UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM N-CSR
Investment Company Act file number: 811-05002
Deutsche DWS Variable Series II
(Exact Name of Registrant as Specified in Charter)
875 Third Avenue
New York, NY 10022-6225
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, including Area Code: (212) 454-4500
Diane Kenneally
100 Summer Street
Boston, MA 02110
(Name and Address of Agent for Service)
Date of fiscal year end: | 12/31 |
Date of reporting period: | 12/31/2023 |
ITEM 1. | REPORT TO STOCKHOLDERS |
(a) |
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25 |
2 | |
Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP
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Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP |
| 3 |
Comparative Results | |||||
DWS Alternative Asset Allocation VIP |
1-Year |
3-Year |
5-Year |
10-Year | |
Class A |
Growth of $10,000 |
$10,619 |
$11,084 |
$13,437 |
$13,393 |
Average annual total return |
6.19% |
3.49% |
6.09% |
2.96% | |
MSCI World Index |
Growth of $10,000 |
$12,379 |
$12,344 |
$18,265 |
$22,825 |
Average annual total return |
23.79% |
7.27% |
12.80% |
8.60% | |
Bloomberg U.S. Aggregate Bond Index |
Growth of $10,000 |
$10,553 |
$9,038 |
$10,564 |
$11,964 |
Average annual total return |
5.53% |
–3.31% |
1.10% |
1.81% | |
Blended Index |
Growth of $10,000 |
$11,819 |
$11,326 |
$15,743 |
$19,231 |
Average annual total return |
18.19% |
4.24% |
9.50% |
6.76% | |
DWS Alternative Asset Allocation VIP |
1-Year |
3-Year |
5-Year |
10-Year | |
Class B |
Growth of $10,000 |
$10,567 |
$10,953 |
$13,191 |
$12,962 |
Average annual total return |
5.67% |
3.08% |
5.70% |
2.63% | |
MSCI World Index |
Growth of $10,000 |
$12,379 |
$12,344 |
$18,265 |
$22,825 |
Average annual total return |
23.79% |
7.27% |
12.80% |
8.60% | |
Bloomberg U.S. Aggregate Bond Index |
Growth of $10,000 |
$10,553 |
$9,038 |
$10,564 |
$11,964 |
Average annual total return |
5.53% |
–3.31% |
1.10% |
1.81% | |
Blended Index |
Growth of $10,000 |
$11,819 |
$11,326 |
$15,743 |
$19,231 |
Average annual total return |
18.19% |
4.24% |
9.50% |
6.76% | |
The growth of $10,000 is cumulative. |
4 | |
Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP
|
Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP |
| 5 |
6 | |
Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP
|
Asset Allocation* (As a % of Investment Portfolio) |
12/31/23 |
12/31/22 |
Real Asset |
40% |
38% |
DWS Enhanced Commodity Strategy Fund |
14% |
13% |
DWS RREEF Global Infrastructure Fund |
14% |
14% |
DWS RREEF Real Estate Securities Fund |
9% |
8% |
iShares Global Infrastructure ETF |
2% |
2% |
SPDR S&P Global Natural Resources ETF |
1% |
1% |
Alternative Fixed Income |
22% |
20% |
DWS Floating Rate Fund |
10% |
9% |
iShares JP Morgan USD Emerging Markets Bond ETF |
5% |
4% |
DWS Emerging Markets Fixed Income Fund |
4% |
4% |
SPDR Blackstone Senior Loan ETF |
3% |
3% |
Alternative Equity |
14% |
11% |
SPDR Bloomberg Convertible Securities ETF |
11% |
8% |
iShares Preferred & Income Securities ETF |
3% |
3% |
Absolute Return |
17% |
20% |
DWS ESG Liquidity Fund |
9% |
13% |
DWS Global Macro Fund |
8% |
7% |
Cash Equivalents |
7% |
11% |
DWS Central Cash Management Government Fund |
7% |
11% |
|
100% |
100% |
* |
During the periods indicated, asset categories and investment strategies represented in the Fund’s portfolio fell into the following
categories: Real Assets, Alternative Fixed Income, Alternative Equity, and Absolute Return. Real Asset
investments have a tangible or physical aspect such as real estate or commodities.
Alternative Fixed Income investments seek to offer exposure to categories generally not
included in investors’ allocations and to foreign investments, many of which are not denominated in US dollars. Alternative Equity investments are investments primarily in convertible and preferred instruments that offer equity exposure.
Absolute Return investments seek positive returns in all market environments or seek to increase the
diversification or liquidity of the Fund’s portfolio. |
Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP |
| 7 |
|
Shares |
Value ($) | |
Mutual Funds 59.1% |
|
|
|
DWS Emerging Markets
Fixed Income Fund "Institutional" (a) |
|
2,429,841 |
16,984,587 |
DWS Enhanced Commodity Strategy Fund
"Institutional" (a) |
|
10,565,437 |
59,589,066 |
DWS Floating Rate Fund "Institutional" (a) |
|
5,707,415 |
43,718,798 |
DWS Global Macro Fund
"Institutional" (a) |
|
3,463,761 |
34,395,150 |
DWS RREEF Global
Infrastructure Fund "Institutional" (a) |
|
3,966,180 |
58,739,124 |
DWS RREEF Real Estate
Securities Fund "Institutional" (a) |
|
1,718,449 |
36,053,065 |
Total Mutual Funds (Cost $270,489,749) |
249,479,790 | ||
Exchange-Traded Funds 24.7% | |||
iShares Global Infrastructure ETF |
|
141,313 |
6,648,777 |
iShares JP Morgan USD
Emerging Markets Bond ETF |
|
238,293 |
21,222,374 |
iShares Preferred & Income Securities ETF |
|
459,281 |
14,324,974 |
|
Shares |
Value ($) | |
SPDR Blackstone Senior Loan ETF |
|
280,331 |
11,754,279 |
SPDR Bloomberg
Convertible Securities ETF |
|
635,878 |
45,878,598 |
SPDR S&P Global Natural Resources ETF |
|
73,958 |
4,189,721 |
Total Exchange-Traded Funds
(Cost $97,007,958) |
104,018,723 | ||
Cash Equivalents 16.3% | |||
DWS Central Cash
Management Government Fund, 5.38% (a) (b) |
|
28,907,178 |
28,907,178 |
DWS ESG Liquidity Fund "Institutional",
5.49% (a) (b) |
|
39,697,631 |
39,701,601 |
Total Cash Equivalents (Cost $68,595,104) |
68,608,779 |
|
|
% of
Net Assets |
Value ($) |
Total Investment Portfolio
(Cost $436,092,811) |
|
100.1 |
422,107,292 |
Other Assets and Liabilities, Net |
|
(0.1 ) |
(386,380
) |
Net Assets |
|
100.0 |
421,720,912 |
Value ($) at
12/31/2022 |
Purchases Cost ($) |
Sales Proceeds ($) |
Net Realized Gain/ (Loss) ($) |
Net Change in Unrealized Appreciation (Depreciation) ($) |
Income ($) |
Capital Gain Distributions ($) |
Number of Shares at 12/31/2023 |
Value ($) at
12/31/2023 |
Mutual Funds 59.1% | ||||||||
DWS Emerging Markets Fixed Income Fund "Institutional" (a) | ||||||||
15,307,718 |
1,024,896 |
— |
— |
651,973 |
1,024,896 |
— |
2,429,841 |
16,984,587 |
DWS Enhanced Commodity Strategy Fund "Institutional" (a) | ||||||||
54,938,029 |
8,940,718 |
— |
— |
(4,289,681) |
1,133,918 |
— |
10,565,437 |
59,589,066 |
DWS Floating Rate Fund "Institutional" (a) | ||||||||
39,196,806 |
3,481,514 |
— |
— |
1,040,478 |
3,481,514 |
— |
5,707,415 |
43,718,798 |
DWS Global Macro Fund "Institutional" (a) | ||||||||
31,508,793 |
748,617 |
— |
— |
2,137,740 |
972,385 |
— |
3,463,761 |
34,395,150 |
DWS RREEF Global Infrastructure Fund "Institutional" (a) | ||||||||
57,617,260 |
1,538,903 |
— |
— |
(417,039) |
1,305,168 |
233,735 |
3,966,180 |
58,739,124 |
DWS RREEF Real Estate Securities Fund "Institutional" (a) | ||||||||
32,090,988 |
649,786 |
— |
— |
3,312,291 |
649,786 |
— |
1,718,449 |
36,053,065 |
Cash Equivalents 16.3% | ||||||||
DWS Central Cash Management Government Fund, 5.38% (a) (b) | ||||||||
48,680,508 |
27,087,231 |
46,860,561 |
— |
— |
2,074,088 |
— |
28,907,178 |
28,907,178 |
DWS ESG Liquidity Fund "Institutional", 5.49% (a) (b) | ||||||||
54,525,559 |
2,081,220 |
16,914,900 |
1,672 |
8,050 |
2,078,174 |
— |
39,697,631 |
39,701,601 |
333,865,661 |
45,552,885 |
63,775,461 |
1,672 |
2,443,812 |
12,719,929 |
233,735 |
96,455,892 |
318,088,569 |
(a) |
Affiliated fund managed by DWS Investment Management Americas, Inc. |
8 | |
Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP
|
(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 |
$249,479,790 |
$— |
$— |
$249,479,790 |
Exchange-Traded Funds |
104,018,723 |
— |
— |
104,018,723 |
Short-Term Investments |
68,608,779 |
— |
— |
68,608,779 |
Total |
$422,107,292 |
$— |
$— |
$422,107,292 |
Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP |
| 9 |
Assets |
|
Investments in non-affiliated Underlying Funds, at value (cost $97,007,958) |
$104,018,723 |
Investments in affiliated Underlying Funds, at value (cost $339,084,853) |
318,088,569 |
Cash |
10,000 |
Receivable for Fund shares sold |
23,234 |
Other assets |
10,399 |
Total assets |
422,150,925 |
Liabilities |
|
Payable for Fund shares redeemed |
82,737 |
Accrued management fee |
36,100 |
Accrued Trustees' fees |
5,805 |
Other accrued expenses and payables |
305,371 |
Total liabilities |
430,013 |
Net assets, at value |
$421,720,912 |
Net Assets Consist of |
|
Distributable earnings (loss) |
(4,333,287 ) |
Paid-in capital |
426,054,199 |
Net assets, at value |
$421,720,912 |
Net Asset Value |
|
Class A |
|
Net Asset Value, offering and redemption price
per share ($51,031,151 ÷ 4,006,960 outstanding
shares of beneficial interest, no par value,
unlimited number of shares authorized) |
$12.74 |
Class B |
|
Net Asset Value, offering and redemption price
per share ($370,689,761 ÷ 29,134,598
outstanding shares of beneficial interest,
no par value, unlimited number of
shares authorized) |
$12.72 |
Investment Income |
|
Income: |
|
Dividends |
$3,977,068 |
Income distributions from affiliated Underlying Funds |
12,719,929 |
Total income |
16,696,997 |
Expenses: |
|
Management fee |
421,151 |
Administration fee |
408,516 |
Services to shareholders |
1,503 |
Record keeping fee (Class B) |
486,353 |
Distribution service fee (Class B) |
931,556 |
Custodian fee |
3,123 |
Professional fees |
73,746 |
Reports to shareholders |
27,496 |
Registration fees |
1 |
Trustees' fees and expenses |
18,205 |
Other |
11,498 |
Total expenses |
2,383,148 |
Net investment income |
14,313,849 |
Realized and Unrealized Gain (Loss) |
|
Net realized gain (loss) from: |
|
Sale of affiliated Underlying Funds |
1,672 |
Capital gain distributions from affiliated Underlying Funds |
233,735 |
|
235,407 |
Change in net unrealized appreciation (depreciation) on: |
|
Affiliated Underlying Funds |
2,443,812 |
Non-affiliated Underlying Funds |
6,334,022 |
|
8,777,834 |
Net gain (loss) |
9,013,241 |
Net increase (decrease) in net assets resulting from operations |
$23,327,090 |
10 | |
Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP
|
|
Years Ended December 31, | |
Increase (Decrease) in Net Assets |
2023 |
2022 |
Operations: |
|
|
Net investment income |
$14,313,849 |
$26,459,643 |
Net realized gain (loss) |
235,407 |
5,513,392 |
Change in net unrealized appreciation (depreciation) |
8,777,834 |
(68,849,097 ) |
Net increase (decrease) in net assets resulting from operations |
23,327,090 |
(36,876,062 ) |
Distributions to shareholders: |
|
|
Class A |
(3,667,936 ) |
(3,486,882 ) |
Class B |
(27,346,396 ) |
(29,085,224 ) |
Total distributions |
(31,014,332 ) |
(32,572,106 ) |
Fund share transactions: |
|
|
Class A |
|
|
Proceeds from shares sold |
4,314,432 |
8,154,196 |
Reinvestment of distributions |
3,667,936 |
3,486,882 |
Payments for shares redeemed |
(2,401,585 ) |
(5,596,341 ) |
Net increase (decrease) in net assets from Class A share transactions |
5,580,783 |
6,044,737 |
Class B |
|
|
Proceeds from shares sold |
7,854,171 |
17,581,298 |
Reinvestment of distributions |
27,346,396 |
29,085,224 |
Payments for shares redeemed |
(33,896,495 ) |
(55,362,431 ) |
Net increase (decrease) in net assets from Class B share transactions |
1,304,072 |
(8,695,909 ) |
Increase (decrease) in net assets |
(802,387 ) |
(72,099,340 ) |
Net assets at beginning of period |
422,523,299 |
494,622,639 |
Net assets at end of period |
$421,720,912 |
$422,523,299 |
|
| |
Other Information |
|
|
Class A |
|
|
Shares outstanding at beginning of period |
3,557,543 |
3,126,054 |
Shares sold |
341,343 |
590,731 |
Shares issued to shareholders in reinvestment of distributions |
300,404 |
250,494 |
Shares redeemed |
(192,330 ) |
(409,736 ) |
Net increase (decrease) in Class A shares |
449,417 |
431,489 |
Shares outstanding at end of period |
4,006,960 |
3,557,543 |
Class B |
|
|
Shares outstanding at beginning of period |
28,995,732 |
29,598,447 |
Shares sold |
625,239 |
1,281,615 |
Shares issued to shareholders in reinvestment of distributions |
2,236,010 |
2,086,458 |
Shares redeemed |
(2,722,383 ) |
(3,970,788 ) |
Net increase (decrease) in Class B shares |
138,866 |
(602,715 ) |
Shares outstanding at end of period |
29,134,598 |
28,995,732 |
Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP |
| 11 |
DWS Alternative Asset Allocation VIP — Class A | |||||
|
Years Ended December 31, | ||||
|
2023 |
2022 |
2021 |
2020 |
2019 |
Selected Per Share Data | |||||
Net asset value, beginning of period |
$12.99 |
$15.13 |
$13.70 |
$13.35 |
$12.10 |
Income (loss) from investment operations: |
|
|
|
|
|
Net investment incomea |
.47 |
.88 |
1.04 |
.29 |
.40 |
Net realized and unrealized gain (loss) |
.29 |
(1.93 ) |
.69 |
.40 |
1.35 |
Total from investment operations |
.76 |
(1.05 ) |
1.73 |
.69 |
1.75 |
Less distributions from: |
|
|
|
|
|
Net investment income |
(.89 ) |
(1.08 ) |
(.30 ) |
(.34 ) |
(.50 ) |
Net realized gains |
(.12 ) |
(.01 ) |
— |
— |
— |
Total distributions |
(1.01 ) |
(1.09 ) |
(.30 ) |
(.34 ) |
(.50 ) |
Net asset value, end of period |
$12.74 |
$12.99 |
$15.13 |
$13.70 |
$13.35 |
Total Return (%)b |
6.19 |
(7.42 ) |
12.74 |
5.71 |
14.68
c |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) |
51 |
46 |
47 |
37 |
34 |
Ratio of expenses before expense reductions (%)d,e |
.23 |
.23 |
.23 |
.23 |
.56 |
Ratio of expenses after expense reductions (%)d,e |
.23 |
.23 |
.23 |
.23 |
.23 |
Ratio of net investment income (%) |
3.76 |
6.44 |
7.13 |
2.29 |
3.09 |
Portfolio turnover rate (%) |
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.
|
12 | |
Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP
|
DWS Alternative Asset Allocation VIP — Class B | |||||
|
Years Ended December 31, | ||||
|
2023 |
2022 |
2021 |
2020 |
2019 |
Selected Per Share Data |
|
|
|
|
|
Net asset value, beginning of period |
$12.98 |
$15.11 |
$13.68 |
$13.34 |
$12.09 |
Income (loss) from investment operations: |
|
|
|
|
|
Net investment incomea |
.42 |
.80 |
.93 |
.24 |
.37 |
Net realized and unrealized gain (loss) |
.28 |
(1.90 ) |
.75 |
.41 |
1.34 |
Total from investment operations |
.70 |
(1.10 ) |
1.68 |
.65 |
1.71 |
Less distributions from: |
|
|
|
|
|
Net investment income |
(.84 ) |
(1.02 ) |
(.25 ) |
(.31 ) |
(.46 ) |
Net realized gains |
(.12 ) |
(.01 ) |
— |
— |
— |
Total distributions |
(.96 ) |
(1.03 ) |
(.25 ) |
(.31 ) |
(.46 ) |
Net asset value, end of period |
$12.72 |
$12.98 |
$15.11 |
$13.68 |
$13.34 |
Total Return (%)b |
5.67 |
(7.74 ) |
12.35
c |
5.32
c |
14.35
c |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) |
371 |
376 |
447 |
427 |
349 |
Ratio of expenses before expense reductions (%)d,e |
.61 |
.61 |
.61 |
.61 |
.92 |
Ratio of expenses after expense reductions (%)d,e |
.61 |
.61 |
.60 |
.59 |
.52 |
Ratio of net investment income (%) |
3.35 |
5.81 |
6.37 |
1.94 |
2.90 |
Portfolio turnover rate (%) |
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.
|
Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP |
| 13 |
14 | |
Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP
|
Undistributed ordinary income* |
$14,193,248 |
Undistributed long-term capital gains |
$210,387 |
Net unrealized appreciation (depreciation) on investments |
$(18,736,922 ) |
|
Years Ended December 31, | |
|
2023 |
2022 |
Distributions from ordinary income* |
$27,187,079 |
$32,107,445 |
Distributions from long-term capital gains |
$3,827,253 |
$464,661 |
* |
For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP |
| 15 |
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 |
|
1.00% |
Class B |
|
1.39% |
Class A |
1.02% |
Class B |
1.40% |
16 | |
Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP
|
Services to Shareholders |
Total
Aggregated |
Unpaid at
December 31, 2023 |
Class A |
$286 |
$48 |
Class B |
391 |
72 |
|
$677 |
$120 |
Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP |
| 17 |
18 | |
Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP
|
Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP |
| 19 |
Actual Fund Return |
Class A |
Class B |
Beginning Account Value 7/1/23 |
$1,000.00 |
$1,000.00 |
Ending Account Value 12/31/23 |
$1,036.60 |
$1,034.10 |
Expenses Paid per $1,000* |
$1.18 |
$3.13 |
Hypothetical 5% Fund Return |
Class A |
Class B |
Beginning Account Value 7/1/23 |
$1,000.00 |
$1,000.00 |
Ending Account Value 12/31/23 |
$1,024.05 |
$1,022.13 |
Expenses Paid per $1,000* |
$1.17 |
$3.11 |
* |
Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the
period, multiplied by 184 (the number of days in the most recent six-month period), then divided by
365. |
Annualized Expense Ratios** |
Class A |
Class B |
Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP |
.23% |
.61% |
** |
The Fund invests in other funds and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds
in which the Fund is invested. These ratios do not include these indirect fees and
expenses. |
20 | |
Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP
|
Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP |
| 21 |
22 | |
Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP
|
Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP |
| 23 |
24 | |
Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP
|
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1
|
Business Experience and Directorships During the Past Five Years |
Number of Funds in DWS Fund Complex Overseen |
Other Directorships Held by Board Member |
Keith R. Fox, CFA (1954) Chairperson since 2017, and Board Member since 1996 |
Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986); Former Chairman, National Association of Small Business Investment Companies; Former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds); Progressive International Corporation (kitchen goods designer and distributor) |
68 |
— |
John W. Ballantine (1946) Board Member since 1999 |
Retired; formerly: Executive Vice President and Chief Risk Management
Officer, First Chicago NBD Corporation/The First National Bank of Chicago
(1996–1998); Executive Vice President and Head of International
Banking (1995–1996); Not-for-Profit Directorships: Window to the
World Communications (public media); Life Director of Harris Theater
for Music and Dance (Chicago); Life Director of Hubbard Street Dance
Chicago; Former Directorships: Director and Chairman of the Board,
Healthways Inc.2 (population well-being and wellness services)
(2003–2014); Stockwell Capital Investments PLC (private equity);
Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak
Brook Bancshares, Inc.; Oak Brook Bank; Portland General
Electric2 (utility
company) (2003–2021); and Prisma Energy International; Former
Not-for- Profit Directorships: Public Radio International; Palm Beach
Civic Assn. |
68 |
— |
Mary Schmid Daugherty, NACD.DC, PHD, CFA (1958) Board Member or Advisory Board Member since 20233 |
Senior Fellow in Applied Finance, Department of Finance, Opus College of
Business at the University of St. Thomas (1987–present);
Directorships: The Meritex Company (2017–present);
Driessen Water, Inc. (2016–present); and The Hardenbergh
Foundation (2021–present); Former Directorships: Mairs
& Power Funds Trust (mutual funds) (2010–2022); and Crescent
Electric Supply Company (2010–2019) |
214
|
— |
Dawn-Marie Driscoll (1946) Board Member since 1987 |
Emeritus Advisory Board and former Executive Fellow, Hoffman Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General
Counsel, Filene’s (retail) (1978–1988); Directorships: Trustee and
former Chairman of the Board, Southwest Florida Community Foundation
(charitable organization); Former Directorships: ICI Mutual Insurance
Company (2007–2015); Sun Capital Advisers Trust (mutual funds)
(2007–2012); Investment Company Institute (audit, executive,
nominating committees) and Independent Directors Council (governance,
executive committees) |
68 |
— |
Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP |
| 25 |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1
|
Business Experience and Directorships During the Past Five Years |
Number of Funds in DWS Fund Complex Overseen |
Other Directorships Held by Board Member |
Richard J. Herring (1946) Board Member since 1990 |
Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (1972–present); formerly:
Director, The Wharton Financial Institutions Center (1994–2020); Vice Dean
and Director, Wharton Undergraduate Division (1995–2000) and
Director, The Lauder Institute of International Management Studies
(2000–2006); Member FDIC Systemic Risk Advisory Committee
(2011–present), member Systemic Risk Council
(2012–present) and member of the Advisory Board of the Yale
Program on Financial Stability (2013–present); Former
Directorships: Co-Chair of the Shadow Financial Regulatory Committee
(2003–2015), Executive Director of The Financial Economists
Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013),
Director of The Aberdeen Singapore Fund (2007–2018), Director,
The Aberdeen Japan Fund (2007–2021) and Nonexecutive Director of
Barclays Bank DE (2010–2018) |
68 |
— |
Chad D. Perry (1972) Board Member or Advisory Board Member since 20213 |
Executive Vice President and General Counsel, RLJ Lodging Trust2 (since
2023); formerly Executive Vice President, General Counsel and Secretary,
Tanger Factory Outlet Centers, Inc.2 (2011–2023); Executive Vice President
and Deputy General Counsel, LPL Financial Holdings Inc.2 (2006–2011);
Senior Corporate Counsel, EMC Corporation (2005–2006); Associate,
Ropes & Gray LLP (1997–2005) |
214
|
Director, Great
Elm Capital Corp. (business
development company) (since
2022) |
Rebecca W. Rimel (1951) Board Member since 1995 |
Directorships: Washington College (since July 2023); Formerly: Executive
Vice President, The Glenmede Trust Company (investment trust and
wealth management) (1983–2004); Board Member, Investor Education
(charitable organization) (2004–2005); Former Directorships:
Trustee, Executive Committee, Philadelphia Chamber of Commerce
(2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson
Foundation (charitable organization) (1994–2012); President,
Chief Executive Officer and Director (1994–2020) and Senior
Advisor (2020–2021), The Pew Charitable Trusts (charitable
organization); Director, BioTelemetry Inc.2 (acquired by Royal Philips in 2021) (healthcare)
(2009–2021); Director, Becton Dickinson and Company2 (medical
technology company) (2012–2022) |
68 |
Director, The
Bridgespan Group (nonprofit
organization)
(since October 2020) |
Catherine Schrand (1964) Board Member since 2021 |
Celia Z. Moh Professor of Accounting (2016–present) and Professor of
Accounting (1994–present); Directorships: Advisory Board Member,
the Jacobs Levy Center, The Wharton School, University of Pennsylvania
(since 2023); Former positions: Vice Dean, Wharton Doctoral Programs,
The Wharton School, University of Pennsylvania
(2016–2019) |
68 |
— |
William N. Searcy, Jr. (1946) Board Member since 1993 |
Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Former Directorships: Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012) |
68 |
— |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time
Served6 |
Business Experience and Directorships During the Past Five Years |
Hepsen Uzcan7 (1974) President and Chief Executive Officer, 2017–present |
Head of Americas CEO Office, DWS (2023–present), Head of Fund Administration, Head of Product
Americas and Head of U.S. Mutual Funds, DWS (2017–present); Vice President, DWS Service Company
(2018–present); President, DB Investment Managers, Inc. (2018–present);
President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany
Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); Vice
President, DWS Investment Management Americas, Inc. (2023–present); formerly: Vice
President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds
(2013–2019); Secretary, DWS USA Corporation (2018–2023); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–2023); Assistant Secretary, DWS Trust Company (2018–2023); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The
Central and Eastern Europe Fund, Inc. (2013–2020); Assistant Secretary, DWS Distributors, Inc.
(2018–2023); Directorships: Director of DWS Service Company (2018–present);
Director of DB Investment Managers, Inc. (2018–present); Director of Episcopalian
Charities of New York (2018–present); Interested Director of The European Equity
Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc.
(2020–present); Director of ICI Mutual Insurance Company (2020–present);
Director of DWS USA Corporation (2023–present); Director of DWS Investment
Management Americas, Inc. (2023–present); and Manager of DBX Advisors LLC.
(2023–present) |
John Millette8 (1962) Vice President and Secretary, 1999–present |
Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas,
Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present);
Secretary, DBX ETF Trust (2020–present); Vice President, DBX Advisors LLC
(2021–present); Secretary, The European Equity Fund, Inc., The New Germany Fund,
Inc. and The Central and Eastern Europe Fund, Inc. (2011–present); formerly:
Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and Assistant
Secretary, DBX ETF Trust (2019–2020) |
26 | |
Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP
|
Name, Year of Birth, Position with the Trust/Corporation and Length of Time
Served6 |
Business Experience and Directorships During the Past Five Years |
Ciara Crawford9 (1984) Assistant
Secretary, 2019–present |
Fund Administration (Specialist), DWS (2015–present); Assistant Secretary, DWS Service Company
(2018–present); Assistant Secretary of U.S. Mutual Funds, DWS (2019–present); Assistant
Secretary, DWS USA Corporation (2023–present); Assistant Secretary, DBX Advisors,
LLC (2023–present); Assistant Secretary, DWS Investment Management Americas, Inc.
(2023–present); Assistant Clerk, DWS Trust Company (2023–present); formerly,
Legal Assistant at Accelerated Tax Solutions |
Diane Kenneally8 (1966) Chief Financial Officer and Treasurer, 2018–present |
Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Treasurer, Chief Financial Officer and
Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European
Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund,
Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds
(2007–2018) |
Yvonne Wong8 (1960) Assistant Treasurer, since December 1, 2023 |
Fund Administration (Senior Analyst), DWS; Assistant Treasurer, DBX ETF Trust (since November 14, 2023) |
Sheila Cadogan8 (1966) Assistant
Treasurer, 2017–present |
Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Director and Vice President, DWS
Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant
Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and
Eastern Europe Fund, Inc. (2018–present) |
Scott D. Hogan8 (1970) Chief Compliance
Officer, 2016–present |
Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The
European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund,
Inc. (2016–present) |
Caroline Pearson8 (1962) Chief Legal
Officer, 2010–present |
Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer,
DBX Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New
Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present);
formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); Secretary,
Deutsche AM Service Company (2010–2017); and Chief Legal Officer, DBX Strategic
Advisors LLC (2020–2021) |
Christian Rijs7 (1980) Anti-Money Laundering Compliance
Officer, 2021–present |
Senior Team Lead Anti-Financial Crime and Compliance, DWS; AML Officer, DWS Trust Company (2021–present); AML Officer, DBX ETF Trust (2021–present); AML Officer, The European Equity Fund,
Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2021–present);
formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO |
1 |
The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently
overseen by the Board. |
2 |
A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934. |
3 |
Mr. Perry and Ms. Daugherty are each an Advisory Board Member of Deutsche DWS Asset Allocation Trust, Deutsche DWS Equity
500 Index Portfolio, Deutsche DWS Global/International Fund, Inc., Deutsche DWS Income Trust, Deutsche
DWS Institutional Funds, Deutsche DWS International Fund, Inc., Deutsche DWS Investment
Trust, Deutsche DWS Investments VIT Funds, Deutsche DWS Money Market Trust, Deutsche DWS
Municipal Trust, Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust, Deutsche DWS
Tax Free Trust, Deutsche DWS Variable Series I and Government Cash Management Portfolio. Mr. Perry and
Ms. Daugherty are each a Board Member of each other Trust. |
4 |
Mr. Perry and Ms. Daugherty each oversees 21 funds in the DWS Fund Complex as a Board Member of various Trusts. Mr. Perry and
Ms. Daugherty are each an Advisory Board Member of various Trusts/Corporations comprised of 47 funds in
the DWS Fund Complex. |
5 |
As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons”
of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the
Fund. |
6 |
The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds. |
7 |
Address: 875 Third Avenue, New York, New York 10022. |
8 |
Address: 100 Summer Street, Boston, MA 02110. |
9 |
Address: 5201 Gate Parkway, Jacksonville, FL 32256. |
Deutsche DWS Variable Series II — DWS Alternative Asset Allocation VIP |
| 27 |
3 |
|
4 |
|
6 |
|
7 |
|
10 |
|
10 |
|
11 |
|
12 |
|
14 |
|
19 |
|
20 |
|
21 |
|
22 |
|
22 |
|
23 |
|
26 |
2 | |
Deutsche DWS Variable Series II — DWS CROCI® U.S. VIP |
Comparative Results | |||||
DWS CROCI® U.S.
VIP |
1-Year |
3-Year |
5-Year |
10-Year | |
Class A |
Growth of $10,000 |
$12,076 |
$12,943 |
$15,116 |
$16,390 |
Average annual total return |
20.76% |
8.98% |
8.61% |
5.06% | |
Russell 1000® Value Index |
Growth of $10,000 |
$11,146 |
$12,899 |
$16,779 |
$22,399 |
Average annual total return |
11.46% |
8.86% |
10.91% |
8.40% | |
DWS CROCI® U.S.
VIP |
1-Year |
3-Year |
5-Year |
10-Year | |
Class B |
Growth of $10,000 |
$12,037 |
$12,817 |
$14,873 |
$15,891 |
Average annual total return |
20.37% |
8.63% |
8.26% |
4.74% | |
Russell 1000® Value Index |
Growth of $10,000 |
$11,146 |
$12,899 |
$16,779 |
$22,399 |
Average annual total return |
11.46% |
8.86% |
10.91% |
8.40% | |
The growth of $10,000 is cumulative. |
Deutsche DWS Variable Series II — DWS CROCI® U.S. VIP |
| 3 |
4 | |
Deutsche DWS Variable Series II — DWS CROCI® U.S. VIP |
Deutsche DWS Variable Series II — DWS CROCI® U.S. VIP |
| 5 |
Asset Allocation (As a % of Investment Portfolio) |
12/31/23 |
12/31/22 |
Common Stocks |
99% |
99% |
Cash Equivalents |
1% |
1% |
|
100% |
100% |
Sector Diversification (As a % of Investment Portfolio excluding Cash Equivalents) |
12/31/23 |
12/31/22 |
Information Technology |
24% |
28% |
Health Care |
22% |
23% |
Communication Services |
14% |
8% |
Financials |
11% |
11% |
Consumer Discretionary |
10% |
10% |
Industrials |
6% |
5% |
Energy |
6% |
5% |
Materials |
4% |
6% |
Consumer Staples |
3% |
4% |
|
100% |
100% |
6 | |
Deutsche DWS Variable Series II — DWS CROCI® U.S. VIP |
|
Shares |
Value ($) | |
Common Stocks 99.3% |
| ||
Communication Services 13.8% |
| ||
Entertainment 1.6% |
| ||
Warner Bros Discovery, Inc.* |
|
186,564 |
2,123,098 |
Interactive Media & Services 8.2% |
| ||
Alphabet, Inc. "A"* |
|
45,048 |
6,292,755 |
Meta Platforms, Inc. "A"* |
|
13,280 |
4,700,589 |
|
|
|
10,993,344 |
Media 3.2% |
| ||
Comcast Corp. "A" |
|
7,485 |
328,217 |
Fox Corp. "A" |
|
131,126 |
3,890,509 |
|
|
|
4,218,726 |
Wireless Telecommunication Services 0.8% |
| ||
T-Mobile U.S., Inc. |
|
6,868 |
1,101,146 |
Consumer Discretionary 10.2% |
| ||
Hotels, Restaurants & Leisure 1.7% |
| ||
Boyd Gaming Corp. |
|
36,110 |
2,260,847 |
Household Durables 5.2% |
| ||
D.R. Horton, Inc. |
|
41,470 |
6,302,611 |
Garmin Ltd. |
|
4,724 |
607,223 |
|
|
|
6,909,834 |
Specialty Retail 2.6% |
| ||
AutoNation, Inc.* |
|
9,538 |
1,432,417 |
Best Buy Co., Inc. |
|
4,585 |
358,914 |
Lowe's Companies, Inc. |
|
4,357 |
969,650 |
Signet Jewelers Ltd. |
|
6,767 |
725,828 |
|
|
|
3,486,809 |
Textiles, Apparel & Luxury Goods 0.7% |
| ||
Tapestry, Inc. |
|
26,444 |
973,404 |
Consumer Staples 3.4% |
| ||
Beverages 0.5% |
| ||
Molson Coors Beverage Co. "B" |
|
10,352 |
633,646 |
Consumer Staples Distribution & Retail 0.7% |
| ||
Kroger Co. |
|
20,848 |
952,962 |
Food Products 1.2% |
| ||
Archer-Daniels-Midland Co. |
|
10,469 |
756,071 |
Conagra Brands, Inc. |
|
31,034 |
889,434 |
|
|
|
1,645,505 |
Tobacco 1.0% |
| ||
Altria Group, Inc. |
|
32,752 |
1,321,216 |
Energy 5.7% |
| ||
Oil, Gas & Consumable Fuels 5.7% |
| ||
Coterra Energy, Inc. |
|
36,775 |
938,498 |
Exxon Mobil Corp. |
|
15,539 |
1,553,589 |
Marathon Petroleum Corp. |
|
11,958 |
1,774,089 |
Phillips 66 |
|
3,780 |
503,269 |
|
Shares |
Value ($) | |
Pioneer Natural Resources Co. |
|
8,685 |
1,953,083 |
Valero Energy Corp. |
|
6,543 |
850,590 |
|
|
|
7,573,118 |
Financials 11.2% |
| ||
Banks 2.9% |
| ||
JPMorgan Chase & Co. |
|
19,819 |
3,371,212 |
Wells Fargo & Co. |
|
9,097 |
447,754 |
|
|
|
3,818,966 |
Capital Markets 1.2% |
| ||
State Street Corp. |
|
20,585 |
1,594,514 |
Consumer Finance 7.1% |
| ||
Capital One Financial Corp. |
|
18,537 |
2,430,572 |
Discover Financial Services |
|
40,661 |
4,570,296 |
Synchrony Financial |
|
66,224 |
2,529,095 |
|
|
|
9,529,963 |
Health Care 21.8% |
| ||
Biotechnology 8.5% |
| ||
AbbVie, Inc. |
|
6,776 |
1,050,077 |
Amgen, Inc. |
|
1,454 |
418,781 |
Gilead Sciences, Inc. |
|
45,216 |
3,662,948 |
Regeneron Pharmaceuticals, Inc.* |
|
4,087 |
3,589,571 |
Vertex Pharmaceuticals, Inc.* |
|
6,457 |
2,627,289 |
|
|
|
11,348,666 |
Health Care Equipment & Supplies 2.9% |
| ||
Edwards Lifesciences Corp.* |
|
7,555 |
576,069 |
Hologic, Inc.* |
|
20,022 |
1,430,572 |
Medtronic PLC |
|
22,311 |
1,837,980 |
|
|
|
3,844,621 |
Health Care Providers & Services 0.9% |
| ||
HCA Healthcare, Inc. |
|
1,253 |
339,162 |
Laboratory Corp. of America Holdings |
|
4,078 |
926,888 |
|
|
|
1,266,050 |
Pharmaceuticals 9.5% |
| ||
Johnson & Johnson |
|
28,650 |
4,490,601 |
Merck & Co., Inc. |
|
61,387 |
6,692,411 |
Viatris, Inc. |
|
137,834 |
1,492,742 |
|
|
|
12,675,754 |
Industrials 6.0% |
| ||
Electrical Equipment 0.3% |
| ||
Acuity Brands, Inc. |
|
2,016 |
412,937 |
Machinery 4.1% |
| ||
Cummins, Inc. |
|
5,998 |
1,436,941 |
Deere & Co. |
|
1,829 |
731,362 |
PACCAR, Inc. |
|
34,094 |
3,329,279 |
|
|
|
5,497,582 |
Deutsche DWS Variable Series II — DWS CROCI® U.S. VIP |
| 7 |
|
Shares |
Value ($) | |
Professional Services 1.2% |
| ||
ManpowerGroup, Inc. |
|
4,292 |
341,085 |
Robert Half, Inc. |
|
8,332 |
732,550 |
SS&C Technologies Holdings, Inc. |
|
9,673 |
591,117 |
|
|
|
1,664,752 |
Trading Companies & Distributors 0.4% |
| ||
Ferguson PLC |
|
2,521 |
486,730 |
Information Technology 23.7% |
| ||
Communications Equipment 2.6% |
| ||
Cisco Systems, Inc. |
|
69,305 |
3,501,289 |
Electronic Equipment, Instruments & Components 1.2% |
| ||
Sanmina Corp.* |
|
30,175 |
1,550,090 |
IT Services 2.4% |
| ||
Cognizant Technology Solutions Corp. "A" |
|
42,401 |
3,202,547 |
Semiconductors & Semiconductor Equipment 9.9% |
| ||
Applied Materials, Inc. |
|
11,833 |
1,917,775 |
Broadcom, Inc. |
|
581 |
648,541 |
KLA Corp. |
|
2,841 |
1,651,473 |
Lam Research Corp. |
|
942 |
737,831 |
Microchip Technology, Inc. |
|
18,616 |
1,678,791 |
NXP Semiconductors NV |
|
3,818 |
876,918 |
ON Semiconductor Corp.* |
|
15,987 |
1,335,394 |
QUALCOMM, Inc. |
|
21,276 |
3,077,148 |
Skyworks Solutions, Inc. |
|
11,957 |
1,344,206 |
|
|
|
13,268,077 |
|
Shares |
Value ($) | |
Technology Hardware, Storage & Peripherals 7.6% |
| ||
Apple, Inc. |
|
20,987 |
4,040,627 |
Dell Technologies, Inc. "C" |
|
13,611 |
1,041,241 |
Hewlett Packard Enterprise Co. |
|
302,323 |
5,133,445 |
|
|
|
10,215,313 |
Materials 3.5% |
| ||
Chemicals 0.2% |
| ||
LyondellBasell Industries NV "A" |
|
3,288 |
312,623 |
Construction Materials 1.0% |
| ||
CRH PLC |
|
18,409 |
1,273,167 |
Metals & Mining 2.3% |
| ||
Nucor Corp. |
|
17,684 |
3,077,723 |
Total Common Stocks (Cost $112,830,750) |
132,735,019 | ||
Cash Equivalents 0.6% | |||
DWS Central Cash
Management Government Fund, 5.38% (a) (Cost
$748,795) |
|
748,795 |
748,795 |
|
|
% of
Net Assets |
Value ($) |
Total Investment Portfolio
(Cost $113,579,545) |
|
99.9 |
133,483,814 |
Other Assets and Liabilities, Net |
|
0.1 |
123,385 |
Net Assets |
|
100.0 |
133,607,199 |
Value ($) at
12/31/2022 |
Purchases Cost ($) |
Sales Proceeds ($) |
Net Realized Gain/ (Loss) ($) |
Net Change in Unrealized Appreciation (Depreciation) ($) |
Income ($) |
Capital Gain Distributions ($) |
Number of Shares at 12/31/2023 |
Value ($) at
12/31/2023 |
Securities Lending Collateral 0.0% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.27% (a) (b) | ||||||||
— |
0 (c) |
— |
— |
— |
2,105 |
— |
— |
— |
Cash Equivalents 0.6% | ||||||||
DWS Central Cash Management Government Fund, 5.38% (a) | ||||||||
1,132,870 |
8,000,585 |
8,384,660 |
— |
— |
46,245 |
— |
748,795 |
748,795 |
1,132,870 |
8,000,585 |
8,384,660 |
— |
— |
48,350 |
— |
748,795 |
748,795 |
* |
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 year ended December 31, 2023. |
8 | |
Deutsche DWS Variable Series II — DWS CROCI® U.S. VIP |
Assets |
Level 1 |
Level 2 |
Level 3 |
Total |
Common Stocks (a) |
$132,735,019 |
$— |
$— |
$132,735,019 |
Short-Term Investments |
748,795 |
— |
— |
748,795 |
Total |
$133,483,814 |
$— |
$— |
$133,483,814 |
(a) |
See
Investment Portfolio for additional detailed categorizations. |
Deutsche DWS Variable Series II — DWS CROCI® U.S. VIP |
| 9 |
Assets |
|
Investments in non-affiliated securities, at value (cost $112,830,750) |
$132,735,019 |
Investment in DWS Central Cash Management Government Fund (cost $748,795) |
748,795 |
Receivable for Fund shares sold |
78 |
Dividends receivable |
308,112 |
Interest receivable |
4,112 |
Other assets |
3,036 |
Total assets |
133,799,152 |
Liabilities |
|
Payable for Fund shares redeemed |
42,670 |
Accrued management fee |
59,725 |
Accrued Trustees' fees |
2,330 |
Other accrued expenses and payables |
87,228 |
Total liabilities |
191,953 |
Net assets, at value |
$133,607,199 |
Net Assets Consist of |
|
Distributable earnings (loss) |
18,996,860 |
Paid-in capital |
114,610,339 |
Net assets, at value |
$133,607,199 |
Net Asset Value |
|
Class A |
|
Net Asset Value, offering and redemption price
per share ($130,971,909 ÷ 8,399,063
outstanding shares of beneficial interest,
no par value, unlimited number of
shares authorized) |
$15.59 |
Class B |
|
Net Asset Value, offering and redemption price
per share ($2,635,290 ÷ 168,337 outstanding
shares of beneficial interest, no par value,
unlimited number of shares authorized) |
$15.65 |
Investment Income |
|
Income: |
|
Dividends (net of foreign taxes withheld of $1,196) |
$2,914,533 |
Income distributions — DWS Central Cash
Management Government Fund |
46,245 |
Securities lending income, net of borrower rebates |
2,105 |
Total income |
2,962,883 |
Expenses: |
|
Management fee |
749,924 |
Administration fee |
121,238 |
Services to shareholders |
1,052 |
Record keeping fee (Class B) |
1,758 |
Distribution service fee (Class B) |
6,517 |
Custodian fee |
2,615 |
Audit fee |
50,161 |
Legal fees |
14,689 |
Tax fees |
7,206 |
Reports to shareholders |
23,550 |
Trustees' fees and expenses |
6,291 |
Other |
7,157 |
Total expenses before expense reductions |
992,158 |
Expense reductions |
(130,297 ) |
Total expenses after expense reductions |
861,861 |
Net investment income |
2,101,022 |
Realized and Unrealized Gain (Loss) |
|
Net realized gain (loss) from investments |
(1,384,818 ) |
Change in net unrealized appreciation (depreciation) on investments |
23,072,209 |
Net gain (loss) |
21,687,391 |
Net increase (decrease) in net assets resulting from operations |
$23,788,413 |
10 | |
Deutsche DWS Variable Series II — DWS CROCI® U.S. VIP |
|
Years Ended December 31, | |
Increase (Decrease) in Net Assets |
2023 |
2022 |
Operations: |
|
|
Net investment income |
$2,101,022 |
$2,130,475 |
Net realized gain (loss) |
(1,384,818 ) |
(1,438,266 ) |
Change in net unrealized appreciation (depreciation) |
23,072,209 |
(23,764,440 ) |
Net increase (decrease) in net assets resulting from operations |
23,788,413 |
(23,072,231 ) |
Distributions to shareholders: |
|
|
Class A |
(2,083,297 ) |
(4,211,106 ) |
Class B |
(36,527 ) |
(84,944 ) |
Total distributions |
(2,119,824 ) |
(4,296,050 ) |
Fund share transactions: |
|
|
Class A |
|
|
Proceeds from shares sold |
1,654,934 |
2,424,947 |
Reinvestment of distributions |
2,083,297 |
4,211,106 |
Payments for shares redeemed |
(10,456,836 ) |
(12,164,638 ) |
Net increase (decrease) in net assets from Class A share transactions |
(6,718,605 ) |
(5,528,585 ) |
Class B |
|
|
Proceeds from shares sold |
52,175 |
160,562 |
Reinvestment of distributions |
36,527 |
84,944 |
Payments for shares redeemed |
(363,486 ) |
(429,240 ) |
Net increase (decrease) in net assets from Class B share transactions |
(274,784 ) |
(183,734 ) |
Increase (decrease) in net assets |
14,675,200 |
(33,080,600 ) |
Net assets at beginning of period |
118,931,999 |
152,012,599 |
Net assets at end of period |
$133,607,199 |
$118,931,999 |
|
| |
Other Information |
|
|
Class A |
|
|
Shares outstanding at beginning of period |
8,866,757 |
9,269,906 |
Shares sold |
117,364 |
175,252 |
Shares issued to shareholders in reinvestment of distributions |
154,777 |
301,655 |
Shares redeemed |
(739,835 ) |
(880,056 ) |
Net increase (decrease) in Class A shares |
(467,694 ) |
(403,149 ) |
Shares outstanding at end of period |
8,399,063 |
8,866,757 |
Class B |
|
|
Shares outstanding at beginning of period |
186,623 |
201,242 |
Shares sold |
3,815 |
10,442 |
Shares issued to shareholders in reinvestment of distributions |
2,698 |
6,050 |
Shares redeemed |
(24,799 ) |
(31,111 ) |
Net increase (decrease) in Class B shares |
(18,286 ) |
(14,619 ) |
Shares outstanding at end of period |
168,337 |
186,623 |
Deutsche DWS Variable Series II — DWS CROCI® U.S. VIP |
| 11 |
DWS CROCI® U.S. VIP
— Class A | |||||
|
Years Ended December 31, | ||||
|
2023 |
2022 |
2021 |
2020 |
2019 |
Selected Per Share Data | |||||
Net asset value, beginning of period |
$13.14 |
$16.05 |
$12.92 |
$16.12 |
$13.46 |
Income (loss) from investment operations: |
|
|
|
|
|
Net investment incomea |
.24 |
.23 |
.24 |
.28 |
.31 |
Net realized and unrealized gain (loss) |
2.45 |
(2.68 ) |
3.17 |
(2.47 ) |
3.92 |
Total from investment operations |
2.69 |
(2.45 ) |
3.41 |
(2.19 ) |
4.23 |
Less distributions from: |
|
|
|
|
|
Net investment income |
(.24 ) |
(.25 ) |
(.28 ) |
(.31 ) |
(.30 ) |
Net realized gains |
— |
(.21 ) |
— |
(.70 ) |
(1.27 ) |
Total distributions |
(.24 ) |
(.46 ) |
(.28 ) |
(1.01 ) |
(1.57 ) |
Net asset value, end of period |
$15.59 |
$13.14 |
$16.05 |
$12.92 |
$16.12 |
Total Return (%)b |
20.76 |
(15.40 ) |
26.69 |
(12.16 ) |
32.95 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) |
131 |
116 |
149 |
130 |
153 |
Ratio of expenses before expense reductions (%)c |
.79 |
.79 |
.78 |
.84 |
.84 |
Ratio of expenses after expense reductions (%)c |
.68 |
.65 |
.71 |
.69 |
.70 |
Ratio of net investment income (%) |
1.69 |
1.66 |
1.62 |
2.28 |
2.13 |
Portfolio turnover rate (%) |
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.
