# EDGAR Filing Document

**Accession Number:** 0000810573
**File Stem:** 0001410368-26-055446
**Filing Date:** 2026-5
**Character Count:** 19475
**Document Hash:** c5dca058f60bec1d9d4d805c2f9dbe39
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-055446.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0001410368-26-055446

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20261231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DEUTSCHE DWS VARIABLE SERIES II
- **CENTRAL INDEX KEY:** 0000810573

**ORGANIZATION NAME:**
- **EIN:** 810105002
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05002
- **FILM NUMBER:** 261034488

**BUSINESS ADDRESS:**
- **STREET 1:** 875 THIRD AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022-6225
- **BUSINESS PHONE:** 212-454-4500

**MAIL ADDRESS:**
- **STREET 1:** 875 THIRD AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022-6225

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DEUTSCHE VARIABLE SERIES II
- **DATE OF NAME CHANGE:** 20140811

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DWS VARIABLE SERIES II
- **DATE OF NAME CHANGE:** 20060303

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SCUDDER VARIABLE SERIES II
- **DATE OF NAME CHANGE:** 20010501

## Series and Classes Contracts Data

### DWS Alternative Asset Allocation VIP (Series ID: S000023653)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000069664 | Class A      |  |
| C000077948 | Class B      |  |

## Nport-Ex

Investment Portfolio**as of March 31, 2026 (Unaudited)** 

**DWS Alternative Asset Allocation VIP** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Mutual Funds 60.9%** |  |  |
| DWS Emerging Markets Fixed Income Fund "Institutional" (a) | 1851870 | &nbsp;&nbsp; 13777913 |
| DWS Enhanced Commodity Strategy Fund "Institutional" (a) | 11486564 | &nbsp;&nbsp; 79716753 |
| DWS Global Macro Fund "Institutional" (a) | 3587411 | &nbsp;&nbsp; 40645364 |
| DWS RREEF Global Infrastructure Fund "Institutional" (a) | 4428907 | &nbsp;&nbsp; 74405646 |
| DWS RREEF Real Estate Securities Fund "Institutional" (a) | 2004913 | &nbsp;&nbsp; 43847455 |
| **Total Mutual Funds** (Cost $236,585,166) | **Total Mutual Funds** (Cost $236,585,166) | &nbsp;&nbsp; **252393131** |
| **Exchange-Traded Funds 33.5%** | **Exchange-Traded Funds 33.5%** | **Exchange-Traded Funds 33.5%** |
| iShares JPMorgan USD Emerging Markets Bond ETF  | 286257 | &nbsp;&nbsp; 26888120 |
| iShares Preferred & Income Securities ETF  | 584595 | &nbsp;&nbsp; 17724920 |
| State Street SPDR Bloomberg Convertible Securities ETF  | 683509 | &nbsp;&nbsp; 62554744 |
| State Street SPDR S&P Global Natural Resources ETF  | 57000 | &nbsp;&nbsp; 4256190 |
| VanEck JPMorgan EM Local Currency Bond ETF  | 289002 | &nbsp;&nbsp; 7256840 |
| Xtrackers RREEF Global Natural Resources ETF (b) | 571115 | &nbsp;&nbsp; 19942822 |
| **Total Exchange-Traded Funds** (Cost $114,790,716) | **Total Exchange-Traded Funds** (Cost $114,790,716) | &nbsp;&nbsp; **138623636** |
| **Cash Equivalents 2.7%** | **Cash Equivalents 2.7%** | **Cash Equivalents 2.7%** |
| DWS Central Cash Management Government Fund, 3.66% (a) (c) (Cost $11,168,094) | 11168094 | &nbsp;&nbsp; **11168094** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **% of** <br>**Net Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** (Cost $362,543,976) | 97.1 | &nbsp;&nbsp; **402184861** |
| **Other Assets and Liabilities, Net** | 2.9 | &nbsp;&nbsp; **11981186** |
| **Net Assets** | 100.0 | &nbsp;&nbsp; **414166047** |

