# EDGAR Filing Document

**Accession Number:** 0000810573
**File Stem:** 0001752724-25-200348
**Filing Date:** 2025-8
**Character Count:** 8343
**Document Hash:** cd03098e09e84da8d21d0a5a57be5ccc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-200348.hdr.sgml**: 20250822

**ACCESSION NUMBER**: 0001752724-25-200348

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250822

**DATE AS OF CHANGE**: 20250822

**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:** 251245978

**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:** 2025-06-30

**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:** $405411601.67

**Total Liabilities:** $272925.28

**Net Assets:** $405138676.39

**Cash Not Reported:** $10000.00

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000077948 | -0.43%               | 0.94%                | 1.55%                |
| Class ID C000069664 | -0.39%               | 1.02%                | 1.55%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2564269.06              | $-4909411.70                               |
| Month 2  | $0.00                    | $3441260.98                                |
| Month 3  | $0.00                    | $3542845.08                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| iShares JP Morgan USD Emerging               | iShares JP Morgan USD Emerging Markets Bond ETF        | CUSIP: 464288281<br>LEI: 549300LRIF3NWCU26A80 | Long             | EC               | RF                | US        |    375325 | NS      | $34762601.50  | 8.58%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares US Preferred Stock ETF               | iShares US Preferred Stock ETF                         | CUSIP: 464288687<br>LEI: 549300YX74JNY54XCY80 | Long             | EC               | RF                | US        |    266851 | NS      | $8186988.68   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                          | DWS RREEF Global Infrastructure Fund 'Institutional'   | CUSIP: 25156A858<br>LEI: 549300PVLPCCDJRWQR23 | Long             | EC               | RF                | US        |   4409184 | NS      | $73765644.19  | 18.21%            |  |  |  | No            |                  1 | On Loan: No      |
| Xtrackers RREEF Global Natural Resources ETF | Xtrackers RREEF Global Natural Resources ETF           | CUSIP: 23306X837<br>LEI: 529900FTFUUP6MXH3A36 | Long             | EC               | RF                | US        |    712119 | NS      | $18094943.79  | 4.47%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                          | DWS RREEF Real Estate Securities Fund 'Institutional'  | CUSIP: 25159L737<br>LEI: 2EGUP71H6PBMSKMC3J09 | Long             | EC               | RF                | US        |   1787626 | NS      | $38541220.38  | 9.51%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                          | DWS Emerging Markets Fixed Income Fund 'Institutional' | CUSIP: 25156A841<br>LEI: LBPF8NSCNKWC3WP4IN32 | Long             | EC               | RF                | US        |   1472773 | NS      | $10913250.43  | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                          | DWS Floating Rate Fund 'Institutional'                 | CUSIP: 25157W800<br>LEI: 0KSKGKXWCZQDZ1RPR634 | Long             | EC               | RF                | US        |   6460566 | NS      | $48325032.97  | 11.93%            |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Blackstone Senior Loan ETF              | SPDR Blackstone Senior Loan ETF                        | CUSIP: 78467V608<br>LEI: 549300ME4SR63Y3TRD06 | Long             | EC               | RF                | US        |    500000 | NS      | $20795000.00  | 5.13%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                          | DWS Central Cash Management Government Fund            | CUSIP: 25160K306<br>LEI: 5493003GD84DGSXJ7618 | Long             | STIV             | RF                | US        |  14622785 | NS      | $14622785.13  | 3.61%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                          | DWS Global Macro Fund 'Institutional'                  | CUSIP: 25156G509<br>LEI: 549300VE52DGR0TFBL27 | Long             | EC               | RF                | US        |   3563592 | NS      | $38344250.14  | 9.46%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS                                          | DWS Enhanced Commodity Strategy Fund 'Institutional'   | CUSIP: 25159L836<br>LEI: U72UPDOVVEAXSRWTZF97 | Long             | EC               | RF                | US        |  11078079 | NS      | $64252859.59  | 15.86%            |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Bloomberg Barclays Conver               | SPDR Bloomberg Barclays Convertible Securities ETF     | CUSIP: 78464A359<br>LEI: 549300IXKU3G7R6DMX93 | Long             | EC               | RF                | US        |    420252 | NS      | $34738030.32  | 8.57%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-29

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

**Signature:** Diane Kenneally

**Name of Signer:** Diane Kenneally

**Title:** Treasurer and Chief Financial Officer