), 10/20/2032 | 250,000 | 250,263 | |
Allegro CLO V-S Ltd., “B1”, Series 2024-2A, 144A, 90-day average SOFR + 1.9%, 7.182% (e), 7/24/2037 (d) | 500,000 | 500,000 | |
Apidos CLO XXIV Ltd., “A1AL”, Series 2016-24A, 144A, 90-day average SOFR + 1.212%, 6.536% (e), 10/20/2030 | 370,399 | 370,767 | |
ARES XLI CLO Ltd., “BR”, Series 2016-41A, 144A, 90-day average SOFR + 1.712%, 7.04% (e), 4/15/2034 | 500,000 | 500,333 | |
BlueMountain CLO XXXIV Ltd., “B1”, Series 2022- 34A, 144A, 90-day average SOFR + 2.05%, 7.375% (e), 4/20/2035 | 250,000 | 250,188 | |
CF Hippolyta Issuer LLC, “B1”, Series 2021-1A, 144A, 1.98%, 3/15/2061 | 520,231 | 464,435 |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP | | 7 |
Principal Amount ($) (c) | Value ($) | ||
Frontier Issuer LLC, “A2”, Series 2023-1, 144A, 6.6%, 8/20/2053 | 250,000 | 251,500 | |
HINNT LLC, “B”, Series 2024-A, 144A, 5.84%, 3/15/2043 | 93,717 | 93,803 | |
Madison Park Funding XXXVIII Ltd., “C”, Series 2021-38A, 144A, 90-day average SOFR + 2.162%, 7.479% (e), 7/17/2034 | 250,000 | 250,351 | |
Morgan Stanley Eaton Vance CLO Ltd., “A”, Series 2021- 1A, 144A, 90-day average SOFR + 1.422%, 6.748% (e), 10/20/2034 | 500,000 | 500,406 | |
Mosaic Solar Loan Trust, “B”, Series 2023-1A, 144A, 6.92%, 6/20/2053 | 296,604 | 294,040 | |
Octagon 63 Ltd., “A2”, Series 2024-2A, 144A, 90-day average SOFR + 1.71%, 7.033% (e), 7/20/2037 | 350,000 | 350,179 | |
Rad CLO 23 Ltd., “A1”, Series 2024-23A, 144A, 90-day average SOFR + 1.6%, 6.885% (e), 4/20/2037 | 500,000 | 504,872 | |
Voya CLO Ltd., “B”, Series 2021-1A, 144A, 90-day average SOFR + 1.912%, 7.24% (e), 7/15/2034 | 400,000 | 399,982 | |
4,981,119 | |||
Total Asset-Backed (Cost $6,109,653) | 6,082,223 | ||
Mortgage-Backed Securities Pass- Throughs 2.8% | |||
Federal Home Loan Mortgage Corp., 6.0%, 3/1/2038 | 860 | 890 | |
Federal National Mortgage Association: | |||
4.5%, with various maturities from 9/1/2035 - 7/1/2054 (d) | 1,002,511 | 945,149 | |
5.5%, 7/1/2054 (d) | 2,200,000 | 2,168,980 | |
Total Mortgage-Backed Securities Pass-Throughs (Cost $3,111,494) | 3,115,019 | ||
Commercial Mortgage-Backed Securities 2.7% | |||
20 Times Square Trust, “C”, Series 2018-20TS, 144A, 3.203% (e), 5/15/2035 | 200,000 | 174,557 |
Principal Amount ($) (c) | Value ($) | ||
2023-MIC Trust, “B”, Series 2023-MIC, 144A, 9.863% (e), 12/5/2038 | 600,000 | 640,454 | |
Benchmark Mortgage Trust, “A4”, Series 2020-IG3, 144A, 2.437%, 9/15/2048 | 100,000 | 81,161 | |
BX Trust, “D”, Series 2019- OC11, 144A, 4.075% (e), 12/9/2041 | 150,000 | 132,628 | |
BXP Trust, “B”, Series 2021- 601L, 144A, 2.868% (e), 1/15/2044 | 250,000 | 188,591 | |
Citigroup Commercial Mortgage Trust, “A”, Series 2013-375P, 144A, 3.251%, 5/10/2035 | 140,131 | 135,965 | |
Cold Storage Trust, “D”, Series 2020-ICE5, 144A, 30-day average SOFR + 2.214%, 7.541% (e), 11/15/2037 | 245,748 | 244,826 | |
CyrusOne Data Centers Issuer I LLC, “A2”, Series 2024-2A, 144A, 4.5%, 5/20/2049 | 250,000 | 231,639 | |
Freddie Mac Multifamily Structured Credit Risk, “M2”, Series 2021-MN1, 144A, 30-day average SOFR + 3.75%, 9.085% (e), 1/25/2051 | 194,000 | 195,273 | |
JPMorgan Chase Commercial Mortgage Securities Trust: | |||
“A”, Series 2021-1MEM, 144A, 2.516%, 10/9/2042 | 250,000 | 192,720 | |
“A”, Series 2019-OSB, 144A, 3.397%, 6/5/2039 | 250,000 | 220,969 | |
JW Commercial Mortgage Trust, “B”, Series 2024- MRCO, 144A, 30-day average SOFR + 1.941%, 7.261% (e), 6/15/2039 | 300,000 | 298,874 | |
Switch ABS Issuer LLC: | |||
“A2”, Series 2024-2A, 144A, 5.436%, 6/25/2054 | 100,000 | 96,863 | |
“A2”, Series 2024-1A, 144A, 6.28%, 3/25/2054 | 200,000 | 200,552 | |
Total Commercial Mortgage-Backed Securities (Cost $2,947,846) | 3,035,072 | ||
Collateralized Mortgage Obligations 5.8% | |||
Federal National Mortgage Association: | |||
“AO”, Series 2023-53, Principal Only, Zero Coupon, 11/25/2053 | 571,318 | 472,539 |
8 | | Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
Principal Amount ($) (c) | Value ($) | ||
“I”, Series 2003-84, Interest Only, 6.0%, 9/25/2033 | 35,035 | 5,179 | |
“FG”, Series 2023-53, 30- day average SOFR + 1.9%, 7.0% (e), 11/25/2053 | 3,359,979 | 3,437,892 | |
Freddie Mac Structured Agency Credit Risk Debt Notes: | |||
“M1B”, Series 2022- DNA2, 144A, 30-day average SOFR + 2.4%, 7.735% (e), 2/25/2042 | 155,000 | 158,871 | |
“M2”, Series 2019-DNA2, 144A, 30-day average SOFR + 2.564%, 7.9% (e), 3/25/2049 | 178,258 | 180,486 | |
Government National Mortgage Association, “HZ”, Series 2024-43, 5.0%, 3/20/2054 | 1,999,024 | 1,896,086 | |
JPMorgan Mortgage Trust, “AM”, Series 2016-3, 144A, 3.24% (e), 10/25/2046 | 103,501 | 92,722 | |
Western Alliance Bank, “M1”, Series 2021-CL2, 144A, 30-day average SOFR + 3.15%, 8.485% (e), 7/25/2059 | 234,001 | 241,633 | |
Total Collateralized Mortgage Obligations (Cost $6,481,798) | 6,485,408 | ||
Government & Agency Obligations 33.7% | |||
Sovereign Bonds 0.4% | |||
Brazilian Government International Bond, 3.875%, 6/12/2030 | 200,000 | 176,489 | |
Indonesia Government International Bond, 3.85%, 10/15/2030 | 300,000 | 278,604 | |
455,093 | |||
U.S. Treasury Obligations 33.3% | |||
U.S. Treasury Bills: | |||
5.156% (f), 10/31/2024 | 2,000,000 | 1,964,925 | |
5.184% (f), 9/5/2024 (g) | 200,000 | 198,086 | |
5.303% (f), 9/5/2024 (g) | 3,000,000 | 2,971,295 | |
U.S. Treasury Bonds, 4.25%, 2/15/2054 | 78,900 | 75,128 | |
U.S. Treasury Floating Rate Notes: | |||
3-month U.S. Treasury Bill Money Market Yield + 0.15%, 5.455% (e), 4/30/2026 (h) | 16,846,300 | 16,848,107 |
Principal Amount ($) (c) | Value ($) | ||
3-month U.S. Treasury Bill Money Market Yield + 0.245%, 5.55% (e), 1/31/2026 | 13,818,300 | 13,839,834 | |
U.S. Treasury Inflation- Indexed Notes: | |||
1.75%, 1/15/2034 | 1,007,661 | 977,674 | |
2.125%, 4/15/2029 | 289,884 | 290,218 | |
37,165,267 | |||
Total Government & Agency Obligations (Cost $37,712,686) | 37,620,360 |
Shares | Value ($) | ||
Exchange-Traded Funds 4.6% | |||
iShares MSCI Emerging Markets ETF | 50,300 | 2,142,277 | |
SPDR Blackstone Senior Loan ETF | 72,850 | 3,045,130 | |
Total Exchange-Traded Funds (Cost $5,232,566) | 5,187,407 | ||
Securities Lending Collateral 0.7% | |||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.24% (i) (j) (Cost $773,231) | 773,231 | 773,231 | |
Cash Equivalents 3.5% | |||
DWS Central Cash Management Government Fund, 5.36% (i) (Cost $3,894,564) | 3,894,564 | 3,894,564 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $115,912,620) | 103.7 | 115,905,512 | |
Other Assets and Liabilities, Net | (3.7 ) | (4,099,864 ) | |
Net Assets | 100.0 | 111,805,648 |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP | | 9 |
Value ($) at 12/31/2023 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 6/30/2024 | Value ($) at 6/30/2024 |
Securities Lending Collateral 0.7% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.24% (i) (j) | ||||||||
1,074,287 | — | 301,056 (k) | — | — | 9,299 | — | 773,231 | 773,231 |
Cash Equivalents 3.5% | ||||||||
DWS Central Cash Management Government Fund, 5.36% (i) | ||||||||
9,281,154 | 78,419,866 | 83,806,456 | — | — | 151,348 | — | 3,894,564 | 3,894,564 |
10,355,441 | 78,419,866 | 84,107,512 | — | — | 160,647 | — | 4,667,795 | 4,667,795 |
* | Non-income producing security. |
(a) | All or a portion of these securities were on loan. In addition, "Other Assets and Liabilities, Net" may include pending sales that are also on loan. The value of securities loaned at June 30, 2024 amounted to $736,581, which is 0.7% of net assets. |
(b) | Investment was valued using significant unobservable inputs. |
(c) | Principal amount stated in U.S. dollars unless otherwise noted. |
(d) | When-issued or delayed delivery securities included. |
(e) | Variable or floating rate security. These securities are shown at their current rate as of June 30, 2024. 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. Securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. |
(f) | Annualized yield at time of purchase; not a coupon rate. |
(g) | At June 30, 2024, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts. |
(h) | At June 30, 2024, this security has been pledged, in whole or in part, to cover initial margin requirements for open centrally cleared swap contracts. |
(i) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(j) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(k) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended June 30, 2024. |
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 |
CLO: Collateralized Loan Obligation |
GDR: Global Depositary Receipt |
Interest Only: Interest Only (IO) bonds represent the "interest only" portion of payments on a pool of underlying mortgages or mortgage-backed securities. IO securities are subject to prepayment risk of the pool of underlying mortgages. |
MSCI: Morgan Stanley Capital International |
Perpetual: Callable security with no stated maturity date. |
Principal Only: Principal Only (PO) bonds represent the “principal only” portion of payments on a pool of underlying mortgages or mortgage-backed securities. |
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 |
SOFR: Secured Overnight Financing Rate |
SPDR: Standard & Poor's Depositary Receipt |
10 | | Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation ($) |
2 Year U.S. Treasury Note | USD | 9/30/2024 | 72 | 14,661,256 | 14,703,750 | 42,494 |
5 Year U.S. Treasury Note | USD | 9/30/2024 | 55 | 5,833,961 | 5,861,797 | 27,836 |
MSCI E-Mini Emerging Market Index | USD | 9/20/2024 | 107 | 5,800,028 | 5,821,870 | 21,842 |
MSCI World Index | USD | 9/20/2024 | 326 | 36,217,412 | 36,688,040 | 470,628 |
TOPIX Index | JPY | 9/12/2024 | 3 | 515,765 | 524,054 | 8,289 |
Total unrealized appreciation | 571,089 |
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation ($) |
Ultra 10 Year U.S. Treasury Note | USD | 9/19/2024 | 12 | 1,372,844 | 1,362,375 | 10,469 |
Centrally Cleared Swaps | |||||||
Cash Flows Paid by the Fund/ Frequency | Cash Flows Received by the Fund/ Frequency | Effective/ Expiration Date | Notional Amount ($) | Currency | Value ($) | Upfront Payments Paid/ (Received) ($) | Unrealized Appreciation/ (Depreciation) ($) |
Fixed — 3.967% Annually | Floating — 1-Day SOFR Annually β | 5/8/2025/ 5/8/2045 | 1,700,000 | USD | 36,827 | — | 36,827 |
Fixed — 3.778% Annually | Floating — 1-Day SOFR Annually β | 5/8/2025/ 5/10/2055 | 1,700,000 | USD | 44,358 | — | 44,358 |
Fixed — 3.975% Annually | Floating — 1-Day SOFR Annually β | 5/8/2025/ 5/8/2035 | 3,890,000 | USD | (55,420 ) | (26,242 ) | (29,178 ) |
Total net unrealized appreciation | 52,007 |
β | 1-Day SOFR rate as of June 30, 2024 is 5.336%. |
SOFR: Secured Overnight Financing Rate |
Contracts to Deliver | In Exchange For | Settlement Date | Unrealized Appreciation ($) | Counterparty | ||
GBP | 528,000 | USD | 672,117 | 9/18/2024 | 4,292 | Morgan Stanley |
CHF | 219,000 | USD | 246,430 | 9/18/2024 | 394 | State Street Bank and Trust |
EUR | 2,874,000 | USD | 3,099,209 | 9/18/2024 | 9,818 | State Street Bank and Trust |
SEK | 2,410,000 | USD | 230,479 | 9/18/2024 | 2,199 | Citigroup, Inc. |
CNY | 2,793,226 | USD | 392,965 | 9/19/2024 | 5,236 | State Street Bank and Trust |
Total unrealized appreciation | 21,939 |
Contracts to Deliver | In Exchange For | Settlement Date | Unrealized Depreciation ($) | Counterparty | ||
CAD | 678,000 | USD | 493,700 | 9/18/2024 | (2,803) | Citigroup, Inc. |
USD | 520,330 | JPY | 80,660,000 | 9/18/2024 | (13,051) | Morgan Stanley |
USD | 388,712 | CNY | 2,798,226 | 9/19/2024 | (289) | State Street Bank and Trust |
Total unrealized depreciation | (16,143) |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP | | 11 |
CAD | Canadian Dollar |
CHF | Swiss Franc |
CNY | Chinese Yuan |
EUR | Euro |
GBP | British Pound |
JPY | Japanese Yen |
SEK | Swedish Krona |
USD | United States Dollar |
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | ||||
Communication Services | $1,711,279 | $626,818 | $— | $2,338,097 |
Consumer Discretionary | 1,130,885 | 1,309,841 | — | 2,440,726 |
Consumer Staples | 770,018 | 312,483 | — | 1,082,501 |
Energy | 754,395 | 581,990 | — | 1,336,385 |
Financials | 3,054,507 | 567,830 | — | 3,622,337 |
Health Care | 2,047,132 | 388,041 | — | 2,435,173 |
Industrials | 1,133,470 | 1,444,259 | — | 2,577,729 |
Information Technology | 5,243,341 | 358,555 | — | 5,601,896 |
Materials | 1,232,989 | 105,104 | — | 1,338,093 |
Real Estate | 447,580 | — | — | 447,580 |
Utilities | — | 150,891 | — | 150,891 |
Preferred Stocks (a) | 2,269,086 | — | — | 2,269,086 |
Rights | — | — | 204 | 204 |
Warrants | — | — | 6,551 | 6,551 |
Corporate Bonds (a) | — | 24,064,979 | — | 24,064,979 |
Asset-Backed (a) | — | 6,082,223 | — | 6,082,223 |
Mortgage-Backed Securities Pass-Throughs | — | 3,115,019 | — | 3,115,019 |
Commercial Mortgage-Backed Securities | — | 3,035,072 | — | 3,035,072 |
Collateralized Mortgage Obligations | — | 6,485,408 | — | 6,485,408 |
Government & Agency Obligations (a) | — | 37,620,360 | — | 37,620,360 |
Exchange-Traded Funds | 5,187,407 | — | — | 5,187,407 |
Short-Term Investments (a) | 4,667,795 | — | — | 4,667,795 |
Derivatives (b) | ||||
Futures Contracts | 581,558 | — | — | 581,558 |
Interest Rate Swap Contracts | — | 81,185 | — | 81,185 |
Forward Foreign Currency Contracts | — | 21,939 | — | 21,939 |
Total | $30,231,442 | $86,351,997 | $6,755 | $116,590,194 |
Liabilities | Level 1 | Level 2 | Level 3 | Total |
Derivatives (b) | ||||
Interest Rate Swap Contracts | $— | $(29,178 ) | $— | $(29,178 ) |
Forward Foreign Currency Contracts | — | (16,143 ) | — | (16,143 ) |
Total | $— | $(45,321 ) | $— | $(45,321 ) |
(a) | See Investment Portfolio for additional detailed categorizations. |
(b) | Derivatives include unrealized appreciation (depreciation) on open futures contracts, interest rate swap contracts and forward foreign currency contracts. |
12 | | Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
as of June 30, 2024 (Unaudited)
Assets | |
Investments in non-affiliated securities, at value (cost $111,244,825) — including $736,581 of securities loaned | $111,237,717 |
Investment in DWS Government & Agency Securities Portfolio (cost $773,231)* | 773,231 |
Investment in DWS Central Cash Management Government Fund (cost $3,894,564) | 3,894,564 |
Cash | 36,427 |
Foreign currency, at value (cost $56,467) | 55,895 |
Receivable for Fund shares sold | 2,941 |
Dividends receivable | 47,566 |
Interest receivable | 695,271 |
Affiliated securities lending income receivable | 164 |
Receivable for variation margin on futures contracts | 137,821 |
Unrealized appreciation on forward foreign currency contracts | 21,939 |
Foreign taxes recoverable | 122,427 |
Other assets | 1,111 |
Total assets | 117,027,074 |
Liabilities | |
Payable upon return of securities loaned | 773,231 |
Payable for investments purchased — when-issued/delayed-delivery securities | 1,134,729 |
Payable for investments purchased — TBA purchase commitments | 3,114,737 |
Payable for Fund shares redeemed | 14,771 |
Payable for variation margin on centrally cleared swaps | 20,164 |
Unrealized depreciation on forward foreign currency contracts | 16,143 |
Accrued management fee | 33,859 |
Accrued Trustees' fees | 665 |
Other accrued expenses and payables | 113,127 |
Total liabilities | 5,221,426 |
Net assets, at value | $111,805,648 |
Net Assets Consist of | |
Distributable earnings (loss) | 16,337,297 |
Paid-in capital | 95,468,351 |
Net assets, at value | $111,805,648 |
Net Asset Value | |
Class A | |
Net Asset Value, offering and redemption price per share ($111,805,648 ÷ 4,857,786 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $23.02 |
* | Represents collateral on securities loaned. |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP | | 13 |
Investment Income | |
Income: | |