---

*For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.*

*A summary of the Fund's transactions with affiliated Underlying DWS Funds during the period ended March 31, 2026 are as follows:* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at** <br>**12/31/2025**<br>| **Purchases** <br>**Cost ($)**<br>| **Sales** <br>**Proceeds ($)**<br>| **Net Realized** <br>**Gain/** <br>**(Loss) ($)**<br>| **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation) ($)**<br>| **Income ($)** | **Capital Gain** <br>**Distributions ($)**<br>| **Number** <br>**of Shares** <br>**at** <br>**3/31/2026**<br>| **Value ($) at** <br>**3/31/2026**<br>|
| **Mutual Funds 60.9%** | **Mutual Funds 60.9%** | **Mutual Funds 60.9%** | **Mutual Funds 60.9%** | **Mutual Funds 60.9%** | **Mutual Funds 60.9%** | **Mutual Funds 60.9%** | **Mutual Funds 60.9%** | **Mutual Funds 60.9%** |
| DWS Emerging Markets Fixed Income Fund "Institutional" (a) | DWS Emerging Markets Fixed Income Fund "Institutional" (a) | DWS Emerging Markets Fixed Income Fund "Institutional" (a) | DWS Emerging Markets Fixed Income Fund "Institutional" (a) | DWS Emerging Markets Fixed Income Fund "Institutional" (a) | DWS Emerging Markets Fixed Income Fund "Institutional" (a) | DWS Emerging Markets Fixed Income Fund "Institutional" (a) | DWS Emerging Markets Fixed Income Fund "Institutional" (a) | DWS Emerging Markets Fixed Income Fund "Institutional" (a) |
| 13944223  | 270534  | —  | —  | (436844)  | 270532  | —  | 1851870  | 13777913  |
| DWS Enhanced Commodity Strategy Fund "Institutional" (a) | DWS Enhanced Commodity Strategy Fund "Institutional" (a) | DWS Enhanced Commodity Strategy Fund "Institutional" (a) | DWS Enhanced Commodity Strategy Fund "Institutional" (a) | DWS Enhanced Commodity Strategy Fund "Institutional" (a) | DWS Enhanced Commodity Strategy Fund "Institutional" (a) | DWS Enhanced Commodity Strategy Fund "Institutional" (a) | DWS Enhanced Commodity Strategy Fund "Institutional" (a) | DWS Enhanced Commodity Strategy Fund "Institutional" (a) |
| 70677397  | 1393388  | 4000000  | (1722441)  | 13368409  | 1393388  | —  | 11486564  | 79716753  |
| DWS Floating Rate Fund "Institutional" (a) | DWS Floating Rate Fund "Institutional" (a) | DWS Floating Rate Fund "Institutional" (a) | DWS Floating Rate Fund "Institutional" (a) | DWS Floating Rate Fund "Institutional" (a) | DWS Floating Rate Fund "Institutional" (a) | DWS Floating Rate Fund "Institutional" (a) | DWS Floating Rate Fund "Institutional" (a) | DWS Floating Rate Fund "Institutional" (a) |
| 38661767  | —  | 38721795  | (2452024)  | 2512052  | —  | —  | —  | —  |
| DWS Global Macro Fund "Institutional" (a) | DWS Global Macro Fund "Institutional" (a) | DWS Global Macro Fund "Institutional" (a) | DWS Global Macro Fund "Institutional" (a) | DWS Global Macro Fund "Institutional" (a) | DWS Global Macro Fund "Institutional" (a) | DWS Global Macro Fund "Institutional" (a) | DWS Global Macro Fund "Institutional" (a) | DWS Global Macro Fund "Institutional" (a) |
| 32323726  | 8773951  | —  | —  | (452313)  | 173951  | —  | 3587411  | 40645364  |
| DWS RREEF Global Infrastructure Fund "Institutional" (a) | DWS RREEF Global Infrastructure Fund "Institutional" (a) | DWS RREEF Global Infrastructure Fund "Institutional" (a) | DWS RREEF Global Infrastructure Fund "Institutional" (a) | DWS RREEF Global Infrastructure Fund "Institutional" (a) | DWS RREEF Global Infrastructure Fund "Institutional" (a) | DWS RREEF Global Infrastructure Fund "Institutional" (a) | DWS RREEF Global Infrastructure Fund "Institutional" (a) | DWS RREEF Global Infrastructure Fund "Institutional" (a) |