|
12 | |
Deutsche DWS Variable Series II — DWS CROCI® U.S. VIP |
DWS CROCI® U.S. VIP
— Class B | |||||
|
Years Ended December 31, | ||||
|
2023 |
2022 |
2021 |
2020 |
2019 |
Selected Per Share Data |
|
|
|
|
|
Net asset value, beginning of period |
$13.19 |
$16.11 |
$12.97 |
$16.17 |
$13.50 |
Income (loss) from investment operations: |
|
|
|
|
|
Net investment incomea |
.19 |
.19 |
.19 |
.24 |
.27 |
Net realized and unrealized gain (loss) |
2.47 |
(2.69 ) |
3.19 |
(2.47 ) |
3.92 |
Total from investment operations |
2.66 |
(2.50 ) |
3.38 |
(2.23 ) |
4.19 |
Less distributions from: |
|
|
|
|
|
Net investment income |
(.20 ) |
(.21 ) |
(.24 ) |
(.27 ) |
(.25 ) |
Net realized gains |
— |
(.21 ) |
— |
(.70 ) |
(1.27 ) |
Total distributions |
(.20 ) |
(.42 ) |
(.24 ) |
(.97 ) |
(1.52 ) |
Net asset value, end of period |
$15.65 |
$13.19 |
$16.11 |
$12.97 |
$16.17 |
Total Return (%)b |
20.37 |
(15.67 ) |
26.27 |
(12.41 ) |
32.49 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) |
3 |
2 |
3 |
3 |
4 |
Ratio of expenses before expense reductions (%)c |
1.12 |
1.12 |
1.10 |
1.16 |
1.16 |
Ratio of expenses after expense reductions (%)c |
1.00 |
.97 |
1.02 |
1.00 |
1.02 |
Ratio of net investment income (%) |
1.38 |
1.33 |
1.33 |
1.96 |
1.82 |
Portfolio turnover rate (%) |
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.
|
Deutsche DWS Variable Series II — DWS CROCI® U.S. VIP |
| 13 |
14 | |
Deutsche DWS Variable Series II — DWS CROCI® U.S. VIP |
Deutsche DWS Variable Series II — DWS CROCI® U.S. VIP |
| 15 |
Undistributed ordinary income* |
$2,051,213 |
Capital loss carryforwards |
$(2,779,707 ) |
Net unrealized appreciation (depreciation) on investments |
$19,725,354 |
|
Years Ended December 31, | |
|
2023 |
2022 |
Distributions from ordinary income* |
$2,119,824 |
$2,878,028 |
Distributions from long-term capital gains |
$— |
$1,418,022 |
* |
For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
16 | |
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% |
Class A |
.65% |
Class B |
.97% |
Class A |
|
.71% |
Class B |
|
1.02% |
Class A |
|
|
.68% |
Class B |
|
|
1.00% |
Class A |
$127,230 |
Class B |
3,067 |
|
$130,297
|
Deutsche DWS Variable Series II — DWS CROCI® U.S. VIP |
| 17 |
Services to Shareholders |
Total
Aggregated |
Unpaid at
December 31, 2023 |
Class A |
$510 |
$85 |
Class B |
318 |
55 |
|
$828 |
$140 |
18 | |
Deutsche DWS Variable Series II — DWS CROCI® U.S. VIP |
Deutsche DWS Variable Series II — DWS CROCI® U.S. VIP |
| 19 |
20 | |
Deutsche DWS Variable Series II — DWS CROCI® U.S. VIP |
Actual Fund Return |
Class A |
Class B |
Beginning Account Value 7/1/23 |
$1,000.00 |
$1,000.00 |
Ending Account Value 12/31/23 |
$1,081.10 |
$1,079.30 |
Expenses Paid per $1,000* |
$3.67 |
$5.29 |
Hypothetical 5% Fund Return |
Class A |
Class B |
Beginning Account Value 7/1/23 |
$1,000.00 |
$1,000.00 |
Ending Account Value 12/31/23 |
$1,021.68 |
$1,020.11 |
Expenses Paid per $1,000* |
$3.57 |
$5.14 |
* |
Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the
period, multiplied by 184 (the number of days in the most recent six-month period), then divided by
365. |
Annualized Expense Ratios |
Class A |
Class B |
Deutsche DWS Variable Series II — DWS CROCI® U.S. VIP |
.70% |
1.01% |
Deutsche DWS Variable Series II — DWS CROCI® U.S. VIP |
| 21 |
22 | |
Deutsche DWS Variable Series II — DWS CROCI® U.S. VIP |
Deutsche DWS Variable Series II — DWS CROCI® U.S. VIP |
| 23 |
24 | |
Deutsche DWS Variable Series II — DWS CROCI® U.S. VIP |
Deutsche DWS Variable Series II — DWS CROCI® U.S. VIP |
| 25 |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1
|
Business Experience and Directorships During the Past Five Years |
Number of Funds in DWS Fund Complex Overseen |
Other Directorships Held by Board Member |
Keith R. Fox, CFA (1954) Chairperson since 2017, and Board Member since 1996 |
Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986); Former Chairman, National Association of Small Business Investment Companies; Former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds); Progressive International Corporation (kitchen goods designer and distributor) |
68 |
— |
John W. Ballantine (1946) Board Member since 1999 |
Retired; formerly: Executive Vice President and Chief Risk Management
Officer, First Chicago NBD Corporation/The First National Bank of Chicago
(1996–1998); Executive Vice President and Head of International
Banking (1995–1996); Not-for-Profit Directorships: Window to the
World Communications (public media); Life Director of Harris Theater
for Music and Dance (Chicago); Life Director of Hubbard Street Dance
Chicago; Former Directorships: Director and Chairman of the Board,
Healthways Inc.2 (population well-being and wellness services)
(2003–2014); Stockwell Capital Investments PLC (private equity);
Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak
Brook Bancshares, Inc.; Oak Brook Bank; Portland General
Electric2 (utility
company) (2003–2021); and Prisma Energy International; Former
Not-for- Profit Directorships: Public Radio International; Palm Beach
Civic Assn. |
68 |
— |
Mary Schmid Daugherty, NACD.DC, PHD, CFA (1958) Board Member or Advisory Board Member since 20233 |
Senior Fellow in Applied Finance, Department of Finance, Opus College of
Business at the University of St. Thomas (1987–present);
Directorships: The Meritex Company (2017–present);
Driessen Water, Inc. (2016–present); and The Hardenbergh
Foundation (2021–present); Former Directorships: Mairs
& Power Funds Trust (mutual funds) (2010–2022); and Crescent
Electric Supply Company (2010–2019) |
214
|
— |
Dawn-Marie Driscoll (1946) Board Member since 1987 |
Emeritus Advisory Board and former Executive Fellow, Hoffman Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General
Counsel, Filene’s (retail) (1978–1988); Directorships: Trustee and
former Chairman of the Board, Southwest Florida Community Foundation
(charitable organization); Former Directorships: ICI Mutual Insurance
Company (2007–2015); Sun Capital Advisers Trust (mutual funds)
(2007–2012); Investment Company Institute (audit, executive,
nominating committees) and Independent Directors Council (governance,
executive committees) |
68 |
— |
26 | |
Deutsche DWS Variable Series II — DWS CROCI® U.S. VIP |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1
|
Business Experience and Directorships During the Past Five Years |
Number of Funds in DWS Fund Complex Overseen |
Other Directorships Held by Board Member |
Richard J. Herring (1946) Board Member since 1990 |
Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (1972–present); formerly:
Director, The Wharton Financial Institutions Center (1994–2020); Vice Dean
and Director, Wharton Undergraduate Division (1995–2000) and
Director, The Lauder Institute of International Management Studies
(2000–2006); Member FDIC Systemic Risk Advisory Committee
(2011–present), member Systemic Risk Council
(2012–present) and member of the Advisory Board of the Yale
Program on Financial Stability (2013–present); Former
Directorships: Co-Chair of the Shadow Financial Regulatory Committee
(2003–2015), Executive Director of The Financial Economists
Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013),
Director of The Aberdeen Singapore Fund (2007–2018), Director,
The Aberdeen Japan Fund (2007–2021) and Nonexecutive Director of
Barclays Bank DE (2010–2018) |
68 |
— |
Chad D. Perry (1972) Board Member or Advisory Board Member since 20213 |
Executive Vice President and General Counsel, RLJ Lodging Trust2 (since
2023); formerly Executive Vice President, General Counsel and Secretary,
Tanger Factory Outlet Centers, Inc.2 (2011–2023); Executive Vice President
and Deputy General Counsel, LPL Financial Holdings Inc.2 (2006–2011);
Senior Corporate Counsel, EMC Corporation (2005–2006); Associate,
Ropes & Gray LLP (1997–2005) |
214
|
Director, Great
Elm Capital Corp. (business
development company) (since
2022) |
Rebecca W. Rimel (1951) Board Member since 1995 |
Directorships: Washington College (since July 2023); Formerly: Executive
Vice President, The Glenmede Trust Company (investment trust and
wealth management) (1983–2004); Board Member, Investor Education
(charitable organization) (2004–2005); Former Directorships:
Trustee, Executive Committee, Philadelphia Chamber of Commerce
(2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson
Foundation (charitable organization) (1994–2012); President,
Chief Executive Officer and Director (1994–2020) and Senior
Advisor (2020–2021), The Pew Charitable Trusts (charitable
organization); Director, BioTelemetry Inc.2 (acquired by Royal Philips in 2021) (healthcare)
(2009–2021); Director, Becton Dickinson and Company2 (medical
technology company) (2012–2022) |
68 |
Director, The
Bridgespan Group (nonprofit
organization)
(since October 2020) |
Catherine Schrand (1964) Board Member since 2021 |
Celia Z. Moh Professor of Accounting (2016–present) and Professor of
Accounting (1994–present); Directorships: Advisory Board Member,
the Jacobs Levy Center, The Wharton School, University of Pennsylvania
(since 2023); Former positions: Vice Dean, Wharton Doctoral Programs,
The Wharton School, University of Pennsylvania
(2016–2019) |
68 |
— |
William N. Searcy, Jr. (1946) Board Member since 1993 |
Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Former Directorships: Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012) |
68 |
— |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time
Served6 |
Business Experience and Directorships During the Past Five Years |
Hepsen Uzcan7 (1974) President and Chief Executive Officer, 2017–present |
Head of Americas CEO Office, DWS (2023–present), Head of Fund Administration, Head of Product
Americas and Head of U.S. Mutual Funds, DWS (2017–present); Vice President, DWS Service Company
(2018–present); President, DB Investment Managers, Inc. (2018–present);
President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany
Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); Vice
President, DWS Investment Management Americas, Inc. (2023–present); formerly: Vice
President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds
(2013–2019); Secretary, DWS USA Corporation (2018–2023); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–2023); Assistant Secretary, DWS Trust Company (2018–2023); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The
Central and Eastern Europe Fund, Inc. (2013–2020); Assistant Secretary, DWS Distributors, Inc.
(2018–2023); Directorships: Director of DWS Service Company (2018–present);
Director of DB Investment Managers, Inc. (2018–present); Director of Episcopalian
Charities of New York (2018–present); Interested Director of The European Equity
Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc.
(2020–present); Director of ICI Mutual Insurance Company (2020–present);
Director of DWS USA Corporation (2023–present); Director of DWS Investment
Management Americas, Inc. (2023–present); and Manager of DBX Advisors LLC.
(2023–present) |
John Millette8 (1962) Vice President and Secretary, 1999–present |
Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas,
Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present);
Secretary, DBX ETF Trust (2020–present); Vice President, DBX Advisors LLC
(2021–present); Secretary, The European Equity Fund, Inc., The New Germany Fund,
Inc. and The Central and Eastern Europe Fund, Inc. (2011–present); formerly:
Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and Assistant
Secretary, DBX ETF Trust (2019–2020) |
Deutsche DWS Variable Series II — DWS CROCI® U.S. VIP |
| 27 |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time
Served6 |
Business Experience and Directorships During the Past Five Years |
Ciara Crawford9 (1984) Assistant
Secretary, 2019–present |
Fund Administration (Specialist), DWS (2015–present); Assistant Secretary, DWS Service Company
(2018–present); Assistant Secretary of U.S. Mutual Funds, DWS (2019–present); Assistant
Secretary, DWS USA Corporation (2023–present); Assistant Secretary, DBX Advisors,
LLC (2023–present); Assistant Secretary, DWS Investment Management Americas, Inc.
(2023–present); Assistant Clerk, DWS Trust Company (2023–present); formerly,
Legal Assistant at Accelerated Tax Solutions |
Diane Kenneally8 (1966) Chief Financial Officer and Treasurer, 2018–present |
Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Treasurer, Chief Financial Officer and
Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European
Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund,
Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds
(2007–2018) |
Yvonne Wong8 (1960) Assistant Treasurer, since December 1, 2023 |
Fund Administration (Senior Analyst), DWS; Assistant Treasurer, DBX ETF Trust (since November 14, 2023) |
Sheila Cadogan8 (1966) Assistant
Treasurer, 2017–present |
Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Director and Vice President, DWS
Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant
Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and
Eastern Europe Fund, Inc. (2018–present) |
Scott D. Hogan8 (1970) Chief Compliance
Officer, 2016–present |
Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The
European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund,
Inc. (2016–present) |
Caroline Pearson8 (1962) Chief Legal
Officer, 2010–present |
Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer,
DBX Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New
Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present);
formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); Secretary,
Deutsche AM Service Company (2010–2017); and Chief Legal Officer, DBX Strategic
Advisors LLC (2020–2021) |
Christian Rijs7 (1980) Anti-Money Laundering Compliance
Officer, 2021–present |
Senior Team Lead Anti-Financial Crime and Compliance, DWS; AML Officer, DWS Trust Company (2021–present); AML Officer, DBX ETF Trust (2021–present); AML Officer, The European Equity Fund,
Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2021–present);
formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO |
1 |
The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently
overseen by the Board. |
2 |
A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934. |
3 |
Mr. Perry and Ms. Daugherty are each an Advisory Board Member of Deutsche DWS Asset Allocation Trust, Deutsche DWS Equity
500 Index Portfolio, Deutsche DWS Global/International Fund, Inc., Deutsche DWS Income Trust, Deutsche
DWS Institutional Funds, Deutsche DWS International Fund, Inc., Deutsche DWS Investment
Trust, Deutsche DWS Investments VIT Funds, Deutsche DWS Money Market Trust, Deutsche DWS
Municipal Trust, Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust, Deutsche DWS
Tax Free Trust, Deutsche DWS Variable Series I and Government Cash Management Portfolio. Mr. Perry and
Ms. Daugherty are each a Board Member of each other Trust. |
4 |
Mr. Perry and Ms. Daugherty each oversees 21 funds in the DWS Fund Complex as a Board Member of various Trusts. Mr. Perry and
Ms. Daugherty are each an Advisory Board Member of various Trusts/Corporations comprised of 47 funds in
the DWS Fund Complex. |
5 |
As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons”
of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the
Fund. |
6 |
The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds. |
7 |
Address: 875 Third Avenue, New York, New York 10022. |
8 |
Address: 100 Summer Street, Boston, MA 02110. |
9 |
Address: 5201 Gate Parkway, Jacksonville, FL 32256. |
28 | |
Deutsche DWS Variable Series II — DWS CROCI® U.S. VIP |
3 |
|
5 |
|
7 |
|
8 |
|
20 |
|
21 |
|
22 |
|
23 |
|
25 |
|
34 |
|
35 |
|
36 |
|
37 |
|
37 |
|
38 |
|
41 |
2 | |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
| 3 |
Comparative Results | |||||
DWS Global Income Builder VIP |
1-Year |
3-Year |
5-Year |
10-Year | |
Class A |
Growth of $10,000 |
$11,489 |
$10,838 |
$14,102 |
$16,586 |
Average annual total return |
14.89% |
2.72% |
7.12% |
5.19% | |
MSCI All Country World Index |
Growth of $10,000 |
$12,220 |
$11,825 |
$17,404 |
$21,440 |
Average annual total return |
22.20% |
5.75% |
11.72% |
7.93% | |
Blended Index 60/40 |
Growth of $10,000 |
$11,570 |
$10,744 |
$14,615 |
$17,624 |
Average annual total return |
15.70% |
2.42% |
7.89% |
5.83% | |
Bloomberg U.S. Universal Index |
Growth of $10,000 |
$10,617 |
$9,136 |
$10,741 |
$12,285 |
Average annual total return |
6.17% |
–2.97% |
1.44% |
2.08% |
Comparative Results | |||||
DWS Global Income Builder VIP |
1-Year |
3-Year |
5-Year |
Life of Class* | |
Class B |
Growth of $10,000 |
$11,455 |
$10,734 |
$13,901 |
$13,072 |
Average annual total return |
14.55% |
2.39% |
6.81% |
4.85% | |
MSCI All Country World Index |
Growth of $10,000 |
$12,220 |
$11,825 |
$17,404 |
$15,768 |
Average annual total return |
22.20% |
5.75% |
11.72% |
8.37% | |
Blended Index 60/40 |
Growth of $10,000 |
$11,570 |
$10,744 |
$14,615 |
$13,895 |
Average annual total return |
15.70% |
2.42% |
7.89% |
12.71% | |
Bloomberg U.S. Universal Index |
Growth of $10,000 |
$10,617 |
$9,136 |
$10,741 |
$10,940 |
Average annual total return |
6.17% |
–2.97% |
1.44% |
1.60% | |
The growth of $10,000 is cumulative. |
* |
Class B commenced operations on May 1, 2018. |
4 | |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
| 5 |
6 | |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) |
12/31/23 |
12/31/22 |
Fixed Income |
48% |
34% |
Corporate Bonds |
20% |
20% |
Government & Agency Obligations |
12% |
6% |
Mortgage-Backed Securities Pass-Throughs |
6% |
0% |
Collateralized Mortgage Obligations |
5% |
1% |
Asset-Backed |
3% |
5% |
Commercial Mortgage-Backed Securities |
2% |
2% |
Equity |
44% |
65% |
Common Stocks |
39% |
59% |
Exchange-Traded Funds |
3% |
3% |
Preferred Stocks |
2% |
3% |
Warrants |
0% |
0% |
Rights |
0% |
— |
Cash Equivalents |
8% |
1% |
Cash Equivalents |
8% |
1% |
|
100% |
100% |
Sector Diversification (As a % of Equities, Preferred Securities, Rights, Warrants and Corporate Bonds) |
12/31/23 |
12/31/22 |
Financials |
24% |
22% |
Information Technology |
15% |
17% |
Industrials |
11% |
8% |
Consumer Discretionary |
10% |
7% |
Health Care |
9% |
10% |
Communication Services |
8% |
8% |
Consumer Staples |
6% |
8% |
Energy |
6% |
8% |
Utilities |
5% |
4% |
Real Estate |
3% |
4% |
Materials |
3% |
4% |
|
100% |
100% |
Geographical Diversification (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents) |
12/31/23 |
12/31/22 |
United States |
79% |
64% |
Japan |
3% |
4% |
Canada |
2% |
3% |
France |
2% |
2% |
Switzerland |
1% |
3% |
Netherlands |
1% |
2% |
United Kingdom |
1% |
3% |
Cayman Islands |
0% |
3% |
Mexico |
— |
2% |
Other |
11% |
14% |
|
100% |
100% |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
| 7 |
|
Shares |
Value ($) | |
Common Stocks 42.3% |
| ||
Communication Services 3.9% |
| ||
Diversified Telecommunication Services 0.3% |
| ||
AT&T, Inc. |
|
14,800 |
248,344 |
KT Corp. (ADR) |
|
2,000 |
26,880 |
Spark New Zealand Ltd. |
|
28,868 |
94,471 |
|
|
|
369,695 |
Entertainment 0.7% |
| ||
Capcom Co. Ltd. |
|
800 |
25,798 |
NetEase, Inc. (ADR) |
|
1,423 |
132,567 |
Netflix, Inc.* |
|
346 |
168,460 |
Nintendo Co., Ltd. |
|
8,260 |
430,790 |
|
|
|
757,615 |
Interactive Media & Services 2.0% |
| ||
Alphabet, Inc. "A"* |
|
5,117 |
714,794 |
Alphabet, Inc. "C"* |
|
4,758 |
670,545 |
JOYY, Inc. (ADR) |
|
600 |
23,820 |
Meta Platforms, Inc. "A"* |
|
1,735 |
614,121 |
Tencent Holdings Ltd.
(ADR) (a) |
|
3,684 |
139,218 |
|
|
|
2,162,498 |
Media 0.2% |
| ||
Comcast Corp. "A" |
|
800 |
35,080 |
Fox Corp. "B" |
|
748 |
20,682 |
Interpublic Group of
Companies, Inc. |
|
3,345 |
109,181 |
Omnicom Group, Inc. |
|
280 |
24,223 |
Trade Desk, Inc. "A"* |
|
299 |
21,516 |
|
|
|
210,682 |
Wireless Telecommunication Services 0.7% |
| ||
KDDI Corp. |
|
5,300 |
168,467 |
SoftBank Corp. |
|
25,601 |
319,340 |
TIM SA (ADR) |
|
7,800 |
144,066 |
T-Mobile U.S., Inc. |
|
800 |
128,264 |
|
|
|
760,137 |
Consumer Discretionary 4.5% |
| ||
Automobile Components 0.4% |
| ||
Aisin Corp. |
|
1,200 |
41,848 |
Denso Corp. |
|
4,300 |
64,614 |
Lear Corp. |
|
788 |
111,273 |
Magna International, Inc. |
|
4,504 |
266,117 |
|
|
|
483,852 |
Automobiles 0.7% |
| ||
Honda Motor Co., Ltd. |
|
10,000 |
103,512 |
Isuzu Motors Ltd. |
|
2,000 |
25,660 |
Tesla, Inc.* |
|
1,497 |
371,975 |
Toyota Motor Corp. |
|
12,700 |
233,003 |
|
|
|
734,150 |
|
Shares |
Value ($) | |
Broadline Retail 1.1% |
| ||
Alibaba Group Holding Ltd. (ADR) |
|
1,524 |
118,125 |
Amazon.com, Inc.* |
|
6,090 |
925,315 |
JD.com, Inc. (ADR) |
|
1,708 |
49,344 |
PDD Holdings, Inc. (ADR)* |
|
200 |
29,262 |
Prosus NV |
|
1,568 |
46,795 |
|
|
|
1,168,841 |
Distributors 0.1% |
| ||
Genuine Parts Co. |
|
200 |
27,700 |
LKQ Corp. |
|
1,660 |
79,331 |
|
|
|
107,031 |
Hotels, Restaurants & Leisure 0.7% |
| ||
Airbnb, Inc. "A"* |
|
200 |
27,228 |
Booking Holdings, Inc.* |
|
23 |
81,586 |
Chipotle Mexican Grill, Inc.* |
|
19 |
43,452 |
Darden Restaurants, Inc. |
|
876 |
143,927 |
Evolution AB 144A |
|
393 |
46,874 |
Genting Singapore Ltd. |
|
68,200 |
51,641 |
La Francaise des Jeux SAEM 144A |
|
3,275 |
118,807 |
Marriott International, Inc. "A" |
|
143 |
32,248 |
Starbucks Corp. |
|
2,300 |
220,823 |
Yum! Brands, Inc. |
|
200 |
26,132 |
|
|
|
792,718 |
Household Durables 0.2% |
| ||
Garmin Ltd. |
|
1,262 |
162,217 |
Panasonic Holdings Corp. |
|
2,600 |
25,655 |
|
|
|
187,872 |
Specialty Retail 1.1% |
| ||
Best Buy Co., Inc. |
|
2,077 |
162,588 |
H & M Hennes & Mauritz AB "B" |
|
5,115 |
89,746 |
Home Depot, Inc. |
|
536 |
185,751 |
Industria de Diseno Textil SA |
|
8,896 |
387,464 |
Lowe's Companies, Inc. |
|
1,300 |
289,315 |
TJX Companies, Inc. |
|
1,372 |
128,707 |
USS Co., Ltd. |
|
1,400 |
28,119 |
|
|
|
1,271,690 |
Textiles, Apparel & Luxury Goods 0.2% |
| ||
Deckers Outdoor Corp.* |
|
72 |
48,127 |
NIKE, Inc. "B" |
|
1,198 |
130,067 |
|
|
|
178,194 |
Consumer Staples 3.5% |
| ||
Beverages 0.7% |
| ||
Ambev SA (ADR) |
|
76,262 |
213,534 |
Coca-Cola Co. |
|
5,069 |
298,716 |
8 | |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
|
Shares |
Value ($) | |
Monster Beverage Corp.* |
|
2,692 |
155,086 |
PepsiCo, Inc. |
|
684 |
116,171 |
|
|
|
783,507 |
Consumer Staples Distribution & Retail 1.1% |
| ||
Costco Wholesale Corp. |
|
143 |
94,391 |
Jeronimo Martins SGPS SA |
|
1,010 |
25,715 |
Sysco Corp. |
|
3,435 |
251,201 |
Target Corp. |
|
2,805 |
399,488 |
Tesco PLC |
|
105,108 |
389,733 |
|
|
|
1,160,528 |
Food Products 0.2% |
| ||
General Mills, Inc. |
|
900 |
58,626 |
Lamb Weston Holdings, Inc. |
|
200 |
21,618 |
Nestle SA (Registered) |
|
663 |
76,843 |
Salmar ASA |
|
1,865 |
104,603 |
|
|
|
261,690 |
Household Products 0.4% |
| ||
Kimberly-Clark Corp. |
|
200 |
24,302 |
Procter & Gamble Co. |
|
2,531 |
370,893 |
|
|
|
395,195 |
Personal Care Products 0.1% |
| ||
Kenvue, Inc. |
|
4,100 |
88,273 |
Tobacco 1.0% |
| ||
Japan Tobacco, Inc. (a) |
|
30,100 |
777,776 |
Philip Morris International, Inc. |
|
3,477 |
327,116 |
|
|
|
1,104,892 |
Energy 1.7% |
| ||
Energy Equipment & Services 0.0% |
| ||
Tenaris SA |
|
1,573 |
27,382 |
Oil, Gas & Consumable Fuels 1.7% |
| ||
Canadian Natural Resources Ltd. |
|
2,577 |
168,831 |
Chevron Corp. |
|
2,707 |
403,776 |
ConocoPhillips |
|
987 |
114,561 |
Coterra Energy, Inc. |
|
3,503 |
89,397 |
Diamondback Energy, Inc. |
|
100 |
15,508 |
EOG Resources, Inc. |
|
1,688 |
204,164 |
Imperial Oil Ltd. |
|
2,292 |
130,561 |
Marathon Petroleum Corp. |
|
200 |
29,672 |
ONEOK, Inc. |
|
5,497 |
385,999 |
Phillips 66 |
|
1,415 |
188,393 |
Pioneer Natural Resources Co. |
|
173 |
38,904 |
Valero Energy Corp. |
|
500 |
65,000 |
|
|
|
1,834,766 |
Financials 6.9% |
| ||
Banks 2.4% |
| ||
Banco Bradesco SA (ADR) |
|
22,579 |
79,027 |
BNP Paribas SA |
|
1,868 |
129,217 |
CaixaBank SA |
|
50,380 |
207,508 |
Erste Group Bank AG |
|
676 |
27,451 |
|
Shares |
Value ($) | |
Fifth Third Bancorp. |
|
26,623 |
918,227 |
HSBC Holdings PLC |
|
22,793 |
184,661 |
ING Groep NVSeries N |
|
19,509 |
291,966 |
Intesa Sanpaolo SpA |
|
154,865 |
453,254 |
M&T Bank Corp. |
|
430 |
58,944 |
PNC Financial Services Group, Inc. |
|
573 |
88,729 |
U.S. Bancorp. |
|
666 |
28,824 |
UniCredit SpA |
|
910 |
24,722 |
Wells Fargo & Co. |
|
3,500 |
172,270 |
|
|
|
2,664,800 |
Capital Markets 1.3% |
| ||
3i Group PLC |
|
847 |
26,178 |
Ares Management Corp. "A" |
|
366 |
43,525 |
BlackRock, Inc. |
|
231 |
187,526 |
CME Group, Inc. |
|
143 |
30,116 |
Hargreaves Lansdown PLC |
|
3,514 |
32,841 |
Partners Group Holding AG |
|
205 |
296,150 |
S&P Global, Inc. |
|
716 |
315,412 |
SBI Holdings, Inc. |
|
8,300 |
186,325 |
Singapore Exchange Ltd. |
|
10,400 |
77,508 |
T. Rowe Price Group, Inc. |
|
2,439 |
262,656 |
|
|
|
1,458,237 |
Consumer Finance 0.4% |
| ||
American Express Co. |
|
543 |
101,726 |
Discover Financial Services |
|
1,645 |
184,898 |
Synchrony Financial |
|
2,400 |
91,656 |
|
|
|
378,280 |
Financial Services 0.6% |
| ||
Investor AB "B" |
|
3,045 |
70,566 |
Mastercard, Inc. "A" |
|
532 |
226,903 |
PayPal Holdings, Inc.* |
|
460 |
28,249 |
Visa, Inc. "A" |
|
1,266 |
329,603 |
|
|
|
655,321 |
Insurance 2.2% |
| ||
Aegon Ltd. |
|
42,908 |
249,259 |
Allianz SE (Registered) |
|
648 |
173,462 |
Assicurazioni Generali SpA |
|
5,860 |
123,715 |
AXA SA |
|
7,711 |
251,557 |
Chubb Ltd. |
|
215 |
48,590 |
Cincinnati Financial Corp. |
|
758 |
78,423 |
Fidelity National Financial, Inc. |
|
7,102 |
362,344 |
Gjensidige Forsikring ASA |
|
4,126 |
76,208 |
Great-West Lifeco, Inc. |
|
1,100 |
36,411 |
Manulife Financial Corp. |
|
28,836 |
637,197 |
Power Corp. of Canada |
|
1,000 |
28,595 |
Principal Financial Group, Inc. |
|
1,261 |
99,203 |
Progressive Corp. |
|
573 |
91,267 |
Travelers Companies, Inc. |
|
358 |
68,195 |
Zurich Insurance Group AG |
|
162 |
84,740 |
|
|
|
2,409,166 |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
| 9 |
|
Shares |
Value ($) | |
Health Care 4.7% |
| ||
Biotechnology 0.7% |
| ||
AbbVie, Inc. |
|
2,158 |
334,425 |
Amgen, Inc. |
|
517 |
148,906 |
Gilead Sciences, Inc. |
|
1,525 |
123,540 |
Moderna, Inc.* |
|
246 |
24,465 |
Neurocrine Biosciences, Inc.* |
|
300 |
39,528 |
Vertex Pharmaceuticals, Inc.* |
|
315 |
128,171 |
|
|
|
799,035 |
Health Care Equipment & Supplies 0.4% |
| ||
BioMerieux |
|
276 |
30,663 |
Dexcom, Inc.* |
|
434 |
53,855 |
DiaSorin SpA |
|
275 |
28,302 |
Edwards Lifesciences Corp.* |
|
549 |
41,861 |
Fisher & Paykel Healthcare Corp. Ltd. |
|
5,797 |
86,075 |
Hoya Corp. |
|
300 |
37,336 |
Intuitive Surgical, Inc.* |
|
337 |
113,690 |
ResMed, Inc. |
|
100 |
17,202 |
|
|
|
408,984 |
Health Care Providers & Services 0.8% |
| ||
Cigna Group |
|
128 |
38,330 |
Elevance Health, Inc. |
|
149 |
70,262 |
Humana, Inc. |
|
243 |
111,248 |
Molina Healthcare, Inc.* |
|
72 |
26,014 |
UnitedHealth Group, Inc. |
|
1,190 |
626,499 |
|
|
|
872,353 |
Pharmaceuticals 2.8% |
| ||
Daiichi Sankyo Co. Ltd. |
|
900 |
24,679 |
Eli Lilly & Co. |
|
749 |
436,607 |
Hikma Pharmaceuticals PLC |
|
6,436 |
146,848 |
Johnson & Johnson |
|
2,344 |
367,399 |
Merck & Co., Inc. |
|
5,525 |
602,336 |
Novartis AG (Registered) |
|
3,779 |
382,105 |
Novo Nordisk AS "B" |
|
2,919 |
301,805 |
Ono Pharmaceutical Co. Ltd. |
|
8,100 |
144,273 |
Pfizer, Inc. |
|
17,527 |
504,602 |
Roche Holding AG |
|
624 |
183,473 |
|
|
|
3,094,127 |
Industrials 5.4% |
| ||
Aerospace & Defense 0.5% |
| ||
Airbus SE |
|
933 |
144,093 |
BAE Systems PLC |
|
2,527 |
35,812 |
Dassault Aviation SA |
|
222 |
44,015 |
General Dynamics Corp. |
|
922 |
239,416 |
Huntington Ingalls Industries, Inc. |
|
372 |
96,586 |
Kongsberg Gruppen ASA |
|
793 |
36,352 |
|
|
|
596,274 |
|
Shares |
Value ($) | |
Air Freight & Logistics 0.3% |
| ||
FedEx Corp. |
|
700 |
177,079 |
United Parcel Service, Inc. "B" |
|
748 |
117,608 |
|
|
|
294,687 |
Building Products 0.2% |
| ||
AGC, Inc. (a) |
|
5,600 |
207,877 |
Carlisle Companies, Inc. |
|
72 |
22,495 |
|
|
|
230,372 |
Commercial Services & Supplies 0.0% |
| ||
Copart, Inc.* |
|
978 |
47,922 |
Quad Graphics, Inc.* |
|
2 |
11 |
|
|
|
47,933 |
Construction & Engineering 0.3% |
| ||
Bouygues SA |
|
7,332 |
276,363 |
Electrical Equipment 0.4% |
| ||
Emerson Electric Co. |
|
3,100 |
301,723 |
Mitsubishi Electric Corp. |
|
2,300 |
32,875 |
Rockwell Automation, Inc. |
|
206 |
63,959 |
|
|
|
398,557 |
Ground Transportation 0.3% |
| ||
J.B. Hunt Transport Services, Inc. |
|
287 |
57,326 |
MTR Corp. Ltd. |
|
42,500 |
164,977 |
Union Pacific Corp. |
|
245 |
60,177 |
|
|
|
282,480 |
Industrial Conglomerates 0.6% |
| ||
3M Co. |
|
2,886 |
315,497 |
Jardine Cycle & Carriage Ltd. |
|
4,900 |
110,677 |
Keppel Corp. Ltd. |
|
37,500 |
201,036 |
Siemens AG (Registered) |
|
156 |
29,289 |
|
|
|
656,499 |
Machinery 1.8% |
| ||
Caterpillar, Inc. |
|
771 |
227,962 |
Cummins, Inc. |
|
671 |
160,752 |
Daimler Truck Holding AG |
|
2,467 |
93,081 |
Kone Oyj "B" |
|
3,418 |
170,505 |
Metso Oyj |
|
6,550 |
66,469 |
Nordson Corp. |
|
200 |
52,832 |
Parker-Hannifin Corp. |
|
200 |
92,140 |
Schindler Holding AG
(Registered) |
|
430 |
101,957 |
SKF AB "B" |
|
2,314 |
46,233 |
Snap-on, Inc. |
|
206 |
59,501 |
Volvo AB "A" |
|
3,790 |
100,424 |
Volvo AB "B" |
|
31,489 |
818,110 |
|
|
|
1,989,966 |
Marine Transportation 0.1% |
| ||
Kuehne & Nagel International AG (Registered) |
|
205 |
70,825 |
Professional Services 0.8% |
| ||
Automatic Data Processing, Inc. |
|
1,263 |
294,241 |
10 | |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
|
Shares |
Value ($) | |
Paychex, Inc. |
|
2,334 |
278,003 |
Paycom Software, Inc. |
|
165 |
34,109 |
Thomson Reuters Corp. |
|
1,734 |
253,521 |
|
|
|
859,874 |
Trading Companies & Distributors 0.1% |
| ||
United Rentals, Inc. |
|
72 |
41,286 |
W.W. Grainger, Inc. |
|
100 |
82,869 |
|
|
|
124,155 |
Transportation Infrastructure 0.0% |
| ||
Aena SME SA 144A |
|
214 |
38,783 |
Information Technology 8.6% |
| ||
Communications Equipment 0.5% |
| ||
Arista Networks, Inc.* |
|
243 |
57,229 |
Cisco Systems, Inc. |
|
10,615 |
536,270 |
|
|
|
593,499 |
IT Services 0.4% |
| ||
Accenture PLC "A" |
|
326 |
114,397 |
Infosys Ltd. (ADR) |
|
9,070 |
166,707 |
International Business Machines Corp. |
|
256 |
41,869 |
MongoDB, Inc.* |
|
34 |
13,901 |
Shopify, Inc. "A"* |
|
1,187 |
92,412 |
|
|
|
429,286 |
Semiconductors & Semiconductor Equipment 3.0% |
| ||
Advanced Micro Devices, Inc.* |
|
1,876 |
276,541 |
Applied Materials, Inc. |
|
358 |
58,021 |
ASML Holding NV |
|
647 |
488,221 |
BE Semiconductor Industries NV |
|
394 |
59,504 |
Broadcom, Inc. |
|
499 |
557,009 |
First Solar, Inc.* |
|
100 |
17,228 |
Intel Corp. |
|
594 |
29,848 |
Lam Research Corp. |
|
107 |
83,809 |
Monolithic Power Systems, Inc. |
|
65 |
41,001 |
NVIDIA Corp. |
|
1,925 |
953,298 |
QUALCOMM, Inc. |
|
361 |
52,211 |
Taiwan Semiconductor
Manufacturing Co., Ltd. (ADR) |
|
3,016 |
313,664 |
Texas Instruments, Inc. |
|
2,060 |
351,148 |
|
|
|
3,281,503 |
Software 3.0% |
| ||
Adobe, Inc.* |
|
354 |
211,196 |
Autodesk, Inc.* |
|
100 |
24,348 |
Cadence Design Systems, Inc.* |
|
561 |
152,800 |
Fortinet, Inc.* |
|
800 |
46,824 |
Intuit, Inc. |
|
506 |
316,265 |
Microsoft Corp. |
|
5,571 |
2,094,919 |
Oracle Corp. |
|
915 |
96,468 |
Salesforce, Inc.* |
|
500 |
131,570 |
|
Shares |
Value ($) | |
SAP SE |
|
179 |
27,612 |
ServiceNow, Inc.* |
|
100 |
70,649 |
Splunk, Inc.* |
|
200 |
30,470 |
Synopsys, Inc.* |
|
143 |
73,632 |
UiPath, Inc. "A"* |
|
1,500 |
37,260 |
Zoom Video Communications, Inc. "A"* |
|
358 |
25,744 |
|
|
|
3,339,757 |
Technology Hardware, Storage & Peripherals 1.7% |
| ||
Apple, Inc. |
|
9,030 |
1,738,546 |
Brother Industries Ltd. |
|
4,100 |
65,312 |
Canon, Inc. |
|
1,300 |
33,312 |
|
|
|
1,837,170 |
Materials 1.3% |
| ||
Chemicals 0.4% |
| ||
Air Products & Chemicals, Inc. |
|
63 |
17,250 |
CF Industries Holdings, Inc. |
|
300 |
23,850 |
Clariant AG (Registered) |
|
2,398 |
35,397 |
LyondellBasell Industries NV "A" |
|
2,414 |
229,523 |
Sasol Ltd. (ADR) |
|
4,700 |
46,718 |
Shin-Etsu Chemical Co., Ltd. |
|
1,800 |
75,197 |
|
|
|
427,935 |
Construction Materials 0.1% |
| ||
CRH PLC |
|
1,438 |
99,112 |
Holcim AG |
|
298 |
23,418 |
|
|
|
122,530 |
Metals & Mining 0.8% |
| ||
Antofagasta PLC |
|
5,721 |
122,592 |
Barrick Gold Corp. |
|
1,800 |
32,521 |
BHP Group Ltd. |
|
8,016 |
274,242 |
Newmont Corp. |
|
4,700 |
194,533 |
Rio Tinto PLC |
|
1,664 |
124,076 |
Sumitomo Metal Mining Co., Ltd. |
|
3,200 |
95,934 |
|
|
|
843,898 |
Real Estate 1.2% |
| ||
Real Estate Management & Development 0.2% |
| ||
Daito Trust Construction Co., Ltd. |
|
500 |
57,919 |
Sino Land Co., Ltd. |
|
36,000 |
39,187 |
Swire Pacific Ltd. "A" |
|
13,000 |
110,113 |
|
|
|
207,219 |
Retail REITs 0.1% |
| ||
Simon Property Group, Inc. |
|
744 |
106,124 |
Specialized REITs 0.9% |
| ||
American Tower Corp. |
|
200 |
43,176 |
Gaming and Leisure
Properties, Inc. |
|
2,029 |
100,131 |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
| 11 |
|
Shares |
Value ($) | |
Public Storage |
|
260 |
79,300 |
VICI Properties, Inc. |
|
26,100 |
832,068 |
|
|
|
1,054,675 |
Utilities 0.6% |
| ||
Electric Utilities 0.3% |
| ||
CLP Holdings Ltd. |
|
5,000 |
41,283 |
Orsted AS 144A |
|
3,174 |
175,724 |
SSE PLC |
|
1,157 |
27,384 |
Verbund AG |
|
992 |
92,096 |
|
|
|
336,487 |
Gas Utilities 0.3% |
| ||
Hong Kong & China Gas Co., Ltd. |
|
190,000 |
145,604 |
Naturgy Energy Group SA |
|
3,407 |
101,588 |
|
|
|
247,192 |
Independent Power & Renewable Electricity Producers 0.0% |
| ||
Northland Power, Inc. |
|
1,500 |
27,248 |
Total Common Stocks (Cost $34,095,536) |
46,302,802 | ||
Preferred Stocks 2.1% |
| ||
Financials 1.3% |
| ||
AGNC Investment Corp., Series C, 7.0% |
|
14,427 |
358,222 |
Fifth Third Bancorp., Series I, 9.302% |
|
10,000 |
254,700 |
KeyCorp., Series E, 6.125% |
|
10,000 |
214,400 |
Morgan Stanley, Series K, 5.85% |
|
10,000 |
242,200 |
Wells Fargo & Co., Series Y, 5.625% |
|
15,000 |
358,950 |
|
|
|
1,428,472 |
Real Estate 0.8% |
| ||
Kimco Realty Corp., Series L, 5.125% |
|
15,000 |
351,000 |
Prologis, Inc., Series Q, 8.54% |
|
164 |
9,100 |
Simon Property Group, Inc., Series J, 8.375% |
|
8,000 |
474,400 |
|
|
|
834,500 |
Total Preferred Stocks (Cost $2,574,794) |
2,262,972 | ||
Rights 0.0% |
| ||
Health Care |
| ||
Contra Abiomed, Inc.,* (b) (Cost $204) |
|
200 |
204 |
|
Shares |
Value ($) | |
Warrants 0.0% |
| ||
Materials |
| ||
Hercules Trust II, Expiration Date 3/31/2029* (b)
(Cost $30,283) |
|
170 |
5,994 |
|
Principal
Amount ($) (c) |
Value ($) | |
Corporate Bonds 21.3% |
| ||
Communication Services 1.2% |
| ||
AT&T, Inc.: |
|
|
|
2.25%, 2/1/2032 |
|
80,000 |
66,155 |
3.65%, 6/1/2051 |
|
100,000 |
75,307 |
5.4%, 2/15/2034 |
|
50,000 |
51,566 |
CCO Holdings LLC, 144A, 5.125%, 5/1/2027 |
|
275,000 |
265,697 |
Charter Communications Operating LLC: |
|
|
|
2.25%, 1/15/2029 |
|
120,000 |
104,120 |
3.5%, 3/1/2042 |
|
57,000 |
39,648 |
Comcast Corp.,
5.5%, 5/15/2064 |
|
75,000 |
78,889 |
Discovery Communications LLC, 4.0%, 9/15/2055 |
|
40,000 |
28,462 |
Paramount Global,
4.6%, 1/15/2045 |
|
60,000 |
45,628 |
Rogers Communications, Inc., 3.8%, 3/15/2032 |
|
102,000 |
93,863 |
Tencent Holdings Ltd., REG S, 2.39%, 6/3/2030 |
|
300,000 |
255,655 |
T-Mobile U.S.A., Inc.: |
|
|
|
3.3%, 2/15/2051 |
|
125,000 |
90,304 |
3.6%, 11/15/2060 |
|
25,000 |
18,196 |
4.375%, 4/15/2040 |
|
60,000 |
54,137 |
Verizon
Communications, Inc.: |
|
|
|
2.65%, 11/20/2040 |
|
40,000 |
28,821 |
3.7%, 3/22/2061 |
|
100,000 |
76,395 |
|
|
|
1,372,843 |
Consumer Discretionary 1.8% |
| ||
Ford Motor Co.,
3.25%, 2/12/2032 |
|
260,000 |
216,243 |
Ford Motor Credit Co. LLC: |
|
|
|
2.7%, 8/10/2026 |
|
230,000 |
213,023 |
2.9%, 2/16/2028 |
|
200,000 |
179,555 |
General Motors Co.,
5.6%, 10/15/2032 |
|
275,000 |
281,175 |
General Motors Financial Co., Inc.: |
|
|
|
2.35%, 1/8/2031 |
|
80,000 |
66,133 |
5.4%, 4/6/2026 |
|
70,000 |
70,444 |
6.1%, 1/7/2034 |
|
210,000 |
216,218 |
Lowe's Companies, Inc., 5.625%, 4/15/2053 |
|
50,000 |
52,421 |
Tapestry, Inc.: |
|
|
|
7.0%, 11/27/2026 |
|
180,000 |
186,603 |
7.35%, 11/27/2028 |
|
130,000 |
136,369 |
12 | |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
|
Principal
Amount ($) (c) |
Value ($) | |
Warnermedia Holdings, Inc.: |
|
|
|
4.279%, 3/15/2032 |
|
300,000 |
274,561 |
5.05%, 3/15/2042 |
|
50,000 |
44,079 |
5.141%, 3/15/2052 |
|
100,000 |
85,836 |
|
|
|
2,022,660 |
Consumer Staples 0.9% |
| ||
Anheuser-Busch Companies LLC, 4.9%, 2/1/2046 |
|
166,000 |
162,720 |
JBS U.S.A. Lux SA: |
|
|
|
2.5%, 1/15/2027 |
|
260,000 |
239,268 |
144A, 6.75%, 3/15/2034 |
|
150,000 |
158,044 |
Philip Morris
International, Inc.: |
|
|
|
5.125%, 2/15/2030 |
|
150,000 |
152,448 |
5.625%, 11/17/2029 |
|
60,000 |
62,916 |
5.75%, 11/17/2032 |
|
50,000 |
52,473 |
The J M Smucker Co.: |
|
|
|
6.5%, 11/15/2043 |
|
80,000 |
89,121 |
6.5%, 11/15/2053 |
|
50,000 |
57,662 |
|
|
|
974,652 |
Energy 2.5% |
| ||
BP Capital Markets PLC, 4.375%, Perpetual (d) |
|
200,000 |
195,103 |
Cheniere Corpus Christi Holdings LLC, 5.875%,
3/31/2025 |
|
200,000 |
200,426 |
Cheniere Energy Partners LP, 4.0%, 3/1/2031 |
|
250,000 |
227,286 |
Cheniere Energy, Inc., 4.625%, 10/15/2028 |
|
320,000 |
312,361 |
Columbia Pipelines Holding Co. LLC, 144A,
6.055%, 8/15/2026 |
|
40,000 |
40,945 |
Columbia Pipelines
Operating Co. LLC: |
|
|
|
144A, 5.927%, 8/15/2030 |
|
80,000 |
82,721 |
144A, 6.497%, 8/15/2043 |
|
30,000 |
32,128 |
Ecopetrol SA,
6.875%, 4/29/2030 |
|
300,000 |
297,293 |
Enbridge, Inc.,
6.2%, 11/15/2030 |
|
70,000 |
74,901 |
Energy Transfer LP: |
|
|
|
5.0%, 5/15/2050 |
|
208,000 |
185,447 |
144A, 7.375%, 2/1/2031 |
|
85,000 |
89,330 |
Enterprise Products
Operating LLC, 4.2%, 1/31/2050 |
|
144,000 |
124,903 |
MPLX LP, 5.0%, 3/1/2033 |
|
50,000 |
48,980 |
Occidental Petroleum Corp., 8.875%, 7/15/2030 |
|
300,000 |
351,061 |
Plains All American Pipeline LP, 3.8%, 9/15/2030 |
|
50,000 |
46,010 |
Targa Resources Corp., 6.5%, 2/15/2053 |
|
80,000 |
86,455 |
TransCanada PipeLines Ltd., 2.5%, 10/12/2031 |
|
90,000 |
75,225 |
|
Principal
Amount ($) (c) |
Value ($) | |
Western Midstream
Operating LP, 5.3%, 3/1/2048 |
|
85,000 |
73,969 |
Williams Companies, Inc.: |
|
|
|
4.65%, 8/15/2032 |
|
120,000 |
116,976 |
5.65%, 3/15/2033 |
|
90,000 |
94,016 |
|
|
|
2,755,536 |