Interest | $2,017,279 |
Dividends (net of foreign taxes withheld of $32,618) | 564,934 |
Income distributions — DWS Central Cash Management Government Fund | 151,348 |
Affiliated securities lending income | 9,299 |
Total income | 2,742,860 |
Expenses: | |
Management fee | 202,393 |
Administration fee | 53,060 |
Services to shareholders | 542 |
Distribution service fee (Class B) | 8 * |
Custodian fee | 13,444 |
Audit fee | 35,900 |
Legal fees | 9,718 |
Tax fees | 4,474 |
Reports to shareholders | 21,568 |
Trustees' fees and expenses | 3,124 |
Other | 10,023 |
Total expenses before expense reductions | 354,254 |
Expense reductions | (5 ) |
Total expenses after expense reductions | 354,249 |
Net investment income | 2,388,611 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from: | |
Investments | 12,060,510 |
Swap contracts | (483 ) |
Futures | 3,742,729 |
Forward foreign currency contracts | 15,698 |
Foreign currency | 8,711 |
15,827,165 | |
Change in net unrealized appreciation (depreciation) on: | |
Investments | (11,555,172 ) |
Swap contracts | 52,007 |
Futures | (183,244 ) |
Forward foreign currency contracts | 137,798 |
Foreign currency | (69,210 ) |
(11,617,821 ) | |
Net gain (loss) | 4,209,344 |
Net increase (decrease) in net assets resulting from operations | $6,597,955 |
* | For the period from January 1, 2024 to March 25, 2024 (Class B liquidation date). |
14 | | Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
Six Months Ended June 30, 2024* | Year Ended December 31, | |
Increase (Decrease) in Net Assets | (Unaudited) | 2023 |
Operations: | ||
Net investment income | $2,388,611 | $3,638,264 |
Net realized gain (loss) | 15,827,165 | 2,002,778 |
Change in net unrealized appreciation (depreciation) | (11,617,821 ) | 9,041,137 |
Net increase (decrease) in net assets resulting from operations | 6,597,955 | 14,682,179 |
Distributions to shareholders: | ||
Class A | (3,884,542 ) | (3,321,406 ) |
Class B | — | (342 ) |
Total distributions | (3,884,542 ) | (3,321,748 ) |
Fund share transactions: | ||
Class A | ||
Proceeds from shares sold | 1,935,042 | 4,136,010 |
Reinvestment of distributions | 3,884,542 | 3,321,406 |
Payments for shares redeemed | (6,281,387 ) | (11,919,499 ) |
Net increase (decrease) in net assets from Class A share transactions | (461,803 ) | (4,462,083 ) |
Class B | ||
Reinvestment of distributions | — | 342 |
Payments for shares redeemed | (13,634 ) | — |
Net increase (decrease) in net assets from Class B share transactions | (13,634 ) | 342 |
Increase (decrease) in net assets | 2,237,976 | 6,898,690 |
Net assets at beginning of period | 109,567,672 | 102,668,982 |
Net assets at end of period | $111,805,648 | $109,567,672 |
Other Information | ||
Class A | ||
Shares outstanding at beginning of period | 4,871,473 | 5,077,917 |
Shares sold | 84,490 | 197,546 |
Shares issued to shareholders in reinvestment of distributions | 177,782 | 162,814 |
Shares redeemed | (275,959 ) | (566,804 ) |
Net increase (decrease) in Class A shares | (13,687 ) | (206,444 ) |
Shares outstanding at end of period | 4,857,786 | 4,871,473 |
Class B | ||
Shares outstanding at beginning of period | 583 | 566 |
Shares issued to shareholders in reinvestment of distributions | — | 17 |
Shares redeemed | (583 ) | — |
Net increase (decrease) in Class B shares | (583 ) | 17 |
Shares outstanding at end of period | — | 583 |
* | Includes Class B for the period from January 1, 2024 to March 25, 2024 (Class B liquidation date). |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP | | 15 |
Financial Highlights
DWS Global Income Builder VIP — Class A | ||||||
Six Months Ended 6/30/24 | Years Ended December 31, | |||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $22.49 | $20.22 | $26.78 | $25.07 | $24.63 | $21.33 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .49 | .73 | .61 | .62 | .57 | .69 |
Net realized and unrealized gain (loss) | .86 | 2.21 | (4.47 ) | 2.08 | 1.16 | 3.54 |
Total from investment operations | 1.35 | 2.94 | (3.86 ) | 2.70 | 1.73 | 4.23 |
Less distributions from: | ||||||
Net investment income | (.82 ) | (.67 ) | (.69 ) | (.62 ) | (.74 ) | (.90 ) |
Net realized gains | — | — | (2.01 ) | (.37 ) | (.55 ) | (.03 ) |
Total distributions | (.82 ) | (.67 ) | (2.70 ) | (.99 ) | (1.29 ) | (.93 ) |
Net asset value, end of period | $23.02 | $22.49 | $20.22 | $26.78 | $25.07 | $24.63 |
Total Return (%) | 6.20 * | 14.89 | (14.98 ) | 10.95 | 8.28 | 20.16 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 112 | 110 | 103 | 131 | 127 | 130 |
Ratio of expenses (%)b | .65 ** | .65 | .65 | .61 | .64 | .68 |
Ratio of net investment income (%) | 4.37 ** | 3.47 | 2.80 | 2.36 | 2.51 | 2.96 |
Portfolio turnover rate (%) | 192 * | 180 | 95 | 104 | 137 | 182 |
a | Based on average shares outstanding during the period. |
b | 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. |
* | Not annualized |
** | Annualized |
16 | | Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
Notes to Financial Statements (Unaudited)
Deutsche DWS Variable Series II — DWS Global Income Builder VIP | | 17 |
18 | | Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
Overnight and Continuous | ˂30 days | Between 30 & 90 days | ˃90 days | Total | |
Securities Lending Transactions | |||||
Common Stocks | $738,671 | $— | $— | $— | $738,671 |
Corporate Bonds | 34,560 | — | — | — | 34,560 |
Total Borrowings | $773,231 | $— | $— | $— | $773,231 |
Gross amount of recognized liabilities for securities lending transactions: | $773,231 |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP | | 19 |
20 | | Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP | | 21 |
Asset Derivatives | Forward Contracts | Swap Contracts | Futures Contracts | Total |
Equity Contracts (a) | $— | $— | $500,759 | $500,759 |
Interest Rate Contracts (a) (b) | — | 81,185 | 80,799 | 161,984 |
Foreign Exchange Contracts (c) | 21,939 | — | — | 21,939 |
$21,939 | $81,185 | $581,558 | $684,682 | |
Each of the above derivatives is located in the following Statement of Assets and Liabilities accounts: |
(a) | Futures contracts are reported in the table above using cumulative appreciation of futures contracts, as reported in the futures contracts table following the Fund’s Investment Portfolio; within the Statement of Assets and Liabilities, the variation margin at period end is reported as Receivable (Payable) for variation margin on futures contracts. |
(b) | Includes cumulative appreciation of 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 appreciation on forward foreign currency contracts |
Liability Derivatives | Forward Contracts | Swap Contracts | Total |
Interest Rate Contracts (a) | $— | $(29,178 ) | $(29,178 ) |
Foreign Exchange Contracts (b) | (16,143 ) | — | (16,143 ) |
$(16,143 ) | $(29,178 ) | $(45,321 ) | |
Each of the above derivatives is located in the following Statement of Assets and Liabilities accounts: |
(a) | Includes cumulative depreciation of centrally cleared swap contracts as disclosed in the Investment Portfolio. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities. |
(b) | Unrealized depreciation on forward foreign currency contracts |
Realized Gain (Loss) | Forward Contracts | Swap Contracts | Futures Contracts | Total |
Equity Contracts (a) | $— | $— | $3,811,833 | $3,811,833 |
Interest Rate Contracts (a) | — | (483 ) | (69,104 ) | (69,587 ) |
Foreign Exchange Contracts (a) | 15,698 | — | — | 15,698 |
$15,698 | $(483 ) | $3,742,729 | $3,757,944 | |
Each of the above derivatives is located in the following Statement of Operations accounts: |
(a) | Net realized gain (loss) from forward foreign currency contracts, swap contracts and futures, respectively |
Change in Net Unrealized Appreciation (Depreciation) | Forward Contracts | Swap Contracts | Futures Contracts | Total |
Equity Contracts (a) | $— | $— | $(39,703 ) | $(39,703 ) |
Interest Rate Contracts (a) | — | 52,007 | (143,541 ) | (91,534 ) |
Foreign Exchange Contracts (a) | 137,798 | — | — | 137,798 |
$137,798 | $52,007 | $(183,244 ) | $6,561 | |
Each of the above derivatives is located in the following Statement of Operations accounts: |
(a) | Change in net unrealized appreciation (depreciation) on forward foreign currency contracts, swap and futures contracts, respectively |
22 | | Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
Counterparty | Gross Amount of Assets Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Received | Net Amount of Derivative Assets |
Citigroup, Inc. | $2,199 | $(2,199 ) | $— | $— |
Morgan Stanley | 4,292 | (4,292 ) | — | — |
State Street Bank and Trust | 15,448 | (289 ) | — | 15,159 |
21,939 | (6,780 ) | — | 15,159 |
Counterparty | Gross Amount of Liabilities Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Pledged | Net Amount of Derivative Liabilities |
Citigroup, Inc. | $2,803 | $(2,199 ) | $— | $604 |
Morgan Stanley | 13,051 | (4,292 ) | — | 8,759 |
State Street Bank and Trust | 289 | (289 ) | — | — |
16,143 | (6,780 ) | — | 9,363 |
Purchases | Sales | |
Non-U.S. Treasury Obligations | $119,082,537 | $141,076,094 |
U.S. Treasury Obligations | $86,461,507 | $64,772,853 |
First $250 million of the Fund’s average daily net assets | .370% |
Next $750 million of such net assets | .345% |
Over $1 billion of such net assets | .310% |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP | | 23 |
Class A | .70% |
Class B | .95% |
Distribution Fee | Total Aggregated | Unpaid at June 30, 2024 |
Class B | $8 | $— |
Services to Shareholders | Total Aggregated | Unpaid at June 30, 2024 |
Class A | $355 | $132 |
Class B | 7 | — |
$362 | $132 |
24 | | Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP | | 25 |
Advisory Agreement Board Considerations and Fee Evaluation
26 | | Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP | | 27 |
28 | | Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
Contents
2 | | Deutsche DWS Variable Series II — DWS Government Money Market VIP |
Investment Portfolioas of June 30, 2024 (Unaudited)
Principal Amount ($) | Value ($) | ||
Government & Agency Obligations 57.6% | |||
U.S. Government Sponsored Agencies 16.1% | |||
Federal Farm Credit Banks: | |||
5.25%, 12/13/2024 | 175,000 | 174,987 | |
SOFR + 0.035%, 5.375% (a), 10/9/2024 | 500,000 | 500,000 | |
SOFR + 0.135%, 5.475% (a), 6/3/2025 | 500,000 | 500,000 | |
SOFR + 0.145%, 5.485% (a), 7/25/2025 | 500,000 | 500,000 | |
Federal Home Loan Bank Discount Notes: | |||
5.282% (b), 10/2/2024 | 4,000,000 | 3,946,163 | |
5.313% (b), 9/11/2024 | 500,000 | 494,760 | |
5.323% (b), 9/27/2024 | 4,000,000 | 3,948,667 | |
5.333% (b), 7/26/2024 | 3,000,000 | 2,989,042 | |
Federal Home Loan Banks: | |||
5.0%, 9/18/2024 | 1,500,000 | 1,499,810 | |
5.34% (a), 9/26/2024 | 400,000 | 400,000 | |
SOFR + 0.005%, 5.345% (a), 10/4/2024 | 750,000 | 750,000 | |
SOFR + 0.01%, 5.35% (a), 8/19/2024 | 500,000 | 500,000 | |
SOFR + 0.01%, 5.35% (a), 9/12/2024 | 500,000 | 500,000 | |
SOFR + 0.010%, 5.35% (a), 11/14/2024 | 750,000 | 750,000 | |
SOFR + 0.01%, 5.35% (a), 11/18/2024 | 3,000,000 | 3,000,000 | |
SOFR + 0.010%, 5.35% (a), 11/25/2024 | 1,250,000 | 1,250,000 | |
SOFR + 0.01%, 5.35% (a), 12/2/2024 | 750,000 | 750,000 | |
SOFR + 0.015%, 5.355% (a), 7/3/2024 | 2,000,000 | 2,000,000 | |
SOFR + 0.015%, 5.355% (a), 11/1/2024 | 750,000 | 750,000 | |
SOFR + 0.015%, 5.355% (a), 12/9/2024 | 2,000,000 | 2,000,000 | |
SOFR + 0.015%, 5.355% (a), 12/17/2024 | 750,000 | 750,000 | |
5.4%, 1/14/2025 | 1,250,000 | 1,250,000 | |
SOFR + 0.125%, 5.465% (a), 2/24/2025 | 2,000,000 | 2,000,000 | |
Federal National Mortgage Association, SOFR + 0.100%, 5.44% (a), 6/18/2026 | 750,000 | 750,000 | |
31,953,429 | |||
U.S. Treasury Obligations 41.5% | |||
U.S. Treasury Bills: | |||
4.814% (b), 3/20/2025 | 200,000 | 193,088 | |
4.835% (b), 3/20/2025 | 300,000 | 289,589 | |
4.951% (b), 4/17/2025 | 500,000 | 480,332 | |
5.014% (b), 2/20/2025 | 1,000,000 | 967,854 |
Principal Amount ($) | Value ($) | ||
5.08% (b), 7/11/2024 | 3,500,000 | 3,495,129 | |
5.09% (b), 7/25/2024 | 3,500,000 | 3,488,287 | |
5.126% (b), 7/5/2024 | 3,000,000 | 2,998,315 | |
5.166% (b), 8/29/2024 | 3,000,000 | 2,974,947 | |
5.169% (b), 9/12/2024 | 5,000,000 | 4,948,312 | |
5.192% (b), 8/29/2024 | 2,000,000 | 1,983,214 | |
5.196% (b), 12/12/2024 | 4,000,000 | 3,906,620 | |
5.201% (b), 9/19/2024 | 2,000,000 | 1,977,200 | |
5.201% (b), 12/12/2024 | 5,000,000 | 4,883,150 | |
5.205% (b), 12/5/2024 | 3,000,000 | 2,932,837 | |
5.223% (b), 10/17/2024 | 3,000,000 | 2,953,641 | |
5.223% (b), 11/7/2024 | 3,000,000 | 2,944,627 | |
5.233% (b), 10/24/2024 | 2,000,000 | 1,967,024 | |
5.263% (b), 8/6/2024 | 5,000,000 | 4,974,045 | |
5.29% (b), 10/15/2024 | 3,000,000 | 2,953,912 | |
5.325% (b), 8/1/2024 | 3,000,000 | 2,986,431 | |
U.S. Treasury Floating Rate Notes: | |||
3-month U.S. Treasury Bill Money Market Yield + 0.037%, 5.342% (a), 7/31/2024 | 10,000,000 | 10,000,347 | |
3-month U.S. Treasury Bill Money Market Yield + 0.125%, 5.43% (a), 7/31/2025 | 4,000,000 | 3,998,260 | |
3-month U.S. Treasury Bill Money Market Yield + 0.14%, 5.445% (a), 10/31/2024 | 5,000,000 | 5,000,310 | |
3-month U.S. Treasury Bill Money Market Yield + 0.17%, 5.475% (a), 10/31/2025 | 4,000,000 | 3,998,366 | |
3-month U.S. Treasury Bill Money Market Yield + 0.2%, 5.505% (a), 1/31/2025 | 5,000,000 | 5,004,483 | |
82,300,320 | |||
Total Government & Agency Obligations (Cost $114,253,749) | 114,253,749 | ||
Repurchase Agreements 42.0% | |||
BNP Paribas, 5.32%, dated 6/28/2024, to be repurchased at $10,704,744 on 7/1/2024 (c) | 10,700,000 | 10,700,000 | |
Citigroup Global Markets, Inc., 5.32%, dated 6/28/2024, to be repurchased at $18,708,290 on 7/1/2024 (d) | 18,700,000 | 18,700,000 |
Deutsche DWS Variable Series II — DWS Government Money Market VIP | | 3 |
Principal Amount ($) | Value ($) | ||
JPMorgan Securities, Inc., 5.33%, dated 6/28/2024, to be repurchased at $14,306,352 on 7/1/2024 (e) | 14,300,000 | 14,300,000 | |
Royal Bank of Canada: | |||
5.32%, dated 6/28/2024, to be repurchased at $11,805,231 on 7/1/2024 (f) | 11,800,000 | 11,800,000 | |
5.32%, dated 6/28/2024, to be repurchased at $1,300,576 on 7/1/2024 (g) | 1,300,000 | 1,300,000 | |
5.33%, dated 6/28/2024, to be repurchased at $5,002,221 on 7/1/2024 (h) | 5,000,000 | 5,000,000 | |
Wells Fargo Bank: | |||
5.32%, dated 6/28/2024, to be repurchased at $3,561,578 on 7/1/2024 (i) | 3,560,000 | 3,560,000 |
Principal Amount ($) | Value ($) | ||
5.33%, dated 6/28/2024, to be repurchased at $17,897,946 on 7/1/2024 (j) | 17,890,000 | 17,890,000 | |
Total Repurchase Agreements (Cost $83,250,000) | 83,250,000 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $197,503,749) | 99.6 | 197,503,749 | |
Other Assets and Liabilities, Net | 0.4 | 795,689 | |
Net Assets | 100.0 | 198,299,438 |
(a) | Floating rate security. These securities are shown at their current rate as of June 30, 2024. |
(b) | Annualized yield at time of purchase; not a coupon rate. |
(c) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
12,065,900 | U.S. Treasury Notes | 0.625–2.75 | 8/15/2030–8/15/2032 | 10,914,002 |
(d) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
20,491,000 | U.S. Treasury Notes | 0.75 | 4/30/2026 | 19,074,056 |
(e) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
15,336,479 | Federal National Mortgage Association | 2.0–4.415 | 5/1/2033–4/1/2051 | 14,586,000 |
(f) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
13,015,400 | U.S. Treasury Notes | 1.125 | 10/31/2026 | 12,036,013 |
(g) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
14,500 | U.S. Treasury Bonds | 3.875 | 2/15/2043 | 13,380 |
18,700 | U.S. Treasury Notes | 0.25–4.875 | 6/30/2025–10/31/2030 | 18,243 |
3,240,800 | U.S. Treasury Strips | Zero Coupon | 11/15/2043–8/15/2050 | 1,043,791 |
159,500 | U.S. Treasury Inflation Index Bonds | 2.0–3.625 | 1/15/2026–4/15/2028 | 251,201 |