| 67772745  | 132628  | —  | —  | 6500273  | 132628  | —  | 4428907  | 74405646  |
| DWS RREEF Real Estate Securities Fund "Institutional" (a) | DWS RREEF Real Estate Securities Fund "Institutional" (a) | DWS RREEF Real Estate Securities Fund "Institutional" (a) | DWS RREEF Real Estate Securities Fund "Institutional" (a) | DWS RREEF Real Estate Securities Fund "Institutional" (a) | DWS RREEF Real Estate Securities Fund "Institutional" (a) | DWS RREEF Real Estate Securities Fund "Institutional" (a) | DWS RREEF Real Estate Securities Fund "Institutional" (a) | DWS RREEF Real Estate Securities Fund "Institutional" (a) |
| 38220318  | 4192733  | —  | —  | 1434404  | 192733  | —  | 2004913  | 43847455  |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at**<br> **12/31/2025**<br>| **Purchases**<br> **Cost ($)**<br>| **Sales**<br> **Proceeds ($)**<br>| **Net Realized**<br> **Gain/**<br> **(Loss) ($)**<br>| **Net Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation) ($)**<br>| **Income ($)** | **Capital Gain**<br> **Distributions ($)**<br>| **Number**<br> **of Shares**<br> **at**<br> **3/31/2026**<br>| **Value ($) at**<br> **3/31/2026**<br>|
| **Exchange-Traded Funds 4.8%** | **Exchange-Traded Funds 4.8%** | **Exchange-Traded Funds 4.8%** | **Exchange-Traded Funds 4.8%** | **Exchange-Traded Funds 4.8%** | **Exchange-Traded Funds 4.8%** | **Exchange-Traded Funds 4.8%** | **Exchange-Traded Funds 4.8%** | **Exchange-Traded Funds 4.8%** |
| Xtrackers RREEF Global Natural Resources ETF (b) | Xtrackers RREEF Global Natural Resources ETF (b) | Xtrackers RREEF Global Natural Resources ETF (b) | Xtrackers RREEF Global Natural Resources ETF (b) | Xtrackers RREEF Global Natural Resources ETF (b) | Xtrackers RREEF Global Natural Resources ETF (b) | Xtrackers RREEF Global Natural Resources ETF (b) | Xtrackers RREEF Global Natural Resources ETF (b) | Xtrackers RREEF Global Natural Resources ETF (b) |
| 19890021  | —  | 3528311  | 596907  | 2984205  | 65278  | —  | 571115  | 19942822  |
| **Cash Equivalents 2.7%** | **Cash Equivalents 2.7%** | **Cash Equivalents 2.7%** | **Cash Equivalents 2.7%** | **Cash Equivalents 2.7%** | **Cash Equivalents 2.7%** | **Cash Equivalents 2.7%** | **Cash Equivalents 2.7%** | **Cash Equivalents 2.7%** |
| DWS Central Cash Management Government Fund, 3.66% (a) (c) | DWS Central Cash Management Government Fund, 3.66% (a) (c) | DWS Central Cash Management Government Fund, 3.66% (a) (c) | DWS Central Cash Management Government Fund, 3.66% (a) (c) | DWS Central Cash Management Government Fund, 3.66% (a) (c) | DWS Central Cash Management Government Fund, 3.66% (a) (c) | DWS Central Cash Management Government Fund, 3.66% (a) (c) | DWS Central Cash Management Government Fund, 3.66% (a) (c) | DWS Central Cash Management Government Fund, 3.66% (a) (c) |
| 2058401  | 40923045  | 31813352  | —  | —  | 222946  | —  | 11168094  | 11168094  |
| **283548598** | **55686279** | **78063458** | **(3577558)** | **25910186** | **2451456** | **—** | **35098874** | **283504047** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Affiliated fund managed by DWS Investment Management Americas, Inc.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Affiliated fund managed by DBX Advisors LLC.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *The rate shown is the annualized seven-day yield at period end.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*S&P: Standard & Poor's* <br> *SPDR: Standard & Poor's Depositary Receipt*