Financials 7.3% |
| ||
AerCap Ireland Capital DAC: |
|
|
|
1.75%, 1/30/2026 |
|
150,000 |
139,294 |
3.4%, 10/29/2033 |
|
150,000 |
128,801 |
Air Lease Corp., Series C, 4.125%, Perpetual (d) |
|
200,000 |
155,191 |
Aircastle Ltd.: |
|
|
|
Series A, 144A, 5.25%,
Perpetual (d) |
|
130,000 |
111,450 |
144A, 6.5%, 7/18/2028 |
|
90,000 |
91,774 |
Ally Financial, Inc., Series B, 4.7%, Perpetual (d) |
|
500,000 |
375,031 |
American Express Co.,
5.282%, 7/27/2029 |
|
140,000 |
142,906 |
Bank of America Corp.: |
|
|
|
2.972%, 2/4/2033 |
|
200,000 |
170,164 |
Series RR, 4.375%,
Perpetual (d) |
|
530,000 |
472,350 |
Bank of New York
Mellon Corp.: |
|
|
|
Series H, 3.7%,
Perpetual (d) |
|
180,000 |
168,608 |
Series I, 3.75%,
Perpetual (d) |
|
345,000 |
298,194 |
BNP Paribas SA, 144A,
8.5%, Perpetual (d) |
|
280,000 |
293,223 |
Capital One Financial Corp.: |
|
|
|
Series M, 3.95%,
Perpetual (d) |
|
350,000 |
280,504 |
7.149%, 10/29/2027 |
|
150,000 |
155,720 |
Charles Schwab Corp.: |
|
|
|
Series I, 4.0%,
Perpetual (d) |
|
220,000 |
193,925 |
5.853%, 5/19/2034 |
|
150,000 |
154,838 |
Citigroup, Inc.: |
|
|
|
3.057%, 1/25/2033 |
|
70,000 |
59,723 |
6.27%, 11/17/2033 |
|
130,000 |
139,101 |
7.625%, Perpetual (d) |
|
150,000 |
153,165 |
Corebridge Financial, Inc., 5.75%, 1/15/2034 |
|
130,000 |
132,881 |
Enstar Finance LLC,
5.5%, 1/15/2042 |
|
200,000 |
169,388 |
Fairfax Financial Holdings Ltd., 144A, 6.0%,
12/7/2033 |
|
130,000 |
133,429 |
HSBC Holdings PLC: |
|
|
|
7.39%, 11/3/2028 |
|
200,000 |
214,307 |
7.399%, 11/13/2034 |
|
300,000 |
329,091 |
Huntington Bancshares, Inc., 6.208%, 8/21/2029 |
|
150,000 |
154,670 |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
| 13 |
|
Principal
Amount ($) (c) |
Value ($) | |
KKR Group Finance Co., XII LLC, 144A, 4.85%,
5/17/2032 |
|
130,000 |
127,130 |
Morgan Stanley,
2.484%, 9/16/2036 |
|
141,000 |
111,755 |
PNC Financial Services Group, Inc.: |
|
|
|
Series T, 3.4%,
Perpetual (d) |
|
320,000 |
255,976 |
5.068%, 1/24/2034 |
|
70,000 |
68,492 |
Series W, 6.25%,
Perpetual (d) |
|
430,000 |
400,832 |
Societe Generale SA: |
|
|
|
144A, 5.375%,
Perpetual (d) |
|
250,000 |
204,533 |
144A, 6.221%, 6/15/2033 |
|
225,000 |
224,584 |
Synchrony Bank,
5.625%, 8/23/2027 |
|
250,000 |
245,713 |
The Goldman Sachs
Group, Inc.: |
|
|
|
2.615%, 4/22/2032 |
|
165,000 |
138,502 |
Series T, 3.8%,
Perpetual (d) |
|
170,000 |
151,391 |
Series W, 7.5%,
Perpetual (d) |
|
225,000 |
235,101 |
Truist Financial Corp.: |
|
|
|
Series N, 4.8%,
Perpetual (d) |
|
300,000 |
275,803 |
5.122%, 1/26/2034 |
|
90,000 |
87,147 |
U.S. Bancorp.: |
|
|
|
5.775%, 6/12/2029 |
|
250,000 |
256,838 |
5.85%, 10/21/2033 |
|
60,000 |
61,814 |
UBS Group AG, 144A,
4.375%, Perpetual (d) |
|
200,000 |
157,956 |
Westpac Banking Corp., 5.0%, Perpetual (d) |
|
200,000 |
183,686 |
|
|
|
8,004,981 |
Health Care 1.3% |
| ||
Amgen, Inc.: |
|
|
|
5.25%, 3/2/2033 |
|
80,000 |
82,019 |
5.65%, 3/2/2053 |
|
80,000 |
84,167 |
Bayer U.S. Finance LLC, 144A, 6.125%, 11/21/2026 |
|
200,000 |
203,336 |
Charles River Laboratories International, Inc., 144A, 3.75%, 3/15/2029 |
|
300,000 |
274,716 |
CVS Health Corp.,
5.05%, 3/25/2048 |
|
175,000 |
163,679 |
HCA, Inc., 5.5%, 6/15/2047 |
|
55,000 |
52,949 |
Humana, Inc.,
5.875%, 3/1/2033 |
|
40,000 |
42,612 |
Quest Diagnostics, Inc., 6.4%, 11/30/2033 |
|
90,000 |
99,819 |
Teva Pharmaceutical Finance Netherlands III BV,
3.15%, 10/1/2026 |
|
463,000 |
428,691 |
|
|
|
1,431,988 |
|
Principal
Amount ($) (c) |
Value ($) | |
Industrials 1.7% |
| ||
American Airlines, Inc., 144A, 5.5%, 4/20/2026 |
|
87,500 |
86,869 |
Block, Inc., 2.75%, 6/1/2026 |
|
30,000 |
28,291 |
Boeing Co., 5.805%,
5/1/2050 |
|
115,000 |
119,088 |
Carrier Global Corp.: |
|
|
|
144A, 5.9%, 3/15/2034 |
|
60,000 |
64,896 |
144A, 6.2%, 3/15/2054 |
|
20,000 |
23,119 |
Delta Air Lines, Inc., 3.75%, 10/28/2029 |
|
135,000 |
123,586 |
Global Payments, Inc., 5.95%, 8/15/2052 |
|
70,000 |
71,327 |
Howmet Aerospace, Inc., 5.95%, 2/1/2037 |
|
275,000 |
287,052 |
Mileage Plus Holdings LLC, 144A, 6.5%, 6/20/2027 |
|
421,400 |
422,596 |
Penske Truck Leasing Co. LP, 144A, 6.05%, 8/1/2028 |
|
170,000 |
176,203 |
Prime Security Services Borrower LLC, 144A,
5.25%, 4/15/2024 |
|
33,000 |
32,715 |
RTX Corp., 6.4%, 3/15/2054 |
|
135,000 |
156,287 |
Ryder System, Inc.,
6.6%, 12/1/2033 |
|
100,000 |
110,870 |
United Rentals North
America, Inc., 144A, 6.0%, 12/15/2029 |
|
110,000 |
111,680 |
|
|
|
1,814,579 |
Information Technology 1.2% |
| ||
Broadcom, Inc., 144A,
2.6%, 2/15/2033 |
|
70,000 |
57,670 |
Hewlett Packard Enterprise Co., 5.9%, 10/1/2024 |
|
280,000 |
280,655 |
HP, Inc., 5.5%, 1/15/2033 (a) |
|
200,000 |
205,248 |
Marvell Technology, Inc.: |
|
|
|
2.95%, 4/15/2031 |
|
95,000 |
83,017 |
5.95%, 9/15/2033 |
|
60,000 |
63,623 |
Micron Technology, Inc., 6.75%, 11/1/2029 |
|
210,000 |
226,923 |
Open Text Corp., 144A, 3.875%, 2/15/2028 |
|
175,000 |
162,612 |
Oracle Corp.: |
|
|
|
3.65%, 3/25/2041 |
|
118,000 |
93,587 |
5.55%, 2/6/2053 |
|
50,000 |
50,014 |
6.9%, 11/9/2052 |
|
52,000 |
61,031 |
|
|
|
1,284,380 |
Materials 0.6% |
| ||
Celanese U.S. Holdings LLC: |
|
|
|
6.165%, 7/15/2027 |
|
100,000 |
102,536 |
6.35%, 11/15/2028 |
|
50,000 |
52,436 |
14 | |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
|
Principal
Amount ($) (c) |
Value ($) | |
Corp. Nacional del Cobre de Chile, 144A, 5.95%,
1/8/2034 |
|
200,000 |
202,730 |
MEGlobal Canada ULC,
144A, 5.0%, 5/18/2025 |
|
256,000 |
252,774 |
|
|
|
610,476 |
Real Estate 0.2% |
| ||
Boston Properties LP: |
|
|
|
2.55%, 4/1/2032 |
|
75,000 |
59,705 |
6.75%, 12/1/2027 |
|
90,000 |
94,234 |
Kimco Realty OP LLC,
6.4%, 3/1/2034 |
|
70,000 |
76,751 |
|
|
|
230,690 |
Utilities 2.6% |
| ||
CMS Energy Corp.,
3.75%, 12/1/2050 |
|
400,000 |
315,750 |
Constellation Energy
Generation LLC, 6.5%, 10/1/2053 |
|
90,000 |
101,494 |
Duke Energy Corp.,
3.25%, 1/15/2082 |
|
250,000 |
193,311 |
Eskom Holdings SOC Ltd., REG S, 6.35%, 8/10/2028 |
|
200,000 |
194,279 |
Jersey Central Power & Light Co., 144A, 2.75%,
3/1/2032 |
|
85,000 |
71,738 |
Nevada Power Co.,
6.0%, 3/15/2054 |
|
90,000 |
98,737 |
NextEra Energy Operating Partners LP, 144A,
3.875%, 10/15/2026 |
|
190,000 |
180,903 |
NRG Energy, Inc., 144A, 2.45%, 12/2/2027 |
|
250,000 |
225,396 |
Ohio Edison Co., 144A, 5.5%, 1/15/2033 |
|
67,000 |
67,809 |
Pacific Gas and Electric Co.: |
|
|
|
3.3%, 8/1/2040 |
|
70,000 |
51,224 |
5.45%, 6/15/2027 |
|
90,000 |
90,725 |
Perusahaan Perseroan
Persero PT Perusahaan Listrik Negara, 144A,
2.875%, 10/25/2025 |
EUR |
260,000 |
281,245 |
Sempra: |
|
|
|
4.125%, 4/1/2052 |
|
310,000 |
266,032 |
5.5%, 8/1/2033 |
|
68,000 |
70,479 |
Sierra Pacific Power Co., 144A, 5.9%, 3/15/2054 |
|
50,000 |
52,923 |
Southern Co.: |
|
|
|
Series 21-A, 3.75%,
9/15/2051 |
|
215,000 |
195,758 |
5.2%, 6/15/2033 |
|
80,000 |
81,605 |
Vistra Operations Co. LLC, 144A, 6.95%, 10/15/2033 |
|
200,000 |
210,487 |
Xcel Energy, Inc.,
4.6%, 6/1/2032 |
|
140,000 |
136,481 |
|
|
|
2,886,376 |
Total Corporate Bonds (Cost $24,480,766) |
23,389,161 |
|
Principal
Amount ($) (c) |
Value ($) | |
Asset-Backed 3.3% | |||
Automobile Receivables 0.8% |
| ||
CPS Auto Receivables Trust, “C”, Series 2023-C, 144A, 6.27%, 10/15/2029 |
|
100,000 |
100,820 |
Foursight Capital Automobile Receivables Trust, “C”, Series 2023-2, 144A,
6.21%, 4/16/2029 |
|
250,000 |
252,714 |
Hertz Vehicle Financing III LLC, “C”, Series 2023-1A, 144A, 6.91%, 6/25/2027 |
|
340,000 |
340,481 |
JPMorgan Chase Bank NA, “E”, Series 2021-1, 144A, 2.365%, 9/25/2028 |
|
61,959 |
61,026 |
Santander Drive Auto
Receivables Trust, “C”,
Series 2023-3, 5.77%, 11/15/2030 |
|
100,000 |
101,267 |
|
|
|
856,308 |
Miscellaneous 2.5% |
| ||
CF Hippolyta Issuer LLC, “B1”, Series 2021-1A, 144A, 1.98%, 3/15/2061 |
|
520,231 |
441,222 |
DB Master Finance LLC, “A23”, Series 2021-1A, 144A, 2.791%, 11/20/2051 |
|
1,102,500 |
909,684 |
Domino's Pizza Master
Issuer LLC, “A23”,
Series 2017-1A, 144A, 4.118%, 7/25/2047 |
|
320,450 |
305,635 |
Frontier Issuer LLC, “A2”, Series 2023-1, 144A,
6.6%, 8/20/2053 |
|
250,000 |
248,704 |
Madison Park Funding
XXXVIII Ltd., “C”,
Series 2021-38A, 144A, 90-day average SOFR +
2.162%, 7.564% (e), 7/17/2034 |
|
250,000 |
248,068 |
Mosaic Solar Loan Trust, “B”, Series 2023-1A, 144A,
6.92%, 6/20/2053 |
|
316,715 |
314,352 |
Wendy's Funding LLC, “A2II”, Series 2021-1A, 144A,
2.775%, 6/15/2051 |
|
411,450 |
343,417 |
|
|
|
2,811,082 |
Total Asset-Backed (Cost $4,006,369) |
3,667,390 | ||
Mortgage-Backed Securities Pass- Throughs 7.3% |
| ||
Federal Home Loan
Mortgage Corp., 6.0%, 3/1/2038 |
|
882 |
929 |
Federal National
Mortgage Association: |
|
|
|
2.0%, 1/1/2054 (f) |
|
1,300,000 |
1,062,351 |
2.5%, 1/1/2054 (f) |
|
900,000 |
765,636 |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
| 15 |
|
Principal
Amount ($) (c) |
Value ($) | |
4.5%, with various
maturities from 9/1/2035 - 1/1/2054 (f) |
|
1,002,609 |
972,076 |
5.0%, 1/1/2054 (f) |
|
3,000,000 |
2,969,046 |
5.5%, 1/1/2054 (f) |
|
2,200,000 |
2,210,494 |
Total Mortgage-Backed Securities Pass-Throughs
(Cost $7,822,116) |
7,980,532 | ||
Commercial Mortgage-Backed Securities 2.1% |
| ||
20 Times Square Trust, “C”, Series 2018-20TS, 144A,
3.1% (e), 5/15/2035 |
|
200,000 |
170,533 |
2023-MIC Trust, “B”, Series 2023-MIC, 144A,
9.532%, 12/5/2038 |
|
600,000 |
633,611 |
Benchmark Mortgage Trust, “A4”, Series 2020-IG3, 144A, 2.437%, 9/15/2048 |
|
100,000 |
80,787 |
BXP Trust, “B”, Series 2021- 601L, 144A, 2.775%
(e), 1/15/2044 |
|
250,000 |
184,451 |
Citigroup Commercial
Mortgage Trust: |
|
|
|
“A”, Series 2013-375P, 144A, 3.251%,
5/10/2035 |
|
141,926 |
133,948 |
“F”, Series 2021-PRM2, 144A, 30-day average
SOFR + 3.864%, 9.226% (e), 10/15/2038 |
|
275,000 |
264,588 |
Cold Storage Trust, “D”, Series 2020-ICE5, 144A,
30-day average SOFR + 2.214%, 7.572% (e),
11/15/2037 |
|
245,748 |
242,837 |
Freddie Mac Multifamily Structured Credit Risk,
“M2”, Series 2021-MN1,
144A, 30-day average SOFR + 3.75%, 9.087%
(e), 1/25/2051 |
|
194,000 |
185,245 |
JPMorgan Chase
Commercial Mortgage Securities Trust: |
|
|
|
“A”, Series 2021-1MEM, 144A, 2.516%,
10/9/2042 |
|
250,000 |
194,997 |
“A”, Series 2019-OSB, 144A, 3.397%, 6/5/2039 |
|
250,000 |
224,866 |
Total Commercial Mortgage-Backed Securities
(Cost $2,269,189) |
2,315,863 |
|
Principal
Amount ($) (c) |
Value ($) | |
Collateralized Mortgage Obligations 5.2% | |||
Federal National
Mortgage Association: |
|
|
|
“I”, Series 2003-84, Interest Only, 6.0%,
9/25/2033 |
|
40,103 |
6,680 |
“FG”, Series 2023-53, 30- day average SOFR +
1.9%, 7.0% (e), 11/25/2053 |
|
3,859,000 |
4,009,717 |
Freddie Mac Structured Agency Credit Risk
Debt Notes: |
|
|
|
“M1B”, Series 2022-DNA2, 144A, 30-day average
SOFR + 2.4%, 7.737% (e), 2/25/2042 |
|
155,000 |
156,837 |
“M2”, Series 2019-DNA2, 144A, 30-day average
SOFR + 2.564%, 7.902% (e), 3/25/2049 |
|
199,598 |
200,602 |
Government National
Mortgage Association,, 6.0%, 1/1/2054 (f) |
|
1,000,000 |
1,015,700 |
JPMorgan Mortgage Trust, “AM”, Series 2016-3, 144A, 3.239% (e), 10/25/2046 |
|
113,944 |
101,643 |
Western Mortgage
Reference Notes, “M1”,
Series 2021-CL2, 144A, 30-day average SOFR +
3.15%, 8.487% (e), 7/25/2059 |
|
241,520 |
240,642 |
Total Collateralized Mortgage Obligations
(Cost $5,577,891) |
5,731,821 | ||
Government & Agency Obligations 12.7% | |||
Sovereign Bonds 0.4% |
| ||
Brazilian Government
International Bond, 3.875%, 6/12/2030 |
|
200,000 |
183,026 |
Indonesia Government
International Bond, 3.85%, 10/15/2030 |
|
300,000 |
285,675 |
|
|
|
468,701 |
U.S. Treasury Obligations 12.3% |
| ||
U.S. Treasury Bills, 5.374% (g), 3/21/2024 (h) |
|
3,000,000 |
2,965,821 |
U.S. Treasury Bonds,
3.625%, 2/15/2053 |
|
47,800 |
44,140 |
U.S. Treasury Floating Rate Notes, 3-month U.S.
Treasury Bill Money Market Yield + 0.125%,
5.456% (e), 7/31/2025 |
|
7,941,700 |
7,930,963 |
U.S. Treasury Notes: |
|
|
|
2.75%, 5/31/2029 |
|
1,021,100 |
964,022 |
3.5%, 2/15/2033 |
|
686,300 |
665,524 |
4.125%, 11/15/2032 |
|
600,100 |
609,992 |
16 | |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
|
Principal
Amount ($) (c) |
Value ($) | |
4.625%, 9/30/2028 |
|
286,400 |
295,619 |
|
|
|
13,476,081 |
Total Government & Agency Obligations
(Cost $14,021,696) |
13,944,782 |
|
Shares |
Value ($) | |
Exchange-Traded Funds 2.9% | |||
SPDR Bloomberg Convertible Securities ETF (Cost
$2,340,555) |
|
43,880 |
3,165,942 |
Securities Lending Collateral 1.0% | |||
DWS Government & Agency Securities Portfolio "DWS Government Cash
Institutional Shares", 5.27%
(i) (j) (Cost $1,074,287) |
|
1,074,287 |
1,074,287 |
|
Shares |
Value ($) | |
Cash Equivalents 8.5% | |||
DWS Central Cash
Management Government Fund, 5.38% (i) (Cost
$9,281,154) |
|
9,281,154 |
9,281,154 |
|
|
% of
Net Assets |
Value ($) |
Total Investment Portfolio
(Cost $107,574,840) |
|
108.7 |
119,122,904 |
Other Assets and Liabilities, Net |
|
(8.7 ) |
(9,555,232
) |
Net Assets |
|
100.0 |
109,567,672 |
Value ($) at
12/31/2022 |
Purchases Cost ($) |
Sales Proceeds ($) |
Net Realized Gain/ (Loss) ($) |
Net Change in Unrealized Appreciation (Depreciation) ($) |
Income ($) |
Capital Gain Distributions ($) |
Number of Shares at 12/31/2023 |
Value ($) at
12/31/2023 |
Securities Lending Collateral 1.0% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.27% (i) (j) | ||||||||
82,000 |
992,287 (k) |
— |
— |
— |
15,919 |
— |
1,074,287 |
1,074,287 |
Cash Equivalents 8.5% | ||||||||
DWS Central Cash Management Government Fund, 5.38% (i) | ||||||||
1,133,981 |
62,430,152 |
54,282,979 |
— |
— |
239,098 |
— |
9,281,154 |
9,281,154 |
1,215,981 |
63,422,439 |
54,282,979 |
— |
— |
255,017 |
— |
10,355,441 |
10,355,441 |
* |
Non-income producing security. |
(a) |
All or a
portion of these securities were on loan. In addition, "Other Assets and Liabilities, Net" may include pending sales that are also on loan. The value of securities loaned at December 31, 2023 amounted to $1,025,936, which is 0.9% of net assets. |
(b) |
Investment was valued using significant unobservable inputs. |
(c) |
Principal amount stated in U.S. dollars unless otherwise noted. |
(d) |
Perpetual, callable security with no stated maturity date. |
(e) |
Variable
or floating rate security. These securities are shown at their current rate as of December 31, 2023. 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) |
When-issued or delayed delivery securities included. |
(g) |
Annualized yield at time of purchase; not a coupon rate. |
(h) |
At
December 31, 2023, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures 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 year ended December 31, 2023. |
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 |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
| 17 |
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 |
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 |
S&P: Standard &
Poor's |
SOC: State Owned
Company |
SOFR: Secured Overnight
Financing Rate |
SPDR: Standard &
Poor's Depositary Receipt |
Futures |
Currency |
Expiration
Date |
Contracts |
Notional
Amount ($) |
Notional
Value ($) |
Unrealized
Appreciation ($) |
MSCI Emerging Market Index |
USD |
3/15/2024 |
91 |
4,502,841 |
4,703,335 |
200,494 |
MSCI World Index |
USD |
3/15/2024 |
182 |
17,658,726 |
18,152,680 |
493,954 |
TOPIX Index |
JPY |
3/7/2024 |
14 |
2,334,374 |
2,349,220 |
14,846 |
Ultra 10 Year U.S. Treasury Note |
USD |
3/19/2024 |
4 |
454,459 |
472,063 |
17,604 |
Ultra Long U.S. Treasury Bond |
USD |
3/19/2024 |
23 |
2,796,361 |
3,072,656 |
276,295 |
Total unrealized appreciation |
1,003,193 |
Futures |
Currency |
Expiration
Date |
Contracts |
Notional
Amount ($) |
Notional
Value ($) |
Unrealized
Appreciation/ (Depreciation) ($) |
10 Year U.S. Treasury Note |
USD |
3/19/2024 |
7 |
761,450 |
790,234 |
(28,784) |
2 Year U.S. Treasury Note |
USD |
3/28/2024 |
14 |
2,853,012 |
2,882,797 |
(29,785) |
5 Year U.S. Treasury Note |
USD |
3/28/2024 |
1 |
106,287 |
108,773 |
(2,486) |
Euro Stoxx 50 Index |
EUR |
3/15/2024 |
22 |
1,112,521 |
1,103,354 |
9,167 |
Euro-Schatz |
EUR |
3/7/2024 |
16 |
1,873,422 |
1,881,926 |
(8,504) |
S&P 500 E-Mini Index |
USD |
3/15/2024 |
25 |
5,847,001 |
6,025,000 |
(177,999) |
Total net unrealized depreciation |
(238,391) |
Contracts to Deliver |
In Exchange For |
Settlement Date |
Unrealized Depreciation ($) |
Counterparty | ||
SEK |
2,410,000 |
USD |
229,388 |
2/13/2024 |
(9,943) |
BNP Paribas SA |
GBP |
528,000 |
USD |
656,900 |
2/13/2024 |
(16,262) |
Citigroup, Inc. |
CHF |
219,000 |
USD |
249,355 |
2/13/2024 |
(12,115) |
Bank of America |
JPY |
109,700,000 |
USD |
743,298 |
2/13/2024 |
(39,481) |
State Street Bank and Trust |
CAD |
678,000 |
USD |
494,607 |
2/13/2024 |
(17,369) |
State Street Bank and Trust |
EUR |
2,874,000 |
USD |
3,141,032 |
2/13/2024 |
(36,832) |
Australia and New Zealand Banking Group
Ltd. |
Total unrealized depreciation |
(132,002) |
|
CAD |
Canadian Dollar |
CHF |
Swiss Franc |
EUR |
Euro |
GBP |
British Pound |
18 | |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
JPY |
Japanese Yen |
SEK |
Swedish Krona |
USD |
United States Dollar |
Assets |
Level 1 |
Level 2 |
Level 3 |
Total |
Common Stocks |
|
|
|
|
Communication Services |
$3,221,761 |
$1,038,866 |
$— |
$4,260,627 |
Consumer Discretionary |
3,660,610 |
1,263,738 |
— |
4,924,348 |
Consumer Staples |
2,419,415 |
1,374,670 |
— |
3,794,085 |
Energy |
1,834,766 |
27,382 |
— |
1,862,148 |
Financials |
4,598,516 |
2,967,288 |
— |
7,565,804 |
Health Care |
3,808,940 |
1,365,559 |
— |
5,174,499 |
Industrials |
3,077,015 |
2,789,753 |
— |
5,866,768 |
Information Technology |
8,807,254 |
673,961 |
— |
9,481,215 |
Materials |
544,395 |
849,968 |
— |
1,394,363 |
Real Estate |
1,160,799 |
207,219 |
— |
1,368,018 |
Utilities |
27,248 |
583,679 |
— |
610,927 |
Preferred Stocks (a) |
2,262,972 |
— |
— |
2,262,972 |
Rights |
— |
— |
204 |
204 |
Warrants |
— |
— |
5,994 |
5,994 |
Corporate Bonds (a) |
— |
23,389,161 |
— |
23,389,161 |
Asset-Backed (a) |
— |
3,667,390 |
— |
3,667,390 |
Mortgage-Backed Securities Pass-Throughs |
— |
7,980,532 |
— |
7,980,532 |
Commercial Mortgage-Backed Securities |
— |
2,315,863 |
— |
2,315,863 |
Collateralized Mortgage Obligations |
— |
5,731,821 |
— |
5,731,821 |
Government & Agency Obligations (a) |
— |
13,944,782 |
— |
13,944,782 |
Exchange-Traded Funds |
3,165,942 |
— |
— |
3,165,942 |
Short-Term Investments |
10,355,441 |
— |
— |
10,355,441 |
Derivatives (b) |
|
|
|
|
Futures Contracts |
1,012,360 |
— |
— |
1,012,360 |
Total |
$49,957,434 |
$70,171,632 |
$6,198 |
$120,135,264 |
Liabilities |
Level 1 |
Level 2 |
Level 3 |
Total |
Derivatives (b) |
|
|
|
|
Futures Contracts |
$(247,558 ) |
$— |
$— |
$(247,558
) |
Forward Foreign Currency Contracts |
— |
(132,002 ) |
— |
(132,002 ) |
Total |
$(247,558 ) |
$(132,002 ) |
$— |
$(379,560 ) |
(a) |
See
Investment Portfolio for additional detailed categorizations. |
(b) |
Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward
foreign currency contracts. |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
| 19 |
Assets |
|
Investments in non-affiliated securities, at value (cost $97,219,399) — including $1,025,936 of securities loaned |
$108,767,463 |
Investment in DWS Government & Agency Securities Portfolio (cost $1,074,287)*
|
1,074,287 |
Investment in DWS Central Cash Management Government Fund (cost $9,281,154) |
9,281,154 |
Cash |
20,000 |
Foreign currency, at value (cost $105,177) |
107,581 |
Receivable for Fund shares sold |
15,022 |
Dividends receivable |
109,342 |
Interest receivable |
433,009 |
Foreign taxes recoverable |
118,110 |
Other assets |
2,509 |
Total assets |
119,928,477 |
Liabilities |
|
Payable upon return of securities loaned |
1,074,287 |
Payable for investments purchased — TBA purchase commitments |
8,848,805 |
Payable for Fund shares redeemed |
41,326 |
Payable for variation margin on futures contracts |
92,389 |
Unrealized depreciation on forward foreign currency contracts |
132,002 |
Accrued management fee |
33,959 |
Accrued Trustees' fees |
2,067 |
Other accrued expenses and payables |
135,970 |
Total liabilities |
10,360,805 |
Net assets, at value |
$109,567,672 |
Net Assets Consist of |
|
Distributable earnings (loss) |
13,623,884 |
Paid-in capital |
95,943,788 |
Net assets, at value |
$109,567,672 |
Net Asset Value |
|
Class A |
|
Net Asset Value, offering and redemption price per share ($109,554,601
÷ 4,871,473 outstanding shares of beneficial interest, no par value, unlimited number
of shares authorized) |
$22.49 |
Class B |
|
Net Asset Value, offering and redemption price per share ($13,071 ÷
583 outstanding shares of beneficial interest, no par value, unlimited number of shares
authorized)** |
$22.44 |
* |
Represents collateral on securities loaned. |
** |
Net asset value and redemption price per share may not recalculate due to rounding of net assets and/or shares outstanding. |
20 | |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
Investment Income |
|
Income: |
|
Interest |
$2,116,100 |
Dividends (net of foreign taxes withheld of $130,722) |
1,948,745 |
Income distributions — DWS Central Cash Management Government Fund |
239,098 |
Securities lending income, net of borrower rebates |
15,919 |
Total income |
4,319,862 |
Expenses: |
|
Management fee |
387,827 |
Administration fee |
101,674 |
Services to shareholders |
972 |
Distribution service fee (Class B) |
30 |
Custodian fee |
28,189 |
Audit fee |
71,383 |
Legal fees |
21,516 |
Tax fees |
9,692 |
Reports to shareholders |
35,512 |
Trustees' fees and expenses |
6,057 |
Other |
18,766 |
Total expenses before expense reductions |
681,618 |
Expense reductions |
(20 ) |
Total expenses after expense reductions |
681,598 |
Net investment income |
3,638,264 |
Realized and Unrealized Gain (Loss) |
|
Net realized gain (loss) from: |
|
Investments |
1,923,467 |
Swap contracts |
266,035 |
Futures |
(220,866 ) |
Forward foreign currency contracts |
50,610 |
Foreign currency |
(16,468 ) |
|
2,002,778 |
Change in net unrealized appreciation (depreciation) on: |
|
Investments |
9,063,662 |
Swap contracts |
(243,549 ) |
Futures |
525,935 |
Forward foreign currency contracts |
(187,086 ) |
Foreign currency |
(117,825 ) |
|
9,041,137 |
Net gain (loss) |
11,043,915 |
Net increase (decrease) in net assets resulting from operations |
$14,682,179 |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
| 21 |
|
Years Ended December 31, | |
Increase (Decrease) in Net Assets |
2023 |
2022 |
Operations: |
|
|
Net investment income |
$3,638,264 |
$3,146,492 |
Net realized gain (loss) |
2,002,778 |
(3,479,034 ) |
Change in net unrealized appreciation (depreciation) |
9,041,137 |
(18,974,528 ) |
Net increase (decrease) in net assets resulting from operations |
14,682,179 |
(19,307,070 ) |
Distributions to shareholders: |
|
|
Class A |
(3,321,406 ) |
(12,945,935 ) |
Class B |
(342 ) |
(1,320 ) |
Total distributions |
(3,321,748 ) |
(12,947,255 ) |
Fund share transactions: |
|
|
Class A |
|
|
Proceeds from shares sold |
4,136,010 |
4,686,710 |
Reinvestment of distributions |
3,321,406 |
12,945,935 |
Payments for shares redeemed |
(11,919,499 ) |
(14,102,685 ) |
Net increase (decrease) in net assets from Class A share transactions |
(4,462,083 ) |
3,529,960 |
Class B |
|
|
Reinvestment of distributions |
342 |
1,320 |
Net increase (decrease) in net assets from Class B share transactions |
342 |
1,320 |
Increase (decrease) in net assets |
6,898,690 |
(28,723,045 ) |
Net assets at beginning of period |
102,668,982 |
131,392,027 |
Net assets at end of period |
$109,567,672 |
$102,668,982 |
|
| |
Other Information |
|
|
Class A |
|
|
Shares outstanding at beginning of period |
5,077,917 |
4,905,426 |
Shares sold |
197,546 |
215,723 |
Shares issued to shareholders in reinvestment of distributions |
162,814 |
602,697 |
Shares redeemed |
(566,804 ) |
(645,929 ) |
Net increase (decrease) in Class A shares |
(206,444 ) |
172,491 |
Shares outstanding at end of period |
4,871,473 |
5,077,917 |
Class B |
|
|
Shares outstanding at beginning of period |
566 |
504 |
Shares issued to shareholders in reinvestment of distributions |
17 |
62 |
Net increase (decrease) in Class B shares |
17 |
62 |
Shares outstanding at end of period |
583 |
566 |
22 | |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
DWS Global Income Builder VIP — Class A | |||||
|
Years Ended December 31, | ||||
|
2023 |
2022 |
2021 |
2020 |
2019 |
Selected Per Share Data | |||||
Net asset value, beginning of period |
$20.22 |
$26.78 |
$25.07 |
$24.63 |
$21.33 |
Income (loss) from investment operations: |
|
|
|
|
|
Net investment incomea |
.73 |
.61 |
.62 |
.57 |
.69 |
Net realized and unrealized gain (loss) |
2.21 |
(4.47 ) |
2.08 |
1.16 |
3.54 |
Total from investment operations |
2.94 |
(3.86 ) |
2.70 |
1.73 |
4.23 |
Less distributions from: |
|
|
|
|
|
Net investment income |
(.67 ) |
(.69 ) |
(.62 ) |
(.74 ) |
(.90 ) |
Net realized gains |
— |
(2.01 ) |
(.37 ) |
(.55 ) |
(.03 ) |
Total distributions |
(.67 ) |
(2.70 ) |
(.99 ) |
(1.29 ) |
(.93 ) |
Net asset value, end of period |
$22.49 |
$20.22 |
$26.78 |
$25.07 |
$24.63 |
Total Return (%) |
14.89 |
(14.98 ) |
10.95 |
8.28 |
20.16 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) |
110 |
103 |
131 |
127 |
130 |
Ratio of expenses (%)b |
.65 |
.65 |
.61 |
.64 |
.68 |
Ratio of net investment income (%) |
3.47 |
2.80 |
2.36 |
2.51 |
2.96 |
Portfolio turnover rate (%) |
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.
|
Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
| 23 |
DWS Global Income Builder VIP — Class B | |||||
|
Years Ended December 31, | ||||
|
2023 |
2022 |
2021 |
2020 |
2019 |
Selected Per Share Data |
|
|
|
|
|
Net asset value, beginning of period |
$20.17 |
$26.70 |
$25.01 |
$24.61 |
$21.30 |
Income (loss) from investment operations: |
|
|
|
|
|
Net investment incomea |
.66 |
.55 |
.52 |
.50 |
.65 |
Net realized and unrealized gain (loss) |
2.21 |
(4.46 ) |
2.08 |
1.15 |
3.55 |
Total from investment operations |
2.87 |
(3.91 ) |
2.60 |
1.65 |
4.20 |
Less distributions from: |
|
|
|
|
|
Net investment income |
(.60 ) |
(.61 ) |
(.54 ) |
(.70 ) |
(.86 ) |
Net realized gains |
— |
(2.01 ) |
(.37 ) |
(.55 ) |
(.03 ) |
Total distributions |
(.60 ) |
(2.62 ) |
(.91 ) |
(1.25 ) |
(.89 ) |
Net asset value, end of period |
$22.44 |
$20.17 |
$26.70 |
$25.01 |
$24.61 |
Total Return (%)b |
14.55 |
(15.24 ) |
10.56 |
7.90 |
20.01 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ thousands) |
13 |
11 |
13 |
12 |
11 |
Ratio of expenses before expense reductions (%)c |
1.13 |
1.12 |
1.05 |
1.10 |
1.10 |
Ratio of expenses after expense reductions (%)c |
.96 |
.96 |
.96 |
.93 |
.86 |
Ratio of net investment income (%) |
3.17 |
2.49 |
1.99 |
2.20 |
2.77 |
Portfolio turnover rate (%) |
180 |
95 |
104 |
137 |
182 |
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.
|
24 | |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
| 25 |
26 | |
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 |
$1,068,912 |
$— |
$— |
$— |
$1,068,912 |
Corporate Bonds |
5,375 |
— |
— |
— |
5,375 |
Total Borrowings |
$1,074,287 |
$— |
$— |
$— |
$1,074,287 |
Gross amount of recognized liabilities for securities lending transactions: |
$1,074,287 |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
| 27 |
Undistributed ordinary income* |
$3,872,455 |
Capital loss carryforwards |
$(1,574,339 ) |
Net unrealized appreciation (depreciation) on investments |
$11,292,655 |
|
Years Ended December 31, | |
|
2023 |
2022 |
Distributions from ordinary income* |
$3,321,748 |
$6,588,183 |
Distributions from long-term capital gains |
$— |
$6,359,072 |
* |
For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
28 | |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
| 29 |
Assets Derivative |
Futures
Contracts |
Equity Contracts (a) |
$718,461 |
Interest Rate Contracts (a) |
293,899 |
|
$1,012,360 |
The above derivative is located in the following Statement of Assets and Liabilities account: |
(a) |
Includes
cumulative appreciation of futures contracts as disclosed in the Investment Portfolio. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities. |
Liability
Derivative |
Forward
Contracts |
Futures
Contracts |
Total |
Equity Contracts (a) |
$— |
$(177,999 ) |
$(177,999 ) |
Interest Rate Contracts (a) |
— |
(69,559 ) |
(69,559 ) |
Foreign Exchange Contracts (b) |
(132,002 ) |
— |
(132,002 ) |
|
$(132,002 ) |
$(247,558 ) |
$(379,560 ) |
Each of the above derivatives is located in the following Statement of Assets and Liabilities accounts: |
(a) |
Includes cumulative depreciation of futures 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) |
$— |
$— |
$129,783 |
$129,783 |
Interest Rate Contracts (a) |
— |
266,035 |
(350,649 ) |
(84,614 ) |
Foreign Exchange Contracts (a) |
50,610 |
— |
— |
50,610 |
|
$50,610 |
$266,035 |
$(220,866 ) |
$95,779 |
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 and futures contracts, respectively |
Change in Net Unrealized Appreciation (Depreciation) |
Forward
Contracts |
Swap
Contracts |
Futures
Contracts |
Total |
Equity Contracts (a) |
$— |
$— |
$247,889 |
$247,889 |
Interest Rate Contracts (a) |
— |
(243,549 ) |
278,046 |
34,497 |
Foreign Exchange Contracts (a) |
(187,086 ) |
— |
— |
(187,086 ) |
|
$(187,086 ) |
$(243,549 ) |
$525,935 |
$95,300 |
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 and futures, respectively |
30 | |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
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 |
Australia and New Zealand Banking Group Ltd. |
$36,832 |
$— |
$— |
$36,832 |
Bank of America |
12,115 |
— |
— |
12,115 |
BNP Paribas SA |
9,943 |
— |
— |
9,943 |
Citigroup, Inc. |
16,262 |
— |
— |
16,262 |
State Street Bank and Trust |
56,850 |
— |
— |
56,850 |
|
132,002 |
— |
— |
132,002 |
|
Purchases |
Sales |
Non-U.S. Treasury Obligations |
$164,434,593 |
$175,106,794 |
U.S. Treasury Obligations |
$20,767,376 |
$14,794,703 |
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% |
Class A |
.71% |
Class B |
.96% |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
| 31 |
Class A |
|
.70% |
Class B |
|
.95% |
Distribution Fee |
Total
Aggregated |
Unpaid at
December 31, 2023 |
Class B |
$30 |
$3 |
Services to Shareholders |
Total
Aggregated |
Unpaid at
December 31, 2023 |
Class A |
$649 |
$109 |
Class B |
28 |
5 |
|
$677 |
$114 |
32 | |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
| 33 |
34 | |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
| 35 |
Actual Fund Return |
Class A |
Class B |
Beginning Account Value 7/1/23 |
$1,000.00 |
$1,000.00 |
Ending Account Value 12/31/23 |
$1,066.40 |
$1,064.50 |
Expenses Paid per $1,000* |
$3.33 |
$5.00 |
Hypothetical 5% Fund Return |
Class A |
Class B |
Beginning Account Value 7/1/23 |
$1,000.00 |
$1,000.00 |
Ending Account Value 12/31/23 |
$1,021.98 |
$1,020.37 |
Expenses Paid per $1,000* |
$3.26 |
$4.89 |
* |
Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the
period, multiplied by 184 (the number of days in the most recent six-month period), then divided by
365. |
Annualized Expense Ratios |
Class A |
Class B |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
.64% |
.96% |
36 | |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
| 37 |
38 | |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
| 39 |
40 | |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1
|
Business Experience and Directorships During the Past Five Years |
Number of Funds in DWS Fund Complex Overseen |
Other Directorships Held by Board Member |
Keith R. Fox, CFA (1954) Chairperson since 2017, and Board Member since 1996 |
Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986); Former Chairman, National Association of Small Business Investment Companies; Former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds); Progressive International Corporation (kitchen goods designer and distributor) |
68 |
— |
John W. Ballantine (1946) Board Member since 1999 |
Retired; formerly: Executive Vice President and Chief Risk Management
Officer, First Chicago NBD Corporation/The First National Bank of Chicago
(1996–1998); Executive Vice President and Head of International
Banking (1995–1996); Not-for-Profit Directorships: Window to the
World Communications (public media); Life Director of Harris Theater
for Music and Dance (Chicago); Life Director of Hubbard Street Dance
Chicago; Former Directorships: Director and Chairman of the Board,
Healthways Inc.2 (population well-being and wellness services)
(2003–2014); Stockwell Capital Investments PLC (private equity);
Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak
Brook Bancshares, Inc.; Oak Brook Bank; Portland General
Electric2 (utility
company) (2003–2021); and Prisma Energy International; Former
Not-for- Profit Directorships: Public Radio International; Palm Beach
Civic Assn. |
68 |
— |
Mary Schmid Daugherty, NACD.DC, PHD, CFA (1958) Board Member or Advisory Board Member since 20233 |
Senior Fellow in Applied Finance, Department of Finance, Opus College of
Business at the University of St. Thomas (1987–present);
Directorships: The Meritex Company (2017–present);
Driessen Water, Inc. (2016–present); and The Hardenbergh
Foundation (2021–present); Former Directorships: Mairs
& Power Funds Trust (mutual funds) (2010–2022); and Crescent
Electric Supply Company (2010–2019) |
214
|
— |
Dawn-Marie Driscoll (1946) Board Member since 1987 |
Emeritus Advisory Board and former Executive Fellow, Hoffman Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General
Counsel, Filene’s (retail) (1978–1988); Directorships: Trustee and
former Chairman of the Board, Southwest Florida Community Foundation
(charitable organization); Former Directorships: ICI Mutual Insurance
Company (2007–2015); Sun Capital Advisers Trust (mutual funds)
(2007–2012); Investment Company Institute (audit, executive,
nominating committees) and Independent Directors Council (governance,
executive committees) |
68 |
— |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
| 41 |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1
|
Business Experience and Directorships During the Past Five Years |
Number of Funds in DWS Fund Complex Overseen |
Other Directorships Held by Board Member |
Richard J. Herring (1946) Board Member since 1990 |
Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (1972–present); formerly:
Director, The Wharton Financial Institutions Center (1994–2020); Vice Dean
and Director, Wharton Undergraduate Division (1995–2000) and
Director, The Lauder Institute of International Management Studies
(2000–2006); Member FDIC Systemic Risk Advisory Committee
(2011–present), member Systemic Risk Council
(2012–present) and member of the Advisory Board of the Yale
Program on Financial Stability (2013–present); Former
Directorships: Co-Chair of the Shadow Financial Regulatory Committee
(2003–2015), Executive Director of The Financial Economists
Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013),
Director of The Aberdeen Singapore Fund (2007–2018), Director,
The Aberdeen Japan Fund (2007–2021) and Nonexecutive Director of
Barclays Bank DE (2010–2018) |
68 |
— |
Chad D. Perry (1972) Board Member or Advisory Board Member since 20213 |
Executive Vice President and General Counsel, RLJ Lodging Trust2 (since
2023); formerly Executive Vice President, General Counsel and Secretary,
Tanger Factory Outlet Centers, Inc.2 (2011–2023); Executive Vice President
and Deputy General Counsel, LPL Financial Holdings Inc.2 (2006–2011);
Senior Corporate Counsel, EMC Corporation (2005–2006); Associate,
Ropes & Gray LLP (1997–2005) |
214
|
Director, Great
Elm Capital Corp. (business
development company) (since
2022) |
Rebecca W. Rimel (1951) Board Member since 1995 |
Directorships: Washington College (since July 2023); Formerly: Executive
Vice President, The Glenmede Trust Company (investment trust and
wealth management) (1983–2004); Board Member, Investor Education
(charitable organization) (2004–2005); Former Directorships:
Trustee, Executive Committee, Philadelphia Chamber of Commerce
(2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson
Foundation (charitable organization) (1994–2012); President,
Chief Executive Officer and Director (1994–2020) and Senior
Advisor (2020–2021), The Pew Charitable Trusts (charitable
organization); Director, BioTelemetry Inc.2 (acquired by Royal Philips in 2021) (healthcare)
(2009–2021); Director, Becton Dickinson and Company2 (medical
technology company) (2012–2022) |
68 |
Director, The
Bridgespan Group (nonprofit
organization)
(since October 2020) |
Catherine Schrand (1964) Board Member since 2021 |
Celia Z. Moh Professor of Accounting (2016–present) and Professor of
Accounting (1994–present); Directorships: Advisory Board Member,
the Jacobs Levy Center, The Wharton School, University of Pennsylvania
(since 2023); Former positions: Vice Dean, Wharton Doctoral Programs,
The Wharton School, University of Pennsylvania
(2016–2019) |
68 |
— |
William N. Searcy, Jr. (1946) Board Member since 1993 |
Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Former Directorships: Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012) |
68 |
— |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time
Served6 |
Business Experience and Directorships During the Past Five Years |
Hepsen Uzcan7 (1974) President and Chief Executive Officer, 2017–present |
Head of Americas CEO Office, DWS (2023–present), Head of Fund Administration, Head of Product
Americas and Head of U.S. Mutual Funds, DWS (2017–present); Vice President, DWS Service Company
(2018–present); President, DB Investment Managers, Inc. (2018–present);
President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany
Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); Vice
President, DWS Investment Management Americas, Inc. (2023–present); formerly: Vice
President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds
(2013–2019); Secretary, DWS USA Corporation (2018–2023); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–2023); Assistant Secretary, DWS Trust Company (2018–2023); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The
Central and Eastern Europe Fund, Inc. (2013–2020); Assistant Secretary, DWS Distributors, Inc.