Total Collateral Value | 1,326,615 |
4 | | Deutsche DWS Variable Series II — DWS Government Money Market VIP |
(h) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
87,454 | Federal Home Loan Mortgage Corporation | 2.0–6.5 | 8/1/2049–2/1/2054 | 75,061 |
1,576,351 | Federal National Mortgage Association | 1.5–7.0 | 7/1/2041–2/1/2054 | 1,202,016 |
103,219 | Government National Mortgage Association | 3.0–6.5 | 3/20/2047–5/20/2054 | 101,223 |
11,557,900 | U.S. Treasury Strips | Zero Coupon | 2/15/2044–5/15/2049 | 3,723,965 |
Total Collateral Value | 5,102,265 |
(i) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
4,839,934 | U.S. Treasury Bonds | 1.125–4.625 | 2/15/2036–2/15/2054 | 3,630,556 |
647 | U.S. Treasury Notes | 3.75 | 12/31/2028 | 644 |
Total Collateral Value | 3,631,200 |
(j) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) |
18,403,980 | Federal Home Loan Mortgage Corporation | 1.5–5.5 | 10/1/2050–6/1/2054 | 18,247,800 |
SOFR: Secured Overnight Financing Rate |
STRIPS: Separate Trading of Registered Interest and Principal Securities |
Assets | Level 1 | Level 2 | Level 3 | Total |
Investments in Securities (a) | $— | $114,253,749 | $— | $114,253,749 |
Repurchase Agreements | — | 83,250,000 | — | 83,250,000 |
Total | $— | $197,503,749 | $— | $197,503,749 |
(a) | See Investment Portfolio for additional detailed categorizations. |
Deutsche DWS Variable Series II — DWS Government Money Market VIP | | 5 |
as of June 30, 2024 (Unaudited)
Assets | |
Investments in securities, valued at amortized cost | $114,253,749 |
Repurchase agreements, valued at amortized cost | 83,250,000 |
Cash | 62,117 |
Receivable for Fund shares sold | 828,978 |
Interest receivable | 418,277 |
Other assets | 2,024 |
Total assets | 198,815,145 |
Liabilities | |
Payable for Fund shares redeemed | 47,629 |
Distributions payable | 352,456 |
Accrued management fee | 37,975 |
Accrued Trustees' fees | 346 |
Other accrued expenses and payables | 77,301 |
Total liabilities | 515,707 |
Net assets, at value | $198,299,438 |
Net Assets Consist of | |
Distributable earnings (loss) | 26,666 |
Paid-in capital | 198,272,772 |
Net assets, at value | $198,299,438 |
Net Asset Value | |
Class A | |
Net Asset Value, offering and redemption price per share ($198,299,438 ÷ 198,337,752 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $1.00 |
Investment Income | |
Income: | |
Interest | $5,564,390 |
Expenses: | |
Management fee | 243,453 |
Administration fee | 100,489 |
Services to shareholders | 1,453 |
Custodian fee | 4,298 |
Professional fees | 26,978 |
Reports to shareholders | 11,942 |
Registration fees | 8,288 |
Trustees' fees and expenses | 5,096 |
Other | 7,518 |
Total expenses | 409,515 |
Net investment income | 5,154,875 |
Net realized gain (loss) from investments | 17,875 |
Net increase (decrease) in net assets resulting from operations | $5,172,750 |
6 | | Deutsche DWS Variable Series II — DWS Government Money Market VIP |
Six Months Ended June 30, 2024 | Year Ended December 31, | |
Increase (Decrease) in Net Assets | (Unaudited) | 2023 |
Operations: | ||
Net investment income | $5,154,875 | $9,711,504 |
Net realized gain (loss) | 17,875 | 2,426 |
Net increase (decrease) in net assets resulting from operations | 5,172,750 | 9,713,930 |
Distributions to shareholders: | ||
Class A | (5,154,875 ) | (9,711,503 ) |
Fund share transactions: | ||
Class A | ||
Proceeds from shares sold | 62,821,988 | 193,367,672 |
Reinvestment of distributions | 5,218,986 | 9,448,141 |
Payments for shares redeemed | (155,624,115 ) | (103,500,306 ) |
Net increase (decrease) in net assets from Class A share transactions | (87,583,141 ) | 99,315,507 |
Increase (decrease) in net assets | (87,565,266 ) | 99,317,934 |
Net assets at beginning of period | 285,864,704 | 186,546,770 |
Net assets at end of period | $198,299,438 | $285,864,704 |
Other Information | ||
Class A | ||
Shares outstanding at beginning of period | 285,920,893 | 186,606,016 |
Shares sold | 62,821,988 | 193,367,042 |
Shares issued to shareholders in reinvestment of distributions | 5,218,986 | 9,448,141 |
Shares redeemed | (155,624,115 ) | (103,500,306 ) |
Net increase (decrease) in Class A shares | (87,583,141 ) | 99,314,877 |
Shares outstanding at end of period | 198,337,752 | 285,920,893 |
Deutsche DWS Variable Series II — DWS Government Money Market VIP | | 7 |
Financial Highlights
DWS Government Money Market VIP — Class A | ||||||
Six Months Ended 6/30/24 | Years Ended December 31, | |||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income (loss) from investment operations: | ||||||
Net investment income | .025 | .047 | .013 | .000 * | .002 | .018 |
Net realized gain (loss) | .000 * | .000 * | (.000 )* | (.000 )* | .000 * | .000 * |
Total from investment operations | .025 | .047 | .013 | .000 * | .002 | .018 |
Less distributions from: | ||||||
Net investment income | (.025 ) | (.047 ) | (.013 ) | (.000 )* | (.002 ) | (.018 ) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return (%) | 2.51 ** | 4.75 | 1.29 a | .01 a | .24 a | 1.77 a |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 198 | 286 | 187 | 197 | 153 | 122 |
Ratio of expenses before expense reductions (%)b | .40 *** | .39 | .40 | .42 | .42 | .47 |
Ratio of expenses after expense reductions (%)b | .40 *** | .39 | .32 | .06 | .23 | .47 |
Ratio of net investment income (%) | 4.98 *** | 4.70 | 1.25 | .01 | .20 | 1.74 |
a | Total return would have been lower had certain expenses not been reduced. |
b | 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. |
** | Not annualized |
*** | Annualized |
8 | | Deutsche DWS Variable Series II — DWS Government Money Market VIP |
Notes to Financial Statements (Unaudited)
Deutsche DWS Variable Series II — DWS Government Money Market VIP | | 9 |
First $500 million of the Fund’s average daily net assets | .235% |
Next $500 million of such net assets | .220% |
Next $1.0 billion of such net assets | .205% |
Over $2.0 billion of such net assets | .190% |
10 | | Deutsche DWS Variable Series II — DWS Government Money Market VIP |
Deutsche DWS Variable Series II — DWS Government Money Market VIP | | 11 |
Advisory Agreement Board Considerations and Fee Evaluation
12 | | Deutsche DWS Variable Series II — DWS Government Money Market VIP |
Deutsche DWS Variable Series II — DWS Government Money Market VIP | | 13 |
14 | | Deutsche DWS Variable Series II — DWS Government Money Market VIP |
Contents
2 | | Deutsche DWS Variable Series II — DWS High Income VIP |
Investment Portfolioas of June 30, 2024 (Unaudited)
Principal Amount ($)(a) | Value ($) | ||
Corporate Bonds 92.9% | |||
Communication Services 11.6% | |||
Altice Financing SA: | |||
REG S, 2.25%, 1/15/2025 | EUR | 100,000 | 104,209 |
REG S, 4.25%, 8/15/2029 | EUR | 105,000 | 85,096 |
Altice France SA, 144A, 5.5%, 1/15/2028 | 200,000 | 136,977 | |
CCO Holdings LLC: | |||
144A, 5.125%, 5/1/2027 | 445,000 | 427,265 | |
144A, 5.375%, 6/1/2029 | 550,000 | 500,371 | |
Clear Channel Outdoor Holdings, Inc.: | |||
144A, 7.5%, 6/1/2029 | 35,000 | 29,247 | |
144A, 7.75%, 4/15/2028 | 120,000 | 105,001 | |
CSC Holdings LLC: | |||
144A, 4.125%, 12/1/2030 | 400,000 | 258,538 | |
144A, 5.0%, 11/15/2031 | 280,000 | 101,503 | |
DirecTV Financing LLC: | |||
144A, 5.875%, 8/15/2027 | 67,000 | 63,019 | |
144A, 8.875%, 2/1/2030 | 60,000 | 58,723 | |
DISH DBS Corp., 144A, 5.75%, 12/1/2028 | 180,000 | 124,796 | |
Frontier Communications Holdings LLC: | |||
144A, 5.0%, 5/1/2028 | 150,000 | 141,314 | |
5.875%, 11/1/2029 | 190,000 | 165,427 | |
Gray Television, Inc., 144A, 7.0%, 5/15/2027 | 75,000 | 69,053 | |
Iliad Holding SASU, REG S, 5.625%, 10/15/2028 | EUR | 200,000 | 213,301 |
LCPR Senior Secured Financing DAC, 144A, 6.75%, 10/15/2027 | 189,000 | 177,005 | |
Level 3 Financing, Inc., 144A, 10.75%, 12/15/2030 | 90,000 | 89,775 | |
Match Group Holdings II LLC, 144A, 5.0%, 12/15/2027 | 150,000 | 143,796 | |
Nexstar Media, Inc., 144A, 4.75%, 11/1/2028 | 125,000 | 111,138 | |
Sirius XM Radio, Inc., 144A, 3.125%, 9/1/2026 | 345,000 | 324,589 | |
Stagwell Global LLC, 144A, 5.625%, 8/15/2029 | 105,000 | 96,980 | |
TEGNA, Inc., 4.625%, 3/15/2028 | 160,000 | 144,169 | |
Telecom Italia Capital SA, 6.375%, 11/15/2033 | 44,000 | 41,153 | |
Telenet Finance Luxembourg Notes SARL, 144A, 5.5%, 3/1/2028 | 200,000 | 189,434 | |
Virgin Media Finance PLC, 144A, 5.0%, 7/15/2030 | 200,000 | 164,909 | |
Virgin Media Secured Finance PLC, 144A, 5.5%, 5/15/2029 | 345,000 | 315,382 | |
Vodafone Group PLC, 7.0%, 4/4/2079 | 265,000 | 273,055 |
Principal Amount ($)(a) | Value ($) | ||
Windstream Escrow LLC, 144A, 7.75%, 8/15/2028 | 50,000 | 47,102 | |
Zayo Group Holdings, Inc., 144A, 4.0%, 3/1/2027 (b) | 60,000 | 47,986 | |
Ziggo Bond Co. BV, 144A, 3.375%, 2/28/2030 | EUR | 200,000 | 179,970 |
4,930,283 | |||
Consumer Discretionary 14.2% | |||
Affinity Interactive, 144A, 6.875%, 12/15/2027 | 110,000 | 96,994 | |
American Axle & Manufacturing, Inc., 5.0%, 10/1/2029 | 200,000 | 183,415 | |
Boyd Gaming Corp., 144A, 4.75%, 6/15/2031 | 90,000 | 81,568 | |
Caesars Entertainment, Inc., 144A, 4.625%, 10/15/2029 | 90,000 | 82,509 | |
Camelot Return Merger Sub, Inc., 144A, 8.75%, 8/1/2028 | 25,000 | 24,510 | |
Carnival Corp.: | |||
144A, 5.75%, 3/1/2027 | 330,000 | 326,015 | |
144A, 6.0%, 5/1/2029 | 160,000 | 158,051 | |
144A, 7.0%, 8/15/2029 | 20,000 | 20,732 | |
Carvana Co.: | |||
144A, 12.0%, 12/1/2028 | 95,000 | 102,156 | |
144A, 14.0%, 6/1/2031 | 70,000 | 78,728 | |
Champions Financing, Inc., 144A, 8.75%, 2/15/2029 | 60,000 | 61,528 | |
Clarios Global LP: | |||
144A, 4.375%, 5/15/2026 | EUR | 100,000 | 106,560 |
REG S, 4.375%, 5/15/2026 | EUR | 200,000 | 213,119 |
Cornerstone Building Brands, Inc., 144A, 6.125%, 1/15/2029 | 35,000 | 28,785 | |
Dana, Inc., 4.25%, 9/1/2030 | 240,000 | 209,506 | |
Fertitta Entertainment LLC, 144A, 6.75%, 1/15/2030 | 45,000 | 39,517 | |
Ford Motor Credit Co. LLC, 5.125%, 6/16/2025 | 30,000 | 29,773 | |
Genting New York LLC, 144A, 3.3%, 2/15/2026 | 200,000 | 191,034 | |
Goodyear Tire & Rubber Co., 5.0%, 5/31/2026 | 100,000 | 98,316 | |
Hilton Grand Vacations Borrower Escrow LLC, 144A, 6.625%, 1/15/2032 | 60,000 | 60,281 | |
International Game Technology PLC, 144A, 4.125%, 4/15/2026 | 220,000 | 214,171 | |
Jaguar Land Rover Automotive PLC: | |||
144A, 4.5%, 10/1/2027 | 200,000 | 189,735 | |
144A, 5.875%, 1/15/2028 | 200,000 | 196,058 | |
144A, 7.75%, 10/15/2025 | 200,000 | 201,076 | |
Lithia Motors, Inc., 144A, 4.375%, 1/15/2031 | 155,000 | 137,987 |
Deutsche DWS Variable Series II — DWS High Income VIP | | 3 |
Principal Amount ($)(a) | Value ($) | ||
Macy's Retail Holdings LLC: | |||
4.5%, 12/15/2034 | 45,000 | 38,889 | |
144A, 5.875%, 3/15/2030 | 26,000 | 24,937 | |
Melco Resorts Finance Ltd., 144A, 4.875%, 6/6/2025 | 200,000 | 195,887 | |
Midwest Gaming Borrower LLC, 144A, 4.875%, 5/1/2029 | 100,000 | 93,149 | |
NCL Corp. Ltd.: | |||
144A, 5.875%, 3/15/2026 | 130,000 | 128,521 | |
144A, 8.125%, 1/15/2029 | 60,000 | 62,865 | |
Newell Brands, Inc., 5.7%, 4/1/2026 | 160,000 | 158,033 | |
PetSmart, Inc., 144A, 7.75%, 2/15/2029 | 250,000 | 243,467 | |
QVC, Inc., 4.45%, 2/15/2025 | 95,000 | 93,437 | |
Rakuten Group, Inc., 144A, 9.75%, 4/15/2029 | 200,000 | 206,150 | |
Raptor Acquisition Corp., 144A, 4.875%, 11/1/2026 | 170,000 | 164,465 | |
Royal Caribbean Cruises Ltd.: | |||
144A, 4.25%, 7/1/2026 | 75,000 | 72,585 | |
144A, 6.25%, 3/15/2032 | 155,000 | 156,302 | |
Staples, Inc., 144A, 10.75%, 9/1/2029 | 61,000 | 57,970 | |
Tenneco, Inc., 144A, 8.0%, 11/17/2028 | 110,000 | 100,138 | |
Travel & Leisure Co., 144A, 6.625%, 7/31/2026 | 425,000 | 428,211 | |
Viking Cruises Ltd., 144A, 5.875%, 9/15/2027 | 115,000 | 113,810 | |
Windsor Holdings III LLC, 144A, 8.5%, 6/15/2030 | 60,000 | 62,621 | |
Wynn Macau Ltd., 144A, 5.5%, 1/15/2026 | 200,000 | 195,788 | |
ZF North America Capital, Inc.: | |||
144A, 6.875%, 4/23/2032 | 150,000 | 155,078 | |
144A, 7.125%, 4/14/2030 | 150,000 | 155,305 | |
6,039,732 | |||
Consumer Staples 2.4% | |||
Albertsons Companies, Inc.: | |||
144A, 3.25%, 3/15/2026 | 75,000 | 72,045 | |
144A, 3.5%, 3/15/2029 | 100,000 | 89,954 | |
Coty, Inc., 144A, 4.75%, 1/15/2029 | 410,000 | 389,675 | |
Energizer Holdings, Inc., 144A, 4.375%, 3/31/2029 | 145,000 | 131,174 | |
Fiesta Purchaser, Inc., 144A, 7.875%, 3/1/2031 | 100,000 | 103,329 | |
Sigma Holdco BV, REG S, 5.75%, 5/15/2026 | EUR | 100,000 | 105,006 |
Triton Water Holdings, Inc., 144A, 6.25%, 4/1/2029 | 115,000 | 110,919 | |
1,002,102 | |||
Energy 17.5% | |||
Antero Midstream Partners LP: | |||
144A, 5.375%, 6/15/2029 | 180,000 | 174,484 |
Principal Amount ($)(a) | Value ($) | ||
144A, 5.75%, 1/15/2028 | 90,000 | 88,477 | |
144A, 6.625%, 2/1/2032 | 90,000 | 90,810 | |
Archrock Partners LP, 144A, 6.875%, 4/1/2027 | 110,000 | 110,438 | |
Ascent Resources Utica Holdings LLC: | |||
144A, 5.875%, 6/30/2029 | 55,000 | 53,750 | |
144A, 8.25%, 12/31/2028 | 150,000 | 153,675 | |
Baytex Energy Corp., 144A, 8.5%, 4/30/2030 | 130,000 | 135,954 | |
Buckeye Partners LP: | |||
144A, 4.5%, 3/1/2028 | 80,000 | 75,152 | |
144A, 6.875%, 7/1/2029 | 130,000 | 130,486 | |
California Resources Corp., 144A, 8.25%, 6/15/2029 | 82,000 | 83,709 | |
Chord Energy Corp., 144A, 6.375%, 6/1/2026 | 40,000 | 39,989 | |
Civitas Resources, Inc.: | |||
144A, 8.375%, 7/1/2028 | 130,000 | 136,218 | |
144A, 8.625%, 11/1/2030 | 40,000 | 42,889 | |
144A, 8.75%, 7/1/2031 | 185,000 | 198,126 | |
CNX Resources Corp.: | |||
144A, 6.0%, 1/15/2029 | 80,000 | 78,287 | |
144A, 7.25%, 3/1/2032 | 20,000 | 20,387 | |
Comstock Resources, Inc., 144A, 5.875%, 1/15/2030 | 30,000 | 27,916 | |
Crescent Energy Finance LLC, 144A, 7.375%, 1/15/2033 | 170,000 | 170,367 | |
Encino Acquisition Partners Holdings LLC, 144A, 8.75%, 5/1/2031 | 45,000 | 46,921 | |
Endeavor Energy Resources LP, 144A, 5.75%, 1/30/2028 | 35,000 | 35,329 | |
EQM Midstream Partners LP: | |||
144A, 4.5%, 1/15/2029 | 25,000 | 23,593 | |
144A, 4.75%, 1/15/2031 | 105,000 | 98,180 | |
144A, 6.375%, 4/1/2029 | 20,000 | 20,202 | |
144A, 6.5%, 7/1/2027 | 80,000 | 80,859 | |
Global Partners LP: | |||
7.0%, 8/1/2027 | 65,000 | 65,262 | |
144A, 8.25%, 1/15/2032 | 60,000 | 61,670 | |
Harvest Midstream I LP, 144A, 7.5%, 9/1/2028 | 110,000 | 111,760 | |
Hess Midstream Operations LP: | |||
144A, 4.25%, 2/15/2030 | 265,000 | 243,246 | |
144A, 5.125%, 6/15/2028 | 75,000 | 72,619 | |
Hilcorp Energy I LP, 144A, 5.75%, 2/1/2029 | 55,000 | 53,222 | |
Howard Midstream Energy Partners LLC: | |||
144A, 7.375%, 7/15/2032 | 85,000 | 86,322 | |
144A, 8.875%, 7/15/2028 | 85,000 | 89,941 | |
Kinetik Holdings LP, 144A, 5.875%, 6/15/2030 | 289,000 | 284,784 | |
Kodiak Gas Services LLC, 144A, 7.25%, 2/15/2029 | 105,000 | 107,633 |
4 | | Deutsche DWS Variable Series II — DWS High Income VIP |
Principal Amount ($)(a) | Value ($) | ||
Matador Resources Co.: | |||
144A, 6.5%, 4/15/2032 | 20,000 | 20,001 | |
144A, 6.875%, 4/15/2028 | 40,000 | 40,601 | |
Moss Creek Resources Holdings, Inc., 144A, 10.5%, 5/15/2027 | 95,000 | 97,407 | |
Murphy Oil U.S.A., Inc., 4.75%, 9/15/2029 | 55,000 | 52,096 | |
Nabors Industries, Inc., 144A, 7.375%, 5/15/2027 | 190,000 | 193,266 | |
New Fortress Energy, Inc.: | |||
144A, 6.5%, 9/30/2026 | 60,000 | 55,200 | |
144A, 6.75%, 9/15/2025 | 43,000 | 41,742 | |
NGL Energy Operating LLC: | |||
144A, 8.125%, 2/15/2029 | 120,000 | 122,269 | |
144A, 8.375%, 2/15/2032 | 80,000 | 81,232 | |
Northern Oil & Gas, Inc.: | |||
144A, 8.125%, 3/1/2028 | 20,000 | 20,226 | |
144A, 8.75%, 6/15/2031 | 40,000 | 41,971 | |
NuStar Logistics LP, 6.375%, 10/1/2030 | 245,000 | 249,131 | |
PBF Holding Co. LLC, 144A, 7.875%, 9/15/2030 | 65,000 | 66,542 | |
Permian Resources Operating LLC: | |||
144A, 5.375%, 1/15/2026 | 85,000 | 84,058 | |
144A, 5.875%, 7/1/2029 | 20,000 | 19,694 | |