***Fair Value Measurements***

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

*The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund's investments.* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Mutual Funds  | $252393131 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $252393131 |
| Exchange-Traded Funds  | 138623636 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 138623636 |
| Short-Term Investments  | 11168094 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11168094 |
| **Total** | **$402184861** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$402184861** |

---

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas Inc. and RREEF America L.L.C. which offer advisory services.

VS2AAA-PH1

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** DEUTSCHE DWS VARIABLE SERIES II

- **b. Investment Company Act file number:** 811-05002

- **c. CIK number of Registrant:** 0000810573

- **d. LEI of Registrant:** 7WRERVUOG2HKG87QIP75

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 875 Third Avenue

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10022-6225

  - **Telephone number:** 212-454-4500

**Item A.2. Information about the Series.**

- **a. Name of Series:** DWS Alternative Asset Allocation VIP

- **b. EDGAR series identifier (if any):** S000023653

- **c. LEI of Series:** GQ5WPXZ58F53M4Z2IQ22

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $414388946.78

**Total Liabilities:** $317096.23

**Net Assets:** $414071850.55

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000069664 | 4.23%                | 3.78%                | -1.75%               |
| Class ID C000077948 | 4.23%                | 3.78%                | -1.82%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2226132.35             | $19616371.63                               |
| Month 2  | $1269765.34              | $14211796.56                               |
| Month 3  | $0.00                    | $-10075607.25                              |

### Schedule of Portfolio Investments

| Name                                               | Title                                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Xtrackers RREEF Global Natural Resources ETF       | Xtrackers RREEF Global Natural Resources ETF           | CUSIP: 23306X837<br>LEI: 529900FTFUUP6MXH3A36 | Long             | EC               | RF                | US        |    571115 | NS      | $19942821.80  | 4.82%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                                | DWS Emerging Markets Fixed Income Fund 'Institutional' | CUSIP: 25156A841<br>LEI: LBPF8NSCNKWC3WP4IN32 | Long             | EC               | RF                | US        |   1851870 | NS      | $13777912.44  | 3.33%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                                | DWS RREEF Global Infrastructure Fund 'Institutional'   | CUSIP: 25156A858<br>LEI: 549300PVLPCCDJRWQR23 | Long             | EC               | RF                | US        |   4428907 | NS      | $74405645.80  | 17.97%            |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                                | DWS Global Macro Fund 'Institutional'                  | CUSIP: 25156G509<br>LEI: 549300VE52DGR0TFBL27 | Long             | EC               | RF                | US        |   3587411 | NS      | $40645364.39  | 9.82%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                                | DWS RREEF Real Estate Securities Fund 'Institutional'  | CUSIP: 25159L737<br>LEI: 2EGUP71H6PBMSKMC3J09 | Long             | EC               | RF                | US        |   1822014 | NS      | $39847454.88  | 9.62%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                                | DWS Enhanced Commodity Strategy Fund 'Institutional'   | CUSIP: 25159L836<br>LEI: U72UPDOVVEAXSRWTZF97 | Long             | EC               | RF                | US        |  12062933 | NS      | $83716753.31  | 20.22%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares JP Morgan USD Emerging                     | iShares JP Morgan USD Emerging Markets Bond ETF        | CUSIP: 464288281<br>LEI: 549300LRIF3NWCU26A80 | Long             | EC               | RF                | US        |    386003 | NS      | $36257261.79  | 8.76%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares US Preferred Stock ETF                     | iShares US Preferred Stock ETF                         | CUSIP: 464288687<br>LEI: 549300YX74JNY54XCY80 | Long             | EC               | RF                | US        |    584595 | NS      | $17724920.40  | 4.28%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street SPDR S&P Global Natural Resources ETF | State Street SPDR S&P Global Natural Resources ETF     | CUSIP: 78463X541<br>LEI: 549300TY1RVQ2C1UO359 | Long             | EC               | RF                | US        |     57000 | NS      | $4256190.00   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Bloomberg Barclays Conver                     | SPDR Bloomberg Barclays Convertible Securities ETF     | CUSIP: 78464A359<br>LEI: 549300IXKU3G7R6DMX93 | Long             | EC               | RF                | US        |    683509 | NS      | $62554743.68  | 15.11%            |  |  |  | No            |                  1 | On Loan: No      |
| VanEck J. P. Morgan EM Local Currency Bond ETF     | VanEck J. P. Morgan EM Local Currency Bond ETF         | CUSIP: 92189H300<br>LEI: 549300CNWPR88MZBEA63 | Long             | EC               | RF                | US        |    401776 | NS      | $10088595.36  | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                                | DWS Central Cash Management Government Fund            | CUSIP: 25160K306<br>LEI: 5493003GD84DGSXJ7618 | Long             | STIV             | RF                | US        |  11116028 | NS      | $11116028.38  | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-30

**Name of Applicant:** DEUTSCHE DWS VARIABLE SERIES II

**Signature:** Diane Kenneally

**Name of Signer:** Diane Kenneally

**Title:** Treasurer and Chief Financial Officer