(2018–2023); Directorships: Director of DWS Service Company (2018–present);
Director of DB Investment Managers, Inc. (2018–present); Director of Episcopalian
Charities of New York (2018–present); Interested Director of The European Equity
Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc.
(2020–present); Director of ICI Mutual Insurance Company (2020–present);
Director of DWS USA Corporation (2023–present); Director of DWS Investment
Management Americas, Inc. (2023–present); and Manager of DBX Advisors LLC.
(2023–present) |
John Millette8 (1962) Vice President and Secretary, 1999–present |
Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas,
Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present);
Secretary, DBX ETF Trust (2020–present); Vice President, DBX Advisors LLC
(2021–present); Secretary, The European Equity Fund, Inc., The New Germany Fund,
Inc. and The Central and Eastern Europe Fund, Inc. (2011–present); formerly:
Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and Assistant
Secretary, DBX ETF Trust (2019–2020) |
42 | |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time
Served6 |
Business Experience and Directorships During the Past Five Years |
Ciara Crawford9 (1984) Assistant
Secretary, 2019–present |
Fund Administration (Specialist), DWS (2015–present); Assistant Secretary, DWS Service Company
(2018–present); Assistant Secretary of U.S. Mutual Funds, DWS (2019–present); Assistant
Secretary, DWS USA Corporation (2023–present); Assistant Secretary, DBX Advisors,
LLC (2023–present); Assistant Secretary, DWS Investment Management Americas, Inc.
(2023–present); Assistant Clerk, DWS Trust Company (2023–present); formerly,
Legal Assistant at Accelerated Tax Solutions |
Diane Kenneally8 (1966) Chief Financial Officer and Treasurer, 2018–present |
Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Treasurer, Chief Financial Officer and
Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European
Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund,
Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds
(2007–2018) |
Yvonne Wong8 (1960) Assistant Treasurer, since December 1, 2023 |
Fund Administration (Senior Analyst), DWS; Assistant Treasurer, DBX ETF Trust (since November 14, 2023) |
Sheila Cadogan8 (1966) Assistant
Treasurer, 2017–present |
Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Director and Vice President, DWS
Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant
Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and
Eastern Europe Fund, Inc. (2018–present) |
Scott D. Hogan8 (1970) Chief Compliance
Officer, 2016–present |
Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The
European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund,
Inc. (2016–present) |
Caroline Pearson8 (1962) Chief Legal
Officer, 2010–present |
Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer,
DBX Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New
Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present);
formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); Secretary,
Deutsche AM Service Company (2010–2017); and Chief Legal Officer, DBX Strategic
Advisors LLC (2020–2021) |
Christian Rijs7 (1980) Anti-Money Laundering Compliance
Officer, 2021–present |
Senior Team Lead Anti-Financial Crime and Compliance, DWS; AML Officer, DWS Trust Company (2021–present); AML Officer, DBX ETF Trust (2021–present); AML Officer, The European Equity Fund,
Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2021–present);
formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO |
1 |
The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently
overseen by the Board. |
2 |
A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934. |
3 |
Mr. Perry and Ms. Daugherty are each an Advisory Board Member of Deutsche DWS Asset Allocation Trust, Deutsche DWS Equity
500 Index Portfolio, Deutsche DWS Global/International Fund, Inc., Deutsche DWS Income Trust, Deutsche
DWS Institutional Funds, Deutsche DWS International Fund, Inc., Deutsche DWS Investment
Trust, Deutsche DWS Investments VIT Funds, Deutsche DWS Money Market Trust, Deutsche DWS
Municipal Trust, Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust, Deutsche DWS
Tax Free Trust, Deutsche DWS Variable Series I and Government Cash Management Portfolio. Mr. Perry and
Ms. Daugherty are each a Board Member of each other Trust. |
4 |
Mr. Perry and Ms. Daugherty each oversees 21 funds in the DWS Fund Complex as a Board Member of various Trusts. Mr. Perry and
Ms. Daugherty are each an Advisory Board Member of various Trusts/Corporations comprised of 47 funds in
the DWS Fund Complex. |
5 |
As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons”
of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the
Fund. |
6 |
The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds. |
7 |
Address: 875 Third Avenue, New York, New York 10022. |
8 |
Address: 100 Summer Street, Boston, MA 02110. |
9 |
Address: 5201 Gate Parkway, Jacksonville, FL 32256. |
Deutsche DWS Variable Series II — DWS Global Income Builder VIP |
| 43 |
3 |
|
5 |
|
6 |
|
10 |
|
10 |
|
11 |
|
12 |
|
13 |
|
16 |
|
17 |
|
18 |
|
19 |
|
19 |
|
20 |
|
23 |
2 | |
Deutsche DWS Variable Series II — DWS Government Money Market VIP |
Deutsche DWS Variable Series II — DWS Government Money Market VIP |
| 3 |
|
7-Day Current Yield |
DWS Government Money Market VIP — Class A |
5.07% |
4 | |
Deutsche DWS Variable Series II — DWS Government Money Market VIP |
Asset Allocation (As a % of Investment Portfolio) |
12/31/23 |
12/31/22 |
Repurchase Agreements |
54% |
68% |
Government & Agency Obligations |
46% |
32% |
|
100% |
100% |
Weighted Average Maturity |
12/31/23 |
12/31/22 |
Deutsche DWS Variable Series II —DWS Government Money Market VIP |
32 days |
8 days |
iMoneyNet Money Fund AverageTM— Gov’t & Agency Retail* |
31 days |
15 days |
* |
The Fund
is compared to its respective iMoneyNet Money Fund Average category: Gov’t & Agency Retail — Category includes the most broadly based of the government retail funds. These funds may invest in U.S. Treasury securities, securities issued or
guaranteed by the U.S. Government or its agencies or instrumentalities. |
Deutsche DWS Variable Series II — DWS Government Money Market VIP |
| 5 |
|
Principal
Amount ($) |
Value ($) | |
Government & Agency Obligations 46.5% | |||
U.S. Government Sponsored Agencies 12.0% | |||
Federal Farm Credit Banks: |
|
|
|
5.25% (a), 12/13/2024 |
|
175,000 |
174,973 |
SOFR + 0.135%, 5.535%
(b), 6/3/2025 |
|
500,000 |
500,000 |
SOFR + 0.145%, 5.545%
(b), 7/25/2025 |
|
500,000 |
500,000 |
Federal Home Loan Bank Discount Notes, 5.222%
(a), 4/5/2024 |
|
1,300,000 |
1,282,333 |
Federal Home Loan Banks: |
|
|
|
5.0% (a), 9/18/2024 |
|
1,500,000 |
1,499,374 |
5.4% (a), 1/14/2025 |
|
1,250,000 |
1,250,000 |
SOFR + 0.03%, 5.43%
(b), 1/12/2024 |
|
2,000,000 |
2,000,000 |
SOFR + 0.03%, 5.43%
(b), 1/16/2024 |
|
1,000,000 |
1,000,000 |
SOFR + 0.035%, 5.435%
(b), 2/12/2024 |
|
2,000,000 |
2,000,000 |
SOFR + 0.035%, 5.435%
(b), 2/13/2024 |
|
1,000,000 |
1,000,000 |
SOFR + 0.04%, 5.44%
(b), 2/20/2024 |
|
2,000,000 |
2,000,000 |
SOFR + 0.04%, 5.44%
(b), 2/26/2024 |
|
4,000,000 |
4,000,000 |
SOFR + 0.045%, 5.445%
(b), 2/2/2024 |
|
500,000 |
500,000 |
SOFR + 0.45%, 5.445%
(b), 2/5/2024 |
|
1,000,000 |
1,000,000 |
SOFR + 0.045%, 5.445%
(b), 2/28/2024 |
|
3,000,000 |
3,000,000 |
SOFR + 0.45%, 5.445%
(b), 3/15/2024 |
|
2,000,000 |
2,000,000 |
SOFR + 0.045%, 5.445%
(b), 4/4/2024 |
|
4,000,000 |
4,000,000 |
SOFR + 0.05%, 5.45%
(b), 3/20/2024 |
|
3,150,000 |
3,150,000 |
5.45% (a), 6/18/2024 |
|
500,000 |
499,770 |
SOFR + 0.125%, 5.525%
(b), 2/24/2025 |
|
2,000,000 |
2,000,000 |
Federal National Mortgage Association, 5.52%,
7/16/2024 |
|
1,000,000 |
1,000,000 |
|
|
|
34,356,450 |
U.S. Treasury Obligations 34.5% | |||
U.S. Treasury Bills: |
|
|
|
5.08% (a), 7/11/2024 |
|
3,500,000 |
3,406,480 |
5.105% (a), 8/8/2024 |
|
2,000,000 |
1,938,455 |
5.119% (a), 10/31/2024 |
|
1,000,000 |
957,594 |
5.161% (a), 6/13/2024 |
|
3,000,000 |
2,930,437 |
5.162% (a), 10/31/2024 |
|
2,000,000 |
1,914,905 |
5.163% (a), 10/31/2024 |
|
2,000,000 |
1,912,889 |
5.227% (a), 6/6/2024 |
|
4,000,000 |
3,910,074 |
5.305% (a), 1/11/2024 |
|
6,000,000 |
5,959,980 |
|
Principal
Amount ($) |
Value ($) | |
5.314% (a), 4/2/2024 |
|
5,000,000 |
4,933,032 |
5.319% (a), 4/16/2024 |
|
3,000,000 |
2,953,656 |
5.32% (a), 3/21/2024 |
|
4,000,000 |
3,968,072 |
5.323% (a), 1/18/2024 |
|
4,500,000 |
4,488,844 |
5.333% (a), 1/4/2024 |
|
1,250,000 |
1,249,452 |
5.343% (a), 2/22/2024 |
|
5,000,000 |
4,961,939 |
5.356% (a), 1/11/2024 |
|
2,000,000 |
2,028,364 |
5.358% (a), 3/12/2024 |
|
6,000,000 |
5,937,461 |
5.374% (a), 3/21/2024 |
|
1,500,000 |
1,467,621 |
5.375% (a), 4/25/2024 |
|
2,000,000 |
1,966,132 |
5.39% (a), 1/30/2024 |
|
3,000,000 |
2,987,610 |
5.409% (a), 2/27/2024 |
|
4,000,000 |
3,966,212 |
5.409% (a), 3/5/2024 |
|
3,000,000 |
2,971,547 |
5.424% (a), 2/6/2024 |
|
2,000,000 |
1,989,300 |
5.424% (a), 2/29/2024 |
|
4,000,000 |
3,964,928 |
5.424% (a), 4/18/2024 |
|
2,000,000 |
1,967,899 |
U.S. Treasury Floating Rate Notes: |
|
|
|
3-month U.S. Treasury Bill Money Market Yield
minus 0.075%, 5.256% (b), 4/30/2024 |
|
3,000,000 |
2,999,613 |
3-month U.S. Treasury Bill Money Market Yield
minus 0.015%, 5.316% (b), 1/31/2024 |
|
3,000,000 |
3,000,167 |
3-month U.S. Treasury Bill Money Market Yield +
0.037%, 5.368% (b), 7/31/2024 |
|
10,000,000 |
10,002,449 |
3-month U.S. Treasury Bill Money Market Yield +
0.125%, 5.456% (b), 7/31/2025 |
|
4,000,000 |
3,997,458 |
3-month U.S. Treasury Bill Money Market Yield +
0.17%, 5.501% (b), 10/31/2025 |
|
4,000,000 |
3,997,756 |
|
|
|
98,730,326 |
Total Government & Agency Obligations
(Cost $133,086,776) |
133,086,776 | ||
Repurchase Agreements 54.6% | |||
BNP Paribas, 5.34%, dated 12/29/2023, to be
repurchased at $27,716,435 on
1/2/2024 (c) |
|
27,700,000 |
27,700,000 |
Citigroup Global Markets, Inc., 5.33%, dated
12/29/2023, to be repurchased at
$24,114,273 on 1/2/2024 (d) |
|
24,100,000 |
24,100,000 |
6 | |
Deutsche DWS Variable Series II — DWS Government Money Market VIP |
|
Principal
Amount ($) |
Value ($) | |
JPMorgan Securities, Inc.: |
|
|
|
5.33%, dated 12/29/2023, to be repurchased at
$11,406,751 on 1/2/2024 (e) |
|
11,400,000 |
11,400,000 |
5.34%, dated 12/29/2023, to be repurchased at
$23,914,181 on 1/2/2024 (f) |
|
23,900,000 |
23,900,000 |
Royal Bank of Canada: |
|
|
|
5.33%, dated 12/29/2023, to be repurchased at
$7,904,679 on 1/2/2024 (g) |
|
7,900,000 |
7,900,000 |
5.33%, dated 12/29/2023, to be repurchased at
$12,407,344 on 1/2/2024 (h) |
|
12,400,000 |
12,400,000 |
5.34%, dated 12/29/2023, to be repurchased at
$23,213,765 on 1/2/2024 (i) |
|
23,200,000 |
23,200,000 |
Wells Fargo Bank, 5.35%, dated 12/29/2023, to be
repurchased at $25,415,099 on
1/2/2024 (j) |
|
25,400,000 |
25,400,000 |
Total Repurchase Agreements
(Cost $156,000,000) |
156,000,000 |
|
|
% of Net
Assets |
Value ($) |
Total Investment Portfolio
(Cost $289,086,776) |
|
101.1 |
289,086,776 |
Other Assets and Liabilities, Net |
|
(1.1 ) |
(3,222,072
) |
Net Assets |
|
100.0 |
285,864,704 |
(a) |
Annualized yield at time of purchase; not a coupon rate. |
(b) |
Floating
rate security. These securities are shown at their current rate as of December 31, 2023. |
(c) |
Collateralized by: |
Principal
Amount ($) |
Security |
Rate (%) |
Maturity Date |
Collateral
Value ($) |
33,067,274 |
U.S. Treasury STRIPS |
Zero Coupon |
11/15/2029–5/15/2046 |
26,286,050 |
2,052,600 |
U.S. Treasury Notes |
2.625 |
5/31/2027 |
1,967,951 |
Total Collateral Value |
28,254,001 |
(d) |
Collateralized by: |
Principal
Amount ($) |
Security |
Rate (%) |
Maturity Date |
Collateral
Value ($) |
26,608,800 |
U.S. Treasury Notes |
0.375–5.0 |
8/31/2025–9/30/2027 |
24,582,018 |
(e) |
Collateralized by: |
Principal
Amount ($) |
Security |
Rate (%) |
Maturity Date |
Collateral
Value ($) |
12,648,600 |
U.S. Treasury Notes |
0.75–1.25 |
8/31/2026–11/30/2026 |
11,628,068 |
Deutsche DWS Variable Series II — DWS Government Money Market VIP |
| 7 |
(f) |
Collateralized by: |
Principal
Amount ($) |
Security |
Rate (%) |
Maturity Date |
Collateral
Value ($) |
0.29 |
Federal Home Loan Mortgage Corp. |
6.0 |
11/1/2036 |
0.30 |
13,289,063 |
Federal National Mortgage Association |
3.0–5.18 |
9/1/2029–6/1/2052 |
13,796,273 |
11,135,606 |
Government National Mortgage Association |
2.5–6.5 |
3/15/2025–11/15/2057 |
10,581,728 |
Total Collateral Value |
24,378,001 |
(g) |
Collateralized by: |
Principal
Amount ($) |
Security |
Rate (%) |
Maturity Date |
Collateral
Value ($) |
8,068,600 |
U.S. Treasury Bills |
Zero Coupon |
1/11/2024 |
8,058,030 |
(h) |
Collateralized by: |
Principal
Amount ($) |
Security |
Rate (%) |
Maturity Date |
Collateral
Value ($) |
100 |
U.S. Treasury Bills |
Zero Coupon |
3/21/2024 |
99 |
14,447,500 |
U.S. Treasury Bonds |
1.375–4.0 |
11/15/2040–11/15/2047 |
11,936,291 |
200 |
U.S. Treasury Notes |
2.25–3.0 |
12/31/2024–7/15/2025 |
198 |
166,700 |
U.S. Treasury Inflation-Indexed Bonds |
0.625–2.0 |
1/15/2026–2/15/2047 |
173,390 |
1,366,700 |
U.S. Treasury STRIPS |
Zero Coupon |
8/15/2043–8/15/2050 |
545,550 |
Total Collateral Value |
12,655,528 |
(i) |
Collateralized by: |
Principal
Amount ($) |
Security |
Rate (%) |
Maturity Date |
Collateral
Value ($) |
13,985 |
Federal Home Loan Mortgage Corp. |
2.5–7.0 |
6/1/2048–1/1/2054 |
12,829 |
8,521,008 |
Federal National Mortgage Association |
2.0–7.5 |
6/1/2041–12/1/2053 |
7,277,735 |
4,542,378 |
Government National Mortgage Association |
2.0–6.5 |
2/20/2042–11/20/2053 |
4,308,872 |
18,293,300 |
U.S. Treasury Bonds |
1.125–4.0 |
8/15/2040–11/15/2042 |
11,823,661 |
100 |
U.S. Treasury Notes |
0.375 |
1/31/2026 |
93 |
72,900 |
U.S. Treasury Inflation-Indexed Bonds |
0.625–2.375 |
1/15/2025–2/15/2043 |
77,004 |
514,900 |
U.S. Treasury STRIPS |
Zero Coupon |
8/15/2046–8/15/2050 |
177,847 |
Total Collateral Value |
23,678,041 |
(j) |
Collateralized by: |
Principal
Amount ($) |
Security |
Rate (%) |
Maturity Date |
Collateral
Value ($) |
24,976,262 |
Federal Home Loan Mortgage Corp. |
6.0–7.0 |
10/1/2053–12/1/2053 |
25,908,000 |
SOFR: Secured Overnight
Financing Rate |
STRIPS: Separate Trading
of Registered Interest and Principal Securities |
8 | |
Deutsche DWS Variable Series II — DWS Government Money Market VIP |
Assets |
Level 1 |
Level 2 |
Level 3 |
Total |
Investments in Securities (a) |
$— |
$133,086,776 |
$— |
$133,086,776 |
Repurchase Agreements |
— |
156,000,000 |
— |
156,000,000 |
Total |
$— |
$289,086,776 |
$— |
$289,086,776 |
(a) |
See
Investment Portfolio for additional detailed categorizations. |
Deutsche DWS Variable Series II — DWS Government Money Market VIP |
| 9 |
Assets |
|
Investments in securities, valued at amortized cost |
$133,086,776 |
Repurchase agreements, valued at amortized cost |
156,000,000 |
Cash |
16,715 |
Receivable for Fund shares sold |
82,526 |
Interest receivable |
553,032 |
Other assets |
4,642 |
Total assets |
289,743,691 |
Liabilities |
|
Payable for investments purchased |
2,987,610 |
Payable for Fund shares redeemed |
150,231 |
Distributions payable |
577,504 |
Accrued management fee |
57,204 |
Accrued Trustees' fees |
3,163 |
Other accrued expenses and payables |
103,275 |
Total liabilities |
3,878,987 |
Net assets, at value |
$285,864,704 |
Net Assets Consist of |
|
Distributable earnings (loss) |
8,791 |
Paid-in capital |
285,855,913 |
Net assets, at value |
$285,864,704 |
Net Asset Value |
|
Class A |
|
Net Asset Value, offering and redemption price
per share ($285,864,704 ÷ 285,920,893
outstanding shares of beneficial interest,
no par value, unlimited number of
shares authorized) |
$1.00 |
Investment Income |
|
Income: |
|
Interest |
$10,517,929 |
Expenses: |
|
Management fee |
485,273 |
Administration fee |
200,304 |
Services to shareholders |
2,896 |
Custodian fee |
7,460 |
Professional fees |
53,068 |
Reports to shareholders |
38,273 |
Trustees' fees and expenses |
8,907 |
Other |
10,244 |
Total expenses |
806,425 |
Net investment income |
9,711,504 |
Net realized gain (loss) from investments |
2,426 |
Net increase (decrease) in net assets resulting from operations |
$9,713,930 |
10 | |
Deutsche DWS Variable Series II — DWS Government Money Market VIP |
|
Years Ended December 31, | |
Increase (Decrease) in Net Assets |
2023 |
2022 |
Operations: |
|
|
Net investment income |
$9,711,504 |
$2,385,589 |
Net realized gain (loss) |
2,426 |
(119 ) |
Net increase (decrease) in net assets resulting from operations |
9,713,930 |
2,385,470 |
Distributions to shareholders: |
|
|
Class A |
(9,711,503 ) |
(2,385,590 ) |
Fund share transactions: |
|
|
Class A |
|
|
Proceeds from shares sold |
193,367,672 |
174,719,180 |
Reinvestment of distributions |
9,448,141 |
2,068,026 |
Payments for shares redeemed |
(103,500,306 ) |
(186,972,657 ) |
Net increase (decrease) in net assets from Class A share transactions |
99,315,507 |
(10,185,451 ) |
Increase (decrease) in net assets |
99,317,934 |
(10,185,571 ) |
Net assets at beginning of period |
186,546,770 |
196,732,341 |
Net assets at end of period |
$285,864,704 |
$186,546,770 |
|
| |
Other Information |
|
|
Class A |
|
|
Shares outstanding at beginning of period |
186,606,016 |
196,801,073 |
Shares sold |
193,367,042 |
174,709,574 |
Shares issued to shareholders in reinvestment of distributions |
9,448,141 |
2,068,026 |
Shares redeemed |
(103,500,306 ) |
(186,972,657 ) |
Net increase (decrease) in Class A shares |
99,314,877 |
(10,195,057 ) |
Shares outstanding at end of period |
285,920,893 |
186,606,016 |
Deutsche DWS Variable Series II — DWS Government Money Market VIP |
| 11 |
DWS Government Money Market VIP — Class A | |||||
|
Years Ended December 31, | ||||
|
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 |
Income (loss) from investment operations: |
|
|
|
|
|
Net investment income |
.047 |
.013 |
.000
* |
.002 |
.018 |
Net realized gain (loss) |
.000
* |
(.000
)* |
(.000
)* |
.000
* |
.000
* |
Total from investment operations |
.047 |
.013 |
.000
* |
.002 |
.018 |
Less distributions from: |
|
|
|
|
|
Net investment income |
(.047 ) |
(.013 ) |
(.000
)* |
(.002 ) |
(.018 ) |
Net asset value, end of period |
$1.00 |
$1.00 |
$1.00 |
$1.00 |
$1.00 |
Total Return (%) |
4.75 |
1.29
a |
.01
a |
.24
a |
1.77
a |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) |
286 |
187 |
197 |
153 |
122 |
Ratio of expenses before expense reductions (%)b
|
.39 |
.40 |
.42 |
.42 |
.47 |
Ratio of expenses after expense reductions (%)b
|
.39 |
.32 |
.06 |
.23 |
.47 |
Ratio of net investment income (%) |
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. |
12 | |
Deutsche DWS Variable Series II — DWS Government Money Market VIP |
Deutsche DWS Variable Series II — DWS Government Money Market VIP |
| 13 |
Undistributed ordinary income |
$8,791 |
|
Years Ended December 31, | |
|
2023 |
2022 |
Distributions from ordinary income |
$9,711,503 |
$2,385,590 |
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% |
14 | |
Deutsche DWS Variable Series II — DWS Government Money Market VIP |
Deutsche DWS Variable Series II — DWS Government Money Market VIP |
| 15 |
16 | |
Deutsche DWS Variable Series II — DWS Government Money Market VIP |
Deutsche DWS Variable Series II — DWS Government Money Market VIP |
| 17 |
Actual Fund Return |
Class A |
Beginning Account Value 7/1/23 |
$1,000.00 |
Ending Account Value 12/31/23 |
$1,025.34 |
Expenses Paid per $1,000* |
$1.89 |
Hypothetical 5% Fund Return |
Class A |
Beginning Account Value 7/1/23 |
$1,000.00 |
Ending Account Value 12/31/23 |
$1,023.34 |
Expenses Paid per $1,000* |
$1.89 |
* |
Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by
184 (the number of days in the most recent six-month period), then divided by 365. |
Annualized Expense Ratio |
Class A |
Deutsche DWS Variable Series II — DWS Government Money Market VIP |
.37% |
18 | |
Deutsche DWS Variable Series II — DWS Government Money Market VIP |
Deutsche DWS Variable Series II — DWS Government Money Market VIP |
| 19 |
20 | |
Deutsche DWS Variable Series II — DWS Government Money Market VIP |
Deutsche DWS Variable Series II — DWS Government Money Market VIP |
| 21 |
22 | |
Deutsche DWS Variable Series II — DWS Government Money Market VIP |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1
|
Business Experience and Directorships During the Past Five Years |
Number of Funds in DWS Fund Complex Overseen |
Other Directorships Held by Board Member |
Keith R. Fox, CFA (1954) Chairperson since 2017, and Board Member since 1996 |
Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986); Former Chairman, National Association of Small Business Investment Companies; Former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds); Progressive International Corporation (kitchen goods designer and distributor) |
68 |
— |
John W. Ballantine (1946) Board Member since 1999 |
Retired; formerly: Executive Vice President and Chief Risk Management
Officer, First Chicago NBD Corporation/The First National Bank of Chicago
(1996–1998); Executive Vice President and Head of International
Banking (1995–1996); Not-for-Profit Directorships: Window to the
World Communications (public media); Life Director of Harris Theater
for Music and Dance (Chicago); Life Director of Hubbard Street Dance
Chicago; Former Directorships: Director and Chairman of the Board,
Healthways Inc.2 (population well-being and wellness services)
(2003–2014); Stockwell Capital Investments PLC (private equity);
Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak
Brook Bancshares, Inc.; Oak Brook Bank; Portland General
Electric2 (utility
company) (2003–2021); and Prisma Energy International; Former
Not-for- Profit Directorships: Public Radio International; Palm Beach
Civic Assn. |
68 |
— |
Mary Schmid Daugherty, NACD.DC, PHD, CFA (1958) Board Member or Advisory Board Member since 20233 |
Senior Fellow in Applied Finance, Department of Finance, Opus College of
Business at the University of St. Thomas (1987–present);
Directorships: The Meritex Company (2017–present);
Driessen Water, Inc. (2016–present); and The Hardenbergh
Foundation (2021–present); Former Directorships: Mairs
& Power Funds Trust (mutual funds) (2010–2022); and Crescent
Electric Supply Company (2010–2019) |
214
|
— |
Dawn-Marie Driscoll (1946) Board Member since 1987 |
Emeritus Advisory Board and former Executive Fellow, Hoffman Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General
Counsel, Filene’s (retail) (1978–1988); Directorships: Trustee and
former Chairman of the Board, Southwest Florida Community Foundation
(charitable organization); Former Directorships: ICI Mutual Insurance
Company (2007–2015); Sun Capital Advisers Trust (mutual funds)
(2007–2012); Investment Company Institute (audit, executive,
nominating committees) and Independent Directors Council (governance,
executive committees) |
68 |
— |
Deutsche DWS Variable Series II — DWS Government Money Market VIP |
| 23 |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1
|
Business Experience and Directorships During the Past Five Years |
Number of Funds in DWS Fund Complex Overseen |
Other Directorships Held by Board Member |
Richard J. Herring (1946) Board Member since 1990 |
Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (1972–present); formerly:
Director, The Wharton Financial Institutions Center (1994–2020); Vice Dean
and Director, Wharton Undergraduate Division (1995–2000) and
Director, The Lauder Institute of International Management Studies
(2000–2006); Member FDIC Systemic Risk Advisory Committee
(2011–present), member Systemic Risk Council
(2012–present) and member of the Advisory Board of the Yale
Program on Financial Stability (2013–present); Former
Directorships: Co-Chair of the Shadow Financial Regulatory Committee
(2003–2015), Executive Director of The Financial Economists
Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013),
Director of The Aberdeen Singapore Fund (2007–2018), Director,
The Aberdeen Japan Fund (2007–2021) and Nonexecutive Director of
Barclays Bank DE (2010–2018) |
68 |
— |
Chad D. Perry (1972) Board Member or Advisory Board Member since 20213 |
Executive Vice President and General Counsel, RLJ Lodging Trust2 (since
2023); formerly Executive Vice President, General Counsel and Secretary,
Tanger Factory Outlet Centers, Inc.2 (2011–2023); Executive Vice President
and Deputy General Counsel, LPL Financial Holdings Inc.2 (2006–2011);
Senior Corporate Counsel, EMC Corporation (2005–2006); Associate,
Ropes & Gray LLP (1997–2005) |
214
|
Director, Great
Elm Capital Corp. (business
development company) (since
2022) |
Rebecca W. Rimel (1951) Board Member since 1995 |
Directorships: Washington College (since July 2023); Formerly: Executive
Vice President, The Glenmede Trust Company (investment trust and
wealth management) (1983–2004); Board Member, Investor Education
(charitable organization) (2004–2005); Former Directorships:
Trustee, Executive Committee, Philadelphia Chamber of Commerce
(2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson
Foundation (charitable organization) (1994–2012); President,
Chief Executive Officer and Director (1994–2020) and Senior
Advisor (2020–2021), The Pew Charitable Trusts (charitable
organization); Director, BioTelemetry Inc.2 (acquired by Royal Philips in 2021) (healthcare)
(2009–2021); Director, Becton Dickinson and Company2 (medical
technology company) (2012–2022) |
68 |
Director, The
Bridgespan Group (nonprofit
organization)
(since October 2020) |
Catherine Schrand (1964) Board Member since 2021 |
Celia Z. Moh Professor of Accounting (2016–present) and Professor of
Accounting (1994–present); Directorships: Advisory Board Member,
the Jacobs Levy Center, The Wharton School, University of Pennsylvania
(since 2023); Former positions: Vice Dean, Wharton Doctoral Programs,
The Wharton School, University of Pennsylvania
(2016–2019) |
68 |
— |
William N. Searcy, Jr. (1946) Board Member since 1993 |
Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Former Directorships: Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012) |
68 |
— |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time
Served6 |
Business Experience and Directorships During the Past Five Years |
Hepsen Uzcan7 (1974) President and Chief Executive Officer, 2017–present |
Head of Americas CEO Office, DWS (2023–present), Head of Fund Administration, Head of Product
Americas and Head of U.S. Mutual Funds, DWS (2017–present); Vice President, DWS Service Company
(2018–present); President, DB Investment Managers, Inc. (2018–present);
President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany
Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); Vice
President, DWS Investment Management Americas, Inc. (2023–present); formerly: Vice
President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds
(2013–2019); Secretary, DWS USA Corporation (2018–2023); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–2023); Assistant Secretary, DWS Trust Company (2018–2023); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The
Central and Eastern Europe Fund, Inc. (2013–2020); Assistant Secretary, DWS Distributors, Inc.
(2018–2023); Directorships: Director of DWS Service Company (2018–present);
Director of DB Investment Managers, Inc. (2018–present); Director of Episcopalian
Charities of New York (2018–present); Interested Director of The European Equity
Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc.
(2020–present); Director of ICI Mutual Insurance Company (2020–present);
Director of DWS USA Corporation (2023–present); Director of DWS Investment
Management Americas, Inc. (2023–present); and Manager of DBX Advisors LLC.
(2023–present) |
John Millette8 (1962) Vice President and Secretary, 1999–present |
Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas,
Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present);
Secretary, DBX ETF Trust (2020–present); Vice President, DBX Advisors LLC
(2021–present); Secretary, The European Equity Fund, Inc., The New Germany Fund,
Inc. and The Central and Eastern Europe Fund, Inc. (2011–present); formerly:
Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and Assistant
Secretary, DBX ETF Trust (2019–2020) |
24 | |
Deutsche DWS Variable Series II — DWS Government Money Market VIP |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time
Served6 |
Business Experience and Directorships During the Past Five Years |
Ciara Crawford9 (1984) Assistant
Secretary, 2019–present |
Fund Administration (Specialist), DWS (2015–present); Assistant Secretary, DWS Service Company
(2018–present); Assistant Secretary of U.S. Mutual Funds, DWS (2019–present); Assistant
Secretary, DWS USA Corporation (2023–present); Assistant Secretary, DBX Advisors,
LLC (2023–present); Assistant Secretary, DWS Investment Management Americas, Inc.