144A, 7.0%, 1/15/2032 | 100,000 | 102,727 | |
Precision Drilling Corp., 144A, 6.875%, 1/15/2029 | 30,000 | 29,677 | |
Range Resources Corp., 8.25%, 1/15/2029 | 280,000 | 290,146 | |
Seadrill Finance Ltd., 144A, 8.375%, 8/1/2030 | 200,000 | 209,036 | |
SM Energy Co., 5.625%, 6/1/2025 | 215,000 | 214,077 | |
Southwestern Energy Co.: | |||
4.75%, 2/1/2032 | 65,000 | 59,795 | |
8.375%, 9/15/2028 | 50,000 | 51,697 | |
Sunoco LP: | |||
4.5%, 4/30/2030 | 315,000 | 291,384 | |
144A, 7.25%, 5/1/2032 | 50,000 | 51,718 | |
Tallgrass Energy Partners LP: | |||
144A, 6.0%, 3/1/2027 | 50,000 | 49,280 | |
144A, 7.375%, 2/15/2029 | 105,000 | 105,513 | |
Talos Production, Inc.: | |||
144A, 9.0%, 2/1/2029 | 80,000 | 83,963 | |
144A, 9.375%, 2/1/2031 | 20,000 | 21,116 | |
Transocean Aquila Ltd., 144A, 8.0%, 9/30/2028 | 85,000 | 86,323 | |
Transocean Titan Financing Ltd., 144A, 8.375%, 2/1/2028 | 90,000 | 92,888 | |
Transocean, Inc.: | |||
144A, 8.25%, 5/15/2029 | 65,000 | 65,161 | |
144A, 8.75%, 2/15/2030 | 99,000 | 103,938 |
Principal Amount ($)(a) | Value ($) | ||
Venture Global Calcasieu Pass LLC, 144A, 3.875%, 11/1/2033 | 260,000 | 221,548 | |
Venture Global LNG, Inc.: | |||
144A, 8.125%, 6/1/2028 | 90,000 | 92,720 | |
144A, 8.375%, 6/1/2031 | 110,000 | 114,095 | |
144A, 9.5%, 2/1/2029 | 105,000 | 114,985 | |
Vital Energy, Inc.: | |||
144A, 7.75%, 7/31/2029 | 30,000 | 30,238 | |
144A, 7.875%, 4/15/2032 | 190,000 | 193,152 | |
Weatherford International Ltd., 144A, 8.625%, 4/30/2030 | 272,000 | 281,856 | |
7,435,126 | |||
Financials 4.1% | |||
Ally Financial, Inc., 6.7%, 2/14/2033 | 35,000 | 34,796 | |
Ardonagh Finco Ltd., REG S, 6.875%, 2/15/2031 | EUR | 100,000 | 104,240 |
Baldwin Insurance Group Holdings LLC, 144A, 7.125%, 5/15/2031 | 85,000 | 85,988 | |
Boost Newco Borrower LLC, 144A, 7.5%, 1/15/2031 | 200,000 | 208,530 | |
Bread Financial Holdings, Inc., 144A, 9.75%, 3/15/2029 | 30,000 | 31,515 | |
FirstCash, Inc., 144A, 4.625%, 9/1/2028 | 150,000 | 140,952 | |
Freedom Mortgage Corp.: | |||
144A, 6.625%, 1/15/2027 | 160,000 | 154,535 | |
144A, 7.625%, 5/1/2026 | 55,000 | 54,610 | |
Icahn Enterprises LP, 5.25%, 5/15/2027 | 255,000 | 239,349 | |
Ladder Capital Finance Holdings LLLP, 144A, 5.25%, 10/1/2025 | 55,000 | 54,522 | |
Macquarie Airfinance Holdings Ltd., 144A, 8.375%, 5/1/2028 | 50,000 | 52,699 | |
Navient Corp., 5.0%, 3/15/2027 | 90,000 | 85,907 | |
NCR Atleos Corp., 144A, 9.5%, 4/1/2029 | 80,000 | 86,459 | |
Panther Escrow Issuer LLC, 144A, 7.125%, 6/1/2031 | 125,000 | 126,429 | |
PennyMac Financial Services, Inc., 144A, 5.375%, 10/15/2025 | 95,000 | 94,156 | |
SLM Corp., 3.125%, 11/2/2026 | 135,000 | 125,749 | |
Starwood Property Trust, Inc., 144A, 7.25%, 4/1/2029 | 50,000 | 50,536 | |
1,730,972 | |||
Health Care 6.0% | |||
1375209 BC Ltd., 144A, 9.0%, 1/30/2028 | 65,000 | 62,503 | |
Acadia Healthcare Co., Inc., 144A, 5.0%, 4/15/2029 | 25,000 | 23,757 |
Deutsche DWS Variable Series II — DWS High Income VIP | | 5 |
Principal Amount ($)(a) | Value ($) | ||
AdaptHealth LLC, 144A, 4.625%, 8/1/2029 | 100,000 | 86,651 | |
Bausch Health Companies, Inc.: | |||
144A, 5.5%, 11/1/2025 | 51,000 | 47,508 | |
144A, 6.125%, 2/1/2027 | 250,000 | 208,125 | |
Catalent Pharma Solutions, Inc.: | |||
REG S, 2.375%, 3/1/2028 | EUR | 100,000 | 102,364 |
144A, 5.0%, 7/15/2027 | 50,000 | 49,028 | |
Charles River Laboratories International, Inc., 144A, 3.75%, 3/15/2029 | 65,000 | 59,313 | |
Community Health Systems, Inc.: | |||
144A, 4.75%, 2/15/2031 | 115,000 | 90,417 | |
144A, 5.25%, 5/15/2030 | 90,000 | 74,204 | |
144A, 5.625%, 3/15/2027 | 220,000 | 204,866 | |
144A, 6.0%, 1/15/2029 | 35,000 | 30,888 | |
144A, 6.125%, 4/1/2030 | 50,000 | 34,988 | |
Concentra Escrow Issuer Corp., 144A, 6.875%, 7/15/2032 (c) | 40,000 | 40,526 | |
Encompass Health Corp., 4.625%, 4/1/2031 | 150,000 | 137,658 | |
Fortrea Holdings, Inc., 144A, 7.5%, 7/1/2030 | 60,000 | 59,615 | |
LifePoint Health, Inc.: | |||
144A, 5.375%, 1/15/2029 | 115,000 | 101,052 | |
144A, 10.0%, 6/1/2032 | 45,000 | 46,009 | |
Medline Borrower LP: | |||
144A, 5.25%, 10/1/2029 | 65,000 | 62,031 | |
144A, 6.25%, 4/1/2029 | 20,000 | 20,226 | |
Molina Healthcare, Inc., 144A, 3.875%, 11/15/2030 | 100,000 | 88,901 | |
Organon & Co., 144A, 5.125%, 4/30/2031 | 200,000 | 179,650 | |
Star Parent, Inc., 144A, 9.0%, 10/1/2030 | 55,000 | 57,744 | |
Surgery Center Holdings, Inc., 144A, 7.25%, 4/15/2032 | 40,000 | 40,405 | |
Tenet Healthcare Corp., 6.875%, 11/15/2031 | 340,000 | 358,173 | |
Teva Pharmaceutical Finance Netherlands II BV, 4.375%, 5/9/2030 | EUR | 270,000 | 279,895 |
2,546,497 | |||
Industrials 12.4% | |||
ADT Security Corp., 144A, 4.875%, 7/15/2032 | 50,000 | 45,915 | |
Allied Universal Holdco LLC, 144A, 6.0%, 6/1/2029 | 200,000 | 175,077 | |
American Airlines, Inc.: | |||
144A, 5.5%, 4/20/2026 | 183,333 | 181,704 | |
144A, 5.75%, 4/20/2029 | 135,000 | 131,337 | |
AMN Healthcare, Inc., 144A, 4.625%, 10/1/2027 | 260,000 | 247,671 |
Principal Amount ($)(a) | Value ($) | ||
Artera Services LLC, 144A, 8.5%, 2/15/2031 | 50,000 | 51,475 | |
ASGN, Inc., 144A, 4.625%, 5/15/2028 | 65,000 | 61,300 | |
ATS Corp., 144A, 4.125%, 12/15/2028 | 30,000 | 27,339 | |
Beacon Roofing Supply, Inc., 144A, 4.5%, 11/15/2026 | 195,000 | 189,526 | |
Block, Inc.: | |||
3.5%, 6/1/2031 | 200,000 | 172,531 | |
144A, 6.5%, 5/15/2032 | 170,000 | 172,276 | |
Bombardier, Inc., 144A, 7.5%, 2/1/2029 | 75,000 | 77,718 | |
Brand Industrial Services, Inc., 144A, 10.375%, 8/1/2030 | 65,000 | 70,245 | |
Builders FirstSource, Inc., 144A, 6.375%, 3/1/2034 | 290,000 | 287,103 | |
Cargo Aircraft Management, Inc., 144A, 4.75%, 2/1/2028 | 45,000 | 41,739 | |
Chart Industries, Inc., 144A, 7.5%, 1/1/2030 | 40,000 | 41,335 | |
Clean Harbors, Inc., 144A, 6.375%, 2/1/2031 | 110,000 | 110,287 | |
EMRLD Borrower LP, REG S, 6.375%, 12/15/2030 | EUR | 150,000 | 166,667 |
Enviri Corp., 144A, 5.75%, 7/31/2027 | 85,000 | 80,795 | |
EquipmentShare.com, Inc.: | |||
144A, 8.625%, 5/15/2032 | 10,000 | 10,369 | |
144A, 9.0%, 5/15/2028 | 80,000 | 82,558 | |
Garda World Security Corp., 144A, 9.5%, 11/1/2027 | 90,000 | 90,416 | |
GFL Environmental, Inc.: | |||
144A, 4.0%, 8/1/2028 | 115,000 | 106,882 | |
144A, 5.125%, 12/15/2026 | 50,000 | 49,517 | |
144A, 6.75%, 1/15/2031 | 200,000 | 204,037 | |
Husky Injection Molding Systems Ltd., 144A, 9.0%, 2/15/2029 | 65,000 | 67,308 | |
Madison IAQ LLC, 144A, 5.875%, 6/30/2029 | 80,000 | 74,432 | |
Masterbrand, Inc., 144A, 7.0%, 7/15/2032 | 115,000 | 116,300 | |
Moog, Inc., 144A, 4.25%, 12/15/2027 | 290,000 | 274,576 | |
NESCO Holdings II, Inc., 144A, 5.5%, 4/15/2029 | 75,000 | 69,467 | |
Prime Security Services Borrower LLC: | |||
144A, 3.375%, 8/31/2027 | 65,000 | 60,143 | |
144A, 6.25%, 1/15/2028 | 180,000 | 177,376 | |
Roller Bearing Company of America, Inc., 144A, 4.375%, 10/15/2029 | 80,000 | 73,619 | |
Signature Aviation U.S. Holdings, Inc., 144A, 4.0%, 3/1/2028 | 155,000 | 139,113 | |
Spirit AeroSystems, Inc., 144A, 9.375%, 11/30/2029 | 90,000 | 96,897 |
6 | | Deutsche DWS Variable Series II — DWS High Income VIP |
Principal Amount ($)(a) | Value ($) | ||
Stena International SA, 144A, 7.25%, 1/15/2031 | 200,000 | 204,436 | |
TK Elevator Holdco GmbH, REG S, 6.625%, 7/15/2028 | EUR | 180,000 | 185,590 |
TransDigm, Inc.: | |||
4.625%, 1/15/2029 | 140,000 | 130,625 | |
5.5%, 11/15/2027 | 115,000 | 112,923 | |
144A, 6.375%, 3/1/2029 | 30,000 | 30,151 | |
Triumph Group, Inc., 144A, 9.0%, 3/15/2028 | 98,000 | 102,728 | |
United Airlines, Inc.: | |||
144A, 4.375%, 4/15/2026 | 160,000 | 154,561 | |
144A, 4.625%, 4/15/2029 | 90,000 | 83,818 | |
United Rentals North America, Inc., 5.25%, 1/15/2030 | 80,000 | 77,524 | |
VistaJet Malta Finance PLC, 144A, 6.375%, 2/1/2030 (b) | 50,000 | 39,288 | |
Wrangler Holdco Corp., 144A, 6.625%, 4/1/2032 | 125,000 | 124,448 | |
5,271,142 | |||
Information Technology 3.8% | |||
Ahead DB Holdings LLC, 144A, 6.625%, 5/1/2028 | 110,000 | 104,111 | |
AthenaHealth Group, Inc., 144A, 6.5%, 2/15/2030 | 170,000 | 156,519 | |
Capstone Borrower, Inc., 144A, 8.0%, 6/15/2030 | 80,000 | 82,616 | |
Cloud Software Group, Inc.: | |||
144A, 8.25%, 6/30/2032 | 90,000 | 91,732 | |
144A, 9.0%, 9/30/2029 | 270,000 | 261,960 | |
Dye & Durham Ltd., 144A, 8.625%, 4/15/2029 | 65,000 | 65,937 | |
McAfee Corp., 144A, 7.375%, 2/15/2030 | 180,000 | 166,293 | |
Neptune Bidco U.S., Inc., 144A, 9.29%, 4/15/2029 | 175,000 | 167,961 | |
Playtika Holding Corp., 144A, 4.25%, 3/15/2029 | 110,000 | 96,520 | |
UKG, Inc., 144A, 6.875%, 2/1/2031 | 95,000 | 96,190 | |
ViaSat, Inc., 144A, 5.625%, 9/15/2025 | 136,000 | 131,954 | |
Western Digital Corp., 3.1%, 2/1/2032 | 218,000 | 177,242 | |
Zebra Technologies Corp., 144A, 6.5%, 6/1/2032 | 36,000 | 36,405 | |
1,635,440 | |||
Materials 14.0% | |||
Ardagh Metal Packaging Finance USA LLC, REG S, 3.0%, 9/1/2029 | EUR | 100,000 | 86,479 |
Ardagh Packaging Finance PLC, REG S, 2.125%, 8/15/2026 | EUR | 100,000 | 88,889 |
Arsenal AIC Parent LLC, 144A, 11.5%, 10/1/2031 | 60,000 | 67,141 | |
Ashland, Inc., 144A, 3.375%, 9/1/2031 | 130,000 | 109,392 |
Principal Amount ($)(a) | Value ($) | ||
Axalta Coating Systems LLC, 144A, 3.375%, 2/15/2029 | 150,000 | 134,202 | |
Calderys Financing LLC, 144A, 11.25%, 6/1/2028 | 75,000 | 79,335 | |
Chemours Co., 4.0%, 5/15/2026 | EUR | 305,000 | 316,024 |
Clearwater Paper Corp., 144A, 4.75%, 8/15/2028 | 155,000 | 143,280 | |
Cleveland-Cliffs, Inc.: | |||
144A, 4.875%, 3/1/2031 | 46,000 | 40,560 | |
144A, 6.75%, 4/15/2030 | 160,000 | 158,301 | |
Clydesdale Acquisition Holdings, Inc., 144A, 8.75%, 4/15/2030 | 110,000 | 107,652 | |
Consolidated Energy Finance SA, 144A, 5.625%, 10/15/2028 | 150,000 | 127,533 | |
Constellium SE: | |||
144A, 3.75%, 4/15/2029 | 250,000 | 226,657 | |
144A, 5.875%, 2/15/2026 | 250,000 | 248,693 | |
Element Solutions, Inc., 144A, 3.875%, 9/1/2028 | 95,000 | 87,306 | |
First Quantum Minerals Ltd., 144A, 6.875%, 10/15/2027 | 300,000 | 293,087 | |
FMG Resources August 2006 Pty Ltd., 144A, 4.375%, 4/1/2031 | 325,000 | 290,462 | |
Hudbay Minerals, Inc.: | |||
144A, 4.5%, 4/1/2026 | 190,000 | 185,861 | |
144A, 6.125%, 4/1/2029 | 100,000 | 99,511 | |
IAMGOLD Corp., 144A, 5.75%, 10/15/2028 | 105,000 | 99,190 | |
LABL, Inc.: | |||
144A, 8.25%, 11/1/2029 | 90,000 | 76,976 | |
144A, 9.5%, 11/1/2028 | 20,000 | 20,158 | |
144A, 10.5%, 7/15/2027 | 55,000 | 53,825 | |
LSF11 A5 HoldCo LLC, 144A, 6.625%, 10/15/2029 | 80,000 | 75,716 | |
Mauser Packaging Solutions Holding Co.: | |||
144A, 7.875%, 8/15/2026 | 115,000 | 115,131 | |
144A, 9.25%, 4/15/2027 | 45,000 | 45,029 | |
Methanex Corp.: | |||
5.25%, 12/15/2029 | 60,000 | 57,890 | |
5.65%, 12/1/2044 | 75,000 | 64,721 | |
Mineral Resources Ltd., 144A, 9.25%, 10/1/2028 | 260,000 | 272,878 | |
NOVA Chemicals Corp., 144A, 8.5%, 11/15/2028 | 120,000 | 127,335 | |
Novelis Corp.: | |||
144A, 3.25%, 11/15/2026 | 195,000 | 183,496 | |
144A, 4.75%, 1/30/2030 | 145,000 | 134,517 | |
Olin Corp., 5.0%, 2/1/2030 | 370,000 | 349,606 | |
Olympus Water U.S. Holding Corp.: | |||
REG S, 3.875%, 10/1/2028 | EUR | 100,000 | 100,152 |
REG S, 9.625%, 11/15/2028 | EUR | 200,000 | 229,478 |
Deutsche DWS Variable Series II — DWS High Income VIP | | 7 |
Principal Amount ($)(a) | Value ($) | ||
SCIH Salt Holdings, Inc., 144A, 6.625%, 5/1/2029 | 50,000 | 46,953 | |
SCIL IV LLC, 144A, 5.375%, 11/1/2026 | 200,000 | 193,389 | |
Sealed Air Corp.: | |||
144A, 6.5%, 7/15/2032 | 85,000 | 84,523 | |
144A, 7.25%, 2/15/2031 | 180,000 | 185,327 | |
SK Invictus Intermediate II SARL, 144A, 5.0%, 10/30/2029 | 155,000 | 140,370 | |
Taseko Mines Ltd., 144A, 8.25%, 5/1/2030 | 100,000 | 102,302 | |
Trident TPI Holdings, Inc., 144A, 12.75%, 12/31/2028 | 20,000 | 21,844 | |
Tronox, Inc., 144A, 4.625%, 3/15/2029 | 110,000 | 99,296 | |
Vibrantz Technologies, Inc., 144A, 9.0%, 2/15/2030 | 95,000 | 86,949 | |
WR Grace Holdings LLC, 144A, 7.375%, 3/1/2031 | 85,000 | 86,144 | |
5,943,560 | |||
Real Estate 2.3% | |||
CTR Partnership LP, 144A, (REIT), 3.875%, 6/30/2028 | 110,000 | 101,084 | |
Iron Mountain, Inc.: | |||
144A, (REIT), 4.875%, 9/15/2027 | 235,000 | 227,877 | |
144A, (REIT), 5.0%, 7/15/2028 | 75,000 | 71,848 | |
144A, (REIT), 5.25%, 3/15/2028 | 145,000 | 140,305 | |
MPT Operating Partnership LP: | |||
(REIT), 3.325%, 3/24/2025 | EUR | 100,000 | 101,341 |
(REIT), 4.625%, 8/1/2029 | 120,000 | 87,098 | |
RHP Hotel Properties LP, 144A, (REIT), 6.5%, 4/1/2032 | 65,000 | 65,005 | |
SBA Communications Corp., (REIT), 3.125%, 2/1/2029 | 135,000 | 120,359 | |
Uniti Group LP, 144A, (REIT), 4.75%, 4/15/2028 | 105,000 | 85,853 | |
1,000,770 | |||
Utilities 4.6% | |||
AmeriGas Partners LP: | |||
5.5%, 5/20/2025 | 63,000 | 62,742 | |
5.75%, 5/20/2027 | 110,000 | 103,789 | |
Calpine Corp.: | |||
144A, 3.75%, 3/1/2031 | 50,000 | 44,189 | |
144A, 4.5%, 2/15/2028 | 200,000 | 190,017 | |
Edison International, 8.125%, 6/15/2053 | 55,000 | 57,039 | |
Electricite de France SA, 144A, 9.125%, Perpetual | 225,000 | 244,710 | |
Ferrellgas LP, 144A, 5.875%, 4/1/2029 | 100,000 | 92,005 | |
NextEra Energy Operating Partners LP, 144A, 7.25%, 1/15/2029 | 75,000 | 76,910 |
Principal Amount ($)(a) | Value ($) | ||
NRG Energy, Inc.: | |||
144A, 3.625%, 2/15/2031 | 145,000 | 124,351 | |
144A, 3.875%, 2/15/2032 | 175,000 | 150,255 | |
Pattern Energy Operations LP, 144A, 4.5%, 8/15/2028 | 90,000 | 83,305 | |
Talen Energy Supply LLC, 144A, 8.625%, 6/1/2030 | 70,000 | 74,636 | |
TransAlta Corp., 7.75%, 11/15/2029 | 85,000 | 88,699 | |
Vistra Corp., 144A, 7.0%, Perpetual | 110,000 | 109,044 | |
Vistra Operations Co. LLC: | |||
144A, 4.375%, 5/1/2029 | 135,000 | 125,703 | |
144A, 6.875%, 4/15/2032 | 80,000 | 81,214 | |
144A, 7.75%, 10/15/2031 | 235,000 | 244,727 | |
1,953,335 | |||
Total Corporate Bonds (Cost $39,865,373) | 39,488,959 | ||
Loan Participations and Assignments 0.2% | |||
Senior Loans (d) | |||
Naked Juice LLC, Term Loan, 30-day average SOFR + 3.25%, 90-day average SOFR + 3.25%, 8.685% - 8.694%, 1/24/2029 | 22,540 | 20,952 | |
Sabre GLBL, Inc., First Lien Term Loan B, 6/30/2028 (e) | 50,000 | 46,008 | |
Total Loan Participations and Assignments (Cost $68,892) | 66,960 |
Shares | Value ($) | ||
Exchange-Traded Funds 2.6% | |||
SPDR Blackstone Senior Loan ETF | 15,000 | 627,000 | |
SPDR Bloomberg High Yield Bond ETF (b) | 5,000 | 471,350 | |
Total Exchange-Traded Funds (Cost $1,107,413) | 1,098,350 | ||
Common Stocks 0.0% | |||
Industrials | |||
Quad Graphics, Inc.* (Cost $0) | 287 | 1,564 | |
Warrants 0.1% | |||
Materials | |||
Hercules Trust II, Expiration Date 3/31/2029* (f) (Cost $244,286) | 1,100 | 42,387 |
8 | | Deutsche DWS Variable Series II — DWS High Income VIP |
Shares | Value ($) | ||
Securities Lending Collateral 1.3% | |||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.24% (g) (h) (Cost $540,666) | 540,666 | 540,666 | |
Cash Equivalents 3.8% | |||
DWS Central Cash Management Government Fund, 5.36% (g) (Cost $1,627,491) | 1,627,491 | 1,627,491 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $43,454,121) | 100.9 | 42,866,377 | |
Other Assets and Liabilities, Net | (0.9 ) | (362,852 ) | |
Net Assets | 100.0 | 42,503,525 |
Value ($) at 12/31/2023 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 6/30/2024 | Value ($) at 6/30/2024 |
Securities Lending Collateral 1.3% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.24% (g) (h) | ||||||||
252,595 | 288,071 (i) | — | — | — | 1,214 | — | 540,666 | 540,666 |
Cash Equivalents 3.8% | ||||||||
DWS Central Cash Management Government Fund, 5.36% (g) | ||||||||
1,219,535 | 11,735,096 | 11,327,140 | — | — | 34,618 | — | 1,627,491 | 1,627,491 |
1,472,130 | 12,023,167 | 11,327,140 | — | — | 35,832 | — | 2,168,157 | 2,168,157 |
* | Non-income producing security. |
(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 June 30, 2024 amounted to $526,989, which is 1.2% of net assets. |
