# EDGAR Filing Document

**Accession Number:** 0000810573
**File Stem:** 0001410368-26-019310
**Filing Date:** 2026-2
**Character Count:** 7961
**Document Hash:** 7d203472a46e8b8ae7c14ce45ffa3ae1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-019310.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0001410368-26-019310

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20251231

**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:** 26686865

**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      |  |

## 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:** 2025-12-31

- **b. Date as of which information is reported:** 2025-12-31

**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:** $410058720.66

**Total Liabilities:** $299734.37

**Net Assets:** $409758986.29

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000069664 | 0.52%                | 1.10%                | -0.36%               |
| Class ID C000077948 | 0.52%                | 1.03%                | -0.44%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $272789.79               | $1427445.05                                |
| Month 2  | $0.00                    | $4008021.05                                |
| Month 3  | $143823.64               | $-10543220.58                              |

### 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        |    679766 | NS      | $19890021.14  | 4.85%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                          | DWS Emerging Markets Fixed Income Fund 'Institutional' | CUSIP: 25156A841<br>LEI: LBPF8NSCNKWC3WP4IN32 | Long             | EC               | RF                | US        |   1815654 | NS      | $13944223.43  | 3.40%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                          | DWS RREEF Global Infrastructure Fund 'Institutional'   | CUSIP: 25156A858<br>LEI: 549300PVLPCCDJRWQR23 | Long             | EC               | RF                | US        |   4420923 | NS      | $67772744.67  | 16.54%            |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                          | DWS Global Macro Fund 'Institutional'                  | CUSIP: 25156G509<br>LEI: 549300VE52DGR0TFBL27 | Long             | EC               | RF                | US        |   2850417 | NS      | $32323726.40  | 7.89%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                          | DWS Floating Rate Fund 'Institutional'                 | CUSIP: 25157W800<br>LEI: 0KSKGKXWCZQDZ1RPR634 | Long             | EC               | RF                | US        |   5238722 | NS      | $38661767.02  | 9.44%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                          | DWS RREEF Real Estate Securities Fund 'Institutional'  | CUSIP: 25159L737<br>LEI: 2EGUP71H6PBMSKMC3J09 | Long             | EC               | RF                | US        |   1813108 | NS      | $38220317.65  | 9.33%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                          | DWS Enhanced Commodity Strategy Fund 'Institutional'   | CUSIP: 25159L836<br>LEI: U72UPDOVVEAXSRWTZF97 | Long             | EC               | RF                | US        |  11858624 | NS      | $70677396.76  | 17.25%            |  |  |  | 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      | $37164368.84  | 9.07%             |  |  |  | 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      | $18099061.20  | 4.42%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Bloomberg Barclays Conver               | SPDR Bloomberg Barclays Convertible Securities ETF     | CUSIP: 78464A359<br>LEI: 549300IXKU3G7R6DMX93 | Long             | EC               | RF                | US        |    797734 | NS      | $71157872.80  | 17.37%            |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                          | DWS Central Cash Management Government Fund            | CUSIP: 25160K306<br>LEI: 5493003GD84DGSXJ7618 | Long             | STIV             | RF                | US        |   2047421 | NS      | $2047420.54   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-15

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

**Signature:** Diane Kenneally

**Name of Signer:** Diane Kenneally

**Title:** Treasurer and Chief Financial Officer