(2023–present); Assistant Clerk, DWS Trust Company (2023–present); formerly,
Legal Assistant at Accelerated Tax Solutions |
Diane Kenneally8 (1966) Chief Financial Officer and Treasurer, 2018–present |
Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Treasurer, Chief Financial Officer and
Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European
Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund,
Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds
(2007–2018) |
Yvonne Wong8 (1960) Assistant Treasurer, since December 1, 2023 |
Fund Administration (Senior Analyst), DWS; Assistant Treasurer, DBX ETF Trust (since November 14, 2023) |
Sheila Cadogan8 (1966) Assistant
Treasurer, 2017–present |
Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Director and Vice President, DWS
Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant
Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and
Eastern Europe Fund, Inc. (2018–present) |
Scott D. Hogan8 (1970) Chief Compliance
Officer, 2016–present |
Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The
European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund,
Inc. (2016–present) |
Caroline Pearson8 (1962) Chief Legal
Officer, 2010–present |
Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer,
DBX Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New
Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present);
formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); Secretary,
Deutsche AM Service Company (2010–2017); and Chief Legal Officer, DBX Strategic
Advisors LLC (2020–2021) |
Christian Rijs7 (1980) Anti-Money Laundering Compliance
Officer, 2021–present |
Senior Team Lead Anti-Financial Crime and Compliance, DWS; AML Officer, DWS Trust Company (2021–present); AML Officer, DBX ETF Trust (2021–present); AML Officer, The European Equity Fund,
Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2021–present);
formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO |
1 |
The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently
overseen by the Board. |
2 |
A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934. |
3 |
Mr. Perry and Ms. Daugherty are each an Advisory Board Member of Deutsche DWS Asset Allocation Trust, Deutsche DWS Equity
500 Index Portfolio, Deutsche DWS Global/International Fund, Inc., Deutsche DWS Income Trust, Deutsche
DWS Institutional Funds, Deutsche DWS International Fund, Inc., Deutsche DWS Investment
Trust, Deutsche DWS Investments VIT Funds, Deutsche DWS Money Market Trust, Deutsche DWS
Municipal Trust, Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust, Deutsche DWS
Tax Free Trust, Deutsche DWS Variable Series I and Government Cash Management Portfolio. Mr. Perry and
Ms. Daugherty are each a Board Member of each other Trust. |
4 |
Mr. Perry and Ms. Daugherty each oversees 21 funds in the DWS Fund Complex as a Board Member of various Trusts. Mr. Perry and
Ms. Daugherty are each an Advisory Board Member of various Trusts/Corporations comprised of 47 funds in
the DWS Fund Complex. |
5 |
As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons”
of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the
Fund. |
6 |
The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds. |
7 |
Address: 875 Third Avenue, New York, New York 10022. |
8 |
Address: 100 Summer Street, Boston, MA 02110. |
9 |
Address: 5201 Gate Parkway, Jacksonville, FL 32256. |
Deutsche DWS Variable Series II — DWS Government Money Market VIP |
| 25 |
3 |
|
4 |
|
6 |
|
7 |
|
15 |
|
16 |
|
17 |
|
18 |
|
20 |
|
27 |
|
28 |
|
29 |
|
30 |
|
30 |
|
31 |
|
34 |
2 | |
Deutsche DWS Variable Series II — DWS High Income VIP |
Comparative Results | |||||
DWS High Income VIP |
1-Year |
3-Year |
5-Year |
10-Year | |
Class A |
Growth of $10,000 |
$11,134 |
$10,551 |
$12,968 |
$14,875 |
Average annual total return |
11.34% |
1.80% |
5.34% |
4.05% | |
ICE BofA US High Yield Index |
Growth of $10,000 |
$11,347 |
$10,614 |
$12,882 |
$15,546 |
Average annual total return |
13.47% |
2.01% |
5.19% |
4.51% | |
DWS High Income VIP |
1-Year |
3-Year |
5-Year |
10-Year | |
Class B |
Growth of $10,000 |
$11,107 |
$10,447 |
$12,744 |
$14,403 |
Average annual total return |
11.07% |
1.47% |
4.97% |
3.72% | |
ICE BofA US High Yield Index |
Growth of $10,000 |
$11,347 |
$10,614 |
$12,882 |
$15,546 |
Average annual total return |
13.47% |
2.01% |
5.19% |
4.51% | |
The growth of $10,000 is cumulative. |
Deutsche DWS Variable Series II — DWS High Income VIP |
| 3 |
4 | |
Deutsche DWS Variable Series II — DWS High Income VIP |
Deutsche DWS Variable Series II — DWS High Income VIP |
| 5 |
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) |
12/31/23 |
12/31/22 |
Corporate Bonds |
92% |
91% |
Exchange-Traded Funds |
5% |
2% |
Cash Equivalents |
3% |
4% |
Loan Participations and Assignments |
0% |
3% |
Warrants |
0% |
0% |
Common Stocks |
0% |
0% |
|
100% |
100% |
Sector Diversification (As a % of Investment Portfolio excluding Exchange-Traded Funds, Securities Lending Collateral and Cash Equivalents) |
12/31/23 |
12/31/22 |
Consumer Discretionary |
18% |
18% |
Energy |
18% |
19% |
Communication Services |
18% |
19% |
Materials |
12% |
9% |
Industrials |
11% |
14% |
Health Care |
7% |
8% |
Utilities |
6% |
4% |
Financials |
4% |
1% |
Information Technology |
3% |
1% |
Real Estate |
2% |
4% |
Consumer Staples |
1% |
3% |
|
100% |
100% |
Quality (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents) |
12/31/23 |
12/31/22 |
BBB |
6% |
10% |
BB |
63% |
61% |
B |
24% |
25% |
CCC |
6% |
2% |
Not Rated |
1% |
2% |
|
100% |
100% |
6 | |
Deutsche DWS Variable Series II — DWS High Income VIP |
|
Principal
Amount ($)(a) |
Value ($) | |
Corporate Bonds 90.9% |
| ||
Communication Services 16.0% |
| ||
Altice France Holding SA, 144A, 10.5%, 5/15/2027 |
|
200,000 |
129,524 |
Altice France SA, 144A, 5.5%, 1/15/2028 |
|
200,000 |
164,715 |
CCO Holdings LLC: |
|
|
|
144A, 4.5%, 8/15/2030 |
|
100,000 |
90,148 |
4.5%, 5/1/2032 |
|
10,000 |
8,565 |
144A, 4.5%, 6/1/2033 |
|
210,000 |
177,689 |
144A, 4.75%, 3/1/2030 |
|
140,000 |
127,927 |
144A, 5.125%, 5/1/2027 |
|
375,000 |
362,314 |
144A, 5.375%, 6/1/2029 |
|
550,000 |
518,422 |
Clear Channel Outdoor
Holdings, Inc.: |
|
|
|
144A, 7.5%, 6/1/2029 |
|
35,000 |
29,101 |
144A, 7.75%, 4/15/2028 |
|
120,000 |
103,465 |
CSC Holdings LLC: |
|
|
|
144A, 4.125%, 12/1/2030 |
|
200,000 |
152,150 |
144A, 5.0%, 11/15/2031 |
|
280,000 |
169,400 |
144A, 6.5%, 2/1/2029 |
|
400,000 |
353,040 |
DirecTV Financing LLC, 144A, 5.875%, 8/15/2027 |
|
45,000 |
42,281 |
DISH DBS Corp.: |
|
|
|
144A, 5.25%, 12/1/2026 |
|
140,000 |
119,945 |
144A, 5.75%, 12/1/2028 |
|
125,000 |
99,700 |
5.875%, 11/15/2024 |
|
86,000 |
80,648 |
7.75%, 7/1/2026 |
|
155,000 |
107,959 |
DISH Network Corp., 144A, 11.75%, 11/15/2027 |
|
75,000 |
78,289 |
Frontier Communications Holdings LLC: |
|
|
|
144A, 5.0%, 5/1/2028 |
|
150,000 |
138,627 |
5.875%, 11/1/2029 |
|
130,000 |
109,847 |
Gray Television, Inc., 144A, 5.875%, 7/15/2026 |
|
80,000 |
77,817 |
iHeartCommunications, Inc., 144A, 5.25%, 8/15/2027 |
|
110,000 |
87,403 |
Iliad Holding SASU, 144A, 6.5%, 10/15/2026 |
|
200,000 |
199,609 |
LCPR Senior Secured
Financing DAC: |
|
|
|
144A, 5.125%, 7/15/2029 |
|
200,000 |
174,227 |
144A, 6.75%, 10/15/2027 |
|
189,000 |
185,118 |
Lumen Technologies, Inc., 144A, 4.0%, 2/15/2027 |
|
60,000 |
38,722 |
Nexstar Media, Inc., 144A, 4.75%, 11/1/2028 |
|
125,000 |
115,185 |
Outfront Media Capital LLC: |
|
|
|
144A, 4.25%, 1/15/2029 |
|
45,000 |
40,607 |
144A, 5.0%, 8/15/2027 |
|
55,000 |
53,163 |
Sirius XM Radio, Inc.: |
|
|
|
144A, 3.875%, 9/1/2031 |
|
290,000 |
248,091 |
144A, 4.0%, 7/15/2028 |
|
75,000 |
69,363 |
|
Principal
Amount ($)(a) |
Value ($) | |
144A, 5.5%, 7/1/2029 |
|
250,000 |
241,708 |
Sprint LLC, 7.625%, 3/1/2026 |
|
245,000 |
255,957 |
TEGNA, Inc., 4.625%,
3/15/2028 |
|
160,000 |
149,451 |
Telecom Italia Capital SA, 6.375%, 11/15/2033 |
|
305,000 |
298,323 |
Telenet Finance Luxembourg Notes Sarl, 144A, 5.5%,
3/1/2028 |
|
200,000 |
187,000 |
UPC Broadband Finco BV, 144A, 4.875%, 7/15/2031 |
|
200,000 |
176,022 |
ViaSat, Inc., 144A, 5.625%, 9/15/2025 |
|
136,000 |
132,605 |
Virgin Media Finance PLC, 144A, 5.0%, 7/15/2030 |
|
200,000 |
176,332 |
Virgin Media Secured Finance PLC, 144A, 5.5%, 5/15/2029 |
|
345,000 |
333,354 |
Vodafone Group PLC, 7.0%, 4/4/2079 |
|
265,000 |
273,216 |
Zayo Group Holdings, Inc., 144A, 4.0%, 3/1/2027 |
|
60,000 |
48,106 |
Ziggo Bond Co. BV, 144A, 3.375%, 2/28/2030 |
EUR |
350,000 |
325,550 |
|
|
|
7,050,685 |
Consumer Discretionary 16.9% |
| ||
Adient Global Holdings Ltd., 144A, 8.25%, 4/15/2031 |
|
125,000 |
132,360 |
Affinity Interactive, 144A, 6.875%, 12/15/2027 |
|
160,000 |
142,597 |
American Axle &
Manufacturing, Inc., 6.5%,
4/1/2027 |
|
130,000 |
130,525 |
Avis Budget Car Rental LLC, 144A, 5.375%, 3/1/2029 |
|
100,000 |
92,504 |
Bath & Body Works, Inc., 6.875%, 11/1/2035 |
|
120,000 |
121,504 |
Boyd Gaming Corp., 144A, 4.75%, 6/15/2031 |
|
145,000 |
133,084 |
Caesars Entertainment, Inc.: |
|
|
|
144A, 4.625%, 10/15/2029 |
|
280,000 |
252,562 |
144A, 6.25%, 7/1/2025 |
|
270,000 |
270,734 |
144A, 8.125%, 7/1/2027 |
|
410,000 |
420,291 |
Carnival Corp.: |
|
|
|
144A, 5.75%, 3/1/2027 |
|
330,000 |
321,893 |
144A, 6.0%, 5/1/2029 |
|
320,000 |
307,906 |
144A, 7.0%, 8/15/2029 |
|
40,000 |
41,765 |
144A, 7.625%, 3/1/2026 |
|
95,000 |
96,718 |
Cinemark USA, Inc., 144A, 5.875%, 3/15/2026 |
|
55,000 |
53,832 |
Clarios Global LP: |
|
|
|
144A, 4.375%, 5/15/2026 |
EUR |
100,000 |
109,455 |
REG S, 4.375%, 5/15/2026 |
EUR |
200,000 |
218,910 |
Crocs, Inc., 144A, 4.125%, 8/15/2031 |
|
155,000 |
131,160 |
Deutsche DWS Variable Series II — DWS High Income VIP |
| 7 |
|
Principal
Amount ($)(a) |
Value ($) | |
Dana Financing Luxembourg Sarl, REG S, 8.5%,
7/15/2031 |
EUR |
100,000 |
120,580 |
Ferrellgas LP, 144A, 5.875%, 4/1/2029 |
|
100,000 |
94,466 |
FirstCash, Inc., 144A, 4.625%, 9/1/2028 |
|
130,000 |
121,348 |
Ford Motor Co., 6.1%,
8/19/2032 (b) |
|
335,000 |
337,690 |
Ford Motor Credit Co. LLC: |
|
|
|
4.95%, 5/28/2027 |
|
200,000 |
195,110 |
5.125%, 6/16/2025 |
|
30,000 |
29,606 |
Goodyear Europe BV, REG S, 2.75%, 8/15/2028 |
EUR |
100,000 |
102,356 |
IHO Verwaltungs GmbH, REG S, 8.75%, 5/15/2028, 8.75% Cash or 9.5% PIK, PIK |
EUR |
110,000 |
132,051 |
Jaguar Land Rover
Automotive PLC: |
|
|
|
144A, 5.875%, 1/15/2028 (b) |
|
200,000 |
197,440 |
144A, 7.75%, 10/15/2025 |
|
200,000 |
202,211 |
Macy's Retail Holdings LLC, 144A, 5.875%, 3/15/2030 |
|
46,000 |
43,704 |
Marriott Ownership Resorts, Inc., 144A, 4.5%, 6/15/2029 |
|
125,000 |
110,151 |
Melco Resorts Finance Ltd., 144A, 5.375%, 12/4/2029 |
|
200,000 |
176,056 |
Midwest Gaming Borrower LLC, 144A, 4.875%,
5/1/2029 |
|
100,000 |
93,000 |
NCL Corp. Ltd.: |
|
|
|
144A, 3.625%, 12/15/2024 |
|
100,000 |
97,146 |
144A, 5.875%, 3/15/2026 |
|
130,000 |
127,030 |
144A, 8.125%, 1/15/2029 |
|
60,000 |
62,675 |
144A, 8.375%, 2/1/2028 |
|
110,000 |
116,478 |
NCL Finance Ltd., 144A, 6.125%, 3/15/2028 |
|
60,000 |
57,434 |
Newell Brands, Inc., 5.2%, 4/1/2026 |
|
160,000 |
157,794 |
PetSmart, Inc., 144A, 7.75%, 2/15/2029 |
|
250,000 |
243,204 |
Raptor Acquisition Corp., 144A, 4.875%, 11/1/2026 |
|
170,000 |
162,037 |
Royal Caribbean Cruises Ltd.: |
|
|
|
144A, 4.25%, 7/1/2026 |
|
75,000 |
72,441 |
144A, 11.625%, 8/15/2027 |
|
210,000 |
228,515 |
SRS Distribution, Inc., 144A, 6.0%, 12/1/2029 |
|
100,000 |
93,241 |
Staples, Inc., 144A, 7.5%, 4/15/2026 |
|
70,000 |
65,130 |
The Goodyear Tire & Rubber Co., 5.625%, 4/30/2033 |
|
120,000 |
107,567 |
Travel & Leisure Co., 144A, 6.625%, 7/31/2026 |
|
120,000 |
121,051 |
Viking Cruises Ltd.: |
|
|
|
144A, 5.875%, 9/15/2027 |
|
105,000 |
101,325 |
144A, 7.0%, 2/15/2029 |
|
90,000 |
89,226 |
|
Principal
Amount ($)(a) |
Value ($) | |
Viking Ocean Cruises Ship VII Ltd., 144A, 5.625%,
2/15/2029 |
|
95,000 |
92,625 |
Windsor Holdings III LLC, 144A, 8.5%, 6/15/2030 |
|
60,000 |
62,702 |
Wynn Macau Ltd., 144A, 5.125%, 12/15/2029 |
|
200,000 |
177,694 |
Wynn Resorts Finance LLC: |
|
|
|
144A, 5.125%, 10/1/2029 |
|
35,000 |
33,032 |
144A, 7.125%, 2/15/2031 |
|
85,000 |
88,521 |
ZF North America Capital, Inc., 144A, 7.125%, 4/14/2030 |
|
150,000 |
159,869 |
|
|
|
7,450,306 |
Consumer Staples 0.6% |
| ||
Albertsons Companies, Inc.: |
|
|
|
144A, 3.25%, 3/15/2026 |
|
75,000 |
70,763 |
144A, 3.5%, 3/15/2029 |
|
100,000 |
90,798 |
Chobani LLC, 144A, 7.5%, 4/15/2025 |
|
100,000 |
99,500 |
|
|
|
261,061 |
Energy 16.3% |
| ||
Antero Midstream Partners LP: |
|
|
|
144A, 5.375%, 6/15/2029 |
|
180,000 |
173,046 |
144A, 5.75%, 1/15/2028 |
|
90,000 |
89,103 |
Antero Resources Corp., 144A, 5.375%, 3/1/2030 |
|
150,000 |
143,769 |
Archrock Partners LP, 144A, 6.875%, 4/1/2027 |
|
110,000 |
110,275 |
Ascent Resources Utica Holdings LLC: |
|
|
|
144A, 5.875%, 6/30/2029 |
|
130,000 |
120,946 |
144A, 8.25%, 12/31/2028 |
|
150,000 |
150,872 |
Baytex Energy Corp., 144A, 8.5%, 4/30/2030 |
|
105,000 |
108,666 |
Buckeye Partners LP, 144A, 4.5%, 3/1/2028 |
|
80,000 |
75,374 |
Callon Petroleum Co., 144A, 7.5%, 6/15/2030 |
|
80,000 |
80,682 |
Calumet Specialty Products Partners LP, 144A, 8.125%, 1/15/2027 |
|
105,000 |
103,163 |
Chesapeake Energy Corp.: |
|
|
|
144A, 5.875%, 2/1/2029 |
|
75,000 |
73,496 |
144A, 6.75%, 4/15/2029 |
|
170,000 |
171,582 |
Chord Energy Corp., 144A, 6.375%, 6/1/2026 |
|
40,000 |
40,000 |
Civitas Resources, Inc.: |
|
|
|
144A, 8.375%, 7/1/2028 |
|
130,000 |
135,713 |
144A, 8.625%, 11/1/2030 |
|
40,000 |
42,429 |
144A, 8.75%, 7/1/2031 |
|
185,000 |
196,941 |
CNX Resources Corp.: |
|
|
|
144A, 6.0%, 1/15/2029 |
|
135,000 |
129,415 |
144A, 7.25%, 3/14/2027 |
|
10,000 |
10,087 |
144A, 7.375%, 1/15/2031 |
|
70,000 |
70,486 |
Comstock Resources, Inc., 144A, 5.875%, 1/15/2030 |
|
30,000 |
26,019 |
8 | |
Deutsche DWS Variable Series II — DWS High Income VIP |
|
Principal
Amount ($)(a) |
Value ($) | |
DT Midstream, Inc.: |
|
|
|
144A, 4.125%, 6/15/2029 |
|
155,000 |
142,597 |
144A, 4.375%, 6/15/2031 |
|
30,000 |
27,061 |
Endeavor Energy Resources LP, 144A, 5.75%, 1/30/2028 |
|
35,000 |
35,033 |
EnLink Midstream LLC, 144A, 6.5%, 9/1/2030 |
|
75,000 |
76,573 |
EQM Midstream Partners LP: |
|
|
|
144A, 4.5%, 1/15/2029 |
|
25,000 |
23,618 |
144A, 4.75%, 1/15/2031 |
|
105,000 |
97,718 |
144A, 6.5%, 7/1/2027 |
|
80,000 |
81,459 |
Genesis Energy LP: |
|
|
|
7.75%, 2/1/2028 |
|
75,000 |
75,261 |
8.875%, 4/15/2030 |
|
170,000 |
175,780 |
Harvest Midstream I LP, 144A, 7.5%, 9/1/2028 |
|
155,000 |
154,082 |
Hess Midstream
Operations LP: |
|
|
|
144A, 4.25%, 2/15/2030 |
|
205,000 |
188,600 |
144A, 5.125%, 6/15/2028 |
|
75,000 |
72,360 |
Hilcorp Energy I LP: |
|
|
|
144A, 5.75%, 2/1/2029 |
|
155,000 |
149,683 |
144A, 6.0%, 2/1/2031 |
|
165,000 |
159,042 |
144A, 6.25%, 11/1/2028 |
|
125,000 |
124,518 |
Howard Midstream Energy Partners LLC: |
|
|
|
144A, 6.75%, 1/15/2027 |
|
40,000 |
39,555 |
144A, 8.875%, 7/15/2028 |
|
85,000 |
89,213 |
Kinetik Holdings LP, 144A, 5.875%, 6/15/2030 |
|
85,000 |
83,389 |
Moss Creek Resources
Holdings, Inc., 144A, 10.5%,
5/15/2027 |
|
60,000 |
61,692 |
Murphy Oil U.S.A., Inc., 4.75%, 9/15/2029 |
|
55,000 |
52,113 |
Nabors Industries, Inc., 144A, 7.375%, 5/15/2027 |
|
150,000 |
146,953 |
Northern Oil & Gas, Inc., 144A, 8.75%, 6/15/2031 |
|
40,000 |
41,664 |
PBF Holding Co. LLC, 144A, 7.875%, 9/15/2030 |
|
95,000 |
96,748 |
PDC Energy, Inc., 5.75%, 5/15/2026 |
|
105,000 |
104,800 |
Permian Resources
Operating LLC: |
|
|
|
144A, 5.875%, 7/1/2029 |
|
20,000 |
19,499 |
144A, 7.0%, 1/15/2032 |
|
100,000 |
103,167 |
Precision Drilling Corp., 144A, 6.875%, 1/15/2029 |
|
30,000 |
28,930 |
Range Resources Corp., 8.25%, 1/15/2029 |
|
280,000 |
289,792 |
Rockcliff Energy II LLC, 144A, 5.5%, 10/15/2029 |
|
30,000 |
28,353 |
Sitio Royalties Operating Partnership LP, 144A,
7.875%, 11/1/2028 |
|
30,000 |
31,087 |
SM Energy Co., 6.5%,
7/15/2028 |
|
80,000 |
80,037 |
|
Principal
Amount ($)(a) |
Value ($) | |
Southwestern Energy Co.: |
|
|
|
4.75%, 2/1/2032 |
|
275,000 |
254,433 |
5.375%, 2/1/2029 |
|
155,000 |
151,264 |
8.375%, 9/15/2028 |
|
50,000 |
51,729 |
TransAlta Corp., 7.75%, 11/15/2029 |
|
85,000 |
90,277 |
Transocean Aquila Ltd., 144A, 8.0%, 9/30/2028 |
|
85,000 |
86,272 |
Transocean Poseidon Ltd., 144A, 6.875%, 2/1/2027 |
|
153,750 |
152,986 |
Transocean Titan Financing Ltd., 144A, 8.375%,
2/1/2028 |
|
90,000 |
93,374 |
Transocean, Inc.: |
|
|
|
144A, 7.5%, 1/15/2026 |
|
160,000 |
157,194 |
144A, 8.75%, 2/15/2030 |
|
104,500 |
109,178 |
USA Compression Partners LP, 6.875%, 4/1/2026 |
|
142,000 |
141,401 |
Venture Global Calcasieu Pass LLC: |
|
|
|
144A, 3.875%, 11/1/2033 |
|
80,000 |
67,796 |
144A, 4.125%, 8/15/2031 |
|
30,000 |
26,430 |
144A, 6.25%, 1/15/2030 |
|
50,000 |
49,729 |
Venture Global LNG, Inc.: |
|
|
|
144A, 8.125%, 6/1/2028 |
|
90,000 |
90,891 |
144A, 8.375%, 6/1/2031 |
|
110,000 |
109,943 |
144A, 9.5%, 2/1/2029 |
|
170,000 |
179,888 |
144A, 9.875%, 2/1/2032 |
|
85,000 |
88,539 |
Vital Energy, Inc., 10.125%, 1/15/2028 |
|
40,000 |
41,102 |
Weatherford International Ltd., 144A, 8.625%, 4/30/2030 |
|
272,000 |
283,984 |
|
|
|
7,158,851 |
Financials 3.2% |
| ||
Alliant Holdings Intermediate LLC, 144A, 7.0%, 1/15/2031 |
|
10,000 |
10,549 |
Ally Financial, Inc., 6.7%, 2/14/2033 |
|
140,000 |
140,166 |
GTCR W-2 Merger Sub LLC, 144A, 7.5%, 1/15/2031 |
|
200,000 |
211,344 |
Icahn Enterprises LP, 6.375%, 12/15/2025 |
|
225,000 |
220,888 |
Intesa Sanpaolo SpA, 144A, 4.198%, 6/1/2032 |
|
200,000 |
164,914 |
Macquarie Airfinance Holdings Ltd., 144A, 8.375%,
5/1/2028 |
|
50,000 |
52,368 |
Navient Corp., 5.0%,
3/15/2027 |
|
135,000 |
130,336 |
OneMain Finance Corp.: |
|
|
|
3.5%, 1/15/2027 |
|
70,000 |
64,781 |
3.875%, 9/15/2028 |
|
100,000 |
88,475 |
SLM Corp., 3.125%,
11/2/2026 |
|
135,000 |
125,879 |
UniCredit SpA, 144A, 5.861%, 6/19/2032 |
|
200,000 |
195,674 |
|
|
|
1,405,374 |
Deutsche DWS Variable Series II — DWS High Income VIP |
| 9 |
|
Principal
Amount ($)(a) |
Value ($) | |
Health Care 6.8% |
| ||
1375209 BC Ltd., 144A, 9.0%, 1/30/2028 |
|
125,000 |
121,887 |
Acadia Healthcare Co., Inc., 144A, 5.0%, 4/15/2029 |
|
25,000 |
24,000 |
Avantor Funding, Inc., REG S, 3.875%, 7/15/2028 |
EUR |
200,000 |
215,822 |
Bausch & Lomb Escrow Corp., 144A, 8.375%, 10/1/2028 |
|
70,000 |
73,846 |
Bausch Health
Companies, Inc.: |
|
|
|
144A, 5.5%, 11/1/2025 |
|
51,000 |
46,653 |
144A, 6.125%, 2/1/2027 |
|
250,000 |
168,750 |
Catalent Pharma
Solutions, Inc.: |
|
|
|
REG S, 2.375%, 3/1/2028 |
EUR |
100,000 |
95,906 |
144A, 5.0%, 7/15/2027 |
|
50,000 |
48,309 |
Charles River Laboratories International, Inc., 144A, 3.75%, 3/15/2029 |
|
65,000 |
59,522 |
Community Health
Systems, Inc.: |
|
|
|
144A, 4.75%, 2/15/2031 |
|
115,000 |
90,406 |
144A, 5.25%, 5/15/2030 |
|
90,000 |
75,271 |
144A, 5.625%, 3/15/2027 |
|
135,000 |
125,433 |
144A, 6.0%, 1/15/2029 |
|
35,000 |
31,505 |
144A, 6.125%, 4/1/2030 |
|
50,000 |
32,372 |
Encompass Health Corp., 4.625%, 4/1/2031 |
|
55,000 |
50,610 |
Fortrea Holdings, Inc., 144A, 7.5%, 7/1/2030 |
|
105,000 |
107,832 |
Legacy LifePoint Health LLC, 144A, 4.375%, 2/15/2027 |
|
75,000 |
69,243 |
LifePoint Health, Inc., 144A, 5.375%, 1/15/2029 |
|
115,000 |
85,038 |
Medline Borrower LP, 144A, 5.25%, 10/1/2029 |
|
200,000 |
188,515 |
Molina Healthcare, Inc., 144A, 3.875%, 11/15/2030 |
|
100,000 |
89,890 |
Select Medical Corp., 144A, 6.25%, 8/15/2026 |
|
125,000 |
125,622 |
Star Parent, Inc., 144A, 9.0%, 10/1/2030 |
|
85,000 |
89,578 |
Tenet Healthcare Corp., 6.875%, 11/15/2031 |
|
260,000 |
266,977 |
Teva Pharmaceutical Finance Netherlands II BV, 4.375%, 5/9/2030 |
EUR |
100,000 |
103,420 |
Teva Pharmaceutical Finance Netherlands III BV: |
|
|
|
4.75%, 5/9/2027 |
|
200,000 |
191,500 |
5.125%, 5/9/2029 (b) |
|
200,000 |
191,009 |
8.125%, 9/15/2031 |
|
200,000 |
218,116 |
|
|
|
2,987,032 |
Industrials 9.7% |
| ||
ADT Security Corp., 144A, 4.875%, 7/15/2032 |
|
50,000 |
46,249 |
|
Principal
Amount ($)(a) |
Value ($) | |
Allied Universal Holdco LLC: |
|
|
|
144A, 6.0%, 6/1/2029 |
|
200,000 |
163,059 |
144A, 9.75%, 7/15/2027 |
|
50,000 |
48,995 |
American Airlines, Inc.: |
|
|
|
144A, 5.5%, 4/20/2026 |
|
229,167 |
227,513 |
144A, 5.75%, 4/20/2029 |
|
135,000 |
131,593 |
144A, 7.25%, 2/15/2028 |
|
90,000 |
91,029 |
ATS Corp., 144A, 4.125%, 12/15/2028 |
|
30,000 |
27,592 |
Bombardier, Inc.: |
|
|
|
144A, 6.0%, 2/15/2028 |
|
135,000 |
131,527 |
144A, 7.125%, 6/15/2026 |
|
35,000 |
34,837 |
144A, 7.5%, 2/1/2029 |
|
265,000 |
269,393 |
Cargo Aircraft Management, Inc., 144A, 4.75%, 2/1/2028 |
|
45,000 |
41,184 |
Chart Industries, Inc., 144A, 7.5%, 1/1/2030 |
|
40,000 |
41,810 |
Clean Harbors, Inc., 144A, 6.375%, 2/1/2031 |
|
110,000 |
111,766 |
Emerald Debt Merger Sub LLC, 144A, 6.625%,
12/15/2030 |
|
80,000 |
81,710 |
Fortress Transportation & Infrastructure Investors LLC, 144A, 6.5%, 10/1/2025 |
|
80,000 |
79,744 |
Garda World Security Corp.: |
|
|
|
144A, 7.75%, 2/15/2028 |
|
30,000 |
31,038 |
144A, 9.5%, 11/1/2027 |
|
75,000 |
75,611 |
GFL Environmental, Inc.: |
|
|
|
144A, 4.0%, 8/1/2028 |
|
250,000 |
231,098 |
144A, 5.125%, 12/15/2026 |
|
50,000 |
49,470 |
144A, 6.75%, 1/15/2031 |
|
50,000 |
51,514 |
Hawaiian Brand Intellectual Property Ltd., 144A, 5.75%, 1/20/2026 |
|
45,000 |
42,396 |
Hertz Corp.: |
|
|
|
144A, 4.625%, 12/1/2026 |
|
160,000 |
143,446 |
144A, 5.0%, 12/1/2029 |
|
80,000 |
65,625 |
International Consolidated Airlines Group SA, REG S, 3.75%, 3/25/2029 |
EUR |
100,000 |
106,807 |
Madison IAQ LLC, 144A, 5.875%, 6/30/2029 |
|
80,000 |
70,487 |
Masonite International Corp., 144A, 5.375%, 2/1/2028 |
|
19,000 |
18,240 |
Moog, Inc., 144A, 4.25%, 12/15/2027 |
|
160,000 |
151,081 |
NESCO Holdings II, Inc., 144A, 5.5%, 4/15/2029 |
|
95,000 |
87,836 |
Prime Security Services Borrower LLC: |
|
|
|
144A, 3.375%, 8/31/2027 |
|
65,000 |
60,268 |
144A, 6.25%, 1/15/2028 |
|
135,000 |
134,213 |
Signature Aviation
U.S. Holdings, Inc., 144A,
4.0%, 3/1/2028 |
|
155,000 |
141,437 |
10 | |
Deutsche DWS Variable Series II — DWS High Income VIP |
|
Principal
Amount ($)(a) |
Value ($) | |
Spirit AeroSystems, Inc., 144A, 9.375%, 11/30/2029 |
|
90,000 |
98,485 |
Spirit Loyalty Cayman Ltd., 144A, 8.0%, 9/20/2025 |
|
134,000 |
96,368 |
Summit Materials LLC, 144A, 5.25%, 1/15/2029 |
|
54,000 |
52,245 |
TK Elevator Holdco GmbH, REG S, 6.625%, 7/15/2028 |
EUR |
180,000 |
182,828 |
TransDigm, Inc.: |
|
|
|
4.625%, 1/15/2029 |
|
205,000 |
192,469 |
5.5%, 11/15/2027 |
|
115,000 |
112,669 |
Triumph Group, Inc., 144A, 9.0%, 3/15/2028 |
|
85,000 |
90,384 |
United Airlines, Inc., 144A, 4.375%, 4/15/2026 |
|
160,000 |
155,905 |
United Rentals North
America, Inc.: |
|
|
|
5.25%, 1/15/2030 |
|
80,000 |
78,770 |
144A, 6.0%, 12/15/2029 |
|
200,000 |
203,054 |
|
|
|
4,251,745 |
Information Technology 2.2% |
| ||
AthenaHealth Group, Inc., 144A, 6.5%, 2/15/2030 |
|
90,000 |
81,646 |
Capstone Borrower, Inc., 144A, 8.0%, 6/15/2030 |
|
30,000 |
31,211 |
Cloud Software Group, Inc.: |
|
|
|
144A, 6.5%, 3/31/2029 |
|
115,000 |
109,531 |
144A, 9.0%, 9/30/2029 |
|
240,000 |
228,109 |
McAfee Corp., 144A, 7.375%, 2/15/2030 |
|
165,000 |
150,686 |
NCR Atleos Corp., 144A, 9.5%, 4/1/2029 |
|
80,000 |
85,000 |
Playtika Holding Corp., 144A, 4.25%, 3/15/2029 |
|
110,000 |
95,980 |
Presidio Holdings, Inc., 144A, 8.25%, 2/1/2028 |
|
120,000 |
121,234 |
Western Digital Corp., 3.1%, 2/1/2032 |
|
110,000 |
87,516 |
|
|
|
990,913 |
Materials 11.8% |
| ||
Ardagh Packaging Finance PLC, 144A, 5.25%,
8/15/2027 |
|
200,000 |
155,373 |
Axalta Coating Systems LLC, 144A, 3.375%, 2/15/2029 |
|
150,000 |
134,614 |
Chemours Co.: |
|
|
|
144A, 4.625%, 11/15/2029 |
|
255,000 |
223,878 |
144A, 5.75%, 11/15/2028 |
|
290,000 |
276,227 |
Clearwater Paper Corp., 144A, 4.75%, 8/15/2028 |
|
155,000 |
143,685 |
Cleveland-Cliffs, Inc.: |
|
|
|
144A, 4.875%, 3/1/2031 |
|
46,000 |
41,564 |
144A, 6.75%, 4/15/2030 |
|
160,000 |
162,253 |
Consolidated Energy Finance SA, 144A, 5.625%,
10/15/2028 |
|
150,000 |
127,017 |
|
Principal
Amount ($)(a) |
Value ($) | |
Constellium SE, 144A, 3.75%, 4/15/2029 |
|
250,000 |
226,840 |
First Quantum Minerals Ltd.: |
|
|
|
144A, 6.875%, 3/1/2026 |
|
200,000 |
179,027 |
144A, 6.875%, 10/15/2027 |
|
300,000 |
254,953 |
FMG Resources August
2006 Pty Ltd., 144A, 4.375%, 4/1/2031 |
|
245,000 |
224,056 |
Hudbay Minerals, Inc.: |
|
|
|
144A, 4.5%, 4/1/2026 |
|
190,000 |
183,783 |
144A, 6.125%, 4/1/2029 |
|
100,000 |
98,048 |
LABL, Inc.: |
|
|
|
144A, 8.25%, 11/1/2029 |
|
35,000 |
29,488 |
144A, 9.5%, 11/1/2028 |
|
20,000 |
20,200 |
144A, 10.5%, 7/15/2027 |
|
55,000 |
52,748 |
Mauser Packaging Solutions Holding Co.: |
|
|
|
144A, 7.875%, 8/15/2026 |
|
155,000 |
157,741 |
144A, 9.25%, 4/15/2027 |
|
45,000 |
44,170 |
Methanex Corp., 5.25%, 12/15/2029 |
|
220,000 |
211,668 |
Mineral Resources Ltd., 144A, 9.25%, 10/1/2028 |
|
80,000 |
85,102 |
NOVA Chemicals Corp.: |
|
|
|
144A, 4.875%, 6/1/2024 |
|
19,000 |
18,834 |
144A, 8.5%, 11/15/2028 |
|
120,000 |
125,839 |
Novelis Corp.: |
|
|
|
144A, 3.25%, 11/15/2026 |
|
195,000 |
183,573 |
144A, 4.75%, 1/30/2030 |
|
145,000 |
136,365 |
Olin Corp., 5.0%, 2/1/2030 |
|
370,000 |
353,037 |
Olympus Water U.S.
Holding Corp.: |
|
|
|
144A, 6.25%, 10/1/2029 |
|
200,000 |
177,632 |
REG S, 9.625%, 11/15/2028 |
EUR |
100,000 |
118,123 |
Roller Bearing Co. of America, Inc., 144A, 4.375%,
10/15/2029 |
|
80,000 |
74,034 |
SCIH Salt Holdings, Inc., 144A, 6.625%, 5/1/2029 |
|
50,000 |
46,661 |
SCIL IV LLC, 144A, 5.375%, 11/1/2026 |
|
200,000 |
191,986 |
Sealed Air Corp., 144A, 7.25%, 2/15/2031 |
|
180,000 |
190,854 |
SK Invictus Intermediate II Sarl, 144A, 5.0%,
10/30/2029 |
|
155,000 |
134,462 |
Taseko Mines Ltd., 144A, 7.0%, 2/15/2026 |
|
125,000 |
118,462 |
Trident TPI Holdings, Inc., 144A, 12.75%, 12/31/2028 |
|
20,000 |
21,400 |
Tronox, Inc., 144A, 4.625%, 3/15/2029 |
|
205,000 |
181,589 |
WR Grace Holdings LLC, 144A, 7.375%, 3/1/2031 |
|
85,000 |
85,026 |
|
|
|
5,190,312 |
Deutsche DWS Variable Series II — DWS High Income VIP |
| 11 |
|
Principal
Amount ($)(a) |
Value ($) | |
Real Estate 2.2% |
| ||
Cushman & Wakefield U.S. Borrower LLC: |
|
|
|
144A, 6.75%, 5/15/2028 |
|
30,000 |
29,850 |
144A, 8.875%, 9/1/2031 |
|
40,000 |
42,391 |
Iron Mountain, Inc.: |
|
|
|
144A, (REIT),
4.875%, 9/15/2027 |
|
100,000 |
97,581 |
144A, (REIT),
4.875%, 9/15/2029 |
|
60,000 |
56,825 |
144A, (REIT), 5.0%,
7/15/2028 |
|
75,000 |
72,059 |
144A, (REIT), 5.25%,
3/15/2028 |
|
145,000 |
140,976 |
144A, (REIT), 5.25%,
7/15/2030 |
|
100,000 |
95,191 |
MPT Operating Partnership LP: |
|
|
|
(REIT), 3.325%, 3/24/2025 |
EUR |
100,000 |
99,561 |
(REIT), 3.5%, 3/15/2031 |
|
105,000 |
65,649 |
(REIT), 4.625%, 8/1/2029 |
|
140,000 |
100,669 |
SBA Communications Corp., (REIT), 3.125%, 2/1/2029 |
|
135,000 |
121,297 |
Uniti Group LP, 144A, (REIT), 6.0%, 1/15/2030 |
|
40,000 |
27,956 |
|
|
|
950,005 |
Utilities 5.2% |
| ||
AmeriGas Partners LP: |
|
|
|
5.5%, 5/20/2025 |
|
205,000 |
202,124 |
5.75%, 5/20/2027 |
|
110,000 |
106,977 |
Calpine Corp.: |
|
|
|
144A, 4.5%, 2/15/2028 |
|
200,000 |
190,230 |
144A, 4.625%, 2/1/2029 |
|
30,000 |
27,865 |
144A, 5.125%, 3/15/2028 |
|
50,000 |
47,939 |
Clearway Energy Operating LLC, 144A, 4.75%,
3/15/2028 |
|
115,000 |
110,793 |
Edison International, 8.125%, 6/15/2053 |
|
55,000 |
56,146 |
Electricite de France SA, REG S, 3.375%, Perpetual (c) |
EUR |
200,000 |
193,457 |
NextEra Energy Operating Partners LP, 144A, 7.25%, 1/15/2029 |
|
75,000 |
78,518 |
NRG Energy, Inc.: |
|
|
|
144A, 3.625%, 2/15/2031 |
|
145,000 |
124,581 |
144A, 3.875%, 2/15/2032 |
|
350,000 |
299,617 |
Pattern Energy Operations LP, 144A, 4.5%, 8/15/2028 |
|
90,000 |
85,127 |
PG&E Corp., 5.25%, 7/1/2030 |
|
135,000 |
130,214 |
Talen Energy Supply LLC, 144A, 8.625%, 6/1/2030 |
|
70,000 |
74,377 |
Vistra Corp., 144A, 7.0%, Perpetual (c) |
|
110,000 |
108,350 |
Vistra Operations Co. LLC: |
|
|
|
144A, 4.375%, 5/1/2029 |
|
135,000 |
126,024 |
|
Principal
Amount ($)(a) |
Value ($) | |
144A, 7.75%, 10/15/2031 |
|
315,000 |
327,155 |
|
|
|
2,289,494 |
Total Corporate Bonds (Cost $40,278,429) |
39,985,778 | ||
Loan Participations and Assignments 0.4% |
| ||
Senior Loans (d) |
| ||
Athenahealth Group, Inc., Term Loan B, 30-day average
SOFR + 3.25%, 8.606%, 2/15/2029 |
|
65,858 |
65,661 |
Frontier Communications Corp., First Lien Term Loan, 30-day average SOFR +
3.75%, 9.106%, 10/8/2027 |
|
67,590 |
67,336 |
Naked Juice LLC, Term Loan, 90-day average SOFR +
3.25%, 8.698%, 1/24/2029 |
|
22,655 |
21,968 |
Total Loan Participations and Assignments
(Cost $153,994) |
154,965 |
|
Shares |
Value ($) | |
Exchange-Traded Funds 4.8% |
| ||
iShares Broad USD High Yield Corporate Bond ETF |
|
54,720 |
1,989,072 |
iShares iBoxx $ High Yield Corporate Bond ETF |
|
1,800 |
139,302 |
Total Exchange-Traded Funds
(Cost $2,065,057) |
2,128,374 | ||
Common Stocks 0.0% |
| ||
Industrials |
| ||
Quad Graphics, Inc.* (Cost $0) |
|
287 |
1,555 |
Warrants 0.1% |
| ||
Materials |
| ||
Hercules Trust II, Expiration Date 3/31/2029* (e)
(Cost $244,285) |
|
1,100 |
38,783 |
Securities Lending Collateral 0.6% |
| ||
DWS Government & Agency Securities Portfolio "DWS Government Cash
Institutional Shares", 5.27%
(f) (g) (Cost $252,595) |
|
252,595 |
252,595 |
Cash Equivalents 2.8% |
| ||
DWS Central Cash
Management Government Fund, 5.38% (f) (Cost
$1,219,535) |
|
1,219,535 |
1,219,535 |
12 | |
Deutsche DWS Variable Series II — DWS High Income VIP |
|
|
% of Net
Assets |
Value ($) |
Total Investment Portfolio
(Cost $44,213,895) |
99.6 |
43,781,585 | |
Other Assets and Liabilities, Net |
0.4 |
196,887 | |
Net Assets |
100.0 |
43,978,472 |
Value ($) at
12/31/2022 |
Purchases Cost ($) |
Sales Proceeds ($) |
Net Realized Gain/ (Loss) ($) |
Net Change in Unrealized Appreciation (Depreciation) ($) |
Income ($) |
Capital Gain Distributions ($) |
Number of Shares at 12/31/2023 |
Value ($) at
12/31/2023 |
Securities Lending Collateral 0.6% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.27% (f) (g) | ||||||||
1,212,645 |
— |
960,050 (h) |
— |
— |
7,572 |
— |
252,595 |
252,595 |
Cash Equivalents 2.8% | ||||||||
DWS Central Cash Management Government Fund, 5.38% (f) | ||||||||
1,468,062 |
14,497,278 |
14,745,805 |
— |
— |
56,410 |
— |
1,219,535 |
1,219,535 |
2,680,707 |
14,497,278 |
15,705,855 |
— |
— |
63,982 |
— |
1,472,130 |
1,472,130 |
* |
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 December 31, 2023 amounted to $242,078, which is 0.6% of net assets. |
(c) |
Perpetual, callable security with no stated maturity date. |
(d) |
Variable
or floating rate security. These securities are shown at their current rate as of December 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description above. Certain variable
rate securities are not based on a published reference rate and spread but adjust periodically based on
current market conditions, prepayment of underlying positions and/or other variables.
Securities with a floor or ceiling feature are disclosed at the inherent rate, where
applicable. |
(e) |
Investment was valued using significant unobservable inputs. |
(f) |
Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized
seven-day yield at period end. |
(g) |
Represents cash collateral held in connection with securities lending. Income earned by the Fund is net
of borrower rebates. |
(h) |
Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash
collateral for the year ended December 31, 2023. |
144A: Security exempt from
registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions
exempt from registration, normally to qualified institutional buyers. |
PIK: Denotes that all or a
portion of the income is paid in-kind in the form of additional principal. |
REG S: Securities sold
under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the
Securities Act of 1933. |
REIT: Real Estate
Investment Trust |
SOFR: Secured Overnight
Financing Rate |
Contracts to Deliver |
In Exchange For |
Settlement Date |
Unrealized Depreciation ($) |
Counterparty | ||
EUR |
22,253 |
USD |
24,248 |
1/31/2024 |
(350) |
Toronto-Dominion Bank |
EUR |
1,847,696 |
USD |
2,035,054 |
1/31/2024 |
(7,347) |
Barclays Bank PLC |
EUR |
96,706 |
USD |
105,632 |
1/31/2024 |
(1,265) |
State Street Bank and Trust |
Total unrealized depreciation |
(8,962) |
|
Deutsche DWS Variable Series II — DWS High Income VIP |
| 13 |
EUR |
Euro |
USD |
United States Dollar |
Assets |
Level 1 |
Level 2 |
Level 3 |
Total |
Corporate Bonds (a) |
$— |
$39,985,778 |
$— |
$39,985,778 |
Loan Participations and Assignments |
— |
154,965 |
— |
154,965 |
Exchange-Traded Funds |
2,128,374 |
— |
— |
2,128,374 |
Common Stocks |
1,555 |
— |
— |
1,555 |
Warrants |
— |
— |
38,783 |
38,783 |
Short-Term Investments (a) |
1,472,130 |
— |
— |
1,472,130 |
Total |
$3,602,059 |
$40,140,743 |
$38,783 |
$43,781,585 |
Liabilities |
Level 1 |
Level 2 |
Level 3 |
Total |
Derivatives (b) |
|
|
|
|
Forward Foreign Currency Contracts |
$— |
$(8,962 ) |
$— |
$(8,962 ) |
Total |
$— |
$(8,962 ) |
$— |
$(8,962 ) |
(a) |
See
Investment Portfolio for additional detailed categorizations. |
(b) |
Derivatives include unrealized appreciation (depreciation) on open forward foreign currency
contracts. |
14 | |
Deutsche DWS Variable Series II — DWS High Income VIP |
Assets |
|
Investments in non-affiliated securities, at value (cost $42,741,765) — including $242,078 of securities loaned |
$42,309,455 |
Investment in DWS Government & Agency Securities Portfolio (cost $252,595)*
|
252,595 |
Investment in DWS Central Cash Management Government Fund (cost $1,219,535) |
1,219,535 |
Cash |
9,922 |
Foreign currency, at value (cost $10,068) |
10,114 |
Receivable for Fund shares sold |
21,258 |
Interest receivable |
704,484 |
Other assets |
1,025 |
Total assets |
44,528,388 |
Liabilities |
|
Payable upon return of securities loaned |
252,595 |
Payable for investments purchased |
157,779 |
Payable for Fund shares redeemed |
10,588 |
Unrealized depreciation on forward foreign currency contracts |
8,962 |
Accrued management fee |
16,778 |
Accrued Trustees' fees |
1,226 |
Other accrued expenses and payables |
101,988 |
Total liabilities |
549,916 |
Net assets, at value |
$43,978,472 |
Net Assets Consist of |
|
Distributable earnings (loss) |
(7,032,236 ) |
Paid-in capital |
51,010,708 |
Net assets, at value |
$43,978,472 |
Net Asset Value |
|
Class A |
|
Net Asset Value, offering and redemption price per share ($43,179,101
÷ 7,664,032 outstanding shares of beneficial interest, no par value, unlimited number
of shares authorized) |
$5.63 |
Class B |
|
Net Asset Value, offering and redemption price per share ($799,371 ÷
141,411 outstanding shares of beneficial interest, no par value, unlimited number of
shares authorized) |
$5.65 |
* |
Represents collateral on securities loaned. |
Deutsche DWS Variable Series II — DWS High Income VIP |
| 15 |
Investment Income |
|
Income: |
|
Interest |
$2,712,978 |
Dividends |
98,487 |
Income distributions — DWS Central Cash Management Government Fund |
56,410 |
Securities lending income, net of borrower rebates |
7,572 |
Total income |
2,875,447 |
Expenses: |
|
Management fee |
212,504 |
Administration fee |
41,226 |
Services to shareholders |
916 |
Record keeping fee (Class B) |
1,233 |
Distribution service fee (Class B) |
2,064 |
Custodian fee |
5,403 |
Audit fee |
66,723 |
Legal fees |
14,413 |
Tax fees |
7,206 |
Reports to shareholders |
22,618 |
Trustees' fees and expenses |
3,256 |
Other |
9,464 |
Total expenses before expense reductions |
387,026 |
Expense reductions |
(87,237 ) |
Total expenses after expense reductions |
299,789 |
Net investment income |
2,575,658 |
Realized and Unrealized Gain (Loss) |
|
Net realized gain (loss) from: |
|
Investments |
(1,198,646 ) |
Forward foreign currency contracts |
(31,100 ) |
Foreign currency |
4,500 |
|
(1,225,246 ) |
Change in net unrealized appreciation (depreciation) on: |
|
Investments |
3,274,986 |
Unfunded loan commitments |
593 |
Forward foreign currency contracts |
15,348 |
Foreign currency |
(929 ) |
|
3,289,998 |
Net gain (loss) |
2,064,752 |
Net increase (decrease) in net assets resulting from operations |
$4,640,410 |
16 | |
Deutsche DWS Variable Series II — DWS High Income VIP |
|
Years Ended December 31, | |
Increase (Decrease) in Net Assets |
2023 |
2022 |
Operations: |
|
|
Net investment income |
$2,575,658 |
$2,172,053 |
Net realized gain (loss) |
(1,225,246 ) |
(1,507,696 ) |
Change in net unrealized appreciation (depreciation) |
3,289,998 |
(5,225,122 ) |
Net increase (decrease) in net assets resulting from operations |
4,640,410 |
(4,560,765 ) |
Distributions to shareholders: |
|
|
Class A |
(2,221,545 ) |
(2,374,887 ) |
Class B |
(49,689 ) |
(28,302 ) |
Total distributions |
(2,271,234 ) |
(2,403,189 ) |
Fund share transactions: |
|
|
Class A |
|
|
Proceeds from shares sold |
2,426,752 |
2,744,738 |
Reinvestment of distributions |
2,221,545 |
2,374,887 |
Payments for shares redeemed |
(5,042,770 ) |
(8,372,146 ) |
Net increase (decrease) in net assets from Class A share transactions |
(394,473 ) |
(3,252,521 ) |
Class B |
|
|
Proceeds from shares sold |
465,987 |
385,798 |
Reinvestment of distributions |
49,689 |
28,302 |
Payments for shares redeemed |
(424,053 ) |
(269,273 ) |
Net increase (decrease) in net assets from Class B share transactions |
91,623 |
144,827 |
Increase (decrease) in net assets |
2,066,326 |
(10,071,648 ) |
Net assets at beginning of period |
41,912,146 |
51,983,794 |
Net assets at end of period |
$43,978,472 |
$41,912,146 |
|
| |
Other Information |
|
|
Class A |
|
|
Shares outstanding at beginning of period |
7,728,847 |
8,311,044 |
Shares sold |
454,357 |
498,999 |
Shares issued to shareholders in reinvestment of distributions |
423,959 |
431,798 |
Shares redeemed |
(943,131 ) |
(1,512,994 ) |
Net increase (decrease) in Class A shares |
(64,815 ) |
(582,197 ) |
Shares outstanding at end of period |
7,664,032 |
7,728,847 |
Class B |
|
|
Shares outstanding at beginning of period |
125,968 |
100,035 |
Shares sold |
85,890 |
69,817 |
Shares issued to shareholders in reinvestment of distributions |
9,429 |
5,118 |
Shares redeemed |
(79,876 ) |
(49,002 ) |
Net increase (decrease) in Class B shares |
15,443 |
25,933 |
Shares outstanding at end of period |
141,411 |
125,968 |
Deutsche DWS Variable Series II — DWS High Income VIP |
| 17 |
DWS High Income VIP — Class A | |||||
|
Years Ended December 31, | ||||
|
2023 |
2022 |
2021 |
2020 |
2019 |
Selected Per Share Data | |||||
Net asset value, beginning of period |
$5.34 |
$6.18 |
$6.23 |
$6.23 |
$5.71 |
Income (loss) from investment operations: |
|
|
|
|
|
Net investment incomea |
.33 |
.27 |
.27 |
.29 |
.31 |
Net realized and unrealized gain (loss) |
.25 |
(.81 ) |
(.03 ) |
.04 |
.56 |
Total from investment operations |
.58 |
(.54 ) |
.24 |
.33 |
.87 |
Less distributions from: |
|
|
|
|
|
Net investment income |
(.29 ) |
(.30 ) |
(.29 ) |
(.33 ) |
(.35 ) |
Net asset value, end of period |
$5.63 |
$5.34 |
$6.18 |
$6.23 |
$6.23 |
Total Return (%)b |
11.34 |
(8.88 ) |
4.00 |
6.24 |
15.69 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) |
43 |
41 |
51 |
54 |
56 |
Ratio of expenses before expense reductions (%)c |
.90 |
.90 |
.84 |
.87 |
.96 |
Ratio of expenses after expense reductions (%)c |
.70 |
.71 |
.71 |
.70 |
.68 |
Ratio of net investment income (%) |
6.07 |
4.82 |
4.32 |
4.86 |
5.09 |
Portfolio turnover rate (%) |
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.
|
18 | |
Deutsche DWS Variable Series II — DWS High Income VIP |
DWS High Income VIP — Class B | |||||
|
Years Ended December 31, | ||||
|
2023 |
2022 |
2021 |
2020 |
2019 |
Selected Per Share Data |
|
|
|
|
|
Net asset value, beginning of period |
$5.35 |
$6.20 |
$6.24 |
$6.25 |
$5.73 |
Income (loss) from investment operations: |
|
|
|
|
|
Net investment incomea |
.31 |
.25 |
.24 |
.27 |
.29 |
Net realized and unrealized gain (loss) |
.26 |
(.82 ) |
(.01 ) |
.04 |
.57 |
Total from investment operations |
.57 |
(.57 ) |
.23 |
.31 |
.86 |
Less distributions from: |
|
|
|
|
|
Net investment income |
(.27 ) |
(.28 ) |
(.27 ) |
(.32 ) |
(.34 ) |
Net asset value, end of period |
$5.65 |
$5.35 |
$6.20 |
$6.24 |
$6.25 |
Total Return (%)b |
11.07 |
(9.38 ) |
3.79 |
5.77 |
15.33 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) |
.8 |
.7 |
.6 |
.1 |
.2 |
Ratio of expenses before expense reductions (%)c |
1.31 |
1.31 |
1.27 |
1.30 |
1.40 |
Ratio of expenses after expense reductions (%)c |
1.09 |
1.10 |
1.10 |
1.05 |
.94 |
Ratio of net investment income (%) |
5.67 |
4.47 |
3.86 |
4.52 |
4.82 |
Portfolio turnover rate (%) |
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.
|
Deutsche DWS Variable Series II — DWS High Income VIP |
| 19 |
20 | |
Deutsche DWS Variable Series II — DWS High Income VIP |
Deutsche DWS Variable Series II — DWS High Income VIP |
| 21 |
Undistributed ordinary income* |
$2,534,571 |
Capital loss carryforwards |
$(9,055,082 ) |
Net unrealized appreciation (depreciation) on investments |
$(512,474 ) |
|
Years Ended December 31, | |
|
2023 |
2022 |
Distributions from ordinary income* |
$2,271,234 |
$2,403,189 |
* |
For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
22 | |
Deutsche DWS Variable Series II — DWS High Income VIP |
Liability
Derivative |
Forward
Contracts |
Foreign Exchange Contracts (a) |
$(8,962 ) |
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) |
$(31,100 ) |
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) |
$15,348 |
The above derivative is located in the following Statement of Operations account: |
(a) |
Change
in net unrealized appreciation (depreciation) on forward foreign currency contracts |
Deutsche DWS Variable Series II — DWS High Income VIP |
| 23 |
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 |
Barclays Bank PLC |
$7,347 |
$— |
$— |
$7,347 |
State Street Bank and Trust |
1,265 |
— |
— |
1,265 |
Toronto-Dominion Bank |
350 |
— |
— |
350 |
|
8,962 |
— |
— |
8,962 |
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% |
24 | |
Deutsche DWS Variable Series II — DWS High Income VIP |
Class A |
|
.70% |
Class B |
|
1.09% |
Class A |
$85,399 |
Class B |
1,838 |
|
$87,237
|
Services to Shareholders |
Total
Aggregated |
Unpaid at
December 31, 2023 |
Class A |
$385 |
$65 |
Class B |
104 |
17 |
|
$489 |
$82 |
Deutsche DWS Variable Series II — DWS High Income VIP |
| 25 |
26 | |
Deutsche DWS Variable Series II — DWS High Income VIP |
Deutsche DWS Variable Series II — DWS High Income VIP |
| 27 |
28 | |
Deutsche DWS Variable Series II — DWS High Income VIP |
Actual Fund Return |
Class A |
Class B |
Beginning Account Value 7/1/23 |
$1,000.00 |
$1,000.00 |
Ending Account Value 12/31/23 |
$1,068.30 |
$1,066.00 |
Expenses Paid per $1,000* |
$3.65 |
$5.68 |
Hypothetical 5% Fund Return |
Class A |
Class B |
Beginning Account Value 7/1/23 |
$1,000.00 |
$1,000.00 |
Ending Account Value 12/31/23 |
$1,021.68 |
$1,019.71 |
Expenses Paid per $1,000* |
$3.57 |
$5.55 |
* |
Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the
period, multiplied by 184 (the number of days in the most recent six-month period), then divided by
365. |
Annualized Expense Ratios |
Class A |
Class B |
Deutsche DWS Variable Series II — DWS High Income VIP |
.70% |
1.09% |
Deutsche DWS Variable Series II — DWS High Income VIP |
| 29 |
30 | |
Deutsche DWS Variable Series II — DWS High Income VIP |
Deutsche DWS Variable Series II — DWS High Income VIP |
| 31 |
32 | |
Deutsche DWS Variable Series II — DWS High Income VIP |
Deutsche DWS Variable Series II — DWS High Income VIP |
| 33 |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1
|
Business Experience and Directorships During the Past Five Years |
Number of Funds in DWS Fund Complex Overseen |
Other Directorships Held by Board Member |
Keith R. Fox, CFA (1954) Chairperson since 2017, and Board Member since 1996 |
Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986); Former Chairman, National Association of Small Business Investment Companies; Former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds); Progressive International Corporation (kitchen goods designer and distributor) |
68 |
— |
John W. Ballantine (1946) Board Member since 1999 |
Retired; formerly: Executive Vice President and Chief Risk Management
Officer, First Chicago NBD Corporation/The First National Bank of Chicago
(1996–1998); Executive Vice President and Head of International
Banking (1995–1996); Not-for-Profit Directorships: Window to the
World Communications (public media); Life Director of Harris Theater
for Music and Dance (Chicago); Life Director of Hubbard Street Dance
Chicago; Former Directorships: Director and Chairman of the Board,
Healthways Inc.2 (population well-being and wellness services)
(2003–2014); Stockwell Capital Investments PLC (private equity);
Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak
Brook Bancshares, Inc.; Oak Brook Bank; Portland General
Electric2 (utility
company) (2003–2021); and Prisma Energy International; Former
Not-for- Profit Directorships: Public Radio International; Palm Beach
Civic Assn. |
68 |
— |
Mary Schmid Daugherty, NACD.DC, PHD, CFA (1958) Board Member or Advisory Board Member since 20233 |
Senior Fellow in Applied Finance, Department of Finance, Opus College of
Business at the University of St. Thomas (1987–present);
Directorships: The Meritex Company (2017–present);
Driessen Water, Inc. (2016–present); and The Hardenbergh
Foundation (2021–present); Former Directorships: Mairs
& Power Funds Trust (mutual funds) (2010–2022); and Crescent
Electric Supply Company (2010–2019) |
214
|
— |
Dawn-Marie Driscoll (1946) Board Member since 1987 |
Emeritus Advisory Board and former Executive Fellow, Hoffman Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General
Counsel, Filene’s (retail) (1978–1988); Directorships: Trustee and
former Chairman of the Board, Southwest Florida Community Foundation
(charitable organization); Former Directorships: ICI Mutual Insurance
Company (2007–2015); Sun Capital Advisers Trust (mutual funds)
(2007–2012); Investment Company Institute (audit, executive,
nominating committees) and Independent Directors Council (governance,
executive committees) |
68 |
— |
34 | |
Deutsche DWS Variable Series II — DWS High Income VIP |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1
|
Business Experience and Directorships During the Past Five Years |
Number of Funds in DWS Fund Complex Overseen |
Other Directorships Held by Board Member |
Richard J. Herring (1946) Board Member since 1990 |
Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (1972–present); formerly:
Director, The Wharton Financial Institutions Center (1994–2020); Vice Dean
and Director, Wharton Undergraduate Division (1995–2000) and
Director, The Lauder Institute of International Management Studies
(2000–2006); Member FDIC Systemic Risk Advisory Committee
(2011–present), member Systemic Risk Council
(2012–present) and member of the Advisory Board of the Yale
Program on Financial Stability (2013–present); Former
Directorships: Co-Chair of the Shadow Financial Regulatory Committee
(2003–2015), Executive Director of The Financial Economists
Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013),
Director of The Aberdeen Singapore Fund (2007–2018), Director,
The Aberdeen Japan Fund (2007–2021) and Nonexecutive Director of
Barclays Bank DE (2010–2018) |
68 |
— |
Chad D. Perry (1972) Board Member or Advisory Board Member since 20213 |
Executive Vice President and General Counsel, RLJ Lodging Trust2 (since
2023); formerly Executive Vice President, General Counsel and Secretary,
Tanger Factory Outlet Centers, Inc.2 (2011–2023); Executive Vice President
and Deputy General Counsel, LPL Financial Holdings Inc.2 (2006–2011);
Senior Corporate Counsel, EMC Corporation (2005–2006); Associate,
Ropes & Gray LLP (1997–2005) |
214
|
Director, Great
Elm Capital Corp. (business
development company) (since
2022) |
Rebecca W. Rimel (1951) Board Member since 1995 |
Directorships: Washington College (since July 2023); Formerly: Executive
Vice President, The Glenmede Trust Company (investment trust and
wealth management) (1983–2004); Board Member, Investor Education
(charitable organization) (2004–2005); Former Directorships:
Trustee, Executive Committee, Philadelphia Chamber of Commerce
(2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson
Foundation (charitable organization) (1994–2012); President,
Chief Executive Officer and Director (1994–2020) and Senior
Advisor (2020–2021), The Pew Charitable Trusts (charitable
organization); Director, BioTelemetry Inc.2 (acquired by Royal Philips in 2021) (healthcare)
(2009–2021); Director, Becton Dickinson and Company2 (medical
technology company) (2012–2022) |
68 |
Director, The
Bridgespan Group (nonprofit
organization)
(since October 2020) |
Catherine Schrand (1964) Board Member since 2021 |
Celia Z. Moh Professor of Accounting (2016–present) and Professor of
Accounting (1994–present); Directorships: Advisory Board Member,
the Jacobs Levy Center, The Wharton School, University of Pennsylvania
(since 2023); Former positions: Vice Dean, Wharton Doctoral Programs,
The Wharton School, University of Pennsylvania
(2016–2019) |
68 |
— |
William N. Searcy, Jr. (1946) Board Member since 1993 |
Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Former Directorships: Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012) |
68 |
— |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time
Served6 |
Business Experience and Directorships During the Past Five Years |
Hepsen Uzcan7 (1974) President and Chief Executive Officer, 2017–present |
Head of Americas CEO Office, DWS (2023–present), Head of Fund Administration, Head of Product
Americas and Head of U.S. Mutual Funds, DWS (2017–present); Vice President, DWS Service Company
(2018–present); President, DB Investment Managers, Inc. (2018–present);
President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany
Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); Vice
President, DWS Investment Management Americas, Inc. (2023–present); formerly: Vice
President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds
(2013–2019); Secretary, DWS USA Corporation (2018–2023); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–2023); Assistant Secretary, DWS Trust Company (2018–2023); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The
Central and Eastern Europe Fund, Inc. (2013–2020); Assistant Secretary, DWS Distributors, Inc.