(c) | When-issued security. |
(d) | Variable or floating rate security. These securities are shown at their current rate as of June 30, 2024. 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. Securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. |
(e) | All or a portion of the security represents unsettled loan commitments at June 30, 2024 where the rate will be determined at the time of settlement. |
(f) | Investment was valued using significant unobservable inputs. |
(g) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(h) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(i) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended June 30, 2024. |
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. |
Perpetual: Callable security with no stated maturity date. |
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 |
SOFR: Secured Overnight Financing Rate |
SPDR: Standard & Poor's Depositary Receipt |
Deutsche DWS Variable Series II — DWS High Income VIP | | 9 |
Contracts to Deliver | In Exchange For | Settlement Date | Unrealized Appreciation ($) | Counterparty | ||
EUR | 160,086 | USD | 171,866 | 7/31/2024 | 172 | State Street Bank and Trust |
Contracts to Deliver | In Exchange For | Settlement Date | Unrealized Depreciation ($) | Counterparty | ||
EUR | 2,473,244 | USD | 2,646,144 | 7/31/2024 | (6,443) | State Street Bank and Trust |
CAD | 13,745 | USD | 10,054 | 7/31/2024 | (1) | State Street Bank and Trust |
Total unrealized depreciation | (6,444) |
CAD | Canadian Dollar |
EUR | Euro |
USD | United States Dollar |
Assets | Level 1 | Level 2 | Level 3 | Total |
Corporate Bonds (a) | $— | $39,488,959 | $— | $39,488,959 |
Loan Participations and Assignments | — | 66,960 | — | 66,960 |
Exchange-Traded Funds | 1,098,350 | — | — | 1,098,350 |
Common Stocks | 1,564 | — | — | 1,564 |
Warrants | — | — | 42,387 | 42,387 |
Short-Term Investments (a) | 2,168,157 | — | — | 2,168,157 |
Derivatives (b) | ||||
Forward Foreign Currency Contracts | — | 172 | — | 172 |
Total | $3,268,071 | $39,556,091 | $42,387 | $42,866,549 |
Liabilities | Level 1 | Level 2 | Level 3 | Total |
Derivatives (b) | ||||
Forward Foreign Currency Contracts | $— | $(6,444 ) | $— | $(6,444 ) |
Total | $— | $(6,444 ) | $— | $(6,444 ) |
(a) | See Investment Portfolio for additional detailed categorizations. |
(b) | Derivatives include unrealized appreciation (depreciation) on open forward foreign currency contracts. |
10 | | Deutsche DWS Variable Series II — DWS High Income VIP |
as of June 30, 2024 (Unaudited)
Assets | |
Investments in non-affiliated securities, at value (cost $41,285,964) — including $526,989 of securities loaned | $40,698,220 |
Investment in DWS Government & Agency Securities Portfolio (cost $540,666)* | 540,666 |
Investment in DWS Central Cash Management Government Fund (cost $1,627,491) | 1,627,491 |
Cash | 9,501 |
Foreign currency, at value (cost $44,748) | 44,749 |
Receivable for investments sold | 122,267 |
Receivable for investments sold — when-issued securities | 10,013 |
Receivable for Fund shares sold | 2,372 |
Interest receivable | 655,774 |
Affiliated securities lending income receivable | 198 |
Unrealized appreciation on forward foreign currency contracts | 172 |
Other assets | 489 |
Total assets | 43,711,912 |
Liabilities | |
Payable upon return of securities loaned | 540,666 |
Payable for investments purchased | 523,623 |
Payable for investments purchased — when-issued securities | 50,000 |
Payable for Fund shares redeemed | 12,154 |
Unrealized depreciation on forward foreign currency contracts | 6,444 |
Accrued management fee | 8,239 |
Accrued Trustees' fees | 367 |
Other accrued expenses and payables | 66,894 |
Total liabilities | 1,208,387 |
Net assets, at value | $42,503,525 |
Net Assets Consist of | |
Distributable earnings (loss) | (8,551,978 ) |
Paid-in capital | 51,055,503 |
Net assets, at value | $42,503,525 |
Net Asset Value | |
Class A | |
Net Asset Value, offering and redemption price per share ($42,503,525 ÷ 7,832,169 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $5.43 |
* | Represents collateral on securities loaned. |
Deutsche DWS Variable Series II — DWS High Income VIP | | 11 |
Investment Income | |
Income: | |
Interest | $1,414,662 |
Dividends | 41,947 |
Income distributions — DWS Central Cash Management Government Fund | 34,618 |
Affiliated securities lending income | 1,214 |
Total income | 1,492,441 |
Expenses: | |
Management fee | 107,237 |
Administration fee | 20,804 |
Services to shareholders | 451 |
Record keeping fee (Class B) | 429 * |
Distribution service fee (Class B) | 657 * |
Custodian fee | 2,942 |
Audit fee | 33,780 |
Legal fees | 7,464 |
Tax fees | 2,984 |
Reports to shareholders | 7,552 |
Trustees' fees and expenses | 1,850 |
Other | 3,695 |
Total expenses before expense reductions | 189,845 |
Expense reductions | (40,770 ) |
Total expenses after expense reductions | 149,075 |
Net investment income | 1,343,366 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from: | |
Investments | (231,836 ) |
Forward foreign currency contracts | 86,292 |
Foreign currency | 1,431 |
Payments by affiliates (see Note H) | 4 |
(144,109 ) | |
Change in net unrealized appreciation (depreciation) on: | |
Investments | (155,434 ) |
Forward foreign currency contracts | 2,690 |
Foreign currency | (1,171 ) |
(153,915 ) | |
Net gain (loss) | (298,024 ) |
Net increase (decrease) in net assets resulting from operations | $1,045,342 |
* | For the period from January 1, 2024 to June 17, 2024 (Class B liquidation date). |
12 | | Deutsche DWS Variable Series II — DWS High Income VIP |
Six Months Ended June 30, 2024* | Year Ended December 31, | |
Increase (Decrease) in Net Assets | (Unaudited) | 2023 |
Operations: | ||
Net investment income | $1,343,366 | $2,575,658 |
Net realized gain (loss) | (144,109 ) | (1,225,246 ) |
Change in net unrealized appreciation (depreciation) | (153,915 ) | 3,289,998 |
Net increase (decrease) in net assets resulting from operations | 1,045,342 | 4,640,410 |
Distributions to shareholders: | ||
Class A | (2,534,195 ) | (2,221,545 ) |
Class B | (30,889 ) | (49,689 ) |
Total distributions | (2,565,084 ) | (2,271,234 ) |
Fund share transactions: | ||
Class A | ||
Proceeds from shares sold | 1,251,285 | 2,426,752 |
Reinvestment of distributions | 2,534,195 | 2,221,545 |
Payments for shares redeemed | (2,962,669 ) | (5,042,770 ) |
Net increase (decrease) in net assets from Class A share transactions | 822,811 | (394,473 ) |
Class B | ||
Proceeds from shares sold | 56,014 | 465,987 |
Reinvestment of distributions | 30,889 | 49,689 |
Payments for shares redeemed | (864,919 ) | (424,053 ) |
Net increase (decrease) in net assets from Class B share transactions | (778,016 ) | 91,623 |
Increase (decrease) in net assets | (1,474,947 ) | 2,066,326 |
Net assets at beginning of period | 43,978,472 | 41,912,146 |
Net assets at end of period | $42,503,525 | $43,978,472 |
Other Information | ||
Class A | ||
Shares outstanding at beginning of period | 7,664,032 | 7,728,847 |
Shares sold | 223,668 | 454,357 |
Shares issued to shareholders in reinvestment of distributions | 478,150 | 423,959 |
Shares redeemed | (533,681 ) | (943,131 ) |
Net increase (decrease) in Class A shares | 168,137 | (64,815 ) |
Shares outstanding at end of period | 7,832,169 | 7,664,032 |
Class B | ||
Shares outstanding at beginning of period | 141,411 | 125,968 |
Shares sold | 9,924 | 85,890 |
Shares issued to shareholders in reinvestment of distributions | 5,795 | 9,429 |
Shares redeemed | (157,130 ) | (79,876 ) |
Net increase (decrease) in Class B shares | (141,411 ) | 15,443 |
Shares outstanding at end of period | — | 141,411 |
* | Includes Class B for the period from January 1, 2024 to June 17, 2024 (Class B liquidation date). |
Deutsche DWS Variable Series II — DWS High Income VIP | | 13 |
Financial Highlights
DWS High Income VIP — Class A | ||||||
Six Months Ended 6/30/24 | Years Ended December 31, | |||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $5.63 | $5.34 | $6.18 | $6.23 | $6.23 | $5.71 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .17 | .33 | .27 | .27 | .29 | .31 |
Net realized and unrealized gain (loss) | (.03 ) | .25 | (.81 ) | (.03 ) | .04 | .56 |
Total from investment operations | .14 | .58 | (.54 ) | .24 | .33 | .87 |
Less distributions from: | ||||||
Net investment income | (.34 ) | (.29 ) | (.30 ) | (.29 ) | (.33 ) | (.35 ) |
Net asset value, end of period | $5.43 | $5.63 | $5.34 | $6.18 | $6.23 | $6.23 |
Total Return (%)b | 2.60 * | 11.34 | (8.88 ) | 4.00 | 6.24 | 15.69 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 43 | 43 | 41 | 51 | 54 | 56 |
Ratio of expenses before expense reductions (%)c | .88 ** | .90 | .90 | .84 | .87 | .96 |
Ratio of expenses after expense reductions (%)c | .69 ** | .70 | .71 | .71 | .70 | .68 |
Ratio of net investment income (%) | 6.27 ** | 6.07 | 4.82 | 4.32 | 4.86 | 5.09 |
Portfolio turnover rate (%) | 64 * | 62 | 45 | 56 | 94 | 82 |
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. |
* | Not annualized |
** | Annualized |
14 | | Deutsche DWS Variable Series II — DWS High Income VIP |
Notes to Financial Statements (Unaudited)
Deutsche DWS Variable Series II — DWS High Income VIP | | 15 |
16 | | Deutsche DWS Variable Series II — DWS High Income VIP |
Deutsche DWS Variable Series II — DWS High Income VIP | | 17 |
Asset Derivatives | Forward Contracts |
Foreign Exchange Contracts (a) | $172 |
The above derivative is located in the following Statement of Assets and Liabilities account: |
(a) | Unrealized appreciation on forward foreign currency contracts |
Liability Derivatives | Forward Contracts |
Foreign Exchange Contracts (a) | $(6,444 ) |
The above derivative is located in the following Statement of Assets and Liabilities account: |
(a) | Unrealized depreciation on forward foreign currency contracts |
Realized Gain (Loss) | Forward Contracts |
Foreign Exchange Contracts (a) | $86,292 |
The above derivative is located in the following Statement of Operations account: |
(a) | Net realized gain (loss) from forward foreign currency contracts |
Change in Net Unrealized Appreciation (Depreciation) | Forward Contracts |
Foreign Exchange Contracts (a) | $2,690 |
The above derivative is located in the following Statement of Operations account: |
(a) | Change in net unrealized appreciation (depreciation) on forward foreign currency contracts |
18 | | Deutsche DWS Variable Series II — DWS High Income VIP |
Counterparty | Gross Amount of Assets Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Received | Net Amount of Derivative Assets |
State Street Bank and Trust | $172 | $(172 ) | $— | $— |
Counterparty | Gross Amount of Liabilities Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Pledged | Net Amount of Derivative Liabilities |
State Street Bank and Trust | $6,444 | $(172 ) | $— | $6,272 |
First $250 million of the Fund’s average daily net assets | .500% |
Next $750 million of such net assets | .470% |
Next $1.5 billion of such net assets | .450% |
Next $2.5 billion of such net assets | .430% |
Next $2.5 billion of such net assets | .400% |
Next $2.5 billion of such net assets | .380% |
Next $2.5 billion of such net assets | .360% |
Over $12.5 billion of such net assets | .340% |
Deutsche DWS Variable Series II — DWS High Income VIP | | 19 |
Class A | .69% | |
Class B | 1.09% |
Class A | $40,210 |
Class B | 560 |
$40,770 |
Services to Shareholders | Total Aggregated | Unpaid at June 30, 2024 |
Class A | $186 | $54 |
Class B | 53 | 17 |
$239 | $71 |
20 | | Deutsche DWS Variable Series II — DWS High Income VIP |
Deutsche DWS Variable Series II — DWS High Income VIP | | 21 |
Advisory Agreement Board Considerations and Fee Evaluation
22 | | Deutsche DWS Variable Series II — DWS High Income VIP |
Deutsche DWS Variable Series II — DWS High Income VIP | | 23 |
24 | | Deutsche DWS Variable Series II — DWS High Income VIP |
Contents
2 | | Deutsche DWS Variable Series II — DWS International Growth VIP |
Investment Portfolioas of June 30, 2024 (Unaudited)
Shares | Value ($) | ||
Common Stocks 97.6% | |||
Brazil 0.4% | |||
Pagseguro Digital Ltd. "A"* (Cost $187,830) | 7,448 | 87,067 | |
Canada 8.0% | |||
Agnico Eagle Mines Ltd. | 2,703 | 176,795 | |
Alimentation Couche-Tard, Inc. | 6,449 | 361,895 | |
Brookfield Asset Management Ltd. "A" | 4,320 | 164,457 | |
Brookfield Corp. | 14,970 | 622,633 | |
Canadian National Railway Co. | 1,575 | 186,115 | |
Lululemon Athletica, Inc.* | 290 | 86,623 | |
(Cost $717,558) | 1,598,518 | ||
China 4.2% | |||
ANTA Sports Products Ltd. | 8,800 | 84,167 | |
BYD Co., Ltd. "H" | 2,500 | 74,303 | |
Minth Group Ltd.* | 20,870 | 32,372 | |
Ping An Insurance Group Co. of China Ltd. "H" | 50,000 | 225,634 | |
Tencent Holdings Ltd. | 7,400 | 351,527 | |
Trip.com Group Ltd.* | 1,500 | 71,670 | |
(Cost $973,448) | 839,673 | ||
Denmark 2.2% | |||
Novo Nordisk AS "B" (Cost $250,099) | 3,050 | 435,873 | |
France 12.1% | |||
Air Liquide SA | 595 | 102,875 | |
Airbus SE | 1,388 | 190,711 | |
Capgemini SE | 1,720 | 341,973 | |
Cie de Saint-Gobain SA | 2,277 | 177,092 | |
LVMH Moet Hennessy Louis Vuitton SE | 375 | 286,862 | |
Schneider Electric SE | 1,247 | 299,797 | |
Teleperformance SE | 522 | 54,649 | |
TotalEnergies SE | 8,340 | 557,879 | |
Vinci SA | 3,815 | 402,211 | |
(Cost $1,758,420) | 2,414,049 | ||
Germany 13.6% | |||
adidas AG | 650 | 155,320 | |
Allianz SE (Registered) | 1,969 | 547,527 | |
BASF SE | 2,000 | 96,824 | |
Brenntag SE | 935 | 62,995 | |
Deutsche Boerse AG | 2,635 | 538,591 | |
Deutsche Post AG | 2,973 | 120,287 | |
Deutsche Telekom AG (Registered) | 8,188 | 206,327 | |
Evotec SE* | 3,500 | 33,575 | |
Merck KGaA | 590 | 97,709 | |
SAP SE | 2,530 | 510,468 | |
Siemens Healthineers AG 144A | 2,782 | 160,102 | |
TeamViewer SE 144A* | 5,216 | 58,460 |
Shares | Value ($) | ||
Wacker Chemie AG | 690 | 74,910 | |
Zalando SE 144A* | 1,531 | 35,786 | |
(Cost $2,370,918) | 2,698,881 | ||
Hong Kong 1.1% | |||
Techtronic Industries Co., Ltd. (Cost $97,487) | 19,597 | 222,429 | |
Ireland 4.2% | |||
Experian PLC | 5,858 | 271,862 | |
Flutter Entertainment PLC* | 340 | 62,112 | |
ICON PLC* (a) | 895 | 280,556 | |
Kerry Group PLC "A" | 2,681 | 217,061 | |
(Cost $605,290) | 831,591 | ||
Israel 0.8% | |||
CyberArk Software Ltd.* (a) (Cost $96,464) | 570 | 155,849 | |
Italy 0.7% | |||
Stevanato Group SpA (b) (c) (Cost $218,715) | 7,611 | 139,586 | |
Japan 6.5% | |||
Daikin Industries Ltd. | 1,500 | 209,556 | |
Fast Retailing Co., Ltd. | 990 | 250,571 | |
Hoya Corp. | 2,300 | 268,387 | |
Keyence Corp. | 700 | 306,771 | |
Lasertec Corp. | 400 | 90,290 | |
MISUMI Group, Inc. | 5,411 | 92,817 | |
Shiseido Co., Ltd. | 2,800 | 79,991 | |
(Cost $950,598) | 1,298,383 | ||
Korea 1.6% | |||
Samsung Electronics Co., Ltd. (Cost $226,126) | 5,348 | 314,612 | |
Netherlands 8.0% | |||
Adyen NV 144A* | 81 | 96,379 | |
Argenx SE* | 116 | 50,169 | |
ASML Holding NV | 626 | 641,560 | |
ING Groep NV | 17,959 | 307,225 | |
NXP Semiconductors NV (a) | 454 | 122,167 | |
Prosus NV | 4,054 | 144,407 | |
Universal Music Group NV | 7,629 | 226,674 | |
(Cost $948,263) | 1,588,581 | ||
Norway 0.3% | |||
Mowi ASA (Cost $93,467) | 4,128 | 68,664 | |
Singapore 3.9% | |||
DBS Group Holdings Ltd. | 25,520 | 673,015 | |
Sea Ltd. (ADR)* | 1,300 | 92,846 | |
(Cost $461,276) | 765,861 | ||
Sweden 3.4% | |||
Assa Abloy AB "B" | 8,266 | 233,672 |
Deutsche DWS Variable Series II — DWS International Growth VIP | | 3 |
Shares | Value ($) | ||
Hexagon AB "B" | 9,220 | 104,032 | |
Spotify Technology SA* (b) | 1,062 | 333,245 | |
(Cost $444,958) | 670,949 | ||
Switzerland 7.1% | |||
Alcon, Inc. | 1,792 | 159,168 | |
Lonza Group AG (Registered) | 1,030 | 560,711 | |
Nestle SA (Registered) | 4,084 | 416,780 | |