(2018–2023); Directorships: Director of DWS Service Company (2018–present);
Director of DB Investment Managers, Inc. (2018–present); Director of Episcopalian
Charities of New York (2018–present); Interested Director of The European Equity
Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc.
(2020–present); Director of ICI Mutual Insurance Company (2020–present);
Director of DWS USA Corporation (2023–present); Director of DWS Investment
Management Americas, Inc. (2023–present); and Manager of DBX Advisors LLC.
(2023–present) |
John Millette8 (1962) Vice President and Secretary, 1999–present |
Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas,
Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present);
Secretary, DBX ETF Trust (2020–present); Vice President, DBX Advisors LLC
(2021–present); Secretary, The European Equity Fund, Inc., The New Germany Fund,
Inc. and The Central and Eastern Europe Fund, Inc. (2011–present); formerly:
Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and Assistant
Secretary, DBX ETF Trust (2019–2020) |
Deutsche DWS Variable Series II — DWS High Income VIP |
| 35 |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time
Served6 |
Business Experience and Directorships During the Past Five Years |
Ciara Crawford9 (1984) Assistant
Secretary, 2019–present |
Fund Administration (Specialist), DWS (2015–present); Assistant Secretary, DWS Service Company
(2018–present); Assistant Secretary of U.S. Mutual Funds, DWS (2019–present); Assistant
Secretary, DWS USA Corporation (2023–present); Assistant Secretary, DBX Advisors,
LLC (2023–present); Assistant Secretary, DWS Investment Management Americas, Inc.
(2023–present); Assistant Clerk, DWS Trust Company (2023–present); formerly,
Legal Assistant at Accelerated Tax Solutions |
Diane Kenneally8 (1966) Chief Financial Officer and Treasurer, 2018–present |
Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Treasurer, Chief Financial Officer and
Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European
Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund,
Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds
(2007–2018) |
Yvonne Wong8 (1960) Assistant Treasurer, since December 1, 2023 |
Fund Administration (Senior Analyst), DWS; Assistant Treasurer, DBX ETF Trust (since November 14, 2023) |
Sheila Cadogan8 (1966) Assistant
Treasurer, 2017–present |
Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Director and Vice President, DWS
Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant
Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and
Eastern Europe Fund, Inc. (2018–present) |
Scott D. Hogan8 (1970) Chief Compliance
Officer, 2016–present |
Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The
European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund,
Inc. (2016–present) |
Caroline Pearson8 (1962) Chief Legal
Officer, 2010–present |
Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer,
DBX Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New
Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present);
formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); Secretary,
Deutsche AM Service Company (2010–2017); and Chief Legal Officer, DBX Strategic
Advisors LLC (2020–2021) |
Christian Rijs7 (1980) Anti-Money Laundering Compliance
Officer, 2021–present |
Senior Team Lead Anti-Financial Crime and Compliance, DWS; AML Officer, DWS Trust Company (2021–present); AML Officer, DBX ETF Trust (2021–present); AML Officer, The European Equity Fund,
Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2021–present);
formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO |
1 |
The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently
overseen by the Board. |
2 |
A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934. |
3 |
Mr. Perry and Ms. Daugherty are each an Advisory Board Member of Deutsche DWS Asset Allocation Trust, Deutsche DWS Equity
500 Index Portfolio, Deutsche DWS Global/International Fund, Inc., Deutsche DWS Income Trust, Deutsche
DWS Institutional Funds, Deutsche DWS International Fund, Inc., Deutsche DWS Investment
Trust, Deutsche DWS Investments VIT Funds, Deutsche DWS Money Market Trust, Deutsche DWS
Municipal Trust, Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust, Deutsche DWS
Tax Free Trust, Deutsche DWS Variable Series I and Government Cash Management Portfolio. Mr. Perry and
Ms. Daugherty are each a Board Member of each other Trust. |
4 |
Mr. Perry and Ms. Daugherty each oversees 21 funds in the DWS Fund Complex as a Board Member of various Trusts. Mr. Perry and
Ms. Daugherty are each an Advisory Board Member of various Trusts/Corporations comprised of 47 funds in
the DWS Fund Complex. |
5 |
As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons”
of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the
Fund. |
6 |
The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds. |
7 |
Address: 875 Third Avenue, New York, New York 10022. |
8 |
Address: 100 Summer Street, Boston, MA 02110. |
9 |
Address: 5201 Gate Parkway, Jacksonville, FL 32256. |
36 | |
Deutsche DWS Variable Series II — DWS High Income VIP |
3 |
|
4 |
|
6 |
|
7 |
|
10 |
|
10 |
|
11 |
|
12 |
|
14 |
|
19 |
|
20 |
|
21 |
|
22 |
|
22 |
|
23 |
|
26 |
2 | |
Deutsche DWS Variable Series II — DWS International Growth VIP |
Comparative Results | |||||
DWS International Growth VIP |
1-Year |
3-Year |
5-Year |
10-Year | |
Class A |
Growth of $10,000 |
$11,604 |
$8,968 |
$14,439 |
$15,479 |
Average annual total return |
16.04% |
–3.56% |
7.62% |
4.47% | |
MSCI All
Country World ex-USA Index |
Growth of $10,000 |
$11,562 |
$10,471 |
$14,079 |
$14,561 |
Average annual total return |
15.62% |
1.55% |
7.08% |
3.83% | |
DWS International Growth VIP |
1-Year |
3-Year |
5-Year |
10-Year | |
Class B |
Growth of $10,000 |
$11,577 |
$8,904 |
$14,246 |
$15,053 |
Average annual total return |
15.77% |
–3.79% |
7.33% |
4.17% | |
MSCI All
Country World ex-USA Index |
Growth of $10,000 |
$11,562 |
$10,471 |
$14,079 |
$14,561 |
Average annual total return |
15.62% |
1.55% |
7.08% |
3.83% | |
The growth of $10,000 is cumulative. |
Deutsche DWS Variable Series II — DWS International Growth VIP |
| 3 |
4 | |
Deutsche DWS Variable Series II — DWS International Growth VIP |
Deutsche DWS Variable Series II — DWS International Growth VIP |
| 5 |
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) |
12/31/23 |
12/31/22 |
Common Stocks |
97% |
97% |
Cash Equivalents |
2% |
2% |
Preferred Stocks |
1% |
1% |
|
100% |
100% |
Sector Diversification (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents) |
12/31/23 |
12/31/22 |
Information Technology |
21% |
21% |
Financials |
21% |
18% |
Industrials |
17% |
19% |
Health Care |
15% |
13% |
Consumer Discretionary |
8% |
8% |
Consumer Staples |
7% |
7% |
Communication Services |
5% |
5% |
Energy |
4% |
5% |
Materials |
2% |
4% |
|
100% |
100% |
Geographical Diversification (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents) |
12/31/23 |
12/31/22 |
France |
14% |
14% |
Germany |
13% |
15% |
Canada |
9% |
9% |
United States |
8% |
8% |
Switzerland |
8% |
9% |
Netherlands |
8% |
6% |
Japan |
7% |
9% |
United Kingdom |
5% |
4% |
Ireland |
4% |
4% |
China |
4% |
6% |
Uruguay |
4% |
3% |
Singapore |
4% |
4% |
Sweden |
3% |
2% |
Taiwan |
2% |
2% |
Korea |
2% |
1% |
Hong Kong |
1% |
2% |
Other |
4% |
2% |
|
100% |
100% |
6 | |
Deutsche DWS Variable Series II — DWS International Growth VIP |
|
Shares |
Value ($) | |
Common Stocks 96.5% |
| ||
Brazil 0.5% |
| ||
Pagseguro Digital Ltd. "A"* (Cost $200,174) |
|
7,712 |
96,169 |
Canada 9.1% |
| ||
Agnico Eagle Mines Ltd. |
|
2,798 |
153,409 |
Alimentation Couche-Tard, Inc. |
|
6,678 |
393,256 |
Brookfield Asset Management Ltd. "A" |
|
4,472 |
179,616 |
Brookfield Corp. |
|
19,169 |
768,901 |
Canadian National Railway Co. |
|
1,630 |
204,880 |
Lululemon Athletica, Inc.* |
|
300 |
153,387 |
(Cost $905,633) |
|
|
1,853,449 |
China 3.8% |
| ||
ANTA Sports Products Ltd. |
|
9,200 |
89,339 |
BYD Co., Ltd. "H" |
|
2,000 |
55,153 |
Minth Group Ltd. |
|
20,870 |
42,476 |
Ping An Insurance Group Co. of China Ltd. "H" |
|
51,500 |
233,444 |
Tencent Holdings Ltd. |
|
7,700 |
290,818 |
Trip.com Group Ltd.* |
|
1,550 |
55,862 |
(Cost $1,003,107) |
|
|
767,092 |
Denmark 1.1% |
| ||
Novo Nordisk AS "B"
(Cost $139,596) |
|
2,200 |
227,465 |
France 13.5% |
| ||
Air Liquide SA |
|
560 |
108,871 |
Airbus SE |
|
1,437 |
221,931 |
Capgemini SE |
|
1,780 |
370,779 |
Cie de Saint-Gobain SA |
|
2,358 |
173,715 |
LVMH Moet Hennessy Louis Vuitton SE |
|
425 |
344,247 |
Schneider Electric SE |
|
1,291 |
259,657 |
Teleperformance SE |
|
1,350 |
197,110 |
TotalEnergies SE |
|
8,636 |
588,466 |
Vinci SA |
|
3,950 |
496,074 |
(Cost $1,990,875) |
|
|
2,760,850 |
Germany 12.4% |
| ||
adidas AG |
|
320 |
65,073 |
Allianz SE (Registered) |
|
2,037 |
545,281 |
Brenntag SE |
|
1,870 |
172,099 |
Deutsche Boerse AG |
|
2,728 |
562,119 |
Deutsche Post AG |
|
3,078 |
152,861 |
Deutsche Telekom AG
(Registered) |
|
8,479 |
203,926 |
Evotec SE* |
|
5,475 |
129,072 |
SAP SE |
|
2,320 |
357,874 |
Siemens Healthineers AG 144A |
|
2,880 |
167,472 |
TeamViewer SE 144A* |
|
5,400 |
84,104 |
|
Shares |
Value ($) | |
Wacker Chemie AG |
|
391 |
49,531 |
Zalando SE 144A* |
|
1,585 |
37,743 |
(Cost $2,254,231) |
|
|
2,527,155 |
Hong Kong 1.2% |
| ||
Techtronic Industries Co., Ltd. (Cost $106,056) |
|
20,097 |
239,766 |
Ireland 4.0% |
| ||
Experian PLC |
|
6,065 |
247,568 |
Flutter Entertainment PLC* |
|
340 |
60,141 |
ICON PLC* (a) |
|
926 |
262,123 |
Kerry Group PLC "A" |
|
2,776 |
241,154 |
(Cost $629,768) |
|
|
810,986 |
Israel 0.6% |
| ||
CyberArk Software Ltd.* (a) (Cost $96,465) |
|
570 |
124,859 |
Italy 1.0% |
| ||
Stevanato Group SpA (b) (Cost $227,886) |
|
7,880 |
215,045 |
Japan 6.8% |
| ||
Daikin Industries Ltd. |
|
1,500 |
244,242 |
Fast Retailing Co., Ltd. |
|
990 |
244,786 |
Hoya Corp. |
|
2,400 |
298,684 |
Keyence Corp. |
|
700 |
307,490 |
Lasertec Corp. |
|
400 |
104,819 |
MISUMI Group, Inc. |
|
5,611 |
94,611 |
Shiseido Co., Ltd. |
|
2,900 |
87,467 |
(Cost $969,509) |
|
|
1,382,099 |
Korea 1.6% |
| ||
Samsung Electronics Co., Ltd. (Cost $237,051) |
|
5,537 |
336,540 |
Netherlands 7.3% |
| ||
Adyen NV 144A* |
|
84 |
108,295 |
Argenx SE* |
|
120 |
45,460 |
ASML Holding NV |
|
648 |
488,975 |
DSM BV* (c) |
|
1,139 |
117,466 |
ING Groep NV |
|
18,600 |
278,362 |
NXP Semiconductors NV (a) |
|
470 |
107,950 |
Prosus NV |
|
4,197 |
125,253 |
Universal Music Group NV |
|
7,899 |
225,168 |
(Cost $1,195,163) |
|
|
1,496,929 |
Norway 0.4% |
| ||
Mowi ASA (Cost $96,834) |
|
4,273 |
76,600 |
Singapore 3.6% |
| ||
DBS Group Holdings Ltd. |
|
26,800 |
676,814 |
Sea Ltd. (ADR)* |
|
1,300 |
52,650 |
(Cost $556,618) |
|
|
729,464 |
Sweden 2.9% |
| ||
Assa Abloy AB "B" |
|
8,559 |
246,863 |
Deutsche DWS Variable Series II — DWS International Growth VIP |
| 7 |
|
Shares |
Value ($) | |
Hexagon AB "B" |
|
11,804 |
141,597 |
Spotify Technology SA* (b) |
|
1,099 |
206,513 |
(Cost $496,588) |
|
|
594,973 |
Switzerland 7.7% |
| ||
Alcon, Inc. |
|
1,855 |
145,106 |
Lonza Group AG (Registered) |
|
1,155 |
485,978 |
Nestle SA (Registered) |
|
4,937 |
572,206 |
Roche Holding AG (Genusschein) |
|
1,072 |
311,727 |
Sportradar Holding AG "A"* (a) (d) |
|
5,484 |
60,598 |
(Cost $1,311,294) |
|
|
1,575,615 |
Taiwan 2.0% |
| ||
Taiwan Semiconductor
Manufacturing Co., Ltd. (Cost $137,146) |
|
21,000 |
404,621 |
United Kingdom 5.1% |
| ||
AstraZeneca PLC |
|
2,920 |
395,112 |
Ferguson PLC (b) |
|
400 |
77,228 |
Halma PLC |
|
4,777 |
139,154 |
Rentokil Initial PLC |
|
71,195 |
400,545 |
VTEX "A"* (b) |
|
2,886 |
19,856 |
(Cost $1,076,340) |
|
|
1,031,895 |
United States 8.1% |
| ||
Marsh & McLennan Companies, Inc. |
|
1,977 |
374,582 |
Mastercard, Inc. "A" |
|
614 |
261,877 |
NVIDIA Corp. |
|
1,041 |
515,524 |
Schlumberger NV |
|
5,900 |
307,036 |
Thermo Fisher Scientific, Inc. |
|
345 |
183,123 |
(Cost $558,244) |
|
|
1,642,142 |
Uruguay 3.8% |
| ||
Globant SA* |
|
2,568 |
611,133 |
MercadoLibre, Inc.* |
|
99 |
155,582 |
(Cost $385,205) |
|
|
766,715 |
Total Common Stocks
(Cost $14,573,783) |
|
|
19,660,429 |
|
Shares |
Value ($) | |
Preferred Stocks 0.6% |
| ||
Germany |
| ||
Sartorius AG (Cost $78,503) |
|
336 |
123,943 |
Securities Lending Collateral 0.3% |
| ||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.27% (e) (f) (Cost $56,350) |
|
56,350 |
56,350 |
Cash Equivalents 2.2% |
| ||
DWS Central Cash Management Government Fund, 5.38% (e) (Cost $459,894) |
|
459,894 |
459,894 |
|
|
% of
Net Assets |
Value ($) |
Total Investment Portfolio
(Cost $15,168,530) |
|
99.6 |
20,300,616 |
Other Assets and Liabilities, Net |
|
0.4 |
77,458 |
Net Assets |
|
100.0 |
20,378,074 |
Value ($) at
12/31/2022 |
Purchases Cost ($) |
Sales Proceeds ($) |
Net Realized Gain/ (Loss) ($) |
Net Change in Unrealized Appreciation (Depreciation) ($) |
Income ($) |
Capital Gain Distributions ($) |
Number of Shares at 12/31/2023 |
Value ($) at
12/31/2023 |
Securities Lending Collateral 0.3% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.27% (e) (f) | ||||||||
58,500 |
— |
2,150 (g) |
— |
— |
164 |
— |
56,350 |
56,350 |
Cash Equivalents 2.2% | ||||||||
DWS Central Cash Management Government Fund, 5.38% (e) | ||||||||
328,851 |
6,090,717 |
5,959,674 |
— |
— |
48,474 |
— |
459,894 |
459,894 |
387,351 |
6,090,717 |
5,961,824 |
— |
— |
48,638 |
— |
516,244 |
516,244 |
* |
Non-income producing security. |
(a) |
Listed
on the NASDAQ Stock Market, Inc. |
(b) |
Listed
on the New York Stock Exchange. |
(c) |
Investment was valued using significant unobservable inputs. |
8 | |
Deutsche DWS Variable Series II — DWS International Growth VIP |
(d) |
All or a
portion of these securities were on loan. In addition, "Other Assets and Liabilities, Net" may include pending sales that are also on loan. The value of securities loaned at December 31, 2023 amounted to $54,145, which is 0.3% of net assets. |
(e) |
Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized
seven-day yield at period end. |
(f) |
Represents cash collateral held in connection with securities lending. Income earned by the Fund is net
of borrower rebates. |
(g) |
Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash
collateral for the year ended December 31, 2023. |
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 |
$96,169 |
$— |
$— |
$96,169 |
Canada |
1,853,449 |
— |
— |
1,853,449 |
China |
— |
767,092 |
— |
767,092 |
Denmark |
— |
227,465 |
— |
227,465 |
France |
— |
2,760,850 |
— |
2,760,850 |
Germany |
— |
2,527,155 |
— |
2,527,155 |
Hong Kong |
— |
239,766 |
— |
239,766 |
Ireland |
262,123 |
548,863 |
— |
810,986 |
Israel |
124,859 |
— |
— |
124,859 |
Italy |
215,045 |
— |
— |
215,045 |
Japan |
— |
1,382,099 |
— |
1,382,099 |
Korea |
— |
336,540 |
— |
336,540 |
Netherlands |
107,950 |
1,271,513 |
117,466 |
1,496,929 |
Norway |
— |
76,600 |
— |
76,600 |
Singapore |
52,650 |
676,814 |
— |
729,464 |
Sweden |
206,513 |
388,460 |
— |
594,973 |
Switzerland |
60,598 |
1,515,017 |
— |
1,575,615 |
Taiwan |
— |
404,621 |
— |
404,621 |
United Kingdom |
97,084 |
934,811 |
— |
1,031,895 |
United States |
1,642,142 |
— |
— |
1,642,142 |
Uruguay |
766,715 |
— |
— |
766,715 |
Preferred Stocks |
— |
123,943 |
— |
123,943 |
Short-Term Investments (a) |
516,244 |
— |
— |
516,244 |
Total |
$6,001,541 |
$14,181,609 |
$117,466 |
$20,300,616 |
During the period ended December 31, 2023, the amount of transfers between Level 2 and Level 3 was $225,953. The investments
were transferred from Level 2 to Level 3 due to the lack of observable market data due to a decrease in
market activity. | ||||
Transfers between price levels are recognized at the beginning of the reporting period. |
(a) |
See
Investment Portfolio for additional detailed categorizations. |
Deutsche DWS Variable Series II — DWS International Growth VIP |
| 9 |
Assets |
|
Investments in non-affiliated securities, at value (cost $14,652,286) — including $54,145 of securities loaned |
$19,784,372 |
Investment in DWS Government & Agency Securities Portfolio (cost $56,350)*
|
56,350 |
Investment in DWS Central Cash Management Government Fund (cost $459,894) |
459,894 |
Cash |
8 |
Foreign currency, at value (cost $153,356) |
153,982 |
Receivable for investments sold |
46,272 |
Receivable for Fund shares sold |
95 |
Dividends receivable |
5,149 |
Interest receivable |
3,098 |
Foreign taxes recoverable |
29,448 |
Other assets |
471 |
Total assets |
20,539,139 |
Liabilities |
|
Payable upon return of securities loaned |
56,350 |
Payable for Fund shares redeemed |
17,477 |
Accrued management fee |
3,453 |
Accrued Trustees' fees |
914 |
Other accrued expenses and payables |
82,871 |
Total liabilities |
161,065 |
Net assets, at value |
$20,378,074 |
Net Assets Consist of |
|
Distributable earnings (loss) |
2,904,725 |
Paid-in capital |
17,473,349 |
Net assets, at value |
$20,378,074 |
Net Asset Value |
|
Class A |
|
Net Asset Value, offering and redemption price
per share ($20,349,256 ÷ 1,346,396 outstanding
shares of beneficial interest, no par value,
unlimited number of shares authorized) |
$15.11 |
Class B |
|
Net Asset Value, offering and redemption price
per share ($28,818 ÷ 1,903 outstanding shares of
beneficial interest, no par value, unlimited
number of shares authorized)** |
$15.15 |
* |
Represents collateral on securities loaned. |
** |
Net asset value and redemption price per share may not recalculate due to rounding of net assets and/or shares outstanding. |
Investment Income |
|
Income: |
|
Dividends (net of foreign taxes withheld of $43,763) |
$377,477 |
Income distributions — DWS Central Cash
Management Government Fund |
48,474 |
Securities lending income, net of borrower rebates |
164 |
Total income |
426,115 |
Expenses: |
|
Management fee |
122,372 |
Administration fee |
19,145 |
Services to shareholders |
737 |
Record keeping fee (Class B) |
15 |
Distribution service fee (Class B) |
70 |
Custodian fee |
8,651 |
Audit fee |
56,152 |
Legal fees |
14,035 |
Tax fees |
7,206 |
Reports to shareholders |
24,893 |
Registration fees |
667 |
Trustees' fees and expenses |
2,423 |
Other |
10,863 |
Total expenses before expense reductions |
267,229 |
Expense reductions |
(91,816 ) |
Total expenses after expense reductions |
175,413 |
Net investment income |
250,702 |
Realized and Unrealized Gain (Loss) |
|
Net realized gain (loss) from: |
|
Investments |
(958,595 ) |
Foreign currency |
(3,664 ) |
|
(962,259 ) |
Change in net unrealized appreciation (depreciation) on: |
|
Investments |
3,613,557 |
Foreign currency |
5,283 |
|
3,618,840 |
Net gain (loss) |
2,656,581 |
Net increase (decrease) in net assets resulting from operations |
$2,907,283 |
10 | |
Deutsche DWS Variable Series II — DWS International Growth VIP |
|
Years Ended December 31, | |
Increase (Decrease) in Net Assets |
2023 |
2022 |
Operations: |
|
|
Net investment income |
$250,702 |
$174,319 |
Net realized gain (loss) |
(962,259 ) |
(1,493,374 ) |
Change in net unrealized appreciation (depreciation) |
3,618,840 |
(6,872,703 ) |
Net increase (decrease) in net assets resulting from operations |
2,907,283 |
(8,191,758 ) |
Distributions to shareholders: |
|
|
Class A |
(149,768 ) |
(549,151 ) |
Class B |
(139 ) |
(1,661 ) |
Total distributions |
(149,907 ) |
(550,812 ) |
Fund share transactions: |
|
|
Class A |
|
|
Proceeds from shares sold |
3,065,594 |
9,085,996 |
Reinvestment of distributions |
149,768 |
549,151 |
Payments for shares redeemed |
(4,747,321 ) |
(4,239,328 ) |
Net increase (decrease) in net assets from Class A share transactions |
(1,531,959 ) |
5,395,819 |
Class B |
|
|
Proceeds from shares sold |
10,704 |
9,878 |
Reinvestment of distributions |
139 |
1,661 |
Payments for shares redeemed |
(11,645 ) |
(63,096 ) |
Net increase (decrease) in net assets from Class B share transactions |
(802 ) |
(51,557 ) |
Increase (decrease) in net assets |
1,224,615 |
(3,398,308 ) |
Net assets at beginning of period |
19,153,459 |
22,551,767 |
Net assets at end of period |
$20,378,074 |
$19,153,459 |
|
| |
Other Information |
|
|
Class A |
|
|
Shares outstanding at beginning of period |
1,457,916 |
1,193,724 |
Shares sold |
213,239 |
536,046 |
Shares issued to shareholders in reinvestment of distributions |
10,430 |
38,864 |
Shares redeemed |
(335,189 ) |
(310,718 ) |
Net increase (decrease) in Class A shares |
(111,520 ) |
264,192 |
Shares outstanding at end of period |
1,346,396 |
1,457,916 |
Class B |
|
|
Shares outstanding at beginning of period |
1,962 |
5,576 |
Shares sold |
758 |
712 |
Shares issued to shareholders in reinvestment of distributions |
10 |
117 |
Shares redeemed |
(827 ) |
(4,443 ) |
Net increase (decrease) in Class B shares |
(59 ) |
(3,614 ) |
Shares outstanding at end of period |
1,903 |
1,962 |
Deutsche DWS Variable Series II — DWS International Growth VIP |
| 11 |
DWS International Growth VIP — Class A | |||||
|
Years Ended December 31, | ||||
|
2023 |
2022 |
2021 |
2020 |
2019 |
Selected Per Share Data | |||||
Net asset value, beginning of period |
$13.12 |
$18.80 |
$17.65 |
$14.64 |
$11.47 |
Income (loss) from investment operations: |
|
|
|
|
|
Net investment incomea |
.18 |
.11 |
.08 |
.06 |
.22 |
Net realized and unrealized gain (loss) |
1.92 |
(5.45 ) |
1.34 |
3.17 |
3.32 |
Total from investment operations |
2.10 |
(5.34 ) |
1.42 |
3.23 |
3.54 |
Less distributions from: |
|
|
|
|
|
Net investment income |
(.11 ) |
(.15 ) |
(.06 ) |
(.22 ) |
(.17 ) |
Net realized gains |
— |
(.19 ) |
(.21 ) |
— |
(.20 ) |
Total distributions |
(.11 ) |
(.34 ) |
(.27 ) |
(.22 ) |
(.37 ) |
Net asset value, end of period |
$15.11 |
$13.12 |
$18.80 |
$17.65 |
$14.64 |
Total Return (%)b |
16.04 |
(28.51 ) |
8.11 |
22.69 |
31.22 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) |
20 |
19 |
22 |
19 |
18 |
Ratio of expenses before expense reductions (%)c |
1.35 |
1.32 |
1.33 |
1.50 |
1.64 |
Ratio of expenses after expense reductions (%)c |
.89 |
.92 |
.90 |
.87 |
.86 |
Ratio of net investment income (%) |
1.27 |
.78 |
.41 |
.42 |
1.63 |
Portfolio turnover rate (%) |
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.
|
12 | |
Deutsche DWS Variable Series II — DWS International Growth VIP |
DWS International Growth VIP — Class B | |||||
|
Years Ended December 31, | ||||
|
2023 |
2022 |
2021 |
2020 |
2019 |
Selected Per Share Data |
|
|
|
|
|
Net asset value, beginning of period |
$13.15 |
$18.84 |
$17.67 |
$14.66 |
$11.49 |
Income (loss) from investment operations: |
|
|
|
|
|
Net investment incomea |
.14 |
.09 |
.03 |
.01 |
.18 |
Net realized and unrealized gain (loss) |
1.93 |
(5.48 ) |
1.36 |
3.18 |
3.33 |
Total from investment operations |
2.07 |
(5.39 ) |
1.39 |
3.19 |
3.51 |
Less distributions from: |
|
|
|
|
|
Net investment income |
(.07 ) |
(.11 ) |
(.01 ) |
(.18 ) |
(.14 ) |
Net realized gains |
— |
(.19 ) |
(.21 ) |
— |
(.20 ) |
Total distributions |
(.07 ) |
(.30 ) |
(.22 ) |
(.18 ) |
(.34 ) |
Net asset value, end of period |
$15.15 |
$13.15 |
$18.84 |
$17.67 |
$14.66 |
Total Return (%)b |
15.77 |
(28.71 ) |
7.88 |
22.29 |
30.84 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) |
.03 |
.03 |
.1 |
.1 |
.2 |
Ratio of expenses before expense reductions (%)c |
1.82 |
1.66 |
1.62 |
1.81 |
1.95 |
Ratio of expenses after expense reductions (%)c |
1.16 |
1.18 |
1.17 |
1.18 |
1.16 |
Ratio of net investment income (%) |
1.01 |
.64 |
.18 |
.07 |
1.31 |
Portfolio turnover rate (%) |
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.
|
Deutsche DWS Variable Series II — DWS International Growth VIP |
| 13 |
14 | |
Deutsche DWS Variable Series II — DWS International Growth VIP |
Deutsche DWS Variable Series II — DWS International Growth VIP |
| 15 |
Undistributed ordinary income* |
$241,123 |
Capital loss carryforwards |
$(2,356,459 ) |
Net unrealized appreciation (depreciation) on investments |
$5,018,422 |
|
Years Ended December 31, | |
|
2023 |
2022 |
Distributions from ordinary income* |
$149,907 |
$246,866 |
Distributions from long-term capital gains |
$— |
$303,946 |
* |
For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
16 | |
Deutsche DWS Variable Series II — DWS International Growth VIP |
Class A |
.91% |
Class B |
1.17% |
Class A |
|
|
.82% |
Class B |
|
|
1.13% |
Class A |
$91,632 |
Class B |
184 |
|
$91,816
|
Services to Shareholders |
Total
Aggregated |
Unpaid at
December 31, 2023 |
Class A |
$321 |
$54 |
Class B |
46 |
8 |
|
$367 |
$62 |
Deutsche DWS Variable Series II — DWS International Growth VIP |
| 17 |
18 | |
Deutsche DWS Variable Series II — DWS International Growth VIP |
Deutsche DWS Variable Series II — DWS International Growth VIP |
| 19 |
20 | |
Deutsche DWS Variable Series II — DWS International Growth VIP |
Actual Fund Return |
Class A |
Class B |
Beginning Account Value 7/1/23 |
$1,000.00 |
$1,000.00 |
Ending Account Value 12/31/23 |
$1,024.40 |
$1,023.60 |
Expenses Paid per $1,000* |
$4.44 |
$5.81 |
Hypothetical 5% Fund Return |
Class A |
Class B |
Beginning Account Value 7/1/23 |
$1,000.00 |
$1,000.00 |
Ending Account Value 12/31/23 |
$1,020.82 |
$1,019.46 |
Expenses Paid per $1,000* |
$4.43 |
$5.80 |
* |
Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the
period, multiplied by 184 (the number of days in the most recent six-month period), then divided by
365. |
Annualized Expense Ratios |
Class A |
Class B |
Deutsche DWS Variable Series II — DWS International Growth VIP |
.87% |
1.14% |
Deutsche DWS Variable Series II — DWS International Growth VIP |
| 21 |
22 | |
Deutsche DWS Variable Series II — DWS International Growth VIP |
Deutsche DWS Variable Series II — DWS International Growth VIP |
| 23 |
24 | |
Deutsche DWS Variable Series II — DWS International Growth VIP |
Deutsche DWS Variable Series II — DWS International Growth VIP |
| 25 |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1
|
Business Experience and Directorships During the Past Five Years |
Number of Funds in DWS Fund Complex Overseen |
Other Directorships Held by Board Member |
Keith R. Fox, CFA (1954) Chairperson since 2017, and Board Member since 1996 |
Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986); Former Chairman, National Association of Small Business Investment Companies; Former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds); Progressive International Corporation (kitchen goods designer and distributor) |
68 |
— |
John W. Ballantine (1946) Board Member since 1999 |
Retired; formerly: Executive Vice President and Chief Risk Management
Officer, First Chicago NBD Corporation/The First National Bank of Chicago
(1996–1998); Executive Vice President and Head of International
Banking (1995–1996); Not-for-Profit Directorships: Window to the
World Communications (public media); Life Director of Harris Theater
for Music and Dance (Chicago); Life Director of Hubbard Street Dance
Chicago; Former Directorships: Director and Chairman of the Board,
Healthways Inc.2 (population well-being and wellness services)
(2003–2014); Stockwell Capital Investments PLC (private equity);
Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak
Brook Bancshares, Inc.; Oak Brook Bank; Portland General
Electric2 (utility
company) (2003–2021); and Prisma Energy International; Former
Not-for- Profit Directorships: Public Radio International; Palm Beach
Civic Assn. |
68 |
— |
Mary Schmid Daugherty, NACD.DC, PHD, CFA (1958) Board Member or Advisory Board Member since 20233 |
Senior Fellow in Applied Finance, Department of Finance, Opus College of
Business at the University of St. Thomas (1987–present);
Directorships: The Meritex Company (2017–present);
Driessen Water, Inc. (2016–present); and The Hardenbergh
Foundation (2021–present); Former Directorships: Mairs
& Power Funds Trust (mutual funds) (2010–2022); and Crescent
Electric Supply Company (2010–2019) |
214
|
— |
Dawn-Marie Driscoll (1946) Board Member since 1987 |
Emeritus Advisory Board and former Executive Fellow, Hoffman Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General
Counsel, Filene’s (retail) (1978–1988); Directorships: Trustee and
former Chairman of the Board, Southwest Florida Community Foundation
(charitable organization); Former Directorships: ICI Mutual Insurance
Company (2007–2015); Sun Capital Advisers Trust (mutual funds)
(2007–2012); Investment Company Institute (audit, executive,
nominating committees) and Independent Directors Council (governance,
executive committees) |
68 |
— |
26 | |
Deutsche DWS Variable Series II — DWS International Growth VIP |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1
|
Business Experience and Directorships During the Past Five Years |
Number of Funds in DWS Fund Complex Overseen |
Other Directorships Held by Board Member |
Richard J. Herring (1946) Board Member since 1990 |
Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (1972–present); formerly:
Director, The Wharton Financial Institutions Center (1994–2020); Vice Dean
and Director, Wharton Undergraduate Division (1995–2000) and
Director, The Lauder Institute of International Management Studies
(2000–2006); Member FDIC Systemic Risk Advisory Committee
(2011–present), member Systemic Risk Council
(2012–present) and member of the Advisory Board of the Yale
Program on Financial Stability (2013–present); Former
Directorships: Co-Chair of the Shadow Financial Regulatory Committee
(2003–2015), Executive Director of The Financial Economists
Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013),
Director of The Aberdeen Singapore Fund (2007–2018), Director,
The Aberdeen Japan Fund (2007–2021) and Nonexecutive Director of
Barclays Bank DE (2010–2018) |
68 |
— |
Chad D. Perry (1972) Board Member or Advisory Board Member since 20213 |
Executive Vice President and General Counsel, RLJ Lodging Trust2 (since
2023); formerly Executive Vice President, General Counsel and Secretary,
Tanger Factory Outlet Centers, Inc.2 (2011–2023); Executive Vice President
and Deputy General Counsel, LPL Financial Holdings Inc.2 (2006–2011);
Senior Corporate Counsel, EMC Corporation (2005–2006); Associate,
Ropes & Gray LLP (1997–2005) |
214
|
Director, Great
Elm Capital Corp. (business
development company) (since
2022) |
Rebecca W. Rimel (1951) Board Member since 1995 |
Directorships: Washington College (since July 2023); Formerly: Executive
Vice President, The Glenmede Trust Company (investment trust and
wealth management) (1983–2004); Board Member, Investor Education
(charitable organization) (2004–2005); Former Directorships:
Trustee, Executive Committee, Philadelphia Chamber of Commerce
(2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson
Foundation (charitable organization) (1994–2012); President,
Chief Executive Officer and Director (1994–2020) and Senior
Advisor (2020–2021), The Pew Charitable Trusts (charitable
organization); Director, BioTelemetry Inc.2 (acquired by Royal Philips in 2021) (healthcare)
(2009–2021); Director, Becton Dickinson and Company2 (medical
technology company) (2012–2022) |
68 |
Director, The
Bridgespan Group (nonprofit
organization)
(since October 2020) |
Catherine Schrand (1964) Board Member since 2021 |
Celia Z. Moh Professor of Accounting (2016–present) and Professor of
Accounting (1994–present); Directorships: Advisory Board Member,
the Jacobs Levy Center, The Wharton School, University of Pennsylvania
(since 2023); Former positions: Vice Dean, Wharton Doctoral Programs,
The Wharton School, University of Pennsylvania
(2016–2019) |
68 |
— |
William N. Searcy, Jr. (1946) Board Member since 1993 |
Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Former Directorships: Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012) |
68 |
— |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time
Served6 |
Business Experience and Directorships During the Past Five Years |
Hepsen Uzcan7 (1974) President and Chief Executive Officer, 2017–present |
Head of Americas CEO Office, DWS (2023–present), Head of Fund Administration, Head of Product
Americas and Head of U.S. Mutual Funds, DWS (2017–present); Vice President, DWS Service Company
(2018–present); President, DB Investment Managers, Inc. (2018–present);
President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany
Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); Vice
President, DWS Investment Management Americas, Inc. (2023–present); formerly: Vice
President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds
(2013–2019); Secretary, DWS USA Corporation (2018–2023); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–2023); Assistant Secretary, DWS Trust Company (2018–2023); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The
Central and Eastern Europe Fund, Inc. (2013–2020); Assistant Secretary, DWS Distributors, Inc.
(2018–2023); Directorships: Director of DWS Service Company (2018–present);
Director of DB Investment Managers, Inc. (2018–present); Director of Episcopalian
Charities of New York (2018–present); Interested Director of The European Equity
Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc.
(2020–present); Director of ICI Mutual Insurance Company (2020–present);
Director of DWS USA Corporation (2023–present); Director of DWS Investment
Management Americas, Inc. (2023–present); and Manager of DBX Advisors LLC.
(2023–present) |
John Millette8 (1962) Vice President and Secretary, 1999–present |
Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas,
Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present);
Secretary, DBX ETF Trust (2020–present); Vice President, DBX Advisors LLC
(2021–present); Secretary, The European Equity Fund, Inc., The New Germany Fund,
Inc. and The Central and Eastern Europe Fund, Inc. (2011–present); formerly:
Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and Assistant
Secretary, DBX ETF Trust (2019–2020) |
Deutsche DWS Variable Series II — DWS International Growth VIP |
| 27 |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time
Served6 |
Business Experience and Directorships During the Past Five Years |
Ciara Crawford9 (1984) Assistant
Secretary, 2019–present |
Fund Administration (Specialist), DWS (2015–present); Assistant Secretary, DWS Service Company
(2018–present); Assistant Secretary of U.S. Mutual Funds, DWS (2019–present); Assistant
Secretary, DWS USA Corporation (2023–present); Assistant Secretary, DBX Advisors,
LLC (2023–present); Assistant Secretary, DWS Investment Management Americas, Inc.
(2023–present); Assistant Clerk, DWS Trust Company (2023–present); formerly,
Legal Assistant at Accelerated Tax Solutions |
Diane Kenneally8 (1966) Chief Financial Officer and Treasurer, 2018–present |
Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Treasurer, Chief Financial Officer and
Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European
Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund,
Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds
(2007–2018) |
Yvonne Wong8 (1960) Assistant Treasurer, since December 1, 2023 |
Fund Administration (Senior Analyst), DWS; Assistant Treasurer, DBX ETF Trust (since November 14, 2023) |
Sheila Cadogan8 (1966) Assistant
Treasurer, 2017–present |
Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Director and Vice President, DWS
Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant
Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and
Eastern Europe Fund, Inc. (2018–present) |
Scott D. Hogan8 (1970) Chief Compliance
Officer, 2016–present |
Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The
European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund,
Inc. (2016–present) |
Caroline Pearson8 (1962) Chief Legal
Officer, 2010–present |
Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer,
DBX Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New
Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present);
formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); Secretary,
Deutsche AM Service Company (2010–2017); and Chief Legal Officer, DBX Strategic
Advisors LLC (2020–2021) |
Christian Rijs7 (1980) Anti-Money Laundering Compliance
Officer, 2021–present |
Senior Team Lead Anti-Financial Crime and Compliance, DWS; AML Officer, DWS Trust Company (2021–present); AML Officer, DBX ETF Trust (2021–present); AML Officer, The European Equity Fund,
Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2021–present);
formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO |
1 |
The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently
overseen by the Board. |
2 |
A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934. |
3 |
Mr. Perry and Ms. Daugherty are each an Advisory Board Member of Deutsche DWS Asset Allocation Trust, Deutsche DWS Equity
500 Index Portfolio, Deutsche DWS Global/International Fund, Inc., Deutsche DWS Income Trust, Deutsche
DWS Institutional Funds, Deutsche DWS International Fund, Inc., Deutsche DWS Investment
Trust, Deutsche DWS Investments VIT Funds, Deutsche DWS Money Market Trust, Deutsche DWS
Municipal Trust, Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust, Deutsche DWS
Tax Free Trust, Deutsche DWS Variable Series I and Government Cash Management Portfolio. Mr. Perry and
Ms. Daugherty are each a Board Member of each other Trust. |
4 |
Mr. Perry and Ms. Daugherty each oversees 21 funds in the DWS Fund Complex as a Board Member of various Trusts. Mr. Perry and
Ms. Daugherty are each an Advisory Board Member of various Trusts/Corporations comprised of 47 funds in
the DWS Fund Complex. |
5 |
As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons”
of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the
Fund. |
6 |
The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds. |
7 |
Address: 875 Third Avenue, New York, New York 10022. |
8 |
Address: 100 Summer Street, Boston, MA 02110. |
9 |
Address: 5201 Gate Parkway, Jacksonville, FL 32256. |
28 | |
Deutsche DWS Variable Series II — DWS International Growth VIP |
3 |
|
4 |
|
5 |
|
6 |
|
10 |
|
10 |
|
11 |
|
12 |
|
13 |
|
17 |
|
18 |
|
19 |
|
20 |
|
20 |
|
21 |
|
24 |
2 | |
Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP |
Comparative Results | |||||
DWS Small Mid Cap Growth VIP |
1-Year |
3-Year |
5-Year |
10-Year | |
Class A |
Growth of $10,000 |
$11,883 |
$9,737 |
$15,517 |
$18,709 |
Average annual total return |
18.83% |
–0.88% |
9.18% |
6.46% | |
Russell 2500 Growth Index |
Growth of $10,000 |
$11,893 |
$9,218 |
$17,178 |
$23,194 |
Average annual total return |
18.93% |
–2.68% |
11.43% |
8.78% | |
The growth of $10,000 is cumulative. |
Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP |
| 3 |
4 | |
Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP |
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) |
12/31/23 |
12/31/22 |
Common Stocks |
98% |
96% |
Cash Equivalents |
2% |
4% |
Other Investments |
0% |
0% |
|
100% |
100% |
Sector Diversification (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents) |
12/31/23 |
12/31/22 |
Information Technology |
23% |
24% |
Industrials |
22% |
19% |
Health Care |
20% |
22% |
Consumer Discretionary |
12% |
12% |
Financials |
8% |
7% |
Materials |
5% |
4% |
Energy |
3% |
6% |
Consumer Staples |
3% |
2% |
Real Estate |
3% |
3% |
Communication Services |
1% |
1% |
|
100% |
100% |
Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP |
| 5 |
|
Shares |
Value ($) | |
Common Stocks 98.2% |
| ||
Communication Services 1.2% |
| ||
Diversified Telecommunication Services 0.6% |
| ||
Iridium Communications, Inc. |
|
7,300 |
300,468 |
Entertainment 0.6% |
| ||
Take-Two Interactive
Software, Inc.* |
|
2,174 |
349,905 |
Consumer Discretionary 11.8% |
| ||
Automobile Components 0.7% |
| ||
Gentherm, Inc.* |
|
7,364 |
385,579 |
Diversified Consumer Services 0.6% |
| ||
Bright Horizons Family Solutions, Inc.* |
|
3,398 |
320,227 |
Hotels, Restaurants & Leisure 2.1% |
| ||
Hilton Grand Vacations, Inc.* |
|
12,491 |
501,889 |
Jack in the Box, Inc. |
|
7,229 |
590,103 |
|
|
|
1,091,992 |
Household Durables 4.0% |
| ||
Helen of Troy Ltd.* |
|
1,963 |
237,150 |
iRobot Corp.* |
|
1,573 |
60,875 |
LGI Homes, Inc.* |
|
3,089 |
411,331 |
TopBuild Corp.* |
|
3,773 |
1,412,083 |
|
|
|
2,121,439 |
Leisure Products 1.5% |
| ||
YETI Holdings, Inc.* |
|
15,522 |
803,729 |
Specialty Retail 2.9% |
| ||
Burlington Stores, Inc.* |
|
2,883 |
560,686 |
Camping World Holdings, Inc. "A" |
|
22,907 |
601,538 |
Valvoline, Inc.* |
|
9,900 |
372,042 |
|
|
|
1,534,266 |
Consumer Staples 2.6% |
| ||
Consumer Staples Distribution & Retail 2.3% |
| ||
Casey's General Stores, Inc. |
|
4,371 |
1,200,889 |
Household Products 0.3% |
| ||
Spectrum Brands
Holdings, Inc. |
|
2,282 |
182,035 |
Energy 3.3% |
| ||
Energy Equipment & Services 0.3% |
| ||
Liberty Energy, Inc. |
|
9,546 |
173,164 |
Oil, Gas & Consumable Fuels 3.0% |
| ||
Crescent Energy Co. "A" |
|
6,384 |
84,333 |
Kosmos Energy Ltd.* |
|
48,000 |
322,080 |
Matador Resources Co. |
|
8,300 |
471,938 |
Ovintiv, Inc. |
|
9,711 |
426,507 |
Southwestern Energy Co.* |
|
43,176 |
282,803 |
|
|
|
1,587,661 |
|
Shares |
Value ($) | |
Financials 8.1% |
| ||
Banks 2.3% |
| ||
Pinnacle Financial Partners, Inc. |
|
5,944 |
518,436 |
SouthState Corp. |
|
2,804 |
236,798 |
Synovus Financial Corp. |
|
11,493 |
432,711 |
|
|
|
1,187,945 |
Capital Markets 3.6% |
| ||
FactSet Research Systems, Inc. |
|
1,036 |
494,224 |
Lazard Ltd. "A" |
|
12,317 |
428,631 |
LPL Financial Holdings, Inc. |
|
2,100 |
478,002 |
Moelis & Co. "A" |
|
9,136 |
512,804 |
|
|
|
1,913,661 |
Financial Services 1.0% |
| ||
WEX, Inc.* |
|
2,797 |
544,156 |
Insurance 1.2% |
| ||
Kinsale Capital Group, Inc. |
|
1,900 |
636,329 |
Health Care 19.7% |
| ||
Biotechnology 5.3% |
| ||
Apellis Pharmaceuticals, Inc.* |
|
3,951 |
236,507 |
Beam Therapeutics, Inc.* |
|
1,593 |
43,361 |
Biohaven Ltd.* |
|
1,787 |
76,484 |
Blueprint Medicines Corp.* |
|
4,684 |
432,052 |
Catalyst Pharmaceuticals, Inc.* |
|
7,600 |
127,756 |
Halozyme Therapeutics, Inc.* |
|
3,100 |
114,576 |
Insmed, Inc.* |
|
6,610 |
204,844 |
Kiniksa Pharmaceuticals Ltd. "A"* |
|
8,769 |
153,808 |
Neurocrine Biosciences, Inc.* |
|
7,085 |
933,520 |
Travere Therapeutics, Inc.* |
|
18,778 |
168,814 |
Ultragenyx Pharmaceutical, Inc.* |
|
3,057 |
146,186 |
Vaxcyte, Inc.* |
|
3,200 |
200,960 |
|
|
|
2,838,868 |
Health Care Equipment & Supplies 3.0% |
| ||
Alphatec Holdings, Inc.* |
|
7,420 |
112,116 |
Axonics, Inc.* |
|
5,613 |
349,297 |
Globus Medical, Inc. "A"* |
|
2,224 |
118,517 |
Haemonetics Corp.* |
|
1,353 |
115,695 |
Inari Medical, Inc.* |
|
2,000 |
129,840 |
Inspire Medical Systems, Inc.* |
|
300 |
61,029 |
Masimo Corp.* |
|
1,627 |
190,701 |
Merit Medical Systems, Inc.* |
|
4,200 |
319,032 |
Omnicell, Inc.* |
|
2,300 |
86,549 |
Shockwave Medical, Inc.* |
|
500 |
95,280 |
STAAR Surgical Co.* |
|
975 |
30,430 |
|
|
|
1,608,486 |
Health Care Providers & Services 9.0% |
| ||
AMN Healthcare Services, Inc.* |
|
13,141 |
983,998 |
6 | |
Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP |
|
Shares |
Value ($) | |
HealthEquity, Inc.* |
|
4,529 |
300,273 |
ModivCare, Inc.* |
|
4,799 |
211,108 |
Molina Healthcare, Inc.* |
|
2,619 |
946,271 |
Option Care Health, Inc.* |
|
18,864 |
635,528 |
Privia Health Group, Inc.* |
|
8,600 |
198,058 |
RadNet, Inc.* |
|
42,777 |
1,487,356 |
|
|
|
4,762,592 |
Life Sciences Tools & Services 0.2% |
| ||
OmniAb, Inc.* |
|
13,092 |
80,778 |
Pharmaceuticals 2.2% |
| ||
Arvinas, Inc.* |
|
2,000 |
82,320 |
Intra-Cellular Therapies, Inc.* |
|
7,000 |
501,340 |
Ligand Pharmaceuticals, Inc.* |
|
2,672 |
190,834 |
Pacira BioSciences, Inc.* |
|
11,807 |
398,368 |
|
|
|
1,172,862 |
Industrials 21.4% |
| ||
Aerospace & Defense 1.4% |
| ||
HEICO Corp. |
|
4,176 |
746,961 |
Building Products 6.2% |
| ||
Allegion PLC |
|
7,499 |
950,048 |
Builders FirstSource, Inc.* |
|
11,006 |
1,837,342 |
Masonite International Corp.* |
|
5,705 |
482,985 |
|
|
|
3,270,375 |
Commercial Services & Supplies 3.8% |
| ||
MSA Safety, Inc. |
|
2,392 |
403,841 |
Tetra Tech, Inc. |
|
3,819 |
637,506 |
The Brink's Co. |
|
11,036 |
970,616 |
|
|
|
2,011,963 |
Electrical Equipment 0.8% |
| ||
Atkore, Inc.* |
|
930 |
148,800 |
Thermon Group Holdings, Inc.* |
|
9,149 |
297,983 |
|
|
|
446,783 |
Machinery 0.7% |
| ||
IDEX Corp. |
|
1,802 |
391,232 |
Professional Services 3.9% |
| ||
Broadridge Financial Solutions, Inc. |
|
2,782 |
572,397 |
Kforce, Inc. |
|
11,225 |
758,361 |
Maximus, Inc. |
|
8,556 |
717,506 |
|
|
|
2,048,264 |
Trading Companies & Distributors 4.6% |
| ||
H&E Equipment Services, Inc. |
|
16,406 |
858,362 |
Rush Enterprises, Inc. "A" |
|
24,885 |
1,251,716 |
Titan Machinery, Inc.* |
|
11,743 |
339,138 |
|
|
|
2,449,216 |
Information Technology 22.7% |
| ||
Communications Equipment 0.7% |
| ||
Calix, Inc.* |
|
8,844 |
386,395 |
|
Shares |
Value ($) | |
Electronic Equipment, Instruments & Components 3.6% |
| ||
Advanced Energy Industries, Inc. |
|
12,629 |
1,375,551 |
Cognex Corp. |
|
7,873 |
328,619 |
Fabrinet* |
|
900 |
171,297 |
|
|
|
1,875,467 |
Semiconductors & Semiconductor Equipment 5.5% |
| ||
Entegris, Inc. |
|
6,121 |
733,418 |
FormFactor, Inc.* |
|
7,627 |
318,122 |
Impinj, Inc.* |
|
2,530 |
227,776 |
Monolithic Power Systems, Inc. |
|
947 |
597,349 |
Semtech Corp.* |
|
7,632 |
167,217 |
SiTime Corp.* |
|
4,087 |
498,941 |
Ultra Clean Holdings, Inc.* |
|
10,873 |
371,204 |
|
|
|
2,914,027 |
Software 12.6% |
| ||
Aspen Technology, Inc.* |
|
3,737 |
822,701 |
Dynatrace, Inc.* |
|
7,679 |
419,964 |
Envestnet, Inc.* |
|
9,852 |
487,871 |
Five9, Inc.* |
|
9,547 |
751,253 |
Rapid7, Inc.* |
|
6,849 |
391,078 |
Tenable Holdings, Inc.* |
|
12,141 |
559,214 |
Tyler Technologies, Inc.* |
|
3,276 |
1,369,761 |
Varonis Systems, Inc.* |
|
34,677 |
1,570,175 |
Workiva, Inc.* |
|
3,058 |
310,479 |
|
|
|
6,682,496 |
Technology Hardware, Storage & Peripherals 0.3% |
| ||
Super Micro Computer, Inc.* |
|
600 |
170,556 |
Materials 5.0% |
| ||
Construction Materials 2.3% |
| ||
Eagle Materials, Inc. |
|
5,901 |
1,196,959 |
Containers & Packaging 0.7% |
| ||
Berry Global Group, Inc. |
|
5,228 |
352,315 |
Metals & Mining 2.0% |
| ||
Arch Resources, Inc. |
|
2,200 |
365,068 |
Cleveland-Cliffs, Inc.* |
|
34,787 |
710,350 |
|
|
|
1,075,418 |
Real Estate 2.4% |
| ||
Diversified REITs 1.0% |
| ||
Essential Properties Realty Trust, Inc. |
|
20,278 |
518,306 |
Industrial REITs 0.7% |
| ||
EastGroup Properties, Inc. |
|
2,208 |
405,256 |
Specialized REITs 0.7% |
| ||
Four Corners Property Trust, Inc. |
|
13,954 |
353,036 |
Total Common Stocks (Cost $29,935,927) |
52,092,056 |
Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP |
| 7 |
|
Shares |
Value ($) | |
Other Investments 0.0% |
| ||
Health Care 0.0% |
| ||
Life Sciences Tools & Services 0.0% |
| ||
OmniAb, Inc. $12.50
Earnout* (a) (b) |
|
1,013 |
0 |
OmniAb, Inc. $15.00
Earnout* (a) (b) |
|
1,013 |
0 |
Total Other Investments (Cost $0) |
0 |
||
Cash Equivalents 1.9% | |||
DWS Central Cash
Management Government Fund, 5.38% (c) (Cost
$1,024,006) |
|
1,024,006 |
1,024,006 |
|
|
% of
Net Assets |
Value ($) |
Total Investment Portfolio
(Cost $30,959,933) |
|
100.1 |
53,116,062 |
Other Assets and Liabilities, Net |
|
(0.1 ) |
(75,686
) |
Net Assets |
|
100.0 |
53,040,376 |
Value ($) at
12/31/2022 |
Purchases Cost ($) |
Sales Proceeds ($) |
Net Realized Gain/ (Loss) ($) |
Net Change in Unrealized Appreciation (Depreciation) ($) |
Income ($) |
Capital Gain Distributions ($) |
Number of Shares at 12/31/2023 |
Value ($) at
12/31/2023 |
Securities Lending Collateral 0.0% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.27% (c) (d) | ||||||||
735,203 |
— |
735,203 (e) |
— |
— |
3,210 |
— |
— |
— |
Cash Equivalents 1.9% | ||||||||
DWS Central Cash Management Government Fund, 5.38% (c) | ||||||||
1,969,280 |
4,845,785 |
5,791,059 |
— |
— |
55,547 |
— |
1,024,006 |
1,024,006 |
2,704,483 |
4,845,785 |
6,526,262 |
— |
— |
58,757 |
— |
1,024,006 |
1,024,006 |
* |
Non-income producing security. |
(a) |
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. |
(b) |
Investment was valued using significant unobservable inputs. |
(c) |
Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized
seven-day yield at period end. |
(d) |
Represents cash collateral held in connection with securities lending. Income earned by the Fund is net
of borrower rebates. |
(e) |
Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash
collateral for the year ended December 31, 2023. |
REIT: Real Estate
Investment Trust |
8 | |
Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP |
Assets |
Level 1 |
Level 2 |
Level 3 |
Total |
Common Stocks (a) |
$52,092,056 |
$— |
$— |
$52,092,056 |
Other Investments |
— |
— |
0 |
0 |
Short-Term Investments |
1,024,006 |
— |
— |
1,024,006 |
Total |
$53,116,062 |
$— |
$0 |
$53,116,062 |
(a) |
See
Investment Portfolio for additional detailed categorizations. |
Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP |
| 9 |
Assets |
|
Investments in non-affiliated securities, at value (cost $29,935,927) |
$52,092,056 |
Investment in DWS Central Cash Management Government Fund (cost $1,024,006) |
1,024,006 |
Cash |
10,000 |
Dividends receivable |
22,413 |
Interest receivable |
3,141 |
Other assets |
1,261 |
Total assets |
53,152,877 |
Liabilities |
|
Payable for Fund shares redeemed |
10,969 |
Accrued management fee |
25,628 |
Accrued Trustees' fees |
1,164 |
Other accrued expenses and payables |
74,740 |
Total liabilities |
112,501 |
Net assets, at value |
$53,040,376 |
Net Assets Consist of |
|
Distributable earnings (loss) |
22,548,903 |
Paid-in capital |
30,491,473 |
Net assets, at value |
$53,040,376 |
Net Asset Value |
|
Class A |
|
Net Asset Value, offering and redemption price
per share ($53,040,376 ÷ 3,872,116 outstanding
shares of beneficial interest, no par value,
unlimited number of shares authorized) |
$13.70 |
Investment Income |
|
Income: |
|
Dividends |
$373,311 |
Income distributions — DWS Central Cash
Management Government Fund |
55,547 |
Securities lending income, net of borrower rebates |
3,210 |
Total income |
432,068 |
Expenses: |
|
Management fee |
274,455 |
Administration fee |
48,404 |
Services to shareholders |
737 |
Custodian fee |
1,367 |
Audit fee |
44,827 |
Legal fees |
13,496 |
Reports to shareholders |
28,807 |
Trustees' fees and expenses |
4,101 |
Other |
9,866 |
Total expenses before expense reductions |
426,060 |
Expense reductions |
(4,579 ) |
Total expenses after expense reductions |
421,481 |
Net investment income |
10,587 |
Realized and Unrealized Gain (Loss) |
|
Net realized gain (loss) from investments |
473,551 |
Change in net unrealized appreciation (depreciation) on investments |
8,136,061 |
Net gain (loss) |
8,609,612 |
Net increase (decrease) in net assets resulting from operations |
$8,620,199 |
10 | |
Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP |
|
Years Ended December 31, | |
Increase (Decrease) in Net Assets |
2023 |
2022 |
Operations: |
|
|
Net investment income (loss) |
$10,587 |
$(9,665 ) |
Net realized gain (loss) |
473,551 |
1,787,100 |
Change in net unrealized appreciation (depreciation) |
8,136,061 |
(22,497,726 ) |
Net increase (decrease) in net assets resulting from operations |
8,620,199 |
(20,720,291 ) |
Distributions to shareholders: |
|
|
Class A |
(1,775,349 ) |
(7,059,397 ) |
Fund share transactions: |
|
|
Class A |
|
|
Proceeds from shares sold |
1,188,136 |
1,256,254 |
Reinvestment of distributions |
1,775,349 |
7,059,397 |
Payments for shares redeemed |
(6,768,236 ) |
(5,846,309 ) |
Net increase (decrease) in net assets from Class A share transactions |
(3,804,751 ) |
2,469,342 |
Increase (decrease) in net assets |
3,040,099 |
(25,310,346 ) |
Net assets at beginning of period |
50,000,277 |
75,310,623 |
Net assets at end of period |
$53,040,376 |
$50,000,277 |
|
| |
Other Information |
|
|
Class A |
|
|
Shares outstanding at beginning of period |
4,175,946 |
3,990,886 |
Shares sold |
93,580 |
83,425 |
Shares issued to shareholders in reinvestment of distributions |
152,522 |
527,214 |
Shares redeemed |
(549,932 ) |
(425,579 ) |
Net increase (decrease) in Class A shares |
(303,830 ) |
185,060 |
Shares outstanding at end of period |
3,872,116 |
4,175,946 |
Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP |
| 11 |
DWS Small Mid Cap Growth VIP — Class A | |||||
|
Years Ended December 31, | ||||
|
2023 |
2022 |
2021 |
2020 |
2019 |
Selected Per Share Data | |||||
Net asset value, beginning of period |
$11.97 |
$18.87 |
$17.43 |
$13.66 |
$12.68 |
Income (loss) from investment operations: |
|
|
|
|
|
Net investment income (loss)a |
.00
* |
(.00
)* |
(.06 ) |
(.01 ) |
.01 |
Net realized and unrealized gain (loss) |
2.17 |
(5.10 ) |
2.43 |
4.00 |
2.73 |
Total from investment operations |
2.17 |
(5.10 ) |
2.37 |
3.99 |
2.74 |
Less distributions from: |
|
|
|
|
|
Net investment income |
(.00
)* |
— |
(.01 ) |
(.01 ) |
— |
Net realized gains |
(.44 ) |
(1.80 ) |
(.92 ) |
(.21 ) |
(1.76 ) |
Total distributions |
(.44 ) |
(1.80 ) |
(.93 ) |
(.22 ) |
(1.76 ) |
Net asset value, end of period |
$13.70 |
$11.97 |
$18.87 |
$17.43 |
$13.66 |
Total Return (%) |
18.83
b |
(28.02
)b |
13.84 |
30.18
b |
22.41
b |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) |
53 |
50 |
75 |
73 |
64 |
Ratio of expenses before expense reductions (%)c |
.85 |
.83 |
.78 |
.82 |
.82 |
Ratio of expenses after expense reductions (%)c
|
.84 |
.81 |
.78 |
.81 |
.81 |
Ratio of net investment income (loss) (%) |
.02 |
(.02 ) |
(.33 ) |
(.05 ) |
.11 |
Portfolio turnover rate (%) |
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. |
12 | |
Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP |
Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP |
| 13 |
Undistributed ordinary income* |
$21,135 |
Undistributed long-term capital gains |
$469,407 |
Net unrealized appreciation (depreciation) on investments |
$22,052,978 |
14 | |
Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP |
|
Years Ended December 31, | |
|
2023 |
2022 |
Distributions from ordinary income* |
$12,764 |
$— |
Distributions from long-term capital gains |
$1,762,585 |
$7,059,397 |
* |
For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
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% |
Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP |
| 15 |
16 | |
Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP |
Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP |
| 17 |
18 | |
Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP |
Actual Fund Return |
Class A |
Beginning Account Value 7/1/23 |
$1,000.00 |
Ending Account Value 12/31/23 |
$1,067.00 |
Expenses Paid per $1,000* |
$4.38 |
Hypothetical 5% Fund Return |
Class A |
Beginning Account Value 7/1/23 |
$1,000.00 |
Ending Account Value 12/31/23 |
$1,020.97 |
Expenses Paid per $1,000* |
$4.28 |
* |
Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by
184 (the number of days in the most recent six-month period), then divided by 365. |
Annualized Expense Ratio |
Class A |
Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP |
.84% |
Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP |
| 19 |
20 | |
Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP |
Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP |
| 21 |
22 | |
Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP |
Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP |
| 23 |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1
|
Business Experience and Directorships During the Past Five Years |
Number of Funds in DWS Fund Complex Overseen |
Other Directorships Held by Board Member |
Keith R. Fox, CFA (1954) Chairperson since 2017, and Board Member since 1996 |
Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986); Former Chairman, National Association of Small Business Investment Companies; Former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds); Progressive International Corporation (kitchen goods designer and distributor) |
68 |
— |
John W. Ballantine (1946) Board Member since 1999 |
Retired; formerly: Executive Vice President and Chief Risk Management
Officer, First Chicago NBD Corporation/The First National Bank of Chicago
(1996–1998); Executive Vice President and Head of International
Banking (1995–1996); Not-for-Profit Directorships: Window to the
World Communications (public media); Life Director of Harris Theater
for Music and Dance (Chicago); Life Director of Hubbard Street Dance
Chicago; Former Directorships: Director and Chairman of the Board,
Healthways Inc.2 (population well-being and wellness services)
(2003–2014); Stockwell Capital Investments PLC (private equity);
Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak
Brook Bancshares, Inc.; Oak Brook Bank; Portland General
Electric2 (utility
company) (2003–2021); and Prisma Energy International; Former
Not-for- Profit Directorships: Public Radio International; Palm Beach
Civic Assn. |
68 |
— |
Mary Schmid Daugherty, NACD.DC, PHD, CFA (1958) Board Member or Advisory Board Member since 20233 |
Senior Fellow in Applied Finance, Department of Finance, Opus College of
Business at the University of St. Thomas (1987–present);
Directorships: The Meritex Company (2017–present);
Driessen Water, Inc. (2016–present); and The Hardenbergh
Foundation (2021–present); Former Directorships: Mairs
& Power Funds Trust (mutual funds) (2010–2022); and Crescent
Electric Supply Company (2010–2019) |
214
|
— |
Dawn-Marie Driscoll (1946) Board Member since 1987 |
Emeritus Advisory Board and former Executive Fellow, Hoffman Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General
Counsel, Filene’s (retail) (1978–1988); Directorships: Trustee and
former Chairman of the Board, Southwest Florida Community Foundation
(charitable organization); Former Directorships: ICI Mutual Insurance
Company (2007–2015); Sun Capital Advisers Trust (mutual funds)
(2007–2012); Investment Company Institute (audit, executive,
nominating committees) and Independent Directors Council (governance,
executive committees) |
68 |
— |
24 | |
Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1
|
Business Experience and Directorships During the Past Five Years |
Number of Funds in DWS Fund Complex Overseen |
Other Directorships Held by Board Member |
Richard J. Herring (1946) Board Member since 1990 |
Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (1972–present); formerly:
Director, The Wharton Financial Institutions Center (1994–2020); Vice Dean
and Director, Wharton Undergraduate Division (1995–2000) and
Director, The Lauder Institute of International Management Studies
(2000–2006); Member FDIC Systemic Risk Advisory Committee
(2011–present), member Systemic Risk Council
(2012–present) and member of the Advisory Board of the Yale
Program on Financial Stability (2013–present); Former
Directorships: Co-Chair of the Shadow Financial Regulatory Committee
(2003–2015), Executive Director of The Financial Economists
Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013),
Director of The Aberdeen Singapore Fund (2007–2018), Director,
The Aberdeen Japan Fund (2007–2021) and Nonexecutive Director of
Barclays Bank DE (2010–2018) |
68 |
— |
Chad D. Perry (1972) Board Member or Advisory Board Member since 20213 |
Executive Vice President and General Counsel, RLJ Lodging Trust2 (since
2023); formerly Executive Vice President, General Counsel and Secretary,
Tanger Factory Outlet Centers, Inc.2 (2011–2023); Executive Vice President
and Deputy General Counsel, LPL Financial Holdings Inc.2 (2006–2011);
Senior Corporate Counsel, EMC Corporation (2005–2006); Associate,
Ropes & Gray LLP (1997–2005) |
214
|
Director, Great
Elm Capital Corp. (business
development company) (since
2022) |
Rebecca W. Rimel (1951) Board Member since 1995 |
Directorships: Washington College (since July 2023); Formerly: Executive
Vice President, The Glenmede Trust Company (investment trust and
wealth management) (1983–2004); Board Member, Investor Education
(charitable organization) (2004–2005); Former Directorships:
Trustee, Executive Committee, Philadelphia Chamber of Commerce
(2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson
Foundation (charitable organization) (1994–2012); President,
Chief Executive Officer and Director (1994–2020) and Senior
Advisor (2020–2021), The Pew Charitable Trusts (charitable
organization); Director, BioTelemetry Inc.2 (acquired by Royal Philips in 2021) (healthcare)
(2009–2021); Director, Becton Dickinson and Company2 (medical
technology company) (2012–2022) |
68 |
Director, The
Bridgespan Group (nonprofit
organization)
(since October 2020) |
Catherine Schrand (1964) Board Member since 2021 |
Celia Z. Moh Professor of Accounting (2016–present) and Professor of
Accounting (1994–present); Directorships: Advisory Board Member,
the Jacobs Levy Center, The Wharton School, University of Pennsylvania
(since 2023); Former positions: Vice Dean, Wharton Doctoral Programs,
The Wharton School, University of Pennsylvania
(2016–2019) |
68 |
— |
William N. Searcy, Jr. (1946) Board Member since 1993 |
Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Former Directorships: Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012) |
68 |
— |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time
Served6 |
Business Experience and Directorships During the Past Five Years |
Hepsen Uzcan7 (1974) President and Chief Executive Officer, 2017–present |
Head of Americas CEO Office, DWS (2023–present), Head of Fund Administration, Head of Product
Americas and Head of U.S. Mutual Funds, DWS (2017–present); Vice President, DWS Service Company
(2018–present); President, DB Investment Managers, Inc. (2018–present);
President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany
Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); Vice
President, DWS Investment Management Americas, Inc. (2023–present); formerly: Vice
President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds
(2013–2019); Secretary, DWS USA Corporation (2018–2023); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–2023); Assistant Secretary, DWS Trust Company (2018–2023); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The
Central and Eastern Europe Fund, Inc. (2013–2020); Assistant Secretary, DWS Distributors, Inc.
(2018–2023); Directorships: Director of DWS Service Company (2018–present);
Director of DB Investment Managers, Inc. (2018–present); Director of Episcopalian
Charities of New York (2018–present); Interested Director of The European Equity
Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc.
(2020–present); Director of ICI Mutual Insurance Company (2020–present);
Director of DWS USA Corporation (2023–present); Director of DWS Investment
Management Americas, Inc. (2023–present); and Manager of DBX Advisors LLC.
(2023–present) |
John Millette8 (1962) Vice President and Secretary, 1999–present |
Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas,
Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present);
Secretary, DBX ETF Trust (2020–present); Vice President, DBX Advisors LLC
(2021–present); Secretary, The European Equity Fund, Inc., The New Germany Fund,
Inc. and The Central and Eastern Europe Fund, Inc. (2011–present); formerly:
Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and Assistant
Secretary, DBX ETF Trust (2019–2020) |
Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP |
| 25 |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time
Served6 |
Business Experience and Directorships During the Past Five Years |
Ciara Crawford9 (1984) Assistant
Secretary, 2019–present |
Fund Administration (Specialist), DWS (2015–present); Assistant Secretary, DWS Service Company
(2018–present); Assistant Secretary of U.S. Mutual Funds, DWS (2019–present); Assistant
Secretary, DWS USA Corporation (2023–present); Assistant Secretary, DBX Advisors,
LLC (2023–present); Assistant Secretary, DWS Investment Management Americas, Inc.
(2023–present); Assistant Clerk, DWS Trust Company (2023–present); formerly,
Legal Assistant at Accelerated Tax Solutions |
Diane Kenneally8 (1966) Chief Financial Officer and Treasurer, 2018–present |
Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Treasurer, Chief Financial Officer and
Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European
Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund,
Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds
(2007–2018) |
Yvonne Wong8 (1960) Assistant Treasurer, since December 1, 2023 |
Fund Administration (Senior Analyst), DWS; Assistant Treasurer, DBX ETF Trust (since November 14, 2023) |
Sheila Cadogan8 (1966) Assistant
Treasurer, 2017–present |
Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Director and Vice President, DWS
Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant
Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and
Eastern Europe Fund, Inc. (2018–present) |
Scott D. Hogan8 (1970) Chief Compliance
Officer, 2016–present |
Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The
European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund,
Inc. (2016–present) |
Caroline Pearson8 (1962) Chief Legal
Officer, 2010–present |
Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer,
DBX Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New
Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present);
formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); Secretary,
Deutsche AM Service Company (2010–2017); and Chief Legal Officer, DBX Strategic
Advisors LLC (2020–2021) |
Christian Rijs7 (1980) Anti-Money Laundering Compliance
Officer, 2021–present |
Senior Team Lead Anti-Financial Crime and Compliance, DWS; AML Officer, DWS Trust Company (2021–present); AML Officer, DBX ETF Trust (2021–present); AML Officer, The European Equity Fund,
Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2021–present);
formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO |
1 |
The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently
overseen by the Board. |
2 |
A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934. |
3 |
Mr. Perry and Ms. Daugherty are each an Advisory Board Member of Deutsche DWS Asset Allocation Trust, Deutsche DWS Equity
500 Index Portfolio, Deutsche DWS Global/International Fund, Inc., Deutsche DWS Income Trust, Deutsche
DWS Institutional Funds, Deutsche DWS International Fund, Inc., Deutsche DWS Investment
Trust, Deutsche DWS Investments VIT Funds, Deutsche DWS Money Market Trust, Deutsche DWS
Municipal Trust, Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust, Deutsche DWS
Tax Free Trust, Deutsche DWS Variable Series I and Government Cash Management Portfolio. Mr. Perry and
Ms. Daugherty are each a Board Member of each other Trust. |
4 |
Mr. Perry and Ms. Daugherty each oversees 21 funds in the DWS Fund Complex as a Board Member of various Trusts. Mr. Perry and
Ms. Daugherty are each an Advisory Board Member of various Trusts/Corporations comprised of 47 funds in
the DWS Fund Complex. |
5 |
As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons”
of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the
Fund. |
6 |
The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds. |
7 |
Address: 875 Third Avenue, New York, New York 10022. |
8 |
Address: 100 Summer Street, Boston, MA 02110. |
9 |
Address: 5201 Gate Parkway, Jacksonville, FL 32256. |
26 | |
Deutsche DWS Variable Series II — DWS Small Mid Cap Growth VIP |
3 |
|
4 |
|
6 |
|
7 |
|
11 |
|
11 |
|
12 |
|
13 |
|
15 |
|
20 |
|
21 |
|
22 |
|
23 |
|
23 |
|
24 |
|
27 |
2 | |
Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP |
Comparative Results | |||||
DWS Small Mid Cap Value VIP |
1-Year |
3-Year |
5-Year |
10-Year | |
Class A |
Growth of $10,000 |
$11,495 |
$12,630 |
$15,225 |
$17,098 |
Average annual total return |
14.95% |
8.09% |
8.77% |
5.51% | |
Russell 2500 Value Index |
Growth of $10,000 |
$11,598 |
$12,881 |
$16,693 |
$20,463 |
Average annual total return |
15.98% |
8.81% |
10.79% |
7.42% | |
DWS Small Mid Cap Value VIP |
1-Year |
3-Year |
5-Year |
10-Year | |
Class B |
Growth of $10,000 |
$11,459 |
$12,496 |
$14,952 |
$16,492 |
Average annual total return |
14.59% |
7.71% |
8.38% |
5.13% | |
Russell 2500 Value Index |
Growth of $10,000 |
$11,598 |
$12,881 |
$16,693 |
$20,463 |
Average annual total return |
15.98% |
8.81% |
10.79% |
7.42% | |
The growth of $10,000 is cumulative. |
Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP |
| 3 |
4 | |
Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP |
Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP |
| 5 |
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) |
12/31/23 |
12/31/22 |
Common Stocks |
98% |
100% |
Cash Equivalents |
2% |
— |
Other Investments |
0% |
— |
|
100% |
100% |
Sector Diversification (As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents) |
12/31/23 |
12/31/22 |
Financials |
23% |
21% |
Industrials |
20% |
17% |
Consumer Discretionary |
11% |
12% |
Real Estate |
10% |
12% |
Health Care |
8% |
7% |
Information Technology |
8% |
8% |
Materials |
6% |
6% |
Energy |
5% |
5% |
Utilities |
3% |
5% |
Consumer Staples |
3% |
3% |
Communication Services |
3% |
4% |
|
100% |
100% |
6 | |
Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP |
|
Shares |
Value ($) | |
Common Stocks 98.5% |
| ||
Communication Services 2.6% |
| ||
Diversified Telecommunication Services 0.7% |
| ||
Liberty Latin America Ltd. "A"* |
|
83,215 |
608,302 |
Media 1.9% |
| ||
Gray Television, Inc. |
|
29,449 |
263,863 |
Interpublic Group of
Companies, Inc. |
|
39,760 |
1,297,766 |
|
|
|
1,561,629 |
Consumer Discretionary 11.4% |
| ||
Automobile Components 2.3% |
| ||
American Axle &
Manufacturing Holdings, Inc.* |
|
63,862 |
562,624 |
Lear Corp. |
|
9,816 |
1,386,117 |
|
|
|
1,948,741 |
Diversified Consumer Services 0.3% |
| ||
WW International, Inc.* |
|
28,115 |
246,006 |
Hotels, Restaurants & Leisure 1.9% |
| ||
International Game Technology PLC |
|
9,069 |
248,581 |
Mondee Holdings, Inc.* (a) |
|
42,840 |
118,239 |
Wynn Resorts Ltd. |
|
13,366 |
1,217,776 |
|
|
|
1,584,596 |
Household Durables 4.0% |
| ||
Mohawk Industries, Inc.* |
|
3,523 |
364,631 |
PulteGroup, Inc. |
|
23,182 |
2,392,846 |
Worthington Enterprises, Inc. |
|
10,255 |
590,175 |
|
|
|
3,347,652 |
Specialty Retail 2.0% |
| ||
Foot Locker, Inc. |
|
10,718 |
333,866 |
Gap, Inc. |
|
18,240 |
381,398 |
RH* |
|
3,239 |
944,104 |
|
|
|
1,659,368 |
Textiles, Apparel & Luxury Goods 0.9% |
| ||
Columbia Sportswear Co. |
|
10,018 |
796,832 |
Consumer Staples 2.7% |
| ||
Consumer Staples Distribution & Retail 0.5% |
| ||
Performance Food Group Co.* |
|
6,533 |
451,757 |
Food Products 1.7% |
| ||
B&G Foods, Inc. (a) |
|
38,062 |
399,651 |
Cal-Maine Foods, Inc. |
|
14,699 |
843,575 |
Darling Ingredients, Inc.* |
|
4,220 |
210,325 |
|
|
|
1,453,551 |
Household Products 0.5% |
| ||
Central Garden & Pet Co.* |
|
7,995 |
400,630 |
|
Shares |
Value ($) | |
Energy 5.0% |
| ||
Energy Equipment & Services 1.0% |
| ||
Helmerich & Payne, Inc. |
|
9,786 |
354,449 |
Nabors Industries Ltd.* |
|
2,550 |
208,156 |
Patterson-UTI Energy, Inc. |
|
24,307 |
262,516 |
|
|
|
825,121 |
Oil, Gas & Consumable Fuels 4.0% |
| ||
HF Sinclair Corp. |
|
12,253 |
680,899 |
Kinetik Holdings, Inc. |
|
12,422 |
414,895 |
Permian Resources Corp. |
|
56,091 |
762,838 |
Range Resources Corp. |
|
35,424 |
1,078,307 |
Targa Resources Corp. |
|
5,097 |
442,776 |
|
|
|
3,379,715 |
Financials 22.4% |
| ||
Banks 10.7% |
| ||
Associated Banc-Corp. |
|
50,702 |
1,084,516 |
BankUnited, Inc. |
|
15,271 |
495,239 |
Columbia Banking System, Inc. |
|
13,657 |
364,369 |
Eagle Bancorp., Inc. |
|
21,907 |
660,277 |
Eastern Bankshares, Inc. |
|
61,996 |
880,343 |
First BanCorp. |
|
73,164 |
1,203,548 |
First Financial Corp. |
|
10,968 |
471,953 |
Fulton Financial Corp. |
|
21,539 |
354,532 |
Hancock Whitney Corp. |
|
23,244 |
1,129,426 |
Hilltop Holdings, Inc. |
|
15,601 |
549,311 |
Simmons First National Corp. "A" |
|
30,569 |
606,489 |
UMB Financial Corp. |
|
14,217 |
1,187,830 |
|
|
|
8,987,833 |
Capital Markets 1.9% |
| ||
Evercore, Inc. "A" |
|
3,114 |
532,650 |
Invesco Ltd. |
|
23,343 |
416,439 |
Robinhood Markets, Inc. "A"* |
|
47,820 |
609,227 |
|
|
|
1,558,316 |
Consumer Finance 0.9% |
| ||
Credit Acceptance Corp.* |
|
1,410 |
751,149 |
Financial Services 3.6% |
| ||
Affirm Holdings, Inc.* |
|
9,981 |
490,466 |
AvidXchange Holdings, Inc.* |
|
71,323 |
883,692 |
NCR Atleos Corp.* |
|
24,829 |
603,097 |
Voya Financial, Inc. |
|
14,340 |
1,046,246 |
|
|
|
3,023,501 |
Insurance 4.3% |
| ||
Assurant, Inc. |
|
9,089 |
1,531,405 |
Brown & Brown, Inc. |
|
10,415 |
740,611 |
Everest Group Ltd. |
|
3,840 |
1,357,747 |
|
|
|
3,629,763 |
Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP |
| 7 |
|
Shares |
Value ($) | |
Mortgage Real Estate Investment Trusts (REITs) 1.0% |
| ||
Rithm Capital Corp. |
|
74,134 |
791,751 |
Health Care 7.9% |
| ||
Biotechnology 2.6% |
| ||
Kiniksa Pharmaceuticals Ltd. "A"* |
|
17,369 |
304,652 |
REVOLUTION Medicines, Inc.* |
|
23,957 |
687,087 |
Sana Biotechnology, Inc.* |
|
76,915 |
313,813 |
Twist Bioscience Corp.* |
|
22,683 |
836,095 |
|
|
|
2,141,647 |
Health Care Equipment & Supplies 0.6% |
| ||
Merit Medical Systems, Inc.* |
|
6,876 |
522,301 |
Health Care Providers & Services 2.1% |
| ||
NeoGenomics, Inc.* |
|
35,864 |
580,280 |
Owens & Minor, Inc.* |
|
60,723 |
1,170,132 |
|
|
|
1,750,412 |
Pharmaceuticals 2.6% |
| ||
Jazz Pharmaceuticals PLC* |
|
8,638 |
1,062,474 |
Ligand Pharmaceuticals, Inc.* |
|
15,833 |
1,130,793 |
|
|
|
2,193,267 |
Industrials 19.7% |
| ||
Aerospace & Defense 2.4% |
| ||
Huntington Ingalls
Industries, Inc. |
|
7,735 |
2,008,316 |
Air Freight & Logistics 0.4% |
| ||
GXO Logistics, Inc.* |
|
5,515 |
337,298 |
Building Products 4.4% |
| ||
Carlisle Companies, Inc. |
|
6,936 |
2,167,014 |
Owens Corning |
|
10,059 |
1,491,046 |
|
|
|
3,658,060 |
Construction & Engineering 1.8% |
| ||
API Group Corp.* |
|
31,269 |
1,081,907 |
MasTec, Inc.* |
|
5,526 |
418,429 |
|
|
|
1,500,336 |
Electrical Equipment 3.5% |
| ||
Encore Wire Corp. |
|
6,162 |
1,316,203 |
EnerSys |
|
15,947 |
1,610,009 |
|
|
|
2,926,212 |
Ground Transportation 1.0% |
| ||
Knight-Swift Transportation Holdings, Inc. |
|
7,574 |
436,641 |
RXO, Inc.* |
|
18,131 |
421,727 |
|
|
|
858,368 |
Machinery 3.0% |
| ||
Hillenbrand, Inc. |
|
37,312 |
1,785,379 |
The Manitowoc Co., Inc.* |
|
42,427 |
708,107 |
|
|
|
2,493,486 |
|
Shares |
Value ($) | |
Professional Services 2.0% |
| ||
Jacobs Solutions, Inc. |
|
10,424 |
1,353,035 |
TrueBlue, Inc.* |
|
21,709 |
333,016 |
|
|
|
1,686,051 |
Trading Companies & Distributors 1.2% |
| ||
NOW, Inc.* |
|
88,894 |
1,006,280 |
Information Technology 7.6% |
| ||
Communications Equipment 0.4% |
| ||
Ciena Corp.* |
|
7,945 |
357,605 |
Electronic Equipment, Instruments & Components 3.4% |
| ||
Avnet, Inc. |
|
33,437 |
1,685,225 |
Itron, Inc.* |
|
9,376 |
707,982 |
TD SYNNEX Corp. |
|
3,829 |
412,038 |
|
|
|
2,805,245 |
Semiconductors & Semiconductor Equipment 2.2% |
| ||
Cirrus Logic, Inc.* |
|
11,969 |
995,701 |
Photronics, Inc.* |
|
26,946 |
845,296 |
|
|
|
1,840,997 |
Software 1.6% |
| ||
Adeia, Inc. |
|
33,819 |
419,017 |
NCR Voyix Corp.* |
|
12,880 |
217,801 |
Verint Systems, Inc.* |
|
26,229 |
708,970 |
|
|
|
1,345,788 |
Materials 6.0% |
| ||
Chemicals 1.5% |
| ||
Avient Corp. |
|
7,871 |
327,197 |
Chemours Co. |
|
20,651 |
651,333 |
Sensient Technologies Corp. |
|
3,558 |
234,828 |
|
|
|
1,213,358 |
Containers & Packaging 1.0% |
| ||
Graphic Packaging Holding Co. |
|
33,885 |
835,265 |
Metals & Mining 3.5% |
| ||
Cleveland-Cliffs, Inc.* |
|
22,180 |
452,916 |
Commercial Metals Co. |
|
3,564 |
178,343 |
Reliance Steel & Aluminum Co. |
|
2,189 |
612,219 |
Steel Dynamics, Inc. |
|
11,714 |
1,383,423 |
Worthington Steel, Inc.* |
|
11,178 |
314,102 |
|
|
|
2,941,003 |
Real Estate 9.6% |
| ||
Diversified REITs 2.0% |
| ||
Alpine Income Property Trust, Inc. |
|
23,402 |
395,728 |
Global Net Lease, Inc. |
|
125,295 |
1,246,685 |
|
|
|
1,642,413 |
Industrial REITs 2.7% |
| ||
LXP Industrial Trust |
|
55,263 |
548,209 |
8 | |
Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP |
|
Shares |
Value ($) | |
Prologis, Inc. |
|
2,509 |
334,450 |
STAG Industrial, Inc. |
|
34,180 |
1,341,907 |
|
|
|
2,224,566 |
Office REITs 0.7% |
| ||
Highwoods Properties, Inc. |
|
27,146 |
623,272 |
Residential REITs 0.8% |
| ||
BRT Apartments Corp. |
|
38,543 |
716,514 |
Retail REITs 1.1% |
| ||
Kite Realty Group Trust |
|
17,722 |
405,125 |
SITE Centers Corp. |
|
38,592 |
526,009 |
|
|
|
931,134 |
Specialized REITs 2.3% |
| ||
Gaming and Leisure Properties, Inc. |
|
32,113 |
1,584,776 |
Safehold, Inc. |
|
14,037 |
328,466 |
|
|
|
1,913,242 |
Utilities 3.6% |
| ||
Electric Utilities 2.6% |
| ||
IDACORP, Inc. |
|
15,434 |
1,517,471 |
Otter Tail Corp. |
|
8,068 |
685,538 |
|
|
|
2,203,009 |
Gas Utilities 0.6% |
| ||
UGI Corp. |
|
20,014 |
492,344 |
Independent Power & Renewable Electricity Producers 0.4% |
| ||
Sunnova Energy International, Inc.* (a) |
|
19,009 |
289,887 |
Total Common Stocks (Cost $67,382,895) |
82,463,889 |
|
Shares |
Value ($) | |
Other Investments 0.0% |
| ||
Communication Services 0.0% |
| ||
Diversified Telecommunication Services 0.0% |
| ||
GCI Liberty, Inc. (Escrow Shares)* (b) (Cost $0) |
|
3,095 |
0 |
Total Other Investments (Cost $0) |
0 |
||
Securities Lending Collateral 1.0% | |||
DWS Government & Agency Securities Portfolio "DWS Government Cash
Institutional Shares", 5.27%
(c) (d) (Cost $855,150) |
|
855,150 |
855,150 |
Cash Equivalents 1.6% | |||
DWS Central Cash
Management Government Fund, 5.38% (c) (Cost
$1,309,604) |
|
1,309,604 |
1,309,604 |
|
|
% of
Net Assets |
Value ($) |
Total Investment Portfolio
(Cost $69,547,649) |
|
101.1 |
84,628,643 |
Other Assets and Liabilities, Net |
|
(1.1 ) |
(885,187
) |
Net Assets |
|
100.0 |
83,743,456 |
Value ($) at
12/31/2022 |
Purchases Cost ($) |
Sales Proceeds ($) |
Net Realized Gain/ (Loss) ($) |
Net Change in Unrealized Appreciation (Depreciation) ($) |
Income ($) |
Capital Gain Distributions ($) |
Number of Shares at 12/31/2023 |
Value ($) at
12/31/2023 |
Securities Lending Collateral 1.0% | ||||||||
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 5.27% (c) (d) | ||||||||
2,566,790 |
— |
1,711,640 (e) |
— |
— |
24,061 |
— |
855,150 |
855,150 |
Cash Equivalents 1.6% | ||||||||
DWS Central Cash Management Government Fund, 5.38% (c) | ||||||||
— |
11,124,903 |
9,815,299 |
— |
— |
41,137 |
— |
1,309,604 |
1,309,604 |
2,566,790 |
11,124,903 |
11,526,939 |
— |
— |
65,198 |
— |
2,164,754 |
2,164,754 |
* |
Non-income producing security. |
(a) |
All or a
portion of these securities were on loan. In addition, "Other Assets and Liabilities, Net" may include pending sales that are also on loan. The value of securities loaned at December 31, 2023 amounted to $806,878, which is 1.0% of net assets. |
(b) |
Investment was valued using significant unobservable inputs. |
(c) |
Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized
seven-day yield at period end. |
(d) |
Represents cash collateral held in connection with securities lending. Income earned by the Fund is net
of borrower rebates. |
(e) |
Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash
collateral for the year ended December 31, 2023. |
REIT: Real Estate
Investment Trust |
Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP |
| 9 |
Assets |
Level 1 |
Level 2 |
Level 3 |
Total |
Common Stocks (a) |
$82,463,889 |
$— |
$— |
$82,463,889 |
Other Investments |
— |
— |
0 |
0 |
Short-Term Investments (a) |
2,164,754 |
— |
— |
2,164,754 |
Total |
$84,628,643 |
$— |
$0 |
$84,628,643 |
(a) |
See
Investment Portfolio for additional detailed categorizations. |
10 | |
Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP |
Assets |
|
Investments in non-affiliated securities, at value (cost $67,382,895) — including $806,878 of securities loaned |
$82,463,889 |
Investment in DWS Government & Agency Securities Portfolio (cost $855,150)*
|
855,150 |
Investment in DWS Central Cash Management Government Fund (cost $1,309,604) |
1,309,604 |
Cash |
10,000 |
Receivable for Fund shares sold |
24,277 |
Dividends receivable |
103,240 |
Interest receivable |
3,893 |
Other assets |
1,865 |
Total assets |
84,771,918 |
Liabilities |
|
Payable upon return of securities loaned |
855,150 |
Payable for Fund shares redeemed |
47,159 |
Accrued management fee |
45,607 |
Accrued Trustees' fees |
1,748 |
Other accrued expenses and payables |
78,798 |
Total liabilities |
1,028,462 |
Net assets, at value |
$83,743,456 |
Net Assets Consist of |
|
Distributable earnings (loss) |
19,882,423 |
Paid-in capital |
63,861,033 |
Net assets, at value |
$83,743,456 |
Net Asset Value |
|
Class A |
|
Net Asset Value, offering and redemption price
per share ($66,962,402 ÷ 4,830,766 outstanding
shares of beneficial interest, no par value,
unlimited number of shares authorized) |
$13.86 |
Class B |
|
Net Asset Value, offering and redemption price
per share ($16,781,054 ÷ 1,210,975 outstanding
shares of beneficial interest, no par value,
unlimited number of shares authorized) |
$13.86 |
* |
Represents collateral on securities loaned. |
Investment Income |
|
Income: |
|
Dividends (net of foreign taxes withheld of $2,975) |
$1,337,549 |
Non cash dividends |
150,875 |
Income distributions — DWS Central Cash
Management Government Fund |
41,137 |
Securities lending income, net of borrower rebates |
24,061 |
Total income |
1,553,622 |
Expenses: |
|
Management fee |
513,263 |
Administration fee |
76,595 |
Services to shareholders |
2,280 |
Record keeping fee (Class B) |
17,927 |
Distribution service fee (Class B) |
39,106 |
Custodian fee |
1,617 |
Professional fees |
51,110 |
Reports to shareholders |
26,210 |
Trustees' fees and expenses |
4,625 |
Other |
11,565 |
Total expenses before expense reductions |
744,298 |
Expense reductions |
(47,202 ) |
Total expenses after expense reductions |
697,096 |
Net investment income |
856,526 |
Realized and Unrealized Gain (Loss) |
|
Net realized gain (loss) from investments |
4,071,094 |
Change in net unrealized appreciation (depreciation) on investments |
6,158,094 |
Net gain (loss) |
10,229,188 |
Net increase (decrease) in net assets resulting from operations |
$11,085,714 |
Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP |
| 11 |
|
Years Ended December 31, | |
Increase (Decrease) in Net Assets |
2023 |
2022 |
Operations: |
|
|
Net investment income |
$856,526 |
$936,675 |
Net realized gain (loss) |
4,071,094 |
3,139,256 |
Change in net unrealized appreciation (depreciation) |
6,158,094 |
(20,152,339 ) |
Net increase (decrease) in net assets resulting from operations |
11,085,714 |
(16,076,408 ) |
Distributions to shareholders: |
|
|
Class A |
(3,252,643 ) |
(1,631,110 ) |
Class B |
(744,290 ) |
(353,137 ) |
Total distributions |
(3,996,933 ) |
(1,984,247 ) |
Fund share transactions: |
|
|
Class A |
|
|
Proceeds from shares sold |
2,899,779 |
3,556,679 |
Reinvestment of distributions |
3,252,643 |
1,631,110 |
Payments for shares redeemed |
(8,462,077 ) |
(8,973,908 ) |
Net increase (decrease) in net assets from Class A share transactions |
(2,309,655 ) |
(3,786,119 ) |
Class B |
|
|
Proceeds from shares sold |
1,723,459 |
1,142,137 |
Reinvestment of distributions |
744,290 |
353,137 |
Payments for shares redeemed |
(2,740,877 ) |
(3,381,561 ) |
Net increase (decrease) in net assets from Class B share transactions |
(273,128 ) |
(1,886,287 ) |
Increase (decrease) in net assets |
4,505,998 |
(23,733,061 ) |
Net assets at beginning of period |
79,237,458 |
102,970,519 |
Net assets at end of period |
$83,743,456 |
$79,237,458 |
|
| |
Other Information |
|
|
Class A |
|
|
Shares outstanding at beginning of period |
5,000,004 |
5,282,801 |
Shares sold |
224,586 |
260,559 |
Shares issued to shareholders in reinvestment of distributions |
271,506 |
119,671 |
Shares redeemed |
(665,330 ) |
(663,027 ) |
Net increase (decrease) in Class A shares |
(169,238 ) |
(282,797 ) |
Shares outstanding at end of period |
4,830,766 |
5,000,004 |
Class B |
|
|
Shares outstanding at beginning of period |
1,226,929 |
1,372,395 |
Shares sold |
137,071 |
83,227 |
Shares issued to shareholders in reinvestment of distributions |
61,972 |
25,852 |
Shares redeemed |
(214,997 ) |
(254,545 ) |
Net increase (decrease) in Class B shares |
(15,954 ) |
(145,466 ) |
Shares outstanding at end of period |
1,210,975 |
1,226,929 |
12 | |
Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP |
DWS Small Mid Cap Value VIP — Class A | |||||
|
Years Ended December 31, | ||||
|
2023 |
2022 |
2021 |
2020 |
2019 |
Selected Per Share Data | |||||
Net asset value, beginning of period |
$12.73 |
$15.47 |
$12.00 |
$13.83 |
$12.21 |
Income (loss) from investment operations: |
|
|
|
|
|
Net investment incomea |
.15 |
.15 |
.11 |
.16 |
.18 |
Net realized and unrealized gain (loss) |
1.64 |
(2.57 ) |
3.54 |
(.90 ) |
2.53
b |
Total from investment operations |
1.79 |
(2.42 ) |
3.65 |
(.74 ) |
2.71 |
Less distributions from: |
|
|
|
|
|
Net investment income |
(.15 ) |
(.12 ) |
(.18 ) |
(.16 ) |
(.10 ) |
Net realized gains |
(.51 ) |
(.20 ) |
— |
(.93 ) |
(.99 ) |
Total distributions |
(.66 ) |
(.32 ) |
(.18 ) |
(1.09 ) |
(1.09 ) |
Net asset value, end of period |
$13.86 |
$12.73 |
$15.47 |
$12.00 |
$13.83 |
Total Return (%)c |
14.95 |
(15.80 ) |
30.50 |
(1.80 ) |
22.76
b |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) |
67 |
64 |
82 |
70 |
78 |
Ratio of expenses before expense reductions (%)d |
.87 |
.87 |
.85 |
.88 |
.88 |
Ratio of expenses after expense reductions (%)d |
.81 |
.83 |
.83 |
.82 |
.83 |
Ratio of net investment income (%) |
1.16 |
1.14 |
.76 |
1.57 |
1.35 |
Portfolio turnover rate (%) |
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.