Roche Holding AG (Genusschein) | 800 | 221,652 | |
Sportradar Group AG "A"* (a) (c) | 5,297 | 59,220 | |
(Cost $995,420) | 1,417,531 | ||
Taiwan 3.0% | |||
Taiwan Semiconductor Manufacturing Co., Ltd. (Cost $121,058) | 20,000 | 594,533 | |
United Kingdom 4.6% | |||
AstraZeneca PLC | 2,821 | 438,692 | |
Ferguson PLC (b) | 400 | 77,460 | |
Halma PLC | 4,614 | 157,228 | |
Rentokil Initial PLC | 40,380 | 234,606 | |
(Cost $785,373) | 907,986 | ||
United States 8.9% | |||
Marsh & McLennan Companies, Inc. | 1,910 | 402,475 | |
Mastercard, Inc. "A" | 593 | 261,608 | |
NVIDIA Corp. | 5,320 | 657,233 | |
Schlumberger NV | 5,698 | 268,832 | |
Thermo Fisher Scientific, Inc. | 334 | 184,702 | |
(Cost $506,896) | 1,774,850 | ||
Uruguay 3.0% | |||
Globant SA* | 2,480 | 442,085 | |
MercadoLibre, Inc.* | 96 | 157,766 | |
(Cost $359,444) | 599,851 | ||
Total Common Stocks (Cost $13,169,108) | 19,425,317 |
Shares | Value ($) | ||
Preferred Stocks 0.4% | |||
Germany | |||
Sartorius AG (Cost $73,862) | 325 | 76,007 | |
Securities Lending Collateral 1.0% | |||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.24% (d) (e) (Cost $204,800) | 204,800 | 204,800 | |
Cash Equivalents 1.5% | |||
DWS Central Cash Management Government Fund, 5.36% (d) (Cost $293,854) | 293,854 | 293,854 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $13,741,624) | 100.5 | 19,999,978 | |
Other Assets and Liabilities, Net | (0.5 ) | (90,029 ) | |
Net Assets | 100.0 | 19,909,949 |
Value ($) at 12/31/2023 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 6/30/2024 | Value ($) at 6/30/2024 |
Securities Lending Collateral 1.0% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.24% (d) (e) | ||||||||
56,350 | 187,150 (f) | — | — | — | 91 | — | 204,800 | 204,800 |
Cash Equivalents 1.5% | ||||||||
DWS Central Cash Management Government Fund, 5.36% (d) | ||||||||
459,894 | 2,212,506 | 2,378,546 | — | — | 5,327 | — | 293,854 | 293,854 |
516,244 | 2,399,656 | 2,378,546 | — | — | 5,418 | — | 498,654 | 498,654 |
* | Non-income producing security. |
(a) | Listed on the NASDAQ Stock Market, Inc. |
(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 June 30, 2024 amounted to $197,520, which is 1.0% of net assets. |
4 | | Deutsche DWS Variable Series II — DWS International Growth VIP |
(d) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(e) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(f) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended June 30, 2024. |
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 |
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | ||||
Brazil | $87,067 | $— | $— | $87,067 |
Canada | 1,598,518 | — | — | 1,598,518 |
China | — | 839,673 | — | 839,673 |
Denmark | — | 435,873 | — | 435,873 |
France | — | 2,414,049 | — | 2,414,049 |
Germany | — | 2,698,881 | — | 2,698,881 |
Hong Kong | — | 222,429 | — | 222,429 |
Ireland | 280,556 | 551,035 | — | 831,591 |
Israel | 155,849 | — | — | 155,849 |
Italy | 139,586 | — | — | 139,586 |
Japan | — | 1,298,383 | — | 1,298,383 |
Korea | — | 314,612 | — | 314,612 |
Netherlands | 122,167 | 1,466,414 | — | 1,588,581 |
Norway | — | 68,664 | — | 68,664 |
Singapore | 92,846 | 673,015 | — | 765,861 |
Sweden | 333,245 | 337,704 | — | 670,949 |
Switzerland | 59,220 | 1,358,311 | — | 1,417,531 |
Taiwan | — | 594,533 | — | 594,533 |
United Kingdom | 77,460 | 830,526 | — | 907,986 |
United States | 1,774,850 | — | — | 1,774,850 |
Uruguay | 599,851 | — | — | 599,851 |
Preferred Stocks | — | 76,007 | — | 76,007 |
Short-Term Investments (a) | 498,654 | — | — | 498,654 |
Total | $5,819,869 | $14,180,109 | $— | $19,999,978 |
(a) | See Investment Portfolio for additional detailed categorizations. |
Deutsche DWS Variable Series II — DWS International Growth VIP | | 5 |
as of June 30, 2024 (Unaudited)
Assets | |
Investments in non-affiliated securities, at value (cost $13,242,970) — including $197,520 of securities loaned | $19,501,324 |
Investment in DWS Government & Agency Securities Portfolio (cost $204,800)* | 204,800 |
Investment in DWS Central Cash Management Government Fund (cost $293,854) | 293,854 |
Foreign currency, at value (cost $126,812) | 122,559 |
Receivable for Fund shares sold | 28 |
Dividends receivable | 25,717 |
Affiliated securities lending income receivable | 21 |
Foreign taxes recoverable | 38,506 |
Other assets | 274 |
Total assets | 20,187,083 |
Liabilities | |
Payable upon return of securities loaned | 204,800 |
Payable for Fund shares redeemed | 13,059 |
Accrued management fee | 240 |
Accrued Trustees' fees | 312 |
Other accrued expenses and payables | 58,723 |
Total liabilities | 277,134 |
Net assets, at value | $19,909,949 |
Net Assets Consist of | |
Distributable earnings (loss) | 4,099,126 |
Paid-in capital | 15,810,823 |
Net assets, at value | $19,909,949 |
Net Asset Value | |
Class A | |
Net Asset Value, offering and redemption price per share ($19,909,949 ÷ 1,240,227 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $16.05 |
* | Represents collateral on securities loaned. |
Investment Income | |
Income: | |
Dividends (net of foreign taxes withheld of $32,770) | $247,480 |
Income distributions — DWS Central Cash Management Government Fund | 5,327 |
Affiliated securities lending income | 91 |
Total income | 252,898 |
Expenses: | |
Management fee | 61,918 |
Administration fee | 9,687 |
Services to shareholders | 367 |
Record keeping fee (Class B) | 6 * |
Distribution service fee (Class B) | 33 * |
Custodian fee | 4,700 |
Audit fee | 28,502 |
Legal fees | 7,432 |
Tax fees | 2,984 |
Reports to shareholders | 12,408 |
Trustees' fees and expenses | 1,456 |
Other | 6,635 |
Total expenses before expense reductions | 136,128 |
Expense reductions | (54,038 ) |
Total expenses after expense reductions | 82,090 |
Net investment income | 170,808 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from: | |
Investments | 153,043 |
Foreign currency | (2,242 ) |
150,801 | |
Change in net unrealized appreciation (depreciation) on: | |
Investments | 1,126,268 |
Foreign currency | (6,424 ) |
1,119,844 | |
Net gain (loss) | 1,270,645 |
Net increase (decrease) in net assets resulting from operations | $1,441,453 |
* | For the period from January 1, 2024 to June 17, 2024 (Class B liquidation date). |
6 | | Deutsche DWS Variable Series II — DWS International Growth VIP |
Six Months Ended June 30, 2024* | Year Ended December 31, | |
Increase (Decrease) in Net Assets | (Unaudited) | 2023 |
Operations: | ||
Net investment income | $170,808 | $250,702 |
Net realized gain (loss) | 150,801 | (962,259 ) |
Change in net unrealized appreciation (depreciation) | 1,119,844 | 3,618,840 |
Net increase (decrease) in net assets resulting from operations | 1,441,453 | 2,907,283 |
Distributions to shareholders: | ||
Class A | (246,763 ) | (149,768 ) |
Class B | (289 ) | (139 ) |
Total distributions | (247,052 ) | (149,907 ) |
Fund share transactions: | ||
Class A | ||
Proceeds from shares sold | 351,389 | 3,065,594 |
Reinvestment of distributions | 246,763 | 149,768 |
Payments for shares redeemed | (2,230,015 ) | (4,747,321 ) |
Net increase (decrease) in net assets from Class A share transactions | (1,631,863 ) | (1,531,959 ) |
Class B | ||
Proceeds from shares sold | 461 | 10,704 |
Reinvestment of distributions | 289 | 139 |
Payments for shares redeemed | (31,413 ) | (11,645 ) |
Net increase (decrease) in net assets from Class B share transactions | (30,663 ) | (802 ) |
Increase (decrease) in net assets | (468,125 ) | 1,224,615 |
Net assets at beginning of period | 20,378,074 | 19,153,459 |
Net assets at end of period | $19,909,949 | $20,378,074 |
Other Information | ||
Class A | ||
Shares outstanding at beginning of period | 1,346,396 | 1,457,916 |
Shares sold | 22,169 | 213,239 |
Shares issued to shareholders in reinvestment of distributions | 15,930 | 10,430 |
Shares redeemed | (144,268 ) | (335,189 ) |
Net increase (decrease) in Class A shares | (106,169 ) | (111,520 ) |
Shares outstanding at end of period | 1,240,227 | 1,346,396 |
Class B | ||
Shares outstanding at beginning of period | 1,903 | 1,962 |
Shares sold | 29 | 758 |
Shares issued to shareholders in reinvestment of distributions | 19 | 10 |
Shares redeemed | (1,951 ) | (827 ) |
Net increase (decrease) in Class B shares | (1,903 ) | (59 ) |
Shares outstanding at end of period | — | 1,903 |
* | Includes Class B for the period from January 1, 2024 to June 17, 2024 (Class B liquidation date). |
Deutsche DWS Variable Series II — DWS International Growth VIP | | 7 |
Financial Highlights
DWS International Growth VIP — Class A | ||||||
Six Months Ended 6/30/24 | Years Ended December 31, | |||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $15.11 | $13.12 | $18.80 | $17.65 | $14.64 | $11.47 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .13 | .18 | .11 | .08 | .06 | .22 |
Net realized and unrealized gain (loss) | 1.00 | 1.92 | (5.45 ) | 1.34 | 3.17 | 3.32 |
Total from investment operations | 1.13 | 2.10 | (5.34 ) | 1.42 | 3.23 | 3.54 |
Less distributions from: | ||||||
Net investment income | (.19 ) | (.11 ) | (.15 ) | (.06 ) | (.22 ) | (.17 ) |
Net realized gains | — | — | (.19 ) | (.21 ) | — | (.20 ) |
Total distributions | (.19 ) | (.11 ) | (.34 ) | (.27 ) | (.22 ) | (.37 ) |
Net asset value, end of period | $16.05 | $15.11 | $13.12 | $18.80 | $17.65 | $14.64 |
Total Return (%)b | 7.56 * | 16.04 | (28.51 ) | 8.11 | 22.69 | 31.22 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 20 | 20 | 19 | 22 | 19 | 18 |
Ratio of expenses before expense reductions (%)c | 1.36 ** | 1.35 | 1.32 | 1.33 | 1.50 | 1.64 |
Ratio of expenses after expense reductions (%)c | .82 ** | .89 | .92 | .90 | .87 | .86 |
Ratio of net investment income (%) | 1.71 ** | 1.27 | .78 | .41 | .42 | 1.63 |
Portfolio turnover rate (%) | 2 * | 13 | 17 | 20 | 10 | 16 |
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. |
* | Not annualized |
** | Annualized |
8 | | Deutsche DWS Variable Series II — DWS International Growth VIP |
Notes to Financial Statements (Unaudited)
Deutsche DWS Variable Series II — DWS International Growth VIP | | 9 |
10 | | Deutsche DWS Variable Series II — DWS International Growth VIP |
Deutsche DWS Variable Series II — DWS International Growth VIP | | 11 |
Class A | .82% |
Class B | 1.13% |
Class A | $53,947 |
Class B | 91 |
$54,038 |
Services to Shareholders | Total Aggregated | Unpaid at June 30, 2024 |
Class A | $162 | $51 |
Class B | 23 | 8 |
$185 | $59 |
12 | | Deutsche DWS Variable Series II — DWS International Growth VIP |
Deutsche DWS Variable Series II — DWS International Growth VIP | | 13 |
Advisory Agreement Board Considerations and Fee Evaluation
14 | | Deutsche DWS Variable Series II — DWS International Growth VIP |
Deutsche DWS Variable Series II — DWS International Growth VIP | | 15 |
16 | | Deutsche DWS Variable Series II — DWS International Growth VIP |
Contents
2 | | Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP |
Investment Portfolioas of June 30, 2024 (Unaudited)
Shares | Value ($) | ||
Common Stocks 97.3% | |||
Communication Services 1.0% | |||
Diversified Telecommunication Services 0.4% | |||
Iridium Communications, Inc. | 7,300 | 194,326 | |
Entertainment 0.6% | |||
Take-Two Interactive Software, Inc.* | 2,174 | 338,035 | |
Consumer Discretionary 10.8% | |||
Automobile Components 0.7% | |||
Gentherm, Inc.* | 7,364 | 363,193 | |
Diversified Consumer Services 0.7% | |||
Bright Horizons Family Solutions, Inc.* | 3,398 | 374,052 | |
Hotels, Restaurants & Leisure 1.7% | |||
Hilton Grand Vacations, Inc.* | 12,491 | 505,011 | |
Jack in the Box, Inc. | 7,229 | 368,245 | |
873,256 | |||
Household Durables 3.5% | |||
Helen of Troy Ltd.* | 1,963 | 182,049 | |
LGI Homes, Inc.* | 3,089 | 276,434 | |
TopBuild Corp.* | 3,473 | 1,338,043 | |
1,796,526 | |||
Leisure Products 1.2% | |||
YETI Holdings, Inc.* | 15,522 | 592,164 | |
Specialty Retail 3.0% | |||
Burlington Stores, Inc.* | 2,883 | 691,920 | |
Camping World Holdings, Inc. "A" (a) | 22,907 | 409,119 | |
Valvoline, Inc.* | 9,900 | 427,680 | |
1,528,719 | |||
Consumer Staples 3.1% | |||
Consumer Staples Distribution & Retail 2.7% | |||
Casey's General Stores, Inc. | 3,671 | 1,400,707 | |
Household Products 0.4% | |||
Spectrum Brands Holdings, Inc. | 2,282 | 196,092 | |
Energy 3.5% | |||
Energy Equipment & Services 0.4% | |||
Liberty Energy, Inc. | 9,546 | 199,416 | |
Oil, Gas & Consumable Fuels 3.1% | |||
Crescent Energy Co. "A" | 6,384 | 75,650 | |
Kosmos Energy Ltd.* | 48,000 | 265,920 | |
Matador Resources Co. | 8,300 | 494,680 | |
Ovintiv, Inc. | 9,711 | 455,155 | |
Southwestern Energy Co.* | 43,176 | 290,575 | |
1,581,980 |
Shares | Value ($) | ||
Financials 8.6% | |||
Banks 2.3% | |||
Pinnacle Financial Partners, Inc. | 5,944 | 475,758 | |
Synovus Financial Corp. | 11,493 | 461,904 | |
The Bancorp, Inc.* | 5,495 | 207,491 | |
1,145,153 | |||
Capital Markets 3.9% | |||
FactSet Research Systems, Inc. | 1,036 | 422,968 | |
Lazard, Inc. | 12,317 | 470,263 | |
LPL Financial Holdings, Inc. | 2,100 | 586,530 | |
Moelis & Co. "A" | 9,136 | 519,473 | |
1,999,234 | |||
Financial Services 1.0% | |||
WEX, Inc.* | 2,797 | 495,460 | |
Insurance 1.4% | |||
Kinsale Capital Group, Inc. | 1,900 | 732,032 | |
Health Care 18.5% | |||
Biotechnology 5.9% | |||
Apellis Pharmaceuticals, Inc.* | 3,951 | 151,560 | |
Beam Therapeutics, Inc.* | 1,593 | 37,324 | |
Biohaven Ltd.* | 1,787 | 62,027 | |
Blueprint Medicines Corp.* | 3,884 | 418,618 | |
Catalyst Pharmaceuticals, Inc.* | 7,600 | 117,724 | |
Halozyme Therapeutics, Inc.* | 3,100 | 162,316 | |
Insmed, Inc.* | 6,010 | 402,670 | |
Kiniksa Pharmaceuticals International PLC* | 8,769 | 163,717 | |
Neurocrine Biosciences, Inc.* | 7,085 | 975,392 | |
Travere Therapeutics, Inc.* | 18,778 | 154,355 | |
Ultragenyx Pharmaceutical, Inc.* | 3,057 | 125,643 | |
Vaxcyte, Inc.* | 3,200 | 241,632 | |
3,012,978 | |||
Health Care Equipment & Supplies 2.1% | |||
Alphatec Holdings, Inc.* | 9,320 | 97,394 | |
Axonics, Inc.* | 1,413 | 94,996 | |
Globus Medical, Inc. "A"* | 2,224 | 152,322 | |
Haemonetics Corp.* | 1,353 | 111,934 | |
Inari Medical, Inc.* | 2,000 | 96,300 | |
Inspire Medical Systems, Inc.* | 300 | 40,149 | |
Masimo Corp.* | 727 | 91,558 | |
Merit Medical Systems, Inc.* | 4,200 | 360,990 | |
STAAR Surgical Co.* | 975 | 46,420 | |
1,092,063 | |||
Health Care Providers & Services 8.4% | |||
AMN Healthcare Services, Inc.* | 13,141 | 673,213 | |
HealthEquity, Inc.* | 4,529 | 390,400 | |
ModivCare, Inc.* | 4,799 | 125,926 |
Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP | | 3 |
Shares | Value ($) | ||
Molina Healthcare, Inc.* | 2,619 | 778,628 | |
Option Care Health, Inc.* | 18,864 | 522,533 | |
Privia Health Group, Inc.* | 8,600 | 149,468 | |
RadNet, Inc.* | 27,677 | 1,630,729 | |
4,270,897 | |||
Life Sciences Tools & Services 0.1% | |||
OmniAb, Inc.* | 13,092 | 49,095 | |
Pharmaceuticals 2.0% | |||
Arvinas, Inc.* | 2,000 | 53,240 | |
EyePoint Pharmaceuticals, Inc.* | 5,600 | 48,720 | |
Intra-Cellular Therapies, Inc.* | 5,500 | 376,695 | |
Ligand Pharmaceuticals, Inc.* | 2,672 | 225,143 | |
Pacira BioSciences, Inc.* | 11,807 | 337,798 | |
1,041,596 | |||
Industrials 20.2% | |||
Aerospace & Defense 1.6% | |||
HEICO Corp. | 3,676 | 821,990 | |
Building Products 4.5% | |||
Allegion PLC | 7,499 | 886,007 | |
Builders FirstSource, Inc.* | 10,106 | 1,398,771 | |
2,284,778 | |||
Commercial Services & Supplies 4.5% | |||
MSA Safety, Inc. | 2,392 | 448,955 | |
Tetra Tech, Inc. | 3,519 | 719,565 | |
The Brink's Co. | 11,036 | 1,130,086 | |
2,298,606 | |||
Electrical Equipment 0.8% | |||
Atkore, Inc. | 930 | 125,485 | |
Thermon Group Holdings, Inc.* | 9,149 | 281,423 | |
406,908 | |||
Machinery 1.2% | |||
Chart Industries, Inc.* (a) | 1,600 | 230,944 | |
IDEX Corp. | 1,802 | 362,562 | |
593,506 | |||
Professional Services 3.8% | |||