|
Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP |
| 13 |
DWS Small Mid Cap Value VIP — Class B | |||||
|
Years Ended December 31, | ||||
|
2023 |
2022 |
2021 |
2020 |
2019 |
Selected Per Share Data |
|
|
|
|
|
Net asset value, beginning of period |
$12.72 |
$15.46 |
$11.99 |
$13.82 |
$12.20 |
Income (loss) from investment operations: |
|
|
|
|
|
Net investment incomea |
.10 |
.10 |
.06 |
.13 |
.13 |
Net realized and unrealized gain (loss) |
1.66 |
(2.58 ) |
3.53 |
(.90 ) |
2.53
b |
Total from investment operations |
1.76 |
(2.48 ) |
3.59 |
(.77 ) |
2.66 |
Less distributions from: |
|
|
|
|
|
Net investment income |
(.11 ) |
(.06 ) |
(.12 ) |
(.13 ) |
(.05 ) |
Net realized gains |
(.51 ) |
(.20 ) |
— |
(.93 ) |
(.99 ) |
Total distributions |
(.62 ) |
(.26 ) |
(.12 ) |
(1.06 ) |
(1.04 ) |
Net asset value, end of period |
$13.86 |
$12.72 |
$15.46 |
$11.99 |
$13.82 |
Total Return (%)c |
14.59 |
(16.14 ) |
30.04 |
(2.18 ) |
22.32
b |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) |
17 |
16 |
21 |
17 |
17 |
Ratio of expenses before expense reductions (%)d |
1.24 |
1.24 |
1.22 |
1.25 |
1.25 |
Ratio of expenses after expense reductions (%)d |
1.18 |
1.20 |
1.20 |
1.19 |
1.19 |
Ratio of net investment income (%) |
.79 |
.77 |
.40 |
1.21 |
.99 |
Portfolio turnover rate (%) |
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.
|
14 | |
Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP |
Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP |
| 15 |
Undistributed ordinary income* |
$1,649,969 |
Undistributed long-term capital gains |
$3,236,745 |
Net unrealized appreciation (depreciation) on investments |
$14,958,844 |
16 | |
Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP |
|
Years Ended December 31, | |
|
2023 |
2022 |
Distributions from ordinary income* |
$872,630 |
$684,433 |
Distributions from long-term capital gains |
$3,124,303 |
$1,299,814 |
* |
For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP |
| 17 |
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 |
|
1.18% |
Class A |
$37,832 |
Class B |
9,370 |
|
$47,202
|
Services to Shareholders |
Total
Aggregated |
Unpaid at
December 31, 2023 |
Class A |
$902 |
$151 |
Class B |
723 |
123 |
|
$1,625 |
$274 |
18 | |
Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP |
Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP |
| 19 |
20 | |
Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP |
Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP |
| 21 |
Actual Fund Return |
Class A |
Class B |
Beginning Account Value 7/1/23 |
$1,000.00 |
$1,000.00 |
Ending Account Value 12/31/23 |
$1,079.40 |
$1,077.80 |
Expenses Paid per $1,000* |
$4.25 |
$6.18 |
Hypothetical 5% Fund Return |
Class A |
Class B |
Beginning Account Value 7/1/23 |
$1,000.00 |
$1,000.00 |
Ending Account Value 12/31/23 |
$1,021.12 |
$1,019.26 |
Expenses Paid per $1,000* |
$4.13 |
$6.01 |
* |
Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the
period, multiplied by 184 (the number of days in the most recent six-month period), then divided by
365. |
Annualized Expense Ratios |
Class A |
Class B |
Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP |
.81% |
1.18% |
22 | |
Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP |
Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP |
| 23 |
24 | |
Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP |
Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP |
| 25 |
26 | |
Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1
|
Business Experience and Directorships During the Past Five Years |
Number of Funds in DWS Fund Complex Overseen |
Other Directorships Held by Board Member |
Keith R. Fox, CFA (1954) Chairperson since 2017, and Board Member since 1996 |
Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986); Former Chairman, National Association of Small Business Investment Companies; Former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds); Progressive International Corporation (kitchen goods designer and distributor) |
68 |
— |
John W. Ballantine (1946) Board Member since 1999 |
Retired; formerly: Executive Vice President and Chief Risk Management
Officer, First Chicago NBD Corporation/The First National Bank of Chicago
(1996–1998); Executive Vice President and Head of International
Banking (1995–1996); Not-for-Profit Directorships: Window to the
World Communications (public media); Life Director of Harris Theater
for Music and Dance (Chicago); Life Director of Hubbard Street Dance
Chicago; Former Directorships: Director and Chairman of the Board,
Healthways Inc.2 (population well-being and wellness services)
(2003–2014); Stockwell Capital Investments PLC (private equity);
Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak
Brook Bancshares, Inc.; Oak Brook Bank; Portland General
Electric2 (utility
company) (2003–2021); and Prisma Energy International; Former
Not-for- Profit Directorships: Public Radio International; Palm Beach
Civic Assn. |
68 |
— |
Mary Schmid Daugherty, NACD.DC, PHD, CFA (1958) Board Member or Advisory Board Member since 20233 |
Senior Fellow in Applied Finance, Department of Finance, Opus College of
Business at the University of St. Thomas (1987–present);
Directorships: The Meritex Company (2017–present);
Driessen Water, Inc. (2016–present); and The Hardenbergh
Foundation (2021–present); Former Directorships: Mairs
& Power Funds Trust (mutual funds) (2010–2022); and Crescent
Electric Supply Company (2010–2019) |
214
|
— |
Dawn-Marie Driscoll (1946) Board Member since 1987 |
Emeritus Advisory Board and former Executive Fellow, Hoffman Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General
Counsel, Filene’s (retail) (1978–1988); Directorships: Trustee and
former Chairman of the Board, Southwest Florida Community Foundation
(charitable organization); Former Directorships: ICI Mutual Insurance
Company (2007–2015); Sun Capital Advisers Trust (mutual funds)
(2007–2012); Investment Company Institute (audit, executive,
nominating committees) and Independent Directors Council (governance,
executive committees) |
68 |
— |
Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP |
| 27 |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1
|
Business Experience and Directorships During the Past Five Years |
Number of Funds in DWS Fund Complex Overseen |
Other Directorships Held by Board Member |
Richard J. Herring (1946) Board Member since 1990 |
Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (1972–present); formerly:
Director, The Wharton Financial Institutions Center (1994–2020); Vice Dean
and Director, Wharton Undergraduate Division (1995–2000) and
Director, The Lauder Institute of International Management Studies
(2000–2006); Member FDIC Systemic Risk Advisory Committee
(2011–present), member Systemic Risk Council
(2012–present) and member of the Advisory Board of the Yale
Program on Financial Stability (2013–present); Former
Directorships: Co-Chair of the Shadow Financial Regulatory Committee
(2003–2015), Executive Director of The Financial Economists
Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013),
Director of The Aberdeen Singapore Fund (2007–2018), Director,
The Aberdeen Japan Fund (2007–2021) and Nonexecutive Director of
Barclays Bank DE (2010–2018) |
68 |
— |
Chad D. Perry (1972) Board Member or Advisory Board Member since 20213 |
Executive Vice President and General Counsel, RLJ Lodging Trust2 (since
2023); formerly Executive Vice President, General Counsel and Secretary,
Tanger Factory Outlet Centers, Inc.2 (2011–2023); Executive Vice President
and Deputy General Counsel, LPL Financial Holdings Inc.2 (2006–2011);
Senior Corporate Counsel, EMC Corporation (2005–2006); Associate,
Ropes & Gray LLP (1997–2005) |
214
|
Director, Great
Elm Capital Corp. (business
development company) (since
2022) |
Rebecca W. Rimel (1951) Board Member since 1995 |
Directorships: Washington College (since July 2023); Formerly: Executive
Vice President, The Glenmede Trust Company (investment trust and
wealth management) (1983–2004); Board Member, Investor Education
(charitable organization) (2004–2005); Former Directorships:
Trustee, Executive Committee, Philadelphia Chamber of Commerce
(2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson
Foundation (charitable organization) (1994–2012); President,
Chief Executive Officer and Director (1994–2020) and Senior
Advisor (2020–2021), The Pew Charitable Trusts (charitable
organization); Director, BioTelemetry Inc.2 (acquired by Royal Philips in 2021) (healthcare)
(2009–2021); Director, Becton Dickinson and Company2 (medical
technology company) (2012–2022) |
68 |
Director, The
Bridgespan Group (nonprofit
organization)
(since October 2020) |
Catherine Schrand (1964) Board Member since 2021 |
Celia Z. Moh Professor of Accounting (2016–present) and Professor of
Accounting (1994–present); Directorships: Advisory Board Member,
the Jacobs Levy Center, The Wharton School, University of Pennsylvania
(since 2023); Former positions: Vice Dean, Wharton Doctoral Programs,
The Wharton School, University of Pennsylvania
(2016–2019) |
68 |
— |
William N. Searcy, Jr. (1946) Board Member since 1993 |
Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Former Directorships: Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012) |
68 |
— |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time
Served6 |
Business Experience and Directorships During the Past Five Years |
Hepsen Uzcan7 (1974) President and Chief Executive Officer, 2017–present |
Head of Americas CEO Office, DWS (2023–present), Head of Fund Administration, Head of Product
Americas and Head of U.S. Mutual Funds, DWS (2017–present); Vice President, DWS Service Company
(2018–present); President, DB Investment Managers, Inc. (2018–present);
President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany
Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); Vice
President, DWS Investment Management Americas, Inc. (2023–present); formerly: Vice
President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds
(2013–2019); Secretary, DWS USA Corporation (2018–2023); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–2023); Assistant Secretary, DWS Trust Company (2018–2023); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The
Central and Eastern Europe Fund, Inc. (2013–2020); Assistant Secretary, DWS Distributors, Inc.
(2018–2023); Directorships: Director of DWS Service Company (2018–present);
Director of DB Investment Managers, Inc. (2018–present); Director of Episcopalian
Charities of New York (2018–present); Interested Director of The European Equity
Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc.
(2020–present); Director of ICI Mutual Insurance Company (2020–present);
Director of DWS USA Corporation (2023–present); Director of DWS Investment
Management Americas, Inc. (2023–present); and Manager of DBX Advisors LLC.
(2023–present) |
John Millette8 (1962) Vice President and Secretary, 1999–present |
Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas,
Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present);
Secretary, DBX ETF Trust (2020–present); Vice President, DBX Advisors LLC
(2021–present); Secretary, The European Equity Fund, Inc., The New Germany Fund,
Inc. and The Central and Eastern Europe Fund, Inc. (2011–present); formerly:
Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and Assistant
Secretary, DBX ETF Trust (2019–2020) |
28 | |
Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time
Served6 |
Business Experience and Directorships During the Past Five Years |
Ciara Crawford9 (1984) Assistant
Secretary, 2019–present |
Fund Administration (Specialist), DWS (2015–present); Assistant Secretary, DWS Service Company
(2018–present); Assistant Secretary of U.S. Mutual Funds, DWS (2019–present); Assistant
Secretary, DWS USA Corporation (2023–present); Assistant Secretary, DBX Advisors,
LLC (2023–present); Assistant Secretary, DWS Investment Management Americas, Inc.
(2023–present); Assistant Clerk, DWS Trust Company (2023–present); formerly,
Legal Assistant at Accelerated Tax Solutions |
Diane Kenneally8 (1966) Chief Financial Officer and Treasurer, 2018–present |
Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Treasurer, Chief Financial Officer and
Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European
Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund,
Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds
(2007–2018) |
Yvonne Wong8 (1960) Assistant Treasurer, since December 1, 2023 |
Fund Administration (Senior Analyst), DWS; Assistant Treasurer, DBX ETF Trust (since November 14, 2023) |
Sheila Cadogan8 (1966) Assistant
Treasurer, 2017–present |
Fund Administration Treasurer's Office (Co-Head since 2018), DWS; Director and Vice President, DWS
Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant
Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and
Eastern Europe Fund, Inc. (2018–present) |
Scott D. Hogan8 (1970) Chief Compliance
Officer, 2016–present |
Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The
European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund,
Inc. (2016–present) |
Caroline Pearson8 (1962) Chief Legal
Officer, 2010–present |
Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer,
DBX Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New
Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present);
formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); Secretary,
Deutsche AM Service Company (2010–2017); and Chief Legal Officer, DBX Strategic
Advisors LLC (2020–2021) |
Christian Rijs7 (1980) Anti-Money Laundering Compliance
Officer, 2021–present |
Senior Team Lead Anti-Financial Crime and Compliance, DWS; AML Officer, DWS Trust Company (2021–present); AML Officer, DBX ETF Trust (2021–present); AML Officer, The European Equity Fund,
Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2021–present);
formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO |
1 |
The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently
overseen by the Board. |
2 |
A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934. |
3 |
Mr. Perry and Ms. Daugherty are each an Advisory Board Member of Deutsche DWS Asset Allocation Trust, Deutsche DWS Equity
500 Index Portfolio, Deutsche DWS Global/International Fund, Inc., Deutsche DWS Income Trust, Deutsche
DWS Institutional Funds, Deutsche DWS International Fund, Inc., Deutsche DWS Investment
Trust, Deutsche DWS Investments VIT Funds, Deutsche DWS Money Market Trust, Deutsche DWS
Municipal Trust, Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust, Deutsche DWS
Tax Free Trust, Deutsche DWS Variable Series I and Government Cash Management Portfolio. Mr. Perry and
Ms. Daugherty are each a Board Member of each other Trust. |
4 |
Mr. Perry and Ms. Daugherty each oversees 21 funds in the DWS Fund Complex as a Board Member of various Trusts. Mr. Perry and
Ms. Daugherty are each an Advisory Board Member of various Trusts/Corporations comprised of 47 funds in
the DWS Fund Complex. |
5 |
As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons”
of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the
Fund. |
6 |
The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds. |
7 |
Address: 875 Third Avenue, New York, New York 10022. |
8 |
Address: 100 Summer Street, Boston, MA 02110. |
9 |
Address: 5201 Gate Parkway, Jacksonville, FL 32256. |
Deutsche DWS Variable Series II — DWS Small Mid Cap Value VIP |
| 29 |
(b) Not applicable | |
ITEM 2. | CODE OF ETHICS |
As of the end of the period covered by this report, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR that applies to its Principal Executive Officer and Principal Financial Officer.
There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2.
A copy of the code of ethics is filed as an exhibit to this Form N-CSR. | |
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT |
The fund’s audit committee is comprised solely of trustees who are "independent" (as such term has been defined by the Securities and Exchange Commission ("SEC") in regulations implementing Section 407 of the Sarbanes-Oxley Act (the "Regulations")). The fund’s Board of Trustees has determined that there are several "audit committee financial experts" (as such term has been defined by the Regulations) serving on the fund’s audit committee including Ms. Catherine Schrand, the chair of the fund’s audit committee. An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an “audit committee financial expert” does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. | |
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
Deutche DWS variable series II
form n-csr disclosure re: AUDIT FEES
The following table shows the amount of fees that Ernst & Young LLP (“EY”), the Fund’s Independent Registered Public Accounting Firm, billed to the Fund during the Fund’s last two fiscal years. The Audit Committee approved in advance all audit services and non-audit services that EY provided to the Fund.
Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Fund
Fiscal Year Ended December 31, |
Audit Fees Billed to Fund | Audit-Related Fees Billed to Fund |
Tax Fees Billed to Fund | All Other Fees Billed to Fund |
2023 | $387,811 | $0 | $50,727 | $0 |
2022 | $387,811 | $0 | $61,246 | $0 |
The above “Tax Fees” were billed for professional services rendered for tax preparation.
Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers
The following table shows the amount of fees billed by EY to DWS Investment Management Americas, Inc. (“DIMA” or the “Adviser”), and any entity controlling, controlled by or under common control with DIMA (“Control Affiliate”) that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two fiscal years.
Fiscal Year Ended December 31, |
Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers |
Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers |
2023 | $0 | $424,143 | $0 |
2022 | $0 | $148,212 | $0 |
The above “Tax Fees” were billed in connection with tax compliance services and agreed upon procedures.
Non-Audit Services
The following table shows the amount of fees that EY billed during the Fund’s last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that EY provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund’s operations and financial reporting. The Audit Committee requested and received information from EY about any non-audit services that EY rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating EY’s independence.
Fiscal Year Ended December 31 |
Total Non-Audit Fees Billed to Fund (A) |
Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund) (B) |
Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) (C) |
Total of (A), (B) and (C) |
2023 | $50,727 | $424,143 | $0 | $474,870 |
2022 | $61,246 | $148,212 | $0 | $209,458 |
All other engagement fees were billed for services in connection with agreed upon procedures and tax compliance for DIMA and other related entities.
Audit Committee Pre-Approval Policies and Procedures. Generally, each Fund’s Audit Committee must pre approve (i) all services to be performed for a Fund by a Fund’s Independent Registered Public Accounting Firm and (ii) all non-audit services to be performed by a Fund’s Independent Registered Public Accounting Firm for the DIMA Entities with respect to operations and financial reporting of the Fund, except that the Chairperson or Vice Chairperson of each Fund’s Audit Committee may grant the pre-approval for non-audit services described in items (i) and (ii) above for non-prohibited services for engagements of less than $100,000. All such delegated pre approvals shall be presented to each Fund’s Audit Committee no later than the next Audit Committee meeting.
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.
According to the registrant’s principal Independent Registered Public Accounting Firm, substantially all of the principal Independent Registered Public Accounting Firm's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent Registered Public Accounting Firm and (i) and (j) are not applicable.
***
In connection with the audit of the 2022 and 2023 financial statements, the Fund entered into an engagement letter with EY. The terms of the engagement letter required by EY, and agreed to by the Audit Committee, include a provision mandating the use of mediation and arbitration to resolve any controversy or claim between the parties arising out of or relating to the engagement letter or services provided thereunder.
***
Pursuant to PCAOB Rule 3526, EY is required to describe in writing to the Fund’s Audit Committee, on at least an annual basis, all relationships between EY, or any of its affiliates, and the DWS Funds, including the Fund, or persons in financial reporting oversight roles at the DWS Funds that, as of the date of the communication, may reasonably be thought to bear on EY’s independence. Pursuant to PCAOB Rule 3526, EY has reported the matters set forth below that may reasonably be thought to bear on EY’s independence. With respect to each reported matter in the aggregate, EY advised the Audit Committee that, after careful consideration of the facts and circumstances and the applicable independence rules, it concluded that the matters do not and will not impair EY’s ability to exercise objective and impartial judgement in connection with the audits of the financial statements for the Fund and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that EY has been and is capable of exercising objective and impartial judgment on all issues encompassed within EY’s audit engagements. EY also confirmed to the Audit Committee that it can continue to act as the Independent Registered Public Accounting Firm for the Fund.
· | EY advised the Fund’s Audit Committee that various covered persons within EY and EY’s affiliates held investments in, or had other financial relationships with, entities within the DWS Funds “investment company complex” (as defined in Regulation S-X) (the “DWS Funds Complex”). EY informed the Audit Committee that these investments and financial relationships were inconsistent with Rule 2-01(c)(1) of Regulation S-X. EY reported that all breaches have been resolved and that none of the breaches involved any professionals who were part of the audit engagement team for the Fund or in the position to influence the audit engagement team for the Fund. |
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS | |
Not applicable | ||
ITEM 6. | INVESTMENTS | |
Not applicable | ||
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES | |
Not applicable | ||
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES | |
Not applicable | ||
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS | |
Not applicable | ||
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS | |
There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. | ||
ITEM 11. | CONTROLS AND PROCEDURES | |
(a) | The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report. | |
(b) | There have been no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting. | |
ITEM 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies | |
Not applicable | ||
ITEM 13. | EXHIBITS | |
(a)(1) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. | |
(a)(2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. | |
(b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: | Deutsche DWS Variable Series II |
By: |
/s/Hepsen Uzcan Hepsen Uzcan President |
Date: | 2/15/2024 |
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 President |
Date: | 2/15/2024 |
By: |
/s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer |
Date: | 2/15/2024 |
DWS
Principal Executive and Principal Financial Officer Code of Ethics
For the Registered Management Investment Companies Listed on Appendix A
Effective Date
January 31, 2005
Date Last Reviewed
April 20, 2023
Table of Contents
I. Overview | 3 |
II. Purposes of the Officer Code | 3 |
III. Responsibilities of Covered Officers | 4 |
A. Honest and Ethical Conduct | 4 |
B. Conflicts of Interest | 4 |
C. Use of Personal Fund Shareholder Information | 6 |
D. Public Communications | 6 |
E. Compliance with Applicable Laws, Rules and Regulations | 7 |
IV. Violation Reporting | 7 |
A. Overview | 7 |
B. How to Report | 8 |
C. Process for Violation Reporting to the Fund Board | 8 |
D. Sanctions for Code Violations | 8 |
V. Waivers from the Officer Code | 8 |
VI. Amendments to the Code | 9 |
VII. Acknowledgement and Certification of Adherence to the Officer Code | 9 |
VIII. Scope of Responsibilities | 9 |
IX. Recordkeeping | 9 |
X. Confidentiality | 9 |
Appendices | 11 |
Appendix A: List of Officers Covered under the Code, by Board | 11 |
Appendix B: Acknowledgement and Certification | 12 |
Appendix C: Definitions | 14 |
I. | Overview |
This Principal Executive Officer and Principal Financial Officer Code of Ethics (“Officer Code”) sets forth the policies, practices, and values expected to be exhibited in the conduct of the Principal Executive Officers and Principal Financial Officers of the investment companies (each a “Fund” and together, the “Funds”) they serve (“Covered Officers”). A list of Covered Officers and Funds is included on Appendix A.
The Boards of the Funds listed on Appendix A have elected to implement the Officer Code, pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 and the SEC’s rules thereunder, to promote and demonstrate honest and ethical conduct in their Covered Officers.
DWS represents the asset management activities conducted by DWS Investment Management Americas, Inc., DWS International GmbH or their affiliates that may serve as investment adviser to each Fund. All Covered Officers are also employees of DWS. Thus, in addition to adhering to the Officer Code, these individuals must comply with DWS policies and procedures, such as the DWS Code of Ethics governing personal trading activities, as adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940.[1] In addition, such individuals also must comply with other applicable Fund policies and procedures.
The DWS Compliance Officer, who shall not be a Covered Officer and who shall serve as such subject to the approval of the Fund’s Board (or committee thereof), is primarily responsible for implementing and enforcing this Code. The DWS Compliance Officer has the authority to interpret this Officer Code and its applicability to particular circumstances. Any questions about the Officer Code should be directed to the DWS Compliance Officer.
The DWS Compliance Officer and his or her contact information can be found in Appendix A.
II. | Purposes of the Officer Code |
The purposes of the Officer Code are to deter wrongdoing and to:
· | promote honest and ethical conduct among Covered Officers, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; |
· | promote full, fair, accurate, timely and understandable disclosures in reports and documents that the Funds file with or submit to the SEC (and in other public communications from the Funds) and that are within the Covered Officer’s responsibilities; |
· | promote compliance with applicable laws, rules and regulations; |
· | encourage the prompt internal reporting of violations of the Officer Code to the DWS Compliance Officer; and |
· | establish accountability for adherence to the Officer Code. |
Any questions about the Officer Code should be referred to the DWS Compliance Officer.
III. | Responsibilities of Covered Officers |
A. Honest and Ethical Conduct
It is the duty of every Covered Officer to encourage and demonstrate honest and ethical conduct, as well as adhere to and require adherence to the Officer Code and any other applicable policies and procedures designed to promote this behavior. Covered Officers must at all times conduct themselves with integrity and distinction, putting first the interests of the Fund(s) they serve. Covered Officers must be honest and candid while maintaining confidentiality of information where required by law, DWS policy or Fund policy.
Covered Officers also must, at all times, act in good faith, responsibly and with due care, competence and diligence, without misrepresenting or being misleading about material facts or allowing their independent judgment to be subordinated. Covered Officers also should maintain skills appropriate and necessary for the performance of their duties for the Fund(s). Covered Officers also must responsibly use and control all Fund assets and resources entrusted to them.
Covered Officers may not retaliate against others for, or otherwise discourage the reporting of, actual or apparent violations of the Officer Code or applicable laws or regulations. Covered Officers should create an environment that encourages the exchange of information, including concerns of the type that this Code is designed to address.
B. Conflicts of Interest
A “conflict of interest” occurs when a Covered Officer’s personal interests interfere with the interests of the Fund for which he or she serves as an officer. Covered Officers may not improperly use their position with a Fund for personal or private gain to themselves, their family, or any other person. Similarly, Covered Officers may not use their personal influence or personal relationships to influence decisions or other Fund business or operational matters where they would benefit personally at the Fund’s expense or to the Fund’s detriment. Covered Officers may not cause the Fund to take action, or refrain from taking action, for their personal benefit at the Fund’s expense or to the Fund’s detriment. Some examples of conflicts of interest follow (this is not an all-inclusive list): being in the position of supervising, reviewing or having any influence on the job evaluation, pay or benefit of any immediate family member who is an employee of a Fund service provider or is otherwise associated with the Fund; or having an ownership interest in, or having any consulting or employment relationship with, any Fund service provider other than DWS or its affiliates.
Certain conflicts of interest covered by this Code arise out of the relationships between Covered Officers and the Fund that already are subject to conflict of interest provisions in the Investment Company Act and the Investment Advisers Act. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as “affiliated persons” of the Fund. Covered Officers must comply with applicable laws and regulations. Therefore, any violations of existing statutory and regulatory prohibitions on individual behavior could be considered a violation of this Code.
As to conflicts arising from, or as a result of the advisory relationship (or any other relationships) between the Fund and DWS, of which the Covered Officers are also officers or employees, it is recognized by the Board that, subject to DWS’s fiduciary duties to the Fund, the Covered Officers will in the normal course of their duties (whether formally for the Fund or for DWS, or for both) be involved in establishing policies and implementing decisions which will have different effects on DWS and the Fund. The Board recognizes that the participation of the Covered Officers in such activities is inherent in the contract relationship between the Fund and DWS, and is consistent with the expectation of the Board of the performance by the Covered Officers of their duties as officers of the Fund.
Covered Officers should avoid actual conflicts of interest, and appearances of conflicts of interest, between the Covered Officer’s duties to the Fund and his or her personal interests beyond those contemplated or anticipated by applicable regulatory schemes. If a Covered Officer suspects or knows of a conflict or an appearance of one, the Covered Officer must immediately report the matter to the DWS Compliance Officer. If a Covered Officer, in lieu of reporting such a matter to the DWS Compliance Officer, may report the matter directly to the Fund’s Board (or committee thereof), as appropriate (e.g., if the conflict involves the DWS Compliance Officer or the Covered Officer reasonably believes it would be futile to report the matter to the DWS Compliance Officer).
When actual, apparent or suspected conflicts of interest arise in connection with a Covered Officer, DWS personnel aware of the matter should promptly contact the DWS Compliance Officer. There will be no reprisal or retaliation against the person reporting the matter.
Upon receipt of a report of a possible conflict, the DWS Compliance Officer will take steps to determine whether a conflict exists. In so doing, the DWS Compliance Officer may take any actions he or she determines to be appropriate in his or her sole discretion and may use all reasonable resources, including retaining or engaging legal counsel, accounting firms or other consultants, subject to applicable law.[2] The costs associated with such actions may be borne by the Fund, if appropriate, after consultation with the Fund’s Board (or committee thereof). Otherwise, such costs will be borne by DWS or other appropriate Fund service provider.
After full review of a report of a possible conflict of interest, the DWS Compliance Officer may determine that no conflict or reasonable appearance of a conflict exists. If, however, the DWS Compliance Officer determines that an actual conflict exists, the Compliance Officer will resolve the conflict solely in the interests of the Fund, and will report the conflict and its resolution to the Fund’s Board (or committee thereof). If the DWS Compliance Officer determines that the appearance of a conflict exists, the DWS Compliance Officer will take appropriate steps to remedy such appearance. In lieu of determining whether a conflict exists and/or resolving a conflict, the DWS Compliance Officer instead may refer the matter to the Fund’s Board (or committee thereof), as appropriate. However, the DWS Compliance Officer must refer the matter to the Fund’s Board (or committee thereof) if the DWS Compliance Officer is directly involved in the conflict or under similar appropriate circumstances.
After responding to a report of a possible conflict of interest, the DWS Compliance Officer will discuss the matter with the person reporting it (and with the Covered Officer at issue, if different) for purposes of educating those involved on conflicts of interests (including how to detect and avoid them, if appropriate).
Appropriate resolution of conflicts may restrict the personal activities of the Covered Officer and/or his family, friends or other persons.
Solely because a conflict is disclosed to the DWS Compliance Officer (and/or the Board or Committee thereof) and/or resolved by the DWS Compliance Officer does not mean that the conflict or its resolution constitutes a waiver from the Code’s requirements.
Any questions about conflicts of interests, including whether a particular situation might be a conflict or an appearance of one, should be directed to the DWS Compliance Officer.
C. Use of Personal Fund Shareholder Information
A Covered Officer may not use or disclose personal information about Fund shareholders, except in the performance of his or her duties for the Fund. Each Covered Officer also must abide by the Funds’ and DWS’s privacy policies under SEC Regulation S-P.
D. Public Communications
In connection with his or her responsibilities for or involvement with a Fund’s public communications and disclosure documents (e.g., shareholder reports, registration statements, press releases), each Covered Officer must provide information to Fund service providers (within the DWS organization or otherwise) and to the Fund’s Board (and any committees thereof), independent auditors, government regulators and self-regulatory organizations that is fair, accurate, complete, objective, relevant, timely and understandable.
Further, within the scope of their duties, Covered Officers having direct or supervisory authority over Fund disclosure documents or other public Fund communications will, to the extent appropriate within their area of responsibility, endeavor to ensure full, fair, timely, accurate and understandable disclosure in Fund disclosure documents. Such Covered Officers will oversee, or appoint others to oversee, processes for the timely and accurate creation and review of all public reports and regulatory filings. Within the scope of his or her responsibilities as a Covered Officer, each Covered Officer also will familiarize himself or herself with the disclosure requirements applicable to the Fund, as well as the business and financial operations of the Fund. Each Covered Officer also will adhere to, and will promote adherence to, applicable disclosure controls, processes and procedures, including DWS’s Disclosure Controls and Procedures, which govern the process by which Fund disclosure documents are created and reviewed.
To the extent that Covered Officers participate in the creation of a Fund’s books or records, they must do so in a way that promotes the accuracy, fairness and timeliness of those records.
E. Compliance with Applicable Laws, Rules and Regulations
In connection with his or her duties and within the scope of his or her responsibilities as a Covered Officer, each Covered Officer must comply with governmental laws, rules and regulations, accounting standards, and Fund policies/procedures that apply to his or her role, responsibilities and duties with respect to the Funds (“Applicable Laws”). These requirements do not impose on Covered Officers any additional substantive duties. Additionally, Covered Officers should promote compliance with Applicable Laws.
If a Covered Officer knows of any material violations of Applicable Laws or suspects that such a violation may have occurred, the Covered Officer is expected to promptly report the matter to the DWS Compliance Officer.
IV. | Violation Reporting |
A. Overview
Each Covered Officer must promptly report to the DWS Compliance Officer, and promote the reporting of, any known or suspected violations of the Officer Code. Failure to report a violation may be a violation of the Officer Code.
Examples of violations of the Officer Code include, but are not limited to, the following:
· | Unethical or dishonest behavior |
· | Obvious lack of adherence to policies surrounding review and approval of public communications and regulatory filings |
· | Failure to report violations of the Officer Code |
· | Known or obvious deviations from Applicable Laws |
· | Failure to acknowledge and certify adherence to the Officer Code |
The DWS Compliance Officer has the authority to take any and all action he or she considers appropriate in his or her sole discretion to investigate known or suspected Code violations, including consulting with the Fund’s Board, the independent Board members, a Board committee, the Fund’s legal counsel and/or counsel to the independent Board members. The Compliance Officer also has the authority to use all reasonable resources to investigate violations, including retaining or engaging legal counsel, accounting firms or other consultants, subject to applicable law.[3] The costs associated with such actions may be borne by the Fund, if appropriate, after consultation with the Fund’s Board (or committee thereof). Otherwise, such costs will be borne by DWS.
B. | How to Report |
Any known or suspected violations of the Officer Code must be promptly reported to the DWS Compliance Officer.
C. | Process for Violation Reporting to the Fund Board |
The DWS Compliance Officer will promptly report any violations of the Code to the Fund’s Board (or committee thereof).
D. | Sanctions for Code Violations |
Violations of the Code will be taken seriously. In response to reported or otherwise known violations, DWS and the relevant Fund’s Board may impose sanctions within the scope of their respective authority over the Covered Officer at issue. Sanctions imposed by DWS could include termination of employment. Sanctions imposed by a Fund’s Board could include termination of association with the Fund.
V. | Waivers from the Officer Code |
A Covered Officer may request a waiver from the Officer Code by transmitting a written request for a waiver to the DWS Compliance Officer.[4] The request must include the rationale for the request and must explain how the waiver would be in furtherance of the standards of conduct described in and underlying purposes of the Officer Code. The DWS Compliance Officer will present this information to the Fund’s Board (or committee thereof). The Board (or committee) will determine whether to grant the requested waiver. If the Board (or committee) grants the requested waiver, the DWS Compliance Officer thereafter will monitor the activities subject to the waiver, as appropriate, and will promptly report to the Fund’s Board (or committee thereof) regarding such activities, as appropriate.
The DWS Compliance Officer will coordinate and facilitate any required public disclosures of any waivers granted or any implicit waivers.
VI. | Amendments to the Code |
The DWS Compliance Officer will review the Officer Code from time to time for its continued appropriateness and will propose any amendments to the Fund’s Board (or committee thereof) on a timely basis. In addition, the Board (or committee thereof) will review the Officer Code at least annually for its continued appropriateness and may amend the Code as necessary or appropriate.
The DWS Compliance Officer will coordinate and facilitate any required public disclosures of Code amendments.
VII. | Acknowledgement and Certification of Adherence to the Officer Code |
Each Covered Officer must sign a statement upon appointment as a Covered Officer and annually thereafter acknowledging that he or she has received and read the Officer Code, as amended or updated, and confirming that he or she has complied with it (see Appendix B: Acknowledgement and Certification of Obligations Under the Officer Code).
Understanding and complying with the Officer Code and truthfully completing the Acknowledgement and Certification Form is each Covered Officer’s obligation.
The DWS Compliance Officer will maintain such Acknowledgements in the Fund’s books and records.
VIII. | Scope of Responsibilities |
A Covered Officer’s responsibilities under the Officer Code are limited to:
(1) | Fund matters over which the Officer has direct responsibility or control, matters in which the Officer routinely participates, and matters with which the Officer is otherwise involved (i.e., matters within the scope of the Covered Officer’s responsibilities as a Fund officer); and |
(2) | Fund matters of which the Officer has actual knowledge. |
IX. | Recordkeeping |
The DWS Compliance Officer will create and maintain appropriate records regarding the implementation and operation of the Officer Code, including records relating to conflicts of interest determinations and investigations of possible Code violations.
X. | Confidentiality |
All reports and records prepared or maintained pursuant to this Officer Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Officer Code, such matters shall not be disclosed to anyone other than the DWS Compliance Officer, the Fund’s Board (or committee thereof), legal counsel, independent auditors, and any consultants engaged by the Compliance Officer.
Appendices
Appendix A: List of Officers Covered under the Code, by Board
Fund Board | Principal Executive Officer | Principal Financial Officer | Treasurer |
DWS Funds | Hepsen Uzcan | Diane Kenneally | Diane Kenneally |
Germany Funds* | Hepsen Uzcan | Diane Kenneally | Diane Kenneally |
* | The Central and Eastern Europe Fund, Inc., The European Equity Fund, Inc. and |
The New Germany Fund, Inc.
DWS Compliance Officer:
Scott Hogan
Chief Compliance Officer of the DWS Funds/Germany Funds
Phone: (617) 295-3986
Email: scott-d.hogan@dws.com
As of: April 14, 2021
Appendix B: Acknowledgement and Certification
Initial Acknowledgement and Certification
of Obligations Under the Officer Code
Print Name Department Location Telephone
1. | I acknowledge and certify that I am a Covered Officer under the DWS Principal Executive and Financial Officer Code of Ethics (“Officer Code”), and therefore subject to all of its requirements and provisions. |
2. | I have received and read the Officer Code and I understand the requirements and provisions set forth in the Officer Code. |
3. | I have disclosed any conflicts of interest of which I am aware to the DWS Compliance Officer. |
4. | I will act in the best interest of the Funds for which I serve as an officer and have maintained the confidentiality of personal information about Fund shareholders. |
5. | I will report any known or suspected violations of the Officer Code in a timely manner to the DWS Compliance Officer. |
______________________________ ____________________
Signature Date
Annual Acknowledgement and Certification
of Obligations Under the Officer Code
Print Name Department Location Telephone
1. | I acknowledge and certify that I am a Covered Officer under the DWS Principal Executive and Financial Officer Code of Ethics (“Officer Code”), and therefore subject to all of its requirements and provisions. |
2. | I have received and read the Officer Code, and I understand the requirements and provisions set forth in the Officer Code. |
3. | I have adhered to the Officer Code. |
4. | I have not knowingly been a party to any conflict of interest, nor have I had actual knowledge about actual or apparent conflicts of interest that I did not report to the DWS Compliance Officer in accordance with the Officer Code’s requirements. |
5. | I have acted in the best interest of the Funds for which I serve as an officer and have maintained the confidentiality of personal information about Fund shareholders. |
6. | With respect to the duties I perform for the Fund as a Fund officer, I believe that effective processes are in place to create and file public reports and documents in accordance with applicable regulations. |
7. | With respect to the duties I perform for the Fund as a Fund officer, I have complied to the best of my knowledge with all Applicable Laws (as that term is defined in the Officer Code) and have appropriately monitored those persons under my supervision for compliance with Applicable Laws. |
8. | I have reported any known or suspected violations of the Officer Code in a timely manner to the DWS Compliance Officer. |
______________________________ ____________________
Signature Date
Appendix C: Definitions
Principal Executive Officer
Individual holding the office of President of the Fund or series of Funds, or a person performing a similar function.
Principal Financial Officer
Individual holding the office of Treasurer of the Fund or series of Funds, or a person performing a similar function.
Registered Investment Management Investment Company
Registered investment companies other than a face-amount certificate company or a unit investment trust.
Waiver
A waiver is an approval of an exemption from a Code requirement.
Implicit Waiver
An implicit waiver is the failure to take action within a reasonable period of time regarding a material departure from a requirement or provision of the Officer Code that has been made known to the DWS Compliance Officer or the Fund’s Board (or committee thereof).
[1] The obligations imposed by the Officer Code are separate from, and in addition to, any obligations imposed under codes of ethics adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, and any other code of conduct applicable to Covered Officers in whatever capacity they serve. The Officer Code does not incorporate any of those other codes and, accordingly, violations of those codes will not necessarily be considered violations of the Officer Code and waivers granted under those codes would not necessarily require a waiver to be granted under this Code. Sanctions imposed under those codes may be considered in determining appropriate sanctions for any violation of this Code.
[2] For example, retaining a Fund’s independent accounting firm may require pre-approval by the Fund’s audit committee.
[3] For example, retaining a Fund’s independent accounting firm may require pre-approval by the Fund’s audit committee.
[4] Of course, it is not a waiver of the Officer Code if the Fund’s Board (or committee thereof) determines that a matter is not a deviation from the Officer Code’s requirements or is otherwise not covered by the Code.
President
Form N-CSR Certification under Sarbanes Oxley Act
I, Hepsen Uzcan, certify that:
1) | I have reviewed this report, filed on behalf of Deutsche DWS Variable Series II, on Form N-CSR; | ||
2) | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | ||
3) | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; | ||
4) | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: | ||
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | ||
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | ||
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and | ||
d) | Disclosed in this report any change 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 control over financial reporting; and | ||
5) | The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): | ||
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and | ||
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting | ||
2/15/2024 | /s/Hepsen Uzcan |
Hepsen Uzcan | |
President |
Chief Financial Officer and Treasurer
Form N-CSR Certification under Sarbanes Oxley Act
I, Diane Kenneally, certify that:
1) | I have reviewed this report, filed on behalf of Deutsche DWS Variable Series II, on Form N-CSR; | ||
2) | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | ||
3) | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; | ||
4) | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: | ||
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | ||
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | ||
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and | ||
d) | Disclosed in this report any change 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 control over financial reporting; and | ||
5) | The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): | ||
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and | ||
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting | ||
2/15/2024 | /s/Diane Kenneally |
Diane Kenneally | |
Chief Financial Officer and Treasurer |
President
Section 906 Certification under Sarbanes Oxley Act
I, Hepsen Uzcan, certify that:
1. | I have reviewed this report, filed on behalf of Deutsche DWS Variable Series II, on Form N-CSR; |
2. | Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSR (the “Report”) fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
2/15/2024 | /s/Hepsen Uzcan |
Hepsen Uzcan | |
President |
Chief Financial Officer and Treasurer
Section 906 Certification under Sarbanes Oxley Act
I, Diane Kenneally, certify that:
1. | I have reviewed this report, filed on behalf of Deutsche DWS Variable Series II, on Form N-CSR; |
2. | Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSR (the “Report”) fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
2/15/2024 | /s/Diane Kenneally |
Diane Kenneally | |
Chief Financial Officer and Treasurer |
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