Broadridge Financial Solutions, Inc. | 2,582 | 508,654 | |
Kforce, Inc. | 11,225 | 697,410 | |
Maximus, Inc. | 8,556 | 733,249 | |
1,939,313 | |||
Trading Companies & Distributors 3.8% | |||
H&E Equipment Services, Inc. | 16,406 | 724,653 | |
Rush Enterprises, Inc. "A" | 24,885 | 1,041,935 | |
Titan Machinery, Inc.* | 11,743 | 186,714 | |
1,953,302 | |||
Information Technology 24.7% | |||
Communications Equipment 0.7% | |||
Calix, Inc.* | 9,644 | 341,687 |
Shares | Value ($) | ||
Electronic Equipment, Instruments & Components 3.8% | |||
Advanced Energy Industries, Inc. | 12,629 | 1,373,530 | |
Cognex Corp. | 7,873 | 368,141 | |
Fabrinet* | 900 | 220,311 | |
1,961,982 | |||
Semiconductors & Semiconductor Equipment 7.3% | |||
Entegris, Inc. | 6,121 | 828,784 | |
FormFactor, Inc.* | 7,627 | 461,662 | |
Impinj, Inc.* | 2,530 | 396,628 | |
Monolithic Power Systems, Inc. | 947 | 778,131 | |
Semtech Corp.* | 7,632 | 228,044 | |
SiTime Corp.* | 4,087 | 508,341 | |
Ultra Clean Holdings, Inc.* | 10,873 | 532,777 | |
3,734,367 | |||
Software 11.9% | |||
Aspen Technology, Inc.* | 3,737 | 742,280 | |
Dynatrace, Inc.* | 7,679 | 343,559 | |
Envestnet, Inc.* | 9,852 | 616,637 | |
Five9, Inc.* | 9,547 | 421,023 | |
Rapid7, Inc.* | 6,849 | 296,082 | |
Tenable Holdings, Inc.* | 12,141 | 529,105 | |
Tyler Technologies, Inc.* | 2,676 | 1,345,439 | |
Varonis Systems, Inc.* | 31,977 | 1,533,937 | |
Workiva, Inc.* | 3,058 | 223,203 | |
6,051,265 | |||
Technology Hardware, Storage & Peripherals 1.0% | |||
Super Micro Computer, Inc.* | 600 | 491,610 | |
Materials 4.4% | |||
Construction Materials 2.3% | |||
Eagle Materials, Inc. | 5,401 | 1,174,501 | |
Containers & Packaging 0.6% | |||
Berry Global Group, Inc. | 5,228 | 307,668 | |
Metals & Mining 1.5% | |||
Arch Resources, Inc. | 1,900 | 289,237 | |
Cleveland-Cliffs, Inc.* | 29,787 | 458,422 | |
747,659 | |||
Real Estate 2.5% | |||
Diversified REITs 1.1% | |||
Essential Properties Realty Trust, Inc. | 20,278 | 561,903 | |
Industrial REITs 0.7% | |||
EastGroup Properties, Inc. | 2,208 | 375,581 | |
Specialized REITs 0.7% | |||
Four Corners Property Trust, Inc. | 13,954 | 344,245 | |
Total Common Stocks (Cost $28,653,507) | 49,667,845 |
4 | | Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP |
Shares | Value ($) | ||
Other Investments 0.0% | |||
Health Care 0.0% | |||
Life Sciences Tools & Services 0.0% | |||
OmniAb, Inc. $12.50 Earnout* (b) (c) | 1,013 | 0 | |
OmniAb, Inc. $15.00 Earnout* (b) (c) | 1,013 | 0 | |
Total Other Investments (Cost $0) | 0 | ||
Securities Lending Collateral 1.3% | |||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.24% (d) (e) (Cost $637,675) | 637,675 | 637,675 |
Shares | Value ($) | ||
Cash Equivalents 2.8% | |||
DWS Central Cash Management Government Fund, 5.36% (d) (Cost $1,434,455) | 1,434,455 | 1,434,455 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $30,725,637) | 101.4 | 51,739,975 | |
Other Assets and Liabilities, Net | (1.4 ) | (705,997 ) | |
Net Assets | 100.0 | 51,033,978 |
Value ($) at 12/31/2023 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 6/30/2024 | Value ($) at 6/30/2024 |
Securities Lending Collateral 1.3% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.24% (d) (e) | ||||||||
— | 637,675 (f) | — | — | — | 67 | — | 637,675 | 637,675 |
Cash Equivalents 2.8% | ||||||||
DWS Central Cash Management Government Fund, 5.36% (d) | ||||||||
1,024,006 | 3,304,018 | 2,893,569 | — | — | 25,459 | — | 1,434,455 | 1,434,455 |
1,024,006 | 3,941,693 | 2,893,569 | — | — | 25,526 | — | 2,072,130 | 2,072,130 |
* | Non-income producing security. |
(a) | All or a portion of these securities were on loan. In addition, "Other Assets and Liabilities, Net" may include pending sales that are also on loan. The value of securities loaned at June 30, 2024 amounted to $625,504, which is 1.2% of net assets. |
(b) | Earnout Shares: Will vest based upon the achievement of certain volume-weighted average trading prices (VWAP) for shares of OmniAb Inc. Earnout Shares are not transferrable until the vesting condition for the applicable tranche of Earnout Shares has been achieved. |
(c) | Investment was valued using significant unobservable inputs. |
(d) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(e) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(f) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended June 30, 2024. |
REIT: Real Estate Investment Trust |
Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP | | 5 |
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks (a) | $49,667,845 | $— | $— | $49,667,845 |
Other Investments | — | — | 0 | 0 |
Short-Term Investments (a) | 2,072,130 | — | — | 2,072,130 |
Total | $51,739,975 | $— | $0 | $51,739,975 |
(a) | See Investment Portfolio for additional detailed categorizations. |
6 | | Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP |
as of June 30, 2024 (Unaudited)
Assets | |
Investments in non-affiliated securities, at value (cost $28,653,507) — including $625,504 of securities loaned | $49,667,845 |
Investment in DWS Government & Agency Securities Portfolio (cost $637,675)* | 637,675 |
Investment in DWS Central Cash Management Government Fund (cost $1,434,455) | 1,434,455 |
Cash | 10,000 |
Receivable for Fund shares sold | 306 |
Dividends receivable | 22,466 |
Interest receivable | 21 |
Affiliated securities lending income receivable | 31 |
Other assets | 685 |
Total assets | 51,773,484 |
Liabilities | |
Payable upon return of securities loaned | 637,675 |
Payable for Fund shares redeemed | 17,004 |
Accrued management fee | 23,017 |
Accrued Trustees' fees | 426 |
Other accrued expenses and payables | 61,384 |
Total liabilities | 739,506 |
Net assets, at value | $51,033,978 |
Net Assets Consist of | |
Distributable earnings (loss) | 23,106,679 |
Paid-in capital | 27,927,299 |
Net assets, at value | $51,033,978 |
Net Asset Value | |
Class A | |
Net Asset Value, offering and redemption price per share ($51,033,978 ÷ 3,688,695 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $13.84 |
* | Represents collateral on securities loaned. |
Investment Income | |
Income: | |
Dividends | $149,023 |
Income distributions — DWS Central Cash Management Government Fund | 25,459 |
Affiliated securities lending income | 67 |
Total income | 174,549 |
Expenses: | |
Management fee | 143,737 |
Administration fee | 25,350 |
Services to shareholders | 388 |
Custodian fee | 910 |
Audit fee | 19,250 |
Legal fees | 7,468 |
Tax fees | 2,984 |
Reports to shareholders | 15,288 |
Trustees' fees and expenses | 2,184 |
Other | 3,066 |
Total expenses | 220,625 |
Net investment income (loss) | (46,076 ) |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from investments | 2,228,708 |
Change in net unrealized appreciation (depreciation) on investments | (1,141,791 ) |
Net gain (loss) | 1,086,917 |
Net increase (decrease) in net assets resulting from operations | $1,040,841 |
Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP | | 7 |
Six Months Ended June 30, 2024 | Year Ended December 31, | |
Increase (Decrease) in Net Assets | (Unaudited) | 2023 |
Operations: | ||
Net investment income (loss) | $(46,076 ) | $10,587 |
Net realized gain (loss) | 2,228,708 | 473,551 |
Change in net unrealized appreciation (depreciation) | (1,141,791 ) | 8,136,061 |
Net increase (decrease) in net assets resulting from operations | 1,040,841 | 8,620,199 |
Distributions to shareholders: | ||
Class A | (483,065 ) | (1,775,349 ) |
Fund share transactions: | ||
Class A | ||
Proceeds from shares sold | 581,913 | 1,188,136 |
Reinvestment of distributions | 483,065 | 1,775,349 |
Payments for shares redeemed | (3,629,152 ) | (6,768,236 ) |
Net increase (decrease) in net assets from Class A share transactions | (2,564,174 ) | (3,804,751 ) |
Increase (decrease) in net assets | (2,006,398 ) | 3,040,099 |
Net assets at beginning of period | 53,040,376 | 50,000,277 |
Net assets at end of period | $51,033,978 | $53,040,376 |
Other Information | ||
Class A | ||
Shares outstanding at beginning of period | 3,872,116 | 4,175,946 |
Shares sold | 42,446 | 93,580 |
Shares issued to shareholders in reinvestment of distributions | 35,389 | 152,522 |
Shares redeemed | (261,256 ) | (549,932 ) |
Net increase (decrease) in Class A shares | (183,421 ) | (303,830 ) |
Shares outstanding at end of period | 3,688,695 | 3,872,116 |
8 | | Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP |
Financial Highlights
DWS Small Mid Cap Growth VIP — Class A | ||||||
Six Months Ended 6/30/24 | Years Ended December 31, | |||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $13.70 | $11.97 | $18.87 | $17.43 | $13.66 | $12.68 |
Income (loss) from investment operations: | ||||||
Net investment income (loss)a | (.01 ) | .00 * | (.00 )* | (.06 ) | (.01 ) | .01 |
Net realized and unrealized gain (loss) | .28 | 2.17 | (5.10 ) | 2.43 | 4.00 | 2.73 |
Total from investment operations | .27 | 2.17 | (5.10 ) | 2.37 | 3.99 | 2.74 |
Less distributions from: | ||||||
Net investment income | — | (.00 )* | — | (.01 ) | (.01 ) | — |
Net realized gains | (.13 ) | (.44 ) | (1.80 ) | (.92 ) | (.21 ) | (1.76 ) |
Total distributions | (.13 ) | (.44 ) | (1.80 ) | (.93 ) | (.22 ) | (1.76 ) |
Net asset value, end of period | $13.84 | $13.70 | $11.97 | $18.87 | $17.43 | $13.66 |
Total Return (%) | 1.98 ** | 18.83 b | (28.02 )b | 13.84 | 30.18 b | 22.41 b |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 51 | 53 | 50 | 75 | 73 | 64 |
Ratio of expenses before expense reductions (%)c | .84 *** | .85 | .83 | .78 | .82 | .82 |
Ratio of expenses after expense reductions (%)c | .84 *** | .84 | .81 | .78 | .81 | .81 |
Ratio of net investment income (loss) (%) | (.18 )*** | .02 | (.02 ) | (.33 ) | (.05 ) | .11 |
Portfolio turnover rate (%) | 1 ** | 4 | 11 | 16 | 12 | 10 |
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. |
* | Amount is less than $.005. |
** | Not annualized |
*** | Annualized |
Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP | | 9 |
Notes to Financial Statements (Unaudited)
10 | | Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP |
Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP | | 11 |
First $250 million of the Fund's average daily net assets | .550% |
Next $750 million of such net assets | .525% |
Over $1 billion of such net assets | .500% |
12 | | Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP |
Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP | | 13 |
Advisory Agreement Board Considerations and Fee Evaluation
14 | | Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP |
Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP | | 15 |
16 | | Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP |
Contents
2 | | Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP |
Investment Portfolioas of June 30, 2024 (Unaudited)
Shares | Value ($) | ||
Common Stocks 99.2% | |||
Communication Services 2.7% | |||
Diversified Telecommunication Services 1.0% | |||
Liberty Latin America Ltd. "A"* | 83,215 | 799,696 | |
Media 1.7% | |||
Gray Television, Inc. | 43,383 | 225,592 | |
Interpublic Group of Companies, Inc. | 39,760 | 1,156,618 | |
1,382,210 | |||
Consumer Discretionary 13.6% | |||
Automobile Components 1.4% | |||
Lear Corp. | 9,816 | 1,121,085 | |
Broadline Retail 0.9% | |||
Nordstrom, Inc. | 21,477 | 455,742 | |
Savers Value Village, Inc.* | 23,437 | 286,869 | |
742,611 | |||
Distributors 1.0% | |||
A-Mark Precious Metals, Inc. | 23,708 | 767,428 | |
Hotels, Restaurants & Leisure 2.3% | |||
Mondee Holdings, Inc.* (a) | 118,479 | 284,350 | |
Wynn Resorts Ltd. | 17,416 | 1,558,732 | |
1,843,082 | |||
Household Durables 4.9% | |||
Century Communities, Inc. | 4,910 | 400,951 | |
Dream Finders Homes, Inc. "A"* | 11,128 | 287,325 | |
Green Brick Partners, Inc.* | 4,975 | 284,769 | |
Mohawk Industries, Inc.* | 3,523 | 400,177 | |
PulteGroup, Inc. | 18,445 | 2,030,794 | |
Worthington Enterprises, Inc. | 12,305 | 582,396 | |
3,986,412 | |||
Specialty Retail 3.1% | |||
1-800-Flowers.com, Inc. "A"* (a) | 44,853 | 427,000 | |
Abercrombie & Fitch Co. "A"* | 3,532 | 628,131 | |
Foot Locker, Inc. | 10,718 | 267,092 | |
Gap, Inc. | 37,913 | 905,742 | |
National Vision Holdings, Inc.* | 23,030 | 301,463 | |
2,529,428 | |||
Consumer Staples 2.7% | |||
Consumer Staples Distribution & Retail 0.5% | |||
Performance Food Group Co.* | 6,533 | 431,896 | |
Food Products 1.5% | |||
B&G Foods, Inc. | 38,062 | 307,541 | |
Cal-Maine Foods, Inc. | 14,699 | 898,256 | |
1,205,797 |
Shares | Value ($) | ||
Household Products 0.7% | |||
Central Garden & Pet Co.* | 7,995 | 307,808 | |
Central Garden & Pet Co. "A"* | 6,577 | 217,238 | |
525,046 | |||
Energy 5.6% | |||
Energy Equipment & Services 1.1% | |||
Helmerich & Payne, Inc. | 9,786 | 353,666 | |
Patterson-UTI Energy, Inc. | 24,307 | 251,820 | |
Solaris Oilfield Infrastructure, Inc. "A" | 33,636 | 288,597 | |
894,083 | |||
Oil, Gas & Consumable Fuels 4.5% | |||
HF Sinclair Corp. | 12,253 | 653,575 | |
Kinetik Holdings, Inc. | 12,422 | 514,768 | |
Permian Resources Corp. | 56,091 | 905,870 | |
Range Resources Corp. | 35,424 | 1,187,767 | |
Targa Resources Corp. | 2,884 | 371,401 | |
3,633,381 | |||
Financials 20.8% | |||
Banks 8.9% | |||
Associated Banc-Corp. | 50,702 | 1,072,347 | |
BankUnited, Inc. | 15,271 | 446,982 | |
Columbia Banking System, Inc. | 13,657 | 271,638 | |
First BanCorp. | 73,164 | 1,338,170 | |
First Financial Bancorp. | 18,280 | 406,182 | |
First Financial Corp. | 10,968 | 404,500 | |
Hancock Whitney Corp. | 23,244 | 1,111,760 | |
Hilltop Holdings, Inc. | 15,601 | 487,999 | |
UMB Financial Corp. | 14,217 | 1,185,982 | |
Wintrust Financial Corp. | 4,343 | 428,046 | |
7,153,606 | |||
Capital Markets 3.5% | |||
Evercore, Inc. "A" | 3,114 | 649,051 | |
Invesco Ltd. | 23,343 | 349,212 | |
Robinhood Markets, Inc. "A"* | 81,813 | 1,857,973 | |
2,856,236 | |||
Consumer Finance 0.9% | |||
Credit Acceptance Corp.* | 1,410 | 725,699 | |
Financial Services 2.1% | |||
Affirm Holdings, Inc.* | 9,981 | 301,526 | |
AvidXchange Holdings, Inc.* | 17,334 | 209,048 | |
NCR Atleos Corp.* | 24,829 | 670,880 | |
Voya Financial, Inc. | 7,509 | 534,265 | |
1,715,719 | |||
Insurance 4.4% | |||
Assurant, Inc. | 9,089 | 1,511,046 | |
Brown & Brown, Inc. | 3,417 | 305,514 |
Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP | | 3 |
Shares | Value ($) | ||
Everest Group Ltd. | 3,840 | 1,463,117 | |
Globe Life, Inc. | 3,361 | 276,543 | |
3,556,220 | |||
Mortgage Real Estate Investment Trusts (REITs) 1.0% | |||
Rithm Capital Corp. | 74,134 | 808,802 | |
Health Care 6.8% | |||
Biotechnology 2.1% | |||
Kiniksa Pharmaceuticals International PLC* | 17,369 | 324,279 | |
REVOLUTION Medicines, Inc.* | 23,957 | 929,771 | |
Sana Biotechnology, Inc.* | 76,915 | 419,956 | |
1,674,006 | |||
Health Care Providers & Services 1.4% | |||
NeoGenomics, Inc.* | 26,482 | 367,305 | |
Owens & Minor, Inc.* | 60,723 | 819,761 | |
1,187,066 | |||
Health Care Technology 0.6% | |||
Definitive Healthcare Corp.* | 91,552 | 499,874 | |
Pharmaceuticals 2.7% | |||
Jazz Pharmaceuticals PLC* | 7,773 | 829,612 | |
Ligand Pharmaceuticals, Inc.* | 15,833 | 1,334,089 | |
2,163,701 | |||
Industrials 19.0% | |||
Aerospace & Defense 2.4% | |||
Huntington Ingalls Industries, Inc. | 7,735 | 1,905,363 | |
Air Freight & Logistics 0.3% | |||
GXO Logistics, Inc.* | 5,515 | 278,507 | |
Building Products 4.9% | |||
Carlisle Companies, Inc. | 4,420 | 1,791,028 | |
JELD-WEN Holding, Inc.* | 29,031 | 391,048 | |
Owens Corning | 10,059 | 1,747,449 | |
3,929,525 | |||
Construction & Engineering 2.7% | |||
API Group Corp.* | 31,269 | 1,176,652 | |
MasTec, Inc.* | 5,526 | 591,227 | |
Tutor Perini Corp.* | 19,047 | 414,844 | |
2,182,723 | |||
Electrical Equipment 2.0% | |||
EnerSys | 15,947 | 1,650,833 | |
Ground Transportation 1.3% | |||
Knight-Swift Transportation Holdings, Inc. | 7,574 | 378,094 | |
RXO, Inc.* | 11,979 | 313,251 | |
Saia, Inc.* | 782 | 370,895 | |
1,062,240 |
Shares | Value ($) | ||
Machinery 1.8% | |||
Hillenbrand, Inc. | 23,384 | 935,828 | |
The Manitowoc Co., Inc.* | 42,427 | 489,183 | |
1,425,011 | |||
Professional Services 2.1% | |||
Jacobs Solutions, Inc. | 8,427 | 1,177,336 | |
TrueBlue, Inc.* | 51,679 | 532,294 | |
1,709,630 | |||
Trading Companies & Distributors 1.5% | |||
DNOW, Inc.* | 88,894 | 1,220,515 | |
Information Technology 9.5% | |||
Communications Equipment 0.5% | |||
Ciena Corp.* | 7,945 | 382,790 | |
Electronic Equipment, Instruments & Components 3.1% | |||
Avnet, Inc. | 22,117 | 1,138,804 | |
Itron, Inc.* | 9,376 | 927,849 | |
TD SYNNEX Corp. | 3,829 | 441,867 | |
2,508,520 | |||
Semiconductors & Semiconductor Equipment 2.7% | |||
Cirrus Logic, Inc.* | 11,969 | 1,527,963 | |
Photronics, Inc.* | 26,946 | 664,758 | |
2,192,721 | |||
Software 3.2% | |||
Adeia, Inc. | 33,819 | 378,265 | |
Aurora Innovation, Inc.* | 90,975 | 252,001 | |
Cleanspark, Inc.* | 32,496 | 518,311 | |
N-able, Inc.* | 20,019 | 304,889 | |
Riot Platforms, Inc.* (a) | 36,990 | 338,089 | |
Verint Systems, Inc.* | 26,229 | 844,574 | |
2,636,129 | |||
Materials 6.1% | |||
Chemicals 1.0% | |||
Avient Corp. | 7,871 | 343,569 | |
Chemours Co. | 20,651 | 466,093 | |
809,662 | |||
Containers & Packaging 1.9% | |||
Avery Dennison Corp. | 1,875 | 409,969 | |
Graphic Packaging Holding Co. | 33,885 | 888,126 | |
Sealed Air Corp. | 7,887 | 274,388 | |
1,572,483 | |||
Metals & Mining 3.2% | |||
Cleveland-Cliffs, Inc.* | 22,180 | 341,350 | |
Commercial Metals Co. | 6,602 | 363,044 | |
Reliance, Inc. | 2,189 | 625,179 | |
Steel Dynamics, Inc. | 6,794 | 879,823 | |
Worthington Steel, Inc. | 11,178 | 372,898 | |
2,582,294 |
4 | | Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP |
Shares | Value ($) | ||
Real Estate 8.9% | |||
Diversified REITs 2.1% | |||
Alpine Income Property Trust, Inc. | 23,402 | 364,135 | |
Global Net Lease, Inc. | 184,599 | 1,356,803 | |
1,720,938 | |||
Industrial REITs 2.2% | |||
LXP Industrial Trust | 55,263 | 503,998 | |
STAG Industrial, Inc. | 34,180 | 1,232,531 | |
1,736,529 | |||
Residential REITs 0.8% | |||
BRT Apartments Corp. | 38,543 | 673,346 | |
Retail REITs 1.7% | |||
Kite Realty Group Trust | 36,998 | 828,015 | |
SITE Centers Corp. | 38,592 | 559,584 | |
1,387,599 | |||
Specialized REITs 2.1% | |||
Gaming and Leisure Properties, Inc. | 32,113 | 1,451,829 | |
Safehold, Inc. | 14,037 | 270,774 | |
1,722,603 | |||
Utilities 3.5% | |||
Electric Utilities 2.6% | |||
IDACORP, Inc. | 15,434 | 1,437,677 | |
Otter Tail Corp. | 8,068 | 706,676 | |
2,144,353 | |||
Gas Utilities 0.6% | |||
UGI Corp. | 20,014 | 458,321 | |
Independent Power & Renewable Electricity Producers 0.3% | |||
Sunnova Energy International, Inc.* (a) | 48,279 | 269,397 | |
Total Common Stocks (Cost $66,416,809) | 80,365,116 |
Shares | Value ($) | ||
Other Investments 0.0% | |||
Communication Services 0.0% | |||
Diversified Telecommunication Services 0.0% | |||
GCI Liberty, Inc. (Escrow Shares)* (b) (Cost $0) | 3,095 | 0 | |
Securities Lending Collateral 1.2% | |||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.24% (c) (d) (Cost $945,850) | 945,850 | 945,850 | |
Cash Equivalents 0.8% | |||
DWS Central Cash Management Government Fund, 5.36% (c) (Cost $670,368) | 670,368 | 670,368 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $68,033,027) | 101.2 | 81,981,334 | |
Other Assets and Liabilities, Net | (1.2 ) | (1,011,182 ) | |
Net Assets | 100.0 | 80,970,152 |
Value ($) at 12/31/2023 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/ (Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 6/30/2024 | Value ($) at 6/30/2024 |
Securities Lending Collateral 1.2% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.24% (c) (d) | ||||||||
855,150 | 90,700 (e) | — | — | — | 5,708 | — | 945,850 | 945,850 |
Cash Equivalents 0.8% | ||||||||
DWS Central Cash Management Government Fund, 5.36% (c) | ||||||||
1,309,604 | 5,580,981 | 6,220,217 | — | — | 24,712 | — | 670,368 | 670,368 |
2,164,754 | 5,671,681 | 6,220,217 | — | — | 30,420 | — | 1,616,218 | 1,616,218 |
* | Non-income producing security. |
(a) | All or a portion of these securities were on loan. In addition, "Other Assets and Liabilities, Net" may include pending sales that are also on loan. The value of securities loaned at June 30, 2024 amounted to $866,764, which is 1.1% of net assets. |
(b) | Investment was valued using significant unobservable inputs. |
Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP | | 5 |
(c) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(e) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended June 30, 2024. |
REIT: Real Estate Investment Trust |
Assets | Level 1 | Level 2 | Level 3 | Total |
Common Stocks (a) | $80,365,116 | $— | $— | $80,365,116 |
Other Investments | — | — | 0 | 0 |
Short-Term Investments (a) | 1,616,218 | — | — | 1,616,218 |
Total | $81,981,334 | $— | $0 | $81,981,334 |
(a) | See Investment Portfolio for additional detailed categorizations. |
6 | | Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP |
as of June 30, 2024 (Unaudited)
Assets | |
Investments in non-affiliated securities, at value (cost $66,416,809) — including $866,764 of securities loaned | $80,365,116 |
Investment in DWS Government & Agency Securities Portfolio (cost $945,850)* | 945,850 |
Investment in DWS Central Cash Management Government Fund (cost $670,368) | 670,368 |
Receivable for Fund shares sold | 13,611 |
Dividends receivable | 61,048 |
Affiliated securities lending income receivable | 1,632 |
Other assets | 820 |
Total assets | 82,058,445 |
Liabilities | |
Payable upon return of securities loaned | 945,850 |
Payable for Fund shares redeemed | 33,719 |
Accrued management fee | 39,272 |
Accrued Trustees' fees | 576 |
Other accrued expenses and payables | 68,876 |
Total liabilities | 1,088,293 |
Net assets, at value | $80,970,152 |
Net Assets Consist of | |
Distributable earnings (loss) | 16,071,608 |
Paid-in capital | 64,898,544 |
Net assets, at value | $80,970,152 |
Net Asset Value | |
Class A | |
Net Asset Value, offering and redemption price per share ($65,409,369 ÷ 4,956,354 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $13.20 |
Class B | |
Net Asset Value, offering and redemption price per share ($15,560,783 ÷ 1,176,935 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized) | $13.22 |
* | Represents collateral on securities loaned. |
Investment Income | |
Income: | |
Dividends (net of foreign taxes withheld of $2,341) | $852,128 |
Income distributions — DWS Central Cash Management Government Fund | 24,712 |
Affiliated securities lending income | 5,708 |
Total income | 882,548 |
Expenses: | |
Management fee | 266,985 |
Administration fee | 39,842 |
Services to shareholders | 1,182 |
Record keeping fee (Class B) | 9,409 |
Distribution service fee (Class B) | 20,153 |
Custodian fee | 1,092 |
Professional fees | 26,330 |
Reports to shareholders | 15,322 |
Trustees' fees and expenses | 2,578 |
Other | 4,832 |
Total expenses before expense reductions | 387,725 |
Expense reductions | (25,973 ) |
Total expenses after expense reductions | 361,752 |
Net investment income | 520,796 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from investments | 1,801,904 |
Change in net unrealized appreciation (depreciation) on investments | (1,132,687 ) |
Net gain (loss) | 669,217 |
Net increase (decrease) in net assets resulting from operations | $1,190,013 |
Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP | | 7 |
Six Months Ended June 30, 2024 | Year Ended December 31, | |
Increase (Decrease) in Net Assets | (Unaudited) | 2023 |
Operations: | ||
Net investment income | $520,796 | $856,526 |
Net realized gain (loss) | 1,801,904 | 4,071,094 |
Change in net unrealized appreciation (depreciation) | (1,132,687 ) | 6,158,094 |
Net increase (decrease) in net assets resulting from operations | 1,190,013 | 11,085,714 |
Distributions to shareholders: | ||
Class A | (4,075,969 ) | (3,252,643 ) |
Class B | (924,859 ) | (744,290 ) |
Total distributions | (5,000,828 ) | (3,996,933 ) |
Fund share transactions: | ||
Class A | ||
Proceeds from shares sold | 1,932,821 | 2,899,779 |
Reinvestment of distributions | 4,075,969 | 3,252,643 |
Payments for shares redeemed | (4,457,763 ) | (8,462,077 ) |
Net increase (decrease) in net assets from Class A share transactions | 1,551,027 | (2,309,655 ) |
Class B | ||
Proceeds from shares sold | 467,902 | 1,723,459 |
Reinvestment of distributions | 924,859 | 744,290 |
Payments for shares redeemed | (1,906,277 ) | (2,740,877 ) |
Net increase (decrease) in net assets from Class B share transactions | (513,516 ) | (273,128 ) |
Increase (decrease) in net assets | (2,773,304 ) | 4,505,998 |
Net assets at beginning of period | 83,743,456 | 79,237,458 |
Net assets at end of period | $80,970,152 | $83,743,456 |
Other Information | ||
Class A | ||
Shares outstanding at beginning of period | 4,830,766 | 5,000,004 |
Shares sold | 141,660 | 224,586 |
Shares issued to shareholders in reinvestment of distributions | 311,143 | 271,506 |
Shares redeemed | (327,215 ) | (665,330 ) |
Net increase (decrease) in Class A shares | 125,588 | (169,238 ) |
Shares outstanding at end of period | 4,956,354 | 4,830,766 |
Class B | ||
Shares outstanding at beginning of period | 1,210,975 | 1,226,929 |
Shares sold | 34,454 | 137,071 |
Shares issued to shareholders in reinvestment of distributions | 70,385 | 61,972 |
Shares redeemed | (138,879 ) | (214,997 ) |
Net increase (decrease) in Class B shares | (34,040 ) | (15,954 ) |
Shares outstanding at end of period | 1,176,935 | 1,210,975 |
8 | | Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP |
Financial Highlights
DWS Small Mid Cap Value VIP — Class A | ||||||
Six Months Ended 6/30/24 | Years Ended December 31, | |||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $13.86 | $12.73 | $15.47 | $12.00 | $13.83 | $12.21 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .09 | .15 | .15 | .11 | .16 | .18 |
Net realized and unrealized gain (loss) | .12 | 1.64 | (2.57 ) | 3.54 | (.90 ) | 2.53 b |
Total from investment operations | .21 | 1.79 | (2.42 ) | 3.65 | (.74 ) | 2.71 |
Less distributions from: | ||||||
Net investment income | (.17 ) | (.15 ) | (.12 ) | (.18 ) | (.16 ) | (.10 ) |
Net realized gains | (.70 ) | (.51 ) | (.20 ) | — | (.93 ) | (.99 ) |
Total distributions | (.87 ) | (.66 ) | (.32 ) | (.18 ) | (1.09 ) | (1.09 ) |
Net asset value, end of period | $13.20 | $13.86 | $12.73 | $15.47 | $12.00 | $13.83 |
Total Return (%)c | 1.52 * | 14.95 | (15.80 ) | 30.50 | (1.80 ) | 22.76 b |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 65 | 67 | 64 | 82 | 70 | 78 |
Ratio of expenses before expense reductions (%)d | .87 ** | .87 | .87 | .85 | .88 | .88 |
Ratio of expenses after expense reductions (%)d | .81 ** | .81 | .83 | .83 | .82 | .83 |
Ratio of net investment income (%) | 1.34 ** | 1.16 | 1.14 | .76 | 1.57 | 1.35 |
Portfolio turnover rate (%) | 16 * | 28 | 33 | 32 | 43 | 55 |
a | Based on average shares outstanding during the period. |
b | 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. |
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. |
* | Not annualized |
** | Annualized |
Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP | | 9 |
DWS Small Mid Cap Value VIP — Class B | ||||||
Six Months Ended 6/30/24 | Years Ended December 31, | |||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $13.86 | $12.72 | $15.46 | $11.99 | $13.82 | $12.20 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .07 | .10 | .10 | .06 | .13 | .13 |
Net realized and unrealized gain (loss) | .11 | 1.66 | (2.58 ) | 3.53 | (.90 ) | 2.53 b |
Total from investment operations | .18 | 1.76 | (2.48 ) | 3.59 | (.77 ) | 2.66 |
Less distributions from: | ||||||
Net investment income | (.12 ) | (.11 ) | (.06 ) | (.12 ) | (.13 ) | (.05 ) |
Net realized gains | (.70 ) | (.51 ) | (.20 ) | — | (.93 ) | (.99 ) |
Total distributions | (.82 ) | (.62 ) | (.26 ) | (.12 ) | (1.06 ) | (1.04 ) |
Net asset value, end of period | $13.22 | $13.86 | $12.72 | $15.46 | $11.99 | $13.82 |
Total Return (%)c | 1.27 * | 14.59 | (16.14 ) | 30.04 | (2.18 ) | 22.32 b |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 16 | 17 | 16 | 21 | 17 | 17 |
Ratio of expenses before expense reductions (%)d | 1.24 ** | 1.24 | 1.24 | 1.22 | 1.25 | 1.25 |
Ratio of expenses after expense reductions (%)d | 1.17 ** | 1.18 | 1.20 | 1.20 | 1.19 | 1.19 |
Ratio of net investment income (%) | .98 ** | .79 | .77 | .40 | 1.21 | .99 |
Portfolio turnover rate (%) | 16 * | 28 | 33 | 32 | 43 | 55 |
a | Based on average shares outstanding during the period. |
b | 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. |
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. |
* | Not annualized |
** | Annualized |
10 | | Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP |
Notes to Financial Statements (Unaudited)
Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP | | 11 |
12 | | Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP |
First $250 million of the Fund’s average daily net assets | .650% |
Next $750 million of such net assets | .620% |
Next $1.5 billion of such net assets | .600% |
Next $2.5 billion of such net assets | .580% |
Next $2.5 billion of such net assets | .550% |
Next $2.5 billion of such net assets | .540% |
Next $2.5 billion of such net assets | .530% |
Over $12.5 billion of such net assets | .520% |
Class A | .81% | |
Class B | 1.17% |
Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP | | 13 |
Class A | $20,231 |
Class B | 5,742 |
$25,973 |
Services to Shareholders | Total Aggregated | Unpaid at June 30, 2024 |
Class A | $449 | $154 |
Class B | 369 | 116 |
$818 | $270 |
14 | | Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP |
Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP | | 15 |
Advisory Agreement Board Considerations and Fee Evaluation
16 | | Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP |
Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP | | 17 |
18 | | Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP |
(b) The Financial Highlights are included with the Financial Statements under Item 7(a). | ||
Item 8. | Changes in and Disagreements with Accountants for Open-End Management Investment Companies. | |
Not applicable | ||
Item 9. | Proxy Disclosures for Open-End Management Investment Companies. | |
Not applicable | ||
Item 10. | Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies. | |
Not applicable | ||
Item 11. | Statement Regarding Basis for Approval of Investment Advisory Contract. | |
Not applicable | ||
Item 12. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. | |
Not applicable | ||
Item 13. | Portfolio Managers of Closed-End Management Investment Companies. | |
Not applicable | ||
Item 14. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. | |
Not applicable | ||
Item 15. | Submission of Matters to a Vote of Security. | |
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 16. | 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 17. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. | |
Not applicable | ||
Item 18. | Recovery of Erroneously Awarded Compensation. | |
Not applicable | ||
Item 19. | Exhibits | |
(a)(1) | Not applicable | |
(a)(2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. | |
(b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: | Deutsche DWS Variable Series II |
By: | /s/Hepsen Uzcan Hepsen Uzcan Principal Executive Officer |
Date: | 8/15/2024 |
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 Principal Executive Officer |
Date: | 8/15/2024 |
By: | /s/Diane Kenneally Diane Kenneally Principal Financial Officer |
Date: | 8/15/2024 |